Archive for the 'events' Category
After Societe Generale and BNP Paribas, is the turn of Credit Agricole announced asset sales. The bank is expected to formalize the announcement today confirming the information in the Financial Times published on Wednesday that does not specify the amount that could take these asset sales.
Particularly exposed to the crisis in Greece with its local subsidiary Emporiki, Credit Agricole, was downgraded by one notch Mood'ys ten days ago, as its rival Societe Generale. By reducing the size of its balance sheet, the bank may, mechanically strengthen its financial soundness. BNP has already announced plans to reduce by 10% the size of its balance sheet by the end of 2012, while Societe Generale provides 4 billion of asset disposals.
This is also seeking to sell its stake in Newedge, the joint venture of Societe Generale and Credit Agricole specializing in derivatives low fee payday loans.According to a source quoted by Reuters, the bank will also consider transfer SGSS, its management subsidiary titles, but no decision had yet been taken.
Reorganization in North Africa and the Middle East
Tuesday, the head of Crédit Agricole in the UAE had told Reuters that the bank had closed its merger and acquisition in North Africa and the Middle East. "We want to focus on areas where we can create value for our customers," he said.
At the Paris Bourse, the Crédit Agricole yield 1.04% to 5.134 euros after climbing 13.10% yesterday, amid rumors of measures to support the banking sector in the euro area.
ALSO READ:
"French banks are under close surveillance
"Societe Generale announces new savings plan
"Rescue of the euro: Paris ready to go further
"Week crucial for Greece
From our special correspondent in Wroclaw.
The Europeans hoped "a dialogue between friends," the Americans had "no arrogance." Las. With the destabilization of markets and growing concern on both sides of the Atlantic, the U.S. Treasury Secretary, Tim Geithner, could not resist lecturing his seventeen counterparts in the euro area gathered Friday to Wroclaw (Poland).
The relief provided by five central banks – including the U.S. Fed – banks in the euro area will not long concealed the absence of concerted policy response to the crisis. On behalf of the Europeans, the President of the Eurogroup Jean-Claude Juncker declined projects Tim Geithner, citing "differences in approach with our American colleagues."Treasury Secretary, he has put his finger where the euro hurts: he publicly expressed concern "of the conflict between governments and the European Central Bank," a week after the sensational resignation of the Chief Economist of the ECB .
Barack Obama's America, soon launched a presidential campaign, fearing a collapse of Greece, a contagion to European banks and a possible fracture of the euro area. If the crisis deepens, it is the U.S. economy would suffer the backlash, shock reverse of that which had hit Europe after the collapse of Lehman Brothers in 2008.
The first message in Washing-ton is to push the Europeans to speak with one voice and act decisively. "Governments and the Central Bank should work together (…) to avoid catastrophic risks for financial markets," said Treasury Secretary.And he insists, denouncing the cacophony that destabilizes the common currency: "Everyone should also abstain from loose talk about the end of the euro area." Targeted: the proponents of expulsion from Greece …
Denial of a tax on financial transactions
The unprecedented invitation launched by Poland – host country because currently presiding the EU – Timothy Geithner had anything to embarrass, in turmoil, the finance ministers of the euro. We saw Baroin host the head of U.S. Treasury of a strong handshake in Wroclaw. But the Euro has carefully kept at a distance. He has not formally participated in the circle, but a "preliminary conversation" about an hour. Contrary to custom, he did not sent to journalists.To tell his truths to Europe, he preferred an audience of bankers in another part of town.
Some did not take gloves to say that Europe has no lessons to learn. The United States, collapsing under the deficits should put their own house, says the Belgian Didier Reynders. "America has nothing to dictate when the person refuses flatly our suggestions," added the Austrian Maria Fekter. It is true that Tim Geithner repeated Friday his opposition front to the tax on financial transactions carried to Paris, Berlin and Brussels.
