International & World Report

The indexes are volatile on Wall Street Monday. After starting at equilibrium, the Dow Jones returns to the 12,000 points mark and goes up from 0.70% to 12,020 points in the morning. S & P and Nasdaq rising 0.86% respectively in 2675 and 0.61% points to 1276 points.

This hesitation is tinged with nervousness in many markets, on both sides of the Atlantic, while determining opens one week in Greece. The vote on Wednesday and Thursday by the Greek Parliament, the new austerity plan imposed on the country already focused the attention of investors.

In this tense atmosphere, the euro regained a little against the dollar, while still fears of contagion in the eurozone. To 15 hours, the single European currency was worth 1.4199 dollars against 1.4190 dollars on Friday evening at 21 hours.For their part, oil prices fell Monday at the opening in New York, still within the scope of the decision of consuming countries to market crude oil dipped into their reserves. To 15 hours, on the New York Mercantile Exchange (Nymex), a barrel of "light sweet crude" for August delivery traded at 90.51 dollars, down 65 cents from Friday.

Household spending disappointing

On the macroeconomic front, consumer spending of U.S. households were unchanged in May for the first time in nearly a year, while revenues increased 0.3%, slightly less than expected, according statistics released Monday by the Commerce Department. Adjusted for inflation, spending fell by 0.1% in May for the second consecutive month.The decline in vehicle sales after the disruption of production caused by the earthquake of March 11 in Japan may explain the decline.

The PCE price index base (core) has also increased by 0.3%, its biggest increase since October 2009, after growing 0.2% in April. On an annual basis, the index closely watched by the Federal Reserve, rose 1.2% against 1.1% the previous month.

"These are disappointing figures: the actual use sign its second decline after a strong increase in the first quarter," said Inna Mufteeva, an economist at Natixis, saying "more concerned about the risks to the short-term economic recovery. "

Other indicators U business card.S. manufacturers are also expected this week.And they may not much reassure investors already worried about the slowdown out of global growth and problems, ever more acute, the European sovereign debt.According to analysts at Aurel BGC, regional surveys of manufacturing, Dallas (Monday), of Richmond (Tuesday), then Chicago and Milwaukee (Thursday) could further deteriorate.

The ISM manufacturing index for its national will on Friday, as car sales in June and the numbers of the activity in the construction sector.

Nike and Black & Decker to a

On the corporate side, Nike (0.91% to 81.92 dollars) will publish on Monday, before the market opening results for the fourth quarter, before an information day, from Tuesday, with analysts, on these results and the long-term strategy around the CEO, Mark Parker at the headquarters of Beaverton (in Oregon).

Stanley Black & Decker (1.49% to 70.31 dollars) also adds that on Monday the offer made by the Swedish Securitas Niscayah of his compatriot, a supplier of safety equipment, with a proposal valuing the company a , 2 billion, including debt.

Treatment of diabetes developed by Bristol-Myers Squibb Lab (-0.50% to 28.79 dollars), in conjunction with AstraZeneca, was effective in a study over two years, but an increasing number of cases of bladder cancer or breast cancer was observed in patients.

Philip Morris (0.39% to 65.36 dollars) is threatening to launch legal action against the Australian government, which intends to impose on tobacco packaging generic without distinctive logo, to fight against smoking.

Facebook weigh $ 70 billion

Note that the investment fund Capital GVS took a small stake in Facebook, valuing the social network about $ 70 billion (49 billion euros). The fund said Monday it has bought 225,000 shares at an average price of 29.28 dollars each.

The number of outstanding shares of Facebook is about 2.4 billion, according to data specialist Sharepost. Facebook leaders consider an inevitable IPO but are silent on his calendar. At $ 70 billion, Facebook is valued slightly below Amazon. Com, Cisco Systems or Hewlett-Packard.

Even stronger in Asia on Monday morning, investors reacted badly to the new rescue plan for Greece: the Paris Bourse, a technical problem prevents the scoring but when the problem is solved, the CAC is expected to fall sharply and move under the 3800 points, which had not happened since March 18. "Some technical problems occurred during the pre-opening, the markets could not open on time and are working to resolve this issue as soon as possible," said NYSE Euronext exchange group at the time of Opening assumed the Paris Bourse, at 9 am.

Despite a new rescue plan for Greece launched last night by finance ministers in Europe, markets remain worried and disappointed "investors continue to seek a quick fix that is not the working time of European political authorities.The difficulties in finding compromises will continue to maintain the highest concern, "warns one at CM-CIC.

