Coffee breaks should be shorter now for the employees of Goldman Sachs in New York. In recent days, in fact, they have at their disposal coffee cups smaller than normal. The bank, which has embarked on an extensive program of savings $ 1.45 billion in mid-2012, estimates that reducing the size of the cups 35 cl at 29 he will save "thousands of dollars ". In the same vein, the machines "cashless" (to recharge with cash cards can be used to pay vending machines) are becoming increasingly rare in buildings. According to Goldman Sachs, it will pay less armored car to transport the money raised.
Other banks, Wall Street stars, also address their operating costs.The offices are less green and Morgan Stanley, which decided to cut the budget plant. "Every dollar not spent is a dollar that can be used for growth," says her boss wisely James Gorman. Bank of America canceled several expensive meeting, while Barclays will strictly monitor the bill for business phones for its employees.
Bonuses reduced and job cuts
More importantly, the impressive bonus paid out to employees at year end should be reduced. Although for the moment, the cumulative 65.69 billion dollars, set aside for this purpose in the first half by Citigroup, JPMorgan, Goldman Sachs, Morgan Stanley and Bank of America, do not show it yet. In recent await the end of the fourth quarter before taking any decisions about it.
Saving measures will also affect employment installment payday loans.Goldman Sachs cuts and positions could not be about 3% of the workforce (1,000 people), as expected so far, but 5% of the total. Bank of America will eliminate 30,000 positions, JPMorgan Chase 3000.
A disastrous quarter
The time has come for U.S. investment banks to tighten their belt after a disastrous third quarter. The very poor stock market performance of major Wall Street banks over the period, characterized by loss of 16% to 49% over the period, illustrate the phenomenon.
The reason: the pressure around the debt crisis in Europe affects the banking sector on both sides of the Atlantic, the new cases of mergers and acquisitions and bond below the 2008/2009 levels, and economic slowdown in the U.S. and the euro area.Not to mention the always present impacts of the subprime crisis.
Symbol difficulties, Goldman Sachs is expected to announce on 18 October, its worst quarter since going public 12 years ago. The consensus of analysts now speak of an earnings per share of $ 1.35 (against 2.65 dollars a month ago), a loss of profitability of 50% over the year. Some even refer to a quarterly loss that the bank would be its first episode since the Lehman Brothers in 2008.
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Still pending for a summit in the euro area. While Monday's major stock markets reopen on Tuesday, European capitals and investors will have their eyes on the meeting at the Elysee between French President Nicolas Sarkozy and German Chancellor Angela Merkel. After a week very rough on the markets, particularly in France, this meeting is an opportunity for two leaders to show their unity.
Above all, it will be the first public Angela Merkel, back from vacation, since the revival of the crisis.Angela Merkel and Nicolas Sarkozy "are among the few political figures on which the fate of the euro, the EU and Europeans," says the German newspaper center-left Süddeutsche Zeitung, adding that French President 's 'prepares to live the most important week of his career. "
The markets expect a lot of European leaders. Some analysts point to the inadequacy of the means used to protect the euro area at a time when the first signs of a contagion is observed in Spain and Italy. The European Stability charge to lend to countries in difficulty, and would not have sufficient financial resources to save Italy as if it fell before it, Greece, Ireland and Portugal.
Pooling of liabilities
Investors, but also the European Socialists are calling for the creation of "Eurobonds", which would sign the pooling of public debt in the euro area. If this had been established, it would have prevented the current crisis, said Saturday the Italian Finance Minister Giulio Tremonti. Berlin is officially fiercely opposed, saying it would amount to finance the deficits of the least virtuous of the euro area. But the government no longer opposed Eurobond "to preserve the euro area" as a last resort, reports the conservative newspaper Welt am Sonntag quoted a government source payday loan online.
