It was expected, it's now official: Michelin has raised its target sales volume of the current year, the prospect of a return of the markets at their own pace before the crisis. On the occasion of the publication of interim results of good quality, the tire giant announced a target of 8% increase in sales volumes in 2011, against a 6.5% increase expected before. "The environment in the second half should be marked by continued market growth at a pace closer to the long-term trends," said the OEM Clermont.
The world's largest tire with Japan's Bridgestone has also confirmed its forecast of growth in operating profit over the full year. In the first half, he totaled 971 million, up 18%.Net income increased it from 32.6% to 667 million euros, a figure above analysts' expectations.
Offset additional costs of raw materials
And over the period, the volume of the Michelin rose 12.6%, supporting the net sales that rose 21% to 10.1 billion euros over the period. The price effect also explains the increase in group sales up 9%.
And the group plans to continue to maintain a policy of raising prices to offset soaring raw materials, mainly the rise in natural rubber. The extra cost of higher commodity prices is estimated at 1.8 billion euros in a full year by the group but should be offset 100% against 80% previously.
ALSO READ:
"The five challenges of the future head of Michelin
"Michelin tire put on a tireless
"At Michelin, the intelligence of French capitalism
Monitor prices and margins on agricultural products launched in September 2010 will make its findings on Monday. According quotidienLes Echos, the 250-page report, commissioned by the Ministry of Agriculture in collaboration with INSEE and Agrimer, the responsibility of leading retail chains in maintaining the sales price to consumers despite lower commodity prices.
Cherries five times more expensive
The experts, headed by Philippe Chalmin, an economics professor at the University of Paris Dauphine, studied agricultural production subject to the most serious crises in the last ten years such as milk, beef and pork, and fruits and vegetables. According to their findings the distribution has made such an important and constant gross margin of red meat even though the farmers of this category recorded the lowest incomes.
The situation is similar with regard to pork. In ten years from the final price going to farmers has increased from 45% in 2000 to 36% in 2010. At the same time, one devoted to retailers jumped 39% to 55%. The long-life milk, gross margin was doubled when the signs that producers declined. Distributors also apply high margins on fruits and vegetables. Cherry cherry has been charged five times more expensive to consumers that it was paid by the distributor. Only segment where margins have been reduced signs: the yoghurt.The report provides no explanation but Les Echos believe that the power companies such as Danone, which reach more to negotiate prices is one reason.
Annual Report
The report, which should help parliamentarians better navigate the debate between producers, manufacturers and distributors for years, however, said it is difficult to track the price of a product from production to exposure in the linear. Investigators also complain that the distributors did not provide all the necessary elements to determine the composition of the margins.Information they hope to meet next year, the Observatory should indeed provide an overview of the situation every year.
ALSO READ:
»Food: price increases are inevitable
"Average basket price: 2.4% (association)
"The bread rose by 18.6% in 5 years
"In ten years, the price of meat increased by 24%
"Agriculture: price observatory ready
"The government soothes irritated farmers … but distributors
The slump experienced by the Carrefour share in recent days is likely to facilitate even further the group's general meeting on Tuesday. Carrefour's shareholders must in fact decide on the demerger of Dia, the sign of hard discount group, the independent rating is scheduled for early July in the Madrid Stock Exchange. Carrefour's management motivates this project by the lack of synergies between Dia and the rest of the group, and a willingness to focus on Carrefour (Planet, Market, City, Contact …). If the split is approved, each shareholder will receive shares of Carrefour Dia, a company that alone could be worth at least 4 billion euros.
This vote, however, will crystallize the tensions accumulated during the past few months hectic for the distributor.The group has already had in early May, to bracket his other draft terms of division, the 25% stake in its real estate subsidiary Carrefour Property. This 100% Dia does not unanimously. The transaction is certainly strong, if not driven, by Blue Capital, the holding company common group Arnault and Colony Capital, which is the largest shareholder in Carrefour, with 14% of the capital and 20% of the voting rights. The fund Knight Vinke (1.5%) is also favorable.
