Birou Notarial9: septembrie 2011

vineri, 23 septembrie 2011

By Jeremy Gaunt, European Investment Correspondent

LONDON, Sept 20 | Tue Sep 20, 2011 5:49am EDT

LONDON, Sept 20 (Reuters) - Negative reaction to Standard & Poor's downgrading of Italian debt was short-lived on financial markets on Tuesday, as European stocks pushed higher and the euro recovered from earlier losses.

Markets remain on edge, however, about Greece's rickety finances, French banking stress and the next step by the U.S. Federal Reserve to try to ignite the U.S. economy.

World stocks as measured by MSCI were flat, but the pan-European FTSEurofirst 300 gained more than half a percent.

Traders said the relative strength in Europe was a reaction to falls in the previous session in markets marked by substantial volatility. The European index has lost more than 18 percent this year, mainly because of concern over euro zone finances.

The euro was flat after earlier falling on the news about Italy's downgrade. The ZEW Institute's German economic sentiment index fell, but had little impact on markets.

S&P downgraded its rating on Italy by one notch to A/A-1 and kept its outlook negative, surprising markets which have been speculating on a downgrade from rival Moody's but not S&P.

It said the outlook for growth was worsening and there was little sign that Prime Minister Silvio Berlusconi's fractious centre-right government could respond effectively.

Under mounting pressure to cut its 1.9 trillion euro debt pile, Italy's government pushed a 59.8 billion euro austerity plan through parliament last week, pledging a balanced budget by 2013.

The downgrade underlined the poor state of euro zone finances and the fragility of attempts to fix it.

French banking stocks were among the worst performers in Europe after sources said that Bank of China had stopped foreign exchange forwards and swaps trading with several European banks due to the region's debt crisis.

Focus was also on Greece, which must shrink its public sector to avoid running out of money within weeks.

"Once again we do seem to be peering into the abyss here," said Cameron Peacock, analyst at IG Markets.

Core euro zone bonds were in demand as a safety play.

FED AHEAD

Other than euro zone worries, investors were bracing for a two-day meeting of the U.S. Federal Reserve, with an eye on what policymakers will do to ignite the faltering U.S. economy.

With one eye on the euro zone debt turmoil and another on a stubbornly high 9.1 percent U.S. unemployment rate, the Fed, is expected to begin shifting the composition of its balance sheet to weight it more heavily with longer-term securities.

"Operation Twist", as it has been dubbed, implies selling shorter-term debt or letting it mature and reinvesting in long-term bonds.

Ten-year U.S. Treasuries were flat. (Editing by Patrick Graham)

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US probing 8 offshore banks for aiding tax evasion

Sept 20 | Tue Sep 20, 2011 5:37am EDT

Sept 20 (Reuters) - Eight offshore banks around the world are under federal grand jury investigations for assisting U.S. citizens in tax evasion, the Department of Justice (DOJ) said on its website.

"Put simply, the word is out that placing assets in foreign accounts no longer provides the protection from disclosure it once did," the DOJ said.

So far, prosecutors have said about 150 grand jury investigations of offshore-banking clients have been initiated, of which 30 cases have been charged, leading to 24 guilty pleas plus two convictions after trial, with four awaiting trial.

Switzerland has faced an international campaign against tax evasion in recent years as cash-strapped governments seek to bolster state coffers.

UBS AG paid $780 million in 2009 and consented last year to hand over information about nearly 5,000 U.S. accounts to settle government cases against the Swiss bank.

Credit Suisse bankers and clients have also come under scrutiny by U.S. authorities. (Reporting by Sakthi Prasad in Bangalore; Editing by Will Waterman)

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RPT-Chip inventories too high, Gartner sees correction

(Repeats to format text)

* Moderate inventory correction in coming quarters -Gartner

* Inventories too high in slowing economic conditions

Sept 20 (Reuters) - Semiconductor inventories are at worryingly high levels given current economic conditions and the likelihood that consumer and business spending will be weaker than expected, research firm Gartner said on Tuesday.

Gartner said it expects the semiconductor industry to go through a moderate inventory correction during next few quarters with production and sell-through expected to return roughly to balance by the second quarter of 2012.

"Current levels are too high given the weakening economic sentiment, and the industry must rein in production growth and take action to reduce accumulated inventory," Gartner analyst Gerald Van Hoy said in a statement.

Several semiconductor firms have signaled a weak market, cutting their forecasts for the current quarter as an economic slowdown is stifling demand for products that use chips.

On Sept. 8 Texas Instruments said demand had weakened across "a wide range of products, markets and customers," but ruled out any inventory adjustments as a reason for slowing demand. (Reporting by Tarmo Virki in Helsinki; Editing by Helen Massy-Beresford)

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joi, 22 septembrie 2011

European shares rise on back of short-covering

* FTSEurofirst 300 index rises 0.7 percent

* Defensive stocks leading rally

By Joanne Frearson

LONDON, Sept 20 (Reuters) - European shares rose on Tuesday in a short-covering rally following the previous session's sharp losses, led by defensives such as utilities.

German utilities RWE and E.ON (EONGn.DE) rose 3.3 percent and 2.9 percent respectively to top the German DAX after a German court suspended the enforcement of nuclear fuel taxation at E.ON's Grafenrheinfeld plant.

By 0819 GMT, the pan-European FTSEurofirst 300 index of top shares was up 0.7 percent at 922.73 points after being as low as 910.04. It had fallen 2.3 percent in the previous session.

Traders said that the gains could be short-lived after a surprise downgrade of Italy's credit rating by Standard & Poor's, which showed that euro zone debt issues had not gone away.

"It is not a huge move up and probably just a bit of short covering," said Louise Cooper, Markets analyst at BGC Partners.

"It is not an environment where people are going in and taking hugely aggressive positions, volatility is so scary it is not like people are piling in."

There were still concerns the region's debt crisis could be spreading to other countries after S&P cut Italy's credit rating by one notch. There is also still uncertainty over Greece's next aid tranche.

French banks were among the worst performers, with Societe Generale and BNP Paribas down 2.2 percent and 2.6 percent respectively.

The Bank of China has stopped foreign exchange forwards and swaps trading with several European banks -- including some French banks -- due to the euro zone debt crisis.

German engineering firm Siemens (SIEGn.DE) withdrew deposits from Societe Generale in July but the withdrawal was unrelated to the French bank's financial health, a Paris-based source told Reuters. (Reporting by Joanne Frearson) ============================================================ For rolling updates on what is moving European shares please click on ============================================================ For pan-Europeanmarket data and news, click on codes in brackets: European Equities speed guide................... FTSEurofirst 300 index.............................. STOXX Europe index.................................. Top 10 STOXX sectors........................... Top 10 EUROSTOXX sectors...................... Top 10 Eurofirst 300 sectors................... Top 25 European pct gainers....................... Top 25 European pct losers........................

Main stock markets: Dow Jones............... Wall Street report ..... Nikkei 225............. Tokyo report............ FTSE 100............... London report........... Xetra DAX............. CAC-40............... World Indices.....................................<0#.INDEX> Reuters survey of world bourse outlook......... Western European IPO diary......................... European Asset Allocation........................ Reuters News at a Glance: Equities................. Main currency report:.................................

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Rivals circle UBS star bankers

* UBS staff set for low bonuses after rogue scandal

* Shaky team morale could also spark departures

* Rivals circling top dealmakers, equity research staff

By Sarah White

LONDON, Sept 20 (Reuters) - Rivals are circling Switzerland's UBS AG to poach its star deal advisers and equity specialists, as a $2.3 billion rogue trading scandal and the prospect of low or non-existent bonuses dents morale.

UBS, already raided this year after a disappointing bonus round, is a target again for competitors and up-and-coming investment banks looking to bolster their company relationship teams and research desks -- two areas the bank is traditionally good at -- industry and headhunting sources said.

"Peers are certainly circling. There has been a big cut in profits and that will affect bonuses. People will leave, there's no doubt about it," said one headhunter who has dealt with UBS before.

Though the alleged rogue trades revealed by UBS last week emanated from its equities division this is unlikely to put the poachers off. The bank's equities research team has ranked number one for 11 years in a row in the Thomson Reuters Extel industry survey.

Two industry sources in London told Reuters their firms were likely to approach UBS bankers.

UBS investment bank head Carsten Kengeter has tried to bolster morale since the scandal hit, assuring staff that "clients are inundating us with messages of support."

"We all share a sense of anger and frustration," Kengeter said in an internal memo over the weekend in which he asked staff to act "with resolve, creativity and energy" and to "work hard to maintain our momentum."

"I am confident that we will turn adversity into strength," he said.

UBS staff are unlikely to jump until early next year -- though they may be first approached in the coming weeks -- as other banks will try to avoid having to compensate for forfeited bonus payments, the headhunter added.

