US stocks were flat on Friday after fourth-quarter growth figures were revised downward and fears of military tensions on the Korean peninsula flared up.
 
US gross domestic product grew at a 5.6% yearly rate at the end of 2009, according to the commerce department, lower than the previously estimated rate of 5.9%.
 
The market was supported on Friday by consumer sentiment figures.
 
The University of Michigan's index in March was 73.6, in line with expectations, revised upward from earlier estimates of 72.5.
 
But traders used the sinking of a South Korean ship, which was being investigated as a possible attack by North Korea, as an opportunity for profit-taking.
 
US indices climbed each week in March, the first four-week winning streak since last April.
 
The S&P 500 closed 0.1% higher at 1,166.59, gaining 0.6% since the start of the week.The Dow Jones Industrial Average up 0.1% to 10,850.36 and 1% on the week. The Nasdaq Composite fell 0.1% at 2,395.13 for a weekly gain of 0.9%.
 
Financials saw gains once again. Fitch, the ratings agency, said that proposed US regulatory reforms would, on balance, reduce risks for banking companies. Among the advancers was Citigroup, which was up 1% to $4.31, benefiting from speculation the government might convert its warrants into shares. It rose 10.5% on the week. Bank of America, was up 0.9% to $17.90 for a 6.4% weekly gain.
 
Radioshack led S&P 500 gainers, adding 8.5% to $23.65, after a report that it could be sold for $3bn to Best Buy, its bigger rival.
 
The much larger electronics chain was up 5.3% on the week, part of a group of closely watched consumer shares that gained after strong earnings reports.
 
Lululemon Athletica, a sportswear retailer, was up 21% on the week and Qualcomm, a maker of networking equipment, rose 4.4% over the five days.
 
Urban Outfitters, the clothing retailer, rose 3.1% to $37.98 after an upgrade by analysts at JPMorgan from "neutral" to "overweight". Luxury retailer Coach was also upgraded by JPMorgan. It rose 4.2% to $40.31.
 
Consol Energy issued $2.75bn of notes in advance of its planned purchase of Dominion Resources' oil and gas reserves. It slid 1.1% to $42.50 for a 6.7% weekly decline.
 
Genzyme, the drugmaker, saw its shares rise 3.7% to $53 after being raised to "outperform" by analysts at Leerink Swann, the healthcare specialist group. Shares in Genzyme have been volatile as investors track activist Carl Icahn's interest in the company, which was down 10.7% on the week.
 
Pfizer fell 1.4% to $17.14 on Friday after a jury told it to pay $142m in damages related to promoting a drug for unauthorised uses.
 
The health sector, knocked about after the US approved a healthcare reform bill, was down 1% on the week, with energy and utilities also lower.
 
The worst individual performer in energy was Chesapeake, whose shares pulled back 7.6% for the five days.  

 European stocks fell, trimming a fourth straight weekly gain, on concern mounting government debt may derail the economic recovery even after the European Union agreed a Greek aid plan.
 
Unipol Gruppo Finanziario SpA sank the most in a year after Italy's third-largest insurer announced a share sale and posted a loss. Abertis Infraestructuras SA slid 3.4% as Caja de Ahorros del Mediterraneo sold a stake in the highway manager. National Bank of Greece SA jumped the most in four months after the EU endorsed a Franco-German proposal to provide Greece with International Monetary Fund and bilateral loans if required.
 
The Stoxx Europe 600 Index declined 0.5% to 263.58, retreating from an 18-month high. The benchmark gauge for European equities has risen 1.3% this week as the EU moved toward agreeing a contingency rescue package to help Greece cut Europe's biggest budget deficit.
 
National benchmark indexes declined in 12 of the 18 western European markets. France's CAC 40 dropped 0.3% and the UK's FTSE 100 retreated 0.4%. Germany's DAX slipped 0.2% as Nordex AG sank. 
 
GERMANY
 
German stocks fell for the first time this week as the Organization for Economic Cooperation and Development said Europe's largest economy will expand 1.1% this year, the lowest growth outlook of any regular forecaster.
 
Bayer AG, which accounts for more than 7% of the benchmark index by market weighting, fell as Chancellor Angela Merkel agreed to curb the power of drugmakers to influence the price of new medicines. Fresenius SE dropped as Goldman Sachs Group Inc. cut its recommendation on the shares. Nordex AG slumped the most in more than 10 months after Goldman Sachs sold a stake in the maker of wind turbines.
 
The DAX decreased 0.2% to 6,120.05 in Frankfurt. The benchmark gauge for German equities has rallied 2.3% this week as the European Union moved toward agreeing a contingency rescue package to help Greece cut its budget deficit. The broader HDAX Index also lost 0.2% Friday.
 
The German economy will expand 1.1% this year after contracting 5% in 2009, the OECD said. That's less than any economic organization forecast over the past six months.
 
Bayer, Germany's biggest drugmaker, lost 1.3% to 49.97 Euros, while Stada Arzneimittel AG, a generic-drug maker, slid 1.1% to 30.25 Euros.
 
Merkel's coalition government reached an agreement to cut as much as 2 billion Euros ($2.7 billion) in drug spending with new rules that break pharmaceutical companies' hold on prices.
 
Health Minister Philipp Roesler, as part of his plan to overhaul Germany's health system, Friday unveiled the framework for price negotiations between drugmakers and insurers. The measures apply to medicines the companies have proven to offer an added benefit for patients over similar treatments or lower- priced generics.
 
