Caution and reluctance on Tuesday at the Paris Bourse. The CAC 40 ended marginally in green, up 0.15% at 3612.76 points, after a gain of 1.22% to 3607 points on Monday. The wait is placing on the European markets. In London, the Footsie closed up 0.38% to 5111.84 points while in Frankfurt the Dax finished at equilibrium, nibbling 0.24% to 5498.26 points
The markets are eagerly awaiting the meeting of European heads of state on Thursday. They could announce measures to help Greece out of the crisis. A prospect that delighted investors."If markets anticipate real risk of restrictive fiscal policy, growth in coming years will be reduced to decrease with an increase in taxation and / or a reduction in state spending, but analysts fear of Aurel.
In addition to the annual report of the Court of Auditors, the macroeconomic news is strong in the rest of Europe, the German export growth of 3% on the month in December, data adjusted for seasonal variations, and 3 , 4% yoy, according to the Federal Statistics Office Destatis.
The euro stood up against the greenback, going above $ 1.37. One hour of closing, the euro bought 1.3762 dollars against 1.3648 dollars Monday to 23 hours.The extreme volatility is enormous and paris.
Renault with Nissan looking
Unibail-Rodamco (-5.48% to 145.65 euros) has announced a recurring net profit per share rose 7.1% to 9.19 euros and foresees for 2010 a growth of that income between 0% and 2 % low fee payday advance . The group proposed a dividend increase of 6.7% compared to 2008.
The heavyweights of the Paris stock exchange, such as Sanofi-Aventis (-0.62%), EADS (-1.03%) or Total (-0.83%), the largest market capitalization of France, are still at trend.
Vallourec (+3.41%) is supported by an increase in recommendation and price target from JP Morgan.
The banking stocks such as BNP Paribas (+2.4%) and Societe Generale (2.84%), are well oriented.
Nissan, the Japanese partner Renault (+3.20% at 33.68 euros), plans to conduct in 2009-2010, a profit of 35 billion yen, against a loss of 40 billion previously expected.
Moreover, Carrefour (+1.35%) receiving a positive note from Morgan Stanley.
Euro Disney (-4.22% to 4.54 euros) announces revenues for the first quarter of 2009/2010 financial year fell by 10.5% to 292 million euros.
Faurecia (-3.50% to 13.78 euros) has reduced its net loss in 2009 to 433.6 million euros against a loss of 574.8 million in 2008, and wants to pursue cost reductions in 2010, where it is an "operating margin of over 200 million euros.
After the acceleration, braking. Toyota Motor has already recalled 2.3 million vehicles suspected of being equipped with a faulty accelerator pedal. The group had calmed the controversy by presenting apologies. But Wednesday, she reflects, about this time of the braking system of the hybrid model, the Pruis.
Toyota says its dealers in Japan and North America have received complaints by the dozen, deploring the failure of the braking system of the new Prius on bumpy road or icy.
Within the group, these discontents are known since December, said a spokeswoman in Tokyo. Toyota provides to address the issue."The company will decide what action to take after realizing what has caused this problem."
The Japanese Ministry of Transport has himself received letters about the problem of braking payday loan . There are fourteen complaints, including one following an accident in July and thirteen others between December and January.
This third-generation Prius is the top seller in Japan and has enjoyed great success in many other global markets. However, customers are beginning to shun U.S. concessions after the case of defective accelerator pedals. In January, the market share of Toyota in the United States and has eroded from 18% in December to 14%.And these disappointed consumers are turning to domestic manufacturers: GM and Ford are the two main beneficiaries of this disaffection for Toyota.
"Toyota wants to get out as quickly as crisis accelerators
Vivendi was convicted Friday of having provided misleading information to shareholders as part of the class action initiated in 2002 in the United States. Upon initiation of the Paris stock market on Monday, the action the French media group has shown in red lantern: Vivendi lends more than 3.6% at midday, to 18.1 euros. Since the start of the trial, which opened October 5, 2009, the stock has skidded 15%.
Vivendi has said it would immediately seek the annulment of the verdict, considering many have grounds for appeal, including the admission of French shareholders in the process and "the wrong method of calculation of damages by the plaintiffs .
Precisely, the question of damages is central.Natixis Securities (review "step up" with a target price of 20.5 euros) says it is for now "impossible to know the benefits that will ultimately claimed. But we know the upper limit, namely 6.6 billion euros, according to plaintiffs' lawyers.
Uncertainty about the amount of compensation
The broker table for the moment on the assumption that 50% of claimants will be compensated – or they do not require as happens in 25 to 30% of cases for class-actions in the United States or that they are not eligible – the amount of damages would range around 3.3 billion euros creditreport .
CM-CIC, which is to "hold" while reducing its theoretical value from 21 to 20 euros, the risk is estimated at 2 billion euros.The broker said to have maintained a 20% discount in its estimates, "given the uncertainties posed by this litigation."
Uncertainties that will influence, and that will last. Vivendi said the prospective payment amounts would be "uncertain for an extended period yet undetermined.
