This is one of the last players on the French toy market. Jemini – which manufactures and distributes soft toys, small furniture and accessories for children to color Spiderman, Dora the Explorer, Winnie the Pooh and Barbapapa – goes into high gear. A year after merging with another business sector, Spel, it will go public next February 24 (Thursday). The group, which displays several years growing at double digits, yesterday announced Monday it has raised € 6.8 million private placement as part of its forthcoming entry on the Alternext market, where it will initially be valued more 38 million euros.

The aim of the group that conducted last year 40% of its turnover (about 37 million euro) for exports, is to accelerate external growth, particularly internationally.Sylver Amouyal, president of Jemini, acknowledged having "several cases in the pipeline, the European companies from 5 to 10,000,000 euros in turnover. Great Britain, where the contract of the license is 1.5 times higher than in France, is among his targets.

Jemini is unknown if the general public, its products are essential in supermarkets and specialists in the toy. Including at Conforama where Jemini is distributed over a year. Since its inception in 1986, the group has focused on the manufacture of soft toys, tableware, watches and furniture licensed around thirty characters.This market, driven by the small and big screen, now represents one quarter of toy sales in France.

Rattles pharmacy

"Jemini was one of the first to get Hello Kitty at the right time, with a true reflection on the offer to create," says Natalie Chouraqui, who co-directs Kazachok specialist license. Meanwhile, with more than 30 million euros in turnover, the small Japanese Sanrio cat became the first license in the toy. Anxious to mix new and "good value" Jemini just signed with the beneficiaries of the Smurfs will be back on center stage next year in a feature film. Jemini also sign lint Maya the Bee come back rejuvenated in 2012.

Known for the design and quality of its products, Jemini designs its prototypes in his studio in the Sarthe and has them made in China.The group now wants to convince its know-how to another distribution channel, the pharmacists, long wary of toy manufacturers. Rattles, dinner and door-nipples have been successfully tested in hundreds of outlets. The cub Lulu Castagnette be among the group of new licenses. Jemini expects its range of childcare up to 12 million turnover within three years.

The bosses have morale, but are somewhat less optimistic in February than in January. The business climate index fell two points on the month at 106 points, according to Insee. A level still above the long-term average (100). The business sentiment remains "somewhat favorable in the retail trade" (105 points), but "hesitant" in the building (99 points), according to the National Institute of Statistics.

"Only the services sector is this month a further improvement in its business climate," says the National Institute of Statistics. In one-point increase every month since December, rising to 104 points in February. Entrepreneurs in the services believe they have created more jobs in recent months and have revised upwards their employment prospects.

In industry, the bosses are somewhat less optimistic than the previous month, the index lost 2 points to 106.The balance of opinion remains "well above its long-term average," said INSEE. "The order books are down overall, while remaining at a proper level, it has been noted. However, manufacturers benefit from strong exports.

U.S. stock markets failed to bounce back Tuesday. In the wake of a meeting for nothing, they have evolved in the red all day before closing in negative territory. The Standard & Poor's 500 and Nasdaq 100 down 0.32%, respectively, to 1328 points and 2804 points to 0.46%. For its part, the Dow Jones fell back from 0.34% to 12,227 points.

This reflects the gloom battery indicators mixed, published during the session:

– In January, import prices surged due to a further rise in energy costs. They rose 1.5%, almost almost twice the consensus forecast (0.8%).

– The index of homebuilder sentiment has emerged unchanged in February at 16, as in January and in line with analysts' expectations.And for the fourth consecutive month, according to data released Tuesday by the National Association of Home Builders (NAHB) and Wells Fargo Bank.

– In addition, Empire State index measuring industrial activity in New York came out slightly below expectations, despite a faster rise in February. He climbed to 15.4 against 11.9 in January, its highest level since June, but 1inférieur the 15.5 expected by analysts.

– U.S. business inventories rose slightly more than expected in December, while sales rose 1.1%, announced Tuesday the Commerce Department.

– Meanwhile, retail sales began the year with great enthusiasm after the sharp increase in fourth quarter 2010. The 0.3% increase recorded between January and February is the lowest in seven months, and well below the 0.5% expected by analysts.

– The United States has also attracted less net capital flows to long-term in December: 65.9 billion, after 85.1 billion in November.

