International News

Nicolas Sarkozy has opened Tuesday morning the first edition of "e-G8 in Paris. Faced with a thousand decision makers and observers of the Internet – including Mark Zuckerberg, the founder of social networking site Facebook and Eric Schmidt, Google CEO, who made the trip – the president has invited the giants of the Internet to form a delegation to attend Thursday and Friday at the G8 summit in Deauville. Because, for Nicolas Sarkozy, "think the Internet is a historical responsibility to be shared between you (the Internet players, Ed) and we, the Heads of State" have the duty to "recognize the role (the web) in the course of history (…).States wishing to initiate a dialogue with you for a balanced approach might one day be found between your interests, those users who plébiscitent you every day and finally those of the citizens and taxpayers of each nation who also have rights, " the president said. "There is much to do together," he held, inviting them to renew the holding of an e-G8 annually.

The head of state welcomed these Internet giants that have revolutionized the world. Revolution "that belongs to nobody, which has no flag, no slogan, which is a common good," which took place in an "historic" registered "in pacifism." Nicolas Sarkozy also praised the Internet to be a few years become the vector of "unprecedented power of freedom of expression," referring to the revolutions that challenge the Arab region since the beginning of the year.For the head of the state, Internet giants, who have "changed the world just as Galileo, Columbus and Newton, have shaken the foundations of the global economy (they are) become major players" .

Introduce rules on the Web

Still, he stressed the need to control the Internet. "The technology must remain neutral, but the uses are not," he said, arguing that actors do not let it web "convey evil, without hindrance, or restraint" and for the respect of a minimum values ​​and rules on the Web."Full transparency, one that never leaves the man in peace, sooner or later faces the very principle of individual freedom," stressed the French president, arguing that the Internet can not escape "of minimum values, minimum of rules. "

He returned to the issue of intellectual property rights: "I know that the French conception of this principle is different from that of other countries, but nobody should be expropriated with impunity the proceeds of his ideas, his work, his imagination, his intellectual property. "

The Chair recalled that by virtue of that right as creator of those who draw the contours of the Internet have been able to build empires."The writer, director, musician, performer must have the same rights and a fair return for their ideas and their talents."

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The new prime minister, in power since last March, addresses the problem of unemployment, which remains the black spot in the Irish economy. Enda Kenny has presented on Wednesday a package of measures aimed at creating 100,000 jobs over four years.

The plan provides for reduced charges on low wages, a lower rate of VAT from 13.5% to 9% on some goods and services related to tourism to boost the sector and an increase in infrastructure spending for roads and schools. The government also wants to facilitate the upgrading of the unemployed through training programs.

Since 2008, hundreds of thousands of jobs have been destroyed under the impact of financial crisis, the bursting of the housing bubble, bank failures and austerity plans to repeat that the government had to place to contain soaring deficits and debt.In recent years, the unemployment rate has skyrocketed from 4% in 2007 to 14.7% today. The country is also facing an exodus of the population, especially young people, who try their luck in Canada or Australia. After the tutelage of the IMF and the EU, which granted in November a plan to help 85 billion euros in the country, the government faces a budget deficit of 32% of GDP, provides for a very narrow scope.

Rebound in exports

To finance this plan, Enda Kenny has decided to introduce a new tax – 0.6% – on pension funds, which should bring 470 million euros per year, totaling 1 instant credit report.9 billion euros . This has inevitably raised strong criticism in the profession. Growth side, the latest forecasts predict a return to the green this year, after three years of recession.The main institute in the situation, ESRI, reported Wednesday its forecast, anticipating a rise in GDP of 2% this year and 3% in 2012. A result that is nevertheless perspective, because this new dynamism "based entirely on exports," says ESRI report, given that domestic demand will fall further this year. Knowing that this rebound of external trade is linked to many multinationals operating in Ireland. Moreover, the GNP, which does not take into account their business will only grow 0.5% in 2011, according to ESRI.

Precisely for this reason that the Prime Minister does not intend to compromise with its European partners, who demand a higher rate, very attractive, the corporate tax (currently 12.5%) in exchange for a relaxation of the rescue plan negotiated by his predecessor, Brian Cowen."The Irish have made some overtures in that domain," says one good source, however, the French Ministry of Economy. Negotiations could therefore release in the coming weeks.

