International News

The ears of Michel Barnier, European Commissioner – French – in charge of Financial Services, had whistled Thursday morning. Jean-Pierre Jouyet, the president of the Financial Markets Authority (AMF), which held its annual interviews, did not mince words in criticizing his proposed reform of the financial markets in Europe. "The responses of this text do not match" issues, said Jean-Pierre Jouyet who fears that "to continue the movement toward more opaque."

The European Union last month presented a draft revision of MiFID came into force in 2007, which led to a proliferation of trading platforms, which make more complex markets work and the work of monitoring their police.Today, "it replays the same scene!" Complained Jean-Pierre Jouyet.

The tackle of the President of the MFA vis-à-vis Brussels has earned strong support from representatives of the Paris present yesterday morning, as Mestrallet (GDF Suez CEO and president of Europlace), Dominique Cerutti ( Nyse Euronext number two) but Ramon Fernandez, director of the Treasury. But on this subject as on others, the good alignment between gendarmes and police positions in finance in France lack relay abroad. But "it is here that we must share our ideas," Ramon Fernandez fell Thursday. "It's the G20 that plays the game."

Credit Risk

Global or European scale, several parties have just recently lost by France. The recapitalization of the banks decided at the Brussels summit of 27 October had not favored by Paris.

Almost non-existent on the high end, Renault plans to return in the race with his partner allemandMercedes, one of the kings of that class. So far, we knew that French was working with his ally on a Nissan platform technique to manufacture both its future high-end, but the Megane compact, and vehicles of similar size in Japanese. But this platform – which targeted 1.5 million cars a year, will be extended to Daimler, the maker of Mercedes. "There will be a common platform between the three: Renault-Nissan and Daimler," said Thursday Carlos Ghosn, the CEO of Renault-Nissan, during a dinner with journalists.

Result, "you move from one platform from 100,000 to 200,000 cars a year" for the high-end Renault, "a platform of 2 million cars.It is no longer the same challenges: cost, quality and performance are not the same, "says the owner of the manufacturer. On this platform, Renault will build the replacement of Space and the Koleos 4 × 4, but also a "range" is replacing both the Laguna and Vel Satis. Laguna does not know the fourth generation: the new vehicle still under wraps, will be greater. These cars are mainly produced in the factory in Douai, France, but also outside Europe, possibly in Korea. They emerge from late 2014 and 2016.

Meanwhile, Renault plans to launch "a vehicle developed with Daimler," on a platform of German, said Carlos Ghosn."I do not think it would be very realistic to say that Renault, which has the ambition to develop a more expanded upper range, will not consider one way or another with some potential collaborations Mercedes for at least one model so ", he had already slipped to Frankfurt Motor Show in September savings account payday advance. Renault-Nissan and Daimler already designing future joint small Twingo and Smart (set in 2014) and a commercial vehicle for Mercedes. The construction of a compact Infiniti, Nissan's premium brand, based on an architecture provided by the group to the star, is also seriously considered.

Amortization of costs

With Mercedes, Renault hopes to succeed where he failed himself. The launch of a vehicle requires high-end development costs very high, particularly disappointing that the volume of Renault failed to dampen.After stopping production in 2009 of the Vel Satis, the diamond was sold last year that 53,000 Laguna, Koleos 39,000 and 17,000 area.

While the three champions of the category-BMW, ​​Audi and Mercedes-emit spectacular margins, the high-end Renault "is the weakest part of our operation, which is not normal," says Carlos Ghosn, who believes that in this area, the French "can hardly do less."

Carlos Ghosn, the partnership between Renault-Nissan and Daimler-each holds 3.1% of the other-is an "opportunity" not to let go upmarket. Daimler, "very smart", is contributing "to the maximum" French in the development of Smart, as the engineers' know we will do better than them. " Conversely, "do not say is that we can do it all on the high end. You must use the skills of Mercedes, "he says.

