Archive for April, 2010

Ousted Generali, Bernheim is preparing its response

April 9, 2010 - 3:00 am Comments Off

LE FIGARO. – Your estate at the head of Generali was held a week ago by Mediobanca, the main shareholder. The agreement was then found that satisfy you?

Antoine Bernheim. – No. Of course I understand that we did not wish to renew for three years president of 85 years. But in this case, it is obvious that age is an excuse. I do not accept the way things have been made against me and against Generali. Me, I was offered an "honorary president", but not at the board of directors! As for the company, its management has been decided from the outside, in Mediobanca. And he provides a board where anyone outside the two managing directors (CEOs, Ed) will not know anything for insurance. They even rejected Claude Tendil, president of Generali France, which is one of the best insurers in the world.Generali deserves better than that. We do not yet know how the powers will be defined between the two managing directors and the president. As for Mr. Geronzi, who must take the presidency, I wonder … This is not an insurer and he always said he did not want this job.

Will you accept this patronage?

Honestly, I do not know yet. Thanks to Mediobanca, I'm not even on the list of directors to be presented at the meeting April 24. Given what I represent in the history of Generali, I think it's an insult. Ultimately, I could accept such a position, if I was director. And then, when we, like me, been kicked out of a masterful kick, one is rather tempted to retaliate. I am.I would add that on April 24, the small shareholders in Generali will, too, have a say.

Vincent Bollore, who is close to you has participated in the council and Mediobanca will become vice chairman of Generali. This does not "compensate" Does not your departure?

Vincent Bollore said he did everything he could within the nominations committee of Mediobanca. I think, though, in reality, I think that he is not against the idea of a withdrawal to my age. He advises me for months already to accept a honorary president for life and the benefits attached to them.Do I need? After all, my phone rings again …

As for the future role within the board of Generali, Vincent Bollore – who, as intelligent and dynamic as it is, is not an insurer – I do not know what he can be when we clearly supports a takeover of Generali by Mediobanca.

What do you mean?

I think if you put me in the door today Generali, because I defend an orthodox management, exclusively serving the interests of the company and its shareholders, not special interests. I also fought for what is Generali of Italy, a treasure, one of his very few companies to be known worldwide. We're number two in France, Germany, Central Europe, in China too (private sector).But for the merchant bank Mediobanca, which is no longer the hub of the Italian economy, it was the time of Enrico Cuccia, the issue has always been to return to power at Generali No teletrack payday loan. What has never been neither in the interests of the company and its customers or the interests of Italy.

The defense of Generali, it was also against the appetites of other insurers. Have you, during your presidency, proposed a marriage with AXA?

My duty has always been to defend, with all my strength, the "Italian character" of Generali. So yes, Axa has always wanted a reconciliation, but I've always been against. And I have often said Claude Bebear.If it was thought at one time or another, the fact that French is the head of Generali was a godsend, he finally had to give in to reason.

Compare yourself today the circumstances of your departure to the 1999?

When I became the CEO of Generali in 1995, it achieved very little of its profit in connection with its object. She was content to sell property to make profits! In four years, I had doubled the turnover consolidated global market capitalization tripled. But Mediobanca from me in 1999. As I said at the time, and this remains true, the recognition is a disease of the dog not transmissible to man!

And then in 2002, Mediobanca, very concerned about the financial situation of Generali, which was lost, asked me to return. What not to the liking of everyone.Antonio Fazio, Governor of the Bank of Italy, has done everything for me put a spoke in the wheels. But he failed. Others were convinced that I would not set goals that I had with the two managing directors: we had developed a considerable business plan, for a term of three years for the management, instead of just one year as was. And as I have done my job, they could not get rid of me … until now.

This special relationship between Generali and Mediobanca did she embarrassed in your plans for the insurer?

Yes, because Mediobanca would not be diluted stake in Generali. They have never wanted me to realize any capital increase. Mediobanca may not, from his point of view, giving room for maneuver to Generali, and I worry for its future.Because if the company has managed to partially rebuild its capital after the terrible financial crisis we went through these past two years, it will not be sufficient to meet future regulatory requirements under Solvency 2 Directive nor more needs to be developed by means not only organic but also by major acquisitions.

At one point, he will make a capital increase. And better sooner than later because the liquidity has been abundant in recent months, will not always what you …

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The Paris markets are taking a break

April 8, 2010 - 4:32 am Comments Off

The Paris Bourse takes a deep breath. After recording, the day before, a new annual record over 4050 points, the CAC lost 0.67% to 4026.97 points. Everywhere in Europe, investors took advantage of the strong performance of recent days to garner a share of their profits. London and Frankfurt lost 0.22% and 0.48%.

Wall Street, which also navigates the unknown peaks over 18 months, was also a break. The Dow dropped 0.24% in session and the Nasdaq is 0.20%.

The minutes of the Fed meeting on 16 March confirmed that the U.S. central bank remained committed to maintaining its policy rates "unusually low", "for a period of time."But at the same time the debate on the need to adopt a real strategy for ending the crisis is more urgent and animated.

