Speed up the tempo and show the unity of France and Germany. Germany and France want a "quick fix" to the Greek debt crisis, said German Chancellor Angela Merkel in Berlin on Friday. At a press conference after a meeting with French President Nicolas Sarkozy, the two leaders spoke together on the resolution of the crisis in Greece.
"France and Germany defending the same position," said Nicolas Sarkozy on his side. More broadly, "France and Germany, together with all our might support the euro," he said. The French president added that the terms of the future agreement to support Greece needed to be "full agreement" with the European Central Bank.
Nicolas Sarkozy has declined four principles for the agreement: a voluntary basis for participation of private creditors, no default, the agreement with the ECB and a rapid conclusion.
The two leaders also stressed the need to speed up negotiations. "The sooner we have a solution, the better," said German Chancellor.
Reportedly, 25 investigators raided two days during the siege of Servier in Neuilly, last Wednesday and Thursday. The search "lasted long," said a source familiar with the matter. More than ten companies in the first behind French pharmaceutical Sanofi-Aventis have been involved and this on several different sites in France. Private homes, including that of the group's boss, Jacques Servier, now 89 years old, also located in Neuilly, were also visited. The founder of the laboratory is married to Madeleine Trembaly past two years. At 84 years old today, this woman is the former president of America Servier. In addition, the office of Jean-Philippe Seta, Executive Chairman of the group, was also searched."Although the household had been done but there were still many things on the spot," said another source familiar with the matter.
These searches were involved in the judicial investigation conducted by the Paris prosecutor on the scandal of the Mediator, the drug reserved for diabetics and marketed in France from 1976 to 2009.
The investigators sent belong to the Central Office of the struggle against environmental damage and public health (OCLAESP) and the Division of Financial Investigations (Dnif). The Dnif trafficking investigations on violations of business law, including, for this case, the illegal taking of interest. "The goal is to understand things in their entirety to identify all of what has been committed," confided another source free business cards.Pascal Gand judges and Anne-Marie Bellot's public health division of the Tribunal de Grande Instance of Paris and Franck Zientara who drive these two surveys were present during these searches.
Currently, two criminal investigations are opened in Paris, one for manslaughter and involuntary injury, the second for aggravated fraud and making illegal interests. As part of this investigation, it is "deception on essential qualities of the product," ie having sold a drug, in this instance an antidiabetic suspected actually an appetite suppressant . 'Deception about the risks "for having sold a product without informing consumers of its side effects.The Mediator is accused of being responsible for causing heart valve (valve disease) and lung diseases (pulmonary hypertension) that can sometimes require lung transplant. According to several studies, these diseases are responsible for the deaths of 500 to 2000 people in France. The lab always categorically deny these figures.
February 7, investigators had already moved the headquarters of the laboratory as part of a movement of justice.
Servier Laboratories, established in 1954 in Orleans, currently employing over 20,000 people worldwide including 5,000 in France.
On Wednesday, red dominates the financial markets of the Asia-Pacific. No big worry, however, the observed declines are not so high that early in the week. The downward trend continues and background, like the Nikkei, which fell by 0.42% at 9437.04 points and the broader Topix index, which bends from 0.17% to 817.80 points. The crisis of European debt remains in the minds of investors even if the concerns seem to fade a little. Last night, Wall Street ended the session down slightly too.
In China, same atmosphere. The Hang Seng in Hong Kong dropped 0.55% to 22,604.76 points. Note that the action of the Swiss giant Glencore commodities showed a decline of 2.8% for its first day of listing on the Stock Exchange of Hong Kong, following its introduction to the London Stock Exchange where he finished in small decline. In Shanghai, the CSI yields more timidly 0.13% to 3022.36 points.India and its main BSE index down 0.50% to 17,921.56 points. And in Singapore, the Straits Times down 0.39% at 3100.90 points.
