World and National News

CAM remains confident for the coming year despite "strong political uncertainties in Africa." On the occasion of the publication of annual results of the distribution group specializing in Africa and Dom-Tom, Richard Biella, CEO, highlighted the "good growth prospects in Africa" International Monetary Fund (IMF ). Thus, "even if the beginning of 2011 is marked by geopolitical uncertainties," the officer said he "fully trust the experience and diversity of the group through these difficulties and continue its growth."

Richard Biella adds that the "new medium-term plan confirms the objectives that the group had set at the time of the IPO, in December 2009.The group is still on the launch of new activities in 2011 including the CAD / CAM equipment and explores opportunities for acquisitions or creating new jobs. CAM also confirms that the specialty retail business is the heart of the CAM group. A strategy that "will accompany the gradual emergence of new consumers on the African continent," says management.

The group introduced in Exchange by PPR remains cautious for the coming year because of the many elections high risk personal loans. CAM also notes the uncertainty surrounding the outcome of the Ivorian political crisis, the security situation in the Sahel and "risk of spread of social and political movements in North Africa."

Events that did not stop the group perform better than expected results last year.In 2010, CAM has improved its net profit by 11% to 100.2 million euros, against 98 million expected. Turnover rose to him, from 3.6% to 2.67 billion euros, while operating income rose 11.9% to 233.2 million euros.

For branches, divisions pharmaceutical distribution and automotive distribution grew as clusters distribution and integration of new technologies were down, penalized "by the output of trading activities in Nigeria and the divestiture of wood in Morocco," says group.

The group also reported an increase of 5.1% dividend for the year in 2010 to 0.82 euros.

In early trade, as the lead of almost 3% against a decline of 0.2% for the CAC 40.

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At the critical moment of crossover holiday in February, about 40,000 travelers may be affected in the day. In case an act of vandalism on a line in the Alps, the SNCF said. "A malicious act has been committed so far (…) near Albertville. Cables were severed with a saw, seriously disrupting traffic in the Tarentaise valley, "SNCF said in a statement. "Delays of three to five hours are predictable, which will affect the 40,000 passengers traveling today and disturbances are expected in the Lyon region," warned the station.

"Being a weekend announced long as particularly responsible, SNCF deplores and strongly condemns this new act of malice. An investigation is underway, "she says."Three cables, signal and power were cut" in the morning on-line Chambery Bourg-Saint-Maurice, extremely busy this time of return and departure on vacation, said a spokeswoman for the Regional SNCF. In early afternoon, repairs were still ongoing. The return to normalcy is not expected until the evening.

A period of very heavy traffic

"Until 13:30, twenty trains were affected. The problem is that we are in times of high traffic, "she said paperless payday loans. Delays of between three and five hours are expected. The incident occurred in full crossover vacationers and skiers of different areas of school holidays.

"My TER was to leave at 11 am from Bourg-Saint-Maurice left with thirty minutes late.The train was then locked one hour, "says an AFP journalist stuck in a train to Lyon, with no information on the time that his train will arrive. "The TER is full. All vacationers who are descended from Tignes and other stations are mounted in Bourg-Saint-Maurice. There are plenty of people who will miss their connecting flight to Paris or Toulon …», he concludes philosophically.

SNCF evokes an act of vandalism, not theft. Society is increasingly faced with flight cables, particularly copper, which have doubled with the soaring prices, causing delays for trains.In September 2010, SNCF counted forty flights per week cable and assessed his damages at several million euros.

More information about delays here.

(With AFP)

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Between the political tensions in the Middle East, the new wave of results announcements and unemployment figures, the meeting promises to be eventful Thursday for the CAC 40. Futures on the benchmark index in Paris fell by 0.10% to 4011 points.

Wednesday, Wall Street closed down for the second straight session, losing more than 2% in two days.Same atmosphere in Tokyo where the Nikkei loose over 3.5% since the beginning of the week.

Announced unemployment down sharply in January

About unemployment, the Labour Minister, Xavier Bertrand, ensures that it would be down sharply for the month of January.

