Untouchables, the movie event of the year, flies very high-ranking competitors in 2011 profitability of French cinema. To determine the rate of return, the French film has compared the box office feature films with budgets. According to the weekly, a film made a good performance from the moment it reaches a depreciation rate of 25 to 30%. Besides the top 10 most profitable films, the production of relatively expensive, at over 10 million, do not cross the breakeven point of 25%. And therefore rely on the DVD release to get there. Inside here, in pictures. 1/17
Previous Previous PauseSuivant 1. Untouchables: 602.58% Next Photo 2/17
Previous Previous PauseSuivant 2. War is declared: 150.2% Next Photo 3/17
Previous Previous PauseSuivant 3. Polishes: 112.29% Next Photo 4/17
Previous Previous PauseSuivant 4. Nothing to Declare: 102.43% Next Photo 5/17
Previous Previous PauseSuivant 5. Women on the 6th floor: 99.75% Next Photo 6/17
Previous Previous PauseSuivant 6. Tomboy: 84.67% Next Photo 7/17
Previous Previous PauseSuivant 7. I, Michel G, billionaire, master of the world: 78.26% Next Photo 8/17
Previous Previous PauseSuivant 8. Pater: 61.47% Next 9/17
Previous Previous PauseSuivant 9. Check out: 59.94% Next Photo 10/17
Previous Previous PauseSuivant 10. The Artist: 54.86% Next Photo 11/17
Previous Previous PauseSuivant 34. Halal, State Police: 21.92% Next Photo 12/17
Previous Previous PauseSuivant 35. My worst nightmare: 21.23% Next Photo 13/17
Previous Previous PauseSuivant 40. The cruise: 18.67% Next Photo 14/17
Previous Previous PauseSuivant 41. A monster in Paris: 18.25% Next Photo 15/17
Previous Previous PauseSuivant 45. Largo Winch 2: 16.84% Next Photo 16/17
Previous Previous PauseSuivant 59. The Rabbi's Cat: 12.67% Next Photo 17/17
Previous Previous PauseSuivant 61. A happy event: 12.4% Next Photo
European shares opened slightly lower Tuesday after Moody's decision to lower the perspective of the AAA rating of certain European countries, including France and the UK , and lower that of six states, including Spain, Italy and Portugal.
The Moody's decision weighs on market sentiment already dominated by concerns about the ability of Athens to carry out drastic austerity measures required by its lenders in exchange for a new aid plan.
"It is clear that (the decision by Moody's) do not change the deal, but they come at a time when investors are asking questions about risky assets, following a period of strong growth" said Chris Weston, institutional trader at IG Markets.
The euro and British pound lost ground against the dollar after this announcement, as the yen after a new policy easing by the Bank of Japan.
The day will be full of economic indicators including the German ZEW index and industrial production in the eurozone, as well as new auctions of sovereign debt in Europe.
In the afternoon, investors expect sales to particular details of the U.S. in January and business inventories for December.
The Paris CAC 40 index yields 0.3% to 3,374.97 points in early trade, the German Dax lost 0.1%, the UK FTSE 0.16% and the pan-European index STOXX 50 was down 0.18%.
Bank stocks in Europe (-0.57%) are among the largest declines, with insurers (-0.53%) and commodities (-0.8%).
In Paris, BNP Paribas lost 2.7%, largest drop in the CAC 40, followed by Credit Agricole (-1.64%) and Societe Generale (-1.5%).
Alcatel-Lucent continues to rise they began Friday after the publication of its first profit since 2006, and earns 4% plus increase in the CAC.
L'Oreal takes 2.1% after posting results slightly exceeded expectations, marked by a recovery in margins, and have said "well armed (…) for another year of growth in turnover and results. "
European shares erased their gains in closing Wednesday on renewed concern about the ability of Athens to implement a second rescue plan that would avoid a disorderly failure of Greece.
The Paris CAC 40 index ended on a note stable (-0.05% to 3410.00 points, which corresponds to an important point of resistance, the German Dax has yielded 0.08% Eurostoxx 50 and 0.05%. London ended down 0.24%.
The leaders of the European Central Bank (ECB) remain divided on the potential contribution of the central bank to restructure Greek debt, two sources said the area euro Wednesday shortly before the close.
Meanwhile, leaders of the three coalition parties had entered Greek government meeting to agree on the reforms demanded by donors of new exhibitions ; born in exchange for a second aid plan.
Meanwhile, the President of the Eurogroup, Jean-Claude Juncker, announced late in the day for convening a meeting of finance ministers of the euro zone Thursday in Brussels to decide outline a new plan of aid to Greece.
Bank stocks remained the largest increases in Europe (0.56%), while having significantly reduced their earnings. Deutsche Bank took 1.53% and 1.16% BNP Paribas, the two largest increases in the Stoxx 50.
