International News

China is disappointed and all stock markets suffers. While the Middle Kingdom has unveiled a disappointing trade surplus in May, the S & P Asia fell back by 0.7% shortly before the close of the Tokyo Stock Exchange. The Nikkei, the benchmark index of the place in Tokyo, which gained 1.3% even in mid-session before the release of Chinese statistics, not put more than 0.6% to 9,522 points shortly before the close. The S & P ASX 200 Index Australian star, he has ended up slightly from 0.1% to 4553.90 points. Of the other major Asian markets, the red predominates. In Shanghai, the China Shanghai Composite fell back by 0.4% while the Hang Seng index in Hong Kong landmark, losing 0.7%, South Korea's Kospi dropped 0.5% and the Sensex Stock Exchange Mumbai was down 0.3%.

China's trade surplus in May released by China Customs reveals to be significantly below expectations.He came to 13.05 billion against $ 11.4 billion in April, but analysts were betting where, on average, about $ 18.6 billion. Chinese exports totaled last month in May reached a new record value of $ 157.16 billion, up 19.4% while imports reached 144.11 billion dollars, up 28 , 4%, according to the joint Customs. These figures were even more disappointed investors they contrast with those published in the United States. The trade deficit the U.S. has significantly reduced in April, falling to 43.7 billion dollars as a result of lower imports, according to figures released Thursday by the Commerce Department.

Moreover, the consequences of the nuclear disaster that followed the tsunami of 11 March the authorities continue to worry.Japanese Minister of Economy has warned Friday that the prolonged suspension of nuclear reactors beyond the areas affected by the tsunami of 11 March, notably in the west, could lead to electricity shortages and hamper recovery. "Energy production may fall, especially in western Japan" if utilities can not rely on their nuclear reactors, Banri Kaieda warned during a press conference, the agency Jiji.

The Bank of Korea raised its key rate

Also on the macroeconomic chapter, the Bank of Korea raised its key rate a quarter point to 3.25%, defying predictions of economists who expected a freeze for the third consecutive month.Seoul remains concerned about inflationary pressure continues to threaten the performance of the fourth largest economy in Asia.

As for values, the title of the Chinese bank Citic Securities fell back by 0.6% to 5.08 HK dollars after it bought 19.9% ​​stake in the trading business in Europe and Asia two subsidiaries of Crédit Agricole Cheuvreux and CLSA. The transaction, valued $ 374 million, confirms the global ambitions of Citic, and should help make Cheuvreux and CLSA a global leader specializing in research on the equity market.

Also, Takeda Pharmaceutical folds of 2.7% in Tokyo while France wants to remove two blockbusters dulaboratoire its market.

Hynix Semiconductor fell back by 4.7% while its shareholders that the group of semiconductors intend to transfer 15% of their participation, according to the Wall Street Journal.

Announced in January, the IPO was expected Groupon. The figures that he has revealed in the record filed Thursday with the U.S. stock market authorities were much less. The website, which plans to raise $ 750 million in stock on a valuation estimated at between 15 and 20 billion dollars, in fact displays significant losses.

Created in November 2008 by Andrew Mason, a student of music, with one million dollars entrusted by entrepreneur Eric Lefkofsky, Groupon offers users to receive promotions from local businesses – florists, beauty salons … – provided that a specified number of Internet users subscribe to the offer. Over 83 million users have subscribed to the service. They were 1.8 million at end 2009. The turnover increased from 94,000 dollars in 2008 to 713,400,000 dollars in 2010.In 2011, revenues could exceed $ 2.4 billion. Growth driven by the acquisition of 13 companies, including Citydeal in Europe.

413 million loss

Groupon losses widen at a rate just as dramatically. In 2010, the net deficit of the site has reached 413 million dollars. For the first quarter of 2011, it already stands at nearly 114 million, says the briefing book. Abysmal losses that already raise doubts as to analysts who fear a new Internet bubble.Sucharita Mulpuru, e-commerce specialist at Forrester, and wondered how can one "lose so much money?" This is crazy with these numbers is that it should model extremely profitable, "he said The Wall Street Journal.

