Dollar takes off against the yen

On Thursday, U.S. markets have ended in the green on the wire.At the close, the Dow Jones advanced 0.49% to 10,320.10 points, the Nasdaq gained 1.06% to 2200.01 points while the S & P has won 0.91% in 1090 10 points. Prudent after Wednesday's rally, investors have finally acknowledged the unexpected rebound promises logements.Sur selling the foreign exchange market, the dollar surged Friday against the yen just after the publication of the monthly U.S. employment , better than expected by analysts, but the trend of the greenback remained uncertain against the euro. Around 24:50 GMT, the dollar was worth 85.17 yen 84.30 yen against Thursday about 2100 GMT.Traders were reluctant, however, on how to behave on the pair euro-dollar: the greenback was first flown in front of the single European currency to clear almost instantly his movement and return to its pre-publication report around 1.2840 dollars per euro online payday loans.

HP and BP monitor

On the side of values, the world's number one computer, Hewlett-Packard (HP) has awarded the California manufacturer of storage systems 3PAR $ 2.4 billion after a bidding war with its rival Dell, which has thrown in the towel Thursday. HP gained 1.74% to 40.37 dollars while its rival Dell wins 1.78% to 12.58 dollars.

The BP Group, listed on Wall Street, said that the oil spill in the Gulf of Mexico has cost eight billion dollars.The group withdrew Thursday vast funnel that had been able to stop in mid-July oil spill in charge of the oil spill in the Gulf of Mexico, a key step before a final order of the well, said a U.S. official. The BP is assessed as 2.27% to 37.39 dollars.

Expected for several months, the competing tablets iPad were presented at the IFA electronics show the general public in Berlin. Archos The French had taken the lead in introducing a new range of five tablets. The way Apple is surrounded and earns 2.62% to 258.77 dollars.

Also note, the Wall Street Journal, the Treasury of the United States debates the number of foreign investors would be entitled to subscribe for the reintroduction of General Motors stock.

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Investors were on the verge of losing patience. Ten months have passed since the announcement last September of a privatization plan. Wednesday, cutting short the rumors, the finance minister, Alexei Kudrin liberal, has finally confirmed: "We will sell a significant portion of our assets in state enterprises, while keeping the blocking majority."

The choice of companies is not yet finalized. The government is working on a list of eleven companies, including banks VTB and Sberbank and Rosneft, Transneft and oil.The Russian railways have been removed from the list at the request of Alexei Kudrin.

According to Russian media, the government must decide between the Ministry of Finance, ready to keep only 51% of assets, and the Ministry of Economic Development, which denies that the state ownership falls below 75%.

Reducing the budget deficit

Therefore unlikely that privatization begin "by the end of the year," warns Elvira Nabiullina, Minister of Economic Development: "We are working to accelerate and increase the volume of privatization," she explained yesterday emerging from a cabinet meeting devoted to the 2011-2013 budget bad credit pay day loans.The transfer of assets should be done gradually, the pace of 9-10000000000 of $ 8 billion euros per year for three years.

According to the Ministry of Finance, the privatization plan is to reduce the budget deficit from 4% in 2011 to 3% in 2012 and 2% in 2013.

But according to some, this is not the main reason: "To curb its deficit, Russia has its sovereign wealth, she did not need privatization. This is done for the Government to send a signal to markets, to show them that the plan to make Moscow an international financial center is taken very seriously, "says Natalya Orlova, chief economist at Alfa Bank.

Since the establishment, on July 7 by President Dmitry Medvedev, a group working on the creation in Russia of an international financial center, the business does not rustle as this: "This is to give investors the opportunity to get used to Russia, "said Natalia Orlova.

According to Alexei Kudrin, Russia's potential is comparable to that of "Dubai, Beijing or Shanghai" and is well placed to trade titles: "The MICEX Stock Exchange held, according to various indices of places from 10th to 19th, RTS Stock Exchange and is ranked ninth for trade in products, "he recalled in June.