In Australia, the red is darker: the S & P / ASX retrograde from 0.90% to 4587 points. Its neighbor New Zealand succeeds him to climb into the green, clawing 0.14% to 3564.44 points.
The decline in oil, profit taking
Oil prices were trending lower Wednesday in electronic trading in Asia, due to a decline in energy demand in the U.S. and profit taking, analysts said. In morning trading, a barrel of light sweet crude for July delivery yielded 57 cents to 99.02 dollars. That of Brent North Sea crude for delivery the same abandoned 82 cents to 111.71 dollars."Investors seem to take their profits at the approach of a long weekend in the U.S. market," said Ker Chung Yang, an analyst at Phillip Futures in Singapore, referring to the Memorial Day holiday on Monday the United States.
Each has experienced: it is always extremely difficult to move from average to a respectable level of excellence, whether you are a pianist or a tennis player. The same is true for nations attain the status of "rich country" is not a foregone conclusion. Even when recording a growth of 10% per annum, and for three decades, which has enabled the Chinese to multiply their individual standard of living in a little over a generation.
Economic development is certainly not an exact science, but the trees do not ascend to heaven. Even in the jungle of state capitalism. There is no example in history where the growing disheveled inflected not only from a certain stage.By examining the career of some forty countries since the Second World War, Barry Eichengreen, Donghyun Kwanho Shin Park and discovered that the expansion slows inexorably past the threshold of 16,740 dollars to the GDP (gross domestic product) per capita. Anxious to establish historical comparisons, the three economists have reduced all data in constant currency (dollars at 2005 prices). Their study is published by the NBER (When Fast Growing Economies Slow Down: International Evidence and Implications for China).
This law, the French and their European neighbors have suffered in the early 1970s. In France, 1973 has been the hinge, GDP individual having reached 16,904 dollars. Over the past seven years – the reign of De Gaulle and Pompidou – per capita growth was galloping at a rate of 4.6%.She fell to 2.2% during the seven-year following that of Valery Giscard d'Estaing, a decrease of 2.4% of scheme. The United States had known since 1968 a reversal of the same nature and magnitude slightly higher (2.5%, according to calculations by three economists).
This break in France coincided with the first oil shock, which our countrymen seem to have still not delivered. Since then, it has ceased to lament the state of "crisis". The French have not realized that they had recently experienced a "golden age a quarter century of rapid growth inaugurated by the Marshall Plan and the postwar recovery," said Barry Eichengreen and his two confreres . Fourastie what John called the "Thirty Glorious Years".
China has a number of vulnerabilities
The scenario is in reality always the same: the reconstruction periods are marked by exceptional productivity gains.They do not constitute a sustainable standard. Farmworkers become industrial country imports the new technologies which increase its effectiveness. But once this revenue exhausted, we must innovate and find other vectors of prosperity. Furthermore the threshold of 16,740 dollars, all three economists put forward another concept: things become more difficult when a country obtains a level equivalent to 57% of GDP in the most advanced economy, one that portrays "on the technological frontier "(the United States in this case).
For its part, China still seems quite distant from these two criteria, especially the second (the Chinese GDP was only 19.7% that of the U.S. in 2007). But should it maintain its annual rate of 10%, it would affect the level of fateful 16,740 dollars per capita in 2014. The danger zone is reached in just three years.Barry Eichengreen prognostic so that "a significant slowdown in Chinese growth is imminent."
It is even more positive that China presents to him a number of vulnerabilities, making the course more difficult to cross than others. The observation of the forty countries studied shows that the transition is particularly difficult for a country to an authoritarian political regime, the industrial workforce is over 20% of the workforce and has a weak currency. Korea offers the previous "one centered on manufacturing exports and helped by an undervalued currency, with a consequent sharp fall in its expansion in the 1990s, culminating in the 1997 financial crisis.
Brazil is a land of opportunity
The study envisages a significant shift for China's annual growth would average between 6.1% and 7% over the decade, and would fall another notch (5% to 6.2% between 2021 and 2030 ). Barry Eichengreen believes that "Chinese authorities are convinced that a slowdown will intervene." Beijing seems sincere when he sets a target of 7% annual growth for the five-year plan 2011-2015.
