The CAC 40, which is ironed Thursday to above 4000 points, failed to show a third straight session of gains. At the close, the CAC 40 index shows a sharp decline of 0.92% to 3990, 85 points. aaccentué market downturn after his decision known to the rating agency Fitch lowered the rating by three notches from Greece.
For the week, the CAC declined slightly by 0.70%.
Ala London Stock Exchange, the FTSE-100 ended with a slight decline of 0.14%, while the Stock Exchange Frankfurt, the Dax 30 shrank more sharply by 1.26%.
On the macroeconomic front, the deficit of the balance of current accounts in the euro zone rose to 4.7 billion euros in March, against 6.5 billion euros in February, according to preliminary figures released Friday Bank European Central Bank (ECB).
The euro continues to rise
This fragile economic environment in the United States enjoys the euro continues to rise, albeit less strongly in mid-session, against the dollar. In one week, the single currency rose to 1.4272 dollars from 1.41 dollars.
In midday trading, a barrel of oil, light sweet crude for June delivery gained 0.65% to 99.57 dollars.
Siemens will pay 648 million euros Areva
Sanofi-Aventis: -1.28% to 54.04 euros
The anti-arrhythmic Multaq group Sanofi, marketed in France since October 2010 and currently reimbursed at 65%, is threatened with delisting, but the final decision remains subject to such a hearing of the laboratory, according to La Tribune.
Areva: 1.59% to 30.63 euros
Areva must be "within fifteen days" a check for 648 million euros from Siemens, according to an arbitration Thursday by the International Chamber of Commerce. The group with the Executive Board is chaired by Anne Lauvergeon accused the German group for its commitment with the Russian Rosatom even before he uttered his divorce with the joint venture Areva NP.
GDF Suez: -1.19% to 26.09 euros
On the corporate side, an employee of GDF Suez made a suicide attempt on May 14, immolation by fire.The framework of management information systems from Lyon is currently in critical condition.
Vallourec: -1.13% to 86.91 euros
Bollore sold two thirds of its stake (3.5%) in Vallourec for 275 million, pocketing a profit of 141 million euros.
PPR: +0.25% to 121.85 euros
PPR "take the time necessary" to make acquisitions and divestitures, "said CEO Francois-Henri Pinault, during the group's general assembly yesterday.He added that the luxury group still holds 42% stake in CAM after its IPO in late 2009.
Suez Environment: -0.32% to 15.37 euros
Suez Environment has confirmed its objectives for 2011, an increase of more than 5% of turnover and over 10% of gross operating income.
Biomerieux: 2.33% to 77.38 euros
Biomerieux will acquire the control specialist microbiological industry AES Laboratoire for 183 million euros. Under the strategic plan 2015, BioMerieux is an annual organic growth in sales of 7 to 9% on average.
Pierre & Vacances: 1.55% to 54.36 euros
Pierre & Vacances buys 50% of managers of tourist residences Citéa a subsidiary of Nexity. The transaction amount was not disclosed should be finalized in late June
Memory market on Friday, 13 has little impact on markets, even if Friday, October 13, 1989 took place a minikrach. In real estate, however some have difficulty leaving their superstition on the shelf.
The "Paraskevidékatriaphobia (phobia 13) deprives many American buildings 13th floor, and many palaces room or table 13. In the UK, according to a British website, Zoopla, an apartment of less than 300,000 euros, at number 13 of a street, would sell for an average of 4000 pounds (4593 euros) less than 12 or 14 .
The 13 does not however run the streets: 28% of UK streets do not. It has often been cleared between 11 and 15, or disguised in 11a. In Paris, there are not 13, rue du Faubourg Saint-Honore, since the Empress Eugenie decided. But when they exist, the numbers 13 are not cheaper than 15 or 11.
In Orpi or Féau is remembered buyers have waived a house not quite "feng shui", but not because of 13. Citing statistics, the Notaries of Paris confirms: "For the No. 13 tracks, there is no special discount. Parisians do not seem superstitious! "Neither the address nor the floor … in the Montparnasse tower does have a 13th.
The weak dollar gives momentum to the barrel
Last week, things had begun badly for oil. First S & P warns on U.S. debt. Then, the Saudi oil minister who says the market is "supplied in abundance." A statement also expressed by the secretary general of OPEC, Abdullah El Badri, during the weekend. "If OPEC is ready to say this is that there must be a lot of oil on the market," observed Rich Ilczyszyn, Lind-Waldock to justify the price decline that day, to 107.12 dollars per barrel of light sweet crude for May delivery in New York and 121.85 dollars in London.
