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The email, signed by Jean-Marie Messier, was dated Sunday, June 30, 2002 at 10 am 23. It may look like a formal letter stating the last wishes of a CEO for a stay. The paper brings to light the scenes is a bit petty negotiations after leaving the group.
That Sunday, Jean-Marie Messier knows he was dropped by the main shareholders. The accounts of Vivendi Universal are in the red. A loss of 13.6 billion euros has been announced. While three days before a board of directors has rejected a narrow majority vote of no confidence against him, he is preparing to resign officially. His departure seems to be the only solution to reassure markets that have become hostile to personality and promises disappointed "J2M.
This Sunday morning, Jean-Marie Messier is therefore sending an email to one of his lawyers."Then I will summarize the points that I want to have all the details?", Begins the missive in a list. First point: "check the proper treatment" of several close aides including Xavier Couture, then CEO of Canal +. Third point: "ensure a legal cover" and an "unlimited coverage for legal fees. To pay them, said in a parenthesis Jean-Marie Messier, "it must be shielded." Other points: provide "social security coverage for my family," fees for the apartment in New York, to benefit from 20 hours per year of flights on aircraft or group chair the ceremony films were made by several Filmmakers on September 11."They are small and big important things," says the e-mail Sunday morning.
Reading this list by the presiding judge is not likely to put at ease Jean-Marie Messier. "It is both a needle in a haystack and it has a pathetic," he explains at the helm. I decided to leave VU but I was still looking for ways to hang myself by mentioning the date of such board or of the projection of films on September 11. Rereading it after eight years, is baroque! ".
The former CEO has said he resigned from the group by letter on the night of Sunday to Monday without worrying about the conditions of his departure quick pay day loan.He had refused a golden parachute clause inserted in his contract after the merger with Seagram, Vivendi, "yet it was the practice in American companies," says he. And he was not at the time of signing his resignation guarantees on his departure: "My decision was to leave and was independent of contract terms," he repeats at least four times in court.
Four days later, July 3, 2002, we find the time to file a handwritten letter addressed to the administrators group."J2M" indignant that he was asked to "make a decision that breaks his professional life," that is, to resign, that he was "promised straight in the eye to treat honorably" but ultimately it is a question not to grant him his starting conditions.
"This letter is not a boss but someone lost, lost, who knows what to do," justifies this time "J2M. The terms of his departure he has finally provided a driver, health coverage for five years and a sum of 18.6 million euros, a sum never touched, an arbitration in New York who stopped in the middle flight this "golden parachute". This short list is at the center of a prosecution for abuse of corporate assets
On this point, the court is no longer the place of the feelings by writing an email Sunday morning dark.At the bar in the courtroom sunny, Jean-Marie Messier adjusts his expressions when the time comes to discuss these golden parachutes to CEOs French inspired 2000s counterparts américiains. He uses a clear voice and clear expression. "I know the media sensitivity when you mention these matters, argues the former CEO. But I mean there was no prejudice. I acted in good faith. For the rest, I had no hand. I thank you for Vivendi Universal.
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In an interview published Tuesday in the daily Les Echos, Christine Lagarde, economy minister, said France will contribute "approximately 90 billion euros" to support fund for countries in the euro area in need. The Minister said that this figure was calculated "based on the share of France in the capital of the European Central Bank, about 20%.
In an environment where financial markets are concerned about the explosion of debt and deficits States, Christine Lagarde said that this contribution has "no direct impact on either the level of deficit or the debt according Maastricht, since these are the guarantees that would be activated in case of default. "
The economy minister also reaffirmed that France "will take its commitment to reduce the deficit to 6% of GDP in 2011 and 3% in 2013.
Meeting in Brussels this weekend, the EU finance ministers agreed on a total of 500 billion euros. This plan includes a large fund of 60 billion euros plus a special mechanism of 440 billion euros in loan guarantees.
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Greece, Portugal and Spain. Southern Europe continues to frighten the markets. The Spanish saw its debt rating one notch worse, with a negative outlook.
