International News

Asian markets are opting for the green on Tuesday. Investors do not follow the trend driven by the U.S. markets which closed Monday on a mixed note after the announcement of a new and severe degradation of the Greek debt three notches by S & P.

In Japan, the Nikkei, which had begun the day on a stable tone (+0.04%) has increased its gains during the day. At a time of closure, it rises from 1.11% to 9553 points. This good mood follows the announcement by the country's Central Bank (BoJ), keeping its key rate from 0.0% to 0.1%. Objective: To counter the negative effects of the earthquake of 11 March and deflation affect the growth of the archipelago. The BoJ also opens a new line of credit of 500 billion yen (4.4 billion euros) "for equity investment and loans secured by assets. Each bank will receive up to 50 billion yen.

The markets also welcomed the positive endorsement by the government, a bill designed to help Tokyo Electric Power (TEPCO) to compensate thousands of people affected by the nuclear disaster at Fukushima. This text, which would create an agency to handle complaints against TEPCO has yet to be adopted by Parliament. The title of the utility increases from 22.11% to 243 yen in mid-session.

Still on values, Nissan earn 2.55% to 804 yen. The manufacturer has yet announced that he would be forced to delay production in the United States of Leaf and his electric car should not hold its goals because of the consequences of the earthquake of March in Japan guaranteed high risk personal loans.

Hong Kong and Shanghai up

Elsewhere, the trend is green. The Hang Seng Stock Exchange of Hong Kong up 0.22% while the Shanghai Composite is 1.01%.Yet the macroeconomic announcements are mixed on Tuesday. Inflation of consumer prices in China accelerated in May to 5.5% year on year, according to official statistics released Tuesday, a highest in almost three years. The waiting économiqtes inflation to 5.4%. By contrast, industrial production was up by 13.3% in May over a year and investment in fixed capital rose sharply in the first five months of the year, with 25.8% increase compared to the same period of 2010.

In Korea, the Kospi followed suit and won 1.42%. The S & P is 0.17% Australian and Indian Sensex rises by 0.42%.

Oil down

In contrast, oil prices were trending down Tuesday in electronic trading in Asia, after lowering by Standard & Poor's rating of the long-term debt of Greece and the publication of figures inflation in China, analysts said.

In morning trading, a barrel of light sweet crude for July delivery lost 24 cents 97.06 dollars. That of Brent North Sea crude for delivery same retreated 17 cents to 118.93 dollars.

General mobilization. In just one week the opening of the Salon International Air and Space in Le Bourget, the site was transformed into a gigantic construction site. Some 10,000 people are at work worth tens of trades. An endless stream of 10 000 trucks carries a broom incessant. In six months, "we are building the equivalent of a town of 20,000 inhabitants has the largest restaurant in France. This temporary city for seven days receives 350,000 visitors, "says Gilles Fournier, Director General of Fair which celebrates its 49th edition.

The countdown has begun a year before. The Association of French manufacturers of aerospace and space (Gifas) entrusts its commercial arm, SIAE with l5 permanent organization of the largest airshow in the world – which takes place every two years alternating with the Farnborough event UK.The marketing of 217,000 square meters of exhibition divided between 6 halls (54,000 square meters), cottages business (35 000 sq.m.) and surface static display of aircraft (130 000 sqm) is launched. The team grows in strength and currently has 2500 people.

In January, the entire exhibition space was sold, never seen by Gifas. Exhibition Place, built in 1953, was renovated with an investment of 15 million euros. Meanwhile, the ESIS gives the kickoff of the construction giant. It starts with a shuttle trailers between Le Bourget and Chalons-en-Champagne. This town of Marne welcomes its periphery warehouses rented by SIAE order to repair, maintain and store the 350 cottages. Once conveyed to Le Bourget, they are reassembled on site. Mid-May, the assembly of the equivalent of 2 km cottage is almost completed.

They are willing delivered "naked" to exhibitors who have previously chosen from among several options: with or without terrace, with or without garden, sliding glass doors or not … On average, renting a cottage costs 30 000 euros all related services: water, Wi-Fi, electricity, telecommunications … "The interior design, decoration, catering or direct services are the responsibility of the exhibitor," said Louis Le Portz, Commissioner General of the show. The layout of the chalets, exhibition halls and pavilions begin five to six weeks before June 20 The designers are at work. Tons of carpet, furniture, carpets, curtains, decorative items, tableware, vases, … refrigerators are delivered.

