Daily International Headlines

The green will not stay very long on Wall Street Wednesday. After starting up in, carried by companies satisfactory results, the markets fall into the red of -0.57% to 10,172 points for the Dow Jones -1.12% to 2198 points and the Nasdaq – 0.80% in 1075 for the S & P.

A reversal following direct speech, much anticipated, Ben Bernanke. The Fed chairman, who delivered his verdict on the U.S. economy before the Senate Banking Committee, said that the takeover of the U.S. economy "continues at a slow pace" and that "the economic outlook remain unusually uncertain" . If no measure of support is mentioned, the Fed is willing to act.

"The market reaction reflects the caution shown by the markets," notes Nick Kalivas, an analyst at MF Global in Chicago."Yet, to some degree, support annocée the Fed would have meant that things were worse than we thought."

These ads are disturbing in any case overshadowed the results published before market trimestreils …

Record earnings for Wells Fargo

Wells Fargo (4.32% to 27.03 dollars) on Wednesday posted a net profit of the group "record" for the second quarter to 2.787 billion dollars, up 12% over a year and above expectations, and reported an improvement in the credit greater than planned. Based on the number of shares, the benefit amounts to 55 cents, while analysts were only expecting 48.Net revenue (turnover) of the fourth largest U.S. bank stood at 21.394 billion dollars, yielding 5% a year.

The U.S. investment bank Morgan Stanley (8.05% to $ 24.25) Wednesday announced a net profit group share of $ 1.578 billion in the second quarter, much better than expected, with a turnover also exceeding analysts' forecasts. Per share, net income totaled $ 1.09 and 80 cents without considering the integration of brokerage Smith Barney Citi bought instant credit report.Analysts had expected 46 cents per share excluding special items.

The U.S. giant soft drink Coca-Cola (+2.05% to 54.32 dollars) net earnings up over 16% to $ 2.37 billion in the second quarter, slightly less than expected thanks to higher sales volumes internationally. Reported per share, current earnings is $ 1.02, slightly less than the $ 1.03 expected by analysts, but better than the 92 cents recorded a year earlier.

Apple has released its quarterly after the close of Wall Street. The firm at the apple once again exceeded market expectations in the third quarter of fiscal offset with net income up 78% year on year to 3.253 billion dollars, and sales far beyond forecasts.The securities earn 3.81% to 261.48 dollars.

The U.S. Internet portal Yahoo! posted a group net profit up 51% year on year to 213.32 million dollars in the second quarter, better than expected by analysts, but its sales came out virtually unchanged. The shares dive: -8.88% to 13.85 dollars.

Moreover, the oil giant BP traded on Wall Street Tuesday concluded an agreement with U.S. rival Apache to sell him to seven billion dollars in assets, making a sudden the majority of assignments to which he had hired to offset the cost of the spill. The news was welcomed: securities rise of 3.35% to 36.38 dollars.

Note that the foreign exchange market, the euro retreated against the dollar, traders were playing the card of caution before the release Friday of the results of resistance testing of the 91 largest European banks. In the morning, the euro was at 1.2867 dollars against 1.2881 dollars the previous day.

Growth accelerated to Edenred. The former branch of prepaid group Accor said Monday in a statement up 4.7% of its turnover in the second quarter after increasing 2.9% in the first. The income thus reach the entire first half to 461 million euros, an increase of 3.8%.

The issuance volume of prepaid titles, the key measures for the sector, up by 7.5% to 6.615 billion euros in the first half, in line with the annual target growth of 6% to 14% in the medium term set by the group.

The activity was led by Latin America region, which posts revenue up 4.9% to 181 million euros. "The strong growth in operational activity in Latin America offsets an economic environment still difficult in Europe," notes the group.This region is indeed a cash decrease of 5.3% to 79 million euros over the same period.

The turnover of the financial group fell from 25.6% to 39 million euros, weighed down by "the low level of interest rates," according Edenred.

