In Brief

Macau gaming revenues grow 40 percent in September

Macau's gaming revenues grew 40 percent during September with the region's casinos taking in more than $1.8 billion.

Data supplied by Macau's Gaming Inspection and Coordination Bureau show September's revenues grew at the same rate as in August.

Between January and September, Macau's gaming revenues are up 60 percent compared with the same nine months of 2009.

Analysts said casinos operated by Stanley Ho's SJM controlled about 31 percent of the revenue market while the three casinos run by Las Vegas Sands Corp. earned some 19 percent of the revenues. Wynn Resorts Ltd. had about 12 percent of the revenues while MGM Resorts International earned nearly 10 percent.

WASHINGTON

Commercial-aircraft demand wanes, factory orders decline

Orders to U.S. factories fell in August, reflecting a big drop in demand for commercial aircraft. But outside of the volatile transportation sector, orders rose for the first time since March.

Factory orders fell 0.5 percent in August, the third drop in the past four months, the Commerce Department said Monday. Orders had been up 0.4 percent in July.

Meanwhile, a real estate trade group reported that the number of people who signed contracts to buy homes rose in August for the second straight month but remained far below last year's pace.

The National Association of Realtors said that its index of sales agreements for previously occupied homes rose 4.3 percent to a reading of 82.3 in August. That's still more than 20 percent below the pace in the same month a year ago.

Taken together, the new reports on manufacturing and housing were viewed as further evidence that the economy is continuing to plod along at a modest pace.

PARIS

Sanofi-Aventis launches hostile takeover bid for Genzyme

France's Sanofi-Aventis on Monday launched an $18.5 billion hostile takeover attempt for Genzyme Corp., escalating the battle after the U.S. biotech company's management twice rejected its offer.

At $69 per share, it's the same as the friendly bid Paris-based Sanofi-Aventis offered for Genzyme privately in July and publicly in August. Genzyme rejected the offer both times.

Genzyme, based in Cambridge, Mass., urged shareholders Monday to take no action, saying in a statement that its board would review the offer, together with its independent consultants, and advise shareholders within 10 business days.

Chris Viehbacher, Sanofi's chief executive, told analysts and reporters during conference calls he went straight to shareholders because Genzyme management "refused to engage in constructive discussions" despite several attempts by his company.

The acquisition could "unlock value for both sets of shareholders, so I think it would be a real shame to walk away," Viehbacher said, "but again all options are on the table."

SAN FRANCISCO

Co-founder of Twitter steps aside after two-year stint

Twitter Inc., the Internet service for short messages, is developing a penchant for keeping its CEOs' tenures relatively brief, too.

Evan Williams on Monday became the second Twitter co-founder to step aside after a two-year stint, making way for a colleague considered to be better suited for steering the next phase of the company's rapid growth.

Known simply as @Ev on Twitter, Williams intends to focus on product development while continuing to work for the company.

The change in command at the privately held company turns over Twitter's leadership to Dick Costolo, an early investor who was hired as chief operating officer a year ago.

Since Costolo's arrival, Twitter has moved into larger offices in San Francisco to accommodate a payroll that has swelled from a few dozen people to about 300 employees.

CHICAGO

Pending home sales rise but remain below last year's pace

The number of people who signed contracts to buy homes rose in August for the second straight month but remained far below last year's pace.

The weak economy and fears that prices will fall are keeping many consumers away from the housing market.

The National Association of Realtors said Monday that its seasonally adjusted index of sales agreements for previously occupied homes rose 4.3 percent to a reading of 82.3. That's still more than 20 percent below the pace in the same month a year earlier.

Economists surveyed by Thomson Reuters had expected the index would rise to 81.4.

The index provides an early measurement of sales activity because there is usually a one- to two-month lag between a sales contract and a completed deal.

A reading of 100 indicates the average level of sales activity in 2001, when the index started. The reading was above that threshold from March 2003 through April 2007.

It sank during the recession, only to surge above 100 a year ago when the government first offered tax incentives to spur sales. When the credits expired in April, the index sank.