Boursorama reported net earnings were down 64.65% to 8.2 million euros in first quarter 2010, marked by higher marketing expenses and the lack of appreciation of assignment.
Specialist banking and online brokerage subsidiary to 56% of Societe Generale, said that the decline in net profit is 11% excluding special items, that is to say, outside the capital gain 14 million euros on the sale of Bank in Spain Self recorded in 2009.
Of the top three in the year, revenues Boursorama expand 5.5% to 48 million euros, while operating expenses rose by almost 15% to 35.7 million because of strong higher marketing expenses.
In February, Hugues Le Bret, the new CEO of the company, had expressed a wish to accelerate the development of Boursorama in online banking with the aim of increasing the number of openings bank accounts.
In the first quarter, new accounts have been multiplied by 2.4 over the first three months of 2009, with 15,810 new bank accounts.
The company intends to further consolidate its market share in online banking with the launch this month of an advertising campaign throughout France.
"While maintaining our fixed costs under control, we decided from the beginning of the year to enhance our strategy of winning through, inter alia, to increase our marketing spend," advised Hugues Le Bret, cited in the statement.
As it grows more in the online bank's new management wants Boursorama balancing company revenue by decreasing the share of income from trading.
The Socgen, parent Boursorama, has also indicated in late April that the results of its subsidiary since January 1 are recorded in its retail banking division in France and not in the asset management business, banking private and investor services as before.
General The Company publishes Wednesday its first quarter results. The consensus reached by the editor of Reuters expects a net profit of 614 million euros against a loss of 278 million a year earlier.
The action Boursorama closed Monday at 9.23 euros, giving the company a market capitalization of nearly 806 million euros.
Swiss bank UBS announced a net profit of 2.2 billion francs (1.5 billion euros) in the first quarter of 2010, after a loss of 1.98 billion francs in the same period last year.
Analysts polled by Reuters on average expected a net profit of 2.02 billion francs.
The bank had warned the markets before its general meeting that it anticipated a positive result before tax "of at least 2.5 billion francs.This post finally rises to 2.81 billion for the period under review.
On this occasion, the school had indicated that the net outflow of money in all activities had been "significantly lower than the fourth quarter of 2009.
UBS, which included a net outflow of 8 billion francs in wealth management and Swiss Bank, has reported a final amount of 8.2 billion.
The bank anticipated output of 7 billion in Wealth Management Americas and 3 billion for its asset management, and withdrawals have finally amounted to 7.2 billion and 2.6 billion respectively.
The investment bank has marked her return, earnings before taxes have tripled to 1.19 billion francs from 297 million a year earlier.The segment of trading bonds, currencies and commodities (FICC) has quintupled its revenues to 2.17 billion against 496 million a year earlier.
The equity ratio improved to 16% at end March 2010 against 15.4% at end December 2009.
"We are well positioned to achieve our medium term," said CEO Oswald J. Grübel, quoted in the statement.
UBS expects a gradual improvement of the results of asset management and asset management, adding that the net outflow of capital would be "relatively moderate in the coming time."
Sales of new cars in France have continued to rise in April, to 1.9% from April 2009, but at a much more slowly, reflecting an impact of declining car scrapping and leaving the uncertainty about the rest of the year.
"This figure is normal. We see a gradual reduction of the effects of scrappage" observes François Roudier, spokesman for the Committee of French car manufacturers.
The spokesman noted "a decline in registrations and orders on new line", small cars that benefited most from the car scrapping. Meanwhile, "we see a rise in average range on some models," he adds.
Carlos da Silva, an analyst at IHS Global Insight, a judge even when the result of April "a little surprising" and speaks of "semi-surprise"."The compact segment is doing rather better than what we expected" while "small cars to fall again mechanically," he notes.
Moreover, "manufacturers have continued to put much money on the table to try to compensate" the premium reduction. They have indeed offered to their customers numerous discounts and promotions. In this context, May will be "a little month of truth," said Carlos da Silva, who expects a decline it expected in April.
"I do not see how that can withstand much more, plus there is not really new models," he said.
French manufacturers are considering a European market decline 9 to 10% this year.1,000 euros last year, the scrapping bonus increased to 700 euro from 1 January, but for vehicles ordered before December 31, the premium remained at its former level for deliveries until the end of March.
This measure was prompted a boom in orders at the end of the year, registrations recorded in the first quarter up 17%. In the first four months of the year, the increase was 12.9% compared to the same period of 2009.
The Minister of Industry Christian Estrosi welcomed in a statement of "the good performance of the market", which "demonstrates the effectiveness of the government strategy of gradual withdrawal of the scrappage scheme".
On 1 July, the scrappage decline further, to 500 euros.
The month of April has been more favorable to French brands, up 8%, as foreign brands, down 4.9%.Of the 190,986 new cars registered last month, the French brands accounted for 56.1% of the market.
