The Bank of Japan just to curb the yen

The Bank of Japan (BoJ) is mobilizing to stop the rise of the yen and boost Japan's economy. The institution held Monday morning for an emergency meeting with the agenda to "discuss means of monetary control in the light of recent economic and financial developments," a statement said.

Following the summit, the BoJ decided an extension of nearly 92 billion dollars of disposable monetary easing. Thus, the amounts allocated to fixed rate loans to banks through a special mechanism set up by the end of last year, are brought to 30.000 billion yen (276 billion euros), against 20,000 billion until to now.It has also set up a refinancing operation which adds six months to three months operations already in place.

Low market reaction

But economists doubt the effectiveness of new measures, which will be debated in the day ministerial meeting. Some analysts said they were disappointed by the lack of breadth of decisions announced. The markets have shown little enthusiasm as well. The yen lost ground shortly after the announcement of the results of the meeting of the BoJ, but it then climbed to its highest of the day. Meanwhile, the Nikkei index of Tokyo Stock Exchange has risen by 1.5% while it showed an increase of 3% at mid-session.

Brussels doubt that Free has received state aid

Orange, SFR and Bouygues Telecom, who have each paid 619 million euros to the state for their 3G mobile phone license in the early 2000s, still have not digested their rival Free Mobile gets in early license for 240 million euros. Note that for this price, Free holds three times less frequency than its competitors.

But the complaint to state aid once they have lodged in Brussels could well be rejected. The competition offices of the Commission have sent a letter on June 28 called "administrative discharge" to the three operators and the French state, said La Tribune.

"I confirm that the Commission has informed the companies of its preliminary analysis and thus of its intention not to pursue the matter," said the spokesman for the European Commission for competition issues, Amelia Torres."We look at the present time the answer has been obtained from the companies involved to see if it causes us to change your mind or if it confirms that there is nothing to investigate "she added.

Background

Brussels wonders, is a fact. They requested further information No fax payday loans. This is perhaps not ideal, but there is no time for decision, "says a trader who insists the length and complexity of applications for state aid. Orange, SFR and Bouygues Telecom, them, do not démordent: the rebate received by Free Mobile akin to them in state aid and distorts competition.Consequently, they claim that the amount of their 3G license or subsequently revised downwards to 240 million euros.

In 2002, Orange and SFR had already obtained the price of their license is comparable to that accorded to Bouygues: 619 million euros, against 4.95 billion originally planned.

Along with this complaint in Brussels for aid, Orange, SFR and Bouygues have also seized the State Council, the highest administrative court in France. They attack the one hand, the decree fixing the amount of the fee, on the other hand, the decree gives the license to Free Mobile. The Council of State could make its decision by the end of the year. But the operators themselves are hardly any illusions.

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Sharp rise in occupational diseases in 2009

The business risk insurance professionals has released its report for the year 2009. The number of accidents has decreased by 7.5% over the previous year, with 651,000 accidents reported. The frequency of accidents fell to 36 accidents per thousand employees, is historically the lowest level. The daily Les Echos who interviewed Stephane Seiller the director of this branch of the health insurance crisis is largely responsible for this decline in the number of accidents. Unemployment and decreased activity in sectors such as construction and metallurgy – 20% of salaried workforce today against 36% in 1950 – explains in particular the improvement. Stéphane Seiller also highlights the increasing prevention efforts.

Bond 9% of occupational diseases

The report is rather more pessimistic about the illness.Despite rising unemployment, they jumped 9% -13.5% a year over the last decade – to reach 50,000 new cases. Almost all of this increase is explained by taking better account of musculoskeletal disorders (MSDs) such as tendonitis and herniated discs … which account for 80% of disease. Better recognition by the French system, but also the consequence of the transformation of labor. The tasks become more routine and stress are the main contributors to the increase in these disorders. The handling of chemicals also cause the progression of certain cancers.Social Security today conducting actions to better detect them.

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The Asian stock troubled by the Fed

Having showered Wall Street Wednesday, the Fed raises doubts in the minds of Asian investors Thursday. The time is the interpretation of the remarks of Ben Bernanke, although they leave no room for doubt: the U.S. economic recovery drives the global economy is still slow and should remain so. As for the outlook, they are "extremely uncertain". Consider what further support through monetary policy actions.

On Thursday, the publication of new U.S. macroeconomic indicators will take the temperature, including enrollment figures for weekly unemployment benefits, the composite indicator of economic activity and housing resales in June There is also a wait before the release Friday of results of resistance testing What happened to the European banks.

