News – Business & Economi

Deutsche Telekom said Thursday it kept its annual forecast issued after the morning a current profit unchanged, reflecting a stabilization of its European operations, which still face a stable environment.

Earnings before interest, taxes, depreciation and amortization (EBITDA) came out unchanged at 4.48 billion euros in the high end of analysts' forecast whose consensus ranged from 4.32 to 4480000000.

"It was a very good quarter for us," said Chief Executive Rene Obermann said in a statement.

"We have made significant progress in many areas and we can now confirm our annual target."

The Bonn-based group predicted a current profit excluding items of 18 billion euros against 18.7 billion in 2011

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German Chancellor Angela Merkel is opposed to programs to support economic activity in Europe but it is ready to discuss a strengthening of the European Investment Bank Investment Bank (EIB), she says in an interview published Wednesday in the daily Hamburger Abendblatt.

She explains that in his view, the growth can not depend solely on stimulus costly for public budgets.

"It is important that we distance ourselves vis-à-vis the idea that you should always spend money to get economic growth," she said, according to excerpts from the interview released before its publication. 

"Sustainable growth is based more on education and research and innovation capacities of SMEs."

Germany, who had fought the 2008-2009 recession with a stimulus package of 81 billion euros, took the lead of states shifting the focus to fiscal austerity measures against ; the sovereign debt crisis.

But an increasingly hostile public opinion and certain officers to austerity in several countries in the euro area has reopened the debate on the advisability of measures to support growth . 

In France, the favorite for the second round of presidential elections, the socialist Francois Hollande, wants to engage if elected Sunday a renegotiation of the European fiscal pact meant facilitate the reduction of deficits. It also advocates that the European Central Bank (ECB) do more to support economic activity.

Angela Merkel warned against any relaxation of the fiscal pact, it is preferable to consider measures mobilizing "political courage and creativity more than billions."

She argues for including the removal of barriers to youth employment and the strengthening of vocational training systems, to further open the labor market. 

Repeating remarks already held the last weekend in another interview to the press, she told the Hamburger Abendblatt that Germany was in favor of strengthening resources EIB, the financing arm of the European Union in the field of investments, as well as a more flexible use of EU structural funds.

Luxembourg Prime Minister Jean-Claude Juncker, who chairs the Eurogroup of finance ministers ruled Monday as possible an increase of 10 billion euros from the EIB's capital.

European shares closed Wednesday up sharply, the results found solid companies' published eclipsing concerns about the debt crisis in the eurozone.

The CAC 40 index, which had ended with a gain of 2.29% Tuesday, ended up 2.02% to 3233.46 points.

The Frankfurt Stock Exchange rose 1.73%, that of Madrid by 1.7% while the London market (0.16%) suffered from the recession back to the UK economy .

In this context, cyclicals and financials were particularly popular, pan-European Stoxx index of bank earning 1.86% in the provisional closure and the auto 3 , 05%, fastest growing sector in Europe.

Human Genome Sciences announced Thursday it had rejected an unsolicited offer of his longtime partner GlaxoSmithKline that values ​​around 2.6 billion (2 billion).

GSK's offer, to 13 dollars per share, represents a premium of 81% over the closing price of 7.17 dollars for action Human Genome Wednesday night, but the U.S. group believes it does not reflect its intrinsic value.

In pre-market Human Genome soared over 100% to trade at just over $ 15, a sign that the market is betting on a bidding war in this new battle that promises to within a pharmaceutical industry recently marked by a wave of consolidation. 

Human Genome, American laboratory that specializes in gene isolation and identification of their function in the development of new drugs, said banks have mandated Goldman Sachs and Cre Swiss said the counselor.

First British pharmaceutical company, GSK said he was disappointed in a statement of rejection of his offer without discussion. The group confirmed its offer, stating that the proposed price of $ 13 would be paid in cash.

