All World

The uncertainty weighs on the Paris Stock Exchange

Caution prevails at the Paris Stock Exchange on Thursday. After starting this crucial day for Europe in the green, the CAC 40 lost 0.88% to 3721.38 points in mid-day. The London Stock Exchange was down 0.80% to 5807 points and the DAX index of the Frankfurt Stock Exchange loose 0.87% to 7158 points.

As with other global exchanges, all operators will have the eye to Brussels where to begin 1:01 p.m. at the extraordinary summit of the leaders of the euro area. They have an obligation to find a solution on a new plan of aid to Greece if they want to prevent contagion from the debt crisis. Angela Merkel and Nicolas Sarkozy on Wednesday reached a common position on the new financial rescue plan and a private sector participation.The content of the agreement between the German Chancellor and French President was not specified but to do so, it took seven hours of talks "very tight" in Berlin, according to members of the French delegation. The two leaders called on mid-term president of the European Central Bank, Jean-Claude Trichet, to join them in Frankfurt, suggesting that the compromise has its support. José Manuel Barroso, President of the European Commission launched Wednesday a warning more serious than usual to the leaders of the euro area.

But doubt was again set on Thursday after the statements of leading finance ministers of the euro area, Jean-Claude Juncker, who did not rule out a possible default of Greece.Jean-ClaudeJuncker also considered that an agreement on a tax on European banks to help finance a new aid program in Athens would be difficult. "I do not think there will be an agreement," he said.

Obama confident

On the foreign exchange market, the euro declined sharply against the dollar. Around 11:30 in Paris, the single European currency was worth 1.4147 dollars against 1.4212 dollars late Wednesday. Oil prices were up, however, supported by market expectations of seeing the debt crises lead to solutions.A barrel of "light sweet crude" for delivery in August took 28 cents to 98.68 dollars and that of Brent North Sea crude for September delivery took nine cents to 118.24 dollars.

United States, President Barack Obama received Wednesday several leaders of Congress and the White House has once again expressed confidence in a political solution to the crisis of debt before August 2, to avoid a default. "I expect us to find a solution," the president said in an interview with local TV KMBC Kansas City, renewing his call for compromises from both sides, whether its Democratic allies or his Republican opponents.

Rafale indicators

In addition to the meeting, the markets should observe the indicators that will be published on both sides of the Atlantic.In France, the composite PMI, which includes industry and services, is version 52.8 "flash" from 54.9 in June. "The financial crisis of 2008/2009 aside, the latest survey data suggest lower growth in overall activity since the third Gulf War in 2003," said Jack Kennedy, economist at Markit.

Activity in the private service also slowed against all odds in Germany in July to its lowest in two years, according to preliminary results of the survey Markit. The composite PMI stood at 52.2 in both "flash" against 57.3 in June.

United States, the day will begin with the weekly jobless claims. It will be followed index of home prices in the Federal Housing Finance Agency (FHFA), the index of manufacturing activity Philadeplhie Fed, then the index of leading indicators.

China's manufacturing activity shrank in July for the first time last year, registering its largest decline in 28 months, according to preliminary PMI HSBC published this morning. PMI Purchasing Managers calculated fell to 48.9 against 50.1 in June, the lowest level for this indicator since March 2009. This new atmosphere was sealed on the Asian markets.

Values ​​to follow

Banking

Banks eagerly awaiting the end of the EU summit. Their participation in the rescue of Greece is at the heart of the debates. Moreover, the institutions of the European Union will face fines of up to 10% of their net banking if they do not meet new international requirements for capital and liquidity, said Michel Barnier.

After opening in the green, the area was about-face in the middle of martinée. A mid-term securities of large establishments accuse all of declines. Societe Generale (-1.22% to 35.56 euros), Credit Agricole (-0.67% to 8.85 euros), Natixis (-1.10% to 3.16 euros), and BNP Paribas (-3, 01% to 47.33 euros) are among the largest declines the CAC

EADS: 0.24% to 24.90 euros

Airbus is ready to look "seriously" the increase in the production of single-aisle A320 to carry it beyond the already record a goal, but has not so far committed to this, its president said Wednesday Excecutive.

Eutelsat: 1.20% to 31.16 euros

The Strategic Investment Fund (ISF) on Monday rejected a proposed takeover of Eutelsat joint push by the Spanish Abertis, reported Thursday the newspaper Les Echos.

The benefits of Publicis climb

Plastic Omnium: 6.12% to 24.97 euros

The Group expects a net profit in 2011 "strong growth" after a rise of 26% in the first half to 91.4 million.

