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		<title>Toyota: A U.S. prosecutor complains</title>
		<link>http://sundialsnakes.com/toyota-a-u-s-prosecutor-complains/</link>
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		<pubDate>Sun, 14 Mar 2010 00:46:20 +0000</pubDate>
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		<description><![CDATA[For sure, the case of reminders stuck with Toyota. The Japanese manufacturer, which is already subject to a sixty complaints from consumers in the United States must now respond to accusations of a U.S. attorney. Tony Rackauckas, Attorney of Orange County, south of Los Angeles has filed suit against Toyota on Friday night. 
 Toyota [...]]]></description>
			<content:encoded><![CDATA[<p>For sure, the case of reminders stuck with Toyota. The Japanese manufacturer, which is already subject to a sixty complaints from consumers in the United States must now respond to accusations of a U.S. attorney. Tony Rackauckas, Attorney of Orange County, south of Los Angeles has filed suit against Toyota on Friday night. </p>
<p> Toyota was aware </p>
<p> &quot;We affirm the court on behalf of residents of Orange County, that Toyota has knowingly sold cars and trucks with defects responsible for sudden and uncontrollable acceleration of certain vehicles,&quot; he said. For the record, Toyota has recalled nearly nine million vehicles worldwide, including six million in the United States because of problems of uncontrolled acceleration and to a lesser extent, defective brakes. </p>
<p> The Prius, the hybrid model, which was the pride of Toyota, has been implicated.A case that forced the group&#39;s CEO, Akio Toyoda, to begin a round of apologies, first in the United States and then China. &quot;I fear that the pace at which we developed could be too fast,&quot; he admitted before the Commission to monitor and reform the U.S. Congress last February 24. </p>
<p> On behalf of the &quot;consumer protection&quot; </p>
<p> For Tony Rackauckas, the California attorney, the meteoric rise of giant Nagoya is not the underlying problem. He said the acceleration defects affect &quot;hundreds of thousands of vehicles sold in California in recent years.&quot; In addition, &quot;Toyota knew these defects but intentionally concealed California consumers.&quot;Affirming that his complaint was &quot;first brought to Toyota in the name of protecting consumers&#39; Tony Rackauckas calls for a fine of $ 2,500 for&quot; each violation of the law on unfair trade practices. &quot; </p>
<p> For its part, Toyota has responded quickly. In a terse statement, the manufacturer provides &quot;not having received the complaint&quot; and therefore &quot;not be able to comment on pending litigation.&quot; Despite these twists cascade, a survey published Friday by the marketing firm Corporate Research International (CRI) should reassure Toyota. </p>
<p> Customers, however faithful </p>
<p> Indeed, it appears that the group&#39;s U.S. customers remain loyal to him. &quot;Only 6.5% of Toyota&#39;s current customers surveyed said they no longer buy Toyota because of reminders,&quot; concludes the study, conducted among 1640 people between February 19 and March 2.Same observation in Japan, where Toyota cartonne forever. The brand saw its sales increase in Japan in February from 47.9% a year to 146,145 vehicles, according to the Japan Auto Dealers (Jada). </p>
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		<title>Court of Auditors: Migaud promises transparency</title>
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		<pubDate>Fri, 12 Mar 2010 11:14:28 +0000</pubDate>
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		<description><![CDATA[ By putting on Thursday Ermine first President of the Court of Auditors, Didier Migaud definitively stored his old political habits. Former socialist president of the Finance Committee of the Assembly, appointed under the opening by Nicolas Sarkozy to succeed Philippe Séguin, who died suddenly last January, does not distract the institution&#39;s objectives: &#34;The fundamental [...]]]></description>
			<content:encoded><![CDATA[<p> By putting on Thursday Ermine first President of the Court of Auditors, Didier Migaud definitively stored his old political habits. Former socialist president of the Finance Committee of the Assembly, appointed under the opening by Nicolas Sarkozy to succeed Philippe Séguin, who died suddenly last January, does not distract the institution&#39;s objectives: &quot;The fundamental role of the Court&quot; is to &quot;give citizens the information they are entitled (&#8230;). Needless to seek an indescribable sense of power-cons, &quot;he said Thursday on the occasion of his installation, in the presence of head of state, presidents of the Senate and the Assembly and Ministers Budget and Justice.&quot;The Court and the financial courts are not judges of the desirability of public policies: they have to assess how and to assess the results.&quot; </p>
