A successful international expansion

Casino has succeeded mainly in some countries. The group of Latin America's main platform for international expansion, although the group has some nice success in Asia (Thailand and Vietnam). First, it is Brazil, where Casino owns jointly with its parent company Rallye, 48.1% of CBD Grupo Pao de Açúcar. The success of Casino in the country had also been salivating Carrefour and its shareholders. They had tried to orchestrate a merger that was not the taste of Casino.

A successful real estate subsidiary

Casino can also count on its real estate subsidiary Mercialys. It is worth 2.56 billion euros for a wealth of 2.54 billion euros. In fact Carrefour has assets, much larger, estimated at 15 billion euros. But its real estate subsidiary project fell into the water.

Little excitement in the shareholding

At Casino, ownership has been stable since the merger in 1992 Rallye and Casino. Jean-Charles Naouri has locked the capital since its holdings Rally and Kerrous hold 51.09 and 6.49% of shares. Brother Albert is a quiet and faithful shareholder with 1.7% of the capital. At Carrefour, the float was very important before Bernard Arnault and Colony Capital will invite themselves to capital. They jointly hold nearly 14% of the shares 100% free credit score.

Governance, clear and precise

At Casino, Jean-Charles Naouri decides.At Carrefour, the change of presidents have succeeded without success. Since the departure of Daniel Bernard, nor José-Luis Duran or Lars Olofsson have managed to revive the company. On the contrary, records against Carrefour-performance, particularly in France.

To a satisfactory third quarter Casino

Wednesday, October 12 evening, Casino will publish its revenue for the third quarter. While billings should not proceed at a pace as rapid as in the first half (+18.8%) but growth is expected to remain satisfactory. Unlike Carrefour, Casino relies on strong performances in France.

The stock options

These findings illustrate the past, but investors should now focus on the analysis of the perspectives of both groups. From this point of view, the stock options is tricky.In fact, Carrefour has fallen very low and it is difficult to imagine a new fall of the action. Carrefour has suffered a lot of hedge fund strategy of buying and selling Carrefour Casino uncovered. Most of the fall of Carrefour is behind us. The recovery will take time but it should be occurring at one time or another. Casino has a real advantage for the shareholder, the group pays a regular dividend and generous. Those who want to enjoy a very high efficiency can also turn to rally, the parent company of Casino.

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Announced tonight the death of the charismatic leader will Apple does the same concerns in the markets? It is no surprise to Apple's shareholders. The charismatic leader had prepared his departure, giving the reins of his company to Tim Cook. But his death marks indeed the end of an era for the firm at the apple.

In exchange, if Apple has lost 1.31% to 279.25 euros on the Frankfurt Stock Exchange, the stock has limited the damage in New York, falling 0.23% to 377.37 dollars after gaining 1% in first exchanges.

The title after the stand 4S iPhone

Steve Jobs as a CEO was not like the others.Associated with the image of the company he co-founded, he was also in stock. Apple has become the first in the world market capitalization, elbow to elbow with Exxon Mobil pay day loans.

As Steve Jobs made Apple, Steve Jobs's health was reflected in the title. Suffering from cancer since 2004, the group leader had to leave several times, until he left there just over a month, on August 25. Each announcement related to his health problems, the markets feared for the future of the group and the title suffered large fluctuations.

Two days ago, the title fell by 5% during the session along with the presentation of the 4S iPhone. The latest version of Apple's flagship phone, slightly different from the previous one, was disappointed the markets, hoping to iPhone 5.But the title was returned to the balance at the end of the session and finished on a moderate loss of 0.56% to 372.50 dollars. Sign that investors want to believe in the capacity of Tim Cook to keep the group at the top.

Anticipating the new, the Danes have rushed into their supermarkets this week to refuel."We had to stock tons of butter and margarine to be able to serve our customers," says Soeren Joergensen, a group leader dairy Arla Distribution. "The week was rather chaotic, with lots of empty shelves. People filled their freezers, "says Christian Jensen also responsible for a independent supermarket in Copenhagen.

An "administrative nightmare"

While retailers are rubbing their hands, business is gray mine. The Confederation of Danish Industries (DI) is even talk of an "administrative nightmare" no faxing payday loan. The products are imported or Danish manufacturing, it will indeed ask for statements to producers on the amount of saturated fat in the product but also used in its preparation.Similarly, updating of computer systems has required many hours of overtime for producers and retailers. "All this has a cost that will be passed on to consumers," warns Gitte Hestehave, spokesman for the DI. "I doubt this will have a positive impact on health, it is simply an additional tax," she adds.

