Daily Archives: July 20, 2018


Golden Springs offers 75% stake in Singapore creature feed maker Gold Coin to Aboitiz unit

Golden Springs Group has sold a 75 for each penny stake in Gold Coin Management Holdings to Pilmico International, an auxiliary of Aboitiz Equity Ventures (AEV), in an arrangement which esteems the domesticated animals feed maker at US$550 million.

Sabin M Aboitiz, AEV’s head working officer and Pilmico’s leader and CEO, said the acqusition will include three million metric huge amounts of feed volume, notwithstanding quadrupling AEV’s general feeds generation limit.

The exchange denotes the beginning of a “long haul organization” between the Aboitiz Group and Golden Springs, which will keep on retaining a 25 for every penny stake in Gold Coin.

Set up in Singapore in 1953, Gold Coin is presently one of the biggest creature feed makers in the Asia Pacific, working crosswise over 11 nations. It is the “main unadulterated play creature nourishment maker” dynamic in the dominant part of key animals feed advertises in South-east Asia, said Golden Springs.

It at present utilizes more than 3,000 individuals crosswise over 21 generation creation offices, and offers items for both the domesticated animals and the water ventures, including youthful creatures and incubation facility feed, premixes, focuses and compound feed.

Golden Springs is an agribusiness claimed by Peter Zuellig, a scion of Switzerland’s well off Zuellig family, who said on Friday that “the Zuellig and Aboitiz families have known each other for ages”.

Said Mr Zuellig: “Gold Coin, as one of the main creature nourishment stages in Asia Pacific, is very much ready to gain by rising proteinconsumption. GSG has chosen to keep on retaining a minority stake to guarantee that we can take part in Gold Coin’s solid development potential as it executes on its extension systems together with Pilmico.”








  • Metal prices continued to falter on Thursday amid trade concerns and a strengthening U.S. dollar. Comex gold futures for August delivery decreased 0.88% to a one-and-a-half-year low of $1,217.10 a troy ounce as of 10:58 AM ET (14:58 GMT). The precious metal was held back as trade tensions continued after China said the White House was wrong to blame Chinese President Xi Jinping for blocking progress on a trade deal.
  • Oil prices rose on Thursday, as a Saudi Arabian official indicated that the country’s exports will be little changed despite a large increase in production. New York-traded West Texas Intermediate crude futures gained 53 cents, or 0.8% to $68.28 a barrel by 11:29 AM ET (15:29 GMT). Meanwhile, Brent crude futures, the benchmark for oil prices outside the U.S., traded up 38 cents, or 0.5%, to $73.28.
  • The U.S. Energy Information Administration said in its weekly report thatnatural gas storage in the U.S. increased by 46 billion cubic feet in the week ended July 13, compared to forecasts for a build of 58 billion. Thursday’s data compared with a gain of 51 billion cubic feet (bcf) in the preceding week and represented a decline of 710 billion from a year earlier and was also 535 bcf below the five-year average.20july4


  • European Union countries will suffer long-term damage equivalent to about 1.5 percent of annual economic output if Britain leaves the bloc without a free trade deal next year, the International Monetary Fund said on Thursday. Britain is due to leave the EU on March 29 next year, and Prime Minister Theresa May has yet to reach a consensus within her own Conservative Party on what future ties with the EU should look like, let alone broker a final deal with the EU.
  • Commerce Secretary Wilbur Ross said Thursday it was “too early” to say if the United States would impose tariffs of up to 25 percent on imported cars and parts, a suggestion that has been met with harsh criticism from the industry. The department opened an investigation in May into whether imported autos and parts pose a national security risk and was holding a hearing on the probe on Thursday, taking testimony from auto trade groups, foreign governments and others.
  •  Russian lawmakers backed a proposal on Thursday to raise the retirement age in a preliminary vote, part of an unpopular budget package designed to shore up government finances which has already dented President Vladimir Putin’s approval ratings. Looking for extra money for the budget, the government proposed raising the retirement age. It made the announcement on June 14, the day Russia hosted the first match of the soccer World Cup, leading some critics to suggest the authorities were using the tournament to deflect attention from unpopular news.



Forex Market Report| Epic Research

Forex – Firmer U.S. dollar boosts corporate interest in currency hedging
Forex – Sterling Falls Below 1.30 for First Time in 10 Months
Forex – EUR/USD off lows, still looking vulnerable


The EUR/USD pair bottomed after the release of US data (jobless claims and Philly Fed) at 1.1574, hitting he lowest level in three weeks. From the lows bounced to the upside recovering almost 50 pips. The recovery was capped by 1.1620 and at the time of writing was hovering around 1.1600/05, headed toward the third decline in a row. EUR/USD moves followed the US Dollar Index that hit fresh 1-year highs and then pulled back trimming daily gains. A retreat in US yields weakened the US dollar during the last hours. Earlier today the 1-year yield reach the highest level since June 2008. The pair rose from the 1.1580 area amid a correction of the US dollar, particularly against European currencies. The strength of the greenback versus commodity currencies remained intact at all times today. Despite the move off lows, the tone remains bearish for the EUR/SUD and a decline back below 1.1600 could add more pressure, opening the way for a test of the daily low at 1.1575. On the upside, a recovery above 1.1630 could remove the intraday downside bias.


The pound dropped below the $1.30 level on Thursday as a result of an unexpected drop in consumer spending in June, further slimming the chances of a Bank of England rate hike in August. At 10:35 GMT, GBP/USD was 1.2997, down 0.55%, the lowest level for the cable since September 2017. Retail sales month over month fell by 0.5% in June, lower than the expected increase of 0.1%. Sales for May were revised upward from 1.3% to 1.4%. The core retail sales figure, which excludes automobiles and fuel, fell by 0.6% – lower than the expected drop of 0.3%. Overall retail sales
growth for the second quarter came in at the strongest level since 2004 despite the fall in June. The month of June is purported to have been weaker as a result of hotter weather and England’s unexpected success in the World Cup. The combination of wage growth, soft inflation and now disappointing retail sales for the month of June may give the Bank of England food for thought when the Monetary Policy Committee meet in August to set interest rates.



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