<p> Take height and work in a bipartisan &#8230; This is not an empty word for close to Laurent Fabius &#8211; who was one of the first to congratulate him on Thursday after his swearing. Didier Migaud notably drafted with Senator UMP Alain Lambert organic law on finance laws (LOLF) rule that since 2006 the annual budget presentation to the State. But he also participated in the commission Pébereau debt. The chairman of BNP Paribas has always praised the sense of responsibility of the member of the Isere, which had agreed to sign a report calling for deep cuts in public spending, despite pressure from his political camp <a href="http://cash-advance-nofax.com">cash advance america</a> <!-- .-&gt;. </p>
<p> &quot;The privilege of time&quot; </p>
<p> Thursday, however, Didier Migaud barely touched the subject of public deficits, focusing primarily on defining the future role it will see play in the institution of the rue Cambon: &quot;As the efficiency requirements and efficiency in the use of public funds have never been stronger, the Court must respond fully to its information. &quot; </p>
<p> Didier Migaud therefore hope that the Court &quot;widespread publication of virtually all of its comments. A small revolution in perspective. The new president also accepts, in principle, the Court of Accounts is audited by its international peers. It has good, finally, continue the construction undertaken by his predecessor concerning the reform of regional chambers of accounts.A bill proposing the consolidation of all regional chambers under the aegis of Paris is currently on the desk of the National Assembly. &quot;I do not underestimate the difficulties of reforming this system, but I am convinced it is needed,&quot; said Didier Migaud, referring to the sling of regional magistrates. Even if the current text &quot;is certainly room for improvement,&quot; the new president intends to carry it out. For this, he has &quot;the privilege of time,&quot; said Dean of the institution Alain Pichon. Aged 57 years, Didier Migaud is indeed the youngest president of the institution since 1945. As it is irrevocable until 69 years, he has twelve years ahead of him to make his mark. </p>
<p> ALSO READ </p>
<p> &quot;PORTRAIT &#8211; Good accounts Didier Migaud </p>
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		<title>The year 2010 will be difficult for Haulotte</title>
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		<pubDate>Wed, 10 Mar 2010 21:26:45 +0000</pubDate>
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		<description><![CDATA[ &#34;The results of Haulotte Group in 2009 were logically impacted by the decline of almost 75% in world market volume of the car compared to 2008, according to a statement. Indeed, accounts of the number one European lift platforms people have gone into the red in 2009, posting a net loss of 55.7 million [...]]]></description>
			<content:encoded><![CDATA[<p> &quot;The results of Haulotte Group in 2009 were logically impacted by the decline of almost 75% in world market volume of the car compared to 2008, according to a statement. Indeed, accounts of the number one European lift platforms people have gone into the red in 2009, posting a net loss of 55.7 million euros at the end of the financial year, against a net profit 31.9 million euros at end 2008. </p>
<p> The current year promises nothing good, &quot;in the absence of any tangible sign of market recovery early this year. The group led by Pierre Saubot decided to focus its attention on reducing the need for working capital and to control its fixed costs.The focus on commercial areas &quot;more potential&quot; will also be intensified. </p>
<p> Maintaining market share </p>
<p> Last year, net debt was reduced by more than 15 million euros thanks &quot;to the sharp drop in volumes produced&quot; <a href="http://paydayloans-on.com">instant payday loan</a> <!-- . --> . The group&#39;s cash at December 31, 2009 amounted to nearly 66 million euros. </p>
<p> Major European and American renters have hardly invested in 2009, but Haulotte Group has maintained its market share in Europe while growing in Asia and America. </p>
<p> Haulotte Group will pay no dividend for 2009. </p>
<p> According to preliminary information provided by the sector for 2010, the year is still difficult, even &quot;if the worst is now behind us.&quot;&quot;The rental companies remain cautious about their investments and should carry out spot purchases and replacements to the fleet in view of utilization still low and rental rates under pressure,&quot; Gilbert Dupont analysis. </p>
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		<title>The U.S. stock markets resumed their breath</title>
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		<pubDate>Tue, 09 Mar 2010 08:46:44 +0000</pubDate>
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		<description><![CDATA[ Wall Street began the week slightly up on Monday after the Friday on sustained growth markets. The Dow Jones gained 0.18% at 10,585 points, the S &#38; P 500 rose 0.17% to 1141 points and the Nasdaq ahead by 0.16% to 2330 points. 
