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.
Live: a few hours after the Brussels summit that gave birth to decisions on the rescue of the euro area, L'Expansion. Com offers live to follow the reactions in France and worldwide. Markets, for now, enjoy. The President of the European Commission Jose Manuel Barroso, Portuguese Prime Minister Jose Socrates, the President of the Républilque Nicolas Sarkozy, German Chancellor Angela Merkel, the Lithuanian President Dalia Grybauskaite and Finnish Prime Minister Mari Kiviniemi, at Brussels, 28 in October 2010.
Europe was finally granted for an answer to the crisis in its currency. Among the main decisions taken by EU leaders, the discount of 50% of Greek debt held by private creditors. This represents a total deletion of 100 billion euros of Greek debt, currently at 350 billion euros.
To allow banks to bear these losses, a recapitalization plan of 106 billion euros will be established, which will allow European banks to achieve a capital ratio of 9%.
Finally, the most discussed point dernères this week: capacity to 1,000 billion euros from the European Financial Stability Fund (EFSF). Two mechanisms will be put in place to achieve this amount. The first is a system of guarantees provided by the fund on the bonds of fragile countries (Greece, Italy, Spain …) purchased by investors, which will restore confidence.
The second, which will host a special fund investments from foreign countries, including China, Brazil or Russia. This fund should be "in close cooperation with the IMF," the text.Here are the reactions to the EU summit.
9:51: China welcomes the "European Consensus" should "support market confidence" and breathe "new vitality" to European integration as a spokesman for the Chinese Ministry of Foreign Affairs. Beijing should be involved in the rescue of the euro via the mechanism of strengthening the EFSF. China already holds $ 500 billion European bond analysts said. It has 3200 billion in foreign reserves. Russia – which could also help Europe – show for its "cautious optimism"
9:49: The British Finance Minister George Osborne welcomed the "very good progress" in the euro area, on the airwaves of BBC Radio. He now asks that the European leaders set out the "details".Britain was illustrated last week by demanding to be further consulted on decisions affecting the euro area.
9:31: Daniel Cohn-Bendit called the agreement a "small step". He finds that the eurozone is the book "bound hand and foot to emerging countries" and especially to China. "You can not discuss a protection against social and environmental globalization and ask those with whom you negotiate this coverage to pay for your crisis". It is "a bad solution, politically dangerous," said co-chair of the Greens in the European Parliament.
9:26: BNP Paribas ensures it will be able to reach the minimum capital ratio "hard" of 9% set by the European regulator at the end of June without raising funds on markets
9:15: The World Bank President Robert Zoellick speaks "a milestone" that will "save time"."I hope that this important first step will lead to a broader approach to help the world economy to resume growth," said the president of the World Bank.
9:00: European stocks up sharply
Paris opens up sharply from 2.43% to 3246 points and takes more than 4% in early trade. The Dax gained 3.43%, 1.72% London, Milan 2.7%, 3% and Madrid. The Athens Stock Exchange is 4.9% Bank stocks soar despite the need to give up 50% of their claims on Greece. Societe Generale climbed 13.5%, 12.8% of Credit Agricole and BNP Paribas of 12.7%. In Germany, Deutsche Bank and Commerzbank takes nearly 9% to 7%."These measures could mark convincing the prelude to a rebound in banking stocks in particular French and overly abused since August 2011," strategists believe Credit Mutuel-CIC in a note.
8:27: The agreement reached in the night saved the single currency, according to Economy Minister Baroin interviewed on RTL. "The agreement is a response that night ambitious, comprehensive and credible," said the minister. "That's what will solve the case, that's what we come out of the turbulence, that is what will the economic rebound, that's what will stabilize the euro area and global growth", at he said.
8:19: Alain Minc, an economist and close to Nicolas Sarkozy said on Canal + in Brussels that the agreement "should calm the markets." Moreover, the Economist sent a picnic to the Prime Minister of the second country that threatens to pitch after Greece and Italy."The day falls Berlusconi – which will eventually happen – there is no problem because Italian is a wildly emotional issue and therefore how we set up even appear to be very important," he analyzed the specialist.
8:18: The Tokyo Stock Exchange ended sharply higher than 2%. Investors welcomed the Europe Agreement against the debt crisis in the eurozone.
