Well, it is not as if I relish rubbing salt into old wounds, but this quote from the a href="http://www.ft.com/cms/s/0/8bb0da5a-c7dc-11de-8ba8-00144feab49a.html"latest piece by Ben Hall in Paris and Ralph Atkins in today's Financial Times/a is just too good to resist.br /br /blockquoteFrench manufacturing output rose at its fastest rate for nine years, according to a survey on Monday, confirming that France has become the economic powerhouse of continental Europe. Purchasing managers’ indices for manufacturing showed France performing significantly better than the continent’s other main economies – thanks to robust domestic demand./blockquotebr /br /a href="http://1.bp.blogspot.com/_ngczZkrw340/SvASaIFOk2I/AAAAAAAAPjI/Xa0wjOVFc3A/s1600-h/france+manufacturing.png"img style="TEXT-ALIGN: center; MARGIN: 0px auto 10px; WIDTH: 400px; DISPLAY: block; HEIGHT: 213px; CURSOR: hand" id="BLOGGER_PHOTO_ID_5399836193272533858" border="0" alt="" src="http://1.bp.blogspot.com/_ngczZkrw340/SvASaIFOk2I/AAAAAAAAPjI/Xa0wjOVFc3A/s400/france+manufacturing.png" //abr /br /Plenty of food for thought in this paragraph it seems to me. As a href="http://spaineconomy.blogspot.com/2009/10/french-rebound-continues-in-october.html"foreshadowed in this earlier post/a, it is the French economy - and not the German one - which is rebounding sharply, and this ...

Colgate Palmolive Company (CL) reported results for the third quarter of 2009 with earnings of $1.12 per share, which was a penny above the Zacks Consensus Estimate of $1.11. Earnings were up 13.1% year-over-year, driven by effective price implementation and ongoing aggressive cost savings program. Net sales for the quarter were flat year-over-year declining marginally by 0.3% to $3.9 billion as unit volume increased 1.5% and pricing contributed 5.0%. This was partially offset by negative foreign exchange translation of 6.5%. Organic sales (excluding foreign exchange, acquisitions and divestitures) increased 7.0% in the quarter. North American sales increased 3.0% driven by 1.5% pricing and 5.0% unit volume growth, partially offset by 0.5% negative currency translations. In Latin America, sales grew 5.0% as unit volume increased 3.0% driven by solid gains in Venezuela which were partially offset by an 11.0% negative foreign exchange impact. In Europe/South Pacific, ...

According to the data released by the World Steel Association (WSA), global steel output increased to 107 million tons in the month of Sep 2009, down marginally (0.6%) from the same month of the previous year. Month-on-month, steel output improved slightly from 106.5 million tons. World crude steel production has continued to show a steady increase since Apr 2009.  Steel production had reached its highest level in July this year on the back of a moderate rise in demand and the resumption of idled facilities by producers. Total output of 103.9 million tons was an improvement of 4% from 99.8 million tons produced in the last month, but down 11.1% year over year.  All major steel producing countries such as China, Japan, Germany, the U.S., Brazil, Turkey, Russia and Ukraine showed peak monthly figures so far this year. Production in the Middle East, where demand was buoyant ...

Earlier today, cigarette manufacturer and marketer Philip Morris International Inc. (PM) reported better-than-expected third-quarter results, benefiting from price increases in some markets. Earnings per share came in at 93 cents, 3 cents above the Zacks Consensus Estimate. On a year-over-year basis, Philip Morris’ earnings per share was flat (excluding a tax benefit of 8 cents in 2008), while net revenues declined 4.6% to $16.6 billion, attributable to unfavorable currency translations and weak results in the European Union (EU), Eastern Europe and Middle East & Africa (EEMA) markets. Revenue, Volumes & Margins On an organic basis (excluding currency and acquisitions), revenues increased 4.1% driven by favorable pricing. Cigarette volume was down almost 3% year-over-year to 219.3 billion units, mainly because of declines in EU, EEMA and Asia. The first two regions were adversely affected by the economic crisis (especially in Spain and Ukraine) and unfavorable comparisons ...

Gazprom has expressed an interest in acquiring a U.S. shale-gas producer, to access the know-how to develop similar resources domestically, says the Moscow Times.  GDF Suez has said it has discussed a 10-20% increase in its Russian gas supply with Gazprom, as part of broader negotiations to usher the French company into the Nord Stream gas project.  Electricite de France may acquire a stake in Gazprom's South Stream pipeline to supply its increasing number of power plants.  Turkey's government has apparently approved geological exploration work for South Stream in its Black Sea economic zone.  The partnership behind the Nabucco pipeline project is, says Bloomberg, 'confident' it will have enough fuel, including gas from the Azeri Shah Deniz field.  Russian oil and petrochemical exporters reported a 45% decrease in revenue in the first nine months of 2009 to ...

