International Headlines and Stories

The first official figures on the 2011 budget, presented on Wednesday morning in the Council of Ministers, have fallen. Features a budget measure that is intended rigorous, the movement of the plane on tax loopholes will rise eventually to 9.4 billion euros in 2011 and 2.1 billion in 2012. The effort will continue in 2013 and 2014, with cuts of 3 billion per year in tax loopholes.

Businesses will bear 63% of the tax burden, according to ministry figures. The rest (37%) is borne by households. In 2012, this balance will change for companies, who will inherit only a 52% load.

"Triple play" and insurance

Among the measures introduced, the abolition of the reduced VAT rate on offers "triple play" will bring 550 million euros in 2011. Measures Concerning the insurance will reap 3.75 billion euros in 2011 and 3.55 billion in 2012.These funds will be used to finance the social debt.

On the other hand, the sampling rate required in 2012 to ascend its 2007 levels. The number of staff will also be reduced by 31,638 positions. A figure lower than that of 2010 (33,749).

"Understand the main steps, detailed by Le Figaro

Thanks in part to these measures, the budget deficit is expected to "an historic reduction" in 2011 to 92 billion euros, against 152 billion this year, according to the Budget Ministry. The government aims to reduce the deficit to 6% of gross domestic product in 2011 and, ultimately, to 3% of GDP in 2013.

Despite this effort on deficits, debt will continue to swell until 2012. Having already reached a record this year to 82.9% of GDP, it will amount to 86.2% in 2011 and peak at 87.4% in 2012. In 2013 and 2014, it will start to melt slowly.It should not board any time soon under the 60% set by the European Union.

Finally, the economic assumptions underlying the estimates of income and expenditure have been confirmed.

Photo credits: PHILIPPE WOJAZER / Reuters

When Wall Street catches cold, the CAC 40 sneezes. And vice versa: when U.S. exchanges are smiling, the indices Parisian delights. While the Paris Stock Exchange opens in 9 hours, the direction it takes depends on the orientation of 58% of U.S. markets the previous day (closes at 22:30), according to a study by the Bank of France.

And when comes the time when the United States are waking up – early in the afternoon on this side of the Atlantic – the new American mood and bleed from the atmosphere online payday loan lenders market in Europe. U.S. economic data, which usually fall between 14:30 (one hour before the opening of U.S. markets) and 16 hours, have an immediate weight on the Paris stock exchange, which often lasts until it closed at 17 h30.

To what extent depends on the Paris Bourse U.S. markets?

Franz Wenzel, deputy director of strategy at Axa IM

U.S. stock markets have opened lower on Tuesday with housing prices that are left down in the U.S. in July, after three months of increases, according to the monthly S & P / Case-Shiller.

For all the twenty largest American cities, they fell by 0.1% from the previous month (seasonally adjusted data) after rising 0.2% in May, says the study.

Then at 16 hours, new whammy: the confidence of consumers who fell more sharply than expected, according to the Conference Board index released Tuesday, which fell 4.7 points from July to $ 48 5.

The Dow Jones declines to 4:05 p.m. and from 0.59% to 10,752 points, the Nasdaq is up 1.02% to 2346 points and the S & P 500 by 0.74% to 1134 points.The day before, the indices have all declined by about 0.4 to 0.5% after a session with a bang Friday.

On the foreign exchange market, the euro was very slightly up at 15.30 against the dollar, despite persistent concerns about the state of public finances of Ireland and the weakness of some European banks. The euro stood at 1.3448 dollars against 1.34588 dollars the night before. On Monday the European currency reached 1.3507 dollars in session, its highest level since April 20 paydayloans.

The shift from Dell

The side of values, Michael Dell, CEO of the former world number one PC, says the Figaro's turn to provide "complete solutions to businesses." He also claims to have about $ 15 billion of cash available to finance its external growth projects.The securities are 0.08% to 12.65 dollars.

Always on the side of values, the Canadian group Research in Motion (-3.06% to 46.88 dollars), listed on Wall Street and known for its multifunctional phone BlackBerry, unveiled Monday in San Francisco a new tablet computer called Touch Playbook who wants to be "the first professional tablet.

For his part, Jabil Circuit (-3.81% to 13.37 dollars), a company specializing in services for the semiconductor industry announced 58.7 million profit. Turnover is 3.9 billion against $ 3.67 billion expected.

Also note, according to the WSJ, the U.S. central bank (Fed) would consider setting up a program soon to purchase under state an amount much lower than its previous program but on a very concentrated in the time.However, the program would have no time limit, or possibly amount according to the WSJ.

