Affected by the crisis of the disc labels would they even dream? Two months after the sale of Warner Music Edgar Bronfman Jr., the prospective takeover of the major U.S. seem to shake the door of the bank Goldman Sachs.
Live Nation, the giant concert organization, claiming to be the last time, revealed the Wall Street Journal and the New York Post on Friday. It is well to mark the seventh interest in Warner, after BMG Music Publishing, Sony, the investment fund of billionaire Poju Zabludowicz Tamaris, the fund's billionaire Russian-American Len Blavatnik, the fund Yucaipa Ron Burkle, Platinum Equity or Permira.
But Live Nation has very different interests of the latter.While it is primarily the catalog of Warner Chappell, and revenue from the exploitation of rights, which attracted investors such as BMG, Turner lurks on the production activity of the recorded music major.
The latter would, in effect, expand Live Nation offer, which already covers much of the music profession. Organizer of 20,000 concerts a year, Live Nation has gained a foothold in the ticket purchasing Ticketmaster last year. The group also controls the company Front Line, which specializes in artist management. Live Nation has, moreover, of working in merchandising and merchandising cashadvance. Finally, via Live Nation Network, Turner also holds agreements between brands and artists.
Sales erode
All these activities play an increasing role in the artists' income, while sales of recorded music are being eroded.The acquisition of Warner Music at Live Nation would get their hands on the activity of recorded music. Less profitable, it remains a precondition to sell tickets for concerts, tours, T-shirts and management contracts. But the operation could thus face a denial of competition authorities. The shareholders of Warner Music could therefore be tempted by an offer of a simple competitive standpoint.
Another uncertainty, the financial position of Live Nation. The group posted a record loss of $ 228 million in 2010. The group has 165 million of free cash flow. According to the Financial Times, Live Nation could lean group Liberty Media, which owns 20% of Live Nation, to submit an offer.
All activities Warner (production and editing) is now valued at between 2.2 and 2.5 billion dollars.A price likely to decline while the major EMI, fell into the hands of his creditor, the bank Citigroup, should be placed on the market soon.
Mar
23
After two lean years, chemical production in France is recovering. Between price increases – about 5% – and the rebound volumes (+10.8%), the turnover of the sector in 2010 grew 14% to $ 77, 1 billion euros. First industry affected by the crisis, the Chemistry is also one of the first to emerge. French chemistry has benefited last year from "improving global economic conditions" and bounce "in the industry, especially with the end of destocking and the return of the application, said Olivier Homolle, President Union Chemical Industries (UIC).
Some sectors such as soaps, perfumes and cleaning products have benefited more than others, including organic chemistry, rather breathless last year.But the movement should continue at a slower pace of around 3% in 2011, provides for the UIC.
Back acquisitions
The recovery is also evident in terms of margins. "They benefited last year cost reductions generated by the severe crisis and back to rising raw materials," says Peter Gadrat, director of chemistry and metals within the consultancy Alcimed. Enough to allow chemical manufacturers to raise cash and to engage in acquisitions. After a series of acquisitions announced since October – activities resin Total Arkema for 550 million euros, Chinese Feixang Rhodia Chemicals ($ 489 million) – the movement is probably far from over.
"The chemical industry is still very fragmented.The approximately behemoths – BASF leads the game with a turnover of 63.8 billion euros represent little in a sector that weighed 1.87 trillion euros in 2009, "said Pierre Gadrat. Future operations should be fairly targeted medium. Because "chemists have money but not an urgent need for new growth."
Two strategic
The companies focus on two strategic axes. They seek to increase their presence in growth sectors such as food and health, the image of the American DuPont announced in December the acquisition of Danish Danisco for $ 6.3 billion. The industrial sector also intend to strengthen in emerging markets. "There are huge needs in basic chemistry in Asia, particularly in polymers," says Edward Croufer, director of global chemical with the firm Arthur D Little.This should change the mapping of the major players. Edward Croufer expects that by 2015, the world leader should return to Saudi Sabic, along with German BASF and India's Reliance.
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Always fans of humor and entertainment, the French have been especially sensitive to self-deprecating humor in advertising in 2010. The winners of the pub, presented Thursday by the Ipsos institute, is a perfect illustration. Of the twenty campaigns on television and billboards acclaimed by the French, most skillfully combines these different registers.
In parodying the advertising codes, the second series of spot-Orangina that puts particular scene wildlife Flush armpits or hair from more offbeat fruit juice-both amuses, entertains and desecrates consumption. The cocktail is perfect. It is signed in this saga of the agency Fred & Farid the top of the podium in television.To establish his record, Ipsos combines scores for approval and allocation (ability to correctly assign the viewer mark in advertising or on television, he cites an inherent feature of the spot).
