Meg Whitman, 55, led the auction site eBay from 1998 to 2008. In 2010, she was defeated candidate for governor of California. Since September 22, she took the head of Hewlett-Packard (HP) then in turmoil. Billionaire, a graduate of Princeton and Harvard, Meg Whitman was chosen to revive the world's largest information technology. HP is less profitable than Apple and IBM, but its biggest revenue (127.2 billion dollars). His predecessor, Leo Apotheker, had planned this summer, the sale of the PC, which controls 20% of the world, with more than $ 40 billion in sales. These decisions have plunged by a third the price of the stock HP. On the contrary, Meg Whitman has decided to revive HP PCs and tablets.
LE FIGARO. – Apple is expected to become world number one personal computer in 2012, according to Canalys.Finally, the HP brand is indisputably linked to our PC.
Why start the Slate 2, your second tablet, sold off after the TouchPad?
We will return on the market shelves. The Slate 2 sign our return. We stopped using the products that our operating system WebOS. We will return in 2012. We will have an Internet Tablet that will use Windows 8 Microsoft.
A tablet is it comparable to a PC?
Not at this time. Internet tablets are mainly used to consume media and e-mails. If you want to use productivity software such as Microsoft, you can not do. Our studies show that this is an additional purchase that does not encroach on the PC market.
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The euro fell more than 7% over the month against the dollar. The European currency has just gone below the $ 1.33. This violent collapse is due to the political and financial unrest affecting the euro area. There is now a consensus among strategists providing a further correction. "The state of the market reflects the near certainty that Jean-Claude Trichet is expected to cut rates before the end of its mandate" in late October, said John Kicklighter, strategist at DailyFX, a subsidiary of the giant FXCM currency. "It could be that the repurchase of government bonds continues. If these scenarios are realized, this would be very bearish for the euro. "
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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The automotive sector is on the alert. As shown in Le Parisien on Saturday, Brussels would consider tax per liter of diesel in Europe from 8 to 15% more than gasoline. A directive to this effect must be examined by the European Parliament in November for an application expected in 2013. Objective: To fight against this highly polluting energy, used by nearly 7 million cars in Europe.
The European Commission highlights the paradox between a cleaner gasoline and cheaper duty-sold more expensive at the pump, and diesel more expensive duty free, massive source of emissions of fine particles hazardous to health, and less expensive for motorists. She said outside the UK, the tax treatment of petrol and diesel in Europe is "flawed" and needs the overhaul.
Concern
For manufacturers, the news comes at the worst time.These are already working on the application in 2014 of Euro 6, which calls for reducing carbon emissions and fine particles. This standard requires them to implement expensive technology on diesel vehicles that will increase the price of these cars from 1500 to 2000 euros business cards design. What scare away customers. If in addition the price of a liter of diesel were to increase significantly, the diesel car market could collapse.
The Committee of French Automobile Manufacturers believes that the introduction of this directive in France could lose 20 points of market share on the sale of diesel cars. In the columns of Paris, its president, Patrick Blain, worried: "The decline in production in French factories (on the cutting edge in the field of diesel, ie) would inevitably have social consequences," he warns.
Professionals and individuals may also choose to get rid of their cars too expensive, which could lead to plummeting prices of diesel cars. "It may be possible to adopt transitional measures that will leave everyone time to adjust," said he.
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After two sessions of gains, the Paris Stock Exchange is divided into negative territory on Friday and so its losses widened in mid-session, the CAC40 index lost 1.28% to 3046, 20 points. London and Frankfurt follow with respective losses of 0.74% and 1.43%.
The banking sector raises again the concerns of investors. It emphasizes its losses from the statements of Christine Lagarde under which a liquidity crisis was not to dismiss as some banks needed additional capital. "This is the effect Lagarde. These statements primarily affect banks that are considered the least well placed in terms of capital ratios, "said one trader.
