Hints and tips:
...Businesses and households just absorb the high- rate environment, and suddenly you see home sales start to pick up again, auto sales pick up and businesses invest, and that creates a higher level of inflation...
...As ever, drop me a note at sid.v@ft.com if you’ve got thoughts and ideas for upcoming Future of Money newsletters....
...Yoojin Choi was co-curator of “Hallyu!...
...Write to the FintechFT team at imani.moise@ft.com and sid.v@ft.com....
...Credit penetration is even higher at Label (most of whose sales we see as substitutional, not incremental)....
...Idexx said in October that the animal health market had experienced a “V-shaped recovery”....
...Here’s Credit Suisse to give some colour: The worse than expected result reflects I) slower than expected improvement in US depletions (+4% last 3m v +0.4% previous quarter) II) bigger route to market disruption...
...We believe the multiple in recent years has been depressed, owing to investors being ahead of downwards sell-side earnings revisions and broad industry concerns (including peak EU auto sales and CO2 compliance...
...It must therefore make sense for nation states to co-operate and co-ordinate with each other and agree common rules for taxing and regulating powerful global companies including global banks....
...“Will Trump ‘renege’ on defence co-operation, for example on the [joint strike fighter], to bring jobs home?” asked Francis Tusa, editor of Defence Analysis....
...Masahiro Akita, auto analyst at Credit Suisse, said the reshuffling of production from different parts of the world did not address Honda’s underlying problem of how to pare back its excess capacity....
...“We do expect faster growth, but it is not a sharp recovery or a ‘V’-shaped recovery....
...Dan and Sam Houser Rockstar Games British Grand Theft Auto V, the video game, earned more than £600m within three days of release in 2013, becoming the fastest-selling entertainment product in history...
...Over 5 million people have already been auto-enrolled into a pension thanks to our reforms in the last parliament....
...Beenz and other alternative online currencies such as Flooz, eCash and Cybergold have struggled to gain acceptance among customers and merchants, while conventional credit cards have gained in online acceptance...
...In 2009, when he banking crisis caused car sales to collapse, Honda shut the plant for four months, the longest closure by any big carmaker during the credit crunch....
...Detroit used to have many tramlines: they were ripped out at the behest of the auto companies....
...Carmakers were always wary of betting too much on new technologies not yet road-tested for mass consumer acceptance....
...So far no foreign banks offer credit cards directly from their China branches, but several have rolled out co-branded cards from Chinese banks in which they hold equity stakes....
...This could apply particularly to GM Acceptance Corp, the group’s finance arm....
...The sale of 51 per cent of GM Acceptance Corp for about $11bn is designed to secure a higher credit rating and better access to funds for the lossmaking carmaker’s most profitable division, which is one...
...A sale of 60 per cent of the unit and a lower level of intercompany loan repayments had been expected when the deal was announced last year....
...GM secured the sale of 51 per cent of GM Acceptance Corp to Cerberus, Aozora, a Japanese bank owned by Cerberus, and Citigroup’s private equity arm....
...The agreement will save $1bn a year of cash, with the rest of the $3bn pre-tax cost saving coming from what Scott Sprinzen, auto analyst at credit rating agency Standard & Poor's, called an “accounting phenomenon...
...Although GM and GMAC bonds both rallied, GMAC’s did so more sharply, suggesting a possible sale would benefit GMAC more than GM....
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