International News

An uncompromising report. For over a year, dozens of officials, led by the Audit Office, analyzed the tax and social niches, as a result of a mission request François Fillon. "The total amount of tax expenditures and social niches weighs heavily on public finances. Their development can also affect the readability of the tax and benefit system, and the fair distribution of public office, "wrote the Prime Minister.

Red Cedar rising from the ashes. The brand furniture and decorating high-end look forward to sign this year a profitable year, after reaching the balance last year. "Our sales have increased sixfold, from 1 to 6 million euros in 2010. We expect a turnover of 8-9000000 euros this year, "said CEO Henry the Minstrel. A great success because, in its heyday in the early 2000s, Red Cedar posted sales barely higher (12 million euros in 2001). And by exploiting ten stores, not two, like today.

The company suffered a severe weight loss, following its failed merger with Le Prince Jardinier in 2006.When Henri Le Menestrel, accompanied by the fund Nextstage already present in the capital (20% today), took over the business in late 2008, the group "was making a million sales and a million casualties," recalls it. He who had just sell its media agency online Lagardère decided to open a shop for a new genre, while preserving the historical site at Châtelet and the brand, much appreciated. "We have broken the codes of high-end furniture, installing Red Cedar Feucherolles end of 2009, twenty minutes drive from the Porte d'Auteuil, in the fields," says its CEO. Having seen that "unlike the fashion industry, the decoration brands have never built their own store and are difficult," he wants a "multi-specialist" and exposes the Fermob chairs, sofas and Marie's Corner sunshades in the "dedicated showrooms."

The project won: true destination of family visits on weekends, the store was expanded this summer, for the fourth time, from 700 square meters two years ago in late September 4200. Besides the fifty brands presented, the brands of Red Cedar – tables and mailboxes with Christmas decorations – there are still very place. "With little marks in furniture and decorating high-end customers need to compare really to understand the quality factors and to choose the range that suits them," said Henri Le Menestrel.

Seize opportunities

Same strategy to the shop on the Internet, including a new version has just been put online: the user can learn and even to shop, but it is especially encouraged to move Feucherolles.For if the sign already generates 10% of its sales on the Internet, she wants to see progress especially the number of visitors.

"We feared that the store does Châtelet suffers from the rise of that of Feucherolles, but the opposite is true!", Says the CEO. These good results may prompt Red Cedar to relocate in town to present, for example, one or more product categories in smaller areas. It is precisely to capture "many and varied opportunities" of this type, but also small acquisitions like that of a small specialist light in early 2009, as Nextstage invest in the fall about 2.5 million. A larger amount than in 2008 (1.5 million), a sign of his confidence and that will advance the participation of the fund to 30%.

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.

Bibendum does not despair of one day impose a puncture-proof tire. After the failure of PAX, which allowed run flat, but had not convinced the manufacturers, Michelin expects to sell within three years for a tire which sets itself in the event of a puncture.

This innovation, introduced yesterday, is equipped with an inner membrane that comes to fill the holes if needed. The system is effective in cases of perforations of less than 6 millimeters in diameter, or 98% of the holes, according to the manufacturer payday loan lenders.

For manufacturers looking to lighten vehicles, this solution would "remove the spare tire." The group believes that a European driver die on average every 70,000 to 100,000 kilometers in China and India, this happens every 5000-6000 miles.

Strong rebound in the Paris Bourse. The Cac 40 wins 1.32% mid-term to 4060.20 points. The previous day he had dropped 1.25% due to the deteriorating financial situation of Greece. The trend remains fragile. Investors will follow the show including six months of the Greece of a $ 1.25 billion.

Greece does not discuss additional assistance, sources said Tuesday Greek and European senior, denying a news report that suggested a new plan of 60 billion euros. This information has boosted European values ​​that are returned to the rise in the morning.

On the macroeconomic front, industrial production fell 0.9% in March, according to statistics released Tuesday by the INSEE.Analysts forecast an average 0.4% increase in industrial production.

United States, the import prices in April will be released at 14:30.

On the foreign exchange market, the euro was stable against the dollar on Tuesday. About 11:00 am in Paris, the euro was at 1.4365 dollars against 1.4358 late Monday.

