International News

The CAC 40, which gained nearly 4% over the last three sessions, was down 0.65% at 3119 points on Thursday on the eve of the intervention (16 hours on Friday, Paris time) of President of the U.S. central bank, Ben Bernanke. He could announce new measures of monetary easing to support the U.S. economy. Or, failing that, to maintain low rates. Meanwhile, despite cost-cutting measures announced yesterday in France, and which could have an impact on some companies, the stock index, which opened up this morning, was up until about 1530, slowly approaching the 3200 points mark. Before turning down, weighed down by various rumors, immediately denied, one on the degradation of the AAA rating in Germany, the other on a total ban on short selling in the country.These rumors have pushed the Dax in Frankfurt ended sharply lower after losing 1.71% to 4%.

On the macroeconomic front, two indicators were expected at the meeting. The morale of German consumers, hit by the debt crisis in the eurozone and the agony of a recession has reached its lowest level since late 2010, announced Thursday the specialized institute GfK. The GfK said its consumer confidence index, which provides for their behavior in September according to data compiled in August stood at 5.2 points and finds its level in November 2010. This is his sixth consecutive decline.

Above all, the weekly jobless claims in the U.S. rose unexpectedly during the week of Aug. 20, at 417,000 against 412,000 the previous week, according to data from U.S. Department of Labor unveiled at 14:30.What foster uncertainty and investor concerns about the health of the world's largest economy, while analysts had forecast 405,000 registrations.

In France, unemployment figures and job seekers for the month of July will be released after market close at 6:00 p.m..Labour Minister, Xavier Bertrand, warns that unemployment figures "are wrong as were those of the previous two months."

Side raw materials, oil prices rose Thursday to open in New York a barrel of "light sweet crude" for October delivery was trading at 85.99 dollars, up 83 cents from the previous day.

Sharp decline in quarterly profit of Crédit Agricole

On the corporate side, the ball of the results continues.

Crédit Agricole: + 4.81% to 6.511 euros – largest increase in the CAC 40 to BNP Paribas (2.74% to 34.36 euros) and Societe Generale (3.44% to 22.13 euros).

Crédit Agricole has published a net profit down 10.6% to 339 million euros in the second quarter 2011, due to a charge of 640 million related to Greece.In addition, the group could spend 1.5 billion euros to recapitalize its subsidiaries in Southern Europe including the Greek bank Emporiki, according to the Letter of expansion without citing sources.half-year results of companies, including Credit Agricole and Edenred, the branch of Accor Services.

Edenred: + 1.58% to 17.70 euros

Edenred announced interim results and annual targets in line with analysts' expectations, the strong activity in Latin America continue to boost the profits of the group.

Alstom: – 0.91% to 30.485 euros

Alstom has signed two contracts for more than 100 million euros to supply equipment for controlling the air quality in the Middle East.

Cellectis: 12% to 6.72 euros

Cellectis has entered a development agreement and license with the American Recombinetics on "the creation of transgenic large animals" such as pigs, sheep or cattle.

Schneider Electric – 0.18% to 89.14 euros

Schneider Electric announced that its takeover bid for Telvent Git SA expire 30 August instead of September 12.

Gemalto: + 6.33% to 31.41 euros

Gemalto has reported a strong growth in its half-yearly sales, thanks to the strong growth of its secure transactions that are now the most profitable activity of the group.

Bureau Veritas: + 1.14% to 53.89 euros

Bureau Veritas announced adjusted net income up 10% to 164.2 million euros in the first half, operating margin declined 70 basis points to 16.0%, and confirmed predict a sharp increase in the number and business results in 2011.

This is the kind of evening that annoys the purists. Last June, the Becca Cason Thrash wealthy Texan, Vice President of "Friends of the Louvre" U.S. and international, organized a charity gala in the largest museum in the world. The guests – celebrities such as Albert of Monaco and actress Fanny Ardant – were welcomed with a cocktail in the apartments of Napoleon III, before dinner – a sacrilege to some – among the sculptures in the Cour Marly. All these people then went under the Pyramid, transformed into a nightclub for a private concert by Janet Jackson. Fee, the event has raised 700,000 euros to restore the decorative arts galleries of the eighteenth century.

