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admin — Tue, 29 Nov 2011 04:04:13 +0000

Statistics show every day a little more clearly the growing problem of financing faced by banks in the euro area. The phenomenon is not confined to institutions based in the peripheral countries, but won the heart of Europe, reflecting the closer and closer bond between the state debt crisis and the situation of the banking system.

To date, the year 2011, European banks had to repay 888 billion dollars to creditors (all types of bonds combined), but they could borrow 744 billion dollars over the period, reveal Figures released by the firm Dealogic. A gap of nearly $ 150 billion that masks a number of phenomena. On the one hand, banks that can accumulate "cash payday loans direct lenders."On the other, those, more numerous, which are structurally borrowers must find ways to bridge the gap between what they need and what they can take to prevent the liquidity crisis, that is, ie the default.

The first solution is the European Central Bank, which opened more widely its counters. Heavily used by institutions Greek, Irish and Portuguese, these facilities are also becoming critical to institutions whose country of origin still have access to markets. Spanish banks borrowed 86.2 billion euros at the ECB at the end of October (7 billion more than at the end of September).

Suez aims to build on the water market

admin — Tue, 22 Nov 2011 15:24:23 +0000

"Change Model" has become a leitmotif in the Lyonnaise des Eaux, a subsidiary of world number two services to local authorities, Suez Environnement.

"Our proposals meet the shared view that we must reinvent the governance of water, take into account environmental and social issues and meet the high demand for information from citizens," said Philippe Maillard, the new head of the Lyon water, which presents on Tuesday, the Congress of Mayors of France, the "contract for water security."

After the turn made by Paris in 2010, several cities are planning to remove the water management to private operators to switch to public ownership. Bordeaux switch soon. Evry, Lyon and Lille are wondering.

admin — Fri, 04 Nov 2011 19:28:10 +0000

The Financial Stability Board, responsible for coordinating global financial regulation, announced Friday on the sidelines of the G20 is a list of 29 banks deemed "systemic". In other words, they are major financial institutions worldwide, which by their size or nature of their activities, are likely to destabilize the world in case of bankruptcy.

It's a surprise, as many as four French banks are listed: BNP Paribas, Credit Agricole, Societe Generale and BPCE. Including Dexia, the Franco-Belgian bank in difficulty, the quota is the tricolor represented after the eight listed U.S. banks, JPMorgan and Wells Fargo, to Goldman Sachs. Are also four British, three Japanese, two Swiss, or an Italian bank (UniCredit) and Spain (Santander).Bank of China, finally, is the only Chinese bank to integrate this "elite" of fat.

These institutions, the list will be reviewed annually, will be subject to increased surveillance by the regulators. In particular, they will be more capitalized than their competitors. While the Basel Committee requires hard capital ratio of 7% for all banks, these institutions must show systemic 1.5 to 2.5 points of additional ratio by 2019. The exact level will be set for each speaker in 2014.

Pay the piper

This is for the authorities to break this hellish dynamic in which the banks seek to become ever larger, more complex, with no risk to it since at the end is always the taxpayer who pays the pieces.

S & P examines the threats to the AAA of France

admin — Sat, 22 Oct 2011 07:28:09 +0000

While central bankers of the euro zone must meet this weekend to try to establish the foundation that will emerge from the crisis, Standard & Poor's already considering the worst. The rating agency has in fact simulated for several European countries, a "worst case scenario" based on a relapse into recession. If such an economic downturn were to occur, what the IMF is already considering, then the rating agency's estimation, several notes of sovereign debt could then be degraded, including that of France. She stresses, however, that "no degradation or put under surveillance of AAA French is considered for the moment."

Accuracy that allows Standard & Poor's to stand out from its counterpart Moody's, which launched a few days ago warning of a possible future revision of his opinion of the French debt.Fitch has also distanced itself from Moody's, ensuring that it does not intend to degrade the rating of France.

Without growth, no AAA rating for France

S & P has built these "stress tests" on sovereign debt from two batteries of different assumptions. In the first scenario, it assessed the impact of a relapse into recession. In this case, France could see its rating downgraded from AAA to AA +, because of lower tax revenues.

In the second scenario, which provides a relapse into recession coupled with a shock on interest rates, then the note of the French sovereign debt could be lowered by two notches.The notes of banking groups could also be revised.

"The soaring deficits and the recapitalization of banks will weigh heavily on the indebtedness of countries in the euro area," said the head of credit analysis in Paris, adding that "the credit quality of the countries in the euro area will thus be deeply damaged. " The rating agency also said it will adjust its ratings depending on the extent of the downturn on the Old Continent.

