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"Emerging markets are driving growth of the group," said Pierre Pringuet, CEO of Pernod Ricard, the antenna of the radio BFM on Wednesday. Indeed, in 2009/10, whose results were presented this morning, the group's operational performance has been particularly supported by those countries. The specialist wine and spirits show an operating profit of 1.8 billion euros, down 3% but up 4% in organic growth, with organic growth of 14% in Asia and the rest of the world "resulting from Martell particular dynamism in China and local brands in India, the upturn in South Korea and Duty Free markets and strong growth in Africa and the Middle East," says the direction. Conversely, the "Europe excluding France was the region most affected by the crisis with a decline in profit from recurring operations of 3%, said Pernod Ricard.

The leader has said that the group strategy in emerging markets has paid off. Contrary to some distributors, the group has backed the development of its brands 'premium' in those countries where else put more emphasis on products at low costs. However, Pierre Pringuet, said that "the premium brands are spared the game" with growth twice as large.

But overall, the results published by the group are slightly below expectations. The French group announced a net profit of 951 million euros, up 1% for fiscal year 2009-2010 (ending June 30th). As for turnover, it was 7.1 billion euros, down 2% but the growth amounted to 2% payday loans.

Moreover, the average cost of debt was 4.3% throughout 2009/10, up from 4.8% recorded over the previous year. Based on current interest rates, the target for the year 2010/11 is to maintain the average cost of debt at a level below 5%, said the group, which has not communicated earnings prospects for its next fiscal year.

Objectives: Debt Reduction and Development

Management has stated that "his priorities are the development" of its flagship brands, as well as "pursuing a sustained level of marketing investment and debt relief group, in the words of Pierre Pringuet.The Chief Executive, has stressed this morning on BFM radio that the two group's goals for the year have been achieved: "We had two objectives: to reinvest in marketing, what has been done since the expenses marketing has grown twice as fast as revenues, and defease the group, pushing the ratio of debt to cash flow to 4.9.

Pierre Pringuet also puts forward "the return to normal policy of dividend distribution group." He promises that, once again, "one third of the dividend will be distributed" after the unit was exceptionally low last year "because of the financial situation". The dividend will reach EUR 1.34 per share, therefore, under 2009/10.

In early trade, as the market declined more since the action lost 1.2% against a decline of 0.6% for the CAC 40.

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For the first time since 1980, the number of three public (state, territorial and hospital) have stagnated in France in 2008. Specifically, they rose only 1800postes. From never-seen since 1980. At 31 December 2008, according to report data annually on the Public Service published yesterday, the Hexagon were almost 5.3 million employees, or 20.5% of total employment, and 656,000 more than a decade ago.

The virtual stagnation of 2008 is largely to the credit of the state civil service has continued to decrease in population from 2006. It has eliminated 77,000 jobs last year, including through non-replacement of a staff of two who retire and to continue the policy of transfer of powers to local authorities. This represents a decline of 3.1% of its workforce in a year.France, employs 2.4 million civil servants, 69.5% and 14.1% of holders of soldiers. This total is 1.4% lower than in 1998, representing a decline of nearly 35,000 agents in a decade.

The numbers have declined in 2008 across all departments, with the exception of Justice and the prime minister. The portfolios of Education and Ecology have been most affected by the cuts with cuts respective 43,000 and 23,000 agents. Finally, almost a two-state official now works in education, one in five of Defense and Interior to eleven.

2328euros per month for a state agent

Another finding of the report 2009-2010 on the state of the public service: local authorities have continued to recruit with a vengeance with nearly 70,000 new jobs in 2008.The local civil service now employs 1.82 million people. A total of 3.9% higher than in 2008 and, especially, a surge of 40% compared to 1998. This dramatic increase is partly related to the second law of decentralization occurred in 2003. The regions – which employs only 4% of all local officials – have been particularly intensive public sector jobs as they saw their numbers jump over a decade, from 22.5% on average each year and even 49% per year since 2005. In more than one in four cases, recruitment occurred three years prior to 2008 had nothing to do with transfer of responsibilities from the State.

