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Caution should again dominate this Tuesday at the Paris Bourse. The CAC 40 yields 0.69% in early trade at 3090.53 points. Like their counterparts on Wall Street and Asia, investors will again examine the risk of contagion of the crisis of sovereign debt in the eurozone. The sharp rise in bond yields Spanish and Italian supply fears. Spanish borrowing rate to 10 years have in fact exceeded the critical threshold of 6% yesterday, what had not been seen since early August. Italy has in turn launched a debt issuance where rates were also above 6% for securities maturing five years.
This morning, the spread between government securities, french and German, that reference in the euro area, has reached a new record since the inception of the euro with an increase of 8 basis points (bps ) to 173 bps.
In Italy, Prime Minister Mario Monti called for a short time to market his team to form and implement a program, which will contain "sacrifices cash advance." For its part, the new Prime Minister of Greece, Lucas Papademos, assured that the implementation of decisions taken at the top of the euro area on October 27 would be the "main task" of the new government, preventing the Greeks from one period difficult. He has said the country's public deficit in 2011 will be reduced "at around 9%" of GDP.
This morning, the euro continued its decline against the greenback. The single currency is dollar 1.3583 (-0.29%) in morning trading. The small increase in oil is: a barrel of "light sweet crude" for December delivery gained 8 cents to 98.22 dollars a barrel while Brent North Sea crude for December delivery took 44 cents to 112.33 dollars .
A real risk of split within the EU
Posted by adminIt was an open secret. The six countries of the euro area currently receiving a rating of "AAA" (Germany, Austria, Finland, France, Luxembourg and the Netherlands), everyone knew that the Hexagon was the most fragile. And for two main reasons, as the visible one and the other as the nose on your face.
First is the only country of the "club of six" not to balance its accounts public, when we ignore the burden of debt (annual interest payments to our creditors). France continues to display a "primary deficit" in the words properly. This shows that the remediation work is far from complete.Note, for example, that Italy is now in a situation of "primary surplus", even though the peninsula remains weighed down by debt levels far higher ransom of a history of fiscal mismanagement even older than ours.
Second handicap, and distinguishes us from the other five members of the club "triple A" France is the only one to record a deficit of its external accounts. The imbalance between our imports and our exports attests an alarming lack of competitiveness. Clearly, if the French economy was not part of a monetary union, it would now interest to devalue its currency. She would even be forced by the markets.
But that Paris could lose its valuable in the future "triple A" and it would be first across the euro area which would be weakened. Including Germany. Across the Rhine, there is concern especially as a contagion effect.Professor Hans-Werner Sinn, president of the Ifo economic institute, also highly critical of the current functioning of the euro area, just bring a vivid demonstration quick pay day loan.
A model to redefine
In a recent study ("The Ten Commandments to save the euro"), he notes that the cost of insurance on the ten-year Bunds has increased tenfold since the crisis of the euro, to 1.2%. The fault lies, he says, to become burdens on Germany, the main funder of the rescue plans for its partners in the Euroland. This bill gets heavier a little more if France was itself degraded. The warning from Moody's recovery even more debate on French economic policy. Designating Paris as the weak link of the "triple A" rating agency highlights the twin deficits, internal and external, which is our brand.And these two imbalances, the most distressing is certainly the failure of "Made in France" to find its place under the sun of the euro.
Compared to its neighbors "triple A" – true "mark area" within the monetary union – France stands out on another point. Never in modern history since the First World War, it has succeeded in establishing a social contract where competitiveness is central. Such as the famous Wassenaar agreement of 1982 in the Netherlands, to exit the eternal Germanic model, in fact that of all Northern Europe. Rather than attempt to "re-enchant the French dream", which has ceased to be missing the point, here is the challenge.
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The bible of philatelists in conquering the Web
Posted by adminThe stamp goes digital. Editor trading stamp catalogs Yvert & Tellier, has posted its entire library – 760,000 stamps – by mentioning the price of each stamp duly photographed. The objective is to facilitate the evaluation of collections and transactions between collectors. Internet and flies to the rescue of the patch even though it destabilizes the activity of mail items around the world.
