Live News

"The mobilization of our companies abroad is a government priority, the development of employment is directly linked in a global economy, the part played by French companies in international trade." Tuesday, moving in Nièvre, the Head of State gave foreign trade on the front of the stage. Well aware of the situation in France, which saw its market share eroded internationally for years – "We have a deficit of 51 billion euros, Germany has a surplus of 150 billion," he recalled – the head of state still refuses to "fate."

Critical mass

Visiting one of the workshops of the French Company prosecutors, now trying to sell its products abroad, Nicolas Sarkozy has stressed the need to develop the network of SMEs in exports and develop "competitiveness".In fact, contrary to our German neighbor, who has forged a strong network of companies exporting medium, capable of responding to global demand, the difficulty in France have companies whose critical size would allow them to expand into international markets . Why we must build on the best of them. This is the new mission entrusted by the government to Ubifrance, the public agency responsible mainly for support SMEs in international markets. So far, it was only quantitative targets. Now the quality will also put "Ubifrance will be more selective and take more businesses that have real potential for export," says one at Bercy.The idea is that a third of SMEs that have benefited from support actually end up doing business abroad.

During a roundtable Cosne-Cours-sur-Loire on "the mobilization and support for companies in their efforts to export," Nicolas Sarkozy has also urged the national and local actors to support the export – the state Ubifrance, chambers of commerce, regions, etc personal loans for bad credit. .- to work together to create a "team". "It must stop wars chapel!" Repeats all goes as Secretary of State for Foreign Trade, Pierre Lellouche. The latter wants to develop a single window – export houses in the region – which SMEs could use to get their guidance.And they lost more in the maze of financing offers, Ubifrance and OSEO will Coface now offers a unique catalog.

As for large groups, they will increasingly play the card of solidarity with the smallest. On May 5, several of them have signed a charter pledging to always consult the French subcontractors for their export sales, develop the port of SMEs or to develop indicators to monitor the increased participation of French SMEs to large export contracts.

Underlying this policy – even if no rule can be written in black and white, because the European Commission monitors – the government intends to encourage groups to seek more French subcontractors if they want to continue receiving certain export subsidies.And "if necessary, we shall make …" nevertheless dared Tuesday the head of state "It does still not accuse France of wanting that big French companies help small. There is … citizenship in all this, "he said.

ALSO READ:

A record trade deficit in France in February

U.S. stock markets are changing very slightly higher on Tuesday, spurred by bargain hunting after plogeon the day before. The Dow Jones rose 0.21% to 12,407.07 points, the Nasdaq advance of 0.23% to 2765.11 points and the S & P 500 gained 0.38% to 1322.35 points.

On Monday, the NYSE has closed lower for the second straight session, giving back to concerns about the debt of several countries considered fragile in the euro area and undermined by the sharp fall in oil prices has weighed on the energy sector.

The euro against the dollar resumes

While concern has focused until recently on the Greek case and the single issue of debt restructuring, they come to spread to other fragile countries of the euro area, including Spain.Even Belgium was concerned, as Fitch downgraded to "negative" view of the note because of the persistence of the institutional crisis in the kingdom.

In the wake of heightened tensions, the euro fell against the dollar, moving below the $ 1.40 for the first time in over two months. On Tuesday, the European currency regained a bit high. In early afternoon in Paris, the European single currency was worth $ 1.41.

On the macroeconomic front, investors will monitor the new home sales and expenditures and household incomes.Among the other highlights of the week, the Michigan index, and promises of sales are expected on Friday.

Bank of America pays $ 410 million to customers

Bank of America 0.30% to 11.45 dollars

The side of values, Bank of America has found a tentative agreement Monday night to pay $ 410 million to customers who complained of excessive bank charges after an overdraft on their account. The complaint partnership had attracted about one million customers aggrieved.

Coca-Cola Enterprises: 0.69% to 29.33 dollars

Also note, Coca-Cola Enterprises (CCE), the leading bottler of Coca-Cola products in Western Europe, is listed since this morning on NYSE Euronext Paris, in addition to its listing in New York.The IPO price was set at 20.73 euros per share and the market capitalization of CEC on the day of the introduction amounted to 7.06 billion euros.

eBay: 0 no checking account payday advance.28%: 31.72 dollars

The distribution group online eBay does not use its earnings from the acquisition of Skype by Microsoft to make acquisitions, said its chief executive John Donahoe in an interview with the Wall Street Journal.