On the foreign exchange market, the euro was still up against the dollar on Tuesday, buoyed by the German figures reassuring despite persistent pressure from concerns about the fiscal health of fragile area euro.À the close, the euro was worth 1.3483 dollars, after falling in the day from Monday to 1.3428 dollars, the lowest since three weeks.

Marriott will split into two listed companies

Marriott International, 1.15%, to 41.47 dollars

The hotel group said Monday after trading its intention to split into two publicly traded company, with one side of the other hotels and timeshare operations.The new entity specializing in timeshare brands will use the Marriott and Ritz-Carlton, while Marriott International will focus on the activities of hotel accommodation, including franchisees. In 2010, the timeshare industry has posted a turnover of 1.5 billion made on 71 sites with over 400,000 multi-owner and approximately 10,000 employees. After paying a special dividend, the Marriott family should hold 21% stake in each of the two companies split. The group also reported a quarterly profit increase, the economic recovery accompanied by an increase in business travel.Net income for the fourth quarter was $ 173 million or 46 cents per share, against 106 million or 28 cents per share, a year earlier.

Fedex: 2.13%, to 95.99 dollars

The group messageriea lowered its targets for the current quarter The group now expects earnings per share and 90 cents entre70, fork down 25 cents.The group says that performance-cons by harsh climatic conditions and rising fuel prices explain this.

Chevron: -0.66%, to 96.31 dollars

The oil company was fined a total sum of $ 9.5 billion for pollution caused by Texaco (bought by Chevron) in the Ecuadorian Amazon, "said plaintiffs' counsel in revising upward the amount .

NYSE Euronext: -3.35% to 38.13 dollars

Also note, while boards of directors of the exchange group NYSE Euronext and Deutsche Börse in talks for a merger, may announce an agreement soon on Tuesday, the press reported a possible offer by the Chicago Mercantile cons Exchange (CME), the world trade in raw materials.

Genzyme: + 3.53%, to 74.30 dollars

The series Sanofi Aventis / Genzyme continues.A merger agreement between the French laboratory and the American biotechnology should be signed shortly. Sanofi, however, should extend its offer a third time on Genzyme and continue along its negotiation. The expiry of the offer is midnight New York time on Tuesday or Wednesday 6:00 pm Paris time. In Paris, the title of Sanofi-Aventis rose slightly from 0.13% to 49.99 euros

The euphoria of the excellent results posted by Hermes and LVMH seems to have appeased the spirits. Both groups are waging a war of trenches since Oct. 23, when LVMH reported holding more than 17% stake in Hermes, a stake raised to 20.21% since.

"I think we must stop this war," confided Thursday Patrick Thomas, the manager of Hermes, in Challenges. "Our investment is very peaceful and aims to be a movement of family support and strategy," insisted Friday Bernard Arnault, boss of LVMH. The latter is certainly still make its voice heard. "We are a shareholder peaceful but not passive, he warns.We want to be an active shareholder, but we will not be a shareholder activist. "The tone is less virulent than early November, when Thomas and Patrick Bertrand Puech summoned Bernard Arnault to" withdraw "and that it involved the management Patrick Thomas.

In recent weeks, the highest state authorities, concerned about the image of the Paris, had recommended the two parties to stop s'invectiver, until the courts decide their disputes. First, the AMF investigation for several more months, the conditions of the rise of LVMH capital of Hermes.On the other hand, the Court of Appeal of Paris will decide, earlier this summer, the exemption granted by the AMF to the heirs of the family Hermes, who want to establish a holding company owning more than 50% stake in saddle without launching a takeover bid on all the securities thereof.

In the meantime, both parties might have an interest to enter into discussions to find a modus vivendi. " Especially as the heirs Hermes and LVMH ensure all be present in the capital of Hermes for "the very long term." Officially, no negotiation is involved. But according to our information, contacts were made between LVMH and Hermes for ten days, bankers and lawyers interposed boards. And slopes are emerging, which could foreshadow a possible common ground.

Possible partnerships

Hermes side, Patrick Thomas is concerned about the narrowness of the floating action of cowhide.LVMH has acquired 20% stake, the family controlling 73%, the balance of securities on the market is too small for the other shareholders receive a quality market. He gave an indication Thursday that he believed "would float of 15%."

