For one last time before the scrapping has boosted consumption. In November, households spent 2.8% more in manufactured goods, after falling 0.6% in October, according to Insee. The boom in car sales, with 14.9%, pulled the index from the Institute of Statistics for the month.
"Beyond the positive effects of scrapping set up by the government on car purchases, all items of consumption of manufactured goods have increased significantly in November, held to highlight the Minister of Economy Christine Lagarde. Textiles and leather rose 2.9%, probably enjoying the weather rigorous. Purchases of equipment housing also rose (+0.4%).
Despite the optimism of Bercy, which expects a recovery in consumption, the start of January looks bleak on the trade front.More than one in three households (35%, 7 points higher than in the previous barometer) is planning to spend less in the coming months for food and clothing, according to a poll conducted for BPCE ViaVoice *, France Info and Les Echos published Thursday. They are only 9% plan to spend more and the rest of the population does not intend to waive the rules of parsimony introduced in 2010.
On higher expenses, the prospects for buying real estate is still very low: 3% of respondents planning to invest in the stone payday advance lenders. However, the prospects of acquiring cars increased slightly (7%, +2 points) to a few days to stop scrapping laprime and environmental bonus.
In total, the total fertility rate of spending intentions of the French lost 17 points compared to last month.
Low morale
A relative majority of French people (42%) still expects a decline in purchasing power, and this proportion is increasing compared to last month (+3). They are only 13% to bet on a rise in their purchasing power.
In a second aspect, the study focuses on Christmas gifts and notes that the French are shared between termination of a consumerist frenzy and caring towards one part relational authenticity. On purchases (frantic) Christmas, youth aged 18-24 believe overwhelmingly (63%) which was due to make as many gifts.In contrast, seniors (65 and over) believe overwhelmingly (59%) that we should do less of gifts.
* This survey was conducted on December 16 and 17 by telephone on a sample of 1005 people, according to the quota method.
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Dec
8
U.S. stock markets are changing very slightly up on Wednesday. The Dow Jones gained 0.24% at 11,387 points, the Standard & Poor's advance of 0.36% to 1228 points and the Nasdaq climbed 0.47% to 2611 points. Tuesday Wall Street has been closed close to balance. The Dow Jones lost 0.03% to 11,359 points, the Nasdaq was up 0.14% to 2598 points and the S & P 500 had gained 0.05% to 1223 points.
On the foreign exchange market, the euro still declining against the dollar on Wednesday. The greenback remains supported by the higher yields of U.S. Treasuries and the U.S. agree on tax relief. In milieur afternoon, the European currency fell to 1.3239 dollars against 1.3258 dollars on the previous evening.
On the macroeconomic front, the U.S. central bank (Fed) released Tuesday night, the evolution of outstanding consumer credit in the month of October.On an annual basis, total consumer credit rose by 1.7% (+3.4 billion). It is the second consecutive increase after 19 months of decline. This movement is explained by the growth in loans, which include auto loans, personal loans and student loans that climb by 6.8% over the month of October. However, revolving credit continues to contract, they fell by 8.4% (a decline of about 5.6 billion dollars) after having already contracted 13% in September.
Also note, following the agreement between President Obama and the new Republican majority, maintains the tax breaks the Bush administration for an additional period of two years, several U.S. economists have raised their growth projections for the next year.The most optimistic expects a rise in U.S. gross domestic product by 4% in 2011 against 2.7% before the announcement.
On the agenda of investors are including this Wednesday, the weekly inventory of crude oil in the U.S. expected to 16:30.
Offer extended on Genzyme
The side of values, as we announced, Sanofi-Aventis is expected to extend its tender offer (OPA) on the U.S. laboratory Genzyme. Indeed, the OPA launched on October 4 by the French giant for $ 69 per share, or 18.5 billion euros, expires Friday, December 10 at midnight New York time.
Also in the health sector, Johnson & Johnson launched on Wednesday its offer of 1.75 billion euros on the Dutch biotechnology company Crucell, thus dispelling the doubts of investors.The offer of U.S. health care group, which already owns 17.9% of Crucell is particularly subject to a minimum of 95% stake in sales commitments.
After market, Texas Instruments (TI) has published its expectations for the fourth quarter. The group tightened its forecast ranges for the last quarter of 2010. Texas Instruments expects earnings per share between 61 and 65 cents in the fourth quarter, against a previous forecast of 59-67 announced in October. For their part analysts on average expect 63 cents of earnings per share. The turnover will be between 3.43 and 3.67 billion dollars against 3.36 to 3.64 and 3.5 billion previously expected.