The Nikkei hesitates

In Japan, the Nikkei remains very cautious. The Nikkei continues its trend since its opening in the red, to -0.67% (9216 points). The Topix lost 0.52% to 825 points. In China, the two stock markets' performance different, but both are marked by the reluctance of investors: as the Hang Seng in Hong Kong lost 0.16% to 20,453 points, the Shanghai Composite climbed 0.22% to 2541 points.

Elsewhere, the red is the dominant color. In, Korea, the Kosdaq was down 2.13% to 1285 points, the S & P lost 0.58% to Australia 4387 points and the Indian Sensex drops 0.53% at 17,881 points.

The Paris Bourse expected hesitant

Following a meeting of yo-yo, which still allowed the CAC 40 gaining 0.19% at closing, and thereby save its seventh session up on the Paris Bourse this should again hesitate Friday morning.

Around 8:20, the CAC 40 futures contract on predicted still opening up slightly from 0.2% to 3691 points.

Like the U.S. markets, which also ended up in small and Asian stock markets, changing early this morning in a disorganized.

Euro side, the rebound is confirmed. On Friday morning, about 87 hours, it all round score 1.2400 dollar. There is still less than two weeks, it was worth about $ 1.19. A recovery that is explained more by technical effects that real underlying trend upward, experts said.

Rich economic news in Europe

In France, on Friday released the book "The French economy" of INSEE.The institute will also present the final results of the index of base monthly salary of the first quarter of 2010. At midday, the index value of orders received in the industry in April appear.

In Germany, Destatis publish the producer prices in May In the United Kingdom, the figures on public finances will be available in May. In Italy, these are the industrial orders contained in the agenda.

In Spain, the IMF Managing Director Dominique Strauss-Kahn, is received by the Spanish Prime Minister Jose Luis Rodriguez Zapatero, amid persistent rumors but denied reports of financial assistance to Spain.

Thursday night, Nicolas Sarkozy, following the Summit of Heads of State in Brussels, said there was "no concern" about the financial health of Spain and no plan aid was in the agenda.

Danone: strategy leader in Russia

Danone and Russian Unimilk announced Friday they would merge their dairy operations in Russia and nearby states no fax payday loans. This merger will create a new entity representing a turnover of 1.5 billion euros, the leader in dairy products in Russia with a market share of 21%.

Danone is the majority shareholder of the new company with 57.5% of the capital. "With this transaction, Danone's net debt will increase by 1.3 billion euros," added the group.

Distribution The distribution Leclerc abandons his device "security updates" deployed in 130 of its 520 stores, according to information from Figaro. Too complex and too costly, he failed to derail the bids of Carrefour and Auchan.

The construction group Vinci has won the contract to renovate the Victoria underground station in London, whose work should begin in 2011 and completed in 2018.Transport of London (TFL) of an amount refers to total 700 million pounds (840 million euros) for the entire renovation of the station.

Sanofi-Aventis Lab has obtained the approval from the FDA (Health Authority) for U.S. marketing of its anticancer Jevtana.

Lagardere Guy Wyser-Pratte wrote to the AMF (AMF) to request an investigation on the counting of votes on resolutions presented at the Annual General Lagardere late April, reported Thursday on its site Expansion Internet.

The biotech company Transgene, which held its general meeting on Thursday announced the merger of the functions of chairman and CEO, both assigned to Philippe Archinard.

Rhodia Standard & Poor's said the credit ratings and the prospect of chemical remained unchanged after the announcement of the acquisition of Chinese Feixiang for a little over 397 million euros.

Rigor: same effort in France and Germany

This is not a surprise but the time is more than ever in a pinch. Angela Merkel and Nicolas Sarkozy will meet on Monday to prepare the European Council by the end of the week and the G20 Toronto. Discussions will focus obviously on public deficits in the euro area, including sanctions to apply against the states that are lax or new ways of coordination of economic policies. Originally scheduled on June 7 last, the interview was postponed, allowing the two leaders unveiled their own plans for savings.

French plan considered "practicable"

The plan submitted by Paris this weekend, is considered "feasible" by the Governor of the Bank of France, Christian Noyer.This has indeed said Sunday he is "perfectly possible" for France to bring its public deficit to 3% of Gross Domestic Product (GDP) by 2013 as foreseen in the government aims to reduce the public deficit (government, corporate accounts, local communities), 100 billion. To do this, the Governor of the Bank of France has called for "focus on measures to reduce expenditure" Guaranteed no fax payday loans.

