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Each week, Cut the Crap Investing founder Dale Roberts shares financial headlines and offers context for Canadian investors.
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Billabong reports giant annual loss as value of once hot surf wear brand implodes
– canadianbusiness.com
SYDNEY – Billabong reported a $769 million annual loss Tuesday that reflects a collapse in the value of its once hot surf and street fashion brands.
The company said it marked down the value of its assets by Australian dollars 867 million ($776 million). That write-off resulted in a net loss of AU$859.5 million ($769 million) for the financial year ended June 30.
The company has staggered through a series of business shake-ups and failed buyout offers. It says it is in the final stages of debt refinancing negotiations that will allow the business to rebuild.
Billabong’s global sales for the year fell 13 per cent to AU$1.34 billion reflecting store closures, Europe’s weak economy and the fading allure of its brands.
The Billabong and other brands owned by the retailer were valued at AU$90 million in the company’s financial statements released Tuesday, down from AU$614 million two years earlier.
The company’s shares closed down 5.3 per cent in Sydney.
The post Billabong reports giant annual loss as value of once hot surf wear brand implodes appeared first on Canadian Business.
The company said it marked down the value of its assets by Australian dollars 867 million ($776 million). That write-off resulted in a net loss of AU$859.5 million ($769 million) for the financial year ended June 30.
The company has staggered through a series of business shake-ups and failed buyout offers. It says it is in the final stages of debt refinancing negotiations that will allow the business to rebuild.
Billabong’s global sales for the year fell 13 per cent to AU$1.34 billion reflecting store closures, Europe’s weak economy and the fading allure of its brands.
The Billabong and other brands owned by the retailer were valued at AU$90 million in the company’s financial statements released Tuesday, down from AU$614 million two years earlier.
The company’s shares closed down 5.3 per cent in Sydney.
The post Billabong reports giant annual loss as value of once hot surf wear brand implodes appeared first on Canadian Business.
5.5 year – 2.70%
– ratesupermarket.ca
This GIC rate is offered by Outlook Financial and was updated on 2013-03-14. Click on the link above to get more details or apply online.
Asian stock markets fell Tuesday, dented by fears the U.S. government is gearing up for a redoubled confrontation with Syria.
Japan’s ANA Group to buy 49 per cent stake in Myanmar’s Asian Wings Airways
– canadianbusiness.com
TOKYO – The parent company of Japan’s All Nippon Airways says it plans to buy a 49 per cent stake in Myanmar’s Asian Wings Airways, the first foreign investment in the country’s airline industry.
ANA Holdings said Tuesday it will invest $25 million in AWA as part of its strategy for international expansion.
Japanese companies are eager to tap opportunities in Myanmar as the long-isolated country opens to foreign investment.
AWA operates domestic routes in Myanmar and is profitable. ANA said the airline, founded in 2011, plans to begin operating on international routes from October.
ANA says it plans further expansion in fast-growing Asian markets. Beginning Sept. 30, the airline will begin operating daily flights between Tokyo and the Myanmar capital, Yangon.
It said the investment in AWA is subject to regulatory approvals.
The post Japan’s ANA Group to buy 49 per cent stake in Myanmar’s Asian Wings Airways appeared first on Canadian Business.
ANA Holdings said Tuesday it will invest $25 million in AWA as part of its strategy for international expansion.
Japanese companies are eager to tap opportunities in Myanmar as the long-isolated country opens to foreign investment.
AWA operates domestic routes in Myanmar and is profitable. ANA said the airline, founded in 2011, plans to begin operating on international routes from October.
ANA says it plans further expansion in fast-growing Asian markets. Beginning Sept. 30, the airline will begin operating daily flights between Tokyo and the Myanmar capital, Yangon.
It said the investment in AWA is subject to regulatory approvals.
The post Japan’s ANA Group to buy 49 per cent stake in Myanmar’s Asian Wings Airways appeared first on Canadian Business.
Global stock markets falls as fears escalate of US military response to Syria
– canadianbusiness.com
BANGKOK – Global stock markets fell Tuesday, dented by fears the U.S. government is gearing up for a confrontation with Syria.
Economic releases scheduled later in the day were not likely to provide the good news needed to reverse the losses, analysts said.
“Further US data disappointment is likely today, with the August consumer confidence survey set to decline in contrast to a likely increase in the German IFO business confidence survey,” Mitul Kotecha of Credit Agricole CIB in Hong Kong said in a market commentary.
In early European trading, Britain’s FTSE 100 fell 0.9 per cent to 6,435.53. Germany’s DAX fell 1.4 per cent to 8,313.27. France’s CAC-40 lost 1.4 per cent to 4,008.55.
Wall Street looked set for a lower open, with Dow Jones industrial futures falling 0.5 per cent to 14,861. S&P 500 futures fell 0.5 per cent to 1,645.30.
The day’s losses began in Asia. Japan’s Nikkei 225 index fell 0.7 per cent to close at 13,542.37. Hong Kong’s Hang Seng dropped 0…
Economic releases scheduled later in the day were not likely to provide the good news needed to reverse the losses, analysts said.
“Further US data disappointment is likely today, with the August consumer confidence survey set to decline in contrast to a likely increase in the German IFO business confidence survey,” Mitul Kotecha of Credit Agricole CIB in Hong Kong said in a market commentary.
In early European trading, Britain’s FTSE 100 fell 0.9 per cent to 6,435.53. Germany’s DAX fell 1.4 per cent to 8,313.27. France’s CAC-40 lost 1.4 per cent to 4,008.55.
Wall Street looked set for a lower open, with Dow Jones industrial futures falling 0.5 per cent to 14,861. S&P 500 futures fell 0.5 per cent to 1,645.30.
The day’s losses began in Asia. Japan’s Nikkei 225 index fell 0.7 per cent to close at 13,542.37. Hong Kong’s Hang Seng dropped 0…
