Archive for January, 2010
He took his time. But the New York jury delivered its verdict on Friday evening the group of telecommunications and media company Vivendi sued by shareholders ruined by its near-collapse in 2002, was convicted of misleading communication. Its CEO at the time, Jean-Marie Messier, has instead been milled.
As expected, Vivendi's lawyer Paul Saunders immediately announced he would appeal, and that he intended to "win". "We are satisfied that the damage is half of what the plaintiffs claimed this side there is a partial victory," said the lawyer. The plaintiff had estimated that damages could rise to 11.5 billion dollars.
Messier absent when the verdict
Jean-Marie Messier and Guillaume Hannezo, its chief financial officer, were absent when the verdict.They have yet to appear in magistrate in Paris in the spring, with five other executives of Vivendi, including responding to charges of disseminating false or misleading information, price manipulation and abuse of social goods, which they could worth up to 5 years imprisonment and heavy fines for bad credit payday advance .
After three months of trial, the nine board members of the Federal Court had to decide on 57 points very technical. After answering a series of questions establishing the guilt of the accused or not, they have, for each trading day occurring between October 2000 and August 2002, "determine the amount of inflation being caused by the fraud alleged" .
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The French group displays and street furniture, JCDecaux, released on Thursday its sales in 2009, amounting to 1, 92 billion euros, down 11.5% compared to 2008.
This figure reflects the sharp drop in advertising business, the more cyclical activity of the group and the only fully established in Europe. She has indeed recorded a decline in organic sales of 16.1%. Activities Furniture Urban Transport and proved somewhat more resistant, their respective sales down 12.1% to 934 million euros and 6.3% to 589.6 million euros. Organic growth at constant scope and exchange rates, amounted to -10.9%, while the group expected a decline of 12.5%.
"The reduction in advertising budgets and a strong pressure on prices led to a decline in global advertising market, including internet, expected around 10%," said Jean-Francois Decaux, CEO and Co-CEO JCDecaux.
2009 the worst year since 1964
The annual report for France, compiled Wednesday by Kantar Media Institute, revealed growth "historically low" advertising market (+1.4%), outdoor (posters and street furniture) is the medium most affected (-8.7%).
In the fourth quarter, sales fell by 7.2% to 561.6 million euros. A perimeter and constant exchange rates the growth was -4.9%.
"2009 is undoubtedly the toughest year that JCDecaux has faced since the inception of the company in 1964, said Jean-Francois Decaux instant payday loan . The reduction in advertising budgets and a strong pressure on prices led to a decline in global advertising market, including on-line, expected around 10%.
Sales in Asia and North America most resistant
Europe, excluding France and the United Kingdom, presented a decrease in turnover from 16.7% to 650.9 million euros. La France has decreased its turnover by 8.7%, despite a difficult advertising environment and a strong performance in 2008 (organic growth of 4.8%).
The United Kingdom is the area that experienced the largest decline in fiscal 2009 (-25.5%), improving economic conditions, however, clearly in the fourth quarter. Asia-Pacific and North America have been stronger with declines of 6.7% to 300.9 million euros and 6.5% to 146.2 million euros.
"The group has benefited in the fourth quarter with a slight recovery in advertising spending and increased its exposure to emerging markets. The more positive view of advertisers found on some markets in September, seems to continue in the first quarter of this year. This allows us to be, for now, confident in the ability of JCDecaux to reach a rate of positive organic growth in the first quarter of 2010, "concludes Jean-Fran?ois Decaux.
The annual results 2009 JC Decaux will be published pre-market March 10, 2010.
Patrick Devedjian is satisfied. The Minister responsible for the Renewal announced Tuesday in a statement that the device scrapping bonus launched by the government in a period of turbulence in the automotive sector, has affected 600,000 new vehicles purchased in 2009, one quarter of 2.268 million cars sold in the year. In November last year already, Patrick Devedjian had advanced this figure, convinced that 220,000 premium originally budgeted by the government would be largely exceeded.
The minister welcomed a device that he says has helped make 2009 the best year since 1990 "in terms of number of new registrations, the latter have actually jumped from 10.7% a year.To the Minister of Recovery, that premium has to save between 24,000 and 33,000 jobs in the automotive industry.
The French builders big winners
The scrapping bonus has mainly benefited the smaller vehicles that consume less fuel than the others. What are the French manufacturers, entrenched in this segment are the big winners of the device. They account for nearly 60% of premiums distributed.
Citro?n and 122,618 vehicles passed through the scrap bonus, closely followed by Renault (115 business card .311) And Peugeot (101,516). Dacia Group Renault (32,344) and Ford (30,908) lagged far behind, according to figures provided by the department.
Manage post premium
"The scrapping bonus has achieved all its objectives in 2009, welcomed the minister. But it said that the hardest part is yet to come.He will now have to "deal effectively" lower the amount of the premium, which began in 2010. Since 1 January, the premium case is indeed back 1,000 euros to 700 euros. It should gradually decline in the rest of the year to 500 euros on 1 July.
But manufacturers are not yet ready to release the magnet to customers. To mitigate the cuts, nearly all manufacturers provided discounts. Renault has announced it will add 300 euros compensation until the end of February. Citro?n offers 700 euro for cars over 10 years and 1,500 euros for those aged 8 to 10 years.Peugeot offers even in the context of his "very, very nice business, doubling the amount of the premium for the current increase to 1,400 euros.