Fresenius preferred shares slipped 0.6% to 55.69 Euros, the first decline in more than a week. The parent company of the world's biggest provider of kidney dialysis was cut to "neutral" from "buy" at Goldman Sachs, which cited the stock's "strong performance over the past six months."
 
Nordex sank 8.1% to 8.44 Euros, the biggest decline since May. Goldman Sachs sold 6.5 million shares for 8.50 Euros apiece.
 
Celesio AG lost 1.3% to 23.49 Euros. Europe's largest publicly traded drug wholesaler was cut to "accumulate" from "buy" at Equinet AG, which said "the outlook for 2010 and beyond is OK, but not overwhelming."
 
Washtec AG lost 1.5% to 8.59 Euros after the company reported full-year net income declined to 5.8 million Euros from 15.3 million Euros, as revenue fell.
 
Deutsche Lufthansa AG, Europe's second-biggest airline, slipped 1.2% to 12.43 Euros, while K+S AG, the region's largest potash producer, dropped 1.3% to 45.61 Euros.
 
Volkswagen preferred stock climbed 4% to 69.20 Euros. The carmaker, which is selling preferred shares to help finance the takeover of Porsche SE's auto-making unit, set the offer price at 65 Euros, the upper end of a previously announced range.
 
Leoni rose 2.1% to 17.10 Euros. Germany's biggest maker of automotive electrical cables was raised to "buy" from "hold" at Equinet AG, which said the company "has done its homework during the crisis and significantly improved its cost position and won new orders."
 
Hochtief gained 2.9% to 61.75 Euros as Equinet AG lifted its share-price forecast 14% to 90 Euros on Germany's biggest builder.
 
Praktiker advanced 10% to 7.47 Euros, its biggest gain since June. The company will propose an unchanged dividend of 10 Euro cents per share, and sees operating profit rising "strongly" this year. 
 
FRANCE
 
France's CAC 40 Index lost 11.55, or 0.3%, to 3,988.93 in Paris, trimming the weekly advance to 1.6%. The SBF 120 Index slid 0.2% Friday.
 
Bollore rallied 2.7% to 124 Euros after reporting an 84% increase in 2009 net profit to 94 million Euros and lifting its dividend 18%.
 
Guillemot Corporation dropped 4.1% to 1.88 Euros, falling for the first time in nine days. The computer accessories manufacturer posted a net loss of 4.5 million Euros for 2009.
 
Iliad slipped 0.9% to 75.36 Euros as founder Xavier Niel sold 700,000 shares, or a 1.3% stake in the company, for 74 Euros apiece. That leaves him with a 64.4% holding.
 
Maisons France Confort added 3.8% to 32.60 Euros. France's second-largest homebuilder forecast a return to sustained growth this year.
 
NRJ Group soared 9.2% to 7 Euros. The operator of French commercial radio station NRJ reported net income of 6.8 million Euros in 2009. That compares with a year- earlier loss of 4.6 million Euros.
 
Valeo climbed 1.9% to 28.12 Euros as Nomura Holdings Inc. raised its recommendation on France's second-biggest car-parts maker to "buy" from "neutral," saying the company's 2010 targets "are ambitious but achievable."
 
Veolia Environnement lost 1.1% to 25.72 Euros. JPMorgan Chase & Co. downgraded the world's biggest water company to "underweight" from "neutral," citing the stock's "demanding valuation." 
 
BELGIUM
 
The Bel 20 in Brussels completed the week on 2,656.93, down 0.57% for the day.
 
French utility GDF Suez Tuesday said it has reached an agreement with Belgian municipal holding company Publigas to transfer its 38.50% stake in Fluxys, a Belgian natural gas operator.
 
The 270,530 shares will be ceded at the price of Eur2,350 per share for a total amount of Eur636 million.
 
After this transaction, the participation of Publigas in Fluxys will be brought to 89,97%, while GDF SUEZ will completely step out of the capital of the company.
 
Belgian radiotherapy implant maker IBt said on Wednesday its chief executive Francois Blondel had stepped down following a takeover of the company by two shareholders.
 
The two major shareholders said they had closed the takeover bid, which the Belgian regulator had forced them to make, with a combined stake of just over three quarters.
 
Tuesday, the National Bank of Belgium said in a report that the business confidence indicator stood at minus 3.6 in March, up from minus 7 in February. This was the biggest level since August 2008. Economists expected a reading of minus 6.9.
 
Manufacturing industrial confidence increased to minus 6.5 in March from minus 8.6 in February. At the same time, the building industry confidence rose to minus 9.3 from minus 14.3 in February.
 
Meanwhile, the confidence indicator in trade sector stood at minus 1.2 in March, up from minus 4.9 in the previous month. 
 
THE NETHERLANDS
 
In Amsetrdam the AEX ended the trading session and the week Friday on 343.81, a drop of 0.52%.
 
State-owned insurance company ASR Nederland said Tuesday that a stock market listing is the most likely option for its future privatization as it prefers to stay independent and as a trade sale will prove difficult in the current market.
 
"Our goal is to stay independent when we are privatized. So an initial public offering is the most logical option," Chairman Jos Baeten told reporters at ASR Nederland's headquarters in Utrecht.
 
ASR, formerly part of financial services giant Fortis Holding, was bought and nationalized by the Dutch government at the height of the financial crisis during a rescue operation for Fortis.
 
ASR, one the Netherlands' biggest insurers, will be privatized in coming years but the Dutch government hasn't detailed how or when that will happen.
 
