International News

Airlines in the world play the shows. While the carbon tax was introduced on 1 January by the European Union in respect of all airlines that fly over the European area, the latter will be forced to carry them out in spring 2013. Time for States to shout out loud that "their" companies will not pay. India, Russia, China … a total of 26 members, not least, on 36 of the Aviation Organisation (ICAO) are resisting. In the U.S., the House of Representatives voted late last year to ban text to American companies to pay.

Like China, reiterated yesterday that his refusal to comply with European legislation, most Member States of ICAO criticize legislation "regional" which will result in new financial burdens. The system of emissions trading scheme set up by the Union provides that companies normally open in the coming weeks "Account" with their national administration of civil aviation and implement a system to measure their CO2 emissions.

Doubly penalized

In March 2013, then they should pay the amount corresponding to 15% of 2012 emissions by the amount per tonne of CO2. And China has calculated that his companies would have to pay 97 million euros for 2012 and four times in 2020. In total, the measure would cost € 705 million to companies in the world, still under 2012.

Penalties set by the Commision are of two types: a fine of 100 euros per tonne of CO2 emissions and, even more dissuasive, the flight ban in the European Union. But, meanwhile, out states may also set up an arsenal of retaliation. It may include trade measures in respect of Airbus, the European aircraft manufacturer, whose best customers are called China Southern, China Eastern and Air China but also India Indigo Air Asia or Malaysia.

Leaders of European companies fear they will be doubly penalized. First, because they are inherently more vulnerable to European tax. On the other hand, because they also fear being victims of these countries slingers. "These states may ask us to pay a landing fee that would offset the amount that our competitors outside Europe have to pay when coming home," is concerned officer of a company of the Old Continent. The European Commissioner for Climate Connie Hedegaard judge it just increase the ticket prices a few dollars to offset it. An argument inaudible at times of crisis.

However, companies seem to rely on the slow pace of international decisions for a relaxation of regulations occurring before the first deadline for payment of this tax, in principle the first quarter of 2013.

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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.

Many individuals prefer to keep their cash rather than warm place in the markets. The storm was the market could only reinforce this position. However, taking the trouble to dig a little, there are various investment avenues to explore. We offer three, through ETFs and funds.

Corporate bonds, small return for a limited risk

The first idea, for those who are tired of exposure to the debts of states is to turn to big companies a solid, popular with rating agencies. Compensation is greater than 3%. Above all, the defects are rare. These bonds have weathered the crisis well because in 2008, Markit index of large financial obligations out gained 1.85%. Obligations to expose themselves to quality, we recommend going through a tracker.The fund, management fees very low, continuously quoted on the Bourse de Paris, can invest confidently (code: FR0010814236).

The high yield, large compensation for significant risk

The junk bonds, as they are called the Anglo-Saxons have a bad reputation. Yet they can be very profitable in the long run. Indeed, the annual yield is greater than 9%. In addition, the risk is often exaggerated on these bonds. After degradation, Peugeot and Lafarge are after example in the category high efficiency. To invest in these securities, we recommend again to go through a tracker. The Lyxor on 30 bonds seems ideal. It provides immediate liquidity and management fees ridiculous, which is far from the case for other funds. ISIN code FR0010975771 is.

Shares with high dividends for the long term

It is hard to miss the action with a strong performance. On average, the CAC 40 shares of 5% relate. It is not uncommon for actions bring more than 6% as Total, Vivendi or property. Choose a fund comprising shares with good dividends ensures more consistent performance. Many funds have forged strong reputations. Indeed, in this case, talent managers can make a difference as it is to ensure that dividends are regular and, as far as possible, guaranteed. Among the funds that have caught our attention, citions Pictet-High Dividend Selection (Code: LU0503634221).

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"The high yields are sought by individuals

"Corporate bonds in turmoil

Liquidation or recovery? The future of the ferry company SeaFrance, SNCF and property loss for over ten years, is played in two stages this week. The European Commission must give its opinion on Monday the recovery plan presented by the company management.

It is financed recapitalization to the tune of 160 million euros provided by the station, its parent company, and a loan of 99.9 million euros was also granted by the SNCF "market conditions" as Ministry of Transport, at the forefront of negotiations with the Commission.

Three candidates for the recovery

On 19 October, Brussels decided to give a stay of several days the French government for an independent investor that is able to replace the station to inject 100 million euros.This loan is indeed the point of blocking the bailout.

Allocated by the SNCF, it is similar to State aid. But the Ministry of Transport, we do not believe in miracles. "In the current situation, no bank is willing to release 100 million euros to support SeaFrance," says a close case.

