Kellogg's takes its revenge. After being out of the game last year, the world's leading cereal offers Pringles potato chips, for $ 2.7 billion. It takes advantage of misadventures of the seller, Procter & Gamble (P & G), which had entered into negotiations in April 2011 with fellow American Diamon Foods for the sale of Pringles.
These negotiations were unsuccessful, the purchaser being mired in a huge accounting scandal. Within months, the stock price Diamond Foods has lost half its value. But the company had committed to spend $ 2.4 billion, mainly in equities, to get their hands on Pringles. In early January, Diamond Foods announced it would need to reassess its accounts the past two years, following an internal investigation into its accounting practices. Hours later, P & G said look for an alternative.
Kellogg's and P & G should complete the operation by the summer. The withdrawal of Diamond Foods will not result in financial compensation for P & G.
By offering the brand of chips, which generates about $ 1.5 billion in sales and employs 1,700 people, Kellogg's is a giant step for the future. "Pringles has a global presence that propels to Kellogg's second in the world of crackers, helping us achieve our goal of becoming a real business of cereals and snacks," says John A. Bryant, CEO of Kellogg's, which topped last year's $ 13 billion in revenue.
PepsiCo, the leader
Sold in over 140 countries, produced in Belgium and the U.S., the Pringles potato chips become the second brand of Kellogg's Special K behind The U.S. giant has already Keebler cookies and crackers and Cheez-It Townhouse. The group also sells cereal bars and fruit snacks. But he has to go up a gear abroad.
"The acquisition of Pringles it provides a platform for international distribution of its products ready for snacking," analysts said BernsteinResearch. This should lead to synergies, particularly in Asia, where Kellogg's is still low.
Dominated by PepsiCo, the snack market, with sales approaching $ 65 billion, grew twice as fast in the last five years in emerging markets (+9.6% on average) than in mature markets. The sale of Pringles brand disengagement of P & G's food, a segment where the world's leading consumer products had tried to diversify in the 1990s. In 2004, he had already sold its Sunny Delight juice. It intends to focus on cosmetics, personal care and cleaning products.
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Crisis requires, the French are tightening their belts. And budget decisions affect more and more health spending. Some are also willing to do without doctors when sick. Today, one third of French people use the Internet to seek health or medical information, both for themselves and for their families, according to a survey ViaVoice for Group Mutual Pasteur published last week. "Supervision fee may cause some patients to delay seeking and waiting to see if symptoms persist," said Dr. Bruno Gaudeau, President Pasteur Mutual Group, insurance group insurance healthcare professionals.
Involved, mainly: rates of complementary health. Since October 1, the tax on these insurance products increased from 3.5% to 7%. Higher than the mutual claim to be forced to pass on to policyholders. They argued that the additional health premiums expected to go higher than 4.7% on average in 2012. The delisting of many medicines also weighs on the budget of the French. Even the generic – these drugs cheaper than the leading brand products – have suffered in 2011: 614 million boxes were sold, against 630 million in 2010, according to the Gem, the union of generic manufacturers.
"It all starts to make money," commented Dr. Bruno Gaudeau, which expects that this mode of "self diagnosis" is accelerating in the coming years. Sites accessible to the public health are increasing and the doctors themselves invest the net. To guide them in this universe, the National Council of the Medical Association (CNOM) has published a white paper in late January. However, according to President Pasteur Mutual Group, users see mostly forums, such as those sites or the Doctissimo Féminin.com, where they can exchange with other Internet users.
Crisis of confidence in the world of health
Another source of information trusted by the French, pharmacists are increasingly in demand. "The medical excess fees are expensive, prompting patients to seek alternatives to conventional treatment pathway," says does one within the National Order of Pharmacists. But the economic crisis does not explain everything. "The French are more and more information from diverse and varied media and need to sort out. That is why they seek advice from their pharmacists. "Finally, the health world is going through a serious" crisis of confidence "in the wake of the scandals of the Mediator or PIP breast implants. "Consumers need to be reassured," says the National Order of Pharmacists. However, a recent study Ifop, 94% of French people say they "strongly" or "somewhat" confident in their pharmacist.
