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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).

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Gold and oil unscrew

On Thursday, black oil

Last week was full of emotion on the oil markets. Until Wednesday, investors were rather good mood. The courses were on the upside with a barrel of "light sweet crude" from 93.26 dollars to 95.41 dollars in three days. Even moving to London Brent crude rose from 111.57 to 113.51 dollars over the period. The markets were so carried away by the renewed optimism in financial markets about the prospects of Greece avoid default. Moreover, the price rises as a result of lower stocks of crude and gasoline in the United States and following the Fed's decision to keep interest rates low.

Then, everything changed Thursday. That day, the IEA countries are brokers by surprise by announcing their intention to use their reserve stocks to put 60 million barrels on the market.This decision, which will lead to a sharp increase in supply leads to a sharp fall in markets: the barrel of "light sweet crude" for delivery in August finished Thursday at 91.02 dollars black while in London on IntercontinentalExchange, the price of Brent North Sea due to the same tumbled 108.02 dollars. Always concerned about this decision, the markets have been volatile Friday session one, barely worn by positive economic indicators in the United States. A barrel of "light sweet crude" for August delivery ended the week at 91.16 dollars and Brent at 105.52 dollars.

In New York, the courts show a fall of 8% over the last two weeks, and even about 20% from their peaks in early May.

Gold through turbulence

Such as oil, gold was a very quiet start of the week.The yellow metal, a safe haven par excellence, was then boosted by lingering fears surrounding the budget crisis in Greece and the risks of contagion to other countries in the euro area. Wednesday, the day after the vote of confidence from Parliament to the government, even an ounce rose to 1558.25 dollars, not far from its high of 1577.57 dollars.

Then on Thursday, the shock wave that hit the oil markets hit gold. It continued until Friday. On these two days, the precious metal lost nearly 50 dollars, falling Friday to 1504.85 dollars, its lowest level in a month. The nervousness of investors in commodities gained the metal shelter. She was more accentuated by a sharp rise in the dollar against the euro adversely affected by the crisis in Greece.On the London Bullion Market, an ounce of gold finished Friday at 1514.75 dollars at auction in the afternoon.

In the wake of the gold, silver, rose significantly until Wednesday, before dropping more than 6% the next two days. The gray metal finished Friday at 34.73 dollars per ounce. Pulled down by the plunge in gold and the rising dollar, an ounce of platinum finished Friday at 1696 against $ 1829 dollars a week earlier, while an ounce of palladium ended at 739 dollars against 810 dollars in September days earlier.

Base metals with no direction

As for base metals, it was time for hesitation. Nickel (22,130 dollars per tonne), lead (in 2564 dollars) and zinc (in 2251 dollars) are the only ones to show increases.For others, the context was too heavy with the uncertain outcome of the case of Greece and the signs of slowdown in the U.S. and China which was happening at a push of the dollar. All these elements made the metal less attractive to investors very suspicious vis-à-vis the commodity markets since the fall of oil prices.

The copper market barometer, was not supported by the latest report of the International Group for the Study of copper (ICSG), which indicates a production surplus of 18,000 tonnes in March. On the LME, the tonne of copper for delivery in three months ended down at 9,044.50 dollars on Friday.

Wheat, corn and soybeans down

The prices of food have not been affected last week by the Action Plan of the G20 countries to fight against the volatility of agricultural products.In Chicago, the investors had more eyes turned to the U.S. Department of Agriculture (USDA), which is published this week reports on acreage and stocks by. Meanwhile, warmer weather since early June fueling a decline in prices. Bushel of corn (about 25 kg) for September delivery ended Friday at 6.55 dollars (4.6% on the week), the soybean contract for November delivery rose to 13.10 dollars ( -1.7%) and a bushel of wheat due in September ended at 6.61 dollars (6.6%).

Note that in London, cocoa prices were supported by the "swollen shoot", a viral disease that threatens the harvest cocoa in Ivory Coast, according to observers. However, prices have limited their gains over the weekend, affected by a rise in the dollar.On Liffe in London, a tonne of cocoa for September delivery was worth 1867 dollars and on the NYBOT-ICE U.S., the contract for the same term finished in 2967 dollars.

