Posts Tagged ‘economic’

Asian markets in positive territory

Monday, November 22nd, 2010

The announcement of the plan to help Ireland pushed the Tokyo Stock Exchange Monday at the close, the Nikkei gaining 0.93% to 10,115.19 points. The Topix index, largest, rose 0.69% to 875.48 points. Gains were however limited by profit taking after a rise in the index by over 9% since the beginning of November.

The European Union and the International Monetary Fund has responded positively to a request Sunday night called to help as much as 90 billion euros for Ireland, which will become the second country in the eurozone this year to benefit support after Greece. Portugal, after Ireland considered as the next country at risk in the euro area, welcomed the plan Sunday night in Dublin with considering it "alleviates fears, reduces uncertainty and enhances market confidence ' .The Portuguese Finance Minister Fernando Teixeira dos Santos said that "it is undoubtedly a positive for the stability of the euro area".

On the foreign exchange market, the euro gained against the dollar (1.3755 dollars) Monday in Tokyo after the decision of the European Union and the IMF while the greenback was trading at about 7 pm to 83.41 yen.

In the rest of the area

Elsewhere in Asia, the trend is generally green, amid relief of global financial markets. The S & P / ASX Sydney wins 0.31% to 4643.50 points. In New Zealand, the benchmark index of the stock market allows itself to 0.87% 3296.63 points.In India, the Bombay SE rises from 0.79% to 19,740.10 points.

However, the Singapore Straits Times was down 0.15% to 3192.66 points, the Hang Seng in Hong Kong fold from 0.36% to 23,521.10 points but the ISC Shanghai gleans 0.28% to 3187.90 points .

Tensions in China can be explained by fears that higher reserve requirements for banks slowing China's growth. For the second time in two weeks, the People's Bank of China announced Friday that it was within half a point required reserve ratio of banks from 29 novembre.C is the fifth time this year that the China's central bank meets this coefficient.

This announcement, in conjunction with another rate hike last month, shows that Chinese authorities are anxious to absorb excess liquidity circulating in the economy.Wall Street downturn was part of last Friday for much of the session, this property has worried investors.

But on Monday, according to the Reform Commission of China, Beijing's ability to control inflation while maintaining economic growth. "The conditions in China are totally united to preserve price stability," said she.

CFDT indemnifies its members strikers

Friday, November 12th, 2010

18 euros per day per employee strike. It is the financial compensation that the CFDT has repaid its members over six months to ease the financial cost of the strike against pension reform. "We asked a lot of effort for our members. They responded, so we hope they are not overly penalized financially, "said on France Info this Friday morning Lawrence Berger, the national secretary in charge of SMEs in the CFDT.

To pay this compensation, the CFDT should tap into its fund national union action since 1974 fueled by a fraction of the contributions made by each member, and now has over 100 million euros. "This fund is intended to provide financial support to employees as part of a dispute with their employer, or as part of a strike, mostly internally," says Lawrence Berger.CFDT can tap into these funds to provide legal assistance to its members, or industrial action in support firms no fax payday loans.

But this is the first time that the fund would be put to good use in the context of inter-national strike, said Anousheh Karvar, national secretary in charge of finance at the CFDT. "Our regulation says that we can use this box when a situation requires exceptional. We believe that what is now mobilizing against the pension reform as it was presented by the government is an exceptional situation because it affects all employees, "she says.

Since the beginning, employees were indeed mobilized no fewer than eight times by the Inter to express their dissatisfaction against the reform adopted by Parliament today.Mobilization cost effective for employees whose salaries are mostly suspended the time of their participation in the movement. This financial cost may have contributed to the slowdown of mobilization found in the last two days of action.

The "G20 mania" sweeps South Korea

Tuesday, November 9th, 2010

In Seoul

In the chill of autumn séoulite a queue in front of a young woman wisely Photomaton extraordinary, at the entrance of COEX, the largest mall in Asia. Located in the business district of Gangnam, south of the South Korean capital, this underground labyrinth of shops will become the center of the world, 11 and 12 November, when the leaders of the twenty largest economies in the world to try to stem the currency war that threatens to derail the global economy. But for teenagers, the essential thing is: thanks to the fairy technology, they pose for a picture alongside Barack Obama or leave an email message to Nicolas Sarkozy.

