Goldman Sachs: the shareholders want their share of the cake

According to The Wall Street Journal citing people familiar with the matter, some of the major shareholders of Goldman Sachs (NYSE: GS) have urged the U.S. bank to reduce the amount allocated for bonuses of its employees. They said a larger portion of profits should return to investors. To recall, the investment bank on Wall Street was expected to pay nearly $ 20 billion in bonuses to its employees, the largest redistribution of the history of the company. Goldman, which has already set aside nearly $ 17 billion in the first nine months of its fiscal year to pay the premium end of the year to its employees, has received nearly $ 10 billion of public money in the middle of the Crisis! Amount already repaid the U.S. government.

Goldman Sachs: the shareholders pushing the bank to reduce bonuses

Shareholders of the most important of Goldman Sachs pushing the U.S. investment bank to reduce the amount of the bonus, saying it should focus more investors, revealed Friday the Wall Street Journal.

Goldman Sachs has almost quadrupled its net income a year in the third quarter and paid its employees pay 5.35 billion over the period.

This compensation policy is a scandal for several months in the United States, where unemployment continues to climb, knowing that the firm has been granted at the height of the crisis of 10 billion dollars in government aid, now repaid.

According to sources close to the deal quoted by the newspaper, several shareholders in question, holding tens of millions of shares, agreed that employee compensation is tied to performance.

They do not advocate a huge cut in bonuses, but only to better reward the shareholders, to take account of the spectacular performance in 2009 for the establishment, a recent U.S. investment banks on foot.

Analysts cited by the paper believe that earnings per share in 2009 will be 22% lower than in 2007 and equivalent to that of 2006.

This decline is mainly due to the emission of more than 100 million shares in 2008, which helped strengthen the capital of the bank but has diluted much of the weight shareholders. ( Goldman Sachs: the shareholders want their share of the cake )

Raise of 6% of the benefit of SABMiller in the 1st six-month period

SABMiller, the second brewer in the world, publishes first-half profits up 6%, above expectations, and said that the second half should benefit from lower procurement costs and favorable currency effects.

The group based in London, which owns brands including Miller Lite, Peroni and Grolsch, reported an adjusted earnings per share of 80 cents for the six months ended September, as the market anticipated EPS of 71 cents Thomson Reuters by I / B / E / S.

He explained that the current market conditions should continue until the end of the year and that its results should benefit the second half of a favorable exchange rate parities.

"The group's financial position remains strong and we are well positioned to capitalize on the future improvement of market climate," says in a statement.

The interim dividend increased by 6% to 17 cents.

SABMiller, which makes almost 90% of its profits in emerging countries like South Africa, Colombia, Poland and China, makes no mention in its press release of FEMSA Cerveza of Mexico. Some analysts see it as a favorite for a possible takeover of the latter. ( Raise of 6% of the benefit of SABMiller in the 1st six-month period )

AREVA: Toshiba would own 15% of the global market with Areva T & D

The acquisition of Areva T & D would allow Toshiba  to hold 15% of worldwide transmission equipment and distribution of electricity, said Vice-President of the Japanese in "? chos. "We were missing about 5% to be first," said Hideo Kitamura, head of the Power Systems division of Toshiba, in a newspaper interview. "The interest in this operation is the addition of our market share. There is no overlap," he added.

Areva T & D will be a consolidated subsidiary of Toshiba's headquarters in France. We do not anticipate any restructuring because of the acquisition, "said Hideo Kitamura. "Apart from plans decided by the present management, there will be no plant closing or layoff."

"Initially, the two entities will be separated operationally," said the Japanese. "This obviously will not stop to play complementarities. The structure of the two entities will remain intact."

