International Headlines and Stories

The European automotive industry is recovering, the September figures reflected. Sales of new cars in Europe recede again in September, the sixth consecutive month of decline, according to figures from the Association of European Automobile Manufacturers (ACEA). Sales fell by 9.6% across Europe and no country is immune to the downturn. France posted the highest score, however, the main markets with a decline of 8.2%. Unlike Spain has the worst figures with a decrease of 27.3%.

It must be said that the numbers suffering from an unfavorable comparison base due to higher sales achieved last year, when many devices scrapping were still in force.Germany, Europe's biggest car market, where government support measures were completed last year, recorded a 17.8% drop in sales easy to get unsecured personal loans.

Sales dropping, except for Daimler

Manufacturers side, only Daimler allemend shows an increase, with growth of 6.5% of its sales. Those Renaultont decreased by 8.9% and PSA PeugeotCitroën 7.3% and 5% of Volkswagen. Ford tumbled 20.1%.

Over the period January-September, the decrease was only 4.3%. France displays numbers stable at 0.8%, the UK and Spain recorded increases of respectively 7.8% and 16.2%. Renault saw its sales grow by 10.5%, while BMW's 3.8%.Sales of PSA remained stable and the other manufacturers registered a decline in sales.

ALSO READ:

"The global automotive welcomes resumption

"SPECIAL – Paris Motor Show

The French car market declined by 8.1% in September

Click on the thumbnail to enlarge the graphic

After a free day trading Monday as the day of Physical Education (Health and Sports Day "), the Nikkei 225 started the week sharply lower, penalized by a yen continues to climb. In the early morning on Tuesday, the euro lost 0.31% to 113.64 yen and the dollar to 81.94 yen -0.23%. But also because of investors' fears about the economic outlook in the United States. And this, after the publication Friday of U.S. employment figures.

Consequently, the Japanese export values, especially carmakers, sinking into the red Toyota lost 1.96% to 2,838 yen, Honda was down 2.14% at 2925 yen or 1.21% Nissan sells to 731 yen.

The U.S. central bank expected to turn

The finding is identical to the Stock Exchange of Hong Kong where the Hang Seng Index showed a decrease of 0.60% to 23,067.55 points, while investors seem to have act a slowing Chinese economy, while according to Goldman Sachs The pace of bank lending should decrease. And what to avoid global economic business card design. "Now they await the decision of the U.S. central bank (which will be held on Tuesday evening) and the publication of company results, while the macro gives no direction to equity markets," said Yoji Takeda, head of RBC Investments management company based in Hong Kong.Chinese banking stocks posted the largest declines in the Stock Exchange of Hong Kong: Industrial & Commercial Bank of China dropped 1.17% to 5910 Hong Kong dollars and Agricultural Bank of China to loose 0.97% 4070 Hong Kong dollars .

In other areas of the region, the Taiwan Stock Exchange fell sharply from 1.30% to 8070.14 points, Seoul lost 1.57% to 3911.98 points, 1.62% in Sydney 4621.60 points, Bombay 0 , 67% to 20,202.63 points and Singapore 0.25% to 3155.48 points.

Crude prices were trending downward Tuesday in electronic trading in Asia, because of concerns about demand, analysts said. In morning trading, a barrel of light sweet crude for November delivery yielded 63 cents to 81.58 dollars.

Reference documents of the bank confirm information given on Saturday by Europe 1 radio. Thanks to a tax scheme, Societe Generale has recovered 1.7 billion euros over the 4.9 billion lost by the bank in 2008 in the Kerviel affair.

In case of exceptional losses in any given year, the corporation tax in effect allows the banks to receive a tax deduction. It may reach one third of the amount lost or the standard tax rate of corporations.

In the case of Societe Generale, the mechanism was carried out in two stages. For fiscal 2007, the bank recorded the gain of 1.471 billion euros made by Jérôme Kerviel, and has accordingly paid a tax of 507 million euros related to the gain.The following year, in 2008, the Societe Generale saw a loss of 6.382 billion euros (the balance between the gain of 2007 and the 2008 loss is $ 4.9 billion), which triggered the mechanism tax deduction, amounting to 2.197 billion euros. By subtracting the taxes paid in 2007 this sum, we obtain 1.69 billion euros in tax savings.

"By seamlessly"

For the bank, "the tax treatment of losses related to fraudulent activities of Jerome Kerviel has been done transparently in accordance with tax regulations. "Any company deducts its costs and loss of income to calculate the amount of its profits and hence taxes, is it worth.

