The values to follow on Wednesday at the Paris Bourse, where the CAC 40 has risen sharply and takes 1.75% to 3,551.87 points at 12:42, after the recent half-yearly publication of the index generally encouraging.
* VIVENDI signs the largest increase in ACC and climbed 4.56% after announcing an anticipated increase in its annual results for 2010 and maintaining its dividend at least 1.40 euro until 2012, after a first half marked by higher performance expectations, including SFR.
Lafarge wins * 4.41%. CA Cheuvreux has raised its rating to outperform against under-performance for valuation issues.In addition, Moody's confirmed Tuesday evening Baa3 debt rating of the group he had placed under review in early August for a possible lowering.
* Also in Construction, VINCI was up 2.89% after confirming its forecast for an improvement in its net profit this year and said he had good visibility for 2011 and beyond given the backlog. SAINT-GOBAIN earns 2.65%.
* In contrast, Bouygues is the only value of ACC in the red, losing 0.67%.The group has slightly raised its sales target for 2010 but has expressed an intensification of the relief of its subsidiary Colas (-4.75%), including the weakness in the first half was partially offset by Bouygues Telecom and TF1 ( 1.2%).
* CARREFOUR advance 2.9% to 36.87 euros after the publication of his semi. Deutsche Bank raised its target price of 36-41 euros and reiterated its advice to buy the title.
Moreover, the Japanese distribution Aeon will bid on the assets of French in Thailand, Malaysia and Singapore, it was learned from sources close to the matter.
* ARCELORMITTAL garnered 2.08% with its sector in Europe (+1.6%), driven by a slight rebound in manufacturing activity in China.
* Sanofi-Aventis jumped 2.23%.In an interview with Reuters, CEO of Genzyme considers the probability of finding an agreement on an offer from Sanofi on American group, however, reiterating that no question of accepting the proposed price of $ 69 per share
* Out ACC, CAM, highest increase of the SBF 120, jumped 5.1%. The group has returned to growth in the second quarter after four consecutive quarters of decline and forecast a continued recovery in its automotive business.
6.63% * Havas abandoned after publishing an organic growth in the first half making him "the last of the class" in its sector, in the words of its chairman and largest shareholder, Vincent Bolloré.
* BOURBON loose 3.5%.Specialist Marine Services has published the results down in the first half because of the growth of its operating costs, but the group says still confident in its ability to achieve the objectives of its plan 2011-2015.
* Wendel advance of 3.89%. The investment company has seen its half year results increase sharply thanks to a rebound in performance of its investments as listed and unlisted said there was "no urgency" to make asset sales.
* Transgene is 5.05% after a positive opinion from the European Medicines Agency for the final phase of clinical trials of its treatment of a form of cancer, TG4010.The biotechnology company publishes its interim results this evening after the market closes.
* April Group climbed 4.21% after first half results found encouraging. CM-CIC and Socgen went to purchase the title.
18.15: Final Questions of the President: "There is a bank that claims 5 billion euros. What does that mean to you?" "I am conscious of having gone too far, but things do not happen as simply as this does mean that Societe Generale, defends Jerome Kerviel. "Were you made to be traded?" "Probably not, answers Kerviel. At the time, I thought was made for it, because I brought money. "Was there not a way out of it before it explodes?" "It's hard to say, according to ex-trader, which repeats at every he has never hidden. I acted in full sight of everybody. Everything is known and all means in the trading rooms. "Have you no submissions to make? This is the last boom that I tend … We know all about you?" Yes. "There is no mystery Kerviel?" No. It remains none the wiser …
6:06 p.m.: Kerviel was called to the bar."Who are you then, Mr. Kerviel, questioned the president? "My goal was to earn money in the bank" tirelessly answered the trader. It is still "sorry" for having suffered some people, like shareholders. But without the backing of his superiors Kerviel could have done nothing. Okay, but why Societe Generale would she let you do, the response president? Kerviel answers beside the point: "I do not know what degree of knowledge of my superiors." She adds, "I have not been able to circumvent all the controls. Conclusion of the presiding judge: "It is difficult to get you out of your way to change your point of view."