Current estimates suggest that banks globally are driving through more than 100,000 job cuts to cope with the tough economic and regulatory environment, so they are unlikely to want hundreds of new recruits.

But a chance to again lure rainmakers from UBS may be hard to pass up. Several heads of investment banking at rival firms told Reuters in recent weeks, before the scandal hit, that they still had room for 'selective hires.'

"(UBS was) brutally raided by other banks, even though they do still have a strong culture. People sensed their weakness," said another recruitment consultant that also knows UBS well, referring to earlier departures.

U.S. rivals such as Bank of America Merrill Lynch and Citi , which is just finalising a rebuild of its advisory business after losing staff in the financial crisis, are among those that took bankers from UBS this year.

In March BofA ML poached Matthew Koder, UBS's head of global capital markets to its Asia Pacific corporate and investment banking division, signalling the start of a raft of high profile departures.

UBS has felt a huge upheaval in its mergers and acquisitions division, particularly in the United States, where more than 15 senior bankers left, including the head of Americas investment banking Kevin Cox.

The bank also lost two recently-promoted global heads of M&A, Liam Beere -- who went to merger and acquisition boutique Moelis -- and Cary Kochman -- who left for Citi -- in June.

Japan's Nomura , which is particularly looking for top bankers in the United States, is another firm that will likely try to attract UBS staff.

Some of the recently-promoted division heads at UBS are among possible targets.

They include James Hartop and Nick Reid, two top dealmakers who are now joint heads of investment banking for EMEA, and Simon Warshaw, a well-known media banker who is now co-global head of investment banking.

In the United States, Aryeh Bourkoff, a telecoms, media and technology specialist, was tasked with rebuilding morale in the Americas investment banking division, hit badly by defections.

On the equities front, Francois Gouws is one of the top global division heads and a former head of the renowned research group.

But long-serving UBS bankers such as Gouws and Warshaw, who joined from university in 1986, could be hard to sway.

"The investment banking franchise isn't destroyed, and some of the veterans, even if they have a price, are very committed to UBS," said the first headhunter. (Editing by Sophie Walker)

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REFILE-UPDATE 1-SEC asks U.S. companies to disclose offshore cash-FT

(Changes dateline to Sept 20 from 19)

Sept 20 (Reuters) - The U.S. Securities and Exchange Commission (SEC) has asked companies such as Dow Chemical Co , Fortune Brands Inc , Caterpillar Inc and CIT Group Inc to disclose the amount of cash they hold offshore, the Financial Times reported.

The move comes amid increased attention towards the impact of tax rules that encourage U.S. companies to keep earnings overseas, the paper said.

The SEC decided to focus on the issue of overseas cash more broadly after disclosures at Microsoft Corp and Google Inc earlier this year prompted interest in the subject, people familiar with the matter told the FT.

The U.S. government taxes U.S. businesses on income earned worldwide, but allows them to defer taxes on the money until it is brought back to the United States. As a result, American corporations like to keep the money abroad, particularly as they increase investment overseas.

U.S. companies do not have to break out earnings in foreign subsidiaries, making it difficult to determine from financial filings the amount of tax they save through each jurisdiction.

The SEC, however, raises questions through its public comment letters when it believes further information may be relevant and material to understanding a company's liquidity, the paper said.

"Generating cash outside of the U.S. is the result of being a global company operating in a global economy," Jim Dugan, Caterpillar's chief corporate spokesman, said.

About 70 percent of Caterpillar's business last year came from outside the United States, Dugan said, adding that the cash generated offshore reflected normal business activities.

The remaining parties could not be reached immediately for comment outside regular business hours in the United States. (Reporting by Gowri Jayakumar in Bangalore; Editing by Matt Driskill and David Holmes)

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UPDATE 6-Japan tells arms supplier to probe cyber attack

* Defence ministry tells Mitsubishi Heavy to conduct probe

* Mitsubishi Heavy shares drop 3.7 pct vs 1.6 pct Nikkei fall

* China dismisses suggestion hacking originated there (Adds analyst comment, detail, China denial)

By Mayumi Negishi and James Topham

TOKYO, Sept 20 (Reuters) - Japan told its biggest weapons supplier, Mitsubishi Heavy Industries , to investigate a cyber attack on its computers on Tuesday, warning it may have breached contracts to supply billions of dollars of equipment by keeping quiet about the online assault.

Under the terms of an agreement the government imposes on all contractors, companies are obliged to inform it promptly of any breach of sensitive or classified information, a defence official said. Defence officials learnt of the August attack from local press reports Monday.

"It's up to the defence ministry to decide whether or not the information is important. That is not for Mitsubishi Heavy to decide. A report should have been made," a spokesman for the ministry told Reuters.

Professor Yoshiyasu Takefuji, a cyber-security expert at Keio University, said this was the first example of defence-related cyber attack in Japan and had to be taken seriously.

"This happened a month ago, and it's just in the last few days they realized how bad it was," he said. "They've been dozing for the past month."

There was no clue as to who was responsible. A Chinese Foreign Ministry spokesman dismissed suggestions the hacking could have originated in China.

"The Chinese government has consistently opposed hacking attack activities. Relevant laws strictly prohibit this," spokesman Hong Lei told reporters.

"China is one of the main victims of hacking ... Criticizing China as being the source of hacking attacks not only is baseless, it is also not beneficial for promoting international cooperation for internet security."

The hacking furore may widen after a second military contractor, IHI Corp , which supplies engine parts for fighter planes, said its employees had been subject to a growing number of suspicious e-mails.

PUNITIVE ACTION

A spokesman didn't elaborate on the nature of the e-mails. The Nikkei business daily had said earlier the company had also been the victim of a cyber attack.

Mitsubishi Heavy, which has built the U.S.-designed F-15 fighter jet and missile systems including Patriot batteries under licence, said on Monday that computer systems had been accessed and some network information, such as IP addresses, may have been leaked.

Should Mitsubishi's probe reveal the loss of sensitive data, the defence ministry could impose penalties on its main domestic arms supplier, a business that accounts for a tenth of Mitsubishi Heavy's revenue.

As much of that equipment is built in partnership with U.S. companies including Raytheon Co. and Lockheed Martin Corp. , the impact of any punitive action could spread.

Mitsubishi Heavy won 215 deals worth 260 billion yen ($3.4 billion) from the Defence Ministry in the year to last March, or nearly a quarter of the ministry's spending that year.

Besides surface-to-air Patriot missiles the weapons included and AIM-7 Sparrow air-to-air missiles.

Defence Minister Yasuo Ichikawa said he had so far received no reports of classified information being stolen. He did not say what information was at risk.

An investigation by a computer security company revealed connections were made to 14 overseas sites, including at least 20 servers in China, Hong Kong, the United States and India, the Yomiuri newspaper reported earlier, citing unidentified sources.

Overall 83 computers and servers at 11 locations including its head office, factories and R&D center were accessed in the attack, a Mitsubishi spokesman confirmed.

If Mitsubishi's probe reveals the loss of classified data, it would represent the third major breach in security at the company in less than a decade following the loss of nuclear reactor test data in 2006 and the leak of information on its fighter jets in 2003, local media reported

The Mitsubishi spokesman declined to comment further on the August cyber attack, saying it aims to conclude its investigation by the end of September. He declined to discuss the company's supply contract with the government.

A Japanese defence white paper released last month urged better protection against cyber attacks after a spate of high-profile online assaults this year that included Lockheed Martin and other U.S. defence contractors.

That call for vigilance came after the United States revealed in July that 24,000 files had been stolen by a foreign intelligence entity from a U.S. defence contractor in March.

"No country takes this seriously until something bad happens. But if they don't take it seriously this time, there will be another big incident," Keio University's Takefuji said.

Mitsubishi Heavy shares fell 3.7 percent to 317 yen in Tokyo, compared with a 1.6 percent fall in the benchmark Nikkei average . ($1 = 76.405 Japanese Yen) (Additional reporting by Isabel Reynolds, Lisa Twaronite and Kiyoshi Takenaka in Tokyo and Ben Blanchard in Beijing; Writing by Tim Kelly; Editing by Nathan Layne and Nick Macfie)

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luni, 19 septembrie 2011

Alibaba's Taobao Mall targets 200 bln yuan in trans. vol in 2012

BEIJING, Sept 19 | Mon Sep 19, 2011 2:32am EDT

In June Alibaba Group split its e-commerce website Taobao into three companies, namely its product search engine eTao, business-to-consumer website Taobao Mall and consumer-to-consumer website Taobao.com.

