International & World Report

Asian stock markets follow divergent paths on Wednesday. Markets are generally reassured by U.S. data released Tuesday, less bad than expected on the price front in the production and sales details. But the reluctance dominates.

In Japan, the Nikkei decides to follow the good mood on Wall Street has ended sharply higher on Tuesday. The benchmark index of the Tokyo Stock Exchange gained 0.28% to 9574.32 points at closing. The Topix, wider, took 0.22% to 824.65 points. Again, the action of the electric company Tokyo Electric Power (TEPCO), operator of the nuclear accident in Fukushima, illustrated by a jump of 32.12%, after the government submitted to Parliament Support project to fund compensation for victims. The title had already taken 25% yesterday.

In contrast, Hong Kong and Shanghai are losing ground.The Hang Seng loose 0.39% and the Shanghai Composite was down 0.49%. Investors are troubled by the decision of the People's Bank of China to meet Tuesday to 50 basis points on required reserve ratio of banks, hoping to contain high inflation that poses many economic and social risks. Beijing had announced earlier that consumer prices rose 5 guaranteed personal loan approval.5% in May, an unprecedented growth in nearly three years. The banking sector battered the image of Bank of China (-1.27%) and HSBC Holdings (-1.01%).

The KOSPI Korea following the Chinese markets and decline of 0.17%. Same thing for the Indian Sensex losing 0.31% and the S & P dropped 0.43% Australian. In Australia, the rating is pulled down by the airline industry. Qantas Airways (-1.06%) and Blue Holdings (-3.33%) and are penalized by their decision to cancel domestic flights due to volcanic emissions.

Trend mixed before U.S. crude stocks

The time is also reluctance on the oil markets on Wednesday. In morning trading, a barrel of light sweet crude for July delivery lost 25 cents to 99.12 dollars while that of Brent North Sea crude for delivery rose 49 cents identical to 120.65 dollars.

Investors await the day the report on the status of stocks of petroleum products in the United States. Analysts surveyed by Dow Jones Newswires, crude oil inventories have fallen by 500,000 barrels last week. In contrast, gasoline stocks had risen by 400,000 barrels and distillates (including diesel and heating oil) of 900,000 barrels.

"We resist '. That is what could be read on the sign of one of the protesters took to the streets of Athens on Saturday to protest against austerity measures additional adopted by the Greek government to clean up its public accounts. Responding to the call of the country's two main unions, GSEE (private sector employees) and ADEDY (public sector), the thousands of protesters denounced the identified "social barbarism" After the enhanced supervision of international institutions in their countries . "We oppose the government and the memorandum for these barbaric actions and antisocial," said Gregoris Kalominis, an official of ADEDY.In a joint statement released on the sidelines of the event, the two unions have called for "a different economic policy, with measures of development and social measures that preserve jobs and increase our social and economic rights."

A plea against the recent economic decisions imposed on Greece. Yesterday, the country has received the "troika" (European Central Bank, European Union and International Monetary Fund) the green light for the payment of this summer's fifth installment of the loan of 110 billion euros granted in 2010. But a green light conditioning to "accelerate fiscal and structural reforms in the country", which Moody's rates still at 50% the risk of default within five years. Enough to arouse the wrath of the unions.Indeed, George Papaconstantinou, the Greek finance minister, has already announced it is less than a month an austerity plan for 2011, about 6.4 billion euros.

Hardening of social climate on another front

After nine general strikes, mobilization has been moderate on Saturday. The demonstrators were mostly employees of the public power company PPC, port employees and teachers. An event that went smoothly. Nothing to do with the excesses seen in previous demonstrations.

Mobilization and social deterioration seems rather move on another front, the less supervised by trade unions or political parties. Already experienced in Spain, a spontaneous party Internet illustrates the ras-le-bol of the Greeks, that of "outrage".Now, they do not hesitate to take sides publicly in the political class and physically, according to them responsible of the current situation. For ten days, these "outraged" gather every evening on the Constitution Square, just before the Greek Parliament.

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U.S. stock markets failed to bounce back Tuesday. The Dow Jones closed at a decline of 0.55% at 12,480 points and the S & P dropped 0.04% to 1329 points. Only the Nasdaq managed to get back into positive territory and ended up on 0.03% to 2783 points.

Greece and Portugal, a source of concern

The caution is this Wednesday before the outcome of the meeting of the Eurogroup, which must rule on the case of Greece and Portugal endorse aid. The sovereign debt crisis continues to produce adverse effects on both sides of the Atlantic. In Europe, the fate of Greece crystallizes all concerns. Discussions on extending the term of the loan could still affect banks in Europe and the United States and creates a strong element of uncertainty in the stock market.

