Hot Economic News Releases

The Australian group AMP Asset Management said on Tuesday remain interested in buying assets of Axa Asia Pacific (AXA APH) in Australia and New Zealand, but only "appropriate conditions".

"AXA Asia Pacific is strategically interesting to appropriate conditions," said a spokeswoman.

Shortly beforehand, National Australia Bank announced the formal abandonment of its bid for AXA APH, which the Australian competition authority has opposed for the second time his veto last week.

"Taking into account all options, the continuation of this agreement does not serve the best interests of shareholders," said a statement from the NAB CEO, Cameron Clyne, in reference to the exclusivity agreement with Axa .

The original plan, once acquired by AXA APH NAB for nearly nine billion euros, that it resells the assets to Axa group outside Australia and New Zealand, which would have allowed the French to focus on developing its activities in emerging markets in Asia.

Airbus is in talks with China for the purchase of 150 aircraft worth about 16 billion euros, reported The Tribune in its Monday edition.

The discussion focuses on 120 medium-haul A320s, 20 A330s and ten A350s, the newspaper said citing sources "consistent".

It would be the largest order placed by China since 2005 personal loans.

It could be announced during the visit to France by Chinese President Hu Jintao in November, said La Tribune.

No comment was immediately available from Airbus.

The French Minister of Agriculture Bruno Le Maire Friday said he supported a limitation of positions to limit speculation on commodity markets.

Bruno Le Maire, who gave an interview to Reuters, deems it necessary for greater regulation of European markets for commodities to curb rising food prices and prevent hunger in poor countries.

The minister, who visited for two days in the U.S. where he was met with his U.S. counterpart Tom Vilsack, said that the imposition of limitations positions on European markets for raw materials was "something very interesting .

"We are ready to move in that direction.Limitations of positions could be a very interesting solution, but not alone. (…) This is something that we are ready to work, "said Bruno Le Maire. France chair the G20 in November.

France has submitted detailed proposals to the European Commission requesting a joint action to regulate the commodities markets.

Two years ago, rising agricultural prices to record levels had triggered riots in some countries.

More recently, the drought in Russia has nearly doubled the price of wheat between June and August. The Russian government has suspended exports of grain at least until 2011.

'Of course, there was the drought problem in Russia.But it should raise the market price of 100 euros per tonne, say, 140 or 150 euros. Not 200 or 220 ", argued the French minister.

"It is the margin of speculation and that is what we want to fight, want to reduce it," he said.

France wants to "better organize" the market, "he insisted.

He said he had discussions with the British government on the subject, while large commodity markets in Europe are in London.

The trade deficit increased further UK in July to its highest level in nearly five years, imports of petroleum and chemical products increased while exports fell, official data showed on Thursday.

The deficit on trade in goods alone stood at 8.667 billion pounds, an unprecedented figure, against 7.532 billion in June, while analysts and economists polled by Reuters had expected less stable.

Imports from the United Kingdom increased 3.1% a month on the other, while exports fell 0.9%, variations due largely to the evolution of trade in chemicals petroleum products.

Including services, the deficit of the overall trade balance stood at 4.916 billion pounds in July against 3.932 billion in June, the highest since August 2005.

The pound gave ground against the dollar after the publication of these figures, which underline the fragility of the British takeover.

Transgene announced Wednesday an exclusive partnership with the American Jennerex for development and commercialization of JX-594, a virus designed to selectively target cancer cells and destroy them.

The French biotechnology company said in a statement that in the framework of this partnership, Jennerex has granted the exclusive rights to develop and commercialize JX-594 in Europe, the CIS and the Middle East and both companies co-developed the product globally.

Transgene has also made an investment in the capital of Jennerex, which he did not specify the amount.The U.S. group will in turn receive "up to 116 million in bonus stages of development and the placing on the market as well as royalties on sales to double digits and on a staggered basis.

"With in Europe with a forecast of marketing in 2015 and a potential market of one billion dollars if JX-594 manages all of its stages of development, it will generate a substantial return on investment" said Philippe Archinard, CEO of the French group, said in the statement.

"An objective tumor response (the JX-594) has been demonstrated in various cancers, including cancers of the liver, colon, kidney, lung and melanoma," also indicates Transgene.

Credit Mutuel said Monday the resignation of its chairman Etienne Pflimlin and its replacement by Michael Lucas, the current CEO of the French mutual bank, effective October 14.

"I decided, for personal reasons, to end my functions as president of the National Confederation of Credit Mutuel, and the Federation of Credit Mutuel Centre Est Europe," wrote Stephen Pflimlin in a statement released to the press by the Mutual Credit.

"I propose to relevant statutory bodies that Michael Lucas, currently CEO of both institutions, I followed these functions," he says.

