In continuation of Tuesday's session that saw the CAC 40 index registered its biggest drop at the closing for over a year the Parisian markets should continue to be more cautious as this Wednesday. The CAC 40 index opened down 0.76% to 3815.39 points.
The euro continued to exchange at its lowest level in a year against the greenback on Wednesday in Tokyo, under pressure from concerns over public deficits in Europe, including Greece and Portugal. The euro was at 1.3167 dollars, its lowest level since April 29, 2009.
Bank stocks back in the spotlight
Once again this will most banking stocks to watch, after they posted the largest declines the CAC 40, Tuesday.Natixis Private Equity, moreover, has changed its CEO, while Natixis has closed the sale of its subsidiary equity firm AXA Private Equity.
Investors will also follow the values and Renault cars, after the manufacturer announced an increase of 28.4% of its turnover in the first quarter.
Other companies on Tuesday, Unibail-Rodamco – sales were down 0.9% in first quarter 2010 – Seb – up 10.9% of sales at constant exchange rates – and CFAO, a subsidiary of PPR – decrease in sales of 2.5%.
On Wednesday, Rhodia has posted a profit of 69 million euros for the first quarter of 2010 and a turnover up 23% to 1.176 billion euros.
Dassault Aviation displays a turnover up 50% to 821.4 million euros in the first quarter of 2010 pay day loan quick.
The reinsurer Scor has divided by three to 36 million euro net profit in the first quarter of 2010.
Followed after-hours trade turnover of the first quarter of PPR.
Air France-KLM's return to Madrid Stock Exchange, Thursday, the company will report Amadaeus travel reservations at best 210 million euros to Air France, which holds 23.1% stake, the newspaper La Tribune.
Alstom is part of a consortium that participates in the tender for the construction of a subway in Panama, a project of 1.5 billion, told Reuters the country's ambassador in Paris.
Vivendi said on Tuesday it held 99.17% stake in Brazilian operator GVT at the end of the auction process conducted as part of its bid.
Group OL: Olympique Lyonnais football club owned by OL Groupe, was eliminated Wednesday night in the semifinals of the Champions League, beaten 3-0 at home to Bayern Munich.
A decision on rates by the Fed
On the macroeconomic front, the news will be especially marked in France by publishing the number of corporate failures in November 2009 by the INSEE.
Overseas, investors monitor stocks around 16:30 weekly crude oil and the statement that the Fed will issue to 8:15 p.m. on interest rates. In all likelihood, it should announce it will keep.
Red, green and blue: a parade of 1300 tractors brand new, red lights lit and flags fluttering in the colors of the FNSEA and JA flooded streets yesterday in eastern Paris. At the wheel, the grain of fourteen French regions accompanied by 10,000 farmers from manifest their anger. A resounding success despite a period conducive to field work.
"The mobilization is at the height of the crisis across the world of agriculture today, said Dominique Barrau Le Figaro, number two of the majority union. Farmers expect concrete action from Europe and the French government, including a plan to lower taxes, social and environmental ".
A double shock
Even if they are not the worst off, farmers crops are facing a dual shock. The precipitous drop in market prices since 2008.Thus a loss of 80-90 euros per hectare of European aid after their redistribution last year, to the most needy in the Health Check of the CAP. A very easily accepted by those farmers who apply, however the government to intervene immediately in the markets to send prices back.
"There are currently 4 to 5 million tonnes of wheat in excess inventory that could not be 0 because of the damage in rail freight and port. They must elapse before the next harvest if prices will continue to decline, warns Michel Masson, vice president of the FNSEA and co-organizer of this event.
A request that the Minister of Agriculture, Bruno Le Maire, and he has heard this morning reiterating the European Commissioner, Dacian Ciolos, visiting Paris."I asked the Commission to intervene on the grain market and make prices go up," he said yesterday at the outlet of the Council of Ministers while urging farmers to "not lose hope."
For beyond this manifestation of discontent, many farmers are going through very difficult times to the point of suicide in extreme cases the rate of one per day is an act of recognition among urban populations they had sought in Paris yesterday. And on this point too, their operation is a success.
"It warms my heart to see Parisians applauded us," says J?r?mine, Young Farmers."They are the ones who feed us and they were not there, we would not be much," says Monique, a passerby who took up the cudgels for the farmers.
