Time is to digest the Paris Bourse. On Monday, the markets will deliver their verdict on the stress tests conducted on 91 European banks and published Friday after the stock market. Only seven institutions have failed, which means a respectable success rate of 92%. However, 17 banks post notes just averages. What a cool little enthusiasm. On Friday, Wall Street has shown optimistic about the outcome as evidenced by the fence in the green. But on Monday, Asian markets were more hesitant.
The response to stress tests should be the only source of entertainment markets on Monday. Indeed, any macroeconomic indicator is expected in Europe. In the U.S., the Commerce Department will release sales figures for new housing in the afternoon. As for American publications, not big ads not expected for this first day of the week.
As for currencies, the euro climbed slightly against the dollar in early morning trade: 0.05% to 1.2924 dollar.
Featured Banks
Who says interpretation of stress tests, said reaction of the banking sector. This morning at the Paris Bourse, the French banks BNP Paribas, Societe Generale, Credit Agricole, Dexia, or BPCE, parent company of Natixis, have all the attention of observers. For the Minister of Economy Christine Lagarde, have no fear: French banks have succeeded in "this difficult test with flying colors, with honors.
Sanofi-Aventis lowered its earnings forecast for 2010
Sanofi Aventis said Friday that the first generic version of the anticoagulant Lovenox was approved by the Food and Drug Administration (FDA) pay day advance.The supply of the generic, marketed by Sandoz in association with the American company Momenta began in the wake of the approval by the FDA. The news had tumbled 4.25% securities at the close Friday because the Lovenox was the second top-selling drug from Sanofi last year. In a statement, Sanofi-Aventis recalls his "reservations" about the approval by the FDA in regard to "patient safety".
The pharmaceutical group revises accordingly its earnings forecast downward, with "an evolution of the EPS of activities for 2010 of between 0% and -4% compared to 2009 at constant exchange rates. A turnaround from last April when Sanofi evoked a growth in earnings per share from between 2% and 5%.In addition, Sanofi would have views of the U.S. biotech Genzyme after the Wall Street Journal.
Fimalac was released Friday after market up its turnover by 6.9% to 443.2 million euros in the first nine months of its 2009-2010 fiscal year ending September 30.
April Faiveley Group and publish their turnover in the first half after the stock market. Icade and Klépierre unveil at the same time their interim results.
New onset of fever to SNCM. During one week, a dozen sailors were delayed for one hour each day the ship departs The Corsican liaising Nice L'Île Rousse. They demanded an adjustment of their pay with that of other marine company. They succeeded, and The Corsican found Thursday its normal pace.
This social movement falls at the worst time, tourist season and while the company controlled by Veolia has also lost market share in the first half. Its traffic decreased 7.1%, one of Corsica Ferries increased by 17.5%. Moby Lines, the latest newcomer, received nearly 33 000 passengers in three months.
"Our main concern is with Moby Lines are denied benefits that help the passenger, and Corsica Ferries.With the current system, they can only gain additional market share, "worries Alpozzo Frederick, Secretary General of the CGT SNCM seafarers. For the union, the welfare system to the passenger distributed by the local authority Corsican airlines operating out of Nice and Toulon is "antagonistic" to that of the public service delegation (PSD), benefiting SNCM and CMN from Marseilles. "This is not a compensation of public service but a premium for social dumping," Frederick Alpozzo ton.
Risk of losses in 2010
A report commissioned by the government pointed the problem. The ball is in the camp community Corsican. A special session is scheduled in September to review all aid to maritime transport. "SNCM is in a delicate position.She could ask to not go after the convention of CSP, which expires at the end of 2013, we recognize the Corsican Transportation Agency (CTA). Out of the red in 2008, SNCM has gained nearly 18 million euros in 2009 thanks to a gain on disposal of a vessel (26 million). The CTA believes that the company's losses could reach 20 million this year. To make matters worse, if a new DSP is launched, the agreement could exclude ferries operating at peak periods. She would come into force in 2012. Suddenly, the reduction plan envisaged by the SNCM fleet in February, dropped after the strikes of the CGT, may become relevant.
"We need things to change and we stop losing money.Either we reorganized the DSP is still there and it will be dramatic, because it will break everything, "Frederick alarmed Alpozzo who admits fear a scenario where the SeaFrance 725 employees will be dismissed.
