Archive for April, 2010
Greece, Portugal and Spain. Southern Europe continues to frighten the markets. The Spanish saw its debt rating one notch worse, with a negative outlook.
Between degradation rate and retention Note
During a joint press conference yesterday, Jean-Claude Trichet, president of the European Central Bank, and Dominique Strauss-Kahn, director of the International Monetary Fund, have called on Germany to take an expeditious decision on aid Greece. Both men say they are confident. German Chancellor Angela Merkel seems he heard the message, since it has declared its intention to activate "as quickly as possible" aid plan.
Fortunately, a decision from the United States has been somewhat reassure financial markets. The Fed has indeed confirmed keep interest rates low for a "prolonged period". And this, despite a rapid recovery of the economy.In this context, the Paris markets are cautious. Around 10:30 am, the CAC 40 rose 0.52% to 3806.81 points. At the London Stock Exchange, the FTSE-100 gained 0.55% to 5617.19 points, the Frankfurt Stock Exchange, the DAX 30 in advance from 0.30% to 6102.59 points.
After two sessions of sharp declines, the bank stocks are returning to earnings. BNP Paribas gained 1.55% to 51.77 euros, Dexia advance of 1.22% to 4.15 euros and Societe Generale was up 0.45% to 41.10 euros. In contrast, Credit Agricole, which said Wednesday night that its exposure to sovereign risk in Greece amounted to EUR 850 million, lost 0.32% to 11.02 euros.
CAC 40: Pernod-Ricard in mind, PPR red lantern
Among the values that have posted Wednesday, PPR has returned to growth in the first quarter after five consecutive quarters of downturn, and said Tuesday anticipate a further acceleration in sales during the year. However, PPR shares fell sharply from 2.65% to 101.20 euros, the biggest drop in the CAC 40.
The Thursday is rich in quarterly publications: ArcelorMittal (-1.80% to 30.58 euros) reported a net profit decline of 36.6% in first quarter 2010 over fourth quarter 2009.
France Telecom (1.44% 16.57 EUR) has published a turnover down 2% in the first quarter of 2010, in line with market expectations.
The result of Sanofi-Aventis (-0.67% to 51.53 euros) rose 9.7% to 2.4 billion euros in first quarter 2010 against a consensus of 2.28 billion euros.
Bull (0.62% to 3.23 euros) saw its sales boosted by the acquisition of Amesys, a company specializing in security systems: its sales rose 9.4% against 0.6 % off-Amesys.
Pernod Ricard has announced an increase of 14% of its turnover for the third quarter of 2010 of its fiscal year 2009-2010 to offset 1.5 billion euros.Pernod Ricard shares climbed 3.70% to 65.32 euros, the largest increase in the CAC 40.
The results of Vivendi (0.87% to 19.61 euros), AXA (-0.89% at 15.01 euros), Bouygues (0.60% to 36.89 euros), Areva (-1, 32% to 375 euros) or Michelin (-0.38% to 52.30 euros) are also expected.
Renault (-1.47% to 34.24 euros) has announced the acquisition of interests between the group, its Japanese partner Nissan and Germany's Daimler had been made Wednesday. The three groups have formalized their alliance in early April for three to share technologies and reduce costs.
The U.S. unemployment statistics in the heart of the day
On the macroeconomic front, the day will, however, less responsible.By midmorning, the German Federal Labour Office has reported a decline of 68,000 in the number of jobseekers in seasonally adjusted data, to 3.285 million, while economists were expecting an average decline of 10,000. Around 14:30, the investors will also monitor the weekly claims for unemployment benefits in the United States, and economic confidence in April in the euro area.
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Put under pressure by Guy Wyser-Pratte complains strategy, Arnaud Lagard?re, general partner of the Lagard?re group, has defended his record at the general meeting of shareholders held this morning at the Palais des Congr?s Paris. He said he was "optimistic" about prospects for his group in 2010. "In 2009, the cash flow was very well kept, with 650 million euros. And that's a powerful symbol of a sound and applied to the cash, "said Arnaud Lagardere. He added: "All family groups are extremely sensitive to this criterion one, which is the most vital criterion for a company in the long term."
Lagard?re: -18% and 10% in less than a year
In 2009, Lagard?re has 4 divided by its net profit to 137 million euros and issued a revenue down 4% to 7.9 billion euros.Lagardere will publish its turnover in the first quarter 2010 on May 11 next.
