The NYSE has hesitated. It finally ended in the red on Wednesday. After rebounding said yesterday (1.52%), the Dow Jones lost 0.20% to 10,038.38 points. The Nasdaq lost 0.14% to 2147.87 points and the S & P 500 fell 0.22% to 1068.13 points.
The wait dominates before confirmation of support from the European Union to Greece. Investors await the meeting of European heads of state tomorrow Thursday after which a European financial aid for Greece should be announced. But doubt persists. "In general there is a senior, anonymous was quoted as source. Translation for everyone is that this information should be taken with caution, "says Patrick O'Hare of Briefing.com financial site.
In the final meeting, the Spanish Presidency of the EU announced that European countries would give their support to Greece.But the market always wondered how such a help.
In this context, the dollar begun to rise again against the European currency: 1 Euro 1.3726 U.S. dollar traded (-0.37%). Side materials, a barrel of light sweet crude for March delivery ended at 74.52 dollars, up 77 cents from the close of Tuesday.
To these doubts mingles the concern over the remarks of Ben Bernanke. This has not announced any increase in rates, but this solution is considered. The discount rate will he, as the statement implied the rumor in the markets in recent days.
Regarding statistics, the trade deficit the U.S. has continued to widen in December, rising by 10.4% compared to November, while analysts expected him to be reduced."We had numbers of calamitous external deficit, indicating that the economy will experience slower growth in the first quarter than the fourth, it weighs on the market," said Peter Cardillo, Avalon Partners.
Arcelor Mittal battered the United States
Arcelor Mittal, the world's number one steel, said it earned 118 million dollars over the year 2009. But the current financial year looks difficult. The U.S. market (-6.99% to 36.70 dollars) endorse the title in Paris.
In addition, Micron Technology (-5.95% to 8.54 dollars) announced it would buy Holodings Numonyx, a producer of memory cards, for $ 1.27 billion.
The Japanese car saw decidedly dark days. It is the turn of Honda (-2.20% to 33.76 dollars) from Wednesday to recall over 400,000 vehicles, after the Toyota case (1.46% to 75.69 dollars).
Airgas Inc.(-0.07% To 61.31 dollars) has rejected a hostile takeover of Air Products & Chemicals, describing it as "inadequate".
After Hours, Tuesday, Walt Disney (0.74% to 30.06 dollars) has released stable profits over one year to 844 million, or 44 cents per share. But excluding special items, earnings per share were 47 cents against 39 cents expected by analysts.
The bank is not affected by ads for Ben Bernanke. Bank of America (1.38%), JP Morgan Chase (1.25%) and Goldman Sachs (0.75%) support same document.
Dell (+1.48% to 13.75 dollars) has been "upgraded" by Bank of America-Merrill Lynch to buy from neutral.
And Omnicum, a direct competitor of Havas, which was pleasantly surprised by France, issued a profit decline of 87 to 73 cents per share.The title takes 1.42% to 35.75 dollars.
Baidu (10.83% to 482.13 euros) reported a fourth-quarter earnings up 48% to 62.7 million. The competitor Google (-0.37% to 534.45 dollars) in China publishes a profit of $ 1.8 per share.
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The statement should be screaming the railway unions. According to the Court of Auditors, the reform of 35 hours explaining the difficulties of the station to cope with the opening of its monopoly to competition, including productivity gap with its competitors. They can reach 30% in the sector of freight transport.
According to the report published today, law enforcement has led to increased numbers of staff from 7000 to 7500. However, "the additional staff that the reform had resulted represents almost half the number of posts abolished during the seven subsequent years, totaling approximately 15,600 officers between 2002 and 2008.
This reform overstaffed and it has quickly established a consolidated "in terms of labor significantly less than the theoretical time required by law."In 2008, train drivers have been working daily 6:14, 1:35 or less than the theoretical length of bad credit payday loans . Even finding for drivers to maneuver and supervisors who work 20 minutes at 1:35 less than their working theory. On the RER B, managed with the RATP, the effective working time of workers down even at 5:50 am daily.
The institution of the Rue Cambon notes that despite its efforts, the station is "not reached a sufficiently relaxed social setting strictly regulated. A situation that could weaken against its competitors and "constitute an obstacle to its development."
The Court of Auditors called the coup, a "necessary harmonization of rules between the station and private operators.
