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The rating agencies squabble

Friday, July 2nd, 2010

Is this a declaration of war? A sneak attack against a competitor already criticized from all sides? Rating agency Standard & Poor's announced mid-week she placed the note in its rival Moody's under review with negative implications. Translation: "S & P is considering lowering the rating of its counterpart.

Standard & Poor's predicted an earthquake in the scoring in the United States. She believes that the current reforms on the financial regulation in the United States threatens the business of Moody's. For example, "investors may sue the agencies in the event of fraudulent or reckless notation, notes S & P, which" increased legal costs of Moody's "dramatically," says S & P.

Moody's might also face a drop in sales, ahead its competitor.New laws in effect remove the references to footnotes in regulatory agencies and investors could then no longer need their services.

Black Series

The decision by Standard & Poor's added to the long series of bad news qu'essuient its competitor. In recent months, Moody's has seen some of its former analysts testify against her before the U.S. Senate. One of its main shareholder, billionaire Warren Buffett, has withdrawn in part. And the agency was roundly criticized by some investors for notes attributed too generous to Greece, Portugal or Spain. When she does not suffer from the wrath of authorities for the untimely degradation States Notes.

Logically, these arguments on the ratings business in general, thus also relates to Standard & Poor's."This decision serves as a warning signal for the whole sector," Norbert Gaillard analysis, an economist and specialist agencies. The agencies are so far very profitable, with operating margins (operating income compared to the number of cases) between 30 and 40%.

Concerns about the sector

The agency draws she shot in the foot by publicly worrying about the future of its industry? Yes and no. If she criticizes his rival, it is mainly because the turnover of the latter depends on more than 90% of rating business alone. This is not the case of S & P. "She has put in place, long ago, a diversified business model (financial, S & P 500), regulatory reforms under threat," said Norbert Gaillard.

Moody's will be difficult to replicate its rival news: it is not publicly traded, it is backed by a large group, McGraw Hill. And if attacked, S & P will always assert its good faith by recalling that it had downgraded the rating of its own parent a few years ago.

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This increases from today

Thursday, July 1st, 2010

• Transport

– Station: Ticket prices for trains Coral, Intercity and TER (Regional Express Train) will increase an average of 2.5%. This will result in higher ticket from 10 cents to 2.30 euros depending on distance traveled during the trip.

As for the discount cards (cards 12-25, Senior, and Child Escapes +), their prices remain unchanged.

– RATP: The price of individual tickets will go from 1.60 euro to 1.70 euro.

Subscriptions Navigo will also increase, except for packages zone 1-5 and 1-6.The monthly Zones 1 and 2 (Paris and suburbs) rises from 56.60 to 60.40 euros (+6.7%), the zones 1-3 of 74.40 to 78.20 euros (+ 5.1%) and the zones 1 to 4 from 91.70 to 95.50 euros (+4.1%).

• Energy

– Gas: After an initial increase in April, prices will increase again by 2% to 4.7% (about 8 euros per year for those who use gas for hot water and cooking 45 per year for those who use it also for heating)

– Bulbs: As part of the scheduled end of incandescents in the EU to promote energy saving, incandescent lamps of 60 watts are removed from store shelves.Those whose power was 100 watts or more have disappeared from shelves in 2009.

• Bonus for scrap

The premium case is lowered to 500 euros instead of 700 for any car ordered until December 31.

• Stamps

The price of postage for mailings of letters under 20 grams, will increase by two cents from 56-58 cents, up 3.5% No faxing 1 hour payday loans.

• Retirement

The index points which is the basis for calculating salary in three public (state, territorial and hospital) must be revalued by 0.5%.

• Unemployment benefits

Allowances of approximately two million unemployed by unemployment insurance compensation will be revalued by 1.2%.

• Communication

– Hadopi: It is from this Thursday that the first warnings will be mailed to users in violation of the law on downloading.

