Asian stock markets on Tuesday were in turn carried by the optimism that won the scholarships in Europe and the United States yesterday. The promise, made Sunday in Berlin speaks French President Nicolas Sarkozy and German Chancellor Angela Merkel, are bearing fruit. Hopeful, investors await the answers to the debt crisis in the euro area are expected before early November. They also expect to learn more about the plan to recapitalize weak banks in the region.
Meanwhile, the Japanese Nikkei sets the tone. Around 7:00, he climbed 2.15% to 8790 points. The Tokyo Stock Exchange was closed yesterday because of a holiday and had not yet responded to the ads of the Franco-German. The Nikkei is notably supported by exporters who find the values of the force with the weaker yen against the euro.The single currency is changing around 104.50 yen this morning, well above its record low reached in ten years on October 4, at 100.76 yen. Sony gained 5.58%, 5.64% Ricoh, Sharp and Toshiba 3.44% 5.55%. The automotive sector is doing well also: Honda Motor rising from 6.03% Hyundai 3.6% and 2.12% of Toyota.
State intervention with Chinese banks
The Stock Exchange of Hong Kong and Shanghai are also in the green. At 7:00, they earn 3 cash advances pay day loan.26% respectively to 18,287 points and 0.72% at 2361 points. Financial stocks pull the score up after a share buyback of the main state banks by sovereign wealth fund China Huijin. According to brokers, this operation is to stabilize the financial system in China.In Hong Kong, around 7:15, the actions of the banks concerned fly: Agricultural Bank of China jumped 15.09% so, Industrial & Commercial Bank of China of 7.92%, China Construction Bank gained 7.04% and of China 8.94%.
Other markets in the region are also in good spirits. The Korean Kospi gained 1.89% to 1799 points, the S & P Australian advance of 0.47% to 4220 points and the Indian Sensex climbed 0.86% to 16,699 points.
Oil stabilizes
Oil was steady Tuesday in Asia, maintaining its gains made the previous day, in a market supported by the will of France and Germany to resolve the crisis of government debt in Europe and disruptions in oil exports to Kuwait due to a strike by customs officials who demanded an increase in their wages.
The barrel of "light sweet crude" for November delivery gained 18 cents to 85.59 dollars.A barrel of Brent North Sea crude for November delivery gave a small 14 cents to 108.81 dollars.
Meetings on Greece and are very similar, a little. Following a meeting which ended yesterday, the finance ministers of the euro area have not taken any decision regarding the granting of the next tranche of 8 billion euros to Greece vital for the country.
The ministers of the Eurogroup, however, managed to find a compromise with Finland, the day after his election, had demanded of the counterparties to its participation in the second aid plan Greece's 109 billion euros decided July 21 last. Thus, the collateral will be provided in exchange for loans to Greece, said on Tuesday the Finnish government.
Efforts required to Greece
• The Eurogroup requires additional budgetary efforts of Greece, who said the day before not being able to meet its commitments to reduce its budget deficit."We call on Greece to take additional measures" in terms of savings for 2013 and 2014, thus going beyond those that have just been announced for this year and next, warned the president of the Eurogroup Jean-Claude Juncker. The euro area also recommends Athens to undertake more privatization of companies.
Increase the contribution of banks
• The President of the Eurogroup has also raised the possibility to contribute more financial rescue banks from Athens. Institutions might also undergo a discount greater than 21% of their claims previously considered Greek. There will be "technical revisions" on the subject from what was decided on July 21, he said.But Jean-Claude Juncker warned that "the involvement of the private sector, we must take into account the fact that we have experienced changes since the decision of July 21."
New missions Stability Fund
• And the ministers have suggested to increase the firepower of its Financial Stability Fund (EFSF). Ministers plan to make the fund more "efficient", as demanded insistently the U.S., but refuses however to increase its volume. This fund could help and use of leverage.
In this way, the mechanism would be allowed to use debt to leverage its ability to act. Several scenarios are circulating, the EFSF could turn into a bank that would finance itself from the European Central Bank (ECB).It could also act as an insurer from the holders of debt and cover their losses at 20% to 25%. Options involving the ECB should not be privileged ones, said Jean-Claude Juncker, without giving details.
The Eurogroup is reassuring
After the meeting, ministers have played the card of appeasement. The Eurogroup President said that Greece would be "able to fulfill its obligations" financial. He reiterated that a "failure of Greece will be avoided, adding that a person contemplates leaving Greece in the euro area."
