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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.
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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.
The Paris Bourse succeed does bind to a fourth straight increase session on Thursday? nothing is less certain. At the opening, the CAC 40 showed an increase of 0.50% to 3273.05 points. But soon, the benchmark index in Paris fell into the red. Around 10:30, it loses 0.76% to 3232.15 points.
The reversal was also performed in London, the FTSE-100 lost 0.56% to 5364 points while the Frankfurt Dax 1.57% to let go of 5693.76 points.
On Thursday, investors are wait-until a series of indicators in the United States. On the menu: the Monster Employment Index and weekly jobless claims before the highly anticipated monthly employment report on Friday.Productivity in the second quarter and is expected construction spending and ISM manufacturing.
In the euro area, the final manufacturing PMI contracted in August for the first time since September 2009 due to a fall in output and new orders. The index calculated by Markit PMI final spring to 49.0 in August, against an initial estimate of 49.7 and after 50.4 in July. The German manufacturing sector slowed in August, including at its lowest in almost two years, to 50.9 after 52.0 in July.In France, the PMI industry has returned to 49.1 against 50.5 in July, an even sharper decline than that reflected by the flash estimate of 49.3 issued two weeks ago.
Also in France, the unemployment rate as defined in International Labour Office (ILO) decreased slightly by 0.1 points in the second quarter to 9.1% on average in metropolitan (9.6% including the departments of overseas), according to data seasonally adjusted (SA) Interim released Thursday by INSEE.
Yesterday, the Cac 40 ended on a strong growth of 3.07% allowing it to pick up 3250 points. And signals from Wall Street, which also ended the month of August on an increase of 0.46% are good.Also this morning, Asian markets generally appear in the green, backed by the index of manufacturing activity in China has reached 50.9 in August, against 50.7 in July.
Investors seemed reassured by the Fed to continue to support that ensures the growth of the United States by a new policy of monetary easing. These remarks, made during the last minutes of the meeting of the Monetary Policy Committee, reinforce those of the Federal Reserve chairman, Ben Bernanke, who on Friday called the elect to make fiscal stimulus measures to complement the action of the bank Central.
As for the oil markets, a barrel of "light sweet crude" for delivery in October gained 21 cents to 89.02 dollars in morning trading and a barrel of Brent North Sea crude for October delivery climbed 29 cents to 115 , $ 14.On the currency markets, the euro fell slightly to 1.4358 dollar.
Values to follow
Banking
Greek debt is out of control and the measures taken by the government can not restore the finances, the report of an independent parliamentary commission on Wednesday. The bank responded by piecemeal: Societe Generale gained 1.37% to 23.75 euros, Natixis 0.39% to 2.80 euros, BNP Paribas 0.21% to 35.94 euros. Crédit Agricole down however from 0.94% to 6.75 euros. Axa loses 0.45% to 11.13 euros.
Peugeot: -1.92% to 20.92 euros, Renault: -1.99% to 27.77 euros, Michelin: -1.77% to 50.09 euros
The new car registrations were up 3.2% in August.But sales of SAP were down 3% and 1 direct payday lenders.4% of Renault.
Sanofi: -0.47% to 50.42 euros
The group reached an agreement with Pfizer to produce generic versions of Lipitor cholesterol before the star of the American group from falling into the public domain, writes Les Echos newspaper on Wednesday.
Total: 0.12% to 34.03 euros
The National Transitional Council (CNT) Libya has promised to give to France 35% of crude oil from Libya in exchange for recognition of its legitimacy Paris, Liberation reported Thursday.
Iliad: 2.85% to 85.93 euros (largest increase in the SBF 120)
The internet service provider reported in the first half of 231,000 new subscribers under its brand Free (excluding Alice), a market share of 36% and saw its EBITDA margin to improve by a , 4 point to 40%, or 416.4 million euros on sales of 1.04 billion (+2.6%).
France Telecom: 0.26% to 13.33 euros
The U.S. administration has initiated legal proceedings Wednesday to block the sale of Deutsche Telekom's U.S. subsidiary T-Mobile to the giant AT & T for reasons of respect for competition.
Pernod Ricard: -1.54% to 61.54 euros
The French producer of wines and spirits, announced Thursday a 10% increase in net profit for the year 2010-2011, exceeding for the first time the billion euros.
Eurazeo: -2.38% to 38.71 euros
The investment company said Thursday in a loss of 106.3 million euros in the first half due to losses on derivatives and goodwill
GDF Suez: -0.41% to 21.86 euros
The group said it had completed the acquisition of gas storage sites in Germany.
Eiffage: -7.08% to 31.50 euros
The new CEO of the group does not preclude the sale or closure of loss-making subsidiaries to consolidate the early resumption of the performance of the construction group observed in the first half.
Saint-Gobain: -0.94% to 34.70 euros
The group announced it would invest $ 100 million (69.41 million euros) in the United States to create a factory specializing in the manufacture of ceramic balls ("proppants") used in wells oil and gas.
Latécoère confirms its objectives
Lagardère: -8.67% to 21.74 euros
The group was forced to significantly revise down its forecast for operating profit for 2011 because of the difficulties encountered by the sports center in the first half.
Maurel et Prom: 1.73% to 14.73 euros
The group took the first half of the increase in its oil production and high prices in oil prices to clear the results up sharply.
Guyenne et Gascogne: -3% to 86.09%
The group reported a loss in the first half, the franchisee of Carrefour have been penalized by its subsidiary Sogara whose accounts were affected by several non-recurring items.
