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%.
ALSO READ:
"Credit Agricole in shape despite the crisis in Greece
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 …
Traditionally, the post of IMF Managing Director is awarded every five years to a European. Except that this time, the so-called "emerging", such as China or Brazil, hoping to appear in the landscape of global governance.
If emerging markets do not seem to agree on the way to propose a single candidate set, Europe, she intends to show its unity to maintain this position against the Americans, who they feel are the president of the World Bank. Especially since the situation of public finances in European countries, including South shudder markets for over a year. The Greeks, but also the Irish and Portuguese need a Fund that helps them, as was the case with Dominique Strauss-Kahn. Overview of possible candidates for the general direction of the International Monetary Fund, replacing Dominique Strauss-Kahn.
ALSO READ:
"Europe is talking to succeed Lagarde DSK IMF
"IMF: Angela Merkel would support Lagarde
"IMF: Lagarde well qualified (Lipsky)
"IMF: Dupont-Aignan cons Lagarde
"IMF / Lagarde: Holland doubtful
"IMF: no candidate Swiss
"The emerging campaign for one of their own to head the IMF
"IMF: CIS offers a Kazakh
"IMF: Trichet would be" fantastic "(Wellink)
"IMF:" the moment of change "(OECD)
"IMF: Australia does not exclude a European
"IMF / EU candidate" quickly presented "
"At the IMF, we think the post-DSK
After France, Germany. The support of Nicolas Sarkozy to Mario Draghi should accelerate an official position in Berlin, which will be decisive to the European Council in June If Angela Merkel Knights turn Mario Draghi, the Italian's appointment is granted. If she vetoes, even verbal, post escape him.
According to relatives of the Chancellery cited by the business press, Angela Merkel is more qu'embarrassée by the statement by Nicolas Sarkozy, who allegedly caught short once more."The government will decide on possible candidates in a timely manner," said the spokesman for the German government.
"The decision on the successor of ECB President Jean-Claude Trichet, will be taken at the next EU summit," said Steffen Seibert.
Contrary to his finance minister Wolfgang Schäuble, Angela Merkel believes that the arrival of an Italian to the position of treasurer general of Europe would be an indefensible decision against the German public.
"At any price this Italian!"
The popular press, leading Bild, has continued to point the finger at the overspending in the South."At any price this Italian! "Until recently headlined the tabloid Berliner, who does not hesitate to denounce tax evasion in Greece and the taste of the Italians for inflation.
The euro crisis has revived the Germans the trauma of abandonment of the Deutschmark, for countries of the "Club Med" they never considered worthy of the single currency. At the time of the creation of the euro, Germany was suspicious of accounts of Italy … In this context, the appointment of Mario Draghi, capable and respected as it is, at least appear iconoclastic in Germany .
However, the application of the Italian made his way into the German political circles. After having praised the German economic model in the press Frankfurt, Mario Draghi has managed to win support weight in the person of Wolfgang Schäuble, who has the ear of the Chancellor."Schäuble enjoys good reputation Draghi as central banker, his integrity and personality," says a senior official in the Handelsblatt.
More than the opinion of Wolfgang Schäuble, is the support of Nicolas Sarkozy puts Chancellor in a difficult position. Exercise a veto Draghi's candidacy to head the ECB might trigger a new crisis in the euro area and create a damaging conflict with France, even as relations between Paris and Berlin were severely affected by denial Germany to support the UN resolution on Libya.
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.
ALSO READ:
"The owners tend to neglect their iPad PC
"Launch of the iPad 2 in France
Will there a shortage of cameras in France? The French representatives of Japanese companies have shifted from caution to a post-earthquake alarmist tone. "The situation is critical, we will receive a limited amount of cameras. The months of May and June, traditionally important to sales, will be very complicated, "says Laurent Roussel, president of Panasonic France.
For his part, that Nikon is launching this month its new SLR D5100 warns there will be only 140 000 shipped worldwide or the quantities for normal development. "Then we do not know when the next will be produced," says Benedict Dieuleveult. This means that the restocking might as well take place in May than in September. And in the latter case, it will be too late to ensure supplies for the summer season crucial.The SLR market, which accounted for 600,000 sales in France in 2010 is the most affected segment of the camera market.
The reasons for these delays are related to the consequences of the earthquake that hit Japan on March 11. The factories of the great names of the photo little affected by the tsunami, but are still penalized by blackouts or disruptions in component supply. Canon is thus a state of "intermittent generation," "partial recovery of activity" in its sites dedicated to optics. Among Japanese manufacturers, Olympus only exception to this rule: it only has an optical factory in Japan, located on the west coast of the archipelago – the tsunami struck the east. Its production units are located elsewhere in Asia. "Right now, we suffer no delay nor a decrease in delivery, says Christophe Valentin, marketing director of Olympus France.But we remain always thank you for the interest in a sub-contractor. "
Threats to employment
The numerous local subcontractors in the industry have suffered more from the tsunami. Some productions have still not recovered components of "normal" levels and in the worst cases, have not restarted. Most major Japanese houses have also set up systems to help support the rebuilding of their suppliers.
