Jul 30 2011

Obama reassured Wall Street

Tag: features, life, news, people, resourcesadmin @ 10:48 am

The U.S. stock markets have moved from dark red to balance on Friday afternoon. Opening on a steep downward trend after poor economic data, the indices on Wall Street have reduced their losses after the speech of Barack Obama. Around 17:15, the Dow Jones down more than 0.25% at 12,210 points and the Standard & Poor's 500 yields 0.02% to 1300 points while the Nasdaq 100 round ahead by 0.25% to 2773 points. Thursday, Wall Street recorded a fifth straight session decline.

Barack Obama spoke Friday. He urged Republicans and Democrats to find a solution to raise the debt ceiling by 2 August, when the United States would find themselves in default if no compromise was found."We are very far from reaching an agreement, there are plenty of solutions," tried to reassure the U.S. president, stating that "any solution should be supported by both parties."

A dicours has reassured the markets but in the beginning of sessions, investissuers received three cold showers on.

The bad news on the front of the U.S. economy weighed heavily on the trend of economic growth the U.S. has slowed sharply in 2011 to 1.3% annual rate in the second quarter in a first estimate published Friday by the U.S. government.This growth rate, below analysts' expectations (1.8%), is particularly low given the significant revision of the first quarter, now estimated at 0.4% against 1.9% in June

A little later, more bad news: the U.S. consumer sentiment deteriorated more than expected in July, falling to a level not seen since March 2009, weighed down by rising unemployment and stagnating purchasing power, reveal final estimates of the survey Reuters / University of Michigan reported Friday.

In addition, economic activity in the Chicago area (northern USA) decelerated in July, according to the index released Friday by the professional association ISM, which stood at 58.8 against 61.1 in June

Moody's lowers rating outlook for Spain

Adding to the nervousness of the markets in Europe, the rating agency Moody's is considering lowering the rating of Spain. On the foreign exchange market, the euro was immediately dropped below the 1.43 dollar. Around 11:00, the European currency was worth 1.4276 dollars against 1.4324 dollars on Thursday night. Oil prices also retreated in the late morning. A barrel of Brent North Sea crude for September delivery was trading at 117.10 dollars on the Intercontinental Exchange (ICE) in London, down 26 cents from the close of Thursday.In electronic trading on the New York Mercantile Exchange, a barrel of "light sweet crude" (WTI) for the same maturity fell by 52 cents to 96.92 dollars.

The side of values

Starbucks (-1% to 39.58 dollars) unveiled for the third quarter of its fiscal year profit up 34% to 279 million and a turnover of 2.9 billion dollars, up 12% and 8 % same-store thanks to an increase in traffic (6%) and average ticket (2%). CEO Howard Schultz commented: "We hope to achieve our EPS growth of 15% to 20% in fiscal 2012. ".

For his part, Metlife (1.48% at 40 and 40 dollars) recorded operating income of $ 16.9 billion, up 33%.Premiums and other revenues increased to 11.8 38U billion, following the acquisition of Alico, while investment income jumped 24% to $ 5.1 billion.

Chesapeake Energy (3.77% to 34.69 dollars) realized in the third quarter earnings per share of 0.76 dollars against 0.75 dollars excluding special items.

Expedia (3.48% to $ 30) recorded an adjusted earnings per share of 0.55 dollars in the second quarter against 0.44 dollar a year earlier. Revenues jumped 23% to $ 1 billion. Gross bookings increased 19% and the number of transactions increased by 15% while advertising revenues rose 27%.

McKesson (0.60% to 80.08 dollars) made from earnings per share for the first quarter of 1.27 dollar against 1.16 dollar last year and a turnover of 30 billion dollars in 9% increase.The company raised its earnings per share target to 6.09 – 6.29 dollars against a previous estimate of 5.55 – 5.75 dollars.

Motorola Mobility (-5.06% to 21.75 dollars) has issued an earnings per share for the second quarter of 0.09 dollars against a loss of 0.3 dollar per share last year. Sales rose 28% to $ 3.3 billion.


