ASB Securities Morning Brief for Thursday, 27 October 2016
Thursday, 27 October 2016

New Zealand Headlines

New Zealand Market Report: New Zealand shares fell, following the Australian market lower as Comvita suffered from weaker sales, while A2 Milk Co and SkyCity Entertainment Group dropped. The S&P/NZX 50 Index fell 106.67 points, or 1.5%, to 6896.2. Within the index, 41 stocks fell, five rose and four were unchanged. Turnover was $124 million... Read more

The New Zealand dollar fell to its lowest level in more than a week against the Australian dollar after inflation data across the Tasman printed stronger than the market had expected. The kiwi fell to 93.13 Australian cents as at 5pm in Wellington, and briefly tumbled as low as 92.88 cents after the data from 93.79 cents yesterday. It traded at 71.56 US cents from 71.48 cents yesterday... Read more

New Zealand has topped the World Bank’s 2017 Doing Business report for the first time. But being theoretically the easiest place to set up and run a business doesn’t necessarily flow through to a series of successful ventures. The report shows New Zealand has moved up two places over the past four years from third in 2014 and second last year.... Read more

Business leaders to seek improvements to Aus/NZ relationship... Read more

The OCR should trough at 1.75% in November as the Reserve Bank’s next cut is likely to be the last one in the current cycle, ANZ has suggested. Until recently, ANZ was expecting two further 25 basis point cuts to the OCR – in November and then early in 2017. But ANZ chief economist Cameron Bagrie said the bank has now removed the second OCR cut they had pencilled in to their forecasts for early 2017.... Read more

ANZ, New Zealand's biggest residential mortgage lender, has warned of an "outright house price fall", sparked by interest rate rises or a global recession and cited Auckland in particular. In a survey examining residential property investor intentions, bank economists issued a reminder that house prices don't always rise... Read more

Investors over-optimistic on price growth - ANZ. Investors house price expectations look overcooked as near-term price decline is baked in, ANZ economists are warning. ANZ’s latest Property Focus report is out and it explores the findings of the bank’s 2016 property investors’ survey.... Read more

It’s full steam ahead for the government’s Crown Land Housing programme in Auckland with two progress announcements from the Housing Minister today. The programme, which was first announced last year, aims to develop surplus Crown-owned land with private partners in order to boost the city’s housing supply... Read more

Auckland to get 100 new affordable houses... Read more

Hamilton's property market is finally cooling off. It's both the newly established Reserve Bank loan to value ratio and a logical course, says Lodge Real Estate managing director Jeremy O'Rourke... Read more

NZX head of markets Mark Peterson to act as interim chief when CEO Bennett leaves... Read more

Don't dismiss KiwiSaver, advisers told. Advisers are being urged to think about KiwiSaver advice as a way to capture clients for the future. While KiwiSaver balances are growing, many advisers still regard the superannuation savings scheme as more trouble than it is worth... Read more

Fisher Funds has taken the top prize at this year’s FundSource Fund Manager of the Year awards.... Read more

Tourism earnings have soared to edge out dairy as New Zealand's top export earner for the first time since 2010. Spending by international tourists grew by almost 20 per cent on the previous year while domestic tourism spending grew by 7.4 per cent giving the sector a $3.8 billion increase on last year... Read more

Two of India's passions will be harnessed at a New Delhi event today designed to grow the number of Indians holidaying in New Zealand. Former Black Caps captain Brendon McCullum will join Bollywood star Sidharth Malhotra at the tourism event... Read more

The tourism industry is calling on the Government to reinvest some of "the massive tax windfall" it has received from the surge in overseas visitors during the past year. The annual Tourism Satellite Account shows the Government's collection of GST from international visitors has increased to $1.1 billion, a 20.4 per cent increase on the previous year... Read more

Landcorp Farming, the state-owned farmer, has forecast a wider annual loss and no dividend for the current year, reflecting low growth in its milk and livestock revenues and increased spending for longer term gain. The Wellington-based state-owned enterprise predicted a net operating loss of $13.1 million for the year ending June 30, 2017, from a loss of $9.4 million a year earlier... Read more

Silver Fern Farms confirms Mossburn and Wairoa plants to close... Read more

Prosecutions possible after bobby calf footage shows potential abuse. People involved in the latest accusations of bobby calf abuse could face prosecution, as the Ministry for Primary Industries (MPI) launches an investigation... Read more

