Monday, 15 June 2015

Financial Orbit wrap 15/06/15

Five sentences or graphics which sum up the Financial Orbit output over the last 24 hours across the website, twitter account and anything else thought about...

1. Far too much on Greece today...This IMF blog however has many of the answers/issues although more seem to be upcoming all of the time...

'Proposed to lower the medium term primary budget surplus target from 4.5% of GDP to 3.5%, and give Greece two more years to achieve that target… the Greek government has to offer truly credible measures… Why insist on pensions? Pensions and wages account for about 75% of primary spending… We are open to alternative ways for designing both the VAT and the pension reforms… European creditors would have to agree to significant additional financing, and to debt relief sufficient to maintain debt sustainability’

2.  I was quite impressed that Metro AG of Germany managed to sell their department store divisional business for around x14 historic EV/ebit...but the market was more cautious about the use of funds, a majority of which it appears will be used to help expand/deepen the remain cash & carry plus supermarket businesses.


3. I spent part of this afternoon (UK time) listening to the Imperial Tobacco webinar on its recent US acquisitions which included the below graphic on US cigarette market share.  You can read my full report here.


4. Ugly industrial production data in the US versus the last few years:


Or to look at it another way...



5. A different mindset required for the next five years?  I think so...
(h/t @NickatFP)

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