Sundial of world news

Measures deemed insufficient. Farmers are almost unanimous in the result of measures announced by the Head of State yesterday in the Charente, including the provision of advances on compensation, exemptions from social contributions and deferred debt.

The President of the Republic "leaves farmers in their thirst," said a statement from Rural Coordination. "The agonizing question of farmers, as how to buy the additional food needed to feed a proper straw-based (for livestock), does not seem to touch the mind of Nicolas Sarkozy," regrets the union. Rural Coordination also reiterated his request for "make available the farmers two million tonnes of cereals in 2011 is intended to produce biofuel."

Another minority union, the Confederation Paysanne, made the same request, and indicates in its brief statement that the announcements made by the president are "insufficient". The union is also seeking the postponement of one year of all maturities of borrowings (2011 paid in 2012 and 2012 paid in 2013) and "zero-interest loans offered by all banks to farmers to aid payments Common Agricultural Policy (CAP) October 15, 2011.

FNSEA satisfied, but relativized

FNSEA, the main farmers' union, is the only one to be satisfied with the measures announced by Nicolas Sarkozy yesterday, saying that the Head of State "became aware of the situation" of farmers and its urgency. Its president, Xavier Beulin, welcomed the "emergency response" proposed.He also welcomed the establishment of a five-year plan to create water reservoirs and reduced volumes of water used by agriculture.

However, the president of the FNSEA expects the figures for the consequences of drought, which should be known in early September. He estimates it will then probably look at more structural measures, and direct payments to certain farms.

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Once is not custom, the Cac 40 owes its salvation to Greece. While preparing to end the week on a third consecutive decline, after the publication of unemployment figures very disappointing for the month of May that highlight the fragility of the recovery in U.S. stock index has closed unchanged at 3890.68 points.

The Footsie-100 from the London Stock Exchange closed up 0.12% to 5855.01 points. The Dax-30 from the Frankfurt Stock Exchange finished up 0.49% at 7109.03 points.

A wave of optimism has swept over the financial markets in the late afternoon after Greece and the "troika" has released details of an upcoming fiscal tightening.And especially that the country has reached agreement with its creditors to pay him a new financial assistance.

The service sector slows in Europe

In France, growth in services sector activity slowed slightly in May but remains close to the peak of nearly 11 years hit the previous month, final results showed on Friday of the monthly survey from the Markit Purchasing Managers . PMI Segment income $ 62.5 after hitting 62.9 in April, its highest level since September 2000. An initial flash estimate of 62.8 gave the May 23

This same index slowed sharply in Germany last month to 56.1, its lowest level since October against a flash estimate of 54.9 and a figure of 56.8 in April.However, it is accelerating in the U.S., the index of purchasing managers in the sector has emerged up from from April to 54.6.

Also overseas, only 54,000 net jobs were created in May, according to figures from the Labor Department. That is three times less than economists' forecasts.

As for currencies, the euro, which climbed to over $ 1.45 yesterday, continues its recovery. It traded at 1.4567 dollars this morning.

Oil prices fell Friday in New York after the release of employment figures far worse than expected in the United States, showing a sharp slowdown in hiring in May in the country no faxing payday loan.

Late afternoon in Paris, on the New York Mercantile Exchange (Nymex), a barrel of light sweet crude for July delivery traded at 99.46 dollars, down 0.94% compared to the day before.

Banks in good shape

The banking sector shows the largest gains among CAC 40 after Greece and the "Troika" (European Union, International Monetary Fund and European Central Bank) unveiled the budget plan for Greece and Athens has confirmed that Agreement was reached with its creditors to pay him a new financial assistance. BNP Paribas (2.18% to 53.55 euros), Societe Generale (1.95% to 40.98 euros), Credit Agricole (2.17% to 10.58 euros) move.

TF1: +0.40% at 12.48 euros

Media rights to Roland Garros on Europe, formerly held by Eurosport (TF1), will change the diffuser to be allocated to the agency MP & Silva from 2012.

