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The U.S. housing market remains so depressed

admin — Fri, 27 Aug 2010 19:48:14 +0000

When he bought his house in August 2006, Michael B, 42, is confident in the future. He just got married and earns his living as comfortably as mortgage broker for Guild Mortgage, a company based in the South Bay, affluent suburb southwest of Los Angeles. The housing market is in full intoxication. It has reached exorbitant prices unrelated to the quality of buildings. Due to earthquakes, all buildings here are made of wood and thus condemned the attack of termites and demolition few decades later.

In South Redondo Beach, where Michael and his wife decided to buy a two bedroom townhome without a seal, it is impossible in 2006 to find housing for less than $ 500,000. They pay them 732,000 dollars."I was spared," says Michael, but I decided to keep my money rather than making a contribution. "Their monthly payments therefore amount to $ 5,500. "An expenditure authorized by high but my income," he adds.

Four years later, the savings have shrunk. And Michael and his wife, now parents of a boy two years, are on the verge of losing their homes. A year ago, they stopped paying their mortgages. "In 2007, we have been hit hard by the housing crisis. My earnings have dropped 75%. "The three-piece is only worth 550,000 dollars.

After a year of negotiations with its bank, Michael has finally won the right to make a short sale (that is to say, sell his home at a price less than its mortgage). He could have chosen a foreclosure, easier to manage. "But it would have prevented me from getting a loan for seven years.With a short sale, the credit we are prohibited for two years! "

The worst is not past

After an upsurge in real estate transactions due to tax credits of $ 8,000 offered until 30 April by the Obama Administration, the defaults and foreclosures are on the rise again in the United States. It was once thought that the worst was over (no one spoke of seizures) but it now appears that the revival was artificial.

Figures released Tuesday by the National Association of Realtors are alarming: the volume of resale homes fell 27% compared to June 2009. And according to statistics from the Treasury Department, the defaults on mortgages have reached 13.6% at the end of 2009.Real Estate Agent Redondo Beach, Alison Clay-Deboffe can only sympathize with the suffering of former clients who call today to share their hardships. "As the retiree who has been keen to buy a duplex without really afford, but which has been encouraged by his banker at the time when lenders were handing out loans without verifying." This lady, whose name Alison prefers silence , is now on the verge of being expelled. She does not know where to go. "She is guilty of wanting to live beyond its means. But the lender is even more irresponsible. "

In California, the number of dwellings for which a seizure is imminent now stands at 104,000. Over the past twelve months, about 76,000 seizures were conducted in the state. "And their numbers will grow as the reviewable-rate loans contracted five years ago expire," says Michael.The mortgages of millions of people are going to increase by several hundred dollars per month. They can not afford to repay. "All this when, far from reinforcing the job market weakens.

NicOx is closing its offices in the U.S.

admin — Sat, 21 Aug 2010 13:56:45 +0000

The French biotechnology company NicOx plaice luggage United States after facing the U.S. health authorities' refusal to authorize the marketing of its flagship product, Naproxcinod.

The group based in Sophia Antipolis announced Thursday in a statement it was closing its offices on U.S. soil. The group currently employs 22 people at its facility in Warren, State of New Jersey, on a total of 127 employees. NicOx activities in the United States are on the marketing of Naxproxcinod and conducting clinical trials.

"It is with great regret that we must stop our operations in the United States," said the CEO of NicOx, Michele Garufi.Affirming its recognition for its employees, he adds that "it is essential to manage our resources as efficiently as possible."

NicOx announces however it incurs "the earliest" further discussions with the Federal Drug Administration (FDA), the federal drug agency. The biotechnology company remains hopeful of a successful marketing U.S. Naproxcinod, a drug on which he bet big. NicOx also said he will pursue the regulatory process in Europe.

Moreover, the biotech said it "will actively seek partnership agreements for Naproxcinod in Europe and the rest of the world, as well as other compounds of the portfolio. She finally announced it would study "parallel opportunities to take appropriate licensing and mergers and acquisitions.

