Natixis maintains its objectives after a loss in 4th quarter

Natixis maintains its goals of profitability in 2010 after announcing for 2007, its first year of existence, net income divided by almost two and far removed from its original ambitions because of the crisis in credit markets.

The subsidiary of Popular Banks and savings banks, which has accused solely on the fourth quarter to a loss of 900 million euros under the impact of impairments also announced a new savings plan aimed at reducing by 5 % to 10% its cost base by 2009.

For the full year, it displays a net profit of 1,101 billion euros. Excluding exceptional items, it comes to 1,130 million, down 47% from pro forma results and a far cry from the 2.15 billion set in the strategic plan introduced in late 2006.

However, the general manager, Dominique Ferrero, provided that the targets for 2010 in terms of return on equity (ROE) (nearly 16%) as operating ratio (60%) remained "fully ".

He stressed that the development plan submitted late 2006, in a very attractive environment, included the assumption of a year of crisis and did not contain "any intermediate target."

For 2007, the return on equity of the group has reached 7% and the operating ratio 70.7% excluding the impact of depreciation on earnings.

The accounts have been undermined by the crisis in credit markets, which has affected more than Natixis bank financing and investment (BFI) weighs much higher in its operations (47% of revenue of the group in 2006) than in those of its competitors french.

ASSIGNMENT OF CIFG

The contribution of the BFI to net income was negative by 177 million euros over the year and 849 million in the 4th quarter alone.

The group had reported on Feb. 14 that its net income in 2007 would be of the order of one billion euros.

He issued Thursday includes 1.22 billion euros of impairment related to its exposure, direct or indirect, with mortgages Americans "subprime" and credit enhancers. In addition, 138 million euros of provisions on collective those establishments.

The accounts of the last quarter also include the impact (-287 million euros) from the sale of CIFG, the subsidiary that specializes in credit enhancement, the two major shareholders of Natixis for a recapitalization of 1.5 billion dollars to maintain a AAA rating vital to the preservation of its business.

The transaction has avoided a deterioration in the financial strength of Natixis, which can rely on a high Tier 1 ratio (8.3%) to December 31.

This is further reinforced by the fact that Banques Populaires and savings banks, which control more than 68% of the capital, chose to be paid in shares the proposed dividend of 0.45 euro. This dividend represents as provided for a distribution rate of 50% of annual net income.

Natixis also reported a net asset per share of 13.90 euros at December 31, a level compared with a stock-market price of 9.48 euros on Thursday at mid-day.

LOW VALUATIONS

While the placement of securities achieved in late 2006 at the establishment of the bank had been operating at a price of 19.55 euros, the accused in the past year one of the worst performances of the sector in Europe, with a decline of 38.25% and still sells nearly 28% increase since early 2008.

It is thus less than six times its 2009 earnings per share estimated, according to the Reuters Estimates consensus, compared with an average of 7 times for the values of the DJ Stoxx index of European banks.

If it confirmed its 2010 targets in terms of operating ratio and ROE, Natixis said nothing about his activity, while his plan also provided for average annual growth of its revenue by more than 10% over the period 2005 -2010.

Natixis, which last month announced an overhaul of its Executive Board to adapt "to an environment that has become more demanding," reiterated that it was ahead of its roadmap in terms of synergies disengagement, adding that " further progress in terms of efficiencies will be sought. "

The bank said on the last point that it had identified additional synergies that should help cut its costs by 5% to 10% based on their 2007 and, within two years.

In the meantime, only the poles financial services and credit insurance have distinguished themselves positively in the past year with gains of 30% of their contribution. The contribution of investment capital / private bank increased by 7% but the asset management declined 2%.

Consolidated to 20% in Natixis, the networks of Banques Populaires and savings banks saw their contribution declining by 2% to 570 million euros.

The results of the two groups, excluding extraordinary items, both showed an increase of

municipal elections

It is a call for three days of the first round of municipal elections. Retirees to the streets Thursday to defend their purchasing power. The CGT announced the strong mobilization. On the agenda: 120 demonstrations and rallies in 85 departments. In Paris, unions expect several thousand people for a parade, which will begin at 11 am on the edge of metro Sèvres-Babylone to arrive at the Hotel Matignon, where a delegation asked to be received by Francois Fillon.

The purchasing power of retirees: a campaign theme of Sarkozy

The 1.1% increase in pensions from 1 January, while inflation was 2.6%, crystallized even more discontent that Nicolas Sarkozy had the purchasing power of retirees a campaign theme . The government has announced that a new revaluation would be in 2008 and that the minimum age (guaranteed money) would be increased by 25% during the quinquennium. Meanwhile, 200 euros must be paid at the end of March to its beneficiaries. Proposals that have not satisfied the unions.

