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The Paris Bourse, which closed yesterday up 0.58%, is trying to take another step forward Wednesday. Halfway through, the CAC 40 advances from 0.49% to 4065.18 points. The good humor that has helped U.S. markets finish the day on Tuesday to their highest level in three years boosts the morale of investors. Asian stock exchanges have also sent a positive signal in spite of bad news in Japan, including the threat of degradation of the country's sovereign rating by rating agency Standard & Poor's.

The atmosphere was more mixed in the rest of Europe: Dax index featuring the Frankfurt Stock Exchange ahead of 0.59% to 7399.77 points, but the London Stock Exchange was down 0.16% to 6059, 67 points.

In anticipation of the Fed

At the Paris Bourse, the attention is focused on the battery of statistics expected from both sides of the Atlantic.In the euro area, new industrial orders rose less than expected in February by 0.9%. In one year, the figure is higher by 21.3%.

In France, unemployment figures will be announced after the stock market (18 hours). Moreover, the morale of French households remained stable in April compared to March. The indicator of French consumer confidence remains at 83 points, well below its long-term average set at 100 points, according to the National Institute of Statistics.

Britain has in turn reported a GDP growth of 0.5% in the first quarter (first official estimate).

United States, orders for durable goods and stocks of crude will fall in early afternoon. But it is mainly the outcome of the monetary policy committee meeting of the Central Bank (Fed) will be eagerly awaited.The Fed will announce its decision on interest rates and monetary policy should reaffirm its ultra-accommodative.

As for currencies, the euro rose against the dollar in a market without high volume, cautious monetary policy decision by the Fed. Around 11:00 am in Paris, the European currency was worth 1.4682 dollars against 1.4636 dollars on the previous evening.On oil markets, a barrel of light sweet crude for June delivery lost 19 cents to 112.02 dollars and that of Brent North Sea also June delivery yielded 22 cents to 123.93 dollars.

Values ​​to follow

Nexans: + 0.90% to 73.76 euros

The specialist cables, which in February 2011 was a return to a growth of over 5% of its sales and a continued recovery in its operating margin to 5.5%, achieved on the first three months of year a turnover of 1.754 billion euros (+13%).

STMicroelectronics: -3.74% to 8.10 euros (largest decline of ACC)

The Franco-Italian manufacturer of semiconductors said Tuesday net income group share tripled on a year in the first quarter, but below analysts' expectations, to 170 million.Earnings per share were 19 cents, as investors had forecast 20 cents. Turnover increased by 9%.

Dassault Systemes: + 2.76% to 57.75 euros

The French software developer has registered an increase of 31% of its turnover in the first quarter of 2011 to 409,500,000 euros.

Renault: + 4.72% to 41.30 euros (largest increase in the ACC)

The manufacturer has maintained its goals Tuesday 2011 saw a strong first quarter by sales and despite the prospect of a temporary slowdown in production due to the earthquake that hit Japan in March.The designer, who speaks of "record results", also confirmed its objectives of growth, margin and earnings per share for 2011.

In its wake, Peugeot won 1.58% to 30.82 euros.

EADS: -0.07% to 21.42 euros

ILFC announced finalize an order for Airbus aircraft family A320neo, available from 2015.The final agreement is initially on a total of 100 aircraft, split between A320neo and A321neo.

Publicis: -0.82% to 37.10 euros

The group announced the acquisition of advertising agency GP7, based in Sao Paulo specializing in the tourism sector, continuing its development in Brazil.

Unibail-Rodamco: 0.10% to 155 euros

The group reported a growth of 3.3% of its turnover in the first quarter 2011 to 426.6 million euros, and announced it had sold assets during the first three months of the year for a total net 422.5 million euros.

Seb: + 3% at 75.55 euros

The group reported a net revenue growth in the first quarter despite a sluggish macroeconomic environment, and saw its operating margin reached a record level for this time of year.

Sopra: -0.23% to 79.30 euros

The group announced an increase of over 10% of its turnover in the first quarter, driven by growth in all its activities, and confirmed the timing of the proposed demerger of its software division of Axway.

After market, PPR, Klépierre NextRadioTV, Ipsos, Ingenico and Gameloft will publish their turnover for the first quarter.