This certainly implies that LVMH reduces by 20% to 15% its stake. But nothing would prevent the group to stand next purchaser of the securities that the heirs would eventually Hermes in the market. Each year, there may be an "erosion" of a few tenths of a percentage point of their participation, according to individual needs. For his part, Bernard Arnault LVMH proposed yesterday that could "make a number of benefits at strategic and operational, without further consideration that our current involvement."Hermes and LVMH could therefore build partnerships that would not touch the heart of their identities, such as real estate or buying advertising space. The views are far apart, but the groundwork for a possible dialogue are asked.

After an opening in the red, the CAC 40 was the yo-yo around equilibrium without clear direction from frankly before declining. The CAC 40 lost 0.87% to 3870.45 points. At the London Stock Exchange, the FTSE-100 fell by 0.67% to 5,979.46 points and Frankfurt Stock Exchange, the DAX 0.52% to 6945.15 loose points.

These hesitations are expected to continue until early afternoon. Investors are waiting in effect until 14:30 the publication of unemployment figures and employment for the month of December in the United States.

Economists polled by Reuters expect 175,000 new jobs outside the agricultural sector for the month of December. In the aftermath, the Federal Reserve chairman, Ben Bernanke, must speak before the Senate Budget Committee.

On Thursday, the CAC 40 has canceled its gain of over 1% at mid-session, after the weekly claims for unemployment benefits rose in the United States.

U.S. employment and unemployment, European unemployment and GDP

On the macroeconomic front, after a miserly start of the week in news, the meeting will be hosted by a number of indicators.

In France, the trade deficit rose in November to 3.869 billion euros against 3.712 billion the previous month.

Are also expected index of construction costs and commercial rents in the third quarter (12 hours), and economic forecasting at INSEE for France in the first quarter 2011 (at 16 hours).

In the eurozone, the unemployment figures for November will be released at 11:00 and the third estimate of GDP for the third quarter (11:00).

United States, in addition to unemployment figures and employment for the month of December (1430), the consumer credit will be announced in 20 hours.

On the currency markets, the euro remains below $ 1.30 at exactly 1.2986 (-0.13%).

Record deliveries for Airbus

Against this backdrop of feverish, bank stocks are in decline: Societe Generale, which displays the largest decrease in the CAC 40 lost 1.86% to 41.36 euros, BNP Paribas 1.33% cowardly to 49.17 euros Crédit Agricole dropped 1.12% to 9.79 euros and Natixis yield 0.90% to 3.64 euros.

Renault: 1.37% to 47.46 euros

In the case of industrial espionage affects Renault, the automaker suspect a Chinese actor, according to information from Figaro economy.

GDF Suez: +0.40% to 27.62 euros

A spokesman for GDF Suez confirmed to AFP Thursday an information website of the magazine Challenges, that the group will abandon stock options. The device should be replaced by performance-related bonus shares in the group.

Hermes: 3.93% to 161.15 euros, LVMH: -1.39% to 120.20 euros

In the case of Hermes / LVMH, the AMF authorizes the Hermes family not to launch takeover bid for the entire group.

EADS: 0.16% to 19.11 euros

Airbus (EADS) achieved record shipments in 2010: more than 500 aircraft delivered to airlines Boeing 462 to cons.

Sanofi-Aventis: -0.10% to 50.23 euros

Sanofi-Aventis has announced the appointment, effective February 1, new leaders in emerging markets where the pharmaceutical company wants to strengthen.Patrick Aghanian will be responsible for the Eurasia region, Thomas Kelly of Asia, Heraldo Marchezini of Latin America and Jeremy Moulding of Japan and Pacific area.

Casino-Guichard: 0.05% to 72.93 euros

Casino Guichard now holds 99.6% shareholding in its subsidiary e-commerce Cdiscount.

Schneider Electric: 0.74% to 115.15 euros

Schneider Electric has signed an agreement to acquire majority shares of APW President Systems Limited, an Indian manufacturer of enclosures for the telecom and information technology.

Saint-Gobain 0.58% to 38.40 euros

The Dutch competition authority said it had fined 17.7 million dollars to several companies, accused of having formed a cartel in the glass, among which is the local subsidiary of Saint-Gobain.

Bourbon: -0.01% to 35.61 euros

Bourbon announced Thursday its decision to separate the roles of Chairman of the Board and Director General from 1 January 2011.Jacques de Chateauvieux therefore yield the reins of the operation to Christian Lefevre.

