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 action is primarily supported by a first good news: Deutsche Bank has increased the purchase on Carrefour after recommending to keep it.

Furthermore, although the information has not yet been confirmed by Carrefour does not wish to comment, the group would begin selling its operations in Thailand (550 million euros turnover in 2009 ), Malaysia (300 million euros of turnover) and Singapore (80 million euros of turnover), according to Reuters."I would not reconsider our position on a number of emerging markets where the potential is not important," said Lars Olofsson, Executive Director of Carrefour, Le Figaro last January. These transfers could bring him some 800 million euros.

"Carrefour has too dispersed"

"These operations will confirm Carrefour to focus on China (3.5 billion euros in turnover in the first quarter of 2010, Ed), Taiwan (1.3 billion euros of turnover) or Indonesia (800 million euros of turnover), "said an analyst of CM-CIC Securities specialist value. He added: "These markets like Mexico, Chile, Japan, South Korea or Switzerland, which Carrefour has withdrawn, were either uninteresting or markets where the group has rapidly exceeded by its competitors. Carrefour was too dispersed.

Carrefour has been working with Goldman Sachs and UBS on the transaction that could sucsciter interest of private equity investment, according to the evolution of debt markets and mergers and acquisitions, or other distributors within Asia, as Tesco and Casino, according to the analyst.

Carrefour wants to "re-enchant the hyper"

More good news for the guys who did not wish to comment: As part of its "hyper-enchantment" Carrefour should delegate its rays to Virgin Music, the magazine Challenges. By outsourcing this department to a specialist, the group hopes to attract more young people into its stores. A first test will be done in the store Venissieux. And if successful, the contract could be extended to 238 Carrefour hypermarkets, and cover all rays non-food, whose sales have fallen 5% in 2009.

Friday, Carrefour officalisé restructuring its activities in Belgium. After months of negotiations, the group has signed a social agreement providing for the closure of sixteen stores deficit, while strengthening its partnership with Mestdagh. The reduction of labor costs Carrefour Belgium, it would save about 25 million euros per year. For the analyst of CM-CIC Securities, this restructuring plan is a "good news" because it will help give a boost to sales of the group in Belgium.

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Other major European markets have also hoisted the green flag.In Frankfurt, the Dax gained 1.23%, and London was awarded the Footsie 1.16%.

The markets were boosted by a salvo of indicators better than expected in Europe and the United States.

The Paris Bourse, which opened up substantially has continued to evolve in green, buoyed by an encouraging indicator for growth in the private sector in the euro area.

In the United States, on the eve of the announcement of monthly statistics of unemployment, investors focused their attention on "indicators from the employment market.

Positive signs

The firm ADP, which always reveals its figures a step ahead of the official statistics, said that the private sector in May had aligned his fourth consecutive month of net job creation (55 000).More good news, the number of jobs created in April was revised up significantly with 65,000 jobs, nearly double the previous estimate of ADP.

And, for analysts, the number of jobs created Department of Labor to be released Friday should be even higher because it also includes jobs in the public sector has massively hired for the decennial census. In recent days, signs of U.S. economic recovery are multiplying. The day before, real estate, which is closely watched by analysts had sent further signs of recovery.

In Paris, the mood swing advantage in priority areas identified as cyclical resource stocks and cars that were driving the increase, the image of Peugeot and Vallourec.

Elsewhere, markets are also oriented substantially in the red. London losing more than 2.61%, 3.28% loose Madrid.The Dax in Frankfurt has finally sold 2.73% to 6159.51 points and the FTSE in London, 2.61%, to 5603.52 points.

The outbreak, imperious Plan aid to Greece remains suspended to the new requirements of German thoroughness. The 10-year rate that Athens can refinance markets have exceeded 9.6%. Athex, the Athens Stock Exchange finished in fall of 6%. The markets clearly fear a default if the country does not receive in time, by May 19, the money promised by the EU and the IMF.

A contagion feared

Fears of contagion to other countries in the euro area patients deficits have magnified the nervousness of the markets.

Everywhere, banking stocks weighed on the trend, banks are most exposed in case of default of payment of Greece.

In Paris, BNP Paribas lost 7% in closing, Credit Agricole and Societe Generale 6.42% 6.02%.

