Forex Investment

LONDON (AFX) - Here are the top stories on AFX News

US jobless rate drops but job growth slows

WASHINGTON (AP) - The nation’s unemployment rate dipped to 4.5 percent in February even as big losses of construction and factory jobs restrained overall payroll growth. Wages grew briskly.

The latest snapshot, released by the Labor Department on Friday, offered a mixed picture of the employment climate.

EADS reports $1.01 billion loss in 4Q

MUNICH, Germany (AP) - Airbus parent EADS NV said Friday that a weaker dollar and major delays at its Airbus unit dragged its 2006 profit down, caused a multimillion dollar quarterly loss and warned that Airbus would “display another substantial loss in 2007.”

The Amsterdam-based company lost 768 million euros ($1.01 billion) in the fourth quarter compared with a profit of 405 million euros a year earlier. Sales, however, were up 11 percent to 11.96 billion euros ($15.73 billion) compared with 10.76 billion euros in 2005.

Brevan Howard Macro raises 770 mln eur in IPO

LONDON (AFX) - Brevan Howard Macro Ltd said it has raised 770 mln eur by placing 82.8 mln shares in its initial public offering.

The company said the offer comprised of 27.2 mln eur shares at 10 eur each, 45.1 mln usd shares at 10 usd each and 10.5 mln stg shares at 10 stg each.

Japan’s Aeon, Daiei form alliance to create country’s largest retail group

TOKYO (XFN-ASIA) - Aeon Co Ltd and Daiei Inc are forming a broad capital and business alliance to create Japan’s largest retail group, the two companies said.

By combining forces, Aeon, Daiei and Daiei’s largest shareholder, Marubeni Corp, aim to help turn around the struggling Aeon and to grow its business in a difficult market, the three said in a joint statement.

Procter & Gamble affirms 3Q guidance

CINCINNATI (AP) - Diversified consumer-products maker Procter & Gamble Co. on Friday affirmed its guidance for the fiscal third quarter.

For the quarter ending in March, P&G continues to expect earnings between 72 cents and 74 cents per share.

AGF board backs Allianz buyout offer

PARIS (AFX) - Assurances Generales de France said its management board has decided unanimously to back the buyout offer made by the group’s largest shareholder, Allianz SE.

It said after consultations with external consultants the board decided that the financial terms were “fair” and that the strategic basis for the merger was “in the interest of the company, its shareholders and its employees.”

DaimlerChrysler has no plans to spin off commercial vehicles

FRANKFURT (AFX) - DaimlerChrysler AG has no plans to spin off its commercial vehicles division, reported Sueddeutsche Zeitung in an interview with the unit’s chief Andreas Renschler.

“That is not on our agenda. Why would we separate from such a highly profitable business?” said Renschler.

Breeden rejects Applebees’ seat offer

OVERLAND PARK, Kan. (AP) - Restaurant operator Applebee’s International Inc. said Friday its negotiations with activist shareholder Breeden Capital Management LLC have failed, after Breeden rejected an offer for two seats on its board.

Breeden, which owns about 5 percent of Applebee’s stock, wanted four members elected to the board and has pushed for a number of changes, including selling most of the company-owned restaurants to franchisees.

Telefonica requests Merrill Lynch provide financing for eventual Endemol buyer

AMSTERDAM (AFX) - Telefonica SA said it has asked Merrill Lynch to offer stapled financing to the eventual buyer of Endemol NV as the Spanish group is exploring strategic options for the sale of all or part of its 75 pct stake in the Dutch television company.

If Telefonica were to decide to divest its 75 pct stake in Endemol, it said it would solicit from the potential purchaser a public offer for the other 25 pct of the shares outstanding in Endemol.

Converium is open to a bidder other than Scor - chairman

LONDON (AFX) - Swiss reinsurer Converium Holding AG, fending off a 2.4 bln usd hostile takeover from French rival Scor SA, is increasingly open to — and looking for — another bidder, but one hasn’t surfaced yet, the Wall Street Journal said, citing Converium

s chairman in an interview.

EU SUMMIT Leaders reach deal on fighting climate change

BRUSSELS (AFX) - EU leaders agreed to adopt binding targets on future use of renewable energy, overcoming the main obstacle to an ambitious plan to fight global warming.

The overall accord became possible once leaders agreed to a binding target of a 20 pct share of renewable energies in overall EU energy consumption by 2020, which had been the main stumbling block.

COPYRIGHT

Copyright AFX News Limited 2007. All rights reserved.

The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.

AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited

For more information and to contact AFX: www.afxnews.com and www.afxpress.com

LONDON (AFX) - Here are the top stories on AFX News

UCB FY net down 50 pct, beating expectations; sees major earnings growth this yr

BRUSSELS (AFX) - Belgian pharmaceuticals group UCB SA posted a 50 pct drop in full year net profit, due to divestments and increased costs.

It said it expects profit to grow significantly in 2007 when Schwarz Pharma becomes fully integrated into the company.

Barratt H1 pretax profit up 10 pct to 180.2 mln stg from 163.9 mln stg

LONDON (AFX) - Housebuilder Barratt Developments PLC has seen pretax profits grow 10 pct to 180.2 mln stg in the half year to Dec 31.

The company, which has recently bought Wilson Bowden PLC, grew turnover marginally by 2 pct to 1.19 bln stg, and will give an interim dividend of 11.4 pence, up 10 pct from last year.

Munich Re posts record FY profit on favourable climatic environment

MUNICH (AFX) - Muenchener Rueckversicherungs AG said full year net profit rose to a record 3.536 bln eur from 2.751 bln a year earlier, exceeding the 3.400 bln forecast by analysts, as the insurance industry was largely spared major losses from natural catastrophes.

The company said it will propose a dividend of 4.50 eur per share for 2006, up from 3.10 in 2005.

Australia’s Centro acquires US property trust New Plan for 3.4 bln usd

SYDNEY (XFN-ASIA) - Centro Properties Group and Centro Retail Trust have agreed to buy US-listed real estate investment trust New Plan Excel Realty Trust Inc for about 3.4 bln usd, Centro said in a statement.

Centro said it will pay cash of 33.15 usd a share cash for New Plan, which specializes in convenience retail property. Its portfolio comprises 467 properties, including 453 shopping centers in 38 US states and 14 other real estate assets.

HBOS FY pretax profits up 19 pct, ahead of forecasts

LONDON (AFX) - UK bank HBOS PLC unveiled a better-than-expected 19 pct increase in full-year profit, helped by strong sales of savings and investment products, and a robust performance from its international division.

HBOS, the UK’s fourth-biggest bank, said pretax profit for the year to Dec 31 2006 came in at 5.706 bln stg, up from 4.8 bln stg last year. Analysts had expected profit fo 5.430 bln stg, according to a consensus forecast supplied by the company.

Holcim FY net, opg beat forecasts as construction sector remains dynamic

JONA, Switzerland (AFX) - Swiss cement maker Holcim Ltd announced a better-than-forecast full year net profit of 2.104 bln sfr, up from 1.511 bln a year earlier, citing strong demand for products and services due to a dynamic construction sector and exceptionally favourable weather conditions.

Analysts had forecast net profit to reach 1.804-1.973 bln sfr, or 1.905 bln on average.

EFG posts sharply higher FY net amid strong client asset growth; raises targets

ZURICH (AFX) - EFG International, the global private banking group, reported a near-doubling of full-year net profit to 230.0 mln sfr, from 120.9 mln last year, citing substantial growth in total client assets to 73.6 bln sfr, from 47.3 bln.

Operating income during the period increased to 634.4 mln sfr, from 338.4 mln, while the cost income ratio improved further to 55.6 pct, from 57.0 pct.