"Groupon has a very healthy business model, based on e-commerce, thus capable of generating cash," said Jonathan Besnaïou, co-founder of Oh My Deal, a site that aggregates and compares the offerings from its competitors and Groupon. "We must not forget that this is a service where the consumer pays first Groupon, which then pays the merchant on the one hand," he recalls.

If Groupon now displays such losses, it is because it invests heavily in customer acquisition – both businesses and users. The start-up business on account 3500 7000 employees worldwide.Considerable labor costs for a startup but can eventually turn into competitive advantage.

Another advantage of Groupon: the site has steadily expanded its offering – one coupon per day to more targeted deals, for example – to stick as closely to the needs of its users. His dedicated service to the mobile, Groupon Now, promises to be the next growth driver Groupon. Andrew Mason, the young CEO of the company, clearly displays the color in a statement of intent that reveals the very special culture Groupon: "As with any young company of 30 months, the road to success is strewn with pitfalls, punctuated moments of brilliance and sheer stupidity of others, "he wrote, convinced that" Groupon is better positioned than anyone to redefine the local business "and determined to focus on" a long term growth. "

U.S. exchanges to raise. After closing sharply lower Monday, Wall Street opens on Monday, up slightly Tuesday. The Dow Jones gained 0.12% and the Nasdaq rose 0.22%.

Before the publication of the results tonight Yahoo and Intel, the return to stock market indices through better than expected corporate earnings and renewed housing construction in March.Housing starts rose 7.2% and building permits by 11.2%.

The day after lowering the outlook on the U.S. debt by Standard and Poor's, Treasury Secretary Timothy Geithner said the country was "in a much stronger position (than other countries) to deal with its difficulties. "

Oil prices continue to fall Tuesday in the opening exchanges in New York, as investors questioned the impact of high prices on demand.In early afternoon on the New York Mercantile Exchange (Nymex), a barrel of light sweet crude for May delivery traded at 106.25 dollars, down 87 cents from the previous day.

Citigroup: 0.90% to 4.46 dollars

Citigroup announced Tuesday that he gradually got rid of a portfolio of 12.7 billion dollars of toxic assets account for a large portion of its losses during the crisis in order to mitigate the anticipated effects of the implementation establish rules of Basel III.

Johnson & Johnson 2.98% to 62.26 dollars

Johnson & Johnson on Tuesday net profit down 23% to $ 3.47 billion for the first quarter but remained higher than expected (3.2 billion dollars). Turnover, up 3.5% to $ 16.2 billion, also exceeded expectations (15.83 billion U.S. dollars).The group raised its forecast for annual earnings per share, taking it to a range of 4.90 to 5 dollars, against a previous range of 4.80 to 4.90 dollars and a forecast of analysts of 4.83 dollars.

NYSE Euronext: 1.17% to 38.77 dollars

Nasdaq OMX stock exchange operators and IntercontinentalExchange noted Tuesday their proposed purchase of NYSE Euronext board of directors of the places in New York and Paris payday loan.

State Street: 2.08% to 45.60 dollars

State Street issued on Tuesday a quarterly operating profit rose to 444 million, or 88 cents per share, slightly above the consensus.

General Motors: -1.33% to 29.57 dollars

The U.S. Treasury could sell much of 33% of shares he still owns stake in General Motors this summer or fall, according to a source familiar with the matter.Neither the timing nor the size of the sale, however, have yet been determined.

Goldman Sachs: -0.42% to 153.14 dollars

Goldman Sachs announced Tuesday a 72% decline in earnings in the first quarter compared to last year to 908 million. Analysts expected a profit of about $ 477 million. The turnover of the bank stood at $ 11.9 billion in the quarter, down 7% year on year but higher than the 10.2 billion expected by analysts.

