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Pact for the Euro: Eastern Europe hostile

For Hungary and the Czech Republic is not. Prague or Budapest or accept the pact to join the euro, introduced at the request of Germany and France to prevent non-members of the eurozone new debt crises, and adopted at the summit European 24 and 25 March in Brussels.

The pact aims to strengthen mechanisms for monitoring and rapid reaction within the eurozone, for situations similar to those of bankruptcy occurred during autumn 2008 in the most fragile economies of the EU (Hungary, Estonia ).

This ambition has met with resistance from some capitals, who see the pact as an infringement of the independence of their fiscal policies: the Czech Republic, Hungary, Great Britain and Sweden have chosen to remain outside this strategy."The meeting on Friday, March 25 in Brussels has focused on a radical new limitation of the sovereignty of member countries of the EU, on Monday lost his temper very eurosceptic Czech President Vaclav Klaus.

In the wake of the Head of State, the Czech Prime Minister Petr Necas, said he regretted that countries outside the euro zone were not consulted prior to the measures constituting the pact. He has not ruled out that the Czech Republic to join later.

Tax competition

Before Klaus, Prime Minister of Hungary, Viktor Orban, whose country holds the EU presidency until June 30, had already expressed its categorical refusal to accept the pact cash advance flexible payments. "Right now, the Hungarian government decided not to join the pact for the euro, he said March 22.After consultation with the parties in Parliament, I can say that the desire to maintain the independence of our tax policy is unanimous. "The aim of the pact does not encourage tax competition. But a country economically weaker can hardly do without such a measure, "says Minister for Foreign Affairs Janos Martonyi.

However, the pact partially limits the discretion of governments, promoting a "convergence" of fiscal policies, particularly for the corporation tax, a strict limitation of government debt and wage moderation.

The rising discontent in Central and Eastern Europe. After Slovenia and Slovakia, some neighbors are still hoping to join the euro in 2013 or 2014, but a fundamental change is taking place in public opinion increasingly hostile to single currency.In a recent survey, 78% of Czechs said they were against. Hungary, she no longer hopes to join the euro before 2020.

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The Cac 40 also remains cautious

Back to 4000 points, it was not yesterday. Will it be for this Tuesday? The CAC 40, which resists rather well to the various crises in the Middle East and Japan, nonetheless cautious approaches slowly but surely the figure of 4,000 points. Shortly after opening, the Paris index was down 0.35% to 3963.13 points. "Too many uncertainties remain heavily to buy stocks," says Franklin Pichard, director of Barclays stock. I can not believe that the Cac 40 lasts longer. The correction is inevitable. "

The London Stock Exchange opened higher on Tuesday, the FTSE-100 index gaining 0.26% to 5920.06 points.For its part, the DAX 30 Frankfurt Stock Exchange rose 0.20% to 6952.51 points.

On the macroeconomic front:

– Expenditure on household consumption of manufactured goods rose 0.9% in February after falling 0.3% in January, mainly due to a rebound in auto purchases

– The number of starts of new homes jumped 54.1% yoy for the period from December to February, while the number of building permits for these homes increased by 25.5%

Overseas, the housing price (S & P / Case-Shiller) in January (15 hours) and consumer confidence for the month of March (16 hours).

On the podium of the largest increases include Renault (1.17% to 37.92 euros), Peugeot (0.98% to 27.80 euros) and Credit Agricole (+0.82% at 12.27 euros )

Conversely, STMicroelectronics loose 1.83% to 8.60 euros, Alcatel-Lucent lost 1.10% to 4.04 euros and Natixis was down 0.72% to 4.12 euros.

Renault: 1 no credit check payday loans.16% to 37.92 euros

A sound document released Monday by The Express reveals that Renault knew in February that the espionage case that hit was a fake scandal.

Peugeot: 0.96% to 27.80 euros

PSA Peugeot Citroen has announced a gradual return to normal of his proudction in Europe from 31 March.

Dexia: -0.35% to 2.87 euros

The rating agency has doubts about the financial health of three subsidiaries of which Dexia Dexia Credit Local.Moody's intends to degrade their notes.