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The macroeconomic environment remains uncertain especially overseas. Chinese Premier nonetheless sought to reassure investors on the country's economic growth. "Everything goes as planned," he said Monday.

Until the release of stress tests on European banks on Friday, the week will be especially marked by the rise of the results announcements in Europe and the United States. On the macroeconomic front, the day will be rather quiet.Only the ECB will publish its figures on the balance of payments of the euro area to 10 hours.

On the currency markets, the euro resists and remains above the $ 1.29 mark Monday morning (0.09%).

Eurotunnel sanctioned Exchange

Eurotunnel: 2.86% to 5.8 euro

Despite a sharp rise in turnover (+22% to EUR 144.4 million), Eurotunnel reported a net loss of 44.8 million euros, up more than 36 million euros compared to 2009 in the same period. Contracts awarded on the cons-performance: the action loses 2.86% to 5.8 euros and is on track to record its fourth consecutive decline. At this time, Eurotunnel has lost more than 7% in four days.

This afternoon it was the turn of Edenred, two weeks after its IPO, Guyenne et Gascogne, HF Audika Company and to disclose their turnover in the second quarter.Soitec publish its turnover in the first quarter.

GDF Suez: + 0.80% to 24.52 euros

GDF Suez is preparing a cash offer of 6.4 billion pounds (7.6 billion euros) on the British electricity group International Power, confirming a report in The Mail on Sunday. In previous discussions on an alignment between the two groups had lasted several months before a halt in January, the newspaper said payday loans in 1 hour. For its part, International Power shows a net increase of 9.38% to 346.50 pence in London Bours.

Club Med: 1.58% to 14.50 euros

BMB Group, an investment company in Brunei, has denied information from the Sunday Times that she had planned to bid for Club Med 800 million euros.BMB Group, which manages funds for the family of the Sultan of Brunei, have the support of three of the four major shareholders of Club Med, according to British newspaper, citing unidentified sources close to the situation.

EADS -0.24% to 16.38 euros

At the Salon of Farnborough (South London) that opens Monday until July 25, EADS should reassert its confidence in its chances of winning U.S. tanker contract for Boeing cons. The parent company of Airbus is ready to strengthen the United States for eight billion dollars.

The bank in trouble before the stress tests

Partouche: -5.07% to 2.06 euros

The Partouche group will make a capital increase of approximately 100 million euros to reduce its debt and improve financial liquidity of the group of casinos.The subscription price is set at two euros per share while the subscription period will run from July 20 to August 2.

ADP: -0.97% to 53.08 euros

ADP announced that its passenger traffic rose 2.3% in June over a year.In the first six months of the year, traffic appears down 2.1%.

Axa: -1.16% to 12.74 euros

National Australia Bank (NAB) on Monday agreed with its Asian subsidiary Axa and Axa Asia Pacific (AAP) to extend until Aug. 31 offer of 11.5 billion dollars on NAB PAA.

Finally, four days after the publication of stress tests, banking stocks widen losses: Societe Generale was down 2.05% to 35.56 euros after losing more than 5% last week, BNP Paribas 1.17% loose to 46.51 euros, after having dropped nearly 6% a week ago, and Credit Agricole was down 1.90% to 8.76 euros following a loss of just under 2%, one week.

"In the Loire-Atlantique, uncompensated costs, which relate to social benefits but also transfers of personnel or the fire service, amounts since 2002 at least 393 million euros and 521 million at worst. This is high compared to our annual budget of 1.2 billion, "said council President PS Patrick Mareschal. Who said that encryption is derived from a mission conducted by elected right and left.The APA says the bulk of the difference: spending rose from 54 million in 2003 to 77,000,000 in 2009, while funding granted by the state stagnated at 27 million.

Nationally, the Departments of Assembly of France (ADF) has calculated that in 2009 the department had paid 12.4 billion ABS, RSA and PCH but received only 7.8 billion in compensation. So they paid 4.6 billion. In 2010, it will be 5.5 billion. Nothing surprising: between crisis and aging, social spending would increase by 4% to 10% this year, according to the Centre for Social Action decentralized, after rising 6.3% in 2009.

