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23 февраля, 15:46

Frontrunning: February 23

Trump to Brainstorm on Job Policies With Corporate CEOs (BBG) Border-Adjustment Tax Divides Energy Sector (WSJ) French Bonds Rally After Macron Boosts Presidential Campaign (BBG) Boeing Fighter Jet, Feared Dead, Gets New Life From Trump Tweets (BBG) Treasury Secretary Steven Mnuchin Sees Tax Overhaul by August (WSJ) Why Mexico Is Trump’s First Line of Defense on Immigration (BBG) China military says aware of U.S. carrier in South China Sea (Reuters) Carlos Ghosn Steps Back From Nissan CEO Role (WSJ) Trump Wants a Pro-Business SEC. That Has Some Investors Worried (BBG) Barclays Shares Climb on Capital Boost, Overhaul Progress (BBG) Glencore Returns to Profit on Commodities Boom (WSJ) Iraqi forces storm Mosul airport, military base (Reuters) U.K. Net Migration Hits 2-Year Low in Brexit Boost for May (BBG) Riot police confront banned anti-police protest in Paris (Reuters) Inside Ivanka Trump’s Campaign for a $500 Billion Child-Care Plan (BBG) Landlords Are Taking Over the U.S. Housing Market (BBG) How Hit Team Came Together to Kill Kim Jong Nam (WSJ) Malaysia requests Interpol alert on four North Koreans over airport murder (Reuters) Retail's Creditors Left Grasping as Brands Are Put Out of Reach (BBG) ValueAct's Ubben 'disinvesting' because of high valuations (Reuters) U.S. Energy Regulator Still Advancing Obama-Era Climate Guidance (BBG) Florida man accused of Clinton Foundation hack to plead guilty (Reuters) Why the Market Rally May Not Need Help From Trump (BBG) Tech breakthroughs take a backseat in upcoming Apple iPhone launch (Reuters) Social Media Is Driving Americans Insane (BBG) Tesla says Model 3 on track for volume production by September (Reuters)   Overnight Media Digest WSJ - The Trump administration formally withdrew Obama administration guidance enabling transgender individuals to use sex-segregated facilities, including bathrooms, of their choice. http://on.wsj.com/2mahEEV - Two cabinet members arrived for talks here Wednesday to find a defiant Mexican government refusing to accept President Donald Trump's tougher immigration and deportation policies. http://on.wsj.com/2mabRz3 - A small group of protesters opposed to the Dakota Access Pipeline were arrested as law-enforcement authorities began the evacuation of the main protest campsite so that cleanup efforts could continue. http://on.wsj.com/2maizFq - Treasury Secretary Steven Mnuchin laid out ambitious goals to secure a tax-code overhaul by August and to deliver economic growth at rates not seen in more than a decade in his first interview in his new job. http://on.wsj.com/2ma5uMa - Carlos Ghosn is leaving his chief executive role at Nissan Motor Co., a company he rescued from near-collapse and led for nearly two decades, to take a broader oversight role of the alliance that links Nissan with Renault SA and Mitsubishi Motors Corp http://on.wsj.com/2mahOfv - New developments are bolstering suspicions that the killing last week of Kim Jong Nam, half-brother of North Korea's mercurial dictator, was a well-orchestrated plot directed from Pyongyang. http://on.wsj.com/2makoC8 - Apple will open its new California campus in April. One of co-founder Steve Jobs's final projects, the cost of Apple Park is expected to be in the range of $3 billion to $5 billion. http://on.wsj.com/2maeFwi - An Arizona lab run by Theranos put patients at risk and failed to quickly fix its deficiencies, the main U.S. lab regulator found, triggering a new round of sanctions against the blood-testing startup. http://on.wsj.com/2ma6Kif   FT AO World founder John Roberts steps down as CEO http://on.ft.com/2me5LdV Unilever to review business following Kraft Heinz bid http://on.ft.com/2me2hb1 Ireland's Enda Kenny defers detailing future plans until after White House visit http://on.ft.com/2me7OyC MPs criticise government over Heathrow air quality http://on.ft.com/2mechkP Overview AO World Plc's founder and largest shareholder John Roberts has stepped down as chief executive of the British online electricals retailer but remain on the board in a new executive role, the company said on Wednesday. Unilever Plc sought to show shareholders it can go it alone on Wednesday just days after rejecting Kraft Heinz Co's $143 billion bid, with the promise of a swift, far-reaching review. Irish Prime Minister Enda Kenny told unsettled members of his ruling Fine Gael party that he would conclusively deal with the issue of his leadership after meeting the U.S. president next month, the party's chairman said on Wednesday. UK ministers have not done enough to prove that Heathrow airport's planned expansion will not breach air quality standards or exceed caps on greenhouse gas emissions, according to a report by MPs on the environmental audit committee, published on Thursday   NYT - Valeant Pharmaceuticals has been trading near record low, at around $16 per share, and at levels not seen in seven years. This spells big financial trouble for one of its largest shareholders, Pershing Square Capital , the hedge fund company managed by the billionaire William Ackman, whose efforts to salvage Valeant and his reputation as a savvy investor are looking increasingly desperate. Valeant's collapse has put a serious dent in the publicly traded Pershing Square Holdings' 2016 performance, which was down 13.5 percent, net of fees. http://nyti.ms/2lsnO1s - SolarCity, the nation's leading installer of rooftop solar panels and a renewable energy darling, lets customers sign up to lease a system, where they will make payments to the company every month for at least 20 years. In dozens of cases over the last three years, SolarCity has reached long-term lease agreements with homeowners shortly before or even after they defaulted on mortgages. In at least 14 cases, the homeowners were already in default, or had other liens on the property, by the time SolarCity filed paperwork about the panels with the government. These cases raise questions about how well the company vets customers. http://nyti.ms/2lsrm3I - Carlos Ghosn is stepping down as the chief executive of Nissan Motor Co, more than 15 years after he took control of the Japanese automaker and helped save it from collapse. Nissan said on Ghosn would remain chairman of Nissan's board. He will continue to lead the global automobile alliance created during his tenure at Nissan, which also includes Renault of France and Mitsubishi Motors of Japan. http://nyti.ms/2lsycGF - According to minutes published of the U.S. Federal Reserve's most recent meeting, on Jan. 31 and Feb. 1, "many participants" wanted to increase the benchmark rate "fairly soon" if the economy continued to grow. The minutes stopped short of suggesting a rate increase was likely at the Fed's next meeting, in mid-March. They said that a core group of Fed officials remained cautious about the economic outlook, seeing balanced risks of faster and slower economic growth. http://nyti.ms/2lsqWun   Canada ** Startup accelerator Expa Labs, which grew out of a company started by Uber co-founder Garrett Camp, launched last year in New York and San Francisco. Earlier this month, it begun recruiting the first group of companies for its Canadian program, which will begin in June. (https://tgam.ca/2l7Sr9U) ** TransCanada said after weeks of discussions with producers, it has rejigged its Canadian Mainline system proposal and has launched a new open season – or a period to determine market interest. But it's still uncertain whether the offer moves the needle enough to break the impasse. (https://tgam.ca/2l2I2eJ) NATIONAL POST ** Analysts at Moody's Investor Service said that global LNG markets are likely to remain oversupplied well into the next decade as Asian demand for the gas weakens and new supplies begin entering the market. (http://bit.ly/2mfmMnU) ** After hosting a lunch with Hunter Harrison and activist investor Paul Hilal, Wolfe Research says there's a 90 percent chance that Harrison will be installed as chief executive of CSX Corp within five months. (http://bit.ly/2lyoGjJ) ** The Bank of Nova Scotia's online platform, Tangerine, has a new chief executive at the helm. The company announced on Wednesday that Peter Aceto, who has been its CEO since 2008, will be succeeded by longtime executive Brenda Rideout, effective on March 1. (http://bit.ly/2lyydaj)   Britain The Times Unilever Plc has begun a strategic review of its business five days after it rejected a 115 billion pound ($143.09 billion) takeover approach from Kraft Heinz Co. http://bit.ly/2mdTnup Sir Jon Cunliffe, deputy governor of the Bank of England, warned Brussels yesterday that any attempt to seize euro clearing from the City would unravel global capital markets and drive up the cost of finance. http://bit.ly/2me12Zo The Guardian Whirlpool Corp, the maker of Hotpoint and Indesit tumble dryers, has changed its advice to the owners of millions of potentially dangerous machines, telling customers to unplug the appliances and stop using them until they are repaired. http://bit.ly/2me027X The business secretary, Greg Clark, has pledged to outline how the government should respond to foreign takeovers of crucial UK firms in the wake of Kraft Heinz Co's failed 115 billion pound ($143.09 billion) bid for Unilever Plc. The Telegraph The chief executive of Lloyds Banking Group Plc insisted he is committed to the lender as the company posted its biggest profits since the financial crisis, marking the culmination of his dramatic turnaround of the business. http://bit.ly/2me0umF Theresa May has spoken with the motor industry boss expected to acquire Vauxhall about the government's continued commitment to supporting the car industry in UK. http://bit.ly/2me0QJN Sky News A group of financial institutions has lodged a surprise takeover bid for Fox's‎ Biscuits, even as the industry faces pressure from rising commodity prices and growing consumer preference for healthier snacks. http://bit.ly/2me4d3s Volkswagen AG's top executives from Germany may be summoned to give evidence to British politicians under a plan being discussed by MPs. http://bit.ly/2me9GHB The Independent The study from consultancy firm KPMG found that China and India - two countries Prime Minister Theresa May is desperate to secure greater trade with - are set to be the main beneficiaries from the potential exodus  