Yahoo owns about 40 percent of Alibaba Group, while Softbank owns about a third. Alibaba.com is the group's listed business-to-business unit. China's B2C segment is the fastest growing niche in the country's booming e-commerce industry. ($1 = 6.383 Chinese Yuan) (Reporting by Xu Wan; Writing by Melanie Lee)

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Poland - Factors to Watch on Sept 19

Here are news stories, press reports and events to watch, which may affect Poland's financial markets on Monday. ALL TIMES GMT (Poland: GMT + 2 hours):

AUG PPI, OUTPUT DATA

Poland's industrial output and producer prices inflation PPI) data for August to be released. Economists expect production at 4.0 percent year-on-year and producer prices at 6.5 percent.

SHALE GAS

Poland may begin commercial shale gas production as soon as 2014, helping to reduce its energy reliance on Russia, Prime Minister Donald Tusk said on Sunday.

KULCZYK

One of Poland's richest men, Jan Kulczyk will team up with J.P. Morgan to extract gold in Afghanistan, dailies Puls Biznesu and Dziennik Gazeta Prawna reported without naming their sources.

EMPERIA , DELKO ,

Polish retailer Emperia is in talks to takeover smaller local rival Delko daily Parkiet quoted its sources as saying.

LUKAS BANK

Polish consumer finance lender Lukas Bank will launch its rebranding to Credit Agricole , planning to become a more universal bank, daily Parkiet quoted Lukas' deputy head Philippe Marie as saying.

POLL

Poland's ruling Civic Platform (PO) leads the run-up to Oct.9 elections with a 35-percent backing, with its largest rival, Law and Justice (PiS) in second position with support from 29 percent, according to a Millward Brown SMG/KRC poll for radio station RMF FM.

NOTE - For a diary of forthcoming events see and a calendar of east European economic indicators see .

For other related news, double click on: Polish equities E.Europe equities Polish money Polish debt Eastern Europe All emerging markets Hot stocks Stock markets Market debt news Forex news For real-time index quotes, double click on: Warsaw WIG20 Budapest BUX Prague PX

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Europe Factors-Shares set to reverse rally

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PRESS DIGEST - New York Times business news - Sept 19

Sept 19 | Mon Sep 19, 2011 2:04am EDT

Sept 19 (Reuters) - The following were the top stories on The New York Times business pages on Monday. Reuters has not verified these stories and does not vouch for their accuracy.

* Google's slogan may be don't be evil, but a growing chorus of antitrust regulators in the United States and Europe want to know if the company has lived up to that creed.

* Greek leaders struggled to agree to budget reductions that would satisfy foreign lenders' demands even as they tried to stave off mounting resistance to those cuts at home.

* The Federal Reserve is under pressure from investors to act to encourage growth and from Republican presidential candidates and others to refrain from acting.

* Swiftly and at little cost, newspapers, magazines and sites like The Huffington Post are publishing their own version of e-books.

* With the United Nations set to meet on the urgency of diseases, brand-name makers and the Obama administration are fighting potential sales of cheaper medicines to poorer countries.

* Obama plan to cut deficit will trim spending by $3 trillion: The plan is President Obama's opening salvo in sweeping negotiations on deficit reduction to be taken up by a joint House-Senate committee over the next two months.

* Velocity, the cable channel replacing Discovery's low-rated HD Theater channel, believes men making $150,000 or more are underserved in today's television landscape.

* Facebook to offer path to media: The social media site's new platform will allow its 750 million users to easily share their favorite music, movies and other forms of entertainment.

* UBS says trading losses were closer to $2.3 billion: The Swiss banking giant said unauthorized trades in index futures were at the center of rogue trading that led to a $2.3 billion loss.

* Siemens (SIEGn.DE), the largest engineering conglomerate in Europe, announced Sunday that following the German government's decision to phase out nuclear power by 2022, it would stop building nuclear power plants anywhere in the world.

* Watchful European privacy regulators are wielding increasing influence beyond the Continent's borders. Last week, they pressed Google , as they had Apple , to change the way it collected data on cellphone locations worldwide.

* The economic downturn and high rates of unemployment have forced consumers to spend less, and advertisers have taken notice. Figures from Nielsen, to be released on Monday, show the amount of money that advertisers are spending to bring their message to consumers has increased in certain categories.

* Nickelodeon's eight-year-old Worldwide Day of Play is going big time this year. On Saturday, Nickelodeon, the children's television network, will for the first time take its annual event to Washington. (Compiled by Anirban Sen; Bangalore Equities Newsdesk +91 80 4135 5800; within U.S. +1 646 223 8780)

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STMicro CEO says has financial power for M&A - WSJ

PARIS, Sept 19 | Mon Sep 19, 2011 2:35am EDT

PARIS, Sept 19 (Reuters) - French chipmaker STMicroelectronics is open to acquisitions in the United States and Asia to expand its microprocessor and motion sensor businesses, chief executive Carlo Bozotti said in an interview in the Wall Street Journal.

The group has $1 billion for takeovers and wants to become "major leaders worldwide" in those areas, as well as reducing the portion of its cost base in the euro zone to compensate for the weakness of the dollar, Bozotti said.

"We have the financial strength to address M&A opportunities if the opportunity arises," Bozotti was quoted as saying on Monday.

Still, "nothing is in the works" currently, and the group's priority remains to turn around its loss-making ST-Ericsson joint venture, Bozotti said. (Reporting by James Regan; Editing by Dan Lalor)

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UPDATE 1-Japan's defence industry hit by its first cyber attack

* Mitsubishi Heavy says was target of cyber attack

* Some 80 computers infected, data stolen - Yomiuri

* Company is Japan's biggest defence contractor (Updates throughout, adds analyst comments)

TOKYO, Sept 19 (Reuters) - Mitsubishi Heavy Industries Ltd said on Monday its computers had been hacked into, with one newspaper saying the target was Japan's biggest defence contractor's factories for submarines, missiles and nuclear power plant components.

A Mitsubishi Heavy spokesman said information could have been stolen in what was the first known cyber attack on Japan's defence industry. He gave no other details, saying the company would issue a statement later in the day once its investigation had been completed.

A Japanese defence white paper released last month urged vigilance against cyber attacks after a spate of high-profile online assaults this year that included Lockheed Martin and other U.S. defence contractors.

There were suggestions at the time that those attacks had originated in China.

The Yomiuri newspaper said about 80 virus-infected computers were found at the company's Tokyo headquarters as well as manufacturing and research and development sites including Kobe Shipyard & Machinery Works, Nagasaki Shipyard & Machinery Works and Nagoya Guidance & Propulsion System Works.

Kobe Shipyard currently builds submarines and makes components to build nuclear power stations, while the Nagasaki Shipyard makes escort ships. The Nagoya plant makes guided missiles and rocket engines, the paper said citing unnamed sources.

At least eight different kids of computer virus including Trojan horse, which steals key information from infected computer hardware, were found at Mitsubishi Heavy's main office or production sites, the Yomiuri said.

It is the country's biggest defense contractor, winning 215 deals worth 260 billion yen ($3.4 billion) from Japan's Ministry of Defense in the year to last March, or nearly a quarter of the ministry's spending that year.

Weapons included surface-to-air Patriot missiles and AIM-7 Sparrow air-to-air missiles.

Mitsubishi Heavy has also been working closely with Boeing , making wings for its 787 Dreamliner jets.

"It's probably just the first that hacking attacks in Japan have been detected. It's consistent with what we've seen already with big American defence companies," Andrew Davies, a cyber-warfare analyst with the government backed defence think-tank, the Australian Strategic Policy Institute, told Reuters.

"The Japanese make large conventional submarines that are among the world's most sophisticated ... (they) have very nicely integrated solutions with their own mechanical, electronic and control systems, so it a pretty attractive hacking proposition, to get the design of a Japanese submarine," he added. ($1 = 76.875 Japanese Yen) (Additional by Rob Taylor in Canbberra, Editing by Jonathan Thatcher)

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UPDATE 1-Sanofi wins U.S. cancer drug patent ruling

* Ruling keeps Eloxatin market exclusivity in United States

* Sun Pharmaceuticals had appealed April 2010 ruling (Adds details)

PARIS, Sept 19 (Reuters) - French drugmaker Sanofi has scored an important victory in a patent dispute with Sun Pharmaceuticals that will keep generic copies of its Eloxatin colon cancer drug off the United States market until August 2012.

A ruling by the U.S. District Court for the District of New Jersey maintained Sanofi's market exclusivity for Eloxatin in the United States through Aug. 9, 2012, Sanofi said in a statement on Monday.

Mumbai-based Sun had appealed an April 2010 ruling requiring the Indian company to stop selling its generic version of Eloxatin as of June 30, 2010, Sanofi said.

If Sun had prevailed, other generics manufacturers could have launched their own copies of Eloxatin before Aug. 9.

