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Estoppel to potential buyers of SeaFrance. The Commercial Court of Paris on Monday gave the liquidation of the French company SeaFrance ferries in the Channel, but now the activity until January 28, 2012. The court found that the two takeover bids submitted by Louis Dreyfus Armateurs (LDA), associated with the Danish DFDS group, and the CFDT union in the enterprise, were not satisfactory as it stands. However, he left the door open for the submission of new offers before December 12.

SeaFrance employs 880 permanent employees and 200 CDD, according seasons. The plan proposed by the LDA-tandem DFDS provided for the protection of 460 FTE jobs, maintaining SeaFrance under the French flag, the recovery of three ships 5 million and an investment of 50 million for repairs to boats guaranteed approval cash loans.The Scop defended by the CFDT plans to retain all CDI but he lacked the funds needed to boost activity.

Risk of "social conflict" and funding "nonexistent"

In its ruling, the court held that the supply of Dreyfus, associated with the Danish DFDS ferries group, provided many job losses and that "there are (VAIT) is a risk of serious social conflict." He also found the price offered for the recovery of ships too low and suggested that this recovery could pose competition concerns.

Spain is in the focus of agencies

New blow for the euro area. After Fitch, it was the turn of Standard & Poor's to break down a notch credit rating of Spain, which changes to "AA-". The rating agency also maintains a negative outlook on the country. In other words, a further downgrade of the country can not be excluded.

The agency believes that financial services' growth prospects are uncertain "because of" increasing risks "facing the economy. The agency referred in particular to "the incomplete reform of the labor market will continue to hinder economic recovery." In the view of S & P, Spain could fall into recession next year, with GDP expected down 0 guaranteed pay day loans.5%.

The fragility of the financial system is also the Achilles heel of the fourth largest economy in the eurozone.S & P is concerned and "a probable further deterioration of asset quality of the Spanish financial system."

The agency also questioned the budgetary targets of the Zapatero government. The Spanish public deficit forecast at 6.2% of GDP for 2011 could be exceeded. As for reducing the deficit to 4.4% of GDP in 2012, it will not be possible without "additional measures".

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Slovak vote weighs on the Paris Stock Exchange

The Paris Bourse is down on Wednesday. The CAC 40 lost 0.90% in the early morning to 3125.97 points. As on Wall Street and in Asia this morning, traders react to the strengthening of the Slovak non-European Financial Stability Fund (EFSF). This decision increases the risk of paralysis in the euro zone, while the French and German leaders have promised a plan to end the crisis before November.

Slovakia is the only one of 17 countries in the euro area has not ratified the agreement of July 21 the European governments, which plans to give the EFSF new powers including increasing its lending capacity to 440 billion euros.Bratislava, however, raised the possibility of a second vote in Parliament, in which the opposition Social Democrats would support the strengthening of EFSF, but no date has been set for the eventual election.

Regarding the Greek case, the inspectors of the "troika" announced Tuesday it had completed their assessment of the austerity measures taken by Greece. These must still be endorsed by the euro area and the IMF, which should allow Athens to receive a new tranche of aid in early November. But nothing is less certain. The IMF is more pessimistic about the future of Greece. "The recession will be deeper than anticipated in June and a recovery is now expected that from 2013," said he.

The results of Alcoa concern

Another source of pessimism: Alcoa, which sent a new signal concern on global growth.The largest U.S. aluminum, opening the ball across the Atlantic Publications, reported Tuesday a quarterly profit below expectations. Group CEO, Klaus Kleinfeld, anticipates slower growth until the end of the year.

Also in the commodities sector, the Organization of Petroleum Exporting Countries (OPEC) also gave evidence of a slowdown in the global economy by scaling back its forecast for global demand for crude in 2011 and 2012 for the third consecutive month. The barrel of "light sweet crude" for November delivery lost $ 1.04 in electronic trading this morning at 84.77 dollars. Barrel of Brent North Sea crude for November delivery gave 74 cents to 109.99 dollars.

