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No crisis for large companies
While economic growth at a global level still remains sluggish, large Danish companies continue to push through the crisis relatively unscathed, according to an analysis conducted by Danish daily Jyllands-Posten of third quarter reports from the largest Danish companies.
"It's the same old story about companies managing to pull through and improve profit margins, even though it's difficult to actually promote growth in sales. It's cheap for them to bankroll their efforts, wage expenses are level and they have a global market," said Henrik Henriksen, chief strategist for PFA, to Jyllands-Posten.
The analysis includes the corporations in the C20 index, but not financial services companies. On average, companies have increased their operating profits by 16.7 per cent.
The greatest success was achieved by pharmaceutical conglomerate Novo Nordisk, which grew 40 per cent, while wind turbine manufacturer Vestas saw operating profits plummet by 52.2 per cent.
Approval worth DKK 36 billion for Novo
Novo Nordisk shares were expected to jump in value when the stock exchange opened today.
The advisory committee under the American Food and Drug Administration has recommended the approval of two long-acting insulins in the US.
Pharmaceutical analyst Søren Løntoft from the Danish bank Sydbank considers the final approval a mere formality at this point, thus paving the way for a new success.
“When these two insulins peak in the future, I expect total annual sales of DKK 36 billion,” said Løntoft to DR News.
Søren Løntoft expects Novo Nordisk shares to rise by five to ten per cent Friday morning.
As expected, the recommendation was accompanied by a requirement that Novo conduct a study of potential cardiovascular risks following the approval. Novo had already offered to conduct such a study even before the committee vote on the approval.
Novo’s research director, Mads Krogsgaard Thomsen, called it an important step towards making the new insulins available to diabetes patients in the US.
The products, which are long-acting, will be marketed under the names of Tresiba and Ryzodeg.
Unions launch information campaign
A survey by the Danish Confederation of Trade Unions (LO) has revealed that many Danes have no idea what our trade unions actually do.
LO has therefore joined with another leading union federation, the Confederation of Professionals in Denmark (FTF), to launch a major information campaign.
According to the survey, nearly three out of four wage earners - 72 per cent - believe it is the Danish Parliament that sets our minimum wage. And around half of us do not know that it is the union federations that negotiate pay, parental leave and holiday with our employers.
"When we go out into the workplace, we meet a lot of members who are not fully aware of why we exist and what the trade unions do," explained Bente Sorgenfrey, president of FTF.
Sorgenfrey admits that the trade unions have simply not been good enough at explaining their work.
"It's quite clear when people answer as they do that the unions have neglected the important task of providing information. We are doing that now because we cannot have this in future. We need to tell people why we exist and what we do for our members," he said.
Six-month fixed subscription for HBO
The monthly subscription fee for Netflix, HBO and Viaplay may be the same - DKK 79 - for all three providers, but the terms of the subscription are quite different.
While it is possible to cancel your subscription with Netflix and Viaplay within a month, HBO demands its customers commit to a six-month fixed subscription, according to a statement on HBO Nordic's Twitter profile.
The news is not popular among HBO-Nordic's many Danish followers, who were quick to comment on the statement when it was released early on Wednesday.
"Fail! In 2012 it should be one month's fixed subscription", writes Adam Jensen, while Twitter user Niklas Stephenson writes: "You've lost me as a customer... Sorry".
HBO was to have launched in Denmark at the end of October, but reported last week that the launch had been postponed until the start of November.
SAS savings plan well advanced
According to a press release, SAS is well advanced in its work on a plan that is expected to yield pre-tax savings of around DKK 3 billion.
The plan also includes the sale of non-core activities worth an additional DKK 3 billion.
Trading in the SAS share was suspended yesterday morning following media reports of the savings plan and SAS management's negotiations with a number of banks on the extension of its credit facilities.
At the weekend, the Swedish newspaper Dagens Industri wrote that Swedish and international banks that have lent the airline group money were considering not extending their credit facilities, which expire this year.
SAS announced in its press release that its financial resources comprise liquid assets of DKK 2.4 billion and credit facilities of DKK 4.7 billion with expiry in June 2013.
The trading suspension was lifted at 11:30 am.