EDF and Areva on the alert

Less than four months after the catastrophede Fukushima, Germany decided to phase out nuclear power within ten years. A few days ago already, Switzerland announced the non-replacement of its nuclear plants, which meant the arrest of Atomic Energy in 2034. But this Monday is a heavy sounding the end of a business. Of its 17 reactors, eight have been stopped since the nuclear accident in Japan and will not be reactivated, and most will no longer be in service by the end of the year. As for operators of these reactors is anger. German groups RWE, EnBW and E. ON, and the publicly owned Swedish Vattenfall, challenge this decision, particularly because of the continued consideration of a tax on nuclear fuel, while it was intended to remove it.The two main actors, RWE and E. ON – which operated 13 reactors – dropped by 2.07% to 19.60 euros and 40.18 euros at 2.06% shortly after the opening of the Frankfurt Stock Exchange. For Bernhard Jeggle LBBW analyst, their profits will plunge by 6 to 11% per annum for the next few years.

Thus, Germany must find ways to cover 22% of its electricity needs are currently covered by its atomic plants. Already, from Fukushima and stopping, a total of eight power stations, Germany has had to draw electricity from abroad. Thus, since mid-March, electricity imports from France have doubled. In this context, EDF is positioning itself quite well.Certainly, last December, the electrician had to leave Germany by selling its 45% equity stake in EnBW, but at its last meeting, a few days ago, Henri Proglio insite on strategy internationalization of the group, with a significant increase in installed capacity of 200 GW (gigawatts) in 2020 – against 132 GW Gross in 2011.

A decision "purely political"

Except that the French group, which intends to become the first French electric utility in the world by 2020, intend to achieve by building in easy payday loans… nuclear. However, the German decision is a strong message against nuclear energy. And if France does not seem to lead to a shutdown of Atomic Energy – the G8 in Deauville, France has sought to weaken the safety tests in Europe – the pressure on the government could still rise.Echoing the lack of visibility facing the sector, EDF shares were down 0.67% in early trade on the Paris Stock Exchange on Monday morning. At GDF Suez, the title lost 0.49% at 25.30 euros in a market uptick (+0.15%) and displays with EDF, one of the largest decreases the Cac 40.

Finally Areva, the beginning of the session was extremely volatile for the first day of trading in its shares. President Anne Lauvergeon, whose term expires at the end of June and that the issue of succession is not always avoided, says the German decision is "totally political" and did not rule out a reversal of situation by the deadline. Meanwhile, Areva has suspended its quantified for the year 2012, ie a turnover of 12 billion euros and an operating margin in double digits, after the nuclear disaster in Japan.But "the group could benefit from stress testing of units in operation worldwide, investments to improve security that plant operators will be obliged to fund," according to analysts at Natixis, and that new contracts related to the closure of units across the Rhine, or even new orders for third-generation reactors.

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The price of gasoline is still beating records

The weeks go by and look for drivers who can only see the rise of gasoline prices in their service stations. Last week, the price of a liter of unleaded 95 has thus reached 1.5492 euros on an average calculated by the Directorate General for Energy and Climate (DGEC) throughout the territory. The unleaded 95 and beat his own record of 1.5469 TTC, the previous week. For its part, the unleaded 98 also registered a record 1.5861 to 1.5849 against euro per liter euro the week ending April 29.

Only the diesel appears to decline. For the third consecutive week, its price fell to 1.3453 euros per liter on average, far from its high in May 2008 to 1.4541 euro.

Prices at the pump, however, vary greatly from one city to another.According to the website carbeo.com, some gas station attendants already impose price close to € 2 advanced by the boss of Total, Christophe de Margerie. This is particularly the case of two service stations in the 16th arrondissement of Paris and Lilac (enSeine-Saint-Denis), who sell a liter of unleaded 98 to the price of 1.89 euro.

Christine Lagarde is awaiting a report

Oil prices have tumbled in the markets, however, due to a fear on the strength of the U.S. economy. The price of a barrel of U.S. light crude for June deadline ended last Friday in decline on the New York Mercantile Exchange, to 97.18 dollars, down from 2.62 dollars. For the week, the WTI has lost 16.75 dollars or about 15%, its biggest weekly decline in percentage terms since the week to December 19, 2008 when prices fell by 26.8%.Expressed in dollars, fall is the highest since the ratings began on the Nymex in 1983.

