Sundial of world news

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).

The nuclear power, which is in France more than 75% of the total electricity production, it is the lung of the domestic industry? A total industrial consumption in the Hexagon is approximately 140 terawatt hours (TWh), representing a third of the total electricity consumption. It covers 30,000 companies – including 600 "electro-intensive" – ​​which employ 3 million workers and generates a turnover of 900 billion euros.

In addition to these large volumes, nuclear power is distinguished by its long prices. "In late 1980, Pechiney had wanted to relocate its operations in Canada, where hydroelectric power is a considerable asset.The group ended up staying in France because that EDF was able to make a competitive offer-cons based on the competitive cost of nuclear electricity, "recalls Colette Lewiner, director of international energy and utilities sector at Capgemini payday loan lenders.

Specifically, in its latest "Observatory of European energy markets," Capgemini shows that the electricity in France remains one of the cheapest in Europe. "But to the industrial, the argument prices is not the only criterion. They also want the visibility, the gold price of nuclear electricity are distinguished by their predictability: they are much less sensitive to changes in the price of electricity produced from fossil fuels such as gas or oil, Jean-Jacques Nieuviaert note, Councillor in charge of the overall economy and markets to the French Union of Electricity (UFE).

A slow start. The English concept of "charity shop" landed in France in 2007 when the NGO Oxfam has opened a used bookstore in Lille. Since then, the association has invested Paris, where two "book stores" have settled in the 14th district and in the 11th. It intends to move to the next level, opening mid-December, its first thrift store in Lille. "In line with our three stores, this new store will offer second-hand clothes, good quality at a smart price," said Stephanie Dufour, Deputy Director General in charge of finance and the development of Oxfam France.

With only four stores in four years, the NGO hard to take off his "charity shops" in France. In comparison, there were 45 shops in Ireland in 2010, 36 in Germany (where it is installed since 1995), 42 in Belgium and 697 in Britain, where the phenomenon was born in the 1940s.Today there are nearly 9000 "charity shops" across the Channel, all groups combined. "The concept is relatively new in France. It takes time to make it known, "said Stephanie Dufour. The charge is, however, before encouraging figures. "Our bookshop in Lille will achieve a turnover of 120,000 euros in 2011, a very respectable performance and comparable to those of traditional libraries."

Stores "like the others"

Unlike other charity shops such as boutiques Emmaus 300 or nearly 800 "locker room" and "vestiboutiques" of the Red Cross, Oxfam outlets wants to blend into the landscape business. "We develop like other stores, as well stocked and equipped.

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.

A double crisis summit before the true summit! This is the shock treatment that Europe has inflicted over the last hour due to Greek crisis. Completely disrupting the predetermined agenda, European leaders met late Wednesday afternoon in Cannes on the eve of the official opening of the G20, to try to restore order in their home. The foundations of the euro have been greatly shaken by the surprise decision by Greek Prime Minister George Papandreou, to submit the agreement between EU leaders in Brussels on October 27, in a referendum. Called to come and explain this decision, the Greek ruler walked away from Cannes late Wednesday night.

In a press conference, Angela Merkel and Nicolas Sarkozy have shown a very high severity, both in form and substance. "We will not let destroy Europe and the euro," commented Nicolas Sarkozy.The Greeks have to say quickly and clearly if they choose or not to keep their place in the euro area. "

ALSO READ:

"The Greek crisis invites himself suddenly at the G20

"The Greek government supports the referendum

"SPECIAL – Depression, fear of debt

"Il Cavaliere" did not like to see the note in his country degraded by Standard & Poor's. "The ratings of Standard & Poor's seem more driven by stories in the newspapers as the reality and they seem to have been negatively influenced by political considerations," said Silvio Berlusconi in a statement. The Italian prime minister said that the country has already approved measures to balance its budget in 2013 and Italy in adopting new ones to stimulate growth. The austerity plan of 54.2 billion euros adopted on September 14 does not seem to have convinced the rating agency which doubted the credibility of the government and the Italian president.

Without having published a press release responding directly to the attack of the Italian President, Standard & Poor's is fighting back."The sovereign ratings by S & P ratings are apolitical, based on the evolution of" credit risk, provided to investors, "says one in the U easy to get unsecured personal loans.S. rating agency.

Moody's and soon …

S & P also ensures that its assessment is based on "independent analysis and detailed economic and fiscal outlook in Italy and on assumptions about the expected evolution of the debt.""The ratings indicate how the various policy initiatives may impact on the financial reliability and to hear any suggestions on policies that a government should or should not continue," said the rating agency.

Entangled in new revelations about his private life, Silvio Berlusconi is aware that the decision of S & P is a blow to the country, as Moody's may degrade the note of Italy in October that had never been lowered since the beginning of the debt crisis.

