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Strike at Air France: the movement may harden

Sunday, October 30th, 2011

In the second of the five-day strike of cabin crew of Air France, the company promises, as before, to ensure 80% of its flights. Even if the unions, who believe that the movement is followed, announced an intensification of the mobilization against the proposed reduction in the number of cabin crew in some planes.

About 200 flights on the 1000 planned were canceled Saturday. "We have given the forecast. Saturday at midday, only 200 passengers 3,000 were in trouble, "noted the direction of the company. Air France has temporarily limited to 100 passengers the ability of its medium-haul flights from Orly to avoid having to put down passengers for lack of a sufficient number of hostesses and stewards. Result: Passengers waited. This strategy and the delays it caused affected customers were exasperated. "It's a nightmare bad credit payday loans. We have been waiting seven hours.Our flight departed. We could not board because Air France has focused on particular families. We were placed on a waiting list telling us that we might catch a plane at 12:30, chartered by another company. Shame, "railed one of them.

On the front of the long-haul Air France canceled at Paris ten flights especially to New York, Montreal, Los Angeles, Tokyo, Abu Dhabi, Douala.

Provided Air France does not rule out last-minute cancellations. Considerable uncertainty remains about the level of participation of PNC (cabin crew) in this movement, they are not obliged to prevent the company of their intentions. Moreover, unions provide them a "surge" of the movement. "All the volunteers PNC reserves are currently using," said Didier Foussat, the union FO.

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Life insurance falls into the red

Monday, October 24th, 2011

The ax has fallen. In September, the French withdrew 11.5 billion euros in their contracts of life insurance in order to invest in alternative investments. With a collection of 9.7 billion euros, the "preferred placement of French" displays so a net outflow of 1.8 billion euros. "Financially, there is a stabilization of outstanding, grade Pierre de Villeneuve, president of the commission life of the French Federation of Insurance Companies (FFSA) and Chief Operating Officer of BNP Paribas' Cardif. The outflow is offset by the capitalization of assets. "

This net outflow nevertheless a very symbolic event for the world of insurance. This is the second time this has happened since the publication of a monthly indicator in 1997.In the panic of the fall of Lehman Brothers, the purchase of contracts had exceeded the collection in October and December 2008.

The new episode of outflow was expected, the movement of withdrawals flying for several months. Several factors explain this cold snap. "The environment encourages individuals to anxiety out of stock or bonds to promote short-term investments or stone," said Jean Berthon, president of the Federation of Independent human savers for retirement (Faider) . Hesitations about the tax life insurance at the beginning of the year have also left its mark.

Banks are active

In this context, investors do not have particularly appreciated the booklet A faxless payday advance. Despite its attractive net salary of 2.25%, in September it displays a modest collection of 1.13 billion euros.Investments flagship autumn are to be sought in bank books boosted short-term offer of 3.5% to 6%, for periods of three to twelve months. Banks, ordered to adapt very quickly to new regulatory requirements of Basel III, should not relax their efforts to build up a stock of customer deposits.

Insurers temper the consequences of withdrawal. Indeed, if an individual purchases a life insurance company invests in securities with face holding horizon is closer to the life of the contract, that is to say very often in bonds.The outflow thus results for insurance companies by sales of bonds, exposing companies in an environment of rising interest rates to a realization of unrealized losses.

"The life insurance companies have tools to deal with exceptional events: the capitalization reserve, the reserve for surplus and unrealized gains …" insists Pierre de Villeneuve. As for the outflow, or it should not affect investment returns, or the results of companies. This is a good opportunity to show the flexibility of life insurance to meet the needs of some investors. "

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Good third quarter for Danone, carried by the child nutrition

Tuesday, October 18th, 2011

Danone does not disappoint analysts. The group released on Tuesday a turnover in the third quarter, excluding the impact of changes in exchange rates and consolidation scope, up 5.9% to 4.80 billion euros, in line with market forecasts . As reported, the increase was 10.5%. "The effects of exchange reflected the unfavorable impact of changes in certain currencies, including the U.S. dollar, the peso, and the Russian ruble. The change in scope of consolidation mainly due to the integration of the Russian company Unimilk, "the company said in a statement.

