International News

Faced with rumors that shook markets extremely volatile last week and some bank stocks are falling, the stock market authorities are seeking a European risposta. Thursday night market regulators in Brussels, Madrid, Paris and Rome have announced a ban on short selling, which takes effect this Friday, for at least 15 days.

Short sales are a complex and risky speculative practice, which involves, initially, borrow securities (eg 10 euros) which anticipates the decline. Then sell it. And finally to buy it when its being dropped (8 euros). By selling what he had not yet acquired by the speculator has pocketed a gain of 2 euros.

This practice is alleged to amplify the declines of the securities markets. Its prohibition is routinely considered during financial crises."Short sales are trading strategies consistent with the rules but they become abusive when they are clearly associated with large and false market rumors," said ESMA, the European regulator of financial markets in a statement.

Eleven French values ​​involved

In France, the AMF has decided to ban short selling of eleven financial stocks which were particularly severe on the stock market due to rumors about the health of the banking sector guaranteed payday loan. Societe Generale is one of them: the bank has seen its price falls by 15% Wednesday due to a rumor of a false information about a bank failure in the British tabloid Mail on Sunday.Crédit Agricole and BNP Paribas are also among the financials involved.

"We deal in various European countries to rumors that are unfounded," noted the president of the AMF. "These rumors can amount to market abuse", by which the MFA refers to price manipulation and insider trading. Finance Minister Baroin has in turn welcomed the decision of the AMF.

In France as in Spain and Italy, the ban is valid for 15 days and may be renewed. In Belgium, where naked short sales (where the investor does not own the loan) were already banned, the new ban is enforced for a period inderterminée.It concerns four titles: KBC Ancora, Dexia and Aegas.

The Dutch financial markets regulator AFM, meanwhile, said he saw no need to ban short sales on the exchanges of Amsterdam.

How to make the Greek economy to become as competitive as the German? Nothing simpler. "I guess the teachers of vocational schools and skilled craftsmen to retire would be willing to be sent (in Greece) fixed-term" is to suggest the European Commissioner for Energy, German Günther Oettinger in an interview with the Hamburger Abendblatt. "We hope that the German economic culture will allow transfer to Greece," said simultaneously the Minister of Economy, Philipp Rösler, also Vice Chancellor Merkel's government as head of the Liberal party.

The Minister of barely 38 years of Vietnamese origin, embodies the virtues of miscegenation and he is proud payday loans for bad credit. Philipp Rösler considers that there is no reason why the methods used to shore up the former communist East Germany do not work in favor of Greece.His words, the hints of cultural imperialism, appear a bit naive. But they clearly reflect a large part of public opinion in Germany. And after all not ready do we not have to Jean Monnet, one of the founding fathers of Europe, this formula, "If it again, I would start with culture"? It's now or never to try.

The difference is certainly on the thickness of the line but it still twists his neck to popular belief. An evaluation of the Ministry of Labour with the redeployment of unemployed Le Figaro has obtained, employment center gets better results that private placement (OPP) to which the accompaniment of hundreds of thousands of job seekers job was outsourced. In other words, the public would be more effective than the private sector to find new jobs for the unemployed.

This assessment focuses on two categories of job seekers who have benefited, in November 2009 and March 2010, a reinforced support: the unemployed far removed from the market (long-term, seniors …) and CTP-fired economic CRP (devices for one year guaranteeing a subsidy equivalent to 80% of the last gross wage). Just under 5000 people were interviewed.In both cases, the rate of return to work thirteen months after the start of the support is higher for employment center.

47% of retrenched in CTP-CRP followed by public service employment benefit and employment (employed or not), against 43% for those followed by a private placement (employment agency, company … reclassification). Less than one in three point still unemployed after thirteen months, against 38% for a PPO. The private sector, which offers support more regular and reinforced, in the end proves better than the public service on one point: the rate of CDI won, higher than 5 points to the result displayed by employment center.

