Business World |

Sitting bullish on the Exchange of New York: the Dow Jones gained 0.51% on Friday to 11,006 points – he surpassed 11,000 points, a first in over five months – the Standard & Poor's 500 and Nasdaq 100 argued respectively by 0.61% and 0.77%.

Yet, the U.S. unemployment does not improve: this Friday at 14:30, the employment figures in the United States have fallen, and reported more job losses than expected.

The United States has lost jobs in September for the fourth consecutive month and at a pace much faster than the previous month. The economy has destroyed 95,000 more jobs than it created in that month, says the official report on employment from the Labor Department. The number of jobs lost has increased by 67% compared to August.Analysts believed instead that the country was back in September in the balance with a zero balance of creation or job destruction. Despite the destruction of jobs, the unemployment rate remained steady at 9.6%, the ministry said, while analysts predicted they would go back to 9.7%.

The Dow Jones for more than 11,000 points

Markets, European stock markets have directly accused the coup. But not for long. Wall Street, which opened half an hour after the announcement has already digested the announcement: in early trade, U.S. markets opened flat. Then the indexes have increased their earnings: about 18 hours,

The dollar falls further

Exchange side, the dollar has rebounded with this hit. But once again eu, very briefly.The greenback is a safe haven, and when the United States go wrong, the perspectuives for the rest of the world are deteriorating, which increases the risk aversion of investors protecting themselves by buying the dollar, appreciating . Instead, the euro fell under $ 1.39 after avoirtouché bar $ 1.40 Thursday to 15 hours.

But soon, the bumpiness of the dollar has faded. Indeed, this bad news merely fuels the prospects for an easing of monetary policy by the Fed.The very idea of such a cutting blow to the American éconmie is already taken as good news by the markets.

The yuan against the dollar, it has now reached its highest level since the abandonment of fixed exchange rate system in 1994, reports Dow Jones.

Note also that wholesale inventories rose 0.8% in August, more than expected (+0.6%) poor credit personal loans.

Daniel Tarullo, Fed governor, also will speak tonight at 10:25 on "the next steps in international financial regulation."

Alcoa started the ball rolling quarterly publications

Alcoa has supported the document. Alcoa has released sales forecasts up and greeted by a surge of 5.57% of the title, to 12.88 dollars. Even if the first U.S. aluminum producer reported earnings were down 26% in the third quarter.

The action of Adobe Systems fell 5.93% to 26.99 dollars after a price spike on Thursday on the Nasdaq, background information reported by The New York Times has fueled rumors with the software publisher as an acquisition target for Microsoft. The title was taken up to 17% to a session high of $ 30 before closing up 11.5% to 28.69 dollars. Microsoft has advanced 0.16% to 24.57 dollars.

The calendar quarterly publications will expand, animating Wall Street. Next week, JPMorgan Chase (-0.56% to 39.3 dollars), will release Wednesday its third quarter results. Thursday, after market, it will turn to Google (+1.2% at 536.35 dollars) and AMD (2.62% to 7.05 dollars).

Takeover on the front, Genzyme (+0.54% to 72.75 dollars) has officially turned down the hostile takeover deSanofi-Aventiset its offer to 69 dollars per share.The American biotech group announced Thursday that its board had unanimously rejected the bid from French Sanofi-Aventis to 18.5 billion dollars, judging undervalued. Following months of fruitless discussions, the French group was resolved on Monday to launch a Genzyme Tender Offer (OPA) that the hostile U.S. biotech company undertook to review within two weeks.

Emirati authorities announced Friday that the services of the BlackBerry (RIM, 3.01% to 49.36 dollars) in the UAE would not be suspended on October 11.

Investors also were encouraged Thursday by the 2.6% increase in sales of U.S. retailers in September, according to figures from an industry association, ICSC.About 80% of retailers have exceeded expectations, which the chain of ready-to-wear Abercrombie & Fitch, which won 8.91%, American Eagle Outfitters (8.13%). However, Gap (-2.95%) disappointed.

For the third time in less than a month, the French took to the streets to protest against pension reform. And for the third time, everyone said win: unions claim to have won their bet to broaden the challenge by mobilizing nearly three million demonstrators. The government, meanwhile, were nearly 900,000 protesters, representing a decrease of 10% compared to September 23.

