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Estoppel to potential buyers of SeaFrance. The Commercial Court of Paris on Monday gave the liquidation of the French company SeaFrance ferries in the Channel, but now the activity until January 28, 2012. The court found that the two takeover bids submitted by Louis Dreyfus Armateurs (LDA), associated with the Danish DFDS group, and the CFDT union in the enterprise, were not satisfactory as it stands. However, he left the door open for the submission of new offers before December 12.

SeaFrance employs 880 permanent employees and 200 CDD, according seasons. The plan proposed by the LDA-tandem DFDS provided for the protection of 460 FTE jobs, maintaining SeaFrance under the French flag, the recovery of three ships 5 million and an investment of 50 million for repairs to boats guaranteed approval cash loans.The Scop defended by the CFDT plans to retain all CDI but he lacked the funds needed to boost activity.

Risk of "social conflict" and funding "nonexistent"

In its ruling, the court held that the supply of Dreyfus, associated with the Danish DFDS ferries group, provided many job losses and that "there are (VAIT) is a risk of serious social conflict." He also found the price offered for the recovery of ships too low and suggested that this recovery could pose competition concerns.

Slovak vote weighs on the Paris Stock Exchange

The Paris Bourse is down on Wednesday. The CAC 40 lost 0.90% in the early morning to 3125.97 points. As on Wall Street and in Asia this morning, traders react to the strengthening of the Slovak non-European Financial Stability Fund (EFSF). This decision increases the risk of paralysis in the euro zone, while the French and German leaders have promised a plan to end the crisis before November.

Slovakia is the only one of 17 countries in the euro area has not ratified the agreement of July 21 the European governments, which plans to give the EFSF new powers including increasing its lending capacity to 440 billion euros.Bratislava, however, raised the possibility of a second vote in Parliament, in which the opposition Social Democrats would support the strengthening of EFSF, but no date has been set for the eventual election.

Regarding the Greek case, the inspectors of the "troika" announced Tuesday it had completed their assessment of the austerity measures taken by Greece. These must still be endorsed by the euro area and the IMF, which should allow Athens to receive a new tranche of aid in early November. But nothing is less certain. The IMF is more pessimistic about the future of Greece. "The recession will be deeper than anticipated in June and a recovery is now expected that from 2013," said he.

The results of Alcoa concern

Another source of pessimism: Alcoa, which sent a new signal concern on global growth.The largest U.S. aluminum, opening the ball across the Atlantic Publications, reported Tuesday a quarterly profit below expectations. Group CEO, Klaus Kleinfeld, anticipates slower growth until the end of the year.

Also in the commodities sector, the Organization of Petroleum Exporting Countries (OPEC) also gave evidence of a slowdown in the global economy by scaling back its forecast for global demand for crude in 2011 and 2012 for the third consecutive month. The barrel of "light sweet crude" for November delivery lost $ 1.04 in electronic trading this morning at 84.77 dollars. Barrel of Brent North Sea crude for November delivery gave 74 cents to 109.99 dollars.

As for currencies, the euro stabilized against the greenback despite the Slovak vote.The single currency is worth 1.3630 dollars this morning.

In France, INSEE has announced that consumer prices fell by 0.1% in September from the previous month and rose 2.2% year on year. Industrial production in the euro area will be known by late morning.

Values ​​to follow

Natixis (-2.81% to 2.35 euros), Dexia (0.14% to 0.81 euros)

Fitch affirmed the A + Group BCPE (People's Bank – Savings Bank) and its subsidiary Natixis. The agency also announced it has lowered the long-term rating of Dexia Bank Belgium from A + to A and affirmed the rating of Dexia to A +.

Credit Agricole (-1.60% to 5.35 euros), BNP Paribas (0.80% to 33.71 euros), Natixis (-3.47% to 2.34 euros)

The Societe Generale analyst lowered his recommendation to buy to keep on Credit Agricole with a target price of 5.5 euros and noted its board to keep BNP Paribas to purchase with a target price of 37 euros.The analyst went on sale on Natixis with a target price of 5.6 euros.

ArcelorMittal (-1.29% to 13.82 euros)

The group could be affected by the release of disappointing Alcoa.