Eloxatin sales were 248 million euros ($349 million) in the second quarter.

($1 = 0.725 Euros) (Reporting by Elena Berton; Editing by Blaise Robinson and James Regan)

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PRESS DIGEST - Wall Street Journal - Sept 19

Sept 19 | Mon Sep 19, 2011 2:08am EDT

Sept 19 (Reuters) - The following were the top stories in The Wall Street Journal on Monday. Reuters has not verified these stories and does not vouch for their accuracy.

* Obama will offer a new plan to reduce the federal deficit by about $3.6 trillion over a decade, almost half of which would come from tax increases, people familiar with the proposal said.

* President Barack Obama's proposal to raise taxes on some millionaires will likely please members of his party, but it is unlikely to have much practical impact on federal deficits anytime soon.

* The online daily-deals space has attracted millions of dollars in venture capital and spurred dozens of clones of market leaders Groupon and LivingSocial. Now the industry is starting to shake out.

* After a summer of denial, reality has caught up with Wall Street strategists. Having spent much of the year making ever-higher predictions for the Standard & Poor's 500-stock index, and sticking to them through August's turmoil, many strategists are now cutting their forecasts.

* Fed officials, worried that a wobbly economy and their fractious debates are confusing the public, are examining whether to adopt more explicit economic targets to clarify their strategy for lowering unemployment without fueling inflation.

* Greece's government held an emergency cabinet meeting to plan new measures to bring its budget deficit into line, after warnings from the other euro-zone nations.

* UBS boosted the tally of the loss it suffered this summer to $2.3 billion, as details began to emerge as to how a relatively junior trader allegedly perpetrated one of the largest trading frauds ever.

* In the aftermath of the world's biggest-ever rogue trading loss, French bank Société Générale SA implemented a series of tough measures to shore up internal controls. But three years later the bank and some of its former executives still live in the shadow of their former junior trader-Jerome Kerviel.

* Google has hired at least 13 lobbying and communications firms since May, when the FTC ramped up its antitrust probe of the company, and ahead of a Senate hearing Wednesday on whether it is abusing its dominance of Internet search.

* A year after U.S. banks slowed down the foreclosure machine as a result of pressure from judges and regulators, the foreclosure process remains snarled.

* The United Auto Workers' tentative labor pact with General Motors Co. is likely to raise pressure on Chrysler LLC and Ford Motor Co. to increase worker pay and add factory jobs.

* Asian stock markets fell on Monday and the euro lost ground as investors fretted about the lack of progress in resolving Europe's debt problems.

* Ranchers in the U.S. are shrinking their herds, a move that will curtail beef supplies in coming months and exert upward pressure on prices at the meat counter.

* United Technologies Corp. is in talks to acquire aircraft-systems maker Goodrich Corp. , people familiar with the matter said, a deal that would expand the conglomerate's aerospace business amid a boom in production of passenger planes.

* Profit at the China operations of foreign banks improved last year but continued to significantly lag earnings growth for Chinese rivals, as a hiring war drove up costs for the foreign lenders, according to a new report.

* Samsung Electronics Co. widened a sprawling global patent dispute with Apple Inc. by filing a countersuit in Australia, while also appealing a key ruling in Germany.

* NBC is in talks to bring veteran news anchor Ted Koppel to a news-magazine program slated to make its premiere in the fall, according to people familiar with the matter, the network's latest attempt to add star power to the prime-time program. (Compiled by Anirban Sen; Bangalore Equities Newsdesk +91 80 4135 5800; within U.S. +1 646 223 8780)

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Saab has payments plan if court rejects appeal-paper

STOCKHOLM, Sept 19 | Mon Sep 19, 2011 3:01am EDT

STOCKHOLM, Sept 19 (Reuters) - Struggling car maker Saab plans to use money recently promised by a Chinese investor to pay delayed wages and some unpaid bills to stave off bankruptcy if it is not given protection from creditors, daily Dagens Industri wrote on Monday.

Last week, two of Saab's own unions and a supplier asked a court to declare Saab bankrupt after the carmaker's application for protection from creditors was turned down.

A ruling on whether Saab can appeal the lower court ruling could come as early as Monday.

The bankruptcy applications came despite Saab agreeing 70 million euros ($96.5 million) in bridge financing with the help of a guarantee from China's Zhejiang Youngman Lotus Automobile, which hopes to become a shareholder in Saab.

"Three hundred and twenty million crowns will cover three months wages until Youngman and Pangda can invest the 2.2 billion Swedish crowns ($331 million) they have agreed on, if China's authorities approve it," the paper quoted a well informed source saying.

If Saab can pay its wages, unions have said they would withdraw their bankruptcy applications.

The source said that the rest of the money would be offered to suppliers, who are owed around 1.3 billion crowns.

The source said, however, that Youngman would not hand over the money until it had a guarantee from Saab that suppliers would not force it into bankruptcy.

A Saab spokeswoman declined to comment.

Production at Saab has been more or less at a standstill since April when unpaid suppliers pulled the plug on deliveries.

Saab has been scrambling for funds ever since, but was forced to apply for protection from creditors earlier this month.

The court rejected the application, but Saab has asked for the right to a fresh hearing, pointing among other things to the new financing.

Saab hopes creditor protection will allow it to survive until China's authorities okay a 245 million euro investment by car firms Youngman and Pangda .

($1 = 6.645 Swedish Kronas) ($1 = 0.725 Euros) (Reporting by Simon Johnson. Editing by Jane Merriman)

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Hong Kong IPO Pipeline - Sept 19

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marți, 13 septembrie 2011

UPDATE 1-Technip to buy Global Industries for $937 mln

(Adds detail)

PARIS, Sept 12 (Reuters) - French group Technip is to buy U.S. underwater oil services specialist Global Industries for an agreed $937 million, to expand in the fast-growing underwater oil services sector.

Technip said on Monday the deal would add 5-7 percent to earnings in 2013, helped by savings -- cost synergies should be at least $30 million.

The deal is worth $8 per Global Industries share, a 55 percent premium to Friday's close.

Global Industries offers services in shallow and deep water oil services, owns 14 vessels, and is present in the Gulf of Mexico, the Middle East and Asia Pacific.

"The transaction is consistent with Technip's strategy to broaden its business and range of services in the subsea market which Technip expects to show fast growth in the coming years," it said.

"The acquisition of Global Industries will expand the subsea market we can address by roughly 30 percent," Technip chief executive Thierry Pilenko said on a conference call.

Blackstone Advisory Partners and Tudor, Pickering, Holt & Co. Securities, Inc advised Technip on the deal, while law firm Davis Polk & Wardwell LLP acted as legal advisor.

Technip shares closed at 65.24 euros on Friday, down 5.6 percent this year, giving it a market capitalisation of 7.2 billion euros ($9.9 billion). ($1 = 0.729 euro) (Reporting By Leila Abboud; Editing by Dan Lalor)

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French min - bank nationalisation talk premature

PARIS, Sept 12 | Mon Sep 12, 2011 3:10am EDT

"It seems to me to be totally premature and not relevant today to evoke this hypothesis," Besson told RMC and BFM TV. (Reporting by Marc Angrand; Editing by James Regan)

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UPDATE 5-Suzuki seeks divorce from Volkswagen over Fiat spat

* Suzuki says it wants to end VW alliance

* VW says Suzuki's diesel engine deal with Fiat violates partnership

* VW demands Suzuki comply with contract within "several weeks"

* Suzuki says it hasn't breached contract

* Suzuki shares fall 2.8 pct. (Adds Suzuki announcement, details)

By Tim Kelly and Mayumi Negishi

TOKYO/FRANKFURT, Sept 12 (Reuters) - Suzuki Motor is seeking to end its two-year old alliance with Volkswagen (VOWG_p.DE) after the German carmaker accused it of violating their partnership pact.

Suzuki will ask Volkswagen to sell its 19.9 percent stake in the company, the Japanese company said in a statement to the Tokyo Stock Exchange on Monday. In return, Suzuki said it will offload its 1.5 percent stake in Volkswagen.

The decision will end an alliance forged in December 2009 that at the time was billed as a partnership of equals to bolster VW's presence in India for small cars and give Suzuki access to technology it could not afford to develop on its own.

Suzuki's divorce filing comes after Volkswagen said on Sunday a deal by Suzuki to source diesel engines from Fiat hurt cooperation.

While annoyed with its Japanese ally, Volkswagen said earlier it would keep the stake it bought in December 2009 for 1.7 billion euros ($2.3 billion) as part of a strategic partnership with the maker of the Jimmy and Grand Vitara.

Volkswagen said it would give Suzuki several weeks to remedy the infringement. This "does not mean the end of the partnership," a Volkswagen spokeswoman said Sunday.