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In an aviation context depressed, ATR is holding its own game in 2009, the Toulouse-based company specializing in the construction of regional aircraft has recorded 40 firm orders and 17 options. It has delivered 54 aircraft. She has on order 136 planes today, representing a workload of more than two years. 43% of these orders relate to its new range, the ATR-42 600 and ATR-72 600.
During this same year 2009, the Spanish airline Air Nostrum and Royal Air Morocco were among its largest customers, with respectively 10 and 6 devices. The reason ATR through the crisis with such ease is the design of its aircraft, which consume 40% less fuel than jets.
A given that airlines are very sensitive. The market share in turboprop regional aircraft can only increase.In 2009 the turnover of ATR have been $ 1.4 billion, an increase of 7% over 2008. A record.
The case of the possible relocation of the future of Renault Clio in Turkey is still rising a notch. Nicolas Sarkozy has expressed Wednesday his irritation with his vows to parliamentarians at the Elysee, "We do not put so much money to support our manufacturers to ensure that all plants go outside." And this message the head of state has to pass directly to Carlos Ghosn, CEO of Renault, he will receive Saturday at the Elysee.
Wednesday Christian Estrosi, Minister of Industry, has shown the same firmness after a meeting with Patrick Pelata Bercy, the CEO of Renault. The Minister has shelled the long list of grants awarded since the beginning of 2009. Three billion loan was granted to Renault (all PSA).Flins received aid from 100 million euros for the production of Zoe, electric cars Renault (launch scheduled in 2012) and 150 million euros from the ISP for its project to produce batteries. In addition, there are 600 million euros bonus for breaking, which allowed the sale of 600 000 additional cars and the abolition of the tax.
"The government has enough evidence to say an industrial strategy," says the minister said that the state holds a 15% shareholding in Renault and two posts. It is also possible that the state seeks more seats on the board.But the number of directors is proportional to the percentage of equity held by an Act of October 30, 1935.
Wednesday, Patrick Pelata played the card of appeasement, saying that "no decision has yet been taken regarding the future production of Clio in 2013. Several scenarios are possible. The production will be maintained at Clio Flins, "as Zoe does not saturate the capacity of the site, which would be a fantastic scenario," said the skipper of the brand. However he also said that "production in France is good for vehicles with high added value. It is difficult in the low range. A shade as the government seems unwilling to consider.
A Clio for France
He asked three requirements to Renault, which has only a few days to find answers.Firstly, the group must incorporate as possible suppliers and subcontractors French to its industrial. More components must be manufactured in France.
Then, Christian Estrosi does not decrease production or declining enrollment in Flins, which currently produces 150 000 Clio. Finally, the Government intends to maintain the territory the production of Clio, regardless of the success of Zoe. Renault will have to determine what other sites the French Clio IV could be fabricated. No way to transfer the production in Bursa in Turkey, which are currently produced 180 000 Clio.Christian Estrosi does not want the share Flins parte in Bursa, but remains in France.
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Expenses related to health care, absenteeism, business closures and premature death: the National Institute for Research and Safety and the School of Arts and Crafts feel that the cost of stress at work has reached 1.9 to 3 billion euros in France in 2007. "An evaluation minimum, the study did not take into account only one stressor," the combination of strong pressure on (the tasks performed at rapid rates and subject to deadlines) and a lack of autonomy in carrying out the work. " This would represent a third of cases of stress, excluding for example the lack of support or recognition. Moreover, only cardiovascular disease, depression and musculo-skeletal disorders have been identified as diseases resulting from stress.
The United Kingdom is concerned that a boomerang effect will weaken his come back. On January 1, VAT is in fact rise to 17.5%, having been exceptionally lowered to 15% for a year to boost consumption. Economists from the Center for Economics and Business Research (CEBR) think again increase the VAT rate could be "stalling a recovery in its infancy."
The Center for Economic Research, which called in July 2008 a decrease of 5% tax, advance that have prolonged the VAT at 15% until July 2010. Joerg Radeke, economist at CEBR, said that the consumer will still need a boost in the first half. Inflation should indeed start rising, exceeding the 3%, which should lead to a decrease of 0.7% of household spending.In 2010, consumption would fall by 0.2%, according to economist.
The test balances
The effects of the rise in VAT rates could soon be visible through balances. If the high shopping season has started on the Bleeding Edge, economists fear it is only a deadweight, consumers rushing to the shelves before the tax goes back to 17.5 %. "They certainly have some early purchases in November and December," Analysis Caroline Newhouse-Cohen, senior economist at BNP Paribas.
The decline in consumption expected in early 2010 should still be written off by the pricing of retail giants such as Tesco. The largest British retail group has decided not to pass on the rising rate of VAT on certain non-food products.This should enable consumers to save another 12 million pounds (13.4 million euros), according to the distributor. The Sainsbury and Home Retail, among others, have also decided to sacrifice their margins.
Beneficial effects difficult to measure
In total, J?rg Radeke the CEBR believes that the rise in VAT rates, premature, and likely to "wipe out most of the benefits had been reduced fee. Still, it is difficult to estimate what were these "benefits" in 2009. According to the CEBR, reduced VAT rates contributed 0.5% to growth of British GDP.
The effect has not been miraculous. While passing the reduced rate, in the first quarter of 2009, "Private consumption fell 1.5% from fourth quarter of 2008, after a similar decline over the previous period," said Caroline Newhouse-Cohen.A decrease which stabilized until July. But economists agree that even if the measure has cost 4.3 billion pounds (4.8 billion euros) to the Treasury, the economic situation would have been worse without it.
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