The GP is not great, with a confidence level of 97%. That is why Dr. Bruno Gaudeau looks to the future of the medical consultation with optimism. "If the search for medical information over the Internet has become a common practice, 90% of internet users who use them do so in addition to a consultation with a health professional."
YOUR TESTIMONY – Can you do without the advice of a doctor? Community websites related to health are you useful? Do you trust these platforms? Tell us about your experience in comments below or email temoin@lefigaro.fr.
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The fateful day approaches: that of the arrival of the mobile Free. There is no filter in the individual but it is unclear the troublemaker telecom miss the fruitful period of Christmas, which generates nearly a quarter of handset sales this year.
Technically, the new operator is ready. Its network already exceeds largely 27% coverage, according to industry sources. A threshold that allows it to trigger the negotiated roaming agreement with Orange (the ability to take the Orange network) and open its service throughout France fast cash loans. Commercially, the teams are also in the starting blocks. Free Mobile has largely recruited and now grazes a thousand employees, including over 800 dedicated technical support. After two shops in Rouen and Troyes, a third scheduled to open within a few days in Angers.
Air France-KLM is one of the biggest disappointments of this year the stock market. Title drop 59% since January 1. The strike, which lost, according to our calculations, about 10 million per day to the company, is only one element in a more negative balance very dark.
"There is no question that I invest in this action. There is no visibility. They mastered neither the personnel nor the cost of oil prices. They face strong competition from other companies, "said one portfolio manager bad credit payday advance. This opinion, indeed radical, summarizes the weariness of many managers who do not want to invest in Air France KLM.
The numbers speak for themselves. Market capitalization is more than 1.67 billion euros, less than 7% of annual sales and less than 25% of equity. The group is in any case weighed down by a net debt of 6 billion euros.
It is the opinion more dangerous than others. That the member Martine PS Martinel just given to the Committee of Cultural Affairs as part of the passing of the Finance Act, sets fire to the powder in public broadcasting. Requires pre-election period, no doubt, is the set of reforms since 2008 who is harshly criticized, whether that of France Television as Audiovisual outside France (AEF). Even the men who are now in place are not immune to criticism. Little detailed review:
As for the AEF, the report by Martine Martinel denounces the "unrealistic financial trajectory proposed by the AEF and accepted by a confidence that can be described as blind by the State." Particularly with regard to advertising. "This led the AEF has requested a budget increase in 2011."MP sees this as the main cause of the lack of perspective of the state as the group itself that led the General Inspectorate of Finance to intervene in the summer. However, the member is concerned that "the national representation there is still no access."
It also criticized the management of the CEO, Alain de Pouzilhac, saying "the list of errors of management is already long enough and sufficient breach of trust used to put an end to the appointment of Mr. Alain de Pouzilhac ".
In the process, the MP also questions "the merger of RFI and France 24, it considers reform conducted forced march and which neither the need nor the utility are proven." However, Martine Ravinel advocates rapprochement between France and the 24 public group France Televisions.
France Televisions, however, is not immune to the report of the Socialist MEP.The latter believes that the 2008 reform has been to reduce advertising on France Televisions has a balance sheet "very negative". She asserts that the reform had a "zero impact of the abolition of advertising on the audience." It also is concerned "to a funding threatened and does not guarantee the necessary visibility to the group" as the organization itself of the company. It is particularly cautioned the government against "a lack of reference to employees" within the "single undertaking". Finally, Martine Martinel denounced at once "no channel dedicated to youth" and the need to "modernize France 3".
Explosive, this report could nullify in advance of the Commission's thinking on foreign broadcasting, chaired by MP Michèle Tabarot UMP. Yet its members do not want to change the schedule."Before giving our conclusions, we firstly audition Alain Juppe, foreign minister, who said he wanted to get involved in the matter, but also about the findings of the Inspectorate General of Finance," says Christian Kert , UMP deputy of Bouches du Rhone.
