Deutsche Bank moves ahead of the competition. While regulators meeting in Basel (Switzerland), this Sunday, have tightened their requirements for capital, the first German bank will increase its capital by at least 9.8 billion euros. Objective? Redeem the 70% stake in Deutsche Postbank lacks. In a statement, Deutsche Bank announced it will offer between 24 and 25 euros per share.
The German bank will reduce its dependence on investment banking activity, as recommended by the Basel Committee III. For this, Deutsche Bank plans to issue 308.6 million common shares at a price of 31.8 euros.The stock closed Friday at 47.70 euros, after losing about 5%, after the information from this capital increase was filtered.
The largest capital increase, Deutsche Bank
To consolidate this year Postbank, Deutsche Bank says it will reassess its current shareholding of 29.95%, which will incur a charge of 2.4 billion euros in the third quarter guaranteed personal loan approval. The bank also will conduct a repurchase of 3.1 million shares at the September 13 to September 16.
This capital increase is the largest that ever operated Deutsche Bank, and perhaps the biggest made in Germany since the 11 billion euros from Deutsche Telekom in 1999, according to Thomson Reuters data.
Last Monday, the German bank had revealed that the ten largest German banks, including Deutsche Bank, will raise 105 billion euros to meet the requirements of the new measures of solvency.
ALSO READ:
"The structures of banks are not quite healthy"
The year 2010 will be better than expected. Prime Minister Francois Fillon has slightly raised the forecast of growth of Gross Domestic Product (GDP) for 2010, "at least 1.5%, against 1.4% previously. "We should have a growth of at least 1.5% on …
Sanofi-Aventis will report there on Genzyme's offer? The rumor was picked up again after the U.S. publication DealReporter said Wednesday that the case was seriously considered. According DealReporter, affiliated to the Financial Times, the French pharmaceutical giant would have mentioned a new bid at $ 71 per share.
A spokesman for Sanofi-Aventis joined Thursday morning would not comment on the rumor. But the group said it intends to continue its discussions with Genzyme, "he says, recalling that the laboratory has released a takeover offer for the U.S. company specialized in rare diseases Genzyme August 29 for $ 69 per share. The offer, valuing biotech to $ 18.5 billion (14.5 billion euros), was denied by Genzyme which considers inadequate.
The DealReporter says that raising the price to 71 dollars per share "was circulated during telephone conversations between the two companies last week. In exchange, Sanofi-Aventis would make a "partial due diligence" that would enable him to obtain additional information on the accounts of Genzyme.
Citing sources familiar with the matter, the DealReporter said such a rise is not sufficient to ensure that Sanofi-Aventis access to accounts from Genzyme.
ALSO READ:
"Sanofi would be willing to increase its offer for Genzyme
"Genzyme is salivating pharmaceutical sector
In Brussels
A week after the breakthrough achieved on supervision, Europe barely move on the financial tax. If the principle of a levy on banks seems established, the idea of a levy on financial transactions – or Tobin tax – continues to raise doubts.
Proponents of the idea of taxing financial transactions, Germany and France have once again found Tuesday lack of consensus on the subject with their partners. "It's technically feasible, practically difficult, politically and financially desirable random," Christine Lagarde summarized the outcome of a meeting of finance ministers of the Twenty-Seven, in Brussels.Lagarde and her German counterpart Wolfgang Schauble, had written in July to the Belgian Presidency of the European Union to put the idea on the carpet, after the collapse of talks on the subject during the last G20 Toronto in June
Relocation outside Europe
Austria Tuesday reiterated his support for this initiative. Others were less enthusiastic. "We do not want new taxes on transactions," he assured the Swede Anders Borg. "This could be detrimental to revenue," he added, while expressing concern over a possible relocation of financial activities outside Europe.Sweden speaks knowingly to have been the unfortunate experience of a tax on financial transactions in the 1980s, established unilaterally and that caused a leak of the undertakings concerned payday loans.
In more measured terms, the Spanish Finance Minister, Elena Salgado, has also expressed its doubts on the subject, because of "great practical difficulties of implementation. The Commission itself has expressed reservations on the "feasibility" of this tax, in a preparatory document for Ecofin.
Coping is common but essential if France wants to bring this matter again when it takes the head of the G20, in November, and persuade the United States, Canada and China.In August, Nicolas Sarkozy had set ambitious goals for the presidency of the G20, by announcing three major projects (regulation of the commodity market, exchange market reform and global governance).
The tax credit is a subject more consensual, Europeans are agreed on the principle in the spring. But, again, differences remain on how and disposition of proceeds from this tax. France in particular refuses he is assigned to a resolution fund and requests that the proceeds go directly to the state budget.
The Commission, meanwhile, has made proposals on modalities, by requiring that the basis used is "the liabilities of the institution of deposits and capital, and that the fee be imposed by each Member State on institutions it supervises and its subsidiaries operating abroad.
ALSO READ:
"The debt crisis is coming to the Eurogroup
"The EU is working on the prevention of fiscal crises
The Budget Minister Francois Baroin visited Berlin two weeks ago, had mentioned that discussions were underway on the merits of the solidarity tax on wealth (ISF) and the tax shield. On the eve of the event promised by unions to challenge government policy, Claude Gueant, e Secretary-General of the Elysee, confirmed that management of the tax shield that limits taxes to 50% of its revenues – was "under review". Guests of the "Grand Rendez-Vous Parisien 1/The Europe, he said the wealthiest taxpayers could be asked to invest more in small and medium enterprises (SMEs).The President of the Republic Nicolas Sarkozy, believes that SMEs are the backbone of French growth, employment and restart thanks to them.
Exploring
Since 2007, the law and Tepa (work, employment of purchasing power), a first device already allows taxpayers to reduce the TFR from taxes in exchange for investment in small businesses. We must keep this goal that people who can afford to invest in France continue to do so in France and therefore continue to remain, "said Claude Gueant.
