Business World |

The "Jasmine Revolution" made him one of his symbols in the Maghreb, but for the Tunisian Salafists, it is now down to the media. However, Nessma, the first Tunisian private channel present in the Maghreb and available via satellite to 90 million people, has every intention on Sunday, play an important role during the first free elections in Tunisia. The staff of the chain refines his election night and will also take the opportunity to offer its viewers a brand new news.A symbol for the general channel, leading audiences in Tunisia and one of the most watched in other countries such as Algeria, Morocco and Libya.

The purpose of the chain is to offer a model that does not really exist in the Arab world: a general close to French and Italian models, including M6, TF1 and Canale 5, that is to say, entirely financed by private funds. The channel aims to break the hegemony of the operators in the Gulf as al-Jazeera or Al Arabiya. Founded in 2008 by brothers Nabil Karoui and Ghazi, the Italian media group Mediaset and businessman Tarak Ben Ammar, she was baptized in a prescient Nessma (the breeze, in Arabic). She now wants to surf the huge popularity that she raised 30 December 2010.It was the first media to dare criticize the regime deben Ali, and to support the "revolution of Jasmin", before calling a return to calm the population payday loan lenders.

Dissemination of "Persepolis"

The elections are for Tunisian Nessma "the birth of a certain editorial line," young, free and modern. "Nessma belongs to everyone, says one of its shareholders, businessman Tarak Ben Ammar, to all those who look at those who make it, and finally to all the political forces that are TODAY 'Today, in the presence to elect the Constituent Assembly that will work with the Constitution of our country.As such, Nessma deal with all of the coalition, including Ennahba with the moderate Islamic party, if elected democratically and if, as he said, condemning the violence and fighting for the freedom of expression and the achievements of Tunisian women. "

But the chain Nessma is in the firing line of radical movements. Last week, the Salafists protested against the chain, burning cars of its leaders and the house of its chief executive, Nebil Karoui. At the root of this conflict is the dissemination of Persepolis, the film of Iranian director Marjane Satrapi. Although awarded at festivals in Cannes or Abu Dhabi as well that of Carthage, the film was exposed on all screens in the Arab world. But its distribution in the midst of Nessma election and Tunisian dialect, so accessible to as many people, set fire to the powder.

Fitch Ratings lowered the rating two notches from Spain, which now stands at "AA-". Spain held so far a "AA +", the fourth highest on a scale of twenty. More worryingly, the note is accompanied by a 'Negative' outlook, which means that the agency could lower it back to medium term.

Spanish growth at half mast

Moody's in turn should decide by the end of October on a possible downgrade Spanish now "Aa2" (the third best possible)."With significant funding needs" of the Spanish State, to cover its budget expenditures and net external debt is "one of the highest in the world" (91% of GDP), said Fitch, "the more volatile strong a negative effect on financing conditions in the market of Spain. "

But there are also internal factors in the country "risks to fiscal consolidation as a result of performance parts." The same agency Fitch has lowered Wednesday including the long-term rating of the Basque Country, one of the richest region in which it criticizes the "weak fiscal performance." Growth forecasts have been revised downwards. Wednesday, the Bank of Spain announced that the country's growth expected to slow in the third quarter, to reach an economic activity 'lackluster'.The Spanish government has also recognized that the economic growth targets it had set for 2011 and subsequent years would be "hard to reach" because of the risk of recession in the world.

Italian governance into question

Fitch also lowered the rating one notch to Italy, "A +" against "AA-" and does not see her again in the fall if the country would miss its targets for reducing the budget deficit. Fitch was the last of three major international rating agencies have not downgraded from Italy since the beginning of the debt crisis in the eurozone. She explained that the high level of public debt and budgetary financing needs, combined with the low level of potential growth (the country), made in Italy especially vulnerable.The Agency is challenging the country's governance and stressed that the differences in the Parliament and the escapades of the prime minister Silvio Berlusconi, help to weaken the ruling coalition.

Belgium heckled by Dexia

Belgium is also in sight. The agenceMoody's said it was considering lowering its rating, currently at "Aa1", the second best possible. The agency cited three reasons: the crisis in the euro area, concerns for economic growth and the possibility of additional support to the banking system, particularly in establishing Franco-Belgian Dexia.

Another European country in turmoil, Portugal, has been confirmed its rating of "BBB-" (the last before falling into the category of "speculative") by Fitch, which continued on negative watch at least until the end of the year.Standard & Poor's, confirmed Tuesday the rating "BBB-" from Portugal, while maintaining it as a negative outlook. Portugal, the third country in the eurozone after Greece and Ireland to receive international financial assistance, is facing new economic challenges that undermine his efforts to clean up its public accounts. Progress in implementing the program of the European Union and the International Monetary Fund (IMF), and its budget for 2012 will be crucial.