The increase was 17.2% for the Renault group and 7.3% for PSA Peugeot Citroen. At Peugeot, we judge that "the effect of scrappage continuous" and "concerns an order for two 206 + and 207," the Director of Commerce France, Olivier Veyrier, said in a statement.
Never has a country had not yet obtained a loan of that amount: the countries of the euro area and the IMF have pledged – conditionally – 110 billion euros to Greece three years. A rescue plan for unprecedented growth. Greek crisis is far from over.
The € 110 billion is enough?
Greece needs money, lots of money to finance its huge debt, this year close to 300 billion euros and is expected to peak in 2013 to nearly 150% of GDP. Now the country that is experiencing the worst financial crisis in its history, no longer able to finance on the markets by issuing bonds. Or is prohibitively expensive. Loans from the EU and the IMF at a rate "preferential" 5% are therefore welcome.They will allow Greece to avoid having recourse to financial markets for at least 12 months according to analysts at Goldman Sachs, according to the IMF 18 months or almost three years according to Natixis. For Philippe Sabuco, economist at BNP Paribas, the plan "gives Greece a breath of oxygen, time to clean up its finances without the pressure of markets". "This is likely to reassure the markets," he assures.
The market pressure is she back down?
A little, even if financial markets have allowed the development aid for Greece with skepticism. The situation has improved – in moderation – on the front of Greek government bonds, whose rates remain at very high (around 8.59% for bonds of 10 years and 9% for bonds to two years ). European shares closed broadly higher on Monday, May 3, but the euro remained below $ 1.32.But no matter, since Greece will now and for at least one year to contract.
Greece can it succeed in its fiscal?
In return for financial assistance from the EU and IMF, Athens is committed to reduce by ten points over its budget deficit by 2014, equivalent to 30 billion euros in savings. Cups of public wages and public spending, freeze pensions, increase in VAT, tax and taxes on alcohol, cigarettes and gasoline are on the menu of the Greek government. With regard to economic analysts, the plan of adjustment is "doable." "Provided it is well established," warns Laurence Boone of Barclays Capital. Politically, its adoption by the Greek Parliament is not in doubt, the socialist majority in power supported by the main right-wing party.However, the pill will be more difficult to move public opinion.
Read also: What would happen if France swallowed the potion Greek
The Greeks are they willing to accept the cure of austerity?
Even if the popular support in the person of Prime Minister George Papandreou remains strong, opinion polls show growing opposition to austerity measures. For the Greeks, the plan is largely synonymous with painful efforts: life will become more expensive, their purchasing power will fall and unemployment threatens to explode. The public sector, the main focus of the austerity measures, is the most hostile. The unions are ready to fight against this shock therapy. They call for a new – the third in less than three months – day nationwide strike Wednesday, May 5 The mobilization will be a test of the government's ability to impose its plan.
When Greece Will she get out of the crisis?
The downside of this fiscal restraint is the recession that looks worse-than-expected decline of at least 4% of GDP this year and 2.6% in 2011, -2% in 2009. "Fighting against the economic crisis, as is now the priority for Greece," said Philippe Sabuco. But "this new program of fiscal consolidation will have a depressive effect on domestic demand, which could lead, ultimately, tax revenue by less than expected," said economist of BNP Paribas. To support the return of growth expected in 2012 (+1.1% increase in GDP by Athens), the Greek government plans to make more flexible the labor market. It also intends to fight against tax evasion which, according to economists, could rebuild the Greek budget of several percentage points – the black market economy represents between 20 and 40% of Greek GDP.However, Laurence Boone Regrets, "there is little detail in the Greek plan on structural reforms to raise the country's growth. The Greek'économie suffers from several weaknesses: it is not competitive and dependent on cyclical sectors at a lower value (shipping, tourism and agribusiness).
In exchange for the bailout unprecedented 110 billion euros, Greece agrees to follow an intensive austerity. This plan aims to reduce the deficit from 13.7% to 3%, and this in two years … An ambitious, some would say impossible … Yet other countries such as Ireland, Sweden and Finland, have succeeded in the past to reduce their deficit.
Those who managed …
The report on public finances published by the IMF in November 2009 lists the fiscal adjustment efforts of two dozen countries over the past 30 years. Ten countries have improved their finances more than 10 points. In 1989, Ireland had such success in lowering the deficit to 20 points, knowing that it still took him 11 years to get there … Another example: in 2000, Sweden and Finland have managed to reduce their deficit of 13.3 points, and that in 7 years.The IMF report notes that more than 20 countries have been able to adjust more than 5 points, their public balance: Japan by 8.1 points, 7.9 points in Italy, Germany by 5.3 points. However, there is no state that in two years. The most "fast" are Israel in 1983 (11.1 points in 3 years) and Cyprus in 1994 (5.2 points in 3 years).
So why Greece did it not happen? After all, she has already, according to IMF data, managed to reduce its deficit from 12.1 points in six years to reach 4.8% in 1995. Admittedly, the statistics of the Greek period are unreliable. Nevertheless, other countries have indeed succeeded in completing their program of readjustment.