Tension rose a notch on Friday between the executive and the unions, less than two weeks of mobilization against the pension reform on September 7. "We have entered a power carried by the government," critic Jacques Voisin, chairman of the CFTC. "We will have no lights before the Assembly debate, agrees Marcel Grignard, number two of the CFDT. The government does not want to give grist to the mill workers before mobilization. "The Elysee confirmed:" We will not reveal anything because the unions would benefit from our proposals to demolish in order to mobilize more. "
Eric Woerth's proposal to hold further discussions before considering the text on Sept. 7 failed to calm the ardor of unions to fight. "The minister's letter has also stiffened relations", says Jacques Voisin.The CGT will not lend itself to exchanges which are lip service to the thesis of social dialogue is still alive, so that no real negotiation is still the order of the day ", said Thursday its secretary General, Bernard Thibault.
For him, it will be to decide on the streets: "We're heading for a big day, perhaps even unique, and I can not imagine it will not affect the head of state," he said on RTL radio Friday. The boss of the CGT also judge Nicolas Sarkozy "much more feverish" at this time. In his eyes, his decision not to restrict the device housing assistance for students shows. "This is the topic that would put the students in the street," says a spokesman of the majority. "It's a sign, says Alain Olive, secretary general of the UNSA.Nicolas Sarkozy must remember that this is not the unions that have obtained the withdrawal of the controversial First Employment Contract in 2006, but the presence in the processions of schoolchildren and students. He is wary of a mass effect from them. "
"All the shots are allowed"
Alain Olive, too, considers that "the Elysee concessions are available to show that the president is listening, but only at the margin, on the issues left open (career long, arduous and polypensionnés) before summer . "The Head of State realizes that there are inequalities in policy and that the sum of these injustices becomes problematic," adds Marcel Grignard. Forgery, replica near the Head of State: "Nicolas Sarkozy is serene.He is less worried about the outcome of the reform for the good economic indicators released in recent days show that cuts to the budgets of state and social will be less painful than he thought. But he was more afraid of the reaction of the French on the issue of expenditure on pensions. "Even at the Elysee opinion:" We expect a large-scale mobilization, so it is unlikely that changes our text if so. "
Jean-Claude Mailly, general secretary of FOR, raises the bar "more than two million protesters. Either a higher level than at the last day of mobilization on June 24 "People will have something else in mind that the pension reform, warns Jacques Voisin: laborious recovery, employment, discipline …" But also the case Woerth-Bettencourt."Everyone knows that the reform will be polluted by his supposed status in question," Bernard Thibault launched yesterday, when he had thus far refrained from comment. A little phrase that has infuriated the Head of State, who "has now concluded that all shots are allowed," slips one of his relatives.
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A net profit down 28% in the first half of 2010. As expected, the insurer Axa unveils impacted net income by the sale of part of its activities to the United Kingdom, according to a statement released Wednesday. But at 944 million euros, it appears well above expectations of analysts who had forecast of 623 million euros.
At the announcement in late June, the assignment to the British insurer Resolution a part of its business life, savings and retirement in the United Kingdom, CEO Henri de Castries had indicated that the operation would force the group to see a loss of about 1.4 billion euros. She finally reached 1.478 billion.
Besides this exception, the operating income was down slightly more, from 3% to 2.082 billion euros, as markets anticipate that 1.884 billion.A decline mainly due to the declining contribution of the activity damage (-9%) and asset management (-15%), partly offset by a 6% increase in operating income for life, savings and retirement.
The total turnover of AXA was up by 1.4% to 49.9 billion euros in the first six months of the year.
In exchange, the title Axa lost 10.9% since the beginning of the year, while the European index DJStoxx insurance is up 3.16%.
Marge and emerging areas in the crosshairs
Henri de Castries, CEO of the group, commenting on these results this morning on the group's website, said that the figures "show the strength of (our) model and the ability to do what we said we would do to give pride of our margins and long term. "AXA is pleased to have increased its margin on new business, to 19.1%, against 16% a year ago.
The emerging areas, particularly targeted by the group as part of its strategy for growth, have reached a good performance. In southeast Asia and China, the new business activity has almost doubled from one year to another. In Hong Kong and Australia, business is good too (+19% and +18%). Other key points of the group, Central Europe and East, including Turkey.France, the United States and Japan, they, are still difficult times, with decreases in activity by 12%, 12% and 13%.
AXA Asia Pacific: the benefit flexes
AXA Asia Pacific, the target of a takeover bid of 11.5 billion U.S. dollars from National Australia Bank, reported Wednesday a 19% drop in its first-half profit attributable to the fragile financial markets.
AXA Asia Pacific has announced a profit of 219.2 million Australian dollars for the first six months of the year, a figure in line with market expectations.
