In theory it is not subject to income taxCitroën progresses at the same time of 62 anticipates Pierre Olivier Beffy ExaneBehind meat and fish suffer no criticism4 according to Médiamétrie and Italy 12Gattégno readers know humour of grave diggerAppeal to children is also important that seduce adultsThe followup to this debate remain unclearrecovery will be long and painful but it will bear its fruitBut this rally has been of short durationThe emulation can play in every sense. Long best students in the world-class banking, Goldman Sachs and BNP Paribas competed yesterday for the Palm of the bad news. While both could boast of being the only large houses to have known no quarter deficit in the Investment Bank since the beginning of the "sub-prime" crisis, they have plunged dramatically in the Red at the end of the year. A few hours after Goldman Sachs had published its first quarterly loss since ten years, BNP Paribas announced a loss of EUR 710 million at end of November in its investment bank. As this activity was the beneficiary of 879 million end of September, the Bank led by Baudouin Prot has lost 1.5 billion in two months. A figure almost equivalent to the 2.12 billion lost by Goldman Sachs in the fourth quarter. With massive losses in its rate activities and operations for own account and a falling revenues in the Council and the asset management, Wall Street star gives an idea of the poisonous environment that bite the dust in the French champion. With profit divided by five on the year for revenues down 50, the American, who had only just opt for the status of commercial bank, on the other hand displays a more degraded than BNP Paribas overall performance, which will benefit from its strong presence in retail banking and services.
The ears and tail
The art of butchering has nothing to do with the killing. And if the bankers, carried in the eddies of Spanish real estate bullfights, does eventually win that the ears and tail of the Iberian developers they have funded in the amount of EUR 300 billion, they cannot remove any glory. The beginning of the break-up by Colonial apartments shows that need much time to the great paymaster for their implementation, if they will never succeed. Two of its major creditors, Goldman Sachs and a subsidiary of Commerzbank, planted their banderilles in taking possession of a part of the group entries in the FCC constructor and in the Société Foncière Lyonnaise (SSS). However, the two assets do not have the same profile. FCC net debt, which already exceeds two times its own funds, cut of EUR 1.7 billion in nine months. While the banks fall in SSS with a nice discount of 35 on the value of inventory at end of September. But even in the hypothesis where the FCC title was the slope of 52 that it has dévalée since January, and the SSS was at the level of the revalued net assets, pay it bankers are back in capital gains barely 10 of their claims on Colonial. Not what play the matadors.
The finding of mistrust
Inevitably, the fire causes smoke. The day after the announcement of the bad results and gloomy prospects for a global leader in household appliances, Electrolux, it is therefore hardly surprising that one of the European champions of the distribution of this type of product, Kesa Electricals displays in turn very bad performance. Disappointed investors, who have been diving the title of the parent company of more than 13 yesterday, Darty just could anticipate the event 24 hours. The frustration is all the more strong that Kesa does not only suffer from a bad situation that he sees little improvement in the foreseeable future. The owner of the Comet stores who fell into the red in the United Kingdom following a downturn in sales of 7.9 in the first half also undergoes head-on the consequences of errors in timing of its policy of international expansion. Thus, the redemption, in July 2007, at the top of the housing bubble of the Spanish chain Menaje del Hogar appears particularly deadly. The British must depreciate to 130 million euros the Iberian jewel purchased 100 million 18 months ago. This led to break the contract of trust with shareholders, by dividing the dividend announced by two.
