UPDATE 1-Melexis increases guidance after Q2 beats hopes

July 30, 2010 By Leave a Comment

BRUSSELS, July 29 (Reuters) – Belgium’s Melexis (MLXS.BR) said it now expects sales to increase by 60 percent for the full-year as it sees increased demand for its microchips, which make cars more environmentally friendly.

The company, which designs and tests chips, said it had experienced its highest ever quarterly sales and its market had yet to reach its peak.

“Ramping up production output so much faster than anticipated was a substantial challenge,” Chief Executive Francoise Chombar said in a statement on Thursday.

Melexis said net income for the second quarter was 12.1 million euros ($15.75 million), beating 8.50 million expected by four analysts polled by Reuters.

It said revenue for the quarter was 55.8 million euros, beating 49.6 million expected in the poll.

When it announced its first quarter results in April it forecast that revenues would rise by over a third. [ID:nLDE63K13Z] (Reporting by Ben Deighton; Editing by Mike Nesbit) ($1=.7684 euro)

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UPDATE 1-Informa beats H1 forecasts, hikes dividend 25 pct

July 28, 2010 By Leave a Comment

LONDON, July 27 (Reuters) – British business media group Informa (INF.L) said delegates and sponsors returned to its core events and training courses in the first half, helping it beat sales and earnings forecasts and hike its dividend 25 percent.

Informa said on Tuesday publishing revenues remained resilient, with three-quarters now delivered electronically, and said it continued to benefit from cost-cutting programmes initiated in 2008 and 2009.

The company, whose exhibition portfolio includes Arab Health and Palm China, said it was confident about its balance of stable publishing revenues and cyclical event revenues, despite a fragile and uneven global economic recovery.

“While we remain cautious about the economic recovery, we are confident in the resilience, diversity and flexibility of our model,” it said in a statement. “We remain in line with our expectations for the full year.”

Revenues for the first half to end-June were down 0.5 percent organically to 624 million pounds ($964 million), beating the weighted average of 615 million pounds given by Thomson Reuters StarMine SmartEstimates.

Adjusted operating profit was up 5.6 percent to 153 million pounds, also beating the SmartEstimate of 146 million, while adjusted diluted earnings per share were 16.7 pence, compared with the SmartEstimate of 15.4 pence.

Informa raised its dividend to 4.5 pence. (Reporting by Georgina Prodhan; Editing by Mike Nesbit) ($1=.6473 Pounds)

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UPDATE 1-Teva Pharm Q2 profit, sales rise

July 28, 2010 By Leave a Comment

TEL AVIV, July 27 (Reuters) – Teva Pharmaceutical Industries (TEVA.O), the world’s largest generic drugmaker, reported higher quarterly net profit on Tuesday, boosted by sales of generic medicines and its own branded multiple sclerosis treatment Copaxone.

The Israeli-based company posted second-quarter net profit, excluding one-time items partly due to acquisition expenses, of $981 million, or $1.08 per diluted share, up from $742 million, or 83 cents a share, a year earlier.

Sales grew 12 percent to $3.8 billion led by a 17 percent rise in North America and 10 percent increase in Europe.

Teva (TEVA.TA) was expected to have earned $1.04 on sales of $3.81 billion, according to Thomson Reuters I/B/E/S.

Driven by a gain in the United States, global sales of Copaxone rose 13 percent to $773 million to remain the top selling MS therapy, Teva said.

“2010 is well on track to becoming another year of profitable growth and major achievements for Teva, a year in which we will make significant progress towards achieving our long-term strategic objectives,” said Shlomo Yanai, Teva’s president and chief executive.

Teva, which in March said it would buy Germany’s Ratiopharm for 3.7 billion euros ($4.78 billion) in a bid to expand into the German generics market, had previously forecast 2010 revenue of $16 billion and EPS of $4.40-$4.60 excluding one-off items.

