Daily International Headlines » blogs http://pfagallery.com The top world news Fri, 25 Nov 2011 10:23:56 +0000 http://wordpress.org/?v=2.8.4 en hourly 1 The stock market is willing to pay dearly for Danone http://pfagallery.com/the-stock-market-is-willing-to-pay-dearly-for-danone/ http://pfagallery.com/the-stock-market-is-willing-to-pay-dearly-for-danone/#comments Tue, 18 Oct 2011 10:06:30 +0000 admin http://pfagallery.com/the-stock-market-is-willing-to-pay-dearly-for-danone/ Danone has published a quarterly revenue in line with expectations. At first, in the absence of good surprise, the valuation of Danone can call. The title pays more than 14 times earnings expected for 2012, while the CAC 40 builds about 8.2 times the estimated profit for 2012. "This is justified from the point where Danone is growing higher than the overall economy. The group offers products with high added value for the elderly and babies. It is well positioned in emerging markets, "says one fund manager.

We must also put into perspective the value of Danone with that of Nestlé. The Swiss giant capitalizes 15.6 times the expected result next year. The market welcomed by the superb performance in all segments, including the brilliant success of Nespresso, the subsidiary that specializes in luxury coffee.

Danone is perceived by the market as a growth and not as a "value", not valued due to lack of development prospects no fax pay day loans. The situation of Danone in terms of profitability is satisfactory. Operating margin exceeded 14% after the first half. Better still, it exceeds 20% in Asia.

Possible sale of the water industry

Still, Danone must win the market with new projects. In recent years, Danone has refocused on the markets of healthy nutrition and health. The group is poised to sell its water sector, reports Bloomberg. It is in talks with the Japanese Suntory. The water industry is about 17% of sales of Danone. Growth and profitability are slightly lower than the other branches of the group.Meanwhile, Danone could strengthen its nutrition industry with an acquisition.

In any case, it will not be possible to create value with a takeover bid. When Danone had been rumors of takeover by Pepsi, leaders such as politicians had split from a multitude of arguments, economic patriotism.

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]]> http://pfagallery.com/the-stock-market-is-willing-to-pay-dearly-for-danone/feed/ 0 Premiums against dividends: the disappointment of the Government http://pfagallery.com/premiums-against-dividends-the-disappointment-of-the-government/ http://pfagallery.com/premiums-against-dividends-the-disappointment-of-the-government/#comments Tue, 04 Oct 2011 20:35:16 +0000 admin http://pfagallery.com/premiums-against-dividends-the-disappointment-of-the-government/ Many companies have awarded the famous "dividend premium against" backwards. And in fact, the amounts paid are far from the expectations of the government, says a study by Deloitte from the first returns of negotiations in companies. As Labour Minister, Xavier Bertrand, was on the table before the payment of a premium of 700 euros per employee in companies that have paid dividends on the rise, the real turn around more than 300 euros. As for the maximum amount paid, it tops out at 600 euros.

Two reasons. The first is that the premium desired by Nicolas Sarkozy to "restore the purchasing power of employees in times of recovery," has been perceived by most companies as an additional constraint than an opportunity to motivate their troops.The premium has indeed added to the devices sharing the existing value, such as profit-sharing, mandatory for companies with over 50 employees who make a profit. "This is even more disturbing that the incentive for the prisoner has recently been tightened," says Emmanuelle Rivez-Domont, a lawyer in employment law at the firm Jones Day.

The other factor is the economic context. "Uncertainty room makes companies cautious," says Philippe Burger, a partner at Deloitte. The evolution of the economic situation is also evident throughout the negotiations. "Before the trouble was and he threw in the financial markets, companies thought given bonuses of around 500-600 euros payday loans guaranteed no fax. Today, the discussions revolve more around 150 euros to 200 euros per employee, "says Philip Burger.The crisis reduced the premium to a trickle.

