Profits fell, but dividends have resisted. Despite the fall in profits last year, the CAC 40 companies will total $ 36 billion in dividends to their shareholders this year (in respect of 2009 results). "It's almost as much as in 2008, and it shows the willingness of companies to retain their shareholding," says Sonia Bonnet-Bernard, associate-manager Ricol Lasteyrie, who yesterday presented the fourth financial profile done by the CAC 40 firm.
The payout ratio (the amount of dividends compared to profits) has jumped to 90% (excluding Arcelor Mittal) in 2008 against 48% or 42% in 2007. Only four groups have decided not to pay: EADS, PSA, Renault and Alcatel Lucent.
The corporate largesse is all the more surprising they have not hesitated in the same time, to launch capital increase to finance themselves.More than a quarter of the CAC 40 companies have used the market last year to strengthen their capital, notes Ricol Lasteyrie. In total, shareholders might have paid 24 billion euros. "Companies that take on debt, make capital increases or selling assets … while maintaining their dividends, that has always existed. But for two years, it shows a little more often, "says Moudy El Khidr, portfolio manager at ING IM. In Europe, however, few companies have debts to pay their shareholders. They preferred the issue of new shares.
Lower prices, or increase wages and create jobs, such were the promises made by professional restoration in exchange for declining to 5.5% VAT. In practice the government had forecast a drop in prices overall 3%. But the overall direction of Treasury at Bercy, the decrease was 2.5%, as it must take into account price increases (+ O, 1% a month) that would have been saved if there had been no reduction in VAT. According to Insee, the statistical institute, the decline recorded between July 2009 and end MayOnly a conservator two on average applied the lower price.
The shortfall of the state would it 2.35 billion euros a year on some 130 billion collected last year under the VAT.
Disagreement on Figures
As for salaries, increments and other benefits provided under the industrial agreement signed by the five trade unions and three of five business organizations in the sector would reach one billion euros accumulated since March 1, date of application the agreement saving account payday loan. Some 21,700 jobs have also been created, the government said. This figure is disputed by the union FO who believes him, he must subtract the 15,000 net new jobs recorded on average each year for ten years in this industry.
The measure would also have saved 25000 companies, nearly one third of the 80,000 restaurants in trouble before the reduction in VAT, as the specialist firm Gira Board.
Second lowest rate reduced
Twelve countries now have a reduced VAT on food in Europe. Since the authorization granted in 2009 by the European Commission. Only France and Belgium have taken the plunge. On 1 January 2010, Belgium has lowered its rate of 21-12% in food, drinks. Before the green light from Brussels, ten other member states had historically lower VAT in restaurants. With a rate of 5.5%, France has the second highest in the restoration reduces the lowest in Europe, just behind Luxembourg (3%).
The Regulatory Commission (CRE) had just agreed to the request of GDF Suez to raise gas prices as of July 1. They grow by 4.7%, bringing the increase to nearly 15% since the beginning of the year. Although this further increase was expected, the household energy bill begins to weigh.
However, Christine Lagarde, Minister of Economy, warned Friday that gas prices will not move until 1 January. Consumers will escape upwards so that additional sketched already by 1 October – the price revision is now making quarterly.
The "pause" as required by the Minister is made on behalf of a review of the formula currently allows GDF Suez to calculate its rates. In spring, the regulator had already begun an audit. It will therefore continue, before the drawing, probably new method of calculation.Knowing that GDF Suez is currently conducting a number of renegotiations with producer countries. "I hope that the CRE do an audit of this formula because I'm quite surprised at the speed of execution and I wish that as a result of this audit, we determine if the formula is good," said Christine Lagarde Friday on France Inter.
"The current tariff is not obsolete, but it can be optimized," says one expert dossier.In discussion, the long-term contracts underlying the supply of GDF Suez (with key suppliers such as Russia, Algeria and Norway), while the spot price of gas fall very weakly into account in calculating the formula.
The government takes the hand
"On a more general issue is whether to continue to index the price of oil on gas prices, even though overproduction of gas worldwide has resulted in a fall prices, "says one expert. However, increased consideration of market prices in the establishment of the formula may increase the volatility of rates. In all cases, the balance is difficult to find.
For the government, the record price of gas remains thorny.Early this year he thought he had found a solution by entrusting exclusively to the regulator, on the proposal of GDF SUEZ, the task of settling. But after two significant increases in quick succession, the government, well aware of the unpopular side of the increases among the public, are now forced to return to the game
Click on the thumbnail to enlarge the graphics.
On June 24 could mark a turning point in the sequence of events which follow union since the beginning of the year. The day of action against the pension reform held this Thursday at the invitation of the Inter should indeed attract more people than the previous three. Even Eric Woerth not contested. "The mobilization is certainly strong, we expect, we do not fear," said Minister of Labour.
