International News

Asian markets are mostly in positive territory on Monday. As the United States and Europe, Asian markets seem to have temporarily turned the page file from Libya to the advantage of a lull in the oil markets.

In Japan, the Ministry of Economy, Trade and Industry (METI) has reported a 2.4% increase in January industrial production in the archipelago through improved production Auto. By comparison, the increase was 3.3% in December and 1% month on month in November, after a steady decline from June to October. In contrast, retail sales in Japan were flat in January (+0.1% yoy).

The Nikkei has rebounded, however, the slope after starting down 0.72%. The benchmark index of the Tokyo Stock Exchange ended the day with a rise of 0.92% to 10,624.09 points.The broader Topix index of his side finished the session with a gain of 0.99% to 951.27 points.

The growth of China and India under the microscope

In China, markets have also started in the red. The Shanghai Stock Exchange and Hong Kong lost 0.23% and respectively 0.36% in early trade. The operators were cooled by ads, this weekend, Prime Minister Wen Jiabao. The latter was thus delivered to a lower estimate than that usually given by the Chinese leadership by explaining that "in the five-year plan (2011-2015), we agreed to meet a growth target of 7%. However, the two stock markets managed to close in the green end of the session. Around 7 am, the Hang Seng is 0.79% and the Shanghai Composite gained 0.56%.

In India, the government has given an estimate of growth below expectations.The country registered a GDP growth of 8.2% from October to December in the year. In the previous quarter, July to September, posted a growth rate year on year by 8.9%, better than expected by analysts. The Sensex jumped by 1.43% despite everything.

Furthermore, only a few financial centers are declining. This is the case of South Korea's Kospi, which lost 0.95% or the S & P Australian loose 0.12%.

Oil rises slightly

Crude oil prices were to share the upside Monday in electronic trading in Asia against the growing instability in the Middle East, analysts said.

In morning trading, a barrel of light sweet crude for April delivery gained $ 1.66 to 99.54 dollars. That of Brent North Sea crude for April delivery took $ 1.28 to 113.42 dollars.

A new falls ill for Dior, just days before the shows ready-to-Wear Fashion Week in Paris. The company decided to suspend his star designer's artistic director, pending completion of police investigation, launched after the attack he is accused. John Galliano was arrested Thursday night for "minor violence" and "anti-Semitic slurs" in central Paris before being released several hours later on the instructions of the prosecutor. It is the subject of two complaints.

According to PV investigators that Le Figaro had access, the designer would be taken away to a couple on the terrace of "The Pearl", a coffee of the Marais, about 21h.Without knowing the reasons which led him to pick on this couple and according to several witnesses, he – among others – insulted the young woman in English: "Dirty jewish face, You Should Be Dead" ("Dirty Jewish face, you should be dead! ") then it would be taken to his companion, aged 41 years and Asian receptionist:" Fucking bastard asian, i will kill you! "(" Fucking bastard Asia, I 'll kill you! "). Witnesses would then be interposed.

Quickly arrested by police, the British designer was then taken into custody at a police station in the 8th arrondissement of Paris. His BAC was positive with a rate of 1.1 mg of alcohol per liter of breath.

The designer responded with his counsel and "categorically denies the accusations of anti-Semitism attributed to him", told AFP Stéphane Zerbib.John Galliano is "not at all in this state of mind" and "be explained later," said Mr instant personal loans guaranteed. Zerbib, adding that the designer will "pursue those who reported such allegations." Friday night, the designer said he had filed a complaint for libel and slander. "We delivered three written statements to the police from the restaurant manager and two security guards of the restaurant ensuring that Mr. Galliano has never uttered anti-Semitic insult," said his lawyer.

Spotted by Bernard Arnault 93

To explain his quick decision to suspend its director of artistic investigation office, the house of Christian Dior, owned by luxury group LVMH, has put forward its "zero tolerance" towards any remarks and racist or anti-Semitic attitude.Last October, LVMH had been widely criticized for the time he had reacted after the controversy created by statements of Jean-Paul Guerlain.

At 50, John Galliano, who took the reins of creation for Dior in 1996, has emerged as one of the creators of the most inventive and flamboyant, drawing inspiration from history and his travels around the world.

