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The Paris Bourse pauses

The CAC 40 will not stack with a seventh consecutive month of meeting this Friday. Or so that presage early trade. At the opening, the benchmark index in Paris begins with a decline of 0.27% to 4093.61 points.

The Frankfurt Stock Exchange is in equilibrium at 7475.22 points. In London, the markets are closed. The wedding day princely between William and Kate was indeed decreed holiday.

Investors follow the footsteps of Asian markets, Tokyo without (closed due to holiday) were very hesitant after the announcement of a U.S. growth slowed in the first quarter. In Paris as in Wall Street, many traders were yesterday conceded that the new had yet been burdened by other negative indicators.

Decline in German retail sales

For this last day of the week, risk-taking should be smaller.In addition to the marriage, the eyes will be on the expected flurry of statistics. In France, the producer price of French industry continued in March for the sixth straight month of sharp increase their movement, spurred by soaring oil prices, Insee said Friday. The increase is 0.9% from the previous month, after +0.8% in February

German retail sales fell unexpectedly in March in Germany, as consumers bought fewer groceries on the shelves and textiles in a month where inflation has exceeded 2%.

In the euro area, unemployment is on the agenda.

Then the United States, the festivities start with the incomes and household spending in February (14.30) and the Chicago PMI for April (15.45) and the index of consumer sentiment this month ( 3:55 p.m.).

Side currency, the euro remains strong against the dollar at 1.4847 dollar.Oil markets appear, they, down, worried about the state of the U.S. economy. A barrel of light sweet crude for June delivery lost 45 cents to 112.41 dollars and that of Brent North Sea also June delivery yielded 17 cents to 124.85 dollars.

Values ​​to follow

News companies should also serve markets:

Total: -0.31% to 42.87 euros

The tanker jeudila announced takeover of U.S. manufacturer SunPower solar panels in view of creating the "world leader in solar energy."The group also released Friday the results up in the first quarter, thanks in particular to the sharp rise in prices of oil and gas, but production was down by 2.3% mainly because of the Libyan crisis.

Accor: -0.46% to 30.11 euros

The group announced Friday to study a possible sale of the catering Lenôtre, as part of his refocusing on the only hotel trades.

GDF Suez: -0.27% to 27.69 euros

The group announced the launch of a new subsidiary trading on energy markets with the ambition to compete with industry heavyweights such as Barclays, Goldman Sachs, and E. ON EDF Trading

Legrand: -0.05% to 30.40 euros

The group announced the acquisition of SMS, a leading Brazilian electric inverters, in order to strengthen its position in a growing market.

Ingenico: 0.53% to 33.27 euros

The group denied on Thursday evening news reports that he would be interested in the activities of online payment from Hi Media.

Gifi: 4.23% to EUR 64

Ginestet family announced Thursday its intention to launch a simplified tender offer for the shares Gifi delist the distributor of first prizes.

Vinci confirms its objectives

Saint-Gobain: -0.56% to 46.89 euros

The group confirmed its 2011 targets after a first quarter marked by an acceleration of growth in its business thanks to the contribution of most geographic areas where it is present and better weather.

Vinci: 1.09% to 45.25 euros

The group also confirmed its full-year after a turnover up 25.4% in the first quarter, above market expectations, driven by acquisitions last year and its activities in the construction and energy.

Compagnie des Alpes: stable at 22.74 euros

The group reported Thursday a turnover up 5.8% for its first semester of the 2010-2011 fiscal year to March after a winter characterized by early snowfall.

Group Crit: 1.47% to 23.45 euros

The group again expressed confidence Thursday for earnings growth in 2011 after having posted a revenue increase of nearly 22% in the first quarter.

Saft: -2.54% to 30.47 euros

The group confirmed on Thursday its forecast for revenue and earnings for 2011 after releasing first quarter sales up 11%.

Bull: -4.91% to 4.45 euros

The group confirmed Thursday that the goals the group has set medium term, after realizing the first-quarter sales were down 0.9% to 270.8 million euros.The group also said that orders had risen to 313.8 million euros in Q1.

