ASB Securities Morning Brief for Wednesday, 25 May 2016
Wednesday, 25 May 2016

New Zealand Headlines

New Zealand Market Report: New Zealand shares fell as Tower tumbled after reporting a wider full-year loss and Air New Zealand dropped to an 18-month low while Kathmandu Holdings recovered on optimism a cold snap across the country will boost sales of winter clothing. The S&P/NZX 50 Index dropped 35.12 points, or 0.5 percent, to 6,872.65. Within the index, 28 stocks fell, 15 gained and seven were unchanged. Turnover was $171.5 million... Read more

The New Zealand dollar fell on speculation the Reserve Bank will refrain from cutting interest rates in June while comments from Australia's central bank that it will retain its inflation targets dragged the kiwi down with the Aussie dollar. The kiwi fell to 67.19 US cents as at 5pm in Wellington, from 67.94 cents yesterday. The trade-weighted index declined to 72.48 from 73.08 yesterday... Read more

The market has changed its mind and become pessimistic about the Reserve Bank cutting the official cash rate next month, with pricing for a cut down to just 30%. This follows the market pricing in a 52% chance last week and an 82% chance the week before that... Read more

Reasons for the Reserve Bank not to cut the OCR in June are compelling but it’s a guessing game, according to some economists. Until recently, it seemed there was near consensus among economists that the Reserve Bank was likely to cut the OCR again in its next announcement on June 9... Read more

Rogue tradies - Building products probed as imported goods raise worries. Dodgy imported products are being found on building sites across Auckland, including electrical wiring, toughened safety glass shower doors and roofing tiles. In the most recent cases, three homes had to be rewired and another eight were retiled after building inspectors uncovered materials that were not up to code... Read more

NZ commercial real estate returns highest since the GFC... Read more

High demand for Auckland housing means the city’s median weekly rent has gone up for the first time in almost a year, new data shows... Read more

John Key says no Auckland housing crisis, but 76 per cent of voters want more action... Read more

Property investment loans to cost more. Property investors need to be prepared to pay higher interest rates on their loans in response to changes made by the Reserve Bank. The Reserve Bank last year made changes which require all banks to hold more capital for property investment loans than they do for owner-occupied properties... Read more

Despite immense pressure for new and affordable homes in Queenstown, thousands of properties are zoned for residential houses and apartments but sitting vacant. The Queenstown Lakes District Council's capacity model was last updated in March last year and shows 9500 empty, zoned sections in urban Queenstown... Read more

The Government has ruled out any new measures to help young buyers get into the property market. Finance Minister Bill English is keeping a tight grip on Budget spending and said the Government will measures its success "not by how much money is spent but how much difference it makes for New Zealanders"... Read more

The health system will get new funding to cope with an ageing population and immigration - but the Health Minister rejects union estimates of how much is needed. Before tomorrow's Budget, the Government will also have weighed up support for other items on health groups' wish lists, including a national bowel screening programme... Read more

Budget 2016: It's not so tough at the top while the bottom 'gets ignored'. Do you consider yourself rich or poor? Are you getting by? Since 2007, the income of a household in the top 10 per cent (90th percentile) has increased by at least $28,000, while a household in the bottom 10 per cent (10th percentile) has had gains of just $3100. It's not surprising then that households at the top increasingly consider they have more than enough income to meet their everyday needs... Read more

Budget 2016: No hints at KiwiSaver auto-enrol plan... Read more

Predicting your KiwiSaver account balance easier with new Kiwi Wealth tool. If you don't know how much your KiwiSaver fund could rise or fall in the coming months, you are not alone. But one KiwiSaver provider is trying to change that. Kiwi Wealth has set itself the task of trying to turn KiwiSavers into Kiwi investors, believing many see KiwiSaver as being similar to a bank savings account rather than an investment.... Read more

FMA: Advice at retirement 'crucial'. New Zealand needs to address a financial advice gap, the chief executive of the Financial Markets Authority says. Rob Everett spoke at the Commission for Financial Capability's decumulation forum. He said, although New Zealand had had a solid market run over the past five years compared to some countries, investor confidence was low... Read more

The Kiwi head of Britain's largest pension manager says New Zealanders should be compelled to save for their retirement, or incentivised to do it. Mark Wilson heads up Aviva, which has over $750 billion of assets and about 33 million clients, and was named in the 2016 Debrett's list of Britain's 500 most influential people... Read more