A pension of less than 600 euros

Overall, including heritage, "the average" retirees "is not very far from achieving parity in living standards" with the assets, found in November on the Pensions Steering Council (NRC). But there are wide disparities in the amounts collected, especially at the expense of pensioners, often women, have experienced career sawtooth. Some 17% of retirees to receive a direct right pension of less than 600 euros per month and women receive pensions significantly lower.

More than 50% of retirees earn "unless the smic," said François Chérèque (CFDT), requesting an overall increase of pensions, "at least" in line "with the changes in purchasing power."

The youngest billionaire at the age of 23

The annual ranking of the world's fortunes was released Thursday by Forbes magazine. And there is a change in size for this vintage 2008. This year, the American investor Warren Buffett dethrones his friend Bill Gates, and became the richest man in the world, with a fortune estimated at $ 62 billion. The Mexican telecommunications magnate Carlos Slim follows with 60 billion dollars. Two such projects arrivals who Bill Gates, who was the head of the rankings since thirteen years, in third place on the podium, with 58 billion dollars. The number thirteen has therefore brought misery ... Among the top ten, there are four Indian Lakshmi Mital which is placed in fourth position.

Bernard Arnault, 13th ranking


In 2008, Forbes 1125 census billionaires in the world - bar 1000 was exceeded for the first time - or nearly twice as many as four years ago. It is the United States who matter most: 469 weighing a total of 1600 billion. Forbes lists 14 billionaires in France. The first of them, Bernard Arnault, is in 13rd position, with 25.5 billion dollars. The woman the richest in the world is French: Liliane Bettencourt occupies 17th place, with a fortune estimated at 22.9 billion dollars. Francois Pinault and his family, the third of fortune France (also owner of the Point), are in 39th position in the world with 16.9 billion dollars.

The youngest billionaire at the age of 23


New entrants in the awards are often famous unknown. The majority are Asian, like Gautam Adani, an Indian who has made a fortune in trade, and which goes directly to the 91st position with $ 9.3 billion. Other "new kid", the Brazilian Eike Batista, head of $ 6.6 billion raised through the gold and iron. The third step of the podium newcomers is the Nigerian Aliko Dangote (3.3 billion dollars), which made his fortune primarily by inheriting the family business that specializes in sugar. Among the new faces of the ranking, there is also the youngest billionaire in the world: Mark Zuckerberg, 23, founder of Facebook, whose fortune is estimated $ 1.5 billion.

A host of stars


Some personalities of the charts are well known to the general public. Roman Abramovich, chairman of the football club Chelsea, was sitting on a fortune of 23.5 billion dollars, placing him at the 15th position globally. The mayor of New York, Michael Bloomberg, has a fortune of $ 11.5 billion. Steve Jobs, Apple's boss, she holds 5.4 billion. Then two "popes" of fashion. The Italian couturier Giorgio Armani, at the head of a fortune of $ 5 billion, and Ralph Lauren, whose wealth is estimated at 4.2 billion dollars. The insatiable Virgin boss Richard Branson, has 4.4 billion. Just behind are the creator of Star Wars, George Lucas, credited with $ 3.9 billion, another leading director, Steven Spielberg, holder of $ 3 billion, the American television news presenter Oprah Winfrey, $ 2.5 billion , the creator of Harry Potter, JK Rowling, a billion dollars.

Some singles at the helm of $ 3.5 billion


Finally, the two singles the richest in the world are Roustam Tariko, a 46-year-old Russian who made his fortune in banking and vodka. His heritage is now valued at $ 3.5 billion. And Ronald Burkle, an American of 55 years, an investor at the helm also a fortune of $ 3.5 billion. Both are fathers of three children. In this 22nd annual ranking of billionaires, the total net worth of classified represents 2.9 trillion euros ...

Moscow has 74 billionaires


From a strictly geographical, the three cities that host the largest number of billionaires are Moscow (74 billionaires for a fortune averaged 5.9 billion), New York (71 billionaires, $ 3.3 billion ) and London (36 billionaires, 4.1 billion dollars).

Dominique de Calan and Denis Gautier-Sauvagnac, the tandem that has long prevailed on the UIMM.
Dominique de Calan and Denis Gautier-Sauvagnac, the tandem that has long prevailed on the UIMM. Photo credits: LUDOVIC / REA
Behind the case, the financial stakes and power. And new revelations immediately denied.

UIMM The case is still bounce. According to a news item published on the website of Marianne, the UIMM, which had granted Denis Gautier-Sauvagnac severance pay of 1, 5 million euros that the new president Frederic Saint-Geours will certainly narrow down allegedly contracted several life insurance policies in his name. An information first confirmed, then denied by the lawyer of DGS since such contracts exist but have been paid by DGS himself "on his own".