Fimalac: 1.23% to 29.66 euros

The group reported Thursday after the closing sales up 21.1% to 341.5 million euros thanks to the rise of nearly 17% of revenue from its credit rating agency Fitch.

Renault (-0.23% to 40.58 euros) will hold a meeting this Friday to 15 hours.

Belvedere will unveil its fourth quarter results, EDF Energies Nouvelles in sales the first quarter and Trigano its second quarter results.

When the funds will slow growth

The Figaro.fr – Can there be too many funds in the economy?

Jean-Louis Arcand – According to our work, there is a turning point from which the size of the financial sector is beginning to have a negative effect on the economy. More precisely, when the total amount of loans granted by banks to their clients, individuals like firms, exceeds 110% of gross domestic product (GDP, that is to say, the wealth produced by a country). We observed that states with the most prominent financial sectors have suffered more than others during the last crisis.

Why finance has grown as she?

During the past three decades, the U.S. financial sector has grown six times faster than the economy.If banks have grown so much is because they knew, taking risks to maximize their profits, in case of generalized bankruptcy they would be saved. Clearly, they have tended to over-lend to their clients because they underestimated the cost of a possible bankruptcy.

Should we establish by law an unsurpassable level of 110% finance?

It is useless to determine a bar impassable. This does not work, as evidenced by the European rule of a maximum debt equivalent to 60% of GDP make quick cash. It was enough that the powerful countries, France and Germany are close to this threshold so that they overcome them in the mid 2000s. Oting the same time any credibility to this political rule.

How then to control the growth of the financial sector?

Some argue that we must rein in salaries to encourage bankers to take fewer risks.This solution would not change populist: firms always find a way to reward talent. We believe it would be better that the regulator forces banks to keep their coffers sufficient financial reserves to cope with a situation of widespread bankruptcy. By increasing the so-called capital adequacy of institutions, they are forced at the same time to take fewer risks.

The current reform of the banking system, known as Basel III is along these lines …

The proposed controllers do not go far enough. The ratio of equity currently under discussion is 7%. In our view, reserves should be higher by several points to this goal. But the banks already reluctant to adopt this new threshold, saying it will reduce their profitability. This argument is not proven.

Wall Street moves slowly

U.S. stock markets opened very slightly up on Tuesday. The Dow Jones gained 0.22% to 12,507.01 points, the S & P 500 is 0.40% to 1340.65 points and the Nasdaq rose 0.34% to 2835.44 points. On Monday, the NYSE has done in a piecemeal, beginning with one week ahead caution particularly busy, with many corporate earnings and a crucial meeting of the American central bank (Fed).

Investors should still be cautious on Tuesday. The week promises to be loaded into effect as macroeconomic and microeconomic levels.United States, some 180 companies in the Standard & Poor's 500 and eight of the Dow Jones must publish their first quarter results, including those from Amazon today, Coca-Cola and Office Depot.

Beginning of the Fed meeting tonight

The U.S. central bank meets from this afternoon and on this occasion could provide guidance on its strategy for ending the crisis so that its measures to support the economy come to an end late June. The U.S. central bank should maintain its interest rates between 0% and 0.25%, a threshold at which they have been held since December 2008 to reinvigorate the economy. On the other hand, the buyback program to $ 600 billion of debt the Treasury launched in November would go to its closure in June, in accordance with the wishes of the majority within the Fed.Markets also expect to see for the first time in the history of this institution almost centenary, the Fed chairman to answer questions from reporters after a meeting of the Monetary Policy Committee.

Housing prices in the United States continued to decline for the eighth consecutive month in February, 0.2% from January, according to the monthly Standard and Poor's / Case-Shiller index released Tuesday.

On the foreign exchange market, the euro rose slightly from 0.21% to 1.4610 dollar.

Oil prices were little higher on Tuesday at the market opening in New York, a barrel of benchmark winning 7 cents to 112.35 dollars, still supported by a weak dollar and tensions in the Middle East and North Africa .

