The Paris markets are taking a break on Wednesday after a strong upward meeting. At midterm, the CAC 40 was down 1.49% to 3372 points. Tuesday, in a very quiet market, the indexes have climbed throughout the day to reach a closing up 2.73% over 3400 points. A rebound reflecting the high volatility of recent weeks: Monday again, the CAC 40 was approaching its lowest level this year.
Elsewhere in Europe, even movement. The Frankfurt Stock Exchange evolves decline of 1.27% to 5865.20 points while the FTSE index down 1.26% to 4902.70 points.
On Wednesday, investors in Paris after their Asian counterparts who chose to take profits.For its reopening after a weekend of three days, Wall Street gave no signal, calling instead for caution with a fence unconvincing in the green.
In terms of indicators, the trade deficit of France has risen sharply to 5.5 billion euros in May from 4.258 the previous month due to a decline in exports, according to data released by Customs. Economists had expected on average a deficit of 4 billion euros.
Also note that according to a recent estimate of the European office of statistics Eurostat, euro zone economy grew 0.2% in the soft first quarter.
Moreover, the German industrial orders fell for the first time this year in May, 0.5% from the previous month, according to figures released Thursday by the Ministry of Economy.Economists interogés by Reuters on average expected a rise of 0.5%.
The car in the viewfinder
As for values, the auto sector should move on Wednesday. Peugeot has announced an increase in worldwide sales of 16.9% in the first half. The title of the group climbed 0.14% to 21.60 euros. Furthermore, Peugeot would invest 700 million euros to resume production project in India, reports the Wall Street Journal.
For his part, Renault (-0.34% to 31.02 euros) which must publish its results tomorrow, Thursday trading.
Sodexo (-0.80% to 47.22 euros) released before the market turnover with 11.54 million euros in the first nine months of the year.The group is an organic growth of its turnover for the full year 2009-2010 of about 2% and hope to achieve an operating profit of between 780 and 800 million euros excluding currency effects the exercise.
Meetic (-0.99% to 19.90 euros) announced Wednesday to build on an EBITDA margin of between 20 and 25% for 2010, unchanged from its 2009 goal. The leading European dating sites also said that synergies from the integration of Match.com, the first since last June, should reach 10 to 15 million euros in the first year.
Atos Origin (-1.34% to 32.33 euros) announced Tuesday the launch of new services known as "smart mobility".The services company led by Thierry Breton makes 850 million euros in turnover in the field of electronic transactions and placed on the strong growth in use on smartphones.
Funny idea that this loyalty program that focuses on infidelity … the customer! Yet it is betting that the Prufrock Coffee, a trendy café located in east London, has dared to face. Since late 2009, the hotel offers its clients a "Disloyalty Card", a map of "disloyalty" which invites them to take eight bars cafes in the neighborhood and make this famous stamp card. Once the "Disloyalty Card" filled the Prufrock Coffee offers coffee consumer "infidel" who for any coffee paid off again with a new card.
This concept has been designed by the owner of Prufrock Coffee, Gwilym Davies, also won the title "World Barista Champion (world champion of the coffee) in 2009. He imagined this card when friends decided to open their own cafes in the area."Initially, our clients have found this strange idea card advising them to go to our competitors," says Jeremy Challender, the manager of Coffee Prufrock at Figaro.fr. "But this concept amuses both consumers and the community café in the neighborhood."
In six months, the Prufrock Coffee has distributed some 6,000 cards "disloyalty". A success for Jeremy Challender, who intends to pursue the initiative. "Especially since I do not count the cards that are still in nature and will return once we met," laughs the cafe, which ensures that bars competitors play the game well and dab the card. "This is a healthy competition," he says."We're well aware that our customers will enjoy more cafes in other locations, which requires us to constantly innovate to improve the quality of our products."
Trade competition against the current
The Expert Group LaSer, a subsidiary of BNP Paribas and Galeries Lafayette that specializes in marketing and customer relations, identify in their monthly newsletter that the objective of this initiative is "to encourage customers to regularly attend teaches, but to give them the habit of going for a coffee, even in competing institutions. In sum, the common focus for everyone to "benefit from a greater overall abundance.
