It is good to be a shareholder in Asian societies

For twelve years OCG Consulting conducted the survey, such a situation had never arrived. * The ten companies that have created the most value for their shareholders in the world between 2005 and 2009 are all Asian. Not a single Western society on the charts. In the Top 10, seven of which are Chinese both are based in Hong Kong.

TSR = Total Shareholder Return: returns for actionnairesMarket value = market capitalization in billions of dollars.

Brussels doubt that Free has received state aid

Orange, SFR and Bouygues Telecom, who have each paid 619 million euros to the state for their 3G mobile phone license in the early 2000s, still have not digested their rival Free Mobile gets in early license for 240 million euros. Note that for this price, Free holds three times less frequency than its competitors.

But the complaint to state aid once they have lodged in Brussels could well be rejected. The competition offices of the Commission have sent a letter on June 28 called "administrative discharge" to the three operators and the French state, said La Tribune.

"I confirm that the Commission has informed the companies of its preliminary analysis and thus of its intention not to pursue the matter," said the spokesman for the European Commission for competition issues, Amelia Torres."We look at the present time the answer has been obtained from the companies involved to see if it causes us to change your mind or if it confirms that there is nothing to investigate "she added.

Background

Brussels wonders, is a fact. They requested further information No fax payday loans. This is perhaps not ideal, but there is no time for decision, "says a trader who insists the length and complexity of applications for state aid. Orange, SFR and Bouygues Telecom, them, do not démordent: the rebate received by Free Mobile akin to them in state aid and distorts competition.Consequently, they claim that the amount of their 3G license or subsequently revised downwards to 240 million euros.

In 2002, Orange and SFR had already obtained the price of their license is comparable to that accorded to Bouygues: 619 million euros, against 4.95 billion originally planned.

Along with this complaint in Brussels for aid, Orange, SFR and Bouygues have also seized the State Council, the highest administrative court in France. They attack the one hand, the decree fixing the amount of the fee, on the other hand, the decree gives the license to Free Mobile. The Council of State could make its decision by the end of the year. But the operators themselves are hardly any illusions.

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The Elysee revises down growth in 2011

The Elysee has ruled. The growth forecast for 2011 was revised downwards to 2%, against 2.5% initially announced by President Nicolas Sarkozy after a meeting between Prime Minister François Fillon and the ministers of Bercy , held at Fort Brégançon.

Accordingly, the government will fall further fiscal austerity. The state spending will be frozen in value over three years. Ten billion euros of tax loopholes and social will be removed in the fall. In contrast, neither income tax nor corporation tax will be increased. VAT will not hit.

"Are we going to save the plane on social niches and tax everything to create employment, all that is relevant, all that sustains the economy, the answer is yes," said on RTL Budget Minister Francois Baroin.

If the government recognizes that 2011 will be worse than expected, the growth target for 2010 of 1.4%, should be well met, "or even exceeded, welcomes the Elysee. "On the pressure of potential revenue will be fully allocated to deficit reduction."

"After a GDP growth of 0.2% in the first quarter, a growth of 0.6% was recorded in the second quarter," said the Elysee. "Given the rebound in activity, the prospect of growth of 1.4% will be reached or exceeded for the year 2010.This also allows, in line with OECD projections, forecast growth of 2% for 2011. "

Find 3000000000

"[This] leads us to the end of September, that is to say, the presentation of the draft budget law to the Cabinet, to be between 3 and 3.5 billion more, which is perfectly achievable, "said Baroin.

The downward revision in growth was expected. Economists considered the unrealistic assumption of the government and rely for their part in an average growth of between 1.5 and 1.8%. For its part, the International Monetary Fund deemed "too optimistic" the official forecast. Recently, Bercy also acknowledged work scenario around 2%.

Sanofi-Aventis lowered its forecast for 2010

The pharmaceutical group Sanofi-Aventis, seeking a major acquisition, had approached the U.S. biotech Genzyme understands the Wall Street Journal on its website. In early July, the French had been the subject of market rumors about a proposed acquisition of U.S. $ 20 billion.

