Unicredit closed Tuesday, piteously, the ball of the annual results of European banks. As expected, the first Italian establishment has suffered a massive loss of over € 9 billion. After years of too-rapid expansion, the bank decided to move his record to steel wool, to "have no surprises in the future," according to Director General, Federico Ghizzoni. This momentary dip of Unicredit in the shallows of the European ranking – the institution displays the worst performance of the sector just after Dexia – illustrates the new hierarchy of banks.

2011 will remain above all marked by the sharp inflection, from the summer, the crisis in the euro area. Institutions of the countries attacked – Italy, Spain, Portugal, Ireland and Greece of course – all bear the scars. They charged a double shock: degradation of their national sovereign debt and recession in their economies against the backdrop of austerity. In this grim context, the first two Spanish banks, Santander and BBVA, have their own in the game With their exposure to emerging markets, they show profits down "only" 35% to 5.4 billion and 3 billion euros, despite a national real estate market devastated.

The challenge of regulation

Second great lesson of the banking hierarchy 2011: the resistance of so-called universal institutions, which rely on local networks, possibly spread over several countries, and financing activities and investment. The success of British giant HSBC and Standard Chartered, whose results have respectively increased by 28% and 12% in one year, illustrates this situation. The resilience of the French BNP Paribas, proud of its profit more than 6 billion euros and its three major European networks, is another variation. Conversely, the Swiss UBS and Credit Suisse, highly dependent on performance of their teams of traders and bankers, driving out of this year huge market turmoil. Their profits were down 44% and 62%.

The challenge of regulation

Deutsche Bank is a notable exception: despite its similar profile, the champion Frankfurt has completed a very successful year. Up 86% year on year, the result exceeds 4 billion euros. Market valuations of the front runners as broadly these capabilities beneficiaries. HSBC leads the pack with a value of 122 billion euros, while Santander, BNP Paribas and Deutsche Bank weigh respectively 58, 45 and 36 billion in stock.

If Dexia puts the finishing touch of color to the landscape reshaped by the financial crisis. The little French-Belgian bank, run contrary to common sense for years, has lost 11.6 billion euros in 2011. A disaster that financial regulators do not want to hear. To guard against this, they launched a vast banks race to the recapitalization, which will mobilize the entire sector in 2012.

]]> http://lamarshbaptistchurch.com/the-new-european-banking-landscape/feed/ 0 http://lamarshbaptistchurch.com/the-songs-are-a-hit-in-electronic-format/ http://lamarshbaptistchurch.com/the-songs-are-a-hit-in-electronic-format/#comments Fri, 16 Mar 2012 12:36:06 +0000 admin http://lamarshbaptistchurch.com/the-songs-are-a-hit-in-electronic-format/  

The romance between romance novels and digital media should not go unnoticed at the book fair opens its doors today. Special emphasis will indeed be given to the digital revolution, a growing market on which the various places novels in rose water have already made a place in the sun. The editors observe indeed a craze for romance in digital format. The books displayed feelings of record sales in electronic format. On the platform Numilog, the main French eDiffuseur digital books, two books of romance publisher Harlequin France top the list of the four best sellers.

Stéphane Aznar, the Chief Harlequin France asserts that "digital is a significant part of our business and our sales figures for e-books are well above the national average." The subsidiary equally owned by Hachette Livre and the Canadian publisher Harlequin expects to achieve 15% of its business in the digital within two years, where sales of e-books now represents 2-3% of national market value, according to Livres Hebdo. And a number of romance novels who observes an exponential growth in sales in digital format looks forward to continuing its development. The group that is "very early stage in an ambitious way on digital," said Stéphane Aznar, now offers downloadable titles in 1000 and is expected to multiply by three by the end of the year.

Attractive prices

Besides an abundant supply, the editor explains the success of its sales of e-books by lower prices of around 30% of his books to those papers. Now readers of romance novels are very large consumers: "Our readers read 15 to 30 novels a year," said Stephane Aznar. The price factor has a significant impact.

Even finding the United States and England where the market for e-book is much more developed than in France. Susan Edwards, Director of Operations at the U.S. publisher Ellora's Cave (house specializing in erotic novels) and evokes the "voracious appetite" for its readers to the digital format, although more discreet than the paper version. "E-books take up much less space, cost less. And no need either to move into a bookstore to get them, "she says.