Bank of New York: -1.78% to 28.68 dollars

Bank of New York reported Tuesday in a 4% rise in quarterly profit to 625 million, supported by higher asset management revenues and commissions.

Seagate Technology: -2.91% to 17.32 dollars

Seagate Technology will buy the operations of disk drives from Samsung Electronics for $ 1.4 billion in cash and stock, said on Tuesday South Korean group.

Texas Instruments: -0.98% to 34.45 dollars

Texas Instruments on Monday announced a quarterly profit slightly below expectations. The first quarter earnings rose to $ 666 million, or 55 cents per share, against $ 658 million and 52 cents a year earlier.

Harley Davidson: -1.68% to 39.04 dollars

Harley Davidson reported earnings per share of $ 0.51 in the first quarter, below the consensus at $ 0.53. The group recorded quarterly revenue of 1.06 billion euros, against 1.05 billion expected.

The government takes action to defuse the controversy over rising energy prices. And Francois Fillon has "taken a series of measures to limit the impact of energy prices on the purchasing power", Matignon said Tuesday in a statement.

The Government has expressed particular the cancellation of the rising gas prices initially expected July 1. In addition, departments will review the tariff applied to gas prices. Gas prices rose 5.2% Tuesday, bringing to more than 20% price increases year over year. With the calculation in force today, it might also increase again by 7.5% on 1 July.But while the subject of rising prices are especially sensitive to thirteen months of the presidential election, Eric Besson, Minister of Industry, Energy and the Digital Economy, had already indicated that decisions were expected at the end arbitrations and the Elysee Matignon "in the days to come."

The government also plans to review the public service contract that binds GDF Suez to the state, "to make it more favorable to the ultimate consumer when the market prices are persistently lower than the price of long-term contracts." Since early 2010, GDF Suez, owned 35% by the state, which offers fares. The CRE then verifies that they conform to the formula.This was pronounced in recent days to a new formula.

"Special contribution" of oil

Another measure expected: the oil companies will now be drawn upon to finance the oil import bill. They will finance the upgrading to 4.6% "of the flat rate mileage apply for tax revenue in 2010 compared to the level used in 2009." This tax deduction will allow those who use their cars very much to offset soaring fuel prices bad credit payday loans. Matignon stresses with the oil companies define the form that this "special contribution". The idea of ​​a fuel voucher donated to the poorest households had been discussed but time does not appear to have been selected by the state.The establishment of a solidarity fund, financed by oil tankers, would be the preferred path to creating a new tax.

But this idea goes wrong with the oil companies. The president of the French Union of Petroleum Industries (Ufip) Jean-Louis Schilansky pointed out that the "flexibility" was "extremely small".

Focus on energy savings

Moreover, the Prime Minister indicate that electricity prices for households will increase by 2.9% on 1 July 2011, then remains unchanged until 1 July. An increase of more than 5% until 2015 had been raised so far, an increase of nearly 30% by 2015.

Finally, the State affirms its commitment to achieving energy savings."The Grenelle environment in 2020 will continue the energy reduction through the support of renewable energy, energy efficiency and reducing CO2 emissions." The government will thus to 1.35 billion euros the program "Living better" which assists households in a precarious situation. EDF, GDF Suez and Total will participate in 250 million euros in the program.

ALSO READ:

"Electricity: The bill could rise by 5% per year

"Gas prices will increase by 5.2% on April 1

"Prices at the pump continue to climb

"GDF Suez open to revise the rates

"The government could freeze gas prices

"Gas prices: Besson wants to review the calculation

Late SNCF again culprit. According to a survey conducted by the CFDT, only one train in three on average arrive on time. To achieve this, hundreds of union activists have noted the arrival of 1964 trains between January 24 and February 17 last. Conclusion: if one third of the trains are punctual, 35% have a delay of between one and five minutes, and 24% between six and fifteen minutes. Users being the most unlucky people who use the train to travel from Paris to Caen: a second train arrived there only at the scheduled time. According to the study of the CFDT, Transilien and TGV would be a little more punctual (respectively 33% and 31% are) as ESTs (25%). The only consolation for the SNCF in this study: the delay is due in approximately 70% of cases to an external cause on which the railway group can do nothing.Remaining 30% of situations where it is fully accountable, according to the CFDT, the inaccuracy of its trains.

