A crucial summit on the future of the euro

With the crisis of sovereign debt markets do not stop to test the strength of character of the leaders of the euro area. For fifteen months, each meeting a European success patching, without warning the next stroke. Greece. Ireland. Portugal. Save the euro? This issue will again this week for an emergency summit. This time with a difference: everyone, or nearly so, may feel targeted.

When seventeen heads of state and government will meet Thursday at noon, it is not the technical options that were missing.Bail increased, lower interest rates, longer maturities, to the private sector or restructuring in good and due form, all solutions are on the table since that Greece came close to bankruptcy for the first time in spring 2010 .

What has been lacking, however, is the political will and responsibility in a Europe that receive capital not as a common project, but as a domestic policy variable. In contrast, the contagion effect can lead to collective reaction. With Italy last week, found himself the danger of a sudden the heart of the euro.

Rome is also dropped two warnings the most striking. "The creditworthiness of sovereign states is no longer a given," said Mario Draghi, the future President of the ECB at the address of the seventeen cities.And "like the Titanic, the first-class passengers themselves can not cope", predicted the finance minister, Giulio Tremonti.

Greek debt buyback

The warning covered Alps. For the first time, the finance ministers of the euro come to accept that markets and financial experts claim for months no fax payday advances. Yes, Greece, diving in the austerity and recession, may find themselves unable to pay on its debt maturities or interest. And no, a default is not to be excluded in the euro area. Only the ECB still refuses to admit it.

Under this constraint, but also recognized virtual summit Thursday that will tie up a second bailout of Greece. "The key is to improve the ability of Greece to support and pay down debt," insists the German finance minister, Wolfgang Schäuble.In all cases, private creditors – banks and investment funds – will have to fire from, or participate in the effort.

The easiest is to help Greece to repurchase some of its debt through loans from the EFSF the bailout funds in the euro area. Germany has long opposed it in the name of financial orthodoxy. But the accelerated depreciation of Greek securities on the secondary market allows Athens to reduce debt on the cheap, which meets the stated objective in Berlin. The other option would be to exchange the securities for longer maturities.

The plan should cover the needs of public financing of Athens until 2014, some 100 billion euros.He may doubt that Dublin, Lisbon and other capital assisted want to enjoy the same flexibility in time.

ALSO READ:

"Debt crisis: the solution of European Socialists

"Euro area: stop the panic before August

"SPECIAL – Europe, States facing bankruptcy

Fuel prices: The Sparks Fly between Total and the state

The increase in fuel prices is again up for discussion Tuesday. An interview will take place during the day between the Minister of Economy Baroin and CEO of Total, Christophe de Margerie. It warned that rising oil prices would be passed to the pump. Fuels should be increased from one to four cents more when they have already returned about two cents last week.

The government, for its part, wishes to inform that he "will remain very vigilant: there is no question that this effect is faster in case of decline," said the ministry in a statement. "This commitment by fuel distributors and the government ensure its respect."A meeting between Christophe de Margerie and Energy Minister Eric Besson is also scheduled for July 19.

Policies in the running

In this time of holiday departures, policies are indeed in line to demand that the impact of oil price increase is gradual. Prime Minister François Fillon has ruled that the proposed Francois Hollande to freeze fuel prices during the summer fell within the "demagoguery." "We must also tell the truth", that is to say "that oil will rise" over time, said the Prime Minister on Europe 1. And rather than to invent solutions that make no sense if not to influence the growth or the French taxes, we must work on alternatives to oil. "

François Fillon also said he "found that in June, the decline has been very well reflected by the distributors.It's a little less sure about the month of May, we are doing checks. " It responds to the controversy that has swelled after the statements of Xavier Bertrand: "When the oil increases, prices (pump) increase immediately. When the oil drop, it is always more time. We must stop to consider that the French have no sense, "denounced the Minister of Labour on Sunday. "To say that the price evolution is faster in one direction than another is not fair," retorted the President of the French Union of Petroleum Industries (Ufip), Jean-Louis Schilansky. Christophe de Margerie, in turn, ensured that the increase would take place Monday "as gently as possible."

Within the Socialist Party in the countryside for the primary election, the subject has provoked many reactions among candidates.Martine Aubry, said she was "very shocked by the decision of the President of Total" to pass on the rise the rise in oil prices: "I found both indecent and even provocative." To offset the price increases, the candidate suggested to lower the TIPP (domestic tax on petroleum products) and "tax the super oil profits."