The Reader mask coverage

The discomfort that many enthusiasts are having to buy songs or read stories of love also disappears in public with electronic media. Indeed, in transit, the book covers too "flaming" are hidden behind the hulls iPhone or digital reading lights. Gillian Green, editorial director of Ebury, told the Guardian that "there is such a snob vis-à-vis the genre that readers do not assume their tastes. With shelves and reading lights, they no longer have to hide. "

Everything leads us to believe that the romances in electronic format have good times ahead! The New Yorker as well as ensures the success of the ebook in the United States reflects this passion for romance novels.

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It is a return that is breathtaking professionals malls. Two years ago, Simon Properties, the U.S. leader "malls", was sold to Unibail-Rodamco seven assets in Poland and France for 715 million euros. Mid-January, the American land, listed since 1993, sold to Immochan the 49% stake in a joint venture operator of shopping centers in Italy. After these operations, it had more activity on the Old Continent. Withdrawal then analyzed as a movement of distrust of Europe, a territory considered unattractive, with the sovereign debt crisis and a shaky consumer.

Surprise return to Europe

Thursday, Simon has taken everyone by announcing in reverse repurchase, to 1.5 billion euros, 28.7% of Klépierre to BNP Paribas, which will retain 22.2% for at least a year. A real strategic move, given the size of Klépierre: present in thirteen European countries with 271 units, the French property cashed 945 million in rent in 2011. "We are the largest European donor of H & M, McDonald's or Sephora," illustrates Laurent Morel, the chief executive of Klépierre.

Simon does not mention the real reasons for his return to Europe. "The euro-dollar exchange with a strong U.S. currency had to play because it made the operation less expensive for Simon," says one industry expert. Laurent Morel another analysis: "If Simon did all these movements is that he certainly believes that investment in our society is much more than its previous operations in Europe." In any case, the king of American shopping centers, became the first shareholder of Klépierre, do not plan to make up the numbers. Now it is his boss, David Simon, who will chair the supervisory board of the French property. The management team of Klépierre, it remains in place. But in a year when BNP Paribas may sell its 22%, the financial analysis firm Aurel BGC believes that Simon will launch a takeover bid.

The French property will therefore have to deal with this actor unknown to the public but is very heavy. Last year, for example, Simon achieved a turnover of 4.3 billion dollars (3.2 billion) against 1.26 billion euros just for Unibail, the first European property of commercial real estate. Same imbalance in market capitalization: Simon weighs $ 41 billion, against 13.5 billion for the French leader. Is that the small American company created in the early 1960s by two brothers, Melvin and Herbert Simon, to operate a commercial center in Indianapolis, has come a long way. By dint of takeovers and mergers, it became an operator who owns nearly 330 shopping centers, located in the vast majority in the U.S.. With a few locations in Asia, including Japan.

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Andy Adam, by creating the page "No refueling on March 1 in Germany!" Was a huge blip on the canvas, quickly picked up by media across the Rhine. With an average price of 1.70 euro per liter of super (against 1.55 in France), gasoline saw its flaming course in Europe since January 1. Claim of individuals joined those associations, as ADAC, powerful organization that unites over 17 million motorists across the Rhine.

Rising prices is certainly caused primarily by rising oil prices and problems in the Middle East, but the spokesman ADAC also shows the finger of responsibility oil majors: the rising price of a liter "is a matter for enterprises, which make huge profits with. The market is monopolized by five major companies, which are not competitive, "she told the daily Rheinische Post.  

A signal to policy

Calling on Facebook, even if it materializes Thursday, March 1, will not change the policies of the major oil companies: "This will have no effect," says a manager of Esso the region of Ulm in Bavaria, interviewed by Südwest Presse newspaper. "It does not annoy anyone. Right now there are even more and more people are filling up for fear that prices will rise again tomorrow. " The fuel will not be purchased on the first will be taken the next day, betting professionals.

This action and its resonance is still a strong signal to motorists to the German government, in a time when state coffers are full. The German tax authorities because it may alter several devices to reduce the cost of transportation. In addition to VAT and taxes that affect the fuel, the Ministry of Finance has the ability to play on the tax relief enjoyed by motorists. The ADAC claimed that assistance to motorists who use their cars to get to work from 30 to 40 cents per kilometer. The ministry declined for now to make a move. These are the neighboring countries who benefit: the Polish and Czech gas stations are under attack on the eve of the weekend.

