Live News

"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.

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

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 Zerg, Protoss and Terrans are back. The three races battling in the legendary game of real-time strategy StarCraft landed Monday on PCs around the world after twelve years of absence. Fnac des Champs-Elysees the game will go on sale 22 hours. The first version of this futuristic war of the worlds had sold 11 million copies.

The publisher Activision Blizzard (Vivendi) is certain: Starcraft II (sold $ 60) will also be a success. During a meeting with analysts, reports the Wall Street Journal, Bobby Kotick, chief editor, said that Starcraft II was one of the "seven pillars of opportunity" of his group. Each of these "pillars" should generate between 500 million and 1 billion dollars during his life.

If Activision Blizzard does not want to reveal the cost of developing new work, the game should be very profitable thanks to increasing revenue. Beyond the 60 euros of the sale price of the base game, players will be encouraged to buy add-ons (weapons, missions) throughout its progress in the game All this, via micro-transactions online.

"Captive audience"

The advantage? "This results in recurring revenues and customer becomes captive, publishers building online communities around their titles, decrypts Richard Beaudou, video games analyst at Natixis. "This model comes from Japan and invaded Europe in two years." Gross margin games designed on this model reaches 50%, against 15-25% for conventional.

The launch of Starcraft could however be overshadowed by a lackluster.Video game sales fell 6% over the first five months of the year in the United States, according to the institute reference NPD Group. Activision Blizzard executives remain confident. "StarCraft II will not fail to customers," he assured Bobby Kotick at the E3 video games fair in Las Vegas. "Several million people are still playing the first version of the game when it was released just over ten years."

Cows

Activision Blizzard hopes to replicate the success of World of Warcraft, Call of Duty or Guitar Hero, all blockbusters. These securities have become over time real cash cows, each new version is proving to be a commercial success.The latest edition of World of Warcraft and Call of Duty have enabled the group to see its turnover soar 33% in first quarter 2010, against the current market.

On Monday in early trading, Activision Blizzard title earned 1.54%, to 11.91 dollars at the NYSE.

Remy Cointreau will he a toast to celebrate the growth of its sales in the first quarter of fiscal year 2010-2011? From April to June 2010, the total turnover amounted in effect to 170.9 million euros, up 19.3% excluding currency effects (23.6% as reported) from Figures released on Thursday on the group's website. Off partner brands, sales totaled 149.7 million euros, increasing by 21.3% excluding currency effects (25.7% as reported).

The group attributes this success to "the effectiveness of its new distribution system [established on 1 April 2009, note], the strength of its brands and the relevance of its marketing investments."

The cognac and champagne up sharply

Remy Cointreau is pleased that the sales growth for all regions except Japan.

The group of wines and spirits enjoy the exhilaration of the cognac sector advancing by 37.7% organic. Remy Cointreau said the "very positive dynamic in China and in Travel Retail" adding that "the United States and Europe are also growing."

The champagne also rebounded 20.7% after problems at the end of last year. The group said that in Japan and Australia, growth is adversely affected by high inventories.

However, the sector Liquors and Spirits trouble restarting. He recorded a slight increase of 0.4% as reported and a decline of 3.4% excluding currency effects.

"Staying the course"

Remy Cointreau said that "in a still uncertain economic environment," he "stays the course with its strategy of long-term value," focusing on "development of its leading brands."

The group said it had "successfully issued a bond of 205 million euros in June last and benefit from the improved level of the dollar against the euro.

Farmer in Nizhny Novgorod, east of Moscow, is desperate Kassoumov Acker. This summer, because of the drought, "the grain of wheat could not germinate," laments the operator in front of cameras showing the chain Volga an ear of corn all withered. Result, the performance of his farm is expected to reach ten quintals per hectare instead of 28 quintals provided. As to the 210 acres of grass hay sown a few months ago, "they have been wasted," says Acker Kassoumov.

After a very cold winter and snow, this year Russia is experiencing one of the worst droughts in its history, as in 1972 when the USSR was forced to import wheat. In the Volga basin, but also in Siberia, the mercury rises, reaching 35 degrees for several weeks in Krasnodar (southern).In Ulyanovsk, 900 miles southeast of Moscow, only 200,000 tons of wheat should be harvested, against more than one million tonnes last year.

Nineteen areas in particular suffer from this episode extreme climate, mainly located in the southern basin of the Volga River where the water, whether drinking purposes or watering, is sorely lacking. "There is not a question of financial loss, but survival of peasants!" Has alarmed Skourikhine Pavel, President of the National Union of Producers of wheat, at a press conference Moscow. Many farms are facing bankruptcy payday advance. Given the urgency of the situation, the authorities of countries have expressed readiness to help these nineteen regions. Budgetary allocations will be granted at rates well below inflation (2% per year over five years).A total budget of 40 billion rubles is raised (about one billion euros), a figure corresponding to the amount of losses as assessed by the daily Kommersant.

Unlike their Western colleagues in such circumstances, the Russian agricultural officials are careful not to formally assign catastrophism, making sure to thank the Kremlin for their efforts.

Wheat prices soar

Professionals note in Siberia, a drought will resume wheat prices, to offset the fall in prices that occurred last year after a phase of overproduction. Prices were burning this weekend on U.S. and European markets for wheat, before a lull yesterday.

Subsequent events depend on the duration of the heatwave, which has experienced five episodes equivalents for 130 years.No meteorologist provides improvement in the medium term, however, but spread to the Far East of Russia. Whether in the Orthodox churches or the plains of Tatarstan Muslim, religious leaders pray for the return of rain.