The chair of the Hokitika-based dairy cooperative, Westland Milk Products, is to step down and retire from the board at the end of March next year.... Read more

Fonterra suspends Jiawai distribution agreement after milk powder fraud arrests... Read more

Australia could soon be importing milk, dairy farmers warn amid $1 a litre war... Read more

KordaMentha partners, Brendon Gibson and Neale Jackson, have today been appointed as Receivers to children’s clothing retailer, Pumpkin Patch Limited and its subsidiaries. In Australia, KordaMentha partners Craig Shepard and David Winterbottom have been appointed as Receivers of the Australian assets. This follows the appointment of McGrathNicol partners, Andrew Grenfell and Conor McElhinney, as Voluntary Administrators by the Pumpkin Patch Board earlier today... Read more

Another Mad Butcher franchisee has gone into liquidation, the eighth in the past two years. The owners of the Mad Butcher store in Tauranga appointed BDO the liquidators of their company on Monday. Several months of poor trading and the opening of two supermarkets in Tauranga had led to the decision, BDO said. Liquidators said the store would close on Thursday evening, unless an urgent buyer could be found... Read more

Spark New Zealand senior executive Jolie Hodson has sold almost all of her ordinary shares in the country's biggest telecommunications business, details filed with the NZX show. Spark shares fell 1.4 percent to $3.53, having gained 8.5 percent so far this year.... Read more

Skellerup Holdings expects annual profit to rise as much as 7%, recovering from last year's decline, as the industrial rubber goods maker puts greater emphasis on potable water applications and food safety. The Auckland-based company forecasts net profit of between $20-22 million in the year ending June 30, up from $20.5 million in 2016, it said in a statement ahead of today's annual meeting in Auckland. Skellerup shares rose 0.7% to $1.42, having fallen 6.6% so far this year.... Read more

Online travel booking company Serko narrowed its first-half operating loss and said it won't need more capital to reach its target of being profitable in 2018. The first-half loss before interest, tax, depreciation, amortisation and impairments was $1.8 million, from a loss of $3.1 million a year earlier. Trading revenue rose 10% to $7 million. Including government grants, total income was $7.6 million. Serko's net loss was $2 million, down from a net loss of $3.4 million in 2015... Read more

Airwork Holdings, the Auckland-based aircraft services business, has told investors a formal partial takeover offer could be made as early as next week, provided conditions are satisfied or waived. Earlier this month Chinese company Zhejiang Rifa Holding Group (RIFA) announced it had entered a takeover lock-up deed with the major shareholders at $5.40 per share. Airwork floated in late 2013, selling shares in an initial public offering at $2.60 apiece. They are currently trading at $4.80 and have gained 26 percent this year.... Read more

The Overseas Investment Office looked into the activities of key directors of NZME and Fairfax Media executives before signing off on their merger plan, documents released under the Official Information Act show. The OIO asked the lawyers acting for NZME and Fairfax for further information about John Anderson, chairman of NZME, and Jack Cowin and Linda Nicholls, directors on Fairfax Media's board of directors... Read more

Restaurant Brands NZ plans to buy Pacific Island Restaurants, the largest fast food operator in Hawaii with 82 Taco Bell and Pizza Hut stores, to diversify its earnings away from New Zealand where it runs the KFC, Pizza Hut, Starbucks Coffee and Carl's Jr food chains. The Auckland-based company has offered $US105 million for PIR, funded by a $94 million sale of shares to existing holders and $US42 million of debt, it said in a statement... Read more

Comvita shares dropped after the manuka honey and health products maker warned a first-half loss was on the cards, which chief executive Scott Coulter described as a “blip”. The company today told shareholders at its annual meeting in Te Puke that a loss was likely when its six-monthly results are announced next February because of a fall-off in sales out of Australasia since Chinese authorities cracked down on grey market traders. Comvita shares slumped 11 percent to $9.44, leading the S&P/NZX 50 Index lower.... Read more

A 75 per cent increase in the boss's salary at Crown-owned company GNS Science has prompted speculation of a golden handshake. Mike McWilliams was chief executive of the research institute until May 2016, when he resigned... Read more

New Zealand’s top bosses should be watching their backs, if a survey by recruitment company Robert Half is any indication. The survey of 100 chief financial officers shows that just 11% are satisfied in their current role.... Read more