Corollary fears of disruptions in store, announcements of price increases began. Panasonic was the first to open the ball, with an increase of 10 to 12% on its products for the month of May. "This increase is also intended to help the French structure, knowing that the volume of sales probably will fall," said Laurent Roussel. His concern is shared. "The French subsidiaries of Japanese corporations are 7 000 to 8 000 jobs.A decrease in their activity could have negative consequences on employment, "says Laurence Fauque, General Delegate of Ficime, a federation of businesses. In turn, distribution and particularly specialists could be financially penalized by supply disruptions.
Friday morning presentation of the broad guidelines of the economic program of FN required three hours of explanation. Declined by Francis, an "economist in a private financial institution" who did not want his identity, this project is at odds with "one of the WSPU who repeats the same stale receipts, what does not and Yet that attention be given to apply for 30 years, "Marine Le Pen hammered.
The base of the FN program revolves around the gradual exit of the euro. "France is the 5th world power, it has the means to manage its own currency as it has done for 600 years," François considered. If Marine Le Pen was elected in 2012, it will give six months to persuade other countries to abandon the euro zone single currency. "If they do not, we will go out alone," warned the president of the FN.In case of attack against the franc (reintroduced to parity 1 franc = 1 Euro), the government will leave "float" or will "exchange control temporarily. As for the risk of inflation due to devaluation "necessary", it is not proven by the FN.
The party of Marine Le Pen proposes to restore the "border protection" to fight against unfair competition that we deliver the low cost countries. This patriotism newlook rely on import quotas, tariffs or health standards on certain products.
"To ensure the recovery of the middle class and SMBs," his two priorities, the FN suggests reindustrialise France in investing in certain sectors and certain renationalizing strategic sectors (energy, transport …). Marine Le Pen also promises to rebuild a large public banking division."We will wait until fall for the banks to redeem them," admitted publicly any of his relatives, who requested anonymity.
In fiscal matters, the FN promises a "revolution for social justice": the merger of income tax with the CSG, simplifying the corporate tax, eliminating tax loopholes … "We want to go to 5 taxes instead of 1000 today, "said Marine Le Pen. On the expenditure side, the FN wants to reduce bureaucracy and cut in social benefits. "You have to book some social protection, including the French," she said, promising also the "national preference" in employment. "If a stranger does not find work, he did not intend to stay in the country," she conceded.
The FN will also remove the 35 hours but not repeal the tax exemption of overtime.It will end in "1 of 2" in the state civil service and reserve one third of public recruitment for over 45 years. It will allow learning from 14 years and establish a retirement card from "40 years, full".
ALSO READ:
The FN, "a party like the others" for 52% of French
How Hénin-Beaumont became the spearhead of the FN
After one hundred years of industrial dominance, the United States are being eclipsed by China. In 2010, the Middle Kingdom has become the leading manufacturing power in the world, according to a study released Monday by the economic research firm IHS Global Insight.
Manufacturing output of China represented 19.8% of the planet in 2010, while the share of the United States stood at 19.4%, according to estimates by IHS. According to the study, the added value of manufacturing output of China reached 1.995 trillion (current dollars) in 2010, against 1.952 trillion dollars for the United States.
"U.S. manufacturing output has rebounded strongly in 2010, with growth of 12.6% in value," writes IHS. That was not enough.Growth 'fastest in China, "and" appreciation of the yuan against the dollar helped the Republic to pass before the United States.
The American more productive
If China now produces more than the United States, they remain the most effective. The study notes that productivity is significantly higher at Uncle Sam "with 11.5 million employees, the U.S. manufacturing sector produces roughly the same value as the Chinese manufacturing sector with 100 million employees."
The mass effect was therefore due to the dominance of the United States Centennial. The latter became the first global manufacturing power at the turn of the nineteenth to the twentieth century. They dethroned the then Great Britain. At the end of World War II, U.S. factories accounted for more than half the production on the planet.But foreign competition and the service sector of the economy of the United States has gradually eroded this rule no fax cash advance.
According to figures from the U.S. Department of Commerce, the share of industry in GDP of the United States follows a downward trend started in 1954. In 2009, it accounted for only 11.2% of the wealth produced by the country, against 28.3% in 1953. At the time of the service sector employs about three out of four assets in the United States, bankruptcy and restructuring of the carmaker General Motors, once a symbol of industrial America, were able to illustrate the difficulties of the country's manufacturing sector.