THE AREA OF THE VALUE

Utilities

The French authorities have recently approved the creation of an agency of local government financing, like what is already in many countries around the world. Grƒce to this agency, which will start borrowing in the bond market to regions, counties, towns or cities, communities hope to diversify their sources of funding. These are, for now, very dependent on bank financing, particularly from Dexia and Caisses d'Epargne. In the past, communities have been associated repeatedly to raise funds on the bond market. The date of last loan in 2008, where 32 communities have raised 250 million euros. However, in recent years, Acuf (Association of urban communities of France) supports the launch of a financing vehicle that would receive the highest rating assigned by the agencies (AAA rating ® ¯) and could thus easily refinance markets. ( AREVA: Toshiba would own 15% of the global market with Areva T & D )

Dassault Systemes: immunized against the effect Autodesk?

Storm warning in the small world of PLM ... Yesterday, Autodesk (NASDAQ: ADSK - News), the American publisher of software management life cycle (PLM) and main competitor of Dassault Systemes, has disappointed markets and its shares plunged 10.4% to New York ... After closing, the value lost another 2% in ratings post-session. However, the specialist computer aided design released yesterday better than expected results for the 3rd quarter despite a plunge in net income (-70% to $ 29.5 million). This has not prevented investors punish the group's forecasts in the form of "profit warning" on the next two quarters. Autodesk provides for a reduction in profit margins during the six months leading up to April 2010 because of higher operating costs.

Despite the disappointments of his rival, announced before the end of Paris, Dassault Systemes has stood up well yesterday in the Paris Bourse, even ending the session up slightly from 0.1% to 39.21 euros. Remember that the French group had taken the lead in issuing two warnings on results from the very beginning of the year ... On 29 October, to mark the release of third quarter results in line with expectations, the group has slightly adjusted downwards its target of annual turnover, but confirmed its forecast of a margin of Operating 25% (range 24% to 26% provided there) ... ( Dassault Systemes: immunized against the effect Autodesk? )

Cadbury rises on the stock market on a possible bid-cons

The action Cadbury climbs on the Stock Exchange Wednesday, some reports of a possible bid-cons of U.S. chocolate maker Hershey and Italian Ferrero.

Hershey and Ferrero consider a joint bid that could make room for it, hostile to the U.S. Kraft, according to information obtained Tuesday night.

But investors are questioning the possibility of such cons-supply on the British confectioner.

Hershey is much smaller than Cadbury, the world of sweets behind Mars-Wrigley. The U.S. group is also heavily indebted and controlled by a charitable organization.

As for the Ferrero family, which controls brands like Nutella and Kinder, it has so far made few acquisitions, which explains why some doubt an alliance between the two groups to launch an acquisition.

"It's not impossible, but we should be skeptical," said Alex Molloy, an analyst at Credit Suisse

"We would be very surprised if they (Hershey-Ferrero) were involved," adds one of the top ten shareholders of Cadbury, who requested anonymity.

Ferrero said Wednesday it had just begun to explore a bid for Cadbury, and Hershey said that its study options and had "taken note" of media speculation about a possible bid for Cadbury.

The U.S. group said it was not absolutely sure at this stage there is possibly an offer.

Around 1300 GMT, the action Cadbury gained 1.4% to 799 pence, having reached 802.5 pence in early trading. The title had not passed the 800 pence since October 21.

The offer values Kraft Cadbury to 726 pence.

Most analysts believe that Kraft, to succeed, will raise its bid for Cadbury to 800 pence at least.

Kraft first expressed his interest for Cadbury in September and has launched a hostile bid November 9.

Last week, Cadbury rejected the offer of 16.2 billion dollars (10.84 billion euros) of the giant U.S. food said it was "ridiculous". ( Cadbury rises on the stock market on a possible bid-cons )

Ferrero, and Hershey could make a bid for Cadbury

The Ferrero chocolate and Hershey considering a takeover bid for Cadbury, while Kraft Foods is the favorite on this issue to investors after its hostile bid of 16.8 billion dollars (11.2 billion euros).

Hershey and Ferrero, who reported separately study the case without providing the assurance that it succeed, would consider a joint bid by a nearby spring.

However, investors are wondering about the possibility of such cons-supply on the British confectioner.

Hershey is much smaller than Cadbury, the world of sweets behind Mars-Wrigley. The U.S. group is also heavily indebted and controlled by a charitable foundation.