The "G20 mania" sweeps South Korea, orchestrated by President Lee Myung-bak, who erected the national event in question and hopes to summit the apotheosis of his political career."The future of the world opens in Korea!" Proclaims a giant banner that covers the town hall, under a photo of twenty meters high in the beautiful Yuna Kim, skating gold medalist, charming ambassador the summit. In the subway, educational posters to explain to passengers how the G20, the world map in support. And at school, small brown heads are working on the problem of exchange rates.

This is also the puzzle Lee must wrest a compromise between China, its biggest trading partner and ally the U.S., which has 28,500 GIs stationed in the country. The president wants to convert the try scored in Gyeongju, October 23, when the G20 finance ministers have declared a truce in the war of currencies and pledged to establish rules to reduce global trade imbalances."The summit must define the content of these guidelines and a timetable for their implementation with a deadline under the French presidency," said Shin Hyun-song, eminence grise of the president.

Showcase high-tech "

Seoul also hopes to get a green light for the establishment of a financial safety net for emerging countries, a priority overshadowed by war exchange. The summit must also deliver a list of 100 initiatives to boost development aid. For a country as poor as Sudan in 1950, the accession to the G20 club of consecration that figure and the top should be a springboard to go higher."We want to promote South Korea as a number of high technology," said Seok Ho-ik, vice president of the telecom operator KT will distribute Tablet PC allowing the leaders to watch TV in their country, "at home".

The fourth largest economy in Asia has put in running order to succeed in this appointment "the most significant since the 1988 Olympics. The powerful chaebols are leading the dance, stamping their logo G20 products. The summit could generate $ 19 billion, because of the reputation given to South Korean exports, calculated the Samsung Economic Research Institute. "It's very exaggerated.This is part of a vast operation orchestrated by the government, "Kee-Lee replies hyeung, professor at Kyunghee University.

A sentiment shared by unions denounce a state of siege and made a show of force on Sunday instead of City Hall where 20,000 to 40,000 protesters waved banners proclaiming "Stop G20!". The intrepid Korean trade unionists, who did not hesitate to swim across the bay from Hong Kong to storm a meeting of the WTO in 2005, are a nightmare for the police, who will deploy more than 50,000 men and park protestors 2 km from the Coex. "We're going to show a severity not seen before," warned the chief of presidential security.

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Fed to resort to printing money

Saturday, October 16th, 2010

Ben Bernanke said on Friday why the Fed had to reactivate an exceptional and controversial, expected to lower interest rates further in the long term. The Fed chief has clearly paved the way for the resumption of purchases of Treasury bonds by the central bank of the United States, probably next month. More teacher than ever, he wanted to legitimize a policy that the anticipation for several weeks has pushed the dollar, the risk to revive fears of war exchange.

The mission of the Fed is twofold, said Ben Bernanke, "The Fed is mandated by statute to create the conditions for a maximum level of employment in an environment of price stability." But he noted that inflation today fell below 2%, the desirable level to create an environment conducive to the reduction of unemployment.Unemployment last month in the U.S. was still in effect by 9.6%, despite more than a year of growth. "It seems that the conditions are met for new interventions," says Ben Bernanke.

Having remained at virtually zero its key rate since December 2008, the Fed, in its view, has no other option but to further stimulate the supply of credit by resuming purchases of shares to long-term Treasury notes (" quantitative easing ") in exchange for new cash injections, Ben Bernanke, however, remained silent on the volume and timing of such purchases. This crucial aspect will probably be decided on November 3, following the next regular meeting of the Monetary Committee of the Fed.

Aware of the risks

Bernanke's advocacy barely mentions the risk of deflation, however, he had put forward in late August, in his speech at Jackson Hole (Wyoming).This may be a tactic to defuse the turn he caught at the Fed. Bernanke is showing almost even optimistic on growth: "The preconditions for accelerated growth next year remain in place," he says. He still expects a rebound in private demand by both consumers and businesses.

