Aer Lingus plays cautiously by paying its first dividend

The Irish carrier Aer Lingus announced Friday it would pay the first dividend in its history as a listed company, but its amount has not been enthusiastically received by investors who expected much more.

Entered the stock market in 2006, the airline announced in July the payment of an ordinary dividend of 3 pence per share in the wake of the release by the group improved its re results.

In total, the group will restore a total of 15.9 million euros.

However, he ruled out any possibility of paying a special dividend, as it did before its competitors Ryanair and EasyJet. 

The financial director of Ryanair, Aer Lingus' biggest shareholder, has welcomed the announcement of a payment, while calling it "pathetic", arguing that a combination of 50 million euros have been ; more appropriate to the billion euros in cash for which the carrier is sitting.

"If we were at Christmas, I would call stingy," said Howard Millar.

Some analysts said that shareholders might be disappointed, but justify the cautious attitude of Aer Lingus in the context of uncertainty that surrounds it.

The term fast cash does not refer to money that falls from the sky. It refers to the money obtained through a cash advance.

Strike in the air: delays and closed aéoroports

The eprturbations are limited to Orly and Roissy. Delays are however consistent in the provinces. Footballers of the OM, which must envoller to Munich, are paying the price. AIRPORT Roissy Charles de Gaulle, PARIS, FRANCE, March 2011

Domestic air traffic was reduced and sometimes significant delays Monday the first day of a strike against the air traffic control reform of navigation, which led to the closure of several airports. The CGT, CFDT and UNSA called the personal air navigation, including air traffic controllers, to protest on Monday and Tuesday against the abolition of positions and the major restructuring of the service in the provinces.

Delays of several hours were recorded in the morning in the region, while dozens of flights were canceled at the weekend in anticipation of the strike, the Directorate General of Civil Aviation (DGCA) has asked Friday to particular companies air to remove 20% of their flights on Mondays and Tuesdays departing or arriving at Orly. Easyjet has canceled 16 flights for Monday to arrive at or depart from this airport, where the situation was calm Monday morning, without delay or queue, according to an airport source, who observed that the strike had been "widely anticipated "and civil aviation companies. From Roissy, Air France plans to maintain its entire program. "Some delays are still possible, however," admitted the company.

However, delays were substantial in the provinces, as in the far west (Rennes and Nantes) or Metz-Nancy, where the routes to Toulouse and Marseille were advertised with two to three hours late, and those to Lyon and Nice canceled in both directions. At the airport of Marseille-Provence, where large queues began to form in the late morning, 10% of flights (28 flights of 286) were canceled by the airlines, according to a spokesman for the direction. Passengers were advised to contact their airline before traveling to the airport. The players of Olympique de Marseille have also borne the brunt of the disruption: they had to take off at 1:00 p.m. for Germany instead of 10:00.  

In Nice, over a third of the 90 Air France flights were canceled at this stage and five easyJet flights. Moreover, cancellations accumulated: 15 to Bordeaux-Merignac, 36 at Lyon Saint-Exupery, 28 in Toulouse. The conflict has also led to the closure of airports of Pau, in the absence of the head of the control tower, Beziers (Hérault), Rouen, Avignon, Le Bourget (Seine-Saint-Denis) where services controls air are closed, told AFP a spokesman for the DGAC, which does not yet have the strike rate at the national level.

Unions estimate that half of the 30 approach control services are threatened, or a direct risk to "dozens of jobs in the inspection, maintenance, technical and administrative", according to the CGT. Approaches are one of three levels of air traffic control, with control towers in France (over 80), and five regional centers of control in flight in the metropolis. For its part, the DGAC speaks of "redeployment" "and" optimization "and justifies its willingness to restructure its services, including the changing needs, increased European coordination and modernization of technology. In case of strike , air traffic controllers have a minimum service obligation, and requisitions are possible. The minimum service is applicable in 17 airports including Toulouse, Mulhouse, Ajaccio, Bordeaux, Orly and Roissy, according to DGAC …… …

Havas buys 12% stake for 253 million euros

Havas Friday presented a proposed acquisition of 12% of its capital to reduce the discount on the stock exchange and optimize its financial structure.