UK Feb house prices up 0.7 pct from Jan, up 10.2 pct yr-on-yr - Nationwide

LONDON (AFX) - UK house prices continued to rise in February but the Bank of England’s three quarter point rate hikes since August last year are starting to dent underlying sentiment, according to the UK’s biggest building society, Nationwide.

It said its house price index rose by 0.7 pct in February from the previous month for a 10.2 pct annual rise, taking the average UK house price up to 174,706 stg.

COPYRIGHT

Copyright AFX News Limited 2007. All rights reserved.

The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.

AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited

For more information and to contact AFX: www.afxnews.com and www.afxpress.com

LONDON (AFX) - Here are the top stories on AFX News

Dell 4Q earnings and revenues drop

DALLAS (AP) - Dell Inc.’s fourth-quarter profits plunged 33 percent because of weak sales of laptops and notebooks, and the computer maker still faces an unresolved federal accounting probe, customer service complaints, several shareholder lawsuits and stiff competition from rivals.

But amid another disappointing quarter, analysts said Dell at least appears ready to do something about its many problems, even if it takes years to resolve.

Gallaher FY pretax pre-ex profit up 4.9 pct, says current trading in line

LONDON (AFX) - Gallaher Group PLC, Britain’s third-biggest tobacco group, posted a 4.9 pct rise in full-year pretax profit, beating market expectations, on the back of a strong performance from the CIS region.

Pretax profit before amortisation and exceptional charges rose to 597 mln stg from 570 mln stg a year ago. Analysts were expecting profit of some 580 mln stg.

Oracle to buy Hyperion for $3.3 billion

SAN FRANCISCO (AP) - Business software maker Oracle Corp. will buy Hyperion Solutions Corp. for $3.3 billion in cash, renewing a shopping spree aimed at toppling rival SAP AG.

The deal announced Thursday will give Oracle an arsenal of Hyperion products that are widely used by SAP’s customers. Hyperion’s tools, known as “business intelligence” software, help chief financial officers and other top corporate executives track their company’s performance.

COPYRIGHT

Copyright AFX News Limited 2007. All rights reserved.

The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.

AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited

For more information and to contact AFX: www.afxnews.com and www.afxpress.com

LONDON (AFX) - Here are the top stories on AFX News

US jobless rate drops but job growth slows

WASHINGTON (AP) - The nation’s unemployment rate dipped to 4.5 percent in February even as big losses of construction and factory jobs restrained overall payroll growth. Wages grew briskly.

The latest snapshot, released by the Labor Department on Friday, offered a mixed picture of the employment climate.

EADS reports $1.01 billion loss in 4Q

MUNICH, Germany (AP) - Airbus parent EADS NV said Friday that a weaker dollar and major delays at its Airbus unit dragged its 2006 profit down, caused a multimillion dollar quarterly loss and warned that Airbus would “display another substantial loss in 2007.”

The Amsterdam-based company lost 768 million euros ($1.01 billion) in the fourth quarter compared with a profit of 405 million euros a year earlier. Sales, however, were up 11 percent to 11.96 billion euros ($15.73 billion) compared with 10.76 billion euros in 2005.

Brevan Howard Macro raises 770 mln eur in IPO

LONDON (AFX) - Brevan Howard Macro Ltd said it has raised 770 mln eur by placing 82.8 mln shares in its initial public offering.

The company said the offer comprised of 27.2 mln eur shares at 10 eur each, 45.1 mln usd shares at 10 usd each and 10.5 mln stg shares at 10 stg each.

Japan’s Aeon, Daiei form alliance to create country’s largest retail group

TOKYO (XFN-ASIA) - Aeon Co Ltd and Daiei Inc are forming a broad capital and business alliance to create Japan’s largest retail group, the two companies said.

By combining forces, Aeon, Daiei and Daiei’s largest shareholder, Marubeni Corp, aim to help turn around the struggling Aeon and to grow its business in a difficult market, the three said in a joint statement.

Procter & Gamble affirms 3Q guidance

CINCINNATI (AP) - Diversified consumer-products maker Procter & Gamble Co. on Friday affirmed its guidance for the fiscal third quarter.

For the quarter ending in March, P&G continues to expect earnings between 72 cents and 74 cents per share.

AGF board backs Allianz buyout offer

PARIS (AFX) - Assurances Generales de France said its management board has decided unanimously to back the buyout offer made by the group’s largest shareholder, Allianz SE.

It said after consultations with external consultants the board decided that the financial terms were “fair” and that the strategic basis for the merger was “in the interest of the company, its shareholders and its employees.”

DaimlerChrysler has no plans to spin off commercial vehicles

FRANKFURT (AFX) - DaimlerChrysler AG has no plans to spin off its commercial vehicles division, reported Sueddeutsche Zeitung in an interview with the unit’s chief Andreas Renschler.

“That is not on our agenda. Why would we separate from such a highly profitable business?” said Renschler.

Breeden rejects Applebees’ seat offer

OVERLAND PARK, Kan. (AP) - Restaurant operator Applebee’s International Inc. said Friday its negotiations with activist shareholder Breeden Capital Management LLC have failed, after Breeden rejected an offer for two seats on its board.

Breeden, which owns about 5 percent of Applebee’s stock, wanted four members elected to the board and has pushed for a number of changes, including selling most of the company-owned restaurants to franchisees.

Telefonica requests Merrill Lynch provide financing for eventual Endemol buyer

AMSTERDAM (AFX) - Telefonica SA said it has asked Merrill Lynch to offer stapled financing to the eventual buyer of Endemol NV as the Spanish group is exploring strategic options for the sale of all or part of its 75 pct stake in the Dutch television company.

If Telefonica were to decide to divest its 75 pct stake in Endemol, it said it would solicit from the potential purchaser a public offer for the other 25 pct of the shares outstanding in Endemol.

Converium is open to a bidder other than Scor - chairman

LONDON (AFX) - Swiss reinsurer Converium Holding AG, fending off a 2.4 bln usd hostile takeover from French rival Scor SA, is increasingly open to — and looking for — another bidder, but one hasn’t surfaced yet, the Wall Street Journal said, citing Converium

s chairman in an interview.

EU SUMMIT Leaders reach deal on fighting climate change

BRUSSELS (AFX) - EU leaders agreed to adopt binding targets on future use of renewable energy, overcoming the main obstacle to an ambitious plan to fight global warming.

The overall accord became possible once leaders agreed to a binding target of a 20 pct share of renewable energies in overall EU energy consumption by 2020, which had been the main stumbling block.

COPYRIGHT

Copyright AFX News Limited 2007. All rights reserved.

The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.

AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited

For more information and to contact AFX: www.afxnews.com and www.afxpress.com

LONDON (AFX) - Here are the top stories on AFX News

US jobless rate drops but job growth slows

WASHINGTON (AP) - The nation’s unemployment rate dipped to 4.5 percent in February even as big losses of construction and factory jobs restrained overall payroll growth. Wages grew briskly.

The latest snapshot, released by the Labor Department on Friday, offered a mixed picture of the employment climate.

EADS reports $1.01 billion loss in 4Q

MUNICH, Germany (AP) - Airbus parent EADS NV said Friday that a weaker dollar and major delays at its Airbus unit dragged its 2006 profit down, caused a multimillion dollar quarterly loss and warned that Airbus would “display another substantial loss in 2007.”

The Amsterdam-based company lost 768 million euros ($1.01 billion) in the fourth quarter compared with a profit of 405 million euros a year earlier. Sales, however, were up 11 percent to 11.96 billion euros ($15.73 billion) compared with 10.76 billion euros in 2005.

Brevan Howard Macro raises 770 mln eur in IPO

LONDON (AFX) - Brevan Howard Macro Ltd said it has raised 770 mln eur by placing 82.8 mln shares in its initial public offering.

