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U.S. debt: the savings plan scaled back

Sunday, July 10th, 2011

The U.S. lawmakers are reviewing their ambitions down. The Republican chairman of the House of Representatives of the United States, John Boehner, said Saturday that he would not agree on the broad deficit-reduction plan advocated by Barack Obama. Instead of four trillion dollars in savings over ten years required by the President of the United States is now on a more narrow of the order from 2000 to 3000 billion dollars in savings, to be negotiated between Democrats and Republicans, said John Boehner.

"Despite good faith efforts to find a common base, the White House will not consent to a broader agreement on reducing the debt without raising taxes. So I think that the best approach might be to focus on a smaller, "said the Republican.

Budget cuts

The aim of the negotiations that are straining the elected representatives of two major American parties is twofold: first, raising the U.S. debt ceiling authorized, currently set at 14,300 billion and achieved since mid-May Without agreement on this point, the Treasury warned that the United States would find themselves in default of payment on 2 August. A scenario unique to cause global bond market crash.

Elected officials must also agree on a comprehensive plan of savings, without which Democrats as Republicans admit that the U.S. debt is not sustainable in the medium term. An aging population should lead to higher mechanical effect of public debt, charged in the future by heavier spending on health and higher costs related to the pension system.However, the U cash advance no fax.S. national debt has already reached the summits, looked with suspicion by the rating agencies. In this context, the figure of 4 trillion reassure markets further.

Electoral concerns

After days of deadlock, negotiations appeared to unravel Thursday, after Obama met with leaders of both major parties in Congress. In granting budget cuts for health and social security, so far regarded as untouchable by the Democrats, Barack Obama has paved the way for an agreement that he would like "historic".

In return, the president was calling for concessions from the Republicans on the taxation of the rich. "We can not ask the middle class and senior citizens to bear alone the brunt of budget cuts, held Saturday, spokesman for the White House.Are also the richest pay their fair share, and we believe that Americans agree on this point. "

For their part, Republicans are reluctant to vote for one trillion tax increases that Barack Obama is calling for. In general, Republicans as Democrats are concerned that measures spending cuts or tax increases adopted in the savings plan does not cost them the next election.

Barack Obama would meet again in the early evening the leaders of the House of Representatives, where Republicans are the majority, and Senate. The White House said in the wake of the announcement of John Boehner she still hoped to get him back on his positions.

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Le Parisien 30 million invested in its recovery

Saturday, July 9th, 2011

Philip Carli, who arrived in October 2010 within the Amaury group, wants to make Paris Aujourd'hui en France "a reference to the national daily press and local cross-media in France."

LE FIGARO. – What is the content of the proposed stimulus package you presented yesterday to the employees of "Parisien in France today?"

Philippe CARLI. – We have decided to invest 30 million euros to develop and diversify our offer. This choice results from the observation that 80% of our revenues come from sales to the number. We must therefore meet the expectations of our readers. The objective is to increase our revenues of 100 million euros on the brand Le Parisien in France today. To retain and expand our audience, we plan to invest ten million euros, with, among others, the creation of a weekly magazine offers.Coupled with the daily on weekends, it will include in the second half of 2012, a news and lifestyle magazine picture of a hundred pages. In a second step could be added a weekly edition of our monthly enriched La Parisienne.

And for everyday?

Besides the fact that the model will be upgraded with a passage of 64 full color pages, we wish to reaffirm our commitment to strengthening our close nine departmental editions (eight departments of the Ile-de-France and the Oise), representing 49% of our sales. We plan to increase their editorial pagination of 50% and increase local resources, including rich media. Finally, to be closer to the cities and communities, we want to enter into agreements with associations, clubs and municipalities.A manager of the communities would be created for each edition.

You also mentioned before the diversification of employees …

Indeed we expect to invest 20 million euros in acquisitions of companies specializing in electronic transactions, including trade between individuals, group purchasing, or even the classifieds. We are also interested in human services.

The envelope of 30 million euros, also includes capital expenditure?

The journal's editorial changes will be accompanied by a modernization of two of our printing presses Saint-Ouen, where we have modernized our mailroom at a cost of 3 million euros. In addition, we invest in our management tools related to our subscribers, our readers and clients low interest rate personal loans.30 to 35 million French people each month are in contact with one of the hallmarks of our group (Le Parisien in France today, the team, Amaury Sport Organisation). It's time to capitalize on these contacts by imagining new offers for our subscribers. I am convinced that this is a very strong leverage income.