As for the difference between the net loss of tax deduction, or 3.21 billion euros, and the amount of damages awarded by the Paris Criminal Court, or 4.9 billion, Societe Generale said that " any money received for repairs will be subject to taxation, which would revert to the state a portion of the tax lost. "

"Outrageous"

Jérôme Kerviel, the former trader at Société Générale, 33, held solely responsible for a record loss suffered by the bank in early 2008, was sentenced Tuesday by the Paris Criminal Court to five years in prison and three farm 4.9 billion euros in damages. Societe Generale had excluded then demand the entire 4.9 billion to its former trader.The former trader has, however, appealed the conviction.

Olivier Metzner, a lawyer for Jérôme Kerviel, Société Générale has "misled the court by not informing him" that she had recovered the money. "Societe Generale has recovered 1.69 billion euros that is to say that his injury can never be 4.9 billion," assured the lawyer. "It's absolutely outrageous, that is close to the ruling of the scam, that is to say, we are asking the court to order payment of sums already paid." "If we had known, it could have changed the decision," he said.

After the verdict, Olivier Metzner had already ruled on the matter: "There is no question of negotiating. Today, we believe that we should no money at Societe Generale. "

ALSO READ:

"FILE – Kerviel Case: The Trial of a system

The Paris markets held their breath all week, waiting for figures on U.S. employment.

At 14:30, the verdic fell. Blow: the U.S. lost jobs in September for the fourth consecutive month and at a pace much faster than the previous month. The economy has destroyed 95,000 more jobs than it created that month. The number of jobs lost has increased by 67% compared to August. Analysts believed instead that the country was back in September in the balance. Despite the destruction of jobs, the unemployment rate remained steady at 9.6%.

The CAC 40, him, nosed at the time of the announcement (about 15 hours, he dropped 0.76% to 3741.9 points), but it did not last.The bad news indeed fueling the prospects for a boost from the Fed in the U.S., thus relieving the markets, finally.

At the finish, the Paris index closing on a limited reduction of 0.11% to 3766 points. For the week, the CAC 40 has started poorly (-1.15% Monday) before climbing to 2.25% Tuesday, and from 0.88% Wednesday, then from 0.15% Thursday. Weekly Performance and reached 2%.

The dollar is down

Exchange side, the dollar has rebounded with this hit. The greenback is a safe haven, and when the U.S. will hurt the prospects for the rest of the world are deteriorating, which increases the risk aversion of investors protecting themselves by buying the dollar, appreciating .Instead, the euro fell under $ 1.39 after avoirtouché bar $ 1.40 Thursday to 15 hours.

But again, the effect did not last and the easing of monetary policy overseas is becoming increasingly close, analysts said. A boost to the economy of the world's leading power is expected, and gives the heart balm auc investors.

This morning, Asian markets were also very hesitant.Yesterday, Wall Street was in the same state of mind, ending a volatile session without direction, despite the publication of quarterly results from Alcoa, the first of the season, which was considered good.

The German trade surplus decreases

Before that, the French budget deficit figures for August have been published: it thus reached 122.1 billion euros at the end of August, against 127.4 billion a year earlier, reflecting the economic recovery and stimulus of 2009, according to the Budget Ministry.

German exports fell for the second straight month in August after two months of strong growth.Exports fell 0.4% on a seasonally adjusted from July, while imports rose 0.9%.

As for currencies, the euro is rising against the greenback in morning trading: a euro is worth 1.3943 dollars, up 0.14%. Thursday afternoon, the euro surpassed the symbolic threshold of $ 1.40 Online payday loans.

Sanofi was ready to offer more for Genzyme

As for values, the series Sanofi-Aventis (-0.33% to 48.885 euros) / Genzyme continues.Thursday, Constable American Stock Exchange, the SEC has received a document stating that the owner of the French pharmaceutical group, Chris Viehbacher, had informally discussed the possibility in September to spend up to $ 80 per share to acquire the U.S. company, before opting for surgery with a hostile bid lower at $ 69 per share.

The new CEO of AXA France (-1.01% to 13.21 euros) for his part, outlined his goals: he wants to redress the group's profitability in insurance damage and accelerate its growth in health, pension and savings retirement.

The bank is also misguided. Red lantern ACC in early trade, Societe Generale lost 1.07%.BNP Paribas and Credit Agricole retreat respectively of 1.28% and 1.64%.

