The community of Grand Lyon has available land is an excellent alternative for those who taken hardly the meatThis represents 1 of their market capitalization compared to 1We would be the losers for resurgence of protectionismHowever the former sectors are more conducive4 billion for Caisses d'Epargne Crédit Mutuel 7But their stock treatment has not been the sameTHE FUTUREAN EXCEPTIONby Hakim El KarouiEd5 today with a near twothirds debt ratioWhat give buttons to European manufacturersA small fatty liver is better than a large block of alouette. If the turnover of Iliad grew 33 in the first half, it hides a contrasting evolution between the increase of 50 of broadband and the fall of 24 of traditional telephony. As these last represented less than 25 of sales in 2005 and are fallen to 15 percent this year, the home of Free overall much better delivers his pin of the game that France Telecom. The incumbent operator has accused a decline of 2 of its turnover residential in France, despite the increase of 43 of the activity throughput. But the figures of the ADSL provide a flat performance of Iliad and could put the balm to the heart of the leaders of France Telecom. If the number of clients Free ADSL from 1.3 to 1.9 million in one year and that of 3.7-5.2 million, the number of Freebox, Orange which was two times more important than that The battle of convergence is therefore. Orange and Free with market share respectively, an increase of 49.8 and 18.2 appear as the two players of the market. But with a capitalization of 29 times its earnings 2006 and 22 times 2007, Iliad seems already to anticipate all the good news as possible.
Backwash
Not to do as others is not necessarily the means to do better. Average weight of the European Bank, ABN AMRO is distinguished for several years by strategic movements against the current. While number of groups such as the great French reinforce merrily in the car leasing, Batavian champion emerged. It is now a movement of the same order in the estate. These operations could understand if they were intended to support dramatic developments in the core business of ABN AMRO. But in announcing that the bulk of the proceeds of the sale of Bouwfonds will fund a share buyback program, Rijkman Groenink seems a bit short on ideas. So after its noted and welcome incursion into Italy with AntonVeneta, it could further strengthen its position in Capitalia for asserting itself as a player of weight in the reconstruction of the transalpine banking landscape. Which would return a little bit of tone in European activities to the less poussives.
The dress and the monk
If Charles Quint had humbly finished his life in a monastery, HSBC has appealed to an anglican preacher to show the positive effects of an empire on which the sun never. With profit up 18 and a return on equity in progress of 2 points, the great Sino Bank again proves the effectiveness of its model. The geographic mix of profits remains balanced between North America, Europe and the pole Hong Kong rest of Asia. But, at the level of trade, the performance of the Bank is led by its reorganization of the activities of investment bank. While it provided barely one-fifth of the results, they now are in a quarter. And this movement is not due to compaction financial retail services or commercial bank, which are progressing properly. The growth of revenues and control costs in the activity of large customers and markets allows profits rise by 37. Until then less that presents Anglo-Saxon or European peers in these areas, HSBC delivers the fruits of its efforts to illustrating through its presence in four of the five most large operations of the half in Europe. And its ability to export its expertise in emerging markets where profits are more than 20 allows to consider a possible slowdown across the Atlantic with serenity.
