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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.

There are lots of pay day loan businesses around now days who offer a no teletrack cash advance to those who need it.

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Brussels puts Google and Facebook in its sights

Saturday, July 10th, 2010

The threat of an investigation Brussels comes from Google. Wednesday at a symposium on digital media organized by the University College London, Joaquin Almunia, Vice-President of the European Commission responsible for Competition, said the complaints carefully examine the American search engine was the subject in Brussels. Last February, the Commission announced a query to Google after receiving complaints from the price comparison site UK Foundem, legal search engine ejustice.fr and compare prices at Ciao, a subsidiary of Microsoft.

"My services are currently examining allegations of anticompetitive conduct in the field of online research. The work is at a preliminary stage, but given the importance of online research on a competitive digital market, I look at these allegations very carefully, "said Joaquin Almunia.Without mentioning Google by name, the European envoy said that "the first search engine in Europe has a market share of 95%.

He also wondered about the possible manipulation of search engine results, while "information flows more quickly over the Internet." Finally, he noted that if the Web services differ, they are very likely to opt for the same business model: the monetization through advertising. A market where Google is also present through the marketing of listings.

Facebook in the viewfinder

The speech wrapped kits diplomatic caution suggests difficult days for Google, which could suffer the same fate that other giant U.S. technology in Brussels.Methodically pursued by the European Commission for ten years for abuse of dominant position, Microsoft has been fined for an amount of 1.68 billion euros.

Google, for its part, denies any evil intent. "We have always worked hard to ensure our success was gained in a fair, through technological innovation and good products, rather than the confinement of our users or advertisers, or creating artificial barriers to entry, "stated the group after the filing of complaints to Brussels in February.

If the question of Google has become the most urgent, Brussels is not only concerned the latter's dominance in online search. Social networks are also in the crosshairs of Joaquin Almunia. European number one, Facebook has a market share of 70%, he believes.But "changing search engine may seem easy enough. Changing social network is more difficult because of the effects of stronger networks and data portability, "says the vice-president of the Commission. Another concern: "The online advertising market is it the same when the advertising is broadcast on search engines or social networks?"

In the case of Google as Facebook, Brussels fears that having acquired strong positions in their respective markets allows these players to capture other activities.

United States: the richest country, not the happiest

Friday, July 9th, 2010

Money does not buy happiness, it is often said. Gallup conducted a global study whose results appear to confirm the adage. According to the study, published in the American Journal of Personality and Social Psychology, whose findings were released by the Christian Science Monitor, the U.S. is perhaps the richest country in the world, but they are far from be the happiest.

The global study was conducted among 136,000 people in 132 countries between 2005 and 2006. His basic premise: there are two definitions of happiness. On the one hand, happiness linked to a sense of well-being. On the other, that which is derived from specific moments of joy.If the first definition depends largely on personal income and wealth of the state in which one lives, the second responds rather to how psychological and social needs of all are met, the researchers said Gallup.

Yet with the highest GDP per capita in the world (46,400 dollars per capita, according to the CIA), the U.S. can only 16th in the ranking prepared by Gallup in regard to the general welfare, and only in 26th position out of 132 in terms of moments of satisfaction. The Americans were upstaged by the Danes, who are happiest with a general point of view, and by New Zealanders, who are champions of the moments of joy. Far from the United States, Denmark is the 31st worldwide in terms of GDP per capita ($ 36,000 in 2009) and New Zealand 51st (to 27,300 dollars), according to CIA data.

The importance of social relationships

"While enriched with a sense of general satisfaction on his life, it is perhaps not as big an impact than we imagine how we appreciate each moment," says Ed Diener, a researcher at the University of Illinois and in Gallup. The researcher stresses the importance of "quality of social relations" in the lives of everyone. He cites, for example, Costa Rica, despite income levels below those of South Korea, would have a population happier.