All industries show an increase in sales: fresh dairy products (+3.5%) in water (7.9%) through medical nutrition (9.8%). But it is the child nutrition that takes up the results (10.5%).For the latter pole, "the strong growth in value of 5% reflects both the favorable mix of growth, and also increases in the prices since the beginning of the year in most markets" , the group said.

For the first nine months of the year, the group recorded an increase of its turnover by 7.7% on a comparable basis to 14.5 billion euros. All of which leads to the Group CEO, Franck Riboud, that "Danone is doing well: Asia, Latin America and the Africa-Middle East continue to grow strongly. We work to strengthen our leading position in Russia and the United States and our performance in Western Europe remains strong. "

Confident in the long term

Equally optimistic, the Chief Financial Officer Pierre-Andre Terisse said during a conference call that the dynamics of the fourth quarter should be "fairly close" to that of the third.He therefore reiterated its 2011 objectives, namely an increase in sales on a comparable 6% to 8% and an increase in its operating margin by about 0.2 percentage points, still like. This growth will come from all its activities, but particularly integration synergies of Unimilk, said that Danone still expects to grow its free cash flow consistent with the goal of two billion euros for 2012.

"This is the construction of our engines of growth that continues to make me confident: confident for 2011, we will deliver as expected a strong and profitable growth, despite the sharp rise in commodity prices since the beginning of year; also confident for 2012, "enthuses Franck Riboud.

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G20: Paris seeks to prevent patterns of tension

Saturday, October 15th, 2011

A sequence at high risk for economic diplomacy opened on Friday in Paris with a G20 Finance Ministers, which ends in mid-afternoon today. The summit precedes the meeting of European heads of state, October 23 in Brussels, to enable Europe to get united at the top twenty richest countries in the world, at Cannes, 3 and 4 November. The road is marked. But after the race progress is uncertain. The subjects of accumulated tensions between developed countries, amid Sino-US tensions around the issue of exchange rates.

Aware of the pitfalls, Paris, who chairs the G20 seeks to avoid the reasons for tension. First objective: to show that Europe is determined to solve the crisis of its debt, which raises concerns around the world.To do this, nothing better than to show the strength of the Franco-German couple at a luncheon on Friday at the Elysee, bringing together around the president, the French finance minister and Baroin his German counterpart Wolfgang Schäuble.

"We have made good progress on the path to find how to package a comprehensive and lasting agreement," said the French way out. For Baroin, progress has been made "on the joint bank recapitalization," he may say no more.According to European sources cited by Bloomberg, the euro area is working on the assumption of a default of 50% of Greek debt and would have identified seven options to boost the European Financial Stability Fund (EFSF), from the processing bank the simple assurance of securities issued by the countries most vulnerable.

Individual Solutions

Paradoxically, this sacred union between France and Germany is no longer visible in the markets bad credit personal loan lenders. Yesterday, the spread between ten-year French and German was 93 basis points, to the detriment of the former. Never since the creation of the euro area, France has borrowed as much from Germany even though the absolute rates at ten years French remain historically low.In the eyes of financial markets, it shows the weakness of leeway in Paris, to boost the EFSF or possibly refinance its banks.

The other cause of tension that the French Presidency is to avoid global order. At their working dinner last night, finance ministers from the G20 should discuss ways "to ensure global growth strong, sustainable and balanced", as agreed for three years. But unlike previous summits, where everyone was asked to revive its economy, the solutions will be this time individual. "At Cannes, each country will come with two or three steps to support its economy depend on the fiscal space of each other," says Bercy. What display a facade of unity.

However, the Twenty will not avoid the reasons for tension.The heaviest between China to the United States, since the passage by Congress in Washington, a bill denouncing the undervaluation of the yuan. The newest arrived yesterday: the emerging propose strengthening of $ 350 billion financial capacity of the IMF for help, among other things, to finance Europe. A proposal that has received a plea of ​​receiving U.S. Treasury Secretary Timothy Geithner, for whom the IMF has "largely sufficient resources to deal with the crisis."