As for oil stocks, Total (-0.55% to 38.3 euros) still faces a strike by oil terminals in the port of Marseilles-Fos. The seven refineries are supplied by the terminals are close to the fuel.

The Chief of Air France-KLM (-0.90% to 11.6 euros), Pierre-Henri Gourgeon, gave an update on the sector and competition. He believes that the challenge of the next decade for European airline companies would resist the Gulf as it considers very offensive. "They are desperate to create activity. They spend lavishly.They have the willingness to take market shares of European companies, "he added, questioning the ability to resist the three major European, Air France-KLM, Lufthansa and British Airways.

CGG Veritas (-3.55% to 16.45 euros) announced an availability rate of its vessels for the oil sector was 87% in the third quarter. This compares with a rate of 92% in the second quarter and 90% in the third quarter.

Manitou (5.70% to 12.895 euros) signs one of the largest increases in the CAC Mid and Small 190 Friday at the Paris Stock Exchange after raising recommendation of Oddo Securities. The broker went to "accumulate" cons "ease" and raised its price target to 15 euros to 10 euros cons after a private tour of the company.The analysis bureau said that the company has "a healthy financial structure returned" and that it has "an absence of signs of relapse of the application areas of improvement still significant risks and suppliers in control. "

The Court of Appeal of Paris has temporarily suspended the buyout offer of Autoroutes Paris-Rhin-Rhone of the Paris Stock Exchange until its decision on the application for cancellation of the operation made by the department of Saone -et-Loire.

Households are not the only "breeding" licensed. As demonstrated in a report published by the Council of compulsory (CPO), an organization linked to the Court of Auditors, companies benefit greatly from tax and social niches. Sometimes pure windfall, like the construction company that uses a room without a phone, but located in urban zone, as headquarters.

Especially, the POC estimated bills dedicated business tax loopholes to 106.3 billion euros in 2010, far short of 35 billion announced by Bercy. CPO reinstates tax benefits that the department has released the list of niches (or failed to enroll). A recurring practice in recent years. Bercy has "downgraded" the tax consolidation regime (costing 19.5 billion per year) or the exemption of capital gains from sale of subsidiary, known as "niche Cope (6000000000).As for social niches, concerning exemptions and other reductions in contributions and payroll taxes, they claimed, the report said, 66 billion in 2010.

And every year, is inflation. Since 2002 a dozen niches are created every year, often without assessment of their interest, deplores the CPO. Worse, this complex system discriminates against small businesses, unlike large, can not afford to figure it out.

Further improvement of the rules of public finance (auto niches every four years, except to be revotées, new niches pledged by deleting old …), the CPO offers 15 to 29 billion euros of economies. "These proposals are not a fixed menu where everything should be taken.It's just a map, where the choices can take place, "said Didier Migaud, the first president of the Court, when presenting the report to the Finance Committee of the Assembly.

The CPO suggests the revision of two key measures of the quinquennium: reduced VAT in restaurants, he would rise from 5% to 12%, and overtime, to tax on income. What reporting respectively 4.6 billion and 1.2 billion. In addition, investments in SMEs would give rise to any reduction in ISF representing 75% of the amount invested, but 25%.

"Profit World": 302 million in 5 groups

Without questioning the usefulness of the research tax credit (CIR), the OAC offers facilities that generate hundreds of millions in savings.Rather benevolent relief against general payroll taxes, which have created employment, the report criticizes the other hand the cost of tax and social benefits associated with participation in profit sharing, employee savings schemes (25 billion) and additional social protection (12 billion). In addition, the CPO proposes to submit further contribution compensation for breach of contract of employment, including redundancy pay. On all these points, many members are on the same wavelength.

Finally, the CPO proposes to make it less advantageous tax regimes used by groups, such as "regime mother-daughter" and "tax integration, and remove the regime of 'worldwide profits", used by five groups and costing 302 million to the state.CPO and add a cap on the deductibility of interest on loans to 30% of accounting profit, as does Germany, would bring 11.4 billion over three years. Like what, the harmonization of taxation French and German would not necessarily be a good deal for businesses hex!

Le Figaro. "Your appointment before the summer, presented as a takeover of guardianship, has attracted much comment. Can you return it?