8:00: The euro briefly reached $ 1.40 after the summit. This is the first time since Sept. 7 that the European currency reaches that level. The euro also rose to make the Japanese currency.
8:00: Daniel Cohn-Bendit calls for "a federation of the United States of Europe" in an interview with Liberation."Today is the economic war, it is the markets, as immoral war is immoral, we impose that choice: give up and go, or move up a gear towards the federalization," says co-chair of the Greens in the European Parliament.
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}
Greece hopes to conclude an agreement Tuesday with its international donors, so you can receive a new tranche of eight billion euros scheduled for October, told Reuters on Monday a senior Greek finance.
"The climate was better than expected," the official said, referring to a conference held on Monday between the Finance Minister Evangelos Venizelos and the "troika" (EU, IMF, European Central Bank).
The Ministry of Finance said earlier that this discussion had been "productive and substantial" and that it be repeated Tuesday night.
"We are close to an agreement and we hope to conclude tomorrow.The government will make an announcement likely on Wednesday after the cabinet meeting.We will continue the discussion tomorrow, "the official added.
Without this new tranche of aid, tied to the forefront of international bailout which Greece received last year, the Greek government said it would find itself short of resources in mid-October.
To avoid this, Greece has to reduce its public sector and improve its system of tax collection, consider its international donors.
"The ball is in the Greek camp, the key lies in the implementation of reforms," said Bob Traa, the IMF representative in Greece, at a conference.
These reforms are required to Athens to collect a new tranche of eight billion euros in the first part of its bailout.
According to him, Greece has cut jobs in the public, reduce the salaries and pensions of civil servants and improve its system of tax collection rather than creating new taxes.
Bob Traa was concerned about the lack of public support for the IMF austerity program / EU, while saying that other countries in the euro zone were on the side of Athens, provided that the government showed that he was acting to control its deficits.
FIVE MEASURES
The euro, but Wall Street had cut their losses after an initial source of the Greek Ministry of Finance had said that an agreement was near on aid between Athens and the troika.
Earlier in the day, the euro was down sharply and European shares closed down for fear of a significant failure of Greece.
Greek media have published a list of 15 austerity measures that they believe the troika requires the implementation.They include a new deletion of 20,000 civil service posts, a reduction or a freeze on salaries and pensions of the public service, increasing the tax on heating oil, the closure of public deficit, reducing spending on health and accelerating privatization.
The EC stated that it did not ask to Athens to adopt austerity measures in addition to what has already been agreed in the reform program of government."What is on the table is in full compliance with the agreed objectives," said the spokesperson of the EC Amadeu Altafaj.
Asked whether Greece would receive the next tranche of aid, Venizelos responded to Reuters: "Yes, of course."
Even so, many economists and investors believe that Greece will end up in default on a debt that reached more than 150% of GDP, perhaps a few months.
Venizelos insisted on Sunday that the spending cuts would be the priority of the 2012 budget. He predicted a contraction of GDP higher than expected 5.5% this year.
The European Commissioner for Economic and Monetary Affairs Olli Rehn said on Thursday that in his opinion, all States in the euro area have ratified the amendments to the bailout fund EFSF to the end.
Olli Rehn, speaking in Wroclaw in Poland is to be held an informal meeting of finance ministers of the European Union (Ecofin) on Friday and Saturday, also said he expected a "serious discussion" on the efforts of Greece during the two days.
The Finnish Commissioner stressed the importance of reaching early agreement on the guarantees demanded quick to Greece by Finland in the second rescue package granted to the country.
Job creation in the private sector in the United States were below expectations in August, according to the results of the monthly ADP released Wednesday.
It was created 91,000 jobs in August, while the market was expecting 100,000.
The number of jobs created in July was revised down to 109,000, against 114,000 in the first estimate.
ADP Employer Services survey, conducted in partnership with Macroeconomic Advisers LLC, is considered a leading indicator of monthly statistics on employment figures which are expected on Friday.
Economists polled by Reuters anticipate 75,000 new posts in the private and the public, but outside the agricultural sector after 117,000 in July.
So said Sunday the governor of New Jersey. Another evaluation reported losses of about $ 7 billion. Flooding after Hurricane Irene in Trenton, New Jersey, August 28, 2011.
