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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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