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Pussyfooting on Wall Street

Wednesday, July 28th, 2010

The U.S. stock market started in the red on Wednesday, in an atmosphere remained febrile for several major events at the macroeconomic level. But shortly after, the indexes are spent in the light green: the Dow Jones gleaning 0.05% to 10,543 points, the S & P's advance of 0.17% to 1115 points and the Nasdaq is up 0.14% to 2292 points.

New orders for durable goods in the U.S. declined for the second consecutive month in June, official statistics show released Wednesday, confirming a slowdown in growth in the second quarter. The Commerce Department reported a decline of 1% of these orders, the highest since August 2009, after a decline of 0.8% (revised) in May Analysts on average had forecast an increase of 1% in June

On Tuesday, the NYSE has closed in a fragmented, divided between publications very positive company like DuPont chemist, and the downturn in consumer confidence in July.

On the foreign exchange market, the euro remains at its highest levels for two months around $ 1.30.

At the macroeconomic level, the U.S. central bank must now publish its Beige Book on economic conditions. It will be very guarded while the president of the institution, Bernanke said there is just one week before the Congress, the slow recovery, with no announcement of new funding in the economy.But it was the day Friday with the first estimate of gross domestic product (GDP) that will attract the attention of investors instant payday loan no TeleCheck.

Cephalon shunned after his semi

On the side of values, the telecom equipment maker Broadcom (+0.08% to 37.56 U.S. dollars) yesterday announced the closure of Wall Street quarterly profit of $ 278 million, against $ 13.4 million the year last.Turnover was up 54% (+10% sequentially) to $ 1.6 billion.

Note also the biotechnology group Cephalon (-3.23% to 60.87 dollars) has published a quarterly profit of $ 89.1 million, well above expectations.

Always on the side of values, the Wall Street Journal, the Google Internet Group (+0.03% to 492.75 dolars) is in talks with several publishers of video games in order to enlist their support for the implementation Length of service to rival social network Facebook.Some game publishers approached by Google Playdom be included, a publisher whose Disney announced the acquisition Tuesday, Playfish, bought last year by Electronic Arts, and Zynga, in which Google has already invested, it said.

For its part, the Microsoft IT group (-0.31% to 26.08 dollars) has criticized the partnership between Yahoo! Japan and Google, saying it would end the competition in the internet search in Japan and has questioned its "legality".

Also note, the oil group BP (-1.32% to 34.5 U.S. dollars) will have to "change the culture" after the oil spill in the Gulf of Mexico, said its new CEO, American Bob Dudley at of an interview on ABC.

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Towards a new step forward on Wall Street

Wednesday, July 21st, 2010

The U.S. stock market should open in the green Wednesday. The index futures Standard & Poor's 500 and Nasdaq 100 advancing in effect respectively from 0.34% to 1083.80 points and 0.57% to 1850.50 points. On Tuesday, the New York Stock Exchange after moping around for most of the session was closed up, buoyed by rumors of new measures the U.S. central bank to strengthen the economy. The Dow Jones gained 0.74% and the Dow Jones 1.10%. The Fed chairman, Ben Bernanke, today and tomorrow must deliver its verdict on the U.S. economy before the Senate Banking Committee.

On the foreign exchange market, the euro retreated against the dollar, traders were playing the card of caution before the release Friday of the results of resistance testing of the 91 largest European banks.In the morning, the euro was at 1.2867 dollars against 1.2881 dollars the previous day.

The session will be moderated somewhat in the macro, no indicator being expected that day, but many U.S. corporate results must be published in mid-day, including Coca-Cola and Wells Fargo banks and Morgan Stanley free credit score.

On the side of values, Apple released its quarterly after the close of Wall Street.The firm at the apple once again exceeded market expectations in the third quarter of fiscal offset with net income up 78% year on year to 3.253 billion dollars, and sales far beyond forecasts.

