After three sessions of consecutive increases, optimism fell Thursday on Wall Street. Markets remain nervous before surgery, eagerly awaited Friday afternoon, the President of the U.S. central bank (Fed), Ben Bernanke. The Dow Jones gives 1.52% to 11,148.84 points, the S & P-500, wider, lost 1.56% to 1159.27 points. The Nasdaq Composite was down on his side from 1.95% to 2419.63 points.
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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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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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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"The impact of an incalculable loss" AAA "American
"Without agreement, the entire global economy would be destabilized
Caution prevails at the Paris Stock Exchange on Thursday. After starting this crucial day for Europe in the green, the CAC 40 lost 0.63% to 3731.02 points an hour after opening. The London Stock Exchange lost 0.94% to 5844 points and the DAX index of the Frankfurt Stock Exchange loose 0.17% to 7209 points.
As with other global exchanges, all operators will have the eye to Brussels where to begin 1:01 p.m. at the extraordinary summit of the leaders of the euro area. They have an obligation to find a solution on a new plan of aid to Greece if they want to prevent contagion from the debt crisis. Angela Merkel and Nicolas Sarkozy on Wednesday reached a common position on the new financial rescue plan and a private sector participation.The content of the agreement between the German Chancellor and French President was not specified but to do so, it took seven hours of talks "very tight" in Berlin, according to members of the French delegation.
The two leaders called on mid-term president of the European Central Bank, Jean-Claude Trichet, to join them in Frankfurt, suggesting that the compromise has its support. José Manuel Barroso, President of the European Commission launched Wednesday a warning more serious than usual to the leaders of the euro area.
Obama confident
The announcement of the agreement led to a rebound in the euro against the dollar. The single currency is worth 1.4265 dollars in morning trading. Oil prices were also up, supported by market expectations of seeing the debt crises lead to solutions.A barrel of "light sweet crude" for delivery in August took 28 cents to 98.68 dollars and that of Brent North Sea crude for September delivery took nine cents to 118.24 dollars.
United States, President Barack Obama received Wednesday several leaders of Congress and the White House has once again expressed confidence in a political solution to the crisis of debt before August 2, to avoid a default. "I expect us to find a solution," the president said in an interview with local TV KMBC Kansas City, renewing his call for compromises from both sides, whether its Democratic allies or his Republican opponents.
Rafale indicators
In addition to the meeting, the markets should observe the indicators that will be published on both sides of the Atlantic.In France, the composite PMI, which includes industry and services, is version 52.8 "flash" from 54.9 in June. "The financial crisis of 2008/2009 aside, the latest survey data suggest lower growth in overall activity since the third Gulf War in 2003," said Jack Kennedy, economist at Markit.
Activity in the private service also slowed against all odds in Germany in July to its lowest in two years, according to preliminary results of the survey Markit. The composite PMI stood at 52.2 in both "flash" against 57.3 in June.
United States, the day will begin with the weekly jobless claims. It will be followed index of home prices in the Federal Housing Finance Agency (FHFA), the index of manufacturing activity Philadeplhie Fed, then the index of leading indicators.
China's manufacturing activity shrank in July for the first time last year, registering its largest decline in 28 months, according to preliminary PMI HSBC published this morning. PMI Purchasing Managers calculated fell to 48.9 against 50.1 in June, the lowest level for this indicator since March 2009. This new atmosphere was sealed on the Asian markets.
Values to follow
Banking
Banks eagerly awaiting the end of the EU summit. Their participation in the rescue of Greece is at the heart of the debates. Moreover, the institutions of the European Union will face fines of up to 10% of their net banking if they do not meet new international requirements for capital and liquidity, said Michel Barnier.
For now, Societe Generale (2.24% to 36.80 euros), Credit Agricole (1.92% to 8.98 euros), Natixis (1.50% to 3.24 euros), Axa ( 1.43% to 13.84 euros) and BNP Paribas (0.80% to 47.33 euros) are among the highest increases in the ACC
EADS: 0.10% to 24.81 euros
Airbus is ready to look "seriously" the increase in the production of single-aisle A320 to carry it beyond the already record a goal, but has not so far committed to this, its president said Wednesday Excecutive.