Chouchou brokers

Edenred, which develops on land Sodexo, Compass Group or Mastercard and Visa, should still jump on the stock exchange after advertising 100% free credit report. Introduced last July 2 at a reference price of 11.40 euros, still have won titles this Monday 1.37% to 13.30 euros, giving a market capitalization of around three billion euros.

The new entity has the benefit of brokers. Most recently, Goldman Sachs who recommends buying the title with a target price of 18 euros."Edenred should long-term growth and profitability linkage, analysts also noted the CM-CIC Securities. The broker Aurel bgc, hailed for its part "the potential for development" on the market for vouchers.

For the second half, Edenred does not change in sight. "It follows the same trend. In Europe, we do not see the restart of employment, which is a trigger of our volumes, "said CEO Jacques Stern during a conference call.

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The end of the nightmare in the Gulf of Mexico may be close. BP wants to believe in all cases: two days after the start of the crucial test of strength of the new funnel, no sign of leakage was observed. "We have no indication that oil or gas escape" of damaged wells, said the vice-chair of Kent Well. Tested since Thursday, the giant funnel that contains the daily flow pouring millions of gallons of toxic liquid into the ocean, seems to hold good.

Uncertainty remains high: the compressed oil, trapped in the wells blocked by the funnel, eventually creating gaps and spread back into the ocean.According to Thad Allen, head of operations against the oil spill administration, BP must conduct further tests because the measured pressure does not allow to draw definitive conclusions about what is happening inside the well.

High pressure would suggest that well resistance is good and there is no leakage. Low pressure instead leave thinking that oil escaping elsewhere. Admiral Allen said that the pressure increased from 0.1 to 0.6 bar per hour, which was a good sign. But Friday, the level of pressure in the well still left casts "doubt on the possible existence of a leak." On Saturday, Vice President of BP, however, that the pressure inside the well had continued to increase."The fact that the pressure continues to mount gives us more confidence that the test works," he added, stressing that the data are "quite" in the range predicted by the engineers.

The extended testing

As a precaution, the oil company said Saturday it would extend the period of initial testing prévuepour last 48 hours. "We continue in phases of six hours each time. If there is a change in the way we do, we will announce it, "said Mark Salt, a spokesman for BP at the end of this period.

If the test proves successful the well will remain closed until the risk of leak is definitely ruled out by injecting concrete through a relief well. An operation could be completed in early August.However, if a leak is detected, the valve will be reopened and the oil will be pumped to surface ships.

"If we decide to reopen the pit, oil drain into the Gulf for some time," said Mr. Wells, the time to connect the pumping lines at the wellhead. This would obviously a major failure for the oil group that tries since the end of April to contain the largest oil spill in U.S. history.

Since April 22, nearly 520 million gallons of crude that would have flowed into the ocean, estimated Tuesday the International Energy Agency. Even if the leak was finally stopped, Deepwater would remain one of the worst oil spills in history (see graphic below), a nightmare to $ 3.5 billion for BP and irreparable ecological catastrophe.

Traveling in Tokyo, Francois Fillon sought to reassure the Japanese business on the situation of France and Europe. Focus on the issues outlined by the Prime Minister.

Rigor

The word is out. Against all odds and for the first time, François Fillon spoke of the "rigor" to describe the economic policy of France. Boasting to an audience of Japanese businessmen, austerity measures launched by Paris, the Prime Minister said: "In every state budgets, the only one who is not subject to discipline, that is the budget of Higher Education and Research. Until now, the executive refused to fully use the term "hardship" may be too unpopular with the French.The economy minister, Christine Lagarde, recently described the French policy of policy of "ri-lance, a neologism describing a mixture of" rigor "and" revival ".

France has pledged to save 100 billion euros by 2013 to reduce its deficit. For now, the government relies on its growth forecasts to find half the sum. Otherwise, the government plans to freeze spending between 2011 and 2013 to maintain transfers to local governments and only slightly increase health spending. The state should also remove the tax loopholes and create a new tax on the wealthiest to raise 3.7 billion euros.