Aside from employment to 18 hours, the monthly business survey of the INSEE household for the month of February is the program (8.45).

For the euro area, the confidence index of entrepreneurs and consumers in February will be released in 11 hours.

United States, are due on weekly claims for unemployment benefits (1430), orders for durable goods in January (1430), sales of new homes in January (16 hours) and the weekly inventory of crude oil (16 hours ).

On the currency markets, the euro continues to gain ground against the dollar, the euro this morning quoting 1.3766 (+0.12%).

Oil at more than 112 dollars in London

Crude prices have reached levels not seen for two years Thursday on markets in Asia, supported by the surge of violence in the Arab world and particularly in Libya, a major producer of black gold, analysts said. In morning trading, a barrel of light sweet crude for April delivery gained $ 1 to 99.10 dollars.That of Brent North Sea crude for April delivery has appreciated by 85 cents to 112.10 dollars.

The King of results announcements continues today.

Stéphane Richard officially CEO of France Telecom

Credit Agricole posted Thursday a net profit in 2010 increased 12% to 1.263 billion euros, despite a loss in the fourth quarter due to an impairment charge.

France Telecom on Thursday posted a 2010 turnover of 45.5 billion euros, up 0.6% excluding regulatory measures, while its net profit also rose to 4.88 billion, in line with analysts' expectations.

The board of directors of the telephone company has formalized Wednesday, the eve of the publication of annual results of the group, the appointment of Stephane Richard as CEO from 1 March 2011.

The aerospace and defense OEM French Safran announced Thursday it made a profit adjusted net up 29% in 2010 and is optimistic for 2011 with the objective of increasing its operating income by at least 20% .

Supply: Washington will decide

The prepaid industry, Accor, Edenred, reported Thursday a net profit of 68 million euros for 2010, against a pro forma net loss of 57 million euros a year earlier.

Vallourec 2010 results on Wednesday declined due to lingering effects of the crisis on its activity and said that its margins are under pressure in the first half of 2011.

Dexia announced the results below expectations in 2010 but maintained its financial targets for 2014.

The Pentagon is expected to unveil Thursday its decision on the mega-tanker contract from the U.S. Air Force, for which the U.S. aviation giant Boeing and Europe's EADS are competing for several years.

Air France postpones Paris-Tripoli

Air France has decided to postpone until further notice the opening of its Paris-Tripoli, scheduled for March 29 because of the situation in Libya, said the airline.

Vilmorin has confirmed its full-year after a first half marked by a reduced loss from one year to another through the bond of its activity.

Ipsos has announced plans to increase its operating margin to 11% and do better than market growth studies expected 5% in 2011, having exceeded its targets for 2010.

Dassault Aviation, a subsidiary of Dassault, owner of Le Figaro, is hopeful of winning a contract to supply 60 Rafale fighter jets in the UAE, for $ 10 billion, officials said adding that the group negotiations continued.

Technicolor announced Wednesday it had received a firm offer for the activities of headends from Grass Valley, balances and its assets in the subsidiary being restructured and terminating its program of asset disposals. The group is in advanced talks with Orange to build its next generation of decoders in France.

In meeting, Crédit Industriel et Commercial release its quarterly results. After market, it was the turn of Thales, Saint-Gobain, Valeo and Eiffage present their annual results.

Asian stock markets continued their slow descent into hell. Third day of the week, third session in the red for almost all Asian financial centers, much still shaken by the political crisis in Libya. Suddenly, Wall Street closed sharply lower Tuesday, the Dow Jones dropping 1.44% to 12,213 points.

The atmosphere is also not great on Wednesday on Asian stock markets. The Nikkei 225 Index was down 0.81% to 10,578.50 points and 2.6% since the beginning of the week. Note that Japan's trade deficit has ballooned in January, reaching 471.4 billion yen (4.17 billion euros), due to significant oil imports, while exports have stagnated.