Eutelsat: 0.06% to 30.81 euros
The Strategic Investment Fund (ISF) on Monday rejected a proposed takeover of Eutelsat joint push by the Spanish Abertis, reported Thursday the newspaper Les Echos.
The benefits of Publicis climb
Plastic Omnium: 5.23% to 24.76 euros
The Group expects a net profit in 2011 "strong growth" after a rise of 26% in the first half to 91.4 million.
Publicis: -3.75% to 36.42 euros
In the first half, the Group generated revenue of 2.7 billion euros in organic growth of 7.1%, exceeding the expectations of analysts whose estimates ranged from 6.2% to 6.5%.
Remy Cointreau: 3.97% to 60.51 euros
The group reported a turnover of 198.6 million euros in the first quarter organic growth of 22.5%.
Unibail-Rodamco: 1.48% to 154.35 euros
The group said it had signed for 1.1 billion euros of asset sales in the first half and accelerated its development plans after reporting an earnings growth supported by its recurring rental income.
Ubisoft: 4.97% to 6.21 euros
The group announced that its sales better than expected first quarter gross margin should support a few days after being heavily penalized by the stock market concerns about future profitability.
Mersen: 3.75% to 40.22 euros
The group released a turnover up 17% in the second quarter, supported by sales in solar activity, which is the group to provide a statement of objectives for the entire year.
APRR: -0.11% to 46.80 euros
The group announced it had recorded a traffic decrease of 0.8% in the second quarter 2011, impacted by the decline in light vehicle traffic.
Cegid: 0.05% to 20.90 euros
The group reported a 32% decline in net profit in the first six months of the year to 4.8 million, despite a 5% increase in sales. The publisher of management software specialist said that last year, accounts for the first half was boosted by a reversal of provision for risk.
The Parliament finally approved the bill Wednesday Fourcade whose content had been aligned the day before. The text, originally filed on … October 26, retouching Bachelot law on hospital and health system (Law HPST) with a goal for the majority: to reconcile with the doctors.
It erases two measures passed two years ago and never used: the requirement for general dense areas to give a hand to their fellow country or suburban overworked, under penalty of a fine of 3000 euros per year, and the obligation to report their leave. There were two innovations in the fight against medical deserts. But Xavier Bertrand, the successor to the Health Roselyne Bachelot, has returned to the guideline that was set when he was … his predecessor: to encourage, yes, force, no.Besides these two points, the law includes various provisions, some of which have been amended, deleted and / or re-introduced.
• Transparency partial dentures
Dentists showing the origin of crowns or bridges they intend to ask the patient to know if the prosthesis was manufactured in Europe or China. Dentists will also include an estimate of the cost benefit and the sale price of the prosthesis. He freely establish this distinction: for a total of 1000 euros, it may feel that the prosthesis is 300 euros and 700 work, or that the prosthesis is 600 and delivery 400 no fax pay day loan.
Associations rather wanted to be referred to the purchase price of the prosthesis.But the dentists, who are struggling to explain their expertise and time weigh more in price than the prosthesis, and they do not just do the "somersault" on a purchase-resale, managed to avoid it.
• Mutual: care networks "open"
Mutuals were given the opportunity, already available to insurers, to better pay their members when they are aimed at professionals with whom they have contracted. Except that these care networks should be "open" all the professionals can then join.This will not change much for the professions to insufficient numbers: what a mutual interest to "deprive" doctors scarce? But in the expanding fields, practice selection is a way to bring prices down.
• Liability specialties "at risk"
A public fund is created to cover all private health professionals sentenced to damages exceeding the ceiling of their insurance should be fixed statutorily around 8 million euros. Those who have gone out of business and are not insured are also covered. Are concerned primarily surgeons, anesthesiologists and obstetricians but all professionals (doctors, physiotherapists, nurses, podiatrists …) that will have everyone contribute.