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The government fiercely defends his proposed "employment tax"-a reduction in labor costs funded by an increase in VAT and the CSG on capital income. Supporting figures, experts Bercy want to show the economic virtues of the device, introduced Wednesday in the Cabinet, on behalf of "competitiveness" of France. Competitiveness that the report of the Court of Auditors, presented Wednesday, deemed necessary to strengthen.

As announced by the Head of State, effective October 1, work will never be the main source of funding for family policy. Reform is to reduce employer costs by 13.2 billion full-year (3.6 billion by 2012). The family contributions paid by employers will be removed for salaries between 1.6 and 2.1 SMIC (2290 euros net), then eased on a sliding scale up to 2.4 SMIC (2620 euros net). This rate was calculated Bercy, a gain of 40 euros per month for a minimum wage, 120 euros to 159 euros and 1.6 SMIC 2.1 for minimum wage. In all, according to the ministry, 14 million employees are affected by the measure.

International competition

This will benefit "to the sectors most exposed to international competition (80% of manufacturing jobs and 97% of jobs in agriculture are concerned)," argues the report of the Cabinet. The Department of Finance estimates that the reform will result in the creation of 100,000 jobs in 3 years. The Executive held Wednesday to register false face of opposition, who had spoken of a "gift to the banks." "This is nonsense! Wages in finance are higher than our target, "argued a ministerial adviser. Which also indicated that the device would benefit "proportionately" more for SMEs than for large groups, since they will reap 47% of its fruit, although they represent 40% of payroll in France.

To offset the cost, the government intends to increase from 19.6% to 21.2% the standard rate of VAT, also on 1 October. This measure will yield € 10.6 billion per year in stride. Given the controversy, the government ensures that it will not make up prices. First, he argues, because 60% of household consumption are exempt from VAT or enjoy a reduced rate will remain unchanged. Of the remaining 40%, three quarters of the products are manufactured in France, their prices will not rise … as long as companies pass on the reduced charges. Only imported products subject to the VAT increase, that is to say 10% of household purchases, could therefore lead to higher prices, ensures Bercy, while betting that "strong competition" will limit the inflation .

To complete the financing of the reform, the general social contribution (CSG) on capital income will be increased by two points, from 8.2% to 10.2%.

Still not convinced, the PS again spoke Wednesday of an economic mistake "that will weaken consumption and will therefore result in growth and employment". Francois Hollande warned that he would cancel the measure if they win.

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Nevertheless, the government notes in the twelfth edition of its report to parliament on arms exports to France for 2010, "France has maintained fourth largest exporter of defense equipment (…) in a situation difficult ".

The world export market has stabilized at 70 billion euros.And in total military spending worldwide have slowed to 1.127 trillion euros, an increase of over 1% against a growth of 5% per year between 2001 and 2009. "Over the decade," the report notes, "the United States, the European Union, where Britain and France stand out, Russia and Israel share 90% of the export market."

The decline in export activity in 2010 due to the lag of several large contracts – as in 2009, with sales in Brazil of four submarines and 50 helicopters – that France hoped to sign the year last.

Remarkable performances

In discussions since 2009, the contract for the sale of two ships of projection and command (BPC) Mistral class in Russia was finally signed in June 2011 between DCNS and Rosoboronexport to 1.1 billion euros.It is therefore not recorded in 2010.

And ongoing negotiations with several countries to sell the Rafale combat aircraft built by Dassault Aviation, have not yet been completed. Among the most promising, the Brazilian has cooled with the decision of the President Rousseff to defer any decision to buy 36 fighter in 2012. The second, United Arab Emirates, is still active.

Negotiations, that France hoped to see succeed in 2010, continues with Abu Dhabi. Just over a week, Gerard Longuet had found that Paris had entered "a final negotiation." The defense minister had described as "very high" probability that the contract is concluded. France and the UAE have been negotiating the sale of 2008 copies of 60 Rafale.The French fighter is also short list in India along with the Eurofighter, developed by EADS, BAE and Finmeccanica to supply 126 aircraft to the Indian Army.

France can also expect to have the benefits of its commitment to Libya where the effectiveness of French equipment was again demonstrated (after including Afghanistan) under real conditions in a theater of operation. Of these, the performance of Tiger helicopters (EADS) and the Rafale, whose versatility allows him to perform all the tasks (surveillance, attack in depth, defensive etc.) were noted. "This is the only aircraft in the world capable of performing such a feat today," says a military engaged in Operation Harmattan.

