While the automotive market is showing signs of slowing in Europe, and by recourse to partial unemployment as its competitor Renault, PSA Peugeot Citroen chooses the hard way. The automaker announced the establishment of an action plan of 800 million euros in cost savings for 2012. To justify this measure, the leading European regrets, under its third quarter, down 1.6% to 9.3 billion euros in sales in the automotive division, mainly because of "the intensifying price war "in France.
Referring to the weight of the wage bill in fixed costs, the group finance director Frederic Saint-Geours found Wednesday morning "quite likely" impact "on all the numbers," which amounted to 205,400 employees.Soon after, Philippe Varin, Chief Executive of the group, said that 10% of the European Non-dedicated to the production could be affected, or 5000 jobs in total. Knowing that in France, with 100,000 employees, temporary workers and subcontractors should be the only ones targeted by these measures he added. By late morning, PSA has already announced in the European group committee deletion of 800 temporary positions in France by the end of 2011, according to a union source quoted by AFP. In addition, Philippe Varin is scheduled to meet soon with Eric Besson, Minister of Industry.
Unions rebiffentLes unions were quick to react to this. These cuts staff have "something outrageous" Bruno Lemerle storm, CGT delegate to the committee of the European Group, deplored the "working conditions already overburdened."And adds: "The financial situation of the company is good [and] there is no reason to go to job losses." In fact, the total turnover of the group grew 3 no faxing payday loans.5% to 13.45 billion euros in the third quarter. It was worn by an increase of nearly 16% of sales of Faurecia, 7.1% of the Gefco and 6.2% of turnover by PSA Finance. The group, however, lowered its earnings forecast for 2011. On the occasion of the publication of its sales figures, the manufacturer announced it is now an operating profit of the car to balance this year when he banked before on a "clearly positive results," said Frederic Saint-Geours.
PSA made no secret of its intention to scale back on the old continent.In mid-September, Philippe Varin have already confided to Le Figaro "Identification of overstaffing," while the European market already slowing. France, Germany, Italy or Spain, the group seeks at once to "get in line" to increase its margins, said Philippe Varin. To do this, the group has initiated a comprehensive economic plan in 2009 (within which the measures of the day), to save 3.7 billion euros in all, drawing on purchases and fixed costs .
Emerging countries in their sights
Meanwhile, the manufacturer seeks to "globalize" more to take better advantage of growth drivers that are "Asia, Russia and Latin America."The group has announced on Wednesday an investment of 200 to 250 million euros a year over the period 2012-2015 in order to double its production capacity in Brazil.
Nevertheless, PSA
After these social ads, the automaker was operating under the sharply higher in late morning, gaining 2.55% to 17.50 euros.
ALSO READ:
"PSA" We need to accelerate cost reductions "
"The production automobileen Europe slows
"Extreme caution of the car to the crisis
Private labels (PLs) are back in force in the carts of French consumers. Since early 2010, the agribusiness giant had managed to contain their breakthrough, and the best manufacturers regained market share. "But since June, private labels are gaining market share from national brands, said Jacques Dupre, director at Insight SymphonyIRI. This trend coincides with the rise in inflation. "
Earlier this year, the MDD had continued to lose market share (down 0.4 points from January to May). But the trend has reversed this summer. From June to September, the MDD show an increase of 0.4 percentage points, according to SymphonyIRI. This growth could reach 0.5 points throughout the second half.It concerns mainly the heart of the range and not the premium private label, or, more surprisingly, the first price ranges.
Click on the thumbnail to enlarge the graphic.
After rising steadily since their inception in the 1970s, sales of private label had marked a halt for nearly two years, even though the distributors did not cease to give them more room on their shelves. In 2010, domestic brands have responded. With a lot of innovations, promotions, advertising campaigns and price cuts, Danone, Nestle, Coca-Cola and Unilever have then taken the field. So, while Leclerc marks usually represent 35% of sales of the brand, this share fell below 30% during the past year.National brands benefited, at the time of price stability, conducive to buying, and saturation of consumers to the overrepresentation of MDD in radii.