Cisco Systems: -0.40% to 16.29 dollars

The spiritual movement Falun Gong filed a complaint with the U.S. against the U.S. computer equipment manufacturer Cisco Systems, which he believes helps the Chinese regime to suppress its followers.

Avon Products: 0.94% to $ 30

After the close DeWall Street, Avon Products has announced the appointment of Kimberly Ross, currently CFO of Dutch Royal Ahold, as Vice President and CFO of Avon.

Blackstone: 0.54% to 16.64 dollars

For his part, Blackstone seek transfer of real estate assets in Canada for about $ 900 million according to Reuters.

Sigma Aldrich: 0.53% to 68.62 dollars

Sigma Aldrich has announced the acquisition of Brazilian VETEC Quimica Fina Ltda, a provider of specialty chemicals for industry and research.The transaction, whose terms were not disclosed, should have no impact on results.

Union Pacific: 0.26% to 101.85 dollars

Union Pacific has announced the launch of a limited supply to exchange $ 750 million of existing bonds with bonds maturing 2022 and a partial settlement in cash.

Applied Materials: 0.69% to 13.89 dollars

The presentation of results from Applied Material, Tuesday and especially the speech which should also accompany attention. The group was downgraded by Goldman Sachs Friday because of a reduction in forecast request to the semiconductor industry.Also today, Compuware will also deliver his views on the changing demands of business and therefore on the strength of their investment in information technology.

Russian Yandex Internet group in turn could make a sensational debut on the Nasdaq, a week after scoring a spectacular goal in professional social network LinkedIn, says New York Times. The action Yandex will be sold at a price of 25 dollars, far beyond expectations, the newspaper said. Such a price would value the group at Moscow $ 8 billion.

A symbolic handover and structuring. The U.S. site video rental Netflix, which distributes DVDs and subscription movies online, now generates its own 30% of U.S. Internet traffic during peak periods. Netflix is ​​the most voracious consumer of capacity on the fixed Internet, according to a study published by Sandvine, a specialist in the management of online traffic. On a full day, its share of traffic reached 22.2%. Netflix is ​​ahead and the sharing site BitTorrent files, a mecca for illegal downloading, which loses its position as the online service more greedy with 21.6% of traffic.

"Netflix is ​​now the undisputed king of bandwidth in North America," the study notes. For its authors, this rocker confirms that "we are now in the age of Internet video.""Customers have clearly adopted the online video service Netflix, fundamentally changing the Internet landscape," said Sandvine. And the change will be sustainable, development of mobile devices such as digital decoders and iPad like Roku and Boxee to make further use of Netflix in the U.S..

23.6 million subscribers

The break came quickly. During the previous wave of the study, published in autumn 2010, Netflix is ​​still picking up "only" 20.61% of Internet traffic during peak hours. Netflix, which has 23.6 million subscribers to its video service, has recruited 6.7 million over the past seven months.

The service, founded in 1997 by Marc Randolph and Reed Hastings, started in mail delivery of DVDs ordered online. Then he revolutionized the market in October 2010, introducing an Internet subscription only $ 7.99 per month.For this sum, the subscriber can consume an unlimited number of movies and TV shows to a PC or a TV connected to the Internet. In parallel, the department has stepped up agreements with U.S. television networks like HBO and AMC to access more content. Finally, Netflix is ​​a service automatically offered in the Apple TV set-top boxes.

Above all, the company has managed to win the TV show via video game consoles connected to the Internet. Thus, the PlayStation 3 and Xbox 360 are the first two modes of access to Netflix, used respectively by 31% and 25% of subscribers. The Nintendo Wii accounts for 11% of subscribers. In total, these three consoles represent 67% of subscriptions. They precede the PC, chosen by 19.55% of users.

Capped plans

Netflix subscribers who access the service through game consoles connected to "consume twice as much data" than other customers, also notes Sandvine. Similarly, the study estimates that a third of Xbox 360 connected to the United States are used to distribute movies rented from American society.

Faced with this abuse of traffic, Netflix has started making arrangements. Thus, it seeks to reduce by two thirds the bandwidth consumption in Canada, noting that much of its subscribers have Internet packages capped. Its share of Canadian traffic has increased from 13.5% to 5.7%, says Sandvine.

ALSO READ:

"Netflix is ​​reinventing TV

"Negotiations Netflix / Davind Fincher: cloud at the time exclusives

"Cloud and Media: Netflix results in 5 points

The Center for Strategic Analysis (CAS) will publish tomorrow Tuesday an interesting note on employment and unemployment among youth. "After much reduced between 1995 and 2008, youth unemployment has not been more sensitive to the crisis in France than in the average OECD country," says the CAS.