 In the United States, week market will be under the [...]]]></description>
			<content:encoded><![CDATA[<p> Wall Street began the week slightly up on Monday after the Friday on sustained growth markets. The Dow Jones gained 0.18% at 10,585 points, the S &amp; P 500 rose 0.17% to 1141 points and the Nasdaq ahead by 0.16% to 2330 points. </p>
<p> In the United States, week market will be under the sign of the American consumer. The two major economic indicators this week, published Friday, will be the sales details for the month of February and the preliminary estimate of consumer confidence. For specialists Aurel BGC, household consumption should remain strong after the employment figures released Friday very reassuring. Analysts fear, however, that severe winter weather does not disturb the profile of these two indicators in the short term <a href="http://guaranted-unsecured-personal-loans.com">unsecured personal loans</a> <!-- .-&gt;. </p>
<p> AIG jumped </p>
<p> On the side of values, the giant American Insurance, AIG, announced today the sale to MetLife&#39;s part of life Alico for the equivalent of 15.5 billion dollars. The securities earn 4.88% to 29.45 dollars. </p>
<p> Apple (0.15 to 219.28 dollars) ended Friday at the highest in its history (3.93% to 219.00 dollars), said the release date of its Tablet PC iPad. </p>
<p> Hewlett-Packard: -0.35% to 51.85 dollars. The world of computers has announced Friday that it was revising downward its results for the first quarter of fiscal year 2009-2010. </p>
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		<title>Agricultural show in the sign of the Vendee for Sarkozy</title>
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		<pubDate>Sat, 06 Mar 2010 23:10:51 +0000</pubDate>
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		<description><![CDATA[ &#34;It should stand on a cow so we can better see!&#34; At the Salon of Agriculture, a crowd of onlookers quickly formed over the course of Nicolas Sarkozy, despite an early arrival more than expected Saturday morning. Instead of starting the tour at 9:30 am as originally indicated, Nicolas Sarkozy has surprised almost all [...]]]></description>
			<content:encoded><![CDATA[<p> &quot;It should stand on a cow so we can better see!&quot; At the Salon of Agriculture, a crowd of onlookers quickly formed over the course of Nicolas Sarkozy, despite an early arrival more than expected Saturday morning. Instead of starting the tour at 9:30 am as originally indicated, Nicolas Sarkozy has surprised almost all journalists arriving one hour ahead. </p>
<p> Young contestants of agricultural schools, farmers horses, cattle, sheep and also butchers and florists &#8230; the president has sacrificed tradition and spent two hours in the aisles at the meeting of agricultural sector in deep trouble . After the walkabout, he announced new measures to help during a roundtable discussion with farmers.</p>
<p> &quot;It must protect us against disasters&quot; </p>
<p> Among the notable events of the morning, Nicolas Sarkozy held talks with Jean-Paul Rault, sheep farmer in the Vendee who lost almost all of his flock during the storm Xynthia. &quot;I told him he should protect us against future catastrophes, because once again, I will, but not both,&quot; says the farmer of Walnut St. Radegund. Only were rescued sheep that was brought to Paris for the Salon. </p>
<p> &quot;The president said he would not let us down, it would help us rebuild. And he would see us in Vendee, &quot;says Jean-Paul Rault. The farmer said he was heartened by the presidential speech? &quot;I have no a priori,&quot; he replies.&quot;We have seen figures for the help, we&#39;ll see what it will serve.&quot; </p>
<p> Video &#8211; flying over the farm of John Paul Rault after the passage of Xynthia: </p>
</p>
<p> More politics, the meat industry has questioned the head of state &#8230; about Greece. &quot;He seemed surprised and not really know, but I asked him to be very vigilant on the Greek question: is our first export customer with 70,000 tonnes,&quot; explains Denis Sibille, president of Interbev, the inter-beef, mutton and horse. &quot;The number of failures is very high and we refrain now to export, where a shortfall.&quot; </p>
<p> &quot;Less talkative than President Chirac&quot; </p>
<p> The exchange was more lively with the representative of the Federation Nationale Bovine (section FNSEA).Jean-Paul Fleury asked Nicolas Sarkozy less listen to his Environment Minister Jean-Louis Borloo, and arbitrate more often for his &quot;excellent minister of Agriculture, Bruno Lemaire. &quot;The arbitrage is my job, I do those I do,&quot; replied the president. </p>
<p> As tradition dictates, the President has offered a basket of food to stand craftsmen butchers. A prime rib and leg of lamb. &quot;Just as with Chirac, I am sure that the meat was consumed, as with Nicolas Sarkozy, I&#39;m not really sure,&quot; said Jean Claude Obriot however, the vocational school of the Butcher.&quot;And then he is less talkative than President Chirac,&quot; remembers the butcher who hosts the Salon chairs for ten years. </p>
