Sundial of world news

German growth disappoints economists. The country announced on Tuesday, an initial estimate, an increase of 0.1% of GDP in the second quarter against a 0.5% increase expected by observers. This is a lowest since the first quarter of 2009.

In one year, growth stood at 2.8%, a performance is still below the 3.2% forecast. The previous quarter, the German economy had grown 1.3% a quarter over quarter and 5% year on year. These figures themselves have been subject to a downward revision, having been originally announced respectively 1.5% and 5.2%.

This result is partly due to the disappointing performance of foreign trade, yet strength of the German economy. The trade surplus narrowed to 11.5 billion euros against 12.8 billion in May. Economists had forecast 13 billion.Imports were further advanced in June by 0.3% while economists were betting on a decline in the same order. Exports, they, down 1.2% over the same period after growing 4.4% in May

With orders up to industry

Industrial production also fell 1.1% in June, surprising economists who had expected an increase of 0.1%. The figure for May was also revised downward, the increase being reduced from 1.2% to 0.9%. The Ministry of Economy said that the month of June was characterized by an unusually high number of long weekend, which has affected production. He also noted that industrial production remained on a positive trend, driven by a high level of orders.

These have in fact increased by 1.8% in June, against a 0.5% decline expected.But the figures show a slowdown in domestic demand after rising by more than 10% in May, has dropped significantly in June (-10.8%), while orders from abroad have experienced an opposite trend with an increase of 13.7% in June after a 5.8% decline the previous month. Finally, wholesale sales fell 0.6% in July compared to June

"Private consumption and investment in construction slowed the German economy in the second quarter," said the Statistical Office, without giving details. Confident, the German finance minister, Wolfgang Schäuble still hopes for 2011 "growth above 3%."

In a market still panicked on issues of U.S. and European debt, he had to look this morning to find values ​​still moving into positive territory. Yet the case of Bic, which is Wednesday morning at the top of the charts in the SBF 120 and values ​​eligible for the SRD, with an increase of 5.27% to 64.74 euros an hour after opening. The reason: the publication of interim results above expectations, at least much of its activity. Good news that restores a little balm in the heart of the operators, cooled from a fortnight in business publications rather disappointing. Demonstrated again this morning the profit warning from Société Générale, in turn affected by the effects of the crisis of the Greek debt.

This is clearly not the case for Bic.The specialist in stationery, lighters and shavers has indeed unveiled Wednesday half-yearly sales up 5.5% (comparable) to 886.1 million euros and an operating profit of 174.9 million euros. An annual increase of 22.4% more than that of revenue, thanks in part to the increase in gross margin and cost savings involved in the restructuring program in 2009.

Offset deliveries of orders for back-classesCes good results are obtained Bic thanks to sales growth markets (+15.3% on a comparable basis) and by the strong performance of its consumer division (stationery, lighters, razors ).The latter, which represents over 85% of its turnover, has in fact increased by 8.8% over the period to 758.8 million euros, supported among others by the good performance in stationery and lighters in Latin America and Asia lighters.

However, in Europe and the United States, stationery grew much lower (about 1.5%), affected by the timing of delivery of orders to return to school. "Distributors delay until the last moment of receipt of goods back to school," explains the release. With the effect a shift in sales from the second to the third quarter. Despite this, the group remains confident for the year-end on this division that made its reputation. For 2011, management believes that growth in this sector will exceed the 5% previously announced for the year.

Advertising products to the penalty

Investors have therefore retained the good news rather than the poor performance of the other activities of Bic, namely advertising and promotional products (Bic APP), which represents 15% of its sales. In the first six months of the year, income from this activity decreased by 10.2% on a comparable basis, affected by "customer service issues, including delivery." In addition, BIC recorded in this division of non-recurring items mainly related to the reorganization of its Italian operations, affecting up to 1.9 million euros operating profit. In the end, Bic APP recorded a loss from operations of 3.5 million euros, against a gain of 1.6 million a year earlier.Bic said however, "confident about the success of the integration plan and return to growth of this branch in 2012."

In the longer term, Bic is also focusing on growing markets for its development. Within a decade, he wants to increase the share of its business that is conducted at over 40% against 29% in 2010. And to address inflationary environment of commodity prices, Bic plans in the coming weeks price adjustments "targeted" on some of its products. A "power-pricing" that would also be useful to offset increased marketing investments to support the brand.

