Sundial of world news

In a market still panicked on issues of U.S. and European debt, he had to look this morning to find values ​​still moving into positive territory. Yet the case of Bic, which is Wednesday morning at the top of the charts in the SBF 120 and values ​​eligible for the SRD, with an increase of 5.27% to 64.74 euros an hour after opening. The reason: the publication of interim results above expectations, at least much of its activity. Good news that restores a little balm in the heart of the operators, cooled from a fortnight in business publications rather disappointing. Demonstrated again this morning the profit warning from Société Générale, in turn affected by the effects of the crisis of the Greek debt.

This is clearly not the case for Bic.The specialist in stationery, lighters and shavers has indeed unveiled Wednesday half-yearly sales up 5.5% (comparable) to 886.1 million euros and an operating profit of 174.9 million euros. An annual increase of 22.4% more than that of revenue, thanks in part to the increase in gross margin and cost savings involved in the restructuring program in 2009.

Offset deliveries of orders for back-classesCes good results are obtained Bic thanks to sales growth markets (+15.3% on a comparable basis) and by the strong performance of its consumer division (stationery, lighters, razors ).The latter, which represents over 85% of its turnover, has in fact increased by 8.8% over the period to 758.8 million euros, supported among others by the good performance in stationery and lighters in Latin America and Asia lighters.

However, in Europe and the United States, stationery grew much lower (about 1.5%), affected by the timing of delivery of orders to return to school. "Distributors delay until the last moment of receipt of goods back to school," explains the release. With the effect a shift in sales from the second to the third quarter. Despite this, the group remains confident for the year-end on this division that made its reputation. For 2011, management believes that growth in this sector will exceed the 5% previously announced for the year.

Advertising products to the penalty

Investors have therefore retained the good news rather than the poor performance of the other activities of Bic, namely advertising and promotional products (Bic APP), which represents 15% of its sales. In the first six months of the year, income from this activity decreased by 10.2% on a comparable basis, affected by "customer service issues, including delivery." In addition, BIC recorded in this division of non-recurring items mainly related to the reorganization of its Italian operations, affecting up to 1.9 million euros operating profit. In the end, Bic APP recorded a loss from operations of 3.5 million euros, against a gain of 1.6 million a year earlier.Bic said however, "confident about the success of the integration plan and return to growth of this branch in 2012."

In the longer term, Bic is also focusing on growing markets for its development. Within a decade, he wants to increase the share of its business that is conducted at over 40% against 29% in 2010. And to address inflationary environment of commodity prices, Bic plans in the coming weeks price adjustments "targeted" on some of its products. A "power-pricing" that would also be useful to offset increased marketing investments to support the brand.

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At the close, the Nikkei 225 index of blue chips lost 143.61 points to 9925.92 points, passing below the 10,000 points that he had passed last week for the first time in two months. The broader Topix index of all titles of the first table dropped 12.97 points (1.49%) to 857.19 points. The activity was quite low, with 1.83 billion shares traded on the market first.

"We must be on alert about debt problems in Europe, even more than before," said Yutaka Yoshii, fund manager at Mito Securities, quoted by Dow Jones Newswires.

European stock markets fell Monday, weighed down by the mistrust of the market vis-à-vis Italian and Spanish bonds have reached record levels, respectively more than 5% and 6%.After eight and a half hour crisis meeting in Brussels, the finance ministers of the euro area published in the late afternoon a statement intended to reassure markets about the soundness of financial support measures to the most indebted countries.

But the euro has remained on the defensive Tuesday in Asia, quoting 1.3961 dollars Tuesday shortly before 8 o'clock, against 1.4029 dollars on Monday in 23 hours. He also declined vis-à-vis the yen at 111.90 yen against 112.61 yen.

This weakness of the single European currency is bad news for Japanese groups engaged in Europe, because it reduces the value of their income from the Old World when converted into yen. The shares of Japanese exporters groups have therefore lost ground.

With one of the highest birth rate in the European Union, the French threw every year a million diapers that end up buried or incinerated. Further pollution to which a pilot project, called "Happy Nappy" ("happy coat" in English), seeks to end. Conducted by SITA, a subsidiary of Suez Environnement, the program has evaluated the recyclability of liners for babies and adults. Conclusion: they can be recycled to 90%.