The company said the offer comprised of 27.2 mln eur shares at 10 eur each, 45.1 mln usd shares at 10 usd each and 10.5 mln stg shares at 10 stg each.

Japan’s Aeon, Daiei form alliance to create country’s largest retail group

TOKYO (XFN-ASIA) - Aeon Co Ltd and Daiei Inc are forming a broad capital and business alliance to create Japan’s largest retail group, the two companies said.

By combining forces, Aeon, Daiei and Daiei’s largest shareholder, Marubeni Corp, aim to help turn around the struggling Aeon and to grow its business in a difficult market, the three said in a joint statement.

Procter & Gamble affirms 3Q guidance

CINCINNATI (AP) - Diversified consumer-products maker Procter & Gamble Co. on Friday affirmed its guidance for the fiscal third quarter.

For the quarter ending in March, P&G continues to expect earnings between 72 cents and 74 cents per share.

AGF board backs Allianz buyout offer

PARIS (AFX) - Assurances Generales de France said its management board has decided unanimously to back the buyout offer made by the group’s largest shareholder, Allianz SE.

It said after consultations with external consultants the board decided that the financial terms were “fair” and that the strategic basis for the merger was “in the interest of the company, its shareholders and its employees.”

DaimlerChrysler has no plans to spin off commercial vehicles

FRANKFURT (AFX) - DaimlerChrysler AG has no plans to spin off its commercial vehicles division, reported Sueddeutsche Zeitung in an interview with the unit’s chief Andreas Renschler.

“That is not on our agenda. Why would we separate from such a highly profitable business?” said Renschler.

Breeden rejects Applebees’ seat offer

OVERLAND PARK, Kan. (AP) - Restaurant operator Applebee’s International Inc. said Friday its negotiations with activist shareholder Breeden Capital Management LLC have failed, after Breeden rejected an offer for two seats on its board.

Breeden, which owns about 5 percent of Applebee’s stock, wanted four members elected to the board and has pushed for a number of changes, including selling most of the company-owned restaurants to franchisees.

Telefonica requests Merrill Lynch provide financing for eventual Endemol buyer

AMSTERDAM (AFX) - Telefonica SA said it has asked Merrill Lynch to offer stapled financing to the eventual buyer of Endemol NV as the Spanish group is exploring strategic options for the sale of all or part of its 75 pct stake in the Dutch television company.

If Telefonica were to decide to divest its 75 pct stake in Endemol, it said it would solicit from the potential purchaser a public offer for the other 25 pct of the shares outstanding in Endemol.

Converium is open to a bidder other than Scor - chairman

LONDON (AFX) - Swiss reinsurer Converium Holding AG, fending off a 2.4 bln usd hostile takeover from French rival Scor SA, is increasingly open to — and looking for — another bidder, but one hasn’t surfaced yet, the Wall Street Journal said, citing Converium

s chairman in an interview.

EU SUMMIT Leaders reach deal on fighting climate change

BRUSSELS (AFX) - EU leaders agreed to adopt binding targets on future use of renewable energy, overcoming the main obstacle to an ambitious plan to fight global warming.

The overall accord became possible once leaders agreed to a binding target of a 20 pct share of renewable energies in overall EU energy consumption by 2020, which had been the main stumbling block.

COPYRIGHT

Copyright AFX News Limited 2007. All rights reserved.

The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.

AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited

For more information and to contact AFX: www.afxnews.com and www.afxpress.com

LONDON (AFX) - Here are the top stories on AFX News

Deutsche Telekom Q4 adj EBITDA drops 12.5 pct as weak domestic ops weigh

FRANKFURT (AFX) - Deutsche Telekom AG’s adjusted fourth-quarter EBITDA fell 12.5 pct as the German telecoms giant continued to struggle with weak business in its home market.

EBITDA adjusted for special factors in the three months to Dec 31 was 4.548 bln eur, down from 5.199 bln in the same period a year earlier, the Bonn-based company said. This fell short of the 4.650 bln consensus forecast of analysts polled by AFX News.

Swiss Re FY net beats forecasts; launches 6 bln sfr buyback, hikes div

ZURICH (AFX) - Swiss Re reported a forecast-beating full year net profit of 4.560 bln sfr, up from 2.304 bln a year earlier, citing a disciplined underwriting approach in its property & casualty business lines, consistent returns from the life & health segment and a rising contribution from its financial services.

Analysts polled by AFX News forecast net profit to reach 3.268-3.882 bln sfr or 3.641 bln on average.

Aviva FY pretax opg profit on EEV basis up 12 pct; below analysts’ expectations

LONDON (AFX) - Aviva PLC, the UK’s largest insurer, reported full-year pretax operating profit on an European Embedded Value basis rose 12 pct to 3.245 bln stg.

The result was below consensus analyst forecasts of 3.31 bln stg.

Telefonica FY net up 40.2 pct at 6.233 bln eur vs 4.446 bln; in line

MADRID (AFX) - Telefonica SA said net profit grew 40.2 pct to 6.233 bln eur in the full year to December from 4.446 bln a year earlier, in line with analysts’ forecasts for 4.113-6.898 bln, on revenues of 52.901 bln, up from 37.383 bln.

In a statement, the telecos giant said operating income before depreciation and amortisation (OIBDA) rose to 19.126 bln eur from 15.056 bln, also in line with forecasts for 13.913-20.876 bln.

Reuters forecasts 2007 revenue growth of over 6 pct

LONDON (AFX) - UK financial news and information provider Reuters Group delivered in-line full-year results and said sales growth in the current year would be similar to 2006.

Reuters said it expects underlying revenues to grow by 6 pct or better during 2007 after rising by a slightly above-forecast 6.2 pct last year.

French Jan PPI up 0.1 pct from Dec, up 1.8 pct from yr earlier

PARIS (AFX) - French producer prices rose 0.1 pct in January from December, after falling 0.1 pct in the previous month, statistics office Insee said.

Producer prices in January were up 1.8 pct year-on-year, after a year-on-year rise of 2.7 pct in December.

Ford says restructuring to cost $11.18B

WASHINGTON (AP) - Ford Motor Co. said Wednesday that its restructuring plan would likely cost $11.18 billion, with more than half of the expenses devoted to programs for laid-off workers.

In a filing with the Securities and Exchange Commission, the No. 2 U.S. automaker estimated spending $5.96 billion on a jobs bank and other “personnel-reduction programs,” $2.74 billion to scale back its pensions, $2.2 billion for fixed asset impairment charges and $281 million to idle plants.

Australia’s Maquarie’s says Boart Longyear IPO to raise 2.25-2.65 bln aud

SYDNEY (XFN-ASIA) - Macquarie Bank Ltd said its partly owned oil drilling services company Boart Longyear Ltd plans to raise 2.25-2.65 bln aud from an initial public share offering (IPO) in Australia.

It said the indicative pricing for the shares is 1.76-2.10 aud, and the firm’s market value on listing is expected to be up to 3.12 bln aud.

Royal Bank of Scotland FY profit up 14 pct

LONDON (AFX) - Royal Bank of Scotland Group PLC turned in better than expected full-year profits, helped by tight cost controls and a strong performance from its investment banking division, and hiked its dividend by 25 pct.

RBS, the UK’s second-biggest bank, said group operating profit for the year to Dec 31 2006 came in at 9.414 bln stg, up 14 pct from 8.251 bln stg the previous year.

Fortis to buy 50.48 pct of Pacific Century Insurance for 3.53 bln hkd

- (adds quotes from company officials)

HONG KONG (XFN-ASIA) - Fortis Insurance International has agreed to buy a 50.48 pct stake in Hong Kong’s Pacific Century Insurance Co Ltd for 3.53 bln hkd, according to a joint statement by the two firms.

