They are now even more fruit that the situation is good

The stock market rumour is always difficult to handle but can offer unique opportunities. By making public the "friendly expression of interest" Fund KKR and its cessation to formulate an offer Vivendi sent investors a clear message. If one of the leading players and the most powerful of the financial world is not able to swallow the French group too expensive, too big, too complicated which can claim to do so After the failure of the hostile attempts aimed at him burst into pieces which Vivendi was in the spring, the fact that fails an approach of upgrading with its leaders and respecting its perimeter also brings stones in the garden of Jean-Bernard Lévy. The President of the Executive Board can be found demonstrating that there is not more creative way of value than follows, combining immediate ambition in its trades (Telecom, television, music, games) and the patient search for gateways jolts the conglomerate effect. Irony of history is also speculative rumours about Telecom which has avoided to Vivendi a takeover bid and a record LBO. Since mid-August, so during talks with KKR, his course gained 15 such as those of France Telecom, Vodafone and other Deutsche Telekom both scholars speculated on the appetite of private for a generator that also depreciated sector funds in cash. And 15, that is what could be a bonus.

The dividends of the effort

When the recovery efforts at the situation, the rally can be spectacular. Allianz manages thus to double its quarterly results and can meet its forecast of annual profit for the second time in three months. After touching bottom, the champion German insurance, mired in its bank diversification, had taken restructuring measures all over the place. They are now even more fruit that the situation is good. The absence of large natural disasters certainly provides a bonus damage activities but it is the substantive work to reduce costs which allows Allianz to lower its ratio combined with level enviable by his peers of 94.3 and be sure to maintain 95 in 2007. Similarly, if Dresdner Bank remains a sensitive issue, the cuts in the workforce helped bring the exploitation coefficient up to 80 and cover 70 without excessive optimism. If, unlike the damage insurance, these levels are far from being of Allianz a good student in banking matters, they avoid now that the benefits of the insurance are eaten by the losses of the Bank. As, despite his vive since one year, the course of Allianz has not progressed in tune with its profits, the shareholders, whose pay will increase, can still hope of good surprises in 2007.

The dialectics of British Airways

There are periods where bad news go too quickly traded. Who recalled that, in early August, London airports were immersed in the mess because of the security measures taken to thwart attacks Not shareholders British Airways apparently. After a first reaction of defiance, the course of the company had taken more than 25, as if scholars preferred to retain receding in the price of oil, which has accelerated since, rather than the additional costs of security or "gaps to travel" more discreetly, continued to occur. Three months later, bad news are always there, visible in the quarterly accounts for the additional costs, in annual forecasts revised downward for the slightest willingness of passengers. British Airways has not finished in with this dialectic of best and worst. Its objective of achieving a 10 margin attracts attention and the sale of its subsidiary regional barely nine months after its revival demonstrates its firm commitment to do so. But the company has before it a difficult bargaining with its employees on the refinancing of its pension fund. As long as it is not reached, no more news should be considered as really good by shareholders.