International News

Danone Nestlé pipped to the post. After months of bidding, both groups had submitted their final offers Friday the pharmaceutical company Pfizer to buy up his infant nutrition division. At a Board of Directors held this weekend, Pfizer, according to our information, preferred the Swiss giant, world leader in food, the French group.

Danone had yet put on the table just over $ 11 billion for the opportunity to strengthen its branch child nutrition (Blédina, Dumex) in Asia and Latin America. To prevail, the group led by Franck Riboud was finally does not ally with American specialist baby milk Mead Johnson, as he had been a time draft. Anxious not unsustainable debt and not having to sell its bottled water to fund this acquisition, Danone was however associated with investment funds for a portion of the acquired business to Pfizer, and intended to sell assets in infant nutrition in Europe (excluding France), Australia and New Zealand.

Three times larger than Danone, Nestle has used its war chest to win. By paying more than $ 11 billion for an activity of 2.1 billion, including the Swiss group will be able to recover some of its delay in this sector in China.

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They are young, teeming with ideas, with a bright professional future and – especially – refuse to see leave a ruined world. The crisis that is sweeping the Western economies over the past four years and upsetting the global equilibrium leads to a resurgence of activism among young entrepreneurs. Alongside institutional think tanks – Davos and other circles of economists – forums bringing together young leaders "of tomorrow" are multiplying on the planet. And, more recently, now these kids want to be heard from their elders.

One of the oldest forums, the St. Gallen Symposium will meet for the 42nd time in Switzerland, 3 and 4 May. 200 young entrepreneurs, teachers or students compare their ideas to "deal with the risks" threatening the planet, watched by 600 business leaders or senior officials, including several "guest stars" – Josef Ackermann (Deutsche Bank) and Jean -Claude Trichet (former President of the ECB).

But in the East also arise new think tanks wanting to prove that their young entrepreneurs are equally able to invite the sharing of growth. Created in Rhodes in 2010, the Youth Forum, an offshoot of the think-tank based Time Youth in the Czech Republic is one of them. His goal, happy idealist, is "to reconcile the views of emerging nations" to "lay the foundations for a better future."

300 youth from 70 countries, activists, environmentalists, industrialists but also specialists in new technologies meet once a year to get to know and "create the world of their dreams," aided by economists or experts phenomena societal. All under the protective wing of the "Global Forum of World Civilization".

Groundswell

The forum that promotes traditional values ​​intends to "strengthen cultural exchanges on an equal basis," says one who directs, Vladimir Yakunin, President of Russian Railways and close to Vladimir Putin. "Clearly, today, we can not conceive of unilateral world." Fed on an example that of Russia: "We have in our country 190 nationalities and 80 different faiths cohabiting together, and the only way to achieve this is to let mingle our histories and traditions on an equal footing, without that one takes precedence over the other, "says the Russian leader.

A speech that collects a strong chord with young activists from the developing world, who want to invite to the table of developed countries. "The bipolar world is finished," said the businessman and political leader of India, Sam Pitroda at the last Youth Forum held in New Delhi in late March. "The American model based on consumption can not agree to the three billion poor people who have access to anything," he added. For the latter, which could contribute to the post of President of India, in 2013, "we must build a new world, a new model, based on connectivity."

Anecdotally, even idealistic, seen from France, young people reflect these forums, in fact, a fundamental shift, in parallel with the emergence of Brics, from which emerges a desire to make its voice heard on a global scale, for the fast-growing economies. And when one is surprised to see yet few young Europeans to participate are answered on the side of the Youth Time, that "the ultimate goal is obviously to attract more young Western entrepreneurs, to enhance dialogue and exchanges. "

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Ikea for 30 years would have dreamed, best advertising. But a month after the revelation of illegal policing practices of employees and customers by Chained Duck and Mediapart, the direction of Ikea France wants to show it has taken stock of the situation. Vanoverbeke Stefan, head of the French subsidiary of the Swedish furniture giant yesterday presented its action plan and its working group to improve the image of the group being undermined by the discovery of internal mails mentioning the use of private detectives and the font file. Activities that led to Ikea France sidelined several top executives, including Jean-Louis Baillot, CEO of the subsidiary at the relevant time. "An internal audit by an independent firm has established that there had been research practices of information not consistent with our values. This is unacceptable and I regret it, "said Stefan Vanoverbeke. The current owner is careful however to discuss the future of the people involved to "preserve the presumption of innocence" and leave the floor of Versailles, seized by the CFDT union, do his job. "It is up to judges to say what is illegal or not. We just want to cooperate, "he said.

