At 14:30, all financial markets will have their eyes riveted on the United States. It was at that time that the unemployment figures across the Atlantic for the month of August will be published. Given the caution with which the New York markets were closed Thursday and Europe, uncertainty should persist until Friday the publication of these figures. In the middle of meeting, the CAC 40 rose 0.76% to 3659 points. At the London Stock Exchange, the FTSE-100 advance from 0.52% to 5399.14 points, and the German DAX 30, the Frankfurt Stock Exchange, rose 0.44% to 6110.88 points.
"It does not happen much on the markets, who are eagerly awaiting the unemployment figures of the United States, says it in the rooms. Is a very important day. Nobody wants to get new paris before this indicator. Investors prefer to wait and see what is the recovery. "He added: "If figures are bad, I think markets will fall heavily and not only Friday, but next week. '
Services: slowdown in France, rising in Germany
Despite a slight decline as unexpected new listings weekly unemployment across the Atlantic on Thursday, the Labor Department is expected to announce this afternoon an increase in unemployment to 9.6%."The GDP is not growing fast enough to create hundreds of thousands of new jobs needed each month to reduce employment at its level before the crisis," said Christina Romer Thursday, who will leave at the end of the week his position as economic advisor of President Barack Obama.
Also across the Atlantic in 16 hours, the ISM index of activity in services for the month of August and a speech from Fed chairman in Atlanta, Dennis Lockhart on current economic conditions are also scheduled .
For the euro area, growth in services in France recorded a slight decline. Whereas 59.9, the PMI stood at 60.4 against 61.1 in July. In contrast, in Germany, he cons 57.2 56.5 in July. Although below expectations (58.5), it evolves to its highest level since August 2007.
Retail sales in the sixteen countries that have adopted the single currency rose 0.1% from June and 1.1% over one year. Economists polled by Reuters had forecast an average increase of 0.2% a month to month and 0.6% a year.
The meeting was much calmer on the microeconomic front, in the absence of publications, the wave of results for this quarter coming to an end the Paris Bourse.
GDF Suez Stock doped by a partnership
The Director General of the operator, France Telecom, Stéphane Richard, told Reuters on Thursday on the sidelines of the MEDEF Summer University he was confident in the outcome of discussions with Canal + on the fusion of strings Orange Cinema Series TV and TPS Star. It will also try to convince the government not to raise VAT on offers "triple play".France Telecom gained 0.25% on the stock market to 16.18 euros.
GDF Suez (2.09% to 26.75 euros) has signed a partnership with the Brazilian Eletrobras to develop transportation projects and energy production in Central and South America, and Africa.The two groups do not preclude joint ventures.
Air France-KLM (+0.27% to 10.96 euros) plans to create a structure "low cost" for medium-haul routes, especially from Orly to the province to counter the offensive of the British company at bottom EasyJet costs.
The Slovak government has decided to retire to a consortium led by Bouygues (-0.28% to 32.32 euros) a road construction project of $ 3.3 billion through a public-private partnership announced Thursday Slovak Minister of Transport, Jan Figel.
Venezuela will pay approximately $ 600 million (468 million euros) Casino (+0.20% at 66.20 euros) and other shareholders of the supermarket chain Exito nationalized in January said Thursday President Hugo Chavez.
Vinci (+1.05% at 37.14 euros) Thursday announced the acquisition by its subsidiary of Vinci Park UK Meteor Parking which achieves annual turnover of approximately 50 million pounds (60 million euros ), allowing it to become number four in the sector in the United Kingdom.
LVMH (0.81% to 97.25 euros) a court decision is expected this Friday on an appeal by eBay, convicted in 2008 for dissemination and distribution of counterfeit perfume off approved.
Pernod-Ricard still in the red
On the side of the steepest declines, we find Sanofi-Aventis, still in talks to buy the company Genzyme bio technologies. The value is 0.54% to 46.63 euros, after losing 0.53% on Thursday. Pernod-Ricard continues in the red after the publication Thursday of disappointing results.After having yielded 2.37% on Thursday, back down 1.68% to 60.22 euros on Friday.
