SWFs have definitely an appetite for stone. In January, Qatari Diar, already owns the premises of the Hotel Royal Monceau in Paris, put his hand on those of the Carlton in Cannes. Reportedly, GIC, the Singapore fund, has made him a ticket of 100 million euros in the funds spent on office property completed by the end of 2011 Altarea land.

This spectacular arrival of sovereign wealth funds in commercial real estate almost makes you forget a more pervasive phenomenon. Insurance companies have become the biggest buyers of offices, shopping centers, hotels and warehouses. According to the consulting firm Cushman & Wakefield, they earned last year 26% of investments in this asset class in France. Their representatives are out in force this week in Cannes at MIPIM, the international exhibition industry.

"With the crisis, insurers have found that some of their favored investments such as bonds had become riskier, says Xavier Seagull, Director of Acquisitions at Allianz Real Estate France. They therefore turned to real estate. "These properties correspond perfectly to the needs of insurers, they offer a 6% return, which allows them to fulfill the contract made with the purchasers of life insurance: a performance around 4%.

As a result, insurers have decided to strengthen real estate. Allianz, which was 3% of its investments in stone in 2008, rose to 4% and now account for 6% of spend the next four to five years. "At group level, we want to happen in three years at the 10% position in real estate as against 7.5% today," says Philippe Depoux his part, Chairman of Generali Real Estate France.

Acquisitions financed with equity

Insurers are likely to keep their goals because they have a secret weapon: with the money collected by life insurance, they can finance their operations from their own funds. An asset, at a time when banks have drastically reduced their loans to buy back buildings and shopping centers. "Today, we are fine business when they were proposed by the trustees of private equity funds that financed their operations by resorting to massive debt," said Joelle Chauvin, Property Manager of Aviva France.

Each insurer has its strategy. Aviva took the risk of launching 50-50 with Predica construction of a tower of defense, Carpe Diem, to be delivered late 2012-early 2013. An operation "blank", that is to say developed without identifying a tenant. An approach that refrains Allianz, positioned on existing buildings with long leases. In 2011, the German company bought 260 million Forum Seine, a building of 35,000 m2 including leased Locapost. However, these players are always looking for the same locations: Paris, La Défense and near western suburbs.

Along with their purchases of real estate, insurers are increasingly engaging in more in mortgages that are secured on the asset value to fund. One way to enjoy the disengagement of the banks real estate field. The possibility of waiving the banking monopoly is under the Insurance Code. Axa and Allianz have decided to play the forerunners in this field.

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Olympus is preparing to renew its leadership. The group of optical and medical imaging, the center of a scandal hidden losses, said Monday it has chosen children of the seraglio to compose his future Board. The group is now led by Hiroyuki Sasa, now in charge of marketing.

Olympus has also promised to appoint six outside directors (most already linked to the group) of the eleven new members to its board of directors to be presented for approval at a special meeting of shareholders on April 20.

A scandal of hidden losses of $ 1.5 billion spread over thirteen years to put down the reputation of Olympus. Last summer, the group managing director, Michael Woodford, was curtly thanked by its board of directors after requiring clarification of accounting anomalies revealed in the press.

Since then, the president "historic" Olympus and six executives were arrested. In a country where a charge often means a conviction (almost all of the defendants are convicted in Japan), these arrests have cast doubt on the sustainability of the group in its current form.

Exit the ambiguity

Too broke out, could be sold by Olympus divisions to another industry. Its medical imaging division in particular displayed an insolent financial health despite a fiscal year 2011-2012 which looks disastrous for society (200 billion yen loss forecast for the year which will end in late March). Sony has already shown particular interest in the activities of Olympus.

Meanwhile, the current management group, on borrowed time until April 20, closely linked to the ousted president, trying with difficulty to break the ambiguity. The next president is chosen as Olympus just SMBC, the bank group, so its main creditor, who has covered, probably by laxity, all of its accounting maquillables.

"It is not desirable that the president comes from SMBC", pleaded last week the U.S. fund Southeastern Asset Management, which owns 5% of Olympus. Wasted. To date, most members of the board are being sued … by Olympus.

