Bad news can conceal another. Not content to announce a disastrous first half, following the end of year 2005 already bad, Faurecia has suggested that the second half of 2006 will similarly be nature. The subsidiary of PSA appears more that never stuck in problems related to the fall of orders and carried out by its parent and its large hexagonal Renault competitor pricing pressures. Something misfortune is perhaps but good since the French economic slump more group led by Pierre Lévy to transfer its tools for production in Europe from the East and in other low-cost countries where costs are more consistent with the requirements, or even to the intransigence of the builders. Failing surlendemains singing, Faurecia may therefore see an improvement of the financial equation when products currently determined at acceptable cost programs will take over from launched lines several years for which there is not sufficient escalator on increases in raw material clauses. In the meantime, the investor may remain in the fog and one can understand that he prefers to stay on the edge of the road as long as the driver Miss visibility.
Test transform
Score a try, it is well, transform it, it's better. If the assignment of PagesJaunes is a France Telecom success, despite a disappointing prices for certain minority shareholders of subsidiary of directories, the group must now do not disappoint its own shareholders. With a course down 20 since the beginning of the year and Didier Lombard in one year, une good use of missed appointments inflicted on investors since last fall. The resulting price, even if it might have been a little higher in a better situation, is a boon to France Telecom. It promotes PagesJaunes 21 times the 2006 benefit and 19 times in 2007, while its parent is that pay by 9 and 8 times its results on the stock exchange. Using half the amount received to buy 100 million of shares, France Telecom could make a very interesting arbitration. It would reduce its capital by 4, even increasing its earnings per share, while saving 120 million euros in dividends since, at the current price, the operator offers a yield of 7.3! The other half could be used to accelerate debt reduction, which would still improve financial ratios, while reserving a share of the cash fell from the sky to carefully targeted investments.
The wheels of the Green Bank
Better to do envy as pity. A few years after fallen into a coma, Fiat displays a spectacular recovery and again attracted investors from all sides. Markets celebrate with lively its restart, while industrialists urge to conclude partnerships and Credit Agricole to pay high price for 50 of its activity of credit. By aligning EUR 1 billion to become the partner of the ex-joyau of the Agnelli empire in auto credit and leasing, the Green Bank takes a calculated risk. While Fiat Auto has to cross the bar of the million vehicles sold in a semester for the first time in five years, the flow of financial business generated by a customer again rising looks promising. Having damé the pawn to its competitors, including the French BNP Paribas and Société Générale, very powerful in this sector, the Crédit Agricole strengthens properly its European positions in the consumer credit. In addition, very present but confined to the role of securely boxed minority in Bank Intesa, group is a collection of personalities to foster its relations in the transalpine establishment his new partner.
It was the good student of the global classPrince against PrinceCosts oh yes it hurtThe power supply is by induction magnetic fieldManager also feelingsThis proximity makes painful layoffsDeaths indirectly related to Solvency II there thereforeLet their own responsibility in the CommonsThe realism of such a policy must above all be judged by its meansIf the President spoke a pause it is envisaged that at the end of 2011The rate of empty surfaces a him grimpé 1Caracas has four years to gradually adapt its legislation to common external tariffs
