National, World, Business News

The morale of U.S. households rose slightly in August after two months of decline, according to the index of the employers' organization Conference Board released Tuesday.

This index thus amounted to 53.5 in August against 51.0 (revised from 50.4) in July. Analysts polled by Reuters expected at 50.5.

The expectations index stood at 72.5 against 67.5 (revised from 66.6) in July.The evaluation index of the prevailing market conditions fell to 24.9, its lowest level since February, against 26.4 (revised from 26.1) the previous month.

The proportion of those who find a job is hard to find rose to 45.7%, down from 45.1% to think that a month earlier, while the people thinking it is easy gain employment fell 3.8% against 4.4% the previous month.

Title Zodiac Aerospace signed Monday morning the largest increase in the SBF 120 and the Paris Stock Exchange following news reports that Safran would consider launching a bid for the aerospace supplier.

In its Monday edition, the Tribune reported that the aerospace group could offer shareholders a premium of Zodiac between 30% and 40% over the closing price as of Friday, and it planning to make this purchase by exchange titles to convince families shareholders.

At 9:52, as the Zodiac, whose rating was slightly delayed the opening, climbed 14.4% to 49.605 euros, bringing its market capitalization of 2.8 billion euros in a trading volume accounting for almost two times the usual volume.The title meanwhile retreated Safran 1.22% to 19.10 euros.

"A 40% premium would Zodiac 60 euros per share, valuing it at around 14 times EV / EBITA 2011, while the recent transactions in the sector reach a ratio of eight times," commented one Paris trader.

"The prices were attractive, but we doubt that an offer is accepted by the shareholders of the Zodiac and Safran will have to bring cash. Remember that Saffron has the means to realize such a transaction, the group had virtually no debt," says he.

Zodiac leaders have repeatedly conveyed their opposition to a merger with Safran, assuring that the group intended to remain independent and make acquisitions itself to guarantee its development.

The NYSE opened up Friday after the publication of the second estimate of growth in the U.S. in the second quarter, revised down less pronounced than expected from the original figure.

A few minutes after the start of trading, the Dow Jones gained 0.61% to 10,046.81 points, the Standard & Poor's 500 index 0.61% to 1,053.66 and the Nasdaq Composite 0.73% to 2134.25.

The Dow had closed below 10,000 points Thursday for the first time since July 6.

Investors, concerned over several weeks by the deteriorating economic conditions in the U.S. were partially reassured by the revision to 1.6% annualized growth in gross domestic product (GDP) in the second quarter, against 2 , 4% in the first estimate.They were expecting a decline effect more pronounced at 1.4%.

The Friday session will be moderated by the highly anticipated speech by Ben Bernanke at the symposium in Jackson Hole (Wyoming), which meets every year as several major central bankers around the world, and the final figures for the monthly survey-Reuters Michigan on consumer sentiment.

Boeing sells 0.2% after announcing a further postponement of the first delivery of its new plane the 787 Dreamliner.

The data storage specialist 3PAR jumped more than 20% to 31.34 dollars after the new increase in the offer to buy the Dell and Hewlett-Packard: the latter is now ready pay 30 dollars per share 3PAR or 2.0 billion dollars in total, against $ 27 for the latest offering from Dell.

Nicolas Sarkozy hoped Wednesday that the G20 is substituted for the G7 as a forum for international debate on exchange rates and claimed that markets commodity derivatives are regulated much as financial.

Addressing the annual conference of ambassadors of France for 45 minute speech, he refrained from any allusion to the controversy created by the treatment of the Roma community which has spread far beyond the borders of the country.

Nicolas Sarkozy has developed, however long the agenda of French presidencies of the G8 and G20, which offer throughout next year and the approaching deadline of 2012 for a forum to burnish the prestige of a kind image battered today on the home front.

Having played a leading role in the G20 in 2008 and early 2009 which had helped to mobilize the world to counter the financial crisis, he said that the organization should continue to take steps to avoid falling asleep now a "relative calm is restored.

"The G20 a G20 crisis management would succeed. Sticking to an agenda of management would order the G20 stalemate and the world to new crises," he said."This is not the vision of France!".

To avoid this situation, he proposed the launch of three sites, starting with the reform of the international monetary system, a project that is dear to the French president and he wants to see "solved next year."

