Despite the rebound in Asian stock markets Wednesday morning and the revival of U.S. consumer confidence on Tuesday, the Paris financial markets remain febrile for the first day of September. At mid-session, the index in Paris rose 2.03% to 3561.75 points. The CAC 40 closed Tuesday August on a small increase of 0.11% to 3490.79 points. Throughout the month, the index in Paris lost more than 7%.

The Footsie-100 from the London Stock Exchange ahead of 0.38% to 5244.92 points. In contrast, the German DAX 30, after opening up slightly, declining from 0.41% to 5900.95 points, following the unexpected decline of 0.3% of retail sales in July.

The Paris Bourse and benefits of U.S. statistics less bad than expected, especially the rebound in consumer confidence in August. The increase in manufacturing activity in China is also contributing to accelerating gains in the CAC 40."The upward movement was initiated at the close on Wall Street Tuesday night, says it in the rooms. We do not press too heavily on the markets, which explains that the movement is noticeable now, and not opening.

Vivendi stock rewarded

The set of interim results continued. Vivendi raised its forecast for this year, after posting a 6.1% increase in sales to 13.9 billion euros and 6.6% of its net profit to 1.26 billion euros. The shares rose 5.05% to 19.34 euros, the largest increase in the CAC 40, before Lafarge (4.77% to 38.09 euros). The group also benefits from the increase in the analysts' recommendations Credit Agricole Cheuvreux to "outperform" cons "underperformance."They also raised their price target to 48 euros 46 euros cons.

The investment company Wendel (4.31% to 42.15 euros) in the first half net profit of 124.5 million euros against a loss of 959 million for the same period of 2009.

Tuesday after-hours trade, Bouygues (-1.31% at 31.62 euros) issued a revenue down 1% in the first half and slightly raised its full-year sales (30.4 billion cons EUR 30.1 billion previously planned). The value is the largest drop in the CAC 40, about 9:25.

Vinci (2.86% to 35.62 euros) reported interim results exceeded expectations Guaranteed payday loan.Its net profit was up 1.9% to 703 million euros and sales rose 2.3% to 15.5 billion euros, thanks to improved traffic conditions and benefits the acquisition of Cegelec.

Finally, Eiffage (-1.36% to 35.50 euros) confirmed its forecast of sales for 2010 thanks to the growth of its backlog and achieved a 40% jump in net profit share Half of the group 70 million euros. The operating profit has however declined by 2.6% to 412 million, within the scope of the downturn in work due to a climate of increased competition.

In the tug of opposing Sanofi-Aventis (2.11% to 46.23 euros) to Genzyme, the CEO of biotech company judge, in an interview with Reuters, the high probability of finding an agreement on Sanofi bid on American group.However, he reiterated that Genzyme will not accept the proposed price of 69 dollars per share. According to sources close to the U.S. group will not negotiate at least $ 75.

Manufacturing: up in France, down in the euro area

On the macroeconomic front, the growth of manufacturing in the euro area shows in August to its lowest level since February, according to figures released Wednesday by the monthly survey Markit. The PMI purchasing managers fell to 55.1 against 56.7 in July. In France, it reached 55.1 points in August, against 53.9 the previous month in Britain, it fell to 54.3 in August, after a final figure revised down to 56.9 in July.

The same index will be unveiled in the U.S. in 16 hours. Also overseas, the ADP employment figures in the private sector will be published to 14.15.They give a first overview of the situation on the labor market in the U.S. before the official figures on Friday.

Another indicator of importance: New car registrations in France fell 9.8% in August on a year to reach 102,912 units with the breathless pursuit of the effect "scrappage" announced Wednesday the Committee of French Automobile (CCFA). In July, new car registrations fell by 12.9% compared to last year, and 15.4% for the only French brands.

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Good news on the employment front. The Labor Department announced Wednesday morning in the Echoes of figures on backup plans for employment (PSE) fell sharply from the end of 2009. In the first half of 2010, 668 PES have been reported to the administration against 934 in the second half of 2009, a decrease of 28.5% over this period. Moreover, the month of June 2010 recorded 87 such redundancy schemes, a level at its lowest since August 2008. The Ministry of Labour, however, did not release the total number of jobs destroyed by these schemes.