Oil settles above 80 dollars

admin — Tue, 03 Aug 2010 23:24:09 +0000

Enthusiastic. Investors in the oil markets have felt since the beginning of the week. On Monday, oil prices have soared in New York, a barrel of light sweet crude for September delivery finished with 81.34 dollars, up 3% from the previous day. He even touched 81.77 dollars in meeting the highest since May 5 last. On Tuesday, the same atmosphere: about 18 hours on the New York Mercantile Exchange (Nymex), a barrel was trading at 82.35 dollars. In London, Brent North Sea crude for September delivery climbed to 81.52 dollars.

Several elements allow the barrel to cross the threshold to higher psychological $ 80. The first of these is the weakening greenback makes dollar-denominated prices more attractive. On Monday, the euro rose to $ 1.32 during the session and on Tuesday, he stays the course: 0.42% to 1.3228 dollar to 18 hours.

Second, markets are driven by the wave of optimism that has sustained American and European markets Monday. "The global economic statistics seem quite strong," said Jason Schenker, an analyst at Prestige Economics, referring in particular to the acceleration of growth in manufacturing in the euro area, which was confirmed in July . Similarly, the increase in activity in the manufacturing sector in the United States has continued to slow in July, but less than expected.

Even the announcement of a slowdown in manufacturing activity in China has not dampened the enthusiasm of oil markets. "Investors believe that China will slow its tightening measures or increase the stimulus," said Phil Flynn of PFG Best Research.

Weather disturbances

Finally, the fear of tight supply caused by potential disruptions in production in the Gulf of Mexico to the approach of a tropical disturbance, helps push prices upward. In the middle of hurricane season in the U.S., investors keep a close eye on the weather. According to recent reports, a depression called Colin and born in the Atlantic, is currently heading west.

According to analysts, the price could go higher this week to reach 84-86 dollars a barrel. Indeed, several major statistical be published overseas, including employment figures and unemployment for July on Friday. Before that, the markets will know the status of weekly crude reserves in the United States. Investors who expect a decline of 200,000 barrels during the week ended July 30, will be determined Wednesday.

Hard times for Greek tourism

admin — Mon, 02 Aug 2010 07:00:13 +0000

The Greek has been a nightmare for tourism professionals. After the strike of the marine boats blocking the port of Piraeus, the air traffic controllers causing the cancellation or delay of many departures and returns from holiday, truck drivers have taken over. A seven-day strike that threatened paralysis of the country. Facing a shortage of essential goods, the government had to call the army to supply hospitals, ports and airports. By this evening, most service stations should be supplied. Meanwhile, queues still in the vicinity of petrol pumps."Some take the opportunity to display the price of a liter of gasoline at 1.82 euros!" Find Nicolas and Cyril, two French tourists returning from the Peloponnese.

The road sector liberalization and the opening of the profession to competition is the stumbling block between the government and unions of truck drivers. A measure that they deem unfair but that is imposed by the austerity of the EU and the IMF in exchange for a loan of 110 billion euros.

The road back to work

If the road has finally decided Sunday night to resume work for tourism professionals, the damage is done. "With all these strikes, we lose about 100,000 tourists a day, regrets Spiros Guines, vice-president of the Union of tourism professionals. Nothing on the Piraeus area, there are more than 2,500 cancellations in a few days.Tourists are frightened and we're paying the consequences. "

And for good reason, tourism professionals believe that they acknowledge this year down 20% of revenue, or nearly one billion euros in losses compared to 2009. Tourism is the main economic resource of the country. It represents nearly 18% of GDP.

The government knows that after this showdown new social tensions will follow, but it was decided to continue its reforms. "We do not cry victory and remain cautious because we know that change is difficult and tough measures," said Giorgos Petroulakis, Secretary General of Ministry of Communication. The majority of Greek support these reforms, we must carry them out.Regarding the tourists, we are committed to what they have no problem during their stay in Greece. "

The decrease in VAT in the catering numbers

admin — Sun, 27 Jun 2010 09:36:05 +0000

Lower prices, or increase wages and create jobs, such were the promises made by professional restoration in exchange for declining to 5.5% VAT. In practice the government had forecast a drop in prices overall 3%. But the overall direction of Treasury at Bercy, the decrease was 2.5%, as it must take into account price increases (+ O, 1% a month) that would have been saved if there had been no reduction in VAT. According to Insee, the statistical institute, the decline recorded between July 2009 and end MayOnly a conservator two on average applied the lower price.