What is the position of other shareholders? Halley family (founders of Promodes, which merged with Carrefour in 1999) owns approximately 10% of the capital. Some of its members would quietly campaigning against the split of Dia, creative in their view of a direct competitor to Carrefour Spain. Among the heirs of the founders of Carrefour, also head of more than 10%, Thierry Defforey took a stand against, but as individuals.Members of two families each vote as they wish: we can not speak or block in one case or the other pay day loans.
Appearance of floating
The question is how institutional investors vote, much in demand by both sides in recent days. The split must be approved by over 66% of voters to be ratified.
The vote of the General Assembly will determine the CEO Lars Olofsson, weakened by the disappointing results, but also for Blue Capital, the maneuver at Carrefour since his arrival in the capital early 2008 (at an average price per share of around 53 euros). For the holding, the division of Dia is a means to better demonstrate, finally, the share value Carrefour.
Shareholders, including those of employees, will benefit from the appointment on Tuesday to demand an explanation on the appearance of uncertainty that prevails at Carrefour.After two profit warnings last year because of Brazil, and another this year, the group said Thursday of bad news on the results in the first half.
The turnaround of Carrefour Property added to the doubts. Just as the instability of management. Several senior executives recruited by Lars Olofsson left the group. After the departure of James McCann, the chief had promised to be directly involved in the recovery, priority of the activity in France, before naming the day before yesterday a new boss … and financial communication is in keeping. Not to mention the open front in Brazil, where Carrefour seems to invite in Pao de Acucar, the partner of rival Casino.A move that could have been hailed as audacious, but was revealed at a time when the distributor promised to focus its forces on its French hypermarkets …
ALSO READ:
"The conviction of Carrefour could snowball
With his candidacy in the general direction of the IMF, announced Saturday at the last minute, after those of Christine Lagarde and Mexican Agustin Carstens, head of the Central Bank of Israel will test the sincerity of the countries facing the board IMF. They have been saying for weeks that "the competence and not nationality" should prevail in the choice of successor, Dominique Strauss-Kahn.
Now Stanley Fischer, highly appreciated by the staff of the Fund where it is still nicknamed "Stan" is one of the best economists in the world. He has unparalleled experience in managing crises. Graduated from the London School of Economics and Massachusetts Institute of Technology (MIT), he worked with Nobel Prize winner Paul Samuelson and Robert Solow. He directed the thesis of Ben Bernanke, the Fed chief. He is the author of economics textbooks for reference.IMF number two in the 1990s, alongside the French director Michel Camdessus, he played a key role in managing crises that shook Mexico, Asia and Russia – its remedies are also not allowed only good memories to the countries concerned. But Fischer is a pragmatist. He has learned the lessons from the mistakes of the IMF in the 1990s ", provides a framework for the institution. At the head of the Central Bank of Israel, it also helped that the country would emerge from the economic crisis in good shape and enjoys a high popularity.
Dual Nationality
However, Stanley Fischer knows better than anyone that has little chance of being elected. The first drawback of this modest man, sparkling in the light of intelligence, is his age personal loan for poor credit. The IMF Articles of Agreement stipulate that the candidate for the superintendent must be under 65 years. Now it has 67.It should therefore be that the board make an exception for his particular case.
Second handicap in practice even more problematic: his nationality. Or rather "its" nationalities. Born in Rhodesia (now Zambia), relatives of Jewish immigrants from Latvia and Lithuania, trained in London, Stanley Fischer has an Israeli passport and a U.S. passport. The first could play against him in some emerging countries, which are among the states in the Middle East conflict with Israel or supporting them. The second might also interfere. It is time that an American was proposed by Bill Clinton as number two in the IMF in 1994. However, in the traditional allocation of posts – that's just emerging challenge – is the World Bank which amounts to an American (Robert Zoellick), while the IMF is the preserve of Europeans.Even though they deny it, they do not intend to cede this seat, especially during a storm on the euro area.
Unless the matter is suddenly deemed unacceptable Tapie, Christine Lagarde remains the overwhelming favorite. The French Minister of Economy has received this weekend the support of Indonesia, and Egypt, during a trip to Cairo. His campaign trail is also passed through Jeddah, where his counterpart has expressed support for Saudi Arabia to his candidacy. She remained silent on the emergence of this new Israeli competitor.
