Archive for the 'opinions' Category
Jul
14
On Wednesday too, the markets remain nervous, less than previous days but fail to forge ahead. After returning in the green mid-session, the Cac 40 remains anchored in the red mid-afternoon. Same atmosphere on the other major European markets. The FTSE-100 index ahead of 0.50% in mid-session at 5898.30 points. The DAX index gained 0.84% to 7234.30 points.
Caution remains the watchword. Rating agencies are maintaining pressure on fragile states. Degraded after Portugal, Moody's said yesterday that Ireland was also risky and that the country may need a new international support. The agency has pushed the debt of Ireland in the category of investment "hedge" by reducing the country's rating by one notch to "Ba1" with a negative outlook.Bond rates to 10 years in Ireland have crossed the 13% Wednesday morning, reaching its highest since the creation of the euro area.
A summit of Heads of States in the euro area is expected to take place this weekend. Aware of the seriousness of the situation, officials confirmed on Tuesday their "absolute determination to maintain financial stability in the euro area."
Lower start-ups in France
In this tense context, other macroeconomic announcements are often secondary. Investors, however, learn this morning that China's GDP has slowed slightly to 9.5% in the second quarter, less than analysts expected (9.4%). Retail sales in the country rose 16.8% in the first half and industrial production gained 14.3%.
In the U.S., the Fed has shown itself divided on the solutions to boost economic recovery.Some members called for the establishment of new flexibility in monetary policy, while others called for a tightening. All, however, have agreed on the fact that the recovery had slowed since their April forecast and estimated that the recent deterioration of conditions in the labor market was a concern. The minutes of the last Fed meeting will be published at 20 o'clock tonight. On the agenda also U.S. weekly oil stocks and the budget figures.
In Europe, industrial production in the euro area rose by 0.1% in May from the previous month, according to data released Wednesday by the EU statistics office Eurostat.It increased by 0.4% in the entire European Union.
In France, the number of start-ups fell by 10.8% in June from the previous month, after a sharp rise in May (29%) announced Wednesday the National Institute of Statistics (INSEE) . This brings out the creative self-entrepreneurs, adjusted for seasonal variations and the number of working days.
As for currencies, the euro has stabilized at 1.4061 dollars against 1.3974 dollars late Tuesday while oil drops. In morning trading, a barrel of "light sweet crude" for August delivery lost 41 cents to 97.02 dollars.The group warned it expects the same period a decrease of 23% to "about 760 million euros" from its current operating income, "primarily due to France."
Banking:
Banks respond well to ads in Europe.
Total: -0.40% to 38.67 euros
The oil company confirmed opt-out of the Consolidated Global Profit (BMC), which does not provide any tax benefit.
Sanofi: + 0.02% to 54.22 euros
The group and the American Regeneron Pharmaceuticals announced Tuesday that their experimental treatment Sarilumab allowed to show signs of improvement in patients with rheumatoid arthritis.
Auplata: + 1.13% to 2.68 euros
The group hopes to produce up to one ton of gold per year by 2014-2015 with a new plant is expected to increase the performance of its mines in Guyana, its president said Tuesday.
Belvedere: + 3.64% to 53.22 euros
The group of spirits and its CEO have been ordered to pay substantial fines by the disciplinary committee of the AMF for failing to inform the public and also for price manipulation in relation Rouvroy Jacques.
Tuto4PC. com Group: -6% to 5.95 euros
The title of Tuto4PC. com Group, the French specialist in display advertising on the internet was changing down sharply Wednesday morning on the first day of its listing on the Paris Stock Exchange, having already faced the warmth of investors before its introduction.
"The project of the PS does not the road." The essayist Alain Minc does not beat around the bush to try the program of the Socialist Party should he win the presidential election in 2012.
In addition to his friendship with Martine Aubry, Alain Minc believes that this project is "totally unsuited to the economic situation." "This is a project that was modern in 1981!, Says in an interview with the daily Le Parisien / Today in France. Youth employment is the world of yesterday. We can not, with the blade of the debt so close to our neck, having a Keynesian program. " The essayist and remember that "debt represents 80% of our gross domestic product. 20% is what he had to do to end the crisis. The remaining 60% are the result of thirty years of accumulated cowardice, left and right wing. "
Alain Minc goes even further in his indictment.He said a victory for the Socialist Party in 2012 would be penalized by financial markets. "The application of the socialist project would lose to France's 'AAA'," says Alain Minc. If for now the rating agencies have confirmed the rating of the country, it could be questioned if France did not take more drastic measures to reduce its deficit.