Henri Loyrette, the Louvre for ten years, of course, attended the festivities. The Conservative education devotes much of his time raising private money.It is, apparently, difficult to resist the charm of this man of culture nearly 2 meters. A boss of a U.S. real estate company said that the French, he was invited to spend a weekend at his home in Cincinnati, has enchanted by the couple's conversation about opera and architecture of the city, and has even cracked a speech to the local art museum. "At the end of the weekend, I gave him a check for $ 50,000," says the boss at the magazine Business Week.

Henri Loyrette unashamedly claims this fundraiser activity. And for good reason. The state reduced its funding by 5% in 2009 and again from 5% in 2011. Governments subsidize just over half the budget of the Louvre, against 70% in 2001."To finance its activities with a cultural, but also – more than in the past – educational and social, in a context of declining public subsidies, the Louvre has no other choice but to increase its own resources," he assures, noting that the establishment is not intended to generate profits. His office does not resemble that of an entrepreneur. In the room with ocher walls adorned with classical paintings, with windows overlooking the Pont du Carrousel, every corner is occupied by piles of files and books.

Thirty fundraisers

The Louvre, however, is not complaining. With 230 million euros last year (against 80 million in 2001), the institution has resources comparable to the Metropolitan in New York. Another reason for satisfaction, ticketing, clean source of income, has good prospects.The 8.5 million admissions in 2010, 5 million charge, reported 41 million euros. Attendance, up 70% since 2001, should continue to increase. The Louvre, which has raised interest rates from 9.50 to 10 euros in early 2011, taking advantage of the influx of tourists from emerging countries. If France makes a third of visitors, including foreigners, Brazilians ranked third last year behind the Americans and Italians.

Despite their popularity, the former royal palace could not offer a program as rich without its sponsors. The latter brought him 25 million euros last year, more than a quarter of own income. To attract them, the Louvre was created in 2003 a commando no equivalent in France: a team of thirty people dedicated to raising funds. They offer companies to fund projects until end 2013.This may include, for example, to affix its logo on the poster exhibition. Cost: between 100,000 and 400,000 euros for one of the Forbidden City, scheduled in September. Other possibilities, the redesign of the website or with the acquisition of a work of German Romantic painter Friedrich. The Department of Islamic Art, which opened in 2012, it should be 75% funded by the private sector. Saudi Prince al-Walid brings 17 million euros 100 million.

Tax benefits

Fundraisers of the prestigious institution have a strong argument: a tax system that allows the 2003 tax cuts equivalent to 60% of the expenses of artistic patronage, and even 90% for the purchase of a work art classified national treasure. However, they must scrap more than before the crisis.Main challenge, competition of social projects, popular with company employees. As a result, "we propose projects crossing artistic and social dimensions," says Hervé Barbaretta, deputy head of the Louvre. For the exhibition of ancient Macedonia in the fall, Total organize and discovery tours of the museum for troubled youth. To "preserve the scientific credibility," Henri Loyrette ensures that sponsors are funding projects already "tied". This applies to the exhibition "Paper Work", which indicates that the poster is presented by "the Louvre Museum and Canson." Exposure of the watchmaker Breguet in 2009 was cringe, with texts considered too partisan.

In exchange for their support, businesses are entitled to privileges such as the availability of spaces.Other firms pay dearly for these benefits: 100,000 euros for a night under the Pyramid. Unlike donors, they do not have their name engraved for eternity on the "wall of patrons" in the lobby.

Thursday milestone for the general construction equipment from France in optical fiber, the network of the future which must provide high-speed Internet to homes and replace the old telephone network today. France Telecom offers to all competitors who wish to offer access to its future fiber optic network in sparsely populated areas, with the possibility of co-financing. He has published Tuesday offers a very detailed in this direction. And it seems to do so fair play as Free immediately signed a co-financing rates ruling "economically reasonable".

After roaming agreement on 3G mobile, the partnership of the fiber is the second major agreement signed between France Telecom and Free in the space of a few months. But the incumbent would also be discussion of the fiber with SFR and Bouygues Telecom.This agreement will give a boost to fiber deployment in France, whose government is a priority. "What are the different actors as their strength together and avoid a dispersion of investment is really a giant step, which launches the real start of the top fiber," said Pierre Louette, secretary general of France Telecom.