The temperature rises because the clock is ticking. The risks multiply.In conjunction with the Departmental Directorate of Labour, the organizers ensure that companies and their subcontractors comply with French law. No question of allowing Chinese workers to sleep on site and work at night! Checks are also made with security companies and cleaning. Meanwhile, SIAE is recruiting a thousand people. Among them, 500 guards who work day and night to monitor the site, about 400 hosts and 200 cleaners. With staff hired for the occasion by the exhibitors, "there are more than 4000 people are ready to welcome visitors, provide catering services, and keep the premises clean," says Gilles Fournier.

Solar Impulse, guest of honor

Today, the first aircraft entered the air show and exhibition ground will arrive at Le Bourget.Not easy to "park" 150 planes and 20 helicopters but all find their place assigned in advance. This year, large birds are exposed, including two Boeing B 747-8, world premiere, 1 B 787 Dreamliner and the Airbus A 400 M military

With 1.6 T, the Solar Impulse Bertrand Piccard is a featherweight. The experimental solar device is the guest of honor at the fair. The suspense remains, since a series of incidents have forced on Saturday to make a U-turn, while in flight to Le Bourget, and return to its point of departure for Brussels. Its designer, Bertrand Piccard, however, has not given up being present.

The latest up and the ultimate "dirty rag" will take place Sunday. The festival starts tomorrow. A party whose Paris region expects 500 million economic impact.

China is disappointed and all stock markets suffers. While the Middle Kingdom has unveiled a disappointing trade surplus in May, the S & P Asia fell back by 0.7% shortly before the close of the Tokyo Stock Exchange. The Nikkei, the benchmark index of the place in Tokyo, which gained 1.3% even in mid-session before the release of Chinese statistics, not put more than 0.6% to 9,522 points shortly before the close. The S & P ASX 200 Index Australian star, he has ended up slightly from 0.1% to 4553.90 points. Of the other major Asian markets, the red predominates. In Shanghai, the China Shanghai Composite fell back by 0.4% while the Hang Seng index in Hong Kong landmark, losing 0.7%, South Korea's Kospi dropped 0.5% and the Sensex Stock Exchange Mumbai was down 0.3%.

China's trade surplus in May released by China Customs reveals to be significantly below expectations.He came to 13.05 billion against $ 11.4 billion in April, but analysts were betting where, on average, about $ 18.6 billion. Chinese exports totaled last month in May reached a new record value of $ 157.16 billion, up 19.4% while imports reached 144.11 billion dollars, up 28 , 4%, according to the joint Customs. These figures were even more disappointed investors they contrast with those published in the United States. The trade deficit the U.S. has significantly reduced in April, falling to 43.7 billion dollars as a result of lower imports, according to figures released Thursday by the Commerce Department.

Moreover, the consequences of the nuclear disaster that followed the tsunami of 11 March the authorities continue to worry.Japanese Minister of Economy has warned Friday that the prolonged suspension of nuclear reactors beyond the areas affected by the tsunami of 11 March, notably in the west, could lead to electricity shortages and hamper recovery. "Energy production may fall, especially in western Japan" if utilities can not rely on their nuclear reactors, Banri Kaieda warned during a press conference, the agency Jiji.

The Bank of Korea raised its key rate

Also on the macroeconomic chapter, the Bank of Korea raised its key rate a quarter point to 3.25%, defying predictions of economists who expected a freeze for the third consecutive month.Seoul remains concerned about inflationary pressure continues to threaten the performance of the fourth largest economy in Asia.

As for values, the title of the Chinese bank Citic Securities fell back by 0.6% to 5.08 HK dollars after it bought 19.9% ​​stake in the trading business in Europe and Asia two subsidiaries of Crédit Agricole Cheuvreux and CLSA. The transaction, valued $ 374 million, confirms the global ambitions of Citic, and should help make Cheuvreux and CLSA a global leader specializing in research on the equity market.

Also, Takeda Pharmaceutical folds of 2.7% in Tokyo while France wants to remove two blockbusters dulaboratoire its market.

Hynix Semiconductor fell back by 4.7% while its shareholders that the group of semiconductors intend to transfer 15% of their participation, according to the Wall Street Journal.

Gloomy atmosphere at the Paris Bourse. On Wednesday, the benchmark index in Paris ended sharply down 0.88% to 3837.98 points. Either in the 3850 points, a significant technical threshold, which has not happened since March 18 last. Even bad mood: the London Stock Exchange was down 0.95% at 5808.89 points while in Frankfurt the Dax loose 0.61% to 7060.23 points.