<p> Just curious still, Nicolas Sarkozy was investigated to know what wood was made of sticks Youth Farm School of Laurent Sainte Marie in the Pyrenees-Atlantiques. In Hazelwood, they replied. A medium hard wood, semi-flexible, especially light. Ideal for tapping the side of the animals and move them forward. </p>
<p> ALSO READ </p>
<p> &quot;Nicolas Sarkozy discrete Agriculture Exhibition </p>
<p> &quot;Sarkozy expected to firm up the Salon of Agriculture </p>
<p> »BLOG Eric La Chesnais &#8211; The pen in the fields </p>
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		<title>Storm: 20 million for oyster farmers</title>
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		<pubDate>Thu, 04 Mar 2010 08:24:58 +0000</pubDate>
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		<description><![CDATA[ The Minister of Agriculture and Fisheries went Wednesday to meet victims of Xynthia in Vendee and Charente-Maritime. Bruno Le Maire first visited an oyster farm in the island of Ré is Tony Brin, to realize the damage caused by the storm the weekend. There, a scene of desolation was waiting after a giant wave [...]]]></description>
			<content:encoded><![CDATA[<p> The Minister of Agriculture and Fisheries went Wednesday to meet victims of Xynthia in Vendee and Charente-Maritime. Bruno Le Maire first visited an oyster farm in the island of Ré is Tony Brin, to realize the damage caused by the storm the weekend. There, a scene of desolation was waiting after a giant wave passed over a dam three feet high and has invaded the fish ponds. &quot;We will help the fish and shellfish industry already strongly felt in order to continue to live,&quot; said the minister. </p>
<p> Specifically, he presented a plan to aid three points for a total of 20 million euros. The bulk of the effort will focus on replacing equipment.This responds to a demand for professionals to enable them to restart their operations and be ready for the season getting ready now. &quot;Especially our equipment that has been affected, such as sorters, the computers or the electricity grid, he says Tony Brin. I have even more checkbook to pay salaries, everything has been drowned by the rising waters, is tell you how we are. &quot; </p>
<p> Lighten the load </p>
<p> Second point plan: relief of financial burdens of 1.5 million euros and finally the implementation of the national guarantee fund for agricultural disasters (FNGCA) to compensate for the loss of fish or shellfish. But on this last point, unlike the 1999 storm, which occurred at low tide and which has devastated oyster or mussel, the damage should be less important.It is funded jointly by government and professional organizations. </p>
<p> Another concern comes from the elver producers who fear their possible side effects of water pollution after they pass on farmland treated. In a scene of desolation, Bruno Le Maire has visited the farm of John Paul Rault, a young farmer Vendeen St. Radégonde-of-Walnut, who has lost everything, including his house, in the rising waters <a href="http://payday-badcredit.com">for payday loans bad credit</a> <!-- . --> . His case is not isolated as 52 000 hectares of land have been invaded by salt water after the passage of Xynthia. &quot;It will take years and years for desalination,&quot; said the farmer. Bruno Mayor announced a plan to tens of millions of euros to farmers (see box below).&quot;I shall return in a few weeks to see how its implementation takes place,&quot; he said. </p>
</p>
<p> A plan dedicated to farmers </p>
<p> A budget of several million euros to farmers. This was announced on Wednesday the Minister of Agriculture, Bruno Le Maire, the operators hit this weekend by storm Xynthia. In detail, two types of aid are considered. Firstly, a reduced specific financial burdens and also social. The state with the Agricultural Social Insurance Agency has raised 5 million euros for the first strand. </p>
<p> Then, after a case-by-case damage caused by Xynthia field, another package will be released under the National Guarantee Fund for Agricultural Disasters (FNGCA).&quot;Given an initial estimate and according to recent experiments, this should be in the tens of millions of euros,&quot; said one familiar with the matter. The new aid will complement those of the plan emergency support and to the extent permitted by Brussels (De minimis 15 000 per farm). For their part farmers have asked for clemency for the administration, for example, identification of dead animals or statements in order to benefit from the CAP. </p>
<p> ALSO READ: </p>
<p> &quot;SPECIAL &#8211; Xynthia, the aftermath of the disaster </p>
<p> &quot;A range of measures to help flood victims </p>
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		<title>The euro zone is resigned to rescue Greece</title>
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		<pubDate>Wed, 10 Feb 2010 22:56:26 +0000</pubDate>
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		<description><![CDATA[ La France, Germany and other euro countries are preparing to establish a cordon sanitaire around Greece. To avoid the contagion of the fiscal crisis in southern Europe. The decision Wednesday by mature finance ministers must be confirmed Thursday by a special economic summit convened in Brussels. 