Wall Street is also proven by the uncertainties surrounding the U.S. debt.The U.S. Treasury announced Monday new measures of financial emergency to allow the U.S. federal government to continue to operate while the government fails to obtain an increase in the statutory limit on public debt, which was reached on May 16

Oil down

The market is also impacted by the downturn in the energy sector, while a barrel of crude has dropped more than $ 2 Monday in New York. On Tuesday, the decline continued on the New York Mercantile Exchange (Nymex). A barrel of light sweet crude for June delivery ended at 96.91 dollars, down 46 cents from the previous day."The crude market is a follower, very responsive to the dollar and the stock market," noted Rich Ilczyszyn, Lind-Waldock.

On the foreign exchange market precisely, the euro was changing, however, rose slightly on Tuesday against the dollar at 1.4156 dollars against 1.4153 dollars late Monday.

Bad news on the front of the property

More disturbing for operators, housing starts and building permits for homes have fallen sharply in April, the oversupply in the market, particularly related to foreclosures, discouraging new projects. According to figures released by the Commerce Department, housing starts fell 10.6% on a seasonally adjusted at an annual rate of 523,000 units, against 585,000 units in March (549,000 first announced) and 568,000 units expected by the market.

Moreover, industrial production in the United States remained stable in April, said Tuesday the U.S. central bank (Fed), while analysts believed it was up 0.5% from March.

HP heavily penalized

The side of values, Hewlett-Packard (-7.31% to 36.89 dollars) on Tuesday reported a sharp reduction in its annual forecast, highlighting the impact of the earthquake in Japan and lower sales of personal computers . The annual profit forecast was lowered to "at least five dollars per share, excluding special items, after a previous forecast of between" 5.20 and 5.28 dollars. "

Wal-Mart (-0.96% to 55.52 dollars) Tuesday reported a profit and a better than expected sales in the first quarter and delivered a goal in line with expectations for current quarter.[ID: nWEA1793] Earnings per share (EPS) from continuing operations stood at $ 0.98 over the period from January to March, against 0.95 expected by analysts according to Thomson Reuters I / B / E / S. Sales rose 4.4% to 103.4 billion, against a consensus of 102.93 billion.

Boeing (-1.41% to 76.67 dollars) has won an order from the U.S. Air Force $ 963 million for the construction of 5 C-17 cargo planes.In the same sector, Lockheed Martin hopes to sell 18 fighter jets F-16 fighter in Iraq and Oman by the beginning of 2012 and record orders for 100 additional aircraft F-16 in the world of By the end of the decade.

The casino group Las Vegas MGM (1.32% to 14.54 dollars) hopes to raise $ 1.5 billion public offering in Hong Kong by introducing its China branch, MGM China, a partnership between the U.S. parent and the daughter of the tycoon game that rules over Macau, Stanley Ho, said Tuesday the Wall Street Journal. The IPO is scheduled for early June.

The ambitions of BP (0.66% to 42.74 dollars) in the Arctic have suffered a serious setback after the oil giant announced today that no solution had been found on its proposed alliance with the Russian public group Rosneft in oil exploration.The agreement on a share swap of 16 billion dollars (11.2 billion euros) expired last night and the main obstacle to its realization, namely the opposition of the Russian shareholders in BP's joint venture in Russia , TNK-BP, could be lifted in time. The British oil company said that talks with Rosneft would continue despite the expiration of this Agreement. But people close to the Russian group claimed on their side that it was going to seek "new partners".

Moreover, a prosecutor in New York has opened an investigation into dubious practices to transform mortgage securities, says Lewalle Street Journal.Officials at Bank of America (+0.34% to 11.90 dollars), Goldman Sachs (+0.13% to 140.78 dollars) or Morgan Stanley (1.38% to 24.21 dollars) must be heard in the week by Attorney Eric Schneiderman.

Also note, the battle over the takeover of the transatlantic exchange operator NYSE Euronext (-3.44% to 34.50 dollars) ended Monday with the withdrawal of the cons-hostile bid launched by Nasdaq OMX (-1 , 07% to 25.95 dollars) and IntercontinentalExchange (-1.36% to 120.56 U.S. dollars), who threw in the towel before the opposition of the competition authorities.

