Archive for the 'finance' Category
The luxury sector is doing decidedly. PPR has surpassed analyst expectations by announcing on Friday, thanks to the acceleration of group sales in the period, net income Group share up 113.3% over one year to 403 million euros. His real turnover in the first half is also in an increase of 3.6% over the first half of 2009 to 8.139 billion euros.
"Our strong reaction from the outset of the crisis to maintain our competitiveness and the development of offensive trade allow us to benefit from the initial effects of the global economic recovery," said Francois-Henri Pinault President and CEO of PPR said in a statement. Earnings from operations also increased from 20.7% to 708 million euros.
"Good prospects"
The weight of the activity of PPR International has indeed continued to grow in the first half, representing 60.5% of the turnover of the group against 59.7% a year ago. Emerging countries in particular have contributed to make the results of PPR, with trading up 11.3%. Gucci now 40% of its sales in emerging countries, against 36% a year ago.
As its competitors in the luxury, like Hermes, LVMH and Burburry PPR announces results improved versus the first quarter 2010, reflecting the fact that the sector enjoys full recovery. The luxury division of PPR, Gucci Group (Gucci, Yves Saint Laurent, Bottega Veneta, Boucheron …) recorded an increase of 11.1% of its turnover to 1.82 billion euros. Less than Hermes, however, who announced last week a turnover up 23% over the first half of 2009.Francois-Henri Pinault, however, anticipates "good prospects", in the short and medium term.
Click on the thumbnail to enlarge the graphics.
The successful launch of the iPad has sparked a fierce price war among manufacturers of digital tablets. For fifteen days, one after the other, manufacturers revise their prices downwards to counter the shock wave of the iPad. Most recently, Sony announced on Wednesday reduced prices of its readers to 20-50 dollars depending on the model. Its entry-level player, the Pocket Edition is now available at $ 149 U.S. instead of $ 169. Last week, the online bookstore Amazon was the first to respond, bringing the price of its Kindle reader digital format (DX) to 379 dollars, down from $ 110 …! At the same time, Amazon increased the comfort of reading his DX improving its display."With improved contrast of 50% and a darker font, it will be easier than ever to read anywhere, outside in the sun or the low light of the show, welcomed Steve Kessel, an official of Amazon. A few days earlier, the retailer had already created a stir by lowering the $ 60 price of its best-selling player, the average size at $ 189 … The same day, his rival, the American bookseller Barnes & Noble brought the price reader's Nook of 259-199 dollars, and announced a more affordable version yet, to 149 dollars, but connectable only by wireless Internet (Wi-Fi).
Run size
These manufacturers have little choice. Faced with the shock of the trade-iPad more than 3 million copies sold-June 22, they must adjust their rates to stay in the race.Unable to keep the same price range as the iPad (500 euros) which, aside from reading, surfing the Internet, listening to music, watch movies or videos, etc.. From a color touch screen . Faced with the branding of Apple Premium, the price argument remains the only real leverage at their disposal, apart from adding some features (touchscreen, color, play MP3 music files, etc..) . "In the race for size, market share, the price factor is one that can make the difference as shown by the positioning of Dell with its multimedia tablet Streak marketed in late July and announced at least 100 euros" Sylvain Duranton remark, associate director at Boston Consulting Group.
Price also depends on the conversion market niche in the mass market."As long as prices do not fall sufficiently, widespread adoption of such devices will be difficult," says the expert. A psychological threshold must be reached. "Based on our studies, if 66% of French people are ready to go nuclear, they will not do at any price: not more than 150-200 euros for a multi-shelf as iPad and more than 100 euros for a single-function tablet, reserved for reading, as the Kindle. "
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• Transport
– Station: Ticket prices for trains Coral, Intercity and TER (Regional Express Train) will increase an average of 2.5%. This will result in higher ticket from 10 cents to 2.30 euros depending on distance traveled during the trip.
As for the discount cards (cards 12-25, Senior, and Child Escapes +), their prices remain unchanged.
– RATP: The price of individual tickets will go from 1.60 euro to 1.70 euro.
Subscriptions Navigo will also increase, except for packages zone 1-5 and 1-6.The monthly Zones 1 and 2 (Paris and suburbs) rises from 56.60 to 60.40 euros (+6.7%), the zones 1-3 of 74.40 to 78.20 euros (+ 5.1%) and the zones 1 to 4 from 91.70 to 95.50 euros (+4.1%).