This program of 340,000 euros, 40% funded by the Agency for Environment and Energy Management (ADEME), spread over more than two years. After grinding the layers and their separate components, the program evaluated the energy recovery potential of each subject.Based on the work of the team, which make up plastics from 10 to 20% of the layers are recyclable, as are the fibers (10-20%) and feces and urine (50-70%). Only superabsorbent polymers (5-10%) remain unresolved recycling. Upon arrival, a "triple value" with energy production, compost and recycled materials. Research is being conducted in other countries but "the idea of ​​the triple value is unique," says Laurent Galtier, project manager.

Final stage of the program: a solution to the residual organic matter from anaerobic digestion: they could be valued in agriculture. "It remains to perform tests on the agricultural sector in line with the Ecole Nationale Superieure Agronomique de Toulouse (ENSAT)," says Laurent Galtier.

"In a nursery, the act of sorting is done"

How to collect, then the used diapers? "Initially, we are interested in nurseries and nursing homes," said Laurent Galtier who visited both types of institutions and who claims to have met an "immediate acceptance" of his project. "In the nursery, the act of sorting is done," says he: the babies are, in fact, changed in the same place and layer thrown into the same bin.

The recycling plant layers could settle near a water treatment plant, to use the treated water discharged by the station and to enjoy the digester already present. "These are two very important points of synergy that could cause the project's success," said Laurent Galtier.

Concerned, diaper manufacturers have contacted the team.According to Laurent Galtier, a possible collaboration could include the development of plastic components and superabsorbent polymers. They "could be a future pilot project," says Laurent Galtier elsewhere.

The economic viability of the project "Happy Nappy" will be evaluated by the end of the year. Its director, however, provides that there is "no industrial process before 2013 at best."

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If we consider the G8 countries (Germany, Canada, United States, France, Italy, Japan, UK and Russia), high-growth countries (Brazil, India and China) and those on the very edge Canvas (Sweden, South Korea), this share rises to 3 low rates payday advance.4%. In these thirteen countries, says McKinsey, the Internet industry creates 2.6 jobs for every job destroyed. From 2004 to 2009, digital has contributed to 11% of the growth of these countries.

This Saturday, the employees of the 500 Carrefour Market in France are expected to strike. Rue Maubeuge in Paris this morning, they were a fortnight before their store to answer the call of the CGT and soft petitions and leaflets to customers. They want to be housed in the same boat as their colleagues in Carrefour hypermarkets, according to the association, which, it is a little over a month, have mobilized massively, and with success.

On April 9, in fact, the movement – "historic" by the unions, had allowed the reopening of negotiations with management. The employees were then granted a special bonus of 220 euros gross July 31, the transition from 7 to 10% of discount on purchases (including gasoline) granted to staff and a commitment to renegotiate, the end November and a revaluation of the holiday allowance to go to a 14th month.The draft agreement, which will be endorsed on May 18, also provides for annual wage increases of 2% in March, is correlated with inflation, instead of the expected increase of 1% and 1% in March in October.

Beyond wages, working conditions are up for discussion. The union FGTA-FO deplores the removal of 10,000 jobs over the past five years, and denounced a "new business model based on night work generalized ultra simplified workflow and increased stress for employees.

Fighting the new economic model of the group

The Carrefour group is in the midst of strategic transformation, including its plans for divisions and development of its new hypermarket Planet.Mutations that cause a stir both at the executive level – the CEO France left the group last May 5, two months after the departure of Director – Europe and employees.

At the next general meeting to be held on June 21 next, they oppose the proposed division by the stock exchange's subsidiary Dia hard discount and the 25% of the land Carrefour Property. But their voice is low, employees own about 1% of capital and 1.76% of voting rights. The unions called the Mutual Fund Business (CIPF), which holds 1.33% shares and double voting rights, to say no, and so to endorse the position of the fund Knight Vinke (over 1 % of capital). In total, they would be 4% against the heavyweights Bernard Arnault and Colony Capital, which have 14% stake and 20% of voting rights.According to unions, these operations "purely financial and non-trade" would bring six billion euros to the two main shareholders, Bernard Arnault and Colony Capital.