Lagarde IMF: "A decisive push Sarkozy"
Among the various proposals of the PS, Alain Minc attacks the merger of the income tax and social contribution no fax cash advance. It considers the measure "extremely devastating for the middle class. I have long been convinced that all European countries should increase VAT by 2%. It will not escape, "said he.
Another topic discussed: compensation of top managers.While Nicolas Sarkozy and François Fillon supported the measure to overtax Xavier Bertrand and Jean-Francois Cope was cautious, Alain Minc "tearing his hair" when he sees the boss of Renault, Carlos Ghosn, will reach 10 million euros for fiscal 2010. "The selfishness of the ruling classes should encourage them to be more moderate in terms of pay. I persist and sign: we must know to practice self-regulation, "says he.
On the euro, Alain Minc said the German attitude to save Greece "intelligently selfish." "If Germany was up to the Deutschmark, it would be in recession," said he.
Finally, he welcomed the appointment of Christine Lagarde to head the International Monetary Fund."It's miraculous! Obviously there was a decisive push to Sarkozy, "he enthuses.
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A race against time. On Monday, the French stage will present at the National Rugby Marcoussis, before the DNACG (National Directorate of assistance and management control) financial guarantees as to the survival of the Parisian club, after the fraud case linked Facem the Canadian Foundation (Foundation for the Improvement of children in the world).
Still two million find
The figure is known, the French stage has a deficit of 6 million euros to be filled Monday. Bernard Laporte would have found new investors. But after the spectacular failure of Facem, the pool of investors formed by the Englishman Richard Pool-Jones, former player for the club, has also been reactivated, with the help of Serge Kampf, CEO of Capgemini and a great patron of rugby French, and former international Jean-Pierre Rives.The DNACG, before which the Parisian club had already presented in May, is now more demanding, it expects 12.6 million euros in guarantees, in the amount that would normally Facem injected. The round of Pool-Jones would have raised 8 million – the amount initially met – and another 2 million could be saved by reviewing the operating mode of the Parisian club. Remains yet to find 2 million euros to avoid the gauntlet of the "financial policeman" of French rugby. The question is which of the two solutions will be chosen.
A bloated workforce that will have to degrease
Ironically, the missing 2 million in the plane of Pool-Jones correspond to expenses incurred in recruiting high-end by the French stage version which had Laporte on 20 million euros pledged by the Facem but are never arrived.
A total of 19 players have committed to the Paris Club, including the Argentine Felipe Contepomi, New Zealand's Byron Kelleher and Paul Sackey English free instant credit score. The wage bill had increased to 8 million euros. Another nod, the signature of South Africans Mostert and Van Zyl was announced just minutes before the revelation of the scam. Tuesday afternoon, already aware of the shock, the agents were in turmoil, many trying to resettle their foals outside the capital. Obvious: we'll have to degrease the mammoth. Pascal Pape and David Attoub could rebound in Lyon, recently promoted to Top 14. Bastareaud, who wishes to engage with Toulon but is retained by Bernard Laporte, will get the proper output in the coming days. Mourad Boudjellal, the president of RCT, intention, however, take advantage of the situation. "The first thing that the French stage recovers.I prefer to renegotiate with Max Guazzini and Bernard Laporte in top form in this situation. I really do not want to take advantage, "he said Friday in Var Matin.
Laporte, a return that is like a slap in the face
It would revive the French stage, it could remain who precipitated his fall. Without money from the Facem (three related to this foundation have since been placed in custody), there is nothing. Former Secretary of State for Sport has played with fire. He has left € 170,000 under the guarantees. Salagoïty Francis, former president of the Bayonne where "Bernie" was a brief passage, drives the point home in South West: "Everyone will understand that my apprehensions were based on Bernard Laporte." The only way to bounce back is that the new rescue plan is adopted.In either case, it is rumored that Serge Kampf would not want to hear about it …
With the crisis and declining purchasing power, one might think that the French would focus on the lowest prices, even if only buy foreign products cheaper. It is not. According to a study by the Research Center for the Study and Observation of Living Conditions (Credoc), nearly two in three French (64%) say they are willing to pay more for locally produced industrial goods, rather and away from Europe.