Albert Frere to raise Lafarge stake to 20 pct to fend off predators - report

PARIS (AFX) - Albert Frere’s holding company Groupe Bruxelles Lambert (GBL) will raise its stake in Lafarge to 20 pct in 2007 in order to fend off potential takeover bids by the KKR private equity fund or Lafarge’s rivals Cemex in Mexico and Holcim in Switzerland, French weekly Challenges reported without citing sources.

According to the report, GBL will initially raise its stake to 20 pct and then gradually increase its holding to over 30 pct in the next three years.

COPYRIGHT

Copyright AFX News Limited 2007. All rights reserved.

The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.

AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited

For more information and to contact AFX: www.afxnews.com and www.afxpress.com

LONDON (AFX) - Here are the top stories on AFX News

Dell 4Q earnings and revenues drop

DALLAS (AP) - Dell Inc.’s fourth-quarter profits plunged 33 percent because of weak sales of laptops and notebooks, and the computer maker still faces an unresolved federal accounting probe, customer service complaints, several shareholder lawsuits and stiff competition from rivals.

But amid another disappointing quarter, analysts said Dell at least appears ready to do something about its many problems, even if it takes years to resolve.

Gallaher FY pretax pre-ex profit up 4.9 pct, says current trading in line

LONDON (AFX) - Gallaher Group PLC, Britain’s third-biggest tobacco group, posted a 4.9 pct rise in full-year pretax profit, beating market expectations, on the back of a strong performance from the CIS region.

Pretax profit before amortisation and exceptional charges rose to 597 mln stg from 570 mln stg a year ago. Analysts were expecting profit of some 580 mln stg.

Oracle to buy Hyperion for $3.3 billion

SAN FRANCISCO (AP) - Business software maker Oracle Corp. will buy Hyperion Solutions Corp. for $3.3 billion in cash, renewing a shopping spree aimed at toppling rival SAP AG.

The deal announced Thursday will give Oracle an arsenal of Hyperion products that are widely used by SAP’s customers. Hyperion’s tools, known as “business intelligence” software, help chief financial officers and other top corporate executives track their company’s performance.

COPYRIGHT

Copyright AFX News Limited 2007. All rights reserved.

The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.

AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited

For more information and to contact AFX: www.afxnews.com and www.afxpress.com

LONDON (AFX) - Here are the top stories on AFX News

US jobless rate drops but job growth slows

WASHINGTON (AP) - The nation’s unemployment rate dipped to 4.5 percent in February even as big losses of construction and factory jobs restrained overall payroll growth. Wages grew briskly.

The latest snapshot, released by the Labor Department on Friday, offered a mixed picture of the employment climate.

EADS reports $1.01 billion loss in 4Q

MUNICH, Germany (AP) - Airbus parent EADS NV said Friday that a weaker dollar and major delays at its Airbus unit dragged its 2006 profit down, caused a multimillion dollar quarterly loss and warned that Airbus would “display another substantial loss in 2007.”

The Amsterdam-based company lost 768 million euros ($1.01 billion) in the fourth quarter compared with a profit of 405 million euros a year earlier. Sales, however, were up 11 percent to 11.96 billion euros ($15.73 billion) compared with 10.76 billion euros in 2005.

Brevan Howard Macro raises 770 mln eur in IPO

LONDON (AFX) - Brevan Howard Macro Ltd said it has raised 770 mln eur by placing 82.8 mln shares in its initial public offering.

The company said the offer comprised of 27.2 mln eur shares at 10 eur each, 45.1 mln usd shares at 10 usd each and 10.5 mln stg shares at 10 stg each.

Japan’s Aeon, Daiei form alliance to create country’s largest retail group

TOKYO (XFN-ASIA) - Aeon Co Ltd and Daiei Inc are forming a broad capital and business alliance to create Japan’s largest retail group, the two companies said.

By combining forces, Aeon, Daiei and Daiei’s largest shareholder, Marubeni Corp, aim to help turn around the struggling Aeon and to grow its business in a difficult market, the three said in a joint statement.

Procter & Gamble affirms 3Q guidance

CINCINNATI (AP) - Diversified consumer-products maker Procter & Gamble Co. on Friday affirmed its guidance for the fiscal third quarter.

For the quarter ending in March, P&G continues to expect earnings between 72 cents and 74 cents per share.

AGF board backs Allianz buyout offer

PARIS (AFX) - Assurances Generales de France said its management board has decided unanimously to back the buyout offer made by the group’s largest shareholder, Allianz SE.

It said after consultations with external consultants the board decided that the financial terms were “fair” and that the strategic basis for the merger was “in the interest of the company, its shareholders and its employees.”

DaimlerChrysler has no plans to spin off commercial vehicles

FRANKFURT (AFX) - DaimlerChrysler AG has no plans to spin off its commercial vehicles division, reported Sueddeutsche Zeitung in an interview with the unit’s chief Andreas Renschler.

“That is not on our agenda. Why would we separate from such a highly profitable business?” said Renschler.

Breeden rejects Applebees’ seat offer

OVERLAND PARK, Kan. (AP) - Restaurant operator Applebee’s International Inc. said Friday its negotiations with activist shareholder Breeden Capital Management LLC have failed, after Breeden rejected an offer for two seats on its board.

Breeden, which owns about 5 percent of Applebee’s stock, wanted four members elected to the board and has pushed for a number of changes, including selling most of the company-owned restaurants to franchisees.

Telefonica requests Merrill Lynch provide financing for eventual Endemol buyer

AMSTERDAM (AFX) - Telefonica SA said it has asked Merrill Lynch to offer stapled financing to the eventual buyer of Endemol NV as the Spanish group is exploring strategic options for the sale of all or part of its 75 pct stake in the Dutch television company.

If Telefonica were to decide to divest its 75 pct stake in Endemol, it said it would solicit from the potential purchaser a public offer for the other 25 pct of the shares outstanding in Endemol.

Converium is open to a bidder other than Scor - chairman

LONDON (AFX) - Swiss reinsurer Converium Holding AG, fending off a 2.4 bln usd hostile takeover from French rival Scor SA, is increasingly open to — and looking for — another bidder, but one hasn’t surfaced yet, the Wall Street Journal said, citing Converium

s chairman in an interview.

EU SUMMIT Leaders reach deal on fighting climate change

BRUSSELS (AFX) - EU leaders agreed to adopt binding targets on future use of renewable energy, overcoming the main obstacle to an ambitious plan to fight global warming.

The overall accord became possible once leaders agreed to a binding target of a 20 pct share of renewable energies in overall EU energy consumption by 2020, which had been the main stumbling block.

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LONDON (AFX) - Here are the top stories on AFX News

EADS FY EBIT plummets 86 pct on Airbus’s woes

PARIS (AFX) - EADS NV said its full year EBIT dropped 86 pct to 399 mln eur from 2.852 bln eur a year earlier as a result of losses at its troubled Airbus unit.

The figure came in above the 185.8 mln eur consensus of analysts forecasts.

German Jan trade surplus 16.2 bln eur vs 11.1 bln in Dec

FRANKFURT (AFX) - Germany’s trade surplus in January rose to 16.2 bln eur from an upwardly revised 11.1 bln in December and from 12.4 bln in January last year, according to unadjusted provisional figures from the Federal Statistics Office.

Economists polled by AFX News had forecast the trade surplus would widen to 14.0 bln eur in January.

Japan’s Aeon, Daiei form alliance to create country’s largest retail group

TOKYO (XFN-ASIA) - Aeon Co Ltd and Daiei Inc are forming a broad capital and business alliance to create Japan’s largest retail group, the two companies said.

By combining forces, Aeon, Daiei and Daiei’s largest shareholder, Marubeni Corp, aim to help turn around the struggling Aeon and to grow its business in a difficult market, the three said in a joint statement.