Vilmorin (-0.55% to 72.80 euros)

The group is a slight decline in organic growth of the new fiscal year 2011-2012 due to uncertain economic conditions and the impact of weather in the summer of his crops of maize seed.

Transgene (-1.85% to 7.97 euros)

The group intends to continue the clinical development of its TG4040 against hepatitis C infection, the drug has met its primary efficacy endpoint in spite of severe side effects.

Plastic Omnium (-1.64% A17, 99 euros)

Plastic Omnium Auto Exterior, 100% subsidiary of Compagnie Plastic Omnium, has signed an agreement for the acquisition of 100% Plastal Poland."This agreement is subject to the approval of competition authorities of Poland," the group wrote in a statement.

Areva (-2.13% to 22.02 euros)

Luc Oursel, CEO of the group, will be heard at 10 am by the Economic Affairs Committee of the National Assembly. According to a parliamentary report stage, the nuclear expert may have to include new provisions in its accounts to meet the costs of the Finnish EPR.

Foncière Paris France (0.50% to 100.50 euros)

The Board of Directors of Foncière Paris France (FPF) on Wednesday rejected the takeover offer filed by October 7 Paris Vaugirard Hotels Roissy (PHRV).31.4% owned by Allianz, 31.4% and 31.1% Covéa Cofitem-COFIMUR, PHRV offer 100 euros per share, a premium of about 8% to the closing price the day before the offer .

Lagardère (-1.16% to 19.17 euros), EADS (-2.19% to 21.92 euros)

According to BFM on Wednesday, Arnaud Lagardère began to establish conditions to lead the board of the group.It gives Airbus souhiate real certainty about the development of the A350 program.

NextRadioTV radio (-1.8% to 10.85 euros)

HSBC raised its recommendation on Wednesday as underweight to overweight, preferring that value to NRJ.

Air France-KLM (-1.28% to 5.30 euros)

Transport Minister Thierry Mariani implicitly confirmed Wednesday the next appointment of Alexander Juniac, former chief of staff Christine Lagarde at the Ministry of Finance, the General Manager of the airline.

Ipsos (0.75% to 25.49 euros)

The French specialist market research has completed the acquisition of British rival Synovate, based on an enterprise value (including debt) of 525 million pounds (596 million), he announced Wednesday.

Casino has released its sales for the third quarter after-hours trading.

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French companies are socially responsible

"When we look at we are sorry but when you compare it to console," says the adage. A new proof of this is given with the release today of two studies on corporate social responsibility made by the social rating agency Vigeo.

This company, founded ten years ago by the former secretary general of the CFDT, Nicole Notat, analyzed the performance of 539 European companies listed on non-discrimination in employment.She also compared how these 363 companies had managed the restructuring that had taken during the crisis.

In both cases, France takes the lead of countries that best meet the basic standards set by the International Labour Organization (ILO) concerning freedom of association, prohibition of forced labor and child employment seniors … "This does not mean that French companies have no way to go, but just that they behave better than others," Nicole Notat nuance.

Danone number one

To note the management of corporate restructuring and practice of non-discrimination, the bloodhounds of Vigeo analyzed their managerial systems based on three items: the relevance of political behavior, the consistency of their deployment and effective results.Finally, French firms are better informed and consulted, where social, employee representatives "before and during the restructuring process."

No fewer than four of them are in the top 10 most responsible companies: Danone (ranking first), PSA Peugeot Citroën, Bonduelle and Total. French companies are also those who have best implemented "effective measures to prevent and limit layoffs" and made "steps to mitigate the negative effects of layoffs on employees, including measures to return to work" . Better than their German or Dutch, who monopolize the second and third places on the podium, and Austrian firms, Irish and Greek … that close to the bench.

Issue non-discrimination (access and job retention of the most vulnerable, improving working conditions, training, career …), French companies are doing just as well with no fewer than four of them also in the top 10: PSA Peugeot Citroën again, Rhodia, EDF and TF1. By country, France is ahead of Belgium and the Netherlands, far ahead of Ireland, the UK and Denmark … that appear at the end of ranking. "We knew that the behavior of firms are influenced by national legislation and sectoral affiliations, note Benseddik Fouad, director of Vigeo methods. But this study shows that social responsibility is the leadership position and ability to dialogue that make the difference. "In short, the involvement of the entrepreneur.

