News – Business & Economi

Kaufman & Broad has reported Thursday a net income multiplied by almost four for its third quarter ended in late August and reconfirmed its goal to return to profit on its overall fiscal 2010.

Kaufman & Broad, a subsidiary to 88.7% of the fund PAI Partners, stated that it posted a net profit of 2.3 million euros for its third quarter against 600,000 euros a year earlier.

In the first nine months of its fiscal year, net income totaled 4.7 million euros against a loss of 26.9 million over last year.

"In this context, market conditions and comparable, Kaufman & Broad confirms the return to positive net income over the full year 2010 (…) With a much improved 2011 outlook, "said Guy Nafilyan, the CEO of Kaufman & Broad said in the statement.

The group also said to have reduced 177.1 million euros net debt compared to August 2009 and it now stands at 199.6 million euros.

At the Paris Bourse, the action Kaufman & Broad closed Thursday before the announcement of quarterly results, to 19.24 euros, up 0.73%.

The group has a market capitalization of 425 million euros.

SeLoger.com Wednesday reiterated his rejection of the bid submitted by Axel Springer.

The German media group has officially filed Tuesday with the Autorité des marchés financiers (AMF) its bid for specialist real estate listings on the internet at a price of 34 euros per share.

"As he had expressed at the end of the meeting held September 14, 2010, the Supervisory Board considers that the price of 34 euros per share offered by Axel Springer AG does not reflect the intrinsic value of the group SeLoger.com nor its prospects for growth, "said the French company in a statement.

SeLoger.com "also notes that the draft Information Note (…) Does not show any prospect of synergies between Axel Springer AG and SeLoger.com, and therefore had reservations about the strategic interest of the proposed transaction. "

The French group also expressed "its opposition to the absence of trapping point in the proposed offer and reaffirms its determination to prevent any attempt at creeping takeover of the company."

SeLoger.com adds that it continues to evaluate "all strategic options and actions that could be implemented in the interest of the group, and in particular its shareholders, employees and customers."

The title of expert on Internet ads, which had closed Monday at 37.53 euros, has been suspended since Tuesday morning at the Paris Stock Exchange, until further notice.

Axel Springer owns the tabloid Bild particular and the daily Die Welt, already holds 12.4% stake in the site, acquired from its existing shareholders to 34 euros per share.

Since the announcement, September 10, the proposed acquisition of SeLoger.com, the title of the French company has always traded at a price level well above the price offered by the German group, in a market that seems to bet a cons-offer.

But according to many experts in mergers and acquisitions, equity investment already made by Axel Springer made such an operation not easy.

The gold spot market has reached record Monday of $ 1,300 an ounce, concerns about the global economy that supported the purchase of precious metal, also boosted by demand in India.

The price of silver also rose to a high of 30 years. They rose nearly 30% since the beginning of the year.

At 10:20 GMT, gold was trading at 1297.20 dollars on the spot market after being mounted in the early morning up to $ 1,300.

Friday morning, the benchmark futures contract on gold, due in December, had already hit the bar for $ 1,300 an ounce.Monday noon, he stood at 1298.5 million.

The courses have benefited from the weaker dollar and uncertainty about the economy after the recent statements by the U.S. Federal Reserve has opened the way for further steps to support the economy.

"We could see some profit taking in the short term.Of course, in the longer term, there will always be an upward trend for gold prices, "said Ong Yi Ling, investment analyst at Phillip Futures.

"I think by the end of the year, it should be around 1,350 dollars or 1,400 dollars," he adds.

Market operators in Singapore have reported strong demand for gold in India, the largest global buyer, despite record high prices for the precious metal in the heart of the holiday season in the country, traditionally marked by record sales for jewelers.

"India always buys.It is a very good thing, "said a Singapore dealer.

Money Monday reached 21.60 dollars per ounce, its highest level in thirty years.

"With gold at the highest record, investors are rediscovering the money as a safe haven. I believe that the money continues to mount, it is necessary that the gold price will hold," informed Ong Yi Ling .