On Tuesday, the benchmark index beyond the Paris Bourse had managed to achieve a small rebound. But since the Fed has made comments that disturb operators, already worried by the weak U.S. economy. In a televised speech in Atlanta, its chairman Ben Bernanke said that economic growth across the Atlantic remained "desperately slow" and that it required the maintenance of a "monetary policy complacency."He said that "growth should recover somewhat in the second half, but remain generally moderate. Delivered just before the close of U.S. markets, the speech was the turning Wall Street into the red. And this morning, Asian stock markets also reacted negatively.

Furthermore, growth of the emerging world should rise from 7.3% in 2010 "to about 6.3% annually from 2011-2013," considers the Bank's global economic forecast published in Washington.

French record trade deficit

In this gloomy atmosphere, the markets will monitor several indicators, mainly European.

– In France, the trade deficit set a record high in April to 7.14 billion euros, against 5.91 billion in March, seasonally adjusted data, the Customs said Wednesday.Moreover, the deficit of state budget stood at 61.4 billion euros in late April against 56.2 billion a year earlier, according to data released Wednesday by the Budget Ministry.

– In Germany, exports fell 5.5% in April on a month and imports by 2.5% over the same period, according to preliminary data adjusted for seasonal and calendar published Wednesday by the Federal Statistics Office . Other bad news, industrial production in Germany fell 0.6% in April on a month, its first decline since December, after rising 1.2% in March, said Wednesday the Department of Economics.

– Economic growth of countries in the euro area was well brought up to 0.8% in the first quarter from the previous quarter, Eurostat said.In one year, growth was also confirmed at 2.5%.

– U.S. stocks of crude oil dropped ten times more than expected last week in the U.S., but gasoline inventories rose sharply, according to figures released Wednesday by the U.S. Department of Energy. Then 20 hours, the Fed will deliver the findings of its Beige Book.

Side currency, the euro lost ground against the dollar Wednesday after being around $ 1.47 the day before. To 17 hours in Paris, the single European currency traded at 1.4575 dollars against 1.4688 dollars late Tuesday. Oil prices were, themselves, without direction in electronic trading in Asia in anticipation of an OPEC meeting in Vienna in the day that might decide to increase production.A barrel of light sweet crude for July delivery took 7 cents 99.16 dollars while that of Brent North Sea crude for delivery same retreated 48 cents to 116.30 dollars.

Banks still abused

No value of the CAC 40 is in the green at closing. On the SBF 120, Groupe Eurotunnel rises of 0.88%. The operator of the Channel Tunnel has won the tender launched by the great seaport of Bordeaux to determine the particular conditions of access to the network of railways, said on Tuesday a statement from the group.Saft rises of 0.80%, HSBC rose to overweight on the title.

Back on the Cac 40, Alcatel-Lucent shows the largest decrease: -3.26% to 3.65 euros.

Sanofi Aventis, valued for his defensive forward timidly from 0.17% to 52.33 euros.

Banks are generally downward: Natixis (-2.07% to 3.50 euros), Societe Generale (-1.39% to 39.79 euros) and BNP Paribas (-0.82% to 52.21 euros ) undergo further profit taking.

PPR: -1.67% to 115.15 euros

The group announced it is extending its takeover offer for the American Volcom until June 16

Hermes: +0.08% to 187.80 euros, LVMH: -1.11% to 116.30 euros

The group returns to its highest in October 2010 and outperformed the other lasting values ​​of luxury in favor of speculation about a takeover at the end of the saddle by LVMH, which already owns more than 20% of a group supported by sustained growth .

Schneider Electric: -1.34% to 110.70 euros

The authority of U.S. markets, the SEC filed a complaint for insider trading around the offer of French Schneider Electric on the Spanish Telvent. According to a warning issued Tuesday on the website of the SEC, this crime would have allowed the authors to make a profit of about $ 475,000 in total through the sale of option contracts Telvent acquired before the announcement of massive Schneider's offer.

Renault: -2.20% to 36.72 euros

The decision of the Court of Appeal of Versailles on the possible recognition as an occupational accident suicide in February 2007, Raymond D, employee Technocentre Renault in Guyancourt (Yvelines), is expected Thursday.The suicide of Raymond D was the third employee of the Technocentre in the space of four months between late 2006 and early 2007.

Belvedere: stable at 61.48 euros

After the decision of the Court of Appeal of Dijon, on Tuesday to confirm the cancellation of the safeguard procedure, the band announced that it "remains open to an agreement with its main creditors in the run to finish with a conflict that has lasted too long. "

BioAlliance: + 1.78% to 6.30 euros

The group wants to create a commercial structure for selling online in Europe's orphan drugs in oncology while pursuing its strategy of licensing agreements for its specialty products.

