International Business News

Ubisoft has reduced its loss of more than half in the first half, picking a few benefits of the shift to online games and confirms return to operating profitability in the green in 2011-2012.

Highly anticipated by financial analysts on its increasing strength in online games and its focus on higher quality games, the French publisher said it had generated 30 million euros in revenue through "online" in the first half , an increase of 85% for a segment usually very profitable group which was until recently absent.

"We are on track (…

Theolia is now ready to consider acquisitions of wind farms with actors who would experience financial difficulties, said Friday its general manager, Fady Khallouf.

Operations could be done at reasonable prices given the current economic environment, said in an interview with Reuters the owner of the French specialist in wind, on the brink of bankruptcy in 2010 and during recovery.

"A number of actors have tried to develop parks and reaches a certain point, but are weakened by the current economic climate.We have the ability to take over projects and to accelerate, "said Fady Khallouf.

"There are a number of new opportunities from the current crisis (…) We look at a number of topics, it can be small things or things more consistent."

The uncertainties surrounding global economic conditions even strengthen the group's strategy.

"When there are economic difficulties and a number of concerns, both in terms of energy, environmental or financial, I see them as opportunities for us," said Fady Khallouf.

"The fundamentals are stubborn"

"The fundamentals are stubborn. In Europe, production capacity and an older (…) we will have to invest.Whichever way you look at the production, there will be an increase in electricity prices.From there, the wind can no longer be considered a subsidized activity but to be sufficiently close to the market price trend, "said Fady also Khallouf.

"Instead of pretending not to see and panic in a few years, I think all actors – authorities, industrial and financial – have an incentive to engage in reasoned dialogue (…), even if the energy renewables will not displace completely the traditional means."

Fady Khallouf further indicated that his group was about to welcome a new partner in the investment vehicle Theolia Utilities Investment Company (tuica), he has established with the Swiss electrician IWB Industrielle Werke Basel (IWB) to finance wind projects in France, Germany and Italy.

"We are finalizing the entry of a new actor of the same size qu'IWB (…). It is a 'utility' Europe is the 'cross-boarder", he said, considering a deal "imminent".

"This vehicle is intended to go perhaps in other European countries as opportunities (…).It has been so successful that I am asked by various stakeholders who wish to enter, "said Fady Khallouf, which emphasizes, however, at first a round of stabilization and effective launch of its business.

POSSIBLE INCOME IN 2013

Tuica, for producers and distributors of electricity, will have 100 million of capital invested and may use project finance, with the aim to invest over 300 million euros.

Held so far to 70% and 30% Theolia IWB, it will acquire wind projects with the French group, which will ensure the development, construction and operation of the life of the parks and collect a fee for each of these benefits.

Theolia has been profitable than in a single year, in 2010, the mechanical effect of the capital increase, but could generate a net profit in 2013 if the crisis does not delay some of its projects said Fady Khallouf.

"As and when we succeed in achieving the goals I set, we will also have the ability to attract more investors and in that time, the question will arise whether to increase capital or not, or some other scheme that could be to expand the investment vehicle, "he said.

"It will not arise in 2012, we have sufficient cash resources and a very healthy."

The rating agency Fitch has placed on negative watch Thursday's long-term ratings of BNP Paribas (AA-) and Credit Agricole (AA-) as part of its periodic evaluation of European institutions.

The credit rating of long-term Credit Mutuel (AA-) was also placed on negative watch, but that of the Societe Generale (A +) was confirmed.

The notes of sustainability ("Viability rating") of BNP Paribas (AA-), Credit Agricole (AA-) and Societe Generale (A +) are also placed on negative watch.

Fitch said that the negative phase of monitoring should be short, and that if cuts in long-term notes were determined, they could not exceed one notch, the minimum level of major French banks are "A +".

In the case of Societe Generale and BNP, Fitch notes that the business model of universal banking world they have chosen seems "particularly sensitive to increased challenges which face the financial markets."

