Lagardere Group and Marie-Claire will announce on Friday the merger of their respective women's weekly, Be, Envy, launched in spring, following the slowdown in sales, "wrote Le Figaro.
The announcement comes as the magazine Grazia, the Italian group Mondadori, celebrates its first anniversary, the newspaper said.
Lagardere Active said Thursday it would make an "important announcement" on Friday morning, without further details.
"The proposed merger of two weekly was presented yesterday to the works of two groups," said a source quoted by Le Figaro.
To move into the niche market of women but crowded, Lagardere had decided in March to create the brand Be, both magazine, website, television series, application for the iPhone and web radio.
Lagardère Group owns 42% Marie Claire, one of which minority interests Arnaud Lagardère, general partner of the group, reiterated Thursday night trying to get rid.
"Be" was the first launch of magazine audience Lagardère since 2003. The group, which had invested some 20 million euros rough in launching this new brand, targeted a breakeven within three years.
According to Le Figaro, the approximation of the two week early due to faltering sales.Be seen its circulation fall to 171,397 copies sold in late June against nearly 230,000 at the beginning, while qu'Envy barely exceeded 160,000 at the same time cons over 240,000 at its launch in February.
Crédit Agricole has extended by one year the return to profit of its Greek subsidiary Emporiki due to credit losses more than expected because of the recession in Greece. The woes of its Greek subsidiary Crédit Agricole will require to spend a further depreciation of 400 million euros in its accounts the second quarter, after the 500 million spent last year.
The French bank, which bought Emporiki in 2006, told analysts still expected a pretax loss of 130 million euros for its subsidiary in 2011, instead of a profit of around 10 million expected initially. For 2010, the expected loss for Emporiki will also increase, to EUR -750 000 000 -350 000 000 cons around. Return to the green accounts is the Greek subsidiary of the blow pushed to 2012 instead of 2011.Around 12:30, the Crédit abandoned agricultural 4.9% to 9.472 euros, underperforming the sector index Stoxx 600 European banks (-2.13%). BNP Paribas and Societe Generale fell by 3.3% and 4.6%.
Battered stock market because of fears surrounding its exposure to the crisis in Greek, the title Credit Agricole sells more than 22% since January 1. Pressed by the market, the bank eventually amount to 850 million euro exposure to sovereign debt Greek."We realize qu'Emporiki always weighs more heavily on agricultural credit, with a cost of risk emerges from 450 million euros more than expected in the original plan," said Tom Bartholomew, head of credit research at Louis Capital Market.
Standardization in 2013
The economic crisis in Greece was in fact forced Crédit Agricole to harden its scenario losses on credit, which is increased by 450 million euros between 2010 and 2013. According to the bank, the cost of risk will normalize in 2013. Leaded by two successive years of losses in 2008 and 2009, Emporiki has also been recapitalized in March by Credit Agricole, to the tune of 989 million euros.
Its parent company now estimates qu'Emporiki will have a "specific need" for 550 million of additional capital by the end of 2011 to confront the crisis and complete its restructuring.Taken to a drastic plan to reduce its costs, the Greek subsidiary of Crédit Agricole had already planned last year to reduce its overhead 21% and close 57 branches, resulting in the departure of 1,500 employees.
The French bank believes that the decline in enrollment of Emporiki will be "faster" in 2010 but "slower than anticipated in 2011. In this scenario, the operating rate of Emporiki will improve faster than expected in 2011 to 62.5% instead of 68.8%.
Wall Street ended lower on Thursday, concerned about the unexpected rise in jobless claims and mixed numbers on sales of major distributors in July, which underlined the fragility of the economic climate on the eve of the monthly employment statistics.
The Dow Jones closed at a decline of 5.45 points, or 0.05%, to 10,674.98.The Standard & Poor's 500 index lost 1.43 point (-0.13%) to 1,125.81 and the Nasdaq composite 10.51 points assigned to (-0.46%) to 2293.06.
The jobless claims rose to 479,000 last week, while the market awaited them down.
This figure disappointed investors and urged them to exercise caution on the eve of the monthly report on employment in the Department of Labor, which should show a further rise in the unemployment rate in July.