Always on the side of values, the U.S. Internet portal Yahoo! posted a group net profit up 51% year on year to 213.32 million dollars in the second quarter, better than expected by analysts, but its sales came out virtually unchanged.

Also note, the British oil giant BP, which is listed on Wall Street has reached an agreement on Tuesday with U.S. rival Apache to sell him to seven billion dollars in assets, making a sudden the majority of assignments to which it s 'was hired to offset the cost of the spill.

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Wall Street is evolving in a piecemeal

Monday, July 12th, 2010

The caution is in U.S. markets on Monday. As we enter the ball of the first quarterly results on Monday, including Alcoa's after-hours trade, the U.S. markets move in an uncoordinated manner. The Dow Jones lost 0.09% to 10,189 points, in contrast, the Nasdaq advance of 0.56% to 2209 points and the S & P 500 gained 0.01% to 1078 points. Friday, Wall Street closed higher in very small volumes before the opening of the quarterly earnings season. The Dow Jones rose by 0.58% at 10,197 points, the Nasdaq 0.97% to 2196 points and the Standard & Poor's 500 by 0.72% to 1077 points.

The euro under $ 1.26

On the foreign exchange market, the euro has further retreated from Monday to below $ 1.26, on a foreign exchange market characterized by a weaker yen due to the electoral defeat of the ruling party in Japan and Pending results of the first companies in the United States.In the eurozone, the key event of the week will be put on the market for Treasury bills Greek tomorrow, the first since the announcement of the bailout of the European Union and the IMF in May

The week will be rich in promises of economic indicators in North America. In addition to the cascade of results expected in the coming days, markets will look especially to the publication of the minutes of the last meeting of the Monetary Policy Committee of the Federal Reserve on Wednesday.They will look particularly at whether the Fed fears that the crisis of sovereign debt in Europe weigh on U.S. growth.

The ball starts quarterly results

In the absence of major macroeconomic publications on Monday, the market should focus on the first quarterly results announcements in the United States.

As always, the kick the ball in quarterly results, will be given by the aluminum giant Alcoa today after closing. Follow in the week the groups technology Google, AMD or Intel, and banks JPMorgan and Bank of America. The figures will be scrutinized with JPMorgan special attention because many investors believe that it is the financial will signal a rebound in real markets.

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The rating agencies squabble

Friday, July 2nd, 2010

Is this a declaration of war? A sneak attack against a competitor already criticized from all sides? Rating agency Standard & Poor's announced mid-week she placed the note in its rival Moody's under review with negative implications. Translation: "S & P is considering lowering the rating of its counterpart.

Standard & Poor's predicted an earthquake in the scoring in the United States. She believes that the current reforms on the financial regulation in the United States threatens the business of Moody's. For example, "investors may sue the agencies in the event of fraudulent or reckless notation, notes S & P, which" increased legal costs of Moody's "dramatically," says S & P.

Moody's might also face a drop in sales, ahead its competitor.New laws in effect remove the references to footnotes in regulatory agencies and investors could then no longer need their services.

Black Series

The decision by Standard & Poor's added to the long series of bad news qu'essuient its competitor. In recent months, Moody's has seen some of its former analysts testify against her before the U.S. Senate. One of its main shareholder, billionaire Warren Buffett, has withdrawn in part. And the agency was roundly criticized by some investors for notes attributed too generous to Greece, Portugal or Spain. When she does not suffer from the wrath of authorities for the untimely degradation States Notes.

Logically, these arguments on the ratings business in general, thus also relates to Standard & Poor's."This decision serves as a warning signal for the whole sector," Norbert Gaillard analysis, an economist and specialist agencies. The agencies are so far very profitable, with operating margins (operating income compared to the number of cases) between 30 and 40%.

Concerns about the sector

The agency draws she shot in the foot by publicly worrying about the future of its industry? Yes and no. If she criticizes his rival, it is mainly because the turnover of the latter depends on more than 90% of rating business alone. This is not the case of S & P. "She has put in place, long ago, a diversified business model (financial, S & P 500), regulatory reforms under threat," said Norbert Gaillard.