True or false information will stimulate debate on the opacity in the functioning of the UIMM and strengthen requirements on transparency of accounts. This is the first dimension of the case revealed by the 19 million withdrawals suspects. By returning the two members of the general direction under investigation, DGS and Dominique de Calan, and deciding that its accounts would now certified, the UIMM took a step. The law, has confirmed yesterday Xavier Bertrand, will make it mandatory for this certification already standing at Medef, the CGPME and the CFDT. Labour Minister hopes that this will help to "never seen this type of abuse." The law is aimed, he said, "there are no more outflow of capital without one knows exactly how it came out and where it happened, there is a complete traceability ".

But beyond the money, which is often the instrument, there is power. Laurence Parisot seized the UIMM case to rest the question of mandates representation in the joint bodies.

Division of powers

The UIMM exercises over a hundred 940, but the most important truste management of vocational training, health care, pensions, unemployment insurance and 1% housing. It is this legacy, a product of the economic and social history and translation of the influence of the respective strengths within the Medef, which is at stake

Laurence Parisot yesterday received the public support of Claude Bébéar. In an interview in Paris, it was "normal and necessary that the UIMM continues to play an important role in Medef, but it must be proportional to its importance in the economy. Today, he adds, that role is clearly disproportionate. " And yesterday in Le Monde, Michel Rocard supported its struggle for ethical capitalism.

In a weak position, the UIMM nothing could hardly yield on the mandates that Laurence Parisot would "return to entrepreneurs, the outgoing aircraft." What she has done since his accession to the Medef, with the emergence of new leaders and new negotiators, such Cathy Kopp (Accor), Francis Xavier Clédat (Spie Batignolles), Laurence Danon (Rothschild), Véronique Morali (Fimalac) Jean-Pierre Clamadieu

Bouygues Construction wins 2 contracts for 185 million euros

Bouygues Construction wins 2 contracts for 185 million euros

.
The holding company announced Thursday having won two contracts for projects tours in Switzerland and Russia.

The Swiss subsidiary of Bouygues Losinger has started the construction of the "Prime Tower." It will become the highest tower of the country with its 126 meters high. The contract was negotiated for a total amount of 165 million euros, of which 71 million for Losinger.

In Russia, the contract signed by the subsidiary Bouyguesstroï bring 136 million, including 116 million for Bouyguesstroï. It involves the construction of a luxury residential complex in Yekaterinburg, the capital of the Urals. This package will measure 215 metres high.

budget deficit

France recorded a budget deficit of 6.61 billion euros in January, down on the same date in 2007 (a deficit of 5.69 billion), but an improvement over the same date in 2006 (a deficit of 6.79 billion euros), according to the Ministry of Budget, Public Accounts and Public Service.

'Comparisons of balances from one year to another, however, are irrelevant at this stage of the year' says the press release.

Regarding the general budget expenditure, they amounted to 21.50 billion euros from 20.80 billion a year earlier, that increase is original calendar, said the ministry.

Net revenue for its part stood at 18.02 billion euros in the first months of the year from 20.14 billion euros in January 2007.

'The decrease in net revenue from the general budget is primarily due to the levy on income to the budget of the European Communities, representing an increase of 1.7 billion euros compared with that done in January 2007 that it ava been particularly weak response to a refund of an overpayment made under 2006 'says the ministry.

At constant scope, the net tax revenues fall at the end of January, a decline of -0.6% over the same period last year.

The fund offers Finzurich Charles Jourdan

The fund offers Finzurich Charles Jourdan
The Commercial Court of Romans-sur-Isere Thursday chose this investment fund based in Costa Rica to resume Charles Jourdan shoe placed in liquidation.

It is decided. The buyer of the shoemaker Charles Jourdan will Finzurich investment fund, based in Costa Rica, whose project provides for the redemption of all the assets of the group, an investment of 15 million euros and the resumption of 130 employees. Tel decided Thursday in the Commercial Court of Romans-sur-Isere in the Drome.

This draft recovery of the company, placed in liquidation late December and which has undergone three judicial remedies in five years, was in competition with five other bids. That of Finzurich had preferences of the girl child of the creator, Benedicta Jourdan. It feared a "sale by conmpartimements" of the company, to appurer debt of 2.5 million euros. "They have a real industrial and commercial project, it is the only issue that makes a continuity with the past, which uses the skills, and a maximum of employees."

The court-ordered liquidation on December 17 resulted in the dismissal of 197 employees. The project is Finzurich a preferred bidder from a social point of view, since other bids offered to take only 40 to 60 people.

Controversy regarding the choice of the Pentagon

Controversy regarding the choice of the Pentagon

The contract on obtaining the tanker made a lot of noise.

Boeing has asked the United States Air Force explanation on the reasons which have caused it to lose a contract of $ 35 billion for the supply of tanker aircraft, ultimately vested in EADS and Northrop Grumman. The United States Air Force must present this Friday, March 7 a report on his motives and Boeing will then decide whether or not to lodge an appeal against the decision of the Pentagon.