Wall Street has been won by the pessimism Monday. The Dow Jones ended down sharply from 2.13% to 11.397 points, after rising 4.9% last week. Nasdaq in turn yields 1.98% to 2614.92 points and the S & P 500, wider, lost 1.94% to 1200.86 points.

The New York indexes, which were due up, opened in the red, sealed by the doubts that have entered the European markets at mid-session. The German Minister of Economics Wolfgang Schäuble has indeed warned that the EU summit to be held in Brussels Sunday will not lead to a definitive solution to the debt crisis.

This weekend, the European central bankers have expressed their determination to end the debt crisis at the G20 Finance in Paris. The Europeans have promised to respond "comprehensive and lasting peace" to the debt crisis."Advanced countries will adopt, taking into account their respective national circumstances, policies to strengthen the confidence and support growth and implement measures clear, credible and targeted to rebalance public finances" stressed the finance ministers in their statement. Specifically, they promise to make a decision at the European Summit of October 23, described as "decisive" on Saturday by Minister of Economy Baroin. Attempted to reassure the ECB President Jean-Claude Trichet said the euro was "not threatened", but called on all Europeans to be "extra vigilant" with regard to public finances.

In the same tone, Christine Lagarde, has also shown confidence in the capabilities International Monetary Fund (IMF) to come and play firefighters, as appropriate, to countries in difficulty.In Europe a microphone, the director of the institution determined that its resources were "appropriate" and "in line", sweeping the wish of several European countries to strengthen its capacity in anticipation of a bankruptcy of Athens.

Barack Obama and his savings plan

Across the Atlantic, investors also await details of the savings plan of Barack Obama. Last Friday, the country's budget deficit reached 8.7% of GDP in 2010-2011, 0.3 points less than in the previous year, according to the Treasury. Knowing that in absolute terms, the fiscal gap widened slightly to 0.4% from fiscal 2010 to rise above 1.299 trillion dollars, making it the second largest deficit the country's history.

In terms of indicators, the United States, industrial activity in the region of New York came out down $ 8 no fax pay day loan.48 in October.A contraction is stronger than expected. Industrial production has in turn increased by 0.2%, as expected.

On the currency side, the euro lost ground against the dollar on Monday after briefly climbed above $ 1.39 for the first time in a month. To 22 hours (French time), the European currency is worth 1.3744 dollars against 1.3881 dollars on Friday night.

For their part, oil prices are down. In New York, a barrel of light crude lost 42 cents to 86.38 dollars.

Values ​​of the day

A salvo of results announcements in the banking and technology is expected this week.

On Monday, banking stocks are tested: JPMorgan Chase 2.67% to 31.04 loose dollars, Bank of America 2.42% to 6.04 dollars. Wells Fargo fall of 8.44% to 24.42 dollars after reporting a decrease of 4% of its turnover. Morgan Stanley 0.26% to nibble 15.26 dollars.

Citigroup lost 1.65% to 27.93 dollars despite the publication of a net profit up 74% in the third quarter, above expectations.

As for technology stocks, Apple lost 0.48% to 419.99 dollars. The company announced the Apple selling 4 million copies of its iPhone 4S. The Canadian Research in Motion, maker of the Blackberry, falling 6.55% to 22.40 dollars.

Kinder Morgan (4.83% to 28.19 dollars): The U.S. company to transport energy products announced Sunday it would buy its rival El Paso (24.81 to 24.45 dollars) to $ 21 billion , about 38 billion with debt, and thus form the largest pipeline network in the United States.Based in Houston, Texas (south), the new company will have an enterprise value of $ 94 billion, Kinder Morgan said in a statement.

Statoil (1.73% to 24.64 dollars): The Norwegian oil company announced Monday the acquisition of the American Brigham Exploration Company (21.05% to 36.75 dollars) to $ 4.7 billion ( 3.4 billion euros), which will allow it to grow stronger in non-conventional hydrocarbons in the United States. This acquisition gives Statoil access to deposits of oil shale Bakken and Three Forks in the Williston Basin in the states of North Dakota and Montana.

