International Headlines and Stories

The Ministry of Labour are fewer social plans. The first half of 2011, recorded 507 Dares backup plans in employment (PSE), according to Les Echos on Wednesday morning. It is 30% less than the first half of 2010 and 60% less than the same period of 2009, where the destruction of jobs reached a record level.

In total, the plans submitted earlier this year targeted the elimination of 25,000 jobs, against 35,000 in the first half of 2010. The stigma of the crisis have not yet been erased: PSE 507 registered in the first half, it's still 40% more than in 2008.

Increase job creation

These figures confirm a trend already highlighted by the INSEE and Dares. The net job creation continued to rise in the first half, despite the uncertainty on growth.126,500 jobs were created in the market sector, a trend that accelerated in the second quarter.

The particular industry, particularly affected by the PSE, recorded in job creation for the first time in ten years. "With the acquisition, the use of overtime in the industry declined, giving way to new hires," Dominique Barbet analysis, economist at BNP Paribas. These new jobs, however, remained insufficient to curb unemployment, increased again in May and June

Substitution effects

The decrease in the number of PES is also to be taken with caution. Part of the ruptures conventional recorded since the scheme in 2008 could indeed have substituted for the redundancies, and thus contribute to an artificially low numbers.The development of off mobility and the increased use of temporary and fixed term contract, could also have played.

With a growth rate in 2011 likely to be less than expected, this downward trend may not otherwise be pursued so as frank. The PMI index released Tuesday by Markit already reveals a contraction of industrial activity in August. Business leaders surveyed this month said a volume of new orders down, the most severe recorded for 27 months. The rate of creation of posts at the highest level in four months, it does not yet felt.

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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.

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.

It is a small operation, but that announcement probably others. By unveiling this morning the acquisition of Chinese Praxis Technology, a small computer services company and consultancy, Capgemini wants to kick off an acceleration of development in emerging countries. For this operation, the SSII makes its first acquisition in the Chinese market, and strengthens the services sector to "utilities" (energy, industry, etc..). Praxis Technology conducted in 2010 about 5 million in sales and employs 110 employees, Capgemini said in a statement, without revealing the amount of the transaction.

The emerging strategic priority

Capgemini has already begun to enter the Chinese market. Still a marginal presence, this area focus less than 5% of its overall activity."Capgemini's ambition to expand in China, the second largest economy, and this organically and through acquisitions," says management. The company hopes to benefit from the strong annual growth of the Chinese IT market (14.1% between 2009 and 2014) business card design. "Given the sustained and rapid economic growth is a priority market," said Gilles Taldu Moreover, new business manager at Capgemini. The acquisition will be financed by net cash and is expected to close soon.

In addition to this acquisition, Capgemini's global strategy looks to emerging markets. In September 2010, the IT services company had already announced the acquisition of CPM Braxis, the leading Brazilian IT services. This speech proactive, and the announcement of the acquisition of Praxis Technology have attracted investors.Especially across the Atlantic, Accenture, Capgemini U.S. competitor announced tonight quarterly results better than expected and raised its profit forecast for 2011. What a glimpse of a more favorable market environment expected. At the Paris Bourse, the title of Capgemini jumped 4.24% to 10.30, the highest increase in the CAC 40 in a market up 1.70%

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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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Photo credits: TF1-CHEVALIN/SIPA/TF1

The Governing Council of the European Central Bank moves Thursday in Helsinki, according to a well-established ritual of holding its twice yearly conclave off the walls. A deliberate manner to meet the "true European". If market economists are virtually unanimous in excluding any change in interest rates on Thursday they expect the president of the ECB provides specific guidance, at its monthly press conference on the strategy it intends to .

He speaks of "extreme vigilance" on inflation, "would signal a rate hike in June," Jonathan Loynes believes, the chief economist of Capital Economics. Jean-Claude Trichet had used the term encoded on March 3. The markets had immediately concluded that the ECB would raise the following month's rate remained unchanged at 1% since May 2009.The promise was actually held on April 7, despite the disasters that had struck the meantime Japan.

A new security crackdown in June is not the assumption of the majority of experts. They recall that during the two previous phases of monetary tightening experienced since its inception in January 1999, the ECB waited three months before continuing its march forward. However, there is no doubt that central bankers in Frankfurt will launch a second strike in the summer, probably in July. "If Trichet had expressed its" extreme vigilance "on March 3, he had risen to 2.3% while its inflation projections for 2011. But the consumer price already showing an increase of 2.8% over the last twelve months and now we are heading towards a figure of 3% over the year.The ECB will have no mood to continue the cylce of rising interest rates, analysis Bruno Cavalier, an economist at Oddo Securities.

Besides the issue of interest rates, Jean-Claude Trichet, speaking on behalf of 23 members of the Governing Council will be asked about the pursuit of so-called "unconventional" monetary policy and purchases of securities State set up in pain May 9, 2010. "President Trichet will continue to indicate without any doubt that the program continues. But since there were no purchases during the past four weeks, it is clear that the ECB is increasingly reluctant to maintain such measures in place when it hardens its conventional political " according to Capital Economics.

The ECB president is sure to renew his opposition to any restructuring of the Greek debt, including the ECB holds a substantial share."Of the 75 billion euro government securities bought, more than half of the paper focuses on Greek, whose market price is currently trading at 57% of their face value (of the 10-year bonds), calculates Bruno Cavalier. This shows the potential magnitude of losses to the ECB about these operations, although its purchases have been made at prices already discounted.

