US & World News

Oil prices have come down sharply on Tuesday on the New York market, signing their second straight session of declines and displaying the entire month of August, their first monthly decline since May.

The October contract on the U.S. light crude ended down $ 2.78, or 3.72%, to $ 71.92 a barrel on the New York Mercantile Exchange.

At the time of closing in New York, a barrel of Brent crude fell by $ 2.11, or 2.75%, to 74.49 dollars.

Throughout the month, a barrel of crude oil shows a decline of 7.03 dollars, or 8.9%, the largest decline in percentage terms since May

Oil prices are hurt by concerns about slowing growth, weak demand and rising inventories.

"The volatility associated with the end of the month has lowered future today," said Mark Waggoner of Excel Futures.

Traders now await the figures of the American Institute of Petroleum on a weekly inventory in the U.S. that must be disclosed in the evening.

Schneider Electric has raised its margin target for 2010 after the publication of a double-digit growth in sales in the second quarter thanks to the performance of emerging countries which still support the group in the second half.

In this context, the company says it should achieve in the second half of the year an increase in organic revenue "broadly comparable to that of the first half.

Schneider Electric is now an EBITA margin of around 15.5% before restructuring costs and impact of consolidation of Areva Distribution.

So far, the group anticipated an improvement in EBITA margin of approximately 14% before restructuring costs and impact of integration Areva Distribution, against 12.9% in 2009 and 16% in 2008.

Schneider, the world leader in low voltage electrical equipment and number two for medium voltage, has reported an EBITA before restructuring and integration charges of Areva Distribution of 1.301 million euros in the first half, up 44%.

Its margin is increased 3.6 points to 15.2%.

The net result has been doubled to 735 million euros.

Turnover increased by 10.5% in the first semester of € 8.571 million (6.4% organic), including 4.661 million in the second quarter, organic growth of 10.2%.

Jean-Pascal Tricoire, chief executive of the group, said he has received "the diversification of (its) end markets, industrial markets and data centers were the first to rebound."

He added in a statement that "the new dynamic economies continue their solid with double digit growth.

Schneider Action closed Thursday at 86.4 euros, giving a market capitalization of around 23 billion euros. Since the beginning of the year, the stock has gained about 5.7% after being awarded more than 54% throughout 2009.

Accor announced Tuesday an increase of 5.1% of its turnover in the hotel industry in the first half on a comparable basis, driven by the high and mid-range.

The fourth group behind global hotel InterContinental, Marriott and Hilton and Starwood publish its first financial data since the demerger of its business of prepaid services, Edenred, July 2.

The total turnover of the group were up by 6.1%, representing a growth of 4.7% on a comparable basis, to 2.849 million euros.

On the only hotel business, which include brands Ibis, Sofitel and Motel 6 in the U.S., net sales increased 7.5% as reported at 2.723 million.

In the second quarter alone, the organic growth of the hotel was up 8.2% at constant scope and exchange rates.

"In most countries, especially in Europe, the recovery began in the first quarter accelerated in the second quarter, thanks to a favorable base effect," said Accor in a statement.

The group claims to have earned a higher "backed" by its occupancy rate in the upper and mid-range and higher average prices of its main markets, France, Germany and the United Kingdom.

Hotel groups noted an improvement in demand, the slow economic recovery that encourage consumers to resume their journeys.

Marriott International issued last week an increase in profit in the second quarter, benefiting from increased prices of its rooms in North America.

Accor announced the sale in early July Newrest 60% of its business catering on trains of the Compagnie des Wagons-Lits (CWL).

Edenred Monday announced an increase of 4.7% of its turnover in the second quarter, growth of Latin American operations have helped offset a more difficult economic environment in Europe.

The shares closed up 0.8% to 23.1850 euros, giving a market capitalization of 5.28 billion. It fell 39% since the beginning of the year.

Aon Corp., the world's first insurance broker, announced Monday it would buy the company for HR services to Hewitt Associates, about 4.9 billion dollars (3.9 billion euros) in cash and stock.