198-point rallies in the sunlight, have been identified in the territory, and calls for strikes in the business (as in Saint-Gobain, Michelin, Total, Airbus, BNP Paribas, L'Oreal, France Telecom, La Poste …) have gone by since the beginning of the week."We also have many echoes of private sector employees who intend to engage in metallurgy, construction or commerce", says it does at the headquarters of the CGT. "There will be the world because people do their calculations and there is a strong sense of injustice grows," added Lawrence Berger, the CFDT. "We will exceed one million, has predicted Bernard Thibault, secretary general of the CGT. Either than May 27, last mobilization date between 395,000 (police said) and one million people (according to the CGT) took to the streets, while the government had not yet unveiled his plan.
Signs of Discontent? Mobilizing transport which should be more punitive than the previous ones, despite the delayed implementation of the reform (2017-2023) in the special regimes. 15% of flights from Orly and Roissy airports were canceled.Traffic will be disrupted in urban transit. At RATP, six out of ten metro will operate at peak times, two to three RER A, RER B on a five … In the provinces, buses, subways and trams 69 cities (Bordeaux, Lyon, Marseille, Nantes …) to turn slowed. At the station, traffic should be guaranteed for two TGV, TER two and a Corail train four.
Sarkozy "listening"
Another sign of discontent rises? The processions will host delegations FO and CFE-CGC, although their confederations do not be associated with mobilization. "We should join Inter at the start but we left the league that had called for demonstrations to go," says Carole Cloudy, Secretary General of the Central Executive.As the CFTC, who left the Inter-months ago, she called yesterday's activists to protest for women's retirement.
As a sign of openness, Nicolas Sarkozy promised on Tuesday to be "listening" and "very attentive" to the discussions this summer with the unions on "the situation of those who started work very early, the situation of those who have difficult jobs and difficult question of polypensionnés. But there is nevertheless unlikely that the mobilization, even important, pushing the head of State to change its text on one terminal (62 years minimum age for a pension, and 67 years of age full rate) key points of the reform.
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The success is well meet up for the latest Apple products, the iPad. The company announced the Apple had sold more than 3 million copies of his tablet. And less than three months after its launch. In good shape Thursday, June 24 launch of the iPhone 4.
Apple has delayed for one month out of its touch pad internationally because of the huge demand in the United States, which had exceeded its expectations. Next month the tablet, which combines the functionality of a mini-computer, a player and a media player must land in nine additional countries (Austria, Belgium, Hong Kong, Ireland, Luxembourg, Mexico, Netherlands, New Zealand and Singapore).
News that support the Apple stock offering. Quoted on the Nasdaq, Apple still wins the title more than 1.63% to 274.70 dollars, close to its highest of 275.97 dollars.But analysts are beyond its record close reached in last Friday, but well below its potential, if one believes the latest estimates of analysts. For the more optimistic, and like the popular analysts at Deutsche Bank, the price of Apple stock could still earn $ 100, $ 375.
44 million iPhones sold in 2010 4
Last week, Apple and the U.S. operator AT & T, which has exclusivity on the iPhone in the U.S. have had to suspend the process of pre-orders, their system is clogged by the enormous demand, and Apple CEO Steve Jobs had to apologize.
The new multifunctional phone, especially with a high definition screen, a feature allowing telephone conversations and video editing software video, has landed Thursday in U.S. stores.Some analysts believe the iPhone will sell 4 million copies to 44 this year, 55 million units next year.
A new twist to a week of the due date of the recapitalization of the World. Faced with the trio led by the investment banker, Matthew Pigasse with Pierre Bergé and Xavier Niel, a second trio was organized on Sunday afternoon, around the group BY SFA (holding the New Observer, owned by Claude Perdriel) of Spanish media group Prisa (El Pais) and France Telecom operator. In an interview with Journal du Dimanche (JDD) Sunday, the CEO of France Telecom, Stéphane Richard, proves to have "thrown, with Claude Perdriel and Prisa, the basis of an agreement."
15.01% shareholder of Le Monde group, Prisa was reticent after the refusal of the Executive to grant an extension until September to participate in the recapitalization of its ailing partner.The panel chaired by Juan Luis Cebrian put forward its own recapitalization involved with the U.S. Fund Liberty to justify such a postponement of the calendar. Last week, he emphasized its commitment to, inter alia, not to see its share diluted after World recapitalized.