Moody's ready to break down the French banks

Three months after threatening to degrade the notes of BNP Paribas, Societe Generale and Credit Agricole, put under surveillance, the U.S. rating agency Moody's could increase to act shortly shortly. According to sources familiar with the matter, the decision was "imminent." "It comes at the end of three months to impose surveillance," says a source. The rating agency that had accompanied its implementation in June under the supervision of a negative outlook was indeed clear the way for a deterioration in credit ratings. One step for BNP Paribas and Credit Agricole and Societe Generale for two.And because of their exposure to Greece amounted to 4 billion euros to BNP Paribas, Société Générale 1.6 billion and 320 million to Crédit Agricole (June 2011 figures).

With the crisis of government debt in the euro area, to which Europeans are struggling to meet, investors are increasingly worried about the strength of the European banking system. The situation has become such an outflow of Greece in the euro area is openly discussed by senior politicians in Germany and the Netherlands. In exchange, banking stocks suffered a pounding in order. Since the beginning of the year, BNP Paribas, Credit Agricole and Societe Generale have lost between a "large" third and 60% of their value.On the first day of September, the losses of the three titles are respectively 17.45%, 22.33% and 27.69%.

Analysts relativize

Especially, a controversy arose in late August on the valuation of debt securities by certain Greek French banks. The IASB, the body responsible for setting international accounting standards, criticized some financial institutions are not named, have valued their claims on the Greek state in ways internal development rather than by using market prices. Which would have allowed banks to spend less severe impairment in their accounts. Even if they have applied a discount of 21% on government debt they have in their accounts, the three banks still have about six billion euros of Greek sovereign debt.

Some analysts relativize however, the scope of the surveillance on June 15 the three French banks by Moody's by saying that the other two rating agencies, Standard & Poor's (S & P) and Fitch attributed to them have lower grades. Crédit Agricole SA is now rated "Aa1" by Moody's, and BNP Paribas and Societe Generale are rated "Aa2". S & P assigned the notes 'AA' with a negative outlook to BNP and "A +" with stable outlook to Crédit Agricole and Societe Generale. Fitch is on his side to "AA-" with stable outlook to BNP Paribas and Credit Agricole, and "A +" with stable outlook for Societe Generale.

Banks back into the market turmoil

The respite will not last long: after a week of relative calm, the European banking sector has again stumbled in the stock market Monday. Britain's RBS, French Societe Generale, Deutsche Bank or German for example, have dropped out of respectively 12.32%, 8.64% and 7.53%. Even the champion of Frankfurt stock exchange now weighs less than half its book value! This increased tension is supplied from Friday with a new bundle of anxiety on the macroeconomic front. Investors fear that gives that summer debt crisis in Europe and the United States against a backdrop of slowing growth, worsening. The European foot-dragging on the Greek case illustrates the difficulty of political reassurance. Terms of private sector contribution in the second rescue of Greece, to be completed at the root end of August and early September, and still raises many questions.The debates are multiplying on the accounting treatment of such assistance, and the right level required for impairment of securities Greek, while the economy sinks further into crisis.

200 billion euros in recapitalization

Asked about the idea of ​​requiring banks assessment of sovereign debt in the market, the CEO of Deutsche Bank, Josef Ackermann, said Monday that "it was forcing an open door to say that many banks Europe would not survive. " Especially since the doubts about the ability of Italy to keep its austerity plan and that of France to absorb a succession of shocks without further tighten the screws are becoming more vivid.The CDS on the two countries, these insurance policies that protect a non-payment, Monday reached a record high.

Under these conditions, the crusade of the new Executive Director of the IMF, Christine Lagarde, against the underfunding of the European banking sector is gaining credibility. According to the Financial Times, its equipment valued at 200 billion euros on equity gap for the entire industry. The chairman of BNP Paribas, Michel Pebereau, said Monday: "The stress tests in Europe (…) suggest that it is not so obvious that today the European banking system as a whole may need to be recapitalized.Some banks, no doubt. "Boss BPCE, and past president of the French Banking Federation (FBF), François Perol, said he did not think" that (statement of Christine Lagarde) was referring to French banks. "

On the other side of the Atlantic, the signals are no more reassuring. The disappointing U.S. employment published Friday that result in maintaining a high unemployment rate to 9.1%, have cast a chill on the market. The same day, Washington expressed its willingness to prosecute seventeen banks for selling its agencies refinancing, without the correct information, asset-backed mortgages, subprime. The legal battle casts a new threat to the sector.