Jul 29 2011

Saint-Gobain, serene in 2011, still wants rate Verallia

Tag: Uncategorized, money, resources, technology, worldadmin @ 9:20 am

Saint-Gobain can be serene in 2011. In publishing, for the first half of the year, net income has rebounded more than half, the direction of the construction group was able to confirm its objective of growth "sustained" and up "double-digit "of its operating income. Saint-Gobain has indeed revealed this Thursday evening in a statement, a profit of 768 million euros over the first six months of the year (53.3% over the same period of 2010), with higher volumes and selling prices. Operating income, however, has jumped 19% to 1.72 billion euros. Confirming "the gradual recovery activities related to residential construction in Europe", the turnover the first six months of the year earned 6.9% to 20.9 billion euros, while the result of operations rose 19% to 1.7 billion euros.At the end of June, net debt of Saint-Gobain was stable at 9.1 billion euros.

"The continued growth of our business in the first half confirmed the recovery in sales volumes seen in 2010, and our ability to successfully pursue our policy of priority to the sale price," said Pierre-Andre de Chalendar, CEO of Saint-Gobain, even though the group has faced higher costs of raw materials and energy.

Accelerate acquisitions

Saint-Gobain's acquisitions will accelerate in the second half to take advantage of the recovery volume.The group has already announced the first of the year several acquisitions, including the distribution with a proposed takeover of the network and Brossette Build Centre for a total of 351 million euros and a acquisition in Russia in the insulation and the plasterboard in Turkey, who number this time tens of millions of euros bad credit payday loans.

"There are a number of acquisitions that are in progress, so I can not give you the amount in the second half but it will be very Arguably higher the amount we had in the first half," assured Pierre-Andre Chalendar."We have a PORTFOLIO of files in negotiation is important, but we are very strict on the debt, therefore the amounts we are talking about a few hundred million."

The IPO Verallia not ruled out

Saint-Gobain has "always the intention of getting the stock market" Verallia, its subsidiary in bottles and glass jars and take "a decision based on market conditions," said the boss of the French group, while the development project on the Paris market was delayed.

On June 20, in fact, Saint-Gobain decided at the last minute to postpone the entry of the Paris Bourse Verallia due to market conditions deemed "very unfavorable."

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Jul 27 2011

ArcelorMittal expects higher steel demand

Tag: economic, economics, features, technology, worldadmin @ 3:36 pm

Session auspicious for ArcelorMittal. Around 10:20, the title of the fastest rising Cac 40: 1.87% to 22.59 euros in a market down 0.78%. Investors welcomed the quarterly results of the world's number one steel.

Despite a 10% drop in net profit in the second quarter over one year to $ 1.5 billion, ArcelorMittal has been a further improvement in operating performance. The gross operating income has increased by 21.5% year on year to $ 3.4 billion (2.3 billion euros). Moreover, the turnover has won 24.7% to $ 25.1 billion (17.3 billion euros)."As we anticipated, the company reported a strong performance in the second quarter of 2011, driven by higher selling prices of steel," said CEO Lakshmi Mittal said in the statement.

But these indicators should weaken in the third quarter, the steel industry was experiencing a generally soft, due to plant closures for holidays in Europe and a slowdown in demand. ArcelorMittal anticipates a gross operating profit (EBITDA) of between 2.4 and 2.8 billion (1.6 to 1.9 billion euros).

However, the group expects strong demand from China and the automotive sector, which should prevent it from experiencing the same quarter in 2010."Although the third quarter should be somewhat affected by seasonal factors, they should not be as pronounced as last year and the performance of the group the second half of 2011 should be compared favorably with that the second half of 2010, "assured Lakshmi Mittal.


Jul 25 2011

The Paris Bourse concern by the United States

Tag: business, economic, international, people, resourcesadmin @ 10:32 am

Back in the red for the Paris Bourse. At the opening on Monday, the CAC 40 index drops 0.76% to 3813.50 points. Just relieved by Greece, where the leaders of the euro area have managed to agree on a rescue plan, investors are concerned about the United States. The elected representatives of the U.S. Congress again tried Sunday to reach an agreement on raising the debt ceiling, but without success.

While the Speaker of the House John Boehner had slammed the door to negotiations with the White House on Friday night, negotiations continued behind the scenes throughout the weekend between the Democratic allies of President Barack Obama, the Senate majority and their Republican opponents, who control the House of Representatives. But John Boehner told his troops on Sunday night that no breakthrough had yet been obtained.The head of the Republican majority in the House, Eric Cantor, considered the arguments of President Barack Obama "politics and indefensible."