The number of under 25 unemployed has increased by 4.3 points in France in 2008-2009 to 23.2%, against an increase of nearly 6 points in the OECD countries.Nevertheless, France still exceeds the three-point average of industrialized countries and is located "halfway between countries that have rates two to three times lower, as the Netherlands (7.8%) and Germany (8.3%) and those where they are approaching double the average, like Spain (43.1%) or the Baltics. "

If the best trained are best protected, the higher qualification of youth did not prevent their conditions of entry into active life to deteriorate. One third of 15-24 year olds have jobs of limited duration, against 11% of all employees. "There is no single answer to youth unemployment, otherwise we would have found it," insists Vincent Chriqui, head of the CAS.

No "youth minimum wage"

Former Plan Commissioner made four proposals in line with government policy no teletrek payday advance.He suggests "developing a wide range of alternative tools to schooling 'for 200,000 young" dropouts "listed by year: alternate pathway" second chance ", strengthened support … To further reduce the number of young people without qualifications, CAS argues that "the development of learning is more beneficial than in the past for training of secondary education." It should even be "a shared priority" prefects, regional councils, presidents or partners.

To reduce labor costs in the commercial sector – as France has not introduced, unlike other countries, a "youth minimum wage" – the CAS proposes to expand the number of assisted contracts in the private and make "a management tool and counter-cyclical support to young people most in need."The advisory body to the Prime Minister finally suggests to "enhance the experience of young people in the nonprofit sector by transforming a share of subsidized jobs in the public sector apprenticeships.

ALSO READ:

"Unemployment: Towards a reinforced monitoring of young

Lefigaro.fr – The stock market crash experienced by the materials last week he requires investors to be more responsive?

Fabrice Cousté – We have entered a period in which electronic exchanges and automated to make faster and faster. This is not about to stop! Uncertainties about the euro and oil prices have created an appetite among investors for increasing trading currencies and commodities with a time horizon ranging from several days to a few seconds! Since early May, some hedge funds that had long positions in commodities and the euro came out massively causing a sharp drop of nearly ten dollars on oil. Meanwhile, the euro flirted with the $ 1.50 fell below the $ 1.45 and is now heading towards $ 1.40.These movements in raw materials could weigh on the CAC 40, including through lower oil stocks: Total, Technip and Vallourec.

What do you attribute the return of the volumes traded on the CAC 40 (six billion euro traded on average over the first two sessions of the week)?

These sessions illustrate the volatility of financial markets. And when I talk about financial markets, I do not take into account only the Paris stock exchange but also the Forex (currency market), which weighs 1000 times more than the CAC 40 (4000 billion dollars are traded daily on forex).

Is it out of raw materials?

The sharp drop ('sell off') shows that we are witnessing a situation of bubble that formed on certain assets (gold, silver, oil) and deflates even faster than many of the positions initiated at purchases were intended to hedge against a weakening greenback pronounced. This one covers the force, these positions are unwound or reversed, thus amplifying the plunge.

I would say that the recent plunge in oil is only a pause in a structural increase. I remain convinced that indeed the global economy is experiencing recovery, albeit slow, raw materials remain structurally high levels. Indeed, the double-digit growth in emerging countries may decrease, but these countries are on track for rapid expansion that will require more and more natural resources.We need to get used to the prospect of a sustained oil price at $ 100 a barrel and more in years to come. This new environment should promote market recovery for companies in "green business" (new energy, recycling, energy conservation).

What impact on portfolio management?

The sector rotations will be more frequent. In the short term we will also know where you have a new focus on defensive stocks such as telecoms and technology sectors expanding. As for values ​​that have real pricing power (the ability of firms to impose higher prices, Ed), the ability to pass the rising cost of raw materials in their products are preferable. This is where the champions of luxury such as LVMH and PPR values ​​but also with strong brands such as Danone and Essilor.

Conversely, investors should stay away from utilities and automobiles. Regarding the oil companies, I am negative court term and long-term positive. Good surprises are also possible for banks, but these are values ​​highly speculative and totally dependent on how the policies will manage the debt crisis of the Greek.

A more reactive wrong does not accentuate the lack of interest for individual stocks, considered a distribution medium or long term?

Today, it is true that individuals invest more to take risks but to protect themselves. They therefore turn to the massive gold or stone. The market environment has changed. It is uncertain therefore more complex to understand.But those who still believe the shares are able to adapt their trading, also passing through alternative platforms that will become the next referent of finance or by taking advantage of new business tools ("stop loss" orders intelligent programming strategy) that are available to them. Although the regulator wants to break the speed of trades and trading high frequency counter, it can not prevent the development of these platforms.

