In an attempt to stop the stock market crash, the finance ministers and central bankers of the twenty leading economies gathered in Washington last Thursday pledged to provide "a strong and coordinated international response" to the crisis at a meeting in Washington.In a joint statement, they agreed to ensure that "banks have adequate capital" and promised to provide "the necessary liquidity" to financial institutions. But for specialists Aurel BGC, "the real decisions are referred to the Summit of Heads of State and Government to be held in Cannes, 3 and 4 November."

The Perfect Storm, the large emerging group of "Bric" were "determined to accelerate structural reforms to sustain strong growth." Brazil, Russia, India and China but also South Africa so consider "if necessary, to provide support through the IMF or other international financial institutions, to address the current challenges facing the global financial stability, according to the circumstances of each country. "The inventor of the BRIC, Jim O'Neill, chairman of Goldman Sachs Asset Management, said however that emerging markets are likely to require at least, in exchange for their support, greater clarity on how the Europe has to solve its crisis.

Gloomy outlook for world trade

In response to a request by the G20 in September addressed to Nicolas Sarkozy, the countries of the euro area have also promised to implement "necessary measures to increase the flexibility of the European Financial Stability Fund (EFSF)" to avoid contagion from the crisis in Greece. Yesterday, the possibility of a defect in Athens, though long ruled by EU leaders, was raised by Klaas Knot, Member of the Board of Governors of the European Central Bank (ECB)."This is one of the scenarios," he told the Dutch newspaper Het Financieele Dagblad.

The specter of a global recession has suddenly resurfaced after the ads pessimistic U.S. Federal Reserve (Fed), which held that the U.S. economic recovery was "slow" and threatened by "high risk". Wednesday she has decided to sell by the end of June 2012 for $ 400 billion of treasury bills and to purchase for the same amount with a longer maturity.But the fact that it favors measures to monetary easing, a depressed market on Thursday, who sees as a sign of impotence.

New signs of abating, the World Trade Organization (WTO) revised downwards its forecast for this Friday trade growth for 2011, expecting growth of world trade by 5.8% against 6.5% forecast so far, according to its website.

On the foreign exchange market, the euro climbed slightly against the U.S. dollar: it rose on Friday by 0.57% to 1.3533 dollar. Oil prices also went up.A barrel of "light sweet crude" for delivery in November, which had tumbled more than $ 5 the day before returning 1% by mid-morning at 81.31 dollars.

The side of values, after the close of the NYSE YorkHewlett-Packard announced the replacement of Leo Apotheker as CEO from Meg Whitman, confirming the many rumors that had circulated in recent days.

At Advanced Micro Devices (AMD) is Rick Bergman Devices, responsible for products, who announced his resignation. The CEO will temporarily Rory Read office.

Covidien raised its quarterly dividend 12.5% ​​to 0.225 dollar per share.And, for its part McDonald's has increased its 15% to $ 0.7 per share.

In order to treat its shareholders well, Raytheon has authorized a stock repurchase plan of $ 2 billion.

The American manufacturer of sporting Nike has exceeded market expectations by posting yesterday after the close of U.S. markets net income for the first quarter of fiscal year up 15% to $ 645 million, driven by its Sales in North America and in emerging countries. Revenues rose 11% to $ 6.1 billion.Orders scheduled for delivery between September 2011 and January 2012 were up 16% to $ 8.5 billion.

On the occasion of a major overhaul of its website, Facebooks'est services associated with music, news and video, including Spotify, Deezer and Dailymotion, and challenge from Apple in the content.

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The market for sports rights is held by three giants. IMG, the world, which weighs about 1.5 billion euros of turnover, is owned by Forstmann Little and the fund would be about to be sold. The world number two with Infront is 600 million euros in turnover with, the key, an estimated gross operating margin from 10% to 15%. It beats out number three, Sportfive, bought in 2006 by the Lagardère Group for 865 million euros.Sportfive is clearly slowing, and in 2010, its activity dropped by 23% to 396 million euros.