Telefonica requests Merrill Lynch provide financing for eventual Endemol buyer

AMSTERDAM (AFX) - Telefonica SA said it has asked Merrill Lynch to offer stapled financing to the eventual buyer of Endemol NV as the Spanish group is exploring strategic options for the sale of all or part of its 75 pct stake in the Dutch television company.

If Telefonica were to decide to divest its 75 pct stake in Endemol, it said it would solicit from the potential purchaser a public offer for the other 25 pct of the shares outstanding in Endemol.

Converium is open to a bidder other than Scor - chairman

LONDON (AFX) - Swiss reinsurer Converium Holding AG, fending off a 2.4 bln usd hostile takeover from French rival Scor SA, is increasingly open to — and looking for — another bidder, but one hasn’t surfaced yet, the Wall Street Journal said, citing Converium

s chairman in an interview.

DaimlerChrysler has no plans to spin off commercial vehicles - Renschler

FRANKFURT (AFX) - DaimlerChrysler AG has no plans to spin off its commercial vehicles division, reported Sueddeutsche Zeitung in an interview with the unit’s chief Andreas Renschler.

“That is not on our agenda. Why would we separate from such a highly profitable business?” said Renschler.

Telecom Italia sees sales up 1-2 pct/year in 2007-09, vs 3-4 pct seen before

MILAN (AFX) - Telecom Italia SpA said it expects its group sales to rise 1.0-2.0 pct per year in the period 2007-2009 compared to the 3.0-4.0 pct per year growth target provided last year in the group’s previous 2006-2008 plan.

In its new 2007-2009 business plan, Telecom Italia said it expects EBITDA margins to decline by 2.5 and 2.0 percentage points in 2007 and remain broadly unchanged in the following years.

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LONDON (AFX) - Here are the top stories on AFX News

Dell 4Q earnings and revenues drop

DALLAS (AP) - Dell Inc.’s fourth-quarter profits plunged 33 percent because of weak sales of laptops and notebooks, and the computer maker still faces an unresolved federal accounting probe, customer service complaints, several shareholder lawsuits and stiff competition from rivals.

But amid another disappointing quarter, analysts said Dell at least appears ready to do something about its many problems, even if it takes years to resolve.

Gallaher FY pretax pre-ex profit up 4.9 pct, says current trading in line

LONDON (AFX) - Gallaher Group PLC, Britain’s third-biggest tobacco group, posted a 4.9 pct rise in full-year pretax profit, beating market expectations, on the back of a strong performance from the CIS region.

Pretax profit before amortisation and exceptional charges rose to 597 mln stg from 570 mln stg a year ago. Analysts were expecting profit of some 580 mln stg.

Oracle to buy Hyperion for $3.3 billion

SAN FRANCISCO (AP) - Business software maker Oracle Corp. will buy Hyperion Solutions Corp. for $3.3 billion in cash, renewing a shopping spree aimed at toppling rival SAP AG.

The deal announced Thursday will give Oracle an arsenal of Hyperion products that are widely used by SAP’s customers. Hyperion’s tools, known as “business intelligence” software, help chief financial officers and other top corporate executives track their company’s performance.

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LONDON (AFX) - Here are the top stories on AFX News

UCB FY net down 50 pct, beating expectations; sees major earnings growth this yr

BRUSSELS (AFX) - Belgian pharmaceuticals group UCB SA posted a 50 pct drop in full year net profit, due to divestments and increased costs.

It said it expects profit to grow significantly in 2007 when Schwarz Pharma becomes fully integrated into the company.

Barratt H1 pretax profit up 10 pct to 180.2 mln stg from 163.9 mln stg

LONDON (AFX) - Housebuilder Barratt Developments PLC has seen pretax profits grow 10 pct to 180.2 mln stg in the half year to Dec 31.

The company, which has recently bought Wilson Bowden PLC, grew turnover marginally by 2 pct to 1.19 bln stg, and will give an interim dividend of 11.4 pence, up 10 pct from last year.

Munich Re posts record FY profit on favourable climatic environment

MUNICH (AFX) - Muenchener Rueckversicherungs AG said full year net profit rose to a record 3.536 bln eur from 2.751 bln a year earlier, exceeding the 3.400 bln forecast by analysts, as the insurance industry was largely spared major losses from natural catastrophes.

The company said it will propose a dividend of 4.50 eur per share for 2006, up from 3.10 in 2005.

Australia’s Centro acquires US property trust New Plan for 3.4 bln usd

SYDNEY (XFN-ASIA) - Centro Properties Group and Centro Retail Trust have agreed to buy US-listed real estate investment trust New Plan Excel Realty Trust Inc for about 3.4 bln usd, Centro said in a statement.

Centro said it will pay cash of 33.15 usd a share cash for New Plan, which specializes in convenience retail property. Its portfolio comprises 467 properties, including 453 shopping centers in 38 US states and 14 other real estate assets.

HBOS FY pretax profits up 19 pct, ahead of forecasts

LONDON (AFX) - UK bank HBOS PLC unveiled a better-than-expected 19 pct increase in full-year profit, helped by strong sales of savings and investment products, and a robust performance from its international division.

HBOS, the UK’s fourth-biggest bank, said pretax profit for the year to Dec 31 2006 came in at 5.706 bln stg, up from 4.8 bln stg last year. Analysts had expected profit fo 5.430 bln stg, according to a consensus forecast supplied by the company.

Holcim FY net, opg beat forecasts as construction sector remains dynamic

JONA, Switzerland (AFX) - Swiss cement maker Holcim Ltd announced a better-than-forecast full year net profit of 2.104 bln sfr, up from 1.511 bln a year earlier, citing strong demand for products and services due to a dynamic construction sector and exceptionally favourable weather conditions.

Analysts had forecast net profit to reach 1.804-1.973 bln sfr, or 1.905 bln on average.

EFG posts sharply higher FY net amid strong client asset growth; raises targets

ZURICH (AFX) - EFG International, the global private banking group, reported a near-doubling of full-year net profit to 230.0 mln sfr, from 120.9 mln last year, citing substantial growth in total client assets to 73.6 bln sfr, from 47.3 bln.

Operating income during the period increased to 634.4 mln sfr, from 338.4 mln, while the cost income ratio improved further to 55.6 pct, from 57.0 pct.

UK Feb house prices up 0.7 pct from Jan, up 10.2 pct yr-on-yr - Nationwide

LONDON (AFX) - UK house prices continued to rise in February but the Bank of England’s three quarter point rate hikes since August last year are starting to dent underlying sentiment, according to the UK’s biggest building society, Nationwide.

It said its house price index rose by 0.7 pct in February from the previous month for a 10.2 pct annual rise, taking the average UK house price up to 174,706 stg.

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LONDON (AFX) - Here are the top stories on AFX News

Italy’s Prodi wins second confidence vote

ROME (AFX) - Italy’s centre-left government easily won a vote of confidence today in the lower house of parliament, formally ending a political crisis sparked by last week’s resignation of Prime Minister Romano Prodi.

The centre-left prevailed in the Chamber of Deputies by 342 to 253, with two abstentions by far-left members.

Bayer to cut 6,100 jobs worldwide including 1,500 in Germany

FRANKFURT (AFX) - BAYER AG said its Bayer HealthCare AG business is to cut 6,100 jobs worldwide, including 1,500 in Germany, as part of a plan to generate synergies from the integration of Schering AG.

The company said 3,150 jobs are to be shed in Europe; 1,000 in the US; 750 in the Asia, Pacific and Japan region; and 1,200 in Latin America and Canada.

Cegedim to buy Dendrite for $751 million

NEW YORK (AP) - Cegedim SA, a French maker of software for pharmaceutical companies, said Friday it is buying Dendrite International Inc., which provides sales and marketing services for pharmaceutical companies, for about $751 million in cash.