TAX ON FINANCIAL TRANSACTIONS

"What is now desirable, even necessary, is to develop instruments to avoid excessive currency volatility, the accumulation of imbalances, the search for ever higher level of foreign exchange reserves emerging countries that have been faced with sudden and massive withdrawal of international capital, "he said.

He reiterated that the world has become multipolar could no longer be dominated by a single currency, the dollar, and the G20 with China, is expected to replace the G7 as a forum for international debate on these issues.

Nicolas Sarkozy confirmed his intention to discuss ways to G20 to fight against the wide fluctuations in commodity prices, primarily agricultural, citing the violent movements experienced by those of wheat.

He estimated that this commodity derivatives markets should be regulated to provide the image of the decisions taken by the first G20 summit on financial derivatives they traded up to OTC.

With regard to energy prices, he announced that France would advance proposals to improve market transparency and begin "a dialogue between producers and consumers" to limit price fluctuations.

The French president has finally concluded that the G20 would allow progress on the fight against climate change where major conferences, such as Copenhagen last year, have failed.

He referred specifically to an agreement on a tax on financial transactions, thereby aiming at innovative financing "essential if we are to visit the Millennium Development Goals" and help the fight against climate changes in developing countries.

Lindt & Sprungli has increased its net profit in the first half but remains cautious for the year 2010 because of the volatile commodity prices and foreign exchange.

Net income was posted at 24.8 million francs (18.8 million euros) in the first half, almost tenfold from 2.7 million achieved a year earlier, said Tuesday the Swiss chocolate.

Analysts polled by Reuters on average expected 20.4 million.

"Despite the excellent results of the first half of 2010, Lindt & Sprungli sticks to what it was made public in March 2010, the company said in a statement, citing an economic environment not yet fully consolidated and conditions still volatile.

It confirms expected this year organic growth of 5% to 7% and operating profit (EBIT) of 300 to 340 million francs.

The EBIT after exceptionals jumped by 40.7% in the first half, to 33.9 million francs, against 26.8 million expected by the market.Turnover increased 7.9% to 1056.6 million (against 1.043 million expected), after 979 million in the first half of 2009.

In value terms, the group notes that most of the chocolate market grew moderately in the first half, while in terms of volumes, it continues to see a certain stagnation.

During a conference call, CEO Ernst Tanner said the group wanted to resume its long term objectives in 2011 and expected that commodity prices remain relatively flat next year.

In exchange, after advertising the entry form Lindt progressed from 1.39% to 2,410 francs and the share value took 3.3% to 27,580 francs, while the broader index fell by 1% SPI.

The U.S. industrial conglomerate 3M could spend about two billion dollars (1.6 billion) on acquisitions this year, twice more than its previous estimate, said Monday its chief executive in an interview with Reuters.

"We told Wall Street that we would spend probably a billion dollars or an amount close to that, but I doubt it will be a little higher," said George Buckley.

"It could be double that amount by the end of the year, it will depend on the success of our acquisitions," he added.

The labor market deteriorated in the U.S. and the slowdown in industrial activity have heightened fears of a slowdown in the recovery of the world's largest economy, which weighs on sentiment 3M.

Nevertheless, George Buckley believes that earnings growth should remain strong in the third quarter, after his company posted a 18% increase in turnover and a 43% jump in net profit for the period April- June

To maintain growth in profits, the leader of U.S. group, which produces both the Post-It, Scotch tape as films used in flat screens, is seeking to expand overseas in sectors such as health, safety or office products.

Eric Woerth said Tuesday on France 3 that he "was not thought to resign" for the government in connection with the case Liliane Bettencourt, arguing that "there is also no reason (that it) does so.

The Minister of Labour MPs denounced before the attack "disgusting", "disgraceful", adding: "my integrity like that of Florence (his wife, ed) is total.

"Neither she nor I have been informed of any fraud or tax evasion" and "never, I repeat, I never gave any instruction to the tax authorities regarding the situation of Mrs. Bettencourt, or that of The Oreal, "said the minister.

"The role of my wife was placing the dividends of the company L'Oreal paid annually to Mrs. Bettencourt, wife of Andre Bettencourt, minister of General de Gaulle, in a transparent and legally," he reiterated.

