Business News & Financial News

NYSE Euronext's shareholders Thursday approved the takeover of the U.S. and European exchange operator by its German rival Deutsche Börse.

The proportion of voters who said yes is about 96%, representing 65.6% of the capital, given the preliminary results.The final statement is expected on Friday.

The merger of $ 9.4 billion also requires the affirmative vote of 75% of the shareholders of Deutsche Börse by next Wednesday, and endorsed by the European Commission.

The German exchange operator Deutsche Börse welcomed the outcome of this election but not the works council has recommended that shareholders do not vote for a transaction that, in his opinion, "penalizes" the company.

For him, it amounts to a "reverse takeover" which does not give enough consideration to the interests of the shareholders of Deutsche Börse.

What the CEO of NYSE Euronext Duncan Niederauer responds: "I have not met a single shareholder in Deutsche Börse, which does not support the transaction."

Both places say that the merger between the two operators is a transaction between equals. Duncan Niederauer to be CEO of the new entity but Deutsche Börse must have 10 of the 17 members of the board.In addition shareholders have about 60% of the company is registered in the Netherlands.

The reconciliation between the two places was announced in February as part of a vast movement of concentration in the sector.

NYSE Euronext had been against a range of Nasdaq-OMX Group and IntercontinentalExchange his partner in April, but both backed off after the rejection of this operation by the U.S. Department of Justice, for reasons competition.

The NYSE Euronext shares gained nearly 3% at midday. Deutsche Boerse closed up 2.4%.

The future of the distribution sector in Brazil may well depend on the negotiation skills of a Swedish marketing expert and a French magnate of finance.

Lars Olofsson, Executive Director of Carrefour, and Jean-Charles Naouri, his counterpart at Casino, compete for the number one Brazilian distribution Grupo Pao de Acucar (GPA), a valuable market share in the seventh global economy.

Carrefour intends to merge its local branch with GPA to create a retail giant weighing about 27% of the Brazilian market of food distribution.

A victory would ensure the Swede Lars Olofsson, 59, a significant boost at a time when he tries to get out of the rut the group after starting three warnings about its benefits in less than a year.

But before him, Jean-Charles Naouri, 62, intends to defend the position of Casino in the Brazilian market, and warned that its controlling stake in GPA made illegal incursions of rival Carrefour.

Casino is indeed a shareholder of Grupo Pao de Acucar (GPA) up to 43.1% of the shares and exercise operational control on par with the billionaire Abilio Diniz – Chairman of the Board of Directors of the Brazilian distributor – in the Wilkes holding.By exercising a purchase option in Wilkes Casino also has the opportunity to be sole master on board from June 2012.

The battle for the Brazilian market – which represents some 230 billion dollars in revenue each year – is likely to be resolved in the political corridors and courts.

Olofsson, MARKETING AND COMMUNICATIONS

Lars Olofsson has spent 32 years in the Swiss giant Nestlé food before being propelled in 2008 to head the world's second largest distribution, supported by Bernard Arnault and U.S. real estate fund Colony Capital, former shareholders of Carrefour within the alliance Blue Capital.

At the head of Nestlé in France and Europe, Lars Olofsson has advanced the group's profitability and has earned a reputation as an expert in marketing and communication.

"This is a man who can kick ass people, without really bothers them," said James Amoroso, a consultant who has clients such as Carrefour and Lars Olofsson known for over ten years.

Six months after his arrival at the head of Carrefour, Lars Olofsson announced a comprehensive restructuring plan over three years through drastic savings of 4.5 billion euros.

Last September, he unveiled Carrefour Planet, a new hypermarket concept whereby – in return for 1.5 billion euros of investment – it is hoped that the hypermarkets end up slowing the favor of consumers in France and Europe .

But the results so far have been mixed, and doubts arise about the ability of Lars Olofsson stand up to Blue Capital.

Earlier this year, Blue Capital has thus forced to support a plan to split the group of real estate assets, triggering a sharp dispute within the group, as the stock market.

Lars Olofsson had no choice but to postpone the draft terms of division, but showed he could be ruthless, winning the departure of James McCann, executive director of Carrefour France and leading critic of the plan of division.