New Zealand lamb prices, trading at a three-year low, may rise 10 percent next season, on lower supply and increased demand from China, ASB Bank says. Lamb prices averaged just above $5 per kilogram between October and mid-May, the lowest level since the drought-affected 2012/13 season, as early lamb processing saw a large percentage of the meat sold into a weakening frozen export market, and as China and the UK processed more of their own flocks. ASB Bank expects prices to lift at least 50c a kilogram next season starting in October.... Read more

New Zealand's poultry market needs to look to offshore markets for growth, says Rabobank. Strong growth in both volume and value terms was possible for New Zealand's chicken meat industry, but it needed to focus on alternative strategies to capture new opportunities, the rural lending specialist said... Read more

Prospective partner Shanghai Maling plans to make Silver Fern Farms the premium beef brand in China but there are challenges to overcome first, Silver Fern chairman Rob Hewett says. Hewett is touring China with a group of farmer shareholders and after visiting modern supermarkets as well as traditional wet markets in Shanghai, told them getting the right cuts into the market was a work in progress... Read more

The fishing industry has come under a fresh attack, this time over claimed deaths of the critically endangered Maui's dolphin. German conservation group Nabu International is calling on McDonald's and international fish consumers to stop buying New Zealand fish "until the dolphins are fully protected". ... Read more

Tower shares dropped to a two-month low after the general insurer posted a wider first-half loss and flat gross written premium income, raising questions about its ability to compete with larger rivals... Read more

Green Cross Health lifted annual profit 18 percent as the primary healthcare group added to its pharmacy chain and expanded into community nursing and medical services. Net profit attributable to shareholders rose to $17 million, or 12.53 cents per share, in the 12 months ended March 31, from $14.4 million, or 10.88 cents, a year earlier, the Auckland-based company said in a statement. The shares rose 2.1 percent to $2.90 and have gained 12 percent so far this year.... Read more

Pyne Gould Corp, whose NZX-listed shares have been suspended from trading since October, has lodged its 2015 annual report after a lengthy delay, which has been blamed on switching auditors. The Guernsey-based long-term investor's portfolio lost value last year due to fluctuations in the kiwi dollar and the impact of consolidating its Torchlight Fund LP unit into the accounts, the long-delayed report shows. As at June 30, Pyne Gould's net tangible assets were £55.2 million, down from £71.1 million a year earlier, with its 100% stake in land banker and developer RCL its biggest single investment. Before their suspension, Pyne Gould's shares traded at 24.5c, valuing the firm at $50.8 million.... Read more

Property For Industry, the listed industrial property investor, wants to boost its pool for directors' fees by almost a third to give members a pay rise and allow for professional director Susan Peterson to join the company. The five-person board wants to raise the fee pool to $430,000 from the $327,500 currently available, which it says will bring director payments in line with the market, allow for an extra director to be appointed, and provide scope to pay for directors to take on extra responsibilities, according to PFI's notice of meeting. Shareholders will vote on the resolution at their annual meeting in Auckland on June 15.... Read more

CEO of First NZ Capital Scott St John is pleased to announce that FNZC has bought Murray & Co.’s Wealth Management business. FNZC previously had a shareholding in Murray & Co. and has had an excellent long standing broking and custodial services relationship with their Wealth business... Read more

Murray Horn has resigned from the board of New Zealand's biggest telecommunications company, Spark New Zealand, due to illness. In a statement published to the NZX, Spark said Horn's planned retirement was being "brought forward by several months following recent ill-health, with today's board meeting his last"... Read more

Tourism is working to avoid being a victim of success but is not expecting much more help in the Budget. International visitor spending rose 25 per cent to $10 billion in the year to March 2016 as numbers coming here surge to 3.2 million a year... Read more

New government figures suggest an extra 26 hotels are needed for New Zealand to cope with the expected influx of tourists over the next 10 years. The research comes as part of the government’s “Project Palace” initiative, which sees key government agencies joining together to address New Zealand’s accommodation supply problems... Read more

Vista International Group shareholders have been told to expect 20 percent to 30 percent revenue growth again this financial year and the start of dividend payments after the movie industry software company spent north of $10 million on new acquisitions this year. At the annual general meeting in Auckland today, group chief executive Murray Holdaway said the acquisitions will provide a revenue lift for the 2016 financial year in line with the 39 percent achieved in 2015, but is also likely to mean earnings before interest, tax, depreciation and amortisation doesn’t grow at the same rate as revenue. Vista shares gained 1 percent to $5.91 and are up 19 percent over the past 12 months.... Read more

