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

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

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

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

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

Fears on debt may bend the Paris Bourse

After closing below the threshold of 4,000 points on Wednesday, the Paris Bourse continued its downward trend on Friday as geopolitical tensions are again on top and the price of oil rising again after the decline recorded Thursday. At the opening, the Cac 40 falling 0.97% at 3925.73 points. Yesterday, Wall Street ended its biggest drop since August, while that night, all Asian markets operated in the red, hit by the publication of disappointing indicators for two days and a severe earthquake Japan. Finally, the debt crisis in the euro area is restarted after the deterioration of the debt rating of Spain on Thursday. A situation that only reinforces the pessimism on the Paris exchange. The Heads of State and Government of countries of the euro area will meet today in Brussels.A planned meeting to endorse the pact competitiveness of Germany, but could develop into a crisis meeting to address the problems of sovereign debt of countries in the area.

Moreover, the situation in the Middle East and North Africa continues to worry investors. Unrest in Saudi Arabia, world's largest producer of oil still increases threaten to crude prices, a scenario that the market interprets as a brake on economic recovery. Operators should be particularly careful on Friday to call for demonstrations in Saudi Arabia. In morning trading, oil prices increased again after the decline Thursday. A barrel of light sweet crude for April delivery took 14 cents to 102.84 dollars.That of Brent North Sea crude for April delivery yielded 23 cents to 115.20 dollars.

On the macroeconomic front, the news is not much brighter. The Bank of France announced on Friday a widening of the French current account deficit, which rose from 4.9 billion in December, to 5.1 billion in janvier.Aux United States are expected this afternoon Product details for the month of February (1430), the index of consumer confidence in March from the University of Michigan (3:55 p.m.) and stocks and sales of businesses for the month of January (1600).

As for currencies, the euro is recovering slightly against the dollar Friday after his significant decline from the previous day due to the deterioration of the Spanish sovereign rating, while the yen fell suddenly to the announcement of the tidal surge that came the earthquake in the night. Around 8:00 in Paris, the euro bought 1.3805 dollars against 1.3794 on Thursday.The European currency also gained against the yen at 114.96 yen against 114.41 yen Thursday evening

Failure of new R & D for Sanofi-Aventis

Sanofi-Aventis – 1.03%, to 50.15 euros

The pharmaceutical company Regeneron Pharmaceuticals and the U.S. announced Thursday that its experimental treatment against a certain type of lung cancer did not achieve the primary goal of clinical late stage.

Rally: – 1.23%, to 31.71 euros

The holding company of Casino, announced Friday a net profit in 2010 declined significantly affected by higher financial expenses and the lack of more significant capital gain, and propose to the title the past year a stable dividend .

No dividend Haulotte Group

Haulotte Group: – 9.73%, to 12.80 euros

The group reported a 2010 sales up 23.8% to 250 million euros, but has remained in deficit, with a net loss of 42.2 million euros, mainly because of high cost of its center of production units and maintaining a high level of reserves customers. The group will not propose a dividend for 2010.

Legrand – 0.53%, to 28.24 euros

Legrand announced Thursday it had issued 400 million euros of bonds at 4.375% Maturity 2018 at the resale price of 99.616%, the operation with a yield of 118 basis points over swaps.

GFI: 2.29%, to 3.58 euros

The group announced Thursday it returned to profitability in 2010 and looked forward this year a further improvement in operating margin.

NextRadio TV: 0.93%, to 15.15 euros

NextRadioTV said Thursday expect a double digit growth in revenue from its radio division for the first quarter of the year after being returned to profitability in 2010.

GDF Suez: – 0.93%, to 27.03 euros

HSBC lowered its recommendation from neutral to underweight on the title of the gas giant, and cut its price target to 26 euros from 30

Chargers: 2.58%, to 5.17 euros

The group published a annual turnover up 13.4% over fiscal 2009 and has returned to profitability in 2010, driven by volume growth, cost savings and a good ability to absorb rising commodity prices.Operating income was 21.3 million euros, against a loss of 22.6 million euros a year earlier.

SNCF: CGT offered the pub at the expense of CCE

The CGT has released all the stops to win the elections on March 24 at the station. The railway union has commissioned an advertising campaign of 1939 panels in France, mainly near the passenger terminals and marshalling yards. This campaign highlights the strategy that management has reduced the supply of "wagon" of the SNCF deficit for many years to refocus on more profitable routes.

Our records indicate that buying, with a gross value of 1.5 million euros, 300,000 euros has been negotiated by the union. These posters are a lot of noise in the railroad world, but not the one expected by the majority union. They have not actually been purchased by the CGT, but by the central committee (IAC) of the SNCF, which is supposed to finance the social works of the railway."Even though legally there is no diversion of funds, the transaction appears to be with the purpose of the EAC and includes, within its operating budget," says a senior counsel to several committees company in France.