23 февраля, 01:29

Popeyes and Burger King: The New Fast-Food Superpower?

Restaurant Brands International Inc. (QSR) announced its $1.8 billion acquisition of Popeyes Louisiana Kitchen Inc. (PLKI) yesterday, and it helped the fried chicken giant's stock sizzle upward 19% to $78.77 per share. RBI stock rose 7% Tuesday to $57.50 per share

22 февраля, 23:35

Уоррен Баффетт потерял $143 млрд

Улыбка сползает с лица крупнейшего американского инвестора Уоррена Баффетта. Он больше не ликует, а наоборот, принялся подсчитывать убытки. Миллиардер Уоррен Баффетт "условно" потерял $143 млрд на фоне того, что Kraft Heinz отказалась от покупки Unilever.

22 февраля, 23:35

Уоррен Баффетт потерял $143 млрд

Улыбка сползает с лица крупнейшего американского инвестора Уоррена Баффетта. Он больше не ликует, а наоборот, принялся подсчитывать убытки. Миллиардер Уоррен Баффетт "условно" потерял $143 млрд на фоне того, что Kraft Heinz отказалась от покупки Unilever.

21 февраля, 23:14

Daily chart: 3G’s purchases and their profit margins

Main image:  IT WAS the briefest of pursuits. On February 19th, Kraft Heinz, a food-retail company, halted its proposed acquisition of Unilever, just two days after it declared an interest in its consumer products rival. The marriage would have created the second-biggest consumer-goods group in the world. The idea was the brainchild of Berkshire Hathaway, Warren Buffet’s investment company, and 3G Capital, a New York-based private equity firm. Together they control just under 50% of Kraft Heinz. This is the latest in a string of large takeover attempts by 3G. And it was hoping to do to Unilever what it has done elsewhere: cut costs and boost profits.3G’s first love was beer. In the noughties it led a series of takeovers of breweries which culminated in InBev’s purchase of Anheuser-Busch in 2008. Two years later 3G developed a taste for food. It bought a stake in Burger King, a fast-food chain, and later merged it with Tim Hortons, a Canadian coffee-and-doughnut seller. Together the two companies formed Restaurant Brands International. In 2013, the investment group added Heinz, the baked-bean maker, to its books which was later married to Kraft Foods Group, to form Kraft Heinz. With each purchase 3G has implemented a business plan based on cost-cutting. It forces managers to justify every cent of ...

