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Capgemini has signed a big deal. In offering a 55% stake CPM Braxis, a leading Brazilian IT services, the French company moved to a country with promising prospects, and strengthens its financial services, an activity that is the workhorse of the Brazilian . Capgemini has spent 233 million euros, based on an enterprise value of 437 million euros to acquire the entire capital. Capgemini may exercise its option to purchase the remaining 45% between the third and fifth year following the date of acquisition.
This price may seem a bit high at first sight. But it seems the price to pay to enter a market enjoying strong growth: 10% per year until 2014 according to Gartner.Especially as CPM Braxis seem to do much better than the market's turnover is expected to 450 million euros in 2010, up 20% and operating margin should be about 6%.
"Brazil is an important market, it is twice as important as the Chinese market," said CEO Paul Hermelin, during a conference call.
IBM, Accenture, HP and Unisys loyal
Brazil represents 47% of the IT services market in Latin America, valued at $ 23 billion, says Capgemini.CPM Braxis employs 5,500 employees and has 200 customers, particularly in the financial sector, but it is also present in the telecom sector and industry.
"This transaction will enable Capgemini to enter the Brazilian market through the front door in a market dominated by American players, the top 4 players in the market as IBM, Accenture, HP / EDS and Unisys that lock them four to 25% market, "says Dov Levy, analyst at CM-CIC Securities.
The capital increase will be financed from net cash of the group.It will be done through a capital increase CPM Braxis 129 million underwritten by Capgemini, coupled to a redemption of shares from existing shareholders of the Brazilian society of 104 million euros.
In exchange, the news is appreciated: 1.48% to 35.07 euros when the market drops 0.69% to 3598.99 points, about 10 hours.
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The rebound from last night continues, reinforced by the unemployment figures, fell to 14.30, and better than expected. At the opening, the Dow Jones allows itself to 0.08% 10,061 points, the Standard & Poor's 500 and Nasdaq 100 0.25% advance respectively to 1058 and 0.26% points to 2147 points.
On Thursday, the jobless claims fell more than expected in the U.S. after three weeks of increases, said Thursday in Washington, the Labor Department, which identified 473,000 new requests for allocations from August 15 to 21.
Wednesday on Wall Street's rebound has been sketched primarily due to buying cheap and the results of Toll Brothers and American Eagle Outfitters, welcome. The Dow Jones climbed 0.20% to finally 10 060 points, while the Nasdaq took up 0.84% to 2142 points.
The U.S. Department of Commerce on Wednesday, new home sales in the U.S. for the month of July 2010 have yet to set seasonally adjusted rate of 276 thousand units, the lowest in history, against a consensus site close to 340 thousand. Orders for U.S. durable goods for the month of July 2010 have certainly increased 0.3%, but the consensus was expecting 2.5%.
GDP Friday
Tomorrow, Friday, that the most crucial indicator will be unveiled: the second estimate of GDP growth in the second quarter.This risk, with a sharp drop early in the indices plunge into turmoil.
Dell opts for 3PAR
On the corporate side, Ford (0.71% to 11.40 dollars), the two groups comes as U.S. automaker to announce, with the Japanese Mazda, an investment of 350 million dollars (273 million euros), through their joint venture AutoAlliance Thailand (AAT), for the equipment of a factory in Thailand pick-up of new generation Guaranteed payday loans.
Wal-Mart Stores (-0.17% to 51.46 dollars), has asked the U.S. Supreme Court to halt a massive partnership action brought by female employees, court documents show Wednesday.
Dell (0.53% to $ 11.85) raised its offer Thursday on the data storage company 3PAR (-1.38% to 26.39 dollars) to 24.30 dollars per share, a superior proposal to one presented by Hewlett-Packard (0.59% to 38.47 dollars). 3PAR has accepted.
Guess picks
The apparel retailer Guess (-9.16% to 34.73 dollars) on Wednesday reported a profit above expectations, but its forecast of annual results is lower than what analysts predicted so far. In the second quarter, Guess reported earnings per share of 72 cents against 68 cents expected by analysts.
The Cosmopolitan of Las Vegas, which plans to open 2,000 rooms of its Las Vegas Strip in mid-December, has teamed up with hotel chain Marriott International (1.27% to 32.57 dollars).
