International News

On Wednesday the European Commission has strongly urged the France "to clarify the budgetary strategy which will enable it to correct its excessive deficit and reduce its debt. The latter has in fact intended to increase "substantially because of the likely deficit, but also as a result of the issuance of public debt to finance public investment."In other words, Brussels is concerned about an economic policy which aims to increase the debt …

Ambitions intact

The Government does not intend to revisit all his ambitions downwards coincidence, François Fillon returned Wednesday by the Council of Ministers launched the operational program for future investments – 35 billion that will go into teaching Higher education, research, industrial clusters and SMEs, sustainable development and digital.

The Prime Minister announced the holding of an interdepartmental committee before the end of April, "after which will be signed the first agreements between the State and operators responsible for the granting of funds" (OSEO, National Agency for Research Fund deposits …).

These agreements specify the selection process of projects – they will catch up to France, while creating wealth and jobs – and the arrangements for monitoring investments. They make it possible to launch "within weeks" of the first calls for projects for their selection as 2010.

The first would involve investment in high speed, "a subject on which we want to go fast," said a government source.

Moreover, the list of international juries who must select the campus of excellence is almost ready and their choices, investment monitoring, should be done quickly.In the field of nuclear research, the government also wants early investments occur this year.

Other actions, which do not require the launch of calls for projects, will lead "to finance faster," says Matignon. This applies for example to strengthen the core of OSEO to 1.5 billion euros, the granting of "green loans" subsidized industrial enterprises and aid for thermal renovation of housing for households with low incomes.

The Commissioner General for investment, Rene Ricol, has his eye on a single euro spent … What reassure Brussels?

Antoine Gosset-Grainville, deputy director of François Fillon's office for nearly three years, will soon be appointed Director General of the Caisse des Depots et des Consignations (CDC). A decree of the President of the Republic should, except surprise formalize the appointment.

Revealed last week by Le Point, arriving rue de Lille, where they are officially "no comment" – is not expected until May. It would also be included in a broader reorganization of the management team of the Caisse des Depots, whose mission has grown with the crisis of the past two years.

Antoine Gosset-Grainville, 44 years Wednesday, should be specifically in charge of financial matters and strategic subsidiaries and shareholdings.Alain Quinet, currently director of finance, strategy and sustainable development, would be offered another position in the house.

Inspector of Finance, former lawyer for competition at Gide Loyrette Nouel, "the man with suspenders" Matignon is both well-versed in the intricacies of state and business community for having had the upper hand with the Prime Minister on economic issues: strategist, he has "all the qualities for the job," says a former employee.

The idea of the director general of the public, Augustin de Romanet, is among other muscles of the piloting of subsidiaries – NPC, Transdev, ISPs … – and the role of shareholder faxless payday advance .The CDC is indeed present in this capital of many companies, some of which (Post, Dexia) will be on center stage in the months ahead.

By calling to him near the existing power-AGG is not only close to François Fillon but also appreciated the team-Elysian former Deputy Secretary General Jacques Chirac is also an asset in his game Admittedly, Augustine Romanet is now guaranteed to go to the end of his term when his post had been many rumors at the beginning of the quinquennium.But the CDC and its branch are under surveillance, to the end of March 2012 will arise when the question of renewing the current mandate.

On Monday, the CGT said that "if confirmed, the arrival (Antoine Gosset-Grainville editor's note) would complete the questioning of the republican principle of autonomy of the CDC, which is threatened to" UMPisation " . Outside of any political stripe, the CDC has seen in recent years, several deputy directors of the Matignon office. Dominique Marcel (with Lionel Jospin), Augustin de Romanet (with Jean-Pierre Raffarin) and Alain Quinet (with Dominique de Villepin) especially had before him, opted for the venerable institution.

Finishing the week? Difficult even within an hour of the closing address. The CAC 40 was indeed well embedded in the green, but 16 hours, the morale of Americans showed degraded. The investors in the United States and Europe reacted immediately.