British Petroleum (0.73% to 40.17 dollars) Columbiaa The oil company said Monday that he would receive a payment of $ 4 billion in cash from the U.S. Anadarko as co-payments related to the disaster of the Gulf of Mexico.

Long relegated to playing second fiddle, women are playing an increasingly active in economic life. They upend the established positions and make their voices heard, as evidenced by the seventh edition of the Women's Forum which runs through Saturday in Deauville. Notably, they enter the highest levels, for example by investing the boards of large listed companies with the Zimmermann-Cope Law, which requires 20% of administrators by January 2014 in the groups listed on Paris and unlisted companies employing over 500 people. Anticipating that date, the giants of the CAC 40 they received from this year 20.99% of their directorships, according to Ethics & Boards, the first international observatory board and monitoring of listed companies, chaired by Alexandra La Martiniere.But women are only 15.21% to hold this type of responsibility in smaller listed companies belonging to the SBF 80.

Even the state is beginning to apply the principles it imposes on the private sector. Saffron, which is a shareholder, allowed him finally to have the first three women's representative in a large group when he joined the CAC 40 index in September.

Support networks

The verb "undertake" is combined also becoming more feminine. Women represent an entrepreneur in three. Some embark necessity. "After working twenty years as product manager and then as marketing director, I was forced to give up my profession for family reasons. When my husband died, I had 50 or more years of employment.The idea to set up my own business has become a highlight and a necessity, "said Agnes Terrillon who created Voskel, an art gallery for young talents. Others launched by personal desire. "I always knew that I would one day own guaranteed fast personal loans. The trigger came from a personal need for which I could not find a solution. I could not rent equipment for childcare for the birth of my children. Separated with two children, I also wanted to take a new turn in career almost 50 years, "says Florence Pouzergue, who created Louli & Go Kids, a site that offers baby equipment. Younger do not hesitate to give up the comfort of well-known companies.

"I created the Factory Design to 24 years at HEC," explains Emily Gobin.Women can especially make the attempt and assert their professional ambitions that support networks are increasing. InterElles, Women's Network, O'Pluriel, Action'elles help them win in businesses. Force Femmes, EPWN, the first European network of women executives and entrepreneurs, and encourage others to take responsibility and develop their society. Martine Liautaud, founder CEO of investment banking Liautaud & Co., launched in September 2010 a mentoring program called Free WBMI, including BNP Paribas is a partner. "I met by chance WBMI at a time when I was at a standstill. With my mentor, I found the keys to move, "said Martine de Richeville, head Svelt'Coaching, now in Paris, Brussels and Milan. The financiers also are mobilizing.Women Equity, founded by Dunya Bouhacene, loop a fund raising 100 million euros for investment in growth SMEs run by women and made his first investment. With an aim to discover the female champions of tomorrow.

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The general crisis of confidence in the financial system can benefit the socially responsible investment (SRI), this offer of investment products which, in the traditional financial measures, add the dimensions called ESG (environmental, social / societal, governance) ? At first glance, yes. Assets invested in SRI in France have soared in recent years. End of 2010, they reached 68.3 billion euros, against 50.7 billion in late 2009, an increase of 35%. And the year 2011 looks very good. According Novethic, a subsidiary of Caisse des Dépôts, which publishes research and analysis on the SRI market since 2001, these assets had already reached 47 billion euros at the end of June.

Small flat, struggling to win these investments from individuals.Institutional clients (pension and insurance plans, public pension funds, private insurance companies, mutual companies, etc..) Still accounted for 70% of SRI assets in late 2010. A study conducted by Ipsos agency for non-financial rating Eiris * 60% of French investors, however, now give prominence to environmental, social and ethical issues in their investment decisions. But 64% of respondents have never heard of SRI, and only 9% are on the page.

