Business And Personal Finance

LVMH has published Thursday the results up sharply, signing new record, reflecting once again the resilience of the luxury sector facing the economic downturn.

The world of luxury, owner of Louis Vuitton, Moet et Chandon champagne and Christian Dior perfumes, saw its sales grow by 16% to 23.66 billion euros, exceeding slightly forecasts (consensus Thomson Reuters I / B / E / S of 23.3 billion) and operating income reached 5.26 billion euros (5.1 billion against expected ), signing up 22%.

The group's organic growth stood at 14% throughout the year and 12% in the fourth quarter alone. 

As usual, LVMH does not give any indication about its outlook for 2012, indicating just have the "best assets to pursue an aggressive growth", as many analysts have revised down their pre visions of organic growth of industry leaders.

The annual net income reached 3.06 billion euros (3.07 billion consensus), up 1%, and the proposed dividend will be 2.60 euros (against 2.1 euros in 2010) up 24%.

After the Swiss Richemont (Cartier, Van Cleef & Arpels) and Britain's Burberry, LVMH confirms the strength of luxury to the crisis, on the strength of demand in the e Mergent and very important tourist flows in Europe. 

The title LVMH closed Thursday at 126.40 euros at the Paris Stock Exchange, advancing and 15.5% since early January, after falling 11.13% in 2011.

Perceived by analysts as the value most defensive sector, largely due to the brand Louis Vuitton, she exchanged with valuation multiples of about 17 times the beneficial ; profits estimated for 2012, representing a premium of approximately 15% of the industry average off Hermes.

According to the association of consumers, distribution margins reflected in the service stations would have increased by almost one third in ten years. CLCV denounced a "surge" margins at service stations.

The consumer organization CLCV Tuesday denounced a "surge" of nearly a third in less than ten years of distribution margins impacted by service stations in the fuel prices at the pump, now close to their record in France .

According to a barometer of the association, which is based on the statistics of the French Union of Petroleum Industries (UFIP) and administration, and distribution margins are increased from 2001-2003 to 2008-2010 from July to September , 6 cents for gasoline and 6.3 to 8.6 cents for diesel.

Statements are increasing demand for greater involvement of the European Central Bank in supporting countries' debt fragile. Germany opposes even his veto. But until when? German Chancellor Angela Merkel.

The list of support for bold action from the European Central Bank (ECB) on the European debt grows by the day. On Tuesday the United States have supported through the U.S. ambassador to the European Union. William Kennard suggested essentially the ECB to take as an example the action of the Fed during the crisis. Much more direct, the former head of Credit Lyonnais Jean Peyrelevade said that "if one does not involve the ECB, while Petera." This does not prevent the leaders of the Central Bank to resist these demands, aided by Germany, its largest shareholder.

The new Italian Prime Minister presented his austerity plan to rescue the country from the grip of the market. Mario Monti – who is also Minister of Economy – promised to keep the accounts of Italy, while stimulating growth for the time being very sluggish. Mario Monti.

The new Prime Minister Mario Monti on Thursday presented a very ambitious program of austerity and recovery to restore "credibility" of Italy and help save the euro in a European Union through its worst crisis of the post the war. "Discipline, Growth and Equity" are the great watchwords of Mr Monti, which was the first speech programs before the Upper House of Parliament before it obtains in the late evening with confidence 281 votes support of 307. The vote of confidence of the members are expected Friday and should get on this occasion also an overwhelming majority.

The OECD slashed its growth forecast Monday for the 2012 United States and the euro area, urging G20 leaders to act quickly to restore confidence and avoid a severe contraction in developed economies.

In a note issued in anticipation of the G20 summit on 3 and 4 November in Cannes, the Organization for Economic Cooperation and Development cut its 2012 growth forecast for the euro area to 0.3% against 2.0% in May and 1.8% against 3.1% for the United States.

She called on G20 leaders to take "bold" to calm market turbulence and show that they can implement structural reforms address the debt crisis.

The OECD estimates that deteriorating financial conditions of the order of that seen during the crisis of 2007-2009 could result in loss of up to 5% of gross domestic product (GDP) of some OECD economies of 'By the first half of 2013.

Conversely, if the measures announced at the EU summit last Wednesday are effectively implemented and that can restore confidence, growth could be better than expected, judge the OECD.

For all G20 countries, the OECD now expects growth of 3.8% in 2012 and 4.6% in 2013, but it will be pulled up by the emerging markets including China (+ 8.6% in 2012 and 9.5% in 2013).

The French parliament on Tuesday approved the draft supplementary budget that allows the state to provide guarantees to the restructuring of the Franco-Belgian bank Dexia to facilitate its dismantling.

After the deputies, senators adopted the text finalized last week by a joint committee (WPC) Assembly-Senate.

All groups voted the outcome of the CMP with the exception, both the Assembly and the Senate, communists and the like.

The text of the CMP includes part of the version passed by the Senate, where the left is now the majority.It thus imposes counterparties to support banks.

