Live News

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.

Now you are not supposed to compromising with your needs just lack of few funds as payday loans are available to you.

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%).

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.

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.

Greater China specialist, Stephen Green spoke yesterday at the Treasury Conference on Europe-China relationship.

LE FIGARO – With a CEO who has just moved to Hong Kong and a proposed listing in Shanghai, is this the year of homecoming for HSBC?

Stephen Green – It has been four years since we started this movement to Asia, but it is true that the transfer of Michael Geoghegan office in Hong Kong earlier this year, marks a significant milestone.

When do you hope to enter the Shanghai Stock Exchange?

We expect the Shanghai Stock Exchange opens to foreigners. This process takes time. Let the Chinese authorities to develop policies and adapt the rules.It is unlikely that we can go public before the end of the year.

HSBC would be the first foreigner to be quoting in Shanghai?

We'd love to, but we're not the only candidates. There is also the ranks of major manufacturers with significant operations in China.

Why this rating?

This shows our long term commitment to China. The capital raised also fund our development in the country. This occurs on one side through our partnership with Bank of Communications, China's fifth largest bank, which we own 19%. We have a very important joint venture in the field of credit cards. Our development is also through our own network we want to expand. We have recently opened our hundredth agency and we would like to be present in all Chinese provinces.We need capital to finance not only our physical development but also to lend to small businesses in China.

The Chinese regulator urges domestic banks to better manage their risks. Is this a danger?

The overall outlook of the Chinese economy are excellent. The growth promises to remain strong for many years, with the aim to extend development to the west. In this context, banks have an important role in financing. As everywhere, there will be bubbles. But for ten years, banks have greatly strengthened, both in equity but also in ability to control risks. I am not worried about how the Chinese banking system operates.

What is the step after?

The main challenge for China is in the creation of a large debt market.For now, Chinese companies are financed through banks or equity markets. They will need an efficient debt market.

Do you fear the new prudential standards Basel 3?

The G20 meeting in Toronto next week, will be important. I observe a growing awareness on the part of governments that reform can not be applied in the calendar originally proposed. It takes time. It is essential that regulators calibrate the measures taking into account their impact on the real economy. If the device was applied as such, the banking system should recapitalize by much too important.

The tax on banks you worried she also?

This topic is joined in the previous because they threaten the profitability of banks. Some have generated returns of nearly 30% that were not sustainable.But, conversely, governments and regulators should realize that if banks are no longer sufficiently profitable, it attracts more private capital. And therefore, they can no longer finance the economy.

What is the minimum rate of return?

It is estimated that the cost of capital for a bank is around 10 to 11%. Therefore a return above this level.

ALSO READ:

"HSBC recruits in the lecture halls of schools

"HSBC is expanding its offering for affluent

Act II, Scene 1. The projectors, which have attracted the eyes of the world on the "Greek tragedy", saw to the west and now targeting Spain. There have been rumors in trading rooms on Tuesday, saying that Spain could seek some 280 billion euros at the International Monetary Fund (IMF).

"The information here is running, but nothing is certain yet. In any case, it is expected that the notes of Spain has deteriorated, "said a trader at Soci?t? G?n?rale. A spokesman for London, however, Fitch assured Tuesday that the rating agency confirmed the AAA rating of Spain, and its stable outlook. Standard & Poor's downgraded the rating of Spain last week.Other major rating agency, Moody's does not express recently.

Given these speculations on a possible deterioration of the Spanish note, wins the Madrid Stock Exchange on Tuesday, from 3.2% to 12.30, approaching the bar dangerously technical and psychological 10,000 points at 10,090.1 points. Mid-April, the Ibex index of 35 largest market capitalizations Spanish trading at over 11,500 points.

Soaring interest rates Greeks did not leave the choice to Athens. Greece today called the release a device with the European Union and the International Monetary Fund (IMF) said the Greek Prime Minister George Papandreou. A solution to which it had previously refused, but reimbursement by the May 18 deadline for a $ 8.5 billion was forced to act.

It is now "a national need," said George Papandreou on live television."Our partners will take steps to offer a safe haven for help to put our ship afloat (…) and send the message to the markets if the Union does not play and it protects the euro."

The joint assistance of Europeans and the IMF consists of a loan of around 45 billion euros at a rate of about 5%, including 30 billion for member countries of the European Union and about 15 billion of IMF.

