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.
Lagardère announced Monday the launch of a bid for the company LeGuide.com, publisher of the website of the same name, at a price of 24 euros per share, valuing the comparator prices at about 84 million euros.
The media group headed by Arnaud Lagardère hopes to complete its digital portfolio that already includes the particular site or financial information Boursier.com Doctissimo.fr , bought in 2008.
The offer of the media group, which is the entire capital of LeGuide.com, will be open from 9 May to 12 June
The price represents a premium of 31.2% over the average as the company three months, 25.4% on average in one month and 20.5% from its last closing price, May 4, Lagardere said in a statement.
"Lagardere Active wishes to preserve the autonomy of management and leadership team LeGuide.com maintain the policy of employment and entrepreneurial culture that made its success since its inception" the company adds.
Present in 14 European countries, LeGuide.com, which compares the offers of more than 76,000 online merchants, claiming an audience of 28.9 million unique visitors.
For the offer to be validated, the total shares held by Lagardère and tendered should be at least 51% stake in the company.
The operation will also receive a green light from regulatory authorities in Germany and Austria.
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.
The activity has slowed sharply in April in the Chicago area, which serves as a barometer for the entire U.S. industry. Barack Obama visited a General Motors plant in Hamtramck, Michigan, near Detroit, July 30, 2010.
The slowdown of U.S. economy in the first quarter is on track to continue in the second. Industrial activity has slowed markedly in the Chicago area in April, according to the local index of purchasing managers in the U.S. ISM trade association said Monday. This index was down 6.0 points from March to $ 56.2 in seasonally adjusted data, its lowest level in 29 months, the ISM said.
The index nevertheless reflects an expansion of economic activity for the 31st consecutive month, the ISM wrote in a statement adding that the April figures also reflect a trend of activity to "slow further." The median forecast of analysts gave a less marked decline of the indicator, to 60.0.
The ISM Chicago extent the perception that industry in the region of the economy. He is said to be usually a good indicator of changes in the barometer of activity at all the United States. For the association, the fact that the index has declined for the second consecutive month and that this decline has been driven by a sharp fall in its component measuring the production incentive to "be more careful about the erosion of application that continues, even if the backlog increases "for area businesses.
The leader of PASOK, Evangelos Venizelos, announced Saturday its economic program a week early parliamentary elections in Greece, promising reforms on liberalization professions rather than tax increases.
The party of former Socialist Minister of Finance, who played a key role in the financial rescue of Greece by the EU and the IMF last year, is ahead in polls voting intentions by his conservative rival, New Democracy.
PASOK came to power in 2009 with nearly 44% of the votes, May 6 should get between 14 and 19% of the vote, voters blaming him for the harsh treatment of austerity imposed by the donor in exchange for their financial support.
Evangelos Venizelos took the reins of a party in February capilotade in succeeding former Prime Minister George Papandreou. At the time, PASOK enjoyed a popularity rating of just 8%.
The new leader pledged Saturday not to declare the general fall in wages and pensions as long as the country continues on the path of reform.
"No Greek citizen should live in fear of what will be done in June," has tried to reassure the Socialist leader, referring to the new crackdown announced for next month's parliamentary elections. "We pledge (on this point) and we assure you that no new tax will be imposed."
He added before a crowd of enthusiastic supporters: "On the contrary, we will focus on structural reforms in order to have a state smaller and less expensive, open market and professions ; s and to allow everyone free access to economic activities and production. "
Last week, the leader of New Democracy, Antonis Samaras, promised if he wins election to cut taxes and increase social spending while meeting commitments budget set by foreign donors.
New Democracy and PASOK are the only two major political parties to support the Greek bailout the nation's finances, which bends under the burden of debt.
Germany experienced between 2001 and 2011, the smallest increase across the EU, with an increase of 19.4%, while hourly labor costs in France rose by 39.2%, more than double the same period. A poster of the employers' union Verdi against the introduction of a general minimum wage in Germany
Germany experienced a decade of more moderate growth in labor costs of the entire European Union, according to statistics released Tuesday, but the hourly labor cost is one third higher than the European average. One hour of work in the private sector cost 30.10 euros for German employers, a figure of 32% above the EU average and that places Germany seventh among 27 EU countries, according to these figures published by the Federal Statistical Office Destatis.
