PSA negotiating with Mitsubishi a future low-cost small car

The failure of a reconciliation capital does not PSA Peugeot Citroen and Mitsubishi's Japanese counterpart to continue their talks on industrial projects. The Tribune reported in its Friday edition that the two groups are actively negotiating on "a future model for small low cost. A decision could even be announced very soon.

Peugeot looks to the platform "Global Small" from Mitsubishi. The latter has developed a specific platform on which a model should first be launched in 2011 in Japan and in 2012 out of the archipelago. The Japanese group would consider producing cars in Thailand.

The French are more interested he has not developed a low cost platform for small entry-level vehicles.

No comment could be obtained immediately from PSA Peugeot Citroen.

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The Mercedes star to shine again

"We're back on track", says Joachim Schmidt, director of sales and marketing of Mercedes. In the first five months of the year, sales of the brand with the star rose by 15.8% (443,400 cars) thanks to the success of its S-Class sedans and E. Faster progress than his fellow BMW (+14.1%), which remains the leading high-end segment.

The fact that Audi volumes (+ 21.7%), third in 2009, have exceeded those of the Mercedes in January-May (since it had not Smart) does not seem to affect the group in Stuttgart. "We are not trying to make the race with Audi volumes. What is important is to have the best margins, "says Le Figaro Joachim Schmidt.

After a bad year when she accused an operating deficit of 500 million euros, the car division of Daimler posted a profit of 806 million euros in the first quarter.Representing an operating margin of 7%, which could still grow in the second quarter. Audi is better (5.8% margin) and the BMW automobile industry (2.7%) on the first three months of 2010. Over the year, Mercedes is an operating profit of 2.5 to 3 billion.

To continue to accelerate, Mercedes intends to grow its "greatest asset": the strength of its brand. The manufacturer is launching a global communications campaign, which begins in France in late June, around the slogan "best or nothing," referring to its ambitions in terms of quality, style or safety. Mercedes had no motto since 2005.

Renault cooperation

It's probably in China, Eldorado for luxury cars and the first outlet of the class E, the prestige of the brand is the highest. Mercedes sales have more than doubled since January."We should exceed 100,000 units this year. And in 2015 sales goal is 300,000, which would make this country, currently our third largest market, the first, "said Joachim Schmidt.

In Europe, the German, who, like his rivals, has received almost no premium for scrap in 2009, provides volumes "stable" this year in an overall market decline. It has expand its offerings of smaller cars by launching four new models of Class A and B by 2013. Half of the corresponding volumes will be manufactured in the factory being built in Hungary.

Only downside, sales of the little Smart ball group, continue to decline (- 17.8% through May). Mercedes is counting on cooperation with Renault to make it profitable through "economies of scale," the next generation of this model to be developed on the same platform as the Twingo.

Obama roundly about BP

This reminds us of some strange case Toyota. Less than four months after having heard the Director General of Operations in the U.S. for the Japanese, Jim Lentz, and its CEO, Akio Toyoda, the U.S. Congress will, next June 17, the testimony of an officer of another giant feet of clay, Tony Hayward, CEO of BP. And for the first time.

Obama wants to "kick some butt"

The boss of BP is found in a weak position, particularly after the resounding declarations of Barack Obama. Asked by NBC, Bush pointed the finger at Tony Hayward about awkward. "It would not work for me after these statements," said Bush.We talk with these guys because they are potentially more able to tell me who to kick your ass.

Tony Hayward was heavily criticized after saying a week ago wanted to "get his life before" and the Gulf of Mexico was "a great ocean where the environmental impact of the disaster is very, very modest." Words that had caused such an outcry from the families of 11 victims who died in the explosion and for which he apologized on Facebook. 81% of Americans felt negatively the reaction of BP.

Obama worse than Bush

The position of Barack Obama is not the most comfortable vis-à-vis the American people cheap payday advance. A poll ABC News / Washington Post, 69% of respondents have a poor opinion of the management of the crisis the Obama administration.By comparison, 60% of Americans disapproved of the action of George Bush response to Hurricane Katrina in 2005.