Teva said it would pay a dividend of 0.7 shekel, or about 18.1 cents a share, on Aug. 19. It also paid 0.7 shekel after first-quarter results. (Writing by Steven Scheer; Editing by Mike Nesbit)

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Market Chatter — Corporate finance press digest

July 28, 2010 By Leave a Comment

Jul 27 (Reuters) – The following corporate finance-related stories were reported by media on Tuesday:

* China’s insurance regulator has approved Sun Life Everbright’s proposals to raise funds and revamp its shareholding structure, the official Shanghai Securities News reported on Tuesday. [ID:nTOE66Q010]

* Google Inc (GOOG.O) has ended partnerships with two major Chinese advertisers, Universal Internet Media and Xi’an Weihua Network, China Daily quoted the firm’s China spokeswoman as saying on Tuesday. [ID:nTOE66P08L]

* Yahoo Japan Corp (4689.T), Japan’s largest Internet portal site, will likely adopt Google Inc’s (GOOG.O) search engine as part of an alliance between the two companies, media reported. [ID:nTOE66Q02W] (Compiled by Juhi Arora in Bangalore; Editing by Mike Nesbit)

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Ryanair Q1 profit falls on ash, keeps FY forecast

July 21, 2010 By Leave a Comment

July 20 (Reuters) – Irish airline Ryanair (RYA.I) posted a 24 percent drop in first-quarter profit due to disruptions caused by a volcanic ash cloud and maintained its forecast for full-year earnings growth.

Europe’s biggest low-cost carrier said on Tuesday its net profit for the three months to the end of June came in at 93.7 million euros ($122 million) after accounting for the 50 million euro cost of almost 10,000 flights cancelled in April and May.

Adjusted net profit rose 1 percent to 138.5 million euros and Ryanair maintained its forecast for full-year net profit to rise by between 10 to 15 percent to between 350 million and 375 million euros — a forecast which it last month said excluded the 50 million euro ash cloud charge. (Reporting by Andras Gergely; Editing by Mike Nesbit) ($1=.7706 euros)

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Airline SAS eyes meeting 2011 profit goal -report

July 14, 2010 By Leave a Comment

July 13 (Reuters) – Loss-making airline SAS (SAS.ST) hopes that cost cuts combined with rising revenues will lead to it meeting its target of becoming profitable in 2011, the company’s CEO was quoted on Tuesday as saying.

SAS, half owned by the governments of Sweden, Norway and Denmark, has pushed through several cost cutting plans.

This year it also raised 5 billion crowns ($665 million) via a rights issue.

Chief executive Mats Jansson was quoted by newspaper Dagens Nyheter as saying that a recovery in the market was coming through and expected underlying growth in the airline market of 4 to 5 percent over the next four years.

“The cost cut programme is having a clear effect and, together with higher revenues, SAS can reach its goal of making a profit in 2011,” he added.

He said he was convinced the airline would survive the global crisis and added that intercontinental traffic was rising. He also saw the first signs of a return of business and leisure travellers to long distance destinations. (Reporting by Patrick Lannin; Editing by Mike Nesbit) ($1=7.519 Swedish Crowns)

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AlpInvest owners seek to sell firm -report

July 10, 2010 By Leave a Comment

AMSTERDAM, July 9 (Reuters) – Dutch asset managers APG and PGGM want to sell AlpInvest, one of the world’s largest private equity investors with up to 46 billion euros at its disposal, newspaper Het Financieele Dagblad reported on Friday, citing sources. The asset managers want to free up their capital to invest elsewhere, the paper said, citing its sources. Spokespeople for the two firms were not immediately available to comment.

APG and PGGM each own 50 percent of AlpInvest, which has recently floated or made plans to float media company Nielsen Holdings, fund manager Jupiter (JUP.L) and chip maker NXP [NXP.UL], among others.

In its annual review, AlpInvest said it had 1.7 billion euros ($2.14 billion) in total investments in 2009 and 1 billion euros in realisations. It calls itself the largest European private equity investor.

It employed 121 people as of the end of last year at offices in Amsterdam, New York, Hong Kong and London.

APG is the asset manager for ABP, the world’s third-largest sovereign pension fund. Last year APG committed 5.3 billion euros for a new 2009/2010 mandate for AlpInvest.