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The Court of Auditors pinned the transport sector
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A wind blowing over pessimism Theolia Tuesday. The action of the wind expert picks from 10.49% to 13 hours after having plunged nearly 16.7% in midmorning. For over six months that the title did not broke the 3 euros. A 2.9 euros, it is trading about 5% less than a year ago.
If the producer of electricity from wind energy can be proud of having agreements with its major creditors to reduce its debt, investors themselves have mostly held that accompanied this restructuring – subject to acceptance general meeting in early 2010 – a capital increase to a maximum of about 100 million euros from current shareholders, whose holdings would then be diluted. "The Council plans to launch a capital increase in spring 2010," reads the statement issued today by Theolia.
Call for support
Side Theolia, management maintains that if all these operations are actually realized, the company has increased its cash 40 million, reduced its debt under the bond to 127 million euros payable on 1 January 2015 and increased its capital by about 150 million euros.
For the record, on September 1, Theolia warned that the group will be difficult to have enough cash or borrow the money necessary to enable it to repay 253 million euros of his bond on 1 January 2012, when demand early repayment of the loan in full.The announcement marked the end of an upward movement of the track (peak at more than 5 euros), in operation since March 2009.
Even the publication in early November, a consolidated turnover for the first nine months of 2009, amounting to 232.7 million euros, three times more than the same period of 2008, did not sufficient to restore color to the action.
A sector still buoyant
According to the report by the Center for Strategic Analysis (CAS) published mid-December, just before the Copenhagen summit, "the current economic downturn and emergency climate offers the opportunity to wind a large-scale development.
The global growth prospects are very important and France as the CASE has many strengths, including its network of subcontractors providing the territory but also abroad, the components needed to build wind turbines.Already, more than 150 suppliers and subcontractors working for the industrial sector, and many others from the construction, mechanical or aerospace, where expertise is close to that of the wind, could reach them and encourage the success of the industry.
The report also highlights that wind can generate a net profit in the event of a price increase of fossil fuels, which the most energy experts are convinced.The Union of renewable energy sources (RES) and the wind industry, Wind Energy France (ESRF), recall here that the cost of wind energy, about 80 euros / MWh (megawatt hour), is "very close that of conventional thermal plants, while presenting an additional advantage in terms of security of supply and CO2 savings.
From a tax perspective, the sector was welcome in France, the amendment passed there only a week, bringing the level of the flat tax to which the turbines are subject to the same amount to than other means of producing electricity.
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"The design wind arrives
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The period of wage negotiations between management and unions currently undertaking begins. For example, at Renault, a first meeting on the subject will be held in two days. The big trend? The wage freeze was imposed last year should not disappear but retreat. According to Mercer, 21% of executives would see their wages frozen in 2010 against 42% this year. And 22% of employees against 35% this year.
Difficult, however, to rule on an average amount of increase because firms pay that reference have a different view. According to Hewitt, the increases will reach 2.6% next year against 2.8% in 2009.Mercer is more optimistic and believes that the increases will be larger in 2010 (+2.8% for a manager in the sales) against 2% in 2009 for example.
However all agree that even if a stronger recovery, the increases will not recover the levels (+ 3.5 to 4%) effective in years of strong economic growth.
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"Uncertainty about wages in 2010
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Lawyers thwart the security arrangements at the Palais Brongniart
Monday, November 23 is the day j. The 17 questioned and their lawyers converge on the Palais Brongniart which will open at 9 am hearing. Frédéric Peltier, one of the lawyers of EADS, parked his scooter Rue Notre Dame des Victoires. It is 8:15. It comes with the guards of the ancient temple of the Exchange side "little entrance". But to see spurned. For lawyers and lawyers is the main entrance Rue Vivienne, he launched the guards. Counsel toured the building and enter through the "grand entrance". He wanders the corridors of the MFA, where he met other colleagues including the Master Deleuze. They eventually enter the courtroom where there are several members of the AMF. What are you doing here? How did you come? surprised them.Unwittingly, some lawyers have foiled security system set up specifically for this extraordinary hearing!
