Adidas outperforms rivals in China April 30, 2012 ■ Shares in Adidas jumped to a record high yesterday after the sports brand raised its 2012 profit forecast as it outperformed rivals Nike and Puma in the key Chinese market. Adidas said sales in China increased 26 per cent in the first quarter, sending shares up five per cent to €63 (£51.30) as investors [...]
Time for Russia 2.0: Putin’s return promises an economic revolution April 29, 2012 THE Western European view of Russia has not moved with developments in the country since the crash of 1990. To the Western media, Russia remains a kleptocracy run by the mafia. It is seen as secretive, corrupt, plutocratic, hugely unequal and unjust. Yet the challenges that Russia faces are not unique in the world of [...]
Surprise gains at Volkswagen as sales surge April 26, 2012 VOLKSWAGEN (VW) boosted operating profit by 10 per cent in the first quarter despite shrinking demand for vehicles in the car maker’s western European core markets and spending on a technology overhaul. Operating profit increased to €3.21bn (£2.6bn) from €2.91bn a year earlier, the German car maker said in a statement yesterday, beating analysts’ expectations [...]
WHAT THE OTHER PAPERS SAY THIS MORNING April 25, 2012 FINANCIAL TIMES FLOWERS LEAVES US FOR LONDON BERTH Christopher Flowers, the veteran private equity investor, has moved to London from the US, seeing a shift in the balance of investment opportunities to Europe. BANKS TAKE PPI PROVISIONS PAST £6BN Three of the UK’s biggest banks are braced to increase their provisions for mis-sold loan insurance [...]
Commodities may deliver the goods April 25, 2012 The market dynamics that have been driving the commodity markets for the last 18 months remain in place LAST year, the commodity markets were dominated by the seemingly irrepressible rise of gold – with $5,000 an ounce figures being bandied around as potential targets for the yellow metal. That was before margin calls and a [...]
THE TIPSTER April 24, 2012 The Australian dollar has come under pressure of late on concerns of a sharp slowdown in Chinese growth. The Aussie dollar has also fallen as the Reserve Bank of Australia has turned noticeably dovish. But support for the Aussie against the US dollar is coming in around $1.0230. With the interest rate cut now priced [...]
AIM listings dominated by mining April 22, 2012 Nine companies listed on London’s Alternative Investment Market in the first three months of 2012 – an increase of one company compared to the same time last year, but with 30 per cent less money raised. The figure fell from £67m to £46.9m, according to analysis by Deloitte. In the first quarter 25 companies also [...]
HSBC tests City appetite for dim sum bonds April 18, 2012 HSBC saw strong demand from investors when it issued the first ever renminbi-denominated bond sold outside Chinese territory yesterday, raising 2bn yuan (£200m) in London. With investors subscribing for twice the issuance amount, the bank paid just three per cent interest on the three-year bond. Most of the debt was bought by European investors. The [...]
Dim sum breakfast in London April 18, 2012 Q What’s a “dim sum bond” and why is it a big deal? A “Dim sum bond” is the name given to a renminbi-denominated bond issued outside mainland China. Up to now, this has only happened in Hong Kong. The fact that it is now happening in London shows the degree to which Beijing is [...]
Strong demand in Africa and Middle East boosts Heineken April 18, 2012 HEINEKEN shares touched a four-year high yesterday after quarterly results showed a surge in sales. The maker of Amstel, Foster’s and Strongbow reported a 4.7 per cent rise in volume sales on a like-for-like basis, more than double the growth that had been expected. Sales rose particularly sharply in Africa and the Middle East. Revenues [...]