But on Tuesday, the dollar's sharp fall came to give a fillip to trade. The U.S. currency fell to its lowest level since January 2010 against the euro, which climbed to over $ 1.46.Such movement makes the crude in dollars more attractive to buyers provided with other currencies. Prices ended the week (shortened due to Easter) to 112.29 dollars in New York (five dollars between Monday and Thursday) and 124.38 dollars in London.
This reversal of trend, which intensified throughout the rest of the week, is also due to concerns over the situation in Nigeria. The political situation is very tense in the wake of presidential elections. The outgoing Head of State Goodluck Jonathan was proclaimed winner, an announcement welcomed by deadly riots. However, the country's largest producer of black gold of the African continent. "Its oil is also a substitute for oil in Libya. If production losses in Nigeria also intervened, this would result in a shortage of high quality oil, "commented analyst at Commerzbank.
In the background, geopolitical tensions in the Middle East kept the risk premium allocated to oil prices. The clashes were continuing in Libya between rebels and forces loyal to leader Muammar Gaddafi, while calls to demonstrate continued in Syria and Yemen.
Base Metals
Aluminum, LME superstar
The overall weakness of the dollar pushes investors to put their money in other commodities as oil to protect against loss of value of their assets. Base metals have therefore also benefited.
Aluminum is the winner of the week. Prices went up to 2,750.25 dollars per tonne, its highest since August 2008. In addition to the weak dollar, they have benefited from the announcement by China, a halt to aluminum smelting capacity to regulate the excess production.To recall, China supplies 40% of world production.
Copper closed up to 9610.50 dollars, also carried by the fundamentals, including partial closure of the Grasberg mine in Indonesia, one of the largest in the world. Lead and nickel are also mounted, respectively, in 2669 dollars and 26,650 dollars per tonne.
Overall, all have benefited from bargain hunting after declines the previous week. Investors LME smile again while U.S. quarterly results suggest good prospects for the request.
Precious metals
Gold and silver shine a thousand lights
As for precious metals, the context is more than favorable to gold paydayloans. Dollar depreciation, inflation if oil prices rise, fears about sovereign debt: everything was done to allow the yellow metal spraying his record.This was done on Thursday with one ounce to 1509 dollars. The highly anticipated threshold of $ 1,500 has been reached and even exceeded. Two options stand thus: either investors consider this remedy as an objective in the long term, they see it as a threshold for some benefits may be recovered. The following weeks will be decisive. Meanwhile, on the London Bullion Market, gold price finished Thursday at 1504 dollars at auction in the afternoon.
In its wake, the money has jumped 8% and surpassed $ 45, the highest since 1980. Thursday ounce traded at 46.32 dollars even. What makes investors fear the emergence of a speculative bubble that is expected soon to explode. In this case, a correction to $ 38 is possible.
For their part, the PGMs were down earlier this week because of fears surrounding the automotive industry in Japan.The loss of production in factories in Japan since March 11 totaled 500,000 vehicles, and could reach one million, according to experts at the Shanghai Auto Show. The sector is also affected worldwide. Prices have bounced back this weekend, buoyed by the buying frenzy because of the weak dollar. On the London Platinum and Palladium Market, an ounce of platinum finished Thursday at 1812 and an ounce of palladium ended at $ 765.
Agricultural materials
Coffee and wheat are skyrocketing
Last week, the price of coffee stood out, rising to 302.50 cents in New York, a level not seen since 1977! At issue: the prospect of reduced supply from major producing countries. In Brazil, in particular, should disrupt weather crops.In this context, and with a weak dollar, investors have not hesitated to take positions. On the NYBOT, ICE, the pound of Arabica for May delivery ended the week at 286.60 cents in New York while robusta ended at 2408 dollars in London.
Always on the side of good performances, a bushel of wheat (25 kg) for July delivery has earned 7% on the week on the Chicago Board of Trade. In the poor quality of U.S. wheat (according to the latest weekly report from the U.S. Department of Agriculture, only 36% of winter wheat is considered "good" to "excellent", against 65% last year to the same period ) and the drop-off in Russia, came by the drought in several parts of the world. The weather is dry in the American plains but also in Western Europe, Canada and China.A bushel of wheat therefore ends up at 8.3475 dollars.
In contrast, maize is affected by severe disturbances in the central United States. The contract for corn rose to 7.4450 dollars, while a bushel of soybeans for July climbed to 13.8975 million.