Since 2007, departments are put on a diet. The government spending should not grow faster than inflation. The regime is strict, the temptation is great to work around it. To do this, simply departments to offload some of the expenses of parastatals to apparently take their own goal. These organizations, called "operators" are not lacking: they are 584, and range from Météo-France CNRS through employment center or museum. Aware of the danger, the State has established safeguards. Since 2009, operators must reduce their workforce. He had to act because, in 2007 alone, the GSEs have created more jobs (13,989) that the State did deleted (11 244). In addition, operators are supposed to lower than 10% of their operating expenses from 2011 to 2013 and can no longer borrow.But Philippe Marini, the rapporteur of the UMP in the Senate budget, these measures are insufficient. He recommended capping the resources of the operators or similar bodies. Reason: when an agency receives a plethora of recipes, especially because the taxes that are given up, he spent wrongly through. He gives two examples: the National Film and Moving Image (CNC) and the National Center for Public Service (CNFPT).
• Cinema: hocus-pocus of the Ministry of Culture
This organization supports the film and audiovisual production. In 2011, he should see a tax revenue it collects, known Cosip increase by 38% to 583 million euros. What "incentive program to spending just as dynamic as the resources," the report said Marini.In fact, the 2011 budget provides for the CNC 30% increase in staff costs, investment and operating current and an increase around 10% of various subsidies. Even more perverse, the state took advantage of the sudden "boom" to transfer expenses to the TNC. Thus, 11 million grant awarded to the French Cinematheque, previously charged to the budget of Culture, have been taken over by the CNC. By hocus-pocus, the department may see a decline in spending! The CNC remind him that the collection of certain taxes was transferred and that "the institution has been given a board involving all ministries including Bercy," says one in CNC.However, all parties acknowledge that CNC has received revenues "significant" under the Contribution of telecom operators who echoed the total budget of 198 million additional CNC in 2010. So the idea of government is it today to "limit the profitability of this tax," for systems allowance and lower rates. What can continue the digitization of cinema, whether in rooms or in catalogs.
• The training center of territorial agents sitting on a pile of gold
This structure is responsible for training local officials. Its resources mainly come from local contributions, contributions set at 1% of payroll. The center has benefited, in turn, the surge in enrollment in the communes, departments and regions in recent years.This windfall – revenue grew from 240 million in 2002 to over 360 million in 2009 – has not led to a rigorous management. The CNFPT was pinned several times by the Court of Auditors, including in 2011: over-reliance on the same providers, 22% increase in personnel costs from 2004 to 2008 (with a premium increase of 40% over the past six years!) … "The CNFPT spent 67 million to acquire a seat in the middle of Paris," said Jean Arthuis, president of the centrist in the Senate Finance Committee. Despite these expenditures, the excess CNFPT was 33 million euros in 2009 and has a "treasure" of 327 million euros of equity. That is why MPs have decided to temporarily reduce its resources, by reducing the fee to 0.9% for two years.
Baroin, the new Minister of Economy and Finance, has settled into the chair Thursday's sixth stage of Bercy, vacated by Christine Lagarde, to just under ten months. Ten months during which the presidential campaign in full swing. "In the job, there is an important part of teaching to do with the French on the reforms that have been made over the past four years at Bercy," said a relative of the head of state. Some have indeed been misunderstood – the tax shield has paid the price, others are little known because relatively techniques (such as business tax transformed into territorial economic contribution), some are finally gone unnoticed.
During this period, the records of funds will not be stored in the bottom drawers. The international situation will not leave any breathing space to the new minister.On Sunday takes place in Brussels for an emergency meeting of the Eurogroup to draw the contours of the second plan to provide budget support to Greece. If Baroin, as a former budget minister, has over the fingertips mechanics of public finances, it must now delve into the workings of international finance and meet his European counterparts to earn their trust . The task is difficult. Not only, as he jokes about himself, Baroin limited English proficiency, but more importantly, the aura of Christine Lagarde to the European ministers was such that his replacement will be hard pressed to eclipse. With a perspective view of the presidency of the G20 Finance in October.