The Tokyo Stock Exchange closed up 0.61% Wednesday to close at 10,589.50 points in favor of an easing in the price of petroleum products in the wake of U.S. markets up last night. The Topix appreciated him, from 0.55% to 944.29 points.

Saudi Arabia has reassured the markets by saying it had 3.5 million barrels of oil available. Oil prices relaxed slightly Wednesday morning in electronic trading in Asia: a barrel of light sweet crude for April delivery fell below $ 105 at 104.63 dollars.That of Brent North Sea stood at 112.70 dollars.

In Japan, orders for capital goods in the private sector, excluding energy and shipbuilding, rose 4.2% in January compared to December, the government said Wednesday its second consecutive monthly increase.

Facing the Japanese currency, the dollar and the euro took a downward direction Wednesday during trading hours. The greenback stood Wednesday close of 82.90 yen around the European currency and a little over 115 yen.

China's debt to 59% of GDP?

In China, the trend is less optimistic. In Shanghai, about 7 hours, the CSI 300 fold from 0.08% to 3334.65 points.China announced Wednesday the expenditure of more than 1300 billion yuan (142 guaranteed high risk personal loans.5 billion euros) this year for low-cost housing, while housing prices are soaring, excluding large segments of the market population. Some 10 million apartments will be renovated or built this year for low-income households, told the press Qi Ji, vice minister of Housing, in conjunction with the annual session of China's parliament.

Surprising information from the Wall Street Journal: China's public debt rose from 17% to 59% of GDP if we include the debts of the provinces and enterprises. An unknown factor that limits the means of action in Beijing to contain inflation, the U.S. daily analysis.

In Hong Kong, the Hang Seng 0.61% to 23,855.85 wins points.The airline Cathay Pacific (4.15% to 18.92 Hong Kong dollars) will place orders for 27 new aircraft, with the European Airbus and Boeing.

Elsewhere in Asia / Pacific, the counters are quite red: the Indian BSE was down 0.31% to 18,382.88 points and the S & P from Sydney fell by 0.84% to 4767.80 points and the NZX NZ stumble from 0.20% to 3414.42 points, and the Singapore Straits Times down 0.36% at 3092.72 points.

After oil, gas. On Tuesday, the Italian ENI oil and gas cut announced that the only pipeline connecting Libya to Italy and Europe because of the violence. A decision in the wake of the cessation of petroleum activities in Libya.

The pipeline is long Greenstream of 520 kilometers and a capacity of eight billion cubic meters per year. From Mellitah in Libya, he arrived at Gela in Sicily (southern Italy). The gas passing through Greenstream from two deposits (Wafa and Bahr Essalam) operated by the national company ENI and Libya's NOC. ENI is the largest foreign producer in the country, with a production of 244,000 barrels per day and 640,000 barrels of around if one includes the appropriate share of the national carrier Libyan NOC under sharing agreements.The Italian group also sells some of the gas passing through Libyan Greenstream to others such as Italian and French Edison GDF Suez, but it is unclear how much share to the rest of Europe.

Do not panic

After the announcement of the interruption, ENI has sought to reassure that he was "able to meet the gas demand of its customers." According to Gianni Di Giovanni, a spokesman for the group, the gas from Russia and Algeria will cope with demand "for many months."

The government of Silvio Berlusconi, who met Tuesday night to discuss all aspects of the Libyan crisis with energy problems, has also assured that the situation was under control.The interruption of the operation of the pipeline does not cause "any problems with the security of supply," said Department of Economic Development who says he is ready "if necessary" to draw on reserves of gas.

For Italy, the former colonial power, the stakes are high. Libya is the third largest gas supplier in the country, behind Algeria and Russia.

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"SPECIAL – Revolts in the Arab world

The situation becomes more blurred in Egypt and a barrel of oil rises. On the only day on Friday, the price of a barrel of light sweet crude for March delivery gained 4.32% to 89.34 dollars in New York as they leapt from 2% in London, pushing Brent a hair of $ 100 (99.74 dollars). A threshold that has not been taken since October 1, 2008.

On Monday, the rise continues. In morning trading in Asia, the "light sweet crude gained 37 cents to 89.71 dollars and that of Brent North Sea has appreciated by 18 cents to 99.60 dollars.

