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| Jan 2, 2009 |
| Bank of America ,U.S. industrial activity continues to deteriorate.Economy, |
U.S. industrial activity continues to deteriorate. Manufacturing activity has deteriorated again in December in the United States, according to the index of purchasing managers published by the Institute for Supply Management (ISM) showed that at 32 , 4 in December against 36.2 in November. This is the lowest level since June 1980, when the index reached 30.3. An index below 50 indicates a contraction of activity: it is more down below this bar, over the pace of deterioration is strong. By sub-index, the new orders and production fell by 5.2 and 6 points respectively, that of employment fell by 4.3 points and the price dropped by 7.5 points . Bank of America The number one U.S. banking sector in terms of deposits, Bank of America, completed the acquisition of Merrill Lynch. The U.S. bank stressed that it now has the largest wealth management with about 20 000 financial advice and more than 2000 billion dollars in assets under management. Under the agreement, each shareholder of Merrill Lynch received 0.8595 share Bank of America per share Merrill Lynch. With this transaction, Bank of America expects to achieve savings of $ 7 billion before taxes in 2012. In December, Bank of America announced the abolition of 30 000 to 35 000 posts in three years. These job cuts, which corresponds to about 10% of its workforce, are justified by the "bad economic climate" and the desire to eliminate duplication resulting from the absorption of Merrill Lynch. It was not until the beginning of 2009 to have a clearer idea of the number of posts, had said Bank of America. The institution added that all societies and all branches of activity of the bank will be affected. Economy Wall Street opened slightly higher for the first meeting of 2009, investors primarily in mind the plan for the new U.S. administration must implement soon to try to revive the economy. President-elect Barack Obama, who will take office on January 20, is scheduled to meet Monday the leaders of Congress to discuss his plan which provides for massive investments in infrastructure. The markets also expect the release at 15:00 GMT sole indicator of American days, the ISM manufacturing index could fall to 35.5 and sinking lower and still under the threshold that delineates growth and contraction in activity. Volumes should remain weak, many investors making the bridge in the aftermath of New Year In the early exchanges, the Dow Jones index gaining 23.74 points or 0.27% to 8800.13 points while the S & P 500 took 1.32 point or 0.15% to 904.57 points. The Nasdaq composite yields 1.47 point or 0.09% to 1575.56 points. Later values, banks Bank of America and Wells Fargo cede every two 0.64% Thursday after concluding the acquisition of Merrill Lynch for the first and Wachovia Wednesday for the second
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posted by GreatLondonPubs @ 8:50 AM  |
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| Nov 7, 2008 |
| Obama will submit its response to the economic crisis |
Barack Obama was preparing Friday to present its response to the economic and financial crisis during his first press conference since his election as head of the United States, which seemed to come a little closer to recession.
The task is immense. The market for U.S. jobs has deteriorated again in October: unemployment jumped to 6.5%, its highest level in more than 14 years. Wall Street nonetheless rebondissait Friday, after two meetings in free fall.
The elected president should give at the first press conference, scheduled for 19H30 GMT from its stronghold of Chicago (north), the outline of his plan of action, in response to the worst financial crisis since 1929.
He had to meet before its main economic advisers, including former secretaries of the Treasury Bill Clinton, Lawrence Summers and Robert Rubin, the former boss of the Federal Reserve Paul Volcker and the boss of Google, Eric Schmidt.
It should not announce the name Friday eagerly awaited the next Treasury Secretary, according to his team.
Four are in line for this crucial position which will oversee the implementation of the rescue plan of 700 billion dollars in October adopted by Congress: MM. Volcker, Summers (now a professor at Harvard), Rubin (director of the bank Citigroup) and Timothy Geithner, president of the Federal Reserve in New York.
Before his appointment to the crucial day, Barack Obama Friday morning to attend another important meeting ... a meeting between parents and teachers at the school of his daughters, Malia, 10, and Sasha, 7, with his wife Michelle.
The 44th U.S. president, 47 years, will take office on January 20 but began this week to set up its management team, appointing one of its Thursday close, the pugnacious Rahm Emanuel, 48 years, as Secretary General to the White House.
The elected president spoke by phone with leaders of several countries - Germany, France, Great Britain, Israel, Japan, Mexico, South Korea, Canada and Australia - rushed to mark the distance with the policy Past President George W. Bush.
The financial crisis, but also Afghanistan, global warming and the nuclear issues of Iran and North Korea have dominated these discussions.
The reform of financial system has been at the heart of Mr. Obama talks with French President Nicolas Sarkozy, British Prime Minister Gordon Brown and Prime Minister of Japan Taro Aso.
Many of these heads of state and government are expected on November 15 in Washington for a summit of G20 on the financial crisis and bringing together the leaders of industrialized countries and emerging economies.
The Bush administration calls for short-term measures to increase financial transparency and risk management. Europeans, beginning with the French, demanding that the summit would produce more substantive results.
The Democratic chairman of the House of Representatives, Nancy Pelosi, voted Friday in the Wall Street Journal for a quick vote of a plan to revive the U.S. economy in two areas: 60 to $ 100 billion in the first Meanwhile, in November, then a measure early next month which could include a "tax cuts permanent."