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Strong rebound in the Paris Bourse. The Cac 40 wins 1.32% mid-term to 4060.20 points. The previous day he had dropped 1.25% due to the deteriorating financial situation of Greece. The trend remains fragile. Investors will follow the show including six months of the Greece of a $ 1.25 billion.

Greece does not discuss additional assistance, sources said Tuesday Greek and European senior, denying a news report that suggested a new plan of 60 billion euros. This information has boosted European values ​​that are returned to the rise in the morning.

On the macroeconomic front, industrial production fell 0.9% in March, according to statistics released Tuesday by the INSEE.Analysts forecast an average 0.4% increase in industrial production.

United States, the import prices in April will be released at 14:30.

On the foreign exchange market, the euro was stable against the dollar on Tuesday. About 11:00 am in Paris, the euro was at 1.4365 dollars against 1.4358 late Monday.

Greece in big trouble, gasoline at record levels

After losing more than 2% Wednesday, financial stocks are at the party on Tuesday. Societe Generale (2.22% to 43.12 euros), Axa (+2.15% at 14.97 euros), Credit Agricole (2.14% to 10.98 euros) and BNP Paribas (+2, 10% to 54.05 euros) had the largest decreases the Cac 40.The rating agency Standard and Poor's downgraded two notches sovereign rating of Greece.

BNP Paribas is expected to formalize Wednesday Pébereau departure from the presidency of the French bank at the end of the year or early 2012, and appoint in his place the current chief executive Baudoin Prot, the Financial Times. The latter should be replaced by Jean-Laurent Bonnafé, deputy CEO of the group.

Accor: + 4.01% to 30.29 euros

CA Cheuvreux has adopted a positive opinion on value."The stock is trading at a discount of 25% compared to that of its European competitors," suggests the analyst, however, maintains its price target to 35.50 euros on the value.

Plastic Omnium: + 7.98% to € 22.60

The Plastic Omnium share is up sharply Tuesday on the Paris Stock Exchange after announcing the acquisition of Rotherma, a leading European manufacturer of underground containers quick payday loans. ROTHERM achieved a turnover of 12 million euros in 2010.

Lagardère: + 1% to 29.26 EUR

Arnaud Lagardère, general partner of Lagardere said at the meeting due to the group maintained its proposed IPO for its 20% stake in Canal +.

Saint-Gobain: + 3.01% to 47.24 euros

The group announced on Tuesday an investment of around 50 million euros in the construction of its second automotive glass plant in China, Qingdao, Shandong Province (east).

While gasoline prices breaking new records almost 1.55 euros on average, earn 1.60% to Total 41.93 euros.

JC Decaux: + 1.47% to 23.49 euros

JCDecaux has significantly exceeded its target on the first three months of 2011 by signing a growth of 7.8% of its turnover but it is more cautious for the current quarter assuming an increase of about 4%.

Saffron: + 2.02% to 26.53 euros, Thales: + 0.34% to 29.80 euros

Safran and Thales should arrive this summer with a tentative agreement on an exchange of assets in the defense wanted by the government, as the chief representative of arming Laurent Collet-Billon, in an interview Tuesday at Les Echos. In a statement, Safran confirms negotiations with Thales.

Sales and general meetings in the program

Atos Origin: -1.8% to 41.54 euros

The IT services company Atos Origin said Tuesday sales down 1.3% in the first quarter 2011 to 1.22 billion euros.For the first half, the group seeks an operating margin up 50 basis points, compared to 6% for the first half of 2010.

Eurazeo: + 1% at 56.76 euros

The investment company Eurazeo in the first quarter revenues stable at 866.8 million euros, but up 5.9% in not taking into account the base effect associated with adverse chain of budget hotels B & B Hotels, sold in 2010.

The turnover in the first quarter of Maurel et Prom, Nexity, Ruby, Alten, Assystem, Devoteam and Eutelsat (third quarter), will be announced after market close.

Note that the general meetings of ArcelorMittal, Lagardere and Havas will be held Tuesday.

The false Renault spy case comes to an end for Matthew Tenenbaum. The youngest of three executives dismissed earlier this year accepted its reintegration into the group, according to the agreement reached with management on Monday. "I can confirm that it is reinstated. It remains to determine what functions, it is being discussed these days, "said Thibault de Montbrial, his lawyer. The other two concerned Balthazard Michel Rochette and Bertrand, they have decided not to return.