"Infront's activity is divided into four more or less equivalent. Football with the rights of the German, Italian League (Lega Calcio) and the rights of big clubs like AC Milan, Schalke 04 and Werder Bremen. Then there are winter sports, such as [events of] the International Ski Federation, or [of] the International Federation of ice hockey. And summer sports such as volleyball, handball and basketball in China. Finally, Infront carries the audiovisual production of major events in human as well as World Cup football and the championship of France Ligue 1, "said Robert Xavier, a partner at Bridgepoint in Paris fast cash advance loan.

For an investment fund, Infront has some nice features.About 80% of its turnover is earned from January 1 and the rate of renewal of contracts with rights holders to 90%. In addition, the fund has this job because it has the past five years the Spanish company Dorna, which manages the Grand Prix motorcycle.

Disintermediation

The global market for sports rights is estimated at $ 121 billion in 2011 and that of media rights and sponsorship is $ 56 billion. If the market is still growing at a rate of 4 to 5% a year, it faces a disintermediation. "The leading licensors such as UEFA, FIFA, the International Olympic Committee have the means to directly sell their rights," says Robert Xavier.

However, Bridgepoint estimates that there are significant growth drivers for Infront. Geographically first.Very presence in Europe and Asia, Infront has yet to conquer Great Britain and South America, a continent with very dynamic football World Cup 2014 and Olympics 2016 in Brazil.

The progressive development of human-related internet sports is another area of ​​growth. Finally, Bridgepoint does not hide that he may run when the throw-in sports rights held by Sportfive far as the African Cup of Nations.

The work done by Colony Capital, also a shareholder in Accor and Carrefour, in the last decade has clearly paid off. The U.S. investment fund had acquired a majority (55%) of Chateau Lascombes in 2001, disbursing, with 15 other shareholders, 505 million francs, or about 77 million.The domain is at the time, already coveted for its size – double or even triple the area of ​​the left bank of Bordeaux (Médoc and Graves), but the production quality was poor.

Under the general direction of Dominique Befve, hired by Colony from Château Lafite Rothschild, and with ten million euros paid by the fund, the field is reviewed thoroughly. "Chateau Lascombes has regained his place," says the chairman of its board of directors and member of the European team Colony, Jean-Romain Lhomme.

No wonder that the mandated two banks, HSBC and Rothschild & Cie, have received numerous expressions of interest, rather than when Colony had sought to sell its assets for the first time in 2006.Several manufacturers and investors from Europe and elsewhere – including a Chinese group – this time were in the running to acquire the largest producer by volume of AOC Margaux, with annual production exceeding 500,000 bottles. Chateau Lascombes is marketed worldwide: two bottles of five leave the United States and one in three to Asia.

In addition to over 110 hectares of vineyards, Colony sells a castle dating from 1867, but also the stock of the 2010 production, estimated at 20 million euros. The final choice was the MACSF, partly because of the will of the latter to invest long term, although his nationality has probably weighed in the balance.

Constrained by time

New to wine, MACSF was surrounded by experts (bankers Bankers Wine) to lead this investment, which is produced by the class of life insurance.The acquisition represents 1% of assets and MASCF follows that of its head office in Defence, one of the largest real estate transactions in 2009. "The acquisition of Château Lascombes is an investment that allows the MACSF to consolidate its assets in the real property of high quality," said Marcel Kahn, its managing director. In the wake of Axa, who acquired his first vineyard in 1987, more and more insurers are interested in this type of asset perennial.

Chateau Lascombes MACSF to ensure consistent performance that could increase dramatically. The success of Bordeaux wines should not deny a global wine market structurally carrier.Bound by time limits fixed investment, Colony Capital would also gladly kept his field: "the catch-up potential is significant, because prices do not yet reflect the restructuring work done," said Jean-Romain Lhomme, evoking the same a doubling of prices of bottles, while the cost remains stable at about 20 euros.