"This is someone who can work in teams. He listens to advice and he can share the work," said Maurice Levy, CEO of Publicis. "He's a friendly people.This is an advantage, but the downside is that sometimes it does not push enough. "

It will, however, that Lars Olofsson make tough if he intends to overcome the opposition of Casino, which not only ruled illegal the merger of Carrefour with GPA, but has already initiated arbitration proceedings against Abilio Diniz to enforce the shareholders that binds to Casino.

NAOURI, the infallible INTELLECTUAL

Born to a doctor father and a mother an English teacher, Jean-Charles Naouri seemed destined for a bright future right out of the Ecole Normale Superieure and the Ecole Nationale d'Administration (ENA).

He started his career in government departments, including finance, where he was chief of staff Socialist Minister Pierre Beregovoy in the 1980s, before converting to the private sector and join the Rothschild bank in 1987.

"It is extremely bright and you can be sure he always three moves ahead," slips one of his employees, saying his "determination and tenacity."

Passionate opera buff Greek and Latin, Jean-Charles Naouri was found in the distribution sector through Rallye, the holding company which controls 38.5% stake in Casino.

In 1992 he made his debut in the environment by countering a hostile takeover of the group Promodès, which will then be taken over by Carrefour.

Casino became CEO in 2005, Jean-Charles Naouri managed to straighten the group by offloading its loss-making activities and opening the high-growth emerging markets such as Brazil, Vietnam, Colombia and Thailand.

An analyst who knows the man describes as "very bright and very demanding" and said he was not surprised by his firmness in the Brazilian case.

Casino recently received some letters seized from his rival Carrefour can be kept by bailiffs to be possibly used in court.

Moreover, according to a source familiar with the matter, Jean-Charles Naouri went to Brazil to meet with officials from the Brazilian National Bank of Development, which supports the merger, Carrefour said Saturday GPA but no funding would be committed without Agreement Casino.

Despite its firmness displayed so far, those who know him say that Jean-Charles Naouri could consider a compromise. Last year, he had thus reached an agreement with Lars Olofsson by acquiring the assets of Carrefour in Thailand.

"It is no fun and it's not a choir boy. But it will not crash. He knows his interest and he could negotiate," said one analyst.

EuropaCorp, the production company of Luc Besson announced Thursday a loss of 30.2 million euros for 2010-2011, mainly due to the failure of the international two items of the saga "Arthur and the Invisibles "and the costs associated with the reorganization.

The group of film production and distribution, established in 1999, table, however a return to growth "sustainable and profitable" due to the increased presence of international films and lower overhead.

"The realization of the strategic action plan allows us to renew our confidence in the goal of returning to profitability for the year 2011-2012," said Group Chief Executive Christopher Lambert in a statement.

The studio, who has produced "Taxi," "The Fifth Element" and "The Transporter", introduced in May a three-year strategic plan which should enable him to return to profit after exceptional losses Arthur saga.

"This plan led in particular to the increase in the share of recurrent and our international sales," said Christophe Lambert.

The studio recording the rise of television production, which in 2010-2011 accounted for the first time to revenue, amounting to 16 million euros, or 9% of 178.7 million euros income group.

Around 24:30, the action is up 2.85% to 3.97 euros on Thursday, bringing its market capitalization to about 80.6 million euros.The title has sold nearly 12% since the beginning of the year, after losing about 30% in 2010.

To compensate for the cessation of Libyan oil exports, the 28 IEA member countries agreed Thursday to draw 60 million barrels in strategic reserves. Panic, markets loosen. But was not the intention? Traders work on oil prices in the New York Stock Exchange

Members of the International Atomic Energy Agency (IEA), which includes industrialized countries, will draw 60 million barrels of oil in their strategic stocks to compensate for the cessation of Libyan exports, said Thursday the Director General of the Nobuo Tanaka organization. The 28 member countries of the IEA will make these volumes in the market for an initial period of 30 days, said Mr. Tanaka at a press conference in Paris. The first barrels extracted from the strategic reserves should reach the market from next week.

According to the Agency, the events in Libya have deprived the market in late May of 132 million barrels of crude oil. But the seasonal increase in demand expected this summer could exacerbate the lack of supply, she believes. Beyond the circumstances, the Agency also shows careful not to upset the "fragile recovery" of the global economy, on which the surge in prices since November poses an "unacceptable threat".