Areva: -1.88% to EUR 30.50

The Supervisory Board of Areva, which was held on Monday confirmed Lauvergeon to head the nuclear expert, according to BFM Business.But the state has requested the appointment of a number two.

EDF: -0.12% to 28.66 euros

The list of new members of the board of directors of Edison, controlled by EDF and the Italian A2a could be known this week, said on Monday a source familiar with the matter.

Lagardère: +0.17% to 30.07 euros

Lagardere announced Monday the signing of the sale of its international magazine from the American Hearst, 651 million euros.

Technip: 0.14% to 73.66 euros

Technip wins contract to install subsea pipelines for the development of a field off Abu Dhabi, according to a statement released Tuesday.

Medica: 1.47% to 14.50 euros

Medica was published on Tuesday a profit of 23.2 million euros in 2010, after a loss of 13.4 million euros in 2009, and announced an increase in its activity by 15% in 2011.

Debt: Europe adopts an anti-crisis

Portugal is in deepening crisis. A few hours apart, rating agencies Fitch and Standard & Poor's (S & P) lowered the rating of the sovereign debt of Portugal two notches because of "heightened political uncertainty" following the resignation of Prime Minister Jose Socrates. S & P added that it could cut another notch note of Portugal, according to the result of discussions between EU leaders, meeting Thursday and Friday summit in Brussels.

Thus, Europe has the means to fly to the rescue of Lisbon. Leaders Unuion (EU) have in effect endorsed on the night of Thursday to Friday a comprehensive system of protection against debt crises. After several months of negotiations, "the various elements of the project came together today," said EU president, Herman Van Rompuy.As expected, the actual capacity of the Fund's lending support to countries in the Eurozone in trouble is brought from 250 to 440 billion euros. States had already agreed on the creation of a permanent fund with a lending capacity of 500 billion euros. To achieve this, it is expected that the euro zone countries pay from mid-2013 some 80 billion euro capital injection.

Merkel gets concessions

Also, German Chancellor Angela Merkel has made Thursday night in Brussels spreading in time of national contributions of 22 billion euros in total, for the year 2013 will be her year of election and intends to relieve public finances. States pay their dues in five equal installments beginning in 2013. The remaining resources of the Facility will consist of guarantees and capital said to be eligible.Also new: the Relief Fund will directly purchase government debt states in difficulty, in exchange for a strict savings. The support mechanism is a priority for the countries of the monetary union. But it is also open to EU countries not members of the area euro.A this stage, only five of them accepted the invitation: Denmark, Romania, Latvia, Bulgaria, Lithuania and Romania.

Twenty-seven and are particularly supportive screw via Lisbon "Portugal will not be left alone by other Europeans," said Jean-Claude Juncker, a leading finance ministers of the euro area. If Lisbon on request, with 75 billion euros could be assigned. For comparison, Greece had received a loan of 110 billion and Ireland to 85 billion euros.But for now, Portugal, deprived of government, is unable to seek help from Europe.

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500,000 employees left "friendly" employer

Half a million! At last count conducted in late January, the number of broken treaty approved by the Ministry of Labour was 498,675. After three months of existence, the success of these amicable separation, introduced in the Labour Code in August 2008 following an agreement between the social partners (with the exception of the CGT), does not therefore be denied. The slight decrease of 17% in January compared to December 2010 is identical to that recorded a year earlier. "There is no reason to worry, an adviser confirms Xavier Bertrand, Minister of Labour. We are always on a rise of the device, according to a seasonality similar to that of previous years. " Without knowing why, the number of breaks conventional effect fluctuates during the year, giving the impression of playing with a yo-yo over the months. But the trend remains upward.In one year, separation amicably approved by the administration – which now represent 11% of the grounds of breach of CDI – still up 11.5% in 2010 and the refusal rate has dropped 2 points, stabilize at 7% of applications received.

None of the unions signatory to the January 2008 agreement does not deny his actions today. "The break helped secure conventional separations concluded an agreement which were not legally framed," says Gabrielle Simon, of the CFTC. Many of them were in fact disguised as dismissal for failure to allow the imaginary future ex-employee to receive unemployment benefits. "The best proof of this need for security is the low number of current use of industrial tribunals," considers Lawrence Berger, the CFDT savings account payday advance.Another way to approach is the decrease of 5000 in three years the number of entries monthly employment center following a resignation, a ground breaking CDI are not eligible for unemployment insurance. At least in the early months.

