Hot Economic News Releases

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.

The plan to support the U.S. economy contributed 4.5% in real gross domestic product in the second quarter of 2010 and allowed to deliver up to 3.3 million people in employment, said Tuesday Budget Office Congress (OBC).

The CBO estimates, a bipartisan agency, believes the support plan, whose effects are challenged by the Republican Party, has prevented the economy contracted between April and June

Economists polled by Reuters expect the revised figures, which will be released Friday, show that GDP grew at an anemic pace of 1.4% in the second quarter, less than the 1.7% increase announced in the first estimate.

The CBO also estimates that support plan has put between 1.4 and 3.3 million jobs in the second quarter.

The total cost of the plan to support the U.S. economy should come out to 814 billion dollars while the CBO anticipated amount of around 862 billion dollars from a previous estimate.

The Paris Bourse continued its consolidation Wednesday despite a series of good results of the CAC 40 falling in the wake of Wall Street reacted negatively to the latest figures on the eve of consumption and the U.S. real estate.

At 9:28, the CAC 40 index shows a decline of 0.38% to 3733.14 points after losing 0.12% on Tuesday.

Investors will pay attention this afternoon at the United States publication of the ADP employment survey and the ISM services.

EDF wins 4.1%, highest increase in the ACC after the announcement of an increase in electricity tariffs from 15 August.These price increases are in the top end of market expectations.

Societe Generale, which opened up 3%, gaining 0.8% after posting better than expected results for the second quarter with a decline in its provisions and a stronger than expected growth in revenues.

Nexity yields 2.3%, largest drop in the SRD. Christine Lagarde, Minister of Economy, has announced a zero-interest loan to replace the enhanced tax credit on the loan interest.

Other major European markets are also down: London and Frankfurt lost 0.8% 0.52%.As for the European indices, the EuroStoxx 50 yields 0.62% and 0.67% Eurofirst 300.

The euro is stronger after a break of recent days and is trading around 1.3205 dollars, as U.S. crude, which trades at 82.16 dollars a barrel.

Mizuho Financial Group, Sumitomo Mitsui Financial Group and Mitsubishi UFJ Financial Group can view each more than 100 billion yen (885 million) profit for April-June period, reports the Nikkei newspaper.

The newspaper claims that large Japanese banks have grown their results for their fiscal first quarter thanks to their trading operations, while recording lower losses on bad loans through a smaller number of large bankruptcies.

Mizuho, which posted a loss of 4.4 billion yen for the period April to June 2009 due to losses on the CDS (credit default swaps) should post a profit of around 150 billion yen for the same period this year with its trading, the Nikkei wrote.

Sumitomo Mitsui Financial Group should in turn generate between 150 and 200 billion yen profit, against a profit of 72.7 billion last year, the newspaper said without citing sources.

Mitsubishi UFJ Financial Group for its part should record a profit of more than 100 billion yen, against 75.9 billion a year earlier, writes the Nikkei.

Banks are under pressure to improve their credit operations, while long term rates are at their lowest level in five years, also highlighted the daily.

Johnson & Johnson Tuesday reported a quarterly revenue well below expectations and has revised downward its forecast of annual profit for the second time in a year due to repeated withdrawals from the market painkiller Tylenol and other group of drugs available without prescription.

By mid-session on Wall Street, the title of group care products and U.S. health yielded 2.59% to 58.02 dollars while the Dow Jones, including Johnson & Johnson is, retreated from 0 84%.

The company said in the wake of its results have received a subpoena from the attorney general's office in Philadelphia as part of its withdrawal, without saying more.

For their part, the federal prosecutor's office did not confirm or comment on this procedure.

Johnson & Johnson said that global sales of its consumer goods were down 5.4% over the second quarter to 3.6 billion dollars.

The sales performance was mainly affected by the withdrawal, on April 30 last, a forty drugs used in the treatment of benign childhood diseases.

This decision was taken following a report showing that U.S. health authorities these products had been contaminated by dust and dirt during their manufacture in the factory of J & J in Fort Washington (Pennsylvania), finally closed end April.

The withdrawal of the products involved have cut sales of approximately $ 200 million, said Chief Financial Officer Dominic Caruso during a conference call, adding that closing the plant in Fort Washington is likely to weigh up 600 million dollars in annual sales.

The total turnover of Johnson & Johnson has also been weighed down by a slowdown in sales growth of its medical tools and diagnostic instruments.

The turnover stood at 15.33 billion dollars (0.6%) while analysts on average expected 15.64 billion, according to Thomson Reuters I / B / E / S.

Net income rose to 3.45 billion dollars (2.68 billion euros), or $ 1.23 per share against 3.21 billion ($ 1.15 per share) a year ago.

Excluding items, J & J posted earnings per share of $ 1.21, a level consistent with the average forecast of analysts.

The group has now said it expects earnings per share of between 4.65 and $ 4.75 throughout the year against a previous estimate of 4.80 to 4.90 dollars.

To explain this further revision downward, Johnson & Johnson raised the closure of the plant, which is currently undergoing a costly up to standard, and the pressure existing in Europe on the prices of its prescription drugs .

The NYSE opened up but on a cautious note Friday after the release of monthly statistics of the labor market in the United States, which rekindled fears of a slowdown in economic recovery.

A few minutes after the start of trading, the Dow Jones gained 0.27% to 9759.21 points, the Standard & Poor's 500 index 0.44% to 1,031.86 and the Nasdaq Composite 0.34% at 2108.48.

The U.S. economy has destroyed 125,000 non-agricultural jobs in June, according to Labor Department statistics, a figure slightly higher than expected.This is the first time since the beginning of the year that the U.S. economy is destroying jobs.

Among the values sought in early trading, the "biotech" Biogen and Allergan earn more than 6% and 8% respectively after news reports that Sanofi-Aventis is preparing a major acquisition in the United States.

Technip has been awarded two contracts with BP, the British North Sea, worth a total of about 100 million pounds (120 million euros).

The first is a contract under diving, repair and maintenance for a period of three years with two additional options of one year each, said the French specialist in oil and gas equipment in a statement.

The second is a contract engineering and installation for the development of Devenick field, located 234 km north-east of Aberdeen. It covers project management, engineering, manufacturing, installation and commissioning of several lines.

Talks planned on Monday evening of 7 June in Berlin between German Chancellor Angela Merkel and French President Nicolas Sarkozy have been canceled, officials said the embassy of France.

Mr Sarkozy and Ms Merkel had planned a working dinner prepared especially for the EU summit in Brussels June 17, to discuss European economic coordination, on which they disagree substantially.

Read our article on the subject: Why France and Germany do not understand

The German chancellor had earlier announced the cancellation of meetings with the press. No explanation was immediately available. According to diplomatic sources, the encounter between the two leaders was postponed to Monday, June 14