Around 16.45, the flagship index of Paris evolves close to equilibrium after being tipped into the red. The CAC 40 is around 3930 points. The index of consumer sentiment fell to 72.5 in March against 73.6 in February. Americans are less optimistic about employment prospects.

Earlier on Friday, retail sales in the United States have however withstood the bad weather in February.Against all odds, they rose by 0.3% compared to January (in data seasonally adjusted) while analysts felt they had declined by 0.2%.

This supports other new ad, released Thursday, which was rather reassuring, even if they still underscore the difficulties overseas cheapest one. Like the U.S. trade deficit fell to 37.29 billion dollars from 39.9 billion in January. Other good news side of the labor market "listings weekly unemployment fell to 462,000 from 469,000 the previous week. Perhaps, then, that the ACC will manage to close the week at the Green …

Mixed signals

But some lingering doubts in the markets due to the mixed signals sent to the assumption by the United States, Japan and China.The latter confirmed his great form with a rise in industrial production by 20.7% yoy in January and February, coupled with increased investment in fixed assets of 26.6%. But the United States, the government announced a record budget deficit of 220.909 billion dollars in February, while the decrease in the number of newly unemployed was less than expected, with 462,000 new registrations against 460,000 estimated.

In Japan, meanwhile, lowered its estimates of GDP for the fourth quarter 2009, up 0.9% from the previous quarter, instead of +1.1%. This is in addition a possible credit crunch in China because of rising inflation (2.7% in February).

Firstly, the current account deficit remained virtually stable in France in January over December, to 3.4 billion euros, against 3.3 billion euros in December, by BdF cashadvance .

The automotive sector in the form

The CAC 40 is pulled up by the automotive sector. Renault (+1.85% to 33.885 euros) is the fourth largest increase in the index. It is preceded by Peugeot (+1.90% to 21.990 euros). Far behind Michelin earns 0.46% to 57.19 euros. Valeo lost 0.22% to 24.91 euros.Faurecia is gaining 0.53% to 14.33 euros.

The bank also support document: Credit Agricole (+1.20% to 12.2 euros), BNP Paribas (0.67% to 57.28 euros) and Societe Generale (+1.66% to 44.730 euros) seem announcements have given the Chinese tighten credit.

EADS (-0.07 to 14.840 euros): the controversy swells around the financing of the A400M. Matignon is mulling an appeal to the general loan or option focusing on the state budget.

Pernod Ricard (+0.10% at 60.30 euros) which has launched a bond issue of 1.2 billion euros on Thursday, brought together an order book exceeding 5.5 billion euros. The proceeds from the offering will be used to repay the installments shorter credit union to extend the maturity of the debt.

Total (stable at 39.10 euros) is always under pressure.The CGT oil group called for a resumption of the strike in the refinery when the Justice will rule on his request for interim measures for the crime of interference with employee representative bodies. The CEC will file early next week a motion to that effect.

Michèle Bellon, Assistant General Manager of Dalkia, will succeed Michael Francony at the head of the ERDF, the distribution subsidiary of EDF (-0.42% to 38.125 euros).

EDF Energies Nouvelles has announced Friday that U.S. power company Indiana Power and Light (IPL) had canceled the contract of sale of electricity on wind project Lakefield, in south-west of the State of Minnesota. The Exchange sanctions: -2.80% to 36.160 euros.

Cellectis (-0.69% to 10.02 euros) on Friday announced a turnover in 2009 rose 14% to 12.1 million.The group also announced a strengthening of its cash to 45.6 million euros against 28.7 million a year earlier.

As for publications, Rally (-1.18% to 25.9 euros), which controls Casino (-0.25% to 60.86 euros) will announce its annual results.

Investors began to doubt when the morale of U.S. households showed slightly degraded. Americans are less optimistic about employment prospects. The index of consumer sentiment fell to 72.5 in March against 73.6 in February.

The effect on U.S. markets was immediate. While in the early exchanges, they open up, already after three consecutive sessions in green, Dow Jones, Nasdaq and S & P 500 are passed into the red.

