As many miles yet to go to really reach the port

If the reality of the flood can still be debate, bankers and insurers now have the certainty of its existence. The impairment losses in Natixis EUR 1.9 billion, $ 1 billion and a half Italian Generali, $ 1 billion in Germany's Allianz, 793 million euros in losses for ING and third rescue of the Belgian KBC, it nothing that in the first quarter, just remind investors that the financial Ark is not yet saved water. Believing to the reflux of the crisis, the Noah of the Fellowship hoisted in a few weeks European banking values on highs 75 above their low point in early March last, even after a decline of 5 yesterday. 2 Billion euros of writedowns taken last week by Société Générale had yet proven them that whether swim did not drink the Cup and that anticipation was sometimes synonymous with science fiction. Only Dexia, walking on the waters with a much stronger than expected net result can leave just the last of the fellow platoon will be the first to get out. But if it is to much to the refocusing of the trades and reductions of costs made by the new direction, the miracle is the Lifesaver firmly held by the States. Who will charge the Prodigy of 500 to 600 million euros this year.

King of England

The economic storm to judge good captains. Installed in 2004 at the helm of a Sainsbury which celebrated its one hundred and thirty-five years and the highest losses in its history, Julius King is part. Modesty is not the politeness of Kings, he has been a pleasure to recall the prophecies of the omens which announced the brutal judgment coup crisis would impose to his relief. Sales on the rise before exceptional profits rose by 11 and 5 have denied them. King convinced customers that Sainsbury makes more with high prices. He knew how to make them return by highlighting its own brands, therefore more cost-effective, covering as well a range of "Basic" to the more expensive products, "taste the difference". Shareholders also have test it with a title that has beat that of Tesco, the first of the class. But it is not certain that their pleasure is sustainable. Of course, since 2004, King did win 2 points to his margin, to 3.5, but it is far from that of the beginning of the glorious "nineties" (7.4) and especially below the 5.4 of Tesco, who pays is yet only 12 times its profits, against 15 times for Sainsbury's. As many miles yet to go to really reach the port.

The precipice to the precipitate

In chemistry, it is question of formulation. If the dosage differs according to the manufacturers, all adopted the same deletions of jobs, research-based mixture of cash and morose rhetoric. Arkema has not breached the appeal. The heir of Total loses money, size in its workforce and expects this year that "the global environment remains difficult. Similarly, before him, Clariant and Rhodia, suppliers preferred automotive, building and the consumer that they are enhancing shampoos and feature cigarette filters, have plunged into the red and struggled to improve their effectiveness. These efforts faced the worst fall in demand that the sector was known from just after those which were intended to offset the also historic boom in the price of their raw materials, it is likely that, if they remain alive after this leaching, they to emerge stronger than ever. As, after the jump, the precipitate expected to improve, particularly because chemists have finally consummated their stocks of raw materials at the highest which undermined profitability while their own selling prices fell. What, even without rebound in demand, anticipating a return to better fortune and explain that Rhodia has returned to a third of its value in one month and Arkema doubled his since the beginning of the year.