The Japanese government thought about it and he did. The operator of the plant in Fukushima Tepco come under his control. The Japanese government has indeed released Friday details of a financial rescue plan to help compensate victims of the nuclear accident that hit Japan on March 11. "The purpose of this plan is not to bail Tepco, said Friday the Japanese Minister of Economy, but to ensure that victims are properly compensated." The operator will be under the supervision of an independent commission to strengthen the de facto government's influence on the conduct of its affairs.The government project, hotly debated within the team of the Prime Minister's center-left, Naoto Kan, has yet to be voted by Parliament.

Between 26 and 43 billion euros in compensation for victims

This plan includes the creation of a structure financed by both state funds and contributions from various private power companies in Japan. This entity will help Tepco through grants of bonds (5,000 billion yen by the Japanese press) convertible into cash, to compensate the estimated 85,000 victims of the nuclear disaster. Japanese media say that the operator should have to pay from 3000 to 5000 billion yen in total (26 to 43 billion euros).Tepco should also pay annually between 100 and 200 billion yen this structure (from 870 million to 1.74 billion euros), according to Japanese news agency Jiji.

The government even asked the banks that have lent 1.4 trillion yen (11.7 billion euros) to Tepco to waive a portion of their claims vis-à-vis the operator. "People do not understand that public funds are injected into Tepco if banks did not give their side a portion of their claims vis-à-vis the operator of the nuclear power plant in Fukushima," says Government spokesman Yukio Edano credit reports free.

TEPCO will have to sell financial assets and properties

Anxious not to appear to give a blank check to the company criticized for his role in the nuclear incident, the government also demanded that she undergo Tepco a number of conditions. The company will mainly sell financial assets and properties in order to concentrate its resources on the production and distribution of electricity.In addition, the eight most senior executives of the company will also waive any compensation and personnel managers to ordinary workers, will also undergo substantial pay cuts.

In addition to the huge amount of compensation, TEPCO will have to pay an extra bill to increase hydrocarbon production in thermal power stations, eleven of its nuclear reactors have been arrested since the disaster, counting those in the central hilly.Group CEO believes that these additional imports of gas, oil and coal would cost him 1,000 billion yen (8.7 billion euros) over budget during the year to April 2011 to March 2012.

Bank stocks fall at the Tokyo Stock Exchange

Result of this announcement, bank shares fell sharply on the Stock Exchange on Friday: Sumitomo Mitsui Financial Group sells at the close of the Tokyo Stock Exchange 3.80% to 2452 yen, Mizuho Financial Group, 2.98% to 130 yen and Mitsubishi UFJ Financial Group 2.79% to 383 yen.Due to the collapse of the market capitalization of Tepco stock market that has lost more than 80% between March 10 and April 7 last, Sumitomo Mitsui Financial Group (SMFG) could announce a loss of about 80 billion yen ( 696 million euros), Mizuho Financial Group, 50 billion yen (435 million), and Mitsubishi UFJ Financial Group (MUFG), 30 billion yen (261 million).

U.S. stock markets take a breather after three sessions of consecutive increases. The Dow Jones lost 0.39% to 12,710 points in early trade, the Nasdaq was down 0.23% to 2865 points and the S & P coward 0.38% to 1352 points.

On the macroeconomic front, more bad news fell. The United States saw their trade deficit widened sharply in March, reflecting among other things of higher oil prices, according to figures released Wednesday by the Commerce Department. On a seasonally adjusted, the deficit rose to $ 48.2 billion against 45.4 billion the previous month.The deficit reached 18.1 billion with the second partner, China.

In fact China, the government announced Wednesday that inflation in the country fell slightly in April to 5.3% against 5.4% in March (less than expected by analysts), while output growth Industrial slowed with an increase of 13.4% in April against 14.4% in the first quarter.

Oil down

These statistics demoralize the Chinese oil markets worried about the state of global demand. Oil prices retreated at the opening in New York on Wednesday before the publication of the state of U.S. inventories.On the New York Mercantile Exchange (Nymex), a barrel of light sweet crude for June delivery traded at 102.88 dollars, down $ 1 from the previous day.

On the foreign exchange market, the euro lost it again a little ground against the dollar Wednesday in a market where persistent concerns about the fragile fiscal position of countries in the euro zone, with a spotlight on Greece. The euro is worth 1.4307 dollars against 1.4410 dollars on Tuesday at the close of Wall Street.

Disney severely punished

The side of values, the media group and leisure U.S. Walt Disney (-4.80% to 41.80 dollars) disappoints.He reported on Tuesday after the close of Wall Street, a decrease of 1% of its net profit in the second quarter of fiscal shifted, to 942 million, far below expectations.

