Activia has recently launched a variant of its yogurts, to be paid in grain payday loan lenders. (Photo credits: DR)
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Wednesday, August 17th, 2011The Fed is concerned about growth
Wednesday, August 10th, 2011After the European Central Bank (ECB), it's time for the U.S. Federal Reserve (Fed) to dive into the arena. The Central Bank of the United States met on Tuesday FOMC's Monetary Committee. Supposed to be, usually, a meeting classic, this appointment has turned the eyes of the financial world in crisis meeting. It is indeed the first time the Fed meets in public since the beginning of the financial crisis and especially his first public speaking since the deterioration of the financial rating of the United States by Standard & Poor's.
Not surprisingly, it has maintained its key interest rates between 0% and 0.25%. However, she said that this policy would be extended "until mid-2013," sign it receives considerable stress on growth. In fact, she says, "the risks to the economy rose" and growing "considerably slower than expected."
Other measures
"The Fed is playing a tough game with the words, it must show it is taking the situation seriously, without making too much not that the markets are worried about a return to recession," said Philippe Bruneau, Director central bank Neuflize OBC. For the latter, "the only good news for the current crisis is the drop in oil prices, which dropped below the 80 dollars a barrel after reaching $ 115 in the spring. A decrease of $ 10 is equivalent to 0.3 percentage point of growth in addition to the United States. " It is not certain that the message of this evening of the Federal Reserve reassured. Especially since three members of the Monetary Committee voted against the decision to keep rates from 0 to 0.25% until 2013.Evidence that the division now also prevails in the central bank.
Taking note of the slowdown in action, the Fed said "consider further steps to promote stronger economic growth." But without saying more. "Ben Bernanke was forced to send a message to investors and told them that he will continue to support the price of U.S. government bonds, weakened by the S & P's decision," said Antoine Brunet, director of AB Markets.But by not precise commitments, Ben Bernanke shows how the scope is narrow to implement this new policy unconventional.
China, the first lender in the United States which it holds more than 1.3 trillion dollars in debt, is fiercely opposed to these measures, particularly in quantitative easing, which is for the Fed to directly purchase U.S. Treasury debt. "To walk the printing press allows the U.S. to go into debt on the backs of low-cost external creditors," a summary of the economists of HSBC. Moreover, "it keeps the dollar at low levels and put pressure on emerging currencies, including the yuan." The Chinese authorities find themselves faced with an alternative: let their currencies appreciate or prevent this movement, which requires in turn create the currency.Action inconsistent with their goal to fight against inflation (see cons below). "In one way or the other, China is losing, 'the experts of HSBC. The previous quantitative easing campaign was very unpopular in China. A new one could cause actual casus belli. With the key threat by Beijing to stop buying U.S. Treasuries.
Veolia will not achieve its annual targets
Friday, July 29th, 2011Veolia Environnement title should suffer this morning at the opening of the Paris Bourse. In full-season publications, investors thought instead to have their eyes on the accounts of the CAC 40 large, but the specialist environmental services announced this morning in a statement it would not hold its 2011 goal of growth in net profit, due to provisions and write-downs that he will in its half year (ended June 30, 2011) to about 800 million euros.An unexpected result of avertisssement should not help support the Paris Stock Exchange, expected back in the red this morning.
Engaged in a process of "refocusing its operations," Veolia has in fact has indeed increased the sales and partnerships since the beginning of the year, more than 1 billion euros of capital gains generated over 400 million under discontinued operations. However, the group of Antoine Frérot wants to go further, and believes that in Southern Europe, North Africa and the United States "based on the latest developments in operations", Veolia Environnement decided to launch new restructuring actions, redeployment and adjustment of activities in scope.
Confirmation of organic growth target
Hence the revised forecast recorded in the accounts payday advance lenders.Beyond the revision of the forecasts on net income, management expects an adjusted operating income excluding Veolia / Transdev (transport sector) "slightly lower at constant exchange rates" over one year against a growth of 4 to 8% previously announced. The only consolation, however, should not that bring smiles to the market, "the goals of organic growth, cost reduction of 250 million euros on sales of 1.3 billion euros and free cash flow positive after dividend payments are confirmed, "says Veolia.
No details yet on the new estimated net income, but Veolia, which will detail its half-year Thursday, August 4, should be a strong values followed this Friday and next week. "Veolia Environnement August 4 detail the steps to refocus and improve profitability decided" also stipulates the release.Note that these results for the first six months of the year should also reflect the impact of lower volumes of waste treated during the crisis.
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U.S. debt: the savings plan scaled back
Sunday, July 10th, 2011The 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, 2011Philip 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.
The French trade deficit hits new record
Thursday, July 7th, 2011On the international trade front, France patina. For the second time in two months, the trade deficit hit a bad record in May, -7.422 billion euros, according to figures released Thursday by the Customs. Year over year, he moved to -63.418 billion euros, against -51.558 billion in 2010.
