International Headlines and Stories

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.

If Grace Kelly was married in technicolor, his son Albert of Monaco, will this Saturday afternoon … 3D. So the TV has decided that Orange offers its 15,000 subscribers have 3D TV, monitor live and exclusive the ceremony's most glamorous summer in this new technology. "This is the royal palace itself was planning to film the ceremony in 3D for its archives," reveals Ghislaine Le Rhun, Executive Director for Orange 3D in charge of the project. "We offered to broadcast it live on our channel 30 dedicated to this new technology," said she. "The royal wedding is well suited to this type of transmission, because in addition to being glamorous, it has several technical plans: those of married guests or views of Monaco." A promise of entertainment that inspires the Rock, especially since the event will benefit from a worldwide distribution.Indeed, Orange has not only involved its channel dedicated to 3D but also mobilized social networks – the news had already been around the last twittosphère Spanish. The event will also be available on Dailymotion, the portal of Orange and in countries where Orange operates through its triple play. Finally, Orange has an agreement between Eutelsat and its 10,000 retail outlets for consumers to find in the windows of shops and those of Darty or Boulanger images in 3D.

Extension to the documentary

To attract even more subscribers, the transmission will be preceded by a documentary by BSkyB and directed at the wedding of Kate and William of England. For Ghislaine Le Rhun, "it is clear that 3D is not just for sport.The documentary is a genre that is perfect for 3D ", she says, noting that Orange has teamed up with France Televisions for the production and distribution of two documentaries about the" greatest country in the world, " and "the most beautiful forests in the world." Similarly, the operator had joined Arte to broadcast last Christmas circus. More recently, with TF1 Orange captured the final Barcelona-Manchester. For Ghislaine Le Rhun, "it will take two to three years before the 3D left the experimental stage to take a full distribution channel." Already 120 games have been broadcast on channel 30 as well as all international Roland Garros.

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Christian Noyer confirmed and signed. Any restructuring of the debt would be treated as a failure on the part of Greece is absolutely unacceptable. Because it would then "get ready to fully finance the Greek economy", stressed on Tuesday the governor of the Bank of France, who presented to the press his 2010 annual report.

It is the "horror scenario" that he had already detailed there are just three weeks. On the one hand, Greek banks are primarily affected by a rescheduling of the debt that they are the largest holders, and they could then refinance with more of the ECB.And secondly, the Athens government would certainly lean its financial charges, but since it currently has a primary deficit (excluding payment of the debt burden) of about 5% of GDP, could no longer borrow and wheat would be unable to finance its current spending, including salaries.

"If a solution can be found that avoids the risk of default, it seems appropriate," said the governor added, however, without specifying what he himself described as "acceptable business solution paperless payday loans." For his part, Jean-Claude Trichet, ECB president, said Monday that "the debt restructuring should be voluntary (from creditors). In this case is avoided because a "credit event" and "default." This solution was implemented in 2009 in favor of Hungary, under the IMF.But, as recalled an institutional manager, "was technically easy because it was bank loans held by half a dozen operators, while for Greece hundreds of investors are concerned."

"Our only concern is the financing of the Greek economy. You can add a second concern is the risk of contagion, "says Christian Noyer, referring implicitly to the earthquake in September 2008 had triggered the bankruptcy of Lehman Brothers. "But this has nothing to do with our own balance sheet (the ECB has purchased a fifty billion of debt securities Greek, Ed) nor with that of European banks who are perfectly capable of handling all the scenarios that could present, "insisted the gouverneur.f

While the rating agency Standard & Poor's downgraded three notches note of Greece who becomes the country with the lowest rated in the world, the eminent economist Nouriel Roubini sees the end of the eurozone. In an article published in the Financial Times, the man who announced the financial crisis of 2008 estimated that countries of the European periphery abandon the euro within five years.

In the eyes of Nouriel Roubini, the debt crisis that weakens current euro area highlights the flaws in this monetary union. In fact, the euro zone has never been an "optimum currency area", ie a group of countries has any interest in sharing a single currency. There is indeed always been too strong and competitive economic differences between countries in the euro area.The founding fathers of the euro area, however, hoped that the differences between fiscal, monetary and exchange rates are offset by an acceleration of structural reforms within the euro zone countries. These measures would then have enabled the countries of the eurozone converge.

