The French, Belgian and Luxembourg governments announced Sunday mid-day they had found a solution for the bank Dexia, about to be dismantled. "The proposed solution, which is also the result of intense consultations with all relevant partners, will be presented to the Board of Directors of Dexia which is responsible for approving proposals", they said in a statement, without giving more details on how they have learned.
Sunday morning, Finance Minister Didier Reynders has indicated in an interview to the channel RTBF, as Belgium does not redeem all of Dexia Bank Belgium (DBB), the Belgian entity of the bank on track to be dismantled. "The state will rise sharply in power. If we were 100% (in the capital of Dexia Bank Belgium), I do not rule, we do not intend to stay indefinitely.This does not mean that we will stay three months or six months, "he said.
Given the scale of the debt crisis, "I do not exclude that in three years, five years, maybe more, we are still present" in the capital of DBB, the retail banking business of Dexia , said the minister.
The pattern of the decommissioning of the Franco-Belgian bank Dexia today favors nationalization of the Belgian entity and the creation in France of a new bank dedicated to local communities.
Board in 15 hours
The board of Dexia, the first victim of bank debt crisis in Europe, will meet this Sunday at 3:00 p cash advance no fax.m. (1:00 p.m. GMT) in Brussels, said a spokesman for the institution.
It will have to decide on the decisions taken by France and Belgium to break up the Franco-Belgian bank, in big trouble.A meeting will be held in Brussels between pre-Yves Leterme and François Fillon, the Prime Ministers of Belgium and French, in an attempt to complete the dismantling of Dexia.
The meeting between the heads of government must be "at lunch", told AFP a source close to the negotiations. However, no details were provided on the venue.
A Luxembourg delegation will also be present during these exchanges, while an international investor has manifested itself this week to resume the Luxembourg branch of Dexia present in the retail banking and asset management."We are ready to enter the final stretch of negotiations," said Saturday night the Belgian Prime Minister in charge of current affairs, following a limited cabinet meeting devoted to the case Dexia.
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After the storm that brought down the CAC 40 over 5%, the Paris Bourse rebounds. But at the cost of very high volatility. On Thursday, after opening up 2.96% to 3092.16 points, the CAC 40 index resumed its downward shortly before noon and sank below the threshold of 3000 points, already briefly reached Tuesday. Half an hour after the opening up of Wall Street, with two good indicators on employment and housing, the index slope gently went back after plunging 2.40% to 14 hours. It was up 2.47% to 3077.06 points shortly before the close.
Meanwhile, in Frankfurt, the DAX climbed 3.12% to 5788.64 points. The FTSE-100 index of London Stock Exchange gained 3.01% to 5157.94 points.Milan Mib took the FTSE 4.36% at 15,316 points, and the Ibex-35 index of the Madrid Stock Exchange climbed 4.09% to 8291.7 points.
The concerns are far from being dissipated, particularly those relating to the slowdown in the global economy and the issue of sovereign debt on both sides of the Atlantic. Evidence of this tension, gold continues to fly record after record. The precious metal has crossed the threshold of 1800 dollars. It is this Thursday morning in 1790 dollars, after hitting a new record of 1815.50 dollars.
Oil prices also retreated in a market that once again expressed its concerns about future growth and energy demand.On the New York Mercantile Exchange (Nymex), a barrel of "light sweet crude" for September delivery was trading at 82.39 dollars, down 50 cents from the previous day.
Bank stocks battered
Among the values of the day include banking, which have been heavily tested yesterday. The Financial Markets Authority (AMF), the stock market regulator, announced that it will monitor developments in the securities sector. Shortly before noon, BNP Paribas (-5.88% to 33.515 euros), and Credit Agricole (-1.51% to 5.981 euros) and plunged into the red after yet open on a rebound.
The title plays yoyo Societe Generale: having lost 14.74% Wednesday, it opened on a rebound of almost 9%.He dived again from 4.13% to 21.265 euros in midday before regroup after the opening of U.S. markets (-0.45% to 22.08 euros to 16 hours).
"The willingness of these attacks is to force the SG to a capital increase, which is the workhorse of some analysts and hedge funds in recent months," said an analyst based in Paris at the agency Reuters cash advance. "Their reasoning is that the group does not generate enough capital to cope with the capital ratio of over 9% in 2013." The bank, already shaken in 2008 by the Kerviel affair, only to find the investor confidence after several warnings about its results during the financial crisis.