ALSO READ:
"Lagarde still leading the race for the IMF
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
The World Health Organization has classified the mobile phones in the category of products whose use is "possibly carcinogenic". If their harmfulness is not formally demonstrated, scholars have already shown that heavy users appeared to have a greater risk of developing cancers in the head (brain, parotid gland, inner ear). It is therefore necessary to minimize, at least as a precaution, exposure. Lefigaro.fr present you some tracks.
Use the speakerphone or handsfree
The amount of air absorbed by the body decreases rapidly when leaving the phone (decrease proportional to the square of the distance separating the receiver from the transmitter). The use of loudspeaker used to limit its exposure. Similarly, hands free kits are very effective even if a very small waves propagate along the wire.
Bluetooth kits work them on the same frequency range as laptops (or Wi-Fi). But they emit more than 200 times less safe. From the moment the end user's team for that call, they are commendable. Otherwise, they can instead make things worse.
Limit conversations moving
The phones do not emit systematically with the same power. When you start a conversation when the phone connects with the relay antenna, it is more important example.
When you are moving (subway, car, train), your phone also emits more strongly to search for nearby antennas. And when you pick wrong, your phone tries to compensate by sending more powerful waves.In both cases, it is better to avoid spending long shots son.
Call from a fixed maximum
The best way to avoid exposure to wave the phone is still … not to use it. Behind this lies a profound truism commercial development: since December 2010, the major ISPs offer for very reasonable money, unlimited plans to laptops. We can call his friends without breaking the bank since its fixed.
Note that cordless phones and son (also known as DECT) operate on the same wavelength range but emit about ten times times less power.
Prioritize mails and SMS
Speak no more: write. In this way, you keep your laptop away from your ear and you limit the amount of waves it emits. The introduction of SMS packages and mails Unlimited makes this alternative economically viable.As for phones, they are more likely to have full keyboards that facilitate the writing of messages. Some users have already integrated this new way of communicating.
Do not keep your laptop close to you
Your phone emits at very short intervals to keep in touch with the network (or 3G telephony). Better to leave your laptop on your desktop in your pocket, in your living room on your bedside table. Most phones now have a function "airplane" that lets you disconnect your terminal from the network and benefit from other applications (alarm clock, games, etc.).
Buy a phone with a small SAR?
Cell phones all have a SAR (Specific Absorption Rate) which gives the amount of absorbed wave by human tissues for a maximum emission.Limited to 2 W / kg in Europe (1.6 W / kg in the U.S.), it is measured by the manufacturer itself has a legal obligation to mention it in the manual. Some websites will enumerate the values to allow comparisons. Critics point out that a DAS phone can be clamped to get a hint when he issues an average of more waves than cameras with a high SAR.
ALSO READ:
"WHO: The mobile phone" possibly carcinogenic "
"No increased cancer risk with mobile phones?
"The operators take note of the opinion
"Asia, the Mecca of luxury groups. This could be the slogan applied to Gucci, Prada, Burberry, Hermes, Dior and others at the end of the financial and economic crisis that has shaken the past three years the global economy. For all these companies, if they were not spared by the crisis, have largely absorbed the shock by taking advantage of the growing appetite of Asian markets for luxury, chic, and know-how almost craft of some European countries.
This appetite, the luxury sector was well integrated, making the Asian market including China and Japan, their main growth drivers. For example, the French LVMH in 2010 from nearly 35% of its turnover in Asia (25% excluding Japan).In the first quarter 2011, excluding sales of the Japanese archipelago (affected by the tsunami on 11 March), billings Asian group Bernard Arnault grew 24% and 30% on the only Chinese territory.
Finally, by 2015, China should be the first global luxury goods market in all sectors according to consulting firm Pricewaterhouse Coopers. And to develop there, Western societies today are choosing bulk of trading in Hong Kong, the gateway to become known in China. "With its historical heritage, the Hong Kong is much more attractive than that of Shanghai, details of William Corbiac, emerging equities manager at Axa IM. It is much more liquid, accounting standards are long Anglo-Saxon, there are many financial analysts, fewer permissions and cheaper.In Hong Kong, Western investors feel almost like home. "
Making a name
This is the typical case of American Coach, specializing in accessories (shoes, bags, sunglasses, jewelry …) who announced in early May will be doubling its side by the end of the year, Stock Exchange of Hong Kong and its place of origin, New York. For all the luxury groups, for historical reasons or qualitative, not in Asia have the notoriety of LVMH or Hermes. The goal of Coach is clearly stated: "better brand awareness among consumers and investors in the Chinese market and throughout Asia," according to its CEO Lew Frankfort said in a statement.