The poor sales in May due in large part by higher energy bills in France, reflecting a rebound in imports of natural hydrocarbons. Imports, burdened by this trend, amounting to 41.601 billion euros in May, up 2.9% over three months. This figure was moderated by the slowdown of industrial imports.This, "due to lower aircraft and naval acquisitions and a decline in purchases of electronic equipment and pharmaceuticals, 'the customs.
At the same time, "industrial exports sag again," they note. Result, exports grew by only 0.9% over the last three months to reach 34.179 billion euros in May "The persistent decline in transport equipment (aircraft in May, car in April) weighs on the trend," within Customs.
"Aérodépendance"
Important position in sales abroad, but very volatile, aviation fell 6.2% over the month."We had one the last two months show some" aérodépendance "of France, aerospace accounts for more than 10% of French exports and any slowdown in performance has a very significant effect on the external accounts of country, "Analysis Alberto Balboni, an economist at Xerfi.
"The weakness also dominates," adds customs. To make matters worse, military exports shrink to 100 million euros. "Exports, unlike imports, have not regained their pre-crisis level (they are still below their values of mid-2008), continues Alberto Balboni.More worryingly, France is among the major industrialized economies (excluding Japan), which recorded the lowest export growth after the trough of the crisis. "
Dynamism of Germany
Only exceptions to this gloomy picture, agricultural exports go, and auto sales. "Sales at their highest level since the crisis, particularly to improve the major partners of the European Union," according to customs.
France breaks the limits in general thanks to the dynamism of its European neighbors, including Belgium and especially Germany. Customs also stressed that "sales to Africa, however, are well oriented (automotive and aerospace, cereals, refined oil), like those in the Near and Middle East (aircraft)".In contrast, Asian economies, exports that had supported earlier this year, marking time.
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Real Estate: INSEE rejects the idea of a bubble
Tuesday, May 17th, 2011Soaring property prices in France in recent years seems more related to lack of supply that financial speculation, unlike the situation in Anglo-Saxon or Spain, said Tuesday the Chief INSEE, Jean-Philippe Cotis. This view of the National Institute of Statistics contrasts with the Center for Strategic Analysis, an agency attached to the Prime Minister, which evoked a few days ago the creation of a "bubble" of real estate in France likely to deflate with adverse effects.
According to a new study released Tuesday by the INSEE, house prices in France have increased by 141% over the period 1998-2010, more than three times faster than income (+43%). Meanwhile, rents, which are framed, up 33%, averaging 2.4% annually, a rate higher than inflation.
No excessive investment
The curve of property prices in France until 2007 has been a path quite similar to that of the United States. But the two markets have not experienced the crisis in the same way: while the price of old fell rapidly in the U.S. market from 2009 to regain a level near that of the early 2000s, the correction in France been limited (-7% in 2009) and prices are starting to rebound quickly (+6.3% in 2010), as the volume of transactions, almost returned to its pre-crisis. However, the price level in France does not necessarily mean a "financial imbalances," said Jean-Philippe Cotis at a news conference. "In France we do not see a surge of investment, excessive investment in real estate that would have justified a lurch as the one we saw in the Anglo-Saxon or Spain," Has he said.
"It is more towards the real economy and the scarcity of the physical side of financial complications," he added. According to the latest figures from the Federation of developers (REIT), housing dwelling sales in France fell by 11% in the first quarter versus the same period last year. Stressing the role played by the shortage of housing supply, Jean-Philippe Cotis raised the level "relatively modest" investment in construction no teletrack payday loans. "The situation in France and the United Kingdom seems to reflect scarcity rents physics," he said, noting that low interest rates they had different effects in the United States and Spain "where the speculative dimension was clearly established. "
Housing weigh more on the budget
Due to an explosion in property prices that rose faster than incomes, the French spend, according to Insee, share more and more of their budget on housing. Rent or monthly repayments of borrowings, accrued expenses, but also collective individual energy and water strain their finances, including those of less affluent households. Thus, 3.8 million households (14% of total) are found living in "fuel poverty" because they spend more than 10% of their income to pay their energy bills for heating and lighting, to A study entitled "to have or spend too cold to warm" conducted in 2008.
30% of French must repay a mortgage.In seven out of ten cases, the mortgage debt used to purchase a principal residence or other property or land. In other cases, it is used to finance renovations. The grant depends on the creditworthiness of the applicant, the proportion of households with a mortgage is therefore with the level of revenu.Le amount of repayments of loans related to housing is only an average of 745 euros per month 2008, according to results of another study on "the debt and the use of banking services."The burden of repayment of loans averaged 21% of disposable income.
If the weight of bills related to a mortgage is on average three times higher than that of a monthly consumer credit (259 euros on average), the latter result, however, more often unpaid and the filing of a record of indebtedness.
(With agencies)
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ICL sees its transition to free
Saturday, May 7th, 2011LCI she will soon be a free DTT channel? The matter is under study in TF1 wants to preserve one of its jewels. The first group of private television has quietly begun consulting the public to know under what conditions this could be changing.
The proposed solution is the demand in good and due form the High Council of Audiovisual (CSA) changes of the Convention on LCI pay channel free channel. What embarrasses the regulator, because the operation is not without risk and "give rise to litigation," promises an expert of the file.
