Lex

Luxury doing nicely

Wed, 16 May 2012 03:26:00 GMT

Richemont, the luxury watch maker and jeweller, beat expectations reflecting the robustness of the luxury goods sector. Lex's Julia Grindell and Vincent Boland discuss why the sector is recovering so well after its slowdown in 2009.

Allianz riding storm

Tue, 15 May 2012 03:41:00 GMT

Allianz, the German insurer, saw a 58 per cent rise in first-quarter income and is optimistic of an easing of the eurozone debt crisis. Insurers in the country are however faring better than banks. Lex's Vincent Boland and Richard Stovin-Bradford analyse why this is and what needs to be done.

Greek exit ajar

Mon, 14 May 2012 14:16:10 GMT

The market slump on the latest Greek political uncertainty has left investors befuddled. Lex's Nikki Tait and Vincent Boland discuss the many factors to watch now a Greek exit from the eurozone is becoming an acceptable notion.

Asian agri outlook

Thu, 10 May 2012 03:40:00 GMT

Asian agricultural traders such as Wilmar and Noble have had a mixed first quarter, but much of that is reflected in exposure to different commodities. Lex's Nikki Tait and Julia Grindell discuss the outlook for agri business in Asia.

EasyJet outmanoeuvres storm clouds

Wed, 09 May 2012 15:25:35 GMT

EasyJet’s positioning in low-cost business travel has helped it reduce first half losses. Lex's Julia Grindell and Nikki Tait discuss how the budget airline's choice of business model is outmanoeuvring its peers.

Australia's gas strategy

Wed, 02 May 2012 04:28:00 GMT

Australia is weaning itself off its reliance on iron ore and coal exports and has high hopes for liquefied natural gas (LNG). Lex's Richard Stovin-Bradford and Julia Grindell discuss the country's LNG strategy and the risks from as far afield as the US shale sands.

Adidas: two steps forward, one step back?

Mon, 30 Apr 2012 03:58:00 GMT

Adidas, the German sports group, pre-announced impressive numbers and raised its 2012 forecasts. Lex's Richard Stovin-Bradford and Julia Grindell discuss the results and the implications of the "commercial irregularities" at its Reebok India unit.

Astra uncertainty

Thu, 26 Apr 2012 03:06:00 GMT

Shares at Anglo-Swedish pharmaceutical group AstraZeneca are down more than 6 per cent after chief executive David Brennan announced he plans to step down early. Investor frustration has been brewing as the stock has fallen during the recent market recovery. Lex's Richard Stovin-Bradford and Nikki Tait discuss the difficulties a new chief faces turning the company around.

Bumpy ride for capital goods sector

Wed, 25 Apr 2012 06:31:00 GMT

Siemens, the German industrial conglomerate, has slashed its full-year earnings target. The Lex team's Richard Stovin-Bradford and Nikki Tait examine how problems in the eurozone and Asia are affecting the capital goods sector.

Shell looks to east Africa

Tue, 24 Apr 2012 02:07:00 GMT

The Lex team's Nikki Tait and Richard Stovin-Bradford examine why oil and gas multinational Royal Dutch Shell is offering a high premium to buy exploration company Cove Energy, which has an 8.5 per cent stake in a large gas field off the coast of Mozambique.

A rich formula for Nestlé

Mon, 23 Apr 2012 05:07:00 GMT

The Lex team's Nikki Tait and Richard Stovin-Bradford examine why Nestlé has paid generously for Pfizer’s nutrition business, which sells speciality infant formulas. They point to the importance of Asian markets for the Swiss food conglomerate.

Not so smart Nokia

Thu, 19 Apr 2012 03:52:00 GMT

Nokia's sales slumped by a third in the first quarter of this year. Lex's Richard Stovin-Bradford and Nikki Tait discuss what's awry at the once predominant Finnish mobile phone company and what's being done to improve things.

Tesco tired

Wed, 18 Apr 2012 03:29:00 GMT

Tesco is cutting back on store openings as it reported full-year results in line with expectations after a profits warning earlier in the year. Lex's Richard Stovin-Bradford and Nikki Tait discuss what the UK's biggest retailer is doing to revitalise its brand.