Vista Group International, named PwC Hi-Tech company of the year at New Zealand's annual Hi-Tech Awards, has inked its first deal to provide its cinema software to theatres in Africa. The company's Vista Entertainment Solutions and Movio units won a contract to provide their cinema industry software to Ster-Kinekor, the largest cinema exhibitor on the African continent, the Auckland-based company said in a statement... Read more

Houzz Inc., the world’s leading platform for home renovation and design, has launched a dedicated New Zealand site, houzz.co.nz, and apps for Kiwi iOS and Android users — specifically tailored for the New Zealand market. Strong local demand for the Houzz offering, which helps people renovate and design their homes from start to finish, prompted the company’s expansion into New Zealand... Read more

Figured Ltd took home the New Zealand Venture Investment Fund Hi Tech Start Up Company of the Year award at the 2016 awards gala on 21 May. Figured is cloud-based farm management accounting software that works hand in hand with Xero. It is the only farm accounting tool available that gives the farmer, accountant and banker access to the same set of real-time data... Read more

The crunch has come for Westport harbour, which loses its main customer when Holcim closes its Westport cement works next month. Seven jobs would go and Westport's dredge Kawatiri and tug Bob Gower would go into care and maintenance from June 30, Buller Holdings Ltd (BHL) said today... Read more

Ralec set the first earn-out target for the Clear Grain Exchange which the trading platform failed to meet under NZX's ownership, says NZX's former head of strategy Heather Kirkham. Ms Kirkham told the High Court yesterday that she thought the target for 1.5 million tonnes of grain traded in its first year was optimistic and hadn't come from NZX's due diligence team... Read more

There was a "battle of wills" over spending on the Clear Grain Exchange between former NZX chief Mark Weldon and the trading platform's former owners after NZX acquired the business in 2009, Wellington's High Court has heard. In the 17th day of a hearing that could run for 11 weeks in total, Garth Taylor, a former senior accountant at NZX, was called as a witness... Read more

A legal challenge has stopped the sale of historic Mt Cook station, amid a claim it was not sold legitimately. The matter could now go before the High Court, and the local couple who bought it several months ago have not been permitted to take possession. The 2600-hectare station near the base of Mt Cook was bought in March by Clint and Alana Miles for an undisclosed sum... Read more

Opinion - Peter Cullen: Women are still being fired for refusing to wear heels or make-up... Read more





Australian Headlines

Australian Market Report: The Australian sharemarket finished a low-volume session slightly in the red after Reserve Bank governor Glenn Stevens raised rate-cut hopes but warned of risks on housing speculation. Following a similarly low interest session on Wall Street that finished 0.2 per cent down, the S&P/ASX 200 index lost 23.3 points, or 0.44 per cent, to 5295.6 on volume 18 per cent below average as the major banks struggled.... Read more

A crumbling iron-ore price and a warning from the central bank that inflation is “too low” put the Australian dollar into a tailspin on Tuesday, back below US7200, the lowest since the start of March. At 5.01pm (AEST), the Australian dollar was trading at US71.63c, compared with US72.25c at the same time on Monday.... Read more

Australian bonds are marginally higher after the Reserve Bank affirmed its commitment to the inflation target. Deutsche Bank fixed income strategist David Plank said the market's main focus on Tuesday was RBA governor Glenn Stevens's defense of the consumer price growth target band of two to three per cent... Read more

Gradually rising house prices don't indicate any imminent supply glut, Reserve Bank governor Glenn Stevens says.... Read more

Property experts have called for a national star rating system to protect buyers from losing out when banks suddenly shift their lending criteria. Macquarie Bank is the latest to tighten lending for apartments, with a leaked list of “risky postcodes” throwing into question the viability of new projects in a long list of suburbs across the nation... Read more

Three years into a downturn and groaning under the weight of a CBD vacancy rate of 24.5 per cent, Perth tenants and landlords are increasingly collaborating to deal with the vexed problem of surplus space.... Read more

Mortgage brokers are reporting increased interest in investor mortgages as buyers rush to get on board before possible changes to negative gearing after the federal election. The head of the brokers’ industry body says minds have been focused by Labor opposition proposals to limit negative gearing to investment in new properties should it win the election on July 2... Read more