But since the spring, the price increase, following the surge in raw materials, has changed all that. Carrefour to pass on increases in the month of March, after the conclusion of negotiations with suppliers. Other retailers have waited until June Between January and May, the rise in prices has been limited to 1 payday loan.3%. But between June and September, it reached 3.5%.
Descent line
As a result, the constraints of purchasing power of the French took over the top, recalling – to a lesser extent – the situation in 2008.At the time, in a crisis of raw materials, private labels have gained two points of market share, while the level of inflation was nearly 5%.
Household expenditures have dropped from the month of May, before returning in August. "The French have entered a period of rigor in their daily consumption, Jacques Dupré analysis. They limit their spending on products they do not deem necessary and buy fewer products pleasure as confectionery and ready meals. "
Rather than give up certain purchases, more and more consumers prefer to go further upmarket. The shopping basket of many homes has changed significantly in recent months.
This type of buying behavior explains why the MDD leave as soon as the product categories most inflationary, such as coffee, flour or oil.Flour to the radius, where prices rose 10.6% from June to September, their market share rose 3.4 points. This increase reached 5.7 points for milk. Addicted to coffee, whose prices rose 18.5% year on year (to September), have not so far decided not to. They are likely to have delayed their spending to private label which gained nearly a point of market share (June-September). Even if the prices of private labels grew faster than those of manufacturers: 24.9% of private label coffee, against 16.6% for national brands. Product prices in the colors of distributors, however, remain 20 to 30% lower on average.
The giants of agribusiness, penalized by this new, must react quickly to achieve their business goals.
TF1 and Canal + are about to conclude their negotiations for the recovery of the non-exclusive news channel LCI. The parties are agreed on a price higher than the 5 million euros per year initially proposed by Canal +.
After months of standoff, the two operators have approached. Already on Friday, Frédéric Mitterrand, the Minister of Culture and Communication, has publicly that the government did not favor the passage of the LCI DTT to DTT. A position at which the staff of TF1 was more sensitive than the Higher Audiovisual Council has continued to increase, too, signs of reluctance.
Indeed, it is the regulatory body that should have given its approval to such an operation.The CSA has raised the legal difficulties of such an operation and would not have appreciated the statements of Catherine Nayl, director of information at TF1, the possible disappearance of LCI. Today, Canal + and TF1 prefer calm the game's announcement of the acquisition channels Direct 8 Direct and Star by Canal + and that the record fine imposed by the Competition Authority as part of merger with Canal + GST urged to be more generous towards ICL. It would not be good for the group to be, in addition, responsible for the eventual death of the continuous news channel.
For its part, TF1 has weighed the pros and cons of an economic transition to free when the system always loses 5 million for a budget of 43 million euros. The move to free distribution would have widened the gap in the chain up to fifteen million.Difficult to take a risk in times of crisis.
ALSO READ:
"Nonce Paolini," LCI has its place on the free "
Gold has not used its safe haven status
Everything came together last week to blow away the gold: a warning from the Fed on the U.S. economy, disappointing indicators in Europe and China and a worsening debt crisis in Europe. And yet, the yellow metal has not taken advantage of the panic in equity markets, stopped in its tracks by pushing the dollar that followed the speech by the Fed. For it is the greenback, this time, which used its safe haven status: he flew Thursday to its highest level in eight months against the euro. But the inflation of the dollar makes it less attractive purchases of dollar-denominated metals, like gold.This increase also decreases the value of gold, pushing the funds and investors looking for liquidity, to abandon their positions on the yellow metal to cover losses in other markets.
Thursday, these two factors have reduced the metal king of 90 dollars. Friday, it sank below the threshold of 1,700 dollars per ounce at meetings, in 1666 dollars, its lowest level since early August. On the London Bullion Market, he finished in 1689 dollars at auction in the evening. Since its record high 1,921.15 dollars in September 6th, he gave up more than 10% of its value. But observers remain confident in the ability of gold to rebound.In addition to strong Asian demand, low interest rates charged by the Fed would still enjoy it, because gold is a good safeguard against inflationary pressures that may arise.