Vivendi: 0.63% to 19.07 euros

SFR announce next week an overhaul of its mobile offerings and partnership with the broadcast site Spotify music on the internet, writes La Tribune. The telecom operator will hold a press conference Tuesday, June 7

Thales: 1.16% to 29.28 euros, Safran: 0.59% to 27.94 euros

Discussions between the two groups regarding an exchange of assets will be using a mediator, Aldo Cardoso, former head of Andersen's consulting firm, said Friday the newspaper Les Echos.

Renault: 0.70% to 38.16 euros

The manufacturer believes that the shortage of diesel that has weighed on its registrations in the month of May in France will be eliminated in the second half, especially against the backdrop of the expected slowdown of the market, told The Tribune on Commerce Director of the French subsidiary.

Note that his main competitor, Peugeot, the fastest rising Cac 40 and the closure of the Paris stock exchange, rising 2.19% to 28.20 euros.

It is an open secret. Bercy is seriously considering reducing the tax benefits for 2012 related Scellier.

So far, it was expected that next year, the buyer of a property to rent commitment over nine years has a tax reduction equal to 18% of the value of the property. This would already be less favorable than this year, where the tax reduction amounts to 22%. And still less in 2010, when she was 25%. But in times of fiscal restraint, the Budget Ministry believes that this tax shelter is too expensive and would like to reduce again. For now, nothing is fixed about the contours of this consolidation. Trade-offs are expected in late August.

But this project is already causing an outcry on the part of developers."During the first quarter, with sales support Scellier decreased by 35%, mainly because of lower tax benefit, argues Marc Pigeon, president of the REIT (real estate developers Federation). If an additional movement of the plane Scellier is made in 2012, we may descend to 80 000 new home sales next year, against 115,000 in 2010. "

"Any reform which will reduce the tax benefits will reduce the market," says echoing Bertière Francis, CEO of Bouygues Immobilier. A real threat when the housing shortage is still going strong. And the real danger that prices will rise again, even in the older building, due to insufficient supply.

A cost of 3.6 billion euros last year

Another argument for professionals: reducing the Scellier, the government will lower savings than they expect facially."It will be much less VAT, besides the loss of sales will raise unemployment in the construction," said Marc Pigeon.

Proponents also believe that substantial savings have already been made. "Last year, 60,000 homes were sold with this law, which represents a commitment by the State to the tune of 3.6 billion euros, says Guy Nafilyan, CEO of Kaufman & Broad France. This year, the profession is just to sell some 40 000, a limited spending to $ 2.4 billion. Finally, in a time when the contours of the new scheme are still under study, proponents navigate view. "Unaware of the tax benefits for 2012, we are very careful when buying land," illustrates Alain Dinin, Nexity CEO.

Remains an even more fundamental question. The Scellier is supposed to expire December 31, 2012.Aware that such a decision would be dramatic for the construction sector, members of the Finance Committee are working on a replacement device. "The goal is to lower the cost to the state, so that it is more than about 1.2 billion. However, the tax cut should be at least 15% incentive to stay, "said Gilles Carrez, UMP general rapporteur of the commission. MPs want the measure to be passed this autumn, under Budget 2012, "to give time to prepare for the sector," said Francis Scellier, UMP housing specialist, who gave his name to famous device. For once, developers find there is nothing wrong.

While the Director General of the International Monetary Fund, Dominique Strauss-Kahn, was charged with attempted rape and arrested in the U.S. yesterday as investors worried about the turn that will take the debt crisis in the euro area, especially in Greece. The indictment of Dominique Strauss-Kahn ally of Prime Minister of Greece George Papandreou, arrived in effect at the worst time for Athens. The IMF chief would have had to go in Berlin on Sunday and meet Angela Merkel to discuss a possible new aid to Greece, who won the spring of 2010 using a 110 billion euros, 30 billion from the IMF.This meeting was to take place on the eve of a meeting of the Eurogroup, the Monday night and Tuesday in Brussels, with the main discussions at the agenda of the financial problems that resurface Greece for several days and plaguing the markets, concerned about the risks of bankruptcy of Greece, and the possible contagion to other countries of the euro area.