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The return of the long weekend of Easter is prudence in the Paris Bourse. Closed since Friday, the latter has only indication for a mixed close on Wall Street Monday and wait very pronounced in Asia on Tuesday morning. The Cac 40, which had just managed to stay above the figure of 4,000 points on Thursday, started on a slight decline from 0.19% to 4014.29 points. But the trend was reversed in late morning. A trend that has strengthened over the meeting, the Cac 40 ended the session on a gain of 0.55% to 4045.29 points.

Even movement on other European markets: the London Stock Exchange up 0.83% to 6068.06 points and the German Dax-30 rose 0.85% to 7357.40 points.

Publications Burst

As expected, the meeting was very volatile, while many major publications are expected in the United States.The Case-Shiller housing index fell further in February (-1.1%) compared to January, its eighth consecutive month of decline, and also shows a decline of 3.3% compared to February 2010 . Analysts polled by Reuters on average expected a decline of 1.0% a month on another after -1.1% in January (revised from -1.0%), and 3.3% of year to year. Conversely, the consumer sentiment starts again from the front, but off its sharp drop the previous month.

On Wednesday, markets will pay close attention to durable goods orders and especially the Fed decision on rates. Thursday will be marked by the first estimate of U.S. GDP in the first quarter, while Friday is expected the Chicago PMI.

Side business publications, many American trucks reveal their quarterly earnings, including 3M, Amazon, Ford, Microsoft, or Caterpillar.The French will not be left with, among others, Renault, Seb, Klepierre, Bull, Safran, Saint Gobain and Total.

Side currency, the euro lost ground against the dollar on Tuesday. By late morning in Paris, the euro bought 1.4609 dollars against 1.4572 dollars late Monday.For their part, oil prices retreated in Asian electronic trading, a barrel of light sweet crude for June delivery lost 91 cents to 111.37 dollars and that of Brent North Sea falling by 66 cents to 123 dollars.

Air Liquide is better than expected

Michelin: + 5.10% to 66.95 euros (largest increase in the ACC)

The group said Thursday it would raise its target volume growth throughout the year if sales continue at levels experienced in the first quarter, which was marked by a turnover in excess of expectations.

Renault: + 2.72% to 39.44 euros

Nissan, the partner of the manufacturer, said Tuesday that its production in Japan would fall by nearly 60% in April 2011 over April 2010.Moreover, the South Korean affiliate of French (Renault Samsung) and Hyundai Motor will recall over 100,000 vehicles because of manufacturing defects, said Monday the Department of Transportation in Seoul.

Despite these announcements, the manufacturer is among the highest increases in the CAC 40.Peugeot is also well oriented with a gain of 3.96% to 30.34 euros.

Areva unchanged at 31.05 euros, GDF Suez: + 0.63% to 27.32 euros

Both groups must announce within weeks a partnership in offshore wind to meet a tender of 10 billion euros to be launched in France in May, reported Tuesday the daily Les Echos.

Saffron: + 1.83% to 24.49 euros

Six years after the founding merger between Snecma and Sagem, Safran Thursday changed its governance to return to a traditional organization, the Chief Executive Jean-Paul Herteman becoming CEO

Air Liquide: + 0.50% to 98.39 euros

The group announced Tuesday a turnover of more than-expected first quarter and confirmed its forecast an increase in net profit this year.World number one industrial gas produced a quarterly revenue of 3.543 billion euros, up 8.8% excluding currency and natural gas.The only gas and services division posted growth of 11.4% on a comparable basis to 3.185 billion.

Technip: + 0.52% to 76.80 euros

The group won, through its subsidiary, KTI, a contract for ten superheated steam generators for the first phase of an oil sands project in Canada.

Scor: + 1.98% to 19.80 euros

The French reinsurer acquired Transamerica Re, the U.S. division of the business mortality Dutch insurer Aegon, for 630 million euros, becoming the second life reinsurer in the U.S., according to a statement.

Eurazeo: -0.26% to 56.65 euros, OFI Private Equity Capital: 12.91% + 10.41 EUR

The investment company said Tuesday the acquisition for 132 million euros of OFI Private Equity Capital, an investment company that specializes in French SMEs currently controlled by the mutual insurance group Macif.