U.S. stock markets end week on a very optimistic note. The Dow Jones climbed 1.86% to 10,860.26 points, the Nasdaq rose 2.33% to 2381.22 points and the Standard & Poor's advance of 2.12% to 1148.67 points. For the week, the Dow Jones gained 2.30%.

Pending sales of new homes

On the foreign exchange market, the euro continued its strong growth into the evening on Friday: the single currency is worth 1.3493 dollars against 1.3312 the previous day. The euro, which was still worth $ 1.27 on September 13, this week surpassed $ 1.34 for the first time since late April.Analysts from Exane BNP Paribas have revised their estimate of the euro against the dollar at $ 1.35 over the next 12 months on average.

On the macroeconomic front, orders for durable goods fell 1.3% from July, seasonally adjusted data, said the Commerce Department said in a statement released in Washington.

This is the third decline in the indicator in four months. The drop announced by the Department is less strong than had been estimated to analysts, who expected a decline of 1.4%.

Sales of new homes in the U.S. stood at 288,000 annualized rate in August as the previous month, while economists and analysts polled by Reuters on average had forecast 290,000 annualized sales figure of 276,000 after the originally announced for July .The number of new homes for sale fell 1.4% to 206,000 units, the lowest since August 1968.

Nike jumped more than 2%

The side of values, the U.S. manufacturer of sporting Nike (2.45% to 79.57 dollars) on Thursday released after the close of Wall Street net income up 9% year on year. Net income for the quarter ended Aug. 31 totaled $ 559 million, or $ 1.14 per share, while analysts were only waiting for $ 1.01. But for specialists Aurel BGC "the most important thing is that Nike ad growth of its global wholesale orders 10% to $ 7.1 billion.Replenishment of stocks and sustained sales will support the growth that is strong in all divisions of Nike. "

For its part, Apple (1.18% to 292.32 dollars) rose on Thursday a new step on the podium of the largest market capitalizations in the world, delighting the Chinese giant PetroChina's second-place company the world's most expensive . The action of the U.S. computer group took 0.41% to 299.82 dollars, hitting a new record when an analyst raised its sales forecast for the iPad. It focuses its total weight on the stock market to 266 billion, against 265 billion for PetroChina. The Apple brand was snatched up to number three in May to its arch rival Microsoft.The U.S. oil ExxonMobil with a market capitalization of $ 310 billion, is number one worldwide.

Always on the side of values, EDF and Constellation (+0.75% to 32.28 dollars) go to the rescue of their joint venture. The electrician tricolor and Constellation Energy have initiated discussions to save their joint venture in the nuclear agency Bloomberg understands.

It sits in the spotlight, exposed in the open and welcoming a crowd of onlookers willing to wait much for the visit … The Zefiro 380, latest range of high speed trains from Canadian manufacturer Bombardier is a star of the show transport InnoTrans railway, which opened Wednesday in Berlin.

The previous edition was held in a financial crisis, two years ago. Two years for little or nothing, as was the abrupt halt to put rail investment. Today, the recovery is in sight, even if its horizon is not yet certain. Because of the lag between investment decisions and taking orders, the rail market will be stable in the next three years compared to 99 billion euros recorded in 2008-2010, according to figures from the Unife professional association. "Billions of investment in the railways have been announced.Since the last exhibition in 2008, there was the global crisis. Those billions have sometimes been reported, but they were not deleted! "Said Wednesday the director of lounge, Raimund Hosch.

So for the future that has been discussed on Wednesday in Berlin for the expected rebound in the period 2015-2017.

The staging by Bombardier's Zefiro new 380 – to 380 km / h – illustrates how the battle looks tough on the segment emblematic of high speed (over 270 km / h). Tuesday, Alstom is number one by far with 40% of the trains currently in circulation, which has unveiled its new product, Speedelia (see box). And Siemens on Wednesday introduced its first high-speed train designed and manufactured entirely by him, the Velaro D. At home, the German manufacturer claimed on Wednesday as a "culmination" of the show.It can reach a speed of 320 km / h and is compatible with the infrastructure in Germany, France, Belgium and Switzerland. Deutsche Bahn has already ordered five, which will operate from December 2011.

Technology Transfer

The actors 'historical' market, such as Alstom and Siemens, are facing the slowdown in their domestic markets, on which nothing is acquired them. Example in France, where the network SNCF TGV, thirty next year, has always been devoted to Alstom low interest rate personal loans. Two years ago, the railway lights was on the verge of launching the tender, which would open an avenue to the AGV, its latest generation of TGV, already ordered by Italy's NTV. The market has never been opened.And, says Alain Bullot, equipment manager at the station, the fleet plan of the company does not tender, either this year or in 2011 or in 2012 … If the SNCF buys AGV, this would not be before 2014. Its subsidiary Eurostar, however, may soon get started. But he already said that that contract could return to Germany's Siemens, who claimed Wednesday his intention to do his Velaro D "success" made in Germany "for export".