PGGM is the asset manager for PFZW, the pension fund for the Dutch care and welfare sector. (Reporting by Ben Berkowitz; Editing by Mike Nesbit) ($1=.7939 euros)

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PGNIG eyes eurobond issue worth up to 1.2 bln euros

July 1, 2010 By Leave a Comment

June 29 (Reuters) – Poland’s gas monopoly PGNIG PGNI.WA plans to issue euro-bonds worth up to 1.2 billion euros ($1.48 billion), the company’s Deputy Chief Executive Slawomir Hinc was quoted on Tuesday as saying by daily Parkiet.

“We want to be ready with the programme of issuing these bonds in the fourth quarter. The sale itself can be conducted a little bit later, that is in the first quarter of 2011,” he also said in an interview. (Writing by Gabriela Baczynska; Editing by Mike Nesbit) ($1=.8103 euros)

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Russia MTS to buy out Comstar minorities at premium

June 26, 2010 By Leave a Comment

June 25 (Reuters) – MTS (MBT.N), Russia’s No.1 mobile phone operator has offered to buy out minorities in Comstar (CMSTq.L), at a premium to the market, Kommersant business daily reported on Friday.

By persuading more minorities to part with stakes through offering a higher price, MTS should be able to buy more shares and will have to swap less of its own stock for Comstar’s in order to complete the acquisition. Thus MTS’s parent AFK Sistema (SSAq.L) should be able to keep control of the end company.

MTS may spend 8.3 billion roubles ($268 million) buying out minorities in its fixed line unit at 220 roubles per share, Kommersant said citing sources familiar with the deal.

The shares at Comstar closed at $6.55 per GDR, which is equal to one share, on Thursday, implying the buyout price of 220 roubles ($7.10) offers an 8.4 percent premium.

If the minor shareholders agree to sell more than 9 percent in Comstar MTS would buy the excess shares at 213 roubles per share, Kommersant said.

The merger would enable MTS to take full advantage of the synergies from its 2009 acquisition of a controlling stake in Comstar, in which it now holds 62 percent.

Shareholders who do not take up the buyout offer would swap one share in Comstar for 0.825 shares in MTS, Kommersant said.

(Reporting by Dmitry Sergeyev; Editing by Mike Nesbit)

($1=30.98 roubles)

((dmitry.sergeev@reuters.com; +7 495 775 1242;

Reuters Messaging: dmitry.sergeev.reuters.com@reuters.net)) Keywords: COMSTAR MTS/BUYOUT

(C) Reuters 2010. All rights reserved. Republication or redistribution ofReuters content, including by caching, framing or similar means, is expresslyprohibited without the prior written consent of Reuters. Reuters and the Reuterssphere logo are registered trademarks and trademarks of the Reuters group ofcompanies around the world.nLDE65O03J

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UPDATE 1-Alcoa agrees new pact with union workers

June 26, 2010 By Leave a Comment

June 25 (Reuters) – U.S. aluminium giant Alcoa Inc (AA.N) said it ratified a new four-year contract with the United Steelworkers union covering 5,400 employees at ten of its locations in the United States.

The company, one of the world’s largest aluminum producers, said on its website there would be no wage increases in 2010 and 2011 but all job classes will see their wages go up by 2.5 percent each in 2012 and 2013.

Also, the company’s healthcare program will see increased employee contributions, with price tags increasing every year.

The union contract covers all Alcoa workers in the U.S. under an umbrella deal. (Reporting by Sakthi Prasad in Bangalore; Editing by Mike Nesbit)

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UPDATE 1-DevSecs continues push into prime residential

June 25, 2010 By Leave a Comment

LONDON, June 24 (Reuters) – UK property company Development Securities (DSC.L) said on Thursday it has acquired a mixed-use central London property with partner Caenwood Ventures as part of a strategy to widen its portfolio to residential properties.

It bought the 30 office, 29 residential flats and four retail unit building at Westminster Palace Gardens, Victoria, for 10.1 million pounds ($15.1 million), reflecting a net initial yield of 6.77 percent.

Development Securities and Caenwood, along with residential development manager Alchemi Group, plan to convert the remaining offices to apartments, taking advantage of the rising prime central London residential market.

