All eyes on unemployment

On Thursday, U.S. markets have ended in the green on the wire. At the close, the Dow Jones advanced 0.49% to 10,320.10 points, the Nasdaq gained 1.06% to 2200.01 points while the S & P has won 0.91% in 1090 10 points.Prudent after Wednesday's rally, investors have finally acknowledged the unexpected rebound in housing sales promises.

On the foreign exchange market, the euro was trading leveled against the greenback at 1.2839 dollars against 1.2821 dollars the previous day.

On the macroeconomic front, At 14h30, the investors will have their eyes riveted on the United States. It was at that time that the unemployment figures across the Atlantic for the month of August will be published, a major indicator to assess the strength of the U.S. recovery.The group withdrew Thursday vast funnel that had been able to stop in mid-July oil spill in charge of the oil spill in the Gulf of Mexico, a key step before finally condemning the well, said a U.S. official.

Expected for several months, the competing tablets iPad were presented at the IFA electronics show the general public in Berlin. Archos The French had taken the lead in introducing a new range of five tablets. Title Apple could react this series listings.

Also note, the Wall Street Journal, the Treasury of the United States debates the number of foreign investors who would be entitled to subscribe for the reintroduction of General Motors stock.

"There are ongoing discussions to find a proper tool to fight low-cost airlines," says one source under the cover of anonymity."The idea is to base part of the pilot province to Marseille, Nice and Toulouse to like easyJet: avoid that there are planes that découchent their bases.

"Sleeping out" means to sleep for the crew to the hotel in the province. The choice of locally based pilots and their colleagues in the selected cities would allow Air France to reduce costs. This transfer would be on a voluntary basis.

Rising wages and working

According to these sources, the organization would also enable Air France KLM to raise the efficiency of its rotations flights by making them less dependent on the platform of correspondence from Roissy-Charles de Gaulle."With this database system, we can thus clocking departures depending on the half-turn, the turnaround time required and thereby accelerate the rotation of aircraft, in other words, producing more in a day," says the same source.

More performance of work would mean an increase of about 20% for drivers. But the scenario at all expected. "Pilots have the same number of days worked, but would fly longer and they would be paid a little more without it being equal to the increase in productivity," says the source. The proposed salary increase would be 5%.

For now, the information has not been confirmed by Air France KLM. This project seems, however, part of the struggle against the British easyJet, responsible for the erosion of profitability on these routes.

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By mid-2011, the company has completed the financing of the program, which would secure the project completely. Of the 170 million euros needed and after the capital increase in July, it still lacks 50 million. The Lorraine region shortly to confirm its commitment to the tune of 7 million euros in exchange for entry to the capital of Geci Aviation.Sovereign wealth funds French (FSI) and foreign (Middle Eastern) should also take a ticket alongside private investors.

Serge Bitboul, aeronautical engineer and founder of the training group, displays his confidence. If it involves an element of risk, the project has, indeed, serious arguments to make. The concept first: the device looks like a low-cost airline, military and civilian purposes and multimission. A kind of "baby A400M" able to carry 19 passengers, 28 cubic meters of freight or express packages, conducting evacuation operations sanitary surveillance of maritime or land borders. But unlike the giant Airbus, the Skylander S-105 is a lightweight and strong. "It is easy to design and produce.It can be sold in batches and displays a competitive price of $ 5.2 million for the basic version, "says Serge Bitboul.

Implementation in Malaysia

Its commercial prospects are, in view of market research, promising: the need to reach 7500 units between 2012 and 2028 including 4000 in the passenger version. The Skylander hopes to conquer 20% to 30% of the total, knowing that the stalled program is 250 units.

Competition in this niche market is also still low. Launched in the 1960s and 1970s, the Twin Otter aircraft made by De Havilland, Dornier 228 others have been delivered to more than 4000 but production has stopped. The fleet is aging. Two companies were taken over by buying licenses: the Canadian Viking Air Twin Otter Recovery and Swiss Ruag the Dornier 228.The planes have been upgraded but the system of production has changed little. "The other competitors have disappeared while as Fokker, Embraer and Bombardier are mounted in line. So there is a space to occupy, "says Serge Bitboul. The SK-105, single unit designed in the early 2000s, will face Chinese rivals. Avic Group launched the Y12F, Y12E successor, which will enter service by 2013.

To date, the Skylander recorded 14 firm orders, including 4 for the Malaysian Army. Geci plans to open an office in Kuala Lumpur and a service station this fall. But overall, the unit has received over 500 brands of interests form of letters of intent or memoranda of agreement which should result in contracts in good and due form.The French army, which wants to replace its fleet of Twin Otter aircraft used for training and operations of routes, has also expressed interest.

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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. "

"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.

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

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

Offer oversubscribed

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

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

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

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On Tuesday, it comes from the days when he officiated at Societe Generale. As usual, two competing theories. That the defendant, who ensures that his positions were stratospheric in plain sight at all times by his superiors and the various supervisory bodies, both in terms of unrealized losses (less than 5 billion euros in July 2007) in terms gains (1.4 billion in December of that year).And his defense to the form of 'graph', a comparison of the cash positions of the eight traders of the Delta One desk.