"What is unacceptable today, it's that kind of inaction before a real scandal, said on his side Segolene Royal on BFM and RMC-TV. Total has 10 billion euros in profits (in 2010, note) and when the price of crude oil production decline, this decline is not passed to the consumer. " Finally, the spokesman for the PS, Benoît Hamon, assured that if the left came to power in 2012, "the impunity of the oil companies" would be "finished".

ALSO READ:

"Fuel prices will rise again

"Good tips to save fuel

»COMPUTER GRAPHICS – Change the fuel prices

After Japan, the fall in industrial activity in France

Surprises in the industry. Production fell unexpectedly in March, activity in the manufacturing of picking up 1%, offsetting a rebound of the same magnitude in March, reports the INSEE. The industry as a whole fell 0.9% in March, after +0.5% in, February.

Virtually all sectors are in the red in March. The most dramatic decline is undoubtedly out of road car production, which lost 4.3% in one month, after 2% in February. The end of the scrapping partly explains the sudden stall. "The supplies seem to suffer from the Japanese crisis," also argues INSEE. The earthquake and tsunami, has paralyzed parts of the archipelago where factories subcontracting to automotive know-how.For example, the manufacturer PSA had to slow down its production in Europe because of a part for diesel engine developed exclusively on a Japanese site affected by the disaster. In addition, all transportation registers down -4.2% (against a rebound of 2.4% in February).

Also penalized by shortages of components due to events in Japan, activity in the electrical, electronic and information technology has continued to decline in March, to -1% from -0.9% in February. The agrifood sector displays a production decline of 0.4%. In this as in the automotive sector, "it remains unclear how much of the decline in production due to malfunction of the Japanese industry and what proportion by lower demand," says Dominique Barbet, an economist market at BNP Paribas.

The production of energy and water, on the other hand, fell 0.7% against 1.2% in February. In construction activity also declined by 0.3% after -0.2% in February.

Quarterly Progress

The poor figures of March are not enough to spoil the balance on the first quarter. From January to March, manufacturing output jumped 3% from late 2010, and the industry as a whole by 2.1%.

This increase is due to the boost given by the maturity of scrapping the transport sector (+3.1%) and the catch-up effect in refining (+21.3 %) after a fourth quarter of 2010 severely disrupted by strikes.

ALSO READ:

"The Japanese economy paralyzed after the quake

The hearings of its leaders jostle TF1

Click image for larger graphic.

TF1 has weathered the financial crisis of 2009, but for nearly nine months, the chain collects bad audiences, particularly in primetime. The proliferation of "industrial accidents" on the most strategic time slot of television has been gradually mounting concern internally and makes the situation urgent in the eyes of some. Laurent Storch, head of programs, is put on the spot, even if Nonce Paolini, CEO of the chain, said it was not unworthy. Given these facts, the time for reflection has sounded at TF1. Jean-François Lancelier, CEO of Antenna Group, late engineer of the grid TF1 since 1997, could further strengthen its influence in the group.

It must be said that all kinds of programs are met and that the chain is struggling to defend its historic leadership.The clear victory of France 2 at the wedding of Kate and William, last Friday rocked the chain.

Periodically, the string displays of audience shares below its average weekly was 23.5% last week and the monthly was 24.5% in March. Whether varieties, games, sports, magazines, series or reality TV, the woes have multiplied since the month of September. Past failures to date, "The big show for children", April 30, which has not exceeded 20.3% audience share, while the day before the game "Family explorers" did not is more than 14.8%, almost ten points lower than the monthly average. Even football is no longer a recipe, and Chelsea / Manchester, April 6 last collapsed to 17 free 3-in-1 credit report.5% audience share."Ushuaia Nature", one of the major brands of chain, also had its failures with a score just over 18% last December.

The resounding failure of "Square VIIIp"

As for emissions of humor, laughter does federates more since "The 100 biggest balls" has not taken off the 17.5% audience share. Besides the resounding failure of "Square VIIIP" last March, which will redraw the map of reality television on the first private channel. And if the advertising is its tariffs on the screens of primetime, but she conceded substantial cuts on edges of access and night time.