Moody's will be difficult to replicate its rival news: it is not publicly traded, it is backed by a large group, McGraw Hill. And if attacked, S & P will always assert its good faith by recalling that it had downgraded the rating of its own parent a few years ago.

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Bourbon Invests $ 2 billion

Friday, June 25th, 2010

Bourbon has unveiled this morning on its new 2011-2015 plan that includes selling its fleet of sixteen of its bulk to the U.S. Genco Shipping & Trading Ltd for 545 million dollars (440 million euros) and other non-core assets, for a total of 500 million euros.

The group plans to invest two billion dollars (1.62 billion euros) in the construction of 144 new offshore vessels – 80 and 64 supply ships carrying personal – on which he plans to propose an availability rate of at least 95% with a cost reduction of around 4% at constant rate by 2015.At that time, it should dopnc a fleet of 600 boats.

The CEO, Jacques de Chateauvieux, during a conference call from Shanghai in China, emphasized the perspective view of an average annual growth of 17% of sales from offshore between 2011 and 2015, after aligned with a 28% per year on average between 2002 and 2009 Guaranteed no fax payday loans.

Hiring for

According to forecasts of Bourbon, "the combined effect of generating cash flow (Cash, Ed) by operating activities, transfer of assets in 2010 and the new payment policy of ships, representing 75% of price paid on delivery, is expected to record a ratio of debt to equity of less than 0.5, and to generate a net cash position as of 2013."

In addition, as part of this plan, Bourbon will recruit some 5,000 new staff who will join the 7,000 men and women working there.

The company is also a ratio for 2015 gross operating profit (EBITDA) on revenues of 45% for the offshore and EBITDA ratio on capital employed of 20%.

A note to shareholders: the dividend distribution policy of Bourbon will be about 40% of consolidated net income.

The Paris Bourse should pause

Thursday, June 10th, 2010

The CAC 40 was up Wednesday night supported the closure through the reassuring words of Ben Bernanke, the Fed chief, after three consecutive sessions of decline. Other major European markets have also hoisted the green flag. In Frankfurt, the Dax gained 1.98%. In London, the Footsie has won 1.15%.

Even mood on Wall Street, where the Dow Jones gained 1.16% and the Nasdaq 1.66% shortly after the close of European stock.

And Thursday morning, Asian stock markets confirms the renewed investor optimism. The indices are displayed in positive territory while a series of good gives figures balsam inside investors.

U.S. growth is reassuring, Ben Bernanke also

Published yesterday, the Fed's Beige Book confirmed an increase in economic activity in the United States without signs of inflation, reinforcing the idea that the Fed is in no hurry to raise interest rates.The Federal Reserve announced it was expecting a GDP of 3.5% for 2010 and "somewhat" more in 2011. In May, the Fed was between 3.4% and 4.5% for 2011.

Its chairman, Ben Bernanke, indqiué he remains attentive to the evolution "of the situation abroad. His comments are aimed at Europe in turmoil budget. He said however, "reassured by the answers of Europeans," holding that they have developed a "substantial program.

The economic indicators of importance

Industrial production in France in April will be known at 8:45. At the same time, figures on employment in the first quarter will be released by INSEE.

In Frankfurt, while it is held by the Governing Council, Jean-Claude Trichet, head of the European Central Bank, will deliver the Bank's decision on interest rates to 1% today.A status quo is preferred.

Like every Wednesday, the weekly unemployment benefit claims in the United States will be published at 14.30. The figures on foreign trade in April will be known at the same time.Then, 20 hours, investors will follow the budget execution figures for the month of May

Japan remains the second largest economy after the United States, while the revised official figures and show a growth of 5% in the first quarter of 2010.

