Daily International Headlines

The U.S. stock markets ended in green on Thursday. Yet the economic indicators released today and Wednesday have cast doubt on the resumption of the Atlantic. At the close, the Dow Jones gained 0.42% at 10,612 points, its third session follow up, the Nasdaq climbed 0.4% to 2368 points and the S & P 500 was awarded also 0.4%, to 1,150 points.Bank stocks have supported the trend.

On Wednesday, the U.S. federal government announced after the close of Wall Street have posted a record budget deficit of 220.909 billion dollars in February, its seventeenth consecutive month in red.

Oil prices have ended almost stable Thursday in New York, a barrel is now just over 82 dollars in a market that struggled to stay on top of the range of prices for several weeks.

The Chinese inflation and employment were quickly forgotten

The downward trend in Thursday's early trading was due to the Chinese inflation, which fortementaugmenté. The index of consumer prices in China rose 2.7% yoy in February, bringing its rise since the beginning of the year at 2.1%.But to avoid a runaway, Beijing has already begun to tighten credit flowing.

Moreover, the decrease in the number of newly unemployed has proved somewhat less than expected last week, with 462,000 new registrations cons estimated 460,000.

The trade deficit the U.S. has in turn reduced in January. "Imports are growing at a slower pace than exports, reflecting a potentially slower economic activity," commented analysts at Briefing.com.

The rest of the week market in the United States will be under the sign consumer with the publication tomorrow of the sales details for the month of February and the preliminary estimate of consumer confidence.

General Motors will pay $ 8 billion

Thus, only large-cap U.S. stock market that brought the index to rise Thursday.On the Dow, only 6 values are listed in red.

Soaring, IBM climbed 1.57%, to 127.6 million. Microsoft has issued 0.752% to 29.2 million.

The banking stocks, especially regional, have supported the trend. Several banking executives gathered at a conference organized by Citi. Citigroup rose 5.56% to 4.18%. In total, since the beginning of the week, bank shares have surged by 18%!

On Thursday, the British oil company BP announced it would buy in the U.S. Devon Energy (0.46%, to 72.02 dollars) of assets for seven billion dollars in Brazil, Azerbaijan and in U.S. waters Gulf of Mexico.

General Motors will pay about $ 8 billion in the United States and Canada by June, ahead of schedule.The group observed a recovery in profitability faster than expected according to its director general.

Google (0.81% to 581.13 U.S. dollars) has already enjoyed a presentation by Cisco (0.34%, to 25.96 dollars) in its new router, it will provide increased flows to households, a key element for the activity distribution of video on the web from Google.

McDonald's announced earlier this week that its worldwide sales rose 4.8% in February with a jump of 10.5% in Asia, has seen its shares rise 0.37% to 65.18 dollars.

The meeting begins on a positive note on Friday, the Paris Bourse. At the opening, the CAC 40 climbed 0.46% to 3845.99 points. Investors follow the general optimism of their Asian counterparts. For the final session of the week, they have opted for green, morale boosted by the announcements by Chinese Prime Minister Wen Jiabao. This provides 8% growth in China in 2010 and confirms that the measures of government support to the economy. There is also a possible easing of monetary policy in Japan.

Yesterday, markets were not welcome U.S. statistics which indicated a relapse of the promises of home sales in January. But unemployment figures better than expected (the number of newly unemployed fell during the week ended February 27, with the deposit of 469,000 new claims for benefits) were eventually lighten the mood.Wall Street had also increased its earnings from these ads, pushing the French investors to reconsider their position.

This Friday, the Paris Bourse waiting 12 hours to figure orders from companies in Germany for the month of January. Then the United States will be published by the Department of Labor, the highly anticipated monthly report on employment in February. After Market (in 21 hours), the U.S. figures reveal consumer credit.

Areva and Veolia in the spotlight

Veolia Environnement (-0.10% to 24.98 euros) said before market in 2009 have recorded a turnover of 34.55 billion euros, down 3.4% on year, down slightly higher than expected (-2%).Net profit after minority interests amounted to 584.1 million euros, which therefore shows an increase of 44% over one year and beyond expectations (35%).

Areva issued after market close Thursday, a 2009 operating profit up 20% to 501 million euros. The turnover showed an increase of 6.4%, to 14 billion euros and net income group share for 552 million euros (-6.3%). The group has mainly confirmed its profit goals for 2012. In addition, the Department of Energy reported that U.S. demand for Areva to obtain two billion dollars of guarantees on credit advanced. The title climbed 1.32% to 350 euros.