Criticized by some, including within the Monetary Committee of the Fed, to advocate an overly accommodative monetary policy will cause inflation by monetizing the debt, Bernanke sought to show that he was aware of the risks of returning to "quantitative easing" free business cards. He cites the fact that the Fed "has much less experience in judging the effects of this instrument."Moreover, "substantial further expansion of the Fed's balance sheet could reduce public confidence in its ability to smooth out these accommodative policies at the appropriate time," he admits. Provided he remains confident in the flexibility of the U.S. central bank to tighten monetary policy in a timely manner "even if his record is still considerably higher than normal." This Friday, the dollar continued its slide against the euro, which rose to 1.4159 dollars, its highest since Jan. 26 last. Also on the rise, the Australian dollar, meanwhile, reached parity against the greenback, never-seen since 1983.

The Treasury will publish its report on the yuan after the G20

The U.S. Treasury, which has continued to deplore the undervaluation of the yuan, Friday had an opportunity to explicitly call China a "manipulator" of its currency.The Treasury was in effect as every six months submit a report thereon. Despite the strong bipartisan congressional pressure to pin Beijing, the Treasury seemed to prefer to delay the new release of this report beyond the month of November to steer the Chinese authorities before the G20 summit in Seoul on November 12. Beijing has promised to let the yuan appreciate, but very gradually. Cautious on the yuan, the Treasury, however, remains silent about the recent, sharp dollar against the euro and the yen. Policy very accommodative Fed seems to fix the Obama Administration, but fears of a chaotic race and unhealthy wealthy countries to devalue their currencies.

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Nobel laureate Maurice Allais is dead

Sunday, October 10th, 2010

Maurice Allais, the only French citizen to be awarded the Nobel Prize for Economics died Saturday afternoon at his home in St. Cloud. He was 99 ½ years. A tribute will be made on Monday or Tuesday by the government. He should be buried in the Invalides Saturday, October 16.

Born May 31, 1911 in Paris, the son of shopkeepers, whose father had disappeared early in captivity during the First World War, was raised by his mother in terms that admitted himself hard. A brilliant student in high school Lakanal Sceaux, then at the Lycee Louis-le-Grand, he is especially fascinated by history.

Travel to the U.S. in 1933

These are the teachers who guide on another track, to the Polytechnic, which he joined in 1931 and he released "Major" in 1933 before choosing the Corps des Mines.Student at the School of Mines from 1934 to 1936, he will also faithful throughout his life as a professor until his retirement in May 1981 and continuing to conduct research and give them during long years later.

In fact, there is no a priori predisposed Maurice Allais to turn to economics. His early work, instead, to guide the science of concrete and fundamental physics experiments on which he also published many books including the pendulum swings and the laws of gravity. Throughout his life he remained fascinated by the science, even though they are his economic theories that earned him to receive the supreme reward.

The story is that his meeting with the economy coincided with his first trip to the United States during the summer of 1933 in the midst of the Great Depression.He is shocked by the disastrous social consequences it causes and the fact that nobody really understands the origin. It is this ignorance that leads him to want to analyze it to try to disassemble the mechanism and prevent this crisis from happening again elsewhere in the world. The troubles of 1936 in France naturally comfortable in this process.

In France, it was in 1988 that the public discovers Maurice Allais, crowned Nobel Laureate in Economics, the only French, yet until now, to have won this award.Upon surrender of his sword academician in October 1993, he also recalled that two days have marked his life: "1943, year of publication of my first book, In Search of economic discipline, the 'pure economics, which decided in my entire career, and whose date is engraved on the heel of the guard of my sword, and 1988 when I received the Nobel Prize in Economics, who has dedicated my work and is called the letter "N" engraved on the hilt of my sword. "

Ironically, five years earlier, in 1983, another French, Gerard Debreu, who had studied economics Maurice Allais, had also obtained the Nobel Prize. However, a naturalized American, he has always been considered a Nobel overseas.

Maurice Allais was not always well understood, far from it."Many players consider him a champion of protectionism," which is "profoundly wrong decision," stressed at the same ceremony, the teacher and researcher Thierry de Montbrial. But it is true that by dint of wanting political union before the economic union, Maurice Allais had emerged as a staunch advocate of a European first pains to ensure its own economic security, which had passed for those who wanted to build a fortress around Europe.

