International Business News

The group LVMH said on Thursday replaced by Francis Morel Nicolas Beytout to the general direction of Les Echos.

Nicolas Beytout, former managing editor of business daily, was appointed in 2007 after the takeover of the newspaper by the world leader in luxury.

He became editorial writer "for all group titles," said LVMH in a statement.

After weeks of rumors about a possible departure of Nicolas Beytout, LVMH has finally passed the act, while the newspaper Les Echos recorded losses for the second consecutive year.

"Nicolas Beytout is punished for his bad management," they say internally to Echos, where writing is concerned about his appointment as a columnist.

"We know its proximity to Nicolas Sarkozy and the ethical charter signed by the shareholder recognizes the need for a non-partisan editorial in the newspaper," says one.

Les Echos journalists are scheduled to meet Friday morning at a general meeting to discuss the appointment.

The group, in addition to the Les Echos newspaper, magazine Enjeux-Les Echos, Investir, Connaissance des Arts and the station Radio Classique.

General Manager of Le Figaro from 2004 to 2011, Francis Morel was the architect of the development of internet newspaper, owned by the Dassault family, and the revitalization of its sales.

The current monetary policy of the ECB and the euro boosted hurt German exporters, said the Nobel Prize in economics. Joseph Stiglitz

The American economist Joseph Stiglitz, Nobel Prize in 2001, called the European Central Bank (ECB) to lower its key rate, in an interview published Monday in the German daily Handelsblatt. "The ECB should withdraw its previous increases" in April and July, which increased its key rate from 1% to 1.5%, said Stiglitz.

The economist, known for his critique of liberalism hardcore, says Frankfurt institution should take more account of its American counterpart, the Fed, which intends to maintain its rates at 0% for two years. "The current monetary policy of the ECB pushed the euro and hurt German exporters," he said.

Economists now expect the ECB no longer affects the rate of interest this year because of the new outbreak of the debt crisis, whereas before the institution seemed determined to further tighten its monetary policy in the fall.

Stiglitz has also reiterated its view that if the eurozone were to implode, "it would probably be better than Germany left the monetary union rather than to expel Greece."

The economist also expresses once again in favor of European bonds or "Eurobonds", "a good instrument to control the crisis."

European shares cut their initial losses Wednesday, the market favorable ruling in the long run some of the proposals of Angela Merkel and Nicolas Sarkozy to find solutions to the debt crisis in Europe, even though the idea of ​​a tax financial European banking stocks weighed on stock and operators.

Around 13:15, the CAC 40 gained 0.81% to 3257.10 points after losing up to 1.5% in early trade. Other major European markets, London and Frankfurt drops 0.44% 0.29% respectively as they have lost up to 1.5% and 2% in the morning.

"The stabilization of current European indices came after a rebound in more than 10% since the low points.This slowdown is legitimate and should not conclude that the financial community is disappointed with the meeting between Sarkozy and Merkel, "said Arnaud Poutiers, Deputy Managing Director at IG Markets France.

Of the European indices, the EuroStoxx 50 ahead of 0.31% and 0.12% Eurofirst 300 loses.

"Certainly, investors would certainly responded positively if the Franco-German couple had driven on the path of Eurobonds, but it was while renewed visibility in the short term with a continuation of the way of debt, and not a fundamental solution, "said Arnaud Poutiers.

REBOUND ACTION

"The proposals regarding the creation of a government of the euro area as well as measures to harmonize the taxation of factors, however, are constructive in the long term," said he, holding that the equity markets should continue to rebound by the end of the month, the CAC 40 and return to the area of ​​3330 points.

On the foreign exchange market, the trend of early morning was also reversed, the euro rising by 0.49% to 1.4466 dollar while the euro has lost up to 0.5% against the greenback .

Although it was expected, the deferral of certain decisions such as the issuance of Eurobonds and the idea of ​​a tax on financial transactions, however, marked the spirits of investors.

"Once again, European leaders have failed to respond appropriately to the right question," say strategists in a note saying that Natixis European Tobin tax is not the solution to the problem of Europe .

These underline the effectiveness of such a tax is not shown, referring in particular the unfortunate experience of Sweden there thirty years which had resulted in leakage of almost half of the transactions to London .

The financial sector and stock exchange operators are affected by this proposal.UBS points out in a note with the Swedish initiative, the volumes on the Stockholm Stock Exchange had melted by 85%.

"Assuming that the proposed tax is based on the current proposal of the European Commission, a fee of 10 basis points (bps) on stocks and bonds and derivatives on a pdb, multiply it by 10 to 20 the transaction costs, "said UBS.

The Swiss bank said this could influence the proposed mergers and acquisitions and reduce premiums for this type of operation.

As for the bank, BNP Paribas shows the largest drop in the CAC 40 index with a decline of 1.35% at Societe Generale (-1.28%).

Commerzbank lost 3.2% and Barclays was down 2.9%.Stoxx index of bank lost 1.03%.

The exchange operator NYSE Euronext loses 5.09% 3.31% Deutsche Börse and London Stock Exchange Group 4.71%.

Sodexo announced Monday it had won a new catering contract for 20 new bases for U.S. Marines representing a turnover of 766 million dollars (534 million) over a period of up to seven years.

The world number two catering, behind Britain's Compass, had already announced in February to renew its contract with 31 other Marines base, representing $ 926 million in sales for up to eight years .

Sodexo, which produces over a third of its sales in the United States, and will serve a total of 51 bases in the United States, located in Arizona, California, North Carolina, South Carolina, Virginia and Washington.

Sodexo shares are virtually unchanged at 49.97 euros to 10.00, giving a market capitalization of 7.9 billion. She lost about 3% since the beginning of the year.

