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.
The slump experienced by the Carrefour share in recent days is likely to facilitate even further the group's general meeting on Tuesday. Carrefour's shareholders must in fact decide on the demerger of Dia, the sign of hard discount group, the independent rating is scheduled for early July in the Madrid Stock Exchange. Carrefour's management motivates this project by the lack of synergies between Dia and the rest of the group, and a willingness to focus on Carrefour (Planet, Market, City, Contact …). If the split is approved, each shareholder will receive shares of Carrefour Dia, a company that alone could be worth at least 4 billion euros.
This vote, however, will crystallize the tensions accumulated during the past few months hectic for the distributor.The group has already had in early May, to bracket his other draft terms of division, the 25% stake in its real estate subsidiary Carrefour Property. This 100% Dia does not unanimously. The transaction is certainly strong, if not driven, by Blue Capital, the holding company common group Arnault and Colony Capital, which is the largest shareholder in Carrefour, with 14% of the capital and 20% of the voting rights. The fund Knight Vinke (1.5%) is also favorable.
What is the position of other shareholders? Halley family (founders of Promodes, which merged with Carrefour in 1999) owns approximately 10% of the capital. Some of its members would quietly campaigning against the split of Dia, creative in their view of a direct competitor to Carrefour Spain. Among the heirs of the founders of Carrefour, also head of more than 10%, Thierry Defforey took a stand against, but as individuals.Members of two families each vote as they wish: we can not speak or block in one case or the other pay day loans.
Appearance of floating
The question is how institutional investors vote, much in demand by both sides in recent days. The split must be approved by over 66% of voters to be ratified.
The vote of the General Assembly will determine the CEO Lars Olofsson, weakened by the disappointing results, but also for Blue Capital, the maneuver at Carrefour since his arrival in the capital early 2008 (at an average price per share of around 53 euros). For the holding, the division of Dia is a means to better demonstrate, finally, the share value Carrefour.
Shareholders, including those of employees, will benefit from the appointment on Tuesday to demand an explanation on the appearance of uncertainty that prevails at Carrefour.After two profit warnings last year because of Brazil, and another this year, the group said Thursday of bad news on the results in the first half.
The turnaround of Carrefour Property added to the doubts. Just as the instability of management. Several senior executives recruited by Lars Olofsson left the group. After the departure of James McCann, the chief had promised to be directly involved in the recovery, priority of the activity in France, before naming the day before yesterday a new boss … and financial communication is in keeping. Not to mention the open front in Brazil, where Carrefour seems to invite in Pao de Acucar, the partner of rival Casino.A move that could have been hailed as audacious, but was revealed at a time when the distributor promised to focus its forces on its French hypermarkets …
ALSO READ:
"The conviction of Carrefour could snowball
Traditionally, the post of IMF Managing Director is awarded every five years to a European. Except that this time, the so-called "emerging", such as China or Brazil, hoping to appear in the landscape of global governance.
If emerging markets do not seem to agree on the way to propose a single candidate set, Europe, she intends to show its unity to maintain this position against the Americans, who they feel are the president of the World Bank. Especially since the situation of public finances in European countries, including South shudder markets for over a year. The Greeks, but also the Irish and Portuguese need a Fund that helps them, as was the case with Dominique Strauss-Kahn. Overview of possible candidates for the general direction of the International Monetary Fund, replacing Dominique Strauss-Kahn.
ALSO READ:
"Europe is talking to succeed Lagarde DSK IMF
"IMF: Angela Merkel would support Lagarde
"IMF: Lagarde well qualified (Lipsky)
"IMF: Dupont-Aignan cons Lagarde
"IMF / Lagarde: Holland doubtful
"IMF: no candidate Swiss
"The emerging campaign for one of their own to head the IMF
"IMF: CIS offers a Kazakh
"IMF: Trichet would be" fantastic "(Wellink)
"IMF:" the moment of change "(OECD)
"IMF: Australia does not exclude a European
"IMF / EU candidate" quickly presented "
"At the IMF, we think the post-DSK
The success of touch pads for the first time contributes to the decline in sales of computers. That is what the preliminary results of a study conducted by Gartner. The global PC market was 84.3 million units in the first quarter 2011, down 1.1% over the same period last year. These figures show a decline in sales of computers, first for 18 months. And this, when Gartner expected a rise of 3% for the first quarter of 2011.