Gold continues to mix with peaks. The yellow metal is still beating his personal best on Monday morning, closing at over 1265 dollars an ounce on the spot market, improving the previous record of 1262.50 dollars entered Friday night.

In Asian trade, the precious metal climbed to 1,265.07 dollars per ounce. Unheard.

Gold price over the past ten years.

Europe must move faster on the regulation of short sales. This is the opinion of Christine Lagarde, who yesterday called Brussels to "accelerate the work so we can have a coordinated position at European level". The Financial Services Commissioner, Michel Barnier, a device must submit by the fall, but Paris would like to see proposals from Brussels in July or later in September.

The idea being "that is not each other, here or there, tempted to keep up" with other countries that have already taken action on their part. "We will soon impose more stringent rules to harmonize the practices and tools for supervisors, install a coordinating framework for the supervisors, which is not the case today," says Michel Barnier to Le Figaro. The Commission is ready to offer this new framework "at the end of September," he insists.The French commissioner however said he will return to the supervisor of each country, given its assessment of the situation in its markets, to take measures of its choice.

This is precisely what comes to Germany. After banning short selling "naked" on the bonds in the euro area, on certain types of CDS – a contract of insurance against default risk – and the shares of ten financial institutions, Berlin went further yesterday by adopting a bill that extends the prohibition to all stocks.

Technical challenge

Short sales are sophisticated technical exchanges to sell shares they do not yet own, hoping to repurchase them at a lower price later, pocketing the difference. When they are "naked", the investor sells securities he does not even borrowed.The technique is challenged, because accused of encouraging speculation down. But the unilateral initiative of Berlin was cringe. Christine Lagarde has deplored the lack of coordinated European and ensured that Paris would not follow that path Berlin while recalling that France already bans on short selling certain financial stocks since 2008.

Berlin's position is criticized both in London and Paris. "There is certainly not a unanimous position" between the European regulators, "said Chairman of the Committee of European stock market regulators (CESR), Eddy Wymeersch. The framework will present Michel Barnier will solve only part of the problem. In terms of financial supervision, said it does in Brussels, "the Commission does not decide, she proposes.If the Council does not follow, it does not advance.

ALSO READ:

"Regulation: Barnier is urging states to act

"France divided on the naked short selling to

The World arouses much envy. Reportedly, a pair of French investors, the financier Pierre Berg? and Matthew Pigasse (boss of Lazard France) have already created an ad hoc finance their investment group Le Monde, which must find at least 50 million euros of fresh money by the summer. They could submit their applications before the end of June, when the direction of the World should submit details of its recapitalization plan to vote of its shareholders.

For its part, Le Nouvel Observateur has formalized its commitment Tuesday night to climb to the capital of the world which holds 1.75%. "Given the funding problems that arise, Le Nouvel Observateur can not remain indifferent and wants to contribute to a solution that preserves this independence," he said.Contacted yesterday, confirming The World "in talks with the group Nouvel Observateur, which is not the only one with which he pursues the talks". Spanish Prisa, a shareholder of 15.01% of the world, and L'Espresso have already expressed their interest in recent months.

The crisis in Greek and the euro area worry the president of the United States. "I am very concerned about what is happening in Europe," said Barack Obama during an interview Thursday with the Russian television channel Rossiya and released Saturday. The nervousness in global markets and the increasing concern of investors towards the debts of states caused by the Greek problem posing "serious threats" to the United States, "said Bush.

"I think the Europeans have realized that it was very serious. Greece takes measures very difficult in any case they have put in place a plan that calls for tough measures, "he acknowledged."If we can stabilize the situation in Europe, it will be good for the United States, and it will be good also for Russia."

Realizing the gravity of the situation, the EU should announce before markets open Monday morning, creating a "Community mechanism to intervene" to save the states on the brink of bankruptcy. The European Commission was working on an emergency this weekend to present a convincing ministers of the European economy, which meet on Sunday afternoon.

Reflecting the importance of time, Silvio Berlusconi, Italian Prime Minister, and Nicolas Sarkozy, have decided not to travel to Moscow for commemorations of the end of the Second World War. The French president also meet his ministers Sunday night about the crisis in Greece.

Nevertheless, the United Kingdom has indicated that he would remain behind."We do not want to participate in a European emergency fund," said a British diplomatic source told AFP on Sunday.

Week chaotic

European shares and U.S. were closed on very steep declines Thursday and Friday. Protests against the rigor enameled three died in Athens on Wednesday, and unexplained sudden fall of the New York Stock Exchange during the day Thursday and fear of contagion from the crisis in Spain and Portugal have marked one week chaotic markets.

The statements have increased in recent days to encourage European leaders to act. "We hope to see emerge a strong and rapid European response to crisis", said, quoted by Bloomberg, the Canadian Finance Minister Jim Flaherty, who hosted the G7 on Friday."We call for an answer as quickly as possible given the circumstances," insisted the Australian Minister for the Budget, Wayne Swan.

Some central bankers have started their Sunday meeting fortnightly at headquarters of the Bank for International Settlements (BIS) in Basel, Switzerland. The crisis in Greek and the fragility of the euro should hold the debates, which will include the present President of the European Central Bank, Jean-Claude Trichet.

The Greeks accept the rigor

Nearly 55% of Greeks prefer an austerity plan to bankruptcy, according to a poll published Sunday in the daily Vima. Over 56% are even willing to accept wage cuts. Contradictory result, however, the same poll found that 53% of respondents felt the need to continue to protest against the austerity of the Papandreou government.