Luxury jeweller Tiffany's opens in New Zealand. Kiwi Tiffany & Co fans will greeted by both familiar and unique sights when they enter the iconic jewellers' New Zealand flagship tomorrow. The 430sqm Britomart store will open its doors a week earlier than originally planned... Read more

The first herd of elephant-shaped cashless money boxes are making their way into Kiwi homes as part of ASB’s investment to inspire Kiwi kids to save and learn about money. Clever Kash money boxes will first be given to families who have joined ASB’s waiting list over the last year, aiming to get it into the hands of its littlest customers as soon as possible... Read more

New Zealand parents could soon pay more for childcare because centres face high bills meeting food safety regulations, an early learning lobby says. Early Childhood Council chief executive Peter Reynolds said childcare businesses may be forced to hike their charges or stop serving food to children because inspection costs required to comply with the Food Safety Law Reform Act were too high... Read more

A banker involved in an alleged $60 million mortgage fraud is fighting to keep name suppression to avoid falling into extreme hardship. Four people are collectively facing more than 100 charges laid under the Secret Commissions Act following a Serious Fraud Office (SFO) investigation into more than 70 allegedly deceptively obtained home loans ranging in value from $270,000 to $3.4m. The accused are a banker, lawyer, business director and manager of a property development company, all of whom have interim name suppression... Read more

Workers at Pastry House in Manukau have lost their appetite for work, striking over poor pay and working conditions. Thirty-seven workers have walked off the job on Tuesday after the company has offered a 1.5 percent rise in wages a year over two years.... Read more

New data shows cyber-attacks on NZ computers and networks double in 5 years... Read more

Opinion - Fran O'Sullivan: Fraud exposes Fonterra's supply chain... Read more

Opinion - Siah Hwee Ang: Failing big trade deals not necessarily the end of globalisation. The four-month-old Brexit result has left a significant aftermath for the European Union and the United Kingdom to deal with. Yet little discussion has centred on why it may have come about in the first place. In fact, this opens up a lot of questions about multilateral agreements themselves... Read more

Opinion - Pattrick Smellie: Global trade politics just got harder... Read more

Australian Headlines

Australian Market Report: The Australian sharemarket tumbled deep into the red on heavy volume after a weak sales report from bellwether supermarket chain Coles and forecast-beating inflation data dealt a stunning blow to investor optimism. A 5.2 per cent jump in the spot iron or price offered little support as the S&P/ASX 200 index fell 1.8 per cent at its worst before recovering to close down 83 points, or 1.53 per cent, at 5359.8 on a 25 per cent rise in volume as hopes for a rate cut this year faded.... Read more

Surprisingly strong inflation figures for the September quarter have reduced expectations of a cash rate cut and driven the Australian dollar higher. At 1700 AEDT on Wednesday, the local unit was trading at 76.90 US cents, up from 76.34 cents on Tuesday.... Read more

Inflation likely to keep RBA on hold. Inflation has edged up from record lows, reducing the chances of a Melbourne Cup day rate cut from the Reserve Bank.... Read more

Lineball call for Reserve Bank as underlying inflation sinks... Read more

Home loan stress to rise despite low rates. If you're already starting to feel the mortgage pinch, this is bad news. New economic modelling shows mortgage defaults are set to rise over the next 12-18 months, and those who will be most affected will surprise you.... Read more

If you are one of the growing number of Australians who thinks they will never be able to afford a house, listen up. Leading housing commentator and AMP’s chief economist, Shane Oliver, has made a compelling argument as to why you should NOT buy a house right now. So sit back, relax and feel reassured that you are actually doing the smart thing by sticking to renting... Read more

Sydney is getting a sharing economy accelerator to help new entrants into the sector that is tipped to boom in Australia. Led by Uber and Airbnb, the sharing economy is growing in Australia with homegrown businesses such as GoGet, Car Next Door and Spacer already in the market and many more expected to follow... Read more

Forget big tax cuts, say Telstra and Virgin Australia bosses. The bosses of two large companies have poured cold water on the federal government's broader push to drop corporate tax rates but backed the policy to cut rates for smaller companies... Read more

Vocus Communications has formally completed its $861 million acquisition of Nextgen Networks, clearing the way for the company to pursue the oil and gas market. The acquisition includes Vocus taking full control of Nextgen’s North West Cable System (NWCS) and its 50 percent stake in the Australia-Singapore Cable (ACS) development joint venture between the companies for a consideration of $54 million... Read more