Strikes user

A lack of punctuality that starts to annoy users. At the point that last January, some subscribers of the line Angers-Le Mans-Paris went on strike, refusing to submit their subscription in protest against "a sharp deterioration of service for which we pay dearly, with Repeated delays professionally very damaging. " During the winter especially, the SNCF has multiplied because sometimes quacks of strikes, sometimes the weather marked by heavy snowfall. According to internal data SNCF published in late January, all train types in 2010 experienced a deterioration in their regularity.Even if the group retains rail figures are more favorable than the CFDT: they are 90.7% of trains arrived on time in 2010 according to SNCF, against 91.4% in 2009.

Engagement letter

Users do not make a mistake: in January, according to a survey * conducted Ifop for Ouest France, three quarters of those surveyed felt by Ifop train schedules less respected in recent months. Nicolas Sarkozy made the same observation, and direct the Director of the SNCF, Guillaume Pepy, to remedy this. In the new letter of assignment entrusted by the chief executive officer of the State Railway Group, he stressed that the effort on the quality of service "must be a strong value of the company, as well as technical performance or safety. "Especially in addition to angering legitimate users, delays in the station could end up costing him dear: justice is in effect for the first time last September sentenced the railway company to pay damages and interest to a user's penalized by delays. "A decision that opens the door certainly other complaints," said the spokesman, so a user association.

* Directed the 20 and 21 January last with 968.

ALSO READ:

"SNCF for 80% of French, the service has deteriorated

"The regularity of trains deteriorated in 2010

"A third of delays attributable to the RER RATP

His tardiness could be costly to the SNCF

"SNCF: users refuse to submit their subscription

Ethics and Professional Conduct market, terms and level of detail in the communication of large listed companies are very heterogeneous. This conclusion emerges from a study jointly conducted by PricewaterhouseCoopers (PWC) and students from Sciences Po

Of the 80 largest capitalization on the Paris (CAC 40 and 40: the "Next40"), only 10 have a dedicated code of ethics, as recommended by the AMF in November 2010. This charter, not mandatory, declining at the enterprise level the concepts of insider trading, inside information and duty of abstention, "in addition to an already very precise definition in legal terms," says Elodie Fornas PWC, in charge of the study.

In total, 69 companies of the panel (including the 10 already mentioned) have established internal rules of conduct, but only 53 communicate publicly (on their website in their document, 2009). Without naming them, the study underscores the total lack of communication on this subject in 5% of heavyweights rating (CAC40) and 22.5% of the 40 companies following. "Either there is a failure to communicate, or market devices ethics are not sufficiently advanced in these companies to justify an official communication," says Elodie Fornas. Unlikely however that the first hypothesis applies to companies often expert on codes of speaking.

Among those who made the choice of internal rules of conduct, the supports and the level of explanation of concepts are very different.Some specify them in their global ethical code (29), others in the charter of the administrator (10), others prefer the rules of the board (23).

Finally, details of concepts is sometimes very random. On the definition of insiders, 18 companies believe it is only corporate officers, 5 others add executives, and 30 others include all employees. In several cases, some employees are not even officially informed of their status as "insiders."

The explanation of "inside information" differs among the 12 companies finally showing the 4 criteria of the definition of the AMF General Regulation (non-public information, said having a significant influence on the course and dealing directly or indirectly the issuer or the securities of companies) and companies that do not repeat 3 (they are seven), or who do repeat that 2 (14 companies).