Despite the absence of type on the goods consumed (cars, food, etc.), the survey published echoes of "a profound change of attitude": "Five years ago, only 44% of respondents said they were willing to pay that surcharge, "says the document. Action for Fanette, who led the study, the French are "searching for meaning" in their consumption.Clearly, they are aware of the impact of their purchases on the industrial fabric. And local procurement, plus a recognition of "the quality of national expertise," would be a way to "show support to employees and companies most exposed to the crisis."
Low incomes also concerned
For a year before the study, the year 2009 was marked by numerous layoffs. Particularly affected, the industry lost 170,000 jobs during the height of the crisis, according to figures from INSEE. "During the crisis, when people or their relatives lose their jobs or face poverty, they are more careful about how they eat," Analysis Fanette Appeals. According to her, even if logically high incomes are most likely to pay any additional cost of "Made in France", the low-income households are not left behind."The majority of those who earn less than 900 euros per month is estimated to do the same," argues the specialist.
In detail, this attention to the origin of goods "is more pronounced among the elderly," says the study, since approximately 70% of those over age 60 say they are willing to pay more for a good French. But "this attitude is spreading in recent years among 25-60 years, especially among the assets, whether officers, employees or workers."
Buy local: an activist
In contrast, less than 25 years "exception." Their preference for "Made in France" has "increased somewhat since 2005," says the survey. Even "if they focus more than before European products."According to the survey, young people are "more attached to Europe" than their elders, "with a sense of belonging to a larger geographic area" than France.
Thus, preferred the "Made in France" in difficult times resembles a militant act. In this case, attention to product origin sounds like a new message to the government against industrial decline of France.
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Equity markets leave the U.S. before Wednesday. The Dow Jones is 0.81% at 12,049.92 points, the Nasdaq climbed 1.03% to 2666.90 points and the S & P 500 rose 1.03% to 1284.90 points. On Monday, U.S. markets, which started in the green, finished on a stable tone, troubled by a further deterioration of three notches of the rating agency in Greece by S & P.
In contrast, Asian stock markets rose in unison this morning, buoyed by the announcement of the Bank of Japan keeping its policy rate close to zero to support the growth of the archipelago.
Following the sharp market declines in recent weeks, investors are looking for bargains on Wall Street. Moreover, mergers and acquisitions announced in the U.S. market in recent hours also seem to encourage investors.
On Monday, the textile group VF Corporation, which owns the brands Wrangler, Jeansport or The North Face has announced that he wanted to buy the specialist outdoor Timberland valued $ 2 billion. For its part the packaging producer Graham Packaging said it received a takeover offer, higher than that of Silgan Holdings, which was to acquire for $ 4.1 billion and the industry group will buy Honeywell for $ 491 million of its fellow EMS Technologies specializes in telecommunication tools for aeronautics.In reinsurance, Transatlantic Holdings will merge with its rival Allied World Assurance Company Holdings, to give birth to a giant valued around $ 5 billion while the group of fast food Wendy's will separate chain Arby's to a consortium formed by Roark Capital Group for 430 million dollars.
USA: first drop in retail sales since June 2010
The producer prices slowed their rise in May to 0.2% from the previous month according to figures released Tuesday by the Labor Department, but this increase was higher than expected.It is nevertheless the first drop in retail sales since June 2010.
Retail sales in the U.S. fell less than expected in May, 0.2%, driven by a sharp drop in auto sales, indicate figures released Tuesday in Washington by the Department of Commerce quick guaranteed personal loans.
On the foreign exchange market, the euro continues to rise against the greenback at 1.4448 dollars against 1.4413 dollars late Monday. For their part, oil prices were progressing on Tuesday at the opening in New York, a barrel of benchmark gained 32 cents to 97.62 dollars.