Other sources of uncertainty for the sector: Accused of fraud, the bosses at Goldman Sachs on Tuesday defended before the U.S. Senate, which has also defer consideration of the proposed reform of financial regulation.

Meanwhile, "similar problems (to those of Greece), but at a different level are met by other countries," warned the Vice-President of the European Central Bank, Greek Lucas Papademos. This risk is probably overshadowed the macroeconomic data and solid corporate earnings released in Europe (BP, Deutsche Bank and Electrolux) as the U.S. (3M, Dupont, Ford, UPS and U.S. Steel have better than expected.).In New York, tenacious optimism, however, the Dow Jones yielding 1.13% after the closure of Paris. Greece weighed, despite two U.S. indicators able to offset profit-taking and uncertainty: if house prices in February will have recovered only 0.6% a year against 1.3% expected, the confidence index April's consumer, however, rose more than expected, the highest since September 2008.

"To say that cheaper products are necessarily of lower quality nutrition is unfounded," acknowledged for the first time, food manufacturers and retailers together in this independent advisory body.

Except

In an opinion adopted on Tuesday, the NAC is committed to inform consumers that "exceptions" and contrary to popular belief, food cheapest are not fatter or sweeter than the others.

The mission of the Working Group of the NAC, which was compiled and included eight studies conducted by consumer associations or research organizations, related only to the protein, carbohydrates and lipids but not on the quality of nutrients or substances first used online cash advance. For example, the NAC does not distinguish between fat from palm oil or rapeseed oil. But it recommends that such studies be conducted.The Board regrets that the media "explain obesity more common in disadvantaged by too high energy density foods first price compared to those of branded foods.

If poor children are more prone to obesity, not because they eat chips first prize instead of crisps brand but because they use chips to snack rather than a plain yogurt, writing including the NAC. The Board also considers possible to comply with dietary recommendations from 3.50 euros per day per person "in selecting foods (fresh or industrial Ed) in the lower part of the price range.

Europeans will have to get used to the new face of Germany submitted to Brussels by Angela Merkel. Beyond the contingencies of domestic politics that fueled the intransigence of the Chancellor, asserted in a country at peace with both his past and uninhibited. Thursday, commentators congratulated themselves that Germanic Merkel has imposed its harsh conditions to rescue Greece. Bonn was the capital of Germany modest listening to its neighbors and allies. Berlin has become the standard of a country, focusing on their interests. It took twenty years to complete its moult.

"Never the cash drawer of Europe, welcomed on Thursday, the tabloid Bild, rejoicing that the EU will" break your teeth "on his" Iron Chancellor ".Germany post Third Reich was found in the European project in which positive invest.

Domestically, the social market economy was to protect against the resurrection of his old demons. Internationally, she played the card of modesty and reliability: Bonn merely a seat and do not skimp on the checkbook.

To Konrad Adenauer, Helmut Schmidt and Helmut Kohl, great "European chancellors, the Franco-German friendship was both a guarantee of peace for Europe and a way to reintegrate the country into the community of nations. "Meanwhile the role of government within the EU has changed," says Vice-President of German Parliament, Silvana Koch-Mehrin (FDP) low fee payday advance !!!???!!!?? ?!!!. The EU was enlarged and the checkbook German shrunk.We can not get rid of conflict by using German money as before. "

Germany, which erodes wages to boost its exports worries its neighbors. In Brussels, the Chancellor who wants to impose its financial orthodoxy by being applauded by the media in Germany. "Who are the best Europeans?" Questioned Thursday's Frankfurter Allgemeine Zeitung. "Certainly not those who go against EU rules, are willing to provide aid to Greece in the short term. Because the long term they also undermine the stability of the euro, encouraging other countries to conduct an unhealthy financial policy without fear of consequences. "

Angela Merkel is a continuation of his Social Democrat predecessor, Gerhard Schr?der, who had first felt the need to "normalization" of the Germans and had dared "decomplex" his country.It also folds to a reality imposed by the Constitutional Court in Karlsruhe. On June 30 last, the eight judges of the German institution had buried the European integration conditionally ratifying the Treaty of Lisbon.

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So far, Brussels accused of using the EDF length and conditions of its contracts to prevent its large industrial customers in France to turn to other suppliers of electricity. According to the European Commission, these customers would be about one thousand in France. These are companies consuming more than 7 GWh per year.