France Telecom, one aggrégateurplus a producer

Value-laden France Telecom, which held its annual meeting Tuesday, it appeared necessary to adapt its strategy contained in the competitive environment and has therefore become more assertive as an aggregator and as a producer, said Wednesday Stéphane Richard, his manager General at the General Assembly no teletrack payday loan.

In addition, the telecom authority (Arcep) on Wednesday defended a regulatory context to counterbalance the dominance of France Telecom in the telephony market in France.

Air France-KLMSelon information Figaro, Ethiopian Airlines is preparing to sign an agreement with Star Alliance to join the alliance dominated by Lufthansa. Air France is being shaken to its network and the most profitable.

Total oil group participates in the construction of a solar concentrator 100 megawatts in Abu Dhabi, the largest in the world.

Renault head to change the financial department. Thierry Moulonguet will be replaced by the CEO of RCI Banque.

Imerys The Strategic Investment Fund (ISF) has announced Wednesday the fall departure of chief executive Gilles Michel, who will join the group of industrial minerals and construction materials, which is expected to become CEO in 2011, to succeed Gerard Buffière.

The Auchan retail group and its Taiwanese partner Ruentex preparing to list their Chinese activities on the Stock Exchange of Hong Kong, according to Les Echos published Wednesday. A first for the family business.

French Members Banks, which begin Thursday in open discussion of the draft law regulating banking and finance, also want to discuss with the Government of the German measure to ban naked short selling.

EADS Eurofighter has launched negotiations with Germany, Spain, Britain and Italy to convince these countries to invest 10 billion euros in the next phase of production of its combat aircraft.

Moreover, during the Berlin Air Show, Louis Welsh, the executive chairman said he was "delighted if we could forge a partnership with Embraer, the Brazilian counterpart, said FinanzNachrichten.

The form that could take this partnership has not been specified. In the past, EADS has held a minority stake in Embraer, which he sold in 2007.

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Separated hotels, Accor Services is renamed Edenred

Tuesday, June 8th, 2010

Paradise red … Accor Services changes name and becomes Edenred in 40 countries where it operates, through its Ticket Restaurant and food stamps for the basics. This new identity is part of the demerger of the group Accor, which will be halved on July 2 with a side hotels (Accor) and other services (the new Edenred).

Each of these activities will be listed separately on the stock market. "We wanted a positive name that embodies our values, easy to pronounce and that can be incorporated into many languages, says the Figaro Jacques Stern, head of the service arm of Accor and a future issue of Edenred. We have reviewed hundreds. It was unanimous executive committee. "The firm specializes in creating names Kaos Consulting with teams internally, is behind the new name.

Eden means paradise in eight languages."In 95% of countries where we operate, people understand its meaning without translation," says Jacques Stern. Eden, in Edenred is, above all, "social ties, generosity, sharing. It is also the name of the company's project ("Undertake a different picture"). And the red ("red")? It is a direct reference to the logo that appears on most tickets for the company, a red ball. "In addition, red means network in Spanish, said Jacques Stern. Now our business is a business network, connectivity between businesses, employees and governments. "To have her new name, Edenred had to buy some domain names.To start, the company has installed 40 red balls huge cloth 5 to 7 meters in diameter in symbolic places: the role of Defence in France, in the middle of the Danube in Hungary … Edenred not intended to replace brand names themselves, there will be no major advertising campaign for the general public. "This is a company name. It is primarily for our 490,000 corporate clients, said Jacques Stern. Its launch is very economical, between 1 and 2 million euros. "

Brazil, the largest market

Already a world leader, Edenred intends to use its new autonomy – without Accor – to accelerate its development. It expects an annual growth in issuance volume between 6 and 14% for future years. Jacques Stern seeks settlements in 6-8 new countries by 2016 and it promises to innovate.In Brazil, the largest market Edenred (France is number three, behind Italy), a ticket culture will be launched in September. Dematerialization is a priority. To date, 70% of the offer is sold in paper form, with significant differences from one country to another: 80% in Brazil, but 15% in France. In 2016, the goal is to be 50/50. "At first, this represents an investment, but dematerializing our products, we enrich them," explains Jacques Stern. In Italy we have just launched a prepaid card, which incorporates advances for expenses for employees in addition to the Ticket Restaurant. "