The IMF will be well represented at the meeting of the Eurogroup, the deputy general manager of operations, Nemat Shafik, who was missionnée to attend. But analysts say the IMF's support to Greece is not as steadfast as Dominique Strauss-Kahn took the reins of the institution.Thus, Eswar Prasad, an analyst at the Brookings Institution told the antenna Bloomberg: "The assumption was that as Dominique Strauss-Kahn remained at the head of the IMF, the institution has not dropped in Europe and continue to support the continent. But the departure of Dominique Strauss-Kahn casts doubt on the intentions of the IMF payday advance. "

The IMF board will meet on Monday

Immediate consequence of these doubts, the euro was down Monday morning on the currency markets in Asia. The euro bought 1.4056 dollars in Tokyo Monday morning, 1.4108 against the dollar in New York Friday night. Against the yen, the European currency eased to 113.61 yen against 113.99 yen. "For a few days at least, the market will fear a paralysis of leadership at the IMF.The euro is the currency will suffer the most since the IMF is active or in process of being implemented in three countries in the eurozone, "said an analyst.

For its part, the IMF has tried to be reassuring, saying yesterday that he remained "fully functional and operational," after stating that John Lipsky, IMF number two, will the Interim Director General of the institution the time required. The institution must meet its board of directors on Monday to decide the fate of its president at its head.Originally scheduled yesterday the appointment was postponed, the council waiting for new developments to make its decision in this situation that observers deemed "not simple".

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The U.S. stock market should open up on Wednesday. Futures on Standard Poor's 500 and Nasdaq 100 advanced in effect respectively from 1.14% to 1323.50 points and 2336.50 points to 1.10%. Tuesday, despite a warning issued recently in the United States on sovereign debt, the New York Stock Exchange was closed in the green. The market had been carried by a handful of positive indicators, including the rebound number of building permits granted and housing starts in the U.S. in March, and earnings above expectations of Goldman Sachs and Johnson & Johnson .The Dow Jones gained 0.53% to 12,266.75 points, the Nasdaq 0.63% to 2306.77 points and the Standard & Poor's 0.57% to 1312 points.

On the foreign exchange market, the single currency rebounded, returning more than $ 1.44 the day after a sharp decline, helped by faster growth in activity in the euro area in April and the success of a Greek bond issue. Around 11:20 in Paris, the euro stood at 1.4477 dollars against 1.4334 dollars late Tuesday.

For his part ounce of gold surpassed $ 1,500. The yellow metal has in fact touched 1,500.70 dollars in Hong Kong Wednesday. His role as a safe intensifies as inflation and pressure on European and American debts are increasing.

On the macroeconomic front, except the American flag on home resales in March, no other figure is expected.However, corporate earnings will continue to lead the market.

Light on the technological

The side of values, the technology sector should indeed be at the party after the right figures published by two American giants, Intel and IBM-have for the first quarter pleasantly surprised investors by announcing better than expected results.World No. microprocessors, Intel has indeed released Tuesday after the close of Wall Street net income up 29% and higher expectations for the first quarter to 3.2 billion, a figure matched business "record" due to strong growth in all sectors.

For its part, the Internet portal américainYahoo! always said Tuesday after closing a marked decline in its profit and its turnover in the first quarter, mainly because of falling revenue from sponsored sites. The benefit of Yahoo has far exceeded analyst expectations of $ 223 million (-28%). The group's turnover fell from 24% to $ 1.24 billion.

Also note, according to Bloomberg, Bank of America (BAC) may split its private equity division estimated at 5 billion.For his part, Polaris Industries (PII) announced the acquisition of Indian Motorcycle for an unspecified amount.

Core Laboratories of his side recorded a first quarter revenue of $ 207 million up 10% over a year and expects a turnover of 215 to 220 million dollars for the second quarter.

CSX Corp. has announced first quarter earnings of $ 1.06 per share up 36% over a year and a turnover of 2.8 billion up 13%.

Juniper Networks also unveiled for the first quarter earnings per share of $ 0.32 and revenue of $ 1.1 billion up 21% year on year.For the current quarter, Juniper visa earnings per share 0.31 to $ 0.34 and sales from 1.13 to 1.18 billion dollars.