Between degradation rate and retention Note
During a joint press conference yesterday, Jean-Claude Trichet, president of the European Central Bank, and Dominique Strauss-Kahn, director of the International Monetary Fund, have called on Germany to take an expeditious decision on aid Greece. Both men say they are confident. German Chancellor Angela Merkel seems he heard the message, since it has declared its intention to activate "as quickly as possible" aid plan.
Fortunately, a decision from the United States has been somewhat reassure financial markets. The Fed has indeed confirmed keep interest rates low for a "prolonged period". And this, despite a rapid recovery of the economy.In this context, the Paris markets are cautious. Around 10:30 am, the CAC 40 rose 0.52% to 3806.81 points. At the London Stock Exchange, the FTSE-100 gained 0.55% to 5617.19 points, the Frankfurt Stock Exchange, the DAX 30 in advance from 0.30% to 6102.59 points.
After two sessions of sharp declines, the bank stocks are returning to earnings. BNP Paribas gained 1.55% to 51.77 euros, Dexia advance of 1.22% to 4.15 euros and Societe Generale was up 0.45% to 41.10 euros. In contrast, Credit Agricole, which said Wednesday night that its exposure to sovereign risk in Greece amounted to EUR 850 million, lost 0.32% to 11.02 euros.
CAC 40: Pernod-Ricard in mind, PPR red lantern
Among the values that have posted Wednesday, PPR has returned to growth in the first quarter after five consecutive quarters of downturn, and said Tuesday anticipate a further acceleration in sales during the year. However, PPR shares fell sharply from 2.65% to 101.20 euros, the biggest drop in the CAC 40.
The Thursday is rich in quarterly publications: ArcelorMittal (-1.80% to 30.58 euros) reported a net profit decline of 36.6% in first quarter 2010 over fourth quarter 2009.
France Telecom (1.44% 16.57 EUR) has published a turnover down 2% in the first quarter of 2010, in line with market expectations.
The result of Sanofi-Aventis (-0.67% to 51.53 euros) rose 9.7% to 2.4 billion euros in first quarter 2010 against a consensus of 2.28 billion euros.
Bull (0.62% to 3.23 euros) saw its sales boosted by the acquisition of Amesys, a company specializing in security systems: its sales rose 9.4% against 0.6 % off-Amesys.
Pernod Ricard has announced an increase of 14% of its turnover for the third quarter of 2010 of its fiscal year 2009-2010 to offset 1.5 billion euros.Pernod Ricard shares climbed 3.70% to 65.32 euros, the largest increase in the CAC 40.
The results of Vivendi (0.87% to 19.61 euros), AXA (-0.89% at 15.01 euros), Bouygues (0.60% to 36.89 euros), Areva (-1, 32% to 375 euros) or Michelin (-0.38% to 52.30 euros) are also expected.
Renault (-1.47% to 34.24 euros) has announced the acquisition of interests between the group, its Japanese partner Nissan and Germany's Daimler had been made Wednesday. The three groups have formalized their alliance in early April for three to share technologies and reduce costs.
The U.S. unemployment statistics in the heart of the day
On the macroeconomic front, the day will, however, less responsible.By midmorning, the German Federal Labour Office has reported a decline of 68,000 in the number of jobseekers in seasonally adjusted data, to 3.285 million, while economists were expecting an average decline of 10,000. Around 14:30, the investors will also monitor the weekly claims for unemployment benefits in the United States, and economic confidence in April in the euro area.
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Put under pressure by Guy Wyser-Pratte complains strategy, Arnaud Lagard?re, general partner of the Lagard?re group, has defended his record at the general meeting of shareholders held this morning at the Palais des Congr?s Paris. He said he was "optimistic" about prospects for his group in 2010. "In 2009, the cash flow was very well kept, with 650 million euros. And that's a powerful symbol of a sound and applied to the cash, "said Arnaud Lagardere. He added: "All family groups are extremely sensitive to this criterion one, which is the most vital criterion for a company in the long term."
Lagard?re: -18% and 10% in less than a year
In 2009, Lagard?re has 4 divided by its net profit to 137 million euros and issued a revenue down 4% to 7.9 billion euros.Lagardere will publish its turnover in the first quarter 2010 on May 11 next.