The Suez Canal in the heart of the concerns

This rise of prices, after several sessions swales, reflects the fear of the markets to see the routing of oil through the Suez Canal impacted by the events.Since the early disturbances in effect, port operations are slow and some employees can no longer reach their workplace. In addition, ships can no longer find in the port of Suez capable of military escorts to protect them while crossing the Gulf of Aden, whose waters are crisscrossed by hackers.

"No ship has been delayed for two days but no responsibility for immigration and customs has come to give permissions for security teams to shipments, said a coordinator of a freight company Suez. Crew changes have also been disrupted and some supplies, like food and water, are no longer transported to the port, "he added.

Nervousness

The situation is even more problematic that about one million barrels per day pass through the Suez Canal payday loans lenders.In 2009, the latest data available, more than 34,000 vessels passed through the canal, including nearly 2,700 tankers carrying approximately 29 million tons of crude. "There is some nervousness about supply and this could affect Europe more than the U.S.," said Tom Bentz of BNP Paribas.

Now, ships calling at ports in neighboring countries like Turkey or the UAE for their supplies. "If the shipping lanes closed, it will be a detour of 6,000 miles (almost 10,000 kilometers) in order to ensure deliveries," warns Rich Ilczyszyn, Lind-Waldock.

Also concerned about the situation, OPEC said that a "shortage" of oil is possible.The secretary general of the organization, Abdullah El-Badri said, however, that OPEC stands ready to increase production if necessary.

"A blip"

Some observers, however, take the situation into perspective. "Investors are speculating on the situation of the channel but it has very little chance of getting stuck in the light of financial challenges it poses to Egypt, said Djillali Hacid, technical analyst at XTB France. For now, the impact of Egypt on the course is not so huge. This is just an excuse for investors to speed up that takes place from August but stumbled on the psychological threshold of $ 100.

Evolution of a barrel of Brent since February 2010. Source: XTB France

Speed astern for U.S. equity markets. The indices are clearly stalled after the TV overseas, including financial, broadcast live images of demonstrations in Egypt. "This aversion to risk due to escalation in Egypt, and fears that the situation could spread to other countries in the region," said Peter Cardillo, Avalon Partners.

Around 18:30, the Dow Jones lost 1.18% to 11,848.60 points, the S & P 500 1280.84 1.44% to loose points and the Nasdaq dropped 2.35% to 26,890.61 points.

As a result, oil prices leapt more than 4% in New York at 89.25 dollars

USA: disappointing growth, consumer sentiment up

On the macroeconomic front, investors first learned of the first estimate of U.S. GDP in the fourth quarter.The U.S. economy grew by 3.2% in the fourth quarter, much lower than expected, but this increase was sufficient to allow the U.S. GDP of 2.9% gain in 2010 and thus fill its losses the crisis, according to official figures published Friday.

And yet the U.S. consumer morale has improved end of January compared to the beginning of the month, hopes for improvement in terms of growth and employment eclipsing concerns about rising costs of food and gasoline, according to the confidence index released Friday by Reuters / University of Michigan. The index finally settled at 74.2 for the month of January, against an initial estimate 72.7 and 74.5 in December.Economists were expecting a index to 73.2.

On the currency side, the dollar regained ground against the euro by mid-afternoon in Paris, the single currency was trading at 1.3688 dollar.

Ford stock drops

Corporate side, the ball of results announcements of fourth quarter continues, including Chevron Corp. and Ford Motor Co and Honeywell.

Ford: -9.45% to 17.01 dollars

Ford just announced a 2010 profit more than doubled to 6.6 billion. But earnings per share fourth quarter was $ 0.05 against 0.25 a year ago due to a charge of $ 960 million related to the completion of a conversion of debt. The turnover of the 4th quarter reached $ 32.5 billion.The consensus was $ 0.48 for earnings per share and 30.39 billion dollars.

Honeywell International, 0.23% to 56.05 dollars

Honeywell International announced, meanwhile, increased its profits for the fourth quarter of 2010 and raised its forecast for 2011 due to higher demand for products produced by all its units. The industrial group posted a net profit of 369 million over the period, or $ 0 free 3-in-1 credit report.47 per share, against 150 million ($ 0.20 per share) a year ago. Honeywell raised its forecast of 10 cents earnings per share for 2011, now seen in the range 3.60 to $ 3.80.

