Company news in brief
Steinhoff appoints restructuring chief
Steinhoff International has appointed Richard Heis as chief restructuring officer for the group, as the troubled South African retailer wrestles with the fallout from an accounting scandal.
Heis was previously global head of restructuring at KPMG, based in London, and has some 25 years’ experience of restructuring complex and international groups, Steinhoff said after the market closed on Thursday.
It said separately that it would hold its annual shareholders' meeting on April 20.
The annual meeting's agenda would include proposals for the appointment of the current acting members of the management board, as well as the appointment and re-election of members of its supervisory board.
The retailer added that the proposed adoption of its financial statements for the year ended Sept. 30 would not be put to shareholders at the meeting, citing an ongoing investigation by accounting firm PwC into accounting issues. – Nampa/Reuters
Danone eyes further sales Food group Danone said on Friday it would focus on accelerating sales growth this year and deliver a further rise in profits, thanks to cost cuts and the benefits from its acquisition of US organic food group WhiteWave.
Danone, the world's largest yoghurt maker, said it was targeting a double-digit rise in 2018 recurring earnings per share (EPS) at constant exchange rates, excluding the impact of the sale of a stake in Japan's Yakult announced last week.
Danone achieved 14.2% EPS growth in 2017, in line with its guidance.
The company, alongside consumer goods peers such as Nestle and Unilever, is under investor pressure to improve results and it needs to deliver on 2020 profit margin and sales growth targets it set last year.
Like-for-like sales in 2017 rose 2.5% to 24.677 billion euro (US$30.95 billion), slightly above analysts' expectations of 2.4% growth. – Nampa/Reuters
Renault posts record earnings
French carmaker Renault posted record sales and profit for 2017, bolstering Chief Executive Carlos Ghosn's position in the face of government demands for a clearer succession plan and deeper integration with alliance partner Nissan.
Renault said on Friday its operating profit surged 17.4% to an all-time high of 3.854 billion euro (US$4.84 billion), or 6.6% of revenue - which rose 14.7% to 58.77 billion on buoyant European demand.
Operating profit at the core automotive division, excluding the recently consolidated AvtoVAZ business in Russia, rose 15.2% to 363 million euro, Renault said. Manufacturing cost savings increased to 663 million euro from 184 million.
Renault pledged to maintain its group operating margin above 6% in 2018 despite worsening currency effects that reduced its full-year profit by 300 million euro.
The strong financial performance may help Ghosn to resist pressure from the French government, Renault's biggest shareholder, for a closer tie-up with Nissan that safeguards national interests. The state commands a 15% stake in Renault and two board seats. – Nampa/Reuters
Top banks' commodities revenue drops
Commodities-related revenue at the 12 biggest investment banks fell by 42% last year to its lowest since at least 2006, a report by financial industry analytics firm Coalition said on Friday.
Revenue from commodity trading, selling derivatives to investors and other activities in the sector fell to US$2.5 billion in 2017 from US$4.3 billion the previous year, it said in a report.
Revenue was the lowest since Coalition began analysing bank data in 2006, it said.
Banks' commodity revenue has been on a steady downward path in recent years as they have exited or slimmed down their commodity businesses due to heightened government regulation and poor performance from the sector.
A number of firms suffered heavy losses in the first half of 2017 after a slide in natural gas prices, while others lost money in the second half due to swings in oil prices during Hurricane Harvey, analysts have said.
Number of crypto hedge funds soars
The number of hedge funds focused on trading cryptocurrencies more than doubled in the four months to Feb. 15, despite sharp falls in the value of the virtual coins in recent weeks, data from fintech research house Autonomous NEXT showed.
The firm recorded a record high of 226 global hedge funds with such a strategy, up from 110 global hedge funds as of Oct. 18. That itself was up from 55 funds at Aug. 29 and just 37 at the start of 2017.
Assets under management hit between US$3.5 and US$5 billion, according to the firm.
The surge in funds comes at a volatile time for the cryptocurrencies they trade in. After hitting a record high close to US$20 000 in December, bitcoin lost 70 percent of its value to slip below US$6 000 in January, posting its worst monthly performance in three years.
