International News

According to Les Echos, Veolia Environment and Suez Environment, the two companies negotiating with SEDIF (Union Water Ile-de-France) for a giant contract to supply water to 144 municipalities in the Ile-de-France, outside Paris, have both received a letter.

Following this letter, only Veolia was invited to continue the development of the contract. This means that the number one global services to the environment is only now vying for the contract of ten years, possibly extendable to twelve years, which shall become effective on 1 January 2011 cash advance america. Suez Environment has indeed confirmed on Tuesday he was excluded from the tender. Veolia Water, part of Veolia Environnement holds the contract since 1923.

The Chinese central bank announced this weekend a further increase in reserve requirements of major banks by 0.5%. This level will be 14% for small financial institutions and 17% for large banks. This is the third time that the People's Bank of China raised the reserve this year. The move is seen as a prelude to higher interest rates, much anticipated in 2010, but it is also a way to delay interest rate hikes this by tightening the screws on the credits via the proportion of reserves. This measure will be effective on May 10

Beijing seeks to put a brake, while concerns about overheating and bubbles in real estate including resurfacing.

Most analysts remain confident about the ability of the Chinese government to curb the overheating, but some are sounding the alarm.In an interview with Bloomberg, economist Marc Faber announcement and a possible implosion of the Chinese economy by a year.

The shockwave of the complaint Friday Constable American markets spread throughout the weekend. The Securities and Exchange Commission (SEC) has accused a number of Wall Street and the first investment bank in the world to be guilty of fraud. She says the bank, especially one of its French employees had deliberately misled the clients to whom it sold in 2007, complex products linked to subprime, which were highly toxic. The move was made for the benefit of another client, the famous hedge fund Paulson & Co.

This brutally violent blow brought to Goldman Sachs by an American authority has given new force to the criticism that rained down on the bank already, although it became a symbol of a fund that has too quickly found the way of profits.For the first time since 1986, when the first attack against the bank Drexel Burnham Lambert, the SEC declares the war a pillar of Wall Street! And this time, Goldman Sachs sees his reputation reached in a way that can impair depth to his "business" as it is accused of having "played" against the interests of its customers.

In Germany, a spokesman for Chancellor Angela Merkel said that her own financial policeman, BaFin, demanded an explanation from the SEC and considering, where appropriate, prosecutions: one of two customers cheated named to United States is another qu'IKB, a German bank bailed out that Berlin. Asked by the BBC, the British Prime Minister Gordon Brown said he was "shocked" by what he calls "moral bankruptcy" of investment banks. He asked that the FSA, British counterpart of the SEC, in turn opens an investigation.Finally, the European Commissioner for Economic Affairs, Olli Rehn, has promised an investigation "deep thrust" on the role of Goldman Sachs vis-?-vis Greece. The bank, which he denies and which has been cleared by the U.S. Federal Reserve in this regard has been criticized for several weeks helping Athens to hide, via financial products, the actual deficit.

The lawyers are already working actively to bring proceedings against Goldman Sachs on behalf of other investors potentially affected by the product under investigation by the SEC. In addition, the whole complex financial instruments and addicted to subprime will be winnowed at Goldman Sachs, but also in other banks.

In turn, the bank Goldman Sachs has reacted strongly against the accusations made against it in civil also, and not criminal.First line of defense: it has itself lost $ 90 million in the case, for only $ 15 million of revenue. The SEC estimated the total loss for investors to 1 billion. Then Goldman would reject the caricature of IKB, for example, an investor easily fooled. IKB had an active market sophisticated CDOs, says the firm on Wall Street.

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A "golden boy" among many other French

LE FIGARO. – Your estate at the head of Generali was held a week ago by Mediobanca, the main shareholder. The agreement was then found that satisfy you?

Antoine Bernheim. – No. Of course I understand that we did not wish to renew for three years president of 85 years. But in this case, it is obvious that age is an excuse. I do not accept the way things have been made against me and against Generali. Me, I was offered an "honorary president", but not at the board of directors! As for the company, its management has been decided from the outside, in Mediobanca. And he provides a board where no one outside the two managing directors (CEOs, Ed) will not know anything for insurance. They even rejected Claude Tendil, president of Generali France, which is one of the best insurers in the world.Generali deserves better than that. We do not yet know how the powers will be defined between the two managing directors and the president. As for Mr. Geronzi, who must take the presidency, I wonder … This is not an insurer and he always said he did not want this job.

Will you accept this patronage?

Honestly, I do not know yet. Thanks to Mediobanca, I'm not even on the list of directors to be presented at the meeting April 24. Given what I represent in the history of Generali, I think it's an insult. Ultimately, I could accept such a position, if I was director. And then, when we, like me, been kicked out of a masterful kick, one is rather tempted to retaliate. I am.I would add that on April 24, the small shareholders in Generali will, too, have a say.

Vincent Bollore, who is close to you has participated in the council and Mediobanca will become vice chairman of Generali. This does not "compensate" Does not your departure?