The situation becomes very tense nine days of the deadline mentioned by the Treasury before a default. This morning, this concern has led to a relapse of the Asian markets. For their part, the U.S. markets, which had already ended Friday without direction, were on the downside Sunday night in electronic trading at the end of the weekend.

Greece is also in the news: Moody's today lowered the country's sovereign rating of "Caa1" from "It" with a development, saying the country was still facing major challenges medium-term credit.

Oil down

On the currency side, the dollar is penalized. The euro is rising against the greenback at 1.4367 dollar.Oil is also down. In morning trading, a barrel of "light sweet crude" for August delivery lost 1.08 dollars to 98.79 dollars. That of Brent North Sea crude for September delivery lost 60 cents to 118.07 dollars.

The American situation is also the only concern when no market indicator is expected on Monday.

Values ​​to follow

Areva: -1.83% to 24.88 euros, EDF: 0.28% to 27.24 euros

The new president of Areva, Luc Oursel, who succeeded Anne Lauvergeon end of June, will make his first official Monday by hosting one of its plants EDF's CEO Henri Proglio, showing the warming of relations between the two groups. EDF and Areva have signed an agreement at that time technically and commercially, prior to a more ambitious partnership signed in September payday advance.

Banking

Crédit Agricole (-1.87% to 9.25 euros), BNP Paribas (-1.75% to 47.96 euros), Societe Generale (-1.75% to 37.41 euros), Axa (-1, 60% to 14.10 euros) suffer from degradation of the note of Greece by Moody's.

Axa, while welcoming the agreement reached by EU leaders on Greece, the insurers of the French Federation of Insurance Companies (FFSA) said they consider positively their participation in the project initiative of private investors in As part of the options.

Score: -0.24% to 18.50 euros

The reinsurer Scor said on Monday a 22% growth in constant currencies, the treaty renewals in non-life and specialties of the 320 million of premiums up for renewal in mid-year.

Saint-Gobain: -0.69% to 42.18 euros

The group will buy the network and Brossette Build Center in Wolseley.

Unibail-Rodamco: 0.51% to 158.30 euros; Klépierre: -0.13% to 27.14 euros

HSBC has initiated coverage of Unibail-Rodamco to "overweight" with a target price of 175 euros and raised its recommendation on Klépierre to "underweight" to "neutral."

LVMH: 0.08% to 129.35 euros

Consob is considering a complaint from an investment fund over the price offered to pay the French to buy the balance of Bulgari, confirmed Sunday a spokesman for the Italian stock market.

Total: -0.11% to 39.41 euros

The oil amounts to ten billion dollars (seven billion euros) of investment needed to develop the oil field north of Moho Bilondo off the coast of the Republic of Congo, said its CEO, Christophe de Margerie.

Valeo: -3.94% to 45.35 euros

The group announced Friday that its U.S. subsidiary Valeo Inc., based in Troy, Michigan, had received a request for information from the U.S. court as part of an antitrust investigation.

Fimalac: 0.29% to 27.90 euros

The group announced a sales increase of 11.9% on a comparable basis to 515.8 million euros in the first nine months of fiscal year 2010-2011.Its subsidiary, the rating agency Fitch Ratings has led to an increase of 11.7% of its turnover over the same period to 401.5 million euros.

After market, Seb and Klépierre publish their half year results, April Group will announce its earnings for the second quarter, Faiveley the first quarter. Mercialys and STMicroelectronics will publish their results for the second quarter.


Jul 23 2011

Nicolas Sarkozy is playing the map of Europe

Tag: Uncategorized, business, people, top news, worldadmin @ 2:12 pm

Sarkozy, the European. Since the height of Brégançon, where he sits, the head of state can be pleased to have scored twice. The first European success, first. In Brussels, on the evening of Thursday, he had a smile of satisfaction after a day and a half marathon diplomatic. "It is a beautiful agreement, and very energetic and pragmatic attitude of the president has probably played an important role," welcomes the centrist Bourlanges, which stresses that the European commitment has been "the dominant feature of Nicolas Sarkozy's five-year period, negotiation of the Lisbon Treaty in resolving the Georgian crisis, through the energy and climate plan ". But the personal victory of Nicolas Sarkozy is set to have a compromise with Angela Merkel on a second bailout of Greece, more global, more balanced – less punitive for the Greeks.The real victory lies in the Elysée in the last successful effort to lay the groundwork for coordination of economic policy of member countries of the euro area.