The Franco-German summit is unlikely to provide definitive answers on these two subjects.The German Finance Minister Wolfgang Schäuble has dampened the hopes of the most optimistic in an interview published this weekend in the German magazine Der Spiegel: "We left there: there is no pooling of debt and no help to the infinity. There are support mechanisms, as we continue to develop, under strict conditions. "His French counterpart, Francois Baroin, for his part said he was working on" a convergence between France and Germany "about to a tax on financial transactions.
Most stubborn
The German government is already struggling to push through the reforms agreed at the EU summit on 21 July. In parliament, the majority balks, cooled by a public increasingly distrustful towards the euro. Angela Merkel's allies, the liberal FDP, and require strong counterparties in exchange for their support."With us there will be no blank check for the redemption of bonds of other countries" (a measure of support to countries in difficulty decided July 21) warned Sunday the leader of the FDP Rainer Brüderle. He wants a limit on the debt be written into the constitutions of all countries in the euro area, as is the case in Germany.
A sign of the tensions within the majority of Angela Merkel, President of the Bundestag, the upper house of German parliament, is reluctant to adopt reforms in the euro area in a timely manner by the government. "The subject is so important," he "will surely be impossible to pass it between 20 and 23 September," he said. One more reason to be anxious for the markets.
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It's a simple story of leeks and parsley that was enough to put at the door. Peggy Gerard, who works at a supermarket Ed Nieppe, in the North, was fired July 15 for gross misconduct after the vegetables were discovered in his car. This woman, a supervisor, says she got these vegetables "faded" with a premiere independent, and they were for his rabbits. But his explanations were not enough to his employer, who believes she tells … salad.
Because the direction of the hard-discount Ed says Peggy Gerard admitted during the control be in possession of the goods from the store. "On June 1, an area manager wanted to control the trunk of my car when I went home for lunch," says this single mother who works for the brand since October 2005."I refused twice because I felt that he had no right. But the third, I finally agreed. He found a black garbage bag with vegetables in it. In the afternoon, shortly after the reopening, I was told to go home, "said the employee fired.
Without contributions Assedic
Thief or victim? Peggy Gerard vain shall submit a declaration confirming that the merchant had recovered well, the eve of the facts, the vegetables in question. "I never had no problems. I was never charged even if an apple when I fly threw for 300 euros of goods per day, "says the young woman.
Peggy Gerard now plans to defend himself before the tribunal. It took the union Workers' Force (FOR) will continue Ed's behalf. "This is unacceptable.Not only do we get to the bottom, but we must treat emergency because Ed refused to give certificates of the Assedic contributions to enable it to survive, "Lionel rebels Meuris, general secretary of the union county TF North, adding: "The facts are totally unjustified. Ed to grow up acknowledging their error and restoring its employee's rights. "
Lettuce, leeks and parsley vegetables "stolen" in question – be sufficient to deprive Peggy Gerard's job? In late June, an employee of Monoprix in Marseille had been laid off for trying to get two salads and six melons in a garbage collected. He has since returned to duty.
Like their colleagues in Asia, investors should demonstrate Parisian little enthusiasm on Friday. The CAC 40 futures contract on a misaligned (0.06%) to 8:30, suggesting an opening decline.
The market's attention will focus on the evolution of the European agenda to discuss aid to Greece and parliamentary discussions slipping in the United States, about raising the debt ceiling. After Treasury Secretary Timothy Geithner and Fed chairman, Ben Bernanke, the U.S. President, Barack Obama has assured last night that "the time for decisions has come."Barack Obama will hold a press conference to take stock of the subject at 17 hours, Paris time.
A very technical session for
The news should be sparse on the side of the values on Friday, but the session promises to be lively because of the expiration today of a battery of forward contracts.
Investors remain concentrated in Paris after the close for 18 hours to read the results of resistance testing in the European banking sector. Among the 91 banks assessed in connection with these third annual stress tests, are the French BNP Paribas, Societe Generale, Credit Agricole, Natixis faxless pay day loans.