Where are you in the digital convergence of your editors?

If there is one place where it is well advanced, it is in our county editions, where journalists play the game But there is still room for improvement, including better integration of information flow and anticipate events . In terms of organization of the group Le Parisien, five major areas should be established, bringing together existing services around cross-cutting issues – news, entertainment and sports – and two that would be created – investigation and image.The realization of any newspaper should be linked to art direction and a cross-media desk would also be created to handle all information and redirect them to different media.

This major reorganization will she downsizing?

It should actually result in the removal of items from 40 to 50 of the 600 employees that has Le Parisien. But I said that my desire is to avoid forced departures. We want to set up a voluntary redundancy plan the details of which will be discussed with the social partners in September.

What functions are involved?

Mainly managerial functions, simplifying the hierarchical organization, and positions related to the achievement of the newspaper.The creation of new centers, in particular survey and image, is expected to provide opportunities in writing to some of those involved. Scribblers writing should not, however, be affected.

On the branch Amaury Sport Organisation (ASO), what are your plans?

We will continue its internationalization. Several opportunities are being explored. We will support the development of ASO in South America, including Brazil, where we opened a subsidiary in late 2010. But also in Spain, where we took a significant stake in the Vuelta, the Tour of Spain. We also plan to organize events around the bike in Qatar and Oman. Discussions are also underway for events in China.

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Towards a tax on financial transactions?

Thursday, June 30th, 2011

A further step for the tax on financial transactions tax known as "Tobin". The European Commission will propose its creation as part of its next Buget for the period 2014-2020. She hopes to raise up to 50 billion euros per year, according to European sources cited by Reuters.

Another major proposal for the new budget: funding for the Common Agricultural Policy (CAP) would be frozen at their current level of 370 billion euros, the sources said.Taking into account inflation and the general evolution of European finance, this means that the share of the CAP in the budget of the European Union (EU) will naturally decrease.

Taken up by several Member States since the crisis, including Nicolas Sarkozy, the idea of ​​tax on financial transactions developed by the Nobel Prize in economics James Tobin is considered a credible solution to help poor countries fight against global climatique.Son rate should be moderate, at 0.05%.

"The EU as a first step"

Ten days ago, the Commission President José Manuel Barroso had already discussed the proposed tax on financial transactions in a letter to EU leaders. "The Commission completes its impact and present a formal legislative proposal after the summer," wrote José Manuel Barroso.

"Our analysis shows that there is a strong case to decide whether a tax in the financial sector in the EU as a first step," he said, assuring that the Commission will "in parallel, continue to work for a global agreement on a tax on financial transactions. "

Supported by the Franco-German Cup, the tax "Tobin" has been a joint proposal of the French Socialist Party and the German SPD in their respective parliaments.The resolution was adopted in mid-June by the French deputies but less successful in the Bundestag, where she was referred to committee.

According to the French deputies, the EU legislative proposal should include "a tax on all financial transactions of 0.05%", including all stock exchange transactions and non-stock, securities, bonds and derivatives, as well as all transactions in the foreign exchange market to the tax base and revenue allocation to each of the national budget. "

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Rumors surrounding the release of Apple TV

Wednesday, June 29th, 2011

The scenario leading to the release of Apple TV is taking shape. As the months that preceded the presentation of the iPad, in January 2010, the indices in Asia begin to multiply. Since the beginning of the year, analysts who were on the scene returned with the assurance that Apple had already started working with his subcontractors on the project. "Apple is in the preliminary stages of designing a TV," wrote this weekend Katy Huberty, the investment bank Morgan Stanley.

The entry of Apple in the TV segment, though still in the rumors, is already the subject of scholarly speculation in financial circles.According to the analyst Gene Munster of Piper Jaffray, which published a note last week, an Apple TV would make the company an annual turnover of $ 2 billion in 2012, a total market of hundred billion dollars. For its part, Morgan Stanley expects additional revenues long-term $ 19 billion, three-quarters of revenues generated by the iPhone in 2010.