21 февраля, 15:08

Frontrunning: February 21

Global Stocks and Bond Yields Rise (WSJ) Despite Dissents on White House Policy, Mattis Holds Sway (WSJ) Trump’s Travel Ban Won’t Hit the U.S. Economy, At Least This Year (BBG) Pundit Brings ‘Global Jihadist Movement’ Theory to White House (WSJ) HSBC Plunges After Missing Profit Estimates on Revenue Drop (BBG) Euro-Area Economic Recovery Broadens as France Outpaces Germany (BBG) Oil rises towards top of recent trading range as OPEC cuts output (Reuters) PBOC to Cut Reserve Requirement for Qualifying Banks (Caixin) China adjusts yuan midpoint mechanism - sources (Reuters) Chinese Banks' Off-Book Wealth Products Exceed $3.8 Trillion (BBG) China Relaxes Curbs on Stock-Index Futures Trading (Caixin) Yield curve proves hard to steer for nervous BOJ (Nikkei) States Push to Raise Gasoline Taxes (WSJ) ECB Scouts for Forward Guidance Pitfalls on Road to Stimulus End (BBG) Kraft-Unilever Deal Is Off, but Warren Buffett’s Anomalies Live On (WSJ) France's Le Pen cancels meet with Lebanon grand mufti over headscarf (Reuters) Saudi Arabia Favors New York for Aramco IPO (WSJ) Samsung Heir, Seeking to Modernize Opaque Culture, Faces Scandal (WSJ) Burger King and Tim Hortons owner nears deal to buy Popeyes (Reuters) China opposes U.S. naval patrols in South China Sea (Reuters) Seoul Faces Dilemma Between U.S. Protection, China Trade (WSJ) The Next Financial Crisis Might Be in Your Driveway (BBG)   Overnight Media Wrap WSJ - Deal talks between Kraft Heinz and Unilever are dead, but both consumer-goods giants now find themselves under heightened pressure to make bold moves to accelerate growth. http://on.wsj.com/2lpm6wk - President Trump selected Lt. Gen. H.R. McMaster, an active duty Army officer, now director of a key military integration and operations center, as his next national security adviser. http://on.wsj.com/2lpgWjT - Defense Secretary Jim Mattis appears to be at odds with President Trump on Russia and other key issues, setting up potential discord but also helping to nudge the White House toward more conventional policy stances. http://on.wsj.com/2lpcS36 - Russia's ambassador to the United Nations, Vitaly Churkin, died unexpectedly Monday, according to an announcement at the U.N. and Russia media reports. http://on.wsj.com/2lp1VOV - Toys "R" US Inc recently laid off between 10 percent and 15 percent of its corporate employees, the latest retailer to cut jobs as shopping rapidly shifts from physical stores to online ones. http://on.wsj.com/2lpd4PZ - Uber Technologies Inc said it is investigating claims by a former employee that the company failed to discipline a manager who mistreated female employees and ignored complaints of sexual harassment. http://on.wsj.com/2lpjtKP - Saudi Arabia is leaning toward listing its giant, state-run oil company in New York, London or Toronto and has soured on the prospect of floating the firm on an Asian stock exchange. http://on.wsj.com/2lpg4vn - China's suspension of coal imports from its ally North Korea gives Beijing more leverage to press the U.S. for fresh diplomatic efforts in curbing Pyongyang's nuclear ambitions. http://on.wsj.com/2lpqOu1   FT Britain's business minister urged the government on Monday to seek guarantees that the Vauxhall workforce will be protected if the company is sold to Peugeot manufacturer PSA. Lloyd's of London, the world's biggest speciality insurance market, appointed Bruce Carnegie-Brown as chairman, it said on Monday, after his nomination was unanimously supported by its council. Volkswagen UK Managing Director Paul Willis told MPs on Monday that the carmaker had not deceived any UK customers who bought diesel cars fitted with cheating software, but the claim was branded "little short of ridiculous" by Transport Minister John Hayes.   NYT - Facebook's WhatsApp, unveiled a version of its 'Status' feature that takes a significant number of cues from Snap Inc's messaging app Snapchat. Mimicking Snapchat's Stories feature, WhatsApp's Status now lets people share images, GIFs and videos as a status update, all of which last for 24 hours before disappearing. http://nyti.ms/2lgPW7w - Kraft Heinz board, including Warren Buffett and the Brazilian-born billionaire Jorge Paulo Lemann, decided to walk away from a $143 billion takeover bid for Unilever . The alternative would have been to pursue a public and possibly costly fight against Unilever but instead, the two consumer goods giants said on Sunday that Kraft Heinz had withdrawn its takeover bid after an agreement on friendly terms. http://nyti.ms/2lgSDG8 - Travis Kalanick, chief executive of Uber opened an internal investigation into claims of sexual harassment made by a former engineer at the company. The engineer, Susan Fowler, said in a blog post that she was sexually harassed by her direct supervisor during her time at Uber and that after she reported those claims to the human resources department, they were ignored. http://nyti.ms/2lgSoeg - Eurozone finance ministers agreed on Monday to begin negotiations in Athens as soon as next week over much-needed overhauls in exchange for bailout payments, with Greece appearing to win a reprieve from the crippling austerity that it has faced for years. The agreement fell short of an all-encompassing deal, with key questions unresolved over the shape of the changes to Greece's pensions, as well as its tax and labor rules. http://nyti.ms/2lgYBqQ   Britain The Times Unilever Plc is facing calls to simplify its complex shareholder structure amid claims that its convoluted ownership could have helped scupper a proposed 115 billion pound deal with Kraft Heinz Co. http://bit.ly/2m68pSP The business secretary, Greg Clark, pledged the government's "unbounded commitment" to protect jobs at Vauxhall on Monday amid fears for the British workforce if the business is sold. http://bit.ly/2m68GW3 The Guardian Greece's bailout inspectors are returning to Athens to seek changes to the country's tax, pensions and labour market laws in a sign that Greek Prime Minister Alexis Tsipras will give way to European pressure for deeper reforms. http://bit.ly/2m610CV Bovis Homes Group Plc is to pay 7 million pounds ($8.72 million) to repair poorly built new homes sold to customers, raising fresh questions about the standards of new-build properties across the country and the regulation of the market. http://bit.ly/2m60CV1 The Telegraph The European Commission wants Britain to be paying into EU projects for four years after it has signed a Brexit deal, with final payments continuing up until the end of 2023, the Daily Telegraph has learned. http://bit.ly/2m5Tx73 Volkswagen AG drivers affected by the "dieselgate" scandal have been left with no choice but to sue the company, according to lawyers acting for drivers. http://bit.ly/2m60apG Sky News Executives at Anglo American Plc, the FTSE-100 mining group, face the prospect of forfeiting millions of pounds in share awards following an investor revolt last year which helped provide impetus for a wider government crackdown on boardroom pay. http://bit.ly/2m5W410 The Independent Global sales of UK food and drink have hit the 20 billion-pound mark for the first time in history, as the government prepares to ramp up its focus on international trade following UK's decision to leave the EU. http://ind.pn/2m5QT0S    

