Hyperinflation pushes Venezuela to offer 50,000-bolivar bank note

As its efforts to stem hyperinflation flounder, Venezuela’s socialist government has taken to issuing new large-denominated notes to help its citizens cope with rising costs. Starting Thursday, the new currency now will come in denominations of 10,000, 20,000 and 50,000 bolivars, according to a report in The Guardian. The largest denomination is worth about $8.13 in U.S. currency but is above the national minimum wage of 40,000 bolivars. The largest note in circulation had been 500 bolivars, whi


As its efforts to stem hyperinflation flounder, Venezuela’s socialist government has taken to issuing new large-denominated notes to help its citizens cope with rising costs. Starting Thursday, the new currency now will come in denominations of 10,000, 20,000 and 50,000 bolivars, according to a report in The Guardian. The largest denomination is worth about $8.13 in U.S. currency but is above the national minimum wage of 40,000 bolivars. The largest note in circulation had been 500 bolivars, whi
Hyperinflation pushes Venezuela to offer 50,000-bolivar bank note Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-13  Authors: jeff cox
Keywords: news, cnbc, companies, offer, bank, venezuela, note, 50000bolivar, notes, million, report, inflation, zeroes, pushes, hyperinflation, largest, bolivars, currency, guardian, worth


Hyperinflation pushes Venezuela to offer 50,000-bolivar bank note

As its efforts to stem hyperinflation flounder, Venezuela’s socialist government has taken to issuing new large-denominated notes to help its citizens cope with rising costs.

Starting Thursday, the new currency now will come in denominations of 10,000, 20,000 and 50,000 bolivars, according to a report in The Guardian. The largest denomination is worth about $8.13 in U.S. currency but is above the national minimum wage of 40,000 bolivars.

Venezuela’s inflation rate fell under 1 million percent in May after peaking above 1.3 million percent the previous month, nearly a year after President Nicholas Maduro instituted attempted reforms in August 2018 that cut five zeroes off the currency and prices. The largest note in circulation had been 500 bolivars, which The Guardian notes is not enough now to buy a piece of candy.

Officials in Venezuela blame the inflation crisis on U.S. sanctions that restricted its ability to sell oil. Critics, though, say mismanagement and an oversupply of currency have been the main issues.

Prior to the latest action, the nation had pushed banks to hold more cash in reserve and to restrict the central bank from releasing too much currency into circulation.

Read the full Guardian report here.


Company: cnbc, Activity: cnbc, Date: 2019-06-13  Authors: jeff cox
Keywords: news, cnbc, companies, offer, bank, venezuela, note, 50000bolivar, notes, million, report, inflation, zeroes, pushes, hyperinflation, largest, bolivars, currency, guardian, worth


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Google reportedly fires some of its largest lobbying firms as it faces antitrust scrutiny

Google fired about half a dozen of its largest lobbying firms as it gears up to face antitrust regulators, The Wall Street Journal reported Wednesday. Within a matter of months, sources told the Journal, Google has restructured its policy team at the nation’s capital and lost two senior officials who helped build the operation. The firms Google dropped represent about half of Google’s $20 million annual lobby bill, according to the report. The upheaval comes after reports that the Justice Depart


Google fired about half a dozen of its largest lobbying firms as it gears up to face antitrust regulators, The Wall Street Journal reported Wednesday. Within a matter of months, sources told the Journal, Google has restructured its policy team at the nation’s capital and lost two senior officials who helped build the operation. The firms Google dropped represent about half of Google’s $20 million annual lobby bill, according to the report. The upheaval comes after reports that the Justice Depart
Google reportedly fires some of its largest lobbying firms as it faces antitrust scrutiny Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-12  Authors: lauren feiner
Keywords: news, cnbc, companies, regulators, firms, billion, scrutiny, tech, fires, journal, google, faces, company, lobbying, according, largest, wall, reportedly, antitrust


Google reportedly fires some of its largest lobbying firms as it faces antitrust scrutiny

Sundar Pichai, CEO of Google, speaks to the media before the opening of the Berlin representation of Google Germany in Berlin on January 22, 2019.

Google fired about half a dozen of its largest lobbying firms as it gears up to face antitrust regulators, The Wall Street Journal reported Wednesday.