Repsol cries foul Argentina

Tue, 17 Apr 2012 04:33:00 GMT

Argentina plans to renationalise its oil company YPF, 57 per cent owned by Repsol. The Spanish company says this is "illegal" and is backed by the European Commission. Lex's Julia Grindell and Richard Stovin-Bradford discuss what damage this will do to Repsol and Argentina.

GDF's emerging IP grab

Mon, 16 Apr 2012 01:55:00 GMT

GDF Suez, the world’s largest power utility on all measures, has revised its offer for the 30 per cent of International Power it does not already own. Lex's Richard Stovin-Bradford and Nikki Tait discuss why GDF need total control of IP.

Fungs buy Gieves & Hawkes

Fri, 13 Apr 2012 03:40:00 GMT

Gieves & Hawkes, the Savile Row bespoke tailor, is set to be acquired by its Hong Kong licensee, Trinity, part of Li & Fung. Lex's Julia Grindell and Vincent Boland discuss if this is a vanity buy or a turn round opportunity for the world’s largest supplier to consumer brands.

Sony's ever distant targets

Thu, 12 Apr 2012 03:31:00 GMT

Sony's incoming chief executive Kazuo Hirai offered measures and targets to turn the loss-making electronics giant round - the very same goals of his predecessor, but further in the future. Lex's Vincent Boland and Julia Grindell discuss whether there's any confidence that Sony will hit these moving targets.

Good run for Asian equities

Wed, 11 Apr 2012 04:22:00 GMT

Flows into Asian equities, ex-Japan, have been strong this year and reversed net outflows for all of 2011. Lex's Vincent Boland and Julia Grindell look at what's behind the trend and where's showing signs of overheating.

HSBC shrinks to fit

Tue, 10 Apr 2012 06:07:00 GMT

HSBC is negotiating the sale of its retail and wealth management unit in South Korea, the latest move in its efforts to steamline the business. The Lex team's Vincent Boland and Richard Stovin-Bradford discuss if the culling strategy of Stuart Gulliver, chief executive, will boost return on equity.

Rothschilds: a shuffle behind the scenes

Thu, 05 Apr 2012 15:21:20 GMT

The Rothschild family has announced a new form of governance that will help to defend against hostile takeovers. Lex's Vincent Boland and Richard Stovin-Bradford look at the changes taking place in the name of corporate conservation.

Spanish cuts miss bigger problem

Wed, 04 Apr 2012 03:14:00 GMT

Spain's cut its budget of €27bn has failed to impress investors as borrowing costs for the country rose sharply after Wednesday's disappointing bond auction. Lex's Vincent Boland and Richard Stovin-Bradford evaluate the effectiveness of the Spanish government's strategy with particular regard to the nation's struggling banking sector.

Prizes for breaking up the eurozone

Tue, 03 Apr 2012 02:37:00 GMT

The Wolfson Prize offers £250,000 for the best plan to break up the single European currency. Lex's Vincent Boland and Nikki Tait discuss the benefits of such a competition and the complications that the shortlist has revealed.

Buy Myanmar?

Mon, 02 Apr 2012 03:37:00 GMT

The elections that took place in Myanmar during the weekend are a step forward for the country politically, but what of its economic future? Lex's Vincent Boland and Julia Grindell consider the progress of the government's apparent reforms and what the country has to offer foreign investors.

Eastward shift in super-rich

Fri, 30 Mar 2012 04:09:00 GMT

One fifth of the world's super-rich are from Russia and China. Lex's Nikki Tait and Vincent Boland discuss the global shift in multi-billionaires.

Roche opens its wallet

Thu, 29 Mar 2012 03:05:00 GMT

Roche on Thursday made its long-expected improved cash offer for Illumina with a 15 per cent increase to $51 a share, valuing the US diagnostics group at about $6.7bn . Lex's VIncent Boland and Nikki Tait analyse the move.