The movement was identical to London where the price of Brent at the same maturity have finished Friday at 109.13 dollars a barrel (-1.51%). For the week, the price of Brent crude fell by 13.3% or 16.76 dollars a barrel, their currency depreciation in the sharpest ever recorded.

"The oil companies and distributors have pledged to pass immediately to the pump every drop of oil prices", said Minister of Economy Christine Lagarde on Monday."I asked the Directorate General for Consumer, Competition and Fraud to give me a report early next week and be extremely attentive to changing prices," she warned .

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Positive market reaction after the death of Bin Laden

Thunderbolt in the night from Sunday to Monday: in a speech from the White House, Barack Obama announced death of Osama bin Laden, killed by U.S. forces in Pakistan. The President has confirmed information from a top U.S. official relayed by several media outlets including The Wall Street Journal and The New York Times. Markets, the announcement of the death of the leader of al-Qaeda had an immediate effect: the dollar has suddenly turned upward against the euro.

The greenback is thus dropped below the $ 1.48 mark to 1.4771 dollar exactly five o'clock, Paris time, against 1.4864 dollars two hours earlier. Similarly, the greenback was trading at 81.66 yen 80.96 yen against just shortly before. The death of public enemy number one U.S. pushes investors to buy the greenback as the dollar continued to drop in recent weeks.The weaker dollar intensified since the decision of the U.S. central bank (Fed) at the end of last week to maintain unchanged its policy of very low rates.

Similarly, oil prices fell back by 1.3% to 112.39 dollars on U.S. markets. The silver prices are also falling by almost 13%. The futures contracts U.S. already announced a rise of nearly 1% of the major indices. As for U.S. Treasury bills to 10 years, they fell back by 2.4 basis points.

"A source of concern is raised in the Middle East," which has led to lower oil prices and hence an increased demand for the dollar, "said Tomohiro Nishida, operator Chuo Mitsui Trust and Banking, cited by Dow Jones Newswires. Daisuke karakami, economist at Mizuho Corporate Bank, but warned that the new did "not support the dollar long term."According to him, "the Fed policy is more important for the dollar. The dollar will remain weak against other currencies, except the yen, the Bank of Japan is also providing to keep rates very low for long.

Elsewhere, Asian markets were also buoyant. While the Chinese stock exchanges are closed on Monday, the Nikkei 1.5% advance.

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Eric Besson wants to review gas prices and plans to tax the oil

The Energy Minister, Eric Besson, who attended Friday at Matignon in a meeting on the theme of soaring energy was delivered this Sunday on Radio J, a change in the calculation of gas prices . Keeps the current formula, partly indexed to oil prices, should indeed lead to a further price increase on 1 July. An increase that could go wrong with consumers who are already undergoing an increase of 5.2% in early April, an inflation of 20% over one year and 60% since 2005.

"The government's objective is very clear: it is, in a context of rising energy prices at the international level to protect the purchasing power of the French," said Eric Besson, who considers "unacceptable" the continued the increase could reach 7.5% under the current formula.The new method of calculation should be offered "in the coming weeks" after the arbitral panel Matignon and the Elysee Palace.

Since early 2010, the energy group GDF Suez, owned 35% by the state, which offers fares. The Commission for Energy Regulation (CER) then verifies that the prices are consistent with the formula. But the government may "ask" GDF Suez does not apply the increase. The CRE has pronounced itself in recent days to a new formula for calculating rates to better reflect market prices (spot prices) at the expense of long-term price listed in the contract supply that GDF has signed with major suppliers. The spot prices now account for about 10% in the scale used.The regulator calls for increasing this proportion "as the market price continues to be lower than the average import price from the long-term contracts."

Curb rising fuel

Eric Besson else said the government was worried about soaring fuel prices. To curb the rates that affect the household budget, he plans to "make use" petroleum distributors.

He said he was "technically very difficult, if not impossible" to establish a "social tariff of gasoline, already ruled out last month by the Economy Minister Christine Lagarde. He believes, however, can mitigate the impact of soaring fuel prices, adding that discussions were under way but without giving further details on the nature of the contribution that would be applied to oil tankers.He also refused to talk to a tax on profits groups. "If we adopt a measure for the poorest households, it is necessary that, in one form or another, contribute to petroleum distributors," he said, referring only arbitration "in the days to come." Prices at the pump have been drawn up in recent weeks by revolts in Libya and the Middle East who have blazed the price of crude oil. In March, the super unleaded 95 had reached a high of 1.5179 euro parlitre.