The Apple TV built into a TV

If the analysts are so sure two is that while Apple pushes prior to embarking on television. The company initially afford, thanks to profits generated in recent years by the iPhone and iPad. Perched on a cash reserve of 77 billion dollars, Apple announced earlier this year signed a two-year contract for $ 3.9 billion from a mysterious supplier.According to Gene Munster, this investment will supply 3.5-inch screen (diagonal measurement of the iPhone) to 50-inch TVs.

More importantly, analysts point out that the TV fits perfectly into the strategy of Apple. The company markets since 2007 Steve Jobs Apple TV, a box that provides access to the contents of Mac and online services on the big screen the show. First described as a "hobby", the small device has received a major update last fall. He is now based on the same basis as the iPhone, which takes the processor and operating system, IOS. Apple has sold 2 million since then.

Leaving a TV, so Apple could integrate Apple TV into a flat screen and add some new features free business cards."Videoconferencing FaceTime, the App Store App Store and iTunes and the game would find their natural place," writes Brian White Ticonderoga Securities. This TV would display the photos, music and files stored on icloud, the new storage online Apple suggests Gene Munster. As for Apple TV today, the unit would go from an iPhone or an iPad, as a remote control.

The reluctance of TV

Analysts who have studied the subject, the players already installed, such as Samsung, LG and Sony have every reason to fear the arrival of Apple. The power of its brand and the uniqueness of its design would wreak havoc. "Television is the center of living rooms around the world, and an Apple TV would likely be a huge success," anticipates Ticonderoga Securities.As for the iPhone, Apple could attempt to enter the market by the high-end model with a 2000 dollars, Piper Jaffray suggested in the summer of 2010.

In addition to competing with electronics manufacturers, Apple would also respond to Google and Microsoft, that have made television a major development. After testing mixed in television connected, Microsoft has taken a strong position in the home through the Xbox 360, and its video-on-demand and video conferencing. Google, which launched last year the platform Google TV, is it more worthwhile. But a major update, dubbed "Fishtank" is in preparation.

Despite these optimistic forecasts, Apple will have to adapt outside the United States in very specific local markets.In France, telecom operators already provide access to video on demand and Internet through their "box", very well established. For now, televisions connected televisions are more "connected", judged last week Nonce Paolini. Preparing for the arrival of Apple and Google, the owner of TF1 has also requested a "sanctuary of the signal" so that these new actors in television do not add information connected interactive emission channels without permission.

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IMF: Lagarde wants to continue the reforms initiated by DSK

Friday, June 24th, 2011

The oral examination lasted three hours. Christine Lagarde, the French candidate for the leadership of the International Monetary Fund (IMF) met during this period with members of the board of the organization. When he left the organization's headquarters in Washington, she said, in a brief statement to the press, its wish to be selected to continue the reforms initiated by Dominique Strauss-Kahn.

"I think we should make the Fund more responsive, more efficient and certainly more legitimate. And that really requires a lot of potential improvements, but also the continuation of reforms that were undertaken by my predecessor, "she said in English. "I believe that the Fund is a remarkable institution with an exceptional staff, and must always strive to be more responsive, more engaged, more legitimate with all of its 187 members.In any case, it would be my ambition, "she said, in French this time. "It's now up to member states to decide."

The French Minister of Economy is opposed to a Mexican candidate, the governor of the central bank Agustin Carstens, to succeed the French Dominique Strauss-Kahn, who resigned May 18 It provides, inter alia, support non-official Washington. The U.S. treasury secretary, Timothy Geithner, "believes that the experience and solid leadership skills of the Minister Lagarde make her an exceptionally gifted candidate for the general direction of the IMF."

The next step is a formal meeting of the board Tuesday to consider the two applications. The Board of Directors of the IMF must choose between her and Agustin Carstens by June 30.

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Fillon encourages SME growth

Thursday, June 16th, 2011

Create new champions and allow SMEs to grow is one of the main thrusts of government policy. A few weeks ago, Nicolas Sarkozy explained before 2,000 SME leaders that his goal was "to strengthen their competitiveness and ability to exporation. The Head of State announced that the public bank Oséo enjoyed an additional one billion to allow companies to open their capital without losing their freedom of action. On Thursday, Prime Minister François Fillon unveiled a new series of measures to "grow" at the conference organized by the World SME employers' organization CGPME chaired by Jean-Francois Roubaud.