This Friday, the luxury goods group Burberry has come to swell the ranks of contenders.Already present in London Stock Exchange, the British group would try to seek a listing in Hong Kong by Hong Kong Economic Journal, to "increase the interest of Asian investors."
The idea is not new. "Many Chinese entrepreneurial companies, including Internet companies and in renewable energy, are parties in the 2000s to seek a listing on Wall Street to take advantage of both technologies and to conquer the U.S. market, said William of Corbiac. We can now do the exact parallel with these Western groups visionary who want to be closer to the markets they want to grow. " A listed company must indeed comply with the requirements of disclosure and / or related to its activity, which increases its exposure to the media and therefore the general public.What support development activity in new geographical area. A strategy that seems to have also adopted in another sector, BNP Paribas. Initially, the French bank will not undertake a capital increase at its eventual listing and just want to "enjoy a better visibility in China."
A significant influx of capital
But watch it only as a matter of image. For BNP Paribas may, in a second time, make an appeal for funds on the Hong Kong site, thus killing two birds with one stone. For their part, the intruding Western luxury brands in Hong Kong are also looking to take advantage of capital and investors who flock to this place. In 2010, according to data from PricewatershouseCoopers, nearly 45 billion euros have been raised, an increase of almost 80% over one year.And for 2011, the firm estimated 30 billion funds in Hong Kong through introductions. A total of one hundred companies are entering the stock each year, more than half are Chinese.
This is the case of the Italian Prada, which recently received the green light from authorities in Hong Kong market. Pending the final IPO price (June 16) and the introduction scheduled for 24 June, the Italian company hopes to raise about 2 billion dollars (1.4 billion euros). After three failed attempts, Prada therefore preferred to Hong Kong to Milan, saying "better" opportunities offered by the international capital market.
Before her, and with the same motivations, the French L'Occitane has chosen Hong Kong to make his first public offering, there is just one year.One way for the group operating on the cosmetics market is very dynamic in Asia and almost treated as a luxury brand, to raise 532 million euros. What repay debt and finance part of its development. This gamble on the brand image now appears successful, while Reinold Geiger, President of L'Occitane, explained that he initially had great difficulty to prevail in Taiwan and Hong Kong. And for investors who subscribed to the introduction, the operation has also been very positive, because despite the turbulent early sessions, the stock rose over 30% year on year.
ALSO READ:
"Prada is introduced to the Stock Exchange of Hong Kong
The luxury fully overheating
"Japan's luxury withstood the tsunami
"L'Occitane launches on the Stock Exchange of Hong Kong
Twitter to keep its territory, San Francisco has agreed to reduce its withdrawals. The dynamic Internet group threatened to leave town if he did not get an exemption from tax assessments. The municipality sold late last week. "The town where we grew up and started our next house will remain," announced on the blog's group communications manager, Sean Garrett.
Twitter threatened to move from Brisbane, a town in the suburbs south of San Francisco, closer to the heart of Silicon Valley, where the headquarters of many groups and start-ups on the web. The CFO of Twitter, Rowghani Ali, believed a move would allow the group to save 30 million dollars in taxes, rents and other expenses over the next five years. "A significant difference for a company our size," said Ali Rowghani.According to eMarketer estimates, the turnover of Twitter totaled $ 45 million in 2010.
San Francisco did not want to lose the company that is revitalizing its image. Twitter has played. "Our growth is able to generate the creation of a true business center in our area," argues Ali Rowghani. The municipality has decided to grant exemptions from social contributions for new employees for companies that locate in certain neighborhoods in decline pay day loans. Twitter, which has 400 employees, plans to have nearly 3,000 in 2012.