For its part, the European Commission said "monitor" the introduction of this tax "to be sure she does not create barriers to trade" within the European Union. Indeed, when the fat content of an imported product is not sufficiently indicated, Denmark reserves the right to impose a flat fee plus importer. This could push them to move away from products from other Member States where the reference to amounts of saturated fat is not required.

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Thursday night, the European Central Bank (ECB), the U.S. Federal Reserve, the Bank of England, Swiss National Bank and the Bank of Japan reopened their facilities dollar loans to European institutions to three months, at their request . The decision was hailed by leading international institutions including the IMF, through its President Christine Lagarde: "This is a clear indication on their part, from the two largest members of the euro area from a point of Economically, the future of Greece is truly in the euro area.This appears to be strongly rooted in them both, "she said Thursday night by referring to the Franco-German tandem. The same applies to the ECB: "We are all very closely 'united in one purpose,'" said last night Jean-Claude Trichet, president of the ECB.

A meeting of finance ministers in Poland

Still, brokers are concerned that this improvement was not part of the time. "The coordinated central bank takes the market today," noted Toshiyuki Kanayama, broker at Monex, quoted by Dow Jones Newswires. But this does not solve the problem of the euro area should have a temporary effect. "And as if to echo, the Austrian Minister of Finance, Maria Fekter, has not ruled on Friday that bankruptcy Greece is a better alternative to a bailout too expensive."We should consider this alternative," she started.

Suddenly, all eyes have turned to Wroclaw in Poland, where there is a meeting of EU finance ministers on Greece. It should last two days and overcome the remaining obstacles to the implementation of the second plane to Athens to help avoid bankruptcy the country, totaling nearly 160 billion euros, decided July 21. Note that Timothy Geithneir, the U.S. Treasury Secretary, will attend the round table.Two press conferences are scheduled this Friday at 24:00 and 17:30.

Barack Obama campaigning for his plan for employment

On the other side of the Atlantic, U.S. President Barack Obama said Thursday night that his plan for the use of 447 billion dollars could generate "up to 2 points of growth" and lower "a point unemployment ", by creating 1.9 million jobs, in a speech in Washington. And while the United States are experiencing an unemployment rate of 9.1%.

On the foreign exchange market, the euro kept most of the gains made the previous day. The European currency was worth 1.3848 dollars and 106.31 yen Friday morning, down slightly compared to 1.3882 dollars from the previous evening.Similarly, the oil price displayed in a small increase in morning trading, a barrel of "light sweet crude" earned 5 cents to 89.45 dollars per barrel of Brent North Sea 14 cents to 112.44 dollars. "This liquidity will likely prevent the recession to hit the euro area, supporting crude oil prices," said Victoire Shum, an analyst at Purvin and Gertz in Singapore.

On the macroeconomic front, foreign trade and balance of payments in the euro area for the month of July will be published on Friday.

In France, business start-ups in France rebounded in August after two months of decline.A total of 41,697 companies were created last month, according to Insee, a figure up 7.5% from July, which was the worst month for a year and a half.

In Germany, German Chancellor Angela Merkel said today that German GDP growth would be "closer to 3% than 2.5%" this year.This statement comes as concerns about the impact of cooling of the global economy on the German economy, heavily dependent on exports, are more vivid.

United States, the net capital flows and the index of consumer confidence from the University of Michigan will be published early in the afternoon.

Values ​​to follow

Banking

Again, banks, led by Societe Generale (4.96% to 19.19 euros), Credit Agricole (3.30% to 5.70 euros) and BNP Paribas (3.92% at 31, 69 euros), will be scrutinized by investors, following the decision by central banks to help European institutions.

Air France-KLM (0.84% ​​to 6.11 euros) and EADS (+0.02% at 22.22 euros)

The manufacturer will control 50 devices equally between European manufacturers Airbus and Boeing, for a total of $ 11.3 billion (8.1 billion euros) to ensure the renewal of its fleet, say Les Echos to be published Friday.

Hermes (-6.08% to 252 euros)

Resumption of trading on Friday for the title of the luxury group, which was suspended the day pending the decision of the Court of Appeal in Paris on speculation about the fate of its capital due to a possible takeover bid by LVMH.

Areva (3.17% to 21.66 euros)

The group has suspended two months for the production of two French factories processing of uranium due to the decline in demand for nuclear power plants in Japan after the disaster in Fukushima, officials said Thursday from the French nuclear group.

EDF (2.25% to 21.09 euros)

Group and Electrical Delmi A2A and its majority shareholder, who jointly control Edison, announced the extension of their shareholder agreement until October 31 at number two in the Italian electricity.

