“The third quarter showed a continuation of the trend
evident since the start of the year,” LVMH said in a statement.
“The momentum continued in Asia, Europe and the United States,
while Japan returned to growth over the period.”
Oct 14 (Reuters) - British media group Daily Mail & General
Trust (DMGT) said it agreed to merge its online
property business with Zoopla Ltd, a property search and
information firm, as it looks to gain market share from
Rightmove , Britain’s most visited property website.As part of the deal, the consumer media business of DMGT,
A&N Media, will retain a 55 percent stake in the newly-formed
company, with Zoopla holding the rest. Zoopla operates the
property search website Zoopla.co.uk.”In a market that has had a single dominant player in
Rightmove for many years, this will create a viable and
effective alternative for estate agents and housebuilders across
the UK,” DMGT said in a statement.The company, whose flagship Daily Mail newspaper is
Britain’s top-selling mid-market tabloid, warned last month that
it expected full-year earnings to be at the lower end of
forecasts after weak advertising, particularly in travel and
retail, hit its consumer business.In August, the company agreed to sell its U.S. retail trade
show management business for about 106 million pounds to private
equity firm Providence Equity Partners.DMGT’s shares, which are down almost 30 percent since the
beginning of the year, were trading up about 1 percent at 398.8
pence by 0956 GMT on Friday on the London Stock Exchange,
outperforming a 0.7 percent rise in the FTSE mid-cap index
.
“Whilst we are mindful of current market volatility, the
fundamentals are holding up well, particularly for bulk-traded
commodities,” he said.Rio Tinto, the world’s second biggest producer of iron ore
after Vale of Brazil, maintained its 2011 forecast
for iron ore production of more than 240 million tonnes.
With last month’s data showing coal imports from January to
August at 104.4 million tonnes, that would indicate import for
the month of September was 15.6 million tonnes, down 5.97
percent from 16.59 million tonnes recorded in August and much
lower than traders’ expectations of some 20 million tonnes.”Imports for September typically rise because buyers would
rush to bring in shipments ahead of the week-long national
holiday. If it was really 16 million tonnes, that would be
pretty bearish for the market,” said a Singapore-based coal
trader.”Looking ahead, imports for October could fall quite
substantially because of the holidays and also because China’s
import appetite had weakened in September.”It is unclear if the customs agency had rounded down the
Jan-Sept import figure and it does not typically provide a
monthly figure for coal during the release of preliminary trade
data.But using the 1.9 percent year-on-year increase provided by
the Customs agency would indicate total imports for the first
nine months of 2011 would be 124.18 million tonnes, which would
bring the monthly number closer to traders’ expectations.The customs agency could not be reached for comment.
Unlike companies that make solar panels and cells, solar inverter makers enjoy some insulation from competition and the weak economy. Their products are complex and harder to make, and prices have stayed relatively stable.Inverter profit margins will shrink in the $6 billion inverter market, but not as much as they have for other solar power parts makers, analysts say.A typical solar power system consists of photovoltaic cells wired together to make panels. The panels are connected to inverters that convert the direct-current power into a usable form of electricity.The price of solar cells and modules have been falling, mainly because of overcapacity, competition and cuts in government subsidies on which the business depends.”There is more internal design for an inverter company, so while it’s easy to make an inverter, it is relatively hard to make a good inverter,” said Jon Sigurdsen, renewable fund manager at DnB Nor Group unit Carlson. “This means higher entry barriers and somewhat better margin protection.”“Somewhat better” does not mean “complete.” SMA Solar, the world’s No. 1 maker of solar inverters, last month cut its forecast for the year. Competitor Power-One lowered its third-quarter forecast this week.Unlike panels, where brand becomes less important as quality narrows, technology and a brand name can help sales.DOWN, NOT OUTAsian companies, which have participated in the module and cell price declines with gusto, are wary of inverters.”Unlike modules production, of which Chinese suppliers control around 40 percent of the market, for inverters this was around 5 percent last year and is not increasing very quickly,” said Ash Sharma, a senior research director at IMS Research.The low number of competitors is slowing the decline of inverter prices. There are more than 150 suppliers, but the top 10 control about 75 percent of the market, Sharma said.While prices for panels have fallen about 40 percent so far this year, retail prices for inverters are down about 10 percent to 15 percent. Panels make up 40 percent of the cost of a solar system and inverters contribute up to 15 percent.”There’s no question that the price of inverters has not come down like the price of photovoltaic has,” said Bill Yearsley, CEO at solar installer Real Goods Solar.Real Goods, which buys most of its inverters from SMA Solar and Enphase Energy, has been negotiating better prices with its vendors in recent months.”Our sense is inverter makers are aware and they are driving down price and taking costs down,” said Frank Alfano, CEO of New York-based installer Mercury Solar Systems Inc, which buys its inverters from SMA Solar, SatCon Technology Corp, Solectria Renewables and Fronius.SAFE BETSInverters could be a safe bet for people who want cheap, high-value solar stocks, analysts said.”We continue to believe that the supply/demand and pricing dynamics in the inverter market are very different from the solar panel market,” Cantor Fitzgerald analyst Dale Pfau wrote in a research note dated Wednesday.Power-One shares have lost almost half their value this year, while SMA Solar is down more than 40 percent. The WilderHill Clean Energy index has fallen 45 percent.”SMA and Power One are seeing very volatile demand and pricing and are being punished by the stock market, but their outlook for the longer term is still very promising,” IMS’s Sharma said.Margins confirm this view. Second-quarter gross margins at SMA Solar and Power-One were above 34 percent, while panel manufacturer LDK Solar’s April-June gross margin was 2.2 percent and Suntech Power’s was 15.1 percent.Competition still may come, but not yet.”There are 20-30 people working on microinverters. There are numerous vendors in China including SunGrow who is the leader there,” said Stifel Nicolaus analyst Jeff Osborne. “The Taiwanese are coming, and GE and American Superconductor have also introduced inverters focused on the large-scale solar system market.”