Axa: -0.19% to 13.47 euros

Axa Private Equity, the private equity subsidiary of Axa, is in exclusive talks with Bain Capital to acquire the French chemicals group Novacap according Agefi.

Dexia: -0.30% to 2.69 euros

Dexia has initiated the process of selling Deniz Emeklilik, its life insurance subsidiary in Turkey, according to Les Echos.

Arcelor Mittal: -2.44% to 27.59 euros

ArcelorMittal called Thursday evening to shareholders of Canadian Baffinland Iron Mines to accept its offer of 550 million Canadian dollars, considering it superior to that of Iron Ore Nunavut.

Thales: 0.57% to 26.66 euros

Canada has expressed a "strong interest" for the purchase of two vessels Mistral class manufacturer of DCNS, Thales which holds 25%, according to La Tribune.

Remy Cointreau: 3.77% to 55.10 euros

Goldman Sachs added Remy Cointreau to its list of preferred values and raised its recommendation from "buy," cons "neutral" before.

New outbreak of labels in civets. Cigarette packages will sell on average 30 cents more starting Monday, up about 6%. The ministerial order determining the increase, which comes almost one year to the day after the previous increase, was published Saturday in the Journal Officiel.

Baroin confirmed by the Minister of Budget, mid-September, this translates into higher prices for the state by 660 million euros in additional tax revenue per year. Thus, according to Bercy, the state revenue under the law of tobacco (excluding VAT) are expected for the first time in 2010 exceeded 10 billion euros.These funds are all allocated to social security budget and will be distributed among various funds.

An increase in "moderate and reasonable"

For Baroin, responsible for registering price changes desired by manufacturers, this increase is "moderate and reasonable" and therefore consistent with the Cancer Plan 2 of President Nicolas Sarkozy. An argument is unconvincing associations fight against smoking, that an increase of less than 10% has no effect on consumption, and therefore on public health, then that smoking causes 60,000 deaths a year France.

On its website, right of nonsmokers (DNF) even asks the government and the president of preferring "an increase of 60 cents every two years" rather than "small increases of 30 cents per pack of cigarettes each year. "French Office for the Prevention of Smoking (OFT), "this increase requested by the tobacco industry is calculated to the penny so as not to reduce consumption."

Tobacconists fear yet the impact of this increase in tobacco prices. According to them, it's not just a "dance labels. With this increase, "it is a network that could pitch," said the Confederation of tobacconists. For the profession, rising rates could "restart the procurement of cigarettes outside the formal network. That is to say across borders (Spain, Belgium, Germany) where cigarettes are 20 to 30% cheaper in a hurry or on the Internet.

Fears tobacconists

According to Pascal Montredon, the patron saint of tobacconists, "18-20%" of cigarettes smoked in France were not purchased in any of 28,000 tobacconists.He requested a formal study on this phenomenon. For their part, manufacturers evaluate different surveys between 12 and 22% off purchases of the official network.

On 9 November 2009, tobacco prices had already étérelevés about 6% increase already criticized by anti-tobacco as too weak to be effective in terms of public health. This increase was also not significantly changed sales tobacconists who fell by only 0.2% over the first eight months of 2010 compared to 2009. Data dubaromètre health 2010 show that tobacco consumption has increased by almost 2% between 2005 and 2010.

MPs recently rejected an amendment by Yves Bur proposing to overtax the profits of manufacturers. Next step, photos shock will be mandatory at the back of every packet in April. And the government continues to consider a generic package, without any logos or color.

(With AFP)

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On Thursday morning, the Central Bank of Japan kept interest rates between 0 and 0.1%. Around 7 pm, the Nikkei in Tokyo has changed slightly down from 0.22% to 9366.03 points at closing and not react to this new expected by investors, who are actually suspended from the Fed meeting which will place next Tuesday and Wednesday, and will have an enormous importance in their future arbitrations. The BoJ, she also announced a new meeting soon after, Thursday, Nov. 4.

Elsewhere in Asia, stock markets are moving, they rather increased. Including the Hang Seng in Hong Kong, which advances from 0.28% to 22,228 points. The index is supported by good résutlats quarterly Bank of China (1.54% to 4.63 HK dollars) and Agricultural Bank of China (0.99% to 4.09 HK dollars), which point to a good publications of other major banks shortly.Note that PetroChina (-0.1% to 9.58 HK dollars) has also unveiled profits growing.

