‘Twilight’ finale dawns with $141.3M weekend

LOS ANGELES (AP) — The sun has set on the “Twilight” franchise with one last blockbuster opening for the supernatural romance.

“The Twilight Saga: Breaking Dawn — Part 2″ sucked up $ 141.3 million domestically over opening weekend and $ 199.6 million more overseas for a worldwide debut of $ 340.9 million.

The finale ranks eighth on the list of all-time domestic debuts, and leaves “Twilight” with three of the top-10 openings, joining 2009′s “New Moon” (No. 7 with $ 142.8 million) and last year’s “Breaking Dawn — Part 1″ (No. 9 with $ 138.1 million).

Last May’s “The Avengers” is No. 1 with $ 207.4 million. “Batman” is the only other franchise with more than one top-10 opening: last July’s “The Dark Knight Rises” (No. 3 with $ 160.9 million) and 2008′s “The Dark Knight” (No. 4 with $ 158.4 million).

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China approves Land Rover deal

18 November 2012 Last updated at 07:39 ET

Jaguar Land Rover is to make vehicles in China for the first time after Beijing approved a £1bn joint venture.

The West Midlands-based luxury carmaker agreed a “milestone” deal with Chery Automobile and will build a plant near Shanghai, which is due to open in 2015.

JLR said any cars produced would be in addition to its existing output, and it had no intention of moving its manufacturing base out of Britain.

Sales of JLR models in China have risen by 80% so far this year.

The company, owned by India’s Tata Motors, began talks with Chery months ago, but had been awaiting approval.

A joint statement released by the Chinese and British companies said: “We are delighted to have reached this milestone, achieved thanks to the understanding and foresight of the Chinese authorities and we want to thank them for recognising the potential of our joint venture in the fast-growing Chinese market.

“Together, we will now begin working in close collaboration on our partnership plans to harness the capabilities of our respective companies, to produce relevant, advanced models for Chinese consumers.”

JLR has not said officially which model would be built at the factory, although the company has said in the past that is likely to be either the Land Rover Freelander or Evoque.

A research and development facility and engine production plant will also built as part of the venture, with the main manufacturing plant expected to be completed during 2014, with production starting the following year.

With China now a crucial market for JLR, building vehicles in the country means it can avoid import duties.

However, JLR says that being in China will enable it to build vehicles designed specifically for the Chinese market.

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Israel, Gaza fighting rages on as Egypt seeks truce

GAZA/JERUSALEM (Reuters) – Israel bombed Palestinian militant targets in the Gaza Strip from air and sea for a fifth straight day on Sunday, preparing for a possible ground invasion though Egypt saw “some indications” of a truce ahead.

Militant rocket fire into Israel subsided during the night but resumed in the morning with three rockets fired at the nearby coastal city of Ashkelon, the Israeli army said.

“As of now we have struck more than 1,000 targets, so Hamas should do the math over whether it is or isn’t worth it to cease fire,” Israeli Vice Prime Minister Moshe Yaalon, over Twitter.

“If there is quiet in the South and no rockets and missiles are fired at Israel’s citizens nor terrorist attacks engineered from the Gaza Strip, we will not attack.”

Forty-eight Palestinians, about half of them civilians, including 13 children, have been killed in Israel’s raids, Palestinian officials said. More than 500 rockets fired from Gaza have hit Israel, killing three people and injuring dozens.

Israel unleashed intensive air strikes on Wednesday, killing the commander of the Hamas Islamist group that governs Gaza and spurns peace with the Jewish state. Israel’s declared goal is to deplete Gaza arsenals and press Hamas into stopping cross-border rocket fire that has plagued Israeli border towns for years.

Air raids continued past midnight into Sunday, with warships shelling from the sea. A Gaza City media building was hit, witnesses said, wounding 6 journalists and damaging facilities belonging to Hamas’s Al-Aqsa TV as well as Britain’s Sky News.

An Israeli military spokeswoman said the strike had targeted a rooftop “transmission antenna used by Hamas to carry out terror activity”.

Two other predawn attacks on houses in the Jabalya refugee camp killed two children and wounded 13 other people, medical officials said.

These attacks followed a defiant statement by Hamas military spokesman Abu Ubaida, who told a news conference: “This round of confrontation will not be the last against the Zionist enemy and it is only the beginning.”

The masked gunman dressed in military fatigues insisted that despite Israel’s blows Hamas “is still strong enough to destroy the enemy”.

