Financial Journal Business & Finance News
THE FINANCIAL JOURNAL GLOBAL
SPECIAL OFFER Subscription Mailbox Member - Price Drop: 12 months €69 (Automatic Expiration)
SPECIAL OFFER Subscription Mailbox Member - Price Drop: 12 months €69 (Automatic Expiration)
ABN AMRO: Update on fourth quarter results
The fourth quarter 2017 results of ABN AMRO are expected to include several large incidentals in our operating income and operating expenses. The aggregate impact of these identified large incidentals is expected to be not material.
In the fourth quarter ABN AMRO sold its remaining equity stake in Visa Inc. shares. The sale resulted in a book gain of EUR 114 million. Additionally a release of unearned interest and mortgage penalties is expected to total around EUR 125 million.
These benefits are offset by three provisions. First, in December the Amsterdam Court of Appeal ruled against ABN AMRO in a case where ABN AMRO raised surcharges for mortgages with Euribor interest rates. Given the nature and scope of this ruling, ABN AMRO is expected to increase its existing provision by approximately EUR 50m.
Second, as mentioned in the latest progress report of AFM of last year, the execution of the recovery framework for SME derivatives-related issues is more extensive than expected requiring additional resources. Consequently, the project costs are expected to rise with an additional EUR 80-100 million for which we intend to book a provision.
Finally, in line with the statement made in the third quarter results, we expect to take an additional restructuring provision of around EUR 100 million related to the reorganisation regarding digitalisation and process optimisation.
The fourth quarter result is scheduled for publication on 7 February 2018. All amounts mentioned are subject to completion of our audit and approval processes.
THE FINANCIAL JOURNAL GLOBAL
SPECIAL OFFER Subscription Mailbox Member - Price Drop: 12 months €69 (Automatic Expiration)
SPECIAL OFFER Subscription Mailbox Member - Price Drop: 12 months €69 (Automatic Expiration)
De voorlopige dekkingsgraad van Pensioenfonds Vervoer op 31 december 2017 bedraagt 107,3%. Eind november was de dekkingsgraad 106,9%. De toename is vooral te danken aan gestegen aandelenkoersen.
THE FINANCIAL JOURNAL GLOBAL
SPECIAL OFFER Subscription Mailbox Member - Price Drop: 12 months €69 (Automatic Expiration)
SPECIAL OFFER Subscription Mailbox Member - Price Drop: 12 months €69 (Automatic Expiration)
UK industry performing well in November; IHS Markit: forecast is for the UK economy to grow a mere 1.2% in 2018.
UK industrial production, manufacturing and construction output all rise 0.4% in November
Factories show strength on back of rising exports, but construction trend remains one of decline
Official data are in line with PMI surveys, the latter boding well for a good December
Official data showed UK industry performing well in November, aided by export gains, which should help boost the economy in the fourth quarter. Construction was found to be struggling, however, underscoring concerns about a lack of investment in commercial building in particular.
Export-fuelled manufacturing upturn
Data from the Office for National Statistics showed manufacturing output up 0.4% in November, representing the seventh successive robust monthly increase. Factory output is running 3.5% higher than a year ago, up 1.4% in the latest three months. The wider measure of industrial production, which includes energy, was also up 0.4% in November.
In the fourth quarter so far, industrial output is running 0.9% higher than in the third quarter, with manufacturing output up 1.1%, setting the scene for a decent contribution to GDP.
Industry has been buoyed by rising exports, which is in turn a reflection of the weak exchange rate and strong growth in key export markets such as the eurozone, where the pace of economic expansion has
accelerated sharply in recent months. The latest ONS data showed goods export volumes surging by 9.1% compared to a year ago in the three months to November. Imports were up a mere 2.6% by comparison.
Struggling construction sector
In the construction sector, output rose 0.4% in November, but in the latest three months output was down 2.0% compared to the prior three months, the largest decline since 2012.
UK goods exports
Only private house building showed any increase in the latest three months, up 1.2%. The steepest downturn was seen in private commercial building, which is a key bellwether sector of business investment and which saw output drop some 5.4% in the three months to November. On average in the fourth quarter so far, construction sector output is down 1.8% compared to the third quarter, pointing to a further drag on GDP.