In the wake of gold, precious metals industrial markets have collapsed. The money collapsed by 17% over the week to its lowest level since May He finished Friday at 32.90 dollars per ounce. On the London Platinum and Palladium Market, an ounce of platinum finished the week in 1651 dollars, a drop of 8%, while an ounce of palladium finished at 659 dollars, down nearly 10%.
Dollar and oil pessimism saddled
Oil markets, there was also a before and an after Fed. Earlier this week, before knowing the content of the speech of the U.S. central bank, investors showed just cautious.The debt crisis in Europe and global growth forecasts revised downwards by the IMF in any case not an incitement to rise. Tuesday, in a burst of hope, buoyed by the certainty that the Fed launched a new massive operation to support the U.S. economy, growth has occurred, taking a barrel of light sweet crude for October delivery at 86.89 dollars and Brent at 110.33 dollars.
Wednesday started the fall has been rapid. The operation twist the Fed was anticipated and the device does not return any new liquidity in the markets. Hence the skepticism about its effectiveness. Moreover, "the press has depressed the market, noting the significant risks facing the economy," noted analysts at Commerzbank. The rise of the dollar has not helped the situation.
On the New York Mercantile Exchange (Nymex), a barrel of "light sweet crude" for November delivery ended at 80.51 dollars Thursday (-6.3%). Prices fell, the worst of the meeting at 79.66 dollars, its lowest level for over a month. Brent, meanwhile, returned that day at 105.34 dollars. "The combination of concerns about economic growth, oil demand and a stronger dollar helped lower prices," Adam Sieminski noted, Deutsche Bank.
Friday, as markets returned to green, oil prices continued to tumble, unable to bounce back after the collapse of the previous day.On the New York Mercantile Exchange (Nymex), a barrel of "light sweet crude" for November delivery ended at 79.85 dollars (-10% for the week), while Brent closed at 104 personal loans for bad credit.25 dollars (-5 %).
Copper drops below $ 8,000
Also in the category of risky assets, investors have fled the base metals. They have been hit hard by the pessimism of the U.S. central bank. In addition, there were ominous indicators of activity in France and Germany. Most strikingly, China, world's largest consumer of base metals, annoncéun a decline in manufacturing activity in September, its lowest level in two months.
All these new, been grafted to the debt crisis in the euro zone, came after the announcement by the IMF revised downward its growth forecasts for the U.S. and the euro area.In this context, investors fear more than ever a return to recession in developed economies and a general decline in demand.
The gloom that has pervaded the London Metal Exchange (LME) was illustrated by the fall of the copper on Thursday and Friday, when stock markets posted heavy losses. The red metal, the market barometer, fell at the meeting under the 8000 points to 7788 dollars, a level not seen since September 28, 2010. Since its historic peak in February (to 10,190 dollars per tonne), the price of copper dropped nearly 30%. Nickel has lost up to 18% of its value in two days, tin over 22%. Aluminium, with a loss of 6% is almost the resistance.
According to observers, this general distrust of investors, fueled by the soaring dollar, however, is exaggerated in terms of market fundamentals, at least for copper.The latter has a higher Chinese imports by 21% in August, its highest since January, as well as tight supply due to a massive strike in a major mine in Indonesia.
The sugar melts
Soft commodities were also shaken last week. Per tonne of white sugar in London has fallen by over 13% in one week, losing nearly a quarter of its value in one month, while in New York, raw sugar prices have plummeted more than 15% in five days. In addition to concerns about global growth, has suffered from the sugar harvest prospects soaring in India and Europe, including Russia and the European Union. China has also marketed 200,000 tons from its stock state.
For its part, cocoa continued to fall Thursday in London to reach its lowest level since August 2009, to 1745 pounds per ton.Brown bean was already suffering from the announcement of record crops in Ghana and Côte d'Ivoire, the two largest exporters worldwide. On the NYBOT, ICE U.S., the contract for December delivery lost 5.5% on Friday week in 2624 dollars, while on the Liffe in London, a tonne of cocoa for December delivery, dropping 2.3% to 1734 lbs.
