Business News & Financial News

The Canadian group called Potash Monday its shareholders to reject hostile takeover bid from mining giant BHP Billiton and said he was discussing with other possible suitors for an alternative giving it a better value.

The world's largest producer of potash added in a statement expected to bring proposals have higher than 39 billion dollars (30.7 billion euros) made by BHP or other strategic options.

Discussions were held with several parties in order to generate higher offers, he said.

According to Bloomberg, Potash has been contacted by the Chinese and Brazilian Vale Sinochem.

The action Potash gained 1% in pre-market transactions on the New York Stock Exchange, to $ 151.

The action BHP gained about 2% in London, to 1858.5 pence.

News Corp. has been beneficial in the fourth fiscal quarter thanks to strong performance of its cable networks and advertising revenue growth of its newspapers.

The media company posted a profit of 875 million, or 33 cents per share for the quarter ended June 30, against a loss of 203 million (eight cents per share) a year ago when News Corp recorded a asset impairment charge.

Turnover rose 5% to 8.11 billion dollars. The Thomson Reuters consensus I / B / E / S gave a turnover of 8.05 billion.

Action News Corp. gained 2.9% to 14.25 dollars after the close of Wall Street, in response to these results.It grew by 12% since the beginning of the year, while the S & P movies and entertainment took 8% in the same time.

Rebound in advertising revenue and lower costs led to a growth in operating income by 20% in the press in the U.S. and internationally. The operating profit of its cable division has increased 31%.

In contrast, there was decline results from the satellite television and commercial services, and loss of the digital divide, including social network MySpace.

The U.S. stock markets opened on a negative note Friday as investors show some nervousness before the publication of the results of resistance testing taxed at 91 European banks.

A few minutes after the start of trading, the Dow Jones yielded 0.28% to 10,293.16 points, the Standard & Poor's 500 index 0.44% to 1088.89 points and the Nasdaq Composite 0.51% to 2234.45 points.

Losses are limited by satisfactory business results and publication of European statistics reassuring, especially in Great Britain and Germany.

Microsoft and Ford have published better than expected, the reaction of titles respectively 0.23% and 3.31%.

In contrast, the Citigroup opens down 1.71% to 4.02 dollars, the U.S. Treasury prepares to sell 1.5 billion shares to reduce state participation in the U.S. bank, gained during the rescue group.

Lafarge said it had completed the sale of 11.2% of its business in Malaysia under the divestment program initiated by the world's number one cement.

The sale of this portion of Lafarge Cement Berhad, Malaysian (LMCB), the French giant holds indirectly through two subsidiaries, for a net amount of 141 million euros, Lafarge said in a statement.

Following this, the group will remain the principal shareholder of LMCB with a 51%, against 62.2% so far, and will retain management of the business.

Lafarge in May confirmed its target of selling 300 to 500 million euros of non-strategic assets throughout 2010.

In 2009, he has conducted more than 900 million euros from divestments as part of a package of measures to strengthen the company's financial response to the crisis, including reducing debt inflated between late 2007 and in late 2008 by acquiring the Egyptian Orascom.

Nicolas Sarkozy announced Monday the appointment of Rémy Pflimlin, current head of the press operator Presstalis (ex NMPP) to chair the group France Televisions in place of Patrick de Carolis.

56 years old, Remy Pflimlin, former director of France 3, is the chief executive of France Televisions appointed by the Head of State under the reform of public broadcasting, which had already brought Jean-Luc Hees to head of Radio France.

The term of five years Patrick de Carolis ends next August 24.

"The President intends to appoint Pflimlin Remy as president of the company France Televisions," said a statement from the Elysee.

After the Act of March 2009 on the appointment of chairmen of public broadcasting, the choice of the Head of State requires the favorable opinion of the Supreme Council of Audiovisual (CSA) and the cultural affairs committees of the Senate and the National Assembly.

The CSA has already received the proposal from Nicolas Sarkozy, said the statement from the presidency.

A recurrent rumor until recently gave Alexandre Bompard, current head of Europe 1 (Lagardère Group), a favorite for the job.

Alexandre Bompard is regarded both as close to Nicolas Sarkozy and the businessman Stephane Courbit, which almost redeemed, in tandem with Publicis, the advertising of France Televisions.

THE SITE OF THE BOARD

Remy Pflimlin among other tasks will take a decision on restarting the process of privatization of France Television Advertising, suspended in mid-April by the Board of Directors, chaired by Patrick de Carolis.

