World and National News

Nearly three years after the financial crisis, the first sanctions against the banks fall. And the bill would be particularly salty for Bank of America. Concordant sources, the U.S. bank would have agreed to pay $ 8.5 billion to end the prosecution of several investors. This would involve the agreement of compensation the largest ever signed by a bank in the United States.

Admittedly, the stakes are also unpublished. The Wall Street as investors Journalrapporte particularly experienced such a number of asset management, BlackRock, the insurer MetLife or the Federal Reserve (Fed) of New York complain about the conditions of sale of so-called "subprime," these products complex financial risk that formed the heart of the Great Depression of 2008.Symbol of a finance gone mad, these "subprime" were associated with variable rate mortgages granted to families with poor credit. Their value plummeted after the collapse of the U.S. housing bubble, which caused a series of foreclosures and debt of thousands of homes.

These individuals will not receive the compensation that Bank of America has agreed to pay. Indeed, they are used only for investors who are customers of Countrywide Financial, now a subsidiary of Bank of America in January 2008. The specialist mortgage lending in the United States had sold to investors of financial products like subprime for an initial value of $ 105 billion accompanied by guarantees on the composition of their portfolios.But soon after, with the bursting of the housing bubble in the U.S., these investments have proved extremely risky, losing most of their value. Investors who bought these financial products from Countrywide Financial believe to have been cheated, since the original contractual terms have not been met.

The case could set a precedent

Bank of America for months trying to resolve this embarrassing litigation, inherited directly from the acquisition of Countrywide Financial. But until now the CEO of Bank of America, serving for a year and a half, has refused to pay for past investments, arguing that investors had acted knowingly.By agreeing now to pay the full price, so it gives a signal again, and strong.

This case may give ideas to other investors who lost big in the collapse of the "subprime". Thus, other banks like Wells Fargo or JPMorgan could also be directly affected by requests for compensation.

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The blows rained down from all sides on Google. Friday, the U.S. competition has announced the opening of an investigation into the Internet group. Today was the turn of French society 1PlusV attack. Editor of topics such as search engines ejustice.fr, Google it assigns to the court of commerce of Paris to seek redress for damages caused by anticompetitive practices of the American giant. 1PlusV assesses his damages at 290 million euros, corresponding to the lost revenue (74 million) and potential revenue lost since the establishment of its business in 2007. The company also claims the publication of the disputed practices on the home page of the famous search engine.

"Unfair Competition"

This assignment in Paris in addition to two cases brought against Google by 1PlusV in Brussels.The first complaint, filed in February 2010, led the European Commission to investigate Google in November 2010. A few months later, in February 2011, filed a complaint 1PlusV further to extend the complaint to all of its search engines. It accuses two things at Google. First, the search engine "rigged" results in both favoring its own thematic search engines (called "vertical"), as in the book, video, maps, and feeding its index data Public collected without the consent of the site publishers business

On the eve of closing the doors of the Salon du Bourget, a shadow could come tarnish the immense success of the European manufacturer Airbus at the time of high mass biannual aerospace. While the group has announced four days a new record of orders, with 72.2 billion worth of contracts garnered the announcement by China of a possible blockage of a contract for $ 3.8 billion ( 2.7 billion euros) for 10 A380 looks like a grain of sand from the well-oiled machine seize up.

At least, that understands the Financial Times on Saturday. Echoing the words of sources familiar with the matter, the newspaper said that Beijing had threatened "to undermine a deal worth billions of dollars for 10 Airbus super jumbos" in protest against the decision of the European Commission to include air transport system in the trading of CO2.This measure is to buy permits for each tonne of carbon emitted dioxin in European airspace, beyond a certain threshold. The Asian company Hong Kong Airlines was the official control of very large aircraft at the Paris Air Show. But the hardening of the Chinese position facing the European measure prevents the conclusion of the agreement, according to sources.

This disagreement does not allow to increase to 12 orders for A380 harvested at Le Bourget. Thursday, Airbus had reported a firm order for 10 A380, from an unidentified customer. According to one industry source, this command corresponds to that of Hong Kong Airlines. The counter for very large aircraft will remain blocked for the moment 2.

The case could also be amplified in the coming months fast payday loans. "These are not the only contracts held hostage by the Chinese.One on the A380 could be only the first, "explains the paper citing its source. Because the European manufacturer has other current contracts with the Middle Kingdom. Meanwhile, the Airbus management is counting on a visit to Berlin next week Chinese Prime Minister Wen Jiabao, to unblock the situation and conclude the contract.