The offer represents Aon Hewitt $ 50 per share, a premium of 41% over its closing price Friday.

The transaction will allow Aon to gain a foothold in the area of human resources and benefits outsourcing and compete and Mercer, a subsidiary of Marsh and McLennan rival.

Aon plans to merge Hewitt with his own business consulting and outsourcing and expects an annual turnover of 4.3 billion dollars for the new entity to be called Aon Hewitt.

Russ Fradin, CEO of Hewitt, Hewitt will lead Aon.

Aon expects the transaction will have a positive impact on its performance in 2011 and 2012 and expects about $ 355 million of cost reductions in 2013, mainly administrative.

It is the second major operation in a year in the area of the board after the merger between Towers Perrin and Watson Wyatt for $ 3.5 billion, which gave birth to the number one global human resources consulting.

Aon intends to fund the acquisition with a bridge loan of 1.5 billion dollars and a bank loan of one billion dollars.

The action of Hewitt jumped more than 30% before the official opening of trading after closing Friday at 35.40 dollars at the NYSE. Aon closed at 38.34 dollars.

Wall Street finished up Friday, ending the week at its largest weekly increase since the beginning of the year when the new season begins Monday results.

The Dow Jones industrial average thirty biggest U.S. has been 0.58%, 58.73 points to 10,197.72, while the S & P 500 index fund managers, has awarded 7.68 points, 0 , 72%, to 1077.93.

Supported by the announcement that Google will be able to resume its activities in China, Nasdaq, heavily weighted in technology, advanced 21.05 points, 0.97% to 2196.45.

For the week, the Dow took 5.3%, the S & P gained 5.4% and the Nasdaq was up 5%.

"Investors are putting their concerns to the background because they expect a good season of results," said Stephen Massocca, managing director at Wedbush Morgan in San Francisco?

"But chances are that next week is volatile. The results could certainly good but the forecasts may not be."

Google announced on Friday that Chinese authorities had renewed his license, a decision that allows him to remain on the largest Internet market in the world.

The Internet portal closed up 2.39% to 467.46 dollars.

Alcoa will open Monday after closing the ball of quarterly results.Experts say the findings by the American aluminum should satisfy investors, even if the decline in metal prices has prompted analysts to revise their forecasts downward. Alcoa has been 2.05%.

A reversal of the trend, Johnson & Johnson dropped 1.37% to 60.54 dollars after announcing that it had recalled more Tylenol and prescription drugs after complaints from consumers.

PSA Peugeot Citroen announced a 16.9% jump in sales of vehicles in the first half, including a one-point increase its market share in Europe, which should increase over the year.

The first French car manufacturer and number two in European sales confirmed, however, anticipate a decline of about 9% of European car market, while China is expected to grow at double-digit pace in Latin America with a number.

PSA sales totaled 1.856 million units in the first half, including 1.618 million for assembled vehicles (+16.8%)

In Europe, PSA registrations rose 7.7% to 1.214 million units in the first half, giving a market share of 14.6%, up one point.

The group estimates that the global auto market grew 13% over the period, with leaps of 27% in China and 11% in Latin America contrasts with a fall of 27% in Germany, while France fared with an increase of 6%.

Automakers are preparing an overall drop in sales in the second half, with the gradual disappearance of scrap premiums and caution potential buyers respond to economic uncertainty.

In France, the new car registrations fell in May and June, marking the last stages of the effect of scrappage, reduced on 1 January 1000 to 750 euros and reduced to EUR 500 this month .

PSA, which will publish its interim results on July 28, said in April anticipate a largely positive EBIT in the first six months of the year instead of a simple return to the green before.

The group, whose sales growth has exceeded expectations in the first quarter, however, had warned that the environment might be difficult in Europe in the second half.

Renault will release its own trade performance Thursday.

PSA Action closed up 3.63% to 21.56 euros on Tuesday, giving a market capitalization of 5.05 billion euros. It lost 8.9% since the beginning of the year after surging 95% in 2009.