This news comes in support of other labor market indicators published recently. Two weeks ago, INSEE reported on the creation of 60,000 salaried positions in six months, one year after 2009 generally very destructive.The use of frames also rebounded since last January found the Association for the executive employment (APEC). In July, the job offers published by the association executives and 53% progressed, mainly in IT and business functions.

2009 catastrophic

However, the decrease in the number of PES remains in place relative to the extent that the figures for 2009 had been devastating: 2,245 plans had been identified during this year particularly affected by the crisis, nearly 2.5 times than in 2007. With already 668 PES 2010 is also unlikely that the number PSE set up in 2010 found its level before the crisis (957 PES 2007).

The explosion, finally, the number of broken treaty in June might suggest that some companies use them in lieu of some PES, although this practice is prohibited by law. In order not to attract the attention of governments and not having to pay compensation in the amount tends to grow under pressure, companies could use this mechanism put in place two years ago, or even layoffs in smaller numbers.

The retirements have melted like snow in the sun in 2009. According to the National Insurance pensions (CNAV) 734.0000 some employees have asserted their right to retire last year, against 785,000 in 2008. It has been 10% less than in 2007, when nearly 820,000 active generation of baby boomers are retiring.

The main reason for this huge difference is the collapse of early retirement for long careers. In force since 2004, starting a long career can retire between 56 and 60 for those who started work before their 17 years. The conditions for benefiting from this device, however, were restricted by the government in 2008.

Early departures will be undermined

In 2009, 24,300 people were affected by these departures anticipated, against 122,120 in 2008 and 115,120 in 2007, according CNAV.This decline has led, despite the crisis, to increase the participation rate of older workers aged 50-64 years, has pointed the direction of animation research, studies and statistics (DARES) of the Department Employment in a report on employment, unemployment and labor force in 2009 released this week.

According CNAV, many assets have anticipated the tightening of regulations on long careers and have preferred to assert their rights to retirement in 2008. In September 2007, Prime Minister François Fillon had estimated the cost of this measure is important because it explains half of the deficit of the general pension scheme established in 2007.

Have also been restrictions on the potential acquisition of quarters, and longer duration required assessed under the successive reforms of 1993, 2003 and 2007, according CNAV.

The effects of a 1959 Act

In addition to the tightening of access device initially anticipated a long career, Dares says that downsizing is partly due to "lagged effects of the law Berthoin to 16 years with school age obligoire" for children born after 1953. An ordinance dating from 1959!

If the hour is restraint, reform of pensions in payment should not spell the end of the device of long careers. The government expects its bill for consideration by Parliament in September, to "extend and expand" the insured "who started their business at the age of 17 years." They may retire before the age of 62 years provided for the general scheme. A condition to justify a contribution period of two years longer than the duration required, or 43 years.

(With AFP)

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After a break of three days (Monday holiday), the U.S. stock markets have regained the height that ended Tuesday up 0.61% to 9744 points for the Dow Jones and 0.5% for the S & P to 1028 points. A progression that relfète pa really a return to confidence because, after open sharp increase, the U.S. indexes saw their grain can crumble after opening and have spent the waterline to 20 hours.

The ISM index of activity in the services sector in the United States has remained above 50, 53.8, against 55 expected. This means an expansion of activity, but less than expected.

On Friday, the New York Stock Exchange had fallen heavily, cooled by the monthly figures of employment in the United States, although less well than expected. Last week, the Dow Jones dropped 4.51% to 9686.48 points, ending Friday at its lowest level since October 5.The Nasdaq fell 5.92% to 2091.79 points and the Standard & Poor's 500 index 5.03% to 1022.58 points.

On the foreign exchange market, the euro continues to rise on Tuesday. At 22 hours, the euro gained 0.61% to 1.2621 dollar.

After the disappointment of Friday on the employment figures, investors should be particularly careful this week to weekly figures for unemployment benefits that are to be published Thursday.

The employment report in June showed Friday that the U.S. economy had reduced jobs for the first time since the beginning of the year. Even the decline in the unemployment rate to 9.5% was not enough to reassure investors, this situation reflects the despair of a portion of the workforce, which seeks more jobs.On Wall Street as on most other major world places, operators should play the card of caution this week before the opening of the interim results season.

