The board of directors of the Audiovisual outside France (AEF) held in an atmosphere with a knife to cut both the relationship between Alain de Pouzilhac and Christine Ockrent is tight for six months.However, Alain de Pouzilhac has agreed to a gesture by saying: "Christine, I've never directly accused in this case" and arguing that it considered itself reached in his honor by the charges of hacking it the subject.
The CEO of external broadcasting also said that the crime involved only "the holding structure and not the television channel France 24", as has been claimed.
"An intolerable situation"
This subject was not upset to be addressed, but Michel Herbillon MP, representing the council has put his foot in it to evoke "an intolerable situation requiring an urgent solution for a company that carries the image of France to the abroad " paydayloans.A position that would have caused the approval of qualified persons present, as well as staff representatives.
Another sticking point, the majority of the board expressed concern about the failure to sign the contract objectives and expected ways to fix the company's strategy until 2013. The state official promised a "speedy resolution".
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After retirement, Bernard Thibault has found a new battle cry against the government: 35 hours. The boss of the CGT intends to fold the Executive following a decision by the European Committee of Social Rights (ESCR) – 15 independent experts appointed for six years and responsible for judging compliance with State law the European Social Charter – who "found a violation by France of the charter in terms of time working" on two points: the day passes and penalties.
The regulation of day passes (employees working a specified number of days in the year) would be contrary to European law because of weekly working hours' too long to be considered reasonable "(up to 78 hours week) and a violation of overtime laws (the package to employees who can not do).According to the CEDS, the system of penalties would be contrary to the rules applicable to weekly rest. "This is a decision of great significance since it potentially involves millions of employees," said the CGT leader that sum "the government and French companies to comply with the charter." Even if states are not required to comply with the decisions of CEDS – France has been "convicted" twice for the same reasons not taken into account – the boss of the CGT considered "appropriate" to them and even "force of law."
No legal
And Bernard Thibault, therefore, prevent: "Employers should be aware that some of their agreements ( fast cash now…) are considered contrary to the European Social Charter and, as such, reprehensible." And if companies do not want to reopen negotiations, the CGT will attack before the high court and its designees will initiate proceedings before industrial tribunals. "We will get the punishment of all those who will not comply, I can assure you", asserts the head of the Central Montreuil targeting the companies that make their employees at the maximum fee allowed by law, or 78 hours per week. Bernard Thibault, do not despair that companies ultimately doomed to return against the state for him to claim substantial damages. "It's happened before, it can happen again," he assures.
Xavier Bertrand, Minister of Labour, will not amend the legislation on working time. Neither today nor tomorrow. "What is the legal significance of this decision?" Pretended to consider Monday a close: None. No more than the recommendations of the Committee of Ministers of the Council of Europe (which brings together foreign ministers) to which the decision of the CEDS was sent on September 13. The Committee of Ministers – which postponed on December 8 last consideration of this issue – had not followed in 2000 and 2003, the CEDS lesavis on mêmesquestions.
The "riots" in Algeria have made their first victim, according to the daily El Khabar. A young man of 18 years was shot dead during clashes with police in the Algerian region of M'Sila, 300 km southeast of Algiers. According to the Arabic newspaper, Azzedine Lebza died instantly after being hit by a bullet.
The police tried to repel protesters who managed to enter by force inside the post office and the sub-prefecture of Ain Lahdjel near M'sila, the newspaper said. Three other protesters were injured in these violent clashes, the source said.This information has not been confirmed from official sources.
Larger Map
An interministerial council planned this Saturday
The clashes between young protesters and security forces resumed Friday in Algeria, including Algiers and Oran, and extended in the east and in Kabylia, despite appeals for calm from the authorities and several imams. In the capital, on Friday afternoon in the neighborhood of Belouizdad (Belcourt), groups of youths clashed with stones and glass bottles of police deployed en masse and heavily armed. The police clashed with protesters by making use of water cannons and tear gas.