Result: mid-term, Societe Generale falling 6.66% to 18.21 euros and signed the largest decrease in the CAC.Behind her, Crédit Agricole loose 4.34% to 5.60 euros, Natixis 4.65% to 2.48 euros, BNP Paribas 3.77% to 31.01 euros and Axa 3.82% to 9.78 euros.
Obama's plan is not reassuring
Investors also unenthusiastic welcome details of the plan for employment unveiled by U.S. President Barack Obama in the night. He introduced a bill on the release of 447 billion dollars for the Americans out of unemployment. "This plan will give an electric shock to an economy that has stalled, will give confidence to businesses on the fact that if they invest and hire, there will be customers for their products and services," assured the U.S. president to members of Congress .
As in Asia this morning, traders seem to doubt the implementation of this plan. Its funding is already generating questions from Republican opponents could block a vote.Barack Obama urged them to adopt "immediately". The U.S. president also announced that it will issue on September 19 "a deficit reduction plan more ambitious."
As Wall Street yesterday, investors have also not appreciated the remarks of the President of the Federal Reserve on growth and jobs last night. The Fed "will do everything it can to participate in the return of growth and employment rates," said its chairman Ben Bernanke, minimizing inflation fears.This speech, however, feeds the assumption of a new effort of quantitative easing, which could be announced at the next meeting of the Monetary Policy Committee of the Fed, scheduled for September 20 and 21.
Inflation slows in China
Still on macroeconomic, Japan has this morning reported a decline of 2.1% of GDP in the second quarter 2011 annualized. This is more than the 1.3% decline initially estimated. The main factor weighing on GDP has been the decline in exports (-4.9% from January to March).
In China, rising consumer prices, the main barometer of inflation, which had accelerated in recent months, slowed slightly to 6 no teletrack payday loans.2% in August.Industrial production is she up 13.5% in August.
In France, industrial production rebounded 1.5% in July after a decline of similar magnitude in June, show statistics released Friday by INSEE. The budget deficit of the French government fell in late July to 86.6 billion euros, against 93.1 billion euros a year earlier, thanks to lower costs, said Friday the Department of Budget .
On the agenda are also on Friday, stocks of wholesalers in the United States. Are also expected in the afternoon, the first estimate of U.S. consumer confidence from the University of Michigan.
As for currencies, the euro hovers around $ 1.38, having dropped below the threshold for the first time in six months (1.3789 to 24:10 in Paris). Oil rises for its part, supported by a surprise drop in U.S. inventories.In early electronic trading, a barrel of "light sweet crude" for delivery in October gained 23 cents to 89.28 dollars per barrel of Brent North Sea crude for October delivery 21 cents to 114.76 dollars.
Values to follow
• TF1 (-6.73%), M6 (-5.10%) Bolloré (3.63%) Vivendi (1.49%); NextRadioTV (-1.28%)
Chains react in a disorganized to take control of Direct 8 Direct and Star, two DTT channels free of the Bolloré Group, Canal +. The subsidiary of Vivendi will have three DTT frequencies. Be as much as TF1 and M6 more than the group which, in addition to the namesake chain, has only W9.For this operation, fully financed by shares, a stake Bolloré group Vivendi.
• Total (0.62%) signed the second largest increase after Vivendi CAC40 (1.55%)
The Anglo-Dutch oil group Shell said Friday that oil was discovered off the coast of French Guiana, during exploratory drilling at about 150 km off the coast.
• Sopra (0.70%)
The group announced the takeover of Delta, specialized in banking software.The transaction is expected to close in early October 2011, will be financed from existing credit lines of business consulting, IT services and software.
• Pierre & Vacances (-4.30%)
The group, which operates much of the accommodation ski resorts, opened 369 new tourist residences furnished this winter.
• ArcelorMittal (-4.30%)
The group will close as of October 3 for an indefinite period and the second blast furnace at its site in Florange (Moselle), according to a union source quoted by AFP.
