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.

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%).

"Discussions are still in their infancy and there is no agreement expected in the immediate future. Issues such as price and management have not yet been addressed. " Both groups refuse to aAny comment.

According to the U.S. daily, officials from Genzyme, which specializes in products for the treatment of orphan diseases, are studying the amount that Sanofi would pay.In Stock, Genzyme capitalization stood at 14 billion dollars (10.8 billion euros) but the group can require a significant premium given its portfolio of drugs. "If we take as a starting point the figure of 20 billion dollars that has been discussed before, this puts Genzyme to $ 75 (per share)," said Michael Yee, an analyst at RBC Capital Markets.

Blow to Lovenox that will have to battle against a generic

In exchange, the action Genzyme has skyrocketed 15% to 62.52 dollars a barrel on Wall Street. And during transactions unofficial title continued to grow.

Faced with competition from generic drugs, many pharmaceutical companies are looking for external growth.And the more that Sanofi-Aventis has paid this Friday a blow, with the approval by U.S. health officials the first of its generic anti-coagulant Lovenox star, his second top-selling drug in the world. "The FDA today approved the Administrationa first generic version of Lovenox, the FDA announced in a statement posted on its website.

This product is developed by the Swiss Sandoz, the generic arm of Novartis, Momenta and American society.Sales of Lovenox, a drug derived from heparin and more complex to copy a traditional chemical molecule had reached 3 billion euros worldwide in 2009, including $ 1.8 billion in the United States.

In the first quarter 2010, sales of the drug was 769 million euros, which was still the second largest group of drug sold in the world.

The sales of Sanofi made in the USA by its anticancer Eloxin fell sharply after the launch of generic versions, while its other cancer drugs, Taxotere, will drop its patent to the public in November in Europe and United States.

In late June, Sanofi announced the acquisition of American TargeGen for 560 million dollars (458.5 million euros) in order to strengthen the fight against cancer.

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The increase in revenues explains this improvement, with 81.6 billion euros against 70.2 billion a year earlier. The only tax revenues increased by 11.3 billion. In contrast, spending rose slightly, to 130.6 billion euros in late April against 127 billion a year earlier.

Revenue growth could continue in the coming months if economic activity is more vigorous as anticipated the Bank of France (BDF).The institution has in fact confirmed its growth forecast for the second quarter to 0.5% in its May business survey released Tuesday. The activity increased only 0.1% over the first three months of the year.

Dynamism of the interim

In May, the services have been fired by the rebound of the interim and computer activities, details the Bank of France. However, "forecasts indicate a more moderate increase in activity in the coming months," notes BdF. In industry, all sectors advanced, with the exception of the car, even if the rate of use of means of production remains below its long period to 76.2% in April against 75.7 % in March."The outlook in the short term [the industry] are oriented towards maintaining production," notes BdF.

Trade deficit down

On Tuesday, Customs has also published the trade figures in April. The trade deficit was only moderately reduced by 160 million euros compared to the previous month, -4248000000 euros. Exports, driven by major aerospace contracts, rose 1%, more strongly than imports.

"The geographical breakdown of the data confirms that the resumption of world trade is indeed driven by demand from emerging economies," notes Alberto Balboni, an economist at Xerfi."The French exports to China grew by 38.6% in value compared to last year, a pace almost four times more sustained than those to the European Union." But the empire Environment is still only 3% of exports hexagonal.

Falling German exports

In the same month of April, German exports fell by 8.03% compared to the previous month, according to figures released on Tuesday the Federal Statistics Office Destatis. After a dramatic rebound of 22.3% in March, this figure "must be analyzed as a small correction," relativize Natixis economists in a note.

However, the decline in German imports of 4.63% seems to be bad news for France, the first trading partner of Germany.And things should not be arranged in the coming months, with the establishment in 2011 of fiscal savings of 11.2 billion euros in Germany. As noted Juliette Hubert, Aster, "plans rigorously engaged by our trading partners will lead to a contraction of the request to the French industry."