Macquarie is the latest bank to clamp down on lending to property investors as it avoids buyers in high-rise developments, although Westpac has just relaxed some of its investor restrictions. Macquarie Bank has named 120 postcodes around the country where it is forcing buyers of high-rise apartments to stump up more cash for a deposit... Read more

Nevada Iron Ltd has joined the exodus from the resources sector, signing a deal to be in the fantasy sports app business with a Singaporean company SportsHero. The eSports market was valued at US$463 million in 2016 and forecast to reach US$1.1 billion by 2019, with males making up a large demographic... Read more

Antipa Minerals Ltd will raise $3.34 million after receiving outstanding support from option holders who have exercised 99.6% of AZY’s listed $0.01 options in advance of the 17 May 2016 expiration date. The small shortfall of 0.4% shares will be taken up by the underwriters Veritas Securities Limited... Read more

Linc Energy founder slams Queensland's 'bloody-minded' approach to clean-up law. The Queensland Government has vowed to press ahead with the criminal prosecution of oil and gas firm Linc Energy for the alleged contamination of farmland in the state's south-east, despite the company being placed into liquidation... Read more

Austin Engineering Ltd is heading to market with a capital raising, and the ASX has granted the company a trading halt to prepare.... Read more

Coles and Woolworths are facing a PR nightmare with shoppers furious that they have been unable to buy Aussie milk. The Facebook pages of both supermarkets have been flooded with photos of shelves empty of other brands of milk while bottles of Coles and Woolies-branded milk are fully stocked... Read more

Target suppliers claim the Wesfarmers-owned chain is in disarray amid expectations department store chief Guy Russo will announce an impairment as early as next month, when he unveils the "Karget" blueprint. One supplier, who would only talk on the basis of anonymity, said Target buyers had cut back on orders and were contradicting each other on the strategy for the chain... Read more

Wesfarmers has tapped the former Coca-Cola Amatil veteran who led the fight to save fruit packing and canning company SPC Ardmona as the chief of its industrial supplies business. Peter Kelly has been appointed to a new and broader role as chief executive of Blackwoods, effective June 1, with responsibility for its Australian and New Zealand operations... Read more

China’s big buying spree is taking greater interest in potential mergers and acquisitions in Australia. So far in 2016, Chinese companies have announced acquisitions of corporate assets around the world worth $US117 billion ($161.95bn), says investment bank Credit Suisse... Read more

Mirvac's residential business, which has been estimated to be worth more than $1.8 billion, is again under the spotlight for a potential sale. In the past few months brokers have offered a range of potential options, including Mirvac selling down at last half of the assets into a separate fund... Read more

Entrepreneurship training provider iBosses Corporation Ltd has acquired a 30% interest in Singapore based wholesale perfume seller SD Perfume for A$600,000. SD Perfume specialises in conducting large scale perfume events and roadshows and currently has one wholesale and five retail outlets... Read more

A crowdfunded Australian bid for the S Kidman & Co cattle stations is gathering pace after securing a new business partner. Property fund Domacom, which has received around $70 million in crowdfunded pledges from investors, has teamed up with Melbourne-based brokerage firm Lloyds Business Brokers to work on a bid for Kidman which would create more value for shareholders... Read more

One of the finest farms in Australia is back in local hands more than two decades after Alan Bond sold it to interests in the Middle East. Yathroo, covering almost 12,000ha at Dandaragan, was sold by a Kuwaiti businessman less than three months after he declared he wouldn’t part with it for less than $41 million.... Read more

Basslink has been forced to push back the return to service date for its subsea Bass Strait electricity and data cable for a second time as bad weather impedes repair efforts. The cable operator today said it had lost more than 20 days of repair works to bad weather in the last month since it completed its first joint... Read more

iCollege Ltd has been granted a trading halt by the ASX today, with its shares placed in pre-open.... Read more

A key piece of the Perth City Link could be little more than a patch of grass for years after the collapse of a major land sales deal. A 4.7ha superblock that was to house thousands of residents, workers and visitors in high-rise apartments and office buildings with restaurants and bars is in limbo after the Metropolitan Redevelopment Authority failed to reach an agreement with Mirvac Group over how and when to develop it... Read more