For now, the assumption of a recession in the countries of the euro area is not the scenario preferred by S & P, which focuses on growth of between 1% and 1.5% on average for 2012. This is not the case of Fitch."The intensification of the crisis in Italy, Spain and other countries in the euro area under pressure, is expected to generate a recession," says David Riley, head of credit ratings of sovereign debt at Fitch.

Third Session of the CAC 40 increased

admin — Fri, 16 Sep 2011 01:40:11 +0000

The Paris Bourse finally returns to the threshold of 3000 points. On Thursday, the CAC 40 closed up on 3.27% to 3045.62 points. Other European markets follow the same path: Milan ended up 3.56%, 2.11% from London, Frankfurt and Madrid from 3.15% to 3.63%. Wall Street was also in the green fence at the time in Europe.

Investors seem reassured by the willingness of European leaders to develop concrete actions to leave the eurozone its difficulties. Among them is the establishment of an agreement in principle to toughen the Stability Pact and fiscal discipline common in the EU, which provides for sanctions for countries that would leave too lax spinning their deficits. Another reassuring element: the willingness of German and French leaders to avoid an out of Greece in the euro area and the Greek government's determination to break the budget impasse.

Brazil and Russia have also said they were considering a support action. While international solidarity is organized to support Europe, Christine Lagarde since Washington recalled the need for world leaders to "common front" to avoid falling into a global recession will spare "person business card."

These statements on the euro area, combined with bargain hunting, did overshadow the release of mixed U.S. indicators (including the employment front) and European (growth on less-than-expected expected in the second half).

Side values, the banking sector was further illustrated by a sharp rise. Operators have particularly appreciated the decision taken by the central banks of the richest countries to take concerted action to expand the supply of banks in dollars.BNP Paribas is the largest increase in the ACC (13.38% to 30.50 euros). It is followed by Natixis (7.12% to 2.49 euros), Axa (6.49% to 9.89 euros), Credit Agricole (5.89% to 5.52 euros) and Societe Generale ( 5.44% to 18.33 euros). The area was not affected by the announcement of the massive fraud that hit UBS.

Another day value, LVMH, which climbed 3.44% to 115.65 euros after announcing choosing Jordi Constans, come to Danone, to succeed Yves Carcelle at the head of Louis Vuitton in 2013.

Uncertainty dominates new markets

admin — Wed, 14 Sep 2011 11:00:13 +0000

Like its previous meeting, the hectic day ahead of the Paris markets. After opening sharply lower (-1.28%), the CAC 40 is pressed into the green, gaining 0.59% to 2911.87 points. In the morning, Moody's announced degradation by Moody's debt to Societe Generale and Credit Agricole. BNP Paribas, meanwhile, is kept under negative watch by rating agency. The agency kept under review with negative implications the long-term rating and deposits "Aa2". The uncertainty is still required on other European financial centers: the Frankfurt Dax loose 1.13% to 5131.48 points, the Madrid Stock Exchange lost 0.73% to 7777.3 points, the FTSE Milan Mib down 2.19% at 13,571 points, and the London FTSE-100 down 0.31% to 5157.85 points.

"This is a meeting of all the dangers that will open.The news of banks is particularly rich and the market will excuse the slightest spark to plummet again, "said one Paris-based analyst who requested anonymity told AFP. For his part, Christian Noyer judge that the situation of these banks is not likely to deteriorate further.On RTL, the governor of the Banque de France as well as Judge Moody's announcement is "a relatively good news", "French banks maintain an excellent rating and have the same level as the major European banks." It is the even Jean Leonetti: French Minister for European Affairs estimates that French banks are not in danger, considering the speculation responsible for the "excitement" today.

Beijing expected at the turn of the Italian debt

Moreover, markets are awaiting a decision from Beijing to buy-or-no Italian sovereign debt, "China will continue to increase its investments in Europe," said Premier Wen Jiabao, the opening of "Summer Forum" Davos in Dalian (north-east) on Wednesday.But he is hopeful that the leaders of major European countries consider their relationship with courage to China a strategic point of view. "

Another new fueling hopes of a crisis: the five emerging BRIC (Brazil, Russia, India, China, South Africa) should discuss next week the opportunity to help the European Union by increasing their holdings of bonds denominated in euros.

Still on the debt of Athens, the Greek Prime Minister George Papandreou, French President Nicolas Sarkozy and German Chancellor Angela Merkel hold a conference call tonight to find a solution to the crisis. The meeting comes as fears or rumors speak out about the bankruptcy of Greece.After having set fire to the powder Monday citing the possibility of a default in Athens, Germany has tried to calm things down Tuesday by stressing, in the words of Chancellor Angela Merkel, that everything was done to prevent a collapse of Greece.