At this conference, Steve Jobs should focus on news and updates available for this new iPhone.But then again, few surprises in the program: the company had already submitted the software that will be applied to the iPhone 4 as she presented the platform iad, allowing Apple to develop the market for advertising applications.

According to analysts, a real surprise could come from the announcement of an extension of the exclusive sales of the iPhone to Verizon. So far, only AT & T can sell the unit on the U.S. market. But again, the mere announcement of talks with Verizon would not be a revelation: more rumors, sometimes belied by the operator to move the subject on the canvas for several weeks.

The product's most profitable brand

Although there is hardly any surprise about the iPhone 4, Apple knows that this presentation could take effect with the customer.The iPhone remains an undeniable success for the brand and the popularity continues unabated since its launch in 2007. In the first quarter, Apple said it had passed 8.7 million iPhones, representing a sales growth of 131% over a year.

The turnover of the phone is 5.4 billion dollars against 3.76 billion to $ 1.3 billion for Mac and iPod. The widening gap so quickly that observers now expects a gross margin of between 50% and 60% for iPhone cons 20-30% for Mac. In other words, the iPhone product line will be more profitable for Apple.

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Therefore, the temptation is great to work around the problem: give everyone the opportunity to leave at 60 if he wishes, but to dissuade the maximum. For this, the pension of a person choosing to leave "early" (before 62 or 63 years, for example) could be amputated, even if it has "all quarters."The track appeared there more than a month in the NRC documents, referring to examples of U.S., Japanese and German. It went almost unnoticed, except in the eyes of government officials who are working on pensions.

"The executive Ponder on it," admits one of the main actors of the file. "It's part of the range of possibilities," says a corporate source, emphasizing that nothing is decided. "I was cooking around that idea," says a union leader. Who speaks the same orders of magnitude, "a discount of 1.25% per quarter or 2.5% below the target age.In other words, for the same number of quarters validated, the person who would liquidate his pension at age 60 would incur a penalty of 10% to 20% compared to that which would prolong his career until age 62 – if the government set the example age objective payday loans.

A more complicated

The assumption is even less absurd than 22% maximum discount is already applied in France, supplementary pensions (Agirc-Arrco) for private sector employees who retire before age 65. The retiree does not realize, because a fund compensates this difference.

But the existence of this fund, called AGFF, is up to the renewal of a regular union-management agreement.The agreement expires at the end of this year and will be renegotiated just after the reform of pensions.

Advantage of the option: it offers hope of union protests limited, maintaining the symbolic age 60 years. Disadvantage: it would make a bit more complicated than a pension system that is already fairly. And above all, "everyone knows that it is the workers rather than managers, who tend to stop working when they have the right, a government source analysis. The risk is they leave with even lower pensions. The government plans to publish a first draft of its reform from mid-May

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On Monday, the New York Stock Exchange finished at its highest in a year and a half. The Dow Jones gained 0,43% and approaching the threshold of 1,000 points, while the Nasdaq has made 1,12%.

The Easter weekend has been glazed by the publication of a series of macroeconomic indicators considered a good omen. The employment figures, released Friday reassured. In March the U.S. economy created 162,000 jobs, the best performance for over three years. Also in the United States, activity in services has increased more than expected in March, and sales of cars.More good news on the front of the property this time, the promises of housing sales rebounded sharply. She leapt more than 8% in February.

Faced with these signs more and more and tangible relief to the U.S. economy, minutes from the Fed, expected tonight will be scrutinized by investors. The discussions among central bankers are particularly lively, especially on whether or not to keep interest rates "sustained low. The deal also discuss the rate at which the waves of liquidity dumped on the markets must be included. On Wednesday night, announcing a further increase in outstanding consumer credit, the month of February, is also positive news.

Values follow

Apple announced it had sold more than 300,000 iPad Saturday for the first day of marketing.This figure included the taking of orders. Analysts had forecast sales of between 250,000 and 350,000 units over the entire weekend. Following this announcement, several analysts raised their price target on Apple.

