Air France-KLM is one of the biggest disappointments of this year the stock market. Title drop 59% since January 1. The strike, which lost, according to our calculations, about 10 million per day to the company, is only one element in a more negative balance very dark.
"There is no question that I invest in this action. There is no visibility. They mastered neither the personnel nor the cost of oil prices. They face strong competition from other companies, "said one portfolio manager bad credit payday advance. This opinion, indeed radical, summarizes the weariness of many managers who do not want to invest in Air France KLM.
The numbers speak for themselves. Market capitalization is more than 1.67 billion euros, less than 7% of annual sales and less than 25% of equity. The group is in any case weighed down by a net debt of 6 billion euros.
The new windfall tax on high incomes that night passed in the Assembly she will enhance the effectiveness of tax? In fact, the interplay of tax loopholes and the architecture of the tax still allows the wealthy to cancel their taxes. According to "the latest data, covering the tax paid this year as revenue in 2010," cited by Les Echos, nearly 5,000 high earners have completely cleared their taxes this year.
Thus, 4800 households taxed at the last tax bracket of 41% and thus have a taxable income of more than 70,830 euros have erased their income tax by the interplay of tax loopholes. 6497 they were last year.Meanwhile, more than 9,000 tax households have reduced their tax between 70% and 100%, according to the report on the 2012 budget Gilles Carrez quoted as saying.
In addition, the report finds that the member tax is proportionally lower in high-tax scale. Thus, households last year at the head of a benchmark tax income of more than 500,000 euros per share had a tax rate of 26% against 28.5% for those earning over 250,000 euros per unit cash advances pay day loan. The explanation is simple: the wealthy derive most of their income from capital is taxed less than income from wages.
The new tax on high incomes should correct these inequities. The tax households reporting between 250,000 and 500,000 euros will pay a tax of 3% and those reporting more than 500,000 of 4%.
But the very high income should continue to be taxed proportionately less.Liliane Bettencourt spends less than 15% of its income for tax purposes against nearly 30% on average for a living part of his work, recently castigated the PS deputy Pierre-Alain Mute. And on the other side of the Atlantic, Warren Buffett has built his own case as a symbol. The latter is crusading for the adoption of a tax on high incomes in the U.S. revealed to have paid $ 6.9 million in taxes, a rate of 17.4% of its taxable income.
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Financial markets had clearly joined the decommissioning of the debt rating of Italy. In fact, the announcement on the night of Monday to Tuesday, the degradation of the Italian note by Standard & Poor's had only a moderate effect on European markets. At the finish, the CAC 40 gained 1.50% at 2 984.05 points. The volume of trade is still small. About 2.6 billion changed hands on the great values of the Paris stock exchange.
Having dithered for most of the session, the other major European markets have also opted for the green in the very last lap. 2.88% ahead of Frankfurt, London and Milan by 1.98% to 1.91%. Wall Street awaited with optimism after the Fed meeting on Wednesday night.In session, the Dow Jones gained 0.47% and the Nasdaq 0.62%.
Paris, which opened on a slightly pessimistic quickly changed his tune, from the bulk of the session in the green. The index briefly accused the sudden mid-afternoon, after the publication of a report by the IMF lowered its growth forecasts in the world and expressed concern about the evolution of the economy in the United States and Europe. The organization has also warned against the risk of destabilizing the global financial system if the debt crisis continues to spread to major countries in the euro area Online payday loans.
If he had anticipated the deterioration in the rating of Italy by Standard & Poor's, the Paris market, retained a great excitement to the crisis of debt in the euro area and remained suspended including ongoing negotiations to avoid a bankruptcy of Greece.A new conference was scheduled Tuesday night between the Greek Finance Minister Evangelos Venizelos and the "troika" of the creditors of the country, European Commission, European Central Bank and International Monetary Fund. The outcome of these negotiations is crucial for the country. It conditions the payment in October of the sixth round of eight billion euros of the loan last year in the euro area country and the IMF.
