Archive for August, 2010
Carrefour revives positive accounts. In late June, the retailer announced that it achieved a profit of 67 million euros. Last year at the same time, the result was in the red to the tune of 48 million.
Good performance on the Paris Bourse
For Natixis, these results are no surprise. Same thing for CM-CIC said in his note published Tuesday that operating profit is consistent with the guidance provided in mid-July. Finally, analysts of U.S. bank Citigroup raised their recommendation on the title of French retail group Carrefour to "buy" cons "hold" before.So, Carrefour shares, which are the only ACC 40 to move in the green, gaining 1.07% to 36.49 euros in a market down 1.14%.
Operating income before non-recurring items amounted to 1.096 billion euros, up 7.6%, SPECIFYas release, is better than the expectations of analysts who had forecast a rise of 4% at 1, 05 billion euros.
Carrefour has confirmed its objectives for 2010, aiming an operating profit before non-recurring items of around 3.1 billion euros.Crossroads show in a still difficult solid growth in sales and operating profit before non-recurring items and we are on track to achieve the objectives set as part of our transformation plan, "said Chief Financial Officer Group Pierre Bouchut, during a conference call.
Continuing trend in emerging
We're quite pleased with the sales in July, a little disappointed by sales cons of August, "said Pierre Bouchut yet."The trend in emerging markets remains strong." In the second quarter, Carrefour has benefited from the dynamism of emerging economies to reach a turnover exceeding expectations, nearly 25 billion euros, up 6.3% offsetting a contraction in sales in Europe, mainly France, Belgium, Spain and Italy, as well as in other countries of southern Europe such as Greece and Romania.
The group, which seeks to save 4.5 billion euros over three years to improve its margins, said he also cut costs by 236 million euros in the first half of the year, a target of 500 million for all 2010.
Asked about the Asian assets of the group, Pierre Bouchut has refused to comment on reports about a possible sale of assets Malaysian, Thai and Singaporean group."We do not comment on such rumors," has said the CFO. "Our goal is to build on certain markets and over time, without doubt, take the decision to abandon certain other markets."
According to several sources, Carrefour tries to sell its assets in Malaysia, Thailand and Singapore to focus its efforts on China and India. This could generate some 800 million euros in the French distributor. PTT, Thailand first group in the energy sector, has already expressed interest in taking over the assets in Thailand.
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Washington announced Friday it had cleared the merger between United Airlines and Continental Airlines. The Department of Justice indicated that the two U.S. companies had responded to his objections to their merger, leaving a number of slots for landing and takeoff at Newark International Airport near New York.
Downstream Europe in July
United Airlines, the third American company, Continental Airlines and fourth, had announced in May their intention to merge under the single name of United. The European Union, the guardian of competition in Europe, had already given its approval to the transaction at the end of July. In a statement, Brussels stated that his investigation confirmed the complementarity of the two companies' networks for Transatlantic routes, since they operate hubs in different U.S. cities."So there will be a marginal increase in market share," concluded the European Union. But a refusal of the United States was to be feared, as authorities in 2001 vetoed a previous merger between United Airlines and U.S. Airways on the grounds that it would reduce competition in the transport sector to the detriment of the public.
Fusion 1 October
The U.S. Department said it had closed its investigation as a result of the merger between the two companies, which gives them the field libre.Dans a statement, the two companies said they expected to complete their reconciliation of by 1 October. By marrying, they hope to better withstand the difficulties faced by the industry today, including the rising cost of fuel and competition from low cost airlines.Together they serve 370 destinations in 59 countries, with a combined turnover of 29 billion dollars, a fleet of nearly 700 aircraft and about 87,000 employees worldwide.
Aug
27
Thirty cents per share higher than what was proposed Hewlett-Packard. Dell renews its bid for 3PAR, with a proposal barely exceeds that of his rival, HP. After proposing $ 1.15 billion to buy the U.S. company data storage, Dell has had to increase its offer. Hewlett Packard had submitted a tender surprise on Monday of $ 1.6 billion, or $ 24 per share. Dell has proposed 30 cents more per share.