"These challenges result from a myriad of changes in the regulatory and economic developments, especially in the euro area," said Fitch.

Also as part of its review of banks, Fitch has also downgraded the Swiss bank UBS to "A +" to "A".

Those of Barclays, Credit Suisse, Deutsche Bank are also placed on negative watch, just as the U.S., the Bank of America, Morgan Stanley and Goldman Sachs.

Nicolas Sarkozy was expected Sunday afternoon in Berlin for talks with Angela Merkel of crisis, with a priority to overcome their differences on how to recapitalize European banks.

In announcing the end of September it moves ahead in the German capital, the French president had indicated he would discuss with the Chancellor "ways and means to accelerate economic integration in the euro area and implement as soon as possible" the new aid plan for Greece approved July 21 by the Europeans.

The subject of a recapitalization of banks has been imposed to try to reassure markets worried about the resilience of the banking system facing the European financial and economic crisis due to its exposure to countries worse off.

The International Monetary Fund, one of the first to sound the alarm, said the overall needs of the sector between 100 and 200 billion euros.

The Irish Minister for the Economy, Michael Noonan, reported Saturday that there is a consensus on an amount "well above 100 billion."

The European Commission must present earlier this week proposals for a coordinated process of recapitalization of banks, which will be submitted to EU leaders at a summit on 17 and 18 October in Brussels.

As is always the case since the beginning of the crisis, France and Germany, the two heavyweights of the euro zone must first calibrate their positions.

Nicolas Sarkozy stressed on September 30 that there must be between the two countries "a perfect identity of views to resist speculation, to resist the excitement of the markets and to protect Europe".

But Germany and France have so far defended the differing approaches on the use of public funds to strengthen banks.

Paris would prefer to use the European Financial Stability Fund (EFSF), while Berlin insists on reserving the European emergency fund, which has $ 440 billion in shares last resort, such as support to Greece.

PUBLIC SHAREHOLDERS OF LAST RESORT

Friday receiving the Dutch Prime Minister Mark Rutte, Angela Merkel has reiterated that the EFSF should be activated "if a country can go it alone."

France, whose banks have the highest exposure to the debt of the peripheral countries of the euro area, has worked to minimize these differences by ensuring that the issue had not yet been discussed with Germany.

"Our position is no different from that of the Germans: it takes more capital for banks, banks must first find in themselves the resources, then if they find private investors outside and ultimately being considered injections of public capital, "it was said at Bercy.

The Ministry of Economy and Finance argued that it was first necessary to assess the level of capital required, by when, and it is then that will arise the question of "instruments of a possible recapitalization public ", which has not yet been addressed.

Meanwhile, France does not intend that the current debate among Europeans are limited to this single question."It will be among the topics discussed but the main thing about Greece and the euro area, since the banks is a consequence" of the crisis, stated there at Bercy Friday about the Sarkozy-Merkel talks Sunday.

The two leaders are expected to again argue for a rapid implementation of the agreement of July 21, which must still be ratified by Slovakia and Malta, and while the voices begin to rise enough to judge.

The Greek representative at the IMF has estimated Saturday that the financing needs of Athens will exceed current estimates and the difference will be made up "either by an increase in the loan of 109 billion decided July 21, or by restructuring the private debt. "

Barack Obama proposed Monday a plan to reduce the budget deficit of 3,000 billion over the next ten years, half would come from new tax levied on the richest Americans and corporations.

The plan of the Democratic president, whose recommendations should meet the electoral base of his party, was immediately criticized by Republicans, foreshadowing a battle in Congress.

This ideological clash over economic policy should continue until the presidential election of November 2012.

"Washington to live with his means.We need to stop what we can not afford to pay for what really matters, "said Obama in introducing his plan.

"I will not support a plan that puts the entire burden of deficit reduction on the shoulders of the average American," said Obama."We will not agree unequal affect the most vulnerable," he said.

Savings will be made in Medicare, the Social Security program for older Americans, said the U.S. president.

But he warned he would veto any proposal that would reduce Medicare benefits without requiring an increased effort in return for the wealthiest Americans and big business.

