International Business News

The U.S. stock markets ended the week on a negative note as investors considered disappointing figures sanctioning of the ADP survey on employment aroused fears about the growth in the U.S..

The U.S. economy created far fewer jobs than expected in June and the unemployment rate reached 9.2%, its highest level since December, according to official statistics released Friday.

"This is an appalling record of employment, but that would have caused less surprise.The U.S. labor market will more than a few weeks to get rid of the slow growth of the last two quarters, "said Rob Carnell of ING.

The Dow Jones dropped 0.49% Friday, 62.29 points, to 12,657.20, the S & P 500 benchmark index fund managers, has sold 0.70%, 9.42 points, 1343.80 and Nasdaq, heavily weighted technology, lost 0.45%, 12.85 points, to register for 2859.81.

"If the employment figures are disturbing, it's still better to wait for results before the season to panic," said Phil Dow, RBC Wealth Management.

"In our view, profits and sales should be much better than expected, and with the current valuations, go to the market is very attractive."

Alcoa, as usual, will be the first industrial group to publish its results, then followed by JPMorgan, Citigroup and Google.

The Internet giant has also yielded 2.67% Friday to 531.99 dollars, as reacting to the lowering of the recommendation from Morgan Stanley, had to "market weight", citing concerns over margins .

Other values ​​of the day, the group of internet recruitment Monster Worldwide dropped 3.17% to 14.65 dollars following the release of U.S. employment figures.

The Casino has tried again Tuesday that the project of his rival Carrefour in favor of a merger of the Brazilian subsidiaries of the two groups was hostile, while rival claims to the contrary.

"The character of the hostile attitude of Carrefour is established by the fact that Carrefour has been conducting secret talks for months that seek to capture control of the Brazilian society CBD (GPA) Casino said in a statement.

Hours earlier, Carrefour had assured to have no hostile intent against Casino.

Michelin Group confirmed Tuesday the departure of Didier Miraton, one of three co-managers of Michelin.

The departure of the CEO of technology center of the tire manufacturer, whose term ran until May 2012, comes just weeks after the induction of Jean-Dominique Senard as a future head of Michelin.

"As part of the evolution of governance and management of Michelin, the general partners of the group decided, with the consent of the Supervisory Board, to end the mandate of managing non-commissioned Didier Miraton" , Michelin announced in a press release confirming the information published yesterday by the daily Le Monde.

Didier Miraton receive 1.8 million euros in gross claims about either, after tax and social security, 820.000 euros, an amount equal to the remuneration (fixed and variable) income for the years 2009 and 2010.

The group had so far three co-managers at its head.

Michel Rollier, who had succeeded Edouard Michelin after the death of the latter in 2006, is the sole general partner is liable to say on his personal property for the debts of Michelin in case of failure.Eight months after taking the helm of the company, he wanted a more collegial operation by appointing Jean-Dominique Senard Didier Miraton co-managers and non-sponsored.

Didier Miraton, 53, had joined the company in 1982.

Around 17:00, the title Michelin rose 2.2% to 64.71 euros, bringing its increase to over 20% since January, while the CAC 40 advanced 1.9%.

Finance ministers from the eurozone and the European Union on Tuesday afternoon discussing the involvement of the private sector in support of a second plane to Greece, ten days of a crucial EU summit.

These meetings followed several weeks of negotiations on this matter and the details of creating a permanent financial stability, the enhancement of capabilities of temporary mechanism set up last May and on reforming the Stability and Growth Pact growth.

No decision is expected Tuesday and further meetings of the Eurogroup and the Ecofin Council will be held next Monday in Luxembourg to reach a final agreement on 23 and 24 June at the European Council.

"I called this meeting to prepare the next Monday. We will consider several options.This is an informal meeting designed to ensure that we get as close as possible to a conclusion next Monday in Luxembourg, "said the chairman of the Eurogroup Jean-Claude Juncker, on his arrival in Brussels .

