News – Business & Economi

Camaieu reported Monday a net profit increase of 4.8% in the first half of 2010 to 379,000,000 euros, through improving its margins helped offset sales penalized by a late start balances summer.

The French distributor of ready-to-wear said it had an operating profit up 12.4% over the first six months of the year, to 54.3 million euros.

Its sales have in turn increased 9% to 379.2 million euros.

In its statement, however, stressed that Camaïeu same perimeter and exchange rates, turnover fell 3.9%.

"Business was badly affected by the summer sales period was extended by one week in July rather than June, but was offset by improved margins on sales," said Camaieu .

The group also said to have opened 39 stores since the beginning of the year, bringing its fleet to 894 stores including 342 abroad.

At the Paris Bourse, the action Camaïeu closed Monday at 158.48 euros, up 5.65%.

Hewlett-Packard on Monday launched an offer of 1.6 billion dollars (1.2 billion euros) to acquire the data storage company 3PAR, competing with the offer of its rival Dell issued last week and potentially opening the way for other candidates for redemption.

HP offers a 24 dollars per share, an amount 33% higher than that proposed by Dell at $ 18 per share in cash, or $ 1.15 billion in total.

The proposed transaction represented by Dell when it announces a 87% premium over the closing price of 3PAR.

HP recently rocked by the resignation of its CEO Mark Hurd in early August, said that the board had approved the transaction.The closure of the transaction is expected before the end of the year, the company said.

STRATEGIC ACQUISITION

This acquisition would allow the IT group to extend its range of storage products for the 'cloud' (computer via the Internet) and support its service activities, like other industry heavyweights like IBM, they which tend to generate higher gross margins than sales of computers.

"3PAR enables us to expand our business in the storage and diversify our products," said Dave Donatelli, head of the business networks, servers and storage group, during a conference call.

Around 16:30 GMT, 3PAR jumped from 42.68% while the share of HP yielded 1.93%.

The boards of Dell and 3PAR had approved the terms of the agreement.

"We have proposed a superior offer, we are confident in our case and our proposal."

Due to the premium offered by Dell, industry analysts were surprised by the offer of HP, even if they had raised the possibility of a competing offer.

Shannon Cross, analyst at Cross Research, an additional supply could still be issued, which could start the beginning of a strong competition for this acquisition is rare in the technology sector.

"I do not think they (HP) undertake an acquisition only to weaken Dell is a strategic asset," she says.

3PAR and Dell were not immediately available for comment on the announcement of HP.

The trade deficit of France fell to 3.796 billion euros from 5.179 billion in June (revised) the previous month, thanks to increased exports find their level two years ago, according to data CVS / OCJ posted Friday by Customs.

Throughout the first half, the deficit increased to 24.544 billion against 22.928 billion during the first six months of 2009, a decline due mainly to the increase in energy costs.

The deficit for June was better than expected – economists polled by Reuters expecting an average of 4.5 billion, the lowest estimate is 4.0 billion – and is explained by an increase of 10% exports.

The balance of May has additionally been revised downwards to 5.179 billion 5.500 billion instead of an initial estimate announced a month ago, but nonetheless the highest since October 2008.

Exports FOB data CVS / CJO jumped 10.2% to 33.016 billion euros in June against 29.948 billion in May, reaching their highest level since August and September 2008.

Imports were up to their side of 36.812 billion euros against 35.127 billion the previous month.

In the second quarter alone, exports rose 2.6%, after rising 5.1% the first three months of the year, while imports rose 7.4% after +2.1% within the scope of energy purchases.

SALES OF AIRBUS straighten

Improved trade balance in June was primarily due to exports of transport equipment. France has sold on July 26 Airbus which it earned 1.719 million euros against 19 aircraft to 1,050 million euros in May, combined to deliver a packet.

"The sales of transportation equipment, which fell 1.4 billion euros in May, are better than recover.Outside major contracts, industrial exports are also dynamic, "according to Customs in their commentary.

"Throughout the first half, the resumption of trade undertaken in late 2009 has intensified, not found for all the pre-crisis levels," added the administration.

Of these six months, exports rose 5.9% to 187.0 billion euros, compared with an increase of 3.9% in the second half of 2009.

After two semesters of decline, aerospace sales have rebounded by 10.4%, France has supplied over the period 141 Airbus worth 9.4 billion euros.

Automotive exports have, however, increased only 4.3% after rising by 19.5% in the previous semester when they had received "car scrapping" in most European countries.

The mechanical and electronic equipment, pharmaceuticals, intermediate goods (chemicals, metals), agricultural products and energy products have also been well directed, according to Customs figures.

REBOUND AMPLIFIED

Imports have increased their share from 7.4% in the first half, after +2.1% in the previous six months, mainly due to the depreciation of the euro has made it more expensive energy purchases paid in dollars.

The energy bill was so weighty $ 23.2 billion against 20.1 billion in the second half of 2009.

Excluding energy, the increase in imports is only 5.6%, after +2.2% in the second half of 2009, note Customs.

If it has increased the energy bill, the weaker euro has instead favored exports that show a 10% increase compared to the first six months of 2009.

