International Headlines and Stories

Shortly before the opening of Wall Street index futures Standard & Poor's 500 and Nasdaq 100 retreated 0.51% respectively to 1302 and 0.67% points to 2293 points, suggesting an early session in the red. The Dow Jones was due in part to its decline from 0.41% to 12,149 points.

The day before, the U.S. stock market had entered into an indecisive session slightly higher. The results of the first quarter of JPMorgan, though strong, were certainly enthused the stock markets, by and of the Atlantic. But they also left Wall Street more lukewarm. The title JPMorgan also yielded 0.83% at closing."The outstanding consumer loans, down from 8.50% in the quarter were disappointing in this publication," suggested Christian Parisot at Aurel BGC.

Obama's speech and the Beige Book Fed's call for caution

Prudence markets, fueled by retail sales figures mixed, could also be explained by the expectation on Wednesday, after closing a speech of Barack Obama since the George Washington University, the preferred solutions for fight against debt and deficit. The U.S. president has proposed including more taxing wealthy households.Objective: to reduce the U.S. deficit of 4000 billion over 12 years.

The Beige Book Fed unveiled, also on Wednesday evening, has not reassured the markets: according to this highly anticipated release, "the Japanese disaster of 11 March will have a greater impact than expected on the U.S. economy , "because of disruptions in sales and production (especially on the East Coast and central United States)," says Franklin Pichard, Director Barclays Exchange.

If the activity has continued to improve in the United States, this improvement has been uneven from one region to another. Soaring commodity prices began to threaten corporate margins and consumer spending.According to the Fed, the housing market remains depressed, even if the labor market, however, is stronger than in February.

Producer prices and jobless claims

Side indicators, foreclosures in the United States are divided on the rise in March, said this Thursday, the specialist firm RealtyTrac, which are expected to grow further in the coming months. In total, 73,174 homes were seized by creditors in March, up 13% from February, according to figures from RealtyTrac.

On the agenda of the day, the producer prices for March will be announced at 14:30, at the same time that the registered unemployed.This Thursday and Friday, also held the ministerial meeting of the G20 in Washington.

Google and Hasbro unveil quarterly leursrésultats

On the corporate side, after Alcoa and JPMorgan, it is this Thursday, Googleet Hasbro unveil their accounts in the first quarter.

Zipcar, a U.S. car rental self-service, also announced Wednesday it fixed at $ 18 the price of the 9.7 million shares it plans to market Thursday, which would an IPO at some $ 164 million. This price action, revealed in a document released Wednesday by market authorities, beyond the range of 14 to 16 dollars advanced last week.

The Energy Minister, Eric Besson, who attended Friday at Matignon in a meeting on the theme of soaring energy was delivered this Sunday on Radio J, a change in the calculation of gas prices . Keeps the current formula, partly indexed to oil prices, should indeed lead to a further price increase on 1 July. An increase that could go wrong with consumers who are already undergoing an increase of 5.2% in early April, an inflation of 20% over one year and 60% since 2005.

"The government's objective is very clear: it is, in a context of rising energy prices at the international level to protect the purchasing power of the French," said Eric Besson, who considers "unacceptable" the continued the increase could reach 7.5% under the current formula.The new method of calculation should be offered "in the coming weeks" after the arbitral panel Matignon and the Elysee Palace.

Since early 2010, the energy group GDF Suez, owned 35% by the state, which offers fares. The Commission for Energy Regulation (CER) then verifies that the prices are consistent with the formula. But the government may "ask" GDF Suez does not apply the increase. The CRE has pronounced itself in recent days to a new formula for calculating rates to better reflect market prices (spot prices) at the expense of long-term price listed in the contract supply that GDF has signed with major suppliers. The spot prices now account for about 10% in the scale used.The regulator calls for increasing this proportion "as the market price continues to be lower than the average import price from the long-term contracts no credit check payday loans."

Curb rising fuel

Eric Besson else said the government was worried about soaring fuel prices. To curb the rates that affect the household budget, he plans to "make use" petroleum distributors.

