Sundial of world news

The CAC 40 has struggled to define a trend on Friday. The meeting has been volatile, rising succeeding downward and vice versa. Halfway through, the ACC showed an increase of 0.54% to 3619.85 points after opening down 0.13% to 3595.66 points. Before switching to newcomer to build in the red to 16 hours under the 3600 points. Finally, ACC closed with a gain of 0.18% to 3607.05 points.

Elsewhere, the indices have evolved piecemeal. The London Stock Exchange, which opened down 0.37%, ended on a note steady at 5312.62 points. The DAX index of the Frankfurt Stock Exchange, which had also started the session on a decline of 0.27%, finished with a gain of 0.39% to 6166.34 points.The Madrid Stock Exchange, where banks are under pressure as the newspaper El Pais said in its edition today, regaining ground with a rise of 1.07% against -0.54% in early trade.

The waiting game surrounding the publication of results of stress tests of European banks calls for caution investors. On the currency markets, the euro back a bit against the dollar, under $ 1.29.

Asian markets have them selected more strongly green this morning. Yesterday, U.S. markets have done a great meeting at which time the Dow has gained almost 2%, relatively insensitive to the announcement of a surprise increase in weekly unemployment registration.

Consumption of French decline

In terms of macroeconomic statistics, the session looks very calm.No major indicator is expected in the United States.

In France, the French household consumption of manufactured goods fell 1.4% in June after the previous month was supported by purchases of televisions before the World Cup, according to figures published by INSEE before the opening markets. Throughout the second quarter, it shows a decrease of 0.9% after falling 1.9% on the first three months of the year. Analysts on average expected a rise of 0.2% in June

INSEE also believes that the request to industry has increased significantly in the second quarter but is expected to decline in the third.The balance measures the views of industrialists on the past evolution of aggregate demand was 9 in the previous survey in April to 17 in July, and 4-14 for foreign demand.

In Germany, business climate has improved significantly more than expected in recent weeks. The Ifo index rose to 106.2 against 101.2 in June (revised from 101.1 in the initial estimate) last month. Economists and analysts had expected decline to 101.6.

TF1 jumped after its results

Stress tests, however, occupy the banking sector.BNP Paribas (-0.06%), Societe Generale (+0.08%), Credit Agricole (-1.11%) and Natixis (+0.10%) are unsure about what direction to take.

Moreover, the markets will again this session to analyze several quarterly publications:

TF1 (6.41% to 12.45 euros) announced before market advertising revenues up 11% in the first semester for a total turnover of 1.28 billion euros, above consensus. Net income group share was 74 million euros over the period. The objectives are significantly revised upward with a turnover in 2010 rose by 7% instead of 4%.

STMicroelectronics (-3.58% to 6.49 euros) reported Thursday a profit above expectations at 18 cents per share, with sales up 27% to $ 2.53 billion.Analysts on average expected a profit of 14 cents per share and a turnover of 2.513 billion dollars.

Pernod Ricard (-2.34% to 62.61 euros) a statement on Thursday its forecast annual operating profit thanks to the improved economic environment and its position in emerging markets.Its turnover in 2009-2010 emerged, up 2% on a comparable basis.

Ubisoft (-0.07% to 6.97 euros) issued a revenue increase of 94% in the first quarter of 2010-2011, to 161 million euros and confirmed its objective of a sales draft 160 million for the remainder of the year.

BioAlliance Pharma (0.91% to 5.53 euros) announced a record turnover of 15.2 million euros in the second quarter against 1.5 million a year earlier, after recording in April in U.S. Loramyc, headlight treatment of fungal infections in patients with oral cancer or AIDS.

As for ads, Alstom (3.73% to 38.55 euros) said it had won contracts valued at about 450 million euros for the construction of two units for a combined cycle power plant in India.

Air Liquide (1.15% to 87.78 euros) announced Friday the signing of a new contract with Russian steelmaker Severstal for investments worth 50 million euros in total.

Legrand (1.86% to 25.68 euros) Thursday announced a takeover offer for Indo Asian Switchgear India, where he produced nearly 4% of its annual turnover after the acquisition. Indo Asian Switchgea aims for 2010 sales of more than 35 million euros.

Maurel et Prom (0.53% to 9.45 euros) announced Thursday it had increased to approximately 70 million euros the amount of its issuance of convertible bonds to five years following the full exercise of the option overallotment.