On the face values

Within the Dow, the ball begins, as always, with results from Alcoa July 12 (next Monday) Free 3-in-1 credit report.

Meanwhile, the discount retailer Family Dollar Stores (+2.1% to 39.43 dollars) to publish its half-yearly results on Wednesday. This will be the only company in the S & P 500 to publish its results this week.

The BP Plc, also listed on Wall Street leads the session with an increase of 48.72% to 31.91 dollars.After the group has denied being the search for new shareholders, Shokri Ghanem, Chairman of National Oil Co, a Libyan oil, said that Libya should return to the capital of the British oil company.

The share of investment bank Goldman Sachs benefits of raising recommendation of JPMorgan, which rose to overweight on the title: 0.83% to 132.17 dollars.

Ford Motors has seen its price target return of 16-14 dollars by Goldman Sachs, the bank has lowered its estimate of overall vehicle sales in 2010. However, retain a recommendation "attractive" on the automotive sector. Finally, shares fell 1.17% to 10.16 dollars.

News Corp., the media group founded by Rupert Murdoch, The Wall Street Journal, in discussion with Google, Microsoft and Yahoo! for the sale of advertising space on MySpace, so that the current contract with Google ends.The securities have gained 2.79% to 12.15 dollars.

The group of agrochemicals and seeds Monsanto (-3.05% to 45.12 dollars) Monday withdrew its complaint against European importers of industrial soybean meal from Argentina. Monsanto previously estimated that they infringed its European patent on its Roundup Ready soybeans. But the group has settled its dispute with the Dutch importer and dealer Cefetra raw Alfred C. Toepfer International just before decide the European Court of Justice on the case Tuesday.

"This is our operation this year." Michel Bouvard, MP (UMP) who chairs the supervisory board of Caisse des Depots et Consignations (CDC), sets the tone: the entry of public institution with a capital of La Poste is in itself that the Fund invests typically one year. The frame is fixed by law: The Post will benefit from a capital increase of 2.7 billion euros, 1.2 billion provided by the state, and 1.5 billion from the Fund. Must still agree on the value of the Post Office to determine what will be the level of participation of the CDC in its capital.

Twice a week since the beginning of the month, teams from the Fund – backed by Lazard and Morgan Stanley, helping Gimar Finance Supervisory Commission – and those of the Agency for State Holdings (advised by HSBC), compare analysis.Condemned, by law, to agree, the two pockets of the state does not want to go to war. No way to dwell on a range of recovery – a "fork" as an actor in the negotiations – which, however, reveals a gap of one to five.

The Post valued at 1.8 billion euros

Reportedly, in fact, the "buyer" – CDC – valued at this stage, the post office to 1.8 billion euros, including debt, when the "seller", the State, shows 9.5 billion. The discussion, in fact, is to converge to a value of The Post to be that of its own funds (4.1 billion euros at end 2009).The work involved with the management of La Poste – CEO Jean-Paul Bailly plate before the Investment Committee of the Board of Trustees of the Fund on June 23 – and the EPA have already been able to fill a (small) part of gap.

Concordant sources, Bercy proposes to extend the revenue projections and results of the public company beyond 2015, the end of the current strategic plan, focusing on the extension of subsidies for the distribution of the press, Accessibility bank or land use. This involves taking a very long-term bet, even though projections for five years been based on optimistic assumptions, as stated by the Court of Auditors paydayloans.

For example, the public company anticipates a replacement for four retirements, two times less than in 2009.It sits on a decrease of 30% "only" the volume of business mail by 2015, when erosion caused by traditional Internet this activity has accelerated with the crisis.

"Prudent investor"

The financial trajectory, finally, projects a growth of 5 to 6% of revenues the Postal Bank in the period, based on a scenario of "macro" rather rosy, particularly in terms of changes in interest rates. She bet – she is not alone – a tightening of prudential regulations on international (Basel 3) which would cost only 500 million of equity to its subsidiary … These are all the more crucial that La Banque Postale represents alone worth more than 8 billion euros.On it depends on price which its parent.