Early in his five-year, Nicolas Sarkozy had seen fit to go in person before the finance ministers of the Eurogroup. "The initiative seemed baroque, but now there is," pleads one of his advisers. It was not until this fall to read the Franco-German proposals on the subject. But according to Nicolas Sarkozy himself, Angela Merkel "agreed on the principle" it was notoriously hostile to this development. "The eighteen hours of intense negotiations took place after eighteen months of delays that have revealed serious shortcomings in European governance.The Franco-German initiative is urgent, "said soon MEP (UMP) Alain Lamassoure.

The other advantage to Nicolas Sarkozy, is on the domestic political scene. Firstly because he is convinced that the French are less sovereign than they say. "The polls are overwhelmingly in favor of the rescue of the euro," explains one of his advisers. It is also an illustration, hopes the Elysee, the role of "president protector" the Head of State intends to play, especially against the seizure of financial crises. Friday, Nicolas Sarkozy François Fillon has asked to hold a press conference to "sell" the agreement in Brussels.

On Monday, he personally inform the presidents of the National Assembly and Senate at a luncheon at the Elysee."We want to bring the iron against the PS on the subject of the fight against the deficit, which is at the heart of European economic policy coordination," said one minister. But take this speech under the budget will not be easy, including the right. "2012 will be the time of the arbitration between electoral interests – that is the right gifts to doctors, left, who waters the culture – and international interests that require a balanced budget set sail in 2013," sums up New Bourlanges. European and less controversial, Nicolas Sarkozy is definitely trying to target the votes of the center. It may discuss the matter with François Bayrou, he must see Monday as president.


Jul 21 2011

The Paris Bourse is expected to remain up

Tag: money, opinions, people, technology, top newsadmin @ 6:16 am

The 3700 points in the viewfinder will be investors in the Paris Stock Exchange on Wednesday. Yesterday, the Paris has managed to recover, ending on a rise of 1.21% to 3694 points. Operators should be encouraged by the good performance of U.S. markets, driven by advances in parliamentary negotiations in the United States for raising the ceiling on the debt. President Barack Obama for the first time reported "progress" in this debate, adding that the new Senate plan, presented Tuesday, was "consistent" in its approach. The Chairman stressed however that "not much time" before the deadline of August 2 to avoid a default. Wall Street was also good indicators for rasurée and industrial results better than expected.Asian markets were also sending positive signals this morning.

Time, however, should still be prudent on the eve of a crucial European summit for the future of the euro area. The heads of state are to meet Thursday in Brussels to discuss the bailout of Greece. Several proposals for involving the private sector are on the table.

In addition to this news, investors will learn in sales of existing homes and oil stocks in the United States. On the currency side, the euro is still down slightly against the greenback at 1.4139 dollar.Oil is, him up: a barrel of "light sweet crude" for delivery in August takes 80 cents to 98.30 dollars and that of Brent North Sea crude for September delivery gained 69 cents to 117.75 dollars .

Values ​​to follow

Havas

The advertising group has announced the acquisition of a majority stake in the Australian Host, the first independent agency of the country, for an undisclosed sum.

Saffron

Tuesday the group received the green light from Washington for the purchase of American specialist of biometrics L-1 Identity Solutions. The agreement was announced last September for $ 1.1 billion in cash.

Laurent-Perrier

The group announced Wednesday an increase of 11.5% of its turnover in the first quarter thanks to a mix effect prices soaring and exports still strong.

Accor

The group was optimistic Tuesday in announcing an acceleration of organic growth in the second quarter due to increased occupancy rates and the gradual recovery of prices.

ADP

The group announced a 4.6% increase in passenger traffic at its airports in June, driven by growth across all trajectories with the exception of Africa and the Middle East.

PPR

Fnac, a subsidiary of luxury group, unveiled Tuesday a five-year strategic plan, called "Fnac 2015", which should enable it to boost sales after a disappointing performance.

