Meeting in Greece: the Nikkei rebounds

In the wake of Wall Street, Asian stock markets have recovered what color jeudi.L all the places welcomed the determination shown by German Chancellor Angela Merkel, French President Nicolas Sarkozy and Prime Minister of Greece George Papandreou at a meeting telephone Wednesday night, to get out of Athens crise.Après have closed down the day before, and the Nikkei gained 1.48% to 8644 points at a time of closing.

Investors seem so, for now, somewhat confident about the ability of the euro area to help Athens to avoid bankruptcy the country. Wednesday night, the Franco-German and was convinced "that the place of Greece is very much in the euro area."But on one condition, also very explicit: "The implementation of strict and effective recovery program of the Greek economy supported by the countries of the euro area and the IMF and which conditions the disbursement of future tranches of the program. "George Papandreou was quick to deceive, confirming" the absolute determination of his government to take all necessary measures to implement all commitments. "

More good news, the Brics (Brazil, Russia, India, China and South Africa) announced Wednesday that they could increase their holdings of bonds denominated in euros. Thus, Brazil was prepared to participate in a "global effort" against the economic crisis that affects rich countries, said the same day the President of Brazil Dilma Rousseff.Meanwhile, Italy, whose rates have soared during bond, has denied media reports that she would have asked China to invest in debt.

Oil continues to fall

Japanese banking stocks and welcomed the ads. After being jostled by the market and Mizuho Financial Group rose 0.90% to 112 yen and Sumitomo Mitsui Financial Group 1.06% to 2094 yen.

Other Asian stock markets follow the upward trend of the Nikkei. The Hang Seng Index of Hong Kong Stock Exchange rose 0.47% to 19,134.45 points, the Kospi index in Seoul Composite climbed 1.12% to 1768.75 points. The S & P / ASX index in Sydney rose by 0.74% to 4035.40 points, the FTSE Straits Times of Singapore appears an increase of 0.56% to 2754.58 points.In contrast, the Shanghai Composite Index down 0.02% to 1484.45 points, like the BSE Sensex 30 Index of Bombay, which was down 0.39% to 16,643.70 points.

On the foreign exchange market, the euro appears down 0.16% to 1.372 dollar on Thursday. In turn, oil prices continued to decline in Asia, after figures showing a decline in demand for refined products in the United States, and while the markets remain worried about the situation in the euro zone, analysts said . In early electronic trading, a barrel of "light sweet crude" for delivery in October lost 43 cents to 88.48 dollars per barrel of Brent North Sea crude for October delivery 53 cents to 111.87 dollars.

Crucial week for banks

The week promises to open high risk for the European banking sector in general and French institutions in particular. Literally slaughtered on the stock market since the beginning of the summer, the banks are preparing to face new headwinds. While the Europeans this week to finalize the second bailout of Greece, the rating agency Moody's might, according to some rumors, lower the credit rating of three French banks, BNP Paribas, Credit Agricole and Societe Generale. June 15, the agency had placed under "surveillance" for three months, with "negative outlook" because of their exposure to Greece. If she sticks to what she had said before the summer, Moody's lowered by one notch notes BNP Paribas and Credit Agricole and two notches that of Societe Generale.During the weekend, Moody's and the three banks involved have declined to make any comment.

The Perfect Storm market, this change of note, even anticipated, will be a blow to those banks seeking to reassure investors about their ability to refinance. The climate is harmful: the action of Societe Generale, the most attacked by the markets, has lost 56% since January 1, BNP Paribas, Credit Agricole and 37%, 43%. The European banking index at the same time dropped by 35%.

Troika in Athens

The tension is escalated Friday when the very orthodox chief economist at the European Central Bank (ECB), the German Jürgen Stark, resigned to show his disagreement with the assistance provided by the Mint of the fragile the euro area, including Italy and Spain, as a redemption of their bonds on the market.To make matters worse, banks are reluctant to lend to each other. Deposits from day to day banking in the euro area with the European Central Bank (ECB) are at record levels.

