International Headlines and Stories

This Friday looks bleak at the Paris Bourse. The CAC 40 starts on the day down 0.37% to 3064.49 points. London and Frankfurt lost 0.35% and 0.38%. 1.09% loose Madrid, Milan were down 0.30% and 0.61% in Zurich.

Operators are struggling to recover from their emotions after the new European stock markets plummeting and U.S. yesterday. This morning, Asian stock market sent negative signals with indices in very sharp drop. This bad mood due to a surge in concern about the state of the global economy, reinforced by poor indicators of the Atlantic. Bad index measuring the Philadelphia Fed manufacturing activity in the region, lower sales of existing homes in July, new jobless claims rising again during the second week of August … All signs of the apparent stagnation of growth in the United States.

Concerns about U.S. growth fears add to the debt crisis in Europe, European banks are the first to bear the brunt. In its Thursday edition, The Wall Street Journal reported on fears the U.S. Federal Reserve on the liquidity of European banks. And for the first time since February, the European Central Bank (ECB) has given a major dollar loan to a European bank, whose identity was not revealed. An action that reinforces doubts about the ability of banks to refinance.

Morgan Stanley has added his two cents to panic, explaining that she perceived the United States and Europe as "dangerously close to recession." The President of the European Union, Herman van Rompuy, tried Thursday to calm the mind by ensuring that there was "no new recession" in sight.And this morning, Chinese Vice President Xi Jinping has reaffirmed that the U.S. economy was "resilient". In vain.

"The bears are back"

"The bears (pessimistic players, ie) are back in force that night, after disappointing U.S. economic indicators and renewed fears about the stability of European banks, which prompted investors to push the button sales," said Ben Potter, an analyst at IG Markets in Australia. "There seems to be getting ready for a weekend very ugly, with a market dominated once again by fear and panic," he added.

Gold reached a new record Friday morning in Asia, to 1,837.50 dollars per ounce, due to the concern. And oil, which fell 6% in New York yesterday, continues to fall in morning trading.A barrel of "light sweet crude" for September delivery lost 1.69 dollars to 80.69 dollars while that of Brent North Sea crude for October delivery gave 68 cents to 106.31 dollars.

No significant indicator that could reverse the trend, are expected on Friday.

Values ​​to follow

The banking sector

European financial stocks, which had been rolled by a renewed tensions in the interbank market and concerns about the short-term refinancing of banks are still misguided. BNP Paribas (-3.22% to 33.11 dollars), Natixis (-2.90% to 2.81 dollars), Credit Agricole (-2.70% to 6.06 euros), Société Générale (-2, 69% to 21.02 dollars) and AXA (-0.56% to 10.28 euros) are in the red.

Danone: -1.75% to 46.05 euros

Nestlé, the group became a favorite activity for infant formula, Wyeth, Pfizer subsidiary, valued at approximately ten billion dollars (seven billion euros), officials said a source familiar with the bank.

Technip: -3.67% to 57.77 euros

The French engineering group said it had received a letter of intent on the part of the American oil company Anadarko for the construction of an offshore platform for the Gulf of Mexico.

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.

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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A calm and a return was less loud than last year, that's what forecasters expect Havas Media between July and September on the French advertising market: according to figures from the Fast MPG indicator, released today, growth net investments in the media will reach 1.3% in the third quarter.

"The figure is not large in absolute terms but remains positive, and the base effect, as compared to the same period last year, will not be favorable," said Regine Tournier, Deputy Director in charge of purchasing Havas Media. The market should remain on trends in April and May, a slowdown after successive quarters of rebound recorded since January 2010."There are a lot of attention from advertisers, or the advertising market is closely linked to GDP," says Regine Tournier, underlining at the same time that one is not present provided a turnaround. "The market is fairly soft, but in digital."

In the detailed forecasts by media, Internet is the best advertising medium oriented in the third quarter, with an anticipated growth of 9.7%. "The video format is continuing to win and extend more the speeches on television, notes Valerie Ghezail, design manager at Havas Media.Advertisers of food, which were pretty far back, or those of health and beauty and luxury become familiar with the formats premium. "A dynamic that will eventually rub off on mobile investments, say specialist media agency, which noted however that the strategies "multiscreen" advertisers do not yet support this, despite the existence of audience measurement of mobile users Médiamétrie for nine months cash advance no faxing.