For its part Google will compete with Microsoft on its preferred playground next year by launching an operating system for laptops called Chrome as their browser.The company could make a spin off of its activities "home security" (40% of its employees, very exposed to U.S. housing) and its golf division (45% of its revenues internationally, with strong growth South Korea). The company would focus on wine and spirits business, whose growth in turnover is 7% over the first 9 months of the year.
Also note, the aircraft manufacturer Boeing has finalized the acquisition of CDI Tuesday Technologies, a software company military logistics, for an undisclosed amount.
Today investors will also monitor the speeches of leaders of Halliburton at Capital One Southcoast conference Energy from 15H00.
In the wake of the Asian stock markets this Monday morning, the Paris stock exchange should take the path of opening up. For a holiday, the news of French companies on the exchange market, and the side of the macroeconomy in the United States will be rich.
Are expected especially overseas spending and household incomes in October at 14:30, construction spending in September to 16 hours, the ISM index of manufacturing activity for the month of October at 16 hours also.
Friday night, the CAC 40 ended at 3833.5 points and the CAC 40 index futures advancing 0.97% to 3851.5 points. Note however that the volume of trade looks anemic.
Bond of the Chinese manufacturing
Already, China, fell this morning very good numbers on the front of the manufacturing activity.The index HSBC China Manufacturing Purchasing Managers Index (PMI) rose to 54.8% in October against 52.9% in September. What propelled the Stock Exchange of Hong Kong hause nearly 2%.
In Japan, investors have instead learned of new car sales falling 26.7% on the month of October in a rolling year.
On the foreign exchange market, the dollar remains weak on the eve of the opening of a highly anticipated meeting the Monetary Policy Committee of the Fed, which will be held Tuesday and Wednesday.Traders expect further monetary easing measures that would lead to an increase in mass of dollars in circulation, and thus a decrease in the value of the greenback.
To be continued next values
Alstom announced Friday that it would examine all legal avenues available to him after the rejection by the High Court in London of his request for an injunction against the choice of Eurostar trains from rival Siemens. The operator of the Channel Tunnel welcomed the court ruling and found that nothing prevented the signing of the contract now.
EDF has finalized Friday night the sale of its electricity distribution networks in British Chenug Kong in Concita under an agreement announced in July bad credit payday advance.The electrician also told Reuters that a further step was taken Tuesday by the Board on the draft of the future third-generation EPR reactor at Penly (Seine-Maritime).
And Scor Reinsurance Group of America (RGA) are vying for the acquisition of Transamerica Reinsurance, a subsidiary of Dutch insurer Aegon, revealed on Friday close to the matter.
Vivendi seeks to terminate a proceeding by the Brazilian competition regulator about its takeover of local telecommunication GVT group, said on Friday a source close to the situation.
The French television channel Canal + pay remains interested in an acquisition of its Spanish counterpart Digital +, although discussions have not resumed since the collapse of a previous attempt, said its chairman Bertrand Meheut the Financial Times on Monday.
Unibail-Rodamco announced on Friday down 1.8% of its turnover, to 1,177.6 million euros over nine months, after taking into account asset sales completed during the period under the current strategy of commercial real estate specialist.
Veolia, the Cube Infrastructure Fund, sponsored by Natixis, Keolis, a subsidiary of SNCF have expressed interest in the activities of Arriva in Germany, writes the Süddeutsche Zeitung on Saturday, adding that an agreement could come as early November.
Bouygues. President of Cote d'Ivoire Laurent Gbagbo has renegotiated a contract for electricity distribution in 2005 if he wins Sunday's elections, we read in Le Journal du Dimanche. The first round of the Ivorian presidential election began Sunday.
Total and Exxon want to withdraw from the Block 31 project, said Monday the Angolan Oil Minister Jose Botelho de Vasconcelos at a conference on energy.
Wendel hired Friday exclusive negotiations with Ares Life Sciences to sell its 46% stake in the capital of the laboratory Stallergenes. In exchange, Starllergenes dived and Wendel has skyrocketed.
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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Rovers make their way into the protest movement of the pension reform. While the government on Thursday ordered the release force of several oil depots, the CFDT, the first union of truck drivers, and the organization Solidarity, called sector employees to "maintain and amplify the movement against the reform" by helping blocking fuel depots and refineries. The unions also want to block platforms serving the distribution of supplies.
The CFDT called to conduct operations "snail", roadblocks, blockades and platforms serving the distribution of supplies. First two actions were expected Friday at an oil depot near Rouen and Nantes area businesses. Downturns were seen near Lille.And the movement should spread throughout France on Saturday.