VW is annoyed that Suzuki stuck with long-time engine partner Fiat late in June when picking it to supply its Hungarian-built SX4 crossover with a 1.6-litre diesel engine.

Suzuki has been buying 2.0-litre diesel engines from Fiat Powertrain Technologies since 2006 for the SX4, manufactured in Esztergom together with the Fiat Sedici, which shares the same underpinnings.

Ahead of its announcement, Suzuki shares fell 2.8 percent at 1,484 yen in Tokyo, compared with a 3.2 dip in the benchmark Nikkei 225 index.

STALLED PARTNERSHIP

Suzuki said its chairman would hold a news conference at 0800 GMT.

After agreeing to cooperation in 2009, VW and Suzuki have no joint projects and relations have headed south. Suzuki in July insisted there was a "need to return to the starting point, including the ownership ratio."

Suzuki Chief Executive Osamu Suzuki signalled his unhappiness over the deal in a July 1 blog in Japan's leading business daily, Nikkei.

Suzuki's ire worsened when VW classified it as an associate to be carried at equity -- an accounting term typically reserved for holdings of at least 20 percent where VW can "significantly influence financial and operating policy decisions."

"It is there, in written form, and it is being explained this way to their shareholders. This came as a complete shock, and we struggle to see how they are influencing us in any way," Executive Vice president Yasuhito Harayama, in charge of relations with VW, told reporters in July.

The deal with Volkswagen is not the first time the Japanese carmaker has tied itself to one of the big global automakers.

In 1998, Suzuki entered into a strategic partnership with General Motors , which took a 17.4 percent stake in the Japanese firm.

That alliance began to unravel in 2006 when the U.S. car company sold most of its stake as it scrambled for cash amid ballooning losses. (Editing by Vinu Pilakkott)

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Greek labour unionists threaten to block new property tax

ATHENS, Sept 12 | Mon Sep 12, 2011 3:20am EDT

ATHENS, Sept 12 (Reuters) - Workers at power utility PPC (DEHr.AT) threatened on Monday to block a planned property tax, which the country announced to meet its fiscal targets under an EU/IMF bailout and stave off bankruptcy.

The government said on Sunday it would slap a property tax to plug its 2011 budget hole and make sure it qualifies for the next bailout tranche.

To make sure the tax will be paid, it will be collected through electricity bills. Greece already collects municipal taxes and the fees of state broadcaster ERT through electricity bills. PPC controls more than 90 percent of the country's retail market for power.

But the state-controlled company's powerful labour union GENOP-DEH said it will try to block the tax because it was unfair to consumers.

"GENOP/DEH makes clear it will not allow PPC to be used as a tax collection mechanism," the union said in a statement.

"We will obstruct the issuing of bills... and we will order PPC employees not to cut the power (of customers who refuse to pay the tax)," GENOP-DEH official Nikos Hatzaras said in an interview on television station Skai.

"The government has no political legitimacy to take such measures," he added.

GENOP-DEH is seen as one of Greece's toughest unions. In the past, it has held repeated strikes to prevent the government from selling stakes or seeking strategic partners for the company. (Reporting By Harry Papachristou)

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UPDATE 1-Tokyo Game Show to highlight rise of social games

* Nintendo to struggle to revive 3DS interest at Sept. 13 event

* Analysts say tough for Nintendo to change business model

* Social gaming firm Gree plans first splash at Tokyo Game Show

* Tokyo Game Show runs Sept. 15-18 (Adds details on Gree and DeNA)

By Isabel Reynolds

TOKYO, Sept 12 (Reuters) - In a world of booming smartphones and tablets, social game providers will take the spotlight at the Tokyo Game Show this week, while champion Nintendo , criticised for being too centred on hardware, struggles to win back fans.

As sales of conventional games sputter, Japanese mobile social gaming company Gree and rival DeNA are seen well placed to benefit in the local market, given their success with previous generation feature phones.

Gree marks its debut at Japan's annual game show, which runs from Sept. 15-18 this year, with one of the largest booths.

Gree, which makes money from selling virtual items to its more than 26 million users in Japan as of end-June, and DeNA, which boasted more than 29 million local users, have seen dizzy growth rates.

Gree is 49-percent owned by 34-year-old Yoshikazu Tanaka, who was named Asia's youngest self-made billionaire in 2009 by Forbes magazine.

Japan's social gaming market, often involving simple games played on mobile devices with anonymous online contacts, is expected to grow to about 400 billion yen ($5.1 billion) in 2013 from 106 billion yen in 2011, extending its rapid growth, Mitsubishi UFJ Morgan Stanley analyst Masato Araki said.

Nintendo, which does not take part in the Tokyo Game Show, holds its own event on Sept. 13.

The Kyoto-based company is expected to unveil new 3DS software featuring its 25-year-old character Mario, and there is also market chatter about a joystick accessory, already dismissed by analysts and bloggers as unlikely to boost sales.

Japan's software publishers are shifting resources into developing the new generation of social games, but Nintendo is effectively excluded, because any attempt to make the leap to providing content for other companies' gadgets would risk further damaging already weak sales of its Wii and 3DS.

"Nintendo has done some pretty awful things - no software, poor pricing, poor PR, no sign of a sustainable turnaround, software support dropping like flies," said JP Morgan analyst Hiroshi Kamide of the failed 3DS launch.

Software provider Konami , by contrast, had done something relatively straightforward but with great execution, Kamide said. "You can make serious returns with social games in Japan if done well - and that is exactly what they have done."

The change of fortunes is no less marked in share prices, where Nintendo, which long dominated the industry by appealing to everyone from pre-schoolers to pensioners with its Wii and DS hardware, has slumped 41 percent since April 1, hit by the flop of its new handheld gadget, the 3DS.

Shares in Gree have soared 83 percent, DeNA is up 28 percent and Konami has jumped 84 percent.

Looking to boost video game sales ahead of the holiday season, Sony Corp cut the price of its basic PlayStation 3 gaming console by nearly a fifth in the United States.

CASUAL GAMERS

Many casual gamers are flocking to devices such as Apple's blockbuster iPhone and iPad, eating into Nintendo's share of the market, while Facebook and Google are also making a big push into games.

"Nintendo needs to be more social and digital and it's going to struggle to do so as it won't give up its hardware/software combination strategy," said David Gibson, head of research at Macquarie Capital Securities.

Highlighting the industry's downturn, physical sales of games hardware and packaged software in the United States fell 23 percent in August from a year ago, according to research firm NPD.

Nintendo sold only 710,000 units of the 3DS in April-June, compared with 3.6 million in the month following its launch, and a tiny fraction of its 16 million unit target for the year to March 2012.

Slashing the price of the 3DS by about a third has boosted unit sales, analysts say, but it is unclear how long the effect will last, leading some to call on Nintendo to pull out of hardware altogether.

But the example of Sega is increasingly being cited as a reason for Nintendo to stick to its current structure.

Once a force to be reckoned with in video games, and boasting the popular Sonic the Hedgehog character, Sega dropped out of the home console hardware market a decade ago.

Sega clung on as a software publisher for other platforms, but two years later, its creative drive apparently fading, it was taken over by "pachinko" pinball parlour firm Sammy .

The withdrawal did little to improve Sega's financial position and company employees said the exit had made it harder to recruit and keep talented staff.

Some games industry experts say Nintendo may successfully fight back as it has done in previous crises.

"Nintendo has fallen into a slump twice in the past," said Osamu Inoue, the author of a book on the secretive giant. "It almost went bust after diversifying in the 1970s," he added, pointing out that the launch of the DS and Wii saved the company again after years of losing out to Sony's PlayStation. ($1 = 77.45 Japanese Yen) (Editing by Anshuman Daga)

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Nikkei ends at 2-1/2 year low on Europe debt worry

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luni, 12 septembrie 2011

GLOBAL MARKETS-Stocks slide, dollar gains on euro zone woes

(Updates prices, adds quotes)

* Nikkei down 2.3 percent, MSCI AP ex-Japan down 3 percent

* Euro STOXX 50 index futures down 2.7 percent

* MSCI All-Country World index 19 percent off May high

* Euro hits six-month low at $1.3495, 10-year low at 104.27 yen

* Oil falls more than $1 a barrel, Copper down 1 percent

By Alex Richardson

SINGAPORE, Sept 12 (Reuters) - European index futures tumbled on Monday, following a slide in Asian equities, and the euro slumped to a 10-year low against the yen after the resignation of a top European Central Bank official cast further doubt on the region's ability to tackle its worsening sovereign debt crisis.

Oil and copper prices fell and the dollar gained broadly as worries about the euro zone's woes combined with fears about flagging world growth to ensure no let-up in the gloom that has gripped global markets for much of the past six weeks.