Chevron: -0.90% to 93.90 dollars

As for Chevron, the group recorded a 81% increase in earnings in 2010 to 19.1 billion.

Amazon.com: -7.25% to 171.07 dollars

The e-commerce giant Amazon.com for its part should be very guarded on Friday, after posting yesterday after market close, the results showing strong sales but margins disappointing. All indicators are green on the year-end sales on the Internet and the action of the group posted an increase of 50% yoy and 4% on the previous day, before the publication of results that the have reduced by 9.4% in electronic trading after closing. The group announced a profit of $ 416 million, or 91 cents per share against 384 million last year. Sales are up 36% to 12.95 billion dollars. That's their strongest growth since 2000.

Microsoft: -2.39% to 28.18 dollars

Microsoft surprised everyone involved on Thursday night, unveiling its results 15 minutes before the close of Wall Street.Results marked by the success of Office 2010 and KINECTS, but disappointing sales of Windows 7. This gives the arrival of mixed results. Profits are down 5% to 6.63 billion, or 77 cents per share against 68 cents expected. Turnover was up 5% at $ 19.95 billion against $ 19.2 billion expected by analysts.

Sara Lee: -1.02% to 17.46 dollars

On the other hand, the American group of FMCG Sara Leevi clarify this Friday's market strategy, after having rejected, according to press reports, two tender offers. Sara Lee has invited investors and journalists to participate in a conference call at 15:00 Paris time.Inform the direction of its "strategic initiatives" and its outlook for the year end.

In addition, LinkedIn, the social network for professionals, announced Thursday his intention to go public in 2011, an operation that should measure the appetite of investors for a possible listing on Facebook. This is the first social network to enter the stock market and on Wall Street. But the market is expected to mainly derive an omen for Facebook, the world leader in the industry, whose value is estimated at 50 billion dollars (36.5 billion euros), and other websites may make their entry offering, or as Zynga Groupon.

Congress has cooled the financial markets in the afternoon and the U.S. central bank disappointed them in the evening. At the close, the Dow Jones earns only 0.07% to 11,985.40, the S & P 500 rose 0.42% à1296, 63 points and the Nasdaq ahead by 0.74% to 2739.50 points.

The side indicators, crude oil inventories rose 4.84 million barrels to 340.57 million. Economists on average had expected a rise of 1.2 million barrels.

Sales of new homes fell 14% in 2010 to their lowest level since 1963 at least, with 321,000 transactions, according to official figures released Wednesday in Washington.The ministry said that sales of new homes jumped 17.5% in December compared to November (when adjusted for seasonal variations).

After the close of Wall Street, the U.S. central bank reiterated its caution about the U.S. recovery and thereby its share repurchase program of state assets.

New burst results

On the foreign exchange market, the euro was changing close to balance, on Wednesday afternoon. In the evening, the euro bought 1.3695 dollars against 1.3682 dollars late Tuesday, after the dollar rose to 1.3722 in the morning, a new high since November 22.

The side of values, Wall Street investors were expecting a new burst of results. United Technologies (-0.37% to 81.43 dollars), Xerox (-7.63% to 10.53 dollars), Boeing (-3.07% to 70.02 dollars), ConocoPhillips (2.62% to 69.25 dollars) were in the program.Also note, the Macworld San Francisco grand annual gathering of fans of the U paydayloans.S. computer group Apple to open its doors today and will run until January 29.

Yahoo!: -2.79% to 15.57 dollars

Always on the side of values, the U.S. internet group Yahoo! posted Tuesday a net profit doubled for both the year and for the fourth quarter, but with a turnover of patina, displayed down 2% for 2010 and still looks disappointing the first quarter. The annual net profit appears to 1.231 billion, while quarterly earnings totaled $ 312 million.The turnover 2010 was, however, slipped 2% to 6.324 billion dollars, with a particularly sharp fall in late: -12% to 1.525 billion dollars.