For more than a week, small groups of young people complain around the country what they call their "bad manners", either because of employment-more than 20% of youth are unemployed or lack- housing.The authorities went out of their silence Friday: Algerian Minister of Youth and Sports Djiar Hashemi called on young protesters to "engage in a peaceful manner." Violence "never results in either Algeria or elsewhere, and that our young people know," he said during a visit to Constantine, east of Algiers.
An Inter-Ministerial Council is scheduled this Saturday to discuss ways to curb soaring prices of commodities, the source for a week of riots in the country, including violent protests Thursday.
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Copper ends 2010 with fanfare
Copper has illuminated the LME for the last week of 2010. Despite the holiday-shortened session, the red metal has distinguished himself by beating his own records. Friday, he hit the 9,675 dollars per tonne, a record level. Its price has more than tripled in two years. He ended the year on an increase of over 30%. In a market where stocks are still considered insufficient, the growth of emerging economies, India and China in particular, focused on the rise.
Tin was also distinguished by an increase to 26,800 dollars per tonne and an annual increase of nearly 60%. The other metals are no exception as evidenced by increases of 31% over the year for nickel, 10% for aluminum and 5% for lead.
Used in industry, base metals have largely benefited from the recovery prospects for global growth in 2011, but also the weakening dollar. Moreover, the idea of seeing the birth of ETFs on the market, like precious metals, has generated much interest markets.
Oil makes up barely to the end of the year
The last week of 2010 has been turned upside for oil prices. Monday was first marked the end of a series of 5 consecutive sessions of gains, at a time when only the NYSE was open (one in London remained closed for the holidays). At $ 91, the course has remained on a higher in two years, but the atmosphere was gone. "The market drops a little ground. There are concerns about China's growth, "then thought Jason Schenker, Luxury Economics.
Thursday was the turning point of the week with the publication considered disappointing in crude inventories in the United States. The crude reserves fell 1.3 million barrels in the U.S., far less than anticipated by analysts (-2.9 million barrels). In addition, stocks of distillates rose despite the cold. These stories have been enough to push investors to take profits. On the New York Mercantile Exchange (Nymex), a barrel of light sweet crude for February delivery finished at 89.84 dollars on that day, down 1.28 dollars compared to the previous day. In London, Brent crude ended at 92.67 dollars.
Anxious to end the year on the positive, investors were caught on Friday. In New York, oil prices rebounded late in the session, reaching in the final minutes of trade, 92.06 dollars, a breakthrough price since October 2008. In 2010, he was up 15%.In London, Brent crude ended at 94.59 dollars (+22%).
The gold star of 2010
The year also ended with a flourish for precious metals. Gold, who won more than $ 40 in five sessions, ended 2010 to 1420.70 dollars an ounce, not far from its record high (U.S. $ 1,431.25 hit on December 7). As always this year, gold has benefited from its status as a safe haven in a market somewhat reassured by the problems of European debts no fax payday loans. Last week again Italy has sealed off a bond issue at very high rates while rates are still Greek soared. The weak dollar has also encouraged purchases of gold. Some profit taking at the weekend prevented the yellow metal to enter a new record. But according to analysts, the rise should continue in 2011.
As always, the money followed the gold.The gray metal ended higher at 30.63 dollars per ounce on Friday, registering a record high during trading in 30 years to 30.90 dollars. Over the year, he won over 80%.
For its part, an ounce of platinum ended at 1761.50 dollars an ounce Friday and palladium closed at 795.50 dollars. The two signed a very good year in 2010, with respective gains of 17% and 91.41% year on year. In addition to the industrial outlook optimistic, the markets were driven by fears of tight supplies of Russia, world's largest producer.
Cocoa takes a deep breath
Markets of agricultural materials, time was rather cautious. Cocoa prices in particular, have stabilized, although no conclusion has been found in the political crisis in Cote d'Ivoire, the largest producer worldwide.Prices have increased by "only" 12% since the beginning of political tensions since the beans were still able to reach ports and leave the territory. Moreover, other producing countries such as Ghana and Indonesia, are driving the market. On Liffe in London, a tonne of cocoa for March delivery ended down slightly to 2017 pounds on Friday. On the NYBOT-ICE U.S., the contract for March delivery was worth 3,023 dollars per tonne.
