Christine Lagarde keeps its promises and thus confirms the rise of China on the international economic and international. The new executive director of the International Monetary Fund (IMF) has appointed a Chinese Zhu Min, the Director-General, a third managing director created for the occasion. It will work well alongside a Japanese and an American. The Chinese were far special adviser to Dominique Strauss-Kahn.
At age 58, Min Zhu has a strong resume: he went through the World Bank, the Central Bank of China and Bank of China business establishment. He "brings a wealth of experience in administration, politics and international financial markets, but also strong leadership skills and communication, and an understanding of institutional funds, Christine Lagarde said in a statement.In his capacity as Executive Vice President, he will play a decisive role in our work, in collaboration with other members of my team and myself. "
Elected by the unit of European leaders and the agreement of the United States, Christine Lagarde has focused during his campaign for the highest office of the IMF to receive the support of emerging countries. The latter, in much better shape economically developed countries, intend to carry more weight in the decisions of the IMF, busy to participate in rescue of Greece, Portugal and Ireland.
An Obama adviser appointed
To secure the support of China (3.82% of votes in the IMF), the former French Minister of Economy visits in Beijing, hinted that it could appoint a Chinese by his side.At its inaugural press conference, she said she would continue the policy of his predecessor, Dominique Strauss-Kahn by giving more weight to emerging within the Fund.
Christine Lagarde has not forgotten the former shareholders of the Fund, namely the United States, which were the key to his appointment. She announced that David Lipton, an economic adviser to the White House, take over from his compatriot John Lipsky as Director General."Combining international expertise, experience in public policy and private sector and a strong track record in managing economic crises, David brings to the Fund's long experience in the design of policies and negotiating skills," said Christine Lagarde said.
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At Paris Air Show, Airbus steals record after record. While the European aircraft manufacturer has been a landmark order yesterday with the Indian carrier IndiGo A320 on 180 – including 150 A320neo – a subsidiary of EADS could do better on Thursday with an order for 200 copies of the A320 NEO from Air Asia.
In addition, American Airlines is about to acquire from Airbus over 100 single-aisle A320 series, according to Bloomberg. The command would be a first for the company client of Boeing and usually represent a setback for the U.S. aircraft manufacturer, Airbus' main competitor. Boeing may well be pushed to max out its European competitor in some of its aircraft modernization, such as the famous 737.
Still according to Bloomberg, Frontier Airlines, parent company of Republic Airways has also signed a letter of intent for the purchase of 40 A320 and many NEO NEO A319.
In the military, the countries of the A400M buyers have signed a framework agreement on the development and maintenance of the fleet of the future military transport plane after signing an agreement on its funding, according to Gérard Longuet, Minister of Defense.
For now, the official death toll is over 700 orders and options, including 347 firm orders for Airbus in three days. The total amount of these orders, at list prices, at more than $ 65 billion. Boeing is so far below as the U.S. garnered 126 orders and options, including 61 farms, pour19 billion.
Airbus's success to its A320neo, which should cross the milestone of 1000, seven years after its commercial launch. Subsidiary of EADS has already exceeded its targets since was 500 A320 orders by the end of Bourget.
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Gain an advantage over competitors like Netflix preparing their arrival in France. Thursday, VideoFutur announced a new offering called "hybrid" meant to build consumer loyalty and especially fond of videos of recent films. Netflix based on the model, offers a package VideoFutur Pass Duo 6.99 euros to access both video on physical media (DVD, Blu-ray) and video on demand over the Internet. For that price, subscribers will have access to all films released theatrically for over nine months on DVD and Blu-ray on Wheels. They have more opportunity to access video on demand for new films four months after their release at a price of 2.99 euros per film.Finally, the subscription will provide access from the start to an unlimited number of old films on the Internet (thirty-six months after their theatrical release).
"We found that video on demand suffered from very competitive prices since, until now, users had to pay 5 euros to access a work. However, the price of a physical video is now 2.90 euros, says Marc Tessier, president of VideoFutur. It was important to align the rates of physical and dematerialized video. We also wanted to compensate for the disadvantage of video subscription which provides access to a limited number of works thirty-six months after their theatrical release. "
This marketing offensive is primarily intended to prepare announced the arrival of more competition in the market for image and video over the Internet.