The euro declined against the dollar

On the macroeconomic front, the figures for industrial production in the euro area are expected. In Britain, unemployment figures for August will also be published.

United States, who saw their deficit increase again this summer, the figures for retail sales and producer prices for August will be announced early afternoon.Like stocks and sales of businesses, as well as the weekly inventory of crude oil guaranteed high risk personal loans.

On the foreign exchange market, the euro was down again this morning against the greenback at 1.3637 dollars, against 1.3682 dollars in New York the day before. The single currency also weakened against the yen at 104.81 yen against 105.19 yen yesterday in New York. The yen was also stable against the dollar at 76.86 yen to the dollar against 76.88 the previous day.

Oil prices were also down Wednesday, as markets always worried about the debt crisis in the eurozone and a possible bankruptcy of Greece, analysts said. In early electronic trading, a barrel of "light sweet crude" for delivery in October lost 71 cents to 89.50 dollars per barrel of Brent North Sea crude for October delivery 9 cents to 111.80 dollars."With the danger hovering over the Greek market, prices are highly volatile, very nervous," said Nick Trevethan, commodities analyst at ANZ Research in Singapore.

Values to follow

• Banking

Following the deterioration of Moody, the banking sector should be particularly under the spotlight for this session, with the front line Societe Generale (-2.09% to 17.52 euros) and Credit Agricole (3.14% to 5.31 euros). Maintained under negative watch, BNP Paribas (-3.64% to 26.98 euros) also said Tuesday it had asked the AMF to open an investigation after information on the liquidity of the bank published in the Wall Street Journal.In addition, BNP Paribas will reduce the size of its balance sheet of about 10% by the end of 2012 and expects to achieve a capital adequacy ratio of 9% under the new banking regulations of Basel III soon 1 January 2013, the French bank said in a presentation document. Societe Generale and Credit Agricole.

• Areva (-1.90% to 20.60 euros)

EDF prepares to place an order for more than one billion euros in the nuclear group Areva for the purchase of 32 steam generators, Le Figaro said on Wednesday.The choice of Areva will be endorsed on Sept. 28 by the Board of Directors of the electrician needs to change 32 of its 44 steam generators in its power to 1300 MW.

• Renault (-0.14% to 24.81 euros)

The manufacturer wants to improve its stock market value and change the structure of the alliance with Nissan is not the main lever to get there, told Reuters the CEO of Renault, Carlos Ghosn, the car show in Frankfurt. He also said the group looked for ways to adjust the structure of the Renault-Nissan.

• Vinci (0.47% to 31.81 euros)

The group won a contract worth 108 million euros for the construction of systems of wastewater treatment in the Dominican Republic.

• CNP Assurances (0.44% to 10.29 euros)

The Standard & Poor's said Tuesday night that confirmed the rating of "AA-" from the French insurer.

• Club Med (2.66% to 12.15 euros)

The leisure group has published on Wednesday sales down slightly in the third quarter, its activity has been particularly impacted on travel to Morocco, Tunisia and Egypt, against the backdrop of geopolitical turmoil. Turnover fell by 1.9% in third quarter (-0.3% at constant currency) to 323 million euros.

Banks: Christine Lagarde tries to extinguish fire

admin — Mon, 12 Sep 2011 01:05:01 +0000

The health of European banks worried. So much so that the question of nationalization resurfaces. The possible bankruptcy of Greece and the contagion to Spain and Italy that would result are panicking investors who continue to attack for several days bank stocks. Since the beginning of the year, BNP Paribas, Credit Agricole and Societe Generale have lost between a "large" third and 60% of their stock value. On the first day of September, the losses of the three titles are respectively 17.45%, 22.33% and 27.69%.

The fault, among other things an IMF report indicating a need for 200 billion euros for all European institutions. And, two days after the executive director of the institution, Christine Lagarde, has said that banks needed an "urgent recapitalization."Statements that had caused an outcry among European officials. On the sidelines of G8 was held in Marseille on Saturday, the former Minister of Economy and Finance held to explain the 200 billion euros. "This figure was included in a draft document and did not reflect the final estimate of the IMF, she said. This is not a stress test conducted by the IMF. " He added: "This is not the overall need for capital for European banks." As acknowledged by the President of the European Central Bank, Jean-Claude Trichet earlier this month.

