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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The U.S. stock market should be wary about the direction to take the opening in an atmosphere remained febrile for several major events at the macroeconomic level. The index futures are predicting a slight decrease in opening markets américains.Les future on Standard & Poor's 500 and Nasdaq 100 recoil effect, respectively, from 0.19% to 1108.70 points and 1884.25 points to 0.12%. On Tuesday, the NYSE has closed in a fragmented, divided between publications very positive company like Du Pont chemist, and the downturn in consumer confidence in July. At the end, the Dow Jones gained 0.12% to 10,537.77 points.The S & P 500 is broader, has lost him, 0.11%, to 1113.76 points and the Nasdaq fell 0.36% to 2288.25 points.
On the foreign exchange market, the euro was maintained in the morning to its best levels since two months around $ 1.30.
At the macroeconomic level, the U.S. central bank must now publish its Beige Book on economic conditions. It will be very guarded while the president of the institution, Bernanke said there is just one week before the Congress, the slow recovery, with no announcement of new funding in the economy.But it was the day Friday with the first estimate of gross domestic product (GDP) that will attract the attention of investors.
On the side of values, the telecom equipment maker Broadcom announced yesterday after the close of Wall Street quarterly profit of $ 278 million, against $ 13.4 million last year electronic check payday advance. Turnover was up 54% (+10% sequentially) to $ 1.6 billion.
Note also the biotechnology group Cephalon issued a quarterly profit of $ 89.1 million, well above expectations.
Always on the side of values, the Wall Street Journal, internet group Google is in talks with several video game publishers, in order to enlist their support for setting up a social networking service that would compete with Facebook .Some game publishers approached by Google Playdom be included, a publisher whose Disney announced the acquisition Tuesday, Playfish, bought last year by Electronic Arts, and Zynga, in which Google has already invested, it said.
For its part, the Microsoft IT group has criticized the partnership between Yahoo! Japan and Google, saying it would end the competition in the internet search in Japan and has questioned its "legality".
Also note, the oil company BP will have to "change the culture" after the oil spill in the Gulf of Mexico, said its new CEO, American Bob Dudley, in an interview on ABC.
For Goldman Sachs, which published its investigation on Friday morning, ten of the 91 tested banks will fail. That is to say it does not retain a sufficient level of equity in the event of deteriorating economic conditions.
The success rate would be 89%. According to the study of the American bank, the banks are based in Spain, Germany and Greece, which should raise the more capital, adding that the source of these funds should be half public and half private.
The newspaper El Pais reported in its edition today that part of the 18 Spanish savings banks failed the test of resistance.To believe the consensus reached by Reuters, in Spain, only seven banks have passed the exam, including the largest as Banco Santander, BBVA, Banco Popular, and the "Cajas".
That success expected for French banks
In France, banks found – BNP Paribas, Societe Generale, Credit Agricole and BPCE (Natixis) – should all pass. The analysts and Christine Lagarde have confidence.
Full house expected also for the United Kingdom, examined on HSBC, Barclays, Royal Bank of Scotland and Lloyds Banking Group. In Ireland, Bank of Ireland and Allied Arish Banks also succeed in obtaining good results.Same as in Italy, with Intesa Sanpaolo, UniCredit and Banco Popolare including headlining.
In Germany, a handful of banks should be in a situation of failure, particularly those that are undergoing restructuring.
Failure: it will recapitalize
According to Goldman Sachs, European banks should raise an average total of 37.6 billion euros in fresh capital as a result of these stress tests, whose results are expected Friday at 6:00 p.m., after the close of European stock markets but in full session on Wall Street.
In search of capital, these banks 'risk' may first explore to their shareholders or to tap financial markets easy payday loans. If this is not enough, she can turn to state aid at the national level.Finally, as a last resort, they can "take advantage" of the famous European support plan put in place at the European Union and the International Monetary Fund.
Confidence in the results, distrust Performances
With a success rate approaching that expected of the baccalaureate, the question is what will truly value the conclusions of these stress tests. Experts warn that it would be better to consider the assumptions made when simulating a situation worsened.
"The information currently circulating in banks suggest that the stress test favors disclosure of a satisfactory result compared to a real and solid technical verification," says Pierre-Antoine Dusoulier in a forum.