Within weeks, the idea of Gwilym Davies had already crossed the Atlantic. In Toronto, Canada, seven patrons of bars in April formed a sort of alliance called "Toronto Coffee Conspiracy.The principle of this partnership is somewhat different from how the map of "disloyalty" proposed by Coffee Prufrock. In fact, most customers choose this time the coffee, among the seven members of the "Toronto Coffee Conspiracy" in which they will return once their card filled. In Seattle, the United States, no fewer than 10 brands of cafes and bars, located in 13 different districts of the city have come together around a similar card program.
French cafes in lack of customers
This type of initiative has not yet made its way to France. French Café owners could do with finding parades down attendance which they suffer, especially since the smoking ban in public places. Many institutions have also put the key under the door in recent years.The second edition of the Observatory of independent trade wholesaler Metro Cash & Carry France, in partnership with BVA, it remains that 50,000 pubs in France in 2010, against 510,000 in 1914. This study shows that 82% of French people prefer these to traditional franchised cafes. However, only 2 out of 10 people go there regularly.
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At Transport SNCF, talking about a non-event. Standard and Poor's downgraded by one notch Friday mark the long-term debt of the public company, which went from "AAA" – the highest possible – from "AA +", the prospect is stable. This means that S & P should not lower the rating further in the months to come.
The rating agency justifies this development, which will cost "several million" up interest rates to SNCF, by "the European rules that could make it more difficult in future for possible financial support" of government French in the public company as well as the opening to competition of rail passengers including his lucrative branch TGV."We believe that the most profitable activities of the station will be gradually exposed to competition," explains Standard & Poor's.
Since 1 January, the international passenger traffic is indeed officially liberalized in Europe, pending an opening to competition of domestic traffic, which is expected by 2015. For now, only Veolia announced its willingness to engage in this activity. A perspective that condemns the station eventually to lose market share.
"It remains a very good note"
The SNCF said it was prepared to such an announcement since the "perspective" was negative since September 2008. "It remains a very good score Guaranteed pay day loans.Many European states have not rated AA +, "said David Azema, deputy CEO in charge of finance and strategy at SNCF. The rating agency looks at the level of support that the station can expect from the state. The AAA rating corresponds to a quasi-automatic support in the event of default and AA + to support very highly probable. "
The company refuses to see in this a confirmation that the degradation status of public institution operating in industrial and commercial (Epic) is threatened. The S & P's decision certainly comes just after France decided to take legal action against the EU Commission, which considers the status of Epic necessarily implies an unlimited guarantee from the state, inconsistent with competition who sits in the sector.The rating agency noted that although skirmish between Paris and Brussels, but does not in itself a cause of degradation.
Conversely, the fact that the station has seen its rating lowered even though it is still an Epic could argue along the lines of the French arguments: clearly, the status of Epic does not mean the view of S & P that the situation Financial SNCF blends perfectly with that of the French state.
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Laurence Parisot is now the only candidate to succeed himself at the head of MEDEF. Her rival, Sophie de Menthon, president of the employers' movement Ethic officially confirmed on Monday morning on BFM radio that throws in the towel, not wanting to go to court to assert his candidacy. The opponent has indeed encountered a stumbling block in his plan to run for President of the MEDEF: it accuses of late payment of contributions to Medef, and therefore can not seek the presidency as announced in Le Figaro April 13 last.
"I brought a check to pay my dues Medef late, said Sophie Menthon on BFM. They told me that before I can file my application, a preliminary investigation was necessary, and that the MEDEF could not decide on my application before JuneI will not lead employers in a legal battle. "
She believes however that the Board of Medef could meet quickly to endorse its regulation, and allow it to occur. It therefore deplored the reluctance of the employers' organization to focus on his record, leaving the way open for Laurence Parisot Guaranteed unsecured personal loan.
"It's a huge strategic mistake, says Sophie Menthon. Fear has won. There was no reason not to campaign.There's more dirty linen to wash the MEDEF. "She promises to give its program and its positions by means other than a campaign.
Thibault Lanxade "will not go"
Lanxade Thibault, head of the SME Aqoba, who had called for a "primary challengers last fall, has also withdrawn from the race for President of the MEDEF.
"I will not," he said on BFM Monday. Its share was "convinced" by Laurence Parisot as the debate that he dearly wanted to be actually carried out in case of re-election of outgoing President, and he should remain internal to the MEDEF.A rally that he claims to have made "without any pressure," believing that "the unit of employers is more than ever necessary" because of the crisis.