ALSO READ:

"S & P lowered the rating one notch to Dexia

"Standard & Poor's sued in Australia

"3 billion for local

Baroin on a plateau of CNN, this is not Christine Lagarde interviewed in the "Daily Show" Jon Stewart. Former Economy Minister had marked the spirits with a beautiful demonstration of self-mockery, in a financial crisis, saying with a humor all English-speaking French position vis-à-vis the situation of banks. An effective way to get messages across the Atlantic, in a country that does not always share – far from it! – The same opinion as the Europeans.

His successor, however, has adopted this week at the annual meeting of the World Bank and IMF, a slightly different stature. Gravely, sheets strung, serious rigor.Interviewed Thursday by Maggie Lake in its program "Business 360", the French minister wanted to embody the application with which Europe treats the moment the debt crisis.

Translator to support – "it is just not to be mistaken on any word and bring down the stock market more than 5%!" Calls due to his entourage who wants to remove the rumor saying the angry with the Shakespeare's language – Baroin refuses to be intimidated by any questions. Not even when the presenter asked about "fear" about the situation of banks in Europe.That one, he was waiting for … "They have good corners," said the minister, the coup, speaks with a touch of nostalgia the three years he was an economic journalist on Europe 1.

"No way to leapfrog"

The next morning, it's the American columnists (those in the Washington Post, Financial Times, The New York Times or the Wall Street Journal and The Economist) that seeks to convince the "pragmatism" of the strategy adopted by Europe on July 21 to stem the debt crisis.Despite the G20 communiqué issued last night, the Minister did not want to see a winning mine – it must be said at the same time the new stock exchanges were pretty bad … – ensuring that there were still efforts to be done to reduce deficits and restore growth.

Main concern of American editorial writers: what is the market reaction if the European countries openly admitted a lack of Greece? "No way to leapfrog," once again hammered Baroin.As for the situation of the banks of the Old Continent, which also concerned the American press, it should be raised at the traditional "bankers' dinner," which brought together tonight finance ministers and heads of the major French financial institutions as part of an annual meeting …

After his three-day visit to Washington, the message of France is over. The cameras turn off, the books disappear, and finally relaxes Baroin joking with reporters … in English!

François Fillon on Monday took a trip to the nuclear power plant of Bugey in Ain – one of the oldest park of EDF, one of the reactors suffered its general review of thirty years – to reiterate the government's argument in favor of nuclear energy. Being understood, said the Prime Minister, that "safety is the top priority." The end of a busy year on the last record. Six months after the disaster of Fukushima, Japan, EDF must provide a copy within two weeks of testing the resistance of French power stations.

ASN will then evaluate, by December, the information on the resistance of plants to earthquakes and extreme flooding.Asked about the failure to take into account the risk of terrorism in these tests, François Fillon acknowledged that the current plants – unlike the EPR reactor being built in Flamanville – would not survive the fall of a "jumbo" in the case of an attack like September 11, 2001 but that there are "other means than concrete" to counter an air attack, referring to anti-aircraft missile batteries and fighter on permanent alert. The prime minister also responded to a question about the resistance of the Flamanville earthquakes, following the information published in Le Canard chains."No need to read Le Canard chains, he said, all information is on the website of the Nuclear Safety Authority" (ASN) has called, playing the role of "sting", a better resistance of building control fast payday loan.

Besson favor of "stress tests"

The Prime Minister also called for the establishment of international safety standards. A goal that will not be met "for years" according to Andre-Claude Lacoste, President of the ASN, because of the hostility of countries like China, India and the United States. Eric Besson, Minister of Industry, will defend to the IAEA in Vienna, September 19, the idea to conduct stress tests in all nuclear countries. Pending the possible orders of the nuclear policeman at the end of the year, EDF provides better security of its power at all times.Example, during the four months off during the revision of the number 5 reactor Bugey, pre-authorization for an extension of ten years, 25 million euros is being invested to enhance its resistance to earthquakes.

Security has its price. Henri Proglio, the chairman of EDF, has also invoked July 29 to assert that it would be "natural" that the price at which EDF has to sell part of its current competitors (price Arenh) increases until to 46 euros per megawatt hour, while the authorities have set at 42 euros on 1 January 2012.

Responding to the BBC on this, François Fillon said "common sense" the current level of Arenh but added that more security funding for renewable energy made inevitable the rise in electricity prices. In government, he added, to control it as much as possible.