Since the choice of supplier, several elected officials have expressed their disapproval and their concerns about the transfer of jobs to Europe, linked to the security of sensitive technologies. This was particularly true of the candidate for the Democratic nomination for the American presidential, Hillary Clinton. Some members of Congress have also threatened to block the necessary funding.

More recently, Norman Dicks, elected Democrat of Washington State in the House of Representatives, accuses the Air Force to have changed at the last minute, the criteria for evaluation of tenders, which penalized Boeing. He said that "If Boeing had known (...) that the Air Force wanted more, he proposed the 777, instead of 767, smaller. He also indicated that the decision "will steal jobs to the American people", while "the major pieces of the aircraft will be manufactured in Europe by a group (...) subsidized."

Defence talks

Attacked from all sides, the Pentagon denies. Sue Payton, head of acquisitions for the Air Force, reiterated to the committee that the tender was conducted in a transparent manner and the integrity and recalled that "job creation and the Instead of assembly and production were not part of the evaluation criteria, in accordance with the law. "

The American Secretary of Defense, Robert Gates also had to speak, after all this controversy, noting that the tender had taken place under fair conditions and that the decision was based on merit.

Michael Wynne, secretary of state for aviation, at a separate hearing by the Committee on Armed Forces of the Senate, said: "There were nine key performance parameters and on all of them, 'Northrop Grumman plane was significantly better. " "The proposal for Boeing judge was slightly more risky, mainly because of the complexity of their bid. On the price, the proposed Northrop was considered the lowest globally. "

In a statement, Northrop Grumman affirms that "the assembly and the militarization of the tanker KC-45A will be held in Mobile (Alabama, south), which will result in the creation of approximately 2000 direct jobs in the United States." It was not the only one to welcome this agreement. In an interview with the Figaro, Nicolas Sarkozy believed that the contract signed with the American army would have been possible without the recent rapprochement it had with the United States. "When we réconcilions with the Americans, is not a welcome change and can be one minute think that the contract was won magnificently EADS for the tanker aircraft was signed in the climate of tension that has known among Americans and the French? ".

The unemployment rate fell to 7.5% in France, the lowest since 1983

The unemployment rate fell to 7.5% in France, the lowest since 1983


PARIS (Reuters) - The unemployment rate fell to 7.5% in metropolitan France in the fourth quarter of 2007, falling to its lowest level in 25 years, according to figures released by INSEE.

The results of the Quarterly Survey of Employment INSEE come at an opportune time for the government to three days of the first round of municipal elections.


The Minister of Economy and Finance, Christine Lagarde, noting a "significant structural improvement in the labour market", confirmed the goal of an unemployment rate reduced to 5% in 2012.

Economists, however, expect that this upturn will not last given the slowdown in the global economy which will spare no France.

The unemployment rate of 7.5% within the meaning of the International Labour Office is the lowest since the fourth quarter of 1983, when it was 7.3%, according to the National Statistical Institute.

The third quarter of 2007 was also revised down slightly to 7.8% from 7.9% previously announced. It was 8.1% in the second quarter of 2007 and 8.4% in the previous two quarters.

On average in the fourth quarter, 27,964,000 people were active in France, or 56.5% of the population aged 15 and over. Of these, 2,084,000 were unemployed as defined by the ILO and 25,880,000 were employed, said INSEE in a statement.

The employment rate for the population aged 15 to 64 years has risen to 64.8% versus 64.4% in the third quarter and that the 55-64 age group rose from 41.3 to 41.6%, a trend Particularly encouraging judged by the Ministry of Economy and Finance.

ACCÉLERER REFORMS

"Christine Lagarde is confident in the continuation of this trend, which should continue to benefit from changes in the French economy and improving the functioning of the labour market," reads a passage in a ministry that brings to mind some 300,000 jobs created in France in 2007.

"Christine Lagarde believes that these developments confirm (...) acceleration of the reforms that it implements to free the work, support the competitiveness of enterprises and modernize the public service employment, in order to achieve a rate of unemployment of 5% and an employment rate of 70% in 2012, "adds Bercy.

"This is a sharp decline and it is understandable that the government would rejoice," writes Jean-Christophe Caffet, economist at Natixis.

"At the same time, we know that employment and unemployment indicators are shifted relative to the activity. With the slowdown at the end of last year and early this year, we believe that improving market of employment that we have experienced over the past three years is coming to an end, "he said adding that the rate of 7.5% by the end of 2007 is" certainly a low point. "

"The main determinants of improving employment in 2007 were the construction sector and services including financial services. With the slowdown in the real estate market and the difficulties facing the financial sector, it is unlikely that both engines continue to run at full, "argues Jean-Christophe Caffet.

For the whole of metropolitan France and French overseas territories, the unemployment rate stood at 7.8% in the fourth quarter against 8.2%