"Discussions are still in their infancy and there is no agreement expected in the immediate future. Issues such as price and management have not yet been addressed. " Both groups refuse to aAny comment.

According to the U.S. daily, officials from Genzyme, which specializes in products for the treatment of orphan diseases, are studying the amount that Sanofi would pay.In Stock, Genzyme capitalization stood at 14 billion dollars (10.8 billion euros) but the group can require a significant premium given its portfolio of drugs. "If we take as a starting point around the 20 billion dollars that has been discussed before, this puts Genzyme to $ 75 (per share)," said Michael Yee, an analyst at RBC Capital Markets.

Blow to Lovenox that will have to battle against a generic

In exchange, the action Genzyme has skyrocketed 15% to 62.52 dollars at the close of Wall Street. And during transactions unofficial title continued to grow.

Faced with competition from generic drugs, many pharmaceutical companies are looking for external growth.And the more that Sanofi-Aventis has paid this Friday a blow, with the approval by U.S. health officials the first of its generic anti-coagulant Lovenox star, his second top-selling drug in the world. "The FDA today approved the Administrationa first generic version of Lovenox, the FDA announced in a statement posted on its website.

This product is developed by the Swiss Sandoz, the generic arm of Novartis, Momenta and American society.Sales of Lovenox, a drug derived from heparin and more complex to copy a traditional chemical molecule had reached 3 billion euros worldwide in 2009, including $ 1.8 billion in the United States.

Sanofi-Aventis revised downwards its forecast 2010

In the first quarter 2010, sales of this drug was 769 million euros, which was still the second largest group of drugs sold worldwide. The FDA's decision also forced to Sanofi-Aventis to reduce its forecast for earnings per share for the year 2010. Sanofi has not waited for the publication of its results on July 29 to do to the markets. "At this stage, the group plans an evolution of the EPS (earnings per share, editor's note) activities for 2010 of between 0% and -4% compared to 2009 at constant exchange rates," says Sanofi- Aventis said in a statement issued late Friday.

In April, the group had confirmed capitalize on growth in earnings per share from 2 to 5% (at constant exchange rates). But this prediction was made without taking into account competition "potential" of a generic Lovenox.

In the longer term, Sanofi-Aventis said in its statement that it "renews its objectives for 2013, as was disclosed in July 2009. At this point the focus group said two billion euros in savings in 2013 compared to 2008, to prepare for the scheduled loss of patent protecting its key drugs in favor of generic manufacturers.

The sales of Sanofi made in the USA by its anticancer Eloxin fell sharply after the launch of generic versions, while its other cancer drugs, Taxotere, will drop its patent to the public in November in Europe and United States.

In late June, Sanofi announced the acquisition of American TargeGen for 560 million dollars (458.5 million euros) in order to strengthen the fight against cancer.

Brussels limits the traders' bonuses

Bonuses for traders and bankers in Europe, accused of encouraging rampant speculation during the crisis, will be capped for the first time from next year, following the final adoption of a text with meaning Wednesday.

Two years after the outbreak of the financial crisis of 2008-2009, part of the United States with the bankruptcy of Lehman Brothers, the European Parliament in Strasbourg approved the text, which was the subject of a June 30 Agreement between the elected and the states of the EU.

In 2011, the bonus must not be disproportionate to the fixed salary and cash bonuses will be capped at 30% of the total premium, or 20% on premiums particularly important.

End outlandish bonuses

Much of the bonus will be paid immediately and will not be after a period of at least three years to allow the employer to recover some cases where investment would not work as expected.

Finally, at least 50% of a total bonus will be paid as contingent capital, which can be recalled in case of banking difficulties, so that taxpayers do not end up in the front line when a bank gets into difficulties.

In the case of banks that receive public subsidies, the text also provides that "no variable compensation should be paid the officers of the institution unless it is justified."