One issue that has also gained ground in France. To determine the limits of GDP as an indicator of social progress, President Nicolas Sarkozy in 2008 mandated a committee chaired by Professor Joseph Stiglitz, the Nobel Prize in economics.Its report, delivered in late 2009, believes that there is often "a gap between declared, first, the usual measures of major socio-economic variables such as growth, inflation, unemployment, etc.., And, Moreover, widespread perceptions of these realities. " The Committee also questioned "the relevance of these data as a tool to measure societal well-being."

The adage has limits

For example, northern Europe and Anglo-Saxon beautiful lie on top of the global economic scale, these areas have nothing to envy of Latin America, which is relatively well positioned in the rankings of Gallup . This reasoning, however, limits. "Many if not most people want and run after money for most of their days, in fact, admit the authors of the study.Unsurprisingly, the countries of Africa's poorest arrive back of the pack, and this, in the two rankings of happiness!

Lagarde freeze gas prices

Saturday, June 26th, 2010

The Regulatory Commission (CRE) had just agreed to the request of GDF Suez to raise gas prices as of July 1. They grow by 4.7%, bringing the increase to nearly 15% since the beginning of the year. Although this further increase was expected, the household energy bill begins to weigh.

However, Christine Lagarde, Minister of Economy, warned Friday that gas prices will not move until January 1. Consumers will escape upwards so that additional sketched already by 1 October – the price revision is now making quarterly.

The "pause" as required by the Minister is made on behalf of a review of the formula that currently GDF Suez to calculate its rates. In spring, the regulator had already begun an audit. It will therefore continue, before the drawing, probably new method of calculation.Knowing that GDF Suez is currently conducting a number of renegotiations with producer countries. 'I hope that the CRE do an audit of this formula because I'm quite surprised at the speed of execution and I wish that as a result of this audit, we determine if the formula is good, "said Friday Christine Lagarde on France Inter.

"The current tariff is not obsolete, but it can be optimized," says one expert dossier.In discussion, the long-term contracts underlying the supply of GDF Suez (with key suppliers such as Russia, Algeria and Norway), while the spot price of gas fall very weakly into account in calculating the formula.

The government takes the hand

"On a more general issue is whether to continue to index the price of oil on gas prices, even though overproduction of gas worldwide has resulted in a fall prices, "says one expert. However, increased consideration of market prices in the establishment of the formula may increase the volatility of the prices. In all cases, the balance is difficult to find.

For government, the issue of gas prices remains thorny.Early this year he thought he had found a solution by entrusting exclusively to the regulator, on the proposal of GDF SUEZ, the task of settling. But after two significant increases in quick succession, the government, well aware of the unpopular side of the increases among the public, are now forced to return to the game

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Pensions Woerth ready to go further on the arduous

Sunday, June 20th, 2010

Nicolas Sarkozy had given two days after the submission of the pension reform for the amendment and it was ultimately changed nothing. The bill, sent Friday around 22:30 unions serving the High Council of State Civil Service, which will give its advisory opinion on July 6, is consistent with the announcements on Wednesday. Its 19 articles incorporate the measures, with the exception of the 3.7 billion euros of taxes on households and businesses scheduled in 2011. These will be included in state budgets and the "Safely" in accordance with the guidelines of François Fillon consolidate all tax measures in these two texts in order to better manage public finances.

The head of state has asked his Labour Minister, Eric Woerth, think by September of possible changes to be incorporated by amendment to the House.And so on three themes: careers long, arduous, and polypensionnés. Three subjects dear to the CFDT. The latter is not even addressed in the present text. These are provided by several statutes passed during their careers (public, private, independent agricultural system …). The calculation of pensions is often disadvantageous for them.

Opening the arduous

But it is on the hardship that opening sketched payday advance. The employees for whom an occupational disease or an accident caused the failure of at least 20% will leave at 60 with full pension, the bill provides. Unpublished, but not enough for the unions.They argue that the mere fact of being exposed to certain factors (heavy lifting, breathing chemicals, environmental noise, night work …) reduces life expectancy in good health, and so should go on retire earlier.