The question is whether this mobilization will be more than a flash in the pan and tangible effects. Upcoming dates: May 6 for the first committee to follow up major crops before May 22 and the reunion of all the productions that will invade the Champs-Elysees.
We thought the matter carefully crafted, but Germany poses new threats to the Greek question. Uncertainties that could affect the markets in Paris, on Monday, including bank stocks. The index futures rose 0.43% to 3895 points.
On the macroeconomic front, no significant statistical indicator is expected, both France and the United States.
Air Liquide has posted a quarterly net sales up 5.2% to 3.1 billion euros.
Accor has also published its sales for the first quarter, pre-market Monday.
Other Value to follow Air France payday loans. The inquest into the crash of Flight AF447 in June 2009 confirms that the speed sensors have contributed to the crash but also puts into question the maintenance, so that will continue research to find the black boxes.The Airbus A330 Air France was on the route Rio-Paris crashed into the Atlantic on June 1, making 228 deaths.
The AXA Rosenberg Investment Management, AXA Investment Managers company revealed it had discovered an error in a modeling program that may effectively reduce some risks in his system to optimize its portfolio.
In an interview with Les Echos, Vincent Bollore admits he knew nothing about insurance. For, he joined the board of administrators that Saturday Generali, the third insurer in Europe. A weak point that his mentor Antoine Bernheim, president of the Italian group forced to resign because of his age (85 years), noted in an interview with Le Figaro there a fortnight.
But the owner of the eponymous group Bollor? defends himself by pointing out that he "knew nothing about the origin of transport, while the company he runs a business includes" Transport and Logistics, which accounts for more than 60% of turnover."I do not see anything that would prevent me to learn" the business of insurance, he said.
In any case, his ignorance on the subject does not stop to think that Generali "did not need money ', thus precluding any need to raise capital, as recommended Antoine Bernheim, the" friend of Bollor? family for over fifty years. "
Cesare Geronzi in continuity
Cesare Geronzi, head of Mediobanca, which is the major shareholder Generali which Bollore holds 5% stake, was unanimously chosen to be the new President, if all goes as planned at the meeting General Meeting of April 24. Bollore seeks will be the president.
Antoine Bernheim has tried to respond, so that no one offered him honorary president without at the board of directors. The latter believes that his age was a pretext for his ouster.He does not hesitate to criticize those who will head the group he led between 1995 and 1999 and since 2002, "Mr. Geronzi is not an insurer and he always said he did not want this post ", he said a few days ago.
For his part, Vincent Bollore – the boss of Havas – tells Echos that he thinks the new president "will continue" the development of Generali, which has "crossed the crisis period with the best results, congratulating the Antoine Bernheim passage for his record "excellent".
Bollore will become a shareholder of Generali
Entering at Generali, which is the third European insurer, Bollore intends to prove his "confidence" and "interest" for the group, including the purchase of shares Generali.This would appease the existing shareholders of the group that challenged that Vincent Bollore does not himself.
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"Ousted Generali, Bernheim prepares his" response "(Interview with Le Figaro)
LE FIGARO. – In late 2006, EADS gave the go-ahead to the A350 XWB for its first delivery in 2013. Where is this program? The timetable will be respected there?
Didier Evrard. – Developing a new aircraft is flying a program of high technology, so managing risk. And there, on an ambitious project which has as many technological innovations, particularly with 53% of composite materials.
Until the end, it will be a marathon, and we have to face challenges. When we encounter problems, we find solutions. In 2009, I decided to give three months more to our team compared to the original schedule, for some elements such as design, or for critical parts such as the junction between the wings and fuselage and the points where systems will be hung in the carbon fuselage.This decision reduced our margin of safety and caused a delay of three months to start the final assembly plant in Toulouse, in the third quarter of 2011 instead of the second quarter of 2011. Part of the margin for flight testing has been "consumed", and we have redefined the planning of these tests over 12 months.
Can there be a delay of the delivery schedule?
No, this does not affect the first delivery is scheduled for mid-2013 with Qatar Airways, one year after the start of flight testing and certification campaign. We entered the second phase of the program, the manufacturing and kitting.Steps have been taken to secure this crucial stage.