The meeting should also be sufficient to make a political round table on the idea of ​​Germany to offer private creditors the opportunity to exchange their Greek bonds cons of current news, whose maturity would be extended to seven years.

DEBATE ON PRIVATE SECTOR

A majority of European countries are against this idea, as well as the European Central Bank, which estimates that it would be an "event" credit which could be incalculable consequences for the single currency area.

Berlin, supported by Finland and the Netherlands, for its part considers that the plan may trigger further degradation of the note in the Greek sovereign debt but it would not be a "defect" in the sense strict.

The European Commission is working on his side to a solution replicating the "Vienna Initiative" which saw the beginning of the crisis, banks and other private creditors voluntarily maintain their exposure to countries in Eastern Europe to the help them through the turbulence.

Several French and German banks have recently indicated support such an initiative if it was supported by a broad base of investors and the Belgian Finance Minister Didier Reynders, sought optimistic Tuesday about the chances of achieving agreement.

"We are close to agreement. But we must find a balance: a real effort on the part of Greece, with the help of the IMF, the eurozone and the European Union and private sector participation . We are moving in that direction, "he said.

According to several sources close to the negotiations, it would be to get a commitment on private creditors a total of 30 billion euros, in addition to 30 billion euros from the privatization program announced in January and 60 billion euros of new loans from the European Union and the International Monetary Fund (IMF).

This new aid plan of 120 billion euros in addition to the 45 billion still to be disbursed under the first plan of support of 110 billion approved last May.

The Paris Bourse opened on a hesitant note Monday after a tough week, fears about global economic health and financial situation of Greece continued to weigh on the market.

At 9:10, the CAC 40 index yielded 0.07% to 3802.42 points after losing 2.2% last week and closed twice in a major technical support points located at 3850-60.

As for values, Peugeot wins 1.78% to 27.95 euros thus registering the largest increase in the CAC 40, supported by a recommendation to increase the purchase of Citigroup.

Other major European markets are also hesitant in early trade, London clinching 0.01% while Frankfurt was down 0.1%.Of the European indices, the EuroStoxx 50 and yields 0.18% Eurofirst 300 is perfectly stable (0.00%).

The euro was steady against the greenback at 1.4329 dollars (0.01%).

A barrel of U.S. light crude fell by 0.43%, to 98.86 dollars.

The New York Stock Exchange ended down 1.42% Friday, the Dow Jones industrial yielding 30 172.45 points to 11,951.91 points, weighed by concerns over the ill-digit growth after China's foreign trade .

The S & P-500, wider, lost 18.02 points, or 1.40% at 1270.98 points.

The Nasdaq Composite fell 41.14 points for his side (1.53%) to 2643.73.

These data are likely to vary even slightly.

The employment in France has increased its recovery in the first quarter and the balance of agency has eased, the revised statistics show released Thursday by the INSEE.

The sectors mainly merchants have created a total of 58,200 jobs after 48,300 over the last three months of 2010, an increase of 0.4% against 0.3% on the previous quarter, says the National Institute of Statistics.

First estimate, May 13, he had reported 58,800 new posts in non-agricultural market.

Acting Out, merchant displays employment growth twice higher than the fourth quarter, with 52,300 new posts cons about 25,700 from October to December.

In one year, employment in the market increased 1.1%, or 181.700 jobs created. The change was announced in the first estimate of +1.0% (161,400 jobs).

Employment in industry has stabilized in the first quarter with 1,300 posts. "For the first time since the first quarter of 2001 that the industry does not lose jobs in a quarter," INSEE said.The balance of the industrial sector over one year remains negative, with 32,800 jobs lost.

Meanwhile, employment edged up in construction (3,000 or +0.2%) after nine quarters of decline and grew by 0.5% in the tertiary sector (including 53,900 temporary).

Acting outside, 48,800 jobs were created in the tertiary sector (+0.4%) after 32,800 the previous quarter.