Born in Gibraltar an English plumber and a Spanish mother, he trained at the prestigious St. Martin's School of Art in London. Set in Paris in 1993, he was spotted by the chairman of LVMH, Bernard Arnault who hired two years later as creative director of Givenchy, another claw world leader in luxury.

Since 1999 he has directed all heads of Dior's feminine lines and leather goods and the brand image.He drew alongside her own collections.

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Shortly before the opening of U.S. stock markets, the Nasdaq 100 index futures and Standard & Poor's 500 index retreated 0.62% respectively at 2289.25 points from 0.60% to 1297.70 points. The Dow Jones was due in part to its decline from 0.44% to 12,041 points.

What foreshadow a third straight session of declines. Yesterday, the Dow Jones had however managed to reduce its losses throughout the day to finish on a slight decline of 0.9% to 12,105.8 points. The Nasdaq, which fell 2% in session was also limited the damage, finishing on a withdrawal of 1.2%. The Standard & Poor's 500, after losing more than 1%, did ultimately crumbled by 0.6%.

The escalating violence in Libya andthe outbreak, more vivid than ever, oil, continue to weigh heavily on markets, on both sides of the Atlantic.Especially since Libya has suspended exports of gold and black as the risks of contagion to other exporting countries is not excluded.

In this tense international situation, which could be added on Thursday, some concern investors face early elections in Ireland, macroeconomic indicators of the day will they manage to weigh?

Durable goods orders, new housing and unemployment

On the agenda on Thursday are expected, from 14.30, orders for durable goods in January, enrollment to unemployment benefits. Thereafter, at 16.00, new home sales. The weekly petroleum stocks are finally known, at 17:00.

Orders for durable goods are expected up 2.8% or 0.5% excluding transportation. 405,000 new jobless claims are also expected.The FHFA index of house prices should receive a decrease of 0.1%, while sales of new housing could fall by 7.3%.

GM and AIG publish their figures 4th quarter

On the corporate side, General Motors (GM) will announce its results for the fourth quarter before trading, while AIG to sacrifice the performance after market no fax cash advance.

Investors may also keep an eye on Procter & Gamble, whose chief financial officer, Jan Moeller, participates in a Consumer Analyst conference in the afternoon.

Sears Holdings has reported a quarterly profit decline because of poor sales from the department store chain that bears his name.

Limited Brands announced Wednesday night a 27% increase in earnings for the fourth quarter thanks to healthy sales of its lingerie brand Victoria's Secret.The group posted net earnings of 452.3 million dollars, or $ 1.36 per share, against 356.1 million ($ 1.08) a year ago.

Bank of America was sued by investors who require it to redeem their mortgage loans which are backed by over $ 1.06 billion of securities they hold. Net income for the fourth quarter fell to 374 million dollars (3.43 dollars per share), against 430 million dollars (3.74 dollars per share) a year ago.

Magna International announced yesterday that it returned to profit in the fourth quarter, production and sales of cars continues to increase worldwide. Net income for the automotive stood at $ 216 million, or 88 cents per share.A year ago, the equipment had suffered a loss of $ 139 million or 62 cents per share over the same period.

Moreover, airlines, including American Airlines (-6.55% at the end), United (-6.8%) and U.S. Airways (-7.5%) should still pay the price, this Thursday, Arab crisis and soaring oil prices running.

Hewlett Packard (-0.6%) for its part will probably be very guarded today, having been severely punished after publication of its results.

The Pentagon is expected to unveil on Thursday its decision on the mega contract for refueling tankers to the U.S. Air Force, for which Boeing and Europe's EADS are competing for several years.

The economic crisis might be generally complete, the stigmas are still widely felt. Witness the annual results of the European Investment Bank (EIB) published on Tuesday. The institution responsible for European development fund has lent 72 billion euros in 2010. A decline in sales compared to 79 billion given in 2009, but still very high compared to normal year loans by the EIB, rather close to 50 billion on average.

"The exceptional effort asked the EIB to support the European economy should be temporary, says Philip Maystadt, its president. This is the explanation of early return to normal volume of our loans. "Proof that this mission is completed, the bank expects to lend around 65 billion euros more in 2011.Also, 6 billion will be released between 2011 and 2013 in nine Mediterranean countries: Algeria, Tunisia, Morocco, Egypt, Jordan, Israel, Syria, Lebanon and the Palestinian territories.