Boeing: -3.07% to 70.02 dollars

For its part, Airbus said Tuesday that the final report of the World Trade Organization (WTO) on U.S. aid to Boeing will demonstrate that its competitor has received substantial aid illegal and said that Europe could claiming $ 45 billion in compensation.

Juniper Networks: 6.41% to 37.05 dollars

The telecom equipment maker Juniper Networks has announced a profit of $ 190.2 million, slightly below expectations. The group's turnover is 1.19 billion dollars against 1.13 billion dollars expected by consensus.The operating margin was 24.5% against 24.1% in the third quarter.

Wal-Mart: 0.10% to 57.32 dollars

China has sentenced several distribution groups, including Wal-Mart fined for having lied about the price of their papers, said Wednesday the instance of economic planning.

The Minister of Industry and Energy, Eric Besson said Sunday the closure "imminent" in a "first step" of the capital increase of the nuclear group Areva, with a participation of KIA's sovereign wealth fund Kuwait, which will join the French state.

"For the first step in the recapitalization of Areva, is imminent," said Eric Besson on Europe 1, but without being able to say whether the transaction would be announced "within a few hours or a few days." The proposed recapitalization of the nuclear giant steps, it is true, a scenario in rebounding. The operation appeared to be impossible before the end of 2010, after abandoning the assumption Mitsubishi. Thursday, Christine Lagarde, economy minister, however, had suggested she had a "plan B" through further negotiations with the Kuwaiti Fund.

New round likely in 2011

Eric Besson would not disclose precise figures, while the press has talked in recent days, a total of around 750 million euros, in which governments could contribute up to one third, the balance being Supported by Kuwait.

He also left the door open for another round in 2011, which could then be part of Qatar's sovereign wealth fund, with which the negotiations have so far foundered, and the Japanese group Mitsubishi Heavy Industries (MHI). Areva has in fact over 10 billion euros for its development. About 5.5 billion is already entered into the coffers with the sale of T & D investments (Safran, Total …).To this sum must be added about 600 million euros if the sale to the Strategic Investment Fund (ISF) of the 10.9% stake in STMicroelectronics succeeds.

Asked about the possible participation of EDF and Alstom in this second phase, Eric Besson said that "obviously the president has ruled out any line of work."

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Spanish air traffic controllers began on Saturday to return to their posts and about half of the airspace was reopened announced the airport management authority (AENA). Of the 58 sectors of airspace in the country, 28 had reopened Saturday around 14 hours (13 hours GMT).

Traffic has not yet been able to take the big foreign companies and the national airline Iberia has already planned to cancel all flights until Sunday.

The Spanish Government has met this morning to decide what action of the air controllers' strike that paralyzed the country.

Air traffic was still blocked Saturday morning after the decision of the controllers stop working. The ministers' decision is fraught with consequences.Under this decree, air traffic controllers can be mobilized and strikers will be liable to criminal sanction.

This decision means "that the controllers are summoned to their posts and if not, they would be in the crime of disobedience under the military penal code," said Interior Minister Alfredo Perez Rubalcaba after a meeting Crisis Cabinet.

This is the first time the government takes such a position since the death of General Franco in 1975.

On Friday the government had already assigned to the Army the responsibility for air traffic control. despite this, no traffic recovery has taken place this morning. Iberia and Ryanair even announced they were canceling all their flights until Sunday morning. Air France, KLM, Thai Airways and EasyJet also.

"The situation is the same as yesterday.There are no flights. Only transoceanic flights arrive at Madrid Barajas said Saturday morning, a spokesman for the Airport Authority (Aena), noting that the situation was the same throughout the country. Almost all of Spanish airspace has been closed since Friday evening.

A great many Spaniards were preparing to leave Friday for a five-day long bridge, the beginning of next week being a holiday in Spain when, a wildcat strike broke out. Thousands of stranded passengers spent the night at airports, including the Madrid Barajas where only a few transatlantic flights have landed since the previous day. Many told that they had received no information on their flight, and filled at random sheets claim.A great many Spaniards were preparing to leave Friday for a five-day long bridge, the beginning of next week being a holiday in Spain when, a wildcat strike broke out.

Opposition to the maximum working time

Air traffic controllers left their jobs in late afternoon to protest against a measure adopted shortly before the Council of Ministers, peaking at 1,670 hours per year working time.