The dissenting voice of the German finance minister

But Christine Lagarde acknowledged that differences still exist between the IMF and ECB experts on the methodology to achieve the quantification of the capital requirements of banks.The final decision of the IMF should be in the final report, whose publication is expected by the end of September. The difference analysis between the IMF and the Europeans based in part on how to account for the value of government bonds of countries at risk in banks' balance sheets. The Anglo-Saxons are in favor of the idea of using their market value, while the Europeans prefer to use internal models are less sensitive to changes in short-term securities.

Meeting in Marseille on Friday and Saturday, finance ministers from the euro zone wanted reassurance on the European banking system, swearing that he will not go bankrupt. All? Not a voice was more concerned desired. That of the German finance minister, Wolfgang Schäuble, who would, according to Spiegel, already developed a plan to prevent the bankruptcy of Greece.

Deezer continue to spread the Universal catalog

admin — Tue, 06 Sep 2011 07:56:16 +0000

Deezer has won a round in the standoff between the site of listening to music online in the first world producer of music, Universal Music. For several months, Deezer available on their website from the stable of artists Universal, Lady Gaga, Justin Bieber, … Rihanna – without renewing his contract with the record company. The reason? Anxious to push users to pay for music, Universal Music wants to listen to a repeat title is limited to five, beyond what digital music lovers will have to pay. Stress too important to Deezer, which peaked in June, listening to music on the overall site to five hours per month.

Failing agreement, Universal Music France has turned to justice. For the subsidiary of Vivendi, Deezer is guilty of infringement. On Monday, the judge of the Tribunal de Grande Instance of Paris has decided otherwise and dismissed Universal.For justice, Deezer has "sufficiently established in the interim stage the possibility that the company Universal Music France has committed an abuse of dominant position which has the effect of depriving the bans based on the copyright it claims ". Thus, the court allows Deezer, which Orange is a shareholder at 11%, to continue to operate free catalog of Staff … "In conditions that were not accepted by Universal," Vivendi's subsidiary storm, with Deezer attack now on the bottom.

Find a deal

"This decision clearly express the idea that we have several models on the French market for it to grow, said Axel Dauchez his part, Director General of Deezer. Furthermore, it can not be any different solutions for each producer. "Satisfied with the decision of the court, he readily admits that the Universal catalog is "essential to the existence of Deezer" and he'll have to reach an agreement. A fortiori Deezer while preparing its international expansion. In 2012, France could be less than half the income of the start-up. It opened an office in England and is expected to announce the launch of its service in the coming days. The French experience is not foreign. In addition to tickets sold in packages Orange (1.1 million), claiming in effect Deezer 100,000 subscriptions sold directly from that listening is limited to 5 hours per month. "With success, it is logical that we seek to replicate it abroad," said Axel Dauchez.

The CAC 40 ended down 1%

admin — Fri, 26 Aug 2011 19:48:15 +0000

New tough session in Paris. After opening close to balance (-0.11%), ACC widened its losses in the afternoon, in response to the speech from Fed chairman Ben Bernanke. The index rose from 3045 to 3015 points in minutes. But investors quickly resumed: a comprehensive plan was not finally ends probable.Le CAC down 1% to 3087.64 points.

Earlier, the index feature of the Paris market was disappointing not welcome the publication of the second estimate of U.S. GDP in the second quarter. It rose 1% annual rate over the previous three months, said the Commerce Department, revising and down 0.3 points his first estimate of growth in the spring published in late July.Analysts had forecast a less pronounced rate revision, to 1.1%, according to their median forecast.

In Frankfurt, the Dax-30, very bumpy this week limit case and ends with a drop of 0.84% to 5584.14 points after losing more than 3% in séance.À the London Stock Exchange, the FTSE- 100 finished virtually unchanged: it loses 0.02% to 5129.92 points.

Over the whole week, the ACC is, however, more than 2%, reversing some of its heavy losses last week.

Fed pushes to place an ad in September

Highly anticipated speech of the President of the U.S. central bank, Ben Bernanke does not reassure investors. In fact, Ben Bernanke has pushed the September announcement of concrete measures to support the U.S. economy. The central bank is expected to meet more fully next month, he indicated, to "discuss more fully" in the policy.Ben Bernanke also called on U.S. lawmakers to take fiscal stimulus, saying they have more flexibility than the institution.

As for currencies, the euro lost some ground against the dollar after the speech of Ben Bernanke. Around 16:30, the European currency was worth 1.4359 dollars against 1.4441 to 15 hours. As for the oil markets, a barrel of Brent North Sea crude for October delivery was trading at 110.72 dollars on the Intercontinental Exchange (ICE) in London, up 10 cents while the New York Mercantile Exchange, a barrel of "light sweet crude" (WTI) for the same maturity lost 25 cents to 85.05 dollars.