"In the first half of 2010, the French foreign trade has amplified the rebound started in late 2009 by taking advantage of the upturn in world trade and strong demand from emerging countries," said Anne-Marie Idrac, Secretary of State Foreign Trade, in a statement.

"Exports rose to virtually all trading partners, with particular vigor to China or Brazil," she adds.

Towards Germany, the largest trading partner of France, exports grew by 8.5% in the first half.Those to Spain, however, fell 1.4%, reflecting the difficulties of this country is, after Germany and Italy, the third biggest market for French exports.

The press kit released by Bercy reported encouraging outlook for the rest of the year.

"France will continue to benefit, assuming a stabilization of the exchange rate of the euro, an enhanced price competitiveness, the effects on sales will be realized fully in the second half of 2010 and 2011, especially to large emerging markets, "it reads.

The World Cup effect past the French household consumption of manufactured goods fell 1.4% in June and fell 0.9% on the entire second quarter, posting INSEE.

The disappointing figures, well below expectations, suggest a decrease in consumption of all households in the second quarter, including services and supply, which would be a first for two years.

Twenty-three economists polled by Reuters predicted an average increase of 0.2% in June, with estimates ranging from -1.8% to +1.0%.Initially announced at 0.7%, May's increase was revised to 0.6% after a decline of -1.4% in April.

Since the beginning of the year, spending on manufactured goods have registered only two months of increases in March and May The decrease of 0.9% over the entire second quarter followed a 1.9% decline in first.

"The consumer was dynamic in the last quarter of 2009 was considerably weakened when it has always been the mainstay of the business in France.It is a real concern, "said Dominique Barbet, economist at BNP Paribas.

In June, it is the consumer electronics and clothing that have seen their sales drop, taking over auto sales down sharply in early years after the decline of the "scrappage".

After a jump of 6.4% in May, largely due to purchases of televisions before the World Cup in South Africa, the post of home furnishings fell 3.6% in June, biggest drop since November 2002.

For the sole property of consumer electronics, the decline was 3.7% after a surge of 12.4% in May

DROP IN THE CAR Dyked

Spending on textiles and leather have in turn fell 5.0% in anticipation of summer sales that began June 30, five days later than in 2009, but this schedule gives hope for a rebound in July.

For the quarter, the home furnishings rose 3.0% but textiles and leather down 2.8%.

The decline in car sales for its part was contained in June (0.0% after -0.3% in May and -9.2% in April) but the decline reached 8.4% in the quarter, after already a fall of 11.5% in the first quarter.

The 0.9% decline in spending on manufactured goods in the second quarter fears of a decline in overall consumption, for the first time since the second quarter of 2008 when it fell by 0.1%, said Dominique Barbet.

Purchases of manufactured goods account for about one quarter of total household consumption of goods and services, which is much less volatile statistics and published quarterly in the national accounts framework.

In the first quarter, it had stagnated (0.0%), lower than 1.9% of purchases of manufactured goods was offset by an increase in individual consumption of energy.

INSEE, in his memo on the economy published in June, sees yet remain stalled in the second quarter before a rise of 0.3% in the next two quarters.

"The stabilization of consumer sentiment was announced yesterday is quite encouraging, but the outlook remains weak and not with this level of consumption we can expect 1.5% or 2.0% growth," observes the economist of BNP Paribas.

"Household consumption in manufactured goods grows with a horizontal trend since the first half of 2007, although movements in the car drove the second half of 2009," said Philippe Waechter, director of economic research at Natixis Asset Management.

"In relation to a consumer confidence still low, reflecting concerns about jobs and taxes, we can not imagine a rebound coming and it will penalize significantly the growth momentum in the second half."

Most members of the Federal Reserve have lowered their growth forecasts at the last meeting of the Monetary Policy Committee of the Fed FOMC minutes showed 22 and June 23 on Wednesday.

They also felt they should be prepared to take further steps to support the economy if economic conditions continue to deteriorate.

"Drawing the consequences of changes in the financial context, most participants have slightly lowered their forecasts for growth," the minutes show.

"The Committee will consider whether to adopt more supportive measures if the weather deteriorates."

Meanwhile, the Fed will continue to evaluate the methods currently available to it to drain a huge volume of loans it has injected into the financial system, says the U.S. central bank.

The Fed officials have lowered their growth forecasts for 20,110 to a range between 3% and 3.5%, whereas it previously predicted a rise in gross domestic product from 3.2% to 3.7% in May last.

The Federal Reserve expects the unemployment rate between 9.2% and 9.5% in the fourth quarter, more or less what it provided in its previous estimates.

The reflections of the Fed have weighed on the Treasury bill yield to thirty years, investors anticipating a continuation of interest rates at current levels until at least the end of the year.

"This suggests that rates will stay low for long enough and, if necessary, the Fed will try to invent new ways to support the economy," said Ward McCarthy, chief economist at Jefferies & Co.

The general tone adopted by the Fed is tinged with caution, the Fed merely saying that the recovery is underway.

It reiterated its promise to keep interest rates at a level close to zero for an extended period.

