The U.S. stock markets move sharply lower on Monday. The Dow Jones lost 0.84% to 12,551.25 points, the Nasdaq 1.02% to 2830.66 loose points and the S & P 500 drops 1.08% to 1329.34 points. On Friday, the New York Stock Exchange ended down, undermined by employment figures disappointing compared with analysts' expectations.
Hiring remained stalled for the second straight month the U.S. in June, with only 18,000 net new jobs and the unemployment rate rose to 9.2% of the workforce.
Alcoa opens the ball in quarterly results
The trend, however, should be fragile before the beginning of the season half-year results. As usual it is Alcoa (-2.32% to $ 16) which will open the show of quarterly, as soon after the close of Wall Street Monday.JPMorgan Chase will be the first major U.S. banks to issue, with results expected Thursday, the same day as Google, which will set the tone for the technology. Investors will know very quickly if the U.S. financial sector has suffered from the decline in trading activities. These results also give a taste of the figures will be announced later by European banks.
According to Thomson Reuters data, the results of listed companies on the S & P 500 should show an average increase of 7.3% compared to second quarter 2010. But this increase could be higher if a majority of companies beat the consensus.
The euro dropped to $ 1.40
On the foreign exchange market, the euro was digging its losses against the greenback on Monday.Mid-afternoon in Paris, the single European currency was worth 1.4050 dollars against 1.4258 dollars on Friday night, falling to levels seen for two weeks.
On the macroeconomic front, the United States, negotiations between Democrats and Republicans over raising the debt ceiling is again blocked, the Speaker of the House of Representatives, Republican John Boehner, who announced that he would not find a comprehensive agreement with the White House.
In the process, the U.S. Treasury Secretary Timothy Geithner gave assurances that the U.S. would not default on their financial commitments, while Barack Obama announced he would hold a press conference Monday at the White House.
Always on the side of values, Sanofi (2.49% to 80.35 dollars) today announced positive results in a phase III study for Lemtrada, a drug for the treatment of multiple sclerosis developed by Genzyme's new subsidiary. Sanofi put his hand in April on U.S. biotech Genzyme for more than 20 billion. In addition, Sanofi said on Monday the sale of its Canadian dermatology Dermik to Valeant for $ 425 million (300 million) in cash, in order to focus on priority activities in the United States and Canada.
In the same area, the Swiss company Lonza, specializing in life sciences, announced Monday the acquisition of the U.S. Arch Chemicals (11.24% to 46.91 dollars), a company active in biocides.The cash offer to 47.20 dollars per share values the company at $ 1.4 billion, which represents a premium of 36.7% over the share price on the last thirty days.
In addition, the U.S. aerospace equipment Precision Castparts Corporation (0.79% to 164.07 dollars) will strengthen the sector by buying aero Primus International Society for $ 900 million in cash.
Also note, the Financial Times, the fund Blackstone (-3.12% to 16.48 dollars) sold its shares in the Chinese Dili Group, while the group would not be able to freely adjust its prices .
The debt crisis has blackballed two governments in Ireland and Portugal, and the list is certainly not closed. The damage is more severe on public opinion because they take a nationalist turn. In Germany, almost one in two voters, according to a recent survey, calls for the release of Greece to the euro area. Last month, the Bundestag voted by a majority of only ten members agreed to a new aid plan in Athens. Chancellor Angela Merkel has obtained such authorization on the express condition to require private investors to make "a fair contribution" to the bailout.
Unexpectedly, the debate on financial solidarity in Europe tends to resurface interregional strife. And paradoxically it is in federal countries like Germany or Belgium, the tensions appear more vivid.The euro zone should not lead to "a union transfer," insists there be beyond the Rhine. "Greater integration will not remove economic imbalances. No one knows this better than the Germans who had a similar experience there are almost twenty years during the realization of monetary union between the two Germanys, "says the weekly Der Spiegel in its edition of June 20 The Germans continue to pay until 2019, a special tax called the "Soli" (Solidarität), which has already cost 187 billion euros.
