ASB Securities Morning Brief for Tuesday, 24 May 2016
Tuesday, 24 May 2016

New Zealand Headlines

New Zealand Market Report: New Zealand shares were mixed on a relatively quiet Monday as the market digested results posted by companies with a March 31 balance date. Orion Health Group dropped while Comvita and Sky Network Television gained. The S&P/NZX50 Index dropped 2.09 points, or 0.03 percent, to 6,907.77. Within the index, 21 stocks rose, 18 fell and eleven were unchanged. Turnover was $109 million... Read more

The New Zealand dollar rose on speculation there are enough uncertainties facing the Federal Reserve to discourage it from hiking interest rates in June, although the odds of a Reserve Bank rate cut next month have also diminished. The kiwi rose to 67.94 US cents as at 5pm in Wellington, from 67.62 cents at the New York close on Friday. The trade-weighted index rose to 73.08 from 72.82... Read more

The Reserve Bank has softened the policies it's looking at imposing for banks that outsource some of their services after lenders warned the cost was too high. The central bank is now seeking more feedback on its new proposals to more tightly define what functions should be covered by the outsourcing policy and when that policy kicks in... Read more

Low inflation expectations are feeding OCR projections of a June cut, but it’s still possible other factors may edge that timing out. There’s just over two weeks until the Reserve Bank’s next OCR announcement on June 9 – and already speculation on what might happen has started. The stage for predictions has been set by the release of a range of critical information... Read more

Westpac chief economist Dominick Stephens says he expects Treasury forecasts in this week's Budget will be overly optimistic and we won't see debt levels fall to that targeted by Finance Minister Bill English. English has indicated he wants to drop New Zealand's net government debt from 26 per cent of GDP to 20 per cent by 2020... Read more

Crown land supply plan moves forward. The government’s Crown land release plan has stepped up a gear with the announcement that deals have been sealed on more land parcels. Nearly 750 houses will be built on the three parcels of land as part of the government’s programme to use surplus Crown land to boost the supply of houses in Auckland... Read more

Commercial property market forecast to stay strong... Read more

The value of big real estate transactions has dropped but an expert says that does not spell a slump. Chris Dibble, Colliers International's research and consulting director, put out the annual Capital Markets Report showing declining sales values... Read more

Experts call for overhaul of the OIO, saying the non-economic incentives NZ accepts makes us look like a developing country and the cumbersome application process puts off foreign investors... Read more

Lack of advisers a '10- to 30-year problem'. An ageing adviser workforce means New Zealanders may not be able to get advice when they need it - and the problem could last decades, AMP's director of advice says. Blair Vernon spoke at the Commission for Financial Capability's decumulation forum in Auckland on Friday... Read more

Rock-bottom freight prices could be the start of a risky situation for some primary sector exporters, one of the country's largest logistics companies says. Kotahi says a global downturn in the shipping industry is driving consolidation, which could mean supply chain disruptions for New Zealand companies exporting chilled meat, dairy, seafood and other products with limited shelf lives... Read more

New Zealand export log prices advanced this month as a decline in the local currency made the country's shipments more competitive, offsetting a lift in shipping costs. The average wharf gate price for New Zealand A-grade logs edged up to $120 a tonne in May, from $119 a tonne in April, according to AgriHQ's monthly survey of exporters, forest owners and saw millers... Read more

Farmers want better infrastructure, roads and greater access to broadband, but are not looking for any handouts from the Government in Thursday's Budget. Dairy farmers across the Tasman are looking to politicians to support them through the current milk price slump but their New Zealand counterparts do not expect any such treatment from the Budget... Read more

All the money's on Fonterra announcing a new season milk price forecast in the $4 range - an improvement but not enough to get dairy farmers into greener pastures. Farmers, bank economists and industry observers are unanimous the 2016-2017 forecast, tipped to be announced on May 25 or 26, will be under $5 a kg of milksolids, with most picking the $4.50 mark. Fonterra is also expected to update the current season's forecast, now sitting at $3.90. Any milk price under $5 will challenge many businesses to make a return, ANZ economist Con Williams said... Read more

Sanford, the country's largest listed fishing group, will book a $5 million impairment charge on the sale of its last Pacific Tuna vessel when it reports half-year earnings on Thursday. The shares last traded at $5.65 and have increased 0.9 percent this year.... Read more