Latent demand unsatisfied

"There is a latent demand unmet in a number of individual investors now significant," says Marion de Marcillac, responsible for developing the French office of EIRIS.This view is shared Bertrand Fournier, president of the Forum for Responsible Investment (FIR): "The offer is not visible and distribution networks do not talk about SRI." For Nathalie Kosciusko-Morizet, Minister Ecology and Sustainable Development, however, the context is conducive to flight. "SRI is probably an answer to the financial and banking crisis we are experiencing," said the minister during the presentation of the study, on October 6. "Reconnect citizens with finance is a vast undertaking, which requires industrial issues to reconnect with the financial issues and give concrete meaning to financial products," she said.

Therefore Nathalie Kosciusko-Morizet calls to market players, foremost among banks and insurers, to commit themselves to "promote a responsible offer of financial investments."She stressed the need to provide transparent information to individuals, especially as the multiplicity of approaches to SRI in Europe scrambles some tracks. In France, the multi-criteria approach called "Best in Class" prevails. This is to select the best companies in each sector according to the famous ESG. Anglo-Saxons and Scandinavians, in turn, prefer a strategy of exclusion. In this case, certain industries such as armaments or tobacco, are simply discarded SRI funds.

The French approach in question

According to EIRIS survey, 36% of French investors said they were very tempted by an approach that would exclude certain companies because of the nature of their activities or practices such as child labor. Only 19% of respondents say they are, however, very tempted by the method of "Best in Class".Nathalie Kosciusko-Morizet, "no subject is taboo. The 'Week of SRI' * is an opportunity to initiate discussions, particularly on the definition of criteria for responsible investing. "

* Survey conducted among a sample of 1040 French adults aged 16-64 years from 16 to 19 September 2011.

* The second edition of the "Week of the Socially Responsible Investment" will run from October 10 to 16, under the Ministry of Ecology and Sustainable Development.

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The concern continues to dominate in Asia, where major stock markets were down on Tuesday. Shortly before 7 am (Paris time), the Nikkei yield 1.31% to 8433.27 points, the Hang Seng in Hong Kong 1.59% to 16,554 points and the Shanghai Composite Index 0.26% to 2359, 22 points. The South Korean Kospi falling 4.97% to 1681.82 points while the S & P200 was down 0.64 Australian% to 3872.10 points. The MSCI Asia Pacific for its yield 2.1%, the lowest since July 2009.

The day before, Asian stock markets had already declined, lead-talk statements of Greece announced that it would lack its fiscal targets.In the process, Europe had closed down, followed by Wall Street where the Dow Jones dropped 2.37% to 10.655 points and the Nasdaq 3.29% to 2336 points.

Monday evening, the finance ministers of the Eurogroup have pushed the "the month of October," a decision on a new tranche of EUR 8 billion, needed to Greece.Despite the announcement of new measures by Athens deficit, the markets fear more than ever a default of Greece.

Oil down and the yen at the highest for ten years

"In addition to the growing European concerns, there are also fears about the level of the yen and its impact on the results of Japanese companies," said Hiroichi Nishi, a broker at Nikko Securities SMBC fast payday loans.

Nippose currency, considered a "safe haven", is indeed at record levels: about 7 o'clock this morning, the euro bought 101.21 yen against 102.6 yen on Monday morning. During the day Monday, he even reached 100.96, yen, lowest in a decade. The dollar also declined against the Japanese currency to 76.59 yen against 77 yen on Monday morning. The rise of the yen penalizes income from Europe of Japanese exporting companies.

Oil markets, concerns about the global economy weigh on prices: a barrel of "light sweet crude" for delivery in November lost $ 1.11, to 76.50 dollars in early electronic trading. A barrel of Brent North Sea crude for November delivery gave up 92 cents to 100.79 dollars.