It shows seven lines of different colors follow almost straight trajectories, as brave barges pretending to race in the same channel. And then a red line, Jerome Kerviel, who could have been drawn by a trader during an exercise in crazy bungee jumping. It falls very low, it goes very loud, it falls, and so on. Mr. Metzner triumph, the yoyo manic over the barges is apathetic to him one more proof that the hierarchy "could not ignore" what was going on in the trading room of La Defense.

But it would be too simple. Because the plaintiff out of his sleeve another powerful "graph," which proves exactly the opposite.In this figure apparently scientific but objectively confused lines sawtooth cross in all directions. That of Mr. Kerviel is drowned amidst the other, no more extravagant than the average. "It's like comparing apples and oranges," protested the prisoner. "Not at all, contends Ms. Dumas. This is the other "graph" 'which is misleading because it is a focus on a small activity of Delta One "— the risk-free, which should have been monopolizing the energy of Mr Kerviel.

In short, it turns in circles.

In the afternoon, Moussa Bakir, 34, appeared at the bar. He was a trader at Soc Gen where he hugged Jerome Kerviel. Then he joined the brokerage subsidiary of the bank, Fimat, as broker.In mid 2007, the two men how to work and seems to become friends – witness the picturesque email exchanges, interspersed with "lol" and whatnot lexical far removed from the professional jargon.

Mr Bakir recounts how, at the end of 2007, he executes orders more and more — there will be tens of billions of euros — initiated by his friend: "The volume increases, commissions too. But my work has been monitored, encouraged and welcomed. I saw nothing unusual in my case. " At stake, a bonus of nearly $ 1.5 million for the broker.But the huge volume of financial products that negotiates on behalf of Jerome Kerviel it puts some flea in his ear, and he asks the trader for whom he acts: "He told me it was for a client bank, a fund based in London, through a so-called "Doubt," which he had often done by telephone, he saw some who scolded and whose goal was to win one billion. Jerome has often spoken of Mat.

Jerome Kerviel: "It did not happen like that. He was insistent, so I told him about a client. Yes, it was a hoax.

The President: "But why would he have spoken again later?"

The accused: "I do not remember having done."

The Chairman: "Keep up your statements?"

Witness: "I stand".

Monday, Kerviel felt twice as playing with the controls of the bank constituted a "national sport".The next day, he acknowledges having created a "hoax" to counter the curiosity of a friend. A big hoax, namely: Mr. Kerviel, which multiplied the fictitious positions to hide his positions, he also invented a client of flesh and bone to justify its investments unreasonable. He was named "Mat". How long he thought he would play only this game of chess?

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"SPECIAL – Case Kerviel, the trial of a system

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.

Each of these activities will be listed separately on the stock market. "We wanted a positive name that embodies our values, easy to pronounce and that can be incorporated into many languages, says the Figaro Jacques Stern, head of the service arm of Accor and a future issue of Edenred. We have reviewed hundreds. It was unanimous executive committee. "The firm specializes in creating names Kaos Consulting with teams internally, is behind the new name.

Eden means paradise in eight languages."In 95% of countries where we operate, people understand its meaning without translation," says Jacques Stern. Eden, in Edenred is, above all, "social ties, generosity, sharing. It is also the name of the company's project ("Undertake a different picture"). And the red ("red")? It is a direct reference to the logo that appears on most tickets for the company, a red ball. "In addition, red means network in Spanish, said Jacques Stern. Now our business is a business network, connectivity between businesses, employees and governments. "To have her new name, Edenred had to buy some domain names.To start, the company has installed 40 red balls huge cloth 5 to 7 meters in diameter in symbolic places: the role of Defence in France, in the middle of the Danube in Hungary … Edenred not intended to replace brand names themselves, there will be no major advertising campaign for the general public. "This is a company name. It is primarily for our 490,000 corporate clients, said Jacques Stern. Its launch is very economical, between 1 and 2 million euros. "

Brazil, the largest market

Already a world leader, Edenred intends to use its new autonomy – without Accor – to accelerate its development. It expects an annual growth in issuance volume between 6 and 14% for future years. Jacques Stern seeks settlements in 6-8 new countries by 2016 and it promises to innovate.In Brazil, the largest market Edenred (France is number three, behind Italy), a ticket culture will be launched in September. Dematerialization is a priority. To date, 70% of the offer is sold in paper form, with significant differences from one country to another: 80% in Brazil, but 15% in France. In 2016, the goal is to be 50/50. "At first, this represents an investment, but dematerializing our products, we enrich them," explains Jacques Stern. In Italy we have just launched a prepaid card, which incorporates advances for expenses for employees in addition to the Ticket Restaurant. "

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

CNP Assurances and AXA favorites

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

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

Tough competition

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