In contrast, Macy's (7.25% to 28.24 dollars) on Wednesday quarterly profit rose, thanks to a stronger middle class consumption, while raising its forecast for earnings and sales business for 2011 quick cash. The quarter ended April 30 ended with a net profit of 131 million dollars (91 million), or 30 cents per share, which is six times higher than the $ 23 million (five cents per share) recorded the previous year.

The British oil company BP (+0.27% to 7.37 dollars), said it had received the final green light from the Brazilian authorities for the purchase of ten exploration blocks offshore Brazil to the American Devon Energy in a transaction of $ 7 billion.

Google (-0.33% to 540.80 dollars) said Tuesday it had set aside $ 500 million in anticipation of the results of an investigation recently launched by the government on the practices of some of its customers in advertising. This provision reduced net income for the first quarter to 1.798 billion dollars against 2.298 billion announced April 14.Advertising has secured 97% of 8.575 billion dollars in turnover during the quarter.

AIG (6.33% to 31.45 dollars) and the U.S. Treasury Department could launch a capital increase of $ 9 billion in May, while analysts expected an increase of 7 to 25 billion dollars, according to the Wall Street Journal.

The Chinese airline China Southern Airlines has announced that its subsidiary Xiamen Airlines has ordered six Boeing 787 (-0.24% to 79.34 dollars), the new jumbo "Dreamliner," a list price of 1.1 billion dollars.

General Motors (0.60% to 31.80 dollars) announced Tuesday it would invest two billion dollars in 17 of its U.S. sites. GM says these investments will create or safeguard over 4,000 jobs.

Also note, these Chinese companies will start this Wednesday at the New York Stock Exchange.The first website Chinese dating, Jiayuan. Com, hopes to raise nearly $ 78 million. Meanwhile, China Zenix Auto, which is defined as "the largest manufacturer of wheels for commercial vehicles" in China, will debut on the New York Stock Exchange (NYSE) on Wednesday. The offer is expected to total $ 135 million.

"I read too often that Sodexo is a leader in Catering, complains Michel Landel, chief executive of the group. Sodexo is no longer a catering company. We have developed expertise in other trades. Today, we offer comprehensive solutions that include food services. "To illustrate his development, the boss added:" We take care of all our customers, but their job! It is a unique and original position. "

Sodexo still remains the world number two catering, behind Britain's Compass. This activity still accounts for 70% of its turnover! But for several years, this percentage tends to decline in favor of other benefits, growth and higher margins.

Sodexo now offers services ranging from assistance for the reintegration of prisoners, janitorial company and maintain medical equipment in hospitals. This year the group has won a contract with Nokia in China, to handle the technical maintenance of production plants phones manufacturer in Beijing and southern China. United States, the company was chosen by the city of Detroit for the restoration of 101,000 students in 136 public schools … But it will also provide maintenance, cleaning and maintenance of buildings and green spaces. Nothing to see, therefore, with the restoration …

Accelerate diversification

"While the food services grew on average by 3.5%, other services rose by 7.8% and their share rose from 18% to 25% of sales in four years," said Michel Landel .In 2008, Sodexo had bought the German Zehnacker, offering in Germany, Austria, Switzerland and Poland services to hospitals.

To accelerate diversification, Michel Landel is considering new "small or medium-sized" acquisitions, outside catering. Irrespective of these potential acquisitions, he pointed to the prospect of 4.5% growth in turnover, while confirming the annual target for operating income up about 10%.

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Irish debt enters the red zone. On Friday, ratings agency Moody's Investors Service has indeed lowered the rating two notches of Ireland "Baa1" to "Baa3", pushing the country to the lowest level possible for reliable borrowers. In other words, the last step before investor confidence will eventually volatilize. And Moody's notes that this degradation is accompanied by a 'negative' outlook, leaving the door open to future further degradation, although this decision should not intervene "in the medium term."

If a new downgrade of its debt were to be decided, the country would be in fact classified as borrowers may not honor their debts. Ireland would therefore its sovereign bonds classified as "junk bonds" – or junk bonds, and would have the greatest difficulty in borrowing on the markets.And a restructuring of its debt would be necessary.

The bailouts are linked together, the challenges remain

This decision was taken by the rating agency because of the deteriorating economic outlook of the island. Paralyzed by a financial crisis, Ireland has been trying for two years to improve its economic situation. She suggested early April fifth bailout of its banking system, in great difficulties, which must be recapitalized to the tune of 24 billion euros.

An austerity plan aimed at reducing the public deficit to 3% of Irish GDP in 2015 from 9.6% in 2010 was also adopted by the country before the elections of 25 February, to keep its promises to the IMF International and the European Union that have provided aid to 85 billion euros.