Biomerieux: + 0.37% to 73.56 euros

The group published a turnover up 3.5% in the first quarter.

Valeo: 1.61% to 42.36 euros

The group said Thursday sales rose sharply in the first quarter and said he was confident he will continue to grow faster than the market in 2011, but did not detail his ambitions for the full year.

ADP: + 0.46% to 63.64 euros

The group said they had been exploring the possible sale of the control group Alyzia specialized in ground handling operations for airlines and airport security.

First A380 to Montreal

Air France-KLM: + 1.17% to 11.63 euros

The first Airbus A380 carrying the scheduled Air France between Paris and Montreal landed Friday at the PE airportMontreal Trudeau.

Europacorp: – 8.17% to 4.37 euros

The group has once again launched Thursday a warning on its results 2010-2011, warning that the expected loss for the year would be greater than those anticipated by the market, partly because of new provisions.

L'Oreal: -0.02% to 85.66 euros

The general meeting of shareholders on Friday renewed almost unanimously the appointment as director of the heiress Liliane Bettencourt group, 88 years, for a period of four years.

Turnover up 27%, a net profit rises 17%: Google on Thursday posted quarterly results spectacular … but not enough for Wall Street. Google saw its share fall immediately punished for earnings below expectations and rising costs.

But more than the share price is the rise of new competitors like Facebook and Apple worried. She forced Google to invest heavily to ensure its development in the social web and mobile. The group has hired 1,900 people during the quarter and announced that 2011 will be a record year in number of hires. Google has also invested in marketing to promote its new services, such as the Chrome browser, used by 120 million users worldwide.

Larry Page, co-founder of Google CEO returned in early April, was added to the message symbol.For his first appearance before analysts since his appointment, he made an appearance a few minutes introducing the conference, time to utter 398 words according to calculations by the American press. Brevity that shocked analysts but which reveals the priorities of Larry Page. "There are significant improvements to our core products and in the heart of our business, and we enthusiastically. (…) I am very optimistic about our future. "

Success of Android

These improvements will focus on the search engine, which remains a priority for Google. "We have 90 quality improvements on the engine in the first quarter," said Jeff Huber, director of commerce and local activities of Google.They focus on quality results, but also the integration of a community in its search engine with the recommendation button "1".

Emphasis is also placed on the mobile. Google has made the first Android mobile operating system, whose traffic has jumped 500% in two years. But unlike Apple, which sells its smartphones, Google does not sell phones or its Android software. Strategy: by widely Android (located on 350,000 new terminals each day), Google hopes to develop mobile Internet where it can sell advertising. This already brings in nearly $ 30 billion in fixed Internet.Already, his authority AdMob mobile advertising messages to 150 million handsets Android or iPhone per month.

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The growth of the Chinese economy has been stronger than expected between January and March with a gross domestic product (GDP) up 9.7% over the same period last year.

Prices rose 5.4% in the first quarter in China, according to figures released this morning by the National Bureau of Statistics. It is still well above the government target to contain inflation below 4% throughout the year. The central government has stated repeatedly that the price increase is its first priority, recognizing that it could fuel social discontent. Investments in fixed assets have also increased by 25%.

The tightening of Chinese monetary policy does not yet appear to bear fruit.Yesterday, Beijing announced that its foreign exchange reserves had reached 3000 billion, indicating an influx of capital into China, which highlights the inflationary pressure on the country.

The day before, Fan Jianping, an economist with the State Information Center, a think tank close to the Chinese central government, said two new rotations rely on interest rates for the second quarter. Many analysts expected, moreover, is the required reserve ratios of banks after the publication of figures this morning.

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The unions had already waved the threats late last March. They put their threats into effect, calling all employees hypermarket distribution group to strike on Saturday to protest against including salary increases for 2011, considered insufficient. The appeal, launched by the FGTA-FP, the majority union at Carrefour (with 40% representation), is supported by the CGT, CFDT and CGC.

