Banks: State ready to inject funds

French banks are they as strong as they claim? While Baroin, Minister of Finance, was the United States this week to reassure Americans about the health of European banks, Bercy is yet ready to draw a rescue plan, according to the Journal du Dimanche. Citing sources close to the bank and Elysium, the weekly reports that a secret crisis meeting was held in the Treasury Department Sunday, September 11. The leaders of BNP Paribas, Societe Generale, Credit Agricole, Banque Populaire, Caisse d'Epargne and Crédit mutuel have attended.

On the agenda, the capital of these institutions. While the debt crisis spreads, Europe wonders if its banks could absorb the shock of a default of Greece. Especially since the hypothesis of a failure of Athens is no longer taboo.This is why the French government is proposing to inject 10 to 15 billion euros of public money to strengthen bank capital.

Several forms of intervention would be considered, since the loan to the simple issue of preference shares (private equity voting rights) with options to purchase, understands the JDD. The initiative comes as the Bercy banks are suffering on the stock market. This week, bank stocks have suffered losses of more than 10%. Since July 1, the Societe Generale shares tumbled 61%, 58% of Crédit Agricole and BNP Paribas 53%. Aggravate the climate of distrust surrounding the French banks, groups such as Siemens or Meetic, decided to limit their exposure to these institutions payday loans. As the major U.S. money market funds.

The Elysee and the Bank of France belie

According to the JDD, Societe Generale would have accepted the plan, subject to conditions. CEO Frederic Oudéa, would have liked all the French banks are concerned to avoid pointing the weaknesses of the one or the other in particular. But Baudoin Prot, CEO of BNP Paribas, had initially refused this rescue group, burying the coup the project. It must be said that he repeats everything is that BNP Paribas does not need a capital increase. Last week, it was stepped into the breach to deny information from the Financial Times that the group was looking for a new shareholder in Qatar.

For its part, the Elysee denies the existence of a backup plan. "This is absolutely not being prepared," insisted the entourage of the Head of State to the JDD. "Banks have increased their capital by 50 billion euros since 2008.We encourage them to do, but not with public money. "Also interviewed by the Sunday newspaper, Christian Noyer, Governor of the Bank of France said that there was" no plan ". He said French banks have "a substantial capital base, comparable to those of other European banks, and are profitable." Investors would also not fooled. "I see no sign of a run and the very idea seems preposterous."

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Park the car with his phone

This is one of the innovations that made the most about her at the Frankfurt Motor Show. The French supplier Valeo has developed a system, called Park4U Remote, which allows to park your car while remaining outside it, with his mobile phone.

The application detects the parking spot, then maneuver the car away, receding, Braque, braking, forward and contrebraque any one until it is completely parked. The Utisa has to keep its finger on the smartphone to make the whole operation.

To stop everything, just lift the index. Interest: fit into small spaces on the street or parking lot, between two poles, without damaging the vehicle. To leave, you can also get the car out of the slot with his phone, if the door opening is made difficult by the narrowness of the place.No release date is currently indicated by Valeo, which currently markets a parking assist system semi-automatically.

One thing is certain, if this product becomes public, be flying his phone will become more annoying than ever.

Automotive: car pulls herself

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The Paris stock exchange plunges into the red

The Paris Bourse widening its losses. After an opening down 1.19%, the CAC 40 drops 2.43% to 3186.47 points in mid-session and switches under the 3200 points. In Frankfurt, the Dax lost 2.07% while in London, the FTSE loose 1.68%.

The day after a volatile session, which however ended with a small increase, investors are very cautious. On Friday, early afternoon is indeed expected U.S. monthly report on employment. This will be the only highlight of the day."There is not a measure of uncertainty before the employment figures to be published, while the fact that U.S. markets are preparing for a long weekend encourages traders to reduce their short positions," Camron says Peacock, an analyst at IG Markets.

As on Wall Street, who finished the day sharply lower yesterday, as investors take profits after four sessions of consecutive increases. This morning, Asian markets also followed this trend.

In addition to wait before the report was released, traders were disappointed by U.S. indexes mixed. The weekly jobless claims have fallen and certainly the contraction was avoided in the manufacturing sector, but construction costs and productivity plummeted.In addition, the White House confirmed the pessimism about the weakness of the recovery across the Atlantic in scaling back its growth forecasts.

