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By Josh Rubin Business Reporter Mon., Nov. 12, 2018 Global alcohol giant Diageo is selling off a collection of underperforming brands to Kentucky-based distilling company Sazerac, including three Seagram’s whiskies produced in Canada. News of the $500-million (U.S.) deal, announced Monday morning, came as little surprise to industry experts, who say Diageo has been trying to consolidate its drinks portfolio to become more focussed on the high-end market. “What this looks like is Diageo shedding dead weight that really hasn’t been working for them,” said Fred Minnick, editor of Bourbon+ magazine. Most of the 19 brands sold by London-based Diageo aren’t big sales hits. Nor are they the type of brands sought by connoisseurs. Last year, Diageo bought George Clooney’s high-end tequila brand Casamigos in a deal worth roughly $1 billion (U.S.). “Let’s face it: Seagram’s VO isn’t the type of thing people … [Read more...] about Diageo plans to sell 19 brands, focus on premium spirits
Apple suppliers tumble on new signs of weak iPhone demand
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By Ryan Vlastelica Bloomberg Mon., Nov. 12, 2018 Major suppliers to Apple Inc.’s iPhone fell Monday, as investors fretted that one of the most important product lines in the technology sector was seeing weak demand. The latest warning sign was Lumentum Holdings Inc. cutting its second-quarter outlook after one of its largest customers asked to “meaningfully reduce shipments” for previously placed orders. Lumentum didn’t name the customer, but Apple is its biggest, according to Bloomberg supply-chain data. Shares of Lumentum plummeted 27 per cent in pre-market trading, while Apple dropped 2.6 per cent. Oclaro Inc., which is being bought by Lumentum, lost 9.9 per cent. “We think investors should consider Lumentum’s updated guide as reflecting as much as a 30% cut in Apple orders,” Wells Fargo analyst Aaron Rakers said in a note to clients. Among other Apple suppliers, Qorvo Inc. dropped 5.6 per cent, Skyworks Solutions Inc. … [Read more...] about Apple suppliers tumble on new signs of weak iPhone demand
Trump seeks to end recounts in Florida’s Senate and governor elections, and alleges fraud without evidence
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By Eli Stokols Los Angeles Times Mon., Nov. 12, 2018 WASHINGTON—U.S. President Donald Trump on Monday called for a halt to recounts in Florida, where Republican candidates for Senate and governor lead. He alleged without evidence that Democratic candidates’ gains were the result of fraud. The president’s statement, in a morning tweet, contradicted Florida officials who oversee elections, who stated that they have not seen any evidence of criminal conduct. Florida’s secretary of state in charge of elections is an appointee of Gov. Rick Scott, the Republican candidate for the Senate who is slightly ahead of Democratic Sen. Bill Nelson. “The Florida Election should be called in favour of Rick Scott and Ron DeSantis in that large numbers of new ballots showed up out of nowhere, and many ballots are missing or forged,” Trump said. DeSantis is the Republican gubernatorial candidate, who has a small lead over Democrat Andrew Gillum. Trump … [Read more...] about Trump seeks to end recounts in Florida’s Senate and governor elections, and alleges fraud without evidence
News The ANC Brief: Pushing open markets
A new China-backed trade pact is up for discussion at the ASEAN Summit in Singapore. And another case before Sandiganbayan could spell doom for the Marcoses, or vindicate them. These are the stories making the headlines on ANC today: Approaching ASEAN President Duterte is in Singapore for the ASEAN Summit. In his remarks on Monday, Singapore Prime Minister Lee Hsien Loong, hosts of this round of the summits, made a call for open markets amid rising protectionism. He made the statement as a trade dispute rages between Beijing and Washington. World leaders are also expecting updates on the China-backed Regional Comprehensive Economic Partnership (RCEP) that includes the 10 ASEAN members, China, India, Japan, South Korea, Australia and New Zealand but excludes the U.S. Many see the RCEP as a rebuke to U.S. President Donald Trump’s increasing unilateralist approach, adopting an “America first” or “America only” stance when it comes to international trade. … [Read more...] about News The ANC Brief: Pushing open markets
All-male boards at top U.K. firms come closer to extinction
By Suzi Ring Bloomberg David Hellier Mon., Nov. 12, 2018 LONDON—All-male boards at the U.K.’s biggest companies are nearing extinction, a sign that government efforts to increase gender parity are paying off. Just five companies in the FTSE 350 Index have no women at the top table, down from eight in 2017, according to data from the annual Hampton-Alexander Review that will be released in full Tuesday. The number has fallen dramatically since 2011 when 152 boards were men-only. Those bucking the trend include hospitality group Millennium & Copthorne Hotels Plc, property business Daejan Holdings Plc and two investment trusts. Daejan cited its Orthodox Jewish owners as the reason for the lack of senior women. “Unless somebody forces us to do anything different, the chances of us appointing a woman are pretty slim,” said Mark Jenner, Daejan’s secretary. Millennium & Copthorne joined the list after its female chief executive and a … [Read more...] about All-male boards at top U.K. firms come closer to extinction