NPT, the listed property investor whose managing director Kerry Hitchcock left suddenly in March, reported a 1 percent gain in full-year distributable profit and said it will lift its dividends for 2017, a year in which it is focused on keeping a lid on corporate and management expenses. Distributable profit, which excludes fair value changes and lease adjustments, was $6.1 million in the 12 months ended March 31, from $6 million a year earlier. NPT shares rose 1.5 percent to 69 cents and have gained 6.2 percent in the past 12 months.... Read more

Blis Technologies expects to report its first annual profit in 2017, the first for the biotech company since listing 15 years ago after sales more than doubled in 2016. The Dunedin-based company reported a net loss of $816,000, or 0.07 cents per share, in the 12 months ended March 31, from a loss of $1.4 million, or 0.12 cents, a year earlier, it said in a statement. The shares dropped 8.8 percent, or 0.3 cents, to 3.1 cents, valuing the company at $34.1 million.... Read more

A long-time shareholder in Bay International will exit as interests associated with Peter Hutson move to buy out Abano Healthcare Group's half stake in the audiology company for $32 million. The Scott and Alison Wright Family Trust currently own 11 percent of Bay International. Wright would take advantage of the transaction with Abano to exit the investment in both the audiology business and Abano itself, according to substantial security holder notices today. Abano shares rose 1.3 percent to $7.75 and have edged up 1.6 percent in the past 12 months.... Read more

Summerset Group plans to build a second retirement village in Nelson after buying an eight-hectare site in Richmond. The Wellington-based company intends to build a 280-unit village on the site, adding to its existing village in neighbouring suburb Stoke. Summerset estimates Nelson's over-75 population will more than double by 2033. No price was disclosed for the purchase. The shares last traded at $4.68 and have gained 15% so far this year.... Read more

Orion Health is targeting a return to profit in 2018 after reporting a 26 percent increase in annual revenue as a weaker New Zealand dollar bolstered returns and a smaller tax expense helped narrow the health software developer's loss... Read more

Evolve Education Group, the childcare operator, turned to a profit in its latest year, although earnings undershot the target in its 2014 prospectus. Profit was $15.6 million in the 12 months ended March 31, from a loss of $8.1 million a year earlier, the Auckland-based company said in a statement. Evolve shares last traded at $1.04 and have gained 5.1 percent in the past 12 months. They sold in the initial public offering at $1 apiece.... Read more

IkeGPS, the laser measurement tool maker, more than doubled annual sales to meet earnings targets that it downgraded last month. It now says it expects to break even on a cashflow basis this financial year... Read more

The battle between Countdown and Foodstuffs for online grocery shoppers has taken another step up, with Countdown rolling out a "click and collect" service nationally. Countdown said that from Monday customers would be able to buy their groceries online and collect them at any of its stores around the country for a $5 fee... Read more

Wynyard Group chairman Murray Horn has resigned from the board as he scales back his workload citing health concerns. Horn, who was previously a Treasury secretary and head of ANZ Banking Group's local arm, stepped down as a director of the intelligence software developer effective from today, the Auckland-based company said in a statement... Read more

Paul Newfield has been named as the new chief investment officer at HRL Morrison & Co, who manage Wellington-based infrastructure investor, Infratil. ... Read more

The Pharmacy Guild of New Zealand (the Guild) is delighted to announce that Andrew Gaudin has accepted the role of Chief Executive. Mr Gaudin will start on 4 July 2016... Read more

NBR Rich Listers Lani and Earl Hagaman say they will see Labour leader Andrew Little in court. They had given him until 5pm Friday, May 20 to apologise for his allegations about the Hagamans’ donation to National party coffers being connected to a government hotel contract in Niue... Read more

Joseph Parker fight promoter threatens to sue illegal live-streamer... Read more

An Auckland company has been fined more than $100,000 for trying to pull cheap wool over customers' eyes. Duvet and rug dealer Nangong​ and owner Yun Qiang​ Hou have been fined $109,000 for falsely claiming duvets contained alpaca fibre and were made in New Zealand. The wool was actually sheep's wool and the duvets were made in China.... Read more

Lower-tier finance company, Cash to You Loans Limited, has appeared in the Napier District Court on 32 charges brought by the Commerce Commission relating to its lending business. The Commission alleges that Cash to You breached the Credit Contracts and Consumer Finance Act 2003 (CCCFA) on various loans it provided between 1 April 2012 and 31 March 2015... Read more

Opinion - Keith Woodford: Fonterra’s governance and the Trojan horse. Keith Woodford says Fonterra's proposal to change its governance structure is stacked, with farmers only getting a take-it-or-leave-it option... Read more