Parmalat's shareholders, who have until July 5 to tender their shares to the offer of Lactalis, yesterday approved the new board. Nine representatives from Lactalis have entered. The other two seats returned to minority shareholders.The appointment of Francesco Tato, former head of energy group Enel and Lactalis candidate for the presidency, was approved by the Assembly. As the new Director General, he was appointed at the first board meeting. Antonio Sala, president of Lactalis Italy, Enrico Bondi is expected to succeed.

The "invader" French

The company that he has led for seven years carries 4.3 billion euros and employs 14,000 employees in 69 plants worldwide. Having built its success in the 1960s to the adoption of the system UHT long-life milk and have developed internationally through acquisitions, it survived in 2003 to one of the biggest financial scandals in Europe no fax cash advances.

Offensive Lactalis, which owns 28.9% for the time being the capital of Parmalat, is similar to an obstacle course. Six weeks ago, the board rejected the offer Italian of French.At a price of 2.60 euros per share, it was deemed "inadequate", below the 2.80 euros paid by Lactalis in March to get their hands on the 15.3% held by three investment funds. Lactalis should finally not have to raise its price. Because Parmalat was unable to assemble a consortium of Italian investors to make an against-offer.

The case also took a political turn. The government, to defend the "Italian character" of Parmalat, was to act by decree to postpone the general meeting held yesterday. Unions and politicians have, at first denounced the "invaders" French.Lactalis's offensive came after the takeover, friendly, Bulgari and LVMH in the face of rumors around Edison – coveted by EDF – or SAI Fondiaria (Groupama).

The discrete group of Laval, who directed last year a turnover of 10.4 billion euros, can not in uncharted waters. For the past five years and the acquisition of Galbani, the brand behind the second President, Italy became his second home. After months of battle, Lactalis – which weigh 14 billion euros in total turnover – will improve its image in the peninsula.

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Libyan managers have a taste of Europe: they have put about 60% of assets, particularly in France. At June 30, 2010, Societe Generale manages the LIA AIF for $ 1.05 billion (after a loss of 750 million euros in three months), BNP Paribas for $ 10 million.

Major French companies

At June 30, 2010, the Libyan sovereign fund also owns 536.6 million euros in shares of companies quoted on the Paris Bourse. One of them, Lagardère, the LIA is placed in the "strategic", with an investment of $ 62 million in market value. Other major French companies in the portfolio "not strategic", such as France Telecom (53 billion), Vivendi, Suez-GDF, EDF, or Danone. The LIA was then invested tens of billions in each.

The fund's management is very opaque, it is impossible to know what equity it holds today in the French companies cash advance loans.A clue: According to statistics from the Bank of France, financial institutions hold in their coffers hexagonal 8,233,000,000 ($ 5.8 billion) of Libyan origin at December 31, 2010.

A prudent strategy

"Then in mid-2010 many uncertainties still hang over the global economy, management remains extremely cautious LIA," says Philippe Waechter, head of economic research at Natixis AM. He holds to this date 60% cash, 10% bonds and 8% of shares. "This defensive strategy used to limit risk, continues the economist. This did not prevent the LIA wiping lost between the first and second quarter 2010, 4.53% of their capital to $ 53.3 billion (37.8 billion euros).

The details revealed by this paper could resume the hunting of Libyan assets, frozen since early February by a European decision, said Fabrice Marchisio, a lawyer specializing in this field. He said "this will require financial institutions that have dealt with Libya to register with the authorities if they have not already done."

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"Asset freeze" a bomb for all banks "

In a country with 73 billionaires, against 53 last year and 75 before the crisis, Queen n 'PAGE arrives at the 257th place with an estate valued at 300 million pounds, up 3%. This circle has 108 women in total.

Sodexo still remains the world number two catering, behind Britain's Compass. This activity still accounts for 70% of its turnover! But for several years, this percentage tends to decline in favor of other benefits, growth and higher margins.