For its part, job center, which compiles its own on a different basis from that of the INSEE, reported 64,000 jobs created in the first quarter (156,500 in one year).

The agency plans for the whole year a total of 148,000 new posts in companies affiliated with unemployment insurance.This adjustment would bring down the number of 101,000 job seekers in category A, says job center.

For its part, ACOSS, the central agency of social security institutions, grew by 1.7% of average per capita (SMTP) in the first quarter, up 2.8% year on year.

Mutual banking group said Thursday BPCE be entered into exclusive talks with Bridgepoint and Eurazeo for sale Foncia, based on a valuation of real estate services company of 1.017 billion euros.

BPCE that account take 17% of the financial vehicle recovery Foncia, said the transaction would result in an improvement in her Core Equity Tier 1 ratio of more than 25 basis points.

"By retaining 17% stake in Foncia, BPCE maintain, through a cooperative agreement, all existing business relationships between owners and BPCE group entities," said Perol Chief Executive BPCE , in a statement.

Eurazeo and Bridgepoint plan to invest 480 million euros in equity, BPCE 200 million euros, the remainder being financed by a debt of 395 million euros.

Foncia leaders defended themselves Wednesday with its position, as stated in the press, against the proposed acquisition of the property manager presented by the duo Bridgepoint / Eurazeo.

The executives of Foncia hold 1.95% of capital.

The completion of the operation seems acquired because it is subject only to the information of employees and the green light by competition authorities that should not worry about a transaction that does not strengthen the position of Foncia its market.

While the government has to step back, an expert report calls for continued experimentation drilling shale gas. Reflections on a controversy that swells. A site for exploration of gas shale Kozienice, Poland. Shale gas is what?

These gases released into the rock and not concentrated in pockets. Extraction techniques are very different from traditional methods. Instead of drilling a cavity and suck methane, shale gas must be liberated from the rock where he was imprisoned. To do this, one must drill between 2000 and 4000 meters vertically, then horizontally. The rock is then fractured with a powerful jet of water under high pressure sent, and charged several hundred chemicals.

Methane is extracted and called "unconventional".United States, their exceptional growth has dropped dramatically gas prices. While in France the government is struggling to frame the inevitable rise in gas prices (indexed to oil prices). According to a recent study, 2 380 billion cubic meters of gas would be locked up in soils hex. Enough to power France until 2060, and the appetite of industrial … But beware, this is only a theory, and everyone agrees that the exploitable potential is probably much lower.

Why is it controversial?

Opponents of gas and oil shale are concerned about the impact on the environment and health of the exploitation of these deposits. In addition to being highly emitting CO2, the exploitation of shale gas is also very water-intensive: about 200,000 cubic meters to drill twelve wells of a platform.Moreover, additives injected during drilling raises fears for health. According to opponents of shale gas, these additives may move into groundwater and thus contaminate groundwater. According to the Environment Health Network, which has identified 944 chemicals in drilling solutions, at least half of these substances would be toxic or carcinogenic. United States several serious illnesses, in addition to infections and allergies have been reported. Finally, environmentalists accuse France of wanting to invest in research shale gas rather than renewable energy.

In France, drilling permits granted in March 2010 Total Schuepbach and have therefore raised an outcry. Especially in the regions concerned. The inescapable José Bové is mounted to the plate, followed by many MPs and local politicians.Three bills have even been laid to proscribe the exploitation of oil shale in France. Cornered, the government has finally recede. The Prime Minister announced last week that he had "everything again from scratch" and that the permits already granted would be revoked. One of the bills must be examined on May 10 in an emergency procedure. Meanwhile Francois Fillon has asked an expert report on the subject.

What the experts think?

