The slow start have the advantage of leaving a margin of progression for the future. A net loss in the first quarter, the first since late 2007, and degradation by Standard & Poor's are nevertheless start the chairmanship of Frédéric Oudéa for Société Générale with a weight handicap. The case also the Directorate-General for a year is not soupçonnable load the boat, the EUR 2 billion of write-downs two and a half of BNP Paribas and the doubling of the provisions on doubtful in twelve months sound as the reminder that the financial crisis is far from over and that the recession has only just begun. Its bite is already deep in the accounts of the Bank of the defence since the unpaid expenses have reached 90 of the black scenario that it échafaudait still a months and a half, conducted it almost in France and exceeded it in Russia, one of its main settlements to the East. Temporarily occupy the same bench as UBS to the purgatory of the few investment banks into the red in the beginning of this year is less worrisome than the extinction of the engines of growth of the international and financial services. So, in stock, the General has rarely appeared also pale from BNP Paribas, invigorated by his success on Fortis and now twice larger in capitalization.
Belt and Suspenders
What there is hard in the present, is the future. After disastrous results, Toyota plans to be even worse next year. The judgment of the elevators in its offices does not preclude its losses continue to rise. He lost 3.3 billion last year plans to dig up to 4 billion deficit this year. Regardless of the delay in the start has slowed it in the renewal of its models, the depth of the hole announced surprised even on the part of the remaining world champion for the sector in car sales and market value. It leads to ask if the Group was not too tight belt, preferring a click too to a great slap. The producer of the Corolla cannot afford to lose face to the market, as this happened the year last with four successive warnings. In November, it provided an annual profit of 4 billion, an amount narrowed to 400 million as of December before transforming into loss of 2.6 billion in February to achieve, in the end, a hole of 3.2 billion! The rise in the yen, course, devastating its operating income but very slight decline in its title to the announcement of its forecasts, while he climbs 37 since January, shows that, for investors, the worst is not safe.
A well tanned leather
Professionals in real estate, to determine their choices are based on three criteria: location, location, and even the location. Similarly, the investors to do their shopping in the luxury must gauge their targets through a single lens, one of the brand. Those who know how to maintain it, the shine, the control draw their PIN of the game. Quarterly performance of Hermes have in the show. Sales of its agendas and other bags at a minimum price of 4,000 euros for the famous Kelly still rose 16. Their production is not enough to demand and the group, which has never made concessions on its quality or its prices in key dividends. The leather, the oldest product of the SADDLER, is protected by this legitimacy from the DNA of the Group and a distribution limited to its own shops. What put it immune from sudden movements of destocking who contributed to the slide of the watches, perfumes and other arts of the table. Hermes can therefore only be welcomed for bringing in ten years the leather goods of 25 to 43 of its turnover. These results demonstrate, such as Louis Vuitton, a capacity of the top luxury of range. If it led to wonder about the undervaluation of 8 of LVMH with the sector, it does not justify to the premium of 130 enjoyed by the creator of horse-drawn carriage.