By choosing an annual subscriptions range from 29.90 euros to 99 euros, we can no longer ignore a stamp of Mauritius, "a penny vermilion," only two copies known to the world, worth 1.6 million euros (due to an error in color) or stamps printed in France before 1900 are still popular: "1 f.vermilion "to 90,000 euros is a safe bet.
"The rarity value is"
This world premiere is an unexpected encounter between two worlds less distant than it seems. "Before the Internet and television, the tone was a real openness to the world, says Christopher Yvert, CEO of Yvert & Tellier. After dinner, we found a family to sort, dream, learn. "Through the Internet, Yvert & Tellier, who will not abandon its print editions, intends to develop in distant countries. A growth driver for the SMEs to forty employees (8 million euros of turnover) which has invested about 100 000 euros in the operation instant credit report. "Simply subscribe to view, says Christophe Yvert. This is an advantage for philatelists distant Asia or South America and North. "
Surprise, even today, despite the Internet, 15,000 collectible stamps are published each year worldwide. "The more a country is small, unless the mail is working, and he is tempted to print, says the heir to a dynasty of six generations. For these states, the stamp is a promotional tool and a source of income. "France and its two million collectors is no exception: in 2010, the French post office has printed 220 new. It passed 600 million stamps (Miscellaneous) collection of a total of 3 billion stamps sold annually.
But do not expect to make a fortune with recent issues. "Scarcity is the value, says Christophe Yvert. The advantage of the Internet, but also to create a network of friends in the world, seeking to complete the same series you. "Note that a limited edition of requested specialized services of La Poste to share the birth of a child is not synonymous with wealth, because it will not be sought after by collectors.
EADS rises in power in Brazil
Posted by admin"The opening of new headquarters in Sao Paulo marks a new stage in our development in Brazil. All divisions of EADS are now combined in the same premises in order to increase efficiency. This is an important symbol because there are many synergies between them. " Offensive, Louis Welsh, president of EADS, sent to the group's employees a message of confidence in their ability to ramp up in Brazil, where it generated more than 1 billion euros in turnover in 2010 against 468 million euros in 2009.
To speed up, EADS is based on solid commercial and industrial positions built by his two spearheads: Airbus and Eurocopter. The European aircraft manufacturer owns 70% of the market for Brazilian civil aviation with 600 units sold and over 250 aircraft to be delivered.Since 1998, Airbus has tripled the size of the fleet in service with his family in 320 has accumulated 350 orders. The company LATAM (after the merger between TAM and LAN) is now in the top five customers of Airbus, while the regional airline TRIP is the world leader in turboprop (propeller) ATR, a subsidiary of EADS and Finmeccanica. Airbus hopes to increase further by assuming the largest share of a market whose needs are estimated at 610 new aircraft by 2020.
A new plant in Itajuba
Eurocopter, meanwhile, was the pioneer group in terms of technology transfer. He is the only helicopter manufacturer in the world to have implemented a comprehensive industrial activity in Brazil. And this, in 1978 by creating a subsidiary, Helibras. Its plant Itajuba (Minas Gerais) will be delivered after that date, 610 helicopter in late 2011.Between 1978 and 2011, Eurocopter's market share jumped from 14 to 53% in Brazil. To cope with this growth, the group plans to open two maintenance workshops in Brasilia and Rio will open this winter and a new plant in the presence of Itajuba Dilma Roussef, the president of the Brazilian Republic.
The new site will assemble including the EC 175 for the Brazilian army. Three years after the signing of a contract to acquire 50 EC 175, accompanied by a transfer of technology, the program aims 50% local value added. To this end, Helibras just doubled the capacity of its engineering center and plans to open a technology institute in association with the University of Itajuba. "Several industrial packages were signed with the Brazilian industry: from the 26th unit, only the cell (note: the body of the helicopter) will be delivered in Marignane," says Louis Welsh.Become the fourth industrial base of Eurocopter, behind France, Germany and Spain, Helibras will have 1100 employees by 2015 against 610 in 2011 (and 290 in 2009).
