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.
The European financial markets have closed lower Monday, investors still fearing a slowdown in the global economy, but the exchanges were, however, supported by numerous mergers and acquisitions in progress.
The Paris CAC 40 index finished the session with losses, yielding 20.43 points (-0.58%) to 3487.01.
Trade volumes were particularly weak during this meeting due to a holiday in Britain.
The pharmaceutical values showed the strongest gains, taking Sanofi-Aventis 0.66% after the rejection of its proposal for redemption by Genzyme.
Intel announced on Monday the takeover of the division of components for mobile equipment of Germany's Infineon Technologies for $ 1.4 billion, pushing back the title of the latter 3.69% at closing.
Other declining value, the title Safran lost 2.3%, the group had denied preparing a bid for Capital of Zodiac, whose title has however jumped 10.45%.
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.
Telefonica announces a 9.4% increase in earnings in the first half, exceeding expectations, the strength of its overseas operations to compensate for the weakness of its domestic market, Spain.
The Spanish division of the group, which generates one third of total turnover, has been hit hard by the recession and caused concern to investors. But the group said Thursday she was showing signs of improvement.
He has limited the decline in sales to 3.2% in the second quarter, against 5.7% in the first three months of the year.
"These results are solid at all levels, a recovery in Spain offsetting recent fears of a slowdown in consumption.Business in Latin America is solid, "said David Wright, an analyst specializing in telecommunications from Deutsche Bank, adding that the group's activities in Britain and Germany will also reflect well.
The first operator of the euro zone by market capitalization has made a net profit of 3.78 billion euros in the first half, against forecasts for 3.68 billion euros by 10 analysts polled by Reuters.Its first half sales rose to 29.05 billion euros against 28.55 billion expected.
After weeks of fierce fighting, Telefonica has achieved his ends Wednesday in announcing an agreement with Portugal Telecom to repurchase shares of Portuguese in the Brazilian mobile operator Vivo.
In Latin America, which generates 40% of sales, group sales rose 10.2% and gross operating income of 6.1%.
The control of Vivo should allow the group to increase the number of subscribers in Brazil, giving it top spot in this coveted market.
For its part, France Telecom said Thursday a decline in sales and profit margins in the second quarter, but he confirmed the level of its dividend until 2012.
The BP has decided that its chief executive Tony Hayward must leave office because of his handling of the spill, and his departure will probably be announced within 36 hours, officials said Sunday, sources close to the group.
The board of BP is due to meet Monday to determine how the departure of Hayward and its replacement by Bob Dudley, the American leader who also oversees the fight against the oil spill, sources said.
Replace Hayward at this stage of operations could be difficult for BP.Well Macondo, which lets out of oil since the explosion of the platform Deepwater Horizon April 20, has not yet been definitively blocked.
If problems occur during the recent operations, Dudley's reputation could also suffer.
But the fact that the leak has been controlled for over a week by a temporary containment has led the company to be more concerned about the future of its chief executive.
According to sources, Hayward acknowledged that he was in the interests of BP let him go.
The British oil giant has lost 40% of its stock value since the beginning of the disaster.The group would not comment on rumors of departure from Hayward, declaring that he was general manager with the full support of the board of directors.
A spokesman for BP declined to repeat the news last week that the board does not even discussed the future of Hayward.
In the Gulf of Mexico, ships trying to stop the leak came back Sunday on the site after being forced to move away from threats of Tropical Storm Bonnie, now dissipated.
The next step is now the operation known as "static kill", which is to inject heavy fluids and cement into a pit pass.
This operation could begin in three to five days, according to Coast Guard Admiral Thad Allen, who directs operations for the U.S. government.
Wendel and his former Chief Executive Jean-Bernard Lafonta subject of proceedings before the Sanctions Committee of the Financial Markets Authority (AMF) on the climb to the capital of Saint-Gobain, writes Le Figaro.
The procedure relates the position that Wendel indirectly held in Saint-Gobain, through derivatives, where the investment firm said to have crossed the threshold of 5% stake in the building materials group in September 2007 by daily.
It would be of Wendel was whether the market informed of the existence of its position in derivatives that indirectly strengthened its position in round of Saint-Gobain.
Grievances reported several months ago by the College of the MFA will be reviewed promptly by the sanctions committee, said Le Figaro.
A spokesman declined to comment Wendel information Friday morning.
The AMF was not immediately available to provide comment.
The objective, "not less deficit, a deficit from zero in 2018," insisted Eric Woerth at the presentation of the proposed government reform, Wednesday, June 16 The key measure for achieving this and the decline of the statutory retirement age to 62 years. And a whole series of other measures, which help the rich, business, capital, etc..
Read about: Pension reform: who pays?
In total, the combined revenues related to raising the legal age of retirement, the alignment of the public on the private and various taxes and levies increases, will amount to 27.2 billion euros in 2018.
The government also plans to switch the unemployment insurance contributions on pension contributions from 2015, assuming a return to the green accounts Unedic.This shift would provide 1 billion euros of additional revenue in 2018.
In addition, the funding for the state retirement officials will now be frozen at its current level of 15.6 billion euros a year. This non-worsening deficit is included as a gain by the government in its calculations of pension funding. A calculation that is questionable to say the president of the National Fund of retirement, Daniele Karniewicz that "the account is not there".
The proposed reform of the government does not provide that additional income: it also includes a series of "fair" and "positive" in the words of the Minister of Labour.Maintenance of the device "long careers, can leave at 60 years under the" hardship "increase the number of terms validated during the period of youth unemployment, maternity leave compensation to the calculation of pensions for women, exemption from wage costs for companies that hire unemployed over 55 years, etc. … total, these measures will cost 1.3 billion euros in 2018.