A pilot initiative

And as proof of his goodwill, Ikea France, which has already seen its headquarters raided and visited by the CNIL (National Data Protection Authority) in its stores, plans to give the prosecution the findings of its internal audit. But it is mostly a working basis for a group of four managers responsible for "strengthening the values ​​and ethical standards." "It's not an excuse but it does not direct a company of 10,000 employees as a company that has only 500 easy payday loans. The findings of the survey showed us that our way of working no longer fit our size, "explains Stefan Vanoverbeke.

Ikea already had a code of conduct but the group had been working to develop a global charter. Irregularities discovered in France gave a good boost to the initiative, even if the boss of Ikea France considers that there is "no reason to believe that such practices occurred in other countries where group is established. " No investigation has been carried out elsewhere. "France will be a pilot," he says. Beginning in June, the working group should thus be able to make concrete proposals for reforming corporate governance, support managers and staff, recruitment of technical change but also monitor compliance with the group values . "We developed this action plan because we want to act quickly to give answers to our employees, social partners and customers. But we hope that these answers are of quality, "says the CEO that all employees of the group can now contact directly by e-mail. For clients, Stefan Vanoverbeke remains attentive to comments left on forums where he received "varying degrees of concern." Not enough empty stores nor sinking sales, however.

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This is not the strong political message expected by Paris, but Europe has decided to speak up to protect themselves from competitors judged disloyal. Under control of the Commission, certain public may soon be prohibited suppliers from countries that close themselves the door to EU exporters.

This "reciprocity" commercial, written in a bill introduced Wednesday, is officially open to third markets rather than to protect the old continent. "Europe is an open market, and we do not see why others would not like us. It is therefore encouraging, "said EU Trade Commissioner, Karel De Gucht.

The compromise, snatched after eighteen months, is far from 'Buy European Act "recently proposed by Nicolas Sarkozy, even in small-step approach

. "Protectionism"

The bill is based on two mechanisms. One, almost consensual, will allow Brussels to close the procurement of Member States to a third country guilty of repeated discrimination against European companies. Beijing, which closed its borders to any technology that has not previously "registered", is like a number one target.

This is the second mechanism that clashed European capitals, notably France, the Netherlands and Britain. It would enable a single Contracting Party in the EU – a municipality, for example – to get the Commission to prohibit a tender to foreign competition under the pretext of non-reciprocity, if the procurement covered exceeds 5 million euros.

To impose this device, which struck the most liberal of the Commission, Michel Barnier had to defend himself publicly accused of "protectionism". With a strong argument in a recession: Brussels amounts to 12 billion euros a lack of European companies to export because of obstacles put in third countries. Furthermore, public procurement represents about 20% of GDP in the EU, and they escape to international competition rules, set by the WTO.

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The French are discouraged before they even take steps to resolve a dispute. It is thought that nine out of ten surveyed by Ipsos for the first edition of the barometer Axa legal protection. Justice remains an unknown for most of them: 80% do not know who to turn to know their rights, and 97% believe that the justice system is difficult to understand.

Worse, seven out of ten French think they have no financial means to defend themselves. Godsend for the legal protection insurers, which offer information in their contracts, and if necessary support – within limits – of legal fees. According to the Ministry of Justice, the cost of resolving a dispute is on average 200 euros for the costs of bailiff, 500 euros for an amicable and 1500 euros to cover attorney fees for a procedure .

Family, an area seldom covered by insurance

The French think that the main sources of conflict are employment, housing and the Internet. In fact, the most common disputes relate primarily to the housing (25%), led by neighborhood problems and relations between landlord and tenant, and Internet purchases (24%). Relations with the employer is not a priority (23%).

Numerous disputes also affect the field of family (divorce, inheritance …). But legal protection insurers rarely venture in this field. Axa Protection legal disputes of this nature are supported only if the client has signed the contract the more upscale, costing between 140 and 300 euros per year, much higher than a domestic contract classic (63 euros per year).

