The following memo from SAB’s CEO Alan Clark has created a lot of fuss on Wednesday afternoon.
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Tuesday, February 4, 2014
From the FT:
Ocado has the benefit of being part of growing market. Online’s share of the grocery market will nearly double from almost 4 per cent in 2013 to 7 per cent by 2018, according to IGD. “We are preparing for a massive opportunity,” says Mr Steiner.
It is an opportunity that fellow co-founder Jason Gissing has chosen to skip. Mr Gissing will step down as the group’s commercial director later this year, but will retain his 3 per cent stake in the company.
Thursday, February 6, 2014
Central bankers can do many things but they should never, ever attempt humour.
To illustrate the point we present the price action in the Australian dollar on Wednesday. Read more
In the M&A hall of shame, Rio Tinto’s top-of-the-market $37bn acquisition of Alcan (in CASH) is right up there. In this century, at least.
It was a truly disastrous deal that nearly killed the Anglo-Australian mining company and its after-effects are being felt to this day. Just ask Tom Albanese. Read more
We are, of course, talking about iron ore which has slipped into bear market territory overnight (defined here as 20 per cent fall from a recent high).
The Aussie banks are very good companies. They are profitable, resilient, well capitalised, well managed, shareholder focused and have a very strong industry and regulatory structure. However, following the significant leveraging of the Australian & NZ households over the last thirty years they are now low growth and remain heavily exposed to housing, funding markets & unemployment risk.
The biggest ASX fallers on Monday…
… all gold.
(yes, even PanAust)
It was supposed to be one of the best trades of 2013 – buy mining stocks to get leveraged upside to the global economic turnaround. But as we approach the end of the first quarter, only one half of that equation is working. The world economy is recovering strongly but the big miners are being well and truly left behind – Australian Financial Review.
Yep, the miners as a ‘leveraged play on global growth” is not going exactly to plan: Read more
Which is a pity because Pidgley, adopted from Barnardo’s at the age of four by travellers, could give him some tips on how to run a cyclical business and maximise returns to shareholders. (Something, of course, his predecessor conspicuously failed to do). Read more
The new Rio boss has a few nice words about his predecessor, followed by a flash of steel, in a letter to staff. And it’s about all you’re likely to hear from Walsh until annual results on Valentines Day. Read it after the jump: Read more
Time for some property porn.
It comes from the 2013 Demographia International Housing Affordability Survey – a piece of work often quoted by bubble hunters and rubbished by the property bulls who babble on about flawed methodology. Read more
What’s this? A new publicly listed bank?
And before you ask, we are not talking about Metro Bank or those RBS branches ear-marked for sale being rolled up into some Aim-listed shell vehicle. Read more