Remy Cointreau, which makes Piper-Heidsieck champagne, said sales of champagne rose 23 percent to 16.7 million euros ($21.3m) in its fiscal first quarter to June 30. Vranken-Pommery said sales rose 52 percent to 66 million in the quarter. “Because of the crisis, consumers temporarily switched to cheaper brands. This phenomenon is now receding. We’re seeing…
In an updated report on GCC member states the IMF urged countries to prepare exit strategies from the current high spending levels but not to implement them until economic conditions were right. The IMF revised up its growth forecast for non-oil growth for GCC states to 4.3 percent, higher than the 4.0 percent it forecast…
The IMF should be realistic when considering a deficit target for Hungary for 2011, ruling Fidesz party vice chairman Lajos Kosa has told public television m1. When asked in an interview whether lenders’ expectations for Hungary to cut its deficit to 2.8 percent of GDP next year from a target of 3.8 percent in 2010…
But reforming labour markets, one obvious way to help narrow the gap with other emerging economies, will not be easy given the political clout of a union movement that was instrumental in bringing an end to white-minority rule in the 1990s. “You need a much more flexible labour force but the unions are still very…
Asia’s largest sovereign issuer of offshore bonds may post its second successive record budget deficit this year, and the key factor that will determine how markets react to the election result will be whether the winning candidate tackles the fiscal situation with sufficient urgency and resolve. Most analysts say markets should not be too ruffled…
A 44-week streak of inflows to funds investing in emerging and frontier equities in Africa has ended while inflows to South Africa have risen, fund tracker EPFR Global said. EPFR Global had recorded net inflows of over $480m to African regional funds in the first half of the year, an indication of investor appetite for…
The South American nation, which saw exports rise 25 percent year-on-year in May, responded to the global financial crisis by limiting imports of shoes, fresh fruit and other goods that it also produces. The curbs, designed to protect jobs and boost local production, range from administrative delays at borders and in customs to anti-dumping penalties…
Moody’s has downgraded Ireland’s sovereign bond rating by one notch to Aa2, citing weaker growth prospects and the high costs of rebuilding the country’s crisis-hit banking system. The rating agency, which cut Ireland from Aa1, said the outlook was stable. The move, which put Moody’s on par with rival agency Standard and Poor’s AA rating…
If you’re a real estate investor, you’re probably familiar with the routine: you walk into a bank to borrow money, and the loan officer takes one look at your credit history and either saying “Sure, we can do the loan, you’ll need to put down five (or ten) percent,” or “Well, we might be able…
Agricultural Bank of China’s $19.3bn IPO crossed the finish line on July 16 after a hectic three-month sprint, notching up modest gains in its Hong Kong debut amid concerns about valuations and glut of bank share sales. Industrial & Commercial Bank of China and Bank of China both soared 15 percent on their Hong Kong…
