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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.

Always remember that it is important that you know some facts about searching cheap cash advance online for you to obtain the best deal.

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AGBANK expected to raise more than $ 22 billion

Wednesday, July 7th, 2010

The official announcement will take place tomorrow. But sources familiar with the matter, Agricultural Bank of China (AGBANK), China's third largest bank, on Tuesday set the prices of its dual IPO in Shanghai next July 15 and in Hong Kong Tuesday.

In Shanghai, the price stood at the top of its indicative range which started at 2.52 yuan. AGBANK and sell for 22.24 billion yuan-denominated shares at a price of 2.68 yuan coin, or 59.6 billion yuan (8.8 billion dollars).

In Hong Kong, AGBANK sold 25.4 billion shares, representing 8% of its enlarged capital, at a price of 3.20 Hong Kong dollars part, totaling U.S. $ 10.4 billion, reports Reuters.

Offer oversubscribed

According to reports from Reuters, the offer of AGBANK in Shanghai was 20 times oversubscribed by institutional investors.In Hong Kong, the institutional demand came from Asia to 4%, 30% U.S. 25% Europe you saving account payday loan. Individuals have however shown little enthusiasm in Shanghai, like Hong Kong.

In total, AGBANK rise $ 19.3 billion through its dual listing and even 22.2 billion dollars if the over-allotment option is exercised. It is widely expected in the financial sphere. This would become the largest ever in the world.Previously, the largest IPO was that of javait Industrial & Commercial Bank of China with 21.9 billion in 2006.

The IPO allotment option included, values AGBANK about 150 billion dollars (nearly 120 billion euros), making it the fourth largest bank in terms of global market capitalization behind ICBC, China Construction Bank and HSBC .

France Telecom Unveils New Strategy

Tuesday, July 6th, 2010

France Telecom wants to do a makeover. The operator affected by a deep social malaise is setting up a new strategy entitled "Conquest 2015. The new CEO, Stephane Richard, will outline the plan in five years this morning to the press.

Already, in an interview with Le Parisien, the leader has unveiled details of its new strategy. Stéphane Richard wants to empower his group to answer the series of suicides that has shaken the operator for more than a year. Thus, the leader has established "a new charter with five key managerial principles whose watchwords are autonomy, trust and respect." The boss also advocates listening.Stéphane Richard also wants to create a "dozen" in "places of training for 20,000 manageurs group" and a stabilization of the workforce in 2010, with "3500 recruitment to offset departures"

Emerging in the viewfinder

Furthermore, the leader plans to spend 200 to 300 million customers worldwide by 2015. The strategic plan "Conquests 2015, and based on the development of communication networks. The officer also refers to "the conquest of the international, especially in emerging countries.

Stéphane Richard also announced the merger of France Telecom and Orange "well before 2015.

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Beigbeder, hussar to conquer the Ukraine

Sunday, July 4th, 2010

With its false air of Largo Winch, Charles Beigbeder imagines is visiting his Ukrainian collective farms in a helicopter, from there a few minutes before leaving for a secret destination. Lost! By minibus he went with his team, the farm of 8,000 hectares of Glukhov, 350 km from Kiev, listening, questioning, taking the time to take photos of wheat fields with his laptop.

Yet as the heroes of comic books, Charles Beigbeder conducts its business in the charge, hussar to conquer Ukraine. "His outsider allows him to undertake the impossible in our eyes. He charges no ulterior motives. Grow 45,300 hectares in three years in Ukraine, with a small team, for us it was unbelievable, "explained his field man, Charles Vilgrain, young chief executive of AgroGénération who rents the land now six collective farms Ukraine.Charles Beigbeder is with his partner Alain Mallart, shareholder. They rely on the required increase of 70% of agricultural production provided by FAO, to feed the world population by 2050.

Nothing is too good to conquer the breadbasket of Europe, under-utilized in the courtyard of a huge kolkhoz Glukhov Case-IH Steiger articulated eight wheels, 535 horsepower, illustrates the enormity of the operation of 8000 hectares. With a tank of 1000 liters, it can run tirelessly in "three to eight" during the harvest. "The effect of size is a key to success, assures Joseph Alexander, CFO AgroGénération. The park is powered on average four times higher than in France, but the area 100 times greater. "

These farms were not chosen at random.The optimal humidity coincides with the very fertile black soil, the chernozem, the humus layer is so thick that it provides costly irrigation facilities. At Glukhov, no deep furrows of the earth scratch disks. This more gentle to the ecosystem is also good for the accounts: "The fuel savings and pesticides made possible an improvement in 30-50% of the margin," says Joseph Alexander. "The optimum is equivalent to 53 quintals per hectare wheat," says Charles Beigbeder. Today, farms are close to 43 quintals, or about the financial balance.