Without economic convergence, the euro area is doomed to failure

But "the reality is quite different," says Nouriel Roubini. Following the establishment of a common monetary policy, countries are folded on the weapon budget to adjust their economic policies business card. Very different policies have been implemented within the eurozone. Consequently, the lack of fiscal discipline in countries like Greece and Portugal involved in the birth of speculative bubbles in other countries like Spain or Ireland. And finally, the peripheral countries have become less competitive.

Economist reaffirms that to work, creating a currency area must be accompanied by a fiscal policy even as the establishment of supranational sources of income or the issuance of sovereign bonds Commons. In the absence of economic convergence, the euro area is doomed to failure, according to the economist.

Thus, Nouriel Roubini believes that there is now a way to restore the competitiveness of peripheral countries: leaving the euro, return of national currencies and depreciation. Such a scenario seems inconceivable today, is the economist who said that nothing says that in five years this idea has not gained ground, especially if the economies of peripheral countries are stagnating. Unless the idea of ​​a Euro reaches more federal drilling, some European leaders call for that greater European integration.

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The idea of ​​a debt restructuring Greek away. Not that the Greek finances are better, but the idea of ​​establishing a new financial assistance plan to avoid bankruptcy again the country is preferred. A year after the granting of a loan of 110 billion euros, and Europeans should put money on the table … to conditions that Greece itself consents to further efforts.

According to latest information, this aid would be encrypted between 60 and 70 billion euros. The IMF would disburse 10 billion euros and the European Union, 20 billion. Greece, she will find 25 to 30 billion. How? Increasingly advanced the idea of ​​involving the private sector in these efforts. The basic idea is that banks maintain their exposure to Greek debt on a voluntary basis, to prevent capital flight.It argues that Germany: "It is important that the private sector assumes its responsibilities," said-there at the German Ministry of Finance. And the ECB seems to favor this solution. Anyway, this Thursday, Jürgen Stark, member of the ECB executive known for his orthodox positions, said the agency did not rule out this hypothesis.

Fiscal restraint and privatization

Greece and a delegation of the "troika" (European Union, International Monetary Fund, European Central Bank) are still debating. They promised that a statement would be released Friday afternoon. Greek Prime Minister George Papandreou will deliver when the outline of the new austerity program they have developed.According to sources, the amount will rise to 6.4 billion euros, the price of higher taxes and a revision of tax exemptions on income.

However, nothing is said about the new aid. Jean-Claude Juncker, Eurogroup President, assured that no crisis meeting between finance ministers of the European Union was expected. A decision will be taken "by the end of June."

Adjusted parallel, the country's bluff, has initiated a process of privatization, which will reap 50 billion euros fast cash advance loan. Ports, airports, railways, water from Thessaloniki and Athens, racetracks, telecommunications and the postal bank is the first wave of Greek businesses for sale.A strike call was issued for June 9 to protest against the wave of privatizations.

The euro, "strong and credible"

If the equity markets still lag heavily the shock of the degradation of the note in Greece yesterday (Wednesday), the euro, he continues his way to the rise, settling comfortably above U.S. $ 1.44 (1.4472 at the highest this Thursday). Thus, in the underlying trend, concern about the financial world dominates while the Greek bounces back – and worried – almost every day: today at the Paris Bourse, the CAC 40 plunged more than 1.4 % to 16 hours and Wall Street is struggling to resume after signing its worst session since August 2010.Yesterday, the German newspaper Frankfurter Allgemeine Zeitung has confirmed the hypothesis of a new program of assistance to Greece, which the IMF would take part, failing to pay the last part of the initial grant.

But the most volatile foreign exchange market, for sale today are in favor of the euro … and against the dollar. The European currency was primarily driven by reassurances from Jean-Claude Trichet, who said on Thursday in Germany, that "there is no crisis of the euro", and called the currency " strong and credible ". The ECB president has fueled the prospect dune next rate hike. He also suggested the creation of a Ministry of Finance and European imagines that "the European authorities have the right to veto certain decisions of national economic policy."American side, a series of bad economic figures have polmbé the dollar, the euro mechanically pulling upward.

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A revolution! For the first time, trade unions and employers are required this year to prepare and publish consolidated accounts but also to be certified, if their income exceeds 230,000 euros. The MEDEF has outstripped the obligation, which certify its accounts since 2007, and the UIMM (metal) also holds itself to the year since the scandal of cash withdrawals that hit her.