"The low prices of consumer computers, which had long sustained growth, failed to attract buyers. Consumers have turned to the shelves and other multimedia devices in place, "says the study report, Gartner analyst, Mikako Kitagawa, noting however that the business market can limit the overall decline."With the launch of the iPad 2 in February, consumers turned to the purchase of alternative devices, or have simply chosen to buy a computer. We are studying whether this trend will have a long-term effect on the PC market. "
Declining sales due to currency
The general downward trend is however subject to disparities. If the European and Middle East is showing the first signs of decline "since the end of the recession in the fourth quarter of 2009, computer sales in Asia were up by 4.1% with 28.2 million computers for the first quarter of this year. Japan, devastated by the earthquake and tsunami of March 11, recorded the biggest drop in sales with -13.1% with only 4 million computers sold. In contrast, sales of computers in the Asia-Pacific are still growing.The Latin American market shows him the strongest momentum with an increase of 5.4% to 8.1 million units.
A lifetime of computers longer
"The consequences of events in the Middle East and Japan do not directly affect sales, but still a factor influencing the market in the short term, the findings by Gartner joins Jay Chou, senior analyst firm IDC Worldwide. "However, good quality computer products have become a reality today, with the advent of laptops, and more recently, multimedia tablet," he said in a statement. Bob O'Donnell, IDC wordlwide, is more reserved: "It is tempting to attribute the entire decline (the market) to the development of multimedia tablet, but we believe that other factors such as life longer PCs have had roles as important. "
Over the full year, Gartner predicts that sales of computers continue to "support" from their 2010 level. The upgrading of computer equipment should make it possible to support the market until late this year or early 2012.
ALSO READ:
"The owners tend to neglect their iPad PC
"Launch of the iPad 2 in France
After one hundred years of industrial dominance, the United States are being eclipsed by China. In 2010, the Middle Kingdom has become the leading manufacturing power in the world, according to a study released Monday by the economic research firm IHS Global Insight.
Manufacturing output of China represented 19.8% of the planet in 2010, while the share of the United States stood at 19.4%, according to estimates by IHS. According to the study, the added value of manufacturing output of China reached 1.995 trillion (current dollars) in 2010, against 1.952 trillion dollars for the United States.
"U.S. manufacturing output has rebounded strongly in 2010, with growth of 12.6% in value," writes IHS. That was not enough.Growth 'fastest in China, "and" appreciation of the yuan against the dollar helped the Republic to pass before the United States.
The American more productive
If China now produces more than the United States, they remain the most effective. The study notes that productivity is significantly higher at Uncle Sam "with 11.5 million employees, the U.S. manufacturing sector produces roughly the same value as the Chinese manufacturing sector with 100 million employees."
The mass effect was therefore due to the dominance of the United States Centennial. The latter became the first global manufacturing power at the turn of the nineteenth to the twentieth century. They dethroned the then Great Britain. At the end of World War II, U.S. factories accounted for more than half the production on the planet.But foreign competition and the service sector of the economy of the United States has gradually eroded this rule no fax cash advance.
According to figures from the U.S. Department of Commerce, the share of industry in GDP of the United States follows a downward trend started in 1954. In 2009, it accounted for only 11.2% of the wealth produced by the country, against 28.3% in 1953. At the time of the service sector employs about three out of four assets in the United States, bankruptcy and restructuring of the carmaker General Motors, once a symbol of industrial America, were able to illustrate the difficulties of the country's manufacturing sector.