Tuesday, it was the turn of the Commercial Court of Paris to decide: the liquidation or takeover by one of three candidates. In addition to a mystery buyer, called "Being Bang," Louis Dreyfus Armateurs is associated with the Danish DFDS in a consortium. Another offers more unusual is in the running. This is a cooperative production (Scop) carried by the CFDT.

512 employees have already raised a finger to enter the capital of the SCOP which will take back almost all of the employees but is seeking another 20 to 25 million euros.SeaFrance has 880 employees.

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"Brussels gives time for France to save SeaFrance

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.

The Board of Directors of Dexia again go on Wednesday night to approve the one hand, the nationalization of its Belgian subsidiary, and secondly, to approve the terms of the transfer to France of its business loans to local authorities . Other operations will follow shortly, including the sale of Turkish subsidiary Denizbank that interested, too, Qatar, already the official buyer of private banking BIL.

Regarding the French part, the financial terms of the transaction is blocked. The company refinancing of loans to local authorities, Dexia Municipal Agency (Dexma), 65% will be taken by the CDC, 30% by Dexia and 5% by La Banque Postale (LBP).

Six weeks after the start of negotiations, all is not settled. It remains to define a framework for partnership in the business side.Now, the production of loans to communities will take place through a new bank, majority owned by LBP associated with the CDC. At the request of Philippe Wahl, chief executive of the subsidiary of La Poste, Dexia is not associated to thoroughly immunize the future against the troubles of the past. A real humiliation for the group and a cause for concern. "Uncertainties remain about the new role of Dexia Credit Local and a possible transfer of activities from DCL (the new location)," the CFDT warned Tuesday, recalling that the former Crédit local de France employs 1340 employees.The unions have asked to meet Dexia Baroin, the Minister of Finance.

Risk of breakdown of funding

Several hundred people being responsible for monitoring the loans and Dexma residual portfolio management, the debate is about the teams likely to be transferred to the new bank. "La Banque Postale does ensure that some of the activities undertaken by DCL, eg excluding short-term funding, social housing or health," warns one close to Dexia. Already some experts warn against the fact that local authorities will find themselves running out of funds. While production of Dexia – 3 billion euros this year – was already insufficient, the new bank plans to ramp up gradually. "It's open. If it is possible to produce more profitable loans, we will do, "cautions one close to the negotiations.

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"The government releases three billion for communities

The Paris Stock Exchange began the week in the red, as at the close Friday. The CAC 40 plunges 2.28% to 2 914.30 points in mid-session. The debt crisis continues because of European concern the markets, and lead the outlook for global growth. The fear of lead and impact in China Asian stock markets are in the red Monday morning, dropping the Hong Kong Stock Exchange by almost 5%.

Elsewhere in Europe, falling 2.03% London, Frankfurt and Madrid 2.54% 2.34% 1.75% and Milan.

Greece announced Sunday night that it would lack its budget deficit targets. The second Country Assistance Plan will be on the menu for more discussion this week: Monday, finance ministers of the euro area will meet in Luxembourg to 17 pm and Tuesday, those of the entire European Union.This will then be the turn of the Franco-German Nicolas Sarkozy said he expected to meet German Chancellor Angela Merkel "in the coming days in Germany" to discuss in particular "ways and means to accelerate economic integration the euro area ".

The private sector activity in the euro area at its lowest for 25 months

Also note, the new car registrations in France are divided down in September after the brief respite in August, returning to the trend observed since the disappearance of the scrapping, according to figures released Monday.They were down 1.4% unadjusted and 1.4% also comparable number of working days from September 2010 to 167,600 units, according to the Committee of French Automobile Manufacturers (CCFA).

The private sector activity contracted in September in the euro area, the PMI purchasing managers' standing at 48.5 points against 50.7 in August, according to a second estimate released Monday. This is the index the lowest in 25 months, Markit said the company, which publishes the index.

In this context, oil prices have opened lower. A barrel of "light sweet crude" for November delivery lost 50 cents to 78.70 dollars in early electronic trading.A barrel of Brent North Sea crude for November delivery gave up 77 cents to 101.99 dollars.

As for currencies, the euro lost ground and is worth 1.3315 dollars and 102.6 yen, against more than 104 yen in the middle of last week.

Dexia degraded by Moody's

The title of the Franco-Belgian bank collapsed Monday in the Paris Stock Exchange, after rating agency Moody's Investors Service had threatened to lower its rating, because of fears about its liquidity personal loan for poor credit. In early trading, the value lost 11.54% to 1.28 euro, after being briefly suspended for dropping too fast to open.Halfway through it limited its losses slightly receding 8.78% to 1.32 euros.

