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.

The day promises to be very difficult for Societe Generale. The bank released Wednesday morning of the second quarter results affected by Greece, which do not allow it to maintain its forecast for 2011 as a whole.

Indeed, the net profit of Société Générale for the period April to June won by 31% over the same period last year to 747 million euros, due to increased depreciation on Greek government securities of 395 million euros. For his patron, Frederick Oudéa, depreciation Greek "a limited impact, as expected." Note that its rivals Credit Agricole and BNP Paribas have seen the note Greek respectively amount to 850 million and 650 millions of euros. Besides this exceptional item, net income of the bank was in line with analysts' expectations.If the net banking income (equivalent to sales) reached 6.5 billion euros (-2.6%), the net cost of risk has, himself, enjoyed 17.3% year on year.

"While the moderate recovery in developed economies has been confirmed in the second quarter, growing concerns about the European sovereign debt have caused risk aversion and erratic market movements, at the discretion of the political" summarizes the bank in a statement check cash advance.

Still, Societe Generale now seems to give up its goal of net profit of 6 billion euros in 2012, as the group had announced last June as part of its strategic plan called "Ambition 2015" according to CEO the objective "now seems difficult to achieve on time."

In terms of capital ratios, Societe Generale will toe the line: as required by the new regulatory framework for banks known as Basel III, which will be phased in from 2013 and requires banks a capital ratio of hard 7%, the bank expects to achieve an equity ratio of "hard" at least 9% in late 2013.Thus, if the extra layer of 1 to 2.5 percentage points, asked for schools called systemic, that is, those whose failure would threaten to destabilize the entire financial system-was claimed to Societe Generale, the obligations could be met.

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Tenders for the smart grid and waste recovery, today announced the first six institutes of technology and equipment of the first wave of excellence, creation of national fund boot which will have 400 million to invest in young innovative companies … Just in recent days, the operations related to the investment program for the future have not failed! And it lasts for eighteen months …

The program, which must prepare "the France of tomorrow" will be the subject of the press conference of head of state this morning. "Nicolas Sarkozy is that this topic is important and can not talk enough about this initiative should restore the competitiveness of France," said his entourage. Yet René Ricol leads to the rod.Appointed commissioner-general for investment to drive the program, the former ombudsman of credit has one goal in mind: to create wealth and employment in France over time.

In December 2009, Nicolas Sarkozy set the priorities for the future supported by the large loan. Following the recommendations of the report Rocard-Juppe, he announced 35 billion euros of investment and ultimately rejected the idea of ​​a popular loan – a form of financing too costly at a time when the debt of France is under the eye markets. Five priorities were identified: higher education and training, research, industry and SME development and finally digital. Today, all 35 billion euros is in the hands of the public operators (ADEME, OSEO, the CDC …) that are responsible for distributing the money.

While the crucial talks between government and private creditors of Greece continued the last few hours across Europe, they rose sharply in Paris. Reportedly, the French Treasury and financial institutions have agreed on the night of Friday to Saturday on a proposal that they hope to win their European partners now. Important first step, a highly anticipated meeting of the IIR (International Institute of Finance), which groups 400 banks worldwide, will be held on Monday in Rome.

It will be remembered, European governments have launched negotiations Wednesday with the holders of Greek debt. They are seeking a contribution of banks, insurers and other pension funds to the tune of 30 billion euros, backed by a new extension of Europe and the IMF to Greece.So far, the proposal on the table was simple: the voluntary, private creditors agreed to reinvest in due proportion the debts repaid by Athens over the next three years in new loans Greek to 5 years. It is the "rollover". However, private capital, especially German, had requested that these new loans are guaranteed in one way or another by Europe. But Angela Merkel, German Chancellor, refused this demand, which is to transfer the responsibility of the public an additional part of the burden.

Hence the impasse. The problem for private financiers, is to pay a state that nothing says it will be out of trouble in five years, the plan has expired. Of course, under pressure from governments, banks and insurers could be convinced.But specifically, if the process is not perceived as voluntary, rating agencies may raise the flag of the "default" and the plan falls overboard because the ECB can no longer accept sovereign debt and stigmatized in the refinancing of Greek banks cheap business cards.The French proposal is a parade, making the "rollover" both more attractive and relevant to them and to Athens, by lengthening maturities.