Sodexo now offers services ranging from assistance for the reintegration of prisoners, janitorial company and maintain medical equipment in hospitals. This year the group has won a contract with Nokia in China, to handle the technical maintenance of production plants phones manufacturer in Beijing and southern China. United States, the company was chosen by the city of Detroit for the restoration of 101,000 students in 136 public schools paydayloan… But it will also provide maintenance, cleaning and maintenance of buildings and green spaces. Nothing to see, therefore, with the restoration …

Accelerate diversification

"While the food services grew on average by 3.5%, other services rose by 7.8% and their share rose from 18% to 25% of sales in four years," said Michel Landel .In 2008, Sodexo had bought the German Zehnacker, offering in Germany, Austria, Switzerland and Poland services to hospitals.

To accelerate diversification, Michel Landel is considering new "small or medium-sized" acquisitions, outside catering. Irrespective of these potential acquisitions, he pointed to the prospect of 4.5% growth in turnover, while confirming the annual target for operating income up about 10%.

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To the question: "If the taxation of life insurance was hardening in the context of this reform and became less profitable, what would you do?", 24% of respondents who had a life insurance contract responded they would consider closing it. And 35% said that this development the "incentive to focus on the future of other savings vehicles," according to the poll commissioned by the French Federation of Insurance Companies (FFSA).

Rather taxing works of art actions

Several scenarios have indeed succeeded in recent weeks.Following the overwhelming rejection by members of the previous plan for the taxation of unrealized capital gains – that is to say potential – contracts of life insurance, the new draft does not give the majority to change the taxation of investment acclaimed by the French. It now offers taxation "over water" of life insurance contracts or the imposition of annual earnings instead of waiting for the withdrawal of funds. "This touches on something quite significant," said Bernard Spitz, president of the FFSA, told AFP. About 64% of life insurance contracts now have at least eight years of seniority, which means that their owners do not have to wait to receive the most favorable tax regime.And even if Bercy considering taxing only reinforced the larger contracts, probably beyond 1.3 million euros, "investors did not believe" this limitation and 71% of respondents believe that the reform that will benefit 'the French the easiest. "If you attack it, it means that addresses for 30 million French in one of the cornerstones of their future," says Bernard Spitz.

The results of the survey, respondents found it more appropriate to begin by increasing the taxation of works of art (72%), stocks (71%) or property (35%), then s' tackle life insurance (8%) or Booklet A (6%).

With AFP

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In fact, the secretive boss and principal shareholder of Lactalis has long thought it would be able to redeem 100% of Yoplait. "For him, it was all or nothing," summarize several players folder. It was nothing. Lactalis yet dreamed of Yoplait for over ten years.Between 2007 and 2008, Emmanuel Besnier has conducted negotiations for a merger agreement with Sodiaal to share the little flower. But in the summer of 2009 he moved to the Government a strange offer: take the cheese Entremont, in dire straits for a symbolic euro … if they can buy Yoplait. A proposal seen as a humiliation by Sodiaal.

Emmanuel Besnier believes that if he leaves then include Sodiaal resume the king of Emmental, government support, in time, his plan to seize Yoplait. Especially since many feel that the cooperative can not afford to restructure and develop Entremont Yoplait same time. On 17 November 2010, Lactalis renewed the assault. Advised by Credit Agricole CIB, he sends the only pre-emptive bid for IBP redeem 100% of Yoplait for 1.4 billion euros, an unexpected price for the fund.

The gesture is calculated.PAI has 50% of the company since 2002, and a clause of the agreements of the time gives him the right to force Sodiaal, co-owner, to sell at the same time as him … Apparently, the two partners are wary of one other: PAI retained as Counsel Rothschild and BNP Paribas, HSBC chose Sodiaal and together they took Societe Generale and Morgan Stanley. But Lionel Zinsou, who has recently taken the reins of the fund, agreed in June 2010 with the cooperative scheme of transfer of Yoplait. Sodiaal desperate to stay involved? PAI has promised to help. It is held there, and says in essence that Lactalis "it does not expropriate people of a society they have created."