According to CM-CIC, the final verdict on appeal, will not occur until 2011-2012. Vivendi should not provisioned hedge risk in its 2009 accounts.
Nevertheless, this verdict is limiting financial flexibility, Vivendi, at a time when external growth is central to its strategy.
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"Venezuela: a devaluation at high risk
The devaluation of the Venezuelan currency, announced January 8, will have an impact of around 40 million euros on profit before tax and non recurring items of the group in 2009 and approximately 15 million euros on profit current net after-tax, said Accor in a statement. Despite this impact, the Group maintains its objective of profit before tax and non recurring items of between 400 and 450 million euros for 2009. Accor is present mainly in Venezuela through its prepaid service activities (luncheon vouchers, preloaded maps, gift certificates).
Venezuela on Friday announced the devaluation of the bolivar. The currency, whose exchange rate was 2.15 to one U.S. dollar, now trades at 4.30 to the dollar.
Last October, the fourth global hotel group confirmed its financial targets in 2009 but expressed cautious for the year 2010.
Accor will publish its turnover in 2009 January 19 next.
The Accor share price closed Monday down 0.63% to 37.59 euros while the CAC 40 lost 0.05% to 4043.09 points.
In a letter sent Thursday to all his ministers on key principles that will frame the governance and investment destination in future, Prime Minister Francois Fillon made a clear message: not only a question of the future European domestic borrowing, which will be a draft supplementary budget presented to Cabinet on 20 January, is being spent through. In other words, 35 billion euros – of which 22 are lifted in 2010 on the markets – will not be used to finance current spending.
A team of Rene Ricol chocautour
For this reason, reminds them there in that letter that the implementation of the program will be piloted "by Rene Ricol, appointed commissioner-general for investment – an unpaid position that former ombudsman took credit along with the non-executive chairman of his firm of accountants.The role of Rene Ricol, said Francois Fillon, "exceed the only program of national priorities, to address the consistency of the investment policy of the state."
Why he is currently composing a great team. Jean-Luc Tavernier, a former chief of staff budget minister Eric Woerth, today the inspectorate, should lead it. Also stationed at Bercy, and Rapporteur of the text submitted by the Committee Rocard-Juppe on the big loan, Philippe Bouyoux could join him. The firm – which will include a dozen people – will also be composed of senior experts in each of the priority sectors.
The commissioner-general "will report periodically. And an oversight committee, chaired by Alain Juppé and Michel Rocard, will be established to monitor and assess, in time, the investment projects chosen.The prime minister insists on including the fact that 60% of funds to be invested will "match funding of non-expendable, that is to say," Constitutions of assets (capital grants, equity investments, loans ). The remaining 40% will take the form of grants, mostly in research expenditures.Operators (ANR, OSEO, Caisse des Depots, etc..) Will be responsible for managing the funds, which receive money quickly "so that departments are not tempted to get it," says one at Matignon .
The selection of projects, it should be done with the support of outside experts to assess "their relevance, cost effectiveness and their impact on growth potential."
"If all is well managed, it can have a real economic impact over several years, they conclude in the entourage of Francois Fillon.
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Good news for the wallets of households: the regulated price of gas and fuel prices will not move from 1 January following the cancellation of the carbon tax by the Constitutional Council.
Currently set at 41.5 euros per megawatt hour (MWh) excluding taxes, the regulated price of gas for households would have increased 3.14 euros, with the introduction of carbon tax. With its removal, the price will be "not more expensive," said Department of Ecology and Energy and Sustainable Development.
The fuel and the fuel does not undergo an increase of 5 cents per liter initially planned for 1 January, according to the French Union of Petroleum Industries (Ufip). "Regarding our products, the status quo.For consumers, there will be no change, it is a white transaction, "said Jean-Louis Schilansky, president of the French Union of Petroleum Industries (Ufip).
The decision should not intervene before the first quarter of 2010. A consortium of South Korean and U.S., led by the public company Korea Electric Power Corp., won a contract for $ 20.4 billion to build nuclear plants in the United Arab Emirates (UAE). The latter will thus become the first Gulf Arab country to generate electricity by nuclear energy.
The agreement was signed in the presence of President of UAE, Sheikh Khalifa Al Nahyan, and his South Korean counterpart, Lee Myung-bak, visited Abu Dhabi on Sunday, said the official news agency Wam.
The winning consortium includes, in addition to KEPCO, the South Korean companies including Samsung, Hyundai, Doosan Heavy Industries, but the U.S. group Westinghouse and Japan's Toshiba.It will include the support "of the design, construction and support the operation of four nuclear power plants" of 1,400 megawatts each, according to a statement from the UAE Agency of Nuclear Energy, Emirates Nuclear Energy Corporation ( ENEC), quoted Wam.
In competition with a French consortium
In Seoul, the South Korean Ministry of Economy said that the consortium led by KEPCO has signed a contract worth 40 billion dollars in total, adding that besides the $ 20 billion announced Sunday in Abu Dhabi, a second contract 20 billion dollars would follow for the operation of these four plants.