It is interesting to note that since the offensive led by Guy Wyser-Pratte cons strategy Arnaud Lagard?re, General Partner of Lagard?re, March 25 last, the stock has gained around 10% (figure at 10:30 AM, Ed) . And, while the price lost almost 18% since October 2009. He took the opportunity to slip a few tackles to Guy Wyser-Pratte: "The dictatorship of the immediate is probably the most destructive of shareholder value. We will never get into the music, the display and large terrestrial TV and pay, "said Arnaud Lagardere.
The Autorit? des march?s financiers (AMF) by its president Jean-Pierre Jouyet, has confirmed that the Lagard?re was put under surveillance for several weeks."As in such situations, we monitored closely the evolution of the title and the statements of each other in the preparation of this meeting," he said Monday at Canal + Guaranteed high risk Personal loans.
The MFA does not investigate
Last Friday, a spokesman for the AMF had confirmed receiving a letter of Lagard?re."We look at which patterns of the market as we look at the title and transaction information is transmitted," she said, adding that a supervision order does not imply any launch an investigation.
In late March, the American financier Guy Wyser-Pratte, who holds 0.53% stake in the group Lagard?re has submitted two resolutions: one to make his entrance to the supervisory board and the other to call into question the Staff Partnership Group for Lagardere to develop it into a corporation. Two resolutions that Arnaud Lagardere has always opposed.
Guy Wyser-Pratte can count on the support of Riskmetrics, a consulting firm specializing in governance and whose advice is well attended by institutional investors, representing over 78% of the capital of Lagard?re.For its part, Arnaud Lagardere has received support from the Association of Small Holders assets (Appac) holding 3.5% stake in Arcelor.
After one of the few values to evolve in the green at the Paris Bourse, the Lagard?re shows a sharp decline towards 12.15: -0.71% to 31.41 euros in a market down by 1.46% .
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After one week mixed, where the CAC 40 had yielded 0.89%, the Paris Bourse, encouraged by the tone on Wall Street has rebounded on Monday. Despite the new German demands against Greece, the Paris index was bent back, ending up 1.17% to 3997.39 points. At the close, the London FTSE gained 0.53% to 5753.85 points. While the German Dax 1.16% 6332.10 clinching points.
United States to the European Commission, through France, many voices were raised for prompt action against speculation aimed Greece. A sign of nervousness of the market, rates on Greek bonds to ten years have passed that on Monday for the first time the 9% and bond to two years 13%, unheard of for a country in the euro area.Under pressure from financial markets, Athens has yet agreed Friday to call on rescue plan joint EU and IMF announced on Monday "concrete steps" to reduce its deficit "drastically," what reassure …
Aid before May 19?
German Chancellor Angela Merkel warned this weekend that his country would release the aid unless Greece undertook on a "credible" deficit reduction and reform. A possible aid payment would, then, before May 19, when the next bond issue in Greece.
Meanwhile, Wednesday's meeting of the Strategic Committee of the Federal Reserve, investors are sensitive to the strong performance of Wall Street, which closed Friday at its highest since 19 months and opened to the balance on Monday.165 earnings announcements of U.S. firms are expected this week. After Carterpillar and Texas Instruments on Monday, come Tuesday Dupont, UPS, and U.S. Steel. In the first three months of the year, Caterpillar earned $ 233 million against a loss of 112 million a year earlier and raised its forecast for 2010, so the title jumped 5.76% to 72 $ 74 in session on Wall Street.
In Paris, the banks have been unevenly weakened by the turmoil on Greece. As Credit Agricole lost 0.29% to 12.225 euros, also because of a lowering of recommendation from analysts of Credit Suisse. BNP Paribas has taken revenge + 3.02% to 54.56 euros and Societe Generale clinching 1.33% to 43.675 euros cons about 2% earlier in the day.
The automotive supplier Valeo has made over the first three months of the year a consolidated turnover of 2.309 billion euros, up sharply from 42% over the same period of 2009. On Monday, its biggest competitor, Faurecia, has published a quarterly revenue of 3.2 billion euros, up almost 60%.