"Europe gets the rules of coaching salaries of bankers and traders with the most aggressive in the world," said a French Green MEP, Canfin Pascal, who negotiated the text. "By limiting the proportion of variable pay in total compensation, this text will finally put an end to extravagant bonuses synonymous with extravagant risks," he added.

A text to the liking of the banking sector

"Two years after the outbreak of the global financial crisis, these tough new rules on bonuses will transform the culture of bonuses and incentives to end the excessive risk-taking", claimed that his side the Socialist Arlene McCarthy, parliamentary rapporteur on file at the agreement in principle on June 30

The text is however not to the liking of the banking sector."We believe that the agreement goes too far, because at the international level, there are already some principles" in the form of recommendations that were made including the Financial Stability Board (FSB), had informed the AFP secretary general of the European Banking Federation, Guido Ravoet after the tentative agreement. "We believe that this is not the public authorities to make amounts, percentages," he added, saying that this responsibility should be left to banks.

"If the international level, it does not follow Europe, European banks have a competitive disadvantage," says Guido Ravoet, who believes that "financial centers like New York, Singapore and Hong Kong will benefit."

CAC40: net expected fall opening

Like its counterparts in the U.S. and Asia, the Paris Bourse is expected to begin sitting down sharply: down 1.95% to 3375 points according to futures contracts of 8:00. In fact, the Dow Jones fell 0.98% to 9774 points, penalized by the numbers of job creation in the private sector. The Nasdaq fell to its share of almost 2%. Today in Paris, and banking stocks should lead the automotive market. The threat of Moody's notes the degrade of Spain also crystallize attention. The U.S. credit rating agency put the sovereign rating of Spain under surveillance. Moody's points to weak growth prospects of its economy.

Moreover, the adoption in the United States by the House of Representatives of the financial sector reform, discussed for months, will attract the attention of investors.The new legislation will include Washington to restructure financial institutions in bankruptcy, for failing to conduct further rescue operations financed by the state. The powers of the Federal Reserve (Fed) are expanded, a monitoring of the sector is expected and will give consumers more protection. Moreover, hedge funds and rating agencies will be subject to more stringent regulations. The text must be approved by the Senate next week before being signed by Barack Obama.

Statistically, the markets will be introduced in France in production prices and imports in the industry at 8.45. In the eurozone, the PMI manufacturing index will be released in 11 hours. Overseas, the jobless claims will be released at 16 hours and the promises of home sales and the ISM index of manufacturing activity.

In terms of companies, EADS shares will be particularly taken this morning. Indeed, the WTO has dealt a setback scathing EU ordering him to remove certain export subsidies provided to Airbus. The Union will appeal the decision of the World. Financial details have not been disclosed. Boeing believes that the pan-European aircraft manufacturer must pay back $ 4 billion of undue subsidies. But the WTO has put forward any figures, it will be difficult to see clearly the consequences of the decision of the international organization.

Moreover, the numbers of registrations in France will be unveiled on Thursday at noon. According to BFM, registrations have fallen by 10% in the month of June In addition, the phasing of the scrappage scheme does not allow a glimpse of the market recovery in the immediate future.Renault would be the big winner in first quarter sales thanks to its built by Dacia Sandero.

Bank stocks should once again hold the attention of investors with a loan of 442 billion euros on Thursday. A year ago, in 1121 established banks in the euro zone had borrowed over 442 billion euros at the ECB at a fixed rate of 1%, a record in the history of European monetary institution on a single transaction.

The Société Générale will be more monitoring than the AMF (AMF), Wednesday imposed a fine of 100,000 euros to Jean-Pierre Mustier, former head of market activities of Societe Generale for failing to initiated. Conversely, Natixis has been exonerated by the AMF following an investigation into his financial disclosure.

Shareholders will also be sensitive to the decision of Saint Gobain to repay 72.1% of the 2009 dividend in shares to allow the group to consolidate its equity by 368 million euros.