Dov Zerah. – Some have presented a biased way. Yet things are very simple. Throughout my career, whether at the Treasury Department, Ministry of Cooperation, the French Development Fund, the group-CFDT cotton Dagris, the Court of Auditors and even at the Monnaie de Paris, I practiced a lot of international cooperation. Everything led me to this position. Finally, I have experience of large structures and the President of the Republic, when he was finance minister, was able to verify my skills.

What roadmap have you received your guardianship?

In recent years, AFD has been revolutionized.The large geographical extensions and sectoral lead some to consider that there is no limit to his intervention, which is not correct. Our commitments have been multiplied by 7, or 10 as the reference year. The number of officers has risen sharply. These recruitments also create high demands on human resources to ensure the cohesion of the Agency. Our model drove at high speed for five years, and understanding of what it has become is not easy, even for our guardianship, MPs and senators who control its action. The challenge now is to preserve and stabilize it.Without jeopardizing its development, we must focus our efforts, refine our product offerings from our various partners, the least developed countries (LDCs), middle-income countries (MICs) and emerging countries.

AFD Will it focus on Africa?

Yes. Governments and, in particular Bercy and the Quai d'Orsay, we have effectively mandated to focus our model in the least developed countries, to give the maximum grant to the 14 priority countries of French cooperation. We propose to increase the subsidies of 50 to 80% of the total in these countries, focusing on education and health. In Africa, we want to increase our efforts on agriculture and agro-industry, it is important to ensure food security of populations. This can not happen without the infrastructure, roads and energy.We must focus our interest loans to these sectors in Africa.

This means more profitability in emerging to invest more in the poorest countries?

No, it does not arise in those terms. We have no intent to profit, even if in fact we have a net positive. We can generate margins on loans, because we enjoy the same borrowing terms as our sole shareholder, the state. In 2009, we have received from the state 400 million euros in subsidies to 200 million in grants free business cards. We realized a net profit of 200 million. With about 400 million, we have, our borrowing capacity, funded over $ 6 billion commitment, or 16% of French ODA.The economic model of the agency is good and is a true success story.

What are your priorities in terms of sectors?

The fight against global warming, urban development and vocational training. We are a donor with the most advanced on these three issues. For example, plans to fight against global warming that we finance in Indonesia is a declination of the Grenelle Environment Forum, which became, somehow, a real export. We have established competence in the subject. Urban Development, we are the first institution to lend directly to local communities. This is particularly true in Colombia, Bogota and Medellin.

In view of this shift in emphasis in China to justify it?

It is very important to be present on these three themes that I just mentioned.We are trying to determine all the countries on which we could conduct joint partnerships, particularly in Africa.

Is not that a bit risky strategy, given that Chinese companies are already present?

Africa has enormous potential reservoir of raw materials, high economic growth, urban development very fast. In forty years, the continent's 1.8 billion inhabitants -1 billion more than today, and it will double India and China. It is essential to deal with the economic development of Africa. All those who want to help are welcome. The president has told the Africa-France summit in Nice. It is a very good thing that the Chinese are investing in the continent. In a globalized world, only the winning strategies of cooperation.For us to be increasingly efficient and inventive.

Will you rearrange the AFD?

We must make efforts on operating costs within the RGPP. Five tracks are being considered, including that to resize our network, through the creation of regional agencies, acting as hubs to coordinate the technical expertise to the region. We expect two in Africa and Latin America. We also plan to establish a risk management department, to measure and control all risks. In terms of human resources, we must finally develop mentoring systems. The FDA, which will celebrate next year its 70 years, has an identity and a strong corporate culture: it is one of its greatest assets.

ALSO READ:

"Development aid, a source of innovation

Sanofi-Aventis sets the direction of Genzyme backs against the wall. The pharmaceutical company announced Monday the launch of a hostile takeover of the U.S. biotech company to acquire all outstanding shares of this company. Proposed Amount: $ 69 per share is exactly the amount originally proposed by Sanofi-Aventis, which had been strongly rejected by Henri Termeer, CEO of Genzyme. The takeover was approved unanimously by the Board of Directors of Sanofi-Aventis.

According to the release of the group, the offer "represents a substantial premium of 38% over 49.86 dollars per share on 1 July 2010, before it is affected by rumors of acquisition" .It also represents "a 31% premium over the average stock price of Genzyme on the one-month period until 22 July 2010

Refusal to discuss

Sanofi-Aventis decides to go directly to shareholders of the U.S. biotech because of the refusal of the leadership group to "engage in constructive discussions" on such redemption. The meetings were held last September 20 have been unsuccessful despite attempts by the French group to "advance the discussion."