Apple pays royalties to Nokia
Avis Budget: 5.70% to 16.87 dollars
The side of values, announcements of mergers and acquisitions continue to grow.The American Society of Avis Budget Car Rental Avis Europe will buy for about 636 million pounds in cash (723 million), announced on Tuesday the company, which hopes to increase its presence in emerging markets with high growth like India and China.Avis Europe, currently owned 59.6% by the Belgian robertlipinski, operates the Avis and Budget brands, and operates in Europe, Africa, Middle East and Asia.
Apple: 1.17% to 330.42 dollars
World number one mobile phone, Finnish Nokia, said Tuesday that its U.S. rival Apple agreed to pay royalties to settle all their disputes over its use of several technologies patented by Nokia.
Citigroup: 0.46% to 39.35 dollars
For its part Citigroup announced Tuesday it had sold 1.5% stake in the Indian mortgage specialist Housing Development Finance Corp., lifting 160 million dollars before taxes. This sale brings to 9.9% from Citi in HDFC.It takes place before the adoption of new prudential regulations Basel III.
NYSE Euronext: 0.67% to 34.56 dollars
Representatives of the trading platforms NYSE Euronext and Deutsche Börse have defended on Monday its proposed merger with U.S. lawmakers.
Also note, Facebook could be valued at over $ 100 billion at its IPO, which could happen by early 2012 CNBC. The record IPO will be filed this fall. The valuation of the company was estimated at 50 billion dollars in January when she was lifted to $ 1.5 billion from Goldman Sachs.
Schools, colleges, high schools, universities, governments and businesses will be closed ultramajorité Monday. Not because of a strike call would be strongly followed, but due to the National Solidarity Day, established in 2004 – through the elimination of the holiday falling on Whit Monday – by Jean-Pierre Raffarin.
The working day "offered" by the employees was instituted after the heatwave of summer 2003, which caused the deaths of 15,000 elderly and highlighted the extreme isolation of some people. Employers were free to set the terms of agreement by company or branch.The idea is to offset a new tax of 0.3% on the payroll who also hit the capital income and wealth.
Most of the time, a day of paid leave or RTT was sacrificed in exchange for work on Whit Monday.Some companies might choose to "dicked" day of extra work and free: in two half days without a student in Education or seven hours spread over the year at the station.
13 billion in seven years
Before the general disorganization – nobody knew when the Day of Solidarity was falling – and many recriminations trade unions, associations or religious, the Fillon government decided in 2008 to remake the Whit Monday public holiday and therefore not working no fax payday loan.
Since its inception seven years ago, the Day of Solidarity has reported 13 billion collected from public and private employers by the National Solidarity Fund for Autonomy.The annual levy – which will yield 2.31 billion in 2011 – is intended to cover devices cons dependency: Standard ABS and PCH allowances, retirement homes and special schools … It has 60% elderly and 40% for people disabilities.
To finance the care of elderly dependency, it is suggested to establish a new day of solidarity that would yield, according to Roselyne Bachelot, 2 billion more. Others still offer to extend the base's contribution to the professions and retirees who are currently excluded.
The shock wave continues to sweep Fukushima Europe's energy. While Switzerland has announced its nuclear phase-out, Germany specifies how the final cessation of its 17 reactors, her 7 oldest already being put off since the reversal of Angela Merkel.
On 6 June that the ruling coalition in Berlin to present its draft law on the date of the release of nuclear energy. The Ethics Commission was commissioned by the Chancellor gave his opinion: Germany should abandon nuclear power within ten years.A position to resume its behalf by the head of the Bavarian Christian Democrats, allies of the CDU Angela Merkel, during long and tough negotiations this weekend, amid new anti-nuclear demonstration.
Threat of blackout
Is that the pro-nuclear industry in mind, threatening the country with a blackout or an exorbitant cost in case of renunciation too fast for nuclear power plants. Energy-intensive factories will be in trouble, warns the Association of Industrial Energy. According to Bild, the government expects an output cost of an atom of 16 billion euros by 2015, while the overall figure of 40 billion euro circulates in the CDU documents cited by the Süddeutsche Zeitung .
In Italy, Silvio Berlusconi's government, which provided early in the year to revive the nuclear arrested in 1987, has also backtracked.He earned the confidence last Tuesday in Parliament on a gel for a year or two atomic projects.
