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Archive for March, 2010

Dalloyau sells half of its capital to fund

Tuesday, March 16th, 2010

After several months of discussions, Dalloyau brought a shareholder outside its round the side of the Bernard family. Perceiving the French fund takes 50% stake in the company and half the seats on the supervisory board. Its president, Jean-Louis Grevet, will share the leadership with Gavillon Nadine Bernard.

"For many years we wanted a partner, and we have not said much before finding with perceiving people who speak the same language as us," says Christelle Bernard, CEO of the company alongside his brother, Stephen. The company, founded in 1682, had been picked up by their grandparents in 1948.

"We specialize in assisting French SMEs who need to take a course, adds Jean-Louis Grevet.We're here to help Dalloyau to regain the confidence of the financial world and to empower it to develop. "

The investment amount was not disclosed. This new money will anyway welcome to Dalloyau, who just pass through two very difficult years. After a downturn and a loss in 2008, its sales fell again in 2009, "approximately 25%" to 35 million euros, and the result remained in the red.

Faced with serious problems of liquidity, the company sought the assistance of Ciri (Interministerial Committee for Industrial Restructuring), an organization of Bercy, to negotiate a deferral of its social and tax claims. According Christelle Bernard, "less than twenty" of jobs were lost in 2009 to reduce costs.The company employs 380 people in France.

Like its competitors, Dalloyau suffered economic slowdown but especially since the fall of 2008, the collapse of the market for corporate functions. The new shareholder was nevertheless confident in its ability to recover and regain financial balance this year.

International development

With this capital injection, Dalloyau plans to invest in its image to expand its business. The brand has only six stores and two "corners" in France. It could decide to open up. Overseas, the brand has 26 outlets in franchise in Asia and the Middle East. Projects have already been announced with external partners in Qatar, Dubai and Morocco. This jewel of French gastronomy has also exported its famous macaroons in Japan.A discussion could be initiated on its installation in the United States.

Perceiving Capital was founded by former fund turnaround firms in difficulty Butler Capital. Last year, he invested in the CMW Trailor ACTM International, manufacturer of semi-trailers. It also looked at the file coachbuilder Heuliez. Her entry in Dalloyau does not occur in the form of LBO (leveraged buyout by debt).

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Swatch warns competitors

Saturday, March 13th, 2010

Swatch has saved the Swiss watch industry in the 1980s thanks to its cheaper models. DR

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Released crisis: OECD insists on reducing deficits

Friday, March 12th, 2010

When and how to get out of recovery plans without jeopardizing the fragile economic recovery? If Obama Administration believes the time has come to reduce public spending, the Europeans are driven by the market to tighten their belts. A timetable for ending the crisis is the agenda of the next Ecofin. The OECD can only be welcomed.

In a report presented Wednesday, the Organization for Cooperation and Economic Development calls for post-crisis "progressive" and "contact" who favor reducing deficits, without neglecting the structural reforms essential to future growth. "The global recession has left deep scars," said Secretary General Angel Gurria. The OECD estimated at 3% of GDP the impact of the crisis on the potential long-term growth."The only way to begin to heal the wounds is to take steps now that will allow our economies to regain their lost growth potential," added Angel Gurria.

For rich countries, priority will be to reduce the deficit while fighting against unemployment. The equation means that reforms focusing on the rate of employment rather than productivity. Each state must first stop gradually according to budgetary margins and recovery, the outstanding public support, including aid industry as the premium breaks or the financing of major infrastructure works cheap payday advance .

Carbon tax and VAT

To reduce deficits, we must act on spending and taxes. "We recommend targeted actions," said chief economist Pier Carlo Padoan.Be careful not to touch the most productive expenditure in education and health research and development.

On the fiscal side, the OECD recommends that taxes do not jeopardize the long-term growth, such as the carbon tax to "encourage the development of a more sustainable economy and contribute to the well-being of citizens."

Another tip: it is better to tax consumption rather than labor income or corporate profits. And act quickly. "If we want fiscal consolidation in 2011, policy measures must be taken now," says the chief economist of the OECD Pier Carlo Padoan. The most indebted countries, like Greece, are requested to take urgent and radical action, to borrow at lower cost.The OECD has welcomed yesterday the plan of austerity Portugal, who combined tax increases and wage freezes for staff.

On the monetary side, the OECD recommends withdrawal of the measures "Unconventional" credit assistance, but without higher interest rates in the short term because there is "no inflation pressures in countries more industrialized.

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The Cac 40 remains in the red

Tuesday, March 9th, 2010

The Paris Stock Exchange, plunged into the red. After starting the session hause of 0.10%, the CAC 40 continues into negative territory. Around 10:50, the flagship index Parisian loose 0.42% to 3887.16 points. The threshold of 3900 points, is not maintained. The London Stock Exchange is in the same atmosphere: the Footsie lost 0.41% to 5583.56 points while the Dax in Frankfurt Stock Exchange fell by 0.36% to 5854.58 points.