EADS

Boeing, seeking to rescue a potentially very large contract with American Airlines, has offered to install a new engine on the current 737, while the airline is still considering a generous offer to Airbus. Moreover, the French military shipbuilder DCNS said Wednesday negotiate with the German Atlas Electronik the creation of a joint venture between their respective activities of underwater weapons, confirming a report in Les Echos. Atlas Elektronik is owned by EADS and ThyssenKrupp.

Biomerieux

The group announced the acquisition of French company Argene Molecular Biology and confirmed the objective of growth of its business year after an increase of 3.5% of its turnover in the first half of 2011.

Sanofi-Aventis

The Canadian Valeant Pharmaceuticals announced yesterday the signing of an agreement to buy the French laboratory marketing rights and distribution in Canada of a cream against osteoarthritis.

Manitou

The group raised its forecast Tuesday for 2011 after signing up 45% of its turnover in the first half despite the continuing difficulties of supply.

Always on the side of publications, sales of the first quarter of Alstom and the second quarter of Medica are expected before the market opens.After market, Unibail will present its second quarter results and Ubisoft will announce its earnings for the first quarter 2011-2012.


Jul 20 2011

Wall Street sign his best meeting of the year

Tag: economics, features, international, people, top newsadmin @ 5:12 am

As seen in Europe with a market recovery, the New York Stock Exchange finished up sharply Tuesday as investors speculating on a similar agreement between Republicans and Democrats to avoid a default of the United States: the Dow Jones gained a , 63% and the Nasdaq 2.22%. The Dow Jones rose 201.32 points to 12,586.48 points and the Nasdaq, dominated by technology, from 61.22 points to 2826.52 points.

The DJ opened up, boosted by a salvo of results of large U.S. companies, mostly better than expected.The increase accelerated after a speech by President Barack Obama suggesting that discussions were progressing toward an agreement to reduce the budget deficit and an increase in the ceiling of the debt of the United States as we approach the deadline of August 2.

The euro rose against the dollar Tuesday, in exchange tinged with caution while the market showed himself optimistic about the outcome of the extraordinary summit of the Greek debt scheduled for Thursday in Brussels. Around 1800 GMT (8:00 p.m. in Paris), the single European currency was worth 1.4177 dollars against 1.4117 dollars around 2100 GMT Monday. The euro rose against the Japanese currency to 111.91 yen against 111.59 yen Monday.

The current oil futures ended up Tuesday, benefiting from a weaker dollar ahead of the summit of the euro area Thursday and hopes of solving the problem of the debt of the United States.On the New York Mercantile Exchange, crude for August delivery ended at 97.50 dollars a barrel, up $ 1.57, or 1.64%, having fluctuated between 95.93 and 98.65 dollars.

On the macroeconomic front, investors will be watching especially housing starts and building permits in the United States. Two statistics that mark once.

Values ​​to follow

The side of values, after the close of Wall Street, several major groups have announced their quarterly results.

Pleasant surprise on the side of IBM rose 8% of its profits in the second quarter to 3.66 billion. The adjusted earnings per share was 3.09 dollars against 3.02 dollars expected by analysts. Turnover was up 12% to $ 26.7 billion against $ 25.4 billion expected.Please note, sales of servers rose 17% year on year to 4.7 billion. For the full year, IBM raised its forecast for earnings per share to 13.25 dollars against 13.15 dollars earlier. The title earns 5.67% to 1885.21 dollars.

Always on the side of values, Cisco confirmed the elimination of 6,500 jobs to reduce production costs. The group is facing stiff competition, especially from China, the market for Internet routers. Price reductions are higher expectations. According to IDC, Cisco, which holds 64% market share, experienced a contraction of 16% of its sales of routers in value in the first quarter. The title earns 1.46% to 15.66 dollars.

In addition, the producer of fertilizer Mosaica announced a profit of 649.2 million dollars above expectations of analysts.Turnover was up 54% to $ 2.86 billion and also higher than expectations.Farmers' demand remains strong, particularly in wheat, and weather conditions have supported the group's sales.

For its part, the steel producer, Steel Dynamics (+4.6% to 16.14 dollars) announced a profit of $ 98.7 million and revenue of $ 2.08 billion, all two above expectations.

Also note, MSC Industrial Direct (0.64% to 65.79 dolars) has announced the acquisition of American Tool Supply and its subsidiary American Specialty Grinding without specifying the amount of the transaction.