Side unions, the CFDT is the first to meet that obligation, after the 2008 law on union representativeness. Confederation (the parent) and its 16 satellites are to publish their consolidated accounts for 2010, while his federation will do so before the end of the year.By law, the regional unions and department have postponed for a year and large enterprise unions (La Poste, SNCF …) two years.

According to these consolidated financial statements approved by the National Council and certified without qualification by its auditors, the resources of the confederation headed by Francois Chereque are for three quarters, "internal" membership fees, rents paid by unions from premises belonging to the "conf" financial products … Revenues "external" (public subsidies, 25 permanent paid by their company or home administration of a total of 262 …) represent the remaining 24%.

CFDT confederation, if it were a business, could be described as largely unproductive, as its net profit reached 3.4 million – although down 34% year on year. This "benefit" is fully distributed.Much is destined to the national industrial action (CNAs) – the credit union's anti-strike which is used to compensate the militants and to provide legal support – including reserve amounts to 137 million. This year, 550,000 euros have been set aside to fund the convention of 2014 and 350,000 for the campaign (especially industrial tribunal) to come.

"A subject opaque"

This transparency is not enough new to the group New Center of the Assembly, which has asked a commission of inquiry into the financing of trade unions. "I feel that the unions want to hide things," says Nicolas Perruchot, deputy of Loir-et-Cher.There is little evidence available to us and it is time to shed light on this mat. "

For him, it would be for an organization that benefits from public funds – or militant training grants management of social organizations – accountable. "We know how Nicolas Sarkozy wins or not, but Bernard Arnault Bernard Thibault and Francois Chereque, insists this white knight of the Finance Committee. It is not known how many permanent, by whom they are paid or how the detachments. The member cites the figure of 600 employees seconded to the station."Is it still corresponds to a need for the company when it is struggling to finance infrastructure?" Asks the member hoping to complete its investigation in spring 2012.

Nicolas Perruchot answers on video:

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The brilliant career as an economist Dominique Strauss-Kahn has just experienced a sudden stop. Arrested in the United States for alleged attempted rape, he tendered his resignation as CEO of the International Monetary Fund, he held since 2007. Throughout his career, "Mr. Economy" of the left has always shown great independence from dogmas and pre-established lines of thought.

One of the first major breaks with Dominique Strauss-Kahn "left classic" based on his involvement in the privatization programs of companies. While he has served as economy minister in the Jospin government from 1997 to 1999, he oversaw the opening of capital committed long ago. In 1997, the capital of France Telecom has been successfully opened in the middle of Internet bubble, a second bet on the stock exchange then took place in 1998.Similarly, Air France, Highway south of France, Eramet, Gan, the ICC or NOC experienced partial or total privatization between 1997 and 1999. DSK is estimated that some public enterprises were no longer intended to remain in state ownership, after sixteen years of public guardianship, since the wave of nationalization in 1982.But critics within his own party, accusing it of responsibility for "mass privatization".

Concerning the implementation of the 35 hours from the year 2000 following two laws passed in 1998 and 2000, the Minister has never hidden his opposition to the method used, even if DSK was himself originally economic program of the PS in 1997 which provided for the establishment of 35 hours of youth employment.

A socialist may go against the current

More recently, open debate on pension reform of 2010 and while DSK is already at the head of the IMF, he said there was no "dogma" on maintaining the statutory retirement age to retirement at age 60, an opposition Socialist Party's position. Another difference with his own camp: the Tobin tax. The politician has in fact been opposed to this idea, though supported by economists like Joseph Stiglitz and Lawrence Summers.

And the man who embodies the social democrats to the SP has also marked its difference in the IMF. Arriving at the head of an institution that raised questions about her future, and many critics, he managed to restructure the institution and give it a key role in the international arena, which has attracted praise from worldwide payday loans direct lenders. "The IMF has clearly become the most important international institution today," says economist Colin Bradford.