Player Figaro BFM

After two sessions of gains, the Paris Bourse off again into negative territory on Friday and leaves 0.6% to 3068.79 points in early trade. Yesterday, the CAC 40 was able to stay the course despite the announcement of a downward revision of growth expectations in the euro area by the Fed chairman, Jean-Claude Trichet. Investors heartedly welcome the details of the employment plan unveiled by U.S. President Barack Obama in the night. He introduced a bill on the release of 447 billion dollars for the Americans out of unemployment."This plan will give an electric shock to an economy that has stalled, will give confidence to businesses on the fact that if they invest and hire, there will be customers for their products and services," assured the U.S. president to members of Congress .

As in Asia this morning, traders seem to doubt the implementation of this plan. Its funding is already generating questions from Republican opponents could block a vote. Barack Obama urged them to adopt "immediately". The U.S. president also announced that it will issue on September 19 "a deficit reduction plan more ambitious."

The health of America's economy is strong markets. Any further announcement is expected with great excitement. Yesterday Wall Street has finished in the red after being disappointed by the vague speeches of Fed Chairman Ben Bernanke.The latter did not give details on the measures it would implement to support growth, as they waited.

Inflation slows in China

Still on macroeconomic, Japan has this morning reported a decline of 2.1% of GDP in the second quarter 2011 annualized. This is more than the 1.3% decline initially estimated. The main factor weighing on GDP has been the decline in exports (-4.9% from January to March).

In China, rising consumer prices, the main barometer of inflation, which had accelerated in recent months, slowed slightly to 6.2% in August. Industrial production is she up 13.5% in August.

On the agenda are Friday's industrial production in France in July and inventories of wholesalers in the United States.

As for currencies, the euro has stabilized under $ 1.40, to 1.3896 dollar.Oil rises on the other hand, supported by a surprise drop in U.S. inventories. In early electronic trading, a barrel of "light sweet crude" for delivery in October gained 23 cents to 89.28 dollars per barrel of Brent North Sea crude for October delivery 21 cents to 114.76 dollars.

Values ​​to follow

• TF1 (-4.3%), M6 (-2.25%) Bolloré (0.8%), Vivendi (-1.1%); NextRadioTV (-1.4%)

Chains react in a disorganized to take control of Direct 8 Direct and Star, two DTT channels free of the Bolloré Group, Canal +. The subsidiary of Vivendi will have three DTT frequencies. Be as much as TF1 and M6 more than the group which, in addition to the namesake chain, has only W9. For this operation, fully financed by shares, a stake Bolloré group Vivendi.

• Total (0.9%) signed the largest increase

The Anglo-Dutch oil group Shell said Friday that oil was discovered off the coast of French Guiana, during exploratory drilling at about 150 km off the coast.

• Sopra (1.81%)

The group announced the takeover of Delta, specialized in banking software. The transaction is expected to close in early October 2011, will be financed from existing credit lines of business consulting, IT services and software.

• Pierre & Vacances (-0.33%)

The group, which operates much of the accommodation ski resorts, opened 369 new tourist residences furnished this winter.

• ArcelorMittal (-1.7%)

The group will close as of October 3 for an indefinite period and the second blast furnace at its site in Florange (Moselle), according to a union source quoted by AFP.

• EADS (+0.8%) on the second step of the podium

The group said on Thursday not want to use all of its $ 16 billion (11.45 billion euros) in cash for acquisitions.

Treasury bills do not suffer from degradation of the note of the United States. Instead, rates remain historically low. U.S. finances are parties to drift, but investors have long known, and such a decision undermines their confidence in the ability of the United States to meet its repayments. "On the contrary, the threat of similar actions in other states has positive points: it encourages the ECB to carry more debt buyer of European public and invites States to precipitate the budgetary consolidation measures, which will strengthen intrinsic quality of government securities, "relativize Patrick Artus, Research Director of Studies and Natixis.

In fact, it is especially risky assets, which suffer from fears of contagion cuts ratings of sovereign debt.Evidenced by the plummeting global stock indexes following the shock announcement Standard & Poor's. Over the past five trading days, the Cac 40 lost almost 8%, and the index companies were affected differently. These are "primarily growth stocks" that have suffered the most, says Patrick Artus, "since the fall of 2400 billion over ten years the U.S. deficit will cost a point of growth the first year." Over the period, it is almost 70 billion euros in market capitalization went up in smoke.The equivalent (almost) the biggest company in France, namely Total!

Veolia has collapsed and literally (almost 30%) in just five sessions, within the scope of the panic that has shaken the markets, but the fall of its course is mainly attributable to the publication last week of very disappointing results, while the group left half of the countries in which it operates payday loan lenders.

