Retu to normal on global financial markets? The NYSE has taken first place in terms of IPOs in the first quarter for the first time in two years, according to the monthly survey from Ernst & Young. In total, 13.8 billion dollars have been raised on the New York Stock Exchange (NYSE) in the first quarter, representing 29.8% of $ 46.1 billion generated in the world. The Shenzhen Stock Exchange China ranked second (11.2 billion dollars of funds raised), followed by Singapore (5.6 billion dollars) and Shanghai (4.5 billion dollars).Taken as a whole, places China (including Hong Kong) are still topped the list with 110 transactions and $ 18 no fax payday loans.3 billion raised.
The comeback on Wall Street is "primarily due to higher introductions made by U.S. companies invest ment of capital and improved outlook on the economy across the Atlantic," said Frank Sebag, Ernst & Young . These transactions were made, particularly in the energy sector and health. IPOs, however, have stalled in the world (- 14% compared to first quarter 2010). And the number of transactions fell 40% from the fourth quarter 2010 to $ 290. Geopolitical risks in the Middle East and disasters have dissuaded some Japanese companies to carry out their plans for IPO.
And if the Renault spy case was based on a simple internal settling of scores? Having missed so far, this track is not ruled according to a source close to the investigation quoted by Le Parisien on Saturday.
She says an employee of Renault 'close' to Michel Balthazar, former head of the division "upstream projects and services" of the company and laid off in January with two other executives, Matthieu Tenenbaum Rochette and Bertrand, was the author of the famous anonymous letter sent in late August at the direction of Renault.
"In May this year, I saw Michael Balthazard negotiate a jar of wine, claiming that if Bob Bell took advantage of F1, also wanted to enjoy it and feed his bank account," says the author literally. Without the quote, it also aims Matthew Tenenbaum."During another conversation, he (Michel Balthazar, Ed) spoke of a young man (Matthew Tenenbaum, Ed) which quickly understood how it works to fill his bank account," he adds.
Renault has made "mistakes"
Recognizing not have "no evidence", the "Raven" was threatening the management of Renault. "Without checking action on your part, I would not hesitate in a few weeks to send the letter to the press." But according to RTL radio, which obtained one of the anonymous letters, the document aimed Michel Balthazard contains "no details or overwhelming potential to advance the investigation."
Anyway, the contents of this letter plot."Who else but a close security service may Renault whether audits will be conducted?" Asks Maitre Thibault de Montbrial, lawyer Matthew Tenenbaum.
The Central Directorate of Internal Intelligence (DCRI), responsible for investigating this matter, and would guide his research on the environment "very close" to Michel Balthazard. A dozen people are suspected by investigators.
For its part, Renault, however, convinced he has been betrayed by three executives who allegedly leaked confidential information, now acknowledges having made "mistakes." And if the automaker had wrongfully dismissed three executives on false accusations from a "raven" still an employee of the group? This would then no longer one but two crises that the automaker should be managed.
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The tense situation in Egypt did not create panic among French tourists. The Association of Tour Operators (Ceto), tourists visiting Cairo aside, "there are no returns anticipated at this stage but returns natural." Even if all members of the association four to twenty companies have proposed to organize the repatriation. "I got the phone number of tour operators who are willing to make decisions quickly to ensure return," said President of the Union of Travel Agents (SNAV), George Colson. Club Mediterranee announced in particular have chartered a special flight Monday from Taba and took seats on scheduled flights from Luxor to Hurghada and enable its customers to anticipate their return. Thomas Cook meanwhile, decided to keep two aircraft on hand to deal with any possible emergency repatriation.According to figures from Ceto, 6500 French tourists were on Saturday on Egyptian soil. On Monday, they were more than 2000, mostly concentrated in cities along the Red Sea, where the situation is calm, according to tour operators.
Reports or trade
Also apply all of the precautions and have suspended all new departures until Wednesday, February 3 inclusive. Until Friday, February 5 for Fram. "Customers concerned may defer travel free at a later date on Egypt or any other programmed destination and current conditions of the tour operator," Ceto said. "We apply the same measures of compensation for customers unable to go to Egypt for those who could not travel to Tunisia payday loans direct lenders.They can choose to delay their departure until October 31, 2011, or opt for another of our destinations knowing that we will refund the price difference if any, "says one in Marama. To date from 2000 to 3000 the tour operator customers have decided to change their travel, particularly those with holiday dates are not flexible.