The public hospital has, meanwhile, was more reasonable since the increase of its workforce in 2008 was four times lower than that of local authorities: 1% over one year or more 10000agents.At December 31, staff of public hospitals accounted for approximately 1 million people. Those numbers have increased, on average ten years, 1.8% each year.

Pay later, an officer of the state received an average of 2328 euros net per month in 2008. An increase of 3.7% in current euros a year and 0.9% after allowing for inflation. Territorial Agent earned nearly 600 euros less and a hospital, 150. In both cases, the territorial and hospital officials have seen their wages decline in net income a year, by 0.6% and 0.1% in constant euros.

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Wall Street opens very cautious on Monday, before the employment figures expected later in the week. At the opening, the Dow Jones 0.1% to loose 10143 points, the S & P drops 0.19% to 1063 points and the Nasdaq, 0.42% to 2145 points.

Before the bell, consumer spending rose more than expected in the U.S. in July. Consumption has picked up 0.4% yoy compared to June It's better than the expected by analysts, who had estimated the consumption growth to 0.3%, according to their median forecast.Spending growth has outpaced that of household income since, according to the ministry, they are divided up by 0.2%, after virtually stagnating in June

On Friday, the NYSE had ended up, apparently reassured by the downward revision in less severe than expected U.S. growth in the second quarter U.S. GDP in fact increased by 1.6% in the second quarter cons expected 1.4% recently, but against 2.4% expected in the first estimate.

Despite a speech by Ben Bernanke at Jackson Hole somewhat mixed, the U.S. stock market saw on Friday, the Dow Jones climbing 1.6% to 10,150 points and the Nasdaq 1.6% to clinch also 2153 points.

Responsible economic news this week

On Tuesday, it will house prices and economic activity in the Chicago area in August and, finally, the consumer confidence that will be published. Wednesday, Thursday and Friday will be dominated by the particular job, with, successively, the ADP employment figures, entries weekly, and finally figures of unemployment and employment in August.

Waltz of mergers and acquisitions

On the corporate side, the spectacle of mergers acquisitions poursuit.3Par (-1.45% to 31.99 dollars) soared 25% to 32.5 dollars on Friday night.As for his suitors, HP (2.32% to 38.88 U.S. dollars) has increased its prices by 3 27 to $ 30, Dell (0.53% to 11.95 U.S. dollars) has aligned its offer Friday morning over $ 27 No fax cash advance.

The German manufacturer Infineon Semiconductor announced Monday the sale of his division's wireless, which makes components for mobile phones, the U.S. Intel (-0.82% to 18.22 dollars) for 1.4 billion (nearly 1.1 billion euros).

The CEO of Sanofi-Aventis, which formalized Sunday his intention to acquire U.S. biotech Genzyme (3.95% to 70.29 U.S. dollars) to $ 18.5 billion, said that "a lot of time can still drain "by launching a bid, in an interview with Voices dated Monday.

Sanofi-Aventis announced on Sunday a proposal for acquisition of U.S. biotech group Genzyme for a price of 69 dollars per share, totaling $ 18.5 billion (14.5 billion euros).But the board rejected on Monday unanimously the proposed terms.

The Indian government was to meet Monday officials from the Canadian manufacturer of BlackBerry (RIM) to try to break the deadlock over access to encrypted data from the phone, on the eve of the ultimatum on the blocking of two services mail.

French insurer Axa has reduced by almost half its share in the prestigious U.S. investment bank Goldman Sachs (-0.17% to 139.52 U.S. dollars), the center of criticism for his role in the Greek crisis, according to documents the regulatory authority of the U.S. markets (SEC).

The U.S. industrial conglomerate 3M (-0.8% to 80.35 dollars) on Monday announced the acquisition of Cogent group (19.35% to 10.64 U.S. dollars) to over 900 million dollars (708 million euros ), which represents a premium of nearly 18%.3M will pay $ 10.50 in effect by title Gogent, which posted a closing price of 8.915 dollars Friday. The transaction should be completed in the last quarter of 2010.