Independence celebrates first concentrate from Nova. Independence Group is celebrating the production of the first nickel and copper concentrate from its Nova nickel project near Balladonia. Managing director Peter Bradford said the first concentrate production was some six weeks ahead of schedule, with the project continuing to remain on budget... Read more

Greenland Minerals and Energy Ltd's shares leap higher. Greenland Minerals and Energy Ltd has received an ASX Price Query after the company's shares hit $0.085 intra-day yesterday, which is 18% higher than Monday's close. GGG responded that it was not aware of any reason for the trading... Read more

Cockatoo Island: Kimberley traditional owners worried Pluton Resources collapse could trigger environmental incident.... Read more

Bannerman Resources Ltd to lift cash balance for uranium in Namibia. Bannerman Resources Ltd has been granted a trading halt this morning, pending details of a capital raising.... Read more

Shares in Carnegie Wave Energy were higher after the company said it would spend $13 million in cash and scrip to take 100 per cent ownership of local success story Energy Made Clean (EMC)... Read more

White Cliff Minerals Ltd has been granted a trading halt this morning, pending details of a capital raising. White Cliff is focused on the Aucu Gold Deposit in central Asia, which continues to reveal visible gold... Read more

Equus Mining Ltd has secured the rights to acquire the Los Domos gold-silver project located in Chile’s XI Region, adjacent to the Cerro Bayo silver-gold mine... Read more

Shares in Dreamworld operator Ardent Leisure continued to tumble on Wednesday in the wake of Tuesday's fatal accident at the Gold Coast theme park. Ardent Leisure chief executive Deborah Thomas flew to the Gold Coast on Wednesday, a day before she and the Ardent board face investors at the company's annual general meeting in Sydney. Fellow theme park operator Village Roadshow has also been dragged lower, dropping 23 cents, or 4.4 per cent, to $5.02.... Read more

BrainChip has raised $5.355 million in an oversubscribed placement to ramp-up sales and marketing for its artificial intelligence technology... Read more

Property developer Stockland Group has reported a record number of deposits for its residential projects as low interest rates contribute to strong demand for property. Net deposits on residential lots, townhouses and completed homes jumped 47.7 per cent to 2,301 in the three months to September 30, from 1,557 in the same period a year ago... Read more

Bank dividends threatened as NAB, Westpac and ANZ report yearly profits. The upcoming bank results season won't be one of the champagne cork popping, high-fiving variety. It has been a very bad year for the banks... Read more

Supermarket giant Coles' sales growth has eased for a third consecutive quarter amid stiff competition from Woolworths and Aldi. Parent company Wesfarmers' chief executive Richard Goyder says the supermarket sector's growth has slowed as people spend less and competition intensifies... Read more

The boss of Target, Guy Russo, has defended his turnaround strategy after the struggling retailer's revenue slumped in the first quarter. Target's total sales fell 17.1 per cent to $643 million for the first three months of the 2017 financial year, compared to a year ago, parent company Wesfarmers' trading update shows... Read more

Target's controversial decision to axe its popular toy sale cost the business $75 million and saw overall sales drop a whopping 22 per cent in the first three months of the financial year. Wesfarmers department stores chief executive Guy Russo, however, is standing by the move. “We’re never happy with a less than positive result, but we are transitioning this business,” he told analysts during the company’s first-quarter sales update on Wednesday... Read more

Woolworths introduces new range of ‘phantom brand’ private label products. Supermarket shopping just got a whole lot more confusing. In the past, at the major retailers, you had a clear choice between big name branded products like Kellogg’s, Arnott’s and Coke, and the store’s own private label products, like Homebrand and Smart Buy, clearly labelled with the supermarket name... Read more

Burdekin cane growers getting 'raw deal' for sugar processing from international conglomerate Wilmar.... Read more

Cellmid Ltd has been granted a trading halt by the ASX, pending details of a capital raising. The company recently achieved record sales for its FGF5 inhibitor hair loss products during the first quarter of the 2017 financial year... Read more

ResMed shares have fallen more than 3.8 per cent after the sleep apnoea device maker reported a drop in first quarter profit. The company's first quarter profit for the three months to September 30 dropped eight per cent to US $US76.1 million. ResMed's shares ended down 32 cents or 3.8 per cent at $8.08 on Wednesday.... Read more