"Liberal Socialist"

Author of over a hundred books, Maurice Allais, who had been the grand cross of the Legion of Honor this year was defined himself as a "liberal socialist".This, he explained that this position made him wish for example, to avoid destruction of agriculture and industry French, restoration of regional preferences in international trade since the wage gap became too important. Collaborating in numerous newspapers, beginning with Le Figaro, and he recalled last year in the magazine Marianne, a "rational protectionism between countries of very different levels of life is not only justified but absolutely necessary." The announcement of his death came as Nobel Academy on Monday to unveil the new name of the winner under the economy.

APRR returns on the stock market Monday

Saturday, October 9th, 2010

The quotation of Autoroutes Paris-Rhin-Rhone (APRR) will resume Monday. The AMF has announced that Friday, the day after the decision of the Court of Appeal of Paris to block withdrawal of the Exchange, requested in late July by its majority shareholder Eiffarie (98% stake in APRR), a subsidiary Eiffage and Macquarie.

The construction group Eiffage and Australian bank Macquarie wanted APRR indeed out of the Exchange to buy back the remaining 2%.

But the department, through the voice of Arnaud Montebourg, PS President of the General Council of the Saone-et-Loire, opposed it, he holds 0.025% stake in APRR.

Then he lamented that if this project was completed, "the privatization of the company would complete the highway and there would be no independent public body to ensure compliance with the general interest."

Eiffage for this decision of the AMF is "inconsequential" free business cards."The AMF was anyway, as it was his wont, decided to postpone the expiration date of the buyout offer," said a spokesman for the French group, which now awaits "the Following the October 12 schedule "during a court hearing.

Eiffage and Macquarie finally agree

The listing of motorway concession was suspended last Friday, September 10. The title APRR euro was trading at 53.90 at the close Thursday. This suspension was speaking while Eiffage and Macquarie Group have finally reached agreement on the recapitalization of APRR.

Control over the entire capital APRR Eiffarie should allow to double its equity, which should facilitate the renegotiation of the partnership debt, which reached 3.8 billion euros.

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Wall Street has stood still

Saturday, September 18th, 2010

On this day the "four witches, the Dow Jones closed up 0.09% to 10,604.22 points, the Nasdaq Composite Index advances 0.51% at 2314.92 points and the Standard & Poor's 500 index rose 0 08% to 1125.60 points.

If European stocks rebound on Friday, is encouraged by Asia, and the insolent resistance, which Wall Street has been able to show this Thursday evening. The NYSE has, in fact, closed higher after a hesitant market yet and that no tangible reason to do so by encouraging.

Neither FedEx quarterly results that disappointed this Thursday or weekly entries to unemployment, although less than expected but still high, in fact, an incitement to a great enthusiasm.Nor is the "index of producer prices, excluding food and energy, which has emerged online, while the U.S. current account deficit widened in the second quarter," summarized analysts at BNP Paribas. The Fed index of industrial activity in the Philadelphia area has finally dropped yesterday for the second consecutive month. Nothing can, in fact justify the end, the Dow Jones up 0.21% at 10,594 points and Nasdaq in a more symbolic improvement of 0.08%, to 2303 points.

On the currency markets, the euro fell slightly versus the dollar at 1.3042 dollars per euro (-0.28%).

"Four Witches" and large volumes

In the third Friday of the month, "" 4 "witches", because he sees the maturing of various futures and options, which should allow ample trading volumes, no statistics major should impair optimism shown by Wall Street.

The consumer prices in the U.S. rose 0.3% in August compared to July according to official statistics released Friday. Economists polled by Reuters had forecast an average increase of 0.2% after rising 0.3% in July. Over a year, the price index of basic sign up, with expectations of 1.1% against an increase of 1.2% recorded the previous month.

The morale of U.S. households has, against all expectations, deteriorated in September, the index falling to its lowest level in more than a year partly because of fears about jobs, according to preliminary results of the survey Monthly Thomson Reuters-University of Michigan released Friday. The index of consumer sentiment stood at 66.6, its lowest level since August 2009, against 70.0 expected by economists surveyed by Reuters. It was 68.9 in the last month.