The $16 per share offer represents a 40 percent premium over Bedminster, N.J.-based Dendrite’s average closing share price from Feb. 1 to March 1 and a a 25 percent premium over Thursday’s closing price of $12.79.

Aker Kvaerner to restructure operations into five global businesses

OSLO (AFX) - Aker Kvaerner ASA said it is to restructure its business by transforming its existing six divisions into “five global business areas”, in a bid to both increase transparency and optimise the efficiency of its overall operations.

The Norwegian engineering firm said that by combining specialised units which work within the same market segments, the company will be able to increase overall capacity and improve its product offering.

EADS unit Airbus could get cash injection from French regional authorities

PARIS (AFX) - The presidents of eight French socialist regional councils yesterday signalled their intention of investing in Airbus’ parent company EADS following the announcement of the Power8 restructuring plan for the ailing aircraft unit.

In a letter addressed to French prime minister Dominique de Villepin, the presidents of eight councils including Midi-Pyrenees, Ile-de-France, and Provence-Cote d’Azur, all of which have a socialist majority, criticised the planned 4,300 French job cuts, and asked for details on how they could take a stake in EADS’ capital.

Lenovo recalls 205,000 laptop batteries

RALEIGH, North Carolina (AP) - Chinese PC maker Lenovo Inc. recalled about 205,000 laptop computer batteries made by Japan’s Sanyo Electric Co., warning that they could overheat and cause a fire.

The worldwide battery recall announced Thursday was the second for the company in the past six months and comes as Lenovo, the world’s No. 3 computer maker, tries to gain ground on its better-known competitors.

Adecco CFO says 1.5 bln eur earmarked for potential acquisitions

ZURICH (AFX) - Temporary employment group Adecco SA said it has a war chest of 1.5 bln eur for potential acquisitions for the coming years, CFO Dominik de Daniel said at the company’s presentation of fourth-quarter and full-year results.

De Daniel emphatically ruled out the possibility of a capital increase to finance acquisitions.

Bodycote rejects Sulzer’s 325 pence a share offer, says it undervalues co

LONDON (AFX) - The board of UK group Bodycote International PLC has rejected a cash offer of 325 pence per share from Swiss engineering firm Sulzer AG.

Bodycote, which is being advised by Lehman Brothers and Credit Suisse, said it considered Sulzer’s proposal but rejected it because it undervalued the company.

Linde 2006 net income up to $2.4 billion

WIESBADEN, Germany (AP) - Linde AG, the world’s largest maker of industrial gases, said Friday that 2006 net income more than tripled after restructuring the business.

Net income rose to euro1.8 billion (US$2.4 billion) in fiscal 2006 from 515 million in the previous year, the company said in a statement. Sales gained 31 percent to euro30.8 billion (US$40.7 billion).

United Business Media FY pretax pre-ex up 5.5 pct, will pay special div of 72p

LONDON (AFX) - United Business Media PLC, the UK publishing and exhibition group, posted a 5.5 pct rise in pretax pre-exceptional profit for 2006 and announced it will pay a special dividend of 72 pence a share this month.

Pretax profit before amortisation and exceptional items increased to 160.5 mln stg from 152.1 mln stg in 2005. Deutsche Bank had forecast pretax profit of 157 mln stg. Continuing revenue grew 16.6 pct to 739.1 mln stg.

Tognum IPO to raise more than 1.4 bln eur - report

FRANKFURT (AFX) - The planned IPO of German engine manufacturer Tognum could raise more than 1.4 bln eur, Financial Times Deutschland reported, citing people familiar with the situation.

Swedish private equity firm and majority stakeholder EQT said on Monday that a final decision about the public listing is to be made in the course of this year, the report added.

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The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.

AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited

For more information and to contact AFX: www.afxnews.com and www.afxpress.com

LONDON (AFX) - Here are the top stories on AFX News

UCB FY net down 50 pct, beating expectations; sees major earnings growth this yr

BRUSSELS (AFX) - Belgian pharmaceuticals group UCB SA posted a 50 pct drop in full year net profit, due to divestments and increased costs.

It said it expects profit to grow significantly in 2007 when Schwarz Pharma becomes fully integrated into the company.

Barratt H1 pretax profit up 10 pct to 180.2 mln stg from 163.9 mln stg

LONDON (AFX) - Housebuilder Barratt Developments PLC has seen pretax profits grow 10 pct to 180.2 mln stg in the half year to Dec 31.

The company, which has recently bought Wilson Bowden PLC, grew turnover marginally by 2 pct to 1.19 bln stg, and will give an interim dividend of 11.4 pence, up 10 pct from last year.

Munich Re posts record FY profit on favourable climatic environment

MUNICH (AFX) - Muenchener Rueckversicherungs AG said full year net profit rose to a record 3.536 bln eur from 2.751 bln a year earlier, exceeding the 3.400 bln forecast by analysts, as the insurance industry was largely spared major losses from natural catastrophes.

The company said it will propose a dividend of 4.50 eur per share for 2006, up from 3.10 in 2005.

Australia’s Centro acquires US property trust New Plan for 3.4 bln usd

SYDNEY (XFN-ASIA) - Centro Properties Group and Centro Retail Trust have agreed to buy US-listed real estate investment trust New Plan Excel Realty Trust Inc for about 3.4 bln usd, Centro said in a statement.

Centro said it will pay cash of 33.15 usd a share cash for New Plan, which specializes in convenience retail property. Its portfolio comprises 467 properties, including 453 shopping centers in 38 US states and 14 other real estate assets.

HBOS FY pretax profits up 19 pct, ahead of forecasts

LONDON (AFX) - UK bank HBOS PLC unveiled a better-than-expected 19 pct increase in full-year profit, helped by strong sales of savings and investment products, and a robust performance from its international division.

HBOS, the UK’s fourth-biggest bank, said pretax profit for the year to Dec 31 2006 came in at 5.706 bln stg, up from 4.8 bln stg last year. Analysts had expected profit fo 5.430 bln stg, according to a consensus forecast supplied by the company.

Holcim FY net, opg beat forecasts as construction sector remains dynamic

JONA, Switzerland (AFX) - Swiss cement maker Holcim Ltd announced a better-than-forecast full year net profit of 2.104 bln sfr, up from 1.511 bln a year earlier, citing strong demand for products and services due to a dynamic construction sector and exceptionally favourable weather conditions.

Analysts had forecast net profit to reach 1.804-1.973 bln sfr, or 1.905 bln on average.

EFG posts sharply higher FY net amid strong client asset growth; raises targets

ZURICH (AFX) - EFG International, the global private banking group, reported a near-doubling of full-year net profit to 230.0 mln sfr, from 120.9 mln last year, citing substantial growth in total client assets to 73.6 bln sfr, from 47.3 bln.

Operating income during the period increased to 634.4 mln sfr, from 338.4 mln, while the cost income ratio improved further to 55.6 pct, from 57.0 pct.

UK Feb house prices up 0.7 pct from Jan, up 10.2 pct yr-on-yr - Nationwide

LONDON (AFX) - UK house prices continued to rise in February but the Bank of England’s three quarter point rate hikes since August last year are starting to dent underlying sentiment, according to the UK’s biggest building society, Nationwide.

It said its house price index rose by 0.7 pct in February from the previous month for a 10.2 pct annual rise, taking the average UK house price up to 174,706 stg.

COPYRIGHT

Copyright AFX News Limited 2007. All rights reserved.

The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.

AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited

For more information and to contact AFX: www.afxnews.com and www.afxpress.com

LONDON (AFX) - Here are the top stories on AFX News

UCB FY net down 50 pct, beating expectations; sees major earnings growth this yr

BRUSSELS (AFX) - Belgian pharmaceuticals group UCB SA posted a 50 pct drop in full year net profit, due to divestments and increased costs.