As for currencies, the euro stabilized against the greenback despite the Slovak vote.The single currency is worth 1.3630 dollars this morning.

In France, INSEE has announced that consumer prices fell by 0.1% in September from the previous month and rose 2.2% year on year. Industrial production in the euro area will be known by late morning.

Values ​​to follow

Natixis (-2.81% to 2.35 euros), Dexia (0.14% to 0.81 euros)

Fitch affirmed the A + Group BCPE (People's Bank – Savings Bank) and its subsidiary Natixis. The agency also announced it has lowered the long-term rating of Dexia Bank Belgium from A + to A and affirmed the rating of Dexia to A +.

Credit Agricole (-1.60% to 5.35 euros), BNP Paribas (0.80% to 33.71 euros), Natixis (-3.47% to 2.34 euros)

The Societe Generale analyst lowered his recommendation to buy to keep on Credit Agricole with a target price of 5.5 euros and noted its board to keep BNP Paribas to purchase with a target price of 37 euros.The analyst went on sale on Natixis with a target price of 5.6 euros.

ArcelorMittal (-1.29% to 13.82 euros)

The group could be affected by the release of disappointing Alcoa.

Vilmorin (-0.55% to 72.80 euros)

The group is a slight decline in organic growth of the new fiscal year 2011-2012 due to uncertain economic conditions and the impact of weather in the summer of his crops of maize seed.

Transgene (-1.85% to 7.97 euros)

The group intends to continue the clinical development of its TG4040 against hepatitis C infection, the drug has met its primary efficacy endpoint in spite of severe side effects.

Plastic Omnium (-1.64% A17, 99 euros)

Plastic Omnium Auto Exterior, 100% subsidiary of Compagnie Plastic Omnium, has signed an agreement for the acquisition of 100% Plastal Poland."This agreement is subject to the approval of competition authorities of Poland," the group wrote in a statement.

Areva (-2.13% to 22.02 euros)

Luc Oursel, CEO of the group, will be heard at 10 am by the Economic Affairs Committee of the National Assembly. According to a parliamentary report stage, the nuclear expert may have to include new provisions in its accounts to meet the costs of the Finnish EPR.

Foncière Paris France (0.50% to 100.50 euros)

The Board of Directors of Foncière Paris France (FPF) on Wednesday rejected the takeover offer filed by October 7 Paris Vaugirard Hotels Roissy (PHRV).31.4% owned by Allianz, 31.4% and 31.1% Covéa Cofitem-COFIMUR, PHRV offer 100 euros per share, a premium of about 8% to the closing price the day before the offer .

Lagardère (-1.16% to 19.17 euros), EADS (-2.19% to 21.92 euros)

According to BFM on Wednesday, Arnaud Lagardère began to establish conditions to lead the board of the group.It gives Airbus souhiate real certainty about the development of the A350 program.

NextRadioTV radio (-1.8% to 10.85 euros)

HSBC raised its recommendation on Wednesday as underweight to overweight, preferring that value to NRJ.

Air France-KLM (-1.28% to 5.30 euros)

Transport Minister Thierry Mariani implicitly confirmed Wednesday the next appointment of Alexander Juniac, former chief of staff Christine Lagarde at the Ministry of Finance, the General Manager of the airline.

Ipsos (0.75% to 25.49 euros)

The French specialist market research has completed the acquisition of British rival Synovate, based on an enterprise value (including debt) of 525 million pounds (596 million), he announced Wednesday.

Casino has released its sales for the third quarter after-hours trading.

