Jean-Charles Naouri, the head of the Casino Group, did not appreciate that Lars Olofsson, Executive Director of Carrefour merger talks with its ally Brazilian Abilio Diniz. "Casino was never informed of the existence of such negotiations, even though the agreements that bind us to the group Diniz (…) provide that both parties should take all important decisions by mutual agreement. Casino rights (…) are fully established, "wrote on Monday, Jean-Charles Naouri Lars Olofsson, and the chairman of Carrefour, Amaury de Seze.
This letter also stated that Casino has "received on the night of Mr. Abilio Diniz, a letter confirming the existence of contacts with Carrefour and expressed its willingness to abide by our agreements."Jean-Charles Naouri "draws attention" to its competitors on the fact that no negotiation can be initiated only with Abilio Diniz: Casino and he exercised joint control over the number one Brazilian sector, CBD. And his boss does not seem to consider a merger with number two, Carrefour Brazil …
Notaries, tax and estate planning departments of banks are preparing for busy week. Many individuals want to make donations before the vote – scheduled for early July – the tax reform Heritage presented last week. "There is a window of opportunity for all those who want to give," says Bertrand de la Grandière at Compagnie Financière Edmond de Rothschild payday loans direct lenders.
The reform removes, of course, the tax shield and landscape ISF, but also increases the taxation of gifts and estates. The allowance of 159,325 euros remains for transmission to a child, and the surviving spouse is exempt from inheritance tax. But the fees payable in case of large gifts will increase as a result of several measures.
The success of touch pads for the first time contributes to the decline in sales of computers. That is what the preliminary results of a study conducted by Gartner. The global PC market was 84.3 million units in the first quarter 2011, down 1.1% over the same period last year. These figures show a decline in sales of computers, first for 18 months. And this, when Gartner expected a rise of 3% for the first quarter of 2011.
"The low prices of consumer computers, which had long sustained growth, failed to attract buyers. Consumers have turned to the shelves and other multimedia devices in place, "says the study report, Gartner analyst, Mikako Kitagawa, noting however that the business market can limit the overall decline."With the launch of the iPad 2 in February, consumers turned to the purchase of alternative devices, or have simply chosen to buy a computer. We are studying whether this trend will have a long-term effect on the PC market. "
Declining sales due to currency
The general downward trend is however subject to disparities. If the European and Middle East is showing the first signs of decline "since the end of the recession in the fourth quarter of 2009, computer sales in Asia were up by 4.1% with 28.2 million computers for the first quarter of this year. Japan, devastated by the earthquake and tsunami of March 11, recorded the biggest drop in sales with -13.1% with only 4 million computers sold. In contrast, sales of computers in the Asia-Pacific are still growing.The Latin American market shows him the strongest momentum with an increase of 5.4% to 8.1 million units.
A lifetime of computers longer
"The consequences of events in the Middle East and Japan do not directly affect sales, but still a factor influencing the market in the short term, the findings by Gartner joins Jay Chou, senior analyst firm IDC Worldwide. "However, good quality computer products have become a reality today, with the advent of laptops, and more recently, multimedia tablet," he said in a statement. Bob O'Donnell, IDC wordlwide, is more reserved: "It is tempting to attribute the entire decline (the market) to the development of multimedia tablet, but we believe that other factors such as life longer PCs have had roles as important. "
Over the full year, Gartner predicts that sales of computers continue to "support" from their 2010 level. The upgrading of computer equipment should make it possible to support the market until late this year or early 2012.
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"The evil at work live: enough is enough!". Here is the slogan that should flourish on banners at the event's national staff of the Post on Tuesday. The call to action is launched by the CGT, SUD, CFDT and CFTC (FOR, UNSA and CFE-CGC has called the strike separately). In Paris, a demonstration is planned for mid-day from the Place Denfert-Rochereau to Vaugirard, near the headquarters of the group. Other rallies are expected across the territory.
"This is a movement focused on suffering and working conditions on work reorganization and destabilization of the staff," says Hugo Reis, federal secretary of Sud PTT, which aims "to mobilize 30 to 40%."
Sick leave up
This movement builds on the social crisis that has shaken the Post. Illustrating the unease surrounding the unions point to the proliferation of sick.The cost of long-term leave and leave long illness had increased by 4 million euros over two years. In May 2010 a letter of occupational doctors, sent to management, sounded the alarm and accused management of "unable to create physical and psychological."
