Mt. Gox to be liquidated
Failed bitcoin exchange Mt. Gox has given up its plan to rebuild under bankruptcy protection and has asked a Tokyo court that it be liquidated, Dow Jones Newswires reported yesterday. Reasons for the decision are the complexity of the procedures involved, including the difficulty of holding meetings with creditors spread around the world, the report said, citing “people familiar with the situation.”
Coca-Cola soda sales fall
Coca-Cola Co, the world’s biggest beverage maker, said on Tuesday that the amount of soda it sold globally fell for the first time in 15 years. The drop in the first quarter was offset by stronger sales of its non-carbonated drinks that include Minute Maid, Powerade and Dasani bottled water. Overall volume rose 2 percent, an improvement from the 1 percent increase the previous quarter. However, the 1 percent decline in global soda volume is notable for Coca-Cola: The last time the figure fell was in 1999, according to the company.
BHP Billiton raises outlook
Global giant BHP Billiton raised its fiscal year iron-ore production outlook for a second time this year yesterday after seeing a better-than-expected jump in output in the first quarter of the year. The world’s biggest mining company increased its guidance for production this year until June to 217 tonnes, up from the 212 tonnes previously forecast. That comes despite concerns about the strength of the economy in China, the No. 1 buyer of ore. It said production in the first quarter rose 23 percent year-on-year to 49.6 million tonnes.
Minister eyes GDP growth
The nation’s economy is forecast to expand by 3 percent next year, picking up briskly after years of stagnant growth, a top government economist said on Tuesday. Brazilian Minister of Planning Miriam Belchior said in a report presented to the national legislature that inflation for Latin America’s biggest economy was expected to be 5 percent next year. Last year, GDP grew a modest 2.3 percent for a third consecutive year, compared with a torrid pace of 7.5 percent in 2010.
Bond woes hit Credit Suisse
Swiss giant Credit Suisse said its net profit fell 34 percent in the first quarter as bond-market woes hurt earnings at its investment banking business. Profit fell to 859 million Swiss francs (US$979 million) from SF1.303 billion in the same quarter a year ago. Group core revenues fell 8 percent to SF6.469 billion. Income before taxes rose 15 percent to SF1.102 billion. The bank said yesterday it saw lower revenues and earnings at its investment banking division, which faced “a challenging market environment.”
Burberry revenue up 19%
British group Burberry PLC said strong sales in China and South Korea helped it to a 19 percent rise in second-half revenue, but that it expected currency headwinds to hit profits in the next two years. The firm, which sells trench coats and leather goods emblazoned with its distinctive camel, red and black check pattern, said yesterday total revenue for the six months to March 31 was ￡1.3 billion (US$2.2 billion), broadly in line with analysts’ forecasts.