Preretirement disguised

Only drawback: separation amicably seem to be used by companies as an early retirement financed by collective Unedic. According to recent statistics, one in five unemployed entering employment center after a break treaty has over 50 years. Doubling of their other reasons for listing. But the fifties unemployed are entitled to compensation for three years if they have paid 36 months. And therefore receive an allowance until their retirement if they are over 58 years of age, at which the number of breaks conventional wings. The impact on the accounts would Unedic however minimal."Unemployment insurance has always been considered a case of early retirement for some companies," Lawrence Berger shade.

Some windfalls are not excluded. "Some companies multiply small packets of broken treaty to avoid having to implement a social plan," denounces Stéphane Lardy, FOR, which therefore calls for more guidance on approval procedures by the administration.

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AT & T buys T-Mobile USA for $ 39 billion

Redemption spectacular in the United States: the incumbent telecommunications operator AT & T has formalized an agreement Sunday with the German Deutsche Telekom to buy back its mobile phone subsidiary T-Mobile USA, the fourth player in the U.S. market. Amount of transaction: $ 39 billion (27.5 billion euros).

The transaction involves two components. On the one hand, AT & T will pay $ 25 billion in cash to the operator Deutsche Telekom. The other, the German group will take nearly 8% of its U.S. partner, and get a seat on the board.

Until now, T-Mobile USA accounted for nearly a quarter of the activity of Deutsche Telekom. But the subsidiary, less and less profitable, had become a source of concern.

For its part, thanks to the purchase of T-Mobile USA, AT & T should regain its leading position in mobile telephony in the United States, with more than 33 million customers. A chair that he had abandoned in 2009 in favor of Verizon.

Wall Street continues to grow

The NYSE opens up this Friday, continuing its progressive movement initiated Thursday. The Dow Jones advance of 0.79% at 11,868 points, the Nasdaq is up 1.03% to 2663 points and the S & P 500 by 1.08% to 1287 points.

If fear of a major nuclear disaster in Japan seems to retreat somewhat, the environment remains nervous, with investors again worried about the risks of a rise in crude oil prices. In fact, at present, oil retreats since Libya announced it would stop all military operations so that international intervention is preparing under the auspices of the UN. A barrel in New York is still always more than $ 100. In addition, Bahrain's continued repression and puts the gold noi pressure.

In Tokyo this morning, the Nikkei has returned 2.72%, supported by the announcement of a joint G7 intervention on the foreign exchange market to counter soaring yen.On the foreign exchange market, this decision was immediately able to return to the dollar above 80 yen in Tokyo, a day after a record at 76.36 yen. In early afternoon in Paris, the greenback was trading at 81.69 yen.

Meeting of the "Four Witches"

On the macroeconomic front there is no major indicator on the agenda of U.S. investors on Monday. The market will however be many technical movements on Friday, sitting in this so-called "four witches."An appointment is the quarterly expiration of four simultaneous types of options and futures for stocks and stock indexes.

The values ​​listed after the close of Wall Street yesterday, the American General Mills (+1% to 36.49 dollars), owner of Häagen-Dazs, entered into "exclusive negotiations" to buy back more than half ( 51%) of the number two worldwide in fresh dairy products, French Yoplait, for over 800 million euros investment fund PAI Partners.General Mills' Yoplait is the franchisee in the United States and as such greatly expanded the brand to the little flower on the market.

Boeing (1.35% to 69.22 dollars) for its part, announced the arrival of Mark Allen, currently vice president for worldwide legal affairs as president of Boeing China, following the retirement of David Wang no fax pay day loan.

Also after the close of U.S. markets, General Motors (0.99% to 31.75 dollars) announced it would suspend production at its plant in Shreveport, Louisiana next week due to a disruption of supplies of spare parts from Japan. The other plants in North America will continue to operate normally. In addition, GM expects a 10% decline in production in Korea in March, also due to supply problems.

The Microsoft IT group (0.86% to 24.99 dollars) has announced the dismantling of a "complex" of sending billions of spam (spam) daily on offers to buy fake drugs.