"Awareness Campaign"

The other unions, who denounced the campaign of communication, could therefore sue for appropriation of funds from the CEC for political purposes. "It's scandalous, a union official insists. The CGT has punctured some form of additional salary and deferred railway to lead his own campaign. "

Many unionists tell when he discovered that poster appeared in the streets of Paris, February 14. It is however mentioned in the advertisement that "this campaign" was conducted "on the initiative of the CEC and CE SNCF Fret SNCF.""This is false, the works council was not consulted Freight, says Gilles Desfrançois, elected in FO-setting committee of the freight station fast payday loans. It looks like an ad campaign for the CGT. The color coding of displays, including the conspicuous presence of red, tends to confirm this. "The majority unions, the CFDT, UNSA and SUD, which sit alongside the CGT at the office of CCE, are hampered in the armholes. The CFDT said to have "validated this with reservations." "Nobody dared to oppose a campaign on the future of freight a month before the elections, says a union official. Furthermore, when we do not follow the majority union on some of its decisions, there are penalties. "

Complaint for "defamation"

Contacted by Le Figaro, no CGT or the direction of CEC were willing to comment on the situation.Even silence on the direction of the station, where you do not wish to incur the wrath of the majority union. The company is not entitled to complain about the allocation of subsidy, however, assigned the CEC referred to "smear" and damage his image before the Tribunal de Grande Instance de Paris. The case will be heard Friday morning.

This latest incident just adding to the list of questionable practices of the CEC of the SNCF. The Court of Auditors is conducting an inquiry into the management of this institution and on 6 of its 27 school committees (EC). The CTE of the key station each year a grant of 92 million euros and employs nearly 1000 employees.

CE Lyon is, meanwhile, the subject of an investigation by the financial police. Several executives of the institution were interviewed at year end.The origin of these investigations: the funds allocated by the public company under the Trade Union Training allegedly used to finance the operation of trade unions.

France posted a record deficit

The figure is historic. The hole public finances widened to 148.8 billion euros in 2010 against 138 billion a year earlier, said the Budget Ministry on Tuesday. This is not unexpected, as the minister has already spoken Baroin mid-January a similar amount during the presentation of its balance sheet in 2010. The deficit is well below one billion euros from estimates in September and should be a little less than 7.7% of gross domestic product (GDP).

The French budget was the victim of a margin squeeze due to memories of the crisis: spending and increased revenue has not covered their level before 2009. On the one hand, income taxes and related taxes, whatever the rise, have remained low and amounted to 274.9 billion euros (against 237.2 billion in 2009).In detail, tax revenues, the lowest in 2009, jumped 17% last year. Particularly affected during the crisis, the corporate tax has regained some lost ground (57.2%). The VAT revenue rose 7.5% and income taxes of 1.7%.

Expenditures, particularly related to the "great debt" and welfare systems, for their part, increased by 15.9%, reaching 452.7 billion euros in 2010 against 367.1 billion the year before . Involved, social protection expenditure, linked to rising unemployment, but also the Grand borrowing and "investment for the future".This last item of expenditure will still not taken into account when calculating the budget deficit following the European rules payday loan.

Objective 2011 "achievable"

In 2011, tax revenues of the state should continue to increase, and the effect of the "great debt" on public finances will disappear, "said Dominique Barbet, in essence, BNP Paribas. "As a result, the deficit of 148.8 billion euros to 92 billion euros, as the government wants, is feasible," said he."Similarly, the deficit target of 6% GDP could be achieved, especially if growth is close to 2% as required by the government." One hypothesis considered optimistic by economists until the publication by Banque de France on Tuesday morning for a first estimate of economic activity increased in the first quarter of 2011.

The government intends to reduce the public deficit to 4.6% of GDP next year, then to 3% in 2013, the limit set by EU rules. Nicolas Sarkozy intends to introduce a second "golden rule" constitutional deficit.Clearly it is, as already done in Germany, set a limit to the deficit in the constitution.

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SNCF: 80% of the French disappointed by the service

The result is final. According to a poll by Ifop for the Sunday newspaper Ouest France, eight in ten French (80%) believe that in recent months, the quality of services offered by the SNCF was "somewhat worse". Only 15% of respondents believe the contrary, that it was "somewhat improved". Three percent of respondents believe the situation has "not changed" in this area and 2% were undecided.

More telling, three out of four respondents (76%) say the times were "less respected" in recent months. They are only 18% say that they are "more respected". Three percent noted no change and 3% were undecided.

