Fiat Chrysler share price soars as Ferrari IPO spin-off plans revealed

Fancy owning a chunk of one of the best known luxury sports car brands out there?  Ferrari is being spun off by its parent company Fiat Chrysler Automobiles (FCA) as it looks to ensure the group’s “long-term success”, it was revealed today.  The spin off will include an IPO, with around 10 per cent of the car company’s equity released to the market, with the rest going to current shareholders.  Ferrari shares will be listed in the US “and possibly a European exchange”, the company said. It is expected the move will take place next year.  FCA chief executive Sergio Marchionne said the move would “substantially strengthen […] FCA’s capital base”.  He added: “Following our acquisition of the minority interest in Chrysler earlier this year, the transformation of Fiat and Chrysler into FCA was completed earlier this month with our debut on the New York Stock Exchange.  “As we move forward to secure the 2014-2018 Business Plan and work toward maximizing the value of our businesses to our shareholders, it is proper that we pursue separate paths for FCA and Ferrari,”  Chairman John Elkann added: “Coupled with the recent listing of FCA shares on the NYSE, the separation of Ferrari will preserve the cherished Italian heritage and unique position of the Ferrari business and allow FCA shareholders to continue to benefit from the substantial value inherent in this business. “ Investors seem to like the move – FCA’s share price was up more than 16 per cent at pixel time.  Tags: IPOs Share whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryzenherald.comMeghan Markle Changed This Major Detail On Archies Birth Certificatezenherald.comYahoo! SearchResearch Car Donation For CharitiesYahoo! SearchThe No Cost Solar ProgramGet Paid To Install Solar + Tesla Battery For No Cost At Install and Save Thousands.The No Cost Solar ProgramMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailinvesting.comThe Military Spent $1 Billion On this New Vehicle, And Here’s The First Lookinvesting.comNational Penny For Seniors7 Discounts Seniors Only Get If They AskNational Penny For SeniorsMaternity WeekA Letter From The Devil Written By A Possessed Nun In 1676 Has Been TranslatedMaternity WeekEquity MirrorThey Drained Niagara Falls — They Weren’t Prepared For This Sickening DiscoveryEquity Mirror More From Our Partners Biden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comKiller drone ‘hunted down a human target’ without being told tonypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.org980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comKamala Harris keeps list of reporters who don’t ‘understand’ her: reportnypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comWhy people are finding dryer sheets in their mailboxesnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.com Catherine Neilan Show Comments ▼ Fiat Chrysler share price soars as Ferrari IPO spin-off plans revealed whatsapp Thursday 30 October 2014 3:22 am read more

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Halliburton to buy Baker Hughes in mammoth $38bn deal

first_imgMonday 17 November 2014 7:06 am Halliburton to buy Baker Hughes in mammoth $38bn deal Emma Haslett Tags: NULL Halliburton, the massive US oilfield services and equipment provider, has agreed to buy rival Baker Hughes in a deal worth massive $38bn (£24.3bn).The deal will take the form of a mix of shares and cash, valuing Baker Hughes shares at $78.62. The mammoth buyout comes as the price of oil keeps falling, making oil companies more attractive to potential suitors as their value decreases.The price of Brent Crude has dropped from $109 a barrell to about $80 in recent months, and are expected to stay low, averaging out at about $83 during 2015. Since July, shares in Baker Hughes have fallen 32 per cent, wiping $10bn off its market cap.Dave Lesar, Halliburton’s chief executive, said the new company will “deliver unsurpassed depth and breadth” of services.[It will create] a houston-based global oilfield services champion, manufacturing and exporting technologies, and creating jobs and serving customers around the globe. whatsapp Share Show Comments ▼ whatsapp More From Our Partners Russell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgLA news reporter doesn’t seem to recognize actor Mark Currythegrio.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgColin Kaepernick to publish book on abolishing the policethegrio.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFans call out hypocrisy as Tebow returns to NFL while Kaepernick is still outthegrio.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgKansas coach fired for using N-word toward Black playerthegrio.comMan on bail for murder arrested after pet tiger escapes Houston homethegrio.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comFort Bragg soldier accused of killing another servicewoman over exthegrio.comKiller drone ‘hunted down a human target’ without being told tonypost.comPorsha Williams engaged to ex-husband of ‘RHOA’ co-star Falynn Guobadiathegrio.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comlast_img read more

