Pharmacie française en ligne: Acheter des antibiotiques sans ordonnance en ligne prix bas et Livraison rapide.
Microsoft word - 29nov10 euro sg.doc
29 NOVEMBER 2010
European markets extended their losses last week amid uncertainty about the fate of
peripheral Eurozone countries. Bank shares fell sharply on fears that even the highest-ranked
bondholders may be faced with losses.
Bank troubles in Ireland culminated in a formal request for international aid, in which the
European Union and IMF agreed to a €85 billion bail-out package. As expected, Standard and
Poor’s cut its sovereign rating, while Dublin’s four-year austerity plan failed to appease
Spain’s mortgage approvals declined in September for the fifth month; Italy’s retail data were
weighed down by sluggish food sales; and French consumer spending fell in October because
of lower demand for cars.
The Eurozone’s private sector expanded sharply in November and German business
confidence rose to a 20-year high. Elsewhere, British GDP growth edged higher in the third
quarter, boosted by higher exports.
In politics, Portugal’s parliament approved the austerity budget aimed at reducing public debt
to 4.6% from 7.3% by the end of 2011, despite widespread protests. Germany will suspend
military conscription from next July, ending a cornerstone of its post-war constitution.
: Rio Tinto
expanded its Pilbara iron ore production by two billion tonnes. AMEC
acquired Australian consultancy BurmanGriffiths for A$4.5 million.
Consumer goods: BMW
will shorten Christmas breaks to meet demand for new models. L'Oreal
among 15 retailers ordered by French lawmakers to pay €46.2m for price fixing, although the company
denied the charges. Adidas
will shift its advertising focus online, away from print and TV.
: Intesa Sanpaolo
launched a bid for Polbank, the Polish unit of Eurobank Ergasias. Banco
Bilbao Vizcaya Argentaria
raised more than €5 billion in a share sale to help fund its purchase of a
stake in Turkish lender Turkiye Garanti Bankasi. Provident Financial
reported improving home credit
loan sales since the start of September.
: Rolls Royce
won a contract from Air China to provide engines for 20 new aircraft. Schneider
acquired cooling-systems maker Uniflair. Weir Group
formed a joint venture to provide
high-pressure pumps to China’s developing shale industry. Saint Gobain
plans to build a new glass
factory in Brazil to be nearer the market.
: Daily Mail and General
reported a 23% rise in annual profits, driven by cost controls, and
margin improvement in its consumer businesses. Pearson
will acquire a 75% stake in South Africa’s
CTI Education Group for £31 million in cash.
will sell its US penicillin factory and rights to its Augmentin and
Amoxil brands to Dr Reddy’s Laboratories.
: Helical Bar’s
interim operating profits fell and net debt increased. Although the outlook
was subdued, the company expects buying opportunities in the coming year.
sold its 80.1% stake in Cativen to the Venezuelan government, keeping the remaining
stake and continuing to provide operational support. Tesco
said that like-for-like sales growth
accelerated in Asia in the first nine weeks to end October, except for Japan. Metro
sold its stores in
Morocco to Label Vie.
Travel and Leisure
: Millennium & Copthorne
raised its stake in Beijing Fortune Hotel, which owns
and operates the Grand Millennium Hotel Beijing, to 70% from 30%.
29 NOVEMBER 2010
: United Utilities
posted lower half-year profits that were weighed down by price cuts and
inflation. It declared an interim dividend of 10 pence and aims to pay 30 pence for the full year.
We hold all the companies highlighted above.
Indices Performance Table
YTD ( US$)
Source: Aberdeen Asset Managers Limited, Bloomberg, Reuters, IRESS
29 NOVEMBER 2010
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Danny Pieters, president of the Belgian Senate. It is for me a privilege and a true pleasure to open this event, the importance of which transcends the mere university exchange. Indeed it is by no way a coincidence that the higher education fair and forum, hosted by Group T, is held at the 40th anniversary of the Chinese-Belgian diplomatic relations. Building upon personal contacts as well as