He says that "final decision will be taken in the month of October" based on the findings of the creditors of Greece currently deployed in the country. The meeting between Nicolas Sarkozy and Angela Merkel in Berlin on Sunday planned should also do more advanced discussions.The Franco-German meeting will also prepare for the forthcoming European Council and the Eurogroup meeting on 17 and 18 October in Brussels.
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From our correspondent in Berlin.
The green wave that swept across the Rhine after the disaster atomic Fukushima is a capitulation to the first industry group. The German industrial giant Siemens has given up on Sunday at his activity in the nuclear dead end since it considers the abandonment of the atom civilian in Germany. While Berlin has decided to close the seventeen German nuclear power plants by 2020, Siemens decided to enroll in the federal government's strategy and to strengthen further in the field of renewable energy.
"Chapter nuclear ended for us," said Peter Löscher, CEO of Munich, the weekly Der Spiegel. "We are more involved in the total management of the construction of nuclear power plants or in their financing.In the future, we will continue to deliver conventional parts, such as steam turbines (…), found also in the central gas or coal, "he said.
After the emotion aroused in Germany by the catastrophe of Fukushima, the German government decided in March to immediately stop the older reactors and then condemn others by 2022. "That changed things for us," acknowledged Löscher. Prudent, he was one of the few in Germany in 2010 not to sign an open letter from the heavyweights of the German economy demand a longer duration of use of nuclear power plants. Löscher called a "project of the century" turn energy taken by Germany. And he considers attainable goal to move to a 35% share of renewables in the "mix" German in 2020.Siemens, diverse group in the transport, household appliances or medicine, is already a world-class champion in wind energy.
The decision seems even more logical that Siemens has never been lucky in nuclear energy. In 2009, the Munich group was forced to announce his break with the French nuclear group Areva and sell its stake, amounting to 34% of shares in the subsidiary Areva NP reactor. Sued for breach of its contractual obligations, Siemens was ordered to pay 648 million euros of interest to Areva.Unable to further develop this cooperation because of political opposition on the part of France, Siemens had preferred to turn to Russia and had begun discussions with Rosatom in March 2009, in a context of international nuclear renaissance.
Bill up 10%
Sunday, Löscher also bury the proposed joint venture with the Russian public group in the Rosatom nuclear. "Both groups are still very interested in a partnership. But it will focus on another area, "he added.
The abandonment of the German nuclear announced dealt a severe blow to major energy companies across the Rhine. While their foreign competitors reaping profits, E. ON and RWE, the two main operators of nuclear power, have announced plans for cost savings and layoffs.Germany is now reduced to importing nuclear energy produced under safe conditions, in neighboring Czech Republic. Result: the energy bill has increased by 10% in a few months.
Low growth, but at all levels. The Bouygues group announced Wednesday an increase in sales of 4% in first half (1% at constant exchange rates) to 15.2 billion euros and a net profit of 391 million euros, withdrawal of 27% over the same period the previous year. The net result appears, in turn to an increase of 6% to 752 million euros, the group said in a statement. The debt ratio of the group remains unchanged from the end of June 2010 from 43% to 42%.
As for the 2011 second quarter results, they are also an improvement over the second quarter of 2010. Revenues rose 4%, with an increase in trading profit of 11% and net income of 2%. For its first quarter 2011, Bouygues had reported a turnover of 6.686 billion euros (up 4%), and net income of 34 million euros.
The positive interim results allow Bouygues to revise upwards the target of revenue, it is revised upward to 32 billion euros.
Good activity for all occupations, despite Alstom
All trades of the Bouygues group showed a good business in the first half. Construction Bougues renewed growth and recorded a turnover of 4.7 billion euros, up 4% (+5% in France, 2% internationally), with net income which amounted to 94 million euros (+6%). The order book of the subsidiary recorded a record 15.5 billion euros, up 12% compared to June 30, 2010 and includes the project Balard, up to 1 billion euros.
TF1 realizes a turnover almost stable at 1 no teletrack payday loans.278 billion euros, confirming its ability to control costs and adapt its business model.The group's net profit stood at 119 million euros (61%).
As the group announced, following a first quarter strongly affected by non-recurring expenses, the financial contribution to Alstom was down sharply, with net income of 94 million euros in the first half of 2011 ( 216 million euros in the first half of 2010). However, in line with the second half of 2010/2011, Alstom has experienced strong growth in orders in the first quarter 2011/2012 and confirmed its operating margin target of between 7% and 8% for the year 2011/2012.