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10 themes Goldman Sachs thinks will dominate markets in 2015

first_imgIt’s the most wonderful time of the year – the time banks, analysts and other finance futurologists dust off their crystal balls and start trying to work out what the market’s going to be thinking about next year.Goldman Sachs has got in there early, with its “Top 10 market themes for 2015” research note. What does Goldman predict for next year? We’re glad you asked…1. A broadening recovery No kidding: we’d hope so. Goldman says it expects “above-trend” growth in the US to be maintained next year and into the next few years, and although China’s growth may slow a little, other emerging markets should begin to pick up the pace. And what’s more, while investors have priced an element of improvement into their calculations, it believes its views on the high potential of the recovery in both the US and Europe are “controversial”. Its biggest worries are “a re-emergence of Euro and political area tensions”, a “deflationary mindset” in Germany and the risk of a “sharper downward shock” from China’s housing and credit imbalances. 2. Divergence between developed marketsThe divergence between growth in, say, the US and European economies, has “emerged as a key theme” in 2014 – but Goldman suspects that, given the deceptively weak US first quarter GDP figures, that gap will actually narrow – but only slightly. Which suggests there will continue to be a divergence in output gaps, as well as in monetary policy. When will economies raise rates? Goldman says it’ll be the fourth quarter of 2015 before that happens in the UK.3. The new oil orderAbundant shale reserves in the US have pushed oil into positive supply, forcing prices down by $30 per barrel. “It is important to see the scope for downside surprises is not finished”, though. This will have the knock-on effect of “reinforcing the downside risks” of industrial metals, but will also give oil importers some spare cash to play with, as well as affecting equities in oil companies and putting (further) pressure on oil-reliant countries, such as Russia and Nigeria. 4. Low inflation = “lowflation”The International Monetary Fund’s favourite new saying isn’t an elegant portmanteau, but Goldman has committed to it: even against modest growth, lowflation will continue to remain powerful, it says – even in markets like the US. “Although our central case sees a modest stabilisation in inflation this year, there is a meaningful risk that a more acute deflationary mindset takes hold instead”. The European Central Bank is already wending its merry way towards credit easing, while the Bank of Japan has committed to raising inflation expectations. But the road to success may involve “consider[ing] further steps towards easing, or at least welcome further currency depreciation as part of their own efforts to prevent inflation from falling further”. 5. The strengthening dollarContinued strength in the US dollar “arguably remains our strongest asset market view looking through 2015”. By the end of 2015, EUR/USD should be at 1.15, while USD/JPY will be at 130, and the dollar will also continue to strengthen against currencies in emerging markets. In fact, if you look at it from a historical perspective, its strength so far “looks modest”.6. Rate-watch continuesThe overarching question so far has been about when the Fed will raise rates. For what it’s worth, Goldman reckons it’ll be September – but that’s not the real debate, it adds. The real debate in 2015 will be “where the funds rate is ultimately heading”. The answer? It will probably take it “higher than the market predicts” – but the “tightening process” will prove “manageable”. There may be “bouts of volatility” as part of markets’ readjustment to “normalisation of policy”, “but we doubt that will prove disruptive for risk assets or the economy in a sustained way”.7. China’s growth slows even furtherGoldman expects growth of between six and seven per cent in China over the next couple of years, “a sharper slowing” than in 2014. The best opportunities will come if investors bide their time and wait for their peers to “move towards extreme pessimism”. Recent shifts will also create “local opportunities” – but be cautious over property credits, copper and general commodity prices: the “slowing housing and investment cycle” is likely to put pressure on them. 8. Emerging markets: More polarisationThe good news is that following the “taper tantrum”, emerging markets are likely to enter 2015 “in better health”, says the note. Inflation is supporting five to 10 year bonds in India, which is “likely to further entrench the credibility” of its new inflation target. But emerging markets are likely to polarise – India and Turkey will benefit, while South African and Brazilian currencies are likely to be weakened by falls in commodity prices. Then there are the ongoing problems in Venezuela, Ukraine, Russia and Argentina, which will carry on into 2015.9. Low volatilityThe VIX average for 2014 is the “lowest of the recovery so far”, despite the odd panic, and all the economic indicators suggest that’s likely to “persist into 2015”. But there are threats to this. Fresh financial shocks and further tightening in the labour market, as well as diminished liquidity, could all cause rate volatility to move “persistently higher” next year. 10. Lower returns than we’re used to”It is striking that many assets… are priced to offer low absolute rates of return over the coming years,” says Goldman. But the earnings yield on equities “still makes them more attractive” than asset classes such as sovereign bonds on a relative basis, although the risk of the kind of sharp pullback which has eroded months of gains in one fell swoop several times during 2014 will remain. The result? Foreign exchange returns are likely to become a “more important component of overall returns across countries”, while “hedging choices [will be] more critical”. It finishes by pondering emerging markets equities. “We find ourselves thinking that they offer at least the possibility of significantly higher returns than in developed markets over the medium term, even if they still offer significantly more risk.” So there you go. Tags: Goldman Sachs whatsapp whatsapp Thursday 20 November 2014 1:11 pm 10 themes Goldman Sachs thinks will dominate markets in 2015 center_img Show Comments ▼ Emma Haslett Share last_img read more