Hesitation in oil markets

As for the oil markets, prices causes a wait of a dispersed way. In morning trading, a barrel of "light sweet crude" for delivery in October lost 2 cents to 88.91 dollars a barrel while Brent North Sea crude for October delivery gained 19 cents to 114.48 dollars. In addition to the jobs report, investors feared the consequences of the violent disruption Katia approaching the U.S. coast. In the Gulf of Mexico, BP, ExxonMobil and Royal Dutch Shell began evacuating their staff from oil platforms. The Gulf of Mexico provides a quarter of the production of black gold in the United States.

On the foreign exchange market, the euro has stabilized at 1.4238 dollar.Yesterday, the European single currency fell sharply against the dollar, within the scope of renewed concerns vis-à-vis the health of the euro area, where industrial activity contracted in August, contrary to United States.

Rising energy costs caused a 0.5% increase in producer prices in July in the euro area, as expected, but overall inflationary pressures subside to the extent that the economy of the skate zone.

Values ​​to follow

France Telecom: -0.96% to 13.36 euros

The operator has received numerous expressions of interest for its Swiss division, told Reuters CEO Stéphane Richard, noting that financial market volatility would not affect projects sales of assets of the group electronic check payday advance.

Bouygues: -1.15% to 25.87 euros

The Standard & Poor's announced that it placed the long-term rating of A-group under review with negative implications following the announcement by him of a proposed acquisition of securities.

Total: -1.83% to 33.74 euros

The oil will extend all over France its network of service stations at low prices, after tests conducted last year in dozens of outlets, according to Les Echos.

Safran: -2.12% to 27.18 euros, Suez Environnement: -4.10% to 11.11 euros

Saffron is the best candidate for an entry in the CAC 40, while Suez Environnement, whose price has fallen heavily since the beginning of the summer, should come out, say professionals in the Paris Bourse.

NYSE Euronext: -1.72% to 18.60 euros

The London Stock Exchange has confirmed a press report that it is discussing a possible settlement with LCH.Clearnet.Discussions are at a preliminary stage and there is no guarantee that it would, he said.

Arcelor-Mittal: -3.84% to 14.51 euros

The group plans to resort to short in the fourth quarter at its plant in Florange (Moselle), and will ask 600 of the 3,000 employees of the plant to take RTT in September, officials said Thursday a union source

Sanofi: -2.28% to 50.25 euros

The group confirmed Thursday it has reached an agreement with Pfizer to produce in France generic versions of Lipitor, the cholesterol featuring the American group.

Neopost: + 8.80% to 55.49 euros

The group raised its forecast of annual sales for the second time, following an accelerated growth in the second quarter, thanks to the dynamics of North America.

As for recommendations:

EDF: -1.89% to 21.24 euros

Goldman Sachs has revised down its price target on the title, which goes from 49 to 31 euros, while remaining for purchase.

Carrefour: -3.60% to 17.52 euros

HSBC lowered its recommendation to "overweight" to "neutral" and target price of 30.50 to 20 euros.

Pernod Ricard: -1.03% to 61.28 euros

Bernstein lowered its price target from 76 to 67 euros.

Stallergenes: + 0.71% to 49.75 euros

The laboratory of immuno-allergic Thursday announced a net profit up 18% in the first half to 23.7 million euros, benefiting from the "business growth" and a "moderate increase spending research and development. " In the process, Oddo is to reduce its recommendation to neutral.

MEDEF Summer University: the owners remain optimistic

The storm that hit financial markets and threats on the European and American do not worry the bosses from all over France who participated Thursday in the second day of the MEDEF Summer University organized on the campus of HEC Jouy-en-Josas (Yvelines). After facing the worst financial tsunami in September 2008, they are determined to stay the course. "Companies that seek growth, continue to seek growth. Those who curl up, continue to shrivel, says Stephen Bernard, Bernard Controls CEO and Chairman of the MEDEF TPE-ETI. The only danger could come from the banks if they change their attitudes vis-à-vis SMEs. We are regularly out on all the work done during the crisis of 2008 to pursue a genuine dialogue with the bankers.I am confident because companies can not grow without banks. "

In July, a survey conducted by the MEDEF Ile de France, reported a cautious business leaders in investment and hiring in the coming months. They showed a greater reluctance at the beginning of the year. Recent events have not changed their perception. "Business leaders know that the current financial difficulties do not have the same basis as in 2008. They are not fooled. A company is not only its market value cash till payday advance. Its value, it is men and what it produces. French banks are solid. Order books are good. The agenda is full of my business, "says Marie-Christine OGHLY, president of MEDEF Ile-de-France.