"People are quite nervous about Greece and other countries in the European area, so that is why investors are escaping to the dollar," said Tetsu Emori, a fund manager at Tokyo-based Astmax Co Ltd. "It's risk aversion."

Euro STOXX 50 index futures STXEc1 fell 2.7 percent, and DAX FDXc1 and CAC-40 FCEc1 futures also dropped more than 2 percent, while financial bookmakers called the FTSE 100 to open down 1.4 percent.

German policymaker Juergen Stark's resignation from the ECB's board underscored the internal divisions over its bond-buying programme -- one of the central bank's main weapons in fighting the debt crisis by forcing down yields of country's under pressure from the bond markets.

Japan's Nikkei ended down 2.3 percent to its lowest close since April 2009, while the MSCI's broadest index of Asia Pacific shares outside Japan dropped 3 percent and U.S. index futures traded in Asia ESc1 fell 1.3 percent.

"For the rest of the week, developments in euro zone debt problems and movements in the euro will likely set the direction of the market," said Yutaka Miura, a senior technical analyst at Mizuho Securities in Tokyo.

Wall Street stocks tumbled on Friday, when the Stark news broke, with the S&P 500 index falling 2.7 percent.

Data from fund tracker Lipper, a Thomson Reuters service, showed that a brief flirtation with stocks at the end of August has waned, with less than a net $600 million flowing into U.S. equity funds in the week ended Sept. 7, compared with a net inflow of $6.3 billion in the previous week.

MSCI's All-Country World index is now 19 percent below its 2011 high set in May, not far from the 20 percent decline that is the rule-of-thumb definition of a bear market.

The fund flow picture for emerging Asian equity markets was mixed. Citigroup analysts said in a note that China and Indonesia had seen modest net inflows for the week to Sept. 7. The biggest outflows were from regional funds and the cyclical markets of South Korea and Taiwan.

GREEK DEFAULT

Adding to the euro zone's difficulties, top French banks were bracing for credit rating downgrades on worries about their sovereign debt exposure, and senior German politicians in Chancellor Angela Merkel's centre-right coalition began talking openly about a Greek default.

A growing number of policymakers, as well as market economists, are convinced it is only a matter of time before Greece, which keeps falling behind on its fiscal targets after two EU/IMF bailouts, will have to default.

"The outlook for Greece is almost completely unknown. Support for the country appears to be shaking. The market is starting to think the worst could happen," said Katsunori Kitakura, chief dealer at Chuo Mitsui Trust and Banking.

The euro fell to a six-month low around $1.3495 and later traded about $1.3530, after a sharp slide at the end of last week. Against the yen, the single currency fell as far as 104.27 , its lowest since 2001.

Meanwhile, the dollar index , which tracks the greenback against a basket of major currencies, rose around 0.6 percent to its highest in more than six months.

U.S. crude oil CLc1 fell by $1.59 to $85.64 a barrel and Brent crude LCOc1 eased $1.32 to $111.45. Copper was down 1 percent at $8,733.75 a tonne.

Both commodities are sensitive to expectations for global growth, and hence industrial demand.

Currencies of major commodity producers were, in turn, under pressure, with the Australian dollar falling more than 1 percent to a three-week low around $1.0330.

Gold , which has been striking a succession of records due to its traditional appeal as a safe haven at times of market volatility, fell 0.6 percent to around $1,846 an ounce as a stronger dollar made it more expensive for holders of other currencies.

Gold priced in euros , however, hit a record 1,373.92 an ounce.

Japanese government bonds tracked gains in U.S. Treasuries and German bunds as investors sought the perceived safest government debt, with the benchmark 10-year JGB yield falling below 1 percent. (Additional reporting by Alejandro Barbajosa in Singapore, Ian Chua in Sydney and Hideyuki Sano in Tokyo; Editing by Kavita Chandran)

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UK's Osborne says to follow bank report timetable

LONDON, Sept 12 | Mon Sep 12, 2011 2:35am EDT

LONDON, Sept 12 (Reuters) - The British government intends to stick to a timetable for banking reform set out in an independent report, finance minister George Osborne said on Monday.

The Independent Commission on Banking (ICB) said "an extended implementation period would be appropriate" for the reforms but they should be completed by 2019.

"(ICB head) John Vickers himself sets out a timetable and I intend to stick to his timetable. So he says let's have all the changes in place by the end of this decade," Osborne said in an interview broadcast on Sky News.

"There are a lot of changes involved, that is why it will take some time, but let's get the legislation through in this parliament and we have a commitment to legislate to get the rules in place..and then it will take some time for the full rules to come in to place."

(Reporting by Avril Ormsby and Keith Weir)

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European Factors-Shares set for steep fall on Greece worries

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vineri, 9 septembrie 2011

Nikkei slips, down more than 2 pct for the week

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UPDATE 6-Huge blackout hits Southern California, Mexican border

* 'Human failure' leaves nearly 5 million without power

* Airport cancels outbound flights, traffic snarled

* Schools closed until Monday (Adds power back in parts of San Diego and Orange counties)

By Marty Graham

SAN DIEGO, Sept 8 (Reuters) - A massive blackout caused by "human failure" left nearly 5 million people without power in parts of California, Arizona and Mexico on Thursday, and officials said many residents may be out of service for a day or more.

The outage, apparently triggered by an employee who carried out a procedure at a substation in Arizona, snarled traffic on Southern California freeways, knocked out water supplies in parts of San Diego County and Tijuana and sent some elderly residents to emergency rooms.

San Diego International Airport canceled all outbound flights, traffic came to a standstill as the city's street lights quit and about 70 people had to be rescued by the city's fire department from stalled elevators.

San Diego schools were ordered closed until Monday as utilities could not guarantee they would be able to turn on the lights in classrooms.

"There was a very major outage, a region-wide outage," San Diego Gas and Electric President Mike Niggli said. "There's no doubt this has never happened before to our system."

But police in California's second-largest city, located between Los Angeles and the Mexican border, reported no major problems, and hospitals successfully switched to backup power, the Scripps Health chain said.

'HUMAN FAILURE'

The ill-fated procedure in Arizona first caused the failure of a high-power line supplying electricity to Southern California before unleashing a domino effect across the Southwest, officials said.

That in turn led to a blockage at California's San Onofre nuclear energy plant, a second major source of power to the San Diego area, San Diego Gas and Electric said.

San Diego Gas and Electric said in a tweet that all 1.4 million of its customers in the San Diego area were without power. Blackouts also affected 3.5 million people in Baja California, according to local emergency services and state authorities.

The city of Yuma, Arizona, reported that more than 50,000 people had lost power.

"There appears to be two failures here -- one is human failure and the other is a system failure. Both of those will be addressed," said Damon Gross, a spokesman for Arizona utility APS.

By early evening, crews had restored service in the section of the line that triggered the massive event and had begun to restore power to parts of San Diego County.

Electricity returned late on Thursday to the central San Diego neighborhood of Normal Heights, where many families earlier in the evening had embraced the darkness by throwing outdoor barbecue parties on their front lawns.

By 11 p.m., San Diego Gas and Electric reported that power was restored to 165,000 customers in San Diego and Orange counties. But the utility warned that all power would not be restored overnight and urged customers to conserve energy.

'LINES EVERYWHERE NOW'

Mexico's Federal Electricity Commission said 180,000 customers had been brought back online in Baja California. The commission said it was making progress in getting power back on in state capital Mexicali, Ensenada and Rosarito.

Stuck without refrigeration, employees at the Cardiff Seaside Market, a grocery and specialty food store in Cardiff-by-the-Sea, north of San Diego, started grilling their inventory of fresh steaks and tuna in the parking lot and selling it cooked to passersby for cash.

Meanwhile, a line of about 50 customers waited at the front door for their turn to be led inside by a clerk to do their shopping in groups of two or three at a time.

"It's real hectic, there's lines everywhere now. But the customers are happy, everyone's patient, everyone's in a good mood, and we're serving them as quickly as we can," manager John Shamam, 33, said as he served up a plate of tuna.

Many of the Tweets from San Diego residents revolved around air conditioning. "I'm going to die of heat in this house with no AC!" wrote Ashleigh Marie. "What am I supposed to dooo."

But San Diego resident Kiersten White tweeted that the power outage "makes me glad I don't have air conditioning to begin with ... nothing to miss!"

Other people were having a harder time. "Trapped outside of our rooms at the hotel," tweeted Rob Myers, visiting from Washington.

Blackouts hit Mexico's Northern Baja California state in the afternoon, knocking out power to hundreds of maquiladora export assembly plants in the sprawling industrial powerhouse of Tijuana, south of San Diego.

