All World

British Airways and its partner, Iberia, preparing to merge, expect a further growth in 2011, after both returned to profitability.

The increase in demand for tickets to first class and business class and a strict policy of cost-cutting helped the two airlines to return to profit.

Merging the two carriers must be completed in January.

British Airways, the profit before tax amounted to 158 million pounds (181 million euros) for the fiscal first half ended in late September against a loss of 292 million pounds in the first half of 2009.

Turnover for the six months to September rose 8.4% to 4.44 billion pounds, while revenue per seat leaped by 17.2%, companies increasing their budgets for business travel.

Iberia made a profit of 53 million euros in the first nine months of the year, after suffering heavy losses over the same period of 2009.The revenue per seat grew by 7%.

OPTIMISM

"Both sets of results far exceed expectations, demonstrating the continued recovery in the sector, particularly in terms of long-haul flights in first class and business class," said Stephen Furlong, analyst at Davy Stockbrokers.

The economic crisis has led many companies to reduce their travel budgets, but the recovery pushes them to buy new tickets in the two classes most comfortable, for which demand is growing for several months.

"We have no evidence to suggest that the recovery in traffic in first class and business class will not continue," said Willie Walsh, chief executive of British Airways.

"Based on the exposure we give reservations, we believe the trend of recent months will continue," he added.

The airlines Lufthansa and Air France-KLM this week raised their profit forecasts thanks to rising sales and strong bookings.(See and)

By late morning, the title of BA retreated 2.57% to 273.5 pence, and the Iberia lost 1.64% to 3.182 euros.

"The securities were highly appreciated this year as demand has outstripped supply, but the situation is more complicated next year, and the group that released the merger will actually be performing the synergies it anticipates," Stephen Furlong said.

The merger will give birth to the third largest airline in terms of global turnover. British Airways has reduced its costs by 1.5% over the last six months, 2.6% and Iberia.

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Annual inflation remained stable at 1.3% in Germany in October as in September, local data and European data (HICP), indicating that there is no runaway prices in the euro area.

Rate of 1.3%, provisionally announced by the Federal Office of Statistics, is consistent with expectations of 36 analysts polled by Reuters.

These figures give a first indication for the entire euro zone, where annual inflation was 1.8% in September and is expected to remain at that level in October, according to analysts polled by Reuters.

"The pressure on prices is moderate.There is no current inflationary trend, "said Marco Bargel, an economist at Postbank, even if higher import prices and production suggests that an acceleration of inflation of consumer prices could occur in the future.

According to the Federal Office of Statistics, inflation is due, as in previous months, higher prices in the energy sector and in the fruit and vegetables.

The growth of money supply in the euro area, considered a barometer of inflation, eased slightly in September, rising 1.0%, figures showed on Wednesday released Wednesday by the European Central Bank (ECB).

Analysts had expected an increase of 1.3%.

A 0.8% average quarterly growth of mobile M3 money supply remains well below the reference rate of the ECB, to 4.5%, above which the institution considers price stability threatened .

The lack of pressure on prices should prompt the ECB to keep its main rate at a historic low of 1% for the 18th consecutive month at its monthly meeting next Thursday in November.

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By becoming the second largest shareholder of Hermes, LVMH's strategy of taking control over the long term undisputed jewel of French luxury, say industry observers Monday.

The world's leading luxury made a sensational debut in the capital of Hermes by announcing Saturday already hold 14% stake in the saddle and almost 17% through the exercise of financial instruments.

However, as the patience he showed to purchase securities or options that allowed him to acquire its stake at an average of only 80.5 euros per share, while the value was completed on Friday to 176 , 20 euros on the Paris Bourse, the CEO of LVMH Bernard Arnault hopes the weather will play for him.

"The intentions are strong, even if they want an immediate friendship," said one analyst who requested anonymity, to which LVMH is simply "eventually taking control" of the famous saddler.

LVMH, Hermes has taken by surprise by informing the group an hour before the publication of his statement, sought to reassure, saying he wanted to be a "long-term shareholder" and help preserve the family character and French is the origin of the worldwide success of this iconic brand.