In total, the 65,000 employees of the French distribution group are known not to work and show around the shops this Saturday, the day the traditional busy in hypermarkets. Early estimates labor, the movement is widely followed in more than 200 superstores supermarket group. Over thirty sites are completely blocked, workers blocking access to supermarkets.Even when they are not blocked, the strike rate range from 30% to 85% as estimated by Dejan Terglav, general secretary of the FO-FGTA reported in the AFP. When contacted, the management of Carrefour has not confirmed those numbers, always carrying an inventory of mobilization.

From yesterday, union officials expected a high rate of mobilization of employees in a group unaccustomed to large-scale social movements. An impression confirmed this morning. "It's a movement that looks quite memorable. It is widely followed, "said Franck Gaulin, Steward central CGT.Jean-Claude Mailly, secretary general of Force Ouvriere (FOR), is expected today at Le Mans to support the movement.

Insufficient wage increase

While management offers its employees a 1% increase in wages to March 1 and another 1% increase on 1 October, union officials estimate that these increases do not cover inflation announced by 2%. "It does in fact represents only 1% over the year," says a leaflet distributed by the FGTA-FO.Even the promise of recovery to 10% (against 7% previously) discounts on purchases of stores, and the announcement of the reopening of negotiations next Wednesday, will not suffice to bring back the union leaders on their decision.

Moreover, the malaise is becoming stronger on the side of employees on the deteriorating conditions of employment and new working methods since the arrival at the head of the group of Swedish Lars Olofsson, in January 2009.

Opposition to the plans of division

While President Nicolas Sarkozy on Thursday expressed its willingness to link salaries to dividends, the unions could ask for more support for their speeches.For beyond wage increases claimed, employees believe that the demerger proposal by listing the subsidiary Dia hard discount and the 25% of Carrefour Property land would bring six billion euros to the two main shareholders, Bernard Arnault and Colony Capital (14% stake and 20% of voting rights between them).

In the words of Dejan Terglav, secretary general of the FGTA-FO, reported in Les Echos this Friday, the organization also wants the Mutual Fund Business (CIPF) 'vote against the division (during the next meeting June 21 di ed.) CIPF owns approximately 1.33% of the shares but the double voting rights "said the union leader. Bringing to nearly 4% the number of shareholders opposed the project, with the fund Knight Vinke (more than 1% of capital).But for now insufficient to meet a third of votes needed to derail the project.

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This is a new thorn in the fund Colony Capital and Groupe Arnault, all holders of 14% stake and 20% of the voting rights of Carrefour. According to statements by Herve Defforey, a son of the co-founder of Carrefour, the Tribune this morning, he either would not vote for the demerger proposal proposed by the two shareholders at the next general meeting of June 21 "I'm just a shareholder in Carrefour. But I will vote no, "said Hervé Defforey daily. The fund Knight Vinke (1% of capital) had launched the hostilities in the first announcing its opposition to the project and has been trying to rally up to shareholders to his cause.

While the split in July 2010 with the activities of Accor IPO Edenred, his former branch in tickets and restaurant gift had convinced investors that Carrefour raises many more debates.The proposed restructuring of the retail giant is to introduce financial markets on the one hand, 25% of Carrefour Property, which houses its land assets, and secondly the entire share capital of its Dia (hard discount) .

To support the relevance of their project, the Carrefour group on Friday put a strong argument, namely the potential interest of private equity funds for Dia. According to the confidences of sources familiar with the matter told AFP, these funds could provide at least 3 billion euros for the hard discount subsidiary. Pending confirmation of a possible takeover, the soap Crossroads should not stop there, and new twists are not to be excluded before the next general meeting of the supermarket group.

Both parties actively campaigning

"To be approved at the General Assembly special projects division of Carrefour must obtain two-thirds vote of members present or represented," the newspaper said. Forcing the two shareholders to put their side of the maximum possible shareholders, focusing on the strategic value of their projects, many still doubt. On the other hand, the low participation of Knight Vinke fund forced him to campaign actively to achieve the 32% needed to block the project.

Depending on the participation of shareholders (present or represented) at the next general meeting, the votes that he should be convinced therefore vary between 15 and 25%, the Tribune analysis.But whatever the outcome, the high mass of the shareholders of Carrefour already figure among the hot issues to watch, when the big dance starts annual general meetings.

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