"No plan B '

Beyond this contentious spot, the tour in Europe, China (Wen Jiabao arrived here Friday in Hungary, a country holding the rotating presidency of the European Union) should be an opportunity to address the underlying problem of quotas. A delicate matter, the European Commissioner for Climate Action, Connie Hedegaard has formally ruled out that the Chinese retaliatory measures have any impact on the measure, scheduled to take effect next January. "There is no plan B. Our position is very clear.We would not amend, "she said.

Faced with this inflexibility, Tom Enders, the boss of Airbus, for its part called on Europe to be flexible, saying the "madness of attracting reprisals" from a player as influential as the China. For the latter, comply with the requirements of the EU would entail, for the Chinese airlines, a surcharge of $ 126 million in 2012, according to data from the China Air Transport Association (CATA). This figure set to rise in coming years, when China's increasing its flights to Europe. In his struggle, China is also supported by the United States.

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Operation Seduction. For its 27th edition of the Cinema Festival, the National Federation of French cinema (FNCF) wants to give a "spotlight" on the cinema, in the words of Marc-Olivier Sebbag, its general secretary. He recalled that after a very good year in 2010 "where more than 206 million viewers" went to the cinemas, attendance was "very bad" at the beginning of the year. According to figures from the National Film Centre, it appears down 11% from January to May over the same period last year, to nearly 98 million entries.And "even if there was a catch-up from mid-May, since the decline reached 15% over the period from January to April," said Marc-Olivier Sebbag.

In this context, the Festival Theatre which offers sessions to 3 euros from June 25-July 1, is seen as a weapon of choice by professionals to attract new visitors to their rooms. Seen as a catalyst, the event is to allow "to start the movies until September," said the secretary general of FNCF. For "the film calls the film" Jean-Marie Dura abounds, general manager in charge of the network of UGC, which account 350 rooms in France. Clearly, the increase in attendance expected to help promote summer outings, and his battalion of blockbusters such as the latest installment in the Harry Potter saga.And to encourage a little more viewers to come back, UGC decided during the week to double the reward points offered for each session that can take advantage of free places to run.

No World Cup this year

In addition, Jean-Marie Dura setting the combination of early summer, coupled with a "weather appropriate" (or ideally, a time to pig!), For the edition to be profitable. Confident, he said that unlike last year, "the event does not fall in the middle of World Cup," considering that the football was then diverted most of the rooms moviegoers.

Programming side, nothing was left to chance, since movies for youth were clearly preferred.Are expected, among other things, the outputs of Kung Fu Panda 2 (with the voices of Angelina Jolie and Dustin Hoffman) and student Ducobu, a comedy by Philip Chauveron with comedian Elie Semoun-star, "who looks very strong, "says the director of UGC.

The "catching up" began

Marc-Olivier Sebbag, the bad beginning of the year can be explained by "an offer may be less important than last year." "The month of January was not good, take the example of the general secretary of the FNCF.But keep in mind at the same time last year, we had Avatar … "Knowing that the James Cameron blockbuster was paid for the luxury of breaking the record revenues of Titanic, having cashed in fact almost $ 1.9 billion worldwide, about 15 million admissions in France.

However, "Avatar should not forget that we had the same period a series of films that have 3 to 5 million tickets," insists Jean-Marie Dura. The Chief UGC cites Little White Lies (5.3 million admissions), Inception (4.9 million), or Toy Story 3 (4.3 million). According to him, the secret of a good year lies not in the success of one or two blockbusters, but rather "a large bouquet of films that are each their audience," said he. Now from this point of view, a "catching up" the beginning of the year dying "began in mid-May," he argues.And, thanks to movies like Fast and Furious 5, Thor, or the Family Pirates of the Caribbean 5. "Since January, we are more than 6% in admissions compared to last year," he says.

Similarly, the industry can count on the second installment of Harry Potter and the Deathly Hallows. Highly anticipated, the film has already attracted the enthusiasm of fans.On eBay, tickets to a preview screening at the Palais Omnisports de Paris-Bercy, in the presence of the film crew, are trading up 54 euro instead, more than double the original price (25 euros) .

Testimonials – What do you think of the film festival? More generally, are you satisfied with the film offers at the moment? Tell us about your experiences in the comments below or email temoin@lefigaro.fr.

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PSA Peugeot Citroën is not intended to be the key for electric vehicles. According to sources cited by the economic newspaper La Tribune, the automaker installed production capacity that should allow it to manufacture more than 30,000 hybrid vehicles per year. In detail, each year some 16,000 to 18,000 Peugeot and Citroen in Sochaux and Mulhouse DS5 about 15,000 Peugeot 508 will be designed to Rennes, the newspaper said.