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After the low-fare success (Dacia Logan), the self-proclaimed "cheapest car in the world" (the Tata Nano), here is the ultra-low-cost Avtovaz. The Russian group, 25% owned by Renault, will launch in late 2011 a new model, the Granta. It is primarily for Avtovaz to appoint a successor to its ancient Lada Classic, which dates from 1966. Replica of the Fiat 124, the Lada is still the second best selling car in Russia, with its sole asset prices: 170,000 rubles (4,300 euros).

Avtovaz does not leave this market segment to competition from China or India. Granta is sold 220,000 rubles (5,600 euros). A price that is far below that of a Logan entry-level, hence the idea of the ultra-low-cost.

The rest is a matter of industrial process and sharing platform, the concept dear to car manufacturers and enabling them to lower their production costs.The Granta benefit from the platform of the Kalina, a model launched in 2004 which has not met with great commercial success. "Renault has helped teams Avtovaz to improve the quality of its models," said a spokesman for the French group. In addition, Avtovaz build its new city (of a size comparable to a Twingo) in its factory in Togliatti, 1,000 kilometers from Moscow, where labor costs remain low.

Tomorrow, the export?

For the Russian manufacturer, it is not missing the boat. This will be the first model launched by the "new" Avtovaz. However, the group really need to burnish his image and give it a quick facelift.

The Granta is primarily intended for the Russian market. But, like other Lada, it may be exported. "Renault will use this model was not defined e ', do you know in French. Everything is possible.Includes entry into the Western market for a new model even cheaper than Logan (7,600 euros in entry-level, excluding promotions).

Through Avtovaz, Renault approaching the threshold of new symbolic price of 5,000 euros which had underpinned the launch of the Logan, they are not reached by the group. For now, only few Chinese manufacturers and Avtovaz succeeded. In other words, there is no new car, responding to Western standards to 5.000 euros. The Granta could come fill this gap.

Other models of the group will soon be built at the factory in Togliatti. Beginning in 2012, adapted versions of Logan Lada station wagon and van will be manufactured, followed by Nissan, Renault and then two. A location of production that overcomes the prohibitive tariffs imposed by the Russian government.

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The rebound from last night seem to be prolonged unless the unemployment figures contradict. Around noon, the index futures Standard & Poor's 500 and Nasdaq 100 advanced 0.27% to 1057.40 points and 0.27% at 1794.5 points. The Dow Jones itself could open up 0.22% at 10,069 points.

Yesterday, Wall Street's rebound has been sketched primarily due to buying cheap and the results of Toll Brothers and American Eagle Outfitters, welcome. The Dow Jones climbed 0.20% to finally 10 060 points, while the Nasdaq took up 0.84% to 2142 points.

The U.S. Department of Commerce on Wednesday, new home sales in the U.S. for the month of July 2010 have yet to set seasonally adjusted rate of 276 thousand units, the lowest in history, against a consensus site close to 340 thousand.Orders for U.S. durable goods for the month of July 2010 have certainly increased 0.3%, but the consensus was expecting 2.5%.

Jobless claims Thursday, Friday and GDP

If new jobless claims expected today will likely affect the opening of Wall Street, prompting him to be careful, tomorrow, Friday, the indicator most crucial will be unveiled: the second estimate GDP growth in the second quarter.This risk, with a sharp drop early in the indices plunge into turmoil.

On the corporate side, Ford could respond to a current size: the two groups comes as U.S. automaker to announce, with the Japanese Mazda, an investment of 350 million dollars (273 million euros) via their joint venture AutoAlliance Thailand (AAT), for the equipment of a factory in Thailand pick-up of new generation.

Wal-Mart Stores, has asked the U.S. Supreme Court to stop a massive partnership action brought by female employees, court documents show Wednesday.

Novell Inc. will release its results after market. And Tiffany, in the night.

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Droughts and fires will they bring Russia to its knees? The Russian government admitted on Tuesday that recent weather events will cost between 0.7 and 0.8 growth in the country. Without this unprecedented heat wave last half-century, the Russian economy would have increased from 4.4 to 4.7% in 2010, according to a first estimate unveiled by Economic Development Minister Andrei Klepach. The final cost of these disasters should be known in November.