An airline has been prosecuted for allowing a passenger who had previously been deported from New Zealand to fly back here - despite being told three times not to let him board the flight. At Manukau District Court today Jetstar Airways was convicted and fined a total of $12,000 for failing to comply with the airline’s obligations under the Immigration Act 2009. The maximum sentence is a fine of $50,000. The airline had pleaded guilty at an earlier hearing... Read more

Opinion - Fran O'Sullivan: Key thinks cut, but English says save... Read more

Opinion - Sarah Thompson, Anthony MacDonald and Joyce Moullakis: Would Caltex Australia swoop on Z Energy?... Read more

Analysis - Henry Cooke: How to solve New Zealand's pay-per-view piracy problem... Read more

Australian Headlines

Australian Market Report: The Australian sharemarket closed lower on Monday as resources stocks led the bourse down amid nervous investor sentiment across the region. At the 4.15pm (AEST) official market close, the benchmark S&P/ASX 200 index was down 32.4 points, or 0.61 per cent, to 5318.9, while the broader All Ordinaries index fell 32.4 points, or 0.61 per cent, to 5384.9.... Read more

A weaker greenback has failed to push the Australian dollar higher on a quiet day of trading. At 6.35pm (AEST) on Monday, the currency was trading at US72.20 cents, down from US72.23 cents on Friday. CMC Markets chief market analyst Ric Spooner said the key influence has been the softer greenback... Read more

Australia's two biggest cities appear to be at the tail end of an investor-led property boom, but rents have not followed. The Bureau of Statistics inflation figures for the year to March 31 show Sydney and Melbourne rents growing at their slowest pace since June 2006, at just 2.3 and 1.4 per cent respectively. Brisbane rental growth is the weakest its been in nearly 17 years at 0.7 per cent... Read more

Clive Palmer’s three year political experiment is to end, with the businessman deciding not to stand for re-election at the July 2 poll. Mr Palmer, who took the Queensland seat of Fairfax at the 2013 election, said this morning he would not be standing for a Queensland Senate position... Read more

Newspoll puts Turnbull down, Shorten up... Read more

Resources Minister Josh Frydenberg says the government is not planning to make any changes to fly-in fly-out worker tax arrangements. The issue of whether to encourage mining companies to house their workers locally or keep in place incentives to fly them in and out is contentious especially in regional West Australian and Queensland seats ahead of the July 2 election... Read more

Dividend payments to Australian investors may not grow at all this year, a new survey shows. The Henderson Global Dividend Index shows that Australian dividends fell almost 50 per cent over the March quarter, compared to the same quarter in 2015... Read more

Oil Search times bid to perfection. The timing was impeccable. The 70 or so analysts and investors had only just taken their seats in Sydney’s Sheraton on the Park ballroom for the start of Woodside Petroleum’s long-planned, and long-awaited, annual investor day when Blackberrys and iPhones started vibrating madly... Read more

A reinvigorated, low-cost Nickel West will be the heart of WA’s nickel industry for decades to come, according to asset president Eddie Haegel, as BHP Billiton flags investment aimed at extending the ageing operation’s life until at least 2032... Read more

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

Andrew Forrest-backed miner Poseidon Nickel has belatedly joined the lithium revolution, this morning announcing a “high grade” discovery at its Lake Johnston project. The miner, which has been in a state of hibernation because of the deflated nickel price, said it had discovered high grades from 2.8 per cent to 3.85 per cent lithium from historical drilling results... Read more

Broken Hill Prospecting Ltd has appointed Anthony ‘Trangie’ Johnston as its chief executive officer, a geologist with 20 years’ experience in exploration, project development and mining activities. He was most recently the CEO of KBL Mining (ASX:KBL), a precious metal producer and development company. Johnston oversaw the restructure of the company to achieve operational profitability... Read more

Bluescope Steel shares have lifted seven per cent after the steelmaker lifted its earnings forecasts thanks to cost cutting and an increase in steel and iron ore prices. The company says it expects underlying earnings before interest and tax of about $270 million, a big increase on its previous estimate of $209 million for the six months to June 30... Read more

Any closure of Arrium's Whyalla steelworks would lead to more than 5,000 job losses across South Australia and cost the state's economy as much as $770 million, a study has found. Arrium went into voluntary administration recently with debts of about $4 billion... Read more