 Past Time denials on a &#34;bailout plan&#34;, [...]]]></description>
			<content:encoded><![CDATA[<p> La France, Germany and other euro countries are preparing to establish a cordon sanitaire around Greece. To avoid the contagion of the fiscal crisis in southern Europe. The decision Wednesday by mature finance ministers must be confirmed Thursday by a special economic summit convened in Brussels. </p>
<p> Past Time denials on a &quot;bailout plan&quot;, the sixteen Ministers of Finance have written Wednesday afternoon, the scenario during a videoconference decided in haste with the ECB president, Jean-Claude Trichet, and the new Commissioner of Economic Affairs Olli Rehn. Thursday it was the turn of the Heads of State and Government. Paris seemed to confirm an impending decision by saying that Nicolas Sarkozy and Angela Merkel will speak together at the end of the summit.&quot;This is a response to market concerns,&quot; said President of the Eurogroup Jean-Claude Juncker. </p>
<p> Risk of contagion </p>
<p> The capitals of the euro area are found immersed in financial emergencies. It is no longer helping private banks threatened with bankruptcy, but sovereign states, victims of speculative attacks that threaten the stability of the euro. </p>
<p> Greece, whose fiscal situation is dramatic, can not find a buyer for the debt markets, less than 6% for a state loan to ten years, a price two times higher than Germany.The scenario of failure refinancing of Greece, with an explosion of interest rates, leading to bankruptcy of the country, hanging over all Euro zone. </p>
<p> The risk of infection, reported by the European Commission itself has closed the debate on whether to isolate and treat the first victim vigorously <a href="http://payday-4all.com">payday advance</a> <!-- . --> . &quot;Greece is affected, and everybody crosses their fingers on a much more cumbersome: Spain&quot;, notes one diplomat. Treatment thought Wednesday could well be applied to others. &quot;We envision all possible scenarios,&quot; said one senior European official.The draft promises to be bitter for the country ill: an infusion of bridging loans and short-term government guarantees, with counterpart, a say close to Europe and / or creditors in the reorganization undertaken by the governments. </p>
<p> These are the states at the forefront Paris and Berlin, who took the initiative. The French and German banks hold nearly 40% of the Greek foreign debt, which is active in mueraient balls if the crisis drags on trust. </p>
<p> Even with a label &quot;European&quot;, the injection of state funds &#8211; for example French and German &#8211; to help a national treasure would be a first in the euro area. The creditors will not invest lightly in countries that already spend for pierced baskets. &quot;Yes, help arrives.No, there is no question of releasing the pressure on Athens, Wednesday secured a European negotiator. </p>
<p> In practice, they are also the states should ensure, with an assiduity worthy of the IMF, that Greece meets the rigor period prescribed by Prime Minister Papandreou. </p>
<p> ALSO READ </p>
<p> &quot;The euro area is about to rescue Greece </p>
<p> &quot;SPECIAL &#8211; Greece, a challenge for Europe </p>
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		<title>Renault Samsung is a place at Hyundai</title>
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		<pubDate>Tue, 09 Feb 2010 09:56:27 +0000</pubDate>
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		<description><![CDATA[ &#34;How to achieve its goal three months of sales? By becoming a vendor at Renault Samsung, &#34;The joke circulating these days at the dealership in Seoul, during the lunch break. Their enthusiasm was due to booming sales of Korean-French manufacturer since early 2010. 
