Business & Financial News

Pernod Ricard noted Thursday its goal of operating income growth for the 2011-2012 fiscal year after the publication of interim results better than expected thanks to its performance in countries é mergents and strategy for its upmarket spirits.

During the six months to end December, the world's second largest wine and spirits behind the British Diageo posted an operating profit (ROC) of 1.379 million euros, up 17% organic growth, above the consensus of 1,326.8 million euros set by the editor of Reuters.

Its net income group share grew by 16% to 843 million, for a turnover of 4.614 million (4,623.7 million forecast by analysts) an increase of 8%. Organic growth was 11% (10.7% expected).

Confidence in the continuation of these trends, the wine and spirits group now expects organic growth in annual operating income of nearly 8%, against 6% so far, and a Net debt / EBITDA close to 3.9 at June 30, 2012, against four previously.

Pernod Ricard shows a net debt / EBITDA of 3.9 to 4.4 against 31 December 2011 to 30 June 2011.

U.S. stocks opened lower Friday as investors took some profits in the absence of final agreement on the issue of Greek debt.

In early trade, the Dow Jones drops 0.8% (107 points) to 12,780.04 points. The Standard & Poor's, larger yields 0.9% (12.50 points) to 1340 points while the Nasdaq composite was down nearly 1% (28.71 points) to 2,898 points .

Greek workers began a general strike of 48 hours to protest the austerity demanded by the creditors of Athens to bail out the country verge of bankruptcy.

The three-party coalition government endorsed on Thursday a new austerity plan, but called the Eurogroup in the evening additional guarantees on the implementation of these measures.

The market now expects Confidence Index Thomson Reuters / University of Michigan. It is expected a slight drop to 74.5 in preliminary data against 75 in January.

On the values ​​front, Yahoo gained 0.3%. Chinese Alibaba plans to withdraw from the Stock Exchange of Hong Kong subsidiary Alibaba.com, as part of a complex agreement that would bring its shareholder Yahoo's cash and a working interest in one entity s group of Chinese commerce.

GDF Suez on Thursday posted an increase in operating performance in 2011, thanks especially to the takeover of Britain's International Power since February, and said target a net recurring at least stable in 2012.

The French energy company and table for the current year on a recurring net income group share of between 3.5 and 4 billion euros (against 3.5 billion in 2011) on the gross investment of about 11 billion and an ordinary dividend equal to or greater than that paid for 2011. 

But he cautioned that these objectives were based on a particular impact of its total procurement costs on regulated gas prices in France, while they were partially frozen in 2011, hurting its gross operating profit (EBITDA).

GDF Suez also table at 2015 on a recurring earnings, Group share, of the order of 5 billion euros "to mean climate control and stable", with a level of gross investment of about 9 to 11 billion euros a year and a stable or increasing dividend over the period 2013-2015.

GDF Suez in 2011 recorded a group net profit of 4.003 million euros (-13.3%), EBITDA of 16.525 million (+9.5%) and sales of 90.673 million (7 , 3%). 

The consensus reached by the editor of Reuters and Thomson Reuters I / B / E / S, analysts on average expected a net profit of 4.599 million euros, an EBITDA of 16.511 million and a turnover of 90.004 million.

GDF Suez proposes an ordinary dividend of 1.50 euros per share for 2011, unchanged compared with that paid in respect of 2010.

Post held an extraordinary board Thursday on the topic of financing local government, while negotiations on the resumption of Dexma, a subsidiary of French bank Dexia during dismantling lement, seem to enter their final stretch.

The holding of the Board, initially reported by a director representing the CGT in the public group, was confirmed by a spokesman for The Post.

"An extraordinary Board of Directors of La Poste Group is convened for tomorrow Thursday, February 9 to 16 hours," said Bernard Dupin, the administrator CGT, in a statement specifying that the funding local authorities will be on the agenda. 

The board of directors "will be preceded for employee representatives in a meeting with Mr. Philippe Wahl, chief executive of Bank PO," said Bernard Dupin.

The Deposit must meet on Wednesday its supervisory board to review the case Dexia. The CDC, which had already participated in the rescue of Dexia in 2008, and The Post Bank should take over from the Franco-Belgian bank in this market with the launch, scheduled for mid-2012, a new public bank dedicated to local governments.

