International & World Report

The caution is this Wednesday on the Asian stock markets. At the close, the Nikkei in Tokyo assigns 0.92% to 8463.16 points. The decline is more pronounced in China, Hong Kong, the Hang Seng 2.21% to 18,920.55 loose points while the Shanghai Composite Index lost 1.93% to 2481.06 points. The Kospi in Seoul was also down 1.06% to 1866.06 points and the S & P / ASX 200 in Sydney from 0.89% to 4247.40 points.

The debt crisis in the euro area still focus the concerns of the international markets. Yesterday, the rates at which borrow Italy and Spain have reached dangerous levels. In the process, the major European markets ended down.

The BoJ kept its policy rate

The Central Bank of Japan (BoJ) kept its key interest rate Wednesday on a daily basis in the range of 0.0 to 0.1%.Investors are, in addition, the surge in profits after the previous day, which saw such a barrel of light crude earn $ 1.23.

European stock markets resumed a little height on Wednesday morning, after the statements of Olli Rehn. In Paris the CAC 40 1.34% advance to 2888.30 points after climbing more than 2.5% in early trade.

Elsewhere in Europe, ahead of London and Frankfurt 1.43% from 1.47%. European Commissioner for Economic Affairs has indeed mentioned in an interview with the Financial Times, a European plan to recapitalize banks. Reassuring news while the Franco-Belgian bank Dexia, the first victim of the debt crisis must be dismantled."We share a growing opinion that we need a concerted, coordinated in Europe," he said, "the capital of European banks should be strengthened to give them a safety margin and so reduce uncertainty "in markets.

Wall Street has offered a nice rebound late in the session after the publication of these declarations, against a background of technical rebound. Europe follows the trend, despite the announcement of the degradation of the Italian note by Moody's.

In terms of macroeconomic indicators, two figures for the euro area will be published on Wednesday: the retail trade for August and the second estimate of GDP in the second quarter.In the U.S., the ISM index of activity in services is expected in September to 16 hours and the weekly crude oil inventories at 16:30.

Oil markets, fell sharply Tuesday after the courses are starting to rebound on Wednesday morning in Asian electronic trading: the Brent North Sea crude for November delivery gained 1.67 dollars to 101.46 dollars. A barrel of "light sweet crude" for delivery in November was appreciating his side of 1.91 dollars to 77.58 dollars.

The banking sector up

Following statements by Olli Rehn, the banking sector will be particularly followed on Wednesday. In particular, Dexia remains a key concern when it was dismantled has been approved. The Franco-Belgian bank has confirmed the creation of a "bad bank" combining its risk assets.The European Banking Authority (EBA) also discuss the situation of the bank on Wednesday.

Investors engaged in an intense hunt for bargains in the banking sector. BNP Paribas advance of 6.20%, 5.38% of Societe Generale and Credit Agricole of 6.34%, despite the deterioration of recommendation from Goldman Sachs on the sector payday loan companies.

Indeed, Brock U.S. on Tuesday lowered its price targets of several French banks: it is reduced from 68 to 58 euros to BNP Paribas for 9.70 euros to 6.90 euros and Credit Agricole 3.60 to 2.80 for Natixis. Societe Generale is seen removed from the list of réfence European bank, which reduces its recommendation on the title of "buy" from "neutral."The price target is reduced from 45 to 32 euros.

The values ​​of energy and insurance markets in the eye

The energy sector will also be monitored: the CGT federation of energy called because the employees of the gas and electricity in a strike on October 11 as part of a national day of mobilization under five French unions .

Axa (2.39% to 9.20 euros) indicated that the depressed stock market could affect its objectives in 2015 but ensures that its balance sheet remains strong at the end of September.The insurer says remain "fully engaged" in achieving its objectives and it reiterates its policy of dividend distribution

In addition, U.S. funds TPG and KKR and the Caisse de depot et placement du Quebec have submitted preliminary offers for the acquisition of Axa Privaty Equity (AXA PE), the division of equity sold by Axa, according to La Tribune.