Boeing: 0.21% to 75.06 dollars

The side of values, the investigators of the National Transportation Safety Board (NTSB) said in a statement it had found cracks in the fuselage of the Boeing 737-300 Southwest Airlines involved in an incident in early April, and problems on the rivets .

Oracle: -0.12% to 34.79 dollars

The IT group and Oracle software has announced the departure of its CFO Jeff Epstein, whose duties will be assumed by its co-president Safra Catz, who was both his direct supervisor and his predecessor.

Yahoo!: -0.23% to 17.07 dollars

Yahoo! announced Monday the acquisition of very young IntoNow company, which launched on January 31 an application for iPhone to connect to family television programs we are watching.Financial terms of the transaction were not disclosed, but the news website TechCrunch specialized evaluation between 20 and 30 million dollars.

General Electric: 1.07% to 20.10 dollars

The U.S. Department of Defense has terminated a contract from General Electric and Rolls-Royce for a replacement engine for fighter jets F-35.

Also note, the White House lashed out Monday night that U.S. oil companies will announce this week their profits when gasoline at the pump is at its highest in three years.Exxon Mobil advance of 0.19% to 86.38 dollars, Chevron gained 0.13% to 107.56 dollars and ConocoPhillips takes 0.17% to 80.62 dollars.

Goldman Sachs 0.21% to 152.52 dollars, Morgan Stanley: 0.47% to 25.90 dollars

A group of creditors of Lehman Brothers Holdings, led by Goldman Sachs and Morgan Stanley, introduced in turn before the bankruptcy court in Manhattan plan to restructure the bank, the third since the collapse of the facility in September 2008. It provides a recovery rate of over 40% for the creditors of the derivatives business at Lehman, which include the designers of this new plan, and a rate of only 16% for bondholders. The plan is very different from that filed in December by a group of bondholders, led by Paulson & Co. under which creditors would recover only derivatives that 25.7% and 24.5% of bondholders.Lehman has also filed its own restructuring plan, presented as a compromise. It provides a recovery rate of 34% for the creditors of derivatives and 21.4% for bondholders.

The Livret A could reach 2.5% in August

Encouraging news for investors. After an increase from 1 February – he was then increased from 1.75% to 2% – the rate of the Livret A could rise again this summer. According to economist Cyril Blesson interviewed by the daily newspaper Les Echos on Friday, is expected to reach 2.25% or 2.5% to 1 August.

To make this forecast, the founder of Cahiers de l'Epargne based on the mathematical formula used to determine the remuneration of the booklet and is applied twice a year (February 1 and August 1). Furthermore the level of interest rates, this calculation takes into account the increase in prices. However, for several months, inflation is back and the pressure on energy prices would feed into the next month.

This likely further increase will certainly confirm the French interest in what remains their preferred placement.After a bit snubbed the Livret A in 2010, they have overwhelmingly chosen in early 2011 to place their savings payday loans in 1 hour. Between January and March, the booklet has attracted 7.38 billion euros, against only 5.58 billion euros for the full year 2010. This brings to 202.4 billion euros, the total of the Livret A. Meanwhile, life insurance, the other investment popular with families, should instead suffer from uncertainty that hovered on Taxation. Early this year, the collection fell by 11% compared to January 2010, to 11.8 billion euros.According to Cyril Blesson the decline throughout the year 2011 could reach 12%.

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In Paris, the anxiety of eating sushi

At Kiriko, a Japanese restaurant in the ninth arrondissement of Paris, this chef is adamant since the disaster Fukushima, "attendance has dropped from 20 to 30%. A few yards away, in Yokohama, the conclusion is the same. Another borough, figures identical to Kyotori between Place de la Bourse and the Opera, "we lost a third of customers." Even if he refuses to disclose its revenue, the head of another Japanese restaurant says: "In recent days, a lot of customers are asking for certificates on the origin of the fish we use in our sushi. "

Aurelian, a young 26 year old Lille, is one of many suspicious. "Even in normal times, when you see the television reports on Asian restaurants, it makes you skeptical.Where do the fish, seaweed, sauces, rice …? We do not know anything. "