• EADS (-0.16%) on the second step of the podium
The group said on Thursday not want to use all of its $ 16 billion (11.45 billion euros) in cash for acquisitions.
The measures announced in mid-August by Angela Merkel and Nicolas Sarkozy are now entering into their implementation phase, wanted to highlight this weekend the Minister of Economy, Baroin, in an interview published in the Journal du Dimanche.
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.
25% since January 1! The Swiss franc keeps on climbing against the euro. And the Swiss National Bank (SNB) seems powerless to reverse the trend. Since Aug. 3, the SNB intervened three times on foreign exchange markets to cool tensions. With a success all relative: the Swiss franc gained 3.92% versus the euro in two weeks. The Swiss franc remains "extremely overvalued," acknowledged Wednesday the SNB, after a massive injection of new cash.
For the economist Antoine Brunet, president of AB markets, the sudden popularity of the Swiss franc is a logical consequence of the crisis simultaneously by the two major reserve currencies such as the dollar and euro. In a context of European debt crisis and doubts about the U.S. economy, the Swiss currency has become a safe haven.Christian Ott, an economist at Natixis, the same refers to a study released Wednesday, as the "gold exchange market."
This assessment has multiple consequences for the Swiss economy which derives about half of its GDP to exports. Over half of these exports are made in the euro area, the strong exchange rate appreciation poses a serious threat to economic growth. "This is a great loss of competitiveness for Switzerland, which could suffer a downturn in its foreign trade," said Antoine Brunet guaranteed payday loans.
Index the value of the Swiss franc to the euro
The options available to the SNB is still limited. While prices fell 0.5% in the first half, "the central bank chose to fight the risks of deflation rather than to thwart the development of the housing bubble, which would have justified a higher interest rate" says Christian Ott.To resolve this dilemma, all monetary policy actions "unconventional" are possible. The Vice-President Philipp Hildebrand SNB even mentioned last week assumed to index the value of the Swiss franc to the euro. Put simply, "Switzerland could introduce a tax on capital inflows, as did Brazil," suggests Antoine Brunet. Or "a tax on deposits in Swiss francs of non-residents, as was already established in the 1970s."
For now, the government has opted to directly support the activity. He announced Wednesday a plan with a $ 2 billion Swiss francs. Export industries and those in the tourism sector will be the primary beneficiaries. A "task force" on the strong franc and its impact on the Swiss economy has also been established, the government said.
The conditions of access to work in France harden for foreigners. The government on Friday, via a decree in the Official Journal, the new list of professions "in tension" open to foreigners. Co-signed by the Ministries of Labour and Interior, the list was reduced to fourteen families of occupations accessible to non-EU nationals against thirty previously.
The list, created in January 2008, was to open the French labor market to foreigners to fill staff shortages in certain sectors. Today, more than half of these jobs are no longer considered "in tension". In other words, it is not as difficult to find candidates for these jobs on the labor market hexagonal.
The new list excludes primarily the building trades and public works (BTP) and information technology.Go, among others, site managers and foremen as well as computer experts or study. The order, however, still mentions the need to appeal to foreign labor in the manufacture of wooden furniture and glass processing. The trades of carpentry will indeed take advantage of this opportunity in terms of recruitment, because the shortage of skilled labor is still very important. The e-consultancy and telesales, especially shunned by job seekers French, are also turned outward. Even if the division by two of this list is intended to reduce labor migration, it is not the only means of obtaining a work permit in France. Agreements exist with countries outside the European Union.The United States, Canada, Morocco, Tunisia or Senegal, are seeing their nationals allowed to apply for hundreds of jobs in France.