As for the Ferrero family, which controls brands like Nutella and Kinder, it has so far made few acquisitions, which explains why some doubt an alliance between the two groups to launch an acquisition.

"It's not impossible, but we should be skeptical," said Alex Molloy, an analyst at Credit Suisse

"We would be very surprised if they (Hershey-Ferrero) were involved", added one of the top ten shareholders of Cadbury, who requested anonymity.

Ferrero said Wednesday it had just begun to explore a bid for Cadbury, and Hershey said that explore different possibilities and had "taken note" of media speculation about a possible bid for Cadbury.

The U.S. group said it was not absolutely sure at this stage there is possibly an offer.

At the London Stock Exchange, Cadbury action ended up 1.21% at 797.6424 pence after passing the 800 pence at meetings, 802.5, for the first time since October 21, while Kraft promotes the UK's 721 pence per share.

KRAFT MUST GIVE AT LEAST 800 PENCE PER SHARE

Most analysts believe that Kraft, to succeed, will raise its bid for Cadbury to 800 pence at least.

"What it (the interest of Ferrero and Hershey) means for Kraft is that they want to sign, seal and realize that they will have to raise their offer," also notes the analyst of Edward Jones, Jack Russo.

Kraft first expressed his interest for Cadbury in September and made a hostile bid November 9.

Last week, Cadbury rejected the offer of the giant U.S. food said it was "ridiculous".

The British group has however vowed Wednesday he would consider any offer to provide her a good recovery but declined further comment as he was not in such a situation.

Some traders believe that if Ferrero prevail and Hershey, Cadbury may be broken.

"Ferrero wants to recover the European operations of Cadbury in chocolate, while Hershey could resume operations at the international," and commented one trader, adding that the two groups may need to combine to make an offer was likely to complicate the transaction.

According to sources close to the situation, JP Morgan, which advised Hershey would be willing to financially support his client. ( Ferrero, and Hershey could make a bid for Cadbury )

The Toronto stock market does well with the area of retail

The Toronto stock market closed slightly up on Wednesday, when the sector of retail has performed well. The gold sector has experienced a cons worse day, while Research in Motion (TSX: RIM) saw its stock being downgraded by an analyst.

The S & P / TSX composite index finished at a new peak for 2009 is 11 652.69 points, up 22.69 points.

The Canadian dollar fell to its share of 0.31 U.S. cents to 94.83 cents U.S..

The consumer sector base has experienced the best day, when the title of the grocer Metro (TSX: MRU.A) has appreciated by 80 cents to $ 36.90. The company unveiled an increase in earnings and raised its dividend 10 percent to 14 cents per share.

The ounce of gold has also reached a new high of U.S. $ 1141.20, up 1.80 U.S. dollars at the commodity exchanges in New York. The barrel of oil was refloated by 44 cents to $ 79.58 U.S..

The title of RIM has given $ 1.28 to $ 63.25 after an analyst at BMO Capital Markets said he had expected to see its performance be equal to the market, but not higher. The analyst is concerned about increased competition now that consumers opt for cheaper smartphones.

Places New York fell after the publication of disappointing data properties. The Dow Jones Industrial Average has surrendered 11.11 points to 10 426.31 points while the Nasdaq Composite Index declined by 10.64 points to 2193.14 points. The S & P 500 finished the day essentially unchanged at 1109.8 points, a negative variation of only 0.52.  ( The Toronto stock market does well with the area of retail )

Autodesk: fall on Wall Street

Autodesk (NASDAQ: ADSK - News) plunged more than 11% currently on the NYSE at $ 24. The California group, market player software and design services and creative digital computer, has posted the 3rd quarter earnings of $ 29.5 million and 13 cents a share, against a profit of 104.5 million and $ 45 cents per share a year earlier. Revenues totaled $ 416.9 million, against $ 607.1 million. The adjusted EPS came out to 27 cents above the consensus. ( Autodesk: fall on Wall Street )

Alstom: will deliver trams Citadis Casablanca

Alstom was given by House Transportation, public corporation responsible for delivering the tram network in Dubai in Morocco, a market for the delivery and maintenance of 74 trains Citadis tram.