The insurer, like others, offers customers a hotline: a lawyer tells them about their rights and answered their questions. This service receives 175,000 calls a year. The insurer sees submit 36,000 new claims per year, most amicably resolved.

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It is in the Christofle workshops in Saint-Denis, near Paris, where the Assizes are held the craft, the Secretary of State for Crafts and SMEs today unveiled a thirty measures. Frederic Lefebvre also presents the first dictionary of trades and crafts made by the Higher Institute of trades. While the economic slowdown weakens small companies, the government has sought to limit their cash flow problems. The State must pay the bills upon receipt of an amount less than 5000 euros. "I wrote to all the major French companies and representatives of local communities so that they apply the same rule," says Frédéric Lefebvre.

The artisans can compete more easily for the procurement of up to 15,000 euros, against 4,000 euros previously. "There are thousands of markets that they are going to get easier. We work to promote the hiring of apprentices as an element of choice for businesses in public procurement. Finally, I remain determined to convince the public purchasers to join our project of setting up a central website for the TPE easily know where to find listings of government procurement, "said Frederic Lefebvre.

Transmission and recovery companies will be encouraged. "We will develop regional branches of repayable advances of funds, with the chambers of trade and craft areas and support networks that help entrepreneurs such OSEO and Siagi, said Secretary of State . We will provide an opportunity for buyers to keep an artisan when staff have over 10 employees. Today, a cottage industry, when it is created, is to use up to 10 employees; in the future, a buyer may acquire a company employing 20 employees without it losing its status as an artisan. ".. …… Develop exports

A government portal, listing the aid that can benefit small-scale entrepreneurs, will be implemented. Artisans will participate in the commission of reducing paperwork, composed equally of government officials and business leaders, which will be implemented on March 19. "About 10 measures will reduce and simplify the calculation and payment of social contributions. For example, the Contractor may choose the monthly or quarterly surveys of its social security contributions. The lag between the time of its collection of revenues and the payment of social security contributions will be reduced, "says Frédéric Lefebvre.

The poles for Innovation of Crafts will be developed. "I hope that the craftsmen and designers collaborate more. I am setting up a double signature "made by" with the name of the craftsman and "designed by" with the name of designer, enabling artisans to defend their talent and authenticity in the global marketplace, "explains Frédéric Lefebvre . The cabinetmaker Rinck won a solid commercial success by working with Philippe Starck and other designers. Hundred thousand euros will be allocated to projects where a designer and craftsman have worked together.

To develop the exports made by artisans, which exceed 6 billion euros a year, Paris Airport opens the first half of a space dedicated to the craft at the airport of Roissy-Charles de Gaulle. Spaces of the art of French living will be opened in New York and Tokyo. "I hope that the great American fortunes, Asian, South American or Russian sponsor of French craftsmen labeled" business of living heritage and crafts. " Artisans will be able to win new business, "says Frédéric Lefebvre. This operation sponsorship will be launched in the first half in Moscow and Miami.

Conclusion of the Secretary of State, who does not forget the campaign: "Artisans are strong pillars of France defended the president. They embody the work, a key value that France remains the fifth largest economy. They create jobs, growth, and defend the identity of the territories. "

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Apple has concerns for the rich. What to do with $ 100 billion in free cash? The question is more embarrassing than it seems for Apple. It happens more a presentation of results without the fuse questions from analysts on the subject. They call for the resumption of dividend-practice abandoned by a moribund Apple in 1995 – the establishment of a share buyback program or acquisitions. Even Tim Cook, Apple chief executive, admitted late February that his group has "too much cash", fueling rumors of a possible resumption of dividends. But this is not so simple.

Two-thirds of the cash Apple are outside the United States. The repatriation of this war chest, including the form of dividends, would have a huge fiscal cost. It could cost more than $ 22 billion in taxes, according to Bespoke Investment Group. The geographic dispersion of cash Apple is primarily due to its organization based on many subsidiaries abroad. With a first consequence: some countries, like China or Russia, limit lift cash. Apple is "sentenced" to spend there or all of the profits.