The world's leading online distribution Amazon.com (+0.29% to 127.22 dollars) announced Wednesday night that most pre-orders for the third generation of his "reading light" electronic Kindle was last soon the first month of opening bookings.
The U.S. giant Apple (0.58% to 244.3 dollars) on 1 September should submit a new version of its iPod media player. Rumors report that the group at the apple could announce a revival of his TV project.
Novell Inc. will release its results after market. And Tiffany, in the night.
A net profit down 28% in the first half of 2010. As expected, the insurer Axa unveils impacted net income by the sale of part of its activities to the United Kingdom, according to a statement released Wednesday. But at 944 million euros, it appears well above expectations of analysts who had forecast of 623 million euros.
At the announcement in late June, the assignment to the British insurer Resolution a part of its business life, savings and retirement in the United Kingdom, CEO Henri de Castries had indicated that the operation would force the group to see a loss of about 1.4 billion euros. She finally reached 1.478 billion.
Besides this exception, the operating income was down slightly more, from 3% to 2.082 billion euros, as markets anticipate that 1.884 billion.A decline mainly due to the declining contribution of the activity damage (-9%) and asset management (-15%), partly offset by a 6% increase in operating income for life, savings and retirement.
The total turnover of AXA was up by 1.4% to 49.9 billion euros in the first six months of the year.
In exchange, the title Axa lost 10.9% since the beginning of the year, while the European index DJStoxx insurance is up 3.16%.
Marge and emerging areas in the crosshairs
Henri de Castries, CEO of the group, commenting on these results this morning on the group's website, said that the figures "show the strength of (our) model and the ability to do what we said we would do to give pride of our margins and long term. "AXA is pleased to have increased its margin on new business, to 19.1%, against 16% a year ago.
The emerging areas, particularly targeted by the group as part of its strategy for growth, have reached a good performance. In southeast Asia and China, the new business activity has almost doubled from one year to another. In Hong Kong and Australia, business is good too (+19% and +18%). Other key points of the group, Central Europe and East, including Turkey.France, the United States and Japan, they, are still difficult times, with decreases in activity by 12%, 12% and 13%.
AXA Asia Pacific: the benefit flexes
AXA Asia Pacific, the target of a takeover bid of 11.5 billion U.S. dollars from National Australia Bank, reported Wednesday a 19% drop in its first-half profit attributable to the fragile financial markets.
AXA Asia Pacific has announced a profit of 219.2 million Australian dollars for the first six months of the year, a figure in line with market expectations.
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LE FIGARO. – How do you analyze the performance of Arkema?
Thierry LE HENAFF. – Our EBITDA in the second quarter is by far the best performance we've ever done. This shows the transformation of the company, whose effects had been masked by the crisis. Our net income in the quarter was equal to that recorded on all our best year in 2007. Arkema has turned a corner. We change category. After a sharp rebound in the first quarter, we have found in the second quarter activity level relatively close to its pre-crisis. Our turnover has increased by 27% at constant, a rate comparable to the leaders of the chemical industry.
What are the springs of your performance?
The chemical industry reflects developments in the global economy. We followed four strategic since 2005.Improving our competitiveness first. Late 2010, we have reduced our fixed costs by up to 10% of turnover, or 600 million euros in savings. Then, we placed more on Asia. We benefit from growth in China, where we have invested 300 million euros in a few years. Our goal is to achieve over 10% of our sales in this country in 2014, against 6% today. Third axis of our strategy, we have developed innovations in sustainable development and high performance materials. We draw therefore from the growing interest in photovoltaics, polymers used in automotive, new energy, lithium-ion batteries … Last Axis: the acquisitions to improve our business portfolio.We made a number of acquisitions in crisis, price crisis.
Is the crisis behind it?
Yes. 2007 and 2008 were years of historically high for the chemical sector. We got back on activity levels of 2005 and 2006, with the exception of the construction sector, for which we must remain attentive. We are generally confident about the rest of the year. There is still no recovery in the construction, some 15 of our trades eventually go less well, such as cars, but we will see an improvement on others, such as oil and gas.
Your French operations are profitable?
France is the country where we are least profitable. We have suffered greatly in 2009. This year is better, but there is still a gap compared to other countries. There is still work to do to improve our competitiveness.We must nevertheless note that we are making 50-60% of our investment in France.