If the number of Internet subscribers high-speed barely reaches 150 000 in late June, Nicolas Sarkozy has set a target coverage of 100% of the country with broadband by 2020. In the heart of major cities, very densely populated areas and therefore profitable, Orange, SFR and Free deploy each with its own fiber network. But the issue is acute in areas less dense. France Telecom's offer and provide an initial response to the many local officials who want high-speed on their territory.

Sixty cities

In concrete terms, with the agreement signed between France Telecom and Free the cities of Dijon, Brest, Reims, Le Havre, the community of loops of the Seine around Chatou near Paris, some sixty in total, representing 1,300 Public and 5 million homes will be equipped from 2011 to 2012. France Telecom will deploy its network and will own in the end. But competitors can participate in the financing and get strong trading network usage. "It's very flexible. Our competitors can buy access rights for every 5%. They are true indefeasible rights of use, kind of very long-term concessions, renewable, and can assimilate into their investment accounts, "said Yves Parfait, program director at France Telecom fiber.Since France Telecom agrees to work with its competitors, exit the idea of ​​a centralized national structure "Fibre France" imagined by some. "This fantasy of a national operator vanishes," said Pierre Louette.

The agreement validates the framework established by the regulator (Arcep) and meet in Brussels considered it too little binding. "The framework adopted in France is good, since it works, that France Telecom did what was expected of her and it avoids wasting public money," says Pierre Louette.

In total, France Telecom will invest 2 billion euros by 2015 in deploying fiber. It has covered 3600 and communes, 3440 outside the areas dense. It aims to cover 10 million households in 2015 and 15 million in 2020, nearly 60% of French households.

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.

Bibendum does not despair of one day impose a puncture-proof tire. After the failure of PAX, which allowed run flat, but had not convinced the manufacturers, Michelin expects to sell within three years for a tire which sets itself in the event of a puncture.

This innovation, introduced yesterday, is equipped with an inner membrane that comes to fill the holes if needed. The system is effective in cases of perforations of less than 6 millimeters in diameter, or 98% of the holes, according to the manufacturer payday loan lenders.

For manufacturers looking to lighten vehicles, this solution would "remove the spare tire." The group believes that a European driver die on average every 70,000 to 100,000 kilometers in China and India, this happens every 5000-6000 miles.

It is not just in France that soaring fuel worries. Whether in Beijing or Washington, the great powers anxiously watching the prices soar. United States, the phenomenon begins the popularity of President Obama. In China, leaders tried Saturday to end a protest by truckers of the Port of Shanghai. These last Friday blocked access to the terminal docks Baoshan.

After closed-door negotiations with the local road, the authorities announced on Saturday a "lower standard fees and the abolition of taxes outstanding." The decision was announced by making an effort to reduce "the pressure on carriers 'costs' and mitigate the effects" of rising inflation, is it explained in a statement. No mention of the strike.

Not sure the extent sufficient to satisfy the carriers.According to testimonies collected on the spot Saturday by news agency Reuters, the drivers intended to continue the movement until you see the concrete effects of tax cuts. "It's not that I strike, but what's the point of working if I lose money?" Said one trucker.

Beijing is trying to stifle any rebound media movement. No public statement had been made to this press Saturday and it was broadcast in English. It was only taken up by the official Xinhua News Agency, also in English. Chinese leaders fear that the waltz prices facing the country could trigger a vast movement of popular protest. Despite efforts to cool an overheating economy, inflation has been above expectations in March fast cash now. It reached 5.4% on a year to a growth rate of 9.7%, also higher goals of Beijing.

Obama disapproved

Across the Pacific, even dissatisfaction at the pump. In the U.S., the price of fuel has surpassed the symbolic $ 4 a gallon (unit equivalent to about 3.8 liters). The popularity of President Obama suffers. According to a survey New York Times / CBS released this weekend, 57% of Americans disapprove of the economic policy of the host of the White House. They are also 80% believed that the economic situation stagnates or deteriorates.