He said he was "technically very difficult, if not impossible" to establish a "social tariff of gasoline, already ruled out last month by the Economy Minister Christine Lagarde. He believes, however, can mitigate the impact of soaring fuel prices, adding that discussions were under way but without giving further details on the nature of the contribution that would be applied to oil tankers.He also refused to talk to a tax on profits groups. "If we adopt a measure for the poorest households, it is necessary that, in one form or another, contribute to petroleum distributors," he said, referring only arbitration "in the days to come." Prices at the pump have been drawn up in recent weeks by revolts in Libya and the Middle East who have blazed the price of crude oil. In March, the super unleaded 95 had reached a high of 1.5179 euro parlitre.

(With AFP)

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February 15, world markets were in turmoil: NYSE Euronext and Deutsche Boerse unveiled a joint merger would create the world's number one Stock Exchange. This Friday, the hopes of realizing this mega-merger fly. Nasdaq OMX and IntercontinentalExchange (ICE) is indeed a launch-cons on NYSE Euronext offers a value of 11.3 billion dollars (7.98 billion euros), representing a premium of 19% over the initial offer by Deutsche Börse.

The two stock exchange operators said their offer, both in cash and stock and ICE Nasdaq, rose to 42.50 dollars per share. Under this project, ICE's derivatives business would resume, however, that Nasdaq would buy those for shares and options.ICE said the shareholders of NYSE Euronext would receive 14.24 dollars in cash, 0.4069 and 0.1436 share Nasdaq OMX ICE action NYSE per share, in the context of this operation.

This cons-offer has been confirmed by Borse Dubai, the largest shareholder in Nasdaq OMX with 29% stake. "Yes, we support it," said Reuters Effa Kazin, its president, without giving further details.

NYSE studied "carefully" the proposal

Since the announcement sensational, the reactions are linked. First there is the Deutsche Boerse, which in a very brief statement, said he was "always firmly convinced" that its proposed merger with NYSE Euronext transatlantic operator "is the best combination for shareholders of both groups."

Then there was that of the Autorité des marchés financiers (AMF): "We will remain vigilant that the development of NYSE Euronext and allow the development preserves the competitiveness, safety and efficiency of financial markets on the up Paris, "said a spokeswoman. "These are issues but also industrial control," she added,

Finally, there was the highly anticipated, the prey, NYSE-Euronext. The transatlantic exchange operator said in a statement that "consistent with its fiduciary duties and in consultation with its independent legal and financial advisors, the board of directors of NYSE Euronext will study the proposal carefully."

Bad news for Deutsche Börse

Side analysts' opinions are already sliced. They feel that entering the race two Americans completely redistributes the cards. In their favor."It's a big surprise, very negative for the German stock exchanges. With cons-offer of 19%, it will be very hard to outbid, "explains Harry Sebag, Saxo Bank in Paris.

"I do not think that will outbid Deutsche Boerse shareholders as previously believed that the offer to NYSE Euronext was too expensive," says Constantin Rohrbach, an analyst at the bank Nord / LB. The latter even said "skeptical" about the benefits to be reaped from a merger for Deutsche Börse. "This cons-offer is perhaps a good deal for the German group, which might face a long battle to get the green light from EU competition authorities," he said.

The realization of the merger between Deutsche Boerse and NYSE Euronext have indeed met the NYSE, Paris, Frankfurt, Amsterdam, Brussels and Lisbon and gave birth to a set representing a transaction volume of over 20,000 billion dollars per year. The new group would have then entered a state of near-global monopoly in several segments, including exchanges of products. "I think that NYSE Euronext will accept the offer from Nasdaq OMX ICE" so prognostic Constantin Rohrbach. "This will be an American solution, which will probably be simpler politically."

U.S. markets are mixed

The policy issue weighs heavily in precisely those stock merger that multiply in the world.The announcement of a union NYSE Euronext-Deutsche Boerse had thus provoked an outcry from many politicians across the Atlantic. These fears is a loss of U.S. influence in the new set.