Tax on wages
The municipality, it is true, remains unwelcoming financially for Internet groups. It is the only California tax corporations based on employees' income.Companies paying more than $ 250,000 in payroll is subject to a fee equivalent to 1.5% of the sum. Moreover, this tax applies to all forms of income, including profits realized on the resale of stock options, says the New York Times. This form of remuneration is very popular with start-ups and other Internet groups.
After facing the group sold microblogging, San Francisco is now facing demands from other companies. Specialist Zynga games online community, which produces Farmville, complained of this privilege and threatens to turn to leave the city. The New York Times, "legal services in the city now planchent exemption from taxes on wages covering the whole surface of the city."
ALSO READ:
"In five years, Twitter has become over info
"BLOG – Facebook and Twitter launched in the battle of the News
"Eric Besson meets Twitter and Facebook
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
Still cautious various publications, U.S. markets open as expected on a slight rebound. Boosted by better than expected financial results of JPMorgan and rising retail sales in the U.S.: the Dow Jones gained 0.43% to 12,318 points and the Nasdaq 0.62% to 2765 points.
Wall Street resumes are a few colors after a session Tuesday marked by a sharp decline. Investors worried both the reclassification of the Japanese nuclear disaster at the same level as Chernobyl and disappointing quarterly published at the opening of the season results, the aluminum giant Alcoa.
Barack Obama facing the U.S. deficit
The International Monetary Fund (IMF) has also sounded the alarm about the U.S. national debt, stressing the lack of a sufficiently credible strategy to stabilize it.A lack of strategy could, in the global institution to present a small but real risk of further economic crisis.
According to figures released yesterday evening after the close of trading in Europe, the U.S. budget deficit reached because $ 188 billion for the month of March, 829 billion dollars over the first six months of the fiscal year 2010/2011. The 2009/2010 Budget posted at the same time, a deficit of 49 billion dollars.
Barack Obama also will speak in Washington in early afternoon on the subject. An exercise that looks dangerous. In presenting this Wednesday, its solutions against the deficit and debt, Bush will indeed have to refute the arguments of his Republican opponents, while maintaining a careful his Democratic electorate.The budget agreement with the Republicans against the balance of fiscal 2011 has not yet been formally approved in Congress.
Retail sales and the Beige Book Menu
Retail sales rose slightly less than expected in March in the U.S., higher gasoline prices accounting for a significant share of consumer spending at the expense of other purchases, according to data released Wednesday by the Department of Commerce payday loans no teletrack.Les retail sales rose 0.4% from February. Economists polled by Reuters expected a 0.5% increase. This is the ninth consecutive month of increase but also the lowest variation observed since June 2010, when sales fell 0.3%.
JPMorgan publishes its accounts
On the corporate side, banks are in the spotlight: JPMorgan (0.57% to 46.91 dollars) has announced a net profit before trading up 67% to $ 5.6 billion, under its first quarter.
U.S. bank Citigroup (-0.14% to 4.54 dollars) will pay a record $ 54.1 million to a small group of investors who accused him of having misled about the quality of loans' toxic "to local communities. In a decision of the arbitration body, one of U.S. authorities on financial regulation, FINRA, agreed that Citigroup should compensate an investor for 52 years, Jerry Murdock, and a retired lawyer of 69 years, Gerald Hosier, to height by 3.9 and 21.7 million.In addition, the bank will pay $ 8.5 million to an investment fund, Brush Creek Capital, said this ruling dated Monday and Tuesday consulted on the website of the FINRA.
Schneider and Tyco International
According to the Daily Telegraph, Schneider Electric, for its part would have sent a letter in which he manifested his interest in an offer of $ 30 billion on Tyco International, from the perspective of giving birth to the world's leading security systems. Relayed by Bloomberg a few days ago, this rumor was not convinced of market analysts. Some feared that the transaction is too large for Schneider, who, on Wednesday denied being "currently" in discussions with Tyco.
The capitalization of Tyco accounts for about half that of Schneider (31.7 billion euros). Schneider rebounded Wednesday on the Paris Bourse.The action Tyco, which rose from 7.41% late Tuesday on Wall Street could also react. In early trade, she dropped 1.19% to 51.71 dollars.
Comments Off