A technical master position that enthusiasmMathieu Blondel specialist of the firm Arthur dBeing at the crossroads seems to please himOur ability to invest remains very strongBut it all depends on the definition of incidentNamed ideo it will be proposed on May 25Planning also leaves no flexibility to act urgentlyWe we recognize fully the national approachBut the proposals are not always favourably receivedThe difference is that La Grande Vadrouille laughUncle Sam had grown far financial mathematics in the far sophistiquant the crisis of the "subprime". He comes to make a new leap forward with the restructuring of General Motors. The plan won't to holders of bonds GM that 9 of the capital of the company in exchange of the abandonment of their 27 billion in debt. US Treasury gets, him, slightly more than 50 of the capital, nationalizing the automobile manufacturer, de facto in converting only a dozen of billions of dollars of debt. Whereas by removing a liability of the same amount, the trust manager million GM retiree health coverage will inherit 39 of the capital. The bond holders will therefore receive the minimum portion while they will be the largest contributors, by value of $ 21 billion on this Assembly, with the reduction of 86 billion budget hole. This "three weights, three measures" has little chance to see the day, probably requiring the green light for 90 of the bond holders (of which 20 are individuals), the representatives of the trust and the imprimatur of the unions. But it bodes poorly effectiveness and timeliness of an investment under the regime of bankruptcy to which Fritz Henderson leads straight group.
Couch potato
Being large does not necessarily mean having solid kidneys. The number one world advertising, Omnicom, which opens the sector quarterly results season, indeed once again the evidence. The "pitch" that the owner of TBWA, BBDO and DDB tells investors there is nothing exciting with a net profit fall 21 and 14 decrease in sales. The question for them is whether the performance of this empêtré giant are the trailer of a bad film. The memory of the fourth quarter of 2008 can contribute to wait: competitors Publicis and WPP had not then been diving its sales and profits that had endured the American. If its results therefore reflect certainly major advertisers spending braking that strikes all advertising, he suffers more than others. Its fragility is reflected in the level of its operational margin. The removal of 3,500 jobs (5 of its workforce) was not enough to recover profitability already much lower than that of its competitors. It instead again fell to a point, to 10.3, compared to 15 of WPP and 16.7 of Publicis. Explaining the stock market advance made by the French since the beginning of the year, even if happy end is by no means be guaranteed.
Bottom of dock
This is not because last month, Toyota was forced to rent a boat in the port of Malmö to store its unsold cars that automotive flows. On the contrary, it is never rolled as fast! She has even spent the overdrive with gaps that have helped investors did not cold in the eyes of beautiful waterfalls. In France, then the ACC won that less than 4 for three months, Renault has done 14 times better, leaping 53. Peugeot, he has only increased ten-fold Parisian index performance. The engines are also havoc to the Japan where since the beginning of the year automakers have left the Nikkei later in their rearview mirror. While the latter has lost 1.5, Toyota has returned to a third of its value, Honda took over 40 and Mitsubishi Motors 26. Yet, most of them would still lose money this year. In the absence of the slightest sign of recovery in the US market and the return of the yen to wiser levels, the famous sense of anticipation of fellows make them default Rally drivers know yet that the highest jumps end in the most deadly rollover. But this is not necessarily the reason for which Mitsubishi abandons Dakar, this well known Latin American rally.