Rapidly changing
Netflix, the video service to 25 million U.S. subscribers as well as Amazon and Google – the search engine which now recognizes the images – prepare for their arrival in Europe. With their agreements with major U.S. studios purveyors of blockbusters, these new players may be required. For VideoFutur, it is especially important to speed up the transfer that the company is experiencing a difficult situation. In 2010, the results showed a loss of nearly 6 million euros for a turnover amounting to 8.2 million euros, down 42%. If the company does not envisage a return to balance by 2013, however, it focuses on new developments such as increasing the number of physical stores, which should be of the order of fifty 'By the end of the year.
Even in Italy, Credit Agricole is now playing sobriety. The French banking group in Milan on Wednesday presented the local version of its comprehensive strategic plan to 2014. No major operation is in the program, but a work of conquest picky customers and improve profitability. "Our selection of organic growth excludes acquisitions, said the group's CEO, Jean-Paul Chifflet. We need to digest what we have acquired in recent years. "The green bank will therefore invest 325 million euros by 2014 in its subsidiary, Cariparma to improve synergies with the group, developing multi-channel distribution (Agencies Internet and phone) and open a dozen agencies each year primarily in its home regions: Tuscany, Emilia Romagna, Lombardy and Veneto.
In 2014, barring accidents, should relieve Cariparma 2.2 billion and a net income of 417 million euros, up by 30% and 83% from 2011. Ambitious outlook remains difficult in the context through which the Italian banking market. Between 2007 and 2010, net banking sector has in fact decreased by 4 bad credit unsecured personal loans.2% – and 1% for Cariparma. But the subsidiary of Credit Agricole, which already has as the most profitable bank in Italy, believes it can gain ground by playing on the integration of its businesses. She intends to win 150,000 new customers, primarily among young people and SMEs, on a base of 1.7 million in early 2011.
Crédit Agricole is present in Italy since the 1970s. In 2011, all Italian activities (retail, insurance, consumer finance, asset management …) has reported a profit of 1 billion euros.The French group was able to hand over bank networks thanks to its historic capital of any bank who founded Intesa Sanpaolo. In 2006, the Mutual has first acquired regional networks and Cariparma FriulAdria and last year 172 branches of Intesa Sanpaolo. Under the agreements with the Italian Antitrust, Crédit Agricole has gradually decreased its stake in Intesa. It holds only 3.8%.
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"Today, we can not take action without evaluating and communicating the results to the French. Otherwise they feel cheated, "said Liberal MP Claude Gloasguen. Photo credits: Jean-Christophe Marmara / Le Figaro
U.S. equity markets continued their advance on Thursday. Driven by new results above expectations, the Dow Jones gained 0.15% to 12,470.23 points, the Nasdaq rose 0.46% to 2815.33 points and the S & P 500 advance from 0.41% to 1335.86 points. Last night, Wall Street has ended the highest in almost three years, driven primarily by technology stocks after a new burst of better than expected results in the area.
This morning the Asian market also finished in the green. The Nikkei rose 0.82% especially at 9685 points. The OECD has released its updated forecast on the Japanese economy after the earthquake that devastated parts of the archipelago.The organization believes that after an increase of sound, gross domestic product by 3.9% in 2010, Japan will only show 0.8% growth this year and 2.3% in 2012.
The dollar still s'affablit
On the foreign exchange market, the euro climbed against the dollar ever. In early afternoon in Paris, the euro bought 1.4573 dollars against 1.4521 dollars late Wednesday. The greenback lost ground against all major currencies amid renewed optimism in financial markets.
Oil prices were progressing on Thursday at the market opening in New York, a barrel of benchmark rose 21 cents to 111.66 dollars, still worn by a weak dollar but limited by a disappointing indicator on employment in the U.S. .
On the macroeconomic front, new jobless claims fell for the second week of April at 403,000 according to figures released by the Labor Department.Analysts had forecast a return below the bar of 400,000 to 390,000 exactly.
At 16 hours, the composite indicator of economic activity will be unveiled in March, and the index of activity in the Philadelphia area in April, traditionally a leading indicator of economic conditions in the United States.
Apple in its sights
Apple: 2.97% to 352.59 dollars
Apple has posted a net profit almost doubled (+95% to 5.99 billion euros) and well above expectations for the second quarter of fiscal offset, worn by the continued success of iPhones.The sales increased for its 83%.
Schlumberger: 3.08% to 90.60 dollars
In the oil sector, the services group Schlumberger has seen its net profit jumped 40% in the first quarter to 944 million, without return to its previous quarter and meet market expectations because of bad weather and tensions in the Middle East.
Qualcomm: 3.55% to 57.23 dollars
The chip maker Qualcomm for mobile ad a profit of 999 million dollars in the first quarter, also well above analysts' expectations.The turnover of 3.9 billion also exceeded expectations.