Effort on the sources of expenditure

And that's the government's target. The Budget Minister Francois Baroin said Sunday that the objective will be achieved by making "a major effort on all sources of expenditure, the state plans to cut public spending by 45 billion euros. The Minister added that this effort on ITélé would "not less" than in Germany.In Germany, the government wants to save 80 billion by 2014, thanks to budget cuts in military spending and social.

The question remains what the market reaction. For now, a report published Sunday by the Bank for International Settlements (BIS) says that the bailout of the European Union has not defused the fears of the markets. The institutions in Basel has also reaffirmed that the French and German banks are particularly exposed to the debts of Greece, Ireland, Portugal and Spain with a respective total of 493 billion and 465 billion dollars.

Prudential renounces the acquisition of AIA

Following the refusal of AIG to lower the selling price of its Asian branch AIA 10% Tuesday, the British insurer has finally decided to purchase more than 30 billion dollars. This decision follows weeks of negotiations between Prudential, its partner, British financial authorities but also some shareholders, who felt too heavy redemption fund.

The capital increase of $ 21 million planned by Prudential to fund the acquisition of AIA, has also canceled. The abandonment of the proposed fundraising was announced at last night, a harbinger of the abandonment of the operation, confirmed a few hours overnight pay day loans. The failure of this acquisition is expected to cost 450 million pounds to Prudential, including 152.6 million pounds for breach of contract.

For its part, AIG believes it has "several options to consider about the AIA," In a letter to his employees, Robert Benmosche, CEO of the insurer, owned 80% by the State, in counts " more than we had in March. "

The recovery is gaining ground, according to the G20

Dominique Strauss-Kahn warned: he wants more consistency in regulation. The G20 works there. This Friday in Washington, he has been more talk of economic opportunities.Meeting to discuss the taxation and regulation of finance, the finance ministers of the G20 in effect Friday reaffirmed their goal of balanced growth, and pledged to develop an exit strategy for each "credible" in a joint statement issued after a meeting in Washington.

"We, the Finance Ministers and Central Bank Governors of the G20, we met in Washington to ensure global economic recovery and the transition to a sustainable high growth and balanced", said the participants in this document.

According to the G20, some countries must be persuaded to continue their policy stimulus, but all must design their plans output exceptional political support to the economy.

Tax on banks: no agreement

"We all need to develop exit strategies credible measures of macroeconomic and financial support that are tailored to individual circumstances and each country taking into account the consequences on others," said the G20.

On the issue of taxation on banks, no agreement has yet been found, according to the ministra candaien low interest rate personal loans.The leaders of the G20 Finance (Finance ministers and central bankers of the twenty richest countries in the world, Ed) are satisfied for the time to ask the IMF to continue its work on financial sector taxation.

"We urge the IMF to continue working on options to ensure that financial institutions in each country bear the brunt of any extraordinary intervention of the States where they were necessary to tackle the problem of excessive risk-taking and help to promote fair competition, "said the G20.

As revealed an official of the G20, no explicit reference to the proposal to introduce a tax on banks is made.No more than the Chinese currency that several countries, starting with the United States, consider devalued.

Parallel to this meeting, the U.S. Treasury Department, speaking through his secretary, has lowered the cost of the rescue of banks to 87 billion, or about 0.6% of U.S. GDP. In 2009, the Treasury had anticipated a cost of rescue finance to … 500 billion, or 3.5% of GDP.

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The Paris Bourse to increase

The Paris Bourse, which has declined sharply Thursday evening the CAC 40 fell below 3,925 points – should open up art. The CAC 40 should always move in the Greek fear – revived by lowering the grade of Greece by the rating agency Moody's and reassessment of the Greek deficit by Eurostat, 13.6% – and a banking sector plagued .

Around 8:20, the index future on the CAC 40 rising 0.39%.

Yesterday, the number of unemployed registered in the U.S. fell less than expected during the week ended April 17, and producer prices have rebounded sharply in March. This growth is fueling speculation about a future rate hike from the Federal Reserve. Wall Street closed slightly lower.

This morning, Asian stock markets are also changing in quick retreat.

In this context, the euro hit a new low against the dollar at 1.3202 dollars to a euro.The single European currency has reached the floor in the morning in Tokyo. Around 3:15, she sat up slightly, to around 1.3235 dollars, against 1.3293 the previous day to 23 hours in New York. The euro has broken the 1.3280 support and could, according to technical analysis, find its level in March 2009 and November 2008, or $ 1.24 per euro.