To justify the target value, the arguments must be strong: the CDC should behave "prudent investor, in strict compliance with its property interests." Especially, the recapitalization not be considered state aid by Brussels. During the presentation of the report of the supervisory committee, Michel Bouvard reiterated the goal: the investment must provide a perspective of profitability similar to the average of the other assets of CDC. "We want to secure our investment in case of degraded scenario," he says.

The Fund negotiates as a shareholder pact that would endorse the joint control with the State on the public company, it takes 25 or 35% of the capital. "The state is more favorable to have the CDC in a strong position as shareholder," says one close to the matter.The Fund would have four directors, an involvement in appointing the CEO, and a veto not only on large investments, but also the most common big decisions, like budget.

Barely buried by the G20 already risen by the European Union? The leaders of the 27 would have agreed on the principle of a tax on banks, according to AFP. Agence France-Presse has procured the draft final agreement from the summit of Heads of State of the EU on June 17.

The text states that "the European Council agrees that a tax on financial institutions to be introduced to ensure that they contribute to pay the price crisis." The implementation would occur in "October 2010", according to the document approved by the ambassadors of member countries in Brussels.

The EU, supported by the Franco-German agreement on the subject, then move only hear about this proposed tax. The G20 had indeed rejected the draft on June 5 last, at the request of Japan, Canada and emerging economies, including Brazil.The topic will be placed on the mat during the next World Summit in Toronto in late June, at the initiative of the Europeans.

"The debate is over"

If the 27 Member States seem to agree on the principle of bank charges, how applications are still a problem. Finance ministers should floor on the issue to ensure "equal treatment" between banks to prevent the European institutions are not penalized compared to their foreign competitors.

EU leaders also wonder on what basis will apply the tax, ie the profits or assets of banks, for example. The biggest uncertainty also use it will be made of revenues generated. "The debate is really over," admitted one European diplomat.

The European Commission wants a fund of insurance of the financial sector, and giving assistance to banks in case of major difficulties. Paris and Berlin for their part, prefer that the money collected feed budgets. "Of what use to mobilize billions of euros in an insurance fund for money to sleep?" Asks a diplomat.

Finally, a country like Luxembourg, a leading financial center, particularly for investment funds, would prefer to introduce a tax on financial transactions in the most speculative.

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The offer of Atos Origin WorldPay should remain on the sidelines. The group has never officially confirmed his candidacy on redemption of the subsidiary systems of payment by Royal Bank of Scotland, is not among the three investment funds selected by the British bank, according to information from newspaper economy.

The software houses had yet been joint bid with investment firms CVC Capital Partners and Welch, Carson, Anderson & Stowe. In addition, the acquisition of Wordpay assessed by the press between 2 and 2.5 billion euros, would have Atos create synergies with its electronic payments Worldline subsidiary.

The list of contenders is long

But the list of contenders is long.Investment funds Clayton, Dubilier & Rice, Permira (associated with American Express), Advent International, Bain Capital and TPG or Canadian society Moneris Solutions payment systems had expressed interest in WorldPay. The price of the subsidiary of RBS has thus vanished, the paper suggests a proposal exceeds 4 billion euros, and the bids were the highest preference.

Another obstacle to the acquisition of Atos WordPay, SSII debt still stood at 139 million euros at end 2009. This impedes the French group to compete with investment funds. Especially that Thierry Breton, arrived at the head of the group November 16, 2008, has always said he was not overpaying for an acquisition issue.

An alliance with a fund is still possible

For now, the group opted for prudence.But he could return to the race if one of the three funds withheld wanted an alliance with an industrial partner, an option that remains open as the business daily.

L'Oreal wins year after year market share in China. Under the name "The Or Yia" (Beauty of Europe), L'Oréal remains behind his rival Procter & Gamble that market estimated at nearly 100 billion yuan (12 billion euros) since it holds just less than 12% of total sales in 2009, against 19% for the U.S.. The attack strategy of L'Oreal to settle as a leader in China seems not only feasible, but it also promises to bring much to the French group.