(With AFP)

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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.

Blocked overnight in a train

The stage at Brussels was not to last as long. Friday night, two Thalys from Amsterdam to Paris and were forced to spend the night at the stop at Brussels Midi station, registering a total delay of about 14 hours on their arrival in Paris on Saturday morning.

The origin of this disruption, a technical default on the first train left at 6:16 p.m. Friday in Amsterdam. To remedy this, the train is coupled to a second train has left the Venice of the North one hour later.The operation takes a long time, so much so that the arrival of two trains in Brussels to 23 hours, it is too late to pursue the road: "The network of high speed rail network in France (RFF) was already closed at night for maintenance, "said a spokesman for Thalys, Patricia Baars.

"We tried everything, but it was not possible to make the trains run outside the operating hours of commercial network," French said the representative of the rail consortium.

Not enough room at the hotel

And the trouble does not stop there. As it is too late to implement an alternative system of transportation by bus, according to Patricia Baars, passengers are forced to spend the night there.But again, a new obstacle: "It was not possible to find hotels in the immediate vicinity of the Brussels-Midi station to house some 400 people," says Patricia Baars.

Some passengers decide to leave to go and look for a hotel in downtown Brussels, at their expense personal loan for poor credit. The approximately 250 remaining up for the night. "They received a meal and hot drinks. The train was heated, and watched the train, "said Patricia Baars figaro.fr.

Not really a version shared by Marta Ayala, 38, transient. Station in Brussels, "everyone left the train. Workers, drivers, everyone is gone. Without telling us anything, "she testified. "The passengers left the train to get information. There was nobody on the docks. Thalys offices were closed, "she added, pointing to photos taken in the night.

"Around 0:15, the security personnel were brought boxes of food. Still no explanation. Then at 6:30 this morning, we were told to change trains, "she adds angrily. "I paid 200 euros, just the casual, the service terrible."

Thalys says that all passengers will be reimbursed for their tickets, and any other compensation – for nights hotels, missed connections – will be considered on a case by case basis.

Both trains were eventually depart at 6:40 Saturday morning, arriving with a delay of 14 hours for the first Thalys 6:16 p.m. and 1:00 p.m. respectively. This is roughly equivalent to that recorded by the drill nuitStrasbourg Port Bou / Nice, who had accumulated a series of incidents during the night of December 26 to 27.

Obama tackles the budget deficit

President Barack Obama on Monday presented to Congress his budget proposal for 2012, which aims to reduce the federal deficit of 1.100 billion dollars (about 800 billion euros) over 10 years, but the Republicans deem the decline spending too limited.

The White House expects a budget of 3.729 billion dollars with a deficit of 1.645 billion for fiscal 2011, began in early October and 1.101 billion for fiscal 2012. This trend would reduce the deficit to 3.2% of gross domestic product (GDP) in 2015, against 10.9% this year.

"The fiscal realities we face require tough choices," said Barack Obama elected to the Congress. "Ten years of deficits, compounded by the effects of the recession and the measures we have taken to get out, (…) we have placed on a trajectory untenable.That is why my budget charts a course that will repay our debts. "

Two thirds of the savings provided by the budget come from reduced spending and lower predictability of debt service as the deficit will be eliminated.

Deletion of twelve tax loopholes

The rest came from increased revenues, including the expiration of the tax compromise negotiated in December with the Republicans, who control the House of Representatives. This text extends for two years, tax relief inherited the presidency of George W. Bush and also extends benefits for long-term unemployed.

Federal finances should also benefit from increased revenues due to economic recovery, as well as the elimination of 12 tax loopholes for companies specializing in oil, gas and coal, which is the aim of providing 46 billion dollars over 10 years.

"Both parties are seeking to reduce deficits, this indicates at least they share the view that one can be elected without being harsh on the budget," said David Ader, an analyst with CRT Capital Group.

The draft budget must allow Barack Obama to keep his commitment to its partners in the G20 to halve the deficit by the end of his term in January 2013, compared to taking office in 2009.To contribute to this reduction, Bush plans to freeze discretionary spending unsafe for five years, a savings of $ 400 billion over 10 years business cards design.