The Financial Times for its part indicated that Lou Jiwei, the chairman of China Investment Corp (CIC), accompanied by a delegation, arrived in Rome last week to meet with Finance Minister Giulio Tremonti, and officials the Cassa despositi e Prestiti.

Relief markets

In any case, the information had an immediate impact on equity markets and bonds. The news triggered a rapid rise of U.S. indexes, which ended the session up when they were, like all European markets, a sharp decline shortly before the information.L all the indices of world is indeed suspended at the least information related to the status of sovereign debt in the euro area. In fact, the fear of contagion shook the Greek market.

In addition, the bond market has also relaxed. Good news for countries forced to place their debt securities, especially Italy payday advance. Interest rates have soared Monday in an issuance of public debt in Italy.Rome has indeed placed a total of 11.5 billion euros of shares, including 7.5 billion of bonds a year at a rate of 4.153% against 2.959% in the previous similar exercise conducted on August 10.

Foreign exchange markets also reacted. The information has strengthened the euro, trading at 1.3678 dollar this morning.

China has pledged to support the euro area

The assumption of support from China bound for the euro area is particularly taken seriously by the markets as the Central Bank of China recently said it was ready to support countries in difficulty to repay their debt.

Moreover, China has already come to the rescue of countries in the euro area in difficulties in recent months. In late May, Beijing had expressed its intention to purchase debt securities issued by the European Stability for Portugal.In January, China had purchased European titles for bail Ireland. And from the beginning of the crisis, China had come to the aid of Europe's sick of his debts. Earlier this year, the country had purchased bonds espagnolespour a hundred million. The Middle Kingdom is also committed to acquire Greek bonds

By helping the EU now, China is diversifying its investments in debt securities. In addition, the country is gaining leeway in future negotiations.

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This court decision, taken on July 28, was revealed by Charlie Hebdo before being confirmed Tuesday by a judicial source. The prosecutor did not appeal the decision within five days following the judge's order, the trial is inevitable. It should not however be held before 2012.

The accused are suspected of wrongdoing in the program "Oil against food." This device, developed by the UN between 1996 and 2002 allowed the regime of Saddam Hussein, then subjected to an embargo of the Security Council, to sell the black gold in exchange for food and medicine.

Pasqua accused of corruption and influence peddling

Justice suspected leaders of Total for putting in place a system of kickbacks to benefit from oil markets and to have circumvented the ban by buying barrels of Iraqi oil through front companies. The company is well prosecuted for bribery of foreign public officials, influence peddling stolen goods and conspiracy to influence peddling Payday Loan for Bad Credit. Its current CEO, Christophe de Margerie, is returned for complicity in misuse of corporate assets."We are confident in the outcome of the trial and the fact it is established that Total can not be accused of the facts stated," responded the oil group.

Other French officials involved would have received their commissions in the form of barrels of oil allocations. Two former high-ranking diplomats will be translated for corruption: Jean-Bernard Merimee, Ambassador of France to the UN from 1991 to 1995, and Serge Boidevaix, former Secretary General of the Quai d'Orsay. Charles Pasqua will defend him on charges of corruption and influence peddling for acts committed between 1996 and 2002.

"It's quite a surprise and an unpleasant surprise" immediately commented on France Info's lawyer, Leon-Lef Forster. The latter was surprised that the judge, who took over in 2010 an investigation in 2002, has taken its decision without even "bothered to ask (his) client."But he said he had "no concerns" about the outcome of the trial.

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Important point of this agreement in principle: the amount of the increase will allow the U.S. to respect the new ceiling and be able to borrow until 2013, after the presidential elections.What Barack Obama was anxious to avoid having to reopen the thorny issue next year, during an election campaign.

A first submission to a vote expected in the day

However, the plan still has some gray areas. Few details have yet filtered on additional measures to reduce the U.S. deficit. According to a U.S. official, the agreement provides for an initial cost reduction of 1.000 billion. A special commission bipartisan Congress will then be responsible for finding (before Thanksgiving or the end of November) of additional spending cuts of 1.5 trillion dollars. In addition, the plan would not include any tax increases in any form, which may go wrong on the left of the Democratic Party.In the event no agreement on budget cuts intervene further, a binding mechanism would be in place, automatically imposing a number of cuts, including the defense and the Medicare health program for the elderly.

A senior White House nevertheless said that Social Security and Medicare, the health program for the elderly, would not be affected by these cuts automatically. This is also particularly at this point that the negotiations had stalled in recent days.