"EADS has become a Brazilian citizen"
The goal is to build on the expertise of Helibras to launch a new helicopter 100% made in Brazil by 2020. For now, the subsidiary is in line to meet with the EC 225, the civilian version of the EC 725, the growing needs of oil companies, including national oil Petrobras, an offshore market estimated at 60 gear. "With Helibras, EADS became a Brazilian citizen. It is considered a success by the government. Thanks to our ability to offer technology transfer, training of local staff and to adapt our products to our customers' needs, we can also penetrate into the space and defense, "said Louis Welsh.
The time is right because Brazil wants to boost its defense industry and space. Dilma Roussef took last Friday a series of support measures in this direction with the view to learn new skills because there is no question, as in the past, to rely on foreign equipment. The president of Brazil was cited as the first site implementation specifications of the future communications satellite in Brazil. "This satellite will have a hybrid dual mission: to satisfy the needs of the army and bring broadband to areas that do not yet have access," said Jean-Noel Hardy, vice president of sales and marketing in Latin America to Astrium, EADS Space.
The purchase process should be launched by end 2011-early 2012 by the state holding Telebras. Astrium and its subsidiary Equatorial systemas stand ready to respond to build that future satellite.The timetable is tight because Brasilia plans to launch in 2014. "The transfer of technology associated with the contract of 716 million reals (about 360 million euros) to pave the way for a second satellite with a major domestic content in 2019," said Jean-Noel Hardy.
A partnership with Thales not excluded
In the even more sensitive defense and security, Cassidian, a subsidiary of EADS Defence, created in 2010, a joint venture with Odebrecht, a diversified conglomerate that controls the transfer of technology in submarines sold by France. The joint venture's primary mission to respond to future tender for the monitoring of land and sea borders of countries with command centers. "We do not exclude to partner with Thales to win this contract," says Louis Welsh.
It is estimated at 7.5 billion euros over five years.World Cup Soccer in 2014 and the Olympic Games in 2016 as Brazil hosts play a role as a spur to a country recognizes the need to invest heavily in the fight against insecurity. Cassidian who has already won its first contract to equip the federal police secure communications systems, also expects the results of the tenders awarded by the policies of the 26 Brazilian states who want to equip. "This market is estimated at 1 billion euros, and we hope to take at least half," said Christian Gras, President Cassidian Brazil.
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The outrage on Wall Street
Posted by adminTrinity Place is not exactly the Tahrir Square, but the mood is not very different: the protesters want to express their ras-le-bol against those in power. United States, it is against the bankers and Wall Street financiers that discontent is rising. A popular movement calling itself "Mind Wall Street" apparent since Saturday in the heart of the financial district after taking the form of social networks.
Demonstrators protest hearing to December against what they denounced as the culture of "money", "greed" and "corruption" of Wall Street and asking Barack Obama to establish a commission putting "an end to influence of Wall Street on politics in Washington. "
Saturday, those with transforming the world capital of finance in place Tahrir U.S. were only slightly more than a thousand.Sunday, they were more than half and Monday, hundreds of "outraged", especially young people, continued to protest under heavy police surveillance. Some, including the long-term unemployed, a new phenomenon in the United States-had even slept the night on benches. We are far from the ambition of the movement: "20,000 people together, invade all of southern Manhattan, set up tents, mobile kitchens, barricades and hold peaceful Wall Street for months," and claims are at least different – from Tax the rich (heard by Barack Obama) to better education and greater respect for the environment through support for Palestine.