TF1 pleads for the public interest and diversity of information in television. But critics denounce them, "a substantial modification if it completely changes the LCI media landscape." And everybody will go before the State Council.Government side, we observe with interest the maneuver. The State has to settle the sensitive issue of bonus channels, the passage of free LCI could be a good way to calm the war between TF1, M6 and Canal + since it unveiled its draft Canal20 free channel. In exchange for the rescue of LCI, TF1 calm his opposition to the arrival of new competitors.
Finding new advertising revenue
Canal + has been very clear make quick cash. This is not about to pay 15 million euros per year for LCI is only CanalSat. Bertrand Meheut, CEO of Canal + 'the info is now free. " Canal + in fact no longer wants to put money on the table to distribute news channel competing with its own channel i-Tele. According to observers, Canal + could just pay 2 million euros per year. This will leave a hole in the finances of LCI.Especially as Numericable is preparing, in turn, reduce by half the fee of 5 million. Consequently, LCI, which is already losing 5.8 million euros for a turnover of 42.7 million must find the money. The news channel is currently negotiating distribution for all IPTV operators but this is not enough to offset the loss of the amount of Canal +.
If LCI chooses to stay free, we must find twenty million of additional advertising revenue to balance its accounts. But the market is crowded by BFM TV which has a total turnover of 34.5 million euros and i-Tele.
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Air France would be renewed Gourgeon
Monday, April 18th, 2011These last two years have not been easy for the CEO of Air France-KLM. This old company, which has assisted Jean-Cyril Spinetta at Air France for fifteen years, was confronted with poor financial performance, and the disaster of flight from Rio to Paris, which has tainted the image of Air France . But according to Liberation on Monday, the appointment of Pierre-Henri Gourgeon, head of the company since 1 January 2009, will probably renewed in July. His name would be formally raised in May. Then, shareholders will be asked to vote at the general meeting on the proposed extension or a renewal for two years only, half a term.
In this case, two deputies: one for Air France and KLM to another, according to one close to Nicolas Sarkozy, says Liberation. Thus, a successor would emerge that could take the reins of the company thereafter.This, in mid-2013, when Jean-Cyril Spinetta, the chairman of Air France-KLM, will reach the age of 70, who is a limit to the exercise of such functions.
Favorite of the government, supported by the company
It should be noted that the position of president of the airline is coveted. Several names have often been quoted by the press as potential successors to Pierre-Henri Gourgeon. There was the former Secretary of State for Foreign Trade, Anne-Marie Idrac, the former boss of Accor Gilles Pelisson, chief of staff Christine Lagarde Juniac Alexander, and Anne Lauvergeon, who was head of Areva.
Pierre-Henri Gourgeon has the support of the employee shareholders of Air France-KLM, and especially that of Jean-Cyril Spinetta. But the chairman of the board of directors of Air France-KLM is very influential to its directors, but also to the Elysee.Also chairman of the supervisory board of Areva, Anne Lauvergeon he would have supported its retention at the head of Areva, but not for Air France, told Liberation source familiar with the matter.
The Elysee Palace would consider the idea of appointing someone new in the field of air transport would be dangerous for the company, says the daily. The candidacy of the current CEO should satisfy the state shareholder. The president Nicolas Sarkozy has indicated that one of the main qualities of Jean-Cyril Spinetta had been "choosing Pierre-Henri Gourgeon to replace him," according to La Tribune.
In this case, the role of the state has often been emphasized, because even if it only holds 15% stake in Air France-KLM, he remains the majority shareholder.In case of renewal effective, Pierre-Henri Gourgeon would include the mission, according to one executive of Air France-KLM parLibération city, "to conduct necessary reforms and unpopular," before retiring.
Deutsche Börse calls for merger with NYSE Euronext
Sunday, April 3rd, 2011After the cons-offer Nasdaq OMX Group and IntercontinentalExchange (ICE), NYSE Euronext, Deutsche Boerse boss Reto Francioni, says its proposed merger in the columns of the Frankfurter Runschau. Deutsche Boerse and NYSE Euronext had announced their merger on Feb. 15 designed to give birth to the first exchange in the world, 60% owned by shareholders of the German group and 40% from those of the transatlantic operator. For the owner of the German operator, the project remains "the best combination" for shareholders of both groups.
He refused however to say whether he will increase his offer. Nasdaq OMX and ICE have made an offer Friday to $ 42.50 per share in cash and stock for the entire share capital of NYSE Euronext, the end, the proposed $ 11.3 billion. This is higher than 19% of Deutsche Börse, which is otherwise entirely denominated securities no faxing pay day loans.The offer from Deutsche Börse provides for the exchange of each action against a new set of common share and exchange each share of NYSE Euronext's equity share capital 0.47 cons of the new company.
Asked about the risk of a long legal battle to get the green light by competition authorities for its proposed merger, Reto Francioni said that it was for him not a "takeover" but rather a cooperation agreement between Deutsche Boerse and NYSE Euronext. "It's not for us to conquer or be conquered. For us it is an amalgamation of two partners are well positioned, "he said.
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