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Cotton, the other globally glutted commodity

The BriefYour world right now

March 29, 2015

France swings to the right.

  Former president Nicolas Sarkozy’s UMP party and its allies took 66 local councils out of 101 up for election, compared with just 34 councils won by left-wing parties, including current president François Hollande’s Socialist party.
15 mins ago

Duty-free retailers agree on a takeover.

  Switzerland’s Dufry agreed to pay €1.3 billion ($1.4 billion) for a majority stake in Italy’s World Duty Free, giving it control over a quarter of the world’s airport retail. Dufry paid a 22% premium on the average WDF share price over the past six months, and said it expects cost-cutting to save around €100 million per year.
15 mins ago

BYD predicts a surge in electric vehicle demand.

  The Warren Buffett-backed Chinese auto maker predicted its fiscal first-quarter profit will increase 12-fold compared with the same period a year earlier, on the back of greater demand for its new-energy vehicles. BYD made the announcement when it said full-year profit fell 19% in fiscal 2014.
6 hours ago

Prada’s full-year profit falls.

  Net income at the Italian luxury goods brand fell 28% to €451 million ($490 million) in the year to the end of January, and was lower than an expected €468 million. Sales have suffered because of China’s corruption crackdown.
6 hours ago

Japan’s industrial output falls the fastest in eight months.

  Output fell 3.4% in February, which was much worse than an anticipated 1.8% fall. A small slowdown was expected due to the timing of the Lunar New Year, but such a rapid fall suggests domestic demand is much weaker than anticipated.
6 hours ago

Singapore’s founding father is laid to rest.

  Lee Kuan Yew was given a state funeral attended by world leaders and then a private family ceremony. About 1.5 million people paid tribute to Lee last week at various sites after he died on Monday.
11 mins ago
Chart of the Moment

China is flooding the market with cotton.

6 hours ago

Greece’s creditors consider yet another reform plan.

  This one will raise €3bn ($3.3bn) from greater privatization, higher taxes on alcohol and cigarettes, and steps to clamp down on tax evasion. Greece says it will run out of money sometime in April if its creditors don’t agree to release more bailout funds.
6 hours ago

The Church of Scientology owns some incredible real estate.

  The movement purchased over 60 buildings between 2006 and 2011 alone.

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