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Nigel Farage’s confusion on sex education is just the latest in a series of Ukip policy flip-flops

first_img More From Our Partners Inside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.org980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.org Nigel Farage’s confusion on sex education is just the latest in a series of Ukip policy flip-flops Guy Bentley Ukip has once again had to clarify party policy after Nigel Farage appeared to disown the position held by his deputy Paul Nuttall that sex education should be scrapped for primary school  children.Speaking in an ITV debate with young voters, the Ukip leader said: I have never advocated that policy … I know there was a debate about sex education for four-year-olds and whether that was appropriate, but I don’t think the age 11 was ever mentioned.This was a somewhat strange revelation given the fact Nuttall announced the policy at Ukip’s conference in Doncaster, and it remains on the Ukip website. Farage later clarified that he had missed Nuttall’s speech and that it was party policy to scrap the course for younger children.This is far from the first policy morass Ukip has found itself in. At the start of the year Farage claimed he didn’t even read the party’s 2010 manifesto because it was “drivel”.Ukip’s policy confusion seems to have become a recurring event, with shifts and clarifications being made on a host of issues since the party began its rapid rise in the polls.Here are Ukip’s most prominent policy reversals and clarifications:IMMIGRATIONDuring the Rochester and Strood by-election, Mark Reckless suggested European migrants could be asked to leave the country under Ukip’s immigration policy.The party quickly distanced itself from the remarks saying “It is absolutely not our policy to round up EU migrants and put them on a boat at Dover and send them back to wherever they came from”. Reckless was left bruised by the incident saying the policy “changed” and he was “sore” about how he came out of the episode.NHSUkip’s current policy is to maintain the status quo funding model for the NHS and continue healthcare delivery free at the point of use. However, it wasn’t always thus, with senior party figures such as Nuttall and Farage previously suggesting the NHS is ready for radical reform. The 2010 Ukip manifesto pledged to create “Health Credit Vouchers” which would allow patients to opt out of the NHS. Nuttall has written in the pastI would like to congratulate the coalition government for bringing a whiff of privatisation into the beleaguered National Health Service.In 2012, Farage told a meeting of Ukip supporters that NHS may have to move toward an insurance-based system.INCOME TAXUkip’s previous commitment to a flat tax had made it an attractive prospect for some free marketeers, but as soon as Ukip gained in popularity and media scrutiny the policy changed to having two income tax bands. This was also abandoned in favor of maintaining three tax bands.VATAt Ukip’s conference in Doncaster the party’s economic spokesman, Patrick O’Flynn, suggested the policy of a special tax on luxury goods such as expensive shoes or handbags. However, the policy was disowned within 48 hours by Farage.  Share Tags: Nigel Farage People Wednesday 3 December 2014 5:05 am Show Comments ▼ whatsapp whatsapplast_img read more

