Anthony Bolton’s $750m China fund has lost a fifth of its value June 12, 2012 ANTHONY Bolton’s Fidelity China Special Situations fund has lost a fifth of its value since its launch in Asia in 2010, lagging the wider Chinese stock market, it was revealed in an annual report yesterday. Bolton, one of the UK’s best known and most successful fund managers, said in the report that he continued to [...]
WHAT THE OTHER PAPERS SAY THIS MORNING June 6, 2012 FINANCIAL TIMES Mittal reduces China steel ambitions Lakshmi Mittal has signalled a dramatic scaling back of ArcelorMittal’s ambitions to expand in China’s steel industry through an agreement to cut the company’s stake in one of the country’s top metals producers. The chairman, chief executive and main owner of the world’s biggest steelmaker had hoped to [...]
Producers of whisky look to middle classes in the BRICs June 6, 2012 WHENEVER Scottish nationalists are selling the case for independence, they peddle the myth that some clapped-out oil fields in the North Sea will bring decades of guaranteed prosperity. They would be better pinning their flimsy economic arguments on a liquid that is being exported in ever greater quantities: Scotch whisky. Diageo’s decision to invest £1bn [...]
Western exporters threatened by softening Chinese demand June 6, 2012 BRITAIN is well behind its competitors in taking advantage of China’s impressive growth over the last decade, a top economist said yesterday, and it “will not be easy” for UK firms and the government to rectify that as China’s import growth begins to slow. China’s growth has been largely investment led in the past decade, [...]
Spain nears bailout June 6, 2012 SPAIN warned that it is locked out of markets yesterday as an emergency call by G7 leaders failed to stem rising fears that the Eurozone’s fourth biggest economy will soon need a bailout. Madrid’s Treasury minister Cristobal Montoro told Spanish radio: “The risk premium says Spain doesn’t have the market door open. [It] says that [...]
Singaporean feng shui firm to list on Aim June 5, 2012 A SINGAPORE-BASED consultancy firm that advises blue-chip companies using the ancient Chinese philosophy of feng shui is to float on London’s junior stock market to raise £1.5m. New Trend Lifestyle Group, which counts Citibank and Standard Chartered among its clients, announced yesterday its intention to float on Aim at the end of June to fund [...]
Dig into the miners to take gains from growth June 5, 2012 A BIG problem when it comes to day trading most retail equities is that sifting through balance sheets, analysing company performance and then taking a position based on your analysis isn’t the easiest thing in the world. But when trading mining equities, you often have the advantage of trading the macroeconomic news affecting the stock, [...]
WHAT THE OTHER PAPERS SAY THIS MORNING May 30, 2012 FINANCIAL TIMES Transparency on banks’ treasury units urged International banks must improve disclosure of often obscure treasury unit investments following the recent $2bn trading loss at JPMorgan’s chief investment office, rating agencies and bank analysts have urged. Malaysia fund nears £375m Battersea deal A Malaysian pension fund is poised to seal a £375m deal to [...]
Jaguar Land Rover roars to record profits May 29, 2012 THE RECOVERY in Britain’s car industry accelerated yesterday when Jaguar Land Rover posted record annual profits of £1.51bn. The group sold 314,433 vehicles in the 12 months to 31 March, its highest ever figure and up by 29.1 per cent. Indian parent company Tata Motors also said it would increase investment in the firm to £2bn [...]
Spirits rise as Diageo makes £300m deal May 28, 2012 DRINKS group Diageo is toasting the £300m acquisition of one of the producers of Brazil’s most popular spirit, cachaça. The maker of Guinness and Smirnoff has agreed to buy Ypióca from its family owners as it continues to grow its emerging markets businesses to offset weak demand in Europe. The celebrations for another, larger deal, [...]