5 end of 2008 and an increase of 4 to 5 of its sales

When growth dropping in the West, emerging markets are more attractive. Number two world of outdoor advertising, JCDecaux had already put overdrive in Asia, especially China, to offset slowing its progression in mature countries of Western Europe where it is very established. The decision to Rupert Murdoch of News Outdoor Group, the dominant actor in Russia, Eastern Europe, offered him a new opportunity. The fact that the value of this number world six external communication is more than the order of 1 billion today, against 2 billion a year ago, probably increases its attractiveness in the eyes of the Decaux brothers. With 70 of the capital with their father, they can pay in mixing stock and cash for not encumber the indebtedness of JCDecaux, which grew 18 in one year, while retaining a large majority of the capital. Remains whether the morals to the roughly of the Russia of Putin and Medvedev to foreign capitalists, which explain the withdrawal of Murdoch, could not worry investors shareholders of JCDecaux. News Corp., paid partly in paper, diversify significantly its geographic exposure while Decaux will directly focus 100 of Russian risk.

Cape on the future

The euphoria of the end of last week the incentives to keep cool heads, nothing prohibits suggests that some oracles well bear their name. Results and prospects disclosed by the Group of Larry Ellison as the reassertion of its forecast by Capgemini allow a degree of optimism, at least for the services and software. Prey to doubt of the investors, who see a bad look the fact that French is one-fifth of its sales in the financial sector, Cape started the tour of its activities. It persists and signs continuing to promise to the market improved his margin to 8.5 end of 2008 and an increase of 4 to 5 of its sales. Capgemini feels protected from the financial crisis not only because it recruits customers primarily in retail banking and insurance but also because the level of cash and its low needs the are from a credit crunch. Especially a third reason added. Such as Oracle, the part taken in its activity by maintenance contracts renewed every year preserves the cramps of the situation. They have even become the business at the time the most important and beneficial to the American. What look, for one and the other on valuations that recognize them the market, often lower than those of yet fainter peers.

Balances of fall

Profusion night rarely. Despite the strength of the stock market rebound last week, the collapse of the financial values remains full and doubtful to sell surplus open a period of balances unprecedented in banking landscape for a few institutions that have managed to pass between acid rain of "sub-prime". Even if none has escaped the bursting of the revaluations, the gap widened between the stronger banks and most fragile. A report of one to three between the first and the fifteenth of the European ranking by market capitalization in 2006, the gap is today of one to seven. At the head thereof, HSBC and Santander have the choice to do their shopping. The British chose to abandon the acquisition of a South Korean Bank was about to pay, in cash, equivalent once its own funds when former American stars are ready to sell in exchange of simple actions and for much less. Spanish looking both in Ireland, where the Bank values are the lowest for eleven years, and across the Atlantic, where the first savings bank, Washington Mutual, is still six times as less than in its earlier history, even after the increase in the title Friday. Third in the ranking, BNP Paribas would be wrong to miss the opening of the balances.