"We expected the government to take the pulse of discontent in the country, he did not follow the path of reason. We have the ability to transport the extra mile to help employees. We will return to the movement to curb the government, "exliqué the secretary general of the CFDT Road, Maxime Dumont make quick cash.
"Lock in business inventories"
The Union Solidarity Transport, who joined the call on Friday afternoon, is even more radical. "We transport the fuel, we supply superstores, we feed the company's raw material. Coupons touch, lock in business inventories, "she says in a statement.
FNTR, the main federation of motor carriers, with 12,500 member companies, also promises disturbances."In the absence of release of petroleum deposits by the end of next week, the trucking companies will be severely hampered," says the managing director Jean-Paul Deneuville.
According to Maxime Dumont of the CFDT, truck drivers are particularly concerned by the debate. These can be granted leave to-end activity from age 55 under certain conditions, including a minimum period of thirty years of driving. But the retirement age itself is set for them at age 60.
(With agencies)
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This could be a kind of Archimedean principle of economics: a body immersed in an acid bath competitive struggles. And do not go up forever. Global stock markets, which meet today in Paris to mark their annual conference, did not refute. And European players in particular. Since they were deprived of their de facto monopoly in Brussels in November 2007, NYSE Euronext, London Stock Exchange (LSE) and Deutsche Börse others are attacked from all sides.
From its not even four years of existence, the platform for London exchange Chi-X has supplanted this year NYSE Euronext – the fruit of the union between the New York Stock Exchange and Paris, Amsterdam, Brussels and Lisbon – to clinch second place in Europe, behind the group LSE-Borsa Italiana (Marriage London-Milan). Now some 35% of trade on the CAC 40 are outside the Paris Bourse.The strength of start-up? Chi-X, but also Turquoise, BATS and Others for weird names, display the latest technologies and discounted prices. Broken so that none of these start-ups do not earn money yet. In fact, they are financed by investment bankers and market operators, one of whose objectives was to force the arrogant monopolies to reduce their tariffs and invest in new systems. For, in the era of electronic trading and lightning, the technical performance has become the sinews of war.
The message was received. If he manages to complete its final adjustments, the LSE will begin operating next month its new trading platform, Millennium, much quicker, bought last year in Sri Lanka.NYSE Euronext side, Dominique Cerutti, its deputy director general since November 2009 and former head of IBM's tasks is to sell in Qatar or the Tokyo Stock Exchange Technology group Transatlantic. Enough to put a little butter in the spinach well underway by lower volumes. Modernization efforts also end up paying in terms of competition. "Since the beginning of the year, we will resume gradually market share", says Xavier Rollet, the CEO of the LSE, which bought its smaller rival Turquoise.
Competitive Advantages
In parallel, the cons-organized attack low fee cash advance. NYSE Euronext and Deutsche Börse are struggling with Brussels, which is working on a revision of the Directive which opened the market. They denounce the anabolic slipped into bottles of 146 new multilateral trading facilities (MTFs)."MTFs do not have the same level of equipment on the regulation and supervision. They are not, for example, forced to open a secondary data center. Moreover, their market surveillance rooms, whose mission is to oversee and ensure a smooth transaction, less than 10 people, while NYSE Euronext employs about sixty, "annoyed Roland Bellegarde, VP NYSE Euronext Group Executive in charge of European operations and cash trading of trading.
It would be illusory to believe that so many new competitors have eclipsed the traditional rivalries. Quite the contrary. Xavier Rollet, the French head of the LSE, is still furious: "Our number one competitor remains NYSE Euronext." He has not digested the creation this summer by his rival, an offer to IPO London.Knowing that the battlefield is shifting from cash share – the stock market as we know it – the derivatives market and clearing a key element in the complex chain that gets under way when a transaction takes place between buyer and seller. In the latter area, everything goes very quickly. NYSE Euronext is to sever its links with LCH Clearnet, its traditional supplier. The LSE is considering creating its own clearing house in London. As for Deutsche Börse, very strong in this area but less present on cash, it has asked its shareholders to raise the amount of its statutory authorities allowing it to increase its capital …
"Infrastructure European stock exchanges will have to continue to integrate to offer cheaper services and at the European level," predicts Edward de Vitry, an investment banker at UBS.Already BATS, one of the newcomers, considering the purchase of Chi-X, which it shares some of the shareholders. The LSE, which has previously rejected five suitors, Deutsche Börse in the Nasdaq, is most vulnerable. One thing is certain: there will be casualties.