"We are now in the recovery phase, and this turning commands us to go on the offensive to solidify the growth.We know the tryptic winner: we must help our SMEs to find financing, focus on innovation and of course help to export, "said Francois Fillon.

5 billion of public money

The Prime Minister announced that the State, which played a key role during the crisis, would continue its efforts. The France Investissement is extended to 8 years from 2012, "with a public commitment of 5 billion euros over the period. This will allow an increase of 50% of the annual public investment. " This device, created in 2006 for a period of six years, combines public (Deposit and Consignment Office, the Strategic Investment Fund) and private actors (banks, insurance). He entered the capital of SMEs to strengthen their capital base need a personal loan with bad credit. Since its inception in 2006, 2 billion euros and injected public money has leveraged over $ 7 billion of private financing."France Investissement has been a success at a time when the crisis struck the capital investment, where insurers fell significantly their funding," noted Francois Fillon.

Caisse des Depots and many insurance companies will also launch a fund of 200 million euros by the end of the year that will invest in small and medium-sized companies employing between 250 and 5000 employees.

François Fillon has reassured businesses who fear that the credit becomes expensive and scarce funding because insurers and bankers will have to apply the new prudential rules, called Solvency II and Basel III. "I want to tell you that the State will be very careful that there is no withdrawal of private investors in financing the real economy, particularly in the financing of unlisted SMEs," assured the Prime Minister.For its part, the Banque de France set up a tracking stock of credits to companies with fewer than 10 employees.

Commenting on the controversial issue of the premium for employees of companies distributing dividends up, adopted by the Assembly on Wednesday night despite strong criticism CGPME, the MEDEF and unions, Francois Fillon said the state had taken "responsibilities" for lack of agreement between unions and employers.

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Rising prices stabilized in May in France

Wednesday, June 15th, 2011

Lull on the inflation front. The price increase was limited to 0.1% in May (+2% yoy), according to figures released Wednesday by the INSEE. "Increases and decreases balance almost note INSEE. The seasonal increase in prices of fresh produce is particularly strong this year and other food products is important for the contrary, prices of energy and transport services and communications are down. "

The food products saw prices rise by 1% in a month. Growth driven by fresh products (+3.4%).Fresh fruits such as they are down 1% year over year, recorded a jump of 8.1% in May! Other foods suffer the consequences of soaring agricultural commodities: coffee, tea and cocoa rose 2.1% (+6.2% yoy), oils and fats by +1.4% (+4, 7% a year), bread and cereals by 0.6% (+1.7% yoy) and meat by +0.6% (+2.2% yoy).

"This explains why the French have a real sense of erosion of their ability to consume: the rates of many symbolic products purchased daily and can vary abruptly, which frankly is not likely to reassure them," says Alexander Law , chief economist at Xerfi.

Decline in telecoms

For the first time in eight months, energy prices have however declined by 1.3% in May after an increase of similar magnitude in April (+11.3% yoy), following the fall in prices barrel of oil. In detail, fuels recorded a more moderate decline of this set, to -1.4% over the month. It is "both for seasonal reasons and because of different tax rates, advance INSEE.

All prices for services other stores edged up 0.1% in May while the telecommunication tariffs fell by 1.1% (-2.4% yoy). Manufacturing (automotive, furniture, clothing, …) are also down (-0.1%).

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Bertrand Puech: "We are subject to constant attacks"

Monday, May 30th, 2011

Hermes is Monday night in Paris the first general meeting of shareholders since its entry in October 2010, the capital of LVMH (with 20% today). The heirs, who hold 72% stake, hoping to get the green light in September the Court of Appeal of Paris to their proposed freezing holding a majority of shares, to defend against a raid by Bernard Arnault. Bertrand Puech, president of Émile Hermès family (sole general partner of the listed company Hermes International), a member of the fifth generation of heirs, is against the proliferation of litigation against the project, including those of the Association for the Defence of Minority Shareholders chaired by Colette Neuville.

LE FIGARO. – What will you announce to the general meeting of Hermes on Monday night?