Agreement on the resumption of Dexma (Dexia MA), specializing in refinancing loans to local authorities, is crucial in the context of drying of loans to community s French local.

SARKOZY HOLD A CONFERENCE

During question time in the National Assembly, the minister in charge of local authorities reported that the head of state Nicolas Sarkozy Friday held a conference on local finances. 

"The president meets this Friday, February 10 a conference on local government finance which will deepen these topics with associations of local authorities, particularly the partnership with the Deposit and Consignment Office, which must again be examined, "he said and Philippe Richert.

Estimates of Dexia Credit Local, some 10 billion euros in 2012 could fail to secure the financing that French local authorities have required banks deserting the market due of the crisis and the new prudential rules.

In this context, some local governments are forced to abandon or postpone their investment plans. 

The construction group Vinci also does not exclude a decrease in orders from local authorities in the coming months while the new bank created by the Post Bank and the CDC has put in place .

"Because of the lack especially of the great actor that was Dexia to finance local authorities and before the implementation of the actor who is being set up between the Deposit and Post Bank (…), it is possible that over the coming months we observe a decrease in orders from local authorities, "said Xavier Huillard, CEO of Vinci, during a press conference.

The main unions of pilots, stewardesses and stewards have issued a strike notice for four days starting Monday. Air France has said it already able to provide over 80% of its flights. Of passengers at the information board on flights at Charles de Gaulle

French unions aviation, including pilots of SNPL and the main organizations of hostesses and stewards, confirmed Friday their strike call from 6 to 9 February to oppose a bill regulating the right to strike in this sector.

Air France plans nonetheless provide at least 80% of its flights. But warns that the percentage may be reviewed depending on the number of employees that arise at work, they are not forced to declare strikers.

For its part, EasyJet does "no major disturbances" on its flights despite the strike call.

In addition to the pilots and flight attendants, federations FO, CFDT, UNSA and CGT have the air, after an inter-union, called the staff of companies and their service providers to mobilize. The bill "has been hardened to the Assembly and the government does not want to negotiate, the National Council of SNPL therefore confirmed the strike on Friday from 6 to 9 and decided it would be renewable, either directly after 9, or at another time, "he told AFP Yves Deshayes, national president of the SNPL, the main pilots' union, super-majority at Air France.

"In the action via other means"

"At the Inter, after our board meeting, it's the same with a strike from 6 to 9, and a few different versions according to the unions," said Yves Deshayes. "The three main trade unions of PNC (flight attendants), the SNPNC, the Unac and UNSA also call from 6 to 9, "said the driver. "The strike is held from 6 to 9," also said Franck Mikula, president of the Unac (CFE-CGC) at the conclusion of the Inter.

The SNPL said that among the ground staff would go on strike and some others would be "in action via other means." "We call for the strike in all French airlines, in metropolitan and overseas territories" , said Yves Deshayes.

Sales were flat compared to last year and prospects by the end of the operation on February 14 are bad. Winter sales, January 2010

Sales of the first half of the winter sales are stable, but the figures hide wide disparities in the types of stores, and prospects by the end of the transaction on Feb. 14 are "brittle" in the context of crisis. The French Fashion Institute (IFM), which refers, on Tuesday released the figures of the first two weeks of sales, traditionally the most active of the operation, lasting five weeks. On average, "it is not extraordinary, but it's not a disaster," said Gildas Minvielle, head of the Economic Observatory of the IFM, recalling that in 2011, the first half had balances resulted in sales between 0 and 1%.

For circuits, the figures are still "quite mixed," with a "bonus" to some shops downtown, he notes. Stores called "popular" category which essentially network Monoprix, sign the best performance with sales up 10% to 15%. Department stores, hypermarkets and supermarkets other retailers and mass market chains (which sell both clothing man, woman and child and are often on the periphery or Kiabi as La Halle) show an increase between 0 and 5%. But sales of independent multi-brand and specialty channels (type H & M, Zara …) fell between -5% and 0%. "The outlook for the remaining weeks of sales are weak" and 48% of Distributors expect a negative activity, says the IFM.