The shortfall of the state would it 2.35 billion euros a year on some 130 billion collected last year under the VAT.

Disagreement on Figures

As for salaries, increments and other benefits provided under the industrial agreement signed by the five trade unions and three of five business organizations in the sector would reach one billion euros accumulated since March 1, date of application the agreement saving account payday loan. Some 21,700 jobs have also been created, the government said. This figure is disputed by the union FO who believes him, he must subtract the 15,000 net new jobs recorded on average each year for ten years in this industry.

The measure would also have saved 25000 companies, nearly one third of the 80,000 restaurants in trouble before the reduction in VAT, as the specialist firm Gira Board.

Second lowest rate reduced

Twelve countries now have a reduced VAT on food in Europe. Since the authorization granted in 2009 by the European Commission. Only France and Belgium have taken the plunge. On 1 January 2010, Belgium has lowered its rate of 21-12% in food, drinks. Before the green light from Brussels, ten other member states had historically lower VAT in restaurants. With a rate of 5.5%, France has the second highest in the restoration reduces the lowest in Europe, just behind Luxembourg (3%).

BSkyB: Murdoch puts his son in door-to-false

admin — Tue, 15 Jun 2010 22:56:08 +0000

In the Murdoch family, there is first a father, Rupert. The famous media magnate owns Newscorp, the Australian giant which owns among others the Fox television network, Twentieth Century Fox studios and newspapers The Wall Street Journal and The Sun.

Then there is the son, or more precisely the fourth son of Rupert James, now considered the likely successor to his father as head of News Corp.. Teenager James was known for his rebellious streak: bleached hair and piercing in the eyebrow, he distances himself from the family way, left Harvard in 1995 and created a hip hop label, Rawkus. After three years, the company, which generates an annual profit of 2.5 billion, was acquired by the company of Dad. James, suddenly sobered, is back in the family fold.

He became head of operations at News Corp. Internet without much success, then the satellite television network that makes Asian StarTV beneficiary. In 2003, his father appointed him director general of the British operator of satellite TV BSkyB.Quelques years later, he left his office to become chairman of BSkyB. James needed so as the most likely heir to his father. The two men are close, they called even daily according to the BBC. The Financial Times also reported an incident in April when James Murdoch, furious, entered the premises of The Independent in storming the cons of a newspaper stating: "Rupert Murdoch does not decide the outcome of the election – it is you who will.

Battle between BSkyB and News Corp: James is at odds

Today, James Murdoch is in a difficult position, combining the positions of chairman of BSkyB and Director of European and Asian operations of News Corp. payday loan. The group led by his father now wants to take full control of BSkyB which it already holds 39% shares. Last week, Newscorp has offered to buy the remaining shares at a price of 675 pence per share. It has raised its offer on Tuesday by offering 700 pence per share. The cost for Ruper Murdoch thus amounts to 7.8 billion pounds (about 9.4 billion euros), valuing the entire company at 12 billion pounds (14.5 billion euros) .

BSkyB has however rejected the offer, saying it significantly undervalues the company.In a statement, the British operator admits however that "an offer from News Corp. could serve the future interests of its shareholders" but said he would only accept a superior offer to 800 pence per share.

According to the Financial Times and the Daily Telegraph, James Murdoch would be steering clear of discussions of the board of BSkyB's offer of his father. The FT noted that "take full control of BSkyB would strengthen the business of James Murdoch is the corner of the empire his father knows best as a former CEO of satellite operator.

Following the announcement, as BSkyB jumped to the London Stock Exchange: just before 15h, action gained 19.40% to 717 pence. This surge up the operator above the purchase price offered by its parent.

Goldman Sachs accused of obstructing an investigation

admin — Tue, 08 Jun 2010 08:24:06 +0000

The U.S. investment bank is once again slammed. After being accused of fraud by the SEC, the policeman of the American Stock Exchange, Goldman Sachs is now summoned by an American committee. The Commission of Inquiry on the financial crisis (FCIC) which, by its investigations, seeks to identify the roots of the financial crisis, accuses Goldman Sachs of failing to comply in a timely manner to requests for disclosure and interviews.