Domestically, the schedule looks less busy.The major issues are already tied up (the stimulus of post-crisis reform of the ISF, the consumer credit, the research tax credit, business tax, etc.).. In addition to preparing the macroeconomic framework of the Finance Act 2012 which will be presented in September, is perhaps to give to the operation of the flat state as an owner … "Although the case of Renault now seems settled, President is still far from satisfied with the way some public enterprises are managed, "said a senior official.
Play it safe
Her replacement at the Department of Budget, Valérie Pécresse, for its part will continue efforts to straighten the path of public finances. The public debt increased by 54.9 billion euros in the first quarter, Insee said on Thursday, reaching the end of March 1 646 100 000 000, or 84.5% of GDP.Thursday, the new minister has promised to "stay the course". "These are decisive hours, the European economy is now scrutinized by foreign observers and the voice of France will be more heard that the state will keep its promises," she said.
No question therefore relieve pressure on public spending. The reform of the state, and its corollary, the non-replacement of an official two retiring, will continue. Indeed, Valérie Pécresse arrives at Bercy while the expenditure side of the Budget 2012 has already been decided. 30 401 jobs will be cut and the envelopes of the ministries will fall from 0.11%.
However, the revenue side remains to be determined. France has pledged in Brussels to raise 3 billion specimens in 2012.In addition, many public finance experts parliamentarians, as Gilles Carrez, the UMP rapporteur of the Budget, to play advocate caution, cutting up to 6 billion in tax loopholes. The growth figures for the second quarter, known mid-August, will see more clearly and to decide the extent of the effort to do.
On Thursday, Valerie Pécresse was intended optimistic: "The growth is there and we will, hopefully, additional revenue allows us to be ahead of the planning law." A law which aims to reduce the public deficit 4.6% of GDP in 2012 and 3% in 2013.
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Record! A bottle of Champagne Veuve Clicquot, 200 years old and found at the bottom of the Baltic Sea, was awarded 30,000 euros Friday, during an auction held in the Åland archipelago, not far from the spot where she was rescued in 2010 from the wreckage of a schooner that sank between 1825 and 1830.
This bottle, which, according to historians, belonged to Madame Clicquot in person, however, has not reached the heights expected. It was auctioned to a buyer in Singapore, which has also offered 24,000 euros for a bottle of Juglar a house Châlon longer exists. But already a new record is in sight: experts provide a bottle of 1907 Heidsieck would be to sell $ 275,000 in Moscow.
On Thursday morning, the Paris Bourse continued its-shy-rebound, as Asian markets. The Cac 40, which ended yesterday evening in a small increase remains in effect in the green in early trade (+0.13% to 3933.92 points) while China is flying to the rescue of the euro area by purchasing securities Debt issued by the IMF for Portugal. The improvement is mainly due to the upward revision of growth forecast in the U.S. and the euro area by the OECD yesterday.
While the G8 summit opens today in Deauville, speculation will go well on the nomination of Christine Lagarde to the IMF management.Moreover, for Greece, the German Finance Minister Wolfgang Schäuble said that Europeans had "not exhausted scenarios to support" the country, and found that debt restructuring has "significant risk."
Meanwhile, this Thursday, we follow the important economic figures:
• The French consumer confidence picked up slightly in May thanks to a receding fears of unemployment and inflation, shows Thursday monthly survey by INSEE. The composite indicator of consumer confidence is up one point to 84. Seventeen analysts and economists surveyed by Reuters on average expected a figure unchanged from April 83.
• Same time, figures on real estate in Paris and Ile-de-France in the first quarter, volumes and prices, and the prospects of Notaries of France were unveiled: the existing housing in Paris had reached an average the 8000 euros in the second quarter.
• In the U.S., at 14.30, we expect the deuxème estimate of GDP in the first quarter, and the traditional weekly claims for unemployment benefits.