Chairman Baeten, speaking after ASR published its full-year results, declined to give an indication of ASR's potential market value, saying it would be "highly speculative" to comment given currently volatile market sentiment.
 
Baeten said a trade sale would be tough at a time when Dutch players such as ING Groep, Aegon and SNS Reaal are prevented from making acquisitions or are themselves selling assets as they are still repaying state aid they received in the financial crisis.
 
An acquisition by a foreign player seems unlikely as the insurance market in the Netherlands is not very attractive for future growth, Baeten said. "The Dutch market is saturated and margins are under pressure." For more solid growth prospects it would be better to look at Eastern Europe and Asia, he said.
 
Therefore, consolidation within the Dutch insurance market, which has been the subject of market speculation in the past year, is not imminent, Baeten said. "I don't expect much to happen in the next three years," he said. ASR Tuesday swung to a full-year net profit of Eur255 million from a net loss of Eur640 million in 2008, mainly because of a recovery in financial markets. However, sales dropped 16% to Eur4.86 billion on a slump in gross premium income at ASR's life insurance business. The company said that general economic trends don't show much sign of improvement.
 
Ziggo, the largest cable operator in the Netherlands, said on Tuesday it is asking banks to allow it to refinance 1 billion Euros ($1.35 billion) of expensive mezzanine debt with a high-yield bond.
 
Ziggo is refinancing Europe's largest-ever mezzanine loan, which was put in place at the height of the boom in 2007, with a cheaper unsecured high-yield bond that will extend its maturity and allow it to take advantage of demand from bond investors.
 
Ziggo is also asking banks for the flexibility to issue senior secured high-yield bonds at a future date to refinance senior bank debt, a senior leveraged banker said.
 
The company is viewed as a candidate for an Initial Public Offering (IPO), investment bankers say..
 
Ziggo's unsecured high-yield bond will be one of the first to be issued for a private-equity owned company since the European high-yield bond market re-opened around two weeks ago with a series of corporate issues, several sources said.
 
SWITZERLAND
 
The SMI in Zurich concluded a hectic week on 6,838.95, a dip of 0.8%.
 
Swiss-based chipmaker STMicroelectronics on Wednesday said a US court had affirmed a $431 million arbitration award against Credit Suisse for investing outside its mandate.
 
The Swiss bank said it would appeal and said it had found an amicable settlement in a similar case with Roche in January.
 
The dispute between the firms was about loss-making investments that STM says were made by the bank outside the risk profile agreed for the investments.
 
US District Judge Deborah Batts in New York affirmed a February 2009 arbitration by financial industry regulatory authority FINRA about what STM called investments in "unauthorized auction rate securities against company instructions."
 
Credit Suisse said, however, that it would appeal and that in any case it would only have to pay $354 million. STM said it had already received some $75 million in December.
 
"We respectfully disagree with the court's decision and are evaluating an appeal," Credit Suisse said in a statement.
 
Switzerland must adopt a gradual exit from stimulus and the central bank should avoid raising interest rates quickly given the uncertainty linked to economic growth, the International Monetary Fund said in report on Tuesday.
 
"Any exit from expansionary policies should be carried out gradually and with due regard to the remaining general economic risks," the Washington-based lender said in its annual country report for Switzerland that was released by the finance ministry. The IMF economists expect growth of about 1.5% in 2010-2011.
 
"Growth prospects in the medium term are subject to a degree of uncertainty," the IMF said. "These lie primarily with the financial sector and expected developments in immigration."
 
While stating that the monetary policy pursued by the Swiss National Bank was adequate to aid the economy in the slowdown, the IMF said, "Interest rate should not be raised too early-or without regard to a strengthening in the currency."
 
"While normalization of monetary policy will imply an exit from foreign exchange interventions, and a rise of interest rates, the tightening of monetary and financial conditions should remain cautious."
 
The lender expects inflationary pressures to remain subdued due to the slack in the economy and the appreciation of the Swiss franc. Further, IMF does not see any easing in the lending policies of financial institutions.
 
Elsewhere Friday, the SNB President Philipp Hildebrand reiterated that the central bank will act decisively to counter an excessive appreciation of the franc against the Euro and control the risk of deflation. He said the central bank's approach proved viable in the crisis. Now the central bank should find ways to withdraw smoothly from the measures taken to contain the crisis.
 
The appreciation of the Swiss franc is a main concern for the central bank. The IMF report said the currency "does not appear to be misaligned". According to the lender, the real appreciation reflects continuing trade surpluses, improving fundamentals, and safe haven effects. "In these circumstances, foreign exchange interventions may be used to resist short term disruptive pressures," the report said.
 
Regarding public finances, the IMF cautioned the country that consolidation of the budget should not exceed the specifications of the debt brake rule. Welcoming the significant financial market reform undertaken by the Swiss authorities, the lender said measures to reduce the risks posed to the national economy by large financial institutions will serve the economy as a whole well and enhance the reputation of the financial centre.
 
The Swiss National Bank said on Monday that the M3, the broadest measure of money supply grew 6.1% in February from the previous year. The central bank revised January's growth rate to 6.1% from 5.6%.
 
Further, the report showed that M2 money supply increased at a slower pace of 12.9%, following January's 16.5% growth. 
 
AUSTRIA
 
The ATX in Vienna finished the day Friday on 2,630.32, a gain of 0.06%.
 
Vienna-based real estate firm Immofinanz managed to keep its turnover stable in the first three quarters of its 2009/2010 business year (1 May to 30 April).
 
