Business World |

U.S. stocks opened higher Thursday, JPMorgan considered the results of positive compensating the warning on Wednesday by Moody's sovereign rating of the United States.

In early trade, the Dow Jones gained 0.1% to 12,512 points, while the Standard & Poor's 500, the benchmark for fund managers, is 0.3% to 1321 points and the composite Nasdaq ahead by 0.2% to 2803 points.

Investors seem determined to maintain the momentum of the previous day despite macroeconomic still very tense. Last night, the rating agency Moody's threatened to lose them in the U.S. triple-A in the coming weeks if Congress failed to reach an agreement to raise the ceiling on the national debt.Before that, the Fed Chairman Ben Bernanke reiterated Wednesday that "a failure of the United States on its debts, or its commitments to its own citizens, would create a major crisis."

In Europe, the situation is calmer. Fitch downgraded the sovereign rating three notches to Greece, CCC, B + cons before, dangerously close to the category of issuer insolvency. The euro area is still unable to agree on the question of a possible failure Greek. A summit on the date still uncertain, should take place next week.

Relief on the Italian front

However, investors are reassured by Italy. Despite borrowing costs record, the country has successfully issued a total of 4.97 billion euros of bonds today, to a maximum target of 5 billion."The auctions were well received in Italy in the circumstances, given the volumes required by the market and correct oversubscription," said Orlando Green, strategist at Credit Agricole CIB in London. The Italian Senate has also given the green light Thursday to a first austerity plan reinforced in an attempt to stem contagion from the crisis of debt in the euro area.

Side indicators, good news came on the employment front. The jobless claims fell in the first week of July to their lowest level since mid-April, according to figures released Thursday by the Labor Department. On a seasonally adjusted, the Ministry estimated that 405,000 new jobless claims in the week of July 3 to 9, against 427,000 (revised) the previous week.Analysts had forecast a smaller drop to 410,000.

In addition, retail sales unexpectedly rebounded in June, where they rose 0.1% over May, according to figures released Thursday in Washington by the Department of Commerce. Analysts estimated that retail sales had declined for the second consecutive month by 0.2%, according to their median forecast. Year on year, the index of the Department increased by 8.1% in June

The producer prices fell 0.4% in June in the U.S. after rising 0.2% in May, according to figures released Thursday by the Labor Department.

Note on the currency market, the rise of the euro against the greenback. It is trading 1.4205 dollars against 1.4153 last night.Oil prices are without direction, a barrel of "light sweet crude" for delivery in August lost a cent to 98.04 dollars while that of Brent North Sea crude for delivery the same takes 14 cents to 118.92 dollars.

Values ​​to follow

Side values, investors are pleased with the results of JP Morgan. The title earns 3.2% to 40.91 dollars. The bank, which opened the ball of the second quarter bank earnings, reported earnings better than expected. JP Morgan reported net income of $ 5.4 billion (3.80 billion euros) or $ 1.27 per share, against $ 4.8 billion, or $ 1.09 per share a year earlier. Economists on average had forecast earnings per share of $ 1.21. Net banking income rose by 7% to $ 27.4 billion.

ConocoPhillips reported on Thursday its intention to split into two groups by separating its refining and marketing. The transaction is expected to be completed in the first half of 2015. Investors welcomed the announcement, the title clinching 6.28% to 79.09 dollars.

Marriott International reported Wednesday a rise in earnings while delivering bleak forecasts for the remainder of the year. Its earnings per share were 37 cents against 31 cents a year earlier. Analysts were expecting 37 cents. For the full year 2011, Marriott said, anticipating an EPS of between 1.35 and $ 1.43 instead of 1.35 to 1.45 above. The title is heavily penalized, losing 6.27% to 34.81 dollars.

Yum Brands, owner of the fast food chain KFC, released Wednesday a net earnings per share to 65 cents from April to June, while analysts expected 60 cents. The group now expects annual growth of at least 12% of BPA, instead of the expected 10% increase so far. The title earns 2.42% to 56.93 dollars.

Google reports earnings after the close. Its EPS is expected to show up to 71 cents against 68 cents the same quarter last year. The title is treading water (0.08%) to 538.83 dollars.

Douwe Egberts Dutch coffee distributor and subsidiary of Sara Lee, announced Thursday that it plans to get in stock in the first half of 2012.

The consultation ends on dependency. Roselyne Bachelot and Marie-Anne Montchamp participated in the last debate on Monday in Strasbourg. Yesterday, the Minister of Solidarity and the Secretary of State received the reports of working groups. The opportunity to review the options, when the decision phase starts – Nicolas Sarkozy is expected to decide by mid-July.