In the wake of Dexia, BNP Paribas let go just under 6% in mid-session, Credit Agricole and Societe Generale 4.9% near 6.5%.

AXA (-4.14% to 9.49 euros)

The first offers for Axa Privaty Equity (AXA PE), the division of equity sold by Axa, must be filed early next week, according to sources familiar with the matter.

Renault (-2.67% to 24.40 euros)

The group announced Saturday the construction of a new plant in Brazil and the expansion of another existing site to boost its presence in the fourth global automotive market.

France Telecom (-2.24% to 12.02 euros)

European Commissioner Neelie Kroes digital strategy is expected to announce on Monday that the EU wants to reduce the revenue that incumbents derive copper telecommunications networks to boost investment in fiber optics.

Air France-KLM (-3.28% to 5.36 euros)

Alexander Juniac could take the management of Air France in January in favor of a reorganization of the Air France KLM with Pierre-Henri Gourgeon retain the reins, according to La Tribune published on Monday.

Steria (-3.96% to 12.14 euros)

The computer services company was awarded a public contract with the French Ministry of Budget, Public Accounts, the Civil Service and State Reform, to ensure the implementation of the Information System (HRIS) to several departments that will ultimately pay more than 3 million employees of state.

Hermes (-4.23% to 216.30 euros)

The group currently finds no sign of spending restraint to its customers despite a darkening economic outlook, said Sunday the manager of the French luxury group on the fringes of Paris Fashion Week.

Carmat (18.20% to 102.82 euros)

The designer of the total artificial heart on Monday announced that preclinical data will be presented at the 25th Annual Congress of the European Association for Cardiothoracic Surgery in Lisbon on October 4.

The race started Wednesday in the Greek Parliament for the adoption of the new austerity plan was completed Thursday. After an initial victory yesterday leading to the adoption of the text by 155 votes against 138, the Socialist government of George Papandreou has successfully overcome the last step: the passage of the legislation implementing the new master plan. The bill received 155 votes against 136, or an absolute majority in parliament, which comprises 300 members.

On Thursday, all the Socialist deputies, more Conservative MP Elsa Papadimitriou, who had made the day before his voice to the government to adopt the master plan of austerity, approved the text "on principle".The 136 deputies present to the opposition of left and right voted against, while five dissidents centrist conservative opposition voted white.

The second text, submitted to MPs, concerned the procedure for implementing conservation measures for 28 billion euros over five years free credit score online. Its adoption was imposed by the eurozone in return for the payment of a new tranche of aid to 110 billion euros developed with the EU and the IMF. A meeting of finance ministers from the euro area, scheduled July 3, will be devoted to the continuation of aid to Greece.

The Greek Parliament has fulfilled the necessary conditions for release of money to Athens to avoid bankruptcy, estimated Thursday the permanent EU president, Herman Van Rompuy, and the European Commission, José Manuel Barroso."The conditions are now in place for a decision on the payment of the next tranche of financial assistance for Greece and for rapid progress on the second bailout", they tried in a joint statement.

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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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The Paris Bourse took a breather on Thursday morning at the open after sharp declines seen the day before (the CAC 40 fell 1.31% and fell below 4050 points). At 9:00, the index lost 0.10% to 4039.10 points. Otpimiste trend a bit more in Europe where the FTSE London hotel departed from 0.19% to 5995.27 points while the Dax wins 0.46% to 7408.17 points. Both indices had suffered the heaviest losses the Cac yesterday.

In Japan, markets are still closed, but in the rest of the region, the trend has been generally plombéepar investors disappointed by the economic numbers have fallen the day before the United States, which have been faltering and Wall Street. The U.S. ISM services has indeed disappointed while the ADP employment figures in April came out worse than expected.Furthermore, oil inventories surged against all odds, which gave the lead in using oil, which fell below $ 110 in New York yesterday, and changing CNoR down in Asian trade this morning .

On the foreign exchange market, the euro is also strong: it is trading at 1.4878 dollars (+0.32%) to 9 hours after once again exceeded $ 1.49 during the meeting Wednesday.

In anticipation of the ECB

Statistical side to follow on Thursday in Germany, at noon, destatis provide figures on German industrial orders in March. On Thursday, the ECB meets in Helsinki to decide on interest rates that will apply. Jean-Claude Trichet said Thursday it is the price of silver in early June or summer. In England, the BoE also decide on interest rates.

United States, expected productivity in the first quarter (first estimation) to 14.30.Same time, it will be the traditional unemployment claims. The employment figures that will fall tomorrow, Friday, are eagerly awaited. Yesterday, investors learned that ADP figures have reported a creation 179,000 jobs in April, less than expected.