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The U.S. stock market should be reluctant to take on the leadership on Monday. The index futures are predicting a slight decline in opening of U.S. markets. The index futures Standard & Poor's 500 and Nasdaq 100 fell back in effect respectively by 0.13% to 1099.50 points from 0.04% to 1873.10 points.
On Friday, the NYSE has ended sharply higher, buoyed by another round of quarterly results from U.S. companies of good quality and were reassured on the results of resistance testing in European banks. The Dow Jones gained 0.99% and the Nasdaq 1.05%. On the whole last week, the Dow Jones gained 3.23% and the Nasdaq rose 4.15%.
On the foreign exchange market, the euro steadied against the dollar. In the morning, it was worth 1.2901 dollars against 1.2906 dollars on Friday.
A busy week on the macroeconomic level.Today investors expect the sales figures for new housing. Another highlight, the U.S. central bank should publish its Beige Book Wednesday on the economic conditions. It will be very guarded while the president of the institution, Ben Bernanke said Wednesday before Congress the slow recovery, with no announcement of new funding in the economy.
On Tuesday, it is the Standard & Poor's / Case Schiller home prices and consumer confidence, which will be followed, before investors only look the next day on orders of durable goods. But it was the day Friday with the first estimate of gross domestic product (GDP) U.S. second quarter to be expected this week.This new burst of publications should be especially followed when investors are questioning again on the strength of the U.S. economic recovery.
U.S. companies are still likely to take stock in their accounts this week, including the program six companies forming part of Dow Jones. Tomorrow investors expect such figures CIT and Lockheed Martin and those sitting in the middle of DuPont.
To follow today the title of BP traded on Wall Street. The British press refers to a departure from the CEO of BP, before tomorrow, the date of publication of interim results of the oil giant.
Always on the side of values, General Electric said Friday its increased dividend of 20%, the quarterly dividend from 10 cents to 12 cents. GE also announced a resumption of its share repurchase programs.He had stopped this practice in September 2008. The board gave its approval for an additional $ 11.6 billion. "GE hopes to end the year with $ 25 billion in cash, including proceeds from the sale of a majority stake in its subsidiary NBC Universal to Comcast" say the analysts at Aurel BGC. Some of this money will be used to buy three billion dollars in preferred shares that the group has sold the holding company Berkshire Hathaway of Warren Buffett in October 2008.
Also note Friday night, the FDIC, the federal agency whose primary responsibility is to guarantee bank deposits, announced the bankruptcy of six new American banks, bringing to 102 the number of closing establishments since the beginning of year. These six failures will cost about 394 million dollars to its compensation fund the FDIC.
The number of reports of providers of solidarity tax on wealth (ISF) and the expected revenues are up slightly over 2008, with nearly 562,000 returns, according to figures released Wednesday by the Budget Ministry.
In early July, the number of Declarations owe ISF stands at nearly 562,000, against 539,000 the same day last year, and the amount of total tax amounts reported this year 3.29 million against 3.13 million during the same period in 2009.
"These initial results on TFR must be confirmed by definitive and comprehensive statistics to be established in early 2011, the ministry said in a statement.
Moreover, the tax cuts provided by law for labor, employment and purchasing power increased by 16.7%, representing 838 million euros against 718 million in 2009, for a total reductions of 140,043 for investment in SMEs (small and medium enterprise) or donation to a charitable body (102.000 cuts $ 718 million in 2009).More than 1.1 billion euros have been invested in the equity of SMEs, according Bercy.
The entries of migrants to OECD countries declined by 6% in 2008, dropping to 4.4 million people. While in the previous five years, their numbers had increased by 11% per year on average, according to the latest OECD report on migration. The decline was further strengthened in 2009. The immigrants were, in many countries, the first hit by rising unemployment, particularly youth and those working in the sectors most affected by the crisis such as construction or hospitality.
OECD urges in this report on the need for States to strengthen their immigration policies which will play a crucial role in the long term to enhance growth."It is important to note that immigrants make a positive contribution to the national economy, especially in times of growth," remarks the Secretary General Angel Gurria free credit report.
And because of demographic changes and shortages of future employment, especially in health and engineering. Thus, maintaining immigration rates at their current level, the population of working age in OECD countries will increase by only 1.9% in the next decade. A percentage that contrasts with the 8.6% recorded between 2000 and 2010. The situation is even worse for France, which will decline by 1%, despite good numbers of births. The reason is that France has one of the highest immigration rate lowest in the OECD.
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• Transport
– Station: Ticket prices for trains Coral, Intercity and TER (Regional Express Train) will increase an average of 2.5%. This will result in higher ticket from 10 cents to 2.30 euros depending on distance traveled during the trip.
As for the discount cards (cards 12-25, Senior, and Child Escapes +), their prices remain unchanged.
– RATP: The price of individual tickets will go from 1.60 euro to 1.70 euro.