For his part, sugar is still flamed last week. Prices are mounted Wednesday until 34.77 cents a pound in New York, a new record since January 1981 due to fears over supply. But prices fell sharply Thursday and Friday, weighed down by a movement of profit taking.
From their side, prices for corn and soybeans have reached their highest levels since August 2008 in Chicago.Dry weather in Argentina, the second largest exporter of corn, fearing the worst for crops. A bushel of soybeans for March delivery finished Friday at 14.03 dollars, rising by 3.2% over the last week of the year. The contract for the same maturity of corn rose to 6.29 dollars (+2.4%) while a bushel of wheat stood at 7.9450 dollars (+1.5%). Note that wheat, boosted drought in Russia during the summer, has gained 45% over the year.
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The approach of Christmas has meant a return to stability for the Paris financial market. The CAC 40 has almost regained the level Friday it had reached the end of 2009, surpassing the 3,900 points of accuracy. It is true that after months of tension, the French index shows a nice rebound by 8% since the beginning of the month. This makes December the most brilliant of the Paris Bourse for ten years.
Several reasons for this surge. Firstly, a lack of love for the bond market causing transfers of liquidity in equity markets, a phenomenon particularly noticed by the managers for two weeks. This is the first time that the phenomenon occurs since the beginning of the financial crisis in autumn 2008.
Rather favorable outlook also served markets. The company forecasts are positive and well-oriented macroeconomic indicators.Finally, the current undervaluation of the Paris stock attracts more and more foreign investors. This has led to the week before Christmas with a leap of ACC, at its highest level this month on Tuesday, followed by three days of quiet consolidation.
Ambiguous attitude of investors
The average values have led the market. The specialist video games Ubisoft has gained 9.8%, and the group of utilities Derichebourg 9 low fee payday loans.3%. While on the foreign exchange market, where volumes were very low, the euro was stable against the dollar Friday. Not surprisingly, most markets were sluggish last week.This has also enabled ads stringent rating agency, on Portugal and Hungary in particular, to go unnoticed …
By December 31, some U.S. indicators, highly anticipated, would instead take out the financial markets of their torpor. This could be the case for the index of consumer confidence for December, which will be unveiled tomorrow, or that of economic activity in the Chicago area over the same period, published Thursday. Statistics will be added real estate, housing prices and promises of home sales in November. In all cases, the year ending reflects an ambivalent attitude of investors, shared between firms rather satisfactory results and concerns about the strength of the euro area, notably with the debt crises in Greece and Ireland .It should confirm the ability of some values, especially in luxury, to hold their own in the game LVMH is up 64.3% year on year, and PPR of 43.9%. Opposite, the rout will fit certain heavy finance, Axa losing 22.9% over the year and Crédit Agricole, 19.6%.
After a week particularly hesitant, the CAC 40 is changing sharply higher Monday. Halfway through, he climbs to 1.07% and iron and the milestone of 3900 points to 3908.60 points. With the approach of Christmas and the end of the year, a period conducive to window dressing. The U.S. exchanges have closed Friday at closer to their equilibrium level. As for society, as Ingenico plunges.
The Nikkei finished the session down by 0.85% on Monday. However, developments in Asian stock markets should not influence the European indices today as purely local concerns weighed on prices.
The concerns of the ECB could be detrimental to European indices. The European Central Bank unveiled its fears about the consequences of the bailout of Irish banks.In an opinion paper (position paper), the institution considers that the allegation of funds to support the Irish banking system could undermine the European financial system.
Also note, according to an OECD study on the situation in Spain, a slow recovery began in the peninsula in the first half of 2010, but growth should remain "soft" due to necessary adjustments in the sector housing and the high level of private debt.
On the macroeconomic front, the meeting promises to be quiet. The Financial Sector Advisory Committee will publish its annual report 2009/2010. Germany's producer prices for the month of November will be known to 8:00. As for the euro, it fell back slightly. About 11:00 am in Paris, the euro bought 1.3154 dollars against 1.3185 dollars on Friday night.