Euroscepticism in the richest regions in Europe
In Belgium, a country Europhile if any, the antagonism between Flanders and Wallonia reaches new levels. The two communities are unable to agree to form a government, the Prime Minister, Yves Leterme, is reduced to administer the routine business since April 2010.Experts struggle with blows of figures to assess the transfers flowing North Flemish Francophone south. They represent an annual 11 billion euros, according to the Flemish Institute of economy and society (Vives). False, answer the French, with this basic argument: Belgium charges taxpayers in their homes and not where they work, as recommended by the international law. If this standard was followed, Brussels, attached to the French-speaking area, recover 4 billion euros of income tax.
Euroscepticism would it be more marked in the richest regions in Europe? This is clearly the case in Italy: Northern League campaigned for the prosperous regions of the Po Valley found a form of independence political-administrative and fiscal, while maintaining the strongest prejudices vis-à-vis the euro no fax pay day loan.
Not so in contrast to France.Regional differences are however not lower than in the rest of the continent but they are resolved in a more gentle. And the Ile-de-France, and its ten million inhabitants, it is by far the most productive region of the hexagon: it polarizes alone 29% of GDP, gross domestic product of the country, but represents only 22% of the income of the French (according to figures from INSEE). The explanation for this defect is simple: on one side, 7% of payroll companies Ile-de-France are paid to employees who live outside and conversely only 14.5% French pensioners living in the Paris region.The latter is losing both ways: a significant portion of its revenues from production escapes and receives limited resources from the inactive, who prefer other lands.
Centralism French or German federalism
He welcomed such an "invisible circulation of wealth" between the territories of the Republic, in the words of happy economic geography Davezies Laurent. The Limousin and Corsica can be very productive while enjoying relative prosperity, thanks to the mobility of the French who will spend their vacation or retirement. These contributions and income of private individuals play a more fundamental transfers of public money themselves. "Similarly, the savings is in the province and bank credits in the Ile-de-France, but these movements do not create real problems protest across regions.This is probably due to mixing of populations: from birth to retirement, through studies and work, the French used to change the place throughout their lives, "noted Jean-Luc Biacabe, Director of Foresight to the Chamber of Commerce and Industry of Paris.
Often criticized for its lack of centralization and autonomy of its regions, France is she a model of harmony for its neighbors? The Germans, because of their culture of federal government, are much more aware that the French fiscal federalism in the euro area is currently in practice be established. The Bundestag is alarmed by the German contribution to the European guarantees of financial stability, to 123 billion euros. The National Assembly does not seem moved by our share, yet the same magnitude because of the weight savings (three quarters).In Germany, it continues to quote the formula of Ernest Renan, 1862, "A customs union is not a nation." In Paris, the euro is considered the homeland.
This is unprecedented in the history of the prestigious American newspaper The New York Times, founded in 1851. A woman, Jill Abramson, will take the lead, at a time when the newspaper industry is undergoing a revolution. At 57, she succeeded on September 6 to Bill Keller, who declined to slow down but will remain a contributor to The New York Times Magazine and the weekend edition of the newspaper.
New York, Jill Abramson began his career as a journalist for Time magazine, while still a student at Harvard. From 1976 to 1986 she worked for The American Lawyer, a magazine for lawyers, before being appointed editor of Legal Times. From 1988 to 1997, she was a correspondent for the Wall Street Journal in Washington.
In 1997 she joined the editorial of The New York Times, still in Washington. Bureau chief of the Federal Capital in 2000, she became its editor in 2003.In his new position, she aims to make "The Gray Lady" nickname of the newspaper, a "multichannel media committed to providing excellence in journalism," as explained by Arthur Sulzberger, owner of the title.
One million copies a day
An 'ascension into heaven, "according to its own terms. Jill Abramson takes the reins of a newspaper sold nearly a million copies daily, which is speeding up the turn on the Web (31 million unique visitors per month).