"The extreme heat and smoke from fires have forced businesses to close their plants or reduce their production schedules," according to economists at HSBC payday advance lenders. "The productivity of those who have maintained their production has declined considerably." These climatic events were particularly affected the agricultural sector. Wheat production is expected to drop by and third.What make analysts more pessimistic than the government: they think the heat wave is expected to cost a point of growth.

Russia, however, had started the year well, with a growth rate of 2.9% in the first quarter and 5.2% in the second. "In the third quarter, the activity should be particularly weak and a scenario of stagnation can not be ruled out," HSBC economists said.

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The Paris Bourse started the day on a slight gain: 0.31% to 3536.95 points. In London, the FTSE was up 0.30% to 5211.05 points in early trade. The German Dax climbed 0.20% to 6017.19 points.

Markets are still clinging to macroeconomic announcements, only able to move the index in August. On Monday, the Institute has unveiled a Markit composite PMI index in France to 59 points in August against 59.7 in July. This is its lowest level in five months. The services PMI index stood at 59.9 against 60.5 expected and 61.1 in July.For its part, the manufacturing PMI stood at 54.7 against 53.4 expected and 53.9 in July, its highest in two months.

The rest of the week promises to be loaded including unemployment figures in France in July (Wednesday), the new home sales and durable goods orders in July in the U.S. (Wednesday) and weekly entries to unemployment overseas (Thursday).

The hesitation may yet be well on the markets on Monday. After closing largely under the 3600 points on Friday, down 1.30% net, the CAC 40 should be difficult to get out of the red zone. With two weeks of decline, Wall Street does not give signals of optimism. For their part, Asian markets are very hesitant, juggling between gains and declines for several sessions.At the Paris Bourse, the key index also remained febrile throughout the week, erasing gains from one month to return to its levels of July.

Note that the side of currencies this morning, the euro is still on track against the dollar. He won 0.12% to 1.2714 dollar.

Values follow

Until the weekend, charged in half-yearly publication, the day of Monday is quiet on the side advertisements.

Brussels plans to dismiss the complaint against the French state by telecom operators Orange (France Telecom: 1.27% to 16.30 euros), SFR (Vivendi: 0.06% to 17.66 euros) and Bouygues Telecoms (-0.37% to 32.43 euros) in the allocation of the fourth 3G mobile license to Free (Iliad: 0.25% to 68.59 euros), La Tribune reported Monday.

GDF Suez (0.46% to 25.09 euros) is interested in acquiring sites for storing gas sold by Exxon Mobil and Shell, valued around one billion euros, according to a report in Le Figaro on Saturday.

Carrefour (-0.22% to 35.67 euros) will launch a new concept of hypermarkets to address the erosion of its customers.

The absence for several days, any public information on the new presumed interest of Sanofi-Aventis (0.73 to 45.30 euros ù) for American Genzyme could mean that both sides have begun discussions, says Geoffrey Porges, an analyst at Sanford Bernstein

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Wage discrimination between men and women has been the subject of numerous reports. That between heterosexuals and homosexuals had never been studied. Until today. Two economists from the University of Evry have considered this matter and found a gap of 6.5% on average in the private sector and 5.5% year on public Liberation reported Saturday. A result based on a sample of 904 cases.

This difference was found "all things being equal", the newspaper said, that is to say, qualifications and duties equal, in businesses of similar size, etc.. "After dismissing all the biases that could distort the results, we arrive at a pay gap is said unexplained", explains Thierry Laurent, co-authored the study with Ferhat Mihoubi. Only males are affected by this discrimination. The lesbians do not suffer any apparent loss of wages "unexplained".

This discrimination does not affect all gays with the same force. The less educated and the young could be less discriminated against, while the widening gap with the qualifications and experience. As a percentage of the "visibility" of an employee within the company, analyze the two economists. The young staff are more secure, with little "visible" for competitive examination.

"Marriage premium"

The results of the study are close to the observed differences in wages abroad, but it must include "marriage premium" observed in France. A married man will win because on average 4% more than a single. Homosexuals can not have access to marriage, they are doubly penalized.In the U.S., according to a study published in October 2007 and based on the study of 91,000 cases, a gay employee earns an average 23% less than heterosexual married counterparts.