After the reassuring words of French and German leaders who have displayed a welcome unity Friday, the firm tone adopted by the ministers said that the issue will be very long to resolve. The central bankers in the eurozone have defined the conditions of payment of a further tranche of loans in July, but the finance ministers of the euro area indicate that the release of the loan must be accompanied by the vote of a new plan of austerity and privatization by the Greek Parliament. Banks and other private creditors and participate in this new plan. However the contours of that plan remains to be defined.

In Milan, the stock market fall of over 2% after the warning from the rating agency Moody's on Friday night.The agency said Friday it planned to lower the debt rating of Italy, currently set at "Aa2." The agency said the risks to growth, financial markets and the government's ability to reduce the deficit. Featuring Dax index of the Frankfurt Stock Exchange opened sharply down Monday from 1.20% to 7078.59 points against 7164.05 at the close Friday. The London Stock Exchange it retrograde from 0.87% to 5665.24 points.

On the currency side, the euro weakened against the dollar: 7:45 to Monday morning, the euro lost 0 instant personal loans guaranteed.57% to 1.4225 points, showing that the meeting euroépenne last night did not convince the markets. In addition, oil continues to fall sharply, quoting under $ 92 in New York.

Opening of the Paris Air Show

All eyes will be mostly shot on the Paris Air Show, which opens Monday.Bad news for Airbus (parent company: EADS) last night, an incident of a private Airbus A380 giant aircraft flight, the aircraft had struck the wing of a building while being towed on taxiway of the airport. Boeing, he launches the new version of its popular 747 jetliner, highly anticipated.

In addition, the CEO of EADS, Louis Welsh, said the sale of 22.5% stake held by French and German states could be done without exposing the group to a hostile takeover, note leFinancial Times. Louis Welsh evokes an existing structure "extremely hard" for the development of the company.

Sanofi-Aventis. An investigation into a corruption case involving employees of the pharmaceutical group in Germany was opened, said Sunday a spokesman for prosecutors in Verden."Sanofi confirms that there is an ongoing investigation and that he will cooperate with the authorities related to this investigation," said his side a spokesman for the group.

PSA Peugeot Citroën. The mayor of Aulnay-sous-Bois (Seine-Saint-Denis), Gerard Segura, announced Friday it had requested an appointment at Industry Minister Eric Besson for clarification on the future site of PSA Peugeot Citroën.

Areva / EDF. According to reports in The Tribune, Nicolas Sarkozy has warned a week ago the CEO of EDF Proglio the departure of Anne Lauvergeon.He finds himself in a strong position.

The French group Publicis has bought Chinese Genedigi, specializing in public relations, events and digital marketing, with about 400 employees, for an undisclosed amount, he said Monday.

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What is the real plan of assistance to Portugal? Since Friday, the question is on everyone's lips in the country. Doubts have been launched by the third television station in the country, Sic, who spoke of the existence of two different versions of the plan signed by the European Union (EU) and the International Monetary Fund (IMF) with the Socialist government resigning.

Thus, a first version of the document, signed May 3 by the Socialist government after talks with the troika (EU, IMF, ECB), has been submitted for approval to the two main opposition parties, the PSD (center right) and CDS (right). But it is another version of the text, including changes in schedule, which was eventually signed officially by the government on May 17 in Brussels at a meeting of EU finance ministers.

A surprise for the opposition

This revelation has caused controversy in the country, forcing the Ministry of Finance to explain. In a memo to reporters, he confirmed the existence of "ad hoc adjustments" between "the draft memorandum of agreement" developed in Lisbon and "the final version signed by the Ministry of Finance, the Governor of the Bank Portugal and the European Commission on May 17 low fee payday advance.

Similarly, the outgoing Prime Minister Jose Socrates said the parties had signed "two documents, one with the European Commission, the other with the IMF, and the final text did the" make compatible . But for its part, the president of PSD, Pedro Passos Coelho says "not having been informed of these differences," which he said "are not just small adjustments."

For the socialist Jose Socrates, this mess falls at the worst time. The Prime Minister, who resigned in March following the rejection by parliament of its austerity program, is indeed a candidate to succeed himself for early parliamentary elections on 5 June. This Saturday, surveys conducted for the newspaper Publico and Expresso weekly show that PSD collects between 33.9 and 35.8% of the vote, beating the Socialist Party, credited with 32.3 to 34.1% of voice. CDS (right) remains in third place with 11.3 to 13.4% of the vote.

(With Agencies)

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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).

RenRen chose the upper range for its share price – $ 14 cons 9-11 dollars raised mid-April. The deal allows him to raise 743.4 million dollars, a value estimated at over $ 4 billion.