Finmeccanica's turnaround task

Wed, 28 Mar 2012 03:09:00 GMT

Finmeccanica, Italy’s state-controlled defence and industrial conglomerate, has produced some dismal figures for 2011. Lex's Nikki Tait and Vincent Boland look at how the company got into this mess in the first place.

Diamonds aren't forever

Tue, 27 Mar 2012 03:38:00 GMT

Rio Tinto has followed rival BHP Billiton and invited offers for its diamonds business. Lex's Vincent Boland and Richard Stovin-Bradford look at why the business is up for sale and which bidders might be in the running.

BT's pensions rabbit

Fri, 23 Mar 2012 03:47:00 GMT

BT's pensions deficit has fallen to £4.1bn from £9bn. Changing the actuarial review date from end-December last year to end-June 2011 - described as pulling a "rabbit out of the hat" helped. Lex's Julia Grindell and Nikki Tait analyse who will benefit.

Monti flexing labour

Thu, 22 Mar 2012 03:17:00 GMT

Mario Monti, Italy's technocrat prime minister, is seeking to make the country's labour laws more flexible. Lex's Richard Stovin-Bradford and Vincent Boland discuss the importance of the move and the chances of its success.

DBörse/NYSE no deal appeal

Tue, 20 Mar 2012 02:03:00 GMT

Deutsche Börse plans to appeal the European Commission' decision last month to block its tie-up with NYSE Euronext. Lex's Richard Stovin-Bradford and Nikki Tait discuss discuss why, given there is no chance of the deal being resuscitated, it is being appealed to luxembourg.

Oligarch spat undermining Rusal

Mon, 19 Mar 2012 03:32:00 GMT

The Russian aluminium producer's net profit for 2011 fell by more than 90 per cent after a $1.4bn writedown on the value of its 30 per cent stake in Norilsk Nickel . Lex's Nikki Tait and Richard Stovin-Bradford discuss the implications for the investors of the determined pursuit of Norilsk by Rusal's controlling shareholder Oleg Deripaska .

European utilities running flat

Wed, 14 Mar 2012 02:15:00 GMT

Liberalisation of Europe's utility markets hasn't left the sector's players in too healthy a state. Lex's Nikki Tait and Vincent Boland discuss the reasons for their difficulties and how they are attempting to re-energise.

Chinese online video merger

Mon, 12 Mar 2012 03:31:00 GMT

China's two market leaders in online video, Youku and Tudou are to merge. Lex's Vincent Boland and Julia Grindell discuss why the two US-listed companies are joining forces.

The EADS facing Enders

Thu, 08 Mar 2012 03:34:00 GMT

Tom Enders takes over EADS in May. He inherits an aircraft makers forecasting strong profit growth, but the parting shot of his predecessor Louis Gallois, was across the bows of the German state, accusing it of inappropriate attempts to meddle in the company. Lex's Nikki Tait and Vincent Boland analyse the challenges Mr Enders faces at EADS, in which France and Germany both have 22.5 per cent stakes.

Overheating oil

Wed, 07 Mar 2012 02:21:00 GMT

A climbing oil price can be a sign of economy recovery but also a drag. Lex discuss the many factors driving the rise in crude and their implications.

Can car alliances motor?

Tue, 06 Mar 2012 00:53:00 GMT

GM's planned alliance with Peugeot aims to save the two car companies $2bn annually, but many such tie-ups have failed. Lex's Vincent Boland and Nikki Tait discuss the problems with car alliances.

Demystifying Glencore

Mon, 05 Mar 2012 03:25:00 GMT

Glencore, the world's largest commodities trading house, is sticking to the merger terms with Xstrata. But the mining group's shareholders are having difficult understanding Glencore's business model. Lex's Nikki Tait and Vincent Boland discuss what Glencore chief executive Ivan Glasenberg needs to do to win over Xstrata doubters.

ECB's fire hydrant funding

Fri, 02 Mar 2012 03:33:00 GMT

Under the European Central bank's longer-term re-financing operation (LTRO) 800 banks took €530bn of three-year loans at 1 per cent on Wednesday. The next day they parked all that and more (€777bn) straight back at the ECB. Lex's Vincent Boland and Richard Stovin-Bradford discuss whether this eurozone quantitative easing is having the effect the central bank is hoping.