Some unions even speak of 70 suicides. Which is still difficult to verify, "the Post refuses to do a census. It is a figure neither confirmed nor denied, "says Hugo Reis. However, unions do not hesitate to put the case of the Post in parallel with that of France Telecom, hit by a wave of 35 suicides in 2008 and 2009. "France Telecom has also experienced the opening of capital, privatization, strategic choices at one point refusing to accept the role of employees with a challenge of public service.We currently live in a few months what the Post has lived in France Telecom in a few years, "says the majority union CGT which warns that" the same ills that tend to produce the same effects, we must not wait that the Post is aware of what is asked. "
Employment in the crosshairs
These conditions, described as "very, very bad" by South PTT, are rooted in the strategy adopted by the Post Payday Loan for Bad Credit. The group last year became a limited company, still owned 100% public and is facing the loss of its monopoly on delivery of letters weighing up to 50 grams. Jean-Paul Bailly, Chairman of the Post has decided to reorganize the group. A policy that requires the consolidation of offices, the closure of several facilities, and by extension, job losses.
In 2010, 11,700 jobs were lost and 10,000 according to South PTT should be followed in 2011, despite the announcement of the recruitment of 4000 people, 2500 in alternating. Marc Duhem (UNSA), this leads to a "lack of visibility. There are places where it's ready to explode. " Although management is committed to space 18 months reorganizations, postal workers are "disrupted" by their multiplication, according to the CFDT.
"Adapting to its environment"
Facing these criticisms, the management group, which employs 276,000 workers, including about a half of civil servants, trying to calm the game "The Post has to adapt to its environment" while having "the greatest concern for health and quality of work life for all postal workers, "said a spokesman. The group emphasizes that its "social model is based on the quality of employment and lack of severance schemes imposed."
To justify its strategy, the group highlights the decline of mail, the business of La Poste. Jean-Paul Bailly expects a fall in volumes of 30% between 2008 and 2015 despite a decline in this activity limited to 1% in 2010. "I'm not sure that La Poste measure the level of seriousness of the situation," Roey slice Joëlle (CGT).
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The destruction resulting from the earthquake and tsunami that struck Japan on Friday are still difficult to assess. Nevertheless, for many economists, which provide a parallel with the Kobe earthquake of 1995, the impact of the disaster on Japan's economic growth will in the medium term, positive rather than negative.
While the cost of the quake could amount to several tens of billions of dollars. In the short term, the destruction caused are enormous: infrastructure damaged production facilities at the stop, the areas impacted are placing great weight in the economy. If the worst-affected region, that of Tohoku, north-east coast, only 8% of Japanese GDP, that of Kanto, which houses including Tokyo, by contrast produces 40% of national wealth.
Besides stopping the oil refinery of Cosmo Oil Ichihara, east of Tokyo, the activity of the Japanese nuclear industry, which produces between 25% and 30% of national electricity production, is seriously compromised. Eleven of the fifty reactors are currently stalled, while an explosion in one of two plants in Fukushima, northern-eastern countries, has caused extensive damage and the evacuation of all population within a radius of 20 km.
"The temporary closure of production plants and oil refineries, and the interruption of power plants should have an impact on the country's production. GDP could result in decreased again slightly in the first quarter, "predicted the AFP and Wolfgang Leim, an economist at Commerzbank.
Rebound in construction, steel and telecommunications
In the medium term however, the Japanese economy could rebound strongly. Drawing a parallel with the Kobe earthquake in 1995, Takuji Okubo, senior economist at Societe Generale, said that reconstruction should generate an increase in activity, and the need for people to renew their property damaged boost consumption. The sectors of construction, steel and telecommunications sectors should benefit fully from the increased activity post earthquake.
"After the earthquake of 1995, Japan's GDP grew 1.9% in 1995 and 2.6% in 1996, while the average growth of the Japanese economy over this period was 1.5% .Consumption grew 2.2% between 1995 and 1996 against 1.1% on average between 1995 and 2004, "said Takuji Okubo.
Risk on debt
The Japanese bank Nomura, which also anticipates strong growth in the Japanese economy in the medium term, says his side as the stimulus state has played a key role in 1995 to revive the economy. "Immediately after the earthquake, the government passed an emergency budget which has contributed 0.3 points to GDP growth in the second quarter 1995 and 0.5 points in the third quarter. We anticipate a similar response from the authorities, "notes Peter Westaway, economist at Nomura.
The opposition conservative Japanese has already announced its support for extraordinary measures promised by the center-left government.A situation which should not, however, help improve the financial health of Japan, whose debt stood at 200% of GDP. The rating agency Standard and Poor's has also recently lowered the debt rating of Japan, considering that the country's budget deficit will remain high in coming years. But Moody's did its part Friday that the earthquake should not cause a subsequent breakdown of the score attributed to the Japanese debt.
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Identify the earliest possible anomaly in the management of a program to respond very quickly to get back on the right track. It is a priority for Thales issued Thursday night, lost 45 million euros for 2010 largely due to new provisions (721 million) on programs at risk. In 2009, the group of defense and technology had already spent 500 million provision.
"Four contracts representing a total turnover of 1.5 billion euros reflecting a spiraling costs of 1.2 billion euros," said Luc Vigneron, Chairman and CEO of Thales, who does not want to relive the nightmare Airbus A400M whose group provides avionics or contract Meltem (patrol) in Turkey.
