Archive for the 'finance' Category
After a smooth start Monday, the prestigious yearling sales at Deauville * Tuesday saw the excitement of great days with a filly born to the purple.
When she was presented the "ring" of the Establishment Elie de Brignac, located opposite the racecourse The Touques, tension immediately rose several notches in the gallery hosting the auction buyers and quickly flamed .
For this filly, by the stud of Perelle, is a daughter of Galileo, the best stallion in the world (it's riding the famous Coolmore Stud in Ireland and its projection amounts to tens of thousands of euros).As for his mother, Sanjida, after the breeding of His Highness the Aga Khan is a close relative of Sarafina champion, winner in 2010 of three groups I, including the Prix de Diane, Qatar and the last third Prix de l'Arc de Triomphe.
Quickly, the auction turned into a duel between two Australian businessmen, Paul Fudge and Paul Makin, both thoroughbred breeders and owners of racehorses. Finally, the first had the last word with a bid of 1.7 million, the auctioneer lowered his gavel and say the traditional "awarded" for Lot 138.
The 2002 record still stands
This amount is probably the "top price" sales in 2011 in Deauville, which will end Thursday make quick cash. But the record set in 2002 still stands.At the time, Sheikh Mohammed Al Maktoum, Ruler of Dubai and owner of the Godolphin stables, one of the largest in the world, did not hesitate to pay 2 million euros to buy the filly Vimy Ridge. This year, like last year, Sheikh Mohammed and Sheikh Hamdan's brother, are not present on the Normandy coast because of Ramadan.
In addition to the price achieved by the daughter of Galileo, fifteen yearlings yesterday exceeded the threshold of 200,000 euros, which allowed a rebound. "On the combination of the first two days, there was a 20% increase in sales compared to 2010, said in Galop Day, Eric Hoyeau, the president of Arqana, organizer of sales. The percentage of sales increased by 68% to 71.3%. The average price 145,500 euros against 150,000 – it is substantially equivalent to that of 2010. "
After the first two days, its objective, namely a slight increase over 2010, a year marked by a fall (-28%) of sales of sales of Deauville, becomes more and more feasible .
* Thoroughbred of 18 months
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We suspect, given the global economic slowdown taking place, the government would be forced, sooner or later, to revise downward its growth forecast for 2012 (2.25%). But given the very poor GDP figures in the second quarter that were published this morning, one wonders now if the forecasts for 2011 will be held, too.
The government plans to officially 2% growth this year. According to Insee, the carry-over of 2011 (that is to say that France would increase if the activity was stagnant until the end of the year) is 1.4%. From 1.4% to 2% going to have to know the activity a dramatic rebound in the second half, which is far from certain.Balances were mediocre and above all a financial crisis that could fill a strong business investment bodes poorly for consumption and industrial production in the third quarter.
All in a context of slower public investment, fiscal discipline requires. At Bercy, yet it refuses for now to revise down forecasts payday loans guaranteed no fax. But he will have to solve it or risk losing credibility.
Huge consequences
The consequences of the stagnation of GDP in the second quarter are huge: the estimated government deficit to 5.7% of GDP at end 2011 and end 2012 4.6% are threatened. The government has pledged to do everything to achieve this intangible. He has no choice: the slightest deviation will be severely punished by financial markets.
In order to reduce the deficit in 2012 the state was counting on three billion euros in savings in tax loopholes. This figure is outdated. The aim should be 5 billion, at least, to save on niches, according to the general rapporteur of the budget Gilles Carrez. The MP also recommends additional 3 billion of cuts in public spending. Rigor looks for this winter.
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The U.S. stock markets move sharply lower on Monday. The Dow Jones lost 0.84% to 12,551.25 points, the Nasdaq 1.02% to 2830.66 loose points and the S & P 500 drops 1.08% to 1329.34 points. On Friday, the New York Stock Exchange ended down, undermined by employment figures disappointing compared with analysts' expectations.