Compared to the great French neighbor, the labor cost is 12% lower and 23% lower than in Belgium, the leading EU countries. Germany experienced between 2001 and 2011, the smallest increase across the EU, with an increase of 19.4%, while hourly labor costs in France rose by 39.2%, more than double the same period, according to Destatis.
German wage moderation is a key factor in the competitiveness of the country, including its industry. The downside, often cited by the unions, wages are low, in the absence of widespread minimum wage and an increasingly precarious, with greater use in some industrial sectors in labor and temporary work.
The rules of the European Financial Stability Fund (EFSF), the relief fund for the euro area, are ready to be submitted for the approval of Finance Ministers of the area who meet Tuesday, show documents obtained by Reuters Sunday.
These documents outline the rules for the intervention of the EFSF on primary and secondary bond markets, the granting of precautionary credit lines to governments, increasing its firepower by the application of leverage and its investment strategies and funding.
The approval of these rules must allow the EFSF to attract in the coming weeks of cash from private investors and public likely to increase the resources of the fund.
Atos anticipates a slight increase in sales over the last three months of the year, despite the current turmoil in the euro area which have so far had no impact comparable to those observed at the height of the economic and financial crisis in 2008 and 2009.
The SSII has been quite confident about the evolution of its activity in the short term through the integration of SIS, which was acquired in December to Siemens, which has increased the share of its recurring revenue and expand further its geographical location beyond the euro area.
"The environment is severely degraded much less than what we have known in 2008/2009.We see no way at this stage, the same kind of feedback from our customers, "said Gilles Grapinet, the Deputy Director General, during a conference call with reporters.
Former Atos Origin has officially completed in early summer the purchase of the computer division of German conglomerate, creating a new entity that stands in the forefront of IT services in Europe.
With the integration of SIS, which is held in accordance with the "road map" according to Atos, the new group now derives nearly three-quarters of its revenues (74%) multi-year contracts, which limits its exposure to business cycles in the services sector particularly sensitive to the ups and downs of the economy.
"Today, in the short term, we are cautiously optimistic.In our case, the activity is rather to be improving, "said Gilles Grapinet.
The activity, which further decreased slightly in the third quarter, should find a slight increase over the last three months of the year, said Chief Financial Officer Michel Alain Proch, predicting an increase in orders over the period.
CONTRACTION NEW BUSINESS IN FRANCE
The group led by Thierry Breton, who had already confirmed its outlook for 2011 and 2013 at an investor day in early October, reaffirmed its financial targets for the current year.
At 10:05, the title was virtually unchanged at 36.105 euros (0.07%), while the SBF 120 index yielded 0.15%.Since the beginning of the year, it was down 9.4%.
"Atos now combines resilience (with SIS, the group shifted its center of gravity to the north of Europe and shows 74% of recurring sales or contracts for more than three years), potential to increase its margins, and a new prism to growth, "say analysts at CM-CIC Securities, which recommend the title to buy.
Third-quarter sales of IT services amounted to 2.09 billion euros, an increase of 72.9% as reported reflecting the integration for the first time in SIS in the accounts.
Excluding this acquisition, revenues, however, stand down by 0.3%.
Analysts' estimates ranged on average from 2.06 to 2,090,000,000 euros.
Of a total of ten geographical divisions, six have seen their business grow over the period, said Michel Alain Proch, while Benelux is the sentence with a contraction of 7.0% of its activity.
France has also seen its sales fall by 5.8%, impacted by the outsourcing activities that have suffered, by group, of the termination of certain contracts and the lack of dynamic media sectors, telecommunications and finance.
A new direction has been set up in the Hexagon in early with a mission to revive growth in activity, Atos said in a statement.
Closely watched indicator, the ratio of orders to bill (book-to-bill) has eroded over the period to 96% against 101% at the end of the first half, but the group expects to complete the year- above 100%, said its chief financial officer.
