International & World Report

The CAC 40 is continuing its momentum. At the opening, the index in Paris gained 0.34% to 4124.26 points. At the London Stock Exchange, the FTSE-100 is 0.19% at 6049.43 points and the Frankfurt Stock Exchange, the DAX 30 was up 0.19% to 7414.23 points.

In terms of technical analysis, the trend remains positive in the short term. Exceeding candid 4130 points would signal a further acceleration upward.

Societe Generale its dividend multiplied by seven

On the podium of the largest increases in the CAC 40 include Sanofi-Aventis and Societe Generale, with respective increases of 2.88% and 2.53%.

In contrast, PPR, which reports tomorrow, shows the largest decrease (-0.56% to 115.15 euros) to Air Liquide (-0.27% to 95.37 euros) and EDF (-0 , 21% to 31.14 euros), which published Tuesday.

Societe Generale: 2.88% to 50.27 euros

Meanwhile, good news comes from the results published by companies, including Societe Generale.After publishing the results in line with market expectations, the banking group has increased its dividend in September by

Societe Generale in its wake Credit Agricole (1.97% to 11.89 euros), BNP Paribas (1.59% to 58.20 euros) and Natixis (1.19% to 4.06 euros) which must publish their results tomorrow (BNP Paribas) and next week (Credit Agricole and Natixis).

Sanofi-Aventis: 2.53% to 51.06 euros

Another announcement that should be reacted in financial markets, even if she was waiting for: the acquisition by Sanofi-Aventis U.S. biotech Genzyme. The two groups have reached an agreement in principle after the French laboratory which will provide $ 20.1 billion plus a certificate of conditional value.

On the macroeconomic front, the news is mostly American with housing starts in January (1430), the producer prices in January (1430), industrial production in January (15.15), the weekly inventory of crude oil (16.30) and the meeting of the Monetary Policy Committee of the U.S. Central Bank (2030) Faxless payday loans.

Renault: 0.70% to 45.98 euros, Peugeot: 0.68% to 30.23 euro

For the EU, new car registrations fell 1.4% in January to 1,041,650 vehicles, announced Wednesday the Association of European Automobile Manufacturers (ACEA).Renault sales fell by 5.2% and Peugeot, 3.4%.

On the currency markets, the euro is rising again against the dollar, gaining 0.53% to 1.3559 dollar.

A battery of results to follow

M6: 0.88% to 18.26 euros

M6 was released on Tuesday a turnover and operating profit in 2010 increased, thanks to the general recovery in advertising expenditure.

Atos Origin: 1.05% to 41.79 euros

Atos Origin has more than tripled its net profit in 2010 to 116 million euros, indicating that they had "achieved its objectives." The group is confident for 2011.

Imerys: 0.43% to 51.86 euros

Imerys will rely on the growth of demand in its markets, particularly in emerging countries and in the paper and steel, to take over the restocking that has supported its findings in 2010, told Reuters its general manager.

Euler Hermes: -1.52% to 73.86 euros

Euler Hermes announced Tuesday a strong rebound in its annual results, driven by a drop in claims, and the resumption of a dividend to its shareholders.

ADP: 0.51% to 64.84 euros

ADP reported a January traffic up 5.5% from 2010.

Bic: +0.40% to 64.58 euros

The group of stationery and disposable Bic has made a net profit up 36.7% to 207.5 million euros in 2010, thanks to gains in market share and reported a very good start 2011.

Orpea: 1.52% to 35.12 euros

Orpea reported Wednesday in a double-digit growth of its business in 2010, supported by organic growth of 8.7% and its external development.Group homes was confident for 2011.

After market, it was the turn of Bricorama (turnover in the fourth quarter) and Icade (results in the fourth quarter) to submit their figures.

The clans of the former President Ben Ali and his wife Leila Trabelsi held an iron grip until the end the economy of Tunisia. Their flight is expected to give greater freedom to business leaders who feared like the plague "Family," as they called him the power, referring to films about the Mafia.

