International News

Essilor International is shunned by investors on Friday in the Paris Bourse. Shortly after the opening of markets, the value decreased by 0.68% to 48.70 euros while the CAC 40 advances from 0.15% to 3824.89 points. The world leader in ophthalmic lenses announced in a statement Friday it would invest 130 million dollars (92.3 million) to buy 50% of the Israeli group Shamir Optical. Specializing in innovative technologies applied to corrective lenses, the Israeli group reported 2009 sales of 142 million dollars (100 million euros), especially in Europe and the United States.

Cedric Rossi, an analyst at Aurel BCG, there is no need to worry. "While the transaction is not very significant across the group. It represents an increase of 50 million euros in turnover Essilor, or 1.5% increase.He added: "But the stagnation of their value over the fact that the sector has not experienced significant rebound like the cosmetic."

"The concern is that Essilor does not acquire"

In this context, the group sticks to the strategy it takes since the 1990s, namely accumulate acquisitions to increase its market share. In the first quarter, inter alia, it acquired the Canadian and American Signet FGX International, which unlike most of the companies acquired by Essilor, specializes in glasses without prescription guaranteed approval cash advance loans. The acquisition of the Israeli Shalit Optical one of them. "This partnership will allow us to grow the global market perspective, by offering new products and value added services," said Hubert Sagnières, CEO of Essilor, quoted in the statement."This operation should not worry investors, says Cedric Rossi. Essilor us used every year in many acquisitions. The concern would rather he did not do. "

The transaction will take the form of a merger with a 100% subsidiary of Essilor, prior to a delisting of the Tel Aviv Stock Exchange and Nasdaq. Shareholders other than the community of Kibbutz Shamir will receive a cash payment of an unspecified amount in exchange for their shares. "It is anticipated that the transaction is accretive," that is to say, it increases the earnings per share of Essilor in 2011, excluding the impact of the acquisition price, the company said.

Essilor will remain between 47 and 50 euros

The transaction should be finalized by mid-2011. The analyst Aurel BCG sees no immediate impact on the value that will, according to him, continue to stagnate between 47 and 50 euros."And, as organic growth Essilor will not increase," Rossi said Cedric. However, at Aurel BCG, it is anticipated organic growth of between 3.5% and 4% or below current levels (around 5%).

Cross borders, a real asset for companies. Innovation is indeed largely correlated with the degree of internationalization, says a study by the Center for Strategic Analysis (CAS) as Le Figaro published a preview. "There is a real effect," says the director general of CAS, Vincent Chriqui.

Among the non-innovative enterprises between 2002 and 2004, exporting firms and / or located abroad more frequently successful start of innovation activities in the following period (37% of them on average, against 20% of companies domestic). That's what Indira ic study, based on a sample of over 2300 companies.

Significant results in a context where emerging markets gaining momentum, and since "innovation is becoming an indispensable element for maintaining and developing a solid industrial fabric, competitive and diversified," says the study conducted with Natixis Pramex International and the University of Paris-Dauphine.

"Entering the high-growth markets"

"Far from being reduced to offshoring," direct investment abroad are "a means to penetrate high growth markets, but also to" promote the development of new products to market. " As being found in foreign markets, firms' access to specific knowledge – combined with their own assets – are a source of technological advantage. "This effect is even stronger than the companies are in close contact with the local environment cheap business cards.

And the study cited in the first place the development of an enterprise network that expanded abroad – internal network, increasing group size, and external network through relationships established with suppliers and clients of foreign subsidiary. "This dual WAN allows the acquisition by the parent, knowledge previously inaccessible," says the document. "The company is open to new ideas," adds Vincent Chriqui.