It is interesting to note that since the offensive led by Guy Wyser-Pratte cons strategy Arnaud Lagard?re, General Partner of Lagard?re, March 25 last, the stock has gained around 10% (figure at 10:30 AM, Ed) . And, while the price lost almost 18% since October 2009. He took the opportunity to slip a few tackles to Guy Wyser-Pratte: "The dictatorship of the immediate is probably the most destructive of shareholder value. We will never get into the music, the display and large terrestrial TV and pay, "said Arnaud Lagardere.
The Autorit? des march?s financiers (AMF) by its president Jean-Pierre Jouyet, has confirmed that the Lagard?re was put under surveillance for several weeks."As in such situations, we monitored closely the evolution of the title and the statements of each other in the preparation of this meeting," he said Monday at Canal + Guaranteed high risk Personal loans.
The MFA does not investigate
Last Friday, a spokesman for the AMF had confirmed receiving a letter of Lagard?re."We look at which patterns of the market as we look at the title and transaction information is transmitted," she said, adding that a supervision order does not imply any launch an investigation.
In late March, the American financier Guy Wyser-Pratte, who holds 0.53% stake in the group Lagard?re has submitted two resolutions: one to make his entrance to the supervisory board and the other to call into question the Staff Partnership Group for Lagardere to develop it into a corporation. Two resolutions that Arnaud Lagardere has always opposed.
Guy Wyser-Pratte can count on the support of Riskmetrics, a consulting firm specializing in governance and whose advice is well attended by institutional investors, representing over 78% of the capital of Lagard?re.For its part, Arnaud Lagardere has received support from the Association of Small Holders assets (Appac) holding 3.5% stake in Arcelor.
After one of the few values to evolve in the green at the Paris Bourse, the Lagard?re shows a sharp decline towards 12.15: -0.71% to 31.41 euros in a market down by 1.46% .
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After one week mixed, where the CAC 40 had yielded 0.89%, the Paris Bourse, encouraged by the tone on Wall Street has rebounded on Monday. Despite the new German demands against Greece, the Paris index was bent back, ending up 1.17% to 3997.39 points. At the close, the London FTSE gained 0.53% to 5753.85 points. While the German Dax 1.16% 6332.10 clinching points.
United States to the European Commission, through France, many voices were raised for prompt action against speculation aimed Greece. A sign of nervousness of the market, rates on Greek bonds to ten years have passed that on Monday for the first time the 9% and bond to two years 13%, unheard of for a country in the euro area.Under pressure from financial markets, Athens has yet agreed Friday to call on rescue plan joint EU and IMF announced on Monday "concrete steps" to reduce its deficit "drastically," what reassure …
Aid before May 19?
German Chancellor Angela Merkel warned this weekend that his country would release the aid unless Greece undertook on a "credible" deficit reduction and reform. A possible aid payment would, then, before May 19, when the next bond issue in Greece.
Meanwhile, Wednesday's meeting of the Strategic Committee of the Federal Reserve, investors are sensitive to the strong performance of Wall Street, which closed Friday at its highest since 19 months and opened to the balance on Monday.165 earnings announcements of U.S. firms are expected this week. After Carterpillar and Texas Instruments on Monday, come Tuesday Dupont, UPS, and U.S. Steel. In the first three months of the year, Caterpillar earned $ 233 million against a loss of 112 million a year earlier and raised its forecast for 2010, so the title jumped 5.76% to 72 $ 74 in session on Wall Street.
In Paris, the banks have been unevenly weakened by the turmoil on Greece. As Credit Agricole lost 0.29% to 12.225 euros, also because of a lowering of recommendation from analysts of Credit Suisse. BNP Paribas has taken revenge + 3.02% to 54.56 euros and Societe Generale clinching 1.33% to 43.675 euros cons about 2% earlier in the day.
Investment bank Morgan Stanley could lose nearly two-thirds of the 8.8 billion invested in global real estate fund, the Morgan Stanley Real Estate Funds (MSREF) VI International reports the Wall Street Journal. This loss represents about 5.4 billion dollars. If the information is confirmed, it would be the biggest loss ever by an investment fund specializing in real estate, the business daily said.
The losses would come from investments in such properties as the seat of the European Central Bank (ECB) in Frankfurt, an important project in Tokyo and Intercontinental hotels across Europe.
