International News

Finance ministers of the euro area hoping to keep their meeting Friday night at the Chateau de Senningen, Luxembourg, secret. Not a chance. It was stale, in real time by the website of the magazine Der Spiegel, the most famous of Germany, who found a little faster, there was talk of an "exit" of Greece to the euro area. A new contradicted on all sides, which was enough to plunge the euro of 1.30%, to $ 1.43 on Friday night.

If the output of the euro was a rumor "completely fanciful" in the words of Bercy, the financial position of Greece was indeed part of the discussions in the Grand Duchy.A situation so explosive, with a debt of 350 billion euros in early 2011 (150% of GDP), that this appointment did not appear on any official agenda …

Were present in Luxembourg: Jean-Claude Juncker, head of the Eurogroup, which took the initiative of the meeting, Christine Lagarde, Wolfgang Schäuble, Julio Tremonti of Italy, the Greek Finance Minister George Papaconstantinou; Minister Spanish Solgado Elena, the ECB president, Jean-Claude Trichet and European Commissioner for Economic Affairs, Olli Rehn.

"We did not discuss output Greece to the euro! It's a stupid idea! We do not want the euro area explodes! "Insisted Jean-Claude Juncker after the meeting, visibly annoyed. "We also exclude the option of restructuring the heavily cited by the markets," he added."Greece needs a further adjustment program," he insists.

Rejected by France, the ECB, the European Commission and the boss of the Eurogroup, who fear the contagion effect in the euro area (see below), the assumption of a debt restructuring Greek has nevertheless been mentioned, as "mild" a debt rescheduling. But it was not accepted as a reasonable assumption, including the Germans. "This is not the agenda," says Will we in Berlin, even though the Liberals in the coalition are pushing for banks to charge, and, failing to leave Greece in the euro area …

A hole estimated at 30 billion

Leaving aside these two extreme options, there is only one solution: a new financial extension beyond the 110 billion euros of loans already granted by the EU and the IMF to Greece.This amount is insufficient today to cover the financing needs of Greece to June 2013, when the rescue plan will expire today.

To fill a hole estimated at 30 billion euros, before the coming into force the European mechanism of stabilization (TSS), a new form of rescue was considered, in Luxembourg.

According to the Greek finance minister, he would "use the recent European Council decision authorizing the Fund to redeem the debt Greek." This is not Greece which would directly lesmarchés in 2012, as agreed at the first save, but the Fiscal Stabilization Fund (EFSF), which would acquire the newly issued debt by Athens at the height of 25-30000000000 euros. The EFSF, sovereign rated 'AAA' markets, has 440 billion euros of lending capacity.

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After two difficult years, the market for used cars has finally erased the impact of economic recession and scrapping. With over 510,000 registered vehicles in March, he returned to a level he had not met since April 2008. This is twice the new home market, as 257,000 new cars were registered in the period.

The recovery appears sustainable. 38% of members of the National Occupational automobile (CNPA), which includes dealers and professionals the opportunity to anticipate an increase in their turnover in their activity during the second quarter of 2011. There were only 14% to be optimistic about a year ago. These professionals do indeed represent only 40% of the market, 60% being made between individuals, but they give a good idea of ​​its evolution.

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

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

Back to the wall

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

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

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

– "No! "Replies Matthew Tenenbaum.

– "Yes, yes Matthew …"

– "We know each other!"

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

– "But you know what?"

– "We know."

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

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

Confession or resignation discrete

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

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

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

"My hands are clean"

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

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

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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.

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

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

A highly anticipated Eurogroup

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

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

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

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Caution reigns at the Paris Stock Exchange on Friday. Several elements suggest because investors remain wary. Among them, the volatility of U.S. stock market Thursday after the publication of disappointing statistics, and bad mood operators in Asia following the deterioration of Japan's sovereign debt rating agency Standard & Poor's. These factors lead investors to focus on profit taking while the CAC 40 a chained up sessions this week.

Exchanges therefore start in the red, the benchmark index dropping 0.37% in Paris to 4044.56 points. Even moving to London where the FTSE lost 0.14% to 5956.98 points and in Frankfurt the Dax opened almost unchanged (-0.00%) at 7155.47 points.

Traders also expect several macroeconomic indicators of weight on Friday in the United States.Most importantly, unveiled at 14.30, is the first estimate of U.S. GDP in the fourth quarter of 2010. A little later, the second reading of the index of consumer sentiment for January will be unveiled.