For their part, traders are more or less satisfied with the first two weeks of sales. – "Balance not good for the moment." Malls display an attendance close to last year (+0.3%), while revenue rose "in the order of 1 or 2%," according to Jean-Marie Silberstein, managing director of National Council of Shopping Centers (CNCC). "The purchases cheap work well in times of crisis, the consumer is on the lookout for bargains," said he. Side e-commerce, the sector federation announced for the first week sales jumped 14% (18% for sites mainly textiles).  

"Some of us are happy, others less," said Bertrand Morvan for his part, Chairman of the National Federation of clothing (FNH, independent). "We do not necessarily sold large pieces, perhaps does one sell from now with the cold snap. I think it will not be such a bad thought it," he predicts. "Cool weather will surely boost some sales, especially large pieces," added Jean-Marc Genis, president of the Federation of brands of clothing (FEH), which unites the chain, whose sales fell to about 2% over the first half. Francois-Marie for Grau, chief representative of the French Federation of ready-to-wear, "the record is not good for now".

Involved "essentially the problem of purchasing power experienced by consumers." Evidenced by sales of low end, suffer the most, is he. He also cited "the climate problem", with a cold came late, and the rise to power of "floating sales, promotions, private sales, and prices crossed on the internet." The Secretary of State for Trade Frederic Lefebvre said Monday in As part of the event Passion Commerce's decision to entrust a mission Crédoc on the issue of balances, balances floating, promotions, sales and private sales, said its services. This is to take stock, three years after the Act of modernizing the economy (LME), which governs the system of sales and promotions, and to determine whether changes are needed.

Wall Street should end the year 2012 on a moderate gain, despite the risks posed by the debt crisis in the euro area in global activity and a U.S. growth likely to remain sluggish, according to a Reuters poll published Thursday.

Analysts surveyed are however optimistic about the economy of the United States and many are in stock price ratios of estimated earnings (PER) historically low a supporting factor for the rating.

All concerned, however, the debt crisis in Europe, who falter world stock markets in recent months.

The Standard & Poor's 500 benchmark for fund managers, should finish next year on an increase of 7.5% to 1340 points, compared to the closing of nearly 1.

The billionaire is the target of a tax adjustment record says Tuesday Médiapart site. The IRS would make him pay including the concealment of twelve bank accounts abroad and the acquisition of the island secret watering. Liliane Bettencourt at the fashion week in Paris, January 26, 2011.

Nearly 78 million euros. This is the tidy sum claimed by the IRS to Liliane Bettencourt said Tuesday the site Médiapart, who had access to the report of the National Directorate of tax audits (DNVSF). "These are the amounts charged (including penalties and fines) under the wealth tax for the years 2004 to 2010 and, under the income tax for the years 2006 to 2009. The Negotiations are underway on this issue, counsel for the heir seeking a reduction in the total amount of this addition, "the site.

EDF shares fell more than 5% Friday afternoon in Paris Stock Exchange, market participants have cited an article in Le Monde that the Socialist Party and environmentalists are about to sign an agreement providing for election closures nuclear power plants.

Interviewed by Reuters, the two sides, however, said no such thing had been decided yet and that negotiations for the presidential and legislative elections of 2012 in France continued.

The electrician public asked the Financial Markets Authority (AMF) to investigate the collapse of the course.

"Discussions are at this stage, more general," he told Reuters Michel Sapin, former economy minister, Francois Hollande close and involved in these negotiations.

As for Yannick Jadot, spokesman Eva Joly, candidate of Europe Ecologie-Greens, he felt that the article in Le Monde shows a vision "a little fictionalized" reality.

"Should there be an agreement between the two, Fessenheim shut fairly quickly.(…) We are still at an output of nuclear power including actual closing fast enough for the older plants, "he said.

He hoped that negotiations with the Socialist Party end up in the next 15 days.

François Hollande, Socialist candidate for president, wants a drop from 75% to 50% of the share of nuclear in electricity generation.

The central Fessenheim is the oldest in France and has two reactors of 900 megawatts each.

Last summer, the Nuclear Safety Authority (ASN) found that the No. 1 reactor of the plant was capable of being operated ten years older.