In the past 20 years, the real estate business at Morgan Stanley was one of the largest purchasers of goods in the world with $ 174 billion invested since 1991.This loss is even more of a challenge for Morgan Stanley, the bank tries to revive the industry. She has attempted to create a new fund to 10 billion dollars, the MSREF VII Global, but it could reap more than half.
Oil climbs again
Insensitive to calls for a "perfect price" of $ 80 a barrel, launched by OPEC, oil prices clung all week at the helm of $ 86. A barrel of light crude Texas (WTI) for May delivery has exceeded the 87 dollars for the first time since October 2008 last week.
The markets were quickly erased their losses Wednesday and Thursday, with a barrel qutour income of $ 85. Investors were then cooled by a rebound in the dollar and especially by a surprise increase in weekly unemployment registration. During the week of April 3, the latter amounted to 460,000 against 442,000 the previous week, according to the Department of Labor.An indicator that put the brakes on optimism the speed of recovery and hence the increase in oil demand.
On Friday, during fro above $ 86 a barrel in New York, enjoying a rebound in equity markets and a slight weakening of the dollar. A barrel of Brent North Sea crude for delivery in May stood at 85.74 dollars on the InterContinental Exchange (ICE) in London. "We needed a correction, we have had, then one starts to rise," noted Tom Bentz of BNP Paribas. "It's always the same story, it has small downturns, and buyers are returning. Buyers have been constantly rewarded when they took advantage of these folds and so it continues, "he noted.
According to analysts, "the courts seem to have found a floor around $ 85 a barrel.A sustained movement under $ 70 now seems much less likely that progress towards 90 dollars.
Copper, a leading base metals
After profit taking Thursday, the base metals markets are generally started to increase.
Copper shows a striking health, reaching its highest since August 2008 Tuesday to 8010 dollars per ton. Friday's trading at 7,794.50 dollars per tonne on the London Metal Exchange (LME). Since January first, the increase is 6.12% and 81.10% over one year. China is largely the cause of this infatuation. The country engulfed 40% of global demand. The World Copper Conference, held Wednesday and Thursday, has made it the starting point for discussions. According to participants, China should boost demand by 5.4% in 2010. Growth to 12% in the first quarter bodes well for the future.
Nickel also benefits from China's growth through the increase of the steel in the country. The production of stainless steel (two-thirds of nickel consumption) explodes in the country. After crossing the 25,000 dollars per tonne on April 1 (highest level since June 2008 on the LME) prices were around the 24,435 dollars Friday.
In their wake, aluminum climbed to 2,397 dollars per tonne on the LME, its highest level since October 2008. An upward, according to observers, would that point.
Precious metals: palladium in great shape
As for precious metals, gold has had a week of small but can increase to a rise of 2.68% over the last 5 days. Friday, for the first time since January 12, gold has taken the helm of 1150 dollars.After the first auction in London, per ounce in late morning trading at in 1156 dollars (863.009 euros) against 1148 dollars.
For its part, palladium continues upward, reaching its highest level since 2008. Strong growth still driven by the fear of insufficient supply while the automotive market (primary market) leaves. Palladium rating still around $ 500 an ounce.
In the aftermath, platinum is about 1.29% in one week in 1722 dollars an ounce Friday.
Agricultural raw materials: grains fall
Prices of wheat, corn and soybeans continued to fall this week. As expected, the U.S. Department of Agriculture (USDA) has left its forecast production virtually unchanged in its report released Friday.Thus, world production of wheat for the 2009/2010 marketing year amounted to 678.42 million tonnes (Mt) against 678.01 million tonnes expected this month. Global consumption is raised by 1 Mt to 647.83 Mt, the final inventory at the end of the 2009/10 campaign back to 195.82 million tonnes against 196.77 million tonnes estimated a month ago.
Friday, wheat dropped to 470.75 dollars in Chicago. A bushel of soybeans was $ 9.48 dollars while corn was trading at $ 3.49 a bushel.
