World and National News

While European stock markets, starting with Paris, still closed on Friday decreases, Baroin called to remain calm. The Minister of Economy, which had cut short his vacation to "take stock with his teams," according to the Elysée, stressed the need to "keep a cool head and not make a tracing paper of the excitement that can be observed on a given market. "

Invited to France Info, just after the close of the Paris Bourse, which for the first time ever signed a tenth meeting of consecutive decline, including the minister explained that "the questions posed from a double question mark: the character of the strong global economic growth and the important issue in Europe and worldwide of this problem of public debt. "

On this last point, Baroin said that "the determination of the 17 heads of state of the euro area should not doubt the investors." And remember, in reference to the plan of aid to Greece reached July 21, that "in Europe, there was an agreement by the Heads of State very important because it offered answers. These responses must be heard by the markets. "

Latency

The Minister of Economy, however, admitted that there was "a latency reduction" between the announcement of the plan, which is "a good plan," and its practical implementation. It must indeed be ratified by national parliaments. In this regard, Baroin was keen to dispel doubts about the possibility of rejection by the German parliamentarians. "The plan will be voted on July 21. There is no other way to protect our currency which is the common good of the countries in the region, "said he.But "time is not the Democratic one click of a market operator," he said.

In order to "restore investor confidence," Baroin also ensures that "we must strengthen the governance of the euro area to make it optimal."

ALSO READ:

"Political mobilization against the bear market in Europe

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

"SPECIAL – Europe, States facing bankruptcy

Danone delivers on its promises. Having returned earlier this year with its level of growth before the crisis, the world leader in fresh dairy products remains on course in the second quarter with an increase of 8.8% on a comparable basis. In the first half, its turnover reached 9.7 billion euros (+8.7%) for a net profit of 870 million euros (+3.4%). Allowing Danone to expect a growth of 6% to 8% for the whole of 2011. "All our businesses and geographies have been growing," said Franck Riboud, CEO of the group, half of turnover now comes from emerging countries, including the United States."We are on very strong growth trends, says Pierre-André Terisse, General Manager Finance, which makes us more confident than the rest of the year in a macroeconomic environment that is not simple."

The growth is particularly driven by the dynamic activity of water Danone (Evian, Volvic, Badoit …) which carries a record performance in the second quarter (+18.9%). Good weather in Western Europe and Latin America boosted sales, as well as the increase in demand related to the earthquake in Japan. And, in a general context of price increases related to inflation in the price of plastic payday advance lender.

Complex environment

The group's growth also comes from its activities in infant nutrition (+ 9.6% in the second quarter) and medical (8.7%).As for dairy products, including volume growth (-0.2%) suffered from the impact of the integration of Russian Unimilk, they benefit from the growth of its health brands (Activia, Danacol, Densia …). In Russia, its biggest market now in the side of France, Danone bets on the growing sophistication of use.

If Danone anticipate by a "major change in the trend in consumption" in the second half, the environment should remain complex. Faced with the continued volatility of raw materials, the group has already made half of its savings program of 500 million euros. Increased costs (milk powder, plastic …) is finally on the top of the range of 6% to 9% provided by the group, even though it now tends to stabilize.After price increases from 1% to 2% earlier this year, Danone does not resume using the "price leverage" in the second half if the cost of raw materials had to leave.

ALSO READ:

"Tries to Danone yogurt bars

Attackers threw their grappling hooks on globalization and trade well-oiled seizing between major economic powers. They are however only a few thousand around the world. Their method: ransom kidnapping of sailors and extracted the major world trade. They earn roughly a few hundred million dollars a year. But they cost between $ 7 and $ 12 billion into the global economy, according to the NGO Oceans Beyond piracy (OBP).

Nigeria rebel pirates, looters occasional Asian Seas … Of all the pirates around the globe, the Somalis are by far the most dangerous and costly. And for good reason, "with Kalashnikovs and rocket launchers rustic, they disrupt traffic in the Indian Ocean between Asia, the Middle East and Europe, representing 12% of world trade and 7% of flows hydrocarbons, "said Bertrand Monnet *, Professor of Risk Management at EDHEC criminals.In 2010, 238 million dollars in ransom was paid to the brigands of the sea in the Horn of Africa.

Yellow Pages will not achieve its objectives this year. The group of directories and local intelligence warned in a statement that its result for 2011 would be affected by "social movements in the strength of the PagesJaunes in France" that "have greatly disrupted the business of June. " Their impact is estimated at "about 20 million euros on its annual turnover."