Issuer bid of 1.25 billion euro
To address the recent decline in its stock price (-27% since June 1), Bouygues said on Wednesday a draft tender offer in its own shares for total of 1.25 billion euros.This offer is for a maximum of 11.7% stake in the company at a price of 30 euros per share, representing a 30% premium on the closing price on August 30 and a premium of 29% on average months. The repurchased shares will be canceled, the company said in a statement released Wednesday.
The transaction will be submitted for approval at the extraordinary general meeting to be convened on October 10. For information, the offer would be open from 11 to 31 October 2011.
This morning, the rating agency Moody's affirmed the A3 rating of the group, with a stable outlook.
After a smooth start Monday, the prestigious yearling sales at Deauville * Tuesday saw the excitement of great days with a filly born to the purple.
When she was presented the "ring" of the Establishment Elie de Brignac, located opposite the racecourse The Touques, tension immediately rose several notches in the gallery hosting the auction buyers and quickly flamed .
For this filly, by the stud of Perelle, is a daughter of Galileo, the best stallion in the world (it's riding the famous Coolmore Stud in Ireland and its projection amounts to tens of thousands of euros).As for his mother, Sanjida, after the breeding of His Highness the Aga Khan is a close relative of Sarafina champion, winner in 2010 of three groups I, including the Prix de Diane, Qatar and the last third Prix de l'Arc de Triomphe.
Quickly, the auction turned into a duel between two Australian businessmen, Paul Fudge and Paul Makin, both thoroughbred breeders and owners of racehorses. Finally, the first had the last word with a bid of 1.7 million, the auctioneer lowered his gavel and say the traditional "awarded" for Lot 138.
The 2002 record still stands
This amount is probably the "top price" sales in 2011 in Deauville, which will end Thursday make quick cash. But the record set in 2002 still stands.At the time, Sheikh Mohammed Al Maktoum, Ruler of Dubai and owner of the Godolphin stables, one of the largest in the world, did not hesitate to pay 2 million euros to buy the filly Vimy Ridge. This year, like last year, Sheikh Mohammed and Sheikh Hamdan's brother, are not present on the Normandy coast because of Ramadan.
In addition to the price achieved by the daughter of Galileo, fifteen yearlings yesterday exceeded the threshold of 200,000 euros, which allowed a rebound. "On the combination of the first two days, there was a 20% increase in sales compared to 2010, said in Galop Day, Eric Hoyeau, the president of Arqana, organizer of sales. The percentage of sales increased by 68% to 71.3%. The average price 145,500 euros against 150,000 – it is substantially equivalent to that of 2010. "
After the first two days, its objective, namely a slight increase over 2010, a year marked by a fall (-28%) of sales of sales of Deauville, becomes more and more feasible .
* Thoroughbred of 18 months
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Tuesday, July 12 at 20:45, Stéphane Rotenberg will kick off a "Dinner almost perfect: the best team in France." "This is a series of bonuses for daily works so well, says the leader. We combine the two best candidates to represent their city. This sometimes creates dissension or complementarities. They are fans so it's very far from "Top Chef", but represent his city, this is not the same issue as to represent himself. "
Usually released in late afternoon, the program is available in the evening for the third consecutive year. In 2010, the "Battle of the regions" had attracted an average 2.9 million viewers and 13.2% audience share With the second part of the evening between the candidates for known chefs, who rise up to 40 % market share. "The goal is to repeat the same … if you can!" Smiled the host.In a TV landscape shaken by the appearance of TNT, the erosion of audience is indeed the common lot of most programs. And "Beijing Express", the sixth season ended on July 6 M6 and also presents Stéphane Rotenberg, is no exception to the rule. On average, 2.7 million of the faithful have watched the program this year, 12.7% audience share. "Only 3% of the point of hearing in less than two years ago," Beijing Express "is one of the programs that have best resisted, supports the presenter of the program launched in 2005. With three million members and 14% market share for the final, it is also not very far from our scores there are two or three years, when there were six major channels. And at the candidates, the enthusiasm is still there, since we have already received 20,000 applications for next season. "What convinced the chain of command a new season, and allow the facilitator to reflect on the development of the program. "But we do not revolutionize the program, he says. The challenge is to be creative to surprise, while reducing the budget. "
Starting Agathe LeCaron Top Chef
The show, produced by Studio 89, sometimes receives support from Red Mountain, the production company that Stéphane Rotenberg created in 2006. This example has co-produced the second part of the evening of the show ("Peking Express, The Adventure Continues"). "I know the fragility of the trade facilitator," concedes one that started as a journalist, "so I always wanted to have a second business, behind the camera yesterday and today as a producer." Red Mountain has also produced for the TNT (NRJ12, W9).Thirty-six issues of "Fast Club" were commissioned by the subsidiary of M6 for next season and new episodes of "Convoys to the extreme." With 5% audience share on average and regular spikes in excess of one million viewers, the show imported from England is among the highest ratings of the channel, and TNT. This year, Stéphane Rotenberg has also produced a dozen documentaries for 80 minutes NRJ 12, and is confident about new collaborations. "Working for TNT is not exceptionally profitable, says the producer. What is certain is that the host earns a living as best production company. " Then he nuance: "In the past, producing for TNT was the limit of volunteering. Today, these channels give more and more money because they have more public. They are more ambitious. "
A third season of the program of culinary competition "Top Chef" is on track, despite a question mark on it to replace LeCaron Agathe, the co-presenter of the show which will leave for France 5 in September. "That destabilizes a large chain programs, but we'll find. Moreover, even if there is real competition with "Masterchef" on TF1, I think it is now regarded more as a leader in this field. "
The reform bill just passed by the Council of Ministers, the debate continues on the creation of the famous tax on high salaries and bonuses. And the question that arises now is that the threshold will be taken.