The Cac 40 barely exceed the 4200 points for three months. How do you explain it?

The revival of the Cac 40 depends mainly comeback banking shares. In view of its excellent results, BNP Paribas can return to a range between 70 and 75 euros and Societe Generale between 60 and 65 euros by the end of the year.The CAC 40 should not drop below 3800 points for corporate earnings in the first quarter are still excellent. Conversely, as the uncertainties regarding the recovery of Greece will not be lifted, the CAC 40 may not exceed the 4200 points.

The crisis has failed to overcome the magic of the park in Marne-la-Vallee. Euro Disney revenues increased its turnover by 7.7% in the first semester (from October 2010 to March 2011) to 559.1 million euros. Despite an economic environment that remains sluggish, the visitors came more numerous than in the first half of last year. Park attendance increased by 0.4 million people (5%), reaching 6.9 million people who trod the soil of the French parks of the group. On average, each spent 43.32 euros per visit, entrance fee included, which is stable. However, hotel guests of the site have spent more on them: improving spending per room, from 6% to 200.60 euros, is one of the most significant.

With this increased activity improves the group's biannual report even if it remains in the red.Euro Disney shows an overall net loss of 99 million euros, with a net loss after minority interests of 82.9 million euros in the first half, reduced by 13% over one year. In addition, net cash available now stands at 323.7 million euros, 40.2 million euros more than the previous year.

Few concerns despite the occurrence of Easter Monday

After the accident last April 25 in one of the top attractions "Mine Train", a decrease from the coast of confidence in the Euro Disney park could have been fear. However, according to a statement of management to AFP on Tuesday, closing the "Train of mine has had no impact" on traffic on the park.

The title had also not undergone any impact after the announcement, indicating that investors did not foresee a drop in visitors following the incident.Always about the accident, Philippe Gas, the CEO of the group, told AFP that the company would "never compromise on safety."

This enthused the "sharp increase" in attendance by customers French, Belgian and British, who are its key markets.

As for prospects for the second half, high season for the group, Euro Disney is confident. At Treasury, returned after borrowing up to 46 million euros this semester, the group expects a return of 77.5 million euros during the second half.

Around 14 pm on Euro Disney's stock price was 9.35 euros, down from 1.27% in a market up 1.56%.

The year 2011 began with disappointment for the departments. Any tax replacing the business tax is less profitable than expected. This is the contribution of value-added enterprises (CVAE), based on the value added generated annually by companies. Technically, the state, which has collected for the first time CVAE in 2010, will transfer to councils this year their share. So that elected officials can build their budgets, Bercy just sent to councils estimated income expected in 2011 CVAE. Knowing that this new tax contributes 15% of operating revenue departments.

Surprise, this estimate has proven often less simulations for the same revenue in 2011 conducted by Bercy in 2010, just months after the adoption of the reform."We do not yet have data from all departments but the trend is clear," they said in the Assembly of the departments of France.

Responsible

Seine-Saint-Denis provides a good example. "According to the simulations dating from 2010, we could expect to receive 196 million CVAE in 2011. In spring, the Department notified us that these revenues would be $ 177 million. That is 10% less! "Explains there be to the general council. Same thing in Loire-Atlantique, always CVAE revenues in 2011, "Estimating the spring of 2011 is 134 million while that of 2010 was 148 million," explains Bernard Gagnet, vice-president responsible for the General Administration Department. Department more rural, the Aisne was also affected: the estimated revenue for 2011 rose by 42.3 million by the end 2010 to 36,200,000 in April 2011.

At Bercy, it does not explain the difference.But we recall that the data sent in the spring are provisional. Businesses, unaccustomed to the new tax, have been delayed. Only 70% of tax CVAE of 2010 were available in the spring. They will all summer. It is at this point that Bercy communicate to departments the final amount of revenue CVAE 2011. "And these revenues should be final, to be generally higher than the spring forecast," says one to the department.

Time will tell if this prediction comes true. Anyway, this poor start has worried politicians. They know that if tax revenues are lower than those prevailing in 2011 before the reform of business tax, they will receive compensation funds. But the presidents of county councils, as mayor, do not depend on funding."Ultimately, the dynamic resource departments can only come from CVAE. This question is crucial, "says Jean-Pierre Balligand, MP PS of the Aisne. "Now, our revenues will be more related to the economic performance of firms, their ability to create value added. It's a good thing that will force us to responsible stewardship, "said Bruni Sido For its part, the UMP president of the General Council of Haute-Marne.