HSBC analysts suggest a "strategic transaction, even if it is defined in a very long term," adding that the financing of any future capital increase should not pose a major problem given the cash flows of LVMH and its very low debt.

To another analyst, "LVMH wants to be the natural hand to redeem their shares to family shareholders who want to sell," taking a strong foothold in space.

PATIENCE

Bernard Arnault is a patient man.In 1990, after three years of fierce battle, he finally won control of LVMH after having started to pick up discounted shares after the stock market crash of 1987.

The capital structure and statutes of sponsorship of Hermes in fact make a takeover difficult fast.

Family company, Hermes said on Monday it was 75% owned by its family shareholders. Sixty descendants of Emile Hermes today represent the fifth and sixth generations from the founder.

So far, the share of those shareholders was estimated at about 72%.This announcement means that the group of Bernard Arnault acquired its shares on the market, bringing the float to less than 8% only.

The shareholding of the family is also governed by pre-emption rights that society does not wish to disclose.

"It still feels a strong determination of our family shareholders," he told Reuters Patrick Albaladejo, executive vice president of development and the image, indicating that the forces of Hermes was to involve shareholders in the very early management company.

"We must ensure that family cohesion is maintained," he nevertheless wished to add.

Cohesion necessary

Its status as limited by action – classic anti-takeover weapon adopted by many other groups such as Lagardère and Michelin – provides the limited partners (the family shareholders) are grouped in Emile Hermes SARL power management business, even set minority in the capital. Only those shareholders may appoint the managers of the group.

But only family cohesion is able to guarantee the independence of Hermes.Unity of purpose and destiny that will prove itself over time.

However, in the opinion of observers, the current stratospheric levels achieved by Hermes, some shareholders may sell securities, particularly for tax reasons EWB.

The value of trades on multiples of more than 50 times its expected profits in 2011 and is now worth 18.6 billion euros in stock, having surpassed the 200 euros.

The title was trading at a new historic high of 205.650 euros to 16.30, while LVMH advanced 3% to 116.850 euros for a market capitalization of 57.3 billion and multiples of about 21 times its estimated profits for 2011 .

If LVMH knows he can not do much without the approval of shareholders of the fifth generation – people between 65 and 75 years and control the majority of the voting rights of the Partnership – he takes a position vis- -vis those of the sixth generation aged between 35 and 45 years, analysts said HSBC.

"LVMH wants to be in place (…) He thinks that the family will sell in the medium term," added the banker, while another questioned the legality of an operation that allowed LVMH to be such participation without informing the market.

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Wall Street opened Friday's session up slightly, in a particularly volatile for the markets, while ministers of G20 nations will meet today in South Korea.

A few minutes after the start of trading, the Dow Jones gained 0.05% to 11,153.62 points, the Standard & Poor's 500 index 0.25% to 1183.25 points and the Nasdaq Composite 0.4% to 2469.54 points.

The session is facilitated by the publication of a series of company results.

The title jumped 5.5% Schlumberger, the oil services group has reported a higher-than-expected quarterly profit.

By contrast, Verizon Communications and Honeywell International yielded respectively 0.67% and 1.94% after publication of their results.

Finally, the title AIG took 1.67%. Its subsidiary AIA raised $ 17.9 billion (1.28 billion euros) with an IPO in Hong Kong at a price equal to the top of the indicative range.

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Quarterly results from GlaxoSmithKline (GSK) fell 1%, penalized by the cost of depreciation of stocks of its controversial diabetes, Avandia and increased generic competition on its treatment against Herpes, Valtrex.

Taxable income before accounting of the pharmaceutical major restructuring charges stood at 1.971 billion pounds (2.2 billion euros) in the third quarter, or 28.2 pence per share, while its turnover increased 1% to 6.813 billion pounds.

Analysts polled by Thomson Reuters I / B / E / S had anticipated earnings per share of 26.2 pence for a turnover of 6.849 billion pounds.