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Football, video games, magazines, sofas on which to lie down to watch football matches, all swallowing hot dogs and chips at will. The best place of all men … at least according to Ikea. It was at Sydney in the local store's Swedish distributor, that this "Mansland" was born. The logic is the same as for "Smaland" space for day care children present in all the Ikea stores around the world.

Already cleared of toddlers, women will finally be totally alone to shop. Only problem: after half an hour of bliss, a buzzer reminds the ladies half their existence, if they would have already forgotten. Mr. Mrs. So join to challenge his choice of linens, glass and lighting … and why not to pay at checkout.

No planned deployment in France

This solution to rally the spouses who shun Ikea citing another "Stockholm Syndrome" (birthplace of the group) is currently an isolated initiative. The operation took place over four days on the occasion of Father's Day in Australia. "A deployment of this kind of space for men is not in French stores," says Are there Ikea France. The French will have to still support their husbands and vice versa!

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Diversify its funding sources to reduce dependence on banks: this is the objective of local government, at a time when bank credit is becoming scarcer. Tuesday, associations of elected officials have announced the creation of "a funding agency of local investment," the model of what is happening in Northern Europe. This vehicle will issue bonds on financial markets. It then lends to local authorities, medium and long term. To access these loans, municipalities, counties and regions in question will make a capital contribution to the agency. In a way, it is to launch "Eurobonds" across local authorities – even if the project was launched in 2009, before the debates which agitate Europe on the financing of its sovereign debt.

"Investors want to invest in the debt of French local authorities, which is very safe.But they have few means to do so, since only large communities issue bonds. We offer a suitable vehicle, "said Olivier Landel, Chief Executive of the Association of urban communities in France. Communities will therefore be the primary beneficiaries.

In addition, the agency should issue bonds at a good price. Elected officials hope that, despite the absence of government guarantee, the agency will be rated triple A by virtue of the quality of local debt (the latter must have an operating budget in balance) and mechanisms of solidarity between its members. Above all, the agency lend to municipalities, departments and regions, at a rate just higher than its own cost of funds – but different depending on the risk profile of each community. Because unlike banks, it is not intended nor need to secure substantial profits."The structure is light, with just 70 people to run," insists Jacques Pélissard, President (UMP) of the Association of Mayors of France.

Shortage of bank credit

"We hope to pass the legislation before the end of the year for the agency operates end of 2012. We are confident because the government views with favor the initiative, "said Jacques Pélissard. The first year, the agency should raise 800 million to one billion euros, sixty communities. Ultimately, elected officials are hoping that a quarter of 20 billion of annual funding needs of the communities will be ensured through it.

"The evolution of credit conditions shows that the agency is essential," says Michel Destot, Mayor (PS) in Grenoble and president of the Association of Mayors of major cities in France. In fact, the problems get worse.Haute-Savoie, St. Gervais-les-Bains had to give up an investment due to lack of adequate bank credit. A survey of the AMF, the local sector banks have responded that in 30% of the total volume requested by the communities. Some German banks come to the rescue, but this is not enough. The problem is more acute than that of toxic loans, which represent only 7 billion on a debt of 160 billion community. The government plans to use the Deposit to remedy the lack of funds.

After still closed higher Thursday evening, the U.S. stock markets remain on their momentum on Friday. In early trade, the Dow gained 0.44% to 11.484 points, the Nasdaq is 0.37% to 2617 points and the S & P 500 climbed 0.53% to 1216 points.

Investors are focused on reassuring news from Europe, as the announcement of a new agreement between central banks to provide dollar liquidity to European banks and Japanese. "This program already exists, say the analysts at Aurel BGC. The ECB offered this week, two European banks to dollar liquidity in 7 days "

Suddenly, the "four witches" today is to say the expiration of four types of futures contracts on indices and stocks, "will be addressed, according to Aurel BGC in a more serene.Recent events have reassured investors and market expectations about European officials said after the meeting of the Ecofin support actions ".