After a week to defend his choices for the federal budget, Barack Obama was forced to admit Saturday that rising fuel prices for Americans is "a burden when the situation is already difficult." But it does not mean advanced solution in the short term.Changes in gasoline prices more than justifies any investment in green energy, he was merely hammering during his weekly radio address this Saturday: "In the long term, the response. This is the solution to help people who are full and reduce our dependence on oil from abroad. "

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The costs of fund management Safely dropped a point in five years, reaching 3% in 2010. "Unbeatable for 400 billion euros in benefits provided to 360 premium collected," Judge Dominique Libault, Director of Social Security. "A form of performance" made possible primarily by the online services that reduce the "paperwork" to be treated while improving service (Pajemploi, CESU, Vitale Ameli.fr or to name the best known examples).

These productivity gains allow a policy close to the non-replacement of retiring in two applied to the state: 10,000 job cuts and less in Medicare and another 4,000 planned, workforce stability despite the CFO care benefits for civil servants and RSA no fax cash advances… In the end, the number of general system-level income "from 1976, according to Peter Mayer, director of CNAV.Other projects are underway: Medicare Expands Sophia, escort service for diabetics, an experiment takes place to optimize the treatment pathway after maternity … The branch family, she launched the site in 2009 my-enfant.fr to seek care arrangement. "Families find all the host schools, child-minders in 70 departments and a cost calculator," said Herve Drouet, its director.

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Intermarché reacts. With its three-year plan in 2011 revelation, presented on Monday morning and backed by a media campaign from 15 March, the group implicitly admits his weaknesses … he intends to treat. The turnover of the group of Musketeers has certainly increased by 4% last year to nearly 35 billion euros, but this increase is largely due to locations abroad and the meager cache up 1.6 % of intermarket French (excluding fuel, at constant perimeter). The network has lost 0.1 points of market share, according to Kantar Worldpanel where U etLeclerc System have won.

Intermarché would imitate its competitors on another point, profitability, the group that developed the Musketeers had somewhat lost sight of in recent years marked by the expansion."Our goal is to win 15% of turnover per square meter in three years," says Gilles Briand, member based in Foix and in charge of marketing at Intermarché.

Led by a new president, Jean-Pierre Meunier, in recent weeks, Intermarché to reverse the trend. Network segmentation, with next to hypermarkets and supermarkets, and of intermarket Contact Express comes to an end: one third of the stores has yet to change sign before the end of the year. This new visual identity will help the group to support its new slogan: "Intermarket, teaches the freshest market." This slogan refers to our strong point, fresh produce. But it also refers to our commitment to innovation, both in terms of products, services sales channels, "says Gilles Briand.Stores "Drive," where consumers can withdraw their orders after their shopping online, are growing strongly (8 outlets to date, 80 expected end 2011). A VIP category was also created for holders of the loyalty card (with a revised promotion system).

The most visible brands

The overhaul of the range of retail brands Intermarché is the most visible innovation for the customer. This range includes 4500 references in 2000 on food and non-food accounts for half of sales volume. It should streamline the offer divided into 90 brands."To make more understandable the range, we'll rationalize it around our thirty most iconic brands, such as Paquito (fruit-based products), Pastures (dairy products) and Labelle (body care)." However, brands Heart Mountain Terrier Clos Chevrel Bergelou or disappear from the shelves.

Moreover, Intermarché will launch a new brand, Route des Saveurs, bringing together of products are "ethnic and regional cuisine, as varied as Chinese spring rolls or cassoulet.

Revelation 2011 is also an overall cost savings. "It should allow us to regain our leadership," says Gilles Briand. The group members have bread on the board, but they are comforted by the good results of the reorganization of the subsidiary Netto discount stores.Its sales jumped by 9.7% in 2010, won the group with 0.1 points of market share, while this segment has been rather neglected last year.

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Occur again and again, to meet global demand for oil as the International Atomic Energy Agency (IEA) has revised upwards, to the tune of 89.3 million barrels per day (bpd) for 2011. To cope, the majors are concentrating their efforts on exploration and production, which represents on average 70% of their investments. "This is an area ultracapitalistique, which also means taking risks," said Pierre Terzian, editor of the weekly special Pétrostratégies. Some new sources turn out to be less promising than expected.