Yesterday, the Paris markets have ended on a slight decline of 0.18% despite opening in the green (0.35%). In Asia, the situation calmed after the euphoria of Monday. The numbers of U.S. employment, less worse than expected, to cease their invigorating effect. Monday already, Wall Street closed haphazardly in a sitting motionless.

The wait dominates before the publication of figures and important clues on the weekend.French side, there will be foreign trade figures for January and industrial output (Wednesday), the French deficit figures, the trade balance and the number of weekly unemployment in the United States (Thursday), and finally, the much anticipated index of U.S. consumer confidence (Friday).

Meanwhile, the trade deficit narrowed in France in January to 3.681 billion euros against 4.155 billion in December 2009, thanks to increased exports of manufactured goods, the Customs said Tuesday. This figure confirms the resumption of trade, but this recovery is much slower than the drop caused by the crisis, observers said.

EADS in the collimator

EADS announced on Tuesday a loss in 2009 of 763 million euros against a profit last year of 1.5 billion.The group expects a 2010 EBIT of $ 1 billion against 2.2 billion (before provisions) last year, and a stabilization of sales to 42.8 billion euros. Furthermore, EADS and its U.S. ally Northrop Grumman said the night they did not submit a bid for the tanker contract from the U.S. Air Force, saying it benefits their competitor Boeing fast cash without a hassle . The title is heavily penalized Exchange: -5,5,23% to 15.05 euros.

The bank also abused: Credit Agricole (-0.98%), Societe Generale (-0.63%) and BNP Paribas (-0.47%) retreated.

April (2.58% to 23.09 euros) on Monday announced an increase of 20% of its net 2009 profit 72.7 million euros. Financial products have more than doubled to 18.6 million.The insurer expects for 2010 a double-digit growth in its gross margin, with a positive impact on its operating margin (13% in 2009).

Total (0.44% to 42.44 euros) yesterday confirmed the closure of the refinery at Dunkirk and the fulfillment of its participation in the construction of an LNG terminal with EDF (+0.63% at 38 15 euros).

In addition, the electrician announced a collaboration with Rosatom, the Russian nuclear energy giant, in the development of reactors for third countries.Other partnerships are being negotiated with Russia in the field of electricity and fuel.

In the process, GDF Suez is in great shape (+1.18% at 27.80 euros) and achieves the best performance of ACC.

Sanofi Aventis (0.84% to 56.22 euros) and Merck announced Tuesday the creation of a joint venture equally owned in the area of animal health together their subsidiaries Merial and Intervet / Schering-Plow. The agreement created should be finalized within the next twelve months.

Eurotunnel (0.61% to 7.75 euro) remained in the black in 2009, with net income of 1.4 million euros but a turnover of 571 million euros, down 16 %. Jacques Gounon, Eurotunnel's CEO, recalls in an interview with Le Figaro, his intention to "market share" in the future. The group will pay the same dividend as last year, ie 4 cents per share."The payment of a dividend reflects our confidence and determination in 2010," commented Jacques Gounon.

Vicat (-0.07 ? at 56.76 euros) will release after the market closes.

"INTERVIEW – J. Gounon, Eurotunnel's CEO comments on 2009 results

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BHP agrees on a price with steelmakers

Monday, March 8th, 2010

Mining giant BHP Billiton ADR agreed with its main customers in Europe, China, India and Japan on short-term sales of coking coal. This agreement puts an end to traditional trading system prices this year among major mining companies and steelmakers.

BHP proposes three options to its customers for contracts on coking coal: an annual listing and every two months for half of the offers, the possibility of reducing tender contracts between quarterly and half, and finally, publication of prices every three months.

According to Macquarie Group, is the first time an agreement on a three-month contract is signed in the steel sector.

Without any contact number, the group said it sold a "significant portion of its volume of coking coal for 2010.JFE Holdings, the second largest Japanese steelmaker, had said last Friday it had agreed to pay $ 200 per tonne over three months. For Jim Lennon, analyst at Macquarie, specialist materials, "the Japanese will prove more flexible on prices." Flexibility which could benefit BHP, Teck Resources, Xstrata, Mechel OAO, Rio Tinto Group, Alpha Natural Resources and Massey Energy.

The new contract for three months, for which Morgan Stanley anticipates a course at $ 222 per ton, beginning 1 April next year, according JFE. One that expires next March 31, is listed at $ 129 per tonne.

On February 26, Energy Publishing, which reports the data supply and demand in the major coal producing countries, has published three price indexes for coking coal."The pricing in the short term will be difficult to manage without a reliable index of the prices of coking coal, which is why the publication of these indexes comes at the right time for the coal markets," said Forrest Hill, President Energy Publishing.