Decisions deferred
For the second time in eight days, Treasury Secretary left Europe empty-handed. Friday, the Europeans have made a face at her suggestion to "leverage" means the EFSF, the bailout fund for countries of the euro in difficulty."This is not a subject that is discussed with a country outside the EU," Jean-Claude Juncker meant. Same end of inadmissibility of the American idea of supporting the growth of public funds "even a donkey does not stumble twice on the same stone, 'says Didier Reynders, convinced of the urgency to fight first against the deficits.
For the Americans as to Europeans, the European event in Wroclaw ends with a disturbing sense of incompleteness, even for emergencies. The Eurogroup has pushed to mid-October a decision on payment of 8 billion euros to Greece. He did not reach an agreement on guarantees that Finland requires Greece.
The question of the succession of Yves Carcelle, who turns 65 next year, Louis Vuitton, LVMH's flagship brand is a question that torments long time analysts. It's finally out that Bernard Arnault, chairman of luxury group and parent company of Louis Vuitton, has found a rare bird. The lucky winner is a 47-year Spanish, Jordi Constans, the current head of Danone's fresh dairy products. He worked in the group since 1990. He joined Louis Vuitton to discover the group during the year 2012 and succeeding Carcelle early 2013 at the head of the first luxury brand in the world.
Yves Carcelle take over the presidency of the "Louis Vuitton Foundation" which will open in early 2013 to the completion of the project designed by Frank Gehry. He will remain executive committee member of the LVMH group and be responsible for strategic missions to the President of the Group.
Bernard Arnault acknowledges the work of Yves Carcelle which, since 1990, "hosted the extraordinary journey of Louis Vuitton.".
Washington.
A symbol. Barack Obama has surrounded himself Monday police, firefighters, construction workers and teachers whose jobs are threatened by future budget cuts planned by local authorities. During a speech in the Rose Garden of the White House, the president wanted to highlight those businesses that affect the American electorate to sing the praises of his new stimulus plan announced $ 447 billion last week.
"This plan will help our economy in times of crisis … The Congress must immediately pass the American people can not afford to wait fourteen months before we do something," said Barack Obama referring implicitly to the date of the next presidential election in November 2012.The "American Jobs Act" – the name of law – must be voted without the "little games" or "party politics," warned the president that does not want to relive the psychodrama of the summer, with negotiations on raising the ceiling debt.
The Head of State argues that thousands of jobs in public services will be saved if its plan is quickly passed. It provides for $ 130 billion transfer of funds to states to avoid redundancies of civil servants, restoring schools and launch infrastructure projects. The main component of the plan is, however, on $ 175 billion relief of charges paid by employees.Small businesses will also benefit from 65 billion to reduce charges to encourage them to hire.
Still refusing to go into details, the White House maintains that the financing plan will be covered by savings elsewhere, or additional revenue. We should know more on Sept. 19, when the president will submit proposals to the bipartisan Congressional commission tasked with identifying 1.5 trillion dollars in budget savings over ten years. The Director of Budget at the White House, Jack Lew said the President would propose 467 billion in savings.
"It is likely that there is an agreement"
Analysts do not believe that the White House manages to be adopted by all the parliamentarians of the recovery plan proposed. But a compromise seems to be emerging.In particular, the Republicans are seduced by the proposed reduction in charges paid by workers and small businesses. "In my view, it is likely that there is an agreement. The key measure will be tax cuts for small businesses … that we will bring the total plan of around 250 billion dollars, "judge Greg Valliere, chief of the Strategic Policy Advisor to the Potomac Research Group.
ALSO READ:
"Obama's plan convinces economists
"Exemptions from charges, a key measure of the Obama plan
The news gave a boost to Wall Street as the U.S. central bank (Fed), the economy across the Atlantic continues to grow. "Economic activity continued to expand at a moderate pace, although there is an activity in some regions hesitant or waning," the Fed said in its situation report published every six weeks on the basis information gathered by the regional branches of the U.S. central bank.
The recovery, however, has been no acceleration in recent weeks and has even slowed in some areas, according to the U.S. central bank. Growth was moderate or mild in five districts, while seven others have described the activity with words like "very low" and "slower". In the last Fed Beige Book, released in late July, eight regions believed that growth had slowed.This does not rule out further the risk of recession in the United States.