Mr. Obama must also receive Friday its second daily report of the CIA, ultra-secret and reserved exclusively to the President on the situation in the world and the dangers that threaten the United States.
President Bush, who will meet Monday at the White House with his successor, warned Thursday against the risk of terrorist attacks in the United States during the transition period. |
| posted by GreatLondonPubs @ 9:24 AM |
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| U.S. promises of lower sales in September. |
- The index of promises in real estate sales in the U.S. fell 4.6% to 89.2 in September, according to figures published today by the Association of Promoters American Realty (NAR).
The index announced for August 2008 was revised to 93.5.
The Association said in a statement that it was a difficult for sellers than for buyers.
'It is for this reason that funding affordable, reasonable prices and professional expertise are the success factors in the market', says Richard Gaylord, president of the NAR. |
| posted by GreatLondonPubs @ 9:22 AM |
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| General Motors may be short of cash in early 2009 |
General Motors may be short of cash in early 2009
The U.S. automaker General Motors announced Friday that it might find itself at the beginning of 2009 with a level of liquidity does more to allow its normal operations.
"The estimated cash for the remainder of 2008 approaching the minimum required to run the company. For the first two quarters of 2009, even with the planned measures, liquidity will fall far below this level, except the strong recovery market or foreign aid, the manufacturer said in a statement.
This grim diagnosis was provided during the publication of losses much worse than expected for the third quarter.
Net loss for the number one U.S. amounts to 2.5 billion dollars for the three months completed by the end of September. But excluding the favorable impact of an agreement with the UAW union, the loss of manufacturer stands at 4.2 billion dollars, while a year ago it was limited to 1.6 billion.
Turnover has flowed from 13% to 37.9 billion dollars, slightly less than expected by the market waiting 39.41 billion. |
| posted by GreatLondonPubs @ 9:20 AM |
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| Sep 17, 2008 |
| Sanofi Aventis: challenges and a new strategy. |
In mast in the image of all pharmaceutical values for months ..., Sanofi Aventis was buoyed this week by the appointment of Chris Viehbacher the post of director general. In the wake of this shock, the title has jumped more than 7% in the space of a meeting. In charge of pharmaceutical operations at GlaxoSmithKline for North America, Chris Viehbacher take up his duties with effect from 1st December.
Aged 48 years and having dual nationality Canadian and German, the Anglo-Saxon will succeed Gerard Le Fur whose appointment ago just 18 months at the helm of the pharmaceutical group has not convinced Total and L’Oreal, the two main shareholders of the group. Neither the Exchange. In two years, Sanofi Aventis and unscrewed by 30%.
Four years after the merger between Sanofi-Synthelabo and Aventis, the goal is to reinvigorate the strategy of the pharmaceutical company, which has been badly affected by the refusal in June 2007, U.S. health authorities, the FDA (Food and Drug Administration), to authorize the marketing of the treatment against obesity by Sanofi Aventis, Acomplia (Rimonabant). This decision was all the more unexpected that Acemplia is a genuine star in Europe.
These setbacks could have weighed in the decision to replace Gerard Le Fur whose skills have been widely shown in the research departments of Sanofi and Rhone Poulenc ... His detractors argue against it is not a big sponsor, which has been able to play against the group ...
Sanofi Aventis is more generally deal (like the big pharmaceutical companies) to lower drug prices and the loss of patents, including growing competition from generics. Moody’s has indicated early September that the European sector of the pharmacy could lose 18% of its turnover over the next three years.
Drug flagship of the group french used against arterial complications in the case, for example ... infarction, including Plavix will face from 2012 the marketing of several generic drug competitors. The Taxotere, used to treat breast cancer and lung cancer, for its part will lose its patent from 2010 in Europe and the USA ...
Sanofi Aventis was therefore obliged to react as quickly as possible to prepare the response to these deadlines ...
At the appointment of Chris Viehbacher, the Board of Directors of Sanofi-Aventis has recommended a strategy articulated around three pillars: (1) the search for innovative products better suited to the new regulatory and economic market (2) strengthening the position of the group on growth markets and (3) the further development of other activities in the fields of medicine and health.
For the new CEO of Sanofi Aventis, will therefore find a successful attempt at redemption, so far failed, laboratory Czech Zentiva, which has the double advantage of being specializes in generic drugs and strengthen the presence french group in the country to strong growth.
In early September, the direction of Zentiva, which Sanofi Aventis already holds 24.9% of the capital, in any case rejected pleas to the offer of french, which enhances the approximately 1.6 billion euros.
Sanofi Aventis intends to put a new string to its bow, by engaging more actively in health foods, such as Danone Actimel ... The first stone of the building has already been raised with the completion of the purchase of the Australian Consumer Symbion for an amount of 560 million Australian dollars (about 340 million euros) at the beginning of the year ...
Maybe you just have that Sanofi Aventis reaches to strengthen in what remains its core business, namely the ‘major’ drugs .. |
| posted by GreatLondonPubs @ 11:35 AM |
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