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.
The availing process of payday loans no faxing is very simple and convenient as compared to other regular loans.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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Eurazeo, owner of the chain of budget hotels B & B wants to sell its stake of 73%, raises interest. Candidates have until Monday to surrender to submit their bids firm, a transaction that may occur in the wake.
For the moment, there are four candidates. According to our information, this investment fund Carlyle, Bridgepoint, LBO France and PAI Partners. Starwood Capital could be added to this list at the last minute. Eurazeo, which had taken control of B & B in 2005 to approximately 380 million euros, expects the deals financed at the top of the range between 450 and 500 million euros.
With 227 hotels (187 in France, 35 Germany, 4 in Italy and one in Poland), B & B is a turnover of 200 million euros this year.
Louis Welsh, president of EADS, is convinced. The decision of the World Trade Organization (WTO), said Wednesday that "illegal" certain EU subsidies paid to Airbus for the A380, "changes nothing" for the A350. "The support for the A350 are not iIn the" scope "(Field, Ed) of the panel that reviewed the complaint of Americans," said Louis Welsh Saturday. He added: "It was explicitly stated that although such aid is not in the" scope ", they were sentenced prior BLES, since the system of repayable advances itself is not contrary to the rules WTO.
Always on the fringes of economic meeting held in Aix-en-Provence, Louis Welsh, assured that Airbus would submit an offer in time with U.S. partners for the bulk tanker contract from the U.S. Air Force. "We have reached an agreement with 200 companies amricaines.The Pentagon must decide to fall on the mega-tanker contract enviton estimated at 35 billion dollars. Airbus and Boeing have until July 9 to finalize their proposals. A decision is expected next fall. "I think the nervousness that manifests Boeing in this case and the propaganda campaign that he led for three or four days shows qu'ls fear that we have a competitive bid on the tanker," said Louis Welsh. Ambiance, atmosphere …
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The draft law reforming the consumer credit which was adopted in late April by the National Assembly must be considered in the Senate Monday on second reading. This text, which transposes into French law the European directive of 23 April 2008 aims to better encadrerla distribution of these credits, advertising and strengthens consumer information to avoid over-indebtedness. "This legislation, once passed, will provide a protective base for consumer credit," says Minister of Economy Christine Lagarde. guard, who hopes that the text be adopted as early as Monday, said her commitment to the Senate on a timetable for implementation "very accurate".
No less than 14 decrees and orders will be four needed for its implementation. Christine Lagarde, wants everyone to be published before the end of the year."I intend that all texts are published by the end of 2010 to ensure that all stakeholders are informed of the publication of texts and measures to implement," said the minister at a press conference. The entry into force of the texts will then be scheduled through May 2011.
Division on the register of credits
The minister promised to create, upon promulgation of the text, the Committee shall deliver foreshadowing, over the next 12 months, a report on the establishment of a national registry of credits, also called positive file. This file would identify all loans taken by the French and could be accessed for each request for new credit.Christine Lagarde has ensured that the committee was established following the enactment of the law shows that it is not "being in time to push for it (the positive file, ie) becomes the Arlesienne."
The principle of this file, however, continues to divide and most consumer groups will remain opposed, citing an infringement of individual liberties and the fear of use of information by credit institutions. .
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"Over-indebtedness: magistrates critical
The banks lend to smaller purchases
European Banks Are they healthy? The question that torments the markets will soon find an answer. Under pressure from Madrid, the results of resistance tests carried out by banking regulators to assess the soundness of institutions will be made public. Paris wants a publication "before the end of July." Christine Lagarde, French Minister of Economy, told Reuters: "I am very positive about this publication. There is nothing worse than the rumors and doubts about the banks. " The Minister is confident, remembering that French banks have so far yielded positive results. These displays of the solvency ratios for the time, satisfactory. In the opposite case, Christine Lagarde said the banks to recapitalize.
Madrid triggers debate
The day before, the Spanish central bank had announced the forthcoming publication of the results of these tests. El Pais had found the ad "unprecedented in the euro area. The Madrid Institute hopes to dispel the doubts now hanging on the strength of its banking sector. The Spanish governor of the Bank believes that the current rumors greatly amplify the difficulties of the Spanish financial industry. He hopes that the markets "are fully aware of the situation in the Spanish banking system."
Banks reluctant
Further to the announcement in Madrid, the German government long reluctant, finally decided to give him the green light too low fee payday loans. But Berlin has yet to convince its banks.German institutions showed far opposed the publication of these results.
Successful tests of Moody's
The European Central Bank will also favors the publication of these tests. In the eyes of the central bank, the operation of transparency is able to reassure the markets. And regulators have reason to be optimistic. Indeed, European banks have recently passed the tests of strength by Moody's. The rating agency has increased the stress tests to thirty European banks from ten countries, and concluded that they have a level of capital sufficient to take further losses.
On the menu of discussions in Brussels
The issue of stress tests for banks will be raised at the EU summit held this Thursday.The Twenty-seven were found initially to discuss "strengthening of fiscal discipline." But the agenda should also focus on Spain, which raises concerns. Some even wondered if Madrid does not seek help from its European partners. A line of credit from 200 to 250 billion euros was raised.
Tens of thousands of trade unionists yesterday converged toward the center of Rome at the invitation of the CGIL, the main federation of workers in Italy (5.5 million members).
Shouting "not only on our shoulders," they denounced the sacrifices imposed by the government of Silvio Berlusconi to reduce the public deficit from 5.3% to 3.9% next year and 2.7% of GDP 2012.