The blackouts knocked out stoplights at intersections across Tijuana, causing traffic snarl ups, and also cut power to hospitals and government offices. The border crossing at Otay Mesa was closed to all but pedestrian traffic.

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UPDATE 2-Scotiabank to buy 20 pct of Guangzhou Bank for $735 mln

* Scotiabank expects deal to add to earnings in 2012

* Deal expected to close by December this year

* Guangzhou Bank had been looking to list shares

* Latest foreign lender to buy a stake in Chinese bank (Adds background on other pre-IPO buys)

HONG KONG, Sept 9 (Reuters) - Bank of Nova Scotia said on Friday it will buy a near 20 percent stake in Bank of Guangzhou for about C$719 million ($735 million) to expand its footprint in China, the latest in to invest in a Chinese bank before its IPO.

Scotiabank expects the deal to add to earnings next year and for the deal to close by December this year, it said in a statement on Friday.

"Asia is a region of strategic importance for Scotiabank and enhancing our investment in China supports our long term growth strategy," Scotiabank's president and chief executive, Rick Waugh, said.

Bank of Guangzhou is not publicly listed, but is primarily government owned. It has been looking to list in Shanghai and last year invited bids from foreign investors for a 20 percent stake.

Many other foreign banks own the maximum permissible 20 percent stake in second-tier Chinese lenders. For example, Citigroup owns about 20 percent of Guangdong Development Bank, while ANZ owns 20 percent of Bank of Tianjin and Shanghai Rural Commercial Bank.

The initial wave of foreign banks investing in Chinese lenders began with global names such as Bank of America and Goldman Sachs buying stakes in top players such as ICBC and China Construction Bank before their IPOs.

Since then, many of the foreign banks have begun unwinding their investments, typically for a hefty profit. For example, BofA made an after-tax gain of about $3.3 billion when it sold half of its stake in China Construction Bank in August this year.

"The small-to-medium-sized Chinese banks are probably looking to learn from the business models of these foreign banks," said Liu Qiao, a professor at Peking University's Guanghua School of Management.

"The big foreign banks such as HSBC have already bought stakes in the big Chinese banks, so we may see more happening in the second-tier lenders now."

Scotiabank's move into China is also the latest foray by a Canadian bank into the world's No.2 economy. Rival Bank of Montreal became the first Canadian bank to incorporate in China in November 2010 and has said it wants to focus on wealth management and trade financing.

The 127 foreign banks operating in China saw their overall market share rise to 1.83 percent in 2010 from 1.7 percent in 2009, with total aggregate assets of 1.7 trillion yuan, accounting firm PwC said in a report in June. (Reporting by Kelvin Soh in Hong Kong and Gowri Jayakumar in Bangalore; Editing by Matt Driskill)

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TEXT-Fitch affirms China Medical Technologies at 'B+'/stable

(The following statement was released by the rating agency)

Sept 09- Fitch Ratings has affirmed China Medical Technologies, Inc.'s (CMTI) Long-Term Foreign Currency Issuer Default Rating (IDR) at 'B+' with Stable Outlook.

The ratings are supported by CMTI's steady revenue growth and stable profit margin, solid liquidity profile, and conservative financial management. The ratings are, however, constrained by the company's small scale - operating EBITDAR close to USD80m for the financial year ended 31 March 2011 - and financial leverage of total adjusted debt / operating EBITDAR over 5.0x for the same period.

"CMTI has successfully penetrated the Chinese market for molecular diagnostic systems, which shows strong growth potential," said Cosmo Zhang, Director at Fitch's Corporates team. "The company's stable EBITDA margin also reflects its solid market position and operational stability." For Q1FY11, CMTI recorded revenue of CNY237.1m, up 27.4% yoy.

Fitch also notes the company's ability to meet financial obligations is underpinned by its current cash position, no dividend payout plan in the near future, and strong cash flow generation capability.

The Stable Outlook reflects steady demand for healthcare in China and strong revenue growth prospects for CMTI's newly SFDA-approved molecular diagnostic products.

Positive rating action may result from operating EBITDAR rising over USD100m, while maintaining total adjusted debt/operating EBITDAR below 2.5x, net adjusted debt/ operating EBITDAR below 1.5x or operating EBITDAR/gross interest above 4.0x on a sustainable basis.

Negative rating action may result if there are material declines in the Enhanced Chemiluminescence Immunoassay business, if it fails to expand the Fluorescent in-situ Hybridization/Surface Plasmon Resonance business and/or if the company makes any significant acquisition that does not immediately contribute to positive cash flow. Fitch may also consider negative rating action if total adjusted debt/operating EBITDAR rises above 5.25x, net adjusted debt/operating EBITDAR above 4.0x or operating EBITDAR/gross interest falls below 2.25x on a sustainable basis.

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UPDATE 1-Romania - Factors to watch on Sept 9

(Adds press digest)

BUCHAREST, Sept 9 (Reuters) - Here are news stories, press reports and events to watch which may affect Romanian financial markets on Friday.

TRADE DATA

Romania's National Statistics Board will release trade figures for January-July at 0700 GMT.

PREVIEW-ROMANIA INFLATION SEEN FALLING IN AUGUST

Romania's inflation is expected to fall further in August, driven by a bumper agricultural crop and stubbornly weak domestic demand.

A Reuters poll of 15 analysts produced a median forecast of 4.5 percent for annual inflation in August, from July's 4.9 percent.

ROMANIA JULY INDUSTRIAL OUTPUT UP 1.2 PCT M/M

Romania's adjusted industrial output rose 1.2 percent on the month in July after falling by 2.2 percent a month before and was up 5 percent year-on-year, data from the National Statistics Board showed on Thursday.

*For analyst comments, please see .

ROMANIA JANUARY-JULY POWER OUTPUT GROWTH SLOWS

Romania's power production growth slowed to 4.1 percent on the year in January-July from 5.3 percent in January-June while imports were up 8.3 percent, National Statistics Board data showed on Thursday.

CEE MARKETS

Poland's zloty led emerging Europe currencies lower to hit a 22-month low against the euro and bonds rose after the ECB signalled a halt in its tightening cycle, indicating the region's central banks may have more room to cut rates.

GABRIEL MAY LOWER ROMANIA GOLD MINE CYANIDE LEVEL

Canada's Gabriel Resources Ltd. may lower the cyanide levels at a long-delayed Romanian gold mine project as it seeks to secure a key environmental permit, a company official said on Thursday.

TRANSELECTRICA

Romania's economy ministry is asking for bids from firms interested to advise in the secondary listing of a 15 percent stake in state-owned power grid operator Transelectrica by Sept. 29.

ENERGY

* COAL -- Romania's economy ministry could decide in up to two weeks to restructure Romania's coal mines and coal-fired power plants into two energy holdings, a deputy economy minister said.

Lignite mines and power plants will form one holding, while the second holding will incorporate the country's two hard coal-fired generators and viable hard coal mines.

The company that operates hard coal mines is loss making, inefficient and the largest debtor to the state budget. Out of its last remaining seven active hard coal mines, three will be closed by the end of the year.

Coal-fired power plants were initially supposed to join two major electricity holdings along nuclear and hydro producers -- an overhaul criticised by foreign investors and analysts -- but that plan faces court challenges and will likely be scrapped.

* COPPER -- Romania aims to sell state-owned copper miner Cuprumin by the end of this year, Deputy Economy Minister Claudiu Stafie said. The ministry has so far received 10 letters of intent from prospective buyers. Bursa, Page 1

* ROVINARI -- Five firms have so far expressed an interest to partner Romania in a project to build a 500 megawatt lignite-fired unit at energy holding Rovinari, its director said. Two of the firms are Chinese, while the others are Italy's Enel , Vimetco NV (VICOq.L) and its Romaniam aluminum smelter Alro Slatina . Bids will be opened on Sept. 30. Bursa, Page 13

RETAIL

Retailer Cora Romania plans to invest 397 million euros to expand its network of sumermarkets across the country and will get a loan worth 210 million euros for the European Bank for Reconstruction and Development. Ziarul Financiar, Page 1

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UPDATE 1-TSMC says Aug sales lifted by rush orders, Q3 rev to exceed guidance

* TSMC sales up 1.5 pct in Aug vs down 3.4 pct in July

* UMC sales down 24.7 pct in Aug vs down 18.6 pct in July

* TSMC Q3 rev likely to exceed guidance -CFO

* TSMC to outgrow industry this yr due to 28nm ramp-Citi (Adds company statement, UMC sales, Citi report and other details)

TAIPEI, Sept 9 (Reuters) - The world's biggest contract chip maker TSMC said on Friday sales returned to positive growth in August aided by rush orders for customers, likely lifting third-quarter revenue above guidance, although this may not benefit the fourth quarter.