Coffee prices have also increased their decline, the price of arabica listed in New York yielding over 10% in the week at 234.85 cents. Even bearish for wheat, corn and soybean crops and penalized by the stronger than expected yields in the northern Midwest, United States. The courses also suffered from a shift in Chinese demand for soybeans to Latin America because of rising dollar and competition from countries of Eastern Europe for wheat, shown by the loss of the call supply of Egypt, won by Russia.This lower demand has relieved the stocks were under pressure and stepped down on the Chicago Board of Trade. Bushel of corn (about 25 kg) for December delivery was worth 6.4925 dollars Friday, a bushel of wheat and $ 6.43 soybean contract 12.69 dollars.
ALSO READ:
"When gold becomes more expensive than platinum
"SPECIAL OR: race records
"SPECIAL CRISIS: fear of debt
The "outstanding contribution to the very high income" will not remain as is. Originally the government planned to implement from 2012 a new levy of 3% of the income exceeding EUR 500,000 per year and revenue per unit. It is this threshold in the draft budget law presented Wednesday. But Sunday, the budget minister, Valérie Pécresse, said she was open to a compromise with legislators, who for several weeks argue for a lower threshold.
In fact, the government is prepared to accept that the tax is triggered from 250,000 euros per unit. The level advocated by the current UMP Presidents of the Assembly and Senate, Bernard Accoyer and Gérard Larcher. "This is a good level of understanding," they say in the entourage of Gilles Carrez, the rapporteur UMP budget to the Assembly. The draft budget law will be amended in October this.And review, the tax will yield € 300 million to the state, instead of 200 million. It will affect 15,000 to 20,000 homes in 5000 to 10,000 against the original.
Specifically, if the amendment passes, the contribution will trip from 250,000 euros in annual revenue for a single and EUR 500 000 for a couple. For now, it is expected that having a child or children shall not be entitled to any share in the calculation of the contribution.
Regular income concerned
Another difference with the Income Tax (IR): the contribution of 3% apply to "income tax reference." This "reference taxable income" includes wages, but also dividends, interest, capital gains and estate securities short, capital income. "This makes the contribution on very high incomes more effective than the creation of an additional 45% of IR.Indeed, the IR is such that capital income would escape taxation at 45% and would remain taxed at 19%, "said Gilles Carrez.
The government hoped that only households with high incomes are regularly taxed. This is to prevent a dealer who sells one year his business pays the contribution. For this, the income taken into account for the outbreak of the tax will be calculated as an average over three years. This will be discussed, Gilles Carrez wanting only the capital gains are smoothed over three years. The contribution should go out when the deficit below 3% rise in GDP, that is to say in 2014. But many outstanding taxes have been made permanent …
It's a real bolt from the French audiovisual landscape. Wednesday morning the competition authority has simply removed the authority granted to Canal + in 2006 to buy its rival TPS. Result, Canal + and its parent Vivendi will re-notify their proposed acquisition of TPS before the competition authority in a one-month periods. In addition, the authority sanctioning Canal + up to 30 million euros.
The reason for this? The Competition Authority considers that Canal + has not complied with several of the 59 commitments made during this operation.These commitments were supposed to ensure that the encrypted string abuses its dominant position in pay TV.
Among the reasons for this heavy penalty, the Competition Authority Canal + accuses of not having available to third party distributors (telecom operators and their channel packages on ADSL) in a timely manner the seven channels mentioned in the commitments. Worse, the Canal + group would deliberately degraded the quality of TPS Star, the only pay channel capable of competing with its own channel Canal +. Finally, the group led by Bertrand Meheut failed to comply with certain commitments regarding relationships with independent channels business cards.Clearly, it takes advantage of its dominant position to impose commercial conditions "opaque and potentially discriminatory"
Gendarme Competition
All of these unfulfilled commitments had been badly negotiated in 2006, on the redemption of GST. Telecom operators, Orange had in mind battled against Canal +. The competition authority had imposed severe conditions, but Canal +, no one has apparently ignored it.