In Japan, the country's debt is colossal. The International Monetary Fund press and the country to reduce its deficit.However, there are uncertainties about the government's austerity policy, weakened by his recent defeat in the Senate elections.

The euro and yen to each currency's problem

And the Prime Minister was not content to praise the austerity policy of France, he also invited Japanese investors not to "turn away from the euro payday loans. He also promised that the EU would emerge "stronger" of the economic and financial crisis. It must be said that the disallowance of Nippon contractors for the euro area is growing. Proof is the recent A japponais Nikkei business daily, the 30% decline in investment in the euro countries during the first half of 2010. The concerns of the market seem to disappear on the Old Continent.The success of recent debt issuance in the euro area and witnessed the rise of the euro against the greenback, which is currently processing over $ 1.29.

In contrast to the euro, the yen continues to strengthen against the greenback. It operates at its highest level this year against the dollar, to 87.3 yen against the dollar.

Mitsubishi and Areva

At the industrial level, Prime Minister Francois Fillon said France was "open" to the entry of Japanese conglomerate Mitsubishi Heavy Industries (MHI) in the capital of nuclear group Areva. The Prime Minister has expressed his desire to "see strengthened the association between Areva and Mitsubishi for the particular realization of a new reactor, the reactor TTY. MHI and Areva have forged various partnerships, including establishing a joint venture, TDD, a developer of nuclear reactors of medium power.

Mitsubishi Heavy Industries does not hide its ambition to grow the European market nuclear pressurized water reactors. Nuclear is not the only area in France to attract companies Nippon. In 2008, France has 450 Japanese companies employing nearly 57,000 people.

Jean Arthuis, chairman of the Senate Finance Committee and chairman of the centrist Alliance, calls for a revision to bottom of the French tax.

LE FIGARO. – Nicolas Sarkozy said Monday he would keep both the tax shield and the ISF. Defend yourself always the opposite?

Jean ARTHUIS. – Yes. I think we should remove the two devices. The shield is a bad answer to a bad tax, the ISF. This shield has too many defects. It is calculated on income tax, not real income. Its beneficiaries are beyond any possible tax increase. This is clearly not fair.

Precisely, the government released the shield fiscal measures to finance the pensions …

Yes, but suddenly the complexity increases. Daring to break the taboos and radically simplify tax by removing the shield and the ISF.To finance this deletion, I propose to create an additional income tax (IR) to 45% and increase the scale of taxation on capital gains and real estate. I will table an amendment during consideration of the budget 2011, in the fall.

This option does not penalized Does not those with high salaries but little fortune?

No. The rate of 45% is a marginal rate, which would apply that beyond 100,000 euros per share. RI takes into account family responsibilities. And there is a 10% reduction on wages. In fact, it is mostly capital gains on shares or real estate, which enrich.

Should we raise taxes?

France can not escape the tax increases. Because the plan proposed by the Government alone will not reduce the public deficit to 3% of GDP in 2013. The growth assumption of 2.5% is unrealistic and inadequate conservation measures.It lacks about 50 billion euros. Besides reducing costs, I propose that VAT in particular the restoration and renovation for housing increased from 5.5% to a rate between 10% and 12%. To restore our competitiveness and combat unemployment, it would even raise without waiting the standard rate of VAT, currently 19.6%. Funding for Medicare and family policy must no longer weigh on earnings. VAT must take over.

At the risk of penalizing low-income households?

Is there any greater injustice than unemployment? By maintaining too high levies on production, is pushed to the relocation. All taxes are ultimately paid by the consumer. For a company that sees its tax increase raises its price. The additional VAT on imported goods will.

Should we cut more in the niches?

Yes.The tax shelters cost 75 billion euros. They are undermining the social compact, by making the tax illegible, unfair and inefficient. In addition, the pricing becomes artificial. Ultimately, we must consider deleting the niches, and especially stop creating new ones. Without the increase of the reduced rate of VAT, the government will have great difficulty in meeting its commitments, that is to say an economy 10 billion in two years. The overall ceiling should be lowered.