L'Oreal, which sponsors the World Expo in Shanghai, will provide 20% more revenue in the country this year, one billion euros. This is what Paolo Gasparrini, the boss of China said on Tuesday there.In 2009, sales have climbed 25% on a comparable basis (862 million euros) in China, making the country the fifth largest market growth in its insolent.

"We expect 650 million new customers in the Asia-Pacific, with half in China," says the director of L'Oreal in China to Echos.

The men discover cosmetics

According to the Financial Times, the products of Skincare for Men Rise particularly in China sales rose 27% in one year and in 2009 the rate reached 40% since the beginning of 2010 overnight pay day loans. That's five times more than the same products for women.

Improve the look for men is to give more chances to marry, the newspaper said. In general, the physical is very important in China.Traditionally, women were preparing their own products for skin with water such as rice. "A person picks up pretty easily for a job or a good partner," says Lin Xinrong, Chief of Research & Development of skin care in Shanghai, quoted by the newspaper.

L'Oreal has understood that its Chinese customers is unusual. Therefore 80-85% of L'Oreal cosmetics products are specifically developed for this destination.

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After the additional $ 10 billion claimed by Freddie Mac in Washington, his sister Fannie Mae has requested $ 8.4 billion to the state by the end of June to offset its deficit. "Our first quarter results are due primarily to costs associated with credit, which remain high due to weaknesses in the economy and housing market, Fannie Mae said in a statement.

This is in addition to an extension of the $ 15.3 billion released by the Treasury on March 31 last. "Due to current trends in housing and financial markets, we continue to expect net deficits in the future, and therefore we will obtain additional financing to the Treasury, the company said.

This request comes as Fannie Mae has released today a loss of 11.5 billion dollars in the first quarter.A loss to which we must add the payment of a dividend of 1.5 billion dollars to the federal government. On Thursday, Freddie Mac announced a loss of 8 billion dollars by way of the first quarter.

Senators resist

Victims of the credit crisis, the two institutions, which guarantee more than 40% of outstanding mortgages granted in the United States have been saved from bankruptcy by the U.S. government.

The Senate voted Wednesday an amendment canceling a fund of 50 billion dollars (39 billion euros) in charge of the liquidation of banks and other financial institutions of importance.

In late 2009, the Obama administration is committed to cover an unlimited losses "Freddie Mac and Fannie Mae" until 2012.

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One hundred and sixty rooms and suites and 144 private residences, five restaurants, a spa, grand reception rooms: the first Armani hotel was inaugurated on Tuesday the world's tallest tower (828 meters), Khalifa Burj, Dubai. "After five years of working with photos and drawings, I finally discover the culmination of this project", rejoiced Giorgio Armani, who came to attend the opening ceremonies of this first school bearing his name. From a distance, the designer has personally supervised every detail, soft curves of the design of rooms, choice of fabrics or utensils, mainly originating from the Armani Casa collection. "In my idea, Dubai was the Las Vegas of the Middle East, the opposite of minimalism, which I am a follower," he added.I wanted to create something you can remember. "

After several months of backlogs – and one more week because of the chaos associated with the air of the Icelandic volcano eruption – the event has high symbolic figure for the Emirate of Dubai in a financial crisis. For Emaar Properties, developer of the hotel, the Burj Khalifa and the whole new area called Downtown, where it is located, is also a way to show a positive face of setbacks experienced by the competitor Nakheel, overburdened, and the origin of the famous palm-shaped islands created from scratch in the Persian Gulf. Debt Nakheel, owned by the state, has led Dubai to seek help from its neighbor Abu Dhabi and to refinance its debt with its creditors last month.

Emaar has invested over one billion euros in the construction of the tower.Having suffered a halving in two years of its turnover (1.76 billion euros in 2009) and a slump in its profits, delivery of the 1,000 apartments and 50 floors of offices in recent months will boost the results of the firm. "Crises come and go. Projects like this are built for centuries, "said Mohammed Alabar, chairman of Emaar, which expects a return on investment of 9%. It was he who persuaded Mr. Armani to sign an agreement with him to develop a chain of hotels plans to open a dozen locations around the world in ten years. The next is planned for Milan in 2011. Follow residences in Marrakesh and Marassi, Egypt.

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