Fearing an uncontrollable costs, the government said no to this point. Eric Woerth, however, acknowledged Sunday on Europe 1 that certain factors can "trigger almost invariably physical disorders. Article 9 of the text in 2012 require employers to record exposure to these "risks" in a "medical record in occupational health" that will follow the employee from one employer to another. Prerequisite to a device for all these people to stop working before the legal age? The Minister of Labour was careful to say so explicitly.

Wall Street chooses the rise

Tuesday, June 15th, 2010

Tuesday's session starts on a positive note. A few seconds after the opening, the Dow Jones is 0.66% at 10,258 points, the Nasdaq climbed 0.62% to 2258 points and the S & P wins 0.58% to 1096 points.

On Monday, after having risen during the session, the Dow Jones fell into the red after a further deterioration of Greece's debt by Moody's. At the finish, the Dow Jones dropped 0.20% while the Nasdaq has eaten 0.02%.

On Tuesday, markets were reassured by national indicators considered generally positive. The subscript "Empire State" measuring the evolution of manufacturing in the state of New York continued to rise in June although employment has declined sharply, according to the regional Federal Reserve. The index stood at 19.57 against 19.11 in June in May

Also note, the import prices in the U.S., who have registered their biggest drop in ten months in May because of the plunge in prices of petroleum products.

U.S. investors are also added reassuring the reaction of European markets after the announcement of the deterioration of the debt rating by Moody's greek last night. The evolution of the euro (which returns above the $ 1.22) has become a yardstick of investor appetite for risky assets. But auctions Spanish, Irish and Belgian reassured markets on the debt problems of the region despite the lowering of the Greek sovereign rating speculative grade by Moody's.

BP, still under pressure

On the side of values, BP shares traded on the NYSE are attacked again, facing political pressure on the British group: they fall from 1.29% to 30.39 dollars. According to the parliamentary committee of inquiry of Congress, BP took risks to save money in the drilling of Macondo, the source of the spill in the Gulf of Mexico. A hearing leaders of the group is scheduled today before this Committee and President Barack Obama has a speech tonight faxless pay day loans.

In addition, Fitch downgraded six notches Tuesday of the memorandum of oil due to higher estimated cost for compensation of victims of the spill.

The media group News Corp. (0.61% to 13.20 dollars) submitted to the British BSkyB, which already owns 39%, a bid rejected for being too low, but both companies are continuing discussions with a view a friendly offer.

Apple (1.21% to 257.36 euros) announced Tuesday the launch of a new version of its Mac mini personal computer, its entry-level model, sold from $ 699.

Best buy (-5.94% to 38.61 dollars) Tuesday reported a bpa of 36 cents under its first quarter and a turnover up 7% to 10.8 billion dollars. The consensus of analysts polled by Reuters gave an bpa 50 cents on revenue of 10.930 billion dollars.

Pepsico (0.58% to 64.22 dollars), the world's number two soft drinks, has no plans to split its bottling subsidiaries, whose capital it has recently risen to 100%, said Monday one of its leaders, Tom Greco, while his arch rival Coca-Cola has hinted he might go that route. He added that the buyout of minority other bottlers not among the priorities of PepsiCo but it could be a buyer if some shareholders wanted to sell their shares.

Hershey (-0.26% to 50.75 dollars) said on Monday forecast earnings per share (EPS) 2010 adjusted between 2.47 and $ 2.52, in line with the consensus. It also anticipates a turnover up 6 to 7% in 2010 compared to 2009.Hershey plans to cut between 500 and 600 jobs, or 5% of its workforce, as part of a restructuring plan and cost savings of 60 to 80 million dollars (49 to 65 million euros) per year.

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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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The departments affected by the crisis

Friday, April 23rd, 2010

Yes, some departments are in a precarious financial situation: this is the observation made by Pierre Jamet, Director General Services of the Rhone, in its report submitted Thursday to Prime Minister. But the social and demographic constraints do not explain everything. The report studied eleven departments – eight rural and three urban – handicapped by a high proportion of elderly people, high unemployment, household income below average and low density. The Correze and Creuse, both on the left are in this case. But only the first situation is worrying. The difference? The Creuse is little debt, if the Correze. The scenario is repeated between Pas-de-Calais and a virtuous Val-d'Oise debt.Moral: the policy choices have weighed heavy.