Vincent Bollore said he did everything he could within the nominations committee of Mediobanca. I think, though, in reality, I think that he is not against the idea of a withdrawal to my age. He advises me for months already to accept a honorary president for life and the benefits attached to them.Do I need? After all, my phone rings again …

As for the future role within the board of Generali, Vincent Bollore – who, as intelligent and dynamic as it is, is not an insurer – I do not know what he can be when we clearly supports a takeover of Generali by Mediobanca.

What do you mean?

I think if you put me in the door today Generali, because I defend an orthodox management, exclusively serving the interests of the company and its shareholders, not special interests. I also fought for what is Generali of Italy, a treasure, one of his very few companies to be known worldwide. We're number two in France, Germany, Central Europe, in China too (private sector).But for the merchant bank Mediobanca, which is no longer the hub of the Italian economy it was the time of Enrico Cuccia, the issue has always been to return to power at Generali easy pay day loans. What has never been neither in the interests of the company and its customers or the interests of Italy.

The defense of Generali, it was also against the appetites of other insurers. Have you, during your presidency, proposed a marriage with AXA?

My duty has always been to defend, with all my strength, the "Italian character" of Generali. So yes, Axa has always wanted a reconciliation, but I've always been against. And I have often said Claude Bebear.If it was thought at one time or another, the fact that French is the head of Generali was a godsend, he finally had to give in to reason.

Compare yourself today the circumstances of your departure to the 1999?

When I became the CEO of Generali in 1995, it achieved very little of its profit in connection with its object. She was content to sell property to make profits! In four years, I had doubled the turnover consolidated global market capitalization tripled. But Mediobanca from me in 1999. As I said at the time, and this remains true, the recognition is a disease of the dog not transmissible to man!

And then in 2002, Mediobanca, very concerned about the financial situation of Generali, which was lost, asked me to return. What not to the liking of everyone.Antonio Fazio, Governor of the Bank of Italy, has done everything for me put a spoke in the wheels. But he failed. Others were convinced that I would not set goals that I had with the two managing directors: we had developed a considerable business plan, for a term of three years for the management, instead of just one year as was. And as I have done my job, they could not get rid of me … until now.

This special relationship between Generali and Mediobanca did she embarrassed in your plans for the insurer?

Yes, because Mediobanca would not be diluted stake in Generali. They have never wanted me to realize any capital increase. Mediobanca may not, from his point of view, giving room for maneuver to Generali, and I worry for its future.Because if the company has managed to partially rebuild its capital after the terrible financial crisis we went through these past two years, it will not be sufficient to meet future regulatory requirements under Solvency 2 Directive nor more needs to be developed by means not only organic but also by major acquisitions.

At one point, he will make a capital increase. And better sooner than later because the liquidity has been abundant in recent months, will not always what you …

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"What insurers are saving the French

On only two months of the year, the Greeks withdrew from their bank accounts around 4.5% of the total money in the country's banking system, according to the Central Bank of Greece.

The four largest Greek banks – National Bank of Greece, EFG Eurobank, Alpha Bank and Piraeus Bank – bemoan the evaporation of about 10 billion euros of bank deposits, and implore the government to help, the Financial Times in its Thursday edition.

George Papaconstantinou, the finance minister said Wednesday that all banks had asked for the remaining 28 billion euros of financial support plan provided by the state banks at the height of the crisis in 2008.

Yields never achieved

These calls for help comes as Greek interest rates hitting record highs this week.Wednesday afternoon, the yield (rate) of the Greek requirement to 10 years reached 7.176%. Greek and yields move away from the benchmark, the German Bund, the gap between the two are digging more than 400 basis points (4 points).

Markets reacted to the ruling of Athens, that the measures proposed by the IMF are too severe. "This is one reason, but there are others, as investors are forced to sell because interest rates are now too high," said Jean-Francois Robin, an analyst at Natixis bad credit payday loans .

Some are forced to unwind their positions in part because of the Basel II regulations."The number of potential investors has reduced and the purchase is," said Ciaran O'Hagan, of Societe Generale.

The National Bank of Greece will be "heavily impacted"

As a market leader in deposits, the National Bank of Greece "could be greatly impacted by the movement of outflows affecting Greece since the early beginning of the year," noted analysts at Natixis in a note published Thursday morning, which degrades the value to "ease" cons "before buying" and lowers its price target from 19 to 15 euros.

According to the broker, bank, however, is "the best equipped to deal with the crisis with a Greek core tier 1 ratio (reserve ratio) by 9.4%, and high exposure to Turkey, whose performance in 2010 should offset the slowdown in Greece.

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"The Greek interest rates are at record levels

After three days of Easter break and while European markets are closed on Monday, the NYSE should begin the week in green. The recovery of new posts in the United States, announced Friday as the market was closed, has something to restore confidence among investors. In March, the United States have created 162 000 jobs. This is the best performance in nearly three years. It is partly due to the hiring of 48 000 federal agents responsible for conducting the population census planned this year. But overall, the trend shows that employment in the private sector restarts. In industry, in services such as retail and even construction companies have started to recruit. "America still has work to do to restore jobs, but it's the best news in this regard for two years, welcomed the president Barack Obama.In fact, the unemployment rate remains high in the United States to 9.7% in March and February.

