"An object is a Hermes Investment"

Photo credits: AFP

Renewed weakness in Europe's stock exchanges

In the wake of Grants in Asia this morning, the CAC 40 on a downward trend during the early exchanges. It lost 0.53% to 3669 points before embarking on his decline of 1%. Elsewhere in Europe, the trend is downward as well.

The concerns are global investor sentiment is sealed by the debt problems of Greece, Spain and Portugal, "said Marcus Droga, associate director at Macquarie Private Wealth in Sydney, quoted by Dow Jones Newswires.The Stock Exchanges of Madrid and Lisbon have plunged Thursday, respectively, nearly 6% and 5%, because of the finances of Spain and Portugal.

For several days, observers and analysts worried about the state of public finances of these two countries, waving the specter of Greece, whose deficits and debt are so high that the European Commission decided Wednesday to put the country under a quasi-trusteeship.

Investors were also looking towards the United States.The employment figures in the United States will be published in early afternoon U.S. investors unwelcome Thursday announced an unexpected rise in the number of new entries to unemployment, to 480,000 last week, this which portends bad monthly statistics of employment, to be published Friday before the opening of Wall Street.

Finally, the finance ministers and central bankers of the G7 meet in Iqaluit, Canada.

Values automotive and banking suffer

In this context, only a few values derive their game well like France Telecom (+0.85% at 16.67 euros) and Suez Environment (+0.56% at 16.09 euros).

Conversely, values auto penalized by bad news on Toyota: Renault, Michelin and Peugeot respectively yield 2.22% to 32.98 euros, 2.05% to 54.86 euros and 1.97% at 22 42 euros.The finding is similar to banking stocks, the minister of New York accusing Bank of America to have hidden accounts of Merrill Lynch to obtain public assistance cash advance america . Dexia (-3.02% to 4.11 euros, Societe Generale (-1.78% to 39.35 euros), BNP Paribas (-1.40% to 49.14 euros).

LVMH (-4.28% to 77.96 euros), said that addressing the Year 2010 "with confidence", saw its sales fall by 4% on a comparable basis in 2009 to 17.053 million euros, with a return to organic growth (1%) in the fourth quarter alone.

Nexity (-3.20% to 26.35 euros) anticipates a fall in its turnover to around 2.5 billion euros in 2010, having recorded an unexpected increase of 6% to 2.838 billion in 2009.

EDF (-2.43% to 38.28 euros) has announced the formation of a tighter management, including the arrival of Thomas Piquemal, who leaves his post as CFO of Veolia Environnement to occupy the same positions within electrician.

Bureau Veritas, stable at 34.80 euros, would use its "strong cash flow generation" to make acquisitions in the first half of 2010 and it plans a gradual return to organic growth in the second half. The world number two of the certification issued a turnover in 2009 rose 1.9% to 2647.8 million euros.

Teleperformance (-2.12% to 24.48 euros) issued a turnover up 3.5% in 2009, but said that its sales had declined sharply in the fourth quarter, mainly because of degradation of its business in Europe.

Hermes (+1.51% at 98.55 euros) grew by 8.5% of its turnover in 2009 to 1.91 billion euros. In 2008, the French luxury group had a net profit of 290.2 million euros. Net income in 2009 will be released March 25.

Two other companies publish their turnover for 2009, Friday: Eiffage, stable at 37.14 euros, and Bongrain (-0.21% to 58.18 euros).

Peugeot launches its solution "mobility map"

Mu, you know? Not yet? It will soon be difficult to avoid if you live in Paris. Peugeot is launching an extensive marketing campaign for its new "mobility service". Display urban subway trains in the colors of Mu, nothing will be spared.

But Mu is what? A rental vehicle launched by Peugeot, which allows users to rent, according to his needs, a bicycle, electric assisted bicycle, a scooter, a car and, once it is released, the Ion, the electric car from Peugeot. The principle is simple. Simply create an account on the Internet (www.mu.peugeot.fr) and purchase of units (20 cents one). Once Mu credited his account, you can book the vehicle of choice, always on the Web, or on terminals now installed at dealerships Parisian brand, but also those of Brest, Rennes, Nantes and Lyon.