Born in Thonon-les-Bains, in Haute-Savoie, and father of two children, Etienne Pflimlin is currently 68 years old.

Alumni of the Polytechnic School, graduated from the Institut d'Etudes Politiques (IEP) of Paris, Etienne Pflimlin, son of the former mayor of Strasbourg Pflimlin chaired the National Confederation of Credit Mutuel since 1987.

Before formalizing his resignation, a source close to the management of the Mutual Credit had confirmed to Reuters that information revealed earlier in the morning by the newspaper Les Echos.

"Yes, there is a press release that starts tonight at 18 hours, but I think I'll try to move forward," said the source had told Reuters.

Credit Mutuel, CIC's parent, announced in late July that they had formed a partnership with Casino in financial services. The agreement provides that the Credit Mutuel – CIC will take a 50% stake in the bank subsidiary of Casino.

The French bank has also entered into an agreement with Banco Popular to create a new banking platform in Spain, after which the Credit Mutuel will take 5% stake in Spanish bank.

Crédit Mutuel in 2008 also acquired the network of retail banking at Citigroup in Germany, became Targo Bank, and took control last year of the credit company Cofidis consumption.

Ebay announced Friday that the Court of Appeal of Paris asked to pay LVMH 33 million euros in the American group in the context of infringement case between the two companies.

The online auction site had been sentenced in June 2008 by the Commercial Court of Paris to pay a total of 38.6 million euros to repair luxury group for dissemination and distribution of counterfeit perfume out of approved circuit.

Ebay does not detail the decision of the Court of Appeal but the Chief Executive in France, Yohan Ruso, said in a statement that the injunction against the U.S. group has been "reduced in scope" .

LVMH believes his side that "the principle of responsibility, this decision confirms the decision of 30 June 2008 by the Commercial Court of Paris.

The group emphasizes that the Court condemns eBay to pay $ 5.7 million in damages and interest and open "the possibility for applicants to hire additional remedies in foreign courts for compensation for damage suffered in their territories.

The Commercial Court had held late June 2008 that eBay had committed "serious misconduct by failing in its obligations to ensure that its activities do not generate illegal acts."

Despite the appeal of eBay, the court ordered the provisional enforcement of financial sanctions.

It was the first trial of this magnitude on the sale of branded products on the internet. The court had held at first instance that the auction site could not hide behind the fact that he was only putting in connecting buyers and sellers.

Before LVMH, Hermes also had won a ruling against eBay but for a sum much smaller. The site had been convicted by the Tribunal de Grande Instance de Troyes to pay 20,000 euros in damages to luxury goods group in the Rue St. Honore.

Commercial judges had sanctioned the sale of counterfeit goods from eBay imitation leather goods from Louis Vuitton and Dior Couture clothing.They had also sanctioned the sale of authentic fragrances and cosmetics brands Dior, Kenzo, Givenchy and Guerlain, on the ground that LVMH had not chosen this diffuser.

Vivendi said Wednesday anticipate an increase in its annual results for 2010 and maintaining its dividend to 1.40 euro for the year, after posting better than expected performance in the first half, notably at SFR and Universal Music.

The first group of European media and entertainment market capitalization said in a statement anticipating a growth in adjusted operating profit (EBITA) in 2010 – instead of a "slight" growth before.

It also provides a higher adjusted annual net income higher than the 2.585 million generated in 2009.

Vivendi has released the first-half EBITA of 3.243 million euros, up 11.9% and a turnover of 13.982 million, up 6.1%.

The 12 analysts polled by Reuters drafting average expected EBITA of EUR 3,099.5 million and a turnover of 13.833 million.

The company posted an adjusted net income biannual 1,526,000 euros, up 4.0%

SFR, which accounts for nearly half the turnover of the group reached EBITA of 1.368 million euros, against 1.302 million expected by analysts, with sales up 1.8%, more stronger than expected.

Canal + has reached an EBITA of 486 million euros, up 3.0%, against 463 million expected, but with a turnover more moderate than expected.

Lagardere announced last Thursday that he intended to complete by March 2011 the IPO of 20% of Canal + France held 80% with the balance.

UMG, the first record label world, shows a fall of 24.6% of its EBITA less than expected at 159 million euros, against 149.5 million anticipated.

Vivendi also raised the forecast of Brazilian fixed-line operator GVT, its latest acquisition and its smallest division, now anticipating increases of 34% of its turnover and 44% of its adjusted EBITDA – 29% and cons 35% previously.

GVT has done in the first half turnover of 444 million euros and an EBITA of 98 million.

The Vivendi shares closed Tuesday up 1.24% to 18.41 euros, giving a market capitalization of $ 22.8 billion. It has lost 11.5% since the beginning of the year, against an increase of 5.3% of the pan-European media index.