The U.S. president said he was ready to work with Republicans for a comprehensive tax reform but warned that the objective of such reform should be to increase state revenues.

He said he was ready to lower taxes on businesses provided to get rid of all tax loopholes.

NOT SERIOUS, REPUBLICANS SAY

The tax "Buffett", named after the investor Warren Buffett who proposed, the proposal is the most spectacular of the plan, although it remains symbolic of the admission of the White House.

It concerns taxpayers earning over one million euros (about 725,000 euros).The goal, said Obama is the tax rate for the wealthiest U.S. taxpayers back to the level of the 1990s and the middle class pays no more, proportionately, than millionaires.

Obama's proposals are intended for the bipartisan commission formed this summer as part of the agreement on raising the debt ceiling.

The six Republicans and six Democrats who compose it must find by the end of November at least 1200 billion budget deficit reductions, which will add to the 917 billion already decided by the agreement of August.

"Threatening to veto, massively increase taxes to save ghosts and build on a reform of social programs, it is not a recipe for economic growth and labor market," said the leader Senate Republicans, Mitch McConnell.

John Boehner, chairman of the House of Representatives found that the contribution of Obama's bipartisan commission was not "serious".

In detail, Obama calls for the abandonment, expiration, tax exemptions up to the presidency of George W.Bush (800 billion dollars and would be recovered over ten years) and an overhaul of the tax code to eliminate some tax loopholes, such as offering tax exemptions to businesses through the acquisition of business jets (total gain of 700 billion ).

The Obama plan is also banking on 1100 billion savings associated with withdrawal of troops deployed in Iraq and Afghanistan.

The services of the White House finally believe that these reductions in the budget deficit will result in reducing the burden of debt relief that they amounted to ten-year $ 430 billion in less interest to pay.

Executive Director of the International Monetary Fund (IMF), Christine Lagarde warned on Saturday against the risk of the global economy plunging into recession and called for a rapid and coordinated political action, particularly in restructuring European banks.

"The events of this summer showed that we were in a dangerous new phase," she said at the annual meetings of the Fed in Jackson Hole, Wyoming.

"The stakes are clear: we are in danger of compromising a fragile recovery.We must act immediately. "

Advanced economies must develop long-term plans to control their debt, while ensuring that conservation measures will need not jeopardize the recovery, she added.

"Macroeconomic policy needs to support growth," said the former French Finance Minister in his first major speech since taking office as head of the IMF in July.

"Monetary policy also needs to be extremely flexible because the risk of recession is higher than inflation."

She stressed the need to restructure European banks.For her, the most effective way to effect a recapitalization would be "substantial", if possible through private channels or so through a form of European public funding.

She urged European countries to implement programs to reduce "credible" in their public deficits, relying in particular on the European Central Bank.

About the situation in the United States, she said that the need for long-term fiscal consolidation should not obscure the importance of supporting growth in the short term.

"Who can believe that commitments to reduce spending could survive a long stagnation, with unemployment still high and face the social discontent?"

The president of the association of German exporters (BGA) Monday urged the leaders of Germany and France to agree on the creation of common bonds in the euro area at the bilateral summit planned Tuesday in Paris.

In an interview with Reuters, the head of the BGA Anton Boerner said that without the "Eurobonds", as Berlin refused so far, there was a risk that the debt crisis in Europe leads to a global depression.

"We need to show markets that we are ready to use the right tools, that is to say Eurobonds signed by Germany," he said.

"We need Eurobonds under strict conditions," he added, mentioning the introduction of "golden rules" budget in the constitutions of all countries in the euro area.

"We need it, and we need it quickly," he said Anton Boerner, who called for the issuance of these common bonds of unlimited volume.

Citing unidentified sources, the German daily Die Welt reported this weekend that the German government began to consider the idea, but senior ministers of the government of Angela Merkel agreed that the time was not ripe for think about it.