On the currency markets, the euro has stabilized at 1.3723 dollars in morning trading.

Record turnover for JCDecaux

JCDecaux: 1.51% to 23.23 euros

The group reported a record turnover for 2010 to support organic growth more than its forecasts and the positive impact of acquisitions. The specialist in outdoor advertising has over 2010 registered a turnover of 2.35 billion euros, representing organic growth of 9.1% against 8.2% expected on average by analysts.

Areva: 1.32% to 36.40 euros

Nuclear giant posted a turnover up 6.7% in 2010, through its activities in the reactors.In late December, the backlog stood at 44.2 billion euros, up 2.0% year on year. In addition, AREVA will, in the second half of February, the President of the Republic, the list of candidates for a serie of Anne Lauvergeon, chief executive of Areva, whose term expires in June, write Friday Les Echos The Tribune and e. The supervisory board of the company must prepare the list, and has performed at the end of next week a first selection among potential candidates, Les Echos added. The Tribune, quoting a relative of one of the candidates, writing on his part that a preliminary list has already been established and shortlisted personalities were contacted in order to be heard in early February.

Beneteau: +0.37% to 16.46 euros

The world's leading manufacturer of yachts on Thursday unveiled details of his "Plan 2015", a five-year strategic plan that predicts a doubling of its turnover, thanks to conquer new markets.

Lafarge in sight

Vinci: -1.51% to 42.48 euros

The management said tackle 2011 with confidence after a year marked by a return to growth in sales stronger than expected and thanks to a backlog boosted by acquisitions.

Total: -0.40% to 43.04 euros

The oil group is looking for partners to explore the south-eastern France in search of shale gas, the newspaper reported Friday Echoes. The newspaper quotes an internal document sent to the companies likely to be interested and he said it had identified a site as "high potential".Total finds this opportunity in the shale gas "important and very significant." The title is also affected by the recommendation of Citigroup initiates coverage with a sell recommendation for a target price of 40 euros.

Lafarge: -0.80% to 44.63 euros

The group built a strong presence in Egypt, was harassed since the protests began calling for the resignation of President Hosni Mubarak.

France Telecom: 0.12% to 16.17 euros

The group signed a syndicated loan of six billion euros in five years with 28 banks, to extend the maturity of its existing debt.

Latecoere: 4.21% to 8.92 euros

The group has an agreement with Boeing for the development and production of the 787 gates, the new long-haul U.S. manufacturer.

"On pension reform, employers and unions have continued to talk." After this reform has given rise to serious wrangling between government and unions, the president of MEDEF, Laurence Parisot, now wants to look ahead. Objective: To revive the dialogue. "We believe in the power of the peer," she told Europe 1 radio on Sunday. And for that, she will invite leaders of various unions to meet to establish a "social agenda on the next two years."

For the president of MEDEF, we must find a way to "expedite all ongoing negotiations," including one on the modernization of institutions representing the personnel and the modernization of the peer.It is also necessary, she said, packing "obvious negotiations on supplementary pension schemes Agirc-Arcco.

"The government must establish more harmony in our country"

Laurence Parisot also expecting much from the new government. "We expect the new government's ability to establish a little more harmony in our country," she said.

Among the main issues she will discuss with them the job market. "We will diagnose the labor market," says the president of MEDEF. Freshly maintained his position as prime minister by the president, Nicolas Sarkozy, Francois Fillon said in a statement "to be firmly in a new stage which will allow our country to strengthen its economic growth in the service employment. For the president of MEDEF, the creation of jobs through the SOHO and SMEs."We must have the attitude of SMEs and to show solidarity with these companies, which may be both the most vulnerable, but also the first to leave."

"Continue to reduce deficits"

One of his goals is to bring the juniors and seniors. "There is a misconception that we have heard much that would be: a senior citizen who stays longer in the job is a job for a young and less," she insisted. We must, enterprises, we thought the relationship senior juniors in the same way. That is why we are considering the establishment of mechanisms for mentoring between junior and senior. "

Who said creating more jobs, said to boost this growth. Therefore continue to reduce deficits for Laurence Parisot. "If we continue in this direction, we could reach 3% or 4% growth by 2015. Otherwise, social issues will become dramatic. "The government has planned at least 40 billion euros in savings in the 2011 budget. Objective: To reduce the public deficit of 7.7% this year to 6% in late 2011.