It said it expects profit to grow significantly in 2007 when Schwarz Pharma becomes fully integrated into the company.

Barratt H1 pretax profit up 10 pct to 180.2 mln stg from 163.9 mln stg

LONDON (AFX) - Housebuilder Barratt Developments PLC has seen pretax profits grow 10 pct to 180.2 mln stg in the half year to Dec 31.

The company, which has recently bought Wilson Bowden PLC, grew turnover marginally by 2 pct to 1.19 bln stg, and will give an interim dividend of 11.4 pence, up 10 pct from last year.

Munich Re posts record FY profit on favourable climatic environment

MUNICH (AFX) - Muenchener Rueckversicherungs AG said full year net profit rose to a record 3.536 bln eur from 2.751 bln a year earlier, exceeding the 3.400 bln forecast by analysts, as the insurance industry was largely spared major losses from natural catastrophes.

The company said it will propose a dividend of 4.50 eur per share for 2006, up from 3.10 in 2005.

Australia’s Centro acquires US property trust New Plan for 3.4 bln usd

SYDNEY (XFN-ASIA) - Centro Properties Group and Centro Retail Trust have agreed to buy US-listed real estate investment trust New Plan Excel Realty Trust Inc for about 3.4 bln usd, Centro said in a statement.

Centro said it will pay cash of 33.15 usd a share cash for New Plan, which specializes in convenience retail property. Its portfolio comprises 467 properties, including 453 shopping centers in 38 US states and 14 other real estate assets.

HBOS FY pretax profits up 19 pct, ahead of forecasts

LONDON (AFX) - UK bank HBOS PLC unveiled a better-than-expected 19 pct increase in full-year profit, helped by strong sales of savings and investment products, and a robust performance from its international division.

HBOS, the UK’s fourth-biggest bank, said pretax profit for the year to Dec 31 2006 came in at 5.706 bln stg, up from 4.8 bln stg last year. Analysts had expected profit fo 5.430 bln stg, according to a consensus forecast supplied by the company.

Holcim FY net, opg beat forecasts as construction sector remains dynamic

JONA, Switzerland (AFX) - Swiss cement maker Holcim Ltd announced a better-than-forecast full year net profit of 2.104 bln sfr, up from 1.511 bln a year earlier, citing strong demand for products and services due to a dynamic construction sector and exceptionally favourable weather conditions.

Analysts had forecast net profit to reach 1.804-1.973 bln sfr, or 1.905 bln on average.

EFG posts sharply higher FY net amid strong client asset growth; raises targets

ZURICH (AFX) - EFG International, the global private banking group, reported a near-doubling of full-year net profit to 230.0 mln sfr, from 120.9 mln last year, citing substantial growth in total client assets to 73.6 bln sfr, from 47.3 bln.

Operating income during the period increased to 634.4 mln sfr, from 338.4 mln, while the cost income ratio improved further to 55.6 pct, from 57.0 pct.

UK Feb house prices up 0.7 pct from Jan, up 10.2 pct yr-on-yr - Nationwide

LONDON (AFX) - UK house prices continued to rise in February but the Bank of England’s three quarter point rate hikes since August last year are starting to dent underlying sentiment, according to the UK’s biggest building society, Nationwide.

It said its house price index rose by 0.7 pct in February from the previous month for a 10.2 pct annual rise, taking the average UK house price up to 174,706 stg.

COPYRIGHT

Copyright AFX News Limited 2007. All rights reserved.

The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.

AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited

For more information and to contact AFX: www.afxnews.com and www.afxpress.com

LONDON (AFX) - Here are the top stories on AFX News

UCB FY net down 50 pct, beating expectations; sees major earnings growth this yr

BRUSSELS (AFX) - Belgian pharmaceuticals group UCB SA posted a 50 pct drop in full year net profit, due to divestments and increased costs.

It said it expects profit to grow significantly in 2007 when Schwarz Pharma becomes fully integrated into the company.

Barratt H1 pretax profit up 10 pct to 180.2 mln stg from 163.9 mln stg

LONDON (AFX) - Housebuilder Barratt Developments PLC has seen pretax profits grow 10 pct to 180.2 mln stg in the half year to Dec 31.

The company, which has recently bought Wilson Bowden PLC, grew turnover marginally by 2 pct to 1.19 bln stg, and will give an interim dividend of 11.4 pence, up 10 pct from last year.

Munich Re posts record FY profit on favourable climatic environment

MUNICH (AFX) - Muenchener Rueckversicherungs AG said full year net profit rose to a record 3.536 bln eur from 2.751 bln a year earlier, exceeding the 3.400 bln forecast by analysts, as the insurance industry was largely spared major losses from natural catastrophes.

The company said it will propose a dividend of 4.50 eur per share for 2006, up from 3.10 in 2005.

Australia’s Centro acquires US property trust New Plan for 3.4 bln usd

SYDNEY (XFN-ASIA) - Centro Properties Group and Centro Retail Trust have agreed to buy US-listed real estate investment trust New Plan Excel Realty Trust Inc for about 3.4 bln usd, Centro said in a statement.

Centro said it will pay cash of 33.15 usd a share cash for New Plan, which specializes in convenience retail property. Its portfolio comprises 467 properties, including 453 shopping centers in 38 US states and 14 other real estate assets.

HBOS FY pretax profits up 19 pct, ahead of forecasts

LONDON (AFX) - UK bank HBOS PLC unveiled a better-than-expected 19 pct increase in full-year profit, helped by strong sales of savings and investment products, and a robust performance from its international division.

HBOS, the UK’s fourth-biggest bank, said pretax profit for the year to Dec 31 2006 came in at 5.706 bln stg, up from 4.8 bln stg last year. Analysts had expected profit fo 5.430 bln stg, according to a consensus forecast supplied by the company.

Holcim FY net, opg beat forecasts as construction sector remains dynamic

JONA, Switzerland (AFX) - Swiss cement maker Holcim Ltd announced a better-than-forecast full year net profit of 2.104 bln sfr, up from 1.511 bln a year earlier, citing strong demand for products and services due to a dynamic construction sector and exceptionally favourable weather conditions.

Analysts had forecast net profit to reach 1.804-1.973 bln sfr, or 1.905 bln on average.

EFG posts sharply higher FY net amid strong client asset growth; raises targets

ZURICH (AFX) - EFG International, the global private banking group, reported a near-doubling of full-year net profit to 230.0 mln sfr, from 120.9 mln last year, citing substantial growth in total client assets to 73.6 bln sfr, from 47.3 bln.

Operating income during the period increased to 634.4 mln sfr, from 338.4 mln, while the cost income ratio improved further to 55.6 pct, from 57.0 pct.

UK Feb house prices up 0.7 pct from Jan, up 10.2 pct yr-on-yr - Nationwide

LONDON (AFX) - UK house prices continued to rise in February but the Bank of England’s three quarter point rate hikes since August last year are starting to dent underlying sentiment, according to the UK’s biggest building society, Nationwide.

It said its house price index rose by 0.7 pct in February from the previous month for a 10.2 pct annual rise, taking the average UK house price up to 174,706 stg.

COPYRIGHT

Copyright AFX News Limited 2007. All rights reserved.

The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.

AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited

For more information and to contact AFX: www.afxnews.com and www.afxpress.com

LONDON (AFX) - Here are the top stories on AFX News

US jobless rate drops but job growth slows

WASHINGTON (AP) - The nation’s unemployment rate dipped to 4.5 percent in February even as big losses of construction and factory jobs restrained overall payroll growth. Wages grew briskly.

The latest snapshot, released by the Labor Department on Friday, offered a mixed picture of the employment climate.