More CDI

The difference is greater for the second cohort of unemployed: the unemployed far removed from the labor market.49% are employed and thirteen months after the start of their employment center for support, against 43% for those followed by a PPO. Unlike the retrenched, the CDI rate is even higher in the public service (44% against 39%). Worse, the number of unemployed, thirteen months after the start of the accompaniment, are higher in PPOs (45% against 41%).

These results revive the controversy over the use of OPP – the cost of an unemployed investment returns twice as expensive (2200 euros on average per year, against 1100 at employment center) – to relieve the crews of the public service of employment in case of downturn. The popular option is to use only an "outsourcing of specialty", on a more targeted, less numerous and where the added value of OPP is proven. Should, in this case, review their terms of payment by paying more in income.PPOs now affecting half of their performance in support of an unemployed, 25% when in use and 25% if there is still six months later. The idea is often put forward to move to a 35% share in the care and placement for 65% effective (against today 50/50). A useful discussion since the OPP always accompany nearly 150,000 job seekers.

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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.

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.

Just e-G8 closed, rumors of geeks running since this morning. And if true, it confirms a big strategic move for Facebook. After launching with Warner Bros VOD (video on demand), the giant with 500 million profiles, whose boss Mark Zuckerberg is one of the VIP guests to meet the eight G8 Heads of State on Thursday – would be a fortnight of launching a music service straming, through a partnership with the nugget Spotify, according the U.S. magazine Forbes.

It is rumored that on the Facebook profiles, left, would be inserted an icon whose name is not yet known, but could be "Facebook Music" or "Spotify on Facebook.It is also said that the alliance would take place without any commitment of money: it would therefore Spotify to be known to great speed in the world, and Facebook, to finally be on the market for music online, like Google, Amazon and Apple.

With these revelations Forbes this morning, citing sources familiar with the social network, shakes blogs, feeds and awakes the twits websites. According to the magazine, if a Facebook user – which is located in a country where this is Spotify – click the new tab, the application will install on his computer screen and allow access to Spotify music library directly from their Facebook profile. Be music, free, for a few hours, or unlimited for those who choose the Premium connection to 10 euros per month.It would be possible to share the song and listened to his "Facebook friends" could enjoy together.

Spotify: a million users and a launch in the U.S.

This partnership would be a real boon for Spotify direct competitor to Pandora or Rhapsody in the U.S. or the French Deezer. The European site for streaming music over the Internet, launched in 2006 in Sweden and in seven European countries, in particular going to launch its first services in the United States this summer, said yesterday one of its shareholders, Sean Parker , Contractor's flagship web world, visiting Paris for e-G8.

Mainly known for founding Napster, the music-sharing software who first shook up the classical model of the music industry, Sean Parker Spotify commme sees a way to encourage people to accept new pay to listen music."I would not say that Spotify is intended to compensate Napster. I would rather call it to finish what I started with Napster, "said the contractor in an interview with Reuters on the sidelines of the e-G8. Spotify claims a million users to date premium total in England, Sweden, Finland, Norway, Spain, France and the Netherlands, and over ten million subscribers for free.

When e-G8, Neil Rimer, co-founder of Index Ventures investment fund, which invested in several start-ups, said he had "identified a list of companies in Europe are approaching the Cape of billion dollars in sales and who have what it takes to go public. "Among them he cited Spotify.

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They need water to irrigate their crops and wanted to know. Farmers and grain irrigators said Saturday morning blocked four entrances and exits of the A10 serving the Charente-Maritime. The action, which was intended symbolic since it has lasted about five hours, was intended to convey to the prefectural authorities all the evil they think of an order Wednesday that prohibits irrigation throughout the department.

The outputs 34 from Saint-Jean d'Angely, Saintes, 35, 36 and 37 Mirambeau Pons have been closed to traffic during the morning. The axis Niort-La Rochelle, on the RN 11, was also disrupted traffic in the direction of La Rochelle was totally cut off.If there is no "water for Charentais, there are not tourists," explained the farmer Saturday morning.