Latécoère: stable to 10.77 euros
The group, whose net income rebounded sharply during the first half, confirmed its targets for operating profit in 2011 and 2012.
Theolia: 10.48% to 1.16 euros
The group reported Wednesday a recovery in its interim results, the French wind power has reduced its interest expense over the period, particularly through the conversion action of nearly two million of bonds.
After market, Neopost will publish its revenue for the second quarter and Stallergenes results for the first half.
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.
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The battle for clean cars through renewable energy. Volkswagen, at least, is convinced. The first European car manufacturer is preparing to allocate 1 billion euros to investments in wind, according to the Financial Times Deutschland. It is much more than the expected 600 million more in June by the German firm. Especially since Volkswagen is also pursuing projects in solar and hydropower.
Side wind, the manufacturer would consider equity participation in two offshore wind farms and a partnership with an operator in the industry. These investments contribute to the effort of the group, which wants to reduce its CO2 emissions by 40% in ten years. A concern of the entire industry, faced with the requirements of the Kyoto agreements.
Manufacturers are working extra hard.Volkswagen has completed an agreement in July with Verbund Austrian energy for the latter to furnish 10% of the consumption of its German plants from hydropower. Rival BMW, he has chosen to implement four wind turbines to meet the energy needs of its pilot plant in Leipzig. For its part, Renault formalized in mid-year launch of the biggest photovoltaic project in the world of the automobile easy payday loans. The diamond brand intends to equip its factories with solar panels and other sites handling, or 450 000 m2 the equivalent of 60 football fields. Renault also uses biomass at its plant in Tangiers. But the renewed interest does not end there for the automotive industry.Access to clean energy is one of the strategic equation as Volkswagen, Renault and Toyota are trying to solve other for electric cars.
Green Transport
It is not enough, in fact, to get rid of the gas pump for the valuable label "clean car". In particular, consumers want to ensure that the electricity powering the battery is of solar, wind and others. What strengthen the links between energy operators, be they producers or network operators, and car manufacturers.
Peugeot, which has just launched its electric car iOn, signed in early August a partnership with Iberdrola in Spain.The giant of renewable energy it sells a package "green mobility" where he provides funding to acquire an electric car charging stations and energy supply to 100% "clean". The two groups agreed to promote each other's bids.
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.
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"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.
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Attention is on Monday that the PV for non-payment of parking up in all cities in France. Fines will now be € 17 instead of 11 euros, an increase of over 55%! According to the decree of the Ministry of Justice published Wednesday, July 27, 2011 in the Official Journal, the fine of 17 euros suppress "the non-compliance with paid parking," or "stopping or parking in a opposite direction to traffic. " It took about a year for MPs and government agree. Initially, the Finance Committee of the National Assembly had called for a more sustained recovery by adopting an amendment to the UMP Gilles Carrez, president of the local finance committee (LFC), carrying a fine of 20 euros to encourage drivers to have "virtuous behavior".Some elected officials suggested that limits the increase to 15 euros while the City of Paris had called for a penalty of 35 euros.
The government has finally won the decision by setting the value of what is familiarly called the "plum" at 17 euros. The announcement was made on February 8 by Baroin, then budget minister. This increase was long requested by local officials, who denounced a shortfall, either for PV or timestamps as revenues of the two to them. Record to justify this increase, the government put forward a rate unchanged since 1986 (75 francs or 11 online payday loans.43 euros).
"Measure of a pedagogical"
Pélissard Jacques, president of the Association of Mayors of France (AMF), a member of the finance committee of the National Assembly, who participated in this project.He explains: "The fact that there was no change for twenty-five years is extremely rare in the French political and economic landscape." According to the chairman of the MFA, this provision is twofold. First, it is a "measure of a pedagogical" since the price increase of the fine will again act as a deterrent, which was not the case for a long time with fines of 11 euros. Drivers prefer to park their vehicles without paying the parking meter by accepting the risk of being verbalized (although this is particularly common in large cities) because it exists in France a practice not to reprimand the same driver twice in the same day.
Second, the interest is "economic", since 53% of the total return of the fine to fund local government, while 47% accrues to the state.With these increases, the additional revenues are estimated at 36 million euros, given that last year the total proceeds of fines levied by municipalities for bad parking was 600 million euros (up 30% over 2009).
It was expected, it's now official: Michelin has raised its target sales volume of the current year, the prospect of a return of the markets at their own pace before the crisis. On the occasion of the publication of interim results of good quality, the tire giant announced a target of 8% increase in sales volumes in 2011, against a 6.5% increase expected before. "The environment in the second half should be marked by continued market growth at a pace closer to the long-term trends," said the OEM Clermont.
The world's largest tire with Japan's Bridgestone has also confirmed its forecast of growth in operating profit over the full year. In the first half, he totaled 971 million, up 18%.Net income increased it from 32.6% to 667 million euros, a figure above analysts' expectations.
Offset additional costs of raw materials
And over the period, the volume of the Michelin rose 12.6%, supporting the net sales that rose 21% to 10.1 billion euros over the period. The price effect also explains the increase in group sales up 9%.
And the group plans to continue to maintain a policy of raising prices to offset soaring raw materials, mainly the rise in natural rubber. The extra cost of higher commodity prices is estimated at 1.8 billion euros in a full year by the group but should be offset 100% against 80% previously.
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