Always opposed the creation of a new tax bracket, Nicolas Sarkozy, President of the Republic, in effect, gave the green light to Pierre Mehaignerie, Chairman of the Committee on Social Affairs, to think about it the establishment of an "outstanding contribution". Francois Baroin, the budget minister, was then referred to a $ 2 million to 3 million euros as the threshold for application of this new tax. But according to Les Echos this morning, a government source said that this threshold could be lowered.Also according to the business daily, Pierre Mehaignerie advance, meanwhile, the leveraging of income above 1 million euros.
The tax, originally scheduled to be exceptional, should also become permanent. It would be introduced through an amendment to the Finance Act amendment that members must consider from 6 June.
Debate in the fall
Chairman of the Committee on Social Affairs did not give further, creating a new tax bracket. It even has the approach of presidential elections in 2012 to convince the executive.
The battle is announced on this subject for the time referred to in fall. "This debate should be raised but it has its place in more finance law that at the collective (that is to say, the supplementary budget law) on the reform of the ISF, which is well balanced" , said the MP.
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Enters the digital manners but the paper remains a mainstay for news readers. Over the last three months, 42% of them have downloaded or streamed digital press on websites, against 58% who did not plunge, according to the third barometer REC conducted by the institute GfK France. In digital players, 53% of their time is devoted to digital media, against 47% in the paper.
"These numbers are slow to change, says Philip Person, entertainment director at GfK. But not all news readers are gradually converting to the new media, much faster than readers of books, which are only 10% download e-books. "In terms of intentions, 47% of respondents plan to upload or to consult the digital press in the past three months. 22% consider applications via mobile phones or tablets.
The changeover is very real, but it is far from total. Only 11% of those who download or access the online press no longer use paper. Complementarity emerges among the clipboard and digital press. But she has yet to fix, as offers of pay information online will require changes in behavior.
Dailies favored
The news broadcast by the general news sites attracted 6.6 million daily users, according to the statement Médiamétrie in March. In their research online, 79% of readers prefer digital sites of national newspapers (Le Figaro, Le Monde …), far ahead of those of the regional daily press (Ouest France …) and news magazines (L'Express, Le Point …). Normally, they are the ones that produce the largest share of the supply of online content."The information is very diverse, both in terms of themes that treatment modes, flash and gross factual background folder, via blogs, etc.." Noted Jean-Marie Charon and Patrick Le Floch, authors of The Press online. "In times of hot news, as during the events of recent times in Japan or in Arab countries, people need to know what is happening and quickly," says Philip Person. The Internet has become a tool to meet this demand. "
In recent weeks, Archos, the group specializes in digital tablets midrange was quite surprised markets positively. Accustomed to receiving positive signals about the group's business, investors were more sensitive to the details surrounding this Tuesday announced the launch of a capital increase of nearly 26.5 million euros for largely to fund growth, but also to clean up the group's finances.
Croches Henry, the founder and manager does not Soucre
The reasons for the transaction are clear, namely the prepayment of a loan of 5 million euros in annual interest rate of 20% (due late 2013), and development in new countries.But the absence of any warranty is enough to frighten investors, while even Crohas, the founding director of the company, has announced his intention not to subscribe the capital increase, and let its shareholding in his company go from 16.31% to approximately 13%. "This is not the subject of a bank guarantee. Furthermore, no shareholder of the company has made a commitment underwriting, "said the statement issued last Tuesday morning by Archos.
