An investment by the toymaker’s founding family helped cleaning giant ISS cut debt in 2012. At IPO this brought a 41 pct annual return. That beats the result for EQT and Goldman Sachs. They can just be glad to be out after over eight years of ownership and several failed exits.
The takeover of Crimea has sent the currency down, along with Moscow stock markets. The president’s erratic moves are hurting an already slowing economy, even before Western sanctions isolate Moscow. Soon even the central bank will find it hard to defend the rouble against Putin.
Thomas Piketty’s chunky book on “Capital in the 21st Century” has been widely hailed. But his key equation is faulty, his sociology crude and his historical analysis doubtful. Still, there are good ideas, and the big policy suggestion – a progressive tax on capital – is sensible.
The Singapore state investor is taking the commodities trader private with a $4.3 bln offer. Though Olam saw off short-sellers in 2012 its shares never fully recovered. Temasek’s ownership will shield it from public scrutiny – and remove any questions over its creditworthiness.
The euro is at two-and-a-half-year highs, a strength that could drive ultra-low inflation even lower. In principle, the European Central Bank is squeamish about blatantly targeting a weaker euro. But it need have no qualms about picking policy tools that maximise currency damage.
The e-commerce giant bought 60 pct of Hong-Kong listed ChinaVision for $804 mln. Now the film group’s market value has soared to $5 bln. Being owned by Alibaba may be good for business, but details are scant. Star-struck investors are too easily excited by China’s internet hype.
New Zealand is the latest developed country to exit record-low interest rates. Rivals in Europe, Japan and the U.S. will be envious. While they milk cheap money for rare droplets of inflation, dairy herds of the South Pacific are producing price pressures with effortless ease.