Hot Economic News Releases

Procter & Gamble announces earnings below expectations during the fourth quarter, sales growth could not offset higher marketing expenses.

The group of consumer products said that investments in new products launched this year – Pampers Dry Max, ProGlide Fusion razor and tooth whitening strips Crest 3D White outpaced growth of 5% of turnover 'net sales.

"Next year will be another great year of innovation for us and we will invest accordingly," said CFO Jon Moeller, during a teleconference with the press.

Net income for the quarter ended June 30 was $ 2.19 billion, or 71 cents per share, against 2.47 billion (80 cents) a year earlier.The Thomson Reuters consensus I / B / E / S gave an EPS of 73 cents.

The turnover stood at 18.93 billion dollars (19.1 billion consensus).

P & G expects earnings per share of 97 cents to $ 1.01 in the first quarter of the year, and an organic growth of 3% to 5%.

Effects of unfavorable exchange rates would reduce net revenue growth of 3%.

Analysts are waiting for their share of $ 1.04 a share, in the first quarter.

The share lost 5.3% to 59.77 dollars in pre-market after these announcements.

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 International Monetary Fund (IMF) intends to increase its lending capacity of 750-1000 billion dollars to prevent future financial crises, the Financial Times.

The organization wishes to enter into agreements to advance on a case by case basis with member states, rather than offering loans under certain conditions, the newspaper said without citing sources.

"Even during periods of crisis, a large fund that can take massive can help prevent crises," explained Dominique Strauss Kahn, IMF managing director, in the columns of the Sunday edition of the FT.

"The fact that the decreasing financial role does not mean we can do without a big fire power (…) A fund of 1.000 billion is a wise prediction," he says.

South Korea, which currently chairs the G20 group, hopes to convince its partners to approve the draft at the next summit of the organization, to be held in November in Seoul, says the author of the article.

National Australia Bank is expected to introduce in the space of one week a new proposal to the Australian competition authorities on its bid of 11.5 billion dollars (9.13 billion euros) over the asset manager AXA Asia Pacific , a subsidiary of AXA, say three sources familiar with the matter.

NAB, which attempts to revive the business after losing the first time in April by the Australian Competition Commission (ACCC) would seek a further extension of its exclusivity few weeks from Axa to finalize its offer, added the sources.

The exclusive agreement between NAB and Axa expires July 15 and, in the opinion of the sources, Axa will extend it to allow time for competition authorities to assess the new proposal.

NAB and AXA AP have declined comment.

The ACCC had estimated in April that a merger between NAB and AXA would significantly reduce competition in the market for retail investment platforms.

To satisfy the commission, NAB may sell retail platforms AXA AP, North, for example.According to sources, discussions are underway on this with the fund manager IOOF Australia.

The Director General NAB Cameron Clyne said Wednesday shareholders that "NAB continues to evaluate its options for the approval of the ACCC's proposed purchase of subsidiaries in Australia and New Zealand AXA Asia Pacific" .

The opportunities are scarce for AXA, to the extent that the manager Australian PMI is also in the running but a recent decline in its share has reduced his ability to effectively make a competing offer, which it has yet received approval from the ACCC .

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.

The death of U.S. Sen. Robert Byrd could lead to a postponement until mid-July of the final adoption of the draft law reforming financial regulation in the United States, forcing the Democrats to seek further support.

The future of the bill now depends on the decision of a handful of senators after the death Monday of Robert Byrd, at the age of 92 years, denying the Democrats a voice in favor of the 60 needed to deprive Republicans delayed by a battle of adopting the text amendments.

The Democrats could expect that the governor of West Virginia named interim successor to Robert Byrd, but the appointment could take several weeks.

To ensure some additional support, the Democrats may have to change the text.

"If they need to review the bill and make concessions to secure additional votes (…), the text will emerge strengthened, not weakened," warns Barbara Roper, who heads an advocacy organization of consumers.

This bill, which President Barack Obama made one of his priorities, would launch a reform of financial regulation unprecedented since the 1930s.

The text aims to cut without a ban, the risky activities of banks, to establish a new process of liquidation for companies in financial difficulty, or to impose a tax credit on the largest financial groups, on larger groups to finance reform.

The House of Representatives should adopt the text Tuesday or Wednesday. But before being submitted to the presidential signature, originally scheduled on July 4, the text must also be approved by the Senate.However, due to the death of Robert Byrd, the Senate could defer their decision on July 12, after a week of leave, said a legislative assistant.

"We expect that this overhaul of banking legislation wins approval in U.S. House of Representatives, but the situation is complicated in the Senate," admits Brian Gardner, a political analyst for investment firm Keefe Bruyette & Woods.

THE MARKETS IN WAITING

If the vote of the law should dispel the uncertainties surrounding the bank stocks, the implementation of the text still has many question marks, analysts said Goldman Sachs.

Among outstanding issues is the appointments that the U.S. president should proceed, including the new head of the agency responsible for regulating mortgages, credit cards and other financial products.

Some clauses of the text should weigh on profits and growth of the largest banks, but have been relaxed during negotiations between representatives and senators, after a marathon negotiating session last 21 hours that ended Friday in the dawn.

For now, Democrats are thus seeking to support their cause some moderate Republicans like Olympia Snowe, and Senators Scott Brown, supported the text but rather reluctant to introduce a tax credit.

It aims to prevent the bill strikes the U.S. public finance more.However, according to the Congressional Budget Office, an independent monitoring and evaluation of public accounts, expenses related to the reform in ten years, estimated at $ 26.9 billion, should be offset by as much revenue.

The vote Democratic senators Russ Feingold and Maria Cantwell, who voted against it last month, claiming it was not sufficiently binding, should also be courted.

Russ Feingold, however, already assured Monday that he would not change his opinion. Maria Cantwell for studying the issue and it still has not yet decided, said a spokesman.

The Paris Bourse reduced its decline in mid-day, but remains in the red (-0.62%). At 24:15 (10:15 GMT), the CAC 40 yielded 21.37 points 3434.24 points, in a transaction volume of 1.366 billion euros.

On Monday morning the Paris Stock Exchange opened down 1.73% to 3395.85 points and increased its losses to more than 2% in early trading. In the wake of Wall Street and Asian exchanges, the market suffered from disappointing employment figures released Friday and U.S. concerns about the deficits of European countries. The euro is found at 1.19 dollars, its lowest level in four years

The London Stock Exchange had also opened sharply lower Monday. The FTSE-100 index of major values yielded 71 points in early trade, or 1.39% from Friday's close at 5055 points. The Dax index featuring the Frankfurt Stock Exchange opened down 1.05% to 5876.48 points.In Milan, the FTSE Eb, was down over 2% in early Monday trade.

Athex index of the Athens Stock Exchange lost 3.29% to 1436.01 points on Monday to 0830 GMT, like other European markets.

The Nikkei index of Tokyo Stock Exchange backed off Monday from 3.84% Monday closed at 9,520.80 points, its lowest level in more than six months, including disappointing numbers victim of employment in the United States USA. After a session negative end to end, the Nikkei 225 index of blue chips ended on a loss of 380.39 points (-3.84%). This is its lowest closing level since Nov. 30, 2009.

Other awards in the region have also closed down. Sydney dropped 2.78%, shortly after 0600 GMT, Hong Kong abandoned 2.36%, 1.57% Seoul, Shanghai and Mumbai 1.35% 2.21%.