Unlike companies that make solar panels and cells, solar inverter makers enjoy some insulation from competition and the weak economy. Their products are complex and harder to make, and prices have stayed relatively stable.Inverter profit margins will shrink in the $6 billion inverter market, but not as much as they have for other solar power parts makers, analysts say.A typical solar power system consists of photovoltaic cells wired together to make panels. The panels are connected to inverters that convert the direct-current power into a usable form of electricity.The price of solar cells and modules have been falling, mainly because of overcapacity, competition and cuts in government subsidies on which the business depends.”There is more internal design for an inverter company, so while it’s easy to make an inverter, it is relatively hard to make a good inverter,” said Jon Sigurdsen, renewable fund manager at DnB Nor Group unit Carlson. “This means higher entry barriers and somewhat better margin protection.”“Somewhat better” does not mean “complete.” SMA Solar, the world’s No. 1 maker of solar inverters, last month cut its forecast for the year. Competitor Power-One lowered its third-quarter forecast this week.Unlike panels, where brand becomes less important as quality narrows, technology and a brand name can help sales.DOWN, NOT OUTAsian companies, which have participated in the module and cell price declines with gusto, are wary of inverters.”Unlike modules production, of which Chinese suppliers control around 40 percent of the market, for inverters this was around 5 percent last year and is not increasing very quickly,” said Ash Sharma, a senior research director at IMS Research.The low number of competitors is slowing the decline of inverter prices. There are more than 150 suppliers, but the top 10 control about 75 percent of the market, Sharma said.While prices for panels have fallen about 40 percent so far this year, retail prices for inverters are down about 10 percent to 15 percent. Panels make up 40 percent of the cost of a solar system and inverters contribute up to 15 percent.”There’s no question that the price of inverters has not come down like the price of photovoltaic has,” said Bill Yearsley, CEO at solar installer Real Goods Solar.Real Goods, which buys most of its inverters from SMA Solar and Enphase Energy, has been negotiating better prices with its vendors in recent months.”Our sense is inverter makers are aware and they are driving down price and taking costs down,” said Frank Alfano, CEO of New York-based installer Mercury Solar Systems Inc, which buys its inverters from SMA Solar, SatCon Technology Corp, Solectria Renewables and Fronius.SAFE BETSInverters could be a safe bet for people who want cheap, high-value solar stocks, analysts said.”We continue to believe that the supply/demand and pricing dynamics in the inverter market are very different from the solar panel market,” Cantor Fitzgerald analyst Dale Pfau wrote in a research note dated Wednesday.Power-One shares have lost almost half their value this year, while SMA Solar is down more than 40 percent. The WilderHill Clean Energy index has fallen 45 percent.”SMA and Power One are seeing very volatile demand and pricing and are being punished by the stock market, but their outlook for the longer term is still very promising,” IMS’s Sharma said.Margins confirm this view. Second-quarter gross margins at SMA Solar and Power-One were above 34 percent, while panel manufacturer LDK Solar’s April-June gross margin was 2.2 percent and Suntech Power’s was 15.1 percent.Competition still may come, but not yet.”There are 20-30 people working on microinverters. There are numerous vendors in China including SunGrow who is the leader there,” said Stifel Nicolaus analyst Jeff Osborne. “The Taiwanese are coming, and GE and American Superconductor have also introduced inverters focused on the large-scale solar system market.”
