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  • LVMH Moët Hennessy Louis Vuitton, the luxury products group, has achieved a 9% increase in operating income for 2003, taking the amount to ?2,18 billion on sales of ?12 billion. LVMH enjoyed double-digit growth in sales and operating income for the second half of 2003 ? thereby repeating the feat from 2002 ? and has reported strong growth for the first two months of 2004.
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  • Corporates ought to seriously consider the impact of the EU Prospectus Directive before embarking on a public offering in any of the EU states, warns Mercer Human Resource Consulting. The directive, published at the end of 2003, stipulates that corporates registered outside the EU must comply with the financial regulations of the first EU state into which they make a public share offering.
  • The sharp increase in the number of hostile bids in 2003 adn 2004 - including high profile bids such as Comcast's offer for Disney - has led to more coporates seeking insurance against the cost of fending off the bids. Last year there were 16 hostile bids in the UK, compared to just eight in 2002. In Europe last year, hostile offers totaled $56 billion, the highest since 1999.
  • Standing in his office in Raffeisen's headquarters in Vienna, RZB International's chairman Herbert Stepic points with pride to a large world map dotted with small RZB flags showing the bank's outlets around the globe, including branches in China, Singapore and New York, and recently-opened subsidiaries in Albania and Belarus. His office is more like that of a Cecil Rhodes-type imperial pioneer than a banker, filled as it is with African sculptures and Chinese tapestries.
  • Iran's State Tax Organization (STO) last month made its ambitions clear: in 2004/05 it is aiming to gather enough tax revenue to cover almost half of government expenditure. To achieve this it needs to record a 38% year-on-year increase in tax collection, or total revenues of almost $11 billion.
  • Baudoin Prot, the CEO of BNP Paribas, used a results announcement last month to deny some of the merger rumours involving his firm and to sketch out plans for using the bank's excess capital. As he outlined the bank's 2003 results, which included an impressive 13.1% increase in net income from the corporate and investment banking division, he declined to reveal what BNP Paribas would do if a large US firm bought one of its European rivals. He described such hypothetical strategic plans as "science fiction".
  • On February 25, the Bahrain Monetary Agency went on the road to sell a $250 million sukuk – Bahrain's first international Islamic bond. Bahrain's bond follows issues by Qatar and Malaysia. And the news that Citigroup is working with the German state of Saxony-Anhalt on an Islamic bond suggests that, as well as being used to boost the Islamic capital markets, sukuks can be commercially attractive to a broad audience.
  • Banks and lawyers in the US face confusion over the tests used to determine their liability on securities fraud.
  • At first blush, Thai Union Frozen Products Public Company seems to be a poster child of the new Thai economy.
  • Despite rapid growth in recent years, the investment management industry in China is hampered by volatile flows, strict regulation and an uneasy relationship between fund managers and distributors. Joint ventures with overseas firms have met with mixed success. Julie Dalla-Costa reports.