Steel misledThe mines can have a double bottom

Necessity does not always act. If Danone decided 3 billion to the market, it is rather because the opportunity makes the thief. It would have been damage to other satiate investors put in appetite by the success of the operations conducted by Lafarge and Pernod Ricard. The King of the yoghurt also considered as a positive signal the fact that two thirds of its shareholders have elected to receive their dividends in shares in the group. The cash and the pace of growth supported by Danone confirm that the operation is not necessary. It is not nor entirely unnecessary! As to accumulate reserves for a winter known how long it will last. After the absorption of Numico for 12 billion euros, the inventor of Actimel was therefore correct to seize the opportunity to recalcifier its financial frame. If small pots for children and medical power of the Dutch have, as of 2008, fed its margins, they have also swollen the debt, relating to an amount twice higher than the average for the sector. The question is whether if this resistance exercise will lead investors to review their judgment on a Treaty title since early 2009 three times more severely than Nestlé. In the meantime, their negative reaction gives hope that slipped in the shot window Franck Riboud is to either not shot in the foot.

Steel misled

The mines can have a double bottom. Traditionally, every year, one of the three leading global suppliers of iron ore, when he signed an agreement of prices with a great client, provides for the rates applicable to all for the upcoming fiscal year. The thirst for the emerging steel them has quintupled in ten years. For the last year alone, rising high between 65 and 80. But, in the meantime, the recession has changed the equation and Steelworkers who extinguished their blast less need iron. By signing with Nippon Steel limited to 33 price drops, Rio Tinto could hope to limit the damage while the Chinese clearly required a discount of 40 to 50 of their invoice. Fool the first purchaser of the planet, which is important to only half of the world iron, as the Japan and Europe together, may not prove as simple. There is no indication that fold to the "tradition" and accepts losing face. Rio Tinto should remember that, even if Chinese imports resume, his fate is still largely of Chinalco, for the moment the only likely to help absorb its 40 billion of debt amount in his capital. A white knight who, today, yellow laughs.

Funny drama

You read the wrong books written with the bad ink of the bad spirit. "Has its way, this replica of"funny drama"sums up the message that the Supervisory Board of Deutsche Bank wanted to go to its shareholders at the annual ritual. Clearly, there is not cleavage in the upper reaches of the German when banking giant even though the name of the President of the Supervisory Board, Clemens Boersig, had been considered and rejected to succeed the current President of the Executive Board, Josef Ackermann, the indéboulonnable Swiss banker of German finance. At the request of the Supervisory Board, the latter has therefore extent for three years at the end of April, until 2013, while he wanted to take the field. It would take more that this opera lover can finally think steam sea because the post-crisis has not yet really sounded for the world's banks. Shareholders like it for its determination to do appeal to public money or that of sovereign wealth funds. His course of stock exchange jumped by more than 70 since the beginning of the year where the thermometer of the banks has increased by 20. The performance is beautiful German boss but his bank weighs less heavily in the stock market than the tenors of the investment bank or the divas of the universal bank.