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When he crossed the threshold of Honda Aircraft Company booth at EBACE business aviation held in Geneva until Wednesday, the visitor is first greeted by a car manufacturer of the third Japanese car.
Then appears the HondaJet painted red subsidiary of Honda Motor, determined to carve cruppers the American Cessna (Textron group) and Embraer on the market ; light business aircraft.
Honda has received over 100 orders for the seven-seat aircraft within three days after the program began in 2006 but has since remained quiet about the state of his book.
The Japanese embarked on a market segment that has especially suffered from the crisis of 2008, which does not seem unduly disturbing Michimasa Fujino, Honda Aircraft Company's CEO.
"The market for light aircraft is close to the automotive market in terms of business cycles," he said in an interview with Reuters. "Light aircraft are influenced by economic conditions, such as automobiles."
Honda plans to produce 20 units of its product by its first delivery scheduled for late 2013 and 50-70 in 2014, before reaching its cruising speed of a hundred a year from of 2015.
The manufacturer promises a device with a quieter and 20% fuel savings compared to competitive models.
"It's like cars: the cars more compact and more fuel efficient are the most popular," noted Michimasa Fujino.
Honda plans to take 10% of the market initially, and then award in the medium term from 15 to 20%.
Customers interested in the aircraft are not looking particularly to customize the cabin, as might be the case for larger aircraft, he noted.
"HondaJet design looks more like a car, which means that we try to provide an aircraft whose equipment is very complete," said Michimasa Fujino.
He believes the more the market potential of a light aircraft Bigger is not necessarily required for the path of a businessman going to a meeting by instance.
"It's like the car: you do not go necessarily to work with your large MPV", he said.
Michimasa Fujino said that companies were going more and more that have a light business jet they were very helpful.
"Perhaps the use of light aircraft will become more common in the future," he said. As for the car.
A few days after announcing a loss for broking $ 2 billion, Jamie Dimon acknowledged his twist on a television program. Some experts believe it could keep his job. The U.S. bank, who wanted a model in terms of risk management, announced a loss of over $ 2 billion related to its trading activities.
"I was wrong all along the line." It is in these terms that Jamie Dimon, CEO of JP Morgan, returned to the brokerage loss of 2 billion dollars from his bank in the program "Meet the Press" on NBC. A mea culpa-style humiliation for the one who, when the first information output in the Wall Street Journal on the extent of paris risky, there had been "a tempest in a teacup".
The question is how Jamie Dimon is weakened. According to Erik Oja, an analyst at Standard & Poor's, his place as CEO is "absolutely not" in question. "He made amends, there was no attempt to hide the problem," he adds. However, according to the Wall Street Journal, Constable American markets (SEC) is studying the case for whether the bank should have known earlier losses to investors. It seems in any case that JP Morgan has lost much of its credibility.
Until this case, Jamie Dimon was one of the most admired bankers of the United States. He had helped his bank through the crisis without pitfalls and was accustomed to receive praise. Born in New York to a father and a grandfather brokers, Jamie Dimon, 56, began his career as Sandy Weill's right arm, which made the first U.S. bank Citigroup by acquisitions before crisis causes this giant on the brink of bankruptcy.
The two men fell out in 1998 and Jamie Dimon found himself abandoned by his mentor. This was followed by a journey through the desert before leaving for Chicago in 2000 to lead Bank One. In 2004, Jamie Dimon returned to Wall Street through the front door when JPMorgan acquired Bank One. It has become number two behind Bill Harrison until it retired in 2007. Prudent management has enabled JPMorgan to weather the worst financial crisis since the 30's also taking advantage of the defeat of some competitors. JPMorgan has purchased Bear Stearns on the cheap in 2007 and part of Washington Mutual last year becoming the first U.S. bank by assets at Bank of America.
Jaimie Dimon has used this particular well and its good image to combat the financial reform of 2010, which will come into force in July but was delayed. He who had been an ardent supporter of President Obama, but said today "it is hardly more democratic", has not lost an opportunity to rehearse in the media that more regulation would hurt U.S. banks. Cruel twist of fate, it is because of a risky strategy brokerage own derivatives, the kind of problems addressed specifically by the financial reform and its key measure, the rule of Volker, as the statue of Jamie Dimon wobbles .