The site was chosen in March for a mid-free formula, half-pay: After the free consultation of 20 articles a month, readers are offered Internet users to subscribe monthly or yearly.A "freemium" inspired from the Financial Times.
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Meanwhile how OL GROUP, led by Jean-Michel Aulas, will provide funding for a new stadium, investors seem to be on the lookout for any new funding. On Monday, the track climbed nearly 2% to 5.90 euros after the announcement this weekend by the management of the signing of the syndicated loan of 57 million. The group currently holds the club's third championship in fact explains in a statement it had finalized with Credit Lyonnais, Groupe CM-CIC (as mandated arrangers) and BNP Paribas (as arranger) this line of credit a maturity of 3 years, "with an option to extend for one year." Other consortium members are bank Societe Generale, HSBC, Natixis and Banque Populaire Loire and Lyon.More than the mobilization of new financial, OL Groupe thus increases its flexibility by bringing together under a single credit to longer maturities and unique, its old lines of credit previously negotiated on a case by case and according to different timelines, with each bank . "The credit line is part of a substitute bilateral credit lines currently in place," said Chief Financial indeed.
Avoid tap into cash
Figaro.fr reached, the group does not want to give details of the use of these funds, but said "they will not be allocated to build the new stadium payday loans. They will secure the needs of medium-term funding to continue the group's strategy in avoiding the use of cash. " In late 2010, it (net debt) amounted to 8.2 million.The group said in a statement that the proposed new stadium will be dedicated funding, "under consideration". The latest plans known to management, project financing would be split apart roughly equally between bank loans, funds provided by the club itself, and commercial contracts. However, the project now appears stalled, while the group is still awaiting authorization from the Stadium of Light in the suburbs of Lyon. In 2009/2010, the net loss of one football club side at the Paris Stock Exchange reached 35.6 million euros, hit by a decline in product transfers of players.Last February, the club has however announced a reduction of 2 million euros of its semi-annual net loss to 6.7 million.
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Hiring picked up in April in the United States. Based on the highly anticipated monthly report from the Labor Department released this Friday, 244,000 net jobs were created, when adjusted for seasonal variations, or 10.4% more than in March. It's the largest increase in employment since May 2009. The figure for March was also revised upward to 221,000 against 216,000 originally announced.
This acceleration was driven by the dynamism of the private sector has created 268,000 jobs, the highest since February 2006. Economists predicted, however, a plateau in improving U.S. labor market and had forecast 186,000 new jobs.
Unemployment rate to 9%
However, this improvement was not enough to prevent a surprise rise in unemployment.After four months of decline, it was 9% in April against 8.8% the previous month.
This rise, which goes against forecasts of analysts, was foreshadowed by the poor figures published this week: a monthly survey of firm ADP, released Wednesday, showed a slowdown in job creation in the private sector April. The next day, figures released by the Labor Department showed a surprise rebound in weekly jobless claims at 474,000 against 431,000 the previous week free online credit report.They thus reach a high of eight months.
This apparent distortion between the two statistics can be explained by the fact that the unemployment rate and the number of hires are made after two separate investigations, the first conducted with a sample of households, with the second of a sample of firms.
It could be a sign that the number of jobs created have benefited people who already have a job or it could signal an adjustment of the figures next month.
European stock markets have increased their earnings from these figures, a sign that the health of the U.S. economy is not as bad as that. In Paris the CAC 40 gained 1.26% in 4055 to 15 hours, 34 points. On the foreign exchange market, the dollar has increased its progress against the euro at 1.4547.
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Renault could have done this possible controversy. But a few weeks after pleading guilty to wrongfully dismissed three executives accused of espionage and one year after the turmoil created by the case of the Clio – it planned to relocate to Turkey – the manufacturer must again be accountable.
The group decided to entrust the production of two new engines to its sites in Romania and Spain, he said Friday. The H4 (3 cylinders) and H5 (4 cylinders) are respectively made from 2013 on the site Dacia Pitesti, specialist low cost, and Valladolid (2012). The announcement had been made in these two countries, but Renault had kept the trumpet in France.
