This operation removes a thorn from Technicolor. The group disposes of an activity that consumed about 50 million euros in cash per year. An economy, certainly, but not a bargain.Firstly, to pass the baby, Technicolor begin by Francisco Partners to transfer 20 million euros in cash for the operation of the business. Then, the investment fund will pay its acquisition in 2016. It issues a promissory note for 80 million euros due six years, but bearing interest at 5% per year. In other words, by 2016, Technicolor will affect only 4 million euros per year. Finally, in 2010, Technicolor will take a loss in its accounts related to the difference between the value of the sale ($ 100 million) and the value of this activity at the balance sheet. Already in 2009, Technicolor had depreciated its assets transferred 379 million euros, of which a large part due to Grass Valley.

Accordingly, this assignment s gonna in no financial position of Technicolor. Frederic Rose, Chief Executive since September 2008, had warned.It is not easy to sell assets when they lose money and the seller is pressed. The important thing is to stop the bleeding. Since early this year, the new boss has renegotiated the debt with creditors, reducing it from 2.8 billion euros to 1.4 billion, and he raised 350,000,000 euros of fresh money. Its mission today is to cut off the rotten branches. He still has to sell the two other activities of Grass Valley and the advertising company Screenvision.

Sitting comfortably above the $ 76 barrel of oil has had a week to rebound. Monday on the New York Mercantile Exchange (Nymex), the light sweet crude for August delivery ended at 76.54 dollars (75.60 dollars in London). "Things have been pretty quiet on the front of the oil market. After all the volatility of last week, investors taking a breather, "and watching Adam Sieminski of Deutsche Bank.

On Tuesday, investors had boosted the morale and the prospects for a decline in crude reserves in the U.S. and the possible formation of a tropical low off the island of Hispaniola (Haiti and the Dominican Republic) . In New York, a barrel to 77.44 dollars has completed while in London he displayed up to 76.44 dollars.Then suddenly bamboo Wednesday: the U.S. Department of Energy announced that gasoline stocks, closely watched during the summer due to extensive travel by car increased by 1.1 million barrels over a week. These distillates (including diesel and heating oil) rose by 3.9 million, twice as anticipated by analysts. The turnaround is not expected on the markets: the barrel of light sweet crude dropped to 76.56 dollars while London Brent clings to 75 dollars.

On Thursday, another change of mood: the price of oil surged by 3.5% in New York while a tropical depression threatens to disrupt the operation of oil facilities in the Gulf of Mexico. The U.S. National Hurricane Center emits a tropical storm warning for the Bahamas and parts of Florida that concentrates approximately 30% of crude production in the United States.The barrel ends at 79.30 dollars in New York and Brent 77.25 dollars in London. Friday, investors marked a pause, which fall to 78.98 dollars a barrel in New York and 77.60 in London.

Chaotic week ended with a gain of 2.98% for WTI and Brent to 1.44%.

The weak dollar boosts gold

The precious metals have been worn all week by a weak dollar. The dollar fell Tuesday to 1.3029 dollars per euro, its lowest level since May 10 In terms of gold, the psychological threshold of $ 1,200 an ounce is not yet valid. While the stock market regains its vigor, the yellow metal lost some its appeal as a safe haven.On the London Bullion Market, an ounce of gold finished at 1190.50 dollars at auction Friday evening.

The money has followed suit, finishing at 18.17 dollars Friday, against 18.25 dollars the previous week.

Platinum and palladium have been a positive week. The platinum price rose Friday to 1,548.75 dollars per ounce, its highest since late June The reason: pressure on supply, particularly in South Africa, the main producer. The country should not review its production is rising while demand continues unabated. In London, an ounce of platinum finish to 1541 dollars on Friday. The deck had also received reassuring news on the state of the automotive sector. The manufacturer Audi announced in particular that, like its competitors, it would be difficult to meet demand from China.

Following the ounce of palladium finished $ 460 dollars against 456 the week before pay day loan no fax.

Renewed confidence for base metals

Fears about the economic recovery would they be erased? This suggests that the evolution of metal prices based on last week. The good response of equity markets in the wake of U.S. companies has cheered the markets. Just as the announcement of a reduction in stocks of copper on the London Metal Exchange. A key barometer of the market, the red metal posted Thursday its highest level for over two months in 7050 dollars per ton.The U.S. Freeport McMoRan, the second largest copper producer in the world, has also contributed to the general euphoria, thinking "optimistic" about prospects for demand with order books "more solidly filled some time ago" .

