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US needs to pay attention again to its relationship with the UK, US Secretary of State Rex Tillerson said on Monday, in a hint to Donald Trump who cancelled an upcoming trip to London citing anger at the sale of an empty embassy building.
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“No Entry! Klosters-Davos Closed!”
Heavy snowfall has blocked all traffic to the Alpine resort of Davos, where the annual meeting of the World Economic Forum (WEF), which brings together heads of state and business leaders, is about to start.
Snow showers have continued without interruption since last week, enormous snowbanks have blocked not only roads but also the railway.
Trains running to Klosters (Davos), where many WEF delegates are staying, circulated with long delays on Monday, but in the afternoon, railway connections were completely interrupted.
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Spanish Supreme Court judge refuses arrest warrant for Catalonia’s Puigdemont
A Spanish judge has rejected a petition from the country’s prosecutor asking Danish authorities to arrest ousted Catalan leader Carles Puigdemont.
On Monday, Puigdemont arrived in Copenhagen from Brussels to speak at the University of Copenhagen. He is also scheduled to meet Danish lawmakers on Tuesday.
The trip is Puigdemont’s first outside Belgium. He fled to Brussels to avoid a Spanish probe for his role in an unsuccessful secession bid for Catalonia in October.
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Dixons Carphone like-for-like revenue rises
Dixons Carphone announced group like-for-like revenue rose 6% over Christmas and expects to deliver group headline profit before tax within the range of £365 million to £385 million.
Dixons Carphone highlighted Greece and the Nordics as the 'stars of the show' as like-for-like revenue rose by 23% and 11%, respectively. The upbeat growth in Greece was underscored by growth in mobile, large-screen TVs and white goods, while in the Nordics the company's investment in a new small product warehouse in 2017 improved availability and delivery propositions.
'Our international businesses had a terrific Christmas period with Greece enjoying its first real Black Friday and the Nordics benefiting from better availability and delivery propositions following our investment in a new small product warehouse last year,' Seb James, Group Chief Executive said.
Despite a more cautious consumer environment in the UK and Ireland, like-for-like revenue grew 3%, driven by strong performance and market share gains in large-screen TVs, SDA, mobile and gaming. The company said it expects to deliver group headline PBT for the 2017, 2018 period in the range of £365 million to £385 million compared to a previous estimate within the range of £360 million to £400 million.
'We expect to deliver a full-year PBT in the range £365m to £385m and, with rather better cash conversion this year, we expect year-end net debt to be c. £250m,' Seb James, Group Chief Executive said.
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Electrolux to acquire German company in professional laundry
Electrolux today announced it has agreed to acquire Schneidereit GmbH, a supplier of laundry rental solutions for professional customers in Germany and Austria.
Schneidereit GmbH solutions allow customers a carefree experience by supporting the product throughout its lifetime. This enables customers to run their businesses without worrying about asset ownership or maintenance.
The acquisition enables Electrolux to develop its offering within the professional laundry business and supports the long-term profitable growth in Europe.
“Schneidereit adds a complementary business model to the Electrolux Professional offer, enabling us to help provide great experiences to an even wider customer base,” said Alberto Zanata, Head of Electrolux Professional. “We’re excited about the opportunity to leverage Schneidereit’s competence in developing the way we do business, exploring functional sales which is an interesting growth area in our industry.”
Net sales in 2016 amounted to around EUR 18 million (around SEK 175 million) and the company has approximately 110 employees throughout Germany.
The acquisition is expected to be completed during the first quarter of 2018 and is subject to regulatory approvals.
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(Euro +0.38% at $1.2254) // US Government Shutdown Enters Third Day
The Senate is scheduled to have a key vote on this Monday on a bill to reopen the US government and fund it for three weeks, though it's unclear if this plan will win over enough Democrats to pass.
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Overall Euro’s Uptrend Stays Intact.
Euro (+0.35%) at $1.2247 higher in early Monday trade, underpinned by German SPD’s approval versus a lower US-Dollar under increased pressure on US government shutdown.
Daily High: $1.2257 <> Daily Low: $1.2213
Expected trading range the upcomig weeks around: $1.2125/$1.2325
Recent gains were boosted by rising expectations that the European Central Bank will end later this year its QE program, as signaled by hawkish ECB minutes recently. Focus turns towards this ECB policy meeting on Thursday for clues.
Technical the euro trades bullish. This trend is expected to stay intact up to $1.25/$1,30-range the upcoming months.
The euro this week however may stay within a restricted trading range until Thursday ECB meeting, with German ZEW/IFO and EU’s PMI’s data also in focus earlier.
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