The companies that provide components for the digital pad Apple could also benefit from the craze for iPad if it is confirmed. The product categories include Samsung Electronics, Broadcom or Texas Instrument.

The Wall Street Journal, the U.S. software giant Microsoft plans to unveil a new range of mobile phones next week, with features of socialization designed to attract young consumers.

"I travel a lot, but I've never had either the opportunity or means to go abroad," Huang Yun smiled. Commercial for a Chinese company, this young woman of 29 years has never traveled child. But since she works in Shanghai, she loves from a change of pace and has swelled the ranks of Chinese visitors to their own country. These represent the vast majority of tourists visiting the Middle Kingdom.Moreover, only a minority of Chinese can afford to leave the country for holidays.

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The China National Tourism Administration has counted last year 1.9 billion domestic tourist trips to China by plane, train or car. A steady increase in sales for twenty years, thanks to higher living standards, the relaxation of regulations on interprovincial travel and the emergence of paid leave. The award of "Golden Week" by the authorities in the late 1990s, now allows the public to enjoy each year, more than four public holidays, two weeks of leave data at all, for Chinese New Year and National Day on October 1.The Law on Employment Contracts of 2008 provides between five and fifteen days of additional holiday for employees according to seniority no teletrack payday loans.

Besides the New Year with the family, the Chinese go on holiday generally organized in groups, with a busy schedule to as much as possible in four or five days. Beginning with visits to historic and natural sites, their favorite activity. The Chinese territory is seventeen times the France and has twenty-seven sites classified cultural heritage by UNESCO.The local holidays are often more affordable than those spent abroad.

Restaurants & karaoke

Nearly 40% of Chinese tourists spend each year between 100 and 500 euros for travel, 30% between 500 and 1 000, and one quarter more than 1 000, according to a survey by Ctrip, the first Chinese travel agency , which depends on the state.

If the "sacred mountains", Beijing and the Great Wall continues to attract a mass of tourists, new emerging destinations. Almost deserted in the 1990s, the tropical island of Hainan in the south, has become one of popular destinations. Even if the tan is not part of beauty of Asian middle class does not sulk pleasure to enjoy a little sea air.And always have access to a choice of restaurants and karaoke.

For more exotic destinations, the Chinese can afford a small world tour for 16 euros on the national pavilions of Shanghai World Expo, which opens on 1 May Of the 100 million expected visitors, 95% should be Chinese.

The new document will be submitted to the European Commission and the U.S. Administration should resume the main conclusions of the September. According to one expert dossier "gave the first report due to 30% for Boeing and Airbus to 70%.

No refund

Boeing criticizes the system of repayable advances granted by Germany, France, England and Spain to Airbus by saying he does not respect international trade rules.The advances are repayable loans granted by the States. According to Boeing, Airbus can borrow money at rates lower than market. He also challenged other aid. It has, for example, estimated that widening roads in the region of Toulouse to help build the A380 was a form of disguised subsidies. The WTO did not accept the latter charge.

Following the WTO ruling, the European Union will enter the court of the WTO Appellate no fax cash loans . For its part, Airbus has also filed a complaint against Boeing in the WTO. According to experts from European aircraft manufacturer, the Boeing would have earned 14 billion of public subsidies paid by American States, NASA and the Pentagon over the period 1992-2005. The WTO will review its aid U.S. in June.The case is particularly complex, should know its epilogue in 2013. Whatever it is, the final decision will have no retroactive effect. Neither Airbus nor Boeing will not refund overpayments if convicted. It will simply change the system in place for the future.

Faced with this situation, Airbus proposes that Europe and the United States sit "at the negotiating table to discuss a system that satisfies everyone," said Tuesday the communications director of Airbus .The flattening of support systems in Europe and the United States would avoid that "we pulled our eyes while many competitors argue, particularly from Japan, an ally of Boeing and China.

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