A voltage supply would also increase beyond the original copper. BHP Billiton recorded in the second quarter, a drop of 5% a year from its copper production, and announced an expected decline of 5 to 10% over the next 12 months of mine production of copper from Escondida (Chile), the largest in the world. However, according to the monthly report of the International Study of copper (ICSG), the demand keeps augmnter. Global consumption of refined copper jumped 5.8% year on year in April.

In the wake of copper, aluminum has increased, supported by fears of a shrinking market.World production fell in June to 3.423 million tonnes against 3.476 in May. Friday, was worth 2038 dollars per ton. Lead, tin, nickel and zinc respectively won 10%, 6.7%, 7.5% and 7.5%.

The weather pushed wheat

Like last week, the weather boosted wheat prices in Chicago. Wheat prices reached their highest level in 13 months Thursday at $ 6.10 a bushel. The sources of concern are found on the side of excessive rainfall in Canada or the ten million hectares of crops destroyed by drought in Russia (20% crop of the country).

The wheat contract expired in September stood at 5.9625 dollars against 5.8725 dollars a bushel a week earlier, an increase of 1.53%.In contrast, the corn contract for December delivery finished at 3.8450 dollars per bushel (-5.59%) while the contract of soybeans mature in November closed at 9.8150 dollars per bushel (- 0.36%).

Note that during the brown bean were down significantly from last week have reached their highest level in 33 years due to suspected distortion of courses by the British fund Armajaro. On Liffe in London, the price of cocoa for September delivery was trading at 2,302 pounds on Friday against 2452 vune week earlier.

Coffee prices have also shown a decrease to 1724 dollars per ton. Sugar prices have instead reached their highest level since March 1, to 18.66 cents a pound in New York.With the approach of Ramadan, August 10, a time when global consumption is increasing significantly, the announcement of monsoon rains 17% lower than normal in India were fears of a drop in supply. On the LIFFE, a tonne of white sugar for October delivery was worth 555 pounds 527 pounds on Friday against the previous week.

Pending the promulgation by the President

Obama can now enact this historic piece to prevent another financial crisis and economic such as the United States had known in autumn 2008.

"Today the Senate will take action and send the bill on the president's office, so that the country can finally feel the effects of reform on which we have discussed for so many months," said Thursday Senator Chris Dodd, one of the main authors of the text with the Representative Barney Frank.

The text of over 2300 pages of the law "Frank-Dodd", aims to extend regulatory control over whole sectors of finance, which escaped him.It thus provides for the creation of a consumer of financial products within the central bank and it prevents the rescue of large financial institutions at taxpayers' expense.

For regulators play now

Among other measures leading text include a provision for better control of the vast market of derivatives traded over the counter, these tools have been speculative in the heart of the recent financial crisis in the U.S. pay day loans.The text finally contains a measure dubbed the "rule of Volcker," the name of Barack Obama's economic adviser, Paul Volcker, whose idea is to encourage commercial banks to focus on their lending activities and take fewer risks .

While most Democrats have supported this project, the Republicans have signaled their opposition to the text, notably in that it gives too much power to regulators who failed to prevent the recent financial crisis.

The Chairman of the Central Bank of the United States, Ben Bernanke on Thursday hailed an "important step" with the vote by the Senate of legislation to reform financial regulation, which gives them considerable powers of oversight at the institution.

The ball is now in the hands of regulators. "We will pay with meticulous application and our responsibilities under the new law," promises Ben Bernanke.Legislation passed by the Senate because the Fed responsible for regulating all major financial institutions in the country, more than 50 billion dollars in assets.

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"Nobody seems eager to take advantage of market declines to buy shares, at least for now", believes Patrick O'Hare of Briefing.com financial site. "This reluctance reflects a decline in market confidence about the ability of companies to achieve their performance goals in the second half of the year."

Influenced by the European public debt crisis, the oil spill in the Gulf of Mexico and fears of slowing global economy, U.S. equity indices closed sharply lower Wednesday for the second consecutive month to reach their worst quarter since the second quarter of 2002.They returned to their lowest level in eight months … Yesterday, the Dow Jones finished down 1% to 9774 points, the S & P 500 also lost 1% and the Nasdaq 1.2%.