In Paris, banking stocks have nevertheless taken the index back down green. Societe Generale lost 2.43% and 6.32% BNP Paribas. However titles sensitive to the dollar ended sharply higher, with the image of LVMH (3.64%) and EADS (3.11%)
The Paris Bourse pauses on Thursday, after a session that saw the CAC 40 jumped more than 3.5% beyond 3000 points. The benchmark index of the Paris Stock Exchange began the day on a stable note, down from 0.08% to 3070.58 points. On other European exchanges, the movement is the same. London lost 0.08% while Frankfurt climbed 0.08%. As in Asia this morning, traders expect the set of indicators of days before taking a position. Unlike previous days, the agenda will be very busy in the U.S. and Europe.
In the euro area, the eyes will be on the ECB. Earlier this afternoon, President Jean-Claude Trichet, will make an announcement on rates. Unsurprisingly, they should remain at current levels, at 1.5%. But markets are waiting above him to book his views on the problems of sovereign debt.For now, it's time for calm on that front. Yesterday, the German Constitutional Court was reassurance by confirming plans to aid in the euro area. In France, the deputies approved the second bailout of Greece arrested on July 21. They are the first to start this procedure. The Italian Senate last night gave a green light to the first austerity plan of over 52 billion euros from the Berlusconi government, while Spain adopted its fiscal rule of thumb, as desired by Paris and Berlin.
The U.S. employment under the microscope
United States, several indicators of the health of the economy will fall during the session. Among them, the trade balance, weekly jobless claims and oil stocks.The consumer credit will be available after market in Europe.
Two discourses are also highly expected on Thursday, those of Ben Bernanke and Barack Obama. The Fed chief will speak at around 19 am, French time, the Economic Club of Minnesota. Investors await details about how the Fed intends to support the economy. This intervention will follow the publication yesterday of its Beige Book, which again reported a moderate growth. For his part, Bush will speak on Congress to 1 am, French time, on employment and growth. It should detail a plan for employment that would reach $ 300 billion, raised yesterday by the U.S. media.
In France, growth in employment has slowed
In France, INSEE announced that the dealer paid employment decelerated in the second quarter.Principally market sectors have created a total of 33,300 jobs over the period April to June, from 78,300 in the first three months of the year, an increase of 0.2% against 0.5% the previous quarter.
The trade deficit widened further in July, reaching 6.46 billion euros in seasonally adjusted data, weighed down by a rebound in imports, Customs officials said Thursday.
On the currency side, the euro fell again to 1.4063 dollar.Oil, he, rising as a result of the prolonged interruption of production in the Gulf of Mexico due to tropical storm: a barrel of "light sweet crude" for delivery in October gained 41 cents to 89.75 dollars a barrel of Brent North Sea crude for October delivery takes 18 cents to 115.98 dollars in morning trading.
Values to follow on Thursday
• Banking
Stress tests imposed on European banks have made "transparency and clarity" on the strength of their balance sheets, said Wednesday night a Treasury official in the United States free credit report and score.
Banks react well. Among the largest increases are CAC, Societe Generale (2.01% to 19.77 euros), BNP Paribas (1.94% to 32.25 euros), Credit Agricole (0.97 to 5%, 80 euros), Axa (0.80% to 10.10 euros) and Natixis (0.55% to 2.55 euros).
• EADS (-0.85% to 21.69 euros)
The group is ready to dip deep into a war chest of $ 16 billion (11.3 billion euros) to finance its expansion in the U.S. and is in preliminary discussions with several potential targets, said Wednesday its chief executive for North America.In addition, the European missile manufacturer MBDA, in part by EADS, would be forced to reduce its workforce by 400 jobs by 2015, according to La Tribune.
Airbus, a subsidiary of EADS, is also considering a third increase its production capacity in one of its scenarios for 2018 to meet demand, the success of the A320 Neo scarce slots delivery before 2020, The Tribune reported Thursday.
• TF1 (0.87% to 10.43 euros) and EuropaCorp (stable at 3.29 euros)
The two groups announced Wednesday the signing of a Framework Agreement for development to produce the series in English for television.