The board was then raised uncertainties about the possible maintenance of advertising on its antennae day after 2011, especially after an attack in this direction led by Jean-Francois Cope, president of the UMP group in the National Assembly.

The law of March 2009, which endorsed the decision after the fact of advertising from 8:00 p.m. to 6:00 in January 2009, provides for the complete elimination of advertising screens on satellite public in late 2011, when the extinction of the television broadcasting analog.

France Televisions has earned 405 million euros in advertising revenue between 6 hours and 20 hours in 2009 – against 260 million originally projected in its budget.

These advertising performance helped France Televisions to rebalance their accounts in 2009 three years ahead of its business plan and generate a net profit of 19.6 million euros instead of a projected deficit of 135.3 million.

The Board of Directors of France Television said Tuesday, June 29 that a return to balance the books reached in 2009 should continue into 2010.

Airbus said it was pursuing "greater good" talks with European states on the financing of the A350, its new long-haul, saying the talks were in no way affected by the opinion issued Wednesday by WTO on subsidies to the aviation industry.

"(…) The A350 is not affected by the outcome of the WTO. Together with the four states, we are moving at full speed, "said Rainer Ohler, communications director of Airbus, a subsidiary EADS, in an e-mail.

"The completion and timing of the announcements are the responsibility of States.Thus, we can not make any comment on that, "he added.

Justices of the World Trade Organization have inflicted a blow Wednesday to scathing EU ordering him to remove certain export subsidies provided to Airbus.

In his report of more than 1,000 pages, the "special" WTO believes that Airbus could launch a series of civilian aircraft thanks to subsidies from the EU and member states that are France, Germany, Spain and the United Kingdom. Without this aid, Airbus has been a society very different and much less powerful, the report said.

Hungary will have to cut spending by about one to 1.5% of its gross domestic product (GDP) to fulfill the goals set by the International Monetary Fund (IMF) and the European Union (EU) this year but the Countries must also revive growth, said Monday the Minister of Economy.

Through several interventions aimed at calming investor fears, Gyorgy Matolcsy said that Hungary will stick to its objective of a fiscal deficit of 3.8% of GDP.

Speaking on CNBC, the Hungarian Minister of Economy said that there had been a number of failures in communication last week and added: "It is absolutely clear that Hungary is not Greece" .

On Saturday, the Hungarian government had already said to stick to its target of 3.8% deficit to GDP ratio in 2010 and was then considered "exaggerated" the official statements that had contributed to a downturn on the eve of Scholarships and a weaker euro.

"We will stick at 3.8% budget deficit this year, it was agreed with the IMF and the EU and accepted by the government and there is no doubt about it, we will stick to this figure "said Gyorgy Matolcsy.

"On the one hand, it is clear that austerity plan was not necessary. On the other hand, no recovery plan for the budget is considered.We will reduce budgetary spending and we will increase revenues and is the action plan of the new government. "

He also reiterated the government's plans for a tax cut, which does raise some questions among analysts about the ability of Budapest to meet its target budget deficit of 3.8% of GDP this year.

INVESTOR Perplexed

"We can not help being perplexed when the Hungarian authorities speak of a much larger budget deficit than expected and at the same time they exclude austerity measures and instead promise of tax cuts," said Lars Christensen, an analyst at Danske Bank.

Investors also continue to be skeptical since the early exchanges, the Budapest Stock Exchange fell more than 5%, while the euro continued to trade at least $ 1.20 and the forint vis-retreated à-vis the euro.

Bank stocks such as OTP Bank and FHB are particularly challenged, the first yielding 4.55%, after having lost 10%, while the second lost 3.41% at 7:30 GMT.

According to the Hungarian press, the Hungarian government could tax the banks to achieve its economic goals.

Gyorgy Matolcsy said on CNBC that by the end of May, 87% of the annual target budget deficit has already reached.

Most economists believe that Hungary is in a stronger position than that of Greece, its deficits and debt levels are not as high as those in Athens.

In fact, the Hungarian government debt has reached about 80% of GDP in 2009, against 133% for Greece expected this year. Budapest also has a surplus on current account last year and reduced its budget deficit to 4% after significant reductions in its spending.

However, the government nonetheless began Saturday a three-day meeting. The announcement of a program of measures is expected by the end of the day.

Gyorgy Matolcsy noted in particular a proposal for the removal of 20% of the 58 different categories of taxes.He hoped that a radical program of tax cuts three years could be launched this year.