Archive for April, 2010
Oil climbs again
Insensitive to calls for a "perfect price" of $ 80 a barrel, launched by OPEC, oil prices clung all week at the helm of $ 86. A barrel of light crude Texas (WTI) for May delivery has exceeded the 87 dollars for the first time since October 2008 last week.
The markets were quickly erased their losses Wednesday and Thursday, with a barrel qutour income of $ 85. Investors were then cooled by a rebound in the dollar and especially by a surprise increase in weekly unemployment registration. During the week of April 3, the latter amounted to 460,000 against 442,000 the previous week, according to the Department of Labor.An indicator that put the brakes on optimism the speed of recovery and hence the increase in oil demand.
On Friday, during fro above $ 86 a barrel in New York, enjoying a rebound in equity markets and a slight weakening of the dollar. A barrel of Brent North Sea crude for delivery in May stood at 85.74 dollars on the InterContinental Exchange (ICE) in London. "We needed a correction, we have had, then one starts to rise," noted Tom Bentz of BNP Paribas. "It's always the same story, it has small downturns, and buyers are returning. Buyers have been constantly rewarded when they took advantage of these folds and so it continues, "he noted.
According to analysts, "the courts seem to have found a floor around $ 85 a barrel.A sustained movement under $ 70 now seems much less likely that progress towards 90 dollars.
Copper, a leading base metals
After profit taking Thursday, the base metals markets are generally started to increase.
Copper shows a striking health, reaching its highest since August 2008 Tuesday to 8010 dollars per ton. Friday's trading at 7,794.50 dollars per tonne on the London Metal Exchange (LME). Since January first, the increase is 6.12% and 81.10% over one year. China is largely the cause of this infatuation. The country engulfed 40% of global demand. The World Copper Conference, held Wednesday and Thursday, has made it the starting point for discussions. According to participants, China should boost demand by 5.4% in 2010. Growth to 12% in the first quarter bodes well for the future.
Nickel also benefits from China's growth through the increase of the steel in the country. The production of stainless steel (two-thirds of nickel consumption) explodes in the country. After crossing the 25,000 dollars per tonne on April 1 (highest level since June 2008 on the LME) prices were around the 24,435 dollars Friday.
In their wake, aluminum climbed to 2,397 dollars per tonne on the LME, its highest level since October 2008. An upward, according to observers, would that point.
Precious metals: palladium in great shape
As for precious metals, gold has had a week of small but can increase to a rise of 2.68% over the last 5 days. Friday, for the first time since January 12, gold has taken the helm of 1150 dollars.After the first auction in London, per ounce in late morning trading at in 1156 dollars (863.009 euros) against 1148 dollars.
For its part, palladium continues upward, reaching its highest level since 2008. Strong growth still driven by the fear of insufficient supply while the automotive market (primary market) leaves. Palladium rating still around $ 500 an ounce.
In the aftermath, platinum is about 1.29% in one week in 1722 dollars an ounce Friday.
Agricultural raw materials: grains fall
Prices of wheat, corn and soybeans continued to fall this week. As expected, the U.S. Department of Agriculture (USDA) has left its forecast production virtually unchanged in its report released Friday.Thus, world production of wheat for the 2009/2010 marketing year amounted to 678.42 million tonnes (Mt) against 678.01 million tonnes expected this month. Global consumption is raised by 1 Mt to 647.83 Mt, the final inventory at the end of the 2009/10 campaign back to 195.82 million tonnes against 196.77 million tonnes estimated a month ago.
Friday, wheat dropped to 470.75 dollars in Chicago. A bushel of soybeans was $ 9.48 dollars while corn was trading at $ 3.49 a bushel.
While Asian markets have evolved this Friday in the wake of the rise on Wall Street Thursday night, and the Dow Jones is still expected to slightly increase this Friday, the Paris Stock Exchange followed suit since. Despite mixed INSEE statistics, the CAC 40, which opened up 0.75%, and the bar and went over 4,000 points, gaining 1.11% to more resolutely 4022.67 points in mid session.
Thursday evening, the CAC 40 lost 1.2% and has crossed back to the lower threshold of 4000 points. The other major stock markets fell back in unison. In London the FTSE lost 0.86% while in Frankfurt the Dax has yielded 0.81% at closing.Note that the LSE has found its place in the first quarter from a number of European IPOs, according to PriceWaterhouseCoopers.