TV2U International Ltd to reveal joint venture... Read more

WA’s biggest milk producer is about to be sold for close to $30 million to European investors focused on the export market. It is understood the Foreign Investment Review Board has approved the sale of Lactanz Dairies to interests represented by Melbourne-based AAG Investment Management... Read more

Why are Australia's banks so interested in blockchain? Experts disagree on the technology's potential... Read more

Vicinity Centres is acquiring DFO in Brisbane for $55 million, part of its plan to strengthen its position in the Australian outlet centre market... Read more

Whitegoods retailer The Good Guys is pushing ahead with plans for a stock market float even as it leaves the door open for a takeover bid by JB Hi-Fi. The Good Guys has appointed Credit Suisse, Goldman Sachs and UBS as joint lead managers of an initial public offering, with Helfen Corporate Advisory as the independent financial adviser overseeing it. JB Hi-Fi shares closed 55 cents, or 2.3 per cent, lower at $23.32.... Read more

While Fashion Week mostly celebrated our high end designers, it seems Australia’s casual wear creatives are making big waves overseas. With General Pants recently announcing its expansion into the US while Zanerobe is going great guns internationally, Sydney’s The Critical Slide Society (TCSS) has emerged as a major player in the field.... Read more

An Australian maker of “ugg” boots is fighting to continue producing the iconic footwear as a US company cracks down. The billion dollar US company Deckers Corporation has trademarked the word “UGG Australia” and is the only company legally allowed to use the name in the United States, China and Europe. It creates the bizarre situation that sheepskin boots made in China by an American company may be the only boots allowed to be branded as “UGG” boots in these countries... Read more

Big W boss Sally Macdonald has pre-empted a strategic review by Woolworths chief executive Brad Banducci, slashing buying staff and restructuring the discount department store chain's overseas sourcing. In moves that will significantly reduce costs, boost earnings and accelerate Big W's shift towards becoming a product-and-design-led retailer, Ms Macdonald sacked about 40 buyers and assistant buyers from Big W's head office last week... Read more

Defence opens bidding in billion-dollar ERP overhaul. Race begins to be part of the biggest project in town. The Department of Defence has opened bidding in its billion-dollar ERP replacement with the intention of whittling down the field to two systems integrators for the multi-year SAP-based project.... Read more

Flight Centre has issued a profit warning for the 2015/2016 financial year, hit by geopolitical uncertainty including the Australian Federal election in July, the Brexit referendum next month and the Zika virus affecting travel to South America. In a trading update to the ASX, Flight Centre said its trading results for the 10 months to April 2016, and preliminary estimates for May and June, mean underlying profit before tax will be 2 to 5 per cent below the $366.3 million recorded in 2014/2015... Read more

The Metronet rail project that has formed the centrepiece of Labor's campaign for two State elections is expected to cost $2.5 billion, opposition leader Mark McGowan says. He revealed the estimate for the project, which has been revised since the 2013 poll, at a press conference with federal Labor leader Bill Shorten in Perth on Monday... Read more

A much-trumpeted hardship program set up to help struggling Timbercorp investors has been rocked by the resignation of its independent advocate who cited a disagreement with the way the scheme was being run... Read more

Telstra must spend more money on its network or risk losing customers, analysts say, after a fifth outage hit the telco giant's network on Sunday. Telstra's network is back up and running on Monday following the latest problem, which the company blamed on a piece of faulty hardware. Some Telstra mobile customers experienced "a brief interruption" to data services, a company spokesperson said... Read more

Telstra is slowly bringing its NBN and ADSL customers back onto its network after as much as four days offline for some of its users following a Friday fault. Early on Friday morning reports began flooding in from Telstra broadband users across the country about an inability to access their services... Read more

Ten Network and regional broadcaster WIN have inked a widely anticipated programming deal, after having been ditched by their previous broadcast partners. WIN formerly took Nine's programming, but an argument over fees when Nine tried to lift its charges led to an acrimonious divorce... Read more

Federal court to decide whether hospitals can be forced to upgrade. The South Australian government will go head-to-head with its supplier of critical rural patient systems in a ten-day December trial over the state's refusal to stop using the product despite its licences having long expired.... Read more

Linc Energy won't be deregistered until criminal charges against the troubled oil and gas company are finalised, Queensland's environment minister says. Creditors on Monday unanimously voted to place the company into liquidation.... Read more

NBN Co has stood down two employees over their alleged involvement in the leaking of damaging internal documents following an Australian Federal Police raid last week. An NBN spokesperson confirmed the two staff had been stood aside while an investigation is underway... Read more