Malaise

The survey, conducted on 20 and January 21 with a sample of 968 people, seems to confirm the ras-le-bol general users of the station cash advance america.After the subscribers of the TGV, which just received a compensation package, it's time for users of regional express trains (TER) to show their displeasure by engaging in a strike submission of tickets from Monday.

Eager to appease the discontent of its customers, the station provides a plan for improving its twelve lines called "sick". Efforts should focus on the Paris lines, RER A and D in mind.

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"Ingenico is not a strategic company"

For the first time since the abortive attempt of redeeming Ingenico, in December, Philippe Lazare, the CEO of the French group, gives his analysis of this case unusual in French capitalism.

After the publication of a statement of Ingenico, Dec. 17, citing "a proposal for possible submission of a tender offer on its entire capital," the file is reassembled at the highest peak of the State. The government has highlighted the "strategic" nature of the business.Saffron, 30% controlled by the state holds a blocking minority in Ingenico, then decided not to contribute its shares in U.S. group Danaher, who seemed interested in acquiring Ingenico for 1.4 billion euros or 28 euros per share, roughly the current price of the company.

During the weekend of December 18, CEO of Safran had received a phone call from Eric Besson, Minister of Industry, asking not to participate in the operation. Then, on December 21, Ingenico said that "no discussion on the capital of the company n (was) in progress."

Competitors have changed hands

Recently, the industry minister recalled in an interview with Le Monde that he was "not opposed in principle to any equity investment by a foreign company pay day loans.I asked a number of questions on research and development, technology transfers and jobs. "In our interview (see below), Philippe Lazare pledged his side not to have had contact with government . The potential buyer has never commented on this aspect.

Ingenico's CEO wonders clearly on the strategic nature of the company he heads. Especially as other French competitors have changed hands in recent years without causing problems. Payment terminals from Thales were bought by American Hypercom, and more recently those of Gemalto VeriFone, a company also American. "I find that these assignments have not been a problem from a strategic standpoint," said Philippe Lazare.

True, but it is also conceivable that governments have sought to prevent the last major undertaking in this sector partners to turn the United States.

Philippe Lazare, "We are the world leader in our field." Photo credits: Richard VIALERON / LE FIGARO / RICHARD VIALERON / LE FIGARO

"France has not done enough structural reforms"

Inflexible on inflation, reassuring on economic growth and prudent public debt crisis. Sunday dinner guest of the Grand Jury RTL-Le Figaro-LCI ", Jean-Claude Trichet, ECB president, gave a positive assessment of the euro. Since 1 January 1999 the euro area has created 14.2 million jobs, when the United States, whose population is of the same order of magnitude, created only 7.8 million.

Addressing skeptics, he recalled that the last opinion poll Ifop made in France, reported a 72% majority of French opposed to an output of the euro. There were no "difference between the sensibilities of right and left," he said. The Economics of Monetary Union "shows an ability to bounce higher than what was anticipated, and that since the third quarter of 2009," he said."The situation remains difficult but it is quite comforting," while acknowledging that "the crisis of sovereign risk (states) remains" in Europe, but also in all advanced countries.

Ensure stability of prices

While the rise in consumer prices was 2.2% over the last twelve months in the entire euro zone, Jean-Claude Trichet has held that interest rates were "appropriate to their level … We will always necessary decisions to ensure price stability, "he said us fast cash. He sees no contradiction between a possible increase in rates by the ECB and growth. "We're in a market economy. Rates for two, five, ten and fifty years include inflation expectations for the future. If we ensure price stability and if it is credible, we guarantee the interest rate (market) the lowest. "He also admitted that the last digit increases in consumer prices "have almost exclusive explanation for the price of energy."

Regarding the prospects for growth in the medium term he again expressed regret that the States have not committed programs of structural reforms agreed at Lisbon in 2000, which led the European Council to commit to such reform in 2020: "France has not done enough of structural reforms and have growth potential than it is today (if she had business)." As for 35 hours, he considers "that greater flexibility is needed."

On the euro, he believes "there is no currency crisis as such, but difficulties more or less important for states to finance it.The European Financial Stability Fund, established last spring, "must be improved in quantity and quality to be as flexible as possible," he observed.

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That 2011 will change to our finances

Here is the list of spending items that will vary in early 2011.

Social benefits

SMIC: The government has warned that there would be no boost given to the minimum wage this year. The minimum wage will be adjusted according to the mechanisms provided by the Labour Code and will rise from 8.86 euros gross per hour at 9 euros. The 2.3 million people paid the minimum wage will now receive 1,365 euros for 35 hours, or about 1073 euros net per month.

RSA: The income beneficiaries of active solidarity, which have touched in December a Christmas bonus, will see their monthly income revalued by 1.5% (inflation in 2011). Their income will double to 466.99 euros for a single person, an increase of 6.90 euros to 700.49 euros and for a single person with a child or a couple without children.