Wage increases slightly affected

Some companies, such as Rhodia, were more generous than others. But it should not enjoy these raw numbers, without putting them in connection with the incentive policy, participation or wage increase of the company, the consultant warns. "Some companies had the tools to share value added very generous, and that worked well. Explain what they have paid premiums less important, "said he.

The study also brings its share of surprises. The dividend premium against does not seem to negatively impacted as wages were concerned that the trade unions. While most companies recognize that its influence is not neutral, only 10% of them say they have reduced the envelope increases the amount of the premium.And they are more than 60% to estimate its impact on wages has been small.

Companies have until 31 October to agree on the amount of the premium, or they are liable to criminal sanction. Evidence that firms do not rush, only one in two has already ended its negotiations on the subject. "Given the mandatory nature of these discussions, and urgency, companies are simple, says the consultant. They also generally a fixed amount equal to each employee. But if the premium is sustained, they could eventually refine their criteria for distribution. "

]]> http://pfagallery.com/premiums-against-dividends-the-disappointment-of-the-government/feed/ 0 The rescue of Dexia organized emergency http://pfagallery.com/the-rescue-of-dexia-organized-emergency/ http://pfagallery.com/the-rescue-of-dexia-organized-emergency/#comments Tue, 04 Oct 2011 02:07:19 +0000 admin http://pfagallery.com/the-rescue-of-dexia-organized-emergency/ Private Dexia has decided to save himself. Almost. A board of directors convened this evening to endorse the plan for ending the crisis that developed hard its CEO, Pierre Mariani. Faced with a massive liquidity crisis (the other institutions did give more credits), the Franco-Belgian bank has no choice but to sell the family jewels while isolating its portfolios and non-performing assets in a " bad bank. " It is a page of history which European banking turns. Because at the end of this work, there should exist no more of this construction Franco-Belgian.

Pierre Mariani, who arrived in October 2008 to save Dexia strangled by a need for short-term funding of 265 billion euros of assets impossible to meet, had done everything to reduce the group's balance sheet. In three years, he was able to reduce the need for 96 billion.Las! With sovereign debt crisis, which has again closed the valve finance is still far too. And states can no longer play the firefighters.

Thus, Pierre Mariani resolved to opt for an orderly liquidation scenario. Instead of sales, the Franco-Belgian group prefers to speak of "backing of (its) business franchises." Retail banking in Belgium, the Turkish subsidiary Denizbank, asset management and private banking: all subsidiaries of Dexia will seek and lessee in the coming days. According to one familiar with the matter, some sales process is well underway. Britain's Standard Chartered, in particular, did not hold in recent months to report its interest in the coveted Denizbank.

However, if the Franco-Belgian group has some beautiful assets, some remain unmarketable.Difficult indeed to generate interest for Italian or Spanish Crediop Sabadell open doubt about the state of public finances in Italy and Spain. Initially, according to our information, Pierre Mariani had planned to build packages of assets, including both of the jewels and lame ducks, so as not to keep the latter in his pouch. But this option proved too complicated to implement. However, it is urgent if we are to preserve the clients who are starting to worry greatly poor credit personal loans.

Political issue

This sense of urgency felt this weekend in Paris. After weeks of tension, the Deposit, the Postal Bank and Dexia reached an agreement after final dealings these days under the blue helmet René Ricol.The portfolio of loans to French local authorities and will be taken over by an entity owned by Caisse des Depots et La Banque Postale.

The operation has, as revealed Le Figaro (our editions of September 24), an interest factor: out of stock of Dexia about 80 billion euros of assets, primarily loans to French local authorities to transfer them to the new entity. For the Franco-Belgian bank, it will be much less to refinance. Dexia Municipal Agency, the company that issues mortgage bonds on behalf of Dexia, also switch into the orbit of the CDC and the Postal Bank in order to maintain the AAA rating necessary for its operations.