Survey prior to panic … Thursday, the four scientists made their findings. Who are not in line with recent government procrastination. Far from closing the controversy, the four engineers commissioned by François Fillon would not consider it reasonable to stop today the program of research and experimentation drilling of shale gas."From a technical standpoint and economically, the likelihood that access to these deposits allow our country to a specific time horizon, to significantly reduce its oil imports and reduce the deficit even its trade balance is not negligible, "the report says, recalling that France now imports nearly 100% of the gas it consumes. Geological formations comparable to leave even think that our country is "among the most promising countries in the European oils in the Paris basin (100 million m3 technically exploitable) and gas in the south of the country (500 billion m3) ", say the experts. Clearly it would be a shame to pass this new windfall of energy.

However, scientists want to exercise extreme caution and call for further research in a very strict framework.The text calls into effect the temporary ban on the dreaded technique that allowed the boom in shale gas production. "The mission recommends that, pending the results of this research program (…) hydraulic fracturing is not used except for the scientific program outlined above," it said in the report. Difficult in these conditions to know what the position of Deputies on May 10. "France does not give up scientific research on the possible use of shale gas in the future," only responded Friday Eric Besson. The suspense continues …

The project's economic leader of Solidarity Republic has many similarities with that of the Socialists. Inventory. The President of Republic of solidarity, Dominique de Villepin, presented Thursday, April 14, 2011 to the press his plan for "rebuilding policy" for 2012.

Dominique de Villepin on Thursday presented the outline of his "project of rebuilding policy" to "offer an alternative in 2012. If he does not hide the past two years his presidential ambitions, the former Prime Minister Jacques Chirac, however, has still not made his "coming out" candidate for the Elysee. He expects to first see how the French will welcome the project. It definitely eyeing the Leftist.

The heart of the project leader's Republic solidarity is the creation of a "citizen's income" of 850 euros for every French major who has no resources.It would be regressive for people who earn less than 1500 euros. This income would cover 25 million French, would tend to replace all the existing means-tested benefits and would cost 30 billion euros. An estimate with a ladle because according to our calculations, the bill would be ten times higher. To finance it, Dominique de Villepin will increase the tax rate of income tax of 3% of the wealthiest taxpayers. The idea is reminiscent of the creation in 1989, the solidarity tax on wealth (ISF) by Michel Rocard to finance RMI.

"The proposed level of citizen's income is completely unrealistic but, in principle, this proposal has the merit of breaking with the ideological anti-violence assistantship blown by Nicolas Sarkozy, has resulted in a decrease in the level of minimum social and impoverishment of the poorest, "said Olivier Ferrand, president of the think tank Terra Nova, near the PS. It's not just here that Dominique de Villepin closer to socialist proposals for 2012.

Former Prime Minister advocates the creation of a "great citizen tax", merging the income tax on the assets, the CSG and CRDS. The rate would be the widest possible – up to 60% for the highest earners – to accentuate the progressive and redistributive.A proposal to break with the philosophy of Nicolas Sarkozy, who has always refused to create an additional tax on income and defended for more than four years the tax shield – a device to cap tax at 50% of revenues . In its program for 2012, called "Change", the PS also proposes merging the income tax and the CSG to create a large progressive tax deducted at source.

Other similarities between the two projects: the creation of a public banking hub and a steering committee of public financing instruments of the economy (ISPs, participation in the Deposit and Consignment Office, OSEO), a VAT can be divided into according to environmental criteria, a corporate tax based on flexible employment rate for permanent or even increased participation on the boards of directors of companies.

Posing as heir to the Gaullist social, Dominique de Villepin also proposed to regulate wages in enterprises with a mandatory bargaining by branch, to set acceptable ranges between 10% of highest income and 10% lower. Socialists simply want to impose a range of 1 to 20 of wages in the only companies where the State is a shareholder. For others, the SP gives the Board the selection of this ratio.

"This program clearly anchored on the left, progressive, socialist-compatible as break with the neoconservative camp populist represented by the FN and the UMP," concludes Olivier Ferrand.