In comparison, the third quarter should be subdued for television (1.4%), the beginning of September does not counterbalance the traditional quiet months of July and August. The telecom sector could still surprise, departing earlier than expected from the operator which will launch its offer Free mobile and could force its competitors to defend their positions.

The display should change in the market (+1.3%).Important sector, the distribution has now become accustomed to very local campaigns, while the car tends to divest this medium.

World Cup effect

In radio, after a positive start to the year from its family of traditional advertisers (retail, automobile), the trend looks rather stable (+1.8%). Such as television and the Web, the media should take effect in September's World Cup rugby in New Zealand, with the spread of matches in the morning.

As for the press, the trend will be even negative (-2.9%), despite the proliferation of new forms in magazines and some interesting initiatives, such as the launch of e-GIE Press Premium, which brings together since June 30 eight daily headlines and news magazine.

Europe is gaining time, but did not extinguish the fire in Greece. Following a conference call Saturday, finance ministers of the euro area have given the green light to release "by July 15" 8.7 billion euros in loans that should add 3.3 billion paid out by the International Monetary Fund (IMF). This decision was expected after the adoption this week by the Greek Parliament of the austerity program imposed by his European creditors. "It (the decision) strengthens the international credibility of Greece", immediately congratulated the Greek finance minister, Evangelos Venizelos.

As the new Executive Director of the IMF, Christine Lagarde, to take office Tuesday, the organization welcomed the developments."We welcome the commitment of the Eurogroup to a funding strategy that ensures that the Greek economic program is fully insured," said the spokesman for the IMF, Caroline Atkinson. No details however were given about a possible date on which the Board could meet to release the funds.

Berlin puts pressure

If these 12 billion euros to Greece should avoid going bankrupt in the short term, it is not enough to save the country permanently and fully reassure the financial markets. For this, the country has called for a second bailout International 110 billion euros. Finance ministers of the euro zone have promised yesterday decisions "in the coming weeks." For its part, the German finance minister, Wolfgang Schäuble, more prudent, spoke of an agreement by the fall only.Berlin looks indeed to be certain that Greece implement austerity measures quickly that the country has promised. "After the release of the fifth installment of the countries of the euro area and the IMF, the next step must be addressed decisively: the measures passed in Athens should be implemented quickly. Privatization, for example, must be launched without delay, "responded the German Minister of Finance. Response of Athens: the austerity plan of 28.4 billion euros will be implemented before mid-September.

Ireland, Portugal, Italy and Spain could knock on the door

These two months of rest should also help to advance on a second rescue plan 110 billion euros. Finance ministers of the euro area have not spoken on this subject last night.They expect to clarify the private sector, banks and other creditors, imposed by Berlin to a new plan to help decide. "The details and extent of the involvement of private and official sources of additional funding will be determined in the coming weeks," they said.

Time is running out: Ireland and Portugal may need a new international aid. As for Spain and Italy, both countries are under pressure from rating agencies. "The failure of European political leaders to resolve the crisis quickly and decisively hits the rest of the euro area," says Ben May, economist at Capital Economics. The United States pressed more in Europe to solve its debt problems to avoid a global impact."If Greece fell deeper into recession following the new austerity measures, it could reduce the willingness of governments to implement additional fiscal measures," says Ben May.

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"We all costs to avoid dispersion." This is how the head of state has summarized, in the fourth press conference since the start of his five-year, the method used for 18 months in the allocation of the general loan. Devoted to investment for the future, the meeting with journalists was an opportunity to the President of the Republic to take stock of its economic policy, and investment for the future that the arbitration had been made public December 14, 2009.

Eighteen months after the launch of the programs, 1.7 billion were directed to higher education and research, € 2.85 billion has been committed to industry and SMEs, 1.64 billion for sustainable development and 610 million for digital.Among the priority sectors, Nicolas Sarkozy also stressed the importance of health, with 2.4 billion euros allocated directly to the sector, accompanied by one billion euros to peripheral actions.

"It is essential that we have a world center of research against cancer," hammered the president on this point, stressing the danger of the fragmentation of research. The Head of State has also asked the government to "think" and "make suggestions" on the funding of an Institute University Hospital (IHU) focused on cancer. And for good reason: the six projects selected under the IHU of the call for projects large loan, financed to the tune of 850 million euros, none is focused on cancer.This has been the subject of much criticism, since this disease is the subject of a "Plan Cancer" initiated by the multi-year Department of Labor from 2009 until 2013, with the aim to unify, coordinate and accelerate research.