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Hard times for the 380. After the case of microcracks detected in the wing of the superjumbo, Airbus will he deplore a new problem, this time in the "nose" of the device? The European Aviation Safety Agency (EASA) is interested in any case the rivets of radom, that is to say the cover that protects the radar of the aircraft.

The authority may decide to issue in the coming weeks an airworthiness directive (AD) requiring the change of six rivets aluminum rivets titanium stronger. The 19 airlines that operate the world's fleet of 69 A380, eight months have to do this for an average of 3:30. Clearly, they would have time to schedule it as part of their regular maintenance schedule.

After the decision to order the Efsa a general inspection of the planes of A 380 in service and production, totaling one hundred aircraft, the image of the A380 takes another blow. However, this type of airworthiness directive is very common in aviation. All aircraft receive throughout their careers.

Two types of directives

"The FAA, U.S. aviation safety authority, has issued more than 830 airworthiness directives for Boeing B 747 in forty years," says one at Airbus headquarters in Toulouse. "For an airplane, receiving such a directive is as ordinary as to think about changing the wiper blades on your car or an oil change," says one.

The Aesa issues two types of directives: the current, AD, and urgent, called "emergency AD." In the case of microcracks, the two directives were common. The agency goes up a notch when it considers that the subject can affect flight safety. In this case, companies have little time to react, sometimes not even 24 hours.

In the case of rivets, flight safety is affected in any part, Airbus insists. The manufacturer points out that these are not structural elements. Six rivets 40 to 50 by radom "are not likely to blow up" the unit cover.

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A380

"Airbus A 380 will control the 21 affected by cracks

The relaunch of the title earlier this year, with a lot of promotion, did not halt the inexorable decline of sales, which stood at 59,102 copies in France spread paid on the first eight months of the year , against nearly 64,000 copies a year earlier, according to OJD.The new formula would allow France-Soir to cross the threshold of 100,000 copies.

Deletion of 80 posts

In total, more than 60 million euros have been invested in the revival of the legendary title that had its heyday in the 1950s. The France-Soir Pierre Lazareff flowed 1 free instant credit score.5 million copies every morning … Encouraged by its owner, the son of Russian oligarch Sergei Pugachev, the team in control has taken risks, such as increased sale price (60 cents), to seduce an audience younger and more feminine. But the drastic reduction of book horse, which provided a daily basis for loyal readers, was the most damaging to sales of the title.

The plan will be offered Friday provides for the elimination of 80 positions out of 120. He plans to leave the paper, never to appear on the Internet.It would, if the plan is adopted, the first French national newspaper to take this approach. The business daily La Tribune, also in the process of SAVING, had already tried it in August but for a simple two-week period. General meeting Monday evening, the employees of France-Soir refused "the scenario of the disappearance of the title in the near future along with a large number of layoffs" and voted to strike. The log does not appear on Tuesday morning.

The bell sound is little more optimistic in. The experts of the French subsidiary of the Danish bank focused their attention on the delays of politicians."Speeches are encouraging to reassure the markets a while but in the absence of concrete solutions, the downward trend should continue," they said in a note sent to clients. The same applies to the specialists of the broker, "no concrete steps have been taken and so it has not been made, the euro will continue to r suffered."

Repatriation of capital in dollars

With the strong underperformance of European markets, investors, especially American, have reduced the share of assets invested in European equities. The repatriation of capital cause lift the dollar against the euro.

The downward spiral is likely to continue in the fourth quarter. Earlier this year, Saxo Bank had made a bet of one euro to 1.15 dollar. This goal seemed absurd end of April (the euro now approaching $ 1.5) no longer is.In any case, the euro could be worth between 1.20 and $ 1.25 at the end of the year. In this zone, the euro would only return to its value in purchasing power parity further point out the experts. Some exporting companies that have had the good sense not to cover may already be rubbing their hands. This is the case in particular that benefits both an aircraft carrier cycle and a decline of the euro against the dollar.