What funding after 2018?
So in the end, the 42 billion euros needed to finance pensions in 2018 will be well assured, if it is based on calculations of the government. But before? Meanwhile the "deficit 0", the accumulated holes will be financed by the Pension Reserve Fund (RRF), whose assets reached 34.5 billion euros.The fund, which accumulates up financial reserves and is fed by a levy of 2% on income from property and investment.
It was established in 1999 by the Socialist government of Lionel Jospin to face the demographic shock expected after 2020. His assets should therefore not be released to the origin before that date. In fact in 2020 that the generations of the baby boom, the "boomers" of today, are retiring. The FRR was hoping to further capitalize on the funds entrusted to him and was expecting an available amount of 87 billion euros in 2020. This is not the case. All of its funds should indeed be engulfed by 2020.
And after 2018? A great deal of uncertainty about the future: the reform of government does not respond to this question. He places the cursor on the age of retirement in the heart of its reform.But the economic gains of this variable on the long term fading. According to the ROC, the rise of legal age to 62 years provides an improved pension deficit by half in 2020, then fourth in 2030 and only 15% in 2050. Indeed, after raising the age completed, improving the balance is reduced as a result of the increase in the average pension.
The objective, "not less deficit, a deficit from zero in 2018," insisted Eric Woerth at the presentation of the proposed government reform, Wednesday, June 16 The task is not easy: the deficit in pension schemes (public service, and general system of private supplementary pension schemes) will reach 42.3 billion euros in 2018, when the government stopped the cursor reform. Who will pay?
Employees. It is they who will have to bear the brunt of the effort. For they will have to work longer. The legal age of retirement, currently set at 60, will be gradually increased to 62 in 2016, reflecting an increase of four months each year from 1951 generation. Those who turn 60 in 2016 (the generation born in 1956) will have to wait two more years to retire.Age to automatically receive a full pension will increase from him in the same way from 65 to 67 years. Meanwhile, under the Fillon reform in 2003, the contribution period needed to receive a full pension will be raised to 41 years and three months in 2013 for the generation of 1953 and 1954) and 41.5 years in 2020. These measures on the parameters of age should bring 18.6 billion euros in extra revenue, slightly less than half the need of pension funding in 2018.
Officials. In the name of "fairness" of the reform, the officials of the Public Service will have to pay as much as private sector employees for their retirement. Their contribution rate will increase gradually from 7.85 to 10.55%. The alignment will be spread over ten years, an increase of 0.27% per year. For Eric Woerth, the affect the purchasing power of officials is "very moderate".This, coupled with the abolition of early retirement for employees who have three children and the allocation of the guaranteed minimum under conditions of having quarterly contribution will have a positive financial impact of 4 billion euros in 2018 as calculated by the government.
Read about it: Why pay officials might decrease
Companies. They no longer will not escape "the solidarity effort" required by the pension reform. The calculation of relief on low salaries (up to 1.6 times the SMIC) enjoyed by employers, so far calculated monthly, will be annualized. This means concretely that the thirteenth month and premiums will now be incorporated into the calculation. This measure will yield 2.4 billion euros in 2020.Removing the cap on the share of costs and burdens on dividends received by a parent company from its subsidiaries should add 250 million in 2020. Either a total 2.65 billion euros of new revenues paid by businesses.
Capital. Raise taxes on capital gains from sale securities (stocks, bonds) and real estate, the standard deduction on dividends and interest, taxable capital gains realized on the sale of stock or bond tax income, elimination of tax on dividends received by shareholders, these measures on capital income will yield 1.34 billion euros in 2020.
Rich. Nicolas Sarkozy had announced: high incomes will be involved. The marginal rate of the top of the income tax will rise from 40% to 41%.This "solidarity contribution pension", which will apply to 340,000 tax households reporting more than 69,783 euros a year, will not be taken into account in the tax shield. The measure will yield 290 million in 2020. In addition, payroll taxes on stock options (side beneficiaries and employers) and taxes on pensions hat which directors of large enterprises will be increased. In total, these taxes on the rich should bring 630 million euros in 2020.
The combined revenues related to raising the legal age of retirement, to align the system of public and private that the various taxes and levies increases, and shall rise to 27.2 billion euros 2018. The government also plans to switch the unemployment insurance contributions on pension contributions from 2015, assuming a return to the green accounts Unedic.This shift would provide 1 billion euros of additional revenue in 2018.
The coffee burns. Around 1000 GMT (1200 Paris), Arabica for September delivery traded on the NYBOT-ICE touched 162.95 U.S. cents per pound, its highest level since early March 2008, garnering over 12% compared to Friday last. Robusta (September) traded on Liffe in London soared to 1,595 dollars per tonne, its highest since early March 2009.
"The explosion in prices is explained by fears of supply failing to keep up with demand," commented analyst at Commerzbank.
Indeed, the tight supply from Vietnam and Central America support prices, as fears about the effect expected from the ongoing harvest in Brazil, the largest producer of coffee, according to Michael Hewson, an analyst at CMC Markets.Furthermore, demand continues to strengthen in key import markets such as Europe, Japan and the United States.
"The markets are catching up after a while to take into account" the tension on the fundamentals of supply and demand, noted Kona Haque, analyst at Macquarie, to the extent that the rebound is reinforced by a renewed interest to speculative investors taking advantage of a slight weakening of the dollar.
"The supply-demand balance of the arabica market suggests another deficit in 2009/2010 season, also highlights the analyst, noting also that the European stocks of coffee have shown a decrease in April .
The greenback fell Wednesday to 1.2353 dollars per euro, its lowest level in two weeks, making them more attractive purchases of raw materials denominated in dollars for investors provided with other currencies.