For its part, Nike (-9.19% to 77.56 dollars) has reported a net profit of $ 523 million in the third quarter increased 5% over a year and a turnover of $ 5.1 billion, up 8% excluding currency effects.

Moreover, the manufacture of the Apple iPad tablet 2 (0.46% to 336.17 U.S. dollars) is threatened by the aftermath of the earthquake and tsunami in Japan, which could lead to "logistical disruptions" and disruptions in component supply, according to research firm iSuppli IHS.

Groupon valued 25 billion

The platform for financial exchanges and Nasdaq Intercontinental Exchange (ICE) are struggling to agree on an offer on the cons exchange group NYSE Euronext, under a merger with Deutsche Boerse, said Thursday the Wall Street Journal.

Also note, the U.S. computer security firm RSA announced Thursday that hackers had penetrated into its systems and retrieve information that might allow them to circumvent the defenses of companies equipped with its technology.

Finally, according to The New York Times, the American website Groupon, which enables the faithful to receive coupons on their purchases, could be valued near $ 25 billion at its upcoming IPO, a higher price that Google had obtained at the time of its development.The new rising star of the internet, dismissing the fall of an offer to buy this same Google $ 6 billion, could make his case for IPO this spring, the paper said on its website.

The Cac 40 wins, Japan out of control

Markets are extremely fragile. The Cac 40, which attempted to regain the path to higher opening on Wednesday (0.53% to 3800.83 points) quickly changed his tune. While at midterm the CAC 40 fell by 0.72% to 3753.56 points, the index closed sharply down from 2.23% to 3696.56 points.

Other European markets are also struggling: the Dax in Frankfurt Stock Exchange which had opened higher yields of 0.73% 2.01% to 6513.84 points and the London Stock Exchange which started on a slight gain 0.10% declined from 1.70% to 5598.23 points.

The Cac 40 was unscrewed when the EU Energy Commissioner found that the situation in Japan "out of control." "I do not rule out the worst in the hours and days to come," he said Tuesday.In addition, the Environment Minister Nathalie Kosciusko-Morizet dreaded "nuclear catastrophe from the central Fukushima" in arriving Wednesday afternoon at the hearing of the nuclear industry in the National Assembly. The trust is indeed far from being restored while the nuclear situation in Japan remains very critical.

The operators first tried to follow the positive momentum from Asia this morning, which allowed the Japanese Nikkei to close on a technical leap of 5.68%. Intensive hunting for bargains in the indices increased in a climate a bit calmer after further intervention by the Bank of Japan (BoJ). This has injected 3.5 trillion yen Wednesday (31 billion euros) in the money market, bringing to 26,500 billion yen (234 billion) the total sum provided by the BoJ to the interbank market since Monday.But the trend remains fragile in the wake of widespread declines sessions to all European markets, and to a lesser extent, the U.S. exchanges.

New flurry of indicators in the program

Markets should also keep an eye on indicators of the day, again numerous. In Europe, registrations of new cars rose 0.9% yoy in February, the first bounce after ten consecutive months of declines, according to figures released Wednesday by the European Automobile Manufacturers Association (Acea).

Inflation in the euro area rose to 2.4% in February over a year, Eurostat said Wednesday. It was 2.3% year on year in January from 2.2% in December and 1.9% in November. Rising prices rose 0.4% in February compared to January.

United States, the Labor Department will publish the price index for production at 13.30.At the same time will the housing starts and the balance of current accounts. Finally, at 15:30 will be published weekly petroleum stocks.

On the currency markets, the euro has stabilized at 1.3977 dollar.

Values ​​to follow

As for values, securities directly or indirectly exposed to catastrophe Japanese started to fall again after regaining some colors in early trading. LVMH fell by 3.31% to 100.80 euros and Hermes of 1.13% to 144.05 euros.Only the investment certificate Areva bounced 2.07% to 29.40 euros after its tumble over the last three sessions.

EDF: -3.13% to 27.66 euros

The electrician French and Italian A2a confirmed Tuesday the six-month extension of their shareholder pact in Edison to take the time to reach agreement on the restructuring of their partnership.