Victorian government to refresh $150m-a-year telco deals... Read more

Prime Minister Malcolm Turnbull has promised a future coalition government would spend $60 million filling mobile coverage gaps under a third round of the mobile blackspot program. As foreshadowed by iTnews, the funding would come in addition to the $100 million the federal government contributed as part of the first round of the program, and the $60 million committed in round two... Read more

Dun & Bradstreet Australia has appointed an IT executive from its rival Veda as its new chief information officer, filling a vacancy created as the result of a private equity buyout by Archer Capital last year. Jesse Dumoff became the credit information bureau’s CIO last month, having previously served for four years until March 2016 as the general manager of group solutions at Veda, covering data analytics and B2B and B2C technology operations... Read more

BlackBerry Australia's managing director Matthew Ball will leave the smartphone company to take over Optus' small and medium business operations. Ball will join the telco at the end of this month. He replaces Reid Meldrum, who left Optus late last year to become the head of Salesforce partner Sqware Peg. Ball will report into head of wholesale, satellite and SMB Rob Parcell... Read more

Two senior people at Kresta Holdings whose roles had been downgraded have quit the Chinese-owned window furnishings company. Kresta today also flagged pre-tax losses because of weaker retail trading. The company said non-executive director Sean Shwe and company secretary Brendan Cocks had resigned, effective yesterday... Read more

Anti-counterfeiting technology provider YPB Group Ltd has successfully completed an institutional placement of ordinary shares at $0.24 each to raise $4.5 million. The proceeds from the placement will be used to accelerate business development, expand into new markets and partnerships, and further enhance its solutions suite via R&D... Read more

ASX 200 companies pay lip service on gender diversity: report.... Read more

Opinion/Analysis - Adele Ferguson: Soulless corporations take the fall. Investigations into the life insurance sector, banking scandals, compensation schemes and a focus on company cultures is proving to be a dollar bonanza for consultants, accounting firms, lawyers and consumer advocates. All seems well with this approach until the expert decides their reputation is worth more than the gig, in which case things can become embarrassing... Read more

Opinion - Chris Berg: People or profit: How does the Greens' corporation plan stack up?... Read more





International Headlines

U.S. Market Report: The S&P 500 and the Dow Jones industrial average hit their highest in seven sessions on Tuesday, while the Nasdaq closed in on a one-month high as technology and financial stocks rallied... Read more

North/South Americas Market Report: North and South American markets are mixed today. The S&P 500 is up 1.30% while the IPC gains 0.51%. The Bovespa is off 0.25%... Read more

European Market Report: European markets closed sharply higher today with shares in France leading the region. The CAC 40 is up 2.46% while Germany's DAX is up 2.18% and London's FTSE 100 is up 1.35%... Read more

Asian Market Report: Asian markets finished mixed as of the most recent closing prices. The Hang Seng gained 0.11%, while the Nikkei 225 led the Shanghai Composite lower. They fell 0.94% and 0.77% respectively... Read more

Extreme turbulence may be the new normal for the oil market. That's the message from Citigroup, which on Tuesday became the latest oil bear to defect to the bullish camp. Edward Morse, Citi's commodities guru, believes oil prices could rise to $61 a barrel by next year because the epic supply glut may soon be over. That echoes a recent optimistic call from from Goldman Sachs... Read more

The oil market is rebalancing, but don’t count on ever seeing prices at $100 a barrel again: that’s the clear message from Norway’s petroleum and energy minister. Brent crude has surged more than 70 percent from a 12-year low earlier this year as a global glut shows signs of easing, bringing relief to oil companies and producing countries like Norway, which have been pummeled by the worst market downturn in a generation... Read more

New U.S. single-family home sales recorded their biggest gain in 24 years in April, touching a more than eight-year high as purchases increased broadly, a sign of growing confidence in the economy's prospects. Tuesday's report from the Commerce Department, which also showed a surge in new home prices to a record high, offered further evidence of a pick-up in economic growth that could allow the Federal Reserve to raise interest rates soon... Read more

Snapchat could be soon be valued at north of $20 billion. That is, if investors bite. Snapchat looks to be seeking at least $200 million in new funding, according to a filing provided by VC Experts, which shows the company authorized 7.5 million new shares on May 13... Read more

Monsanto Co, the world's largest seed company, turned down Bayer AG's $62 billion acquisition bid as "incomplete and financially inadequate" on Tuesday, but said it was open to engage further in negotiations. Monsanto's decision, first reported earlier on Tuesday by Reuters, puts pressure on Bayer to decide whether to raise its bid, even as the company faces criticism from some shareholders that its $122-per-share cash offer is already too high. The other options are to walk away, or mount a hostile bid. Bayer offered no immediate comment.... Read more