Ingenico sanctioned
In terms of values, the star of the day is the title Ingenico.The government intervened to prevent the takeover of French by the American Danaher this weekend. The title plunged to 9.10% in mid-session at 25.08 euros.
The Crédit Agricole displays the sharpest drop in the CAC 40 with a decline of 0.74% to 10.015 euros. The green bank announced a loss of 1.25 billion in its accounts related to a depreciation in the Italian bank Intesa. Moreover, the banking arm of French affairs of the institution extends its period of exclusive negotiations with the Chinese CITIC, until 30 June. The talks for the establishment of a brokerage and investment bank dedicated to Asia, in a 50-50 partnership, were to terminate on December 31.
More generally, financial stocks should react to the agreement on bonuses.The Financial Services Authority has adopted a measure requiring that at least half of the bonus should be paid in shares. This year, the amount of bonuses would be down 20% to 30% in Europe. On Wall Street, they could even be zero.
Conversely Axa leads the CAC 40 with a gain of 2.17% to 12.92 euros. Bank of America-Merrill Lynch joined the title in his list of favorite European values. Moreover, the number one German energy EON announced Monday the sale of its gas network in Italy to the Italian fund F2i SGR and French Axa Private Equity.
Rhodia (5.82% to 24.075 euros) Overtakes Lead increases in DTH. Morgan Stanley rose to a positive and raised its target price of 17-29 euros. The analyst raised its profit forecast and said the lag is suffering from a discount of 30% from the field of specialty chemicals.Also the market welcomed the remarks of Jean-Pierre Clamadieu, CEO of Rhodia, reported by the weekly Invest. Rhodia's boss recalled the strong presence of its affiliates in Asia, which is considered an asset in its industry and recalled the ambitious strategic plan recently presented by the group.
Sanofi-Aventis sign one of the largest increase with a gain of 1.51% to 49.39 euros. The laboratory announced Monday the signing of a global alliance with Avila Therapeutics Research covalent drug targeted to treat various types of cancer.Drugs called "covalent" can make completely inactivate proteins that cause diseases and blocks their function.
GDF Suez is also well directed (1.99% to 27.72 euros), while in an interview with La Tribune, lGérard Mestrallet, CEO, criticized the pricing strategy of EDF. The latter wants the lights electrician practice a price of 35 euros per megawatt hour, not 42 in the framework of the law Nome aimed at reforming the French electricity market.
In addition, Arcelor Mittal advance of 0.86% to 29.28 euros.He announced Saturday that it raised its offer for Canadian mining group Baffinland Iron Ore Mines at $ 1.25 Canadian per share against 1.10 Canadian dollars in its initial offer.
Outside the CAC 40, Hermes (-1.18% to 155.50 euros) does not leave the Stock Exchange that would be very expensive, said his number two operational daily Il Sole 24 Ore dated Sunday.
Scor (+0.32% at 15.06 euros) announced today that it has completed implementation of its hedging program financial disaster of 150 million euros for a period of 3 years.
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The euro seemed to stabilize after the Irish record. Appeasement has indeed installed these days on the single currency, while the European sovereign debt crisis does not appear to invade Portugal in the short term. But on Wednesday, ratings agency Moody's placed the debt rating of Spain's long-term negative watch, that will see any lowering of its Aa1 rating.
Thus, the euro resumed the downward slope: towards half-past twelve on Wednesday, the exchange rate euro / dollar fold from 0.45% to 1.3319 dollars after a foray to below $ 1.33 earlier this morning. As for equity markets, European stock markets are affected by the announcement from Moody's, and instead of Madrid falls more than 2%, breaking the symbolic and psychological 10,000 points.
Belgium under supervision
Other disappointing news in Europe, this time concerning Belgium.The rating agency Standard and Poor's placed the country on Tuesday notes on negative watch, paving the way for a potential degradation "within six months" if a government is formed "soon".
"Concerns related to the peripheral countries should continue to weigh on the euro over the next three months, although the EU summit this week could provide some support," commented Sara Yates, an analyst at Barclays Capital.