Bitcoin has since recovered some of those falls, but at just below US$10 000 is still only worth around half what it was a month ago. – Nampa/Reuters
Steinhoff International has appointed Richard Heis as chief restructuring officer for the group, as the troubled South African retailer wrestles with the fallout from an accounting scandal.
Heis was previously global head of restructuring at KPMG, based in London, and has some 25 years’ experience of restructuring complex and international groups, Steinhoff said after the market closed on Thursday.
It said separately that it would hold its annual shareholders' meeting on April 20.
The annual meeting's agenda would include proposals for the appointment of the current acting members of the management board, as well as the appointment and re-election of members of its supervisory board.
The retailer added that the proposed adoption of its financial statements for the year ended Sept. 30 would not be put to shareholders at the meeting, citing an ongoing investigation by accounting firm PwC into accounting issues. – Nampa/Reuters
Danone eyes further sales Food group Danone said on Friday it would focus on accelerating sales growth this year and deliver a further rise in profits, thanks to cost cuts and the benefits from its acquisition of US organic food group WhiteWave.
Danone, the world's largest yoghurt maker, said it was targeting a double-digit rise in 2018 recurring earnings per share (EPS) at constant exchange rates, excluding the impact of the sale of a stake in Japan's Yakult announced last week.
Danone achieved 14.2% EPS growth in 2017, in line with its guidance.
The company, alongside consumer goods peers such as Nestle and Unilever, is under investor pressure to improve results and it needs to deliver on 2020 profit margin and sales growth targets it set last year.
Like-for-like sales in 2017 rose 2.5% to 24.677 billion euro (US$30.95 billion), slightly above analysts' expectations of 2.4% growth. – Nampa/Reuters
Renault posts record earnings
French carmaker Renault posted record sales and profit for 2017, bolstering Chief Executive Carlos Ghosn's position in the face of government demands for a clearer succession plan and deeper integration with alliance partner Nissan.
Renault said on Friday its operating profit surged 17.4% to an all-time high of 3.854 billion euro (US$4.84 billion), or 6.6% of revenue - which rose 14.7% to 58.77 billion on buoyant European demand.
Operating profit at the core automotive division, excluding the recently consolidated AvtoVAZ business in Russia, rose 15.2% to 363 million euro, Renault said. Manufacturing cost savings increased to 663 million euro from 184 million.
Renault pledged to maintain its group operating margin above 6% in 2018 despite worsening currency effects that reduced its full-year profit by 300 million euro.
The strong financial performance may help Ghosn to resist pressure from the French government, Renault's biggest shareholder, for a closer tie-up with Nissan that safeguards national interests. The state commands a 15% stake in Renault and two board seats. – Nampa/Reuters
Top banks' commodities revenue drops
Commodities-related revenue at the 12 biggest investment banks fell by 42% last year to its lowest since at least 2006, a report by financial industry analytics firm Coalition said on Friday.
Revenue from commodity trading, selling derivatives to investors and other activities in the sector fell to US$2.5 billion in 2017 from US$4.3 billion the previous year, it said in a report.
Revenue was the lowest since Coalition began analysing bank data in 2006, it said.
Banks' commodity revenue has been on a steady downward path in recent years as they have exited or slimmed down their commodity businesses due to heightened government regulation and poor performance from the sector.
A number of firms suffered heavy losses in the first half of 2017 after a slide in natural gas prices, while others lost money in the second half due to swings in oil prices during Hurricane Harvey, analysts have said.
Number of crypto hedge funds soars
The number of hedge funds focused on trading cryptocurrencies more than doubled in the four months to Feb. 15, despite sharp falls in the value of the virtual coins in recent weeks, data from fintech research house Autonomous NEXT showed.
The firm recorded a record high of 226 global hedge funds with such a strategy, up from 110 global hedge funds as of Oct. 18. That itself was up from 55 funds at Aug. 29 and just 37 at the start of 2017.
Assets under management hit between US$3.5 and US$5 billion, according to the firm.
The surge in funds comes at a volatile time for the cryptocurrencies they trade in. After hitting a record high close to US$20 000 in December, bitcoin lost 70 percent of its value to slip below US$6 000 in January, posting its worst monthly performance in three years.
Bitcoin has since recovered some of those falls, but at just below US$10 000 is still only worth around half what it was a month ago. – Nampa/Reuters
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