Anyway, the news boosted the U.S. stock markets on the eve of the speech of U.S. President, Barack Obama, who is expected to announce a 300 billion plan to boost employment in the United States. So much so that Wall Street has increased its earnings by mid-evening: The Dow Jones climbed 2.09% to 11,372.44 points, the Nasdaq was up 2.67% to 2539.88 points and the Standard and Poor's rose from 2 , 54% to 1194.88 points.
Low growth, but at all levels. The Bouygues group announced Wednesday an increase in sales of 4% in first half (1% at constant exchange rates) to 15.2 billion euros and a net profit of 391 million euros, withdrawal of 27% over the same period the previous year. The net result appears, in turn to an increase of 6% to 752 million euros, the group said in a statement. The debt ratio of the group remains unchanged from the end of June 2010 from 43% to 42%.
As for the 2011 second quarter results, they are also an improvement over the second quarter of 2010. Revenues rose 4%, with an increase in trading profit of 11% and net income of 2%. For its first quarter 2011, Bouygues had reported a turnover of 6.686 billion euros (up 4%), and net income of 34 million euros.
The positive interim results allow Bouygues to revise upwards the target of revenue, it is revised upward to 32 billion euros.
Good activity for all occupations, despite Alstom
All trades of the Bouygues group showed a good business in the first half. Construction Bougues renewed growth and recorded a turnover of 4.7 billion euros, up 4% (+5% in France, 2% internationally), with net income which amounted to 94 million euros (+6%). The order book of the subsidiary recorded a record 15.5 billion euros, up 12% compared to June 30, 2010 and includes the project Balard, up to 1 billion euros.
TF1 realizes a turnover almost stable at 1 no teletrack payday loans.278 billion euros, confirming its ability to control costs and adapt its business model.The group's net profit stood at 119 million euros (61%).
As the group announced, following a first quarter strongly affected by non-recurring expenses, the financial contribution to Alstom was down sharply, with net income of 94 million euros in the first half of 2011 ( 216 million euros in the first half of 2010). However, in line with the second half of 2010/2011, Alstom has experienced strong growth in orders in the first quarter 2011/2012 and confirmed its operating margin target of between 7% and 8% for the year 2011/2012.
Issuer bid of 1.25 billion euro
To address the recent decline in its stock price (-27% since June 1), Bouygues said on Wednesday a draft tender offer in its own shares for total of 1.25 billion euros.This offer is for a maximum of 11.7% stake in the company at a price of 30 euros per share, representing a 30% premium on the closing price on August 30 and a premium of 29% on average months. The repurchased shares will be canceled, the company said in a statement released Wednesday.
The transaction will be submitted for approval at the extraordinary general meeting to be convened on October 10. For information, the offer would be open from 11 to 31 October 2011.
This morning, the rating agency Moody's affirmed the A3 rating of the group, with a stable outlook.
Like the Asian stock markets, although directed this morning with the exception of the financial center of Shanghai, is expected to open the Cac 40 up 1.5% above 3100 points, according to the indices "future" in the rebound in wake of U.S. indexes on Friday. The main European indices, with the exception of the London Stock Exchange will remain closed on Monday, are expected up 1.1% and 2%.
Friday, after a negative early trading, Wall Street has ended the session on gains of 1.2% for the Dow and the Nasdaq 2.5%, investors focusing on positive ads during the next meeting of the Federal Reserve in September, Ben Bernanke hinted at the conference of Jackson Hole.The anticipation of a further intervention by the Fed puts the dollar under pressure against a basket of currencies: the dollar is trading at 1.4537 dollar per euro.
And always in the context of the general economic meeting in Jackson Hole's new Executive Director of the IMF, Christine Lagarde, has urged this weekend to recapitalize banks. She said that the European institutions "need of urgent recapitalization." The former Minister of Economy and Finance believes that these measures are the "key to cut the chain of contagion." Blow to the banking industry, already largely weakened during the summer.
Pending on the details of the background of aid to Greece In Greece, aid modalities are not yet fastened.Negotiations were slowed by the requirements of Finland and the new challenges of Athens.