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New York braces itself for “crippling and potentially historic” blizzard

first_img Jessica Morris New York braces itself for “crippling and potentially historic” blizzard Monday 26 January 2015 5:35 pm Share New Yorkers have been warned to stay inside amid forecasts of a “potentially historic” blizzard, which is expected to result in widespread power cuts and significant travel disruption.The National Weather Service (NWS) has issued a blizzard warning for New York City and its surrounding areas, which describes the storm as “crippling and potentially historic.”  The National Guard has been drafted in to help deal with the emergency situations. In Massachusetts, 500 guardsmen have been called on duty while in New York State 260 New York Army and Air National Guard will be assisting with problems.The National Basketball Association has announced that the game between the Sacramento Kings and the New York Knicks has been cancelled. In the state of Connecticut a state-wide travel ban in place. The state order warns the highways could be “life threatening”.Non-emergency vehicles have been banned across New York City’s roads. States of emergency have also been declared in Rhode Island, Massachusetts, New Jersey.The forecaster expects the region will be hit by around 18 to 24 inches of snow, and subjected to strong gusts of wind up to 55 miles per hour.(Source: NWS)“This could be a storm the likes of which we have never seen before,” New York City Mayor Bill de Blasio told local media on Sunday. “Don’t underestimate this storm … prepare for the worst.”Yesterday, de Blasio whipped up something of a Twitter storm, posting a series of tweets to remind workers that they may have to leave early tomorrow.5,000 flights on the East Coast have been cancelled so far. Both British Airways and Virgin Atlantic are among the airliners that have cancelled flights departing from London Heathrow, many of which were scheduled to leave this afternoon or tonight.British Airways said: “We’re sorry that some of our customers’ travel plans have been affected due to poor weather forecast across the east coast of the USA.””We’re doing everything we can to minimise any disruption, and assist our customers in making alternative travel plans.” Show Comments ▼ whatsapp Tags: NULL by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMaternity WeekA Letter From The Devil Written By A Possessed Nun In 1676 Has Been TranslatedMaternity Weekzenherald.comMeghan Markle Changed This Major Detail On Archies Birth Certificatezenherald.comEquity MirrorThey Drained Niagara Falls — They Weren’t Prepared For This Sickening DiscoveryEquity MirrorBeverly Hills MDPlastic Surgeon Explains: “Doing This Every Morning Can Snap Back Sagging Skin” (No Creams Needed)Beverly Hills MDUltimate Pet Nutrition Nutra Thrive SupplementIf Your Dog Eats Grass (Do This Every Day)Ultimate Pet Nutrition Nutra Thrive SupplementVikings: Free Online GameIf you’re over 50 – this game is a must!Vikings: Free Online GameDefinitionThe Most Famous Movie Filmed In Every U.S. StateDefinitionTheFashionBallPrince Harry Admits Meghan Markle May Not Be The OneTheFashionBallTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farm whatsapplast_img read more

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Antofagasta says falling oil price and weak peso have slashed costs

first_imgMonday 23 February 2015 8:41 pm Share Show Comments ▼ Lower oil prices and a weaker Chilean peso have enabled mining firm Antofagasta to cut its anticipated cash costs for 2015.The firm also stated “certain input costs becoming more favourable” helped drive reduction of costs from $1.75 (£1.13) per pound to $1.40. According to the Chilean company, the revised costs are in line with the 2014 net cash cost performance. Production guidance for 2015 is unchanged at 710,000 tonnes of copper, 250,000 ounces of gold and 8.000 tonnes of molybdenum.Diego Hernandez, Antofagasta’s chief executive, said: “Antofagasta has a tradition of carefully setting guidance for the year, and we work hard to achieve that guidance. The guidance we provided previously was based on assumptions we made several months ago, but in light of the current outlook for the peso and the oil price we have decided to rebase our assumptions for 2015.”In its results for 2014, which were published at the end of January, the company reported increased production of copper, gold and molybdenum. At the time of announcing the numbers, Hernandez stated: “We continue to focus on controlling our cost base in 2015 whilst growing our production.”Analysts said last year’s results were “strong”, with the company’s major projects expected to proceed as normal, but described Antofagasta’s guidance for this year as disappointing.Shares in Antofagasta dropped by 2.59 per cent yesterday. Tags: Antofagasta Holdings Company Oil prices Antofagasta says falling oil price and weak peso have slashed costs whatsapp whatsapp More From Our Partners Fort Bragg soldier accused of killing another servicewoman over exthegrio.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgLA news reporter doesn’t seem to recognize actor Mark Currythegrio.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFans call out hypocrisy as Tebow returns to NFL while Kaepernick is still outthegrio.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgPorsha Williams engaged to ex-husband of ‘RHOA’ co-star Falynn Guobadiathegrio.com Express KCS last_img read more