Credit institutions supported public will not pay bonuses or stock options to their executives and dividends only in securities and not cash to shareholders, these restrictions on 1 January 2012.

The decommissioning plan provides that Dexia France, Belgium and Luxembourg will provide 90 billion euros in guarantees for its financing needs with 60.5% for Belgium, 36.5% for France and 3% for Luxembourg.

During the first reading in the Assembly all voted against the left.The same text, as amended by the Senate Finance Committee where the left is now the majority, was then voted almost unanimously by the upper house.

The chairman of the PS Assembly, Jean-Marc Ayrault, asked Tuesday the creation of a parliamentary commission of inquiry on "the adventures of Dexia and its leaders."

The stock exchanges of Paris, Frankfurt and London have opened up Friday, after falling the previous day as investors hope for feeding a step towards resolving the debt crisis. In Paris the CAC 40 index advanced 0.8% shortly after the opening.

The European banking sector shows some of the strongest performances, gaining 2.4%.

"Investors remain optimistic about a favorable outcome to the debt crisis in Europe.Markets are driven by the hope that the leaders agree on 23 October a viable solution to turn the EFSF, recapitalize the banks and save Greece (…) European leaders could announce release a sum of 940 billion euros to fight against the crisis "Saxo Bank in a note.

At the request of Paris and Berlin, an additional peak in the euro area will probably be held next Wednesday to not only agree on how to maximize the firepower of the European Financial Stability Fund (EFSF), one of the expected by the market to combat the crisis, but also review the new plan to rescue Greece.

The Tokyo Stock Exchange ended down slightly from 0.04%.Title Olympus closed on a new fall of 6.81%, yielding about 50% of its value since October 13.

The euro turned down against the dollar and the price of U.S. light crude continues to rise.

Countries of the European Union agreed Thursday to recapitalize their banks to the tune of 100 billion euros but profound differences between Paris and Berlin on how to reform the fund to support the euro area led them to re- postpone the most important decisions.

This Friday is held an extraordinary meeting of European finance ministers for the summit on 23 October.

The resident of Calvados in September which won the sum of 162 million euros in the Euro Millions became known to the French Games. He was thinking of "investing in the French economy." If the Euro Millions grid costs two euros across Europe, certain terms of games vary from one country to another.

The winner of the jackpot of 162,256,622 euros in the Euro Millions draw of 13 September, which had approved the ballot in Calvados, became known to the French Games (FDJ) and received his check, said Thursday morning the JDF in a statement.

This player, who wishes to remain anonymous, has the highest gains in French Euro Millions and all-time record earnings in a money game in France.He "thinks about investing in the French economy", or to real estate projects adds the JDF without elaborating, at the request of the player, on the date of payment or the locality where the Calvados has been validated winning newsletter . {P}

The budget deficit widened further in Greece in September due to a recession driven by austerity measures, in spite of new tax measures that were supposed to increase revenue.

The budget deficit increased by 15% annually, to 19.16 billion euros over the period from January to September, show statistics from the Ministry of Finance released Wednesday.

In September, Athens increased VAT on catering to 23% and began collecting a special tax of 1% to 5% on gross revenues.

However, tax revenues fell by 4.2% over the nine months January to September, after falling 5.3% over a period of eight months.

Scavengers and transport agents have been on strike for eight days in Athens. They protest against wage cuts under the new austerity plan. Their movement caused the accumulation of tons of garbage in the city. Thousands of "outrage" expressed Sunday, June 19 against the austerity of Syntagma Square in Athens.

Athens was again denied Monday transport due to a 24-hour strike, while tons of garbage piled in the streets after more than a week of mobilization scavengers against wage cuts. No subway, bus, trolley and tram, with only the train interbanlieue running, the main lines of the Greek capital was delivered to huge traffic jams, as on several occasions in recent weeks.

Employees of organizations from the metro and buses, which are manifest in the early afternoon in the center of the capital, protesting against investment in short-cuts and new salary, recently announced by the government, under pressure from country's creditors, the European Union (EU) and the International Monetary Fund (IMF). In turn, municipal employees responsible for waste removal began their eighth day of the strike, while the only landfill in the city remained closed. Torrential rains in the morning had drained the garbage on the roads, aggravating the condition of the streets.

Several government agencies, such as the National Agency for Medicines (EOF), the National Laboratory of Chemistry and the Society of IT Management of Social Security (Idika) were also occupied by their staff.To protest against new measures to cut public sector officials have observed a 24-hour strike Wednesday, the day some 30,000 employees of government departments and public bodies demonstrated in Athens and Thessaloniki (north).

A general strike in the public and private sectors is also scheduled for Oct. 19. The representatives of the troika of the country's creditors (Commission and European Central Bank, IMF) Monday also continued their audit of the Greeks, for the discount provided by 24 October of a report based on which area euro to decide the payment of a portion of eight billion euros, vital to the country always on the verge of bankruptcy.