Coface, which last year refocused its activities on credit insurance, reiterated Tuesday his intention to return when the stock market but market conditions have improved.
Jean-Marc Pillu, the CEO of a subsidiary of Natixis, declined to say how soon the Coface, deregistration in 2002, envisioned a new IPO nor how much capital will be offered to investors.
"The track is always the same, this is the IPO as soon as conditions permit," he said at a news conference.
"The internal conditions are met to be placed on the market," he added. "After the second condition, it is the markets (financial, Ed). We will wait quietly, serenely they allow us to do this. "
Asked about refocusing on the Coface credit insurance ; said, he explained that the company had isolated a structure apart and owned by its parent non-core businesses it intends to transfer …
…… "These activities were in a separate structure, as Natixis, well insulated (…) but remain under the responsibility of the Directorate General of Coface at the operational level, "said Jean-Marc Pillu.
He also said that except for the German and Polish markets, factoring activities were managed for their extinction ("run off"), that is to say, they are intended to be phased out.
Due to the reorganization of its business, Coface has subsequently passed in its 2011 accounts for 49 million euros in restructuring charges after taxes.
Its CEO also said the company had raised 1.1 billion euros of financing for factoring after signing a contract with four banks of securitization.
"We are most indebted of all, we paid all our debts in the long run. I speak of parent company debt, "said Jean-Marc Pillu
. Returning to the proposed creation of a rating agency Europé ; enemies, envisaged a time before finally being abandoned in early 2011, the CEO of Coface said that the business of insurance credit scoring and no pre ; felt no synergies between them
. "It's not all the same job," he insisted .. …….
Since the beginning of the year, the U.S. equity markets have confounded the pessimists, and employment figures of February in the U.S., expected in late week, could well justify a continued rise.
The 'rally' stock in recent months has been built on a series of economic indicators improving, which suggest that growth in U.S. corporate earnings remain intact, analysts said.
But some strategists warn against a downward trend, while the main New York indexes have reached key thresholds and that the publication of results for the fourth quarter draws to a close.
The Standard & Poor's 500 rose in eight of nine weeks past. During the past week, the Dow finished above 13,000 points for the first time since May 2008, and the S & P 500 closed twice over resistance threshold of 1,370 points.
The Nasdaq composite crossed the threshold of its side of the 3,000 points and is trading around its highest level since 2000.
Some believe that Wall Street could continue to rise thanks to new macroeconomic indicators considered solid.
"The question is: 'Are we witnessing a sustained improvement in the economy?' I think the answer is yes, and that the rally will continue somewhat, "says Bryant Evans, portfolio manager and advisor for Cozad Asset Management, Illinois.
Detailed figures for February employment in the United States must be published Friday. Economists polled by Reuters expect 210,000 new jobs outside agriculture, against 243,000 the previous month.
This would mark the third consecutive month of job creation. The unemployment rate is meanwhile expected unchanged at 8.3%, its lowest level in three years. To investors, such figures would bring additional proof of a recovery in the U.S. economy.
Growth of gross domestic product (GDP) U.S. has already been revised up to 3.0% annualized in the fourth quarter of 2011, its highest rate , since the second quarter 2010, according to the second estimate published Wednesday by the Commerce Department.
TAKING PROFITS tempting
Now that the second bailout of Greece seems on track and that the earnings season draws to a close, investors are more focused on macroeconomic data.
Rising oil prices, bolstered by the tensions around Iran, however, could darken the horizon. Brent crude is trading above $ 120, an ominous trend when Europe seems to be sliding into recession.
Also in Europe, the first funds of the new aid package to Greece could be paid immediately after the debt swap between Athens and its private creditors s, to be concluded by 9 March.
In any event, investors had gains high enough since the beginning of the year to consider taking profits.
The S & P 500, who finished almost unchanged in 2011, increased by 9% since the beginning of the year.
U.S. ECONOMY, THE ENGINE RALLY
Health of the U.S. economy now looks up the engine for stock markets, investors wanting to believe that a recovering economy will spur creation of jobs and profits up.
Regarding the fourth quarter, the share of companies exceeding expectations is declining.
A 9.4% quarterly earnings growth is also lower than in previous quarters, but analysts want to believe that the recovery of the U.S. economy will help to avoid settling too brutal.
"From our perspective, as the employment situation continues to improve, we are on track," said Thomas Villalta, portfolio manager at Austin.
Monday, the ISM services will provide an overview of the activity of tertiary service last month.
The ADP survey on job creation in the private sector in the United States, released Wednesday, will precede the official statistics on Friday.