Company officials said Wednesday it had had turnover of 552.8 million Euros, down by just 0.47% compared to its turnover during the same period of its previous business year.
 
Earnings before interest, taxes, depreciation and amortisation (Ebitda) had soared by a third to 281.7 million Euros, they added.
 
It was also announced that earnings before interest and taxes (Ebit) had improved between 1 May and 31 October 2009.
 
After suffering losses of 1.754 billion Euros in the first three quarters of the previous business year, Immofinanz earned 246.7 million Euros in the first three quarters of the current business year.
 
Immoeast, the firm's subsidiary set to merge with Immofinanz, had earnings before interest and taxes (Ebit) of 215.8 million Euros after losses of 1.4 billion Euros in the first three quarters of the previous business year.
 
Immofinanz has been in the news in a negative context over the past few months.
 
State prosecutors have tried to find out whether reports that it paid 10 million Euros to lobbyists Walter Meischberger and Peter Hochegger for their services in its successful bid to take over the federal construction and housing management association (Bauen und Wohnen GmbH or BUWOG) are accurate.
 
Former Finance Minister Karl-Heinz Grasser decided to privatise BUWOG in 2000.
 
Meischberger, one of the two Immofinanz lobbyists, is a close friend of Grasser and a former Freedom Party (FPÖ) MP - as is the minister.
 
Media have claimed payments were made via a Cypriot company.
 
Meischberger and Hochegger, the other Immofinanz lobbyist, have admitted to having engaged in tax evasion, while Grasser has denied any wrongdoing.
 
Raiffeisenzentralbank (RZB) boss Walter Rothensteiner has claimed plans to merge RZB with its sister bank Raiffeisen International (RI) have nothing to do with financial difficulties.
 
Austrian media have been speculating for weeks about a RZB and RI merger. RI - which manages RZB's investments in Central and Eastern Europe (CEE) - separated from the institution only five years ago.
 
Rothensteiner and RI chief Herbert Stepic called a press conference on short notice last month to rubbish rumours they were planning to merge.
 
But Rothensteiner explained Friday (Tues) the merger "will not cost a dramatic sum". He added the plan was to carry it out retroactive to 1 January 2010.
 
He said a delegation of RZB board members would fly to London tomorrow to inform shareholders and investors.
 
Rothensteiner announced Stepic would become board chief of the newly created banking institution that will be listed on the Vienna Stock Exchange, while Karl Sevelda is set to become his deputy.
 
The RZB boss said he would become board chairman of the holding company that would not be affected by the merger. Rothensteiner said he would also become head of the merged bank's supervisory board.
 
He announced that all current board members would remain in office under the new structure.
 
RI's earnings before interest and taxes (Ebit) dropped from 1.43 billion Euros in 2008 to 368 million Euros last year after carrying out an aggressive investment plan in CEE.
 
RZB is a major player in CEE where it is active in 17 countries through RI. After years of soaring profits, the institute has seen results plummet since the global economic crisis gripped the CEE region. RI has done especially badly in Ukraine and Hungary since 2008.
 
Raiffeisen is Austria's biggest private employer. Every tenth Euro generated in Austria can be attributed to the company and its branches and investments. It has 2,200 branches in Austria and holds interests in insurance companies, gastronomy firms, companies active in the tourism industry and, with shares in Kurier newspaper and the News publishing group, in the press.
 
Fears among Raiffeisen's 100,000 employees about possible job cuts began growing after rumours of plans to merge circulated earlier this year. But Stepic said Friday: "We are excellently positioned and a top brand."
 
Monday, the Statistics Austria announced that the producer price index or PPI dropped 1.3% on an annual basis in January, compared to the 1.6% fall in the previous month. A year earlier, the PPI was up 0.8%.
 
The PPI for intermediate goods rose 2.7% on an annual basis in January, while capital goods prices rose 1.3%. Energy prices were up 0.4%.
 
On a monthly basis, the PPI declined 0.2% in January, after a flat reading in the previous month. 
 
SWEDEN
 
Stockholm's OMX headed into the weekend on 1,027.42, a drop og 0.57%.
 
Shares of Swedish automobile safety device maker Autoliv Inc. rose in early-week trading as an analyst raised his rating on the company's shares.
 
R.W. Baird & Co. analyst David Leiker upgraded the rating to "outperform" from "neutral" because earnings estimates are rising faster than the stock price.
 
Leiker said in a note to investors that Autoliv stock has risen nearly 50% since November, but earnings estimates have more than doubled.
 
The company, based in Stockholm, has seen strong revenue performance driven by Asia, European exports and increased market share, Leiker wrote. In addition, its margin performance has improved driven by higher volume, cost cutting and lower commodity costs.
 
Leiker set his stock price target at $60 per share, up from $47.
 
On Monday, Autoliv raised its revenue and margin guidance for the first quarter due to higher auto production in North America and Asia.
 
Swedish giant Electrolux, the second biggest producer of electrical appliances in the world, has made an offer to buy South Korea's Daewoo Electronics, an Electrolux spokesman said Wednesday.
 
"I can confirm that we have made an indicative offer on the appliance part of Daewoo," spokesman Anders Edholm told AFP, without giving further details.
 
"We are always looking for interesting opportunities and we will now continue the discussions about Daewoo," he added.
 
Electrolux will be competing against a rival bid from Iranian company Entekhab Industrial Group, according to Swedish media reports.
 