Munich Re has released the first quarter 2012 net income after minority interests of 780 million euros, a figure consistent with expectations that stage is explained by a higher revenue from investments and a low level of claims for damages.
The consensus was 776 million euros, according to 10 analysts and brokers polled by Reuters.
"Despite the economic situation remains difficult, we are optimistic for 2012 and are aiming for a profit for the year of about 2.5 billion euros," said Jörg Schneider , CFO of the first global reinsurer, said in a statement.
In the first three months of 2011, accounts of Munich Re had plunged into the red after billions of euros of damage claims after the effects of earthquakes in Japan and New Zealand.
Vivendi has been considering its strategy and investment banks are preparing proposals for divestiture or restructuring to try and halt the plunge in its stock price, several sources have told Reuters.
The difficulties of SFR, the leading provider of liquidity, led the Board to revive the old debate about the relevance of a model combining media and telecoms and put under pressure its number one Jean-Bernard Levy.
Facing the bronca shareholders embittered by a share price at its lowest for nine years, President of the Supervisory Board Jean-Rene Fourtou promised last month that the conglomerate would not remain idly and that all subjects would be put on the table, no "taboo".
Jean-Bernard Levy told Reuters on his side to the group questioned constantly on optimizing its business portfolio.
"There is no doubt that they are in full introspection on what to do," said one investment banker. "Until now, the board supported management and strategy, but the situation becomes critical and there may be a split."
Investors who dream of a quick and radical, however, may have to be patient despite the excitement in the markets by the situation mentioned by Bloomberg for dismantling and the arrival of man in the capital stock shots, Vincent Bolloré.
The contractor, who is poised to sell its conglomerate channels Direct 8 Direct and Star in exchange for Vivendi shares, wants to be a long-term shareholder and looks forward to working with the council rather than to impose its views at the outset, according to two people familiar with the CEO of Bolloré.
Most importantly, the tandem-Fourtou Levy, who oversaw the reconstruction of Vivendi after the debacle of the Messier era in 2002, is still in command.
Under the leadership of two men, Vivendi has cleaned up its financial position, streamlined its structure by acquiring minority stakes and settled a series of disputes.
The group also made acquisitions including that of the fast-growing operator GVT and tried to create synergies between its divisions with mixed success, however.
BACK TO SQUARE ONE
"All these years later, it is quite ironic that the group returned to square one: the action is at its lowest, there is still no synergies between the different business and it will be even harder to sell assets whose value has declined, "said one former executive of the group.
In a letter to shareholders dated March 27, the two leaders again rejected the idea that Vivendi would be a collection of unrelated activities with each other while judging " excessive "the conglomerate discount applied to the title, estimated at 40% by Jean-Rene Fourtou.
The challenge now is whether the group, which has previously rejected the dismantling scenarios, could this time take the plunge and abandon its hybrid structure.
"We can probably 216,000 scenarios, I do not fit into one of the 216,000 scenarios," said Jean-Bernard Levy told Reuters when he was asked about this hypothesis.
A seminar with the direction in June will be an opportunity to discuss the strategy and scope of Vivendi but a spokesman said the group meeting was held annually for several years and it was unlikely that it leads to major announcements.
According to several sources familiar with the matter, no bank has so far been commissioned for a sale or restructuring.
In a note, credit analysts at Société Générale consider the hypothesis of "break-up" unlikely unless a departure of Jean-Bernard Levy under pressure because of the difficulties of SFR.
The action of Vivendi has lost over 30% since its acquisition in April 2011 of the total SFR against 7.95 billion euros, an operation expected to result in a boost for the stock market Title and a dividend increase.
The arrival nine months later Free on the mobile market, has destabilized the operator which provides for 2012 down 12 to 15% in operating profit . Vivendi cut its dividend and the difference between the total assets of the group and its market capitalization has increased.
The AIGUILLON BOLLORÉ
Jean-Bernard Levy took the reins of SFR directly before passing the baton to a new CEO in the summer, with the promise to "tighten the bolts" within which the subsidiary recovery is deemed crucial to right the course of the action and for his personal future, according to several sources.
In this context heckled, the group is studying its options, reported by observers and bankers who do not see much to fix.
"Everything is reviewed. When they write in their letter to shareholders that nothing is taboo, it is a call for bankers to offer ideas, "said a person familiar with the group ….
