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.

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.

Strategic shift at NYSE Euronext

The transatlantic exchange operator NYSE Euronext is preparing to change the model. He announced the creation of its own clearing houses in Paris and London, and end at the end of 2012, its trade relations with its current service provider LCH Clearnet on the two financial centers.

This decision represents a reversal. In 2007, when Euronext was to choose a partner from the U.S. NYSE and German Deutsche Borse, the group preferred the former because it does not recognize himself in the vertical integration model of the second. The trade of the stock market is indeed a value chain in three stages: the "place" where exchange transactions are carried out, the clearinghouse that records and transactions settlement. Euronext is an operator to date, business-focused transactions.In developing its own clearing houses, goes up the value chain.

This shift fits by NYSE Euronext in the times of political and strategic place in Paris where it argues for the existence of localized market infrastructures in the euro zone. However, compensation is dominated by LCH Clearnet and by great American actors as DTCC. This business is also known to have an increasing role in securing the derivatives market: everywhere regulators are considering forcing a maximum of derivative transactions to go through clearing houses, thereby reducing the counterparty risk of potential systemic transactions.

Another reason, however, pushes NYSE Euronext to expand its field of activity.While its historical business transaction is fierce price competition from entering the competition at alternative platforms in Europe, the conditions are much less harsh on the job of clearing. In short, the incumbent, shaken by the loss of its monopoly, will seek margins where they still exist …

Athens promises to satisfy a new purge Berlin

Angela Merkel is mounted on the front line on Monday to try to calm her European partners and markets: Berlin will provide financial assistance to Greece "in the coming days, if Athens accepted the cure of austerity imposed by the IMF and the European Union. The Greek finance minister was quick to comply. Greece will present "at the end of the week" new "concrete steps" to reduce "dramatically" its deficit, acted on Monday, the Greek Finance Minister George Papaconstantinou.

The Chancellor said his "confidence" in the capacity of Greece to present a credible program of savings. But on Monday, she went before the cameras with fifteen minutes late, illustrating the tensions within the corridors of the Chancery on the issue of the bailout."I say clearly, will help Germany Greece if the conditions are met," he assured the Chancellor.

Merkel has ruled out the hypothesis of an outflow of Greece to the euro area considering that possibility, raised by some in Germany these days, including in its majority, was "not an option" and did markets cause concern. She received Tuesday at the chancellery IMF chief Dominique Strauss-Kahn. The Chancellor also insisted that the director of the Fund met the leaders of parties represented in the Bundestag, which must approve the financial aid in time. She said "understand very well the concerns of people in Germany."That is why "I insist on a comprehensive, well prepared" Greek deficit reduction, "she added.

Since Greece has called Friday, triggering the mechanism of EU aid and the IMF, the spirits continue to heat up the Rhine. The German media fanning the fire by increasing reports showing that the crisis has not changed in Greece, where taxi drivers and newsagents continue to be paid to black and where public employees receive pensions comfortable .The Germans, who tighten their belts over the past ten years, refused a massive rescue of Greece.

With the approach of regional elections on May 9 in North Rhine-Westphalia, difficult for the center-right government of Chancellor, the leaders of the majority want to avoid at all costs to lose the vote because of aid to Greece .

European Reviews

The Finance Minister, Wolfgang Sch?uble, had brandished the threat of a veto German plan with the EU and the IMF. The liberal FDP say that Berlin "will not offer the Greeks a blank check." Although she has promised to act quickly, Merkel tried to play the shows, even if only to show that it has not sold off billions of German taxpayers.

The attitude of Germany as always irritates its European partners.The President of the Eurogroup Jean-Claude Juncker in Berlin accused of throwing "a priority under domestic political issues in Europe." The Italian Foreign Minister Franco Frattini, said he was "troubled" by the "rigidity" of Germany.

France is showing more diplomatic. Monday, following a lunch between Nicolas Sarkozy and European Commission President Jose Manuel Barroso, the Elysee said that both had "acknowledged their agreement on the need for swift and resolute action against the speculation that Greece aims to ensure the stability of the euro area.

But speed does not mean precipitation, "said Minister of Economy Christine Lagarde. "We all need to preserve the process of the rule of law and democracy," she said Monday from New York, acknowledging that the situation is "a bit chaotic.Although "the markets have found the reaction too slow European [...] the debate is necessary for local views," she added, referring to the German electoral context. If the situation does not release quickly, a special meeting at the highest level of Heads of State and Government of the EU may be needed to resolve the crisis, said Franco Frattini.