Clear indicators

On Friday, France, INSEE begin at 8:45 am by disclosing its quarterly survey of conditions in the industry for the month of April and spending on household consumption of manufactured goods in March.

In the euro area, new industrial orders in February are known.In Germany, the Ifo confidence barometer for April will be followed, while the first estimate of GDP in the first quarter will be published in the United Kingdom

In the U.S., at 14.30, investors will pay attention to durable goods orders (March), then 16 hours, the promise of home sales (also in March).

Wind Publications

Side values, the specialist construction Saint-Gobain aenregistr? sales down 0.5% to 8.7 billion euros, and maintained its targets for 2010.

Essilor, the world leader in ophthalmic lenses, on Friday issued a turnover of 905.8 million euros in the first quarter, up 7.8% over one year through acquisitions and a recovery of activity, particularly in emerging countries.

At 4.7 billion euros (+8.1%), the turnover of the group L'Oreal is slightly above expectations.L'Oreal has been observed in the first quarter of the divisions that had been heavily impacted by the crisis.

The first European manufacturer of semiconductors STMicroelectronics announced Thursday that it had returned to profit and exceeded the consensus expectations in the first quarter of 2010.

EDF will host the market reaction after the Russian electricity trader Inter Rao, announced last night a planned entry to the French capital of Russia, at 10% interest. An investment valued at 400 million dollars (299 million euros).

Zodiac regained its financial leeway when it observes an encouraging start of recovery in commercial aviation.The aerospace supplier has published sales in the first half down 12.8% to 966 million euros.

Still later boats, sailboats, but this time, the B?n?teau Group has reiterated its target for operating profit of 37.5 million euros for the 2009/2010 financial year despite a loss in the first half.

Side car, Valeo announced Thursday a 42% jump in its quarterly revenue, and confirms its objective of doubling the margin in 2010.The acceleration of the automobile production observed at the end of the year thanks to scrap premiums had still not disproved.

On the sidelines of the Beijing Motor Show currently underway, Changan Automobile Group China confirmed Friday it was in talks with French automaker Peugeot on the creation of a possible joint venture in commercial vehicles.

AXA continues to make targeted acquisitions after taking over the assets of investment capital to Natixis.The group has announced yesterday that its subsidiary AXA PE will buy Bank of America to a private equity fund of 1.9 billion dollars.

Euler-Hermes profit quintupled

Euler-Hermes expects its net profit increase by five this year and think back to its turnover at the 2008 level, according to the CEO of the credit insurer, Wilfried Verstrate.

Ingenico announced Thursday it was on track to meet its financial targets in 2010 after seeing its sales on a constant increase of 8.8% in the first quarter.

Somfy Thursday posted a turnover up 10.2% but warned that the economic situation was still marked by pressure on prices and margins.

Are still expected this Friday publications sales and quarterly Interparfums Damartex.

Schneider is growing again

Beginning of year good for Schneider. The world's number one low-voltage electrical equipment and number three for medium voltage carried on the first three months of the year a turnover of 3.91 billion euros, up 2.3% at the both structure and exchange data current and organic. It's better than expected by analysts polled by Reuters had expected a slight decline in activity (-1.2% to 3.78 billion).

This is the first quarter of growth for the group since the third quarter of 2008, the beginning of the economic crisis for the sectors to which its activity. "As expected, we see significant recovery in industrial activity – a sharp contraction after last year – and the rebound in investment in energy secure," said Chief Executive Jean-Pascal Tricoire in a statement.

2010 targets confirmed

Schneider is being strengthened in emerging countries like China, its second largest market behind the United States and ahead of France and on the segment to higher value-added solutions for energy management. "Energy efficiency and renewable energy, particularly in Europe, remain a relay of growth through new orders supported," said Schneider.

In contrast, "the market for commercial property in the mature economies should not restart the short term and probably still weigh on the work of Schneider for several months," said Emmanuel Babeau, CFO of the group, even if it considers that low point could be reached at the end of the second quarter.

The focus group confirmed a moderate growth this year to a number of his sales at constant exchange rates and consolidation scope, after falling nearly 16% throughout 2009.

Schneider also still expects an improvement in EBITA margin of approximately 14% before restructuring costs and impact of integration Areva Distribution, against 12.9% in 2009 and 16% in 2008, thanks to cost savings conducted under the Strategic Program One.