For international regulation of capitalism

In January 2008, when the crisis was still described as mild by governments, he called the major economies of the world to implement recovery plans, breaking the tradition of the post.In April 2011, he has even declared the death of the "Washington Consensus, the set of liberal doctrines which had until his arrival at the head of the institution guided measures. In fact, the theory of "structural adjustment" and the conduct of restructuring brutal and fast, Dominique Strauss-Kahn called for the "protection of the most vulnerable and the fight against inequality. Thus, under its authority, the IMF has supported the bailouts of countries in the euro area face serious problems of public deficit. The institution argued that he directed the implementation of reforms in Greece, Ireland and Portugal, but sometimes at the risk of being unpopular, particularly in Greece, where DSK may have committed some blunders.

The man, who graduated from HEC in 1971, Sciences Po and a BA in Public Law in 1972, is especially active in Europe.One of the founding fathers of the euro has indeed worked hard to save monetary union, threatened to collapse at the height of the crisis of public debts. He campaigned for solidarity between governments. In fact, convinced of the relevance of supranational governance bodies, DSK has worked for the establishment of a European budget authority that would organize solidarity between European states over the long term. But the departure of DSK to head the IMF could mark a setback to the realization of his dream to a deepening of the European Union and a supranational regulation of international capitalism.

The legacy of DSK, however, should leave an indelible mark. Several members of the institution, he claimed recently that his record is "impeccable", the IMF is now rejuvenated, powerful, and new fears.

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Photo credits: TF1-CHEVALIN/SIPA/TF1

The oil services group announced Thursday morning that net income for the first quarter of 104.3 million euros, up 8.8% over the same period last year. This result comes from a quarterly turnover shows an increase over one year of similar magnitude (+8.9%) to $ 1.4362 billion euros. These quarterly revenue slightly below expectations, but net income, it exceeds the expectations of analysts.

This difference is explained by the better than expected recovery in operating margin of Technip. Reaching 10.1% in the quarter, it is higher by 1.3 points in the consensus of analysts. It is still a little worse than the first quarter of 2010 (-0.3 points).

The Europe-Russia-Central Asia, the largest market Technip

The sales increase was primarily in the Europe-Russia-Central Asia.In this area, sales surged by 49.6% over one year to 398 million euros. The Europe-Russia-Central Asia became the first market Technip, while at the same time last year, it generated less revenue than the African zone (down from 2.7% in the first quarter this year ) and especially, the American zone. Largest market last year, the region saw its American sales by 22.1% melt over one year to 243.6 million euros, becoming the third largest market group.

The group's net cash position remains essentially unchanged at 1.3 billion euros, or 2.4% less than at the end of December.

Technip believes that its results "demonstrate the value of activity based on a diversified backlog."It confirmed its guidance for fiscal 2011 and expects its annual turnover is 6.5 to 6.7 billion euros, with a margin combined operating Subsea between 6% and 6, 5%.

Second consecutive year of decline for the Nintendo group. The Japanese video game specialist has published annual results on Monday in freefall. Its net profit fell 66.1% to 77.6 billion yen (648 million). Its operating profit tumbled 52% to 171.1 billion yen (1.43 billion euros) in respect of the 2010-2011 year ending 31 March. Figures well below market expectations.

These poor results are explained by the slowdown in sales of the Wii home console blockbuster, but aging of Nintendo. The group has sold just over 15 million in 2010-2011, against 20.1 million the previous year. In addition, the launch of the new handheld 3DS relief was too late to be able to save the year of manufacturer.

The console manufacturer table for 2012 on the results up, but below analysts' forecasts.Nintendo says count on an operating profit of 175 billion yen for the year 2011-2012, against a consensus of 215.8 billion yen. "The market reaction should be bad," said Yusuke Tsunoda, a financial analyst at Tokai Tokyo Securities, quoted by Bloomberg. "Sales of Wii expected to drop as the group probably provides lower prices on the console."

"New Play"

The Japanese video game giant has tried to reassure. He announced the presentation of the successor to the Wii on June 7 at the electronics show in Los Angeles, E3. The group declined to give details, except that it will offer "a new way of playing at home," said CEO Satoru Iwata.

However, information already leaked to the press.Much more powerful than the Wii, it would be equipped with high definition, like its competitors Playstation 3 and Xbox 360. The Japanese group have also developed a new kind of controller, which is akin to a touch pad. One way to compete with smartphones that break into mobile video games. Nintendo's portable console, the DS has seen its sales plummet by 10 million units this year to 17.5 million.

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