Peugeot will launch the hybrid 3008 in October 2011 at a price of 35,000 euros. This is the first crossover hybrid in the world using diesel. Thus, it emits less CO2 and lowers consumption of 35% compared to vehicle performance and similar performance.By nature, the mechanical solution of Peugeot inspired many of the Lexus with an internal combustion engine driving the front wheels and an auxiliary electric motor provided with its environment, Bosch (50 kg) and acting this time on rear wheels. Sanyo battery pack Ni-MH High Voltage (50 kg) is placed below the trunk decreased from 435 to 362 dm3.

Lefigaro.fr – In one month, the CAC 40 has canceled the gains it had recorded since the beginning of the year. What to expect in the second half?

Frederic Buzare – It is not impossible that we reliving the 2008 scenario, with high inflation combined with economic downturn and rising commodity prices (in 2008, the Cac 40 lost 42% passing from 5550 to 3217 points). However, we maintain our scenario where we are in a slowdown of mid-cycle resulting in a temporary decline in growth. European stocks have built this movement. The outlook is therefore attractive.Today, it is difficult to find an alternative to shares.

Real estate is not a more attractive investment than stocks?

The French should stop investing in real estate and to believe that the market will continue to rise. In addition, real yields on government bonds is negative. The first half was very volatile. Equity markets need time to digest all the shocks it has suffered (revolutions Arab nuclear disaster in Japan, European debt crisis) and find new solid foundation.

The gap between corporate profits that are growing and wages of individuals who retreat is not likely to deter individuals to invest in stocks?

The problem is not corporate profits but the effectiveness of economic policies implemented by states.Investors did not trust the government, the risk premium is very high. To decrease, stable and sustainable growth is essential. To do this, companies need to reinvest. They can afford given the profits they have generated low interest personal loan. Profits can be a problem if next wages are not progressing. Paradoxically, the revival of the shares will doubtless involve a redistribution of wealth and the sustainability of the recovery by the consumer's creditworthiness.

If they were to return to action, what choices investors should they operate?

Investors must choose between cyclical and defensive stocks. Defenses are cheap but do not have a positive trend in terms of benefits, and cyclical stocks have good prospects but are very expensive.In this context, we focus on emerging markets, emerged much stronger from the crisis and should continue to grow. However, we recommend caution. Actions related to raw materials sector will benefit from global demand for oil still widely supported by China. Finally, the growth stocks offer the best profile in terms of risk and return in a context of low economic activity characterized by a lack of visibility. Among the values ​​that we appreciate, I would cite as Safran and Danone Vinci and innovative companies in the growth of dividends.

What is your position on the banking sector?

We are neutral and prefer retail banks such as BNP Paribas investment banks.

Last December, you anticipated a Cac 40-4700 points by the end of 2011.Your prediction is it still relevant?

The Cac 40 is likely to have difficulty in reaching the 4700 points at the end of the year. We see still finish to 4500 points.

The U.S. stock markets ended on a mixed note on Friday. The Dow Jones gained 0.36% to 12,004.36 points and the S & P 500 advanced 0.31% to 1271.30 points, but the Nasdaq was down 0.29% to 2616.48 points and the S & P 500 rose 0 , 89% to 1278.87 points. Thursday, Wall Street has ended in a disorganized, fears shared by more and more vivid on the outcome of the crisis of public finances in Europe and reassuring indicators from the United States who came to end a series of bad news on the macroeconomic level.

Greece still under surveillance

The situation in Greece has once again attracted the attention of investors. Originally scheduled Thursday, the redesign part of the Greek government has intervened in the morning.

On the foreign exchange market, the euro lost ground against the dollar.In the late evening in Paris, the single European currency was worth 1.4302 dollars against 1.4209 dollars on Thursday night.

Oil prices fell again Friday in New York, which lost 1.94 per barrel to 93.01 dollars and dollar fell to its lowest level in nearly four months, the market impact of caring Greek crisis on energy demand.

On the macroeconomic front, consumer confidence down in the U.S., according to the index of U.S. consumer confidence released Friday by the University of Michigan, which has provisionally to 71.8 in June, less than The analysts thought.

The index of leading indicators, which foreshadows the general trend of the U.S. economy for months, was up 0.8% in May to 114.7, after falling 0.4% (revised from 0, 3%) the previous month no faxing payday loan. Economists polled by Reuters had forecast a 0.2% increase.

RIM, in line with expectations

Capital One: -0.33% to 48.84 dollars

The side of values, the U.S. bank Capital One said Thursday after the close of Wall Street that it would buy the Dutch bank insurer ING's U.S. subsidiary of ING Direct online bank for $ 9 billion in cash and shares.Under the agreement, ING Capital One pays $ 6.2 billion in cash, together with some 55.9 million shares of Capital One, estimated at about $ 2.8 billion.

