Cette étude concerne les transmissions de PME-PMI (SA, SARL) d’une valorisation comprise entre 300.000 € et 5.000.000 €, pour un effectif de 5 à 100 salariés.
Cette étude concerne les transmissions de PME-PMI (SA, SARL) d’une valorisation comprise entre 300.000 € et 5.000.000 €, pour un effectif de 5 à 100 salariés.
La valeur demandée moyenne est passée de 610.000 € en 1995 à 880.000 € en 2006 (pour 810.000 € en 2005).

Le peuple français proclame solennellement son attachement aux Droits de l'homme et aux principes de la souveraineté nationale tels qu'ils ont été définis par la Déclaration de 1789, confirmée et complétée par le préambule de la Constitution de 1946, ainsi qu'aux droits et devoirs définis dans la Charte de l'environnement de 2004.

Dubaï : les banques de l'UE exposées
AFP
26/11/2009 | Mise à jour : 17:40 | Ajouter à ma sélection
L'exposition des banques européennes à la dette de Dubaï et des sociétés qui lui sont rattachées est estimée à environ 13 milliards d'euros, selon une note publiée par la banque Credit Suisse après la demande de moratoire formulée mercredi par l'émirat.
Les analystes de Credit Suisse précisent que l'exposition des banques européennes au Moyen-Orient ne dépassent pas 1 à 2% de leurs engagements, Dubaï n'en représentant qu'une portion.
 
Dans l'hypothèse où Dubaï et ses entités parapubliques feraient défaut sur 50% de leur dette, la facture se monterait à 5 milliards d'euros pour les banques européennes, ce qui induirait une augmentation de 5% de leurs provisions pour 2010, selon la note.
La dette totale de Dubaï était estimée à 80 milliards de dollars en 2008, dont 70 milliards de dollars à la charge des compagnies publiques. Dubai World, société de participations de l'émirat, pèse à elle seule 59 milliards de dollars de ce montant.
 
Selon des analystes interrogés par Dow Jones Newswires, l'exposition serait supérieure au montant estimé par Credit Suisse et atteindrait environ 26 milliards d'euros.
La Banque des règlements internationaux (BRI) évalue à 93 milliards de dollars l'exposition des banques européennes aux Emirats arabes unis, dont 11 milliards pour les établissements français (0,1% de leurs engagements), dans des documents publiés sur son site.
 
Toujours selon la BRI, le pays le plus exposé est de loin le Royaume-Uni, avec 51 milliards de dollars.

Goldman Sachs’s Michael Evans Sells $12 Million of Stock
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By Christine Harper
 
Nov. 26 (Bloomberg) -- Michael Evans, the Hong Kong-based vice chairman who was Goldman Sachs Group Inc.’s highest-paid executive officer last year, sold $12 million of stock this week, according to a company filing.
 
Evans, 52, sold 70,000 shares at prices ranging from $170.98 to $173.47 on Nov. 23 and Nov. 24, according to the filing with the U.S. Securities and Exchange Commission. The filing showed he retained 714,953 shares, which are worth $121 million at today’s closing share price of $168.92.
 
Goldman Sachs, the most profitable securities firm in Wall Street history, set a record for compensation in 2007. The company slashed pay last year and had its first quarterly loss. Chief Executive Officer Lloyd Blankfein, 55, and his six top deputies, including Evans, agreed to forgo annual bonuses.
 
Evans, who is also chairman of Goldman Sachs’s Asia business, received total compensation last year of $5.3 million, including $1.7 million in tax equalization payments and $387,598 for international assignment benefits. Blankfein made $1.1 million in the period.
 
Blankfein and three other executives are prohibited from selling any more than 10 percent of their stock under an agreement reached last year with billionaire investor Warren Buffett, whose Berkshire Hathaway Inc. paid $5 billion for preferred stock and warrants in Goldman Sachs. Evans is not covered by that agreement.
 
Another senior executive not covered by the agreement is Michael Sherwood, the firm’s London-based vice chairman and co- head of the European business. Sherwood, 44, exercised options on 158,125 shares over seven days from Nov. 13 to Nov. 23, according to regulatory filings.
 
Fund Investments
 
The options let Sherwood purchase the stock at prices of $82.875 or $91.61, about half the current level, before selling them at prices ranging from $171.43 to $178.05, booking a profit of about $13.7 million.
 
Still, the company’s top 10 executives received $49.6 million from their investments in hedge funds and private equity funds during 2008, more than most of them earned in compensation after agreeing to forgo bonuses.
 
Blankfein’s $1.1 million in total compensation was dwarfed by the $11.3 million he received in profits and other income from his fund investments, a proxy filing from the company showed earlier this year.