Around 16:30, they retreat respectively of 0.06%, 0.34% and 0.19%.

This Friday at 14:30, retail sales in the United States have resisted to the bad weather in February.Against all odds, they rose by 0.3% compared to January (in data seasonally adjusted) while analysts felt they had declined by 0.2%.

This supports other new ad, released Thursday, which was rather reassuring, even if they still underscore the difficulties overseas cheapest one. Like the U.S. trade deficit fell to 37.29 billion dollars from 39.9 billion in January. For specialists Barclays Exchange, "it is a pleasant surprise to the extent that economists were expecting a deficit of 41 billion dollars."Other good news side of the labor market "listings weekly unemployment fell to 462,000 from 469,000 the previous week.

Oil prices rose Friday in the opening exchanges in New York on a more optimistic market demand after the new forecast of the International Atomic Energy. The barrel of light sweet crude for April delivery was trading at the opening at 82.97 dollars, up 86 cents from the previous day.

On Wall Street will be sitting under the sign consumer with the publication of sales information for the month of February and the preliminary estimate of consumer confidence.Business inventories for the month of January will be published in late afternoon.

Citigroup rose 20% in 4 sessions

On the side of values, the CEO of Citigroup has pledged a return to profitability of the bank. The state could get rid of all of its shares within twelve months. The title of Citigroup rose 30% since the beginning of the month and by 20% since the stock market Monday. Friday, the shares resumed their breath, down from 0.7% to $ 4.15.

For several sessions throughout the banking sector enjoys a renewed interest from investors. On Thursday, he was also concerned by the failure of talks in the U.S. Senate to reform the financial system.After several months of effort, Senator Dodd, chairman of the Senate Banking Committee, failed to reach an agreement between Republicans and Democrats on this bill to reform the banking system.

In the energy sector, Devon Energy (0.51%, to 72.41 dollars), the specialist production of oil will sell at BP Plc for seven billion dollars of assets located in Brazil, Azerbaijan and Gulf of Mexico.

Note also the manufacturer of semiconductor National Semiconductor announced after the close of the NYSE, a profit of 53.2 million, or 22 cents a share against 18 cents expected by analysts' consensus. Turnover was 361.9 million against 348.6 million expected by analysts. Titles rise of 0.63%, to 14.44 dollars.

It keeps more Ryanair. The low-cost airline, offering unbeatable prices every month and opens new destinations this year will become the first European carrier. With 65 million passengers pass it to Air France and Lufthansa. This success, however, relies on flamboyant resort to illegal aid from airports served.

According to Air France, the aid would have amounted to 660 million euros in Europe in 2008, including 35 million in France. Based on its estimates, the company has decided to refer the case to the European Commission, confirming the details of Figaro. The complaint should be filed against Ryanair in the coming weeks, includes several charges: "lack of prior notification," "breach of equality and distortion of competition ',' illegal state aid.

Air France has conducted a proper investigation before doing so.This included all decrypted reports of regional chambers of accounts (CRC) on the subject. Using data sometimes old, crossed with his information on the field, experts have reconstructed the puzzle of allegedly illegal subsidies received by Ryanair. It shows that on average, chambers of commerce and industry, who manage airports, support the activities of Ryanair in France up 9 to 32 euros per enplaned.

A cultural crusade

From the bottom of the range found in France (using a 11 euros per passenger) and by a simple rule of three with the European operations of Ryanair (60 million passengers in 2008), Air France said that its competitor has received this year 660 million euros of aid to Europe. In support of its investigation, the French company relied on its partners KLM and Alitalia.She has found that the aid granted to Ryanair at the airport of Ostend and Alghero were above its low estimate of 11 euros.

"It's a bit weak reasoning, recognizes a part of Air France. There is no organization in Europe that will do the job of regional chambers of accounts. But the 11 euros of aid per passenger is carried in Europe by the airport we could see. We therefore believe that Ryanair affects 660 million euros in Europe. "

Pushing his argument further, Air France calculates that Ryanair, which posted a net profit of 390 million for its fiscal year 2007-2008 and a loss of 169 million in 2008-2009, has been virtually lost 270 million in 2008 and 829 million last year.