Daewoo Electronics produces mass market appliances including microwaves, refrigerators, vacuum cleaners and washing machines.
 
Swedish economic sentiment indicator dropped to 107 in March from 107.6 in February, results of the latest confidence survey by the National Institute of Economic Research showed Wednesday. The fall was unexpected as economists were looking for an increase to 109.
 
But, Swedish households are more positive about the economic situation than normal. The consumer confidence indicator climbed to 15.5 from February's 13. Meanwhile, the expected reading was 13.2.
 
Further, a measure for manufacturing confidence stood unchanged at 3, while total industrial sentiment improved to 16 from 15.
 
The Swedish National Financial Management Authority on Tuesday forecast smaller government budget deficits in this year and the next, before returning to a surplus in 2012.
 
The agency projects a budget deficit of SEK 48.8 billion this year, followed by a deficit of SEK 9.8 billion next year, before turning to a surplus of SEK 8.1 billion in 2012. ESV had previously forecast the budget to turn to surplus in 2013.
 
"The outlook for the central government budget and public finances is favorable," the agency said in a report. "The economic recovery, together with strong public finances in the first place, will almost bring balance as early as next year, with substantial surpluses expected further ahead."
 
The agency sees central government debt narrowing to 25% of gross domestic product in 2014, its lowest level since the mid-1970s
 
NORWAY
 
The OBX in Oslo closed out the week on 339.16, down 1.03% for the day Friday.
 
Wednesday, Norway's central bank kept its key interest rate unchanged at 1.75% for a second straight rate-setting session. The last change in the key policy rate was in December, when the central bank hiked the rate by 0.25 percentage point to its current level.
 
"The interest rate is set with a view to stabilizing inflation over time close to 2.5%," the Norges Bank said in a statement.
 
The central bank said it now plans to raise its key policy rate more slowly than previously thought, as it wants to monitor Norway's currency and inflation.
 
The Executive Board's strategy is that the key policy rate should be in the interval 1.5% and 2.5% in the period to the publication of the next Monetary Policy Report on 23 June 2010 unless the Norwegian economy is exposed to new major shocks, the central bank said.
 
Wednesday, the Statistics Norway announced that the jobless rate stood at 3.3% in January, measured by the average of three months from December to February period, same as in October, measured by the average of three months from September to November. Economists' expected the jobless rate to be 3.4%.
 
The number of unemployed totaled 85,000 persons in January, smaller than the 86,000 persons in the previous month.
 
Coca-Cola Enterprises said Monday that it agreed to acquire Coca-Cola bottling operations in Norway and Sweden for $822 million. In a filing with the US Securities Exchange Commission, or SEC, the company said that its indirect unit Bottling Holdings (Luxembourg) s.a.r.l., and Coca-Cola entered into an agreement on Saturday, March 20, under which Bottling Holdings will buy all of the issued and outstanding shares of Coca-Cola Drikker AS and Coca-Cola Drycker Sverige AB from a subsidiary of Coca-Cola.
 
The company said the purchase price is subject to adjustment based upon the net working capital of the Norway and Sweden Companies at closing, and based upon EBITDA of the Norway and Sweden Companies for fiscal 2010. The acquisition is subject to various conditions, including the absence of legal prohibitions and the receipt of requisite regulatory approvals.
 
Coca-Cola Enterprises, the largest bottler of Coca-Cola drinks, noted that the latest acquisition is part of its merger agreement with Coca-Cola announced on February 25. Both companies then had agreed in principle that CCE will buy the company's bottling operations in Norway and Sweden for $822 million, subject to the signing of definitive agreements, and that CCE will have the right to acquire the company's 83% equity stake in its German bottling operations 18 to 36 months after closing for fair value.
 
Coca-Cola then agreed to acquire Coca-Cola Enterprises' entire North American business, which consists of about 75% of US bottler-delivered volume and almost 100% of Canadian bottler-delivered volume. At the close of the transaction, Coca-Cola will have direct control over about 90% of the total North America volume, including its current direct businesses.
 
Coca-Cola currently owns approximately 34% of the outstanding common stock of Coca-Cola Enterprises.
 
DENMARK
 
Copenhagen's OMX completed the trading session Friday on 384.57, down 1.01%.
 
Monday, the Statistics Denmark announced that the consumer confidence indicator stood at minus 1 in March, down from 1.8 in the previous month.
 
Consumer assessment of the household financial situation increased to 1.6 in March from 1.2 in February, while the gauge for the household financial situation over the next twelve months rose to 16.5 from 14.2.
 
Consumer confidence on the current economic situation of Denmark was minus 25.4 in March, lower than the minus 24.2 in February.
 
A shouting match between Danske Bank's shareholders association president and the general assembly moderator dominated Thursday's meeting
 
Angry shareholders demanded that Danske Bank's general assembly Thursday be declared illegitimate because the speaker opened it without including all relevant proposals, reported financial daily Børsen.
 
Although Egon Geertsen, president of Danske Bank's shareholders association, failed to stop the meeting at Copenhagen's Bella Center on Tuesday afternoon, he managed to make his concerns clear to everyone present, including the media and Danske Bank's board of directors.
 
For many years, the bank's general assembly has been traditionally opened by moderator Oluf Engell, who took the podium Thursday and proclaimed that the meeting was officially underway - despite that there were written protests about the legality of the meeting.
 
Geertsen and his colleagues alleged that the meeting was illegal because the 19 questions and concerns they said they raised according to proper procedures were not included on the meeting's agenda.
 
