International News

After rebounding to 1.66% at the beginning and spent all morning in the green, the Cac 40 was pressed into the red in mid-session, before sinking further into negative territory at the opening of Wall Street. Shortly after the speech by Jean-Claude Trichet, as markets accentuated their losses, the distribution of all European indices, including the benchmark index of the Paris Stock Exchange, operated by NYSE Euronext, has been unavailable for almost a hours on Thursday due to a technical problem. The CAC 40 was finally ended on a plummeting 3.90% to 3320.35 points, its lowest level since July 28, 2009. After losing 134.59 points on the session, he signed the ninth session of consecutive decline, a new series in September 2002 and the end of the internet bubble burst. Since July 1, the benchmark index in Paris dropped nearly 17%.

The panic was the same on all stock exchanges in Europe: the FTSE-100 from the London Stock Exchange closed on a fall of 3.43% to 5393.14 points, its worst since the two September. The Dax in Frankfurt Stock Exchange ended down 3.40% to 6414.76 points. The Madrid Stock Exchange drops 3.89%, below 9000 points.

The diffusion index star of the Milan Stock Exchange, the FTSE Eb, it is suspended since 3:05 p.m. GMT when he fell more than 3%, announced the financial manager without explanation.

In the process, the Dow Jones on Wall Street was down 2.96% at 11,545 points.

Lower cost of debt Italian and Spanish

Financial markets were not convinced by the meeting of the Board of Governors of the European Central Bank. This has not surprisingly left its rate unchanged at 1.50%.Above all, the ECB president, Jean-Claude Trichet said the share repurchase program of continued monetary institution, but would concern "that the Irish and Portuguese bonds" and not "those of other nationalities" .

After the award in Madrid some 3.3 billion of bonds with three and four years, the yield of the loan in ten years Spanish retreated 6.09% to around 11 hours (Paris time) against 6.35 % late Wednesday. The Spanish Treasury also announced it was canceling its bond issue, scheduled for Aug. 18. The rate of return of Italian ten-year paper fell, meanwhile, up 5.97% before stabilizing at around 6% against 6.10% the previous day.

On the currency markets, the euro falling 1.26% against the dollar at 1.4167 dollar. Oil is also displayed down 1.47% in New York at 90.58 dollars.For its part, the ounce of gold hit a new addition Thursday historical 1677.90 dollars on fears the global economy and becoming bogged down again in the wake of the conference of ECB President Jean -Claude Trichet.

On the corporate side, both companies have published this morning, Veolia Environnement and Axa.

Veolia Environnement: -9.44% to 12.95 euros – the largest drop Cac

Veolia Environnement, which warned last Friday that it would not achieve its goals for this year, released on Thursday a net loss of 67.2 million euros in the first half, weighed down by exceptional asset write-downs 800 million euros.The world leader in environmental services will focus its activities "in less than 40 countries in 2013 against 77 today."

Axa: + 3.08% to 12.40 euros – the largest increase Cac 40

However, Axa reported first half net profit more than quadrupled to 3.99 billion euros (324%), driven by gains on sale and very little affected by provisions related to the support plan to Greece.

Bonduelle: -2.06% to 64.15 euros

Bonduelle has increased from 10.7% in sales from 2010 to 2011. Sales of specialist canned vegetables and frozen emerge to 1726 million.The group confirmed its annual targets.

Vinci: -1.60% to 36.92 euros

Vinci said Wednesday QDVC, its joint venture with Qatari fund, won a contract for 374 million euros for a metro project for a new town being built in Qatar.

Vilmorin: + 5.11% to 76.99 euros

Vilmorin has confirmed its margin target of 2010-2011 by announcing an increase of 12.1% of its turnover for the year, thanks to the vegetable business, along with the acquisition of assets and maize seed and sorghum Brasmilho of Brazilian society.

Hermes: -0.57% to 234 euros

Hermès responded Wednesday to the Association of Defence of Minority Shareholders (Adam), who asked why the luxury group spent so much money to buy back its own shares."Share repurchases are intended to cover the programs free shares to employees," said a spokeswoman for Hermes.

Cegedim: -2.59% to 32 euros

Cegedim dropped its goal of increasing revenue for 2011 but remains confident in its ability to generate an EBIT close in absolute value, that of 2010. The group also announced Wednesday for the second quarter of 2011, a consolidated turnover of 247.1 million euros (+1.6% as reported and 0.1% organic).