In the euro area, regardless of major macroeconomic news.This morning, the companies manufacturing have revised their forecasts down slightly investment for this year and expect a 14% increase (against 15% previously) online payday loan lenders.

The bank's head Cac 40, Peugeot sinks

Essilor International: -0.30% to 52.97 euros

Essilor International in the first semester a turnover of 2.06 billion euros, up 6.9%, the band announced via a press release issued in the edition of Les Echos to appear Friday.

Financials

The ban on short selling financial stocks on Thursday was extended to France, like Italy, Spain and Belgium, and the Financial Markets Authority (AMF) said it would review its position by late September.

This decision only briefly managed to reassure investors.If this decision technique to limit selling pressure on the sector, it does not address the fears that persist on European banks and their exposure to countries in need. After posting the largest gains of the Paris stock in early trading, financial stocks are once again very attacked: Societe Generale lost 2.82% to 21.33 euros, BNP Paribas was down 2.33% at 33, 56 euros, Credit Agricole down 1.41% to 6.419 euros while Natixis closed the show the worst performance (-4.51% to 2.686 euros).

In an interview with Le Figaro, the CEO of Crédit Agricole (-1.41% to 6.419 euros) said the group had "significant cash reserves" and "has no difficulty in financing" .

Conversely, other cyclical stocks, car manufacturers, will gradually take after opening the largest declines in the Paris stock exchange.Peugeot (-0.62% to 19.36 euros) which bought between 12 and 22 August last, about 2% of its capital amounting to 92,010,000 euros, folds to 2.03 %, to 19.01 euros. Renault wins its 0.46% to 26.32 euros.

Total: -0.73% to 32.5 euros

Total expected to present a reorganization in the fall of scale of its operations downstream, with a planned merger of its refining and petrochemicals, according to Les Echos, citing union sources.

As for oil, prices were mixed Friday morning during electronic trading in Asia, in a sluggish market, before the highly anticipated speech of the head of the U.S. central bank (Fed).In morning trading, a barrel of "light sweet crude" for delivery in October gave 10 cents to 85.20 dollars per barrel of Brent North Sea crude for October delivery took 19 cents to 110.81 dollars.

Note that APRR and Bel Cheese (1.24%, to 163 euros) will publish their interim results after market close.

Wall Street could open sharply higher

admin — Tue, 23 Aug 2011 13:52:12 +0000

The U.S. stock markets may well wake up so brutally that they fell asleep. Shortly before their opening on Tuesday, the markets were indeed approached up slightly after the day gleaned 0.34% for the Dow and 0.15% for the Nasdaq. The index futures Standard & Poor's 500 and Nasdaq 100 rose by 1.66% to 1141.90 points and 2076.50 points to 1.50%. The Dow Jones was waiting for his part in an initial advance of 1.41% to 11,000 points.

New home sales for the month of July in the United States are known to 16 hours. They are expected at 310,000 according to a consensus of analysts against 312,000 previously. This will be the only macroeconomic indicator on the agenda Tuesday.If others will be announced in the coming days, investor caution, but market volatility, however, should remain in force throughout the week until Friday.

That day, in fact, speak the chairman of the Federal Reserve, Ben Bernanke. Speculation is rife, some still hoping that it will decide a third monetary easing to support the U.S. economy. Will also be unveiled for the second estimate of U.S. GDP for the second quarter.

Banks and investment funds turbulent agitated

As for values, it will be interesting to see if the securities of the banking sector managed to recover. The meeting this Monday night has been very rough in New York, the indices have again been a roller coaster free 3-in-1 credit report.If technology stocks have bounced back, supported by investors looking for bargains, banks have suffered greatly, however. These are the titles of the financial sector that weighed most heavily on the DJIA. Bank of America has yielded 7.9% on rumors of capital increases.

News is expanded on the side of investment funds. The investment fund Cerberus and its partner Chatham Lodging Trust and have informed the United States real estate company Innkeepers Trust (Marriott franchise) they did not buy the walls of 64 of its hotels in the United States. The transaction, amounting to $ 1.1 billion, was announced in May.

The investment fund Jana Partners in New York and the pension fund Ontario Teachers Pension Plan, shareholders of the publisher McGraw-Hill, for their part, state recommend a separation of the group.The two investors, who had announced in early August have acquired a total of 5.2% of the capital, advocated in a paper presented to the authority of the U.S. equity markets (SEC) that the group split its divisions Education, Information and Media and stock index Standard & Poor's.

Finally, on the front of mergers over the world stock markets, the Committee on Foreign Investment in the United States (CFIUS) approved on Tuesday the merger of NYSE Euronext and Deutsche Börse, which should give birth to the first exchange operator world.