Subscriptions Navigo will also increase, except for packages zone 1-5 and 1-6.The monthly Zones 1 and 2 (Paris and suburbs) rises from 56.60 to 60.40 euros (+6.7%), the zones 1-3 of 74.40 to 78.20 euros (+ 5.1%) and the zones 1 to 4 from 91.70 to 95.50 euros (+4.1%).
• Energy
– Gas: After an initial increase in April, prices will increase again by 2% to 4.7% (about 8 euros per year for those who use gas for hot water and cooking 45 per year for those who use it also for heating)
– Bulbs: As part of the scheduled end of incandescents in the EU to promote energy saving, incandescent lamps of 60 watts are removed from store shelves.Those whose power was 100 watts or more have disappeared from shelves in 2009.
• Bonus for scrap
The premium case is lowered to 500 euros instead of 700 for any car ordered until December 31.
• Stamps
The price of postage for mailings of letters under 20 grams, will increase by two cents from 56-58 cents, an increase of 3.5%.
• Retirement
The index points which is the basis for calculating salary in three public (state, territorial and hospital) must be revalued by 0.5%.
• Unemployment benefits
Allowances of approximately two million unemployed by unemployment insurance compensation will be revalued by 1.2%.
• Communication
– Hadopi: It is from this Thursday that the first warnings will be mailed to users in violation of the law on downloading.
– Phone: The price of calls made and received from another EU country (roaming within Europe) will be reduced to 39 cents per minute excluding VAT cons 43 cent today. Receiving a call will be charged € 0.15 per minute instead of EUR 0.19.The SMS tariff remains unchanged for its 11 cents per message.
• Business and Disability
Firms with more than 20 employees employ any disabled person and took no action to promote employment of disabled people will have their penalties tripled to about 13,000 euros per person missing.
• Livret A
Currently at its lowest level since its inception to 1.25% – Return of the booklet A should move to 1.50% or 1.75% from 1 August by Budget Minister Francois Baroin.
Thirteenth day strike at the SNCF. The consequences are severe for the group, since the freight station will show a loss "dramatic at least 30 million euros," according to Pierre Blayau, the chief delegate to Geodis station, interviewed by Les Echos on Monday, which "is a cry of alarm".
But the situation is also difficult for its customers. For nearly two weeks, "only 50% of normal traffic of freight is secured," says the official. And the activity falls to 25% for combined transport."We try stopgap, concentrating our efforts primarily industrial ur hardest hit, as chemists, cereal, Danone, etc. quick pay day loan., "said Pierre Blayau.
He described the demand of the strikers to hold round tables "astonishing", although such meetings "already exist," he added, citing a few names of cities where he held shortly.
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While Asian markets have evolved this Friday in the wake of the rise on Wall Street Thursday night, and the Dow Jones is still expected to slightly increase this Friday, the Paris Stock Exchange followed suit since. Despite mixed INSEE statistics, the CAC 40, which opened up 0.75%, and the bar and went over 4,000 points, gaining 1.11% to more resolutely 4022.67 points in mid session.
Thursday evening, the CAC 40 lost 1.2% and has crossed back to the lower threshold of 4000 points. The other major stock markets fell back in unison. In London the FTSE lost 0.86% while in Frankfurt the Dax has yielded 0.81% at closing.Note that the LSE has found its place in the first quarter from a number of European IPOs, according to PriceWaterhouseCoopers.
The concern of financial markets is felt continually faced with the fragility of public finances of several countries, particularly Greece.
Statistics in Europe
According to INSEE, industrial production for the month of February in France remained stable, reflecting continued moderate demand should limit growth throughout the first quarter. The INSEE reported Friday in a stable production after rising 1.1% in January, a figure revised from an initial estimate of 1.6%.
The cost of construction in France, however, declined from 1.05% yoy in the fourth quarter of 2009, after already falling 5.77% in the third quarter and 4.10% in the second quarter, said the INSEE Friday.
In Germany, foreign trade for the month of February will be announced at 8 o'clock. In the United Kingdom, are the producer prices in March which will be published.
In the United States, no statistics major is expected on Friday to share the figures for U.S. wholesalers f?rvrier.
France Telecom provided by the Paris court
France Info radio said the prosecutor of Paris will open a judicial inquiry after the 35 suicides by employees of France Telecom. The action, however, clinching +0.55% at 17, 470 euros in mid-day.
Air France (2.99% to 12.225 euros) showed a traffic increase of 4.7% for the month of March, a first for a year.The group remains to Ryanair. To also monitor the impact on the airline industry's consolidation movement in progress. According to the American press, U.S. Airways and United Airlines are considering a reconciliation. In addition, British Airways and Iberia have finalized their merger agreement.