And referring to the financial crisis, Laurence Parisot estimates for its part, that "if Europe were attacked, not because it is weak but because it is strong, and if it is envy, c ' is because it is enviable, "In an interview with Le Figaro, the boss of bosses denounced a U.S. plot against the euro area.
Irene reduced cost
Other news of the weekend: the passage of Hurricane Irene passed through New York without drama. He also was demoted to a tropical depression. U.S. markets should open smoothly and Monday. Hurricane Irene would have between 500 million and one billion dollars in damage in the Caribbean and the United States, according to catastrophe modeling firm EQECAT.A figure below the most pessimistic forecasts considered before the hurricane.
The price of Brent was down, refineries and oil terminals on the East Coast of the United States seem not to have suffered major damage, easing fears of a supply disruption. In addition, Libya resumes oil exports within a month, according to the spokesman of the Arabian Gulf Oil Company (Agoco), controlled by the rebels. Crude oil production will resume in mid-September on two deposits in the country.
Still on macroeconomic markets will learn on Monday of income and household consumption in the United States in July and promises of home sales.
Banking supervision
As for values, the eyes of investors should focus on banking stocks, after the words of Christine Lagarde.
In addition, Ingenico said it had repurchased TNET, an Italian company specializing in payment terminals, for an amount that was not disclosed. According to Ingenico, TNET manages an installed base of 45,000 terminals in Italy.
APRR observe the re-opening until September 9 of the OPR launched by Eiffage and Macquarie. The toll road was also noted Friday that the evolution of traffic early in the second half was mixed for light vehicles, but remained well oriented for heavy vehicles.
In addition, ING has lowered its board to maintain, against buy Arkema on the title and reduced its price target on the value to 55 euros (as against 85 euros).
Canal + could push his plans for the IPO.While the ACC has lost nearly 20% of its value during the summer, analysts are skeptical of an imminent public offerings of media group, reports Les Echos. The listing of the 20% held by Lagardère has already been de-programmed, it could eventually sell its stake in Vivendi, the majority shareholder.
For its part Orange would be in conflict with the American Cogent. The U.S. operator has, according to La Tribune, filed a complaint against his French counterpart to the competition authority for "abuse of dominant position." Orange is accused of preventing users from accessing the site MegaUpload.the conflict began in January when Orange had decided to grant the account drop traffic from Cogent.
ALSO READ:
"Wall Street ends up after the speech by the Fed
"Obama, Lagarde, Bernanke for another stimulus
"Parisot denounced a U.S. plot against Europe
Japan is recovering slowly from the disaster of 11 March. On Monday, the government announced a slowdown of 0.3% of GDP in the second quarter. Of course, Japan remains rooted in the recession, but the decline of 1.3% annualized, is less than the forecast of analysts who had forecast a contraction of 0.7%. It also shows a marked improvement over the 0.9% decline the previous quarter cashed.
Between April and June, exports fell sharply by 4.9% and is the main factor in the decline. During this period, deliveries of goods have been hampered by the destruction of factories and infrastructure in the devastated areas of north-east of the archipelago. Breaks in the supply chain were found in the key sectors of the automobile and electronics exports pillars.Industrial activity has also been slowed by the nuclear accident in Fukushima that led to the arrest of a significant portion of the reactor pool and therefore a fall in electricity production.
The downward trend was further accentuated by a decline of 1.9% of private real estate investment and a 0.1% decline in consumption. The trauma of the disaster, which killed more than 20,000 dead or missing, has indeed led the Japanese citizens to exercise restraint for several weeks, slowing private consumption, which is usually an engine of growth. This slowdown was partly offset by the increase of 3% of public investment.
"We will rebuild Japan"
To observers, this leaves the second quarter, however, consider a rapid improvement in the Japanese economy."If the economy is improving as it takes shape in some respects, it is possible that growth back at the period from July to September", commented Takeshi Minami, an economist at the Institute Norinchukin whose opinion joined the Minister of Finance, Yoshihiko Noda.