An Israeli attack on Saturday destroyed the house of a Hamas commander near the Egyptian border.

Casualties there were averted however, because Israel had fired non-exploding missiles at the building beforehand from a drone, which the militant’s family understood as a warning to flee, and thus their lives were spared, witnesses said.

Israeli aircraft also bombed Hamas government buildings in Gaza on Saturday, including the offices of Prime Minister Ismail Haniyeh and a police headquarters.

Among those killed in air strikes on Gaza on Saturday were at least four suspected militants riding motorcycles, and several civilians including a 30-year-old woman.

ISRAELI SCHOOLS SHUT

Israel said it would keep schools in its south shut on Sunday as a precaution to avoid casualties from rocket strikes reaching as far as Tel Aviv and Jerusalem in the past few days.

Israel’s “Iron Dome” missile interceptor system destroyed in mid-air a rocket fired by Gaza militants at Tel Aviv on Saturday, where volleyball games on the beach front came to an abrupt halt as air-raid sirens sounded.

Hamas claimed responsibility for the attack on Tel Aviv, the third against the city since Wednesday. It said it had fired an Iranian-designed Fajr-5 at the coastal metropolis, some 70 km (43 miles) north of Gaza.

In the Israeli Mediterranean port of Ashdod, a rocket ripped into several balconies. Police said five people were hurt.

Israel’s operation has drawn Western support for what U.S. and European leaders have called Israel’s right to self-defense, but there was also a growing number of calls from world leaders to seek an end to the violence.

British Prime Minister David Cameron “expressed concern over the risk of the conflict escalating further and the danger of further civilian casualties on both sides,” in a conversation with Israeli Prime Minister Benjamin Netanyahu, a spokesperson for Cameron said.

London was “putting pressure on both sides to de-escalate,” the spokesman said, adding that Cameron had urged Netanyahu “to do everything possible to bring the conflict to an end.”

Ben Rhodes, a deputy national security adviser to President Barack Obama, said the United States would like to see the conflict resolved through “de-escalation” and diplomacy, but also believes Israel has a right to self-defense.

Egyptian President Mohamed Mursi said in Cairo as his security deputies sought to broker a truce with Hamas leaders, that “there are some indications that there is a possibility of a ceasefire soon, but we do not yet have firm guarantees.”

Egypt has mediated previous ceasefire deals between Israel and Hamas, the latest of which unraveled with recent violence.

A Palestinian official told Reuters the truce discussions would continue in Cairo on Sunday, saying “there is hope,” but it was too early to say whether the efforts would succeed.

In Jerusalem, an Israeli official declined to comment on the negotiations. Military commanders said Israel was prepared to fight on to achieve a goal of halting rocket fire from Gaza, which has plagued Israeli towns since late 2000, when failed peace talks led to the outbreak of a Palestinian uprising.

Diplomats at the United Nations said Secretary-General Ban Ki-moon is expected to visit Israel and Egypt in the coming week to push for an end to the fighting.

POSSIBLE GROUND OFFENSIVE

Israel, with tanks and artillery positioned along the frontier, said it was still weighing a ground offensive.

Israeli cabinet ministers decided on Friday to more than double the current reserve troop quota set for the Gaza offensive to 75,000 and around 16,000 reservists have already been called up.

Asked by reporters whether a ground operation was possible, Major-General Tal Russo, commander of the Israeli forces on the Gaza frontier, said: “Definitely.”

“We have a plan. … It will take time. We need to have patience. It won’t be a day or two,” he added.

A possible move into the densely populated Gaza Strip and the risk of major casualties it brings would be a significant gamble for Netanyahu, favored to win a January election.

The last Gaza war, a three-week Israeli blitz and invasion over the New Year of 2008-09, killed 1,400 Palestinians, mostly civilians. Thirteen Israelis died in the conflict.

But the Gaza conflagration has stirred the pot of a Middle East already boiling from two years of Arab revolution and a civil war in Syria that threatens to spread beyond its borders.

One major change has been the election of an Islamist government in Cairo that is allied with Hamas, potentially narrowing Israel’s maneuvering room in confronting the Palestinian group. Israel and Egypt made peace in 1979.

(Writing by Allyn Fisher-Ilan; Editing by Douglas Hamilton)

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Summary: A look at the 4 new Kindle Fire models

Amazon.com Inc. started shipping a large-screen version of its Kindle Fire tablet computer on Thursday, ahead of schedule. Here is a look at the new Fires announced in September:

— Kindle Fire, with 7-inch screen, 1024 by 600 pixels. $ 159, with 8 gigabytes of storage. Weighs 14.1 ounces. Battery life of 8.5 hours. Started shipping Sept. 14.