New loans to 30 years

In addition to the original proposal, a working group led by BNP Paribas, in fact, imagined an alternative, opening the opportunity to reinvest only 70% of amounts received in connection with the Greek borrowing fell 50% are allocated to Greek new loans issued this time in 30 years as to 20%, they are placed on what the financial call a "zero coupon", ie a fund invested in securities of high quality self-reinforcing through then cumulation of interests: the piggy bank somehow secures new borrowing Greek, as would have government guarantees.According to the discussions, these borrowings could be long carry an interest rate equivalent to that of Greece pays vis-à-vis its "rescuers" public, with the addition of a variable interest rate likely to be linked to an economic indicator Greek, such as GDP.

In any case, this alternative would yield less per creditor only 50% returned to the Treasury Greek but is likely to attract more people. And above all, by providing funding for 30 years, she pushes the horizon in part refunds for Athens. The French solution began circulating in the corridors of the European Council on Friday. "We received an initial favorable response," says a close case.

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The concern comes on Wednesday in U.S. markets. At the close, the Dow Jones, who was sitting in the balance, lost 0.65% at 12,111 points, the Nasdaq 0.67% to loose 2669 points and the S & P was down 0.64% to 1287 points. On Tuesday, the New York Stock Exchange finished sharply higher.

Markets have plunged into the red after the speech of the U.S. central bank. This has lowered its growth forecast for the year and maintained its interest rates near zero.

These announcements were sealed atmosphere. But Wall Street seemed relieved by the vote of confidence of the Greek Parliament in the new government. In fact, last night, the Greek Prime Minister George Papandreou, was full of socialist votes. But despite the vote of that night, Greece remained in a serious situation.The country needs to pass before June 30, the austerity plan that provides savings of 28.4 billion and 50 billion privatization until 2015. On the foreign exchange market, the vote of confidence of the Greek Parliament supports a slight decline in the European currency. At the time of the opening, the single currency was worth 1.4402 dollars against 1.4408 late Tuesday.

In terms of oil, U.S. crude stocks fell more than expected last week, said Wednesday the U.S. Agency for Energy Information (EIA). On the New York Mercantile Exchange (Nymex), a barrel of "light sweet crude" for delivery in August finished at 95.41 dollars, up $ 1.24 from the previous day.

Rain orders for Boeing at Le Bourget

The U.S. aircraft manufacturer Boeing (-2.50% to 72.13 dollars) is particularly surrounding this Wednesday while orders are pouring at Paris Air Show.The U.S. should, however, is exceeded by its European rival Airbus.

Always on the side of values, after the close of Wall Street Adobe Systems (-6.26% to 30.01 dollars) announced a 54% increase in earnings in the second quarter thanks to strong demand for its software, despite a depressed economic conditions. The leading design software has reported a net profit of $ 229.4 million, or 45 cents a share, against 148.6 million (28 cents) a year earlier. Excluding items, earnings per share were 55 cents, while the consensus gave 51 cents.Revenues increased 9% to $ 1.02 billion.

Also in the technology sector, Apple (-0.81% to 322.67 dollars) could launch the new version of the iPhone in September and work on a version of the famous low-cost phone.

The search engine Google (-1.22% to 487.01 dollars) has crossed the symbolic threshold of one billion unique visitors last month. This is the first online service to achieve this level of attendance, according to data collected by comScore. Microsoft sites (-0.46% to 24.65 dollars), however, follow closely with nearly 900,000 unique visitors in May

For his part, Jabil Circuit (3.29% to 19.47 dollars) made from earnings per share in the third quarter of $ 0.58 against $ 0.57 and $ 0.25 expected last year.Turnover reached 4.23 billion dollars against 4.14 billion expected.

U.S. bank JP Morgan (-0.54% to 40.69 dollars) is ordered to pay $ 153.6 million for taking positions against one of its own customers, the fund Magnetar. The Securities and Exchange Commission (SEC), gendarme market, estimates that JPMorgan did not inform his client of positions on a lower mortgage when he invited him to invest. Also note, JP Morgan announced Wednesday the launch of its offer of "prime brokerage" services (investment funds) in Europe.

The shareholders of National Semiconductor (-0.36% to 24.65 dollars) approved the acquisition of Texas Instruments.

Western Union (-1.90% to 19.59 dollars) announced an agreement with Serviban that will allow the launch of an international service PAYMENTS Peru.