Negotiations on all fronts
The new trio should table this afternoon deadline, a firm offer to provide a contribution of 80 to 120 million euros, against 67% stake in Le Monde group, the balance remaining in the hands of associations of employees, alumni and readers. If the trio is selected, two thirds of the capital would be divided between France Telecom (20%), ACS PAR (40%) and Prisa (40%). Claude Perdriel assumed the presidency of the Executive, Denis Olivennes merely a seat on the supervisory board of the World, which would be chaired by Louis Schweitzer. It remains to see who would hold operational control.The question does not seem to cut Sunday night "even though we reassured on good authority, we are heading towards a cocontrôle between groups Prisa and Le Nouvel Observateur No faxing 1 hour payday loans.
For its part, the boss of France Telecom has consistently received on Sunday evening, the approval of its board of directors to invest the "50 to 60 million euros" in Le Monde. This amount is primarily intended to buy "the participation of 34% of Lagardère in Le Monde Interactive (lemonde.fr …), estimated at between 30 and 40 million euros (the remainder, nearly 20 million euros, being invested in the holding head).
France Telecom is already in discussion with the group Lagardere, which would yield the same time its trademark rights The World.With this operation, the operator expects to realize significant synergies in terms of content and advertising revenue between its sites, those of the World and the Nouvel Observateur. On an investment after all, pleaded Sunday Stéphane Richard, in comparison with the "6 billion that the group invests every year." Especially since Claude Perdriel was anxious to negotiate an option to buy within five years 34% of France Telecom in Le Monde Interactive.
For its part, the trio Pigasse-Bergé-Niel Sunday still pursuing its discussions with various companies in the group's employees to enter into a governance agreement. This would include maintaining their right of veto over the appointment of a newspaper editor, a right to consultation regarding the group's director, and a right to scrutinize the use of the mark World. This agreement should be attached to the tenders submitted this afternoon.The employees will vote Friday before a supervisory board next Monday.
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Iter barely get under way. The international program which provides for the construction of a thermonuclear fusion reactor could be delayed again. The European Commission should in fact announce Wednesday that it does not sign the document which puts the project on track, says Les Echos published Wednesday.
The European Union has failed to obtain the financial commitment of the twenty-seven member states until 2040 to ensure the viability of the project. The European contribution for 2007-2020 has almost tripled from 2.7 billion euros expected in 2001 to 7.2 billion euros this year. For 2012-2013, a European envelope further 1.4 billion euros is needed.
Diplomatic issues
However, this explosion of the budget falls very ill, while the finances of European countries are seriously affected by the economic crisis and the recent austerity plans.One familiar with the matter told the Echo that the project has become important diplomatic: "Because of security issues in terms of global energy supply, the fight against climate change and investment, its status is more only scientifically. It is now a political project where the game of diplomacy is as important as the result of research equations.
The ITER project aims to provide a solution to the global energy crisis by reproducing the energy production inside the sun. The fusion of hydrogen nuclei would provide an inexhaustible energy, cheap and clean (it produces little radioactive waste, unlike the mechanism of nuclear fission).The reactor built on the site of Cadarache Provencal begin operation in 2018 but will be fully operational in 2026.
Seven partners (the European Union, China, India, Japan, South Korea, Russia and the United States), representing over half the world population, are involved in the project that meets the opposition Greens. Time is running out for Brussels. Tired of difficulties, the United States plans to reduce 40% of their financial contribution to the project and other countries could follow suit. The Commission hopes to resolve the problems of the project's contribution today and in the other two European meetings on 21 and set June 25
In the Murdoch family, there is first a father, Rupert. The famous media magnate owns Newscorp, the Australian giant which owns among others the Fox television network, Twentieth Century Fox studios and newspapers The Wall Street Journal and The Sun.
Then there is the son, or more precisely the fourth son of Rupert James, now considered the likely successor to his father as head of News Corp.. Teenager James was known for his rebellious streak: bleached hair and piercing in the eyebrow, he distances himself from the family way, left Harvard in 1995 and created a hip hop label, Rawkus. After three years, the company, which generates an annual profit of 2.5 billion, was acquired by the company of Dad. James, suddenly sobered, is back in the family fold.
He became head of operations at News Corp. Internet without much success, then the satellite television network that makes Asian StarTV beneficiary. In 2003, his father appointed him director general of the British operator of satellite TV BSkyB.Quelques years later, he left his office to become chairman of BSkyB. James needed so as the most likely heir to his father. The two men are close, they called even daily according to the BBC. The Financial Times also reported an incident in April when James Murdoch, furious, entered the premises of The Independent in storming the cons of a newspaper stating: "Rupert Murdoch does not decide the outcome of the election – it is you who will.