Alcatel-Lucent believes that component shortages which have impacted its interim results will persist well into 2011, but they are not likely to jeopardize the normalcy that the group is next year.

In an interview with Reuters on Friday, the finance director of telecoms equipment, Paul Tufano, said he was increasingly confident in the group's ability to achieve its 2011, targeting a positive free cash flow and margin Adjusted operating between 5% and 9%.

"All the levers that give us confidence in our ability to achieve our objectives are showing signs of improvement from quarter to quarter.With this momentum, our confidence grows, "he said.

The CFO said that the difficulties associated with shortages of components in the semiconductor industry, although they will not be improved since the end of first semester, is only a temporary obstacle for Alcatel.

"If you look at the overall supply of components through the semiconductor industry, it has not changed much since the first half of the year.The situation is still difficult, "said Paul Tufano.

He expects a resolution later in the year 2011 the problem of components used in many industries, including automotive and electronics, are affected by a rapid recovery of demand.

"We have demonstrated our ability to manage this component. Every day we are improving on this front. Unless something dramatic occurs in the industry, I do not think it will be a major problem," said he added.

Around 16:30, the Alcatel stock gained 8.4% to 2.514 euros, compared with an increase of 1.89% of the CAC 40 index and 0.44% of the telecoms sector index.The title, which climbed about 4% to 15.00, has boosted its earnings after the statements by the chief financial officer told Reuters.

FREE CASH FLOW

Paul Tufano was more optimistic at the end of July, when he felt that achieving the goal of "free cash flow breakeven in 2010 depended on the evolution of inventory management.

In the second quarter, Alcatel has limited the impact of these shortages on its quarterly results, but it consumed more cash to build up stocks of components, relying on continued strong demand in the second half.

"I am hopeful that we can begin to reduce our inventory," said Paul Tufano Friday, adding that this would probably rather in the fourth quarter of 2010 than in the third, the period for which the inventory level should be roughly equivalent to the second.

Alcatel expects free cash flow breakeven in 2010, and an adjusted operating margin of between 1% and 5%.

In an industry where increased competition in recent years has resulted in increased pressure on prices, the Franco-American is counting on cost savings to improve profitability.

"There will always be some level of competitive pressure. We must work to lower breakeven to fit (…).Internally, we're really focused on reducing costs, "summed up Paul Tufano.

"You'll mostly see us work to reduce the complexity of our business (…). This will be our next push. We started at the end of last year, and we're working this year. We hope to see profits in 2011, "he added, but declined to quantify the expected savings.

"By simplifying our complexity, we have the ability to reduce costs further … And there are many complexities."

The European Agency for the Evaluation of Medicinal Products (EMEA) recommended Thursday the recall of Avandia, GlaxoSmithKline's diabetes medication, while the FDA, its American counterpart, while maintaining its approval subject to conditions .

Both decisions, separate but coordinated, meet on the fact that the drug poses risks without agreeing on measures to be taken.

The Avandia was once the second treatment of Glaxo's best-selling, but sales have declined.According to the British laboratory, they should in future be minimal.

Glaxo ended down 1% on the London Stock Exchange.

In EMEA, the authoritative source indicates that the recommendation of suspension should be released on Thursday officially endorsed by the European Commission within 15 days.

The drug, whose generic form is known as rosiglitazone, and its main rival, Actos, or pioglitazone, developed by Takeda Pharmaceutical, are both known to increase risk of heart failure.

A 2007 study by the Cleveland Clinic has also found that Avandia increased the risk of heart attack.

In July, experts had recommended to maintain the FDA approval to market Avandia while asking that it be accompanied by warnings.

Janet Woodock, director of the center of research and evaluation of drugs to the FDA, said that the link between taking Avandia and the risk of heart attacks was not entirely clear.

"To remain conservative, we restrict access.We are not getting the drug for now because there are many uncertainties about this warning and if it is valid or not, "she said.

Asking patients and physicians to meet certain criteria to obtain the drug means "they will think twice" before using it, "she says.