The decline in registrations in France in June already gave an overview of the state's automobile market throughout the European Union (EU). The European Automobile Manufacturers Association (ACEA) has confirmed on Thursday the downward trend by announcing a 6.9% decline in registrations in the EU. In total, 1,341,092 vehicles were registered in June
For June alone, the largest drops are collected by Slovakia (-40.6%), Greece (-39.3%) and Bulgaria (-32.1%). In addition to these countries is Germany, the largest European car market, with a decrease of 32.3% to 289,259 vehicles registered. France, second largest market, recorded a decline of 1.3% lighter.To explain this phenomenon, ACEA highlights the end of support measures for the sector, including the scrapping bonus.
The largest increases were reported in Ireland (75.8%), Portugal (62.5%), Finland (54.6%) or Spain (+25.6%) and United Kingdom (+10.8%).
Diplomatic relations between Switzerland and Germany could still suffer. After the controversial purchase of a CD from Switzerland containing lists of suspected tax evaders in Germany launches massive search operation in the German subsidiary of Swiss bank Credit Suisse. Objective: to update the 1100 alleged customers of the bank suspected of evading taxes, and employees of the bank suspected to have helped.
The raids took place simultaneously in 13 cities and were conducted by 150 officers. Credit Suisse, which remained silent on the subject, has finally reacted by saying "cooperate with the authorities." "This is an ongoing investigation, so we can give more information," says the facility.
Unsurprisingly
Since March 19 this year, the Dusseldorf prosecutor's office suggested that he was investigating cons these clients in the fight against tax evasion carried out by the government. The purchase of the CD has already led almost 12.000à denounce himself, according to last count, in late March.
Credit Suisse is not the only Swiss bank in the sights of German authorities. UBS industry leader, is also subject of an investigation, not prosecution, but the authority of financial sector supervision Authority (BaFin).
Negotiations stalled
These searches involved in full discussions between Bern and Berlin on improving the exchange of information between the two countries my credit score. Both governments wish to reach an agreement that also aims to avoid double taxation.
In late March, the finance ministers of the two states signed a convention in this sense, but it is still not signed. Both governments face difficult issues such as control of German assets placed in Switzerland. A working group has also been mandated to expand the proposals and make findings in the fall.
Meanwhile, the convention is not in force, allowing Germany to put pressure on Swiss institutions. The spokesman for the German Finance Ministry wants yet reassuring: "We assume that the negotiations with Switzerland will continue to be constructive and to unfold in an atmosphere of mutual trust." He says they will, if successful, to "render obsolete" files using File Swiss bank clients stolen and resold.
The German technique is the same as that adopted in respect of Liechtenstein. In 2008, the Secret Service had bought a CD of stolen banking data, to 4.2 million euros. Having conducted several surveys, they managed to uncover many fraudsters, including the former boss of Deutsche Post, Klaus Zumwinkel. Under pressure, Liechtenstein was finally ratified an agreement on exchange of information on German assets located within the principality.
"The Post: public facing an unprecedented challenge, a necessary change." The title of the report of the Court of Auditors formally released Thursday speaks for itself. The government agency at a critical juncture. In debt and facing a collapse of its top market, mail, the Post will benefit from a capital increase of EUR 2.7 billion, provided by the State and the Caisse des depots. The two sides are negotiating the valuation of the company and hope to find common ground in late July.
In this context, the report of the Court was awaited. The sages of the Rue Cambon had already studied the Post in 2003.Returning to their audit work, they were able to measure the progress accomplished: modernization of industrial facilities, improved management of the company's … very positive developments, but that might not be sufficient "to deal deep and structural decline in the mail and opening the postal market on 1 January next competition within the Community. "
The dividends of La Banque Postale
To catch up, according to the Post Office should the Court's experts work on the cost of its network, delays in productivity and quality of its service. Especially as the company's management has adopted a strategic plan, "Ambition 2015", which assumptions are deemed voluntary by the Court. When The Post estimated the reduction in mail volumes between 2008 and 2015 to 30%, the Court suggested that he perform simulations starting with a scenario of a decline of 40%.