The automotive sector will also be in order on Friday, after the presentation of the number of registrations in Europe in June, which shows a decrease of 8.1% over one year.Over the first half, the market decline is limited to 2.1% with 7.12 million passenger vehicles registered.
The gold on top, the euro remains strong
Values could be exporting to the death, after a further rise of the euro, which traded this morning, 1.4166 dollars, against 1.4141 dollars last night, while the dollar was stable against the yen. The euro is also strengthening against the Japanese currency at 112.15 yen.
In the current environment of heightened uncertainty about the public debt in Europe and the United States, gold is looking for: the metal-King reached a new record yesterday to 1594.45 dollars. It flows back slightly this morning.
Similarly, relaxation can be observed on the future of Brent North Sea (-0.22% to 116.09 dollars per barrel). In contrast, light crude gained sweed 0.24% to 95.92 dollars a barrel.
"You have not made a kiss," he said to the blond who is in the arms of his assistant. In the small phalanx of the Rue de Babylone in Paris, where the General Commission for Investment, René Ricol has payday loans…
Standard & Poor's (S & P) lowered its outlook this morning on the note of the long-term debt of Japan became "negative", fearing the consequences of the earthquake and tsunami that occurred on March 11 for the Japanese economy. Note in Tokyo is currently set at "AA-", the fourth best possible out of a total of 22, which corresponds to a transmitter of high quality but could be reduced soon. The rating agency expects indeed a worsening of the deficit, caused by the cost of the natural disaster that the country will have to bear. S & P, the reconstruction would cost "between 167 and 417 billion euros, with an average forecast of 250 billion euros".
The rating agency believes that only substantial measures such as tax increases, to increase state revenues will be in Tokyo this financial burden.Otherwise it will be assumed by local and central government, the deficit could grow to "two points of gross domestic product (GDP) this year and a point next year." S & P expects a deficit above 8% until 2014 and not 2013, as previously calculated.
Retail sales have also fallen by 8.5% last month, following the earthquake us fast cash. It is the largest decline in thirteen years. Consumers have clearly deserted shops for anything other than food staples.
The BoJ is 0.8% growth in 2011/2012
These signs of the deterioration of the Japanese economy are published while the Bank of Japan is preparing to revise downwards its growth prospects.The Monetary Policy Committee of the Bank of Japan (BoJ), which will meet on Thursday, is expected to announce a new perspective of growth of 0.8% for the fiscal year of April 2011 to March 2012 against 1.6% expected before. The nine members of the BoJ might also consider Thursday that the recovery will intensify in the next budget year (April 2012-March 2013).
The Bank of Japan should also detail the measures to support the economy after the earthquake of March 11, according to economists. The BoJ should also emphasize the great uncertainty in Japan.It is particularly difficult to measure the business impact of restrictions on products of Japanese origin because of radioactive leaks from the central hilly Fukushima.
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Mobilization at TF1. Faced with structural changes experienced by the video market, its branch TF1 Video has decided to completely overhaul its organization and pooling the resources previously dedicated on the one hand, distribution of physical media (DVD and Blu -ray) and, secondly, to digital (video on demand, VOD and TV catch-up). Certainly, for the first time in five years, the market for DVD and Blu-ray has stopped falling in 2010. It has stabilized in both volume and value, with 94 million movies sold for a turnover of 1.3 billion euros. It's still down 30% of revenues since 2005.However, last year, Blu-ray supported the market, they now account for 12.5% of its value and 7.8% of sales.
Meanwhile, commodity prices are crumbling, eaten especially by the multiplication of commercial transactions conducted by all distribution channels, from hypermarkets to the Internet. In late March 2011, DVD sales fell 7%, according to GfK. The bulk of sales, however, is achieved by year end.
Faced with the erosion of the market and the ongoing threat of piracy, TF1 Video talks about the future of VOD. Several vectors support its growth. Three quarters of French households are connected to HD and 78% of them know the VOD service. What offer great opportunities for growth, whereas last year the total turnover of VOD has increased from 66% to $ 152 million, or 11% of the market premises.It is forecast at 200 million euros in 2011.