….. "Unfortunately, it's not as simple as what people think when you look at the structure of the group"
.
According to sources, banks are working on a script assignment of Morocco Telecom, whose margin was still 55% last year despite a drop in sales
. Vivendi could also relaunch the IPO of Canal + France initiated last year by its other shareholder Lagardère before be suspended or sell its 60% stake in the video game publisher Activision Blizzard, the U.S. side.
But the sale of Telecom Morocco, 30% owned by the Kingdom of Morocco, could face political issues, indicates the same person, adding that the operations which appear more affluent, as Activision, have little influence on the other hand on the vision of the market prospects of Vivendi.
Some investors are pinning their hopes on the arrival in the capital of Vincent Bolloré, reputedly close to Jean-Rene Fourtou who said he would be welcome to the board.
A source close to the entrepreneur Vincent Bolloré hopes to reach 5% of the combined effect of the sale of its DTT channels and purchasing title to market. Societe Generale has recently become the largest shareholder with 7.86% of the conglomerate's capital.
"The emergence of a shareholder can bring a little more pressure on management will be forced to be accountable," said Gilles Guibout, portfolio manager at ; AXA Investment Management.
At the head of a family group, the entrepreneur would not invest one billion euros in Vivendi without an idea in mind, argues one contributor.
Promise to close in 2010, the Bosch plant in Venissieux, a suburb of Lyon, rising from the ashes thanks to the manufacture of photovoltaic panels in the most modern and important production unit of this type in France.
The German group intends to make this site the bridgehead of photovoltaics for southern Europe and northern Africa, and a model of "French production" that is central the campaign in France.
After eight months of construction, the new production of photovoltaic modules from Bosch is being phased in and the 200 employees of this plant produce in full capacity by July, 2000 panels per day, or 600,000 modules per year.
"This corresponds to the consumption of 51.000 French households, "explains Jürgen Pressl, board member of Bosch Solar Energy
. The plant is yet act as industrial miracle …
…… In 2010, the Bosch plant in Venissieux was promised at the close. Specializing in the production of diesel injection pumps, she was condemned by a falling market.
With an investment of 25 million euros, the conversion of the site has saved 200 of the 450 jobs previously identified.
"The successful transformation of Venissieux is the result of an exemplary social dialogue, and unique German enough", Guy said Maugis, president of Robert Bosch France.
To switch to the manufacture of injection pumps to that of photovoltaic modules, French employees of Bosch had to go to Germany for training.
"I was immediately voluntary," said Christelle Trioulaise, 45, who is placed in quality control. She looks forward to working conditions, "more comfortable, quieter, more interesting as new".
"But above all I could keep my job, and that's the key," concluded the worker.
"MADE IN FRANCE"
The Bosch Group has installed the new production unit in the Lyon region, not by philanthropy but by strategy.
"The French market is very important to us and here we must propose the 'Made in France', we need to produce locally," said Axel Becker, who led the project to convert.
Jürgen Pressl also emphasizes the proximity to markets such as Italy, Spain, North Africa, who are "potential customers".
"Vénissieux must become the bridgehead for photovoltaic southern Europe and northern Africa," he said.
Bosch's objective of becoming the market leader in photovoltaics, renewable energy according to the German group is the trend of the future, the era of fossil fuels being in his past.
The group spent more than four billion euros for research and filed over 4,000 patents in 2011.
Yet its leaders recognize that on this intensely competitive market, the game is not won, and that investment is still far from profitable.
"The price war is exacerbated must pass some time, and ultimately, we think about winning a very high quality of our products," said Jürgen Pressl.
In 2011, Bosch Solar Energy has achieved a turnover of 800 million euros, down from the previous year due to falling prices for modules.
Wall Street opened slightly higher on Thursday after figures showing that weekly jobless claims remained close to a low of four years, but investors will need other incentives to buyers remain after the gains accumulated since early 2012.
In early trade, the Dow advanced 0.48% or 61.98 points, to 13,014.05 points. The Standard & Poor's, wider, gained 0.48% (6.58 points) to 1,372.26 points while the Nasdaq composite risen by 0.45% (13.45 points) to 2,980.34.
On February, the S & P 500 benchmark index fund managers, took 4.1%, the Dow 2.5% and Nasdaq 5.4%.