It was part of the device of partial privatization of airport management Authority (Aena) adopted by the government under new anti-crisis measures.

At Madrid airport, a sign warned in Spanish and English that "all flights are canceled until 10 am (9:00 GMT) because of the massive abandonment of their posts by air traffic controllers."Another passenger, Luis Garcia, 41, arrived in the night drive from Asturias, northern Spain, his flight was canceled Friday evening. "Many people slept in the airport," he said.

He was to leave for Shanghai via Zurich and was waiting at the counter of the Swiss company with a friend, Enrique Fernandez, 44, who took the same flight to Zurich and then went to New York. "We miss our flight at a time and correspondence," remarked Luis.

(With AFP)

1. MACRO ECONOMIC COORDINATION: To be continued …

The G20 has agreed to make concerted fiscal stimulus to London to avoid depression. It was a success. In Toronto, the G20 has endorsed the post-crisis differentiated, giving the green light to the rigor in Europe, without preventing the widening deficits in the United States. But macroeconomic coordination tightly decided in Pittsburgh, with a communication to the G20 economic policies proposed by different countries, and monitoring of targets by the IMF, has remained a dead letter. The United States hopes to rehabilitate, Seoul, through close monitoring of current account imbalances.

2. REFORM OF IMF AND WORLD BANK: Acquired

Emerging markets have gained representation in the IMF and World Bank.The IMF Board approved on November 5 the doubling of the voting rights of China (2.9% to 6.1% of total) and increased voice of India and Brazil . The United States, France and Britain have agreed to reduce their quota shares. The reform will take effect in late 2012. The IMF will also double its resources to reach 534 billion euros, a decision taken in London G20. Reforming the World Bank endorsed the G20 Toronto, will see emerging and developing win votes 3.13% to 47%. The boss of the Bank, Robert Zoellick, called for 50%.

3.BANKING REGULATION: Basel IIII will be endorsed in Seoul

Ten years to draft prudential standards called Basel II, two years to give birth to Basel III: Angela Merkel does not fail to recall the enormous work done by regulators to increase the quality and quantity of bank capital – 2% to 7% – while creating a liquidity ratio and debt saving account payday loan. Two questions remain daunting. First, if Europe has promised to implement these rules, the question remains as regards the United States. Then the debate is raging over whether or not to require from the systemic institutions even more capital. A topic for Seoul and 2011.

4. BONUS HEDGE FUNDS: Better boxes

Bankers overpaid. It was one of the priorities of the G20 in London. On this point, Europe has made great progress.Too even consider European banks who feel disadvantaged relative to their American or Asian. The bonus cap was passed by the European Parliament and the Committee of European Banking Supervisors board for accelerated reform on 1 January 2011. A tax on the bonus was introduced in Paris, London and Frankfurt. The United States themselves are content to "frame" bonuses without taxation. They chose to monitor the activities of hedge funds by limiting the amounts that banks can invest, while Europe has decided to submit to authority.

5. TAX HAVEN: monitored

The G20 in London marked the departure of the great crusade against tax havens, led by Paris, Berlin and Washington, which in turn sway the strongholds of bank secrecy.Switzerland, Austria, Monaco, Liechtenstein … decided to comply with the OECD standard on exchange of tax information. Result, a year and a half later, the list of uncooperative jurisdictions OECD now has only ten small countries. More than 600 bilateral agreements were signed and the French-Swiss tax treaty enters into force in January. States have also initiated through the Global Forum on transparency of the OECD, a process of peer review of progress, which must be completed by end 2011.

Ten days after the surprise announcement of LVMH's entry to its capital, with 17.1% share, Hermes out of his reserve. The heir Bertrand Puech, a descendant of the founder to the fifth-generation company president Émile Hermès family (sole general partner of Hermes International), and the boss Patrick Thomas, manager of the group, rising strongly against the operation.

LE FIGARO. – How did you react at the entrance to the capital of LVMH Hermes revealed ten days ago?

Patrick Thomas. – It was a big surprise. LVMH has announced a sudden a stake of 17% calling it "friendly." This arrival was nothing friendly. It was neither requested nor desired. There was no threat of capital investment, luxury manufacturer or group seeking to buy Chinese shares Hermes, LVMH as has been claimed.