Выбор редакции
20 февраля, 11:08

Kraft Heinz отказалась от сделки по слиянию с Unilever

Американская компания Kraft Heinz, созданная после слияния поставщика продуктов питания Kraft Foods и производителя продуктов питания H.J. Heinz, отказалась от запланированного слияния с Unilever. Напомним, что ранее появились сообщения о том, что Kraft Heinz намерена приобрести производителя потребительских товаров Unilever за $143 млрд, однако в Unilever это предложение расценили как "фундаментально недооценивающее" стоимость компании.

20 февраля, 11:01

Kraft Heinz отказалась от слияния с Unilever

Американская продовольственная компания Kraft Heinz сменила планы и отказалась тратить $143 млрд на покупку международного производителя потребительских товаров Unilever.

20 февраля, 11:01

Kraft Heinz отказалась от слияния с Unilever

Американская продовольственная компания Kraft Heinz сменила планы и отказалась тратить $143 млрд на покупку международного производителя потребительских товаров Unilever.

Выбор редакции
20 февраля, 10:59

Kraft Heinz отказалась от сделки по слиянию с Unilever

Американская компания Kraft Heinz, созданная после слияния поставщика продуктов питания Kraft Foods и производителя продуктов питания H.J. Heinz, отказалась от запланированного слияния с Unilever. Напомним, что ранее появились сообщения о том, что Kraft Heinz намерена приобрести производителя потребительских товаров Unilever за $143 млрд, однако в Unilever это предложение расценили как "фундаментально недооценивающее" стоимость компании.

19 февраля, 21:25

Kraft Heinz Withdraws $143 Billion Offer For Unilever, After Warren Buffett Got Cold Feet

Last week's mega-merger announcement, the deliberately leaked acquisition of Unilever by the Warren Buffett-backed Kraft Heinz - a deal which would create a giant consumer goods conglomerate - has fallen apart, following Unilever's adverse reaction to the deal, and speculation that Kraft would not pursue a hostile transaction.  As the FT reports, Kraft Heinz withdrew its $143bn pursuit of consumer products rival Unilever only two days after it publicly confirmed its interest in acquiring the Anglo-Dutch company. The proposed transaction would have been the largest-ever takeover in the food or beverage industry, and would have created a company with combined sales of nearly $85 billion, second only to Swiss giant Nestle. On Friday, the Anglo-Dutch company said that the $50-a-share cash and stock offer, an 18 per cent premium to its closing price on Thursday, from Kraft Heinz “fundamentally undervalues Unilever”. It added: “Unilever rejected the proposal as it sees no merit, either financial or strategic, for Unilever’s shareholders. Unilever does not see the basis for any further discussions.” In a joint statement, Kraft Heinz said it had “amicably agreed to withdraw its proposal for a combination of the two companies.” The companies added: “Unilever and Kraft Heinz hold each other in high regard. Kraft Heinz has the utmost respect for the culture, strategy and leadership of Unilever.” The statement came days after the deal was widely leaked in advance of Friday's confirmation, as we showed on Friday when we demonstrated a surge in Unilever and Kraft call purchases by certain lucky "information arbitrageurs."     It remains to be seen if the SEC has likewise pulled its probe (or ever started one) into who leaked the transaction ahead of time, and who profited. Kraft Heinz said in the statement that its “interest was made public at an extremely early stage. Our intention was to proceed on a friendly basis, but it was made clear Unilever did not wish to pursue a transaction”. It added: “It is best to step away early so both companies can focus on their own independent plans to generate value. We remain focused on driving long-term value while always putting our consumers first.” Why was the deal pulled?  According to the FT, Buffett and 3G’s Jorge Paulo Lemann "decided on Sunday morning to withdraw their approach for Unilever after they concluded that a protracted public battle to take over Unilever would have caused more damage than good to Kraft Heinz, said two people close to the talks." Mr Buffett’s Berkshire Hathaway and Mr Lemann’s 3G Capital control just under 50 per cent of Kraft Heinz shares. The duo, who would have contributed significant new capital to fund the deal, were also spooked by the hostile response from UK politicians who raised concerns about another large British-based company being acquired by a foreign group in the aftermath of Brexit, said one of these people. The FT also notes that the early leaking of Kraft’s interest in Unilever (not just per call option acticity but thanks to a report on the FT's own Alphaville blog) made it hard for the US company to negotiate a deal that would have been more attractive for both sides. “Kraft Heinz was ready to make a lot of concessions, including taking on the Unilever name, to make this deal happen but unfortunately it leaked to early and that made it hard negotiate,” said one person close to 3G Capital. A deal would have brought together the company behind Kraft Mac & Cheese and Heinz Tomato Ketchup with the maker of Dove soap, Ben & Jerry’s ice cream. Unilever shares jumped 13% to close Friday at a record 44.80 euros in Amsterdam, while Kraft Heinz, based in Pittsburgh and Chicago, also surged 11% to a record in New York trading. US stock markets are closed on Monday.