"The president's extended family is often presented as the hub of corruption in Tunisia," wrote an American diplomat in a memo published by Wikileaks and The World. "Expropriation", "extortion of bribes, kickbacks," the official lists the cases of blatant abuse of power in a note dated June 2008 and entitled "What's yours is mine."

The voracity of Trabelsi

"These people were present in many areas, they decreased the profits of companies and therefore reduces the ability of them to invest," says Jean-Raphael Chaponnière, an economist at the French Agency for Development (AFD). Less investment means less growth and less employment.

To escape the voracity of Ben Ali and Trabelsi, contractors had adopted a motto, "stay small," says Beatrice Hibou, an economist at CERI-Sciences Po "Business leaders said they fear to invest and grow . If true, then the departure of the clans should lead to a resumption of investment, "said the researcher, who also advance other explanations for this phenomenon, such as maintaining corporate control by the family of man business.And will not open accounts.

Arbitrary taxation

After 24 years of rule by Ben Ali, Tunisia is characterized "by the extremely small number of large (0.4% of total business) and even medium-sized enterprises (0.3% or 1.7%), falls Beatrice Hibou. Even the "largest groups Tunisian Poulina, is actually a conglomerate of 71 subsidiaries for 6000 employees only."

The power was not content to plunder. He also used the IRS to acknowledge or punish. "Taxes were collected in a very arbitrary: if you were not in the odor of sanctity in Carthage, you wipe a tax adjustment, if you were a friend, you do not pay taxes," notes Ali and Mohamed Marouani economist at the University of Paris 1 Panthéon-Sorbonne.

Foreign companies did not escape the rule: "Everyone went to the checkout!" Denounces a former Minister Ben Ali's predecessor, Habib Bourguiba, and "voluntary exile" in Paris. "The power is used without restraint, it is even what killed the plan," said Catherine Graciet, author of a survey on women of Ben Ali, Leila (The Regent of Carthage).

'Uncertain times'

Not sure the disappearance of the quasi-mafia allows a dramatic rebound in investment. "With the hectic events of democracy, we are entering uncertain times not conducive to investments," warns Jean-Raphael Chaponnière, an economist at the French Agency for Development (AFD). The rating agency Moody's has also degraded the country note on Wednesday.Corruption, according to many observers, should survive the dictatorship, albeit on a smaller scale.

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Since 1 January 2011, banks are obliged to display on their website the prices of ten current services they provide to their customers. This requirement results from an engagement with the Minister of Economy Christine Lagarde, who wanted to allow consumers to choose the institution that best suits them most easily by comparing institutions.

According to observations of the consumer association UFC-Que Choisir, published on the site quotidienLa Tribune, banks have generally played the game .. even if the information is not always obvious to find. "Sometimes the information is difficult to find and it is sometimes forgotten," says Maxime Chipoy, in charge of banking and insurance to the association.The word "tariffs" or "fare conditions" is discreet, appears in a corner at the bottom, light gray on white background as the site of the Credit Cooperative, the newspaper who also conducted the survey thirteen institutions.

Omissions and additions

"Some banks also add information to display services that are free from them … as in most banks, "says Maxime Chipoy. The cost of sampling unit, for example, absent from the sites of the Savings and Credit Agricole Centre Ouest one hour payday loan. However, it indicates that the cost of withdrawal is free agency … which is the case elsewhere. As for the Crédit Agricole de Normandie, he forgets to include the price of Internet transfer.

These publications have however the advantage to show marked differences.The credit card costs and from 0 to 50 euros per year in the banks. The price gap between the insurance payment cheapest and most expensive is 60% (excluding online banks).

"The banks have fulfilled their commitments, not more," relativize the expert of the UFC-Que Choisir. He recalls that initially there was talk of including the rates of the ten services on a brochure available in branch. This should be done at the end of January. All information that is currently available on the web aparaîtront then on plates whose contents should also be common to all institutions to facilitate comparison.

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The stone is a refuge for the French were defeated by the financial markets. If the real colors and runaway found even in Paris, is also due to the ease of borrowing cheaply now. Credit rates remain low and the valve of credit, which was blocked at the height of the crisis, is now widely opened to borrowers 'solid'.