The Organization for Economic Cooperation and Development (OECD) maintains its pressure on Switzerland and its banking secrecy. The Global Forum on transparency and exchange of tax information, which includes 101 countries, under the auspices of the OECD released Wednesday night, Bermuda, his verdict on nine countries, including France, United States, Switzerland and Singapore, two financial centers deemed opaque.

Not surprisingly, the OECD does not spare the Swiss Confederation. The report highlights several "shortcomings" of the Swiss legislation in the light of new international agreements on tax matters. In March 2009, following the UBS scandal in the United States, and under pressure from the G20, which forced the OECD to draw up lists of black and gray havens, Switzerland pledged not to oppose its banking secrecy when investigation for tax evasion.To exit the "gray list", where she had fallen at the time, the Confederation has revised most of its bilateral tax agreements – 29 new agreements have been signed since – to include the latest standards of fiscal transparency required by the OECD.

Problem: According to the OECD Global Forum, the Swiss legislation, pending approval by Parliament, is still too restrictive, preventing the de facto transfer of information on tax evaders. Indeed, the new Swiss legislation stipulate that the requesting State must have the name and address of the alleged fraudster, to avoid "blind fishing" for information.

New promises

Result: "a minority" of the new agreements are found to comply with OECD standards.Alerted this winter, it might be re-pinned to its opacity in the exchange of tax information, Switzerland has made amends, at least orally. Last February, the Ministry of Finance Helvetian committed to make adjustments in its legislation by February 2012 so that the absence of name of alleged fraudster is no longer a barrier to information sharing.

Hailed by the OECD, this new concession Bern was very badly received by the Swiss financial sector, which fears of losing the whole banking secrecy fearing further withdrawals of funds for the benefit of Asian financial centers, less scrupulous. In Switzerland, where the subject is very sensitive, conservative politicians of the UDC accuse the federal government to yield to the injunctions of Paris and Berlin.They hope that at the end of the race, a referendum will force the federal government to reconsider its promises.

Helvetic anger is even stronger than the OECD report on Singapore, released at the same time, is more lenient. The gaps relate to the authority in charge of investigations for tax evasion. According to the World Forum, this institution is not equipped with adequate investigative powers to obtain information from banks and offshore companies. Now it is to Singapore as the most hidden funds have sought refuge in Switzerland for two years.

It is in six weeks from 1 July that the law on the reorganization of the electricity market is to take effect. In the coming days, the gazettal of orders on prices will end a long series of months.

In this folder to boost competition in the sector, there is more suspense since the government has established conditions for redemption of nuclear electricity from EDF for its rivals: it will be 40 euros per megawatt hour (MWh ) from 1 July and 42 euros from 1 January 2012. A scheme which largely corresponds to the aspirations of EDF: the company, below 42 euros, had discussed the scenario of "looting".In front, the other operators have defended the basis of 35 euros, which are calculated on the current regulated rates.

But now the Regulatory Commission (CRE), Constable of industry practices, offers a different vision, and especially more reasoned, that of government. These, indeed, have given their price scenarios, but without much explanation to the key.

In its decision of May 5 – Le Figaro has procured – the regulator first recall that to make a reasoned opinion on the draft decree, he had to "establish the identification method and cost accounting (…) to reflect the economic conditions of production of nuclear power history. " But this method of calculation, according to the resolution of the CRE leads to a price ranging from 36 to 39 euros per MWh.This estimate is below the repurchase rate set by the government.

Formally, the regulator therefore not permitted under the price of 42 euros per MWh. Certainly, he said that the government wants to anticipate "the investments needed to promoting safety in nuclear power plants," but "these costs are not known to date, and the CRE is not able to appreciate" .

The controller is not alone in discussing the figure of 42 euros. On Monday, the Supreme Council of Energy, which brings together all actors involved in this case, adopted an amendment deeming it inappropriate.This amendment has no impact on law enforcement, but it is indicative of the perception of the situation.

Audits of nuclear

Rather than this threshold of 42 euros, the CRE recommends "that the potential effects on production costs of measures undertaken audits on all French nuclear power are valued only as they materialize in the accounts of EDF and are then fully integrated into the regulated price of access to nuclear power history. "

Is it provided a negative opinion given to the law? In reality, it is rather a surveillance.The controller takes note of any additional expenditure on nuclear power in the wake of the disaster Fukushima, but even if the pass, he prefers to know the exact amounts to be allocated.