In addition, the yen continues to appreciate against the dollar, a dollar quoting yen 82.59 (-0.22%).As a result, values exporters like Toyota are battered stock market, the Japanese automaker fell 1.2% from 0.5% and Canon.

Only Shanghai and Mumbai are progressing

In China, financial markets were mixed after a report released Tuesday by the U.S. central bank has concluded that the Chinese currency, the yuan might well be overvalued against the dollar business card. And contrary to what it believes the Obama administration. The CSI 300 Index gained 0.19% in Shanghai to 3169.58 points (-2.55% since the beginning of the week).In contrast, the Hang Seng Index in Hong Kong lost 0.43% to 22,891.30 points (-2.53% from Monday).

The trend is clearly negative on other financial markets: the Taiwan TAIEX index dropped 1.67% in Taiwan to 8528.94 points, the KRX 100 Index Seoul yields 0.43% to 4182.40 points, the S & P / ASX 200 Sydney Index was down 0.22% at 4845.90 points and the FTSE Singapore Straits Times Index fell by 0.35% to 3008.62 points. In contrast, the BSE Sensex 30 Index of Bombay captured a slight increase from 0.18% to 18,328.40 points.

Crude prices continued to rise Wednesday morning markets in Asia, supported by the thrust of violence in the Arab world and particularly in Libya, a major producer of black gold, analysts said. In morning trading, a barrel of light sweet crude for April delivery gained 4 cents to 95.46 dollars.That of Brent North Sea crude for April delivery has appreciated by 22 cents to $ 106.

If this hand a little in every sense on tax reform – the removal of the shield and the reform of the ISF – "is that we have great ideas. Sunday invited Grand Jury RTL-LCI-Le Figaro ", the Minister of Economy has expressed that he prefers: taxing income from property rather than the stock. But Christine Lagarde outlined above reframed the debate. Because of the ISF, abandoned by most of the neighboring countries of France, "of course he has people who are leaving … We must be stopped to create an illusion that tax." "There is a requirement of fair taxation, fiscal balance and prioritize investment to remain a country of innovation," she insisted.

Alignment with Germany

Therefore, is "we struggle against the excesses of the ISF, or we invent a new tax of Heritage". A conference to be held March 3, "prune a few branches."In other words, the meeting will put some order in the proposals that go all-out on the subject. The next day, the Court of Auditors will report on the Franco-German comparison, "which will work to harmonize with our neighbor, friend and rival."

On the issue of public finances, the Minister of Economy has been very strong guaranteed high risk personal loans. "We need strict discipline to keep the goals of deficit reduction." France has pledged that the deficit reached 6% this year, 4.2% in 2012 and finally 3% in 2013. Recalling that the process of non-replacement of staff on two retiring continued and government spending (excluding interest expense of debt and pensions) were frozen, Christine Lagarde nonetheless argued that "if must take additional steps to meet our commitments, we will! ".While saying he was "no question of a general tax increase."

The minister has in any case more than ever on a 2% growth this year. "I am very firm on my prediction," she said – certainly to the attention of some experts who find this figure too ambitious. Based on the confidence indices in industry and in services, "I am confident that growth in the first quarter 2011 will be significantly higher than the last quarter of 2010 (which did not exceed 0.3%, a figure which had disappointed). Finally, the Minister of the Economy "hopes to below the 4 million unemployed this year."

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There being no further officiated on the taxation of wealth, the suggestion box is open in the majority. And supporters of the abolition of the ISF, cheered by the words of Nicolas Sarkozy, are the head. New avenues arise around the philosophy stated at the outset by the Head of State: taxing unearned income – the flow – rather than the wealth itself, the stock. "We also realized that among the very wealthy taxpayers, those deriving their income from work were taxed more than those living on their pensions. We must remedy this, "said Olivier Carre, UMP, convenor of the working group on reform his party.