In addition, its greater exposure to foreign competition "may accelerate the need to renew the product range."And closer contact with foreign customers' allows the development of products adapted to local demand. "

Finally, if internationalization is an engine for innovation, "the inverse relationship is also frequently identified," the study concludes. In fact, "innovation provides a competitive advantage to the company" that enable it to better support the fixed costs associated with internationalization and increase its presence in foreign markets. "

Why the Center for Strategic Analysis pleads for a reconciliation of the State policy in support of internationalization (entrusted to Ubifrance) and innovation support (paid OSEO ). For companies to finally have this single as they claim …

The restructuring efforts by Dexia since 2008 are now taking the form of a plan with clear objectives. By 2014, the Franco-Belgian bank intends to reestablish its business model, previously focused on financing local authorities, three new pillars: revenue from franchises, the dynamism of the Turkish market and the development of retail banking. Each of these priorities, and business model as a whole, will be submitted to the search for internal synergies, industrialization processes and efficiencies. Dexia hopes to achieve reach 1.8 billion euros in pretax profit in 2014.

This year and 2011, income from Dexia should remain under pressure due to the constraints of disposals and reduced balance of 35% by 2014 set by the European Commission.The improvement should occur in 2012, with a target of pretax profit of 1.4 billion euros, an amount equivalent to that for 2009.

Philippe Mariani, Managing Director and Chairman of the Management Board of Dexia, said the solemnity of the moment: "We have turned an important page in the history of the group and I am confident in our ability to achieve the goals we set ourselves."

Ten million customers in 2014

Expansion projects in retail banking that fed the Franco-Belgian bank would receive a boost if the merger with Banque Postale. Dexia confirmed lead discussions to that effect. "We discussed together. Work continues, however, merely to explain Philippe Mariani. In 2014, Dexia wants to take 60% of its revenues from this activity, which contributes to its turnover in 2007 to 36%.The Franco-Belgian bank intends to serve not less than 10 million customers.

In Turkey, via DenizBank, Dexia intends to accelerate the pace of opening new branches, to have 800 locations by 2014, with the goal of attracting 2 million new customers, an increase of its clientele Turkish 50%.

Dexia will continue its efforts since 2008 to track the costs to reduce by 15% by end 2011. Dexia intends to display an operating ratio below 65% in 2014.

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It is a blow to EDF. The band has learned on the night of Friday to Saturday, the unilateral withdrawal of its U.S. partner Constellation in the proposed Calvert Cliffs reactor 3, which one of the key terms should be the construction of a new-generation reactor United States. EDF said he was "extremely surprised and dismayed" by the news.

Constellation, EDF's partner in the Unistar joint venture project sponsor, justifies its withdrawal by blocking with the U.S. administration over funding for the nuclear reactor located in Maryland. According to the group, the terms and conditions offered were "impossible to meet." In a letter to the Department of Energy (DoE), Constellation said that "the cost of federal loan guarantee is unreasonably burdensome, and would create unacceptable risks and costs to our society."Constellation adds that "after repeated and futile attempts to solve this problem, we no longer see a way to arrive in time to the terms and conditions acceptable."

These explanations are insufficient to EDF. "During the year just ended, EDF has invested heavily in time and resources in the process of granting loans secured for the proposed Calvert Cliffs3. Constellation knows that we were about to arrive in discussions with the Department of Energy and as we progressed significantly, "says one of the spokesmen of EDF. "The project of CC3 was crucial to Maryland payday loan.The development of Calvert Cliffs 3 would create 4,000 jobs and bring considerable financial investment in Maryland, "said the electrician who ensures that this project enjoys public support of many."

Stay confident

This decision comes as relations between EDF and its U.S. partner are at their worst since Constellation has expressed its desire to exercise an option to sell assets to his partner for two billion dollars. This put option would require the French group to buy plants that have lost significant value since the negotiation of this clause in 2008.

Determined to turn the page, EDF "confirms its commitment to continue its engagement in the nuclear revival in the United States" and said he was "ready to seek other U.S. partners to build new facilities in the United States."The group's objective is the construction of 4 nuclear reactors third-generation EPR in the United States.

Areva same speech, which was chosen to build the reactor at Calvert Cliffs 3. "We are cautiously optimistic," said Saturday, a spokeswoman for Areva in North America, arguing that "there is a possibility that it could lead favorably." According to Areva, "negotiations are continuing" with the U.S. administration, Constellation and EDF.