Yahoo! Inc.’s strategic review to sell its core business is “well along the way,” Chief Financial Officer Ken Goldman said, without giving any specifics. “It’s going, I think, very, very well,” Goldman said during a presentation hosted by JPMorgan Chase & Co. in Boston on Tuesday. “We are continuing to work tirelessly to get to the right place.”... Read more

Yahoo dramatically beefed up Marissa Mayer's security detail after she and her family have faced a "credible" threat to their safety. The company didn't elaborate on the threat, but it did increase the amount it pays for Mayer's security. Yahoo paid $544,061 for Mayer's security last year. That's up from just around $23,000 in security-related expenses in 2014.... Read more

Shares of GoPro Inc got a lift on Tuesday after the struggling action camera maker said it was partnering with extreme sports sponsor Red Bull in a marketing and promotion deal. Briefly a Wall Street favorite following an initial public offering in 2014, GoPro's shares have fallen 82 percent in the past year as the company wrestles with weak demand for its helmet- and body-mounted cameras... Read more

Coke stops production in Venezuela amid sugar crisis. Coca-Cola ran out of sugar in Venezuela. The company announced late Monday that it has temporarily stopped production of Coke and other sugar-sweetened beverages as sugar stocks are disappearing in Venezuela. It's the latest sign of the economic and humanitarian crisis spiraling in Venezuela.... Read more

Turkish stocks and the lira rose the most in the world and bonds rallied after the central bank cut a key interest rate, hours after the last member of a team credited with the nation’s economic boom years survived a cabinet reshuffle. The Borsa Istanbul 100 Index jumped 3.5 percent after the central bank reduced the overnight-lending rate by 50 basis points, matching the median estimate of 18 analysts surveyed by Bloomberg... Read more

The world's largest brewer Anheuser-Busch InBev gained EU antitrust approval on Tuesday for its $100 billion-plus acquisition of SABMiller on condition it sell almost the whole of SABMiller's beer business in Europe. Reuters was the first to report that AB InBev's concessions to sell substantial assets would secure the EU green light for one of the largest corporate takeovers ever... Read more

Switzerland is considering giving every adult citizen a guaranteed income of $2,500 a month. No questions asked. The country is holding a national referendum on the introduction of a basic income on June 5. Its supporters want the government to guarantee each person a monthly after-tax income of at least 2,500 Swiss francs ($2,520)... Read more

French Tax Investigators Swoop on Google’s Paris Offices... Read more

You may not have heard of Gett, but don't discount it. The Uber and Lyft competitor just got a major boost from Volkswagen. Gett, an Uber-like service that's popular in Europe, announced that it has formed a strategic partnership with the Volkswagen Group. It's getting a $300 million investment as part of the deal.... Read more

German Economy Expands on Fastest Investment Growth in Two Years... Read more

One of China's richest men has vowed to crush Disney's big plans for its giant new resort in the country. Wang Jianlin, a billionaire real estate and entertainment mogul, says his company is aiming to prevent Disney (DIS) from being profitable in China over the next 10 to 20 years.... Read more

Singapore is closing Swiss bank BSI SA’s unit in the city-state and Switzerland began criminal proceedings against the firm, as investigations into a troubled Malaysian state fund reverberate throughout the private bank’s international operations. The Monetary Authority of Singapore said it will withdraw BSI Bank Ltd.’s license for breaches of money laundering rules and impose S$13.3 million ($9.6 million) in financial penalties on the BSI unit for 41 breaches, including its failure to conduct due diligence on high-risk accounts and monitor suspicious customer transactions... Read more

Sony Corp. shares jumped the most in four months in New York as investors ignored a weak profit forecast, looking instead to the company’s long-term prospects in entertainment and sensors needed for driverless cars and other emerging products. Sony’s annual profit outlook fell short of analysts’ estimates due to costs for repairs after the Kyushu earthquake, lost sales and slowing demand for smartphone components. But profit at Sony’s games and network services business will rise to 135 billion yen ($1.2 billion) on anticipated sales of PS4 consoles this year, the company said Tuesday... Read more

India Seen Swinging From Sugar Exporter to Buyer on El Nino... Read more

Latest reports

Latest reports