The conflict erupted into a shouting match when Geertsen walked up to the podium and accused Engell of illegally opening the assembly.
 
Engell responded in kind, saying that the meeting had started and that Geertsen should not waste general assembly time on the issue.
 
'You're welcome to try this matter in the courts, although we probably already know what the outcome of that would be,' said Engell.
 
But Geertsen continued to make his presence known at the meeting, interrupting proceedings several times. When Danske Bank CEO Peter Staarup took the podium, Geertsen told the assembly the executive was 'unfit to lead a major financial institution'.
 
'When a large company comes out with a tiny profit margin, then it's covering over a huge deficit,' argued Geertsen. 'I don't trust the figures given in the annual report.'
 
The shareholders' association president also demanded that Staarup truthfully say whether or not he had dined with convicted fraudster Stein Bagger, whose now defunct IT Factory was loaned millions by Danske Bank.
 
'If you did so, then you lied at the last assembly and you should step down as CEO,' Geertsen said.
 
Staarup responded that he had not met with Bagger and that although the losses the bank suffered as a result of Bagger's fraud were his responsibility, he was not personally involved in the loans' approvals.
 
Staarup was given at least a temporary vote of confidence from board chairman Alf Duch-Pedersen, who said at the assembly the CEO was 'worthy and qualified' to lead the bank.
 
No driver, high level of operational stability and happy passengers are some of the reasons why Copenhagen's metro voted better than the London Underground
 
Copenhagen's metro has been voted the best in the world at the annual MetroRail conference in London.
 
The Danish  company, Metro, which runs the system, took home the award for best driverless metro and took the overall best metro prize ahead of transit systems from London, Madrid, Sao Paulo and Seoul.
 
The awards' jury said that Copenhagen's metro had taken the overall prize because of its high level of operational stability, passenger satisfaction, innovative technology and expansion plans for the transit system.
 
It was also nominated in the category for best European metro system but lost out to the London Underground.
 
Transport minister Hans Christian Schmidt was extremely pleased at the news.
 
'The prize is fully deserved. The metro in Copenhagen is known for running on time and it's an important factor that passengers are happy. It shows that it was the right decision to develop the city ring [new metro line being built],' the minister said.
 
FINLAND
 
The OMX in Helsinki rounded off the day and the week at 7,360.46, down 0.22% on the session.
 
Finnish engineering company Outotec said Friday that it has completed the acquisition of Australian smelting technology supplier Ausmelt Ltd for some AUD50m.
 
In December 2009, Outotec announced that it bought 19.9% of the Australian company from the interests associated with Ausmelt's founder Dr John Floyd and launched an off-market takeover bid for the whole company. The Finnish company reported in separate announcements in December 2009 and February 2010, that its stake in Ausmelt raised to 37.4% and to 92.1%, respectively.
 
The takeover is part of Outotec's strategy to acquire complementary technologies, CEO Pertti Korhonen said.
 
Via Ausmelt's acquisition, Outotec will be able to offer smaller scale copper and nickel smelters as well as solutions for ferrous metals, zinc, lead and tin concentrates, zinc bearing residues, recycling and various secondary and waste materials, Korhonen stated.
 
Finnish industrial machinery company Metso said Friday that it will supply board making technology, worth over Eur20m for the containerboard production line of a paper mill in Hou-Li, Taichung County, Taiwan.
 
The customer is Taiwanese paper and paperboard producer Cheng Loong Corp.
 
Metso will deliver three headboxes for the three-ply liner machine with a dilution profiling system for the back ply, a press section and a film size press. The dryer section will be equipped with a moisturising unit for web moisture profile control.
 
The deal is included in the order intake for the first quarter of 2010 of Metso's Paper and Fiber Technology and Energy and Environmental Technology units.
 
The Bank of Finland upgraded its economic growth projections for 2010. However, growth in the years ahead is set to be much slower than before the economic crisis.
 
The economy may expand 1.6% in 2010, following a contraction of 7.8% last year, according to the latest economic outlook released by the Bank of Finland on Tuesday. Earlier, the central bank had estimated a flat growth for 2010. Economic growth for 2011 is seen at 1.8% and 2.2% in 2012.
 
"GDP growth will, however, be much slower in the immediate years ahead than it was before the financial crisis," Bank of Finland's Governor Erkki Liikanen said at a press conference. "Real GDP will not reach the level of 2008 even by the end of the forecast period in 2012."
 
Inflation is not forecast to be a problem for the economy, Liikanen said. The increase in the harmonized consumer prices will ease back to 1.3% this year and price pressures will be negligible, the central bank added. In 2011 and 2012, consumer prices will rise somewhat faster as economic growth takes root and labor costs rise.
 
Liikanen noted that central government finances are in a difficult position. "Finland's economy will fade if the foundations of growth are not strengthened, the price competitiveness of Finnish output sustained and the sustainability of the public finances secured."
 
Regarding labor market, the central bank said unemployment increased less than expected due to a contraction in labor supply. Liikanen said the slow recovery in growth is not expected to reduce unemployment from around 9% this year.
 
Tuesday, the Statistics Finland announced that the jobless rate stood at 9.2% in February, up from 7.6% recorded a year ago. Economists expected the jobless rate to be 9.6%.
 
The number of unemployed totaled 242,000 persons in February, up from 201,000 persons last year. At the same time, the number of employed persons amounted to 2.39 million, smaller than the 2.44 million a year earlier.
 