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The Paris Bourse to increase

The Paris Bourse, which has declined sharply Thursday evening the CAC 40 fell below 3,925 points – should open up art. The CAC 40 should always move in the Greek fear – revived by lowering the grade of Greece by the rating agency Moody's and reassessment of the Greek deficit by Eurostat, 13.6% – and a banking sector plagued .

Around 8:20, the index future on the CAC 40 rising 0.39%.

Yesterday, the number of unemployed registered in the U.S. fell less than expected during the week ended April 17, and producer prices have rebounded sharply in March. This growth is fueling speculation about a future rate hike from the Federal Reserve. Wall Street closed slightly lower.

This morning, Asian stock markets are also changing in quick retreat.

In this context, the euro hit a new low against the dollar at 1.3202 dollars to a euro.The single European currency has reached the floor in the morning in Tokyo. Around 3:15, she sat up slightly, to around 1.3235 dollars, against 1.3293 the previous day to 23 hours in New York. The euro has broken the 1.3280 support and could, according to technical analysis, find its level in March 2009 and November 2008, or $ 1.24 per euro.

Clear indicators

On Friday, France, INSEE begin at 8:45 am by disclosing its quarterly survey of conditions in the industry for the month of April and spending on household consumption of manufactured goods in March.

In the euro area, new industrial orders in February are known.In Germany, the Ifo confidence barometer for April will be followed, while the first estimate of GDP in the first quarter will be published in the United Kingdom

In the U.S., at 14.30, investors will pay attention to durable goods orders (March), then 16 hours, the promise of home sales (also in March).

Wind Publications

Side values, the specialist construction Saint-Gobain aenregistr? sales down 0.5% to 8.7 billion euros, and maintained its targets for 2010.

Essilor, the world leader in ophthalmic lenses, on Friday issued a turnover of 905.8 million euros in the first quarter, up 7.8% over one year through acquisitions and a recovery of activity, particularly in emerging countries.

At 4.7 billion euros (+8.1%), the turnover of the group L'Oreal is slightly above expectations.L'Oreal has been observed in the first quarter of the divisions that had been heavily impacted by the crisis.

The first European manufacturer of semiconductors STMicroelectronics announced Thursday that it had returned to profit and exceeded the consensus expectations in the first quarter of 2010.

EDF will host the market reaction after the Russian electricity trader Inter Rao, announced last night a planned entry to the French capital of Russia, at 10% interest. An investment valued at 400 million dollars (299 million euros).

Zodiac regained its financial leeway when it observes an encouraging start of recovery in commercial aviation.The aerospace supplier has published sales in the first half down 12.8% to 966 million euros.

Still later boats, sailboats, but this time, the B?n?teau Group has reiterated its target for operating profit of 37.5 million euros for the 2009/2010 financial year despite a loss in the first half.

Side car, Valeo announced Thursday a 42% jump in its quarterly revenue, and confirms its objective of doubling the margin in 2010.The acceleration of the automobile production observed at the end of the year thanks to scrap premiums had still not disproved.

On the sidelines of the Beijing Motor Show currently underway, Changan Automobile Group China confirmed Friday it was in talks with French automaker Peugeot on the creation of a possible joint venture in commercial vehicles.

AXA continues to make targeted acquisitions after taking over the assets of investment capital to Natixis.The group has announced yesterday that its subsidiary AXA PE will buy Bank of America to a private equity fund of 1.9 billion dollars.

Euler-Hermes profit quintupled

Euler-Hermes expects its net profit increase by five this year and think back to its turnover at the 2008 level, according to the CEO of the credit insurer, Wilfried Verstrate.

Ingenico announced Thursday it was on track to meet its financial targets in 2010 after seeing its sales on a constant increase of 8.8% in the first quarter.

Somfy Thursday posted a turnover up 10.2% but warned that the economic situation was still marked by pressure on prices and margins.

Are still expected this Friday publications sales and quarterly Interparfums Damartex.

GM would pay its debt this week

The American manufacturer is expected to announce Wednesday a plan for early repayment of its outstanding debt, it must always states U.S. and Canada. The 4.7 billion dollars could be settled this week, instead of June initially raised by the company, according to information from the Wall Street Journal.

Edward Whitacre, CEO of General Motors (GM), has made debt repayment a central tenet of its strategy to recapture the American consumer after the bankruptcy of the manufacturer last year.Following the rescue of Washington, which had injected nearly $ 50 billion in total, though the company had until 2015 to meet its debt by $ 6.7 billion in cash, the rest being paid in share capital.