– Phone: The price of calls made and received from another EU country (roaming within Europe) will be reduced to 39 cents per minute excluding VAT cons 43 cent today. Receiving a call will be charged € 0.15 per minute instead of EUR 0.19.The SMS tariff remains unchanged for its 11 cents per message.

• Business and Disability

Firms with more than 20 employees employ any disabled person and took no action to promote employment of disabled people will have their penalties tripled to about 13,000 euros per person missing.

• Livret A

Currently at its lowest level since its inception to 1.25% – Return of the booklet A should move to 1.50% or 1.75% from 1 August by Budget Minister Francois Baroin.

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The requirement for U.S. investors

Friday, June 18th, 2010

Between the French listed companies and U.S. investors, the reports are looking good. Despite the crisis, Paris remains the third preferred destination after Great Britain and Germany. But this affinity could become even more intensity, if we believe a research firm Financial Dynamics on the attractiveness of companies listed on the Paris Stock Exchange with 30 institutional investors on Wall Street. Europe weighs only 13.8% of their portfolio and the size of France went a small 1.6%, which suggests the study, could grow if the managements of French companies were showing "greater transparency and if the publications were more accurate results and frequent. All these qualities, however, already claimed by large listed companies. Yet Americans remain unsatisfied.While 62% feel well informed about investment opportunities, 38% complain that they do not quite grasp the subtleties of the governance and regulation at the French. This does not prevent them from playing for high: 39% of respondents prefer large-cap, over 10 billion euros. And 23% opt for those between 5 and 9.99 billion euros.

To choose between two companies in the euro area, 53% of investors focus first on to dissect the "fundamentals", only 16% consider the prospects for growth as critical. Which is good in this day and age.

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Wall Street chooses the rise

Tuesday, June 15th, 2010

Tuesday's session starts on a positive note. A few seconds after the opening, the Dow Jones is 0.66% at 10,258 points, the Nasdaq climbed 0.62% to 2258 points and the S & P wins 0.58% to 1096 points.

On Monday, after having risen during the session, the Dow Jones fell into the red after a further deterioration of Greece's debt by Moody's. At the finish, the Dow Jones dropped 0.20% while the Nasdaq has eaten 0.02%.

On Tuesday, markets were reassured by national indicators considered generally positive. The subscript "Empire State" measuring the evolution of manufacturing in the state of New York continued to rise in June although employment has declined sharply, according to the regional Federal Reserve. The index stood at 19.57 against 19.11 in June in May

Also note, the import prices in the U.S., who have registered their biggest drop in ten months in May because of the plunge in prices of petroleum products.

U.S. investors are also added reassuring the reaction of European markets after the announcement of the deterioration of the debt rating by Moody's greek last night. The evolution of the euro (which returns above the $ 1.22) has become a yardstick of investor appetite for risky assets. But auctions Spanish, Irish and Belgian reassured markets on the debt problems of the region despite the lowering of the Greek sovereign rating speculative grade by Moody's.

BP, still under pressure

On the side of values, BP shares traded on the NYSE are attacked again, facing political pressure on the British group: they fall from 1.29% to 30.39 dollars. According to the parliamentary committee of inquiry of Congress, BP took risks to save money in the drilling of Macondo, the source of the spill in the Gulf of Mexico. A hearing leaders of the group is scheduled today before this Committee and President Barack Obama has a speech tonight faxless pay day loans.

In addition, Fitch downgraded six notches Tuesday of the memorandum of oil due to higher estimated cost for compensation of victims of the spill.

The media group News Corp. (0.61% to 13.20 dollars) submitted to the British BSkyB, which already owns 39%, a bid rejected for being too low, but both companies are continuing discussions with a view a friendly offer.

Apple (1.21% to 257.36 euros) announced Tuesday the launch of a new version of its Mac mini personal computer, its entry-level model, sold from $ 699.

Best buy (-5.94% to 38.61 dollars) Tuesday reported a bpa of 36 cents under its first quarter and a turnover up 7% to 10.8 billion dollars. The consensus of analysts polled by Reuters gave an bpa 50 cents on revenue of 10.930 billion dollars.

