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.
Personal business cards are considered primary marketing tool for any type of business. It is the string of bondage that you build to create a long-lasting relationship with your customer and associates.PSA Peugeot Citroen expects a contraction of the European car market in 2012 although it is still too early to assess its extent, said Thursday the President of the Executive Philippe Varin.
These remarks were made while the Committee of French Automobile Manufacturers has reported a decrease of 7.6% of new car registrations in November. Data that confirmed the difficulties of PSA, whose sales fell 15.4% last month.
"We will be in Europe, probably negative growth next year.How, we do not know, it's too early, "said Philippe Varin told reporters on the occasion of the inauguration of a new production of three-cylinder engines at its facility in Trémery (Moselle) .
The annual production capacity of the new gasoline engine with smaller displacement will eventually reach 640,000 units per year.
The company said in a statement it had invested 717 million euros since the project began in 2008.
Manufacturers currently rely on the "downsizing", that is to say reducing the displacement of their engines, to reduce CO2 emissions equal power.
The first engines produced Trémery equip the future Peugeot 208 will be sold in the first quarter of 2012.
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."
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.
The trial of Michael Jackson's doctor will soon bring the light of the circumstances of the death of the King of Pop. It is also an opportunity to revelations gains post-mortem of the star and use. Michael Jackson has reported nearly 400 million since his death June 25, 2009.
Two years and three months after his death, Michael Jackson continues to be talked about. The trial of the doctor opens Tuesday in Los Angeles. Conrad Murray is accused of manslaughter for having administered a powerful anesthetic June 25, 2009. But the trial is also an opportunity to shed light on the business post-mortem of Michael Jackson.
A hoard of 400 million
According to a report filed with the court a few days ago by the two executors of Michael Jackson, John Branca and John McLain, the gains of the singer since his death amounted to $ 310 million.And again, this sum is it terminated in December 2010. "Since then, commercial sales have continued to report additional income," specify the executor without giving the amount. According to Forbes, his total income would be close in fact $ 400 million, after the commercial success of his posthumous album "Michael" (3 million records) and sales of the DVD "This is it."
The singer's productions are not the only source of income. The catalog of songs owned by the company and Sony Jackson, valued at $ 1.5 billion, would yield each year between 50 and 100 million to two companies.It includes a half-million songs including 250 Beatles songs, titles of Bob Dylan, and Elvis Presley.
A fortune used to offset debts
The financial windfall of the singer in particular was used to pay the huge debts accumulated by Michael Jackson. And there were many. The Wall Street Journal has even mentioned the $ 500 million in the aftermath of his death, but this was not confirmed. He owed money to "tens of debtors," said the report simply the executors. Of the total 310 million won, "159 million was spent to pay the debts, maintenance of children and to cover funeral costs," Forbes understands.Canadian newspaper The Winnipeg Free Press said that some of the debt has been mopped but some creditors are still demanding their money.
Jackson claims his family heritage
Part of the remaining amount will soon return to the family of the singer. According to the document, John Branca and John McClain, the heirs have requested the release of $ 30 million. This amount will be divided between the mother of Michael Jackson, Katherine, and three children of the singer, Paris, Prince and Michael Joseph Junior, custody of their grandmother since the death of the artist. Another part will be allocated to charities, but the text does not mention who they are or how much will be allocated. In addition, the document states that $ 30 million will be only the beginning, other unlocks should come later.
The text adds that Katherine Jackson would sell the family home in Encino Hayvenhurst. It has not yet been estimated but it was worth $ 4.15 million in 2010. The family should take a much higher price, after making many renovations inside. The judge in the case must approve such requests on Wednesday.
Jackson brand: a bottomless pit?
The revenues of the star continue to benefit from the huge wave of nostalgia that has gripped the world after his death June 25, 2009. U.S. magazine Billboard have estimated the first anniversary of his death that the singer had reported $ 1 billion of revenue to the various cultural actors in the sale of CDs, movies, ringtones by phone, or even video games …
The effects on sales, however, should stabilize in the coming years, says Forbes.But nothing to worry about the Jackson family. According to the calculations of the magazine, the singer's earnings could be between 75 and 100 million dollars a year. Enough to leave Paris, and Prince Michael Joseph Junior freedom from want for a few years …
Manchester United football club's most successful in England, received the green light from the Singapore Stock Exchange for an IPO representing one billion dollars (722 million), told Reuters two sources familiar with the operation.
With the amount so raised, the club held by the U.S. Glazer family since 2005, wants to reduce a debt of nearly $ 500 million, the cost has weighed on its books in recent years.
Of 2009-2010, Manchester United has posted a record operating profit of 101 million pounds (115 million), but the level of net income, the loss was 84 million pounds due to the cost of debt.
By choosing a listing in Asia, the club hopes to increase the already very important, its supporters in the region.
Of the 330 million Manchester United fans worldwide, two thirds live in Asia.
By drawing a name as famous as that of Manchester United, Premier League title, the Singapore Exchange makes a killing in the race for IPOs brought to Hong Kong.