Takeover bid for all shares 3PAR
If the transaction has yet to receive regulatory approval, the computer maker said in a statement, however it should be finalized before the end of the year. "It should have a positive impact on our earnings before exceptional items from the fiscal year 2012, the company said.Dell now has until Sept. 20 to launch a public offer to acquire all the shares of 3PAR "through a subsidiary that owns 100%," says he needed no fax payday loans.
This acquisition will expand its range of storage products for the cloud computing (cloud computing via the Internet) and support its service activities. "With the acquisition of 3PAR, Dell will have the range of storage products for the broader market," said Dave Johnson, vice president of U.S. computer company, said in the statement. Data storage is the priority of our strategy.
3PAR does not wish to comment on this new offer, stating that it will "soon" on the subject.
Around 4:00 p.m., 3PAR lost 1.53% to 26.35 dollars, while Hewlett-Packard and Dell gained 0.42% respectively to 38.40% and 0.21 dollars to 11.81 dollars in a rising market 0.16%.
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Everything is improving at L'Oreal. The activity is accelerating in its four divisions – professional products, consumer, luxury, and active cosmetics – and in all regions of the world. Operating income rose twice as fast as the turnover and can find a record level of margin, and net profit falls sharply increase.
In detail, while turnover rose 6.3% to 9.67 billion euros in the first half of 2010 – a 13% growth in the Asia-Pacific – the Operating profit climbed 21.4% over the first six months of 2009, to 1.67 billion euros. The operating margin amounted to 17.3% as well. This is well beyond what the consensus expected, with a margin of 15.4% referred. And allowing it to regain its peak level reached in the first half of 2008.In the public sector, the margin rises to 20.4% while in the luxury, it is 28%.
In this context, the net profit of L'Oreal rises 21.2% to 1.316 billion euros. Per share, net income amounted to 2.39 euros, an increase of 15.3%.
Note also that the net debt stood at 1.67 billion euros at June 30, 2010, and is thus reduced from 300 million euros compared to late 2009.The debt ratio amounted to 11.7% of equity.
DG confident
Commenting on these figures, Jean-Paul Agon, CEO of L'Oreal, welcomes the group's strategic choice: "focus on innovations with high value added and affordable price, expansion into new product categories, accelerating the international expansion and investment in proactive ways advertising and promotion and research. "
"These findings fall within the virtuous spiral of growth of the group and confirm the vitality of the business model L'Oreal," he added.
A stock market as attractive
The L'Oréal closed Wednesday at 75.77 euros on the Paris Stock Exchange, posting a decline of 2.9% since the beginning of the year, while the index diversified European consumer goods ahead of 10 5% over the period.At this price level, the Group's market capitalization stood at 45.2 billion euros.
The value of trades on valuation multiples of about 17.5 times its earnings estimates by analysts for 2011, well below the average for the last five years (24.5 times) but considerably higher than the 14.7 overall average in the sector. The chifrfes indicating that L'Oreal shares are not expensive in terms of its performance. Natixis Securities aims, for example 97 euros for a potential increase in value by 28%.
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Nothing like that to go talk with the best of the class to get some good ideas. On Tuesday, French Budget Minister Francois Baroin went to Berlin to meet Wolfgang Schäuble, the German finance minister, but Otto Fricke, a spokesman on budgetary matters of the FDP, the party with which the CDU and CSU have formed a coalition. Up for discussion: the prospects for public finances, the convergence of tax systems and the EU budget.
"A very good news for France"
To say that the budgetary comparison is not in favor of France. So that France should post a deficit in 2010 of 8% of GDP, Germany could be below the 4.5% forecast until now. The German public finances are benefiting from the strong economic recovery.For now, the government of Angela Merkel sticks to hard line: any additional revenue related to growth must not be redistributed as tax cuts, but must be used to reduce the deficit. "There is a consensus in German society about deficit reduction, welcomed Baroin.
One way to be disappointed that this is not the case in France, while the government has decided to be as strict on the surplus revenue? In any case, Baroin wished to emphasize that the dynamism of Germany "is also a very good news for France, because it is our first partner." But no question of imitating unrestrained economic model Germanic."We, we focused our policy on power purchase them on the productivity gains through wage moderation," said the Minister.