The benefit of General Motors has nearly doubled in the second quarter exceeded market expectations, thanks to an increase in market share, particularly in the United States, the number one U.S. auto.

Net income stood at $ 2.52 billion, $ 1.54 per share, against $ 1.33 billion, $ 0.85 per share, a year earlier.

Analysts polled by Thomson Reuters I / B / E / S had forecast $ 1.20 per share.

Revenues came out up 19% to 39.4 billion, better than the 36.74 billion expected by the consensus.

European values ​​have ended on an uncertain note, investors are hesitating between the numbers of monthly U.S. employment appeared far below expectations and the published items for a rescue of Greece.

The CAC 40 index, which ended on a note stable (+0.02%) to 3,890.68 points, losing 1.53% on the week.

Other major European markets ended slightly higher: London and Frankfurt gained 0.12% 0.49%. The pan-European Euro Stoxx 50 index has meanwhile sold 0.40%.

Nokia ended down 4.92% to 4.48 euros, continuing its slide after profit warning at the beginning of the week.

Fiat, however, won 3.59% to 7.3550 euros.The U.S. Treasury Department announced the sale of its remaining 6% in the Italian carmaker Chrysler, which thus becomes the majority.

The Tokyo Stock Exchange ended down 0.42% Friday, weighed down by the strong yen and a sharp decline from Sony after the electronics giant said Thursday forecast below expectations.

The Nikkei lost 40.11 points to 9,521.94 and the Topix broader yielded 2.18 points (-0.26%) to 824.90.

The Japanese stock market but have erased some of its losses thanks to the good performance of banking stocks following a Financial Times article saying that banks could escape some provisions of Basel III.

Action Mitsubishi UFJ Financial Group took 0.8% to 377 yen and that of Sumitomo Mitsui Financial Group (SMFG) rose 0.9% to 2,363 yen.

The title Sony ended down 3.17% to 2.167 yen after the group said it expected a net profit of 80 billion yen (690 million euros) for the current financial year, while analysts had forecast previously a net profit of 105 billion yen.

General Mills announced Wednesday it had sealed a definitive agreement to take control of French Yoplait, number two worldwide in fresh dairy products, for 810 million euros (1.15 billion dollars).

General Mills, which already markets the brand in the flower in the United States under a licensing agreement dating back to 1977, hired two months ago in exclusive talks with PAI Partners and the dairy cooperative Sodiaal shareholders Yoplait.

The American, sixth world food group, will buy 51% of the operating company and a 50% stake in the entity that holds the Yoplait brand and associated trademarks.Sodiaal retain the balance of both entities.

General Mills said it expects that the agreement, which remains conditional green light from regulators or completed during the quarter which begins in late May

The U.S. and its target group, world number two behind Danone yogurt, will also end an arbitration between them on licensing issues in the United States.

The prospect of this Agreement raised the concern of French authorities, urging the food giant to commit to maintaining the headquarters in France and factories registered owner of Pearl Milk, Yop, Calin, Yoplait Basket Small and tricksters.

Action General Mills was down 0.33% to 39.74 dollars around 1440 GMT, while the S & P 500 advanced 0.39%.

On the occasion of the publication of the report Tuesday morning CYCLOPE, the bible of raw materials, Philippe Chalmin, Director, surprises by saying that the surge in commodity prices does not penalize global growth. Traders work on oil prices in the New York Stock Exchange Global growth is sufficiently robust to withstand the new surge in commodity prices?

World prices for raw materials have now exceeded the record levels of 2008. And that shock is matched only one who hit the world in the 1970s. However, I believe that global growth is strong enough to cash relatively easily. Without being too provocative, I would even say that it is finally good news for global growth.The soaring prices of raw materials keeps out of the water savings that would be completely without the pension into trouble. I think Russia and in some oil producing countries. The shock on raw materials can therefore maintain an illusion of growth. Certainly in Europe, this shock should result in more inflation and rising interest rates, which ultimately maintain the rising euro. But let's be honest, the problems of Europe and especially the crisis of European public debts have nothing to do with raw materials. Let us not forget that the country that suffered the strongest shock that is China …and continues to advance on a train to hell in about 10% a year!

What financialization of commodity markets is it responsible for soaring prices?

I keep repeating that financial players who are certainly more and more present on the commodity markets do not price trends. Deepen capital markets can certainly explain the volatility of prices, as we saw recently with the yo-yo oil prices and the positions taken by some large banks, but only the foam on the waves. The best evidence: the commodity markets the most tense (such as those of metals) are also those who are least financialised.

Can we limit the volatility of prices, as would Nicolas Sarkozy?

If regulation is meant stabilization, it was all wrong.It is actually possible to further regulate certain markets, including derivatives to limit speculation, it does not necessarily mean that even limited progress during the surge. It's totally unrealistic!

The Tokyo Stock Exchange ended down 1.45% Friday, weighed down by falling commodity prices which affected the values ​​of the sector and pushed up the yen bad for exporters.

After three days of closure due to spring break, the Nikkei lost 145 points to 9859.20, passing below the threshold of 10,000 points, and the Topix broader yielded 9.05 points (1.05 %) to 856.50.

Investors also remained cautious approach to the publication Friday of employment figures in the United States, which are expected to learn more about the strength of economic recovery.

Toyota, Honda and Panasonic, values ​​highly dependent on exports and therefore very sensitive to the rise of the yen dropped from 2.05% and 4.65%.

Securities related to commodities have also lost ground after the sharp decline recorded by the oil and gold on Thursday. Inpex has screwed over 6%.

Sony stuck in a case of cyber attacks and theft of personal data for its online gaming network ended down 2.33%.