Early bird

    As  I go off early tomorrow for Strasbourg, here is a file early for Friday.

  *Veolia surprised not with good numbers but with a determination to do something about bad ones. Its H1 sale rose 17%to euros 18.1 bn but because of a limping dollar it had net up only  a meager 1.4% year over ear at  euros 500.5 mn, way below te Bloomberg analyst consensus of euros520 mn. To address the limpid stock price, off about a third since we bought, VE plans a host of measures:

   +it will raise its dividend by 10%;

   +it will sell assets to cut inventories and costs after a buying spree over the past few years, but will go ahead with taking control from EdF of France of their jv in energy services, Dalkia;

    +it will welcome sovereign investment starting with a 1.5% stake taken by China Investment Corp.;

    +it will cut structural and head office costs;

    +it will aim at upping cash flow 6% this year; profits by 10%, and revenues by 12%.

    French brokers Meeschaert's Maxis Agoris applauded as did the Paris marketsing thestock "had been massacered since the beginning ofthe year but would do better now."

     *DC reader GH corrected my note today about CMDXF.PK or CMG Toronto. He is getting a yield on purchase price of 9% but is up 80% on the share price.

     *Cameco is buying leases and licenses to 52 sq km in western Oz, buying from Rio Tinto in partnership with Mitsubishi. The CCJ share of the cost was C$ 516 mn. the site is near its Arthur River uranium mine. Rio Tinto is focusing on metals.

      *After Ternium reported excellent earnings the gang joined the cheering and upped it to buy/strong buy according to Thomson-Reuters. TX

       *Higher Chilean inflation should help DYS sales. 

       *JPMorgan Chase is the new depositary for Banco Santander de Chile ADRs taking over from BoNY. These are the NYSE listed 1,039:1 shares of the sub of Santander, STD, of Spain which we own.