The English-language newspapers avail themselves of different comparisons to illustrate the magnitude of the sentence imposed on Jerome Kerviel. Thus, Businessweek indicates that the observers were "shocked" by the amount required that "equal to 20 Airbus A380 aircraft, the newspaper said, adding that" nobody expects it to pay such a sum. " The blog of the Wall Street Journal estimates that the former employee of the French bank will take nearly 180,000 years to repay the money with his current salary. One of the blogs of the New York Times in advance of him that only four people in France are able to pay such a sum.
Moreover, it is stated in the Financial Times that the former trader will pay a lot longer than the financial penalty the sentence of two years in prison. A London lawyer compares the sentence to "chains which hinder the former trader for the rest of his life."
What about the liability of the bank?
In addition, the Anglo-Saxon shows surprise at the lack of charges brought against the bank. The Financial Times referred to the surprise of a lawyer based in New York and Paris to face the great clemency granted to Societe Generale. He believes that "it is even more surprising that SocGen dump with no penalty and full of guilt rests on the shoulders of one man."
The Wall Street Journal notes that many of his side waiting for the penalty to be shared between the bank and the trader. A blog in the Telegraph highlights the contrast between, on one hand, banks that are the cause of the crisis after taking advantage of the credit bubble that they have largely fueled and have resumed their activities and regained their previous health the crisis and the troubles that the former trader today.
The United States is frequently more severe
The condemnation of Jerome Kerviel appears however to be less severe in terms of American standards. John Coffee, professor of law at the University of Columbia, said that "punishment is particularly severe in relation to European standards, and less if you consider American standards where the sentence of ten or twenty years in prison for fraud white collar is not an exception. "
The severity of sanctions and the stigma associated with a conviction does not prevent the former traders rebuild their lives. In Germany, Handelsblatt and interested in the future of Jerome Kerviel, wondering if he will face the same future that Nick Leeson, who had ruined Barings Bank in 1995.The German business daily said that the former trader now living in Ireland, where he chairs the football club Galway and was invited to give lectures. "He can talk about his favorite themes: money and risk," says Handelsblatt.
The question is not relevant. Especially as Jerome Kerviel has appealed the ruling made yesterday.
For a long time dream of Nicolas Sarkozy make France a country of owners. That is why the head of the state presents itself this mardidans the Val-de-Marne reform of housing subsidies. With a goal: "make" more homeowners spending less. Christine Lagarde, Minister of Economy, unveiled this summer the outlines of this review. Deemed ineffective, the Pass property and the tax credit on real estate loan interest-key measure of the law passed Tepa after the election of Nicolas Sarkozy in 200 – will disappear starting in January 2011. Do continue the loan (PTZ), but in a new version. The savings target should be achieved.The cost to the State of PTZ reformatted amount to 2.6 billion, while that without reform, the bill of housing would rise to 4.4 billion in 2013.
Helped more modest homes
The aim of this new formula is PTZ boost accessions to the property by concentrating resources on those households in greatest need. The new device will therefore concern only first-time buyers, while the PTZ old formula was open to all. In addition, all households, regardless of their income, can benefit from the new zero-interest loan, while the former was not available to wealthier households.
But this largesse is only on paper. Indeed, the new device will not be interesting for the most disadvantaged households who will repay their loans over a short period."Beyond two SMIC, fast enough, there is no benefit to the PTZ, stressed last week Alain Dinin, CEO of property developer Nexity. Conversely, the poorest households have an average of thirty years to repay their loan. It is more than the old PTZ, where the repayment period was often eight years.
The amount of new PTZ depend on four criteria: geographical area, household size, the fact that housing is new or old, and its energy performance. The ecological criteria did not exist in the former PTZ. Other developments: the gap that already exists between the amount of the loan in Zone A (greater Paris, Riviera, Geneva French) and that obtained in Zone C (rural areas and small towns) will be more pronounced in the new formula .A device which, compared to the old, provide a larger bonuses for large families.
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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.
Eurazeo, owner of the chain of budget hotels B & B wants to sell its stake of 73%, raises interest. Candidates have until Monday to surrender to submit their bids firm, a transaction that may occur in the wake.
For the moment, there are four candidates. According to our information, this investment fund Carlyle, Bridgepoint, LBO France and PAI Partners. Starwood Capital could be added to this list at the last minute. Eurazeo, which had taken control of B & B in 2005 to approximately 380 million euros, expects the deals financed at the top of the range between 450 and 500 million euros.
With 227 hotels (187 in France, 35 Germany, 4 in Italy and one in Poland), B & B is a turnover of 200 million euros this year.