This 42% increase in sales is twice what the group had planned two months earlier. In late February, when the annual results of the group, the Director-General Jacques Aschenbroich had said the first quarter was broadly in line with the activity of the previous three months, emerged up 21%.
"Valeo's business in the first quarter confirmed the group's ambition to become the partner of automakers in the technologies to reduce emissions of C02, for which we plan to double our turnover of 2013, "commented Jacques Aschenbroich, quoted in the statement, issued after-hours trade.
The automotive industry in France is supported by the boom in orders, which marked the end of 2009 in anticipation of the phasing out of the car scrapping. The second half of the year remains uncertain, and Valeo has delivered on Thursday any evidence on the evolution of the activity on the second part of the year. "Despite a moderate decline in car production in Europe, Valeo anticipates second quarter 2010 sales of the same level as the first quarter," simply stated the group.
The supplier has unveiled a strategic plan in early March by which it expects to achieve a turnover of ten billion euros and an operating margin of 6% to 7% in 2013.
In 2010, Valeo anticipates a near-doubling of its operating margin to 1.8% emerged in 2009, a goal also confirmed Thursday night.
At the Paris Bourse, Valeo closed down 0.77% to 26.36 euros in a market down 1.33%.
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American Express has more than doubled its profit in the first quarter, a sign that the specialist credit card extricates a crisis battering the past two years.
Net income stood at $ 873 million, 73 cents per share, against $ 361 million, 31 cents per share, a year earlier.
Revenues, net interest rose 11% to $ 6.6 billion over the same quarter last year.
Amex charges its excellent resulting output to the resumption of consumer spending and an improvement in credit quality.
The action of the group took 1.8% to 47.61 dollars in after-hours transactions after finishing at 46.77 dollars.
The weather global economic summarized in three figures: production (GDP) will grow 10% this year in China, 3.1% in the U.S. and 1% in the euro area countries. For the whole world, growth is expected in 2010 to 4.2% and 4.3% in 2011. With a clear dividing line between the advanced countries, whose growth prospects are around 2.3%, while savings "emerging and developing" a galloping pace of 6.3%.
These new "World Economic Outlook," IMF showed that "the recovery unfolds better than expected. But new challenges have emerged and exceptional "cautioned Olivier Blanchard, chief economist of the Fund. He calls a "warm" restart in the advanced countries, which are still found a lower level of production of 7% it would have without the crisis.In the eurozone, the IMF also revised downwards by 0.1 percentage point to 1% its forecast for growth in 2010, although France, among others, has fared rather better with a forecast of 1.5% instead of 1.4%.
Dependence credit
For Europeans to wonder why their economies pull themselves together much more slowly than America, Olivier Blanchard gives two main explanations. Europe is "more dependent on bank credit as the U.S. market where finance plays a greater role for business and they have restarted the fittest." Furthermore "the policy responses have been later and less strong in Europe," he adds.
This means that the IMF does not disavow the fiscal stimulus packages, including Dominique Strauss-Kahn, the boss, was one of the strongest supporters, from January 2008 fast cash advance. But "it is urgent to develop strategies for fiscal consolidation in the medium term" now stress the same experts. They note that the budget deficits in advanced countries have now reached 9% of GDP on average and that "the debt / GDP ratio should exceed 100% by 2014 if nothing is done.
Rebalancing Economic Policy
The situation is more delicate than a too abrupt adjustment of public finances could hinder growth already shaky.Hence the advice to double trigger "to fully implement fiscal stimulus measures planned for 2010, except in countries which already have a strong increase in their risk premium and must begin to rebalance their budgets now," as Greece. But the most advanced countries should undertake a substantial fiscal consolidation in 2011.
Emerging economies are the reverse face "to an influx of capital, a good thing in itself, but can become excessive," warns Olivier Blanchard. He recovered one of his favorite anthems "the currencies of a number of emerging markets remain undervalued in considerable proportions regarding the yuan." It calls for a revaluation of the currency, both in relation to the dollar than the euro, the only way to give oxygen to Western exports and ease the risk of overheating in Asia.This rebalancing of economic policies will be central to discussions of the G20, whose finance ministers meet Friday in Washington.
Thirteenth day strike at the SNCF. The consequences are severe for the group, since the freight station will show a loss "dramatic at least 30 million euros," according to Pierre Blayau, the chief delegate to Geodis station, interviewed by Les Echos on Monday, which "is a cry of alarm".