Tony Hayward, who will be the only witness to a hearing entitled "The role of BP in the explosion of the drilling rig Deepwater Horizon and the oil spill, to answer questions from elected members of the Subcommittee on Oversight and Investigations of the House of Representatives.

Two months after the explosion

The hearing will take place almost two months after the explosion on April 20 of the platform which has killed 11 people and caused a huge oil spill in the Gulf of Mexico, affecting the fauna and flora in several states in the southern U.S. coast U.S. including Louisiana.

The head of BP America, Lamar McKay, had already been questioned by several committees of both houses of Congress in May.

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Corporate bonds, an alternative to shares

lefigaro.fr / jdf.com – Bonds they still remain deprived of interest to investors relative to bonds?

Eric Pictet – Ask borrowers what they think of Russian loans! The risk is never where you think it is. Investors believe that a state can not go bankrupt, but who would have thought that Russia in the late 1990s and Argentina in 2001 would have to default on their external debt, that Greece would be in big trouble. States are less likely to bankrupt the companies – there are fewer, but the consequences are serious both economically and socially.Personally, I prefer to be paid with a coupon of 8% to 9% in seven years in a fund with hundreds of companies rated BB / B buying a loan to ten years of a State debt at a rate of less than 3%.

And compared to actions?

Corporate bonds are better adapted to periods of uncertainty as shares. The capital gain is limited, but the coupon is more regular and higher than the dividend. The risk capital action is 100%. This is not the case of an obligation because the creditor has collateral. The recovery rate is about 30% to 50%. The profile of this asset class is suitable for investors who want to gradually increase their exposure to higher-paying assets, without having to expose themselves to greater risks of stock markets.

Since the beginning of the year, European equities, for example, dropped 15% while corporate bonds rose by 3.52% respectively on the segment investment grade and 5.67% on the "high yield "(bonds with a high risk, Ed). Investors fear less for the company credit for their results. If an investor were to lose money with corporate bonds in the next twelve months, it probably would mean that the shares have lost 30% of their value. Corporate bonds are much less affected than shares, for any period of recession coupled with deflation.

Emissions of corporate debt have experienced a slump in the month of May This will he continue in the second half?

In 2009, emissions have been a record 180 billion dollars.The broadcasts in May 2010 were only $ 6.9 billion as rising demand has slowed the coupon amount of emissions. However, since the beginning of the year, the total emission displays a record 117 billion dollars. These amounts do not constitute additional debt for companies but largely from the refinancing of existing programs or bank debt.

At Muzinich, you are mainly positioned on bonds rated BB / B Why?

Bonds rated BB / B, ie just below the bonds' investment grade (securities rated borrowers between AAA and BBB-, corresponding to a low risk, Ed) can be considered as an alternative to actions. In an uncertain economic environment, the coupon received (currently between 8% and 9%) is a useful cushion to better absorb the cuts.Historically, the correlation with the market share is 50% with a volatility almost twice lower. We believe that an investor in this asset class, except external shock, should get a return of 6% to 11%.

What areas of focus?

We make a detailed analysis of each issue and we select companies able to generate sufficient cash flow to repay interest and term refinance. In Europe today, we are exposed on the cable sector, environment, services and under exposed to the construction, automotive and airlines.

Chérèque clash between Vif and Parisot

Francis and Laurence Parisot Chérèque have severely clashed on Friday during a panel discussion on the emergence of a new social dialogue organized by the Journalists Association of Social Information (AJIS).

The secretary general of the CFDT has accused the president of MEDEF lying to parliamentarians to amend the bill on social dialogue in very small enterprises (VSE) discussed in the Senate next Tuesday and early July at the Assembly ( see our editions of June 3).