Soon on iTunes
In other words, 30 million movies, shows or series were watched on VOD payday loans no teletrack. "This market has great potential for development and growth can continue for long," enthused Ravanas Regis, president of TF1 Video, and Christian of Laz, CEO of TF1 Vision, which recognizes that "considerable progress remains to do, especially in terms of indexing. " Last year, the broadcasting group has achieved its best sales in VOD with the last season of Lost.
Meanwhile, catch-up TV services or catch-up TV are also in full expansion, with a model that combines the paid and free. Thus, the M6 Group argues that 508.5 million videos have been seen since the launch of M6 Replay in 2009 and 300 million in 2010 (for M6 Replay, Replay and W9 M6 Bonus).The VOD market has further development of connected TVs, including one million were sold in 2010, box, fitted to 9 million homes, and game consoles, which are all ways to access to such services. In the coming weeks, an icon TF1 Vision will be available on connected TVs from Samsung and content of the channel will be available on the platform Qriocity Sony.
TF1 Video has also announced Thursday the signing of an agreement with Apple's iTunes, which offers a selection of films from its catalog.
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Launched in 1984, Avanquest Software, which currently generates a turnover of nearly 90 million euros and employs 570 employees worldwide, is present in the United States, Asia and Europe. From the outset, the choice of an international position has emerged at Bruno Vanryb. With a particular appetite for the U.S., according to him indispensable in the business software and high-tech, since it across the Atlantic that produce the bulk of innovations. "I always thought that a French company that does not succeed in America is not intended to succeed internationally. From the beginning, so I wanted to bet on the American dream.It gives me great adventure: have 50% of its sales in the U.S., selling software to the Americans is quite special, a bit like selling ice to Eskimos "Mollé Morgan says there.
Last year, the company has focused on France by acquiring Micro Application, the leading French publishers of the public. "By force of being developed internationally, we forgot the country where we have our headquarters and where we are publicly traded, that is to say France," explains the manager. An acquisition that enables Avanquest Software to be number one in France."Micro Application, not just 20 million euros of turnover, are also thirty years experience in software, with great managers who will bring us many new ideas."
Must smartphone
Another development technology this time, also had a major impact on the activity of Avanquest Software: "cloud computing", literally "cloud computing". "Cloud is a trend. It's really the dematerialization in general. We started with a computer in which they put a floppy disk and now you can access all data from anywhere. This is the total convergence. You take a program like that of the Highway Traffic Avanquest, you can have it on Facebook, your phone, a gateway for Nintendo … That's the future: convergence, access everywhere everything.Why must the cloud, it is the servers, "explains Bruno Vanryb.
Among the underlying trends at work in his area, the connection with smartphones is in his eyes became an essential element. "You can not make a software if you do not its function smartphone. So we have to invest to be very strong in these technologies, and only the best will survive, "predicted the leader. By joining the gesture to speech: Avanquest has launched an application for BMW, via smartphones.
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The war of the taxis Avignon button does to an end? According to Le Parisien – Aujourd'hui en France published on Tuesday, the low-cost airline Easy Take was removed by the board of registration Trump France, the national tourism agency. Since January 2010, twenty company vehicles transporting clients in Avignon and the surrounding reservation. To lower prices, the company uses advertising space on cars and on screens inside. Result: Racing sometimes two times less expensive than those charged by taxis in the city, which has aroused the discontent of taxi drivers in Avignon.
In early March, nearly 900 drivers have organized an operation snail in the center of Avignon to protest the "unfair competition" Easy to Take. The unions accuse the new taxi company does not comply with the law by practicing marauding Easy Take denies that.In the context otherwise difficult, low-cost airline would, in their view, a decrease of 30% of their business.