Wall Street looks set to continue the rally that started in last weekend. On Monday, the Dow opens up 0.48% to 11,323.44 points. The Nasdaq index before for its 0.60% to 2522.93 points.

As in Asia, the U.S. markets should react positively to the announcement of a contraction much weaker than expected Japanese GDP in the second quarter. But as in Europe, they should remain cautious on the eve of an important meeting between French President Nicolas Sarkozy and German Chancellor Angela Merkel on the reform of the governance of the euro area. They should discuss ways to implement to prevent contagion problems of sovereign debt to the rest of the region.

But Germany has already warned investors: this meeting will lead to "nothing spectacular"."It will be a working meeting on the governance of the euro area in line with European decisions taken in late July," said the spokesman of the Ministry of Finance. The latter also confirmed the skepticism against German Eurobonds solution yet desired by many investors. "The Euro-bonds are not an option," ruled the spokesman. These ads have already resulted in demoralizing the European investors.

Real estate for

Until the final conclusions of the meeting, U.S. investors are learning that manufacturing activity in the New York area declined for the third consecutive month at -7.7, 3.9 points lower than July .

The index of the property market is expected later.

Note that the currency market, the Euro rises slightly against the greenback at 1.4287 dollar.Oil markets, oil prices opened up on Monday in New York. A barrel of "light sweet crude" for September delivery was trading at 86.13 dollars, up 75 cents. Prices were down during the European trading, erasing their gains made in Asian trade in a market nervous and still haunted by persistent concerns about global growth and the debt crisis in the eurozone payday loan lenders. A barrel of Brent North Sea crude for September delivery was trading at 107.56 dollars on the Intercontinental Exchange (ICE) in London, down 47 cents from Friday's close.

Google swallows Motorola Mobility

On the corporate side, Estee Lauder and Sysco should publish their results on Monday.

Lowe (-0.27% to 19.37 dollars) has already reported sales below expectations in the second quarter of its fiscal year and lowered its annual targets for the second time in three months, consumers pushing their development projects until later because of sluggish growth.

Google (-0.88% to 558.94 dollars) will buy the mobile phone manufacturer Motorola Mobility for $ 12.5 billion in cash.

Time Warner (-0.43% to 65.25 dollars) has reached an agreement to buy the cable operator Insight Communications to Carlyle for three billion dollars in cash.

Bank of America (3.20% to 7.42 dollars) has announced the sale of its activities in the international credit cards in Britain, Ireland or Canada.

Boeing (0.16% to 61.84 dollars) announced it had completed with Air Lease Corp. an order valued at $ 2.5 billion on 14 737-800 aircraft and five 777-300ER.

Pfizer (2.41% to 18.29 dollars) announced Monday it had won before a U.S. court case against Teva Pharmaceutical Industries of Israel, preventing the global generics to produce a copy of Viagra before 2019 .

Transocean (2.15% to 56.81 dollars), listed in New York, wants to buy the Norwegian group Aker Drilling, for a total of 1.1 billion Swiss francs (1 billion), according to a statement Monday.Several large shareholders, representing 65% of the capital, have agreed to the deal, said the Swiss.

The American specialist craft materials Grainger (2.12% to 138.72 dollars) on Monday announced the acquisition of the Dutch distributor of fasteners Fabory Group for $ 344 million (242 million).

The speech Barack Obama optimistic about economic prospects was not enough to lighten the mood in the U.S. markets. In the aftermath of a black session, Wall Street closed Friday on a very hesitant, after playing roller coaster the entire session. The Dow Jones gained 0.54% to 11,444.61 points but the S & P lost 0.06% to 1199.39 points and the Nasdaq drops 0.94% to 2532.41 points.

The fence marks the end of the worst weekly meeting signed by the S & P 500 over two years. For the week, the Dow has sold 5.8%, the S & P 500 -7.2% -8.1% and the Nasdaq. Obama does not reassure

The announcement of a significant improvement in job creation last month has not calmed the spirits. Publications disappointing state of the U.S. economy had yet chained, challenging the idea of ​​resumption of the first global economy.This publication confirms the figures released Wednesday by ADP, reports of more new jobs than expected for the month of July.

U.S. markets also hesitant despite 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.

Moreover, operators have learned that Americans use to consumer credit rose in June at a pace not seen since the recession began, according to figures released Friday by the central bank (Fed) of the United States.The outstanding amount of these loans has jumped on this month of 7.7% annual rate over the previous month, the biggest increase since August 2007, reaching 2,446.1 billion.

