Business & Financial News

UniCredit announced Monday a capital increase of EUR 7.5 billion, having unveiled a heavy loss in the third quarter.

Italy's largest bank reported a net loss of 10.641 billion euros, depreciation included in the third quarter.

Its impairment of goodwill stand at 9.6 billion.

Its capital adequacy ratio stood at 8.74% hard at the end of September.

UniCredit said that after the issuance of securities, expected to close in the first quarter of 2012, core tier 1 ratio will increase to 10.35% according to Basel II banking standards.

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Vilmorin confirmed on Tuesday its full-year after a first quarter marked by an increase of 5.9% on a comparable turnover, particularly due to the field seeds.

The fourth seed said the world from July to September quarter, the first of the year the group has traditionally been the smallest of the year as it weighs just under 15% of total revenue.Over the period, sales reached 178.8 million euros.

"In an uncertain economic and financial environment and despite the supply of maize seeds below the targets initial production plans, Vilmorin confirms its outlook for revenue growth and operating margin for the year 2011-2012 , as announced last October, "the group said in a statement.

Vilmorin is always a growth of over 7% of its consolidated revenues on a comparable basis and an operating margin of 11% research effort included.

European stock markets have reduced their initial losses Thursday mid-morning, investors hope that Greece renounces its proposed referendum on the European aid plan for the country while Angela Merkel and Nicolas Sarkozy launched an ultimatum Wednesday night Athens ordered to implement the overall European level or risk not receiving any help.

At 10:31, the CAC 40 index yields 0.12% after briefly gained 0.3%. The benchmark index of the Paris lost up to 2.6% in early trade.

The London Stock Exchange gained 0.05%, while Frankfurt was down 0.25% and pan-European Euro Stoxx 50 index drops 0.43%.

Morgan Stanley said Wednesday it posted a profit in the third quarter, supported by an accounting effect that stems from a new valuation of its debt.

The second U.S. investment bank posted a profit of $ 2.15 billion (1.55 billion), $ 1.15 per share against a loss of 7 cents a year earlier.

Net banking income rose 46% to 9.89 dollars.

Excluding a gain of $ 3.4 billion attributed to an adjustment of the value of its debt, Morgan Stanley gained 2 cents a share.This is related to an accounting rule known as an "adjustment to the valuation of debt" (debt valuation adjustements or DVA).

Clearly, the fact of integrating into account the increased risk associated with a reduced commitment required of the holder, thus generating accounting profits.

Before Morgan Stanley, JPMorgan and Goldman Sachs have also used the accounting process.

Forward Exchange, the title of Morgan Stanley advanced 18 cents to 16.81 dollars.

Income from its trading activities more than doubled from the third quarter of 2010 and an increase of 24% over the period April-JuneThis sharp increase reflects the gains attributable to the DVA.

Its asset management segment has meanwhile reached a revenue of 3.26 billion dollars, 5% more than last year at this time, but less than the second quarter.

GNP derived from asset management is in turn stood at $ 215 million, 73% from the third quarter of last year and 67% less than in April-June 2011.

This decline is attributed to losses on investments in its banking business and its activities in real estate.

The growth in world oil demand will grow less than expected in 2011 and will accelerate next year, predicted Wednesday the U.S. Agency for Energy Information (EIA).

The EIA, which has already significantly reduced its forecast last month, has not made this time only a small adjustment with growth forecast revised down 50,000 barrels per day (bpd).

The agency now predicts an increase in demand of 1.32 million bpd to 88.4 million bpd this year and an increase of 1.44 million bpd in 2012.

These figures are higher than the predictions of the International Energy Agency, based in Paris, which expects growth of only 1.25 million bpd.

The Organization of Petroleum Exporting Countries (OPEC) has plans to increase the demand limited to 880,000 bpd in 2011 and an increase of 1.19 million bpd next year.

The EIA notes that if the supply of oil is still subject to a number of uncertainties, which she attributed to the instability in the Middle East, demand will continue to be penalized by the jolting of the economy.

"The downside risks dominate as fears continue to weigh on the pace of global recovery, the debt crisis continues in the European Union and other governments still face the challenge of deficits," said the EIA in its report.

Power focus on health is a major strategic focus for large food manufacturers, but their ambitions are hampered by regulations become more stringent and consumers more wary of offering is often expensive, analysts said.

The major industry players such as Danone, Nestle and Unilever should nevertheless continue to invest in these foods which the operating margin is much higher than ordinary food, they say.

The taxation of the "junk food" makes this strategy even more relevant.Denmark has introduced a tax on products that contain saturated fats and France wants to introduce a tax on sugary drinks.

The global market for "functional foods", expected to provide a benefit to consumers with diabetes or obesity, is estimated at 150 billion.