While analysts seem conquered, the path is not mapped out for the duo and Nasdaq OMX ICE. As for Deutsche Börse, the NYSE-Euronext merger could raise new problems of competition, since it would combine two of the largest U.S. stock exchanges.

Pending the end of history, Wall Street welcomed the initiative taken by Nasdaq OMX. Around 18:15, the share price jumped 7.31% to 27.73 dollars. He flies out of NYSE Euronext 11.29% to 39.14. However, markets do not consider ICE capable of carrying the battle: the title lost 4.08% to 118.50 dollars.

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After several years of unprecedented increases, housing prices began to falter. If the market has not entered into phase reversal, the prices of existing homes begin to shrink in some areas and departments of Ile de France, Les Echos said that based on the early census of Century 21.

The first quarter compared to last quarter of 2010, housing prices have declined in eight regions, with declines of nearly 7% for Alsace and Aquitaine, the order of 6% Midi-Pyrénées, Basse Normandie and Pays de la Loire, in Britain 5.5% and 1.5% in Provence-Alpes Cote d'Azur.And the prize goes to the Seine and Marne, which shows a decline of 7.3% of property prices.

The sales numbers also declined, from about 3% nationally in all departments of Ile de France and in 7 regions, according to figures from Century 21.

The loan period lengthens

Concerned, the rise in interest rates. Crédit Foncier suggests a rise of 100 basis points since September to the reference rate, ie the rate of ten years. And the financial institution believes that this movement is not about to stop. A rate rise of 0.5% to 1% is feasible for 2011 says the Credit Foncier. Yet according to its CEO Thierry Dufour, "a 1% increase in rates leads to a decrease of 7% of demand."The bank plans to capitalize on sales from 670,000 to 680,000 in the previous year against 702,000 recorded last year.

So far the decline in volumes was offset by a rise in loan periods from less than 20 years over 20 years on average, says it with Century 21. Thierry Dufour same stresses, micro BFM, the average length increased from 21.7 years to 23.4 years in Paris. The time of sale are also elongated. But these mechanisms do not compensate more rising interest rates. Thierry Dufour and indicates that "class is removed from the market due to rising rates." Consequently, prices are falling. The CEO of Century 21 and evokes a "new balance" on the housing market.But the general manager of Century 21 says that "the market is sawtooth.

On the other hand, affluent areas such as Paris and West Paris and continue to blaze the national average price rose another 2.7%. Moreover, prices of new homes should remain stable. In fact, state aid and interest-free loans are concentrated on new housing.

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The French will not endure forever rising fuel prices, without changing their consumption habits. According to an Ifop poll published Sunday in the South West, 47% of respondents intend to reduce their consumption now if gasoline prices continue to climb.

Consequence of the soaring price of oil, those fuel have reached record highs last week. A liter of unleaded 95 has sold 1.50 euros on average in the hexagon, and a liter of diesel 1.54 euros, said earlier this week the Directorate General for Energy and Climate (DGEC ). Some stations even offered Paris a liter of unleaded fuel to 1.8 euro.

If consumers incorporate more and more since 2005, the idea of ​​an inexorable rise in fuel prices, 1.5 euro per liter of diesel remains for many a symbolic threshold beyond which they consume as much. Only 15% of respondents put this threshold at a level greater than 1.5 euro per liter, said the survey. Jean-Louis Schilansky, president of the French Union of Petroleum Industries (Ufip), makes the same observation. He recalled that in 2008 when fuel prices had also risen sharply, the consomamation was down 3% once this threshold is crossed guaranteed unsecured personal loan.

Not lower taxes

The decision to reduce its consumption or not, however, depends partly on the level of life. 40% of workers have thus been limited.In contrast, managers and professionals are more likely (14%) than average (11%) said they will not alter their habits, whatever the price of a liter. For many, the level of fuel consumption is also strongly constrained by the lifestyle.