A new recession

Despite these efforts, economists forecast remains bleak.Last week the central bank of Ireland has revised down its growth expectations for this year: Ireland's GDP should grow by 0.9% it in 2011, 0.1 percentage point less than its initial forecast formulated in January. It also lowered its expectation for 2012 s Croisances from 2.3% to 2.2%.

She also gave the term "recession" on the current year, after the Irish GDP has declined for three consecutive years, falling by 1% in 2010 from 3.5% in 2008 and 7.6% in 2009.The IMF has also produced a report on the state of the Irish economy and its prospects, which should be published that day.

Corruption, the housing bubble and lax financial regulation that boosted the country's growth until the outbreak of the financial crisis in 2007, could continue to encumber the Irish economy for several years.

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Chinese Lenovo did not hesitate. To compete with Apple on the market shelves, Lenovo has dubbed his "LePad. Almost the same pronunciation in English and virtually the same as the now famous letterpress iPad.

The market for slate or internet tablets, cleared by the firm at the apple, should represent between 55 and 60 million units worldwide in 2011 and encroach a little on the notebook market, say the research firms iSuppli and Gartner. Lenovo, China's first brand and PC World number four since he bought the PC division of IBM, had to enter the market shelves.

The LePad, who chose the Android operating system from Google, looks like the shelves of its competitors Archos, Samsung, Dell, Toshiba and Motorola.Other manufacturers are on the starting line, such as HP and the California Research In Motion (RIM).

Available this year in France

Lenovo has two advantages: a strong brand recognition in the Chinese market, where the group has a distribution network which irrigates the very end of campaigns, and the price of the product, less expensive than the iPad. The proposed LePad is 3499 yuan, or 377 euros, against 489 euros for an iPad functions comparable in terms of memory (16 GB) and internet access (Wi-Fi).

In addition, Yang Yuanqing, CEO of the Chinese group, has already warned it would launch a second version of its LePad, "in September or October." The next shelf has been designed in parallel with the first product by another team. The upcoming slate will be fine, "said the CEO of Lenovo.But most observers believe that the Chinese group will continue to opt for software from Google, which should allow it to tighten its prices.

"About a dozen bars in the developing world use our operating system, recently told the Figaro Andrew Rubin, the head of Android at Google, which states that" the experts we attribute about 20% of the market shelves the last quarter of 2010. " That share could rise, like Google's breakthrough in smartphones, to the detriment of the iPhone.

The tablet should be given LePad outside China, including France, "in the course of 2011," says the group's subsidiary.

However, its availability, including in the Middle Kingdom, is in question.The earthquake in Japan, March 11, could affect the supply of components of the tablet, said an official to Lenovo was quoted Tuesday by The Wall Street Journal.

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François Fillon in his office at the Hotel Matignon, Thursday.

After the boom experienced over the last two years, starting a business is showing signs of weakness. In January, the number of start-ups fell by 10.2% compared to last December, and even 24.9% self-entrepreneurs excluded. A shift already observed in the last quarter of 2010 – in December, start-ups had already fallen by 6.7% – then mostly attributed to the decline in enrollment in the plan of the entrepreneur.

The scheme, launched in early 2009, was indeed a great success and contributed significantly to the growth of entrepreneurship in the past two years. Even if its growth began to decline in late 2010, the self-entrepreneurs still account for half of births.In January, however, is the opposite trend prevailed: the creations of self-company grew over the last month, but failed to offset start-traditional businesses fell sharply.

Many companies monosalariales

These figures, however, should not be taken literally. The results from month to month are not always significant, Eric J. Heyer, Deputy Director at OFCE. "The curve is very turbulent in recent months, it is better to take an average. However, excluding the self-company, it has been stable since mid-2009, at a rather low level, "said the economist. Over twelve months the number of new businesses, including self-entrepreneurs, yet went beyond 2.9% the previous twelve months, noted INSEE.

Moreover, said Eric Heyer, a low level of start-ups is not necessarily to be deplored."It is usually inversely proportional to the economy. In a recession, the number of start-ups grew, some unemployed trying this way to create their own jobs, "said Eric Heyer. Such a phenomenon had been observed particularly during the recession of 1993. The beginnings of a decline in the number of businesses created would be rather indicative of an economic climate to be improving.

There is another reason not to rejoice too boom in start-ups observed in 2009 and 2010: "France is no shortage of small businesses monosalariales, which constitute the bulk of recent creations. It lacks somewhat companies large enough to establish itself internationally. " The challenge now will be whether these companies created over the last two years will take the brunt of longevity.

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