• The trails open

Roselyne Bachelot refuses to contribute the only people dependent on a recovery via succession. On behalf of the job, it excludes an increase in contributions Safely weighing on wages. More broadly, she refuses to "seek too assets" and conduct an overall increase in taxes, hence the rejection of a general increase in the CSG, as expressed last week by François Fillon.Finally, the "pattern Axa 'mandatory private insurance is also rebutted by the prime minister – incompatible choice to keep a" floor of solidarity "public.

• Funding potential

This base should look like the current personal autonomy allowance (APA), improved. To finance, the minister mentioned three tracks. First, the alignment of the CSG pensioners (6.6%) of the assets (7.5%). Then, up the "solidarity contribution for autonomy" (employer tax) in exchange for a second "day of solidarity" worked by employees, and / or its extension to independent professionals and retirees.Finally, taxation of all legacies and donations (1% suggested by the Economic and Social Council).

• Law or no law?

Alleviate the "rest dependent" people who are very dependent in retirement homes, relieving departments – the first funders of the APA – in need. These "emergency requirements" will be answered in the fall, confirms Roselyne Bachelot, who estimates that one billion annual funding required. Measures included in the budget of the social security, which can only accommodate financial arrangements. The working groups have launched other ideas, starting with better coordination of stakeholders around the dependent person (our Monday editions). Nicolas Sarkozy will decide whether the subject the campaign of 2012 or if it retains some now. In this case, should be considered a separate act, in a crowded parliamentary timetable.Marie-Anne Montchamp argues that meaning is: "A law would provide visibility, draw perspectives, we will show later that clogging effects of the crisis, as the Head of State wished" . In this case, it could be a framework law, setting guidelines, and perhaps initiating experiments.

ALSO READ:

"Avenues for reform of the dependence

"Dependence-funded pensions and inheritance

"Three tracks to support the cost of addiction

"Dependency: significant cost by 30 years

"Dependency: OECD met in France

"The 20 proposals concerning the dependence of the MEDEF

Pressure mounts on the management of Air France-KLM. 144 MPs of all persuasions have signed the petition launched by Bernard Carayon, UMP deputy from the Tarn, to induce Air France Airbus in favor of a mégacommande long-haul aircraft. Monday, Pierre Lellouche, the Secretary of State for Foreign Trade, has announced its intention to meet with Pierre-Henri Gourgeon, the CEO of Air France-KLM to seek "clarification" on its intentions. The meeting should take place this afternoon.

For the government, bad foreign trade figures – which widened to over 7 billion euros in April – have sounded like a severe reprimand. Particularly for companies whose shareholder is the State. Air France-KLM, it holds that "15%" of capital.But Pierre Lellouche believes that the company can "pass the buck" in a state that has "greatly helped" the group "when he had problems with Brussels." A similar approach to reprimand respondent last week to PSA Peugeot Citroen, after the revelation of its possible plans to close two factories in France. PSA is not a public company, but it has benefited from state funds during the crisis.

Strategic choice

The political pressure put on Air France is the extent of the challenge: a mégacommande – the first made jointly by Air France and KLM – a hundred long-haul aircraft. The project is described as historic by the leaders of Air France-KLM themselves: it should be in the tens of billions of dollars. The verdict of the direction the company should have to fall shortly after the general meeting in early July.Now, executives of Air France-KLM believe that the announcement will probably be delayed for several weeks, "the time that the discussions become less passionate."

Internally, the political turn taken by the back hurts. Bernard Pedamon, the pilot representative on the board of directors of Air France said he was "surprised and discontented." "These are the strategic choices that can be for an airline. It is a commitment for another twenty years to respond to economic considerations, he says. Currently, we are witnessing the return of our old demons. The days when you could bring in managers office at the head of the company or impose choices of planes is a bygone era. "

Currently, the weight of the two aircraft manufacturers in the fleet of the company tricolor is not identical.On all its long-haul aircraft, Air France totals 63 Boeing against Airbus 35. The company has indeed bought many Boeing 777-300 at a time when Airbus had no exact equivalent. However, all of its medium-haul (or 153 units) are Airbus.

The controversy of recent days is all the more surprising that for several months, officials of the fleet of Air France have expressed their intention to mix Airbus A350 and Boeing 787. "The case studied by our teams for the purchase of these devices are not made on a corner table," says an executive of the company. "We are studying a number of criteria: the choice of engines, the maintenance cost, the impact on our maintenance activity …" considerations rather distant from the campaign themes.