To complete the survey, EDF has made proposals in early November to unlock its long-term contracts with large industrial customers.The group pledged to open up each year 65% average volume of electricity it provides, limiting its contracts to five years and to offer its customers who want a non-exclusive contract, allowing them to provide in part from another supplier. These measures are valid for ten years, unless the market share of EDF falls below 40% for two consecutive years.

In the process, EDF has also agreed, again for a period of ten years, removing restrictions to date resale by its customers for electricity that they provide guaranteed payday loans !!!?? ?!!!???!!!.

Problems solved

After consulting with other market players, Brussels said that these proposals "would resolve the competition concerns identified.This "represents an important step towards the effective liberalization of markets of the French electricity major benefit of consumers and, by extension, the whole economy," according to the Competition Commissioner Joaquin Almunia.

Guarantees have been provided for that EDF can not circumvent its commitments. It will include submitting annual reports to Brussels and the French regulator's energy sector, the CRE. One false step, the giant electricity is exposed again to the fine.

EDF is not the first group to make concessions to avoid the record fines from Brussels.The U.S. computer giant Microsoft has already shown the way late December 2009, agreeing to provide European users with a choice of internet browser to its Windows operating system, which was previously exclusively bundled with the browser: Internet Explorer.

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Result, the group reported a turnover period of 292 million euros against 326.4 million euros over the last three months of last year. The average expenditure of visitors, however, is stable, thanks to its pricing and promotional strategies.

"The decline in attendance at theme parks reflects a decrease in the number of English and French visitors," explains Philippe Gas, the president of Euro Disney."In the first quarter of fiscal 2009, the economic crisis had not yet fully impacted our revenues, mainly because visitors reserved well in advance of the dates of their visit," says the boss, stressing further that "now visitors reserve later while seeking promotions.

The group, which does not provide a quantitative forecast for 2010 indicates that it plans to launch three new attractions this summer, inspired by the movie Toy Story, Disney-Pixar. The group says the activity will take color "when the economic environment will give signs of improvement."

Title Euro Disney operates in negative terrain on Tuesday, down from 2.74% to 4.6 euros, about 11 hours, giving a market capitalization of just under 180 million euros.

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Industrial production rose by 16.1% over the same period last year, against 13.9% in September. This is its biggest gain in a year and a half. Retail sales have, in turn, increased by 16.2% in the first ten months of the year, compared with an increase of 15.5% for the period January to September.

The trade balance has in turn recorded a balance of $ 24 billion or 11 billion more than the month before. This is an unexpected decline in imports by 6.4%, which largely explains this result.Exports, meanwhile, have slowed their little dip, down only 13.8% in October against a decline of 15.2% in September. These figures suggest now a recovery in foreign orders.

Know when to stop the infusion

Given all these positive signs, economists expect this to increase in China's GDP exceeds 8% for the full year 2009. But everyone is asking at the same time the question of a proper balancing of growth. "If you look at the figures for October, it seems that there is a trend in consumption that would further contribute to growth.And this should be confirmed in the fourth quarter, "says confidently, Sheng Laiyun, spokesman of the NBS.

China has most of his return to his recovery plan to 450 billion euro, launched a year ago to invest heavily in infrastructure.

And if the fixed investment has also continued to increase, from 33.1% in the first ten months of the year, it mainly benefits large public works (+ 76.3%), while investment in private projects fell by 12.9%.

The question now is to know when to stop the infusion. Some leaders expressed their fear that a sudden withdrawal of credit facilities, which boosted the plant workshop of the world. Chinese banks have lent 1 100 billion since the beginning of the year.Even if they have paid half in October than in September, the economy can not do without this liquidity.

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13,000 claims in 2009

In addition, the mediator of energy is overwhelmed by the claims: 13,000 in 2009, a tenfold increase over 2008! Rates opaque, or billing errors in the meter are the problems most often encountered by consumers. Hence the interest to compare this development which was attended by most energy suppliers at the national level: besides the two heavyweights EDF and GDF Suez, six other energy providers nationally have said yes to proposed: Direct Energy, Planet Yes, Poweo, Alterna, GEG Source of Energy and Altergaz. Only Enercoop declined the offer, saying that this tool does not put enough value in the specificity of its offer, according to the Ombudsman's services.

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