Same jurisdiction of the dispute and / or self-deprecating campaigns also acclaimed for the small screen, like the Leclerc (signed Australia) which promotes the toothpaste without packaging by a blonde not so fair as that, or that of PMU-produced by Publicis Conseil, who announced his arrival in Paris by inviting athletes jockeys to sing their anthem on horseback at football or rugby. A new version of the campaign, always playful with jockeys, starts this Friday on TV.
"More than ever, people are wary of all forms of authority, decrypts Marie-Odile Duflo, CEO of Ipsos ASI.Discredit the authorities, exacerbated by revolts in Arab countries or the revelations of Wikileaks, leading consumers to regain control, even indirectly. "The ad is in that sense more attractive than another.
Breaking with boredom
On display to grab the attention and ensure proper storage, nothing beats the winks. Like the declination of the campaign "Come as You Are" McDonald's, which incorporates the traditional last box of Asterix albums to divert the feast of indomitable Gauls in a McDonalds restaurant. Increasingly integrated into the landscape hexagonal image of American fast food, a symbol of globalization, improved spell. This subtle approach had already been distinguished by the professionals at Crystal last Festival. It is the agency BETC Euro RSCG to be crowned in this category.The award winners also display the constancy of Trésor by Lancôme to celebrate the eternal feminine (Penélope Cruz signed with campaign Higher + Higher) or the invitation of Coca-Cola to project ourselves into his factory to happiness (Ogilvy & Mather). "Basically, the ads should be entertaining, said Vincent Leclabart, president of the agency Australia, winning four times in the TV awards, including Bonduelle, Leclerc and CIC, which all use the spring comedy. 80% of French people are not interested in the pub, which they regard as a source of trouble, according to the latest survey from TNS Advertising & Society. "
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"The launch on the stock market is the best way to ensure the future of the team and its 450 employees," said Chairman Williams, Adam Parr, a month ago. After the departure of its sponsors RBS, Philips or AirAsia, the Williams Formula 1 team is in serious financial trouble. She lost about 40 million euros in sponsorship revenue, nearly offset by the arrival of PDVSA, a Venezuelan oil company to the tune of 33 million. A sponsor of the new Williams driver Venezuelan Pastor Maldonado has taken in his luggage.
Thus Williams on Wednesday became the first Formula 1 team to go public. It plans to offer for sale at the Frankfurt Stock Exchange 27.39% stake, equivalent to 2.7 million shares at a price between 24 and 29 euros.Williams and reap between 65 and 78 million, part of which (80%) will go to Patrick Head.
Patrick Head on the start, Frank Williams worries
While thinking of retiring, the head of engineering at Williams has indeed confirmed it would sell its share of … 27% stake in the team, but it will retain a 5% . Frank Williams will remain the majority shareholder (he currently owns 63% of the capital, the remaining 10% being held by the investor Austrian Christian Wolff). A dual listing does not fail to raise questions with investors.
The departure of Patrick Head should have a significant impact on athletic performance of the team who are already more than disappointing. Since the 2002-2003 season, Williams is never back on the podium of the best manufacturers. Not the most reassuring for investors.
Another concern: the health of the co-founder Frank Williams team. "Would it not be wiser to transfer the revenues generated by the IPO in the team?" Asks one analyst finance expert of the Formula 1. Chairman Williams spoke of the Exchange as "the best way to ensure the future of the team," but is ultimately the best solution? "It should not investors believe that Williams is unable to generate revenue outside of the Exchange. As I see it – Patrick Head close to retirement, health status of Frank Williams disturbing – this is more like an exit strategy, "says the analyst. In other words, the majority shareholder of the British team could sell a large portion of its shares to a large investor.
Ferrari will not imitate Williams
Anyway nothing seems to have deterred the leaders of Williams to perform this "operation survival". Neither the economic crisis: "Despite the economic environment of recent years we have maintained a positive cash flow for the years 2008, 2009 and 2010 and our budget is fully insured for 2011," says Frank Williams. Neither the cancellation of the race in Bahrain, the stock market is very sensitive to geopolitical context. "The arrival of Williams on the market is very interesting and I'm sure it's an operation that will be closely watched by potential investors as well as other teams like Ferrari, who are ready for a great interest entry Stock Exchange of its F1 team in the future, "said one trader in Frankfurt.
If the Italian team welcomed this "positive introduction," it will not imitate Williams."There is no project (IPO) for Ferrari. Maybe three, four or five years. But nothing for now and perhaps never, "said the president of Ferrara, Luca di Montezemolo.