The digital adventure continues for Madame Figaro. This Friday, the magazine will launch the i-mad 2, the second issue of the magazine free interactive proposed on the Apple tablet. A second edition promises to be "ever more chic, shock and surprise."

As with the previous i-mad 2 will use technology developed by Adobe Digital Publishing Suite, a first in France in the world of magazines. This solution, used in particular by Wired magazine in the U.S., will control the process of creating content across a chain of production."A technology that delivers high-impact interactions such as panoramas and 360 degree spins," said a statement.

This month, the magazine will feature interactive "all these women who have the keys change hands" through a selection of articles of Madame Figaro, rich content and interactive videos. This special issue will draw such a portrait of Lady Gaga and propose a new meeting with Georgia May Jagger. Visitors can also explore the rising French actress photos, immortalized by Cedric Klapisch or unpublished portraits by Peter Lindbergh.

ALSO READ:

Madame Figaro launches a monthly digital

Greece must provide more work and results, said the French Finance Minister Christine Lagarde, who put pressure on Athens in an interview with Austrian daily Der Standard to be released this Saturday.

"Greece must deliver results and why the country must do more than during the last twelve months," said Christine Lagarde, whose name is mentioned as a successor to Dominique Strauss-Kahn to head the IMF.

Asked about her refusal of any debt restructuring, Christine Lagarde said: "We already gave Athens more time to repay its loans in the euro area is already a concession."He continued: "It is legitimate that we expected that Greece will make its share of work."

"We do not want a state of bankruptcy"

The French Minister of Economy recognizes that the Greek government has done things, "but there are still areas where things are moving too slowly", referring to privatizations. "Either Greece delivers results, then we can imagine additional help.Otherwise there is the question of how Greece is ready to play the game for its own bailout, "said ministre.Et further emphasized:" What we certainly do not want, c 'is a state of bankruptcy, a default in Europe ..

While the Greek Government discusses the rise in unemployment generated by the austerity plan, the minister reminded the unemployment rate in Spain, according to her superior to that of Greece, but where "the country still does its job, saved and managed to turn around. "

Challenge to implement a program

The rating agency Fitch, meanwhile, lowered on Friday noted the long-term debt of Greece to three notches. This is a new blow to Athens which also saw its borrowing costs on market reached a new record.Fitch lowered the rating of BB + Greek + to B, referring to the "challenge" for Greece that is the "implementation of a program of structural reform and radical tax necessary to ensure the solvency of the state and the foundations of sustained economic recovery "in the country.

"New fiscal austerity measures are necessary" to achieve that Greece's budget deficit target of 7.5% of GDP in 2011, said Fitch. The agency suggests including poor tax revenues and difficulties in implementing a privatization program.

Greece also saw its cost of borrowing on the markets at a record Friday, the rate of its ten-year bonds exceeding 16.7%. Sign that investors fear that Greece is not able to honor its debts.

The Greek prime minister said his country would repay its entire debt."We will refund the loans," said George Papandreou, whose country was granted last year a plan to help the EU and the IMF amounting to 110 billion euros to avoid it default.

But many observers believe that Greece will avoid a major restructuring of its debt, meaning pay creditors later or less than expected. But the European Central Bank precludes this scenario.

In the wake of Fitch, another rating agency S & P has for its part lowered by one notch the rating of the long-term debt of the Crédit Agricole to 'A +' cons 'AA-' before, because of its exposure Greece."We believe that the French banking group Credit Agricole is particularly prone in Greece, because of the issue of solvency and the economic outlook" of the country, particularly through its subsidiary Emporiki, S & P said in a statement.

(With Agencies)

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

Unusual activity for some time on the roof of the headquarters of Louis Vuitton Pont-Neuf. Above the heads of workers claw LVMH flagship 60,000 Apis melifera busy, flitting between balconies with ardor and green spaces nearby. Up to 3 miles away. A superhuman job. Consider instead: 4 million trips necessary to produce 10 kg of honey!

These bees towns were nestled there by the beekeeper Nicolas Giant at the request of the king of luxury. Hives in the hive after the bags, fashion jewelry, "LV" has become a honey! Purpose: To educate employees on environmental issues and biodiversity.The protection of bees is crucial, the hive cities produced four times more than the hive fields, where intensive agriculture, pesticides and its Asian hornet Maya threaten these benefactors instant payday loan.