Another concern, information and sacrosanct JT 20 hours. If the one on Monday in the death of bin Laden has assembled 7.2 million viewers and an audience share totaled 28.4%, the indicators are red since the beginning of 2011.Chain displays regular hearings less than 27% during the week. The questions are multiplying around the presenter Laurence Ferrari, and the editorial policy of demanding news director Catherine Nayl seems challenged, even if it retains the confidence of absolute Nonce Paolini. Finally, if TF1 is ahead in the great major political appointments – such as interviews with head of state – in contrast, France 2 is on a par or better than the first private channel on the great events as have shown on July 14 or the wedding of Kate and William.

ALSO READ:

"Advertising: TF1 hard to start in 2011

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.

Renault management is increasingly isolated

How far will go the extravagant case of industrial espionage that poisons every day Renault? In the wake of testimony by Patrick Pelata has acknowledged for the first time in Le Figaro, "a number of elements lead us to doubt" and mentioned the idea of a "manipulation" before turning his position as Chief Operating Officer on the spot, the reactions have little overdue. They have mostly endorsed what looks like a sacrifice programmed. Friday morning, Christine Lagarde has considered the No. 2 company "had the dignity to indicate that he might be mistaken, and that if it was proved he was mistaken, he would draw all the consequences. ""I think it's worthy" by Patrick Pelata, said Minister of Economy in claiming that "we arrive at the truth, it gets there quickly, if the suspicions were unfounded, justice, confidence is restored and compensation is paid. "

In the same vein, his counterpart for Industry, Eric Besson, has confirmed that management problems are posed "if it is the manipulation hypothesis, which dominates in the end." Before adding: "I also noted that Mr. Pelata, very dignified and quite logically, has already warned that he would draw the conclusions for himself." Finally, the Elysee does not hide his irritation."This case, bad for the image of the company, not the show great professionalism," has dealt a collaborator of Nicolas Sarkozy.

• The direction of the group's safety should she not slipped by using methods of spooks?

The internal investigation, legal "point of French law", as claimed by Patrick Pelata, was conducted by a team composed of fairly baroque Remi Loincloth, formerly of the DGSE, Marc Tixador, the former PJ Versailles, and Dominique Gevrey defector from the Directorate of Protection and Security of Defense (DPSD) readily described as a "central figure" in this story. Like a bad spy novel, a sum of 100,000 euros has transited into five payments last fall in Madrid via L. Michel, a former paratrooper became a private investigator.

Agreeing to play the "biller for the defense of French interests," it is simply a "short circuit" used to confuse the trail to a mysterious Mabrouk and "external source" who reportedly discovered ghostly accounts opened in Switzerland and Liechtenstein by the three executives on suspicion of espionage. Since this information just communicated orally, have been questioned, the manufacturer does not even seem able to identify his "deep throat": the only employee of security service who knows stubbornly refuses to cooperate. To protect at all costs or to hide an embezzlement to the detriment of Renault? As a confession, Patrick Pelata conceded: "We erred in not involving the DCRI earlier."

• What are the collateral damage to Renault?

The damage in terms of image are significant.While the group had been traumatized by the suicide of three employees of Guyancourt Technocentre late 2006-early 2007, serious questions arise again on his management style. Renault seems to be a company where one can accuse and dismiss employees without evidence, solely on the basis of anonymous testimony. This case falls ill while the group was counting on its electric vehicles-those who have supposedly been spied-to repair its image. Sales of these cars and the entire range will suffer they? Hard to tell because the picture-in determining whether the act of purchase and also depends on products. But the group will leave with a disability. Adding that "it's all business operations that may be seized, as management has been discredited, analysis framework, which adds it will take time before confidence is restored."

• Carlos Ghosn is he in trouble?

If the spy case deflates, the group took a huge risk by raising its CEO at the forefront in the media. In the JDD, January 23, he said he "personally monitoring the progress of this process as and when." The same evening, on TF1, Carlos Ghosn has hammered that he had "certainty" about the guilt of the three frameworks and evidence had "multiple", but did not disclose. On 10 February, at the announcement of the strategic plan, the CEO drove home the point by asking him to "trust" because "tens of people have analyzed the facts."In case of "manipulation", the question remains whether the employees and the government will simply sacrifice his number 2.

ALSO READ:

Patrick Pelata, "I will draw all the consequences"

"The" major errors "Renault

"Case Renault: no trace of spying for the moment

The CAC 40 returns to the 4000 points

In Paris the CAC 40 has remained in limbo (-0.30% to 3964.84 points) yesterday, Thursday. But this Friday, the index resumed height: the gains are highlighted throughout the mtinée developed to find the famous psychological barrier of 4000 points. Around noon, he climbed from 1.09% to 4008.24 points.