The government is strong enough on public spending?

During the hearings the Committee on Finance, I had the impression that some ministers were not always aware of the savings. However, it will be necessary to act with determination.Hack 66 billion in credit assistance amounts to touch on sensitive issues such as individual housing (PLA) or subsidies Réseau Ferré de France (RFF). I would add that it is not easy to force parastatal structures to decrease by 10% of their operating expenses. These organizations, ranging from museums to Météo-France, served as space flight for public expenditure.

Should we freeze the salaries of civil servants?

Despite job cuts, the state's payroll increased from 860 million in 2009. This increase is due to wage concessions and changes of the index. Strict moderation is essential.

As a senator from Mayenne, what do you think the value of blocking the funds that the State grants to local communities? This gel can be leveraged to conduct the review of local public policies.Do we really redo roundabouts standards expensive? Especially, the proliferation of standards must end. Premier promised. Despite this, the agricultural modernization law gives the government a right of limitation on the school lunch menu!

France will she one day a zero deficit?

It must. An overburdened state is in the hands of its creditors and threatens the solidarity between generations. This national independence is at stake.

With the football World Cup, TF1 maintains its primacy in terms of both audience and advertising. In the final between the Netherlands to Spain on Sunday night, the first private channel totaled 63.1% audience share and 14.1 million viewers together with peaks at 17.4 million at the end meeting. For the private channel, it is "a record audience for a football match without a French team. It is also the third best year for hearing TF1. Stephane Deverge, director of sports pole TF1 Publicité, also welcomed "the prime-time audiences who, throughout the competition, gathered 8.2 million viewers on average."

31 million visits

Fourth day up to the Paris Bourse. This Friday, the CAC 40 has continued to rise started Tuesday and continued Wednesday and Thursday. The key index in Paris was up 0.46% at closing.

At the end of the week, and the CAC 40 gained 5.8%, from around 3360 points to 3554.48 points exactly at the close on Friday.

Elsewhere in Europe, the LSE has been 0.54%, to 5132.94 points while the German Dax rose 0.49% to 6065.24 points.

Yesterday, the index in Paris had passed the milestone of 3,500 points, reassured by U.S. data entries weekly unemployment benefits.

The euro has weakened a bit about him on Friday, while European ald evisa Thursday passed up the psychological and technical $ 1.27.

In France, French investors have learned that before the opening of the Hexagon industrial production had rebounded strongly in May rising 1.7% after falling 0.5% the previous month, according to Insee. Economists had expected an average growth of 0.4% of industrial production in May

EADS tanker of the series continues

EADS (0.53% to 17.01 euros) said it had responded to the call for tenders for tanker aircraft to the U.S. Air Force, on the eve of the deadline for the takeover bids . In addition, the World Trade Organization announced the postponement of the publication of a report on an action by the EU against the United States regarding subsidies granted to Boeing.

Kaufman and Broad (2.23% to 18.14 euros) issued a revenue down 7.6% to 385.7 million euros in the first half, below expectations.But reservations are up 55% to 675 million euros and the property portfolio is up 50% over one year.The gross margin reached 17.1% against 12.9% in the first half of 2009.

Areva (5.11% to 347.55 euros) announced Thursday it would investigate the possibility of building a second nuclear reactor in the Canadian province of New Brunswick.

Mestrallet, CEO of GDF Suez (+0.4% to 24.96 euros), confirmed Wednesday that negotiations with suppliers in Norway, Holland and Russia to obtain lower prices.

The German utility E. ON has indicated in an interview with Les Echos on Friday that he would be "very interested" in acquiring a stake in EDF reactors (-0.91% to 31 euros) to help extending their lifespan.

Moreover, the banking sector with the exception of BNP Paribas (+1.05% to 50.09 euros) suffered some profit-taking, like Credit Agricole (-1.13%) or Societe Generale ( -0.98%).