Excluding the effects of its large sales of influenza treatment carried out last year, as well as those of Avandia and Valtrex, growth in sales of GSK's underlying spring to about 6%.

Andrew Witty, GSK's chief executive, however, warned Thursday that the reduction of prices of medicines in Europe could rise on average about 5% in 2011, against a fall of 3.5 to 4% projected for this year, while that revenues from sale of assets of the group should be lower than expected this year.

Like its counterparts, Glaxo suffers from spending cuts in the health sector and the expiry of its patents on important drugs even though he expected more generic competition than others.

According to the pharmacist British austerity measures agreed in Europe and health reforms in the United States have already reduced by about 2% or 140 million pounds in sales for the quarter.

The results of GSK follow those of other pharmaceutical companies, Roche reports of disappointing sales held last week, while Novartis has exceeded analysts' expectations Thursday.

Around 1500 GMT, GSK lost 1.16%, while Roche fell by 0.49% and that Novartis was virtually unchanged (+0.09%).

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Iraq awarded Wednesday three major gas fields in order to develop its energy production and electricity generation capacity.

This is the third wave of housing sales in the hydrocarbon sector since the U.S. invasion of 2003.

The Iraqi National Network – damaged by years of war and sanctions – for now does just a few hours of electricity per day.

The auction, which began shortly after 0700 GMT, has attracted little interest from energy companies, analysts said.

One of the three deposits was awarded shortly before 0830 GMT, the tandem formed by the South Korean and Kazakh KazMunaiGas Kogas, who proposed a fee of $ 5.50 per barrel of oil equivalent. French Total, TPAO Turkish associated with, had also made an offer for this site.

Akka is located in the west, stronghold of the Sunni Iraqis and former stronghold of Al Qaeda. Its reserves are estimated at 170 billion cubic meters.

"The tender submitted by Total was aggressive but balanced, according to the financial discipline of the group. Akkas is a difficult site which requires heavy investment.Consequently, Total was unwilling to go below a certain earnings threshold, "said a spokesman for French oil group.

"Total remains determined to explore with the Department (Iraqi) oil future possibilities for the reconstruction of Iraqi oil and gas sector, in an acceptable and long-term partnership," he added.

INFRASTRUCTURE NOT EXIST

The site of Siba, located in the oil region of Basra in southern Iraq, was assigned to Kuwait Energy Company, associated to Turkish TPAO, who suggested $ 7.50 per barrel of oil equivalent.Reserves Siba, the smallest of the three sites, amounts to nearly 34 billion cubic meters.

The third site is Mansouriah in Diyala province near the Iranian border.It was won by Turkish TPAO, together with Kuwait Energy and Kogas.

The vice-president of TPAO, Besim Sisman said that the consortium plans to invest $ 2.5 billion in operating the pool.

In total, the three sites contain gas reserves estimated at 337 billion cubic meters, or about 10% of Iraq's total reserves estimated at more than 3,300 billion cubic meters.

Iraq ranks as the tenth largest in the world's estimated gas reserves.

The tender has been postponed twice to allow more time for candidates to study the terms.

Among the 13 candidates were registered, in addition to Total and Kogas, the Italian ENI and Edison, Norwegian Statoil and Russian TNK-BP.

Some candidates may have saved decided not to participate in the operation, say the observers.

Winners must build an infrastructure and a gas pipeline network from scratch.

Baghdad said the gas was mainly intended for domestic consumption in Iraq. Some candidates also plan to export to countries neighboring Iraq.

Iraq signed last year a series of development contracts with major oil companies through two tenders to bring its production potential gross level of those of Saudi Arabia, 12 million barrels per day against 2.5 million bpd now.

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Northeast Utilities NSTAR will buy its competitor in a transaction, all shares, 9.5 billion dollars (6.8 billion euros) which will give birth to one of the largest groups of utilities United States.

In a joint statement, both companies state that the rate used is 1.312 common share for Northeast Utilities NSTAR action.

This ratio was calculated on the average closing price of the titles of twenty days and represents no premium over the price of NSTAR, add the two groups.