Few Japanese fish imported into France

The ignorance of consumers about the origin of the products they use, just that battle Alain Bailly, Director of Counter ocean, a company based in Rungis, providing no less than 300 sushi restaurants. "The lack of communication and transparency creates among consumers a deep sense of doubt and anxiety, when in reality, almost nothing is anywhere in Japan." What pushed this company to send a communique to all its customers, recalling that "the salmon comes from Norway, tuna in the Indian Ocean, the Mediterranean sea bream, mackerel and mullet from France …». A reminder that some restaurants have not hesitated to affix labels on their windows.In fact, among the products commonly used in Japanese cooking, only some wasabi and seaweed from the country of the rising sun. "And yet, one can easily find from the USA, China or Korea," says Alain Bailly.

When contacted, the European Commission recalled that on his side since the end of March, all food products from the area near Fukushima are subject to health checks reinforced from Japan, and are re-examined upon arrival on European territory. As the Ministry of Agriculture and Fisheries, services stressed that only 450 tons of marine products in Japan have been imported into France in 2010.

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Bullish trading day in Asia

The Tokyo Stock Exchange is moving towards a fence on the rise this Wednesday, as U.S. markets the day before around 6:45 am, the Nikkei 225 index 1.89% to 9619.52 wins points in the wake of a session of heavy decline due to the threat of S & P on U.S. debt. However, a macroeconomic perspective, the news is grim: Japan's trade surplus plunged 78.9% in March over one year to 196.5 billion yen (1.7 billion euros ), weighed by the consequences of the earthquake and tsunami of 11 March.

In March, exports fell by 2.2% over the same month last year, their first decline in 16 months, to 5.866 trillion yen (51 billion euros). Car sales abroad dropped by more than a quarter of a year to the next.Video recorders, which also suffer from a lack of supply from suppliers who have suffered damage in the north-east, were also significantly less passed (almost a quarter less), while such as audio electronics (-31%).

Imports have increased their share from 11.9% to 5.6695 trillion yen (49.3 billion), continuing to be driven by rising oil prices in connection with the events in Africa Africa and the Middle East.

Elsewhere in Asia, the trend is green: the Stock Exchange of Hong Kong was up 0.92% Wednesday mid-session, the benchmark Hang Seng 216.35 points to 23,736.97 taking points at the break. The CSI index of Shanghai, he, more timidly advance of 0.13% to 3299.97 points, led by coal mining companies and steelmakers, dealers said.In India, the BSE Sensex is at 19,266.97 points 0.76% while in Singapore the Straits Times rises from 0.46% to 3139.67 points. Pacific side, the S & P / ASX Sydney allows itself 1.08% to 4845 points.

Fixed oil

Oil prices were mixed Wednesday in electronic trading in Asia, the market concerned about high prices could weigh on demand, and tensions in the Arab world. In morning trading, a barrel of light sweet crude for June delivery took 13 cents to 108.41 dollars. That of Brent North Sea crude for June delivery fell 13 cents to 121.20 dollars.

On Tuesday, oil prices rebounded in New York after their heavy losses the previous day, supported by a sharp weakening of the dollar, making commodities more attractive.

Premium for employees: Lagarde forced against any amount

On Monday, Minister of Economy and Finance said on LCI it was not in favor of "binding" of the project value premium "exceptional" employees of companies that pay dividends. It indicates rather consider "a mechanism for excluding social security" so that companies can distribute the envelopes to their employees. For the resident of Bercy, no question that the government imposing the measure unilaterally. According to her, he is "very important that the amounts, terms, how everything fits together is negotiated between employers on the one hand, and other employee representatives."

As for the amount of the premium, it must be considered, according to Minister of Economy, as the ceiling up to which the state will charge exemptions.Furthermore, they related only to the premiums actually paid, she said, ruling out an exemption for very small (very small). For these provisions "should apply as soon as possible, these should be included in the draft supplementary budget of June, the Minister added.

The chamber was quick to applaud such statements. "Yes, this is good news," responded the president, Laurence Parisot, a few minutes at the microphone of France Inter. Judging from the minister's "very reassuring", the boss of bosses, however, has protected it from a flat.She expects to "see the mechanism" referred to by the government in "this idea of ​​connection with the distribution of dividends."