A UAE official said however that "a contract for the operation of four nuclear power plants has not been assigned yet", referring to the second tranche of 20 billion dollars.
The South Korean consortium, which consisted originally KEPCO, Samsung and Hyundai, was competing with a French consortium led by EDF, GDF, Areva and Total and US-Japan alliance consisting of General Electric and Hitachi. The French had originally been donated favorites. The tender was for the construction of two to six nuclear reactors of the third generation in the richest of the seven members of the federation of UAE. Contacted by Figaro.fr, Areva refused to comment at any time.
Construction should begin in 2012 and "the first reactor will be operational in 2017, had then said the Director General the ENEC, Mohamed Al-Hammadi.
This is a slight reversal done discreetly. An amendment to Article 1 of the bill on the changed status of the Post provides an entry into force of the text on 1 March 2010 instead of January 1. This is the UMP deputy for Haute-Loire Jean Proriol who took the initiative. Main reason: the discussions in Parliament have taken too late. The amendment states that "due to the postponement of consideration of the bill from the original schedule and the high likelihood of referral to the Constitutional Council, the promulgation of the law before 1 January 2010 is now unrealistic.
The postponement of two months per se has no consequences for the Post. However, the very symbol of the government which wanted to launch the change of status one year to the day before the liberalization of market positions across Europe.
This change must be approved by members during consideration of the bill on Tuesday to the National Assembly. If heated discussions ahead in the chamber, the tension should be even more palpable outside. Already in the afternoon, several demonstrators, including the NPA leader Olivier Besancenot, tried to climb the gate of the Palais Bourbon, equipped with smoke and banner bearing the likeness of Sud-PTT union.
An examination of the text in the Parliament should continue until Thursday before a formal vote January 12.
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The stock exchanges of Dubai and Abu Dhabi are still in turmoil, falling heavily at the opening of markets on Tuesday, fell by 6.25% and 5.91% to slightly back end of the session and closed at -5.61% and -3.57%.
This new day stock market plunge came after a particularly rough session on Monday, which could be termed "Black Monday", Dubai has recorded a decline of 7.3% and Abu Dhabi 8.3%. On two days, the decline was 13% for the first and 14% respectively.
The decline came despite Tuesday's announcement in the night by the conglomerate Dubai World for a forthcoming restructuring of some of his companies, including real estate giant Nakheel.
The award of the emirate of Qatar Gas, the Doha Securities Market, saw its index plunged by 8.3% in the wake of awards the UAE.The Kuwaiti market followed the trend, more moderate decline of 2.7%. Both stock markets experienced their first trading session since the announcement late last week by the emirate of Dubai on the difficulty of paying debts.
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Banks represent a risk that ultimately the States are obliged to assume, especially when it comes to very large financial institutions. This fact, proved from bank rescues of 2008, coupled with the poor state of public finances in major western economies, has given birth to the idea of additional taxation of the banking sector.
This Friday, the president of the U.S. Federal Reserve has certified the principle. "Any cost incurred by rescue of the government should be covered by a levy on the financial industry, not taxpayers," said Ben Bernanke.
Today, there are already in the United States a fund federal deposit insurance, the FDIC is funded by premiums paid by banks for deposit.The organization monitors the credit risks taken by banks and traditional acts to seize and liquidate those who make the balance sheet (hundreds since the beginning of the year). Not only did the FDIC reached its limits in terms of resources, but it has no counterpart for investment banks, specialized crafts markets, which do not collect public savings. Ben Bernanke would therefore address this deficiency.
The statements by the Fed chief may find an echo in Europe, where governments, or parliaments, are weighing the idea of charging the banks a kind of "insurance premium" in exchange for funding last spring that the State gives them, even implicitly. The Belgian federal budget was the first to explicitly.The United Kingdom is considering the at least one major institution, the Lloyds Banking Group.
In France, the same argument that has been brandished by members (see sidebar). At European Commission Tuesday urged that a dialogue on ways of resolving banking crises, has indicated its preference for funding by the "private sector".
Equity strengthened
In Washington, the debate focuses on the legal means available to the authorities to treat cases of collapse. This Friday, Ben Bernanke highlighted the adoption by Congress of the proposed reform of finance presented by the White House is pressing. The plan for accreditation before the end of the year is not acquired, would allow federal authorities to seize troubled financial institutions, even if they do not have the status of banks.The lack of a framework for such intervention was sorely felt last year when the insurer AIG found itself on the brink of bankruptcy.
Occasionally, this Friday, a conference organized by the Boston Fed, Bernanke also defended the principle of minimum capital requirements more stringent for banks whose health is essential to the stability of the financial system. The Federal Reserve, in consultation with its foreign counterparts, is working to develop rules requiring these banks to raise capital in the form of shares. In all cases, the idea is to shift priority to shareholders and creditors of banks that take risks, to reduce the likelihood of injecting public funds. Bernanke also promised that the Fed would sanction the compensation that would encourage taking undue risks.
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