Caution remains the watchword in the Paris Bourse, after a session that saw the CAC 40 reconnect with 4100 points. At the midpoint, the benchmark index in Paris lost 0.18% to 4103.69 points. Same caution on other stock exchanges: the Dax in Frankfurt Exchange hesitates around equilibrium (-0.05%) to 7319.70 points while the London Stock Exchange down 0.37% at 6069.07 points .
Wednesday starts a new effect by chilling on Japan. Archipelago, which said in January ready to buy European debt, must itself facing a worrying situation Sovereign has earned her the remonstrances of the International Monetary Fund (IMF). The Deputy Director General of the organization, Naoyuki Shinohara, said that "the outstanding debt and budget deficits in Japan are not sustainable over the medium and long term" and that this "will lead to problems."In Asia this morning, traders were concerned call to order in addition to the announcement on Tuesday of an increase in Chinese interest rates.
This tense situation is also part of the background of increased tension in Egypt. The events of Tuesday, Tahrir Square in Cairo would be the largest since the start of the protest movement. This situation is also up crude prices in morning trading. A barrel of light sweet crude for March delivery gained 55 cents to 87.49 dollars while that of Brent North Sea with identical maturity took 29 cents to 100.21 dollars.
Still on macroeconomic, the day promises quiet side indicator.The trade surplus in Germany rose more than expected in December, to 14 billion euros, thanks in particular to an unexpected decline in imports (-2.3% CVS) announced Wednesday the Federal Office of Statistics.
Markets await the weekly report on petroleum inventories in the United States. And, this being the oil prices were moving upward in early Wednesday during European trading, supported by the intensification of protest in Egypt, but the historical gap between Brent and WTI continued to widen. Around 24:00 in Paris, a barrel of Brent North Sea crude for March delivery traded at 100.60 dollars on the InterContinental Exchange (ICE) in London, up 68 cents from the close of Tuesday. In electronic trading of the New York Mercantile Exchange (Nymex), a barrel of light sweet crude (WTI) for the same period gained 40 cents to 87.34 dollars.On the currency markets, the euro remained slightly higher against the dollar Wednesday after good numbers of German foreign trade. About 11:00 am in Paris, the euro bought 1.3643 dollars against 1.3621 dollars late Tuesday.
Burst of publication
The ball continued publication of both sides of the Atlantic. Several companies and should be enclosed:
Euro Disney: + 24.24% to 6.56 euros
Euro Disney flew off the track this Wednesday at the Paris Stock Exchange and over 2% stake in the group had already changed hands, after the publication of good results for French and its parent company Walt Disney.
Peugeot: -3.33% to 30.18 euros
The manufacturer has reported a 2010 net profit of 1.13 billion euros against 1.16 billion loss in 2009. The annual turnover is up 15.8% to 56.06 billion euros.These figures are above expectations.
Renault lost 1.81% to 48.50 euros. The group holds a board of directors today and tomorrow publish its accounts, should respond.
Michelin: -0.38% to 56.98 euros
The French tire maker announced a general increase in prices of its products sold in Europe, up 7.5% to pass the higher cost of rubber prices and its other raw materials.
Sanofi-Aventis: -1.97% to 50.13 euros
The group announced Wednesday that its earnings per share from operations in 2011 would be less than 5% to 10% than 2010, but said that this forecast did not include "the possible acquisition of Genzyme."Under the fourth quarter of 2010, Sanofi announced a net profit of 1.838 billion euros.
EDF Energies Nouvelles: + 1.74% to 32.37 euros
The group published a 2010 Ebitda rose 36.2% to 455.1 million euros, and said cover at least 560 million of EBITDA in 2011.He also announced the signing of an agreement to acquire the share of Renewable Energy Systems Canada in Saint-Laurent Energies, and climb as well, through its Canadian subsidiary, 100% stake in the target.
GDF Suez: + 0.80% to 29.50 euros
Suez Environnement, a subsidiary of GDF Suez specializes in managing water and waste, has published a 2010 net profit up 40.1% to 565 million euros for a turnover up 12, 8% to 13.9 billion euros.
Boursorama: -2.72% to 8.23 euros
The group announced that its net income group share was around 7 million euros in 2010 after being affected by an impairment charge of EUR 30 million related to the acquisition of OnVista.
Hermes: -0.66% to 151.30 euros
The luxury group saw growth in January sales of watches worn by the Chinese New Year, surpassed the 30% increase that the division was known throughout 2010, said Tuesday in an interview with Luke Perramond, division director of the luxury group.
Bolloré: -0.59% to 169.35 euros
The group reported Tuesday a sharp rebound in sales in 2010 to favor the recovery of the activity of all its divisions against a backdrop of improving economic conditions.