Renting a bike with electric assistance will cost 45 units the day (9 euro), a scooter 125 cm3, 39 euros. If you need a family sedan, a 407 to go on weekends, this will be charged 215 euros (per 500 kilometers). A rate comparable or slightly superior to those displayed by the traditional rental. But the benefit formula Peugeot, you choose your model: you book a 407, not a Category C, with its share of mystery about the type of vehicle in which you are flying again.

With Mu, you can also rent the accessories you need: for example, a GPS (10 euros per day) a bicycle rack (20 euros) or 80 euros a week, a roof box.Baby seat, bike helmet and bike, and snow chains are also available in dealerships.

Peugeot hopes to win in Paris 1600 by June, with a formula clearly inspired by the car sharing and Vélib'et whose chief advantage and be no subscription fee. Disadvantage in terms of "mesh" of the territory (one of the arguments of marketing for the brand), yet there are only four concessions in Paris and that of Defense. However, Peugeot Scooter will soon offer their services. What a true "local network".

Proglio combining work and retirement

Proglio The file is still not closed. The CEO of EDF, Henri Proglio, should combine their boss salary (1.6 million euros, Ed) and a retreat from Veolia. Since March 2009, this operation is legal, no limits from more straitjacket overlapping-retirement employment.

According to Le Parisien, retirement Veolia would exceed 1 million. It would consist of retired Safely Agirc-Arrco of around 90,000 euros per year, and three retreats "houses" retaite a defined contribution pension and two hats.

These four elements can not exceed 50% of average earnings the last three years, the total amount of this pension would be between 1 million and 1.15 million, according to the daily instant payday loan .According to an actuary AG2R La Mondiale, the largest pension hat could reach 700,000 euros.

Not being an agent EDF, Henri Proglio not collect retirement hat at EDF.

Quoted in Le Parisien, Stéphane Fouks, director of Euro RSCG, responsible image of the boss of EDF, said "until now Henri Proglio had no euro.

Barack Obama addresses with its budget deficit in 2011

He had made his election promise. Controlling the deficit of the federal state is at the heart of the proposed 2011 budget that will present U.S. President Barack Obama to Congress on Monday. The White House announced that the budget for the biennium 2010-2011 (late October 2010 to end September 2011) is forecast at 3.834 billion dollars. A budget of expenditure of 3% higher than the current biennium (2009-2010), who is expected to reach 3.721 billion dollars, according to latest estimates, the official said of the budget at the White House, Peter Orszag, the margins the presentation of Barack Obama.

In parallel, the White House has raised its growth forecast for 2010 to 2.7%, against 2% originally planned. In the fourth quarter of 2009, U.S. GDP grew at a record pace of 5.7%. In 2011, the U.S. administration expects a rise of 3.8% of GDP.Unemployment, however, will remain at 10% on average in 2010, before declining slowly to 9.2% in 2011 to 8.2% in 2012 and 7.3% in 2013. Other forecasts underlying the budget 2010-2011, inflation should remain below 2% in 2010, before falling to 1.5% in 2011.

A record deficit amid recession

Upon his election, Barack Obama had pledged to reduce the U.S. deficit in half by the end of his term in 2013. According to the White House, the deficit would be reduced to 1.267 billion dollars, or 8.3% of U.S. GDP, against a record $ 1.556 billion (10.6% of GDP) expected for the year 2010. It would fall to 828 billion (or 5.1% of GDP) in fiscal 2012 and 727 billion (4.2% of GDP) in 2013.

To achieve these objectives, the executive put on a 19% increase in tax revenue in 2011 to 2.567 billion dollars, with the return of growth.But not only. Rigor requires the White House has confirmed a spending freeze for three years, excluding programs and social security. "The president told his team the task of budget line by line look at the federal budget to see where we can save money," said communications director of the White House, Dan Pfeiffer. A senior U.S. official had assured last week that the budget would propose a "strict freeze" spending "not essential".