If the announcement of the agreement has given the air in the financial markets, particularly the Asian markets, still needs to be valid by the Congress voting this agreement in principle. Again, the timing is still tight. To avoid any permanent non-payment, the agreement must be approved before midnight Tuesday (Wednesday 16 hours in Paris).The common ground found by the two parties should be submitted to a vote of both houses of Congress on Monday.

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Three weeks after an EU summit explicitly set the deadline "at the beginning of July," the seventeen Ministers of Finance should discuss again in the afternoon of the participation of private creditors (banks, insurers and pension funds) to finance the 110 billion euros expected by Athens. The previous discussion, nine days ago, had led to nothing. The last few days have revealed new differences between Paris and Berlin, among others.Any decision on Greece looks more difficult to take.

For their part, Herman Van Rompuy and José Manuel Barroso confirmed the place this morning at 8 am for an appointment ritual. But it is this time extended to leaders of the euro: Jean-Claude Trichet, head of the ECB, Jean-Claude Juncker, Eurogroup President, and Olli Rehn, Commissioner for Economic Affairs. Thus the whole of Europe "money" that attempts to harmonize a position before the seventeen countries do recover in the job from 15 hours.

A spokesman for President Van Rompuy diplomatically pointed out that it is "not a crisis meeting."But there are clearly urgent: according to a scenario experienced since the near collapse of Greece in May 2010, the indecision of the seventeen countries is more expensive with each passing day, whether the amount of aid to mobilize or discredit that strikes the euro markets cash advance no faxing.

The warnings are accelerating. The first signs of a contagion of debt to Italy emerged Friday with a surge in rates on a mammoth debt of 1500 billion euros. Markets fear the shelving of the finance minister, Giulio Tremonti, the guarantor of fiscal restraint against Silvio Berlusconi. Another source of vulnerability: Belgium.The collapse of negotiations last Thursday the government refers Belgium to the warning issued by Standard & Poor's on further debt.

Point lock

For its part, Moody's said Wednesday that the euro area is not the end of its weak links. While all eyes were on Greece, the agency downgraded the debt of Portugal, placing it in category "speculative" (junk). Ireland, third countries of the euro have had a rescue plan, concerned at its next rate hike by the ECB pledged Thursday.

Point to the folder blocking Greek, the role assigned to private creditors in the second bailout in turn becomes inextricable. French and Germans, former creditors of Athens, advocate for competing projects. But so far all the formulas in the study returned to a default on one or more rating agencies.In this case the ECB threatened to stop accepting the obligations of Athens as collateral, which would bankrupt Greek banks on the spot. And could trigger a shock wave of hand.

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For Christophe Lambert, now CEO of the all-powerful group, "EuropaCorp was primarily impacted by lower international sales embodies the commercial failure of Arthur and distribution 3.This performance-cons is responsible for 60% of our loss, "said the head this morning that he intends to return to strict financial orthodoxy. The cost of restructuring also weighed on the accounts whether "stop five projects," "the revision of revenue projections for two feature films," but also "Stop activities as literary publishing, music production or advertising. " Finally, EuropaCorp had to "increase its overhead by 24%" much to integrate its new production for television address issues of governance that have hit the headlines last fall with the departure of Pierre-Ange Le Pogam.

Christophe Lambert believes, however, have reasonable satisfaction that have clearly not lost on analysts.Thus, sales grew by TV France 56.3%, and the activity rooms in France 61.6%, thanks in particular to the success of "Little White Lies." Finally, business TV series shows a turnover of 15.7 million euros, in particular through the series, "XIII" broadcast on Canal +.

The studio, which now considers to be in working order, confirms its forecast of a return to balance for the year 2011-2012. It is based on announced the release of a dozen films, including major productions in English as "Transformer", "Colombiana" and "Lock Out", and 3D animation as "A Monster in Paris". Is appealing the market susceptible to the charms of the black screen.

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Despite these humble beginnings, the company hopes most luxurious increase its visibility in Asia with the regional listing. Sales of luxury products are doing very well in this part of the world. China weighs more heavily, representing the second largest market behind the United States and ahead of Japan. The industry shows growth rates of nearly 25% annually in the Middle Kingdom.A trend expected to continue at least over the next five years, analysts said. The consulting firm PricewaterhouseCoopers expects that China will become the first market in the world by 2015. The sign of Milan also provides a major expansion plan throughout the Chinese territory in the years to come.

Prada is not alone in courting the Asian markets since the stock market. Burberry and Coach American also announced their intention to rate in Hong Kong. Prada's performance will be regarded as a test for the Asian market place, where Samsonite has recently disappointed by losing 11% on the day of its listing on June 16.

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