The reinsurer Scor (0.93% to 15.78 euros) also confirmed the financial goals of its strategic plan by 2013, especially a return on equity of 10% above the risk-free rate and credit rating Level "AA".Scor still expects a gross premium volume amounted to over EUR 10 billion in 2013, an annual growth rate of 14% between 2010 and 2013 as against 9% previously.

Gecina (-3.05% to 61.05 euros) announced thanking its general manager, Christophe Clamageran, because of differences over priorities in the implementation of the strategy of the real estate group. Bernard Michel, Chairman, is CEO of the company.

Wendel (4.48% to 45.05 euros) said Tuesday it has completed the acquisition of Mecatherm, the global leader in equipment for the bakery industry valued at around 170 million euros as part of the operation.

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"Europe stands ready to rescue its banks

In recent days, the word "default" is no longer taboo in Greece, where the announced new austerity measures, the rising social unrest and growth forecasts more and grow darker to look for alternative scenarios. While the Troika team must return Monday in Athens to discuss the progress of the country in control of their deficits, the majority of the press reported on Friday a case of a default involving restructuring 50% of current debt. One scenario would have raised the Greek finance minister, Evangelos Venizelos, in front of Deputies. Immediately, the minister put a stop to these allegations, pointing out that it would do anything to "implement the decisions of the euro area on 21 July."The European decision includes the restructuring of 21% of the debt through voluntary participation of the private sector, especially banks, holders of Greek bonds. But privately, the Minister would have evoked as alternative scenarios, a restructuring of 50%, a "disorderly failure".

"People panic"

A restructuring would mean a partial collapse of the country. A hypothesis that is growing in Europe as soon as possible to avoid a domino effect on subsequent Greek procrastination. Many economic analysts, as Katerina Sokou, see this as a political game. "The government hopes the restructuring of 50% but does not want to ask, she says. The idea is to pass the measures, even if they are bloody and unjust for the most disadvantaged, in order to be rewarded with a debt restructuring, while remaining within the euro area.Of course, this implies a shower of austerity for years. But having a viable Greek debt is better for Europe. "

Several other European officials have discussed in turn: Klaas Knot, Member of the Board of Governors of the European Central Bank said it had absolutely no idea of ​​a Greek default, indicating that s 'acting in one of the scenarios. This is the first member of the ECB to speak in this sense. More cryptic, the German finance minister, Wolfgang Schäuble, said he was "whether what was proposed in June and July for Greece is still sustainable in light of recent developments." At the same time, it is "too early to speculate on this idea right now," he added.

This evocation of more frequent non-payment of Greece begins to cause problems in the country."People are panicking. We receive many calls and emails requesting information, or should keep their money in the bank or not, says Sia Kossioni, presenter of TV news 20 hours SkaiTV. So we pedagogy and what it means to decrypt a bankruptcy, framed or not, a default or restructuring. "What a little more fragile banking sector, already in poor condition. Moody's dropped the rating by two notches from eight Greek banks. A decision justified by including "the expected impact of the deteriorating domestic economic environment of non-performing loans" and "still fragile liquidity position." The rating agency also believes that the outlook for the rating of the eight banks are negative.

Barack Obama has heard Warren Buffett. One month after the American billionaire's call to raise taxes of the richest in the United States, Barack Obama will propose on Monday during a speech at the White House – expected at 16:30 French time – a special tax on the income of taxpayers earning over a million dollars a year (about 725,000 euros). The U.S. president should not indicate the precise tax rate that it intends to apply or the amount it hoped to achieve by this. But according to The New York Times, the tax on millionaires only for 0.3% of taxpayers, less than 450,000 of the 144 million returns recorded in 2010.

Dubbed the "rule Buffett," this tax is in terms of reducing the budget deficit that the U.S. president must explain to Congress Monday.Its goal? Ensure that the wealthiest taxpayers pay at least as much taxes as middle-class homes. This is not the case, as pointed out by Warren Buffett this summer, because of certain provisions of the Tax Code.