The rival Ford, which did not require such a rescue has benefited greatly from its game in recent months, with sales up 38% in March, year on year. GM lost 4.3 billion dollars over the first half of 2009, but Edward Whitacre expects the results "solid" for the first three of the year. The figures will be published next month.

Novelli defends autoentrepreneurs

The attacks are increasing in recent weeks against the status freelancer who has since 1 January 2009 400 000 French to have a second income and easily create their own business. The unemployed who start their company, may also adopt this status.

The president of the National Insurance retirement professionals have been accused of threatening the financial stability of pension professionals. The CGT denounced examples of undocumented workers forced to adopt the status of self-contractor.

Building professionals and artisans in turn accused them of practicing unfair competition. "The autoentrepreneurs who make no sales for a year and no declaration shall lose their status.The others must be forced to create a company after the second year, "Patrick said Thursday Li?bus, president of the Confederation of Crafts and Small Business Building (Capeb). He welcomed the approach of Senator Jean Arthuis (Centrist Union), chairman of the Senate Finance Committee, author of an amendment to regulate the status of self-contractor.This text was discussed Thursday in the Senate proposed under the consideration of the bill on the sole proprietor limited liability already voted by the deputies.

Can change status

Herv? Novelli, Secretary of State for Trade, Crafts and SMEs, has vigorously fought the amendment, which requires self-contractors to make a "statement of work" regardless of the amount of turnover and wants to "limit to three years the benefit of this scheme for the micro-specific self-contractors who work primarily.

Determined to "put an end once and for all the untruths," it quoted a study of the Order of Accountants demonstrating that self-pay business expenses that substantially all of the other individual entrepreneurs.A trader on the internet that makes 69 000 euros annual turnover of EUR 8 966 payroll taxes if it adopts the status of self-contractor and 9 010 euros if he selects the micro-enterprise. "If there is competition, it is simply a competition simplicity. If there is a battle to be fought, it is that the extension of the simple system of self-contractor to the 1.5 million individual entrepreneurs, "he said.

Fran?ois Hurel, President of the Union of self-entrepreneurs, and Maria Nowak, President of Adie, support it. They have launched a petition against the amendment championed by Jean Arthuis. "Do not complicate a reform which shows that it works because it is simple, says Fran?ois Hurel. Do not create doubt.We must instead accompany self-entrepreneurs to enable them to change their status or plan if they wish. "

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Foot Business: OL ahead of Bordeaux

Budgets

Lyon is making the race lead with a budget of 192 million euros (2008-2009), whose 68 million generated by TV rights and 22.4 million by the ticket booth. The club Rhone-Alps with OM is the only French club now in the TOP 20 training richest in the world, published annually by Deloitte.

For its part, Bordeaux and its 100 million euro budget for 2010 could soon make its entry into the elite of European football, but it is far behind the giants Real Madrid, Manchester United, Barcelona or Chelsea. Again it is the TV rights which constitute the main income of the club (60%).As for ticketing revenue, they are directly impacted by the size of the Stade Chaban-Delmas and do not exceed 11 million euros.

Partnerships

It's July 1 comes into force the new sponsorship agreement between the club Jean-Michel Aulas and equipment supplier Adidas.Concluded for 5 years he would turn around 80 to 100 million euros over the period and should allow the team to move up a gear in terms of merchandising: Jean-Michel Aulas expects an annual pace of 500,000 jerseys sold (He would then par with the OM, also under contract with Adidas, and sold 450,000 jerseys, but a little behind Bordeaux and its 100,000 coats supplied by Puma).

While partnerships in 2008-2009 accounted for some 21 million euros and derivatives nearly 28 million, the club Lyon announced the imminent signing of three major sponsors, including the site of paris online Betclic which can not be displayed on the OL given the French legislation on online gaming – and a French institution that would make its entry in football.Near Bordeaux, the club saw its eleventh year in the bosom of "the little chain that goes," M6, which since 1999 provides managerial stability and sound financial management faxless pay day loans.

Wages

Despite their good results at continental or Lyon or Bordeaux will have the means to recruit elements of the first rank, those whose annual earnings exceed 10 million euros. As an indication, the highest paid player in Ligue 1, Lyon Lisandro Lopez, receives nearly 425,000 euros per month. Before him, another lyonnais, Karim Benzema, who left last summer to Real Madrid, who led the dance with 400,000 euros. This season, Lisandro is followed by Bordeaux, Yoan Gourcuff, which exceeds 300 000.Lisandro and Gourcuff, both players are also records for transfer to their respective clubs: 24 million euros for the first 13.5 million for the second. Side coach advantage in Lyon and Claude Puel, which would come to 230 000 euros.

