Especially when written in Chinese characters

Charity begins at home. Called to the rescue by Eiffage leaders nine months ago to help contain the appetites of Spanish Sacyr, Albert Frère was quick to draw the lessons of a situation which risked getting bogged down. If the alliance of the employees of Eiffage and the brother group allowed to prevent Sacyr for seats on the Board of Directors at the general meeting of the spring, the Belgian financial had nevertheless always felt could not permanently hold its main shareholder to negligible. While the intransigence of Jean-François Roverato, barricaded in his ivory tower, has led the Spanish to focus more on Iberian to French MGB oil, Albert Frère prefers to withdraw on the tip of the foot rather than find themselves trapped. Its output is much easier that he had only 6 of the capital, a package to the scope of the rare possible buyers, the Caisse des Dépôts et Consignations and the employees. With a capital gain of 33 in nine months, the NOC is not to be ashamed of its investment. It might be more difficult for Sacyr in good conditions to surrender his block of 32 of the capital. So after Albert brother, and with his own interest in Repsol, it is clear that Eiffage has lost much of its speculative interest.

Double game

Initiated under a double external pressure on the Italian Enel, Interior, the Prime Minister , the merger of Suez and gas of France is for several months mired in double uncertainty. Time which is restored to the political will allow to opponents of the privatization of gas of France to win Will the expectation imposed on the stock market back their chances to investors who dream dismantle Suez and retrieve its pole environment Given this situation, the two groups are condemned to a double game. Together, they can only reaffirm their determination in the project that they have launched. Each turn, they must also prepare for the case where... The recall by the "financial performance of all its branches" Suez and record results that it will achieve this year in its "stand alone" configuration serves as a response to queries. It also contains the implied promise that pending the outcome of the Group marriage project will intensify its efforts to profitability. Suez and GDF had vied to get the best possible results in the first half of 2006 and prepare the final negotiation of their parity of fusion. They have an interest to continue. In all cases, it is the best way to wait their shareholders.

Door ajar

There is always a margin between the letter and spirit. Especially when written in Chinese characters. This is well understood the leaders of the former empire of the middle. In accordance with their commitments, they open their banking market to foreign institutions, five years after the accession of China to the WTO. The requirements imposed minimum capital to subsidiaries and branches and relationships between resources and loans are such that the activity of foreign banks is likely to be long confined to the minimum portion. This is why many of them considered that il would be much more effective to take foot directly in the capital of Chinese banks. They have indeed of an advance, their financial surface and the size of their network, foreign subsidiaries are not close to power their challenge. Although participation is limited to 20 of the capital, some Westerners have therefore preferred foothold in facilities which improve practices while building links to go further when the liberalization will increase to. What did HSBC, Bank of America, Citigroup, RBS, Deutsche Bank, BNP Paribas, BBVA, ING or Allianz. Absent from the first wave as Société Générale, Crédit Agricole or AXA can they catch up later with the convoy to head