Swiss forwardMoney point Switzerland point

Its famous fog lamp not much helped Valeo to better than others in puree of peas in which sinking the automotive industry. The group even waited a few days, after Bosch and Continental, to return on margin growth expected in 2008 and issue doubts about its development in the medium term. It is falling down, his fall will be of even more painful. With a profitability of just 3.6, it is able to rely on dampers enjoyed by its competitors, which have respectively higher than 7 and 10 operating margins. What explain the few cases that investors are its title but killed area. But if Thierry Morin was not the first to have waved the red flag, it is certainly not the last. The suspicion already weighed on the relevance of the 2010 plans announced by most manufacturers before even the crisis. Since then, sales continue to fall (27 in September in the United States, 16 in Europe in August). It is now impossible to believe again. All will be forced to put the foot on the brake. It will have to do so sufficiently progressive to not block the wheels and landing in the decor.

Cold buffet

The Buffett effect momentum. The announcement of the contribution of 3 billion to General Electric by the Omaha billionaire had doped the action of the conglomerate Tuesday afternoon. But the price, set at $ 22.25 per title for the call to the market, as for Berkshire Hathaway, cooled investors. They are aligned on the new price obtained by Warren Buffett, using roll back 10 to GE, including the withdrawal reaches 41 in six months. It is true that the more than 600 million created shares will lead to a dilution of 6 to 7 for former shareholders. An item falling ill a week after that Jeffrey Immelt announced that the 2008 benefit should be 12. In addition, Buffett received a performance guaranteed 10 and insurance that it may sell its titles in three years with a 10 premium. Preferential treatment that could previously justify the positive effect that had on the title coming in a group but who has not played for GE. Shareholders may be even more disappointed that Immelt, who now promises to take new initiatives to take advantage of the crisis while reducing the wing in finance, told a week ago that GE did not need to rely on external capital.

Swiss forward

Money, point Switzerland point. And still less of Swiss Bank. To avoid this tragedy racinian, Chairman of UBS, Peter Kurer, household not efforts to prove to his rich clients that after nearly drowning in the Lake of "sub-prime", the number one global private wealth management is now saved water and that their deposits are safe from any bankruptcy. The next return to profit, even, in the third quarter, after 16 billion of losses accumulated over the last twelve months, or as much as what the French banks have gained profits in 2007, is likely to reassure both the depositors that the investors, who hoisted, yesterday, stock market very slightly above the level of the last capital increase of June. The strengthening of the non-germano-suisses directors, who weigh a quarter of the Council, also shows that the discourse on the change of governance is not empty. But restore a reputation tainted by $ 44 billion of write-downs, 28 lifts of fresh money billion and 80 billion of market value destruction will require much more time than the horizon of 2010 set by the impatient Peter Kurer. By as much as the European Bank most affected by the financial crisis is also the most exposed after Lloyds TSB, by JP Morgan.