Latest news with #DominiqueVidalon
Perth Now
a day ago
- Politics
- Perth Now
Former French president stripped of nation's top honour
Former president Nicolas Sarkozy has been embroiled in legal battles since leaving office in 2012. (AP PHOTO) Credit: AAP Dominique Vidalon and Gilles Guillaume Reuters Former president Nicolas Sarkozy has been stripped of his Legion of Honour, France's highest distinction, after being convicted of corruption and influence peddling. The centre-right politician has been embroiled in legal battles since leaving office in 2012. France's highest court upheld his conviction for corruption and influence peddling in 2024, ordering him to wear an electronic tag for a year - a first for a former French head of state. Also in 2024, an appeals court confirmed a separate conviction for illegal campaign financing in his failed re-election bid in 2012. The rules of the Legion of Honour award meant the revocation - announced in a decree published in Sunday's Official Bulletin - had been expected.
Yahoo
04-06-2025
- Business
- Yahoo
Remy Cointreau withdraws mid-term goals, posts lower annual profits
By Dominique Vidalon PARIS (Reuters) -French spirits group Remy Cointreau reported a smaller-than-expected 30.5% drop in annual organic operating profit, withdrew its mid-term goals and said sales would return to mid-to-single-digit growth during the next financial year. The company, which makes Remy Martin cognac and Cointreau liqueur, said on Wednesday that the lower profits reflected weak sales in its key markets of China and the United States, where the group also faces tariff threats. This was partially offset by cost cuts worth 85 million euros ($97 million), which outpaced an initial cost savings plan of 50 million euros. Remy Cointreau, which last week named luxury goods veteran Franck Marilly as its new chief executive, said it had decided to withdraw its objectives for 2029-30, citing continued uncertainty tariffs. Its group operating profit fell 30.5% on an organic basis to 217 million euros ($247 million) for the full year ended March 31, 2025. Analysts had expected a fall of 31.7%, according to a company-compiled consensus of 15 analysts. The company makes around 70% of its sales from cognac, mostly in the U.S. and China. Remy's sales have come under pressure amid a sluggish Chinese economy and threats of tariffs on European brandy. Meanwhile, high interest rates and inflation have led to steep sales declines in the United States, where Remy's rivals have also been cutting prices and eating into the firm's market share. For the financial year 2026, Remy Cointreau estimates, under what it calls its "worst case scenario", it could suffer an organic decline in current operating profit in the mid-teen to high-teen range as a result of U.S. and Chinese tariffs. ($1 = 0.8800 euros) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
01-05-2025
- Business
- Yahoo
Remy Cointreau says US cognac sales are rebounding, China weak
By Dominique Vidalon and Emma Rumney PARIS/LONDON (Reuters) -French spirits group Remy Cointreau on Wednesday flagged a "steep recovery" in the critical U.S. market that has dragged on performance for over a year, sending its shares up more than 5% even as its fourth-quarter sales missed forecasts. The maker of Remy Martin cognac and Cointreau liqueur has been grappling with problems in both the U.S. and China, which account for most of its cognac sales, sending its shares downwards in recent years. Remy also faces steep tariffs in China as part of a Beijing-Brussels trade dispute, which has also seen duty-free sales of cognac in China halted. In the U.S., tariffs affecting its cognac are currently on pause. Sales in the U.S. had spiralled due to high inflation and interest rates, and Remy said in January that the fourth quarter was the earliest possible timing for a U.S. recovery. However, Americas cognac sales, driven by the U.S., had "rebounded sharply" in the period, Remy said, citing a "very favourable" comparison base. Cognac sales in the region declined significantly last year. An action plan for the cheapest version of Remy Martin cognac - the most popular in the U.S. - was having a positive impact, it continued. There were emerging reasons to be optimistic on Remy, said James Sym, partner at Goodhart Partners LLP, which manages a fund that holds Remy stock, adding he was moving towards building his position. "I feel that we're getting to the bottom of a very cheap share," he said. Remy finance chief Luca Marotta told investors on a call that the company's plans to mitigate U.S. tariffs did not, to his knowledge, include shifting any operations to the United States. Its plans instead included changes to how it purchases eau-de-vie brandy or builds inventories, he continued. The U.S. news contrasted with a sharper-than-expected fourth quarter fall in overall sales and cognac sales, which account for 70% of Remy's business. The period may mark the last full quarter for CEO Eric Vallat, whose resignation was announced earlier in April, effective this summer. The company said it still expects to resume progress towards targeted high single-digit sales growth from next year, though Marotta said there would be more clarity in the coming months on whether guidance changes are needed. Rivals Diageo and Pernod have both either cut or withdrawn longer term sales targets deemed overly ambitious by some investors. ($1 = 0.8791 euros) Sign in to access your portfolio
Yahoo
27-02-2025
- Business
- Yahoo
Food group Danone to step up acquisitions after strong 2024 cash performance
