Wednesday 6th May 2015
NEWS TICKER: WEDNESDAY, MAY 6TH 2015: Idinvest Partners, the European private equity firm specialising in SMEs, has announced the final closing of its Idinvest Digital Fund II at €140m. The fund is entirely dedicated to financing the growth of developing businesses in the digital and new technology segments (web-based, media, mobile, e-commerce services and software) in France and across Europe. The fund has invested in ten companies so far, including Sigfox, Synthesio and Twenga; 30% of the capital has been called in and the fund is already delivering positive returns. The fund has also gathered prominent investors, such as Bpifrance and Idinvest’s historical partner, Allianz France, who are topping the list. Besides these, there is also a large number of insurance companies, banks, family offices and leading industry players and corporates, such as Lagardère and Up groups - According to local press reports, Botswana’s largest retailer Choppies plans to cross-list its shares at the Johannesburg Stock Exchange by the end of May, as it expand its business in sub-Saharan Africa. The multinational grocery and general merchandise retailer has stores in three Southern Africa countries and is reportedly looking to expand into Zambia and Tanzania this year. The firm will list 10% of its shares and plans to raise about $50m. Choppies commands a market capitalization of about $535mon the Botswana Stock Exchange and has a 32% share of Botswana’s retail market and plans to add five more stores, taking the total to 77 retail outlets, by December, followed by another 20 in the medium term - Credit Agricole Egypt (CAE) reports net profit of EGP236m (+60% YoY and +8% QoQ) in 1Q2015 and net interest income of EGP371m in (+30% YoY and +7% QoQ)over the period, higher than analyst forecasts. No other income statement component was disclosed, with the exception of taxes (around EGP104m for the period, signifying an effective tax rate of around 31%). Full financial statements are not available yet - The European Union is reported to be investigating McDonald's over claims its structure allowed it to avoid more than €1bn (£730m) in tax. It is alleged that the fast food purveyor exploited loophole concerning royalties through Luxembourg, allowing it to pay just €16m of tax on royalties worth €3.7bn between 2009 and 2013. Unions claim McDonald's Luxembourg subsidiary employs just 13 people, yet booked €834m of revenue in 2013 - roughly around €64m per worker - Smith Cooper accountancy and business advisory firm today announced the appointment of Catherine Desmond as partner to enhance the firm's private client services across the Midlands. Desmond joins the firm from the Private Client department of Saffery Champness where she specialised in advising clients across a range of sectors, including predominantly family businesses and landed estates. In her new role at Smith Cooper, Catherine will be concentrating on further developing the range of tax planning services the firm offer their private clients. Her work will focus particularly on the agricultural sector and landed estates, an area Desmond has extensive experience in - Nomis Solutions has appointed Michael DeGusta to lead the architecture and development of the company’s next-generation pricing platform. Working with progressive technology companies such as Apple, eCoverage, and ChoicePoint, DeGusta brings 20 years of experience to Nomis. “Retail banks face unprecedented challenges, and Michael is the ideal leader to architect our future and to bring Nomis and our client banks to the next level of price optimization and profitability management,” says Frank Rohde, Nomis CEO. “The bankers we meet with relate a growing awakening to the opportunities provided by innovative technology and how it can help them thrive in the face of mediocre economies, changing customers, disruptive competitors, and challenging regulators.” -
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