This will be the third time in the history of the IEA, created after the 1973 oil crisis, that such action is taken. The members of the organization had already put to their stockpiles after the invasion of Kuwait and Iraq in 1990 after Hurricane Katrina struck the U.S. in 2005.

Active participation of the United States

Specifically, the United States will participate in this effort by 50%, European countries for 30% and 20% for Asian countries. The U.S. Department of Energy confirmed in a separate statement that it would draw 30 million barrels in reserves, currently at a "historically high" of 727 million barrels. The United States is prepared to dig deeper into their strategic oil reserves if necessary, beyond the measures announced Thursday in coordination with member countries of the IEA, has also said a U.S. official. The amount of oil that the U.S. will put on the market 30 million barrels, accounts for "less than 5%" of its strategic stocks, noted the official to show that his country still had a wide latitude .

For his part, "France will contribute in proportion to its consumption, or 3.2 million barrels, equivalent to about 2% of French strategic stocks," he said in another statement the Minister of Energy Eric Besson .

The current collapse

Immediately investors were relieved of their positions on oil. Once this announcement, oil prices, which was already moving down sharply, in fact, have accelerated their plunge, sealed by the prospect of the arrival of a large volume of oil on the market. The courses and loose more than 8 dollars in London and close to $ 6 in New York. Around 2:10 p.m. GMT (4:10 p.m. in Paris), a barrel of Brent North Sea crude for August delivery fell 7.61 dollars in London at 106.60 dollars, after getting off a few minutes earlier to 105.72 dollars, its lowest level since May 6In New York, a barrel of "light sweet crude" (WTI) for the same term let go for his 5.02 dollars to 90.39 dollars, after touching 89.69 dollars, its lowest level since Feb. 21.

A surprise decision to lower prices?

For some this would have the sole purpose of lowering oil prices considered too high in a still fragile economy. "The IEA has totally taken by surprise investors with the decision, which is an attempt to lower prices" too high in the eyes of the consumer countries, Myrto Sokou analysis, analyst at broker Sucden.

The IEA, she believes she was forced to act because of the failure, on June 9 in Vienna, the countries of the Organization of Petroleum Exporting Countries (OPEC) to agree on an increase in their quotas production, set in January 2009 to 24,840,000 barrels per day.Recently, Saudi Arabia, however, had indicated its intention to increase production to ease tensions on the market. As a justification, Mr. Tanaka said that the IEA had been in "close contact" with Saudi Arabia and that the initiative was to "ensure the transition" to the finish on the market of Saudi barrels, and thus "avoid the risk of shortages in the short term."

Airbus expects orders on Wednesday for its A380 superjumbo, which damaged the copy will fly Sunday at Paris Air Show, said Louis Welsh, CEO of EADS, on RTL.

"The A380 will fly today and we should now have additional controls," he said.

Hong Kong Airlines said June 14 that it planned to order at Le Bourget for several A380.

Louis Welsh was also estimated on RTL that orders for Airbus at Le Bourget should "significantly" exceed the number of devices reached 263 to date.

The Paris Air Show opened Monday and ends Sunday after three days open to the public.

"The Civil Aviation is well. The market is gone. (…) The crisis is over for the sector of civil aviation business.For helicopters, this is expected for the next semester, "said Louis Welsh.

Saudi Arabian Airlines announced Monday it had ordered four Airbus A330-300, representing $ 890 million based on list prices.

"Saudi Arabian Airlines, the Saudi national airline, has placed a firm order for four A330-300s, in addition to the eight aircraft of the same type ordered in July 2008, bringing the overall control of the company to 12 A330 -300 ", said the airline in a statement.

French production of electricity could decrease by nearly 10% this summer in the event of a combination of a heat wave and a persistence of the current drought, said Thursday RTE (electricity transmission).

The balance between supply and demand of electricity, however, presents a risk "low" for the entire summer, the group concluded in its analysis forecast for the summer season.

"On average, lower production in the scenario 'Heatwave' is estimated at 11,300 megawatts (MW)", the equivalent of the average production of 10 nuclear reactors, said RTE.

To ensure balance between supply and demand, "it may be necessary to import up to about 6.000 MW in late September, says he, or 50% more than during the summer of 2010.

