European Corporate Roundup for Thursday
January 18 2018 - 8:32AM
Dow Jones News
In focus Thursday is a complaint filed by Iran's Bank Markazi
against Deutsche Boerse AG subsidiary Clearstream, seeking
restitution of assets worth about $4.9 billion.
The Iranian central bank filed the complaint against post-trade
services provider Clearstream and Italian bank Banca UBAE SpA at a
court in Luxembourg, where the subsidiary is based, Deutsche Boerse
said.
The complaint seeks restitution for the Iranian bank's assets,
which are allegedly held on accounts of UBAE and Bank Markazi with
Clearstream that total about $4.9 billion plus interest.
Alternatively, Bank Markazi seeks damages worth the same amount,
Deutsche Boerse said.
Deutsche Boerse shares were unaffected, last up 0.2%.
---
Shares in Associated British Foods PLC dropped in early trade as
the food ingredients group reported a fall in revenue from its
sugar business.
AB Sugar's revenue fell 13% at actual exchange rates and 12% in
constant currency. AB Foods now expects a greater fall in revenue
and profit from the unit than previously forecast, primarily due to
"significantly lower" European Union sugar prices following the
removal of sales quotas and export constraints.
"Overall, the group's outlook for FY18 remains unchanged with
progress expected in adjusted profit and earnings," Liberum Capital
says.
Shares were last down 2.9%.
---
Experian PLC said it is maintaining its expectations for fiscal
2018 as it recorded 5% growth in third-quarter organic revenue.
The credit-checking company said that following tax reform in
the U.S., it expects the reduction in its group tax rate will be
broadly offset by reduced tax deductions for interest and other
costs. Experian expects its group tax rate for the year ending
March 31 will be unchanged from previous guidance of between 26%
and 27%, and that it will be within a similar range in fiscal
2019.
For the three months ended Dec. 31, Experian said total revenue
growth at actual exchange rates was 8%, with growth of 6% at
constant exchange rates.
Shares rose 1.2% initially after the trading update, before
dropping 1.3% in afternoon trade.
(END) Dow Jones Newswires
January 18, 2018 08:17 ET (13:17 GMT)
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