Social unrest
But the move reflects a real social unrest in a country where social inequality exacerbated by the crisis are becoming more glaring as Washington is incapable of falling unemployment rate below 9%. Ironically, New York is not Cairo and it is unclear how the movement could grow against the police operation from the authorities. The New York Mayor Michael Bloomberg, known for his patience limited to public expressions of discontent, summarized its limits: "If they want to protest, they have the right, we will be happy to allow them to do so in specific locations (…) they can demonstrate provided they do respect the rights of those who do not show. "
Monday for the third consecutive day, the police strictly controlled the entrance to Wall Street financiers on presentation of their business card, to the delight of some employees of companies like Deutsche Bank and Bank of New York. During the weekend, police had cleverly divided the pedestrian crossings on Wall Street so that demonstrators can never enter. All banks are not installed on Wall Street. JP Morgan, Morgan Stanley, Citigroup and Bank of America, which announced the dismissal of 30,000 people in the coming years, have their headquarters earlier in Manhattan. In New York, the police presence was strengthened this week due to the expected arrival of heads of state from more than 120 countries, including that of Barack Obama on Monday.
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Moody's ready to drive the French banks
Posted by adminThree months after threatening to degrade the notes of BNP Paribas, Societe Generale and Credit Agricole, put under surveillance, the U.S. rating agency, Moody's, could rise to the act shortly shortly. According to sources familiar with the matter, the decision was "imminent." "It comes at the end of three months to impose surveillance," says a source. The rating agency that had accompanied its implementation in June under the supervision of a negative outlook, clearly had in fact paved the way for a deterioration in credit ratings. One step for BNP Paribas and Credit Agricole and Societe Generale for two.On the first day of September, the losses of the three titles are respectively 17.45%, 22.33% and 27.69%.
Analysts relativize
Especially, a controversy arose in late August on the valuation of debt securities by certain Greek French banks. The IASB, the body responsible for setting international accounting standards, criticized some financial institutions are not named, have valued their claims on the Greek state in ways internal development rather than by using market prices cheap payday advance. Which would have allowed banks to spend less severe impairment in their accounts. Even if they have applied a discount of 21% on government debt they have in their accounts, the three banks still have about six billion euros of Greek sovereign debt.
Some analysts relativize however, the scope of the surveillance on June 15 the three French banks by Moody's, noting that the other two rating agencies, Standard & Poor's (S & P) and Fitch attributed to them have lower grades. Crédit Agricole SA is currently rated "Aa1" by Moody's and "Aa2" by BNP Paribas and Societe Generale. S & P assigned the notes 'AA' with a negative outlook to BNP and "A +" with stable outlook to Crédit Agricole and Societe Generale. Fitch is on his side to "AA-" with stable outlook to BNP Paribas and Credit Agricole, and "A +" with stable outlook for Societe Generale.
The unemployment rate fell slightly
Posted by adminThe figures follow and contradict each other. The unemployment rate calculated according to the ILO by INSEE on Thursday came out slightly lower in the second quarter to 9.1% of the workforce in France and 9.6% including Dom, 9 against, respectively, 2% and 9.7% in the first quarter. Overall according to Insee, metropolitan France in the second quarter accounted for 3.3 million people not working but wanted to work. The rate of youth unemployment dropped more sharply than the average (-0.9%), when those over 50, who barely declined, remained stable.
These figures engaged in a pattern opposite to that drawn by far the data of employment center. The number of job seekers Class A (comprising individuals seeking employment and not working, even part-time) has indeed increased overall in the second quarter.After a 0.4% decline in April, rebounded strongly in May and June, respectively 0.6% and 1.3% cash advance to savings account. To the extent that gains harvested since the beginning of the year were at the end of this period almost completely deleted (-2100 seekers Class A less compared to the end of December 2010). An upward trend that continued in July with a new and worrying increase in the number of unemployed.
The two institutes n'appréhendent unemployment statistically not the same. While unemployment on the ILO today released results of a survey conducted by INSEE, the data center jobs are the result of an administrative accounting. Moreover, only a person who has not worked even one hour during the week of the survey and actively seeking work are unemployed within the meaning of an International Labour Office.However, employment center distinguishes different categories (categories A, ABC …) depending on whether the job seeker is working or not. Category A is the one that is closest to the ILO data.