It seems that the era of the strong euro against the dollar is behind us. For individuals, it is possible to speculate down on the euro-dollar by selling the currency pair in cash in a currency broker. It may also be wise to buy put options or put options due in March (for example). This strategy can multiply its earnings but does concern a limited part of a portfolio.The current movement is also favorable to purchases of dollar assets (U.S. real estate, stocks on Wall Street …).

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Already, Valérie Pécresse asked the Directorate General for Modernization of the State to work on five priorities:

1 – Developing for priority services, personalized assistance to users during the process online (telephone, email, chat).

2 – Offer the user evaluation surveys on the Internet or mobile at the end of any administrative process.One way to take into account the voice of users and improve services according to their reactions.

3 – 5 Launch pilot projects on social media in the areas most relevant to the user: health, human services, education, employment and culture.

4 – Offer a mobile application offering users a personalized list of deadlines and the status of its efforts.

5 – Allow the user to present to the administration's vouchers via their mobile phone with a flash code (income tax, electricity bill and telecom).

While this report confirms the strategy implemented by the government in 2010, Valerie Pécresse welcomed the tangible results already achieved.

* 160 public websites have been consolidated or eliminated to improve the readability of the presence of the state line.End of 2011, the volume of websites of the state has been reduced by 50%. For greater efficiency.

* 2.5 million users have opened an account on the site mon.service-public.fr steps online.

* 76% of administrative procedures expected by most users have been dematerialized.

* The mobile phone version of the portal administration is now available (m.servicepublic.fr).

After obtaining an immediate apology from the British publication, the Company generally does it not stop there. She wrote, according to our sources, from August 18, by law, a letter of assignment to the Mail on Sunday, saying she has suffered damages and seeking compensation instant payday loan lenders.The next day, the newspaper responded by acknowledging his mistakes and offered to pay 1000 pounds to a charity. On 1 September, the French bank has sent a second letter, noting that the magazine acknowledged its mistakes and requesting payment, this time a million pounds to the "charity" of choice. Last week, the tabloid merely replicate that he would study the issue.

Both parties are there. If the Mail on Sunday does not comply, according to our sources, the Company generally will rise to the second phase of its assignment by entering a London court.

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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Franco-German work beginning to bear fruit. On the harmonization of corporate taxes first. Baroin said that the proposals on a plate and a single rate in France and Germany are on the table in 2012, for implementation in 2013. "In practice, we expect an early convergence of the supplementary budget in September," said the minister. Impossible, however, as to what are currently the preferred paths to achieve such convergence. If, for example, the corporate tax will fall in France, or if it will increase across the Rhine.

The tax on financial transactions discussed in G20

The terms of the tax on financial transactions announced on August 16 by Angela Merkel and Nicolas Sarkozy also remain mysterious. "What is the basis used? Rate? Who receive income: the Commission, the States? We have not finalized the position on this issue ", said Minister of Economy, Baroin, in an interview published this morning in the Journal du Dimanche.

The German Minister of Economy Wolfgang Schäuble and his French counterpart have yet met last week, including to clarify the contours of the future tax, the timing is tighter. As originally announced by the Franco-German tandem, a first draft of the text should be proposed to the European Commission in the coming weeks."We are preparing a specific proposal that we send to the Committee in September," Baroin repeated the weekly.

Delicate negotiations

A timing that will allow the Commission to bring to the table a legislative proposal on the subject in early October, which will integrate the conclusions of the Franco-German couple. "It will be examined in the fall. We are determined to achieve results at the G20 3 and 4 November in Cannes, "said the minister. So much for the calendar. So far, the European Commission was considering the track instead of a 0.1% tax on transactions involving stocks or bonds, and 0.01% for those on products.

The adoption of such a tax at the European level is difficult, however, regardless of the arrangements envisaged.The unanimous agreement of the 27 states should indeed succeed the vote the proposal by the European Parliament. But Britain, which houses an important financial center, as well as Ireland or Luxembourg, are currently strongly opposed. Main question, the financial sector also protested against such a hypothesis, arguing the risks of travel to areas of the transactions tax warmer.