The other part is returned Philippe Clogenson. The latter had been dismissed for corruption in 2009, also on the basis of anonymous accusations that proved unfounded. Renault reinstate it next month as director of "business development" Renault Consulting, the consulting division of the group.

Back to the wall

The return of Matthew Tenenbaum Renault may have a bitter taste.A new audio document, published by L'Express on Tuesday, makes indeed account for the severity of the direction towards him during the meeting on 3 January with Christian Husson, legal director of the company. That day, part learned with amazement accusations of industrial espionage and the dismissal proceedings against him.

Confident Christian Husson Matthieu Tenenbaum launches: "We know that you have committed serious acts, unethical at Renault, and constitute criminal offenses. You'll leave here earlier with a layoff conservatory. The latter seems stunned: "I do not see at all what you mean." Then follows a real game of ping-pong between the two men Proceedings:

– "I think you know very well," said Christian Husson.

– "No! "Replies Matthew Tenenbaum.

– "Yes, yes Matthew …"

– "We know each other!"

– "Of course we know each other. But here, we know "

– "But you know what?"

– "We know."

– "But you kidding! It's not going head! "

– "It's going very well," said Christian Husson, which states in part that his "cronies" are examined in the offices nearby no fax payday loans.

Confession or resignation discrete

Despite the pressure and lack of explanations, Matthieu Tenenbaum continues to blanket denial: "To be escorted by hounds and finish it tells me that I have two choices, either confess or I am made walk for eight days, excuse me fall out of the closet like that, but what you speak? "

Tired, legal director offered him a "deal": "Either you cheek me, Commissioner Mills and the suspect who denies any ', or you end up in more discrimination (…) If you deny everything, that's what will happen .It will trigger a cumbersome procedure, criminal, and certainly with the key to serious consequences for you (…) Let you have more discernment, and it leads to resignation (…) that is to say that you hand your resignation with some details on what information you passed to the Chinese. And it stops there. "

Christian Husson Tenebaum then invites Matthew to "think carefully" to the maintenance of 11 January with Jean-Yves Coudriou, the chief executives. "Stop saying that you did nothing. We know, "he says.

"My hands are clean"

At this stage, the choice of frame is yet done: "If the only way to restore the truth is the hard way, I will take the hard way. But I do not see anything else I can do, "says Matthew Tenenbaum. "You can check all my accounts, my emails, my stuff, digging my home search …but never in my life I would have given any thing outside of the company! "he protested. "I have clean hands so you can do anything you want. I never turned a penny of this company. "

Despite the determination displayed frame, Christian Husson does not bend. "You'll go to your office seeking your business quietly without wishing the wishes to your colleagues. Hello Matthew! "Says he at the end of the interview.

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After Operation Oil cons food (Oil for Food) "designed not to starve the Iraqi people emerge from the Gulf war, Argentina has invented a new form, but lighter, clearing:" From Wine cons of Porsche. "

In Buenos Aires, the fight against the deficit of trade balance is in effect a special twist. The Government has authorized imports of Porsche country Fangio, obtaining in return compensation, dollar for dollar, the price of cars by the importer, the group Pulenta. To obtain satisfaction, this distributor is committed to export the same value in wine and olive oil as the hundreds of Porsche imported this year, about 5 payday loans.7 million.A real challenge, since the distributor will sell about 1 million bottles to meet the Argentine government.

All manufacturers of luxury cars are housed in the same boat: to sell his Audi in Argentina, the VW group is committed to export more cars manufactured in the country. As for BMW, whose cars are popular, the brand would consider implementing a motorcycle plant.

The Cac 40 should begin the session and week, up on Monday morning. Asian markets are facing this morning as Wall Street Friday, which closed on an increase of 0.43% after the release of employment figures better than expected in the United States.

This week, the industry is in the spotlight, during the first week of national industry. The report on the financing of green growth, produced by the Economic Council for Sustainable Development (CESD) is to be delivered this morning. The International Energy Agency will provide an update on smart grids. No macroeconomic statistics is expected Monday.Parisian investors should therefore focus on the many acquisitions announced this weekend, and this morning before the market opens.