Bertrand Puech. – Surprise and displeasure.I received the call from Mr. Arnault to 9: 45 pm while I was taking a train and left his press release at noon.

What did he say?

PB – He said that shares were sold, he had bought for 14.2%, it would increase its participation and it was quite friendly, it does not require seat supervisory board.

Have you encountered?

BP – Yes, the following Monday. It was a courteous and frank encounter.

P. T. – We said that we did not consider this intervention as friendly.

How do you work with who is now your single largest shareholder?

P. T. – The fact that a shareholder has 17% of our capital will not change the culture and way of doing this house. Hermes did not absolutely need help, support or guardian, contrary to what Mr. Arnault.Besides, if you look at the performance since our IPO in 1993, the annual growth of LVMH's net income was 7.6%, that of Hermes by 14.7%. In exchange, the LVMH share was multiplied by six, that of Hermes by 35. If someone needs help, it is rather the other way. Hermes is going very well, better than LVMH, Hermes and is locked.

The means for acquiring the 17% you seem they comply with regulations?

P. T. – We ask many questions. There is a particular market regulations which aim to protect minority shareholders. Now a group is able to, via financial products, 17% or two thirds of the floating point without crossing any threshold. One can only wonder.When we see the structures that were used to conduct this attack, we see that are subsidiaries of LVMH based in Luxembourg, the United States and especially in Panama, which is not the most transparent country in terms financial regulation and origin of funds. Hermes can only do one thing: trust the AMF must say that if the transaction complies with the regulations or not.

What do you think that Bernard Arnault come to you?

P. T. – Bernard Arnault has never hidden its interest in Hermes. That's the issue, the rest is art. Gold Hermès, this is not a corporation, not a signature, it is a cultural soil in which grow the flowers of each season fast payday loans creativity. It's a great legacy, a craft culture, a tradition of respect for people and materials, a very complex chemistry.This culture is hardly compatible with that of a large group. This is not a financial struggle is a struggle of cultures. Obviously we could double profits within five years of Hermes, Hermes, but would die slowly.

PB – We are artisans, our goal is to make products the best in the world. We are not in luxury, we are in quality.

Do you fear a rise in the capital of LVMH, or even a takeover later?

P. T. – It is very likely that rising capital, I do not know his intentions.But the Hermes family is extremely close-knit and determined to keep control of its sponsorship, which was created to protect the house against the possibility of what is happening today and especially to protect the culture of this jewel built for six generations .

What proportion of capital held by the family heirs they now?

PT – At the last general meeting in May was 73%. This figure is changing somewhat as some permanently sell units, others are buying.

Some people have recently sold shares?

PB – Nothing significant, nothing to Mr. Arnault. If someone sold it to Mr. Arnault is indirectly, unknowingly. He surely made friendly approaches but nobody has assigned shares.

Some heirs could they not be tempted to sell when the stock price reached record levels?

BP – No.Sale to invest in what? We know what's best is Hermes. The action was worth 5 euros to the IPO, it reached 200 euros last week.

Are you bound by shareholder agreements?

BP – We have a series of pacts. And our best defense is limited: even if it remained a family shareholder, he would retain control.

The death in May of former leader Jean-Louis Dumas, introduced as the backbone of the family unit, he weakened?

BP – No. Jean-Louis Dumas had been ill for several years and no longer occurred since 2006. It cemented the family. Everything he did, he did so because the family was there.

Hermes can it remain an independent family business to the sixth generation?

BP- At the sixth generation, no doubt, and the seventh also, I'm sure they have that vision. Generations pass, Hermes remains.

Who will succeed Patrick Thomas and when?

BP – It is not intended to replace Thomas.

PT – I am here to serve the house, everything I do, I'll do it for her.

Do you think that Bernard Arnault will one day control of Hermes?

BP – I do not think so. We've been inundated with messages of loving support. I think Mr. Arnault has launched a financial battle that goes next to us. It is a great financier, but it has not always been successful. We want to be very courteous. The family says it clearly and unanimously: "If you want to be friendly, Mr. Arnault, you must withdraw."

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