 A surge of 74.6% on the South Korean market in [...]]]></description>
			<content:encoded><![CDATA[<p> &quot;How to achieve its goal three months of sales? By becoming a vendor at Renault Samsung, &quot;The joke circulating these days at the dealership in Seoul, during the lunch break. Their enthusiasm was due to booming sales of Korean-French manufacturer since early 2010. </p>
<p> A surge of 74.6% on the South Korean market in January (compared to last year), while exports registered a strong increase of 43.6%. This spectacular start due to the immediate success by winning the new SM5, the car manufacturer&#39;s flagship, launched last month. The third version of the sedan, developed from the chassis of the Laguna 3 sells like hotcakes and allows Renault Samsung to face the future with serenity. </p>
<p> &quot;This is a key operation, the SM5 must ensure the future of the brand for five years,&quot; said CEO Jean-Marie Hurtig.</p>
<p> Image quality </p>
<p> Things seem to parties because these excellent figures confirm the good results registered by the manufacturer in 2009, world in crisis. Defying the pessimistic prognoses of its own troops, the Korean branch of Renault reported a 31% increase in sales last year, thanks to a South Korean market remained buoyant despite the international situation. Based on image quality, still up in surveys of consumers, the manufacturer has strengthened its position as the second group of Korea, at GM Daewoo. In the land of morning calm, Renault Samsung is the manufacturer that goes against the behemoth Hyundai-Kia, which controls nearly 80% market share.The success of the SM3 but also export the Koleos, an SUV of the year in China, enable the brand to address the global recovery with optimism. </p>
<p> Performance that also strengthen the position of the manufacturer within the Renault group. In 2009, South Korea became the third largest market for Renault (except Nissan) behind France and Germany. A spectacular leap from 9th place, a year earlier, made possible by the lowered sales in major markets like Turkey, Italy or Brazil.A breakthrough that allows the manufacturer to get rid of its image of Tom Thumb the group, which sticks to the skin from its takeover in 2000, on the verge of bankruptcy. </p>
<p> Logistically, Renault Samsung has also taken advantage of the crisis to increase its role in the alliance: taking advantage of the fall of the Korean won against the yen, the Pusan plant provides more and more parts to workshops Nissan, on the island of Kyushu. &quot;Korea becomes competitive with China,&quot; said Jean-Marie Hurtig, who can also rely on the quality of South Korean engineers and a social climate less tense than in Hyundai and Ssangyong. </p>
<p> Only downside, the rise steeply from the Korean currency against the dollar and the euro, which threatens the competitive edge of exports. </p>
<p> ALSO READ </p>
<p> &quot;Hyundai, the giant with nimble feet </p>
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		<title>The G7 will maintain recovery plans</title>
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		<pubDate>Mon, 08 Feb 2010 07:24:30 +0000</pubDate>
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		<description><![CDATA[ Economic Meeting Friday and Saturday in the Canadian North, while financial markets were concerned, particularly in Europe, the drift of their deficits, major fundraisers of the G7 (U.S., Canada, Japan, Germany, France, Italy and United Kingdom) maintain the cap. They pledge to continue their respective recovery plans. For its part, Europe will address itself [...]]]></description>
			<content:encoded><![CDATA[<p> Economic Meeting Friday and Saturday in the Canadian North, while financial markets were concerned, particularly in Europe, the drift of their deficits, major fundraisers of the G7 (U.S., Canada, Japan, Germany, France, Italy and United Kingdom) maintain the cap. They pledge to continue their respective recovery plans. For its part, Europe will address itself the Greek case without recourse to the International Monetary Fund (IMF). Furthermore, a tentative agreement in sight to introduce taxation of international banks. </p>
<p> These are the three conclusions of the meeting of the G7 major fundraisers &#8211; Finance Ministers and Central Bank Governors &#8211; Iqaluit. A place almost inaccessible, forcing many ministers to use private jets.The Government of Canada wanted to reaffirm its sovereignty over the Arctic region. </p>
<p> An international taxation </p>
<p> As the host, Jim Flaherty, Canadian Finance Minister, was particularly prescriptive. The problem of Greece should be &quot;managed by the European Union, not by the G7,&quot; he insisted to reporters while their European colleagues were reluctant to speak. As chairman of the Eurogroup Jean-Claude Juncker has formally denied the idea that Greece might need money from the International Monetary Fund. As for Jean-Claude Trichet, ECB president, he again expressed his confidence in Greece &quot;to take all actions necessary&quot; in order to reduce its deficit to 3% in 2012 <a href="http://payday-loans-application.com"></a><!-- .-&gt;. </p>