Wall Street ends on a rebound after Fed speeches

A disappointment, yes, but short-lived. After opening down moderately, Wall Street initially widened its losses after the speech, as expected, Ben Bernanke. This involved the measurement of the Fed to support the U.S. economy at annual meetings of the Fed's Jackson Hole (Wyoming). But the New York indexes were quickly taken: at the close, the Dow Jones gained 1.20% to 11,283.17 points. The S & P 500, wider, takes 1.49% to 1176.57 points. The Nasdaq dominated by technology advance on its side of 2.47% to 2479.44 points. Over the whole week, the Dow gained 4.3% and the S & P 500 4.7% and the Nasdaq 5.9%, reversing some losses last week.

The Fed chairman did not communicate further decisions to boost growth, leaving the possibility of a new monetary easing later.Yet he managed to reassure the markets by stating that "the foundation of growth" were still there in the United States. "It is clear that the recovery after the crisis was much less robust than we had hoped," he acknowledged, however,

He also announced that the Fed would meet two days in September, instead of originally planned to study, among other things, instruments designed to bring a new economic stimulus money. Ben Bernanke promised that his institution will "do its utmost" to ensure growth and price stability.

Concerning the debt crisis in the eurozone, "I trust," he said, convinced that the Europeans will do what it takes to get by.

Just in Europe, the indices sank after the speech of Ben Bernanke: The CAC 40 ended the session on a drop of 2.30%, the Dax in Frankfurt loose 3% and the FTSE 100 in London 2.13%.Yesterday Wall Street had already ended down sharply in anticipation of disappointing announcements from Ben Bernanke. This morning too, the seats were won by Asian nervousness.

GDP revised down

Before the appointment of Jackson Hole, investors were aware of the second estimate of gross domestic product (GDP) for the second quarter. During this period, U.S. GDP grew by 1% annual rate over the previous three months, said the Commerce Department, revising and down 0.3 points his first estimate of growth in the spring published in late July. Analysts had forecast a less pronounced rate revision, to 1.1%, according to their median forecast.

As for currencies, the euro is regaining ground against the dollar after the speech of Ben Bernanke. To 22h (French time), the European currency was worth 1.4486 dollars against 1.4378 dollars on Thursday night.As for the oil markets, U.S. crude oil ended up slightly, and snapped a series of four weeks of losses. Since Monday, oil gained 3.11 dollars or 3.78%. On the Nymex, the contract on October U.S. crude (WTI) finished with a gain of 7 cents to 85.37 dollars baril.Dans the same time, Brent advanced 0.61%, or 68 cents to 111.30 dollars.

Wall Street should open normally by Monday morning as Hurricane Irene is expected to reach the East Coast of the United States this weekend. The New York Mayor Michael Bloomberg on Friday ordered the mandatory evacuation of more than 250,000 New Yorkers living in vulnerable coastal areas before Saturday 17 hours. "We intend to be open for trading Monday.We have a device to respond to such events, to the market to function while ensuring the safety of our staff, "said a spokesman for the New York Stock Exchange AFP.

Values ​​of the day

On the corporate side, Madison Square Garden (1.31% to 23.14 dollars), Frontline (-0.15% to 6.47 dollars) and Royal Bank of Canada (-2.69% to 49.89 dollars ) must be published.

Tiffany (9.35% to 69.01 dollars) reported Friday a profit of 69 cents per share in the second quarter, while the consensus gave 70 cents. Sales came out at 872.7 million (consensus: 786 million). The jeweler raised its guidance range for the BPA 2011, it now expects between 3.65 and 3.75 dollars. (Consensus: 3.56 dollars per share).

HollyFrontier (7.17% to 70.73 dollars) has reported a dividend increase of 17% to 8.75 cents.MTS Systems (-1.09% to 34.55 dollars) also announced a 25% increase in its quarterly dividend.

Pandora Internet Radio (-2.50% to 8.20 dollars) which made its IPO in June, on Thursday posted a net loss of $ 3.18 million in the second quarter of its fiscal year offset, and sales more than doubled, exceeding analysts' expectations.

