A View from the Top: What the CEOs are Saying
Chief executives from around Europe discussed their companies' earnings, opportunities and the challenges they face in 2008 with CNBC Europe Tuesday.
Adecco CEO on "Squawk Box Europe"
"The economic situation is not favorable in 2008, so the target is not possible," Dieter Scheiff, CEO of Adecco told CNBC Europe when his company said it expects revenue growth this year to be below its long-term target of 7-9 percent due to economic uncertainty. "Despite this environment, we are quite optimistic to achieve our target in terms of 5 percent EBITA margin in 2009."
"Acquiring a company is like a marriage. It takes some time and you never know whether you'll succeed," Scheiff said on whether they are actively perusing any bids for companies.
Video: Adecco Beats Earnings Forecasts
Wienerberger CEO on "Squawk Box Europe"
"At the moment we don’t see the effect of any slowdown in credit allowances or in general economic trends (in central and Eastern Europe), and those markets are really pressing on. So I think it’s a bit exaggerated at the moment," Willy van Reit, CEO of Wienerberger told CNBC Europe.
"The US was a bit of a difficult first quarter. We saw sales dropping more than expected … we do not see a lift in results in the US in this year. The market will remain subdued, probably until mid 2009."
Video: Wienerberger CEO on Outlook
Randgold Resources CEO on "Squawk Box Europe"
"One thing we’re looking for is when the oil price going to de-couple from the gold price, that’s when we’re really going to start making money," Mark Bristow, CEO of Randgold Resources said.
"I think that a lot of the oil price is carry trade … politicians are increasing money supply, where does it go? It’s definitely not going to go to the banks. We’d like to see more of it going into gold."
Video: Randgold Resources CEO on Earnings
Kanaly Trust Company President & CEO on "Worldwide Exchange"
"The steady drum beat off on the horizon is the inflationary pressures growing. The signal last week by the Federal Reserve here in the states of what might be a final rate cut seem to be indicative that pricing pressures and inflation pressures are coming to bear," David Doll, president & CEO of Kanaly Trust Company told CNBC Europe.
"One of the things that certainly has to take place in the quarters ahead is for earnings estimates here in the states have to get more realistic."
Video: Kanaly Trust Company CEO on Inflationary Pressures