Greece in big trouble, gasoline at record levels

After losing more than 2% Wednesday, financial stocks are at the party on Tuesday. Societe Generale (2.22% to 43.12 euros), Axa (+2.15% at 14.97 euros), Credit Agricole (2.14% to 10.98 euros) and BNP Paribas (+2, 10% to 54.05 euros) had the largest decreases the Cac 40.The rating agency Standard and Poor's downgraded two notches sovereign rating of Greece.

BNP Paribas is expected to formalize Wednesday Pébereau departure from the presidency of the French bank at the end of the year or early 2012, and appoint in his place the current chief executive Baudoin Prot, the Financial Times. The latter should be replaced by Jean-Laurent Bonnafé, deputy CEO of the group.

Accor: + 4.01% to 30.29 euros

CA Cheuvreux has adopted a positive opinion on value."The stock is trading at a discount of 25% compared to that of its European competitors," suggests the analyst, however, maintains its price target to 35.50 euros on the value.

Plastic Omnium: + 7.98% to € 22.60

The Plastic Omnium share is up sharply Tuesday on the Paris Stock Exchange after announcing the acquisition of Rotherma, a leading European manufacturer of underground containers quick payday loans. ROTHERM achieved a turnover of 12 million euros in 2010.

Lagardère: + 1% to 29.26 EUR

Arnaud Lagardère, general partner of Lagardere said at the meeting due to the group maintained its proposed IPO for its 20% stake in Canal +.

Saint-Gobain: + 3.01% to 47.24 euros

The group announced on Tuesday an investment of around 50 million euros in the construction of its second automotive glass plant in China, Qingdao, Shandong Province (east).

While gasoline prices breaking new records almost 1.55 euros on average, earn 1.60% to Total 41.93 euros.

JC Decaux: + 1.47% to 23.49 euros

JCDecaux has significantly exceeded its target on the first three months of 2011 by signing a growth of 7.8% of its turnover but it is more cautious for the current quarter assuming an increase of about 4%.

Saffron: + 2.02% to 26.53 euros, Thales: + 0.34% to 29.80 euros

Safran and Thales should arrive this summer with a tentative agreement on an exchange of assets in the defense wanted by the government, as the chief representative of arming Laurent Collet-Billon, in an interview Tuesday at Les Echos. In a statement, Safran confirms negotiations with Thales.

Sales and general meetings in the program

Atos Origin: -1.8% to 41.54 euros

The IT services company Atos Origin said Tuesday sales down 1.3% in the first quarter 2011 to 1.22 billion euros.For the first half, the group seeks an operating margin up 50 basis points, compared to 6% for the first half of 2010.

Eurazeo: + 1% at 56.76 euros

The investment company Eurazeo in the first quarter revenues stable at 866.8 million euros, but up 5.9% in not taking into account the base effect associated with adverse chain of budget hotels B & B Hotels, sold in 2010.

The turnover in the first quarter of Maurel et Prom, Nexity, Ruby, Alten, Assystem, Devoteam and Eutelsat (third quarter), will be announced after market close.

Note that the general meetings of ArcelorMittal, Lagardere and Havas will be held Tuesday.

After breaking the 4000 point mark, the CAC 40 is struggling to find a direction Thursday. The index initially opened higher, then long hovered around breakeven, before widening its losses in mid-session: Shortly after midday, the index featuring Paris ceded and 0.39% in 4008, 73 points.

At the London Stock Exchange, the FTSE-100, close to balance, gaining only 0.03% to 5949.87 points and the Dax index featuring the Frankfurt Stock Exchange climbed crumbling him, 0.01 % to 7056.43 points.

Marcoéconomique on the forehead, after the Minister of Budget, Baroin, announced Wednesday a government deficit of 7.2% in 2010, the Minister of Economy and Finance, Christine Lagarde, saw less than 7%. INSEE has decided: the public deficit was reduced from six billion in 2010 to 136,500,000,000, or 7.0% of gross domestic product (GDP), according to statistics released Thursday.

Inflation, meanwhile, accelerated again in March in the eurozone to 2.6% yoy from 2.4% in February, according to preliminary estimates released Thursday by the EU statistics office Eurostat.

United States, are scheduled weekly claims for unemployment benefits (1430), activity in the Chicago area in March (15.45) and in February industrial orders (16 hours).

On the currency markets, the euro continues to rise against the greenback at 1.4217 dollars (0.64%).