— Kindle Fire HD, with 7-inch screen, 1280 by 800 pixels. $ 199 with 16 GB of storage or $ 249 with 32 GB of storage. Weighs 13.9 ounces. Battery life of 11 hours. Started shipping Sept. 14.

— Kindle Fire HD 8.9″, with 8.9-inch screen, 1920 by 1200 pixels. $ 299 with 16 GB of storage or $ 369 with 32 GB of storage. Weighs 20 ounces. Battery life of 10 hours. Started shipping Thursday.

— Kindle Fire HD 8.9″ 4G LTE Wireless, with 8.9-inch screen, 1920 by 1200 pixels. $ 499 with 32 GB of storage or $ 599 with 64 GB of storage. Can connect to AT&T Inc.‘s 4G LTE wireless network. Weighs 20 ounces. Battery life of 10 hours. Will start shipping Tuesday.

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“Sister” Director Tackles Taboo of Switzerland’s Class Divide With Her Oscar Contender

LOS ANGELES (TheWrap.com) – Director Ursula Meier can hardly believe that her film “Sister” – which depicts tenements, poverty and a seemingly rigid class system in lovely Switzerland – has made it over the Alps to Hollywood for Academy consideration.

“It shows a not-very-usual aspect of Switzerland,” Meier told the audience at a showing of “Sister” Thursday night at the Landmark, part of TheWrap’s Academy Screening Series. “We don’t show the beautiful mountains and the green and the lush life … For me it was important to show another point of view on this country to the world. Because usually it’s Montblanc, chocolate, and Swatch.”

Indeed, with her second film, Meier has given international audiences something else to associate with Switzerland: larcenous snow urchins.

“Sister” centers mostly around 12-year-old Simon (Kacey Mottet Klein), who lives in a high-rise tenement in a not-so-snowy valley far below a ski resort and takes gondolas to the top to steal wealthy tourists’ skis right out from under their goggles.

Wily Simon is financing not just his own existence but that of Louise (Lea Seydoux), the title character, who just might be the worst parental figure or caretaker in a cinematic year that did, after all, include “Beasts of the Southern Wild.”

It would involve spoilers to explain why Simon’s older sis is not everything she’s cracked up to be. But there’s nothing misleading about this boy-crazy, substance-abusing twentysomething gal’s unfitness to watch over Simon, the breadwinner of their sad two-person family.

He has to empty out his cash drawer to bribe Louise into snuggling with him, and when he entrusts her with the mere task of waxing skis, she can’t even do that without spilling cigarette ashes on the stolen merchandise.

“It was important for me, when we were at the ski resort, to showing the back door of the restaurant, and the workers inside … And it’s just at the end, when it’s finished, when there is no more snow and the ski resort is closed, for the first time Simon looks at the landscape. And we can see how beautiful this place is, but it’s too late now.”

Meier worked with her young leading man on her first theatrical feature, 2009′s “Home,” where he played Isabella Huppert’s son when he was just 7. She’s emphatic that Klein is not the kind of child actor who has to be tricked into giving a performance.

“During the first casting, I ask him, ‘What do you like to do in your life, Kasey?’ And he told me, ‘Thinking.’ So I said ‘OK, think,’ and I turned on the camera, and he was amazing … He understands that acting is to be, not to look like. So I really wanted to write for him with this film, because it was such an amazing experience on my first film.”

The role of the severely neglectful “sister” was tougher to nail down, both for the director and her leading actress.

“This character was the challenge of the film,” Meier said. “Because Kacey’s character is a child, so for the spectator, of course he’s a victim. But with the character of Louise, for Lea as an actress, at the beginning for her it was very hard to find the fragility of the character. I showed her a lot of films like ‘Vagabond’ … I explained to her, you were 14 when you were pregnant; it was too young for a girl, and you stopped your studies and got bad jobs you cut with your family.”

Sometimes, she said, they’d fight because “she couldn’t find the fragility of the character, and suddenly, months later, wow – it was like we cut something open and all the emotion that came out from her was very deep. I was afraid of the spectators judging the character. It was not easy, in the writing, or in the directing with the actors, because I wanted that they would love these characters, even if they’re sometimes terrible. But I like terrible characters.”