In addition, the Sanofi-Aventis could react to the decision of the U.S. Food to MultEQ, an arrhythmia drug cons of the French group on the quarterly list of its audits.

France Telecom will also be under the spotlight. The operator presents its new internal business plan

Out CAC40, Faurecia announced the acquisition of 18.75% of the Chinese automotive Xujang Group, where he became the strategic shareholder.

Obama prepared for the post-oil

The spill "will push us to rethink our energy and environmental policy," said Barack Obama last June 14 during his fourth visit to the polluted beaches of the Gulf of Mexico. "We remain the largest importers of oil, or we can make the investments that we would become the world's leading exporter of renewable energy." This sentence, Bush had decided long before the "September 11 ecological. It is dated March 19, 2009. For when he took office, the successor of George W. Bush's climate and the "transition energy" one of its priorities.Giving due to 32 oil companies that had filed an appeal, a judge in Louisiana quashed yesterday, this moratorium. The White House immediately announced its intention to appeal.

The Democratic majority hopes tying a new version of the bill by the month of July. The text, in its latest release, provides a carbon market to reduce emissions of greenhouse gases from industry and, among other provisions, the nuclear revival.

No matter that the oil spill as an excuse to create an energy tax, has won Sunday's Mitch McConnell, the Republican leader in the Senate, where every vote counts.

Barack Obama is still riding the wave sticky to push his advantage. It should meet on Wednesday a group of Senate Republicans and Democrats to seek a compromise on the new law.Without waiting for Congress, the Administration Obama has already made progress in diversifying its energy sources.

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Eurotunnel candidate for Folkestone-London line

According to information gathered from WanSquare bank, Jacques Gounon, Eurotunnel's Chairman, has received approval of its board of directors for the auction as part of the privatization of the high-speed London-Folkestone .

It was mandated to participate, with the support of several partners including Goldman Sachs, the redemption of an amount between 1.5 and 2 billion pounds. The terms of the auction should be known Tuesday.

The British government announced in 2009 the privatization of the railway line linking St Pancras International in London to the Channel Tunnel. Eurotunnel had declared his intention to stand.

Indeed, the design of this line is based on a technology very similar to that used for the Channel Tunnel, both in civil engineering for the rails, signage, power or control system and communication.

The CAC 40 is expected to decrease

The Paris stock exchange should follow the trend of sluggish markets. In the absence of major economic indicators, investors took profits on Wall Street Friday night. The Dow Jones dropped to 0.35% to close 10,741.98 points. The markets have been particularly burdened by the sectors related to raw materials.

This morning, Asian stock markets are marking time (The Nikkei in Tokyo was closed for holiday). And Friday, European markets finished down slightly after a meeting mainly dominated by technical operations and by tensions within Europe on the Greek crisis.The CAC 40.

The indices on future CAC 40 due April 2010 predict an opening Monday to drop from 0.41% to 3912 points.

No major statistical, neither France nor in Europe nor the United States is expected on Monday.

Thales wins major contract

New twist in the case of tankers. While Europeans appear again on the trail of the contract to U.S. $ 35 billion, with EADS, the Russian company United Aircraft Corp. of Russia (UAC) is expected to announce formally on Monday they joined via a joint venture to an American company to bid.

The subsidiary of Thales, Thales Alenia Space, has been selected by ESA for the manufacture of next generation satellites.The contract, which escapes from EADS Astrium, is estimated at over one billion euros.

Renault and Daimler are tempted to ally payday advance . The two groups are negotiating a cooperation on small voitures.Des exchange holdings are mentioned but unlikely in the immediate future.

Also on the front car, many groups are interested in buying the participation of 20.7% of Renault in Volvo, said Director General of Swedish manufacturer of heavy trucks in an interview to a German newspaper.

Coup of Sanofi

According to La Tribune, heart medicine, the Multaq, Sanofi-Aventis could never be sold. A big blow for the French pharmaceutical group. Moreover, the reform of American health care system was adopted yesterday.The whole sector will remain under observation on Monday in exchange.

