9 in the third quarter despite a rise of 4

Reinsurance is not enough to reassure. Wear the heavy reputation of being the most affected insurance actor by the financial crisis has not deterred Swiss Re yesterday send contradictory signals to investors. The insurer of the insurers has suspended the 3.9 billion share repurchases Swiss francs that it remained to be done, while stock market was evolving still on levels of the year 2003, despite the catch-up of the last few days after the lowest history affected early October. Is not a contradiction about, the Swiss group says at the same time dispose of 5 to 5.5 billion surplus wealth, despite melting of a quarter of its own in nine months. A guarantee is not really one, since this amount corresponds roughly to hidden leverage in its own capital formed for 6 billion of debts hybrid, the highest proportion ever reached in eight years. Lack augurer orientation of net income, buffeted as the yo-yo with a portfolio of financial products EUR 42 billion very volatile largely contributed to the loss in the third quarter for the first time in six years, the investor is to recover the legendary vision of Warren Buffett. Which for the moment is the sage of Omaha a latent depreciation of 24 over his admission last January.

The bonfire of the vanities

"It was exactly as if someone for a month had turned off all the lights", exclaimed a head of General Motors about the crash in October which saw car sales slumping to 31 in the United States. The question is whether a month of fairly well party November will rekindle them. Treatment to Marks & Spencer would seem to indicate that the market has instead decided to be indulgent. Posting its worst half-yearly performance since 2004, a drop of 43 per cent of its income, the British practical by almost 10 early in the session to finish more than 7. The time seems to clemency if one remembers that, for example, IBM has instead lost one-fifth of its value in October, when he had to announce an increase of 20 of its profits. However, the results of the Distributor are not more sexy than a lingerie in Bern Department Nightgowns. Yet these sales there suffer less than those of the food RADIUS, including high sauces range and small cucumber sandwiches are eaten by the competition of the discount. This does however not cooled shareholders, who have accepted that the promise of the maintenance of their dividends. Not, all the same, delete the 62 fall in their title in a year, or ensure a mild winter.

The violins of Imerys

You should never swear nothing. Some months ago, the Chief Financial Officer of Imerys played violin in the ear of investors by stating: "our group has a limited risk profile and a strong potential for performance." Specialist materials and minerals was thus current his sixteen years of continued increase in the result. A path of roses that will have not stood up to the crisis. Discovering a little late than the construction sector and economies American and European in great trouble, Imerys is now expected a result current 2008 decreased by 15 compared to 2007. As falling not reached 4.8 over nine months after a decline of 20.9 in the third quarter, despite a rise of 4.5 of turnover, this heartbreaking review involves a fall of 40 in the fourth quarter profits. Degradation that illustrates the high sensitivity of the leader in recovery of minerals to the situation. And that makes difficult profile of safe haven, as evidenced the fall of its course of scholarship from 46 in one year and 40 in three years.