NicOx announced Thursday a net loss of 60.4 million euros in 2009, cons -73.9 million euros in 2008. Revenues NicOx stands at 1.1 million euros at December 31, 2009 against 3.4 million million a year ago.The Exchange welcomes the news: the title won 4.05% to 6.016 euros.

The rest of the news companies, excluding results announcements

Side of EADS (+1.44% at 15.87 euros), Madrid has proposed the transfer of filled related to the A400M UK to Spain if London does not take 100% sharing additional costs of military transport aircraft, according to sources familiar with the matter.

The banking sector is also under surveillance. The bankers were again summoned to the Elysee Palace on Friday for a working meeting with Nicolas Sarkozy on the theme of financing for SMEs and SOHO. The reaction of BNP Paribas (0.69%), Credit Agricole (+0.84%) and Societe Generale (0.79%) is expected.

Casino (+0.10% at 60.49 euros) should start in May its pods, modeled on that of Nespresso.In France, the market for coffee pods is estimated at 1 billion euros, half for Nespresso.

Natixis (0.71% 3.68%) is under the radar of the AMF. A book published Thursday reveals that the former officers have disclosed false information to markets, in October 2008.

This is a first. Boeing has unveiled Tuesday on the economic impact of its partnership with the French manufacturers. And it is quite significant. In 2008, Boeing had charged for 4 billion worth of contracts to subcontractors lights, representing 9.6% of turnover in the sector. Of this total, 2.8 billion from direct contracts with manufacturers and the balance through the airlines at the head of Boeing fleet. The activity generated by the aircraft manufacturer in France had led to the creation of 23,000 jobs, 11,500 of which direct the total end of 2008.

Barely two months after the EU-Russia summit in Stockholm, the energy tensions resurface. Moscow may decide to deprive Slovakia, Hungary and the Czech Republic of oil because of "unresolved issues between the Russian Federation and Ukraine," said the Slovak government in a statement Monday, citing a letter sent by the Russia to the European Commission.

In this letter, Moscow stresses the existence of a "trade dispute" with Kiev, confirmed a spokesman for the European Commission Figaro.fr. "Member states have been alerted to this note by the usual procedures. The oil price is a sensitive issue between the two neighboring countries, which have already been two "gas wars" in late 2005 and early 2009. If Europe is much less dependent on gas than oil from Russia, the prospect of closing the valve by Moscow worried.Slovak Prime Minister Robert Fico has convened an emergency meeting of the Security Council in the country on Monday, the government said.

Kiev wants "guarantees" on transit

The Ukraine has not responded. Sergui Zinkevitch, a spokesman for the Ukrainian pipeline operator Ukrtransnafta, told AFP that Kiev wanted to review the conditions of transit of Russian oil to the EU. "The current contract was concluded in 2004 for fifteen years, the Ukraine wants to make amendments." And seeks assurances from Moscow on the volume of oil transiting through the country. "Negotiations are continuing," acted as spokesman. According Sergui Zinkevitch, however, complaints from Moscow did not arise, the tariff issue has been resolved."A compromise satisfactory to both parties has been found," he said.

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Statistics mixed and disappointing in November in the United States. Consumer spending rose for the second consecutive month, gaining 0.5% on month, after rising 0.6% in October, according to statistics published Wednesday by the Commerce Department.

Although most economists expecting the continuation of consumption suggests an acceleration of growth on the end of the year, confirming the rebound of 2.2% in the third quarter.

The increase in consumption was accompanied, in November, the fifth consecutive increase in household income at 0.4%. Although this is the largest increase in this indicator since May, it remains below expectations (+0.5%).

Despite this more favorable context, the real estate market continued its descent into hell, touching its lowest level since April.Sales of new homes have plummeted 11.3% in November to 355,000 units annually. A very unpleasant surprise to economists, who expected 440,000 sales. To make matters worse, the figures for October were revised downward, to 400,000 units against 430,000 previously estimated.

Senators are sitting on a pile of gold. Their very generous pension fund available in late 2008 from 575 million euros in reserves. Enough to finance 23 years of service! This study reveals that Safeguard pensions, including Le Figaro revealed the exclusive content.

The association, which aims to promote equity between the retirement of private employees and that of other assets (staff, nationals of special schemes …) based on official documents, public or not.It highlights the "extraordinary performance" of the Senate plan: taking into account life expectancy and age of retirement (67.5 years), a senator "means" receive before his death, 4.90 euro pension for every dollar contributed during his career – against 1 euro pension for about an employee's private and 2 for an official.