At 24 hours of his arrival on the market, the iPad fever is at its height in the United States. If you believe the answer to preorders which started March 12, the new creation from Apple sensation. The first stocks are already exhausted, those who have not ordered their iPad before this week will receive nine days late, on April 12. Apple, which does not communicate its presales, would not produce enough to meet demand. On Saturday, the tablet will be available in Apple stores and Best Buy, and it will get up early to get his, because the rays could be emptied before the end of the day, according to the buzz on the Internet. The wireless models are $ 499 to $ 699. It was not until the end of April if we are interested to 3G versions, the price will go up to $ 829.
They are not only two signs that are preparing to light.Speculation is also rife on the Web according to PCWorld magazine. Taking advantage of the predicted shortage, some simple pre-booking their offer to $ 100 on sites like Craigslist, others have started their iPad on eBay at $ 700 instead of 500. These deals seem even more doubtful that Apple, as usual, organized the launch of its latest gadget in the greatest secrecy. The employees, including technicians to repair the supposed object in case of failure, had still not seen the tablet this week.
5 to 6 million sales?
The bookmakers are already on their paris sales volume by the end of the year: 5 to 6 million, maybe more. To entice buyers, Apple has guided the launch eleven new iPad applications on its site, including Safari, Keynote, YouTube, iTunes and irresistible iBooks, which may well dethrone the Amazon Kindle.If even two months ago, we doubted the potential of Apple's latest invention, now we only speak of it. Advertisers flock to the advertising pages of publishers whose applications will be available on Saturday, as Time Magazine, The New York Times or the Wall Street Journal. FedEx has purchased 90 days exclusively on applications of Reuters and Newsweek.
The reviews coming out are largely positive. A few handfuls of journalists across the U.S. have played for a few days in secret with the tablet. For most, the iPad is a single iPod or eBook. The New York Times predicted that the techies will hate but the general public will love.
In any case, Apple continues to generate humor. The tablet on behalf biased in English (mean pad pad) is suitable for two months parodies the most diverse.The latest is a "tablet" Doritos (the chips). A real hit on the Facebook page for fans of the true shelf.
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After the affair in 2008 Jerome Kerviel, Societe Generale will she once again in turmoil? A dispute is ongoing between TCW, the U.S. subsidiary to 100% of the bank specializing in asset management, bond, and his former chief investment officer, Jeffrey Gundlach, fired for "theft, dishonesty and conspiracy, December 4 2009. "This case is completely different from the Kerviel affair," explains Jacques Ripoll, director of asset management business and services to investors in Societe Generale.
Jeffrey Gundlach, former chief investment officer at Trust Company of the West (TCW), claiming 1.25 billion dollars (about 940 million euros) to the 100% subsidiary of Soci?t? G?n?rale, it is stated in the document Reference Societe Generale on page 204.This corresponds to 1.4 times the net profit recorded in 2009 – or 678 million euros – the bank chaired by Fr?d?ric Oudea! "This amount is totally surreal, the goal is to impress," said Jacques Ripoll. "Do you realize, this is equivalent to 30 pay by Jeffrey Gundlach. Over the past five years, Jeffrey Gundlach won $ 134 million and 40 million for 2009 alone.
"A very marginal impact on Societe Generale"
It all started last December 4 when TCW, which manages $ 115 billion in assets, bought one of its competitors, MetWest. But it is his manager, Tad Rivella, which takes the place of Jeffrey Gundlach, dismissed. A transition that is grinding his teeth. And that degenerates in litigation before the courts.
Last January, WCA filed a complaint against Jeffrey Gundlach to whom she seeks 200 million dollars in damages. A month later, the American manager responds with a cons-complaint in which he stated that TCW would not honor a verbal agreement on his employment contract, his salary and that of his collaborators. For Societe Generale, there is no question of compromise. "Today, more than in the past, we no longer want to be taken hostage by managers or traders who, by their deviant behavior, put their interests before those of the group. Frederick Oud?a has made his war-horse, "said Jacques Ripoll.
After a difficult 2009, Societe Generale was slow to emerge from the crisis. "The case Jeffrey Gundlach have a very marginal impact on the accounts of Soci?t? G?n?rale and its shareholders.In the long term, our ethical and responsible decision (to have dismissed Jeffrey Gundlach, Ed) will be very positive for our shareholders. " "The worst is behind us," concludes Jacques Ripoll.