But the Californian company is also a willing victim in other territories. As Microsoft or Google, Apple has found his tax haven in Ireland. A small expatriation that allows Apple to display an average tax rate of 24.2% worldwide for its fiscal year 2011. Ten points lower than the average tax rate for U.S. companies.

This type of organization, however, has absolutely nothing special. All multinationals, or almost, have adopted the same legal and tax scheme. This selection draws the ire of American protest groups, who dream of seeing repatriated profits and taxed in the United States. Faced with these attacks, such multinationals, united in a group called Win America, do not hesitate to conduct intensive lobbying campaigns aimed at getting a tax amnesty.

More acquisitions

Failing to do this, each brings its solutions. For Apple, it passes through acquisitions of companies abroad. End of 2011, the U.S. has set his sights on Anobit, an Israeli start-up specializing in flash memory, paid $ 500 million. A transaction modest by Apple, but the most important of the last fifteen years. And that could foreshadow other. Apple also raised equity investments in production facilities in Asia, which would also be a way to secure its supplies. To takeovers abroad could finally be added that of patent portfolios. Apple has already completed several major transactions in this area, although for the moment, they were all performed in the United States.

Finally, the development of Apple Store (owned stores) is a good way to reinvest the cash. Tim Cook, Apple chief executive, has reaffirmed its commitment to strengthen the distribution network. Since we do lend to the rich, there is talk now of the upcoming Apple Store opening on the Champs-Elysees.

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Almost non-existent on the high end, Renault plans to return in the race with his partner allemandMercedes, one of the kings of that class. So far, we knew that French was working with his ally on a Nissan platform technique to manufacture both its future high-end, but the Megane compact, and vehicles of similar size in Japanese. But this platform – which targeted 1.5 million cars a year, will be extended to Daimler, the maker of Mercedes. "There will be a common platform between the three: Renault-Nissan and Daimler," said Thursday Carlos Ghosn, the CEO of Renault-Nissan, during a dinner with journalists.

Result, "you move from one platform from 100,000 to 200,000 cars a year" for the high-end Renault, "a platform of 2 million cars.It is no longer the same challenges: cost, quality and performance are not the same, "says the owner of the manufacturer. On this platform, Renault will build the replacement of Space and the Koleos 4 × 4, but also a "range" is replacing both the Laguna and Vel Satis. Laguna does not know the fourth generation: the new vehicle still under wraps, will be greater. These cars are mainly produced in the factory in Douai, France, but also outside Europe, possibly in Korea. They emerge from late 2014 and 2016.

Meanwhile, Renault plans to launch "a vehicle developed with Daimler," on a platform of German, said Carlos Ghosn."I do not think it would be very realistic to say that Renault, which has the ambition to develop a more expanded upper range, will not consider one way or another with some potential collaborations Mercedes for at least one model so ", he had already slipped to Frankfurt Motor Show in September savings account payday advance. Renault-Nissan and Daimler already designing future joint small Twingo and Smart (set in 2014) and a commercial vehicle for Mercedes. The construction of a compact Infiniti, Nissan's premium brand, based on an architecture provided by the group to the star, is also seriously considered.

Amortization of costs

With Mercedes, Renault hopes to succeed where he failed himself. The launch of a vehicle requires high-end development costs very high, particularly disappointing that the volume of Renault failed to dampen.After stopping production in 2009 of the Vel Satis, the diamond was sold last year that 53,000 Laguna, Koleos 39,000 and 17,000 area.

While the three champions of the category-BMW, ​​Audi and Mercedes-emit spectacular margins, the high-end Renault "is the weakest part of our operation, which is not normal," says Carlos Ghosn, who believes that in this area, the French "can hardly do less."

Carlos Ghosn, the partnership between Renault-Nissan and Daimler-each holds 3.1% of the other-is an "opportunity" not to let go upmarket. Daimler, "very smart", is contributing "to the maximum" French in the development of Smart, as the engineers' know we will do better than them. " Conversely, "do not say is that we can do it all on the high end. You must use the skills of Mercedes, "he says.

Wall Street has been won by the pessimism Monday. The Dow Jones ended down sharply from 2.13% to 11.397 points, after rising 4.9% last week. Nasdaq in turn yields 1.98% to 2614.92 points and the S & P 500, wider, lost 1.94% to 1200.86 points.