Natixis (-0.10% to 2.923 euros) and Dexia will publish its second quarter results after market close.

How to make the Greek economy to become as competitive as the German? Nothing simpler. "I guess the teachers of vocational schools and skilled craftsmen to retire would be willing to be sent (in Greece) fixed-term" is to suggest the European Commissioner for Energy, German Günther Oettinger in an interview with the Hamburger Abendblatt. "We hope that the German economic culture will allow transfer to Greece," said simultaneously the Minister of Economy, Philipp Rösler, also Vice Chancellor Merkel's government as head of the Liberal party.

The Minister of barely 38 years of Vietnamese origin, embodies the virtues of miscegenation and he is proud payday loans for bad credit. Philipp Rösler considers that there is no reason why the methods used to shore up the former communist East Germany do not work in favor of Greece.His words, the hints of cultural imperialism, appear a bit naive. But they clearly reflect a large part of public opinion in Germany. And after all not ready do we not have to Jean Monnet, one of the founding fathers of Europe, this formula, "If it again, I would start with culture"? It's now or never to try.

European banks may need to raise 80 billion euros, to reassure the markets. A report by JPMorgan Cazenove, led by analyst Kian Abouhossein, estimates that if the level of reserve requirements is strictly adhered to 7%, nearly two banks will raise new money. French banks Societe Generale, BNP Paribas and Credit Agricole would need twenty billion euros, against 25 billion for UK institutions and 14 billion euros for German lenders, including Deutsche Bank. The Italian UniCredit, Credit Suisse and Santander are also cited in the report by JPMorgan Cazenove.

This study revealed the results of stress tests published last Friday by the EBA.These tests, built on capital requirements as 5%, entered into a need to refinance 2.5 billion euros for eight of the 90 banks assessed, including any French. But investors believe these tests inadequate, particularly criticizing for not sufficiently taken into account the default risk in Greece. JPMorgan Cazenove said the criticism in his study, indicating that these stress tests have "limited value".

The evolution of banking stocks on European stock markets will be very observed on Monday morning to find Investors Arbitration between the reassuring results of stress tests and numerical study of JPMorgan. In March, ratings agency Standard & Poor's had conducted its own tests of resistance.His conclusion: European banks would need 250 billion euros of additional capital.

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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.

SNCF would she yielded to the temptation of quotas? A belief in Le Parisien, Aujourd'hui en France, SNCF controllers have actually quantified targets to be achieved. A confidential memo was sent in April to all employees of a commercial Train (ECT) in Paris to show them to achieve "four cases per day, with 41% of the amount of PV cashed directly for a minimum of 50 euros per day, the newspaper said.

A bonus system also encourages officers to be zealous by directly targeting travelers who can pay right away, writes the daily. On each transaction, the agents receive a percentage of the total amount, the newspaper said, noting that this system is much more advantageous for controllers if passengers pay on the spot.And that can pay big dividends: The Parisian-Today in France indicates that controllers can receive monthly bonus of up to 700 euros, depending on the zeal and grade. But often, these bonuses, paid from the thirtieth euros harvested, have little impact on total compensation for officers, the newspaper said.

"It will help you be muted

Better performance would also facilitate subsequent ascension of hierarchical controllers. "Everyone knows that if you're a good little soldier, you will have more incentive and it will help you be transferred to the TGV, where you will be better paid," says Sebastian Tarbes, Controller and activist South Rail at Paris- Today in France. Conversely, agents that do not quite verbalize would be punished, according to the newspaper, which cites the case of three officers who received a layoff of five days.They would not have achieved their objectives.

In an interview with Le Parisien, Aujourd'hui en France, Patricia Lacoste, director of operations at the station, says "there is no political figure but a political fight against fraud." The ruling added that "the objectives are defined in terms of rate control and non-regularization. "The number of adjustments made by a skipper is measured and observed by the average of its capital," says Patricia Lacoste. It also states that "controllers have four objectives: safety, security and backup service."

"Contrary to company policy"

Contacted by lefigaro.fr, CFDT Railwaymen also stresses that "controllers are primarily responsible for sales agents Security and welcoming travelers.In addition, the organization said they had not been aware of the note and "if such guidelines were handed down to us, we would have intervened with management," said a spokesman. The union added that this type of instructions is "contrary to company policy which is not in a logic of repression but rather in a desire to preserve revenue. As for the Advancement of supervisors, the union says they are based on passing examinations, seniority and rating agents.