This measure involves reducing spending by more than 200 federal programs and will save 33 billion dollars over fiscal 2012. Defense spending will be reduced by 78 billion over five years, as previously announced, and those health 62 billion over 10 years.

The project anticipates a deficit of around 3% of GDP from 2015 and beyond, slowing growth in U.S. debt, even if it should rise to 77% of GDP in 2021 against 72% in 2011.

The budget will be adopted only after a long debate ahead among Democrats, the Senate majority, and Republicans, who control the House of Representatives."The president's remarks suggest that he understood that spending out of control, but his words are followed by any action," the group's leader accused the Senate Republicans, Mitch McConnell. "Americans do not want a spending freeze to an unsustainable level. They want cuts, drastic cuts, and I hope the President will work with us to achieve this quickly. "

The White House is more conservative than IMF

The White House also said to have revised down its forecast for U.S. GDP growth for 2011, but maintained its forecast of accelerating activity for 2012. Under the new draft budget law, the U.S. GDP would grow by 2.7% in 2011 and 3.6% in 2012.The previous forecast of state gave a GDP up 3.2% in 2011 and 3.6% in 2012.

The government is more cautious than the central bank (Fed) and the International Monetary Fund (IMF) for 2011. The Fed chairman, Ben Bernanke said that growth should be between 3.0 and 4.0% in 2011. The IMF expects him over 3.0% this year.

The government is however much more optimistic than the IMF for 2012, since the Fund said in January that U.S. growth should slow in 2012 according to him, to 2.7%.

The government says the unemployment rate, down, should nonetheless remain very high at 9.3% on average in 2011, then declined to 8.6% in 2012.

(With agencies)

The Paris Bourse celebrates 10 years of trackers

January 2001. All eyes on the United States, where already more than 100 such funds were traded, Lyxor, a subsidiary of Societe Generale, launched the first ETF in France. A fund that offers the same performance as the CAC 40, which is listed, and bought and sold on the stock exchange so as an action in minutes. A revolution for investors accustomed to having to wait at least a day to invest or withdraw from a conventional mutual funds. And quickly realized that the other advantage of this product: its price. The costs of managing an investment fund shares often exceed 1.5% per year. Those of a tracker on the CAC 40 are 0.25%.

Ten years later, this ETF (Exchange Traded Fund, the name International ETFs) is one of the 40 stocks most traded on the Paris Stock Exchange (the 36th in 2010). This is one of the largest equity fund French (over three billion euros in assets). And it has many competitors.Over 480 ETFs are now traded on the Paris, more than 1,000 in Europe. Investors have at their disposal to build on the ETF shares Russian, Chinese, Brazilian, but also on government bonds, corporate bonds … All indications are almost covered by one or more ETFs.

The most important (more than 6 billion euros), also managed by Lyxor, replicates the performance of the Euro Stoxx 50. In total, the outstanding European ETFs grazes 200 billion euros. Twice more than in 2008. The financial crisis has strengthened investor interest in these liquid products, so convenient when you have to invest very fast payday loans… or cut an urgent position.

A coveted market

Management companies are scrambling for a toehold so this growing market dominated by three heavyweights: BlackRock (branded iShare), Lyxor and Deutsche Bank.Credit Suisse, for example, has launched its first 45 ETFs on the Paris Bourse.

In Europe, the stock of these products is still low compared to those pension funds and mutual funds (2%). But across the Atlantic, it represents 10% of assets under management in funds. "If Europe reached the same level, ETFs could reach 525 billion there," said Nizam Hamid, head of Lyxor ETF in Europe.

And investors continue to subscribe. "Worldwide, the conventional mutual funds suffered net withdrawals of nearly $ 140 billion over the first ten months of 2010. ETFs, they have raised over $ 140 billion, "says Deborah Fuhr, global director of ETF research at BlackRock.

In the U.S., ETFs owe much of their success to investors."Over 50% of assets from individual investors," says Dan Draper, head of the ETF business at Credit Suisse. In Europe, however, are the institutional who made them successful. Individuals represent only 10% to 20% market share. But proponents of ETFs still cherish the hope of seducing them.

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