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Greek interest rates continue to climb. They achieve this Thursday morning the world record to 7.49% on bonds with 10 years more distant than ever from the benchmark, the German Bund. The rates at 2-year yields have exceeded long, touching 7.80%, suggesting the market concerns over the short term. The news from Athens did not contribute to calm markets, while the Board of Governors of the European Central Bank (ECB) was to meet Thursday.
The cost of insurance on compulsory Greek (CDS, credit default swaps ") also jumped Thursday morning, also reaching record levels at more than 470 basis points, the credit information specialist CMA News. "The market moves very quickly," says Markit News on Twitter.
Greece is still contineur to borrow, said Thursday morning the Greek Finance Minister George Papaconstantinou before Parliament.
Contamination
"The Greek problem begins to contaminate other peripheral markets such as Spain and Portugal, where the rates differ from the Bund," says Patrick Jacq, a strategist at BNP Paribas rate, which emphasizes that the volumes traded bonds Greek since Thursday morning are very low. "As regards Greece, the current movements are not yet dramatic macroeconomic consequence.Athens has enough to cope with higher current levels, which represent, in the case of bond issuance, an additional cost after all low in comparison to 10 billion euros to be in the coming weeks. "
After rumors of Greek opposition to the conditions of the International Monetary Fund (IMF) in case of intervention, the Greek banks are finding themselves the center of attention. The Financial Times reports that in a recent face withdrawals totaling 10 billion euros since the beginning of the year. It does not take more than some analysts to fear a flight of capital.
Testing the limits
But the sudden movement on the debt market would also be Greek, or even primarily, due to investors forced to sell the Greek titles of their portfolio because of excessive volatility.Investors also want to test the rescue plan put together by the European Union, and know from what level of rates will be raised.
This is a matter of weeks, said Laurent Bilke, Europe economist at Nomura. He said the level of rates and especially the volatility in the market make it impossible to bond issue in the short term. Nothing, however, should occur before the regional elections in Germany in Westphalia on May 9, given the opposition of the public to any plan for Greece.
In this tense context, the ECB president, Jean-Claude Trichet, should be questioned about the crisis in Greek at the monthly press conference on Thursday."He should face questions on media reports that the ECB considers to be both too vague in terms of European aid and inappropriate intervention by the IMF," say economists at Societe Generale in a note.
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After two days of contacts with the new CEO of France Telecom, Stephane Richard, and Chief Financial Officer Gervais Pellissier, the Oddo Securities analysts draw conclusions rather reassuring: the new management team "has the qualities needed to improve the social climate within the group, without deteriorating financial goals.
Stephane Richard, who replaced Didier Lombard on 1 March, has confirmed giving priority to the alleviation of social relations within the group.Oddo Securities said in a note published today have felt the new management as "very attentive, controlling well the great social, financial, and fellows of the group and sector, and wishing to show more transparency and sense that commercial shine.
Social criteria are taken into account for the premiums
Among the concrete steps, variable pay (bonuses) for a little over a thousand leaders in France will now be indexed to 50% on financial criteria (against 80% previously), to 20% on quality criteria Services (unchanged), and 30% on social criteria (non-existent before), if possible, quantifiable as absenteeism.
Furthermore, agreement with unions was recently signed to the senior part-time and mobility.And an action plan is provided, internally, to "motivate all the teams around unifying themes, they add, such as quality of service, accountability teams decentralizing some decision-making, improved working conditions, etc..
Management believes these new devices n'impacteront hardly the finances of France Telecom, which has already made "significant restructuring since 2002," says Oddo, who adds that the cost of social concessions is already integrated in the accounting 8 billion euros of cash flow in 2010.
The operational track
Besides the social side, management has raised a dynamic business "still very strong in the mobile in France and Great Britain. The target of 35% ADSL market share in 2010 is maintained.
Investments should be under control, "the group had no problem of saturation of its mobile networks. France Telecom does not accelerate but rather the deployment of 4G from mid-2011 if necessary, "says Oddo.
Considering all this information, the team of analysts expressed confidence in the ability of France Telecom to maintain its dividends "beyond 2011".
Acquisition strategy shy
No big acquisitions in sight. While St?phane Richard wants to promote growth in the long-term actions to respond to the stock market rising, it remains on the defensive. A shift could occur if a major consolidation movement was born.