Cutting waste is launched

Among the victims of budget cuts, the program of manned space Constellation, which was to send astronauts back to the Moon, will be discontinued no teletrak payday loan . Launched in 2004, this program was highly symbolic for NASA and widely supported by Congress.According to estimates, the U.S. space agency has already spent just over $ 9 billion as part of Constellation. Peter Orszag provides, however, that other investments will be made in research and development.

A budget that reflects "serious difficulties" current

Another priority of the proposed budget for Barack Obama, employment will be stimulated by tax cuts. "We are at war," said Bush, after unveiling his budget proposal to Congress. "Our economy has lost 7 million jobs over the past two years, and our state is heavily in debt after what can only be described as a lost decade."

Unemployment has passed the 10% mark since October and that for the first time since 1983, said Peter Orszag."The budget provides $ 100 billion for immediate investment creating jobs through tax cuts for small and medium enterprises, infrastructure and green energy," said the White House. Tax cuts for the wealthiest households, decided by the predecessor of Barack Obama, George W. Bush, expire, however.

A commission created to achieve balance

Moreover, other sectors will no longer be subsidized, particularly fossil fuels."This budget contributes to lay foundations for long-term economy (…) and examines challenges long neglected, including health, education system, and the move towards Clean Energy, summarized spokesman Dan Pfeiffer.

Finally, the White House has confirmed the creation of a commission composed of eighteen members of Democrats (10 members) and Republicans (8), whose mission will be to examine ways to bring forward a balanced budget, excluding repayment of debt.

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The CAC 40 starts sitting in the green

The CAC 40 starts the session in positive territory. The flagship Paris takes Index 0.46% to 3705.79 points. Markets welcome the extension to the head of the Fed Ben Bernanke. In choosing the U.S. Senate is also banking on a continuation of the current monetary policy, marked by very low rates. The news is welcome.

But the extreme volatility of the day calls for caution. Already at 10 minutes of opening the future of Paris showed an increase of 0.61% when they were -1.97% an hour ago … The day in Paris, the meeting was marked by the 'indecision. Opening up, balanced mid-session, then heavy fall at the close (-1.89%) ACC 40 do not know what direction to take. This Friday, the meeting should be similar.The closing in the red on Wall Street Thursday (-1.13%) doing nothing to fix things.

The Asia this morning ruled clearer. In Tokyo, the Nikkei ended in sharp fall of 2.08%. Furthermore, all financial markets in the region have followed the trend.

The markets will remain very nervous before the publication of a series of important statistics on Friday. The U.S. will unveil their highly anticipated first estimate of GDP for the fourth quarter to 14.30. At 15.45, the PMI Region Chigaco for January will be announced. Approximately 10 minutes later fall index of consumer confidence as measured by the University of Michigan (second estimate for January). As for American publications before market, Chevron, Honeywell and Mattel will unveil the fourth quarter.The day before, the number of good publications (Ford, AT & T, Procter, Colgate, etc..) Was used to support an increase in the CAC 40.

Before that, in Europe, markets will learn in 10 hours of the M3 money supply and credit to the private sector in the euro area. At 11 hours, they will know the rate of unemployment in the area and the first estimate of inflation for January.

Telecommunications on the alert

According to the Tribune on Friday, the mobile operators must pay at least 120 million euros for one of the last two blocks of frequencies available yet for the fourth license for 3G mobile freecreditscore . A follow therefore, the reaction of France Telecom, Vivendi and Bouygues Going into battle.Iliad, which has won through its subsidiary Free the fourth license for mobile telephony in December, will be observed.

The bank should also react to the reappointment of Ben Bernanke to head Fed. The Senate of the United States confirmed Thursday its new term as president of the U.S. central bank (Fed) for four years. Highly criticized by politicians for his supposed links too close to Wall Street, Ben Bernanke should ensure the continuity of the current system for rates. The announcement added that Chinese leaders in Davos that offer a monetary policy "more flexible depending on circumstances." The reaction of banking and finance sector is expected: BNP Paribas, Credit Agricole, Societe Generale, Dexia and Axa

JC Decaux on Thursday sales down 11.5% in 2009. This is less than expected.The group plans a return to organic growth in the first quarter.