European banks want to permanently remove the specter of the collapse of the banking system. Alessandro Profumo, UniCredit's boss and one of the most influential leaders in the sector, has relaunched the idea of creating a fund to rescue banks. The idea is simple: banks unite to raise funds that can then be used by an institution in difficulty.

Alessandro Profumo said that using this solution "allows one or more banks in trouble to find a quick solution and avoids any systemic risk." Deutsche Bank and Santander would be convinced by the project.In an interview with the Financial Times, the Director General of the Italian bank in advance that such funds could raise 20 billion euros in a few years no fax cash advance.

Several projects to protect the financial system have already been mentioned. Recently, France, Great Britain and Germany have called for the establishment of a tax credit which funds used to finance the rescue of an institution. However, according to Alessandro Profumo, the creation of a fund from the private sector is able to raise more money.

And initiatives to avoid another crisis are numerous. The Basel Committee develops banking sector reforms to prevent a collapse in the event of another financial crisis.Regulators, who are implementing these measures by 2O12, want to focus on strengthening the capital requirements and capital, and limit debt.

The French committee of manufacturers (CCFA) set the tone by announcing in May the first decline in the market over one year with a sales decline of 11.5% in the month of May On Thursday, the CCFA should announce at 24:01 new track to exit the sector with a heavy fall in the market about 10% in June according to preliminary figures announced by BFM. In its Thursday edition, the Parisian is a little less pessimistic and foresees a decline of 7.5%.

Throughout the first half, however, sales are expected to increase by 4% thanks to good figures at the beginning of the year. In the first quarter, the premium had already broken down, but the manufacturers had assured compensation. Result: the market had increased by 16.9%. The second quarter would be less attractive, the end of car scrapping seriously starting to feel their effects.

Renault is doing well

As for manufacturers, all the French have won market share. Renault is the one who gets the better of the game's pin manufacturer would have gained 1% market share. On June alone, its subsidiary Dacia has sold as many cars than the whole of 2009. According to Bernard Cambier, director of sales Renault France, the Sandero is indeed the best-selling car in France. In total, Dacia would hand over 5% of the French market.

As for foreign carmakers, Volkswagen resist well. Exports of German cars rose 46% in the month of May

Scrappage EUR 500

According to BFM, the prospects are not reassuring. In the second half, the reduction would be 20%. Nevertheless, the number of cars sold would be even higher CUX 2007 and 2008.For the full year 2010, the decline would be 10%.

The market expected a backlash over the second half of the year. The July 1 heralds a new drop in scrap bonus which amounts to 700 euros to 500 euros. More government aid declining, manufacturers are less able to compensate. In Europe, the example of Germany left pointing to an already difficult year-end. The country, which ended the scrappage scheme in September 2009, showed a slump of 34% of registrations in the month of May.

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Will it happen to food packaging, plastic chairs or bumper? The Federation of plastics, which brings together producers of plastic products, is sounding the alarm. "This is a situation unprecedented in the plastic. Our suppliers of polymers evoke technical reasons, cases of "force majeure" and do not honor their deliveries, "said Bruno Etienne, its president.

He complains of the total opacity surrounding the subject. In less than three months, the phenomenon has spread to most chemists. In a letter to his clients, a leading industry refers to "a situation of force majeure for a mechanical problem. A spokesman said "not able to comment in the present context," adding that the group has written to its customers and does not give more details.Rhodia did not wish either to speak on this subject, nor the Union of Basic Organic Chemistry (SCOBA). PlasticsEurope, an association of European producers of plastics, boot button: "The problem of availability of raw materials is not limited to plastics, but is much broader. Polypropylene is most affected. "

A response that plastics companies deny. "There is still some time, the European plants polymers suffered from overcapacity. They could even export to China. Does it change? "Asks Bruno Estienne. He wondered if a half-word part of European production is shipped to China, to the detriment of businesses he represents.The producers of polymers are in fact, in their majority, started in the construction of production units of polymers in Asia, but all are not yet operational. This theory has a flaw: the prices of plastics in China are structurally lower than those in Europe, where prices through May rose by an average of 70% over one year.

However, in 2009, production fell by 20% and has increased by 9% during the first four months of the year."Some factories were closed in 2009, and the groups are reluctant to reopen them," said Jean-Marc Manducher, CEO Ronax, a buying group that has identified eight cases of force majeure in a few months! In addition, the European prudential standards discourage the restart of some production units.