Concerns persist about Greece

Indeed, the United States but also in Europe, signs of economic recovery are daily becoming more numerous and tangible. Yesterday, activity in the private sector in the euro area recorded in March, its strongest growth in two and a half years.

Other good news, orders to German industry, the mainstay of the economy in Germany, continue to recover. However, the foreign exchange market, the euro retreated further against the greenback falling dollar sitting in 1.335 penalized by persistent concerns about the ability of Greece to refinance its debt and the fear of contagion from the crisis to other countries in the euro zone as Portugal, Spain or Italy.In Paris, profit-taking focused on areas that have risen more in exchange for a year and particularly on banking stocks, as well as automotive and technology.

The Total is indicted for corruption

April 6, 2010 - 1:20 pm Comments Off

A first for a group of ACC 40.Total was indicted on 27 February by the French judge Serge Tournaire, corruption, complicity and concealment of influence peddling in the case called "oil-food cons", echoing the UN program established in 1997 for the Iraqis, when the international embargo following the invasion of Kuwait.

After the setbacks in terms of image for Total, with Erika – Total was sentenced on appeal to pay 375,000 euros – and AZF, this attack could further extend the negative perception of the French vis-?-vis the oil group .

A decision "incomprehensible"

The investigation started in 2002 had directed to various French personalities suspected of having distributed the early 2000s kickbacks to members of the Iraqi regime of Saddam Hussein that the group continues to source barrels of oil outside the framework imposed program of the UN oil-food cons.

Several officers and employees of the group had been indicted personally since 2006. But this time, it's Total as corporation that is under no faxing pay day loans.

"This decision (of indictment of the Total Group, NDRL) recommence the proceedings," said Master Veil, the lawyer of Total, has told AFP the date of the indictment, and thus confirmed information from the newspaper Les Echos."The judge took this decision against all odds, while his predecessor and the prosecution had held the contrary, at least implicitly," he added, saying the indictment "incomprehensible."

Total will watch his side surprised by this indictment, which "comes eight years after the commencement of the trial, with no new element has been placed on file," according to Les Echos.

Indeed, Serge Tournaire succeeded Xaviere Someone who had requested a non-place for all employees and former employees, and the boss of Total, Christophe de Margerie. In addition, Total said that "the report Volker independent commission of inquiry established by the United Nations had rejected any complaint of corruption."

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Managers found morale

April 6, 2010 - 9:21 am Comments Off

What a pleasant surprise! In March, the barometer of the moral frameworks (- 26) has won eight points from February, regaining its 2005 level. "This result is exceptional in scope and that ends the period of depression began in the fall of 2008, is a bundle of factors, both macro and micro," said Francois Miquet-Marty, president of ViaVoice.

Last month, the number of unemployed has increased by "only" 0.1% and the Prime Minister said that the unemployment curve "should be reversed" this year.

In this context, the pessimism fades frames. They are more than 23% against 28% a month earlier, suggests that the number of unemployed would "increase significantly" in the coming months. It's the same for the outlook for living standards. The frames provide a breakdown is no longer the majority (45% against 51% in February).

Occupational mobility

Moreover, two important indicators, as forming part of life, experiencing a frank improvement. Thus, 25% of executives (+ 7 points) believe that opportunities to advance their careers in the coming months "will be important" and 18% (+5 points) than their financial situation "will improve" easy payday loans.

Regional elections have also played a role in improving the morale of white-collar. "Their result has reassured the French left's ability to register their camp in a dynamic of conquest of power and those on the right on the determination of the President of the Republic to maintain focus and to pursue reforms, with the exception of the carbon tax, "said Francois Miquet-Marty.Asked about the place and role of higher education, executives claim, massively, more money for it. Eight out of ten consider, in fact, that France "does not invest enough" in this teaching.

On effectiveness, their opinion is also positive. Seven in ten "confidence" in higher education to deliver a broad general education and a narrow majority (52%), they also make it "trust" to prepare young people for the job.

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Danone launches in fruit juices

April 2, 2010 - 1:21 am Comments Off

In alliance with Danone, Chiquita hopes to accelerate the development of its brand smoothies Just Fruit in a Bottle in Europe fast cash advance.

Peugeot sales rose 21%

April 2, 2010 - 1:21 am Comments Off

The new car sales rose 12% in March over a year in France and 14.5% since the beginning of the year, blew Thursday Olivier Veyrier, marketing director of Peugeot France. His brand has simply grown over the past month 21%, he added.

Remember that vehicles registered in the first months of 2010 were ordered in the previous months, some before the end of 2009, when the scrappage rate was still full. That is to say, 1,000 euros for a replacement of vehicles over ten years.

These numbers confirm the information published this morning Parisian No fax cash advances. The newspaper, which states that brands have started a race promotion in March to try to attract motorists who do benefit more than 700 euros a premium, Citroen would increase the order 12%.

The Committee of French (CCFA) will release the official results at noon with details.

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