He also said to expect the transaction provides for the realization by 2015 at least $ 200 million of cost synergies, and that it will be accretive to from 2013.

If GSK has been a tendency in the past not to buy out partners with whom he works, the rumor of an offer to GSK on its U.S. partner ran long, the two companies already collaborate ; over several treatments, including Benlysta, the first new drug against lupus in more than half a century.

Navid Malik, analyst at Cenkos Securities, indicates that GSK extremely knowledgeable Human Genome and must point to a potential value in excess of one Benlysta. 

Both groups are also working on a project called darapladib treatment of heart, now in the third and final phase of experimental tests.

If product development is going to an end, analysts see it as a "blockbuster" possible multi-billion dollar per year, although the molecule is also accompanied by a high level of risks.

A banker in the health sector considers the offer of generous and GSK believes that certain shareholders of Human Genome could accept it.

Others, however, prefer to wait an increase of the price. They know the appetite of big pharmaceutical companies for biotech in their search for new growth after the expiration of patents on several of their blockbuster drugs.

As recently as Wednesday, the American Illumina rejected a hostile bid of 6.8 billion dollars (5.2 billion euros) of the Swiss laboratory Roche Holding.

The Spanish Minister of Economy admitted on Monday that the country had fallen into recession for the second time since 2009, as investors demanded higher yields to buy debt securities the country.

Official figures on gross domestic product (GDP) of the Spanish first quarter of 2012 will not be published before April 30. The Minister of Economy, Luis de Guindos, however, said that the Spanish economy should be in the first quarter contraction similar to the last quarter of 2011, which was 0.3 % over the third quarter.

Two successive quarters of declining GDP correspond to the technical definition of recession, which was widely anticipated in Spain.

According to the minister, who gave an interview to El Mundo, the decline will however not as serious as feared.

"If you had asked me this question two months ago, I would have thought the first quarter of 2012 would have been much worse than the last quarter of last year. But this does not happen, "said Luis de Guindos

" For now, I see a first quarter like the last quarter of last year. "

These words fall in line with other recent statements by government members, suggesting Spain is in recession again

. The rightwing government of Mariano Rajoy has committed to undertake significant budget cuts. But, the markets, there is concern growing that the recession makes it impossible to goals of deficits and that Spain should seek international assistance in one form or another, to ; like Greece, Ireland and Portugal.

Yields of Spanish debt to ten years have passed Monday morning above 6% for the first time since the beginning of the year, while the Spanish CDS reached new records.

CRISIS MODE

"We returned a crisis mode," said Lyn Graham Taylor, a specialist rates to Rabobank. "It seems increasingly likely that Spain would have to resort to some form of rescue. If there is no intervention (ECB), there will be no ceiling to Spanish yields . They will just keep climbing. "

The Spanish economy is in contraction or stagnation since the bursting of the real estate to ; re in 2008. While housing prices are still falling, the survival of some banks and the new government's ability to control its finances are subject to debate.

The Popular Party (PP), which won elections in November against the Socialists in place, has taken a number of measures to reduce the deficit Spanish, one of the highest the euro area.

But confidence in the ability of President Mariano Rajoy of the Government to work within budgetary limits of the euro area was tested when the head Government has unilaterally lowered the deficit target in 2012 beginning in March, which was strongly up the risk premium on Spanish debt. 

The Minister of Economy also said that the government would take further measures to help small and medium enterprises solvent to obtain credit from banks.

Moreover, the government could get involved in finances too spendthrift regions as early as May, said on Monday with the government.

If Spain has largely missed its target deficit for 2011 is largely due to the expense of regions. The 17 Spanish autonomous regions must reduce its public deficit to 1.5% of GDP in 2012, against 2.9% last year.

A law is being voted in parliament to give the central government the power to punish regions that did not comply with the objectives of deficit narrowed.

Total accelerates its fall Tuesday afternoon in Paris Bourse, in a climate of growing concern about the consequences of the gas leak occurred Sunday on its platform of Elgin-Franklin North Sea.

