6 per cent in 2005 its profits grew by 70 in a year

A heart vaillant nothing impossible. After two record years, Goldman Sachs has surprised investors by spraying his performance in 2006. With a return on equity of 41.5 in the last quarter and 32.8 on the year, the first Wall Street firm by the capitalization has what make blush Anglo-Saxon peers as the best students of the old Europe. The most remarkable for the institution led by Lloyd Blankfein for six months after the departure for Washington for Henry Paulson, is that he is able to identify similar performance in all its branches of activity. Income thus grew 58 in fixed rates, exchange rates and raw materials, 52 in shares and 42 in the Investment Bank. As Goldman Sachs Meanwhile reduced its costs, including containing wages, which have represented that 43.7 of revenues this year against 46.6 per cent in 2005, its profits grew by 70 in a year. What let the leaders of the world number one from the Council in mergers and acquisitions to the coldness of the reaction of analysts eager to predict and Awakenings of marble. It is true that after the record of 2005 they had built, a year ago, on an increase of 1.2 in 2006 profits!

Time to wait

Would the fellows already in the holiday atmosphere that pushes to the excesses of alcohol Convinced that the families who control Rémy Cointreau are ready to sell to the highest bidder, they have been leap its course that has tweaked an above sixteen years old, almost the age of a good cognac. Group certainly fueled speculation by denouncing its international distribution agreement, obstacle fatal for a candidate to purchase, even friendly. But the stock market seems especially to packaging that Rémy Cointreau find its autonomy in 2009, that the break with its partners in Maxxium costs it much more expensive that anticipated by analysts, which consumes all its immediate value, and that nothing grows to precipitate his affiliation to more powerful. Its strategy of refocusing on its brands and its products more remunerative, initiated in recent years, starts only to its full effect. Semi-annual accounts are compelling, with, for stable sales, an operating profit up 22, a rate of margin who won 3 points and a net profit powered 76! At a cost similar to that of Maxxium, Rémy Cointreau claims do better. He has any interest to bring the evidence before seeking buyers, which, as any fan of cognac, have all their time before them.

Deferred appointment

If Duisenberg race is an excellent exercise, the show can be tiresome. Near stagnation the past three of the operational performance of the Mediterranean Club from one year to the other covers so much progress: the quality of the offer, the revenue per available bed, the satisfaction of the clients, goes in the direction of the rise in range launched in 2002 and accelerated since 2004. Bonus, more active and open to partners real estate management has cleaned up the financial structure and facilitates investment in capacity. But from the point of view of the shareholder, the benefits of this strategy are endlessly to be handed over later. And since closed last summer the prospect of a control of the Club Med by Accor, while title of evil to assert its fundamental immediate to investors. At least, Henri Giscard d'Estaing has managed to move the horizon of expectations in 2006, which was in its first plans coincide with a huge return to profits, at the end of 2008. On that date, the renovation of the network of villages mutation should be completed, and the costs or shortfalls that she has caused, overcome. It remains to check that meanwhile Asian customer will not, as at this time, only bulk to the appointment of the new Club, because it will not be enough to make its global device.