Hiring remained stalled for the second straight month the U.S. in June, with only 18,000 net new jobs and the unemployment rate rose to 9.2% of the workforce.
Alcoa opens the ball in quarterly results
The trend, however, should be fragile before the beginning of the season half-year results. As usual it is Alcoa (-2.32% to $ 16) which will open the show of quarterly, as soon after the close of Wall Street Monday.JPMorgan Chase will be the first major U.S. banks to issue, with results expected Thursday, the same day as Google, which will set the tone for the technology. Investors will know very quickly if the U.S. financial sector has suffered from the decline in trading activities. These results also give a taste of the figures will be announced later by European banks.
According to Thomson Reuters data, the results of listed companies on the S & P 500 should show an average increase of 7.3% compared to second quarter 2010. But this increase could be higher if a majority of companies beat the consensus.
The euro dropped to $ 1.40
On the foreign exchange market, the euro was digging its losses against the greenback on Monday.Mid-afternoon in Paris, the single European currency was worth 1.4050 dollars against 1.4258 dollars on Friday night, falling to levels seen for two weeks.
On the macroeconomic front, the United States, negotiations between Democrats and Republicans over raising the debt ceiling is again blocked, the Speaker of the House of Representatives, Republican John Boehner, who announced that he would not find a comprehensive agreement with the White House.
In the process, the U.S. Treasury Secretary Timothy Geithner gave assurances that the U.S. would not default on their financial commitments, while Barack Obama announced he would hold a press conference Monday at the White House.
Always on the side of values, Sanofi (2.49% to 80.35 dollars) today announced positive results in a phase III study for Lemtrada, a drug for the treatment of multiple sclerosis developed by Genzyme's new subsidiary. Sanofi put his hand in April on U.S. biotech Genzyme for more than 20 billion. In addition, Sanofi said on Monday the sale of its Canadian dermatology Dermik to Valeant for $ 425 million (300 million) in cash, in order to focus on priority activities in the United States and Canada.
In the same area, the Swiss company Lonza, specializing in life sciences, announced Monday the acquisition of the U.S. Arch Chemicals (11.24% to 46.91 dollars), a company active in biocides.The cash offer to 47.20 dollars per share values the company at $ 1.4 billion, which represents a premium of 36.7% over the share price on the last thirty days.
In addition, the U.S. aerospace equipment Precision Castparts Corporation (0.79% to 164.07 dollars) will strengthen the sector by buying aero Primus International Society for $ 900 million in cash.
Also note, the Financial Times, the fund Blackstone (-3.12% to 16.48 dollars) sold its shares in the Chinese Dili Group, while the group would not be able to freely adjust its prices .
The European Central Bank has pointed out as planned today its main interest rate from 1.25% to 1.5%, at meeting of its governing council in Frankfurt. The financial markets were convinced that since Jean-Claude Trichet, its president, expressed his "great vigilance", vis-à-vis inflation, June 30, before the European Parliament. It reached 2.7% year over year, according to Eurostat.
This will be the second time this year that the ECB interest rates rises and the eleventh increase since Jean-Claude Trichet took charge of the institution in 2003.
Not since the single currency is "European economic growth has been uneven," noted economists, however, Societe Generale. Industrial production rose 9.6% year on year in Germany (2.6% in France), whereas it fell by 10.9% in Greece.Jean-Claude Trichet is expected to speak on the role of rating agencies include difficulty many observers that the ECB does not it stands out more openly to their own decisions refinancing of banks.
The U.S. stock markets, should the open down on Wednesday. Future of Standard & Poor's 500 and Nasdaq 100, respectively, in fact retreating from 0.24% to 1333.50 points and 0.14%% to 2368.75 points. Tuesday, Wall Street ended the session in a disorganized manner. The Dow Jones lost 0.1% to 12,569.87 points while the Nasdaq 100 has been 0.35% to 2825.77 points. For its part, the broader index S & P 500 yielded 0.13% at 1337.88 points, in a low volume of trade.