A former senator who made a single six year term and receives 1 932 euros monthly pension. Either "30% more than the average pension of an employee's private after a full career," observes Backup pensions. Only condition, almost always true: have paid double, as any senator has the opportunity during his first fifteen years in the "house" (480 euro premium "pay" per month). Reversion (retired widower and widow elected) is more favorable than in the general scheme.Finally, "most varnishes are the senators from the public (39% of the Chamber)," wrote Saving pensions. They can continue to contribute 7.85% of wages they would have received in their original, adding the State as 60.14% for all staff. Finally, they combined so full of retired staff and retired Senator, unlimited.

And yet, despite this apparent generosity, the body of senators shows no deficit, despite his bad demographic situation: 1.7 to 1 pensioner contributor (cons 1 retiree for 1.4 active in the general scheme). By what miracle? Strong support from taxpayers? Not really: the contribution "employer" paid by the Senate, represents 2.4 times the premium "pay" for senators.This is more than in the private but much less than in the public or any other special arrangements (for members, taxpayers pay 7 times more than the elected themselves!).

Everything comes from the fact, that the backup pension scheme senators is "remarkably managed. Based on the collective capitalization (1), he leads every three years an audit in which it updates its forecasts and issue invitations to tender to select managers for its funds. Sewing up since birth … in 1905, he held a "pot" whose composition is unknown but the end of 2008 amounted to 575 million euros – given the financial crisis, a provision impairment has been moved cautiously, however, reducing the carrying value of these reserves to 484 million.Result: only the interest generated by these investments provide over half of the pensions paid each year.

A pool of 1 billion euros in 2050

A performance such as – and this is the only criticism Backup pensions – by "employer" is "not only immoral but unnecessary. Why bother keeping a grant which only swell the reserves that increase perceptibly from year to year? ". Calculations of the association, placed at a reasonable rate of 4%, this kitty will reach 1 billion euros in 2050 …

(1) Safeguarding pensions do not hide that she is campaigning for the introduction of a dose of capitalization in the general scheme, which currently relies on distribution, Ed.

"DOCUMENT – The study Backup Pensions (pdf)

The National Association of food industries (Ania) decided this morning after three hours of heated debate, leaving the MEDEF, it was learned from corroborating sources.

After your secret ballot procedure rarrissime the board took this decision by 18 votes against 12. The Ania MEDEF considers that it "pays" too little regard to the amount of annual dues (over 600,000 euros).

Yet no decision to join another employer organization has been taken. The departure of a large federation, which had supported Laurence Parisot when she presented herself at the head of MEDEF, is a blow to the boss of bosses.

The owner of Ania, Jean-René Buisson, will hold a press briefing at 15 am explaining the decision of its directors.

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While the inaugural flight of military transport aircraft A400M has just taken place, the boss of aerospace group reported ambitious goals, with the hope of doubling turnover in ten years alone. "We want to double the turnover of 43 billion currently to approximately 80 billion by 2020," says Louis and Welsh, president of the European group EADS, in an interview published Monday by the German newspaper WirtschaftsWoche.

Additions to the services area

Such growth can not be fully carried out internally and should pass through acquisitions, particularly in the services sector. "I see, for example, a potential for services generate 20 to 25% of turnover. Today we're at a little over ten per cent. There are services such as maintenance, training and repair.We want to add new services, "said Louis Welsh.

EADS CEO also said that no decision has yet been arrested for his participation in the tender for the renewal of the American fleet of refueling aircraft, which represents a potential market of 50 billion dollars. "We never said we should abandon the game, only that we had concerns about the current process of bidding," says he.

Northrop Grumman's partner, EADS, announced last week that he would not participate in the tender launched by the Pentagon, believing that the requirements of the contract favored Boeing in the current state of things.

EADS shares gained 1.5% to 12.55 euros on the Paris Bourse at about 11:00.

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The ISP has been created by the government in late 2008. It is owned 49% state and 51% by Caisse des Depots et Consignations. With 20 billion euros of capital, announced its objective is to develop French firms in terms of growth and competitiveness. On this point, some investments are discussed. Its scope is as follows: enter capital firms involved as a minority without trying to take control. Then accompany the medium-long term while seeking profitability to finally get out as soon as the financial health of society will be improved and that its shareholders have been reconstructed. In a year of existence, it became a capital of 14 companies, and promised to take stakes in four other companies.The sequence of dates for achieving such equity.

February 25, 2009:

The ISP has acquired a stake in Valeo to 24 million euros which provides 11% stake in the automotive supplier. He becomes the second largest shareholder.