Areva (2.22%) and EDF (1.59%) would participate in the growth of nuclear power in Italy. Several agreements have to be signed on Friday between French and Italian companies in the sector reported the Financial Times.
The specialist luxury yacht Rodriguez returned Thursday after the stock market success of the restructuring of its debt. The share price rose yesterday by more than 138.97%.On Friday, the shares are still 36.5%.
Renault (0.64%), its Japanese partner Nissan and the Italian energy group Enel signed Thursday a Memorandum of Understanding for the development in Italy of charging infrastructure for electric vehicles.
Cegid, publisher of management software, announced a 7% decline in net sales in the first quarter to 58 million euros and a gross margin of 87.9% against 87.5% a year ago. In exchange, Cegid loses 1.21% to 22.12 euros.
French Cement (4.25%, to 77.83 euros) announces that its takeover bid for all or part of its 2002 and 2006 private placements to U.S. investors is now closed. French Cement will then redeem all shares tendered at a price of 1 065 dollars for each security with a face value of 1 000 dollars.The funds to purchase securities were placed at the disposal of the company and its subsidiary Italcementi Italcementi Finance.
After the affair in 2008 Jerome Kerviel, Societe Generale will she once again in turmoil? A dispute is ongoing between TCW, the U.S. subsidiary to 100% of the bank specializing in asset management, bond, and his former chief investment officer, Jeffrey Gundlach, fired for "theft, dishonesty and conspiracy, December 4 2009. "This case is completely different from the Kerviel affair," explains Jacques Ripoll, director of asset management business and services to investors in Societe Generale.
Jeffrey Gundlach, former chief investment officer at Trust Company of the West (TCW), claiming 1.25 billion dollars (about 940 million euros) to the 100% subsidiary of Soci?t? G?n?rale, it is stated in the document Reference Societe Generale on page 204.This corresponds to 1.4 times the net profit recorded in 2009 – or 678 million euros – the bank chaired by Fr?d?ric Oudea! "This amount is totally surreal, the goal is to impress," said Jacques Ripoll. "Do you realize, this is equivalent to 30 pay by Jeffrey Gundlach. Over the past five years, Jeffrey Gundlach won $ 134 million and 40 million for 2009 alone.
"A very marginal impact on Societe Generale"
It all started last December 4 when TCW, which manages $ 115 billion in assets, bought one of its competitors, MetWest. But it is his manager, Tad Rivella, which takes the place of Jeffrey Gundlach, dismissed. A transition that is grinding his teeth. And that degenerates in litigation before the courts.
Last January, WCA filed a complaint against Jeffrey Gundlach to whom she seeks 200 million dollars in damages. A month later, the American manager responds with a cons-complaint in which he stated that TCW would not honor a verbal agreement on his employment contract, his salary and that of his collaborators. For Societe Generale, there is no question of compromise. "Today, more than in the past, we no longer want to be taken hostage by managers or traders who, by their deviant behavior, put their interests before those of the group. Frederick Oud?a has made his war-horse, "said Jacques Ripoll.
After a difficult 2009, Societe Generale was slow to emerge from the crisis. "The case Jeffrey Gundlach have a very marginal impact on the accounts of Soci?t? G?n?rale and its shareholders.In the long term, our ethical and responsible decision (to have dismissed Jeffrey Gundlach, Ed) will be very positive for our shareholders. " "The worst is behind us," concludes Jacques Ripoll.
TCW: an IPO, no surrender
In a context where Societe Generale seeks to distance himself with the business of asset management, this case does not fall more, especially since the bank is considering introducing its subsidiary American Stock Exchange. "The IPO of TCW is not on the agenda today. We will consider that once the full potential of TCW implemented. In this regard a doubling of assets under management is a worthy goal for our team. In the two years ahead, our goal is clearly to help TCW to develop. Moreover, the IPO of TCW does not mean we want to cede control.
The bank hopes to delay an end to this matter before scheduling the operation, which could be followed by another IPO: that of Amund. Last December, Soci?t? G?n?rale merged most of its activities in the sector with those of Cr?dit Agricole to create Amund, the number three European asset management after Allianz and AXA, and prompted to enter the stock market " within five years. " An operation that TCW has been kept out, only 20% of capital has been brought to the joint venture.
Between 700 million and 1 billion of additional losses
At a conference with investors organized by Morgan Stanley, Frederick Oud?a, President and CEO of Societe Generale, confirmed Wednesday, according to Les Echos, the bank may suffer in 2010, additional losses of 700 million to 1 billion euros related to its portfolio of toxic assets. This portfolio contained at December 31, 2009 to 35.5 billion euros of risk weighted assets.
In addition to his 2009 results, published last January, Societe Generale had announced that its portfolio of illiquid assets, whose value reached 37 billion euros at end December 2009, generated a net loss of 2.8 billion over the year, including $ 1 billion in the fourth quarter alone.
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