One solution proposed by this group would be for the standard deduction of 19% applies only to a ceiling of 100,000 euros.Beyond this threshold, dividends, interest and capital gains would be taxed at the scale of income tax (IR). Is in fact taxed at 41%, households earning as much products of their savings is in the highest portion of the IR. In exchange, these households would benefit from the disappearance of the ISF. Advantage: would not increase taxes for small investors, their capital they earn far less than 100,000 euros per year. Just 30,000 homes were affected by this' setting of scales. "

Furthermore, although Nicolas Sarkozy has closed the door to taxing the gain on the sale of primary residence, real estate issues are not exhausted. Including the idea of capturing the windfall foreigners who own a home or apartment in France. "Currently, they pay property taxes and possibly the ISF on their property in France.But they are taxed less than the French on rental income and capital gains on resale, "says Christine Daric, a lawyer at Baker & MacKenzie. Advocates a tax on capital very light, the UMP Jérôme Chartier still wants to create a new tax on the ownership of real estate, however, save the principal residence. French tax residents would receive an allowance of 500,000 euros fine, but not foreigners. "This is not to penalize those who already pay taxes in France," said the MP.Another track: trying to curb tax schemes that allow to escape transfer taxes (the "legal fees") by way of Luxembourg, Belgian and Dutch.

The battle rages on

Remains a problem: these measures adequate to offset the shortfall due to the possible abolition of the ISF? Gilles Carrez, the UMP rapporteur of the budget to the Assembly, in doubt: "This is one reason why I defend the idea of a simple adjustment of tax on capital."

In short, proponents of grooming the ISF does not disarm, either, and the battle still rages in the majority on the taxation of wealth.

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It should not a priori expect a lull in the immediate front of house prices. In its latest study, the firm Xerfi estimates that housing prices will continue rising until 2015, although the pace will likely be lower than in 2010.

The author of the note Desruelles Vincent, said the market recovery that began in 2010 with a sharp increase in transactions, will continue this year, even if the market will not experience the same conditions. In his year 2010 was marked by the enthusiasm of investors disappointed by the Exchange, but especially by historically low interest rates that have resolvabilisé many buyers. "The rate cut had boosted artificiellemet the market in 2010 will not continue in 2011 and 2012," warned Vincent Desruelles, who nevertheless said that raising rates "will not be strong enough to be disabling."He estimated that the long-term rates may stabilize around 5.20% in 2015. He stresses that the financing conditions remain favorable – at least in 2011 – supporting transactions and prices.

The study also highlights the socio-demographic factors: increasing and aging population, celibacy, divorce … which are phenomena emphasizing housing demand. Xerfi and assesses the potential demand for additional nearly 380,000, now the shortage and thus the pressure on the market.

"But unless some external event (new tax rules on capital gains, the bursting of the euro area) is the assumption of high prices that prevail with, however, still marked differences across regions," said Vincent Desruelles .For if any new outbreak general price seems to be excluded because of the disconnect between the price level and household income, 2010 highlighted the duality of the French market. The gap has widened between a very attractive market towns and provincial market more subdued. Paris, Ile-de-France, major towns and coastal areas should see prices climb again this year by 3.4% on average. Notaries are even predicting increases of 10% in large cities. In rural areas and regions most affected by the economic crisis, however, prices should stagnate.

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The European Commission on Wednesday urged France to change its fiscal aid schemes for investments in new housing for rental.

Amortization "Périssol (for homes purchased before August 1999), amortization" Besson (homes purchased between 1999 and 2003), amortization "Robien" (from 2003 through 2009) and amortization " Borloo New "(acquisitions between September 2006 and December 2009), are in the sights of Brussels.

Discriminatory

These devices enable owners of new homes for rental income to deduct their property depreciation calculated on the purchase price or construction cost, and therefore benefit from a tax reduction.They argued for several years the new housing market in France.

To qualify you must, however, that the acquired dwelling is located on French territory. A French taxpayer who invests in rental housing in another EU can not take advantage of accelerated depreciation, and consequently no such tax advantages, says the European Commission considers that these discriminatory devices Online payday loans.