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Yet the conditions for a sustainable rebound

• The stock market environment is in many ways more fragile than in 2008

After the capitulation market in recent days, many investors are wondering whether it is time to return the purchase. Beyond a simple technical rebound, the chances of quick recovery courses are limited for the simple reason that the current stock market is in some ways more fragile than in 2008. Signs of slowdown are multiplying in the United States, Europe could enter recession in the coming months, and the deterioration in manufacturing activity in China shows that the theory of decoupling between emerging and rich countries no longer holds the ramp. Response capacity of government to stimulate consumption are practically nil, and the effect of accompanying policies of central banks has reached its limits.The current crisis comes mainly from the usual market issues related to the level of market valuation or the correction of excesses after a period of intense speculation. The epicenter of the crisis is now in the euro area, with governments overwhelmed by the level of public debt and unable to agree on the management of their common currency. The solution to these difficulties lies in the hands of "political" and not in the trading rooms and in business. This is what the operators despair!

• The core business is a real force that

The recovery will be difficult, but much of the bad news began to be integrated into the course. The precipitous decline of the indices shows that the Exchange has already taken a good step ahead of the crisis.A CAC 40 to 2800 points means, for example, that investors expect an increase, not corporate profits, but a 30% drop in profits in 2012. This pessimism is starting to become excessive, especially for industrial groups, such as Air Liquide, Schneider Electric and Michelin, a strong presence in emerging markets where business slows but does not decrease instant personal loans guaranteed. The same goes for business as L'Oreal, Essilor International and Pernod Ricard, which have strong brands and where margins are not challenged. The treatment of more defensive companies, such as France Telecom, Sanofi, or GDF Suez, also reached its limits.These values ​​offer attractive yields of between 10 to 6%.

• The plight of the shareholders of the banks could come to an end

In three months, the market value of the three largest French banks, Societe Generale, Credit Agricole and BNP Paribas, has been halved. This collapse is comparable to the fall in prices occurred after the collapse of Lehman Brothers in 2008. Investors have punished the weak provisions made in the accounts to meet the commitments of banks in the peripheral countries of the euro area and a general loss of confidence in respect of institutions in the euro area. Far from scaring the market, the rumor of a possible entry of the state in their capital in the form of preference shares is now likely to reassure investors.10 to 15 billion euros to recapitalize matter which it would lead to a "dilution" of shareholders limited. After the destruction of 50 billion capitalization in the summer, the amounts mentioned are already largely taken into account by the markets. Bank stocks will certainly remain under pressure, but the plight of their shareholders might come to an end.

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Michelin speeds in the low-cost China

Revolution in Clermont-Ferrand. To conquer China, Michelin, the tire specialist high-end, the gum is in the low-cost. The manufacturer yesterday signed a definitive agreement with two Chinese groups to create a joint venture that will produce and market products for passenger cars and light trucks under the brand Warrior. The principle of this agreement was announced in April. It must still be approved by the Chinese authorities.

The new company is 40% owned by the French and 60% by local partners, Double Coin and Huayi. The plant, under construction, will be located in Wuwei, about 400 kilometers west of Shanghai. The project, costing about 390 million, is intended to eventually produce 15 million tires per year, for the Chinese market.The operation was hailed by the Paris Bourse, where the title Michelin jumped 5.3%.

Double in size

The group, whose main production facilities located in markets "mature", had already started the construction of three giant plants in China, Brazil and India. In the Middle Kingdom, where it is installed since 1988, the company has four factories and employs over 6000 people.

Michelin, who wants to double in size in developing countries by 2020, up particularly in Asia, where he says the market should grow by 9 to 10% annually over the next few years. In the first half, he realized, however, still 75% of its sales in Europe and North America.

To succeed in Asia, including China, the French had no choice but to face the players in the middle and entry-level, such as the Korean Hankook, which hold 40% of the world.And that growth has come at the expense of leaders Bridgestone, Michelin and Goodyear. Between 2004 and 2009, global market shares of French are well past 19.4% to 15.5%. "It is very important to have a presence in this niche" of low-cost, recently explained Jean-Dominique Senard, the new managing partner of the group. "We can not leave the field open to our Asian competitors, more and more aggressive." Michelin will instead expand the availability of its distribution network in order to "meet all customer demands." So far, "we were not able to do so profitably," says Jean-Dominique Senard.

