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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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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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Crédit Agricole is preparing its future "without taboo"

Monday, March 8th, 2010

For the first time since his enthronement at the Directorate General of Crédit 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 Crédit 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 Crédit 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 Crédit 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. Crédit 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?

Crédit 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.

Crédit 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, Crédit 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.

Proglio would have no mandate at Natixis

Tuesday, February 9th, 2010

New twist in the "case" Proglio. According to the financial information site, Wansquare, president of EDF has decided to abandon his post as director of Natixis. At the last general meeting of Natixis in May 2009, Henri Proglio was reelected to this position until 2014. The announcement of his departure should be formalized in the coming days. "It's a good thing, said Pierre-Henri Leroy, president of Proxinvest. This is a logical decision for limiterles conflicts of interest, which in the banking sector, are more abusive than elsewhere. However, this is not good news for Natixis.

He added: "But the priority is giving up the chairmanship of the board of directors of Veolia. This is far from done. "In an interview with Parisien on Monday, the new CEO of Veolia Environment, Antoine Frerot, said the transition would last "as long as this transfer takes place seamlessly and smoothly. The handover between the old and the new boss is essential in the interests of Veolia.

His new duties as head of EDF seems to be incompatible with too many mandates. During a television show on TF1, the President of the Republic, Nicolas Sarkozy, said Henri Proglio "will devote 100% to EDF. However, it is still "a few months," Chairman of the Board of Directors of Veolia.

More than twenty terms in France and abroad

The president of EDF is a director of five companies in France – that is to say, the statutory maximum online payday advance .Natixis addition, it is present at Lagardere, EDF, CNP Assurances and Dassault Aviation. It is also censor the supervisory board of Caisse Nationale des Caisses d'Epargne. "We always set for a maximum of one external mandate," said Pierre-Henri Leroy.

He holds several mandates within the group Veolia in France (Veolia Water, Veolia, Veolia Transport, Dalkia, Veolia Water, SARP Industries, Dalkia International, Société des Eaux de Marseille, Campus Veolia Environment) and abroad (Veolia Environment North America Operations, Veolia Environmental Services Australia, Australasia Veolia Transport, Veolia Transport Northern Europe, Veolia Environmental Services UK Siram Veolia envy UK, Veolia Environmental Services North America).

Finally, former president of Veolia is a member of the Remuneration Committee of Natixis.In 2008, due to his role at Natixis and Caisse d'Epargne, he received a little over 30,000 euros in fees.

The announcement of his departure would be primarily due to the sharp controversy over the pay double the one hand and combining work with pension enjoyed by Henri Proglio other.

Management Communication Natixis declined any comment.

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The Paris Bourse expected in the green

Wednesday, January 20th, 2010

The Paris Bourse is expected in the green Tuesday. At just under two hours of opening, the Index Future CAC 40 gained 0.64% to 3979 points. The previous day, investors had concluded in Paris on the first day of the week in the green despite a sluggish trend in Asian places. The negative close on Wall Street Friday was forgotten (Monday, the U.S. places were closed due to holiday).

As for statistics, several publications are expected. The market index monitor consumer prices in December in Britain at 10:30 and the barometer of the financial German ZEW at 11am. Overseas will be issued at 16h index of investor confidence as measured by State Street.After exchange, the Americans 19h to unveil the long awaited housing market index, the National Association of Home Builders.

On the corporate side, the markets could be affected by the release of fourth quarter results from Citigroup to 14h. Friday, disappointing trial results from JP Morgan had weighed on the markets of Paris. IBM will release its results after the market closes.

Distributors monitored

Casino was released Monday after market its figures for the fourth quarter of 2009. The group has announced a turnover of 7.32 billion euros over the period, in line with expectations. But sales were lower in France.In its wake, the reaction of other distributors is expected.

Vinci said Monday night having won, in cooperation with the British Morgan is a contract of 476 million euros for the construction of a tunnel for stormwater and sewage to east London. The contract was awarded by Thames Water, the incumbent of the London waters, and will be shared equally between Vinci and the construction group Morgan Est.

GDF Suez said Monday in a statement that discussions toward an agreement with International Power had failed.

Guyenne et Gascogne has announced a turnover in the fourth quarter of 2009 rose 2.4% to 151.3 million euros. For the full year 2009, sales fell by 0.4% to 582.4 million euros.

Soitec has issued a revenue decrease of 9.3% in the third quarter and anticipates a fall limited to less than 10% for sales throughout the year.

The market also anticipates publications for 18h, after market, Alstom (turnover for the third quarter), Accor (fourth quarter), Faiveley (third quarter) and Seb (fourth quarter).

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Sarkozy: "I believe in voluntarism"

Wednesday, January 6th, 2010

In 2009, France "has avoided the worst," said President Nicolas Sarkozy during the presentation of his wishes to the economic forces at Cholet, on Wednesday. The Head of State recalled that "a year ago, we were among the worst crisis since the 30s.

If "we have avoided the worst, because we made the right decisions despite the controversy," he claimed. "For six months, growth has returned."

These decisions were taken because "I believe in volunteerism, has hammered the head of state. We must "regulate capitalism to create the right conditions for our prosperity," he said, praising "dialogue and reconciliation."

"No French has seen its savings challenged. No financial institution has gone bankrupt, "he said. "I made a commitment: that the support plan for banks will not cost anything to the French."Better still, the plan "has reported 2 billion euros to the French government by interest" donated by the aided institutions.