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The U.S. employment does not take off. Umpteenth sign of a sluggish recovery, the U.S. economy has destroyed more jobs than expected in September, leaving 95,000 jobs disappeared, according to figures from the U.S. Department of Labor. Economists expected a balance between creation and destruction of jobs.

These figures have been sealed, as in previous months, for the termination of 77,000 temporary contracts signed by the State to achieve the population census. In total, the state has eliminated 159,000 jobs over the month, including 76,000 in local government.

Analysts are however their attention to employment figures from the private sector alone, better able to reflect the economic trend. However, this figure, but not disastrous, is worse than expected. The companies have created 64,000 net jobs, down 31% compared to August.Economists predicted 74,000 creations.

The major employment gains were recorded in the sectors of tourism (34 000), business services (28,000) and health (21,000). However, construction continued to destroy jobs (21,000).

Moreover, the unemployment rate remained steady at 9.6%. That rate, calculated on a different basis than the creation and job destruction, was expected to hand up to 9.7% by the market.

Societe Generale has been a while. Having praised the "moral and financial damage suffered by the outstanding bank and its employees" have been recognized by the sentence pronounced against the trader Jerome Kerviel, the bank comes back "on his jacket."

The bank has recently announced that it excluded from claiming the entire 4.9 billion euros in damages inflicted by the justice to its former trader Jerome Kerviel, according to statements by the Director of Group Communications, Caroline Guillaumin.

"This is not to claim such amounts to one man. Is it intends to go into debt to Jerome Kerviel 177,000 years? The answer is no, "she said on France Info."We're totally open to finding a solution both in the interest of our shareholders and our employees and taking into account the situation of Jerome Kerviel," she added.

Caroline Guillaumin, however, that Societe Generale would await the outcome of the appeal by the trader convicted Tuesday of a trading loss of 4.9 billion euros and sentenced to three years in prison. And to add: the question of damages will arise at the end of this procedure. The bank could then seek to recover all the winnings that Kerviel could draw from this business, including copyrights in publishing newsletters of his book entitled, The gear memory of a trader, and those who come from a possible adaptation of his book.

The reactions were unanimous in the wake of the conviction of Jerome Kerviel business cards design.Besides the foreign press that the judge sentence excessive, many French politicians found this absurd decision. "I must admit that the 4.9 billion is a little ridiculous", told Gerard Longuet, president of the UMP group in the Senate on LCI. By Tuesday, Francois Bayrou, himself, expressed concern that France may be closer to the "American legal tradition, which condemns to 150 or 200 years in prison." As for Bernard Accoyer, president of the National Assembly said on Canal +: "In this case all the numbers are beyond comprehension from the beginning. I would simply say, it continues. " He concluded: "Finance has entered into a crazy circle, this case is completely mad and figures from the beginning until today continue to be."

Kerviel's lawyer does not negotiate

Jerome Kerviel's lawyer, Olivier Metzner Master excludes negotiations with Societe Generale, describing the latest about the bank's "reaction of communication." "I have trouble understanding the consistency of Societe Generale," he started again.

"What we are interested in Societe Generale, because they recognize that Kerviel worked for them and only for their benefit. (…). Today, we believe that we should no money at Societe Generale. "

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EADS not only to develop its industrial projects, to continue his commercial struggle with its U.S. rival Boeing, and defend in the legal state aid it receives: the European aircraft manufacturer also scans his sector for possible acquisitions. Louis Welsh, president of EADS, said in effect daily Handelsblatt on Tuesday had "few targets in sight. We want to strengthen in three areas: defense, security and service delivery. Asked about the size of these potential acquisitions, the boss said it had "the ability to invest one to two billion euros".