New destinations for next summer
Planners, the French also anticipate their summer holidays. Tunisia and Egypt every year, attracting over one million visitors hex. A tourist trade which are beginning to benefit from other countries, too sunny, and offering similar prices. France and the Riviera residing too dear, three destinations have won a great success. "We have seen bookings for Spain increased by 50% and those for Greece and Turkey to grow by 30%," enthuses Marmara.The tour operator said that "the French take it very early this year to book because they fear a run on these destinations and consequently higher prices." He said the desertion of Egypt and Tunisia should nevertheless be short-lived: "When will reopen these destinations, tourists depart. You do not forget the pyramids for any other destination. "
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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.
Fimalac wants afford Accor Casinos. Accor, which still holds 49% share of Casino Lucien Barriere, came under discussion with the holding company Fimalac, announced the holding company and the giant hotel, confirming information Wansquare. "If the talks succeed, Fimalac inform the market with a new release," said the holding company of French businessman Marc Ladreit de Lacharriere.
Neither group has characterized these negotiations exclusive.
Accor thus remained in the process, begun there On several months of separating from its casinos Lucien Barriere. Last October, there was talk that the casino operator is introduced in Exchange, but Accor has canceled the operation less than 48 hours before the first quotations. Explanation: The lack of investor interest.The number one casino in France, also owns luxury hotels like Le Fouquet's in Paris, would indeed have been valued below the proposed price range (from 575 to 702,000,000 euros), which was too little for Accor.
Following this failure, the casino operator did not document-Accor maintained that all options were "reopened", including finding investors. However, management prefers Barrier IPO (IPO). This could suggest a new attempt in 2011.
A price around 550 million euros
According to our information, "it would seem reasonable that it is fastened below the price the IPO at around 550 million euros." Even if the purchase price is modest for Accor, "is clearly positive in terms of perception management," said one trader in Paris.
Fimalac, which include 60% owner of the rating agency Fitch, could then finance the acquisition entirely on equity, because it currently has net cash of 261 million euros.
In the 2009/2010 financial year ended September 30, Fimalac has reported a net profit of 30 million euros (+36.4%) for a turnover of 608.9 million euros ( +8.8%).
The group recently acquired the company Vega, French leader operating rooms dedicated to entertainment, sports and events and economic events. The company has notably orchestrated the return of Michel Polnareff in 2007 and is particularly associated with the operation of the Zenith of Rouen. He also holds 40% of Gilbert Coullier Productions, the leading French organization of shows for singers and comedians speaking.
Nothing works for casinos
The casino market has suffered tremendously, both from an economic crisis that has sealed the "entertainment budget" of the French and regulations become more stringent over time.
Click on the thumbnail to enlarge the graphic.
Fiat on Monday turned a new page in its history. The first Italian industrial group disappears facto splitting into two entities. The firm brought in Turin effect Monday morning at the Milan Stock Exchange Iveco trucks, agricultural equipment (and construction) CNH and its engine division of fishing boats. These entities, considered the nuggets of the group, are now grouped under the banner of Fiat Industrial.
This listing is a real leap into the unknown. What is the Italian group without CNH and Iveco? How the markets they will value the new entity Industrial Fiat? The few certainties is intended to reassure investors and shareholders. Thus, it is assumed that Sergio Marchionne, CEO of Fiat, Fiat will retain the chairmanship of Industrial and operational guidelines that will remain at their posts.The unitholders have received a share for a title Industrial Fiat Fiat. The Agnelli family, with 30% stake, will guarantee stability in the remaining shareholder of Fiat Industrial.
It is true that the group next Monday to look great with 61,000 employees (in 69 sites) and 2010 sales estimated at 19 billion euros. Growing, it should reach 29 billion by 2014. At the same time current earnings should rise from 600 to 3300 million. These prospects very attractive feed for several months the trading rooms.
Daimler interested
The Italian and German press in recent weeks have reported on the lusts of Daimler. The German group led by Dieter Zetsche reportedly proposed, according to La Repubblica, some 9 billion euros to resume Iveco and CNH, while the Italian group would like more than 10 billion.In September, Morgan Stanley only evaluated these brands as 7 billion.
This division may seem surprising, but for Sergio Marchionne, there was more logic to maintain diversified within the Fiat group. With a week to the opening of Detroit, the automotive group Fiat binds even more his destiny to that of Chrysler. The Italian carmaker is expected to gradually increase its capital participation in the American manufacturer of 20% to 35%. Considering the recovery of the auto industry has completed a partnership with Chrysler, the strong man of Fiat Auto division considers that no longer "need crutches."
