Combined output of NSSC and Nisshin would likely account forabout half of Japan’s stainless steel market

Combined output of NSSC and Nisshin would likely account forabout half of Japan’s stainless steel market. But some analysts were sceptical about the impact of such adeal. “Doubling its stake in Nisshin to 20 percent won’t changeanything,” said Yuji Matsumoto, an analyst at Nomura SecuritiesCo. “They’ll need more drastic measures if they want to shore upthe business.” But one outcome of such a deal could be closer ties betweenNippon Steel and Spain’s Acerinox SA (ACX.MC), one of the world’sbiggest stainless steel makers owned 15 percent by Nisshin. Acerinox and Nisshin are jointly building a cold-rolledstainless steel plant in Malaysia The plant will come on line in2011.

Hit by a plunge in demand and steep falls in nickel andchrome prices, Nisshin expects to post a second consecutive yearof pretax losses this financial year. Its stock is trading at aprice-to-book ratio of 0.67, considerably lower than its peersdue to earnings concerns. Nisshin shares closed up 5.7 percent at 186 yen, while thoseof Nippon Steel finished up 3.4 percent at 337 yen, outperformingthe iron and steel subindex’s .ISTEL.T 2.1 percent gain (Editing by Chris Gallagher) China Japan South Korea. LONDON, July 16 (Reuters) – European shares turned positiveon Thursday, as banks extended recent gains and Novartis(NOVN.VX) led drugmakers higher. Stocks  |  European Markets At 0728 GMT, the FTSEurofirst 300 .FTEU3 index of topEuropean shares was up 0.3 percent at 866.03 points, reversingan earlier fall that took the index as low as 860.40.Swiss drugmaker Novartis rose 1.6 percent after raising itsfull-year forecast for drug sales, after second-quarter netprofit met expectations. [ID:nLF214292] AstraZeneca (AZN.L) and Roche (ROG.VX) were up 0.6 and 0.5percent, respectively. Among banks, BNP Paribas (BNPP.PA), Barclays (BARC.L),Societe Generale (SOGN.PA) and UniCredit (CRDI.MI) were upbetween 0.7 and 2.4 percent.(Reporting by Brian Gorman) Stocks European Markets.

COPENHAGEN, July 16 (Reuters) – An oil exploration well indeepwater Block 16 off Angola has shown positive results,Denmark’s Maersk Oil and Gas said on Thursday. The Chissonga-1 well was drilled in the western part of theblock and flowed 6,850 barrels per day, Maersk Oil and Gas, aunit of the A.P Moller-Maersk Group (MAERSKb.CO), said in astatement. Ltd., PCK ElectronicsIndustry and Trade Limited Company, Sandhill Scientific-UK,Schippers-Medizintechnik, SRS Medical Systems, Inc., Urodynamix Technologies,Ltd., and Verathon, Inc. Market data and analytics are derived from primary andsecondary research. EUROPE III-12 A.Market Analysis III-12 Outlook III-12 Overview of the European Skin Whitening Market III-12 An Insight into European Skin Whitening Agents Market III-12 Ban on Hydroquinone Boosts Demand for Substitutes III-13 Ethnic Skin Care Segments to Grow III-13 Strategic Corporate Developments III-13 Key PlayersIII-14 Beiersdorf AG (Germany) III-14 Clarins SA (France) III-15 B.Market Analytics III-15 Table 7: European Recent Past, Current & Future Analysis for Skin Lightenerswith Annual Sales in US$ Million for Years 2005 through 2015 (includescorresponding Graph/Chart)III-15 4. III-11 Shiseido Company Limited III-11 B.Market Analytics III-11 Table 6: Japanese Recent Past, Current & Future Analysis for Skin Lightenerswith Annual Sales in US$ Million for Years 2005 through 2015 (includescorresponding Graph/Chart)III-11 3.