Faced with soaring prices, the government this week but ruled out any cut in gasoline taxes could reduce the transport budget of the French. "You can take steps this guy at a time when we must take into public finances," ruled the Economy Minister Christine Lagarde. It was therefore confined to advise the French to buy the morning and follow rules of conduct to reduce, even at the margin, the price at the pump.

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The net is closing around the football clubs. By last weekend, the president of the Professional Football League (LFP), Frederic Thiriez confirmed the loss of 114.1 million euros for the Ligue 1 clubs in 2009-2010. The report of the National Monitoring Directorate and management has not yet been validated by the union of professional football clubs (UCPF). "The clubs have been affected by the global crisis and the slowdown in the transfer market," he says.

Nevertheless, the president of the LFP is aware that the explanation goes beyond the mere "fact crisis." Revenue transfers fell sharply (-41% in 2009-2010), wages that are consistent, in equity base (-28.8% in 2009-2010) are all reasons for the economic difficulties of football French."Success" of the tender on the television rights to be held between April 30 and May 15 is more than ever sought by clubs in Ligue 1. In other words, they hope that Canal + will raise its offer or another broadcaster will file his candidacy. In an exclusive interview figaro.fr, president of Olympique Lyonnais, Jean-Michel Aulas has admitted that in case of falling revenue from TV rights, it will sell two or three players at the end of the season and reduce the wage bill of around ten million euros.

In addition to increasing revenue, including sponsorship and ticket sales, the long-term goal for the elite of French football is to significantly reduce its expenses. Involved soaring player salaries. "For at least three years, wages have been higher by at least 20% on budget," said Richard Oliver, president of the DNCG free credit score online.While the practice of financial fair play must be established at European level in three years, the DNCG intends to strengthen its supervision of accounts of football clubs.

"Addressing the hazards athletes"

From the 2011-2012 season, the supervisor will compare the funds' own clubs with bigger operating loss, excluding transfers recorded in the last three years. If it was higher than the equity, off-recurring items, the club's transfers in question are framed over a period of three to five years. "The goal is to allow clubs to deal with uncertainties sports, not as a qualification for a European Cup or relegation to a lower division," said Richard Oliver.

At first glance, the clubs would be on the same wavelength as the DNCG.The average salary of new contracts signed in Ligue 1 when last winter transfer window is actually down 7% from the summer of 2010. Yet the annual report of the supervisory authority on the accounts of French clubs for the 2009-2010 season which was published last Friday was postponed. The reason? League 1 expressed pessimism annoyed by the DNCG. "The concerns are not in France when there are foreign clubs, and big clubs, who would not qualify if the financial fair play were applied today," said Jean-Pierre Louvel, president of the 'UCPF.

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After a weekend in the green, reassured by the decline of the yen in Asian markets starting this week under pressure, worried about the possibility of a global recovery weaker than expected in a political and economic uncertainty. The publication Friday of U.S. employment figures better than expected has not been enough to bring lasting confidence in Asian stock markets, still focused on inflationary pressures found on the price of oil. The stabilization of the dollar against the yen has not been able to restore confidence. On the foreign exchange market, the U.S. dollar is trading around 82.34 yen 82.29 yen against Friday night.

Still tense political situations in countries of North Africa and the Middle East, including Libya, continue to support oil prices.They continued to rise Monday morning in electronic trading in Asia. In morning trading, a barrel of light sweet crude gained 1.33 cents to 105.75 dollars. That of Brent North Sea was up 59 cents to 116.56 dollars.

Shanghai alone is optimistic

In Tokyo, the Nikkei index of 225 main values closed down 1.76% at 10,505.02 points. The resignation of Foreign Minister of Japan, Seiji Maehara, this weekend against a backdrop of political funding scandal, seems to have had a marginal effect on investor sentiment, they remain focused on macroeconomic issues . Among the main falls, that of Toyota, down 2.7%, weighed down by the context of rising oil prices and a ratings downgrade by Standard & Poor's business cards.Other values exporters, hit hard by global economic uncertainty, including Honda Motor (-3.5%) and Canon (-2.4%).