In 2006, sales of Avandia have reached three billion, but problems emerged in 2007 and sales have fallen, to 1.2 billion in 2009 (900 million), 2.7 % of consolidated turnover of the group.

In the first half of 2010, sales of Avandia fell 18% to 321 million pounds (nearly $ 380 million). Of this total, 72 million pounds are produced in Europe.

Many doctors are now prescribing Actos from Takeda.

The Thai number one energy PTT Wednesday withdrew its offer for the assets of French retailer Carrefour in Thailand at the request of the government, its largest shareholder.

The Thai government said Tuesday that PTT should focus its energy and does not disperse into other areas.

Carrefour, which wants to focus on Asian markets where it is leader, is seeking to sell its operations in Malaysia, Singapore and Thailand for an amount that could reach one billion dollars (800 million euros).

Analysts put the figure of 600 million dollars (473 million) for the 40 stores of Carrefour in Thailand.

"As more shareholders of PTT have come to the conclusion that we should not make any offer, PTT has therefore decided to do so," the company said in a statement.

PTT advisers for this transaction are investment banking On Group, based in Bangkok, and Merrill Lynch.

At least two competitors are vying to buy the assets of Carrefour in Thailand: Thai Berli Jucker conglomerate and distributor Central Pattana.

The Wall Street Journal reported in early September that Tesco, Japanese and Singaporean Aeon Dairy Farm had not passed the first round of bidding, unlike the French group Casino, which teamed up with Thai Big C Supercenter.

Other sources said later that Tesco was well past the first round.

The market share of Carrefour in Thailand is around 2% behind the top three distributors that are CP All, Tesco and Big C Supercenter, part-owned by Casino, according to a recent study by the bank RBS.

Carrefour wants to sell its stores in Malaysia, Singapore and Thailand to focus on markets where it is in a strong position. In Asia, it has already withdrawn from Japan and South Korea.

Wall Street has ended sharply higher Monday on the eve of the meeting of the Monetary Policy Committee of the Federal Reserve and despite a statistical property that was not particularly favorable.

The S & P 500 has also surpassed the strength of 1,140 in the afternoon, prompting more investors to come on the market, and finished at a high of four months.

"The market is currently evolving in terms of technical factors and not new, but we can not say for now so out of the fluctuation band will strengthen the market permanently," said Gary Flam (Bel Air Investment Advisors).

A pair of good corporate earnings, before the flood of quarterly accounts, and takeovers have also supported the market.

The Dow Jones gained 145.77 points (1.37%) to 10,753.62.The S & P 500 is 17.12 points (1.52%) to 1,142.71 and the Nasdaq Composite advance from 40.22 points (1.74%) to 2355.83.

Economists believe that once again the central bank will maintain the status quo on rates, while confirming its commitment to stabilize its balance sheet at its present level, without taking further measures to relax.

In terms of statistics, the index of the National Association of Home Builders / Wells Fargo (NAHB) has remained steady at 13 in September, its lowest level since March 2009, while analysts polled by Reuters had expected a slight increase at 14.

Cliff Draughn (Excelsia Investments Advisors) tempers the negative aspect of this index. "It's a bit less than expected but it is not surprising," he said."We hope a recovery in real estate but it will not happen anytime soon. The bubble started in real estate and it remains the big problem of the economy."

The Dow Jones finished construction on a gain of 4.47%. Lennar, the third U.S. property group, gained 8.22% to 15.14 dollars. He has published on Monday a profit better than expected in the third quarter.

For financial, Discovery Financial Services has also published accounts exceeded expectations. The action takes 3.8% to 16.16 dollars.

"This kind of news brings some confidence to the results of the third quarter, we think they will be in line or better than expected," said Gary Flam.

Netezza has jumped nearly 15% to 28.27 dollars.International Business Machines announced Monday the purchase of Netezza, a computer company that provides its customers with servers and related software analysis, $ 1.7 billion.

IBM gained 1.23% to 131.79 dollars.