Brussels "considers that these provisions are incompatible with the free movement of capital, a fundamental principle of the EU single market" because they "discourage resident taxpayers to invest in real estate located abroad."

A reasoned opinion was sent to France, the second stage of infringement proceedings.Paris now has two months to give a satisfactory reply, failing which the Commission may refer the Court of Justice.

(With AFP)

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After an early session in the red, the CAC 40 was finally closed above the 4,100 points mark. He finished his second session of the week up 0.33% at 4110.34.

On other European markets, the London Stock Exchange, the FTSE-100 finished down about 0.38% to 6037.08 points. The DAX 30 Frankfurt Stock Exchange ended in a very slight increase from 0.05% to 7400.04 points.

The macroeconomic news was particularly rich on Tuesday.

In France, INSEE released the first results of National Accounts Fourth quarter: French growth reached 0.3% in the fourth quarter, the low end of analysts' forecast.Over the full year 2010, GDP grew by 1.5%.

Growth across the euro area has also a little disappointed by remaining stable at 0.3% in the fourth quarter of 2010, bringing the total over the year to 1.7%, according to preliminary estimates released Tuesday by the 'EU statistics office Eurostat. This is slightly below expectations of analysts, who expected an average increase of Gross Domestic Product by 0.4% in the fourth quarter. The growth continued to slow notably in the first euro zone economy, Germany: its GDP grew only 0.4% in the fourth quarter after 0.7% in the third and even 2.2% in the second.

United States, the burst of macroeconomic indicators pointed to mixed results on the health of the economy across the Atlantic.Remember in particular: in January, import prices surged due to a further rise in energy costs. They rose 1.5%, almost almost twice the consensus forecast (0.8%).

The Empire State index measuring industrial activity in New York came out slightly below expectations, despite a faster rise in February. He climbed to 15.4 against 11.9 in January, its highest level since June, but 1inférieur the 15.5 expected by analysts.

For their part, U.S. retail sales began the year with great enthusiasm after the sharp increase in fourth quarter 2010. The 0.3% increase recorded between January and February is the lowest in seven months, and well below the 0.5% expected by analysts.

Finally, the United States has also attracted less net capital flows to long-term in December: 65.9 billion, after 85.1 billion in November.

On the currency markets, the euro lost ground against the dollar on Tuesday, buoyed by purchases on the cheap and German figures reassuring, despite persistent pressure from concerns about the fiscal health of the fragile countries of the euro area . Around 17:00 to Paris, the euro bought 1.3506 dollars against 1.3486 dollars late Monday, after falling in the day from Monday to 1.3428 dollars, the lowest since three weeks.

The successful support of Barclays Bank

Pending the publication of annual results Wednesday of Societe Generale and BNP Paribas on Thursday, the banking sector was positive, with very encouraging results from Barclays, which announced its earnings jumped 36%.Societe Generale and BNP Paribas rose 2.23% to 48.86 euros and 57.29 euros and Credit Agricole was awarded 1.61% to 11.66 euros.

Good results

On the corporate side, the ball of the publication of results continues.

EDF: -0.21% to 31.21 euros

EDF reported a 73.9% drop in net income in 2010 to 1.02 billion euros, due to provisions related to lower energy prices.However, the group expects an increase of 4% to 6% of its EBITDA in 2011.

Air Liquide: -0.57% to 95.63 euros

Air Liquide said Tuesday sales rose 12.6% for 2010, to 13.49 billion euros and net profit up 14% to $ 1.4 billion, as the announced Les Echos.

Danone: + 3.33% to 45.41 euros, the biggest increase CAC 40

The food group Danone announced Tuesday an increase in its net profit by 33.7% to 2.03 billion euros and its turnover to around 17.01 billion euros (+13.5%) thanks to strong growth in emerging countries.

Times of mergers and acquisitions

Sanofi-Aventis – 0.26%, to 49.80 euros

A merger agreement between Sanofi-Aventis and Genzyme should be signed soon, but the French laboratory should extend its offer a third time on U.S. biotech to stop the final price of the transaction. The deadline for the offer at midnight New York time, 6 hours Wednesday Paris time.