BP: 0.69% to 46.23 dollars
The British oil company BP, which is listed on Wall Street announced Thursday that it filed a complaint with the U.S. against the American company Halliburton, accusing him of having contributed to the oil spill in the Gulf of Mexico, more prosecutions launched against Transocean and Cameron International. According to various analysts BP would claim $ 40 billion in specialist offshore oil drilling
American Express: -1.19% to 46.44 dollars
Large U.S. banks have significantly improved their performance, but mainly due to reversals, as shown by figures published yesterday by American Express and Wells Fargo. The financial services group announced a 33% increase in profits to 1.2 billion.Turnover was up 7% to $ 7 billion.
Wells Fargo: -0.54% to 28.68 dollars
The U.S. bank has issued a profit "record" for the first quarter, up 51% over a year and better than expected thanks to a drop in provisions for credit losses. In contrast, the turnover reached 20.3 billion, down 6% year on year, due to a decline in revenue "from the mortgage and interest rates."
Yum! Brands: 6.48% to 54.89 dollars
Also after the close-food chain Yum! Brands (Pizza Hut, KFC, Taco Bell) announced an increase of 10% of its profit to 264 million.The group benefits from the strong growth of the Chinese economy but the U.S. market remains difficult.
NYSE Euronext: 0.51% to 39.28 dollars
Also note, the Director General of the transatlantic exchange operator NYSE Euronext, Duncan Niederauer, has defended its proposed merger with Deutsche Börse, the finding most relevant to the strategic plan a takeover by Nasdaq and the ICE documentation he said decommissioning.
McDonald's: -1.90% to 76.91 dollars
The fast food giant McDonald's on Thursday posted a net profit of $ 1.2 billion for the first quarter, up 11% year on year, while analysts had forecast a profit of 1.19 billion.The group's turnover amounted to 6.1 billion, up 9% year on year (7% excluding currency effect) and slightly higher than the projected $ 6.0 billion on average by analysts.
Travelers: 2.99% to 60.90 dollars
The insurance company Travelers U.S. net earnings up sharply (+29%) in the first quarter to 839 million, above expectations in favor of increased investment income.
Blackrock: 1.06% to 195.78 dollars
The first asset manager worldwide, BlackRock, did better than expected by the markets during the first quarter with a jump of 34% (yoy) in net profit to 568 million, without repeat performance of the previous quarter.
Dupont: -0.38% to $ 23.50
The U.S. chemical group DuPont, who tried to seize the Danish manufacturer of food additives Danisco, saw its profit rise to 1.43 billion dollars against 1.13 billion a year earlier. Thomson Reuters gave consensus earnings per share of $ 1.36. Turnover grew 18% to 10 billion dollars for a consensus of 9.19 billion.
General Electric: -1.64% to 20.05 dollars
The U.S. conglomerate General Electric on Thursday posted a net profit after minority interests up 80% to $ 3.36 billion for the first quarter (consensus $ 2.8 billion).Turnover was up 6% to 38.45 billion dollars, as investors had expected a 5% reflux.
Morgan Stanley: 3.38% to 26.92 dollars
The U.S. investment bank Morgan Stanley on Thursday posted a net profit after minority interests fell sharply by 48% YoY to 736 million. Turnover declined by 16% year on year to 7.6 billion over the first three months of the year, below analysts' forecasts which averaged $ 7.9 billion.
Verizon: -1.98% to 37.04 dollars
The U.S. telephone company Verizon on Thursday issued a profit, group share more than tripled in the first quarter and just above expectations of 1.44 billion.Turnover rose by 0.3% to 26.99 billion dollars, while the market expected a decline of 0.1%.
United Continental: -1.47% to 20.72 dollars
The U.S. airline Continental United has cut its net loss in the first quarter to 213 million, but that came out below expectations of Wall Street and who was accompanied by an increase in turnover and better than expected.
• Strengthening fiscal discipline at 27
This is to toughen the pact of stability and growth for the 27 Member States, through the surveillance of budgetary policies strengthened upstream, with financial penalties to boot.
The deficit is limited to 3% of GDP. But rising public spending is linked to GDP growth. Macroeconomic imbalances are considered excessive should be corrected on the basis of a dashboard of indicators (debt, current account balance, cost of labor …). Thus, a State whose debts exceed 60% of GDP must be reduced to one twentieth year.
Financial penalties are introduced for the countries of the euro area. States in continuing violation will require a deposit of 0.2% of GDP, converted into fines, whose proceeds will go to the European rescue.But these sanctions are not automatic, States may reject a qualified majority – to the chagrin of Jean-Claude Trichet. Parliament must still review the text before final adoption in June.