• Energy
– Gas: After an initial increase in April, prices will increase again by 2% to 4.7% (about 8 euros per year for those who use gas for hot water and cooking 45 per year for those who use it also for heating)
– Bulbs: As part of the scheduled end of incandescents in the EU to promote energy saving, incandescent lamps of 60 watts are removed from store shelves.Those whose power was 100 watts or more have disappeared from shelves in 2009.
• Bonus for scrap
The premium case is lowered to 500 euros instead of 700 for any car ordered until December 31.
• Stamps
The price of postage for mailings of letters under 20 grams, will increase by two cents from 56-58 cents, an increase of 3.5%.
• Retirement
The index points which is the basis for calculating salary in three public (state, territorial and hospital) must be revalued by 0.5%.
• Unemployment benefits
Allowances of approximately two million unemployed by unemployment insurance compensation will be revalued by 1.2%.
• Communication
– Hadopi: It is from this Thursday that the first warnings will be mailed to users in violation of the law on downloading.
– Phone: The price of calls made and received from another EU country (roaming within Europe) will be reduced to 39 cents per minute excluding VAT cons 43 cent today. Receiving a call will be charged € 0.15 per minute instead of EUR 0.19.The SMS tariff remains unchanged for its 11 cents per message.
• Business and Disability
Firms with more than 20 employees employ any disabled person and took no action to promote employment of disabled people will have their penalties tripled to about 13,000 euros per person missing.
• Livret A
Currently at its lowest level since its inception to 1.25% – Return of the booklet A should move to 1.50% or 1.75% from 1 August by Budget Minister Francois Baroin.
He has held eight weeks. The CEO of BP, Tony Hayward, should hand over the management of the oil spill from the Gulf of Mexico to another group leader, Robert Dudley. The ad, albeit tempered by a spokesman for the moment, was made by Carl-Henric Svanberg, president of the group, during an interview with Sky News on Friday. "He went there just after the explosion. It will now transmit the management operations on a day-to-day to Robert Dudley, "he said.
Robert Dudley, a member of the board of directors of the group is in charge of operations in the Americas and Asia. Tony Hayward had already chosen earlier this month to lead a team to manage, with the authorities, long-term consequences of the spill after it had ceased.
A president on Platter
According to several analysts, heads could also fall after the U.S. congressional hearings. Observers say that Tony Hayward was well out of the question-answer session with U.S. lawmakers. The announcement of the creation of a fund of 20 billion dollars had quieted some of the fears of investors. "The provision of Tony Hayward has not been great but it could have been worse. As a shareholder, our priority was to see that all energies were concentrated on repairing the broken sink, "said anonymously to Reuters one of the ten largest shareholders of the group.
The Director General could therefore keep his job. It might be different from President Carl-Henric Svanberg."We believe Tony Hayward is doing all it can do, but the chairman of the board of directors does it not come out that well at all. It almost did not hear, "says shareholder. Another investor in the list of top 20 shareholders of the group added: "From my point of view, it will be very, very difficult for the president to overcome that. This function must be occupied by someone credible on the international scene, and it is clear that this is not the case with the incumbent.
Same view for Peter Hitchens, analyst at Panmure Gordon: "There is more pressure on the president who was, at least initially, very little known. I think at this point, we'll have someone go, so BP is in trouble. " "Obviously, everybody is looking for a scapegoat.This could be the president, "said his side Yevgeny Solovyov, an analyst at Societe Generale.
"We will survive"
Faced with this pressure, Carl-Henric Svanberg trying to stay focused. "BP is a very solid company and we will survive," he said. He said a disappearance of the band because of this disaster "can not happen."
The spill in the Gulf of Mexico has so far cost the group $ 1.8 billion, and the bill could rise considerably. In criminal prosecutions, the company may have to pay tens of billions of dollars in legal fees alone. Analysts estimate that the total cost of the disaster for BP should be between 17 and 60 billion dollars.
"On the 24-hour period ending at midnight last night, we were able to recover 25,000 barrels of oil," Friday welcomed Admiral Thad Allen to coordinate the fight against the tide black. He added that BP expected increase this volume to 53,000 barrels per day by end June So far, BP recovered 15,000 barrels per day, while the well is located 1,500 meters deep and 80 miles from U.S. shores spits every day between 35,000 and 60,000 barrels (up to 9.5 million liters) of oil .
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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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In 2009, employees have spent 86 minutes per day on average over the internet from their workplace. Which only one third as a professional, according to a study by Olf?o. What exonerate employees who like to stroll on the net between two ranges of work?