In France, where nuclear has provided in 2010 about 74% of electricity, its place in the energy mix should be widely debated during the presidential campaign. In this context, the Government has entrusted to the Court of Auditors an audit on the cost of nuclear power, future decommissioning, waste management and additional costs of security including post-Fukushima.The Prime Minister asked to "gather the relevant questions of economists as associations of environmental protection, but they denounce expertise not pluralistic.
Completely new, reflecting the effect Fukushima in the country's most nuclear-armed world, the Directorate General for Energy and Climate (DGEC) asked its experts to calculate the impact on the electricity bill and releases CO2 down 5% from nuclear. Response in September.
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The CAC 40, which is ironed Thursday to above 4000 points, failed to show a third straight session of gains. At the close, the CAC 40 index shows a sharp decline of 0.92% to 3990, 85 points. aaccentué market downturn after his decision known to the rating agency Fitch lowered the rating by three notches from Greece.
For the week, the CAC declined slightly by 0.70%.
Ala London Stock Exchange, the FTSE-100 ended with a slight decline of 0.14%, while the Stock Exchange Frankfurt, the Dax 30 shrank more sharply by 1.26%.
On the macroeconomic front, the deficit of the balance of current accounts in the euro zone rose to 4.7 billion euros in March, against 6.5 billion euros in February, according to preliminary figures released Friday Bank European Central Bank (ECB).
The euro continues to rise
This fragile economic environment in the United States enjoys the euro continues to rise, albeit less strongly in mid-session, against the dollar. In one week, the single currency rose to 1.4272 dollars from 1.41 dollars.
In midday trading, a barrel of oil, light sweet crude for June delivery gained 0.65% to 99.57 dollars.
Siemens will pay 648 million euros Areva
Sanofi-Aventis: -1.28% to 54.04 euros
The anti-arrhythmic Multaq group Sanofi, marketed in France since October 2010 and currently reimbursed at 65%, is threatened with delisting, but the final decision remains subject to such a hearing of the laboratory, according to La Tribune.
Areva: 1.59% to 30.63 euros
Areva must be "within fifteen days" a check for 648 million euros from Siemens, according to an arbitration Thursday by the International Chamber of Commerce. The group with the Executive Board is chaired by Anne Lauvergeon accused the German group for its commitment with the Russian Rosatom even before he uttered his divorce with the joint venture Areva NP.
GDF Suez: -1.19% to 26.09 euros
On the corporate side, an employee of GDF Suez made a suicide attempt on May 14, immolation by fire.The framework of management information systems from Lyon is currently in critical condition.
Vallourec: -1.13% to 86.91 euros
Bollore sold two thirds of its stake (3.5%) in Vallourec for 275 million, pocketing a profit of 141 million euros.
PPR: +0.25% to 121.85 euros
PPR "take the time necessary" to make acquisitions and divestitures, "said CEO Francois-Henri Pinault, during the group's general assembly yesterday.He added that the luxury group still holds 42% stake in CAM after its IPO in late 2009.
Suez Environment: -0.32% to 15.37 euros
Suez Environment has confirmed its objectives for 2011, an increase of more than 5% of turnover and over 10% of gross operating income.
Biomerieux: 2.33% to 77.38 euros
Biomerieux will acquire the control specialist microbiological industry AES Laboratoire for 183 million euros. Under the strategic plan 2015, BioMerieux is an annual organic growth in sales of 7 to 9% on average.
Pierre & Vacances: 1.55% to 54.36 euros
Pierre & Vacances buys 50% of managers of tourist residences Citéa a subsidiary of Nexity. The transaction amount was not disclosed should be finalized in late June
Affected by the crisis of the disc labels would they even dream? Two months after the sale of Warner Music Edgar Bronfman Jr., the prospective takeover of the major U.S. seem to shake the door of the bank Goldman Sachs.
Live Nation, the giant concert organization, claiming to be the last time, revealed the Wall Street Journal and the New York Post on Friday. It is well to mark the seventh interest in Warner, after BMG Music Publishing, Sony, the investment fund of billionaire Poju Zabludowicz Tamaris, the fund's billionaire Russian-American Len Blavatnik, the fund Yucaipa Ron Burkle, Platinum Equity or Permira.