By Dominique Vidalon PARIS (Reuters) -French food group Danone said on Wednesday it would use some of its record cash for acquisitions as it further expands into health and medical nutrition, having delivered 2024 sales slightly above analysts' expectations. The consumer goods giant, whose brands include Evian and Badoit water and Activia yoghurt, also improved its profit margin last year thanks to higher volumes as price hikes slowed. "Danone is now stronger, more resilient. The company is ready for more challenges," CEO Antoine de Saint-Affrique said. When asked how Danone would use some of the 3 billion euros ($3.15 billion) in cash it said it generated last year, Saint-Affrique told analysts: "We want to move to the front foot on acquisitions." Saint-Affrique cited specialized nutrition and products where "science can make a difference" for consumers as targets. Danone reported 2024 sales of 27.376 billion euros, a like-for-like rise of 4.3%, compared with analysts' expectations of 4.2% in a company-provided consensus. The performance reflected sustained demand for medical nutrition and baby food in China as well as coffee creamers and high protein products in North America. The recurring operating margin for 2024 rose to 13% of sales from 12.6% in 2023, in line with expectations of 13%. For 2025, Danone said its forecast was in line with its mid-term ambition of like-for-like sales growth of 3% to 5%, with recurring operating income growing faster than sales. Saint-Affrique declined to provide analysts with forecasts for the first quarter, saying Danone does not give quarterly guidance. Its shares were up by 0.8% in early morning trade. "Share price could see a limited outperformance to peers on the headline sales beat but after a strong year to date performance, we see nothing new here to support further rerate," Jefferies analysts said in a note, citing "an uninspiring outlook for now." With record cash flow of 3 billion euros in 2024, which came above analysts' expectations of 2.45 billion, Danone also plans to raise its dividend by 2.4% to 2.15 euros per share. 'VOLATILE WORLD' Danone, like rivals Unilever and Nestle, has slowed price hikes after three years of steep increases following the COVID-19 pandemic to win back shoppers who had turned to cheaper brands during a surge in inflation. "We foresee for 2025 what I would call an almost back to normal level of inflation, remaining within a reasonable corridor," Chief Financial Officer Juergen Esser said. "From what we know today this inflation will be driven mainly by milk, milk ingredients, and few components of packaging," he said. Esser noted though some price swings were possible. "We are living in a volatile world, and so there could be some ups and downs ... which could come from energy, ups and downs which could come from potential custom duties." For the fourth quarter alone, sales grew 4.7%, beating analysts' estimates of 4.2%, with contributions from all its three businesses - Essential Dairy products (EDP), Specialised Nutrition and Waters. ($1 = 0.9531 euros) ($1 = 0.9527 euros) Sign in to access your portfolio
Yahoo
31-01-2025
- Business
- Yahoo
French PM Bayrou's budget bill moves ahead as lawmakers strike deal on text
By Dominique Vidalon and Michel Rose PARIS (Reuters) -A panel of French lawmakers on Friday agreed on the final text of a much-delayed 2025 budget proposal, paving the way for the lower house passage of a bill that is key to restoring investor confidence and ensuring the government's survival. The bill will now head to a vote on the lower house floor next week. Although it could still trigger a no-confidence vote, lawmakers expressed confidence that the government was now looking more likely to withstand any challenge thanks to signals of tentative support from the left and far-right. France's failure to agree the 2025 budget has rattled investors while sapping business and household confidence. The government has had to make billions of euros in concessions to forge a bill with a chance of getting passed; any failure to get it over the line will likely cut short Bayrou's premiership. After the meeting, the Socialists struck a constructive tone, saying they were not thrilled with the text, but were happy to have obtained concessions to improve the lives of ordinary people. "This was not our budget; we are an opposition party and we have made that clear," Socialist lawmaker Boris Vallaud told reporters. "We have managed to minimise the sufferings and the attacks on the purchasing power of retirees and patients." Conservative Les Republicains (LR) deputy Philippe Juvin said "the budget does not satisfy anyone, but it's better than no budget." Finance Minister Eric Lombard told TF1 television earlier on Friday that the government was sticking to its goal of bringing the public sector deficit to 5.4% of gross domestic product this year and was still vulnerable to a possible no-confidence motion. The public sector deficit was forecast to hit close to 6% last year due to a shortfall in tax income and higher-than-expected spending. Lombard later cheered the budget deal, writing on X that it was "an important step towards providing us with a budget and enabling our country to move forward." Jean-Philippe Tanguy, a member of the lawmakers' panel from the far-right National Rally party, grumbled about the deal after it was agreed. He did not say whether his party would back a potential no-confidence motion next week, but acknowledged the urgent need for France to finalise a budget. Sign in to access your portfolio