A large room with small tables
The hearing takes place in a room in the Palais Brongniart, which can accommodate a hundred people. Each respondent has a pre-assigned spot with his lawyers. The seats are comfortable but the tables to make the voluminous documents are narrow and impractical. There is also a little too hot in the room. But the MFA has done his best to hold this special meeting of its duration (one week), because of its size and quality of debate. We have never seen such a concentration of lawyers gathered in one place. Each respondent is accompanied by two or three senior lawyers who themselves come with their assistants. A total of nearly 80 lawyers are willing to participate in debates.
The MFA is she competent?
Frédéric Peltier, one of EADS 'lawyers, pleaded incompetence of the French gendarme market (AMF). It relies on a directive (text that must be transposed into national law of each member of the European Union) EU adopted January 20, 2007. It stipulates that companies listed on several European markets can not depend on individual country regulators that their security is the stock market. The directive states that depend on the stock of Constable country where their headquarters office. For EADS, it is the Netherlands since the headquarters is based in Amsterdam. That is why the BaFin, the German equivalent of the AMF French (AMF) has been divested of the investigation into the alleged insider trading unlike its French counterpart. "Is this a new French exception?" Questioned several defenders.
The minutes of hearing of McKinsey on tables.
Thursday, November 19, Noel Forgeard, the main accused in the case lodged itself at home AMF Place de la Bourse in Paris, an envelope containing a letter addressed to Daniel Labetoulle the Chairman of the Disciplinary Commission of the AMF, with a copy of the minutes of hearing consultants McKinsey by the police financial brigade in early 2007. The defense believes that this is an essential part because those experts have conducted a mission at Airbus between December 2005 and June 2006 to resolve industrial problems of the A380. They proposed in mid-March 2006 and considered possible solutions to meet deadlines. Lawyers have found this document on their desk Monday morning, entering the room where the hearing is held at the Palais Brongniart.Noel Forgeard is liable to a fine of several thousand euros for having sent a copy of this document was in the record of legal proceedings.
A Thierry Francq document leaked to the press
On 1 April 2008, the MFA press release informs that it will notify the objections to individuals and companies it suspects. It has taken this decision following the final report prepared by the department investigation. On 8 April, a website publishing the report in its entirety. The criminal investigation has proved that this document was one that had been given to Thierry Francq who was then the government commissioner, state representative, College of MFA. This document was accessible to several people at Bercy where he was stationed. Since Thierry Francq was appointed by Jean-Pierre Jouyet, the new President of MFA since December 2008, Secretary General of the Constable of the Exchange.A few cases commonplace.
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Local governments have reduced their investments by 2.7% in 2009, according to the memo on the economy of the bank Dexia. Can we conclude that the stimulus package the government has been ineffective? No, say experts Dexia. The decline would have been far higher without the flagship of the plan, the repayment with a year ahead of the VAT if the community is committed to invest more. As a result of the election cycle, 2009 could not be a good year for investment. In the second year in office, mayors have not yet launched new sites. Evidence that the stimulus package has had a positive effect of joint investment has declined only 3.1% in 2009, when he fell from 7.9% in 2002, another year post-election .
Still, the financial community may raise some concerns.Again in 2009, their operating costs rose faster than revenues (4.7% against 2.7%). The balance between the two remains the beneficiary of 39 billion euros is indeed an obligation, communities had no right to have an operating deficit. But the mattress decreases. Infuriating when you consider the blow on the property tax, property tax and business tax that taxpayers suffer this year. The fault lies with the transfer duties, the famous "notary fees. Dependent on the housing market, they have dropped 26% this year. For departments, the loss reached 1.9 billion euros, exceeding one billion additional revenues associated with higher taxes. Meanwhile, because of the crisis, these same departments, which included support the RMI and the RIAA, have suffered a 5% increase in social spending.
However, the debate on local government spending is far from exhausted. Excluding transfers of state employees, their numbers grew by 34,850 people this year and personnel costs rose by 4.9%.
In addition, as the subject arose from the difference between revenue and expenditure decreases, communities need to invest into debt. Their debt grew by 4% in 2009, and this leads to 132.1 billion euros, or 6.9% of GDP. This year, lower interest rates has reduced the cost of debt for municipalities, counties and regions. But it will not last forever. Even without the reform of business tax, the financial stability of communities becomes more difficult. And the state is determined to limit the growth of the funds it pays them.Municipalities, counties and regions will in future make an effort on the expenditure or investment, or operation, the experts conclude Dexia. They noted that reflections on the mutual commitment and optimization of operating costs. Continued …
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