Following this announcement, the title PagesJaunes fell by almost 10% to 5.523 eurosdans early trade while the CAC 40 index opened down 0.14%.

Natixis the broker remains confident despite this warning: "This does, we believe, not question the underlying improvement in activity and the mix of PagesJaunes," said he.He reiterated his opinion 'Buy' with a price target lowered from 9 euros to 7.6 euros.

Orders below expectations

While the group was counting on a few months ago a stable turnover and gross operating margin (GOM) compared to 2010, supported by a growth in orders. PagesJaunes But now announces that "the orders booked by the group in the second quarter of 2011 were not up to expectations." He warned then that "it will not be able to maintain its objectives of stability in sales and gross operating margin for its entire fiscal 2011."

Social movements are related to a "business reorganization plan," said PagesJaunes, which is "the specialization of some of the sales force in certain sectors and an ongoing relationship throughout the year with advertising customers across multiple channels. "

But "if social conflict is, without doubt, the recovery in activity, it is indeed confirmed for nine months," analysts at Natixis relativize. The controls have in fact increased by 1.4% in the fourth quarter 2010 and 3.1% in the first quarter 2011 improved early in the second. "Like the mobile (100,000 customers at end-March), we remain confident about the monetization of investments made by the management for three years," adds the broker.

ALSO READ:

"VIDEO:" Making local media PagesJaunes "

"PagesJaunes bought avendrealouer.fr

The rebound shy of industrial employment, which for the first time since 2000 rebounded last year (8300 + posts) is seen on the side of the elect as a rallying cry to mobilize support for the industry. "Enrich our industrial prospects and expand our vision," insists Alain Chatillon, Senator (UMP related) Haute-Garonne and Rapporteur of the joint mission of information on de-industrialization of the territories. The facts are well known: the share of industry value added increased from 24% in 1980 to less than 14% in 2008.And competitiveness continues to erode: "The employer social security contributions, all sectors combined, represent about 43% of wages in France as against 29% in Germany," said Alain Chatillon.

"Hailed by the government"

Adopted last month by the Senate, the report produced as part of a joint left-right formula 17 series of proposals to strengthen the local industrial ecosystems. Stronger, French companies will address international markets better prepared. "We must shift up a gear for reindustrialise territories," said Alain Chatillon, also an entrepreneur and chairman of cluster twelve o'clock Pyrenean Agrimip Innovation.

Main proposals of Senators: modulation of the research tax credit depending on the size of companies "to focus on SMEs and mid-cap companies."Similarly, we must increase the share of French companies in public tenders. "It's not the focus but just apply the same rules as the states with which we trade and who are much less open than we are," says Alain Chatillon. Another proposal: "develop the venture capital and capital development at the regional level," which means creating regional funding windows. The senators also proposed to promote a true industrial culture at school. "The Germans are proud to work in factories, why not the French?" Said Alain Chatillon.This requires the development of learning or why not, the obligation for officials to do an internship of several months in an SME "to feel the air of the true France," quips the senator.

Discussed in public session in late April, these recommendations have been "hailed by the government," says one to the office of Minister of Industry, Eric Besson. The first bills containing these themes should take shape in the weeks and months ahead, we are assured at Bercy.

The waiting, the business side, remains as strong as ever: the Richelieu Committee, which includes hundreds of innovative companies, has surveyed its members on the proposals of the Senate: 86% supported the idea of ​​modulating the CIR based on company size.

No more steroids for French consumption! With the end of the scrapping, household spending fell 1.8% in volume, after falling 1% in March, according to figures released Tuesday by the INSEE. Only the food consumption and "other manufactured goods" rose over the month, respectively +0.8% and +0.2%.

"It was difficult indeed to hope that consumption could continue to climb even though inflation is now growing faster than household incomes. In other words, the purchasing power probably will fit down in the second quarter, "said Alexander Law, chief economist at the firm Xerfi.

The decline in consumption is largely explained by the sharp decline in automobile purchases, who drop by 10.2% over the month, after falling 2.1% in March.No doubt for INSEE, this is the "repercussions of the abolition of the scrapping on 1 January 2011". Statistics from the automotive industry in April, released in early May, already left us to expect a jolt, recording a drop of 11.2% of sales in France.

Moreover, the French fell 0.5% spending on equipment housing in April. This figure follows a 17% drop in sales of new homes in the first quarter. Households also spent less in clothing stores (-0.5% on the month).