However, the options are continuing to clarify:
-Members of the opposition and the majority still stand on the issue of the merger of France 24 and RFI, as the two solutions would they be supported and at the discretion of the government.
-Governance structures to isolate the CEO of the AEF of different operational functions to avoid a repetition of the pattern Pouzilhac / Ockrent.
-The Commission may recommend synergies in terms of content between France Television and France 24.In this case, France Televisions could be invited to the board of the AEF.
-Finally, the Commission could recommend only the tutelage of the Ministry of Foreign Affairs.
This is the week of Nov. 24 that the Commission could then make its own report.
The applications are increasing in the resumption of Swiss France Telecom. In any case, think they know what the Echoes, which announced Friday the opening match of Xavier Niel in the race for the resumption of the Helvetic subsidiary of the French operator. According to the newspaper, the co-buyer of the World with Pierre Bergé and Matthew Pigasse, have filed an application for the acquisition of the asset, the group wants to get rid Stéphane Richard since late July. Announced during half-year results, this operation should yield between 1.5 and 2 billion euros to France Telecom. Or so hopes in the group.
Despite the difficult conditions of funding and the increased reluctance of banks, the French operator has not given up the sale. The facts seem to prove him right, a dozen candidates who have passed the process of selling the asset.But the arrival of Xavier Niel somewhat diversified profile of potential buyers. So far, the majority of applications related investment funds: Apax, Providence, EQT, Bain Capital, Liberty Global, Doughty Hanson and Carlyle separately and Altice, Numéricable shareholders.
Support of Goldman Sachs
Xavier Niel, the head of the Iliad, the 297th ranked Fortune Global Forbes, meanwhile intervene personally. The Egyptian billionaire Naguib Sawiris politician, former CEO of the operator Orascom is also in the race. Faced with these heavyweights of finance, the French entrepreneur has joined forces with the U.S. bank Goldman Sachs, report echoes.
"At 2 billion Swiss francs (1.6 billion euros, Ed), Orange Switzerland is valued six times its gross operating profit on the stock exchange more than 3.8 times that of France Telecom," the daily explains.A premium is explained by the fact that the sale of Orange Switzerland is the only major operation in progress on the Old Continent now, and that France Telecom has commissioned ahead of banks, including Credit Suisse, HSBC, JP Morgan, to prepare a financing plan ahead in order to facilitate the implementation of the operation.
At the second round of bidding, all filings seem to hold the interest of the French operator, since no application has yet been ruled out.
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Run for your lives! This is the response of the Greek youth graduated from the crisis and the stacking of austerity since early 2010. Examples abound. The Goethe Institute in Athens is facing a 70% increase in enrollment in German courses. A recruiting office in Northern Ireland offers young Greek, says Athens News, collect mushrooms or work in aquatic farms. A conference on migration to Australia by invitation only-recently gathered 1000 graduates (even though only 100 Greeks settled in the island-continent in 2010).
The Greeks want to leave their countries in crisis, but it is not seen in official statistics."Based on preliminary figures available, we observe no increase in emigration in Greece in 2010," notes Jonathan Chaloff, migration expert at the OECD, based on information provided by the U.S., Australian, Canadian or Swedish. "There is indeed a great desire to emigrate, but the obstacles are real: the language barrier, recognition of qualifications, etc..," Said he.
More border, more control
This is not the only reason why migration flows are difficult to perceive. "Young Greeks are mainly the countries of the European Union," Lois Labrianidis point, Professor of Economics at the University of Thessaloniki."But as there is no boundary or control, you can not count these departures." The researcher is a hint: the Greeks entered in the European Internet portal EURES CV exploded in 2011, reaching 15,500, two times the total recorded since its inception in 1993.
Young people fleeing a country they consider no future. "The dynamics of the labor market is worrying. The unemployment rate reached 16%, up 50% from 2010. And for young people is twice (30%), "notes Manon Domingues Dos Santos, migration specialist at the University Paris-Est Marne-La-Vallée. "In this context, the most qualified are the most mobile: they speak foreign languages and better meet the needs of labor in host countries."