"The lobbying done by the MEDEF and CGPME is based on a lie, accused Francis Chérèque: to convince business leaders that will elect staff representatives who will return to the TPE.This is even more intolerable than the MEDEF and CGPME never demonstrated that they are representative of the owners of very small unlike the UPA, and the FNSEA UNAPL who support the bill. "

The secretary general of the CFDT appreciate even less the attitude of the President of the MEDEF Laurence Parisot text and Jean-Francois Roubaud trying to torpedo – CGPME has launched a petition calling for its withdrawal – is based on a Common Position, signed in April 2008 by the CFDT and CGT … with both employers' organizations. "I was tolerant enough," said Francois Chérèque has therefore asked Eric Woerth, sitting two feet away from him, "a law on the employer's representative.

No response Woerth

Piqued, the president of MEDEF has reaffirmed its opposition to the text of the Minister of Labour, which aims to give the four million employees of small opportunity to elect representatives to the territorial commissions optional that parliamentarians now want to limit nationally. "Business owners only want one thing: they are allowed to concentrate on developing their business and they do not impose new constraints," replied the boss of bosses, ready to enter question "once the crisis is over" and the reform of trade union representation buckled.

The President of the MEDEF also recalled that his movement was committed at the common position on trade union representation in April 2008, refer to "a group work, nothing more," the audience measurement and association development of social dialogue in the TPE.

As for the sensitive issue of the representativeness of employers, Laurence Parisot has once again "open debate" but said it would be "difficult to reproduce the mechanism of the election" which applies to trade unions to appoint company representatives. Eric Woerth has not decided. "The minister wants to take time to form his own opinion," says his entourage.

Prudential renounces the acquisition of AIA

Following the refusal of AIG to lower the selling price of its Asian branch AIA 10% Tuesday, the British insurer has finally decided to purchase more than 30 billion dollars. This decision follows weeks of negotiations between Prudential, its partner, British financial authorities but also some shareholders, who felt too heavy redemption fund.

The capital increase of $ 21 million planned by Prudential to fund the acquisition of AIA, has also canceled. The abandonment of the proposed fundraising was announced at last night, a harbinger of the abandonment of the operation, confirmed a few hours overnight pay day loans. The failure of this acquisition is expected to cost 450 million pounds to Prudential, including 152.6 million pounds for breach of contract.

For its part, AIG believes it has "several options to consider about the AIA," In a letter to his employees, Robert Benmosche, CEO of the insurer, owned 80% by the State, in counts " more than we had in March. "

Breton: "France will be the first issuer of debt in euros in 2013

Asked by the business daily La Tribune published on Thursday, former Minister of Economy and Finance and current CEO of Atos Origin, Thierry Breton, calls for strong commitments to reduce the debt of Latin Europe and in particular France. During the next decade, these countries will face the "telescoping" of two costs: the repayment of past debt (previously issued securities that expire) and new financing budget deficits.

The capacity of countries in southern Europe to repay their debts does not inspire much confidence in the markets as Germany, currently the largest emitter of debt of the eurozone. Inherited from the reunification, the German debt represents 73% of gross domestic product (GDP) and is expected to gradually reduce in the coming years.Moreover, investors do not doubt the capacity of fiscal consolidation in Berlin, unlike those of other European countries.

"The constitutional constraint is my preference"

Thierry Breton, the euro zone countries must commit to restoring the balance of their accounts under the rhythm of each country by the year 2016-2025. For France, whose debt issues should dethrone those of Germany in 2013, "the goal would fall to 2020, according to former Minister of Economy bad credit pay day loans.

The French debt represented 77.6% of last year's GDP and the country's public deficit amounted to 7.5% of GDP, well above the Maastricht criteria (respectively 60% and 3%), Thierry Breton now considers inappropriate: the true test of Evalution countries should address, according to him, the annual estimate of their "actual financing needs" and "solvency".

To avoid both the severity and growth deficits and uncontrolled debt, Thierry Breton called for "firm commitments": "If the constitutional constraint has my preference is first because it is collective freedom and national consensus. "

It also explains limited to enshrine a deficit in the marble of the Constitution would be the most reassuring to financial markets, "an absolute guarantee in the eyes of those who buy our debt."He concluded that "such a guarantee is the remedy, the real, against speculation."

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