It should of course be the best light this year

The crisis that saw General Electric today finds its origin in... 1956, the year where Standard & Poor's was the best possible rating, and that of the birth of its current CEO, Jeffrey Immelt, who made him lose the iconic AAA. The rebound yesterday, title on Wall Street, who feared a much stronger degradation, certainly allowed GE to the bar of 100 billions of dollars of market capitalization, five times less than ten years ago. But this momentary respite does hardly mask the triple crisis in the conglomerate. Crisis of confidence after two alerts on profits and dividend divided by three and by surprise. Funding crisis, because having to borrow $ 35 billion to Uncle Sam is not a sign of good health. Finally and above all, crisis of an industrial model which was in fact half of profitability of a probably defunct finance for some time. Remains to Warren Buffett as the consolation of a doubling of its return, 10 to 20, after division by two of its investment from last October.

Carrefour, he positively

The large distributor which yesterday published results superior to the expectations of analysts, committed on a growth of 3 of its outcome in 2009 and promised an increase in their dividend to its shareholders is not called Carrefour but Delhaize. A few days before the Belgian, Dutch Ahold who was pleasantly surprised with a 12 increase of its dividend and its operating profit, while sitting on a margin of 5, as the British Tesco, Sainsbury's or Morrison fired their PIN of the game. All of them have little or less used the same recipe, which allows the display of prices lowest in head of gondolas and through programs of economies to boost profitability. Such is the way that Lars Olofsson seems to borrow for Carrefour. He said in a review of way more successful than the accounts of its group. His priority will be the recovery of the hypers French full skid. It is also, ten years after, finally the findings of the merger with Promodès. What perhaps back to Carrefour the premium to the leader that the market has taken over. Better late than never.

Tag without distress

It is rare that a provider can long be much better than its clients in times of crisis. And yet, when the airlines complain of the lack of visibility, the radar of Aéroports de Paris continue, they track 2010 Ebitda growth. It should of course be the best "light" this year. But, although revised down from a year ago, the goal of an increase of 50 to 60 of the gross of 2005-2010 operating surplus is higher than that set by EPA at the time of its introduction on the stock market three years ago. Ambition more within reach of bridge that it will be enough to achieve an increase in two years of less than 5 from last year, or one-fifth of what the Group has made three previous years. When air traffic flows of 1 as in the second half, the mechanical effect of the increase in royalties, Dynamics businesses and control of costs allow indeed ADP advance turnover by 8 and 10 result. And too bad for the State to receive despite him one-third of the profit in dividends by maintaining a rate of 50 distribution...