But Live Nation has very different interests of the latter.While it is primarily the catalog of Warner Chappell, and revenue from the exploitation of rights, which attracted investors such as BMG, Turner lurks on the production activity of the recorded music major.
The latter would, in effect, expand Live Nation offer, which already covers much of the music profession. Organizer of 20,000 concerts a year, Live Nation has gained a foothold in the ticket purchasing Ticketmaster last year. The group also controls the company Front Line, which specializes in artist management. Live Nation has, moreover, of working in merchandising and merchandising cashadvance. Finally, via Live Nation Network, Turner also holds agreements between brands and artists.
Sales erode
All these activities play an increasing role in the artists' income, while sales of recorded music are being eroded.The acquisition of Warner Music at Live Nation would get their hands on the activity of recorded music. Less profitable, it remains a precondition to sell tickets for concerts, tours, T-shirts and management contracts. But the operation could thus face a denial of competition authorities. The shareholders of Warner Music could therefore be tempted by an offer of a simple competitive standpoint.
Another uncertainty, the financial position of Live Nation. The group posted a record loss of $ 228 million in 2010. The group has 165 million of free cash flow. According to the Financial Times, Live Nation could lean group Liberty Media, which owns 20% of Live Nation, to submit an offer.
All activities Warner (production and editing) is now valued at between 2.2 and 2.5 billion dollars.A price likely to decline while the major EMI, fell into the hands of his creditor, the bank Citigroup, should be placed on the market soon.
Billionaires in the world have never been so numerous. And, with a fortune of 41 billion dollars, the French Bernard Arnault took fourth place in international rankings of 1210 established the very wealthy by Forbes magazine. The boss of LVMH ranks well behind Mexico's Carlos Slim (74 billion) and Americans Bill Gates (56 billion) and Warren Buffett (50 billion).
Within a year, the French businessman has moved from seventh to fourth place on the list of the richest men in the world. Bernard Arnault is even the richest in Europe. It must be said that the CEO of world number one luxury saw his fortune grow by $ 13.5 billion over the last twelve months and $ 24.5 billion over the past two years.The leader has particularly benefited from the recovery in the luxury sector for two years and particularly in Asia and emerging markets.
Fourteen French billionaires, including four in the top 100
The ranking of the world's first hundred fortunes of four French. Liliane Bettencourt, heir to the L'Oréal group, going from 17th to 15th in the world ranking, with 23.5 billion dollars. François Pinault, the former chairman of Pinault-Printemps-Redoute (PPR), won ten seats and is at 67th place with $ 11.5 billion.Serge Dassault, head of Dassault *, back to the 89th to the 96th place with a fortune estimated at $ 9.3 billion.
Ten other French are a Forbes billionaires: Jean-Claude Decaux (162nd in the world with 6 billion dollars), tied with Alain and Gerard Wertheimer, Chanel group, ahead of Alain Mérieux group BioMerieux (247th fortune with 4 bad credit personal loan lenders.3 billion), Xavier Niel (297th with 3.7 billion). Martin and Olivier Bouygues (304th with 3.6 billion dollars) and Pierre Bellon (393rd place with $ 2.9 billion) also appear in the first third of the world's richest billionaires.
The Honorary President of Adecco, Philippe Foriel-Destezet, monitors (459th with 2.5 billion dollars) while Vincent Bolloré (736th with $ 1.7 billion) No Reinold Geiger (879th with 1.7 billion) and Marc Ladreit de Lacharriere (1057, with 1.1 billion) are placed in the bottom.
United States: a factory billionaires idling
With 413 billionaires, the United States remains the largest producer of wealthy people in the world, but their weight becomes lower. Toutfeois, American Bill Gates have been leading the world rankings if he had not given much money to philanthropy.
Groups have generally benefited from the rebound in emerging markets like Carlos Sim, the king of Mexican telecommunications. In one year, the Mexican who weighs nearly 15% of the GDP of his country, increased its assets by more than 20 billion dollars.
Further evidence of this dynamic emerging markets: China has twice as many billionaires as last year. And Moscow is the city of the world's most populated by billionaires.
* The Dassault owns Le Figaro Group