Six acquisitions announced in 48 hours

Rhodia announced Monday it had signed an agreement yesterday with the Belgian Solvay has made a friendly takeover offer on its entire capital, to 31.60 euros per share.

Vivendi announced yesterday that it bought the 44% held by German Vodafone SFR to 7.95 billion euros. It possesses the entire share capital of the telephone operator.The operation should allow to "increase the dividend for 2012, said Jean-Bernard Levy, CEO of Vivendi.

Sanofi-Aventis holds 84.6% shares of Genzyme, following its takeover offer on U.S. biotech.

Ingenico announced Monday the acquisition activity in the United States from its U.S. rival Hypercom for $ 54 million. The specialist in payment terminals and wants to strengthen its position in the United States.

The price of nuclear electricity generated by EDF and sold to competitors at wholesale prices would be set at 40 euros per megawatt, according to Les Echos, which states that this rate is still subject to validation of the Elysee. EDF demanded 42 euros per MWh.

PagesJaunes bought the site from ads Avendrealouer.fr, which was previously held by PriceMinister.The transaction, whose amount was not disclosed, will enable it to dethrone Seloger.com head of the French market.

The Moroccan telecoms operator Meditel, which France Telecom holds 40% stake, recorded a 126% jump in net profit last year thanks to the expansion of its clientele, said Friday the official news agency MAP .

Side publications Monday, Delachaux should submit its accounts to 8.30. The annual results of Aegis is also expected. Argan the land must submit its turnover in the first quarter of 2011.

After breaking the 4000 point mark, the CAC 40 is struggling to find a direction Thursday. The index initially opened higher, then long hovered around breakeven, before widening its losses in mid-session: Shortly after midday, the index featuring Paris ceded and 0.39% in 4008, 73 points.

At the London Stock Exchange, the FTSE-100, close to balance, gaining only 0.03% to 5949.87 points and the Dax index featuring the Frankfurt Stock Exchange climbed crumbling him, 0.01 % to 7056.43 points.

Marcoéconomique on the forehead, after the Minister of Budget, Baroin, announced Wednesday a government deficit of 7.2% in 2010, the Minister of Economy and Finance, Christine Lagarde, saw less than 7%. INSEE has decided: the public deficit was reduced from six billion in 2010 to 136,500,000,000, or 7.0% of gross domestic product (GDP), according to statistics released Thursday.

Inflation, meanwhile, accelerated again in March in the eurozone to 2.6% yoy from 2.4% in February, according to preliminary estimates released Thursday by the EU statistics office Eurostat.

United States, are scheduled weekly claims for unemployment benefits (1430), activity in the Chicago area in March (15.45) and in February industrial orders (16 hours).

On the currency markets, the euro continues to rise against the greenback at 1.4217 dollars (0.64%).

The debt crisis in the European program

Oil prices were up Thursday morning in electronic trading in Asia in the wake of the rebound on Wall Street, said the analystes.Le barrel of light sweet crude for May delivery gained 0.91% at 105 $ 22.

The eyes of investors will also be turned on Thursday to Ireland will be published when the stress tests of banks in the late afternoon. The debt crisis is again in the spotlight, while the Portuguese rate exceeds 8% and that the Greek deficit was revised upwards.

Meanwhile, the banking sector shows the largest decreases the Cac 40: 2.12% Societe Generale loose at 52.17 euros, Credit Agricole sells 2.50% to 11.71 euros, BNP Paribas lost 2.27% at 52 , 09 euros and Natixis was down 1.06% at 4.025 euros.

In contrast, Renault, despite its setbacks in the false case of espionage, climbing from 1.10% to 39.15 euros, the largest increase Cac 40, before Unibail-Rodamco (0.89% at 153 , 65 euros) and Total (0.48% to 43.12 euros).

LVMH: 0.27% to 111.95 euros

In addition, the Annual General Meeting of LVMH will be held at 10:30.

Poweo: -2.33% to 4.61 euros

With a loss of 146.2 million euros in 2010 against a loss of 85.3 million in 2009, operating income of Poweo was sealed by non-recurring items, as announced in February.The net loss attributable to group Poweo has for his part amounted to 133.4 million euros, against a loss of 93 cheap pay day loans.5 million in 2009.