Publicis: -2.85% to 36.75 euros

In the first half, the Group generated revenue of 2.7 billion euros in organic growth of 7.1%, exceeding the expectations of analysts whose estimates ranged from 6.2% to 6.5%.

Remy Cointreau: 4.73% to 60.95 euros

The group reported a turnover of 198.6 million euros in the first quarter organic growth of 22.5%.

Unibail-Rodamco: 0.26% to 143.88 euros

The group said it had signed for 1.1 billion euros of asset sales in the first half and accelerated its development plans after reporting an earnings growth supported by its recurring rental income.

Ubisoft: 3.83% to 6.15 euros

The group announced that its sales better than expected first quarter gross margin should support a few days after being heavily penalized by the stock market concerns about future profitability.

Mersen: 3.43% to 40.10 euros

The group released a turnover up 17% in the second quarter, supported by sales in solar activity, which is the group to provide a statement of objectives for the entire year.

APRR: 0.11% to 46.90 euros

The group announced it had recorded a traffic decrease of 0.8% in the second quarter 2011, impacted by the decline in light vehicle traffic.

Cegid: 1.91% to 20.49 euros

The group reported a 32% decline in net profit in the first six months of the year to 4.8 million, despite a 5% increase in sales. The publisher of management software specialist said that last year, accounts for the first half was boosted by a reversal of provision for risk.

Germans advocate a nap at work

A small cultural revolution awaits German companies. In defiance of German prejudices about the South on suspicion of engaging in one guilty of "dolce vita" in numbing the Mediterranean sun, a leader of the German DGB trade union confederation considers that every German should have the right to take a nap on the workplace. "A siesta reduces the risk of heart attack and can replenish your energy," pleads Annelie Buntenbach, a member of the DGB executive committee and board of directors of the Employment Agency.

In a country facing the shock of the falling birth rate, the idea does not seem totally crazy to arrange an aging workforce. Especially a nap of half an hour would also increase efficiency at work payday advance lenders… and thus competitiveness."The midday rest time can compensate for poor performance and when the risk of accident is higher. Nap improves the efficiency, responsiveness and mood, "said Jürgen Zulley, professor of biology at the University of psychological Regensburg.

The debate arises when Angela Merkel said that Southern Europeans are less frequent at work than the Germans. A theory refuted by the OECD statistics, in which the average annual working hours of German (1390 hours) is less than that of a Greek (2119 hours).

ALSO READ:

"The taboo of the nap in the office

Greece offers a respite to 12 billion euros

Europe is gaining time, but did not extinguish the fire in Greece. Following a conference call Saturday, finance ministers of the euro area have given the green light to release "by July 15" 8.7 billion euros in loans that should add 3.3 billion paid out by the International Monetary Fund (IMF). This decision was expected after the adoption this week by the Greek Parliament of the austerity program imposed by his European creditors. "It (the decision) strengthens the international credibility of Greece", immediately congratulated the Greek finance minister, Evangelos Venizelos.

As the new Executive Director of the IMF, Christine Lagarde, to take office Tuesday, the organization welcomed the developments."We welcome the commitment of the Eurogroup to a funding strategy that ensures that the Greek economic program is fully insured," said the spokesman for the IMF, Caroline Atkinson. No details however were given about a possible date on which the Board could meet to release the funds.

Berlin puts pressure

If these 12 billion euros to Greece should avoid going bankrupt in the short term, it is not enough to save the country permanently and fully reassure the financial markets. For this, the country has called for a second bailout International 110 billion euros. Finance ministers of the euro zone have promised yesterday decisions "in the coming weeks." For its part, the German finance minister, Wolfgang Schäuble, more prudent, spoke of an agreement by the fall only.Berlin looks indeed to be certain that Greece implement austerity measures quickly that the country has promised cash advances pay day loan. "After the release of the fifth installment of the countries of the euro area and the IMF, the next step must be addressed decisively: the measures passed in Athens should be implemented quickly. Privatization, for example, must be launched without delay, "responded the German Minister of Finance. Response of Athens: the austerity plan of 28.4 billion euros will be implemented before mid-September.

Ireland, Portugal, Italy and Spain could knock on the door

These two months of rest should also help to advance on a second rescue plan 110 billion euros. Finance ministers of the euro area have not spoken on this subject last night.They expect to clarify the private sector, banks and other creditors, imposed by Berlin to a new plan to help decide. "The details and extent of the involvement of private and official sources of additional funding will be determined in the coming weeks," they said.