It is thus possible with a very good record to borrow at around 3% over 15-year fixed rate (the average rate being at 3.40% over 15 years and to 3.55% over 20 years as the broker Empruntis ). And individuals have no difficulty in finding financing. "The floodgates have opened, financial institutions lend to customers who have only 10% of contribution or no contribution at all in some cases, falls in Empruntis Mael Bernier payday cash loans. Competition among banks plays full for the greatest happiness of the borrowers.Runaway? Philip Tabor, the general manager of network brokers, credit Cafpi not see any. "Those who buy have thought through their operation. Overall, the market is healthy and the files are not stretched, "says he.

Pragmatic, borrowers no longer reluctant to renegotiate their loan from their bank. And when they do not, they go somewhere else. Redemptions Credit rife. In the broker borrowing, they represent 45% of requests for credit (against 15% in June 2009). "Those who borrowed from mid-2007 and early 2009 and have credit ratings higher than 1 to 2 points at the current rates have an incentive to renegotiate their loans," says Mael Bernier.

The bridge loans back

In Paris, and the most active markets, the so-called Second-time buyers, that is to say, households who sell a property to buy another one are back.This is good news for the market that these players contribute to fluidity. Banks do more reluctant to extend credit to finance these purchases relay, and at rates barely above those of conventional loans. "Banks are more cautious, however, before the crisis and does not finance more than 80% of the transaction in this case," cautions Philip Tabor.

The Paris property market remains the tree that hides the forest instant small loans. Paris is not France and the price of the stone does not fly around happily. If banks are generous in their extensions of credit, we are still far from returning to 2007 levels. "The funds distributed to individuals accounted for 175 billion euros in 2007 and fell to 145 billion in 2008 and 110 billion in 2009. They should be around 145 to 150 billion this year, "recalls Philip Tabor.

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Hunting tax loopholes while declaring his intention to encourage innovation is a difficult exercise. Measures Bill 2011 Finance defended by MPs and the government caused the anger of several professional associations.

France Biotech, CroissancePlus the Richelieu Committee, Entrepreneurship, MEDEF, the union's national game, the French association of software publishers, Leem, the association of pharmaceutical companies and the cluster Cap Digital denounce threats against the 2200 start-ups and SMEs with the status of "young innovative company."

This status allows an SME under the age of eight years of being exempt payroll for eight years on the salaries of its employees who participate in research projects.

"I am surprised and shocked by the planned reform.The government renders meaningless the status of the young innovative company when it was created only six years ago and is effective. There have been no changes as a start-up innovation in a market such as biotechnology and new energy needs 8 to 12 years to launch its products on the market, "said Philippe Pouletty, honorary president of France Biotech. The reform of regulations and measures passed by MPs that reduce the research tax credit "will increase to January 1 of 30-40% the cost of payroll researchers from innovative start-ups. If such measures were applied to restaurants or cafes at France Telecom, it would be a revolution, "says Philippe Pouletty.

In Bordeaux, the founders of the start-up specializing in Internet Libcast employs 8 people, looking for a parade. "This decision requires us to serious adjustments.We need to revise our business plan and strategy but not thoroughly, "says Sandrine Mayoux, one of three partners. The young company that seeks 300,000 euros in turnover this year, could go live in London. "The British Embassy in Paris contacted us. The English want to attract small innovative companies like ours, "says Sandrine Mayoux.

In the Paris area, the company Theraclion hosted at Cochin Hospital is working on the scalpel of the future. "Our company is the world's first in its field. We are addressing a public health problem. Our product will help to treat include osteoporosis, a disease that costs 12 to 15 billion euros per year in Europe, which affects 75 million people worldwide, "says Dr. Nujurally Ishmael, Director General Theraclion.The start-up company that employs 10 people including 9 engineers and doctors more graduates tray 5 will be delayed in its projects. "It is incomprehensible to change the rules of the game I am about to commence public offering. Convince private investors will take more time because the payroll will increase, "says Dr. Ishmael Nujurally. I regret that the development of innovative companies is hampered. It is an incentive to go elsewhere if the search becomes too expensive in France. "

Aldebaran Robotics that designs personal robots and employs 100 employees, half of researchers, engineers and university graduate, is studying how to adapt too. "The measures that affect young innovative companies and research tax credit, will have an impact on our cash 500,000 euros from January 1.As the company did not have those 500,000 euros in cash, we must either lower our research efforts is our research relocate to Taiwan where it is cheaper, "says Fabien Bardinet, Deputy Director General of Aldebaran Robotics.