A more mature in the Anglo-Saxon

These differences raise questions, while the practice of communication ethics market can greatly affect the image of the company and the value of its stock exchange. Witness the case of aircraft manufacturer EADS, rocked for months by suspicions of insider breaches.A case that Colette Neuville, president of the Adam (Association for the Defence of Minority Shareholders) calls never happen again.

"The approach of the French companies on these issues appears less mature than in the Anglo-Saxon countries, where market rules are more stringent," says Elodie Fornas. Including the United States where, since the Sarbanes-Oxley Act of 2002, a code of financial ethics is mandatory for listed companies. " In France, there seems to prefer the incentive approach, like the AFEP-MEDEF 2008 on good corporate governance, from business organizations, not the stock market regulator.

"The guide AMF in November 2010 is too recent to measure its effect on corporate practices.Nevertheless, he'll probably get them to rethink their rules and procedures relating to market conduct, and communication to affirm their commitment to the subject, concludes Élodie Fornas. And if the transition to a mandatory does not seem relevant, listed companies have an incentive to follow these recommendations for reducing the risk of insider breaches and sanctions, media laws and regulations made thereunder. "

ALSO READ:

"French shareholders increasingly rebellious

"The MFA considers the failure of insiders

"Exchange: Paris suffered from the EADS deal

More than 2010 figures, Danone was expected especially on the outlook for this year. The group chaired by Franck Riboud said he was confident for 2011 although it anticipates for the fiscal year increased 6% to 9% of total costs for raw materials. Danone expects to effect growth of 6% to 8% of its sales in 2011 and an increase of 0.20% operating margin.

Another topic where the dairy group was expected: the continuation of its share buyback. Danone plans to perform again this type of operation in the first semester for a maximum of 500 million euros, plus 423 million bought between last October easy payday loans.

Dividend increase

For 2010, the food group reported an increase in net current 1.669 million (+14.2%) against 1.670 million expected.Its turnover grew by 6.9% in comparable to 17,010 million euros, against a consensus of 16.845 million. On the year, the operating margin of Danone rose three basis points to 15.16%.

For 2010, the group proposed a dividend of 1.30 euros against 1.20 euros per share a year earlier.

Finally, Danone has also announced the appointment of Isabelle Sellier and Jean-Michel Severino on the board.

The Daily finally arrives. Feared by some and eagerly anticipated by others, the newspaper for exclusive iPad Rupert Murdoch was launched Wednesday with fanfare at the Guggenheim Museum in New York. The event was originally scheduled at the Museum of Modern Art in San Francisco on January 19 last, but technical problems with the platform distribution would upset these plans. The announcement in the meantime the sudden departure on sick leave from Apple CEO Steve Jobs did not help matters. It is the vice president of Internet services from Apple, Eddy Cue, who replaced him. Apple has introduced a service that allows readers to subscribe to a publication directly from iTunes and see the newspaper delivered automatically on the iPad.

The Daily is the second newspaper designed exclusively for the Apple tablet.The Virgin boss Richard Branson, The Project was launched last November, a $ 2.99 monthly chic ranked eleventh in today's list of most popular publications of the tablet. The Daily him, is priced at $ 0.99 per week, initially in the U.S., or $ 40 per year. His first "A" shows a photograph taken in Egypt under the title "The Fall of a Pharaoh." Inside are 100 pages of articles, photos, videos and commercials, as well as weather, games and a section devoted to sports.

11% of revenues from the press

The News Corp credit reports free.. has so far spent $ 30 million to finance the launch. The operating cost will be $ 500,000 per week. The goal is to sell "millions of applications," said Rupert Murdoch.Eventually, declinations will be offered on other tablets, particularly those operating with the operating system Android, from Google.