But whatever the battle of numbers! Two days before the examination of the bill in the Senate, which begins Tuesday, the executive has confirmed its line of conduct. He stands firm on the "terminal age (the decline of legal age to 62 years and full pension at age 67), essential to the preservation of the PAYG system in a lengthening life.The framework for reform, "we can not change it if we want to continue to pay the retired people," said Labour Minister, Eric Woerth.

"Do not disrupt financial reform"

However, the government still has a few cartridges broiler. During the examination of the reform commission last week in the Senate Social Affairs, it had slowed down the enthusiasm of some senators of the majority, in order to reserve for the meeting. Progress is now waiting in the form of amendments to the asbestos victims, the issue of disabled workers and older unemployed. "There are always improvements possible," said Sunday night the Prime Minister, who has also been open to a move towards women who had three children.

In the Senate, Gerard Larcher is conducive to maintaining the age of 65 without a discount for them."But the French must understand that these improvements can not destabilize financial reform. Indeed, all that will more for certain classes of French, he'll have all the French finance under the retirement system of ours, "warned the prime minister.

New strike Oct. 12

For their part, Senators Communists and the Left Party have announced the filing of 400 amendments, and PS 300, not counting a referendum motion (to request a referendum on the text) and procedural motions. "We will use all our means," assured there at PS group, foreshadowing a contentious debate. The Senate, "is one of the last opportunities for the Government to amend his text," warned Francis Chereque, secretary general of the CFDT."If the government confirms its intransigence, it will not be surprising if mobilization takes other forms," added Bernard Thibault, the CGT.

The Inter behind the new day of action will meet on Monday to "analyze the situation" and decide what action. New appointments are already set. On Tuesday, "Local Initiatives" are announced with a rally in Paris. And October 12, all unions are calling for a new national day of strikes and demonstrations across France. The issue of renewed strike is also under debate, especially among the railwaymen and the energy sector.

ALSO READ:

The Senate suggests adjustments

"Sarkozy promised the senators a little room

China has a weapon of weight to put pressure on its neighbor, it supplies nearly 95% of the market for rare earths. Thus, in full diplomatic crisis with Japan, triggered by the detention of a Chinese trawler captain by Japan, the Middle Kingdom has decided to deprive his neighbor of these metals. Beijing denies but traders Japanese trading houses are affirmative: they found a suspension of exports of these metals from China to Japan.

"We learned from our representatives in China that supplies Chinese rare earth were suspended on Sept. 21, told AFP a spokesman of the company Sojitz. A trader of another trading house, speaking on condition of anonymity, confirmed that the shipments were halted. "On 22 September, the Chinese companies that are licensed to export to Japan have been met in Beijing by the Chinese Ministry of Commerce.There, the Senkaku Islands issue was addressed and there have been discussions about stopping exports to Japan, "said the trader.

Yesterday, the media were already reporting by Beijing suspension of exports to Japan of rare metals as a retaliatory measure in full diplomatic tension with Tokyo, information denied by the Chinese Ministry of Commerce.

Japan has not yet formalized the new country but said that if the measure is confirmed, it will act "in accordance with the rules of the World Trade Organization (WTO)" which prohibits such practices.

Yet, the crisis seemed to subside Sino-Japanese since Japan decided Friday to release the captain of the Chinese trawler.According to public broadcaster NHK and other Japanese media that the decision to release him was taken by the prosecution, but the fisherman was not yet free to move.

This captain is in the hands of the Japanese authorities since the arrest, Sept. 7, his trawler near islands of the East China Sea, known as Senkaku in Japanese and Diaoyu in Chinese. His ship had been seized after a collision with two Japanese patrol near the uninhabited small islands controlled by Tokyo but claimed by both countries, as well as Taiwan.

The metals or "lands" are scarce strategic resources, especially for electronics and automotive sectors.Beijing in July lowered the production and export quota of these substances, causing a rise in their prices on world markets.

ALSO READ:

"Maritime Tensions between China and Japan

"The Asian market undergoes China-Japan tensions

New beginning in the administration's economic team Obama. Latest, the renowned economist Lawrence Summers, who has already served two Democratic presidents in radically different conjunctures, announced his decision to leave the White House later this year. He "has announced plans to return to his professorship at Harvard University at the end of the year," said the White House in a statement.

Lawrence Summers was the chief economic advisor to President Barack Obama since January 2009. As such, he was the author of the fiscal stimulus of $ 787 billion issued in early 2009.

During his years at Treasury, this man will define in particular the response of U.S. financial crises in emerging countries such as Mexico or South Korea.At the head of the department, he devoted a return to budget surpluses.