The company has a strategy of widening its trading portfolio to include residential, a market it has not traditionally traded in.

Westminster Palace Gardens was built for residential use. (Reporting by Andrew Macdonald; Editing by Mike Nesbit) ($1=.6677 pounds)

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UPDATE 2-K+S’s 2nd potash mark-up adds to signs of recovery

June 12, 2010 By Leave a Comment

FRANKFURT, June 11 (Reuters) – German salt miner K+S (SDFG.DE) raised the prices for its main product potash for the second time since March, reassuring investors that fertiliser demand in its largest European market was gaining traction.

K+S, the world’s fourth-largest potash supplier, will charge 8 euros more, or 305 euros ($367.2) per tonne of the key crop nutrient, from June 15, it said on Friday.

“We continue to see good demand in Europe,” the company said, adding it also had to narrow the gap to higher world market prices of standard potash.

The weak euro has made it more expensive for European farmers to procure potash from outside Europe, where it is sold in dollars, now trading at around $400 (330 euros) a tonne.

“This is an encouraging signal after the price slump in 2009 and the bottoming-out earlier this year,” said Hamburger Sparkasse analyst Marco Guenther.

“The upward price trend underpins the good prospects for 2011.”

The shares extended gains and were up 3.2 percent at 39.25 euros at 1032 GMT, outperforming the 0.2 percent gain of the STOXX Europe 600 Chemicals .SX4PE.

K+S had lifted the potash price to 297 euros per tonne in March from 285 euros, the first mark-up since the global financial crisis caused a slump in fertiliser demand.

K+S’s Canadian rivals Potash Corp (POT.TO), Mosaic Co (MOS.N) and Agrium Inc (AGU.TO) are all in the midst of expanding their output from existing mines as global demand for the crop mineral recovers.

The industry is banking on pent-up demand from farmers who last year held back on potash use, speculating on a decline in fertiliser costs while suffering from low grain prices.

Resurgent fertiliser demand helped K+S post forecast-beating first-quarter results in May but its full-year sales volume outlook remained behind those of its main rivals. [ID:nLDE6492QC] (Editing by Mike Nesbit) ($1=.8307 euros)

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UPDATE 1-Russia’s TGK-1 says 2009 profit rises sevenfold

June 11, 2010 By Leave a Comment

ST PETERSBURG, Russia, June 10 (Reuters) – Russian power firm TGK-1 (TGKA.MM) said 2009 net profit rose sevenfold to 8.4 billion roubles ($266.2 million) as the firm part-cancelled an impairment charge amid strong market conditions.

The company, which supplies power to St Petersburg and Russia’s north-west, said in a Thursday statement it had gained more than 5.4 billion roubles from the accounting move, which related to two thermal power plants and a heating grid.

“Management considered recent favourable changes in operation of the Russian electricity market and resolved to partially reverse the impairment provision,” TGK-1 said.

Russia’s large cluster of power companies have been reporting sharply improved results in recent days on the back of recent liberalisation of the electricity market.

TGK-1, part owned by Gazprom (GAZP.MM) and Finland’s Fortum (TGKJ.MM) (FUM1V.HE), posted the 8.4 billion rouble net profit figure after recording a 1.2 billion rouble profit in 2008.

Full-year revenue rose to 41.35 billion roubles from 33.6 billion roubles, while operating profit increased more than ten times to 10.4 billion roubles. (Reporting by Denis Pinchuk, Writing by John Bowker/ Nastassia Astrasheuskaya; editing by Maria Kiselyova, Mike Nesbit) ($1=31.56 roubles)

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Vienna airport had 11.4 pct more passengers in May

June 11, 2010 By Leave a Comment

June 10 (Reuters) – Flughafen Wien AG (VIEV.VI) said on Thursday it registered 11.4 percent more passengers in May, for a cumulative rise this year of 4.3 percent to 7.1 million passengers.