"The food chain can no longer ignore the trend nutrionnellement correct.This is an important issue given the aging population and increased diseases such as diabetes in developed countries, "said Isabelle Senande, director of studies at Xerfi.

But, she adds, "given the regulatory, industry think twice before launching."

One analyst, who requested anonymity, believes that for his position "is a condition of survival, not a niche market."But, he adds, "industry groups are becoming more cautious as inflation promises led to a tightening of regulations."

90% OF CASES ACCEPTED

The bifidus yoghurt, dairy products fortified with calcium and omega 3, or branded foods "low fat", "no sugar added" or "high fiber" are subject to strict control of the European Food Safety Authority (EFSA), which ensures that the benefits put forward by the industry are justified scientifically.

Danone, which boasts of wanting to "bring health through nutrition," had experienced a crushing defeat in 2009 yoghurt Essensis that would "feed the skin from within."For its part, Nestlé has had a few days ago to withdraw his drink Nesfluid after only one year of marketing.

The Danone Actimel can show that it "strengthens the body" and that Activia "helps regulate transit in 15 days". The European regulator has however endorsed Danacol "reduces cholesterol" or Densia and Petit Gervais "that help maintain bone density."

At the National Association of food industries, Cécile Rauzy, project quality, nutrition, regrets that the demands of the EFSA is based on criteria "that are not necessarily the field of nutrition but to the pharmacy," the that could "slow the nutrition research."

Of the 2758 claims assessed between 2008 and 2011, the EFSA has delivered 90% of negative opinions.In particular, it rejected all those on fiber because, judging that their beneficial effects on intestinal transit had not been demonstrated.

The EU regulation on consumer information, passed last week and will be published by the end of 2011, require nutrition labeling for all companies.

"This is a major change because of the 10,000 enterprises in the French food industry, 95% are SMEs, many of which have never been labeling or nutritional analysis," said Cecile Rauzy.

BYPASS STRATEGY

Also in 2012, all health claims must be submitted to the French health authorities and the EFSA opinion which must be approved by the European Commission before being published on a register of authorized health claims. Only after the company can rely on it.

For Cecilia Rauzy, this procedure could lead very long "all small businesses, as well as large groups, to question a reorientation of their research."In fact, few major innovations have recently arrived on the shelves of distributors, agribusiness around obstacles by offering natural products with no artificial additives or colorants.

Francis Priest, an analyst at CM-CIC Securities, believes however that "the consumer is willing to pay more for food really good for his health in mature as in the emerging".

With margins of 13% to 18% which gives it a medical food, against 12% for an ordinary product, a company completely marginalizes the impact of the rising cost of raw materials, says the analyst.

In order to develop this market, industry players segments of business or carry out acquisitions.

Thus, Danone has created a division "Medical Nutrition." Nestle it launched last year a division specializing in health encompasses both activities in the nutrition of infants and sick and Jenny Craig, its subsidiary concurrent Weight Watchers. Without complex, the Swiss group has offered in the wake of frozen pizza, Kraft Foods for $ 3.7 billion.

At the same time, 51% stake in Yoplait were acquired for 1.2 billion euros by the American General Mills, while PepsiCo has offered the Russian group of dairy and fruit juice Wimm-Bill -Dann to 4.1 billion euros.

François Fillon has aroused the wrath of unions by proposing to move towards a common retirement age between the two countries, without elaborating. But the French and German are not based on the same criteria.

The German model inspires François Fillon. In a speech on the "convergence" tax, the prime minister even tried to bring the debate in the field of pensions. But considering that it was necessary to "move towards a common retirement age" with the neighbor across the Rhine, it has sparked an outcry, just months after the entry into force of reform swept-fought.Since then, unions, employers' policies and comment on his remarks, not always understand what the Prime Minister referred.

If François Fillon spoke of the legal age …

His little phrase is especially feared the unions and the opposition a further decline in the minimum legal age of retirement, ie the age at which an insured can collect his pension. And it has nothing to do with the threshold of 65 or 67 years in force in Germany.It is "easy to talk about such retirement to 67 years in Germany and to face the French 60 years, omitting the one hand, remember that this is for Germany the retirement age full-rate and for France the legal age of cessation of activity, "lamented last year already economist Julia Cage, in a study of the Jean Jaures.

For the first, from 60 to 62 years by 2018 with the last pension reform, is the legal age of retirement. But for a full pension, you also claim a number of years of contributions, 40 and 3 months now. If it did not, it undergoes a discount at least 65 years of waiting-line gradually lengthened to 67 years in 2023 – the legal age which guarantees the full rate, regardless of the contribution period.The French system is indeed one of the few to impose a double bind, age and minimum insurance.