This week, representatives of the troika (EU, IMF and ECB), to oversee the accounts of Greece, it will return. They had left unexpectedly in early September, saying that Athens had not fulfilled its promises in terms of privatization and economic reforms. The Greek government has given additional pledges Sunday and EU Commissioner Olli Rehn said he was confident in the prospect of an agreement by the end of the month. Time is short indeed: Greece is in dire need of approval from the troika to receive a new tranche of EUR 8 billion taken from the first aid plan in 2010. A refusal would mean the default.Banks that have lent money, would suffer, while heavy losses.

In this context, the debate rages about whether European banks, which hold their balance sheets in packages of loans to countries in fragile states in the euro area are adequately capitalized.

August 27, Christine Lagarde, the executive director of the IMF, had felt it was "urgent" that the European financial institutions reinforce with new capital. Saturday, it reduced his remarks, adding that the figure of 200 billion euro recapitalization needs of European banks was only a preliminary estimate "under discussion" …

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The Asian market in the dark red

Asian operators in turn penalize the poor performance of U.S. jobs. On Monday, the major exchanges in the region are in the red on Monday, after falling more than 2% on Wall Street Friday and that of almost 4% in Paris. As elsewhere, the Asian stock markets suffer from fears of recession in the United States. The U.S. Department of Labor has announced Friday that the U.S. economy has not created any jobs in August, while analysts were hoping 70,000 net new hires. The ministry said the unemployment rate held steady in August at 9.1%.

In Japan, the Nikkei started the session on a drop of 1.37%. An hour of closing, he gave up 1.86% and sinking below the threshold of 9000 points to 8784 points. In Hong Kong and Shanghai stock markets lose respectively 2.17% and 1.63%.The Korean Kospi fall more heavily to 3.21% while the S & P Australia fell by 2.30%. The Indian Sensex lost 1.18% in turn.

Financial and technological attacked

As for values, the indices in the region are pulled down by the financial sector. In Tokyo, Nomura Holdings (-4.64%), Mitsubishi UFJ (-2.34%) and Shinsei Bank (-4.55%) decline severely. In Sydney, Macquarie Group (-3.70%) and Westpac Banking (-3.12%) drop. In Hong Kong, HSBC Holdings lost 2.23% and -1.69% Bank of Communications.

Similarly, the technology sector is affected by fears of a slowdown in global demand. In Japan, TDK lost 3.84%, 4.39% Fujitsu, Ricoh and Sony 4.42% 3.69%. These latter values ​​are also impacted by a still too strong yen against the dollar. In Korea, LG drops 3.7% while Hong Kong, Lenovo lost 2.46%.

Oil down

Oil prices were also misguided Monday morning in electronic trading in Asia, depressed by the poor figures on employment in the United States. In morning trading, a barrel of "light sweet crude" for delivery in October lost 59 cents to 85.86 dollars per barrel of Brent North Sea crude for October delivery 74 cents to 111.59 dollars.

In Australia, the energy sector is penalized. Santos lost 4.92% and 4.32% Oil Search.

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.

SNCF tariffs: "We want more transparency"

A new decree, issued July 31, should allow the station not to set an annual calendar of dates or normal movement of its trains. The National Federation of Transport Users (FNAUT) will be consulted as the set of consumer groups before the implementation of new measures. Its president, Jean Sivardière explains the consequences of their introduction.

Lefigaro.fr – The decree abolishing the concept of peak or normal was claimed by the SNCF. What benefit the operator does he draw?

Jean Sivardière – SNCF wants more freedom in setting its prices to meet more of its trains reservation is to say mainly the TGV, but also trains Lunéa (night train, Ed) and trains Téoz (Paris-Clermont-Ferrand, Paris-Toulouse and Bordeaux-Nice, Ed).The TER intercity, Coral, are not affected. The absence of a predetermined schedule as it is today will allow it to adjust its prices more freely according to demand and events. This is the generalization of "yield management" pricing based on supply and demand. The benefit for the station is to be better armed against competition from airplanes, cars and eventually other train operators who will come with the opening of the network under EU regulations.