The debt crisis in the European program

Oil prices were up Thursday morning in electronic trading in Asia in the wake of the rebound on Wall Street, said the analystes.Le barrel of light sweet crude for May delivery gained 0.91% at 105 $ 22.

The eyes of investors will also be turned on Thursday to Ireland will be published when the stress tests of banks in the late afternoon. The debt crisis is again in the spotlight, while the Portuguese rate exceeds 8% and that the Greek deficit was revised upwards.

Meanwhile, the banking sector shows the largest decreases the Cac 40: 2.12% Societe Generale loose at 52.17 euros, Credit Agricole sells 2.50% to 11.71 euros, BNP Paribas lost 2.27% at 52 , 09 euros and Natixis was down 1.06% at 4.025 euros.

In contrast, Renault, despite its setbacks in the false case of espionage, climbing from 1.10% to 39.15 euros, the largest increase Cac 40, before Unibail-Rodamco (0.89% at 153 , 65 euros) and Total (0.48% to 43.12 euros).

LVMH: 0.27% to 111.95 euros

In addition, the Annual General Meeting of LVMH will be held at 10:30.

Poweo: -2.33% to 4.61 euros

With a loss of 146.2 million euros in 2010 against a loss of 85.3 million in 2009, operating income of Poweo was sealed by non-recurring items, as announced in February.The net loss attributable to group Poweo has for his part amounted to 133.4 million euros, against a loss of 93 cheap pay day loans.5 million in 2009.

After-hours trading, Cellectis Genoway publish their annual results.

Renault: 1.14% to 39.17 euros

Nissan and Renault were heading towards the establishment of a holding company which unites the two car manufacturers under one roof, said Carlos Ghosn, president of both groups, in an interview published by the Nikkei newspaper. But a spokesman for Nissan denies this morning, stating that this article resulted from a misinterpretation of what the CEO.

L'Oreal: -0.46% to 82.66 euros

YSL Beauté (L'Oréal) will cease in advance to create and develop the flavors of the Italian luxury group Ermenegildo Zegna, according to a statement released Thursday.The license agreement, which was to expire in April 2013, ending June 30, said the world number one cosmetics.

Publicis: -0.65% to 39.75 euros

Publicis announced that Jean-Yves Naouri, tipped as a possible successor to current chairman Maurice Levy, was appointed executive chairman of Publicis Worldwide, a subsidiary of the group including its network of marketing and advertising.

Schneider Electric: 0.46% to 121.15 euros

The electrical equipment manufacturer Schneider Electric announced Thursday the acquisition of assets of DigiLink, the "leading provider of structured cabling in India", about 80 million.

Areva: Trading suspended

The Strategic Investment Fund announced in a statement Thursday it has completed the acquisition of the stake in Areva STMicroelectronics.The nuclear expert held 10.9% stake in the OEM electronics.

Maurel & Prom: stable EUR 13.62

The independent oil company Maurel & Prom will ally with the Colombian Pacific Rubiales Energy by assigning half of his rights in a series of permits.

Vranken-Pommery: -2.96% to 34.7 euros

The title Vranken-Pommery Monopole was heavily penalized, this Thursday morning at the Paris Bourse after the publication of disappointing results judged by the market, who questioned the group's strategy.Oddo Securities lowered its recommendation on the value from "buy" to "ease".

Trigano: 2.24% to 24.44 euros

The specialist for caravans and motorhomes Trigano announced a six-monthly sales growth should, in his view, lead to market share gains and improved "sensitive" in its results for first half of the year. Societe Generale rose from "hold" from "buy" on value.

Saft: 1.26% to 29.66 euros

The battery maker Saft has announced in a statement that only one of components it buys in Japan is produced in the region of the country affected by the earthquake and tsunami of 11 March.

The call for EU aid is no longer a taboo subject for the Portuguese Government, as the tense political crisis in Lisbon. Finance Minister Fernando Teixeira dos Santos has clearly mentioned on the sidelines of the Eurogroup meeting on Monday in Brussels. "If we trigger a political crisis right now, it will create great difficulties for the country to enter the financial market and I think it poses a risk to our financial capacity," he warned.This crisis, he added, "actually helps to push the country into the arms of foreign aid."

Although this is surely a final attempt to pressure the opposition, accused of causing the crisis before a crucial vote on new austerity measures Wednesday in Parliament, the Portuguese government may have to accept the financial rescue plan that seeks to avoid for months.