Pepsico (0.58% to 64.22 dollars), the world's number two soft drinks, has no plans to split its bottling subsidiaries, whose capital it has recently risen to 100%, said Monday one of its leaders, Tom Greco, while his arch rival Coca-Cola has hinted he might go that route. He added that the buyout of minority other bottlers not among the priorities of PepsiCo but it could be a buyer if some shareholders wanted to sell their shares.

Hershey (-0.26% to 50.75 dollars) said on Monday forecast earnings per share (EPS) 2010 adjusted between 2.47 and $ 2.52, in line with the consensus. It also anticipates a turnover up 6 to 7% in 2010 compared to 2009.Hershey plans to cut between 500 and 600 jobs, or 5% of its workforce, as part of a restructuring plan and cost savings of 60 to 80 million dollars (49 to 65 million euros) per year.

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Fillon wants to reduce spending by 45 billion euros

Monday, June 14th, 2010

Found 100 billion euros in three years. This is the government's objective to reduce the deficit from 8% to 3% in 2013, reiterated Prime Minister François Fillon on Saturday, which gave details of the proposed measures. "We have pledged by 2013 to reduce our deficit from 8% to 3% and all our efforts will focus on this priority. It means basically that should reduce the deficit of 100 billion by 2013, "he said during a meeting with new members of the UMP Salle Gaveau.

The $ 100 billion, "we (them) to find the half in spending cuts and half in revenue increases," said the head of government.The 50 billion euros in spending cuts will be made up of "45 billion by reducing public expenditure, 5 billion on reducing tax loopholes."

On the revenue side, the 50 billion do not result from increased taxes and levies, "said Francois Fillon. He bets on "35 billion upgrading after the crisis, loss of revenue cyclical. (…) As and when growth returns, revenues are growing once again, "he said. And the remaining 15 billion? They "will correspond to the end of the steps we have taken to boost the economy and have obviously not meant to last beyond this period of recovery," he added no fax pay day loan.

In May, Francois Fillon had already announced a freeze in spending value of the state but had not detailed the targets.These details are involved a little less than a week after Berlin has adopted a plan rigorously evaluated at 80 billion euros. France is under pressure from financial markets and rating agencies, who urged him to detail the measures to be taken to reduce debt.

"New sources of funding"

The Prime Minister also addressed the issue of pensions. While the government prepares to release his reform plan, Francois Fillon reiterated its intention to extend the duration of activity and pushing the "symbol" of the statutory retirement age to 60 years.

It will also seek new financing, he added. "Justice will lead us to seek new sources of financing because the effort must be shared by all," he said.Nevertheless, the government has temporarily waived taxing incomes over 11,000 euros per month, according to information from Figaro.

Separated hotels, Accor Services is renamed Edenred

Tuesday, June 8th, 2010

Paradise red … Accor Services changes name and becomes Edenred in 40 countries where it operates, through its Ticket Restaurant and food stamps for the basics. This new identity is part of the demerger of the group Accor, which will be halved on July 2 with a side hotels (Accor) and other services (the new Edenred).

Each of these activities will be listed separately on the stock market. "We wanted a positive name that embodies our values, easy to pronounce and that can be incorporated into many languages, says the Figaro Jacques Stern, head of the service arm of Accor and a future issue of Edenred. We have reviewed hundreds. It was unanimous executive committee. "The firm specializes in creating names Kaos Consulting with teams internally, is behind the new name.