For Natixis, "convinced that U.S. growth will remain weak for some time (+1.8% in 2011 and estimated 2.1% in 2012)," the companies directly related to the U.S. economy will remain permanently affected by the stroke of Soft in the U.S..This is especially true of automotive manufacturers and suppliers (Renault, Peugeot, Michelin, etc.). And IT companies (Alcatel-Lucent, CapGemini).

However, the decline in raw materials – oil fell below 80 dollars – which led to the values ​​of the construction (Lafarge, Saint-Gobain), mining or oil (ArcelorMittal, Technip, Vallourec) down in recent sessions, "should not last," said Natixis again: "The demand for commodities does not depend on the U.S. economy, but more and more of the Chinese economy, especially investment in China whose growth is weakly linked to the U.S. cycle and will remain strong. "From that side, the markets have overreacted and clearly.

As for the bank, the reactions were very different depending on the titles, which are differently exposed to the problems of sovereign debt.Societe Generale is one that has suffered most of the bad going on equity markets (down 21.7% of its stock price), while Credit Agricole has sold 13.9%, BNP Paribas, 7, 7% and Natixis, only 2.1%. However, the European banking index, the Stoxx 600 Banks, hit late Tuesday to its lowest level in two years. But overall, the French banks face the storm better than two years ago because they have strengthened their balance sheets.

ALSO READ:

"Veolia tumbles 19% after the stock market results

"" The stock market overreact "

While its main competitor, the German Linde, announced Friday a 14% increase in quarterly profit and revenue of 7.5%, Air Liquide has nothing to be ashamed: the manufacturer of industrial and medical gases Air Liquide published on Monday morning a net profit of 750 million euros (+11%), and annual sales up 9.2% to 7.1 billion euros in the first half of fiscal 2011. The revenue growth was primarily driven by developing economies, which now generate 21% of sales activity "gas services" and where growth was 28%. Revenues in the advanced economies have increased by 7% each.

After the announcement, the stock exchange, Air Liquide shares rise from 1.57% to 97.46 euros in First Prev exchanges in a market (the Cac 40) up 0.98%, driven by the agreement reached with U.S. debt.

Despite an impact of tsunami in Japan and revolts in the Arab world, the operating margin was 16.7%, up 10 basis points over one year Payday advance. Excluding the effect of changes in natural gas prices, the margin improved by 30 basis points. Air Liquide has also reduced costs by 132 million euros, while it wants to cut more than 200 million euros over the year."In this context, and in a normal environment, Air Liquide is confident in its ability to continue in 2011 the steady growth in net profit," said CEO Benoit Potier said in a statement.

A half-year performance that is part of the strategic plan for 2015 presented in December, and expects an average annual increase in sales of 8 to 10%, higher than the expected growth of the market.

ALSO READ:

"Air Liquide signs a record in 2010

"Air Liquide continues to grow

»Prime employees: Air Liquide wants equity

"Air Liquide up to build on the emerging

"MY FIGARO – The makers of Air Liquide

"Air Liquide: 2015 targets

Carrefour and its major shareholders still have progress to make to master the subtleties of samba. The merger of the Brazilian subsidiary of global distributor with the second casino, Grupo Pao de Acucar (GPA), is abandoned.

Scaffold for months in the back of its local partner Casino Abilio Diniz (President and owner of 21% of GPA), with the support of BNDES, the Brazilian equivalent of the Deposit, the project would have allowed Crossroads take control of all activities involving the two Brazilian groups. The company, known as Pao de Acucar Novo, would have made 30 billion euros in sales and held 32.3% of the local market, against 11.1% for the U.S. WalMart.

Las.The latter, entered the capital of the retailer in March 2007, when the action was worth 53 euros, have increased the project, or attempted to bounce the stock price, which dropped by half since: sale of Brazilian and Chinese subsidiaries , public offerings of real estate branch, split Dia. In vain.

Brazil lost the battle has also cast a cruel light on the performance of Carrefour in the country, its first growth opportunities ahead of China payday advance lender. Abilio Diniz revealed that the operating profitability of Carrefour Brazil was 1%, seven times less than that of GPA. Casino and pointed the loss of market share of hypermarkets in Brazil, for the benefit of supermarkets and convenience stores.If its chain of wholesale stores Atacadao is a success, Carrefour, local leader, sees its hypermarkets suffer against those of Extra, a subsidiary of ABM.

Overconfidence

After 550 million of provisions recorded by Carrefour last year as a result of accounting fraud at its Brazilian subsidiary, the latter saw his image tarnished again. The withdrawal of the BNDES also shows that Carrefour had underestimated the political power relations in Brazil, or too trusted Abilio Diniz …

If new proposed combination with GPA must be submitted to the board of Carrefour in the coming months, it would still be opposed to casino, and no political support in Brazil. This time, the independent directors of Carrefour might well make their voices heard.