Remains to the European Commission, guardian of the reality of opening to competition, to address the issue. "It will certainly ask for accounts in the true sense of the term in government. Similarly, operators will be heard, said one observer. But do not expect a decision very quickly, given the time required. "The start of the new system will be thoroughly examined.

After Ireland and Portugal, Iceland could be the third country to experience a major diplomatic or political crisis, directly resulting from the economic and financial crisis of 2007 and 2008. On Saturday, some 230,000 Icelanders go to the polls have indeed voted in a referendum against the agreement Icesave, the name of the online banking subsidiary of Landsbanski, the second Icelandic bank nationalized in 2008 after going bankrupt.

Since March 6, 2010, the date of an initial consultation, the question arose on the repayment to Great Britain and the Netherlands of compensation paid at the time of their nationals Icesave victims (about 340,000 savers). Totaling over $ 3.9 billion. A financial burden that Icelanders have refused to take in view of the first results of the referendum held Saturday, April 9.

"No problem to solve our debts"

According to figures almost final, non prevail widely, with 57.7% of the vote, against 42.3% of voters in favor of yes. Certainly, the rejection is much less massive than a year ago, Icelanders have been 92% to vote against the assumption by the State for damages caused by international private banks. However, the consequences seem equally or even more complicated for the government in place since 2008. Iceland had indeed engaged in December last year to repay the Netherlands and Great Britain, all amounts advanced to their injured citizens.To plan would run from 2016 to 2046.

Already, even before the final election results, the Dutch Minister of Finance Kees Jan De Jager said he was "very disappointed" by the decision of the Icelandic people do not accept the agreement between the three countries to try to resolve a situation that has become almost inextricable. For British and Dutch side, no question that the matter ends there, whereas the two countries now that the litigation must be brought to justice.

In London and The Hague, the respective Ministers of Finance are studying the possibility of litigation to settle the case before the EFTA (European Free Trade Association). A first procedure had already been initiated by the Netherlands to that authority, then stopped to allow the three countries directly negotiate terms of an agreement.With the refusal of the Icelandic people Saturday "the negotiation stage is over" said Niels Redeker, spokesman for the Dutch Ministry of Finance. He thus echoes the English Treasury number two, Danny Alexander, who considers "disappointing" that the negotiated settlement with Iceland is either resulted in a release.

"No problem to solve our debts"

Therefore, the EFTA will resume in the coming weeks the record in hand. And Iceland may be worried because the authority was already acknowledged in 2010 that the amounts claimed by the Netherlands to Iceland and they were well due. The arrival of the United Kingdom in the proceedings, which examined the possibilities Sunday "to join it" could further complicate the task of the Icelandic government.Because if it believes it has "no problem to pay its debts" in the words of Steingrimur Sigfusson, his Finance Minister, is it always that the Icelanders are still refusing to pay the slate of private banks. More for foreign citizens. Therefore politically difficult to Reykjavik to meet its promises after two resounding rejection of his countrymen.

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Wall Street ends week in positive territory. At the close on Friday, the Dow Jones advance of 0.46% to 12,373.72 points. The S & P 500 is 0.5% to 1332.41 points. The Nasdaq composite index was him, appreciated by 0.31% to 2789.60 points.

For the week, the Dow gained 1.3%, the S & P 1.4% and Nasdaq 1.7%.

The job restarts

Yesterday, the markets showed very cautious before the release of the monthly report on employment. They discover a pleasant surprise today: the recruitment remained high and accelerated in the U.S. in March, allowing the unemployment rate to decline for the fourth consecutive month. This fell to 8.8%, its lowest level since March 2009 (8.6%). The market was expecting an average 8.9% stability.The U.S. created 216,000 non-farm jobs last month when observers were waiting an average of 190,000 new posts after 194,000 (revised) in February. Economists point out that new posts are developing in many sectors of the U.S. economy, which suggests a general recovery.

The good news on the jobs front this week have followed. On Wednesday, the firm ADP unveiled the net creation of 201,000 jobs in the U.S. last month. Thursday, the markets learned that the weekly claims for unemployment benefits were lower spring to 400,000 for six of the last eight weeks.

"Investors are expecting good numbers of jobs after the firm ADP's report on Wednesday, and they were even better than the optimistic expectations," said Michael James, of Wedbush Morgan Securities."This tells us that the economy continued to grow in March, and perhaps a modestly faster pace than what we expected," commented Hugh Johnson, Hugh Johnson Advisors.