ALSO READ:
"Big time for ferries
The ferry service to Corsica increasingly contested
"Moby Lines inaugurates its connection-Toulon Bastia
What do you think of austerity plans adopted in France, Great Britain and Germany? Are they sufficient?
Targets chosen are appropriate. When started in 2011, for the most part, they reflect the forecast growth will remain weak in coming months. The credibility of the measures announced will have a positive impact on the economy over the medium term. It will also look favorably on the interest rate will be long term downward trend and therefore promote growth.
These plans are they in line with OECD recommendations?
Overall, yes. In all three countries, governments have chosen to cut public spending to reduce deficits, which is a good thing.The experience of OECD countries shows that fiscal consolidation based on expenditure reduction is generally more efficient and more sustainable than those based on a tax increase. Yes, we need to use the weapon of taxation, but if it has a limited impact on growth. In this case, we must emphasize the taxes related to climate change – CO2 tax – or indirect taxes on consumption – VAT – the property rather than income households or businesses.
In Britain, the specific measures such as increases in VAT or tax on capital gains in the right direction.
In France, the pension reform is essential, we must reverse the age of retirement at least 62 years because many European countries are already beyond this level.It is also important to address the budgetary rules to strengthen the credibility, setting goals of stabilization. As has just done in Germany out in the Constitution a ceiling for public debt by 2016 paydayloan.
The OECD has launched Wednesday a new warning on unemployment will remain high and the risk of falling into structural unemployment. What do you think, in this context, cuts aid to employment, in particular France and Germany?
Our position is that we must change the orientation of employment policies, by investing more in the long term. Countries should abandon the measures adopted early in the crisis to keep costs the employees in their jobs, promoting the reduction of working hours to avoid layoffs.Policies should be more targeted for career change into areas more vibrant and productive. This requires investment in training, education, innovation.
Yet France removes 16,000 teaching posts …
It may be more effective in education. But it is clear that there is not enough money to do everything! Times are difficult and involve choices. Must be cut, reduce deficits and debt while stimulating growth, promoting employment and education. This must remain a priority.
Is there a risk of falling into recession?
We maintain our forecast last month. The recovery will continue at different speeds, slower in Europe than elsewhere, but we see no risk of double dip recession.The real issue in the medium term is to find a good balance between sustainability of public finances and economic growth.
ALSO READ:
"Budget: a rigor that dare not speak its name
"The rigor should weaken growth
"European governments in the era of austerity
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.
Click on the thumbnail to enlarge the graphics.
On June 24 could mark a turning point in the sequence of events which follow union since the beginning of the year. The day of action against the pension reform held this Thursday at the invitation of the Inter should indeed attract more people than the previous three. Even Eric Woerth not contested. "The mobilization is certainly strong, we expect, we do not fear," said Minister of Labour.
198-point rallies in the sunlight, have been identified in the territory, and calls for strikes in the business (as in Saint-Gobain, Michelin, Total, Airbus, BNP Paribas, L'Oreal, France Telecom, La Poste …) have gone by since the beginning of the week."We also have many echoes of private sector employees who intend to engage in metallurgy, construction or commerce", says it does at the headquarters of the CGT. "There will be the world because people do their calculations and there is a strong sense of injustice grows," added Lawrence Berger, the CFDT. "We will exceed one million, has predicted Bernard Thibault, secretary general of the CGT. Either than May 27, last mobilization date between 395,000 (police said) and one million people (according to the CGT) took to the streets, while the government had not yet unveiled his plan.
Signs of Discontent? Mobilizing transport which should be more punitive than the previous ones, despite the delayed implementation of the reform (2017-2023) in the special regimes. 15% of flights from Orly and Roissy airports were canceled.Traffic will be disrupted in urban transit. At RATP, six out of ten metro will operate at peak times, two to three RER A, RER B on a five … In the provinces, buses, subways and trams 69 cities (Bordeaux, Lyon, Marseille, Nantes …) to turn slowed. At the station, traffic should be guaranteed for two TGV, TER two and a Corail train four.