Which exactly?
We have built physical models and demonstrators that enable teams and our industry partners to train, whether in Broughton for the wing to the fuselage in Hamburg or in Nantes where employees of our subsidiary Aerolia M?aulte train on the manufacture of composite parts first cash advance payday loan. We worked on the ramp-up production, which will start in 2013, reaching ten A350 XWB monthly maximum activity. It is a difficult phase because while assembling the first aircraft, we continue their development during flight tests.We have taken steps to be able to integrate at this stage, changes.
No wiring problems for the A380 like?
No. The A350 XWB is the first aircraft from the "New Airbus", an integrated company has consolidated its industrial organization through Power8. Once the development phase, the program was conducted by an organization with its integrated and transnational centers of excellence: fuselage, cabin, composite … From the beginning, 1,000 engineers from across Europe have worked together on a Toulouse "plateau" central to the definition and harmonization of methods and tools. All facilities use the same machines, the same types of tools, consulting firms use the same tools for planning and design (PLM to manage the complete cycle of the product). Meanwhile, we have overhauled our relationships with our suppliers.We have assigned 50% of the aerostructure instead of 25-30% previously. Our suppliers have systems for their part received lots of work with more complex integration of sub-assemblies.
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»Airbus A350: the countdown is activated
Nikkei were down 1.72% at 10,910 points, Hang Seng down 1.58% at 21,519 points, Singapore Strait Times, 1.45%, to 2963 points, and & P / ASX austrialien, 1, 34% to 4918 points … The major stock market indices of the Asian region skid, while the SEC, the U.S. stock market authority, says the bank Goldman Sachs for fraud related to subprime. A procedure that opens others, spreading the shock wave wiped throughout the weekend by the news.Other banks, like UBS, Deutsche Bank and Merrill Lynch, could also be investigated by the SEC, the Wall Street Journal.
In addition, expectations of rising interest rates in several countries in the area, where inflation is threatening more and more, reduce appetite for risk that investors had recovered in recent weeks, analysts of HSBC.
Oil retreats always
Crude prices were down sharply Monday in electronic trading in Asia, continuing their decline last week, dealers said.
In morning trading, a barrel of light sweet crude for May delivery fell by 1.49 dollars to 81.75 dollars while Brent North Sea with identical maturity, yielded $ 1.11 to 84 $ 88.
On Friday, oil prices had fallen back sharply in New York, a barrel of benchmark dropping more than two dollars in closing an index of consumer confidence in the U.S. amid disappointing and marked increase in U.S. currency.
The China National Petroleum Corporation (CNPC) has signed an agreement with Caracas to support the extraction of oil for 25 years in the region of the Orinoco Belt, Venezuela. Cost of operation: 20 billion dollars.The oil production at the site would represent 2.9 billion barrels, according to the Chinese company.
Toyota will pay
Japanese carmaker Toyota (-2.16% to 3,615 yen) will pay a record fine of 16.375 million (12.2 million) dollars imposed by U.S. authorities for several months in hiding for his problems accelerator, officials said Sunday night from government sources.
"By paying the entire civil penalty, Toyota accepts responsibility for hiding the safety issue of road safety agency, in violation of the law," said a senior U.S. Department of Transportation.
The Japanese automaker has also recalled some 870,000 Sienna minivans type in North America last Friday.
Its cost justifies his epithet "superniche. Since 2007, companies no longer pay tax on gains on the sale of their subsidiaries, provided that they have held at least two years. However, this exemption – also known as "niche Cope" according to the budget minister at the time – has generated a shortfall for the state $ 3.4 billion in 2007, 12.5 billion in 2008 and 6.1 billion in 2009, according to figures from Bercy. And it is only the crisis that has lowered the rating last year, companies unwilling to yield to loss of equity.
"With this measure, the state subsidizes big businesses that do not need. 22 billion in three years, it's insane! "Protests Jerome Cahuzac, President of PS Financial Committee of the Assembly took up arms launched by his predecessor, Didier Migaud cons niche Cope.In fact, as revealed by the magazine Marianne, Danone has saved in 2008 500 million corporate tax (IS) on disposal of Danone Biscuit conducted in 2007 (IS being paid one-year lag) . For Suez, the time still married to GDF, the rebate was $ 800 million. Other big winners: LBO funds (leveraged management buy-out), companies that buy and resell a few years later.