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The technology featured in Wall Street

Thursday, October 6th, 2011

Anticipate a future opening up slightly from the New York Stock Exchange on Thursday. Wall Street and should build on the previous day, still driven by hopes of a coordinated European bank recapitalization.

After weeks of dithering, European leaders have taken in hand to avoid a collapse of the banking sector, weakened by the debt crisis, which brought down the French-Belgian group Dexia. The markets were also reassured by the publication of macroeconomic indicators in the U.S. exceeded expectations: job creation in the private sector and the ISM services.

Caution before the employment figures

Investors in Europe and the United States should however be cautious before several major macroeconomic deadlines. On Thursday, he watched the decision of the European Central Bank (ECB) on interest rates.The ECB raised its key rate twice this year for fear of inflation, this time could announce a reduction to support the economy in crisis in the euro area.

Investor caution should also be strengthened by the expectation of official figures of employment for the month of September in the United States to be published Friday. Until today, investors will learn the weekly jobless claims.

Meanwhile, the foreign exchange market, the euro reached 1.3331 dollars. A barrel of crude is trading at 102.38 dollars for Brent North Sea and 79.50 dollars for U.S. crude.The ounce of gold is trading in 1644 dollars payday loan.

Investors will have their eyes on Apple and Yahoo

As for values, investors will have their eyes on the technology sector.

• Apple should be particularly observed after the announcement of the demise of the group's founder Steve Jobs.

• Yahoo is the subject of new rumors of a possible bid from U.S. computer giant Microsoft, which had tried to capture in 2008 of U.S. internet group.

• Hewlett-Packard should not make further major acquisitions in the software after the acquisition of Autonomy, according to statement from the group's new boss Meg Whitman, quoted by Reuters.

• Boeing received an order for $ 1.1 billion from Ethiopian Airlines for four Boeing 777 freighters.

• Gilead Sciences has granted a license agreement Boehringer Ingelheim for the exclusive rights to research, development and commercialization of an anti-integrase for the treatment of HIV.

• Marriott International has released the third quarter, earnings per share of $ 0.29, up 32% year on year. Turnover was 2.9 billion dollars against 2.6 billion last year. The revenue per available room key indicator in the hotel sector grew by 8.7% on a comparable basis, while prices rose by 5.3%.

Also note Peabody Energy and ArcelorMittal will extend their bid for Macarthur Coal until October 28.

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Accommodation: aid refocused

Wednesday, September 14th, 2011

In full preparation of the Finance Act 2012, the government wants to reform the system help to improve the energy quality of housing. The daily Les Echos, the measures will be refocused to encourage the most effective work.

The reform provides for the extension of the tax credit for sustainable development – given to households who install a heat pump or insulate their roof … – Until 31 December 2015. The credit will be enhanced even when the fireplace combine the installation of multiple devices. The Department of Ecology has also provided several scenarios in which the tax benefit may be increased to 50% instead of 13% to 45% today awarded based on the equipment installed.For roof insulation, for example, the owner will add those walls and piping fast cash advance loan.

The return of accumulated tax credit – eco-PTZ

Canceled earlier this year, the cumulative tax credit and an eco-interest loan will become possible, under certain conditions. The government plans an income ceiling set at 30,000 euros annually. In addition, households will still opt for the tax credit or the interest-free loan. The repayment period of the latter will also be extended to 15 years instead of 10 now.

In against part of the aid extended, the government will however reduce the benefits to other work. The list of eligible acts will be tightened, and a movement of the plane of 10% will be applied to the current subsidy rate.

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Gucci ready to accelerate its expansion in China

Sunday, September 11th, 2011

Nanning, capital of the Guangxi region on the border of Vietnam, is the thirty-second Chinese city in which Gucci is settled in a few weeks. After opening nine stores in mainland China last year, and as much this year, including Gucci has 48 stores in late December, seven times more than in 2005.

At the time, François-Henri Pinault, PPR's CEO, decided to focus on China so that Gucci will catch up with Vuitton. "We still have room for significant expansion for store openings, says François-Henri Pinault. And to establish ourselves in cities where we are still not present. "If Beijing and Shanghai seem saturated with luxury boutiques, the potential is huge elsewhere in China.