The institution would, according to the FCIC, responded voluntarily incomplete and unsatisfactory to queries. Members of the Commission indicated that, after having asked some very specific, it had received investment banking unreasonable volume of documents, nearly 2.5 billion Web pages without an index, which does not meet questions."Our view is that they were very unhelpful, they do not provide us the documents we requested," said its chairman Phil Angelides.

The leaders of Goldman Sachs categorically deny these accusations. A spokesman for Goldman Sachs said the bank "continues to provide the information requested FCIC.

The Paris Bourse wins more than 2%

admin — Tue, 18 May 2010 21:56:15 +0000

Investors finally found a smile in Paris. The CAC 40 has indeed rebounded to 2.08%, passing the bar of 3600 points. He finished at exactly pointspoints 3617.32. The market which opened in Paris rose sharply accelerated the pace in the afternoon, after payment of first European loan of 14.5 billion euros in Greece and the renewed commitment of Member States of the euro area monitor national budgets.

Other major European markets have resumed in unison. In London, the Footsie has advanced 0.85% to end at 5307.34 points while in Frankfurt the Dax has risen by 1.47%, to 6155.93 points. Wall Street, which also opened in the green, confirmed the trend. Shortly before the close of European stock,

Bargain hunting

The Dow Jones gained 0.72% and the Nasdaq 0.85%. Wall Street has particularly welcomed the results of Wall Mart.The U.S. retail giant, whose numbers are often included as an advance indicator of the U.S. economy has garnered in the first quarter of current year net income of over $ 3.3 billion, well above expectations analysts.

In Paris the CAC 40 was worn by groups rooted in the international advantage of the weakness of the euro and an intense hunt for bargains.

The group's title defense and aerospace firm EADS has been leading the race for almost the entire session. Titles major exporters such as Michelin or Saint-Gobain also benefited from the movement as well as luxury groups. Analysts at JP Morgan believe that the weakness of the euro should be particularly conducive to luxury groups like LVMH and Hermes but also in L'Oreal, and is active in the United States.

After blowing the last few weeks, banking stocks were under PURCHASE cheap. Just before the close, Societe Generale, BNP Paribas and Credit Agricole showed increases of between 2% and 5%

First cuts in state spending

admin — Wed, 12 May 2010 23:19:51 +0000

Until now, the French have not felt the effects of policy, expenditure control has been conducted since 2007. For the general revision of public policies (RGPP) merely cut in the organization of the state, culminating with the non-replacement of staff on two retiring. After the controversy arose in Spring 2008 when Bercy had failed to dent the map "families," the executive had resigned himself to not touch, or marginally so, the expenses of intervention, ie policy social and wider economic (costs targeted exemptions, housing subsidies, RSA, assisted contracts …) and subsidies (crops, including transport).

Today, given the magnitude of deficits, the government changed its tune.In framing the letter he sent to all departments, Francois Fillon requires a 10% decline in value of intervention expenditure in the period 2011-2013. "To meet the target of freezing government spending-load of debt and pensions, we can not content ourselves to work on the only day operation of departments," said Baroin's entourage, the Minister Budget. In fact, operating expenses, such purchases, computers or real estate, representing less than 20 billion euros, while the operating expenses weigh 67 billion. The Prime Minister had already announced a cut of 10% within the past week payday loans. Measurement confirmed in the letter of framing.The extension of this plane to political intervention will save 6 billion more to the state by 2013.

Difficult choices

Remains now to determine exactly where the cuts will take place. Discussions between Bercy and the ministries that will lead to arbitrage mid-June, tight ahead, as the operating expenses are political. Social expenditures account for half wicket. For them, it will take "specific reforms," according to the letter of framing. Minister of Youth, Marc-Philippe Daubresse however assured Wednesday that the criteria for awarding the RIAA will not be changed. The other half of the expenditure is made up of sectoral aid.Transport (including rail network of France), agriculture, housing and culture are on the front line.

"More generally, all departments will freeze all spending," insists one at Bercy. Including, therefore, that of Defence, while the military budget law provided an increase in appropriations. But everything should be done to ensure that capital expenditure are chipped to a minimum.

Good indicators are tipping the CAC 40 rising

admin — Fri, 23 Apr 2010 17:32:34 +0000

The Paris Bourse continued down this Thursday, but timidly, after a sharp decline (-1.22%) the previous day amid concerns related to government debt.