Prior to the signing of the agreement, Michelin Warrior Tire already manufactured at its plant in Shanghai Double Coin brand which had given him to use.The French had created a joint venture with the Chinese group in 2001 which he had bought the shares in 2010. The goal now is to dedicate the site of Shanghai to the Michelin brand, and "to increase greatly the production of the Warrior brand" with the new joint venture, said Bibendum.

Relations with Double Coin had not always been in good shape, since 2007, Michelin had accused its Chinese partner to produce in its plants counterfeits of its truck tires.

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Banks back into the market turmoil

The respite will not last long: after a week of relative calm, the European banking sector has again stumbled in the stock market Monday. Britain's RBS, French Societe Generale, Deutsche Bank or German for example, have dropped out of respectively 12.32%, 8.64% and 7.53%. Even the champion of Frankfurt stock exchange now weighs less than half its book value! This increased tension is supplied from Friday with a new bundle of anxiety on the macroeconomic front. Investors fear that gives that summer debt crisis in Europe and the United States against a backdrop of slowing growth, worsening. The European foot-dragging on the Greek case illustrates the difficulty of political reassurance. Terms of private sector contribution in the second rescue of Greece, to be completed at the root end of August and early September, and still raises many questions.The debates are multiplying on the accounting treatment of such assistance, and the right level required for impairment of securities Greek, while the economy sinks further into crisis.

200 billion euros in recapitalization

Asked about the idea of ​​requiring banks assessment of sovereign debt in the market, the CEO of Deutsche Bank, Josef Ackermann, said Monday that "it was forcing an open door to say that many banks Europe would not survive. " Especially since the doubts about the ability of Italy to keep its austerity plan and that of France to absorb a succession of shocks without further tighten the screws are becoming more vivid.The CDS on the two countries, these insurance policies that protect a non-payment, Monday reached a record high.

Under these conditions, the crusade of the new Executive Director of the IMF, Christine Lagarde, against the underfunding of the European banking sector is gaining credibility. According to the Financial Times, its equipment valued at 200 billion euros on equity gap for the entire industry. The chairman of BNP Paribas, Michel Pebereau, said Monday: "The stress tests in Europe (…) suggest that it is not so obvious that today the European banking system as a whole may need to be recapitalized.Some banks, no doubt. "Boss BPCE, and past president of the French Banking Federation (FBF), François Perol, said he did not think" that (statement of Christine Lagarde) was referring to French banks. "

On the other side of the Atlantic, the signals are no more reassuring. The disappointing U.S. employment published Friday that result in maintaining a high unemployment rate to 9.1%, have cast a chill on the market. The same day, Washington expressed its willingness to prosecute seventeen banks for selling its agencies refinancing, without the correct information, asset-backed mortgages, subprime. The legal battle casts a new threat to the sector.

Redemption of Infront, Number 2 worldwide sports rights

The maneuvers began in the closed world of corporate marketing of sports rights. The European investment fund Bridgepoint acquired Infront, the world number two industry for about 600 million euros. Infront company formed ten years ago by Robert Louis-Dreyfus and Klaus Jacobs on the ruins of the Kirch empire, was put on sale by the heirs of the two captains of industry.

The market for sports rights is held by three giants. IMG, the world, which weighs about 1.5 billion euros of turnover, is owned by Forstmann Little and the fund would be about to be sold. The world number two with Infront is 600 million euros in turnover with, the key, an estimated gross operating margin from 10% to 15%. It beats out number three, Sportfive, bought in 2006 by the Lagardère Group for 865 million euros.Sportfive is clearly slowing, and in 2010, its activity dropped by 23% to 396 million euros.

"Infront's activity is divided into four more or less equivalent. Football with the rights of the German, Italian League (Lega Calcio) and the rights of big clubs like AC Milan, Schalke 04 and Werder Bremen. Then there are winter sports, such as [events of] the International Ski Federation, or [of] the International Federation of ice hockey. And summer sports such as volleyball, handball and basketball in China. Finally, Infront carries the audiovisual production of major events in human as well as World Cup football and the championship of France Ligue 1, "said Robert Xavier, a partner at Bridgepoint in Paris no checking account payday advance.