The agreement snatched in the night between Wednesday and Thursday by leaders of the euro area has temporarily turned off the fire that threatened the single currency but many risks still on the Greek debt restructuring and strengthening of the support fund the euro.

After more than ten hours of the summit, the Heads of State and Government of the single currency agreed with banks to reduce by 100 billion euros Greek debt and endorsed a complex mechanism to bring the firepower the European Financial Stability Fund (EFSF) to 1,000 billion.

European markets jumped and reached their highest level in three months while the euro was appreciating at more than $ 1.40, a value that had not crossed since early September.

But if this complex agreement among the most ambitious concluded since the bursting of the debt crisis in Greece in late 2009, it is nonetheless flawed, full of question marks and carries significant risks on its realization.

The bankers must first confirm their voluntary commitment to participate in the new bailout of Greece – a process that was long winded in the previous program.

Countries in the euro area should then agree on a series of far from trivial details in the implementation of the new EFSF, as the participation of international investors to it.

"I think the main risk would be to wait too long the implementation of these agreements," warned Thursday Ewald Nowotny, a member of the European Central Bank.

"Speed ​​is essential in this case," he told Austrian radio ORF.

GREEK RESTRUCTURING

Three months ago, European leaders had already reached agreement on a major debt reduction Greek involving private creditors, but the delays in implementing the plan and its lack of ambition have quickly rendered inoperative, at least in the eyes of the markets.

Decisions taken at dawn Thursday, finally attacking head-on questions of Greek debt and contagion of the crisis to larger countries such as Italy, Spain or France, are expected to avoid the euro area to repeat the same mistakes.

For Greece, it is expected that the debt be reduced from more than 160% of GDP to 120% in 2020, a level considered sustainable by the European authorities.

To do this, the governments of the euro area will set the table 130 billion euros in loans and guarantees, while private creditors will remove 100 billion from 210 billion euros of Greek securities they hold.

This voluntary contribution, expected to be received by the end of the year will amount to a waiver of 50%, said Nicolas Sarkozy and Angela Merkel, who had to meet in person with representatives of banks and weigh their weight to force the decision.

The Director General of the Institute of International Finance (IIF) Charles Dallara, who represented the banks in the negotiation, welcomed the agreement, which revises the plan of July 21, in which the private sector was engaged only up to 50 billion euros.

As expected, the leaders of twenty-seven have also endorsed the plan to recapitalize banks to the tune of 106 billion euros by June 30, 2012, of which 8.8 billion for French banks.

The plan also provides government guarantees to enable banks to secure funding in the medium and long term, similar to those that were implemented in fall 2008 at the height of the financial crisis.

1.000 BILLION FOR EFSF

Third and final part of the European response to the crisis, Europeans also agreed on a scaling capabilities of the European Financial Stability (EFSF), which could then be brought up to 1.000 billion euros.An initiative likely to reassure markets on its ability to fly, if any, help from countries like Italy or Spain.

The Fund had in its creation of 440 billion euros but the support in Portugal and Ireland and the complex financial arrangements necessary to give it a AAA rating reduced to about 250 billion today its actual capacity remaining.

The leverage will be achieved via a dual mechanism: on the one hand it will provide partial debt issued by troubled countries and, secondly, to create a new "special vehicle" backed by the EFSF and the International Monetary Fund (IMF) with the participation of international investors, such as China and other emerging countries.

Nicolas Sarkozy, who said in Brussels that the Chinese participation was envisaged, met Thursday on the phone with his Chinese counterpart Hu Jintao.

The Director General of EFSF, Klaus Regling, will visit China on Friday to meet with investors.

If he had been excluded from the weekend to leverage the EFSF by providing access to unlimited liquidity to the European Central Bank, the central bank has been active in the preliminary summit.

Providing some relief to markets, the future President of ECB, Mario Draghi, stated Wednesday morning that the bank would remain present in the bond markets as they would be unstable, an expected sign for several days which was welcomed by Nicolas Sarkozy.

"I am not the spokesman for the ECB. The ECB is an independent institution. Mr. Draghi did not interviewed before making that decision, we did have asked for anything, but it is permitted to rejoice in what 'he said, which is quite clear, "he said at a press conference, then insisting on these redemptions of debt.