Similarly, the automotive sector should still react to earnings announcements commercial Renault and Peugeot this week. Titles manufacturers earn 1.13% respectively to 33.45 euros and 1.94% to 23.09 euros.

Money does not buy happiness, it is often said. Gallup conducted a global study whose results appear to confirm the adage. According to the study, published in the American Journal of Personality and Social Psychology, whose findings were released by the Christian Science Monitor, the U.S. is perhaps the richest country in the world, but they are far from be the happiest.

The global study was conducted among 136,000 people in 132 countries between 2005 and 2006. His basic premise: there are two definitions of happiness. On the one hand, happiness linked to a sense of well-being. On the other, that which is derived from specific moments of joy.If the first definition depends largely on personal income and wealth of the state in which one lives, the second responds rather to how psychological and social needs of all are met, the researchers said Gallup.

Yet with the highest GDP per capita in the world (46,400 dollars per capita, according to the CIA), the U.S. can only 16th in the ranking prepared by Gallup in regard to the general welfare, and only in 26th position out of 132 in terms of moments of satisfaction. The Americans were upstaged by the Danes, who are happiest with a general point of view, and by New Zealanders, who are champions of the moments of joy. Far from the United States, Denmark is the 31st worldwide in terms of GDP per capita ($ 36,000 in 2009) and New Zealand 51st (to 27,300 dollars), according to CIA data.

The importance of social relationships

"While enriched with a sense of general satisfaction on his life, it is perhaps not as big an impact than we imagine how we appreciate each moment," says Ed Diener, a researcher at the University of Illinois and in Gallup. The researcher stresses the importance of "quality of social relations" in the lives of everyone. He cites, for example, Costa Rica, despite income levels below those of South Korea, would have a population happier.

One issue that has also gained ground in France. To determine the limits of GDP as an indicator of social progress, President Nicolas Sarkozy in 2008 mandated a committee chaired by Professor Joseph Stiglitz, the Nobel Prize in economics.Its report, delivered in late 2009, believes that there is often "a gap between declared, first, the usual measures of major socio-economic variables such as growth, inflation, unemployment, etc.., And, Moreover, widespread perceptions of these realities. " The Committee also questioned "the relevance of these data as a tool to measure societal well-being."

The adage has limits

For example, northern Europe and Anglo-Saxon beautiful lie on top of the global economic scale, these areas have nothing to envy of Latin America, which is relatively well positioned in the rankings of Gallup . This reasoning, however, limits. "Many if not most people want and run after money for most of their days, in fact, admit the authors of the study.Unsurprisingly, the countries of Africa's poorest arrive back of the pack, and this, in the two rankings of happiness!

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It is almost a trade post for post. In an internal memo, Europe 1 has announced the arrival of Nicolas Demorand its antenna in the coming year. The former host of the morning will be at France Inter radio microphone generalist Lagardère from 18.30. He succeeds Patrick Cohen, recruited by France Inter to replace Nicolas precisely Demoranc morning.

More in a few minutes …

FINANCE

Patrick de Carolis, the outgoing president, had promised to let a house to the square. Despite his best efforts, it is far from having completed the reorganization of France Televisions over the past two years.

Pflimlin Remy, who succeeded him on Aug. 23, has no time to lose as many sensitive issues lie ahead. The new CEO will have to pay, by the fall, the problem of financing of France Televisions. The law provides that advertising screens on the same day of the public channels is halted in November 2011. But many UMP deputies, led by Jean-Francois Cope, argue instead for continued advertising. This would prevent the State to provide 350 million euros in compensation payday loan.In the coming weeks, the new president must deal with these parliamentarians, the President of the Republic who do not wish to give up too quickly for his original project and the competing private channels which require that the law is enforced. If the new CEO gets to keep advertising during the day, it preserves a certain financial autonomy and be less subject to the vagaries of state budget. But behind the advertising file, it opens the privatization of France Televisions governed Advertising. He must choose between following Patrick de Carolis and bury the project, or restart the privatization process.

THE SOCIAL