Finally, the President refused to ignore the nuclear, confirming that a billion would be allocated "to the nuclear program of the future", including the fourth generation. "There is no alternative to nuclear power today," he thought, pledging 1.35 billion investment in renewable energy.

Annual evaluation of projects

In total, about 35 billion euros announced in late 2009, about 13 billion has already been committed. By the end of the year, the Elysee hopes that two-thirds of the loan, or twenty billion, are effectively injected into the economy."France has never made such an effort in the service of investment," supported the president, noting that the successful projects were selected by international juries, very selective. The Head of State welcomed the enthusiasm shown by researchers and entrepreneurs, with over 1,500 projects submitted in 18 months.

Beyond the list of investments, Nicolas Sarkozy has strongly emphasized the leverage of the device waited, hoping that the 35 billion euros invested become "60-65000000000 through co-financing companies and local communities. "

Meanwhile measure the effectiveness of this leverage, the Head of State is committed to achieving an annual public review of the general loan disbursement, as well as "projects that have won awards and their results ".These results will be a press conference and a meeting of Parliament, Nicolas Sarkozy promised further. An evaluation he described as "normal" given the extraordinary in every project.

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And if you asked more questions in the right place? "Suggests now a television commercial for Old National Insurance (CNAV) to the humorous. A few days before the commencement of the pension reform (July 1, read PreviousPage), the government explained to the French that they have several partners that would respond to questions they are sure to arise on their future retirement. Consultants by telephone (39 60), websites (pedagogical and practical), retirement calculator (m @ rel), statement of career situation, sources of information about retirement have increased in recent years.They are also more and more personalized.

Thus, the public interest group (GIP) Info Retreat, which coordinates 35 mandatory pension systems, address every five years from the age of 35, a statement of "personal circumstances" (those born in 1951 , 1956, 1961, 1966, 1971 and 1976 will receive their statement this year). This lists all schemes where the insured has acquired rights, with the corresponding periods, the compensation taken into account in calculating the pension, life insurance or the number of points acquired, periods or events that may influence the retirement age or the amount of pension (military service …). A document is purely informative.

From 55 years, is changing

Policyholders receive more than the statement a "rough estimate global" (in the basic and supplementary schemes), and the age of entitlement.Very useful, this document lets you know exactly the number of quarters acquired and especially to get a clear idea of ​​the amount of support we receive, if it pushes his retirement. "Generally, these reviews are thorough and well done. They have quite a few mistakes, "said Pascal Mignery, president of France Retreat. Mistakes are sometimes the result of the corporate employer, which did not submit all information collected at the time the computer did not exist short term personal loans. "But beware, these records do not mention the increase in pension for family of three children and periods of expatriation," he says.

In addition to these two devices, the law on pension reform introduced a progress retirement at age 45 (it enters into force in January 2012)."Each insured may request a personal interview on the rights he has made in mandatory pension systems," says CNAV. This will enable some awareness of the need to save for retirement yet distant. "It will also be very useful for expatriates who do not always know they can contribute to the French funds while overseas, in advance Pascale Gauthier Novelvy.

Also from next year, the younger will also be sensitized to the problems of retirement. After two quarters of work (validated), they will receive a newsletter on pension division.

If you want to know the exact amount of your retirement, you can use the calculator m @ rel (www.marel.fr).This will also allow you to know at what age you can claim a full pension and to know the financial consequences of an early departure. Small flat, you must enter yourself all your information. Moreover, this simulator does not yet take into account the terms of the pension reform.

Those who had a career more complex, punctuated with many changes (employer or status, for example) will knock on the door of a boutique firm that will help them see more clearly (at what age from, what are the benefits of combining employment and retirement …). "We help employees not err in departing three months too early for example. We are also much sought in their forties who are considering changing their professional status and wish to understand the implications this will have on their future retirement, "says Pascal Mignery.The price of such a service? Between 1000 and 5000 euros on average, according to the firms.

A year after the liberalization of gambling on the Internet, which some had as a jackpot is not insured the success expected.