NYSE Euronext: + 2.08% to 28.46 euros

The official announcement of the merger between Deutsche Boerse and NYSE Euronext will speak this Tuesday.A hostile bid by the Chicago Stock Exchange is in preparation, according to various U.S. media.

Boursorama: -0.71% to 8.38 euros

Boursorama unsurprisingly announced on Tuesday a net profit of 7.6 million euros only for its fiscal 2010 due to an impairment on OnVista, the German Internet portal acquired in 2007.

EADS: 0.51% to 21.84 euros

The Pentagon announced Monday hoped to award the next month contract to replace the aircraft-refueling tankers to the U.S. Air Force, which should put an end to a drama that has lasted nearly a decade.EADS CEO Louis Welsh reiterated that Tom Enders, Airbus president should be his successor.

Ubisoft: -6.54% to 8.48 euros

Ubisoft has raised its forecast of sales for the current year after posting strong sales during the Christmas period, which is crucial for the video game industry.

Atari: -2.23% to 3.07 euros

Atari has announced a turnover in the first 9 months of the fiscal year 2010/2011 (April 1 to December 31, 2010) of 41.0 million euros, down 55.7% from the same period last year.

Axa: + 0.87% to 15.58 euros

AXA Asia Pacific, a subsidiary of AXA, being acquired by IMA, said Tuesday net profit down 11% for its last fiscal year.

Euro Disney: 17.68%, to 7.19 euros

The title of the theme park continues to soar, eight days after the publication of an increase of 8.5% of its quarterly revenue.

After market, M6 will publish its revenues and its annual results, Imerys and Euler Hermes annual results, and Mr. Bricolage and Europacorp their turnover respectively fourth and third quarters.

"Do not take the patterns for bullies who prefer to work with dictators." In an interview with Journal du Dimanche, the CEO of Total, Christophe de Margerie, defended the presence of the oil in some countries where diets are hard in place. "In many countries where we are, we try to make things happen in our own way without interference …" He welcomes, however, the departure of President Ben Ali of Tunisia. "If a regime change brings more freedom and it allows us to continue working, great!"

For now, tensions that have passed through Tunisia and Egypt, where the group is present, "had little economic consequences" for Total, Christophe de Margerie ensures that admits nevertheless remain "attentive". And this, especially since these "changes" may have "given all the opposition desires the world to be heard and to get going."The boss of Total cites the example in Yemen, a country which has always been regarded by experts as "sensitive." "But this does not prevent us from having invested 5 billion euros," said Christophe de Margerie. "We operate in 130 countries. We must prepare ourselves to face all risks, even the worst. "

Boosted by oil prices

Meanwhile, Total has regained its first place ranking of the largest profits made by the CAC 40 companies, having reached in 2010 a net profit of 10.3 billion euros, up 32% year on year. In 2009 he was ousted by Sanofi-Aventis, having suffered the impact of lower oil prices. This bad memory is now far away pay day advance. Between 2009 and 2010 the average price increase per barrel of Brent rose 29% to 79.5 dollars, thus boosting the annual results of Total in 2010.

Christophe de Margerie, "recent geopolitical events in the Middle East have not really had any impact on prices. They were used by the markets to justify the increase. " The fact is that oil prices will remain high for some time, in a context of "lack of production" and a "growing demand from countries in expanding markets like China." Considering the results from Total are "good", the boss of the group avoid complacency. "Compared to our competitors, they are not extraordinary."

Hopes of Total in France

On the French market, these results are even "bad". "Having suffered a heavy loss in 2009, activities in France have still lost money last year," said Christophe de Margerie. He recalls in particular that "strikes last fall has cost 130 million euros in total.The group was not discouraged, however. It will invest 1.6 billion euros in France in 2011, representing 10% of its total investments. "This money will help upgrade the sites and refineries," said the CEO. "Obviously, we want to start making money in France!"

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