The concern of financial markets is felt continually faced with the fragility of public finances of several countries, particularly Greece.
Statistics in Europe
According to INSEE, industrial production for the month of February in France remained stable, reflecting continued moderate demand should limit growth throughout the first quarter. The INSEE reported Friday in a stable production after rising 1.1% in January, a figure revised from an initial estimate of 1.6%.
The cost of construction in France, however, declined from 1.05% yoy in the fourth quarter of 2009, after already falling 5.77% in the third quarter and 4.10% in the second quarter, said the INSEE Friday.
In Germany, foreign trade for the month of February will be announced at 8 o'clock. In the United Kingdom, are the producer prices in March which will be published.
In the United States, no statistics major is expected on Friday to share the figures for U.S. wholesalers f?rvrier.
France Telecom provided by the Paris court
France Info radio said the prosecutor of Paris will open a judicial inquiry after the 35 suicides by employees of France Telecom. The action, however, clinching +0.55% at 17, 470 euros in mid-day.
Air France (2.99% to 12.225 euros) showed a traffic increase of 4.7% for the month of March, a first for a year.The group remains to Ryanair. To also monitor the impact on the airline industry's consolidation movement in progress. According to the American press, U.S. Airways and United Airlines are considering a reconciliation. In addition, British Airways and Iberia have finalized their merger agreement.
Areva (2.22%) and EDF (1.59%) would participate in the growth of nuclear power in Italy. Several agreements have to be signed on Friday between French and Italian companies in the sector reported the Financial Times.
The specialist luxury yacht Rodriguez returned Thursday after the stock market success of the restructuring of its debt. The share price rose yesterday by more than 138.97%.On Friday, the shares are still 36.5%.
Renault (0.64%), its Japanese partner Nissan and the Italian energy group Enel signed Thursday a Memorandum of Understanding for the development in Italy of charging infrastructure for electric vehicles.
Cegid, publisher of management software, announced a 7% decline in net sales in the first quarter to 58 million euros and a gross margin of 87.9% against 87.5% a year ago. In exchange, Cegid loses 1.21% to 22.12 euros.
French Cement (4.25%, to 77.83 euros) announces that its takeover bid for all or part of its 2002 and 2006 private placements to U.S. investors is now closed. French Cement will then redeem all shares tendered at a price of 1 065 dollars for each security with a face value of 1 000 dollars.The funds to purchase securities were placed at the disposal of the company and its subsidiary Italcementi Italcementi Finance.
Relapse of consumer credit, debt concerns on Greek inscriptions and weekly unemployment up. The climate is not conducive to a revival of American markets. At the opening, the Dow Jones lost 0.12% and the Nasdaq was down 0.29%.
After the great bull markets in recent times on Wall Street and in Europe, investors await the slightest pretext to visibly sell. They took advantage Wednesday of renewed concern about the debt Greek and the surprise announcement of a drop in U.S. consumer credit in February to pass the act, especially as the Federal Reserve chairman Ben Bernanke said that the country "is far from being out of business." At the finish, the Dow Jones lost 0.66% and the Nasdaq 0.23%.
Also note, commercial crude oil inventories rose 2 million barrels last week.Gasoline inventories fell 2.5 million barrels and distillate stocks rose by 1.1 Million barrel. Following the announcement of this slight increase in inventories in the U.S., a barrel of oil has retreated from its recent peaks, to return the $ 86 for Brent to WTI as payday loan.
On the foreign exchange market, the euro remains under pressure however against a backdrop of Greek revival of the crisis. The single currency is trading in the morning at 1.332 dollars. For his part ounce of gold has continued to climb, to 1 $ 146 this morning.
The off air
On the side of values, a new giant merger is in preparation in the American sky. U.S. Airways (14.37% to 7.80 dollars) and United Airlines (9.03% to 20.66 dollars) have resumed their negotiations for a merger, according to U.S. media."Both companies, which belong to the network, Star Alliance, have already conducted twice unsuccessful negotiations in 2001 and in 2008," note the experts of BNP Paribas. United had also attempted to ally himself, unsuccessfully, to Continental Airlines, after the rupture of contacts with U.S. Airways in 2008.