For his part, Prime Minister Naoto Kan, who survived in June in a vote of no confidence by promising to resign by the end of August, took advantage of the sixty-sixth anniversary of the surrender of Japan to discuss improved conditions. "Our country has emerged from the ruins of war through the efforts of every citizen and overcame many difficulties to date. With these experiences, we will rebuild with determination and force the devastated areas and Japan. "
These remarks have convinced the Asian markets on Monday morning.At the Tokyo Stock Exchange, the Nikkei has closed the day on a sharp increase from 1.37% to 9086.41 points.
ALSO READ:
"Japan is rebuilt despite the political doldrums
"SPECIAL: Japan devastated
"From madness in its purest form," "a descent into hell", "a second recession" … The decision by S & P to sacrifice the "AAA" America is strong criticism from the investment community, acted unreasonably, and falls to the "worst moment", while financial markets come to wipe the worst week since the 2008 crisis . The U.S. government itself deplores the decision of the agency, marred by a miscalculation.
• John Bellows, Assistant Secretary of the Treasury
In a note posted on his blog, John Bellows has detailed the error of 2000 billion, and deplores the fact that S & P has not reconsidered its decision and has not "given an extra day to reassess carefully the analysis. (…).The size of this error, and the speed with which S & P changed its primary justification when he presented this error, raise fundamental questions about the credibility and integrity of the decision by S & P on this note, "he added.
• Warren Buffett, one of the gurus of global finance
"If there was an A + grade four, this is it I would give the United States," launched the famous billionaire 80 years on the air Fox Business News. "I do not think we (the U.S.) live a second recession," said the oracle of Omaha.
• Paul Krugman, Nobel Prize for Economics
"These people are certainly not in a position to make judgments," he was lampooned on Saturday, recalling the "AAA" distributed by S & P and its competitors to "toxic" cause of the crash world of Fall 2008.Same story with Robert Reich, former labor secretary in Bill Clinton: "The intrusion of S & P in American politics (…) is ironic because, as I noted recently, much of our debt today is directly or indirectly due to failures of S & P, "he wrote on a blog.
• Daniel Alpert, Westwood Capital founder
"The size of the economy of the United States, the wealth of their citizens and assets of the federal state itself are certainly more than adequate to repay with interest all of a few billion and 14,000 dollars of debt in the country, "said he.
• Mohamed El-Erian, head of Newport Beach
Degradation will "feed the uncertainties in the functioning of the global economy, since no other" AAA "which is able and wants to supplement or even replace the role of the United States at the center of the system Global Financial "
• Steen Jakobsen, chief economist at Saxo Bank
"Welcome to Crisis 2.0! 1.0 The crisis was the failure of the banking system to wipe the losses stemming from U.S. mortgages at risk (…).This has created a run on banks that have policies determined by moving the debt burden of the private sector to the public sector, "says he."It worked in the short term, but as seen in Europe, the market questions the ability of governments to repay their debt."
• Jean-Hervé Lorenzi, President of the Circle of economists in France
This decision is "madness in its purest form because the Americans are in their ability to repay debt one hour payday loan."
• Elie Cohen, an economist and director of research at CNRS
"In the current crisis," the degradation "adds an extra log on the fire that is taking," he laments.
• Paul Dales, analyst at Capital Economics
"The fact that Standard and Poor's has finally pulled the trigger by passing the debt rating of the United States from AAA to AA + will undoubtedly shake the financial markets opening Monday at their (…).If the mess in the markets continues, the risk of recession will increase further, "he warns.
• Ciaran O'Hagan, rates strategist at Societe Generale
"Even if it was half expected, it is a serious decision. The impact will be far reaching, "Ciaran O'Hagan omen, who fears that we have opened a" Pandora's box. " He said the decision will affect somewhat the "risk-free assets (government bonds) but the response will focus on the highest risk assets, including shares and agencies directly guaranteed by the federal government."
• Charles Wyplosz, an economics professor for Advanced Studies in Geneva
The decision by Standard and Poor's "will cause ripple effects on Spain and Italy and France put pressure (…).The euro area falls into the abyss, "he alarmed.