1200 billion dollars in savings to find

Thus, capital income such as dividends or interest earned by the fund managers are taxed at 15%, while labor incomes are between 10 to 35% payday loans. "While the poorer classes and middle classes are fighting for us in Afghanistan, while most Americans struggle to make ends meet month we mega-wealthy continue to benefit from special tax exemptions," wrote Warren Buffett in an article published last month in The New York Times.

This tax should allow Barack Obama to approach a little more of his electoral base of the Democratic Party criticized him his "gifts" to tax the wealthiest people. The Republican majority in the House of Representatives have already announced that he would vote no tax increase.

While the United States must find 1.2 trillion dollars in savings by the end of the year, Barack Obama warned on Saturday the Americans that they would provide "pull their weight" to reduce the budget deficit. And pressed again, the Congress, including Republicans, to adopt his plan for the use of 447 billion dollars. "More games or impasses. More division or delay, "he said during his weekly radio address.

Essilor International is innovative. According to the global glasses, "75% of wearers expect an anti-fog solution." To meet this demand, the group decided to create anti-fog lenses under the name of Optifog. With this new product, Essilor International is "1.2 billion consumers worldwide."

Results aside, the mood is set fair. The group recorded the first half revenues up 6.9% to 2.1 billion euros and net profit up 30.7% to 258.2 million euros. These results confirm the group to maintain its growth objectives "between 6% and 8%" (excluding currency and acquisitions, strategic) for this year.

Side perspectives, Essilor says it "will continue to rely on innovation, operational efficiency and financial capacity to consolidate its position in the high end."The group also intends to "continue its conquest in the mid-range and benefit from the rapid expansion of high-growth countries."

The fifteen-minute speech of Barack Obama addressed the U.S., not markets. The objective of the President was to convince his fellow citizens that the right of the Republican Party is responsible for the impasse. He asked the rest of his listeners to call their senator or their Republican Congress asking them to compromise.

Barack Obama said the disaster would be a failure to pay the Treasury on Tuesday, if this compromise was not reached. The economic crisis that would result, he said, entirely caused by the political dysfunction in Washington.

Obama maintains its position

For the chief executive of the United States, the problem of excessive indebtedness of the country is the result of at least ten years of lax fiscal policy. First, because of excessive spending and irresponsible tax cut decided in George W. Bush.He then explains the explosion of debt since taking office by the need to save America from a very serious recession.

Nothing he outlined in his speech Monday night was not already stated in previous days by Barack Obama. From this point of view, it may disappoint the market. The White House put on the pressure of public opinion to split the Republicans in two.

He tries to rally the Republican pragmatists to what he calls "a balanced approach" to reducing debt. That is a major plan that includes both tax increases and cuts in public spending.

However, he supported the plan proposed by the Democratic majority leader of the Senate, Harry Reid. It abandons the idea of ​​raising taxes.It offers a massive and immediate increase in the debt cap, with "savings" of the same order.

Republicans denounce economies sham

John Boehner responded Monday night's speech by Barack Obama. Photo credits: NICHOLAS KAMM / AFP

"Nuclear power is one reason for the choice of France, not a choice of passion," said Eric Besson justified this Friday morning on Europe 1 radio. Recalling that the energy brought to France an "energy independence" and that it limited the emissions of greenhouse gases, the Minister of Industry, Energy and the Digital Economy has reported that "the certainty absolute "that electricity prices would be higher for the French consumer without nuclear.

The minister, however, announced that a "great foresight exercise", called "Energy 2050" was launched on Friday, "few hours". "We will study all possible scenarios (…) the energy mix for years to come."