Palm has jumped 20% Wednesday on rumors of takeover, unconfirmed. The title was up 1,52% to 4.69 dollars.
The internet group AOL (-0.98% to 27.17 dollars) to consider closing or selling its social networking site Bebo, bought $ 850 million two years ago.
Russian President Dmitry Medvedev himself has planned to attend the ceremony. On Friday, the Baltic pipeline, Nord Stream, carried by the Russian company Gazprom, will finally stage of project to construction. The first stone of the future submarine pipe along 1200 km will be laid in Vyborg, on the shores of the Gulf of Finland, a hundred miles from St. Petersburg. Nord Stream is expected to provide, by 2013, 55 billion cubic meters of natural gas per year, delivered directly to Germany. Gerard Mestrallet, Chairman of GDF Suez, attend the ceremony. The French group is involved in the project which is expected shortly to become a shareholder in the consortium with 9% of the capital.
"Nord Stream is a key element of security of supply, without any transit countries, welcomed Mestrallet early March on the occasion of the Paris visit of Dmitri Medvedev.The Baltic pipeline will in fact Russia to deliver Europe (which represents 80% of its gas exports), bypassing Ukraine, a transit country whose relationship has been adversarial with Moscow until the election February's pro-Russian President Viktor Yanukovych. Nord Stream also avoids another export route, via Bi?olorussie-ally-capricious and Poland.
During the visit of Russian President in France, Gerard Mestrallet had welcomed the historic relationship of GDF established with Gazprom for thirty-five and secure supply contracts until 2030. But everyone in Paris does not share this idyllic vision of the relationship with Russia, the leading exporter of natural gas."Europe is dramatically dependent" for its gas, alarmed Stoffa?s Christian, chairman of the Center for Future Studies and International Information (CEPII), who has written a report on the subject on behalf of the Council Strategic Analysis, a body attached to Matignon. If the 145-page document provides a finding widespread evidence of the vulnerability on its European gas supply, Christian Stoffa?s was accompanied by comments not always diplomatic in presenting Friday empire payday loans. The risk of dependence is not one of supply disruption, Stoffa?s analysis, but it "weighs on the minds of Europeans and creates tensions." Europe currently imports 60% of its gas needs, 25% in Russia.The depletion of fields in the North Sea and the growth of demand should increase this dependence. Christian Stoffa?s regrets unvarnished recruitment by "providers" of former European leaders, referring to the former German Chancellor Gerhard Schroeder, who became chairman of the board of shareholders of Nord Stream. "The importers are under blackmail from Gazprom but do not want bureaucrats in Brussels", Assen yet the author of the report. The former director of Foresight EDF considers that the Ukrainian crisis for most of 2006 and January 2009, when the tap was actually closed, the awareness of the need for joint action gains little from the Old Continent little.
"A real strength of negotiation"
The report recommends Stoffa?s among six recommendations, the creation of a Central European call.It takes up an idea put forward by Nicolas Sarkozy in his speech of May 5, 2009 at Nimes, "I want to bring the idea of a central European purchasing gas for Europe is a real strength in negotiations with its suppliers. "Jacques Delors, former President of the Commission, which is close Stoffa?s Christian, has just called with the same strategic objectives of independence, the creation of a European power, in a preamble report published by the think tank Notre Europe. The fact is that "the sellers are the condition of the sale," admitted recently Jean-Francois Cirelli, vice-chairman of GDF Suez.Stoffa?s Christian is convinced that even if the process takes years, "if there is political will, the companies will be happy to be less dependent on Gazprom.
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At 24 hours of his arrival on the market, the iPad fever is at its height in the United States. If you believe the answer to preorders which started March 12, the new creation from Apple sensation. The first stocks are already exhausted, those who have not ordered their iPad before this week will receive nine days late, on April 12. Apple, which does not communicate its presales, would not produce enough to meet demand. On Saturday, the tablet will be available in Apple stores and Best Buy, and it will get up early to get his, because the rays could be emptied before the end of the day, according to the buzz on the Internet. The wireless models are $ 499 to $ 699. It was not until the end of April if we are interested to 3G versions, the price will go up to $ 829.