The new emphasis on domestic demand and services, instead of all bet on the industry and export, is designed to circumvent the curse that threatens the country catch up. Many of them never get out of the "middle income trap" (around 16,500 dollars) for lack of a successful transformation.What they think the French have managed to "obtain the status of high-income countries" and since 1973 the GDP per capita has more than doubled. However, this is not the case in Latin America, said Barry Eichengreen. "Brazil is a country of the future and will remain" in the words attributed to General de Gaulle in the 1960s.
Traffic has become so complicated in Beijing, that the 12th Five Year Plan City (2011-2015) suggests that people "to live near their workplace to avoid congestion." Growth of 35% of the Chinese automotive market in 2010 has alarmed the Chinese authorities, who decided to limit fleet growth in the municipalities of East China (Beijing, Shanghai) this year by eliminating incentives for the purchase small cars.
However, analysts predict this year 10% to 15% growth for the automotive market. "The real question is whether this growth can ultimately provide a potential sale of 30 to 40 million units, vehicles and individuals alike," said Philippe Couderc, a partner at audit firm PwC Consulting.In one study, PwC discusses the difficulties of a political, social and economic, which will face the sector in the Middle Kingdom that qualify, however, that "the potential demand in China remains quite strong, given the disparities of the car density by Region. "
A slowdown is already visible in Beijing
According to figures announced by the China Association of Automotive Manufacturers (CAAM), sales of vehicles in China rose 9.71% to 3.16 million units during the first two months of 2011, compared to the same period last year. For passenger cars, the increase is even slightly higher (+10.5% to 2.5 million units). But compared to last year, this growth is down (-30%).According to CAAM, this decline would be more related to the cancellation of incentives adopted in 2009 by the Chinese government for the purchase of new vehicles. From 1 January 2011, the Ministry of Finance of the PRC has imposed a 10% tax on vehicles with engines of 1.6 liter or smaller engine.
The automobile market in the Chinese capital was also cooled by the announcement earlier this year of regulations aimed at limiting the number of new vehicles. Now the Department of Transportation in the city of Beijing will choose each month among the 20,000 cases filed applications for registration on its site to address them. In 2010, the same number of vehicles was recorded on average each week in the capital! "The backlash suffered by our industry seems inevitable," says a commin Xingya Feng, deputy director general of the Guangzhou branch of Toyota payday advance."We are expecting a sales decline of up to 70%.
Beijing, representing only 5% of the Chinese automotive market is not the only city to have introduced these measures limiting. In Shanghai, where the average wage is about 3,400 Chinese yuan (a little over 340 euros) per month, the license plates are auctioned since 2008, selling between 40,000 and 50,000 yuan (4000 to 5000 euros). This limits the number of new cars registered nearly 8,500 a month. Other measures to reduce the introduction of new vehicles in the coastal cities are expected during this year, according to PwC.
At the conquest of other Chinese regions
However, specialists and manufacturers are optimistic about the outlook for the automotive industry.
The German group Volkswagen, number two in China after General Motors increased its sales by 37% in 2010 to over 1.9 million vehicles and plans to invest 10.6 billion euros between 2011 and 2015 to strengthen its position in the Chinese market. "While the automotive market will decelerate in 2011, we expect a good performance in the years to come," said Karl-Thomas Neumann, CEO of Volkswagen Group China. The group has embarked on building a new plant in Yizheng (Jiangsu Province), which will be operational in 2013 and show an annual production of 300,000 vehicles.
PSA Peugeot Citroen, which produced and sold just over 360,000 vehicles in 2010 on the site of the Dongfeng plant in Wuhan (Hubei Province), remains optimistic about this year.French producer, who holds 3.3% of the Chinese auto market, is the 8% by 2015 and plans to build two assembly lines for cars in the Citroen car factory in Shenzhen Chang'an ( Guangdong Province).