Especially for large international tenders ahead (see below), Alstom, Siemens and Bombardier find themselves in an unprecedented situation. Facing them, two heavyweights China, CSR and RSS, have gained significant credibility in the export. They were able to take advantage of technology transfer agreements with Kawasaki (the manufacturer of the Japanese Shinkansen).Indeed, while CSR was content to assemble the trains, it went from 2009 to the next step in building them in full. Siemens, CNR has reproduced the same pattern since 2009 and just ordering components to its partner. For its part, Bombardier has established a joint venture with CSR, the twin brother of CNR.

It is thanks to this partnership that Bombardier will run from 2012 in China the first of its new trains Zefiro. Bombardier has also won this was a tender with Trenitalia for the supply of 50 trains of the same type to the Italian operator, but the train is not running before 2013.

Alstom builds the champion tricolor, him, his reputation for providing safe and reliable equipment and has so far refused to play the card of the new partnership with Asian competitors to prevent the transfer of technology.It does not seem more willing to respond to the call for the establishment of a "rail Airbus' European, launched last week by Transportation Minister Dominique Bussereau, who regrets the fierce competition that engage Alstom and Siemens .

Eating organic in a fast-food is now a thing possible. Quick has been offering a cheeseburger on Tuesday 100% organic, bread sauce through the meat and cheese. After the apple juice and yogurt from organic farming launched in April, this sandwich AB certified organic supply reinforces the brand.

To avoid confusion with the classic cheeseburger, steak organic version has the distinction of being square and onions are cubes. The difference is also reflected in the price since it costs 2.5 euros, or 43% more than the traditional burger. "The cost of a cheeseburger bio is 70-80% higher than the conventional product," says Lawrence Niewolinski, marketing director of Quick France, to justify the extra cost.

The organic burger is not entirely new. Chef Marc Veyrat has included launching a fast food entirely bio card which included an organic burger.But this is the first time a major fast food chains starts in the widespread sale of a dish from organic farming. A scale not necessarily compatible with that of organic production: the offer is limited to two months "primarily to supply issues," said Laurent Niewolinski. Quick needs such volumes that can not be guaranteed to be supplied throughout the year. "

Halal, organic, a niche strategy pay

The positioning of Quick on the bio is not trivial. To find new sources of income in a highly competitive market, the company was open to niche products. And organic farming is one of the most promising of the food.A study of AB label, if the products of organic agriculture represents only 1.9% of the total food market in 2009, they have benefited from a growth rate of 19% between 2008 and 2009. Since 2005, the value of sales of bio from 1.6 to over 3 billion euros.

In terms of niches, Quick is not his first attempt. The company has done much to talk about her 22 restaurants specializing in the supply of halal burgers. A strategy that has largely focused fruit. Based on a review of the sign, the first eight restaurants pioneers who tested the all-halal "between November 30, 2009 and May 31, 2010 saw their sales and attendance doubled while the average bill has been a sharp progression.On average, the development of this activity has created 25 jobs in each restaurant.

The only downside to this strategy: the incompatibility between these niche products. At Quick on was that organic cheeseburger will not be offered in restaurants halal teaches, mainly for reasons of "technical feasibility".

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On Monday, the Paris Bourse should remain in the calm atmosphere which rode on the global financial mrachés. Early this morning, Asian stock markets move in a disorganized manner (Tokyo the Nikkei is closed), while Friday night, Wall Street has stood still while the U.S. consumer confidence crumbles.

On Friday, four days of witches, the CAC 40 avai tried to hook the 3800 points but the key index of the Paris eventually chose the decline, closing at 3722 points. A rumor of a possible IMF aid to Ireland has worried financial markets.

In France, will be followed at noon indices industrial orders (INSEE). Otherwise, for this Monday, no other major statistical expected.But tomorrow night, the Monetary Policy Committee of the Fed, which helps to gauge the economic health of the United States, meets and final speech will be scoured by investors.

Saffron offers L-1 Identity Solutions

On Monday, Natixis will take its first step in the CAC 40, while Publicis returns after having already made a return trip in 2006. Both Dexia and replace values Lagardère coming out. The prices of these securities have already incorporated the new, analysts said. Note that Dexia announced Friday in a statement that trading will be suspended for his action Monday during the reading of a decision of the Court of Appeal in Ghent on the matter LHSP (Lernout & Hauspie).To read the interview with Laurent Mignon, CEO of Natixis, for whom "the entrance to the CAC 40 is a sign of recognition."