In 2009 women earned on average 20% less than men in the private sector in working time equivalent, according to latest figures from INSEE. This is due largely to different qualifications. However, even within each occupational category, the differences remain. Of employees in an office in Caracas Noticias24.com website.
In 2009 women earned on average 20% less than men in the private sector in working time equivalent, according to latest figures from INSEE showed on Wednesday. "In 2009, the average net salary in full-time equivalent for women is 80% of men in the private sector and 87% in the public sector," wrote the Statistical Institute. The conclusion was the same for 2008. "This is due partly to a structure different skills," said INSEE, "for example, 19% of men are employees of private frameworks against only 12% of women." However, even within each occupational category, "gaps remain," added INSEE survey in the "Jobs and wages".
Among managers of private, women's wages is less than 23% and 21% in the public, illustrates INSEE, noting that the gap "can be partly explained by an effect of glass ceiling + +, but also by other elements such as choice of specialty training, industry or career paths. " This wage gap among executives is "much less important in under 25 than among older people," adds the INSEE, which also notes that the differences "are lower in other occupational categories."
Women are more part-time
A study by the Directorate of Coordination of Research, Studies and Statistics (DARES, Ministry of Labour) in 2008 and published on 2006, frequently cited, noted 27% of gross wage gap in the private sector (about 17% in hourly wages, working time to be equal). The gender differences are also visible in the activity rate and working time. If 70% of the population aged between 15 and 64 is active as defined in International Labour Office (worked, not even one hour during a given week), the figure drops to 66, 1% for women and up to 75% for men.
This gap is much reduced between 1975 and 2009 from 31 points to 9 "under the combined effects of rising female participation rates and a decline in male activity." He explains "a large part" by the presence of young children at home "for families of two children with one (or more) is less than three years, the participation rate of mothers is 54% while that of fathers is 92%. " Finally, women are more often part-time, which only partly explained by the presence of children. "Even among the employed and childless, the proportion of women working part time is 17 points higher than men." "This is so very often involuntary part-time, women are likely to work in the service sector where the use of part-time by companies structurally important", said INSEE yet.
The Indian airline Kingfisher Airlines Tuesday seemed about to collapse under the weight of its debts, flight cancellations are being multiplied for almost a week and the resignation of Drivers accumulating tens.
Vijay Mallya, the liquor magnate who controls the airline and gave the same name as his famous brand of Indian beer, said he was determined to save Kingfisher, blaming its financial difficulties with the freezing of bank accounts by the tax.
There is in India no legal requirement for companies to declare bankruptcy. Kingfisher, an Airbus customer, so could the curtain down overnight due to lack of funding, warn analysts.
"If they can not find fresh capital, of course, they are condemned. They have the money or for maintenance or for wages or for anything else, "he told Reuters Lillaney Sharan, an analyst specializing in aviation for Angel Broking. The action
Kingfisher has plunged nearly 20% Tuesday, the day the company was called by management of Indian Civil Aviation to explain the cancellation of more than 100 of its flights during the four days
. At the end of the meeting, the Indian regulator said he had obtained guarantees of Kingfisher on bank financing and the action has erased all its losses
……. .. Kingfisher, which last year was still the second Indian airline, has reached any profits since its inception in 2005, suffering from the flew e fuel prices and fierce competition from low-cost airlines.
Indian market yet fast-growing, nearly 20% in 2011, the turnover of Kingfisher declined since late 2011.
The group acknowledges a debt of $ 1.3 billion (984 million), and lack of liquidity, it no longer pays the salaries of its employees and accumulates unpaid tax, adding, according Kotak Institutional Equities, $ 477 million in debt.
The action Kingfisher plunged nearly 60% since January 2011, melting the market value of the group at $ 269 million.
News reports bring to 300 the number of pilots who have resigned since last September. The Mint newspaper said, citing a government official, also reports that Kingfisher will return two Airbus A320 to companies leasing aircraft because of defaults.
According to the latest data from Airbus orders over Kingfisher deal 32 single-aisle A320 family aircraft, 20 A330s, five long-haul A350 and five A380 super-jumbo.
The rapid increase of the debt crisis in the euro area threatens the credit ratings of all European states, warned Sunday the U.S. rating agency Moody's. Moody's in New York.
In a "special comment" on European countries published Sunday, Moody's says it still considers that the euro area will maintain its unity without any fault as that of Greece, but notes that even this' scenario 'positive' carries consequences very negative for the notes "of European countries. The U.S. rating agency, recently warned that France could lose its "triple A" allowing it to borrow at favorable rates in the markets, and clearly indicates that no country, even among those considered most solids, such as the Netherlands, Austria, Finland or Germany, is immune to a lowering of note.