The order includes a firm order of approximately 120 million euros and options for the provision of additional trains and maintenance of the fleet for a period of 15 years. The total market, including the firm order, options and maintenance, is to end more than 190 million euros.

These Citadis trams will operate trains in doubles with a total length of 65 meters and the first trains will be delivered to Casa Transport 24 months after the entry into force of the contract for a commercial service in December 2012.

Long about thirty miles the line on which the 74 Citadis circulate through the city from east to west. It should carry up to 250,000 passengers per day. ( Alstom: will deliver trams Citadis Casablanca )

Eurazeo: Goldman Sachs adjusts its target

Market sources, Goldman Sachs remains firmly in the "purchase" on title Eurazeo has adjusted downward its target price of 75.9 euros to ...

Market sources, Goldman Sachs remains firmly in the "purchase" on title Eurazeo has adjusted downward its target price of 75.9 euros to 75.3 euros. The U.S. bank holding company notes that announced strong results for its unlisted. In addition, the broker believes that the assets of the group of Patrick Sayer are significantly undervalued. A continued favorable opinion of Goldman, which participates in the correct place value on Tuesday as the climbing 2.7% to 48.8 euros at mid-day. ( Eurazeo: Goldman Sachs adjusts its target )

Kenneth Jacobs named CEO of Lazard

The investment bank Lazard Franco-American announced Tuesday that its board had chosen to CEO Kenneth Jacobs, head of North American operations of the bank, to succeed Bruce Wasserstein, who died last month

Jacobs, 51, partner of Lazard since 1991, three years after entering the establishment, takes office immediately.

The bank said Steven Golub, 63, who had temporarily assumed the duties of CEO at the death of Mr. Wasserstein would remain vice chairman of the bank and chairman of the financial advisory business.

Gary Parr, 52, who was quoted in the press as a possible candidate for the post of Director General in the context of a possible direction enlarged, for its part will be joining the Board, as Ashish Bhutani, 49. ( Kenneth Jacobs named CEO of Lazard )

Eric Lawrence explores the hidden side of banks

After The Hidden Face of September 11 (2004) and The Hidden Face of Oil (2006), Eric Laurent, always Editions Plon, published The Hidden Face of banks. Subtitle: scandals and revelations of the financial community. This book takes us behind the scenes in financial institutions and we painted the portraits of the masters of America, a handful of determined men crossing time at a rate crises and elections, and in whose hands the Democrats eat with ease disconcerting.

This is not a book about the crisis, but the banks have handled the crisis. "Whenever there is a crisis, said Eric Lawrence I interviewed here for the appointment of the Agora, books that hatch and you wonder why most authors do not publish these books before the crisis as they announce the judgments so lucid and compelling post. We interviewed a few months ago Jean Montaldo for his open letter to the bandits of finance. The hidden face of banks is also a key to understanding financial mechanisms.

British Airways and Iberia marry

British Airways and Iberia have signed a merger agreement. The two companies have announced this Thursday, November 12, after a year of painstaking negotiations. They will form the third largest airline in Europe by passenger numbers.

It is finally the economic crisis has given an impetus to these negotiations because the two companies are both of them in difficulty and need of this alliance to try to escape.

The talks stumbled including the allocation of capital. Finally, British Airways controls 55% of the new entity, Iberia reserving 45% of the shares. The headquarters will be located in London and is a Spaniard who is in control: the current CEO of Iberia, Antonio Vasquez.

A project modeled on the Air France KLM merger

Equally important, both houses continue to exist separately, like Air France and KLM. Besides British Airways and Iberia have modeled their proposed merger on one adopted four years ago, successfully by the French company and its Dutch ally.

This merger will create the world's number three, just behind Air France KLM and Lufthansa, with 62 million passengers, 419 aircraft and more than 200 destinations. The two companies are complementary: British Airways is a specialist on North America and Asia, Iberia on South America.