With this scheme, Dexia will be able to blow some time, time to complete the rest of his program.The creation of the "bad bank", in particular, may be difficult, given its political and financial stakes. French and Belgian States, indeed, should be asked to give their guarantee for installation of such defeasance. In other words, adding safeguards in a situation where all states are seeking to reduce their debt instead is far from a challenge.

On Monday evening, the Minister of Economy, Baroin, met his Belgian counterpart Didier Reynders, in conjunction with the meeting of finance ministers from the euro area. The French and Belgian governments "do the right thing" to support their banks, said Didier Reynders.

The financial restructuring of Dexia, finally, could have serious consequences for Belgium and its banking system.Some Belgian shareholders of Dexia, as the Holding Communal, would have difficulty recovering from an operation on the truth value of their assets. Relations between France and the United will play at the moment.

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]]> http://pfagallery.com/the-rescue-of-dexia-organized-emergency/feed/ 0 Global stock markets plunge again http://pfagallery.com/global-stock-markets-plunge-again/ http://pfagallery.com/global-stock-markets-plunge-again/#comments Fri, 23 Sep 2011 04:43:53 +0000 admin http://pfagallery.com/global-stock-markets-plunge-again/ Concerns about the health of the U.S. economy once again weigh on the markets in Paris. In the wake of Wall Street the day before and Asian stock markets this morning, the CAC 40 lost more than 5%, falling well below the psychological threshold of 2800 points to 2791 points, having already fallen by 1.6% in the previous session. Same trend in other European stock exchanges: the London FTSE-100 lost 4.82% to 5150.06 points, the FTSE Mib in Milan, 3.73% to 13,593 points, the Dax in Frankfurt at 4.39% 5195 points, and the Ibex 35 in Madrid, 4.54% to 7837 points.

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]]> http://pfagallery.com/global-stock-markets-plunge-again/feed/ 0 The Competition Authority punishes hard Canal + http://pfagallery.com/the-competition-authority-punishes-hard-canal/ http://pfagallery.com/the-competition-authority-punishes-hard-canal/#comments Wed, 21 Sep 2011 11:08:01 +0000 admin http://pfagallery.com/the-competition-authority-punishes-hard-canal/ It's a real bolt from the French audiovisual landscape. Wednesday morning the Competition Authority has just withdrawn the authorization in 2006 to Canal + 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.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.

In a brief statement, the Canal + Group announced this morning that he took "note of the decision of the Competition Authority to date. He noted the highly unusual and disproportionate in relation to alleged breaches identified and appropriate action will commit. "

For the audiovisual group chaired by Bertrand Meheut, "it is naturally not possible to challenge a merger that's almost five years. The Competition Authority sees clearly in this decision means to force the group CHANNELS + to enter into new commitments, applicable beyond the end of those foreseen in the 2006 authorization, "said he.

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]]> http://pfagallery.com/the-competition-authority-punishes-hard-canal/feed/ 0 China criticizes the U.S. http://pfagallery.com/china-criticizes-the-u-s/ http://pfagallery.com/china-criticizes-the-u-s/#comments Mon, 08 Aug 2011 19:00:16 +0000 admin http://pfagallery.com/china-criticizes-the-u-s/ The era of good times is over. China, which for years received lessons in economic policy by the United States, primarily relating to foreign exchange, takes revenge. While S & P has to sacrifice the triple A of the United States, Beijing, the largest holder of U.S. bonds in the world – by far, with 1,160 billion of U.S. Treasuries in the drawers according to figures from Washington published last May – now estimated to have "every right to require U.S. to address their structural problems of debt."

The Chinese government estimates that S & P has only confirmed a "horrible truth". One that was highlighted by the rating agency Dagong China, which has degraded the U.S. triple-A immediately after the agreement to raise the debt ceiling.She said "the days of Uncle Sam, crippled with debt, could easily squander endless amounts of borrowing from abroad seem numbered. (…) In order to treat his addiction to debt, the U.S. must restore the principle of common sense that we must live within its means. " For Dagong, the note of the United States increased from A + to A with, again, a negative outlook. According to the official Xinhua news agency, the adoption by Congress of a text to avoid a default of the United States failed to defuse "the bomb of debt." This failure to control U.S. borrowing could affect the "well-being of hundreds of millions of families in the United States and abroad," she lamented a few days ago.