No cases will be avoided, he said, "including so-called scenarios of nuclear power," even if "no belief" or "the choice of the Government and the President of the Republic." "To say 'out nuclear power', it means nothing, he said. What is interesting is to know where it is replaced, what consequences for the dependency [energy], how much it costs to businesses and consumers and with what consequences for greenhouse gas emissions. "

The program, which provides an "analysis of energy demand in France and the world" and "all sources of production" will be led by "the services of Bercy, with a number of experts and personalities independent, "the minister said without giving further details no fax cash advances.

Fessenheim: no suspension or moratorium

Eric Besson has also confirmed that the Fessenheim nuclear power plant in Alsace will not be subject to suspension of its business, or a moratorium. "The Nuclear Safety Authority, which is totally independent of political power, EDF has given permission to stay in business for ten years subject to a number of works. So Fessenheim continue its business, "he added.

But he added that "Fessenheim be subject, like all French nuclear power plants in Fukushima post-audit," an audit requested by the government to learn from the nuclear disaster that occurred in Japan in March. "The nuclear safety authority may make other decisions," he said.

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Saturn must be profitable in three years: it is the objective that its new owner, HTM Group, has set. The holding of the family group Mulliez (Paragraph, Kiabi, etc.). Boulanger strengthens its brand with 35 stores in French Media Saturn, a subsidiary of the German Metro, which she bought on June 30 for an undisclosed price.

"Saturn knew generate traffic in its stores with low prices and promotions, but never developed Internet business and has never managed to be profitable," especially in front of supermarkets are on the same niche (26 % market share), explains Layous Bernard, director of purchasing and marketing Boulanger.

"With Saturn, Boulanger changes category. Faced with global suppliers, we will have greater purchasing power and we will be known to the public, "he says.The distributor of multimedia products and services and appliances improves its national coverage with this acquisition, which "saves 3 to 4 years of expansion." Even if Baker is, first, giving up open the store on the outskirts of Saturn provided Avignon and on the other hand, give five other outlets of the brand (Toulon, Le Havre, Mulhouse, Aubergenville , Angers), and a shop in Tours Boulanger to respect the opinion of the Competition Authority on the merger.

No project abroad

The integration of the stores kept Saturn, which carry a turnover of 500 million euros, will allow Boulanger (97 stores) to reach the 2 billion mark in sales in a French market the electrical appliance 22 billion euros, according to Gfk.

"The market has been growing steadily for twenty years, with the exception of 2009," says Francis cord, CEO of HTM Group. Since the beginning of the year, but the activity is again down, 1.2%, except for sales professionals on the Internet, such as Darty and Fnac. These are already doing about 10% of their sales through this channel, twice as Boulanger, who made his priority. Points boulanger.com withdrawals and will appear in the old Saturn, because a client of two picks the order.More reason to want to see HTM Group "soon" its goal of 150 stores Boulanger on the rise, with major cities and especially Paris-line of sight. International expansion, produced by its competitors, remains a dream, "but before going abroad, one must be strong in our home market," said Francis cord. Confident, it provides a higher turnover of Boulanger 3% over the year, at constant perimeter.

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"Francis cord amplifies the influence of Boulanger

As announced in Le Figaro, the No. 1 reactor of the nuclear Fessenheim (Haut-Rhin) received clearance from the Nuclear Safety Authority (ASN) to continue operating. He "is able to be operated for a period of ten additional years provided you follow a number of requirements," said Monday the president of the ASN, Andre-Claude Lacoste.

The concrete slab on which was built the reactor must be such "enhanced" before June 30, 2013 "to increase its resistance to corium (molten magma resulting from insufficient cooling of the fuel, Ed) in case of serious accidents with piercing of the tank. "Second "major limitation" on the 40 made by the ASN: EDF will have to install an emergency device designed to remove the residual power "in case of loss of the cold source" before December 31, 2012.

Notice of extension published Monday is worth not discharge. Especially since it was made "subject to the findings of evaluations undertaken additional security after the accident Fukushima," said Andre-Claude Lacoste.

These stress tests requested by France and Europe aimed at assessing the behavior of plants in extreme situations. An "appointment" that could lead to the ASN "strengthen requirements," says its president. It will then EDF or the government to decide whether to continue the operation of reactor.