The move it part of a broader shake-up of Google’s global government affairs and policy operations, according to the Journal. Within a matter of months, sources told the Journal, Google has restructured its policy team at the nation’s capital and lost two senior officials who helped build the operation. The firms Google dropped represent about half of Google’s $20 million annual lobby bill, according to the report.

Google did not immediately respond to CNBC’s request for comment.

The upheaval comes after reports that the Justice Department is preparing to investigate Google on antitrust grounds. The company previously agreed to change some of its practices in an 2013 settlement with the Federal Trade Commission, which had been concerned the company could stifle competition. Today, Google still controls more than 70% of the search engine market, according to NetMarketShare.

Google has already faced three hefty fines from regulators in Europe who say the company has violated antitrust law there. Most recently, the European Union ordered Google to pay the equivalent of roughly $1.7 billion for stifling competition in the online advertisement sector. In 2018, regulators in Brussels waged a $5 billion fine on the company for abusing the dominant position of its Android mobile operating system. A year earlier, the EU fined Google $2.7 billion for using its search dominance to favor its shopping comparison service.

Antitrust regulation has become a key issue in the U.S. and a cornerstone of presidential candidates’ platforms. Shares of Google parent company Alphabet, Facebook, Amazon and Apple all fell last week on reports that the DOJ and FTC were divvying up antitrust oversight of the four companies.

In a speech on Wednesday, the DOJ’s Assistant Attorney General Makan Delrahim laid out some potential antitrust arguments against Big Tech firms and said providing low prices to consumers cannot absolve the sector of scrutiny.

Read more on The Wall Street Journal.

Subscribe to CNBC on YouTube.

Watch: Chair of House antitrust subcommittee explains the investigation into big tech


Company: cnbc, Activity: cnbc, Date: 2019-06-12  Authors: lauren feiner
Keywords: news, cnbc, companies, regulators, firms, billion, scrutiny, tech, fires, journal, google, faces, company, lobbying, according, largest, wall, reportedly, antitrust


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Protests against Kazakhstan’s presidential election lead to violence in the capital

Though that may seem a sweeping victory for Jomart-Tokayev, the transfer of office has spurred unrest in the country’s capital Nur-Sultan and largest city Almaty. About 500 protesters were arrested by police, the BBC reported, citing local officials. The demonstration, decrying what protests called a “dictatorship” in the country, is the largest Kazakhstan has seen in recent years. As protest is not tolerated in the country, the demonstration led to violence in the streets. A BBC correspondent i


Though that may seem a sweeping victory for Jomart-Tokayev, the transfer of office has spurred unrest in the country’s capital Nur-Sultan and largest city Almaty. About 500 protesters were arrested by police, the BBC reported, citing local officials. The demonstration, decrying what protests called a “dictatorship” in the country, is the largest Kazakhstan has seen in recent years. As protest is not tolerated in the country, the demonstration led to violence in the streets. A BBC correspondent i
Protests against Kazakhstan’s presidential election lead to violence in the capital Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-11  Authors: grace shao
Keywords: news, cnbc, companies, nearly, protests, protest, violence, capital, reported, bbc, largest, election, country, kazakhstans, jomarttokayev, lead, demonstration, yearsas, presidential, nursultan


Protests against Kazakhstan's presidential election lead to violence in the capital

Kazakhstan’s first president, Nursultan Nazarbayev, has stepped down after a nearly three-decade-long tenure.

His successor, Kassym Jomart-Tokayev, confirmed his position after taking nearly 71% of the vote in Sunday’s election against six other government-approved candidates, according to Foreign Policy. His closest opposition candidate trailed behind with 16.2%.

Though that may seem a sweeping victory for Jomart-Tokayev, the transfer of office has spurred unrest in the country’s capital Nur-Sultan and largest city Almaty.

About 500 protesters were arrested by police, the BBC reported, citing local officials. The demonstration, decrying what protests called a “dictatorship” in the country, is the largest Kazakhstan has seen in recent years.

As protest is not tolerated in the country, the demonstration led to violence in the streets. A BBC correspondent in Nur-Sultan reported people being dragged onto buses by riot police. Many journalists were also detained covering the protest, while social media platforms such as Facebook and Telegram were reportedly inaccessible in the country during that time.