After-hours trading, Cellectis Genoway publish their annual results.

Renault: 1.14% to 39.17 euros

Nissan and Renault were heading towards the establishment of a holding company which unites the two car manufacturers under one roof, said Carlos Ghosn, president of both groups, in an interview published by the Nikkei newspaper. But a spokesman for Nissan denies this morning, stating that this article resulted from a misinterpretation of what the CEO.

L'Oreal: -0.46% to 82.66 euros

YSL Beauté (L'Oréal) will cease in advance to create and develop the flavors of the Italian luxury group Ermenegildo Zegna, according to a statement released Thursday.The license agreement, which was to expire in April 2013, ending June 30, said the world number one cosmetics.

Publicis: -0.65% to 39.75 euros

Publicis announced that Jean-Yves Naouri, tipped as a possible successor to current chairman Maurice Levy, was appointed executive chairman of Publicis Worldwide, a subsidiary of the group including its network of marketing and advertising.

Schneider Electric: 0.46% to 121.15 euros

The electrical equipment manufacturer Schneider Electric announced Thursday the acquisition of assets of DigiLink, the "leading provider of structured cabling in India", about 80 million.

Areva: Trading suspended

The Strategic Investment Fund announced in a statement Thursday it has completed the acquisition of the stake in Areva STMicroelectronics.The nuclear expert held 10.9% stake in the OEM electronics.

Maurel & Prom: stable EUR 13.62

The independent oil company Maurel & Prom will ally with the Colombian Pacific Rubiales Energy by assigning half of his rights in a series of permits.

Vranken-Pommery: -2.96% to 34.7 euros

The title Vranken-Pommery Monopole was heavily penalized, this Thursday morning at the Paris Bourse after the publication of disappointing results judged by the market, who questioned the group's strategy.Oddo Securities lowered its recommendation on the value from "buy" to "ease".

Trigano: 2.24% to 24.44 euros

The specialist for caravans and motorhomes Trigano announced a six-monthly sales growth should, in his view, lead to market share gains and improved "sensitive" in its results for first half of the year. Societe Generale rose from "hold" from "buy" on value.

Saft: 1.26% to 29.66 euros

The battery maker Saft has announced in a statement that only one of components it buys in Japan is produced in the region of the country affected by the earthquake and tsunami of 11 March.

This is one of two options for reforming the taxation of inheritance: the ease with EWB scale transformed. The other option is its abolition and its replacement by a new tax. The option for relief was undoubtedly the preference of parliamentarians.

Nevertheless, ISF smaller version has some drawbacks. Certainly, it helps to remove the tax on capital 300 000 households had entered because of soaring real estate, a total of 550,000 taxpayers. How? By starting the tax to 1.3 million euros of assets, against 800 000 today.

"However, households with assets of between 1.3 and 1.4 million would pay, those, about 500 euros EWB more with the new system. And this without even taking into account the impact of the end of the shield, warning the entourage of Gilles Carrez, the rapporteur UMP budget to the Assembly.One reason: the new fee would apply from the first euro of assets, while the current scale is progressive, which means, among other things, that the charging begins only 800 000 euros. Indeed, this tax from 1 euro combined with the new scale would lead to increased ISF those whose heritage is from 1.3 to 1.4 million. And alone. But this is unfortunate because he missed penalizes households "moderately" rich and encourages them to cheat to pass under the 1.3 million heritage.

Proposed adjustments

Therefore Bercy working to remove this bump EWB. "You can pass the threshold of entry to the TFR at 1.4 million, which would cost 100 to 200,000,000 to the State. Or reimburse these households the additional FSI, which underestimate the tax revenues under 40 million, "said Gilles Carrez's entourage.There remains one other category of households penalized by ISF lightened: the approximately 1,200 taxpayers in the last installment of ISF (over 16.8 million assets) activating the shield. "With the shield, the average tax rate of their assets was only 0.22%. With the new schedule and because of the end of the shield, it would rise to 0.5%, "says Gilles Carrez's entourage. An increase that does not seem to move Bercy.

"Overall, the tax rates of the new scale are so much lower (0.25 and 0.5% instead of 0.55% to 1.8%) that most taxpayers will see their bills go down even with the end of the shield, "says Valérie Harnois-Mussard, a lawyer with Fidal. In fact, for a wealth of 10 million, for example, the TFR would increase from 112 450 to 50 000 euros.