The profit taking continued on LVMH (-1.28%), which sold more than 4.3% since the end of last week of quarterly results has yet confirmed its good resistance to the crisis.
Sanofi fell by 1.7%. The company said results in growth in the fourth quarter of 2011, but 2012 will be more difficult with the loss of several patents of its major drugs.
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.
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%.
The Greek Parliament approved on Thursday its new austerity plan. It provides for the establishment layoffs of 30,000 employees. Greek Prime Minister George Papandreou at the EU summit of June 23, 2011.
The Greek parliament adopted Thursday night by items, with the only voice of the majority Socialist, the new law austerity contested by the opposition and on the street by the unions. The Prime Minister, George Papandreou, welcomed the vote in a letter read by the Speaker of Parliament, and announced the deregistration of one Socialist MP and former Labour Minister Louka Katseli, which marked its difference by voting every items except 37, the freezing collevtives sectoral conventions.
At the request of the opposition, a registered ballot was held about twenty articles of the law's most controversial, or in addition to Article 37, those providing for new wage cuts and layoffs in the placement of some 30,000 people in the public sector. All members of the opposition present, 144 out of 146 voted against the second day of a general strike against these measures by the unions, and massive anti-austerity rallies interspersed with incidents.
The rest of the articles was adopted by a simplified procedure following the roll call vote, while the law had already adopted "in principle" on Wednesday night. A new formal vote "throughout the text" has been postponed to a later meeting, said the Chairman. The Ministry of Finance said earlier that it was only a formality.
The adoption of this law, required by the creditors of the country, European Union and International Monetary Fund fell "national responsibility", so that the country "avoid bankruptcy" by receiving a new tranche of international loans, said M . Papandreou. He also found that the country gained in strength and to negotiate in the EU and the euro area for a resolution of the problem of its indebtedness.
European leaders are putting added pressure on banks to force them to recapitalize and enable them to withstand greater losses than expected on the sovereign debt of the most fragile countries in the euro area.
While being held in Paris the meeting of G20 Finance Friday and Saturday, the market hopes to see political leaders overcome their differences to meet a debt crisis that threatens the stability of the euro area and the strength of the European banking system.
"For now, investors give them the benefit of the doubt," said Patrick Moonen, strategist at ING Investment Management, in a note entitled "Good luck to political leaders."
Pending the outcome of the meeting of finance ministers and central bankers of the G20, the surveillance by Fitch notes several banks – including Barclays, BNP Paribas, Credit Agricole, Credit Suisse, Deutsche Bank or Societe Generale – show the difficulties faced by banks today.Difficulties that have driven the last weekend the French-Belgian Dexia decommissioning.
In exchange, the banks Friday was the only sector to finish down in Europe (-0.59%).
The President of the Eurogroup Jean-Claude Juncker reiterated Friday that several European banks needed to be recapitalized.
The crucial step remains the European Council of 23 October at which Germany and France will unveil their proposals for overcoming the crisis. Both countries said they already sealed their agreements without specifying its content.
"We have never been so close to a solution (to the debt crisis, Ed). But this is not done," warns David Thebault, head of quantitative trading at Global Equities."There is concern that the market takes it badly if there is no announcement of precise and detailed plan on October 23 and November 3 (G20 Cannes, Ed).I remain cautious. "
The Franco-German proposals will include a bank recapitalization and strengthening the response capacity of the European Financial Stability Fund (EFSF).
SIX MONTHS to recapitalize
In preparation for the European Council, the European Banking Authority (EBA) provides a new set of stress tests of the banking sector.
Stricter than the previous year this time should include a valuation of sovereign debt, particularly that of Greece, at market value, and the EBA should require banks a minimum capital ratio "hard" ("core tier one") of 9% and not only by 7%.
According to European sources, the weakest banks will then have six months to build up their capital.
"The only real justification for recapitalization would be to reassure the markets," said Laurent Quignon, head of economics at BNP Paribas bank.
"But in terms of economic fundamentals, there is no more reason than all the banks are recapitalized today than yesterday."
According to Goldman Sachs, at least 50 out of 91 European banks could fail the new stress tests, indicating a need for 139 billion euros in fresh capital.
The terms of a bank recapitalization on the Old Continent will be the subject of intense negotiations from Monday, said President of the Eurogroup.
"LESS DIVIDENDS, BONUS UNDER"
The French government has already said that the State was ready to help banks, but for now it emphasizes the strengthening of capital by private capital, unlike what was done in 2008 and 2009 under the plan to help French banks after the collapse of Lehman Brothers.
"Banks will have to recapitalize on the basis of their results by distributing less dividends and less bonus," said Friday morning the Minister of Economy Baroin, Europe 1.
"If they can not, they will do in the markets.If markets are not sufficient, they will find partners and, ultimately limit, there will be an opportunity for European coordination. "
"For France, I want to say that I am confident in the ability of our banks to raise their profits and all means at their disposal to strengthen their capital base," added the Prime Minister Francois Fillon, in the afternoon during the parliamentary days of the UMP.