In Germany, for against, it is primarily the first which is taken into account. Employees receive their full pension at age 65 on the sole condition of having contributed five years. From 2012, this threshold will be gradually decreased by one, then two months per year to reach 67 in 2029, according to the reform adopted in 2007.

If he spoke of the age at full rate …

And so Francois Fillon was actually referring to a convergence of ages starting at the full rate, then the situations in France and Germany do not differ that much. In Germany, it will reach 67 years that by 2028. In France, it will be 67 years from 1 January 2023, for the generations born after 1956.The difference is that the French will have all their quarters from before, while the Germans, with some exceptions, can not do with discount.

The German decision to delay the age of two years starting at the full rate is also one reason: the German population is aging while the birthrate falls. The fertility rate is only 1.3 children per woman, against 2 in France, where the birthrate is one of the most dynamic in Europe. The passage of 67 years accompanied by an appeal also more massive premium pension and a decrease in the level of pensions. Between 2007 and 2009, the poverty rate in over 65 rose from 10.5 to 12.1%.

In Germany, the decline in the age of retirement has therefore not been smooth.Very hostile to reform, the unions pointed out that in a crisis, extend the service period is most likely to create unemployment. Especially since the "seniors" are often left behind when the job market is scarce. In 2009, their participation rate was only 56.2% across the Rhine. In France it was less than 39%.

The Greek finance minister ruled out Saturday the event of imminent bankruptcy of public accounts.

"The commentary and analysis about an imminent default or bankruptcy of Greece are not only ridiculous but irresponsible," said Evangelos Venizelos said in a statement.

"All weekend, Greece (…) is the subject of organized attacks by speculators on international markets," he lamented, ensuring also that the cancellation of the visit of Prime Minister George Papandreou United States did not meet any economic emergency.

The head of government, which was scheduled to visit the headquarters of the United Nations and the International Monetary Fund, made a stopover in London when he decided to turn back after a meeting with his finance minister.

"The prime minister felt he should not miss. He wanted to ensure that all commitments would be required of Greece," said Reuters spokesman for the government.

Wall Street closed down Tuesday but reduced its losses quite considerably.

The Dow Jones lost 100.20 points (0.89%) to 11,140.06. The S & P 500 drops 8.67 points (0.74%) to 1165.30. The Nasdaq Composite Index gives 6.50 points (0.26%) to 2473.83.

These data are likely to vary even slightly.

The new CEO does not rule Eiffage sale or closure of loss-making subsidiaries to consolidate the early resumption of the performance of the construction group observed in the first half.

Peter Berger, the designated successor of the president and founder of the number five European construction and concessions Jean-François Roverato, also announced for the energy division Forclum a savings plan to reduce by 3 to 4% overhead by 2013-2014.

"We will, on public works sectors, particularly energy, continue and even intensify our efforts and recovery plans so that the performances, which are stabilized, can go up significantly," said Peter Berger in a meeting with analysts.

"I do not exclude in particular on non-strategic subsidiaries deficit repeatedly stops or transfers," he added.

Eiffage, whose margins were negatively impacted in recent years by economic conditions and difficulties in the execution of certain contracts, including hospitals, also assured that he would in future be more selective in order intake .

"We anticipate a marked increase in free cash flow, the best three years, and therefore reduced our net debt due to a combination of debt reduction highways that will continue and the sale of certain assets that are PPP mature, "added Peter Berger.

RESUMPTION OF ACTIVITY CONFIRMED

Eiffage end of June showed a net debt to total 14.42 billion euros, 13.6 billion of debt lodged in the concessions.Autoroutes Paris Rhin Rhône conducted in the first half to three bond issues, the first step in the process of refinancing debt in February 2006 when privatisaton of French motorways.

"We will begin September 13 and 12 talks with banks to begin the process of refinancing Eiffarie and APRR, our goal is to finish the first quarter of 2012, that is to say again in advance before the final deadline is early 2013, "continued Pierre Berger.

Eiffage confirmed its objective of a return to growth in its turnover this year in view of a first half marked by an upturn after two consecutive years of contraction over the same period.

The group identified the first six months of the year an EBIT of 451 million euros, up 9.5% thanks to strong margin growth in the concessions. Its order book grew by 5% year on year.

In contrast, bond issues made by APRR in the first half came to adding to the financial burden of the company, bringing to 43 million euros against 70 million a year earlier net income, group share, a drop of 38 6%.

Prior to publication, the action Eiffage closed up sharply (7.48% to 33.90 euros), giving a market capitalization of around three billion euros. Since the beginning of the year, the title has sold about 4%, after declining 16% over the whole of 2010.