Despite their differences, both countries are working to converge their taxes. The site was launched in July by Nicolas Sarkozy, Wolfgang Schäuble when was attending a Council of Ministers in Paris. By late September, the Court of Auditors will issue a preliminary report on the subject. His conclusions will inspire action that will be incorporated when considering the draft budget law to Parliament.
Fight together against the tax leakage
Regarding the tax system, harmonization would be quite happy for the French since Germany has removed the ISF. "But we must see if it is relevant," temperate Baroin.Indeed, both governments are working primarily on other taxes: the ecological tax, VAT and corporation tax (IS). Paris and Berlin in particular want to fight together against the flight tax that allows the development of the Internet. The major manufacturing groups chose to localize their headquarters in a country of the Old Continent as low tax Ireland and arrange to channel all their European business.
In addition, French and German governments want to raise, at European level, the project to harmonize the basis of calculation of corporate tax (IS). Today, each country has different rules for determining taxable income, which confuses the issue.
Finally, Paris and Berlin will work hand in hand for the European budget does not slip.The Brussels Commission initially proposed that the budget of the European Union increased 4.9%. The European Council has succeeded in getting the increase is limited to 2.9%. To meet this objective, Baroin account in addition to the support of London.
Earlier this week hesitant on Asian financial centers. On Monday, stock markets in the region without changing direction. Fears of a slowdown in economic recovery or a return to recession, still occupy the minds of investors. Especially as Wall Street and European stock markets ended the week in the red Friday. In the U.S., operators are torn between optimism for the resumption of mergers and acquisitions and the battery of macroeconomic uncertainty.
In Japan, investors have the prudence of their American counterparts. After opening down 0.10%, the Nikkei has widened its losses during the session (-0.58%) to finish on a decline of 0.68% to 9116.69 points. It is the lowest level of the year. The broader TOPIX, yielded 0.58% to 824.79 points. The vigor of the yen against the dollar is once again pointing the finger. Unsettled, exporters have sealed document.The semiconductor equipment supplier Tokyo Electron, the specialist digital cameras Canon and carmaker Honda Motor lost between 0.53% and 2.52%.
In China, stock markets are even more hesitant. In Hong Kong, the Hang Seng was down 0.36% to 20,905 points while the Shanghai Composite gained 0.13% to 2645 points.
The Korean Kosdaq is at equilibrium (-0.02%), like the Indian Sensex (+0.06%) and the S & P Australia (-0.09%). In Australia, markets are disturbed by the results of parliamentary elections that failed to designate a clear winner.
Absence of major news, the market activity remains very calm. New major macroeconomic indicators are expected in mid-week in the U.S., particularly in the property sector and employment.
Oil climbs
Crude prices were up Monday in Asia on a flat market. In morning trading, a barrel of light sweet crude for October delivery gained 29 cents to 74.11 dollars, while that of Brent North Sea crude for October delivery increased by 21 cents to 74.47 dollars.
This increase ends three consecutive sessions of falling prices. But it remains fragile due to a strengthening dollar.
Suez Environment, specializes in managing water and waste, has published results on Wednesday rose for the first half of 2010. The Group's turnover amounted to 6.59 billion euros, up 12.3% as reported (10.8% at constant exchange rates).
The gross operating income reached 1.042 Moreover billion, an increase of 9.6% as reported and 7.2% excluding currency effects. Net income group share stood at € 386m, up 121%, € 0.79 per share.
The group has raised its targets for the whole year: it expects a turnover higher than that of 2009 (which was $ 12.296 billion euros) of at least 7% at constant exchange rates, cons at least 5% expected in February.It also relies on a gross operating income up 9% minimum at constant exchange rates compared to 2009, against 8% minimum expected end of February.
Free cash flow increased during the semester 30% (excluding non-recurring items in 2009) to 457 million euros. The group hopes to reach over 700 million euros for the whole year. Operating cash flow amounted to 905 million euros, up 9.5%. "The cost optimization program, Compass 2 continues," said CEO Jean-Louis Chaussade in a statement.The group has increased its cash generation and maintains its goal of financial strength.