However, Lawrence Summers has suffered much criticism from the left wing of the Democratic Party, who accused him of being too close to Wall Street. Lawrence Summers also happens to have made a very bad decision by Barack Obama in the summer of 2009 to extend Ben Bernanke to head the central bank (FED) as he would look good in that position.

Experience that completes a career speak for themselves. Joined Treasury in 1993 as Deputy Secretary for International Affairs, Lawrence Summers grew up under the wing of one of the architects of financial deregulation, Robert Rubin, his predecessor at Treasury where he became assistant in 1995 pay day loans . He then himself favored the rise of the current Treasury secretary, Timothy Geithner.He was also a key economic figures of the Clinton administration (1993-2001).

He graduated with a PhD in economics from Harvard, Lawrence Summers was the youngest university professor in the United States at the age of 28 years. After spending a decade teaching at the Massachusetts Institute of Technology (MIT) and Harvard University, Lawrence Summers was chief economist of the World Bank from 1991 to 1993.

For now, the name of his successor within the Obama administration is not yet known. One thing is for sure is that he will be responsible for finding the proposals to boost job creation in which the executive recognizes that it remains very poor, more than a year after the end of the recession. The official U.S. unemployment rate is close to 10%.

Departures multiply

Accumulate and defections within the economic team of President of the United States. Indeed, the departure of Lawrence Summers is the third in the economic team of the White House in three months. The Head of Budget Office, Peter Orszag, announced his resignation in late June. He became a researcher at the Council on Foreign Relations and a columnist at the New York Times.

Later, in early August, the Chair of Economic Advisers to Barack Obama, Christina Romer, announced his decision to return to teaching. Thus, the Treasury secretary, Timothy Geithner, is the last member still in place of the original team of economic advisers.

Sitting, standing, lying down. Passengers do aerobatics in the head designers of aircraft seats. As Michael O'Leary, CEO of the low-cost airline Ryanair has been saying for over a year wanting to travel a portion of its standing passengers, Air France takes opposite view on Tuesday by unveiling a new convertible chair bed direct payday lenders.

The new Air France Business Class
The new chair of the Air France Business Class seating. DR

"Deepening the French-Chinese cooperation in urban transportation and aircraft construction." Thus, the transport minister, Dominique Bussereau, explains the reasons for his trip to China tomorrow. The Tribune on Monday also understands that this trip will serve to advance the current negotiations between Paris and Beijing on the sale of 150 Airbus aircraft for $ 16 billion at list prices. The new EADS shares surged in early trading on the Paris Bourse. The latter rises from 1.82% to 19.34 euros on a market up 1.14%.

According to the newspaper, the manufacturer is on the verge of selling to the Chinese authorities 120 medium-haul A320s and 30 long-haul (20 A330s and 10 A350s).So far, the A350 had been a memorandum of agreement but not an outright purchase.

These firm orders would be signed by November, as part of the visit of President Hu Jintao in France. If this order is realized, it should be the largest since 2007, when China had bought 160 aircraft from Airbus fast cash loans.

Wider Cooperation

Some sources close to the talks have told the Tribune that the figure of 150 would be only the low estimate. In their view, the order could amount to 200 aircraft, coupled with buying intentions five to ten A380s. So far, Airbus has sold only five copies of this aircraft to Chinese airline China Southern.

Through these discussions, France also hopes to advance the issue of Chinese medium-haul aircraft C919. Saffron has already been selected to provide engines of this unit.The government is now trying to convince the Chinese authorities to choose Labinal, a subsidiary of Safran, for the supply of cables. On this last point, Beijing requires the creation of a joint venture between Safran and a company based in China.

ALSO READ:

"Airbus 250 net orders

Invitation to tender for 150 aircraft giant

The U.S. stock markets end in green on Wednesday and confirmed the rebound. After sitting down sharply Tuesday, the Dow Jones gained 0.45% to close at 10,387 points, the Standard & Poor's 500 is 0.64% to 1099 points while the Nasdaq 100 climbed 0.91% at 2229 points .

The markets showed no signs of concern despite the findings of the Fed's Beige Book. The U.S. central bank sees a "profusion of signs of an economic downturn, but investors had already assimilated the information.

The markets were also reassured by the success of the double issue of Portugal announced today.The country has raised 1.039 billion euros in government bonds at 3 and 11 years, but at higher rates than in previous similar operations. "It is a success insofar as the state has succeeded in placing the debt and that there was demand, "said Filipe Silva told AFP bond strategist at Banco Carregosa. This comforts the markets closed on the health of European banks.