News consumption

According to McKinsey, the growth of the Chinese luxury market, which will reach 19.5 billion euros in 2015 (against 7.4 billion in 2008), comes to nearly 80% of new consumers of luxury goods. And three-quarters of the 2.8 million new wealthy families (annual disposable income above 25 000 euros) will be living outside China's major cities. Gucci could increase the number of openings next year, and opened more than ten stores, including several in new cities. A figure that PPR declined to comment, but said a plan to finish Hothot (Inner Mongolia) in 2013.

"In some mining towns, just 2,000 wealthy individuals to establish a customer, provides Mimi Chang, the owner of the luxury division for Asia.We offer a VIP service to everyone. "

Gucci is present in cities (Chongqing, Guiyang, Hefei, Changzhou, Jinan, Shijiazhuang), where Louis Vuitton, the world's leading brand of luxury, has not printed the monogram direct payday lenders. The subsidiary of LVMH has instead decided to take a break from the pace of openings in China, preferring to expand some existing shops (38 in 28 cities in mainland China), to present all its collections, with, Also bags and luggage, ready-to-wear, shoes and watches, sometimes more than 1000 square meters. One way to avoid repeating the mistake made by some brands in the 1990s in Japan. "Gucci has not enough history to be strong in all categories of products and open many flagships, says François-Henri Pinault.But perhaps we will open in the future. "Gucci prefer open shops only 400 square meters, with only the supply of leather goods, as well as outlets that are only offering men and children. "We prefer the shops not very large and welcoming with huge stores and cold," said François-Henri Pinault.

The strategy is complicated to implement. Not only because it is difficult to find sites for boutiques in secondary cities. But also because consumer habits are different.If the Chinese fans prefer the luxury of more and more high-end pieces, leather and discreet, the new rich want to see success with products at affordable prices in fabric and adorned with logos.

Purchasers of Gucci China, who go five times a year in Florence, the birthplace of the brand, to make their selection, must make the splits. The range varies from store to store. Gucci watch to keep a wide range to suit all tastes of luxury, design special pieces for the Chinese market and seasonal products. Objective: To deter the Chinese to defer their purchases while traveling in Europe, where prices are 15-20% lower due to the lack of import tax.

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To a higher VAT for luxury hotels?

Friday, September 2nd, 2011

Wednesday, the Finance Committee has removed one of the measures of the austerity plan of government: the increase in VAT from 5.5% to 19.6% in the theme parks. Problem: this increase was to bring 90 million euros annually to the state. Gilles Carrez, the UMP rapporteur of the Budget to the Assembly, has devised a solution to compensate this loss. It proposes to increase from 5.5% to 19.6% VAT for five-star hotels and palaces.

Gilles Carrez also wants to restore rebates on real estate gains for second homes and rental investment flexcheck cash advance. The reduction would be 5% per year after five years in prison, resulting in a total exemption after 25 years. In its austerity plan, the government abolished the previous reductions (10% per year after five years). MP seeks action to offset the cost that would be generated by the new allowance of 5%.

All these measures are only proposals. They can not see the day that if affirmative vote of deputies and senators at the meeting.

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U.S. bonds are resistant to the loss of triple A

Saturday, August 27th, 2011

Contrary to expectations, yields on government bonds to ten years U.S., the famous "T-Bonds," have not suffered the loss by the United States of their "triple A", which gave investors the best repayment guarantees available. Since the deterioration of the financial rating of Uncle Sat, August 6, the rating agency Standard & Poor's, the rate of return on government bonds ten years has even relaxed. It went from 2.58% the day before the announcement to 2.19% yesterday in New York.