Pond told Meier that when it came to supporting actress Gillian Anderson, of “X-Files” fame, “the first time I watched, I didn’t realize it was her till the end credits” – an experience probably shared by most of those in attendance at the screening.

“I’m very happy that you say that,” said Meier, “because if you recognize the actress, you think about the actress.” But the director did want Armstrong to provoke a where-have-I-seen-you-before vibe.

“I really wanted to be played by a star – not to have a star in my film, but because it was important for Simon to have a kind of phantasma this lady, of what he wants as a mother.

And as a spectator, you can have a phantasma on the star. So I like that she came from another country, and not speak French, because she’s almost an apparition.”

Meier admitted she was frightened before the Swiss premiere – before “Sister” went on to play various fests and win the special Golden Bear award at the Berlin Film Festival.

“When I had the first screening in Switzerland, a lady came back to me and was very moved by the film, because it’s usually a taboo to show poverty in Switzerland. She cried and told me, ‘I grew up in exactly the same place. My father was a worker in the factory we saw in the film, and as a child we never had the money to go up.’ I liked that she just said up.”

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Death of the McMansion Has Been Greatly Exaggerated

Who says Americans have fallen out of love with McMansions? It’s true that the housing bust shaved a few square feet off the average size of new homes in the U.S. But new single-family homes built last year were still 49 percent bigger than those built in 1973, according to Census Bureau data.  And it’s worth remembering that family sizes have shrunk over that period.

The peak size for new homes was an average of 2,521 square feet in 2007. By 2010 it was down to 2,392. That statistic fed into a slew of stories about the “new frugality.” A survey of builders conducted in December 2010 by the National Association of Home Builders predicted that the shrinkage would continue, with the average getting down to 2,152 by 2015.

But then a funny thing happened. In 2011, according to the Census Bureau, the average ticked up a bit, to 2,480 square feet.

That’s partly because mortgages were so hard to get that only the well-to-do, who buy bigger houses, were able to buy new homes in 2011, according to Stephen Melman, the director of economic services for the National Association of Home Builders. But it could also be that the “new frugality” story was somewhat oversold.

The NAHB is conducting another survey now. This time it’s interviewing potential buyers, instead of builders—who were deeply depressed when interviewed at the end of 2010, with housing starts down three-quarters from their peak.

Beneath the average, whatever it is, is a swirl of conflicting demographic trends. On one hand, boomers are aging and downsizing, and more people are living alone. On the other hand, there’s a rise in the number of households with more than one adult generation present. Those families need bigger houses. (You can sometimes cram a couple of kids into the same bedroom; try doing that with Grandpa and little Jimmy.)

The one-big-happy-family uptrend is amplified by immigration of Hispanics and Asians, where multigenerational households are more common. “They’re doing well economically, too,” says Melman. “There’s real buying power there.”

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Canadian October home sales dip, latest sign of cooling

TORONTO (Reuters) – Sales of existing homes in Canada fell in October from September and year-over-year sales were down as well, the Canadian Real Estate Association said on Thursday in the latest signal that the housing market is slowing.

The industry group for Canadian real estate agents said sales were down 0.1 percent in October from September. Actual sales for October, not seasonally adjusted, were down 0.8 percent from a year earlier.

The housing market, which roared higher in 2011 and the first half of 2012, started to slow after the government tightened rules on mortgage lending in July in a bid to cool the market and prevent home buyers from taking on too much debt.

“Housing market trends in Canada for 2012 can be characterized as before and after regulatory changes,” TD Economics senior economist Sonya Gulati said in a research note.

“In the first half of the year, sales and price gains were modest, but positive. More stringent mortgage rules and tighter mortgage underwriting rules have ‘purposely’ knocked the wind out of the housing market sails,” she said.

The home sales data showed diverging paths in Canadian housing depending on location. In Toronto and Vancouver, where sales and price gains were red hot in 2011 and early in 2012, the market has been cooling. But markets in the resource-rich western provinces of Saskatchewan and Alberta have been gaining strength.

“Opinions differ about how sharply sales have slowed depending on the local housing market,” Gregory Klump, CREA’s chief economist, said in a statement.

Led by Calgary, sales in October were up from a year earlier in almost two-thirds of local markets. Sales remained blow year-earlier levels in Toronto, Vancouver and Montreal, CREA said.

“These results suggest that the Canadian housing market overall has returned to a more sustainable pace,” Klump said.

CREA’s Home Price Index rose 3.6 percent in October from a year earlier, the sixth consecutive month in which gains in prices slowed, and the slowest rate of increase since May 2011.