This shift triggers reactions which are stronger than large firms escape the cuts. "Christine Lagarde has taken this week in the Senate defending the research tax credit for large groups. I also hope to hear him say that the economy 54 million provided by the reform of the status of the young innovative company is not justified to 2 billion euros invested annually in research by SMEs, "concludes Philippe Pouletty.

Effective January 1, all ads of property for sale or lease must indicate the diagnosis result of energy efficiency (ECD). A measure that applies to both individuals and professionals. This ECD, which classifies dwellings into seven categories according to their energy consumption (from A to G at 50 kWh/m2/year beyond kWh/m2/year 450) is already mandatory for over three years. Simply, he intervened in general when the deal was almost finalized. "It's a revolution for the housing market," said Secretary of State for Housing, Benoist Appeared, who introduced the measure Wednesday by the Council of Ministers. According to him, this obligation will make the energy performance as a selling point, like appliances. For accommodation of 100 m2 heated gas, energy costs from 250 € to 2250 € per year between Class A and G."This will have an impact on prices and will push owners to work saving energy," Benoist Appeared. "It's a great extent, but the impact on prices will not necessarily major, grade Hiccups Guy, president of real estate network that bears his name. In the former, most homes are poorly marked. "

Higher standards in new

Benoist Appeared does not seek to enforce this DGCCRF payday loans with no fax obligation. He recalled that in the absence of such posting an aggrieved consumer may break the deal or demand a lower price or even get a criminal penalty.

Consequence of this measure: the importance of ECD has become stronger. But the diagnosticians at work since 2006 does not shine all through their professionalism.While stressing that the French ECD is generally more complete than that of our European neighbors, the Secretary of State for Housing acknowledged that there were vastly improved. In the future, the number of parameters estimated to increase from 30 to 60 and training for diagnosticians will be framed.

Evidence that energy savings in housing is a hot topic, it is also what appeared Wednesday the decree establishing the thermal regulation 2012, which aims to divide by three energy consumption in new buildings. This text will apply from 28 October 2011 public buildings and commercial and as of 1 January 2013 for new housing. At that time, these structures must meet the standard "low-energy building" (BBC), that is to say, consume more 50kWh/m2/an.According to a study by the Agency for Environment and Energy Management (ADEME), the additional construction will amount, in 2013, between 5% and 7%.

They were under fire, accused of having caused the financial crisis. The finance minister and central bankers from the G20 meeting in Gyeongju, South Korea, on Saturday reached an agreement on reforming the banking system and large financial institutions. "There was very little disagreement on the subject. The approval process was very simple, "a statement re South Korean representative, shortly before the adjournment.

Specter of devaluation

The aim of the discussions was to find an agreement to reduce trade imbalances and avoid a war of currencies, after two days of debate in South Korea. Negotiated into the night Friday to Saturday by the Deputy Ministers of Finance, the text has the support of developed countries while Chinese officials have said they "could live with it."These commitments could help assuage fears before markets tensions over exchange rates.

The recent wave of central bank interventions to prevent the rise of their currencies against the dollar had raised the specter of a spiral of competitive devaluations and a return to protectionism. "The G20 must refrain from implementing exchange rate policies designed to give them a competitive advantage", stated in a letter to the G20 U.S. Treasury Secretary Timothy Geithner.While the U.S. accuses China of keeping the yuan artificially low, many emerging countries complain that U.S. monetary policy that brings down the dollar and adds their exports and attract capital in their volatile and speculative .

The communiqué of the G20, however, should not contain numerical targets in excess of current account or a timetable, contrary to what was requested in his letter Mr. Geithner.