However, he did not want to give more details on a future device. "It was perhaps an avenue. I say this is a hypothesis that is under consideration, "said Claude Gueant unspecified.Sunday evening, Henry Gaino, special adviser to Nicolas Sarkozy, said on the Elysee iTélé wanted to upgrade the device at the margin. "We could consider the investment made by each recipient. Taxpayers could be forced to support SMEs to benefit from a shield.
Given the schedule, including this project in the finance law for 2011 seems difficult, however.
ALSO READ:
"Reflecting on the couple ISF-tax shield
"Sarkozy:" SMEs are the backbone of growth '
"" Funds ISF will have a year to invest in SMEs
ALSO READ:
The WTO wants to reform the world trade statistics
After the euphoria of Wednesday, the U.S. markets are more hesitant. On Thursday, the Dow Jones starts at equilibrium, up from 0.07% to 10,274 points, the Nasdaq is 0.02% at 2177 points while the S & P gained 0.09% to 1081 points.
Investors, who had relieved acueille unexpected, increase of the ISM manufacturing index yesterday also learn some good news surprise side of the job today. Entries weekly unemployment, against all expectations, declined slightly in the United States during the week to August 28, at 472 000 478 000 cons last week, according to the labor department.Economists had expected jobless claims averaged 475,000.
But at the same time, investors learned that nonfarm productivity had declined much more sharply than expected in the second quarter to post its sharpest decline since the third quarter of 2006. Productivity has contracted at an annual rate of 1.8%, instead of a contraction of 0.9% initially announced. Although expectations were counting on a decline of 1.9% over the period April to June, this review again cast doubts on the markets.
Still on macroeconomic, investors now expect industrial orders for July and the promises of home sales for the month of July.
Note that the foreign exchange market, the euro is up slightly against the dollar, but only to increase its gains amid anxiety before the monthly monetary policy decision of the European Central Bank (ECB) and on the eve the very important report on employment and unemployment in the United States. The European currency traded at 1.2824 dollars against 1.2807 dollars late Wednesday afternoon.
Burger King flies
On the side of values, the automotive sector should stand today. The month of August has actually been the worst for U.S. auto industry since 1983. Sales fell 21% to 11.47 million vehicles.Ford Motor (0.53% to 11.67 dollars) has reported a sales decline of 11%. General Motors, which is preparing an offering of securities to reduce by nearly 61% of the state capital, reflecting a drop in its sales by 25%.
Always on the side of values, the U.S. computer giant Apple (-0.18 to 249.87 dollars ù) has unveiled the updated version of its iPod portable should be very surrounded. The Apple brand has also significantly lowered the price of its Apple TV boxes, for playback on a television screen high definition video from a computer.
According to CNBC, Burger King (23.30% to 23.26 dollars) will be acquired by Capital 3G priced at $ 24 per share. The transaction is valued at a total of four billion dollars (3.12 billion euros).
Warren Buffett has filed a formal offer to repurchase its Berkshire Hataway (+0.11% to $ 81) of 19.9% stake it does not already own in Wesco Financial (0.94% to 34.31 dollars).
General Electric (unchanged at 15.01 dollars) and Westinghouse Electric (-0.42% to 361.46 U.S. dollars) could spend ten billion dollars (7.8 billion euros) in total to build two nuclear reactors in India , the Financial Express reported Thursday. Citing unidentified official sources, the newspaper said the two projects are being finalized in preparation for the planned visit in November, U.S. President Barack Obama.
HP (+0.38% to 39.36 dollars) announced Thursday it had raised its takeover offer for 3PAR (5.27% to 33.77 dollars) to $ 33 per share, valuing the company Storage Data to 2.4 billion dollars.This announcement follows the increase in supply pa Dell (-0.87% to 12.01 dollars) which offers $ 32 per share. 3PAR has responded by stating that the offer was superior to HP and that he intended to break its previous merger agreement with Dell.
Morale is extremely high at Vivendi. The group of media and telecommunications has indeed raised its forecast for 2010 in the wake of the publication of interim results better than expected.
Vivendi is now, for the entire fiscal year, "adjusted net income higher than last year, 5.39 billion euros, before a planned maintenance of its adjusted net income. Moreover, management now expects "growth in adjusted operating income", he anticipates a "slight growth" in the figure above.
The boss of the group, Jean-Bernard Levy, said the renewed optimism by "excellent operational performance" of the three recent acquisitions GVT, Activision Blizzard and SFR fixed. The group has "raised the prospect of each of them."The officer added that "TVG is this year and in the future, a significant growth driver and we are accelerating investment. The result shows an affiliate growth and profitability "very top of the business plan of acquisition," said Vivendi. Vivendi has raised the forecast of the Brazilian fixed phone operator now anticipating an increase of 34% of its turnover and 44% of its adjusted EBITDA, and 35% against 29% previously.
Increase in net profit for the half
Another reason for satisfaction, the group unveiled interim results above expectations. Adjusted net profit stood at 1.53 billion euros, up 4%, while analysts expected a slight decline. Vivendi also recorded a net profit of 1.267 billion euros against 1.188 billion in first half of 2009.The adjusted operating profit (EBITA) up his part of 11.9% to 3.24 billion euros, against 3.11 billion expected by professionals. The group was supported by the results of its video game subsidiary of Activision Blizzard and those of French telecoms operator SFR and GVT Brazil.
As for revenues, it amounted to 13.9 billion euros in the first half, up 4.8% at constant exchange rates, while analysts had forecast on 13760000000, by consensus quoted by CM-CIC Securities.
In addition, the group said it will pay a dividend of 1.40 euro per share for fiscal 2010, as he did in 2009.