Market movements in the outhouse

The lines are moving among specialists support the addiction. Fifteen months after its IPO, the third French player in specialist nursing homes and care facilities on, saw the arrival of a new shareholder in its capital. A shareholder not quite unknown in the health sector, far from it, because it is the family holding Ruggieri Batipart already shares amounting to 23.8% of Korian the second major player side sector.

In a statement, said Batipart have acquired from the BC Partners Funds 9.5% stake in Medica. For this, the holding company has spent about 72.5 million. BC Partners, who wanted to disengage from Medica via IPO in February 2010, also sold 18.6% of the group Medica Covéa (mutual insurance: MAAF, MMA, GMF, etc.)..Following the transaction, BC Partners, which had already reduced its stake in March by selling 14.6% stake, holds longer qu'environde 3% of specialist care dependency.

An opportunity to 'rare'

For this operation, Batipart take this particular situation of the round table Medica. "It is rare to have such a big business opportunity in health," says Nicolas Ruggieri, associate director of Batipart. This entry to the capital allows us to strengthen the sector, the second major strategic Batipart, with real estate. " Among the other listed companies, a withdrawal of investors with holdings as large as that of BC Patners (30.5% at the time of the introduction) is indeed unusual.Since health is seen to hold for the long-term investments are generally in the same same horizon.

Investors semblainet share this enthusiasm Thursday in the Paris Bourse, clinching the title Medica 3% in early trade, to 15.3 euros. "This is clearly a long-term investment from Batipart, says Nicolas Ruggieri." Remains to be seen what position to adopt the new entrant later and wants to eventually take over his new participation. "We do not exclude us strengthen, says Nicolas Ruggieri, but we will not do so significantly, if at night floating Medica, who at nearly 55%, is one of the major advantages of this investment" . Today, the largest shareholder Medica is the life insurance company Prédica, with 11.3% of the round.

Side Medica, little reaction on the operation."The arrival of a new shareholder, a priori known for its investment over time, can only be a good thing," confined to explain Bailet Jacques, CEO of Medica. The group should issue a statement in the morning.

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Lagarde supports China to head the IMF, according Baroin

New support for Christine Lagarde, and not least! China second largest economy, would support the candidature of the French Minister of Economy to the Director General of the International Monetary Fund (IMF), according to the Budget Minister Baroin, interviewed Tuesday on Europe 1. Even if it is not always a candidate, Christine Lagarde is indeed one of the favorites to take over from DSK, who resigned last Thursday, charged with attempted rape and sexual assault.

"What is taking shape, it's a European consensus, which is important" given the current crisis of debt in Europe, said Baroin."But you will understand, in-enu circumstances of the resignation of IMF Managing Director and there is no national pride in this case, it is not for France to position themselves first" , he immediately said, adding not know the position of Barack Obama on the subject.

The Tapie affair "not worried"

"If a French man or woman may, in its name, set a European consensus supported by the Chinese, and eventually by the Americans, we can only welcome it," he said. But we do want to address any action that could be interpreted as a form of defiance vis-à-vis emerging markets and no sign of arrogance gesture in view of special circumstances. "

For the budget minister, he is "still too early to tell" if Christine Lagarde is a candidate to head the IMF.As for Tapie affair, in which the Minister of Economy is suspected to have intervened to mediate the case between Bernard Tapie and Crédit Lyonnais, "we are not worried by this case," assured Baroin. If Christine Lagarde was to leave for Washington, it could well become the new tenant of Bercy. "A decision for the President of the Republic, however, has merely responded Baroin.

Not "economic immigration"

Reacting to the Interior Minister Claude Gueant, that France "does not need bricklayers, waiters in restaurants" immigrant because she has "the necessary resource," said Baroin it was a "statement of common sense:" I remind you that France is a country in Europe which has one of the strongest demographic.(…) We have 100,000 people in ascorbic under the economy and we do not need an import economy and therefore of economic migration. " The minister noted the number of job dissatisfaction in the building and restoration, "a ratio of 1 to 4 or 1 to 5", he said.