Woolworths trolley collector underpaid $26,000 in less than four months. A Woolworths supermarket trolley collector was allegedly made to work from 9am to 10pm, seven days a week for a flat-rate of $701.25 per week, the Fair Work Ombudsman has found. The 26-year-old Korean national was unpaid for long hours of overtime and underpaid by $26,000 in less than four months... Read more

International Headlines

U.S. Market Report: The S&P 500 rose less than 0.1 percent to 2,052.95 at 1:55 p.m. in New York, after the benchmark increased 0.6 percent on Friday to regain its advance for the year. The Dow Jones Industrial Average climbed 36.23 points, or 0.2 percent, to 17,537.17, with Apple contributing about a third of the gain. The Nasdaq Composite Index added 0.2 percent, also boosted by Apple. Trading volume in S&P 500 shares was 20 percent below the 30-day average for this time of day... Read more

North/South Americas Market Report: North and South American markets are mixed today. The IPC is up 0.35% while the S&P 500 gains 0.10%. The Bovespa is off 0.56%... Read more

European Market Report: European markets finished lower today with shares in Germany leading the region. The DAX is down 0.74% while France's CAC 40 is off 0.66% and London's FTSE 100 is lower by 0.32%... Read more

Asian Market Report: Asian markets finished mixed as of the most recent closing prices. The Shanghai Composite gained 0.64%, while the Nikkei 225 led the Hang Seng lower. They fell 0.49% and 0.22% respectively... Read more

Oil prices slid early on Monday as Iran vowed to ramp up output and rig reductions paused in the United States, then crude futures pared losses on data showing a stockpile drawdown at the U.S. delivery hub. Oil fell $1 a barrel or more in early trade, the day after the Mehr news reported that Iran's Deputy Oil Minister Rokneddin Javadi said the country's crude exports, excluding gas condensates, would reach 2.2 million barrels per day (bpd) by the middle of summer from 2 million bpd now... Read more

The waters between Singapore and Malaysia used to heave with wooden ships carrying exotic spices. Now the Straits of Malacca are filled with vessels carrying a very different sort of commodity. Oil traders awaiting a recovery in crude are turning to floating storage after benchmark Brent prices more than halved over a span of two years, according to Morgan Stanley analysts led by Adam Longson.... Read more

U.S. interest rates being kept too low for too long could cause financial instability in future and stronger market expectations for a rate rise are "probably good", St. Louis Federal Reserve President James Bullard said on Monday. A relatively tight labor market in the United States may also exert upward pressure on inflation, raising the case for higher interest rates, Bullard added... Read more

The Asia-focused hedge fund group headed by Tiger Management alumnus David Snoddy has increased assets to more than $2 billion by tapping U.S. investors. Snoddy, 48, who ran the Tokyo office for Julian Robertson’s Tiger before setting up Nezu Asia Capital Management in 2000, moved to New York in 2010 and raised cash from investors including his former boss, he said. The company now has 12 fund managers and is about to seek a full license in Japan... Read more

The world's largest insurer is ditching tobacco assets worth $2 billion, saying it can't continue to invest in an industry that kills six million people per year. AXA said it would sell 224 million euros ($250 million) worth of stocks in tobacco companies immediately. The French insurer, the world's largest by non-banking assets, will also stop buying bonds issued by tobacco companies and gradually wind down its existing bond holdings worth 1.6 billion euros.... Read more

Tribune Publishing Co, the owner of the Los Angeles Times and the Chicago Tribune, said billionaire Patrick Soon-Shiong invested $70.5 million in the company, becoming its second largest shareholder. Tribune also rejected Gannett Co Inc's (GCI.N) latest takeover offer, but said on Monday that it would allow the publisher of USA Today access to some confidential corporate information... Read more

General Electric Co says it has made a series of deals with Saudi Arabia worth over $US1.4 billion. GE made the announcement on Monday, saying it is part of a plan by the kingdom to diversify its economy... Read more

GE is creating over 2,000 new Saudi Arabia... Read more

With seven departures in the space of five months, Novartis's top management is in upheaval just as CEO Joe Jimenez tries to tackle a list of challenges that have seen the drug firm's share price fall 25 percent since July. The most dramatic exit came last week, when head of pharmaceuticals David Epstein quit as his division was broken in two. By splitting oncology into a department of its o... Read more

Corporate America's cash stockpile keeps growing. U.S. companies held $1.68 trillion in cash last year, up slightly from last year and more than double the corporate cash stockpile in 2007, prior to the Great Recession. Moody's Investor Service, which published the list found that Apple, Microsoft, Google, Cisco and Oracle led the way among the 1,000 companies included in the analysis. Financial companies were left out from the tally... Read more