Lowering the debt rating of Portugal four notches by Moody's is expected to weigh on investor sentiment on Wall Street.The rating agency has no confidence in the program "ambitious" in the words of the new government which includes to reduce the country's deficit from 9.1% to 5.9% this year, and 3% of 2013, and believes it is likely that Portugal needs a new aid in addition to 78 billion decided last May.
Also on the front of the public finance crisis in Europe, major international banks and insurers have an appointment in Paris today to discuss again the terms of their expected participation in the next plan of aid to Greece.
On the foreign exchange market, the euro fell sharply against the dollar on Wednesday, weighed down by renewed worries about the economic health of the most fragile countries in the euro area.Around 11:00 in Paris, the single European currency was worth 1.4359 dollars against 1.4418 dollars late Tuesday.
Warren Buffett eye on the activities of consumer credit from Citigroup
On the macroeconomic front, investors will be watching in the U guaranteed pay day loans.S., the ISM index of activity in the service in June in 16 hours and the weekly inventory of crude oil after half an hour.The main highlight of the week, however, is expected Friday with the employment figures.
The side of values, the U.S. investor Warren Buffett, through his holding company Berkshire Hathaway, is in line to take over the activities of consumer credit offered for sale by the bank Citigroup, the Wall Street Journal said on its website.
According to the Wall Street Journal, the micro-blogging site Twitter is finalizing a new round of finance which would raise hundreds of millions of dollars and the recovery to $ 7 billion.In December, Twitter announced that it has raised funds "important" from a group of investors who, according to a news site dedicated, focused its total value to about $ 3.7 billion.
Also note, investment banks Goldman Sachs and Morgan Stanley announced Wednesday it had placed with private investors 9.16% of Spanish giant Amadeus travel bookings, to 569.9 million euros.
In addition, DST Systems has announced the acquisition of IntelliSource Healthcare Solutions, a solutions provider operating in the field of health insurance. The terms of the transaction were not disclosed.
For its part, Pfizer has reported positive results for the phase III study conducted in Japan on Lyrica (pregabalin) for the treatment of fibromyalgia.
Just arrived in the summer, here are the summer sales. From Wednesday, the clothing retailers will offer discounts of 30 to 50% of their collections. This is for them to attract consumers who shun fashion for nearly two years. If an improvement was seen in the spring, it could be threatened by an inevitable increase in prices of clothing, the impact of rising costs of raw materials, labor and transportation.
"We are all faced with rising production costs that we have at least partly reflected in our prices, and this will be even bigger in the fall and winter," says Antoine Brieu, director of C & A France. Its sign, high image discount, is not doing too badly at the moment, because in inflationary times, consumers fall back on cheap brands.C & A has found "a significant increase in its turnover and sales volumes" in March, April and May
"Buy smart"
In general, the industry experienced a beautiful spring, after a bad first quarter. Sales in April and May were supported by good weather, before a lull since early June due to weather and to wait before a traditional balances. "We have no signs of a recovery in the consumption of textiles in France, contrary to what one can see in some countries of northern Europe, says Gildas Minvielle, head of the center of economic French Institute of fashion. And in times of crisis, it is difficult to raise prices too much.The increases will be applied in a differentiated way for this to be as painless as possible. "
Aware of the issue, the French will then engage in a hunt for "buying smart", as they have done since the beginning of the economic downturn. This time, the scope is relatively narrow. As traders have sold quite well in early spring, the stocks available for sales are less important than the past seasons.
Distinguish the goods to the risk of missing
In addition, professionals, stung by the decline in demand were far more modest in their orders. "Companies have become very conservative for two years.They would rather miss sales than remain with unsold inventory, "said Jean-Marc Genis, president of the National Federation of brands of clothing.