Monday, environmental groups and antinuclear called for "immediate closing" of Fessenheim.Nathalie Kosciusko-Morizet, Minister of Ecology responds to Le Figaro.

While the International Monetary Fund is seeking a new general manager following the resignation of Dominique Strauss-Kahn, emerging countries are mobilizing in support of candidates from their ranks. It is "a moment of change" for a non-European leader, has estimated that Friday morning, Angel Gurria, secretary general of the OECD. As of Wednesday, the Brazilian Finance Minister Guido Mantega said that "time is gone when this important post was reserved for a European citizen." Touefois, he has changed his tone on Friday stating that Brazil was ready to support a European candidate for the leadership of the International Monetary Fund if it pursues the reforms of the "democratization" of the financial organization, said Friday the Minister Brazilian Finance Guido Mantega. "There may be good candidates for advanced and emerging countries, including the European Union (…).The important thing is that the new director of the IMF to continue the reforms initiated by Dominique Strauss-Kahn of democratization of the Fund, "said Mantega in an interview published Friday by the daily Folha de Sao Paulo.

For now, the Brazilian seems to have only moderate his speeches since the beginning of the affair Strauss-Kahn. In China, calls for change are increasing. "The time has come to put an end to Western domination on the IMF," said Shan Renping commentator, in an article published in the official newspaper Global Times. Its purpose is thus part of the continuity statements yesterday from the spokesman of the Chinese Ministry of Foreign Affairs.Jiang Yu said in effect that "newly emerging markets and developing countries must be represented to the leadership of the IMF."

Shan Renping adds that "one of the main responsibilities of the IMF is to oversee the trade and provide funds to countries in need, capabilities that can provide a growing China." The commentator noted in particular the name of Zhu Min, the former deputy governor of the People's Bank of China, then became Special Advisor to the Director of the IMF, as a potential buyer of the post.

Asia does not seem united enough to push one of its representatives.At a recent meeting of the Asian Development Bank in Hanoi, many are even ministers expressed support for Christine Lagarde, Julius Caesar by Parens, an expert from the Institute for Monetary Affairs in Tokyo.

Other emerging countries are pushing their own candidates

And other emerging countries would indeed one of their representatives take the reins of the institution. Thus, the Mexican Minister of Budget, Ernesto Cordero, supported the candidacy of Governor of the Bank of Mexico, Agustin Carstens, assuring the Mexican press that "it is the best candidate for the IMF."

The Commonwealth of Independent States (former USSR minus the Baltics and Georgia) has decided to propose the head of the Central Bank of Kazakhstan Grigory Marchenko. And many observers are betting on former Turkish Finance Minister Kemal Dervis.

The latter, however, indicated late Friday that day was not a candidate to succeed DSK as Director of the IMF.

Emerging economies will need time to agree on a common candidate and thus be able to weigh into the debate. Enough to explain why the Brazilian finance minister urges that the succession of DSK to head the IMF is not "decided in a hurry." And Wolfgang Schäuble's impatience, the German finance minister, who urged his partners in the European Union to designate someone to bring their colors in the race for the overall direction of the IMF.

Lipsky includes Christine Lagarde among candidates "well qualified"

Since the inception of the institution, the position is traditionally awarded to a European as the World Bank management is entrusted to an American.Thus, if an emerging leader is elected this would be a first for the institution.

While the position raises all desires to the four corners of the globe, American John Lipsky, who has served as Acting, said yesterday that the Board of Trustees will meet Friday to discuss it. He believes that Christine Lagarde is one of the candidates "well qualified" to lead the institution. A view widely shared in France and Europe, where statements of support have multiplied yesterday.

However, John Lipsky has left the door open to candidates from emerging countries, stating that "there is a consensus among our members that the process of appointing the CEO should be open, transparent and must be on the basis of merit. Open means open.Open does not open only to some. "The campaign has only just begun.

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