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Berlin expects 100,000 workers East

Workers from eight countries of Eastern Europe – except Romania and Bulgaria – are free to seek work in Germany since May 1. Fearing an influx of immigrants, Germany had delayed for two years opening its labor markets to new members of the former Soviet bloc. But with the shortage of manpower caused by the economic upturn, it now welcomes their arrival as an opportunity. To defuse criticism, Berlin has announced a tightening of controls on illegal work and increased vigilance against "dumping" wages.

The federal Department of Labor expects an influx of nearly 100,000 people per year. "Most are young, educated and mobile," the ministry said. Candidates for a job in Germany should mainly come from two neighboring countries: Poland and the Czech Republic.Faced with a shortage of engineers, computer scientists, executives, doctors, caregivers and skilled workers, especially in construction, German companies consider the arrival of these immigrants as an opportunity . But they will not be enough to fill the shortage.

Fear of unions

The Federation of German Chambers of Commerce estimated that it would bring in about 400,000 immigrants a year to compensate for the lack of manpower. German MEP, Nadja Hirsch sees open borders as an opportunity. "Germany is in dire need of skilled workers," she says, while the labor force is projected to decline by 6.5 million people by 2025. "Such a decline can be offset by better education, better integration of women into the labor market or the lengthening of working life.We need foreign workers and would have opened our borders sooner, "she laments.

In 2009, Germany and Austria were the only countries in the European Union to postpone by two years of opening their labor markets to nationals from eight former communist countries that joined in 2004 (Poland, Czech Republic Slovakia, Slovenia, Hungary, Latvia, Lithuania, Estonia).

But since the economic situation has changed. The unemployment rate in Germany (7.3%) declined further in April. The number of unemployed to fall permanently below 3 million in 2011. While they had hands to negotiate wage increases consequent industry by industry, unions are concerned that the influx of immigrants helps sustain job insecurity and wage dumping.

Berlin has announced tighter controls on illegal workers and wage dumping."We will strengthen controls particularly in the construction industry, cleaning of buildings, medical care and food," said German Minister Ursula von der Leyen. The finance minister, Wolfgang Schäuble, promises more systematic control. "The controllers of black workers are 150 additional posts this year. For 2012 and 2013, we still want to create 100 more per year, "he said.

The war began in savings

"Frankly, I am interested in your money": this clash of the BNP did not last long in the 1970 No bank would dare today to show his frontispiece, yet it has never been so relevant. Whether at the counter or on the home pages of online banks, retailers are currently struggling to raise cash from businesses and some 200 billion saved every year by French households paydayloans. All opportunities are good. A mortgage? Some lenders offer more attractive rates if the borrower is guaranteed to leave a cushion of deposits.

Prudence expected on Wall Street

The index futures Standard & Poor's 500 and Nasdaq 100 advanced 0.06%, respectively, to 1355.70 points and 2404.25 points 0.10% to about 13 hours, suggesting opening of U.S. stock markets to equilibrium Friday. Yesterday, the Dow ended the session up 0.57% to 12,763.31 points.

Household consumption to menu

After finishing up the day, Wall Street might react to various macroeconomic indicators on the agenda this Friday: from 14.30, will be unveiled expenditure and income of households in March. Will be detailed figures on consumption of households and the PCE price index based inflation measure. Thereafter, at 15.45, the Chicago PMI index, indicative of economic activity in the region in April, then at 15:55, the second estimate of the index of consumer confidence in April, awarded by the University of Michigan .

Merck, Chevron and Caterpillar publish their results

On the corporate side, Chevron will release its first quarter results before the market opens, and Caterpillar.

Merck has announced a net profit in the first quarter more than tripled over the same period last year, which was impacted by costs of merger with Schering Plough. It amounts to $ 1.04 billion. The pharmaceutical group has slightly raised its annual forecast.

The groupeMicrosoft (up 1.25% to 26.710 dollars) will for its part, very guarded, after publication, on Thursday after the market close, with net income up 31% to 5.23 billion dollars for the third quarter of fiscal offset. A performance that does not stop him being left behind parApple (-0.97% to 346.75 dollars).Based on the number of shares and excluding special items, earnings amounts to 61 cents, above the 56 cents expected by analysts. The turnover shown up 10% to 16.43 billion, despite the climate of "mixed" for the PC market.