"As sweet as honey", Louis Vuitton, the luxury first company to take this initiative, has made about the theme of its windows. In his first major harvest, she received 75 kg of honey, 500 pots rare, reserved not for sale but to employees and friends of the family. Louis Vuitton scratched nectar, but also labeled Honey La Belle Jardiniere, by reference to the roots of the seat. This was a natural …

Robert Zoellick sounded the alarm. "If food prices were not the direct cause of the crisis in the Middle East and North Africa, they have been an aggravating factor," said the president of the World Bank to finance ministers of the G20. Bank, the first institution of development assistance, including Global Food Price Index is an authority considers that prices have jumped 36% in one year. This surge affects most commodities, except rice, and drove 44 million people fall below the "extreme poverty".

The World Bank shares the objective of the French presidency of the G20 to fight against price volatility. As Robert Zoellick explained to Le Figaro, one of the first steps would be "a code of conduct on arms embargoes on the export of food products."It is indeed a constant temptation for producers, when faced with an accident of nature – like Russia, where grain fields have been ravaged by fires last summer – that restrict their sales. Causing a price rise. "At least it should be that embargoes do not apply to humanitarian organizations," Zoellick suggests.

Another avenue to explore "the creation of small stocks of food as humanitarian in areas where there are problems of infrastructure and delivery." Similarly, "it would be useful to have better information on stocks of products." Perhaps most iconoclastic, the former international trade negotiator for the Bush administration calls "that poor countries can use the techniques of risk management, to better cope with price fluctuations."These measures can of course substitute "to efforts to increase agricultural production, for which we are investing $ 7 billion per year," he recalls.

Giving assistance to Côte d'Ivoire

Robert Zoellick acknowledged that he must look beyond the growth rate, which sometimes give an overly flattering in developing countries: "It is a lesson of revolutions in North Africa and the Arab world fast cash. It is not enough to have a good economic policy which brings growth and inflation. If prosperity is not shared and if one fails to mobilize the energies, we will face the risk of revolt. "In Tunisia, it was discovered" a lot of frustrations with bureaucratic barriers to create a professional activity .Bouazizi Mohammed, who was not licensed to sell fruit and thus preferred to die, is emblematic. "

In addition, these countries are poorly integrated into the global economy. To their detriment, said Zoellick, "Take the case of Egypt, whose population is 80 million people, while South Korea has only 50 million. The Korean export more industrial products in a single week than the Egyptians in a year, says the boss of the World Bank. Similarly, if we compare the Vietnam and Algeria, two former French colonies that have experienced wars, Vietnam was inspired by what happened in neighboring countries to open up to foreign investment and create opportunities for its own contractors.Nothing like Algeria, which has yet oil and gas and enjoys an advantageous geographical location for trade with Europe. "

The World Bank says ready to finally bring relief to Cote d'Ivoire. "This is to establish institutions that hostile groups are found, and create emergency infrastructure for water, transportation, energy, said Robert Zoellick, citing the experience of his institution in this type of situation. Simple things such as garbage collection can show people that life back to normal. Besides financial support, with other partners, we must think about discounts on debts, which reach 1.4 to 1.6 billion dollars. "

No fireworks or confetti, SNCF is preparing a relatively quiet birthday for the 30th anniversary of its TGV. A "TGV Birthday" will circulate throughout France from Thursday until mid-July. In September, the inauguration took place September 22, 1981 – a festive event … is still under investigation. The exuberance is clearly inappropriate.Once past nostalgia to see the locomotive and orange trains from Alstom, the retro deco trains and jingoistic pride of having given birth to the fastest train in the world, that he remains today the flagship the rail industry?

In recent years, the president of the station itself is trying to deflate the myth TGV "ten passengers carried by the station every day, nine are not in TGV," says Guillaume Pepy, whose priority is now in the "daily trains, regional express trains, Transilien, trams … He even called a" niche "industry dedicated to the TGV railway.

Financially, the activity is no longer the pool of profits it was: "Until 2007, the benefits of TGV were living the box," says Guillaume Pepy."Currently, 30% of TGV lines are not profitable," said Barbara Dalibard, executive director in charge of travel industry. And company officials repeated their concern about the future of this activity open to competition with the economic balance has become fragile due to the steady increase in the tolls paid to rail network of France, the owner of infrastructure. This year, the station will pay 200 million euros more than the 1.53 billion paid to RFF in 2010.

People keep his soul

No way to offset these costs by a sharp rise in ticket prices with pricing to "low cost" emphasizes especially travelers who anticipate their movements. The TGV popular origins must retain its soul."France is one of the few countries that have succeeded mass transport at high speed, said Patrick Kron, CEO of Alstom, which has supplied all of the 540 TGV trains at the station since 1981. Families, young, old, students take the TGV. In other countries, they are businessmen who take advantage of very high speed. " In total, 1.7 billion passengers have crossed the TGV for 30 years.

