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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
Comments Off 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.
Comments Off • 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.
Comments Off 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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Comments Off 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.
Comments Off 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.
Comments Off A departure of more at France Televisions. This time, the news is official. The journalist leaves Arlette Chabot France 2 "mutual agreement" with the group, said on Saturday France Televisions. "France Televisions and Arlette Chabot agreed to end its collaboration with France 2," the group said public broadcasting. Arlette Chabot has however agreed to take the next two animated shows "You decide" in March and April 2011.
Remy Pflimlin, CEO of France Televisions since last July, "salutes the importance and quality of work done by Arlette Chabot at France Televisions," the statement said. Arlette Chabot had been away from the direction of news at France Televisions in late August by the new boss of the public.It nevertheless retained its political program "You Be The Judge."
Wave of departures
His departure comes as France Televisions has confirmed last week the new organization intended by Remy Pflimlin. The objective of this reorganization is to restore five channels of group autonomy headed the real operational guidelines. But this reform has immediately triggered a wave of departures precipitates. Arlette Chabot follows in the footsteps of Nicolas Pernikoff, who left the entertainment of the holding company and will be replaced by France 2 Nathalie André Endemol. Other executives of the old team should follow.
If France Televisions do not specify where Arlette Chabot plans to continue his career, some sources have recently hinted that the journalist was in talks to join Europe 1.The information has not yet been confirmed by the radio station, but inside sources told the magazine Tele 2 Weeks that the appointment of Arlette Chabot to the direction of the information would be gained. The journalist was placed in a rank above that of Patrick Roger, who retains his title as executive editor while taking the antenna on the edge 12:00 to 1:30 p.m. instead of Jean-Marc Morandini.
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Comments Off The Cairo Stock Exchange will not reopen its doors on Monday, as announced on state television last Thursday. The president of the financial Egyptian Khaled Serry Seyam, who said that Saturday, the official MENA news agency. "The date of resumption of the stock market has not been set. It will be decided in light of events, and the reopening will be announced 48 hours in advance, "he says.
The announcement of the President of the Cairo Stock Exchange comes as the uprising demanding the resignation of President Hosni Mubarak, has entered its twelfth day. Anxious to find solutions to these events, it decided to convene on Saturday morning, the ministers responsible for economic issues.According to Mena, were present Prime Minister Ahmed Shafik and the Ministers of Petroleum, Trade, Finance, Social Solidarity and the Governor of the Central Bank. No details were given on the topics discussed.
"The economic potential of the Egyptians is important"
It must be said that the financial and economic conditions imposed such a meeting: closed since January 27 last, after closing down more than 10%, the Cairo Stock Exchange has lost about $ 12 billion. Moreover, according to ratings agency Fitch, the GDP of Egypt would "fall sharply" due to the closure of businesses and banks fast cash advance loan. Moreover, the Organization for Economic Cooperation and Development estimated losses due to cutting of the Internet to 90 million U.S. dollars.
Economically, many countries and companies repatriate or reduce the number of their expatriates in Egypt, some foreign groups to suspend their production in the country. The cost looks important, tourism has generated about $ 13 billion in 2010, with 14.7 million visitors.
The good news is banks. Closed for a week, they will reopen their doors this Sunday at 10 am (9 hours in Paris) until 13:30 (12:30 in Paris). It is the deputy governor of the Central Bank, Hisham Ramez who announced Saturday. This should help speed the reopening of the Egyptian financial sector. Since banks will have sufficient liquidity to ensure all transactions. While the challenge seems to be marking time, a return to normal economic prepares."If economic and financial solutions are found quickly and that the country does not fall into chaos, the economic fundamentals of Egypt long term will not be questioned. Its potential will remain important, "says Vincent Juvyns, strategist at ING IM.
Comments Off It was inevitable. The rise in agricultural commodities since last summer is going to blow the labels on the shelves. "There will necessarily impact of rising agricultural commodity prices on food prices. I do not take anyone by surprise, it's been several weeks since I say, "warns the Minister of Agriculture, Bruno Le Maire, following a roundtable that brought together early Wednesday morning about twenty representatives of the food chain: producers, manufacturers and distributors. The purpose of the meeting also attended by Secretary of State for Consumer Affairs, Frédéric Lefebvre, focused on the impact of rising agricultural produce on every link in the chain."Our goal with Frédéric Lefebvre is to find a balance between the need for compensation of farmers and defending the purchasing power of consumers," says Bruno Le Maire.
Downstream, so does the survival of farmers with higher grain prices that are the basis for animal feed "added production costs of 40%. "If their price does not increase, there are thousands of farmers who will disappear in France," warned Bruno Le Maire. The immediate upstream, the meat will suffer higher prices in supermarkets. "The distributors have agreed to immediately pass this increase on the sales price of pig meat, poultry or beef," said Bruno Le Maire. But beware of overflow.The observatory of prices and margins to ensure that this increase reflects only the cost of agricultural raw materials and there is no windfall. One example where the price of bread: there is no reason that the price of the rod increases dramatically while the share price of wheat is not the largest share of the cost of baguette.
However, "price negotiation is open" hammered Frédéric Lefebvre, who declined to say how much the prices would go up to the consumer. The latter, however, brandished the threat of lawful weapon or if the retail industry does not play the game Article L 442-9 of the Commercial Code makes it possible to call into question the liability of any purchaser requires the supplier transfer prices unreasonably low situation of soaring agricultural commodity prices."We're in this situation today. It allows the Minister for Consumer Affairs to assign the offender to a fine of up to two million euros, "said Frederic Lefebvre. Another panel will take place by March to draw up an inventory. The retail average increases of about 2%.
Comments Off 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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