According to the Financial Times, the fourth group HNA Group Air China would be the favorite to take over the subsidiary of General Electric GE SeaCo.

Moreover, according to Bloomberg AMR Corp (0.41% to 4.93 dollars), the parent of American Airlines, could be divided between Airbus and Boeing single-aisle aircraft order it plans to spend.American Airlines is negotiating with manufacturers for the purchase of more than 250 aircraft.

The American insurance company AIG (0.80% to 27.87 dollars) study the stock market into a stake in its subsidiary, ILFC aircraft leasing, operation that could bring him back from 1.5 to 2 billion, reports the Wall Street Journal Monday.


Jul 18 2011

Geneviève Lethu enhances quality French

Tag: economy, events, opinions, resources, worldadmin @ 12:36 pm

Today, Genevieve Lethu almost a pioneer. It's been almost ten years since the specialist tableware decided to repatriate most of its production in France. The group did not wait for the rising costs of transportation and wage inflation that affects a part of Asia to relocate its production in France and Europe. While 40% are still manufactured in Southeast Asia in 2002, this proportion has now dropped to 9%. Aim of the operation to improve the quality of its products.

According to Edmond Kassapian CEO Genevieve Lethu and origin of this strategy, the manufacturing conditions in emerging markets were no longer satisfactory. "We see a lot of flaws too: for example, the colors were sometimes not good.Moreover, China does not always meet the hygiene standards required by the manufacture of kitchen utensils, "said he. Three or four people were paid full-time, just for the after sales service. Manufacturing defects that the company, positioned on a medium-high-end, could not pass up. With a significant portion of its customers for export, being a French brand was not selling enough. "Our customers are demanding products made in France, not South-East Asia," said Edmond Kassapian.

Especially these failures were added to other problems. "Our own suppliers copied our collections to sell at lower prices," recalls the CEO. Occur in Asia also means longer production lead times, which complicate inventory management.In addition to transport by ship, which takes about two months, the status of "world factory" in China in some areas it is a work organization to lean. In this context, start or restart a production cycle requires a waiting period of up to six to eight months.

Model difficult to transpose

By bringing back most of its production in France, Geveniève Lethu won as responsiveness and quality. But this shedding was not built without problems. "Finding plants in France and Europe that can ensure our production has not been an easy task. Invest in tools, machinery was necessary. The repatriation was ultimately effective only from 2004-2005, "said Edmond Kassapian.Despite the cost of transportation and the "huge mess" deplored by the specialist tableware of its products made in China, produced in France is generally two to three times more expensive.

Why the model Genevieve Lethu is not easily transferable. "Some activities simply can not be relocated. Products requiring significant labor to manufacture or those who stand out from the competition will cost products in Asian countries. Our relocation was only possible because we are positioning ourselves in the middle and high end because the argument made in France for us was a selling point, "Edmond analysis Kassapian.

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Jul 15 2011

Baroin: "France has the confidence of investors"

Tag: Uncategorized, economic, international, resources, specialadmin @ 9:52 pm

LE FIGARO: – Earlier this week, you have participated in the meeting of the Eurogroup and Ecofin, the decisions taken are sufficient to stop the crisis?

Baroin: – The message that the Eurogroup has this week sent a strong message. The finance ministers of the euro area have confirmed their absolute commitment to safeguard financial stability in the area. The tools we have, I think of course to the European financial stability, will be of use will be more flexible and less costly for the recipient countries. We also reiterated our commitment to conclude as soon as possible a program that covers the financing needs of Greece for three years.

Greece, Portugal, Italy, France is currently immune to this crisis.Do you fear a contagion affecting our country?

Thanks to the reforms carried out and control of public finances that we pursue with determination, France, like Germany, has the confidence of investors on our sovereign debt deemed safest. France is indeed one of the seven countries in the euro area receiving the highest rating. This lowers the cost at which borrows France. Of course, we can not satisfy disruption affecting the markets for several days.

What are the flexibilities of the presidential candidates subject to the supervision of rating agencies?

There is no doubt that some projects are completely out of time exceeded. To that of PS, I will be tempted to say, it is worn, tired, to paraphrase one of their former candidate.It is unrealistic, if not more, in 2012, to propose the creation of hundreds of thousands of public employment. It is irresponsible with regard to the preservation of our growth to provide a fiscal impact of an increase of 50 billion euros in taxes.