In other countries, tempers

In France, Baroin, Minister of Economy, trying to reassure.First European official to respond to the thunder of the deterioration in the sovereign rating of the debt of the United States, he ensured that France "has full confidence in the strength of the U.S. economy and its fundamentals, and in the U.S. government's determination to implement the plan that was approved by Congress this week. "

In the UK, the British Trade Vince Cable held Saturday "completely predictable" degradation of the United States. "This is a completely predictable consequence of the mess created by Congress (…) but they (MPs) have now heard, and the situation of the United States is strong enough," he said.

Japan, the second creditor of the United States, said that its policy of buying U.S. bonds remained unchanged despite lowering their score."Our confidence in U.S. Treasuries and their attractiveness as an investment will not change because of this action," said a Japanese government official told Dow Jones Newswires. Japan, which is trying by all means to curb a flight of its currency against the greenback, has no interest in selling its dollar assets for now since it would only strengthen the yen.

In South Korea, senior officials of the Ministry of Finance held an emergency meeting Saturday to analyze the consequences of the downgrade. But the government has warned against overreaction. "We need not be too worried about our economy and financial markets," said Deputy Finance Minister Yim Jong-yong. An Australian Prime Minister Julia Gillard has also called for calm markets."At the same time, the other two major agencies, Moody's and Fitch continue to note the U.S. economy AAA. So I think people need to consider all the facts, "she said. In the Philippines, a spokesman for the Presidency said that the downgrade by S & P was "to some extent a wakeup call for the U.S. begin to seriously address their economic problems. We have confidence in their ability to do so. "

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]]> http://pfagallery.com/china-criticizes-the-u-s/feed/ 0 Windows phone by Nokia in the fall http://pfagallery.com/windows-phone-by-nokia-in-the-fall/ http://pfagallery.com/windows-phone-by-nokia-in-the-fall/#comments Wed, 22 Jun 2011 05:40:03 +0000 admin http://pfagallery.com/windows-phone-by-nokia-in-the-fall/ Pending the arrival of his eagerly awaited first smartphone with the Windows operating system Phone at the end of the year, and production "mass" in 2012, we have to wait markets and customers. That Stephen Elop, president of Nokia strived to do during the CommunicAsia exhibition in Singapore. "Our main strategy in the field of smartphones is to focus on the Windows phone," he said, for its next billion mobile.

For Nokia, it is urgent. Last month, the group issued a warning on its sales and results, giving even to make predictions, as the period is difficult.Its sales continue to decline, it would hold more than 13.1% of the smartphone market in the first quarter against 25% a year earlier.

But maintaining a strong presence of the Symbian operating system in its range and choice of Microsoft at the expense of Android leave many doubts cast. While the number of applications available on a smartphone is a paramount requirement, the Finn is not in the race. It strives for the time to catch up in smartphones, highlighting the N9 in Singapore, expected to outdo the iPhone and Android to its competitors. To do so, Nokia boasts jumble "three home pages," his "handy user interface," "better voice quality," connectivity … The N9 (under platform Meego) is also equipped with a NFC connection, which enables contactless payments.With this feature, shows that Nokia is still able to board the train for a new technology, not to watch the competition from without it.

With the launch of three new models (N8, E7, C7 and C6-01 will be sold in July) Nokia has pushed the highlight of its commitment to Symbian OS. These terminals will be equipped with the new update system Symbian Anna. Novelty of this new version, it will be downloadable for those who have already bought one of these phones. And over the next twelve months, Nokia will market up to ten new smartphones based on Symbian. From there to imagine that the Finnish and protects against possible setbacks of its U.S. partner, there is only one step.It also reaffirms its loyalty and its customers, accustomed to its operating system, and that it might lose by abandoning it completely. Hence the idea to favor a smooth transition.