To date, and except Crohas, Archos has no reference to its shareholder capital. None has more than 5% of the round. This may explain the lack of commitment from all minority shareholders, and therefore potentially less affected by the strategic aspect of the operation.Crohas, despite its non-subscription, also keeps his hand over 13% of the capital, which negates the potential for him to lose control of his group.
But the signal sent by an officer (who is the founder) market is still frowned upon by investors, who see there is a lack of confidence about future activity, is a sign of personal financial concerns from the leader in question. Result, the title Archos lost more than 12% at the Paris Bourse, to 7.54 euros. Contacted, and traveling abroad, Crohas could not elaborate on the reasons for his choice, which was not likely to reassure investors no fax payday loans.
A risky operation after soaring title
Because of this last cold spell during the Archos: the subscription price.Admittedly, the title has exploded in recent weeks (+87% since January 1), in the wake of the sales figures of the group. But the premium offered, approximately 26.5% over the closing price on April 15, should convince shareholders less than the 45% offered in December 2009, during the last capital increase (19.4 million euros ). Moreover, to 6.50 euros, the transaction turns now more risky for the potential subscriber, especially after such a rise in the stock. For example, last fundraiser in December 2009 was made at a price of 2.2 euros. The subscription commitments had now reached 75%.
The financial markets fear an obstacle to development
The operation seems to meet today many risk factors. No guarantee of success, and especially the obligation to reach 75% of amounts pledged."If the threshold of three-quarters was not reached, the transaction would be canceled," says besides Archos. This would mean a stop to its financial development, very detrimental to a growing market where latecomers are fast behind. A scenario that seem to fear the operators on Tuesday.
These should be particularly careful in the coming sessions in progress, then at the end of the operation. The subscription period which begins April 21, will run until May 4, inclusive, for a settlement of shares expected May 17 This fundraiser is with maintaining the preferential subscription rights, five old shares entitling to one new share. And if the capital increase met a strong membership, unlike that suggests the market reaction on Tuesday, its amount could then be increased to 30.42 million euros.
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After finishing the week on a positive note, U.S. stocks finished Monday on a more cautious note. The Dow Jones gently takes 0.19% to 12,400.03 points at closing, its highest closing level in almost three years. The S & P advance of 0.03% to 1332.86 points. Nasdaq displayed him in negative territory: -0.01% to 2789.19 points.
Macroeconomic side, no major event was expected during this first meeting weekly. Investors took the opportunity to take profits while international events, including Libya. offered no incentive to take risks. Two weeks after the start of the international intervention, the United States has decided to extend their strike on Libyan soil, after a weekend still marked by intense fighting between rebels and supporters of Muammar Gaddafi at the gates of Brega.
Tensions that, coupled with improved labor market in the United States, continue to support the inflation on oil prices. On the New York Mercantile Exchange (Nymex), a barrel of light sweet crude for May delivery ended at 108.47 dollars, up 53 cents from Friday. In London, the Intercontinental Exchange, a barrel of Brent North Sea gained 2.47 dollars to 6:45 p.m. GMT at 121.17 dollars, after having crossed the threshold of $ 120 for the first time since August 22, 2008.
As for currencies, the euro was stable against the dollar Monday after being temporarily mounted to its highest level in five months, as investors anticipate an increase in rates this week the European Central Bank (ECB). At the close in New York, the euro was worth 1.4216 dollars, against 1.4225 Friday around 23 hours.
As for values to follow
Oil giant BP (0.53% to 45.90 dollars) could soon resume its drilling in the deepwater Gulf of Mexico by this summer, according to the Sunday Times on Sunday. Information denied by U.S. authorities.
According to Aurel BGC, the activities of consumer credit from Citigroup (-0.45% to 4.43 dollars) have managed to attract three groups of potential buyers: Blackstone, Carlyle and Brysam Global Partners form the first consortium interested, Clayton Dubilier Onyx & Rice and the second and JC Flowers and Apollo Management on third.
The stock exchange operators Nasdaq OMX (-2.76% to 27.45 dollars) and InterContinental Exchange (-0.71% to 118.90 U.S. dollars) were also under surveillance, after bidding on NYSE-Euronext, already in sight Deutsche Börse.
The French pharmaceutical Sanofi-Aventis announced this morning that it had closed its successful bid for the U.S. biotech Genzyme (+0.39% to 76.31 dollars), after collecting 84.6% of the shares of its target. The offer, ended April 1, however, reopened this morning and for four days (until April 7 to midnight), to allow for latecomers or undecided to give their titles.
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