NYSE Euronext: -0.54% to 24.06 euros

NYSE and Deutsche Börse have announced a special dividend of 2 euros per share for shareholders of the combined group

GDF Suez: -0.49% to 24.43 euros

Group CEO, Gerard Mestrallet, warned Tuesday against Montreal seduction exerted excessive public opinion renewables, noting in particular the high cost of wind power."These are intermittent energy sources that will require large reserve capacity, which will be based on natural gas because of the ease of use of gas turbines," he told the International Economic Forum of the Americas.

Total: -0.20% to 38.21 euros

The U.S. manufacturer SunPower solar panels, partial target of a takeover of French Total, raised its forecast Tuesday quarterly revenue but warned that its margins could suffer from falling prices.

Next recommendation, after Exane BNP Paris yesterday, Credit Suisse rose to "outperform" on the title Michelin (-0.14% to 63.70 euros).

Please note that Air France-KLM will unveil its traffic in May after-hours trading. Valeo and Sopra hold their general meetings and Gifi publish the results of its second quarter after market close.

A war is looming regulatory Does between Europe and the United States? Timothy Geithner, U.S. Treasury Secretary, has decided to establish new rules of the playing field in the financial sector, in favor of the reforms adopted by Washington in the aftermath of the crisis. In a speech in Atlanta yesterday, the manager has to understand that these new global rules should be aligned with the U.S. model. "We do what it takes to strengthen the financial system of the United States. We will do so with caution.And as we act as we rally the world ", assured the Treasury secretary, adding that he did not want" a new race to the bottom ".

Timothy Geithner has particularly stressed the need for more restrictive measures against the derivatives markets, often singled out as one of the causes of the financial crisis Online payday loans.

Last Friday, the European Union just called the U.S. move to reform its financial sector in line with the current one on the Old Continent. Michel Barnier, European Commissioner for Internal Market and Services, sent a letter to Washington.Brussels fears that U.S. banks are gaining a competitive advantage with less restrictive rules, in particular as regards the requirements in equity.

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While falling the first quantitative estimates on the losses caused by the bacterium E. coli (EHEC) on the French market garden industry, the doubts expressed Friday by Bruno Le Maire, who feared a "very negative impact" on the French production of vegetables, proved correct. So much so that the French Minister of Agriculture will visit Brussels on Monday to ask European authorities to release the compensation for French fruit and vegetables. That's what he said last night during a trip to Washington as part of the preparation of a G20 meeting.

The bill could climb quickly, especially if other European countries adopted the same position. Only in France, in a week, the losses for the chain of cucumber and tomato were almost 5 million.In Spain, they reach for the entire industry around 200 million euros, according to the Spanish Federation of Producers and exporters of fruits and vegetables (FEPEX), 75 million euros for the single chain of cucumber.

Germany will not pay

Ultimately, who pays for that damage? The issue remains unresolved, some arguing that Germany, by criminalizing the original Spanish cucumbers in the spread of the disease, is mainly responsible for the current situation and the financial losses suffered by producers. Since then, the vegetable has been exonerated, no evidence has been presented that is causing the infection. For some, Germany should pay the compensation sought. A scenario has completely rejected on Saturday a Reinhard Schäfers Europe, the German ambassador in France no fax payday advance."I can not imagine it will financially compensate," he said, justifying the information given by a need for transparency. "When we did, we had found something on some cucumbers Spanish. When you have information to one point, you must tell the public, "he added.

"We are victims of an epidemic," he said. That is what concerns us for now. There are mechanisms at European level to deal with it ", confirming the position of Bruno Le Maire.

Expected meeting June 17 in Luxembourg

In addition, the Minister recalled Friday absolute necessity "not to lower our guard for food safety," tackles and the attempts by some European countries to "re-nationalize agricultural policies."Having considered excessive embargo imposed by Russia on European imports of fresh vegetables (594 million euros in 2010), the Minister has however called for a "total safety" at the intra-European and its boundaries, based on traceability and controls. There remains the question of the cost of such tests. A question that Bruno Le Maire has not evaded, but without giving numerical estimates. This position closes, the minister should defend it on June 17. A meeting with his EU counterparts in Luxembourg should indeed be confirmed within 48 hours to study the responses to health crises, but also to improve their prevention.

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Announced in January, the IPO was expected Groupon. The figures that he has revealed in the record filed Thursday with the U.S. stock market authorities were much less. The website, which plans to raise $ 750 million in stock on a valuation estimated at between 15 and 20 billion dollars, in fact displays significant losses.