Asian stock markets into negative territory

Asian stock exchanges are again plunged into anxiety. On Tuesday, the difficulties of returning to Japan central concern of investors.

The Japanese Nuclear Safety Agency has raised Tuesday to the maximum level of 7 the nuclear accident at the plant in Fukushima on the scale of nuclear and radiological events (INES). Which is to place the same degree of seriousness that the Chernobyl disaster. Engineers at Tokyo Electric Power (TEPCO), the operator of the plant, still unable to regain control of the site, where a fire was brought under control Tuesday. TEPCO also concerned that the radioactive leaks Fukushima are finally more important than those made during the disaster in Ukraine.

Japan has also been shaken by two aftershocks of the earthquake on Tuesday. The first took place at 8:08 local time, east of Tokyo.According to the American Institute of Geophysics (USGS), the magnitude 6.4 quake occurred 77 km from the Japanese capital. The second, magnitude 6.3, occurred at 2:07 p.m. in the same prefecture of Fukushima, the central location.

The red squares invades Asia

At the Tokyo Stock Exchange, the Nikkei started the day on a sharp decline of 1.20%. He dug his losses to -1.80% in session before rebounding slightly. It finally closed on a decline of 1.69% to 9555.26 points. The broader Topix index dropped 1.62% to its share at 838.51 points.

In addition to concerns about nuclear operations were penalized by the strong surge in the yen against the dollar and euro. The greenback was worth about 83.90 yen at the close of the Tokyo site, or a loss of nearly one yen in a few hours, while the European currency fell nearly one and a half yen to 120.75 yen about.Market participants are also concerned always consequences on business and the economy of Japanese earthquake of March 11.

The rest of the region followed the footsteps of Tokyo. In Hong Kong, the Hang Seng was down 1.33% while in Shanghai, the Shanghai Composite attempts an advanced 0.44%. Note that Chinese operators remain cautious while to be released Friday indcateurs major economy.

In Korea, the Kospi lost 1.26% in Australia, the S & P dropped 1.39% while in India the Sensex 0.97% loose.

Oil falls further

Side of the oil markets, the concern is gaining investors. The market is particularly concerned about the impact of high prices for black gold on the economic recovery. In morning trading, a barrel of light sweet crude for May delivery yielded 1.49 dollars to 108.43 dollars.That of Brent North Sea crude for May delivery lost 1.44 dollars to 122.54 dollars.

"The market fears that, with rising crude oil prices, demand will decline, which will affect the U.S. recovery," said Ong Yi Ling, an analyst at Phillip Futures.

Telecom: Vivendi takes full control of SFR

The negotiations have accelerated over the past week between Jean-Bernard Levy, CEO of Vivendi, and its counterpart Vittorio Colao, CEO Vodafone. The two sides finally reached an agreement Sunday to 7.75 billion euros plus the payment of a dividend of 200 million euros in the first half, Vivendi puts his hand on the 44% stake in SFR it does not already own. The transaction is expected to close in late June 2011. This sum values ​​SFR to 17.6 billion euros, or 6.2 times its EBITDA. A valuation standards-compliant transactions in the telecom sector.

With this transaction, Vivendi finally control the entire second French telecom operator who weighs 12.5 billion euros in sales and has 21 million mobile customers and 5,000,000 fixed customers."For the first time since the creation of SFR in 1987 by Generale des Eaux (Vivendi ancestor) that the second French operator has a single shareholder," said Jean-Bernard Levy, CEO of Vivendi. However, SFR and Vodafone will retain preferential trade agreements for three years. These agreements relate to roaming subscribers of SFR in France and beyond those of Vodafone when they travel to France. The agreement also covers joint management of major international clients no fax pay day loan. "Now more SFR may be present outside of France and develop new services for its customers," said Jean-Bernard Levy. However, Vodafone will not be the operator of Vivendi's holdings abroad as Morocco Telecom and GVT in Brazil. For these operations, "Vivendi will retain management," said Jean-Bernard Lévy

SFR occupies an important place in the Vivendi group.During the years of crisis in 2002 when the group collapsed under 32 billion euros of debt, he found his salvation by acquiring a majority stake in SFR from British Telecom for 4 billion euros. Thus, Vivendi could access the cash flow of its telephone subsidiary, which enabled him to honor the payment of its debt. SFR, Morocco Telecom and GVT, Vivendi telephony is clearly becoming a telecoms group. Its media activities: Canal +, Universal Music and Activision Blizzard are now a minority. However, the group intends to use the cash from SFR to strengthen it.