Second trophy for China
In the long term anyway, manufacturing output in the United States tends to increase in value through productivity gains.Conversely, the rise of the Chinese economy depends on industry, particularly factories, whose production is destined mainly for export.
China wins as well, according to IHS Global Insight, his second trophy of the economic year 2010. In February, she actually won the second place in global economic power surpassing Japan. But the race to GDP (gross domestic product), the United States remains dominant. Their GDP is 2.5 times that of China. The latter should wait another few years before doubling the United States. Probably until about 2025, according to estimates by the World Bank and various financial institutions. And if it manages to overcome its many challenges in the coming years.
ALSO READ:
"China revises growth forecast downward
"The many challenges of China for 2011
The week starts expected to see a little clearer in the reform of the taxation of wealth. Thursday will hold a symposium at Bercy in which Baroin, the budget minister, and Christine Lagarde, Minister of Economy, reveal what options are open to reform.
We already know that the track, a time referred to, of taxing the gain on the sale of a principal residence will not see the day. February 10, TF1, Nicolas Sarkozy has said clearly. Moreover, the tax benefits accorded to regulated booklets (Booklet A, sustainability …) and regulated savings (savings plan housing, housing savings account …) should not be affected by the reform.
There remains the thorny case of life insurance. Some imagine that her income, taxed at only 7.5% after eight years of detention, are taxed more.This increase would apply only to contracts exceeding a certain amount in order to protect small savers. Another idea, less taxing contracts more heavily invested in equities (eg 5.5%) and more others (eg 8.5%). However, many within the majority and the government feel suicidal to touch the life insurance to fourteen months of the presidential election. Their plea for the status quo tax seems to hold the rope.
More fundamentally, by early May and the presentation of the reform in the Council of Ministers, the executive will decide on a simple layout of the ISF or her disappearance. The first option is to remove the first slice (the one from 800 000 to 1.3 million in assets), increase the rebate on the principal residence and to strengthen the ceiling of the ISF.Advantage: the removal of the tax shield – the only point gained from the reform – finance or less relief EWB. Conversely, the disappearance of the tax on capital means finding 3.2 billion euros of alternative resources. Supporters of this option believe it is possible to concentrate the necessary increase in taxation of unearned income (capital gains, dividends, interest) on the very wealthy households. For example by subjecting the scale of income tax (IR) products of capital in excess of 100,000 euros per year.
Franco-German convergence
Should we also create an additional tax on income (IR) to 45% for very wealthy households? Many MPs want. But Nicolas Sarkozy, who has the last word on reform, there is so far away. Germany has yet created a slice of IR at 45%.But the reform is supposed to be under the banner of fiscal convergence with our neighbor. The ECA will announce Friday its report on the subject. Only problem: it should conclude that the property taxes are not a key factor of competitiveness gap between the two countries. Taxes and social charges on companies play a far greater role. The report should advocate a reconciliation of the bases of corporate income tax (CIT). And noted that comparisons are difficult. An example: 80% of German companies are taxed at the IR, not the SI.
In reality, the site of the Franco-German tax convergence, and the big bang that it is post-presidential.
The siege is perhaps not what we think. In the battle between Alassane Ouattara and Laurent Gbagbo President of Cote d'Ivoire, do not be fooled by appearances. Certainly, Ouattara, who won the presidential elections of 28 November, can not leave the hotel Gulf surrounded by military forces loyal to Gbagbo. But the latter, which does not release the power, is increasingly isolated from its financial resources by the strategy of suffocation of his opponent.
"Without military intervention impossible, the only weapon Ouattara is the economy," said Vincent Darraque, associate researcher at the French Institute for International Relations (IFRI). "The goal ultimately is to divide the clan on fund bankruptcy." Alassane Ouattara and its international allies have thus closed one by one all the valves supplying the cash war chest of the outgoing president.