<p> Further confirmation, &quot;we are all committed to supporting our economy until a solid recovery is established and we are planning exit strategies,&quot; said Canadian Minister of Finance instructed to report to the meeting. &quot;We will continue our policy of recovery before tackling the deficit reduction,&quot; he said. Even more explicitly, the U.S. Treasury Secretary Tim Geithner echoed the doctrine has repeatedly defended by Dominique Strauss-Kahn, IMF head, to Iqaluit this: &quot;We must ensure we do not rely affect the global economic recovery. &quot; </p>
<p> The discussions appear to have been more tense in regard to banks, whether the introduction of international taxation to create a mutual insurance system, or new capital ratios.The U.S. Treasury Secretary was the most talkative: &quot;We are all deeply committed to move forward and reach agreement on a comprehensive reform of the financial system, according to the timetable in September (ie tell the end of 2010). </p>
<p> The consensus was in total contrast vis-à-vis Haiti: &quot;The G7 will cancel all bilateral debt of Haiti,&quot; said the minister. Consider a sum of 58 million euros for France, which pledged to erase the end of January &quot;unconditionally&quot; everything owed Port-au-Prince. </p>
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		<title>2010: The return of mergers and acquisitions &quot;</title>
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		<pubDate>Fri, 05 Feb 2010 13:12:47 +0000</pubDate>
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		<description><![CDATA[ lefigaro.fr / jdf.com: The beginning of 2010 seems to mark a resurgence of activity. Is it time to review mergers and acquisitions? 
 Herve Mangin: The market mergers and acquisitions work for periods of three to four years from 1997 to 2000, then 2003 to 2007. Since 2009, we are in the trough of [...]]]></description>
			<content:encoded><![CDATA[<p> lefigaro.fr / jdf.com: The beginning of 2010 seems to mark a resurgence of activity. Is it time to review mergers and acquisitions? </p>
<p> Herve Mangin: The market mergers and acquisitions work for periods of three to four years from 1997 to 2000, then 2003 to 2007. Since 2009, we are in the trough of the wave. Current levels are the lowest ever achieved for five years. Between 2007 and 2009, the number of deals announced declined by 53% and 32% between 2008 and 2009. The market mergers and acquisitions have obviously suffered from the economic crisis but also the draining of financial markets, preventing firms from refinancing.Since late last year, we see a resumption of operations, with an increase of nearly 50% in the fourth quarter versus the third quarter. </p>
<p> How can we explain this turnaround? </p>
<p> The economic visibility improves, credit conditions are more flexible, companies have taken preemptive measures to deal with the crisis and some have a large cash cushion. There are two ways to use this cash, either redistribute it to shareholders through dividends or share repurchases, or generate growth through investments or mergers and acquisitions. However, growth remains soft, the high level of taxes, consumer debt and high unemployment. It is better to buy existing capacity rather than creating new plants that use rates are poor.</p>
<p> The takeover of Cadbury by Kraft has yet taken place earlier this year. </p>
<p> The operation took place earlier this year because it was strategically very important for Kraft. This is also not expected to return to a debt level more comfortable to launch its offer. He attacked as soon as market conditions are loaned. Another symbolic aspect of this acquisition: it illustrates the need to increase the cash portion of the offering to complete the transaction. In other words, the larger the share in cash, the higher the transaction was likely to occur. Then again Kraft could do so only because the visibility has improved. </p>
<p> What is special about your fund Axa Opportunities? </p>
<p> The management of our fund is unusual to begin by targeting predators, their strategic and financial interest to generate external growth.Once we&#39;ve found a predator, we want to know what would be the best &quot;prey&quot;. And only from there, we are studying the viability of the project on a financial plan. So we try to place us before purchase. Operations in 2010 will be more strategic than financial. We focus on companies that have cash and are facing challenges in terms of growth, diversification, and whose price is underestimated. Our fund is invested in particular sectors of health, chemicals, oil and telecoms. According to a study co-published by Boston Consulting Group and UBS in January 2010, 20% of CEOs will make an acquisition of at least 500 million euros in turnover this year. Groups that have the greatest appetite are in insurance, chemicals and pharmaceuticals.</p>
