lefigaro.fr / jdf.com – Tunis Stock Exchange is closed since last Monday. Why all this time to restart the ratings?
William Chaloin – The restart of trading of the Tunis Stock Exchange ($ 11 billion market capitalization) is more political than technical. The state wants to ensure that companies with a stake is owned by relatives of former President Ben Ali, or by itself, will not be subject to massive sales. Investors want to know if these companies are nationalized or not, and at what price.
Is it not surprising for a financial center that posted last year the fourth best market performance in Africa, to South Africa and Egypt? *
The cons-performance of the Tunis Stock Exchange are just a reflection of what's happening in the country.As the country's political situation will not be sanitized, investor wariness persists. And this is not the will of the Financial Market Council to oversee the courses that will change the trend. The Tunisian stock index reached a high point last September 30 to 5681.39 points and began to decline with the first events of October .**
Is there a risk of contagion effects?
The main countries that could be affected by a contagion effect are Egypt and Morocco. But the major Egyptian companies are very international, as Orascom Construction Industries, which is present in 20 countries across the Middle East, Africa and Central Asia. As for Morocco, unlike Tunisia, it has substantial natural resource wealth.This is notably the largest exporter of phosphates in the world with strong demand from China is not ready to dry up
What he lacks in Tunis Stock Exchange to be as important as that of Cairo (79 billion market capitalization) or Casablanca (72 billion)?
The Tunisian financial market is not open enough to foreign investors and capital sides are held primarily by Ben Ali and his relatives. As an anecdote, a company like McDonald's was not established in Tunisia because she refused to follow the "diktat" imposed by Ben Ali's family, that any foreign company that wanted to locate in the country should subject to a holding bin Ali clan paydayloan.In this context, the downward trend should be sustained for Tunis Stock Exchange.
Conversely, what are the advantages of the Cairo Stock Exchange?
The Cairo Stock Exchange has the advantage of having a clearing house, ie an intermediary between buyers and sellers. This allows authorities to know who buys stock and sells. Every day, we know the volumes processed by foreign investors and locals. So we know that during the political crisis in Tunisia, it is foreigners who have sold more than otherwise and the premises were rather buyers.The Cairo Stock Exchange is relatively liquid and easily accessible to investors through the dual listing of some large caps in London.
What are the areas you prefer?
For Egypt, we focus on telecom infrastructure (Orascom) and financial services (Commercial International Bank). In Morocco, we have a preference for telecom (Telecom Morocco), financial services (Attijariwafa Bank) and mining (Mining Coompagnie Touissit). Libya (3 billion dollars in market capitalization), which is the financial center of rising North Africa, will be the subject of several IPOs.
Do you think that Morocco and Egypt can integrate the BRICs, like South Africa?
It's still early. I'd rather see Nigeria.But what is certain is that countries continue to strengthen their partnerships with China, thanks to their reserves in natural resources, are likely to record very high growth. And that title, integrating the BRICs. Egypt and Morocco are on track.
* Johannesburg and Cairo are the two largest stock exchanges in Africa, with respectively 923 billion and $ 79 billion market capitalization.
** During the week of January 7 to 14, the star of the index Stock Exchange of Tunis, Tunis SE Tunindex, recorded a historic loss of 12.74% at 4552.80 points against an increase of 2 05% during the previous week.
Consider ways to "curb the competitiveness of divergence between France and Germany." It was the mission that Minister of Industry, Eric Besson, had entrusted to WCC-Rexecode, in the context of reflection on the approximation of economic policies of both countries, dear to Nicolas Sarkozy. This report is presented on Thursday at Bercy by the boss of the Institute of Economic Studies, Michel Didier, Le Figaro which has provided extensive excerpts, is uncompromising on the road that lies ahead.
In the first chapter, the report shall so certify: yes, the French competitiveness has dropped against its neighbor across the Rhine, but it did "not always been the case," says the document.The stall is earliest 2000s.
The report then lists the "Twelve reasons for the competitiveness gap between France and Germany – results of a survey of players on both sides of the Rhine. The answers are pointing the finger both industrial culture stronger in Germany "that the" ability to work together German companies "," proximity between research and industry in Germany, "the" size and financial strength of companies' or still an "ecosystem export-oriented."But these arguments structural "relatively permanent" can "easily" explain the drop observed over the last decade.