Now independent, the two divisions will pursue policies better adapted, without the constraints of the conglomerate. Automotive brands Fiat, Alfa Romeo, Lancia, Ferrari and Maserati (engines and components) will enjoy greater autonomy in their relations with Chrysler.Questions remain. Industrial synergies between Fiat and Chrysler are a priori limited. The U.S. depends a lot on her suv and Fiat's small cars. Technical complementarities and trade on both continents remain to be demonstrated.
Already new deadlines are approaching: Ferrari should be introduced on the stock market this year. Chrysler, according to financial analysts, will merge with Fiat before 2014. These two future steps demonstrate that in Turin, the industrial history is written in a hurry.
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The Chinese government will again tighten the screws on the monetary front. In any case, this suggests that the rise in the index of consumer prices, the main gauge of inflation, last month. According to figures from the National Bureau of Statistics (NBS) released on Saturday, they increased last month by 5.1% yoy, against 4.4% in October. This is the largest increase since July 2008 when prices in one year had increased by 6.3%.
Analysts on average expected inflation of 4.7%."The price increases in November were indeed exceeded expectations of many people," acknowledged spokesman of the NBS, Sheng Laiyun at a press conference.
Of the first 11 months of the year, the increase over the same period of 2009 was 3.2%, just above the 3% limit that was set by the Government.
Food blaze
In retail, food prices rose in November by 11.7% year on year, while prices excluding food rose only 1.9%. Inflation therefore affects first the poorest, who spend a larger share of their incomes on food.Fearing the worst, the government said last month he was ready if necessary to establish price controls on essential commodities.
"It will take time to ensure that measures are implemented and clearly show their effects," said Sheng Laiyun.
Monetary policy "prudent"
After the November statistics, the authorities "will have to take out the big guns", including increases in interest rates "very soon" understands Brian Jackson, an economist at Royal Bank of Canada based in Hong Kong."I do not think there will be inflation, but 5.1% is sufficient for the government to do more to contain the problem," said his side Tom Orlik, analyst at Stone & McCarthy Research Associates Beijing.
Anticipating these figures, the Chinese central bank had already raised Friday for the sixth time this year, the reserve requirement ratio of banks to limit lending and money creation, generating inflation. The Central Bank had also noted in October interest rates by 25 basis points for the first time in nearly three years. The government is now that the country's monetary policy will be "cautious" when it used "appropriately accommodative."
Growth still strong
The new measures could be adopted will be part of sustained growth.Other indicators published this Saturday in Beijing show that industrial production rose in November from 13.3%. Investments in fixed assets in urban areas continued to grow at a pace of 24.9% over the first eleven months, compared to the same period of 2009. Finally retail sales, which reflect the consumption of households increased by 18.7% in November over a year.
"The growth is quite strong but inflation is still perhaps at its beginning," summarized Mr. Orlick. "The administrative measures being taken to control inflation may drive prices down for a while, but they bounce back after these past actions," warns his side Songli Lin, an economist at Guosen Securities in Beijing.
(With agencies)
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A week of major events charitable ends. She began the weekend with the National Collection of Food Banks, continued on the launch campaign of the 26th Winter Eating the Heart, Monday and ends on Friday and Saturday with the 2010 Telethon. High demand, the French are very generous. In 2009, they gave more than $ 3.3 billion to charities, according to a study by Research & Solidarity Association published last week. An increase of 2.8% from 3.2 billion collected in 2008.
The increase was however lower than previous years, when it hovered around 4.5%. "The crisis has weighed on the generosity of the French," explains Jacques Malet, president of Research & Solidarity."She first had a mechanical impact, the French of more modest means who naturally needed to be more careful in their spending, and also a psychological impact. Some wealthier households have also decided to maintain a safety net, "he says. According to Jacques Malet, the situation should recover in 2010.
Between Christine Lagarde and Baroin, many in recent weeks, trying to play the theme of a "Trading Places". Some imagined that Bercy hitherto divided between an economic hub and a center budget would be merged back into one entity, forcing one of the two to give place to another. Finally, it has not happened. Christine Lagarde Minister remains the Economy, Finance and Industry and Baroin retains the post of Minister of Budget and Public Accounts. The latter – which is depicted as prime minister until recent days – inherits the passage of a nice consolation prize by being named spokesman for the government.