But the situation is also difficult for its customers. For nearly two weeks, "only 50% of normal traffic of freight is secured," says the official. And the activity falls to 25% for combined transport."We try stopgap, concentrating our efforts primarily industrial ur hardest hit, as chemists, cereal, Danone, etc. quick pay day loan., "said Pierre Blayau.
He described the demand of the strikers to hold round tables "astonishing", although such meetings "already exist," he added, citing a few names of cities where he held shortly.
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In 2009, employees have spent 86 minutes per day on average over the internet from their workplace. Which only one third as a professional, according to a study by Olf?o. What exonerate employees who like to stroll on the net between two ranges of work?
If Internet use for personal purposes is generally not favored by business, it is at least tolerated. In part because an outright ban on surfing the web to check emails, read a newspaper article or listening to music is technically very difficult to implement. Many companies, however, that filter or prohibit certain sites via their charter. The aim was primarily to cover, to prevent the actions of their virtual employees, which always involve the responsibility of the enterprise, are the source of sentences.One way to avoid as they saturate the bandwidth and not impair the productivity of their colleagues ….
Use "reasonable" is required
But if it is allowed to surf the web for personal purposes, such use must remain "reasonable," said the Labour Code. A character that the court weighs in case of dispute. Sending 156 emails two months personal example has been considered by the employer as grounds for dismissal of an employee for "misuse of the Internet on the workplace. A decision upheld by the tribunal.
While remaining within the limits of reasonable use of the Net, "the employer has any right way to look at any mail or file created by its employees unless they are explicitly" personal, "said Ahmed Baladi , a lawyer at Allen & Overy.A concept which is a priori assimilated external mailboxes (Type gmail, yahoo or orange …). The principle of respect for private life remains applicable to the workplace, the only requirement for the employee to make clear what he wants to meet her privacy. Not always obvious to all of his mail regularly titrate "STAFF".
Investment bank Morgan Stanley could lose nearly two-thirds of the 8.8 billion invested in global real estate fund, the Morgan Stanley Real Estate Funds (MSREF) VI International reports the Wall Street Journal. This loss represents about 5.4 billion dollars. If the information is confirmed, it would be the biggest loss ever by an investment fund specializing in real estate, the business daily said.
The losses would come from investments in such properties as the seat of the European Central Bank (ECB) in Frankfurt, an important project in Tokyo and Intercontinental hotels across Europe.
In the past 20 years, the real estate business at Morgan Stanley was one of the largest purchasers of goods in the world with $ 174 billion invested since 1991.This loss is even more of a challenge for Morgan Stanley, the bank tries to revive the industry. She has attempted to create a new fund to 10 billion dollars, the MSREF VII Global, but it could reap more than half.
It's official! The president of employers' movement Ethic, Sophie Menthon, announced Tuesday on the airwaves of Europe 1, its official bid for the presidency against his current MEDEF Laurence Parisot ruling. It confirms the information Advanced Landre by Marc in his blog.
Geoffroy Roux de Bezieux bench since its announcement in Le Figaro that he would not seek the presidency of the MEDEF, the campaign was revived with the announcement this morning.
"I want every business in France feel represented by the MEDEF" said one who had resigned just last year the ethics committee of the MEDEF. He added: "This is not the case today. The balance of Laurence Parisot is great, but it must go to the conquest of public opinion. I'm an activist and I will speak in the media. "
The high-profile president of the employers' movement Ethic acknowledged that 2009 has been difficult for the bosses. "They were attacked from all sides. To be closer to public opinion, he must reinstate a debate on the business cash advance payday loan. And for that, it is better to have two candidates. "
"The MEDEF has more need of me than I of him"
On the issue of pensions, Sophie Menthon supports the position that Laurence Parisot has urged the government Sunday to push the legal age of retirement.
Sophie Menthon appeared hesitant when she had to clarify whether it would have the 50 signatures needed to be sponsors of the presidential candidate of the MEDEF. "I think so. I am driven by entrepreneurs.The MEDEF has more need of me than I of the MEDEF, "she says.
The campaign for the presidency of the MEDEF was launched last week by its current boss, Laurence Parisot, who is seeking a second term.
Candidates have until May 1 to declare the election to be held on July 1.
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