World Business Briefs At 4: ArcelorMittal; EADS; Johnson & Johnson Wednesday, Jul 30 - Round-up of global economies and business . . ECONOMY -------- EURO ZONE ECONOMIC SENTIMENT INDICATOR fell in July to 89.5 from 94.8 in June, the biggest monthly drop since Oct 2001. The fall was far higher than consensus estimates of 93.0, leaving the index at its lowest level since Mar 2003. (MarketWatch) +++ JAPAN INDUSTRIAL PRODUCTION fell by a seasonally-adjusted 2% in June from a month ago due to a decrease in output of passenger cars and semiconductor products machinery, data from the government showed. The fall is higher than the 1.7% drop analysts expected. (MarketWatch) COMPANIES -------------------- ARCELORMITTAL today said its second-quarter profit more than doubled to $5.8 bln (246.15 bln rupees) from $2.72 bln (115.39 bln rupees), and like U.S. Steel, gave an upbeat outlook for the third quarter. The world's top steelmaker's sales rose 39% to $37.8 bln (1.6 trln rupees). (MarketWatch) +++ EADS has extended its Power8 restructuring programme to save another 1 bln euros (66.11 bln rupees) a year from 2011-12. The aerospace company already aims to cut 10,000 jobs and save 5 bln euros (330.61 bln rupees) in the first five years of the programme. (BBC News) +++ JOHNSON & JOHNSON has completed acquisition of Chinese cosmetics firm Beijing Dabao, according to reports. Chinese media reported buy price at $337 mln (14.30 bln rupees). (MarketWatch) +++ SIEMENS today reported 31% fall in third quarter net profit to 1.42 bln euros (93.92 bln rupees) due to a one-time gain a year ago. However, the Munich-based company's order intake and revenue rose, beating expectations. (MarketWatch) +++ NINTENDO today reported rise in Apr-Jun net profit to 107.30 bln yen (42.22 bln rupees) from 80.30 bln yen (31..60 bln rupees) a year ago driven by robust sales of Wii consoles and software, as well as its DS handheld devices. (MarketWatch) +++ BRITISH AIRWAYS and Spain's IBERIA are holding talks on a possible merger. The two airlines said British Airways and Iberia brands would be retained as part of a combined group. The proposed merger would help the airlines in the current economic environment, BA head Willie Walsh said. (BBC News) +++ STARBUCKS Tuesday announced plans to downsize its business in Australia and said it would close 61 "underperforming" stores out of its total Australia portfolio of 84. The decision comes as a setback for the Seattle-based chain's international dreams.. (Financial Times) +++ FORD MOTOR and GENERAL MOTORS are scaling back their auto-leasing businesses. Ford Tuesday said it is ending leasing deals on most trucks and sports utility vehicles. GMAC Llc, GM's financing arm, may also end leasing offers in US soon, possibly this week. (Wall Street Journal) . |
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