U.S. administrative authorities have partially rejected the appeal filed Friday by U.S. Aerospace cons his eviction from the bidding for the tanker aircraft for the U.S. Air Force contract to $ 50 billion (38.3 billion euros) coveted by Boeing and EADS.

The Government Accountability Office (GAO), the U.S. equivalent of the French Cour des Comptes, has yet to make a decision on part of the appeal on October 6, but he already had concluded that U.S. Aerospace not provided enough evidence to substantiate the charges of "bad faith" brought against the Pentagon.

He has not ruled on the merits of the appeal, namely the reality of five minutes late filing of the application of U.S. Aerospace, which earned him the rejection thereof.

U.S. Aerospace announced July 6 to join the Ukrainian manufacturer Antonov attempt to win the contract for refueling U.S..

Michael Goldberg, a director of the company, said he was relieved by the fact that the GAO is still considering the merits of the case.

"All that society wants is that the competition is conducted fairly," he told Reuters in a telephone interview.

Ralph White, one of those responsible for consideration of an appeal to the GAO, said the party rejected the appeal included claims that "the representatives of Air Force may have intentionally delayed the messenger responsible for submitting the proposal ( of U.S. Aerospace) for political reasons related to the supplier of the Ukrainian society. "

The Pentagon declined to comment pending the final decision of the GAO.

Michael Goldberg did not rule out that U.S. Aerospace is the case to federal court if his appeal was finally rejected.

He said the company was cooperating with Antonov and with a Chinese supplier to reduce its manufacturing costs. And he assured that the bid for the tanker was serious, adding that the company wanted to participate in other tenders, the United States and abroad.

"We're not trying to fly our share price: we run the business," he said.

The U.S. Aerospace Action ended Friday at eight cents on the spot market, up one cent, or 14.3% on the day.At this level, the company is valued a little less than three million according to Reuters data.

The trade balance of the eurozone in July has reached a surplus above expectations, according to statistics released Thursday by Eurostat, but the slower growth of exports and imports credence to the hypothesis of a slowing economy over the months.

The trade surplus, unadjusted for seasonal variations was 6.7 billion euros after 2.2 billion (revised) of June.In July 2009 it had reached 11.9 billion.

Economists polled by Reuters on average had forecast a surplus of 1.5 billion.

Eurostat said the euro zone exports rose 18% in July compared with same month of 2009, while imports grew by 24%.

These figures, if they continue to demonstrate a sustained rebound, were down compared to June (+27% for exports, 31% for imports) and May (+24% and +29% respectively).

On a seasonally adjusted (SA), the trade balance for July Sixteen shows a deficit of 200 million euros, thus significantly reduced compared with those of May and June, emerged at 2.6 billion and 1.4 billion respectively.

CVS exports fell 0.6% in July compared to June and imports by 1.5%.

The general government deficit in France at the end of the year will be below the current forecast of 8% of gross domestic product, said Tuesday the budget minister, Francois Baroin.

"We can say today that we will be below the 8% deficit at the end of the year," he said on RTL.

"It means that the march to pass for next year, which is intangible and which should bring us back to 6% deficit relative to national wealth, will be less high than expected," he added.

France is committed to its European partners to conduct in 2011 an effort to adjust its finances without parallel in the country for at least half a century.

The deficit would thus increase by about 8% in 2010 to 6% in 2011, 4.6% in 2012 and 3% in 2013, down from about 100 billion euros in three years.

As Prime Minister Francois Fillon, Baroin said that growth "will probably be 1.5%" this year, exceeding the government's forecast (+1.4%), leaving hope for a rebound in more revenue faster than expected.

"All surplus revenue related to the revival of economic activity will be fully allocated to reducing the indebtedness of the country," he said.

Further strong growth of 2% next year, the government plans to reduce deficits by controlling rising costs and increasing revenues, which will require the reduction of some 10 billion euros in the level of tax loopholes and Social 2011.

These hundreds of tax derogations amputate the revenue of tens of billions of euros every year.