Energy costs are on the other hand fell 3.2% in April. "The decline is mainly due to climatic conditions rather soft in April, compared to seasonal norms, which have restricted the use of heating fuels," INSEE analysis.An effect that would have cleared the explosion of the fuel budget of households fund soaring pump prices.

The CAC 40 will reach there to string together a seventh consecutive month of meeting this Friday? Investors could be tempted to follow in the footsteps of Asian markets, Tokyo without (closed due to holiday) were very hesitant after the announcement of a U.S. growth slowed in the first quarter. In Paris as in Wall Street, many traders were yesterday conceded that the new had yet been burdened by other negative indicators.

For this last day of the week, risk-taking should be smaller. Especially since the day will be rich in events. The eyes of the markets will not (only) turned to the royal wedding of William and Kate in the UK, but towards the expected flurry of statistics.In France, it is the producer prices in March, Germany, and retail sales in the eurozone, the unemployment rate.

Then the United States, the festivities start with the incomes and household spending in February (14.30) and the Chicago PMI for April (15.45) and the index of consumer sentiment this month ( 3:55 p.m.).

Side currency, the euro remains strong against the dollar at 1.4847 dollar. Oil markets appear, they, down, worried about the state of the U.S. economy.A barrel of light sweet crude for June delivery lost 45 cents to 112.41 dollars and that of Brent North Sea also June delivery yielded 17 cents to 124.85 dollars.

Values ​​to follow

News companies should also serve markets:

Total

The tanker, which publishes its results, announced jeudila takeover of U.S. manufacturer SunPower solar panels with a view to creating the "world leader in solar energy."

GDF Suez

The group announced the launch of a new subsidiary trading on energy markets with the ambition to compete with industry heavyweights such as Barclays, Goldman Sachs, and E. ON EDF Trading

Legrand

The group announced the acquisition of SMS, a leading Brazilian electric inverters, in order to strengthen its position in a growing market.

Ingenico

The group denied on Thursday evening news reports that he would be interested in the activities of online payment from Hi Media.

Gifi

Ginestet family announced Thursday its intention to launch a simplified tender offer for the shares Gifi delist the distributor of first prizes.

Vinci confirms its objectives

Saint-Gobain

The group confirmed its 2011 targets after a first quarter marked by an acceleration of growth in its business thanks to the contribution of most geographic areas where it is present and better weather.

Vinci

The group also confirmed its full-year after a turnover up 25.4% in the first quarter, above market expectations, driven by acquisitions last year and its activities in the construction and energy.

Compagnie des Alpes

The group reported Thursday a turnover up 5.8% for its first semester of the 2010-2011 fiscal year to March after a winter characterized by early snowfall.

Crit

The group again expressed confidence Thursday for earnings growth in 2011 after having posted a revenue increase of nearly 22% in the first quarter.

Saft

The group confirmed on Thursday its forecast for revenue and earnings for 2011 after releasing first quarter sales up 11%.

Bull

The group confirmed Thursday that the goals the group has set medium term, after realizing the first-quarter sales were down 0.9% to 270.8 million euros.The group also said that orders had risen to 313.8 million euros in Q1.

Fimalac

The group reported Thursday after the closing sales up 21.1% to 341.5 million euros thanks to the rise of nearly 17% of revenue from its credit rating agency Fitch.

Renault will hold a meeting this Friday to 15 hours.

Belvedere will unveil its fourth quarter results, EDF Energies Nouvelles in sales the first quarter and Trigano its second quarter results.

George Papandreou is determined to get his country out of crisis. Greek Prime Minister on Friday presented an outline of its program budget 2012-2015. He began by trying to wring the necks of persistent rumors of Greek debt restructuring in 2013, which shook the markets for two days, leaving flaming the cost of debt. For the head of the government solve its problems of Greece "in restructuring the country, not debt."

Papandreou has warned that new austerity measures would be taken, which will be detailed after the Easter holidays. They include wage cuts, building audits, particularly in hospitals, and a brake on hiring.The Greek government hopes to save nearly 23 billion euros to get to cut spending "approximately 44% of GDP in the euro area average, against 53% of GDP in 2009, and increase revenues about 43% of GDP, against 38% in 2009, "said George Papandreou.

Nearly a year after the implementation of remediation plan accounts, Greece must continue its efforts when it is in recession and unemployment set new records, more than 15%.

Privatizations

Despite social tensions and the announcement of new events in early May, the government decided to launch as soon as possible a broad privatization program of 50 billion euros by 2015. He immediately announced a reduction of the share of state ownership of the national electricity by 51% to 34% in 2012.Following the reduction of its stake in the national telephony and the privatization of railways.