In line with the German position, France has already ruled out recourse to EFSF to recapitalize its banks.
"Policies must resolve the dilemma between the private shareholders of banks that do not want to hear about dilution and the market which requires recapitalization," said Christophe Nijdam, an analyst at AlphaValue.
"The calls for recapitalization by the European authorities can be cons-productive to the extent that they contribute to fuel concern for all banks," warns Laurent Quignon, at BNP Paribas. "What can paradoxically make raising capital more difficult for institutions that need it."
Deutsche Bank, which would need to raise 9 billion euros according to sources, has made it clear that it would avoid any forced recapitalization.
Air Liquide finds no significant decrease in demand of its customers and believes that the market environment for the group was relatively normal, except for some adjustments in the electronics, said Tuesday its CEO Benoît Potier.
"We do not see a significant drop in consumption by our customers.At this point we can say that the economy remains strong for Air Liquide, "said the boss of the world's largest industrial gases reporters.
He was speaking on the sidelines of the presentation of tests of electric vehicles to hydrogen at the Circuit de Marcoussis (Essonne).
"The environment was relatively normal, so the consumption of our customers large and small ways consistent with what we had until now," said Benoît Potier, whose group has clients in sectors as diverse as Health, refining and steel.
Air Liquide was confirmed in early August target steady growth in net profit in 2011 "in a normal environment."
Asked if he confirmed the group's objectives in 2011, Benoît Potier declined to comment, a few weeks before the publication of revenue for the third quarter scheduled Oct. 26.
The strategic plan "Alma 2015", introduced in December 2010, is an average annual growth of 8% to 10% of sales – compared to 9.2% as reported in the first half of 2011 – and a sustained increase of Net income in the past five years.
The share was down 1.18% to 85.66 euros by 24:50, outperforming the market, down 2.7%.
Values to follow on Friday at the Paris Bourse.
* AXA. Offers for Axa Privaty Equity, private equity branch of the insurance group, must be filed by early next week, the Financial Times and The Tribune.
The Strategic Investment Fund (ISF) said Thursday he would not consider an acquisition of Axa Private Equity.
* DEXIA. Belgian finance ministers and French planned to meet Monday to discuss the future of Dexia, a bank in the center of intense negotiations on a possible restructuring, write Friday Les Echos. No one was immediately available at Bercy or the Belgian Ministry of Finance to comment on this article.
* SOCIETE GENERALE.UBS lowered its recommendation to buy from neutral and cut its price target to 21 euros against 35 euros.
* SOITEC sought to reassure the market on sales growth plates in the first half of 2011-2012, two days after a warning from Advanced Micro Devices, its main customer, on their own perspectives.
Analysts polled by Dow Jones Newswires had forecast a decline in the index to -26 points. The barometer and exceeds the level of January 2009, where he was at -31 points, and is close to the depths it reached in the second half of 2008. In July of that year he had marked -63.9 points and -63 points in October. Far supported by a robust economy, the monthly indicator has been the backlash in August concerns about growth, which slowed sharply in Germany in the second quarter.
German gross domestic product (GDP) grew by only 0.1% in the first quarter, said last week the Federal Statistical Office (Destatis). In the euro zone, GDP rose by only 0.2% from April to JuneThe fear of a recession in the United States, with the downgrade of the sovereign debt of the country by Standard & Poor's, also made the financial community more pessimistic, according to the Zew in a statement.
"The skepticism already expressed by financial professionals for the future development of the economy has amplified dramatically," said Wolfgang Franz, president of the institute, in a statement. Their assessment of the current economic situation in Germany "is certainly positive, but it is much worse than the previous month," he adds. It stood at 53.5 points against 87.5 points expected by the consensus of Dow Jones Newswires and after 90.6 points in July.
This deterioration of the index "was to wait," said Thilo Heidrich, Postbank. But the magnitude of the fall surprised economists."This is a response to fears of recession in the U.S. combined with the debt crisis in the eurozone," said Christian Ott, an analyst at Natixis. Jennifer McKeown of Capital Economics, the barometer "suggests that the worst may be yet to come."
The reaction in financial circles is "exaggerated," said Mr. Ott the contrary. "Foreign trade, less dynamic, will be offset by very strong domestic economy," he says, referring to the large investment of German companies and the positive outlook for consumer spending. "The most likely scenario is a pause in growth through the end of the year," his colleague Judge Christian Schulz, Berenberg Bank, a recession are "less likely". Mr. Schulz said that this survey was conducted in market turmoil in early August, when fears of an economic downturn seized markets."Surveys such as the Ifo (to be published Thursday, ed), the business climate, are more indicative of current developments," said Ralph Solveen for its part of Commerzbank.