That said, as this bull cycle is built on trade volumes lean, many players anticipate a downtrend market in the short term.
"We are on a sacred launched two months ago and, at some point, it will pause. In previously published data, there was nothing that could trigger a movement in one direction or the other, "said Wayne Kaufman, chief market analyst at John Thomas Financial
. The weekly jobless claims fell slightly in the U.S. during the week to 25 fe February, to stand out as expected at 351,000, close to a low of nearly four years, announced Thursday the Labor Department
…… But … consumer spending adjusted for inflation emerged unchanged for the third month following January, a trend that could raise questions about the country's economic outlook, the household expenditure constitutes one of the main drivers of the U.S. economy.
At 1500 GMT, was expected ISM manufacturing index and construction spending.
In the area of distribution, as Gap took 10.18% to 25.74 dollars after the chain of clothing stores reported an increase in February for its constant-store sales for the first time in eight months.
The action of Ford advanced 2.18% to 12.65 dollars in anticipation that the builder had a very good month of February in terms of vehicle sales in the United States. The group will release its monthly figures during the day. Chrysler has already reported a jump of 40% of its U.S. sales last month.
Unemployment continued to rise in January in France, according to figures released Friday by the Ministry of Labour and job center.
The number of job seekers in category A (those who have carried on any activity) increased by 13,400 (+0.5%) last month in France compared to the month of de December to $ 2,861,700. Over one year the increase stands at 6.2%.
Taking into account persons engaged in a Pool (Class B and C), the number of jobseekers rose by 0.1%, or 4,800 more people to reach 4,258,200 (+5.5% yoy).
With the overseas departments, the number of unemployed stood at 4,525,900, a figure significantly in two months of the first round of the presidential election.
The Spanish economy contracted in the fourth quarter of 2011, for the first time in two years, according to economists foreshadow a prolonged recession for the country, weighed down by fiscal austerity.
The gross domestic product (GDP) of Spain fell by 0.3% over the last three months of 2011 on a quarterly basis, after remaining stable at third quarter, according to official figures released Thursday.
On an annual basis, gross domestic product grew 0.3% from October to December, in line with expectations of economists polled by Reuters and after annual growth of 0.8% last quarter.
"Given the necessary fiscal consolidation in the country and the pressure this causes on domestic demand, it will be very difficult for Spain to avoid a recession," said Nick Matthews, economist for RBS.
The economy of the entire euro zone shrank by 0.3% over the last three months of 2011 and appears headed for a mild recession under the weight of the debt crisis, according to Eurostat figures published Wednesday.
These figures showed that Italy now responds like Belgium, Greece and Portugal to the technical definition of recession, with two consecutive quarters of decline in GDP.
In Spain, surveys by Markit purchasing managers to have shown a slight improvement in manufacturing activity and services in January, but this may not be sufficient to stimulate an economy mired in recession or stagnation for nearly five years.
Spain enjoyed a higher growth than its neighbors since joining the monetary union 12 years ago, but this expansion was largely due to a housing bubble, that erupted in 2007.
Over the full year 2011, the country recorded a growth of 0.7%, after contracting by 0.1% in 2010.
But in the fourth quarter of 2011, only exports continued to grow, and they are likely to suffer from the slump in global demand.
According to the International Monetary Fund, the country's economy expected to contract by 1.7% in 2012, mainly because of the austerity measures implemented by Madrid to avoid ê in turn be a victim of the debt crisis.
The new Spanish government seeks to reduce the budget deficit to 4.4% of GDP, as against 8% in 2011, which would require savings of about 45 billion euros.
Finance ministers of the euro area agreed by phone to abandon plans to meet Wednesday on the Greek case, announced the president of the Eurogroup Jean-Claude Juncker, adding that a further meeting would take place on February 20.
Jean-Claude Juncker originally called for a meeting of the Eurogroup in Brussels. He said he had changed his plans because he wanted to be assured of Greek political leaders that reforms would be implemented.
Antonis Samaras, the leader of the Greek conservative party New Democracy, has not provided support for writing new austerity measures negotiated with the "troika" of international creditors of Greece, said on Tuesday a source close to the talks.
"For now, Samaras has not submitted a letter of commitment, and this is a problem," the source told Reuters on condition of anonymity.