Note also that China said Thursday morning that she will not use rare earths as a means of bargaining. Rare earths are materials used in the composition of most products – civilian or military – from the high-tech industry. China, which holds 95% of production, decided to reduce its exports.

Also, Industrial and Commercial Bank of China (ICBC) will take a majority stake in AXA-Minmetals Assurance, a joint venture life insurance Axa China paperless payday loans.

In Australia, the S & P / ASX rises more frankly, from 0.84% to 4687 points, after suffering losses since the beginning of the week, while the Singapore Stock Exchange and the Sydney announced their merger to meet mastodons Tokyo and Hong Kong.

In addition, ANZ, Australia's third largest bank by market value, posted a net profit of 4.50 billion Australian dollars (3.18 billion euros) over the 2009/2010 financial year, up 53%. Bad loans were down 41% while deposits grew 11% over FY 2009/2010

In India Finally, note that the Bombay SE wins 0.24% to 20,052.7 points.

The Asean Vietnam

Hanoi welcomes this morning the ten countries of ASEAN, the Association of Southeast Asia, before opening on Saturday in China, South Korea, Japan, India, Australia and New Zealand.

This double peak in Vietnam promises to be very strongly focused on the Chinese currency, the yuan, which the world considers undervalued.Wednesday again, the boss of the IMF (International Monetary Fund) for Asia has asked Beijing to "make sure it is assessed.

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It should not be this time too. The CAC 40 should again remain below the psychological threshold of 3800 points. A bar in Paris that the index has exceeded more close since May (3,828.46 points on May 3). While only the industrial production for the month of August is expected on Monday, investors should remain cautious until the meeting of the U.S. central bank Tuesday night. This morning, while the Tokyo Stock Exchange was closed, the stock exchanges in Shanghai and Hong Kong continue to rise, reaching as Hong Kong a high of two years from mid-day.On the currency markets, the euro continued its march forward, and slowly but surely closer to $ 1.40: in the morning, the euro stood at 1.3971 (+0.32%).

As for values, EADS holds its annual targets despite the strengthening of the euro against the dollar, said Chief Financial Officer Hans Peter Ring in an interview with newspaper Frankfurter Allgemeine Sonntagszeitung on Sunday.

Constellation Energy Group has withdrawn from an agreement on building a nuclear reactor third generation in the State of Maryland with EDF, which should probably put an end to this multi-billion dollars.Areva, which designs the PRT, said to remain "reasonably optimistic", ensuring that "negotiations are continuing."

The production capacity of the refinery at La Mede, Total has been reduced by more than half Sunday and could completely stop production on Tuesday or Wednesday due to lack of stock, it was learned Sunday from union leaders.

Suspended Friday, the listing of Autoroutes Paris-Rhin-Rhone (APRR) resumed on Monday, said the AMF. The Court of Appeal of Paris ordered the suspension of the bid for the delisting of Autoroutes Paris-Rhin-Rhone filed by its shareholders, and Australia's Macquarie Eiffage pending his trial in merits of the application for annulment filed by the department of Saone-et-Loire.

GDF Suez announced Saturday it had signed a contract with China National Offshore Oil Corp. (CNOOC) for the delivery of 2.6 million tonnes of liquefied natural gas (LNG), confirming information reported Friday by a source close to the situation.

Ipsogen publishes its first half results after-hours trading.

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Agree on the merits but not on solutions. The G7 meeting in Washington for a dinner Friday night, agreed that excessive and disorderly movements in exchange rates were undesirable. However, no ground has been reached on actions to address the problem. "I certainly do not expect there to be no unanimous agreement this weekend on the coins on those rigid exchange rate, and how they are expected to fluctuate," lamented the Canadian Finance Minister Jim Flaherty whose country chairs the G7 this year.

The president of the Brazilian Central Bank, Henrique Meirelles, has followed suit by saying that reaching agreement was "desirable" but "short term" it did not.Brazil, along with China, pointed to by the United States and Europe who accused him of conducting interventionist policies penalize the rest of the world economy. Friday night, Henrique Meirelles has remained firm in its position by announcing that his country had no intention of stopping to intervene to curb the appreciation of the real. The Brazilian Finance Minister Guido Mantega, the first to use the term "war of currencies", but warned: "If we do not address the whole problem and let each country to conduct its policy, we run the risk of failure of the G20. "

China does not change course

For its part, China has responded by saying she would continue the reform of its exchange rate policy at its own pace."We continue to believe that China needs an exchange rate regime based on the market," said the governor of the PBOC, Zhou Xiaochuan. "I think the difference is that in China, we believe this is a progressive, gradual, rather than shock therapy."