Sarkozy "listening"
Another sign of discontent rises? The processions will host delegations FO and CFE-CGC, although their confederations do not be associated with mobilization. "We should join Inter at the start but we left the league that had called for demonstrations to go," says Carole Cloudy, Secretary General of the Central Executive.As the CFTC, who left the Inter-months ago, she called yesterday's activists to protest for women's retirement.
As a sign of openness, Nicolas Sarkozy promised on Tuesday to be "listening" and "very attentive" to the discussions this summer with the unions on "the situation of those who started work very early, the situation of those who have difficult jobs and difficult question of polypensionnés. But there is nevertheless unlikely that the mobilization, even important, pushing the head of State to change its text on one terminal (62 years minimum age for a pension, and 67 years of age full rate) key points of the reform.
ALSO READ:
"Strike: what awaits you this Thursday
"Pensions: unions rely on the return
"Pensions: the" developments "possible by September
At 24 hours of his arrival on the market, the iPad fever is at its height in the United States. If you believe the answer to preorders which started March 12, the new creation from Apple sensation. The first stocks are already exhausted, those who have not ordered their iPad before this week will receive nine days late, on April 12. Apple, which does not communicate its presales, would not produce enough to meet demand. On Saturday, the tablet will be available in Apple stores and Best Buy, and it will get up early to get his, because the rays could be emptied before the end of the day, according to the buzz on the Internet. The wireless models are $ 499 to $ 699. It was not until the end of April if we are interested to 3G versions, the price will go up to $ 829.
They are not only two signs that are preparing to light.Speculation is also rife on the Web according to PCWorld magazine. Taking advantage of the predicted shortage, some simple pre-booking their offer to $ 100 on sites like Craigslist, others have started their iPad on eBay at $ 700 instead of 500. These deals seem even more doubtful that Apple, as usual, organized the launch of its latest gadget in the greatest secrecy. The employees, including technicians to repair the supposed object in case of failure, had still not seen the tablet this week.
5 to 6 million sales?
The bookmakers are already on their paris sales volume by the end of the year: 5 to 6 million, maybe more. To entice buyers, Apple has guided the launch eleven new iPad applications on its site, including Safari, Keynote, YouTube, iTunes and irresistible iBooks, which may well dethrone the Amazon Kindle.If even two months ago, we doubted the potential of Apple's latest invention, now we only speak of it. Advertisers flock to the advertising pages of publishers whose applications will be available on Saturday, as Time Magazine, The New York Times or the Wall Street Journal. FedEx has purchased 90 days exclusively on applications of Reuters and Newsweek.
The reviews coming out are largely positive. A few handfuls of journalists across the U.S. have played for a few days in secret with the tablet. For most, the iPad is a single iPod or eBook. The New York Times predicted that the techies will hate but the general public will love.
In any case, Apple continues to generate humor. The tablet on behalf biased in English (mean pad pad) is suitable for two months parodies the most diverse.The latest is a "tablet" Doritos (the chips). A real hit on the Facebook page for fans of the true shelf.
ALSO READ:
A five French ready to read on a screen
"The iPad seduces the first U.S. testers
In Berlin
That's all smiles as Wolfgang Sch?uble, German Minister of Finance and his counterpart, Christine Lagarde, have been presented to the press after the German Council of Ministers which, for the first time a foreign minister was able to attend. After quarrels on the question of rescue of Greece and the tensions in the German economic model, the French Minister has stressed "the very friendly and warm hospitality" of his German colleagues. Asked about his remarks about the controversial German exports, Christine Lagarde has countered that she had wanted to "congratulate" the German competitiveness. "I am very careful not to criticize, because we must first put its own house," she smiled.
The Franco-German reconciliation was played around a tax on banks that Berlin wants to impose on the European and international level, with the support of Paris.The compulsory levy, calculated in terms of systemic risk – that is to say the risk of contagion that would expose their failure to the rest of the economy – should contribute to a fund to help financial institutions.
More than one billion euros
In Germany, such a tax would yield 1 to 1.2 billion euros per year. "A bill must be presented before the summer holidays, and may be adopted in the second half of the year," said Wolfgang Sch?uble No faxing pay day loans. For the Minister of Finance taxation of banks should remain "moderate" to avoid compromising their role in providing credit to the economy that is recovering from recession.