The station will therefore be free to increase prices …

Yes, when demand will be strong. But it can also reduce some of the trains filled to attract travelers. We do not reject the principle of the decree. Unlike other associations, we try to assess the medium-term effects.Of course, they will be positive for the station, but we believe that if the station is in better financial health, the traveler found there too. If the operator performs better trains, the French users should benefit from a tariff acceptable. In Germany, where pricing rules are much more rigid, the prices are also higher.

Is there not a risk of soaring prices?

The decree provides that the station will make public the amount of the highest rates and that of the lowest rate charged instant payday loan lenders. But we also know that the operator is a state within a state and it is difficult to impose such measures. We have no evidence that the average tariff will not increase, but we nevertheless believe that a surge would mean a loss of customers, and would therefore be against-productive.What we regret is the new benchmark loss arising from the removal of the schedule of dates for users already lost to the variety of tariffs. When we are received by the Advisory Committee of the SNCF, for example, we will request the publication of the quota of seats at reduced rates. Currently, we are not aware of this number. We need more transparency so that travelers know what they pay for. For several years, we also ask for the maintenance of lines parallel to the TGV Corail. This would create a kind of low-cost rail. This line exists in the Rhone Valley. They work very well and does not infect clients of the TGV.

New User Reviews

A survey by the Consumers' Association CLCV last spring and published Monday in Le Parisien, Aujourd'hui en France testifies to the annoyance of SNCF customers. Chief among complaints: the pricing policy. Nearly 90% of 570 respondents believe that prices are expensive or too expensive. According to a study by Boston Consulting Group, the average price per mile has actually increased by 26.4% between 2002 and 2009, twice as much as inflation. Travelers also denounce the complexity of the fee schedule. Another study conducted by the association CLCV also noted between the discount cards, and offers Prem's and other iDTGV, it was possible to find twenty different prices for the same seat.Finally, the survey raises the issue of timeliness because nearly half of respondents say they regularly experience delays … and poorly compensated. 63.9% of passenger demand and to be systematically compensated for any delays exceeding 30 minutes.

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"The user usually has nothing to fear"

Is this the end of unlimited Internet packages at home?

No operator has no plans to do so today. The buzz started on the Internet by Owni skidded. The presidents of the major operators have simply said in recent months that they would go to differentiate their offerings and those who consume the most could be more involved. But the average consumer has no chance of being involved.

What consumers might be affected?

This is very, very heavy users, a very specific segment of customers that are found in all countries. These are 5% to 10% of consumers who use 80% of the bandwidth, because they spend their time downloading movies, make video at all times, spend the day on Facebook with video, YouTube, Dailymotion cash advance payday loan. The population is fairly limited.Perhaps operators will they have different prices for those? Maybe they will limit their bandwidth? Nothing is decided. But the ordinary user of the Internet has nothing to fear.

Is not a disguised means to raise prices for everyone?

No. On the contrary, the good news of the season is that competition only increased with the arrival of new players like Virgin Mobile or the post office in the market for Internet box. This will add new offerings on the market, which is already very busy. The French are very lucky: they can take advantage of competition.

Towards a tax on "high income"

When in 2007 the Merkel government has created an additional income tax of 45%, Germany was against the current. At the time, it was time to lower taxes to encourage work. But the crisis and rising public deficits have changed everything. Germany has become more and more followers. In 2010, the UK has increased to 50% the rate of the highest portion of its income tax (IR). And Italy is preparing to introduce a solidarity tax for employees earning more than 90,000 euros.

More surprising number of taxpayers potentially affected by such a tax do not hesitate to ask now open! American side, the billionaire Warren Buffett has called this week for a contribution of "mégariches."In France, Maurice Levy, chief executive of Publicis Group and president of the Afep (French association of private companies), wrote in his name, an article in Le Monde, where he considered it "essential that the effort Solidarity begins with those whom fate has spared. " All indications are that it will be heard as the French government pledged last spring to introduce a tax on high incomes. "Today we are working on the issue of remuneration is said sometimes extravagant," reiterated on Wednesday on Europe 1, the budget minister, Valérie Pécresse.