• Ipsos: -1.36% to 27.13 euros
The group has launched a capital increase in cash of approximately 200 million euros to finance the purchase of Synovate.
• GDF Suez: -0.22% to 20.44 euros
The group will transfer to the Italian ENI participation of 10.4% in gas fields in the North Sea to pay off debt, reported Thursday Les Echos.
• Technip: 2.06% to 67.25 euros
In consortium with National Petroleum Construction Company (NPCC), the group won a contract worth about $ 500 million for engineering, procurement and construction of the project Satah Full Field Development, a field located 200 km northwest of Abu Dhabi (UAE).
• Sanofi: 0.54% to 50.19 euros
Genzyme, the biotechnology laboratory of the U.S. bought by the French group, was unable to deliver its drug Fabrazyme in August, although it promised to doctors and patients to meet this deadline. U.S. regulators have made public Wednesday letters from Genzyme dated August 26 and 25 where the laboratory apologizes to its customers and for people with Fabry disease, a rare genetic disease, for "any confusion and disturbance "caused by the delay.
• France Telecom: 0.37% to 12.19 euros, Vivendi: -1.06% to 15.89 euros
The new tax passed by the government as part of the new austerity plan should give priority, penalize these two groups, according to Les Echos. France Telecom should be paid to these measures between 300 and 500 million.Vivendi would see him, his taxes increased from 250 to 400 million.
Next recommendation goes to Credit Suisse under-performance against neutral Ipsen (-0.41% to 22.85 euros). Societe Generale goes with the purchase of Biomerieux (2.09% to 71.40 euros).
New twist in the controversy over the health of European banks which opposes the IMF to European officials. The new CEO of the Fund, Christine Lagarde Wednesday held the first meeting of its Board of Directors of European banks. On this occasion, the Fund's economists presented their calculations indicate a probable equity gap of around 200 billion euros for all European institutions, the Financial Times. While European banks inscribed on their balance sheet obligations of States in the euro area market value, their tangible equity would fall from 10% to 12%, said the newspaper.
The newspaper stresses, however, that the amount shown in the "Report on the global financial stability", the traditional semi-annual report due on 21 September, is not final.These figures are obviously equivalent to those that led Christine Lagarde Saturday to encourage Europeans to recapitalize banks on the continent.
Analysis strongly opposed by European leaders. "The vision of the IMF is biased," said the Spanish Finance Minister, Elena Salgado, the FT, explaining that the Fund was wrong not to take into account potential losses without regard to assets Bunds, which saw During their ride. Wednesday, the Minister of Economy, Baroin, has in turn ensured that the French banking sector did not raise "no worries".Statements in line with those of the governor of the Banque de France Christian Noyer and the president of MEDEF Laurence Parisot, who had followed the lead of European leaders as the Commissioner for Economic Affairs, Olli Rehn.
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Alone. While the deadline of August 2 is fast approaching, U.S. Republicans and Democrats still can not agree to raise the ceiling of the debt. The stakes are high: to avoid a failure to pay the United States.
That night, the U.S. Senate, dominated by Democratic allies of Obama, rejected by 59 votes against 41, the bill passed earlier in the day in the House of Representatives by Republican opponents (218 votes against 210). The plan was to raise the ceiling of over $ 900 billion in exchange for cuts in the amount equivalent to ten years. A second increase would take place in early 2012, during an election campaign for the presidential and legislative elections in November. The Democrats, meanwhile, favor a single increase in the ceiling of the debt.
Anticipating this fails, the Democratic majority leader, Harry Reid, took action after the election to try to get another text by Tuesday. "I asked my friend, the Republican leader (Mitch McConnell) to negotiate and he chose not to do," said Harry Reid soon after the Senate vote. It's a shame. I want to make a difference, "he added.
The United States has more than 50% chance to maintain their "AAA"
In the aftermath, the White House renewed its call for a "compromise" savings account payday advance."Now that this new political maneuvering is over, when the time runs out, the leaders of Congress must start working together immediately to reach a compromise that avoids a default and establish the basis of a reduction balance deficits, "said in a statement the spokesman of President Barack Obama, Jay Carney.