Company: cnbc, Activity: cnbc, Date: 2019-06-11  Authors: grace shao
Keywords: news, cnbc, companies, nearly, protests, protest, violence, capital, reported, bbc, largest, election, country, kazakhstans, jomarttokayev, lead, demonstration, yearsas, presidential, nursultan


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It’s not China or the US: Here are the trade war’s winners — so far

China’s President Xi Jinping (L) and US President Donald Trump attend a welcome ceremony at the Great Hall of the People in Beijing on November 9, 2017. Instead, importers in the two countries have been sourcing for the same products from alternative locations not targeted by tariffs, the economists said in a report outlining their findings. Vietnam has so far emerged as the largest beneficiary of that diversion in trade flows, gaining an estimated 7.9% of its gross domestic product from those n


China’s President Xi Jinping (L) and US President Donald Trump attend a welcome ceremony at the Great Hall of the People in Beijing on November 9, 2017. Instead, importers in the two countries have been sourcing for the same products from alternative locations not targeted by tariffs, the economists said in a report outlining their findings. Vietnam has so far emerged as the largest beneficiary of that diversion in trade flows, gaining an estimated 7.9% of its gross domestic product from those n
It’s not China or the US: Here are the trade war’s winners — so far Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-04  Authors: yen nee lee
Keywords: news, cnbc, companies, economists, tariff, report, trade, tariffs, china, importing, diversion, president, far, largest, winners, wars


It's not China or the US: Here are the trade war's winners — so far

China’s President Xi Jinping (L) and US President Donald Trump attend a welcome ceremony at the Great Hall of the People in Beijing on November 9, 2017.

More than one year since the start of a trade war between Washington and Beijing, economists from Japanese investment bank Nomura found evidence that the U.S. and China — in order to avoid elevated tariffs — have cut down importing certain goods from each other.

Instead, importers in the two countries have been sourcing for the same products from alternative locations not targeted by tariffs, the economists said in a report outlining their findings. Vietnam has so far emerged as the largest beneficiary of that diversion in trade flows, gaining an estimated 7.9% of its gross domestic product from those new business, according to Nomura.

“As tit-for-tat tariff hikes between the US and China increase, so does the cost of importing from each other,” the economists wrote in the report dated June 3.

“Some exporters in the US and China may be willing to absorb part of the additional tariff costs in their profit margins, and some multinationals could opt to re-shore production, but the trade literature shows that, over time, the largest response is likely to be trade diversion, ” they added.


Company: cnbc, Activity: cnbc, Date: 2019-06-04  Authors: yen nee lee
Keywords: news, cnbc, companies, economists, tariff, report, trade, tariffs, china, importing, diversion, president, far, largest, winners, wars


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Fiat Chrysler submits proposal for a merger with Renault

Fiat Chrysler and Renault, two automakers looking to curb costs producing vehicles and pool resources for developing the next generation of automobiles, are planning a merger to create the world’s third largest automaker. According to a statement from Fiat Chrysler Automobiles, the combined business would be owned 50/50 between shareholders of FCA and Groupe Renault. Shares in Fiat Chrysler and Renault jumped 13% and 11.5% respectively. Fiat Chrylser said the combined entity would generate savin


Fiat Chrysler and Renault, two automakers looking to curb costs producing vehicles and pool resources for developing the next generation of automobiles, are planning a merger to create the world’s third largest automaker. According to a statement from Fiat Chrysler Automobiles, the combined business would be owned 50/50 between shareholders of FCA and Groupe Renault. Shares in Fiat Chrysler and Renault jumped 13% and 11.5% respectively. Fiat Chrylser said the combined entity would generate savin
Fiat Chrysler submits proposal for a merger with Renault Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-27  Authors: phil lebeau
Keywords: news, cnbc, companies, chrysler, worlds, renault, combined, merger, largest, vehicles, submits, billion, automobiles, proposal, fiat


Fiat Chrysler submits proposal for a merger with Renault

Fiat Chrysler and Renault, two automakers looking to curb costs producing vehicles and pool resources for developing the next generation of automobiles, are planning a merger to create the world’s third largest automaker.

According to a statement from Fiat Chrysler Automobiles, the combined business would be owned 50/50 between shareholders of FCA and Groupe Renault. A board of governors would hold a majority of independent directors.