These data suggest that in fact the test cases would be fairly "light" in particular in the field of defaults on sovereign debt. Assumptions of the macroeconomic developments would also be applied "without knowing it for the moment the link established by the test between GDP growth, unemployment and inflation."
In addition, past forecasts on macroeconomic parameters were simply struck by the actual conditions. In spring 2008, the European Commission expected a growth of 1.7% in 2008 and 1.5% in 2009 for the euro area. Real growth was 0.45% in 2008 and -4.1% in 2009.
Pass the exam stress test is a bit like having your bachelor's degree with an overall average just over 10/20. This is not the best conditions for its future.
Sodexo pushed back to the wall by an elected California. Loretta S?nchez, Democratic member of the House of Representatives, announced on their website have filed an application with the agency responsible for auditing the public accounts in the United States, the Government Accountability Office (GAO). She claimed a GAO investigation into a contract signed between Sodexo, French catering group, and the Marine Corps. This contract of $ 881 million, for a period of eight years, is nearing completion and Sodexo expects to see it renewed for an even larger amount of 4.1 billion.
But Sanchez Loretta has put a spoke in the wheels of the French group. Indeed, the elected Sodexo suspected "of waste and potential health problems" in the power supply on military bases.Loretta Sanchez also refers to a reversal of the restaurant group in the middle of his contract, making the service "less effective than originally promised."
Alarming health reports
In 2001, when Marine Corps decided to reorganize the delivery of food to its bases nationwide to save $ 20 million per year, Sodexo was first in line. The group appealed and won the gold contract through its food production unit based in Tennessee. A center to centralize the production of fresh meals. These are then frozen and shipped to bases across the country. But in July 2007, Sodexo stops the production unit.
This shift comes a month after a recall by the USDA, the U.S. Department of Agriculture, 3,000 chickens potentially contaminated with listeria.In fact the meat had been sent to bases at Camp Pendleton in San Diego.
In addition, public reports of recurring health problems in the production center of Sodexo. Among these reports, 70 are published by USDA and refers to "non-conformities" over a period from December 2005 to September 2009.
Loretta Sanchez, also a member of the Armed Services Committee, therefore demanding a thorough investigation before renewing the contract for a higher amount. "I asked the GAO to investigate. This is part of broader efforts to target waste in government, "she says.
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At the close Tuesday night, the CAC 40 gained 0.49% to 4053, 94 points, while that Wall Street investors were taking a break, despite the confirmation of the retention by the Fed to lower rates , between 0% and 0.25%, and has been d?bembre 2008.
On Wednesday morning, Asian stock markets are moving in the positive. This early morning, the Bank of Japan also announced that it retained its interest rates to 0.1%. The World Bank, East Asian development is driving the global economic recovery, but these countries need reform to enjoy sustained growth. The institution expects an increase of 8.7% of GDP in the area in 2010.
Rich economic news
Side Europe, INSEE and ISAE Ifo and its equivalents, will unveil their outlook for the second quarter of the year.At 11 hours, the GDP of the eurozone in the fourth quarter of 2009 (third estimate). At the same time, will be published the second estimate of the composite PMI services for the month of March, and prices for industrial production.
In the U.S., weekly stocks of crude oil will be reviewed by financial operators. Oil is quite stable in anticipation of these figures, but quickly approached $ 87 in recent days. Investors anticipate a rise in global demand. The Qatari Minister of Energy Abdullah al-Attiyah said Tuesday that it was not necessary to bring OPEC to discuss soaring prices at the highest in a year and a half low rate payday loans.
At 19:30, the Fed chairman, Ben Bernanke, will speak on "Economic Challenges past, present and future.A speech certainly scrutinized closely in the wake of its decision on rates. Any change of address would be taken seriously.
Finally, at 21 hours, the figures on consumer credit in the U.S. in February.
Using concrete for Renault and Daimler
The Franco-Japanese alliance Renault-Nissan and Daimler, the German manufacturer Mercedes and Smart have announced equity cross-holdings of 3.1%, and a broad industrial partnership. The Renault shares surged 3.86% to 36.87 euros at the close yesterday.
Carrefour prepares to leave Portugal, reports Le Figaro. The retailer will start selling the 524 hard discount stores it operates in this country under the banner Minipre?o.Their turnover has reached 915 million euros in 2009.