This building comes with the "European semester" which requires each government to submit its draft budget in the month of April, peers and the Commission for recommendations prior to the vote by its national parliament in the fall.
• The "pact for the euro"
It aims to strengthen the competitiveness of euro area economies through structural reforms.The measures are not mandatory but strongly recommended to accelerate convergence in many areas.
Wage moderation: Incentive control labor costs through the review of automatic indexing systems and the limitation of wage agreements in the public.
The golden rule: the idea is to put rules in the Constitution to cap public debt and deficit.
Pensions: Countries are also encouraged to raise the retirement age to reflect life expectancy.
Employment: incitement to "flexicurity", continuing education and the fight against undeclared work no faxing pay day loans.
Reforms must be translated on a voluntary basis, by legislative changes in each state from 2012.
• The fund maintained emergency post-2013
The mechanism of the European Stability (SS) may lend 500 billion from mid-2013. Rated "AAA", it will have 700 billion capital base.
The MES will pay market rates with an average penalty of 2% for loans of less than three years, and 3% thereafter. He can buy an outstanding debt to the States – the primary market. Activation of the assistance will be decided by the ministers of the euro area, in exchange for adoption of austerity. If the debt is deemed unsustainable, private creditors will be involved on a case by case basis. Of collective action clauses (CAC) should thus be included in the new sovereign bonds issued from mid-2013. The decision will be made by June.
• The current bailout fund
Paradoxically, the subject that requires further adjustments.The European Fund Financial Stability (EFSF) set up after the Greek crisis will operate until 2013. For the moment only Ireland has benefited. Portugal could be the next customer. Its effective strike force will be strengthened to 440 billion euros (against 250 billion lending capacity today), but we must still decide how.
It will not be heads of state, but finance ministers to agree by June The most likely option is a guaranteed increase, it remains to know which countries rated "AAA" only, or the others. Progress has been made on the loan terms, which will now be aligned with those of the IMF.
As the MES, the EFSF can buy debt on the primary market. Countries outside the euro area can participate in rescues, as did Denmark, Sweden and the United Kingdom in the Irish case.
Cancellations will travel faster than the revolutions themselves Arab. While the wind blows still timidly revolt in the Middle East, several of them noted a sharp drop in hotel bookings.
Jordan in particular, several sources said that cancellations had reached 50%. A tour operator confirms that in 3000 tourists who booked a trip in the coming months, 1200 had already annulled. Jean-Francois Rial, CEO of Voyageurs du Monde, a leading Tour Operators in France, also referred 50% of cancellations to the country. This situation is particularly worrying for a local economy where tourism represents 14% of GDP, with a turnover estimated at one billion dollars in 2010.
Syria is no exception.Ghassan Chahine, owner of Naya Tours agency in Damascus, said he registered 35-40% cancellations for peak tourist season which runs from March to May, mainly by Europeans. The Syrian Minister of Tourism Saadallah Agha al-Qala, has been forced to revise downward its objectives: "We do not expect an increase of over 11% to 12% of the number of tourists" against an average annual growth of 15% since the early 2000s.
"All in the same bag"
Tourism professionals in the Middle East denounced the confusion in the minds of Western tourists. "They are influenced by media coverage and put all countries in the Middle East in the same bag, do not differentiate one country from another," said Nabulsi Touhami, office of tourism in Jordan. Tourists have canceled their trips to all Arab countries. "
Jean-Francois Rial, "people are more worried about what might happen in other countries than those where the revolution is over. Is that King Abdullah will not jump, do as the king of Morocco does not have a problem, as Hu Jintao? ". Ghassan Chahine agrees: "People tend to think that the revolts are taking place across the region."
Hopes
Despite their concerns, industry professionals want to believe in an imminent improvement in the situation. "The perception of people change very quickly. It does not take much time before the booking for a country not resume, "says Sean Tipton of the Association of British tour operators.
Until the fears subside, tour operators could, like the Maghreb, betting promotions.Marmara, the leading destination Tunisia is already seeing the success of its offer a "pay for a given": "We found in March the level of bookings last year, with 8000 departures scheduled within a month," explained Le Figaro Florian Vighier, its director general.
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2010 was the year of banking. After Societe Generale, BNP Paribas, Banque Populaire, or Savings Bank is now the turn of Credit Agricole unveiled annual results in good order.