In addition, the group is preparing to send "teams" and "equipment" in Japan to help the company Tokyo Electric Power (TEPCO), which operates the nuclear plant in Fukushima, cope with the consequences of the tsunami, said Wednesday the company's CEO, Henri Proglio on RTL.

L'Oreal: -2.39% to 76.84 euros

The president of Yves Saint Laurent Beauté, a subsidiary of LVMH, told Reuters that his company intends to almost double its turnover in five years to reach the one billion euros, thanks to the lever Asian and climb well the club of top five global brands of cosmetics.

Alstom: -1.31% to 37.31 euros

The CEO of Alstom, Patrick Kron, said he still opposed the entry of Mitsubishi Heavy Industries in the capital of Areva.

Renault: -4.11% to 36.05 euros

The money paid by the manufacturer to pay the false information intended to support the charges of espionage brought against three of its executives has been partially solved in a Swiss bank account opened by one of his security guards, shackled Duck wrote on Wednesday.

Note that the manufacturer has sales up 2.8% in February over a year, according to figures of registrations of the European Union. For his part, Peugeot (2.48% to 27.22 euros) sees his own shrink by 5%.

BNP Paribas: -3.12% to 50.34 euros, Societe Generale: -2.62% to 44.60 euros

The banks are down sharply after Moody's lowered the rating on Tuesday night in Portugal two notches to "A3" with negative outlook, raising fears about sovereign debt of countries known as peripheral euro area.

Bollore is optimistic

Bourbon: -5.22% to 32.06 euros

The group released Wednesday 2010 earnings fell sharply, mainly because of difficult market conditions, but the group estimated that the average utilization rate of its fleet to continue to improve gradually.

Transgene: -5.85% to 11.11 euros

The group referred to tackle 2011 with confidence even though the French biotechnology company has continued to widen its loss in 2010 and some of his projects have been delayed.

Mersen: -3.34% to 33.61 euros

The group said Wednesday expect for 2011 a slight improvement in profitability and renewed growth, albeit slow, its sales from the electronics and solar energy.

Bolloré: 0.46% to 153.05 euros

The group reported a 40% increase in operating profit in 2010 thanks to its growing transport business, logistics and port handling.

Zodiac Aerospace: 0.38% to 47.14 euros

The group raised its revenue forecast for 2010-2011 after a second quarter better than expected thanks to the recovery of the aviation sector.

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A collection of clothing scratched Nelson Mandela

The symbol becomes a claw. Nelson Mandela Foundation, which obviously would not work without the anointing of the former South African president, will launch in August, a clothing line, 46664 Apparel Line. The name of the collection is inspired by the number of prisoners (466) worn by Nelson Mandela in 1964 at the prison on Robben Island, located off Cape Town, South Africa. The hero of the struggle against apartheid has spent 27 years in prison before becoming the first president in 1994.

"46664" will appear soon be on a range of clothing for men and women in bright colors rather comfortable but which will be marketed this summer in South Africa before setting off to conquer Great Britain and the United States, probably the next year. The idea of ​​using this symbol is not recent.It was first used in London, during a concert to raise funds for the fight against AIDS.

By engaging in fashion, Nelson Mandela is a double hit: first, it raises money for his charitable works and secondly it contributes to the economic revival of the textile industry of South African problems. Already singer Bono of "U2" has taken this path by creating its range, called "Edun", intended also to provide work for African workshops fast payday loan no faxing.

Agreement with the largest garment manufacturer in South Africa

Mandela has been even greater since the agreement was negotiated with the group Seardel, the largest garment manufacturer in the country which the designers have designed the first collections.But many South Africans, however, will not afford to buy clothes "46664": about $ 26 for a t-shirt, $ 86 for a polo. For the record, Reuters said that the minimum wage of a farm worker is less than 200 dollars and a quarter of the workforce has no job …

No portrait of Mandela on clothing

Besides direct sales, the clothes will also be available via the Internet. The money raised will fund development projects in Ghana, Tanzania and Mozambique. The Nelson Mandela Foundation will receive his tithes, between 7% and 9% of turnover and a premium of about $ 143,000. No portrait of Mandela appear on clothing. His lawyers remain particularly vigilant on this point, and threaten to take him to court those who would use the famous number "46664" without informing the foundation.