For France, the stakes are high because the Rafale irrigates the French industry, including Ile-de-France and Aquitaine.The French fighter involved 500 industrial partners and represents more than 8000 jobs in total.

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Chaired by Mercedes Erra, Executive President of Euro RSCG Worldwide and co-founder of BETC Euro RSCG, the jury of this new edition has lamented the poor quality of the 217 campaigns submitted for its assessment. But to his credit tightening campaign stand out visually strong, with texts often licked, like the campaign Monoprix, inspired pop art was to "put beauty in the city," as pointed out by several jurors .Slogans like "No daily newspaper" or "milk it can be beautiful" had flourished in the streets in late 2009 to praise the demand for aesthetics of a distributor of consumer products.

Convened by the Union of outdoor advertising (UPE) and in the presence of the main display (JCDecaux, Clear Channel, CBS Outdoor and Insert), professional, creative and business, have this meeting every year to discuss progress outdoor advertising, which includes, in addition to traditional posters, all the displays events and new digital media.Mercedes Erra defended a political vision of the poster, "height of commercial art," she says, both "political" and "cry" as constitutive of the "declaration of a leadership brand."

3000 to 2012 screens

During their deliberations, jurors have widely reported the arrival of the digital display, which should change the ways of working paperless payday loans. None of the award-winning campaigns have used this new technique. The co-founder of the agency Herezie, Andrea Stillacci, regretted that there is not "sharing opportunities between advertising agencies, media agencies and displays, as there are already on the Web ".Digital billboards should represent only about 3,000 screens in 2012, a small percentage of the park, and focus on protected sites (airports, railway stations, subway, shopping centers).

The display, which accounted for 1.2 billion net revenue for the media in 2010 according to the IREP, is the third preferred advertising medium for advertisers, according to the press and television. All operators have plans in digital. But the conversion of all signs to digital is not for now. "2012 will be a year of starting," said Philippe Baudillon, CEO of Clear Channel France. The "business model" current display is not ready for such a switch, which requires huge investments and the total revision of the management of media plans of advertisers.The digital opens up for display, with campaigns more reactive, but new rules of creative play.

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Investors are in effect suspended the decisions that should be taken after the EU summit to be held this Sunday. Before this appointment crucial for the future of the euro area, policy-makers of the Old Continent has already promised that a solution to the crisis would be found.

Meanwhile, last minute negotiations are increasing.According to Reuters, citing a paper, "e European Financial Stability Fund (EFSF), will be able to buy bonds on the secondary market" if the countries in the euro area concerned so requests and obtain agreement European authorities.

Following the publication of this document, the euro hit a session high of 1.3838 against the dollar, the European stock markets have erased much of their losses and future on the major indexes on Wall Street resumed a little high. Expanding the powers of the EFSF and increasing its firepower at the heart of the plan for resolving the debt crisis in the euro area. The European Council of Sunday should be an opportunity to specify the details of how the EFSF will be used.

Wednesday, Nicolas Sarkozy traveled to Frankfurt to urgently resolve differences directly with France and Germany Angela Merkel.No information was available for this meeting. The Wall Street Journal, the discussions would focus on the possibility of allowing the EFSF to provide collateral to support bonds issued by countries in need rather than use it to provide direct guarantees.

The Beige Book calls for caution

On Wall Street, the report of conditions in the U.S. central bank (Beige Book) yesterday also a moment of caution.The information gathered by the regional branches of the Fed indicate that overall economic activity rose slightly in September but they also point out that corporate earnings have not improved payday advance.

Finally Moody's said Wednesday night that lowered the rating by one notch from five major Spanish banks, following its decision to degrade the sovereign rating of that country.

Chapter macroeconomic across the Atlantic, weekly claims for unemployment benefits will be published 16 hours as well as sales of existing homes in September and the composite indicator of the economy.Activity in the Philadelphia area in October, which often appears an early indication of economic conditions in the United States, will also be unveiled in 16 hours.

New salvo of results

A Wall Street investors dissect a new salvo of results.

After the close of Wall Street, American Express has released the third quarter earnings of $ 1.24 billion, a net income per share of $ 1.03 against $ 0.96 expected and $ 0.9 year past. The turnover stood at 7.57 billion dollars, according to estimates.