With this decision, the Competition Authority comes on strong. She returns to the operation which allowed Canal + to eliminate competition in the market for pay television. Above all, the competition watchdog the fact at a time when Canal + ready to leverage its position in pay television to attack the free TV market with the acquisition of Direct 8 Direct and Star.
ALSO READ:
"DOCUMENT – The decision of the Competition Authority
"Canal + TV enters the plain by buying Direct 8
The question of the succession of Yves Carcelle, who turns 65 next year, Louis Vuitton, LVMH's flagship brand is a question that torments long time analysts. It's finally out that Bernard Arnault, chairman of luxury group and parent company of Louis Vuitton, has found a rare bird. The lucky winner is a 47-year Spanish, Jordi Constans, the current head of Danone's fresh dairy products. He worked in the group since 1990. He joined Louis Vuitton to discover the group during the year 2012 and succeeding Carcelle early 2013 at the head of the first luxury brand in the world.
Yves Carcelle take over the presidency of the "Louis Vuitton Foundation" which will open in early 2013 to the completion of the project designed by Frank Gehry. He will remain executive committee member of the LVMH group and be responsible for strategic missions to the President of the Group.
Bernard Arnault acknowledges the work of Yves Carcelle which, since 1990, "hosted the extraordinary journey of Louis Vuitton.".
By opening 369 new tourist residences furnished this winter, Pierre & Vacances Avoriaz ever growing, the station founded in 1967 by its President Gerard Bremond. The group, which already operates a large proportion of accommodation in place, there were 925 apartments last winter in the resort. In one season, thus increasing its capacity by almost 40%! "The work was so important that the station was closed this summer!" Said Gerard Bremond. Closed? Not quite … From April to September, Pierre & Vacances has sold any stay in Avoriaz, but the owners of apartments in the resort have obviously been able to come.
The new residences will be paying trademarks of Pierre & Vacances Maeva Pierre & Vacances but Pierre & Vacances, offers the most upscale of the group that he arrived in Avoriaz.Count for 3 rooms (6 persons), from 1760 euros per week in December, February and March. Residences Pierre & Vacances offer spa, day care, bar lounge and larger apartments are equipped with home video and Nespresso coffee machine.
"There are 15 apartments for sale"
The ambitious expansion program of Pierre & Vacances Avoriaz to be completed next year: 104 new appartrements Pierre & Vacances will open in 2013 and a "Aquariaz", an area water park (with wave pool, slides, tree water ….) will be inaugurated next summer. In total, these studies represent an unprecedented investment of 200 million euros. But true to its strategy, Pierre & Vacances will do a small part (the Aquariaz a $ 12 million). The tourism group has in fact sold to private investors plan all new apartments."There are 15 apartments for sale", says Gerard Bremond.
The spirit of the resort, it remains the same. In Avoriaz, there is no car, we walk, especially ski or horse-drawn carriage (there are 100 horses). The clientele is international and 40%, led the largest group of foreigners, the English and Dutch.
The news gave a boost to Wall Street as the U.S. central bank (Fed), the economy across the Atlantic continues to grow. "Economic activity continued to expand at a moderate pace, although there is an activity in some regions hesitant or waning," the Fed said in its situation report published every six weeks on the basis information gathered by the regional branches of the U.S. central bank.
The recovery, however, has been no acceleration in recent weeks and has even slowed in some areas, according to the U.S. central bank. Growth was moderate or mild in five districts, while seven others have described the activity with words like "very low" and "slower". In the last Fed Beige Book, released in late July, eight regions believed that growth had slowed.This does not rule out further the risk of recession in the United States.