Ad spend indicator

Thu, 01 Mar 2012 03:12:00 GMT

Advertising revenue is keeping pace with, or even outpacing, economic growth in many regions of the world. Lex's Vincent Boland and Nikki Tait discuss what may be driving this and if its good news for the economic outlook.

Hollowed out Greek shares

Tue, 28 Feb 2012 06:10:00 GMT

There’s been a 20 per cent gain in Greek stocks this year but the market is still 60 per cent lower than when the country received its first bail-out in 2010. Lex’s Nikki Tait and Vincent Boland discuss whether there is value to be found in the Greek economy.

Macondo settlement imminent?

Mon, 27 Feb 2012 01:36:00 GMT

A settlement to the tens of thousands of damages claims arising from the 2010 Deepwater Horizon disaster may be a step closer after the start of the related trial was postponed by a week. Lex's Luke Templeman and Vincent Boland discuss why all the parties involved may want a settlement before the case goes to trial.

Lloyds: A tale of two banks

Fri, 24 Feb 2012 04:05:00 GMT

Lloyds Banking Group was downbeat about 2012 as it announced a pretax 2011 loss of £3.54bn. Lex's Vincent Boland and Richard Stovin-Bradford discuss what António Horta-Osório, chief executive, needs to do consign the bad bank part to history.

RBS: Hester's progress

Thu, 23 Feb 2012 03:33:00 GMT

The Royal Bank of Scotland's loss in 2011 was almost double that of 2010. Lex's Luke Templeman and Richard Stovin-Bradford discuss what progress Stephen Hester, chief executive of RBS, has made in turning round the state-controlled bank.

Light assets lift Accor hotels

Wed, 22 Feb 2012 05:01:00 GMT

The Lex team's Richard Stovin-Bradford and Luke Templeman discuss the positive effect for results of Accor's "asset light" strategy. But they warn of the negative impact of the eurozone crisis on Europe's biggest hotel group by number of rooms.

Greek boneshaker rattles on

Tue, 21 Feb 2012 02:26:00 GMT

A disorderly default has been postponed in Greece with a €130bn bailout. Now Greece needs growth and investment. But Lex's Vincent Boland and Richard Stovin-Bradford ask why anyone would invest in Greece.

Slow running Chinese sportswear

Mon, 20 Feb 2012 04:02:00 GMT

The Chinese branded sportswear sector has attempted to compete with Nike and Adidas on home turf but the industry as a whole has met headwinds recently from intense competition within the sector and from fashion clothing hurting performance. Lex's Vincent Boland and Julia Grindell discuss whether China's domestic sports brands are tackling the problems in the sector.

Ducks in a row for Anglo American

Fri, 17 Feb 2012 03:31:00 GMT

Anglo American, the global mining company, announced a 14 per cent increase in operating profits on Friday with little movement on its share price. Lex's Luke Templeman and Richard Stovin-Bradford look at what CEO Cynthia Carroll has achieved and whether the company is a likely takeover target.

Defence battles on

Thu, 16 Feb 2012 03:43:00 GMT

A scale-back in defence budgets, especially in the west, is giving investors in companies such as BAE Systems cause for concern. Lex's Luke Templeman and Vincent Boland assess the outlook for the industry and where any growth is likely to be.

Westfield's reshuffle

Wed, 15 Feb 2012 03:45:00 GMT

Westfield, the Australian property giant, is refocusing its interests in the UK market as well as undertaking a share buy-back and a joint-venture with the Canadian pension fund. Lex's Luke Templeman and Julia Grindell assess what the moves mean for the company and whether investors should be concerned.

Triple A: overrated

Tue, 14 Feb 2012 00:07:00 GMT

The heavily indebted UK has been placed on negative credit outlook by Moody's. Lex's Vincent Boland and Nikki Tait say the move is politically symbolic but won't affect the country's borrowing costs.