The redemption price would be fixed in April, and the report advocating the "right price competitive" known until mid-March. According to the Journal de Dimanche (JDD), the findings of this report, ordered the former director general of INSEE Paul Champsaur, "are ready and recommend the price of 39 euros per megawatt hour (MWh).

The new law on the organization of the electricity market (prefecture), which shall enter into force on 1 July, stipulates that EDF, the incumbent electricity, must yield to its competitors – GDF Suez Direct Energy and other Poweo – up to 25% of the electricity produced in nuclear power plants. The selling price must be set by ministerial order. This new mechanism is expected to boost competition in an industry dominated by ultra-EDF.More than three years after market opening to competition, the French are indeed remained mostly faithful to the regulated tariffs.

Reflect production costs

EDF had voted for a rate set at 42 euros per MWh, Henri Proglio, CEO of the group, believing that selling below this limit would mean the "looting". Alternative suppliers, including GDF Suez, hoping for a price closer to 35 euros per MWh.

To fix the wholesale rate at 39 euros, experts have focused on the impact that the price on your household. The increase for the public, would be at least 35% over five years with the wholesale price of 42 euros asked by EDF business cards design. It would be 30% at 39 euros, a level considered more reasonable by the Champsaur report, according to the JDD, or 5% per annum by 2015.Difficile to go below, however, according to the report."If the government does not overly increase the rates for individuals, it should not set a price too high for manufacturers," said a relative of Paul Champsaur quoted by JDD. Nome law specifies that the award should reflect "economic conditions of production" of nuclear power plants and it will be "consistent" with a specific tariff to business, Tartam (transitory regulated tariff for market adjustment) .

Friday, Energy Minister Eric Besson had told AFP that "nothing was adjudicated" and that dialogue "continue."He said that this price would be fixed "by a decree signed in April, after an arbitration of the President of the Republic and the Prime Minister."

(With AFP)

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Click on the thumbnail to enlarge the graphic.

At one week of the ceremony of the Caesars, Men and Gods Xavier Beauvois is figure favorite. But it is not only a highly successful film. It is, according to the French Film, French film along the most profitable in 2010. With a budget of 4 million euros, it attracted 3.1 million viewers. Consequently, it has reached a rate of return of 229.3%.

Behind this nice surprise, there are two comedies that have been very successful. The Heartbreaker Pascal Chaumeil, with Vanessa Paradis and Romain Duris totaled 3.7 million tickets. With a budget of just under 10 million euros, its profitability stood at 113.43%. More surprising is the presence on the podium Mammuth. The film Delepine and Gustave Kervern Benedict has done a somersault with a return of 100%.I must say it was done with a limited budget to 2.5 million euros, despite the presence of Gerard Depardieu. An astonishing performance when we know that, on average, the profitability of French films is 25%. In 2010, 32 French films have exceeded this symbolic threshold, six more than last year short term personal loans.

This record pushes some ideas. For years, the French film world think that the example of major Hollywood productions, inflation budgets that ensures success.

However, in 2010, major productions have not fulfilled their contract. Ocean, directed by Jacques Perrin with a budget of Pharaonic 49 million euros, had a return of 16.7%. The highly anticipated Camping 2 Fabien Onteniente, has met its audience, with 3.9 million cinema admissions, but was penalized by a budget of 23 million euros.

The 10-year champion Sticks

Its producers are doing anyway, with a return of 49%. Not bad, but two times worse than Camp 1, which in 2006 recorded a rate of 118%.

For the first time, the French film released the ranking of most profitable films of the decade. Unsurprisingly, the film records of all Welcome to the Sticks is securely attached to the first place. With 20.5 million admissions to a budget of 11 million, the movie Dany Boon posted a profit of 565%! The Chorus is in second position with 486% return.