Krispy Kreme Doughnuts (9.31% to 8.57 dollars) has reported a quarterly profit of $ 8.8 million or 12 cents per share against 2.2 million a year earlier. Sales jumped 11% to $ 97.9 million.

Boeing (-2.78% to 62.80 dollars): 787 Dreamliner, its new aircraft, for which more than 800 orders have already been registered, received Friday certification authorities in the U.S. civil aviation.The first deliveries of the aircraft, the Japanese company promised to All Nippon Airways, lagging about three years, due mainly to disruptions in the supply chain components.

Despite sluggish growth, employment improves

It's the only bright spot in the dark landscape cyclical French: the labor market continued to regain strength. In the second quarter, 68,300 jobs were created in the nonprofit sector. This is 10,000 more than in the first quarter.

The tertiary sector contributes almost exclusively to these creations (57,200 jobs), the industry confirms his recovery: 6600 jobs were created in this sector, according to Insee. This is his second consecutive quarter of growth. "This sector lost jobs every quarter since 2001," says INSEE.

Only government minister to be able to celebrate yesterday, Xavier Bertrand (Labour, Employment, Health) welcomed that "210,600 jobs a year (have) been created." He sees "a positive signal about the vitality of the real economy." This movement is all the more surprising that growth has been sluggish in recent months.

"You have to look at the figure of 0% over the period issued yesterday: considering the annual growth and relating to the last four quarters, we see that the quarterly growth rate is invariably French 0.4%, says Frédéric Gonand, associate professor of economics at Paris Dauphine. This shows that even with 1.6% annual rate, which corresponds to its potential growth, France is creating jobs. "

According to Dares, the index of the basic monthly wage (SMB) increased by 0.6% in the second quarter, representing an increase of 2.1% over one year. This significant increase of basic wages does not mean a sharp increase in the purchasing power of households. In the second quarter, prices rose 0.5% year on year and they operate around 2%.The purchasing power has improved very little, which explains the weakness of consumption in recent months.

Disinflation energy

But-and this is another rare good news in the farm figures released yesterday, according to Insee, the consumer prices fell by 0.4% in July. A decline mainly due balances but also by the expansion of energy prices. Under these conditions, if the job market continues to grow at the same pace as earlier this year, the disposable income of households could improve a little.

"Disinflation energy currently underway should provide some support the purchasing power of households," say economists at Natixis.The main pillar of the French economy will be a little stronger in the second half, provided that the fiscal savings provided by the government do not result in a tax grab too much, the experts continue to Natixis.

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EDF and Areva will strengthen their partnership

After months of tensions, the thaw begins between Areva and EDF. Luc Oursel, the president of the giant nuclear, will perform this afternoon its first official release by hosting one of its plants in Chalon-sur-Saone, the chairman of EDF Proglio. The symbol is more powerful than the two heavyweights of the team of France's nuclear plans to sign three agreements "technical and commercial." The information, which was unveiled by the Tribune was confirmed by the Minister of Industry, Eric Besson, who will also visit the website of Saône-et-Loire.

These agreements clarify the relationships that must maintain the two groups. They should focus on "the pursuit of optimizing the EPR, increased maintenance of the park" or "strengthening industrial cooperation on the storage of radioactive waste."

These agreements will be "historic in some ways," said Eric Besson on France Inter and will "ensure consistency throughout the French nuclear industry."

"A willingness to cooperate more»

A fourth agreement should include the development of medium-power reactor Atmea which EDF would not participate. The date of its signature was not specified by Eric Besson, but it should occur in September. Which will complete the strategic partnership, called by President Nicolas Sarkozy in July 2010.

According to the Tribune, other issues will be discussed later, as the organization of supply for export or supply in the long-term uranium for EDF. In the latter case, a stake of the electrician in the future subsidiary of Areva mines will be considered. The hypothesis is "neither foreseen nor ruled out," according to Eric Besson."There is a current subsidiary of the Areva mining activity that had been recorded and we will see who will enter the capital," he said.

The latter, however, said on France Inter does not "feel" at Henri Proglio will "particular" to enter the capital of Areva. "I feel from Proglio a willingness to cooperate more with Areva, what we today RECORDED agreements very important, but I do not feel particular pressure at home to enter the capital of Areva" said he.