SMEs under pressure

"We are caught between the chemists in our principals," said Bruno Etienne, who wishes to hold a roundtable meeting to identify the difficulties currently crossed by the industry and evaluate the time needed to return to normal.

If the survival of businesses does not seem threatened, some are already struggling. One example for manufacturers of garden furniture, whose business is seasonal excellence, and whose unfilled orders will not be caught.T automobile sector is also likely to be affected, if manufacturers of technical parts (bumpers, interior trim parts in engines) are not promptly supplied.

Rating agencies have a great influence on economic policy Bercy. Baroin, the budget minister, has himself acknowledged Sunday. And what about Standard & Poor's, Moody's and Fitch of the situation in France? Will they be inclined to leave him in the coming months, the privilege of his "Triple A, the highest mark possible, attributed to a very small country?

It depends, just, future government decisions. France has suffered less from the crisis than other countries in the euro area, greet agencies. The state has dampened with crisis recovery plan and welfare. The price: a high public deficit (7.5%), which must now reduce the risk of blowing up the already high public debt.

"Such imbalances require a recovery result of public finances, especially on the expenditure side, argue analysts from Standard & Poor's said in its latest report on France from July 2009. They said the debt should represent 90% of gross domestic product in 2011, against 78% today.

The government has already announced a freeze on public finances in late May, while spending on social security should continue to increase, says essentially Moody's in his March report, "which should result in an increase of 1% per year expenditure total. An objective "not particularly ambitious," says the agency, but nevertheless "should be difficult to take, given the unsuccessful efforts to control spending in the past."

"High levels of taxation"

Rating agencies do not seem to bear the greatest confidence in France, this country has two weaknesses, "the high level of taxation, which makes it difficult for future increases in taxes [to reduce the deficit, Ed] and expenditure rigidity, "is always Moody's. A suspicion reinforced by the presidential election of 2012, which could cause "potential expenditure," said Standard & Poor's.

The Fitch welcomes, however, "the intensification of social dialogue on public finance as an important step towards reversing the broad deficit" in a commentary published on May 28 She also applauded "the change in attitude of the government that understood the importance and urgency of fiscal adjustment."

Time is running out there? In the short term, "triple A in France is not in danger," wrote Moody's, often the last of three agencies to scale down its rating. Still, the separation between the country of degradation of the note is reduced "relentlessly," she says. At the rate of excavation of the debt.

Barack Obama was not convincing, is the least we can say. Despite these reassuring words about the future of the U.S. economy, U.S. markets were closed Thursday's session, down sharply: the Dow Jones lost 1.08% and 1.30% Nasdaq loose.

The three major indexes in New York posted strong gains Wednesday.

Eight banks covered by a survey: the markets punish

The Attorney General of New York has opened an investigation into eight banks, including Credit Agricole, to determine if they had provided misleading information about their mortgages before the subprime crisis, "according to The New York Times.Goldman Sachs (-1.73% to 144.65 dollars), Morgan Stanley (-0.65% to 27.62 dollars), UBS, Citigroup (-2.15% to 4.09 dollars), JP Morgan & Chase (-2.16% to 40.79 dollars), Credit Suisse, Deutsche Bank, Bank of America-Merrill Lynch (-1.29% to 16.85 dollars) and Credit Agricole in the crosshairs.

The dollar continued its rise against the euro

The euro fell Thursday to a level that was hers before the announcement of the stabilization plan of the European Union and the International Monetary Fund (IMF).The single currency was trading at 1.2531 dollar, near its lowest level reached before the announcement of the aid plan for the euro area.

Decline in number of unemployed weaker than expected

The resurgence of the greenback is supported by the fourth consecutive decline in the number of newly unemployed in the United States, according to figures released Thursday by the Labor Department in Washington fast payday loan. The ministry said 444,000 new jobless claims were submitted from May 2 to 8, or 0.9% less than the previous week (in seasonally adjusted data).

Oil prices opened sharply lower Thursday in New York, a barrel of benchmark lost 1.47 dollars to 74.18 dollars. Wednesday crude inventories rose 1.9 million barrels to 362.5 million.Economists on average had expected a rise of 1.3 million barrels.

