Week 07 2018

Week 07 2018

19 February – 23 February


19 February


Japanese exports rose for a fourteenth consecutive month in January as shipments to Asia and western Europe climbed.


A looming price war between the world’s biggest investment banks could erase the revenue rebound promised by a recent surge in market volatility, research group Coalition has warned.


AstraZeneca’s turnround efforts received a boost on Monday as US authorities approved the use of one of its key new lung cancer drugs.


A recovery in steel prices and an improved global growth outlook have buoyed Mr Williamson and other steelworkers like him throughout Britain. Although steel represents just 0.1 per cent of UK economic output and employs about 30,000 people, less than a tenth of its peak workforce in the 1960s, many see it as a cornerstone of the manufacturing sector.


20 February


Sweden’s inflation rate fell further below the Riksbank’s target level in January, according to figures released on Tuesday that will put further pressure on the central bank’s plans to start raising interest rates this year.


The oil executives who control the world’s most traded commodity are usually the big draw at the annual International Petroleum Week conference. But this week, it could be the leaders in gas that steal the limelight.


InterContinental Hotels led the FTSE 100 lower after announcing a new efficiency programme that will mean no additional capital return in this calendar year. The hotelier said with full-year results it will take $200m of one-off costs to generate $125m of annual savings by 2020. It will use the cash to launch another brand and make a small acquisition at the luxury end of the market.


Walmart shares were poised for their worst day in more than two years with billions of dollars wiped off its market valuation, after the world’s largest retailer served up disappointing quarterly results.


21 February


Thailand’s exports grew at the fastest rate in more than five years in January while import growth came in above estimates.


Citymapper has dropped plans to become a bus company and will instead attempt to take on Uber as a private hire taxi operator in London after the popular mapping start-up was granted a licence from London’s transport authority on Tuesday.


Albertsons plans to buy drugstore chain Rite Aid in a deal that hastens the consolidation rippling through the grocery industry as companies try to out-manoeuvre the rising threat of online competitors like Amazon.


Spain has issued its first 30-year bond for two years, as investors’ enthusiasm for eurozone periphery debt continues.


22 February


Developed nations face a rising tide of government debt that poses “a significant challenge” to budgets as interest rates increase around the world, the OECD has warned.


Cobalt 27, a vehicle that has amassed one of the largest hoards of physical cobalt, has acquired royalties* on future production from an undeveloped cobalt and nickel mine in Quebec worth $70m.


British American Tobacco said it expects to double sales from vaping and other non- conventional smoking products this year as the owner of the Dunhill, Kent, and Lucky Strike cigarettes brands lifted profits by 39 per cent last year.


Fosun has purchased a controlling stake in Lanvin, France’s oldest surviving couturier, as the Chinese conglomerate seeks to build up a portfolio of fashion businesses.


23 February


The staff of the Eurosystem published their most recent economic projections in December 2017. While the baseline forecasts assume the exchange rate will hold steady at its average level over the two weeks preceding publication, the staff also calculated an “alternative” path. This time around, the boffins focused on a world where the euro appreciates to $1.36 by 2020.


Sub-Saharan African debt markets are thriving as the combination of high interest rates and an easing of political tension in some major countries has fanned an enthusiastic response from yield-hungry investors.


US regulators have blocked the $580m acquisition of a semiconductor test equipment maker by a state-backed Chinese fund in the latest deal to be halted amid heightened scrutiny of Chinese investments under Donald Trump.


Oyu Tolgoi, the giant Mongolian copper and gold mine controlled by Rio Tinto, is seeking approval to build a power station, a move that could add further costs to a $5.3bn expansion project.