She gave a good month to sell everything. A few hours will suffice. Monnaie de Paris has attracted crowds during the weekend of April 9 to 10, when the sale of two new plays: 10,000 pieces of gold in 1000 euros the effigy of the Greek hero Hercules. A veritable gold rush, which has undoubtedly been very beneficial to the venerable institution. And for good reason: Each piece consisted of 20 grams of gold. What gives them the weight value of 650 euros at current prices, or 32.5 euros per gram.

But knowing that the Monnaie de Paris bought the gold that was used in the manufacture of these parts long before the launch of the operation, and given the fact that this metal has continued to surge in recent months, we can imagine that the profit was considerably higher than EUR 350 per room, well over 3.5 million euros in total! Even thinking about the parts of 100 euro money thrown at the same time: a weight of 50 grams and 50,000 copies drawn, they are only worth 47 euros at the current weight (0.94 euros per gram).

Side of the Paris Mint, its director, Dominique Fine, do not want to say anything about the benefits of the transaction. He recalls that it is "substantially lower" it looks, since we must deduct the cost of manufacture, knowing that "these pieces are quite worked." Still, this type of event takes place at regular intervals.Monnaie de Paris, which posted a net profit of 18 million euros in 2010 (against 16 million last year), in particular launch gold coins to 200 euros by the end of 2011.

The annoyance of numismatists

In contrast, numismatists s'agacent this success saving account pay day loan. Worse, they scoff. "This is undoubtedly a very good deal for the state," quips Michael Prior, director of the Compagnie Generale de la Bourse in Paris, lamenting "a very bad investment." Among the causes of that nervousness: a few days after the sale, the professional has seen a Hercules gold for sale on e-bay at a price of 1200 euros. "After that, if the seller found a buyer, more power to him!" Coward he. According to him, the operation of the Paris Mint would be a scam. And buyers of laymen.

A bit bad player, our numismatist? A little. Because as pointed out by Dominique Fine, a demonetization is not valid.And thus, "the piece is protected by face value of 1,000 euros." So if gold were to fall, the buyer may in any case recover its initial investment. Driving the nail, the senior official added that "one must take people for fools." "They learn a minimum, he says. Thousand euros for a room, it is not nothing! "

Furthermore, it indicates that the 100 euro gold coins launched in 2008 by the Paris Mint, and equipped with 3.11 grams of gold, now worth almost as much weight as their face value. However, we must remember that an ounce of gold was used for flambé in times of crisis, and that if the economy improves, "catching up" of Hercules will not be as easy.

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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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Consumers do not win, but dentists can rejoice. The senators voted Wednesday for the removal of the requirement for practitioners to mention the purchase price of prostheses they provide to their patients. This indication was made mandatory since the implementation of the "hospital, patient, health, territory" (HPST) in March 2010 and aimed to introduce more transparency in the prices charged by dentists.

For the price of hearing varies almost by a factor of two firms, analyzed the organization last February mutuelle.com. Rates that depend on several factors: the quality of the prosthesis, the reputation of the dentist, the neighborhood where he practices, but also the level of medical coverage for the patient."It is almost a rule that the physician inquires about it, so that the topping facto contributes to drive prices up and enjoy in good part to the care provider," noted the Court of Auditors A report published last year.

No effect on import prices

Disparate rates are also particularly high. Citing a 2005 report published in Belgium, the Court of Auditors noted that the price of a prosthesis in France is 2.5 times that of a prosthesis in Germany, itself 25% more expensive that 'in the Netherlands.

Aggravating factor for the French practitioners: the growing share of imported models (about 15% in 2010 according to the French Dental Association) has never passed on the average price charged by dentists.Yet the cost of dentures made in China, Madagascar and North Africa is three times lower (40 euros against 120 euros) than models manufactured in France.

Competition poor '

Accordingly, it is 10% of the French population is forced to give dental care because of cost, says the Institute for Research and Documentation in Health Economics (Irdes). Generally, dental costs alone constitute more than half of medical benefits to which patients give up that ground.

It is under these facts that the Court of Auditors argued last year that the quotation offered to patients include the purchase price of the prosthesis. "Improving transparency would help to remedy a lack of competition today," thought the institution.

"Intensive lobbying"

The senators, however, have decided otherwise Wednesday. Gilbert Barbier, behind the amendment removing this requirement, explains: "The text was virtually unenforceable. If you want to calculate the cost of a prosthesis, we must delve a lot of ancillary costs, "he explains. Furthermore, why impose this requirement only to dentists, not the garage for example? "He asks. "Dentists have had the feeling of being stigmatized. Let us keep right, "came Wednesday in support of meeting the Minister of Health Xavier Bertrand.

Another argument advanced by Senators: prices of acts called "conservatives" (scaling, treatment of caries, decay …) would be undervalued by social security. "For ten years they have not been adjusted.This explains that dentists sometimes compensate by increasing their margin on prostheses, "suggests Gilbert Barbier. Yet, according to the ECA, some of these rates were revalued by 30% in 2006. Meanwhile, prices of prostheses continued to grow at an annual rate of more than 3% …

For UFC-Que Choisir, the situation is clear. "The intensive lobbying professionals was correct in the interest of patients," said Cedric Musso Thursday, director of institutional relations within the association, in the columns of "Paris-Today in France. "The dentists are not commercial professions. As health professionals, they do not make a profit on hardware sales. "