Time is running out: Ireland and Portugal may need a new international aid. As for Spain and Italy, both countries are under pressure from rating agencies. "The failure of European political leaders to resolve the crisis quickly and decisively hits the rest of the euro area," says Ben May, economist at Capital Economics. The United States pressed more in Europe to solve its debt problems to avoid a global impact."If Greece fell deeper into recession following the new austerity measures, it could reduce the willingness of governments to implement additional fiscal measures," says Ben May.

The success of conventional ruptures

Breaks conventional still face a huge success in business. Since the introduction of this device in 2008, their number continues to grow at a rate of 20,000 to 24,000 per month, according to a recent memorandum the Ministry of Labour. After a strong scalability driven by the crisis, the number of monthly requests has indeed stabilized since the fourth quarter of 2009, so as to exceed the threshold of half a million to break out of court last February. In total, conventional breaks accounted for 11% of CDI in 2010 after 7% in the first half of 2009 and 10% in the second half.

Small businesses are particularly in demand of this device. In the second half of 2010, three quarters of conventional ruptures have been signed in companies with fewer than 50 employees, while they represent only half of total employment.Overall, more than one company is big, and the less it tends to resort to conventional rupture. In establishments with more than 250 employees, the break is only conventional and 5% for contracts, against 13% in establishments with fewer than 10 employees. In contrast, the amount of compensation increases with the size of the company. The amount paid per employee in 7430 was certainly high euro in 2009, but half of the employees has actually received little more than the statutory redundancy payment, below which firms can not fall .

Disguised early retirement

If smaller firms are attracted by the flexibility of the device, breaking "friendly" is also not without pitfalls. The high proportion of employees over 50 years involved calls for a diversion of the rupture conventional at the expense of Unedic.In the second half of 2010, the breakdown was 23% of the conventional reasons for termination for employees aged 58 to 59, against 8% of those under thirty years … so companies would use this system to be financed by the Insurance which is similar to put in early retirement.

In some cases, break "friendly" is also related to a dismissal. The report by Mathilde Lemoine and Etienne Wasmer on the mobility of employees said that the profile breaks conventional evolves quite parallel to that of redundancy. This observation would argue, according to the report, for use of the device in lieu of redundancy at the expense of employees.If the Ministry of Labour is responsible for control conventions and to avoid abuse, the lack of support for employees during the preliminary interviews, often in small businesses, not easy by regular use of the device.

ALSO READ:

"Against the precariousness, the HR advocate a single employment contract

"A single employment contract difficult to implement

ECB prepares to raise rates in July

As expected, the Governing Council of the European Central Bank, meeting Thursday in Frankfurt, has left unchanged its interest rates. However Jean-Claude Trichet sought to prepare the minds of an increase in July. "Overall, the risks to price stability are on the upside, and a strong vigilance is therefore warranted," said the president of the ECB at the press conference that followed. In the coded language of Frankfurt, a "strong vigilance" is the conventional signal to indicate a rate hike next month."Right now we still believe that the July increase will last (this year)," said Jonathan Loynes, however, the chief economist for Europe of Capital Economics.

Jean-Claude Trichet has not sought to exaggerate the danger of inflation: "The upward pressure on inflation (is) mainly due to energy prices and raw materials," he admitted. Markets have noted that the ECB had not raised its forecast of rising consumer prices for 2012, which remain in the range of 1.1% to 2.3%. This status quo, compared to previous estimates of last March, has contributed to a decline of the euro vis-à-vis the dollar.

In terms of economic growth forecasts have been revised slightly upwards for 2011 (from 1.5% to 2.3%), the range for 2012 is particularly large (between 0.6% and 2.8 %)."Uncertainty remains high," commented Jean-Claude Trichet installment payday loans.

No "default"

It was also expected on Greece, "after the procession of contradictory statements from finance ministers, who have unfortunately contributed to widen interest rate spreads on sovereign debt in the euro area in recent weeks," regrets a market economy. The ECB President was extremely strong. "It would be a great mistake" than engaging in a debt restructuring, "he insisted. "Our position is clear and we served on European governments" no "credit event", no "default". The ECB considers that Greece would be closed permanently while the financing markets.

"We exclude any participation of private creditors who would not volunteer (from them), he only conceded.He however refused to say what would the ECB on securities it has in its balance sheet (between 60 and 70 billion euros), if private investors decided to extend the maturity of their claims.

In a less dramatic, the college of 27 governors took action on the succession of its chairman, in the form of a statement. "The governors did not Councilof objectionable to the proposed candidate, Mario Draghi, who is a person of recognized standing and professional experience in monetary or banking matters."