Creation of "Tiger Teams"
To this, Thales reorganises Luc Vigneron. "Previously, the divisions were very isolated and did not speak. It was absurd.Décloisonnons us to achieve synergies. We are strengthening the monitoring and reporting, "adds the CEO, who personally monitors the 10 largest projects of the group. "We are instituting a duty alert to be responsive to confine the fire. There was a problem of transparency in the house. If the upper floors had been alerted earlier, things would probably not there, "said Luc Vigneron.
Spearhead terrain of this policy, the creation of "Tiger Teams" composed "the best experts' group, from subsidiaries, activities or countries. They are called in when needed. One team commandos spent a month in Meudon to solve a problem on a computer's onboard avionics with the team in charge. "Together, they established the diagnosis and outlined a plan of action," said Luc Vigneron.Once the mission, the Tiger Team is dissolved.
The goal is to find Thales of serenity and margins in the management of programs while they are becoming more complex. Better management of risks involved in the recovery of accounts. Yesterday, commenting on the results, Luc Vigneron has displayed his confidence in a quick rebound. It confirmed a target operating margin of 5% in 2011 and 6% in 2012 cons – 0.7% per annum dernier.V.GD
The French are increasingly likely to be seduced by the bank online. They are now more than two million have opened an account at one of these virtual branches. Representing 2% of the market for retail banking. The movement gained momentum in 2010. In Boursorama, one of the first in this market, but will announce the results in sharp decline due to problems at its German subsidiary, "the number of bank customers doubled in 2010 compared to 2009," says his President, Ines Mercereau. For its part, ING Direct has acquired his additional 40,000 customers in 2010 and Monabanq, about 20 000. Launched in October 2009, the private bank BforBank claims 52,000 customers.
Discount Rates
This trend could accelerate in the future. These banks, which are major communication efforts should take advantage of underlying trends that include e-commerce.Suddenly, the offensive commercial business practices, including the insurers. Axa Bank, for example, has recast its offer with a goal of doubling the number of customers by 2015, rising from 720,000 to 1,400,000. Macif wants it, retain its 5 million members by offering them a unique banking offer short term personal loans.
Initially specializing in stock brokerage or savings at competitive prices, most players have grown in recent years by offering their customers the same products that a traditional bank: current account, credit card, life insurance , mutual funds and even more recently, as in mortgages Boursorama. Their most? Very low rates (often the card is free) and sites within easy reach and use. The traditional retail banks have also set up agencies online, but with rates close to those prevailing at the counter."LCL e.LCL with one of the few to have a different pricing policy," says Stephen Short, CEO of Equinox Consulting.
Who are online banks? "They are the secondary banks rather affluent customers, typically savvy banking and technophiles. They seek payment or free of financial products better, "forward Maxime Chipoy analyst UFC-Que Choisir. For now, online banks are not designed to be the major banks to their customers. "Our goal is to be the first of the second bank of our customers," says Inès Mercereau.
The benchmark index of the stock market in South Korea, the Kospi 200, wins again at 0.95% 279.24 points on Wednesday at 7 pm. Allowing it to enter its highest level ever in the history of the stock of the country.
Seoul Stock Exchange had already closed the year 2010 before recording a record at the close. The KOSPI surged 21.88% in 2010 to $ 2051 and points, a level not seen since November 2007. Now, the values of South Korean stock market rebounded from ground lost during the crisis, and they even display historic gains, thanks to sustained domestic demand last year, and their results.
Analysts estimate that the KOSPI could rise to 2400 points this year.South Korea enjoys good prospects for growth: as its Central Bank, GDP should grow by 4.5% in 2011.
Tokyo followed the lead of Wall Street
The Tokyo Stock Exchange ended the session on Wednesday edged up 0.36%, investors are showing more optimism about the financial performance of U.S. firms during the presentation. Yesterday, IBM and Apple have unveiled much better results than expected. Thus at the close, the Nikkei 225 index gained 38.12 points to 10,557.10 points. The broader Topix index of his side took 0 payday loans in one hour.57% to 936.87 points.
Note side values, the group of electrical, electronic and computer Japan's Mitsubishi Electric said Wednesday that Japan build a new factory parts for automotive steering, looking to increase its annual production of about 70%.Mitsubishi Electric, which presents itself as a pioneer systems electric power steering, will invest 10 billion yen (90 million euros) for this new factory with an area of 38,000 square meters, which must be put into operation in August 2012.
China U.S.
Chinese President Hu Jintao arrived here Tuesday in the U.S. for a four-day visit, after a year marked by strong tensions between the two powers, with China being the subject of multiple reviews. Hu Jintao heads a country pointed to the issues of human rights and money, impossible to ignore given its economic weight and, increasingly, military and geopolitical. The undervaluation of the Chinese currency will be at the heart of discussions between Barack Obama and Hu Jintao on Wednesday in Washington.Beijing to revalue its currency at its own pace, while dreaming of one yuan as important as the dollar.