On the foreign exchange market, the euro penalized yesterday by concerns over the European banking sector recovered himself.Having lost 1.46% Tuesday, the euro climbed to 1.2720 dollars around 15.30.

Also note in the current macroeconomic, China has again rejected any foreign pressure on Tuesday the exchange rate of its currency, the yuan, while reaffirming the need to maintain good relations with the United States to During the visit to Beijing two senior White House officials.

ZymoGenetics gains more than 80%

On the side of values, while Sanofi-Aventis continues to woo Genzyme (-0.32% to 70.78 dollars), the U.S. laboratory Bristol-Myers Squibb (0.60% to 26.77 dollars) has agreed to buy another American biotech, ZymoGenetics (84.15% to 9.75 dollars) for 885 million dollars.

After its disappointing second quarter, including Its Defence, Boeing (1.75% to 64.53 dollars) announced the reorganization of its military aviation activities.The number of divisions from six to four, with a consequent 10% reduction in the number of posts.

Today on Wall Street banking is likely to remain under pressure. The feeling of increased bank risk has also been fueled by the meeting yesterday, the Basel Committee, responsible for setting new solvency rules for banks. However, after this meeting, the committee has maintained the suspense in not distributing a press release. It will do that Sunday. In the morning, a Wall Street Journal had rekindled doubts doubt on the reliability stress tests on European banks, whose results were published at the end of July. Battered yesterday, the bank found the way to increase the image of JP Morgan (2.17%), Bank of America (1.06%) or Goldman Sachs (1.51%).

Top of tough week on Wall Street. After opening in a small decrease (-0.1%), the NYSE has widened its losses during the session to close on a net decrease of 1.39% at 10,010 points. The Nasdaq coward 1.56% to 2120 points while the S & P drops 1.47% to 1049 points.

The euphoria that followed the release Friday of the revised figure for growth in the second quarter will not last. Caution has again made its appearance in spite of macroeconomic statistics as bad as expected. Consumption has picked up 0.4% yoy compared to June. It's better than the expected by analysts, who had estimated the consumption growth to 0.3%, according to their median forecast.Spending growth has outpaced that of household income since, according to the ministry, they are divided up by 0.2%, after virtually stagnating in June

The wait has dominated this session because of the flurry of statistics to be published this week. On Tuesday, it will house prices and economic activity in the Chicago area in August and, finally, the consumer confidence that will be published. Wednesday, Thursday and Friday will be dominated by such employment with, successively, the ADP employment figures, entries weekly, and finally figures of unemployment and employment in August.

Waltz of mergers and acquisitions

On the corporate side, the dance of mergers and acquisitions continues. 3by (-2.03% to 31.80 dollars) fall after surge 25% to 32.5 dollars on Friday night.As for his suitors, HP (1.47% to 38.56 U.S. dollars) has increased its prices by 3 27 to $ 30, Dell (1.12% to 12.02 U.S. dollars) has aligned its offer Friday morning about $ 27.

The German manufacturer Infineon Semiconductor announced Monday the sale of his division's wireless, which makes components for mobile phones, the U.S. Intel (-2.23% to 17.96 dollars) for 1.4 billion (nearly 1.1 billion euros).

The CEO of Sanofi-Aventis, which formalized Sunday his intention to acquire U.S. biotech Genzyme (3.39% to 69.91 U.S. dollars) to $ 18.5 billion, said that "a lot of time can still drain "by launching a bid, in an interview with Voices dated Monday. But the board rejected Genzyme Monday unanimously the proposed terms.

The Indian government was to meet Monday officials from the Canadian manufacturer of BlackBerry (RIM: -0.88% to 45.59 U.S. dollars) to try to break the deadlock over access to encrypted data from the phone, on the eve of the ultimatum on blocking two messaging services.

French insurer Axa has reduced by almost half its share in the prestigious investment bank Goldman Sachs (-1.97% to 136.66 U.S. dollars), the center of criticism for his role in the Greek crisis, according to documents the regulatory authority of the U.S. markets (SEC).

The U.S. industrial conglomerate 3M (-1.67% to79, $ 65) announced Monday the acquisition of Cogent group (24.40% to 11.09 dollars) to over 900 million dollars (708 million euros) This represents a premium of nearly 18%. 3M will pay $ 10.50 in effect by title Gogent, which posted a closing price of 8.915 dollars Friday.The transaction should be completed in the last quarter of 2010.