"The French reimburse banks lending to Greece"

The player has to use default in the articles of figaro business cards design.fr. maj3

The chances of Christine Lagarde at the IMF confirms

Christine Lagarde is likely to succeed Dominique Strauss-Kahn to head the International Monetary Fund (IMF). In any case, the scenario that emerges, as the Japanese business daily Nikkei, citing sources close to the international finance on Wall Street. The newspaper said the French Minister of Economy, the only officially declared candidate with the Mexican Agustin Carstens, get the support of the United States and Japan, the first two countries of the organization by number of votes. Also according to the Japanese daily, this support would be provided by Washington and Tokyo from June 10, the official date of filing of nominations.

No reaction from Tokyo at the moment on these assumptions, the finance minister Noda Yoshikiko having limited to clarify that the new IMF chief should be chosen through an open, transparent and based on merit.

Priority to emerging

These signals confirm a nomination well under way for Christine Lagarde. But out of interest, no premature triumphalism. The French minister continues his world tour to defend his candidacy and try to answer the demands of emerging countries in search of better representation.

These are also priority figure in his travels. After being in Brazil May 30, she will visit India on Tuesday, then in China. In total, four or five days of campaigning in Asia "" listen to the voice of these countries on the IMF and possibly take into account their recommendations into its program, "according to his entourage. Finally on June 10, the Minister will travel to Lisbon to meet his African counterparts.

In its international campaign, Christine Lagarde also can probably count on strong support from Germany.Monday's visit of Angela Merkel in Washington to discuss with Barack Obama instead of the IMF is emerging from this point of view of good omen. It could allow the German chancellor to convince Washington, if not already done so, whether to support the European candidate.

ALSO READ:

"IMF: Carstens campaigned

"IMF: Spain will vote Carstens

"IMF Attractiveness: Lagarde

Google put on mobile payments

It is a revolution as important as the emergence of the credit card there are more than thirty years! Within a few months, the mobile phone will be used to pay for purchases, store loyalty points, get discounts … It is a certainty, while Google announced yesterday the launch of its electronic wallet from that Google Wallet been to San Francisco and New York.

Mobile payments, we talk a long time. Japan had taken a step ahead. European operators will all work. The French have even launched last year in Nice with success, and Eric Besson, Minister of Industry, has promised that 9 other cities would quickly adopt it. But the announcement of Google reshuffles the cards and give a real boost. For three reasons.

First, its strike force.It is a global leader enters the market with other global giants MasterCard and Citibank, bank side, Ingenico payment terminals and telecom operator like Sprint. He wants to generalize his service in 20 U.S. cities by the end of the year. And already negotiate with major European operators to launch in Europe next year. Second, to pay with his mobile, it is that traders are also equipped with readers. Now Google will subsidize the market by financing the equipment traders.

Thirdly, Google goes far beyond the mere payment: the Google Wallet is a real vacuum services: it helps make couponing, store loyalty points and activate automatically. "It's awesome in terms of promise and customer value creation.Mobile payment alone is not profitable, what counts is the whole ecosystem of services around, "said Stéphane Dubreuil, director of the firm Sia Council fast cash advance loan.

Specifically, Google knows, thanks to Google Search, a search engine, you went 20 times on the Internet sites of course. He knows with Google Maps that you walk near a golf shop. He can with Google Wallet send you a promotion that will make you enter the store. Then you will pay and store your loyalty points. "There is a side Big Brother, which can be a hazard if struck public opinion, but the attractiveness and ease of product should forget that aspect," said Virginia Laz, associate director at Bryan Garnier.

The delay of Apple

This is the first time a giant web between and walk-in retail."Google returns to the brick and mortar and will potentially be able to receive a commission on all transactions in the physical world. It's huge! , "Says Stéphane Dubreuil.

The arrival of Google, if it gives a boost to mobile payments, is also dangerously compete others. From yesterday, eBay and its payment subsidiary PayPal, which represents 20% of traffic off the credit card payments over the Internet, filed suit against Google, accusing it of stealing trade secrets, especially in recruiting one of its leaders.

Apple, far behind mobile payments, is obligated to respond. Even if the future iPhone 5 allows to make payment, their model risk is still very closed to show its limitations.

Wall Street disappointed by two indicators

U.S. stock markets are changing very slightly lower on Thursday. The Dow Jones lost 0.23% to 12,365.67 points, the S & P 500 was down 0.07% to 1319.57 points and the Nasdaq was unchanged at 2760.97 points.

The New York Stock Exchange finished up Wednesday, rebounding from a series of three consecutive declines.

On the foreign exchange market, the euro rebounded against the dollar on Thursday, helped by speculation about a coming increase in Chinese investment in the European sovereign debt.In early afternoon in Paris, the European single currency was worth 1.4196 dollars against 1.4083 dollars late Wednesday.