Industrials

The figure resumed its rise after a decline in April due to the volcanic ash cloud that caused airspace closures. (Reporting by Marcel Michelson; Editing by Mike Nesbit)
Industrials

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Retailer Auchan plans to list Chinese unit -paper

June 11, 2010 By Leave a Comment

June 10 (Reuters) – French privately held retailer Auchan plans to list its Chinese joint venture to raise between 500 million euros ($671 million) and 670 million, Le Figaro newspaper said on Thursday without citing its sources.

Non-Cyclical Consumer Goods

Auchan and its joint-venture partner, conglomerate Ruentex Group of Taiwan, occupy the top spot in hypermarkets in China where Auchan expects to post sales growth of 25 percent this year as well as open six new hypermarkets.

Together, Auchan and Ruentex have 156 hypermarkets in China, which sell food alongside clothes and televisions. Auchan China runs 35 hypermarkets with sales of nearly 1 billion euros and Ruentex has 121 RT Mart stores with sales of 3.75 billion euros.

Auchan and Ruentex’s 50-50 joint venture Sun Holding holds 67.2 percent of Ruentex’s RT Mart China, which in 2008 sidelined France’s Carrefour (CARR.PA) as China’s biggest hypermarket chain, and 65.6 percent in Aucan China.

If the initial public offering, which Le Figaro said could be announced in July, takes place, Auchan and Ruentex could sell 30 percent of Sun Holding.

At Auchan no one was immediately available to comment. ($1=.7453 euros) (Reporting by Caroline Jacobs; Editing by Mike Nesbit)

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Apple faces U.S. antitrust scrutiny -FT

June 11, 2010 By Leave a Comment

(Reuters) – U.S. antitrust regulators plan to investigate whether Apple (AAPL.O) is unfairly restricting rivals such as Google (GOOG.O) from carrying ads on the iPhone, iPad and iPod, the Financial Times said.

Stocks | Regulatory News | Global Markets | Technology

The regulators have already started scanning Apple’s actions, the paper said, citing people familiar with the move.

But it is not yet clear whether the Federal Trade Commission or the Department of Justice would take up an investigation, the Times said.

Apple could not immediately be reached for comment by Reuters outside regular U.S. business hours.

On Wednesday, Google said recent changes to Apple’s developers agreement would effectively cripple Google’s advertising tools for the iPhone, creating “artificial” barriers to competition. [ID:nN09161870]

Apple changed the language of the agreement on Monday, which now appears to prohibit certain third-party ad agencies from collecting critical usage data from iPhone applications. (Reporting by Sakthi Prasad in Bangalore; Editing by Mike Nesbit)
Stocks
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UPDATE 1-Aer Lingus May traffic down on ash disruption

June 9, 2010 By Leave a Comment

DUBLIN, June 8 (Reuters) – Irish airline Aer Lingus (AERL.I) carried fewer passengers in May year-on-year after a volcanic ash cloud disrupted flights again.

Aer Lingus, which has been cutting costs to survive against former suitor Ryanair (RYA.I), carried 876,000 passengers, down 9.9 percent on May 2009 however its load factor — a measure of how well it fills planes — rose by 5.6 percentage points to 79.3 percent.

The spread of ash from an erupting volcano in Iceland grounded much of European air traffic for nearly a week in April. It also periodically forced the short-term closure of parts of airspace across Europe in May.

As a consequence of the disruptions caused by the ash clouds, Aer Lingus said there there were 11 days in May when it did not operate all of its scheduled flights.

The former state carrier has said that the closures would cut earnings by about 20 million euros ($24 million). [ID:nLDE64304U]

Ryanair said last week May booked passenger numbers rose 17 percent year on year to 6.44 million, before accounting for ash cloud closures. [ID:nWLA5565] (Reporting by Marie-Louise Gumuchian; Editing by Mike Nesbit) ($1=.8375 euros)

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UK to boost safety inspections after BP oil spill

June 9, 2010 By Leave a Comment

June 8 (Reuters) – Britain said it would increase its inspection of North Sea drilling rigs and monitoring of offshore practices in the light of the BP (BP.L) oil spill in the Gulf of Mexico.