Oil pulls himself together

After a slight increase at the opening, oil prices find their way back down to 18 hours, Paris time. After working in the Russian mountains on the New York Mercantile Exchange (Nymex), a barrel of "light sweet crude" for delivery in September was finally completed in 86.88 dollars, up 25 cents from the previous day

The reassuring news, from Europe have traced the course of the euro by 1.25%. The euro traded at $ 1.43 against the greenback to 19 pm Paris time.

AIG, GM and Procter & Gamble publish their accounts

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

For the second straight session, the group Kraft (3.21% to 34.87 dollars), which has split its U.S. branch of its activities snacking, remain top of the list of the stock market.

Thursday evening after market, the insurer AIG (-4.96% to 25.09 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 (-4.85% to 90.89 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.

General Motors (GM) (1.23% to 26.31 dollars) Thursday reported quarterly results exceeded expectations, with a near doubling of profits over the period.

Procter & Gamble (1.71% to 60.60 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 (0.97% to 51.85 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 (-7.76% to 8.15 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.

LE FIGARO. -The markets are highly concerned in recent weeks of debt crises. In this context, the economy has not she also helped to disrupt?

Jean-Michel SIX. -If, of course. And we must start by saying that in times of summer holidays, the markets, which were then much lower volumes, overreact to any new economic situation. The lower the index is up or dive in a much more important than what happens in winter.

Right now, they are rather dive …

For several months, both sides of the Atlantic, the signals on growth are not good. United States, including employment prospects are very disappointing. In fact, employment is not really left since the 2008 financial crisis.Labor mobility is limited due to the housing crisis: moving to take a new position, which is much the United States, is difficult because it becomes difficult to sell his house. As for household consumption, it is significantly weakened by the debt levels of Americans. A total of 2011 should result in a 2% growth, which is very disappointing for the U.S., where the pace of activity is generally much higher than in Europe.

Europe, precisely, is it in a perilous situation?

The problem of Europe is the growing divergence between North and South. This is something that worries the markets, which are asking what does that mean in terms of consistency of the euro area.Then, after a strong first quarter, it was believed that the air hole is the second passenger (once the effects of the earthquake in Japan absorbed and oil back to lower levels). But we realize that the sequence is also likely to be poor Payday advance.

Markets can they regain composure?

It is quite possible to restore calm in September thanks to coordinated action. What happened in July is that we have simultaneously witnessed a loss of U.S. leadership, unable to break the deadlock of debt and a crisis of leadership in Europe in a context crisis on public finances. This is exactly the opposite which would have required!

So how about it?

First, we must continue the work on European Governance. This is critical. Second, the timing of implementation of the second plan is important for Greece.The European Financial Stability Fund will be endowed with significant firepower, which is to say the least-welcome, but there is some impatience markets. It is important not to drag the national parliaments to adopt the device. The political signal must come quickly. Finally, the ECB has played its role, it must continue to appear reassuring.

That's what she tried to Thursday …

The measures announced by President Trichet, in particular the resumption of purchases by the ECB on secondary markets, are extremely positive.

Investors do they always trust in the euro area?

Yes. Investor confidence, especially in emerging countries has not disappeared. She even remained strong, as evidenced by the excellent performance of the euro since the beginning of the crisis.The euro zone faces a crisis of governance, not a crisis of its currency.

ALSO READ:

"Panicked, Europe stock market tumbles at the end

"The ECB tries in vain to be a firefighter in the euro area

On the night of Sunday to Monday, an agreement was reached between Republicans and Democrats to raise the U.S. debt ceiling. A favorable outcome that immediately reassured the markets: when Barack Obama announced the compromise to 2:45 Paris time, Asian stock markets – open to this hour – surged after learning that the failure to pay the United States was avoided. The Nikkei in Tokyo rose 1.7% immediately before finishing up 1.34%. Later, in Europe, major indices also showed the green, like the Cac 40 in Paris, which opened up 1.35%, and the ragagnant 3700 points, the Footsie Londoner, who took 1.07 % and the Dax in Frankfurt (+1.5%).

Safe haven, gold subside sees the outbreak of the course, which showed great concern on the part of investors.The yellow metal, which was still worth almost 1630 dollars per ounce on Friday, and is around 1615 dollars fell on Monday.

Immediate response as the currency market, the dollar has suddenly taken against major world currencies, particularly against the yen (the dollar rose from 77.3 to 78 yen per hour), just after the announcement.

Reassured the markets for a while

But around noon on Monday, the dollar back down a little already, one euro was trading against 1.4437 dollars (0.23%). Same against the Swiss franc, another safe haven, which goes back to full speed again against the dollar and historical levels of force, to 0.78 Swiss francs to the dollar.