"Gbagbo tinker"
But each time, "Gbagbo crafter, artisan economy develops and it seems impossible to reduce to zero its resources," says Rinaldo Depagne, the International Crisis Group (ICG). The camp Ouattara example decreed the suspension of exports of cocoa, Gbagbo has the upper hand in the industry. The European Union has followed, as well as large multinationals in the sector. But, warns an observer working for a French bank, the president turns the embargo through the ways of smuggling.
The hardest blow dealt to the clan Gbagbo went more unnoticed: printing money has been confiscated by the Central Bank of African States (BCEAO). Ally at the head of the guardian of the CFA franc, the common currency for countries in the region, was ousted in mid-January no fax payday loan. His replacement, a pro-Ouattara, immediately closed the antenna of the institution in Abidjan.Gbagbo then organized the robbery of the branch that hosts 268 billion CFA francs (408 million). According to the magazine Jeune Afrique, he could pocket as 8 billion, can not open the coffers, "the access codes are managed from Dakar, Senegal, and changed daily."
Extortion tax
Short of forcing the doors armored reserves of the BCEAO, Gbagbo can always count on one of its main resource: oil. Nearly a third of production would be siphoned off by his clan, or about 20,000 barrels / day. Besides the black gold, Gbagbo controls the direction of Ivorian taxes. Businesses are at once caught in the crossfire. Ouattara called them not to pay their taxes to the Treasury, but hurry up now Gbagbo armed men for extortion. More sources of cash are scarce Gbagbo, his reactions are more extreme.Latest: the requisition of banks, including subsidiaries of BNP Paribas and Societe Generale, which closed this week.
How long will even the outgoing president? "Gbagbo has already dipped into its reserves before his election to buy votes. He sprinkled a lot, "says geographer Christian Bouquet. The UN estimates that he must find each month to 150 million dollars to pay 104,000 civil servants and 55,000 soldiers. Clan of the outgoing president said he could take two months "without problem". Impossible to verify. Meanwhile, the Ivorian economy, deprived of its banks is disintegrating.
ALSO READ:
"Gbagbo commandeers subsidiaries of French banks
Objective: to distance vis-à-vis the City. While the controversy bounces across the Channel on lavish bonuses bankers, the government of David Cameron has chosen to burden of 800 million pounds (942 million) the new tax basis on the balance sheets of banks. London is well draw now £ 2.5 billion, when its previous estimates had forecast 1.7 billion. The levy, which applies to UK banks and UK subsidiaries of foreign firms, will bring another 2.5 billion in 2012 and 2.6 billion thereafter.
At first, George Osborne, Chancellor of the Exchequer, had planned a gradual rise of the levy, the successor to the windfall tax on the bonuses that had generated 3.5 billion pounds of revenue in 2010.The idea was to allow banks to replenish their equity perspective of European regulations Basel 3. But the good results of HSBC and Barclays more – 24 billion pounds expected by UK credit institutions – have changed the situation. This tax is "a fair contribution to reducing the budget deficit," said George Osborne.
Waiting for the Merlin Project
Downing Street hardens tone vis-à-vis banks just before the season officially starts do bonuses. Some see a sign that the government has little hope of obtaining commitments of moderation in this respect, as he hoped.Already, information published in newspapers across the Channel on the 9 million pound bonus Advance Bob Diamond, Barclays' chief executive, and Stuart Gulliver, head of HSBC, revived the controversy on recurrent variable remuneration payday loans.
To reconcile the financial sector in general with the public, banks and government have been trying for weeks to complete an ambitious, dubbed Project Merlin. Among its requirements, Downing Street wanted the large banking institutions limit bonuses. With an expected budget of 6 billion pounds of variable remuneration provided, the City does not seem to have listened to the dictates of moderation."It would have been better, when we save the banks, to secure something in return," coward George Osborne: "Unfortunately, I was not the chancellor at that time" …
Westminster also asked HSBC, Barclays, Lloyds and RBS in banking to provide SMEs about 190 billion pounds of loans, just like what the Elysee had negotiated with the French banks to finance the economy. In addition, the British bankers are asked to develop a £ 1 billion fund to build capital for small businesses.