LE FIGARO. – Eutelsat crossed the billion euros. This growth will she continue?

Michel de Rosen. – It is indeed a record year with growth of sales from 11.3% to 1.04 billion euros and growth of the gross operating surplus of the same order to 828 million. But do not performance overinterpretation those that involve non-recurring items: we have benefited from the full effect of five new satellites launched in 2008 and 2009. For Eutelsat, this is excellent, our ambitions are clear and our strong future. We operate in a business long term, so we're marathon runners rather than sprinters. Since the IPO in 2005, our turnover grew by an average of 7% per year and we have always kept our commitments.We announce now forecasts annual growth above 7% over the next three years, with a turnover of 1.12 billion over the year begins. The dividend that we offer up 15% to 0.76 euros.

Do you have visibility of 3 years?

Monday, Le Monde has turned a page of his story in a calm atmosphere. Once is not custom. Upon completion of the supervisory boards of the World, offers the trio Pierre Berge, Xavier Niel and Matthew Pigasse ("BNP") received 11 votes. The other nine votes abstained. Employee representatives had 9 votes, and Louis Schweitzer, Chairman of the Supervisory Board, which made the difference in making its voice and that entrusted to him by Claude Perdriel, boss Le Nouvel Observateur and unsuccessful candidate for the resumption of the World. Louis Schweitzer has done everything to ensure that The World is lost in a new crisis between the employees and field representatives (Lagardère and Prisa, La Stampa, Pierre Lescure, Jean-Louis Beffa …).

Over the weekend, in the daily columns, he emphasized the seriousness of the financial situation and warned: "I hope there will be convergence." At the end of the supervisory board, Gilles Van Kote The president of the Society of Editors (RS) welcomed "the gesture of a great lord of Claude Perdriel, which withdrew its offer and voted for its competitors. On Monday morning, Claude Perdriel and Orange announced they were withdrawing their offer, drawing the lesson of the plebiscite of employees of the World for the trio "BNP". Indeed, on Friday, the different societies of staff (Le Monde, Le Monde Interactif, Telerama, International Mail, employees, managers …) have made an overwhelming majority (between 80% and 91% for the Society of Editors World) for the trio Pierre Berge, Xavier Niel and Matthew Pigasse. After the vote, will open exclusive talks with the trio BNP.Beforehand, prospective buyers are, as they had committed 10 million euro move before July 5 to cross to Le Monde's financial deadlines July 10 and have enough money to take all summer . "Then, in late July or early September a new supervisory board will endorse the negotiations and the deal should be finalized in late September or early October," said Gilles Van Kote.

Negotiations with Lagardère and Prisa

In total, Pierre Berge, Xavier Niel and Matthew Pigasse provide 110 million euros. Therefore, they will control 64.65% of capital. For the first time in the history of the world, workers will abandon the majority stake and control group. The trio "BNP" had taken the measure of the importance of this decision. That is why he insisted on preserving the editorial independence of publications group.Better, it should make a gesture in their favor. Pierre Berge has promised to create a foundation with 10 million euros destined to gradually increase the share of employees to 33%.

With other shareholders, Lagardère and Prisa, also diluted, dialogue should engage. Following the recapitalization, Lagardere will have only 5.86% of capital, and Prisa 5.1%. Lagardère cons grin and heart. In the vote, he refrained. "This is a position consistent with what we've always said. We did not oppose the rescue of the World while taking care to preserve our interests, "responded Khiroun Ramzy, the spokesman of the group. However, Lagardere clearly leaning in favor of the trio Perdriel, Prisa, Orange, with whom he had begun negotiations for the acquisition of its stake in the holding company and Le Monde Interactif. In total, he was to receive nearly 40 million euros.The trio "BNP", everything remains to be done. "The investors must now specify their intentions. Everything depends on the proposals they will make us, "adds the group. However, the trio "BNP" remained unclear. If he says he must "return to the activity in the digital world", it does not specify the amount he is prepared to pay to redeem the 34% of Lagardère in Le Monde Interactif.

The other loser is the media giant Prisa Spanish. The group led by Juan Luis Cebrian came late in the battle alongside Claude Perdriel and Orange. He has to defend its interests in the holding head. But his stance in favor of an issue of the daily morning have undermined his bid.

ALSO READ:

Le Monde: the New Orange Obs and throw in the towel