The aid takes several forms.They can be direct, as aid to start extending in contradiction with EU legislation. It also aids "indirect" form of rebate granted on ground handling and airport charges.

The method Ryanair is known: for aid in exchange for an airport serving unprofitable, the company highlights the financial windfall of Anglo-Saxon tourists it carries. In case of refusal, or if the aid is criticized, it selects a nearby airport.

This crusade Air France is not the new episode of a commercial battle, since he rarely Ryanair frontally competition. It is more cultural. "The prices charged by Ryanair give a false perception of the value of our service to passengers, said a part of Air France.The Irish company is considered the musketeer who is offering unbeatable prices respond to national companies and terminate abnormally high rates. In fact, Ryanair flies with the European taxpayers' money. "

Ryanair responds to accusations

Contacted by Le Figaro, Ryanair denies receiving any state aid on the airports where it operates. According to the spokesman of the company, "Air France is who receives illegal subsidies in the form of reductions in airport taxes on its domestic routes in France. "We do not pay attention to false claims of companies such as Air France who perform high prices and fuel surcharges, said the spokesman of the company.They complain because they can not make us competitive. "Ryanair has been traveling 6 million people in the departure or arrival of the French regions and said" support 6 000 jobs in France. In addition, Ryanair announced that "the economic model of Air France is in danger because the company can match its prices. This explains the false accusations. "

Wall Street is expected in the red pre-meeting Tuesday. At the NYSE, the Dow Jones, Nasdaq 100 and S & P 500 retreat respectively of 0.05% at 10,548 points, from 0.13% to 2329 points and 0.23% to 1,136 points.

U.S. operators will choose to pocket a share of the gains made last week by caution before a salvo of indicators in the coming days. Especially since the main stock index hit a "low point" there is exactly one year, March 9, 2009. Since the S & P 500 has started the largest rally in history. In one year, the U.S. index has increased by almost 70%!

The next U.S. statistics are expected tomorrow with the traditional weekly report on unemployment. Weekly Market in the United States, will then be placed under the sign consumer.The two major economic indicators this week, published Friday, will be the sales details for the month of February and the preliminary estimate of consumer confidence.

The euro continued its decline against the dollar Tuesday, settling below $ 1.36, penalized by renewed concerns about Greece and the risk of contagion within the euro area, while the market remains cautious vis -à-vis a possible European Monetary Fund. At the opening of the NYSE, the euro bought 1.3562 dollars (-0.42%) against 1.3631 dollars late Monday teletrek no payday advance .Net earnings per share is reduced to 93 cents, against 96 cents previously.

Last November, Hewlett-Packard unveiled a decline in net income of 8% annually to 7.7 billion, although the last quarter it was up 14% yoy to 2.4 billion dollars. At this time, Dell has introduced quarterly profit falls by 54% and a revenue and earnings per share below expectations.

In May 2008, HP had offered the number two global services company EDS for $ 13.9 billion.

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End of story. For several weeks, negotiations between the seven countries A400M customers and executives of EADS, parent company of Airbus, have punctuated the news. At yet another meeting, in Berlin, a "tentative agreement" was reached, provided the giant European aerospace in a statement.

Customers (Belgium, Britain, France, Germany, Luxembourg, Spain and Turkey) will pay 3.5 billion euros extra. What survival program, which accumulates nearly four years late and reaped 5.2 billion euros of additional costs.

Specifically, they shall have two billion more on the initial price of the contract and provide $ 1.5 billion in exchange for a share of future exports, according to EADS.The original contract must be amended in the "coming weeks".

In addition, it was agreed to accelerate payment of PDP between 2010 and 2014, but no timetable has yet been arrested.

The time for congratulations

EADS considers that this agreement provides a basis "healthy" for a successful evolution of the A400 program M.