According to Le Parisien, Aujourd'hui en France, the registration committee relied on four PV prepared by the police from Avignon to revoke the license of "passenger cars with driver" Easy to Take. The Kangoo society would neither comfort nor the identification of this category of vehicles and in fact exercise the profession of taxi.La decision should be applied upon publication in the Official Journal.Easy Take states, meanwhile, had "received no official document" and "not knowing what [he] is accused."
One of the two licenses already lost
Already on Monday night, Take Easy confirmed to have lost his license for "passenger cars with drivers" but indicated another to keep 'road passenger transport, which enables it to carry at least two people. This activity represents, according to the company, 97% of its turnover. "We will therefore rely on our second year and perhaps not to transport people only for a short period", told AFP Rotureau Elsa, spokesperson for the company.
The loss of the second license would, this time, the death knell of the ambitions of Easy Take reported that it invested one million euros to start. The Court of Appeal of Nîmes is also making its decision on April 19.The union of taxi drivers asked of Vaucluse to order the cessation or prohibition of exercise of Easy Take.
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The European giant EADS pleasantly surprised on Wednesday morning by unveiling 2010 earnings above expectations. The group of aerospace and defense as planned return to profitability, with net profit of 553 million euros, against a loss of 763 million euros in 2009 financial year marked by provisions on the A380 and 'A400M military transport aircraft.
EADS also engages with the payment of a dividend – of 0.22 euro – for 2010, cash and displays a record of 11.9 billion euros at the end of 2010. It has improved its turnover by 7% to 45.8 billion euros, with record deliveries of 510 commercial aircraft from Airbus. For 2011, it expects between 520 and 530 deliveries.
But for 2011, the time has to be cautious. The parent company of Airbus this year expects an operating profit (EBIT) before special items "stable compared to 2010, about 1.3 billion euros."Increased spending on research and development and a less favorable product mix in Cassidian, the defense and security division, should help offset higher volumes and prices at Airbus Commercial.
The group expects to hand in a "marked improvement" in 2012 with increased volumes, better pricing and improved on the program of Airbus A380 Superjumbo.
Large aircraft orders this week
And even if the American aircraft lessor ILFC, a subsidiary of AIG, has canceled a previous order of 10 A380 super jumbo, whose contract was potentially 3.7 billion dollars according to list prices. "It has absolutely no impact on the A380 program," said John Leahy reassured last night. In exchange, ILFC will purchase 100 medium-haul Airbus A320 Neo and 33 to Boeing for a total of more than $ 12 billion.
Yesterday also, Turkish Airlines has signed a firm order for ten medium-haul A321 and three A330-200F freighter aircraft. A contract of nearly $ 1.6 billion at list prices.
On Wednesday morning, the Hong Kong airline Cathay Pacific placed an order for 27 new units, including fifteen A330-300s and two Airbus A350-900 and ten Boeing 777-300ER. Appliances should be delivered before the end of 2015.
In exchange, EADS shares gained on Wednesday at the opening of the Paris market, 4.08% to 20.65 euros. The capitalization of EADS took 13.8% since the beginning of the year after winning 24% in 2010.
Daimler and Lagardère on the road to disengagement
In the complex composition of the board of directors at EADS, Lagardere which represents French interests, the recent decision by Germany's Daimler to sell part of its 22.5% raises concerns about the group's governance and future of its shareholders originally intended to limit the influence of the French state.
Especially as cables Wikileaks, obtained by Reuters, are valid. On dozens of pages dating from 2005 to 2009 spread strife within EADS Courrent forever. In particular, they indicate that the shareholders' created between the political and industry participants an imbroglio that has proven difficult to unravel, placing the representation of national interests of private shareholders who are (…) train to leave the company. "Arnaud Lagardere, whose participation in EADS was 15% at the time and has since been reduced to 7.5%.
EADS declined to comment on these cables. The Lagardere group, which recently said it would not do anything about his involvement until 2012, did not respond to requests for comment.
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