If, as always, a rush is expected at the start of the period, the effect balances the risk of falling fast enough. "We usually sell 50% of our total sales the first week and then is divided by two every week," said Antoine Brieu C & A.
So, after two to three weeks, the goods to stand out may be missed. This will allow retailers to quickly implement the fall-winter season.With price increases all the more important that the parts are more "heavy" coat material includes more than a T-shirt.
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The slump experienced by the Carrefour share in recent days is likely to facilitate even further the group's general meeting on Tuesday. Carrefour's shareholders must in fact decide on the demerger of Dia, the sign of hard discount group, the independent rating is scheduled for early July in the Madrid Stock Exchange. Carrefour's management motivates this project by the lack of synergies between Dia and the rest of the group, and a willingness to focus on Carrefour (Planet, Market, City, Contact …). If the split is approved, each shareholder will receive shares of Carrefour Dia, a company that alone could be worth at least 4 billion euros.
This vote, however, will crystallize the tensions accumulated during the past few months hectic for the distributor.The group has already had in early May, to bracket his other draft terms of division, the 25% stake in its real estate subsidiary Carrefour Property. This 100% Dia does not unanimously. The transaction is certainly strong, if not driven, by Blue Capital, the holding company common group Arnault and Colony Capital, which is the largest shareholder in Carrefour, with 14% of the capital and 20% of the voting rights. The fund Knight Vinke (1.5%) is also favorable.
What is the position of other shareholders? Halley family (founders of Promodes, which merged with Carrefour in 1999) owns approximately 10% of the capital. Some of its members would quietly campaigning against the split of Dia, creative in their view of a direct competitor to Carrefour Spain. Among the heirs of the founders of Carrefour, also head of more than 10%, Thierry Defforey took a stand against, but as individuals.Members of two families each vote as they wish: we can not speak or block in one case or the other pay day loans.
Appearance of floating
The question is how institutional investors vote, much in demand by both sides in recent days. The split must be approved by over 66% of voters to be ratified.
The vote of the General Assembly will determine the CEO Lars Olofsson, weakened by the disappointing results, but also for Blue Capital, the maneuver at Carrefour since his arrival in the capital early 2008 (at an average price per share of around 53 euros). For the holding, the division of Dia is a means to better demonstrate, finally, the share value Carrefour.
Shareholders, including those of employees, will benefit from the appointment on Tuesday to demand an explanation on the appearance of uncertainty that prevails at Carrefour.After two profit warnings last year because of Brazil, and another this year, the group said Thursday of bad news on the results in the first half.
The turnaround of Carrefour Property added to the doubts. Just as the instability of management. Several senior executives recruited by Lars Olofsson left the group. After the departure of James McCann, the chief had promised to be directly involved in the recovery, priority of the activity in France, before naming the day before yesterday a new boss … and financial communication is in keeping. Not to mention the open front in Brazil, where Carrefour seems to invite in Pao de Acucar, the partner of rival Casino.A move that could have been hailed as audacious, but was revealed at a time when the distributor promised to focus its forces on its French hypermarkets …
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Even in Italy, Credit Agricole is now playing sobriety. The French banking group in Milan on Wednesday presented the local version of its comprehensive strategic plan to 2014. No major operation is in the program, but a work of conquest picky customers and improve profitability. "Our selection of organic growth excludes acquisitions, said the group's CEO, Jean-Paul Chifflet. We need to digest what we have acquired in recent years. "The green bank will therefore invest 325 million euros by 2014 in its subsidiary, Cariparma to improve synergies with the group, developing multi-channel distribution (Agencies Internet and phone) and open a dozen agencies each year primarily in its home regions: Tuscany, Emilia Romagna, Lombardy and Veneto.