In this standoff, the Socialist Prime Minister Jose Socrates, will all play their politics. To save his head, he is seeking the approval of members to its savings plan, the fourth in less than a year. The plan, which includes tax increases and cuts in social benefits, is highly unpopular, even if it saves time and the markets.

By national pride, Jose Socrates resists the offer of financial assistance from the EU and the IMF for weeks."It's politically very costly to surrender its sovereignty, we have seen with Ireland," says Jacques Cailloux, chief economist at Royal Bank of Scotland. Knowing that the government is facing a social discontent increasingly marked. On Saturday, thousands of Portuguese officials and private sector employees, beat the pavement against the policy of austerity, rising unemployment and job insecurity.

"Socially unjust"

Jose Socrates was tried on Monday, throughout the day to rally the party leaders to his cause. But he struck again with the adamant opposition leader Pedro Passos Coelho right center, which rejected "any negotiation with the government, denouncing a" socially unjust program "that affects" the most members vulnerable in society. "The leader of the PSD had abstained from previous votes austerity, saving twice as Socrates motions of censure tabled by the anti-liberal left.

But this time, "it's over," urged Pedro Passos Coelho, who has said this weekend in favor of outside help. Faced with political stalemate, the scenario of a European rescue, like that of Greece and Ireland, appears imminent. And more so that the financing conditions in the markets remain very difficult. The rates of ten-year bond rose again yesterday, against 7.262% 7.212% Friday. By June 15, Portugal must face debt maturities of over 9 billion euros.

"The problem is that the appetite for the Portuguese debt is gone. Investors have lost confidence, "added the economist.Anxious to reassure the markets and the European Commission, Pedro Passos Coelho particular favorite in the event of early legislative, reiterated his "unwavering support to a structural reform program aimed at fiscal consolidation, reducing debt and economic growth." Lisbon is committed to bringing the deficit to 4.6% of GDP in 2011, 3% in 2012 and 2% in 2013.

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The redemption price would be fixed in April, and the report advocating the "right price competitive" known until mid-March. According to the Journal de Dimanche (JDD), the findings of this report, ordered the former director general of INSEE Paul Champsaur, "are ready and recommend the price of 39 euros per megawatt hour (MWh).

The new law on the organization of the electricity market (prefecture), which shall enter into force on 1 July, stipulates that EDF, the incumbent electricity, must yield to its competitors – GDF Suez Direct Energy and other Poweo – up to 25% of the electricity produced in nuclear power plants. The selling price must be set by ministerial order. This new mechanism is expected to boost competition in an industry dominated by ultra-EDF.More than three years after market opening to competition, the French are indeed remained mostly faithful to the regulated tariffs.

Reflect production costs

EDF had voted for a rate set at 42 euros per MWh, Henri Proglio, CEO of the group, believing that selling below this limit would mean the "looting". Alternative suppliers, including GDF Suez, hoping for a price closer to 35 euros per MWh.

To fix the wholesale rate at 39 euros, experts have focused on the impact that the price on your household. The increase for the public, would be at least 35% over five years with the wholesale price of 42 euros asked by EDF business cards design. It would be 30% at 39 euros, a level considered more reasonable by the Champsaur report, according to the JDD, or 5% per annum by 2015.Difficile to go below, however, according to the report."If the government does not overly increase the rates for individuals, it should not set a price too high for manufacturers," said a relative of Paul Champsaur quoted by JDD. Nome law specifies that the award should reflect "economic conditions of production" of nuclear power plants and it will be "consistent" with a specific tariff to business, Tartam (transitory regulated tariff for market adjustment) .

Friday, Energy Minister Eric Besson had told AFP that "nothing was adjudicated" and that dialogue "continue."He said that this price would be fixed "by a decree signed in April, after an arbitration of the President of the Republic and the Prime Minister."

(With AFP)

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Congress cools the financial markets. After opening slightly higher, breaking the 12,000 points mark, the U.S. stock markets operate in an uncoordinated manner. The Dow Jones lost 0.05% to 11,971.40 points, while the S & P 500 ahead 0.27% and the Nasdaq rose 0.55% to 2734.07 points. Tuesday, after changing course several times in the morning, the NYSE closing slightly lower.