This decision could affect the French mechanics Douvrin in the North.The plant, owned jointly by PSA Peugeot Citroen and Renault, the engine produces D4, a less powerful 4-cylinder (60 to 80 horses, 90 horses cons for the H4 and H5 for 115 horsepower). The motor assembly D4 employs 450 people, about 3450. The downturn could cost more than 200 jobs, said the CGT. These positions will not be replaced by the manufacture of cylinder heads and camshafts for the new engines, which could employ 40 people, said the union.
In response, the group has indicated its commitment not to make any plans for layoffs or voluntary redundancy as part of its new strategic plan. But unions fear that retirement will not be replaced.
Lower volumes
"It relocates slowly, even if management tries to minimize," sighs Alain Labarre, CGT Douvrin.The group, however, rejects these accusations payday loan lenders. "The H4 and H5 are required to take the place of older models that were almost similar already made in Turkey, Spain and Romania," said a spokesman, adding that such engines "are not competitors D4 Douvrin made. This engine, fitted to small cars like the Twingo and the Clio (as will the H4) and low-cost models, will be "produced in parallel in the coming years," because "it can offer rates aggressive. "
In late January, Philippe De Coene, director of the French mechanics, however, said that the arrival of a small 3-cylinder would "intervene in the market" of 4-cylinder engine manufactured in Douai, as mentioned by Liberation. He said the volume of the D4 engine "will tend to decline," even if "we will not stop producing it in 2013 and he did not" concern "for the job.He added that he "fought to get another engine family."
In 2010, Renault has made 29% of its engines in France, against 85% for PSA. Renault says it will carry, however 40% of its investment in France by 2013. Engine side, the group said it will produce R9M, a 130 horsepower diesel for the Megane to Cleon, Seine-Maritime. A factory will also manufacture electric motors in 2013.
While the new European standards will make diesel engines more expensive gasoline engines of new generation have a bright future ahead of them. H4 and H5 models, which will reduce CO2 emissions by 30 to 40 grams per kilometer, would represent 85% of the volume of gasoline engines for Renault in 2015.
Faced with pressure from parliamentarians, very angry against the simultaneous increase in fuel prices, gas and electricity, the Minister of Economy and Finance, Christine Lagarde, Minister of Industry and the Energy, Eric Besson, and Secretary of State for Consumer Affairs, Frédéric Lefebvre will meet Friday and discuss the solution to ease the surge of energy. While a further increase of 5.2% in gas prices comes into force today, bringing the rate increase on a year to 21% or even 61% since July 2005, the daily Les Echos revealed that the government could decide to freeze any further increase of gas by the Presidential in 2012. Soaring oil prices, which serves as a basis for setting gas prices, could indeed lead to a new rate increase on 1 July.A measure politically difficult to pass a year of elections.
Taking into account the actual costs
In addition to freezing outright increases potential, ministers are considering another option: the Revision of the method of calculating gas prices. For now, the formula considers only the volume purchased by GDF Suez via major supply contracts signed with suppliers such as Gazprom, Sonatrach and Statoil cash advance now. Now the operator has also signed contracts for short-term cost that took into account would lower the cost of supply of GDF Suez and therefore futures prices for consumers. It as found by the Commission for Energy Regulation in a resolution dated August 31, 2010.
Finally, the government should look at the price of electricity.The state must stop in the next few days the price at which EDF will sell part of its nuclear energy to its competitors. The conditions requested by the incumbent would result to increase rates for consumers by 5% per year until 2015. But Baroin, budget minister and spokesman of the government has already said he opposed such an increase.
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"The evil at work live: enough is enough!". Here is the slogan that should flourish on banners at the event's national staff of the Post on Tuesday. The call to action is launched by the CGT, SUD, CFDT and CFTC (FOR, UNSA and CFE-CGC has called the strike separately). In Paris, a demonstration is planned for mid-day from the Place Denfert-Rochereau to Vaugirard, near the headquarters of the group. Other rallies are expected across the territory.