Rentabiliweb Specialist monetization of online and offline audiences, today announced it won a bidding group France Televisions in order to monetize the sites hearings France Televisions Interactive.
Deinove today launches his bid for the purchase of shares. Offer clot April 20 and the first titles will be on the Paris stock exchange – Alternext – from April 21. The "greentech" hopes to raise from 12 to 15 million euros in the financial markets to fund its research.
Maurel and Prom will publish its annual results after-hours trade.
Workers at the plant Sodimatex Crepy-en-Valois, since Thursday threatening to blow up their factory to demand better severance pay, resumed negotiations with management on Friday, according to their lawyer."The goal is to obtain guarantees on fair negotiations and feasibility of proposals," said Ms. Caroline Substelny journalists, who advises employees.
After half a day of negotiations, the employees had left the roundtable organized at the municipality office, shortly before 20 hours before returning to the factory for a general meeting faxless pay day loans.
Both sides attempt to reach an agreement to improve the starting conditions of the 92 employees, including site closure is scheduled for a year.
The employees demanded such a premium extra-legal dismissal of 21,000 euros, similar to what had affected their colleagues from another plant Sodimatex closed in 2006.
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The mobilization will she go in this Tuesday, two days in a large loss of the right in regional elections? Six unions (CFDT, CGT, FOR, FSU, UNSA, Solidaires) called on employees of public and private to a national day of action aimed at influencing government policy on political and social. At midday, the department estimated 21% share of the striking teachers, estimated at 40% for the SNES-FSU, while 11.45% of the postal employees would have mobilized in the direction. At the station, the strike rate was estimated at 28% by management, and 32% by the CGT. At RATP, it s'l?verait to 14% depending on the direction, the CGT-RATP not yet have figures to communicate. 180 rallies are also planned throughout France.
If it comes shortly after the regional elections, the appointment union had however taken immediately after the Social Summit in February, meeting at the initiative of the Head of State to discuss, among other things, the upcoming construction of the reform pensions. Two main points today crystallize opposition from unions, following a government reshuffle.
• Pensions: major point of contention between the unions and the government, the pension reform was launched at the Social Summit in February. While the dialogue should begin early April, several union leaders have spoken about this on Tuesday, sending a warning to the government. The CFDT leader Francois Ch?r?que has called for a reform that reduces inequality."Of course we must change our pension system, but it does not evolve towards greater social justice, this is again a loss of confidence in politics." Therefore, it could "be the sport at a social level," he warns. Jean-Claude Mailly, secretary general of FP, for his part reiterated on Tuesday his commitment to the LCI retirement at age 60, holding "absurd" the solution of longer working hours to alleviate the funding problems induced by the lengthening of life expectancy no teletrack payday loan . "If we follow this logic, women live longer should work longer," he argued.As for Bernard Thibault, leader of the CGT, he believes "we can not impose reform on accounting criteria exclusively, also challenging the objectivity of the Advisory Committee of pensions. "This appointment will be very difficult to carry," he predicted. Probably heard a speech by the new Labor Minister, Eric Woerth, who insisted on Tuesday on the need to "protect" the current system "an equitable reform.
• Employment: while the unemployment rate back above the 10% in the fourth quarter of 2009, the CFDT called for taking further steps to assist employees affected by the crisis. Pleading for an appeal to partial unemployment, training rather than dismissal, the leader of the CFDT has also called for financial support purchasing power and resources center for sustainable employment.The employees "have the feeling that we no longer speak of their real situation since September. An impression they would have in his Sunday expressed through the ballot box. The government must now "give strong signals, and change of method," he said. A view shared by the leader of the CGT, Bernard Thibault, who on Tuesday urged the convening of a new social summit at the Elysee. The meeting, a time desired by the head of state says he would aim to "take stock of the situation regarding employment, economic and social policy and purchasing power for practical decisions for implementing fast.
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AIG makes another important assignment. Delayed several weeks due to fiscal problems, the giant American Insurance American International Group and MetLife onday announces an agreement under which AIG will sell its branch at MetLife Life Insurance Alico for the equivalent of 15.5 billion, the Wall Street Journal.
The acquisition will be for $ 6.8 billion in cash and approximately 8.7 billion shares in MetLife.