In fifty years, two times more dependent elderly. This is the perspective that traces the working group on "demographic and financial issues, set up by Roselyne Bachelot to prepare the reform of addiction. Projected that this group, led by Jean-Michel Charpin, study Tuesday afternoon, holding it in effect a "middle scenario" leading to rise from 1.15 million addicts in 2010 to 2.3 million in 2060 (being considered as dependent persons entitled to the allowance APA, according to current criteria for the award).
Enrollment growth would be 2% per annum by 2017-2020, then 1.1% per year until 2030 (period when the cohorts born in 1930 will reach the age of dependency), then 2% between 2030 and 2045 (the baby-boomers) and 0.6% per year thereafter.These figures are higher than the latest official forecast, prepared in 2005 by the Center for Strategic Analysis. "Three factors explain the discrepancy, details Roselyne Bachelot. First, the start of the APA faster than expected. Then, the latest forecast by INSEE, which increased the proposed number of seniors. "In half a century, France has 5.4 million over 85 years. "Finally, it was betting up to that every year of life expectancy gained would be a healthy year, says the Minister of Solidarity. It seems that this traditional view is rather trite and does not hold in recent years. "
This scenario, so far "predominant" is now considered "optimistic."However, the opposite idea (gains in life expectancy would result in full by a lengthening of the duration dependence) is not in the heart of the simulations of the working group, although it is mentioned in a "pessimistic scenario" payday loans. The main scenario is based on the assumption that the proportion of dependence-free life expectancy to 65 years in total life expectancy at age 65, will remain stable. Currently, life expectancy at age 65 is 22.5 years for women, 19.1 years without dependence (85%). It would increase to 27.6 years in 2060, including 23.4 years without dependence, 4.9 years gained healthy (85%). And, therefore, 0.8 year older in a state of dependency.For men, life expectancy at 65 years falling from 18.1 years currently, with 16.7 years without dependence (92%), of which 21.7 years to 23.6 years without dependence.
Evaluate the probabilities
"While some questioned the usefulness of new projections or accused the President of the Republic of catastrophism, nobody can say" everything is going very well, Madame la Marquise,''said Roselyne Bachelot. We have a scenario in which the political decision to meet. "The minister nevertheless admits:" No one can certify that these assumptions will be realized fifty years.Maybe we'll have a vaccine against Alzheimer's! But the horizon of political decision, it is ten years and, unfortunately, we are almost certain that there will be no vaccine by then. "
Work will continue over the coming weeks, especially to better assess the probability and consequences of extreme scenarios that lead to this point a very wide range, from 1.85 to 3.15 million addicts in 2060.
Mar
23
After two lean years, chemical production in France is recovering. Between price increases – about 5% – and the rebound volumes (+10.8%), the turnover of the sector in 2010 grew 14% to $ 77, 1 billion euros. First industry affected by the crisis, the Chemistry is also one of the first to emerge. French chemistry has benefited last year from "improving global economic conditions" and bounce "in the industry, especially with the end of destocking and the return of the application, said Olivier Homolle, President Union Chemical Industries (UIC).
Some sectors such as soaps, perfumes and cleaning products have benefited more than others, including organic chemistry, rather breathless last year.But the movement should continue at a slower pace of around 3% in 2011, provides for the UIC.
Back acquisitions
The recovery is also evident in terms of margins. "They benefited last year cost reductions generated by the severe crisis and back to rising raw materials," says Peter Gadrat, director of chemistry and metals within the consultancy Alcimed. Enough to allow chemical manufacturers to raise cash and to engage in acquisitions. After a series of acquisitions announced since October – activities resin Total Arkema for 550 million euros, Chinese Feixang Rhodia Chemicals ($ 489 million) – the movement is probably far from over.
"The chemical industry is still very fragmented.The approximately behemoths – BASF leads the game with a turnover of 63.8 billion euros represent little in a sector that weighed 1.87 trillion euros in 2009, "said Pierre Gadrat. Future operations should be fairly targeted medium. Because "chemists have money but not an urgent need for new growth."
Two strategic
The companies focus on two strategic axes. They seek to increase their presence in growth sectors such as food and health, the image of the American DuPont announced in December the acquisition of Danish Danisco for $ 6.3 billion. The industrial sector also intend to strengthen in emerging markets. "There are huge needs in basic chemistry in Asia, particularly in polymers," says Edward Croufer, director of global chemical with the firm Arthur D Little.This should change the mapping of the major players. Edward Croufer expects that by 2015, the world leader should return to Saudi Sabic, along with German BASF and India's Reliance.