Contracts awarded on the prudence of Cisco

The Japanese electronics giant Sony (-5.14% to 31.53 dollars) confirmed Thursday that ended the 2009-2010 fiscal year brought a net deficit of 40.8 billion yen (312 million euros ), reflecting a return to the green on the plan of operation, through reductions in fixed costs. Sony also said Thursday that he hoped to finish the fiscal year began last April, and will be closed in March 2011, a net profit of 50 billion yen (about 400 million euros).

Cisco (-4.53% 25.53 dollars) has announced its profit jumped 63%, but its CEO said that caution was in order.

Tax policy will be one of the major challenges of the 2012 presidential. Elected representatives of the majority have realized that the crisis had substantially changed the perception of the French measures taken at the beginning of the quinquennium. In the UMP as among the centrists, parliamentarians are increasingly likely to claim "adjustments" of the tax shield in the left side, which for three years, tirelessly seeks its removal. The Budget Minister Francois Baroin, who was auditioning for the first time Tuesday by the Finance Committee of the Assembly reaffirmed the need to maintain the tax shield to send a message of "fiscal stability" for French taxpayers who chose to go abroad to save taxes.

A topic "anxiety"

But the lines are moving in the majority.Thirteen UMP deputies said they would seek in a bill, the "suspension" of the tax shield to "finance the pension reform, reduce deficits and to support people in precarious situations. Jean-Francois Cope, the owner of UMP, which remains "very committed" to this device, does more to suspend the application "for a limited time, for a visit of solidarity.

The chairman of the New Center, Herve Morin, said that the question deserves "a full debate". The deputies and senators are centrists on the issue at the forefront, and that of the ISF. Jean Arthuis, the chairman of the Senate Finance Committee, has long called for the abolition of the tax shield and the removal of the ISF, with consideration for the creation of an additional tax on income at 45%.In the House, Charles de Courson, a specialist in budgetary matters, is on the same line as the president of the centrist Alliance for the ISF. But it does not require the abolition of the tax shield. He would prefer the way the CSG and CRDS shield calculated at fixed rates, and that the CRDS is increased by 0.2% to 0.3%.

Jean-Francois Cope,, recommended the merger of the income tax, the CSG and CRDS to reduce deficits and debt, which have become a subject of "anxiety" to the French. This was the observation that the majority elected to have the opportunity of the regional campaign. Cope also agrees with a repeated request of many of the elected majority, leaving the principal residence of the base of the ISF.

After disappointing results in 2009 of Soci?t? G?n?rale, its CEO Frederick Oud?a knows waited. Both internally and externally. Vis-?-vis its troops, he has to take action. He unveiled a few days to key executives of the bank the outlines of a comprehensive transformation plan, dubbed "Ambition SG 2015" on which management has plate in the second half of last year.

Fifty sites have been identified, comprising four strands of work – customer relationships, image, operational efficiencies, staff. A strategic committee, chaired by the CEO, will meet every fortnight to confirm their advance."This is not a restructuring plan," warns the outset Severin Cabannes, deputy CEO, which states: "We expect and we adapt to changes in the environment."

A regulatory environment which strengthens capital requirements, requires the optimization of resources. It is no coincidence that, for the first time since the acquisition of Cr?dit du Nord in 1997, the bank plans to share its resources with regional gem. "We want to preserve the entrepreneurial spirit of the bank and we will associate with an industrial approach," says Severin Cabannes.

Another declared objective of the Societe Generale, the transition to a company focused on customer relations, as opposed to a counter which "push" of products.Same logic: the regulators, when calculating the liquidity needs of banks, will weigh the deposits according to the fidelity of goodwill. The challenge is even more crucial for a network that is still recovering Kerviel scandal and controversy surrounding stock options. So, at Societe Generale, a barometer of customer satisfaction is now one of the criteria for evaluating managers, next to the control of operational risk and the expense ratio on income.

Change Image

The most urgent projects such as the brand platform, the convergence of retail banking networks or approximation of systems have already been placed on the rails. "Changing the image of the bank is one of our priorities. We have already started work.The new ads end of 2010 will be marked by the change, "and warns Caroline Guillaumin, the new director of group communications.

The general direction of the Company asserts course very attentive to the additional stress involved in this challenge to its 160,000 employees. The trauma of France Telecom is in everyone's mind. "All projects will be accompanied by change experts. If we go more slowly, we'll go more slowly, "insists Severin Cabannes.