To avoid distortion of competition, Paris and Berlin argue like the International Monetary Fund (IMF) for a tax credit internationally.Christine Lagarde believes it is important to act "on a double angle: Prevention and Accountability" of financial institutions. But the tax credit mechanism must also "maintain a set level playing field between banks involved in international markets.
One issue still under discussion between the two countries: the destination of the tax. While Paris wants to assign to the state budget, the Germans are considering creating a special fund.The national rules will be required, although the mechanism is doomed to fall within a framework of European regulations or international.
"The Franco-German cooperation is narrow, it becomes more and more, and is based on trust," said the German finance minister, who will attend an upcoming French Cabinet, a priori, April 7.
ALSO READ:
"Paris and Berlin ready to tax the banks
"Lagarde at the German Council of Ministers
The crisis in the eurozone, triggered by the financial woes of Greece, does not discourage candidates for membership. Instead, the accelerated deadlines. Next on the list, Estonia – a member of the European Union since 2004, like its Baltic neighbors – has become in January the 17th state to adopt the single currency when it emerges just one of the worst recessions its history. The small Baltic state announced Friday a fiscal deficit and public debt for 2009 well below the limits set by the European Union, respectively 1.7% and 7.2%. These exemplary figures are enough to make the envy of the major European countries even if they hide a decline in GDP of 14%.
With these results, the government intends to pass his entrance examination in May for publishing the report in Brussels in June and especially in the political verdict Finance Ministers."I do not see how they could refuse," said Estonian Minister of Foreign Affairs Urmas Paet. Most countries in the euro area far exceed the criteria, "Bill Thomson, OECD, grade:" One can always interpret in one way or another, especially on the sustainability of public finances. This is a political decision. "As such, the entry of Estonia into the OECD in late May it provides proof of credibility.
Yet a year ago, few experts would have bet on the country joining the single currency. After years of euphoria, the country has suffered serious setbacks: the collapse of the housing bubble, crash consumption, falling exports … and unemployment rising sharply, to 14%.
Unlike most countries that have tirelessly to revive the machine, the strategy here was quite different, based at the end of 2008 on the restrictions.Salaries down, the tax burden to rise, spending freeze … In 2009, savings accounted for 9.2 points of GDP. All without protest or strike extent. "If we compare the living standards of the time (prior to its independence from Russia in 1991) and today is the day and night. Wages have increased significantly between 2005 and 2008, justifies Rein Minka, vice president of the central bank. "Estonians do not complain, it is not in their nature. They have not forgotten the rationing of the Soviet era, reflects Stecken Antoine, a French importer of cosmetics no fax cash loans . They are also followers of the liberal model."There is a consensus policy, including public opinion, to deny recovery by the public debt," said Maris Lauri, chief economist at Swedbank.
Meanwhile, the newspaper in Tallinn is very difficult. In the image Meeli Lass, 39, 4 children, opera singer, who supports her family with a salary of 13000couronnes (around 830euros) – good pay, judge the young woman. Her husband was fired, and his eldest daughter graduated last nine months looking for a job. "It tightens belt: no output, no new clothes. This winter, heating costs have soared because of very severe cold, they make up half of our budget. We still have potatoes that my husband grows outside the city. "What can we expect Does the euro? "This will be worse, answered Meeli with fatalism. Prices will rise as in Slovenia.And the country loses a little more independence. "
Flexible economy
According to surveys, almost 55% of the population believe the contrary to the virtues of the euro. He starts by removing the specter of devaluation ruinous for the country. Despite the fixed exchange rate regime, many rumors have circulated at the height of the crisis, the contagion of a Latvian lat devalued. The government also relies on the euro to attract investors. "We have a diverse economy and a very flexible system of single tax to 21%. Moreover, if the company reinvests it pays no taxes, "argues the minister of Economy, Juhan Parts.
For Maris Lauri, the only apparent in the short term will come from exports, which have already started to leave. "Estonia has a large network of SMEs that can adapt and produce in small quantities," said the economist.The close cultural, linguistic and geographical Finland is an undeniable asset. In two hours by ferry from Helsinki to Estonia, which produces a third less expensive, has become the preferred subcontractor of Finland. It cultivates its differences with its two Baltic neighbors: Latvia leaded by a banking crisis and real estate and Lithuania dependent on markets in Germany and Poland, which has seen its market collapse.