In 2014, barring accidents, should relieve Cariparma 2.2 billion and a net income of 417 million euros, up by 30% and 83% from 2011. Ambitious outlook remains difficult in the context through which the Italian banking market. Between 2007 and 2010, net banking sector has in fact decreased by 4 bad credit unsecured personal loans.2% – and 1% for Cariparma. But the subsidiary of Credit Agricole, which already has as the most profitable bank in Italy, believes it can gain ground by playing on the integration of its businesses. She intends to win 150,000 new customers, primarily among young people and SMEs, on a base of 1.7 million in early 2011.
Crédit Agricole is present in Italy since the 1970s. In 2011, all Italian activities (retail, insurance, consumer finance, asset management …) has reported a profit of 1 billion euros.The French group was able to hand over bank networks thanks to its historic capital of any bank who founded Intesa Sanpaolo. In 2006, the Mutual has first acquired regional networks and Cariparma FriulAdria and last year 172 branches of Intesa Sanpaolo. Under the agreements with the Italian Antitrust, Crédit Agricole has gradually decreased its stake in Intesa. It holds only 3.8%.
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In recent days, European health authorities are engaged in a real police investigation and a race against time to trace the trail of a new epidemic. Prime suspect: a bacterium Escherichia coli, accused of causing bloody diarrhea and kidney complications. Yesterday, Europe accounted for 1 000 patients in Germany, England, the Netherlands, Switzerland, Austria. In France, six suspects, three of which the Germans are under investigation. All had lived in Germany. Fifteen deaths are regrettable in Germany, one in Sweden.
Where is the health survey? Is this really the cucumber?
At first, the deadly bacteria was traced to imported Spanish cucumbers in Germany. But the German authorities admitted Tuesday that the latest tests showed that the vegetable was not the offending bacteria.
Only the stool of patients contain Escherichia coli enterohaemorrhagic (EHEC). The hypothesis of a contamination plant is however maintained. Tomatoes and salad greens are suspected. The question remains: the vegetables have been infected in Spain, Germany, during transport?
Next Monday, all European health ministers meet in Luxembourg for an update. Francois Grossetete MEP, said "the need to label products to determine their origin."
What is hemolytic uremic syndrome (HUS)?
HUS is a severe complication, sometimes fatal, infections of the digestive bacteria Escherichia coli enterohaemorrhagic (EHEC) types of E. coli that produce Shiga toxin. After 3-7 days of incubation, these infections are revealed by diarrhea, which may be bloody.Nine out of ten patients recover within ten days. HUS occurs in 10% of cases, linked to the spread of the toxin. It is characterized by acute renal failure, anemia and thrombocytopenia (low platelets). This complication is fatal in 3-5% of cases, a patient care on two renal sequelae. One hundred cases are reported each year in France, mainly in children under 15 years.
How to transmit these infections?
Cattle that are healthy carriers, are the main natural reservoir. Transmission to humans is most often through ingestion of undercooked beef (hamburgers, for example) or products containing raw milk Faxless payday loans. Water and other foods like vegetables contaminated by feces, can also be a source of infection. A direct human transmission is possible.Many serotypes of EHEC are identified, the most common is O157: H7.
What previous epidemics?
The first two outbreaks due to these producers shigatoxin coli were reported in 1982 in the United States. In total, about fifty people were infected with E. coli O157: H7 via hamburgers. In 1996, Scotland, over 500 people who were victims of the same serotype, also by eating beef. The largest epidemic was recorded in Japan in 1996. More than 9400 cases and 12 deaths had been identified, contaminated radish sprouts. In 2000, Canada, 2000 cases of infection were identified among the 4600 inhabitants of the town of Walkerton.In this area of intensive farming of cattle, the infection was transmitted by drinking water.
What precautions should I take?
In general, these bacteria are destroyed by heat, "two minutes at 70 degrees or 100 degrees a minute," says Professor Patrick Berche, microbiologist (Necker Hospital, Paris). Currently, there is, in his view, no reason not to eat raw vegetables. "The only precaution is to wash your hands before and after preparing raw vegetables, and wash vegetables and fruit, possibly with hot water," he insists.