This leads, however, because the ball has become a destination for major international brands such as luxury goods group Prada and cosmetics manufacturer L'Occitane.
Preference Shares
The placing on the market including Manchester United should be made through the issuance of preference shares do not offer voting rights to the Glazer family does not lose control of the club, the sources said.
The choice of preference shares, which are attached a higher dividend than ordinary shares, has been criticized by investors as well as fans, they have always denied the presence of the Glazer family to head the club.
The Glazer, the club also own the Tampa Bay Buccaneers American football in the U.S., are accused by supporters to have high debt Manchester United in their takeover of the club, thus limiting its ability to recruit players.
Drasdo Duncan, general manager of "trust" supporters of Manchester United, told Reuters that the degree of control of a majority shareholder was likely to be a source of concern for minority investors seeking a return on acceptable investment.
Experts in corporate governance have criticized the Singapore Stock Exchange for allowing a form of IPO minimizing the influence of new shareholders.
Manchester United spent the last week to tour the major Asian institutional investors, including sovereign wealth fund Temasek in Singapore, according to sources.
The media group News Corp. and movie has awarded its CEO Rupert Murdoch and son James of large increases in wages, but James said Friday waive his bonus, highlighting the controversy the illegal wiretapping of British tabloid News of the World.
The annual premium, announced Friday, would have increased the compensation of James Murdoch to 73%. His father, aged 80, received a 47% increase, bringing its total earnings to $ 33.3 million.
James Murdoch was to receive a payment of 17.9 million, with the bonus of six million. He will receive 11.9 million.The premium for his father is 12.5 million.
Vice President Chase Carey has seen its fee increase by 16% to $ 30.2 million.
As head of international affairs, James Murdoch is under fire from the media and the public since the revelation of the scandal at New Plays of the World July 4.
That same day, two longtime directors have announced their intention to leave the board. This is Thomas Perkins, who turns 80 this year, and Kenneth Cowley, 76. Jim Breyer, 50, will seek election to the board.
James Murdoch said he would consult with the Compensation Committee "to see if any premium might be appropriate at a later date."
Rexel has improved its second quarter results due to continued growth in the volume of sales in all its geographical areas, particularly in China and control its costs.
The action, however, accused the coup in the morning, the market and showing some disappointment due to the mere maintenance of annual objectives of the world's leading distributor of electrical supplies.
At 11:05, the title did not yield more than 0.03% to 15.515 euros, after falling to a low of 15.07 euros, showing a market capitalization of 4.1 billion euros. It loses 4.6% since the beginning of the year after gaining 59.4% last year.
"The results are at least in line with my expectations.The reaction of the title is probably because there was no increase in the guidance for the year contrary to what the group had in the first quarter, "said Patrick Jousseaume, at Societe Generale.
At Deutsche Bank, David Cerdan considers that the withdrawal of the title due to "the combination of two elements: the markets are not good today and the results are roughly in line with expectations in sales but a slightly below the level of net income. "
But he added: "The most important is that the momentum seems to remain strong, giving credibility to the group's 2011 targets unchanged."
Rexel saw its EBIT to rise by 17.6% in the second quarter to 174.1 million euros (179.1 million in give comparable, an increase of 22.2%) for a margin of 5.5% (+ 60 basis points), due to higher gross margin and the effects of cost reduction measures taken by the group.
Net income rose 38.3% to 87.2 million on a turnover of 3,157.6 million euros (+5.1% on a comparable basis and 3.6% as reported) in the second quarter.
In Europe (59% of sales), sales increased by 5.1% in Q2 while the increase was 5.7% in North America (28% of sales) and 5.3% Asia Pacific (10% of sales) due to an increase of 16% in China (over 20% of sales area).
In this context, Rexel has confirmed a 2011 target to improve its EBIT margin of 50 basis points and a net flow of cash before interest and taxes of more than 500 million euros.
The group also repeated that he intended to improve profitability in 2013 and it is a close EBITA margin of 6.5% with a return on capital employed (ROCE) close to 14%.
In a statement, Chief Executive Jean-Charles Pauze says it will continue in the second half "to accelerate the deployment of (its) strategy that combines organic growth and selective acquisitions (…)".
Rexel is owned 72% by a consortium of investors including Clayton, Dubilier & Rice (33%), Eurazeo (32%) and BAML Capital Partners (25%).
At June 30, 2011, net debt stood at 2,363.8 million euros, representing an increase of 90.5 million euros compared to December 31, 2010.
Wall Street opened Tuesday's session on a positive note, benefiting from the publication of a series of quarterly results found quite encouraging.
A few minutes after the start of trading, the Dow Jones gained 0.97% to 12,504.87 points, the Standard & Poor's 500 index 0.93% to 1317.60 points and the Nasdaq Composite 1.39% to 2803.45 points.
Securities Bank of America and Coca-Cola took 0.4% and 1.8% at the opening after the publication of their results.
In contrast, as Goldman Sachs fell by 1.88%, the results of the group with the second quarter disappointed investors.