Societe Generale falling, Carrefour sentence

Side values, a publication of rain fell again on Thursday quarterly earnings including Societe Generale, disappointing driving down the stock price by nearly 3% at the opening, drape the CAC.

After the excellent figures given yesterday by BNP Paribas, leading bank in Europe, SocGen announced a net profit of 916 million euros in the first quarter, a decrease of 13.8% over the same period of 2010 attributed to effect accounting related to the revaluation of its own debt.

Gadin the other day, the retail group Carrefour (-2.37% to 30.86 euros), which announced Thursday the departure of its Executive Director James McCann France and the postponement of a controversial quotation of its real estate subsidiary, but maintained its draft rate 100% subsidiary of Dia and its financial targets for 2011.

Lafarge (-1.43% to 45.02) reveals a net loss of 29 million euros in the first three months of the year for a turnover up 9% to 3.55 billion euros .

Legrand (-0.95% to 30.17 euros) in the first quarter increased 13.7% in sales and 41.2% of its net profit, thanks to emerging markets and new market segments which the group has made a priority, which has confirmed its annual targets.

Bureau Veritas (-0.74% to 57.88 euros) confirmed anticipate strong growth in its turnover and adjusted operating profit this year after an increase of 23.2% of its activity in the first quarter .

AXA (-0.37% to 14.94 euros) expressed confidence in improving its profitability despite a drop of 2% of its turnover in the first quarter to 27.92 billion euros.

Maurel & Prom, Arkema and Capgemini climb

The independent oil company Maurel & Prom announced Thursday want to split and rate of its independent subsidiary in Nigeria, whose shares will be distributed to the shareholders in proportion to their participation in the group cash advance to savings account. The action takes off from 4.87% to 14.74 euros this morning.

Arkema (4.34% to 4.24 euros). The net profit quadrupled to 151 million euros and EBITDA (EBITDA) reached 17% of sales through an increase much higher than the market. This puts us among the best chemists.

The French group consultancy Capgemini and Computer Services (2.07% to 41.35 euros) saw sales increase by 14.5% in first quarter 2011 to 2.3 billion euros and confirmed its objectives of achieving a growth in turnover of between 9 and 10% for the year.

The producer of wines and spirits, Pernod Ricard (1.93% to 68.27 euros) Thursday announced an increase in its turnover in the third quarter and confirmed its targets for its entire fiscal year (July 2010 – June 2011).

Air Liquide (+0.48% at 97.41 euros) wants equity for the premium

Its CEO said he was open to the principle of paying a bonus to employees in case of dividend increase, provided to maintain the equity in a group with more than three-quarters of the members are outside France.

Alstom: 0.16% to 42.69 euros Moody's raised its outlook on the Baa1 rating on the group stable, negative cons.

Total: 0.56% to 42 euros, GDF Suez: 0.37% to 26.78 euros a parliamentary commission on Wednesday passed a bill to ban UMP in France in the exploration and exploitation of hydrocarbons not conventional gas and oil shale.

Michelin (+0.35% at 66.74 euros) announced an increase in the price of its truck tires, civil engineering, public works, agricultural and handling in Europe to meet the continually rising cost of raw materials.

TF1 (+0.12% at 12.68 euros), which has suffered several setbacks during the hearing last month, decided to appoint a new program director, Jean-François Lancelier, which takes the place of Laurent Storch .

The French chemicals group Rhodia (+0.14% to 31.52 euros) on Thursday posted net unbénéfice 151 million euros in the first quarter more than doubled over one year and raised its profitability target for 2011 to become a recurring gross operating profit of "more than 1 billion euros."

Veolia Environnement (+0.54% at 22.27 euros) on Thursday posted a turnover up 11.3% in the first quarter thanks in particular to the resumption of its activities in the waste.

Mr DIY (+0.64% at 14.14 euros) confirmed its targets for 2011 after publishing a stable turnover in the first quarter to 135.2 million euros.

Gifi (+2.15% at 75.99 euros) registered a growth of 5.2% of its turnover for the first half of its fiscal year 2010-2011, to 351.3 million euros.The turnover of the group's second fiscal quarter ended March 31 rose 7.5% to 139.1 million euros.

Cegedim (0.94% to 43.05 euros) has reported a sales increase of 2.9% as reported to 211.5 million euros, but down 1.4% comparable data available, and maintained its target of 4% growth in turnover for 2011.

The food group Bonduelle (0.57% to 68.50 euros), specializing in vegetables, posted a rise in its turnover for the third quarter from 14.6% to 421.6 million euros thanks to an improvement in consumption, particularly in eastern Europe, according to a statement.

Tonight will be the turn of Vale, Wendel, Eiffage French Cement and NextRadioTV publish.