After opening down, Wall Street back into positive territory on Friday. The Dow Jones gained 0.16% to 12,003 points, the S & P 500 ahead 0.50% to 1302 points and the Nasdaq rose 0.33% to 2710 points. Caution remains appropriate. Investors fear the consequences of the earthquake that hit Japan last night. Bad news that comes on top of disappointing indicators released Thursday and the tensions that persist in Libya.

Oil continues to unwind

These concerns, however, help to relax the price of oil which opened Friday down $ 3.05, passing below the 100 dollars to 99.65 dollars exactly.

On the macroeconomic front, retail sales in the U.S. rose 1.0% in February from January, as analysts anticipated, according to figures released Friday in Washington by the Department of Commerce.

U.S. consumer confidence fell in March, according to an index released Friday by the University of Michigan, which was 68.2 against 77.5 the previous month.

Restocking of manufacturing firms and corporations increased 0.9% compared to December in the U.S., according to figures released Friday by the Washington Department of Trade and rather good news for the U.S. GDP.This increase is slightly greater than the median forecast of analysts who gave 0.8%.

AIG: -0.49% to 36.30 dollars

The insurer American International Group said on Thursday to buy back $ 15.7 billion in cash (11.4 billion) of mortgage assets that the U.S. government had recovered during the financial crisis through the bailout group.

National Semiconductor: 3.88% to 14.71 dollars

National Semiconductor has published an annual turnover less than expected for the third quarter of fiscal year due to destocking at its distributors, but its forecast of sales growth for the current quarter is in line with expectations .

Clearwire: -1.74% to 5.65 dollars

The Clearwire CEO Bill Morrow has resigned as part of a wider reshuffle at the head of the wireless network operator, amid difficulties to finance its investments and dispute between the group and its majority shareholder Sprint Nextel.

Chevron: 0.64% to 99.71 dollars

Chevron announced the sale of its refinery in Pembroke, Great Britain, for 730 million dollars U.S. refiner Valero. The latter said in a separate release that the acquisition would be accretive to its earnings immediately, adding that the transaction should be finalized in the third quarter.

Apple: +0.41% to 348.09 dollars

Apple launches this Friday the marketing of the new version of its iPad tablet.

The European debts go back under the yoke of rating agencies. Moody's has announced this Thursday morning having degraded by one notch the debt rating of Spain, who is now at "Aa2." The note could be further downgraded in the future, since the rating agency maintains a negative outlook on Spain. Moody's explained its decision by his doubts about the ability of Madrid to redress public finances, given the weak growth outlook for the country. Furthermore, measures to clean up the Spanish banking sector would cost more than expected and would increase the country's debt, according to the rating agency.

The Spanish economy minister has expressed his "differences" with the Moody's analysis on the cost of restructuring the banking sector.But Elena Salgado's statements should not prevent a new outbreak of foot on interest rates from Spain to climb again on Thursday, after reaching new levels yesterday, while those in Italy beyond the 5 %, the first since November and that the Portuguese rate stood at a level considered critical by analysts. On Wednesday, the interest rates paid by Lisbon ten years has exceeded 7.5%. And two-year bond were issued at an interest rate of nearly 6%, where the country was paying 4.09% in September, for the same maturity. Economists estimate that the refinancing conditions become difficult to bear for the country free instant credit score. Yet Portugal should emit at least 20 billion debt this year to finance its expenditures.Experts estimate that the country would be about to seek aid from Europe to solve its budget problems, despite repeated denials by the authorities.

A highly anticipated Eurogroup

"Portugal is in the financial and economic emergency," said last night the Portuguese President Anibal Cavaco Silva, in his inaugural speech. "The state funding continues to be abnormally high, which affects the functioning of the Portuguese financial system and our economy."

The Heads of State and Government of the eurozone, which meets tomorrow, should examine the situation in Portugal, says Reuters. The summit of the Eurogroup will focus on "economic policy measures that Portugal is to address its financial difficulties," said the Elysee.

The seventeen heads of state and government should also "discuss strengthening the coordination of national economic policies in the euro area." But many doubt that the summit came to an agreement.

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