Ipsen (+0.26% at 27.27 euros) has signed an agreement with the Swiss pharmaceutical company Santhera Pharmaceuticals. The laboratory has received a license to market the fipamezole, a drug that helps relieve the symptoms of this disease in the world, except Japan and North America.
The Agency for State Holdings is undergoing a revolution. The scheduled departure in September of its CEO, Bruno Bezard, economic mission to Beijing, is an opportunity for the state to reassert its role as shareholder. The government Tuesday appointed by the Council of Ministers Jean-Dominique Comolli, former boss of Seita, Commissioner of State Holdings. He will then head the Agency state ownership.
A new title tailored, while the state wants to take over the industrial policy of the companies in which it holds shares now on, the boss of the EPA no longer depend on the Treasury, but will report directly to the Minister of Economy. "We consider that the state must play a role that heritage," says one in the entourage of Christine Lagarde.By appointing one person with a strong political status – the commissioner – "there is also a desire to reorganize things, establish a system that discourages employers from rushing to the Elysee to discuss their small business," says near the record.
The appointment of Jean-Dominique Comolli also fits into "a major change in the role" of state ownership and the EPA, said the report of the Council of Ministers.
As the President announced when the States-General of Industry in March, this development will lead the state "to be at the forefront of driving the vision of its shareholdings and so assert, for undertakings concerned, a strategy of industrial development and economic clear long term. "
Air France, EDF, France Telecom and other Safran now know they only have to behave! Already, Nicolas Sarkozy announced that a director would be appointed representing the state "consistently" next to the Director for the Department of Economics, but now for each company in which the State is a shareholder, a formal meeting between the relevant ministers and leaders will be held each semester – in addition to those that take place informally – "to make a strategic point. More question of discovering projects at the last minute.We remember last January, the invitation to the Elysee the boss of Renault, Carlos Ghosn, who had just unveiled its intention to produce some of the Clio in Turkey IV.
Set to music complicated
The state will also require "regular reviews" on the policy of personnel management, employment, subcontracting, procurement, investment, etc..
Jean-Dominique Comolli will have to partition complex music: establishing a more readable management companies, but does not give the impression of greater interference.The EPA had she not been established in 2004 to remove the political power of corporate management, after a report by Rene Barbier de la Serre, a former banker and is the financial center, had pointed to "the presence Excessive state in the daily management of the company?
Jean-Dominique Comolli "has the perfect profile, make sure there in the ranks of government. The future commissioner, 62, near the famous head of state despite a long career in the offices of the left, knows both the workings of government and enterprise. ENA civil administrator in the Directorate of Budget from 1977 to 1981, he became after election of François Mitterrand to the presidency of the Republic adviser to Laurent Fabius.
In 1986 he was appointed Deputy Director in the Budget, before becoming in 1988 Chief of Staff Michel Charasse Budget.In September 1989 he was appointed head of Customs, before becoming president of Seita, while public group in 1993. He co-chair Altadis after its merger with Tabacalera.
Since 2005, he chaired the Board of Directors of Altadis, since bought by Britain's Imperial Tobacco – which he became vice-chairman of the board of directors in 2008. He held up his new duties on September 15.
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The CAC 40, which surpassed Monday night at the close of 3750 the bar points (3%), takes a breath of fresh air on Tuesday. At the opening, the index coward timidly 0.08% 3744.52 points. In London, the Footsie yields 0.47% to 5371.92 points.
Yesterday, the Paris Bourse has been drawn up by the bank after the better than expected quarterly BNP Paribas. The Paris market should not stop there, according to technical analysis, which brings the index to the assault of 3770 points.
The Paris Bourse is expected to remain broadly in an uptrend on the sessions to come, even if the index corrects a bit on Tuesday.
The program of the Tuesday meeting, noted that prices for industrial production for June in the eurozone will be published at 11:00.American side, the expected numbers today should facilitate the session, including spending at 14.30 and household income, and 16 hours, industrial orders in July and promises of housing sales in June
Meanwhile, the euro remains at its highest in three months against the dollar.The euro rose as optimism in Europe and at the same time, the dollar is falling while stock markets also rose overseas and the appetite for risk grows.