While the law was intended to fight against an illegal offer bloated Regulatory Authority of online games (Arjel) has granted 49 licenses to 35 operators (25 in poker, 16 and 8 in paris sports paris horse) but some players – among the largest – continue to go on unauthorized sites. "One of the major objectives was to ensure that the French are all on sites approved by the Arjel, has not been reached," said Nicolas Beraud, president BetClick Everest Group and the French Association of Online Game (Afjel), which paints a mixed picture of the opening. Since June 2010, the French have wagered 1.5 billion euros in Paris and equestrian sports, according Arjel.In poker, the stakes are higher than 6 billion euros, plus 800 million in entrance fees to tournaments.

Newcomers complain about not earning money. They are also worried about the lack of appetite for players for their offer. "On sports paris, the number of active players accounts is down from the 7th month of the opening," says Christophe Blot, CEO Sajoo site.

Tax debate

In this context, the perspective of a possible change in the law, in November, is the subject of intense lobbying, pure Internet players (BetClick, Bwin …) are penalized by the judging rules. "We demand a change in the tax base," said Emmanuel de Rohan Chabot, CEO of ZEturf. Opinions differ."We stand for maintaining the cap are paid back to players, along with a set of taxation," says one to the PMU, while in the French game (FDJ), it is estimated that "the current tax helps contain the addiction and the risk of money ". "There is no need to change the balance of the law, thinks Bélinguier Bertrand, president of the Ffejel, which represents casino Barrière, Joa, Sharp, the FDJ and PMU. But we can simplify the formalities for opening accounts, expanding the supply of paris sports and strengthen the fight against illegality by giving more powers to Arjel. "

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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%.

Another gloomy day on the Paris Bourse. The CAC 40, which dived under the 3900 points yesterday, Tuesday is anchored in the red. After starting down sharply from 2.17% to 3793.95 points, the benchmark index in Paris lost its hollow and cowardly 3.43% to 3744 points to 10.30. In London and Milan stock exchanges follow the same path and also drop over 3%. The Frankfurt Stock Exchange widening its losses to almost -5%.

The indices are struggling to find their way to higher while the Japanese nuclear situation has worsened. Another explosion and fire occurred in the central Fukushima Dai-ichi. "The level of radioactivity has grown considerably" and becomes dangerous to health, "said Japanese Prime Minister, Naoto Kan, television, causing a panic on Asian markets.The Tokyo Stock Exchange, meanwhile, has fallen 10.55%.

The Bank of Japan (BoJ) announced it yet injected 3 trillion yen (26 billion yen) in the money market to support the economy, plus the 5000 and 15,000 billion yen already injected respectively in the morning and Monday. But this ad is not enough to ease tensions. Especially since the predictions of the impact of the disaster on Japan's economy grow heavy. Analysts now suggest 120 billion worth of damage and consequences for the country's trading partners.

Gust Indicator

Despite these concerns, investors could keep an eye on macroeconomic statistics of the day.In France, consumer prices are starting to rebound in February, rising by 0.5% in monthly changes, and a year where they show a growth of 1.7%, Insee said.

Then come in Germany, the ZEW index of investor sentiment, and the U.S., prices for import-export of February and the index of activity in the New York Fed in March to 13.30, the index of the property market from March 15 to 19.15 hours, the Fed decision on rates.

On the currency markets, the euro appears to drop in morning trading: a euro is worth 1.3940 (-0.46%).

The mea culpa Renault

Scor: -0.30% to 18.54 euros

The reinsurer announced that in the worst scenario for Japan, the total losses of the group in non-life net protections proportional and non-proportional, would not exceed 185 million euros before taxes.The group does not cover nuclear power plant operators for damages or any liability in Japan.

Overall, companies involved in the situation in Japan are suffering just like EDF (-3.31% to EUR 28), Areva (-6.03% to 29.60 euros), LVMH (-3, 66% to 102.70 euros) and RPP (-3.12% to 102.50 euros).

Renault: -3.56% to 36.81 euros

The manufacturer on Monday presented its apologies to the three frames he had unjustly accused of spying for China as well as measures to restore the image of the group, but Carlos Ghosn has refused the resignation of his number two, Patrick Pelata .

Assystem: -5.37% to 15.50 euros

The group expects to accelerate its growth in 2011 and expects to play a role as a consolidator in Germany, France and the United Kingdom.

Alstom: -4.12% to 36.96 euros (largest decline of ACC)

At 17 hours will be hearing from Patrick Kron before the Committee on Economic Affairs of the National Assembly on the activities of the Alstom group in the field of energy.

After market, Zodiac Aerospace will publish its revenue for the second quarter and first half results. Bollore will report its annual results.