"Common sense would that loss of the triple A, synonymous with degradation of the repayment capacity of borrowers, resulting in a tension on the rate of pay required by lenders, said Jean-Louis Mourier, economist at Aurel BGC. But the United States are in a particular position.In a world facing many economic uncertainties, bonds issued by the U.S. state are still considered a less risky than most other investments. "

Experts call this the "fly to quality", that is to say the postponement of international investors on asset quality at the expense of investment risk. "On the merits, there is no big difference between a AAA and AA +, said Philippe d'Arvisenet, chief economist of BNP Paribas. Everyone knows that the U.S. is heavily indebted, but nobody doubts their ability to repay their debts. However, there are concerns about the viability of the euro area, especially on signs of a slowdown in the global economy.These weigh on the shares, since one can fear a deterioration of business results. "

The shares were most affected

Since August 6, the Dow Jones, which includes the thirty largest U.S. companies, has in fact lost more than 3%, bringing in its wake all the global indices including the CAC 40 index, down 7.6% on the same period. Jean-Marie Mercadal, director of management at OFI AM, states that "analysts are still waiting for an increase of 14% of the profits of U.S. companies in 2012, but this estimate could be up to a 5% drop in a recession" . That's exactly what operators fear most.

In this context, the loans issued by the United States appears more secure.The U.S. bond market is mainly the most liquid and deepest in the world, ensuring that investors can sell their shares at any time, even in case of crisis. An advantage not available to France, which would it heavily penalized in the event of deterioration in its financial rating.

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Fillon is launching a comprehensive plan "anti-deficit" for France

Thursday, August 25th, 2011

"A strict policy to allow France to remain sovereign in the economic and social development." François Fillon Thus he justifies the battery of measures, presented Wednesday to prevent any slippage in the deficit in late 2011 and 2012. In the context of extreme nervousness of the markets and growing concern about the European debts, the government has a goal of "intangible" reduce the public deficit of France 5.7% of GDP this year to 4.6% in 2012 (4.5%, in fact, said the Prime Minister to keep a "margin").

This will be increased by one major plan: one billion euros in savings and additional revenue this year and 11 billion next year. An effort necessitated by the weakening of activity.The government now expects GDP growth of 1.75% in 2011 as in 2012, against 2% and 2.25% previously announced.

"We are careful to take steps that do not break the growth – from mainly by reductions in or cancellations of special tax treatment ineffective," argued Fillon. While expressing focused on building "social justice", promising to seek "more large companies and SMEs and more affluent households than modest."On closer inspection, it is the holders of wealth that will be most put to the range of measures, including tax on incomes above 500,000 euros, higher taxes on savings and real estate gains, movement of the plane 10% tax loopholes, increasing tobacco prices, lower exemptions from payroll taxes on overtime …

François Fillon has compiled a list of these decisions at a press conference at Matignon, before working at JT TF1. It was really his day! A day that Nicolas Sarkozy has sought not to ruin, leaving his Prime Minister to take the show on the subject that is dear to him: the public finances.Wednesday morning at the Elysee, where stood the Council of Ministers of return, Sarkozy has revealed no information about the extent and content of the savings plan, helping to leave the premiere of his first ads Minister, and thanked them for staying mobilized during the summer and especially during the height of the bear market paydayloan.

But however long the president returned to the causes of the crisis, which he presented to the government team as the result of displacement of the center of gravity of the economies of developed countries to emerging countries. "It is not a crisis of the euro, he said. It is a debt crisis. "A crisis that requires extra effort. At eight months of the presidential election, Sarkozy seems unwilling to let the idea settle the plan "anti-deficit" would actually be an austerity plan that does not say his name."We're not in an austerity policy. Rigor is when you drop the pensions of retirees, which reduces the salaries of civil servants and that we proceed with a general increase in taxes, "he argued. "It's not rigor. Make no mistake! ", He added to the government.

Some participants saw this as a caution vis-à-vis those on the right, let themselves go these days to use the word taboo. In the first line, the secretary general of the UMP, Jean-Francois Cope, who, in Les Echos on Tuesday, had assumed this term without qualms. "Do not waste time with words," had also added the deputy mayor of Meaux.

Nicolas Sarkozy, who used to repeat that "it is useless to kill the sick healed," remains sealed to the word "rigor".He wants, in the words of a minister, "provide for the future, find the ridge that would allow France to reduce its deficits without blocking the growth." He also wants to convince public opinion that France must include in its Constitution the "golden rule" to return to balance public accounts. "This rule is neither right nor left," François Fillon reiterated Wednesday.

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