Luke Harding has two pieces on Russian climate change in today's Guardian: an audio report on Northern-Siberia's seasonal shifts, and a special report on the Yamal peninsula.  Rumors abound that China, Japan, Russia and France have been in secret talks on using an alternative to the dollar for oil trading, but OPEC's Secretary General says that, even if there were to be a shift, it would be a long process, and that 'tradition' would make it difficult.  Serbian oil monopoly NIS, majority owned by Gazprom Neft, has signed a $100 million loan with Bank of Moscow on the back of Medvedev's Belgrade visit.  Italy, Russia, and Turkey, have signed a joint statement on the construction of the Samsun-Ceyhan oil pipeline linking Turkey's Black Sea coast and Mediterranean coast (the New York Times has a special report today ...

The Moscow Times reports that TNK-BP intends to invest $1.3 billion in upgrading refineries in Russia and Ukraine over the next five years.  Transneft has announced that second-quarter net income advanced 71% from the same period last year.  Total has reportedly received approval from a Russian regulator to purchase a 49% stake in the operator of a gas condensate field in northwest Russia.  China Petrochemical Corporation may help Rosneft fund a Russian refinery in the Far East.  Rosneft is apparently looking for licenses to more than 30 oil and gas deposits in the Arctic offshore area.  Kaisun Energy Group has announced it will buy out a Russian oilfield company, Nobel Holdings Investments, invested in by China Investment Corp.  Kaisun's share prices rose to a record high following the announcement.  Developing oil in Iraq will ...

bSummary/bbrbr
Balkan is exploring the previously mined Perlati copper deposit in
Albania and the Devolli JV with European Nickel. Perlati contains a
historic, non#8209;NI 43-101-compliant mineral resource of just under three
million tonnes, averaging 2.45 percent copper. The company is working
to a listing on the TSX Venture Exchange.
pBKey points:/BBRBRul
pli type=squarebOur assessment yields a core base-case valuation of C$0.29/bbr

We assess Balkan Resources’ current value at C$0.29 per share, with significant

potential for appreciation with exploration success. Continued development

suggests valuations as high as C$1.16 per share in the post#8209;ermitting

environment under more optimistic scenarios.

pli type=squarebBalkan is conducting advanced exploration on the Devolli Project/bbr

Balkan Resources has commenced a series of confirmation drill holes on

the Kokogllave property this year and assays from the first tests are positive.

European Nickel completed 9,257 metres of diamond drilling to complete their

JORC-compliant report on the Devolli portion of the project. The company has

embarked on a prefeasibility study that includes completing 44,000 metres of

drilling, which should …

bSummary/bbrbr
Balkan is exploring the previously mined Perlati copper deposit in
Albania and the Devolli JV with European Nickel. Perlati contains a
historic, non#8209;NI 43-101-compliant mineral resource of just under three
million tonnes, averaging 2.45 percent copper. The company is working
to a listing on the TSX Venture Exchange.
pBKey points:/BBRBRul
pli type=squarebOur assessment yields a core base-case valuation of C$0.29/bbr

We assess Balkan Resources’ current value at C$0.29 per share, with significant

potential for appreciation with exploration success. Continued development

suggests valuations as high as C$1.16 per share in the post#8209;ermitting

environment under more optimistic scenarios.

pli type=squarebBalkan is conducting advanced exploration on the Devolli Project/bbr

Balkan Resources has commenced a series of confirmation drill holes on

the Kokogllave property this year and assays from the first tests are positive.

European Nickel completed 9,257 metres of diamond drilling to complete their

JORC-compliant report on the Devolli portion of the project. The company has

embarked on a prefeasibility study that includes completing 44,000 metres of

drilling, which should …

bSummary/bbrbr
Balkan is exploring the previously mined Perlati copper deposit in
Albania and the Devolli JV with European Nickel. Perlati contains a
historic, non#8209;NI 43-101-compliant mineral resource of just under three
million tonnes, averaging 2.45 percent copper. The company is working
to a listing on the TSX Venture Exchange.
pBKey points:/BBRBRul
pli type=squarebOur assessment yields a core base-case valuation of C$0.29/bbr

We assess Balkan Resources’ current value at C$0.29 per share, with significant

potential for appreciation with exploration success. Continued development

suggests valuations as high as C$1.16 per share in the post#8209;ermitting

environment under more optimistic scenarios.

pli type=squarebBalkan is conducting advanced exploration on the Devolli Project/bbr

Balkan Resources has commenced a series of confirmation drill holes on

the Kokogllave property this year and assays from the first tests are positive.

European Nickel completed 9,257 metres of diamond drilling to complete their

JORC-compliant report on the Devolli portion of the project. The company has

embarked on a prefeasibility study that includes completing 44,000 metres of

drilling, which should …