Also questioned the consequences of budget cuts in states that funds EADS, Louis Welsh says he has "more visibility in the next few months."The EADS boss claims to have stressed to these shareholders the importance of maintaining programs of research and development, particularly in terms of preserving jobs, "When we reduce the new developments is the future of business that we undertake. We are ready to discuss with the governments of shareholder countries, to participate in the development of innovative solutions. "

The drones, a "key technology"

Louis Welsh also reminds that the defense is not a budget expenditure like the others, raising the question of "national sovereignty". "Let me take one example: the drones. Europe must develop its own unmanned aircraft. It is inconceivable that Europe remains permanently dependent on the United States or Israel in this field, "says President of EADS, which considers UAVs as a" key technology ".About the timing of this program, it is cautious: "I do not advance a date, but a decision should be taken soon. Remember Talarion is the only major French-German program on the horizon in armaments ".

Confidence on the A400M

On another major military program, the A400M, Louis Welsh acknowledged the difficulties faced by the Group in preparing this military plane carrying large holding: "The sticking point now lies in the development of the military version of flight control system, which is very complex. "

However it into perspective the impact of developmental delays and extra costs "No customer has challenged the contract. It's a good thing. "Louis Welsh shows itself even in a confident resolution of these difficulties: "It is likely that we find a solution in the year."

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The biggest emerging power in the world, China is very interested in one of the smallest economies in the euro area, Greece. Chinese Premier Wen Jiabao, visiting Athens this weekend, has provided unwavering support to his Greek counterpart George Papandreou. Beijing sees this as a gateway to Europe and the Balkans.

"China will make great efforts to support countries in the Eurozone and Greece, to overcome the global economic crisis (…) China will participate in the purchase of new Greek bonds," said Prime Minister Chinese. This promise will be particularly appreciated by Athens. It marks the Chinese to trust the financial soundness of Greece, drip International Monetary Fund and the European Union.Perhaps somewhat reassuring markets, fearing that Greece can not repay its debts without fail when the aid program will end in 2012.

"Hits"

"I note that the mechanism common EU-IMF and all the measures taken have had positive results. Greece has very strong bases in the field of shipping and trade with the international economic recovery, the Greek economy will follow and recover, "assured Wen Jiabao. "I believe that Greece will overcome all difficulties with one's own efforts." In the second quarter, the country continued to sink into recession, with GDP falling by 1.5% according to Eurostat.

Confident despite all, China has signed new contracts with Greece. The two partners hope to double their trade by 2O15, 8 billion.In detail, Athens and Beijing signed two framework agreements for the development of Chinese investments in Greece. Eleven private commercial agreements have been initialed.

The interest of China to the Greece of 2008, when the logistics group China Ocean Shipping Company (Cosco) has agreed to manage part of the port of Piraeus for 3.4 billion euros. "China is a very important country which has huge transportation needs and Piraeus for them is a port of entry into Europe. They bring in exchange for their expertise and allow us to improve our competitiveness, "said Le Figaro had the right arm of the Prime Minister, Haris Pamboukis in September.

Seduce the world

Greece does not only attract China. The government of George Papandreou launched a major campaign to promote foreign investment in the country still in serious economic difficulty."There are the Gulf countries, Russia, Britain, France, Germany" as potential partners, Haris Pamboukis added yet. September 24, Greece signed an agreement to "$ 5 billion and Qatar. The emirate has injected the money into the tourism and energy. But no concrete plans have been unveiled.

140 million euros! It is the loss recorded by the English club Manchester City, owned since 2008, the wealthy Sheikh Mansour, according to The Guardian. With the loss, Manchester City is placed just behind Chelsea and EUR 162.8 million deficit recorded during the 2004-2005 season. By comparison, during the first half of its 2009-2010 fiscal year ended December 31, Olympique Lyonnais announced a loss of 8.7 million. The club Rhone publish its annual results next Wednesday.

In the footsteps of Chelsea

To explain the financial excesses of Manchester City, it must refer to the payroll. The latter has increased for the 2009-2010 season from 50% to reach 133 million pounds (153 million). And this after an increase of 53% in 2008.Payroll exceeds the amount of revenues estimated at 125 million pounds (144 million) – which for a normal firm is unusual. The uncontrolled increase of the wage effect is in fact an aberration threatening the financial sustainability of clubs. So for about 200 football clubs in Europe, the drain on wages more than 70% of their revenues. 57 of them have even a percentage exceeding 100%.