NRG Energy has announced its withdrawal from Phases 3 and 4 of the South Texas Project, and will depreciate its entire investment in Nuclear Innovation North America in the first quarter for $ 481 million before taxes.

Today investors expect another round of quarterly results to Wall Street. They watched figures including United Technologies, AT & T Wells Fargo or American Express.

This is a new thorn in the fund Colony Capital and Groupe Arnault, all holders of 14% stake and 20% of the voting rights of Carrefour. According to statements by Herve Defforey, a son of the co-founder of Carrefour, the Tribune this morning, he either would not vote for the demerger proposal proposed by the two shareholders at the next general meeting of June 21 "I'm just a shareholder in Carrefour. But I will vote no, "said Hervé Defforey daily. The fund Knight Vinke (1% of capital) had launched the hostilities in the first announcing its opposition to the project and has been trying to rally up to shareholders to his cause.

While the split in July 2010 with the activities of Accor IPO Edenred, his former branch in tickets and restaurant gift had convinced investors that Carrefour raises many more debates.The proposed restructuring of the retail giant is to introduce financial markets on the one hand, 25% of Carrefour Property, which houses its land assets, and secondly the entire share capital of its Dia (hard discount) .

To support the relevance of their project, the Carrefour group on Friday put a strong argument, namely the potential interest of private equity funds for Dia. According to the confidences of sources familiar with the matter told AFP, these funds could provide at least 3 billion euros for the hard discount subsidiary. Pending confirmation of a possible takeover, the soap Crossroads should not stop there, and new twists are not to be excluded before the next general meeting of the supermarket group.

Both parties actively campaigning

"To be approved at the General Assembly special projects division of Carrefour must obtain two-thirds vote of members present or represented," the newspaper said. Forcing the two shareholders to put their side of the maximum possible shareholders, focusing on the strategic value of their projects, many still doubt. On the other hand, the low participation of Knight Vinke fund forced him to campaign actively to achieve the 32% needed to block the project.

Depending on the participation of shareholders (present or represented) at the next general meeting, the votes that he should be convinced therefore vary between 15 and 25%, the Tribune analysis.But whatever the outcome, the high mass of the shareholders of Carrefour already figure among the hot issues to watch, when the big dance starts annual general meetings.

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The market Osram, the lighting is changing. Environmental concerns have indeed led authorities in Europe and particularly France, to decide the phasing out traditional incandescent bulbs. In France, only those under 60 watts are still allowed to sell, but their disappearance is already scheduled for December 31, 2012.

Our good old incandescent lamps are replaced by low consumption lamps, said compact fluorescent lamps (CFLs) and halogen "single pellet", that is to say the same shape as traditional bulbs no faxing 1 hour payday loans. "Today the market is largely dominated by these alternatives," said Antoine Gachet, an analyst at the marketing institute GfK. In 2005, incandescent bulbs still accounted for more than three-quarters of the market by volume. Last year, they weighed more than 36%. "

The Paris Bourse playing yoyo Monday. Already upset Friday by the earthquake and tsunami that hit on Japan, the Cac 40 fell back. After changing course several times in the morning, he sold 0.72% mid-term to 3900.59 points.

In London, the FTSE-100 5839.11 0.02% gleans points. The concern, however, is more vivid when the ignition Dax loose 0.56% to 6842.66 points.

Operators are reluctant while alarming news from Japan are linked. The Government refers to as a loss that would have a "considerable" on the national economy, adding that huge funds needed to finance the reconstruction of the areas tested.

Serious malfunctions at nuclear power plants in the region ravaged quicken concerns about the consequences of this disaster on all Japanese companies and the entire region.The Bank of Japan (BoJ) tries to calm markets by injecting funds into the financial system records. At midday on Monday, already 15,000 billion yen (131.6 billion euros) have been released. But this news has not been enough to reassure the markets of the region, primarily the Tokyo Stock Exchange, which has unscrewed from 6.18% at closing for its first full day of trading since the disaster.