• Thomas Chalumeau, in Terra Nova, close to the PS
In the bond market, "we are moving towards a sustainable price increases in interest rates applied to debts of the States, the United States and Europe (…). There will be an adjustment of public expenditure by raising taxes and charges.The systematic risk of a greater austerity is to maintain unemployment at a high level, "puts it on hold.
The defense of S & P
The unprecedented deterioration of the U.S. sovereign debt "is not a sanction, much less punishment," said his part Jean-Michel Six, chief economist for Europe, Standard & Poor's.
Simply, according to David Beers, head of the department in charge of sovereign debt rating from S & P, "The downgrade reflects our view that the efficiency, stability and predictability with regard to the development policy measures and political institutions of the United States have weakened, in a time of fiscal and economic challenges that continues, even more pronounced than what we envisioned when we assigned a negative outlook to the note on 18 April 2011. "For him, "the bipartisan plan to reduce debt was not strong enough to bring long-term fiscal situation of the United States on a sound.
ALSO READ:
"Standard & Poor's removed the" AAA "rating from the United States
"" The pressure goes up a notch on Europe "
"The crisis puts Europe's leaders under pressure
Tuesday, July 12 at 20:45, Stéphane Rotenberg will kick off a "Dinner almost perfect: the best team in France." "This is a series of bonuses for daily works so well, says the leader. We combine the two best candidates to represent their city. This sometimes creates dissension or complementarities. They are fans so it's very far from "Top Chef", but represent his city, this is not the same issue as to represent himself. "
Usually released in late afternoon, the program is available in the evening for the third consecutive year. In 2010, the "Battle of the regions" had attracted an average 2.9 million viewers and 13.2% audience share With the second part of the evening between the candidates for known chefs, who rise up to 40 % market share. "The goal is to repeat the same … if you can!" Smiled the host.In a TV landscape shaken by the appearance of TNT, the erosion of audience is indeed the common lot of most programs. And "Beijing Express", the sixth season ended on July 6 M6 and also presents Stéphane Rotenberg, is no exception to the rule. On average, 2.7 million of the faithful have watched the program this year, 12.7% audience share. "Only 3% of the point of hearing in less than two years ago," Beijing Express "is one of the programs that have best resisted, supports the presenter of the program launched in 2005. With three million members and 14% market share for the final, it is also not very far from our scores there are two or three years, when there were six major channels. And at the candidates, the enthusiasm is still there, since we have already received 20,000 applications for next season. "What convinced the chain of command a new season, and allow the facilitator to reflect on the development of the program. "But we do not revolutionize the program, he says. The challenge is to be creative to surprise, while reducing the budget. "
Starting Agathe LeCaron Top Chef
The show, produced by Studio 89, sometimes receives support from Red Mountain, the production company that Stéphane Rotenberg created in 2006. This example has co-produced the second part of the evening of the show ("Peking Express, The Adventure Continues"). "I know the fragility of the trade facilitator," concedes one that started as a journalist, "so I always wanted to have a second business, behind the camera yesterday and today as a producer." Red Mountain has also produced for the TNT (NRJ12, W9).Thirty-six issues of "Fast Club" were commissioned by the subsidiary of M6 for next season and new episodes of "Convoys to the extreme." With 5% audience share on average and regular spikes in excess of one million viewers, the show imported from England is among the highest ratings of the channel, and TNT. This year, Stéphane Rotenberg has also produced a dozen documentaries for 80 minutes NRJ 12, and is confident about new collaborations. "Working for TNT is not exceptionally profitable, says the producer. What is certain is that the host earns a living as best production company. " Then he nuance: "In the past, producing for TNT was the limit of volunteering. Today, these channels give more and more money because they have more public. They are more ambitious. "
A third season of the program of culinary competition "Top Chef" is on track, despite a question mark on it to replace LeCaron Agathe, the co-presenter of the show which will leave for France 5 in September. "That destabilizes a large chain programs, but we'll find. Moreover, even if there is real competition with "Masterchef" on TF1, I think it is now regarded more as a leader in this field. "
Comments Off