Safran announced on Monday morning signed an agreement for the acquisition of L-1 Identity Solutions which will retain only three of the four major activities for 1.09 billion dollars (834 million euros). With this purchase, the group will have 15% of its turnover in the security fast cash online. Jean-Paul Herteman, CEO of Safran, justified in an interview with Le Figaro this operation.

A two-Renault will be sold outside Europe in 2013. Patrick Pelata, deputy CEO of Renault, plans to lower sales in Europe by the end of the year but finds a real dynamism in emerging markets.PSA side, the boss says target of 8% market share in China.

Zodiac Aerospace announced Friday the termination of the shareholders agreement signed in late 2006 between the FFP, the holding company of the Peugeot family, and signed by some of its family shareholders of an agreement for assignment. The group will also publish this evening after-hours trade turnover annually.

Airbus (EADS) is "much better" than three years ago. The manufacturer will continue its international expansion, particularly in China and India, has assured its CEO, Thomas Enders, during an open house at Toulouse on Sunday.

Maurel & Prom said on Monday that its second exploration well in the field sabanero, Colombia, had revealed the presence of crude oil. The Maurel & Prom has already benefited last week from the announcement of good results from a well drilled in Gabon.

APRR.The buyout offer (OPR) on APRR has been extended beyond Sept. 24 pending the decision of the Court of Appeal of Paris on the appeal lodged by the Socialist deputy Saone-et-Loire Arnaud Montebourg.

Sanofi-aventis will introduce today its Phase III studies on Lixisenatide at a conference in Stockholm on diabetes.

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The Senators have a "margin" to amend the law on pension reform adopted Wednesday at the Assembly, Nicolas Sarkozy announced. One of the sticking points is the reduction of inequalities between men and women. Since Thursday, senators are considering allowing some women to continue to receive full pension that stopping work at 65 rather than 67 years.

This amendment concerns only the mothers of three or more children who had to interrupt their careers several times to deal with it. A restriction that is received with coldness in women's rights activists. Marie-Pierre Martinet is secretary general of the French Movement for Family Planning (MFPF), moderate feminist positions.Asked about the proposal, it is disappointing to his many boundaries.

The figaro.fr: How do you see this adaptation of the bill on pension reform?

It is a false good measure, the scattering and not taking into account the overall gender difference in access to retirement. In fact, it would introduce new inequalities between women themselves.

First, it only benefit 37,000 women, all telling anyone, compared with the entire French population. The impact of this idea is limited because in France, the fertility rate dropped to 1.99 children per woman in 2009. It was 2.02 in 2008. It is still far from the mother described in this proposal guaranteed online personal loans. One also wonders what the real intentions of the senators on this point.Develop a measure reserved for women with three children like a pro-natalist policy that could encourage women to get pregnant more often to enjoy a "real" retirement.

Second, only women who pay large enough to invest in a proper storage system can resume work when they have more dependent children. Nurseries, kindergartens aid, baby-sitters are expensive and more children are, the more costs are multiplied. This is the second limitation of this legislative arrangement.

The figaro.fr: What do you suggest to improve this reform?

It has been several months since the feminist organizations like Planned Parenthood or Dare feminism mobilized so that the gender dimension is taken into account in this reform. Members are struggling to grasp the issues, unions too.One has the impression that Gerard Larcher tries to catch a thread this issue. [Chantal Brunel, UMP deputy, had already proposed this development in July, before it is rejected by the Assembly, ed].

We regret this is not a comprehensive reform that would reduce inequalities caused by differences in wages, which would improve the situation of women on arrival at retirement, regardless of age.

The Paris Bourse, who finished in the red Wednesday night after five consecutive sessions increase, is torn between the Thursday closing up Wall Street yesterday, and rather negative trend in Asia this morning. Wall Street and Asian indices have benefited temporarily from the Japanese government's decision to intervene on the Yen but the effects appear to be limited.

At the opening, the CAC 40 has assembled a few points: +0.04% to 3757.15 points. Points that can not really keep. At 13 hours, leaving the CAC 40 0.24% 3746.57 points. Wednesday night, the CAC 40 fell 0.5% amid position adjustment on the part of investors as the benchmark index of the Paris still has grazed the resistance threshold of 3780 points.If the CAC 40 managed to break through to higher this level, it could move even more freely to and exceeding 3800 points quickly.