Late SNCF again culprit. According to a survey conducted by the CFDT, only one train in three on average arrive on time. To achieve this, hundreds of union activists have noted the arrival of 1964 trains between January 24 and February 17 last. Conclusion: if one third of the trains are punctual, 35% have a delay of between one and five minutes, and 24% between six and fifteen minutes. Users being the most unlucky people who use the train to travel from Paris to Caen: a second train arrived there only at the scheduled time. According to the study of the CFDT, Transilien and TGV would be a little more punctual (respectively 33% and 31% are) as ESTs (25%). The only consolation for the SNCF in this study: the delay is due in approximately 70% of cases to an external cause on which the railway group can do nothing.Remaining 30% of situations where it is fully accountable, according to the CFDT, the inaccuracy of its trains.

Strikes user

A lack of punctuality that starts to annoy users. At the point that last January, some subscribers of the line Angers-Le Mans-Paris went on strike, refusing to submit their subscription in protest against "a sharp deterioration of service for which we pay dearly, with Repeated delays professionally very damaging. " During the winter especially, the SNCF has multiplied because sometimes quacks of strikes, sometimes the weather marked by heavy snowfall. According to internal data SNCF published in late January, all train types in 2010 experienced a deterioration in their regularity.Even if the group retains rail figures are more favorable than the CFDT: they are 90.7% of trains arrived on time in 2010 according to SNCF, against 91.4% in 2009.

Engagement letter

Users do not make a mistake: in January, according to a survey * conducted Ifop for Ouest France, three quarters of those surveyed felt by Ifop train schedules less respected in recent months. Nicolas Sarkozy made the same observation, and direct the Director of the SNCF, Guillaume Pepy, to remedy this. In the new letter of assignment entrusted by the chief executive officer of the State Railway Group, he stressed that the effort on the quality of service "must be a strong value of the company, as well as technical performance or safety. "Especially in addition to angering legitimate users, delays in the station could end up costing him dear: justice is in effect for the first time last September sentenced the railway company to pay damages and interest to a user's penalized by delays. "A decision that opens the door certainly other complaints," said the spokesman, so a user association.

* Directed the 20 and 21 January last with 968.

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Ethics and Professional Conduct market, terms and level of detail in the communication of large listed companies are very heterogeneous. This conclusion emerges from a study jointly conducted by PricewaterhouseCoopers (PWC) and students from Sciences Po

Of the 80 largest capitalization on the Paris (CAC 40 and 40: the "Next40"), only 10 have a dedicated code of ethics, as recommended by the AMF in November 2010. This charter, not mandatory, declining at the enterprise level the concepts of insider trading, inside information and duty of abstention, "in addition to an already very precise definition in legal terms," says Elodie Fornas PWC, in charge of the study.

In total, 69 companies of the panel (including the 10 already mentioned) have established internal rules of conduct, but only 53 communicate publicly (on their website in their document, 2009). Without naming them, the study underscores the total lack of communication on this subject in 5% of heavyweights rating (CAC40) and 22.5% of the 40 companies following. "Either there is a failure to communicate, or market devices ethics are not sufficiently advanced in these companies to justify an official communication," says Elodie Fornas. Unlikely however that the first hypothesis applies to companies often expert on codes of speaking.

Among those who made the choice of internal rules of conduct, the supports and the level of explanation of concepts are very different.Some specify them in their global ethical code (29), others in the charter of the administrator (10), others prefer the rules of the board (23).

Finally, details of concepts is sometimes very random. On the definition of insiders, 18 companies believe it is only corporate officers, 5 others add executives, and 30 others include all employees. In several cases, some employees are not even officially informed of their status as "insiders."

The explanation of "inside information" differs among the 12 companies finally showing the 4 criteria of the definition of the AMF General Regulation (non-public information, said having a significant influence on the course and dealing directly or indirectly the issuer or the securities of companies) and companies that do not repeat 3 (they are seven), or who do repeat that 2 (14 companies).

A more mature in the Anglo-Saxon

These differences raise questions, while the practice of communication ethics market can greatly affect the image of the company and the value of its stock exchange. Witness the case of aircraft manufacturer EADS, rocked for months by suspicions of insider breaches.A case that Colette Neuville, president of the Adam (Association for the Defence of Minority Shareholders) calls never happen again.

"The approach of the French companies on these issues appears less mature than in the Anglo-Saxon countries, where market rules are more stringent," says Elodie Fornas. Including the United States where, since the Sarbanes-Oxley Act of 2002, a code of financial ethics is mandatory for listed companies. " In France, there seems to prefer the incentive approach, like the AFEP-MEDEF 2008 on good corporate governance, from business organizations, not the stock market regulator.