On the macroeconomic front, the U.S. GDP grew 1.8% in the first quarter, according to the second official estimate of the growth of winter, which confirms the original figure while analysts thought it would be revised upwards (consensus expected 2% growth).

New jobless claims in the United States are divided on the rise during the third week of May, 424,000 according to figures released Thursday by the Department of Labor (cons 414,000 the previous week), while analysts expected a decline, to 400,000.

Freescale Semiconductor revises downward its ambitions

The side of values, the scoring title Freescale Semiconductor will begin Thursday.The group says it still hopes to sell 6.5 million additional shares by June 1, in addition to the 43.5 million already invested. Freescale has set a price of $ 18 per share when it had advanced a range from 22 to 24 dollars in early May.

Microsoft: 1.49% to 24.55 dollars

The investment fund Greenlight Capital, a shareholder of Microsoft, wants to remove the CEO of computer giant, saying that Steve Ballmer is a man of the past.

Computer Science: -10.50% to 39.46 dollars

For his part Computer Sciences announced yesterday evening after the close of Wall Street have registered for the fourth quarter of fiscal year 2010/2011 earnings per share of $ 1.09 against $ 1.16 and $ 1.66 expected year past. Turnover was 4.2 billion, stable over one year.Over the full year, EPS fell 10.4% while turnover remained stable at 16 billion dollars.

Liberty Global: 0.77% to 44.59 dollars

Also after the close of U.S. markets, Liberty Global has received an indicative offer from Foxtel to buy back its subsidiary Austar United Communications owned 54.2% at a price of 1.52 Australian dollars per share, valuing the share of Liberty Global to nearly one billion Australian dollars.

NetApp: 4.81% to 54.22 dollars

NetApp reported for the fourth quarter earnings per share of $ 0.59 against $ 0.53 expected and $ 0.5 last year, while turnover reached 1.4 billion dollars against 1.2 billion last year.For the quarter, NetApp expects earnings per share of 0.52 to $ 0.57 and revenues of about $ 1.5 billion.

Google: -0.68% to 516.13 dollars

Also of note, Google is expected to unveil today a contactless payment solution developed by MasterCard and Citigroup. The owners of Android phones will eventually make their phones instead of their credit card at the checkout.

Air traffic disrupted in Northern Europe

Thousands of passengers were stranded on Tuesday morning in Scotland as a result of the eruption of Icelandic Grímsvötn, which continued Monday spit a heavy cloud of ash and begins to disrupt air traffic in northern Europe. Eurocontrol, the European organization for aviation security, announced that 252 flights were canceled Tuesday.

Indeed, while Europe's airspace remains open, some companies have already taken action. British Airways has decided, "a precaution" to ensure no link between London and Scotland until Tuesday 14h (local time). For its part, the Dutch company KLM canceled sixteen flights between Amsterdam and the northern United Kingdom and Air Lingus and Easyjet have suspended their relations towards Scotland and northern England. In contrast, the British government has ruled out a total closure of its airspace.The Irish Aviation has also ensured that "all airports remain open," although "some flights could be affected by restrictions imposed by other European service providers."

The Scandinavian countries are also affected. The cloud reached Tuesday western Norway and Denmark. However, according to the Norwegian operator of airports, the impact on air traffic remains "very limited" for now. Ashes should be extending south of the country by the end of the day. In Denmark, the airspace was closed below 6000 meters on north-west. Delays and cancellations were reported at the airport in Copenhagen.

'No threat' for France by Thursday

"The cloud should reach the end of the day on southern Scandinavia, Denmark and parts of northern Germany," Eurocontrol said Tuesday.It could then move to France and northern Spain in midweek, "if volcanic emissions continue unabated," says Eurocontrol. Information figaro.fr confirmed Monday by the French Pascal Scavina forecaster. Monday night, the Secretary of State for Transport has, however, wanted Thierry Mariani reassuring. "For the next 48 hours, there is no threat, no risk.From Thursday, all depend on the nature of the eruption, "he said on France 2.

After the eruption of Eyjafjöll a year ago, the scenario of complete paralysis of European airspace could it be repeated? According to Thierry Mariani, "it will not take any risks but we can certainly go through some clouds of ash without any damage to the engines and therefore without any risk."

On Monday, the force of the eruption of Grímsvötn was still considered "important" by the Icelandic Meteorological Services. If the main airport in Iceland, the Reykjavik-Keflavik, reopened Monday night, civil aviation was unable to say whether he would remain operational on Tuesday.

ALSO READ:

"Icelandic Volcano: the airline industry trembling

"Icelandic Volcano: the danger was real planes