Ebay announced a profit of $ 491 million, or 37 cents a share in the third quarter, in line with expectations.The turnover amounted to 2.97 billion dollars against 2.91 billion expected.

Edwards Lifesciences has recorded a net profit of $ 51.6 million in the third quarter, against 48 million a year earlier.

Noble Corporation saw its net income nearly tripled in the third quarter to $ 135 million against 54 million last quarter.

Stryker has done for the third quarter, a turnover of $ 2 billion, up 14.9%, and earnings per share of $ 0.91, up 13.8%.

Wynn Resorts has achieved a net sales in the third quarter of $ 1.3 billion, against $ 1 billion last year.Adjusted net income totaled $ 133 million or $ 1.05 per share, against 49 million or $ 0.39 a year earlier.

On Thursday, Philip Morris International will release its figures before the opening of Wall Street and Microsoft after closing.

It is not clear that this is sufficient to restore the trust of those customers who have been touted for years the irreproachable quality of service of BlackBerry. The damage is considerable.For nearly four days, the vast majority of the 70 million BlackBerry circulating in the world have been very long breaks in services.

This failure is striking for its breadth and comes at the worst time, when the company was criticized by shareholders and that its rival Apple released the iPhone 4S.

"We can compare this failure which occurred earlier this year Sony with piracy data bank. The service was not affected, but it aroused the same loss of customer confidence. In both cases, the credibility in terms of brand image is reached ", e xplique Jean-Michel Huet, managing partner of the firm Bearing Point. To cope, it is necessary not only that RIM do his mea culpa, possibly to indemnify customers and above all it gives the guarantee that this will not happen again. "There are three or four years, the Bouygues Telecom network had broken down.They had compensated the customers by offering a day pass, "he recounts.

For now, RIM could face significant financial claims. Vodafone, Telefonica (Spain), Emirates Telecommunications plan to compensate their subscribers and then to turn against BlackBerry. Operators might be less generous in their grants to buy a BlackBerry, frustrated by having to manage "a deluge of calls on line pay day loans."

Captive customers

However, RIM has the advantage that some of its customers are captive: companies will not change their entire fleet of mobile overnight, and individuals are often under commitment and can not change your mobile. The Canadian manufacturer has a little time to regain the trust of its customers. But not all."There are already companies that are considering leaving RIM and wonder about its reliability," says Carolina Milanesi, an analyst at Gartner.

This failure could also hinder the development of RIM in emerging markets. The group is just beginning to establish itself in India, one of the countries most affected by the bug! To compensate for the decline in sales in the United States and Canada, the manufacturer decided to focus on these countries.

In addition, the group's management is facing a serious crisis of confidence that will get better because of the difficulties of society. Last quarter, sales fell 19% to 10 million smartphones, while its net income was divided by more than two, to 329 million, for a turnover down 10% in one year at $ 4.2 billion.Some shareholders, including investment funds, require a change of direction or a sale of the group. The problems this week, compounded by the lack of communication of the group at the beginning of the week, fueling discontent. Yesterday, the title yielded 3.43% at the opening of Wall Street, a decline of over 60% year on year.

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The group did not indicate the amount of the order but at list price, the total value would represent an investment of $ 20 billion and approximately 11.3 billion in firm orders.Following its board of directors held Thursday in New York, the group said the acquisitions "are designed to be funded by cash flow generated by the group's operations."

In addition, the group plans to commission 73 new aircraft by 2024 and then the options are exercisable between 2026 and 2028. The first Boeing 787-9 will enter service with KLM in 2016 while the first Airbus A350-900 will integrate the Air France fleet in 2018. The airline declined to give guidance on the distribution of new orders between the two group companies. "The two companies operate the two types of devices," Air France said simply. Sign that the group is more integrated than before and that the merger between Air France-KLM starts synergies.

Outstanding issues

Points of legal and economic order are still being defined.The discussion include the drivers and maintenance. In fact, the A350-900 ordered will be powered by Rolls-Royce or any device so far the airline did not work with such engines. The most important maintenance service of Air France-KLM has to adapt to new circumstances, notably through new licensing agreements.

And even if Air France-KLM touts its choices "after a detailed assessment" including on energy and environmental performance of appliances, the critics could rocket. One hundred French deputies had indeed launched a petition in June to urge Air France-KLM, which the state owns 15.7%, to choose the Airbus A350 instead of the Boeing 787 for its next command.

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