"The entries do not persist in fall and this could foreshadow a bad time tomorrow," said Bruce Zaro, responsible for technical strategist for Delta Global Advisors.
Economists polled by Reuters expect for July 65.000 jobs were non-agricultural, particularly because of the end of many fixed-term contracts in the public related to the decennial census of population.The private sector, he should have created 90,000 jobs.
These uncertainties on the employment front are fears of a continued weak consumer spending, the main engine of the U.S. economy.
As for July, 28 retailers tracked by Thomson Reuters have reported an increase of 2.9% over one year of their store sales, while analysts had forecast to 3.1%.
NEWS CORP SOUGHT AFTER RESULTS
The Morgan Stanley sector yielded 0.35%.
Several values of the retail sales of which have consistently been disappointed penalized, like JC Penney, which yielded 7.7%, and Dillards (-5.2%).
"We are now in a situation where dollars are increasingly scarce in the pockets of consumers, thus able to compete for these dollars is intensifying," said Lawrence Creatura, manager at Federated Clover Investment Advisers.
If July is the 11th month of improvement in retail sales according to data from Thomson Reuters, analysts point out that comparisons to last year will be less favorable over the month.
Large groups have published their results on Wednesday or Thursday experienced divergent fates: while News Corp. gained 3.6% thanks to strong performance of its cable networks and the resumption of advertising revenue from its newspapers, Viacom yielded nearly 1 %, analysts have been disappointed by the stagnation of its turnover.
Also note the sharp increase in fertilizer producers, such as CF Industries (+3.5%) and Mosaic (+1.8%) in the wake of wheat prices after the announcement of the interruption of Russian exports .
In after-hours trading just after the closing, Kraft Foods gained 2.8% in response to the publication of its quarterly. The title had ended in decline 0.3% on the New York Stock Exchange.
Wall Street operates on a hesitant note in early trading, pending the publication of monthly statistics of sales of new homes.
The major indexes started up after raising earnings forecasts from FedEx Group but they quickly moved into the red.
Ten minutes into trading, the Dow Jones was almost in equilibrium at 10,427.27 points, the Standard & Poor's 500 index was virtually unchanged at 1102.91 points and the Nasdaq Composite Index retreated 0.16 % to 2265.93 points.
FedEx earned more than 4% after raising its earnings forecast for the quarter and year.
Values pharmaceutical react to rumors of acquisition of biotech company Genzyme. Genzyme earned the title at 5.33% 65.85 dollars in early trade.
Finally, the BP side as New York took 2.79% to 37.89 dollars before the board meeting, scheduled for Monday evening, which could define the modalities of the departure of CEO Tony Hayward and announce his replacement by Bob Dudley, the American leader who also oversees the fight against the oil spill.
French banks BNP Paribas, SocGen, Credit Agricole and BPCE, parent company Natixis, have passed the stress tests conducted by European authorities said on Friday the Bank of France.
In a statement, the regulator said that following the test on a scenario of economic decline worse than expected and a new crisis on the European sovereign debt, the four French banks show a ratio of Tier One financial solvency through 9 3% at end 2011.
In this scenario, which holds a particular hypothesis of two years of recession in the euro area in 2010 and 2011, European regulators demanded that they tested 91 European banks show a ratio of at least 6%.
"This is a satisfactory result, not surprisingly, is quite comforting," said Christian Noyer, Governor of the Bank of France at a press briefing.
Christian Noyer, who is also member of the Governing Council of the European Central Bank, said that the total exposure of the four French banks, European sovereign debt amounted to 240 billion euros at end-March, which accounted for 43 billion in their "trading book" (portfolio of financial assets).
He also explained that a risk of default on sovereign debt of a sovereign state had been excluded from testing scenarios.
To restore investor confidence, the European Union 91 European banks submitted to stress tests to ensure that their capital was adequate to cope with a worsening economic conditions and financial market shocks.
Led by the Committee of European Banking Supervisors (CEBS) and drawing lessons from the debt crisis of Greek, tests have included discounts which reduce the market value of some bonds.
Fears of contagion in Europe of the fiscal crisis of Greece has weighed heavily in recent months on financial stocks.
The sector index Stoxx 600 European banks yields almost 5% since the beginning of the year.
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."
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.