Tail Photo Credits: Alexander F. Yuan / AP
The approach of Christmas has meant a return to stability for the Paris financial market. The CAC 40 has almost regained the level Friday it had reached the end of 2009, surpassing the 3,900 points of accuracy. It is true that after months of tension, the French index shows a nice rebound by 8% since the beginning of the month. This makes December the most brilliant of the Paris Bourse for ten years.
Several reasons for this surge. Firstly, a lack of love for the bond market causing transfers of liquidity in equity markets, a phenomenon particularly noticed by the managers for two weeks. This is the first time that the phenomenon occurs since the beginning of the financial crisis in autumn 2008.
Rather favorable outlook also served markets. The company forecasts are positive and well-oriented macroeconomic indicators.Finally, the current undervaluation of the Paris stock attracts more and more foreign investors. This has led to the week before Christmas with a leap of ACC, at its highest level this month on Tuesday, followed by three days of quiet consolidation.
Ambiguous attitude of investors
The average values have led the market. The specialist video games Ubisoft has gained 9.8%, and the group of utilities Derichebourg 9 low fee payday loans.3%. While on the foreign exchange market, where volumes were very low, the euro was stable against the dollar Friday. Not surprisingly, most markets were sluggish last week.This has also enabled ads stringent rating agency, on Portugal and Hungary in particular, to go unnoticed …
By December 31, some U.S. indicators, highly anticipated, would instead take out the financial markets of their torpor. This could be the case for the index of consumer confidence for December, which will be unveiled tomorrow, or that of economic activity in the Chicago area over the same period, published Thursday. Statistics will be added real estate, housing prices and promises of home sales in November. In all cases, the year ending reflects an ambivalent attitude of investors, shared between firms rather satisfactory results and concerns about the strength of the euro area, notably with the debt crises in Greece and Ireland .It should confirm the ability of some values, especially in luxury, to hold their own in the game LVMH is up 64.3% year on year, and PPR of 43.9%. Opposite, the rout will fit certain heavy finance, Axa losing 22.9% over the year and Crédit Agricole, 19.6%.
Poweo will sell to Verbund, its shareholder, all of its means of electricity generation in order to identify the financial resources necessary for continuity of operations. Verbund, which owns nearly 46% stake in Poweo, has offered to buy for $ 120 million, corresponding to their net book value, 60% of production Poweo it does not already own, said in a statement the alternative operator of electricity and gas in France. The agreement announced Wednesday takes effect from 1 January 2011.
Poweo Production is all electricity generation assets of the group, whether fired combined cycle natural gas (NGCC), in operation or under construction, or asset-based energy renewable.
"Poweo believes that this transaction will allow it to generate adequate cash resources in light of its financial commitments for the full year 2011 has minimum", said the French group, saying he would continue the activity commercialization of energy.
In exchange, the transaction is welcomed. At 10 hours, the title Poweo gained 5.93% to 5.36 euros, with a market capitalization of 87.78 million euros. Since the beginning of the year, it nevertheless shows a decline of 61.4%.
Poweo announced in November that it was studying various strategic options to restore cash generation from operations, affected by its loss of electricity sales, pending the implementation of market reform of Electricity supposed to give him access to nuclear EDF on favorable terms.
The consolidation will be studied
He indicated Wednesday he wants "to continue intensive discussions already underway to identify and implement any accompanying measures to perpetuate further its presence in the French market as a marketer of energy faxless payday advance."
The company expects including regulations implementing the law on the reorganization of the French electricity market (Nome), which should be published in the first half of 2011 to determine "the contours of its new business model and its competitive positioning and prospects associated.
"It will consider any opportunity in this part of industry consolidation that could help accelerate the recovery of its activities."
The group also said it will receive until June 30, 2013 an option to repurchase its 60% stake in Poweo Production at a price identical to that assignment, he could exercise "if future developments regulatory conditions or market give meaning to such an operation. "
Poweo Production has also entrusted to a bank a mandate of the sale of its entire branch Renewable Energy, which includes an installed production capacity of 105 MW (megawatts).
Poweo developing since 2005 a project portfolio of generation capacity consisting mainly of type CCGT power stations, including one of 412 MW already in service in Pont-sur-Sambre (Nord).It does not, however, means to compete with EDF and depends primarily on the incumbent to supply electricity. On the wholesale market, the group must sell more expensive and the electricity it produced or purchased from the utility public.
Nome law does not specify the price at which EDF will sell part of its nuclear production. The incumbent requires a floor price of 42 euros per megawatt hour, while its competitors require a much lower price, close to 35 euros.
(With Reuters)
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