Energy and climate change minister Chris Huhne said in a statement posted on his department’s website on Tuesday that he had also asked an oil industry group to investigate the UK’s ability to prevent and respond to oil spills.

“The Deepwater Horizon gives us pause for thought and, given the beginning of exploration in deeper waters West of Shetland, there is every reason to increase our vigilance,” Huhne said.

The UK plans to double the number of annual environmental inspections, the statement said.

BP’s Macondo oil well in the Gulf of Mexico continues to leak between 12,000 and 25,000 barrels per day after the Deepwater Horizon rig, which was drilling the well exploded and sunk.

Some U.S. politicians have criticised previous administrations’ decision to allow the oil industry to largely regulate itself, for lax safety procedures and the failure to develop technology that can tackle a leaking oil well at sea. [ID:nN07147206] [ID:nN08211982]

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Take a Look on [ID:nN01138073] ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^

(Reporting by Tom Bergin; Editing by Mike Nesbit)

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Europe Factors-Shares seen up after Greece aid deal

April 13, 2010 By Leave a Comment

PARIS, April 12 (Reuters) – Financial bookmakers expected to see the leading
European benchmark indexes rally on Monday, extending the previous session’s
sharp gains, after euro zone finance ministers approved an aid plan for
debt-stricken Greece.

Financial spreadbetters expected Britain’s FTSE 100 .FTSE to open 21 to 24
points higher, or as much as 0.4 percent, Germany’s DAX .GDAXI to open 24 to
25 points higher, or as much as 0.4 percent, and France’s CAC-40 .FCHI to open
10 to 13 points higher, or as much as 0.3 percent.

Euro zone finance ministers approved a 30 billion euros ($40 billion)
emergency aid mechanism for Greece on Sunday, but stressed Athens had not
requested the plan be activated yet. [ID:nLDE63A0BO]

The deal sent the euro leaping to its highest level in nearly a month on
Monday, surging 1 percent on the dollar and yen.

———————-MARKET SNAPSHOT AT 0506 GMT———————-

LAST PCT CHG NET CHG

S&P 500 .SPX 1,194.37 0.67 % 7.93

NIKKEI .N225 11,301.39 0.87 % 97.05

MSCI ASIA EX-JP .MIASJ0000PUS 507.22 -0.15 % -0.78

EUR/USD EUR= 1.3677 0.40 % 0.0055

USD/JPY JPY= 93.09 -0.12 % -0.1100

10-YR US TSY YLD US10YT=RR 3.914 — 0.03

10-YR BUND YLD EU10YT=RR 3.168 — 0.00

SPOT GOLD XAU= $1,165.20 0.53 % $6.20

US CRUDE CLc1 $85.31 0.46 % 0.40

———————————————————————–

Wall St climbs with energy sector, Dow touches 11,000 [ID:nN09139071]

GLOBAL MARKETS-Euro surges on Greek aid, stocks climb [ID:nSGE63A036]

Nikkei rises 1 pct; Dentsu up on earnings estimate [ID:nTOE63B02Q]
Euro jumps on Greek package in short squeeze [ID:nTOE63B03E]

Oil rises above $85 on weak dollar, China data [ID:nSGE63B06G]

LME copper hits new 20-month high on weak dlr [ID:nSGE63B04U]

Gold hits 4-mth high on euro jump, investment demand [ID:nTOE63B03U]

TREASURIES-Dip in Asia on Greek aid; data, [ID:nTOE63B041]

(Reporting by Blaise Robinson; Editing by Mike Nesbit)

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PGE 2010 net to jump tens of pct if sells stakes

April 13, 2010 By Leave a Comment

WARSAW, April 12 (Reuters) – Net profit at Poland’s top power group PGE PGEP.WA may jump by tens of percent if it sells stakes in subsidiaries like telecoms Polkomtel and Exatel, its chief financial officer was quoted as saying on Monday.

Utilities

The company said earlier it would have a difficult time this year reaching the net profit of 3.4 billion zlotys ($1.2 billion) it earned in 2009. [ID:nWSF008821] (Reporting by Patryk Wasilewski; Editing by Mike Nesbit) ($1=2.875 Zloty)

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