The majority has already noted last year from 40% to 41% in the final tranche of IR. But this time it is hit with higher incomes (the final installment begins 71,000 euros in annual revenues). And this without creating a new rate of IR.While some lawmakers, like Senator Jean Arthuis centrist, still defend the idea, Nicolas Sarkozy is opposed to any new slice. Since the fall, the government has consistently rejected in Parliament every initiative of his majority to create a slice with 46% annual earnings per share in excess of 100,000 euros.

A million or 150,000 euros of income a year?

The Ministers of Economy and Budget has established a working group of parliamentarians who must propose measures in the fall, in the 2012 budget. The idea of ​​the executive, initially was rather taxing high incomes via the company by making non-deductible from corporate tax wages above a certain level. But the government now seems to favor a direct taxation at the household level, a solution advocated by many parliamentarians.Gilles Carrez, the UMP rapporteur of the budget in the Assembly proposes to introduce a contribution of 1% to 2% of annual revenues in excess of one million euros.

Advantage: All income is affected, including dividends and capital gains, not just wages (as with the non-deductibility). The threshold of 1 million French can target very easy – 30,000 homes would be affected. "The measure must be a symbol. This is not to bail out of the state, "said Jerome Chartier, UMP du Val-d'Oise. Indeed, 2%, the new tax would yield only 300 million (against $ 1 billion for the portion eg 46%). "Be careful not to pour into demagoguery and rich hunting. The contribution must be calibrated, "adds Philippe Marini, UMP rapporteur of the budget in the Senate.

Problem: all members do not see it that way.Pierre Mehaignerie, the UMP president of the Committee on Social Affairs in the Assembly hopes that the contribution applies from 150,000 to 200,000 euros in annual income for couples and 80,000 euros for a single. At this level, more than 300,000 homes were affected, including many executives. "I understand that. But our people are ready to make an effort if, at the same time, the state reform, "Pierre defends Méhaignerie. The animated discussions ahead in the majority!

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Wall Street still heavily lower

Concern persists on Wall Street. In early trade, the Dow Jones unscrewed from 2.06% to 11,008 points, the Nasdaq 3.10% to loose 2408 points and the S & P lost 2.74% to 1140 points. As in Europe, signs of nervousness are palpable. The volume of trade is still very well fleshed out and heightened volatility. "At this stage, investors dizzy," says Oliver Pursche, president of Gary Goldberg Financial Services.

On Wednesday, Greece again worried investors. The country plans to expand its exchange program to include obligations of the securities in the longer term, which penalizes first private creditors.

In addition, operators are even very concerned about the state of the U.S. economy. Yesterday, the world stock markets have overreacted, and positive against all odds, to about the Fed.This has indeed ensured that it would maintain its rates at a historical low, and until mid-2013 to support the economy. Its leaders also promised various stimulus, but without specifying its content. It will probably wait until his final release in late August. On the merits, however, the Fed has painted a disturbing report from the world's largest economy. Growth, pointing in particular the U.S. central bank, is growing at an annual rate of less than 1% in the first half, where the institution expected, earlier this year, more than 3%.

In contrast, oil prices were up sharply at the opening Wednesday in New York, in a market where investors were trying to regain footing after heavy losses, and pending the report of the stocks in the United States payday loans.On the New York Mercantile Exchange (Nymex), a barrel of "light sweet crude" for September delivery was trading at 81.20 dollars, up 2.40 dollars compared to the previous day.

Cisco News Corp expected

On the business side, Cisco (-1.68% to 13.82 dollars) will unveil its results later this evening the fourth quarter, along with News Corp (-5.36% to 13.77 dollars).

Disney (-12.72% to 30.29 dollars) falls after the media group has yet announced quarterly results better than expected thanks to strong advertising revenue on its cable networks.

The title of U.S. internet group AOL (-8.85% to 10.20 dollars) has lost over a quarter of its value on Tuesday at the New York Stock Exchange after the release of disappointing quarterly earnings and lower forecasts. The stock has dropped 25.75% against the current of a market up sharply.The action even reached 10.36 dollars during the session, the lowest price ever since the split with Time Warner in 2009.