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]]> http://pfagallery.com/windows-phone-by-nokia-in-the-fall/feed/ 0 Bruno Mayor dismisses the idea of ​​a tax drought http://pfagallery.com/bruno-mayor-dismisses-the-idea-of-%e2%80%8b%e2%80%8ba-tax-drought/ http://pfagallery.com/bruno-mayor-dismisses-the-idea-of-%e2%80%8b%e2%80%8ba-tax-drought/#comments Mon, 30 May 2011 09:36:05 +0000 admin http://pfagallery.com/bruno-mayor-dismisses-the-idea-of-%e2%80%8b%e2%80%8ba-tax-drought/ "Solidarity must play full for farmers," pleaded Monday morning on France Info on Agriculture Minister Bruno Mayor. To help farmers facing exceptional drought, the Minister urged all stakeholders in the agricultural sector to mobilize, while ruling once again assuming a tax drought. "It is too early and I do not think this is the right solution," the minister justified. Such a tax had been especially set up in 1976, during a previous episode of drought.

"Farmers are suffering from liquidity problems and nutrition. Bankers and insurers should play the game The Agricultural Social Mutalité may make deferrals premium, banks can make bridge loans until the European aid to be paid. "As such, the prepayment of certain European aid should give guarantees to banks, thought Bruno Mayor. As for the state, it must take action to "ensure long-term aging in Europe."

"I have therefore asked the European Commission, and I have the support of eleven member states, the creation of a working group on livestock high level in Europe to identify the structural measures to be taken," said Minister, who will be traveling on Monday in Seine-et-Marne.

Avoid speculation on food animal

Come to scrutinize the contents of contracts for the sale of straw, he also warned the farmers who would benefit from the lack of fodder for livestock offer straw to a predatory pricing. "I want to avoid having to feed speculation when there is drought.Straw today it is 25 euros per tonne, it must not be 40 euros or 60 euros as it exists unfortunately in some areas of the territory, "he warned.

To increase the amount of animal food available, the government had already taken the last week of administrative simplification measures, removing certain constraints on forage. In the Eure, the county government has also allowed farmers affected by drought to mow the shoulders of county roads and get the grass to feed the animals, while Maine-et-Loire has decided to advance the mowing in protected areas Natura 2000. In some regions, animal feed is so lacking that farmers are forced to slaughter animals puvoir failing to meet the needs of the entire herd.

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]]> http://pfagallery.com/bruno-mayor-dismisses-the-idea-of-%e2%80%8b%e2%80%8ba-tax-drought/feed/ 0 A Brazilian group could become a shareholder of Carrefour http://pfagallery.com/a-brazilian-group-could-become-a-shareholder-of-carrefour/ http://pfagallery.com/a-brazilian-group-could-become-a-shareholder-of-carrefour/#comments Sun, 22 May 2011 10:32:07 +0000 admin http://pfagallery.com/a-brazilian-group-could-become-a-shareholder-of-carrefour/ Carrefour had commissioned this week the bank Lazard to explore the possibility of a merger between its subsidiary and Brazilian Companhia Brasileira de Distribuicao (CBD, Pao de Acucar), the local leader. According to the Sunday newspaper, the group led by Lars Olofsson would consider this option due to "disappointment" crossed by the French giant in the country. "In late 2010, the French had provisioned EUR 550 million for inventory write-downs and potential disputes with Brazilian suppliers," says the weekly.

The operation would provide the entrance to the Diniz family, owner of CBD, in the capital of Carrefour. Patriarch Abilio Diniz, 74, is the 8th Brazilian capital with a portfolio of $ 3 billion. The sign CBD has 1500 stores and employs 140,000 employees.His goal of turnover is 30 billion this year.