While tighter mortgage rules have worked to slow the market, TD’s Gulati said the big question is what will happen when that temporary cooling effect wears off in early 2013.

“What happens thereafter is less certain. The low interest rate environment could pull homeowners back onto the market, causing home prices to once again trek upwards. Alternatively, an absence of pent-up demand may leave the market in a bit of a lull until interest rate hikes resume in late 2013,” she wrote.

“Under either scenario, it is safe to say that there is a low probability of out-sized home price gains over the near-term.”

A total of 402,322 homes traded hands via Canadian MLS systems over the first 10 months of 2012, up 0.8 percent from the same period last year and 0.4 percent below the 10-year average for the period, the data showed.

The number of newly listed homes fell 3.8 percent in October following a jump in September. Monthly declines were reported in almost two-thirds of local markets, with Toronto and Vancouver exerting a large influence on the national trend.

Nationally, there were 6.5 months of inventory at the end of October, little changed from the reading of 6.4 months at the end of September.

(Editing by Peter Galloway)

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The Allure of Mass Apple Gadget Thefts

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Film defrocks church hierarchy over handling of sex abuse

NEW YORK (Reuters) – Four deaf Wisconsin men were some of the first to seek justice after suffering childhood sexual abuse at the hands of a priest, and a new documentary about the Catholic Church‘s poor handling of such cases stemming from the Vatican seeks to make their voices heard.

“Mea Maxima Culpa: Silence in the House of God” explores the impact of the Roman Catholic Church’s protocol as dictated from the Vatican for dealing with pedophile priests. It opens in U.S. cinemas on November 16, and will air on cable channel HBO in February.

Though American media coverage about child sex abuse by clergy has been extensive since a slew of cases came to light in Boston in 2002, Oscar-winning documentary director Alex Gibney wanted to connect individual stories with what he sees as systemic failures stemming from the top of the church.

“A lot of individual stories had been done about clerical sex abuse, but I hadn’t seen one that really connected the individual stories with the larger cover-up by the Vatican, so that was important,” Gibney told Reuters in an interview.

The film centers on the group of deaf men and their experiences as young boys attending St. John’s School for the Deaf in St. Francis, Wisconsin.

In a letter to the Vatican in 1998, the late Rev. Father Lawrence Murphy admitted abusing some 200 deaf boys over two decades beginning in the 1950s.

Murphy claimed he had repented, and asked to live out his last years as a priest, and was never defrocked or punished by civil authorities. He died in 1998.

In the film, the men communicate their frustrating attempts to bring their experiences to the attention of religious and civil authorities with effusive sign language and facial expressions, paired with voiceovers by actors such as Ethan Hawke.

The film also traces a convoluted bureaucracy – right up to the cardinal who is now Pope Benedict – to reveal a set of policies that the film portrays as often seeming more interested in preserving the Church’s image.

STRUGGLING TO BE HEARD

“These were deaf men whose voices literally couldn’t be heard, so there was a silence from them, and there was also this silence coming from the church, a refusal to confront this obvious crime, in part because they were covering it up,” said Gibney.

The Vatican has denied any cover-up in the Murphy case and in 2010 issued a statement condemning his abuse. It has criticized media reports about the Church’s handling of the cases as anti-Catholic.

Contrasting that, the film shows interviews with former church officials who talk openly of church policies to handle cases by “rehabilitating” abusive clergymen and snuffing out scandal.

Gibney said that all of the Vatican officials he contacted declined his interview requests.

Raised Catholic himself, Gibney no longer practices organized religion, but empathizes with Catholics who feel a sense of loyalty to the religion’s institutions and acknowledges that criticism of the church can feel like a personal attack.

“Mea Maxima Culpa,” a Latin phrase meaning “my most grievous fault” focuses on the failures of the Catholic Church‘s hierarchy. But Gibney – who won an Oscar for “Taxi to the Dark Side” – said the film’s theme transcends religion and is also relevant for secular institutions.

“This is obviously about the church, but it’s also a crime film,” he said. “It’s about abuse of power and it’s about how institutions instead of reckoning with problems try to cover them up. It’s always the cover-up that creates the problem.”

He cited the Jerry Sandusky sex abuse scandal that rocked Penn State University recently, and the BBC’s poor handling of abuse allegations against the late British TV personality Jimmy Savile as examples of secular institutions brought low by similar issues.