17 февраля, 17:25

Unilever отказалась от слияния с Kraft Heinz

Американская Kraft Heinz получила от международного производителя потребительских товаров Unilever отказ в ответ на запрос по слиянию компаний. «Unilever отклонила предложение, поскольку не видит для акционеров никаких преимуществ, финансовых или стратегических»,— цитирует CNBC сообщение компании.Kraft Heinz подтвердила, что сделала Unilever предложение о покупке компании за $143 млрд. «Хотя Unilever отклонила предложение, мы рассчитываем на сотрудничество и достижение согласия по условиям сделки»,— уточнила американская корпорация.Компания Kraft Heinz была образована в 2015 году в результате слияния Heinz и Kraft Foods. Основным держателем ее акций являются 3G Capital и Уоррен Баффет. Unilever была основана в 1930 году после объединения нидерландской компании Uni и британской Lever. Она владеет порядка 400 брендами в 170 странах мира.О том, как российская внешняя…

25 января, 20:28

Why Wall Street's Dow 20,000 Is Totally Meaningless

By Jay L. Zagorsky, The Ohio State University The Dow Jones Industrial Average just broke 20,000 for the first time. Traders and investors cheered this historic high of the world's most famous stock market index, which is composed of 30 of the biggest and best-performing American companies and is frequently used as a barometer of the strength of the economy. Even though it took a little while, after several close calls in recent weeks, it's hardly a surprise that the Dow hit this particular milestone. It and other major stock indexes like the Standard & Poor's 500 have two key features that ensure that they will continually rise and break new zero-filled records: They ignore inflation and are heavily curated. No inflation adjustment The first reason why stock market indexes, like the Dow, rise over long periods of time is that the indexes are not adjusted for inflation. Inflation is when overall prices increase. It is a modern occurrence in most major countries. When there's inflation, everything costs more as time passes, including the price of shares of stock. The Dow Jones index is calculated by adding up the non-adjusted stock prices of all 30 members and dividing by something known as the "Dow divisor," which is continually adjusted to account for stock splits, spin offs and other changes. This divisor ensures historical continuity. The importance of the long-term inflation in driving stock market indexes higher is seen by understanding the "rule of 70." This rule shows how long it takes for the average price in the economy to double. For example, if something costs US$10 today, the rule of 70 shows how many years it will take for the price to reach $20. To determine the number of years, divide 70 by the inflation rate stripped of its percentage sign. Details on the rule of 70 are discussed in chapter 12 of my textbook. Since the turn of the 21st century, U.S. inflation has increased prices by roughly 2.2 percent per year. If prices continue to rise at this rate, then the typical price of most things in the U.S. will double roughly every 32 years (70 divided by 2.2). So if inflation were to persist at this rate, this means about three decades from now the Dow will hit 40,000, even if businesses sell the exact same number of cars, phones, movies, meals and all the other things available in the economy. Underperformers are eliminated The second reason why the Dow inevitably rises over long periods of time is that under performing companies are periodically removed from the index and replaced by companies that are performing better. Replacing under performing companies that have a falling stock price, with companies that have a rising stock price ensures the index continues to climb over the long term. Charles Dow, one of the founders of the Wall Street Journal newspaper, started the Dow Jones Industrial Average in May of 1886. His intention 120 years ago was not to create an index that regularly hit new highs. Instead, the goal was to give readers a single number to give them a quick understanding of how the stocks of the most important companies were faring. Nevertheless, because the list of companies in the Dow has changed many times to eliminate under performing stocks, it is essentially designed, even if by accident, to climb ever higher. The Dow for decades has been comprised of 30 stocks. Nevertheless, over its 120 year existence there have been 133 different companies on the list. The editors of the Wall Street Journal choose which companies are in the index and once a year, on average, add a new company to the list and drop an old one. Since 2010, the Dow has included five new companies; Apple, Goldman Sachs, Nike, United Healthcare and Visa. To keep the list fixed at 30, five companies have been dropped: Alcoa, AT&T, Bank of America, Kraft Foods and Hewlett-Packard. General Electric, or GE, is the only company that was both on the original 1886 list and included in the index today. Nevertheless, even this major company founded by Thomas Edison has not been on the list continuously. It was dropped in 1901 and then reinstated at the end of 1907. Many famous companies in America were on the Dow and then were dropped before going bankrupt or drastically shrinking in size. Eastman Kodak was dropped in 2004, while Bethlehem Steel was removed in 1997, both only a few years before going bankrupt. The editors knocked off Sears Roebuck in 1999 and F.W. Woolworth in 1997 as people shifted away from buying items at department stores and five and dimes. The periodic replacement of companies means the Dow operates like an actively managed mutual fund, in which humans pick companies that are expected to do well in the future. The Dow needs periodic human intervention. Without it, the list would slowly atrophy as companies die off or become less relevant to the overall economy. Dow 40,000, here we come In sum, the presence of inflation in the U.S. and the continued efforts of editors at the Wall Street Journal to replace lagging companies in the index with companies that have high-flying prospects and stock prices will always result in headlines every so often that trumpet "turn-of-the-odometer" milestones like 25,000 and 30,000. The question is not whether the Dow will reach 40,000. The only question is when? Jay L. Zagorsky, Economist and Research Scientist, The Ohio State University This article was originally published on The Conversation. Read the original article. -- This feed and its contents are the property of The Huffington Post, and use is subject to our terms. It may be used for personal consumption, but may not be distributed on a website.