The eyes of Sanofi-Aventis Genzyme
Sanofi-Aventis (-0.56% to 45.15 euros) sent a letter referring to Genzyme's interest in the company, a source close to the deal, adding that the two companies were discussing the offer.
The chemicals group Arkema (4.77% to 36.65 euros, the biggest increase in score) on Tuesday said quarterly earnings improved sharply, saying it made "its best historical performance" since its IPO in 2006 . Quarterly profit was 119 million euros, against a loss of 114 million euros in the second quarter of 2009.Revenues soared 38% to 1.6 billion euros and gross operating profit (EBITDA) reached 241 million, against only 70 million a year earlier.
CNP Assurances (-1.3% to 15.9 euros) announced Monday that it bought back 65% stake in MFPPrévoyance, a subsidiary of MFP Services, a group of specialized mutual insurance officials. This stake will cost 86.5 million euros to the French insurer.
Vallourec (-1.84% to 75.78 euros, the largest decline CAC 40). Credit Suisse cut its rating to "neutral" to "underperform."
Arcelor Mittal has launched $ 2.5 billion of debt in three parts, according to IFR, a subsidiary of Thomson Reuters.
Yellow Pages (-1.4% to 8.48 euros). HSBC cut its rating to "overweight" to "neutral."
General Health (1.18% to 11.62 euros).The former manager of French private clinics and hospitals on Monday published a half-year revenue declined 4.7% to 1 billion euros, which also reported an increase of 8.8% in profit operating income, to 80.4 million.
In an interview with Le Figaro, Benoît Potier, Chairman and CEO of Air Liquide (-0.51% to 88.87 euros), says that the big industries have restructured and fully benefit from the recovery.
The crisis has played a role in accelerating power for China. Faced with the slowdown in traditional engines of the planet are the U.S. and Japan, the People's Republic sees himself propelled to the rank of second largest economy, instead of his neighbor nippon, but still far behind the United States. "China is already the second biggest economy, has said over the weekend Yi Gang, director of the State Administration of Foreign Exchange (SAFE), in charge of foreign exchange controls.
In an interview with the magazine China Reform and accepted by the site of the Safe, Responsible merely formalizes what everybody expected this year. The calculation is done quickly. In late 2009, the gross domestic product (GDP) of Japan 5070 billion was already closely followed by that of China, to 4980 billion.With an expected growth of 9.5% throughout the year and 11.1% in first half against less than 3% for its neighbor, the Middle Kingdom has probably exceeded that of the Rising Sun between April and June And this, ironically, even as the country tries to avoid overheating. Manufacturing production slowed further in July for the second straight month, thanks to measures limiting credit growth and real estate speculation.
The Chinese authorities do not brag with their new status as world's second largest economy, since many challenges remain before inevitably take the top spot in a couple of years, according to the World Bank. "The problem of China's economy is the quality of its growth.Why we must proceed with structural adjustment and transform our business model, "said Yi Gang, referring to the refrain that government consumption has to take over investment and exports as an engine of growth.
The gap will shrink
This ongoing concerns prompt the government to closely monitor all aspects of the economy, starting with the very sensitive political exchange. Referring to the convertibility of the yuan, Yi Gang made it clear that no timetable had been arrested. China becomes the heir of the world economy without having an international currency.
But Beijing is still more to paradoxes, mixing the issues of developing countries with those of a rich country. Imbalances continue to widen between rural and urban, rich and poor.Before he finished his economic metamorphosis, the Middle Kingdom is already old. Today, six active contributors per pensioner, they will be more than two in 2040.
In fifteen years, GDP per capita – U.S. $ 3,600 in 2009 – will probably still not caught up with its rivals, with $ 42,000 for the United States and 37,800 in Japan. But the gap is very narrow. Yi Gang expects Chinese growth between 7% and 8% in the decade ahead.