Emerging growth opportunities in

"What strikes me is the gap between the health of businesses and the macro-economy.I am reasonably optimistic. Large companies and other clients maintain their investments, "says Christian also Poyau, president of the Micropole services company that has acquired a Chinese company in May. "I just take stock of our activities in China that are developing as planned. The company fundamentals are good. We should not only focus on the U.S. economy. The world has changed. China, Brazil grow. I do not believe in a deep recession in the United States. I am confident because companies have growth opportunities in the world. " This observation is also that of Christophe de Margerie, Total CEO: "The growth in emerging markets is not to our detriment. It helps a lot when things go less well, "said the boss in this major group, listed on CAC 40, who attended a session on the theme" Réespérer. "A word that bosses are determined to make them.

Wall Street should be on guard before the Fed

Wall Street holds its breath. In the wake of a sharp drop in session, and two hours of opening, the contracts are in equilibrium on the Dow Jones (+0.03% to 11,134 points), Nasdaq (0.09 % to 2113 points) and the S & P (+0.02% to 1157 points).

As in Europe and Asia this morning, the New York Stock Exchange on Friday waiting to learn more about the measures to be taken by the Fed to support the U.S. economy threatened by recession. Ben Bernanke, head of the institution, will speak Friday at 4:00 p.m. (French time) to his counterparts at the traditional central bankers in Jackson Hole Symposium, Wyoming. The Fed could launch a new program of quantitative easing, but many stakeholders are concerned that expectations may be disappointed.However, "if Ben Bernanke said that the need for further action is not obvious, it means that the economic outlook is less black than starting to think many investors, 'the economists broker Aurel BGC.

GDP in the menu

Before this appointment, investors will read the second estimate of GDP for the second quarter (14.30), the first being very disappointed. Growth could however be further revised down 0.2 point to 1.1% annual rate. The second estimate of the index of consumer sentiment in August is also the program cheap credit report.

As for currencies, the euro resumed slightly against the dollar to a few hours of the speech of Ben Bernanke. Around 11 am, the euro was worth 1.4440 dollars against 1.4378 dollars on Thursday in 21 hours. The wait also dominates the side of the oil markets.A barrel of Brent North Sea crude for October delivery was trading at 110.25 dollars on the Intercontinental Exchange (ICE) in London, down 37 cents, while in electronic trading on the New York Mercantile Exchange, a barrel of "light sweet crude" (WTI) for the same maturity lost 35 cents to 84.95 dollars.

Values ​​of the day

On the corporate side, Tiffany, Madison Square Garden, Frontline and Royal Bank of Canada must publish.

HollyFrontier reported a dividend increase of 17% to 8.75 cents.MTS Systems also announced a 25% increase in its quarterly dividend.

Pandora Internet Radio, which made its IPO in June, on Thursday posted a net loss of $ 3.18 million in the second quarter of its fiscal year lag, and a turnover more than doubled, exceeding analysts' expectations.

Krispy Kreme Doughnuts has reported a quarterly profit of $ 8.8 million or 12 cents per share against 2.2 million a year earlier. Sales jumped 11% to $ 97.9 million.

Jean-Paul Chifflet: "We have no difficulty in funding us"

LE FIGARO – Your share price has marked a record low 10 August, worse than worst days of 2009. What's going on?

Jean-Paul CHIFFLET – We are in paradox. You mention the low of the action but at the same time, the Crédit Agricole group in the first half net banking record since its inception! We are not the only ones to be attacked on the stock exchange, the whole financial sector is affected (banking and insurance) and even beyond all publicly traded securities.

So why this near-panic investors?

The world is experiencing a structural crisis that has three components: economic, financial and political. This is the first time they are collected and their entanglement makes the situation even more complex. In 2007-2008, the difficulties relating solely to the financial sphere.Today, investor concerns about the economy and growth are strong, with the feeling now that the recovery will be forthcoming in the United States. Then there are doubts about the European sovereign debt and U.S. policy of rigor to establish, particularly in Europe, and the governance of the euro area.

Given the effects of contagion, some raise the specter of a liquidity crisis for banks. Feel the French worried? The are you yourself?