The side indicators, investors will monitor including U.S. weekly oil stocks as well as new home sales for the month of December. After the close of Wall Street they will also review the press release of the Monetary Policy Committee of the Central Bank of the United States (Fed).

The Fed should decide no surprise to keep its arsenal of state support for the resumption of the U.S. economy.The leaders of the institution should certainly take stock repurchase program of additional U.S. Treasury bonds that the FOMC was launched in November. Considering the recent statements of several of them, the Committee should confirm that the Fed expects to have repurchased $ 600 billion of these bonds at the end of June. Considering the recent statements of several of them, the Committee should confirm that the Fed expects to have repurchased $ 600 billion of these bonds at the end of June.

Tuesday evening, held on policy speech said his State of the Union of Barack Obama. In his speech, Bush asked Congress to exercise fiscal innovation without abandoning efforts to reduce the deficit.

New burst results

On the foreign exchange market, the euro was changing the balance on Wednesday afternoon. By mid-afternoon in Paris, the euro bought 1.3681 dollars against 1.3682 dollars late Tuesday, after the dollar rose to 1.3722 in the morning, a new high since November 22 paydayloan.

The side of values, Wall Street investors expect another round of results. United Technologies, Xerox, Boeing, ConocoPhillips must indeed publish their results for the fourth quarter.Also note, the Macworld San Francisco grand annual gathering of fans of the U.S. computer group Apple to open its doors today and will run until January 29.

Yahoo!: -3.25% to $ 15.50

Always on the side of values, the U.S. internet group Yahoo! posted Tuesday a net profit doubled for both the year and for the fourth quarter, but with a turnover of patina, displayed down 2% for 2010 and still looks disappointing the first quarter. The annual net profit appears to 1.231 billion, while quarterly earnings totaled $ 312 million.The turnover 2010 was, however, slipped 2% to 6.324 billion dollars, with a particularly sharp fall in late: -12% to 1.525 billion dollars.

Boeing: -3.02% to 70.06 dollars

For its part, Airbus said Tuesday that the final report of the World Trade Organization (WTO) on U.S. aid to Boeing will demonstrate that its competitor has received substantial aid illegal and said that Europe could claiming $ 45 billion in compensation.

Juniper Networks: 7.02% to 37.27 dollars

The telecom equipment maker Juniper Networks has announced a profit of $ 190.2 million, slightly below expectations. The group's turnover is 1.19 billion dollars against 1.13 billion dollars expected by consensus.The operating margin was 24.5% against 24.1% in the third quarter.

Wal-Mart: 0.68% to 57.65 dollars

China has sentenced several distribution groups, including Wal-Mart fined for having lied about the price of their papers, said Wednesday the instance of economic planning.

A total of 131,509 housing units were created in 2010, which constitutes an "absolute record for 30 years, said Thursday on Europe 1 Secretary of State for Housing Benoist Appeared. By comparison, he said that between 1978 and 2003, right-wing government and left together, an average of 50,000 housing units rose from the earth each year. "Since 2004 we made 100,000 a year," he added.

Regarding the 20% quota to be met by cities with more than 3500 inhabitants according to the SRU, the Secretary of State was satisfied. "It goes well, we should have done the 60,000 social housing, we had 90,000 in the towns concerned, so much more than expected," he was delighted. "Above all this is changing now on the 131,000 new housing is actually the maximum where necessary."According to him, barely a quarter of social housing were previously done in the cities of Ile-de-France where there is a real need.

"Inventing the land"

Asked about the additional funds requested by the Paris city council to meet its quota of 20% – Paris now has 17% social housing – Appeared Benoist said the state was already helping the capital. "They produce 6% of French social housing, they are given 20% of appropriations," he says, confirming that the state will not put more hands in their pockets. And to help cities to enforce the law – including some cite the lack of buildable land, "the solution is to invent the new land, new land. When you have a street where every building is seven storeys with the exception of three who only four floors, one can invent three more floors to the buildings.There are alternatives that need to be very innovative. " He also explained that the amount of surface parking in the fifty largest hypermarkets in the Ile-de-France, corresponded to the area of the 10th arrondissement of Paris. "We have some leeway should just invent things and reform the French planning," says he. "To regulate the market there is only one thing to do: produce more housing where needed. Ile-de-France explodes in prices since the ratio between supply and demand is not balanced. "

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