"This is a movement focused on suffering and working conditions on work reorganization and destabilization of the staff," says Hugo Reis, federal secretary of Sud PTT, which aims "to mobilize 30 to 40%."
Sick leave up
This movement builds on the social crisis that has shaken the Post. Illustrating the unease surrounding the unions point to the proliferation of sick.The cost of long-term leave and leave long illness had increased by 4 million euros over two years. In May 2010 a letter of occupational doctors, sent to management, sounded the alarm and accused management of "unable to create physical and psychological."
Some unions even speak of 70 suicides. Which is still difficult to verify, "the Post refuses to do a census. It is a figure neither confirmed nor denied, "says Hugo Reis. However, unions do not hesitate to put the case of the Post in parallel with that of France Telecom, hit by a wave of 35 suicides in 2008 and 2009. "France Telecom has also experienced the opening of capital, privatization, strategic choices at one point refusing to accept the role of employees with a challenge of public service.We currently live in a few months what the Post has lived in France Telecom in a few years, "says the majority union CGT which warns that" the same ills that tend to produce the same effects, we must not wait that the Post is aware of what is asked. "
Employment in the crosshairs
These conditions, described as "very, very bad" by South PTT, are rooted in the strategy adopted by the Post Payday Loan for Bad Credit. The group last year became a limited company, still owned 100% public and is facing the loss of its monopoly on delivery of letters weighing up to 50 grams. Jean-Paul Bailly, Chairman of the Post has decided to reorganize the group. A policy that requires the consolidation of offices, the closure of several facilities, and by extension, job losses.
In 2010, 11,700 jobs were lost and 10,000 according to South PTT should be followed in 2011, despite the announcement of the recruitment of 4000 people, 2500 in alternating. Marc Duhem (UNSA), this leads to a "lack of visibility. There are places where it's ready to explode. " Although management is committed to space 18 months reorganizations, postal workers are "disrupted" by their multiplication, according to the CFDT.
"Adapting to its environment"
Facing these criticisms, the management group, which employs 276,000 workers, including about a half of civil servants, trying to calm the game "The Post has to adapt to its environment" while having "the greatest concern for health and quality of work life for all postal workers, "said a spokesman. The group emphasizes that its "social model is based on the quality of employment and lack of severance schemes imposed."
To justify its strategy, the group highlights the decline of mail, the business of La Poste. Jean-Paul Bailly expects a fall in volumes of 30% between 2008 and 2015 despite a decline in this activity limited to 1% in 2010. "I'm not sure that La Poste measure the level of seriousness of the situation," Roey slice Joëlle (CGT).
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Billing the rent receipt, inventory costs, closing costs account … Despite the tightening of laws in recent years, many property managers continue to charge tenants for illegal payments, according to the latest study of the consumer association CLCV, as Le Figaro has procured. "We conducted an initial study on the illegal and improper billings in 2006. Since very little has changed, "says David Rodrigues, a lawyer in the CLCV. Some deviations, such as billing receipt of rent paid by check and billing renewal of the lease (up to 95 euros), however, virtually disappeared.
But other practices, though illegal, remain. Several large agencies charge and the rent receipt (between 0.53 cents and 3 euros per month). Yet it is a gratuitous act, as recalled by the 2009 law.Some managers have found a solution by charging these fees under other names. "Typically, managers prefer to play on words, citing" administrative fees "," expenditure "or" fresh chancery, '"said the study of CLCV. Others go even further, by puncturing 1.20 Access to the receipt on the Internet.
Another classic, the cost of inventory input and output (between 40 and 100 euros) imposed by some agencies, so that this act must be free in the absence of litigation.
Charges artificially undervalued
In some agencies, the tenant must pay the costs of recovery in case of late payment of rent allowed by law (about 20 euros on average). Moreover, he charges our account closure at the end of the lease (up to 60 euros).Some managers even collect 34.38 euros to reassess the annual rental charges.