The rail has dethroned the aircraft on routes between Paris and Lyon, Marseille, Strasbourg, Montpellier, Lille … Conscious of its economic impact, all want their elected officials high speed line. The projects have multiplied. Five of them should be completed before the end of the decade (eastern branch of the LGV Rhin Rhone, the second phase of the East, South Europe Atlantic HSL between Tours and Bordeaux, LGV Pays-de-Loire between Le Mans and Rennes and finally, circumvention of Nimes and Montpellier).But only the financing of the East and the Rhine-Rhone is curly. The dozen other projects in the framework of the Grenelle Environment Forum in 2007, representing a total of 70 billion euros, however, is not etched in stone. That line between Paris and Le Havre which would cost nearly $ 9 billion for only 200 km! "We must have the courage to say that some projects will not be feasible, loose Herve Mariton, UMP. Already, the lines being built require more political will than economic rationality. "

"Our task is to ensure the continued success of the TGV, said Hubert du Mesnil, president of RFF. The first lines had been made without public financing package.The State would not have gone into debt in a kind of excitement. "Each project is now based on forecasts of attendance must allow the debt. "In practical terms, a funding problem will arise for both regions sought to build high speed lines and engaged in investments in their networks and B," says Hubert du Mesnil. Decision time has come.

ALSO READ:

"The global battle to the very high speed

"Lack of investment threatens the future of the TGV

"The SNCF TGV fares promises" accessible to all "

Xavier Bertrand, Minister of Labour and Employment, wrote on Thursday afternoon with leaders of trade unions and employers to tell them what will be the "government commitment" after the merger of two existing devices accompanying retrenched *: Convention reclassification Custom (PRC), available throughout the country and funded largely by Unedic, and the contract of employment transition (CTP), experienced in 32 employment areas and supported by state.

Wanted a reconciliation and announced by the president in the fall to offer, as of June 1, dismissed the economic enterprises with fewer than 1,000 employees do not benefit from rehabilitation measures by their specific company, "a device effective security of their careers. "According to the Court of Auditors, 152,000 people have benefited from the two devices in 2009 during the height of the crisis (137,000 and 15,500 CRP CTP). The state plans to 6000 entries per month in the new device, or 72,000 beneficiaries a full year.

Specifically, Xavier Bertrand proposed the social partners to "take over half the cost of assistance to beneficiaries." The Minister also proposes to finance half the cost which would be generated, for compensation, by a change in conditions of unified access to the device. To qualify for CRP, a licensee is economic today have at least two years of seniority in the business. This right of access, the unions want to cut it to one year in the new device and the state is willing to take some responsibility.The minister does not however refer to the premium assistance to return to work of CTA is to grant to a beneficiary who takes a job before the end of its guidance, a bonus equivalent to half of its remaining duties (within three months). "It's voluntary," says one rue de Grenelle. Kind way to tell the unions and employers that will be theirs if they want to generalize this measure to finance it. Ultimately, the state is willing to put the pot of 70 million euros per year paydayloans. Is half that Unedic, whose rating would be around 150 million.

CTP legally existed since Thursday night

Xavier Bertrand also lingers in the mail on how to control the future unified system."In my opinion, the dynamism of the local partnership will be a key determinant of success," said the minister who talks of a "flight to be provided jointly by national and territorial social partners and the state." Exit therefore employment center that will become "an operator like any other, responding to calls for support service recipients. "This is the best way to power all those involved on the subject," a court close to the minister of Labour.

Last item of mail ministerial, not less. The former secretary general of the UMP to the social partners confirms its wish to "extend the PTC in the current until 31 May 2011", identically to the decision that unions and employers have already taken for CRP. Problem: we need a legislative vehicle, a law to extend the PTC, which expired on March 31 at midnight ….Legally, therefore, the PTC has not existed since Thursday night and its beneficiaries should be supported and compensated. "We will ensure that beneficiaries continue to have the PTC," says we rue de Grenelle, a little embarrassed to armholes. "It's a craft, a trade unionist complained. All is not legal. "The government, which has missed the boat, therefore," as if nothing had happened "and intends to resolve the problem later through retroactive legislation that will appeal greatly to the wise probably the Constitutional Council. By his death in two months, the PTC should accommodate 1,200 new beneficiaries.

* Devices that provide the beneficiaries with very intensive coaching for a year and guarantee the same period an allowance equivalent to 80% of their gross salaries.