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The world welcomes the U.S. agreement with relief. And sometimes with caution. France, through the voice of the Minister of Economy and the Baroin Budget Valérie Pécresse, on Monday welcomed the compromise that must still be voted in the Senate. "This is great news for the world economies, a very good news for the United States but also for Europe," said the minister.

Baroin for its part related to the Europe Agreement on Greece on Thursday and compromise between Republicans and Democrats: "All that has been implemented for two weeks three weeks, the agreement of the euro area on the issue Greek, the Washington agreement on the question of raising the ceiling of U.S. debt in the right direction. "These agreements" are going in the direction of the reinforcement of global growth, "he said, and they will" reaching consequences for global economy is recovering. "

Earlier in the night, Japan applauded the U.S. agreement. "We welcome the agreement on the U.S. debt and hopefully it will stabilize markets," said Chief Cabinet Secretary, Yukio Edano instant payday loans. The islands observed at the forefront of American debt crisis.It is the second largest holder of U.S. Treasuries, after China.

BlackRock prudent

It is not clear, however, that the announcement of Washington, as expected, calms markets. The largest asset manager worldwide, BlackRock, welcomed the plan cautiously. "The proposed framework for reducing federal spending is a positive step," said the fund in a statement. But "the exact composition and timing of all the spending cuts will determine whether the proposal produces a real and significant reduction of the deficit," he added.

Markets "need to perceive a clear path to deficit reduction to encourage confidence in the U.S. dollar," says BlackRock."This is essential if we are to retain the AAA rating of the United States and encourage long term investment."

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The proposals "Fund Deposit" and "itching powder" are rarely associated. They are even more often seen as mutually exclusive! Yet the old lady of the Rue de Lille, as we nicknamed the public financial institution, is now ready to shake up some French capitalism. It shows at least now clearly his ideas on corporate governance, an area where it operates through its investment portfolio, worth 45 billion euros. The CDC is thus "the institutional investor of reference in France, said its Deputy General Manager, Antoine Gosset-Grainville. His votes in general meetings of shareholders have a non zero … "

During the 2011 season meetings, the Fund has participated in 238 general meetings, and 6% voted against the resolutions proposed to shareholders.His motives in a bad mood generally join those of other heralds of good governance.

Gender and salaries

The first theme is that of the organization and composition of boards of directors or supervisory board (with attention to gender), the Fund is "generally favorable to separate the functions." Second area of ​​vigilance: the compensation of officers and directors. "We are opposed to the remuneration of executives for which the variable significantly exceeds the fixed portion, and the distribution of bonus shares or stock options to a very small number of people without condition or performance," said Antoine Gosset -Grainville. Third issue: the rights of shareholders no fax pay day loan.The resolutions authorizing such massive capital increase without preferential subscription rights for existing shareholders are not, for example the taste of the Fund.

With a "score" of 6% negative votes, the CDC is far from being a shareholder "activist". But the institution wants to know that she is not inactive. With her as with other large institutional investors, "there is now a very heavy dialogue ahead of meetings to identify the risk of blockage. This is a good mode of regulation, "said Antoine Gosset-Grainville.

By the end of the year, the Fund will publish its "general principles to vote" in assembly. A text that is not a straitjacket."We have deviated in 20% of cases, such as to renew the directors in office for over twelve years, but actually brings more to the company," explains the number 2 of the Fund.

This guide does not directive for special cases, like when it comes to voting for or against a strategic move. Antoine Gosset-Grainville recalls the general philosophy of the institution, "the anti-model of some investment funds that are not as long-term horizon, or good governance to rule."

For specific cases, the CDC prefers silence his choice. But he said, as reported Challenges, for example, it has been against the division of the discounter Dia Carrefour Group, at a meeting that was one of the roughest of the season.

The ACOSS, the umbrella organization responsible for collecting Urssaf social security contributions from businesses, released its annual report. The balance sheet shows a 10% increase in the amounts recovered through adjustments made during the year 2010. More than one billion euros (1.023 billion) have been recovered from the companies.

Black labor, professional fees undeclared exemptions from incorrect, contribution rates are the cause erroneous adjustments. Pierre Burban, president of ACOSS, questioned by the quotidienLes Echos, is however clear that this increase does not mean that companies have defrauded more. "If amounts are recovered record to fund Social Security is that the controls are more effective," says he.

