European Corporate Roundup for Thursday
January 18 2018 - 3:20AM
Dow Jones News
Iran's Bank Markazi is in focus Thursday after filing a
complaint against Deutsche Boerse AG's 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 and total about $4.9 billion, plus interest.
Alternatively, Bank Markazi seeks damages worth the same amount,
Deutsche Boerse said.
Deutsche Boerse shares were unaffected in early trade, rising
0.1%.
---
Shares in Associated British Foods PLC (ABF.LN) dropped in early
deals as the food company reported a decrease 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 fell 2%.
---
Experian PLC (EXPN.LN) said Thursday that it would maintain its
expectations for fiscal 2018 as it recorded 5% growth in
third-quarter organic revenue.
The credit-reporting 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. It expects its group tax rate for the year ending March 31
will be unchanged from previous guidance of between 26% and 27%,
and 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% and 6% at constant exchange
rates.
Shares rose 1.2% after the trading update.
(END) Dow Jones Newswires
January 18, 2018 04:05 ET (09:05 GMT)
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