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The Elysee is the only institution in the Republic to see his accounts peeled annually by an independent body, in this case the Court of Auditors. And Nicolas Sarkozy himself who requested the monitoring. Obviously, this regular audit is bearing fruit. The Court of Auditors, who presented this morning's report on fiscal year 2009, noted that the recommendations made last year have been acted upon. Thus, the cost of studies and surveys that had hit the headlines, has been reduced by 45% in 2009. Similarly, the bill for the garden party fell 30% last year.This year, the problem is solved since this event did not happen! The ECA is also pleased that an inventory of furniture and objects from the Elysee has been launched and the residences of Rambouillet, Marly-le-Roi and Souzy La Biche, not used by the president, have been transferred Authorities competent to cheap credit report.
Rest areas for improvement. The magistrates of the Rue Cambon point especially travel. Delegations are too many, especially in travel preparations. Media coverage of these trips is more expensive: 465,000 euros in 2008, 1.06 million euros in 2009. The development of a special press room for the president at the G20 Pittsburg and cost a whopping 25,000 euros! The bill for the meal trays in an aircraft is surprising: 120-160 euros per person.Moreover, the Court of Auditors estimated that the restoration at the Elysee is too expensive. On both issues, the Elysee is committed to making improvements, including reducing by 10% in three years enrollment in the restoration.
The declaration of Didier Migaud, president of the Court of Auditors, to reduce expenses in the operation of the Elysee:
The nightmare continues for BP. The oil group announced Friday that its expenses related to the oil spill in the Gulf of Mexico have now reached 2.35 billion dollars (about 1.9 billion euros). This amount includes all expenses incurred by the operations of oil recovery and cleaning the coast since the beginning of the disaster but also the drilling of relief efforts, aid already paid to the residents affected and the damage already returned to federal authorities . This Friday at the London Stock Exchange, investors punish: shares tumble from -6.84% to 303.10 pence in late morning. Their lowest level in 14 years.
This new drop is more than 50% during the collapse of the oil company since the sinking of the platform in late April Deepwater Horizon.Meanwhile, five-year CDS BP increased by 19 basis points to 555 points, according to Markit.
The fall in prices has been sharp end of April, when the collapse of the platform.
The draft law reforming the consumer credit which was adopted in late April by the National Assembly must be considered in the Senate Monday on second reading. This text, which transposes into French law the European directive of 23 April 2008 aims to better encadrerla distribution of these credits, advertising and strengthens consumer information to avoid over-indebtedness. "This legislation, once passed, will provide a protective base for consumer credit," says Minister of Economy Christine Lagarde. guard, who hopes that the text be adopted as early as Monday, said her commitment to the Senate on a timetable for implementation "very accurate".
No less than 14 decrees and orders will be four needed for its implementation. Christine Lagarde, wants everyone to be published before the end of the year."I intend that all texts are published by the end of 2010 to ensure that all stakeholders are informed of the publication of texts and measures to implement," said the minister at a press conference. The entry into force of the texts will then be scheduled through May 2011.
Division on the register of credits
The minister promised to create, upon promulgation of the text, the Committee shall deliver foreshadowing, over the next 12 months, a report on the establishment of a national registry of credits, also called positive file. This file would identify all loans taken by the French and could be accessed for each request for new credit.Christine Lagarde has ensured that the committee was established following the enactment of the law shows that it is not "being in time to push for it (the positive file, ie) becomes the Arlesienne."
The principle of this file, however, continues to divide and most consumer groups will remain opposed, citing an infringement of individual liberties and the fear of use of information by credit institutions. .
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Tens of thousands of trade unionists yesterday converged toward the center of Rome at the invitation of the CGIL, the main federation of workers in Italy (5.5 million members).
Shouting "not only on our shoulders," they denounced the sacrifices imposed by the government of Silvio Berlusconi to reduce the public deficit from 5.3% to 3.9% next year and 2.7% of GDP 2012.
At a rally Piazza del Popolo, Guglielmo Epifani, Secretary General of the CGIL, reiterated that his organization was not opposed to a correction of the accounts of the state. "We reject this maneuver only made budget cuts without structural reforms or measures to support investment, particularly in public education and research," he told Le Figaro before the start of the event."Those who will pay for will mainly employees and the lowest incomes while wealth and annuities will not be affected."
Guglielmo Epifani also calls for a broad mobilization to invite the Parliament, which will begin consideration of the bill next week "to modify" cash advance till payday.