According to Sanofi-Aventis, meetings with shareholders holding in aggregate more than 50% of the shares of Genzyme revealed that they are also "frustrated by the persistent refusal of Genzyme to have serious discussions on the proposal .

This bid, the media imagined climb from one to two dollars, so Genzyme valued at 18.5 billion.It expires at 23:59, New York, December 10, 2010. Genzyme shareholders will have to decide by then whether or not they provide their credentials to Sanofi-Aventis, thus sealing the future of U.S. biotech.

ALSO READ:

"Sanofi and Genzyme prepare for battle

The CAC 40 is up in the red before Wall Street. A few hours of the publication of key indicators in the United States, the Paris index shows a slight decrease from 0.24% to 3706.21 points. In London, the FTSE is 0.87% to 55,597.17 points while in Frankfurt the DAX climbed 0.66% to 6270.18 points.

The indexes are supported by the confirmation this morning announcements on HSBC manufacturing PMI.The China Federation of Logistics and Purchasing (CFLP), an organization close to the government, confirmed that he scored well in an acceleration reaching 53.8 in September against 51.7 in August.

Unemployment stable in the euro area

Still on macroeconomic statistics, growth in Germany's manufacturing sector slowed in September to 55.1 against 58.2 in August, returning to its lowest level since January and just below the flash estimate for September to 55.3.

In the euro area more broadly, the manufacturing PMI fell sharply to 53.7 points from 55.1 points in August, according to the firm Markit. This is its lowest level in eight months. This is slightly more than expected in a first estimate, which gave an index to 53.6 points.Unemployment remains stable in August to 10.1%.

Again this Friday, the meeting promises to be volatile due to a new set of indicators to be released in the U.S.. Among them, income and household spending and construction spending in August, the index of consumer sentiment and manufacturing ISM September.

Side currency, the euro climbed above the threshold of $ 1.37 for the first time in six months and a half. Around 10:40, one euro was trading 1.3725 dollar. Market rumors circulated about a possible intervention by the Fed would buy government bonds.

The automobile in order to keep

Oil stocks were among the highest increases in the ACC on Friday.Total securities (2.02% to 38.57 euros) and the oilfield Technip (1.54% to 59.90 euros), Vallourec (1.07% to 73.65 euros), CGG Veritas ( 4.53% to 18.83 euros), Maurel et Prom (1.59% to 10.25 euros) and Bourbon (1.59% to 30.42 euros), progressed strongly in mid-session. Brent North Sea rose Thursday to more than $ 82 a barrel, a threshold he had crossed over since August 6.

Bank stocks are also well oriented on Friday. Dexia (+0.28% to 3.24 euros) and Credit Agricole (+1.18% to 11.60 euros) announced Thursday it had formed a partnership in the commercial banking industry in France aimed at local authorities. Furthermore, GDF Suez (0.67 to 26.43 Euros) Thursday bought Societe Generale (+0.39% at 42.41 euros) its 49% stake in Gaselys specializes in energy trading.Baudouin Prot, CEO of BNP Paribas (-0.65% to 51.83 euros), spoke Friday in an interview with the Financial Times, the need to appeal to shareholders in case of big acquisition after the application of new standards solvency Basel III.

International exhibition of the Paris Motor Show, which caters for business yesterday, will open its doors to the public tomorrow. Automakers remain at the heart of investor attention on Friday. This morning, Carlos Ghosn said on BFM radio that "the crisis has shaken the entire automotive sector, but is now behind us." Titles Group yield 0.90% to 37.60 euros.Peugeot gained 0.83% to 24.87 euros.

Belvedere (-0.14%) will report its results for the second quarter.

For the third quarter, which ended in late August, Kaufman & Broad (3.95% to 20 euros), it recorded a net profit almost quadrupled.What it can confirm his return to net income for the full year 2010.

M6 (Métropole TV: -0.23% to 17.4 euros) will follow after that its subsidiary Mistergooddeal announced the acquisition of monaAbumPhoto.fr.

Orange and its parent France Telecom (0.95% to 16 euros) were, they offered Elettra, a subsidiary of Telecom Italia specializes in submarine cables whose value is fixed at 20 million euros.

Publicis (0.99% to 35.19 euros) announced Friday the acquisition of a majority stake in two agencies specializing in public relations and communication in India, 20: 20 Social Media and 2020.