For an investment fund, Infront has some nice features.About 80% of its turnover is earned from January 1 and the rate of renewal of contracts with rights holders to 90%. In addition, the fund has this job because it has the past five years the Spanish company Dorna, which manages the Grand Prix motorcycle.

Disintermediation

The global market for sports rights is estimated at $ 121 billion in 2011 and that of media rights and sponsorship is $ 56 billion. If the market is still growing at a rate of 4 to 5% a year, it faces a disintermediation. "The leading licensors such as UEFA, FIFA, the International Olympic Committee have the means to directly sell their rights," says Robert Xavier.

However, Bridgepoint estimates that there are significant growth drivers for Infront. Geographically first.Very presence in Europe and Asia, Infront has yet to conquer Great Britain and South America, a continent with very dynamic football World Cup 2014 and Olympics 2016 in Brazil.

The progressive development of human-related internet sports is another area of ​​growth. Finally, Bridgepoint does not hide that he may run when the throw-in sports rights held by Sportfive far as the African Cup of Nations.

Free attack frequencies 4G mobile

Back from holiday, the State Council will settle a sensitive issue: that of 4G mobile radio frequencies, auctioned by the government. The decree, signed June 1 by Eric Besson, Minister of Industry, is already the subject of three appeals to the supreme court, each time for different reasons.

According to our information, took the Free State Council on the grounds of discrimination arising from immediate payment of licenses. Clearly, the group founded by Xavier Niel challenges the accepted methods of payment, which would contribute to groups with deep pockets compared to smaller players. A hearing is scheduled for Free August 30. Contacted, the operator declined to comment.

The union CFE-CGC Orange contests, too, this decree, as Le Figaro had revealed early June.He has since joined the union in its approach national telecom SNT-CGC, representing employees of private operators SFR, Bouygues Telecom and Free, but the federation of metallurgy CFE-CGC, representing employees of suppliers such as Alcatel or Sagem. Their common folder was filed Aug. 16 in the litigation section.

Interference of DTT

The angle of attack is different unions accuse the bidding, among others, of not taking sufficient account of the criterion of employment and require a location clause jobs in France. The appeal challenges the "non-compliance with employment goals assigned by law to the Minister and Arcep and discriminatory treatment under the DOM in violation of constitutional principles of equality of citizens and uniqueness of territory, "said their lawyer Anne-Solène Gay YGMA cabinet flexcheck cash advance.The third appeal was, himself, was filed in early July by Bouygues Telecom, this time on the grounds that the 4G does cause harmful interference and blur the TNT television in 20% of households. "This interference will have a major impact: TVs will not work, it will be black screen. TV makers should take into account now. That the State to determine precisely the measures to be taken ", had explained to Le Figaro Roussat Olivier, CEO of Bouygues Telecom. The bill to address the problem arising between 500 million and 1.7 billion euros, according to Bouygues Telecom. Asked yesterday, the group, which seized the State Council on June 24, had not received any feedback yet.

This file is a sensitive issue for the government, which has removed the minimum frequency of 2.5 billion euros for the state budget.For Eric Besson, the tender is "balanced", encourages competition and land use, while promoting the best heritage of the state.

New stage of the digital revolution, these frequencies are strategic for 4G operators. 4G should help relieve the current mobile networks and provide new services by multiplying by 50 the flow of the mobile Internet. Deadlines are tight now, because the operators must first submit their application before September 15.

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Riots in London, the press questioned the role of the BlackBerry

The day after a second night of riots in the suburbs of London, the British press is concerned about the impact of new technologies in organizing rallies. If the use of Twitter and Facebook was highlighted during Arab riots in recent months, a new player is on Monday stormed the British media: the BlackBerry Messenger (BBM), who played a key role in events.