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The new prime minister, in power since last March, addresses the problem of unemployment, which remains the black spot in the Irish economy. Enda Kenny has presented on Wednesday a package of measures aimed at creating 100,000 jobs over four years.

The plan provides for reduced charges on low wages, a lower rate of VAT from 13.5% to 9% on some goods and services related to tourism to boost the sector and an increase in infrastructure spending for roads and schools. The government also wants to facilitate the upgrading of the unemployed through training programs.

Since 2008, hundreds of thousands of jobs have been destroyed under the impact of financial crisis, the bursting of the housing bubble, bank failures and austerity plans to repeat that the government had to place to contain soaring deficits and debt.In recent years, the unemployment rate has skyrocketed from 4% in 2007 to 14.7% today. The country is also facing an exodus of the population, especially young people, who try their luck in Canada or Australia. After the tutelage of the IMF and the EU, which granted in November a plan to help 85 billion euros in the country, the government faces a budget deficit of 32% of GDP, provides for a very narrow scope.

Rebound in exports

To finance this plan, Enda Kenny has decided to introduce a new tax – 0.6% – on pension funds, which should bring 470 million euros per year, totaling 1 instant credit report.9 billion euros . This has inevitably raised strong criticism in the profession. Growth side, the latest forecasts predict a return to the green this year, after three years of recession.The main institute in the situation, ESRI, reported Wednesday its forecast, anticipating a rise in GDP of 2% this year and 3% in 2012. A result that is nevertheless perspective, because this new dynamism "based entirely on exports," says ESRI report, given that domestic demand will fall further this year. Knowing that this rebound of external trade is linked to many multinationals operating in Ireland. Moreover, the GNP, which does not take into account their business will only grow 0.5% in 2011, according to ESRI.

Precisely for this reason that the Prime Minister does not intend to compromise with its European partners, who demand a higher rate, very attractive, the corporate tax (currently 12.5%) in exchange for a relaxation of the rescue plan negotiated by his predecessor, Brian Cowen."The Irish have made some overtures in that domain," says one good source, however, the French Ministry of Economy. Negotiations could therefore release in the coming weeks.

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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%.

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

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

They limit spending on alternative energy

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

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

They remain wary of big acquisitions

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

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

They serve shareholders still hungry

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

Angela Merkel changes course. Reluctant for months about the idea of "muscle" financial rescue fund for the euro, it is now endorsed. But it sets the conditions by imposing Germany as a model for future European discipline and embracing the method – dear to Nicolas Sarkozy – an "economic government" to own the euro area.

The price of rallying German competitiveness is a pact designed and detailed in Berlin on behalf of European integration. It grows stronger and far beyond the code of conduct economic, fiscal and social Europeans update every bout of weakness of the euro.Implicitly, the Chancellor and his finance minister, Wolfgang Schäuble, stressed what passes for evidence in Germany: if Germany pays for others, it is entitled to set the rules of the game

Wages, pensions, deficits

The new pact, finalized Wednesday by the German coalition government, promises to be the decisive contribution to political debate, far more technical, the strengthening of the European financial stability. To counter the next market turbulence, Berlin agreed to increase the capacity for effective intervention to 440 billion euros, against 250 billion today. But it would be at the cost of a course of orthodoxy Pan: indexation of wages, raising the retirement age, leveling of taxation and the establishment of constitutional limits on deficits of the German model.The whole may be accompanied by penalties.

Berlin can claim to have weathered the crisis better than others payday lenders. She also cleaning the support of Paris for the first time Angela Merkel gives up his plan to enroll within the EU to twenty-seven. Left to cringe at Brussels, Germany opted for the euro area, even the few major countries that are prepared to follow. This is precisely the approach that the French president had in mind when it launched in 2009, the idea of an "economic government" of the euro, considered more effective than injunctions Brussels.