Areva said Thursday sales rose 5.4% to 8.5 billion euros for 2009 and forecast in 2010 a significant growth of its backlog and its turnover .

Fleury Michon has also published its results yesterday. The group reported an increase of 8.8% of its turnover in the fourth quarter, to 138.1 million euros.

Carbone Lorraine also posted lower sales in the fourth quarter of 2009 but 17% said to have enhanced growth markets like Asia.

Beneteau said Thursday targeting a turnover up 20% in 2010-2011 and an operating margin of more than 9%. For 2009-2010, the group announced that its turnover is expected to grow by 17% to 771 million euros.The group will hold a general meeting this Friday at 14.30.

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"The iPad will boost not only the share price"

Lefigaro.fr / jdf.com – From a financial standpoint, that is the Apple iPad?

Virginia Laz – First, it reinforces the paradigm shift from Apple: the group has grown from a niche policy to a policy of mass with the iPhone. Hence the $ 50 billion in sales, on an annualized basis, which surprised Steve Jobs himself! Then, the results of the first quarter of 2009-2010 show that volume sales of the iPod falling, while sales of computers do not know the same growth as the Iphone. So the iPad is a growth driver for both products. This is not a revolutionary product range. Both the iPod and the iPhone were new engines of growth, as the iPad is a substitute.

What is the point for Apple to launch in early 2010?

We must understand that growth does not draw more American market.This is ripe, people have their Mac, their iPhone, iPod. It should now launch a product to boost envy. Another important element: the Amazon Kindle. It works quite well. The iPad is a way for Apple to remain competitive in this segment because there will be needs in this market. The electronic book will become a reality. More newspapers seek a digital business model. Apple has chosen to launch this iPad, which is actually an iPod Touch with an extra dimension.

Why the interest in exchange for Apple has been moderate on Wall Street yesterday, winning the title by 0.94% closing, when the Nasdaq advanced 0.8%?

The title is up, so this is not a launch failure. However, investors have realized that this was only a growth driver and not a revolution for the brand, so the courses will not explode in the coming days.We can expect a nice way of stabilizing the stock market.

Apple can expect a big performance on images?

The tablet will be sold until March. It is unclear whether it will sell well. I can hardly see the genius in there, I am doubtful. But there is an interesting position on the huge market for netbooks. And people are "wired", which have their iPhone, will be interested because they are accustomed to handling. Moreover, since Apple entered the market for mass consumption, he chose the right price ($ 499) is relatively low. So it can play. The only obstacle is the performance of the iPad: it only handles one application at a time. Those looking for a netbook will be disappointed because the iPad actually a super basic netbook.But ultimately, it can encrypt so interesting for Apple.

What are the prospects of the group including this new product?

I think the iPad would boost figures for Apple later this year. But in parallel, slowing iPod will continue, netbooks will be cannibalized by the iPhone and iPad will falter, as it will be impossible to rebuild a 100% growth in this product, because of market saturation . So we can expect growth, but that is not very important.

Can we expect more launches of this type?

Apple's interest to do so. But according to Steve Jobs himself, is his most impressive. Many say it is the latest innovation from Apple CEO.I also think that there will be improvements on the products but not to launch new concepts in the short term.

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The Paris Bourse widening losses

The fall continues at the Paris Bourse. After opening down 0.73% at 3779.24 points, the CAC 40 plunged more sharply in the red circles in the morning. Around 11.10 pm, the benchmark DAX index lost 1.37% in Paris to 3754.93 points.

And pessmisme wins all European markets.The London Stock Exchange fell 1.03% to 0.91% at 5179 points while in Frankfurt the Dax loose 0.89% to 5618 points.

"The results of U.S. companies in 2009, better than expected, are completely ignored by markets that focus on three issues: Obama and his banking project, the re-appointment of Ben Bernanke to head the Fed and the organization of economic slowdown China by the Beijing authorities, "said Xavier de Villepion, fund manager at Global Equities.