The Paris Bourse is stabilized in early trading Monday, after making its biggest weekly rise in a year last week.

The sentiment in the markets is nevertheless supported by the publication of a better than expected trade surplus in China and the prospect of good results season, which begins tonight in the U.S., with Wall Street after Alcoa.

Around 9:32, the CAC 40 index showed a decline of 0.14% to 3549.44 points, after opening at 3562.70 points (0.23%) and increased by 6.16% last week.

Banks weigh on the trend with a decline of 2.5% of Dexia, Credit Agricole 1.7%, 1.6% of BNP Paribas and Societe Generale 1.3%.

Zodiac Aerospace wins 1.85% to 40.520 euros after rejecting a merger offer from Safran (-1.7%).

Seb largest increase SRD wins 5.8%, while Goldman Sachs raised its recommendation from neutral to buy.

Other major European markets are closely irregular: London lost 0.02% while Frankfurt gained 0.12%. As for the European indices, the EuroStoxx 50 yields 0.15% and 0.11% Eurofirst 300.

The Euro drops to 1.257475 dollar against 1.2639 the day before the end of the day, while a barrel of U.S. light crude yields 52 cents to 75.57 dollars.

Marks & Spencer has reported a third consecutive quarter of sales growth recurring but at a slower pace and was cautious, like its competitors, prospects of consumption.

The British group, the number one clothing in the United Kingdom and also present in food and household goods, said its sales at stores open at least a year rose 3.6% the 13 weeks ending July 3, which correspond to the first quarter of its fiscal year.

This increase is in the top end of analyst expectations thanks to good performance clothing.It is, however, lag behind the 5.1% increase the previous quarter.

The recurring sales excluding food fit up 6% while sales in food rose 1.5%.

UK retailers worried about the consequences of tax increases and budget cuts announced by the government on June 22 consumption."We had a good start to our fiscal year, but after the recent budget and the measures taken to reduce the deficit, the increase in VAT, we are cautious on the outlook," said Chief Executive.

However, he ruled out a relapse of the British economy in recession and confirmed the target of a stable gross margin for the entire year.

Marc Bolland, who took over the reins of Marks & Spencer last month, confirmed he will present a strategic plan was updated in November.It could however be facing a revolt from some of its shareholders at the general meeting of the week, some investors do not hide their criticism of his pay 15 million pounds (23 million) annually.

The international sales rose 0.9% while those on the internet via M & S Direct have jumped 49%.

Marks & Spencer has underperformed the Stoxx 600 index of European retail sector by 11% since the beginning of this year. The value finished at 352.7 pence on Tuesday in closing a course corresponding to a capitalization of 5.4 billion pounds.

It yields 2.52% at 343.8 pence in morning

The good performance results of listed companies should trump concerns over the sovereign debt of the euro area and allow the CAC 40 index gaining about 1.6% throughout this year, shows a Reuters poll after the losses in the first half.

The benchmark index of the Paris Stock Exchange should close the year at 4000 points against 3939 end 2009, representing an increase of 9.8% from the close of Wednesday to 3642, according to the median estimates collected from 28 analysts and managers.

They have therefore been revised downwards from the level of 4,200 points set by the March survey.

The professionals see the ACC achieve 4200 points in mid-2011, 15% above their closing Wednesday.

Since 1 January, the CAC 40 fell 7.48%, partly due to concerns about the debt of states in the euro zone, whose magnitude is considered a threat to economic recovery.

"The financial situation of companies could target higher but it is true that the economy would suffer from too heavy indebtedness of some countries," said Christian Jimenez, a fund manager and president of Blue Diamond, which sees the CAC 40 4,000 points at the end of December and 4,200 in a year.

After a mixed first quarter, the CAC 40 was on a downward trend in mid-April, hit by fears of a spreading crisis of the Greek debt to other countries like Spain and Portugal.These concerns have also knocked the euro to its lowest level in four years against the dollar.

CONTRARY WINDS

The benchmark index in Paris has plunged nearly 20% in less than two months, as many stock markets around the world.But it has taken over the past two weeks, erasing some of its losses thanks to the relative calm fears about the debt and purchasing cheap stock whose valuation ratios had fallen to their lowest level for over a year.

Analysts and managers also consider the depreciation of the euro as a positive development for French firms, including of course those who make a significant portion of their sales outside the euro area.

But many professionals like to recall that all the headwinds blowing on the Paris Bourse are not appeased.

"There are negative surprises waiting on corporate earnings in an environment of austerity plans for economic growth and very low in the euro area," explains Philippe-Henri Burlisson, director of fundamental managements at Groupama Asset Management.

"Today the consensus forecast 20% increase in EPS in 2011 compared to 2010.This does not seem tenable and will be revised downward, which will result in falling stock markets. "

He added that the possibility of an increase in corporation tax in the context of measures of fiscal consolidation is a threat to businesses focused on the French market.

"The areas most at risk are those related to domestic consumption and those whose production facilities are relocated to escape under a higher tax burden," he adds.

Philip Henry sees Burlisson ACC 40-3400 points at the end of 3500 and mid-2011.