Unlike companies that make solar panels and cells, solar inverter makers enjoy some insulation from competition and the weak economy. Their products are complex and harder to make, and prices have stayed relatively stable.Inverter profit margins will shrink in the $6 billion inverter market, but not as much as they have for other solar power parts makers, analysts say.A typical solar power system consists of photovoltaic cells wired together to make panels. The panels are connected to inverters that convert the direct-current power into a usable form of electricity.The price of solar cells and modules have been falling, mainly because of overcapacity, competition and cuts in government subsidies on which the business depends.”There is more internal design for an inverter company, so while it’s easy to make an inverter, it is relatively hard to make a good inverter,” said Jon Sigurdsen, renewable fund manager at DnB Nor Group unit Carlson. “This means higher entry barriers and somewhat better margin protection.”“Somewhat better” does not mean “complete.” SMA Solar, the world’s No. 1 maker of solar inverters, last month cut its forecast for the year. Competitor Power-One lowered its third-quarter forecast this week.Unlike panels, where brand becomes less important as quality narrows, technology and a brand name can help sales.DOWN, NOT OUTAsian companies, which have participated in the module and cell price declines with gusto, are wary of inverters.”Unlike modules production, of which Chinese suppliers control around 40 percent of the market, for inverters this was around 5 percent last year and is not increasing very quickly,” said Ash Sharma, a senior research director at IMS Research.The low number of competitors is slowing the decline of inverter prices. There are more than 150 suppliers, but the top 10 control about 75 percent of the market, Sharma said.While prices for panels have fallen about 40 percent so far this year, retail prices for inverters are down about 10 percent to 15 percent. Panels make up 40 percent of the cost of a solar system and inverters contribute up to 15 percent.”There’s no question that the price of inverters has not come down like the price of photovoltaic has,” said Bill Yearsley, CEO at solar installer Real Goods Solar.Real Goods, which buys most of its inverters from SMA Solar and Enphase Energy, has been negotiating better prices with its vendors in recent months.”Our sense is inverter makers are aware and they are driving down price and taking costs down,” said Frank Alfano, CEO of New York-based installer Mercury Solar Systems Inc, which buys its inverters from SMA Solar, SatCon Technology Corp, Solectria Renewables and Fronius.SAFE BETSInverters could be a safe bet for people who want cheap, high-value solar stocks, analysts said.”We continue to believe that the supply/demand and pricing dynamics in the inve
* Over 1,400 cities involved in Occupy Wall St movement* College students plan solidarity protests on ThursdayBy Michelle NicholsNEW YORK, Oct 11 (Reuters) - Hundreds of anti-Wall Street
protesters marched on the New York homes of wealthy executives
on Tuesday, triggering one of their targets, billionaire hedge
fund manager John Paulson, to defend his wealth.Around 500 people marched through Manhattan’s Upper East
Side, passing the high-rise buildings where many of the
executives live. Among them are Paulson, global media mogul
Rupert Murdoch, JPMorgan Chase chief executive Jamie
Dimon and David Koch, co-founder of energy firm Koch
Industries.The protesters chanted “Banks got bailed out, we got sold
out” and “Hey you billionaires, pay your fair share” and
carried signs that read “Stop robbing from the middle class to
pay the rich” and “We are the 99 percent,” a reference to the
idea that the top 1 percent of Americans have too much.Mustafa Ibrahim, 23, an engineer marched on the
“Billionaire’s Tour” during a visit to New York from Cairo,
where he said he was arrested during a popular uprising this
year which toppled Egyptian autocrat Hosni Mubarak.”It’s pretty much the same thing as Egypt,” Ibrahim said.
“The problem is the rich keep getting richer and the poor are
getting poorer.”Since Sept. 17 protesters have been camped out in a park in
Lower Manhattan near Wall Street, rallying against bailouts for
banks during the recession, which allowed them to earn huge
profits while average Americans suffer high unemployment and
job insecurity with little help.As protesters took their grievances to the homes of the
rich, the Paulson & Co hedge fund defended its status.Paulson took home $5 billion in 2010, the hedge fund
industry’s biggest ever paycheck, but this year one of his main
funds has fallen 47 percent after he mistimed a call that the
economy would recover strongly.”The top 1 percent of New Yorkers pay over 40 percent of
all income taxes, providing huge benefits to everyone in our
city and state,” Paulson & Co said in a statement, adding that
New York has the highest income taxes of any U.S. states.”Instead of vilifying our most successful businesses, we
should be supporting them and encouraging them to remain in New
York City and continue to grow,” it said.The Occupy Wall Street movement is burgeoning ahead of
planned global protests on Saturday. On Wednesday, the Service
Employees International Union will march on New York City’s
financial district for good jobs, while U.S. college students
plan solidarity protests on Thursday on at least 56 campuses.According to Occupy Together, which has become an online
hub for protest activity, the Occupy Wall Street movement has
sparked rallies in more than 1,400 cities throughout the United
States and around the world.ARRESTS IN BOSTON, WASHINGTON D.C.Goldman Sachs boss Lloyd Blankfein canceled a talk
at New York’s Barnard College, and though the company — which
received and repaid a big federal bailout during the financial
crisis — said a scheduling conflict would keep him away,
students from nearby Columbia University were planning to
protest his appearance.”Don’t look at the Arab spring, look here because things
are going to boil over,” said protester Charles Evans, 62, as
he marched on the “Billionaire’s Tour.”Fifth Avenue resident Lorna Goldberg, 57, said she was
surprised to see the protesters near her home. “But I guess
they’re getting their point across by coming here,” she added.Vice President Joe Biden, a Democrat, last week likened the
growth of the protest movement to the grass-roots Tea Party,
but the conservative group on Tuesday sought to distance itself
from the protesters.The Tea Party Patriots said in a statement that its
supporters were “not lawbreakers, they don’t hate the police,
they don’t even litter.”