Meanwhile, the labor force participation rate stood at 65.4% in February, down slightly from 65.8% last year. 
 
SPAIN
 
Madrid's Ibex brought the week to a close at 11,071.10, down 0.18%.
 
Spain's overnight stays at hotel establishments increased 4.3% on an annual basis to 13.2 million in February, the National Institute of Statistics said on Tuesday.
 
The overnight stays by residents increased 3.7% annually in February, while overnight stays by non-residents grew 4.9%.
 
For the first two months of the year, overnight stays increased 2.4% compared to the same period of the previous year.
 
Further, the hotel price index decreased 4.8% on an annual basis in February, which was 0.8 points higher than the previous year.
 
The Spanish Cabinet approved a bill on Friday to diversify the economy and shift it from its over-reliance on the construction sector.
 
The government aims to boost innovative industries such as renewable energy, biotechnology, while also targeting the aeronautical, automobile and food industries so as to raise the economy's long-term growth potential.
 
Press reports cite Prime Minister Jose Luis Rodriguez Zapatero as saying the bill is essential for Spain's present and future after a cabinet meeting in the Andalusian capital of Seville.
 
Spain's economy contracted 0.1% in the three months through December, as it continues to battle high unemployment.
 
The Iberian nation has the largest unemploment rate in the Eurozone at 20%, with some 45% of under 25s without a job.
 
The government pumped billions of Euros into the economy in order to mitigate the downturn and in the process racked up a massive budget deficit.
 
Spain's budget deficit - at 11.3% of gross domestic product - is nearly four times over what European Union rules allow.
 
The government has announced spending cut plans, including a civil service hiring service and a raise in the retirement age in a bid to consolidate public finances and bring down its deficit.
 
Travel-reservations company Amadeus IT Holding SA said Tuesday it will go ahead with its plan to list on the Spanish stock exchange during the first half of the year in what would be one of the biggest initial public offerings in Europe since the onset of the financial crisis.
 
It wasn't immediately clear how much the company could be valued at in the listing, but last year people close to the company said Amadeus may be worth more than Eur8 billion.
 
The Madrid-based company said it plans to sell at least 25% of its share capital. People familiar with the matter said it aims to file its IPO prospectus with the Spanish stock market regulator by mid April and to price the shares in the offering later the same month.
 
If successful, Amadeus's return to the stock market could be the biggest listing in Europe since the financial crisis hit global markets more than two years ago.
 
Amadeus was taken private five years ago in a Eur4.34 billion takeover by European private-equity firms BC Partners and Cinven Group Ltd. They now control 52.76% of it. 
 
PORTUGAL
 
Lisbon's PSI Generali approached the weekend on 2,774.56, up 0.47%.
 
Rating agency Fitch on Wednesday lowered Portugal's long-term foreign and local currency Issuer Default Ratings, or IDR, to 'AA-' from 'AA'. The outlooks on the long-term IDRs are negative. The agency has simultaneously affirmed the country's short-term foreign currency rating at 'F1+' and country ceiling at 'AAA'.
 
The downgrade reflects significant budgetary underperformance in 2009, the rating agency said. The general government deficit was 9.3% of GDP in 2009 versus 6.5% of GDP forecast by Fitch last September. It warned that further fiscal or economic underperformance in 2010 and 2011 could lead to another downgrade.
 
"Friday's downgrade is another reminder that the Eurozone's fiscal problems are not limited to Greece," said Jennifer McKeown, an economist at Capital Economics. The economist noted that the fiscal crisis is clearly a dark cloud over the Euro area's medium-term prospects and it will continue to put downward pressure on the Euro.
 
"A sizeable fiscal shock against a backdrop of relative macroeconomic and structural weaknesses has reduced Portugal's creditworthiness," said Douglas Renwick, associate director in Fitch's Sovereign team.
 
Fitch said the Portugal government will need to implement sizeable consolidation measures from next year, on top of the reversal of the fiscal stimulus this year, in order to meet the 3% of GDP deficit target by 2013.
 
The negative outlook on ratings reflects Fitch's concern about the potential impact of the global economic crisis on Portugal's economy and public finances over the medium term, given the country's existing structural weaknesses and high indebtedness across all sectors of the economy.
 
Portuguese bonds fell after Fitch Ratings cut the southern European nation's credit grade, citing deteriorating public finances.
 
The yield premium investors demand to hold Portuguese bonds instead of German securities widened after Fitch lowered the credit rating by one step to AA- from AA, and said its outlook on Portugal remains negative. German 10-year bunds snapped three days of gains as a confidence index for Europe's biggest economy and a report on European manufacturing and services stoked optimism about prospects for economic growth.
 
The yield on Portugal's 10-year bond climbed 5 basis points to 4.35% as of 11:49 a.m. in London. The 4.8% security maturing in June 2020 fell 0.39, or 3.90 Euros per 1,000-Euro ($1,336) face amount, to 103.63. The yield spread with Germany increased 1 basis point to 125 basis points, according to generic data compiled by Bloomberg.
 
Bond yields for Europe's most-indebted nations widened their spreads with German bunds this year amid concern the countries will struggle to manage rising debt burdens as the economic recovery slows and ratings agencies downgrade their credit. Greece, with the widest spread in the Euro region, is at the center of a political debate over the best way to prop up the nations in the event they need a rescue.
 
ITALY
 
Italy's benchmark FTSE MIB Index rose 29.41, or 0.1%, to 23,063.87. The gauge has gained 1.7% this week.
 