L’or poursuit sa hausse - le FMI va mettre 200 tonnes sur le marché (Bloomberg)
 Economie  
         26  novembre  2009  Gold climbed to the highest price ever, capping the longest rally in 27 years, as the dollar’s slump deepened and on a report that India’s central bank may add to last month’s 200 metric-ton purchase.
Gold reached a record $1,189 an ounce and has rallied 13 percent since Nov. 2, after India (...)
Dubaï : L’opération immobilière d’ile artificielle tente de renégocier sa dette (Bloomberg)
 Economie  
         26  novembre  2009  Dubai World, with $59 billion of liabilities, is seeking to delay debt payments, sending contracts to protect the emirate against default surging by the most since they began trading in January.
The state-controlled company will ask creditors for a “standstill” agreement as it negotiates to (...)
Bourse : les ventes d’actions des "insiders" s’amplifient (Seeking Alpha)
 Social  
         25  novembre  2009  Insider selling surged in the latest week from $960MM in sales to over $1.39B. Buying made a drastic improvement from $29MM to over $166MM. The improvement in buying is a positive sign, but the vast discrepancy in selling continues to overshadow the buying.
Insiders are clearly viewing the (...)
Rappel : des espagnols vendent des organes sur internet (Slate)
 Social  
         25  novembre  2009  ...
The economic crisis has forced dozens of "desperate" people in Spain to put their organs up for sale on the Internet, a consumers association said Tuesday. The association, FACUA, told Spanish authorities it has detected "31 announcements of organ sales" on 13 Internet sites by Spaniards (...)
Crise : des espagnoles vendent leurs cheveux (Yahoo)
 Social  
         25  novembre  2009  Faced with the country’s deep recession and soaring unemployment, many women are selling off their locks to pay the bills.
And Justino Delgado, who exports natural hair for wigs and extensions, couldn’t be happier.
He began his business 50 years ago, going from village to village to collect (...)
Crise : De plus en plus d’américains vendent leur plasma sanguin (Times Daily)
 Social  
         25  novembre  2009  Tammy Brown was the first to arrive on a crisp Monday morning, an hour before the plasma center was to open.
The former sewing machine operator, now on disability, got her son to drop her off and sat on the cement walk smoking cigarettes to pass the time before she gives plasma.
A friend told (...)
L’agence Fitch abaisse la note du Mexique en raison de la chute de sa production pétrolière (Bloomberg)
 Economie  
         25  novembre  2009  ... Fitch lowered Mexico’s foreign debt rating one level today to BBB, the second-lowest investment grade, after tumbling oil output and the worst recession since the 1930s swelled the deficit. JPMorgan Chase & Co., which last week predicted the Fitch rating cut was imminent, estimates the (...)

SUMMARY
The World is dividing into two blocs - the Plutonomy and the rest. The U.S.,
UK, and Canada are the key Plutonomies - economies powered by the wealthy.
Continental Europe (ex-Italy) and Japan are in the egalitarian bloc.
Equity risk premium embedded in "global imbalances" are unwarranted. In
plutonomies the rich absorb a disproportionate chunk of the economy and have
a massive impact on reported aggregate numbers like savings rates, current
account deficits, consumption levels, etc. This imbalance in inequality
expresses itself in the standard scary " global imbalances". We worry less.
(...)
2) We project that the plutonomies (the U.S., UK, and Canada) will likely see even more
income inequality, disproportionately feeding off a further rise in the profit share in their
economies, capitalist-friendly governments, more technology-driven productivity, and
globalization.
(...)
4) In a plutonomy there is no such animal as "the U.S. consumer" or "the UK
consumer", or indeed the "Russian consumer". There are rich consumers, few in
number, but disproportionate in the gigantic slice of income and consumption they take.
There are the rest, the "non-rich", the multitudinous many, but only accounting for
surprisingly small bites of the national pie. Consensus analyses that do not tease out the
profound impact of the plutonomy on spending power, debt loads, savings rates (and
hence current account deficits), oil price impacts etc, i.e., focus on the "average"
consumer are flawed from the start.
(...)
THE UNITED STATES PLUTONOMY - THE GILDED AGE, THE ROARING TWENTIES, AND THE NEW
MANAGERIAL ARISTOCRACY
Let's dive into some of the details. As Figure 1 shows the top 1% of households in the
U.S., (about 1 million households) accounted for about 20% of overall U.S. income in
2000, slightly smaller than the share of income of the bottom 60% of households put
together. That's about 1 million households compared with 60 million households, both
with similar slices of the income pie! Clearly, the analysis of the top 1% of U.S.
households is paramount. The usual analysis of the "average" U.S. consumer is flawed
from the start. To continue with the U.S., the top 1% of households also account for
33% of net worth, greater than the bottom 90% of households put together. It gets better
(or worse, depending on your political stripe) - the top 1% of households account for
40% of financial net worth, more than the bottom 95% of households put together. This
is data for 2000, from the Survey of Consumer Finances (and adjusted by academic
Edward Wolff). Since 2000 was the peak year in equities, and the top 1% of households
have a lot more equities in their net worth than the rest of the population who tend to
have more real estate, these data might exaggerate the U.S. plutonomy a wee bit.
Was the U.S. always a plutonomy - powered by the wealthy, who aggrandized larger
chunks of the economy to themselves? Not really.