Construction spending receding

Other statistics were also at the appointment on Friday. Worse than employment, they were completely overshadowed:

– The growth of manufacturing activity slowed slightly in March but less than expected, according to the index of industrial purchasing managers released Friday. This index, calculated by the Institute for Supply Management (ISM), stood at 61.2 in March after having touched a high of nearly seven years to 61 faxless payday advance.4 in February. Analysts on average expected an index to 61.0.

– Construction spending fell more than expected in February in the United States, posting a decline of 1.4% to an annual rate of 760.6 billion dollars, its lowest level since October 1999, underlining the renewed frailty in the housing sector. Economists on average had forecast a decline of 0.1% after falling 1.8% in January (revised from -0.7%)

As for currencies, the euro stood at 1.4224 dollars at the close, surging 0.49%.

War of the exchanges is relaunched

As for values, ICE (-3.06% to 119.76 dollars) and Nasdaq OMX (9.25% to 28.23 dollars) officially announced on Friday it had sent a joint offer for the acquisition of NYSE- Euronext (12.62% to 39.61 dollars) for $ 42.50 per share, paid in cash and stock, giving a total of about $ 11.3 billion (7.98 billion euros).This proposition therefore shows a premium of 19% over the offer from Deutsche Boerse.

Logitech (-18.81% to 14.72 dollars) unscrews. Yesterday, the technology group warned on its revenue and operating profit 2011.

Berkshire Hathaway (+0.04% to 83.66 dollars) should again be observed after the resignation of David Sokol, the most likely successor to Warren Buffett.

Office Depot (-9.07% to 4.21 dollars) will revise downward its results for fiscal 2010, due to a reduced tax credit of 80 million.

BP (3.44% to U.S. $ 45.66) enjoys a recommendation by JPMorgan.The broker believes that the title is "seriously downgraded," and reiterated his recommendation to "overweight" value.

Boeing (+0.07% to 73.98 dollars) on Friday confirmed an order for 15 737 aircraft made by compage Turkish Airlines for more than $ 1.2 billion based on list price. The aircraft manufacturer said that this order includes delivery of 10 737-800 and five 737-900ER.

Ford (1.68% to 15.16 dollars) overtook General Motors (4.45% to 32.41 U.S. dollars) in the U.S. car market with sales growth of 19.2% yoy month last 9.6% cons for GM. Chrysler saw its sales climb 31%.

France-Soir has missed its target. Relaunched on January 17 with great fanfare with a promotional campaign for a $ 4.5 million, the newspaper of the young Russian Alexander Pugachev can not take off in sales. According to data reported to OJD, the distribution of the daily France paid amounted to 71,361 copies in January 2011 against an average of 74,531 copies in 2010. The new France-Soir has witnessed a drift of its newsstand sales. These are lowered in January to 46,000 copies, the worst month ever recorded the title since its first revival in March 2010, where he sold more than 73,000 newsstand copies. The situation had deteriorated again in February.At the same time, sales by third parties (airlines, restaurants …) journal has never been higher, at 22,000 copies in January, compared to less than about 4,000 copies in March 2010.

The new formula was launched under the leadership of Remy Dessart, managing editor since last August, would enable France-Soir "to pass more quickly to more than 100,000 copies," hammered in early owner. But Alexander Pugachev, who has already invested over 50 million euros in the newspaper, took the risk of destabilizing its faithful readers.It has increased the selling price of 10 cents to 0.60 euro for a paging maintained at 32 pages, and especially his book horse was reduced to almost nothing, pagination as the racing decreased from 8 to 3 pages .

Crédit mutuel sought

The son of Russian oligarch Sergei Pugachev, who plans to inject another 20 million euros this year, he will continue long to replenish the paper? "Everything goes well, we work hard to make the newspaper," Remy loose Dessart, who does not wish to comment on the financial difficulties of France-Soir. Last Tuesday, Alexander Pugachev convened a crisis meeting with his directors, as revealed by Press News. While its monthly losses always exceed two million euros, France-Soir was hoping to break even in 2012 with a circulation of 150,000 to 170,000 copies.Goals that are too far pushing Alexander Pugachev to seek partners. He recently asked Michael Lucas, chairman of Mutual Credit and leading publisher of regional newspapers throughout the Group Ebra.