Research in Motion: -21.45% to 27.75 dollars

The Canadian group Research in Motion (RIM), listed on Wall Street, manufacturer of BlackBerry smart phones, said Thursday after market close a net profit of 695 million U.S. dollars, in line with expectations, but sales below market expectations for its first quarter.

Central Pacific Financial: 6.04% to 13.69 dollars

Also note, the U.S. Treasury said Thursday it planned to recover about 36 million in bringing to market some 2.85 million shares of Bank Central Pacific Financial held.

Boeing: 0.22% to 74.17 dollars

Orders for medium-haul aircraft should carve out the lion's share at Paris Air Show, in particular the re-engined Airbus A320, whose commercial success increases the pressure on Boeing for a decision on the future of 737, the 'best-selling commercial airplane in the world.

After falling 23.88% for its second day on the stock market, Pandora Media, which side now below its IPO price, gained 0.75% to 13.36 dollars.

It's official, the Express-Roularta group, which publishes the Express or read particular, actively considering the future expansion. At a general meeting held Friday, the society of editors of the monthly economic confirmed to all employees of the group that many assumptions were being considered for this newspaper, whose circulation has declined in France paid 2010 from 6.5% to 140,311 copies, according to OJD.

"Nothing has been decided yet but what is certain is the group's desire to stem losses by reducing payroll," says one union source.Among the possible scenarios, which will decide the future of 32 employees: turning the magazine supplement of The Express, all journalists bring economic group in a cross-pole working for several reasons, pass on a quarterly basis by a high-end magazine, or sell.

Expansion employees are under pressure last year. The erosion of sales of the title is yet online, or below, from that observed in the overall economic magazines, down 7.3% last year, according to OJD.

Confidence motion

Magazines such as the monthly Capital (Prisma) or the weekly Challenges (group Le Nouvel Observateur) have seen their circulation decline of France paid 7% and 8% business card.But operating losses accumulated by L'Expansion – 12.3 million euros in five years, including 2.4 million in 2010 – and the failure of the new format of the magazine launched in April 2010 have alerted the newspaper's owner, the Belgian group Roularta Media. A social movement last year and passing a motion of no confidence against the leadership of the group, on May 18, have apparently he finished to convince to make a new crop, it more drastically.

Corinne Pitavy, the CEO of Groupe Express-Roularta and Christophe Barbier and Eric Matton, who co-leading the pole mass media, have sent their proposals to Rik de Nolf, president of Roularta Media Group and its main shareholder. June 24, during a council, an expert should be appointed to audit the financial situation of the newspaper, right after the warning issued by staff representatives in late May.

Endgame for the 182 employees of the chocolate Netcacao Marseille, all former Nestle. The company created to continue the production of chocolate on a site where the Swiss group had settled in 1952 was finally made Wednesday in liquidation by the Commercial Court of Marseille after much twists. Since the announcement of Nestle, in May 2004 of its intention to close the plant, which employed 425 people, employees have moved heaven and earth to keep their jobs.

Stormy relationship with Nestlé

By dint of strikes and lobbying, they managed to a solution emerges. Two industry professionals, alumni Barry Callebaut, with financial support from sugars and food, had taken up land, buildings and 180 people with a sub-contract of three years for the former owner. They had invested 19 million euros to boost business and diversify.But relations between Netcacao and Nestle have been stormy, and the contract subcontracting amputated. The time has failed to sustain their activity while the contracts were beginning to return. At the time of going into receivership on 17 February, the company achieved a turnover of 23 million euros in 2010, had a backlog of six months of work for most major brands mass distribution low interest rate personal loans. But she did not have the cash to buy cocoa beans and honors orders. A liability of 7.5 million has been accumulated.

"It's been five years that everyone wants us cassions FIG. Nestlé including who is still in dispute with former employees, "said Veronique bitter Théry, the former president.For the latter, "There are two culprits, the prosecutor who has rejected the proposed trust that would permit a proposed takeover and the Commercial Court which has been dragging the file, we condemned to a slow death." The latter points to real appetites, for assets it is estimated that between 15 and 25 million euros.

A group of buyers had yet expressed but did not convince the court. This group studied the opportunity yesterday to make an offer to purchase the assets and some staff. "Netcacao has an interesting but oversized industrial tool for industrial products. We must scale the business with fewer workers and more manufacturing to the consumer, "commented Philippe Masson yesterday, a member of the pool that one reason for the failure of Netcacao was stress take too many employees.

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.