The success or otherwise of the new daily fee on the iPad, which has no fewer than 60,000 applications, followed closely by the world press. The News Corp.., Owner of the British tabloid News of the World and the U.S. daily The Wall Street Journal, hopes that the digital tablets like Apple will revive an industry in crisis, ignored by readers and advertisers.

Number of daily, weekly and monthly paid versions have launched online with more or less success in recent months. United States, online advertising now accounts for only 11% of total advertising revenue of the press, according to the American Association of Newspapers.Advantageous compared with a price, The Daily could overshadow Ongo, the new kiosk line funded by the New York Times, Washington Post and Gannett, are the analysts. For $ 7 per month, Ongo offers a selection of the most popular items of the three newspapers and the AP and the Financial Times.

Employment center is in the viewfinder of the CFDT. The union has published Thursday in the newspaper La Croix, the results of his great satisfaction survey conducted from 1534 job seekers at the end of last year. Verdict: almost half of them are not satisfied with the services rendered by the employment center to help them find a job. 49.1% of those surveyed said that their agency "takes time for not much" and that they must fend for themselves. "

22.4% feel that employment center "is tedious and complicated, but sometimes helpful, 15.3% consider it" very useful, but really difficult to navigate "and 13.3% found it" indispensable "and "feel properly supported."

While 43% of respondents were satisfied with the welcome center jobs, 31.4% complained of queues "interminable", agencies too distant (25.3%), letters unclear (24.2 %).

Similarly, if 56.7% of respondents feel they can explain their difficulties "calm and confidentially with their advisor, they are 33.8% consider that their advisor was" not really the time to take care "of them. 36% even reported that he had "nothing to offer them." For 32%, job offers made to them does not fit their profile.

Rely on yourself

According to the survey, 92.8% rely primarily on themselves to find a job, but 34.8% also expect the internet and the press while 20.3% also cite what they advise Pole emploi.Commentant survey, Lawrence Berger, the national secretary of the CFDT, told La Croix that "the social partners should demand more employment center on the Supporting people."

According to an IPSOS poll conducted for the employment center via the Internet last summer, two-thirds of job seekers (66%) said they were "generally" satisfied with the employment center, but almost half (48%) were dissatisfied services rendered to enable their reintegration into the labor market.

(With AFP)

ALSO READ:

Bertrand puts employment center in "competition"

"The equipment to fight against unemployment

The snowfall from the end of December he will serve as a lesson for the future? That's what qu'espèrent the Head of State as industry players. Around Christmas time, a third wave of snow that had fallen upon France had strongly disrupted rail and air traffic. At the airport of Roissy-Charles de Gaulle, 50% of flights had been canceled and some busy days. The lack of anticipation of this climatic episode, and gaps in information available to passengers include culprit.

Presenting his wishes to the officials, Nicolas Sarkozy said Saturday that such a disruption of transport in France was "not acceptable". And advocated that "to be engaged without delay a study on how to improve crisis management.""When we face such situations, our means of action, our modes of organization are called into question," says the head of state. Nicolas Sarkozy has once again promised "appropriate action" to implement quickly. However, it excludes the possibility of equipping France "in expensive equipment that would be used only on very rare occasions": "We're obviously not a country in the Arctic Circle no credit check payday loans. [...] One can understand that the service be disrupted by the weather, but not that users have the feeling to be abandoned, "he said.

Lack of coordination

Some airlines have also expressed concern on their side this Sunday morning on France Info lack of information available to them during this snowfall.Stressing that it is ultimately the airline is responsible for compensating customers disorders, a senior airline complains that he has not always been able to make an informed case for lack of information Airport from Paris. "There is no real coordination between authorities, airport and airlines, and has been three years since we face this kind of difficulty," says Jean-François and Domaniak, president of Euroaipost.

Another official put even directly involved ADP. "Why, if the responsibility of the airport is in question, does it not pay?" He asks. He was surprised especially because if the European Union requires companies shall bear the costs incurred by delays to passengers, the airport, it "does not pay a dime to compensate the airlines' .