The cohabitation between the two ministers will therefore continue until the end of the quinquennium. For better or for worse.For one, the other who have hitherto shown little of great complicity, will have to come together on one of their shared jurisdiction, taxation. They will be responsible for carrying out one of the last quinquennium of economic reforms, politically delicate: the abolition of the tax shield and changing the tax on capital. Two faces for reform? This is one of the many oddities of the administrative division of Bercy in two: Christine Lagarde is responsible for tax policy and Baroin as boss of the Treasury, is responsible for collecting the tax. Both will also have to find the right partition to manage the French public finances at a time when the debt crisis threatens the entire euro area.For if Baroin is responsible for the purse strings is Christine Lagarde, who defended France in international fora, in particular the Eurogroup …
The choice of the latter to maintain its position has just imposed on the head of state for these international issues. In upholding it, Nicolas Sarkozy made the choice of security in a time when France takes over the presidency of a G20 very divided on the issue of exchange. After a slow start, Christine Lagarde – former corporate lawyer in a U.S. firm – has emerged in these summits as a skilled negotiator able to find compromises in the most delicate moments. More comfortable in English than in French, she has forged in three and a half years, ties with foreign counterparts who respect it.The renewal yesterday of a woman who until 2005 lived in the United States and made a career in private, it will include in his way, his name in the Pantheon of Bercy. When she leaves the department in May 2012, it will go down in history as the Minister of Economy who had the greatest longevity in that post under the Fifth Republic to Valery Giscard d'Estaing and Pierre Beregovoy. Performance significantly, whereas during the last fifty years finance ministers remained on average eighteen months in office.At a time when many criticize the lack of real change in this new government, then the status quo is rather to emphasize …
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Gloom persists on Wall Street. The U.S. stock market finished lower on Friday. The Dow Jones was down 0.80% to 11,192.60 points, the S & P 500 by 1.18% to 1199.19 points and the Nasdaq by 1.46% to 2518.21 points. On Thursday, U.S. stock indexes were down significantly evolved during the greater part of the meeting, have limited the damage to the fence. At the finish, the Dow Jones sold 0.65% to 11,283.10 points, the S & P 500 fell 0.4% to 1 213.54 and the Nasdaq by 0.9% to 2 555.52.
The NYSE still worried about the crisis in public finances in Europe has also been weighed down by the severe slump in the OEM Cisco. The group has published better than expected results for the first quarter of fiscal offset. But CEO John Chambers has showered investors with forecasts of growth below expectations.Cisco enters the composition of the three major stock indexes in the U.S. market plunged by almost 16% Thursday.
On the macroeconomic front, the index of consumer sentiment stood at 69.3 against 69.0 expected by economists polled by Reuters. It was 67.7 in October.
On the foreign exchange market, the euro was recovering slightly by midday, supported by market rumors that a rescue plan is in preparation for Ireland.It was trading 1.3694 against the dollar, after falling briefly below the $ 1.36 for the first time in six weeks.
Unscrews Boeing, Walt Disney climbs
The side of values, the U.S. aircraft manufacturer Boeing (-3.52% to 63.07 dollars) on Thursday said he could determine that the fire that led to the emergency landing of one of its new 787, called "Dreamliner" during a test flight was due to a faulty electrical panel. The manufacturer had decided Wednesday to suspend the flight tests, the time to clarify the circumstances of a fire in flight which led to an emergency landing Tuesday in Texas. The Boeing faces crucial choices for Boeing in 2011.It will decide the future of several programs.
Always on the side of values, the media group and leisure Walt Disney (5.10% to 37.76 dollars) on Thursday released just before the close of Wall Street, a decrease of 7% to $ 835 million of its Net income in the fourth quarter, as revenue, has disappointed the market and limited growth recorded throughout the year.
Also note, according to Microsoft (-1.54% to 26.27 dollars) a new video game system without a controller, KINECTS could be a good marketing tool to target programs and even commercials, according to users, argued Thursday the IT group.
The U.S. portal Yahoo (-1.49% to 16.55 dollars), including advertising revenues continue to slow, considering possible redundancies.Products division directors were asked to prepare a plan for a 20% reduction in workforce. This could affect up to 1,400 people. Yahoo has already dismissed 700 employees in late 2009 and 1400 a year ago.