Shares in Fiat Chrysler and Renault jumped 13% and 11.5% respectively.

The merger still requires approval by the boards of both automakers.

The joint organization would produce estimated sales of 8.7 million vehicles a year and would be considered the world’s third largest car manufacturer.

Fiat Chrylser said the combined entity would generate savings of 5 billion euros annually ($5.6 billion) and be “carried out as a merger transaction under a Dutch parent company.”

The press release from Fiat Chrysler added that there would be no plant closures as a reults of the tie-up and the union should provide an opportunity to lead in the development of electric and autonomous vehicles.


Company: cnbc, Activity: cnbc, Date: 2019-05-27  Authors: phil lebeau
Keywords: news, cnbc, companies, chrysler, worlds, renault, combined, merger, largest, vehicles, submits, billion, automobiles, proposal, fiat


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The world’s largest shipping firm warns of ‘considerable uncertainties’ as trade tensions rise

Moller-Maersk is the largest container shipping company in the world. Danish shipping firm Moller-Maersk posted first-quarter profit close to expectations on Friday, warning that trade tensions and slowing economic growth constitute “considerable uncertainties.” Maersk, the world’s largest container shipping company, said it still expects 2019 EBITDA of about $5 billion. “We are still facing considerable uncertainties,” CEO Søren Skou said in a press release, mentioning “the risk from trade tens


Moller-Maersk is the largest container shipping company in the world. Danish shipping firm Moller-Maersk posted first-quarter profit close to expectations on Friday, warning that trade tensions and slowing economic growth constitute “considerable uncertainties.” Maersk, the world’s largest container shipping company, said it still expects 2019 EBITDA of about $5 billion. “We are still facing considerable uncertainties,” CEO Søren Skou said in a press release, mentioning “the risk from trade tens
The world’s largest shipping firm warns of ‘considerable uncertainties’ as trade tensions rise Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-24  Authors: matt clinch
Keywords: news, cnbc, companies, volumes, largest, shipping, trump, firm, considerable, skou, uncertainties, container, worlds, worth, warns, tensions, rise, trade, billion, tariffs


The world's largest shipping firm warns of 'considerable uncertainties' as trade tensions rise

A.P. Moller-Maersk is the largest container shipping company in the world.

Danish shipping firm Moller-Maersk posted first-quarter profit close to expectations on Friday, warning that trade tensions and slowing economic growth constitute “considerable uncertainties.”

Earnings before interest, tax, depreciation and amortization (EBITDA) totaled $1.24 billion for the quarter, compared with $1.25 billion forecast by analysts in a Reuters poll.

Maersk, the world’s largest container shipping company, said it still expects 2019 EBITDA of about $5 billion.

“We are still facing considerable uncertainties,” CEO Søren Skou said in a press release, mentioning “the risk from trade tensions.”

In the first quarter, “volumes on trans-Pacific trade between Asia and North America have shown signs of decline and new tariffs can potentially reduce expected growth in global container volumes by up to 1 percentage point.” he added.

President Donald Trump unexpectedly accused China of reneging on a deal earlier this month and announced that tariffs on $200 billion worth of Chinese goods would increase to 25% from 10% on May 10.

Beijing retaliated, raising levies on $60 billion worth of U.S. products. In the last two weeks, the Trump administration also put Chinese telecom giant Huawei on a blacklist that prevents it from buying from American companies without U.S. government permission.

Speaking to CNBC Friday, Skou highlighted that the U.S. also has an outstanding discussion with the European Union.

“If the Chinese-U.S. conflict is resolved then our expectations would be that it would immediately lead to a discussion between the EU and the U.S. So I don’t believe that we will be done with tensions anytime soon, ” he told CNBC’s “Street Signs” Friday.

—Reuters and CNBC’s Evelyn Cheng contributed to this article.