"Last but not negligible for Vivendi shareholders, this transaction will increase our annual profits of one billion euros, which will allow us to increase the dividend for 2012," promises Jean-Bernard Levy. The current dividend is 1.40 euro.

Fragile, Wall Street falls further

U.S. stock markets opened lower in early Wednesday, then stumbled to 16h45: after starting down by 0.49%, the Dow Jones was down 1.16% at 11,718 points, the Standard & Poor's 500 fell 1.07% to 1268 points and the Nasdaq 100 gives 1.11% to 2638 points.

The trust is far from being restored while the nuclear situation in Japan remains very critical. The European Commissioner for Energy has found that the situation in Japan "out of control." "I do not rule out the worst in the hours and days to come," he said Tuesday. Things that have stalled breièvement European and American stock exchanges.

Over the Moody's decision to lower again Portugal's debt by two notches weighs on the trend, including on Wall Street.On Tuesday, the New York Stock Exchange ended sharply lower.

The indices have however, reduced their losses Tuesday after the end of the meeting of the American central bank (Fed), which held that the economic recovery was based "on a more solid" than before. Investors were also reassured to see that it maintained its accommodative policy despite rising inflation against a backdrop of soaring oil prices.

Asian stock markets have taken this Wednesday in the wake of the Tokyo Stock Exchange ended sharply higher (5.68%) in the aftermath of a historic plunge caused by worsening nuclear crisis in Japan. The Tokyo Stock Exchange took advantage of an intensive hunt for bargains and a climate a bit calmer after further intervention by the Bank of Japan (BoJ).This was indeed Wednesday injected 3.5 trillion yen (31 billion euros) in the money market, bringing to 26,500 billion yen (234 billion) the total sum provided by the BoJ to the interbank market since Monday.

The euro declined against the dollar

On the foreign exchange market, the euro lost ground against the dollar Wednesday, penalized by lowering the debt rating of Portugal by the rating agency Moody's. To 14 hours in Paris, the euro bought 1.3932 dollars against 1.3996 late Tuesday.

Statistics aside, evil is gloomy bad credit pay day loans.The producer prices rose 1.6% in February to the U.S. because of higher energy prices, according to figures released Wednesday by the Labor Department.

The housing starts fell in February near their historic lows, while building permits fell to a level never seen, according to figures released Wednesday by the Commerce Department.

In addition, crude oil inventories rose last week unsurprisingly, while those of refined products, especially gasoline, have declined, according to figures released Wednesday by the U.S. Department of Energy.

Boeing to monitor

The side of values, Boeing (-0.42% to 69.40 dollars) is still under pressure. The group monitors indeed very closely the situation in Japan.All programs include the U.S. aircraft manufacturer, in fact, elements from Japan.

After several unsuccessful attempts to IPO, the U.S. investment fund Apollo (-1.24% to 40.70 dollars) transfer account within a few weeks 26 million shares for a total of just over 500 million dollars, according to Reuters, 69% will be new securities. The news agency said however that the stock market turmoil after the earthquake in Japan could still delay the plans of Apollo.

After the close of Wall Street yesterday, ACE (+0.15% to 60.24 dollars) was provisionally estimated its losses in the first quarter to 210 million after taxes and premiums for reinstatement following the natural disasters in New Zealand, Australia and the United States.The impact of the earthquake in Japan is currently estimated between 200 to 250 million dollars after taxes.

For its part, AIG (0.57% to 36.99 dollars) has confirmed its intention to pursue the acquisition of Japanese insurer Fuji Fire and Marine Insurance.

Also note, YouTube has announced the acquisition of Green Parrot Pictures Dublin-based company specializing in video technologies.

Nvidia (0.74% to 17.79 dollars) has announced the departure for personal reasons for his financial director David White. Karen Burns, head of management control and fiscal affairs, and acting.