Build an image of stability and dynamism is more than ever crucial for Greece. The country will proceed on Tuesday a new issue of treasury bills to thirteen weeks and hopes to raise 1.25 billion euros.

ALSO READ:

"Privatization in Athens

"SPECIAL – Europe: States facing bankruptcy

The real estate market settles down it? If house prices continued to rise in early 2011, at a rate slightly less intense, according to figures released Tuesday by the Chamber of Notaries of Paris-Ile de France. Between November 2010 and January 2011, the average price increase has been reduced to 2.2% instead of 3.4% the previous quarter. Always important, the increase reached 4.3% in the capital, down from the 5.2% recorded between July and October 2010. Little Crown has experienced inflation of 2.6% against 3.2% previously, and the prices had increased by 2% in October in Great Crown, remained stable in early 2011.

This is especially the prices of flats which hold the bull market.At the end of January they rose another 3.4% – against 4.1% in October – while houses showed a very slight variation of 0.1% when they had taken 2.1% three months earlier. Annual rate, price levels of 2011, however, still remain well above those of early 2010 (+11.9% in Ile-de-France and +17.2% in Paris)

Loss of momentum

These statistics confirm the market analysis done by Century 21 at the end of March. The network of estate agents said that while prices were falling even in 8 regions of France. Meanwhile, the volume of sales has also lost some of its momentum, as always with Century 21, a decline of around 3% nationally. Statistics show 10,000 notaries sales for the month of January 2011, against an average 12,600 sales for the month of January classic.

The Chamber of Notaries refuses for now to draw conclusions from this slowdown. 39,700 sales have indeed been recorded between November 2010 and late January 2011, a figure up 17.6% year on year! The pause recorded earlier this year could well be the "backlash of the exceptional activity" at the end of 2010, says notaries in their statement. The announced end January 1, state aid to the acquisition (doubling of interest-free loan, deductibility of loan interest …) has indeed led many households to accelerate their purchases to take advantage. Century 21 also highlights the return to higher interest rates had boosted the market, reaching their lowest level in the second half of 2010. However, it was a few months to see if the lull is long term.

ALSO READ:

"The housing market finds the reason

"The lending rate charged to support higher prices

"Coup brake the rise in real estate

The "hunting land" is open in the capital

"The construction finds its dynamic pre-crisis

"Housing: haro on vacant offices in Paris

"The housing boom turns into ghost town Paris

This is one of two options for reforming the taxation of inheritance: the ease with EWB scale transformed. The other option is its abolition and its replacement by a new tax. The option for relief was undoubtedly the preference of parliamentarians.

Nevertheless, ISF smaller version has some drawbacks. Certainly, it helps to remove the tax on capital 300 000 households had entered because of soaring real estate, a total of 550,000 taxpayers. How? By starting the tax to 1.3 million euros of assets, against 800 000 today.

"However, households with assets of between 1.3 and 1.4 million would pay, those, about 500 euros EWB more with the new system. And this without even taking into account the impact of the end of the shield, warning the entourage of Gilles Carrez, the rapporteur UMP budget to the Assembly.One reason: the new fee would apply from the first euro of assets, while the current scale is progressive, which means, among other things, that the charging begins only 800 000 euros. Indeed, this tax from 1 euro combined with the new scale would lead to increased ISF those whose heritage is from 1.3 to 1.4 million. And alone. But this is unfortunate because he missed penalizes households "moderately" rich and encourages them to cheat to pass under the 1 free credit score.3 million heritage.

Proposed adjustments

Therefore Bercy working to remove this bump EWB. "You can pass the threshold of entry to the TFR at 1.4 million, which would cost 100 to 200,000,000 to the State. Or reimburse these households the additional FSI, which underestimate the tax revenues under 40 million, "said Gilles Carrez's entourage.There remains one other category of households penalized by ISF lightened: the approximately 1,200 taxpayers in the last installment of ISF (over 16.8 million assets) activating the shield. "With the shield, the average tax rate of their assets was only 0.22%. With the new schedule and because of the end of the shield, it would rise to 0.5%, "says Gilles Carrez's entourage. An increase that does not seem to move Bercy.

"Overall, the tax rates of the new scale are so much lower (0.25 and 0.5% instead of 0.55% to 1.8%) that most taxpayers will see their bills go down even with the end of the shield, "says Valérie Harnois-Mussard, a lawyer with Fidal. In fact, for a wealth of 10 million, for example, the TFR would increase from 112 450 to 50 000 euros.