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(Bloomberg) -- Wealthy people around the globe are hunkering down for a potentially turbulent 2020, according to UBS Global Wealth Management.A majority of rich investors expect a significant drop in markets before the end of next year, and 25% of their average assets are currently in cash, according to a survey of more than 3,400 global respondents. The U.S.-China trade conflict is their top geopolitical concern, while the upcoming American presidential election is seen as another significant threat to portfolios.“The rapidly changing geopolitical environment is the biggest concern for investors around the world,” said Paula Polito, client strategy officer at UBS GWM, in a statement. “They see global interconnectivity and reverberations of change impacting their portfolios more than traditional business fundamentals, a marked change from the past.”Nearly four-fifths of respondents say volatility is likely to increase, and 55% think there will be a significant market sell-off before the end of 2020,...
(Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.Anglo American Plc raised its production forecast for its Brazilian iron ore operations for the second time in less than a month.Anglo said the giant Minas-Rio project will now produce about 23 million tons of iron ore this year, compared with a forecast of 20 million to 22 million tons that the company made just last month.Minas-Rio is starting to deliver for Anglo after years of problems. The project, which cost $14 billion to buy and build, almost sank the miner after years of delays and cost overruns. It was then shuttered for most of last year after leaks on a pipeline that carried the iron ore.The project has also allowed Anglo to cash in on a jump in prices for high-quality iron ore, after a dam collapse in Brazil early this year...
(Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.French phone carrier Iliad SA will pursue a 1.4 billion euro ($1.5 billion) share buyback financed by its founder Xavier Niel, a move that could significantly boost the billionaire’s controlling stake in the company.Iliad plans to repurchase about 11.7 million of shares -- about 20% of its share capital -- at a price of 120 euros apiece, representing a 26% premium to Iliad’s closing price on Monday. The offering will be funded by a share issue guaranteed in full by Niel, who doesn’t plan to tender any of his stock in the buyback. If all other shareholders tender their shares and no other existing holders get involved in the capital increase, Niel’s stake in the company could rise from just over 52% to 72%, Chief Executive Officer Thomas Reynaud said on a call...
Japan Tobacco is halving the price of starter kits for its Ploom S reduced-risk cigarettes, as it struggles to compete against rival Philip Morris International. Japan is the world's biggest market for "heat not burn" products, which emit less smoke than conventional cigarettes, as regular e-cigarettes with liquid nicotine are banned. From Dec. 1, the recommended retail price of the kit, including the smoking device which heats tobacco sticks, micro USB cable and AC adapter, will be 3,480 yen ($31.90) from 7,980 yen, Japan Tobacco said on Tuesday....
(Bloomberg Opinion) -- The high-pressure turbine blades in a Trent 1000 passenger jet engine have to withstand temperatures far above the melting point of the nickel alloy from which they’re made. It’s a fiendish technical challenge for the engine’s British manufacturer, Rolls-Royce Holdings Plc — comparable to trying to stop an ice cube melting inside a kitchen oven on full blast. The solution found by the company’s engineers was to blow cool air through tiny holes in the blades. Unfortunately this clever approach has encountered some unexpected problems.Boeing 787 aircraft operated by British Airways, Norwegian Air Shuttle, Virgin Atlantic and others have been grounded in recent months for inspections and repairs because the Trent 1000 engine blades have been degrading faster than anticipated. It’s the type of problem that’s becoming common in the industry as the demands placed on engines become ever greater.The expense of dealing with these things is rising too. Last week, Rolls-Royce quantified the...
Today we'll evaluate Britannia Industries Limited (NSE:BRITANNIA) to determine whether it could have potential as an......