BBM is a service available only on BlackBerry brand phones, allowing users to exchange messages for free via the Internet, and not through the telephone network. Messages can be exchanged only if both corresponding to communicate their personal code (PIN) before.The interception of messages by a third party, or by the police is complicated.

The principle of BBM is similar to that of SMS, to the last detail BBM messages that cost nothing. One argument that has made the BlackBerry smartphone's favorite British adolescents (37%), according to a study cited by the Guardian. For The Urban Blog Mashup, taken by the Telegraph, BBM is very popular among young 'for three reasons: it's fast, it's free, and unlike Facebook or Twitter, the messages exchanged are completely private. " .

"The gangs have been using BlackBerry for organizing the riots"

"The device, previously reserved for businessmen and politicians, are now the preserve of thugs and young (…) through this application," says the Telegraph.The conservative daily notes and Mark Duggan, the young man whose death was the cause of the night of riots in Tottenham, had sent a message via BBM to his girlfriend shortly before being shot by police. "The message said: 'The cops follow me,'" wrote the daily.

"The gangs have been using BlackBerry for organizing the riots," says the Telegraph. A Guardian journalist is in the same direction, explaining that "many sources (him) confirmed that BBM, inciting to raid the town of Enfield, was heavily circulated on the BlackBerry network Sunday early afternoon noon ". The journalist claims to have read other messages about plundering six other districts in north London on Monday night. "There is no doubt that BBM is used to organize the violence."

The BBC website, he does not deny the use of BBM in the events of the weekend, minimizing its impact."While smartphones have helped those who participated in the riots, they were certainly not convinced those who were not interested to join rallies," writes the site based on the analysis of Dr. Chris Greer, Professor of Sociology and Criminology at City University in London. For its part, RIM, the manufacturer of BlackBerry phones, said Monday in the evening he would "cooperate fully with the Interior Ministry and the British police force."

British police monitors Twitter users

Scotland Yard warned on Monday that it would arrest any person to become involved in urban riots on Twitter. "Provocative and inappropriate messages were posted on Twitter" during the weekend, said the British police.The Times cites several messages such as "Everyone at Tottenham n **** the police, I hope that there will be a dead tonight" (the message has since been deleted).

For its part, the Telegraph has collected pictures of rioters and that of a young man posing in front of several games he had stolen during the violence. "Do you know? Send us an email if you have any information, "wrote the site, without specifying for what purpose he seeks to know the identity of these people.

Axa was less affected by Greece that the banks

A nice trading day for Axa. The title of the insurer took 4% to 10 o'clock Thursday morning while the CAC 40 is given a little air, with an increase of 0.45%. Investors welcomed the good half done by the insurer that has quadrupled (324%) profit to 3.99 billion euros.

This performance is significantly higher than the expectations of analysts who had expected an average net profit of 3.7 billion. But Axa has mostly benefited from a favorable base effect. The increase in net income is in fact supported by exceptional gains of 1.44 billion euros from the sale of the 15.6% of Veolia capital of the life insurer China Life Taikang and the sale of its New Zealand and Australia."In this environment (of European debt crisis), we publish the results are good, satisfactory and show Axa's fine," said CFO Gerald Harlin, during a conference call.

Confirmation of the Plan 2015

The insurer stands in relation to banks about the impact of the Greek crisis on its accounts no faxing payday loans. While the financial cost runs into hundreds of millions for BNP Paribas (850 million), Crédit Agricole (650 million) and 395 million to Société Générale, Axa has placed "only" 92 million euros in provisions for impairment assets in its bond portfolio of the Greek state.

In contrast, exposure of the insurer in Italy, estimated at 6 billion euros against 300 million for Greece, is much more important."We are confident that Italy is absolutely the means to repay its debt, simply that the European institutions give a stronger signal of support towards Italy for the markets calm down," said Denis Duverne, the deputy CEO of Axa Business on BFM radio.

If the macroeconomic environment remains uncertain because of the turmoil in financial markets, the CEO of Axa, Henri de Castries is "confident". It provides Axa is on track to achieve its 2015 targets.