In Hong Kong, the Hang Seng index remained fairly stable, falling from 0.15% to 23,374.20 points. Themselves also affected by fears about the consequences of higher oil prices, the highest values among the affected aeronautical companies, like Air China, down 3.8%.

Only the Chinese financial market starts its week on a more optimistic tone, reassured by the comments this weekend's Premier Wen Jiabao on the priority given to reducing inflation in the Middle Kingdom. Especially a senior Chinese exclusively responsible said Sunday that rising prices in the country had certainly slowed in February and is expected in the 4.9% recorded in January. The CSI 300 Index of Shanghai ahead of 1.81% to 3,330 points.

Elsewhere in Asia, distrust dominates. The proposed merger between the Singapore Stock Exchange and Australian Stock Exchange has not really attracted investors, despite the comments of Magnus Bocker, the chief executive of the Singapore Exchange, saying it would allow companies to benefit from better growth. The FTSE Straits Times advanced 0.09% timidly, to 3064.05 points, while the S & P / ASX 200 fell by 1.37% Australian, to 4797.90 points.

In Taiwan, the Taiwan TAIEX fell by 0.8% to 8713.79 points. The KRX South Korea withdrew him, from 1.79% to 4226.27 points while the BSE Sensex down Indian 1.70%, to 18,171.40 points.

LE FIGARO. – The case could come to an end soon, what was its genesis?

Patrick Pelata. – As you know, we received a letter of termination sent last August to four people and then sent to me because it involved a member of the steering committee. After a three-month investigation, three accounts were found. First opened in March 2009, in Switzerland, with money from an audit firm in Cyprus. A second opened in February 2010, Liechtenstein, powered by a firm from the same country. Fed into this account every month a third in Switzerland via a Swiss company. A dozen people were involved in internal monitoring this case.Made before the cross, we took the decision to stop the investigation in late December.

What were the findings of this survey?

We were particularly concerned about the hundreds of pending validation. But access to such information is encrypted, we have become convinced that they were protected. However, data on the economic model of the electric vehicle were within reach of two of them. One of the three executives had daily access.

But do you have evidence that information has left the company?

Our investigation revealed the accounts.Given the strategic positions of these three frameworks, we are told that the whole economic strategy, industrial and technological development of electric vehicles could be targeted.

What decision have you made?

On 3 January, we convened three executives suspected for a layoff conservatory in compliance with the Code of Labour. They immediately left the company, then had their maintenance dismissal on 11.

You mentioned an international organized network …

We were facing a cash flow diagram extremely complex.

Why not have appealed to the DCRI to conduct this survey?

We made a mistake does not involve the DCRI earlier.

How did you collaborate with investigators after the case was leaked to the press on January 4?

On 6 January, we sent the file to the DCRI.We provided the account numbers. At the time, the President asked the management asked all stakeholders to collaborate with the Police.

And since then?

After three weeks of media crisis, we asked the President to speak out to protect and sustain Renault management.

What about the investigation today?

A number of factors lead us to doubt.

What does this tell you?

Two hypotheses. Either we are dealing with a case of espionage and a framework for the management of security protects the source against all odds. Renault is a victim of manipulation, of unknown nature but that could take the form of a scam. In this case, if all doubts are removed, we propose the reinstatement of three frames and, in all cases, Renault will be very attentive to repair any injustice.In both cases, the company suffers. If it is a manipulation, it is important given the complexity of the patterns revealed that requires a good knowledge of the inner workings of our society …

Is your internal investigation was made lawfully?

Yes, from the standpoint of French law. To call a pharmacy is a fairly common practice in such cases and Renault is not alone in doing so.

How can such a case does not recur?