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Lafarge posted mixed results. The building materials group unveiled a lower than expected decline in net income in the third quarter. Conversely, the operating income is below expectations.

The world's leading cement has made the quarter a net operating profit fell 2% to 839 million euros, where analysts expected on average 873 million. A rising cost of inputs and contract volumes have infringed the group's results.

Sales meet expectations

Net income, group share, has meanwhile declined by 8% to 372 million euros against 366 million for the professionals. As for revenues, it amounted to 4.5 billion euros, up 6% thanks to favorable currency effects. This figure is in line with consensus analyst expectations bad credit payday advance."The trends have improved in most developed countries in the third quarter, emerging markets have remained strong, despite lower volumes on some of them, and Central and Eastern Europe showed the first signs of improvement since mid-2008, "the company said in a media presentation.

In addition, Lafarge "maintains its forecast for global growth of its markets" and provides "a cement demand in its markets between -1 and +3% in 2010 compared to 2009." The group chaired by Bruno Lafont said that "given the changes in supply and demand, the outlook for the volume group may deviate from the trends in local markets in some countries" but that "prices should remain firm throughout the year, despite declines in some markets. "

The CAC 40 moves upward slowly but surely the psychological threshold of 3800 points. Today, the trend is in effect an opening in decline, despite the close up on Wall Street, supported by good results from Citigroup, Apple or IBM. But industrial output unexpectedly fell and Asian stock markets move in a disorganized Tuesday morning.

On the macroeconomic front, the number of start-ups in September will be announced at 8:45 by the National Institute of Statistics and Economic Studies. The European Central Bank will present the balance of payments Euro area (10 hours). Around 14 o'clock, the European Commission in Brussels will present proposals on reforming the EU budget.The idea of a European tax could be revived.

In the U.S., one indicator is on the agenda this Tuesday: the housing starts and building permits in September (1430).

On the currency markets, the euro remains below the $ 1.40 to precisely 1.3903 (-0.44%).

Computers and power supervision

As for values, investors will follow especially energy companies, after France began to dip into its oil stocks to compensate for disruptions in fuel supplies caused by strikes at refineries, including those of Total.

The markets will also be attentive to the values computer, after the publication of results from Apple and IBM.

PSA and BMW are expanding their cooperation in hybrids

PSA Peugeot Citroën and BMW announced Monday night that they would extend their cooperation in hybrid vehicles but did not disclose financial details.

Havas reported Monday in an acceleration of its business in the third quarter thanks to a rebound in France and a return to positive growth in the Asia Pacific for the good performance of China and India.

Aeroports de Paris said Monday it posted a 5.2% increase in passenger traffic in September, driven mainly by flights in association with the Middle East and Africa make quick cash.

Soitec said Monday expect a net operating profit on the entire first half of 2010-2011, following a sustained demand in the second quarter from the automakers and manufacturers of mobile phones.

Steria has revised its annual goals down on Monday night, relying on organic growth in sales of around 1% in 2010 against an earlier indication of 1.4%. Services company in computer engineering is now targeting an operating margin of around 7% this year, against 7.3% previously.

Compagnie des Alpes announced Monday that it would take an approximate 45% stake in the Futuroscope, for 63 million euros, becoming the largest shareholder in the third largest leisure park in France.

April Group on Monday issued a revenue decline in the first nine months of the year, hit by weakness in the segment of insurance. Sales of the insurer are listed down 9.8% to 556.5 million euros.

Results: the turn of Radiall Edenred and Pierre et Vacances

Guyenne et Gascogne reported Monday in a persistently sluggish consumption for the third quarter, although its network of French supermarkets pulled the pin of the game franchise of Carrefour believes that its Spanish subsidiary will release for its "no problem majority "of the recent crisis.

Transgene Monday issued a turnover in nine months by 11.1 million euros.The biotechnology company, which states have a cash of about 194 million euros at end September, confirming it was on track to bring to market its first product in 2015.

Cellectis has signed, through its subsidiary Cellectis Plant Sciences, a license agreement with Midwest Oliseeds for the plant transformation technology of the American.

Radiall, before trading, and Edenred, after market, will publish their turnover for the third quarter. Pierre et Vacances will present the fourth quarter after-hours trading.