Battle between BSkyB and News Corp: James is at odds
Today, James Murdoch is in a difficult position, combining the positions of chairman of BSkyB and Director of European and Asian operations of News Corp. payday loan. The group led by his father now wants to take full control of BSkyB which it already holds 39% shares. Last week, Newscorp has offered to buy the remaining shares at a price of 675 pence per share. It has raised its offer on Tuesday by offering 700 pence per share. The cost for Ruper Murdoch thus amounts to 7.8 billion pounds (about 9.4 billion euros), valuing the entire company at 12 billion pounds (14.5 billion euros) .
BSkyB has however rejected the offer, saying it significantly undervalues the company.In a statement, the British operator admits however that "an offer from News Corp. could serve the future interests of its shareholders" but said he would only accept a superior offer to 800 pence per share.
According to the Financial Times and the Daily Telegraph, James Murdoch would be steering clear of discussions of the board of BSkyB's offer of his father. The FT noted that "take full control of BSkyB would strengthen the business of James Murdoch is the corner of the empire his father knows best as a former CEO of satellite operator.
Following the announcement, as BSkyB jumped to the London Stock Exchange: just before 15h, action gained 19.40% to 717 pence. This surge up the operator above the purchase price offered by its parent.
The Paris Bourse is expected to continue its momentum from last week. Although nothing is played, far from it. But in recent days, the indices seem more determined to resume the upward path. Trading volumes – including the Paris Stock Exchange – have been more included. On Monday, futures are traded in Paris more than 1.10% at 3582 points. If the increase is confirmed, it would mark the fourth straight session of gains, that we have not seen for a long time.
On Friday, the CAC 40 gained just over 1% to just over 3555 points. On Wall Street, the Nasdaq has also allowed U.S. markets finished the week on a positive note.
After the month of May especially murderer for the whole compartment, investors believe that European markets are undervalued and therefore, that good things are done.
On the foreign exchange market, the strengthening of the euro was confirmed this morning – it is trading at 1.2183 dollars against 1.2077 on Friday. The euro is closer to $ 1.22 in the wake of the stock market, and good resolutions are shown in deficits on both sides of the Rhine, pending the meeting between Merkel and Sarkozy, this evening after the meeting you missed last Monday .
Values follow
Club Med
The group has announced the official name of the Chinese investor who took 7.1% stake in the leisure group, the group Fosum.
Societe Generale
The bank puts his hand on the CMS for a peuplus 870 million euros.An operation that was in the pipes for several weeks and was formalized this morning before the opening of the Parisian market.
Axa
The insurer has confirmed the sale of part of its life insurance business in the United Kingdom. The buyer, the group Resolution, is prepared to pay 3.3 billion euros to get their hands on this activity. Axa will keep activities damage, life insurance and individual savings.
Renault
The automaker is expected to benefit from information delivered over the weekend by its Russian partner Avtovaz plans to return to the green this year after heavy losses in 2009. The first constructor Russian head out of the water, enjoying the scrappage.
The event is sure to attract fans. The Aston Martin led the most famous British spies in the movies "Goldfinger" in 1964 and "Operation Thunder (Thunderball) 1965 will be offered at auction in London next October 27. The highlights of the annual event "Automobiles of London" jointly organized by RM Auctions Canadian houses Sotheby's and Britain, the DB5 driven by Sean Connery – James Bond aka 007 – is an over-equipped model.
It has indeed all the gadgets invented by "Q", the famous scientist in charge of research and development office of MI6 in the series.The purchaser may then take the machine gun that shoots more bullets for security reasons, swivel plates, spreaders with nails, oil, smoke, a sunroof and other shield bulletproof … The car has undergone a thorough technical inspection after several years without moving, can reach speeds of 230 kilometers per hour thanks to its 282 horsepower.
$ 12,000 in 1965
Praised by Aston Martin for the production company EON Productions during the filming, the shooting star was subsequently bought by American radio host Jerry Lee. He then paid $ 12,000 – about 9800 euros to acquire the DB5 and the famous plates "FMP 7B" internationally known.
The sum should be widely exceeded at auction in October, the proceeds will go to the charity of the current owner who works against insecurity and crime. RM Auctions think that auctions should exceed 3.5 million pounds (4.2 million euros). Christian Huet, an expert in car collection of the National Alliance of Automotive experts estimate the high court. Such sums are reached only by him on sales of car racing, and when museums are buyers. Recently a Bugatti Atlantic has been acquired for more than 20 million euros.
"An Aston Martin DB5 is generally estimated at around 200,000 euros. This version accessorised could be at least double or even 450,000 to 500,000 euros, "said the expert. A price he thinks warranted, and which the former James Bond car can be sold later."The fact it was sold in favor of an association could also drive up his price," admits also Christian Huet.