The area countries are taking their laws to release the funds. France has indicated Wednesday it was ready to grant 3.9 billion euros. In Germany, the situation is much more complicated. The government of Angela Merkel faces a strong challenge to the public.

Three events have accelerated the decision of the Greek government in recent days.Since the beginning of the week, interest rates on debt Greek continue to break records, preventing use of the Athens market in the near future. On Thursday, the European Institute of Statistics, Eurostat, has revised upward the Greek budget deficit for 2009 and reiterated his doubts about the national statistics. Finally, in the process, the rating agency Moody's downgraded the rating of Greece.

The markets reacted positively, the Athens Stock Exchange (Athex) was up by midday Friday, gaining 3.77%. By late morning, London gained 0.93%, Paris and Frankfurt 0.82% 1.25%.

More to come …

See also:

"SPECIAL CASE – Greece, a challenge for Europe

It took two peaks and a half-dozen ministerial appointments, but the sixteen countries of the euro are finally able to determine in detail the safety net for Greece. The European system, officially operational since Sunday, includes up to 30 billion euros in bilateral loans to an interest rate target of about 5M for a term of three years.

"Until now, the Sixteen had taken decisions in principle, we now show that there is money behind," said Jean-Claude Juncker after a video conference involving Ministers Euro zone finance. "All the tools are in place and operational immediately," said Olli Rehn, European Commissioner for Economic and Monetary Affairs.

Athens has not yet decided to use this financial plan. But it was time to measure reliability.Greece, seriously diminished his credit, is to resume tomorrow's Calvary borrower, raising 1.2 billion of Treasury bills at six and twelve months. Repeatedly announced but never detailed the mechanism difficult to convince the markets for two months. The litmus test is committed immediately. By late May, Athens faces more than 10 billion euros maturity on a debt estimated at 300 billion. It must still find 32 billion before the end of the year. The figures broken down on Sunday in Brussels, more generous than expected, seem a priori to the scale of the challenge.

For 30 billion that could unlock the Sixteen would be added the joint contribution of the IMF. If we follow the rule laid down by 2/3-1/3 the last EU summit, Greece could therefore be based if necessary on a cushion of more than 40 billion euros in loans this year.No estimate has yet been advanced for years.

Mechanism triple expansion

With an interest of around 5% on loans for three years, the Sixteen still follow the principles laid March 25. As a last resort, Greece could be financed at a lower price than it does now on the market (more than 7%). But she would not receive any subsidy-provided imperiously posed by Germany, nor any advantage over other heavily indebted countries like Portugal, Ireland, Spain or Italy. If the ETF would be implemented, "Greece would be encouraged to return quickly to the market" to finance themselves forward Jean-Claude Juncker.A hypothesis that will be realized when Athens will be able to raise money at rates lower than the European plan.

Faced with deadlines looming, the Greek prime minister, George Papandreou, had struck these days on all doors so that Europe finally joins the action to the word. To impress the financial, "we must put a loaded revolver on the table," he said Sunday at the Greek newspaper "To Vima". "The question, he added, is whether the device will persuade the markets (…) Otherwise, it could well be used …"

At the announcement of decisions taken by the Sixteen, the Greek Minister of Finance was confident.George Papaconstantinou welcomed an agreement "very important", confirming that he had not requested the activation of the mechanism: "We believe we can continue to borrow freely on the markets."

It was at Athens that he would take the initiative, confirmed Sunday the Commissioner Rehn. But the mechanism is at least triple expansion. The European Commission, the ECB and the IMF all have their say or their conditions to ask. Finally, the loans would only be released only by unanimous consent of the Sixteen, which gives a veto to Germany. George Papandreou today has a net credible.But it has not finished with the tightrope.

ALSO READ:

"Europe closes its emergency aid to Greece

"Europe gives birth to an agreement on Greece

The Greek debt riskier than ever

"INTERVIEW -" The market is disconnected from reality "

"SPECIAL CASE – Greece, a challenge for Europe

Two years after changing hands, the airline flies in Europe Airpost clear skies. His transition from La Poste Group's specialist in the transport ASL Group (owned by Belgian capital: fund Peter Cam and Compagnie Maritime Belge) is, to date, a no-fault. This despite the air holes through which the airline industry since late 2008 in the wake of the crisis. Airpost europe is among the few companies to have made money in 2009. The company specializes in short and medium haul transported 750 000 passengers and 63 000 tonnes of cargo last year and net income of 6 million euros from a turnover of 231 million euros.