Another day of solidarity

"These are not 5.5 billion debt of the State towards us. Because he never committed to offset all the benefits, "said Bruno Sido, UMP senator Haute-Marne and Secretary General of the ADF.The General Council of Loire-Atlantique does not see things this way and preparing to attack the state. "By summer, we will take the administrative courts, which will raise before the Constitutional Council the question of the constitutionality of funding mechanisms," said Patrick Mareschal. The fact that the Seine-Saint-Denis and the Saone-et-Loire have been condemning the state on a more limited subject, the protection of children, encouraging vocations. And the promise of reform Francois Fillon dependence, and therefore the APA, by the end of the year, did not reassure the elect. The ADF would rather play for now, the map of Parliament. "We will table a proposal loistipulant that the state must provide compensation for permanent and sustainable revenue," says its president PS, Claudy Lebreton.More specifically, the ADF is seeking to recover this year one billion undrawn stagnant social funds. Elected officials have the right, them, another idea: "Let's add another day of solidarity, in addition to the Monday of Pentecost," offers Bruno Sido.

These reviews are intended to reflect the ability of banks to withstand extreme financial and economic conditions. Currently, those made at European level on a score of major banks remain confidential.Last year, only general trends were made public, including the fact that European banks were sufficiently capitalized to face a severe deterioration of macroeconomic conditions.

First published in late July

Nicolas Sarkozy has confirmed at his press conference that the publication of these tests would take place in late July as desired by Paris. Earlier in the day, Christine Lagarde, French Minister of Economy, had told Reuters: "I am very positive about this publication. There is nothing worse than the rumors and doubts about the banks. " The Minister is confident, remembering that French banks have so far yielded positive results. These displays of the solvency ratios for the time, satisfactory. In the reverse case, Christine Lagarde said the banks to recapitalize.

Madrid triggers debate

The day before, the Spanish central bank had announced the forthcoming publication of the results of these tests. The newspaper El Pais had found the ad "unprecedented in the euro area. The Madrid Institute hopes to dispel the doubts now hanging on the strength of its banking sector. The Spanish governor of the Bank believes that the current rumors greatly amplify the difficulties of the Spanish financial industry. He hopes that the markets "are fully aware of the situation in the Spanish banking system."

Banks reluctant

Further to the announcement in Madrid, the German government long reluctant, finally decided to give the green light too. But Berlin has yet to convince its banks. German institutions showed far opposed the publication of these results.

Successful tests of Moody's

The European Central Bank will also favors the publication of these tests. In the eyes of the central bank, the operation of transparency is able to reassure the markets. And regulators have reason to be optimistic. Indeed, European banks have recently passed the tests of strength by Moody's. The rating agency has increased the stress tests to thirty European banks from ten countries, and concluded that they have a level of capital sufficient to take further losses.

The report, based on a study of 30,000 patients treated with Multaq, indicating that the drug "should only be used as an agent of the second or third line ' cheap payday advance.

Basically, the Multaq was developed to reduce side effects of the credit, which ultimately is not the case, said the report's lead author Dr. Sabnjay Kaul. He also believes that amiodarone has an advantage in cost compared to Multaq.What stopping just over the reputation of the drug from Sanofi-Aventis, also criticized in France.

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The sale comes as seems acquired the amendment to the agreement of the chain that ultimately could be more musical but mini GP. However, it is not sufficient to date to pull the string to a value comparable to that of NT1, one of its competitors whose value was set at its sale to TF1 between 100 and 150 million payday advance Low fees . Sources familiar with the matter speak for a recovery of about 70 million euros for Virgin 17 half high.

It remains to be seen whether the sale of Virgin 17 will be a good financial transaction knowing that the loss of the channels are estimated between 20 and 30 million euros for 2009.However, the Bollor? Group is a good move in expanding its presence on DTT now with two strings which can organize spending.