"The guide AMF in November 2010 is too recent to measure its effect on corporate practices.Nevertheless, he'll probably get them to rethink their rules and procedures relating to market conduct, and communication to affirm their commitment to the subject, concludes Élodie Fornas. And if the transition to a mandatory does not seem relevant, listed companies have an incentive to follow these recommendations for reducing the risk of insider breaches and sanctions, media laws and regulations made thereunder. "

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More than 2010 figures, Danone was expected especially on the outlook for this year. The group chaired by Franck Riboud said he was confident for 2011 although it anticipates for the fiscal year increased 6% to 9% of total costs for raw materials. Danone expects to effect growth of 6% to 8% of its sales in 2011 and an increase of 0.20% operating margin.

Another topic where the dairy group was expected: the continuation of its share buyback. Danone plans to perform again this type of operation in the first semester for a maximum of 500 million euros, plus 423 million bought between last October easy payday loans.

Dividend increase

For 2010, the food group reported an increase in net current 1.669 million (+14.2%) against 1.670 million expected.Its turnover grew by 6.9% in comparable to 17,010 million euros, against a consensus of 16.845 million. On the year, the operating margin of Danone rose three basis points to 15.16%.

For 2010, the group proposed a dividend of 1.30 euros against 1.20 euros per share a year earlier.

Finally, Danone has also announced the appointment of Isabelle Sellier and Jean-Michel Severino on the board.

So that opens Monday at the Mobile World Congress, high mass annual telecom, Barcelona, major European operators go on the offensive. "The alarm clock rang operators. We now have a clear vision of the challenges faced by our model. We are determined to go on the offensive, "says Stéphane Richard, CEO of France Telecom, Le Figaro.

The "G5", this informal club which meets the five major European operators (Orange, Vodafone, Telefonica, Telecom Italia and Deutsche Telekom), met this morning in Barcelona. First concern is the increasing traffic by 18 on the fixed and mobile networks within four years the network congestion threatens. To avoid saturation, operators have to invest heavily … and fully intend to share the bill with those who are the primary beneficiaries: YouTube, Google and others."For years, compensate operators naturally flows exchanged between them is the system of peering. What they sent about what they were getting compensated. But this system has experienced since the flows are completely unbalanced for two years due to the explosion of video. Some players who are behind the explosion of traffic must be willing to help finance the investments needed to carry this traffic, "insists Stephen Richard.

Another concern is the lack of competition in the shops of applications. "Competition in telecom has always been seen by Brussels in terms of infrastructure and networks. Today, there is another reality: the arrival of new players like Google and Apple, "says Stéphane Richard.And example is the Read & Go application, developed by Orange and various publishers, behind Apple to allow on its online store. "This practice is acceptable?" Interrogates Stéphane Richard. It will meet in Brussels.

Netting on 4G

The five major operators should also announce a better coordination on mobile contactless or NFC, with a launch expected this year. "Contactless will bring out new services and our customers. They can use their mobile as a payment card, such as ticketing, such as badges for access to buildings or as a transportation tag. Orange aims NFC 500,000 customers by the end of the year in France and the integration causes many of these new services without contact from the SIM card. The market is ripe now, "says Stéphane Richard.Orange is also announcing today an agreement with Samsung for the upcoming European launch of a new NFC-enabled mobile.

The CEO of France Telecom is very proactive on the fourth generation of mobile, "it is inevitable that changes to the 4G. Orange is ready to participate in the tender in France. What bothers me is neither the timing nor the principle of a high reserve price (the government wants to recover 2 billion of licenses to be issued in France in the summer, Ed), but problem is to increase the stress on operators when they are asked to invest heavily. Operators will face a fourth operator in a mature market, "he says.

And the beautiful game operator to point the proliferation of taxes, the latest being the recovery of VAT."In crude, we had a lot of termination, but this represents a net lost few customers. Because the vast majority of customers who cancel a subscription at Orange resume here. In any case, those who still thought that there was insufficient competition in the market were able to verify the bitterness of the fight, "says Stéphane Richard.

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