Surprise observers and worried some investors

Better with less, is the b.a.-ba of value creation. Must activate the right levers at the right time. By accelerating its investments through less capital, Accor was able to reactivate the attention of scholars. Between the EUR 1 billion of capital provided by Colony Capital and the "new approach real estate" for the most part to operate rather than have its high and medium range hotels, the group can achieve three years l' expansion that he planned in five. While respecting fiscal discipline on which the stock market remains very vigilant. He has already shown last year by financing his rise in the Club Med by a capital increase reserved for the Caisse des Dépôts. The emphasis on the promotion by Internet of the hotel offer of the group or even trade agreements without capital-intensive consideration among its partners are the same obsession to save capital. But, if all these ingredients are beginning to take and to mayonnaise Accor course won 10 in three months before the announcements yesterday This is mainly because a resumption of the hotel market is confirmed. Because if its shareholders did not believe that this is the time to accelerate, they would require that Accor renders them the capital discipline releases.

European customs

Damage that Philippe Camus does not leave EADS for a matter of morals! Monday, the forced departure of the pattern of Boeing because the extramarital affair started with one of its executives did not retreat an inch the action of the US group. While here war of leaders at the head of the flagship European Aeronautics and defence drawn to weigh on the title. Yesterday, EADS is thus back almost to the level of there five months, while Boeing climbed 15 in the meantime. In December, after months of struggle, Noël Forgeard, boss of the subsidiary Airbus and favourite of the Elysée, certainly received to replace Philippe Camus in the co-chairmanship of EADS. But pending the passage of official witness, in may, the two men remain at loggerheads. And the climate is rather tense with DaimlerChrysler, the German offeror. At the time, the choice of the successor of Noël Forgeard at Airbus is frozen. And uncertainty remains on some future strategic decisions, in particular the eventual rapprochement with Thales, desired by Forgeard, but the Germans do not want. It's not surprising, under these conditions, the stock market is concerned. And that, as yesterday, it responds more to concerns over the weakness of the dollar to the excellent results, better even than expected, published by the European champion.

Elevators and air holes

In the Bank, it is well known, the drivers of the business take the elevator every day. In the event of merger, this can give rise to major confrontations. This is what happened in the new overall credit agricultural credit Lyonnais. If the group is now in running order, the establishment of structures and teams are not made without air holes. The acceleration of the pace of release of the synergies thus was corollary to inflation of costs. Whether it is more or less voluntary departures and recruitment that he has to operate to revive certain activities, particularly in the Investment Bank, the load was important. Surprise observers and worried some investors. The Green Bank leaders are right to point out that these exceptional and non-recurring items are not insulting the future. Machines to cash the Bank of detail, the consumer credit and asset management have indeed all the ingredients to continue their flowery road. But Calyon, the enfant terrible of the group, cannot count forever on the collapse of the cost of the risk to boost profits. And, as demonstrated by a certain Bruce Wasserstein, recruitment to gold awards do not always profits from tomorrow.