The CEO of Suez Environment also emphasizes that this semester is marked "by strengthening our strategic positions, including the acquisition of eight companies in the water in France and the finalization of the friendly takeover which Agbar allows Suez Environment to consolidate its bases in Spain and abroad. "
The turnover of the International segment is also in "strong increase" to a constant exchange of +21.9% (+19.9% organic growth) to a € 707m.
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The Agency for State Holdings is undergoing a revolution. The scheduled departure in September of its CEO, Bruno Bezard, economic mission to Beijing, is an opportunity for the state to reassert its role as shareholder. The government Tuesday appointed by the Council of Ministers Jean-Dominique Comolli, former boss of Seita, Commissioner of State Holdings. He will then head the Agency state ownership.
A new title tailored, while the state wants to take over the industrial policy of the companies in which it holds shares now on, the boss of the EPA no longer depend on the Treasury, but will report directly to the Minister of Economy. "We consider that the state must play a role that heritage," says one in the entourage of Christine Lagarde.By appointing one person with a strong political status – the commissioner – "there is also a desire to reorganize things, establish a system that discourages employers from rushing to the Elysee to discuss their small business," says near the record.
The appointment of Jean-Dominique Comolli also fits into "a major change in the role" of state ownership and the EPA, said the report of the Council of Ministers.
As the President announced when the States-General of Industry in March, this development will lead the state "to be at the forefront of driving the vision of its shareholdings and so assert, for undertakings concerned, a strategy of industrial development and economic clear long term. "
Air France, EDF, France Telecom and other Safran now know they only have to behave! Already, Nicolas Sarkozy announced that a director would be appointed representing the state "consistently" next to the Director for the Department of Economics, but now for each company in which the State is a shareholder, a formal meeting between the relevant ministers and leaders will be held each semester – in addition to those that take place informally – "to make a strategic point. More question of discovering projects at the last minute.We remember last January, the invitation to the Elysee the boss of Renault, Carlos Ghosn, who had just unveiled its intention to produce some of the Clio in Turkey IV.
Set to music complicated
The state will also require "regular reviews" on the policy of personnel management, employment, subcontracting, procurement, investment, etc..
Jean-Dominique Comolli will have to partition complex music: establishing a more readable management companies, but does not give the impression of greater interference.The EPA had she not been established in 2004 to remove the political power of corporate management, after a report by Rene Barbier de la Serre, a former banker and is the financial center, had pointed to "the presence Excessive state in the daily management of the company?
Jean-Dominique Comolli "has the perfect profile, make sure there in the ranks of government. The future commissioner, 62, near the famous head of state despite a long career in the offices of the left, knows both the workings of government and enterprise. ENA civil administrator in the Directorate of Budget from 1977 to 1981, he became after election of François Mitterrand to the presidency of the Republic adviser to Laurent Fabius.
In 1986 he was appointed Deputy Director in the Budget, before becoming in 1988 Chief of Staff Michel Charasse Budget.In September 1989 he was appointed head of Customs, before becoming president of Seita, while public group in 1993. He co-chair Altadis after its merger with Tabacalera.
Since 2005, he chaired the Board of Directors of Altadis, since bought by Britain's Imperial Tobacco – which he became vice-chairman of the board of directors in 2008. He held up his new duties on September 15.
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The CAC 40, which surpassed Monday night at the close of 3750 the bar points (3%), takes a breath of fresh air on Tuesday. At the opening, the index coward timidly 0.08% 3744.52 points. In London, the Footsie yields 0.47% to 5371.92 points.
Yesterday, the Paris Bourse has been drawn up by the bank after the better than expected quarterly BNP Paribas. The Paris market should not stop there, according to technical analysis, which brings the index to the assault of 3770 points.
The Paris Bourse is expected to remain broadly in an uptrend on the sessions to come, even if the index corrects a bit on Tuesday.