25 января, 20:28

Why Wall Street's Dow 20,000 Is Totally Meaningless

By Jay L. Zagorsky, The Ohio State University The Dow Jones Industrial Average just broke 20,000 for the first time. Traders and investors cheered this historic high of the world's most famous stock market index, which is composed of 30 of the biggest and best-performing American companies and is frequently used as a barometer of the strength of the economy. Even though it took a little while, after several close calls in recent weeks, it's hardly a surprise that the Dow hit this particular milestone. It and other major stock indexes like the Standard & Poor's 500 have two key features that ensure that they will continually rise and break new zero-filled records: They ignore inflation and are heavily curated. No inflation adjustment The first reason why stock market indexes, like the Dow, rise over long periods of time is that the indexes are not adjusted for inflation. Inflation is when overall prices increase. It is a modern occurrence in most major countries. When there's inflation, everything costs more as time passes, including the price of shares of stock. The Dow Jones index is calculated by adding up the non-adjusted stock prices of all 30 members and dividing by something known as the "Dow divisor," which is continually adjusted to account for stock splits, spin offs and other changes. This divisor ensures historical continuity. The importance of the long-term inflation in driving stock market indexes higher is seen by understanding the "rule of 70." This rule shows how long it takes for the average price in the economy to double. For example, if something costs US$10 today, the rule of 70 shows how many years it will take for the price to reach $20. To determine the number of years, divide 70 by the inflation rate stripped of its percentage sign. Details on the rule of 70 are discussed in chapter 12 of my textbook. Since the turn of the 21st century, U.S. inflation has increased prices by roughly 2.2 percent per year. If prices continue to rise at this rate, then the typical price of most things in the U.S. will double roughly every 32 years (70 divided by 2.2). So if inflation were to persist at this rate, this means about three decades from now the Dow will hit 40,000, even if businesses sell the exact same number of cars, phones, movies, meals and all the other things available in the economy. Underperformers are eliminated The second reason why the Dow inevitably rises over long periods of time is that under performing companies are periodically removed from the index and replaced by companies that are performing better. Replacing under performing companies that have a falling stock price, with companies that have a rising stock price ensures the index continues to climb over the long term. Charles Dow, one of the founders of the Wall Street Journal newspaper, started the Dow Jones Industrial Average in May of 1886. His intention 120 years ago was not to create an index that regularly hit new highs. Instead, the goal was to give readers a single number to give them a quick understanding of how the stocks of the most important companies were faring. Nevertheless, because the list of companies in the Dow has changed many times to eliminate under performing stocks, it is essentially designed, even if by accident, to climb ever higher. The Dow for decades has been comprised of 30 stocks. Nevertheless, over its 120 year existence there have been 133 different companies on the list. The editors of the Wall Street Journal choose which companies are in the index and once a year, on average, add a new company to the list and drop an old one. Since 2010, the Dow has included five new companies; Apple, Goldman Sachs, Nike, United Healthcare and Visa. To keep the list fixed at 30, five companies have been dropped: Alcoa, AT&T, Bank of America, Kraft Foods and Hewlett-Packard. General Electric, or GE, is the only company that was both on the original 1886 list and included in the index today. Nevertheless, even this major company founded by Thomas Edison has not been on the list continuously. It was dropped in 1901 and then reinstated at the end of 1907. Many famous companies in America were on the Dow and then were dropped before going bankrupt or drastically shrinking in size. Eastman Kodak was dropped in 2004, while Bethlehem Steel was removed in 1997, both only a few years before going bankrupt. The editors knocked off Sears Roebuck in 1999 and F.W. Woolworth in 1997 as people shifted away from buying items at department stores and five and dimes. The periodic replacement of companies means the Dow operates like an actively managed mutual fund, in which humans pick companies that are expected to do well in the future. The Dow needs periodic human intervention. Without it, the list would slowly atrophy as companies die off or become less relevant to the overall economy. Dow 40,000, here we come In sum, the presence of inflation in the U.S. and the continued efforts of editors at the Wall Street Journal to replace lagging companies in the index with companies that have high-flying prospects and stock prices will always result in headlines every so often that trumpet "turn-of-the-odometer" milestones like 25,000 and 30,000. The question is not whether the Dow will reach 40,000. The only question is when? Jay L. Zagorsky, Economist and Research Scientist, The Ohio State University This article was originally published on The Conversation. Read the original article. -- This feed and its contents are the property of The Huffington Post, and use is subject to our terms. It may be used for personal consumption, but may not be distributed on a website.

19 января, 16:00

Mondelez Vends Grocery Brands to Australia's Bega Cheese

Mondelez International, Inc. (MDLZ) has entered into a deal to vend its grocery product businesses in Australia and New Zealand to dairy company Bega Cheese Ltd.

06 января, 08:55

Учёный, обнаруживший, что ГМО вызывают опухоли, выиграл судебный иск о защите своей репутации

Был ли прав французский профессор Жиль-Эрик Сералини, когда он заявил, что в ходе научных экспериментов кормление крыс продуктами ГМО вызывало у них серьёзные проблемы со здоровьем, в том числе опухоли?

12 декабря 2016, 17:20

Kraft Heinz's (KHC) Growth Prospects Bright; Risks Remain

On Dec 12, we issued an updated research report on The Kraft Heinz Company (KHC), the fifth-largest branded food and beverage company in the world.

