Yet this is the approach that seems to take Citigroup

Markets from time to time make a stunningly demonstration of their inefficiency. That says the outbreak of Atos Origin on rumours of takeover by a fund Simply that the stock market did not itself identified the sous-valorisation, flagrant for months. Well before the "profit warning" issued in July by the Group of services computer, and who sent his title to the carpet, his report price-earnings per share was already 10 points behind on Capgemini. After the small rebound subsequent to the first-half results, the title was given to fall, while 2007 announced a remission and, above all, that the generation of cash kept in 2006 by Atos what reassurance. But as many analysts insisted on the excess of the penalty imposed on the group led by Bernard Bourrigeaud, fellows were hijacked, and it even though they had to to congratulate during the dark years of the sector. Combined with a floating 99, the conditions were ideal for another type of investor, ready to play the leverage of debt to occupy the vacated spot. Lack of authority validate the rumour, the reaction of the stock market finally was attenuated. Atos is still 23 less than a year ago and its ratios remain below one third those of Capgemini. Even if a fund does not pass to the Act, it still deserves attention.

Nokia contraflow

There is always a risk to make conquests from its bases. Nokia takes three-quarters of its growth in the Asia-Pacific zone and more than a quarter of China. It is not logical that the average price of its mobile declined 10 in one quarter and the margin of 3.7 points in one year. Even with a better share of the global market, it is a confusing configuration. But how to change a world turning upside down The Western champion wonders in the input range and the volume effect in emerging countries. The Asian leader, Samsung, increasing margins through products to fashion that it places in Europe and the United States. The market share of the remaining the only parameter is supported as long as the Western operators delaying the deployment of the third generation of mobile networks, Nokia is sentenced to play the demographics of the new markets rather than innovation in saturated markets. Title, down more than 20 on its April level, he remained stubbornly out of the recent lift indices, and despite recovery ratios that take into account the beautiful remains of growth or the resources that it adds to an already wealthy financial structure. But who will take the risk to bet that the world of mobile will soon return in the right direction

The challenges of Prince

Open a third store when we get to make that one of the two it already has is not necessarily the best way forward. Yet, this is the approach that seems to take Citigroup. Its President continues to affirm its willingness to develop in the Bank of international retail at cast doubt on the profitability of its domestic operations. However the results of the first World Bank Group show that his activity of "retail" in the United States instead made its performance. With a quarterly net profit up 23 for stable sales, retail banking has not done. The Investment Bank on the other hand saw its profits decrease by 15 in the United States. But, overall, American results increased by 13 while they increased by 11 international. He was not sure that with overdrive in emerging countries to acquire the high price of minority shareholdings in Turkey or China, Charles Prince could radically change the equation. There on the other hand a large construction site before him that Citigroup found in the investment bank profitability worthy of his rank. It is on this condition that he can fill the gap of 20 market progression of Citigroup from peers, three years after his arrival in his head.