According to Saxo Bank, "the index constantly consolidated horizontally for several weeks in a range of about 300 points. We are approaching the top of this channel and a test of the highest in the month of August is quite possible in the coming days. Only a return below the 3612 points invalidate this bullish scenario. "

The euro, he, always rated near $ 1.30, to 1.2992 dollar.The single currency has appreciated since the beginning of the week after the agreement concluded in Basel on Sunday new rules for the banking system.

Another meeting is rich in economic data

In France, INSEE deliver Lunchtime index of labor costs in industry, construction and service in the second quarter of 2010.

In the EU, the decline in sales of new cars has accelerated during the summer in Europe, reaching 18.6% year on year in July and 12.9% in August, amid late premiums case, according to statistics released Thursday by the European Automobile Manufacturers Association (ACEA).

Overseas, 14:30 (one hour before the opening of Wall Street), the producer prices in August, current accounts in Q2 and weekly claims for unemployment benefits will be closely monitored by investors.

At 16 hours, radar screens will report industrial activity in the Philadelphia area for the month of September.

Renault and Peugeot in the bottom of the CAC 40

Values on the forehead, the top three in the ACC 40, found Schneider Electric earning 2.41%. Outside the CAC 40, Maurel & Prom jumped 6.75%. The group announced Thursday a successful wells in Gabon, which offers new prospects in the country.

In contrast, Renault and Peugeot fell by 1.63% and 1.30%, hit by the announcement of continued decline in sales in Europe.In addition, these values were much improved yesterday, driven by Nissan for the first who benefited from the weaker yen and the second in a recommendation identified by Morgan Stanley.

France Telecom accelerate the reorganization of structures in France

Orange will not be a candidate for the tender of football in 2012 and will extend for a few weeks its negotiations with Canal + in the movies folder, "said CEO of the telecom operator Stéphane Richard in an interview with Le Figaro. France Telecom was down 0.67% to 16.29 euros.

Vallourec (+0.42% at 71.53 euros) announced Wednesday the acquisition of 19.5% of the company Tianda Oil Pipe for about $ 100 million (80 million euros) in order to strengthen its the Chinese market for oil and gas.

A fund of BNP Paribas (-0.75% to 55.25 euros) and the German utility EnBW discuss a joint offer for the acquisition of German sites of storage gas from Exxon and Shell. GDF Suez (-0.90% to 25.82 euros), which holds stakes in two storage sites and is operator of three of these sites is also interested.

Poweo (1.09% to 9.28 euros) The operator of electricity and gas issues under the first-half operating loss of 21.1 million euros and a net loss of 26.2 million euros.

Lucien Barrière The indicative price range for IPO of the hotel group, Accor owns 49% of which was set between 16.1 euros and 19.60 euros on Thursday morning. Trading will begin on October 1. Accor will sell all its shares.

A year after launching the "plan of last resort" for the transport of goods, Pierre Blayau, the director general of SNCF Geodis, gives a positive assessment of the freight business, however, regarded as the shot of the SNCF. He also maintained yesterday that his branch will again be "in balance in 2013.

"We are already seeing results. Since last March, we set up a train on the route Vesoul-Kaluga (Russia) 3,000 miles to supply the Russian plant of PSA in auto parts. Five to seven trains a week to move the equivalent of 15,000 trips per year.As another example, the head of the branch also details a new contract with a logistics Swedish Scandfibre to develop the transport again "massive."

Pierre Blayau also discussed the new offer of "wagons," these trains consisting of various loads for different clients, whose business has suffered most in recent years.

ArcelorMittal will be on board

"80% of Fret SNCF customers have agreed to build this new network," said Pierre Blayau about offering called multi-lot multi-client, launched in July. ArcelorMittal and cite which "will be on board this new offering wagon."

The steelmaker, one of the main customers of Geodis SNCF, had indicated in recent months that he was opposed to reform plan Fret SNCF.Indeed, this summer, the station had faced an outcry from trade unions and associations, environmental groups calling for "more cars" and that employers' federations had joined together to denounce "the degradation of service "in the field of rail freight.

For now, this new offering of "wagon" is still in an experimental phase while the full entry into force should be completed by mid-2012. The Director General of the branch said the new offer was aimed at the 'tariff continuity. "

Asked about the increasing economic weight of the "road" within the SNCF, Pierre Blayau said that Geodis had intended to sell the railway. "The momentum is to do more than rail," he recalled. Carrefour, Danone, Leclerc demand to do more for reasons of image. "Geodis station should thus support groups wishing to reduce their carbon footprint. SNCF Geodis also undertakes to publish in mid-2011, the first comprehensive measure its carbon footprint.