Still, this reasoning boosted Philippe Marini, the UMP rapporteur of the Finance Committee of the Senate and growing end of 2004, the amendment creating the niche Cope: "The debate on the shortfall is nonsense. If capital gains were taxed in France, transfer operations would be from Belgium or the Netherlands, through holding companies located there.Or even sales would not do at all! The French State would recover nothing in taxes. "An argument given in Bercy where it does not reach this niche. In fact, in the OECD, 21 out of 29 countries practice the exemption of capital gains payday loan. "And it is very easy for a French company to create a holding company elsewhere in Europe," the entourage of Christine Lagarde, Minister of Economy.
That's exactly what happened in the early 2000s, when France was one of the few countries to tax the capital gains. "Many French companies have established overseas holding companies which carried the titles of their various subsidiaries. Thus, they could sell securities without paying taxes, "said Jean-Yves Mercier, partner at law firm CMS Bureau Francis Lefebvre.And two reports, one from the Council tax burden (CPO, an offshoot of the Court of Accounts), had sounded the alarm. "A holding company relocated, the risk of losing ultimately a decision center," says Philippe Marini.
More holdings in France
The final report of the 2009 OAC welcomes the end of the French exception. And Bercy unsheathed his statistics: since the gains are exempt, believes the number of holdings in France (1 112 in 2007, 1 276 in 2009). On the side of the MEDEF, it was noted that while the economic fabric wins. "Today, companies must adapt, evolve their business heart, which can pass through acquisitions or disposals of subsidiaries.Fortunately, the French companies may, like their European counterparts, do not brake tax, "explained Marie-Christine Coisne Roquette, Chairman of the Committee on Taxation Medef and CEO of Sonepar.
Finally, the cost itself of the niche is overvalued. Because, by convention methodology, it is calculated by pretending that capital gains were taxed at 33.3% standard rate of tax. However, they were only 19%. The loss caused by the exemption rather turn around 12 billion over three years.
Pension reform and reduction of tax loopholes: these two subjects, the heart of the government program, may well overlap. To fund the pensions, Eric Woerth, Minister of Labour, said on Monday opened "a few additional contributions. This should involve some capital income – an area teeming with tax exemptions. But the review of tax and social niches, as Paris has pledged to implement vis-?-vis Brussels can hardly ignore the many measures that benefit retirees empire payday loans. If one puts aside the niches considered creating jobs (employees at home …) or too symbolic to be touched by the current government (VAT restoration), these devices "retirees" are indeed among the most expensive for public finances.
Click on image to enlarge.
The students' favorite businesses large schools do not change much from one year to another. For the fifth consecutive year, LVMH and L'Or?al share in this order the two top spots Universum of the most attractive employers *. Canal +, also acclaimed for many years, retains its fourth place in 2010 behind … Google. The arrival of the famous search engine in the top three ranking is however one notable development of the charts.
Since joining two years ago, Google continues to gain momentum, reflecting the interest of students for high tech companies at the expense of the automotive sector.Michelin loses in effect eight places from last year, six-seater BMW, PSA four … The result of Google also rewards, according to Julie Giraud Avril, chief marketing officer, Universum, "The financial strength of a company that is everywhere that communicates a lot, and led a marketing strategy that works. "In point qu'Universum anticipates the arrival of the U.S. leading the rankings in 2011.
"Students expect a return on investment"
Another surprise of the charts, revealing the impact of the crisis on student preferences, the surge in banks. BNP Paribas is ranked in 9th position, 11th in HSBC, Societe Generale and Goldman Sachs in 21st and 22nd … "In times of crisis, banks have moved away from students for the consulting firms and audit," explained Julie Giraud Wednesday -April on BFM.Stigmatized in 2008 and 2009, banks would have at this time lost their aura of future graduates of top schools.
But once the economy improved, the students seem to plebisciting new banks as ideal employer, mainly due to the financial security they offer to their employees. "Students in high schools have often led to costly studies. They expect their work a return on investment "analysis Julie Giraud-April.
* Of 20,693 students surveyed between November 2009 and February 2010.