28 ноября 2016, 18:44

Trump team member slams unions, activists in favor of businesses

Paul Atkins has one thing in common with Donald Trump: He doesn’t hedge on his opinions.Atkins, a former financial regulator who is playing a major role in the Trump presidential transition, has railed against labor unions, environmentalists and gay rights groups for challenging public companies through shareholder activism. He has called companies “weenies” who often "cave" to social activists. And he was once the only one of 68 business leaders who refused to endorse a report recommending ways to combat “crony capitalism” in Washington.Now Atkins, a Republican and onetime SEC member, may be in line to land a top regulatory post in the Trump administration. Atkins is meeting with Trump and Vice President-elect Mike Pence in New York on Monday.Atkins, the transition’s team leader for financial regulatory agencies, is on the same page as Trump on a number of issues, most notably on Dodd-Frank, the sweeping market-reform law that the president-elect says he wants to dismantle.Atkins has testified in the House three times in the last three years about the side-effects of the 2010 law, which was enacted after the financial crisis and is one of President Barack Obama’s signature policies.But comments of his, recorded at a 2012 Heritage Foundation event, reveal candid criticism of global-warming believers, organized labor and other Democratic allies. That suggests Atkins’s influence could help companies well beyond Dodd-Frank deregulation.“While Paul is in some ways more of an establishment Republican, I would put him in the free-market category,” said Thaya Brook Knight, an official at the Cato Institute, a libertarian-leaning think tank. She added that she was “thrilled” with Atkins’ position on the Trump team.As for whether Atkins would return to government for Trump, Knight said “it is customary” for transition team people to end up in a president’s administration.Others are not as thrilled at that prospect.“Tick down the list of issues we care about and you will typically find him on the other side,” said Lisa Gilbert, an official with Public Citizen, a liberal advocacy group. “We are nervous about what his placement in the transition means,” Gilbert said.Atkins’ status in Trump’s Washington world is quickly becoming apparent.A member of the SEC from 2002 to 2008, Atkins is on the transition landing teams for multiple agencies — the Consumer Financial Protection Bureau, Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency. One of Atkins’ former staffers at the SEC is also on a landing team.Atkins is a top candidate to be the Federal Reserve’s vice chairman for supervision, according to two sources familiar with the matter. That post — a powerful position charged with overseeing regulation of the nation’s financial institutions — has not been filled by the Obama administration since it was created out of Dodd-Frank.Atkins is currently chief executive of Patomak Global Partners, a consulting firm he founded, and he was a senior partner at Sphere Consulting, a public relations firm in Washington.During his time at the SEC, he demonstrated a preference for putting a light touch on regulations. He dissented from a plan to overhaul rules for the stock market in 2005. He also dissented from rules for hedge funds in 2004 that were later struck down in court. And he opposed big fines that the SEC imposed on companies as part of enforcement settlements.Another similarity to Trump is that Atkins isn’t afraid to go against the consensus.In October 2015, he was the only dissenter among dozens of business leaders who were asked to draw up a report titled “Crony Capitalism: Unhealthy relations between business and government.”The report called for enacting stricter prohibitions on the revolving door from Congress to K Street lobbying firms, and it advocated for campaign-finance reform, among other measures. It is unclear why Atkins opposed the report. A spokeswoman for Atkins referred questions to the Trump transition team, which did not immediately respond to a request for comment.Atkins has also criticized labor unions, environmental organizations, gay-rights groups and state pension funds that he has said try to “co-opt or disenfranchise” companies.He has spoken in favor of the American Legislative Exchange Council, the controversial, Koch brothers-backed group that has pushed for voter ID laws and “stand your ground” statutes in many states. He has also defended anonymous “dark money” in politics.“ALEC is a great organization,” Atkins said at the July 3, 2012, Heritage Foundation event, according to an audio recording available online.In 2012, after the shooting of unarmed teenager Trayvon Martin in Florida, Coca-Cola, Kraft Foods Inc. and other businesses withdrew funding for ALEC. According to Atkins, the companies were reacting to attacks from Moveon.org and Color of Change, both liberal-leaning advocacy groups.“This is part of a thing that we’ve seen this year where social activists, environmental groups and other sorts of gay rights groups and others — unions, state pension funds and even politicians — have been very open about what their goal is,” Atkins said at the Heritage event. “And that is to put pressure on corporations through the shareholder proposal process.”He also referred to the scrutiny focused on Target Corp., which in 2010 apologized for contributing to Minnesota Forward, a group that gave money to gubernatorial candidate Tom Emmer, who opposed same-sex marriage.“Corporations usually are weenies, and they don’t really want to be in a political fight,” Atkins said. “They often cave.”Atkins made these comments during a discussion about shareholder proposals.Though they are nonbinding, votes on such proposals can steer a company’s management toward a social cause advocated by the investor. In August 2015, Wal-Mart Stores Inc. said it would stop selling the AR-15 assault rifle, despite winning a court battle with a shareholder’s proposal seeking to rein in firearm sales at the retail giant.“They do it all over the Fortune 500, which then gives them a megaphone of free publicity through the process and through harassment of the corporations, because then the management wants to negotiate with them to get rid of their proposal,” Atkins said at the event, referring to activist groups.Using the shareholder voting process to push companies on social issues has been a common practice of progressive pension funds for unions. But the National Center for Public Policy Research, a conservative, tax-exempt group based in Washington, has also successfully adopted the technique.Over the years, the SEC’s rules have been changed to benefit social activists, and that needs to swing back, he said.“The next big fight is going to be over corporate governance rules and shareholder communications and how corporations interact with shareholders,” he told the audience. “Because right now the rules have really drifted way off to one side like I said between co-opting and disenfranchising. So I think it is going to have to be radically changed back.”Labor unions will resist the rule changes, Atkins said. As their memberships decline, the unions are well aware of the tactical value the shareholder process gives them.“This is their last power,” he said.

18 ноября 2016, 13:00

Can America’s Companies Survive America’s Most Aggressive Investors?

So-called activist investors are increasingly gaining control of legacy corporations, forcing them to trim payrolls and downsize research operations—and, quite possibly, damaging the entire economy.

31 октября 2016, 16:00

4 Candy Stock Treats for Your Portfolio this Halloween Eve

Halloween candy sales are poised to beat the previous year numbers, courtesy of lower prices and an uptick in consumer spending levels.