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Feb
16
D-day for the Deutsche Börse. The operator of the Frankfurt Stock Exchange has managed the feat of concluding a merger with Euronext, which controls the streets of New York, Paris, Amsterdam, Brussels and Lisbon. The two market operators unveiled on Tuesday afternoon, the outline of their agreement that gives birth to the first exchange group of the world.
The new group will be under Dutch law, with headquarters in New York and another in Frankfurt. It will have a board of 17 members, 15 directors plus the CEO Duncan Niederauer, NYSE Euronext's current boss, and the chairman Reto Fancioni, who chairs the Executive Board of Deutsche Börse.Of the 15 directors, 9 will be nominated by Deutsche Boerse and NYSE Euronext 6.
As expected, the group will be controlled 60% by the shareholders of Deutsche Börse and 40% by those of NYSE Euronext on a fully diluée.Chaque NYSE Euronext shares will be exchanged for 0.47 share of cons entitée created and each Deutsche Börse action against the new entity.
The cost synergies are estimated at 300 million euros for the creation of this new group whose combined turnover is 4.1 billion euros based on 2010.
But many questions remain unanswered, including the location and name of the new operator.In addition, a new unknown was added to the equation: the Chicago Mercantile Exchange (CME), the world trade in raw materials and derivatives, have issued a cons-offer to buy Euronext, according television channel Fox Business Newtwork. The CME could even join forces with the group Nasdaq, which operates the New York Stock Exchange in technology stocks, according to the website flyonthewall.com.
At the Paris Bourse, these rumors have reacted investors: the title NYSE Euronext flew: at noon, the title earned 6.35% to 29.65 euros. The trading was suspended earlier this afternoon.
Chi-X, second European operator
The redemption of NYSE Euronext is part of many projects of union between stock traders who were announced this month.LSE (London Stock Exchange) in London and the TMX Group in Toronto were the first to announce their intention to marry. Approved by the boards of both companies, the transaction values TMX 3.2 billion dollars (2.34 billion euros) and would create the fourth largest operator in global equities. On the other side of the planet, the Singapore Exchange and the Sydney SGXL, ASX, continue their discussion in order to obtain clearance from the authorities for their merger announced last October. The transaction is 7.9 billion.
Why such a wave of merger? The stock exchange operators 'traditional' world are really seeking to consolidate and diversify their activities in a context of greater competition in the European Directive MiFID transposed into national law from 2007 bad credit unsecured personal loans. Alternative platforms (MTFs in English) have since mounted power.The first of them Chi-X, based in London, was dethroned in 2010 NYSE Euronext's leading position in Europe in terms of share transactions. United States, the platform Bats, founded in 2005, now boasts 10% market share on the trading of shares.
While these new players gradually eat market share, traditional stock exchanges are concerned. To make matters worse their fate, Chi-X and Bats announced they were conducting exclusive negotiations for the purchase of the former by the latter. The new entity would fly 22% of European trade.
Refusing to be marginalized, global stock markets therefore sharpen their weapons and turn announced their intentions to create new alliances.In the wake of the first announcement, Edem Pinto, head of the Brazilian BM & FBOVESPA operator, has indicated in an interview with Reuters, he was interested in consolidation opportunities in China and India.
Political Considerations
However, these operations, which affect the institutions that symbolize the power of a country, are not always seen in a positive light by the national authorities. By merging NYSE Euronext and Deutsche Bank, the Germans are afraid of losing hand to the Americans. "Like the transaction with Euronext, it will be a matter of time before the Americans took control. We should be wary of that. It will be impossible to reverse once the agreement it signed, "said Johannes Witt, staff representative of Deutsche Börse.
The same concern led the Australian Stock Exchange and the Singapore to reconsider their agreement to facilitate the approval of regulatory authorities in Australia. In the initial offering, the representatives of Singapore had twice as many seats as the Australians on the board of directors. The number of directors was finally increased to assign the same number of positions for both sides and three new seats in the directors 'international'.
Finally, Canadians are worried, too, of being sidelined in a new group owned 55% by the London Stock Exchange. Moreover, according to Canadian media, the emir of Dubai, Mohammed bin Rashid Al Maktoum will become the largest shareholder of the future entity, with 11.3% stake, which could generate opposition from regulatory authorities in Canada.The Borse Dubai could consider reducing its stake in the LSE, currently at 20% equity stake. Supporters of the merger between Toronto and London recall, however, that Canada alone could weigh anyway even less weight in the global financial exchanges.