At the end of the third quarter, the backlog has also almost doubled compared to June 30, that is to say, before the acquisition of SIS, reaching 14 billion euros, or 1.6 years of turnover.
Three days before the second round, the two finalists of the primary PS tried, during a final debate, to differentiate themselves from each other. In fact, they have few substantive differences on most subjects. Martine Aubry and Francois Hollande, both finalists for the PS primary, clashed in a final televised debate Wednesday, Oct. 12.
Wednesday night was held the final televised debate between Martine Aubry and Francois Hollande. The challenge for each of the two finalists of the primary PS was to hold sway over the other, to ensure victory in the second round of voting, Sunday, October 16. They therefore tried to stand on the issues discussed, but not really succeeding. For if their positions differ in the details, they converge on the merits. Decryption.Martine Aubry and Francois Hollande are indeed "two sides of same coin," according to the expression used by Arnaud Montebourg.
Deficit reduction
Martine Aubry attacked Francois Hollande on the golden rule budget, accusing him of wanting to take the measure proposed by Nicolas Sarkozy, while the PS is opposite from the beginning. Holland defended himself by explaining that the next president will have to give a clear strategy for fiscal consolidation. "The deleveraging is necessary if France wants to keep its triple A and independence," said the Correze elected. He promises to bring the budget back to balance by the end of the quinquennium. Martine Aubry, she will not commit to zero deficit in 2017. "The lack of growth and employment is equally important that the public deficit, said the mayor of Lille."If you put everything on reducing the deficit, we will have no balls to boost growth." The two finalists, however, undertake to reduce the deficit to 3% of GDP in 2013 and master of public debt.
The tax reform
Until the tax reform presented in the socialist project, whose implementation can take time, Martine Aubry proposes to create an additional income tax to 50% in excess of 100,000 euros per unit tax. It also promises to lower the threshold of the ISF, the government increased this summer from 800,000 to 1.3 million euros as part of the reform of the heritage. François Hollande he does not want to hear about these "crafts". "Tax reform must be done right away to apply from 2013. It will be a comprehensive reform of tax on income, capital and assets," said he.Apart from these differences of opinion on the calendar, the Netherlands and Aubry adhere to the same tax reform, ie a merger of the income tax, the CSG, the earned income tax and capital income and broadening the tax base. They also both agreed that there will be increasing the tax burden with them in power.
Youth unemployment
This is the flagship proposal of François Hollande: contract generation, or the possibility for an employer who hires a young and maintains a senior employment in the same position to be exempt from charges. So it is on this that Martine Aubry decided to attack his opponent more strongly. "Today, companies benefit from 25 billion euros per year to reduce charges for nothing. I find it normal to ask them," defends the member for Corrèze."Any action based on exos charges for young people has never worked, Martine Aubry replied. It still does not create a new tax shelter!" It will be understood, the agreement between the two candidates on the contract generation is impossible. However, the creation of 300,000 contracts for the future is consensus. François Hollande just wish the focus on young people, especially in areas where unemployment this population exceeds 40%.
Banks
What about the proposed Arnaud Montebourg to trust the banks? Both candidates responded obliquely, that is to say, emphasizing the need for recapitalization of financial institutions. "Yes assistance to banks, but with an entry of the state capital, the separation of banks and deposits", explained Martine Aubry. "We will see a default part of Greece. As a result, banks will have to be recapitalized.They need public money. We need a presence in the capital with veto power, "added Francois Hollande. The two candidates are in agreement on this issue.
Retirement
Martine Aubry has tried to attack Holland, citing about a Pascal Terrasse, an adviser to the Correze elected, who would have spoken of retiring at 65. Holland denied. "The first decision that I will take on the issue of pensions is to allow those who have paid 41 years and have 60 years to leave," he said. "It means we will restore the legal age." Employees who have accumulated 41 years can retire at 60 "but they will have a discount," he said. Martine Aubry went a law giving the opportunity to go to 60 employees who have had difficult jobs.The mayor of Lille would also restore the retirement age at the full rate at age 65, against 67 years in the reform of 2010.