Angela Merkel and Nicolas Sarkozy will defend the new assembly line Friday at an EU summit in Brussels. The German pact is subject to ongoing discussions, confirm what we in Paris. It will be discussed between Angela Merkel and Jose Luis Zapatero on Thursday in Madrid.The long awaited return of "directorate" Franco-German, could be expanded to other large euro as Spain or Italy, cast already concern in the ranks. Belgium, champion of the indexation of wages, fear of having to waive such as Luxembourg, Portugal and Malta. Ireland and Slovakia are concerned about having to raise taxes on corporations, their weapon of seduction in the eyes of multinationals.

The puzzlement is especially palpable in the Barroso team, always convinced that it must prevail in the recovery of the EU and the euro in the period. "Wanting to act outside of established European institutions is clearly a step backwards," said a senior Commission official.

Oil plays yoyo

The start of the year was heckled for oil. The latter, who finished 2010 at a highest in two years, failed to remain at that level on a regular basis. On Monday, the euphoria of earlier this year, which affected the stock market, spread the oil, allowing the barrel of light sweet crude for February delivery finished at 91.55 dollars. "The economic indicators, but not overwhelmingly positive, continue to be encouraging and investor appetite is confirmed in respect of raw materials and energy" in particular, explained Antoine Halff, of Newedge Group.

But the rest of the week was marked by doubt. Profit taking and have been falling heavily barrel last Tuesday, to below 90 dollars to 89.38 in New York."We approached the year with speculative positions rising to a record" on the market, "said John Kilduff, of Capital Again. "I think many expected a strong wave of purchases with the start of the new year, which did not happen."

On Wednesday, the barrel is increased again (to 90.30 dollars), driven by good figures on the weekly U.S. oil and gas reserves and good figures ADP private employment, published that day in the United States. But this weekend, prices have relapsed. At issue: the sharp rise in the dollar and bad employment figures in the United States in décembre.L euro has indeed fallen below $ 1.30 for the first time since Dec. 1. Crude prices have dropped to 88.03 dollars Friday in New York. "It's a strange start to the year for crude," said Matt Smith of Summit Energy."Because of concerns surrounding the euro, investors are returning to the dollar is really affecting crude prices." "The courses met with some resistance between 92 and 95 dollars, the market is still not comfortable with the idea of a barrel to over $ 90," said Tom Bentz of BNP Paribas.

Copper, always higher

In the market for base metals, copper has started the year as he finished 2010 on a record. That which is considered a barometer of the market has hit during the week the 9754 dollars per tonne. Unheard of. The supply pressures remain the main explanation for the runaway. Investors anticipate a rapid increase in demand in a context of global economic recovery this year no faxing payday loans.

These same reasons have pushed other metals up.Aluminium rose Friday to 2531 dollars per tonne, its highest for two years, lead has reached $ 2700 per tonne for the first time since 2008, nickel was trading at 25,300 dollars per tonne, the lowest seen since May 2010. Tin and zinc have also fallen to levels not seen for several months.

The weekend was more complicated following the publication of the monthly U.S. employment and boost the dollar. But bargain hunting to quickly regained the lead, allowing the metals on the LME to close the week in green.

The gold ran out of steam

When expectations are more optimistic about the global recovery, precious metals are suffering. Gold, a refuge par excellence, has been shown. Investors feel ready again to take risks.Result: The yellow metal fell Friday to 1,352.50 dollars per ounce, its lowest since November 2010. The rising dollar has also contributed to this decline. Far from its previous record of 1431.25 dollars, gold closed Friday at 1367 dollars an ounce.

In the fall, the precious metal led to the money. The latter finished Friday at 28.39 dollars per ounce against 30.63 dollars a week earlier. Palladium has followed suit, ending at 754 dollars against 791 dollars a week earlier. Only the platinum remained almost unchanged at 1735 dollars.

Mixed week for soft commodities

This week on Liffe shortened due to a holiday Monday in London ended on a note to the dispersed agricultural materials. Cocoa fell despite political tensions still present in Cote d'Ivoire.Tonne of cocoa for delivery in March 1913 was worth £ 2013 pounds on Friday against the previous Friday.

The cafe has stabilized to 2028 dollars, just like sugar. The latter has experienced a correction earlier this week before rebounding, driven by concern about supply suiteaux floods in Australia. On Liffe in London, a tonne of white sugar for March delivery was worth 777.20 pounds on Friday.

As for cereals, the increase was required. A bushel of soybeans for March delivery traded at 13.71 dollars. The contract was worth 6.01 dollars of corn and a bushel of wheat amounted to 7.87 dollars