Aware of some potential problems in some firms, the U.S., the largest union of property managers, regrets these abuses. "Those who do not obey the law are punishable," says Serge Ivars, President of the United States. Thus, some agencies still require the tenant to make a check (corresponding to one month's rent excluding charges) for a good book. A deposit will not recover if he changes his mind. This practice has become less frequent, but it has not totally disappeared. Yet, "since March 2007, the law prohibits Dalo the lessor to claim a reservation check.But this kind of practice continues, "the study says.
The CLCV also points out certain abuses, such as voluntary understatement of rental charges for "bait barge" and artificially lowering the rent. The study cites the example of a lease signed in 2006 with a provision for charges 30 euros per month. At the first adjustment, which occurred in 2010 (!), The provision has been revalued to 148 euros (an increase of 393%). After the tenant leaves the end of 2010, housing has been rented with a provision for expenses … 30 euros.
Why such abuse? The first reason is economic."A rent receipt charged 2.5 euros per month represents a heritage of 500 houses for example the tidy sum of 15,000 euros per year," says the study, said that property managers are already paid by the owner housing.
However, all management professionals are not housed in the same boat. "The abuses are more frequent in larger groups than in small firms," said David Rodriguez, who would like to be displayed in agency fees that a tenant does not pay.
The destruction resulting from the earthquake and tsunami that struck Japan on Friday are still difficult to assess. Nevertheless, for many economists, which provide a parallel with the Kobe earthquake of 1995, the impact of the disaster on Japan's economic growth will in the medium term, positive rather than negative.
While the cost of the quake could amount to several tens of billions of dollars. In the short term, the destruction caused are enormous: infrastructure damaged production facilities at the stop, the areas impacted are placing great weight in the economy. If the worst-affected region, that of Tohoku, north-east coast, only 8% of Japanese GDP, that of Kanto, which houses including Tokyo, by contrast produces 40% of national wealth.
Besides stopping the oil refinery of Cosmo Oil Ichihara, east of Tokyo, the activity of the Japanese nuclear industry, which produces between 25% and 30% of national electricity production, is seriously compromised. Eleven of the fifty reactors are currently stalled, while an explosion in one of two plants in Fukushima, northern-eastern countries, has caused extensive damage and the evacuation of all population within a radius of 20 km.
"The temporary closure of production plants and oil refineries, and the interruption of power plants should have an impact on the country's production. GDP could result in decreased again slightly in the first quarter, "predicted the AFP and Wolfgang Leim, an economist at Commerzbank.
Rebound in construction, steel and telecommunications
In the medium term however, the Japanese economy could rebound strongly. Drawing a parallel with the Kobe earthquake in 1995, Takuji Okubo, senior economist at Societe Generale, said that reconstruction should generate an increase in activity, and the need for people to renew their property damaged boost consumption. The sectors of construction, steel and telecommunications sectors should benefit fully from the increased activity post earthquake.
"After the earthquake of 1995, Japan's GDP grew 1.9% in 1995 and 2.6% in 1996, while the average growth of the Japanese economy over this period was 1.5% .Consumption grew 2.2% between 1995 and 1996 against 1.1% on average between 1995 and 2004, "said Takuji Okubo.
Risk on debt
The Japanese bank Nomura, which also anticipates strong growth in the Japanese economy in the medium term, says his side as the stimulus state has played a key role in 1995 to revive the economy. "Immediately after the earthquake, the government passed an emergency budget which has contributed 0.3 points to GDP growth in the second quarter 1995 and 0.5 points in the third quarter. We anticipate a similar response from the authorities, "notes Peter Westaway, economist at Nomura.
The opposition conservative Japanese has already announced its support for extraordinary measures promised by the center-left government.A situation which should not, however, help improve the financial health of Japan, whose debt stood at 200% of GDP. The rating agency Standard and Poor's has also recently lowered the debt rating of Japan, considering that the country's budget deficit will remain high in coming years. But Moody's did its part Friday that the earthquake should not cause a subsequent breakdown of the score attributed to the Japanese debt.
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