The public service
Apart from their differences on the proposal from Holland to recreate 60,000 jobs in Education, the member for Corrèze and the mayor of Lille are both willing to remove the principle of non-replacement of an employee out of every two retirement and to go further in the decentralization of public services. However, when it comes to answer more sensitive questions, such as maintaining a minimum service during strikes and upgrading of salaries of civil servants, they kicked into touch: these issues will be decided through negotiations with the social partners.
Protectionism
That was the trick question of the debate: the de-globalization, a theme dear to Arnaud Montebourg.Martine Aubry response: it is a "regulation of globalization" and "Europe stops being naive in globalization, which protects". The mayor of Lille defends 'fair trade'. "If China prevents us to invest at home, we stop too. If China does not respect the social and environmental rules, we taxa." Francois Hollande said the same thing: "an uncontrolled globalization crushes the weak," "I am for an open economy not available." Both are in favor of introducing a tax on social and environmental EU borders. They have however made their proposal by Montebourg to give France a mechanism for unilateral ban certain products to market "in case of aggression by trade unfairly low prices."
The debt crisis in Europe
On European issues, Martine Aubry and Francois Hollande are on the same wavelength.They are for a default RECORDED part of Greece on a portion of its debt, the cost would be borne by the banks to give Athens time to resume growth and emerge from the spiral austerity / recession. Both believe that Europe should move towards greater economic and political federalism. Concerning the entry of Turkey into the EU, they are in favor of continuing negotiations, but state that is a long way to Ankara.
The major car manufacturers have benefited from a strong increase in sales in the U.S. in September, which removes, as General Motors, the spectrum of the recessionary risk.
GM reported Monday a 20% increase in sales, against 27% for Chrysler (controlled by the Italian Fiat) and 9% for Ford.
Japanese Nissan has meanwhile received a 25% increase in sales while the German Volkswagen has announced a 36% increase.
With these preliminary figures, the auto industry looks set to wait for the 13 million vehicles sold in the U.S. market, on an annualized basis, at the top of the range predicted by analysts.
Such a rate would be the highest known in the area since April and up 10% compared to sales in September 2010.
The September figures were supported by the restocking of Japanese manufacturers, for the stability of gas prices and demand dictated by the willingness of some drivers to replace old vehicles, account executives and analysts.
The sales manager of GM, Don Johnson, said car sales combined with the latest economic indicators "tend to support the scenario of slow growth rather than a recession 'W'."
GM has maintained its forecast for sales in the automotive industry as a whole and said he expected an increase in sales from October to December.
The number one American industry predicts sales of at least 13 million vehicles. This includes commercial vehicles and trucks.It would be higher than the rate of 12.8 million recorded on this basis since the beginning of the year.
Another sign of the strength of the economy, the ISM manufacturing index came out in better shape than expected in September.
Jonathan Browning, Managing Director of Volkswagen United States, said sales in September suggests that their increase will be moderate until the end of the year.
"It's difficult to make the point because many people are worried about the future and seen in consumer sentiment, in surveys of consumer confidence, but at the same time, many recognize that the time has good time to buy, "he said.
U.S. auto sales are also well attended as they are showing signs of advanced consumer trend.
VERY GOOD MONTH FOR CHRYSLER
Chrysler, the third U.S. manufacturer, has lived its best September since 2007.
Even better figures are expected from Toyota and Honda, which both have found a level of full production and put behind the disturbances related to the consequences of the earthquake and tsunami in Japan last March.
Many buyers have also waited all summer to make their acquisitions, the time that Japanese manufacturers replenish their stocks.
"The quality and color of a vehicle are not items on which consumers are likely to compromise.They are more inclined to wait.We find ourselves now with rising demand and that's exactly what we wanted, "said Rebecca Lindland.
Toyota and Honda have not hesitated to offer discounts for consumers to return their concessions in September.
Sales of new light vehicles emerged an average of 13.1 million annualized seasonally adjusted during the first four months of the year, but a lower level of the supply of vehicles and automotive equipment began have effect from May
From May to August, sales at an annualized rate had registered 11.8 million.
Last week, Peter Nesvold, an analyst at Jefferies & Co., predicted that September would be the first month in which the effects of the earthquake and tsunami will be reflected more in sales.
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