Encouragingly, PMI survey data indicated that manufacturing fared well again in December and that the construction sector continued to show signs of stabilising somewhat after the downturn seen earlier in the year. The data suggest that fourth quarter economic growth could match, or even beat, the 0.4% expansion of GDP seen in the third quarter.
The caveat is that business confidence about the outlook remains very subdued, highlighting downside
risks to future growth if uncertainty intensifies, notably in relation the UK’s trading relationship with the EU. However, in the absence of any upsets, it seems likely that the UK will continue to muster steady – but by no means impressive - growth over the course of 2018.
THE FINANCIAL JOURNAL GLOBAL
SPECIAL OFFER Subscription Mailbox Member - Price Drop: 12 months €69 (Automatic Expiration)
SPECIAL OFFER Subscription Mailbox Member - Price Drop: 12 months €69 (Automatic Expiration)
THE FINANCIAL JOURNAL GLOBAL
SPECIAL OFFER Subscription Mailbox Member - Price Drop: 12 months €69 (Automatic Expiration)
SPECIAL OFFER Subscription Mailbox Member - Price Drop: 12 months €69 (Automatic Expiration)
THE FINANCIAL JOURNAL GLOBAL
SPECIAL OFFER Subscription Mailbox Member - Price Drop: 12 months €69 (Automatic Expiration)
SPECIAL OFFER Subscription Mailbox Member - Price Drop: 12 months €69 (Automatic Expiration)
Sandoz regulatory submission for proposed biosimilar adalimumab accepted by FDA; Adalimumab is an anti-TNF medicine used to treat a range of immunological diseases
THE FINANCIAL JOURNAL GLOBAL
SPECIAL OFFER Subscription Mailbox Member - Price Drop: 12 months €69 (Automatic Expiration)
SPECIAL OFFER Subscription Mailbox Member - Price Drop: 12 months €69 (Automatic Expiration)
THE FINANCIAL JOURNAL GLOBAL
SPECIAL OFFER Subscription Mailbox Member - Price Drop: 12 months €69 (Automatic Expiration)
SPECIAL OFFER Subscription Mailbox Member - Price Drop: 12 months €69 (Automatic Expiration)
Moscow: S-400 Triumph put on combat alert in Sevastopol; The port of Odessa is only 300 kilometres from the main base of the Black Sea Fleet of Russia in Sevastopol
Crews of S-400 Triumph air defence missile systems of the Southern MD Air Force and Air Defence formation were put on combat alert in Sevastopol.
THE FINANCIAL JOURNAL GLOBAL
SPECIAL OFFER Subscription Mailbox Member - Price Drop: 12 months €69 (Automatic Expiration)
SPECIAL OFFER Subscription Mailbox Member - Price Drop: 12 months €69 (Automatic Expiration)
Retail turnover 5.5 percent up in November; Online shops realise over 23 percent turnover growth
Statistics Netherlands (CBS) reports that the Dutch retail sector achieved 5.5 percent turnover growth in November year-on-year, while the volume of sales increased by 4.1 percent.
THE FINANCIAL JOURNAL GLOBAL
SPECIAL OFFER Subscription Mailbox Member - Price Drop: 12 months €69 (Automatic Expiration)
SPECIAL OFFER Subscription Mailbox Member - Price Drop: 12 months €69 (Automatic Expiration)
Ablynx announced that it received a notification of shareholdings from Van Herk Investments B.V. on 15 January 2018.
Van Herk Investments B.V. notified Ablynx that it has crossed the 10% threshold on 12 January 2018 and now holds 7,629,229 voting securites of Ablynx, representing 10.21% of the current 74,720,644 outstanding voting rights of Ablynx (versus 9.99% notified previously on 11 October 2017).
THE FINANCIAL JOURNAL GLOBAL
SPECIAL OFFER Subscription Mailbox Member - Price Drop: 12 months €69 (Automatic Expiration)
SPECIAL OFFER Subscription Mailbox Member - Price Drop: 12 months €69 (Automatic Expiration)
THE FINANCIAL JOURNAL GLOBAL
SPECIAL OFFER Subscription Mailbox Member - Price Drop: 12 months €69 (Automatic Expiration)
SPECIAL OFFER Subscription Mailbox Member - Price Drop: 12 months €69 (Automatic Expiration)
Airbus will maintain its commercial aircraft market leadership
Airbus will continue its commercial aircraft leadership 2018 and beyond – building on the company’s record 718 jetliner deliveries in 2017 and 1,109 net orders logged during the past year.