The U.S. Treasury Secretary Timothy Geithner has again condemned the "extent of intervention in exchange markets from countries seeking to impede the appreciation of their currencies undervalued." Jean-Claude Juncker, a leading finance ministers of the euro area, also deplored the reaction of his counterparts in emerging markets: "We face the same message to the Chinese that Washington, even if we say one way different, "he said.

Towards strengthening the weight of the IMF?

Although the subject was not discussed during his breakfast meeting Friday, the International Monetary Fund (IMF) met to reaffirm its position in the voice of its director general Dominique Strauss-Kahn. "If you want to restore confidence in an uncertain world, you need to work together. If you want to put people back to work, you need to work together, "he said emerging countries at the meeting of IMF member states. But, addressing in particular the United States, Dominique Strauss-Kahn said that "we can not expect China to do that overnight."

The International Monetary and Financial Committee (IMFC), the body responsible for setting the broad guidelines of the IMF which serve 24 countries, is expected to issue a statement Saturday after meeting in the U.S. capital, on behalf of 187 Member States .He hopes to reach a compromise non-binding.

Deal with disputes, several Ministers believe that only the IMF could offer a solution to the crisis through the strengthening of its monitoring procedures for foreign exchange. "From my point of view, the IMF is a natural choice to facilitate better coordination in monetary policy," said EU Commissioner for Economic Affairs, Olli Rehn. "Ultimately, it is the responsibility of countries to act, but the IMF must actually speak on the challenges and provide support to the action," said Timothy Geithner.

An increased role of the IMF on this issue could be ratified at the next G20 summit to be held in South Korea on 11 and 12 November.

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Reports on overall financial stability published every six months by the International Monetary Fund (IMF) read like novels of horror to scare! Each semester, the exercise is indeed to produce a catalog of potential disasters that threaten the financial system. And for three years, each having seen the damage that can cause a banking crisis, this work is very precise analytical listening.

The release yesterday of the last volume published by the IMF was therefore eagerly awaited. In previous episodes, the hero of the book is to tell the banks were faced with the subprime crisis, then the terrible aftermath of the bankruptcy of Lehman Brothers. The banks have survived and, on this front, the situation has steadily worsened. A year ago, the IMF estimated at 2,800 billion in global losses would have to suffer the financial sector.Six months ago the figure was corrected to 2.300 billion. Today, the bill appears to 2.200 billion.

Market Access

But the crisis has changed. The subprime she laminating the value of bank assets. Now, what are their resources, their liabilities, which are endangered. The woes of Greece to the fore the close interactions between the quality of public debts and private financial sector soundness. "As we have noted on several occasions over the past three years, the situation facing the global financial system has the potential to move very quickly in crisis mode," the IMF said. And today, even massively recapitalized, the system "is still in a period of considerable uncertainty and remains the Achilles heel of the economic recovery."

The IMF draws two conclusions.For use by governments: "Part of public support that was given to banks in recent years should be maintained." An understatement, while Dublin, for example, has revealed an invoice credit of 50 billion euros. As for central banks, they will certainly wait longer before removing the crutches they still provide many banks in the form of cheap and abundant liquidity.

This second point is crucial. Already, as and when measuring the degradation of the quality of issuer of their respective governments, banks in the PIGS (Portugal, Ireland, Greece and Spain) have become increasingly dependent on European Central Bank credits ECB replace those that the market no longer wants to provide these facilities.Aggravating factor for the months ahead, the IMF notes that in 2010 and still in the euro area, banks have issued less debt than they have had to mature. "The result: over 4,000 billion will be refinanced within 24 months" by the global financial sector. The amount is staggering. And it is even less clear that all institutions can access the market they will compete with … States.

Finally, if the euro area figure is the main character in the script written by the IMF, the United States are no exception.Across the Atlantic, said the IMF, the risk of "double dip" and relapse exists with regard to real estate, especially commercial real estate.

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