Train job seekers
Trade unions and the opposition reacted strongly to its publication on Friday. They keep in memory the promises made last April by Xavier Bertrand, who said he wanted to "train job seekers for these positions" in order to respond to high unemployment. Shortly before the publication of the order, the PS national secretary for Employment, Alain Vidal, had pressed the point home. This measure is "the straw target of legal immigration to forget the ocean of mass unemployment."He said that "legal immigration is now only 20,000 people a year, while France has 4 million people registered at employment center," The CGT and CFDT, in turn, complain of not having been integrated in the development of the list and a simple return them by mail has been requested. Raymond Chauveau, coordinator of the CGT, is too restrictive and it is estimated that the state will not provide effective response to unemployment. "Despite the crisis, jobs in the construction industry have not diminished," he says before stating that legal immigration is necessary both in the labor market than to contain illegal immigration.Although it is not against to train job seekers to fill vacancies, he believes that "in some areas, working conditions are too hard and the wages too low to the French there engage. "
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"Our damage is the result of the positions of a political party over another," said David Beers of Standard & Poor's. It is in fact the political impasse that is degraded.
The agency draws conclusions from long weeks of fruitless discussions between the White House and Republicans in Congress on the issue of public debt. It punishes the agreement therefore insufficient on 2100 billion dollars in savings over ten years voted last week on Capitol Hill.
S & P expected, like others, agreed two times more ambitious and also noted the dangerous precedent set by the threat of default artificial Treasury for lack of voting in time for raising the ceiling of the debt.
Republican intransigence in this political struggle partly explains the lack of compromise.The Conservatives' refusal to consider any tax increase prevented Barack Obama to make concessions in terms of reducing social spending. As far the President has not operated to best deal with Republicans and finds himself in some way "degraded".
The Republican campaign already denounced the "president who has ruined America by driving up the debt of 40% and lose its" AAA "rating."
Imprisoned at Camp David for the weekend, Barack Obama has not even commented on the news. His approval rating fell from 40 to 42% last week, the lowest of his term.Beyond the trust, which is increasingly lacking, its scope is more narrow.
The prestige of America severely affected
While growth slows dangerously, it seems short of ammunition to boost growth because public debt is too high for a fiscal stimulus. The President has not found the words to restore confidence and prevent Wall Street dive. He can not expect miracles from the Federal Reserve, which already maintains zero interest rates since December 2008. At best, it is hoped that the falling dollar boosts exports and saves the United States of a new recession.
Finally, with this degradation of Standard & Poor's is the very image and prestige of the first power of the world that are severely affected.To the point that China, with over one trillion U.S. debt is now ready to teach economics at the American Barack Obama.
Further escalation, that night, in the war between the elected officials for several months Republicans and Democrats in the U.S. to find a solution to the need to reduce the U.S. budget deficit. Having failed to reach an agreement with Barack Obama, the chairman of the House of Representatives, Republican John Boehner, Friday slammed the door to negotiations with the president.
At issue this time, as the Republican's will vote Democratic president to make an additional $ 400 billion of tax increases. A demand unacceptable, according to Boehner, while the two sides had previously agreed to a ceiling of one trillion dollars in additional tax revenue.This Saturday, the threat of a default by August 2 of the world's largest economy has thus further increased.
Of default formally excluded
The President has convened several political leaders to an emergency meeting Saturday afternoon at the White House to try yet again to reach compromise. Both sides say they are confident of raising the debt ceiling (14.294 billion U.S. dollars), reached on May 16, but whether common ground had been reached on the amount of the uncapping. Barack Obama and John Boehner have ruled out a formal non-payment within 10 days.
But the talks still face the question of the amount of budget cuts and debt reduction.Republican side, John Boehner said that after the new clash, he preferred to look to the leaders of the Senate to find a "reasonable" on these issues. Which casts a big doubt about the outcome of negotiations Saturday with the president, which is called Boehner. Democratic side, Barack Obama is prepared to assume full political responsibility to raise the debt ceiling in order to unlock at least for a time, the status quo. "If that's all Congress can do, I will sign an increase in the ceiling to take us to 2013," the president said.