Company: cnbc, Activity: cnbc, Date: 2019-05-24  Authors: matt clinch
Keywords: news, cnbc, companies, volumes, largest, shipping, trump, firm, considerable, skou, uncertainties, container, worlds, worth, warns, tensions, rise, trade, billion, tariffs


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Saudi Arabia’s largest IPO since 2014 begins trading, with shares edging above their offer price

DUBAI — Saudi Arabia’s largest initial public offering (IPO) in five years has edged above expectations as it debuted on the Tadawul, the country’s stock exchange, Wednesday morning. Shares of Saudi shopping mall operator Arabian Centres were trading at 26.1 riyals ($6.96) just after 10 a.m. in Riyadh. Omar Al Mohammedy, CEO of Fawaz Alhokair Group, spoke to CNBC about the IPO the week prior and emphasized the importance of Saudi Arabia’s social and economic liberalization plans to the expansion


DUBAI — Saudi Arabia’s largest initial public offering (IPO) in five years has edged above expectations as it debuted on the Tadawul, the country’s stock exchange, Wednesday morning. Shares of Saudi shopping mall operator Arabian Centres were trading at 26.1 riyals ($6.96) just after 10 a.m. in Riyadh. Omar Al Mohammedy, CEO of Fawaz Alhokair Group, spoke to CNBC about the IPO the week prior and emphasized the importance of Saudi Arabia’s social and economic liberalization plans to the expansion
Saudi Arabia’s largest IPO since 2014 begins trading, with shares edging above their offer price Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-22  Authors: natasha turak
Keywords: news, cnbc, companies, offer, saudi, shopping, largest, shares, riyals, range, trading, arabias, fawaz, ipo, million, begins, edging, share, social, price


Saudi Arabia's largest IPO since 2014 begins trading, with shares edging above their offer price

DUBAI — Saudi Arabia’s largest initial public offering (IPO) in five years has edged above expectations as it debuted on the Tadawul, the country’s stock exchange, Wednesday morning.

Shares of Saudi shopping mall operator Arabian Centres were trading at 26.1 riyals ($6.96) just after 10 a.m. in Riyadh.

The price is just a hair above the retail giant’s initial pricing at 26 riyals per share, at the bottom of its indicative range, compared with a price range of 26 to 33 riyals per share for 95 million shares being sold.

The company had been aiming to raise 2.8 billion riyals ($747) million.

Arabian Centres Company — which operates, develops and owns 19 malls across 10 cities in Saudi Arabia — is owned by Fawaz Alhokair Group, whose majority shareholder is Saudi billionaire Fawaz Alhokair.

The 17-year-old shopping mall operator had a revenue of $576 million in 2018, up from $511 million in 2016. Its future plans include the opening of four more malls and one extension in the coming 12 months, according to the company.

Omar Al Mohammedy, CEO of Fawaz Alhokair Group, spoke to CNBC about the IPO the week prior and emphasized the importance of Saudi Arabia’s social and economic liberalization plans to the expansion of his business.

“Vision 2030 presents a tremendous opportunity for us,” he told CNBC’s Dan Murphy in Abu Dhabi, referencing the economic diversification plan spearheaded by Crown Prince Mohammed bin Salman to reduce Saudi Arabia’s reliance on oil revenue.

“One of the vision policy objectives is to improve the quality of life for Saudi citizens and Saudi residents. This includes many entertainment initiatives. One example that directly helps our business is cinemas.”

Saudi Arabia legalized movie theaters in late 2017 for the first time in more than 35 years as part of a drive to open up notoriously conservative social norms in the Islamic monarchy.

“We’re launching 15 cinemas across our existing 19 assets and we’ll have more cinemas in our growth assets,” the CEO continued. “Many of these policy objectives allow us to add concepts that in the past we could not add, whether it’s across entertainment, or fine dining, so we’re excited that there is significant room for us to give a hungry Saudi consumer the product that they demand.”

—Reuters contributed to this story


Company: cnbc, Activity: cnbc, Date: 2019-05-22  Authors: natasha turak
Keywords: news, cnbc, companies, offer, saudi, shopping, largest, shares, riyals, range, trading, arabias, fawaz, ipo, million, begins, edging, share, social, price


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Hackers steal over $40 million worth of bitcoin from one of the world’s largest cryptocurrency exchanges

A visual representation of the digital Cryptocurrency, Bitcoin, is seen on September 04 2018 in Hong Kong, Hong Kong. Hackers have stolen over $40 million worth of bitcoin from Binance, one of the world’s largest cryptocurrency exchanges, the company said on Tuesday. Binance said the hackers ran off with over 7,000 bitcoin and used a variety of attack methods to carry out the “large scale security breach” which occurred on Tuesday. The cryptocurrency exchange was able to trace the stolen bitcoin


