When driving conditions change better take the time to change tires

When driving conditions change, better take the time to change tires. A manufacturer of tyres as Michelin has no reason to make an exception. The fall of one quarter of the volumes sold in the first quarter said that the firm of Clermont-Ferrand is living its worst "annus horribilis" from memories of volcanoes, without common measure with the shock of 1991. And if flexibility measures and its "pricing power" have enabled well limit case-sensitive on its margins to date, it is logical that it seeks to rebuild margins of manoeuvre. Because if final demand is not so bad, it is always difficult to predict when the removal of the intermediate ends and the rebound will intervene. In the meantime, investors have no reason to be enthusiastic to the announcement of a new social plan as have many long that calculations of analysts have convinced them that the French group could probably produce the same amount of tires with two times less than sites a day. As employees, they remember the episode of the "stock market redundancies", ten years ago. And for the most aggressive of them, the crisis is not so good back, because Bibendum Announces departures but also of hirings. The course fell yesterday, which will at least avoid to put oil on the fire of volcanoes.

Growth save the King

The virtues of counter-cyclical investment are even more significant that the hollow of the economy are marked. It must nevertheless much phlegm in Sainsbury, the number three of the distribution to the United Kingdom, for markets to fund accelerated growth in a country which would this year its worst recession since 1945, where the GDP could contract of at least 4 this year and unemployment climbing to 10 next year, and where the retail price dropped in March last for the first time in forty-nine years. The lesser of the paradoxes is not to see a City more cautious as the widow of Edinburgh two years follow as one man Justin King in his projects. The craftsman of the relief of Sainsbury's for five years, who was able to bring back customers by offering them a family meal within 6 euros, now seeks to repeat the strategy of diversification in the formats and the plastijo which made the success of Tesco in the early 1990. Invest more than 10,000 euros per square metre to increase 15 surfaces in three years, two times faster that its arch-rival, however, is not a bet without risk to a title already valued almost 14 times its results from 2010, over all its competitors Europeans.

Memphis Blues

It seems well distant the era of the 1970s where the New York headquarters of Merrill Lynch bankers were deemed to rather use FedEx that their internal mail service to transmit documents. Merrill Lynch has since disappeared and it is not the only customer to now default to the number two American express. A 20 fall in revenue from March to may plunged into the Red two activities in three operational loss of the Group of Memphis reaching 11 of the turnover on this quarter. The slowdown hits as well the shipment of packages by aircraft that road transport of pallets, today the biggest home loss compared to its size. Only small packages by road messaging delivers his pin of the game with the withdrawal of Deutsche Post DHL in the U.S. market. Adding a fifth alert on its profits in a year and a half, the habitué of the bad news would also recognize that one of its customers have purchased, the chain of Office Kinko's, five years ago was not the idea of the century, clearing 70 of the purchase price. The boss-founder of FedEx ensure that "the worst of the recession is behind us" and that the Group had with a growth of results at the end of the year, it will need to sing it on another air than the blues to Wall Street.