The damage caused by Hurricane Irene could reach tens of billions of dollars, said Sunday on television the governor of New Jersey, Chris Christie. "The damage will amount to billions of dollars or even tens of billions of dollars," said on NBC the governor of New Jersey, whose state was hit particularly hard by Hurricane Irene, which in Sunday morning was downgraded to a tropical storm.
Another estimate, experts from Kinetic Analysis, a firm that develops computer models of the damage caused by weather, damage caused by Irene could cost 5 to 10 billion dollars, most likely around 7 billion. An official of the firm Kinetic Analysis, Chuck Watson, said further that the North Carolina and South Carolina, two states that were the first to be affected by the hurricane, could expect losses of up 200 to 400 million.
Losses should weigh more heavily than usual on governments, businesses and citizens, he said. "It does not appear that there is a lot of direct damage related to the wind other than fallen trees," said he."Most of the structural damage will be caused by the rising water because of rain and coastal flooding, which is not covered by private insurance," he adds.
In addition, many companies provide that the insured cover a higher amount of damage in the past. Finally, much of the costs associated with Irene, downgraded to a tropical storm Sunday, will be due to the cessation of operations and evacuations, in the absence of damage, not covered. This will, inter alia on the tourism sector, which may not normally enjoy the weekend, extended by one day Labour Day.
Hurricane Katrina, which devastated New Orleans in 2005 caused losses estimated at more than $ 100 billion. The heart of the depression has reached New York on Sunday morning, where it caused heavy rains and flooding.
Wall Street finished the Monday session in a very small increase after four weeks of losses, closing a session with no real trend in a very fragile economic environment.
The New York Stock Exchange finished up 0.34% Monday, the Dow Jones Industrial 30 win 37 points to 10,854.65 points.
The S & P-500, wider took 0.29 point or 0.03% to 1123.82 points.
The Nasdaq Composite was up on its side of 3.54 points (0.15%) to 2345.38 points.
After four weeks in a row in the red, Wall Street has had a turbulent session, alternating folds and rebounds.
The shares have been particularly cheap buyouts, some stakeholders holding that the market had become oversold and the market turned upward late in the session in a climate of extreme volatility as fears of another recession in the United States and those of a destabilization of the European financial system remain.
In this context, investors will watch carefully for signs of possible new measures to support the Federal Reserve the U.S. economy, when its central bankers will meet Friday in Jackson Hole, Wyoming.
Values, the title took Lowe's Companies 1.139% after announcing it would spend five billion dollars to buy back shares over a period of two to three years.
Boeing took the title also 1.45%. Leaders of Delta Air Lines (0.13%) should vote this week an order for 100 Boeing 737 planes worth 8.58 billion dollars (six billion euros), Bloomberg announced News, citing two sources familiar with the matter.
Technology stocks like IBM (0.91%) or Hewlett-Packard (3.6%), are among the best performances of the day while financial still lost ground. The title of Bank of America fell 7.89%.
Standard & Poor's warned Friday it might lower the credit rating of Cyprus, saying not to believe that the country's fiscal position is manageable after the collapse of the coalition government.
The rating agency placed the rating of the country under review with negative implications.
Cyprus is rated BBB + by the agency, which is three notches above speculative grade.The short-term rating is A-2.
The rating agency said it might lower these ratings, and it would give the results of its review once it has examined the economic projects of minority government.
"Due to the departure of a coalition party, the DIKO, the Cypriot government is in our opinion in a more delicate to pass an emergency budget measures in Parliament," wrote S & P said in a statement.
The government no longer has a parliamentary majority since the start of the Democratic Party, which was allied in a coalition.
Moody's lowered the rating of Cyprus on July 27 to Baa1, the level equivalent to BBB + from S & P.Fitch did the same on August 10 and placing it at BBB, one notch below the other two agencies.
Wednesday, Cyprus has unveiled an austerity program of 750 million euros over two years to control the deficit, aggravated by the energy crisis that hit the island since the explosion of its main power plant on July 11.
Opposition parties believe that these measures are insufficient, which augurs a difficult debate in parliament on August 25.
"We believe that the Cypriot government's fiscal position is unsustainable," wrote S & P said in a statement.
The agency questioned its ability to achieve the "ambitious" goal of a debt / GDP ratio of 2.5% in 2012 and believed that the shock absorption capacity of the Greek debt by the system Bank of Cyprus is not "unlimited."