In 2010, capital expenditure of ExxonMobil, the world leader in the industry (with annual revenues exceeding $ 105 billion), reached a record $ 32.2 billion."As resources are increasingly difficult to access, large companies have limited resources to become leaders in other segments energy," insists a study by consulting firm Strategy Sia Council. The particular demands of offshore exploration technologies increasingly sophisticated. As for heavy oils, in areas often extreme climate, their production is profitable from $ 90 a barrel.

They limit spending on alternative energy

In the early 2000s, the giants of black gold loudly asserted their determination to focus on alternative energy. A few years later, this policy sketched above dashed. Sia Council recalls in particular that in 2009, Shell decided to freeze its investments in wind, solar and hydrogen.Its new priority, biofuels, is actually quite close with his heart craft. Ditto for ExxonMobil, which has pledged up to $ 600 million along with Synthetic Genomics to develop a new generation of biofuels from algae low rates payday advance. In general, large companies invest only timidly in green industries: a few hundred million dollars, compared with several billion in profits."Today, they rely on partnerships to actively monitor the various alternative technologies while limiting investment amounts and risk," says Sia Council.

For Pierre Terzian, even if the majors are still facing the post-oil era, we must go beyond these minimal efforts made to promote renewable energies, "Tankers are on the lookout for a jump technology that will allow for example for solar to become competitive.Now the search is not always greedy investment: it took less than 100 million dollars to develop this energy revolution that is the production of shale gas. "

They remain wary of big acquisitions

According to most experts, the time of mega-mergers, with operations whose ticket is trading at very high levels, is over.

The faults of BP in terms of security would be due to growing much too fast. "Before the race for size, the majors are asking the question of the effectiveness of integration, even if the example of ExxonMobil, three times larger than Total, is compelling," said Pierre Terzian.

They serve shareholders still hungry

The company repeated it in chorus when the benefits are significant, it is natural that their shareholders benefit greatly.In 2009, for example, ExxonMobil has distributed some $ 26 billion. And the annual loss endured by BP in 2010 because of the oil spill did not stop to announce a dividend.

Objective: to distance vis-à-vis the City. While the controversy bounces across the Channel on lavish bonuses bankers, the government of David Cameron has chosen to burden of 800 million pounds (942 million) the new tax basis on the balance sheets of banks. London is well draw now £ 2.5 billion, when its previous estimates had forecast 1.7 billion. The levy, which applies to UK banks and UK subsidiaries of foreign firms, will bring another 2.5 billion in 2012 and 2.6 billion thereafter.

At first, George Osborne, Chancellor of the Exchequer, had planned a gradual rise of the levy, the successor to the windfall tax on the bonuses that had generated 3.5 billion pounds of revenue in 2010.The idea was to allow banks to replenish their equity perspective of European regulations Basel 3. But the good results of HSBC and Barclays more – 24 billion pounds expected by UK credit institutions – have changed the situation. This tax is "a fair contribution to reducing the budget deficit," said George Osborne.

Waiting for the Merlin Project

Downing Street hardens tone vis-à-vis banks just before the season officially starts do bonuses. Some see a sign that the government has little hope of obtaining commitments of moderation in this respect, as he hoped.Already, information published in newspapers across the Channel on the 9 million pound bonus Advance Bob Diamond, Barclays' chief executive, and Stuart Gulliver, head of HSBC, revived the controversy on recurrent variable remuneration.

To reconcile the financial sector in general with the public, banks and government have been trying for weeks to complete an ambitious, dubbed Project Merlin. Among its requirements, Downing Street wanted the large banking institutions limit bonuses. With an expected budget of 6 billion pounds of variable remuneration provided, the City does not seem to have listened to the dictates of moderation."It would have been better, when we save the banks, to secure something in return," coward George Osborne: "Unfortunately, I was not the chancellor at that time" …

Westminster also asked HSBC, Barclays, Lloyds and RBS in banking to provide SMEs about 190 billion pounds of loans, just like what the Elysee had negotiated with the French banks to finance the economy. In addition, the British bankers are asked to develop a £ 1 billion fund to build capital for small businesses.

"The discussions are not completed," admits George Osborne, who hopes to increase "substantial and significant" loans to businesses.And say: "I am always confident about the fact that we can reach an agreement with banks expected to increase loans to small businesses and lower bonuses."