The weekly jobless claims rose unexpectedly during the week of Aug. 20, at 417,000 against 412,000 the previous week, according to data from U.S. Department of Labor unveiled at 14:30. What foster uncertainty and investor concerns about the health of the world's largest economy, while analysts had forecast 405,000 registrations.

Wednesday night, orders for durable goods in the United States had rebounded in July, prompting stock markets to rise, on both sides of the Atlantic. "But the indicator of business spending showed the U.S. economy remains fragile," do, however, keep stock analysts from Barclays. In a context marked by the end of the indicators is misguided, or worse in reality than it seems, investors are clearly on their defense.

Meanwhile Jackson Hole

Especially since tomorrow is Friday that Ben Bernanke will speak from Jackson Hole on Friday in 16 hours. We will then know whether a possible third last monetary easing, on which markets have been speculation this week, will be decided. Otherwise, investors will likely welcome the continuation of low interest rates.The second estimate of U.S. GDP for the second quarter will also be unveiled.

The growth rate of the world's largest economy in the spring, which had greatly disappointed a month ago, could then be revised down 0.2 percentage point to 1.1%.

As for commodities, oil prices ended up in a small New York. A barrel of "light sweet crude" won 14 cents to 85.30 dollars.

Values ​​of the day

The title of Apple, the Apple brand famous, lost 0.65% to 373.85 dollars after the announcement of the departure of its founder, Steve Jobs, Tim Cook replaced. The title, which had plunged by 7% in electronic trading after the close of trading, limits the breakage, while the name of Steve Jobs was closely linked to the success of the giant consumer electronics. The markets were confident in the group's ability to continue growing.August 9, the computer giant had a happy time at Exxon Mobil's first-place capitalization in the world in full trading day before falling on the second step of the podium payday loans in 1 hour.

Bank stocks, meanwhile fly, first Bank of America, which ended up 9.44% to 7.65 dollars after surging 25% in early trade. The markets welcomed the surprise announcement that Warren Buffet announced an investment of $ 5 miliard in Bank of America through his Berkshire Hathaway fund. The bank is facing many challenges including the accumulation of legal proceedings against him related to mortgages "inherited from its subsidiary Countrywide. She plans to eliminate 3,500 positions during the quarter.

JP Morgan Chase lost 0.31% to 35.72 dollars after gaining 7.2% on opening. Citigroup gained 5.10%, Wells Fargo and Morgan Stanley 1.43% 2.72%.Goldman Sachs sells 0.46%

Google (-0.62% to 520.04 dollars) on Thursday announced a new agreement with a French publisher to digitize books, this time signing a contract with La Martiniere, which is between 5,000 and 10,000 works not reprinted. Wednesday night, we learned that the search giant online had agreed to pay $ 500 million to settle a dispute related to its advertising activities in the United States.

The manufacturer of the phones Research In Motion (-1.23% to 28.22 dollars) plans to make its new models of Blackberry smartphones compatible with the application platform Android for Google, Bloomberg reported, citing sources familiar with the project.

The aviation sector also suffers from fears about Hurricane Irene threatens to hit the east coast of the United States, especially the city and the airports of New York at night from Saturday to Sunday.Yield 2.97% American Airlines, Continental United 2.91% 4.15% US Airways.

Applied Materials (-4.84% to 10.81 dollars) Wednesday reported results above expectations as part of its third quarter, but forecast judged disappointing for the last three months of its fiscal year have reduced its activities in the transactions electronic. For the current quarter, the Group expects adjusted earnings between 16 and 24 cents per share, against a Reuters consensus of 30 cents.

Big Lots (-0.62 to 32.18 dollars) Thursday raised its profit forecast for the year after having exceeded expectations in the second quarter, with earnings per share excluding items of $ 0.52. The Thomson Reuters consensus was counting on $ 0.44. The group now expects fiscal 2011 earnings per share between $ 2.90 and 2.80 (consensus: $ 2.89).

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