In France, these wage differentials are explained, the two authors argue, by homophobia. "A CSA poll conducted in March 2009, said Liberation, revealed that 28% of private sector employees do not feel" very comfortable "with the fact that their colleague is gay.

The acquisition by Sanofi-Aventis Genzyme will Does the operation of the summer? Sanofi-Aventis, Genzyme would have sent a letter mentioning his interest in the company, according to a source close to the deal relayed by Reuters, adding that the two companies were discussing the offer.

According to the agency, the proposed acquisition would be valued around $ 18.4 billion, or $ 69 per share. For several days, analysts forecasts of competing on the amount of the bid. The Wall Street Journal, the offer of French would be between 67 and 70 dollars per share valuing the American between 17 and 18.8 billion dollars.

Genzyme is not ready to accept an offer below $ 80 a share. But analysts said Sanofi-Aventis could make a first offer around $ 70 per share to acquire the U.S. biotech. What it would raise its offer to $ 80.A price for analysts remain quite tolerable for the French group. Quoted by Reuters, one analyst said that "70 dollars would be a first offer" and that "at $ 80 it remains a good deal for Sanofi. Same story for another sector specialist who believes that $ 80 "operation creates value in three years that will follow."

Sanofi single buyer under Citi

As for Citigroup, estimated that Sanofi will likely be the only buyer of American specialist on rare diseases and will pay between 74-77 dollars per share, or 19.7 to 20.5 billion dollars (15.0 to 15 6 billion euros). They add that the French lab could launch a hostile bid if Genzyme resists and present its offer directly to shareholders.He continued: "shareholder Relational Investors, Carl Icahn, who hold respectively 3.8% and 4.9% from Genzyme, could be satisfied with an offer around $ 75 since they bought at 61 and 54 dollars. In fact, an agreement would be accretive to $ 75 4% in 2011 and 13% in 2013 for Sanofi, analysts have calculated the Citi.

At Raymond James, Eric Le Berrigaud doubt that "70 dollars is sufficient. Starting at $ 70, is ready to go up to 80 dollars, "he notes. "And at 80 dollars it is not certain whether all the guarantees of success because it is about the level or action Genzyme was before its production problems. The biotech has indeed experienced last year a series of production problems on its sites in the United States, which continue to weigh on its business.

A fourth analyst insists that Sanofi is expected to launch its bid for Genzyme even if it does not create value for the group's objective is to increase its earnings per share. "For the operation to bring value, it should pay less than $ 70 per share, or about 64 dollars," he says. "If Sanofi launches operation beyond, is that the group favors a financial logic in the short to medium term to close down its results and not the logic of value creation."

Doubts to find a "white knight"

Sources familiar with the case, it said last week that Sanofi had sent a letter to Genzyme with the terms of its offer. This offer would be "friendly" at first but may become hostile if necessary.

The Board of Directors of Sanofi would have authorized an offer of 18.7 billion dollars.But Sanofi has financial guidelines allowing it to raise its offer, that is to say, bring it to more than $ 70 per share. The experts, anyway, doubt that Genzyme is a "white knight" to deal with Sanofi.

Meanwhile, as Genzyme was trading late Monday to end at 70.36 dollars, up 1.15%. In exchange after exchange, the title earned more than 2% to just under $ 72. Since the early rumors, Genzyme shares gained 38%.

The first 100 French advertisers have invested 5.4 billion gross in the first half of 2010. This amount represents 42.3% of cross-media advertising investment, according to the barometer "Top 100 Advertisers' of Kantar Media Institute.

Automaker Renault leads the standings with 224.1 million euros invested in the rough period before Peugeot, whose communications budget reached 175.5 million euros. With Citroen (149.4 million euros) in fourth place, behind SFR (150.8 million), the automotive sector accounts for one quarter and investment in this top 100.

Of all the advertisers, the consumer sector, which forms the bulk of the advertising market with a 21% investment.The Unilever and Procter & Gamble are ranked at the sixth and eighth in the standings, with 145.2 million and 118.1 million euros invested since the beginning of the year.

Television is the medium of choice for these trucks communication, absorbing 43% of their advertising investment, before the press (19.2%), radio (15.4%) and Internet (12.5%).