At 4:16 p.m., the action of the oil giant posted the largest decline in the CAC 40, yielding 6.57% to 38.31 euros, its lowest level in three months. The title acknowledges its biggest drop since December 2008 and saw its market capitalization and nearly melted almost six billion euros.

Total, by far the highest weight of the ACC, led the Paris index, which yielded 0.68% while the other major European markets were stable and the sector index Europé in commodities advanced 0.53%.

At this stage, investors are more concerned about the impact of leakage on the group's production and its consequences on the environment and the prudent play while waiting to get an idea pre Cise of the magnitude of the disaster.

"Investors apply the precautionary principle in a situation still uncertain, in memory with the recent accident that affected BP," said Romain Burnand, co-director of Moneta Asset Management. 

The explosion and sinking and the Deepwater Horizon, in the Gulf of Mexico, eleven had died in April 2010. Some 4.9 million barrels of crude oil had escaped from the Macondo well, drilled on behalf of the "major" British Petroleum. After the disaster, BP had lost more than 52% of its stock value in less than two months.

"With the memory of Macondo, the market remains very nervous about this kind of news until the problem is not quantified," says one trader.

"This event will impact Total's production and creates a risk of pollution, limited at this stage, but not yet identified," he says, noting that the group is still undecided in his faç ; we deal with the incident.

TWO OPTIONS

Total has indeed explained explore all possible options to deal with the gas leak on the platform Elgin-Franklin, including drilling a relief well, an operation that could take six months.

"There are two options for intervention. One is to drill a relief well, which could take about six months. The other is an intervention on the platform to seal the well (…) what would be a faster option, "he told Reuters David Hainsworth, safety manager, health and environment at Total Exploration & Production UK

. "We plan to decide on a course in the coming days," he In addition to mobilizing added

. 10 to 20 engineers, the group has engaged the services of Wild Well Control, society that occurred during the oil spill in the Gulf of Mexico in 2010

. Total said Monday it has stopped production and have evacuated its staff on site (238 people), after the leak occurred Sunday. 

The platform was producing nine million cubic meters of gas per day, equivalent to 3% of UK production of natural gas and 60,000 barrels per day of light crude.

The gas cloud that formed around the platform, located off Scotland to 240 kilometers east of Aberdeen, has forced Shell to evacuate employees of two neighboring platforms for safety reasons.

The leak has formed a cloud dense enough to be visible to other platforms in the North Sea. Shell has decided to suspend, as a precaution, to drill on one of them.

The environmental consequences of leakage of natural gas condensates are much less serious than those of oil spills, has informed the British Minister of Energy.

An exclusion zone of sea and air, however, was declared around the platform, said Total.

The title Exonhit significantly lower Thursday at the Paris Bourse after the publication of 2011 results considered very encouraging for the future of the biotechnology company, according to stakeholders.

For the past year, Exonhit reduced its loss to 7.1 million euros, against a loss of 7.7 million in 2010, and indicated that on 31 December 2011, his strated ; Flow was $ 12.9 million, giving it about 24 months of cash.

She also announced today have repaid all its long-term debt.

Turnover dropped to 5 million euros last year, against 8.4 million a year earlier. 

The company claims to have achieved savings in 2011 of two million euros in a full year after abandoning a planned acquisition and cut expenses on clinical Aclarus DX, the blood test of Alzheimer's disease.

Present equally in the market for drugs for neurodegenerative diseases and the diagnosis, Exonhit gives no numerical targets for 2012 merely say "more than ever" confident in achieving its prospects.

"The year 2012 will Exonhit to that of expanding our portfolio of diagnostic products, its own or in collaboration, while maintaining a solid financial structure," said the pre Chairman of the Executive Loïc Maurel, said in the statement of results. 