Eden means paradise in eight languages."In 95% of countries where we operate, people understand its meaning without translation," says Jacques Stern. Eden, in Edenred is, above all, "social ties, generosity, sharing. It is also the name of the company's project ("Undertake a different picture"). And the red ("red")? It is a direct reference to the logo that appears on most tickets for the company, a red ball. "In addition, red means network in Spanish, said Jacques Stern. Now our business is a business network, connectivity between businesses, employees and governments. "To have her new name, Edenred had to buy some domain names.To start, the company has installed 40 red balls huge cloth 5 to 7 meters in diameter in symbolic places: the role of Defence in France, in the middle of the Danube in Hungary … Edenred not intended to replace brand names themselves, there will be no major advertising campaign for the general public. "This is a company name. It is primarily for our 490,000 corporate clients, said Jacques Stern. Its launch is very economical, between 1 and 2 million euros. "

Brazil, the largest market

Already a world leader, Edenred intends to use its new autonomy – without Accor – to accelerate its development. It expects an annual growth in issuance volume between 6 and 14% for future years. Jacques Stern seeks settlements in 6-8 new countries by 2016 and it promises to innovate.In Brazil, the largest market Edenred (France is number three, behind Italy), a ticket culture will be launched in September. Dematerialization is a priority. To date, 70% of the offer is sold in paper form, with significant differences from one country to another: 80% in Brazil, but 15% in France. In 2016, the goal is to be 50/50. "At first, this represents an investment, but dematerializing our products, we enrich them," explains Jacques Stern. In Italy we have just launched a prepaid card, which incorporates advances for expenses for employees in addition to the Ticket Restaurant. "

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A French 31-year involvement in the case of Goldman Sachs

Saturday, April 17th, 2010

Goldman created a financial product

Since 2004, Wall Street has found a new Eldorado, CDOs (collateral debt obligation). These financial products assembled from scratch, called "synthetic" because they only reflect the value of other real assets, they, as loans granted to low-income households, the famous subprime. In 2007, Goldman Sachs creates such mass-produced and dubbed "Abacus".

The needs of a large customer

Paulson & Co is the time a small hedge fund. It will become one of the biggest thanks to its bet on the decline in U.S. housing. In the year 2007, his boss will cash alone a profit of some 3.7 billion dollars and will save 15 billion to its customers! The SEC in 2006, Paulson & Co has the right intuition that the subprime market is fragile. He put on his fall.Its Paris can take two forms: buy CDS (credit default swaps), the "insurance" against default that will naturally grow in value when the risk will increase, or "short" CDOs, that is ie sell futures without holding them.

A French in the loop

Paulson & Co. is not alone in feeling the wind change on CDOs. At Goldman, you think too. This is particularly the case of a young French – the "Frenchies" are highly respected in the business of structured finance – Fabrice Tourre. The banker of 31 years, citing the SEC's complaint, went on the benches of Henri IV and Louis-le-Grand, has joined Goldman Sachs after Stanford and Central Paris. It is he who makes and sells the Abacus series. On January 23, 2007, he sent an email to a friend: "more and more leverage in the system.Any building can fall at any moment now … only surviving potential, the fabulous Fab, standing amid all these complex transactions, (…), exotic we've created without necessarily understanding all the implications of these monstrosities No teletrack payday loans ".

Fraud

The fund Paulson wants to "short" of CDOs, the most fragile, if possible. Goldman is going to create. According to the SEC investigation, the investment bank has simply made the model 2007-AC1 Series Abacus according to the wishes of his client. Paulson has directly participated in the selection of loans that this CDO would be representative. The bank was then entrenched behind an independent firm, ACA. This firm, which appear to have selected the credits of this CDO when it will be sold to investors.

Goldman said that "ACA has selected the benchmark portfolio, omitting any mention of the fact that Paulson, an actor whose interests were contrary to those of investors, had played a significant role," says the SEC to justify its accusation of fraud.

In fact, few investors have bought shares knowing that a heavyweight like Paulson urged to Paris on their fall! ACA would for his part acted in good faith.While representatives from attending meetings Paulson – "surreal" by Fabrice Tourre – with those of Goldman, but suggesting that hedge funds also invest in shares of CDOs.

Victims

SEC's complaint cites two main victims of the banks handling it denounces the German IKB, the subprime crisis has brought to its knees and the Dutch ABN Amro, fully nationalized today … The first would have lost 150 million, almost all of its investment. As for ACA, it is off … "Investors of Abacus 2007-AC1 lost more than one billion dollars. The opposing positions on CDS Paulson reported a profit of approximately one billion, "says the SEC.