France Telecom remains focused on some inexpensive targets outside Europe or purchases "in market" in the Old Continent.Oddo suspected a connection between Telenet and Mobistar, or rallying with a fixed player in Spain. In Britain, the broker anticipates that the joint venture Orange / T-Mobile UK will seek a buyer for its fixed network. Ultimately, it is also possible that the joint venture includes a British MNVO (MVNOs) like Virgin Mobile.
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End of suspense at Heuliez? The Turkish investor Alphan Manas, including Industry Minister Christian Estrosi announced at the end of February, the nomination was finally signed Tuesday a memorandum of agreement for the purchase of automotive equipment. According to the Ministry of Industry, the agreement which provides for a capital increase of 30 million euros – which should also involve the Poitou-Charentes region and the state – should be finalized next March 31, for the greatest relief of employees Heuliez. Three million have already been provisioned by Brightwell, the fund's investment Alphan Manas.
The recovery of the industrial problem is a political problem, just days before the second round of regional elections.Given the impotence of the original buyer Bernard Krief Consulting to bring the 15 million that was promised to the court, S?gol?ne Royal, president of the Poitou-Charente, had itself announced in February the arrival of a new candidate , Macif payday loan . But it was another disappointment for the 660 employees Heuliez, the mutual has announced some time after its withdrawal. The Minister of Industry, also on deck for the placement into receivership of the supplier, assured even at the beginning of March to be sure "99.99%" of the future agreement with the investor Turkish. "It's a businessman recognized and valued," he then pleaded. The decision to do it Alphan Manas is not made less wait.
Christian Estrosi, who receive 16 hours Tuesday at the union of automotive, therefore welcomed Tuesday the decision "great news for Heuliez and its employees", while calling for vigilance. "By this date, it is important nonetheless, given the historical record, to remain cautious until the transaction is not finalized legally.
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This should eventually happen. And the Dow Jones could suffer the same fate on Monday. The Nikkei fell below 10,000 points, a first since December 10, 2009. After last weekend that saw the Tokyo Stock Exchange lost nearly 3%, the Nikkei started the new week down 0.97% to 9959.79 points. In other parts of the area, the Stock Exchange of Hong Kong yields 0.21%, the Stock Exchange South Korea 0.93%, that of Sydney 0.16% and 1.35% in India.
Certainly, the current account surplus of Japan has more than quintupled in December on a year to 900.8 billion yen (7 billion euros). But it declined by 18.9% throughout 2009 to 13,278.2 billion (102.1 billion), said Monday the Ministry of Finance.This figure is lower than the forecast of economists who were expecting on average a surplus of 1.010 billion yen, according to a survey by Dow Jones Newswires.
Japan Airlines could stay with American Airlines
On the side of the news companies, the Japanese airline bankruptcy protection in Japan Airlines (JAL) should remain allied with his counterpart American Airlines, stay within the Oneworld alliance and break off negotiations with Delta Air Lines, said Monday Japanese media fast cash without a hassle .
Japanese carmaker Toyota, which is considering the recall of hundreds of thousands of Prius cars due to brake problems, may also recall the models and hybrid Lexus HS250h Sai said Monday the Nikkei daily.According to the newspaper, which cited no sources, this measure would cover some 28,000 cars in Japan and abroad (8000 Sai and 20,000 Lexus), with the same braking technologies that Prius.
The Japanese beverage maker Kirin Holdings will continue to seek strategic partners to become a global leading insisted Monday the director general of the group after the breakdown of merger talks with fellow Suntory.
Good news for the wallets of households: the regulated price of gas and fuel prices will not move from 1 January following the cancellation of the carbon tax by the Constitutional Council.
Currently set at 41.5 euros per megawatt hour (MWh) excluding taxes, the regulated price of gas for households would have increased 3.14 euros, with the introduction of carbon tax. With its removal, the price will be "not more expensive," said Department of Ecology and Energy and Sustainable Development.
The fuel and the fuel does not undergo an increase of 5 cents per liter initially planned for 1 January, according to the French Union of Petroleum Industries (Ufip). "Regarding our products, the status quo.For consumers, there will be no change, it is a white transaction, "said Jean-Louis Schilansky, president of the French Union of Petroleum Industries (Ufip).