The banking sector might react after the removal of a proposed tax credit and the approval by the House of Representatives, the final version of the broader reform of financial regulation in the United States. President Barack Obama reiterated Wednesday during a speech in Racine (Wisconsin, North) that the bill would "prevent a crisis" such as that of 2007-2009. "This is a reform that will protect our economy from the recklessness and irresponsibility of some," he said.

On the face of macroeconomic indicators, the employment figures expected Friday should mark a return to job losses after five months of improvement.On Wednesday, already, enrollment weekly unemployment rose unexpectedly last week in the United States, according to the Labor Department. Applications for unemployment benefits rose 13,000 to $ 472,000 in the figures as at June 26, while economists on average expected a decline to 452,000 over the figure of 457,000 originally reported. This does not augur the best.

Even more than other countries engine of global growth, China has seen, precisely, growth prospects are heavily depressed by the Conference Board and the Chinese manufacturing activity slowed in June, according to two indices Chinese purchasing managers released Thursday.

Investors will closely monitor the repayment by the European banks, expected on Thursday.They will have to repay 442 billion euros Thursday to the European Central Bank, with the maturing of a loan granted exceptional giant a year ago.

Unemployment, housing sales and the ISM Menu …

In this context, the statistics of Thursday afternoon should be highly supervised, investors watching for any sign of improvement. They may be disappointed. The promise of home sales in May and the ISM manufacturing activity in June should be more than mixed.

Technology stocks, IT and telecom will be well attended.

Setbacks Chinese Google could find exits. The license renewal application filed by the U.S. giant in China will be considered by the government and the result will be published shortly, have indeed shown this Thursday, the Chinese media.The U.S. group has shown good will by announcing in Beijing that he would terminate the automatic rerouting of its Chinese site to its site of Hong Kong. The track lost 0.11% to 444.47 dollars.

The internet group Yahoo! else has announced Wednesday that its board had approved a share repurchase program of $ 3 billion over three years. During Wednesday's closing, this amount represents approximately 15% of the market capitalization of the group.After the announcement, the stock price Yahoo!, The lowest since a year has risen by 1.59% to 14.08 dollars.

The Microsoft IT group (+ 0.56% to 23.14 dollars) announced Wednesday it would gradually stop marketing its phone launched in April, the Kin, especially for the youth market of amateur social networks. " Microsoft has decided to focus on the launch (OS) Windows 7 and Phone will not deliver the Kin in Europe this fall as planned, "the group said in a statement

The small business Internet distribution Woot, offers its followers not more than one model per day at deflated prices, said Wednesday that she was redeemed by the giant Amazon, without specifying financial terms of the transaction."The name of a dog! Woot has signed an agreement with Amazon – yes, then the Amazon – to become an independent subsidiary of the giant e-commerce, "said the little Texas company on his blog. The title gained 0.14% to 109.40 dollars.

Finally, Boeing could react because the World Trade Organization asks Brussels to halt "without delay" to the subsidies paid to Airbus. Boeing sees this decision as "a great legal victory, the European union will be Apel.les action leaves 0.51% to 62.46 dollars.

To choose between two companies in the euro area, 53% of investors focus first on to dissect the "fundamentals", only 16% consider the prospects for growth as critical. Which is good in this day and age.

Eiffarie owned by Eiffage and Australia's Macquarie have after the operation 95% of APRR. The subsidiary also plans to launch a buyout offer, that is to say that APRR would no longer be quoted on the Stock Exchange (right when the majority shareholder holds more than 95%).A project must receive the blessing of the AMF to be realized.

If this is implemented, and upon its conclusion, it remains on the securities market, these shares would then be a squeeze, which will be performed at the same price of 54.16 euros per share: 84 cents per share are restated as it is the amount of the dividend qu'Eiffarie decided to pay shareholders of APRR June 30 next.

The transaction is expected to close by the June 24 APRR listed on compartment A of Euronext, flies too, from 7.65% to 54.75 euros.

Eiffage and Macquarie have finally heard

The two shareholders of Eiffarie seemed irreconcilable. On this issue, in fact, Eiffage wanted to make a capital increase of 400 million euros in APRR, here just one year.One way to avoid a deterioration of its financial rating would increase the costs of refinancing cash advance till payday. Macquarie's refusal earlier this year.

Use markets? The CEO of Eiffage, in turn, rejects the idea. The stock market conditions are too uncertain. Another option would be to buy back its shares in Eiffarie. But Macquarie had not responded.

