DWS flags first-half writedown

DWS has warned that its first-half profit will be hit by a writedown on its investment in a joint venture with Borealis, a Canadian supplier of ‘corporate social responsibility’ software to the resources sector. The JV was set up in July 2013 before being abandoned eleven months later.Borealis is subject to official bankruptcy protection in Canada and has been unable to pay amounts owed to the JV, apparently (according to Borealis) due to the impact of Ebola on its software projects at mines in West Africa. Earnings before interest, tax, depreciation and amortisation are now expected to be between $7.0m...

DWS has warned that its first-half profit will be hit by a writedown on its investment in a joint venture with Borealis, a Canadian supplier of ‘corporate social responsibility’ software to the resources sector. The JV was set up in July 2013 before being abandoned eleven months later.

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