ALSO READ:

"Tax pros: local finances disrupted by the reform

"FOCUS – Everything you need to know about business tax

They look at china dogs, waiting to see who will shoot first. Impacted by the recent surge in cotton prices, most major brands of apparel and ready-to-wear still refuse to raise their rates. At H & M for example, the waltz of the labels is not on the agenda. Despite a profit decline, to 291 million euros over the period from December to February (-30% from last year), its CEO, Carl-Johan Persson said that by "a deliberate maintain prices. "

And even if some of its stores saw their sales pitch down, as the new complex on the Champs-Elysees in Paris."While it should be 200,000 to 250,000 euros in turnover per day, it is only about 100 000 euros, or less than the store on the Boulevard Haussmann," said BFM Radio last month, light- where the limits "of a model of disposable fashion, low prices," which "seems to have a lame duck."

At the national level, INSEE made the same observation. According to the institute, purchases of textiles and leather have fallen 2.2% in March versus the same period last year. Moreover, even if the month of February received a slight improvement, with sales up 4.1%, it did not make "a very bad month of January," dissects Charles Tillard-Head in charge of statistical studies at the French Institute of Mode (IFM).

A hypercompetitive market

For specialists, this will keep prices at the same level due to the widespread decline in purchasing power.In a context of "incompressible increases of food prices and gasoline at the pump," the clothing market "could not support an increase of 5 to 15%" following the surge in cotton prices, said Jean- François Limantour, President of the Cercle Euro-Mediterranean leaders in textiles and clothing no teletrack payday loans. Same analysis for Charles Tillard-head, who feels that large retailers still prefer to "cut back on their margins." "There is a sense of expectancy, there analysis. The first to perform an increasing losing out in this hypercompetitive industry. Or in other words, would see its market share erode.

However, uncertainty remains about the ability of big retailers to maintain such a course."The professionals are in a phase where they do not really know how to pass on higher cotton prices," says Emmanuelle Butaud, secretary general of the Union of Textile Industries (ITU). In fact, its price, which peaked at 2.14 dollars per pound on April 7, increased on a year of almost 160%. Since then it has certainly packed (see box below). But as pointed Emmanuelle Butaud, the sector did not benefit because "it runs in cycles of one year to 18 months."

Cotton appears down

Since early April, the fiber has "consolidated" at around $ 1.54 a pound at the New York Stock Exchange, according Djillalid Hacid, an analyst with X-Trade Brokers. According to Jean-François Limantour, the decline should even "grow" in the coming months, referring to the latest figures from the U.S. Department of Agriculture (USDA).In 2010-2011, the institution expected to increase global production by 10.6% to 127.5 million bales, due to better weather than last year and the increased area of ​​plantations.

ALSO READ:

»Textiles: prices will rise 15% this summer

"Cotton at its highest since the Civil War

The crossing record fuel prices on record. Last week, prices at the pump have again reached record levels in the hexagon, noted that Monday's Directorate General for Energy and Climate. A liter of unleaded 95 has coined 1.547 euro on average, a liter of super unleaded 98 1.585 euro. Unheard of in living memory motorist. Fortunately, the price of diesel fuel – the most consumed – has however declined slightly last week, to 1.36 euro per liter. It remains for now below its 2008 record, when it exceeded 1.45 euros.

Prices at the pump in fact suffer from a barrel of oil costing has soared since the advent of revolutions in the Middle East. The price of Brent crude in London was quoted on Monday by $ 125.9 per barrel, when it cost just $ 95 in January (+32.5%).Therefore, INSEE memo in its last publication on inflation, the cost of petroleum products surged nearly 20% in March over a year.

The 2-liter of super €

To offset these price increases that weigh heavily on household budgets, the government announced in April the increase of 4.6% flat rate mileage. A tax measure that will ease the bill for some six million taxpayers who use their cars to work, then the estimated Economy Minister Christine Lagarde. Oil companies will contribute about the financing of the new measure to 115 million euros.

Consumer associations have been skeptical, however. "This is a drop in an ocean of expectation," lamented the UFC-Que Choisir.Increased dissatisfaction with grim outlook for consumers: in an interview in Paris, Total's CEO Christophe de Margerie had clearly drawn the trend. "The Super 2 €, there is no doubt," he said. The real question is when. "

ALSO READ:

"Good tips to save fuel

Click image for larger graphic.