Business & Financial News

The deficit of Spain represented 8.51% of GDP in 2011, said Monday the Finance Minister Cristobal Montoro.

A first estimate gave 8.2% and the upward revision is mainly due to exceedances of regional budgets.

Montoro said that this figure of 8.51% was also provisional and would be circulated for consideration by the European Commission.

The objective of Madrid in 2012 is a deficit of 4.4% of GDP.

In 2010, the deficit represented 9.3% of GDP.

The International Monetary Fund is considering a loan of 13 billion euros to help new international bailout for Greece, according to the Wall Street Journal. IMF Executive Director Christine Lagarde during a press conference in Washington on 6 July 2011.

The International Monetary Fund plans to contribute a loan of 13 billion euros in the new international bailout for Greece, said Friday the Wall Street Journal on its website. "The size of the IMF's contribution has not yet been decided" but the institution currently looking for the money, the newspaper said, citing people familiar with the matter in an article written from Brussels.

The IMF granted in May 2010 a loan of 30 billion euros in Athens, as part of an international plan of 110 billion. It has not been enough to revive the Greek economy, which sank in a severe recession, exploding public debt. Finance ministers from the euro zone must meet in Brussels on Monday to consider whether the conditions exist to implement a second level of support in Athens, including a public component of EUR 130 billion and partial clearing of debt held by private creditors to the tune of 100 billion.

Greek Prime Minister Lucas Papademos, counterparts Angela Merkel and Italian Mario Monti, and French President Nicolas Sarkozy on Friday expressed their confidence in the possibility of reaching an agreement when, after several postponements. February 9, an IMF spokesman, Gerry Rice, stated that before you can obtain a new loan, he was "very likely" that Greece has to undertake "prior actions" to show its commitment to measures required of it to improve the functioning of its economy.

L'Oreal, the world of cosmetics, said Monday the end of the term of a director of Liliane Bettencourt, replaced the board by one of his grand-son, John Victor Meyers.

The latter, aged 25, is a member of the supervisory board of the family holding company Tethys since January 2011.

Liliane Bettencourt, heiress to the group, is 89 years old. The candidacy of his grand-son will be submitted to L'Oréal shareholders at the next general meeting on 17 April.

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.

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.

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.

UBS has relieved the market by announcing Tuesday that it still anticipates a modest net profit for its third quarter despite the loss of $ 2.3 billion due to unauthorized transactions a dishonest broker in London.

This estimate includes the cost of 400 million francs (329 million) in restructuring charges, said in a statement the number one bank in Switzerland.

UBS had announced in late August that it intended to eliminate almost 3,500 jobs to save about two billion francs by the end of 2013.

Net new money from wealth management activities should be comparable to the second quarter, the bank added.It recognizes that fraud will impact slightly the BIS tier 1 ratio, but qualifies its position as capital of "solid".

The action of UBS sells 0.99% to 9.99 francs at 10:42, while the Swiss blue chip index lost 1.39% and the index of European bank leaves 3.25%.

UBS was able to register gains on own credit related financial commitments at fair value at 1.5 billion francs.These contributions are "essentially attributable to widening credit spreads during the third quarter," said the establishment.

In addition, the bank recorded a gain on the sale of treasury investments of close to 700 million francs in Swiss Bank & Wealth Management.

Between April and June inflows into the wealth management had reached 5.6 billion, down by half compared to 11.1 billion in the first quarter.

UBS said Tuesday that the estimates had been made at an early stage of the procedure for closing the accounts.The bank, which will release its third quarter results on Oct. 25, said no new update was expected before then.

"Finally a nice surprise after a flood of negative news", analysts said the bank Wegelin in their fax in the morning.But they also believe that the bank will roll up their sleeves to restore confidence.

Sabine Bohn, an analyst at DZ Bank, agrees: "We appreciate that the net inflows are similar to those in the second quarter but we remain cautious, because the loss due to fraud and the resignation of CEO Oswald Grübel resulted in a big loss of confidence. "

Dirk Becker at Kepler Capital Markets, is more cautious: "It is too early to become positive to UBS, while resizing the investment bank will certainly create friction and unforeseen problems."

The favorite candidate in the primary socialist believes that the rising tax burden is unavoidable. The effort must be "shared", he says. François Hollande at a rally in Rennes on 27 september 2011.

François Hollande, the favorite in the polls primary PS, said Tuesday that it would "necessarily" increase the tax burden on Tuesday at a meeting in Rennes, defending his plan to re-create 60,000 jobs in education evening mobilization teacher. "There will necessarily be a rising tax burden," said the elected Corrèze to 2,000 people, noting that taxes, fees and expenses had increased by Nicolas Sarkozy (44% against 43% of GDP according to him) while the head of state promised to reduce the "four points" in 2007.

"If this effort is not shared, there will be no recovery," he added.He lampooned the tax on soft drinks recently proposed by the government: "Why sugar? Why not salt? And the salt tax would be reinvented." The evening of a day of action in education, Francois Hollande has again defended his plan to re-create 60,000 jobs in education in five years: "I prefer a plan for education (to) a plan for prisons "he said, referring to the recent announcement by the Head of State to create 30,000 prison places.

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.