6:04 p.m.: Last question of the defense Button: IEC you know, the bad bank Société Générale? Evasive answer. "The issue is not really there." "I'm sad Master Metzner," concluded Daniel Bouton.With these words, the hearing is completed. Bouton leaves the room.
5:45 p.m. button explains to judges the arbitration function. "Banks are not what Jerome Kerviel tried to do," he pleads. Metzner did not give up its prey so easily. How come no one has responded to various warnings about Kerviel operations? For Button, it is obvious that should have been "fuck Kerviel at the door when the first warnings were issued." Mr. Dumas is accused of blowing the answers to Button. The discussion gets heated. Mr. Metzner has indeed evoke the suicide of another trader in the summer of 2007. For the lawyer the two cases are inextricably linked. Button indignant.
5:35 p.m.: Olivier Metzner continues on his questions.Including the most important: how Societe Generale could she not see the amount of these commitments "stupid"? For Button, one must distinguish between what was seen – and for now no one has proved that Kerviel's superiors were aware of what-should be seen ..
5:12 p.m.: For 20 minutes it is the shareholders' lawyers who have succeeded at the helm. They ask how Societe Generale could compensate its shareholders. Button, "unfortunately," says he can not do anything because it "is not responsible for any" innuendo, certainly not that. As his doctors told him when he was very ill, "you are not responsible for the crisis of Lehman, the banking crisis in the U.S. and now the Greek crisis".It can "reassurance", especially today, the General Socciété will remind, Button, who is not to much.
5:04 p.m.: Kerviel did not meet the wishes of Button. Prosecutors asked him if two and half years after the fraud he is determined to make excuses. He does not refuse them openly, but does not give up. "Of course I recognize mistakes, encouraged by my superiors" Kerviel replied. "50 billion euros you did not lose your cool, slice the prosecutor.
16h50: Button gets to tell his nights. In a strange dream Kerviel admits that he lied, and admitted that no member of the hierarchy has not pushed to defraud. And in this dream, Kerviel explained why he did it. He explained to the tens of thousands of employees of Societe Generale, who also are entitled to answers …A question remains: is it that there is a case where Kerviel's positions had been winning? For Button, of course not. The bank relies on the confidence that gave him his staff. The former CEO is trying a bit of humor. With 1.4 billion won, "the bank might be able to save the souls of young débousselés of trading rooms. Button Kerviel admits to still the tip of talent, and even a "capacity to conceal quite exceptional". With sympathy and physical, it was impossible to be suspicious, finds the former boss of the SG.
The pharmaceutical group Sanofi-Aventis, seeking a major acquisition, has approached the U.S. biotech Genzyme, we learn the source familiar with the matter.
Discussions are still in their infancy and there is no agreement expected in the immediate future, it says.Issues such as price and management have not yet been addressed, it adds.
The Wall Street Journal, which has revealed the information, officials of Genzyme, which specializes in products for the treatment of orphan diseases, are studying the amount that Sanofi would pay.
In Stock, Genzyme is 14 billion dollars (10.8 billion euros) but the group can require a significant premium given its portfolio of drugs, analysts said.
"If we take as a starting point the figure of 20 billion dollars that has been discussed before, this puts Genzyme to $ 75 (per share)," said Michael Yee, an analyst at RBC Capital Markets.
In exchange, the share of Genzyme blazed nearly 18% to 63.84 dollars at end of session.
Sanofi declined to comment.
Faced with competition from generic drugs, many pharmaceutical companies are looking for external growth.
In early July, the rumor gave Sanofi-Aventis, faces the expiration of patents on several important drugs, looking for acquisitions in the United States.
The sales of Sanofi made in the USA by its anticancer Eloxin fell sharply after the launch of generic versions, while its other cancer drugs, Taxotere, will drop its patent to the public in November in Europe and United States.
In late June, Sanofi announced the acquisition of American TargeGen for 560 million dollars (458.5 million euros) in order to strengthen the fight against cancer.