A change of edge is drawn

The government, which seemed to have made it a point to upward pressure on wages and hence purchasing power, he changed his tune? Less than a week after the announcement of this premium Baroin, the budget minister, and two days later Xavier Bertrand, Minister of Labour, recalled its "mandatory", it is a change edge that emerges. As support for this thesis, the Ministry of Economy is expected to announce on Monday the wage freeze in the civil service in 2012, according to Les Echos payday loans guaranteed no fax. And that, for the second consecutive year.

For now, only seems to increase the current minimum wage by about 2% by this summer."It is very likely that we will have a minimum wage increase of 2% on 1 July," said Christine Lagarde has on LCI. It could go from 1365 to 1392 euros euros, with an hourly wage of 9.18 euros. But this is not a direct measure sought by the government. Because this increase is included in the texts: it is "automatic", as the Labor Code, when the price rises to 2% year since its last adjustment.

Opposition side, the government is already positioning cringe. Monday, Pierre Laurent, the secretary general of the Communist Party, spoke of "hocus-pocus" on the draft government bonus. "The case smells of scam, full nose," he said in a statement.Nicolas Sarkozy tries again to exist in an area where it has particularly failed: the purchasing power of the French. "To the General Labour Confederation (CGT), the pill is probably as hard to swallow. In a statement dated April 13, she aspired to include "a general increase in salaries of the public" as private, "a minimum wage to 1,600 euros," and to "do away with random forms of compensation."

Minister against a debt restructuring

Christine Lagarde has opposed any debt restructuring, Greek, Irish and Portuguese. LCI, she described the possibility of potentially "catastrophic", referring to the "greatest difficulty" would have to run these countries to reconsider the financial markets. Asked if he had to restructure the debt of Greece, Christine Lagarde said in a firm with a triple 'no'."This is not [to] talk to," she added.

Slow start for the chain of Oprah Winfrey

Oprah Winfrey is far from having won his wager. Launched in early January, its new cable channel: Oprah Winfrey Network, OWN has not yet been proven. After initial success due to the curiosity of millions of Americans who admire Oprah, the chain is always looking its audience. Over the last three months, attracting 149,000 viewers on average than at any time of day. Only 6% better than Discovery Health, chain it replaced in bouquets of U.S. cable operators.

In prime time, the programming feature designed by the world's richest television, attracts 291,000 viewers on average, only 17% more than the emissions that Discovery has dropped to make room for this joint venture to 50 % with Oprah Winfrey.It is the first attempt to climb a chain around the aura of a personality.

Oprah Winfrey and Discovery remain optimistic. Provided their goal of break-even point in the first year of operation of the channel seems increasingly elusive.

Discovery has agreed in any case to inject 50 million dollars in the project this year. An amount in addition to the 189 million already invested during the preparatory phase to launch OWN, which lasted nearly three years.

Wrath of the "queen"

According to the press in the gossip of the media world, "the queen of talk show" was angry after a series of meetings with colleagues, alarmed by the poor viewing figures cash advance. "I built this system with my own hands, I expect all those who are employed here work hard for the next two years.If the audience rating does not take off soon, heads will fall, "shouted the imposing Oprah Winfrey.

First decision to boost its ratings, OWN announces six new series of programs. These documentaries or reality television productions. "Confronting …" for example, presents the efforts of crime victims to face their attackers.Both parties try to experience each other overcome their trauma.

Another program "Unfaithful: Stories of Betrayal" (Infidel: Stories of treason) shows how couples torn by adultery manage to save their relationship with the help of a therapist.

These original programs are supposed to support the public's attention before the "queen" in no more come in September consistently lead the interviews and documentaries on its own channel.

Indeed, paradoxically, the great "talk show" Oprah's syndicated on hundreds of different channels are not broadcast on OWN. Its latest edition, scheduled on May 25, looks spectacular. Oprah calls on advertisers not less than one million dollars for an advertisement of thirty seconds.