Concerns from Asia should also largely occupy the mind for that day. Indeed, no major indicator except industrial production in the euro area in January, is expected Monday.It will wait until Tuesday for a news might make a difference in publishing in the U.S. index of house prices and the Fed decision on rates.

Oil and euro down

In this tense environment, oil appears down in electronic trading in Asia, the market worried about a drop in demand in the short term hit in Japan. Around 11:00, Brent North Sea crude for April delivery traded at 111.82 dollars and New York, a barrel of light sweet crude (WTI) let go two dollars to 99.16 dollars.

On the currency markets, the yen Monday morning in front flexes in other currencies. The intervention of the BoJ has helped slow the sharp rise of the yen against the dollar. Around 10:30 am Monday in Tokyo, the dollar went back to 82.20 yen after falling to 80.60 yen on Sunday, its lowest level in four months.For its part, the euro fell to 112.47 yen. Against the dollar, the European currency gained some ground. Around 11:45 am, the euro bought 1.3971 dollars against 1.3901 on Friday.

Renault, EDF and LVMH affected by the disaster

Renault: -3.15% to 39.47 euros, the biggest drop CAC 40

Nissan, Renault's Japanese partner in the Renault-Nissan, has closed four assembly plants in Japan and no site would reopen Monday. Nissan, the second Japanese manufacturer, manufactures 22% of its vehicles in the archipelago. Furthermore, the manufacturer faces a new twist in the case of alleged espionage. Dominique Gevrey, one of three security officials of the group, was remanded in custody to view this weekend.He is indicted for "organized fraud" and jailed in January following the dismissal last three frames of the group.

LVMH: -3.50% to 106.15 euros, PPR: -1.61% to 106.75 euros Hermes: -2.16% to 149.75 euros, L'Oreal: -0.70% at 81 , 07 euros

The luxury sector is likely to suffer the effects of the earthquake and tsunami that devastated the north-eastern Japan. The archipelago is the second largest global luxury goods market after the United States and elbow to elbow with China. For Hermes is the first market (17% of sales) while for LVMH, representing 9% of sales. The luxury division of PPR meanwhile 16% of its turnover in Japan. L'Oreal, for its part carries about 2.5% of its turnover in the country.

Areva (-8.91% to 31.75 euros) shows the largest decrease in the CAC 40 also affected by the nuclear risks in Japan.EDF (-4.51% to 29.20 euros) is also in trouble as Scor (-2.29% to 18.82 euros).

Bolloré put on Guinea

France Telecom: -0.61% to 15.38 euros

Orange and the Kuwaiti Agility will acquire a 44% stake in mobile operator Korek Telecom Iraq, announced Monday morning the French incumbent in a statement.

Bolloré: + 0.29% to 158.95 euros

The group on Friday signed a contract worth 500 million euros with Guinea for management of container port of Conakry, the capital of the West African country, state television reported.

Sopra Group: -0.63% to 71.05 euros

The group announced its intention to hire 2,500 people in 2011 in Europe, 1600 in IDUs in France in the consulting, systems integration and software development.

Altran: + 1.22% to 4.30 euros

The French group technology consulting has reported a net income Group share loss of 26 million.The group said to be in talks to divest all of its activities in Brazil. He anticipates continued growth at a high level in France in 2011 and continued improvement of its operating margin in 2011.

Vivendi: -0.10% to 19.73 euros

The group does not invest more than 6 billion pounds (6.9 billion euros) for the redemption of the capital of SFR held by the British telephone operator Vodafone, according to the Financial Times.

Note that the bank is well oriented: Credit Agricole (3.99% to 12.13 euros) is the largest increase at Societe Generale (3.34% to 48.31 euros), followed by Natixis (+2 , 74% to 4.21 euros) and BNP Paribas (2.39% to 54.41 euros).

Wen Jiabao's speech at China's parliament on Saturday took on the appearance of mea culpa. Chinese Premier, speaking at the 3000 delegates to the NPC, met for ten days in Beijing, acknowledged that the price increase was the source of calls for protests that flourished in the country. "We need to consider price stability as the priority of our macro-economic control," he said.