No taxes on corporate farming

Since the beginning of the adventure, all the activities required a total investment of 30 million euros (Shiloh, equipment …). Analysts expect a profit for the fourth year in 2011.For the current year the group should not be so far from equilibrium. Special zone: Ukraine no taxes on corporate farming, or VAT. To locate, AgroGénération relied on the experience of agri-industrial group Cereals French Champagne which it now sells its production of barley.

The risks are real: four guards protect equipment and crops. The GPS is used not only to optimize the use of fertilizers, but also to monitor the equipment to trace. To retain its 350 employees, AgroGénération offers the highest wages in the region (250-500 euros), while the average farm wage is 180 euros.

The company treats its relations with donors land farmed in 2800. Almost all are paid in kind with grain (750 kg) which will then feed the animals. But already Charles Beigbeder dream of other horizons."The presence in South America with the offset of the season will smooth the cash and share risks," says company founder, has set a goal: 100,000 hectares in 2012 in Ukraine.

Var cost insurers an estimated 700 million euros

Wednesday, June 23rd, 2010

The initial estimate of compensation cost related to flooding of Var (south) amounts to 700 million euros, approximately 45,000 claims, said Wednesday the president of the French Federation of Insurance Companies (FFSA) Bernard Spitz.

"We find orders of magnitude quite similar to (those of the storm, ed) Xynthia" for the party claims related to flooding and not the storm, said at a news conference, Mr. Spitz who noted that the average cost of a loss related to water was significantly higher than that of a loss related to the wind.

60% of the victims compensated in three months

The importance of the bill can be explained by the fact that many businesses were affected, and many car dealerships, said President of the FFSA, which also mentions several herds decimated."We do not yet make a more precise estimate than that," said Mr. Spitz, indicating that many insurers have themselves been victims of floods, making it difficult to make accurate estimates.

The torrential rains last week in the Var and the floods that have caused have affected 1,000 companies, according to the prefecture of the Var.

The cost of the storm Xynthia, which swept France in the west is February 28 and killed 53 people, was estimated by the FFSA to 1.5 billion euros, 700 million due to flooding to about 500,000 claims in total. Mr. Spitz said that in three months, about 60% insured Xynthia victims had received compensation.

deterioration of the profitability of insurers

"The year 2010 does not start better than 2009 in terms of claims," commented the managing director of the FFSA Jean-François Lequoy. Propagation of climatic events in 2009, including storms and Klaus Quinten, but also the increase of thefts and claims costs have put pressure on insurers, who have been forced to raise their prices in home and automobile.

The impact of floods but also Var Xynthia the storm on the combined ratio (compensation and overhead ratio of the amount of premiums collected) for insurers "will be visible," said Stéphane Penet, director of property insurance and liability The FFSA, which should lead to a further deterioration of the profitability of insurers.

Impact on the accounts of French insurance in 2010 should still be "substantially mitigated by the effect of reinsurance," assured Mr. Penette. Once again, Mr. Spitz called for strengthening the policy to prevent natural hazards in France. He has proposed to bring together all available data on the subject, by crossing those departments, insurers and the Central Reinsurance Fund (JRC). "There is a mobilization of public actors to improve the prevention work," observed the President of the FFSA.

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Trade Electrical trial Kerviel

Friday, June 11th, 2010

The first witnesses in the trial of Jerome Kerviel to show unfavorable to the former trader. However, the three lawyers of the Societe Generale seem nervous.

My Veil, Reinhart and Martineau do not in place. Sometimes they twirl and shake, like swallows on a wire, while nearly two representatives of the Crown. The result is a mass effect on the side of the charge, which accentuates the loneliness of the accused, sitting in a chair – which is probably not displease her advice. Sometimes, in turn, lawyers for the plaintiff are powerful whisper the word to reporters, as if they have trumpeted the court might be misunderstood.