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Greeks submit reform plans: Yanis Varoufakis’ proposals to Brussels – and the points of contention

first_img whatsapp More From Our Partners Astounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgKamala Harris keeps list of reporters who don’t ‘understand’ her: reportnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.org whatsapp Tags: Greek debt crisis People Yanis Varoufakis Greeks submit reform plans: Yanis Varoufakis’ proposals to Brussels – and the points of contention Tuesday 24 February 2015 9:03 pmcenter_img Express KCS by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailMaternity WeekA Letter From The Devil Written By A Possessed Nun In 1676 Has Been TranslatedMaternity WeekGundry MD Bio Complete 3 SupplementTop Surgeon: This Simple Trick Empties Your Bowels Every Morning (Almost Immediately)Gundry MD Bio Complete 3 Supplementzenherald.com20 Rules Genghis Khan’s Army Had To Live Byzenherald.comFinancial 10See The Wife Of The World’s Richest BillionairesFinancial 10ForbesThese 10 Colleges Have Produced The Most Billionaire AlumniForbesDiscovery29+ Fascinating U.S. Navy WarshipsDiscoveryMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesHistory 10[Gallery] The 25 Worst Casting Choices of All-TimeHistory 10 Show Comments ▼ The hard work of negotiating a new Greek settlement looked set to begin in earnest yesterday as the Eurogroup ministers accepted Athens’ list of proposals as a starting point for talks.Greece was supposed to send the list to officials on Sunday or Monday, but the letter was finally sent yesterday. It includes changes to tax and spending plans, as well as some reforms to controversial areas such as pensions. But the letter – and the ensuing negotiations and eventual implementation – are certain to provoke anger from both Greek voters and other European states that are coughing up. This round of negotiations extends the current bailout only for a period of four months, so there will be more talks later this year. In part, those will depend on the implementation of reforms and the success of plans for economic growth. These are the proposals and the likely views of both sides at the nego­tiating table. CRACKDOWN ON TAX EVASIONGreece has a terrible reputation for corruption and tax evasion, and a crackdown will please European lenders and honest Greeks. However, it is uncertain whether the bid to target fuel and tobacco smugglers can raise anything like the €4bn (£2.9bn) the government hopes for. PENSION REFORMVaroufakis says he will reduce incentives for public workers to retire early, and try to harmonise the fiendishly complex system. The government also wants to consoli­date pension funds to make the administration more efficient. That will irritate some Syriza voters who cherish their gold-plated, early retirement pensions. But the plan does not include any cuts to pensions, which has angered the International Monetary Fund. “There are neither clear commitments to design and implement the envisaged pension reforms… As you know, we consider such commitments and undertakings to be critical for Greece’s ability to meet the basic objectives of its Fund-supported programme,” wrote IMF boss Christine Lagarde. CUT STATE SECTOR BENEFITSThe number of government departments will fall from 16 to 10, with ministers’ and MPs’ perks trimmed and the number of special advisers slashed. Varoufakis’ letter also promises “to improve recruitment mechanisms, encourage merit-based managerial appointments, base staff appraisals on genuine evaluation”. This will meet with the approval of EU countries and the IMF, but could be seen as a betrayal of public sector voters who wanted protection and perks to be maintained – and had even been promised a new round of mass hiring. PUBLIC SPENDING REVIEWThe Greek government wants to spend more, but has no money. As a result, it is promising to “review and control spending in every area of government spending” and to “identify cost saving measures through a thorough spending review of every ministry and rationalisation of non-salary and non-pension expenditures”. This sounds positive for creditors, but if salaries and pensions – making up 44 per cent of spending – are not included in the review, it will provoke a reaction from European lenders. Pledges to improve efficiency will be welcomed by the rest of the Eurogroup, but again it risks angering voters who had been told the tough years were over.  Sharelast_img read more