As for the Seine-Saint-Denis, "for four months, it has a 32% increase in revenue from estate duty, with a recovery of real estate," says Pierre Jamet. Understood, this department alone has passed a 2010 budget in balance – an act widely publicized by the President PS council, Claude Bartolone – is no longer in danger. In contrast, a dozen others may fail to maintain their balanced budget during the year, due to slippage in social spending. "We must therefore establish a monitoring committee at the government level. And the State will assist in June or July to emergency departments, by advances of funds by contributions, or even "recommends Pierre Jamet. Estimated boost: maximum 100 million euros.

Cost Standards

Nothing says that the government will retain this recommendation. For now, Francois Fillon has agreed only to launch in May a consultation with the Assembly of the departments of France. Matignon prefer to retain other recommendations: curbing the proliferation of standards and highlight good practices, including the cost of administering benefits. Pierre Jamet also insists on including the need for effective monitoring computer: "A software company has crossed the files of the RSA family benefit fund with those of a department. In 67 000 110 000 records, differences have emerged "in the name, address or income … In the longer term, the report recommends improving the redistribution of wealth between departments.The latest proposal is not as uncontroversial: that the career firefighters is managed by the local government service, rather than headquarters.

The CAC 40 down again

Thursday, April 22nd, 2010

The Paris Bourse falling off again while Eurostat revised up the Greek deficit in 2009, and after having fallen sharply (-1.22%) the day before amid concerns about government debt.

The Greek interest rates to ten years has exceeded 8% in the day Wednesday. Investors wonder if Greece will well repay the debt, with growth stifled by a plan of unprecedented stringency.

At midterm, the CAC 40 yields 1.05%, to 3935.75 points.

Rain clues to look closely

This session will be loaded in major economic indicators. In France, growth accelerated in April in the French private sector, with a strong burst of activity in services, according to the PMI survey published Thursday by Markit Economics.The composite index rose to 58.4, its highest level in four months, against 55.8 in March.

The morale of French companies has jumped four points in April compared to March to reach 97 points, despite backlogs still scanty, according to Insee.

Moreover, the French manufacturing industry has confirmed its recovery in April from the previous month, according to the business survey released Thursday by the INSEE.The synthetic indicator of business climate index rose four points to 97, while remaining below its long term average.

Finally across the Atlantic, at 14:30, investors become aware of producer prices in March and traditional weekly claims for unemployment benefits and then at 16 hours, home resales for the month of March ser

Schneider, Vallourec and L'Oreal to take on the ACC

Schneider Electric on Wednesday confirmed its 2010 target of a moderate increase in its turnover in organic figures. The shares were down 2.06%, to 86.427 euros.

Vallourec (-0.74%, to 148.4 euros) has announced the acquisition for 150 million euros Serimax, a company specializing in offshore pipelines.

The group Areva (0.50% to 382.75 euros), yet prey to big delays on another local project, the favorites to meet the tender of the Finnish government, which wants to build two new reactors.

Also in ACC 40, L'Oreal (0.46%, to 80.37 euros) said it signed an agreement to acquire the U.S. Essie Cosmetics, make-up brand nail polish, whose sales sales amounted to 28 million (about 21 million euros) over the last twelve months.

The Competition Commission has prohibited the merger between Orange, a subsidiary of telecom operator France Telecom (-1.16%, to 16.97 euros), and Sunrisecom "> cash advance. The company resulting from the merger would have created, together with Swisscom, a collective dominant position on the market for mobile telephony.

Guy Wyser-Pratte does not increase its stake from 0.53% in Lagard?re group with which it engaged in an arm-wrestling to be appointed to its supervisory board and change its governance.Lagardere shares were down 1.71%, to 31.35 euros.