Manchester City, currently fifth in the Premier League to four points in the race leader, Celsus was the great facilitator of the transfer window last summer with the arrival of Spain's David Silva, the Ivory Coast's Yaya Toure, the German Jerome Boateng of Serbian Aleksandar Kolarov, Italy's Mario Balotelli and English and James Milner. "There is nothing surprising in itself.Manchester City adopts the same strategy as that of Chelsea in the late 90s, "says Vincent Chaudel expert sports Ineum Consulting. Namely recruit the best players in the early years to eventually win titles. However, clubs like Manchester United and Liverpool have done it differently. "City and Chelsea have a history as strong as Manchester United or Liverpool. To compete with these clubs, they must be active on the transfer market, "said Vincett Chaudel.

Beware of financial fair play

If this loss of 140 million euros is not problematic for Sheikh Mansour, whose fortune is estimated at tens of billions of dollars, it is for UEFA. The European Federation will launch by 2014 the principle of fair play which will prohibit all financial club sees its losses exceed 45 million euros to participate in a European competition.The objective is to ensure the financial health of European football by forcing clubs to stop living beyond their means. Eventually, said UEFA, "the clubs should not spend more than they can generate over time." To buy new players, they will have to use money from TV rights, ticket sales, merchandise, sponsorships and bonuses paid back by the competition organizers. Manchester City has less than four seasons to correct. "Sheikh Mansour is nothing to prevent the signing of sponsorship agreements with additional companies he owns," says Vincent Chaudel.

In other words the wealthy owner of Manchester City, like Roman Abramovich to Chelsea, should again cover the debts of the club Mancunian. But should not the club regresses in sport."If the results are not forthcoming, the situation could be problematic, he says. He might get tired. " At Chelsea, Roman Abramovich has already warned: "He wants to win everything," according to what the English player of Citizens (nickname given to players of Chelsea, Ed), John Terry. For now, Sheikh Mansour reiterated in a letter published on the website of the club's determination to make Manchester City one of the best European clubs.

By assigning two sites in the U.S. Covance, Sanofi-Aventis is one stone two birds. The French laboratory gets rid of two research and development may become cumbersome, Porcheville the Paris region – overcapacity in relation to the needs of Sanofi – and the site of Alnwick in Great Britain. An operation carried out apparently without social destruction.

Covance is committed to keep for "at least five years" the 340 employees at both sites. At Porcheville, in the Yvelines, the approximately 190 employees, who have long struggled to find a solution that does not separate the French giant, demanded on Thursday a premium price for transfer of their resignation. The operation reported $ 25 million (18 million euros) to Sanofi. Above all, it is supported by a major outsourcing agreement in research and development.With a turnover of 1.8 billion and 10,000 employees worldwide, Covance is a world leader in preclinical and clinical development of new drugs on behalf of large laboratories. He is already working with Sanofi, as with most global pharmaceutical companies. But the agreement announced yesterday provides a "single source of growth", welcomed yesterday's CEO Joe Herring payday lenders.

Double sales in diabetes

The French laboratory it will subcontract the provision of research and development (R & D) for ten years, with payments estimated between 1.2 and 2.2 billion dollars. The center of Porcheville should continue to provide services in toxicology and chemistry at Sanofi while offering its services to other laboratories.The laboratory directed by Chris Viehbacher will also use the capabilities of Covance in support for discovery and clinical trials of phases 1 to 4.

This agreement is part of the new strategy at Sanofi, insisted yesterday Marc Cluzel, senior vice-president in charge of research and development. This includes to "transform the model R & D and to discover new drugs by using new technologies and innovative partnerships." It is also to capitalize on strong growth in diseases such as diabetes, said the group yesterday. The laboratory lights announced plans to double its sales in the area of diabetes by 2013, bringing them to € 6 billion, as against 3 billion in 2008.

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