The Greek interest rates to ten years has exceeded 8% in the day Wednesday. Investors wonder if Greece will well repay the debt, with growth stifled by a plan of unprecedented stringency.

Finally, the CAC 40 lost 0.12% first to 3972.8 points at the opening, then the index has returned to equilibrium in the early exchanges, to go back into the green to 9:20.

Investors seem to pay more attention to the good economic indicators fell again Thursday.

Rain clues to look closely

This session will be loaded in major economic indicators.In France, growth accelerated in April in the French private sector, with a strong burst of activity in services, according to the PMI survey published Thursday by Markit Economics. The composite index rose to 58.4, its highest level in four months, against 55.8 in March.

The morale of French companies has jumped four points in April compared to March to reach 97 points, despite backlogs still scanty, according to Insee.

Moreover, the French manufacturing industry has confirmed its recovery in April from the previous month, according to the business survey released Thursday by the INSEE.The synthetic indicator of business climate index rose four points to 97, while remaining below its long term average.

Side euro area, 11 hours, will update the balance of payments for the fourth quarter of 2009, and the government deficit and debt for the past year

Finally across the Atlantic, at 14:30, monitor producer prices in March and the traditional weekly claims for unemployment benefits. At 16 hours, followed home resales for the month of March.

Schneider, Vallourec and L'Oreal to take on the ACC

Schneider Electric on Wednesday confirmed its 2010 target of a moderate increase in its turnover in organic figures.The shares were down 1.91%, to 86.4 euros.

Vallourec (+0.13%, to 149.7 euros) has announced the acquisition for 150 million euros Serimax, a company specializing in soufage pipes offshore.

The group Areva (0.52%, to 383 euros), yet prey to big delays on another local project, the favorites to meet the tender of the Finnish government, which wants to build two new reactors.

Always on the CAC 40, L'Oreal (-0.65%, to 80.5 euros) said it signed an agreement to acquire the U.S. Essie Cosmetics, make-up brand nail polish, whose turnover business amounted to $ 28 million (about 21 million euros) over the last twelve months.

The Competition Commission has prohibited the merger between Orange, a subsidiary of telecom operator France Telecom (-0.15% to 17.14 euros), and Sunrise.The company resulting from the merger would have created, together with Swisscom, a collective dominant position on the market for mobile telephony.

Guy Wyser-Pratte does not increase its stake from 0.53% in Lagard?re group with which it engaged in an arm-wrestling to be appointed to its supervisory board and change its governance.Lagardere shares were down 0.17%, to 31.84 euros.

Publications animate Exchange

Later publications, they have been good for Sodexo (5.65%, to 46.75 euros), Remy Cointreau (4.05%, to 45 euros) and Carbone Lorraine (3.59%, to 28 euros ), the three largest increases in the SBF 120.

Sodexo has recorded an operating profit better than expected in the first half, and now expects a range between 770 and 790 million euros for the full year.

Carbone Lorraine on Wednesday released a stable turnover in the first quarter at constant perimeter and exchange rates and confirmed its targets for 2010.

The wine and spirits group Remy Cointreau announced Thursday an increase in its annual turnover (April 2009-March 2010) of 13.1% to 807.8 million euros.

Vranken-Pommery has also published a large turnover of 39.4 million euros, up 38.1% (+11.4% at constant scope, excluding integration Listel), thanks to the recovery its activity champagne. The company expects a sales growth of over 20% "medium term". The shares are 2.63%

In addition, Publicis made a surprise Thursday by posting organic growth of 3.1% of its income in the first quarter, two times higher than that of Havas.Its shares rise 1.52%, to 33.7 euros.

Plastic Omnium (1.58%, to 34 euros) has announced an increase of over 43% of its activity in the first quarter, benefiting from a favorable base effect with the automotive market crisis a year ago.

Surprises

Side decreases, Nexans has the highest drop in the Paris stock exchange: -7%, to 60.4 euros. The leader in the cable industry has registered a turnover of 1.35 billion euros, up 8.4% yoy while in the course of constant non-ferrous metals, it reached 971 million of euros, down 11.1%.

Just behind Technilocolor – formerly Thomson – fell by 3.9% to 1.04 euros. The company posted a turnover of 691 million euros for the first quarter, down 24.4%.