Late June-early July, the French laboratory has met its board of directors on the topic of acquisitions, had been taught to the time source familiar with the matter.
Friday, Biogen and Allergan, whose names had been mentioned as potential target for Sanofi alongside Genzyme, lost 5% and 2.5% in stock.
The New York Stock Exchange opened higher on Tuesday, supported by better than expected results released Monday evening by Alcoa.
A few minutes after opening, the Dow Jones industrial average thirty largest U.S. took 1.09% to 10,327.29 points, the S & P 500 index fund manager, gained 1.15% at 1091.15 and the Nasdaq, heavily weighted to technology, advanced 1.17% to 2225.89.
Alcoa, the first value referenced in the Dow, accounts for 2.21% at the opening after reporting late Monday results exceeded expectations under its second quarter, prompting investors to hope that other heavyweights the economy in their turn to share optimistic news.
The railroad company CSX also pleasantly surprised markets Monday and its shares gained 1.43% in early trade.
The avalanche of results which will soon go off just in time for investors who were reluctant in recent weeks on how to proceed.
"The problem in markets is that there was a lack of visibility and now we have," said Wayne Kaufman, John Thomas Financial in New York.
Innumerable reactions, unsurprisingly diametrically opposed, welcomed the detailed design of the government on pensions, and most employers applauding while unions and the left have criticized the "injustice" of the reform.
"A reform unfair and short-term almost a provocation"
First, since the relevant draft law applies to employees, trade unions, who will meet Thursday to diagnose common government proposals, said they were furious and insisted – except that FP should not participate – on the importance of the day of strikes and demonstrations of June 24
Eric Aubin, head of pensions to the CGT, has asked the government to "rewrite" his reform project "taking into account what the unions say.The CGT vilifies "a brutal reform" with "conditions of acquisition of pension rights the most drastic in Europe.
François Chérèque (CFDT) speaks of "reform unfair and short-term almost a provocation," saying that "85% of the effort is borne solely by employees. According to the CFDT, "the younger generations will pay the price" of a future reform, considered "inevitable".
Jean-Claude Mailly (FOR), "it is in the" work more to earn less ". As Solidarity (South and other unions), he asked "withdrawal" of government copies. The pattern of TF has appealed to his counterparts of the foot."If other unions are on the same position – we will not quibble about this or that point – the unit of action is possible."
Like his colleagues, the TCRC President Jacques Voisin railed that the request to take account of the harshness of certain trades "ends with an end of inadmissibility.
President of the National Fund for Pension Insurance (CNAV), Daniele Karniewicz (CFE-CGC) estimates that "missing" 16 billion euros in the government project to ensure balance. One argument used extensively, especially the PS.
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The UMP and the MEDEF applaud
Tone different at MEDEF. The employers' organization sees "a great step forward" in the decline of legal age, but criticizes the "higher taxes on savings, considered harmful to business financing.The judge CGPME reform "fairly balanced".
In the National Assembly, the weather was stormy at the presentation of the reform commission by Eric Woerth, in which the leading members Jean-Marc Ayrault, PS called "a little respect and listening."
If the New Centre (NC) regretted the lack of "systemic reform" wing called "social" of the majority approved warmly. "The worker who started work at 17 years can be confident and secure," said UMP deputy Pierre Mehaignerie. For Alain Juppe, the reform is "very ambitious, comprehensive and above all fair." However, the president of Modem Bayrou has found the project "not fair".
Outcry left
Martine Aubry, the Socialist Party first secretary, branded "irresponsible reform.She believes that "the postponement of the retirement age to 62 years is a measure which does not solve ideological problems of funding pensions.
Segolene Royal has denounced "a threefold denial" of Nicolas Sarkozy, "the worst part" to deny "the promise" of 2007 not to touch retirement at age 60.
Also strong criticism from the Greens ("an outrageous injustice"), and other leftist. But "the battle is not over," hopes the PCF.
As to Marine Le Pen (National Front), she denounced reform "actually written by the MEDEF, the European Commission and the rating agencies.