Investors enthusiastic

"The acquisition of the balance of APRR is positive news for Eiffage.The group can calmly deal to refinance Eiffarie 2013, "commented analyst Aurel BCG, for whom this would be" accretive by approximately 3% based on Eiffage tax integration we estimate that approximately 70 million euros.

Indeed, Eiffage will benefit from the tax integration: from 1 January 2011, interest paid on debt to acquire Eiffarie * – 3.77 billion – will be deducted from the tax base APRR, say the strategists Natixis Securities. In addition, the tax losses generated by the interest paid on this debt between 2006 and 2010 will be tax deductible APRR, they said. For them, the economy reached 314 million euros. APRR, in fact, will not pay tax according to their estimates.

* Eiffarie, had been chosen by the state in late 2005 during the privatization of Autoroutes Paris Rhin Rhone (APRR).

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The poor results follow each other. In the third quarter of 2009, the group had published its first quarterly loss since 1996. On Thursday, the CEO admitted "continue to face a very tough competition in the smartphone and market conditions very difficult for Infrastructure Network.

Caught between the Asian and Apple

In Hong Kong, the Hang Seng up 0.8% at 21,576 points. The S & P / ASX Sydney is 0.33%, to 4931 points. And the Bombay SE Indian wins 0.34%, to 17,459 points.

Bank stocks and airlines have regained some lost ground in recent days, says one local broker, because the complaint against Goldman Sachs for some, and the ash cloud for other

The day before, Wall Street has ended without direction, while European stock markets closed in decline consequent.

The charges against Goldman Sachs continues to be central to the concerns of investors worldwide Fast Cash Without a hassle.The investment banking side has explained to Congress. Sec could go for other banks. And AIG could also file a complaint against Goldman Sachs.

Toyota still reminders

Toyota (-1.89% to 3.625 yen) announced Tuesday the recall of 34,000 worldwide 4×4 vehicles that could run off the road if driven too fast around corners, a new concern for the automotive giant Japanese also regard the Lexus, its luxury brand ultra-lucrative.

This comes as yet another reminder Toyota has agreed to pay a record fine of nearly $ 16.4 million in the United States, where he is accused of being slow to call on other cases of defects.

Any aid to Greece based on bilateral loans of at least 30 billion euros, which would be made at a rate of about 5%.

"For loans up to three years, the rate of special drawing rights (SDR) plus 300 basis points plus 50 basis points of service charge, claimed Friday from European sources.

Under discussion for ten days, the interest rate was a crucial point of the plan, anxiously awaited by investors. Germany insisted that loans be granted to Greece "no subsidy" that is to say, the market price, while France and Italy were ready to make a flower in Greece.

Berlin was right partners, obtaining successful even in the smallest details."A premium of 350 basis points above the SDR rate – the benchmark for the IMF – is the average for the market this week," said Dominique Barbet, head of market research at BNP Paribas. "For a country of the euro area is very expensive," he adds. "But at least Greece is attached to his fate," said the economist.

What interest could she Greece to seek EU aid, if the price of loans is not less than the market? "In the markets, lenders are not obliged to lend, even if the price is attractive: it is all the difference," said Dominique Barbet low rate payday loans.If Greece asks EU aid, she knows she will obtain a price fixed in advance, which will never be below the market price, because the latter will naturally.

Spectrum of banking crisis

For now, Athens has not seen fit to seek the help of the euro area and the IMF, even if the markets will grow, calling for a rate of 7% for loans to ten years, or surcharge of 4% compared to Germany.

Although the markets have calmed down a bit Friday, Greece is at the foot of the wall. It may not only failure refinancing at its next bond issue, but also a banking crisis. Fearing bankruptcy, the Greeks have already withdrawn 10 billion euros of deposits and place them in foreign banks.

On Friday, ratings agency Fitch lowered the debt by two notches to BBB-Greece, citing "budgetary challenges" growing."The sharp rise in interest rates will make it harder for the government to achieve its goal of reducing the budget deficit to 8.7% this year," says the rating agency. Fitch is particularly heard it was the first to degrade Greece December 8, 2009, giving the signal for the Greek financial crisis.

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The German Chancellor has requested that a country can be excluded from the euro area "last resort" in case of repeated infringements Maastricht rules. Photo credits: AFN