Nicolas Sarkozy also attacked the "Malthusian" raging in France, "idea that we could reduce unemployment by sharing work", a reference to 35 hours. He also taunted "the illusion that the decline would be the only solution to preserve the environment."

More to come …

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Tower Records in Dubai against crisis

Saturday, January 2nd, 2010

Proponents maintain flirtation with the mystery on its exact size, but with over 800 meters high, the Burj Dubai will have no trouble to climb to the summit since it exceeds by at least 300 meters above the current building in the world, Taipei 101 Taiwan (508 meters). The question is whether this will be the last great Pharaonic site long before the emirate in the Middle East crisis.

The story goes that the emir of Dubai, Sheikh Mohammed al-Maktoum, had returned to its initial project promoters with poor 90 floors. "We thought little of beating the record held by the Taipei 101 tower. But the client asked us each to go higher, but we set limits, "says architect Bill Baker, the firm Skidmore, Owings and Merrill of Chicago, developer of the skyscraper.

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GDF Suez enlist with the State

Tuesday, December 29th, 2009

Never change a winning team. GDF Suez announced Tuesday in a statement that the public contract that binds the group to the state for 2010-2013 was signed December 23. The formalization of this announcement comes a week after the Official Journal published a decree defining new rules for setting regulated prices for natural gas. "This agreement also strengthens and clarifies the conditions of tariff changes through a transparent, automatic and taking into account all costs of the company," said Gérard Mestrallet, CEO of GDF Suez.

Now, each year, the state, which holds more than 35% of GDF Suez, will set in order, the conditions of changing prices for the coming year. Then, while respecting this context, GDF Suez will propose an increase or decrease these rates."The natural gas rates will change based on costs incurred by the company to supply the final customer," the statement said. The new framework provides, inter alia, a review of annual costs out of supply (transmission, distribution, storage …) and quarterly changes in supply costs. Subsequently, these proposals will be subject to approval by the Regulatory Commission of Energy (CRE).

GDF Suez said that rising oil prices will not be reflected in the price of gas.

At mid-session, the stock price GDF Suez wins 0.90% (30.20 euros) to the Paris Bourse, where the Cac 40 in advance of 0.55%.

Citigroup could raise 20 billion to repay the state

Tuesday, December 15th, 2009

After Goldman Sachs, JPMorgan Chase, Morgan Stanley, and most recently Bank of America, Citigroup could in turn repay the 45 billion dollars in aid it has received from the American state to cope with financial crisis .

Dick Parsons, the chairman of Citigroup, said Wednesday on CNBC that the bank was in talks with regulators about the end of the repayment plan support Tarp (Troubled Asset Relief Program).

A fundraiser for 20 billion dollars (14 billion euros) with issuance of securities should be made according to sources quoted by CNBC in order to finance a portion of the refund. But to finally release the Tarp, which allows time for Washington to fix the amount of remuneration of employees of the group, such a transaction might not be sufficient.

The complexity of the assistance is in question as well: besides the 45 billion dollars in direct aid, the U.S. government has also agreed to $ 7 billion of "Preferred Securities" to offset the additional guarantees granted portfolio. And 25 of the 45 billion have subsequently been converted into shares of Citigroup type "ordinary". If fundraising is necessary, it should also allow for participation by the government.

Review bleak for the "Black Friday"

Tuesday, December 1st, 2009

"More people in malls, but less money to spend, so gloomy assessment of the first big weekend of shopping at the end of the year in the United States. The prospect of a significant increase in online sales during special promotions planned on Monday, a day renamed "Cyber Monday" has nevertheless somewhat reassured professionals.

Last year, the financial crisis and the collapse of credit availability during the fall had resulted in a dip of 3.4% of purchases at year end. Few analysts expect a fall as strong this year. The test of the weekend of Thanksgiving is not conclusive: the average shopper spent $ 343.31 dollars between Friday morning and Sunday evening.It is almost 30 dollars less than last year.

This decline was however offset by a higher attendance of stores: 195 million Americans flocked to the malls during the three days following the Thanksgiving holiday Thursday, 172 million were in this case in 2008. We must be cautious in analyzing these figures. The favorable weather these days is indeed a significant factor in attendance. Conversely, rising unemployment, the highest in twenty-six, and the persistent shortage of credit deter curious to succumb to the temptation of promotions.To overcome these two obstacles, the distribution industry is increasing its marketing efforts.

Emplettespour of the fun

The mall opened at dawn wanted the Americans to leave their home by displaying very low prices, but very limited quantities of popular items, for a few hours.

It was such electronic products (TVs, cameras, computers) or toys. Promotions less targeted and less fugitive is likely by Christmas. They might be less generous, however, because traders also need to preserve their margins.All factors combined, the National Federation of Retailers (National Retail Federation) table always erode global buyers end of the year of around 1%.

According to the firm ShopperTrak, during the single "Black Friday, the day after Thanksgiving, sales rose only 0, 5%. In contrast, online sales have jumped on that day by 11%, according to the firm comScore. Thursday, several department store chains publish figures of their sales throughout the month of November. This will give a better idea of the context in which the profession deals with Christmas 2009. The biggest surprise of this first weekend of shopping is that over 63% of Americans have opened their wallets to give pleasure, rather than the prospect of gifts.It shows a sign of underlying demand fairly high from some homes, eager to release a little of their savings discipline evident since last winter.

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