"The automotive industry in China is also a way to show it belongs to a social class," says an industry expert on the Chinese automotive website CAAM. "Where such a desire of Chinese consumers to buy a car." Over the past 60 years, the length of roads in China has multiplied by 46, reaching 65,000 km in 2010.
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While the country remains on alert this morning after a second explosion at the nuclear power plant in Fukushima Daiichi, the Bank of Japan (BoJ) to take exceptional measures to counter the effects of the disaster in the economic and financial systems. The BoJ has in effect this morning to three injections of cash for a total of 15,000 billion yen, 131.2 billion euros. In addition, Market Watch, which cites the Japanese news agency Kyodo said that 3000 billion yen will be invested Extra on Wednesday. In addition, the central bank plans to buy 10 billion yen (870 million euros) of assets and corporate bonds. The institution hopes to support markets.
His intervention had immediate effect on the yen, which fell abruptly when he was mounted in the early morning.The Nikkei index of Tokyo Stock Exchange plummeted finished him sitting on a decline of 6.18%. The volume of transactions reached a historic high on Monday to the Tokyo Stock Exchange, with over 4.88 billion shares traded on the primary market, representing more than 2.5 times the average normal. The Tokyo Stock Exchange has nevertheless been valuable to rate.
Automotive and nuclear values fall
The share of the company Tokyo Electric Power (TEPCO), which operates nuclear plants in trouble, was particularly affected, it lost 23.57%, all holders of securities rushing to sell. The values are also among the automotive titles most penalized Mitsubishi Motors plunged 10.9% to 8.1% and Toyota. Indeed, many Japanese companies are facing serious damage on their production sites.Honda, Nissan, Toyota, Sony, Mitsubishi Motors, Suzuki, Panasonic or Toshiba have suspended their activity in one or more plants.
As for oil prices, they are on the downside on Monday in electronic trading in Asia. A barrel of Brent WTI lost nearly 2% to less than 100 dollars a barrel. The market is worried about a decline in short-term demand from Japan due to the drop in production.
The reduction of production capacity is compounded by shortages of electricity, or the closure of ports. And the idling of the country further increase the bill for the disaster. Even if the destruction of the earthquake and resulting tsunami that struck Japan on Friday remain difficult to assess, AIR Worldwide, a specialist in risk assessment, advanced at a cost of $ 34.6 billion to insurance companies.And the total score could be higher than the $ 100 billion of the Kobe earthquake in 1995, said Valerie Plagnol, director of research at Credit Suisse France, micro BFM.
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Just under one fifth of the CAC 40 were published on Thursday morning. After Wall Street closed higher Wednesday, the Paris Stock Exchange opens on a slight rise, following this new wave of publications heavyweights rating. The CAC 40 rose 0.22% to 4160.78 points.
Since Wednesday, the U.S. macroeconomic news will be especially with the United States: Inflation in January (1430), the weekly claims for unemployment benefits (1430) and the composite indicator of economic activity in January (16 hours).
In France, expected numbers of start-ups in January (8.45) and the presentation of the 2011 Annual Public Report of the Court of Auditors (1230).Around 10 am, will be published balance of payments in the eurozone.
On the currency markets, the euro is stable against the dollar on Thursday morning at 1.3560 dollar.
BNP Paribas missed market expectations in the fourth quarter
Despite a 2010 net profit up 34% to 7.8 billion euros, BNP Paribas has missed market expectations in the fourth quarter, after a depreciation in its accounts unexpectedly on its stake in Axa.
Canal + France said it had registered Wednesday its core document with the AMF, to an IPO in Paris 20% of its capital.
The insurer Axa in 2010 recorded a net profit of 2.749 billion euros, down 24%, affected by special items related to divestitures in the United Kingdom, according to a statement released Thursday.