Despite the tense situation that is feared the worst for the U.S. economy, the rating agency Moody's does not think the note degrade the U.S. in the short term. She even intends to confirm its "AAA", but with a negative perspective …. This means that the country could lose its status as a safe sender in the medium term.For the rating agency, the U.S. has more than 50% chance to retain its best. "If we are convinced that the economy will take off in 2012 and will demonstrate strong growth, the consolidation process tax will be facilitated, "said Moody's analyst Steven Hess said in an interview with Reuters.
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This time, the Fininvest will have to pay. The court sentenced him on Saturday appealed the group owned by Silvio Berlusconi to pay 560 million euros in the CIR group, owned by Carlo de Benedetti. The judges of the Court of Appeal of Milan have found that control of the publisher Mondadori, obtained in 1991 by Fininvest, to the detriment of the EIF through a favorable court decision, was made possible by the corruption of judge and lawyers involved. In 2007, the Criminal Justice had issued a similar notice, including the judge sentenced Vottorio Metta was stationed in nearly three years in prison.
On appeal, the Milan judges, however, have reduced the scale of the financial penalty, determined in the first instance to 750 million euros.Unlike 2007, the decision will also be immediately enforceable: Fininvest will address 560 million euros in damages without waiting for the trial to the Supreme Court that the group should seek. "Our lawyers are already beginning to study the complaint," has indeed responded Marina Berlusconi, the eldest daughter of the Head of Government and president of Fininvest. This assesses the amount of the penalty "to double the participation of Fininvest in Mondadori guaranteed fast personal loans."
Electoral setback and legal troubles
The Cavaliere had nevertheless worked hard to save the payment of such penalty to the group. Approaching the verdict, he did not hesitate to try to vote by Parliament an amendment to the Civil Code suspending sanctions in excess of 20 million euros on appeal, until the final decision of the court of Cassation.A measure to be adopted in the Bill ratifying the austerity plan. Faced with the outcry in the opinion of this measure, the Cavaliere has this week backed down.
This decision is more bad news for the chairman, who combines political defeats in recent months and legal troubles. Also implicated in the "Rubygate" Silvio Berlusconi suffered a severe mid-June electoral setback. The Italians have indeed overwhelmingly (over 94%) rejected four bills proposed by his government and put to a referendum: one devoted to the construction of new nuclear power stations, one on the privatization of water management by municipalities, and two providing legal immunity of ministers and the chairman of the board. Silvio Berlusconi, who announced Friday he would not stand in 2013, probably did not finish with the law.
Some are outraged, others consider the decision expected and logical, while several players see it as a failure of government bias in favor of the atom. The non-renewal of Anne Lauvergeon as Chairman of the Management Board of Areva has raised many reactions from all sides on Friday morning. Ousted the group public on Thursday, the former boss of the nuclear group, which will be received by Nicolas Sarkozy on Monday, played the card of appeasement. Hope that the handover "takes place in the best conditions," "Atomic Anne," as it's known in Areva, has called on all employees of the group "to continue their work."
Nothing to calm the PS, which is firing on all cylinders against the decision short term personal loans. Like Jean-Marie Le Guen, socialist deputy of Paris, for which the layoff is proof again that Nicolas Sarkozy "in a month to think any permit."This close to Dominique Strauss-Kahn believes that the president hopes to avoid "people who have a failure to defend a design independent of the management of a state enterprise." Same arguments for Ségolène Royal. The microphone of France Bleu Hérault, president of Poitou-Charentes hopes that this "dismissal" of an "exceptional woman" was not due to his "independent spirit".
The player is used by default in the articles of figaro.fr. maj5
The report is severe. A little more than three years after the law on public service employment, followed by the opening to the public in January 2009 employment center of the merger Assedic and ANPE, the Economic, Social and Environmental (EESC) provides an uncompromising assessment of the first two years of employment center.