Already fragile economy

"We can not accept a decision to ban all prefectural irrigation taken by people who are in an office in La Rochelle, denounced Avrard Francis, president of the Departmental Federation of Farmers Unions (FDSEA) Charente Maritime interviewed by La Charente Libre.

If they are aware of the exceptional drought conditions affecting France today, so much so that 42 departments are now under water restrictions, operators believe that the authorities took drastic measures too. "We forget too quickly that by taking such a decision, an entire economy is weakened.An economy that already is experiencing very serious problems of cash, "says Francis Avrard.

"Cultures have three weeks early and now they need water for forage maize and grain maize, told Agence France-Presse Daniel Seguin, president of the Association County consultation irrigation and water control (ACIME). "Farmers are responsible and draw the resources, we want a true sharing of water," he said. He expects a meeting Monday in the prefecture "to revisit and adapt to the needs closer."

Weather forecasts indicate localized storms but no regular rainfall for the next seven days at the national level.Guest this Sunday on Radio J, the Minister for Ecology Nathalie Kosciusko-Morizet said it was too early to establish a drought tax, because we do not yet know the magnitude of the phenomenon.

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Memory market on Friday, 13 has little impact on markets, even if Friday, October 13, 1989 took place a minikrach. In real estate, however some have difficulty leaving their superstition on the shelf.

The "Paraskevidékatriaphobia (phobia 13) deprives many American buildings 13th floor, and many palaces room or table 13. In the UK, according to a British website, Zoopla, an apartment of less than 300,000 euros, at number 13 of a street, would sell for an average of 4000 pounds (4593 euros) less than 12 or 14 .

The 13 does not however run the streets: 28% of UK streets do not payday loan no faxing. It has often been cleared between 11 and 15, or disguised in 11a. In Paris, there are not 13, rue du Faubourg Saint-Honore, since the Empress Eugenie decided. But when they exist, the numbers 13 are not cheaper than 15 or 11.

In Orpi or Féau is remembered buyers have waived a house not quite "feng shui", but not because of 13. Citing statistics, the Notaries of Paris confirms: "For the No. 13 tracks, there is no special discount. Parisians do not seem superstitious! "Neither the address nor the floor … in the Montparnasse tower does have a 13th.

In Greece, the good news is rare lately. The most indebted country in Europe would be out of recession in the first quarter of 2011, thanks to a rebound in activity of 0.8%, according to Eurostat and the Greek Authority statistics. A surprise, after a dip of 2.8% over the last three months of 2010, a figure significantly revised downward from earlier estimates of -1.6%.

"The resumption of growth in Greece is surprising: we expected the continuation of the recession," says Thibault Mercier, economist at BNP Paribas. "But that blip, probably driven by external trade, does not fundamentally change the situation: the austerity program has a strong impact on household consumption.Businesses can not borrow at very high rates and banks, whose health depends on the state of public finances, have limited access to liquidity. "Clearly, they can very easily give credit to their customers.

"The recession is it defeated?" Asks BNP Paribas. "Not really: the figures published so far do not provide details on the components of growth and numbers are often revised significantly after the first publication." These factors explain the downward revision by the European Commission's forecast Greek economy to the same Friday. It now expects a fall of 3.5% of the activity, against a fall of 3% previously envisaged. Accordingly, the government deficit is forecast at 9.5% of GDP, against 7.4% previously estimated.

The recovery is strengthening in the euro zone

Moreover, growth in the euro zone has more than doubled in the first quarter at +0.8% against +0.3% end of 2010, according to a first figure published by Eurostat.

It is true that several countries are still experiencing difficulties. Portugal has thus fallen into recession, with a contraction of 0.7% of GDP and the Italian economy has stagnated (+0.1%). Spain has recorded its share to a timid growth of 0.3%.

The average growth in the euro area was driven by the dynamism of its largest economies: France reported a surprise increase of its activity by 1%. Growth of 1.5% was even made by Germany!

François Lenglet, managing editor of business daily.