Number six global advertising announcement in a statement launching a tender offer for 51,729,602 shares (Opra), for a price of 4.90 euros per share, giving a total of 253 million.

Vincent Bolloré, which controls 32.84% of Havas which he is president, is committed to the AMF not to exceed the threshold of 37.32% of share capital and voting rights and not to influence the decisions of the Extraordinary General Meeting of May 10 

Havas said its decision by the lag between changes in its net income, which more than doubled between late 2006 and late 2011 to 120 million euros, and that of his action grew only 2.3% over the same period, resulting in discounted valuation multiples compared to peers.

The action Havas has closed up 0.92% to 4.053 euros Friday, giving a market capitalization of 1.75 billion. She won 27% since the beginning of the year, after falling 18% in 2011.

Havas announced in early March organic growth greater than its European rivals WPP and Publicis in 2011, without providing a forecast for 2012.

Casino will be the sole controlling shareholder of Brazilian GPA

Casino announced that it would exercise its right to become the sole controlling shareholder of Grupo Pao de Acucar, a decision that could undermine the influence of the president's first distributor in Brazil .

The influence of the French retailer Grupo Pao de Acucar has intensified since President and member of the founding family Diniz attempted to mount last year a merger with Carrefour. 

"To prepare for the reorganization of the control of Companhia Brasileira de Distribuicao (GPA) on 22 June, as provided in the shareholders of the company ; Wilkes (which controls GPA), Casino Guichard-(Casino) informed his partner that day Mr. Diniz it intended to exercise its contractual right to appoint the Chairman of the Board of Directors Wilkes, "said Casino in a statement released Wednesday evening.

"The decision to exercise this power Casino contract allowed him to obtain exclusive control of GPA, pursuant to the shareholders of the company Wilkes," says Casino, who said so confirm its "long-term commitment in Brazil." 

In the opinion of analysts, litigation with Casino qu'Abilio Diniz involves risks losing its control over a company founded by his father in 1948.

A spokesman representing the interests of the family Diniz said the right to control Casino was established in a shareholders' agreement and added that 'Diniz remain president Henrique.

But some analysts say it will not only be a minority shareholder of a corporation over which he exercised control once.

Its proposed alliance with Carrefour had received a time downstream of the Brazilian government, which subsequently withdrew its support. 

But Casino, who paid a premium to exercise its right to control when he came to the rescue of the distributor in 1999, had strongly opposed this and appealed to the courts.

The local press also wrote qu'Abilio Diniz wanted to propose a split of the subsidiary appliances, leaving the Casino supermarket division, which represents roughly half of turnover of the group.

The sharp rise in long rates going to continue?

The ideal image of markets, all asset classes, risky and non risky, even walking a step towards improvement, began to scramble this week sharp rise in U.S. long rates and, to a lesser extent, German.

Rising oil prices, a U.S. economy that accumulates the signs of recovery, the massive debt of states and an abundant supply of sovereign paper were enough to propel the rate of U.S. Treasuries 10 years at 2.32% Friday against 2.04% earlier this week, the Bund and the 10-year benchmark euro zone, to 2.06% against 1.77% on Monday – or about 30 basis points more in four days. 

This movement will he continue? Professionals agree that it may take several weeks but long rates end up ultimately a lower level.

"Central banks accommodative, an abundance of cash in banks (through the generosity of central banks) and investors' portfolios, the memory of missed occasions (2009 and 2011), were all factors that contributed to the unusual resistance of Treasuries, "said Vincent Chaigneau, head of rates strategy at Societe Generale.

"But the acceleration of the rally in equities and the analysis slightly less bearish on the economy the Fed cause the correction," he wrote in his weekly note . 

However, it remains cautious about the extent of economic recovery.

"In Europe, LTRO (refinancing long-term European Central Bank, ed) brought a breath of fresh air but they have increased inbreeding between banks and sovereigns and certainly have not solved the fiscal problems and competitiveness (the heart of the crisis in the euro area, ed), "he says.