April 14, 2009:

He completes his entry to the capital of the aerospace supplier Daher up to 65 million euros. Daher, Socata has taken over at Airbus has launched the construction of a new plant in Nantes for the manufacture of advanced aircraft structures.

April 28, 2009:

The FSI between capital Farinia Group, a leading French processing of metals, up to 20 million euros.

02 May 2009:

Between the capital of the company to Led Lite, specializing in the field of lighting based on high brightness LED for 2 million euros.

June 26, 2009:

The ISP releases 10 million euros for the company 3S Photonics, an SME in Ile-de-France is a leading global electronic components for telecommunications networks.

1st June 2009:

He pays 160 million euros to the U.S. TPG Capital to buy him 8% of the French specialist in smart cards, Gemalto.At present, this remains the biggest investment made by the ISP.

July 6, 2009:

It acquires 5% stake in Nexans, the worldwide leader in the cable industry following the acquisition of shares in the market for 58 million euros.

July 20, 2009:

The brand toys Meccano announces fundraising of 4.4 million including 2.2 from the ISP via CDC companies.

July 22, 2009:

Frey News Energy, a company generating electricity from renewable energy sources, announced a fundraising of 15 million euros, of which 7 million euros from the ISP.

09 September 2009:

The ISP has crossed the threshold of 5% stake in Technip following the stock market for 90 million euros.

1st October 2009:

The fund participates in the capital increase Forenap group, specializes in pharmaceutical research in neuroscience, to the tune of 6 million euros.

06 October 2009:

He participated in the recent capital increase of Groupe Carbone Lorraine to now hold more than 5% by injecting 10 million euros.

October 22, 2009:

The ISP is investing 7.5 million euros in Dailymotion, one of the leading sites for sharing videos.

November 18, 2009:

It provides 25 million euros in biotech company NicOx, and thus takes possession of 5.1% of its capital.

In the coming weeks:

The fund will pay 10 million euros in Mecachrome as part of a recovery plan and 10 million euros over the proposed takeover of manufacturer and automotive supplier Heuliez.It will invest a maximum of 117 million euros in capital increase of Cegedim. The ISP will thus have a shareholding of approximately 15%. He is also preparing to inject 6 million euros in Avanquest Software, a French manufacturer of consumer software business and also as part of the capital increase planned for early 2010.

The ISP has also carried out a series of reinvestments in the amount of nearly 10 million euros to accelerate the development of companies of which he became a shareholder in the context of the contributions made by the Caisse des Depots et Consignations.

The European car still recovering. In a statement released Monday, the rating agency Fitch believes that 2010 will be a "transition year" for the sector, despite the appearance of "early signs of stabilization." But the number of bankruptcies in the sector should also remain high in 2009, provides for the rating agency.

Fitch anticipates that the impact vehicle sales in Western Europe will shrink in 2010, and that this decline could reach 6 or 8%. The rating agency predicts that by 2009 the decline in sales will reach 5%, and that production will open in fall of 20% over the same period.

The rating agency gives such a negative outlook because of the gradual but planned, the premium breaks that currently boosts sales.The impact of the disruption of these measures remains difficult to quantify, especially in Germany, "the largest car market in Europe where about one million vehicles were sold under these incentives," says Fitch. Emmanuel Bulle, Director in Fitch motor, said that uncertainty: "Based on sales growth and the actual ability of manufacturers to meet all these challenges, a stabilization of the ratings outlook could arise in the first half of 2010."

Increased pressures on cash

The sales momentum is indeed not the only challenge facing the sector. The issue of financial strength will also return to the front of the stage, including OEMs, Fitch said in another note."In the absence of specific operations, such as increases in capital or asset sales, abandonment of leverage will be a slow process for companies falling into recession with a substantial financial debt, as Renault, "the statement said. The manufacturer is rated "BB with negative outlook" when rival SAP is rated "BB +, B, with negative outlook."

Given these financial pressures, "the agency expects the trend to selective alliances and partnerships will continue into 2010, as well as downsizing discrete and gradual, which are necessary to support a structure lower cost, more in line with forecasts of declining sales.

Automakers will also adapt to new consumer needs.Fitch notes that "the trend towards smaller cars is another challenge for manufacturers of Western Europe, focused on technology, while margins are generally larger segments for vehicles and premium sedans. "No matter the size! Some prefer to bet on another emerging trend of consumption, mindful of its impact on the environment: Renault intends to become the largest producer of electric cars, since the launch of its first four models of its kind in 2011.

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