U.S. consumer debt and European

At the macroeconomic agenda of the day, the index of consumer sentiment for the month of September is expected this afternoon, 12:00 to 3:55 p.m.. But such macroeconomic indicators may well be once again overshadowed by political events related to the debt crisis and European banks.

Indeed, this Friday as European finance ministers and the U.S. Treasury Secretary Timothy Geithner, this exceptional, try to resolve their differences at a meeting of high voltage in Poland payday loan. This is to complete a second plan of aid to Greece, imperative to save the country and the euro area, whose failing health is in turmoil the entire planet.Timothy Geithner has already openly believed that Europeans should inject more funds to avoid a major crisis.

RIM collapses

On the corporate side, Research in Motion (-21.77% to 23.11 dollars), the maker of BlackBerry smartphones, collapsed after publishing quarterly results fell sharply, well below analysts' forecasts.

The rating agency Moody's said Thursday it placed under surveillance notes of the bank UBS (3.42% to 11.80 dollars) with for a potential degradation due to "weaknesses in risk management the group. "

At the heart of the news, Google (0.24% to 543.59 dollars) has purchased additional patents in 1023 the computer company IBM (0.68% to 171.38 dollars) to strengthen its portfolio and to attempt trial to deter intellectual property infringement.Google expects the other hand that the number of Internet users in India to be tripled in three years through improved access to wireless internet and at prices more affordable smartphone, reported on Friday Wall Street Journal.

Boeing (1.59% to 65.34 dollars) could finally respond to the order by Air France-KLM of 110 long-haul aircraft, including 50 firm orders, builders Boeing and European Airbus to ensure the renewal of its fleet.

Prevention rather than cure. Monday, Pierre-Henri Gourgeon, CEO of Air France, met with unions to prepare them for a more austere than expected return. Deemed "constructive" by the company management, the meeting was to "share" a moody vision of the coming months, which will result in a strengthening economy measures probably formalized in October after the committee Strategic Air France-KLM.

In 2010-2011, Air France announced a cost reduction of nearly 600 million euros. This time, no figures were mentioned. But Monday, Pierre-Henri Gourgeon spoke of "the lack of visibility" on the economic and spoke of the "specter of recession."

No to social at first. A voluntary redundancy scheme has indeed completed at Air France. In two years, the company lost 10% of its workforce.It is not clear that new candidates would raise his finger when a window was open initially. "We should make use of unwanted departures. Now we want to respect the social contract of the company, "said one member of management. Yet behind the scenes, some trade unionists believe that a cost reduction plan will not be enough: "If growth is not to go, plan on removing items from 5,000 to 10,000 is to be feared," stated Monday a trade unionist. Air France has 58,000 employees.

"We will target the fixed-term contracts and temporary contracts and make greater use of outsourcing," lists a spokesman. The hiring freeze, eased in recent months again become very strict.But the recruitment of drivers provided as part of the opening of bases from province to Marseille, Nice, Toulouse and Bordeaux should not be affected payday loans.

Air France will ask all departments to review their budget down. Each manager will be responsible for making proposals in this direction, allowing a second step to calculate the new plan to reduce costs. Another source of savings, reduced capacity of the company, that is to say the removal of flights. After the announcement in late July from a reduction in the growth of long-haul traffic during the winter, is now expected to do the same during the summer of 2012.

In ten days of the announcement of his mégacommande of long-haul aircraft, shared with KLM, the management of Air France said that his austerity plan, however, should not affect aircraft deliveries.

The arrival of Alitalia

A new period of turbulence looks while the current management of Air France to start his estate. The prospective dolphins Pierre-Henri Gourgeon shall take the levers when the profitability of the company has won compared to that of its major European competitors such as Lufthansa or IAG (involving British Airways and Iberia). For its part Lufthansa said on Monday it would sell its subsidiary to British Midlands, which allowed him to gain a foothold in London.

Air France-KLM does not transfer. The Franco-Dutch group is preparing for a majority stake in Alitalia.

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