A visual representation of the digital Cryptocurrency, Bitcoin, is seen on September 04 2018 in Hong Kong, Hong Kong. Hackers have stolen over $40 million worth of bitcoin from Binance, one of the world’s largest cryptocurrency exchanges, the company said on Tuesday. Binance said the hackers ran off with over 7,000 bitcoin and used a variety of attack methods to carry out the “large scale security breach” which occurred on Tuesday. The cryptocurrency exchange was able to trace the stolen bitcoin
Hackers steal over $40 million worth of bitcoin from one of the world’s largest cryptocurrency exchanges Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-08  Authors: arjun kharpal
Keywords: news, cnbc, companies, stolen, million, exchanges, able, executed, worth, hong, security, cryptocurrency, steal, worlds, hackers, largest, binance, bitcoin, withdrawal, 40


Hackers steal over $40 million worth of bitcoin from one of the world's largest cryptocurrency exchanges

A visual representation of the digital Cryptocurrency, Bitcoin, is seen on September 04 2018 in Hong Kong, Hong Kong.

Hackers have stolen over $40 million worth of bitcoin from Binance, one of the world’s largest cryptocurrency exchanges, the company said on Tuesday.

Binance said the hackers ran off with over 7,000 bitcoin and used a variety of attack methods to carry out the “large scale security breach” which occurred on Tuesday.

They also managed to get some user information such as two-factor authentication codes, which are required to log in to a Binance account.

The cryptocurrency exchange was able to trace the stolen bitcoin to a single wallet, it said.

“The hackers had the patience to wait, and execute well-orchestrated actions through multiple seemingly independent accounts at the most opportune time,” Binance said in a statement.

“The transaction is structured in a way that passed our existing security checks. It was unfortunate that we were not able to block this withdrawal before it was executed. Once executed, the withdrawal triggered various alarms in our system. We stopped all withdrawals immediately after that.”


Company: cnbc, Activity: cnbc, Date: 2019-05-08  Authors: arjun kharpal
Keywords: news, cnbc, companies, stolen, million, exchanges, able, executed, worth, hong, security, cryptocurrency, steal, worlds, hackers, largest, binance, bitcoin, withdrawal, 40


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Brewer AB InBev eyes minority listing of Asian business

Anheuser-Busch InBev, the world’s largest brewer, confirmed reports on Tuesday that it was looking into listing a minority stake in its Asian operations in order to create a leading regional consumer goods company. The announcement, released at the same time as first-quarter results, follows reports that the brewer had enlisted banks to work on a partial sale of the Asia-Pacific business. The Belgium-based company acknowledged that a minority stake listing would accelerate this process, but its


Anheuser-Busch InBev, the world’s largest brewer, confirmed reports on Tuesday that it was looking into listing a minority stake in its Asian operations in order to create a leading regional consumer goods company. The announcement, released at the same time as first-quarter results, follows reports that the brewer had enlisted banks to work on a partial sale of the Asia-Pacific business. The Belgium-based company acknowledged that a minority stake listing would accelerate this process, but its
Brewer AB InBev eyes minority listing of Asian business Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-07
Keywords: news, cnbc, companies, market, beer, listing, largest, stella, business, billion, minority, inbev, asian, ab, stake, eyes, company, reports, brewer


Brewer AB InBev eyes minority listing of Asian business

Anhesuer-Busch InBev CEO Carlos Brito positions glasses of draught Stella Artois lager beer on a bar following a conference in Leuven, Belgium on Feb. 25, 2016.

Anheuser-Busch InBev, the world’s largest brewer, confirmed reports on Tuesday that it was looking into listing a minority stake in its Asian operations in order to create a leading regional consumer goods company.

The announcement, released at the same time as first-quarter results, follows reports that the brewer had enlisted banks to work on a partial sale of the Asia-Pacific business.

The brewer of Budweiser, Corona and Stella Artois is saddled with more than $100 billion in debt after its 2016 purchase of nearest rival SABMiller and ultimately wants to bring its core profit (EBITDA) ratio down to 2 from 4.6 at the end of 2018.

The Belgium-based company acknowledged that a minority stake listing would accelerate this process, but its 2020 commitment to reduce the multiple to below 4 was not dependent on it.