III-5 The Procter & Gamble Company III-6 B.Market Analytics III-6 Table 3: US Recent Past, Current & Future Analysis for Skin Lighteners withAnnual Sales in US$ Million for Years 2005 through 2015 (includes correspondingGraph/Chart) III-6 2. THE UNITED STATES III-1 A.Market Analysis III-1 Outlook III-1 Overview of Skincare Products Market III-1 Economic Uncertainty & the Skin Care Industry III-1 An Insight into the US Skin Lighteners Market III-1 Asian Americans Drive Demand for Skin Lighteners III-2 Restrictions on Use of Unsafe Ingredients III-2 Product Introductions/Innovations III-3 Key Players III-4 E.T Browne Drug Company, Inc.III-4 Jolen, Inc III-5 Murad, Inc. GLOBAL MARKET PERSPECTIVE II-30 Table 1: World Recent Past, Current & Future Market Analysis for Skin Lightenersby Geographic Region – US, Japan, Europe, Asia-Pacific, and Rest of WorldMarkets Independently Analyzed with Annual Sales in US$ Million for Years 2005through 2015 (includes corresponding Graph/Chart) II-30 Table 2: World 10-Year Perspective for Skin Lighteners by Geographic Region -Percentage Breakdown of Annual Sales for US, Japan, Europe, Asia-Pacific, andRest of World Markets for Years 2006, 2009 & 2015 (includes correspondingGraph/Chart) II-31 III MARKET1. (US) II-28 Kao Corporation (Japan)II-28 Kanebo Cosmetics, Inc (Japan) II-28 Shiseido Company Limited (Japan) II-29 The Procter & Gamble Company (US)II-29 8.

(India) II-27 Emami Limited (India) II-27 Hindustan Unilever Ltd (India) II-28 Jolen, Inc. FOCUS ON SELECT PLAYERS II-26 Beiersdorf AG (Germany)II-26 CavinKare Pvt Ltd (India) II-26 Clarins SA (France) II-26 E.T Browne Drug Company, Inc (US)II-27 Elder Health Care Ltd. RECENT INDUSTRY ACTIVITY II-24 Dabur India Acquires Stake in Fem Care II-24 Syneron Inks an Agreement with Rakuto for Developing Skin Whitening II-24 Treatment II-24 Advantage Organic to Establish New Manufacturing Facility II-24 Himalaya Drug Company to Enter Retail Market II-24 Estee Lauder to Expand its Business Operations in India II-25 ISP Takes Over Vincience II-25 Johnson & Johnson Enters into an Agreement to Take Over Dabao II-25 7. SKIN LIGHTENING INGREDIENTS – AN OVERVIEW II-11 INTRODUCTION TO SKIN LIGHTENING AGENTS II-11 Major Skin Whitening/Lightening Actives II-11 Skin Whitening Ingredients of Select Companies II-11 Hydroquinone II-12 Restrictions on the Use of Hydroquinone II-13 Substitutes for Hydroquinone II-13 Azelaic Acid II-14 Kojic Acid II-14 Arbutin II-15 Alpha-Arbutin II-15 Beta-Arbutin (Bearberry Extract)II-15 Alpha Hydroxy Acids (AHAs) II-16 Glycolic AcidII-16 Lactic Acid II-16 Vitamin C II-16 Vitamin A (Retinol) II-17 Glycyrrhetinic Acid II-17 Melanostat II-17 Licorice Extract II-17 Vitamin B3 (Niacinamide) II-18 Mulberry Extract II-18 Lemon Juice Extract II-18 Emblica II-18 5. INTRODUCTION TO SKIN LIGHTENING/ WHITENING II-9 THE QUEST FOR FAIR/WHITE SKIN II-9 Skin Lightening/Whitening – An Introduction II-9 Applications of Skin Lighteners II-9 Target Areas for Lightening / Whitening Products II-10 Skin Lightening Products – Functioning Mechanism II-10 4. INTRODUCTION, METHODOLOGY & PRODUCT DEFINITIONSStudy Reliability and Reporting Limitations I-1 DisclaimersI-2 Data Interpretation & Reporting Level I-2 Quantitative Techniques & Analytics I-3 Product Definitions and Scope of Study I-3 II EXECUTIVE SUMMARY1. SKIN COLOR – PHYSIOLOGY & DISORDERS II-6 Melanin – The Pigment of Skin Color II-6 Physiology Behind Skin Darkening II-6 Skin Pigmentation Disorders II-6 Types of Skin Pigmentation Disorders II-7 Preventing Skin Pigmentation II-7 Skin Lightening Treatments II-8 Sunscreen II-8 Topical Products II-8 Laser Treatments II-8 Combination Treatments II-8 3.