Viacom CEO Dauman sues to stay on Sumner Redstone trust... Read more

Bayer AG offered $62 billion to buy Monsanto Co., deepening investor concern that it will strain its finances as it seeks to become the world’s biggest seller of seeds and farm chemicals. The German company on Monday said it had told Monsanto it’s willing to pay $122 a share in cash. Bayer’s stock dropped as much as 6 percent, extending losses since the potential deal was first revealed... Read more

Monsanto Name Hated by Anti-GMO Forces May Vanish in Bayer Deal... Read more

Brazil’s real led losses among major currencies and the Ibovespa fell as a report that Planning Minister Romero Juca suggested ending the nation’s graft probe called into question the new government’s pledge to root out corruption. The real dropped 1.8 percent to a one-month low of 3.5865 per dollar, and the benchmark equity index declined 0.5 percent to 49,494.20 at 2:55 p.m. in Sao Paulo... Read more

Keiko Fujimori took the lead in Peru’s presidential race for the first time after weeks of polls showing her tied with rival candidate Pedro Pablo Kuczynski. Fujimori had 53 percent support while Kuczynski had 47 percent in a simulated vote by Ipsos published by America Television on Sunday. The company questioned 1,823 people from May 19-20 and the margin of error was plus or minus 2.3 percentage points... Read more

A Goldman Sachs banker told a key executive from Sir Philip Green's company about the risks of selling BHS to Dominic Chappell, MPs heard. The MPs are examining the role that BHS directors and advisers played before the retailer was sold for £1 last year. Anthony Gutman said he told Sir Philip's Arcadia Group about Mr Chappell's history of bankruptcy and lack of retail experience... Read more

The U.K.’s first Chinese-backed offshore wind farm took a major step forward after three investors reached financial close on the 2.6 billion pound ($3.8 billion) Beatrice project, in the Moray Firth off the north west coast of Scotland. The 588-megawatt wind farm is due to be completed in 2019 and is 25 percent owned by China’s SDIC Power Holdings Co.. SSE Plc owns 40 percent and Copenhagen Infrastructure Partners K/S has 35 percent, according to a statement by the developers Monday... Read more

The UK's largest book retailer Waterstones has announced it will stop selling digital books. The company will instead divert its e-book customers to digital book specialist Kobo. Waterstones boss James Daunt said Kobo provided "an excellence of service we ourselves are unable to match"... Read more

The U.K. government has a message for British citizens: If you vote to leave the European Union, you should expect economic growth to evaporate. An analysis published by the U.K. Treasury on Monday predicts up to 820,000 job losses and a year-long recession if Britain quits the world's biggest single market. That's an even gloomier forecast than the Bank of England's warning earlier this month.... Read more

The number of U.K. prosecutions for white-collar crime rose for the first time in five years in 2015, with cybercrime one of the key areas of growth, according to a law firm’s report. There were 9,401 white-collar cases last year, up from 9,343 in 2014, according to Pinsent Masons, which obtained the data from the U.K. Ministry of Justice. Until 2015, prosecutions for white-collar offenses had fallen year-on-year since 2011 when 11,261 defendants faced charges. The number of cybercrime cases, while still small, grew 36 percent to 61 last year... Read more

TransPennine Express's £230m north England and Scotland rail deal... Read more

Top European airline Ryanair will slash fares in the coming months to keep people flying after a recent spate of terror attacks. Ryanair CEO Michael O'Leary told CNNMoney that attacks in Brussels and Paris, combined with worries that terrorists brought down EgyptAir flight 804 over the Mediterranean last week, could lead some people to stay at home. But low fares would persuade them to get back out again... Read more

Investor groups call for new probe of VW scandal... Read more

Total SA said fuel shortages spread to more than a quarter of its French gas stations after motorists rushed to fill their tanks over the weekend amid strikes and blockades over labor-law changes. Some 612 gas stations faced shortages or lacked any fuel Monday morning, up from 336 a day earlier, Total said in a statement. Two out of nine of the company’s fuel depots remained blockaded and production at its five French refineries was affected by the strike, the company said... Read more

How Hungary’s Central Banker Funneled Funds to Friends, Family... Read more

IndiGo Pilots Sacked for Mistaking Road for Runway. Plane almost landed on road adjacent to Jaipur airport... Read more

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