Created in 2005, RenRen claims 160 million users, including 31 million active monthly (cons over 600 million for Facebook). Its turnover amounted to 20.5 million in first quarter 2011, up 46% in one year, $ 2.6 million net loss.

After the death of Osama bin Laden, U.S. markets have opened higher on Monday. But the optimism did not last. After booting up 0.48% at 12,872 points, the Dow Jones has returned to equilibrium about 18.30 (-0.02% to 12,839 points), then tried to pick up but in vain: the index finish tiny drop of 0.03% at 12,807 points. The Standard & Poor's 500 and Nasdaq 100 lost 0.18% at 1361 points and 2864 points to 0.33%.

On all major exchanges in Asia and Europe, the reaction was positive on Monday after announcing the death of bin Laden. But the effect was short-lived.

The NYSE had ended up slightly vendredi.Sur the entire last week, the Dow Jones gained 2.43%, sailing now at its highest level since May 2008.The Standard & Poor's has made 1.96%, climbing to a new level since June 2008, and the Nasdaq experiencing the highest since December 2000, after rising 1.89% on the week. U.S. indices have been propelled by the quarterly results of companies. Indeed 73% of companies have released better than expected results for the first three months of the year.

Dollar up, oil down

And on the foreign exchange market, the dollar climbed against major currencies. Around 15:30 European currency resumed, however the height against the greenback.: The euro bought 1.4849 dollars against 1.4808 dollars on Friday night. The death of public enemy number one U.S. pushes investors to buy the greenback, especially low in recent weeks because of the decision of the U.S. central bank (Fed) maintain unchanged its policy of very low rates.

Similarly, oil prices, affected by the surge in the greenback, declined Monday. A barrel of light sweet crude for June delivery lost 57 cents to U.S. $ 113.236. Precious metals lose ground again this afternoon, even if less than this morning. The ounce of gold fell to 1546 dollars this morning against a previous record of 1575.79 dollars. It is from 1555 dollars to 15.30.

On the macroeconomic front, construction spending gained momentum in the United States, knowing their strongest growth in 11 months, 1.4%, according to data released Monday by the Commerce Department. In contrast, growth of manufacturing activity slowed for the second consecutive month in April, but less than expected, according to the index of industrial purchasing managers released Monday.This index, calculated by the Institute for Supply Management (ISM), stood at 60 paydayloan.4 in April after already slowed to 61.2 in March, against 61.4 in February. The 72 analysts and economists surveyed by Reuters had forecast an index to 60.0.

Macroeconomic agenda of the rest of the week is particularly busy overseas. The program included investors such as U.S. industrial orders (Tuesday), the PMI service on both sides of the Atlantic (Wednesday), quarterly productivity in the U.S. (Thursday).But the main highlight of the week on the macroeconomic level in the United States is expected Friday with the traditional monthly report on U.S. employment.

Apple on their toes

The side of values, PPR announced on Monday the launch of a friendly takeover of the American Volcom (23.92% to 24.45 dollars) (clothing and accessories for skateboarding), enhanced 516, 1 million euros, which, according to him, "a milestone" for the constitution of his pole "Sports and Lifestyle."The essence of sport and lifestyle center is formed by Puma, majority owned by PPR, which was completed in 2010 a turnover of 2.7 billion euros (+10.6%) and operating profit to 337.8 million euros, up 12.7%.

Always on the side of values, Apple (-0.36% to 348.88 dollars) might react to the announcement of Time which will offer a free edition of its magazine for iPad his paper subscribers, according to the Wall Street Journal.

On its side the oil giant Chevron (-0.70% to 108.67 dollars) has also announced after the close of Wall Street have made a profit in the first quarter of $ 6.2 billion against 4.6 billion a year past. Daily production rose to 2.76 million barrels per day against 2.78 million last year.Chevron also announced the construction of a new manufacturing lubricants in Mississippi to $ 1.4 billion.

For his part, Du Pont De Nemours (-0.25% to 56.65 dollars) has increased the amount of its bid for Danisco to 700 Danish kroner kroner against 665 previously.

Also note, the Wall Street Journal, Facebook's growth is higher than the forecasts made several months ago, the group is about to exceed two billion dollars of gross operating profit (EBITDA) in 2011. Still according to the Wall Street Journal, the benefits of Facebook now increase rapidly enough to justify a valuation of $ 100 billion or more from the perspective of an IPO. Facebook should be placed on the market by early next year.

"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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In recent weeks, rumors suggest that the industry group could carry a big external growth. Jean-Pascal Tricoire wishes to explain its strategy for acquisitions and announced sustained business earlier this year.

LE FIGARO: Schneider Electric has been rumor of a possible acquisition of Tyco U.S.. You have issued a statement that has not dispelled all doubts. What is it?