At a rally Piazza del Popolo, Guglielmo Epifani, Secretary General of the CGIL, reiterated that his organization was not opposed to a correction of the accounts of the state. "We reject this maneuver only made budget cuts without structural reforms or measures to support investment, particularly in public education and research," he told Le Figaro before the start of the event."Those who will pay for will mainly employees and the lowest incomes while wealth and annuities will not be affected."
Guglielmo Epifani also calls for a broad mobilization to invite the Parliament, which will begin consideration of the bill next week "to modify" cash advance till payday.
The CGIL has launched on June 25 a word of general strike of four hours in the private sector and the public 24 hours.
For its part, the Democratic Party (PD), the main opposition, has announced a rally against the plan "unfair" in Rome June 19 while magistrates, public sector doctors and world culture multiply protests.
The government plans to freeze wages and hiring in the civil service for two years and 10% reduction in the allocation of ministries and local authorities.No new taxes would be raised and the taxation of financial income would continue to benefit from a preferential rate, but a greater effort would be made against tax evasion.
For the Bank of Italy, the austerity plan could result in a reduction of O, 5% of GDP in 2011/2012 "as a result of compression of consumption and investment." Italy expects a growth of 1% this year and 1.5% in 2011.
For the first time, the United States, Americans will have a smart card (smart card to the French) and "accepted in the world. It Gemalto.
A contract which seems small in relation to the size of the division payment at Gemalto.But "this announcement is very important symbolically," noted analysts at Natixis, surprised that the stock price does not react.
For the group at 1.65 billion euros in turnover in 2009 made his first steps on American soil that could well decide to finally initiate the transition from magnetic stripe cards – which are the subject of a high fraud rates – to adopt smart cards EMV (Europay, MasterCard, Visa) to pay around the world and secure quick payday loan.
For the strategists of Natixis, the bank card market with a microprocessor in the United States has "a potential 1.5 billion cards.
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Energy: one week for the troubled oil
Gravitating around $ 85 last week, oil prices have slowed their rise this week. On the New York Mercantile Exchange, a barrel of light sweet crude for May delivery traded at 84.52 dollars on Monday against a peak of $ 87 on Tuesday of last week. "It comes back to earth, ironic one analyst.
This correction then explained by an increase in inventories of crude reserves in the United States for the tenth straight week. Oil prices continued their decline in the rest of the week despite the fact that the International Atomic Energy Agency (IEA) has again raised its forecast for global oil demand in 2010 of 2% compared to 2009.Investors have been cooled by the analysis of JP Morgan believed that the offer would remain significant because of high inventories of non-members of the Organization of Petroleum Exporting Countries (OPEC).
A wake was held following the publication of positive quarterly results from Intel. The U.S. Agency for Energy Information (EIA) had also announced a surprise drop in crude inventories at 354 million. Since Wednesday, the price has recovered the $ 85. Friday, prices have stabilized around 85.69 dollars per barrel WTI.
Metals: copper, always leading
When China talks about his growth figures, the metals markets are rubbing their hands. Latest macroeconomic figures in Chinese date, the country grew 11.9% yoy in the first quarter. A new whetting the appetite of investors.Remember that China is about 8% growth in 2010.
In markets, copper continued its path toward the summit despite a small reflux (-0.47% over the last 5 days). Friday on the London Metal Exchange (LME), the ton is trading at a consistently high level of 7874 dollars. The goal of $ 8,000 is not far.
Aluminum is also up on the LME, with a gain of 4.30% over 5 days and a high of 2,423 dollars per tonne reached Thursday. A fine performance as the industry giant, the American Alcoa announced Monday that he remained in the red in the first quarter due to special charges related to restructuring. The group was divided into two loss over one year to 201 million dollars.
Nickel is also 8.70% on the week. Ton set a record Thursday at 26,685 dollars on the LME.
Precious Metals: Greece weighs on gold
Gold has had a week sawtooth.The gold shows a decrease of 0.62% over 5 days. Friday, traded 1153.80 dollars per ounce, in a market down by 0.52%. This weakening is due to the rise of the dollar against various currencies worldwide that drives investors to take profits. This weekend, the euro lost 0.3% to an average of 1.3535 dollars amid concerns about the ability of Greece to cope with its crisis. The country has announced its intention to use EU funds to cope with its debt. Gold therefore moves away again from the "peak" predicted by the consulting firm GFMS in its annual report 2010.
The money follows the same path as gold, down from 0.49% to 18.35 dollars per ounce on Friday.The metal still remains above the 18 dollars, a level reached the first time since January last week.
Palladium was trading Friday around $ 540 an ounce on the London Bullion Market (LBM). Prices dropped slightly over the weekend but that does not make the metal more than 6% in 5 days.
Agricultural products in the green
This week has been marked by rising prices for soybeans, corn and wheat on the Chicago futures market. A bushel of wheat climbed Thursday to $ 4.80, allowing a gain of 3.78% over 5 days. Corn was trading at 3.62 dollars per bushel (44.24% in 5 days), while soybeans traded 9.78 dollars per bushel (3.19% in 5 days).
The announcement of a 11.9% growth yoy in the first quarter, China has boosted the morale of investors who expect a steady increase in demand from countries considered major consumers. The news has mostly benefited the soybean: China buys alone 60% of U.S. exports, according to the U.S. Department of Agriculture (USDA).
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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