The Assembly shall consider in particular still "very inadequate" coaching job seekers. "This reform has not yet produced the expected results," says the draft opinion to be discussed Tuesday and Wednesday by all members of the EESC."The mission of support for job seekers remains woefully inadequate and service companies could still be improved," says the document notes that the "small part" of jobs collected from businesses (around 17%).
But especially the draft opinion pins a system that "appears less effective" in Germany and the UK particularly in terms of re-employment of the unemployed. A number of commitments are not kept or displayed "inappropriate" as the period of four months between the registration of an applicant for employment center and the first follow-up interview monthly custom, the document said.
Unfinished
The authors acknowledge the context of "unfavorable" in which the work is reached "substantial" merger of ANPE and operational network of unemployment insurance, with the sharp deterioration in employment and a sharp rise in applicants .But they believe that the restructuring was "unprepared" and remains "incomplete." They also note that no impact has occurred prior to the reform, "designed as a potential source of savings" of management and, consequently, additional means for tracking job seekers. In fact, "the reorganization of networks" has even been "generating additional costs, including increased costs of operating real estate until 2015.
Limit the number of file per advisor
Among its 22 recommendations to "strengthen the public employment service", the notice calls for "significantly limit the size of the portfolio advisers of employment center" to further customize the service to applicants, to accentuate training provision and improve service for compensation.
For this, we must "increase the means of employment center," while "the disengagement of the state is undermining (its) fiscal autonomy" and "restoring governance, with more weight to the social partners. Users are not the only ones taken into account: the EESC also considers the difficulties caused by the reform for the personal employment center, including recommending to watch over the "psychosocial risk agents" and to reflect on the evolution of business.
(With AFP)
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Asian stock markets continue their slow progress on Wednesday. After the strong rebound of U.S. indexes on Tuesday, the Nikkei 225 of the Tokyo Stock Exchange is 0.55% to 9873.22 points. The yen remained stable vis-à-vis the dollar at 80.86 yen to the dollar.
While the group must report its results after the close of the Tokyo Stock Exchange, Toyota climbed 1.23% to 3290 yen. Other automakers also posted strong gains, supported by expansion of the yen.Nissan rose 2.34% to 787 yen, Honda is 2.44% to 3140 yen.
For its part, Tokyo Electric Power rises from 3.71% to 502 yen, while the operator of the plant in Fukushima could announce a net loss of nearly $ 9 billion for the fiscal year increased due to the nuclear accident of March 11, according to Japanese press.
China slowdown in industrial production
In China, financial markets are doing well even if caution remains the watchword. After a day without trading yesterday due to public holiday in Hong Kong, the Hang Seng in Hong Kong gained 0.30% to 23,405.20 points. The CSI 300 Shanghai ahead of him 0.23% to 3160.39 points.Investors are somewhat reassured by the slight decline in inflation to 5.3% in April (against 5.4% in March), but the growth of industrial production slowed to 13.4% in April on one year (against 14.4% in March).
Note that a subsidiary of China Southern Airlines, Xiamen Airlines has ordered six Boeing 787 for a $ 1.1 billion (764 million). The title jumped on the stock market by 2.81% to 8780 yuan.
Other Asian markets in the green, except Bombay
On other financial markets in the area, only the Bombay Stock Exchange is moving in the red, the BSE Sensex lost 30 points 0.16% to 18,482.30.
For the rest, the indices are rising.The Taiwan TAIEX gained 0.12% to 9034.40 points, the KRX 100 of Seoul – Seoul Stock Exchange was closed Tuesday for a public holiday – is 0.81% at 4599.54 points, the S & P / ASX 200 climbs from 1.02% to 4774.20 points and the FTSE Singapore Straits Times rose 0.41% to 3169.15 points.
The risk of flooding in the U.S. puts oil pressure
Oil prices were higher Wednesday in Asian electronic trading in the face of fears of flooding in the U.S. threats to refineries along the Mississippi, according to analysts. In morning trading, a barrel of light sweet crude for June delivery took 14 cents to 104.02 dollars. That of Brent North Sea also June delivery gained 23 cents to 117.86 dollars.
