FOOD & DRINKS MARKET

AMERICAS: DECEMBER 2007 - US coffee consumption peaked in 1946.

The Economic Research Service of the United States Department of Agriculture has examined its coffee availability data, a proxy for consumption, and calculated that US per capita coffee consumption peaked in the mid-1940s. In 1946 per capita availability measured 46.4 gallons compared to 24.2 gallons in 2005. This is despite the current popularity of Starbucks and its peers.

Instant coffee, which firstappeared in 1938, was issued to troops during the 2nd World War with a consequential impact on future demand.

The subsequent decline in coffee consumption is contemporaneous with the rise in availability and popularity of carbonated soft drinks which overtook coffee in popularity in the mid-1970s.

The nadir in coffee availability was 1995 and the subsequent rise is attributed to the coffee shop phenomenon which has counterbalanced declining sales in supermarkets.

However the age demographic of coffee consumption is skewed. According to National Coffee Association data coffee is consumed by only 37% of Americans between the ages of 18 to 24 whereas 60% of 40 to 59 year olds and 74% of those over 60.

In October 2007 it was reported, although not confirmed, that Procter & Gamble had hired Blackstone to explore the sale of its Folger and Millsone coffee businesses.

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HOME & LEISURE MARKET

ASIA: New South Wales reviews the legal status of online betting.

The New South Wales Gaming and Racing Minister has announced that he is reviewing the status of online betting in the state to recoup the tax revenue currently being lost to the Northern Territory where the industry is legal.

In a separate development, Tabcorp, the owners of the Star City casino in Sydney has signed a 12 year deal with the New South Wales government which guarantees that there will be no new casinos in the state for the duration of the agreement.

In return Tabcorp will pay the government an up-front fee of A$100m. The New South Wales Treasurer stated that changes to the tax structure, incorporated in the deal, will increase casino tax revenues by 32% by 2012-2013.

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TELECOMMUNICATIONS MARKET

EUROPE: Despite reporting an overall Q3 revenue increase, fixed line performs badly.

France Telecom announced Q3 results on 25 October 2007. Revenues rose 3.5% year on year on a comparable basis.

The Home Communication Services division which incorporates both fixed line telephony and ADSL reported a rise of only 0.2% in third quarter revenues.

These aggregated figures disguise a 16.4% fall in quarterly revenues from traditional phone services. France Telecom reported that this was due to a decrease in call volumes. Telephone line rental revenues decreased 3.2% despite an increase in line rental prices in July 2007.

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FOOD MARKET

EUROPE: Barry Callebaut increases chocolate production capacity in Russia.

Barry Callebaut, the Zurich based manufacturer of cocoa, chocolate and confectionery products, inaugurated its new chocolate factory in Chekhov, 60 kms south of Moscow, on 18 September 2007. The factory has a production capacity of 27,500 metric tonnes.

The company quadrupled its Russian sales between 2000 and 2005 and aims to further triple them within three years. It has identified Russia as its key target market in eastern Europe.

The factory will not be utilised to manufacture consumer products but will supply domestic and multi-national manufacturers and artisanal producers.

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COMMERCIAL BANKING

DBS Group comfortable with their exposure to US mortgage debt.

In late August 2007 Singapore's central bank, the Monetary Authority of Singapore, issued a second warning to banks to appraise their exposure to US mortgage debt.

The warning was prompted by the DBS Group's announcement that its direct exposure to collateralised debt obligations (CDOs) was nearly double that previously announced.

DBS emphasised in their statement of 27 August that of their total SG$2.4bn holding in CDOs only 12% were directly exposed to US sub-prime mortgages. Their total CDO exposure amounted to only 1% of overall assets.

CONFECTIONERY MARKET

Cadbury-Schweppes acquires Japanese throat candy manufacturer.

Subsequent to their acquisition of Adams, Cadbury-Schweppes has made significant market share gains in the Japanese chewing gum market.

In July 2007 they acquired Sansei Foods Co. Ltd. which sells sugar-free functional candy (primarily throat lozenges) in Japan under the Teicalo and Xylicrystal brands. They have an approximate 4% market share of the total candy market and 14% of the throat candy market in which Cadbury-Schweppes is represented by Halls.

WINE MARKET

In Canada wine sales have surpassed those of spirits for the first time.

The Canadian wine industry underwent a significant transformation in the late 1980s and early 1990s as growers introduced wine quality grapes to replace the native Labrusca grape.

Between 1997 and 2005 the industry's real GDP grew at an average 7.1% as opposed to 3.0% for Canadian industry as a whole.

Statistics Canada reports that the value of wines sold in 2005 surpassed the value of spirits for the first time but at 25.2% still lagged beers which represented 50.4% of the alcoholic beverage market.

GAMES HARDWARE

ASIA: Wii's success drives Nintendo's market capitalisation.

Both Microsoft and Sony have cut the price of their core consoles in the US market. The various formats of the Xbox will see discounts of between $20 and $50.

These moves are in part spurred by the availability of the cheaper Nintendo Wii.

The Wii is outselling Sony's Playstation 3 by a factor of six in the Japanese market and a factor of 2 in the USA. This success resulted in Nintendo's market capitalisation outstripping Sony's in July 2007.

GAMBLING MARKETS

EUROPE: Television advertising by gambling companies deregulated by the 2005 Gambling Act.

The Gambling Act 2005 which comes into force on 1 September 2007 contains a number of provisions, key amongst which is the deregulation of television advertising.

Gambling companies will be able to broadcast advertisements after 9pm; sports betting advertisements will be permitted during sporting events broadcast before this watershed.

However, the Act only applies to companies based in the European Economic Area, Gibraltar or a 'white-list' of other approved domiciles. Key centres of online gambling activity such as Costa Rica and Antigua have not yet applied to join the 'white-list'.

The measures have been criticised by the Royal College of Psychiatrists as a 'recipe for disaster'.