In a market held in equilibrium, the cartel members and interest to "leave things as they are, namely a level of production quotas of crude at 24.84 million barrels per day (bpd ). A figure that has remained unchanged for the fifth consecutive time, since 1 January 2009.

At the time, where the black gold was very different. During the winter of 2008-2009, the barrel (about 159 liters of oil) has d?grindol? nearly $ 30 after having flown over 140 dollars.Since early 2009, crude resumed colors to stabilize between 70 and 80 dollars – with minor flooding – since June 2009.

Compliance with quotas

Several ministers, however, claimed on arrival in Vienna a better respect of production quotas. A call to discipline and could be included in the final communique of the meeting, as stated by the head of the delegation, Shukri Ghanem.

According to the International Atomic Energy, the cartel produced 7.5% more than its official target. In February, the production of the eleven member countries subject to quota, excluding Iraq, reached 26.7 million barrels per day.

The OPEC members recall the persistent weakness of oil consumption, noting that the market was choked by excessive production, with stocks still too high.With economic recovery, demand will indeed grow and absorb the surplus.

Demand will grow

The representative of Saudi Arabia, a country that respects all of its quota of 8 million bpd, however, seemed to consider the issue of discipline was irrelevant.

"If there was no demand (for oil), there would be no exceedances" of allowances, said the Saudi leader of cartel expects that demand continues to grow , "especially from Asia. This increased demand will be particularly supported by China.

The global oil demand should increase by about one million barrels per day in the second half, according to him.

"OPEC could do very little" to align its quotas on its actual levels of production, and "it could even benefit from positive publicity if it took a measure encouraging economic recovery," but "it is d 'a cautious and conservative organization, which prefers to act behind the scenes, analysts concluded the firm JBC Energy in Vienna.

Changing course in September?

"I expect that prices remain quite well until the end of the year, despite the surplus production, thanks to" the recovery, the weakening U.S. dollar "and geopolitical uncertainties, said Algerian Oil Minister and Mines, Chakib Khelil.

While the outcome of Wednesday's meeting seems already set, expectations are already running to the next installment: the next meeting in September.Chabib Khelil said in effect to 50% probability is that OPEC's quota in six months.

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"The underlying trend is downward in the number of expatriates for the benefit of local cadres" confirms Paul Mercier, head of the Africa region at Michael Page Africa. Less expensive, these executives are also less difficult to find.Some areas of Africa or Asia excepted basins provide local jobs because of what fill the needs of enterprises at lower cost. "We are witnessing a competition between increasing local and expatriate" is also Claude Mulsant, CEO of Magellan Circle. Comparing the most unfavorable to the former.

Costly benefits

For if the expatriate benefit of all contracts under local law, this status also gives them several advantages, sometimes very expensive for the company.Notably, the "package" negotiated by the expatriate before his departure, may involve the payment of housing, schooling for children, the French social security in addition to the host … "With the crisis, companies have been particularly attentive to reduce costs, and therefore significantly reduced the benefits offered by the "package", "Analysis Paul Mercier. "The premiums have decreased, as the standard of housing available" confirms Claude Mulsant.

Jacques-Olivier Meyer, CEO of HR firm Intelfi International, also found that habits have changed. "The crisis has reflux number of expatriates in some areas, including Asia," noted he. And these returns have not always been without difficulties: "Some expats have found themselves pushed out on their return to France," remarked he.More generally, it is an average of expatriation down 5 to 3 years observed by Jacques-Olivier Meyer last ten years. Thus a fall in the number of expatriates who leave within three years after their stay (only 1 / 3 retentent experience). "The expatriates feel that conditions are less favorable than in the past," said he.

A threshold incompressible

So, farewell expats? Certainly not, answered Paul Mercier. For some functions can do without the experience and corporate culture of these executives preferred. "When the business is established, local officials can often replace expatriates. But to establish a subsidiary, a new factory or make an investment that requires export of know-how, the expatriate remains indispensable, "said Paul Mercier.Jacques-Olivier Meyer goes even further: "With the crisis we have reached an irreducible minimum. I do not see how the numbers could still be reduced …. "