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Asos shares soar 17 per cent as etailer gets back on track with sales up in the UK and overseas

first_img Asos shares soar 17 per cent as etailer gets back on track with sales up in the UK and overseas  Asos’s share price soared 17 per cent this morning as it appeared to be back on track, reporting quarterly growth of 19 per cent after a difficult period that included a profit warning.  The figuresThe etailer, which took a stumble a few months ago, appears to be back in its comfort zone.  Retail sales were up 19 per cent for the three months to February 28, with the UK – Asos’s most mature market – rocketing 30 per cent, while international sales were up 12 per cent.  International sales make up less of the total now than they did last year – 56 per cent of group sales came from outside the UK, compared with 60 per cent last year. Given the strength of the pound, that is not necessarily a bad thing.  However gross margins were down 320 basis points year-on-year.  For the first half, retail sales are up 14 per cent, with the UK powering growth once again, up 27 per cent compared with a five per cent increase on the international side.  Gross margins are down 270 basis points.  Why it’s interesting Having gone through the phase of being able to do no wrong, last year was something of an annus horribilis for Asos. After issuing a profit warning in the spring, it suffered a warehouse fire that hit sales in the summer and then continued to report poorer-than-expected results throughout 2014.  Profits were also affected by the strengthening pound against certain currencies, particularly a weak Australian dollar. This has been offset slightly by the introduction of “zonal” pricing.  So the fact it has reported better than expected results this morning will come as something of a relief to management, and of course shareholders.  In addition Asos is increasingly becoming something of a bellwether for British consumer sentiment, so an increase in UK sales will be welcomed by other retailers, both online and high street.  What Asos saidChief executive Nick Robertson noted the “strong growth” in the UK, and described Asos’s international sales as showing “encouraging momentum”. He added: “Our investments in our warehouse and IT platforms are on track. We expect profit before tax for the full year to be in line with market expectations.”  whatsapp Share Show Comments ▼ by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailMaternity WeekA Letter From The Devil Written By A Possessed Nun In 1676 Has Been TranslatedMaternity Weekzenherald.com20 Rules Genghis Khan’s Army Had To Live Byzenherald.comNoteableyKirstie Alley Is So Skinny Now And Looks Like A BarbieNoteableyArticles SkillHe Left Wife For Her Sister, Then She Wins It AllArticles SkillMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesGundry MD Bio Complete 3 SupplementTop Surgeon: This Simple Trick Empties Your Bowels Every Morning (Almost Immediately)Gundry MD Bio Complete 3 SupplementComedyAbandoned Submarines Floating Around the WorldComedyGameday NewsNBA Wife Turns Heads Wherever She GoesGameday News Catherine Neilan Thursday 12 March 2015 6:04 am whatsapp Tags: Asoslast_img read more

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Sky Sports subscription fees rise following record Premier League deal

first_imgSky Sports has raised its prices for subscriptions just weeks after winning the rights to a record £4.2bn Premier League TV deal.Sky’s average subscription price increasing by £2.50 per month, while the sports bundle will rise by £1 to £47 a month from 1 June onwards. The broadcaster paid £4.2bn for the rights to show 126 live Premier League matches per season in a TV rights auction last month, definitively trumping competition from BT who spent £960m on 42 games. After securing the deal for the 2016 – 19 seasons, Sky said it would “work hard to minimise the impact of higher rights costs on customers, with the majority of the funding coming through substantial additional savings to be delivered by efficiency plans”. However, price hikes will also be felt elsewhere with Sky increasing the price of its family bundle by nine per cent to £3 a month. Guy Bisson, research director at media analysts Ampere Analysis, told City AM that the price rises were likely triggered by the bumper Premier League TV deal, which is unlikely to pay for itself.  It [the bid] was considerably higher than many thought, but it was exactly what we predicted based on past inflation in Sky’s Premier League bids. Our report showed that the Premier League bats above its weight in terms of investment put in it and the direct value it gives. So other sports are partially subsidising the Premier League and if you were to take that to a logical conclusion you could say other TV genres were doing the same. Only about 60 or 70 per cent of people take sports packages so the rest will see some of their fees will be affected by sport. More From Our Partners Native American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comKamala Harris keeps list of reporters who don’t ‘understand’ her: reportnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comWhy people are finding dryer sheets in their mailboxesnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.com Sky Sports subscription fees rise following record Premier League deal whatsapp whatsapp Joe Hall Thursday 19 March 2015 10:53 amcenter_img Share Show Comments ▼ by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMaternity WeekA Letter From The Devil Written By A Possessed Nun In 1676 Has Been TranslatedMaternity WeekMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailForbesThese 10 Colleges Have Produced The Most Billionaire AlumniForbeszenherald.com20 Rules Genghis Khan’s Army Had To Live Byzenherald.comNoteableyKirstie Alley Is So Skinny Now And Looks Like A BarbieNoteableyArticles SkillHe Left Wife For Her Sister, Then She Wins It AllArticles SkillMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesWorldemandCanal Drained For First Time And They Find ThisWorldemandComedyAbandoned Submarines Floating Around the WorldComedy Tags: NULLlast_img read more