PPR has reported an annual net profit up 1.4% to 965 million euros, while its turnover in 2010 rose 7.5% to 14.6 billion euros.The distribution group and luxury is confident to achieve this year's financial performance than those of 2010.
Technip table for this year on a turnover of about 6.5 to 6.7 billion euros and an operating margin Subsea (subsea infrastructure) above 15% free business cards.
Schneider Electric has published on Thursday a net profit doubled in 2010 to 1.7 billion euros.The group targets a growth of 6 to 9% this year, a margin which improved to reach 15 to 15.5% in 2011.
The wine and spirits group Pernod Ricard said Thursday net results in increase in the first half of its fiscal year offset.
The consulting group Capgemini and Computer Services posted Thursday a net profit in 2010 increased 57% to 280 million euros forecast for 2011 indicating a growth in turnover of between 9 and 10%.
TF1 takes advantage of the recovery in advertising market
TF1 double its annual net profit to 229 million euros thanks to the upturn in the advertising market.The group chaired by Nonce Paolini expects a stagnation in sales 2011, after it rose 11% in 2010.
Alcatel-Lucent is confident about its prospects in the U.S. this year, based on significant contracts with major operators in the country, Verizon and Sprint Nextel, told Reuters his director of the Americas.
The European Railway Agency in March will make its technical opinion on the circulation of new types of trains through the Channel Tunnel, which will build review the Franco-britaninque responsible for settling the case, said Wednesday Thierry Mariani.
Scor announced Wednesday the sale of its fixed annuity in the United States to Athene Holding for 55 million dollars (40 million).
Saft has announced an acceleration of its business in 2011 but a slight margin decline due to one of its plant projects in the United States.
Icade intends to continue the service sector of its activities with delivery over the next several years of its pipeline projects valued at 900 million euros.
After market, Eutelsat will publish its first half results.
On the occasion of its big annual event, the Ufip, the French Union of Petroleum Industries on Friday announced the impact of strikes on the fall of 2010 alone oil industry: 230 million euros.
A figure that could grow. For the fourth straight weekend, the activity of French ports will be affected by social movements, the CGT still requiring validation of an agreement on the drudgery.
Besides this "handicap" represented by the unreliability of the port of Marseilles, and denounced by Jean-Louis Schilansky Ufip Chairman of the rising discontent especially from the bosses of companies weakened by the downturn port. Under the patronage of the Phoenician city, the losses at the end of November last, relating to strikes, would amount to 800 million euros.In the medium term, the continued movement threatens 41,000 jobs directly and indirectly specifies the organization, who attended Thursday at a meeting of major economic players in Marseille.
Now "A container for two to France through foreign ports," a late Jean-Luc Chauvin, president of the PSU 13, the Union for companies in the Bouches du Rhone. Companies are dying to Marseille where we are in a state of permanent strike. "
Threat to long-term activity Ports
"Companies are tired, we are undermining the economic fabric," adds the CEO of the Port of Marseille, Jean-Claude Terrier. Especially if short-term impact of strikes on the job can be cushioned by partial unemployment, it is not the same in the long term.
Plagued by recurring blockages, the poor image of the port of Marseilles is widening. What is not without consequences for the activity: traffic from all terminals of the Grand Port Maritime de Marseille (GPMM) grew twice as fast in 2009 as the Mediterranean ports, and three times less than those Northern Europe.
And the fall in traffic could continue. On the site of Fos sur Mer, terminals and cargo containers are still totally blocked this weekend. A new arrest brings to 29 the number of calls to cancel since the beginning of the month. Between 1980 and 2010, the port of Marseille has lost 12% market share, reaching 16% last year. He has yet to lose a place among the European countries (5th in 2010).
However, difficult before any return to normalcy, to quantify exactly how many jobs really threatened.Meanwhile, a cell of the Prefecture of the Bouches du Rhone will be created to select the companies affected by social movements, and conduct an evaluation in terms of jobs. About 2,500 companies will receive bank facilities, said the Prefect Hughes Parant.