“The thing about predators is that they tend to hide in plain sight,” Gibney said. “You’re seeing it now with Sandusky, you’re seeing it now with Jimmy Savile in Great Britain, and you saw it with Father Murphy in the film.”

Gibney thinks that the public’s stubbornly rosy perceptions of charismatic authority figures, including priests, is a major factor in such scandals.

“They’re often involved in charity or good works,” he said of high-profile abusers. “That seems to give you license to do unbelievable things because people cut you all sorts of slack that they wouldn’t normally do for other people.”

(Editing by Christine Kearney and Richard Chang)

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Novartis’ vaccines business gets chance to prove itself

ZURICH (Reuters) – The European Medicines Agency has thrown Novartis‘ loss-making vaccines business a lifeline by recommending its meningitis B shot for approval, which means the pressure is on to make the product a commercial success.

Novartis paid $ 5.1 billion to gain full control of U.S. vaccine maker Chiron Corp in 2006 in a major bet on vaccines designed to reduce its dependence on prescription drugs ahead of a wave of patent expiries.

But the division has gobbled up research and development cash with little return, making the European backing for its “MenB” vaccine Bexsero a key event.

“(It) will allow breathing space for management that has been under investor pressure to improve the outlook for the sub-scale vaccines division,” said Deutsche Bank analyst Tim Race.

Chief Executive Joseph Jimenez has stood by the division, saying he still believed it could be a “profitable and important part of the company.” But he has also denied that Novartis is “wed” to any of its units.

Diversifying into vaccines looked a good bet, given they are biological medicines that are less exposed to generic competition. Moreover, the world vaccine market is growing and expected reach $ 40 billion by 2015, according to the Centre for Vaccine Ethics and Policy.

But Novartis’ division has struggled to catch up with market leaders GlaxoSmithKline, Sanofi and Merck. It posted a $ 22 million operating loss in the third quarter – the only one of Novartis’ five units to be in the red.

PROBLEM CHILD

“You can say it’s the problem child of Novartis,” said Birgit Kulhoff, a money manager at private bank Rahm & Bodmer in Zurich. “2014 will be the year when they make the ultimate decision about what they’re going to do with the division.”

The European drug agency’s recommendation, which is likely to be formally endorsed early next year, is clearly good news – but it will not automatically translate into sales.

Bexsero’s success hinges on convincing cash-strapped government healthcare systems to add it to their vaccination programs – and that may not be easy, given the fact that MenB disease, while serious, is becoming rarer.

Bernstein analyst Tim Anderson, for example, forecasts 2020 sales of $ 700 million for the vaccine, a far cry from the multi-billion dollar sales potential heralded by some a few years ago.

Novartis’ head of vaccines Andrin Oswald said he was “quite confident” countries which have a high incidence of the disease, like Britain and Ireland, would add Bexsero to their programs, although he downplayed expectations of strong 2013 sales.

“We plan to start selling next year and then we expect the vaccine to start to ramp up nicely over the years,” Andrin Oswald told Reuters in a telephone interview on Friday.

Oswald disputed that there was a deadline hanging over the division, saying the business had come a long way, having already won approval for another meningitis vaccine Menveo and anticipating approval of its cell culture flu vaccine.

“If I look at our pipeline there are other promising products in there. It may take another few more years but I think as long as we deliver and bring good vaccines and innovation to the market we are on the right track.”

Oswald said Novartis was still in discussions with U.S. health regulators, where there was some skepticism about the public health need for a single MenB shot given the low disease incidence at present.

He said Novartis favored a possible combination shot of Bexsero with Menveo. “If the discussions go as we think we may be able to start Phase III (clinical trials) in a reasonable amount of time,” he said.

PROFITABILITY VS GROWTH

Some analysts are skeptical if the division will be able eke out a profit this year after racking up an operating loss of $ 291 million in the first nine months, despite seasonal flu sales.

“The unit barely breaks even on the back of the seasonal flu vaccine only,” said Vontobel analyst Andrew Weiss. “There’s a huge amount of expenses in R&D really in trying to get away from this seasonality and being a rounder business.”

Jefferies analyst Jeffrey Holford says Novartis could create more value if it were to divest the business – which also contains a diagnostics segment – in two separate parts.

A standalone vaccines business could fetch $ 6.3 billion, while disposing of the diagnostics business could bring in a further $ 1.3 billion, he argued in a September research note.

But Oswald said it took time to build up a vaccines business, arguing: “The key priority right now is not to make the business more profitable but to grow it.”

(Editing by Ben Hirschler and Jane Merriman)

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