The CGIL has launched on June 25 a word of general strike of four hours in the private sector and the public 24 hours.
For its part, the Democratic Party (PD), the main opposition, has announced a rally against the plan "unfair" in Rome June 19 while magistrates, public sector doctors and world culture multiply protests.
The government plans to freeze wages and hiring in the civil service for two years and 10% reduction in the allocation of ministries and local authorities.No new taxes would be raised and the taxation of financial income would continue to benefit from a preferential rate, but a greater effort would be made against tax evasion.
For the Bank of Italy, the austerity plan could result in a reduction of O, 5% of GDP in 2011/2012 "as a result of compression of consumption and investment." Italy expects a growth of 1% this year and 1.5% in 2011.
Despite a decline in GDP since the second quarter of 2008, wages continued to rise this year at a faster pace (+3.6%) than in 2007 (+3.3%) as Figures released Thursday by the INSEE. One thing, however, tempered by the high level of inflation in this period, 2.8%, which surfaced in much of the improvement obtained by the employees. The average net wage rises in 2008 to 2069 euros net per month.
At that time, the labor market is however already the stigmata of the crisis. The structure of employment has changed, at the expense of the unskilled and temporary, in favor of executive employment and women. The average wage of workers benefiting from the decline in unskilled employment, and also recorded a significant increase resulting from indexing the minimum wage to inflation.In total, workers recorded the most favorable trends with an increase of 1.3% in constant euros.
Executives recorded the largest decline
While the average net salary of employees remains stable, that executives cash the largest decrease (0.7%) partly due to the importance of the variable component in wages. The sectors of finance and real estate are suffering most from the crisis in 2008, it is true after a sharp rise in wages in finance in 2007.
It is finally noted that while women's wages grew less than men (0.5% against 0.9%), thus widening the gaps in pay between the sexes, female employment is more resistant, particularly because of the strength of the service employment.
Can you still perform in France? At a time when a movement of deindustrialization affects the Hexagon, Saint-Gobain slice on the downturn. On Wednesday, the group inaugurated in Chemill? glass, next to Angers, a glass wool factory last generation called G3. A major investment (100 million euros) with the key, the immediate creation of 75 jobs including 25 items made by subcontractors on the site. And when the unit running at full capacity it will employ 150 people. A move welcomed by Prime Minister Francois Fillon, present at the inauguration: "In France, we built factories! You are proof that our country has an industrial future. "There is no inevitability to the relocation, he said the group's CEO, Pierre-Andre de Chalendar.The cost of labor, even if it is too high in France, is not always an obstacle to industrialization. "
That was 38 years, Saint-Gobain had not started a manufacturing plant in France this kind of product. But other businesses of the group have also recently made the choice of production in France. Mid-February, Saint-Gobain has finalized the extension of a site that makes double glazing Crissey, near Chalon-sur-Saone. With again a few tens of indirect jobs.
Sustainability
If Saint-Gobain is the bet of "Made in France", is by economic realism. "Once the glass wool travel more than 400 to 500 km, transport costs become excessive, recognizes Xavier de Maistre, General Manager France of Saint-Gobain Isover.We therefore produce locally for local markets. "In this case, the group chose to locate in Maine-et-Loire, for he had no factory producing glass wool to the markets of west of France.
Saint-Gobain has also launched the opening of an industrial site, because it believes in market prospects opened by the Grenelle Environment. A bet bolstered by the commitment reiterated Wednesday Francois Fillon not relegated to the status of sustainable development subtopic: "The green growth is not the end of the industry: it's renewal." Thus, Saint-Gobain will have to Chemill? a production capacity sufficient to isolate 100 000 houses per year. However, since 2012, some 300 000 to 400 000 houses built each year will be the standard BBC (building low consumption) to be very well insulated."In addition, there are 22 million buildings constructed before 1973 and 30 million non-insulated and poorly insulated," says one at Saint-Gobain Isover. In fact, the glass wool G3 is a good answer to these problems: compared to previous lines, it provides better thermal protection of 30%. What Saint-Gobain dampen somewhat the crisis currently affecting the construction industry.
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