The French Minister of Defense Hervé Morin was commended for his share "of the finalization of the negotiations. "This agreement completes the implementation of decisions taken by ministers at the meeting organized at the initiative of France in Le Castellet July 24, 2009, during which the nations have decided to continue this program emblematic of Europe defense, "he said.

In January, EADS said it planned to simply abandon the program, saying while threatening the sustainability of the group.

The Minister then assured that France would "do anything to save" the project. A few days before, the multipurpose aircraft designed to replace the Transall C-160, for example, 45.1 meters long and 14.7 meters high, can Tranporter troops and equipment, had made its third flight.

Profit warning

This agreement is obviously good news. But EADS will pay the piper in recent months. The group was informed on Friday that it will record an operating profit (EBIT) and net earnings were negative in 2009.In case the provision of 1.8 billion euros for the additional costs of A400 million, he announced today in a statement.

"The final figures will be disclosed during the announcement of full results of fiscal 2009 EADS March 9, 2010.

CM-CIC, which was released yesterday, Thursday, a "preview" (a score prediction results), banking on a net income of 60 million euros, while the Bloomberg consensus provided 21 million euros. But these figures do not include the provision because it was not known.

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The AMF (AMF) is finally reached. In a work that appears on Thursday, entitled "Natixis: investigation of a bankrupt state" (Editions First Editions), Matthew Pechberty, economic journalist of The Tribune reveals that the former leaders of Natixis, Charles Milhaud and Dominique Ferrero respectively Chief Executive and Managing Director of Natixis at the time, had provided false information regarding the losses incurred by the subsidiary of Banques Populaires and Caisse d'Epargne (BPCE) in October 2008.

Thus, November 12, 2008, The Tribune published an article claiming that the French bank lost 975 million euros during the month of October 2008. The next day, Natixis publish a press release reporting a loss of 500 million euros.After two attempts that were inconclusive for lack of evidence, the MFA works on a third survey that revealed in the fall of 2009, that former leaders of Natixis lied, without confirming the figure released by the Tribune. Thereafter the policeman of the Stock Exchange sent a notification of grievance Natixis which he accuses of having issued false information to financial markets. Currently, the MFA has refused any comment.

Jouyet want to prove that he has turned the page "EADS"

The fate of former leaders of Natixis is now in the hands of the Enforcement Committee, which has still not taken any decision on it. According to the author of the book, the final decision could be announced in the month of March payday loans no teletrack .This committee consists of twelve members: two state councilors appointed by the Vice-President of the State Council, two advisers to the Supreme Court designated by the first President of the Court of Cassation, six members appointed by the Minister Economy, and two employee representatives designated by the Minister of Economy.

In the meantime, this decision should celebrate the Adam (Association for the Defense of Minority Shareholders), and Déminor. Last March, the Adam chaired by Colette Neuville has indeed brought a criminal complaint against Natixis for "misleading", "false balance" and "fictitious dividends. In January, it was the turn of Déminor, firm specializes in advising shareholders, headed by Fabrice Remon, a complaint, but a civil rather than criminal.One option that could help stop the proceedings at any time to negotiate amicably with Natixis and compensate shareholders.

Although close to François Perol BPCE current boss, is to think that Jean-Pierre Jouyet, chairman of the AMF, has at heart to carry out this procedure, to avoid the Paris to undergo another blow, we know it still marked by the action taken on the matter EADS.

The two former leaders of Natixis, Charles Milhaud and Dominique Ferrero, risk a financial penalty of up to 10 million euros.

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After a meeting on Tuesday closed at equilibrium, the rings on Wednesday renewed optimism substantial. At closing, the Cac 40 displayed up 0.63% to 3635.61 points. The revival was strongest in mid-session at 1.38%. But inidice flagship Paris has calmed a few minutes from the end of the session.

The atmosphere is the same in Europe, including the London Stock Exchange gaining 0.39% to 5131.99 points, the Frankfurt amount of 0.69% to 5536.37 points.