This decrease in the overall rating takes place amid concerns over banks, while in Davos, experts discuss the modalities of regulation put in place in this sector."Investors fear that they reduce their size or they are prohibited from carrying out activities on their own funds," says Alice Lhabouz, manager Turgot Asset Management.

The morale of French is improving but not market

The publication this morning by INSEE for stabilizing the morale of French households had no impact on investors. The moral of households has remained virtually unchanged in January, the indicator is measured taking 1 point to -29 points, sharply up from the lower reaches in late 2008 but still below the average of the last fifteen years.

From the industry side, INSEE also announced that "the balance of opinion on the overall demand in the fourth quarter picked up strongly, thus approaching its long-term average.For the first quarter 2010, demand prospects remain however below the average long-term view of industry expectations.

The corporate failures of August 2009 will, they are known in 12 hours. After Exchange, 18 hours, Pole employment must disclose the number of requests and offers of jobs in December. Internatinal level in any case, the International Labor Office (ILO) has provided figures on the depressing job in the world. "The number of unemployed worldwide reached almost 212 million in 2009 due to an unprecedented increase of 34 million compared to 2007, the eve of the global economic crisis," says the ILO.

In the United States, all are attentive to the conclusions of the Monetary Policy Committee of the Fed that interest rates will at 20:15.Before that, the U.S. will unveil the promises of home sales in December (16 hours) and the weekly oil inventories (16:30) Payday Loan for Bad Credit .

Risk arbitrage STMicroelectronics

As for values, STMicroelectronics reported Tuesday after market loss of $ 70 million in the fourth quarter, or 8 cents per share, against a loss of $ 366 million (42 cents per share) a year earlier. But this figure is below expectations of analysts. In exchange, however, the title is one of only 40 to the ACC receive up even very small: 0.02% to 6.10 euros.

All eyes will also be turned to Apple must introduce a new product on Wednesday the United States. It should be a new eBook reader electronic touch and connectable to the Internet.France Telecom (-1.01% to 16.69 euros) through Orange and Vivendi (-1.13% to 19.32 euros) via SFR should look at the new "toy" of the Apple brand.

Thomson (-1.13% to 1.05 euros) meets on Wednesday a special general meeting to discuss the restructuring of its debt and the adoption of its new name, Technicolor.

Spir Communication (-0.36% to 21.90 euros) on Tuesday reported a further decline in sales in the fourth quarter, down 11.4%.

Rusal, the Russian mining group, is listed first in Paris and Hong Kong. The group was not well received on the Chinese markets. He lost 10% in early trade.Investors have booked him in Paris the same cold reception: the title lost 11.35 euros to 17.65 euros.

Areva (+ 0.03% to 345.85 euros) and GDF Suez (-0.46% to 28.08 euros) would be full discussion for several months to conclude a partnership in nuclear power, confirming a report in Les Echos. Cependat No information has been taken in this regard.

Klepierre (-0.82% to 27.24 Euros) Tuesday announced a turnover in 2009 increased by 22.6% to 246.5 million euros.

AXA (-2.03% to 15.2 euros) recorded an increase of 11% of its turnover in 2009 to 24.5 billion euros.The growth was 14.5% in life insurance.

Inter Parfums (+1.56% at 18.25 euros) for its part, announced a turnover down 6.2% at constant rates for 2009 to 259.2 million euros.

M6 (-0.5% to 19.03 euros) Lafuma (equilibrium) must publish their figures for the fourth quarter after market close.

Eiffage (-1.10% to 39.60 euros) will publish its balance sheet in 2009.

Note that the banking and financials this morning are especially misguided: AXA (-2.35%, second worst performance of the CAC), BNP Paribas (-2.03%), Credit Agricole (-1.73%) and Societe Generale (-1.72%) saddled the index.