Thus, if the news is welcome, the markets are not won by the euphoria. They are waiting because the confirmation of the plan by a vote, or some Republicans have expressed strong opposition to the agreement.Already on the European stock markets, the increases are bunched together in mid-day. And on Wall Street indices predicted a future increase in the Dow Jones 1.3%. Not enough to make up for the fall of 4.4% registered in the past week.

Markets are also wary because the details of the agreement remain unclear. In addition, the debt ceiling would require a new vote in early 2013, after the presidential elections. Now remains to be seen how the rating agencies will react to reductions in planned expenditure, less important than they hoped. However, they have warned: even if the United States are not lacking, this would not prevent the AAA rating of the country may be degraded.In this case, markets may again sink into depression.

ALSO READ:

"The dollar, a victim of the long debate on U.S. debt

"U.S.: Agreement in extremis on the debt cap

The Alibaba China could become a major player in the field of operating systems for mobile phones just as Android, IOS, or WP7. In fact, according to the Wall Street Journal, the Chinese e-commerce specialist, prepares to launch its own operating system (OS). But this new system has a particularity: it is based on the cloud, literally the "cloud computing". In other words, this new system will store the user data on remote servers. Such OS therefore requires a connection to broadband Internet in all circumstances.

This project should be launched in the third quarter of this year, said the American daily. Initially, the system should be accessible only to the Chinese market but "nothing says it will not be used elsewhere after," said a source familiar with the journal.

This launch marks another milestone for Alibaba, more used to make software and especially shopping sites online. Like him, more and more companies are trying to afford the lion's share in the growth market of smartphones. Another Chinese, Baidu, Google's competitor frontal China would launch its own OS for the Chinese market, based on the technology of Google Android. If these Chinese projects are completed, Apple, with its own system IOS, Microsoft Windows 7 Phone and Google, which has the Android operating system, could see their global market dominance eroded.

The natural disaster that shook Japan on March 11 and caused a serious nuclear accident in history, affecting badly the Japanese utility Tokyo Electric Power (TEPCO). The company reported a net loss record 11 billion euros (1.25 trillion yen) on Friday morning, well above the 9 billion expected by the Japanese press. It is the worst deficit recorded by a Japanese non-financial group. The earthquake and the tsunami have paralyzed much of its central activity based in Fukushima, a city northeast of the country now known worldwide. For more than two months in fact, at least four of six reactors on the site are stopped. Before the event, Tepco expected a net profit of 1 billion euros.

Another important announcement this morning by Tepco: Masataka Shimizu's resignation.It must be said that his handling of the crisis has been sharply criticized in Japan and the rest of the world. Particularly for its lack of transparency in the first moments following the disaster. He will be succeeded by Toshio Nishizawa, the current CEO of the group.

State utilities and banks to contribute

The future already looks difficult for TEPCO. The operator had to call for help from the Japanese government. In a request sent on 10 May at the Japanese government, the third largest producer of electricity in the Archipelago evokes an immediate need 8.7 billion euros. Very quickly, the Japanese government has responded, putting Tepco under its control and disclose its financial rescue plan."The purpose of this plan is not to bail Tepco, said Friday the Japanese Minister of Economy, but to ensure that victims are compensated properly," he commented.

TEPCO has indeed compensate the 85,000 victims of the nuclear accident payday advance. A bill that could total between 25 and 43 billion euros, according to local press. Thus the state ensures that dip into its funds and requires the efforts of other private electricity companies in the country. Even banks will tighten their belts: they have provided a loan of 1.4 trillion yen (11.7 billion euros) to Tepco are asked to waive a portion of their claims vis-à-vis the operator .

For its part, TEPCO must, of course, participate in a pinch.The group will include transfer of financial assets and properties in order to concentrate its resources on the production and distribution of electricity. In addition, the eight most senior executives of the company will also waive any compensation and personnel managers to ordinary workers, will also undergo substantial pay cuts.

In exchange, Tepco falls again

This Friday morning in Tokyo, the title has finished Tepco small increase of 0.54% before the results are published in the group. Since, in trade-off meeting at the New York Stock Exchange, the action Tepco listed on Wall Street tumbles 9.6% and is only worth 4.45 dollars. So since March 11, the title collapsed by 83%. Investors, cooled the past two months, do not see Tepco bounce soon.While its nuclear activity has melted, the group had to increase production at its thermal power plants to continue to supply the population. However, this has a cost of hydrocarbons, which could cost another 8.7 billion uros on the current tax year.

ALSO READ:

"SPECIAL REPORT – Japan devastated

"Journey to the heart of the contaminated area of ​​Fukushima

"Japan: a forbidden zone created around Fukushima