Once the deal is completed, Northeast Utilities will have nearly 3.5 million customers, both in the gas in electricity spread across three states.

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Property prices in Spain fell 3.4% yoy in the third quarter, a downward trend at work now for two years without interruption, show figures released Friday by the Ministry of Housing.

The pace of price declines has slowed over the last five quarters. The decline has been limited to 3.4% over the period from July to September, after -3.6% in April-June.

The largest quarterly decline was recorded in the second quarter of 2009 marked a decline of 8.2%.

The average price per square meter on the Spanish property market has returned to 1832 euros in the third quarter shows a decrease of 12.8 compared with its peak from 2008 to 2101 euros.

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Economists are skeptical about the ability of the French economy to reach next year's growth target of 2.0% posted by the government but they are increasingly convinced of his determination to keep its deficit target, Thursday, a Reuters poll shows.

The growth of gross domestic product (GDP) is expected to fall to 1.4% next year after 1.5% this year, according to the median forecast of 19 economists surveyed during the past week.

These economists are a bit more optimistic about the health of the second largest economy in the euro area than in the comparable survey in July.They then had forecast a growth of only 1.3% for 2011.

But their prediction remains well below the 2% assumption on which the government has prepared the draft budget presented last month.

Despite this discrepancy, economists are increasingly confident in the ability of government to bring its deficit target reduced to 6.0% of GDP next year: survey gave an average forecast of 6.2% for 2011, against a forecast of 6.5% in July.

"The determination to achieve the goals next year is perhaps greater than that which we used in France," said Frédérique Cerisier, economist at BNP Paribas, which forecasts growth of only 1.2% of next year but a deficit contained at 6.0%.

RHETORIC REASSURING

The government of François Fillon has announced plans to reduce by 2013 the French deficit ceiling of 3% set by the European Union.Such a development is to maintain the sovereign rating "AAA" which allows for the time in Paris to borrow cheaply.

Announced earlier this year, the deficit reduction plan had then met with skepticism by economists, who had complained of overly optimistic growth assumptions, and reiterated that France was famous for not meet its targets for fiscal discipline.

But given the tone of the discourse of the government in recent months after the storm of the crisis of European sovereign debt, seems to have allayed some concerns.

"The market pressure is such that they really need to achieve these goals," says Marie Diron, economist at Oxford Economics."The will and the political process are there."

Another element to the credit of the government in the eyes of economists: the 2011 budget year will begin on a better footing than initially expected.

The government has indeed recently reduced its forecast 2010 deficit at 7.7% of GDP against 8.0% previously.The median estimate of economists is the new objective and the lowest of them is 6.5%.

For economists, the evolution of the deficit next year will depend more on the end of the stimulus and tax cuts that benefit the growth itself.

"If you look at the budget, structural measures are already a reduction of 1.5 percentage points of GDP, which represents a substantial improvement," said Frédérique Cerisier of BNP Paribas.

Concerns are therefore more experts on 2012 and beyond, when the positive impact on the deficit at the end of the stimulus will have dissipated.And forecasting growth of 2.5% of government is considered too ambitious.

"There is a gap between the much larger projected growth of government and those of most economists (for after 2011) and it (the government) has not really explained how he managed to reduce the deficit," said Mary Diron.

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The Tokyo Stock Exchange ended higher Wednesday but it has surrendered most of its gains, the stock continued to fear the effects of a strong yen.

The Nikkei gained 14.87 points (0.16%) to 9,403.51 while the Topix yielded 1.95 point (0.24%) to 822.65.

The good results and outlook from Intel released Tuesday had supported the document in the morning, as the prospect of the Federal Reserve to develop new measures to ease, given the record of his last meeting. (See and

"The market is expecting a new intervention as the yen remains strong, the Nikkei will remain under pressure," said Mitsushige Akino (Ichiyoshi Investment Management).

Intel has not specifically supported the high-tech bay.DRAM specialist Elpida Memory lost and 1.81%.

The latter announced on Wednesday it was developing a new generation of memories with fellow marketing for Sharp in 2013.

Sharp sold 1.58%.

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