We decided to board all our procedures in detail. We started an internal audit on the operation of our entire security system.We will try to determine if the security service is attached to the right direction, if there are flaws in the functioning of systems to protect data systems and we will also review the internal investigation process starts when we receive a letter of termination and the manner of functioning of our ethics committee. Moreover, a job exchange of good practices and benchmarking is conducted with Michelin, EADS, CEA, or Arcelor-Mittal. We have results within weeks.

What mood are you so swollen that the controversy?

We have at heart that this case leads to the truth. When the investigation is complete, we will draw all the consequences to the highest level of business is to say to me.Carlos Ghosn, CEO of Renault and Nissan, will speak and decide when the investigation will be permanently closed and that the prosecutor has given all the conclusions.

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It's a comeback for Arkema. The first French chemist announces annual results on Wednesday well above market expectations. In 2010, the group posted a net profit of 347 million euros, compared with 172 million loss he suffered in 2009. Analysts on average expected a profit of 322 million euros. This performance brought the band to its pre-crisis.

Revenues also jump from 32.9% to 5.905 billion euros, 5.862 billion higher than the consensus. They were drawn in particular by strong growth in demand in Asia, where the group now generates over 18% of its sales. In industrial chemistry, which represents more than half of its sales, Arkema said to be highly successful in increasing its prices more than offsetting the costs of raw materials.

The gross operating surplus (EBITDA) amounted to 790 million euros against 310 million a year in 2009, giving a margin of 13.4% up 6.4 points, after reducing its costs. Also significant: Arkema has reduced its debt to a record low of 94 million euros at end 2010, without taking into account the proposed acquisition of the resin coating that Total should be done in mid- 2011 for a value of approximately $ 550 million.

Boost investment

On this basis, the group's forecasts could be optimistic.Arkema was "fully in line" with its 2015 targets presented in November: an EBITDA of over one billion euros and a turnover of approximately 7.5 billion, supported by innovation, the rapid growth of emerging and targeted acquisitions.

For the first quarter 2011, EBITDA "should significantly exceed that of the first quarter of 2010, which was 137 million euros. In addition, the group will increase its current investment program which should be around 360 million euros, against 293 million in 2010.

Exchange side, Arkema proposes a dividend of 1 euro against 0.60% in 2009.

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On his knees by the crisis, U.S. automakers rose. After Ford, who made $ 6.6 billion profit last year, General Motors on Thursday posted a net profit of $ 4.7 billion for 2010.

This is the first time the number one U.S. makes money since 2004. This is the same for its biggest profits since 1999. In 2009, the automaker had lost $ 4.4 billion between leaving bankruptcy in July and the end of the year, after accumulating 82 billion deficit in 2005-2008.

"Last year was a rebuilding year, welcomes Dan Akerson, chief executive of GM. "We are particularly pleased that GM has managed to generate continued profitability, while the sectoral cycle was near its floor."

The group has benefited from dramatic cost reductions made during its bankruptcy.Result, with a saving of about $ 2,000 per car, the Detroit giant has approached the production costs of its Asian rivals.

Meanwhile, the group benefited from the rebound in sales in the U.S. (+7.2%), and its strong position in China, where it sold 2.35 million vehicles.

Opel still losing

GM has not yet won that $ 510 million in the fourth quarter poor credit personal loans. The American, who had suspended some projects during the crisis has revived the model developments, which increased its costs. The recent launches of the Chevrolet Volt (electric) and Cruz have created other expenses.

The Achilles heel of the group remains Europe, where its subsidiary Opel has still not profitable: it lost $ 600 million last quarter."In Europe, we strive to continue to lower our breakeven point, with further cost reductions," said Dan Akerson.

Another concern: the surge in oil prices. During the crisis, the group had paid a high price for its reliance on big vehicles. Not wishing to commit the same mistake, since GM has invested in small cars. "Honestly, I do not know if American consumers want these models. But we must be prepared if the price of gasoline exploding again and tip the demand towards fuel-efficient models, "explained Steve Girsky in January, GM's vice president in charge of strategy and product development . Only problem, small cars are far less profitable than the 4 × 4 and the pickup.