"It is too early to become fundamentally bearish on bonds but right now this is not the time to buy," he said. 

GREAT HANDLING MONEY

Benjamin Melman, director of the division Absolute performance at Edmond de Rothschild investment managers (EdRIM), remains cautious in the short term because of signs of recovery but rejects the hypothesis of a prolonged tension on long rates.

At a press briefing, he said today, the big problem was to reduce state debt without huge strangle the economy.

"In this context it remains a single parameter: the interest rate," he said. "Monetary policy will play a major role in organizing the sustainability of public debts".

"We need this great currency manipulation," he said citing the actions of massive injection of liquidity into the banking systems decided by the Federal Reserve The ECB, the Bank of England and Bank of Japan.

He explained that through these various unconventional measures, the ECB and the Fed are working primarily to keep rates low.

"We do not see the Fed hold the rise in long rates," he adds, noting that the policy of the Reserve has managed to obtain nominal long rates below the nominal growth.

Benjamin Melman sees a repositioning of the 10-year Treasuries when their rate will reach 2.5%. 

In the eurozone, according to him, deleveraging is far from complete, with banks, unlike the U.S., just started the process.

"Despite the success of LTRO, there is a risk of a credit crunch. There is a tightening of credit policy of banks that need to lighten their balance sheets, particularly in France," he said ;.

Pending a clear vision of the direction of future long rates in the market for private debt (credit coporate) has flourished for three months.

According to a survey by Thomson Reuters, the amount of corporate debt issued in euros since the beginning of the year is up 68% over the same pe ; period in 2011 and the coupons have fallen to record low since the entry into force of the euro in 1999. The average coupon stood at this point to 4.53%, a record low.

Many operations were performed at a rate of 3% or less against an average rate of 3.2% for sovereign issuers.

HeidelbergCement sees 2012 profit up, dividend statement

HeidelbergCement said on Thursday anticipating a rise in operating profit in 2012 thanks to growth in demand in all markets except Western Europe and new measures cost reduction.

The fourth global manufacturer of cement did not specify the magnitude of the expected increase in profit, which should grow well for the third straight year.

"The growth rate expected to ease on most markets because of measures taken to strengthen public finances," said Chief Executive Bernd Scheifele said in a statement.

"Growth rates in emerging Asia and Africa are expected to remain significantly higher than those of mature markets of North America and Europe."

The competitor Lafarge will propose an increase of 40% dividend per share in 2011, to 0.35 euros. Analysts had forecast 0.38 euros, according to Thomson Reuters StarMine

.

Latécoère will hire to meet demand

The aerospace supplier Latécoère will make new hires in 2012 to increase production rates and thus satisfy the growing demand of its large customers are Airbus or Boeing.

At the same time, Latecoere, which employs 4,175 people in nine countries, is still open to industry consolidation.

"We are in a phase of relative privilege where all our customers demand increases in rates," said Francois Bertrand, chief executive of Latécoère at an interview with Reuters. 

Based in Toulouse, the group was founded in 1917, is facing increased rate of production programs Airbus, Boeing and Embraer, while air traffic has increased 6% last year.

"The priority is to manage growth," said Francois Bertrand, adding that the group plans to hire at least 200 additional employees to meet this demand and avoid production delays.

"Currently, the market is booming. The high commands of last year increased its order book and therefore lead to increases in speed. "

Latécoè re projected that its turnover will increase by 10% in 2012, after rising 12% in 2011

. The business, including Airbus accounts for 50% of sales, will continue to expand in North America where it is looking for a new production site. Boeing, the second client (15% of sales, and Embraer) should play an increasingly important Latécoère in the coming years.

Deficit and debt, the company had begun in May 2010 seeking a new shareholder, a search that had failed after the deadline for late 2011.

"In the short term, what matters is the growth management, but the subject of consolidation is still on the table," says Francois Bertrand, adding that an agreement could be reached before the deadline for two to three years announced in November.

"The consolidation will be particularly important in the context of new program launches," he says. 