The New York indexes, which were due up, opened in the red, sealed by the doubts that have entered the European markets at mid-session. The German Minister of Economics Wolfgang Schäuble has indeed warned that the EU summit to be held in Brussels Sunday will not lead to a definitive solution to the debt crisis.

This weekend, the European central bankers have expressed their determination to end the debt crisis at the G20 Finance in Paris. The Europeans have promised to respond "comprehensive and lasting peace" to the debt crisis."Advanced countries will adopt, taking into account their respective national circumstances, policies to strengthen the confidence and support growth and implement measures clear, credible and targeted to rebalance public finances" stressed the finance ministers in their statement. Specifically, they promise to make a decision at the European Summit of October 23, described as "decisive" on Saturday by Minister of Economy Baroin. Attempted to reassure the ECB President Jean-Claude Trichet said the euro was "not threatened", but called on all Europeans to be "extra vigilant" with regard to public finances.

In the same tone, Christine Lagarde, has also shown confidence in the capabilities International Monetary Fund (IMF) to come and play firefighters, as appropriate, to countries in difficulty.In Europe a microphone, the director of the institution determined that its resources were "appropriate" and "in line", sweeping the wish of several European countries to strengthen its capacity in anticipation of a bankruptcy of Athens.

Barack Obama and his savings plan

Across the Atlantic, investors also await details of the savings plan of Barack Obama. Last Friday, the country's budget deficit reached 8.7% of GDP in 2010-2011, 0.3 points less than in the previous year, according to the Treasury. Knowing that in absolute terms, the fiscal gap widened slightly to 0.4% from fiscal 2010 to rise above 1.299 trillion dollars, making it the second largest deficit the country's history.

In terms of indicators, the United States, industrial activity in the region of New York came out down $ 8 no fax pay day loan.48 in October.A contraction is stronger than expected. Industrial production has in turn increased by 0.2%, as expected.

On the currency side, the euro lost ground against the dollar on Monday after briefly climbed above $ 1.39 for the first time in a month. To 22 hours (French time), the European currency is worth 1.3744 dollars against 1.3881 dollars on Friday night.

For their part, oil prices are down. In New York, a barrel of light crude lost 42 cents to 86.38 dollars.

Values ​​of the day

A salvo of results announcements in the banking and technology is expected this week.

On Monday, banking stocks are tested: JPMorgan Chase 2.67% to 31.04 loose dollars, Bank of America 2.42% to 6.04 dollars. Wells Fargo fall of 8.44% to 24.42 dollars after reporting a decrease of 4% of its turnover. Morgan Stanley 0.26% to nibble 15.26 dollars.

Citigroup lost 1.65% to 27.93 dollars despite the publication of a net profit up 74% in the third quarter, above expectations.

As for technology stocks, Apple lost 0.48% to 419.99 dollars. The company announced the Apple selling 4 million copies of its iPhone 4S. The Canadian Research in Motion, maker of the Blackberry, falling 6.55% to 22.40 dollars.

Kinder Morgan (4.83% to 28.19 dollars): The U.S. company to transport energy products announced Sunday it would buy its rival El Paso (24.81 to 24.45 dollars) to $ 21 billion , about 38 billion with debt, and thus form the largest pipeline network in the United States.Based in Houston, Texas (south), the new company will have an enterprise value of $ 94 billion, Kinder Morgan said in a statement.

Statoil (1.73% to 24.64 dollars): The Norwegian oil company announced Monday the acquisition of the American Brigham Exploration Company (21.05% to 36.75 dollars) to $ 4.7 billion ( 3.4 billion euros), which will allow it to grow stronger in non-conventional hydrocarbons in the United States. This acquisition gives Statoil access to deposits of oil shale Bakken and Three Forks in the Williston Basin in the states of North Dakota and Montana.

British Petroleum (0.73% to 40.17 dollars) Columbiaa The oil company said Monday that he would receive a payment of $ 4 billion in cash from the U.S. Anadarko as co-payments related to the disaster of the Gulf of Mexico.

The U.S. stock markets opened sharply higher Tuesday. The Dow Jones climbed 1.61% to 11,231 points and the Nasdaq by 1.54% to 2254 points in early trade.