The crisis accelerates a phenomenon of brain drain that affects Greece for at least 10 years.At the edge of recession, in 2007, already 12.2% of the most educated Greeks living abroad, or at least 876,000 people. This figure is just swell: already during this period, more than 4.5% of graduates were leaving Greece every year, according to figures compiled by Frédéric Docquier, a professor at the University of Louvain. This is much less than Portugal (over 12%) but almost twice as Spain, also in crisis countries. In comparison, only 1.31% of French graduates leave the country.
Herding phenomenon
View from the best-trained its elites to broader horizons, such is the fate of small countries like Ireland or Lithuania. "Greece, however, could prove to be a special case, said Frédéric Docquier. It is in near-bankruptcy.They may therefore develops a herd phenomenon: if the elites and the most qualified anticipate the crisis and with rigor, everyone will leave the country when you leave you too. "
Problem: well-trained elites are among the taxpayers most likely to pay high taxes. Leaving their country, they will not settle the affairs of the state. In the longer term, "the departure of more skilled threatens growth by detracting from the production of research and innovation," Manon Domingues Dos Santos is concerned.
Greece, which was over twenty years, between 50 and 70 years, a land of emigration, however, tries to take advantage of its diaspora. The government has proposed this year to Greeks abroad to finance its debt to the tune of 3 billion euros.
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A debt crisis could lead to another. The Greek fire is not yet off the government needs to rush to the bedside of local authorities and their bank moribund, the sulfur Dexia. Not a week goes by without a large community calls upon the State to the rescue. At least 200 cities, councils, hospitals and housing associations are home loans on their books "toxic" with huge interest rates have put their finances at risk. Listed, some heavyweights as Saint-Etienne, Marseille, Grenoble, but also the urban community of Lille and the General Council of Seine-Saint-Denis. To reopen the tap credit to communities that provide 75% of the investment in the country, the government had to address the problem urgently Dexia.Will this be enough there?
Last month, the government has activated for the first time a special support fund created in late 2010 for the departments in need. The beneficiaries are seven departments (six rural) whose debt is massive, and revenues, almost entirely absorbed by the distribution of welfare. Hitherto considered the spoiled children of decentralization, regions require the State to review the financing of rail, now they consider "untenable" for their budgets low interest rate personal loans.
The alarm level is reached. In ten years, spending communities have increased by 60%, and local taxes, 45%! These figures are staggering.Whose fault? A lax politicians and poor managers who prefer to treat their customers (36,000 hiring officials last year when the state removed 34,000 positions)? The lack of political will of the state, hostage to local barons? Bankers incendiary? To have the heart net, Le Figaro Magazine has plunged into the accounts of local authorities, was shelled and analyzed partnered with the Thomas More Institute and Public Evaluation System.Inspiring!
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Wall Street earnings increases, on Thursday. After opening slightly higher, U.S. financial markets concluded the session by increases above 1% for the third consecutive time. The Dow Jones took 1.68% to 11,123.33 points, the Nasdaq rose 1.88% to 2506.82 points and the S & P 500 gained 1.83% to 1164.97 points.
After weeks of dithering, European leaders have taken in hand to avoid a collapse of the banking sector, weakened by the debt crisis, which brought down the French-Belgian group Dexia.The markets were also reassured by the publication of macroeconomic indicators in the U.S. exceeded expectations: job creation in the private sector and the ISM services.
On Thursday, the European Central Bank (ECB) announced on Thursday to maintain its 1.50% interest rate, reference the cost of credit in the euro zone, despite the sharp deterioration in the economic and financial crisis.
Meanwhile official figures of employment for the month of September in the United States to be published Friday, new jobless claims are slightly lift the United States during the last week of September, according to figures released Thursday in Washington by the Department of Labor.The Ministry has identified the deposit of 401,000 applications for unemployment benefits in the country from September 25 to October 1, adjusted for seasonal variations, or 1.5% over the previous week, which is consistent with the estimate of analysts.