Here are just a witness who has everything to please them: SN is a trader at Societe Generale. Tall, slim, short hair, gray suit (a standard, obviously), this old friend of Mr.Kerviel stands slightly hunched, embarrassed of the man whose belly gargoyle society. "I do not necessarily asked to be there," he slips to the President. But since there is, he sings the lament of an honest financial embittered: "We all have limits to respect. Jerome Kerviel took positions stratospheric, endangering the bank and its employees. We are fighting every day to earn a little money in the bank. I am disappointed and disgusted. "

Mr. Metzner asticote this model employee: "If you say the lesser evil of the Company generally, you would find your chair tomorrow?"

The witness, categorically: "Yes."

The lawyer, humbug "Try …"

Martineau and yelping My Veil: "MSunder oath! We want him to give false testimony: "The prosecutor Jean-Michel Aldebert, while caveat:" Do not terrorize witnesses, Master! "

Mr. Metzner and his partner, Nicolas Huc-Morel, now produce a picture that at first sight, shows that the theoretical limit imposed on the traders would have been "disabled" – understood: it was not expressly prohibited Kerviel to invest billions. Claire Dumas, part of SocGen, refutes the argument. The three councils of the bank seriously nod of the head, Mr. Metzner is gloating.As Mr Kerviel, but it should be noted that his ostensible irony and his disposition to take up anyone questioned irritate the president, who often questioned.

Societe Generale, it comes out of his sleeve a graphic frightening: If it had not "unwound" Kerviel aberrant positions from January 2008, she had said she lost, not 4.9, but 29 billion. This time, his trio swagger, while Mr. Metzner, red as a peony, storm: "These pieces have not been disclosed to the defense!"

The performance resumed Friday morning.

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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Switzerland: France Telecom renounces its merger

Friday, June 4th, 2010

France Telecom abandoned its proposed merger with the Swiss Sunrise, which had been blocked recently by the Swiss competition authority.

The French telecoms operator and the Danish TDC, parent company of Sunrise, have said in a statement that an analysis "detailed" the situation had led them to decide to stop their discussions.

"An appeal to the Federal Administrative Court will also be removed," added the two groups.

The Competition Commission (Competition Commission) in Switzerland has prohibited the merger in April between Orange Communications, Swiss subsidiary of France Telecom, and Sunrise Communications, the second mobile operator in Switzerland. The Commission had noted that the scale resulting from the merger would have created, together with a number Swisscom, a collective dominant position.

This legal setback in Switzerland should not call into question the policy of merger and acquisition of the operator, however, had said the leaders of France Telecom several times in recent weeks. On April 29, when the annual results of the group, CFO of Orange, Gervais Pelissier, was still reported to remain "convinced that having a strong second operator in Switzerland, Swisscom side, is the way to recover dynamics of competition in the years ahead. "

Always looking for new growth

France Telecom is still looking for consolidation opportunities in mature markets, as well as targets in emerging markets, particularly in Africa and the Middle East.

Switzerland accounts for less than 1% of global sales group, and less than 1.5% of its EBITDA.Orange Switzerland, 100% subsidiary of France Telecom and third mobile operator in the Confederation, was done last year a turnover of 1.3 billion Swiss francs (924 million) with approximately 1156 employees.

Sunrise is in turn the number two industry in Switzerland, with sales of 9.9 billion kroner (1.3 billion euros) conducted in 2009.

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The suitors flocked to see Barclays Life

Wednesday, June 2nd, 2010

After Dexia, which sold its life insurance subsidiary in France at BNP Paribas Assurance in December, it was the turn of Barclays France to seek a buyer for its life insurance subsidiary. According to information published in the daily La Tribune on Tuesday, the British bank is selling half the shares in its life insurance subsidiary. "The first round took place last week during which the takeover candidates have filed an initial non-binding offer," the newspaper said.

Valued around 130 million euros for 100% of capital, the subsidiary of interest to major European insurers. The Tribune cites the names of CNP Assurances, AXA, Aviva, Allianz, The World, Generali, Covea, Groupama or Swiss Life.

CNP Assurances and AXA favorites

According to La Tribune, Barclays Bank would seek a partner insurer in line with the target affluent customers that the bank prefers.What exlurait Groupama Covea, which would be considered too public.