Second trophy for China
In the long term anyway, manufacturing output in the United States tends to increase in value through productivity gains.Conversely, the rise of the Chinese economy depends on industry, particularly factories, whose production is destined mainly for export.
China wins as well, according to IHS Global Insight, his second trophy of the economic year 2010. In February, she actually won the second place in global economic power surpassing Japan. But the race to GDP (gross domestic product), the United States remains dominant. Their GDP is 2.5 times that of China. The latter should wait another few years before doubling the United States. Probably until about 2025, according to estimates by the World Bank and various financial institutions. And if it manages to overcome its many challenges in the coming years.
ALSO READ:
"China revises growth forecast downward
"The many challenges of China for 2011
France remains the largest AAA. This note, the best is always what the rating agency S & P (Standard & Poor's) – one of three major awards at the world-France.And what is triple A party to last at least a few months since S & P's note accompanying a stable outlook.
This assessment "reflects our views on health and strength of the French economy, the political environment, which we estimate to be flat and oriented towards prudent economic policies," says Marko Mrsnik, an analyst for S & P cited in the statement.
S & P increases the scenario in which the French government will continue its effort of fiscal consolidation and "could reduce the deficit to about 3% of gross domestic product in 2013."
France has promised to reduce its budget deficits (government, social security, local) of 7.7% of gross domestic product (GDP) this year, a record at 6% next year.Paris is a deficit of 4.6% of GDP in 2012 and 3%, the maximum allowed under the European treaties, in 2013.
Debt in a few dates and figures
The debt of France amounted to 1591.5 billion at the end of second quarter 2010 (latest figure available), or 82.9% of gross domestic product (GDP). It is expected to exceed 1,600 billion at end 2010 to 83.2% of GDP, or about 25,000 euros per capita.
It increased by almost 60% since 2003, during which she had crossed the symbolic threshold of 1,000 billion euros and the 50% of national wealth. The mark was surpassed 500 billion in 1993. Ultimately, the burden of debt to GDP has tripled in 30 years.
The Department of Budget expects that the French debt will represent 86.2% of GDP in 2011 before reaching 87.4% in 2012 and to decline slightly.Government debt is owned 70% by non-resident investors, a figure rising steadily in recent years.
A closed
In the "club" very closed countries rated triple-A by all three agencies (S & P, Fitch Ratings and Moody's) include, in addition to France: Germany, Netherlands, Finland, Austria and Luxembourg in the euro area; Norway, Sweden, Denmark, Switzerland and United Kingdom in the rest of Europe, USA, Canada and Singapore around the world.
S & P, "an issuer of bonds rated AAA has extremely strong capacity to meet its financial commitments." Moody's, the Supreme Aaa rating thus reflects a "strong economic, financial and institutional exceptional, allowing unfettered access to credit" and requires that "no conceivable impact is likely to affect repayment capacity."Fitch, meanwhile, explains that "the political will and capacity to mobilize resources to meet their financial obligations is a key element of sovereign credit reliability.
The rating agency Dagong Chinese, meanwhile, has awarded its own "Triple A" only seven countries: Norway, Denmark, Luxembourg, Switzerland, Singapore, Australia and New Zealand. It notes the AA-France, the United States and Germany AA AA +.
With agencies
ALSO READ:
"Fitch degrades the debt of Portugal
Moody's puts Spain and Portugal under pressure
"The operation of credit rating agencies
The contenders are scrambling to the door of the group Yoplait. Since the fund PAI Partners, co-owner with Sodiaal Yoplait, has expressed its intention to pull out, expressions of interest for the cream of the dairy industry is growing.
And even the ISP (Strategic Investment Fund) may participate in the resumption of the Yoplait dairy group, reports Les Echos. French sovereign fund "looks closely at the record Yoplait," says the daily. But for now, no scheme is adopted. However, the ISP would take a minority stake, its role being primarily "to promote the French and their anchoring in France." The fund could facilitate applications and lights.
Aspirants would be many.Several names have been mentioned by the press and especially the Swiss Nestle, the American General Mills, Pepsico and Kraft, or the Anglo-Dutch Unilever and the Mexican Lala. The American investment fund Kohlberg Kravis & Roberts (KKR) already present in France Tarkett (worldwide leader in floor coverings), Legrand (electrical equipment) and group PagesJaunes would also be in the running.
Lactalis: only official candidate
For now, the only known candidate and is the official Lactalis cheese the second world, which made a bid to regain 100% of Yoplait for 1.4 billion euros. However, a proposal rejected by PAI and Sodiaal because it deemed too greedy. In fact, Sodiaal does not separate the second yogurt brand in the world, but could, under certain conditions, agree to reduce its presence in the capital.
ALSO READ:
"Nestle is considering a bid for Yoplait
"Lactalis bid 1.3 billion euros to buy Yoplait
"Yoplait scindrait its activities to better attract
Comments Off