Monday, Wall Street had already finished in the green.

Since the beginning of the week, investors in Europe and the United States, is won over by a wave of optimism about the outcome of the crisis of sovereign debt. "The beginning of the week is placed under the sign of hope. Investors have decided to give credit to European policy makers and international willingness to find ways to resolve the sovereign debt crisis, "economists observe in Paris broker Aurel BGC. There are "high hopes that one is engaged in the right direction towards resolving the debt crisis in Europe," say experts on their side LBBW. Other analysts, however, want to caution.The strategists of the Crédit Mutuel-CIC believe that "the improvement should not last as rumors seem exaggerated. The expansion of EFSF does not solve the structural problems in Europe, while the challenge is there. "

The spokesperson of European Commissioner for Economic Affairs Olli Rehn, Europe is considering strengthening the capacity of the European support fund for countries in trouble (EFSF). Rumors press also reported a proposed quadrupling of the Fund's lending capacity to 2000 billion euros. In turn, an official of the ECB, the Austrian Ewald Nowotny, did not rule out declines in interest rates in the euro area.But soon, the German Finance Minister Wolfgang Schäuble assured that Europeans had "no intention of bailing out" the EFSF.

Political leaders are still clearly divided on the responses to the debt crisis, while discussions on the payment of a new international loan to Greece, vital to enable it to avoid bankruptcy dragged on. At the same time discontent rises and Athens was again paralyzed Tuesday by a wave of strikes in public transport.

Oil opened up in New York

The euro was weakening on Tuesday to below $ 1.35. Mileu in the day, the euro stood at 1.3496 dollars, against 1.3523 dollars late Monday.He had fallen in session Monday to 1.3363 dollars, its lowest level since mid-January, prior to recover.

As for commodities, gold has recovered slightly this morning at 1640 dollars an ounce after declining over the last three sessions. Oil falls sharply higher this morning in Asian trade after having dropped more than eight dollars last week. Oil prices were moving up sharply at the opening Tuesday in New York, driven by renewed optimism for the determination of the Europeans to resolve the debt crisis in the eurozone business cards design.On the New York Mercantile Exchange (Nymex), a barrel of "light sweet crude" for November delivery traded at 82.64 dollars, up by $ 2.40 at the close on Monday night.

On the macroeconomic front, house prices in the United States remained stable in July compared with June, according to Case-Shiller survey released Tuesday by Standard and Poor's. The study, however, that over-year, declining home prices for sale widened in July to 4.1%, down less pronounced than the analysts thought.

As for values ​​to be followed on Tuesday:

As for values, Goldman Sachs will intensify its restructuring efforts, after a disastrous third quarter, which could be one of the worst ever recorded by the U.S. investment bank since it went public 12 years ago, says the New York Times.Goldman Sachs will be 1.2 billion to $ 1.45 billion savings goal of operation by mid-2012, the paper said on its website, citing unnamed people familiar with the matter.

The mysterious tablet that the online retailer Amazon.com Wednesday could present promises to be a star among the products' high-tech "of the season, even though the Seattle group has not yet revealed existence.Amazon Wednesday invited reporters to an event which he kept secret the subject, organized in a video production and music in Hell's Kitchen neighborhood of Manhattan.

Motorola Solutions is within the scope of an investigation by U.S. authorities, according to the Wall Street Journal, concerning a possible corruption in the course of its business in Europe.

The Anglo-Australian mining giant Rio Tinto, listed on Wall Street, announced Tuesday it had increased to 49% its stake in Canada's Ivanhoe Mines, the upper limit is included in an agreement between the two groups that intend to operate an entire mine copper and gold in Mongolia.

ONEOK announced expect to achieve a net profit of between 355 and 400 million in 2012, against 325 to 345,000,000 dollars in 2011.For its part, ONEOK Partners expects a net 740 to $ 800 million for the year 2012 against 630 to 660,000,000 for the year 2011, while natural gas volumes processed are expected to increase more than expected.

Also note, Standard & Poor's is within the scope of an investigation by the SEC, the U.S. stock market regulator, who questioned its rating of an issue of structured securities in 2007 just before the market collapse real estate, announced its parent company McGraw-Hill.