Undeclared work is the priority

Last year, the 1550 inspectors and 220 inspectors have examined past 43 billion euros in contributions, a total of more than 260 companies were inspected milliards.37.000. The organization's priority is the fight against undeclared work. This resulted in adjustments of 185 million euros, or 42% more than in 2009, and three times more than five years ago payday loan. In this mission, the Urssaf are supported by the Labour Inspectorate, the tax authorities, police, gendarmerie and customs. And since 2009, the tools available to collectors contributions have expanded. The Urssaf can now cancel enjoyed exemptions from a company caught in the act of undeclared work. They can also apply standard adjustments.An arsenal that has helped raise 39 million euros in 2010.

In addition to the black, the adjustments involved in the errors and abuses of exemptions on low wages overwhelmingly, but also overtime, in the free zones. In almost half of cases, adjustments are made for the company … because the annual report also states that 214 million euros of overpayment were made to businesses.

According to the report, the amount of adjustments should continue to grow in 2011. The Urssaf have indeed received instructions from the Ministry of Labour: at least 190 million euros this year will be recovered only for adjustments related to illegal work.

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The NYSE was struggling to find a clear direction at the opening Friday, the day after net gains brought by the agreement reached in Europe on debt and as the market digested a series of results: the Dow Jones lost 0, 21% but the Nasdaq gained 0.25%. The Dow Jones Industrial Average gave 27.09 points to 12,697.32 points while the Nasdaq, dominated by technology, taking 6.98 points to 2841.41 points. The broader index S & P 500 fell by 0.04% (or 0.52 points) to 1343.28 points.

On Thursday, the New York Stock Exchange ended sharply higher Dow Jones gained 1.21% to 12,724.41 points, its highest closing level in over two months and the Nasdaq 0.72% to 2834.43 points .The broader index Standard & Poor's 500 rose 1.35% to 1343.80 points.

The announcement of a concrete agreement on the plan of aid to Greece, made shortly before the close of the U.S. market, has largely contributed to the surge in indices. In the U.S., investors remained optimistic despite the denial by a spokesman for the White House, press reports that a market was about to be reached with the Republican chairman of the House, John Boehner, to raise the debt ceiling. At 12 days of the deadline set by the Treasury, the Democratic leaders of the House of Representatives and the Senate have found for nearly two hours the president Barack Obama to the White House. The rating agency Standard & Poor's reiterated Thursday that there was a chance that two lower sovereign rating of the United States within three months.The downgrade could occur "possibly by early August" and could be "one or more notches," says the agency.

On the foreign exchange market, the overall relaxation of the Greek fire, which had once benefited the euro last Thursday, however, did not have a lasting impact on the European currency was stable against the dollar on Friday. At mid session on European markets, the euro was worth 1.4412 dollars, against 1.4417 dollars on Thursday night. In the wake of the announcement of the plan, the euro reached a peak Thursday at 1.4443 dollar. In terms of oil, oil prices start rising, supported by a European, but also by the announcement of the International Atomic Energy Agency (IEA), which has no plans to release a reserve again strategic.In morning trading, a barrel of "light sweet crude" took 28 cents to 99.41 dollars, after crossing at the meeting yesterday the 100 dollars. That of Brent North Sea took 23 cents to 117.74 dollars.

New round results

On the macroeconomic front, no major indicator is expected across the Atlantic. Investors should pay close attention to the results of the day. Starting with those of computer giant Microsoft has managed to achieve an increase of 23% of its annual net profit to 23.15 billion dollars, even though he suffered a slowdown in the IT market, felt by its flagship, Windows programs. The fourth quarter of fiscal shifted from Microsoft, completed June 30, exceeded expectations, with a 30% increase in net income to 5.87 billion billion.The turnover has meanwhile increased by 12% during the year to 69.94 billion dollars, including 17.37 billion dollars last quarter alone (8%). the title loses 1.93% to 25.87 dollars.

For its part, the U.S. manufacturer of AMD microprocessors without CEO since January, announced Thursday after the close of Wall Street have made a profit of $ 61 million in the second quarter against a loss of 43 million a year ago, to sales down 5%. The title takes off from 12.62% to 7.33 dollars.