Given the events of recent weeks, Moody's said have to consider "the likelihood of a scenario even more negative." She said "the probability of multiple failures (…) States in the euro area is no longer negligible" and continues to grow in the absence of solution to the crisis. If this probability were to materialize, it would increase the likelihood that one or more countries leave the euro area, the agency said, for whom this scenario of a "fragmentation of the euro" would have "negative repercussions for all countries the euro area and EU. " For Moody's, the situation is constantly evolving, and new "shocks" (new rescue or rising interest rates which states borrow) while policy makers define new measures are "likely to lead to changes of note in case by case "for some countries.
The Maritime Alps, Savoie, Haute-Savoie, the Vendee, the Channel, the Rhone, the Haut-Rhin, Bas-Rhin, the Gold Coast, the Marne and Haute-Marne are willing to experiment with the requirement of 7 hours per week for the RSA Beneficiaries. According to Nicolas Sarkozy, it is their "restore dignity". Nicolas Sarkozy and Roselyne Bachelot visiting Bordeaux November 15, 2011
Solidarity Minister Roselyne Bachelot on Wednesday presented the new contracts for seven hours to eleven recipients of RSA representatives of councils willing to experiment with this device, it was learned from the department. Departments candidates to experiment with these contracts, reserved to the people furthest from the labor market, are the Maritime Alps, Savoie, Haute-Savoie, the Vendee, the Channel, the Rhone, the Upper Rhine, the Lower Rhine, the Gold Coast, the Marne and Haute-Marne.Tuesday in Bordeaux, President Nicolas Sarkozy said that the contracts were intended to "restore dignity" to the beneficiaries of RSA.
To believe an important elected PASOK in power, Prime Minister George Papandreou resigned after agreement on a transitional government will be concluded in Greece, possibly as early as Sunday evening.
Objectives, duration and the choice of the directing personality similar government must be acquired before the start of the power of the current prime minister, said on national television MP Telemachos Hitiris.
"Just wait for the announcement of the (selection) Prime Minister in the cabinet. Everything must be done in the day, otherwise it will be hell tomorrow," he warned.
The European Union has every confidence in Greece with regard to compliance with its commitments made at the EU summit last week, when a new aid package of € 130 billion was reached, said Tuesday the two main leaders of the euro area.
"We note the intention of the Greek authorities to hold a referendum," write the European Council President Herman Van Rompuy and European Commission President Jose Manuel Barroso in a joint statement.
"We believe that this agreement is the best for Greece.We have every confidence in Greece to honor the commitments made to the euro area and the international community. "
José Manuel Barroso and Herman Van Rompuy added that they spoke with Greek Prime Minister George Papandreou and said that the referendum question would be discussed on the sidelines of the G20 summit in Cannes, which runs from November 3 to 5.
Societe Generale said Thursday in an email to the press that the goal of equity of 9% at end-June 2012 without resorting to the market, after testing by the European Banking Authority (EBA ).
Earlier in the morning, the French bank whose needs additional capital was estimated at 3.3 billion euros, said it will recapitalize on its own without explicitly rule out an increase of capital.
For avoidance of doubt, SocGen said that it does not seek public money or raise capital in financial markets.
Under the agreement reached on the night of Wednesday to Thursday at the conclusion of a new double top, the European authorities have agreed to recapitalize their banks to the tune of 106 billion euros, 8.8 billion for French banks.
BNP Paribas, whose capital needs were assessed by the EBA to 2.1 billion euros, also rejected any appeal to the market.
Caterpillar reported Monday a record turnover and a 44% jump in profit in the third quarter, well above analysts' expectations.
With demand strong, the world's largest earth-moving machinery and equipment for the mining industry posted net earnings of $ 1.14 billion, or $ 1.71 per share, against 792 million, or 1.22 dollar per share, a year earlier.Analysts polled by Thomson Reuters I / B / E / S on average expected $ 1.54 per share.
In pre-market, the title earned 3% after these announcements.
The turnover stood at 15.72 billion dollars between July and September, up 41%, the group called a record, as the market anticipated 15.03 billion dollars.
For all of 2011, Caterpillar said he expected sales to about $ 58 billion, including its recent acquisition of Bacyrus, whereas previously anticipated sales of between 56 and 58 billion.
Earnings per share are now expected to 6.75 dollars for the year, on top of an initial forecast range from 6.25 to 6.75 dollars.
For 2012, Caterpillar expects its sales climbed 10% to 20%.