This entry to the capital is far from won, writes the JDD, for "Casino holds about 35% of CBD at parity with the clan Diniz" and "would oppose the merger with Carrefour to maintain a crucial alliance with CBD instant payday loan lenders. For years the two French retail groups "waging a covert war in the tropics, with rifle purchase signs and opening of stores," the paper said. For the time nor Carrefour or Casino have to comment on information.

The Carrefour group looking for a new director for Carrefour in France, since the thank James McCann – Tesco defector, has also just received a negative response from Serge Papin.The president of U-System has successfully completed a double blow by seizing Coop Atlantic and Telemarket site – would nevertheless have been the ideal candidate.

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]]> http://pfagallery.com/a-brazilian-group-could-become-a-shareholder-of-carrefour/feed/ 0 The Cac 40 restarts safely http://pfagallery.com/the-cac-40-restarts-safely/ http://pfagallery.com/the-cac-40-restarts-safely/#comments Wed, 11 May 2011 02:20:40 +0000 admin http://pfagallery.com/the-cac-40-restarts-safely/ The CAC 40 is testing its ability to safeguard the 4000 points on Tuesday. Having dropped 1.25% Monday because of the deteriorating financial situation of Greece, the Paris stock market index opened slightly up from 0.10% to 4011.33 points. The context of uncertainty prompts investors to remain cautious. They will follow the program to include six months of Greece amounting to 1.25 billion euros.

On the macroeconomic front, industrial production fell 0.9% in March, according to statistics released Tuesday by the INSEE. Analysts forecast an average 0.4% increase in industrial production.

United States, the import prices in April will be released at 14:30.

Greece in big trouble, gasoline at record levels

After losing more than 2% Wednesday, financial stocks were battered again Tuesday.Societe Generale (-0.95% to 41.78 euros), AXA (-0.44% to 14.59 euros), Credit Agricole (-0.37% to 10.71 euros) and BNP Paribas (-0, EUR 52.75 36%) had the largest decreases the Cac 40. The rating agency Standard and Poor's downgraded two notches sovereign rating of Greece.

BNP Paribas is expected to formalize Wednesday Pébereau departure from the presidency of the French bank at the end of the year or early 2012, and appoint in his place the current chief executive Baudoin Prot, the Financial Times.The latter should be replaced by Jean-Laurent Bonnafé, deputy CEO of the group.

While gasoline prices breaking new records almost 1.55 euros on average, earn 0.63% to Total 41 paydayloans.53 euros.

JC Decaux: 1.32% to 23.45 euros

JCDecaux has significantly exceeded its target on the first three months of 2011 by signing a growth of 7.8% of turnover, but it is more cautious for the current quarter assuming an increase of about 4%.

Saffron: 1.02% to 26.26 euros, Thales: +0.08% to 29.73 euros

Safran and Thales should arrive this summer with a tentative agreement on an exchange of assets in the defense wanted by the government, as the chief representative of arming Laurent Collet-Billon, in an interview Tuesday at Les Echos.In a statement, Safran confirms negotiations with Thales.

Sales and general meetings in the program

Atos Origin: -1.68% to 41.59 euros

The IT services company Atos Origin said Tuesday sales down 1.3% in the first quarter 2011 to 1.22 billion euros.For the first half, the group seeks an operating margin up 50 basis points, compared to 6% for the first half of 2010.

Eurazeo: -0.37% to 55.99 euros

The investment company Eurazeo in the first quarter revenues stable at 866.8 million euros, but up 5.9% in not taking into account the base effect associated with adverse chain of budget hotels B & B Hotels, sold in 2010.

The turnover in the first quarter of Maurel et Prom, Nexity, Ruby, Alten, Assystem, Devoteam and Eutelsat (third quarter), will be announced after market close.

Note that the general meetings of ArcelorMittal, Lagardere and Havas will be held Tuesday.

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