The prospect of a European plan to help Greece gives investors reason to smile again. Certainly at this stage, "there is no agreement," said a French source on the eve of the Brussels European Council must take a position on the budgetary situation of Athens.

But it is More than a single nation euro zone to avoid giving the green light for the backup plan.Germany, but could make his signature Thursday.

Long live economic news

On the macroeconomic front, industrial production in France fell by 0.1% in January compared to December, while in November it had gained 0.6%, according to figures published by INSEE. For Frédérique Cerisier, economist at BNP Paribas, "the sharp drop in production of transport equipment (-4.7%) reflects not only the decline in automobile production (-2.1%) but also the aviation branch , naval and railway (-7.9%).After the strong rebound in the third quarter, this pause in the recovery of the activity does not mean that recovery is terminated, but it will be gradual and probably struck, she said.

Furthermore, the current account deficit narrowed in France in 2009 to 40.6 billion euros after 44 billion in 2008, thanks to lower energy costs, said Wednesday the Bank of France (BdF) .

Finally, the United States, the trade figures for December are expected on Wednesday afternoon, and the weekly inventory of crude oil and after-hours trade, the figures of budget execution in January. Governor Daniel Tarullo be heard before the Senate Banking Committee on systemic risks.After Hours, president of the Philadelphia Fed will discuss "Lessons from the global financial crisis."

Bad publications are ignored

The publications were many on Tuesday, and just generally reassuring. But the market is not so far achieved.

Arcelor-Mittal (-5.28% to 27.1 euros) recorded a net profit of 118 million dollars for 2009 and 1.07 billion for the fourth quarter guaranteed payday loan . The metallurgist is the red lantern index in Paris.

PSA Peugeot Citroen (-1.97% to 21.87 euros, 2nd largest drop) announced Wednesday a net loss of 1.161 billion euros in 2009 against a net loss of 363 million a year ago, for a turnover 'sales down 10.9% to 48.417 billion euros.Natixis welcomes performance Faurecia and Gefco, but is very Decca automobile.

Sanofi Aventis (1.03% to 53.2 euros) recorded an adjusted net income of 7.8 billion euros in 2009 up 11%.

According to Le Monde, Renault (+0.27% to 33.4 euros) to consider building a plant near Algiers, which produce 50,000 vehicles annually for the local market.

Nexans (-0.86% to 55.32 euros) worldwide leader in the cable industry, has seen its annual profits collapse at 8 million euros, mainly due to restructuring and divestitures of businesses by group, and remains cautious for 2010.

EDF Energies Nouvelles (+4.82% at 35.85 euros) announced Tuesday a net annual increase of 39% and EBITDA up 47%.Gilbert Dupont went to purchase.

Apart from publications, the bank stand on the CAC 40, including Crédit Agricole, headlining, up 4.66%, to 10.85 euros. Axa rises of 4.13% and Societe Generale is 4.41%.

CAC Hors, Havas (6.71% to 3.08 euros, head of the SBF 120) on Tuesday posted a turnover decrease of 4.4% on an organic basis in Q4 2009, to 1441 million 'euros. Unrealized net budgets amounted to 1,270 million euros in 2009. The group has been identified by Goldman Sachs and Nomura.

Medica (+7.92% at 14.03 euros) announces that its IPO was a "success".The French and international institutional, meanwhile, have subscribed for about three times the size of the offer.

Theolia (6.25% to 3.23 euro) has published a turnover increased almost five in 2009 due to the resumption of sales of wind farms by the group.

Ubisoft (-1.72% to 9.66 euros) said Tuesday night "expects to return to profitable growth and a cash from operating activities positive" for the year 2010-11.

Vinci (+1.17% at 38.43 euros) on Tuesday announced acquistion of 89 contracts for parking company Interpark the United States through its U.S. subsidiary LAZ Parking.

Vilmorin (+1.29% at 79.86 euros) issued a turnover up 2.7% in the first half of 2009-2010 and has announced a joint venture in wheat seed in Argentina.