Also note, the U.S. investment bank Goldman Sachs (0.07% to 135.67 dollars) has won a legal victory against the Australian investment fund Basis Yield Alpha Fund failed (BYAF) who accused him of have made a mistake in selling him a financial risk before the financial crisis.A New York judge has in fact refused to hear the complaint, citing a recent decision by the U.S. Supreme Court which ruled that U.S. laws on financial products do not apply to transactions made abroad.

The U.S. maker of memory cards Sandisk recorded 1.37 billion of revenue in the second quarter of this year, including 248.4 million dollars in net profits. Numbers higher than analysts' expectations. The title earns 7.73% to 44.82 dollars.

The pharmaceutical company Bristol-Myers Squibb (-0.32% to 29.46 dollars) announced Thursday that it has agreed "final" for the purchase of specialist treatments fibrosis Amira, a sum of up to 475 million. Under the agreement, BMS will acquire the entire share capital of Amira, which is not publicly traded, for $ 325 million in cash.Additional payments of up to $ 150 million could be made depending on the performance of the products currently developed by Amira.

The wiretapping scandal that is the empire of the waver media magnate Rupert Murdoch could seriously undermine the financial health of News Corp.. The rating agency Standard & Poor's has placed under surveillance the note of media group, currently BBB +. Investors welcomed this decision: As News Corp, which lost 4.32% yesterday even on Wall Street rebounds on Tuesday morning at the Sydney Stock Exchange, gaining 2.75% in mid-session.

Standard & Poor's is concerned about "the increased risk associated with the activities and reputation (the group) while the legal extend." The financial consequences of the scandal is already heavy for News Corp, which had to abandon his flagship project of redemption of all of the satellite channel BSkyB.And the rating agency believes that a tarnished reputation "may scare off customers or future, to lose opportunities and divert attention from the leaders." Now that reputation has been affected by "the amplification of the legal proceedings in Britain and the pressure from U.S. lawmakers for an FBI investigation," said the rating agency before turning to the resignations and the convening of several leaders for a hearing by the British Parliament on July 19.

In addition, the group management may be altered. According to Bloomberg, the Board would discuss the replacement of Rupert Murdoch as head of the group, despite the support the manager confirmed yesterday by a director, Tom Perkins.The Wall Street Journal yesterday, the CEO and founder of News Corp is considering himself to let go of the reins of his company for more than a year, giving way to Chase Carey, the current chief operating officer of group. The departure of Rupert Murdoch has also become a struggle for the collective LulzSec hackers, who hijacked last night a page of the website of Sun, directing users to a hoax article-which announced the death of the boss of News Corp.

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Today, Genevieve Lethu almost a pioneer. It's been almost ten years since the specialist tableware decided to repatriate most of its production in France. The group did not wait for the rising costs of transportation and wage inflation that affects a part of Asia to relocate its production in France and Europe. While 40% are still manufactured in Southeast Asia in 2002, this proportion has now dropped to 9%. Aim of the operation to improve the quality of its products.

According to Edmond Kassapian CEO Genevieve Lethu and origin of this strategy, the manufacturing conditions in emerging markets were no longer satisfactory. "We see a lot of flaws too: for example, the colors were sometimes not good.Moreover, China does not always meet the hygiene standards required by the manufacture of kitchen utensils, "said he. Three or four people were paid full-time, just for the after sales service. Manufacturing defects that the company, positioned on a medium-high-end, could not pass up. With a significant portion of its customers for export, being a French brand was not selling enough. "Our customers are demanding products made in France, not South-East Asia," said Edmond Kassapian.

Especially these failures were added to other problems. "Our own suppliers copied our collections to sell at lower prices," recalls the CEO. Occur in Asia also means longer production lead times, which complicate inventory management.In addition to transport by ship, which takes about two months, the status of "world factory" in China in some areas it is a work organization to lean. In this context, start or restart a production cycle requires a waiting period of up to six to eight months.

Model difficult to transpose

By bringing back most of its production in France, Geveniève Lethu won as responsiveness and quality. But this shedding was not built without problems. "Finding plants in France and Europe that can ensure our production has not been an easy task. Invest in tools, machinery was necessary. The repatriation was ultimately effective only from 2004-2005, "said Edmond Kassapian.Despite the cost of transportation and the "huge mess" deplored by the specialist tableware of its products made in China, produced in France is generally two to three times more expensive.