There is however a major obstacle to this merger: the pension fund of British Airways and its deficit more alarming, more than 3 billion euros.
Iberia demand a solution is found by 2010 failing which the Spanish threat to withdraw from the project. ( British Airways and Iberia marry )

British Airways climbs in the wake of the merger agreement with Iberia

British Airways (BA) rose in early Friday trading on the London Stock Exchange, after the conclusion of an agreement sealing the merger between the British airline and its Spanish partner Iberia, which should generate significant savings.

Around 08H15 GMT/09h15 HEC, British Airways gained 4.18% to 223.99 pence, claiming responsibility and the largest increase among blue chips in London, in a market down 0.20%.

The British company and continued its momentum from yesterday, which had already been earning 7.50% in anticipation of the merger agreement.

After more than a year of tough negotiations, BA and Iberia Thursday sealed their merger, which will create a new European champion, capable of standing up to Air France-KLM and Lufthansa.

The two ex-national companies have announced in the evening a "merger of equals" after which the shareholders of BA owns 55% of the new company, temporarily dubbed "Topco", and those of Iberia 45%, reflecting their respective caps. The transaction is expected to close in late 2010.

The merger will allow both groups to greatly reduce their costs while their finances have been significantly degraded by the economic crisis and soaring oil prices.

"The strategic rationale (this approximation) is to dominate the air routes of the North Atlantic and South, and to make around 400 million euros in annual synergies after the fifth year," said Eamonn Hughes, analyst at Goodbody.

Furthermore, he recalled that the two companies were awaiting the green light by competition authorities in their plans for closer cooperation with American Airlines flights in Europe / USA, which would give them a strike force even greater on the market for transatlantic flights, he added. ( British Airways climbs in the wake of the merger agreement with Iberia )

Kraft will start there in the assault of Cadbury?

The U.S. group has until late Monday afternoon to launch a bid for the British confectioner.

Kraft will he launch his bid for the world number two confectionery, Cadbury English (6.7 billion euros)? The question agitates scholars circles for several weeks. In early September, the giant U.S. (35 billion euros of turnover) had launched a takeover offer of nearly 11.2 billion euros that the Englishman had politely declined.

The stock exchanges were then given one month to Irene Rosenfeld, the CEO of Kraft, to improve its offer. This period ends on Monday in 17 hours. If Kraft does not file a new bid, he will refrain for six months.

In recent weeks, the rumor spread in financial markets that Kraft would negotiate the sale of its mark of Maxwell House coffee to Sara Lee in order to earn the cash to raise its bid for Cadbury. Other rumors point to a bridge loan of $ 9 billion recently provided by nine banks to launch a takeover bid. Last week, Kraft Foods has recorded a fall of nearly 40% of its quarterly net profit, to 824 million, putting him in a difficult position vis-à-vis the financial markets. Most analysts believe that the amount of the share repurchase will be more or less the same as that offered in September.

If it closes, the transaction would undoubtedly have significant consequences on France. In addition to two seats and administrative office in Paris and Blois, Cadbury has five industrial sites in France: Saint-Genest Ambière (Vienna), Toulouse (Haute-Garonne), Vichy (Allier), Blois (Loir-et - Cher), Marcq-en-Baroeul (North). The group has a large number of strong brands in confectionery (Carambar, Kremer, Malabar, the magpie sings) in chewing gum (Hollywood, Stimorol) and chocolates (Poulain, 1848). The commercial synergies with the activities of Kraft would be significant. The U.S. group is already present in the world of dry food with coffee (Carte Noire, Jacques Vabre, Grandma), chocolate (Milka, Côte d'Or, Toblerone) and biscuits (Lu). ( Kraft will start there in the assault of Cadbury? )

Çelik Kapı Üretiminde Yeni Bir Nefes

Varolmak Çelik Kapı, çelik kapı sektörüne yeni bir anlayış ve soluk getirdi. Uyguladıkları kampanya ve çelik kapı çeşitliliği politikalarıyla gerek müteahhit çevrelerinin gerekse de son kullanıcının dikkatini çekmeyi başaran firma, sektörde uzun soluklu olabilmenin planlarını yapıyor.

Çelik kapı sektörünün bu yeni ve genç üyesine başarılar dileriz.