On the corporate side, Research In Motion (RIM) (+0.49% to 46.72 dollars), maker of BlackBerry, exceeded market expectations on Thursday, with a jump of 68% of its second-quarter earnings shifted its fiscal year, thanks to record sales of its new model Torch.Performance immediately hailed: RIM earned in New York more than 2%, to 46.49 dollars in trade after the market close on Thursday night and expected to continue its momentum on Friday.

The world's number three software, Oracle (8.36% to 27.48 dollars), also did well, reporting on Thursday a quarterly profit up 20% for its first fiscal quarter supported both by sales of new software and a stronger-than-expected sales of equipment.

Boeing (0.59% to 62.95 dollars) will also retain the attention of investors. The band has indeed signed a contract worth 3.7 billion dollars for the sale of 50 B737 new generation in Russia, and the conglomerate Russian Technologies reserves the right to buy 35 more. Boeing has won surAirbus manufacturer and Russia's United Aircraft Corporation (OAK).

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.

PSA Peugeot Citroen revives profits

Wednesday, July 28th, 2010

Good omens for the second part of the year. Car manufacturers have apparently he ate their black bread, with regard to publication of interim results of PSA Peugeot Citroen. The Peugeot group, led by Philippe Varin announced a purchase 20.8% of sales to 28.39 billion euros. Group structure and constant exchange rates, the growth was 15.5%. This strong sales growth is put down to the success of new models and a well-oriented global demand, particularly in a country like China.

As for results, they represent a significant increase especially back in the green. The operating result thus 1.137 billion (826 million loss a year earlier). The division "Cars" which last year had been heavily impacted by the economic situation recovers and returns to profit significantly to 525 million (904 million loss a year earlier).

Operating income is expected to approach 1.5 billion by 2010

The turnover of the division "Cars" was up 13.5% to 21 1 billion in the first half of 2010. One generated by sales of new vehicles rose by 14.7% to 15 820 billion, reflecting a record number of sales.

As for the net, it appears also in positive territory at 680 million euros against a deficit of 962 million a year ago. Per share, the result stood at EUR 3 (-4.24 euros at end-June 2009) faxless cash advance.

For the year 2010, the group expects a decline of 7% of car market in Europe, a double-digit growth in China and a significant growth in sales in Latin America.

Despite Europe's environment more difficult over the coming months and the usual seasonal pattern, the division "Cars" should be close to balance in the second half. In this context, the Group anticipates an operating profit of around 1.5 billion euros.

The best in China

The group noted a significant improvement in the profitability of its joint venture in China with Dong Feng. Vehicle sales rose 50% to 176,000 units and net income group share was 97 million euros.

What give heartened to Philippe Varin, the boss of the manufacturer.Quoted in the press, he said: "The Group is now in running order to reconnect with sustained profitability. Good first half results reflect our market share gains and the impact of Plan Performance. The creation of a second joint venture in China represents a major step in developing our operations outside Europe. It makes us confident in our ability to achieve half of our vehicle sales in markets outside Europe by 2015, against third early in the year 2010. "

Workers at GM approved the recovery plan

Tuesday, July 20th, 2010

The verdict came last night, employees of the American manufacturer in Strasbourg agreed to make concessions to keep their jobs. The vote held yesterday are unambiguous: the employees of General Motors in Strasbourg overwhelmingly approved the recovery plan of the new GM entity. They thus accepted the wage freeze for two years and a waiver of more than one third of the 17 days of RTT. Measures that conditioned the purchase of new GM plant because the agreement to return the site only if the cost of labor decreased by 10% without downsizing.

Of the 929 voters (out of 957 employees at the site, a rate of 97%), 645 voted for the plan (70.65%), while 268 voted against (29.35%) told AFP a CFDT delegate (majority), Union co-organizer of the vote along with the FOR and CFTC.Hostile takeover plan, the CGT had called on his side to vote "no."

GM management Strasbourg was immediately welcomed the "strong approval", saying that "this result shows that employees have understood that the future of the site and its 1,150 jobs is a priority."

The Strasbourg plant which manufactures gearboxes for automobile manufacturers, including BMW, sought a buyer since the bankruptcy of the former American group. Born last year, the new GM, General Motors Company (GMC), is owned 60% by the U.S. federal government.