The operator Bouygues Telecom will launch in early April a mobile phone specifically designed for seniors, a market that is proving increasingly buoyant and which are already present SFR and Orange (France Telecom) since September, said the specialized manufacturer Doro.

The Elysee Palace has denied reports that Yazid Sabeg, the current commissioner of diversity and equal opportunities, was chosen to succeed Anne Lauvergeon head of Areva.

Analysts said the leadership of France Telecom has the qualities needed to improve its social atmosphere without damaging its financial targets. Social criteria will be considered for the award of bonuses.

A follow today Eurazeo, Seloger.com Transgene and will publish their annual results.

Renewed weakness in Europe's stock exchanges

In the wake of Grants in Asia this morning, the CAC 40 on a downward trend during the early exchanges. It lost 0.53% to 3669 points before embarking on his decline of 1%. Elsewhere in Europe, the trend is downward as well.

The concerns are global investor sentiment is sealed by the debt problems of Greece, Spain and Portugal, "said Marcus Droga, associate director at Macquarie Private Wealth in Sydney, quoted by Dow Jones Newswires.The Stock Exchanges of Madrid and Lisbon have plunged Thursday, respectively, nearly 6% and 5%, because of the finances of Spain and Portugal.

For several days, observers and analysts worried about the state of public finances of these two countries, waving the specter of Greece, whose deficits and debt are so high that the European Commission decided Wednesday to put the country under a quasi-trusteeship.

Investors were also looking towards the United States.The employment figures in the United States will be published in early afternoon U.S. investors unwelcome Thursday announced an unexpected rise in the number of new entries to unemployment, to 480,000 last week, this which portends bad monthly statistics of employment, to be published Friday before the opening of Wall Street.

Finally, the finance ministers and central bankers of the G7 meet in Iqaluit, Canada.

Values automotive and banking suffer

In this context, only a few values derive their game well like France Telecom (+0.85% at 16.67 euros) and Suez Environment (+0.56% at 16.09 euros).

Conversely, values auto penalized by bad news on Toyota: Renault, Michelin and Peugeot respectively yield 2.22% to 32.98 euros, 2.05% to 54.86 euros and 1.97% at 22 42 euros.The finding is similar to banking stocks, the minister of New York accusing Bank of America to have hidden accounts of Merrill Lynch to obtain public assistance cash advance america . Dexia (-3.02% to 4.11 euros, Societe Generale (-1.78% to 39.35 euros), BNP Paribas (-1.40% to 49.14 euros).

LVMH (-4.28% to 77.96 euros), said that addressing the Year 2010 "with confidence", saw its sales fall by 4% on a comparable basis in 2009 to 17.053 million euros, with a return to organic growth (1%) in the fourth quarter alone.

Nexity (-3.20% to 26.35 euros) anticipates a fall in its turnover to around 2.5 billion euros in 2010, having recorded an unexpected increase of 6% to 2.838 billion in 2009.

EDF (-2.43% to 38.28 euros) has announced the formation of a tighter management, including the arrival of Thomas Piquemal, who leaves his post as CFO of Veolia Environnement to occupy the same positions within electrician.

Bureau Veritas, stable at 34.80 euros, would use its "strong cash flow generation" to make acquisitions in the first half of 2010 and it plans a gradual return to organic growth in the second half. The world number two of the certification issued a turnover in 2009 rose 1.9% to 2647.8 million euros.

Teleperformance (-2.12% to 24.48 euros) issued a turnover up 3.5% in 2009, but said that its sales had declined sharply in the fourth quarter, mainly because of degradation of its business in Europe.

Hermes (+1.51% at 98.55 euros) grew by 8.5% of its turnover in 2009 to 1.91 billion euros. In 2008, the French luxury group had a net profit of 290.2 million euros. Net income in 2009 will be released March 25.

Two other companies publish their turnover for 2009, Friday: Eiffage, stable at 37.14 euros, and Bongrain (-0.21% to 58.18 euros).