No. Crédit Agricole we have not seen any concern from our customers. In all respects, including liquidity, our situation is good. Crédit Agricole is one of the banks rated by rating agencies in the world. We are the first custodian bank in France, which gives us a significant advantage in terms of liquidity.We have no difficulty in funding us.

U.S. money market funds, however, withdrew funding for European banks …

European banks, and French in particular, must adapt to this new situation. These funds will not be around for two or three months at least. But there are other sources of funding. Based on its treasuries in 25 countries, Crédit Agricole has direct access to central banks, companies or asset managers in Europe, Asia or the Middle East. Our financing program and long-term market was carried out at 90% at end-July. We also have available cash reserves of more than 120 billion euros. I am perfectly calm.

Have you been asked by the New York Fed on your cash?

No.Each controller on every continent requires banks to be mindful of their liquidity. It is a measure of attention that seems normal.

Why the French banks were they stigmatized?

French banks have been more battered by the markets than their European counterparts. The fears that we faced were related to our exposure to sovereign debt and doubts concerning reports of France. Add to this the fact that French banks capture a significant portion of funds from money market funds U.S. $ 200 billion on 800 billion allocated to European banks. This has raised specific questions about the ability of our banks to adjust.

Have you read this summer fiction of Le Monde, which envisioned a nightmare scenario for your group?

This did not please me, I did know.But I respect the freedom of the press.

How do you change the economy?

The recovery will be slow, slower than expected. But so far, we do not get a second recession.

This degradation should it encourage regulators to soften their demands on the banks?

I have only one message: we will adapt to the regulations. However, it would be nice if regulators take the time to add the impact on banks of all the new requirements, capital liquidity, through taxes and surcharges for systemic institutions. Banks are the sherpas of the economy. If their backpack is too heavy and that the oxygen is reduced, it will mechanically eventually impact on growth.It is ultimately the competitiveness of the European economy, these reforms threaten.

Are you going to trim down for credit offered?

Crédit Agricole is the main partner of the French economy. We are the largest financier in France with 471 billion euros of outstanding loans. They have always grown and we want to enroll in a sustainable way in supporting growth. But of course we will have to adapt according to the real economy and the requirements of regular lators.

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"Greece is less than expected in the Crédit Agricole

Carrefour and Auchan bet on the return

The new school year has begun. The shelves of supermarkets anyway. Intersection and Auchan hypermarkets which have lost market share since early January, play their all to save the year. Their goal: to take advantage of this period, the largest in terms of sales after Christmas, to bring back customers and especially to force them to remain faithful to the brand.

Carrefour, the worst off of two, decided to strike hard, even if release into the wild to 1.3 billion euros of gift vouchers. The never-seen! "Our premium of 100 euros back complements the allowance paid back Friday by the government," said Noël Prioux, executive director of Carrefour France. The group breaks new ground by distributing 13 million in its hypermarkets checkbooks containing 10 vouchers of 10 Euro, valid for 5 weeks and from 30 euros to buy.The customer can not spend only 2 per week, in two predefined rays associated with the start, the traditional paper products and linens to leather, textile (women, men, baby) and electricity and the tooling. "We make a significant investment to support our customers in a key moment when they are faced with many expenses in a difficult environment," says Noel Prioux, which must succeed this time, after a failed September 2010 and the beginning of year catastrophic. The poor performance of the domestic market have already caused the departure of its CEO, James McCann, and sealed half-year results of the group.

Increase traffic

In addition to the premium back promotions in other departments. Carrefour also has finally increased the share of its own brand.When performing these three devices, the reductions can approach 80% back on the shelves, supports the group. If the brand has loyal customers and win back others with this, it has also not forgotten the food department. "As for offering toys at the end of year deals on the products at the start of school is only profitable for the traffic they bring," says one consultant. And provided that once in-store customers take the opportunity to make further purchases. "We've lowered our prices in August 1000 on food references: the effort for the products most frequently purchased by our customers, everyday products (dairy products and desserts, for example), and the products popular with families, "said Noël Prioux, which means" to rediscover Carrefour. "The objective is clear: "re strong business momentum in the last quarter."

Auchan and Système U have introduced similar devices. Thursday and Friday, customers who buy 23 items in the school are being taught northerner all of the purchase paid in vouchers to spend in the entire store … next week. In addition, the company offers a special on the shelf textiles from there too in addition to its promotional programs most common in the food department.