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HSBC: 8000 French in the stolen files

Wednesday, April 14th, 2010

The files stolen by Herve Falciani the Swiss subsidiary of HSBC bank, and who found themselves in the hands of justice and the French tax authorities have been decrypted. In total, 172,000 accounts have been identified, held by 79,000 people, including 8,000 French. The prosecutor of Nice, Eric de Montgolfier, announced Tuesday evening.

It is well beyond what had been said, on March 11 last, the CEO of HSBC Private Bank, Alexander Zeller. The theft "committed by an employee of the department about three years ago, could affect some 15,000 customers," he declared at a news conference.Regarding the French, it is also far escaped the 3000 tax raised by Eric Woerth, budget minister last summer.

Return a long history

The French court before January 20, 2009 at the home of French Herve Falciani encrypted computer files containing a list of accounts held by customers of HSBC. The search was conducted as part of a request by Swiss judicial authorities, suspecting the employee of misappropriation of confidential data between 2006 and 2007.

But before passing to the Swiss, French investigators have analyzed the content of these seizures, which have proved of great interest for justice and the French tax authorities.Prosecutors in Nice opened an investigation for money laundering and tax administration has used the data to identify suspected fraudsters No teletrack payday loans.

The Battle of France

Shareholders who were illegally will pay for it keeps those who do not. Of the 6 billion euros of capital identified in the accounts in Switzerland, 700 million penalty in 2010 will be released. And 700 million euros will be refunded to taxpayers whose tax exceeds 50% of revenues.

In Italy, the method was different. Silvio Berlusconi has been voted an amnesty which showed 95 billion euros of capital and reported $ 6 billion in the Italian Treasury.

But the amnesty is not on the agenda in France. "Because the amnesty called fraud until the next amnesty," said Eric Woerth.

Italy on the alert

"Prosecutors in Turin we sent a request for mutual legal enforcement. He asked to get copies of the data we have captured, "said Eric de Montgolfier. According to the prosecutor, the Italian justice has opened an investigation for tax evasion.

The weather is also a business

Thursday, April 8th, 2010

They are two to share a new market of several million euros, that of "weather-sensitivity. Climpact and Metnext are young shoots. First established in 2003 and the second since 2007. To their customers, especially large groups, they provide indicators on the impact of weather on their operations. All markets are concerned, especially those of energy, insurance or consumer.

Subsidiary to 52% of M?t?o France, Metnext is very active in the energy sector with 16 contracts signed so far. The company works for major energy companies such as EDF or GDF Suez for Poweo as alternative actors or local operators like the Company of heating the Grenoble region.It also offers support services to hedge weather risk, for example with Pierre & Vacances.

For its part, Climpact works for a small score of the food industry such as Nestl? Waters, Lactalis or Bonduelle. For the latter, which is part of its subscribers this year, the company provides 150 per week for clues to help the vegetable processor to manage its production capacity.

Railing against the consumer

It is precisely in this area of food consumption, very sensitive to climatic changes, the two companies now want to strengthen their positions us fast cash. At weekly intervals, and Climpact Metnext have launched bids very close to making available to manufacturers and distributors of hundreds of clues in many product categories.Do not have any data in sales, and the other one signed strategic partnerships with leading market research specialized in sales in hypermarkets and supermarkets. Climpact has forged a partnership with IRI and Metnext with Nielsen. The goal is to use the databases represent cash available to these two panelists to enrich information "weather-sensitive.

In 60 families (solar products, ice creams, soups, water …), and offers 10 indices Climpact weekly (9 regional indices and 1 national index). Metnext has created an Internet platform on which it offers its customers the same battery on geographical indications in over thirty categories of products. Sixty will be available in June.The idea is to help retailers drive more precisely their supply chain to reduce inventory and prevent breaks, one of the weaknesses of the French distribution.

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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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