Engineering and construction giant WorleyParsons says trading conditions in the first quarter have remained challenging, despite a rebound in the prices of some commodities, with revenue continuing to be under pressure. The company will rely on its ongoing cost reduction program to show any improvement in its bottom line, with underlying earnings expected to be weighted to the second half of the financial year, its chief executive told shareholders on Tuesday. Shares in WorleyParsons closed down 31 cents or 3.4 per cent at $8.85 on Tuesday.... Read more

China's position as Australia's largest wine export market has ushered in a 'red dawn' for winemakers, according to agribusiness banker Rabobank. China imported 41 per cent more Australian wine in the six months to June compared to the previous year, making it a key barometer for future red wine grape market conditions.... Read more

Bluglass Ltd has been granted a trading halt.... Read more

Forestry Tasmania will be renamed and a further 35 jobs will be cut under a revamp announced by the State Government. Resources Minister Guy Barnett told Parliament 35 positions would be axed as part of the changes. The challenges are substantial, this will not be easy but we have a lot going for us," he said It will remain a government business, but will be downsized and renamed Sustainable Timber Tasmania... Read more

Ainsworth Game Technology's poker machine sales in Australia have slumped by almost 30 per cent, and the company says its half year pre-tax profit will more than halve. Ainsworth's shares dived in the wake of the news, losing 21 cents, or 10.4 per cent, to close at $1.81, after earlier hitting a low of $1.60... Read more

Some Commonwealth Bank customers have been left waiting on payments into their accounts after a systems glitch left the lender unable to process transfers. The bank says it has remedied the issue and worked through a backlog of payments, which include wages, Centrelink payments and transfers between accounts... Read more

Tox Free Solutions has bought Daniels Health and Daniels Manufacturing for $186 million.... Read more

How Harvey Norman jumped off its 'burning platform'.... Read more

The competition watchdog wants to hear from telcos and consumers as it investigates possible regulations that would allow mobile customers to roam onto a rival carrier's network. The Australian Competition and Consumer Commission has released a 52-page discussion paper analysing a domestic mobile roaming service, which would allow consumers to access another network when out of the coverage area of their provider... Read more

International Headlines

U.S. Market Report: A rally in Boeing's shares helped the Dow reverse course in the early afternoon session on Wednesday, while Apple continued to weigh on the Nasdaq and the S&P 500. Apple's shares (AAPL.O) fell 2.6 percent after the world's most valuable public company said sales of its flagship iPhones fell for the third quarter in a row... Read more

North/South Americas Market Report: Markets across the region closed lower as at the most recent closing prices... Read more

European Market Report: European markets finished lower today with shares in Germany leading the region. The DAX is down 0.48% while London's FTSE 100 is off 0.41% and France's CAC 40 is lower by 0.14%... Read more

Asian Market Report: Asian markets finished mixed as of the most recent closing prices. The Nikkei 225 gained 0.15%, while the Hang Seng led the Shanghai Composite lower. They fell 1.02% and 0.50% respectively... Read more

ExxonMobil, like the rest of Big Oil, is in the midst of a serious slump. Exxon stock is down 17% from its 2014 peak amid the crash in oil prices. The oil giant's profits have plunged to 17-year lows and its once-perfect AAA credit rating has evaporated... Read more

‘High pressure economy’ may punish both stocks and bonds in 2017. Annual negative stock, bond returns haven’t coincided since 1969... Read more

Home prices kept rising in August and September in most major American cities. That's great news for people looking to sell. However, some cracks appear to be forming in the housing market again. It may not be another bubble bursting like nearly 10 years ago, but it still may be a cause for concern... Read more

Google is to scale back the expansion of its fibre broadband network, which it was rolling out to bring high-speed internet access to some US cities. In a blog post, Google Fiber chief executive Craig Barratt announced he was stepping down and said development in many cities would be "paused"... Read more

Microsoft aims to lure designers away from Apple with its new Surface desktop computer. The company showed off a collection of shiny new tech products Wednesday morning ahead of the holiday shopping season... Read more

Twitter earnings: What to expect after merger and layoff rumors. After a flurry of rumors about potential buyers, Twitter Inc. appears to be standing alone for its third-quarter earnings report. Despite the lack of a merger, Twitter is managing to stir up drama by rescheduling its earnings and reportedly planning to lay off 8% of its workforce. When the numbers drop Thursday morning, though, analysts think the social-media company’s results will be much less exciting... Read more