Europe to conquer a hearing
Posted by adminIt will double or quits. Europe 1 was full of novelties for the start. This is to embody the renewal of the station of Lagardère Active, after a 2010-2011 season in any turbulence, which ended at the lowest in the polls, to 8.7% of total audience of the months of April-June
Europe had a well done one after two strategic hires at the end of last season, announcing the arrival of Bruce Toussaint morning to resume the abandoned during the year by Marc-Olivier Fogiel and signing Nikos Aliagas, starting from NRJ, for a chronic morning. The arrival of two icons a cathode showed indirectly that Europe retains its attractiveness to the small screen heavyweights.
In parallel, the station has increased the presence of familiar voices to its listeners.Michel Drucker is back with a daily late morning; Laurent Ruquier integrates the morning in addition to his appointment to 2:30 in the afternoon, Frank plunges Ferrand "At the heart of history" every day for one hour with a program which also promises future success of downloads podcasts, Michael Field found its followers in the evening. Finally, William Cahour, who led the morning safely after the defection of Marc-Olivier Fogiel, anime slice of information between noon and 13 hours.
A "media habit"
But these new appointments – even when they are carried by figures very "Europe 1", also include the risk of destabilizing a little more the station paydayloans. Indeed, radio is considered a "media habit", which does not change even from generation to generation. However, Europe 1 has already undergone several major revisions over the years.Upon arrival in the summer of 2008, Alexandre Bompard had thus hastened to abandon the format "info-talk", previously proposed by Jean-Pierre Elkabbach, to reposition it as a strong generalist radio sport and entertainment. Despite a slight revival of the hearings, he had to change his mind in the following season and slow down on the supply of sport. Last season, finally, was heckled by the departure of Alexandre Bompard in November, that of Nicolas-Demorand just happened to animate the early evening, in January and that of Marc-Olivier Fogiel early February.
For the new boss of the house, Denis Olivennes, it is both a balancing act and a distance race ahead.
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The price of farmland continues to rise
Posted by adminThe rise in prices over the past decade has not spared the agricultural world. A report published by the Agreste, the agency in charge of "statistics, assessment and agricultural perspective," returns to the soaring prices of agricultural land since 1997. In 2010, arable lands and grasslands sold free worth 5230 euros per hectare, an increase of 66% over 1997.
Sold leased, the price is lower, at 3620 euros per hectare, which is still a 51% increase in 13 years. Rental status is not the only explanation for the difference in price between these two types of terrain. Although subject to the law of the market, characteristics of municipalities where agricultural lands are for sale often come into playThe specialty of the town, that is to say raising grain or cattle, for example, is one of the main factors that come into account when the reserve price. When the municipality has a dominant breeding beef cattle, rates may be on average 10% cheaper than in a town that specializes in cereals.
Geographically, the agricultural land is distributed in a rather orderly in the territory. The leased lands are mainly located in the Paris Basin and the northern half of France, the rest of the country being occupied mostly by vacant land payday loans in one hour.
New competition
More generally, the report highlights the influence of geographical location on the pricing of these lands. Near a city, a parcel is approximately 8% more expensive than in rural deep.An element that is associated with patch size, which also has changed over the years: the area of arable land and grasslands free decreased in urban areas. Instead, the size of land rented sold continues to grow throughout the country thanks in part to farms that do not stop to grow to increase their production.
Another change in size during the past 13 years: the buyers. The report shows in fact that today Agreste fewer farmers acquire land and open meadows. They represent only two thirds of the purchasers against three quarters in 1997. Although this was down due in part to their inability to face economic uncertainties but also the arrival of new competition. A growing number of individuals and communities have actually landed on the market for agricultural land free.Primarily interested in the land, they usually offer to buy the most expensive land that farmers and thus participate in the surge in prices.