On the currency front, after an air hole which brought him under the $ 1.40 yesterday, the euro and takes up 0.67% to 1.4177 dollars on Thursday morning at 8 o'clock.Oil, he, also incorporates height and handles more than $ 100 in New York.
Pierre et Vacances: heavy loss
Eurazeo (-6.09% to 53.55 euros) sign the heaviest decline beyond Paris stock exchange after its decision to increase its share capital.
Side companies, the real estate and leisure Pierre et Vacances Thursday posted an increased loss of 16.8% in first half of its fiscal year offset, dug by the extra costs to plan for business transformation, and anticipates growth in turnover in the second half.
France Telecom (+0.25% to 15.75 euros) and Canal + have given up the movie channels merge Orange (France Telecom) and TPS Star (Canal +) in a joint venture, La Tribune reported Thursday.
Saint-Gobain (0.67% to 44.49 euros) and its shareholder Wendel (1.25% to 83.23 euros) set the framework for their relations for 10 years.Wendel will not exceed 21.5% of the capital of Saint-Gobain.
According to the Financial Times, banks and hedge fund with Societe Generale (0.43% to 42.28 euros) leader, reportedly sold financial products to 3.5 billion euros in the Libyan sovereign fund that led to heavy losses, estimated by 30%.
Five candidates whose French Axa (1.27% to 14.75 euros) and CNP (0.65% to 13.88 euros) are still competing to buy Emeklilik-Deniz, the Turkish subsidiary of the insurance Franco-Belgian banking group Dexia (, said Thursday the newspaper Les Echos without citing its sources.
A major shareholders manager nursing homes Korian (+0.42% at 16.75 euros), the holding Batipart family Ruggieri, took 9.5% of the rival group Medica (2.69 % to 15.25 euros) for an undisclosed sum.
NYSE Euronext, a target of a takeover offer of 10.2 billion Deutsche Börse, is hoping to draw on its platform listing more Chinese groups this year in 2010, told Reuters quotes the head of international The transatlantic exchange operator.
LDC (+0.34% at 73.75 euros), the poultry producer, reported Wednesday a 24% decline in net profit for its fiscal year 2010/2011, to 47.8 million euros, penalized by higher raw material prices and restructuring costs. The company said it expects more than 100 million of capital expenditure in 2011-2012.
Vergnet (0.43% to 4.70 euros). The manufacturer's shareholders approved Wednesday the wind coming from the Strategic Investment Fund (ISF) and the Breton group Nass & Wind capital of the company.The ISP and Nass & Wind, specializing in the production of green electricity, announced in mid-April their plans to invest 18 million euros in Vergnet.
Faurecia, Capgemini, Natixis and Legrand hold their general meeting Thursday. Derichebourg publish its results for the second quarter after market close.
Associated with the circumstances of departure, the figure will not be without cause some backlash. Dominique Strauss-Kahn, managing director resigned from the International Monetary Fund (IMF), should reach about 250,000 euros in compensation, according to several media. The ABC even mentions an amount closer to 300,000 euros.
The IMF issued a statement challenging the magnitude of the sums advanced. Nevertheless. The contract of a head of IMF does provide for the payment of a "separation allowance" which is triggered automatically if the mandate is terminated before completion.According to the deliberate calculation based on the formula detailed in the contract, the compensation amount to 60% of final annual salary received by Dominique Strauss-Kahn, who is 441,980 dollars (310,000 euros) from the report 2010 of the institution.
A pension supplement
The allowance is supplemented by the payment of retirement by the IMF as DSK has completed more than 3 years in office. "Annual payments for subsequent years will be much less important," the IMF said.
The amounts have not yet been released by the Fund. But the clause providing for the allocation works even in the case of resignation related to legal proceedings, and the IMF should not oppose it. DSK is not the first to receive this allowance. His two predecessors who also left their positions in anticipation hit the allowance.The severance pay granted to a director involved in a sex scandal may be more difficult to sell to the public. When leaving their office, the Spaniard Rodrigo Rato had cited family reasons, while Horst Köhler became President of the Republic in Germany.
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