The sheer volume of imports is "compatible" with the capacity of border trade, "he assures.

The situation could be more tense if the conjunction between drought and heat waves simultaneously affected several neighboring countries of France, also explains RTE.

RTE says that "a sustained heat wave episode, characterized by temperatures above 7 degrees C at normal temperatures, would lead to both reduced production and increased consumption."

At peak daily consumption, around 13.00, a rise of one degree Celsius of temperature induces an increase in consumption of about 500 MW, which is explained by "the increasing use of appliances air conditioning and ventilation during the afternoon, "according to RTE.

European leaders are working hard to reach agreement by the G8 in Deauville late May on a candidate to succeed Dominique Strauss-Kahn to head the International Monetary Fund, and Christine Lagarde's candidacy seems to come off.

German Chancellor Angela Merkel confirmed that the French Minister of Economics was among the potential candidates that the EU could make.

"Among the names circulating for the succession to the IMF is that of the French Economy Minister Christine Lagarde, whom I hold in high esteem," she said Friday during a news conference.

Diplomats said the European Council President Herman van Rompuy and European Commission President Jose Manual Barroso are trying to reach agreement on a candidate by Christine Lagarde.

Some emerging countries have estimated that the custom to assign the post of IMF Managing Director to a European was no longer appropriate and that others should also have their chance.The U.S. Treasury Secretary Timothy Geithner made comments Friday that could be interpreted as moving in this direction.

"We are ready to support a candidate with deep experience and leadership qualities required and that could gain broad support among members of the Fund, Tim Geithner said in a statement.

"It is important that it be an open process and go quickly to select a new direction for the IMF," he added.

The former Turkish Minister of Economy Kemal Dervis, a widely cited as potential successors to Dominique Strauss-Kahn said Friday he would not take part in the race.

"In the speculation about the succession to the IMF, I was included in the group of people with appropriate experience.But I'm not and am not a candidate, "said Kemal Dervis said in a statement.

Dominique Strauss-Kahn, who resigned as director of the IMF because of his involvement in a sex scandal, won Thursday night's bail and had to leave prison in New York from Rikers Island Friday. He resides in Manhattan with electronic monitoring.

THE SHADOW OF THE MATTER TAPIE

Christine Lagarde on Thursday received the support of the President of the Eurogroup Jean-Claude Juncker, as well as the Italian prime minister Silvio Berlusconi.

Economists believe that the French are the favorites, according to a Reuters poll released Thursday, which would make her, at age 55, the first woman to take the reins of the Institution of Washington.Over 56 experts surveyed, 32 believe it will become executive director of the IMF, according to the survey.

The complainant declined to give his opinion on the matter, saying only the press that "any application, whatever it is, must come from the Europeans who come together, all together."

China and Japan have called for a transparent selection process to choose the future director of the IMF on its merits.But an EU source said that Beijing was in favor of private Christine Lagarde, and that it should now get support in Latin America.

"There have been preliminary contacts to see if Christine Lagarde has the support of other countries because it is considered the best candidate in Europe," said a diplomat. "Let the decision be quick.It would be better to reach a consensus before the G8 meeting. "

Leaders of the Group of Eight leading industrialized nations meet in Deauville from 26 to 27 May under the aegis of France, which currently chairs the G8 and G20.

Still according to diplomats, Belgium, including the Minister of Finance Didier Reynders could himself be a candidate, has expressed reservations about a candidate by Christine Lagarde, citing possible legal troubles for French.

The Attorney General of the Supreme Court has requested an investigation relating to "abuse of authority" in the case Tapie, and three judges must decide by mid-June on the prosecution.

The case concerns the allocation of 285 million euros of public money to Bernard Tapie as compensation for alleged lost profits on resale of the company Adidas. The payment, authorized by Christine Lagarde, following an arbitration is denied.

"We must be absolutely certain that a candidate should be able to hold the position for the duration of its mandate, this time," said one diplomat.

An INSEE study reveals that the actual consumption of the French was 13% higher than the EU average in 2009. Back on the French habits and checking shots. Eat and drink at home, the art of French living

While the "flop" of power purchase is regularly the focus of debate, the INSEE study released this morning shows that the French are elevated to the seventh rank of the largest consumer in Europe in 2009. United Kingdom and Luxembourg in the lead, the French consumption is she, 13% above the EU average of 27. Back on the six consumer trends unique to France.