Bertrand Puech.- We will announce, as we know already that 2010 was one of the finest, if not the best year, Hermes has lived for 174 years. The results were extraordinary in an economic context that was not favorable. This allows us to pay a dividend of 1.50 euro increased significantly compared to normal.

LVMH will he represented and he can enjoy his voting rights? Are you afraid of possible obstructions of the meeting?

The shareholders are all invited no teletrek payday advance. LVMH said it would. He always said, if his friendship, in any case his pacifism. I am not chairman of the meeting but things should happen normally, as usual.

What do you think of recent legal actions taken by minority shareholders against the proposed family holding Hermes?

I do not understand.It's very sad and painful for members of a family committed to an ethic of openness and honesty for generations to be scratched before the courts, then we're just defending the values ​​of quality. You should know that Ms. Neuville is a minority shareholder, who owns a single share, which represents only herself. She can not speak for the association which is not approved by the AMF. And it is wrong to fight. If she wanted to play a role in defense of minority, why does she not be interested in the fact that one shareholder said suddenly have 17% of our capital, purchased since 2008 without making it to the markets? I think she has given way to a big bad wolf.

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The CAC 40 is expected to stabilize

Tuesday, May 24th, 2011

On this day 50 years in the OECD, the Paris Bourse should behave a little better. The Cac 40, which has suffered heavy losses on Monday, weighed down by bad signs including the Italian debt, and could resume his spirits a bit, like the Asian stock markets on Tuesday morning, which had fallen the night before. Last night on Wall Street, U.S. indexes also ended in deep red.

It will also monitor the evolution of the Milan Stock Exchange, which lost more than 3% the day before because of the prospect of lowering the debt rating of Italy by Standard and Poor's. But the rating agency has reassured last night assuring that the country would not need help. The government has prepared an austerity plan of 40 billion euros.

On Tuesday, the Brussels Stock Exchange is likely to be heckled while Fitch has placed the country's debt on negative watch.

To this day wait at the front of economic data likely to move the trend in France, the monthly business survey in industry, in construction, in retail trade and repair services for automobiles and May fall to 8.45. Even now, the business climate and economic downturn, still on May, are known. In Germany, Destatis publish the detailed GDP in the first quarter (8:00) and Ifo important barometer of the morale of the financial community will be unveiled at 11 am. In the EU, we will connsaissance new orders in industry in March (11:00).While the United States, 16 hours, we will note the new home sales in April (16 hours) payday loans direct lenders.

Bickering between Carrefour and Casino

Side values, expected interim results from Compagnie des Alpes.

Casino boss, Jean-Charles Naouri, did not appreciate the discussions for a merger between Carrefour and the leader of the Brazilian supermarkets, CBD.

Moreover, S & P is considering lowering the rating of Dexia because of its exposure to Greece.

Vallourec has announced the acquisition of Zamil Pipes, the leading processing and finishing of seamless tubes for oil and gas industry in Saudi Arabia for 96 million euros.

EDF and Enel are among the groups under discussion with Russia's Rosatom to participate in its proposed nuclear plant in Kaliningrad, Russia.

CVC Capital Partners has reached an agreement to repurchase shares in the family holding Delachaux offered for sale at a price of 83 euros per share.

Areva has announced the acquisition of 30% stake in its Brazilian subsidiary Areva Koblitz it did not already own.

BigBen Interactive has filed a proposed acquisition of Modelabs that values ​​the maker of mobile phones tailored and specialist distributor of telecom products between 90 and 100 million euros, announced Monday the Financial Markets Authority (AMF). The group will publish its annual résutlats Tuesday.

Note Iliad, Arkema, EDF, Société générale Gecina and hold their general meeting today.

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Greece Tripping the CAC 40

Monday, May 9th, 2011

The sessions will follow, but does not resemble the Paris Bourse. The CAC 40 is up in the red on Monday, after climbing from 1.33% Monday, following good U.S. job figures released Friday. The index in Paris dropped by 1.25% to end 4007.26 points at closing and narrowly saves the threshold of 4000 points which had been lost during the day.

The other European financial centers retreating in unison. The Dax in Frankfurt Stock Exchange lost 1.09% to 7410.52 points and the London FTSE loose 0.57% to 5942.69 points.

