Mitsubishi UFJ Financial Group (MUFG) is planning to resume participation of BNP Paribas in a Chinese joint venture asset management for 50 million dollars (38.2 million euros), we learn two sources familiar with the matter.
This would allow the first Japanese bank to enter the Chinese market for the management of funds, estimated at 237 billion euros and could exceed 765 billion euros in five years, according to consulting firm Z- Ben Advisors.
BNP Paribas and MUFG will submit the draft to the Chinese authorities before the end of the month, after rejecting an initial application for minor technical reasons, "said one source.
Once disengaged from SYWG BNP Paribas Asset Management, BNP Paribas will hold only one license for fund management in China and thus in keeping with rules set by Beijing, which prohibit foreign companies from holding more than one license in that market .
VERY ATTRACTIVE OFFER
Over thirty foreign institutions, including JPMorgan, Credit Suisse and Morgan Stanley, have formed joint ventures in fund management in China, while groups such as Aberdeen Asset Management and T. Rowe Price are looking to break into this market.
MUFG has prevailed over a dozen other candidates for the takeover of parts of BNP, among whom were Japanese Nomura Holdings and Britain's Ashmore Group.
The offer of the Japanese for 33% of BNP Paribas is a ratio of prices on assets under management of approximately 10%, against a normal value of 5%, thus making the supply of MUFG very attractive.
SYWG BNP Paribas was established in 2004 by BNP Paribas and the Chinese broker Wangguo Shenyin & Securities Co, which owns two thirds of the capital.
The joint venture had 10.4 billion yuan (1.2 billion euros) in assets under management at the end of June, 0.49% of the market, against 0.9% at end 2009.
After this assignment, BNP Paribas will not have more than a joint venture in China Fund Management, Fortis Haitong, which manages about 40 billion yuan of assets, or 2% of the market.
The turboprop manufacturer ATR announced that it recorded 42 orders and delivered 26 aircraft in the first half.
The joint venture of the European group EADS and Italy's Finmeccanica said in a statement that, taking into account the options, the number of orders placed since January 1 amounted to 72 aircraft.
"We will deliver between 50 and 54 aircraft this year," he told a news conference at the Farnborough Airshow near London, Filippo Bagnato, Chief Executive Officer of ATR.
During the presentation of its annual sales results on January 18, ATR stated aim of delivering more than 50 aircraft this year after delivering 54 aircraft to their owners in 2009.
The group, which achieved a turnover of 1.4 billion dollars last year, added provide a stable revenue in 2010.
Mattel announced Friday a lower than expected earnings in the second quarter, a weak euro offset the benefits of licensed Toy Story 3 and strong sales of Hot Wheels.
The manufacturer of the Barbie doll has reported a profit of $ 51.6 million, or 14 cents per share, against 21.5 million (six cents) a year earlier.
Turnover increased 13.4% to $ 1.02 billion but the effects of unfavorable exchange slashed three points to this growth.
The Thomson Reuters consensus I / B / E / S gave an EPS of 15 cents and revenue of $ 1.02 billion.
Sales in the U.S. increased by 17% and 9% in the rest of the world.
Sales of Barbie and Hot Wheels were up 6% and 11% respectively, while those of American Girl fell 4%.
European shares ended slightly lower Wednesday, ending six consecutive sessions upward, banking stocks have suffered from the perspective of capital rules and more stringent risk for banks.
The increase of the high tech, according to results from Intel, however, helped to significantly reduce losses. Without appease investors who wait with some anxiety the results of stress tests of banks, July 23.
In Paris the Cac 40 index loses and 0.13% to 3632.98 points.The FTSEurofirst 300 index, which gained 8.2% over the previous six sessions, do likewise yields only 0.14%.
The European banking index, which lost more than 1% in session, ended the day on a decline of 0.42%. This is the second segment loss of the day and not as the first meeting. On the contrary, it confirms the high techs gain the most important day of 1.21%.
For banks, BNP Paribas, HSBC and Societe Generale have lost 1% to 2.7%.
For the high techs, ASLM Holdings gained 3.05%. The world leader in machine lithographed raised its revenue outlook for 2010, strong demand for its machines that allowed him to achieve results better than expected second quarter.
Why oil markets do not react to the catastrophe of BP in the Gulf of Mexico?
It is true that oil prices have finally been little impacted by this disaster. For two reasons. First, it was thought a few days after the disaster, the movement of tankers in the Gulf would be disrupted, which could affect the evolution of very short-term U.S. oil inventories. This was not the case. Meanwhile, outside the six-month moratorium on the exploitation of new platforms, markets await the outcome of the commission, (introduced by the Obama Administration) regarding the future development of deepwater drilling. For the moment nothing has filtered out on the progress of discussions. Yes, President, stuck in the oil slick bomb on his chest and hardens ecological discourse.But for the United States, deprive themselves of deepwater drilling and oil from the Gulf of Mexico equivalent to increasing its short-term dependence on foreign and thereby increase its imports and the movement of tankers. But from a strictly ecological point of view, the likelihood of oil spills associated with tanker accidents is much higher than that related to problems occurring on a platform …
The survival of BP is threatened?
BP is not dead but its future is very bleak. The total cost of the disaster will obviously staggering, at least about 10 billion dollars. But the slate will not pay a single blow and will be paid over several years, which does not undermine the cash short-term business.It remains, however, the cost in terms of reputation and image especially in the United States. Can you imagine, when referring to obtain from the U.S. Administration to permit new drilling in the United States that This case does not come back on the carpet. But the U.S. market is essential for BP. It represents 26% of its oil and gas worldwide, 40% of its sale of petroleum products and 56% of its refining capacity. This ecological disaster is challenging deep and lasting development of BP across the Atlantic.