What is special about the current epidemic?
The first is the serotype in question, O104. "It's fantastic, I have not had a case several years ago, said Professor Edouard Bingen (Hôpital Robert Debré, Paris), whose laboratory is associated with the National Reference Center for E.coli-Shigella. This serotype O104 has been the source of an epidemic in the United States in 1994. "It's odd to have a highly virulent strain and immediately resistant to powerful antibiotics such as cephalosporins," adds Dr Berche. Moreover, the current epidemic affects mostly women, while the hemolytic uremic syndrome usually involves children. A difference that, according to Professor Bingen, may be related to the origin of infection: the hamburger more often, raw vegetables in this case.
GDF SUEZ announced Friday in a statement that "the general meeting of shareholders of Compagnie du Vent has decided to replace" its chairman and founder Jean-Michel Germa by Thierry Conil, "over 30 years experience in GDF Suez ". "A major strategic dispute," the statement continued, between GDF Suez, which owns 56.8% of Compagnie du Vent and its founder Jean-Michel Germa, which owns 43.2% is the origin of this separation.
Problem: Jean-Michel Germa judicially contest his dismissal, even though he knew his scheduled departure. First on the form. Feeling the dispute with its powerful shareholder grow for months, Jean-Michel Germa had sought this week the protection of the commercial court of Montpellier (seat LCV).He had requested the postponement of Thursday's meeting but GDF Suez has received the same day, the Tribunal de Commerce "authorization" to conduct this meeting. Jean-Michel Germa considers that the meeting "was not held." The founder of the company that employs 156 employees (sales: 27 million) is "very shocked" by the group methods.
On the merits, the proposed wind farm on both coasts, off Tréport is at the heart of the dispute between the two parties. "I wore this folder on the baptismal font for more than six years," says Jean-Michel Germa. Since 2005, he sought a major partner, not being able to invest only 2.5 billion euros of this pharaonic site of more than 100 offshore wind GDF Suez said this in 2007.Only offshore project in France to have passed the stage of public debate and to have obtained permission trunking park on both sides to eventually be included in the five zones affected by the imminent bidding of the government. Germa estimated that his company could legitimately respond to the bidding as prime contractor, with GDF Suez and all interested partners.
Regain control
The group Mestrallet which just announced an alliance with Areva and Vinci to participate in the tender intends to resume the hand and accuses Jean-Michel Germa its "independent development approach." "We do not aim to be your bank, it is argued in the entourage of the group.GDF Suez eyes, only the creation of a true industrial sector will invest successfully niche offshore wind: "Between the amounts required and the risks to assume the financial stakes are so huge it takes deploy a comprehensive strategy. "
Other disputes have marked the common path of CTA and its controlling shareholder. Today, Jean-Michel Germa figure at 490 million euros loss suffered by his company, counting the resumption of the park on both sides by GDF Suez.
Energia says victim of the same strategy
While the government prepares to launch the tender on offshore wind farms and to renew some concessions hydraulic group Mestrallet began to gather around "a great center" activities in the Renewable France previously dispersed in several subsidiaries.The group, which currently has a portfolio of 1000 megawatts (MW) wind farm, wants to double within five years. The multinational company has invested 135 million euros in CTA believes it was time to take complete control. Jean-Michel Germa denounces what he sees as a strategy of GDF Suez, which is "to transfer the assets of companies that the group claims to have bought too much, empty them of their substance out minority shareholders on the cheap."
Fabrice Crobbedu, former head of Energia, a small business specializing in heating, acquired by GDF Suez in 2008 to 54% consider themselves victims of this same strategy. Revoked in 2009, it remained a minority shareholder. At GDF Suez, the response by explaining that Fabrizio Crobbedu is suspected of abuse of corporate assets. The judicial successive episodes.Until this year, going back to Friday when Fabrice Crobbedu grabbed the Commercial Court to challenge Nevers, too, holding a general meeting.
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