* Ads to general audiences exempted* Ads to children 2 to 11 broadly limitedWASHINGTON, Oct 11 (Reuters) - A government regulator that
is part of a working group concerned about junk food ads aimed
at children will announce on Wednesday it is backing off some
proposals for voluntary food marketing guidelines.The interagency working group (IWG), made up of the Federal
Trade Commission, Centers for Disease Control and Prevention,
Food and Drug Administration, and the U.S. Department of
Agriculture, said in April companies should voluntarily end all
food advertising to children unless they were promoting healthy
fare, such as whole grains, fresh fruits or vegetables.Under that proposal, salty, fatty or very sweet foods or
foods with trans fats would no longer be advertised to children
aged 17 or under.But David Vladeck, head of the FTC’s Bureau of Consumer
Protection, is expected to testify to a congressional committee
on Wednesday that the IWG made major changes in its proposals.The agency’s apparent change of heart comes amid fierce
opposition to any attempts at advertising curbs by the
deep-pocketed food, beverage and restaurant industries, which
are under increasing scrutiny for their contribution to
fast-rising U.S. childhood obesity rates.Among the most dramatic changes is FTC’s decision to exempt
older children from the guidelines.”FTC staff has determined that, with the exception of
certain in-school marketing activities, it is not necessary to
encompass adolescents ages 12 to 17 within the scope of the
covered marketing,” according to Vladeck’s written testimony,
which was available on the House Energy and Commerce
Committee’s website prior to the hearing.In the testimony, the FTC excluded advertising aimed at a
general audience and advertising that was part of charitable or
community events.It also said it would not recommend banning clowns and
cartoon characters — think Ronald McDonald and SpongeBob
SquarePants — used to advertise unhealthy foods.Advertisers, who also are lobbying against the proposals,
welcomed the changes, but said industry should be left to
regulate itself.”I think the best thing that they can do is to withdraw the
proposal and endorse the (industry-supported) Children’s Food
and Beverage Advertising Initiative,” said Dan Jaffe, vice
president of the Association of National Advertisers.Jaffe was referring to an effort that sets voluntary
standards such as barring added sugars in juices and limiting
flavored milk to 24 grams of sugar. Its participants include
McDonald’s Inc , General Mills Inc and PepsiCo
Inc .”We don’t see why the government really needs to step into
this area,” Jaffe said.DAVID VS GOLIATHMedia companies, restaurants, packaged food makers and
beverage sellers formed the Sensible Food Policy Coalition to
fight the IWG recommendations. Those companies wield far more
political influence in Washington than the anti-obesity groups
that are supporting curbs on advertising.Margo Wootan, director of nutrition policy at the Center
for Science in the Public Interest, said she was concerned that
Congress, which oversees the agencies in the IWG, would press
for the advertising principles to be scrapped.”The thing that worries me the most is that the Congress is
not asking for little tweaks to the standards … they’re
asking the agencies to kill the whole thing,” she said. “The
overwhelming majority of advertising to kids is for unhealthy
food, about 80 percent.”Wootan’s concerns are not unfounded.A background memo prepared for the U.S. House of
Representatives Energy and Commerce Committee indicated some
hostility to the IWG’s proposed marketing guidelines. Lawmakers
sent a letter to the agencies in September asking questions
such as what evidence there is that junk food advertisements
are linked to obesity and what the proposal would cost, in
terms of ad revenue and jobs.Representatives from the Grocery Manufacturers Association,
which represents packaged food makers, and the National
Restaurant Association each said the IWG should first study the
costs and benefits of any marketing restrictions before issuing
recommendations.The Obama administration, with its goal of containing
healthcare costs, has emphasized children’s health. First Lady
Michelle Obama’s “Let’s Move” campaign has pushed children to
eat healthier food and exercise more.Concern about obesity rates prompted the campaign. About 17
percent of U.S. children aged 2-19 are obese, according to data
on the CDC website. Nearly one in three U.S. children are
overweight and rates are rising quickly.