Factor supporting this day, the morale of French manufacturers, which continued its gradual rise in January, with a sharp jump of six points from the previous month to 108 points, the sentiment index of all the winning business it a point to 106 points, Insee said Friday.

But also and above all, good news from Germany has added some balm to the hearts of investors.The barometer of the Ifo business climate, leading confidence index in Germany has reached a new record in January at 110.3 points against 109.8 points in December.

This morning, Asian stock markets overall declined sustained change, and yesterday afternoon, Wall Street has ended at equilibrium, as investors opted for caution amid speculation about new Chinese measures to prevent overheating of the second world economy .

The appointment on Friday, the monthly business survey in industry and services by INSEE. Then 10 hours, the German Ifo index will be monitored.

On the foreign exchange market, the euro is trading above $ 1.35 on Friday. The euro has gained strength this week against a background of successful bond issued by European countries like Spain and Greece.In front, the dollar depreciated while Barack Obama has welcomed Tuesday its Chinese counterpart and called for yuan appreciation.

Sanofi-Aventis is expected to extend its offer for Genzyme

Genzyme's offer to come to an end this Friday, January 21.

Vivendi balance to 21.56 euro Judgement of the Criminal Court of Paris in the trial of Jean-Marie Messier.

Renault: 0.75% to 47.22 euros The three executives in question have filed a complaint and will vigorously defend. The doubt settles. Renault's CEO will speak Sunday evening.

Kaufman & Broad: 0.62% to 24.40 euros The group announced on Thursday night have returned to profitability in 2010 and 21% had reduced its debt after a year marked by an upturn commercial guaranteed approval cash loans.

Somfy: 1.57% to 185.90 euros The shutters specialist announced a revenue increase of 12.1% for its fiscal 2010 to 852.6 million euros. Sales have benefited from buoyant activity in Germany, Central Europe and East and France. They have offset lower sales in Northern Europe.

Damartex: -3.40% to 23.04 euros The apparel retailer reported Thursday evening sales up 3.8% in the first half of its fiscal year 2010-2011, 385.3 million euros.The group, which owns the brand Damart, has not made a forecast for the coming quarters.

Schneider Electric (+1% to 111.10 euros) on Thursday confirmed the closure of its plant in St. Pryvé St. Memin (Loiret) managed by one of its subsidiaries.

Air France-KLM The company goes from 1.84% to 13.56 euros after posting seven consecutive sessions of decline with a drop of more than 4% Thursday evening after closing the warning on the results of EasyJet yesterday.

Scor (balance) announced Thursday it had successfully placed 400 million Swiss francs of perpetual subordinated securities.

CGG Veritas (1.49% to 24.41 euros) announced that it has finally issued 360 million euros in convertible bonds after exercising the over-allotment option.The group had initially planned to issue 315 million euros.

APRR: +0.10% to 51.38 euros The motorway company has reported a traffic increase of 1.3% in the fourth quarter, offsetting heavy traffic traffic light vehicles affected by snowfall and shortages of gasoline in the early fall.

Compagnie des Alpes The leisure group said sales growth of 1.41% in the first quarter of its fiscal year 2010-2011 supported by a good attendance of its ski areas through early snowfall observed in late 2010.

Veolia Environnement Groupe Industriel Marcel Dassault, the holding of the Dassault family, announced December 31, 2010 hold at 5.37% of share capital and voting rights of society in environmental services.

Cegid reported Tuesday a turnover up 0.4% for 2010 and expects a net profit increase for its entire fiscal year.

Technip announced Friday it had won a contract refinery in Bulgaria worth 70 million euros.

The ski season was the slope

The mountain professionals escape the hangover. Despite a decline in attendance for the Christmas holidays, ski season promises to be better than last year. According to the firm Protourisme, bookings are up 4% for stays through April, with the return of foreign visitors from the Benelux, Germany and Switzerland in particular. The British are slow, them coming back.

"In the larger resorts, December was generally worse than 2009, while family resorts (Pyrenees, Massif Central) have worked well," says Didier Arino, director of Protourisme. Frédéric Lefebvre, Secretary of State for Tourism, indicated last week that 50% to only 60% of accommodation capacity had been reserved for the first week of holidays. Christmas falls on a Saturday is a very bad timing for professionals.But their situation has been settled: the reservation rate exceeds 70%, reaching 100% in some stations average altitude this week, the minister said.