Side Le Havre, or movement is also closely watched, the loss of port activity related to strikes brought to 40% in Les Echos said the president of the Maritime Union and port of Le Havre. About 80% of the 16,000 jobs that include the organization today are indirectly affected, "he said. In January more than 50 calls were canceled out of 170 were provided, again in favor of other ports, Belgian and Dutch.
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Fimalac wants afford Accor Casinos. Accor, which still holds 49% share of Casino Lucien Barriere, came under discussion with the holding company Fimalac, announced the holding company and the giant hotel, confirming information Wansquare. "If the talks succeed, Fimalac inform the market with a new release," said the holding company of French businessman Marc Ladreit de Lacharriere.
Neither group has characterized these negotiations exclusive.
Accor thus remained in the process, begun there On several months of separating from its casinos Lucien Barriere. Last October, there was talk that the casino operator is introduced in Exchange, but Accor has canceled the operation less than 48 hours before the first quotations. Explanation: The lack of investor interest.The number one casino in France, also owns luxury hotels like Le Fouquet's in Paris, would indeed have been valued below the proposed price range (from 575 to 702,000,000 euros), which was too little for Accor.
Following this failure, the casino operator did not document-Accor maintained that all options were "reopened", including finding investors. However, management prefers Barrier IPO (IPO). This could suggest a new attempt in 2011.
A price around 550 million euros
According to our information, "it would seem reasonable that it is fastened below the price the IPO at around 550 million euros." Even if the purchase price is modest for Accor, "is clearly positive in terms of perception management," said one trader in Paris.
Fimalac, which include 60% owner of the rating agency Fitch, could then finance the acquisition entirely on equity, because it currently has net cash of 261 million euros.
In the 2009/2010 financial year ended September 30, Fimalac has reported a net profit of 30 million euros (+36.4%) for a turnover of 608.9 million euros ( +8.8%).
The group recently acquired the company Vega, French leader operating rooms dedicated to entertainment, sports and events and economic events. The company has notably orchestrated the return of Michel Polnareff in 2007 and is particularly associated with the operation of the Zenith of Rouen. He also holds 40% of Gilbert Coullier Productions, the leading French organization of shows for singers and comedians speaking.
Nothing works for casinos
The casino market has suffered tremendously, both from an economic crisis that has sealed the "entertainment budget" of the French and regulations become more stringent over time.
Jan
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Jean-Paul Agon, CEO of L'Oreal, has benefited from the traditional greeting to the press to announce the 2011 goals of his group. Thus, the number one global cosmetics is ready to "enter a new phase in its history" defined as "the stage of universalization. The group is "fully prepared to seize opportunities," said the boss of the group.
To achieve this major objective, L'Oreal has confirmed its intention to win a billion new customers, relying in particular on the development of the middle class in emerging countries. As recalled by Jean-Paul Agon, L'Oréal makes the moment most of its revenue with "less than 15% of the global population.""We expect to double this in the next 10 years" and "win as many customers in Asia Pacific that we have today in Europe and the United States," aout there.
Research, more decentralized, particularly should meet "the diverse needs of consumers worldwide."
"2010, year of conquest"
This presentation was also vows an opportunity to review the past year. L'Oreal "in 2010 has found the path of growth," says the executive director of the group, for whom 2010 was a great year for the enterprise of conquest no faxing payday loans. It has bounced back after a year 2009 was the year of crisis, "he concluded.
Jean-Louis Agon assured that "the group had made progress in all areas, all circuits and all trades" and its "brand gained ground everywhere," citing in particular "new markets".The first nine months of the year, "indicative of the year 2010, were marked by higher sales of about 11.6% to 14.5 billion euros.
L'Oreal boss, who was accompanied by the new executive committee set up earlier this year, said the group had benefited from "strategic decisions" taken during the crisis as "the deployment of innovations accessible" "The rapid globalization of brands and products" and "increased investment" in research and commercial means.
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