"We presented this business plan to the 1000 Ambassadors of the bank and 95% of them said they adhered to it. This shows a very strong support and I see a show real momentum around Frederick Oud?a "concluded Deputy CEO.Certainly, the bank needs to show it solidly behind his boss, when critics suggest instead a degree of uncertainty since the redesign of the staff. Vis-?-vis the outside, the long awaited day of 8 June investors will take stock of the strategy and financial outlook for 2012. The same day the trial begins Kerviel. A coincidence heavy.

The story accelerates. This Friday, the Japanese group Sharp has introduced a tiny touch screen, color, reproducing 3D videos. The big innovation is that this screen does not require glasses. A step that should be taken seriously. Unfashionable as it may eventually large screen televisions in 3D now being launched in the U.S. by Samsung and Panasonic but need to don special glasses.

However, to see the effect in relief, it is necessary to be right in front of the small screen, 30 cm apart. "We can only produce small screen in this technology. In addition, 12.7 cm diagonal. It must be well in front, otherwise the perception of 3D fade, "says Patrick Chardin, director at Sharp France. To develop its new technology, the Japanese group has improved its previous innovations.Three years ago, in Tokyo, Sharp has introduced an innovative technology which allowed three people to watch at the same time, a different program broadcast by the same TV, depending on the position of each face on the screen. Each point on the screen was broadcasting a different image depending on the viewing angle of the viewer.

According to this principle, with an image emitted for each eye, the semiconductor division of Sharp has designed its new 3D display device called an "interlaced effect. The additional cost compared to a conventional screen is not excessive.For the screen in landscape consists of a conventional LCD panel on which is placed a filter.

Nintendo

But because of its limited size for the 3D effect, "we focus on three markets: portable gaming devices, smartphones (note: mobile phones for surfing) and embedded screens, such as GPS in cars" said Patrick Chardin make quick cash.

Production should begin in September. One of the first objects that can use this technology should be the next portable game console, Nintendo 3DS, announced last week and promised for 2011. For its previous screens of the DS, sold 125 million units, Nintendo had already appealed to Sharp as a supplier.

Nintendo's next console will be presented in June in Los Angeles at E3.The Japanese group said the old games the DS can be reused on its future console. With 3DS, the group led by Satoru Iwata will take another step ahead of the Sony PSP (67 million), which was sold two times less than the DS. In addition, the CEO of Nintendo will reduce competition from the iPhone and iPod Touch which guests are on the market for portable game consoles.

Moreover, it could sell 78 million smartphones equipped with 3D screens by 2018, says DisplaySearch.For now, only one mobile is sold only in Japan by Hitachi, with a 3D effect without glasses.

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They were euphemistically called the "very high salaries." These are the 133 000 full-time employees the more lucrative private sector who have received an average gross earnings of EUR 215 600 in 2007. Three times more than the "high wages" and seven times more than all full-time employees. The heterogeneity of this category is very large: the differences in annual revenues ranging from 84 500 euros to more than 13 million.

This category of the population does not know the crisis."While they represent only 1% of the workforce, people with very high incomes receive 5.5% of earned income, 32% of income from assets and 48% of the windfall revenues reported (capital gains, exercise of options), "INSEE noted in the 2010 edition of its publication The income and household wealth.

Between 2004 and 2007, the number of employees earning more than 100 000 per year has increased by 28% and those exceeding the half-million dollars … 70%! Since 2002, wages rose an average 5.8% per annum in real terms, against a 2.3% increase for all employees on the same period. Three focus areas more than half of these very high salaries: advice and assistance (including sector "business administration" including holding companies, the group headers), financial activities and trade activities Wholesale.

West Paris in mind

40% of these very high salaries are salaried executives who earn on average 230 000 per year, 15% of financial professionals, such trader or chief of a financial service of a large company (290 000), and More anecdotally, for 0.8% of them, the athletes earning almost 450 000 euros on average per year.

Nearly nine in ten very high salaries (87%) are men. "The more you go up the hierarchy, the higher the proportion of men increases," notes INSEE estimated 6% difference in pay between male and female quotas at this level of responsibility.

Another feature related to the experience, they are older (49 years on average) than high wages (45 years) and that all employees (40 years). Only 16% of them are under 40 years.Finally, nearly one in two lives in West Paris, in the three departments (Paris, Yvelines Hauts-de-Seine) where the head offices of large enterprises.

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