Differences in wage costs
The survey COE Rexecode among purchasing managers in detail in Chapter 3 points to the divergence of industrial competitiveness occurred during the last decade, by the factors "other than price, the benefit of German goods – services, delays delivery, product quality, innovative products online payday loans…
Impossible not to watch then the differences in wage costs. Particularly since the introduction of 35 hours … It shows that "the hourly labor costs in manufacturing rose 28% in France between 2000 and late 2007 against only 16% in Germany."And business results: between 2000 and 2007, gross operating surplus in manufacturing rose from 67.3% in Germany and fell 14.5% in France. Suddenly, the margin of German companies has increased while it stagnated in France.
In conclusion, WCC-Rexecode stands five priorities for "a pact of industrial competitiveness." The first, unsurprisingly, "taking into account the imperative of competitiveness in any tax reform."Second, to improve our "ability to work together by streamlining all the rules that govern the functioning of the labor market and in particular anything that forced excessive hours of work", to improve employment management "by giving a greater emphasis on human capital and stability of industrial employment deal with cyclical fluctuations (compromise-wage employment-Hours) "and" focus the training effort and research on linking research industry. " Lastly, "implementation of a strong and urgent action readjustment of industrial costs. The report sets a target to decline 5 to 10% production costs in the industry.
Downward adjustment. INSEE revised its growth figures for the second and French third quarter below what it had previously measured. Between April and June, the economy grew by 0.6% against 0.7% estimated earlier, and 0.3% between July and September, against 0.4%. The downward revision for the third quarter results "including the revision of indicators of business services and public works (…) and indicators of personal services," noted INSEE.
In the third quarter, "domestic demand (…) again contributes positively to growth in gross domestic product (GDP) this quarter," noted INSEE online payday advance. Consumer spending has accelerated over the period, at +0.5% against 0.3% over the previous three months. In contrast, business investment grew more slowly (+0.5% after +0.9%).
Household disposable income as calculated by INSEE has grown faster than the second quarter at +0.9% against +0.8% previously. An evolution that can record a slight acceleration in purchasing power (+0.7%).
The Bank of France expects a growth of 0.6% in the fourth quarter. Over the full year 2010, the French GDP to grow by 1.6%, according to Insee.
The tax reform of the heritage may be a real headache for the government. A working group of twenty parliamentary majority was installed Monday night at Matignon to prepare the ground, but opinions are as abundant as contradictory. Should we abolish the tax shield at the same time that the ISF? This was claimed in October 125 UMP deputies who co-authored the amendment to that effect filed by Michel Piron (UMP, Maine-et-Loire). This amendment, which was rejected, provided in return creating a top slice of income tax, currently ruled by Nicolas Sarkozy, and controversial even within the UMP."These are the richest households to be drawn upon, especially not the middle class, to find three billion euros needed to finance reform," says Pierre Mehaignerie, Chairman of the Committee on Social Affairs Assembly. Signatory to the amendment Piron, Louis Giscard d'Estaing (Puy de Dome) believes that reform will lead to "impose more direct income from assets." But at what rate? As soon as one enters into details, nobody is in agreement.
Liberals are more reserved. "I am wary of tricks Bercy, in the guise of lowering some taxes, increase by changing their nature. Do not complicate things a year and a half presidential, "warns Claude Goasguen (Paris). Especially as the affluent is one of the targets of UMP voters for 2012.His colleague in the Drome, Herve Mariton, one of the few defenders of the tax shield, emphasizes the importance of "secure the political framework" and "do not do crafts." Equally cautious, Philippe Meunier (Rhone), member of the collective right of the People, demand that "the tax varies depending on the amount of the assets."
The abolition of wealth tax is also politically risky, and denounced in advance by the left. A compromise solution is advocated by many UMP (including Claude Goasguen, Louis Giscard d'Estaing and Marc Le Fur) who have been demanding for years the output of the principal residence of the base of the ISF.The president of the centrist Senate Finance Committee, Jean Arthuis, calls him a "big night" tax "Our model of compulsory levies, he says, is completely outdated."