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Vivendi battle rages on with Bollore under fire

first_img Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’SportsnautHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofCheese Crostini: Delicious Recipes Worth CookingFamily ProofHomemade Tomato Soup: Delicious Recipes Worth CookingFamily ProofChicken Bao: Delicious Recipes Worth CookingFamily ProofBaked Sesame Salmon: Recipes Worth CookingFamily Proof Express KCS Vivendi battle rages on with Bollore under fire whatsapp whatsapp Sharecenter_img Show Comments ▼ Monday 30 March 2015 8:33 pm by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailzenherald.comMeghan Markle Changed This Major Detail On Archies Birth Certificatezenherald.comMaternity WeekA Letter From The Devil Written By A Possessed Nun In 1676 Has Been TranslatedMaternity WeekComedyAbandoned Submarines Floating Around the WorldComedyEquity MirrorThey Drained Niagara Falls — They Weren’t Prepared For This Sickening DiscoveryEquity MirrorNoteableyKirstie Alley Is So Skinny Now And Looks Like A BarbieNoteableyBridesBlushThis Is Why The Royal Family Kept Quiet About Prince Harry’s Sister BridesBlushOpulent ExpressHer Quadruplets Were Born Without A Hitch. Then Doctors Realized SomethingOpulent ExpressTotal PastAfter Céline Dion’s Major Weight Loss, She Confirms What We Suspected All AlongTotal Past A BATTLE for the future of Vivendi heated up yesterday after US hedge fund P. Schoenfeld Asset Manage­ment (PSAM) took aim at group chairman Vincent Bollore.In a statement, PSAM accused the billionaire of putting his own interests ahead of those of other shareholders. The latest salvo comes after Bollore announced last Thursday he had expanded his stake in the company from eight to 10 per cent by purchasing €632m (£461m) worth of shares. PSAM expressed its annoyance at the move, which it labelled “opportunistic”, saying it could leave Vivendi under de facto control of Bollore Group without paying other investors a control premium for their shares. There is particular concern over the so-called Florange law, which could give Bollore double voting rights on the basis of his long-term holding in the company. Bollore, who became chairman in 2013, has overseen a radical restructuring of the company that has seen Vivendi sell off four of six divisions and exiting telecoms. The company maintains that some of the cash from these disposals needs to be retained in order for the company to grow into a media giant. But PSAM rejects this, saying the lack of cash going to shareholders and Vivendi’s “vague guidance” on acquisition plans means it is asking investors “to have blind faith” in the plans. Vivendi warned PSAM last Friday that any attempts to co-ordinate with other disgruntled shareholders could breach a French law which limits foreign ownership of TV broadcasters to 20 per cent. This law could apply to the media organisation through its state-issued licence to operate pay-TV service Canal Plus. The current dispute marks a new front in long-running dispute between the hedge fund, which owns 0.8 per cent of the company, and Vivendi’s management. PSAM has been pushing for a share buyback at the firm and last December wrote to the board, urging members to sell off Universal Music. Shares in the firm closed up 0.61 per cent at €23.10 in Paris. Tags: NULLlast_img read more

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