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The G20 bury the global banking fee

Saturday, June 5th, 2010

Barely out of cardboard, the global banking fee is already forgotten. After two days of meetings in the South Korean port of Busan, the G20 finance ministers have finally buried the idea of imposing a universal tax on banks to finance the rescue of the financial sector. Under pressure from Canada, Japan and several emerging countries, the G20 has decided that the imposition of tax concerns only countries where governments have funded bailout of their banks following the financial turmoil triggered Wall Street in 2008. A compromise that left the United States and European countries the right to establish their own tax waiver on their banking sectors, but reflects differences in approach within the group of the twenty largest economies in the world.

Canada, which will host on June 26 in Toronto the next summit of G20 leaders, as well as Australia and Japan have argued that their banks should not pay for the mistakes of their American and European counterparts. An application supported by big emerging countries like Brazil and India argued that their banking sector is healthy and does not require the establishment of a security background. "This is a view somewhat optimistic" said Dominique Strauss-Kahn, the IMF head who introduced new tax proposals in Busan.

The South Korean Presidential G20 hopes to win here at their summit in Seoul in November, an agreement on guidelines that would frame the future bank charges while leaving wide latitude to reluctant countries.

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Total units sold in Norway

Tuesday, April 27th, 2010

Always with a view to separate its non-strategic activities for its "upstream" Total assigns those of its oil fields Valhall and Hod – whose group owns 15.7% respectively and 25% – located in the North Sea Norwegian. Transaction amount: $ 911 million, or 680 million euros.

"In the coming years, the group intends to maintain its level of investment in order to optimize its Norwegian oil and gas reserves," he said in a statement released Tuesday morning.

Note that Norway is the largest contributor to the production, with nearly 330,000 barrels of oil equivalent per day (boe / d) produced in 2009.This production, which represents about 15% of the total group, from 35 fields on the Norwegian continental shelf in which Total holds a no fax pay day loans.

Began production in 1982, the Valhall oil field production has reached an average share for the group of approximately 8,000 boe / d in 2009. The Hod, in production since 1990, produced in 2009 an average of approximately 1,000 boe / d in proportion to the group.

Total currently holds interests in 77 licenses in Norway, including 15 as an operator.

Assistance from IMF will not be immediate

Saturday, April 24th, 2010

The International Monetary Fund (IMF) has just been presented with a request for assistance from Greece. Until now, the IMF provided only technical assistance to Athens. The team of experts is hard at work in the capital of Greece. "We are ready to act quickly in response to this demand," said Dominique Strauss-Kahn Friday, IMF Managing Director. And Youssef Boutros-Ghali, chairman of the board of the institution, recalled: "Aid to Greece will take time. This can not happen from one day to another. "Especially since the Papandreou government is engaged in negotiations on a plan" covering several years. "

So far, the IMF had not been involved in developing the plan of the European Union. This is not a member of the board of the fund. The proposals could therefore engage the IMF, said it does in Washington.It is expected to "several weeks" of negotiations no teletrack payday loans. The amount of the full plan could exceed the record $ 58 billion set by Korea in 1997 with the conditions negotiated by the IMF.

The multilateral institution also assumed that the share of aid to Greece will represent one third of the package agreed by the other countries of the euro area. But this figure could possibly change after the verdict of the negotiators of the fund. The absence of a margin for adjustment by devaluation, however, seriously complicates the terms that the IMF should negotiate with the Greek authorities.This is not entirely without precedent: for example, Latvia has received 1.7 billion euros from the IMF in 2008, as part of an international package of 7.5 billion, while keeping its currency indexed euro.

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