S & P demoralizes markets

Poor market sentiment was caused by the decision of the rating agency Standard & Poor's on Monday lowered by two notches the rating of Greece, due to the increased likelihood of debt restructuring .It also warned it could further lower.

The rating of the country's long term debt is reduced to "B" cons "BB-", which meant that Greece became deeply into the category of unreliable borrowers. His short-term debt is rated for its part "C" cons "B" before, according to a news agency. These ratings remain on negative watch, meaning that the agency could decide quickly lower them again. S & P said its decision on the fact that governments in the euro area, which have agreed to postpone the due date for repayment of their loans to Greece, could be tempted to demand a similar effort on the part of private creditors the country.

After this announcement, the euro goes off in decline against the dollar, trading at 1.4287 dollars at the close of European markets.

Investor sentiment decline

On the macroeconomic front, Bank of France (BoF) provides a first estimate of growth of 0.5% in the second quarter of this year. BdF anticipates a 0.7% gross domestic product for the first quarter.

The business survey from the Bank of France reported a moderate increase in activity in industry in April.The business climate indicator in industry decreased by three points to 107 while in services it has dropped one point to 102.

Investor sentiment in the euro zone fell again in May, with an index standing at 10.9 after 14.2 in April and 17.1 in March, the monthly survey showed Monday from research firm Sentix .

Financial stocks unscrew

Financial stocks post steepest declines in the CAC 40, while the financial situation of Greece worried, so much so that a new EU aid is getting ready by 2012. AXA (-3.52% to 14.65 euros) is an outlier of the index. It is followed by BNP Paribas (-2.74% to 52.94 euros), Societe Generale (-2.62% to 42.18 euros), Credit Agricole (-2.58% to 10.75 euros) and Natixis (-2.30% to 3.81 euros).

Rumors of transfer and acquisition for Lafarge at GDF Suez

CNP Assurances: -3.60% to 14.73 euros

CNP Assurances reported Monday a net profit in the first quarter down 3.6% to 270 million euros, affected by a strong contraction in sales (-14.1%).

Lafarge: -1.31% to 45.07 euros

Lafarge and Anglo American want to sell 600 million pounds (680 million euros) in assets to their new joint British company, whose creation was announced last February, the Financial Times.

GDF Suez: -2.32% to 26.09 euros

GDF Suez wants to establish a renewable energy division and will consolidate its ten subsidiaries producing green energy in France, according to Les Echos.Also according to the economic daily, the group would be interested in the Italian Sorgenia, 52% owned by the holding of the CIR De Benedetti family and 45% by the Austrian Verbund.

Euler Hermes: -7.67% to 66.13 euros

The credit insurance group Euler Hermes has done in the first quarter 2011 net income rose 58.2% to 75.3 million euros thanks to the continued recovery of the global economy observed in 2010. Turnover increased 7.6% to 544.1 million euros.

Iliad (Free): -0.31% to 87.55 euros

Numericable could announce the launch of a mobile telephone within 40 euro on Wednesday as well and hunt on the land of the Free (Iliad). The mobile virtual network operator (MVNO) that rents the network Bouygues Telecom is the origin of the site larevolutiondumobile.com.The group has denied wanting to launch an unlimited mobile plan.

On the podium of the largest increases Cac 40 include Alcatel Lucent (3.80% to 4.36 euros), STMicroelectronics (1.31% to 8.12 euros) and Accor (0.90 to 29% , 12 euros).

Vilmorin: + 1.40% to 86.95 euros

Vilmorin is up over 8% of its consolidated revenues for the year which ends in late June, when he was counting on this to 7%. The group also announced an operating margin target of 13% throughout the year, against 10.3% in 2009-2010.

Technip: 1.26% to 71.79 euros

Technip won a contract worth approximately EUR 55 million from Statoil for the development of the Vigdis field NE, located in the Norwegian Sea.The contract includes the supply of pipes to be installed by mid-2012 in water depths of 220 to 310 meters.

Air France-KLM: -1.91% to 12.04 euros

The passenger traffic of Air France-KLM jumped 23.1% in April, an increase that is "not significant" compared to April 2010 during which the European sky was blocked by the eruption of an Icelandic volcano, said Monday the airline group. In the past month, Air France-KLM carried 6.36 million passengers (+28%).

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