The remaining values to follow shortly …

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Cetelem creates an ombudsman

BNP Paribas, Societe Generale, Credit Agricole … banks have several years of mediators, solutions of last resort for customers unhappy or distressed. But, strangely, none of the institutions that specialize in consumer credit does not comply were risky. BNP Personal Finance, known in France under the brand Cetelem, just take the plunge.

"There is a big lack of image of the profession. Our image is very sharp contrast to how we work, "explains Thierry Laborde, deputy director general of BNP Personal Finance has chosen Marie-Pierre de la Gontrie to perform this function. A lawyer by training, vice-president of the Regional Council of Ile-de-France, Councilor of Paris, it is also national secretary of the PS in charge of civil liberties and justice."We chose Marie-Pierre de la Gontrie because we wanted an independent person and we are sure it will be," adds Thierry Laborde.

"The group has taken a very strong commitment, he pledged to follow the advice that I will. The company agreed to expose themselves, to stand under a light outside. It's an interesting move, "said the mediator who has just taken office.

The customer dissatisfied, troubled or having a particular application will turn initially to the service consumer payday loan companies . It receives about 800 applications per month.Only in a second time that the mediator will intervene if no common ground was found.

A record three refused

"The creation of the ombudsman is not a gimmick, it is a substantive approach, tangible proof that we still develop our customer relationships," says Thierry Laborde. A number of consumer credit in Europe, he faces a sharp decline in its market. The group, which currently refuses to apply for credit in three, is determined to remain selective. "Sometimes you say no in the interest of the client. Have a responsible approach to credit is knowing renounce the production of credit too risky for the borrower as the lender, "says Thierry Laborde. To grow, it relies on the pension, savings, credits for e-commerce and products designed for bank and insurance partners.Consumers themselves, the law still waiting on consumer credit which must include review of the wear rate and the revolving frame.

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USA: Banks in full uncertainty

Following the proposals made by Barack Obama in order to limit both the size of banks and their risk-taking, the banking and financial markets have reacted badly. In exchange, the bank shares continued to tumble yesterday began to regard the U.S. markets. Do not panic however, as the project of U.S. President does not imply that the industry feared most: a dismantling of the largest U.S. banks. However, fear of an escalation, particularly during the passage of these proposals to Congress was clear Friday.

Eager to appear aggressive towards large banks unpopular elected officials of both parties could, for example, insist on a return to the previous rules in 1999, prohibiting commercial banks from entering the market trades.This would lead to force a breakdown of major banking groups like Bank of America-Merrill Lynch, Citigroup and JPMorgan Chase.

This is not the will of the White House. But Republican John McCain and his Democratic colleague Maria Cantwell nevertheless, for several days, submitted a proposal to that effect. "It seems that many proposals of President Obama going in the right direction," said former Republican candidate for the presidency. "Let's try to solve problems," commented his hand to his Republican colleague from Arizona, Jon Kyl."Do not seek a scapegoat that diverts attention from the mistakes of this administration," stated the curator.

New Principles

The Democratic chairman of the Committee on Financial Services of the House of Representatives, Barney Frank is aware of the danger of an escalation to develop free business cards . While he endorses the new principles set by Barack Obama, seven months after the introduction of the reform project finance. But he said he is not totally prohibit the "own-account trading 'of the banks.

While banks such as JPMorgan Chase and Goldman Sachs would be proposed by the White House forced to get rid of some of their activities in the capital and to abandon some of their own trading account.But Barney Frank said, "it would be wrong to demand that banks are withdrawing quickly from all hedge funds and private equity funds involved." The influential Democrat feared the consequences of massive sales made in an emergency.

Tim Geithner, Treasury Secretary, has lost influence in the White House in this case. He was dismissed in June, the approach taken today by Barack Obama to reform Wall Street. He feared that it unnecessarily complicates the debate. Before a group of bankers, closed Thursday night, he confirmed his reservations. Geithner seems to feel that the activities listed are not those who most leaden banks.

The immediate fate of the reform is in the Senate. Other more fundamental questions remain to be resolved.Within both parties, Senators remain divided, for example, on the same principle to let the Fed any role in banking regulation.

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