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Coca-Cola HBC takes currency hit as FY sales drop
2015-02-18 10:35:00| Daily beverage news and comment - from just-drinks.com
Coca-Cola HBC has warned it will face continued currency fluctuations this year after sales and underlying profits fell in full-year results.
Export delays hit farmers hard
2015-02-17 12:29:55| Railroads - Topix.net
Bruce Bumstead / Brandon Sun Files Western Canadian farmers could lose more than $2 billion this year due to export delays caused by railcar shortages. U.S. buyers are sourcing grain from other suppliers, Liberal MP Ralph Goodale says.
Telefonica takes EUR 2.84 bln hit due to bolivar devaluation
2015-02-17 08:43:00| Telecompaper Headlines
(Telecompaper) Telefonica has announced that it has cut the value of its net assets in Venezuela by EUR 2.84 billion following last week's effective devaluation of the bolivar of around 70 percent. In a statement to Spain's market regulator CNMV, Telefonica said its profits and balance sheet would be seriously hit by the Venezuelan government's decision to introduce a new free-floating exchange rate. At 31 December, Telefonica valued its assets and income from Venezuela at 50 bolivares to the dollar, using the Sicad 2 exchange rate system, down from 12 bolivares to the dollar previously. As a result of the write-down and the significant amounts of retained profits that Venezuela barred the company from expatriating to Spain, Telefonica said its full-year operating profit would fall by EUR 915 million and net profit by EUR 399 million, while net financial assets in Venezuela would be reduced by EUR 1.23 billion. Although the write-down leaves the company with cash valued at EUR 390 million in Venezuela, future plans to invest in the country wouldn't be affected, added Telefonica. However, the percentage of the company's total revenue coming from Venezuela has been reduced to around 1 percent, compared to 6 percent of Telefonica's total revenue in 2013. Telefonica is due to report its full-year results on 25 February.
Armstrong hit with $10m damages bill
2015-02-16 21:43:07| BBC News | Business | UK Edition
Lance Armstrong must pay a record $10m in damages after losing a lawsuit with Dallas-based SCA Promotions, Inc.
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Northeast hit blizzards, cold, after record snow
2015-02-16 04:09:00| Climate Ark Climate Change & Global Warming Newsfeed
Reuters: The U.S. Northeast struggled to dig out on Sunday from the latest in a series of winter storms that made February the snowiest month in Boston's history, but bitter cold and huge drifts hampered the effort. Blizzard conditions forced the cancellation of more than 1,800 U.S. airline flights, most of them into and out of airports in Boston and New York, where wind gusts of up to 60 miles per hour (97 kph) were predicted. Temperatures are 25 to 30 degrees (14 to 17 degrees Celsius) below normal...
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