Chancellor Angela Merkel will meet Tuesday in Paris President Nicolas Sarkozy for making "joint proposals on the reform of the governance of the euro area before the end of the summer."

Wall Street closed up nearly 4% Thursday's meeting, the figures better than expected U.S. employment combined with the strong performance of Cisco allowed to eclipse the fears of the day concerning the debt crisis in the euro area.

The New York Stock Exchange finished up 3.95% Thursday, the Dow Jones Industrial winning 30 points to 11143.31 423.37 points.

The S & P-500, wider, took 51.88 points, or 4.63% to 1172.64 points.

The Nasdaq Composite Index was up 111.63 points for his side (4.69%) to 2492.68 points.

The day before, heavy speculation about the systemic risk posed by the French banks and rumors of deterioration in the sovereign rating of France had the Dow Jones plunged 4.62% to a low of nearly a year, after a volatile session.

The U.S. Index Standard & Poor's 500 benchmark fund managers, lost alone more than 710 billion dollars of capitalization this week after clearing 850 billion the previous week.

The decline of greater than expected weekly jobless (395 000 against 400.000 expected) has brought relief to markets, while another statistic published simultaneously showed an unexpected widening of the trade deficit the United States, its highest level since October 2008, due to a decline in exports and imports indicating a slowdown in global demand.

Values, Cisco has jumped by more than 15.95% after announcing on Wednesday after-hours trading better than expected quarterly results.

The food group Sara Lee fell after reporting a decline in sales volumes, sealed by price increases to offset the rising costs of raw materials.

The title of Sara Lee has lost 1.27% after dropping to 7.6% during the session.

AOL has finally announced a program to repurchase up to $ 250 million, with the intention to revive investor confidence in its action, which fell 32% in two days.

After the announcement, soared as 22%. It closed up 12.23%.

Wall Street opened sharply higher Friday's session, the day after its worst session in more than two years.

The figure better than expected job creation in July in the U.S., coupled with an unemployment rate slightly down, eased the anxieties of the markets and given them new impetus.

A few minutes after the start of trading, the Dow Jones gained 1.5% to 11,554.5 points, Standard & Poor's 500 index 1.32% to 1215.91 points and the Nasdaq Composite 1.29% to 2589.38 points.

According to figures released Friday by the Labor Department, the U.S. economy created 117,000 non-farm jobs in July and the rate of unemployment has fallen from 9.2% to 9.1%.

Economists on average had forecast 85,000 new jobs.

Values, the way Procter & Gamble has reported an increase in its quarterly results, which pushed up the title of 2.14% on opening.

More than 50,000 tax audits were conducted last year. 20% resulted in a recovery. View of the Ministry of Economy and Finance at Bercy.

Tax audits reported 16 billion euros to the state in 2010, up slightly from 2009, according to the report of the Directorate General of Public Finance (DGFIP) on Friday. Tax audits had been recovered 14.7 billion in 2009. Last year, more than 10,000 tax audits included an enforcement action – nearly 20% of total operations – to punish the more serious breaches, and nearly 1,000 complaints were filed tax evasion, the report said.

In detail, the tax recovered in 2010 nearly 5.2 billion euros through desk audits, carried out from offices, against 4.8 billion in 2009.The product of "spot checks" made directly to individuals or companies, is also on the rise: these controls in 2010 allowed the recall of 10.4 billion euros in taxes and penalties from 48,000 companies and 3,800 individuals , against 9.9 billion in 2009.

The year 2010 also saw the establishment of national brigade fighting crime tax, involving 13 officers DGFIP, says the report. This system now allows these agents vested with police to "investigate and ascertain, in a strictly defined legal framework, tax evasion complex, made through tax havens or by methods of falsification against which services control was often poor so far, "the report said.

In addition, the DGFIP developed in 2010 its system for sharing information with its counterparts in the world, is he recalled. Thus, 33 international conventions or agreements on exchange of information with a lifting of bank secrecy, according to the model of the OECD model convention, of which 26 were signed was ratified by Parliament in 2010, says the report.