Cr?dit Agricole is preparing its future "without taboo"

Monday, March 8th, 2010

For the first time since his enthronement at the Directorate General of Cr?dit Agricole SA on 1 March, Jean-Paul Chifflet unveils his priorities. A strategic plan for the bank to finalize by July and, especially, a group project that will determine, December 15, the broad long-term. Until then secretary general of the National Federation of Credit Agricole (FNCA), the "parliament of Regional Banks, the leader takes the reins of the first national network of financing the French economy after a period of strong tensions.

Le Figaro. – You arrive at the branch of Credit Agricole after a period marked by strong internal tensions. What is today the climate within the group?

Jean-Paul CHIFFLET. – The page is turned.The Regional Banks have expressed the chairman Rene Carron and the board gave me their trust. Since the handover with Georges Pauget has been successful and the fears that had been born to Cr?dit Agricole SA have been lifted. It is now for me to get the confidence of team Credit Agricole SA and be up to the expectations that have been made. We are a bank different. Our values correspond to the aspirations of society and an agricultural credit united and mobilized is able to achieve great things.

Your first appointments give full details to the "barons" of Regional Banks. Is it to regain control group by the network?

Only by taking into account the competencies of each guided these choices. Leaders of major subsidiaries have been also confirmed in their posts.I advocate balance and diversity profiles. I've always been concerned teams. Probably because I can not work alone!

The disagreements between President Rene Carron and CEO George Pauget were notorious. How do you prepare to work with Jean-Marie Sander?

We just spent three and a half together with the Federation and we get along very well. This does not prevent us from having trade sometimes "manly", but ultimately we are always in phase. We have a real mutual respect and we will arrange to fill our roles, the presidency of Jean-Marie and the executive branch for me.

When you were on the Federation side, you had ceased all your role as majority shareholder of CASA through the SAS La Boetie.Now, what are your successors who will have this power …

We change jersey but we do not change the team! I am very pleased that we have created the SAS La Boetie. There, on one side, a majority shareholder to comply and, on the other, a listed company to also comply. This means that conflicts of interest may arise – for example around the dividend. They should not be ignored but, instead, discussed and placed on the table.

It also happens that I know very well my successor, Philippe Brassac, and this creates favorable conditions for dealing with conflicts.

What are your priorities?

We are launching a strategic review of business Credit Agricole SA, which culminate in June-July. And at the same time, we also launched a group project to define the broad guidelines to ten years.It is an exercise that Credit Agricole has already done twice before, in 1990 and 2000. We will hold our first meeting March 17 with the presidents and CEOs of regional banks and the Executive Committee of Cr?dit Agricole SA payday loan lenders . And December 15, we will make our work.

What to expect?

We will prepare the future of group work on its customer relationships, profile, perimeter, etc.. There is no taboo. But I do not anticipate a priori true strategic failure.

Even your bank subsidiary of Cr?dit Agricole CIB investment? Some see you out of those trades …

You know, agricultural credit, we know that this is not because there has been a year of freezing as it takes to cut the apricots that have not happened.There is no question of any arrest. Since the implementation of our plan to refocus our organization is in line with our strategy. Cr?dit Agricole to finance companies, small as well as large. And for that we must be able to offer financing capabilities as well as services markets. Our team of market operators is 400 employees. Some of our competitors have up to 4 000. But the size of our team responds well to our model and is suited to serve our customers.

And internationally, the painful failure of your purchase in Greece call into question your political opening?

Cr?dit Agricole has decided, ten years ago, opening up to Europe. Italy, Egypt or Morocco are real success. In Greece, we have a difficult issue with our subsidiary Emporiki. We're the remedy.Now it is true that Credit Agricole could further strengthen its control over international. There, in the Regional Banks, or at CASA at LCL, a pool of talent that we have to animate to have more staff able to intervene outside our borders. It is for us a real challenge.

Do you participate in the movement of consolidation in the banking sector?

Do not confuse speed with haste. The schedule is favorable to us. We will finalize our project group at the end of the year and will be ready to act even though the regulatory horizon to be clarified. We do not intend to stay out of the game.

Cr?dit Agricole has already begun to move closer to Societe Generale in some trades. And more extensive project were surveyed …

This debate is beginning to date.With Amund, we set a good joint venture in asset management. If we find other opportunities for collaboration to reduce intermediation costs for our customers, we will. With the Company generally or with others. We are, for example, partners in securities trades with BNP Paribas and savings banks.

In 2006, Cr?dit Agricole was elbow to elbow with BNP Paribas in terms of results. In 2009, you are in the half. The gap is definitely dug it?

It will perhaps surprise you, but we are not trying to be first. BNP Paribas, which leaves a external growth operation, displays a net banking income of some 40 billion euros. We are 30 billion. The gap is less important. However, our outstanding financing of the economy in France reached 460 billion euros, well ahead of our competitors.We seek above all to make ourselves useful to the economy without making the race for size.

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