Latécoère, who has returned to profits in 2010, would merge with one of 15 European OEMs to create a group of at least one billion euros in turnover, Francois Bertrand said.

In 2011, the group recorded a net profit of EUR 6.6 million on a rag business of 520 million euros, while its debt amounted to 370 million, a level that expected to decline by 50 million euros in 2012.

"We returned to a normal situation where our financial resources fit our profile of cash, which was no longer the case from 2008-2009 where large slips were place, "says Francois Bertrand. 

The action Latecoere closed Friday at 11.52 euros (0.17%) showing a market capitalization of 99.187 million euros.

The credit was sent back to U.S.

The consumer loans have almost regained their pre-crisis dynamism Some U.S. consumers during the "Black Friday", Friday, October 26, 2010 REUTERS / Adam Hunger

The consumer credit surged for the third consecutive month in the U.S. in January, according to figures released Wednesday by the U.S. central bank (Fed).

Outstanding consumer credit in the country (2,512.3 billion) grew by 8.6% annually and seasonally adjusted data for the previous month, the Fed said on its website .

Using this type of borrowing has accelerated compared to December, where the increase in consumer credit was 7.9%. The increase in assets was nevertheless lower than in November (9.8%). Volume, growth in January was 17.8 billion compared with December, according to figures from the central bank, which is well above the increase expected by the analysts ($ 12.0 billion according their median estimate).

The Federal Reserve, the January increase was the result of a new surge in non-recurrent (student loans or buying a car mainly), whose growth was 14.7%, the highest since February 2002.

Revolving loans (primarily those made by paying by credit card) have slowed progress of the Fed index backwards for the first time in five months, 4.4% from December.

After collapsing for two years, the consumer credit rose almost continuously in the United States since October 2010 (it fell only once since then, in August 2011). The Fed said that the whole of 2011, the consumer credit rebounded 3.6%.

Chemistry weigh on profits of Bayer in Q4

The benefits of Bayer, the first German manufacturer of drugs, emerged below expectations in the fourth quarter 2011 due to disappointing sales in its chemicals division, and the group has demonstrated caution for this year.

MaterialScience division, the world of polymer foams and polycarbonate for automotive glazing, has seen its quarterly results adjusted to fall by 64%, price increases were not sufficient to offset the higher commodity prices.

Bayer said it expected a significant rebound performance at MaterialScience in the first quarter of this year over last in 2011 but they reach their previous level. 

For 2012, Bayer expects a slight increase in its adjusted EBITDA, with an increase of about 3% of sales excluding currency effects and acquisitions, taking advantage of a rebound expected in the second half thanks to emerging markets.

The group sees the other hand, a real growth in 2013, both for its sales to its adjusted EBITDA.

His four most promising molecules, foremost among them the anticoagulant Xarelto, have a potential combined turnover of around EUR 5 billion, he said. But this potential, however, should not be felt this year.

In the fourth quarter 2011, EBITDA (EBITDA) adjusted fell 8.8% to 1.54 billion euros, while analysts polled by Reuters had forecast average 1.62 billion.

Quarterly net income stood at 397 million euros, while the consensus was 479 million, and revenue was 9.19 billion euros, against 9.114 billion expected.

These ads Bayer contrast with those of its competitor BASF, which surprised investors last week by his decidedly optimistic tone for 2012.

In exchange, the action Bayer yielded 0.8% to 55.45 euros at 1130 GMT, underperforming the European sector index to chemicals (0.1%). BASF took title to 0.6% 66.23 euros.

Athens approved a bill on the EU / IMF

The Greek government on Friday approved a bill involving the country in the reforms demanded by the European Union and the International Monetary Fund for the implementation of a second rescue plan € 130 billion, officials said government.

"This has been approved," said a minister attending the cabinet meeting.

The bill should be voted by parliament Sunday, which should bring Greece a financial solution while it is important to honor debt obligations at March 20.

The European Union urges the Greek government to provide details of further cuts in public spending of $ 325 million. 

It also requires a clear commitment of party leaders of the coalition government to implement reforms.