"Agricultural Policy demagogic"

But Emmanuel Besnier relies on political support, particularly at the Elysée Palace.With 550 million liters of milk processed annually to produce yogurt in three French factories, Yoplait provides 2% of the collection outlets in France. Not enough to upset the equilibrium in the industry. However, Lactalis offers the second yogurt brand in the world a 100% roof lights. The government would love to build a second French champion next to Danone. "If Lactalis had been more adroit, Sodiaal would have been hard to resist the offer," says an expert.

Only here, the more conciliatory boss Lactalis has not only friends.In an editorial signed by him in his 2009 annual report, he denounced "demagogic agricultural policy, conducted jointly by an administration out of step and a sclerotic unionism … turned exclusively to the concerns of Planning and clientelism" and "cooperative groups, which have never proven to France economically." At the oral as well, timid speaks his mind bluntly and critical patterns Sodiaal easy payday loans.

While its competitors are belly dancing to the cooperators, Lactalis remains outside the formal process of insider selling in late December. Nestle, the Mexican Lala, the American General Mills, the Bright Food and Chinese fund Axa Private Equity send battalions visit the research center and factory in Le Mans. Lactalis not.

Emmanuel Besnier has a gesture vis-à-vis Sodiaal bereaved by the sudden death of its director general, Claude Sendowski.The whole dairy industry rushing to the funeral on February 3. Very excited, Alex Bongrain pays tribute to his partner. Emmanuel Besnier also required to be present, not far from Eduardo Tricio, owner of Lala.

In this month of February, Nestle, backed by Credit Suisse, is favored leaders Sodiaal, PAI and Yoplait. For Lucien Fa, who has masterfully restated the company since 2002, Nestle is best placed to accelerate the internationalization of Yoplait in emerging countries, both being present in China, India, Indonesia and Brazil. By combining the brands Nestlé and Yoplait, it is a serious number two behind Danone yoghurt. Incidentally, the Swiss group is willing to pay more than most other competitors …

For the government, too, the Swiss is a welcome addition, since there remains no other credible candidate French.Bongrain, which has two joint ventures with Sodiaal, looked at the file, but found it too expensive. Bel refuses to raise its price and the fund Axa Private Equity worried: his project is fear a dismantling of Yoplait.

Ultimatum from General Mills

When Paul Bulcke, Nestlé's boss, went to Paris in late February, he is confident. "In France, Nestlé feel French," he says Le Figaro. The Swiss certainly share with disabilities. In Europe it is associated with … Lactalis in a joint venture Lactalis Nestlé Produits Frais (LNPF), including French owns 60%. For Sodiaal join Nestle is therefore partly to promote his nemesis. But Swiss diplomacy works miracles. The cooperative accepts the schema of Nestlé: the latter wants to make the activities of Yoplait in Europe to the joint venture LNPF against payment in cash.Lactalis thus be able to retrieve the management and synergies, the little flower. By contrast, Nestlé Sodiaal driver alone with the Yoplait brand and ensure its development outside Europe.

This pattern is nothing dishonorable for Lactalis. Emmanuel Besnier rejects it yet. He controls without sharing trademarks President, Galbani and Lactel does not turning into a franchise or Yoplait strengthen Nestle. Everything is done to convince him. In a letter dated March 1, Sodiaal it says that the only chance for Lactalis is part of an offer to Nestle. And Thursday, March 10, on the ground floor of the Hotel de Villeroy, held a meeting last chance. Bruno Le Maire, Minister of Agriculture, is trying to encourage Emmanuel Besnier and Gerard Budin, President Sodiaal International, agree. In vain. Nestlé must disappear.Emmanuel Besnier, he, head elsewhere on the same day he gets to the assault of Parmalat, the Italian leader of the milk.

The following weekend, General Mills and advice Barclays Capital and camped at Darrois Freshfields, the law firm Sodiaal to finalize a pact to shareholders. Wednesday, March 16 at dawn, a firm offer is made. To put pressure on Sodiaal, it is accompanied by an ultimatum of 48 hours. The next evening, Green Giant plucks the flower.