THE FINANCIAL JOURNAL GLOBAL
SPECIAL OFFER Subscription Mailbox Member - Price Drop: 12 months €69 (Automatic Expiration)
SPECIAL OFFER Subscription Mailbox Member - Price Drop: 12 months €69 (Automatic Expiration)
Lenta meets its 2017 store opening guidance
In 2017, Lenta opened 40 hypermarkets and 49 supermarkets across Russia, increasing its selling space by 20.6%.
St. Petersburg, Russia; 15 January 2018 – Lenta (LSE, MOEX: LNTA), one of the largest retail chains in Russia, announces that the Company has met its hypermarket and supermarket opening guidance for 2017.
THE FINANCIAL JOURNAL GLOBAL
SPECIAL OFFER Subscription Mailbox Member - Price Drop: 12 months €69 (Automatic Expiration)
SPECIAL OFFER Subscription Mailbox Member - Price Drop: 12 months €69 (Automatic Expiration)
Airbus has confirmed that if a deal to sell dozens of its giant A380 airliners to Emirates eventually falls through it will have to stop production. In November Emirates postponed an order for 38 of the planes which can carry up to 853 people.
THE FINANCIAL JOURNAL GLOBAL
SPECIAL OFFER Subscription Mailbox Member - Price Drop: 12 months €69 (Automatic Expiration)
SPECIAL OFFER Subscription Mailbox Member - Price Drop: 12 months €69 (Automatic Expiration)
Werkbezoek aan Volksrepubliek China
Zijne Majesteit Koning Willem-Alexander en Hare Majesteit Koningin Máxima brengen op uitnodiging van president Xi Jinping een werkbezoek aan de Volksrepubliek China.
THE FINANCIAL JOURNAL GLOBAL
SPECIAL OFFER Subscription Mailbox Member - Price Drop: 12 months €69 (Automatic Expiration)
SPECIAL OFFER Subscription Mailbox Member - Price Drop: 12 months €69 (Automatic Expiration)
THE FINANCIAL JOURNAL GLOBAL
SPECIAL OFFER Subscription Mailbox Member - Price Drop: 12 months €69 (Automatic Expiration)
SPECIAL OFFER Subscription Mailbox Member - Price Drop: 12 months €69 (Automatic Expiration)
Airbus A380 after a decade in service and numbers of this type already waiting in the desert for a new owner or scrap?
After a decade in service, the Airbus A380 is still the biggest passenger plane in the skies. But questions keep coming up as to whether the giant has already seen its best days. Is it now a relic of the past?
The giant A380 is simply impressive and puts almost every other competitor on the airfield in the shadow — literally. With a length of 72.7 meters (238 feet) the plane has a wingspan of 79.8 meters and is over 24 meters tall. On its two decks, the airline Emirates can accommodate 489 passengers in its three-class extra-wide-room version, and up to 615 passengers in its two-class long-range model.
Ten years ago, on October 15, 2007, Airbus delivered the first A380 aircraft. It was a big step for the European aerospace group — but in the end it was not the beginning of a new era of aviation. Now after just a decade in service, the question must be asked if the plane still has a future at all.
THE FINANCIAL JOURNAL GLOBAL
SPECIAL OFFER Subscription Mailbox Member - Price Drop: 12 months €69 (Automatic Expiration)
SPECIAL OFFER Subscription Mailbox Member - Price Drop: 12 months €69 (Automatic Expiration)
OM: MOL Europe B.V. betaalt 832.169 euro voor corruptie in Ghana en Ivoorkust
Het container bedrijf MOL (Europe) B.V. uit Poortugaal (hierna: MOL Europe) heeft een door het Openbaar Ministerie (hierna: OM) aangeboden transactie in de vorm van betaling van 832.169 euro aanvaard. Het OM verwijt MOL Europe betrokkenheid bij niet-ambtelijke omkoping en valsheid in geschrift, gepleegd in twee West-Afrikaanse landen, Ghana en Ivoorkust.