The French eat more fish than the Germans

Requires cultural influence, the French are among the largest consumers of food products. (18% above the EU average).Thus, we eat three times more fish and a half times more meat than our neighbors across the Rhine.

The French drink more alcohol than the English …

In France, per capita consumption of alcoholic beverages is 20% higher than the European average. It is therefore with surprise that one learns that the French are ahead of their neighbors across the Channel yet known to take long hours behind the counter. The study cautions that "these differences in volume consumed" primarily reflect differences in the level range of products purchased. We are thus reassured.

Consumption savings, the French champions

The study also recalls that the ranking of GDP per capita of France located at 11 th place in Europe, with a rate only 8% above the European average.Proof then, that consumption is a real engine of growth in France. Real paradox, then, since the French are also Europeans who are most likely to save.

But the Spaniards smoke less

The anti-tobacco they discourage the French from smoking? Everything suggests that yes, since their consumption dedicated to this position is relatively low (28% below the EU average) far behind the Germans, Italians or Spaniards (greater than 52% at the same average) .

Deserting the French cafe terraces …

The French round? In any case suggests that the low attendance at restaurants, like the terraces of cafes, tearooms and pubs that are clearly abandoned. Thus, contrary to the Spaniards (205%), French record one of the lowest power in the matter (74%).But all that will explain it a matter of lifestyle that only residents of the Hexagon appreciate.

And forsake fashion

The French do not seem to find something that suits them. Indeed, if we attach great importance to food that is not the case for clothing products. Thus, the consumption volume of clothing and footwear in France is slightly below the European average (95%) and far behind that of the Italians (151%) who do not miss their reputation. Another snapshot confirmed.

To spend more on education

The studious image of the French population is confirmed. We spend well more than our European neighbors to learn. Our position in the consumer education is for example 22% higher than the Italians. This is partly explained by the share of public spending in the actual consumption of households.Thus, without an exception in Europe, the French government supports 88% of household spending on education.

Higher prices in France

Another key lesson of the study, prices in 2009 were 14% higher in France the average European price. This difference is particularly related to differences in living standards between countries, but also to the fact that "services are not tradable goods and are therefore much less prone to competition than goods."

In this area, prices in France were 22% higher than the European average in 2009. The difference is therefore less for goods prices (5 points). France is particularly bad student acts in all fields within the habitat (housing prices, water and electricity).

The device has mainly benefited a very small number of people. Thus the first thousand beneficiaries at the top of the ladder have received a check average of 365,000 euros. Viewed from the Ministry of Economy and Finance at Bercy.

The device of the tax shield has cost 591 million euros in 2010, according to provisional results sent to members of the Committee on Finance, says Les Echos newspaper in its edition of Tuesday, May 3 The average amount returned to some 14,400 beneficiaries of the tax shield, which limits direct taxes at 50% of their income, amounted to 40,908 euros during the 2010 campaign, says Les Echos.

The newspaper said the scheme has mostly benefited a very small number of people. Thus the 1,000 taxpayers first, or 7% of beneficiaries have received a check average of 365,000 euros and totaled 63% of expenditures.At the other end of the scale, nearly half of the recipients (47%) represented only 3% of spending. These are "taxpayers with low income and not subject to the ISF (solidarity tax on wealth) but eligible for the tax shield under their property tax."

The wealthiest taxpayers will once more of the tax shield in 2012, but the government will avoid paying them refund checks, it was learned from Bercy to spare themselves annoying symbols in its presidential campaign. The government will remove next year the tax shield, which caps since 2007 the total direct taxes in half the income of a taxpayer.

Meanwhile, as part of its reform of the taxation of wealth, it will reduce the solidarity tax on wealth (ISF).But "in 2012, we can still play the shield if the taxes paid in 2011 exceeded half of the income received in 2010," it was argued at Bercy. So far, to claim the shield, taxpayers can either fill out an application to the tax office to get a refund check or, for those who are also subject to the ISF, wait until June and deduce for themselves the ISF they have the amount they are entitled under the shield.