For its part, the CEO of the bank, Frédéric Oudéa, denounced, in an interview with Le Figaro, "the series of attacks" against the French banking sector "sounds completely fantastic, I struggle with the utmost force, attacked Societe Generale, "he lamented. "We have no fear about our ability to raise capital," he added. SocGen has asked the AMF to investigate the origin of the rumors that have depressed its course Wednesday.
Alcatel-Lucent takes advantage of Cisco's results
Veolia Environnement (4.61% to 10.55 euros) and STMicroelectronics (3.39% to 4.488 euros), especially titles attacked in recent days, return to the field.
In addition, EADS (1.66% to 20.24 euros), the parent company of Airbus, said Wednesday it will not achieve its objectives in the United States in 2020 without new acquisitions.
Title Alcatel-Lucent (2.11% to 2.324 euros) rose after the release of quarterly results from Cisco Systems, above the consensus of Wall Street.
L'Oreal (2.29% to 1.73 euros) benefits from the decision by Goldman Sachs, which added its list of preferred European stocks to buy ("pan-Europe conviction buy list").
Saint-Gobain (1.11% to 31.775 euros) has announced the acquisition of Solar Gard, a subsidiary of Belgian group dedicated to Bekaert Specialty Films, as part of its strategy to accelerate its growth through acquisitions.
Maurel & Prom rose 4.22% to 12.35 euros after opening up over 8%. The oil company has reported a surge of 123% of its revenue thanks to increased revenues in Gabon and Nigeria.
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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).
In the future, the quality of service to access the Internet at very high speed could be paid by consumers and Internet giants like Google and Facebook. Telecoms operators should therefore more profitable to make significant investments to connect at least half of Europeans in very high speed (100 Mbit / s) in 2020. This is one of eleven proposals submitted to Neelie Kroes on Wednesday in Brussels by three CEOs of large European companies that have telecom floor forty counterparts. In early March, the Vice President of the European Commission, responsible for digital strategy, had given three working groups to Jean-Bernard Lévy, Vivendi chief executive, Rene Obermann, CEO of Deutsche Telekom and Ben Verwaayen, the CEO of Alcatel-Lucent.She wanted to know their positions to achieve the objectives of the Internet of the future of Europe. But Neelie Kroes has given its green light. She noted that the discussion "has not led to a consensus."
Contribution of 9 billion
However, Europe has announced that it could contribute up to 9 billion euros for investment in telecom infrastructure. The total was estimated between 200 and 300 billion euros over the period 2010-2020 for the operators. The President of the European Commission, "Jose Manuel Barroso has made the announcement Tuesday night at a dinner.Wednesday, Neelie Kroes reiterated the proposed contributions to investment of 9 billion euros in European funds, "says Jean-Bernard Lévy, CEO of Vivendi.
In order to reduce investment, European players have suggested that the frequencies are shared for future mobile networks and that "investments are pooled, especially for civil works and the optical fiber," says Gabrielle Gauthey, Director of Public Affairs Alcatel-Lucent. For his part, Rene Obermann, head of Deutsche Telekom, has urged all sectors to agree on the creation of standards for interconnecting the next generation network.
But among all the proposals, which calls on Europe a "differentiation in terms of traffic management to promote innovation and new services and meet the demand for different quality levels" is to be the most difficult to be accepted by the giants of the Web. They should negotiate in secret affairs, with operators to deliver services to high-speed Internet users. Supporters of this proposal, it would not be called into question the "neutrality" of the Internet. Because Google and other Facebook would not have to sign these contracts.
From our correspondent in London
British Prime Minister David Cameron faces his first big Thursday-day strike in the public sector as opposed to pension reform. Approximately 600,000 employees of which a majority of teachers and members of the Border Police should follow suit, causing the closure of thousands of schools in the country and major disruptions at airports.
Trade unions in the public protest against the passage of the retirement age for all staff to 66 by 2020 (it was already 65 years for men and 60 for women) and against the increase in taxes for pensions.
"This will be the biggest social movement since the general strike" of 1926, promised Dave Prentis, general secretary of Unison, the largest union of public service.The country will certainly not be stopped during the great miners' strike of 1926 since the work stoppage will last only twenty-four hours and will not be extended. However, the subject of pensions involves all teachers.So much so that for the first time in 127 years of existence, the union moderate the association of professors and teachers in higher education (ATL), which has many contributors in private schools in the UK, called on its members to participate in a work stoppage at the national level.