They are not only two signs that are preparing to light.Speculation is also rife on the Web according to PCWorld magazine. Taking advantage of the predicted shortage, some simple pre-booking their offer to $ 100 on sites like Craigslist, others have started their iPad on eBay at $ 700 instead of 500. These deals seem even more doubtful that Apple, as usual, organized the launch of its latest gadget in the greatest secrecy. The employees, including technicians to repair the supposed object in case of failure, had still not seen the tablet this week.
5 to 6 million sales?
The bookmakers are already on their paris sales volume by the end of the year: 5 to 6 million, maybe more. To entice buyers, Apple has guided the launch eleven new iPad applications on its site, including Safari, Keynote, YouTube, iTunes and irresistible iBooks, which may well dethrone the Amazon Kindle.If even two months ago, we doubted the potential of Apple's latest invention, now we only speak of it. Advertisers flock to the advertising pages of publishers whose applications will be available on Saturday, as Time Magazine, The New York Times or the Wall Street Journal. FedEx has purchased 90 days exclusively on applications of Reuters and Newsweek.
The reviews coming out are largely positive. A few handfuls of journalists across the U.S. have played for a few days in secret with the tablet. For most, the iPad is a single iPod or eBook. The New York Times predicted that the techies will hate but the general public will love.
In any case, Apple continues to generate humor. The tablet on behalf biased in English (mean pad pad) is suitable for two months parodies the most diverse.The latest is a "tablet" Doritos (the chips). A real hit on the Facebook page for fans of the true shelf.
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They were euphemistically called the "very high salaries." These are the 133 000 full-time employees the more lucrative private sector who have received an average gross earnings of EUR 215 600 in 2007. Three times more than the "high wages" and seven times more than all full-time employees. The heterogeneity of this category is very large: the differences in annual revenues ranging from 84 500 euros to more than 13 million.
This category of the population does not know the crisis."While they represent only 1% of the workforce, people with very high incomes receive 5.5% of earned income, 32% of income from assets and 48% of the windfall revenues reported (capital gains, exercise of options), "INSEE noted in the 2010 edition of its publication The income and household wealth.
Between 2004 and 2007, the number of employees earning more than 100 000 per year has increased by 28% and those exceeding the half-million dollars … 70%! Since 2002, wages rose an average 5.8% per annum in real terms, against a 2.3% increase for all employees on the same period.Three focus areas more than half of these very high salaries: advice and assistance (including sector "business administration" including holding companies, the group headers), financial activities and trade activities Wholesale Guaranteed pay day loans.
West Paris in mind
40% of these very high salaries are salaried executives who earn on average 230 000 per year, 15% of financial professionals, such trader or chief of a financial service of a large company (290 000), and More anecdotally, for 0.8% of them, the athletes earning almost 450 000 euros on average per year.
Nearly nine in ten very high salaries (87%) are men."The more you go up the hierarchy, the higher the proportion of men increases," notes INSEE estimated 6% difference in pay between male and female quotas at this level of responsibility.
Another feature related to the experience, they are older (49 years on average) than high wages (45 years) and that all employees (40 years). Only 16% of them are under 40 years. Finally, nearly one in two lives in West Paris, in the three departments (Paris, Yvelines Hauts-de-Seine) where the head offices of large enterprises.
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The Wall Street Journal, the last hopes of the record company EMI to sell a license to distribute its music catalog in the U.S. by a competitor, have collapsed. On Wednesday, the world's number one industry, Universal has withdrawn from negotiations. Same with Sony. EMI wanted to sign an agreement for pocketing 200 million pounds by the end of its fiscal year to pay a portion of its debt at Citigroup on time.It amounts to more than 3 billion pounds.
Before deciding to license USA, EMI had planned to sell its legendary London recording studio Abbey Road, whose group owns, but it is finally decided.
EMI and Terra Firma its owner, an investment fund, will have to raise 120 million pounds by June to meet their commitments vis-?-vis Citigroup Payday Loan for Bad Credit. If they do not, Citigroup will take over the record label. In this case, the bank could sell EMI in several pieces.
The relationship between Citigroup and Terra Firma are already tense because the fund had filed a complaint against the bank for fraud in the acquisition of EMI by Terra Firma financed by Citigroup.The fund now plans to submit a new plan in late April to prevent EMI from falling under the control of the bank.
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