Government source, it was claimed in the evening it would be done on Wednesday morning.
George Papandreou, former prime minister and leader of the Socialist Party (PASOK), has meanwhile been given a signed undertaking by which he supports the measures adopted by the Greek parliament in Sunday night Monday.
Jean-Claude Juncker also discussed technical details remain to be clarified between Greece and the troika (EU, IMF and European Central Bank ).
JUNCKER WANTS OF WARRANTIES
Technical work is still needed in various fields between Greece and the Troika, in particular as regards the filling of the budget deficit of 325 million euros in 2012 and situation analysis of the debt, the statement of the Presidency of the Eurogroup.
"Moreover, I have not yet received the required assurances from the leaders of coalition parties on the Greek implementation of the program," added Jean-Claude Juncker.
"In this context, I decided to invite the ministers in a teleconference tomorrow to discuss outstanding issues and prepare for the regular meeting of the Eurogroup on Monday 20 February 2012 ".
After months of negotiations, the private creditors of Greece agreed to undergo a discount on the value of Greek bonds they hold in exchange new securities to maturity lengthened and a cash payment.
The release of new aid to Athens – from 130 billion euros – was submitted by the troika to the implementation of new austerity measures which the vote last weekend by Parliament provoked sometimes violent protests in Greece.
The text voted by 199 deputies out of 300, provides 3.3 billion savings through further cuts in wages and pensions and a wave of job cuts in the public public.
But 325 million are still missing and creditors of Athens require accurate accounts.
According to two authoritative sources, the government plans to reduce the defense budget of 125 million euros. The text adopted this Sunday already reduced budget of 300 million. For 200 million missing, Athens would consider accelerating the reduction of the payroll of the public.
Values to follow Monday at the Paris Bourse, where the CAC 40 index yields 1.09% to 3,390.68 points at 12:16, investors are showing cautious pending re Greece's response to the proposal of its private creditors, originally expected around noon.
* European financial stocks are sharply lower in the pending developments on the Greek front.
The Stoxx index of European banks and insurers that drop both 1.15%, largest declines sector in Europe. SOCIETE GENERALE lost 3.73%, largest drop in the CAC 40 and SBF 120 to FARM CREDIT (-3.7%) while BNP Paribas 1.7% yield.
* Many CYCLIC suffer the consequences on growth of a possible failure of Greece, that even Jean-Claude Juncker, Eurogroup President, no longer rules.
LAFARGE loses 2.9%, Saint-Gobain 2.5% and 2.64% PSA. The Stoxx auto sector abandons 0.5% and 1.06% of the construction.
* ArcelorMittal loses 2.96%. The Financial Times, the giant commodities Glencore International (-4%) should offer a higher premium than what was expected to seal its proposed 88 billion merger dollars with mining group Xstrata (-2.2%).
The Stoxx mining shares were down 1.17%.
* ALCATEL drops 2.15%. S & P Equity lowered its recommendation on the title to "sell" against "hold".
* AIR FRANCE-KLM lost 2.77%, French trade unions of pilots and the majority of organizations stewards, hostesses and ground staff who called the strike until 9 Febru ; February.
* A reverse trend, Unibail-Rodamco gained 0.76%, highest of the few increases in the CAC 40, the group advantage as the rest of the real estate sector (0.52% for the Stoxx sector index) of its status safe haven.
* CAP GEMINI (0.62%) continues its forward march, the title now showing a gain of 21% since the beginning of the year after a consolidation period end January between 27.5 and 28 euros.
* ORPEA (2.22%) signed the largest increase in the SBF 120 index. Presidential ads on the evolution of the coefficient of land use (COS) argue, when applied, land prices, note CM-CIC Securities, believes that the value created reach 0.4 to 1.1 euros per share.
* Pierre et Vacances rose 1.16%. Acto, a fund of Groupama, has a mandate to Lazard to sell its 55% in Belambra, according to Les Echos, which sources said the memorandum of information is expected in a week.
* ASSYSTEM (0.35%) recorded an increase of 19.5% of its turnover in 2011, to 760.6 million euros, the international activities that experienced a Year e record (+30.7%) thanks to the dynamism of all countries and the acquisition of Berner & Mattner in Germany. Assystem has confirmed its 2011 operating margin target of between 7.5% and 8%.
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