Citing "several sources familiar with the matter," the paper argues that CNP Assurances and AXA would therefore Favorites payday loans. CNP Assurances was signed in June 2009 a 25 year contract with Barclays to expand its life insurance and retirement in Spain, Portugal and Italy. As for Axa, it is the provider of Barclays Bank two insurance products: Guaranteed life accidents and Master Life. The daily added that the group may also be based on proven experience in the field of bancassurance agreement, notably in Italy with the bank Monte dei Paschi di Siena.

Tough competition

But according to La Tribune, Axa has an advantage over CNP Assurances: the insurer owns a network specializing in life consists of general agents.What the British bank would be significant since it would consider "establishing a partnership Cros distribute its products in the distribution of the insurer," says The Tribune. But groups like Aviva, Allianz and Swiss Life have not yet said their last word. The competition looks tough.

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The CAC 40 start up supported

Wednesday, May 19th, 2010

If the benchmark index of the Paris meeting begins on Tuesday backed an increase, from 1.22% to 2586 points, it is not immune to a further sharp correction. The CAC 40 is moving in a technical area fragile. On Monday evening, the CAC 40 closed Monday evening at 3543 points (-0.47%), or under 3550 points. The Nikkei in Tokyo closed scrounge 0.07% and the Dow Jones U.S. who nibbled 0.05%.

From a perspective of technical analysis in the medium term, the underlying trend is now clearly negative and the real threat is a return to the starting point of the upward movement engaged in July 2009 around 2960 points.

The euro, deemed a "credible currency" by Jean-Claude Juncker, the leading ministers of the euro area as a result of the Eurogroup meeting started Monday night, continues to rate to $ 1.23 either a low of four years.On Tuesday morning, about 9:15, it's 1.7378 dollars.

Such a drop in the euro (-13.5% since January 1) may in fact give the boost needed to recover a bit better in Europe. This is the principle of competitive devaluation.

The finance ministers have wanted Sixteen reassuring and felt that the new savings measures announced by Spain and Portugal are "courageous".

For its part, the ECB (European Central Bank) acquired for 16.5 billion euros in government bonds – a symbolic amount – while taking the same amount of liquidity to avoid any debate that the ECB would finance European countries' debts, and leave the spinning inlation upward.

Statistics follow

In France, INSEE release its flash estimate of employment in the first quarter of 2010.In Germany, the famous Zew index, closely watched, will be unveiled at 11:00.

In the euro zone foreign trade for the month of March will be released at 11:00. Same time, inflation in April for its second estimate.

In the U.S., the housing starts in April will be announced at 14:30, and the producer price for the same period.

If these statistics are usually scrutinized by investors for their decisions on markets, movements of the euro have largely taken over in recent sessions.

No decrease in the CAC 40 SBF 120 or on the

Among the strongest increase in the CAC 40 on Tuesday morning, SocGen takes the top spot, up from 3.64% to 36.7 euros, followed by Credit Agricole (3% to 9.8 euro) then Vallourec (+2.9% to 157.7 euros).U.S. President visits one of its seamless tube mill in Ohio.

No value will decline, or on the CAC 40, nor on the SBF 120.

On this last index, Sperian Protection climbed 7.9%, NicOx takes a bit of color: 4.7%, to 2.44 euros and Altran rises 3.5% to 3.7 euros.

Veolia: towards a big contract?

Veolia is about to win a giant contract to supply drinking water Ile-de-France, Les Echos reported on the front page of their Tuesday edition. Titles rise of 1.44% to 21.41 euros.

According to Le Figaro, the airline Air France-KLM (2.03%, to 10.2 euros) prepare a plan of reconciliation counters Air France, KLM, Alitalia and Delta in most European airports, and so remove agencies. 300 jobs could be lost, but not dismissal.Furthermore, the cargo branch of the air group has seen its business drop by 22% last year and has registered 499 million loss, or over a third of the 1.3 billion loss that the group will announce Wednesday.

Accor Services, the service arm of the Accor group (1.86%, to 41.1 euros) wants to accelerate growth, make acquisitions and expand into new countries, according to the prospectus for the Financial Markets Authority ( AMF) on Monday. Accor will hold a press conference at 8:30 on the demerger and listing of branch services provided July 2.

Axa Private Equity, a subsidiary of the insurance group Axa (1.88%, to 13.25 euros), announced Monday it had completed the acquisition of Go Voyages by taking a majority stake in the French specialist for booking tickets line.

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