CEE markets wrap: growth up, but equities stutter
Central and eastern European equities put in a mixed performance on Friday, as the region’s economies failed to match the record pace of German second-quarter growth. Continue reading »
Self-sufficient China watches on as wheat production falls
China, the world’s largest wheat producer, has been sitting on the sidelines of the global wheat panic. Today one of China’s most powerful government ministries spoke out on the issue, seeking to allay fears that China would start buying wheat on international markets. Continue reading »
Deal of the day: Li & Fung to supply Chinese retailers
By Debbi Sutuntivorakoon and Edince Kun of mergermarket
After 104 years of exporting fashion goods to the US and Europe, Hong Kong’s Li & Fung has finally heard Asia’s call. The company announced yesterday its biggest-ever acquisition – a $901m-swoop for Integrated Distribution Services, a Hong Kong-listed company with access to some 10,000 Chinese retail outlets. Continue reading »
Malaysia looks to ancient alternative currency – gold
Paper money is so old hat. While De La Rue – which makes banknotes for 150 currencies – struggles with production problems and management turmoil, in one part of Malaysia, they are looking at an ancient alternative – gold.
In a move applauded by some local Muslims, the state government of Kelantan said it was introducing a new monetary system featuring standardised gold and silver coins based on the traditional dinar and dirham coins once used by the Ottoman Empire. Continue reading »
India’s MakeMyTrip soars on debut
Deep Kalra, the chief executive officer of MakeMyTrip, India’s largest online travel booking company, must have been basking in the New York summer sunshine after the company’s shares surged as much as 92 per cent on their Nasdaq stock market debut.
MakeMyTrip raised $70m by selling 5m ordinary shares at the upper end of the price band at $14 a share. Valued at $480m prior to the listing, it’s now worth $800m. Continue reading »
Asia markets wrap: strong earnings revive equities
After a three-day slump, Asian markets revived on Friday, as profit reports from the region and impressive German growth cheered investors. Continue reading »
New York headlines
* India says Google, Skype, RIM must meet security needs
* GOME founder forces an investor showdown
* San Miguel reaps rewards of diversification
* Tongling, China Railway to invest $3bn in Ecuador mine
* Euro zone helps emerging EU economies, worries remain
Thai duty-free king buys Leicester City
What is it about Thai billionaires and British football clubs?
First Thaksin Shinawatra – telecoms magnate turned prime minister turned international fugitive – bought Manchester City and now Aiyawatt Raksriaksorn, whose family owns duty free outlet King Power, has taken over Football League club Leicester City.
The continent is obsessed with football, and especially British football. Step into a taxi anywhere from Bali to Beijing and once nationality has been established, the conversation takes a familiar swerve: “That Wayne Rooney…”. Continue reading »
Mahindra says it can revive Ssangyong
Why might Mahindra & Mahindra, India’s largest maker of sport-utility vehicles, turn around Ssangyong Motors, if China’s Shanghai Auto couldn’t? That’s what reporters have been asking the Indian group’s executives in Mumbai – and the responses were confident.
“Mahindra brings financial strength, frugal engineering, sourcing and market synergies to Ssangyong,” said Mahindra’s president, Pawan Goenka. Continue reading »
Further reading: Indonesia’s tiger and Hong Kong’s dead
From the FT:
From elsewhere:
London headlines
* Bharti allows $2.5bn for Africa expansion
* Power struggle weighs down Gome
* San Miguel reaps rewards of diversification
* Tongling, China Railway to invest $3bn in Ecuador mine
* Vedanta in talks to buy Cairn India stake Continue reading »
India’s sandalwood heads for extinction, to Australia’s gain
Indian sandalwood – a scented tree that Hindus and Parsis regard as sacred – is finding popularity to be a curate’s egg.
Foreign demand has surged for sandalwood and its oils, which are used in furniture, perfumes, soaps and candles. Yet that is pushing the tree towards extinction in its native country, as farmers illegally tap prices of around $25,000 a tonne. Continue reading »
Jakarta targets online investors
Since online trading began on the Jakarta stock exchange a year ago the service has snatched up around 15 per cent of transactions. Yet less than 1 per cent of Indonesians have discovered the digital market place, thereby lagging behind their regional peers.
But that’s all about to change if you ask Ito Warsito, the ambitious chief of Jakarta’s booming bourse – among the world’s top performers in 2009 and 2010. In addition to tripling market capitalisation in his 3-year term, Warsito aims to bring 2.3m Indonesians online to buy and sell equities. Continue reading »
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