The CAC 40 is a breath of fresh air

The CAC 40, which won in the 4000 points on Monday night, amid record oil prices and gasoline, returns to form on Tuesday: the index 0.32% to 4003.19 wins points in early trade. The DAX index of the Frankfurt Stock Exchange opened, it, up from 0.69% to 7211.06 points while the Footise London gained 0.31% over the closing Monday at 5,992.30 points .

Last night, Wall Street has yet suffered during the black gold but this morning, Asian stock markets have evolved around the equilibrium. Tensions in the oil market will settle down when in fact that Nigeria, Kuwait and the UAE will increase their oil production by April to offset higher prices that now exists as Libya comes into civil war with an additional 300,000 barrels per day, according to the Financial Times.This morning, oil prices let loose ground: in the electronic exchange of the night, a barrel of light sweet crude for April delivery yielded 1.41% to 103.95 dollars. That of Brent North Sea fell from 1.16% to 113.71 dollars.

French growth of 0.8% in first quarter

Side macroeconomic figures on Tuesday to watch: Bank of France said Tuesday forecast growth of 0.8% of gross domestic product (GDP) of France in the first quarter of this year in its monthly business survey. The survey on business climate shows a continued growth of industrial activity in February, but at a slower pace than in January, the indicator remained stable 110. The business climate indicator in services has increased in parallel from one point to 102.

Moreover, the trade deficit widened from France in January, to 5.89 billion euros against 5.60 billion the previous month, seasonally adjusted data, the Customs said Tuesday.

In Germany, it will follow at noon, industrial orders in January (Destatis). No statistics are expected this afternoon from the United States.

Scor: net profit up 13%

At the Paris Stock Exchange on Tuesday morning, Michelin took the top ranking (1.99% to 58.89 euros) the Cac 40, followed by Accor (1.25%) and Axa (+1.18% ). Red side, Alcatel Lucent was down 0.15%, 0.06% of Capgemini and GDF Suez of 0.02%.

The SBF, Scor (1.78% to 21.43 euros) stands out. The reinsurer recorded in 2010 net profit up 13% to 418.0 million euros, above expectations, thanks to a surge in financial products, according to a statement released Tuesday.It is also in talks to buy the U.S. Transamerica Reinsurance, a subsidiary of its Dutch rival Aegon, reports Bloomberg.

Air France-KLM (-0.34% to 11.60 euros) reported on Tuesday morning traffic on a February increase of 4.9% capacity increase of 5.1% annual rate . This brings "a quasi-stable load factor to 77.6%," says the airline in a statement. Passenger numbers rose 5.7% to 58.1 million.

Side values, the oil services group Technip (-1.28% to 70.72 euros) has signed a contract worth around 45 million euros for the Gjoa Field Development in the Norwegian North Sea, he said Tuesday in a statement.

To be continued this evening, after-hours trading, the 2010 earnings of Havas and BioMérieux.

Didier Migaud, it's not just the TFR reform

"In Germany, they were clean before us." This Sunday, Didier Migaud first President of the Court of Auditors, relied on the report of the institution on fiscal convergence between France and Germany to remind the Government that the tax reform should focus on removing tax loopholes . It is a matter to be "addressed first," he told the Europe 1 radio mic.

Didier Migaud, the finding is indeed clear: "The attitude of the income tax is too narrow and too often questioned."It calls for review of certain practices, such as "devices in Overseas" and "tax loopholes on corporate taxes" that may "cause problems" or "tax loopholes on tax income, which can be considered to excessive levels and contribute to the tax on income from a certain point, becomes regressive. It raises issues of tax justice, "he says.

Do not focus on the TFR

The president of the ECA is concerned that the current debate, focusing on the TFR, not moving in the wrong direction cheapest personal loan rates. Of course, "reform may well be envisaged" because this tax "now has a rate higher than the original even though the return on capital is now lower than at its inception" .However, the ISF must "not necessarily be the main topic" of discussion on tax reform, led by the government. "When you look at the weight of the ISF in the French tax system: 4 billion euros in revenues, while the overall property tax is around 33 billion euros," he recalls.

Conversely, tax loopholes should be the central concern "given the explosion we have witnessed in recent years," he says. He added that "the consequences of the 2011 decisions in terms of reducing fiscal and social niches are low. The student can do better. "

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