"I'm the right target at the right time," he also said the minister, one of the most to the government for several weeks with the pension reform.Without naming Mediapart, who last week revealed the clandestine recordings led to controversy, he cited "information that turns a website for commercial purposes, and perhaps even politics."

Bettencourt on the list of tax evaders?

Eric Woerth, has refused to say Tuesday on France 3, if the billionaire Liliane Bettencourt account or not among the French taxpayers suspected of holding assets abroad.

"I can not answer this question because the tax is secret," said the former Minister of Budget (May 2007-March 2010), when he was questioned shortly before the meeting questions Government House, on the possible presence of the name of billionaire heiress L'Oreal on a list of thousands of French taxpayers.

This list, he said, had been "sent to the President of the Finance Committee of the Assembly and its rapporteur, who saw it. It is in the hands of the treasury. Thousands of tax audits have been triggered" , "he added.

In August 2009, Mr. Woerth was revealed to have this list in his possession.

The budget minister had opened in spring 2009 and deferred a cell for taxpayers wishing before December 31, 2009 regularize their tax affairs spontaneously. This cell was closed as planned at this deadline.

Allianz, the leading European insurers, has announced a net quarterly profit below expectations, within the scope of lower asset sales, but operating profit came out better than expected.

Net income rose to one billion euros in the second quarter, against 1.16 billion expected on average by 14 analysts polled by Reuters.This figure is down 46% compared to second quarter 2009, which was boosted by asset sales, including the securities of the Chinese bank ICBC.

Operating results in the segments damage and life and asset management have been established at a level exceeding expectations.

These results come after those of Axa Wednesday, which emerged in better than expected first half, which shows some improvement in insurance sector.

The Allianz shares gained 0.67% to 90.76 euros in mid-day.She recorded a gain of 3.5% since the beginning of the year, according to the progress of the sector index.

"Based on this excellent result, we are confident in our ability to achieve our operating income target for the whole year of about 7.2 billion euros, with a fluctuation of more approximately 500 million euros, "said in a statement Michael Diekmann, chief executive of Allianz.

The total turnover increased by 15% in the second quarter and 20% in the life and health through strong demand.

NOT FOR ACQUISITIONS

The underwriting of insurance and risk insurance, the main recipe of the group, has increased over the previous year, despite 255 million disbursed for disaster-related benefits.

Michael Diekmann said that compensation for victims of the explosion of the oil rig Deepwater Horizon, in the Gulf of Mexico, and the consequences of the spill should not exceed 10 million euros for Allianz.

"The growth in quarterly operating profit showed an improvement in terms of sales, management compensation claims and productivity," said Olivier Bate, chief financial officer.

Michael Diekmann said the group focused on organic growth in asset management and acquisitions were not necessary. He has said that the acquisition of the Asian operations of AIG was not news

Lloyds Banking Group, partly nationalized during the financial crisis, reported Wednesday a pretax profit of 1.603 billion pounds in the first half, down assets less bulky doped with his results.

During the same period last year, the bank had a loss of 3.96 billion pounds.

Impairment losses emerged at 6.554 billion pounds against 13.4 billion in the first six months of 2009.

Analysts polled by Thomson Reuters I / B / E / S expected a pretax profit of 694 million pounds.

"We expect to report a robust performance in the medium term since the British economy enjoys a gradual recovery," said Llodys in a statement.

Wall Street opened in negative territory Tuesday after ending a ten-week high yesterday, reacting to the publication of some big company results were considered unsatisfactory by investors.

A few minutes after the start of trading, the Dow Jones yielded 0.26% at 10,646.22 points, the Standard & Poor's 500 index 0.43% to 1121.06 points and the Nasdaq Composite 0.39% to 2286.50 points.

Titles Dow Chemical and Procter & Gamble, respectively, down 7.8% and 3.48%, pull prices back down, punished by investors after posting results below expectations.

In contrast, Pfizer gained 4.0% after results significantly better than expected.

The markets, which also await signs of solid U.S. recovery, have not been reassured by the publication of raw statistics of the day showing that consumer spending of U.S. households were unchanged in June, as their income and that their savings rate reached its highest level in a year.