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A cordon citizen "of about 80 people, residents and activists of other corporations, attempted to prevent early Friday morning requisition refinery Grandpuits (Seine-et-Marne) ordered by the prefect.
The police, acting with his bare hands, pushed the protesters to clear the gate of the refinery, and it was during the stampede that people were slightly injured California payday loan lenders.
The law provides that "in cases of emergency when the interference found or expected in good order, cleanliness, tranquility and public safety requires it", the prefect can "commandeer any property or service, require any person required to operate this service.
The 12 refineries in the country are paralyzed and several blocked fuel depots, sometimes temporarily, in actions which have become the main means of pressure in the protest against the reform plans to reduce the minimum retirement age to retirement from 60 to 62 years cheap payday loan .
Ten years ago, this announcement will have the effect of a real earthquake. Today is a tiny revolution. On Wednesday, France Telecom announced that it has definitively abolished the price difference between local and national calls to fixed telephony. And the incumbent has not done in detail by aligning all prices for domestic (21% of call volumes) with those of local (62% of volumes). Consequently, prices for national calls fell by 58% peak and 69% in peak hours. The never-seen since the introduction three decades ago, the distinction between these two rates. But, in fact, this gesture is of more symbolic than economic.
Firstly, it concerns only 7 million subscribers in France Telecom fixed line on the old copper network (one of 22 at Asnieres!), While France currently has more than 35 million fixed lines.Second, that gift will have a tariff cost of 25 to 30 million euros for the incumbent in 2011. These low figures ultimately reflected the radical transformation of the telecommunications market in just a decade.
In 1999, public fixed telecommunications network in the past copper accounted for 27% of sales from France Telecom and served as a cash cow for the company public again. The telecommunications market was opened to competition only two years earlier, and new entrants who received a prefix (7 Cegetel, 4 for 2 or 6 TV for Esprit Telecom), fought against France Telecom to blow discount on the price of the call per minute.
Time completely gone from the migration of all telephone networks of the era of copper to that of digital.Today, the fixed communications network copper represented only 3% of sales from France Telecom. The operator now on mobile phones and the Internet to live.
The big switch to ADSL
Today, the French have really rocked the era of Internet telephony. Proof: In October, Arcep, the telecoms regulator, has caused a sensation by revealing that over half of the papers are passed from a DSL box. According to his observation, the boxes were transported 54% (15.4 billion minutes) of the total minutes of communications exchanged in France in the fourth quarter of 2009. Conventional copper lines n'acheminent more than 13 billion minutes, representing 46% of total volume. And the decline is accelerating.According to Arcep, communications should fall inexorably from conventional 11% to 15% per year.
Currently, nearly 20 million French households subscribe to ADSL, or 80% of total households. By 2013, all French households should have access to broadband internet via ADSL. In the era of Internet telephony, fixed communications are unlimited, they are no longer the difference between the local and the national and – most importantly – they seem free. In fact, cost is included in the monthly subscription fee of EUR 30 including, in addition, Internet access and television.
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In its hunt for tax exemptions, Bercy put his hand on a small niche went almost unnoticed until now. It benefits the companies that offer great cars according to their leaders. These, 4×4 or sedan, can indeed be classified as mere vehicles. The advantage: they escape the tax on company cars (TVS) system and the bonus / malus. On August 31, 8700 cars, including 505 "high end", were registered under this registration specific "N1".
The government intends to abolish this tax shelter, according to The Monde.fr, during the 2011 budget to be presented Oct. 29. Information confirmed by figaro.fr Bercy."It's hard to tell the owner of a large sedan that pays the eco-surcharge that his company, she did not fulfill them," says one Ministry of Finance.
The origin of this incongruity tax is a new European regulations dating from 2007 and implemented in France in 2009. According to this text, vehicles weighing less than 3.5 tonnes can carry up to six passengers can be categorized as commercial vehicles. By entering France, this new category has to offload all taxes except VAT.