"The discussions are not completed," admits George Osborne, who hopes to increase "substantial and significant" loans to businesses.And say: "I am always confident about the fact that we can reach an agreement with banks expected to increase loans to small businesses and lower bonuses."
After retirement, Bernard Thibault has found a new battle cry against the government: 35 hours. The boss of the CGT intends to fold the Executive following a decision by the European Committee of Social Rights (ESCR) – 15 independent experts appointed for six years and responsible for judging compliance with State law the European Social Charter – who "found a violation by France of the charter in terms of time working" on two points: the day passes and penalties.
The regulation of day passes (employees working a specified number of days in the year) would be contrary to European law because of weekly working hours' too long to be considered reasonable "(up to 78 hours week) and a violation of overtime laws (the package to employees who can not do).According to the CEDS, the system of penalties would be contrary to the rules applicable to weekly rest. "This is a decision of great significance since it potentially involves millions of employees," said the CGT leader that sum "the government and French companies to comply with the charter." Even if states are not required to comply with the decisions of CEDS – France has been "convicted" twice for the same reasons not taken into account – the boss of the CGT considered "appropriate" to them and even "force of law."
No legal
And Bernard Thibault, therefore, prevent: "Employers should be aware that some of their agreements ( fast cash now…) are considered contrary to the European Social Charter and, as such, reprehensible." And if companies do not want to reopen negotiations, the CGT will attack before the high court and its designees will initiate proceedings before industrial tribunals. "We will get the punishment of all those who will not comply, I can assure you", asserts the head of the Central Montreuil targeting the companies that make their employees at the maximum fee allowed by law, or 78 hours per week. Bernard Thibault, do not despair that companies ultimately doomed to return against the state for him to claim substantial damages. "It's happened before, it can happen again," he assures.
Xavier Bertrand, Minister of Labour, will not amend the legislation on working time. Neither today nor tomorrow. "What is the legal significance of this decision?" Pretended to consider Monday a close: None. No more than the recommendations of the Committee of Ministers of the Council of Europe (which brings together foreign ministers) to which the decision of the CEDS was sent on September 13. The Committee of Ministers – which postponed on December 8 last consideration of this issue – had not followed in 2000 and 2003, the CEDS lesavis on mêmesquestions.
A new record each year. For the passage in 2011, mobile phone users were more numerous than last year to send their wishes virtually, via SMS or MMS. 400 million short messages have been exchanged on the night of New Year's Eve, and the various operators expect to deliver 611 million by the end of the day. A figure projected to increase by 24% compared to last year.
But already, SFR, Bouygues Telecom and Orange observe a double-digit growth of sent messages. SFR recorded 128 million SMS between 20 o'clock and eight o'clock in the morning (+28% increase), Orange just over one hundred million (+17%) between 21 hours and two hours of the morning, and Bouygues 57 million ( +18%) over the same time slot.The MMS data, these mini-messages containing a photo or video, however, are more fragmented and remain below the levels achieved by the SMS.
Delivery times lengthened
Records of incessant sending SMS and MMS were partly boosted by sales of smartphones, up 138% over the first eight months of the year, according to research firm specializing Gfk. The financial issue is not very important for operators who n'engrangent little revenue from this annual influx. Text messaging is indeed free or included in a package for most users.
The challenge for SFR, Bouygues and Orange is more on the side of the technological challenge and the brand returned to their customers. While an SMS is usually less than a minute to reach its destination, the delays have been significantly lengthened by 1 January, the peak consumption.To cope with this influx of exception, for most operators had increased their workforce. Orange, no less than 24,228 SMS were sent per second to 0:02.
ALSO READ:
"The popular smartphones in France
"The mobile phone becomes the camera's Daily
Comments Off