Thursday and Friday, is held in effect an EU summit in which Jean-Claude Juncker, Eurogroup President, does not talk about his idea of Euro-bonds, because "'to a systemic crisis, it requires a systemic response.The "no" Angela Merkel and Nicolas Sarkozy to draft Eurobonds issued by the Luxembourg Jean-Claude Juncker and the Italian Giulio Tremonti yet seemed to have framed this summit no fax cash loans.
General strike in Greece
Meanwhile, in Greece, the general strike in full swing. The country is deprived of this Wednesday, air, sea and rail, and its activity is idling, as part of a general strike against the rigors of 24 hours and two labor market reforms and public companies voted in the night .
For the third consecutive day after initially stoppages in transport, Athens was engaged in massive traffic jams by work stoppages subways, buses and trams, and in anticipation of a demonstration in the center by late morning.
A global economy plagued
On Tuesday, the euro was able to take a little height Parès publication of the ZEW index of German investor confidence, the better. And Tuesday night, the Committee of the Fed has not changed his address: the Federal Reserve found that the economic recovery in the United States was still not enough to cause a sustained fall in unemployment, led to the conclusion that reaffirm its quantitative easing program. The Federal Reserve kept its key rate and confirmed its intention not to raise it for a long period.
Also note the recent rise in the Swiss franc against the dollar. The Swiss currency took a breather on Wednesday but was chained up for five sessions in a row before. Swiss franc recovers its role as a refuge for excellence in global economic turmoil.On Wednesday, the rate dollar / Swiss franc 0.9631 rating. The pattern was the same against the euro, even more pronounced.
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Back in Exchange for General Motors succeeded! Three weeks after AIA and its more than 20.51 billion dollars raised in Hong Kong, General Motors announced that its IPO, expected Thursday, will be the largest in U.S. history. And even the world if the over-allotment option is exercised. At the opening of the New York Stock Exchange, the action jumps from 6.82% to 35.25 dollars.
The American manufacturer will offer to sell 478 million shares (against 365 million previously proposed at a price between 26 and 29 dollars), at a price of 33 dollars.Total supply will be $ 20.1 billion or 23.1 billion dollars if the over-allotment option, that is to say, any emissions of additional shares in the event of high demand, are fully exercised , says he.
That General Motors will do better than Visa in 2008, had raised $ 19.7 billion, including over-allotment option. "Raising prices is a sign of a vote of confidence in the company and the action they propose," said Michelle Krebs, an analyst Edmunds.Com.
Investors have shunned EADS on Monday maint. Shortly after the opening of the Paris Bourse, the value showed the largest decrease in the CAC 40: -2.56% to 17.52 euros while the CAC 40 progressed from 0.20%. Consequence of lowering the recommendation of Citigroup to "buy" to "hold". The broker cut its target price of 22.50 euros to 19.30 euros. A new target price close to current levels of valuation. Since the beginning of the year, the value shows a marked increase of 27.62% while the CAC 40 lost about 4%.
But the action was taken during the meeting of colors. The EADS shares have even finished the day up 0.19% to 18.01 euros. The optimistic about EADS CFO Hans Peter Ring, this weekend in the columns of the German newspaper Frankfurter Allgemeine Sonntagszeitung, have clearly been in favor of EADS shares.As the inflation of the dollar on Tuesday, which brought down the euro.
Up 10 cents cost one billion euros in profits
The sharp rise of the euro against the dollar is detrimental to the accounts of European aerospace group, which sells its planes in dollars but supports most of its production costs in euros. As often likes to remind the Louis Welsh, president of EADS, an increase of ten cents of the euro against the dollar costs the group one billion euros in profits. After flirting with the $ 1.20 mark in June, the single currency now stands at just under $ 1.40.
Despite this, the group maintained its forecast for fiscal 2010. EADS therefore continues to target a turnover of 44 billion euros for an operating profit of one billion euros at end-December targets that were identified last July instant personal loans guaranteed.Forecasts that are calculated on the basis of an average parity with the greenback to $ 1.35 by year-end.