The company said in a statement that the merits of the initiative were based on the idea of creating an Asia-Pacific champion.

“Furthermore, our superior portfolio of brands and leadership position in the beer industry provide an attractive platform for potential M&A in the region,” it said.

It added that proceeding with a listing, which would be on the Hong Kong stock exchange, would depend on a number of factors, including valuation and market conditions.

The company said first-quarter EBITDA came in at $4.99 billion, a like-for-like increase of 8.2 percent, but below the average forecast of $5.06 billion in a Reuters poll.

The company’s share in its largest market, the United States, slipped by 0.1 percentage points, its best performance in the past 25 quarters. Volumes in Brazil, its second largest market, rose by a double-digit percentage.

However, challenging economic conditions in Argentina and South Africa led to lower beer sales there. The later timing of Easter in 2019 also capped earnings.


Company: cnbc, Activity: cnbc, Date: 2019-05-07
Keywords: news, cnbc, companies, market, beer, listing, largest, stella, business, billion, minority, inbev, asian, ab, stake, eyes, company, reports, brewer


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US tech stocks push Norway’s $1 trillion oil fund to best ever gains

The world’s largest sovereign wealth fund just posted its most successful quarterly return ever. The aim of the fund is to ensure a future source of wealth from current revenue derived from Norway’s oil and gas sales. The fund’s largest equity holdings as of the end of March were in Apple, Microsoft, Google-parent Alphabet and Amazon. According to Norges Bank, those tech stocks were the bulk of the strongest-performing sector for the fund, returning 17.6% in growth during the quarter. In its rep


The world’s largest sovereign wealth fund just posted its most successful quarterly return ever. The aim of the fund is to ensure a future source of wealth from current revenue derived from Norway’s oil and gas sales. The fund’s largest equity holdings as of the end of March were in Apple, Microsoft, Google-parent Alphabet and Amazon. According to Norges Bank, those tech stocks were the bulk of the strongest-performing sector for the fund, returning 17.6% in growth during the quarter. In its rep
US tech stocks push Norway’s $1 trillion oil fund to best ever gains Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-03  Authors: david reid
Keywords: news, cnbc, companies, gains, best, return, bank, oil, norways, largest, wealth, funds, push, krone, trillion, tech, fund, stocks, norges, stock


US tech stocks push Norway's $1 trillion oil fund to best ever gains

A visitor looks out towards a flare stack on the Oseberg A offshore gas platform operated by Statoil ASA in the North Sea 140kms from Bergen, Norway.

The world’s largest sovereign wealth fund just posted its most successful quarterly return ever.

Norges Bank, which manages Norway’s $1 trillion oil-funded wealth pot, said a strong recovery in global stock markets across the first three months of 2019 had generated a 9.1% return overall. In Norwegian krone terms it was the investor’s largest ever increase at 738 billion Norwegian krone ($84 billion).

The Government Pension Fund Global, as it is officially known, currently sits at around $1.05 trillion in overall value. The aim of the fund is to ensure a future source of wealth from current revenue derived from Norway’s oil and gas sales.

As of March 31, 2019, the fund was invested 69.2% in equities, 2.8% in unlisted real estate and 28% in fixed income.

The fund’s largest equity holdings as of the end of March were in Apple, Microsoft, Google-parent Alphabet and Amazon. According to Norges Bank, those tech stocks were the bulk of the strongest-performing sector for the fund, returning 17.6% in growth during the quarter.

In its report, Norges Bank said oil and gas stocks as well as industrials also performed strongly.

“This is the fund’s best quarterly return measured in krone ever. As a major equity investor, we must be prepared for large fluctuations in the fund’s market value in line with developments in global stock markets,” said Yngve Slyngstad, CEO of Norges Bank Investment Management, in a press release Friday.

The oil fund’s performance marked a reversal from the last three months of 2018 when the fund posted its largest ever drop in krone value.

During that spell of market turmoil, Norges Bank went on a stock buying spree, taking advantage of dipping prices to buy stocks worth 185 billion krone.


Company: cnbc, Activity: cnbc, Date: 2019-05-03  Authors: david reid
Keywords: news, cnbc, companies, gains, best, return, bank, oil, norways, largest, wealth, funds, push, krone, trillion, tech, fund, stocks, norges, stock


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