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The new week begins in the red for the major Asian stock markets. Investors are following the trend-driven American and European markets. While Wall Street ended lower on Friday as it had not been recorded since mid-November, stock markets in Europe all let loose about 1%. At issue: the rising tension in Egypt that worries investors. The anti-government protests have killed at least 125 dead and thousands injured for almost a week.
On Monday, the Japanese Nikkei sets the tone. The key index in Tokyo dropped 1.18% to close at 10,237.92 points. The broader Topix index of all titles of the first table has in turn yielded 1.04% to 910.08 points.
Japan announced today that it would send aircraft chartered to evacuate its nationals from Egypt.Some 500 Japanese nationals were stranded at the airport in the Egyptian capital because of the events. Moreover, Japanese companies doing business in Egypt, like Nissan, Toyota and Panasonic, have reduced their activities on site and asked their employees to avoid travel in this country.
This information occupy the minds of investors who set aside the announcement of a 3.1% increase in industrial production in Japan in December on a month, its second consecutive monthly increase.It increases by 15.9% over the whole of 2010, according to preliminary data released Monday by the Ministry of Economy, Trade and Industry (METI).
Please note, this Monday, the Japanese industrial conglomerate Toshiba has announced a net profit of 40 no teletrack payday loan.2 billion yen (363 million euros) for the first nine months of 2010-2011, against a loss last year, thanks the NAND flash memory, and has significantly increased its annual targets. In addition, the automaker Honda said it had more than doubled its net profit for the first nine months of 2010/11, to 489.5 billion yen (4.45 billion euros), despite a drop in profits third quarter and raised its annual profit forecasts.All Nippon Airways (ANA), it always provides for an annual net profit of 6 billion yen.
The rest of the region into negative territory
In China, markets progressing piecemeal. In Hong Kong, the Hang Seng dropped 1.12% at 23,352 points while in Shanghai, the Shanghai Composite climbed 1.04% to 27,814 points. According to brokers, this increase reflected gains in gold and oil producers.
The Korean KOSDAQ lost 0.86%, the S & P Australian loose 0.44%, and the Indian Sensex was down 1.02%.
The increased gross
Only one to benefit from the troubles in Egypt, oil up that appears Monday in electronic trading in Asia. The market fears of disruptions in the transport of oil via the Suez Canal, said analysts.
In morning trading, a barrel of light sweet crude for March delivery gained 37 cents to 89.71 dollars.Of Brent North Sea with identical maturity appreciating by 18 cents to 99.60 dollars.
Defector operator SFR, Jean-Marc Tassetto pilot the French subsidiary of Internet giant for three months. He wants reassurance about the intentions of Google, for which France is a strategic market.
LE FIGARO. – Go to Google SFR, is it culture shock?
Jean-Marc Tassetto. – In one hundred days as head of Google France, Google how I measured up to France, how is an important partner for SMEs, how it is user-focused and innovation, and finally how the gap is wide between its image and its hegemonic culture of openness. Eric Schmidt announced the installation in France of a research and development of a European cultural center.Today, Google France has 250 people but that figure will double within two or three years.
What is your mission?
My first mission is, of course, commercial development, including mobile and display. But I also need to communicate better. Google is a 13 year old girl who has to explain what it does. My mission is to make Google France and a French company to soothe and clarify relationships with rights holders, publishers and government. To do this, Google has become a member of several professional associations, helps French start-ups and signed agreements with rights holders and publishers. Finally, I discuss with the Union of the national daily press (SPQN) and the GIE for digital newsstand.
In publishing, your agreement with Hachette Livre sensation.
We have agreements with 40 libraries worldwide, including that of Lyon, and with publishers, including Hachette Livre, to digitize and restore life to books copyright free. With Hatchet, Google scans, give the file to the editor, left free to exploit it and set its price! The opposite conditions imposed by Apple. Our model is clear, there is no dirty trick.
TV channels are concerned about Google TV
This is a subject on which France can play a role, because our country is at the forefront on IP TV. We must explain to broadcasters that Google will not cannibalize TV advertising market but to expand it by attracting new small advertisers. I met the bosses of channels to explain the development opportunity in the catch-up TV and video on demand they can grasp with our tools. So many new recipes for them.We have time before the planned launch in 2012.