800,000 new employees in Blair
During the session of questions to Prime Minister on Wednesday in the House of Commons, David Cameron said "there was no justification to strike as negotiations are still ongoing with the unions guaranteed fast personal loans." But the discussions last minute held Monday at Whitehall with the union representatives were far from successful.The Chancellor of the Exchequer George Osborne is absolutely not ready to make concessions on a reform he described as essential to provide the balance of the pension system, weighed down by the recruitment of 800,000 new staff under Tony Blair . The Ministry of Finance has estimated 10 billion pounds (11 billion) the cost to taxpayers of a postponement of the pension reform.
The austerity is, indeed, the slogan of the coalition led by the Conservatives with the Liberal Democrats since last year. The goal that David Cameron has established with the support of the Deputy Prime Minister Nick Clegg is to eliminate substantially all of the public deficit by 2015, making 81 billion pounds of budget savings over the period.The drastic reduction of public spending is accompanied by a wage freeze for two years and the removal of more than 300,000 jobs in the public service. The main public service union, Unison, has not joined the social movement Thursday, for procedural reasons but promised a seamless mobilization of its 1.2 million members in July and next fall if the government made no concession.
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Day of truth for Greece on Wednesday. While Athens is on strike yesterday, members are asked to vote for or not an austerity plan for four years. The vote will be followed by a second vote tomorrow on the law enforcement.
The President of the European Union, Herman Van Rompuy, warned Tuesday that the next few hours would be "decisive" for Greece, the euro area and the global economy.
Since yesterday, the U.S. and Asian markets seem optimistic about the outcome of the vote in spite of renewed clashes on Wednesday between protesters and police Greek. Optimism is always de rigueur at the Paris Stock Exchange: the Cac 40 rose 1.32% to 3902.87 points.
As for other European exchanges, the FTSE-100 in London gained 1.01% to 5825.21 points and the Dax in Frankfurt was up 30% 1.23 to 7258.50 points.The FTSE MIB in Milan climbs from 1.60% to 19,765.46 points. The Italian luxury group Salvatore Ferragamo for his first day of trading, taking 8.89% to 9.80 euros in mid-session.
The first quarter growth revised down
On the macroeconomic front, INSEE revised down growth in the first quarter of France at 0.9% against 1% set in mid-May
For the euro area, the confidence index of entrepreneurs and consumers in June fell for the fourth consecutive month. The index fell to 105.1 points, down 0.4 points compared to May.
In the U.S., two indicators are on the agenda: the promise of sale of homes in June (16 hours) and the weekly inventory of crude oil (16.30).
On the corporate side, the banking sector is in good company in this context of optimism surrounding the Greek parliamentary vote.BNP Paribas takes 1.51% to 51.90 euros, Crédit Agricole rose 1.34% to 10.11 euros and Natixis advance of 0.90% to 3.34 euros. Yesterday, banks have earned an average of more than 2%.
Offshore wind: Areva alliance with Iberdrola
Societe Generale: 2.60% to 39.82 euros
The participation of private creditors to the new plan of financial support to Greece to be as fair as possible to increase the chances of success, said CEO of the bank, Frédéric Oudéa, the Senate Public TV.
Values cars respond well to the good performance of Japanese manufacturers on the stock market after the Japanese industrial production confirmed the rebound in April.Renault climbed 1.81% to 40.65 euros and Peugeot is up 1.61% to 30.95 euros.
EDF: 1.88% to 26.79 euros
The energy group confirms its investment in the LNG terminal in Dunkirk, along with Belgian Fluxys and Total.The cost will be borne by EDF to 65% (650 million), 25% Fluxys (250 million) and 10% by Total (100 million).
GDF Suez: 0.93% to 24.34 euros
The gas is in talks to take over the assets of the U.S. company Duke Energy in Latin America, according to the Brazilian business newspaper Valor Economico.
Areva: -0.40% to 25.20 euros
The nuclear group has confirmed that he would ally with the Spanish Iberdrola Renewables on two of the five areas of the tender for offshore wind launched by the state, confirming a report of Echoes.
Ipsos: 3.85% to 32.80 euros
The British advertising group Aegis said to be in exclusive talks with the institute of studies and surveys for the sale of its subsidiary Synovate market research.
Havas: 2.26% to 3.58 euros
In an interview with Echo, the executive director of the group will develop two commercial microarray in the world, one around his BETC teaches French and the other about Arnold, his agency based in Boston.
DS: 1.41% to 58.37 euros
The software developer, a subsidiary of Dassault, owner of the Figaro Group, combined with a subsidiary of American online retailer Amazon to offer a paperless commercial in "cloud computing" (technology that allows a company to dispense servers physically located in its premises), according to a spokesman for the group.