Publications animate Exchange

Later publications, they have been good for Sodexo (3.19% to 45.60 euros), Remy Cointreau (1.32%, to 43.82 euros) and Carbone Lorraine (2.67%, to 27, 70 euros), which are among the highest increases in the SBF 120.

Sodexo has recorded an operating profit better than expected in the first half, and now expects a range between 770 and 790 million euros for the full year.

Carbone Lorraine on Wednesday released a stable turnover in the first quarter at constant perimeter and exchange rates and confirmed its targets for 2010.

The wine and spirits group Remy Cointreau announced Thursday an increase in its annual turnover (April 2009-March 2010) of 13.1% to 807.8 million euros.

Vranken-Pommery has also published a large turnover of 39.4 million euros, up 38.1% (+11.4% on a constant basis, excluding integration Listel), thanks to the recovery its activity champagne. The company expects a sales growth of over 20% "medium term". The shares are 2.63%

In addition, Publicis made a surprise Thursday by posting organic growth of 3.1% of its income in the first quarter, two times higher than that of Havas. Its shares rise 1.70% to 34.02 euros.

Plastic Omnium (-1.32% to 33.01 euros) announced an increase of over 43% of its activity in the first quarter, benefiting from a favorable base effect with the automotive market crisis a year ago.

Surprises

Side decreases, Nexans has the highest drop in the Paris stock exchange: -9.38% to 58.90 euros.The leader in the cable industry has registered a turnover of 1.35 billion euros, up 8.4% yoy while in the course of constant non-ferrous metals, it reached 971 million of euros, down 11.1%.

Just behind Technilocolor – formerly Thomson – was down 5.60% to 1.03 euro. The company posted a turnover of 691 million euros for the first quarter, down 24.4%.

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The electricity tax will be reformed

Tuesday, April 13th, 2010

Taxes are so many in France that the French often pay taxes without realizing it. Who knows the local tax on electricity (TLE), which is yet on the electricity bill under the term "local taxes"? Levied by counties and municipalities, it is now optional. But most local officials do not hesitate to apply it, and very often at the maximum rate allowed, or 8% for municipalities and 4% for the departments. This tax applies to 80% of pre-tax amount of electricity bill. Clearly, if you pay 150 euros per year, excluding tax, subscription and consumption of electricity, the TLE can climb up to 14.40 euros. The total cost TLE still one billion per year to households. The note is for the companies is anywhere from 500 million (the largest consumers of electricity are exempt from TLE).

This system will certainly evolve in the coming months.Because France does not respect EU rules: since 1 January 2009, the FTA should become mandatory. The 2003 directive on the taxation of energy products and electricity provided that each State should, at that time, have a low tax (the minima are lower than current French) but paid for by all and based on the volumes consumed and not the amount of the invoice.

Losers in the rural

The European Commission said in Paris about the end of March, threatening to bring the case before the Court of Justice if the reform was not implemented within two months. For now, the government has not made a decision. But Bercy board on the subject. Indeed, a first draft was submitted to the consultation in late 2008 which set the fee to 8.50 euros per megawatt hour for households. A level calculated for the levy does not change.For Bercy is that the changeover from one system to another is painless for the French. But there will inevitably be losers: the inhabitants of the few municipalities, often rural, not applying EFT. Additional cost for a typical household of two children: about 25 euros per year. At a Senate hearing, Philippe Marini, the UMP rapporteur of the Budget, has proposed that, in this case, the application of the new tax should be spread over five years.

But there will also be winners, as second home owners, who will pay more than their consumption, whereas before the subscription was also submitted to the FTA and the Parisians, whose rate of TLE (13.2 %) was higher. Ultimately, all French people will be interested because the volumes consumed – using the new system – progress less rapidly than the bill that reflected higher prices. This does not relish the local politicians.Another uncertainty, Brussels does allow communities to adjust the tax? Apparently so. Finally, manufacturers will be exempt from TLE, themselves, pay the new tax. The final draft is not yet completed. And it is unlikely to be ready before the review in May and June, the bill on the organization of the electricity market. Especially if the government wants to resume consultations. The deadline is rather that the next draft budget law for 2011.

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