Alico, and the Asian subsidiary of Life Insurance American International Assurance (AIA), had enjoyed a special status, allowing AIG to make these two assets as compensation and thus reduce the debt of the insurer to the Reserve U.S. Federal (Fed), although both companies are still controlled by AIG. This also allowed AIG to prepare these two subsidiaries for sale or an IPO.
At the edge of the termination payment in mid-September 2008, AIG was bailed out by the U.S. government who had to inject over 180 billion dollars in its coffers to keep the group afloat, the government now owns 80%.
AIG will make 32 billion dollars by the Fed
MetLife believes that the acquisition would boost earnings by 45 cents to 55 cents per share by 2011.Analysts expect 2011 operating earnings per share of 4.89 dollars.
With the sale of Alico, and after the agreement last week to sell its Asian branch of life insurance, American International Assurance, for 35.5 billion dollars to the group Prudential, AIG could make the Fed's New York 32 billion in cash in the coming months, if both operations are looped as expected by the end of 2010, says the WSJ.
AIG should also repay 19 billion dollars more in coming years, when he sold his shares in MetLife and Prudential.
The meeting of finance ministers of the G7 in Iqaluit, in Canada's far north, was the occasion for the great silversmiths to see the convergence of their views against banks."We agreed to work together to ensure that financial institutions bear the cost of their contribution to the crisis", stated the host of the meeting, Canada's Jim Flaherty.
Since the end of 2009, projects of exceptional taxation of banks have flourished, in various forms and with different objectives: punitive tax here, contributing to the effort there, insurance premium paid in exchange for the implied warranty given by the States financial institutions or other taxation of bonuses to limit the activities deemed most dangerous … In Britain and France, is a tax on the bonus above 27 500 euros, which was established. In the United States, Barack Obama wants to apply to larger banks a fee to bring 90 billion dollars in ten years.Now, the bond G7 will legitimize future draft taxation.
Meanwhile, the seven finance ministers, according to American Tim Geithner, reaffirmed their commitment to finding "by the end of this year a consensus on new prudential standards that apply to banking. The Ministers again stressed their higher requirements for capital.
Nearly 500 000 per person
Faced with this increased range of governments, banks are beginning for some, to put water in their wine payday loans no teletrack .This determination in policies comes at a time when financial institutions close their accounts in 2009 – boosted by the profits on contracts for some, undermined by the loss of their portfolios of assets and doubtful debts for other . Also in that time that banks put the last comma on the bonus amounts distributed.
Although it became the symbol of a financial world that have returned to practices before the crisis, Goldman Sachs has chosen to keep a low profile. The bank is number one on Wall Street, announced this weekend that its CEO Lloyd Blankfein would affect "only" $ 9 million for 2009, entirely in shares. This bonus is not only less than half that received by his counterpart at JPMorgan, Jamie Dimon, for example.It is particularly small in comparison with wild rumors that had circulated a week ago: there was talk then of 100 million dollars!
In 2009, Goldman has made a net profit of 12.2 billion dollars, the same as that earned in 2007 a record year for finance. Employees at large will share more than 16 billion dollars in bonuses in various forms, about 500 000 dollars per person. But thirty frames the higher will be paid in shares, they can not sell before five years.
The world of microprocessors confirmed Thursday after-hours trade, in a statement, the resumption of its activities, with net income nearly tenfold in the fourth quarter, which allowed him to limit to 17% decline in annual net profit , to 4.369 billion dollars.
The results of the last quarter of the year have exceeded expectations: the group of Santa Clara (California, western United States) posted a net profit of 2.282 billion dollars during the three months ended December 26.
Based on the number of shares and excluding special items (ie without taking into account the $ 1.25 billion paid to settle the prosecution of rival AMD), the benefit amounts to 55 cents, where analysts' s until 30.
Earnings per share annually, to $ 1.17, also exceeded expectations (67 cents expected), as the turnover quarterly and annual: respectively 10.569 billion dollars (+28%, 10.17 billion dollars were expected) and 35.127 billion dollars (-7%, against 34.73 billion expected).
Finally, forecasting sales of the current quarter, between 9.3 and 10.1 billion dollars, should be higher than predicted by analysts (9.35 billion dollars).
The way Intel has won, Thursday, 2.34% at the close of the New York Stock Exchange, after rising nearly 2% Wednesday ..