On Wednesday, America Movil announced that while it has received the necessary approval from the Netherlands Authority of Financial Markets to make a public cash offer for KPN, it will not proceed with the deal given KPN’s Independent Foundation is blocking the deal. Back in late August, the foundation chose to exercise its options to…
A benign quarter of weather-related catastrophe events as well as strong favorable reserve development provided a surge in first-quarter earnings at Arch Capital Group. Both primary and reinsurance lines reported favorable reserve development, but the reinsurance segment provided the bulk of it, reducing the combined ratio by 16 points to 79%. Favorable reserve development also…
Spark Infrastructure reported a solid first-half 2013, with earnings before interest, tax, depreciation and amortisation, or EBITDA, increasing 11% to AUD 340 million on a proportional basis. Growth was driven by substantial tariff increases to recover increased investment, partly offset by lower volumes. Regulated asset base (RAB) grew 9% in the past year and will…
Interpublic reported organic revenue growth of 2.2% in the second quarter, on par with the first quarter as the company rebounds from client losses in 2012. With expected clients wins starting to flow through in the third quarter, the firm is on track to meet its 2%-3% organic revenue growth forecast for 2013. Interpublic is…
Bendigo Bank is set to report full-year fiscal 2013 results on 19 August. Analysts are forecasting 2013 earnings per share of AUD 88.4 cents, up 5% from 2012. Underpinning our optimism, is an expected decline in bad debts and a rosier outlook within both wholesale and retail funding markets. Morningstar is forecasting full-year dividends of…
Estee Lauder has not been swayed by slowing global economic growth or competitive pressures, as evidenced by its continued top-line growth and margin expansion. Fourth quarter sales popped 7% (excluding foreign currency movements)–even more impressive as it came on top of 12% growth in the year-ago period. Investors were encouraged the firm is decentralizing innovation…