EADS reports $1.01 billion loss in 4Q

MUNICH, Germany (AP) - Airbus parent EADS NV said Friday that a weaker dollar and major delays at its Airbus unit dragged its 2006 profit down, caused a multimillion dollar quarterly loss and warned that Airbus would “display another substantial loss in 2007.”

The Amsterdam-based company lost 768 million euros ($1.01 billion) in the fourth quarter compared with a profit of 405 million euros a year earlier. Sales, however, were up 11 percent to 11.96 billion euros ($15.73 billion) compared with 10.76 billion euros in 2005.

Brevan Howard Macro raises 770 mln eur in IPO

LONDON (AFX) - Brevan Howard Macro Ltd said it has raised 770 mln eur by placing 82.8 mln shares in its initial public offering.

The company said the offer comprised of 27.2 mln eur shares at 10 eur each, 45.1 mln usd shares at 10 usd each and 10.5 mln stg shares at 10 stg each.

Japan’s Aeon, Daiei form alliance to create country’s largest retail group

TOKYO (XFN-ASIA) - Aeon Co Ltd and Daiei Inc are forming a broad capital and business alliance to create Japan’s largest retail group, the two companies said.

By combining forces, Aeon, Daiei and Daiei’s largest shareholder, Marubeni Corp, aim to help turn around the struggling Aeon and to grow its business in a difficult market, the three said in a joint statement.

Procter & Gamble affirms 3Q guidance

CINCINNATI (AP) - Diversified consumer-products maker Procter & Gamble Co. on Friday affirmed its guidance for the fiscal third quarter.

For the quarter ending in March, P&G continues to expect earnings between 72 cents and 74 cents per share.

AGF board backs Allianz buyout offer

PARIS (AFX) - Assurances Generales de France said its management board has decided unanimously to back the buyout offer made by the group’s largest shareholder, Allianz SE.

It said after consultations with external consultants the board decided that the financial terms were “fair” and that the strategic basis for the merger was “in the interest of the company, its shareholders and its employees.”

DaimlerChrysler has no plans to spin off commercial vehicles

FRANKFURT (AFX) - DaimlerChrysler AG has no plans to spin off its commercial vehicles division, reported Sueddeutsche Zeitung in an interview with the unit’s chief Andreas Renschler.

“That is not on our agenda. Why would we separate from such a highly profitable business?” said Renschler.

Breeden rejects Applebees’ seat offer

OVERLAND PARK, Kan. (AP) - Restaurant operator Applebee’s International Inc. said Friday its negotiations with activist shareholder Breeden Capital Management LLC have failed, after Breeden rejected an offer for two seats on its board.

Breeden, which owns about 5 percent of Applebee’s stock, wanted four members elected to the board and has pushed for a number of changes, including selling most of the company-owned restaurants to franchisees.

Telefonica requests Merrill Lynch provide financing for eventual Endemol buyer

AMSTERDAM (AFX) - Telefonica SA said it has asked Merrill Lynch to offer stapled financing to the eventual buyer of Endemol NV as the Spanish group is exploring strategic options for the sale of all or part of its 75 pct stake in the Dutch television company.

If Telefonica were to decide to divest its 75 pct stake in Endemol, it said it would solicit from the potential purchaser a public offer for the other 25 pct of the shares outstanding in Endemol.

Converium is open to a bidder other than Scor - chairman

LONDON (AFX) - Swiss reinsurer Converium Holding AG, fending off a 2.4 bln usd hostile takeover from French rival Scor SA, is increasingly open to — and looking for — another bidder, but one hasn’t surfaced yet, the Wall Street Journal said, citing Converium

s chairman in an interview.

EU SUMMIT Leaders reach deal on fighting climate change

BRUSSELS (AFX) - EU leaders agreed to adopt binding targets on future use of renewable energy, overcoming the main obstacle to an ambitious plan to fight global warming.

The overall accord became possible once leaders agreed to a binding target of a 20 pct share of renewable energies in overall EU energy consumption by 2020, which had been the main stumbling block.

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LONDON (AFX) - Here are the top stories on AFX News

US jobless rate drops but job growth slows

WASHINGTON (AP) - The nation’s unemployment rate dipped to 4.5 percent in February even as big losses of construction and factory jobs restrained overall payroll growth. Wages grew briskly.

The latest snapshot, released by the Labor Department on Friday, offered a mixed picture of the employment climate.

EADS reports $1.01 billion loss in 4Q

MUNICH, Germany (AP) - Airbus parent EADS NV said Friday that a weaker dollar and major delays at its Airbus unit dragged its 2006 profit down, caused a multimillion dollar quarterly loss and warned that Airbus would “display another substantial loss in 2007.”

The Amsterdam-based company lost 768 million euros ($1.01 billion) in the fourth quarter compared with a profit of 405 million euros a year earlier. Sales, however, were up 11 percent to 11.96 billion euros ($15.73 billion) compared with 10.76 billion euros in 2005.

Brevan Howard Macro raises 770 mln eur in IPO

LONDON (AFX) - Brevan Howard Macro Ltd said it has raised 770 mln eur by placing 82.8 mln shares in its initial public offering.

The company said the offer comprised of 27.2 mln eur shares at 10 eur each, 45.1 mln usd shares at 10 usd each and 10.5 mln stg shares at 10 stg each.

Japan’s Aeon, Daiei form alliance to create country’s largest retail group

TOKYO (XFN-ASIA) - Aeon Co Ltd and Daiei Inc are forming a broad capital and business alliance to create Japan’s largest retail group, the two companies said.

By combining forces, Aeon, Daiei and Daiei’s largest shareholder, Marubeni Corp, aim to help turn around the struggling Aeon and to grow its business in a difficult market, the three said in a joint statement.

Procter & Gamble affirms 3Q guidance

CINCINNATI (AP) - Diversified consumer-products maker Procter & Gamble Co. on Friday affirmed its guidance for the fiscal third quarter.

For the quarter ending in March, P&G continues to expect earnings between 72 cents and 74 cents per share.

AGF board backs Allianz buyout offer

PARIS (AFX) - Assurances Generales de France said its management board has decided unanimously to back the buyout offer made by the group’s largest shareholder, Allianz SE.

It said after consultations with external consultants the board decided that the financial terms were “fair” and that the strategic basis for the merger was “in the interest of the company, its shareholders and its employees.”

DaimlerChrysler has no plans to spin off commercial vehicles

FRANKFURT (AFX) - DaimlerChrysler AG has no plans to spin off its commercial vehicles division, reported Sueddeutsche Zeitung in an interview with the unit’s chief Andreas Renschler.

“That is not on our agenda. Why would we separate from such a highly profitable business?” said Renschler.

Breeden rejects Applebees’ seat offer

OVERLAND PARK, Kan. (AP) - Restaurant operator Applebee’s International Inc. said Friday its negotiations with activist shareholder Breeden Capital Management LLC have failed, after Breeden rejected an offer for two seats on its board.

Breeden, which owns about 5 percent of Applebee’s stock, wanted four members elected to the board and has pushed for a number of changes, including selling most of the company-owned restaurants to franchisees.

Telefonica requests Merrill Lynch provide financing for eventual Endemol buyer

AMSTERDAM (AFX) - Telefonica SA said it has asked Merrill Lynch to offer stapled financing to the eventual buyer of Endemol NV as the Spanish group is exploring strategic options for the sale of all or part of its 75 pct stake in the Dutch television company.

If Telefonica were to decide to divest its 75 pct stake in Endemol, it said it would solicit from the potential purchaser a public offer for the other 25 pct of the shares outstanding in Endemol.

Converium is open to a bidder other than Scor - chairman

LONDON (AFX) - Swiss reinsurer Converium Holding AG, fending off a 2.4 bln usd hostile takeover from French rival Scor SA, is increasingly open to — and looking for — another bidder, but one hasn’t surfaced yet, the Wall Street Journal said, citing Converium