Facebook on Tuesday launched a new application for mobile phones iPhone (Apple) and those equipped with the Android operating system (Google) to send messages to his "friends" on social networking, but also to other contacts. Called "Messenger", the application can send both text messages (SMS) and email.

Apple (-1.11% to 369.85 dollars) briefly delighted yesterday to ExxonMobil, its position as the first market capitalization.

Obama gives assurance on Wall Street

The speech Barack Obama optimistic on economic prospects of the country begins to lighten the mood in the U.S. markets. The stock market indicators began to return gradually in the green, particularly reassured by the employment figures. At 18:50 Paris time, the Dow rose 0.89% to 11,485 points and the S & P gained 0.60% to 1207 points, the Nasdaq remains hesitant, remaining balance (0.02%) to 2256 points.

U.S. markets also appreciate the market rumors to the effect that the European Central Bank is ready to support the Italian and Spanish bonds, if these countries to undergo structural reforms.

The employment figures dictate trend

The announcement of a significant improvement in job creation last month seems to calm the situation on Wall Street Friday after a collapse in U.S. up over 4% yesterday.In recent weeks, disappointing publications on the state of the U.S. economy had, in fact, chained, challenging the idea of ​​resumption of the world's largest economy. This publication confirms the figures released Wednesday by ADP, reports of more new jobs than expected for the month of July.

At 21 hours the numbers of U.S. consumer credit for the month of June will end this week full of macroeconomic data.

Oil and euro pressure

Oil prices climbed hesitantly at the opening Friday in New York, despite the employment figures better than expected, as the market wondered if it would be sufficient to support the demand for crude in a very fragile economic environment .On the New York Mercantile Exchange (Nymex), a barrel of "light sweet crude" for September delivery was trading at 87.04 dollars, up 41 cents from the previous day.

This concern also weighs on the currency front, the euro was trying to rebound against the dollar but remained under pressure from macroeconomic concerns.To 15 hours in Paris, the European currency was worth 1.4224 dollars against 1.4106 dollars on Thursday night, after falling to 1.4055 dollars in early Asian trade, its lowest for three and a half weeks instant payday loan.

AIG, GM and Procter & Gamble publish their accounts

On the corporate side, the semi-annual publications still dominate the news on Friday.

Thursday evening after market, the insurer AIG (-0.23% to 26.34 dollars) announced a return to the green of its accounts in the second quarter, with net earnings of $ 1.84 billion over the period, against a loss of $ 2.7 billion a year earlier. Per share, net income totaled $ 1 ($ 0.69 after tax, against $ 0.92 expected by analysts).

At the same time, and its first quarterly since its IPO on May 19, LinkedIn (-2.27% to 93.36 dollars) was positively surprised markets by announcing a turnover more than doubled the second quarter to 121 million dollars (120 euros) and net profit (4.5 million), where analysts expected a loss.

GM Motors (1.27% to 26.32 dolars) Thursday reported quarterly results exceeded expectations, with a near doubling of profits over the period.

Procter & Gamble (1.78% to 60.64 dollars) released before market on Friday for the fourth quarter of fiscal offset, net income up 15% to $ 2.51 billion.Of 2010-2011, so it shows a net profit of 11.79 Annual Statement billion, down 7% from the previous year.

Viacom (3.55% to 53.17 dollars), the parent company of MTV and Comedy Central, has reported a rise than expected in earnings thanks to strong revenue growth in advertising Cable and license agreements with websites. Its quarterly results (Q3) increased to $ 574 million against 432 million

Bank of America (1.70% to 8.98 dollars) is highly exposed to the most fragile countries in the euro zone, according to a document from the bank. The group said exposure to the tune of $ 16.7 billion (11.8 billion euros) in total to Greece, Ireland, Italy, Portugal and Spain in June 30Management has indicated in a document submitted to the regulatory authorities that its losses could reach up to legal $ 2.3 billion in addition to the provisions already passed for this purpose.

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.