Operators being reassured by the strength of the Japanese market which has lost only 1.44% today. Caution, however. Markets, which had tried the rebound early yesterday afternoon, were unable to overcome their fears about the economic impact of the disaster in Japan. Very volatile, the Cac 40 in Paris was closed Wednesday as a sharp drop of 2.23%. The Dow Jones of the New York Stock Exchange had followed the same path, ending a decline of 2.04%.

Wait around the nuclear

Markets remain suspended to the efforts of Japanese technicians to cool reactors at the Fukushima nuclear power plant, while the situation deteriorated further on Thursday. In this context, the Bank of Japan (BoJ) announced it has injected six trillion yen (54 billion) extra in the money market today in two operations to support the economy after the earthquake, bringing to 34,000 billion yen (309 billion euros) its total contribution since Monday. The BoJ is attempting to stem the alarming rise of the Japanese currency. The yen has indeed reached a new record since World War II against the dollar in Asian trade, the greenback is worth more than 79.20 yen. An outbreak that the Japanese government has allocated to speculative movements.

Asian stock markets have plunged again on Thursday.According to Japanese newspaper Nikkei, a conference call would also gathered Tuesday afternoon with representatives from more than a dozen non-Japanese financial institutions about the market situation in the archipelago. Some have called for such an immediate closure of the stock market due to volatility. What the Tokyo Stock Exchange declined.

The U.S. unemployment expected

It is within this context that several U.S. macroeconomic statistics are published.Among them, the index of consumer prices in February and weekly jobless claims (1330).

Next came the industrial production for February (14h15), then the index of leading indicators last month and the index of the Philly Fed (15 hours).

Credit Agrciole wants quintuple its net profit

Lagardère: -0 cash advances pay day loan.08% at 29.91 euros

The group announced its plan to postpone initial public offering of Canal + France because of the events in Japan and financial market instability that results. By contrast, sales at Hearst Magazines International is not questioned.

EADS: 1.68% to 19.05 euros

German airline Deutsche Lufthansa AG has announced that it placed an order for 30 Airbus A320neo and five Boeing 777 freighter version.

Axa: 0.83% to 13.44 euros

The buyer from PAI Partners in the capital of Yoplait will be known by the end of next week, said a spokesman for the fund. Seven candidates, including Bel and Axa Private Equity, are still in the running, sources said Reuters source familiar with the matter.

Credit Agricole: -1.20% to 11.15 euros

The bank announced on Thursday its net profit will increase fivefold by 2014 and confirmed forgo major acquisitions over the period. Credit Agricole, which presented its new strategic plan, said targeting a net profit of group of 6 to 7 billion euros in 2014 against 1.26 billion posted in 2010.

Bolloré: 0.69% to 154.10 euros

NCT Necotrans announced its intention to file a criminal complaint Thursday with the prosecutor of Paris after losing in conditions he considers irregular, the concession of the port of Conakry, Guinea, on behalf of Bolloré.

Plastic Omnium is optimistic

Plastic Omnium: 7.76% to 47.20 euros

Specialist in automotive products and services to communities on Thursday posted a net profit increased fivefold to 150.7 million euros. He expressed optimism for this year.

Ruby: -1.31% to 77.80 euros

The group, whose net income rose 19% in 2010, believes that the level of its equity and low debt levels allow it to target new acquisitions this year. Specialist in downstream oil and chemical proposes a dividend of 3.05 euros per share for 2010 (+7%).

ADP: 0.50% to 60.29 euros

Traffic increased 5.9% in February, with 5.8 million passengers, including 4 million to Paris-Charles de Gaulle airport (+4.6%) and 1.8 million to Paris-Orly (+8 , 8%).

Eiffage: +0.13% at 39.59 euros

Today is the expected decision of the Court of Appeal of Paris on the use of Arnaud Montebourg cons of PROs on APRR.

NRJ Group will publish its annual results after market close.