Active hedging policy
EADS, recall that the group has implemented an active policy of hedging against a stronger euro, two years in advance. "Our response to the volatility is to be continually on the foreign exchange market in order to obtain the time a rate close to that market," explained Friday Adsar Gerard, executive director of group finance and treasury.
Hans-Peter Ring also expressed satisfaction with the number of Airbus aircraft deliveries during the first nine months of the year. He further assured that EADS was well positioned to achieve its objectives.However, he warned that next year would still be difficult, especially in the manufacturing subsidiary of the group's helicopters, Eurocopter, in remarks relayed by Reuters.
On 30 July, EADS raised its financial targets but also trade, particularly that of 400 gross orders, instead of a previous forecast of 250-300. Over the whole of 2010, Airbus should deliver around 500 aircraft. The group will also increase its production rate of single-aisle aircraft to 36 aircraft per month by the end of the year, 38 by the third quarter of 2011, and 40 by the first quarter of 2012.
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The euro has surpassed the $ 1.40 on Thursday, reviving concerns of Europeans for their exports in a world tempted by competitive devaluations. For a month, the euro has gained 9% against the dollar, and over 10% against the yuan. "At $ 1.40 per euro, it's tough to 1.50, it's terrible," said Patrick Artus, head of research at Natixis. "Louis Welsh recalled recently: at that price, it no longer manufactures Airbus in Europe," added the economist.
This increase in European currency falls even more ill, with the exception of Germany, the eurozone is significantly lagging behind the global recovery, mired in its deficits and unemployment. The IMF forecasts 1.7% growth in the euro zone this year, against 2.7% in the United States.
The European Commission has sounded the alarm on Thursday."We currently estimate that the euro will bear a disproportionate share of the adjustment of exchange rates in the world and that (…) this could affect the economic recovery, exports, said Thursday the spokesperson of Olli Rehn Commissioner for Economic and Financial Affairs.
After requesting a significant reevaluation of the yuan, the European Union looks to the United States, suspected of letting slip the dollar by deliberately lax monetary policy to help exports. "For Europe, the current monetary imbalances is a crucial issue in the context of a fragile recovery and uncertainties. We will continue to tell the Chinese but also to the Americans and Mr. Geithner, U.S. Treasury Secretary, said the European Commission.
The "war of currencies" will be at the heart of the meeting of finance ministers of G7 countries in Washington on Friday.The yuan and the dollar are not the only ones in the dock: the yen is also covered, while the Bank of Japan, which is massively intervened in the foreign exchange market, resumed this week with the zero interest rate policy and redemptions to combat deflation, the yen and lower business card templates. The International Monetary Fund (IMF), which holds its annual meeting this weekend in Washington, is committed, through the voice of its director general Dominique Strauss-Kahn, to make "proposals" to avoid war exchange. But the task is not easy.
Reflect fundamental
Even in Europe, all capitals are not on the same wavelength, which complicates the task of Jean-Claude Trichet, the guardian of monetary stability."Excessive volatility and disorderly movements in exchange rates have adverse effects on economic and financial stability," he said Thursday the president of the ECB at the end of the meeting of the Board of Governors.
Translation: After the fall of the spring, the euro rises too quickly, even to countries traditionally attached to the strong euro: Germany, Austria and the Netherlands. Questioned at length on the current price of the euro, a subject he usually takes care to avoid, Jean-Claude Trichet dropped a comment that did not fail to awaken the markets. "More than ever, I believe that exchange rates should reflect economic fundamentals," he said.
But the "fundamentals" – growth, current account surpluses – are still more favorable to the U.S. as the euro area."I agree with the American authorities when they believe they reaffirm a strong dollar is in the interest of the United States of America," said Jean-Claude Trichet. "We will have the opportunity to exchange views on the subject with, in particular, the authorities, central bank governors and finance ministers of major floating currencies in Washington," he added, suggesting that G7 could make a statement on currencies may push up the dollar. It did not take more for the euro falls to $ 1.39 by midday Thursday.
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