Stadiums

This is the major project of Jean-Michel Aulas for years to come: give his club a major speaker to succeed the venerable Stade Gerland. The new stadium with a capacity of approximately 62 000 places (cons 40 000 currently), has announced a long time, but all administrative barriers are not removed. In the best case, it would open its doors in 2013. In economic terms, with more than 6 000 seats available in the VIP cons less than 2,000 today – the gain is considerable. Besides this arena is expected to be the epicenter of a vast complex dedicated to business and leisure.In Bordeaux, the City Council passed earlier this year the principle of building a new stadium, budgeted at between 160 and 200 million euros, with over 40,000 seats in the key. A deadline was set: the European Championship of Nations in 2016, that France would welcome them.

The CAC 40 grip the 4,000 points

While the CAC 40 is left below the 4,000 points on Friday night at closing, and the Asian market is changing globally in green (except the Nikkei) – but basically for local reasons – the Paris Bourse continued its hesitation . Especially since now, Friday night, Wall Street has ended without direction.

While Greece is saved, but the helm of the 4,000 technical points should be saved without being highly outdated. For the situation in Europe is not rosy either. The Portuguese and Irish records on the deficits are in the pipeline.

At the opening, the CAC 40 rose slightly, from 0.33% to 4002.13 points.

On Monday, the news is rather poor.In France, the publication will be more interesting day tomorrow, Tuesday: INSEE unveil quarterly national accounts in detail for the fourth quarter of 2009.

In the euro zone on Monday, the index of economic confidence in March will be released in 11 hours. In Brussels, will meet on Monday the European Ministers of Agriculture and Fisheries. Last week, President Nicolas Sarkozy was willing to "a crisis in Europe" saver for the Common Agricultural Policy (CAP).

In the U.S., investors expect the revenue and expenditure of households for the month of March at 14.30. Tomorrow, they watch the housing prices Case & Shiller, and consumer confidence in March.

The energy for

The dismissal of former chief investment officer of TCW, the U.S. subsidiary to 100% of Societe Generale (0.81%, to 47.5 euros), caused a stir in the United States.The bank believes that this case has "a very marginal impact" to its shareholders payday loans for bad credit .

The fifteenth penal court of Nanterre Friday acquitted the former CEO of Vinci (+0.29% to 43.6 euros), Antoine Zacharias. Prosecutors, who had claimed two years suspended sentence and a fine of 375,000 euros, has appealed the ruling. His annual pension of 2.1 million, his early departure of 12.5 million and earnings of 4.2 million euros in 2005 are therefore assumed to septuagenarian.

Side energy, France is currently working on establishing a consortium of companies responsible for developing a vast network of power lines under the Mediterranean Sea, to deliver solar electricity produced in Africa to Europe.

This project, called Transgreen, bring together suppliers of electricity, electricity grid managers and manufacturers of high voltage equipment under the umbrella of EDF (0.72%, to 39.3 euros), confirming information daily special Enerpresse.

Furthermore, the organization of international environmental advocacy group Greenpeace accused Areva of endangering the health of residents of uranium mines it operates in northern Niger, in a report published Monday.

Finally, according to Les Echos on Monday, Total (at equilibrium in the early exchanges) is currently selling the Lindsey refinery in England in the northeast. "The first offers are expected in the coming days," reads the columns in the business daily.According to el Sunday Times published Sunday, Gazprom or Valero Essar would instantly.

Later results, Korian, Trigano and RATP unveil their accounts.

Bollor? shows a strong increase in its net profit in 2009

The Bollor? Group has published a net income of the group stood at 94 million euros, against 50 million in 2008 (88%), under the year 2009 on the basis of a consolidated turnover down 17% to 6.011 billion euros. A decline that the group attributes to "the decline in oil prices in the energy distribution and the decrease in volumes and freight rates in the transport and logistics business.

The company services transport and logistics explains the increase in its net profit in part by that of its operating profit by 21% to 174 million euros and also by increased participation in the net associates at 72 million euros in 2009 against 125 million euros in 2008 no fax cash advance .The group said in a statement that these 72 million euros, 65 million from investments in the media sector (Havas, Aegis, Euromedia Group).

Bollor? submit in June for approval to the next General Assembly of shareholders a dividend of 1.30 euro (18%).

Havas, which Bollore is the largest shareholder, issued last Tuesday, down more than 11% of its net profit to 92 million euros and 8.1% of its turnover of 1.44 billion 'euros.