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...XTX, one of the world’s biggest proprietary trading and market-making groups, had sought to use Aviva Investors’ and L&G Investment Management’s money-market funds to invest some of its own cash....
...One such case involved British American Tobacco, which in April agreed to pay authorities $635mn after a subsidiary pleaded guilty to selling tobacco products to North Korea in violation of US sanctions....
...Companies: Updates are expected from Anglo-Swedish drug giant AstraZeneca, British American Tobacco, French lender Crédit Agricole, France’s L’Oréal, advertising company Publicis, Germany’s Siemens and Watches...
...As such the buyout does not look too shabby at 20 times this year’s operating profit on S&P Capital IQ estimates. But with more effort management might be able to double these earnings....
...(Alphaville believes that using L’Oréal as an O is cheating, even if it makes your acronym look nicer.)...
...Shepherdson argues that declining S&L tax revenue augurs poorly for future S&L spending, as this chart shows: It’s a reminder to investors that markets are sensitive to changes, not levels....
...But what’s most entertaining is that the government goes ahead and shows the professor’s ongoing work calculating Alameda’s historical balances with FTX — basically the firm’s net P&L — from last year:...
...Goldman estimates that the median short interest in S&P 500 companies is still remarkably low at 1.7 per cent, but is up from 1.5 per cent at the end of 2021....
...mix; Jasmine, which links back to his Tunisian origins (it is the national flower); and Cologne, associated with a universal smell of freshness, he says....
...In its decision, the FDA cited data from its national youth tobacco survey that showed that the Vuse brand was the second most popular among underage users, reaching 12.5 per cent of those who vape....
...S&P noted in a March 5 note that the company had just $44mn left of cash on hand and it expected Equinox “to be unable to generate sufficient cash flow over the next year to cover fixed charges” if it were...
...In public markets, valuations for the largest tech companies have already rebounded....
...National accounts data suggests non-financial companies’ net financing costs have fallen 40 per cent since rates began rising, which may suggest rising interest income has been a big offset....
...Australia’s S&P/ASX 200 edged up 0.1 per cent....
...Lots of readers wrote in to say that UK tobacco companies and banks were at an unreasonable discount to their US brethren....
...The crunchy acronym was coined by Goldman Sachs for pharma companies GSK and Roche, Dutch chip company ASML, Switzerland’s Nestlé and Novartis, Danish drugmaker Novo Nordisk, France’s L’Oréal and LVMH, the...
...Key economic and company reports Here is a more complete list of what to expect in terms of company reports and economic data this week....
...Here are total shareholder returns for the three companies, compared with the S&P 500 and with US high-dividend-paying stocks generally: Tobacco is clearly a stagnant industry now, and the stock returns...
...Free cash flow, however, reconciles those book accounting accruals of the P&L ledger to capture the real flows of actual dollars coming in and out....
...It is too cheap and easy to set up UK companies. Can PayPal make Gen Z pay? Good hair and a lofty valuation: a rare stumble poses the question, is L’Oréal worth it?...
...Vodafone and British American Tobacco have both had a difficult year, with corporate setbacks and more smokers stubbing out their habit....
...Since 1990, missing the 30 best days of the S&P 500 cuts your compound returns in half....
...Duty calls | The chief executive of British American Tobacco has endorsed the UK’s plans for a vaping tax, claiming the cigarette maker has learned to “love regulation”....
...Sesto Quatrini conducts at sprightly speeds. ★★★★☆ ‘L’elisir d’amore’ to October 10, roh.org.uk...
...Tobacco companies such as BAT and Imperial have little use for surplus cash except buybacks....
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