The program of the Tuesday meeting, noted that prices for industrial production for June in the eurozone will be published at 11:00.American side, the expected numbers today should facilitate the session, including spending at 14.30 and household income, and 16 hours, industrial orders in July and promises of housing sales in June
Meanwhile, the euro remains at its highest in three months against the dollar.The euro rose as optimism in Europe and at the same time, the dollar is falling while stock markets also rose overseas and the appetite for risk grows.
The eyes of Sanofi-Aventis Genzyme
Sanofi-Aventis (-0.56% to 45.15 euros) sent a letter referring to Genzyme's interest in the company, a source close to the deal, adding that the two companies were discussing the offer.
The chemicals group Arkema (4.77% to 36.65 euros, the biggest increase in score) on Tuesday said quarterly earnings improved sharply, saying it made "its best historical performance" since its IPO in 2006 . Quarterly profit was 119 million euros, against a loss of 114 million euros in the second quarter of 2009.Revenues soared 38% to 1.6 billion euros and gross operating profit (EBITDA) reached 241 million, against only 70 million a year earlier.
CNP Assurances (-1.3% to 15.9 euros) announced Monday that it bought back 65% stake in MFPPrévoyance, a subsidiary of MFP Services, a group of specialized mutual insurance officials. This stake will cost 86.5 million euros to the French insurer.
Vallourec (-1.84% to 75.78 euros, the largest decline CAC 40). Credit Suisse cut its rating to "neutral" to "underperform."
Arcelor Mittal has launched $ 2.5 billion of debt in three parts, according to IFR, a subsidiary of Thomson Reuters.
Yellow Pages (-1.4% to 8.48 euros). HSBC cut its rating to "overweight" to "neutral."
General Health (1.18% to 11.62 euros).The former manager of French private clinics and hospitals on Monday published a half-year revenue declined 4.7% to 1 billion euros, which also reported an increase of 8.8% in profit operating income, to 80.4 million.
In an interview with Le Figaro, Benoît Potier, Chairman and CEO of Air Liquide (-0.51% to 88.87 euros), says that the big industries have restructured and fully benefit from the recovery.
The crisis has played a role in accelerating power for China. Faced with the slowdown in traditional engines of the planet are the U.S. and Japan, the People's Republic sees himself propelled to the rank of second largest economy, instead of his neighbor nippon, but still far behind the United States. "China is already the second biggest economy, has said over the weekend Yi Gang, director of the State Administration of Foreign Exchange (SAFE), in charge of foreign exchange controls.
In an interview with the magazine China Reform and accepted by the site of the Safe, Responsible merely formalizes what everybody expected this year. The calculation is done quickly. In late 2009, the gross domestic product (GDP) of Japan 5070 billion was already closely followed by that of China, to 4980 billion.With an expected growth of 9.5% throughout the year and 11.1% in first half against less than 3% for its neighbor, the Middle Kingdom has probably exceeded that of the Rising Sun between April and June And this, ironically, even as the country tries to avoid overheating. Manufacturing production slowed further in July for the second straight month, thanks to measures limiting credit growth and real estate speculation.
The Chinese authorities do not brag with their new status as world's second largest economy, since many challenges remain before inevitably take the top spot in a couple of years, according to the World Bank. "The problem of China's economy is the quality of its growth.Why we must proceed with structural adjustment and transform our business model, "said Yi Gang, referring to the refrain that government consumption has to take over investment and exports as an engine of growth.
The gap will shrink
This ongoing concerns prompt the government to closely monitor all aspects of the economy, starting with the very sensitive political exchange. Referring to the convertibility of the yuan, Yi Gang made it clear that no timetable had been arrested. China becomes the heir of the world economy without having an international currency.
But Beijing is still more to paradoxes, mixing the issues of developing countries with those of a rich country. Imbalances continue to widen between rural and urban, rich and poor.Before he finished his economic metamorphosis, the Middle Kingdom is already old. Today, six active contributors per pensioner, they will be more than two in 2040.
In fifteen years, GDP per capita – U.S. $ 3,600 in 2009 – will probably still not caught up with its rivals, with $ 42,000 for the United States and 37,800 in Japan. But the gap is very narrow. Yi Gang expects Chinese growth between 7% and 8% in the decade ahead.
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