To explain its resilience, it highlights the diversification policy and an economic model based on a unified fleet of Boeing B 737 "works" 24H/24H with their conversation fast cargo service aircraft in the night transport of passengers flying on the day. In addition our location in the province which makes us the first charter company out of the province it represents only 520 000 passengers, "says Jean-Francois Dominiak, CEO of the airline.

Diversification policy strengthened

This activity builds on its historical legacy of the prestigious Aeropostale, provider of express transportation on behalf of La Poste, Chronopost but the Royal Mail in the UK under contracts that were renewed for two years. Beyond that, nothing is on.Therefore, the company celebrates its tenth anniversary this year, accelerating its diversification policy. It will thus rise to power in transporting passengers with the introduction of three new aircraft including 2 Boeing 737-700 aircraft from April 2010 to early summer in the air.

These devices from Dublin, Paris and Nantes must allow new routes to Egypt, sub-Saharan Africa and in Iceland. The objective is to transport between 850 000 and 900 000 passengers this year on behalf of tour operators. Europe Airpost is indeed the major provider of air signatures of tourism such as Thomas Cook, Fram or Club Med.

Meanwhile, the company launched in co-chartered by offering several tour operators to come together on the same plane and it will develop fuel hedges to offer its customers fixed prices throughout the year. Europe Airpost also studying a solution co-charter dedicated to major express carrier such as Fedex, DHL or UPS on a new European cargo routes. This new service could be launched in 2011.

LE FIGARO. – In announcing this summer by Accor of making the study of a split between the hotel and the services you have expressed your reservations about the form, if not in substance. Over three months later, did you stop your position on this?

Gilles Michel. – The question was raised shortly after the transfer of the participation of the Deposit to the ISP. In this context, we should play our role as shareholder, albeit a minority 7.5% stake, but still full. This meant that we have all of the elements to make a serious analysis. This has justified my "fit of temper" at the time. Since then, extensive work has taken place on the reasons to justify this decision on the benefits, costs and risks of this option and its alternatives, which I welcome.And quite frankly, I've seen all this work, no evidence for the need, in December 2009 to initiate division of Accor.

So you keep on your positions?

I have no reason in the name of a doctrine or principles. The split may be a modality in the service of a project but not an end in itself. During the work, we found that both businesses had before him genuine opportunities for strengthening the ISP calls for. But it is possible to pursue a development strategy in the current framework. Conversely, a split in a market environment that is not without risk, I think exposing every business to increased vulnerability.It is not necessary to incur the risk of executing the operation, financial risks, particularly in terms of ratings of each entity, and the risk of weakening as it can lead an ambitious strategy in the context present.

What is your alternative to Accor?

Accor is a large group of ACC 40. It can lead a strong offensive strategy with determination and speed. Its direction can be bold in terms of both organic growth and external growth.

Do you think the council will follow? And if this is not the case, what will the ISP?

I do not prejudge the discussion board. Each director will determine in its soul and conscience under the sole interest of social enterprise. And if, purely hypothetically, the board should choose the path of division, the next step will be the General Assembly, where of course we would vote against.But I am perfectly aware of the laws of arithmetic. The two shareholders who hold 30% stake in Accor worn since the beginning of the project, saying it is not up to cash in the short term but to create value over time. I do not doubt that they have at heart to remain associated for several years in the capital of each of the two new companies. With regard to the ISP, I would have full discretion as to our involvement.

A council held Tuesday decisive

Accor has accelerated the study of the relevance of a split (with a later check services prepaid and other hotels). The group meets Tuesday Board of Directors, expected to be decisive on the issue.Mid-November, after its previous meeting, the council had said "satisfied with the progress of work" to formalize the project.

The fund Colony Capital and investment company Eurazeo, who own about 30% stake in Accor, there are the best way to enhance their investment. Gilles Pelisson, CEO of the group agreed with this idea. However, the ISP, the second largest shareholder with 7.5% stake, otherwise, officially now. In this context, the position of the six independent directors will be decisive. Unions are worried themselves for employment in hotels.

A study of CA Chevreux, hotels could represent 74% of sales for Accor this year, but only 39% of operating income.In case of division, according to the scheme proposed, the hotel would bring about one third of the group's debt, two thirds of returning to the emerging prepaid.

»COMPUTER GRAPHICS – Investment ISP

The proposed division of Accor moves its shareholders