During the inaugural session of the annual meeting of the National People's Congress, Prime Minister described the inflationary expectations of "problems which are closely the standard of living of the population, the overall situation and stability of the country." Rising consumer prices rose 4.9% in January over a year.The government promises to reduce it to "4%" this year.

Always fight against inflation, the Chinese authorities want to implement "a prudent monetary policy," which will require the limitation to 16% of the increase in money supply M2, which includes the aggregate of currency in circulation, accounts demand deposits and savings accounts.

Avoid the shock wave

Even if the Prime Minister made no reference to the popular liberation movements that are shaking the Arab world, his speech illustrated the authorities' concern to avoid any risk of spread to China. "Some issues that are subject to strong reactions among the population have not been resolved completely.Food security is poor and some sectors are vulnerable to corruption "he acknowledged.

To fight against these problems, the government would "continue to pursue a policy stimulus. Efforts will focus on "rural development", "improving the level of the population" and developing "social sectors".

According to this discourse that determines the main directions for the country's official year, "the educational resources and lack of quality medical and their distribution is uneven." Moreover, "the property prices have recorded an excessive increase in some cities," said Wen Jiabao, who promises to develop social housing."Social contradictions raised by the illegal requisition of land and demolition of illegal houses have multiplied," he added.

Target of 8% growth

These investments will be in a GDP growth of around 8% this year and an annual increase of around 7% over the next five years. These figures, which marked a slowdown from the 11.2% GDP growth recorded during the last five years had already been discussed by Wen Jiabao in late February at the Forum on China Internet.

Despite continued efforts to invest, the government wants to reduce the budget deficit will be contained in "about 2% of GDP".

Warning against the challenge

When the Prime Minister recognized the inequality at the source of disputes, an editorial published by the Beijing Daily, official newspaper of the Communist administration, launched a warning against the calls for protest. "Everyone knows that stability is a blessing and a curse chaos," said the newspaper stating that the "disorder" that has shaken the Arab world "has led to a massive disaster for the peoples of these countries." "It is worth noting here or abroad, some individuals feeding on ulterior motives trying to trigger chaos in China, using the Internet to foment illegal gatherings," it said.Following an appeal to all Chinese citizens so that they "conscientiously protect the harmony and stability".

In recent weeks, dozens of Chinese dissidents have been arrested and police have threatened to deprive alongside dozens of visas to foreign journalists if they continue to cover "illegally" appeals from sites based abroad.

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Will it or not a meeting of the Congress of Versailles before the summer, for in the Constitution the "golden rule" of balancing public finances? The President of the Republic, supported this reform inspired by German institutions, wants to go fast.

On Monday, a minister even believed that Parliament would be convened at Versailles "by this summer." "The Elysee has asked the government to work in the preparation of a Congress by this summer. The date could be decided this weekend, after arbitration meetings, "said Patrick Ollier on Monday, Minister for Relations with Parliament. He said that "it is the nature of Nicolas Sarkozy to face the obstacle." Referring to the fact that approval of this text does not come naturally.But this Monday evening, the entourage of the Head of State did not confirm this hypothesis.

"Political"

The executive would like to pass this constitutional amendment before the Senate elections in September, when the left hoped to take the majority. But he must first obtain a vote in accordance of Assembly and Senate and three-fifths vote in Congress. Now the Socialists have already said they oppose the idea of incorporating into the Constitution the fight against the budget deficit.

This hostility makes it difficult to obtain a three-fifths majority vote of Parliament, required to Versailles high risk personal loans.In the previous constitutional review in July 2008, the text had been approved by two votes.

"The need to reduce deficits is primarily a matter of political will," said former minister Michel Sapin, the Socialist Party national secretary for economics to justify the group's opposition to the socialist constitutional reform.

The centrists, who have always waved the banner of the fight against deficits, are a priori in favor of such reform. "The direction is good, but it is as much a matter of political will that Constitution," said Jean Arthuis, chairman of the Senate Finance Committee, which wants the program law provided by the multi-year deals with three years rather than five years.

Assuming that the reform is not adopted, Sarkozy would find it easy to carry responsibility for the Socialists, a few months before the presidential election, the failure of a reform designed to fight against deficits.

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