3 sporting goods group has been hit by therecession and said it would slim down the variety of its shoeand apparel offerings and streamline operations. “We plan for business to remain challenging in 2009 and havetherefore decided to implement further measures to align ourcost structure with the current market environment, ensuring aplatform for profitable growth in the future,” said ChiefExecutive Jochen Zeitz. “One hopes that the situation will improve, but one cannotcount on it,” the CEO said. Puma aims to save costs of up to 150 million euros ($201million) in 2011. These restructuring efforts took 110 millioneuros out of its first-quarter earnings before interest and tax(EBIT), leaving just 4 million euros, 97 percent less than lastyear. Puma already booked 25 million euros in restructuringcharges in the fourth quarter to mitigate the impact from theglobal economic downturn, which has also hit rivals Nike(NKE.N), the No 1 sporting goods maker and Adidas (ADSG.DE),No 2. The CEO said in a conference call that he expected nofurther cost-cutting charges in the quarters ahead.

Puma has already cut this year’s investments and is lookinginto closing unprofitable stores, writing down the value ofinventory and renegotiating athletes’ promotion deals. Bankhaus Lampe analyst Christoph Schlienkamp cut Puma to”sell” from “hold”, saying though Puma fared better than itspeers there was a risk Puma might surprise markets negativelywith further restructuring charges. Shares in Puma which have risen about 15 percent this year,fell up to 6.2 percent and were down 5.5 percent at 153.10 eurosby 1230 GMT, underperforming a 1.2 percent gain in Germany’smid-cap index .MDAXI. Puma, owned by French retailer and Gucci owner PPR(PTRP.PA), declined to give a 2009 forecast. However, Zeitz saidhe does not expect a “dramatic” decline in sales He expects togenerate a significant profit this year. The cost cutting programme is expected to show firstpositive effects from 2010. Puma shares trade at about 11.3 times 12-month forecastearnings, at a slight discount to Adidas, which has a multipleof 13.3, according to Thomson Reuters StarMine.

Both trade at a discount to Nike’s multiple of 14.6, whichit earns from its market-leading position. (Reporting by Eva Kuehnen; Editing by Sharon Lindores) ($1=.7462 Euro) Stocks Global Markets. (Reuters) U.S. economy sheds 539,000 jobs in April, jobless rate 8.9 pct; futures hold gains. OTTAWA–(Business Wire)–The national biotechnology association, BIOTECanada, announced their 2009-2010Board of Directors, as appointed during the Annual General Meeting held onFriday May 1, 2009 in Toronto, Ontario.

“The association is pleased to welcome these knowledgeable leaders withrecognized experience in the industry to our board as part of the normal cycleof board membership,” said incoming Chair of the Board, Brad Thompson, President& CEO, Oncolytics Biotech Inc. “We would also like to thank those retiringmembers for their service and dedication to the industry. BIOTECanada`svolunteer Board of Directors is an active group with expertise across allsectors of biotechnology and its members represent both small and largebiotechnology companies in Canada. “Roche Canada has been a strong supporter of BIOTECanada for several years asthe healthcare system has increasingly relied on biologic technology to care forpatients,” said Ronnie Miller, President & CEO, Roche Canada.