Global chip makers and foundries have been battling with falling demand as the industry was hit by economic uncertainties and customer inventory adjustments.

"Given the increased uncertainty in the global economy, TSMC does not expect that these short-term rush orders will continue into the fourth quarter," TSMC Chief Financial Officer Lora Ho said in a statement.

Taiwan Semiconductor Manufacturing Co Ltd's sales in August rose 1.5 percent from a year earlier, bouncing back from a 3.4 percent decline in the previous month.

Smaller cross-town rival United Microelectronics Corp (UMC) , the world's No.2 contract chipmaker, reported on Thursday its August sales dropped 24.7 percent, compared with an 18.6 percent decline in July.

TSMC had said in July it saw lower revenues and gross margins in the third quarter, citing consolidated revenues between T$102-104 billion. The company also trimmed its full-year capital spending outlook by 5 percent and reported second-quarter earnings below forecast.

Citi forecasted in a report that TSMC would grow above the industry average this year, helped by a fast 28nm ramp, and that would continue to be its main catalyst in 2012.

Texas Instruments , which makes chips for products ranging from cellphones to cars, said on Thursday its third-quarter earnings and revenue would be worse than already low expectations as concerns about an economic slowdown was stifling demand for products that use its chips.

Shares of TSMC closed up 0.87 percent ahead of its sales result, while UMC was down 0.44 percent.

For a table on TSMC's website, see here ($1 = 29.143 Taiwan Dollars) (Reporting by Clare Jim; Editing by Jacqueline Wong)

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UPDATE 1-Tokyo, Osaka bourses may extend merger talks -source

(Adds details, comment)

By Tim Kelly

TOKYO, Sept 9 (Reuters) - The Tokyo Stock Exchange and Osaka Securities Exchange may extend merger talks to find common ground on what form any combination might take, a source familiar with the talks told Reuters.

Talks aimed at concluding a basic merger agreement may carry on beyond the Tokyo bourse's self-imposed deadline next month to decide whether to list its shares this business year, the source said on condition he was not identified.

The TSE has proposed bidding for some or all of its rival's stock, while the Osaka exchange prefers a share swap to combine operations.

The two sides remain committed to finding a compromise, the source said.

Opting for a tender offer would allow the TSE to avoid any criticism it was trying to pull off a back-door listing and circumventing its own rules on public offerings. A share swap would allow the OSE to remain a traded company.

Although a TSE listing is not part of the merger discussion, a quick IPO near the end of the business year on March 31 may help push a merger agreement forward, because a union of two listed companies with transparent market values would be much simpler to achieve.

Spokesmen from the two bourse declined to comment on the possibility that talks will extend beyond autumn.

Talks between the bourses started in March amid a wave of proposed mergers and alliances among global exchanges, with Deutsche Boerse (DB1Gn.DE) revealing a deal to acquire NYSE Euronext and create an industry giant.

The two Japanese exchanges are eager to combine operations in a bid to better compete with other bourses around the world. While cross border deals between rivals overseas face stiff regulatory oversight, authorities in Japan are likely to welcome an agreement that would create a national champion.

The TSE controls more than 90 percent of cash-equity trading volume in Japan, with the combined market value of stocks traded on the exchange of around 300 trillion yen ($3.9 trillion). The OSE is the top player in Nikkei futures and other derivatives. (Additional reporting by Noriyuki Hirata and Yoshiyuki Osada; Editing by Chris Gallagher)

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GLOBAL MARKETS-Stocks fall as Obama plan fails to spark rally

* Euro STOXX 50 futures down 1.1 pct, S&P 500 futures off 0.2 pct

* China Aug inflation cools from 3-year high, still elevated

* Obama's job plans clouded by concerns of political wrangling

* MSCI Asia ex-Japan down 0.5 pct, Nikkei down 0.6 pct

* Euro around $1.3895, near 2-month low

By Saikat Chatterjee and Alex Richardson

HONG KONG/SINGAPORE, Sept 9 (Reuters) - European stock index futures fell on Friday, following Asian markets lower, as a $447 billion jobs package from U.S. President Barack Obama failed to entice investors back into equities amid concerns that it could be hamstrung by political wrangling.

The euro languished near a two-month low reached on Thursday after the region's deepening debt crisis forced the European Central Bank to drop its tightening policy bias, a key driver in the single currency's rally this year.

Euro STOXX 50 STXEc1 index futures fell 1.1 percent, with DAX and CAC-40 futures also in the red, and spreadbetters called the FTSE 100 to open down 0.3 percent.

Asian markets were down around half a percent, after see-sawing between gains and losses, while S&P 500 futures ESc1 surrendered early gains and slipped 0.2 percent.

"Obama's plan was in line with expectations, and U.S. stocks are unlikely to rally on it," said Takashi Ushio, head of investment strategy at Marusan Securities Co. in Tokyo. "Uncertainty about the direction of the U.S. economy remains."

Market confidence had been fragile after Western central banks failed to offer any clues on fresh stimulus plans this week, with a looming deadline for bond holders to decide on Greece's swap offer also adding to the nervousness.

Investors are also eyeing a meeting of G7 finance chiefs later on Friday, with the faltering global economic recovery and feastering euro zone debt crisis likely to be the issues of the day.

CHINA INFLATION EASES

There was, however, better news from China, where consumer inflation appears to have peaked, with August numbers coming in slightly below July's three-year high, underscoring expectations that the central bank will hold off on further policy tightening as the global economy slows.

"Consumer inflation has obviously peaked. Inflation is no longer a big problem now," said Dong Xian'an, an economist at Peking First Advisory in Beijing. "On the policy front, tightening steps are at least on hold now.

U.S. Treasuries slipped as markets reacted cautiously to the job creation plan from Obama, who faces a fierce battle to win over Republican opponents in a divided Congress which could revive the spectre of political paralysis in Washington.

Global markets have been dominated in recent weeks by fears of a U.S. relapse into recession and Europe's snowballing debt crisis. Citigroup analyst Jonathan Stubbs said in a note on Friday that "recession appears to be a more likely outcome now in Europe and/or the U.S. than 3-6 months ago".

Worries about the darkening outlook for the developed world prompted Asian central banks including South Korea and Indonesia to hold interest rates steady on Thursday, following similar moves by Australia, Canada, Japan and Sweden this week.

Japan's Nikkei fell 0.6 percent and the MSCI's broadest index of Asia Pacific shares outside Japan fell 0.7 percent, on course for a weekly loss after two weeks in positive territory.

Some regional markets bucked the trend, though, with Australia and Taiwan , both heavily influenced by demand from China, posting gains.

The ex-Japan index is down more than 16 percent from its 2011 high in April, after fears about the U.S. economy and Europe sparked a global market rout last month.

POLICY STIMULUS

The European Central Bank on Thursday discussed downside risks to the euro zone's economy, while U.S. Federal Reserve Chairman Ben Bernanke said in a speech that authorities would do all they can to boost growth and employment.

But both steered clear of announcing any fresh steps, disappointing some investors.

Wall Street's main indexes closed down around 1 percent, with banks the biggest decliners, after Bernanke gave no indications of new stimulus measures to support the flagging economy.

After the Wall Street close, Obama announced the package of tax cuts and government spending that will be critical to his re-election chances.

"At the end of the day, it depends on what the finished product will be," said Omer Esiner, senior market analyst at Commonwealth Foreign Exchange in Washington.

"A lot of this will be chopped up before it is passed. We've seen a lot of political paralysis in Washington."

The euro traded around $1.3895, not far above a two-month low of $1.3873 plumbed on Thursday.

Gold, propelled to a series of records in recent months due to its appeal as both a safe haven and hedge against inflation, was little changed at about $1,870 an ounce, after jumping 3 percent in the previous session.

Oil, which had dipped on Thursday as the dollar rose making it more expensive for holders of other currencies, was also flat, with U.S. crude futures CLc1 trading around $89 a barrel and Brent crude LCOc1 at $114.68.

"The question for the oil market is on demand destruction and how confident the consumer is, both of which are very uncertain," said Jeremy Friesen, commodity strategist at Societe Generale in Hong Kong.

"If European and U.S. policymakers can find some compromise and willingness to work together before economics force their hand, then that is bullish for oil. But I think we will probably see the market grind sideways." (Additional reporting by Lisa Twaronite in Tokyo, Cecile Lefort in Sydney and Randy Fabi in Singapore; Editing by Kim Coghill and Ramya Venugopal; For the state of play of Asian stock markets please click on: <0#.INDEXA>; For Reuters Global Investing Blog, click on; here; For the MacroScope Blog, click on; blogs.reuters.com/macroscope; For Hedge Fund Blog, click on; blogs.reuters.com/hedgehub)

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