Silic: -2.54% to 96.79 euros
The land Silic, specializing in commercial real estate has increased its profit by 10.7% in 2010 and shows relatively confident for the current year, although a possible tightening of bank credit leads to be cautious in forecasts.
Klépierre: + 1.04% to 27.74 euros
The company said it would propose an increase in its dividend for 2010, after reporting a slight decline in its current net cash flow during the year.
Bourbon: + 2.65% to 33.36 euros
The French marine services company announced Wednesday an increase in its turnover by 4.9% in 2010, after an increase of 12.9% in the fourth quarter, and the group expects a "gradual recovery" in 2011.
Yellow Pages: -8.11% to 7.11 euros
The group announced Wednesday a contraction in sales in 2010 for the second consecutive year, the growth of its Internet activities have not offset lower sales of its printed directories.
Total: -0.06% to 43.60 euros
After the sale of part of the division resins Arkema in December, the tanker plans to go further according to Les Echos. Internally, it indicates that the group is "at a crossroads," but no decision has been taken.
On the agenda: Vilmorin (turnover second quarter) and after market, Unibail-Rodamco (annual results).
Inflexible on inflation, reassuring on economic growth and prudent public debt crisis. Sunday dinner guest of the Grand Jury RTL-Le Figaro-LCI ", Jean-Claude Trichet, ECB president, gave a positive assessment of the euro. Since 1 January 1999 the euro area has created 14.2 million jobs, when the United States, whose population is of the same order of magnitude, created only 7.8 million.
Addressing skeptics, he recalled that the last opinion poll Ifop made in France, reported a 72% majority of French opposed to an output of the euro. There were no "difference between the sensibilities of right and left," he said. The Economics of Monetary Union "shows an ability to bounce higher than what was anticipated, and that since the third quarter of 2009," he said."The situation remains difficult but it is quite comforting," while acknowledging that "the crisis of sovereign risk (states) remains" in Europe, but also in all advanced countries.
Ensure price stability
While the rise in consumer prices was 2.2% over the last twelve months in the entire euro zone, Jean-Claude Trichet has held that interest rates were "appropriate to their level … We will always necessary decisions to ensure price stability, "he said. He sees no contradiction between a possible increase in rates by the ECB and growth. "We're in a market economy. Rates for two, five, ten and fifty years include inflation expectations for the future. If we ensure price stability and if it is credible, we guarantee the interest rate (market) the lowest. "He also admitted that the last digit increases in consumer prices "have almost exclusive explanation for the price of energy."
Regarding the prospects for growth in the medium term he again expressed regret that the States have not committed programs of structural reforms agreed at Lisbon in 2000, which led the European Council to commit to such reform in 2020: "France has not done enough of structural reforms and have growth potential than it is today (if she had business)." As for 35 hours, he considers "that greater flexibility is needed."
On the euro, he believes "there is no currency crisis as such, but difficulties more or less important for states to finance it.The European Financial Stability Fund, established last spring, "must be improved in quantity and quality to be as flexible as possible," he observed.
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Expanding the difference between age and the appearance of age. This is the Ojectives large corporations care and cosmetics like L'Oreal, to meet an insatiable demand.
With age the skin thins, dries and loses its elasticity. "Take the back of your hand, pinch, rotate, if your skin does not call up is that you need cream," quips at the outset Bruno Bernard, head of research of life sciences At L'Oréal, during the presentation of new scientific anti-aging, described as "shocking."
For Researchers L'Oreal, which set sail on a strategy of "youth development", it is no longer just watching the epidermis, the outer layer of the skin, but what it covers, namely the dermis. On its surface, that is to say, at its junction with the epidermis is the papillary dermis, also called the dermis.It is precisely here that ensures the future of anti-aging payday loan lenders.
With time and sun, there is a functional impairment and loss of cells in the papillary dermis, while cellulles the reticular dermis (the layer below) are preserved. Yet these are far less "useful" than the first to preserve the skin from aging.
Hence the idea of finding molecules effective to stimulate or restore the activity of these papillary cellulles at the junction between the dermis and epidermis. "But beyond the elastin and collagen, the papillary dermis is rich in sugars and related molecules specifically to dare," said L'Oreal, which then identifies the Rhamnose, from the silver birch-otherwise a source easily found, as an asset effectively.
Left, structure of the untreated skin, right, the same structure, the taitée Rhamnose.
The British touch of a finger, for the first time this week, the effects of rigor Cameron announced by the government, with an increase in VAT from 17.5% to 20%, its highest level ever. This increase is accompanied by a general increase in public transport prices, ranging from +5.8% on mainline trains to +6.8% for the metro and buses in London.