Far from 8 billion in profits from BNP Paribas, Societe Generale 4 billion or 3.6 billion BPCE the green bank, however, did not blush with a profit of 1.3 billion euros recorded in 2010, up 12.3%. Over the full year, Credit Agricole has managed to grow its revenues by 12% to 20.1 billion euros, faster than operating expenses, up 8%. The group's results also benefited from a significant decline in the cost of risk (delinquent loans).
Loss of 1.2 billion due to Intesa Sanpaolo
Especially Crédit Agricole exceeds expectations in the fourth quarter.The facility has posted a net loss of 328 million euros in the quarter but analysts had forecast a larger loss of over 400 million. As announced in mid-December, the bank recorded a loss on its stake in Italian bank Intesa Sanpaolo, owned up to 4.79%, which reduced its end result of 1.24 billion euros in the fourth quarter. For accounting purposes, the property had to reclassify its stake in Italian bank participation in sustainable participation available for sale payday loan companies. This reclassification has created an updating and a fall in the value of the share capital of Crédit Agricole of Intesa Sanpaolo. Moreover, the bank spent a depreciation of 418 million euros on its Greek subsidiary Emporiki.
Core Tier 1 ratio of 10.3%
Another reassuring news, the bank says it does not need to appeal to the market to meet the new standards imposed under the Basel III. The institution considers its core Tier 1 ratio (measuring the ability of a bank to repay deposits to its customers) of around 10.3%.
Moreover, the bank stated that it reached an agreement with the supervisory authority to compensate for the exclusion of the shareholder loan and certain hybrid debt instruments in the capital calculation. A guarantee facility provided by the regional banks that control almost 55% of Crédit Agricole SA is well established. A procedure which should enable the bank to provide the equivalent of 5.5 billion euros of capital, a wealth sufficient to banish the specter of the capital increase.
If the Tunisian and Egyptian revolutions have little impact on financial markets, one that shakes Libya far more impact. Tensions in the country, which is one of the largest exporters of oil directly affects the price of gold and black strong impact on European stock exchanges (Paris, London, Frankfurt, Milan, etc..) Asian (the Nikkei has lost nearly 1.8% this morning) and American (the index futures point to sharply lower opening on Wall Street this afternoon).
On the foreign exchange market, concern is also affected. Investors, for whom uncertainty is the worst phobias, put their appetite for risk and protect themselves in the closet. How? By placing their ball in the values called "refuge", such as gold, the dollar or the Swiss franc.In contrast, the euro, it is shunned.
Thus the European currency slipped below $ 1.36 on Tuesday morning, facing a greenback sought. Around 11 am, the euro is trading exactly at 1.3574 dollars, down 0.8%. Strong increase in the foreign exchange market.
According to technical analysis – that is to say, the analysis using only graphics – a bullish retracement could take place if "we manage to hold above this level." Conversely, the break of 1.3540 support to "push the pair to return to the area 1.3430 / 1.3460 dollars," warns XTB.
Outbreak of fever dollar
"Operators now appear in the mainstream during the political uncertainty prevailing in Libya", note analysts from Saxo Bank.The dollar is the first to benefit.
"Then just yesterday the greenback remained stable on its main counterparties, currencies against the U.S. dollar depreciate all": in addition to the euro has risen from about 1.37 to less than 1.36 dolar, the Sterling is currently trading at 1.6140 dollars after fluctuating in a range between 1.6220 and 16240 dollar yesterday during the day. The trend is the same for the Australian dollar loses more than about 80 pips (or 0.0080) against the U.S. dollar during the Asian session: it is trading at 1.0015 dollars against 1.0094 dollars late yesterday evening.
The loonie (Canadian dollar pair / USD) has fluctuated sharply in passing last night of 0.9864 to 0.9821 Canadian dollar before regaining ground this morning at 0.9860.In addition, this pair should know today strong fluctuations during the publication of the retail automotive sector off 0.7% expected in December.
Arab currencies more or less affected
Many of its arable currency denominated in dollars, like Qatar or Saudi riyal. By cons, for floating currencies, tensions are visible. "Investors are selling their assets en masse in these countries and then sell the currency in question," said Harry Sebag, at Saxo Bank.
The euro / dinar (dinar) has experienced upward pressures aexemple-that is to say that the dinar fell back – with the fall of the Tunisian regime. In January, the rate increased from 1.90 to 1.94.The Egyptian pound, also floating exchange dropped against the euro (7.5 mid-January, the rate rose above 8.10 at the highest political crisis.
Currently, the euro / dinar libyien is under pressure, "he treated early January under 1.63 and now a close score of 1.69, with a peak at 1.7172 in early February," said the specialist.
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