Anyway, the news boosted the U.S. stock markets on the eve of the speech of U.S. President, Barack Obama, who is expected to announce a 300 billion plan to boost employment in the United States. So much so that Wall Street has increased its earnings by mid-evening: The Dow Jones climbed 2.09% to 11,372.44 points, the Nasdaq was up 2.67% to 2539.88 points and the Standard and Poor's rose from 2 , 54% to 1194.88 points.
Like the Asian stock markets, although directed this morning with the exception of the financial center of Shanghai, is expected to open the Cac 40 up 1.5% above 3100 points, according to the indices "future" in the rebound in wake of U.S. indexes on Friday. The main European indices, with the exception of the London Stock Exchange will remain closed on Monday, are expected up 1.1% and 2%.
Friday, after a negative early trading, Wall Street has ended the session on gains of 1.2% for the Dow and the Nasdaq 2.5%, investors focusing on positive ads during the next meeting of the Federal Reserve in September, Ben Bernanke hinted at the conference of Jackson Hole.The anticipation of a further intervention by the Fed puts the dollar under pressure against a basket of currencies: the dollar is trading at 1.4537 dollar per euro.
And always in the context of the general economic meeting in Jackson Hole's new Executive Director of the IMF, Christine Lagarde, has urged this weekend to recapitalize banks. She said that the European institutions "need of urgent recapitalization." The former Minister of Economy and Finance believes that these measures are the "key to cut the chain of contagion." Blow to the banking industry, already largely weakened during the summer.
Pending on the details of the background of aid to Greece In Greece, aid modalities are not yet fastened.Negotiations were slowed by the requirements of Finland and the new challenges of Athens.
And referring to the financial crisis, Laurence Parisot estimates for its part, that "if Europe were attacked, not because it is weak but because it is strong, and if it is envy, c ' is because it is enviable, "In an interview with Le Figaro, the boss of bosses denounced a U.S. plot against the euro area.
Irene reduced cost
Other news of the weekend: the passage of Hurricane Irene passed through New York without drama. He also was demoted to a tropical depression. U.S. markets should open smoothly and Monday. Hurricane Irene would have between 500 million and one billion dollars in damage in the Caribbean and the United States, according to catastrophe modeling firm EQECAT.A figure below the most pessimistic forecasts considered before the hurricane.
The price of Brent was down, refineries and oil terminals on the East Coast of the United States seem not to have suffered major damage, easing fears of a supply disruption. In addition, Libya resumes oil exports within a month, according to the spokesman of the Arabian Gulf Oil Company (Agoco), controlled by the rebels. Crude oil production will resume in mid-September on two deposits in the country.
Still on macroeconomic markets will learn on Monday of income and household consumption in the United States in July and promises of home sales.
Banking supervision
As for values, the eyes of investors should focus on banking stocks, after the words of Christine Lagarde.
In addition, Ingenico said it had repurchased TNET, an Italian company specializing in payment terminals, for an amount that was not disclosed. According to Ingenico, TNET manages an installed base of 45,000 terminals in Italy.
APRR observe the re-opening until September 9 of the OPR launched by Eiffage and Macquarie. The toll road was also noted Friday that the evolution of traffic early in the second half was mixed for light vehicles, but remained well oriented for heavy vehicles.
In addition, ING has lowered its board to maintain, against buy Arkema on the title and reduced its price target on the value to 55 euros (as against 85 euros).
Canal + could push his plans for the IPO.While the ACC has lost nearly 20% of its value during the summer, analysts are skeptical of an imminent public offerings of media group, reports Les Echos. The listing of the 20% held by Lagardère has already been de-programmed, it could eventually sell its stake in Vivendi, the majority shareholder.
For its part Orange would be in conflict with the American Cogent. The U.S. operator has, according to La Tribune, filed a complaint against his French counterpart to the competition authority for "abuse of dominant position." Orange is accused of preventing users from accessing the site MegaUpload.the conflict began in January when Orange had decided to grant the account drop traffic from Cogent.
ALSO READ:
"Wall Street ends up after the speech by the Fed
"Obama, Lagarde, Bernanke for another stimulus
"Parisot denounced a U.S. plot against Europe
Comments Off