Jean-Paul Bailly, CEO of La Poste considers this as severe in 1 hour payday loans. For a leader, the company has shown, given the information available at the time of any possible reactivity to adapt to the collapse of mail. He recalled that in late 2007, "Nobody could anticipate the crisis" mail since, between 2003 and 2007, the total decline in traffic addressed had not exceeded 2.3%. Regarding the criticism on the quality of service, the CEO noted that the objectives set by the government have been exceeded in 2008 and 2009.
The banking subsidiary of La Poste, La Banque Postale, is also discussed. While the Court emphasized an increase in net banking income lower than expected, Jean-Paul Bailly emphasizes the exceptional resistance of La Banque Postale to the financial crisis.He returned to the strategy of developing new business banking (consumer finance, property and casualty …) partnerships. The choice "was in no way constrained by the priority given by the group to other investments."
It is a voluntary process that aims to accelerate the implementation of its services. In this regard, the Governor of the Bank of France in his own response to the report, asked the Post Office to ensure that its subsidiary "has the human skills and techniques required to address this market." The Governor also noted that the distribution rate of 45% of its income in the form of dividend proposed by the strategic plan of the Post Bank, would penalize a period "where capital must be strengthened."
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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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"If we do not change policy, we will in the wall." Jacques Attali, President of PlanetFinance and author of a book entitled "All ruined in ten years? Public debt: the last chance "does not beat around the bush. After a week when financial markets are worried about the emergence of a new recession, former adviser to Francois Mitterrand and confirms that the government must halt the rise in public debt. And for this, a policy of austerity. "We're on the brink of a global deflation as it has ever seen for a century and a half," he said.
In alarm that has not failed to react as President of the European Central Bank (ECB). "I do not think the risk of a recession.Globally, it is clear that we are in a recovery phase, confirmed particularly in the emerging world, but also in the industrialized world, "said Jean-Claude Trichet. That did not stop to be careful. "Growth is not written in the industrialized world, it depends on the ability of countries to strengthen the confidence of households, firms and enterprises," he says.
Grand European loan
Europe is not doomed to stagnation. According to economists, big bosses and politicians gathered in Aix-en-Provence Economic Forum for the Old Continent has to reform, reduce deficits and build on innovation. "Without policy change, the growth potential of Europe for the next ten years will be around 1.3% to 1.5% per year.We would then take years to regain the levels of unemployment pre-crisis, "says economist Christian de Boissieu.
For this, the Circle of economists in favor of a large loan eueuropéen, referring to the one established last year by Nicolas Sarkozy. The idea is, like its sister French, invest in innovation, green technology or education. "Innovation and services are crucial. The deindustrialization of the United States had no areas of very high technology, because they have attracted the intelligence world, "says Louis Welsh, president of EADS.
"Place of Culture and Tourism
The question is how to articulate these priorities, fiscal consolidation and sustaining growth -. Hence the idea of an overhaul of EU policies.In short, Europe must "change the growth model," according to former Prime Minister Alain Juppe. "The EU lacks coherence between its short and medium term focus on reducing deficits, and the long term that seeks to promote investment in the knowledge economy," says economist Agnes Benassy-Quere.
Far from being able to display growth rates comparable to those of emerging countries, Europe has every interest to agree on next steps. Otherwise it will be reduced to "a place of culture and tourism," says Jean-Hervé Lorenzi, President of Circle of economists.
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This will ultimately alone as General Motors, the American auto giant, will assume the restructuring of its German subsidiary Opel. The German manufacturer has indeed withdrawn all applications for public aid claimed to European countries where it operates.
General Motors has "decided to resolve funding issues internally," the group said in a statement after the plea of inadmissibility raised by Berlin to its requests for government guarantees.
"The process is much more complex and much longer than expected," justified the manufacturer, which hopes to "implement quickly (his) plan."
In fact, the German manufacturer is found almost in the situation in November 2008, just before it calls the first time the German government to help paydayloans."General Motors is making a profit and has the capacity" to restructure its subsidiary, has reaffirmed the German Minister of Economy, Rainer Brüderl, who feels "comforted in (its) decision" not to help Opel.
Opel employs approximately 25,000 employees in Germany and it is expected 3,900 job cuts.
So far, Opel refused to consider funding 100% of restructuring by its parent, noting that it had recovered by the U.S. taxpayers' money, she could spend outside the U.S. USA.
"General Motors has demonstrated clear and put an end to speculation and uncertainty for employees," said the chairman of Opel's works council, Klaus Franz, said in a statement.
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