Amplifon advanced 3.2% to 3.88 Euros, a fourth straight gain. Goldman Sachs Group Inc. increased its price estimate on the world's largest hearing-aid distributor to 4.6 Euros from 3.65 Euros. The brokerage reiterated a "buy" rating on the stock.
 
Banca Monte dei Paschi di Siena retreated the most since Feb. 4, falling 2.7% to 1.14 Euros. Italy's third-biggest bank reported a fourth-quarter loss of 181.3 million Euros ($242.5 million), compared with a profit a year ago. The results were "weaker than expected both in terms of revenue and costs" in the fourth quarter, Deutsche Bank AG said in a note.
 
Banco di Desio e della Brianza, a regional bank, increased 2.1% to 4.24 Euros, the highest in about two months. Banca Leonardo upgraded the stock to "buy" from "underweight," citing "good fourth-quarter results and credit quality stabilization."
 
Fiat SpA lost for the first time in four days, declining 2.2% to 9.75 Euros. Chief Executive Officer Sergio Marchionne said the European car market may take about four years to return to pre-crisis levels. He made the comments at the company's annual meeting in Turin Friday.
 
Fondiaria-Sai fell 6% to 11.34 Euros, the biggest decline since May last year. Italy's second-biggest insurer swung to a 2009 net loss of 342.6 million Euros, compared with profit of 87.4 million Euros a year earlier, according to a statement distributed by the Italian exchange. The company proposed a dividend of 40 Euro cents.
 
Cheuvreux reiterated an "underperform" rating after the release.
 
Impregilo rose for second day, increasing 1.8% to 2.55 Euros. Cheuvreux lifted its price estimate on Italy's biggest builder to 3.1 Euros from 2.8 Euros and kept an "outperform" rating.
 
Parmalat advanced 3.4% to 2.07 Euros, the highest since 2008. Italy's biggest dairy food company was upgraded to "overweight" from "equal weight" at Morgan Stanley."
 
UniCredit gained for a second day, increasing 3% to 2.25 Euros. BofA-Merrill Lynch Global Research reiterated a "buy" recommendation on Italy's biggest bank after Thursday's "convincing" presentation by the bank's Corporate and Investment Banking unit.
 
MF Global trimmed its price estimate to 3.1 Euros from 3.4 Euros and reiterated a "buy" rating, saying in a note that the CIB unit is "positioned for greater returns."
 
Unipol Gruppo Finanziario sank 7.7% to 84.5 cents, the biggest loss since March last year. The insurer posted a 2009 net loss of 772 million Euros, compared with a profit of 92.6 million Euros a year earlier. Unipol also said its board proposed a sale of shares for as much as 500 million Euros.
 
Keefe, Bruyette & Woods Ltd and Exane BNP Paribas downgraded the stock to "underperform." Banca Akros cut its rating to "sell" from "hold." 
 
GREECE
 
Greece's ASE Index, which was closed for a holiday Thursday, jumped 4.1%, the most in more than six weeks, after the EU pledged support and the European Central Bank said it would extend emergency lending rules.
 
The Athex in Athens brought the week to an end at 2,147.83.
 
Greece's economy could shrink as much as 2% this year, in line with a Bank of Greece forecast, Finance Minister George Papaconstantinou said.
 
Even with a bigger drop in GDP than forecast in Greece's budget plan, the target for a 4 percentage point cut will be achieved, he said. He spoke at a conference in Athens Friday.
 
Aegean Airlines remained well in the black last year, although net profit fell 22% to €23 million ($31.1 million) from the €29.5 million earned in 2008 as a result of the recession and the decline of the Greek economy during the final four months of the year.
 
Revenue increased 2% to €622.7 million mainly due to what Aegean called a "significant" international network expansion, which included new routes from Athens to Brussels, Berlin Tegel, Barcelona, Venice, Istanbul Ataturk, Vienna and Madrid.
 
The Greek carrier, which was invited to join Star Alliance in May last year and which announced last month the launch of merger negotiations with rival Olympic Air, carried 6.6 million passengers in 2009, up 10%. Domestic boardings rose 2% to 3.8 million while the number of passengers carried on international flights increased 22% to 2.8 million. It operates 32 aircraft.
 
MD Dimitris Gerogiannis warned that "the conditions that we are facing in 2010 are even more difficult [than in 2009] given the deteriorating economic conditions in Greece" and said Aegean hopes "to ensure the long-term prospects of the company by effective cost management, maintaining the quality of services provided while improving the attractiveness of our fare offers and securing and implementing the necessary local and international cooperations and alliances." The merger with Olympic is expected to be completed in 2011.
 
Titan, Greece's biggest cement maker, will sell a minority stake in an Egyptian plant to the World Bank's private sector lending arm, as it struggles to cope with a shrinking business and to cut debt.
 
The International Finance Corporation (IFC) will spend 80 million Euros buying a 16% stake in the Alexandria Portland Cement Company.
 
The deal is expected to be completed before the end of June 2010, Titan said in a statement on Tuesday.
 
The Greek company had already said in October it was considering selling a minority stake in one of its two plants in Egypt.
 
Titan last week reported a 41% drop in profit in 2009 and slashed its dividend to save cash.
 
Egypt is Titan's only growth market. Construction activity in Greece and the US, Titan's two biggest markets have been hit by recession.
 
"The collaboration with an institution such as the IFC is expected to add significant value to Titan's investment in Egypt," the Greek company said.