Child benefit: They will also be adjusted from 1.5% to 125.78 euros per month for two children, an increase of 1.86 euro and 286.94 euros for three children (4, 24 euros).

Health

Doctors: Consultation with GPs from 22 euros to 23 euros.

Medications: Some drugs will be less well paid by Social Security. Those who were at 35% will no longer be only 30%.

Present.In tax incentives

Scrapping and environmental bonus: The scrapping of 500 euros – whose number is estimated at 600,000 in 2010 – will disappear. The payment of bonuses is also environmentally hardened. For cars ordered in 2011 emitting between 116 and 125 g / km CO2, the environmental bonus of 100 euros will be deleted. For vehicles that emit 96 to 115 g, from 500 euros to 400 euros.For vehicles 61 to 95 grams, it falls from 1,000 euros to 800 euros. The bonus of 2000 euros LPG is removed, it is hard for hybrids.

Employment at home: After long debates in the National Assembly and Senate, the measure abolishing the 15% deduction on employer contributions offered to individuals who employ an employee at home has finally been voted under pressure from the government.

Taxes: The highest band of income tax is raised from 40% to 41%. This measure aims to fund the pension reform for taxpayers who claim more than 69,783 euros per year guaranteed approval cash advance loans.

• Pending the great tax reform planned for the second half of 2011 and could sign by the end of the solidarity tax on wealth, the ISF reduction granted for the direct or indirect investment in a particular small business will be reduced from 75% to 50% in the limit of 45,000 euros.

• Despite the amendment advocated by the UMP deputy Herve Mariton, honeymooners, as well as civil partnerships or divorce of the year does not fill more than three tax returns. They may no longer qualify for the tax cut that allowed this practice sometimes.

• The tax loopholes supporting investments in real estate also suffering with a plane of 10%.The tax credit on equipment in support of sustainable development, tax reduction for certain overseas investments or investment Scellier (rental in nine) are particularly concerned.

• The entire device support accession is also consolidated. The tax credit on mortgage interest is deleted and a zero-interest loan universal set for first-time buyers. It will be granted unconditionally resources.

• As for the tax credit for photovoltaics, it is reduced by half.

Consumption and transport

SNCF: Train tickets should have an increase of 2 to 3% with effect from 15 January. The government had also expressed support for such an increase in early December.This rate increase should allow maintenance of the railway network.

Insurance: The tariff increases will be particularly important in the insurance sector. The price will incur an increase of 2.5% to 4.5% for cars, from 3% to nearly 8% for housing and 5.3% to 8.5% for health.

Energy: Increase by 3% due to the contribution to public service electricity (CSPE), which finances the purchase of renewable energy. The social tariff for electricity, provided to the poorest households (625,000 households), should vary between 40 and 60% against 30 to 50%. Gas rates should remain stable until April.

(With AFP)

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Indebtedness Germany sets record

With 50 billion in additional debt in 2010, Germany beat a sad record: the highest debt level since the founding of the Federal Republic in 1949. It now amounts to 1791 billion euros. The Ministry of Finance, who announced the figure on Monday was intended however positive in January, the Minister Wolfgang Schäuble provided in effect to borrow as much as 80 billion euros this year payday advance low fees.

Sanofi: OPA extended at the same price

As expected, Sanofi-Aventis continues in the same conditions its hostile bid made last October 4 on the U.S. Genzyme. The French laboratory which garnered only 0.9% of shares in the biotech United States after the expiration at midnight Friday for the first time, hopes to "give more time to holders of ordinary shares tender their shares to Genzyme to bid. "

New deadline brought to 21 January 2011

The new deadline is extended to January 21, 2011 at 23:59, New York time, "unless it is extended again," says Sanofi-Aventis. At 69 dollars per share, the offer values the group's pharmaceutical always Genzyme $ 18.5 billion. But the American judge that amount insufficient to launch formal talks with its suitor.In an interview, Henri Termeer, the head of the U.S. biotech estimated that $ 69 per share, the offer from Sanofi-Aventis "has no chance of success."

Disagreement on the valuation

The two parties disagree on the value of Genzyme rely mainly on the difficulties in assessing the speed with which the U.S. is recovering from serious production problems on two of its blockbuster drugs due to problems of contamination of one of its plants.

Another major stumbling block between the two groups: the estimation of future sales of its molecule Campath against multiple sclerosis.

To work around this particular problem, the boss Henri Termeer of Genzyme said he was open to the solution of the contingent value rights certificates, which allow shareholders to receive his company based on actual results of Campath an additional price, improving the offers French.Sanofi-Aventis, however, did not comment officially on this solution.

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