Investors scrutinize closely this afternoon two other important indicators: Promises of home sales in February in the U.S. and especially the index (ISM) activity in the service in March faxless cash advances. Experts expect a continued recovery in this sector (which accounts for 80% of jobs-with the exception of agriculture, the country) for the third consecutive month.If these statistics confirm the strength of recovery in the U.S. economy, the Dow Jones, which closed Thursday at 10 927.07 points could cross the threshold of 11 000 points.

Despite the absence of European investors, still Easter weekend, futures on indices of NYSE were well oriented two hours before the opening of U.S. markets. Futures on the Dow Jones traded at 10 890 up 30 points and those on the Nasdaq at 1 960 points (8 points).

Side values, Apple will be closely watched at the market opening. The Americans were indeed rushed during the weekend on the iPad, the new multifunction tablet from Apple. More than 300 000 copies have been sold as of Saturday, the first day of worldwide commercialization of this new high-tech product.

The wheel turns for Volvo Cars. In the early 1990s, the flagship of the Swedish car industry had snubbed a merger with Renault before finally being bought by the American manufacturer Ford in 1999. Sunday, Volvo has fallen into the hands of rival China Geely.

A good deal for the Chinese, who will spend 1.8 billion dollars (1.34 billion), four times less than the $ 6.4 billion paid by Ford in 1999. This acquisition, the largest made by a Chinese group in the sector, marks a turning point. She spends the rise of China in the global automotive industry.

Virtually unknown in Europe, Geely began decades ago as a supplier of parts for refrigerators, before becoming the first private carmaker in China.His boss, Li Shufu, an engineer who founded the group in 1986, is 123rd Chinese capital, with one billion dollars. Employing 12 000 people of which 1 600 engineers in China, Geely manages six assembly plants, has 500 dealers and 600 service stations across the country. With approximately 300 000 cars sold last year, Geely number ten is the sector in China.

With its success, Geely intends to leave its borders. According to Volvo, the group also covets the black taxis in London.It is in talks to take control of Manganese Bronze, the company that manufactures the famous 'black cabs' London, which already owns 20%.

Continuing plants inEurope

While Volvo employs 19,650 employees worldwide, the jobs are threatened in Europe? Li Shufu has already notified its intention to build a factory in Beijing which will be manufactured 300000Volvo per year for the Chinese market no teletrack payday loan . But the group also said it intends to continue operating plants in Europe, the main ones being located in Torslanda (Sweden) and Ghent (Belgium).

"I see Volvo as a tiger, on Sunday launched Li Shufu at Volvo headquarters in Sweden, where the Chinese flag was hoisted. The tiger belongs to the forest, it can not be put in a zoo in a small enclosure. We must free the tiger.The heart of the tiger is in Sweden and Belgium, but its power must be projected around the world. I see China as a market where Volvo has shown its ability to release the horses. "

A reluctant time, unions have seemed reassured and have supported the acquisition. "I will not go into details but we got an answer to our questions," said Glenn Magnusson, president of the union LEDARNA. In reality, neither Volvo or its owner, Ford, had a genuine choice.Specializes in sedans and station wagons upscale, Volvo, founded in 1927, saw its sales plunge because of the economic crisis that has benefited small affordable models

As for Ford, the second American manufacturer and the only one not to have resorted to using the federal government during the recession, the agreement with Geely will enable it to reduce its balance sheet and focus its marketing efforts on Ford brand.

By selling Volvo, Ford, however, puts an end to its ambitions in the high end, having sold the luxury brands Aston Martin, Jaguar and Land Rover a few years after their acquisition price.

An ad that was not one. The Russians do not enter the race for the tender of 35 billion dollars to supply 179 tanker aircraft to the U.S.. The company export Russian Rosoboronexport arms and aerospace manufacturer United Aircraft Corp (UAC) denied Monday to prepare a proposal.

Friday night, it was about a partnership between UAC and "a U.S. publicly traded" interfering in the list of contenders for the giant contract.At least that's what John had said Kirkland, who appeared as counsel for the future identity.

April Fools before the hour

"We know absolutely nothing of this tender," said Vyacheslav Davidenko, spokesman for the Russian arms exporter, the only Russian company authorized to participate in tenders of foreign military personal loans for people with bad credit .

With UAC, the news was taken with humor: "I think someone is preparing to advance an April Fool," said spokesman UAC, which said not even know "the lawyer "he read the name" first Friday "on the Internet and in newspapers.

Boeing still alone

For example, Boeing is still single track. But EADS could seep again.The European manufacturer has applied for a period of 90 days for the closing of the tender to submit a new proposal. At the Pentagon to decide. The installment is currently scheduled for May 10.

EADS had been ejected from the race in February, while its U.S. partner Northrop Grumman had withdrawn from a competition judged biased.

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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.

Mich?le 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.

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 Fr?d?rique 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 Cr?dit 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.