<p> The portfolio is invested two thirds in mergers and acquisitions and third in special situations (change of management, disposals important modifying the profile of a group &#8230;, Ed), while in 2009 the allocation was balanced. Our pocket liquidity is still below 10% and amounts to about 2% today. This pocket is more tactical than strategic: we do not intend to play on the cash to take advantage of market reversals. And especially since our fund is PEAable (the fund must invest at least 75% in European equities). </p>
<p> Do you ever happen to take positions outside Europe? </p>
<p> Absolutely. Having decided to adopt an approach focused on the predator to detect targets the most interesting, sometimes I take positions in securities outside Europe when the target detected there.But this represents no more than 8-10% of the portfolio. For example, I have a line on Mead Johnson, an American company specializing in the infant food because it is an attractive prey for Danone and Nestle, in particular because of its positions in emerging markets. </p>
<p> What are your beliefs about the four areas you are most invested (health, telecommunications, chemicals, petroleum)? </p>
<p> In telecoms we further expect further consolidation of domestic markets as large cross-border transactions. A reconciliation between Telenet and Mobistar France Telecom would thus solve the strategic problems of France Telecom in Belgium. Health, which is a major provider of mergers and acquisitions, should suffer the same fate as laboratories continue to suffer from the rise of generics.Sanofi, which has made more than 8 billion of acquisitions last year, would buy biotech and further diversification. For this, Stada, Shire or Stallergenes are good prey. As for the chemicals and oil, they should see competition from emerging countries, notably China and India grow. SWFs should also be present, but more on that equity takeovers. </p>
<p> What about bank stocks? The sector is expected to undergo further restructuring, and Societe Generale would be again at the heart of debates. </p>
<p> For bank stocks, is a question of timing. From 1997 to 2000, banks were in second position on the market for mergers and acquisitions behind telecoms. Similarly between 2003 and 2007 but this time behind the property.I do not see them go top of the list before 2011, because of uncertainty about Basel 3. They should instead carry out asset sales as a first step. Regarding Societe Generale, which could at some point the desire to attract a European rival. In this case, a French white knight would come to her rescue (including BNP Paribas). </p>
<p> Why do not you invested in the car? </p>
<p> I am not invested in this sector because the European players are more predators than prey. Peugeot and Volkswagen are currently taking stakes in Asia for example.And anyway, it is better to invest on groups whose fundamentals are attractive, which is often not the case of the automobile. </p>
<p> On what themes you bet? </p>
<p> The race to growth lies in emerging countries will also be one of the most important theme in 2010-2011. We see particular for Kraft, who has not bought Cadbury confectionery in the UK, but to gain strategic positions in emerging markets. Sanofi has just acquired a vaccine manufacturer in India, and continues to build in China by 2020 40.000 new hospitals should be built, and 90% of the population should receive special protection. Others include Vivendi, which acquired the Brazilian GVT or Heineken has acquired the activities of the Mexican brewer Femsa to 7.6 billion dollars.An offer of GDF International Power also has a sense of perspective in particular geographical synergy in the Middle East. </p>
<p> What are your plans for 2010? </p>
<p> Now that the means of external growth are met, the operations will be resumed. 2010 marks the return of mergers and acquisitions, ie the beginning of the wave. This does not mean that we will experience a bubble market and we&#39;ll find the record levels of 2007. But clearly there is potential to find a standardized level. We nevertheless believe that large transactions will only be until the second half of 2010.We should save up 15% to 20% in 2010, the market for mergers and acquisitions. </p>
<p> ALSO READ: &quot;The convertible will protect you in case of fusion&quot; &quot;JP Morgan dominated the mergers and acquisitions in France&quot; Mergers and Acquisitions: 2010 new wave &quot;The financial crisis has given a stop to mergers and takeovers </p>
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