TCW: an IPO, no surrender
In a context where Societe Generale seeks to distance himself with the business of asset management, this case does not fall more, especially since the bank is considering introducing its subsidiary American Stock Exchange. "The IPO of TCW is not on the agenda today. We will consider that once the full potential of TCW implemented. In this regard a doubling of assets under management is a worthy goal for our team. In the two years ahead, our goal is clearly to help TCW to develop. Moreover, the IPO of TCW does not mean we want to cede control.
The bank hopes to delay an end to this matter before scheduling the operation, which could be followed by another IPO: that of Amund. Last December, Soci?t? G?n?rale merged most of its activities in the sector with those of Cr?dit Agricole to create Amund, the number three European asset management after Allianz and AXA, and prompted to enter the stock market " within five years. " An operation that TCW has been kept out, only 20% of capital has been brought to the joint venture.
Between 700 million and 1 billion of additional losses
At a conference with investors organized by Morgan Stanley, Frederick Oud?a, President and CEO of Societe Generale, confirmed Wednesday, according to Les Echos, the bank may suffer in 2010, additional losses of 700 million to 1 billion euros related to its portfolio of toxic assets. This portfolio contained at December 31, 2009 to 35.5 billion euros of risk weighted assets.
In addition to his 2009 results, published last January, Societe Generale had announced that its portfolio of illiquid assets, whose value reached 37 billion euros at end December 2009, generated a net loss of 2.8 billion over the year, including $ 1 billion in the fourth quarter alone.
The letters are left on Monday evening. Reportedly, the Health Minister Roselyne Bachelot has finalized negotiations there nearly three months with pharmaceutical companies. To date, the Government had decided to terminate 50 of the 94 million doses of vaccine against influenza A previously ordered.
Doses reserved – totaling approximately 700 million euros – in June and July 2009, at a time when the World Health recommended to the States two injections per person. A requirement under attack in November 2009. The European Agency for the Evaluation of Medicinal Products (EMEA) was then estimated that injection was sufficient. This change of foot forced the French government to reconsider its brutally volume orders. Last January, Roselyne Bachelot announced on TF1, the government would not pay the "50 million doses not delivered."A cold shower for the three laboratories involved: GSK, Sanofi Pasteur, Novartis.
Heard today in the Senate by the parliamentary commission of inquiry charged with shedding light on government management of the epidemic of influenza A, the Minister of Health outlining the results of negotiations.
The State should pay the final 48 million euro to pharmaceutical companies instead of 358 million euros initially planned for 50 million doses canceled. Conducted by the Institution of preparation and response to health emergencies (Eprus), negotiations were conducted by laboratory laboratory. "It was man enough, but correct," says one observer of the case. Logic in a big business. Especially that similar talks were held in many countries.In Europe, France and Great Britain are the last to not have fully resolved the issue.
Allowances equal to 16% of the amount set aside
The government immediately set the overall ceiling of compensation it was willing to pay 50 million euros payday loan no faxing . Given the low number of relevant doses (50 000), Baxter has escaped cancellation of orders. But with the three other laboratories, the negotiations were tough. Driven to the wall they demanded equal treatment. So that, finally, the Eprus set the maximum amount of compensation to 16% of the canceled order for each of the labs.
The Eprus and Swiss drugmaker Novartis have been finally agreed Monday. Novartis will receive 10.5 million euros, or about 16% of 65 million at stakeBoth parties waive any recourse to justice.
With GlaxoSmithKline (GSK), failing agreement, the government decided to unilaterally fix the compensation to 36 million euros. But the pill is hard to swallow for the British lab, which has collected 224 million euros if the services Roselyne Bachelot had not canceled the order of 32 million doses. GSK should take note of the proposal, but consider formally accept it.
Finally, negotiations have been particularly harsh with Sanofi-Pasteur. The world leader in vaccines against influenza had himself proposed to cancel the order of 9 million doses of an original total of 28 million.But the subsidiary of Sanofi-Aventis has found less pleasant to have to cancel another 2 million doses.
Unless last-minute deal, the government should send a notification on grounds similar to those of Novartis and GSK, is a payment of 2 million euros over the initial 12.5. Monday evening, the French lab was still hesitating to sign the proposed transaction or initiate an action.
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