Avoid penalties
This feature is especially valuable for large German sedans payday loans direct lenders. Porsche Cayenne 4×4-base price Euro 60,959-can escape a TVS of 2965 euros and a penalty of 750 euros.Above all, the purchase can be deducted from corporate taxes through depreciation, resulting in savings of "several million euros", says a spokesman for Porsche France. In late August, approval N1 represents 10% of sales of specialist sports car, or about 150 vehicles.
But the first to sniff the windfall is Renault. The builder, whose state is a shareholder at 15.01%, has removed two seats especially in its Grand Scenic 7-seat and three in its traffic Passengers of 9 seats. The Megane and Laguna, however, perfectly fulfilled the conditions. Result, the diamond brand has earned the lion's share with 60% market share on the N1, with 5,331 vehicles sold.
Renault surprised the Bercy decision but said not to worry about sales."The N1 represent only a tiny fraction of the market for the company car which amounts to 350,000 units per year," is to relativize Francis Guion, CEO of Renault park company. "We would prefer that the state does not change the law without ceasing."
Aug
27
Thirty cents per share higher than what was proposed Hewlett-Packard. Dell renews its bid for 3PAR, with a proposal barely exceeds that of his rival, HP. After proposing $ 1.15 billion to buy the U.S. company data storage, Dell has had to increase its offer. Hewlett Packard had submitted a tender surprise on Monday of $ 1.6 billion, or $ 24 per share. Dell has proposed 30 cents more per share.
Takeover bid for all shares 3PAR
If the transaction has yet to receive regulatory approval, the computer maker said in a statement, however it should be finalized before the end of the year. "It should have a positive impact on our earnings before exceptional items from the fiscal year 2012, the company said.Dell now has until Sept. 20 to launch a public offer to acquire all the shares of 3PAR "through a subsidiary that owns 100%," says he needed no fax payday loans.
This acquisition will expand its range of storage products for the cloud computing (cloud computing via the Internet) and support its service activities. "With the acquisition of 3PAR, Dell will have the range of storage products for the broader market," said Dave Johnson, vice president of U.S. computer company, said in the statement. Data storage is the priority of our strategy.
3PAR does not wish to comment on this new offer, stating that it will "soon" on the subject.
Around 4:00 p.m., 3PAR lost 1.53% to 26.35 dollars, while Hewlett-Packard and Dell gained 0.42% respectively to 38.40% and 0.21 dollars to 11.81 dollars in a rising market 0.16%.
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Earlier this week hesitant on Asian financial centers. On Monday, stock markets in the region without changing direction. Fears of a slowdown in economic recovery or a return to recession, still occupy the minds of investors. Especially as Wall Street and European stock markets ended the week in the red Friday. In the U.S., operators are torn between optimism for the resumption of mergers and acquisitions and the battery of macroeconomic uncertainty.
In Japan, investors have the prudence of their American counterparts. After opening down 0.10%, the Nikkei has widened its losses during the session (-0.58%) to finish on a decline of 0.68% to 9116.69 points. It is the lowest level of the year. The broader TOPIX, yielded 0.58% to 824.79 points. The vigor of the yen against the dollar is once again pointing the finger. Unsettled, exporters have sealed document.The semiconductor equipment supplier Tokyo Electron, the specialist digital cameras Canon and carmaker Honda Motor lost between 0.53% and 2.52%.
In China, stock markets are even more hesitant. In Hong Kong, the Hang Seng was down 0.36% to 20,905 points while the Shanghai Composite gained 0.13% to 2645 points.
The Korean Kosdaq is at equilibrium (-0.02%), like the Indian Sensex (+0.06%) and the S & P Australia (-0.09%). In Australia, markets are disturbed by the results of parliamentary elections that failed to designate a clear winner.
Absence of major news, the market activity remains very calm. New major macroeconomic indicators are expected in mid-week in the U.S., particularly in the property sector and employment.
Oil climbs
Crude prices were up Monday in Asia on a flat market. In morning trading, a barrel of light sweet crude for October delivery gained 29 cents to 74.11 dollars, while that of Brent North Sea crude for October delivery increased by 21 cents to 74.47 dollars.
This increase ends three consecutive sessions of falling prices. But it remains fragile due to a strengthening dollar.
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.