Layoffs
Billed as "tough but necessary" by the Minister of Finance George Osborne, the measure aimed at reducing government deficits should not be immediately reflected on prices pay day loans. But she should have a negative effect on consumption at the end of the month. According to the research center of the distribution (RRC), the price increase will cost an average of 520 pounds (605 euros) per family in 2011.
Dec
25
The news was widely expected. The People's Bank of China, China's central bank, announced on Saturday that a one-quarter point (0.25%) of its interest rates on loans and deposits, as of December 26. In a brief statement echoed by Xinhua, the institution says it will increase lending rates and deposit over one year to 5.81% and 2.75% respectively.
The central bank had already raised last October 19 the rates by 25 basis points (0.25 percentage points), for the first time in nearly three years to fight against inflation and property speculation . This new increase is no surprise. In early December, the Political Bureau of Chinese Communist Party announced a tightening of monetary policy in China.This policy, "relatively accommodative" to date, will become "conservative" in 2011, had warned the governing body. Hu Xiaolian, Deputy Governor of the Central Bank, for its part, said Friday that his agency intended to use several tools to fight inflation and prevent the formation of an asset bubble.
These statements came as the specter of inflation surfaced in China, raising fears of social revolt. Rising consumer prices rose 5.1% in November for the first time in two years, against 4.4% in October and 3.6% in September, while food prices rose 12% a year last month, according to official figures.
Inflation is fueled by the amount of money injected into the Chinese economy since the global financial crisis.Support measures had risen to 4000 billion yuan (455 billion euros) and the government had opened the valves widely credit, while local authorities have set up ad hoc structures to debt and to invest . These investments have created such a surge in real estate prices have weakened and banks. This second rise in interest rates aims to curb real estate speculation by restricting the expansion of money supply and by encouraging savings through better remuneration.
The surprising choice for Christmas Day
In Asia, analysts have welcomed the decision of the Central Bank of China. "The most important weapon against inflation is to raise rates," said Shen Jianguang, an analyst at Mizuho Securities based in Hong Kong, quoted by AFP."The Central Bank needs to do that to gain credibility in its fight against inflation," said Ken Peng, an economist with Citigroup, based in Beijing. Shortly before this announcement, Wei Yao, Societe Generale CIB had considered that "the absence of a further rise in interest rates by the end of the year show that Beijing is reluctant to squeeze (from its monetary policy, Ed), which would be a negative signal for the prospects of the Chinese economy in 2011. "
Basically, the only surprise for analysts has been the announcement date of this announcement. "The choice of Christmas Day is a little surprising," says Ken Peng, Citigroup. "A rise in interest rates is not normally part of the things we listed Santa Claus," said Brian Jackson, an economist at Royal Bank of Canada in Hong Kong, quoted by Reuters."But in the case of China, it is a prudent decision." Prudence, indeed, will be the watchword of the Chinese authorities in 2011. At the annual economic conference, which closed on December 12, they have undertaken to ensure next year economic development "stable and healthy."
(With agencies)
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The fears expressed by the unions last week were based. The automaker Renault on Tuesday proposed to the representatives of a device starting early retirement under the hardship, in which some 3,000 employees will be eligible for three years, AFP has learned from the management.
The device, presented Tuesday at a meeting on the GPEC (management of jobs and skills) would be open to workers, employees and supervisors of the parent and subsidiary plants in France, aged 58 and early 2011, having completed 15 years of work on a chain or with a permanent disability of 10% or more, said a spokeswoman for Renault.They would go into early retirement, funded by the company until the age of retirement.
According to the CFE-CGC, "at least 95% of those eligible will join, is a strong demand." "The concern is that we did not have the level of hiring in parallel, so for now everything looks like a rundown," said the delegate Gerard Blondel. Early departures could range to 54% in 2011, 24% in 2012 and 23% in 2013, he reported.
Renault has to "manage a sub-activity"
Management may give evidence on recruitment to come at a forthcoming meeting of negotiations on December 7. "Everything is suspended at the industrial level to be announced next February," according to Gerard Blondel.
The CGT, in favor of taking into account the hardship, had expressed concern on Friday proposed hiring consideration.Renault management "said absorbing the redundant between 80 and 90%" with the early retirement plan, had detailed the union. The manufacturer recognizes that it must "manage a sub-activity" but "there is no plan and no layoffs planned departure," said the spokesman Tuesday.
As part of GPEC, Renault has also proposed measures for training, accreditation of prior experience, mobility helped Renault to other sites or to other companies through a suspension of the employment contract for 18 to 24 months.
(AFP)
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