On the foreign exchange market, the euro reached 1.3435 dollars (0.65%). On the New York Mercantile Exchange, a barrel of "light sweet crude" for November delivery ended at 82 personal loans for bad credit.59 dollars, up 2.91 dollars compared to the previous day.
Apple has resisted despite the death of Steve Jobs
As for values, investors will have their eyes on the technology sector.
• Apple (-0.23% to 377.37 dollars) will remain particularly observed after the announcement of the demise of the group's founder Steve Jobs.
• Yahoo (-1.70% to 15.65 dollars) is the subject of new rumors of a possible bid from U.S. computer giant Microsoft, which had already in 2008 attempted to seize the group's internet America.
• Hewlett-Packard (4.99% to 25.05 dollars) should not make further major acquisitions in the software after the acquisition of Autonomy, according to statement from the group's new boss Meg Whitman cited by Reuters.
• Boeing (2.54% to 61.48 dollars) has received an order for $ 1.1 billion from Ethiopian Airlines for four Boeing 777 freighters.
• Gilead Sciences (1.28% to 39.65 dollars) has obtained a license agreement Boehringer Ingelheim for the exclusive rights to research, development and commercialization of an anti-integrase for the treatment of HIV.
• Marriott International (2.13% to 28.78 dollars) issued for the third quarter, earnings per share of $ 0.29, up 32% year on year. Turnover was 2.9 billion dollars against 2.6 billion last year. The revenue per available room key indicator in the hotel sector grew by 8.7% on a comparable basis, while prices rose by 5.3%.
Coffee breaks should be shorter now for the employees of Goldman Sachs in New York. In recent days, in fact, they have at their disposal coffee cups smaller than normal. The bank, which has embarked on an extensive program of savings $ 1.45 billion in mid-2012, estimates that reducing the size of the cups 35 cl at 29 he will save "thousands of dollars ". In the same vein, the machines "cashless" (to recharge with cash cards can be used to pay vending machines) are becoming increasingly rare in buildings. According to Goldman Sachs, it will pay less armored car to transport the money raised.
Other banks, Wall Street stars, also address their operating costs.The offices are less green and Morgan Stanley, which decided to cut the budget plant. "Every dollar not spent is a dollar that can be used for growth," says her boss wisely James Gorman. Bank of America canceled several expensive meeting, while Barclays will strictly monitor the bill for business phones for its employees.
Bonuses reduced and job cuts
More importantly, the impressive bonus paid out to employees at year end should be reduced. Although for the moment, the cumulative 65.69 billion dollars, set aside for this purpose in the first half by Citigroup, JPMorgan, Goldman Sachs, Morgan Stanley and Bank of America, do not show it yet. In recent await the end of the fourth quarter before taking any decisions about it.
Saving measures will also affect employment installment payday loans.Goldman Sachs cuts and positions could not be about 3% of the workforce (1,000 people), as expected so far, but 5% of the total. Bank of America will eliminate 30,000 positions, JPMorgan Chase 3000.
A disastrous quarter
The time has come for U.S. investment banks to tighten their belt after a disastrous third quarter. The very poor stock market performance of major Wall Street banks over the period, characterized by loss of 16% to 49% over the period, illustrate the phenomenon.
The reason: the pressure around the debt crisis in Europe affects the banking sector on both sides of the Atlantic, the new cases of mergers and acquisitions and bond below the 2008/2009 levels, and economic slowdown in the U.S. and the euro area.Not to mention the always present impacts of the subprime crisis.
Symbol difficulties, Goldman Sachs is expected to announce on 18 October, its worst quarter since going public 12 years ago. The consensus of analysts now speak of an earnings per share of $ 1.35 (against 2.65 dollars a month ago), a loss of profitability of 50% over the year. Some even refer to a quarterly loss that the bank would be its first episode since the Lehman Brothers in 2008.
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