In 2011, the staggering of school holidays is good for winter sports. Belgians, Germans and Russians leave in January, the French in February and March. Who benefits most? "The early booking is to say bookings over three months in advance, worked well in the holiday resorts and tourist homes," says Didier Arino. Conversely, mid-range hotels and furnished apartments (without associated services) are less desirable because vacationers want to make life easier, with "all-inclusive" or as much as possible no faxing 1 hour payday loans.

Loyal customers

"The high end (Club Med, luxury hotels) and low-cost (Travelski, Lastminute) work," says Didier Arino.But the flats sold directly by estate agents are suffering. "The evidence in Courchevel, the Cranberries, a luxury hotel owned by businessman Stephane Courbit. "From mid-December to mid-January, the hotel is sold out as usual," said Francois Arrighi, Director of the institution. Twenty nationalities currently residing Cranberries, where the evening's Eve (800 euros per person, excluding drinks) sold out.

After two difficult seasons, the Club Med expects a rebound in attendance. Last winter's snow sixteen villages had welcomed 142,200 GM (nice members), 58% French. "In a crisis of trust asset, our customers were destabilized," says Anne Yannic, Director General in charge of France, Belgium and Switzerland at the Club. His desire to leave was still there, but she has postponed her vacation.Reassured, she returned this winter. "With prices for the week 1500 euros on average, the ski club attracts a loyal clientele: this winter, 52% of them have already spent at least two visits to the Club last three years. These are families (66% of GM last year), with revenues of at least 60,000 euros net per annum.

Towards a new record for Christmas SMS

The record is broken every year and 2010 is no exception to the rule operators are preparing for a new tidal wave of SMS for Christmas and especially for the night New Year's Eve.

Orange and expects a 40% increase with 275 million text messages sent by its customers on 1 January. SFR think beyond the threshold of 220 million SMS (+30%) on the night of Dec. 31. Bouygues Telecom expects 113 million SMS 31 and 195 million on 1 January, a total of 308 million text messages in two days (against 184 million last year). At the height of the evening, between midnight and 1 hour, "Orange anticipates a peak of 25,000 SMS per second, against 18,000 last year.Is thirty times more than ordinary day, "says Stephan Kanis, COO Orange services.

Especially, new this year, traders expect a flight of MMS (short message with pictures or video), because of the democratization of smartphones, such Apple's iPhone, which makes sending these messages much easier . While now a few clicks, they should be up by more than a third. Bouygues Telecom table even on a double to 1.2 million MMS Dec. 31 (against 608,000 last year) and 2.4 million on 1 January (cons 1.1 million).

No financial jackpot

If the networks are strained, operators, accustomed to these seasonal peaks, do not fear failure. Each year they are preparing by adding equipment in their "SMS centers, and building their teams.Orange will therefore mobilize additional 125 people, and SFR 70 people in the centers of supervision of their network, located in Paris and Lyon.

Despite these new records, operators should not even reach the level cap this year. For between the boom and the rise of smartphones with unlimited SMS packages, uses exploded. "There is no substitution of different media against each other. All are growing, "says Guillaume de Lavallade, director of network solutions of SFR.Moreover, voice calls, too, increase during the holidays, both fixed (three times more traffic) on the mobile (twice).

If these traffic spikes are not a financial jackpot for the operators (SMS are often already included in the packages and not charged more), they are for the operators a major showcase to demonstrate their technological know-how.

ALSO READ:

The French fans of virtual greeting

Kitchens Vogica in receivership

Vogica is finished! The Commercial Court of Evry on Monday delivered the liquidation of this specialist kitchens and bathrooms tailor. The company, which employed 713 people, was declared insolvent in late September and was placed in receivership plastic business card. Financial difficulties for years, she found herself faced with a puzzle and logistics industry this year: she could no longer meet customer orders, following its decision to outsource production in an external partner, Nevelt.

Vogica stranded thousands of orders for which were paid between 5 and 6 million euros of payments by consumers, who are unlikely to see them, except those who have ordered these last two months glossy business card .Several competitors, furniture groups and investment funds have looked at this matter without filing an offer. Manuest, a subsidiary of Vogica who works for Castorama and Brico Depot, is not affected by the liquidation.