Low airfares. They're good news for air travelers, bad news for airline investors. Shares of Southwest Airlines were in a tailspin Wednesday morning, down 11%, after the airline reported lower-than-expected sales. The reason: declining ticket prices... Read more

Dr Pepper Snapple Group Inc is in talks to acquire Bai Brands LLC, people familiar with the matter said on Wednesday, a move that would break its track record of only investing small stakes in growth drinks brands. The talks come after Reuters reported on Oct. 3 that Bai was exploring a sale, sending Dr Pepper Snapple shares lower on concerns that its distribution of Bai would be jeopardized if sold to a rival such as Coca-Cola Co and PepsiCo Inc... Read more

Coca-Cola fought regulation around the world to keep advertising to kids, according to hacked emails. Coca-Cola Co. actively and successfully lobbied against legislation in multiple countries that would have prevented it from advertising to kids, according to emails released by D.C. Leaks that the anonymous hacker website claims are internal company correspondence... Read more

Coca-Cola's global sales slid 7% in the three months to September as consumers kept the lid on carbonated drinks. The fall to $10.6bn (£8.67bn) was the sixth consecutive quarterly decline in revenue for the world's biggest soft drinks company. The Latin America and Europe, Middle East and Africa regions both posted a 4% slide in sales, although North America had 3% growth and Asia rose 4%... Read more

Boeing Co. on Wednesday reported forecast-beating third quarter profit and boosted its full-year guidance after a tax gain, but said commercial jet order activity was moderating. Boeing Chief Executive Dennis Muilenburg said on a call with analysts Wednesday that the aircraft maker will decide in the next two months whether to cut output of its 777 passenger jet and is considering a trim of one or two jets a month from its existing plan... Read more

Weekly UK earnings rose 2% last year in biggest increase since crash. Gender pay gap also shrinks to lowest level in nearly two decades, as low inflation and ‘national living wage’ boost pay... Read more

Regulator Ofcom has fined Vodafone £4.6m for "serious" breaches of consumer protection rules, its largest fine to date for a telecoms operator. The regulator said Vodafone had misled pay-as-you-go customers, charging them for top-up credit but "providing nothing in return". It also found Vodafone had broken the rules on handling customer complaints... Read more

Peabody given approval to build 1,500 homes in south-east London. Housing association granted go-ahead to regenerate estate in Thamesmead that served as backdrop to A Clockwork Orange... Read more

Pharmaceutical giant GlaxoSmithKline saw profits surge in the third quarter, aided by the recent fall in sterling and strong sales of its flu vaccines. In the three months to 30 September, sales jumped 23% to £7.5bn while core operating profit rose 35% to £2.3bn. But at constant exchange rates, the performance was more modest, with sales up 8% and core operating profit up 13%... Read more

Russian oil companies deny association with British 'doubles'. Seven of Russia’s largest state-owned oil companies have analogues in the public register of UK companies, although the Russian firms say they have no relation to their British counterparts... Read more

BRICS countries to invest $500 million in Russian gold deposit. A new agreement to restart exploration and extraction at a mine in Siberia marks a milestone in the development of economic ties among the BRICS nations... Read more

5 things to know about the largest IPO of the year, China’s ZTO Express. Offering could bring in $1.2 billion at the midpoint of the expected pricing range... Read more

Toyota's recall over risky Takata airbags rises above 23 million cars. The largest auto recall of all time just got even bigger. Japanese automaker Toyota said Wednesday it's recalling another 5.8 million vehicles around the globe because of Takata's exploding airbags. That brings the total number of vehicles Toyota has called back since the start of the Takata scandal to 23.1 million... Read more

Nintendo profits hit despite Pokemon Go popularity... Read more

The next six months could define the future of Nintendo. The 127 year-old company is attempting to straddle two paths: Making games for smartphones, while continuing to sell dedicated gaming systems. In December, the company will release of Super Mario Run for iOS, marking the first time Nintendo's mascot will appear in a game for smartphones.... Read more

Ousted Tata chairman says conglomerate could face $18bn writedown. Cyrus Mistry launches stinging attack on Indian firm, accusing bosses of a ‘total lack of corporate governance’... Read more

Tata sacking: Cyrus Mistry was 'lame duck' chairman.... Read more

Opinion - Ben Marlow: Who will derail the AT&T Time Warner deal first?... Read more

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