02 сентября 2014, 04:21

10 компаний контролирующих мировую пищевую индустрию

  В сельском хозяйстве и пищевой промышленности занято более одного миллиарда человек в мире или треть всей рабочей силы. И хоть данный сектор играет ключевую роль в жизни человечества, как это ни парадоксально, его контролируют крайне небольшое число транснациональных компаний. Согласно докладу компании Oxfam International, 10 компаний, специализирующихся на производстве продуктов питания и напитков, могут формировать продуктовую корзину большей части населения планеты, влиять на их условия труда, а также окружающую среду.  Associated British Foods Выручка: $21,1 млрд Расходы на рекламу: неизвестно Прибыль: $837 млн Сотрудники: 112,6 тыс. Штаб-квартира: Лондон, Великобритания  Associated British Foods – это британская компания-производитель продуктов питания, которой удалось выстроить глобальную сеть с помощью приобретений. В результате постоянного прироста за счет покупки новых компаний, Associated British Foods производит практически все виды продовольствия, начиная от сахара, заканчивая кукурузным маслом и чаем. ABF один из основных поставщиков важных пищевых ингредиентов, в том числе эмульгаторов, ферментов и лактозы.   Coca-Cola Сo. Выручка: $46,9 млрд Расходы на рекламу: $3,0 млрд Прибыль: $8,6 млрд Сотрудники: 130,6 тыс. Штаб-квартира: тланта, Джорджия, США  Coca-Cola является одним из самых дорогих брендов в мире. Совокупный объем продаж в 2013 финансовом году в стоимостном выражении превысил отметку $47 млрд. Coca-Cola Сo. крупнейший мировой производитель и поставщик концентратов, сиропов и безалкогольных напитков. Крупнейшим акционером этой компании является фонд Berkshire Hathaway Inc. (8,61%), контролируемый легендарным инвестором Уорреном Баффетом.   Groupe Danone Выручка: $29,3 млрд Расходы на рекламу: $1,2 млрд Прибыль: $2,0 млрд Сотрудники: 104,6 тыс. Штаб-квартира: Париж, Франция  Французская компания Groupe Danone имеет обладает колоссальным присутствием в во всем мире. Его крупнейшим рынком, по объемам продаж, является Россия, далее следуют Франция, США, Китай и Индонезия. Компания является крупнейшим в мире продавцом свежих молочных продуктов, больше половины от всего объема продаж данной продукции в мире в 2013 году пришлось на Groupe Danone.   General Mills Выручка: $17,9 млрд Расходы на рекламу: $1,1 млрд Прибыль: $1,8 млрд Сотрудники: 43 тыс./LI] Штаб-квартира: Голден-Вэлли, Миннесота, США  Компания General Mills владеет рядом одних из наиболее известных американских брендов, таких как Pillsbury, Colombo Yogurt, Betty Crocker, «Зеленный великан». Производственные мощности компании размещены в 15 странах, однако, продукция реализуется более чем в 100. Полоска продукции компании невероятно широкая : хлопья для завтрака, йогурт, замороженное тесто, консервированные супы, пицца, мороженое, соевые продукты, овощи, мука и др.   Kellogg Выручка: $14,8 млрд Расходы на рекламу: $1,1 млрд Прибыль: $1,8 млрд Сотрудники: 30,2 тысячи Штаб-квартира: Батл-Крик, Мичиган, США  Американская компания Kellogg зарабатывает меньше всех среди пищевых гигантов, по итогам 2013 года объем выручки составил лишь $15 млрд. Kellogg является одним из крупнейших в мире хлебообработчиков и производителей печенья. Компания специализируется на производстве сухих завтраков и продуктов питания быстрого приготовления.   Mars Выручка: $33,0 млрд Расходы на рекламу: $2,2 млрд Прибыль: нет данных Сотрудники: 75 тыс. Штаб-квартира: Маклин, Виргиния, США  Из всех компаний, представленных в данном списке, Mars –единственная, которая находится в частной собственности. Mars владеет такими "шоколадными" брендами, как M&Ms, Milky Way, Snickers и Twix. Компания владеет продовольственными брендами, такими как Uncle Ben's, а также производителем жевательных резинок и конфет Wrigley.   Mondelez Выручка: $35,3 млрд Расходы на рекламу: $1,9 млрд Прибыль: $3,9 млрд Сотрудники: 107 тысяч Штаб-квартира: Дирфилд, Иллинойс, США  Компания Mondelez появилась в результате разделения пищевого гиганта Kraft Foods. Во время разделения мировые бренды (Oreo, TUC, Cadbury, Milka, Alpen Gold, Jacobs) достались Mondelez, вто время как американские - Kraft Foods Group. По итогам прошлого года, выручка компании составила $35 млрд выручки при капитализации более чем $72 млрд.   Nestle Выручка: $103,5 млрд Расходы на рекламу: $3,0 млрд Прибыль: $11,2 млрд Сотрудники: 333 тыс. Штаб-квартира: Веве, Швейцария  Nestle по всем показателям является крупнейшей пищевой компанией в мире. Выручка компании за прошлый год составила 92 млрд швейцарских франков. Компания производит растворимый кофе, минеральную воду, шоколад, мороженое, бульоны, молочные продукты, детское питание, корм для домашних животных, фармацевтическую продукцию и косметику. Более 2000 товарных знаков на 461 фабрике в 83 странах мира.   PepsiCo Выручка: $66,4 млрд Расходы на рекламу: $2,5 млрд Прибыль: $6,7 млрд Сотрудники: 274 тыс. Штаб-квартира: Пёрчейз, Нью-Йорк, США  Помимо известных "содовых" брендов, PepsiCo владеет рядом продуктовых торговых марок, таких как Tostitos, Doritos, Quaker. Более того, компания является крупнейшим рекламодателем в мире, расходы компании в этой области в 2012 году превысили $2,5 млрд.   История вопроса Выручка: $68,5 млрд Расходы на рекламу: $7,4 млрд Прибыль: $6,7 млрд Сотрудники: 174,3 тысячи Штаб-квартира: Лондон, Великобритания и Роттердам, Голландия  Unilever трудно назвать пищевой компанией, так как большую часть ее прдуктовой линейки представляют средства личной гигиены и бытовая химия. Однако, на еду и напитки проходится более трети выручки. По итогом прошлого года выручка компании составила 50 млрд евро. Компания владеет такими брендами, как Lipton, Brooke Bond, Calve, Rama, Creme Bonjour и другие.