Articles List

Articles List

India's gas price reforms to drive frontier exploration and production

India's gas price reform offers a middle of the road approach, giving partial relief to both producers and consumers. Our Oil & Gas team expects some further reforms in the coming years. Exempting deepwater and unconventional production from the cap will drive increased exploration and development and stimulate interest in the upcoming NELP X.

Congo-Brazzaville's shallow water acreage making a splash

Soco's Lindongo X discovery offers upside to Congo-Brazzaville's oil production outlook. We see the current lower-price, lower-risk environment support increased interest in development of smaller, shallow water discovery.

CEO Departure Dents Investor Sentiment

Investors will be keeping a close eye on Sanofi's financial performance, product portfolio, management structure and company strategy in the last quarter of 2014. As Sanofi strives to reduce its reliance on blockbuster drugs such as Lantus and Lovenox and expand its presence in areas of business such as biotech, animal health and emerging markets - it is our view that the company's board will have to be increasingly transparent regarding company strategy in order to restore investor confidence in the company - particularly as 2015 is set to be a challenging year for the French drugmaker.

High Spending And Revenue Headwinds To Keep Fiscal Account Under Pressure

Venezuela's fiscal account deficit will remain deeply negative over the coming years, as revenues continue to be constrained and expenditures, notably on large-scale social programmes, continue to be elevated. We note significant downside risks stemming from the recent drop in the price of oil, which may hinder the government's ability to meet debt obligations over the coming quarters.

Islamic Banking: Growing To Slow Globally, But Opportunities Remain

We maintain our bullish outlook on the global Islamic Banking sector over the coming years, and while growth rates have peaked, there are significant opportunities in the Gulf and Pakistan. Growth in Central Asia will remain lacklustre due to political intransigence, with the notable exception of Kazakhstan.

PepsiCo SodaStream deal only causes a little splash

The PepsiCo-SodaStream pilot tie-up may be a taste of a minority equity investment in the future. However, we do not expect an outright acquisition attempt. The at-home carbonation market will not develop into more than a niche component of the wider soft drinks industry. Its main attraction is the additional distributional channel it potentially provides for PepsiCo's drinks.

UK supermarkets taking some damage in food price war

Despite falling food prices, the operating margins of many UK food companies will at best flatline over the next few years. This is a direct consequence of the ongoing price war in the food retail sector as the mainstream reacts to the success of the discounters. The ruthless competitive pressure in UK retailing presents a major long-term risk to food producers' margin growth.

UK craft beer hotting up as mainstream beer goes lukewarm

Craft beer is taking a bigger share of beer sales, while mainstream beer sales are dropping. The proportional contribution of craft beer to overall beer sales by value in the UK will grow considerably over the next few years, from its current level of between 2.5-5.0%. There is a strong opportunity for UK and US craft beer producers to take even more sales from the multinational beer giants.

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