If Internet use for personal purposes is generally not favored by business, it is at least tolerated. In part because an outright ban on surfing the web to check emails, read a newspaper article or listening to music is technically very difficult to implement. Many companies, however, that filter or prohibit certain sites via their charter. The aim was primarily to cover, to prevent the actions of their virtual employees, which always involve the responsibility of the enterprise, are the source of sentences.One way to avoid as they saturate the bandwidth and not impair the productivity of their colleagues ….
Use "reasonable" is required
But if it is allowed to surf the web for personal purposes, such use must remain "reasonable," said the Labour Code. A character that the court weighs in case of dispute. Sending 156 emails two months personal example has been considered by the employer as grounds for dismissal of an employee for "misuse of the Internet on the workplace. A decision upheld by the tribunal.
While remaining within the limits of reasonable use of the Net, "the employer has any right way to look at any mail or file created by its employees unless they are explicitly" personal, "said Ahmed Baladi , a lawyer at Allen & Overy.A concept which is a priori assimilated external mailboxes (Type gmail, yahoo or orange …). The principle of respect for private life remains applicable to the workplace, the only requirement for the employee to make clear what he wants to meet her privacy. Not always obvious to all of his mail regularly titrate "STAFF".
The Wall Street Journal, the last hopes of the record company EMI to sell a license to distribute its music catalog in the U.S. by a competitor, have collapsed. On Wednesday, the world's number one industry, Universal has withdrawn from negotiations. Same with Sony. EMI wanted to sign an agreement for pocketing 200 million pounds by the end of its fiscal year to pay a portion of its debt at Citigroup on time.It amounts to more than 3 billion pounds.
Before deciding to license USA, EMI had planned to sell its legendary London recording studio Abbey Road, whose group owns, but it is finally decided.
EMI and Terra Firma its owner, an investment fund, will have to raise 120 million pounds by June to meet their commitments vis-?-vis Citigroup Payday Loan for Bad Credit. If they do not, Citigroup will take over the record label. In this case, the bank could sell EMI in several pieces.
The relationship between Citigroup and Terra Firma are already tense because the fund had filed a complaint against the bank for fraud in the acquisition of EMI by Terra Firma financed by Citigroup.The fund now plans to submit a new plan in late April to prevent EMI from falling under the control of the bank.
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On the occasion of a debate in Poland, before an audience of government officials and financiers, the Director General of the International Monetary Fund (IMF), Dominique Strauss-Kahn, once is not usually stigmatized the effects of crisis on the cohesiveness of the euro area. Among them, weak institutions with regard to non-compliance with the Stability Pact by the European countries.
"The stability pact is a pact that states must respect and when they have not done what has happened? Nothing, "said former Finance Minister. He added: "The truth is that this crisis shows that when the weather is clement, the existing institutions work well enough. But when a storm occurs, such as the global financial crisis, the weaknesses of these institutions is clear. "
The story of "carrots and big sticks"
To ensure greater coordination of economic policies, Dominique Strauss-Kahn chooses metaphors. "If we really want that European policies are implemented, we have carrots and big sticks. If this does not work, says he. We never saw the stick that would really forced the states to do what they should do and to respect their commitments.
"The euro zone should do the housework" (former Latvian president)
Also present on the occasion of this debate, Vaira Vike-Freiberga, former President of Latvia, went even further cash advance no faxing. "I think the euro area has some cleaning to do at home. This is the priority. Everyone should have the same discipline.It seems that the sufficiency of which we have seen from the example of France and Germany, as regards the deficit, is also part of the problem.
Former Latvian President and deeply regrets that the member countries of the eurozone use the crisis to push the Greek expansion into Eastern Europe. "Straight talk: Member States of the euro area have not met their own rules. If they really respected the rules of the game, they would not be in the mess they are now, "she said. Latvia has set a target of 2014 to adopt the euro.Last year, gross domestic product in Latvia fell by 18%, the sharpest contraction recorded among the 27 members of the European Union.
Poland, for which the IMF p?rvu GDP growth of about 2.75% in 2010 and 3.25% in 2011, received one of the largest loan ever granted by the IMF, a line Credit called "modular" of 15.3 billion euros on which it can draw at any moment. Romania, where Dominique Strauss-Kahn has to go on Tuesday for his part received to date of 9.3 billion euro loan of 12.9 billion made in May 2009.
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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