ALSO READ:
"Estonia is ready for the euro by Tallinn
"Only 47% of Estonians want the Euro
NRJ Group may blow. In a difficult economic environment in 2009, the broadcasting group announced on Thursday a return to the green with a net profit of 6.8 million euros against a loss of 4.6 million euros in 2008. Revenues excluding exchange operations declining slightly by 0.4% to 330 million euros. The news, however, may not be appreciated by the markets. These projected a net profit of 15 million euros.
For its part, NRJ Group is satisfied with these results. The group managed to improve its operating performance with a net operating profit up sharply from 38% to 25.4 million.Operating income for the handset business, which had sealed the results of their 2008 deficit of 9.5 million, were not disclosed.
Cleopatra and the TNT derive results
NRJ Group finds particularly strong improvement in the poles and television shows. The first saw its revenues rise by 75.6% to 43.9 million euros through the two channels of the TNT NRJ 12 (third string DTT) and NRJ Paris. The group managed to reduce its operating loss in this sector to 15.8 million against a 22.7 million.
The cluster performance makes the best performance with an increase of 712% of its revenues in 2009 to 26.8 million euros against 3.3 million the year before us fast cash !!!???!!!?? ?!!!."This strong growth mainly due to the success of the musical Cleopatra whose contribution to consolidated sales amounted to 25.0 million euros in 2009 compared to 0.5 million euros in 2008" , the company said.
In contrast, the pole Media music has suffered a fall of 15.7% of its revenues to 197.9 million euros.International operations also saw their incomes fall by 9%.
The title leads the DTH
For 2010, the group was cautious in a "fragile economic environment" and a "visibility remains low.
But positive signals are detected including "an improving trend on advertising revenues in March, thanks to sales growth in Radio France, which could therefore register growth in the first quarter of 2010 compared 1st Quarter 2009 ".
"In television, the trend remains strongly positive since the beginning of the year," the statement concluded.
At the Paris Stock Exchange, Friday, NRJ shares rose 12.01% to 7.18 euros, the largest increase in DTH in a market that yields 0.10%.
ALSO READ:
"Baudecroux" NRJ be more competitive this year "
The large loan can be used to finance part of the additional costs of the Airbus A 400M? More precisely, the envelope of 1.5 billion dedicated to aeronautics of the future. No, says Jean Arthuis, the centrist chairman of the Committee on Finance of the Senate. "It would contradict everything we have voted, because the credits were for the green plane of the future and that the A 400M, this is not the plane of the future," he said.
This track is actually considered by the government must find a solution to finance the share that goes to France in support of the additional costs of the program. EADS, Airbus' parent company, and seven states customers have agreed on a share of the 7.6 billion financial slippage.The countries have agreed an extension of 3.5 billion euros.
For France, the bill amounts to 950 million including 550 million to cover the rising price of the unit and 400 million in the form of repayable advances on future export sales. The Department of Defense will draw from its budget to fund the increase in price but not advances. Because they are not granted an extension for Airbus to plug a hole but a loan with a rate of interest which the State should pay heavily. As far as the A400M carries a fine international career where his potential is estimated at between 300 and 400.
Another track
The 400 million will be financed from departmental funds, has already said Herv? Morin, Minister of Defense. For supporters of the use of large loan, the A400M is a good candidate.They said it meets the eligibility criteria because it is an aircraft of the future – will be commissioned in 2013 and his life revolves around 40-50 years – it allows Airbus to develop a new range of 'aircraft, it uses 25% of composite material of the future in aerospace, it is still under development, it combines technological innovations that will have benefits in civilian industries, it will create 12 000 jobs in France.
Finally, highlights a very good judge of record, it is mentioned nowhere in the eligibility criteria that excludes borrowing large military aircraft. Technically, the proponents of the use of large loans have a strong case but respects he mind? It is less certain. It will be Rene Ricol, Commissioner General for investment, to judge.
Unless another solution is chosen.It would transfer into the basket of large loan funds research before its adoption, were housed in the general budget of the State. Then, the flexibility found would be used to finance repayable advances from the general budget.
The arbitration shall be made by Matignon in the coming months. But, says one, there is no urgency because the funds will not be paid to Airbus before one or two years.