Advertising: TF1 hard to start in 2011

Morale is at half mast at TF1, which held its general meeting Thursday. The poor performance of hearing the first quarter will, according to financial analysts, the impact on advertising revenue. The consensus of analysts, they would be down 2% versus the first quarter of 2010, which had posted 355 million euros. It must be said that the first private channel has been unlucky in the first months of the year with JT sluggish and entertainment in free fall.

"In 2010, free channels have pulled their growth in a proactive policy volume. The screens are well filled in 2011, the price effect which is structuring. Yet the latter is related to hearings. And, in this case, they have not always been the rendezvous for TF1, "said Sergeant John the Baptist, the brokerage firm Gilbert Dupont.This was particularly the case in prime-time portion of which sank with the accident "Square VIIIP. The lower rates would have been understood for advertisers between 14 and 24% and it was not until the introduction of the game "Money Drop", Endemol, in a few weeks to recover.

The situation is quite different with regard M6 whose advertising revenues are up 7% to 162 million euros in the quarter. Good hearing chain Nicolas de Tavernost including the JT and "Scenes from" support price of advertising. "TF1 had some crashes while hearing M6 surfs its success," said Julien Roch, a financial analyst at Barclays. This virtuous growth is now linked to the rising cost of grid announced last September and is expected to be on the year, between 5 and 10%.A boost that seduces even more advertisers and audiences are waiting for you.

Disappointment in the markets

However, the side of diversification, the group experienced a fall impressive range of analysts estimated between 16 and 20% due to the collapse of sales of Bordeaux and a weaker performance on the market broadcasting rights for lack of a twilight or indoor video.

On Thursday, during TF1 fell 4.19%, to 12.35 euros, while that of M6 lost 2.22%, to 17.85 euros. However, analysts remain calm. At European level, falling valuations of media companies is around 20%.

Customers, equal access to Internet

Customers should they pay more for their Internet access if they over-consumption of online video? Providers of Internet access they can slow the rate of subscriber connections that download on the Internet? No and no, slice the report of the mission on the neutrality of the Internet and networks, introduced Wednesday by deputies Laure La Raudière (UMP) and Corinne Erhel (CBC) Economic Affairs Committee of the National Assembly.

Anxious to "protect the Internet" in its current form, they detail the nine principles that should ensure an open Internet or "neutral" for Internet users. Proposals trenches that contrast with the approach of a "traffic control" as proposed by the Minister of the Digital Economy, Eric Besson.

The cornerstone of this report is the inclusion in the law, the principle of net neutrality.Its definition could be slipped in the Postal and Electronic Communications: "Capacity for Internet users to send and receive the content of their choice, or use the services to run applications of their choice, connecting the equipment of their choice (…) with a transparent quality of service, adequate and nondiscriminatory. "

The report also estimates that only obligations of a judicial or security must justify blocking access to the Internet. Therefore, access to file sharing sites should not be blocked upstream. "The network would not be neutral if the peer-to-peer was degraded," say the MPs, because peer-to-peer is used both to pirate music or movies that innovation as Internet telephony Skype.This does not apply the law to hackers.

Participate in financing

It does not include the principle of network neutrality into law, it is still necessary authority to enforce it. This authority could be the policeman telecom Arcep or judge. The authority will be particularly responsible for preventing telecom operators to restrict access to Internet content. The report wants to "reserve the term Internet access to only deals with the principle of neutrality."Thus, a mobile operator could no longer sell "unlimited Internet packages" when consumption is limited for example 500 megabytes per month or if it refuses to install applications like Skype Internet telephony.

If equal access to the Internet and is ringfenced from the Internet side, it remains to ensure services for publishers – video platforms, social networks, connected TV applications. For the service providers, the report proposes to "further reflection" on their participation in the financing of the Internet and network investment. He claims such a precise study of the costs of increased traffic on the Internet.Where appropriate, the report recommends that a mechanism by which sites get the traffic (such as YouTube, Google, Facebook, Skype …) are involved in financing networks by paying a kind of right of way. "It would stabilize the cost sharing of the network … and could encourage smaller players content," the report said. But it's a story at the European level.