Obama recalled that he had proposed to the Republican's $ 1.65 trillion spending cuts various offers an "extraordinarily fair" said the president.But still not enough for John Boehner, who accuses the president's inability to take "tough decisions" on reducing public spending. Boehmer wishes to bring to the 3 trillion budget savings over 10 years.
Time-critical
The time to find common ground is critical. The readiness of Barack Obama to convene a further meeting this Saturday is a sign that the U.S. president does not want to wait until the deadline of August 2 to reach an agreement. "We have more time in front of us," he said.
Recalling that Wall Street opened Monday, the president pointed to the impact on financial markets of such uncertainty. "Americans are outraged" by the inability of Congress to act, he said.This willingness to find a solution is also shared by the Republican camp, in which counsel highlighted the urgency of an agreement by Monday. What then leave both parties ten days to write a non-redundant legislation and get it validated by Congress.
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The U.S. equity markets remain in negative territory at the beginning of the week. On Monday, the Dow Jones lost 0.23% to 11.977 points in early trade. The Nasdaq was down 0.21% to 2611 points and the S & P loose 0.23% to 1269 points. Wall Street had already finished the session on a mixed note Friday.
Despite a new rescue plan for Greece launched last night by finance ministers in Europe, U.S. markets are still worried, as their counterparts in Europe and especially Paris.
After the reassuring words of Heads of State French and German unit, which posted a welcome Friday, the firm tone adopted by the ministers at the weekend said that the issue will be very long to resolve.The central bankers in the eurozone have defined the conditions of payment of a further tranche of loans in July, but the finance ministers of the euro area indicate that the release of the loan must be accompanied by the vote of a new plan of austerity and privatization by the Greek Parliament. Banks and other private creditors and participate in this new plan. However the contours of the latter remain to be defined.
In the wake of renewed tensions, the euro falls against the dollar. To 11 hours in Paris, the single European currency was worth 1.4232 dollars against 1.4301 dollars on Friday night. In addition, oil continues to fall sharply, quoting under $ 92 in New York.
On the macroeconomic front, the week promises to be charged. Members of the Monetary Policy Committee of the Fed will meet this week.The release will be issued Wednesday evening and Fed Chairman Ben Bernanke will give a press conference after the meeting. Aurel BGC experts anticipate little change in the FOMC statement. They argue that the Fed chairman should emphasize the temporary nature of the slowdown and reject any idea of a new program of quantitative easing easy payday loans. Other highlights of the week, investors will monitor the number of housing sales in the old tomorrow and in the nine Thursday. Then Friday, they will learn the durable goods orders. The latter will benefit from a rebound in transportation orders, thanks to Boeing.
Boeing in the viewfinder
All eyes will be turned to precisely the Paris Air Show, which opens Monday. Boeing launches new version of its popular 747 jetliner, highly anticipated.In an interview with Le Figaro, Jim Albaugh, CEO of Boeing Commercial Aviation (-0.42% to 73.85 dollars) believes "it takes 30% of the world to survive over time."This morning, the airline Qatar Airways has placed an order with Boeing for six long-haul 777-300 ER for $ 1.7 billion (list price).
The Supreme Court of the United States halted Monday the complaint historic partnership of more than one and a half million employees and former employees of U.S. giant WalMart Distribution (1.06% to 53.38 U.S. dollars) wage discrimination.
NYSE Euronext (-0.06% to 33.32 dollars) announced Monday in a statement the actual launch on July 11 of the first platform for bond trading companies in Europe, the project has given the green light of the Financial Markets Authority (AMF).
The side of values, General Electric (-0.48% to 18.40 dollars) has reached an agreement in principle of the two largest unions of the company for new contracts."The four-year contract will enable advances on wages, pensions and job security. "
For his part, PetSmart (0.74% to 43.71 dollars) will increase its quarterly dividend to 0.14 dollar per share against dollar before 0125. The board also authorized a share buyback program of $ 450 million.