Uit onderzoek blijkt dat MOL Europe betrokken was bij het betalen van steekpenningen aan werknemers van bedrijven in Ghana (vanaf 2005) en Ivoorkust (vanaf 2010) in de periode 2005-2015. De steekpenningen zouden zijn betaald voor het verkrijgen van vrachten voor containerschepen, varend voor het moederbedrijf van MOL Europe, Mitsui O.S.K. Lindes Ltd. (hierna: MOL). Na 2013 zouden die steekpenningen zijn afgedekt met valse facturen in de kostenadministratie, onder andere bij lokale agenten in Ghana en Ivoorkust.
THE FINANCIAL JOURNAL GLOBAL
SPECIAL OFFER Subscription Mailbox Member - Price Drop: 12 months €69 (Automatic Expiration)
SPECIAL OFFER Subscription Mailbox Member - Price Drop: 12 months €69 (Automatic Expiration)
THE FINANCIAL JOURNAL GLOBAL
SPECIAL OFFER Subscription Mailbox Member - Price Drop: 12 months €69 (Automatic Expiration)
SPECIAL OFFER Subscription Mailbox Member - Price Drop: 12 months €69 (Automatic Expiration)
THE FINANCIAL JOURNAL GLOBAL
SPECIAL OFFER Subscription Mailbox Member - Price Drop: 12 months €69 (Automatic Expiration)
SPECIAL OFFER Subscription Mailbox Member - Price Drop: 12 months €69 (Automatic Expiration)
THE FINANCIAL JOURNAL GLOBAL
SPECIAL OFFER Subscription Mailbox Member - Price Drop: 12 months €69 (Automatic Expiration)
SPECIAL OFFER Subscription Mailbox Member - Price Drop: 12 months €69 (Automatic Expiration)
Moscow: Two Russian Tu-160 Blackjack strategic bombers have carried out a planned patrol flight over neutral waters the Barents, the Norwegian and the North seas, the Russian Defense Ministry said Monday. .
"The flight lasted for more than 13 hours. During the flight, the Tu-160 bombers performed also aerial refueling," the ministry said in a statement
According to the statement, at some stages of the flight, the Russian aircraft were followed by the British Air Force Eurofighter Typhoon fighter jets and the Belgian Air Force F-16 Falcon fighter jets.
Russia's long-range aviation regularly flies over the neutral waters of the Arctic, the North Atlantic, the Black and Caspian Seas, and the Pacific.
The Russian Aerospace Forces carries out patrol flights in strict accordance with the International law and does not violate the borders of other states, the Defense Ministry stressed.
THE FINANCIAL JOURNAL GLOBAL
SPECIAL OFFER Subscription Mailbox Member - Price Drop: 12 months €69 (Automatic Expiration)
SPECIAL OFFER Subscription Mailbox Member - Price Drop: 12 months €69 (Automatic Expiration)
Euro (versus the US-Dollar) continues to perform well on Trump weakness!
The euro (+0.64%) (versus the US-Dollar) at $1.2268, continues to perform well with a daily high at $1.2296.
Once the Italian political scene becomes clearer and when the ECB considers withdrawing the threat of further QE, the single-currency will be boosted further. The US-Dollar seems relatively immune to an orderly rise in US rates.
The euro meanwile also stacks up as a safe-haven currency should US President Trump choose to pursue greater protectionism later this month and or getting more and more in trouble.
THE FINANCIAL JOURNAL GLOBAL
SPECIAL OFFER Subscription Mailbox Member - Price Drop: 12 months €69 (Automatic Expiration)
SPECIAL OFFER Subscription Mailbox Member - Price Drop: 12 months €69 (Automatic Expiration)
Der Spiegel: “Owners eye sale of C&A fashion chain to Chinese firm”
German weekly news magazine Der Spiegel reported late Sunday that the owners of European fashion chain C&A are considering selling the company to a Chinese investor.
Der Spiegel published a report that cited unnamed company sources saying a deal was close to completion.
C&A operates hundreds of retail stores across Europe, Latin America and Asia. The company was founded in 1841 in the Netherlands by brothers Clemens and August Brenninkmeijer. The Brenninkmeijer family still owns C&A via Swiss-based Cofra Holding AG.