Fruits and vegetables producers' anger

Was rotten to the producers of French fruit and vegetables. Multiply these actions to raise awareness of the state of their precarious economic situation. Vegetable growers now call their members to "strike of public payments," inviting them to no longer pay their payroll and other taxes. "I did not revive the disastrous situation of 2009, laments Angelique Delahaye, president of vegetables in France. Treasuries of our 40,000 businesses are very tense, 10% to 15% risk of extinction. We invite them to put themselves insolvent employer contributions to the MSA, deadlines and other bank charges. We must keep what little cash we have left to pay our employees and our local suppliers, "she says.

The gardeners feel they have lost 20% to 40% of their turnover since the crisis of cucumber, late MayAfter the questioning of vegetables by the German authorities in the bacterium E. coli, there has been a surplus of vegetables in the European market. With, as a consequence, a collapse in prices. These never reached the levels of last year payday loans. First victim, the tomato, which is officially in economic crisis last week.

Finally, the bad weather came to tarnish the situation. "The winter vegetable pot-au-feu or those consumed in béchamel as cauliflower are selling well right now over their cost," says Angelique Delahaye.

Targeted actions

Fruit growers are hardly better off. They have the advantage of cross-over for the holiday challenge on the road. "Sos Fruits, Europe guilty, absent policies …" be able to read on the tolls or stickers on banners hung on the bridges of the A7."We sell our fisheries currently 30 cents below our cost, deplores Regis Aubenas, producer of peaches in the Drome, the cause of this action by the FDSEA. We call policies to regulate the market so that the Spanish leading provider of fisheries in Europe, stop the dumping by selling eg 35 cents per kilo in Hamburg at Lidl. "

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Axa was less affected by Greece that the banks

A nice trading day for Axa. The title of the insurer took 4% to 10 o'clock Thursday morning while the CAC 40 is given a little air, with an increase of 0.45%. Investors welcomed the good half done by the insurer that has quadrupled (324%) profit to 3.99 billion euros.

This performance is significantly higher than the expectations of analysts who had expected an average net profit of 3.7 billion. But Axa has mostly benefited from a favorable base effect. The increase in net income is in fact supported by exceptional gains of 1.44 billion euros from the sale of the 15.6% of Veolia capital of the life insurer China Life Taikang and the sale of its New Zealand and Australia."In this environment (of European debt crisis), we publish the results are good, satisfactory and show Axa's fine," said CFO Gerald Harlin, during a conference call.

Confirmation of the Plan 2015

The insurer stands in relation to banks about the impact of the Greek crisis on its accounts. While the financial cost runs into hundreds of millions for BNP Paribas (850 million), Crédit Agricole (650 million) and 395 million to Société Générale, Axa has placed "only" 92 million euros in provisions for impairment assets in its bond portfolio of the Greek state No teletrak payday loan.

In contrast, exposure of the insurer in Italy, estimated at 6 billion euros against 300 million for Greece, is much more important. "We have no reason to reduce our exposure to Italy and Spain," said Henri de Castries."We are confident that Italy is absolutely the means to repay its debt, simply that the European institutions give a stronger signal of support towards Italy for the markets calm down," said Denis Duverne, the deputy CEO of Axa Business on BFM radio.

If the macroeconomic environment remains uncertain because of the turmoil in financial markets, the CEO of Axa, Henri de Castries is "confident". It provides Axa is on track to achieve its 2015 targets.

Harry Potter translated into Tibetan desperately seeking sponsors

Norgy Puchunggal, head of the drafting of the Tibetan Youth Newspaper, fell in love in 2003. He spent two years translating into Tibetan Harry Potter and the Sorcerer's Stone, then a year for the second novel, Harry Potter and the Chamber of Secrets. At 40, he now attacks the other five volumes.

Not only did his translations were not reported, but it was found that in cities of Tibet parents are not interested in novels translated because they have nothing to do with the studies their children. In the country, the price of these books, 28.8 yuan (about 3 euros), making them inaccessible. So, Norgy Puchunggal, which has partnered with the Youth Foundation of Tibet desperately seeking sponsors to distribute free Harry Potter.

The apprentice sorcerer and his magic wand would they hear? The Commission for Banking Supervision in China has given the green light to the creation of a regional bank in Lhasa, with a capital of 1.5 billion yuan (161 million), funded by the regional government institutions and fifteen including several major public and private companies. Just now the spell.