Bertrand Delanoe suggested a special tax on high incomes to reduce debt the state …

We are totally opposed to the creation of an upper marginal tax on income. As part of the tax reform that I reach we have ruled out this hypothesis. A working group will be in the coming days to establish, in the draft 2012 budget law, a contribution on income from extraordinary or extravagant as stated by the Prime Minister. It's a big difference with a windfall tax on the income desired by the Socialists.This is not the same political project.

The Finance Act provides 3 billion saving on tax loopholes. This will be enough?

Again, our goals are intangible and deficit are the backbone of the construction budget. It is very likely that we will go through the Finance Act 2012, beyond the three billion reduction in planned niches. At what level should we stop. There is still a bit early to say but that is where we are heading.

Martine Aubry accusing the Elysee Palace to spread rumors about his private life …

As a candidate in the presidential election went a bit unnoticed, to give relief to its trajectory, it targets the Elysée and the UMP.It's a bit ridiculous.

It is a sign of weakness?

If you add up the silence that followed the important announcement of his candidacy, that sense of unseen, the socialist project, and now this news on rumors, I do not think it is up to the challenges that France will through next year.

How to convince Borloo not be a candidate in 2012?

It's very difficult to explain that we are stronger by being divided only by being united! It is very difficult to explain that participated in the affairs of the country for so long and be an alternative project.Therefore I think it will be very difficult to find a chamber at the presidential majority as the election period will need to gather all the forces present in the majority in the service of Nicolas Sarkozy.

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Jul 14 2011

Europe promises to act quickly to save the euro

Tag: events, finance, news, online, top newsadmin @ 4:04 am

The countries of the euro tried Tuesday to better figure than the day before, when the long meeting of their finance ministers had led to no decision on the treatment of the Greek crisis. While financial markets had begun their day with a new rout, especially in Italy and Spain, three elements have helped bring a little calm.

The fall was first halted at midday by the sudden intervention of the European Central Bank, which bought the debt of Italian and Spanish markets to contain the bleeding. Bond yields eased, and banking stocks have rebounded.

Then, after the ministerial meeting, the idea of ​​a summit of heads of state of emergency in the euro area by the end of the week has been mentioned, but not confirmed at this stage .Brussels has not been known for over a year, at the height of the Greek crisis. At the time, Athens had to escape bankruptcy and avoid contagion to other peripheral countries. This time, the issue would be of a different order: stop the contagion to Italy, that is to say, in the heart of the euro area.

Aware of the seriousness and urgency of the situation, the leaders of the eurozone reiterated on Tuesday their "absolute determination to maintain financial stability in the euro area." The panic that swept requires quick and accurate response on the second bailout of Greece, originally presented to September.From Washington, Christine Lagarde, Executive Director of the IMF has also urged Europe to a "rapid implementation" of its promises in favor of Greece.

In Brussels, however, the debate on how the rescue of Athens has remained mired in quasi-theological discussions on the involvement or not of national treasures, the – voluntary or not – private creditors, and the possibility that Greece is formally in default.

The seventeen remain divided.Mezzo voce, increasing numbers of ministers want to raise what they consider to be a taboo that prevents Greece and other countries of the euro at bay to renegotiate its debt on more favorable terms, as do businesses and individuals.

Greek debt buyback

"With this ban, there could have substantial involvement of both voluntary and private sector," said a diplomat from northern Europe. Without it, the creditors can engage in the exercise may be painful but saving the spreading of the debt of Athens, or restructuring. Tuesday, the head of the ECB, Jean-Claude Trichet, however, was still open resistance to any idea of ​​failure on the part of Athens, as Greece itself."No option is not ruled out one account of what works," says the French Minister, Baroin.

The Eurogroup is exploring avenues to ease the debt burden for Greece. The EFSF, European Financial Stability Fund, may buy back part of the Greek debt (or finance the purchase by Athens) deep discount on the market since it is considered high risk. This track would be more or less to replace the Greek bonds Eurobonds under joint signature. The project has so far faced the hostility of Angela Merkel, keen not to "federalize" the budgetary transfers in the euro area. But the conflagration that threatens growth, perhaps the Chancellor to change the view again.

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