Hedgie Hendry forecasts Asian economic crash May 3, 2012 HEDGE fund boss Hugh Hendry has warned the next phase of the economic crisis will hit Asia as China feels the impact of a property bubble and falling demand for exports. The Scot (below), who runs Eclectica Asset Management, which has around $700m in assets, is known for his gloomy view of China but he [...]
China’s Bright Food buys 60pc stake in Weetabix May 3, 2012 China’s state-owned Bright Food Group has agreed to buy a 60 per cent stake in British cereal firm Weetabix Food Co from private equity firm Lion Capital, which, if completed, would be its second successful overseas acquisition in less than a year. The deal, which gives Weetabix an enterprise value of £1.2bn), is expected to [...]
Diageo sales rise fuelled by emerging markets May 3, 2012 Sales at Diageo, the world’s biggest distilled drinks group, were up six per cent in the first three months of 2012 with fast-growing emerging markets and a recovery in North America offsetting falling sales in Europe. The London-based maker of Smirnoff vodka and Captain Morgan rum said that despite weakness in Europe its fiscal third-quarter [...]
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 [...]