Jean-Pascal TRICOIRE: In principle we do not comment on rumors. But quite exceptional, we decided last week to respond because we were the subject of persistent rumors and speculation. I can confirm that we have no discussions with Tyco International.To be more precise, Schneider Electric does not perform in the current year, a big acquisition.

Stand back for much larger operations?

We prefer small-scale operations, a few dozen to several hundred million euros. We have already announced four since the beginning of the year. We may also be interested in the business of medium size, a billion to several billion euros, but, I repeat, we have no large acquisitions planned today.

Do you plan to evolve your strategy on acquisitions?

We must first specify the model of Schneider Electric delivers a very strong organic growth. Between 2004 and 2008 it reached 10% per year. There is also a highly focused acquisition strategy in a market of 200 billion euro still very fragmented.In this market, Schneider Electric is a leader in its sector and still does not realize that 20 billion euros of turnover. This pattern of external growth is now proven. We have demonstrated over the years that we know how to select companies, correctly assess the strategic and financial plans, and successful integration. Last year, nearly 13,000 people joined the Group. In just six years we have gone from 70,000 to 110,000 employees.

Why not apply this model to purchases of larger scale?

Collaboration with large companies do not necessarily pass through acquisitions payday loan lenders. This can be done through business partnerships, joint ventures or purchases that included only the branches. My duty is to do acquisitions that are meaningful to the strategic plan, emit very strong synergies and meet our financial criteria.They must also integrate into our business portfolio: our strategy is not that of a conglomerate! And we are much more demanding these criteria when we look for large transactions. To consider a very large acquisition, you need a good alignment of the stars individual and is extremely rare.

Why are there so many rumors about you now?

I already see that we are perceived as more buyers than as prey, which changes a few years ago.I think we have constructed a clear strategy, an economic model that works and have demonstrated an ability to make intelligent and profitable acquisitions.

Does the pursuit of critical size in order to protect yourself from a possible hostile bid in a sense for Schneider?

Increase its size in just to protect themselves from potential buyers does not seem a good idea. Our priority is performance. I believe in continuous improvement of our performance to give our group the ability to develop and provide our customers with unique skills.

How did the first quarter?

We are making a strong first quarter. We post organic growth high at 11.8%. This is our fourth successive quarter of organic growth above 10%. North America shows a nice bounce, + 15%.And Western Europe, our growth reached 6%. In these geographical areas, our strength comes not so much the growth of markets-very-low that our initiatives. Where they sold the products, we offer solutions, services, energy efficiency, an overall set of offerings to higher value added. Over the year, we maintain our outlook that are always on a rise in business organically between 6 and 9%.

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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Late last year, an Ipsos found that more than half (56%) of the French were worried about their dependence … Will they be ready for all to take a day off again? Faced with an aging population and the need for funding – more than 20 billion euros per year or 1% of GDP – the state looking for new revenue sources, and according leJournal Sunday, the creation of a new day solidarity would be considered. A measure that has merit for the majority to increase state revenue without raising taxes.

2.2 billion euros per year

The idea is not new. Since 2004, after the drama of the heatwave in 2003, the French work an extra day each year, normally without pay, and employers pay a contribution – the contribution solidarity independence (CSA) – in favor of the autonomy of elderly and disabled.Initially introduced on Whit Monday, the law was later relaxed to allow employees to choose another date, or even split the solidarity day. It relates each year 2.2 billion euros. A second day would allow the Government to partially fund the additional needs estimated at 10 billion by Prime Minister Francois Fillon. Philippe Bas, former Minister of Health and Solidarity, then Hénart Lawrence, Secretary of State for the professional integration of young people in the Raffarin government, have already voted for the creation of a new day of solidarity. For the moment the terms of this new day does not stop.It is likely that the choice of date will remain free to avoid the debates that followed the abolition of Whit Monday payday advance lenders.

Extend CSA

The majority also exploring another avenue to bring in new revenue, that of broadening the base of the CSA. This idea is supported by the MP (UMP) Valérie Rosso Debord, who stresses that the day of solidarity is based only on employees. Professionals, craftsmen, tradesmen and pensioners are exempt. A peculiarity which could also soon lead to the questioning that day. The Labour Court of Angers announced in early March that he had seized the Supreme Court for a ruling on what could be considered a breach of equality before tax.Judges should give their opinion on this question of constitutionality at the end of May, which could lead to referral to the Constitutional Council.

According to the member, elect to extend the CSA to all non-employees, would allow the state to reap 2 billion euros, a sum close to that expected with the creation of a new day of solidarity .

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