Would you be willing to finance the creation via "Google tax"?
We must not ignore the investment made to provide designers a platform to disseminate and promote free like YouTube quick cash. We signed with all copyright holders and propose Content ID to identify protected content on the platform. We can probably go further. The only movement we do not do today is to go towards the production of content.
Moreover, the impact of Google on the French tax is not neutral. SMEs buy from Adwords are collecting VAT in France.
Nevertheless there is a broader issue, which is that of the European harmonization of taxation and who is beyond us.But Google has, at its international expansion, sought to optimize their tax situation, human and operational. The choice fell on Dublin, where we now have 1,800 people.
After France, Italy, Brussels inquiry into the dominance of Google. What concessions could you do?
We will answer all questions in Brussels, with supporting figures. In France, the Competition Authority has found our dominance without going further. She believes that our position is the result of ongoing efforts and not the market. I am convinced that there is no abuse.
Your position also worried newspaper publishers …
Google is working with them. My first appointment was in 2011 with GIE E-Press NewsPass to provide a platform for digitization, distribution and payment of content. It is an alternative to Apple takes 30% on each sale.Google is simply the cost of the platform, which is 10%. A pilot will be launched in the first quarter with the GIE.
The new rules buying keywords are disputed. Should we go back?
Brussels has confirmed our options in this area. I heard myself and explained with labor unions in the sector. Their comments are legitimate. This policy of purchasing keywords is in place for years United States and the United Kingdom. Experience shows that it is useless to buy his own mark in keyword, because your competitors do not buy it for you. SFR will never buy the keyword for Orange customers. Only sites merchants have an incentive to buy several brands.
How do you analyze the reorganization of Google?
Google is now facing a multi-product growth and international importance.This will now be the role of Eric Schmidt as executive chairman. Larry Page, the new CEO, will ensure a culture more start-ups, as co-founder. Finally, Sergey Brin, the other co-founder, remains focused on business strategy. Each will be in its center of excellence.
SNCF and RATP in the viewfinder of the Court of Auditors. In a report on railway transport in the Ile de France, published Wednesday by Le Parisien, the sages of the Rue Cambon overwhelm the two railway companies by pointing the finger at saturated networks, mismanagement of renovation projects and accounts difficult to understand .
While 7.4 million passengers use it every day the Paris 1700 km of lines, the network is proving inadequate to the needs of users and especially saturated, notes the ECA. Traffic in the Paris subway has risen by 18% between 2000 and 2008, against 16% for commuter trains from suburban network (SNCF).These problems, according to the report, are part of the strategy of Stiftung, the authority responsible for organizing public transport in Ile-de-France, but the two incumbents, RATP and SNCF.
The Sages denounce such sites launched by the RATP insufficient in recent years, which could not prevent a deterioration of transport. SNCF is in turn accused of having nothing invested in long Transiliens the benefit of the TGV, more lucrative. Even the Réseau Ferré de France (RFF) takes for his rank, also accused of inaction.
Construction cost
If all these players since 2006 have shown goodwill by investing in new projects expected to sweeten the lives of users, it is still not enough to compensate for past mistakes. The Court of Auditors and raises four main spots.Foremost among them: the work far more expensive than anticipated. The 25 projects after an agreement signed between the State and the Ile-de-France over 2000-2006 have cost on average 92% more expensive than had been announced, says the ECA payday loans in 1 hour. Involved: a quasi-systematic underestimation of the price of the work. The report also states that the projects are rarely completed on time due to overly optimistic completion dates. Each time, it is the users who are paying the consequences, deplore the Sages, who advocate that this type of project to be completed in advance by independent experts.
Another negative aspect: the RATP and SNCF receive annual bonus for improving the quality of service rendered. However, it has deteriorated in recent years, particularly in terms of regularity and punctuality.Wise and quote the Paris metro line 13 and RER B as major spots in the network.
The report criticizes finally an opaque system of accounting. The Stif is indeed incapable of knowing the precise cost of operating a line – at least to an audit – or say how many people work on the network.
To fund the upgrading of networks, the Court of Auditors recommends to continue to raise rates for users. Another alternative: charging businesses more. Addition to the payment of half the transport costs of their employees, and more recent discharge from the Stif "a transport tax. It is this participation that the sages ask for more.According to the Court of Auditors, to increase the various contributions of companies could earn a total of almost 800 million euros.
Lefigaro.fr contacted by the SNCF and RATP were not able to comment on this information immediately.
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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.