Sundial of world news

The knives are drawn between Casino and Galeries Lafayette, Monoprix owners. Both shareholders are certainly agree on one point: the Galeries Lafayette want to sell 50% of Monoprix, as they have indicated on December 7 at Casino, and it wants to redeem him. It will even soon have a war chest of 800 to 900 million euros, after its partial withdrawal of its subsidiary Mercialys. But both groups, associated for 15 years, do not agree on the valuation of Monoprix.

Casino, advised by Rothschild bank is willing to pay 700 million euros for 50% of Monoprix. Galeries Lafayette, advised by Societe Generale, in initially wanted $ 1.95 billion. The variance explained by the high volatility of the valuations of distribution groups, is such that JP Morgan, called to break the tie, threw in the towel.

Casino feels "taken hostage"

The conflict took a turn legal last week, when Galeries Lafayette Casino assigned to the Commercial Court of Paris to make their own estimate no fax payday loans. Meanwhile, Galeries Lafayette has made a new offer at $ 1.35 billion, still too far from the estimate of Casino.

Wednesday, a board of Monoprix, which was to convey, as of March 31, President of Monoprix to Jean-Charles Naouri, CEO of Casino, voted to maintain this position Philippe Houze, CEO of Galeries Lafayette … time an agreement is reached on the valuation.

The board is composed of three members appointed by Casino and three others by the Galeries Lafayette, but the chairman has the casting vote. Casino, who feels "taken hostage" will "seize the competent courts to uphold its commitments by Galeries Lafayette".

The atmosphere is gloomy in the Paris Stock Exchange on Monday morning. The CAC 40 lost 1.74% to 3069.70 points. The debt crisis in the euro zone continues to focus the attention of international markets, including Italy, whose financial situation was at the heart of the G20 discussions. Last night, the two main political parties in Greece have announced an agreement to form a national unity government which will not attend the current Prime Minister George Papandreou. An agreement aimed at ending the political crisis that shook the country on a background of project, aborted referendum on the European Support concluded October 27.

The new government should be made official today, before the meeting of Ministers of the euro area to be held from 16 hours in Brussels to discuss the strengthening of the European support fund (EFSF).

In France, Prime Minister Francois Fillon on Monday will unveil a second multi-year austerity plan. New measures could include an accelerated implementation of pension reform.

Oil markets, a barrel of "light sweet crude" rose 24 cents to 94.50 dollars in early electronic trading. The price of Brent North Sea on the other hand wins $ 1.31 to 113.28 dollars. The euro remains fragile: the euro is worth 1.3757 dollars against 1.3788 dollars on Friday night.

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.

• Incidents in Rome

Tens of thousands of demonstrators, inspired by the "outrage" of Wall Street and Spain, marched on Saturday in Rome, the city had been cordoned off by police. "One solution, the Revolution!", "We are not property in the hands of bankers," could be read on the signs of the protesters payday loans for bad credit.

In Rome, several cars were torched. Photo credits: ALBERTO PIZZOLI / AFP

Constellium officials selected by employees angry at the site of Ham (Somme), where the group wants to remove aluminum processing positions 127 to 200, escaped in the night from Friday to Saturday, it was learned union source.

Leaders, sequestered since Friday morning, "ran away", taking advantage of a "diversion" at the time of the visit of an officer of the gendarmerie about 2 o'clock in the morning to rush into an opening cut in a grid Site of manufacture of aluminum profiles, told AFP Merel, CFTC trade union representative (majority).

Among them was the president of this event for the world Constellium, Paul Warton, the director for France, Hervé Pelcerf and two leaders of the site of Ham. A fifth person, human resources manager of the site originally chosen, was released in the meantime by the employees, saidMerelle.

"Employees are disgusted by the attitude of management"

"A police commander came to see us, it was a meeting, and during that time, on the other side of the factory, they made an operation by cutting the fence and access to Brush the path payday loans. They were out there, the union said. Employees are disgusted by the attitude of management, "he said.

"There is no dialogue.We received no concrete progress "while the unions are demanding the continuation of the site and support a project of re-industrialization of the site, which received the value of an investment fund, but was rejected by Constellium, has he lamented.

Employees of the site of Ham, threatened by a social plan announced in February eliminating 127 jobs due to the shutdown of one of the two presses aluminum site, had enjoyed a visit Friday morning to Paul Warton the challenge of the future of their factory.

After a stormy meeting, the employees had left the factory had closed the gates with padlocks, locking the five officers who were at that time in the office.

Friday night, an attempt to mediate the sub-prefect had failed, the employees felt that the management proposal, namely to meet for negotiations Monday in a hotel about thirty miles away, was merely dilatory.

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.

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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.

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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PSA Peugeot Citroën can overcome the disaster in the first half Japanese. The first French car maker reported Wednesday a net profit after minority interests up 18.5% to 806 million euros in the first half. Revenues rose 9.7% to 31.1 billion euros, driven by sales outside Europe, while trading profit rose 1.8% to 1.16 billion. The agreement gave a turnover of 30.52 billion euros and a net operating income of 1.15 billion.

The effect of the disaster that hit Japan in March was still represented 147 million euros for PSA in the first half. Excluding this impact, operating income would have emerged an increase of 14.7%."In an environment unfavorable market declines of the group in Europe, higher raw material prices and disruptions caused by the disaster in Japan, the company posted a robust performance. This context reinforces the relevance of our strategy to move upmarket Peugeot and Citroen, globalization and improving operational performance, "said Philippe Varin, CEO of PSA, in a statement.

Disturbances yet to come

The negative effects of the disaster of March 11 should not disappear in the second half."In Japan we have had negative effects and we continue to have negative effects because there are a number of components that are in short supply, and force us to change our product offering and, thus, to have a dialogue with our customers a little more complicated, "said Frédéric Saint-Geours, CFO of PSA, during a teleconference.

The problems in Japan, combined with rising commodity prices, should have a negative impact stronger than expected second quarter. "The environment should deteriorate further € 300 million compared to previous estimates," says the group. Degradation that will fail to fully offset by productivity gains and income derived from its performance plan, he warns.

Despite this difficult environment, PSA confirms its target of an increase in profit from recurring operations throughout the year. The supplier Faurecia, which still holds PSA 57.4% stake, has also raised its 2011 targets on Tuesday after a first half marked by strong growth in all regions of the world.

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At the close, the Nikkei 225 index of blue chips lost 143.61 points to 9925.92 points, passing below the 10,000 points that he had passed last week for the first time in two months. The broader Topix index of all titles of the first table dropped 12.97 points (1.49%) to 857.19 points. The activity was quite low, with 1.83 billion shares traded on the market first.

"We must be on alert about debt problems in Europe, even more than before," said Yutaka Yoshii, fund manager at Mito Securities, quoted by Dow Jones Newswires.

European stock markets fell Monday, weighed down by the mistrust of the market vis-à-vis Italian and Spanish bonds have reached record levels, respectively more than 5% and 6%.After eight and a half hour crisis meeting in Brussels, the finance ministers of the euro area published in the late afternoon a statement intended to reassure markets about the soundness of financial support measures to the most indebted countries.

But the euro has remained on the defensive Tuesday in Asia, quoting 1.3961 dollars Tuesday shortly before 8 o'clock, against 1.4029 dollars on Monday in 23 hours. He also declined vis-à-vis the yen at 111.90 yen against 112.61 yen.

This weakness of the single European currency is bad news for Japanese groups engaged in Europe, because it reduces the value of their income from the Old World when converted into yen. The shares of Japanese exporters groups have therefore lost ground.