After the close of trading, EuropaCorp will release its results for the year 2010-2011.
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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The record turns Greek puzzles. In Brussels on Tuesday, finance ministers of the Eurogroup have once again gathered to discuss a new rescue plan, with the stumbling block of how to involve private creditors.
The coming days ahead crucial step after the meeting convened in emergency Tuesday night. The future plan for assistance must be discussed Monday during a Eurogroup long planned – this one – in the context of the EU summit on 23 and 24 JuneMeanwhile, Nicolas Sarkozy and Angela Merkel should also mention the issue in Berlin on Friday.
Crushed by the weight of a huge debt of 350 billion euros, Athens has already obtained a loan of 110 billion last year, and creditors are preparing to give a hand to the pocket extension could be around 90 billion euros, according to figures frequently mentioned.
Reactions conservative banks
"The German government is ready to take additional measures," said Tuesday the German finance minister, Wolfgang Schäuble, while holding that "of course" private sector participation was "an element" of any additional program.His Dutch counterpart, Jan Kees de Jager, for his part felt that the private sector should shoulder more than 30% of a new assistance plan.
But the European Commission, the ECB and France in particular, warn against any commitments forced march of banks and other pension funds, which could have a destabilizing effect on markets. "We are against the involvement other than a voluntary private creditors," was repeated before MEPs Mario Draghi, who should succeed Jean-Claude Trichet in November.
For its part, the Commissioner of Economic Affairs, Olli Rehn, has talked about the preparation of an "Agreement on the basis of the Vienna initiative, under which banks extend the term of their loans and do so voluntarily."For the Belgian Finance Minister Didier Reynders, "all sorts of authoritarian measures likely would include a risk for Portugal or Ireland, a risk for the euro area."
Several options are on the table. Berlin calls for an exchange of bonds, which would lengthen the debt maturity of seven years. The other track to the study is a continuation of voluntary debt maturities (rollover).
The ground is shifting, investors can quickly interpret a conscription as a step toward bankruptcy. As a warning, the rating agency Standard & Poor's downgraded three notches Monday note of Greece, to "CCC".
From the banking side, the reactions are currently cautious.The German Banking Federation Saturday approved the principle of private sector participation, without specifying the terms, while the governor of the Bank of France showed its confidence in the financial system driver (see below). French and German institutions are most at risk from international creditors.
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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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A symbol of French fashion has changed hands. After several weeks of discussions, the sale of the Jean Paul Gaultier to the Spanish group Puig was confirmed Tuesday. Perfume specialist, this quiet family business Catalan is not a novice in fashion. It owns the brands Nina Ricci, Paco Rabanne and Carolina Herrera, she manages the business of ready-to-wear and fragrances operates. Moreover, this expert also manufactures and distributes toilet waters claws Prada, Comme des Garcons and Valentino. But also the general public perfumes Zara and Mango or artists Shakira and Antonio Banderas. It also manages the luxury cosmetics brand Payot and supermarkets in Spain. Puig has achieved a turnover of 1.2 billion euros last year, and net profit of 130 million euros.
To get your hands on the former troublemaker of French fashion, he spends about 100 million euros, 60 million to take over 45% of Hermes Jean Paul Gaultier. This is a book profit of EUR 30 million for Hermes. The designer, advised by the bank Aforge Finance, Puig also sells 10% of its shares, thus assigning to the control of his home, he agrees to be diluted to 45% of capital.
He remains master of the creation and image. " The remaining investment will be devoted to a development plan by Jean Paul Gaultier, especially in the accessories and distribution in Asia payday loans with no fax.
Manna fragrances
Other candidates were interested in the brand, which PPR (which owns Gucci) and perfumer Coty (Chloe, Balenciaga), who quickly closed the case. Inter Parfums (Burberry, Lanvin) was launched in the race without much conviction.At the finish, Puig has eclipsed the joint project presented by the Chinese group Fung, who has just bought Cerruti and Robert Clergerie, and Japan's Shiseido. The latter, through its subsidiary Parisian Beauty Prestige International, is behind the success of Jean Paul Gaultier fragrances, which are the real gem of the house.
If fashion and haute couture have made 26 million euros in turnover last year, with a slight loss, fragrances, with several bestsellers, representing several hundred million euros in turnover business very profitable. This is manna for the moment at Shiseido, until his contract expired in 2016, when Puig likely want to see it reach its other lines. Among them, Paco Rabanne has become a cash machine. Perfumes represent 83% of revenues Puig.
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