Why the model Genevieve Lethu is not easily transferable. "Some activities simply can not be relocated. Products requiring significant labor to manufacture or those who stand out from the competition will cost products in Asian countries. Our relocation was only possible because we are positioning ourselves in the middle and high end because the argument made in France for us was a selling point, "Edmond analysis Kassapian.

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This time, the Fininvest will have to pay. The court sentenced him on Saturday appealed the group owned by Silvio Berlusconi to pay 560 million euros in the CIR group, owned by Carlo de Benedetti. The judges of the Court of Appeal of Milan have found that control of the publisher Mondadori, obtained in 1991 by Fininvest, to the detriment of the EIF through a favorable court decision, was made possible by the corruption of judge and lawyers involved. In 2007, the Criminal Justice had issued a similar notice, including the judge sentenced Vottorio Metta was stationed in nearly three years in prison.

On appeal, the Milan judges, however, reduced the magnitude of the financial penalty, determined in the first instance to 750 million euros.Unlike 2007, the decision will also be immediately enforceable: Fininvest will address 560 million euros in damages without waiting for the trial to the Supreme Court that the group should seek. "Our lawyers are already beginning to study the complaint," has indeed responded Marina Berlusconi, the eldest daughter of the Head of Government and president of Fininvest. This assesses the amount of the penalty "to double the participation of Fininvest in Mondadori."

Electoral setback and legal troubles

The Cavaliere had nevertheless worked hard to save the payment of such penalty to the group. Approaching the verdict, he did not hesitate to try to vote by Parliament an amendment to the Civil Code suspending sanctions in excess of 20 million euros on appeal, until the final decision of the court of Cassation.A measure to be adopted in the Bill ratifying the austerity plan. Faced with the outcry in the opinion of this measure, the Cavaliere has this week backed down.

This decision is more bad news for the chairman, who combines political defeats in recent months and legal troubles. Also implicated in the "Rubygate" Silvio Berlusconi suffered a severe mid-June electoral setback. The Italians have indeed overwhelmingly (over 94%) rejected four bills proposed by his government and put to a referendum: one devoted to the construction of new nuclear power stations, one on the privatization of water management by municipalities, and two providing legal immunity of ministers and the chairman of the board. Silvio Berlusconi, who announced Friday he would not stand in 2013, probably did not finish with the law.

After the accident nucléraire Japan March 11 Fukushima, who questioned the safety of nuclear power in the world, Areva intends to secure its investments by standing as a major player in offshore wind Thus, the group NUCLEAR he announced Wednesday morning that it has signed a strategic partnership with Iberdrola Renewables, a subsidiary of Spanish giant Iberdrola and world leader in offshore wind to meet the tender just launched by the French government. The project, detailed by Nicolas Sarkozy last January after being repeatedly postponed, for the first phase is to establish 600 wind turbines with an installed capacity of 3,000 megawatts (MW) in France. In 2020, Nicolas Sarkozy has described the goal of 6000 MW of offshore wind, or 1200 units to be built.The specifications of the tender will be published in July, two months behind schedule.

"Areva and Iberdrola are two major areas of the five selected for the first phase of the tender," said the French group said in a statement, without giving further details. The five development zones are located on the Atlantic coast and the Channel, between Saint-Nazaire (Loire-Atlantique) and Tréport (Seine-Maritime) easy pay day loans. According to the newspaper Les Echos, the areas of Saint-Brieuc and Saint-Nazaire are cited, and the two companies together produce between 500 and 750 MW of capacity. In addition, a construction group should join them "very soon".If the alliance was successful, Iberdrola Renewables will develop the project as it does in Germany or the United Kingdom while Areva exclusively manufacture and supply of wind turbines of 5 MW.

Recently, GDF-Suez and Vinci jointly responded to the tender which is a whole of 10 billion euros for zones of Dieppe-Tréport, Fecamp (both in Seine-Maritime) and Courseulles -sur-Mer (Calvados). While at the beginning of the year, Alstom and EDF Energies Nouvelles announced together to meet all of the tender.

This announcement could be the last made under the direction of Anne Lauvergeon whose term expires June 30 Luc Oursel then take the head of the Executive tomorrow, Thursday.

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