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Asian stock markets rise in the wake of Wall Street

The stock markets in the Asia-Pacific moving up Friday morning, boosted by bank and energy stocks, encouraged by the gains recorded by Wall Street yesterday, who took advantage of the good private employment figures published yesterday. In Tokyo, the Nikkei advance of 0.63% to 10,134.70 points, settling comfortably in excess of 10,000 points reached on Wednesday. The broader Topix index takes him 0.45% to 874.43 points.The current account surplus in Japan fell 51.7% in May over one year to 590.7 billion yen (5.14 billion euros), due to the consequences of the earthquake of March 11 on the scale commercial, announced Friday the Ministry of Finance.

The Japanese automaker Toyota (1.76%) is investing 125 million euros to produce a hybrid version of its Yaris small car at its plant in Valenciennes (Nord) in 2012, announced Didier Leroy, CEO of Toyota Motor Europe, an interview with The Tribune on Friday."Toyota will have spent 125 million euros to build its new (small) III Yaris at Valenciennes (Nord): 100 million for the heat release, 25 million extra for the hybrid variant, a world first," said Didier Leroy daily economy.

Car manufacturers take advantage of stock market rebound on Friday, including Suzuki, which is 1.90%, and Mitsubishi Motors which accounts for 1.94%.

Other major markets also appear in the green, much more clearly in Hong Kong where the Hang Seng climbed 1.07% to 22,771.50 points, while in Shanghai, the CSI from 0.41% to advance 3114.36 points. Investors thus confirm that they had integrated into courses for several weeks the new rate increase occurred Wednesday face high inflation and above the ceilings set by the Central Bank of China.Side values, we retain banking stocks: ICBC is 1.04% and Bank of Communications, 1.08%.

Oil pulls the Australian values

In Australia, the S & P / ASX gains 0.98% at 4650.60 points, driven by the values ​​associated with raw materials such as CNOOC, which is 2.09% or 1.80% Santos grants itself. Oil prices were directionless Friday in electronic trading in Asia, but Thursday, oil prices ended sharply higher in New York, driven by statistics suggesting an improvement in the labor market and a further decrease in inventories crude to the United States.

In morning trading, a barrel of "light sweet crude" for delivery in August took six cents to 98.73 dollars. That of Brent North Sea crude for delivery lost 41 cents to equal 118.18 dollars.

Louis Welsh defends freedom of Air France

"Air France has to make choices according to their needs." This is the answer unequivocally given by the president of EADS hundred members who pushed Air France, earlier this month, Airbus to prefer its U.S. rival Boeing. June 12, a petition launched by the UMP Bernard Carayon called the French airline (15.7% owned by the French government) to show European patriotism, when placing the next order giant had long haul. Expected this summer, the contract of tens of billions of dollars would move more towards a hundred Boeing 787 "Dreamliner."

For Louis Welsh MPs that pressure is unnecessary. "I remind you that 95% of aircraft we are producing for export," says the director in an interview with the Journal du Dimanche.From the first days of the Paris Air Show, which closes its doors Sunday night, the European aircraft manufacturer has announced an almost unexpected rain control, supported by contracts negotiated with the giant companies in emerging countries. Wednesday and Thursday, the group recorded two commands including records, first with the Indian carrier IndiGo, on 180A350, 150 Neo, then with Air Asia, with 200 A320 Neo, is the largest order in the history of civil aviation. "These emerging markets provide the" A "and represent over two-thirds of the global market. Our 730 orders and commitments demonstrate that our products meet the expectations of these new customers, "supports Louis Welsh, referring to the plebiscite met by Neo A320 aircraft during the rally.

Hunt on the lands of Boeing

Overall, therefore, the European group put on emerging countries to take advantage of an aerospace market returned to a "dynamic," says Louis Welsh. If political disagreements today Stems certain contracts, the group can always rely on its broad technological superiority to convince companies of those countries developing their flights to Europe and the United States. And ambitions of the European aircraft manufacturer does not stop there, the group wishes to continue to hunt on the lands of his rival always, Boeing.Referring to the age or obsolescence, of much of the fleet of U.S. airlines, the leader discount surf the success garnered at Le Bourget and "large needs to renew its fleet" (U.S. companies ) to increase its influence across the Atlantic.

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