Own fundsIt is not repeated the Dutch clean

Do what it has been said and especially able to say what will be is not reserved to the Presidents of the Republic but the performance is still today the outstanding markets. Vivendi, without going through the warning box, issues yet, a year after had announced it, increasing promise of its outcome, at constant perimeter to decimal places close ( 8.4). What make credible the commitment for 2009 to further improve the growth of a boosted operating income by the full effect of synergies with Activision and Neuf Cegetel, the new foals of the stables of the number one world music. The mattress of a turnover consisting 70 of subscriptions protected the judgment group suddenly that struck across the Western economies in the fourth quarter, the new subject of perplexity of economists. Instead, the "case" Vivendi, the result of which grew 40 during this period, should also make them realize that what is rare is not necessarily expensive. Since early January, was dropped by 19, as the CAC 40, despite a performance that put it in the forefront of the Parisian index. "Love is blindness", sang U2, whose new album is one of irons in the fire of Universal for 2009.

Own funds

It is not repeated, the Dutch clean. After the Goncourt brothers were baffled by what children, instead of play to play, play washing, Courteline marveled that the Dutch are so specific that they take the train to the countryside when they want to spit. With a such atavism, it was therefore natural that Ahold, the world's largest owner of the Netherlands supermarket, passes its accounts to the straw of iron with a special energy after the shameful stain which had soiled in 2003. Its strategy, it also suffered a large laundry. In three years, the seventh Global Distributor made household in American brands that represent half of its sales while dividing its debt and its central costs by more than two. By developing products to its brand (own, of course), a subject on which the American distributors are late, he was able to hold the discounters remotely and managed to increase its sales by 13 in the fourth quarter. If he washed his honour by exceeding the expectations of the market last year, he did not yet quite transparent to engage 2009 windshield. It is merely ensure long-term annual growth and a margin of 5 shareholders rather satisfied with the increase in their dividend and the slight increase of their title since January. A comparison with the fall of 10 of Tesco and the 5 of Carrefour.

Global fear

The art of understatement remains a safe value among British specialities, or that of finance. The pattern of the giant Bank Sino HSBC, Stephen Green, acknowledged yesterday that the purchase of Household across the Atlantic was "an acquisition that we would not have made." Of course, no one had predicted violence nor the extent of the current recession, which hit the United States without save Asia. But the result is. This really World Bank seems doomed to suffer the events where its diversification seemed to be a safe haven again a few months ago. Worse, there where competitors draw shamelessly in the deep pocket of the States to to recapitalize, HSBC seeks the private shareholders of 18 billion dollars. With the risk of being blamed for both make too much and too little. Too much for stock investors absorption capacity, react by an unprecedented crisis. Too little to the scale of potential requirements, related to writedowns on financial portfolio and provisions supplementary to the United States as unemployment will increase. The placement of shares will show next month if the cursor was positioned.