Maradona responds to sacking
By Daniel Schweimler in Buenos Aires
The Argentine football legend Diego Maradona has responded with harsh words to his sacking on Tuesday as manager of the national football team.
He accused the president of the Argentine Football Association, Julio Grondona, of lying to him. And he said that Carlos Bilardo, his former boss when Argentina last lifted the World Cup in 1986, had betrayed him. Continue reading »
Americas market wrap
Latin American markets were mostly lower on Wednesday, with the exception of Brazil’s Bovespa, which edged higher for the eighth consecutive day, extending the longest winning streak this year. The rest of the markets followed US equities lower, as investors digested lower-than-expected orders for durable goods, a mixed picture from the Federal Reserve’s Beige Book and cautious outlooks from Boeing and ArcelorMittal. Continue reading »
Olympic sponsorship is P&G’s track to a billion new customers
While India stuggles to find sponsors for its Commonwealth Games, at least one multinational has put its faith in athletics marketing as a route to the Brics.
Procter & Gamble said that its ten-year deal to sponsor the Olympics was designed to increase its visibility in emerging markets – especially with the 2014 winter games to take place in Russia, and the 2016 summer games in Brazil. Continue reading »
East eats west (for a change)
The acquisition by a European white-goods manufacturer of a high-end washing-machine, tumble-dryer and dish-washer producer wouldn’t normally be something for your correspondent to get too hot under the collar about (even though said collar could probably do with a wash).
But when the buyer is Slovenian and the target is Swedish, as was the case today when Gorenje announced the purchase of Asko Appliances from the Antonio Merloni Group, one’s ears prick up. Acquisitions by eastern European companies of western European assets are still something of a rarity. Continue reading »
Equities in central and eastern Europe relinquished some of their recent gains on Wednesday, amid caution about the global economic recovery. However, the Czech koruna hit a 20-week high against the euro, confirming its position as the region’s strongest performer in 2010. The koruna rose 1.3 per cent to 24.7, as well as 1.2 per cent against the dollar to 19.0. Continue reading »
“Poland is sexy”… at least for now
Poland’s come-hither approach to foreign investors is paying off, with the country’s investment agency saying today that in the first five months of this year Poland has attracted €5bn in foreign direct investment, a 75 per cent increase compared to the same period last year.
“Poland is sexy,” proclaims Slawomir Majman, the head of the investment agency. Continue reading »
China needs foreign know-how for domestic gas
By Leslie Hook in Hong Kong
A push by China to exploit its domestic energy resources, especially gas shale reserves, could lead to the country importing less gas from abroad in coming decades.
But the strategy will be anything but self-sufficient. It will depend crucially on engaging foreign companies to share costs, risks and technology. Continue reading »
Indian exchanges feel the love
The London Stock Exchange and the National Stock Exchange of India agree to co-operate, just as George Soros finalises a stake in the Bombay bourse and the UK chancellor (finance minister) rings the opening bell in Mumbai. Something’s up, and it’s not just that the UK has a huge business delegation visiting India – including London Stock Exchange chief executive Xavier Rolet. Continue reading »
If China is open, why is it rejecting business travellers?
On Monday, China’s commerce minister, Chen Deming, wrote an op-ed in the FT entitled “Thriving China is ever more open for business”. The article sought to allay foreign companies’ fears that the business climate in China is becoming more hostile.
But on the very same day, the Chinese government rejected an application from Mark Clifford, executive director of Asia Business Council, an independent and influential business group, to travel to China under the Asia Pacific Economic Co-operation (Apec) Business Travel Card arrangement. Continue reading »
For HTC, Taiwan’s biggest maker of mobile phones, China seems an obvious market.
The company manufactures its phones in China, its Taiwanese headquarters are within 500 miles of Shanghai, and it shares language and culture with the mainland.
However, after a four-year transformation, HTC is only now introducing itself to Chinese consumers – reflecting how Taiwanese companies have thought global first and local second. Continue reading »
Deal of the day: Thailand’s TUF gobbles up European seafood icons
By Francesca Ficai of mergermarket
Scotsman John West set up his first canned fish factory, in Oregon, in 1868. In the 142 years since, the company has become a global brand in the seafood market, and been owned by consumer giants Heinz and Unilever. But now it opens a new chapter – as a Thai company.
Thai Union Frozen Products (TUF), a listed Thai food company, today announced the purchase of French company, MW Brands – owner of John West – from private equity house Trilantic Capital Partners, in a deal worth €680m. Continue reading »
Korea: KNOC’s deep pockets won’t help it handle negative publicity
South Korea’s state oil company, KNOC, doesn’t want to get a reputation for overspending, but its reputation precedes it.
So all eyes are on its latest target for acquisition: Britain’s Dana Petroleum, whose leading shareholders are recommending that the management negotiate with KNOC after an improved offer of GBP18 per share. Continue reading »
New York headlines
* Telefónica reaches Vivo deal with PT
* LG profits tumble as handset unit struggles
* ArcelorMittal warns on pace of global recovery
* Soros set to buy stake in Bombay exchange
* Consumers, rapid growth help China takes the lead
* Goldman Sachs, CS buy stakes in Bank of Moscow Continue reading »
Asian stocks received a triple shot in the arm on Wednesday – with increased global confidence, strong company earnings, and, most crucially, hints of a loose policy approach in China. Metals prices also rose, after the People’s Bank of China said the country’s economy was good.
Hang Seng was up 0.6 per cent to 21,091.18, while the outstanding performer was the Shanghai Composite, which gained 2.3 per cent to 2,633.66, led by coal and steel shares. That puts the Shanghai index up over 11 per cent since its low on July 5th, although the index is still 19.6 per cent down since the start of 2010. Continue reading »
Will India’s Commonwealth Games be a source of shame?
India’s hosting of the upcoming Commonwealth Games were intended to be a major boost to national pride – a sort of international coming out party to rival Beijing’s hosting of the 2008 Olympics. Instead, the games now risk being a national debacle.
New Delhi formally inaugurated the main stadium this week. But with 67 days to go, India’s capital is still racing against time – and the monsoon rains – to finish all the sports venues, roads, parking lots, and transportation infrastructure – including a rail link from the sports village to the main venues. Continue reading »
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