Created in November 2008 by Andrew Mason, a student of music, with one million dollars entrusted by entrepreneur Eric Lefkofsky, Groupon offers users to receive promotions from local businesses – florists, beauty salons … – provided that a specified number of Internet users subscribe to the offer. Over 83 million users have subscribed to the service. They were 1.8 million at end 2009. The turnover increased from 94,000 dollars in 2008 to 713,400,000 dollars in 2010.In 2011, revenues could exceed $ 2.4 billion. Growth driven by the acquisition of 13 companies, including Citydeal in Europe.

413 million loss

Groupon losses widen at a rate just as dramatically. In 2010, the net deficit of the site has reached 413 million dollars. For the first quarter of 2011, it already stands at nearly 114 million, says the briefing book. Abysmal losses that already raise doubts as to analysts who fear a new Internet bubble.Sucharita Mulpuru, e-commerce specialist at Forrester, and wondered how can one "lose so much money?" This is crazy with these numbers is that it should model extremely profitable, "he said The Wall Street Journal.

"Groupon has a very healthy business model, based on e-commerce, thus capable of generating cash," said Jonathan Besnaïou, co-founder of Oh My Deal, a site that aggregates and compares the offerings from its competitors and Groupon. "We must not forget that this is a service where the consumer pays first Groupon, which then pays the merchant on the one hand," he recalls.

If Groupon now displays such losses, it is because it invests heavily in customer acquisition – both businesses and users. The start-up business on account 3500 7000 employees worldwide.Considerable labor costs for a startup but can eventually turn into competitive advantage.

Another advantage of Groupon: the site has steadily expanded its offering – one coupon per day to more targeted deals, for example – to stick as closely to the needs of its users. His dedicated service to the mobile, Groupon Now, promises to be the next growth driver Groupon. Andrew Mason, the young CEO of the company, clearly displays the color in a statement of intent that reveals the very special culture Groupon: "As with any young company of 30 months, the road to success is strewn with pitfalls, punctuated moments of brilliance and sheer stupidity of others, "he wrote, convinced that" Groupon is better positioned than anyone to redefine the local business "and determined to focus on" a long term growth. "

The Organization for Economic Cooperation and Development (OECD) maintains its pressure on Switzerland and its banking secrecy. The Global Forum on transparency and exchange of tax information, which includes 101 countries, under the auspices of the OECD released Wednesday night, Bermuda, his verdict on nine countries, including France, United States, Switzerland and Singapore, two financial centers deemed opaque.

Not surprisingly, the OECD does not spare the Swiss Confederation. The report highlights several "shortcomings" of the Swiss legislation in the light of new international agreements on tax matters. In March 2009, following the UBS scandal in the United States, and under pressure from the G20, which forced the OECD to draw up lists of black and gray havens, Switzerland pledged not to oppose its banking secrecy when investigation for tax evasion.To exit the "gray list", where she had fallen at the time, the Confederation has revised most of its bilateral tax agreements – 29 new agreements have been signed since – to include the latest standards of fiscal transparency required by the OECD.

Problem: According to the OECD Global Forum, the Swiss legislation, pending approval by Parliament, is still too restrictive, preventing the de facto transfer of information on tax evaders. Indeed, the new Swiss legislation stipulate that the requesting State must have the name and address of the alleged fraudster, to avoid "blind fishing" for information.

New promises

Result: "a minority" of the new agreements are found to comply with OECD standards.Alerted this winter, it might be re-pinned to its opacity in the exchange of tax information, Switzerland has made amends, at least orally. Last February, the Ministry of Finance Helvetian committed to make adjustments in its legislation by February 2012 so that the absence of name of alleged fraudster is no longer a barrier to information sharing.

Hailed by the OECD, this new concession Bern was very badly received by the Swiss financial sector, which fears of losing the whole banking secrecy fearing further withdrawals of funds for the benefit of Asian financial centers, less scrupulous. In Switzerland, where the subject is very sensitive, conservative politicians of the UDC accuse the federal government to yield to the injunctions of Paris and Berlin.They hope that at the end of the race, a referendum will force the federal government to reconsider its promises.

Helvetic anger is even stronger than the OECD report on Singapore, released at the same time, is more lenient. The gaps relate to the authority in charge of investigations for tax evasion. According to the World Forum, this institution is not equipped with adequate investigative powers to obtain information from banks and offshore companies. Now it is to Singapore as the most hidden funds have sought refuge in Switzerland for two years.