Europeans leave two seats

The G20 countries are also reached Saturday in South Korea that the IMF Managing Director Dominique Strauss-Kahn called "the most significant reform ever passed in the governance of the International Monetary Fund. He described the event as historic.The proposed reform, which must be approved by the Board of Directors of the IMF increases the institution's capital, the headquarters of emerging countries to its board of directors and expanding its responsibilities for monitoring States' economic policies .

After this reform is long overdue, the ten largest shareholders of the institution will be the United States, Japan, four European countries (Germany, France, Great Britain, Italy) and the four largest emerging economies (Brazil, Russia, India, China).Europeans leave two seats to the emerging countries, what is "really hard for them," acknowledged a senior U.S. official.

The South Korean President Lee Myung-Bak had Friday called for finance ministers and central bankers from the G20 countries to reach agreement on this reform to "strengthen the credibility of the G20 meetings.

Pending the outcome of this meeting of G20 finance preparatory G20 summit on 21 and 22 November in Seoul, the main European stock markets finished down Friday: Paris lost 0.25%, Frankfurt dropped 0.08 London% and 0.29%. The NYSE has ended without a clear direction, the Dow Jones lost 0.13% but the Nasdaq gained 0.80%.

(With AFP)

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Having lost 0.19% Friday, the index has advanced timidly Paris on Monday. At the close, the CAC 40 index registered a slight increase from 0.14% to 3768.49 points. The Paris index is positioned so far of 3800 points. A bar that has exceeded more close since May (3,828.46 points on May 3).

Investors remain cautious until the meeting of the U.S. central bank Tuesday night, and rain that quarterly results will fall and the tone on the economic health of the Atlantic. On Wall Street, the trend is positive, but nervous.

On the macroeconomic front, production fell 0.3% in August, according to figures from INSEE.The food industry and the automobile industry have drawn down.

This morning, while the Tokyo Stock Exchange was closed, the stock exchanges in Shanghai and Hong Kong continue to rise, reaching as Hong Kong a high of two years from mid-day.

Currencies stoic

On the currency side, the market remains unmoved on Monday after weekend meetings between central bankers worldwide, which reached no concrete decision to avoid a "war exchange, all eyes are again turned to the U.S. economy. Around 17:30, the single currency was quoted at 1.3896 dollars (-0.22%).

Raw materials side, oil prices retreated Monday market opening in New York, a barrel of benchmark lost 26 cents to 82.40 dollars, against a small rebound in the dollar.

EADS: +0.19% to EUR 18

The group holds its annual targets despite the strengthening of the euro against the dollar, said Chief Financial Officer Hans Peter Ring in an interview with newspaper Frankfurter Allgemeine Sonntagszeitung on Sunday. This has not prevented Citigroup lowered its recommendation from "buy" from "hold". The value shows the largest decrease in the CAC 40.

EDF: -0.79% to 31.38 euros

Constellation Energy Group has withdrawn from an agreement on building a nuclear reactor third generation in the State of Maryland with EDF, which should probably put an end to this multi-billion dollars.Areva (+0.3% at 315.20 euros), which designs the PRT, said to remain "reasonably optimistic", ensuring that "negotiations are continuing."

Found among the highest increases in the CAC 40: Vallourec (2.23%), and values of Saint-Gobain Construction (1.96%) and Bouygues (+1.9%).

Please note that Saint Gobain will build a photovoltaic panel factory in South Korea through a joint venture with South Korean Hyundai Heavy Industries, the two groups announced in a joint statement payday loans.

And the largest declines posted by the bank: 1.63% loose SocGen and BNP Paribas (-0.94%)

Total (-0.14% to 38.40 euros):

The production capacity of the refinery's Medea was reduced by more than half Sunday and could completely stop production on Tuesday or Wednesday due to lack of stock, it was learned Sunday from union leaders.

GDF Suez (+0.5% at 27.18 euros):

The group announced Saturday it had signed a contract with China National Offshore Oil Corp. (CNOOC) for the delivery of 2.6 million tonnes of liquefied natural gas (LNG), confirming information reported Friday by a source close to the situation.