At 11:10, the action Exonhit lost 9.36% to 1.84 euros in large volumes, showing a market capitalization of 62.78 million euros. At this price level, the title was up 73.6% since the beginning of the year, after a loss of 48.29% last year.

At Bryan Garnier, Sebastien Malafosse the analyst points out that the market "expects a start-up Exonhit as it invests in its future development rather than focus on reducing of its cost structure ".

The views of the steps taken in 2011, he continues, "the road is still long for Exonhit and maturity of 24 months of cash could happen quickly."

With other analysts, however, it notes that the action has Exonhit, like those of other biotechs, gained much ground in recent sessions, so the decline of this morning can also be explained by profit taking.

Nisshin Steel will acquire Nippon Metal Industry as part of a stock deal valued at $ 180 million (136 million euros) to create the number two Japanese stainless steel The Japanese steel industry consolidating domestic market face a sullen and intense foreign competition.

Nippon Steel Corp.. -A number of Japanese steel-and Sumitomo Metal Industries also plan to merge in October.

Nisshin and Nippon Metal, who in November announced their wish to merge this year, said in a statement that they had reached an agreement to combine, October 1, their activities under a holding company to be called Nisshin Steel Holdings Co.

Prior to this announcement, shares Nisshin Steel have closed unchanged at 145 yen.

Nisshin and Nippon Metal Industry said they planned cost savings and other synergies that increase by 13 billion yen (119 million) over five years their beneficial ; current fice.

Hannover Re has refrained from any forecast for 2012, citing the possible IPO of Talanx, the German insurer which is its majority shareholder.

Talanx owns 50.2% of the third global reinsurer.

Hannover said Wednesday he planned to pay a dividend of 2.10 euros per share on the results of 2011 against 2.30 euros in 2010, when net income was integrated ; a capital gain tax.

Net income for 2011 is 606 million euros, according to preliminary results published on 13 February and well above its target of at least 500 million .

The Bundesbank (Buba) German has used much of its profits in 2011 to strengthen its protective mattress and its president warned Tuesday the European Central Bank (ECB) against a decision excessive risk in its rules for granting loans to banks.

The German central bank considered it prudent to increase reserves while increasing concerns about the bill that the issuing institutions in the euro zone will have to pay under rescue the European banking system.

The ECB has helped to avoid a credit crunch by injecting in the space of two months 1,000 billion euros in the area banks, through loans and rates 3 years reduced, and by relaxing its criteria for acceptance of collateral. 

The chairman of the Buba Jens Weidmann said he was concerned about the risks to the balance sheet of the ECB and national central banks of the Eurosystem, arguing that risk-taking should be lowered e, for instance by raising the quality of the collateral required for banks wishing to finance with the ECB.

But even if the Bundesbank's balance sheet reflects this concern, Jens Weidmann did not call for an immediate withdrawal of bank support.

"But that does not mean that all measures of crises must be lifted immediately, rather, it means that we, as a central bank, thinking against their abil re to organize the withdrawal of these measures."

One who is also a member of the Governing Council of the ECB played down his differences with the president of the institution in Frankfurt Mario Draghi in monetary policy. He stressed that he did not feel isolated within the council and had a good working relationship with the Italian

. "I do not feel isolated in the Governing Council of the ECB because I see that the arguments that I or others put forward are discussed "said Jens Weidmann at a press conference on the occasion of the presentation of annual results of the Buba

…. ….. He added that there was no predefined camps at voting time on the board. Last week, Mario Draghi also said that the Bundesbank was not isolated within the ECB.

The benefit of the Buba fell to 643 million euros in 2011, against 2.2 billion euros in 2010, due to an increase of 4.1 billion euros of provisions related to credit risk, foreign exchange, gold and other prices, against an increase of 1.6 billion euros the previous year.

"The main reason for the decrease in earnings is higher provisions for risk," said its president.

"The counterparty risk in repurchase program bonds and refinancing operations rose perceptibly due to higher volumes and the high degree of risk," added ; Jens Weidmann.