APRR: -0.11% to 54.10 euros

The listing of Autoroutes Paris-Rhin-Rhone (APRR) resumed on Monday, said the AMF. The Court of Appeal of Paris ordered the suspension of the bid for the delisting of Autoroutes Paris-Rhin-Rhone filed by its shareholders, and Australia's Macquarie Eiffage pending his trial in merits of the application for annulment filed by the department of Saone-et-Loire. The value has posted one of the largest drops off ACC-40, before recovering.

Ipsogen: -2.12% to 6.45 euros

Ipsogen posted a turnover for the first half rose 17% to 3.8 million. Its gross margin in the period to 76%. The company specializes in the diagnosis of cancer reported a net loss of 2.5 million euros, against a net loss of 0.6 million in the first half of 2009.Its operating loss reached 2.6 million.

Conversely, Beneteau shows one of the largest increases in DTH: 3.78% to 13.74 euros. Since the beginning of the year, the value earns about 28%, representing a market capitalization of 1.2 billion euros.The boat builder provides premium growth of 25% of its turnover in 2010-2011, reported Monday the Letter of Expansion.

Ipsen: +0.04% to EUR 25

Ipsen announced Monday it had sold its shares in the biotech PregLem to Gedeon Richter for an initial amount of six million Swiss francs (4.45 million) and additional incremental payments of up to 25 million Swiss francs (18.56 million) in total.

Soitec: 3.35% to 6.87 euros

Technologies in solar energy group Isère microelectronics Soitec were selected by the American specialist electrical equipment Johson Controls through a global alliance, said Monday in a statement Soitec.

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In the first half of 2010, 361 enterprises have been financed by venture capital firms French. The never-seen from the indicator * Chausson was created by Christophe Chausson, in 1998. The market finds its stride, with 515 million euros invested in the first six months of the year.

U.S. stock markets, should undergo further profit taking on Thursday. The index futures are predicting a slightly lower opening on Wall Street. The index futures Standard & Poor's 500 and Nasdaq 100 respectively retreating from 0.42% to 1125.30 points from 0.18% to 1 976.10 points. On Wednesday, the NYSE has closed in the red after taking careful speech the day before the Federal Reserve (Fed), the U.S. central bank. At the close, the Dow Jones lost 0.20% to 10,739.31 points, the S & P 500 declined 0.48% at 1134.28 points, while the Nasdaq dropped 0.63% in 2334, 55 points.

On the foreign exchange market, the euro held steady above $ 1.33 and remains at its highest in five months. For his part gold continues to beat his record.The ounce of precious metal climbed to 1296 dollars this night.

On the macroeconomic front, investors are waiting for the traditional weekly claims for unemployment benefits that are known to 14:30, the composite indicator of economic activity and sales of existing homes for the month of August to 16 hours.

Values to follow

The side of values, Starbucks announced its next higher sale prices on some coffee. The rise in coffee prices (the highest for 13 years) and sugar (up 43% since June) put pressure on margins in the group. Kraft Foods has already raised its prices in August.

Always on the side of values, the U.S. computer group HP to digitize the library of former Beatle Paul McCartney.

For his part RIM confirmed the upcoming release of Internet Tablet called BlackPad.The surprise came from the operating system: RIM will use the software for the QNX Software Sytems that the group has acquired and is developing operating software for the automotive sector.

Also note, Bed Bath & Beyond, a distributor of household equipment and food and health has announced a profit of $ 182 million above expectations. For its part Red Hat, the Linux software company, announced a profit of 23.7 million.

Blockbuster, the video rental company, is expected to announce today its passage under the protection of Chapter 11 of the Bankruptcy Act, according to a source cited by Bloomberg. Blockbuster's debt is close to $ 900 million.

General Motors Place from North American investors most of the securities being sold to mark his return on the stock market, according to sources familiar with the matter quoted by Reuters.After split, the listing price should be between 20 and 25 dollars, the sources said. GM has not yet determined the overall valuation of the company, nor the price range of action, sources said.