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Wall Street ends down, the S & P is stuck on a technical threshold

Wednesday, February 22nd, 2012

Wall Street ended down Wednesday, weighed down by gloomy economic indicators that have raised the specter of a global slowdown, and the Standard & Poor's 500 has not reached during the meeting to exceed a threshold of significant resistance.

The S & P 500 has foundered on the threshold of 1360 points, which corresponds to a peak recorded in May 2011 and the crossing of which would have foreshadowed a continued bullish.

The benchmark index fund managers ended down 0.33% (4.55 points) to 1,357.66 points. The Dow Jones lost 0.21% (27.02 points) to 12,938.67 points while the Nasdaq composite yielded 0.52% (15.40 points) to 2,933.17 points.

Investor pessimism was fueled by the unexpected contraction of private sector activity in the euro area in February, according to preliminary estimates from Markit. In addition, export orders to China have suffered their contraction in February the highest in eight months.

"We had quite low statistics from Europe and China, but what has happened especially today (Wednesday) is that we lived another day of agitation while the S & P is so close to the key level of 1,360 points, "said Jack Degan, chief investment officer at Harbor Advisory.

PREDICTION OF DELL disappoints, TITLE PLONGE

"There is undoubtedly a technical effect on the market and sales of the movement today is related to that. If we cross this level and remain above the market may indeed rise again. "

Financial stocks were among sharpest declines in the session, as investors worried the banks' exposure to the European economy

……. .. The S & P financials yielded 1.27% and the KBW bank index lost 2.04%, while Morgan Stanley, Bank of America Corp., Citigroup abandoned between one and , 9% and 2.9%

. Dell plunged 5.82% to 17.15 dollars. The computer manufacturer has reported results below expectations on account of its fiscal fourth quarter and said, anticipating a revenue below Wall Street forecasts for the current quarter.

According to Thomson Reuters data, about 424 companies in the S & P 500 that have released their quarterly accounts, 64% have exceeded analysts' expectations.

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Discussions continue in Athens, police on alert

Sunday, February 19th, 2012

On the eve of a meeting held to be decisive of the Eurogroup, the anti-riot units of the Greek police were deployed around the parliament protection Sunday, where demonstrators denounced the austerity measures imposed in exchange for 130 billion euros of extra funding.

The hope that the ongoing discussions lead Monday at the meeting of finance ministers of the euro area in Brussels has revived since the government of Lucas Papademos has detailed this week further budget reductions, of around 335 million euros. 

In total, the law of austerity passed by Parliament on Sunday and demanded by the "troika" of international creditors of Greece (EU, IMF and Central Bank European) provides € 3.3 billion of budget savings with the objective of bringing the sovereign debt of Greece from 160 to 120% of GDP by 2020.

But the camp of the "skeptics", led by Germany, is concerned about the Greek government commitment to reduce debt.

Sunday, only a few hundred people gathered early in the afternoon before the parliament. But a week after the scenes of riots that followed the adoption of this new austerity measures by the deputies, the Greek police is on alert.

"Maybe some people have been frightened by the riots of last week," said Costas Xenakis, a protester of 70 years which explains the low mobilization.

The retired state electricity company notes, however, that "the austerity measures hit really retired." "We can not sit and accept it," he adds.

Behind him, a banner demanding the cancellation of the "harmony of hunger", testimony of the anger felt by a large part of the Greek population vis-à-vis political representation, alleged to have allowed to accumulate mountains of debt and have favored the wealthiest through fiscal laxity.

Resentment may be expressed most strongly in the polls in parliamentary elections, expected in April.

A poll released Sunday, the Socialist Party (PASOK) and the conservative right New Democracy – the two political families dominating Greece since the end of the colonels' regime in 1974 – did meet between them only a quarter of the votes. 

Another study highlights the concern of the population: while 73% of Greeks say they want to stay in the euro area, only 49% think the country will succeed in the next two years.

"ILLUSORY REQUIRE (…) WHAT HAPPENS BY 2020"

From Monday's meeting in Brussels will depend on aid payment of 130 billion euros needed to prevent Greece from falling into bankruptcy at maturity of 20 March, when a large debt repayments are scheduled.

"The Greek people did everything he could and we are determined to keep our commitments," said Christos Papoutsis, Minister of Public Safety, before an emergency meeting of the government.

For Maria Fekter, the Austrian Minister of Finance, it seems that an agreement is finally coming into place. "I do not think there is a majority to engage in any other way because another way would be extremely difficult and cost a lot lot of money," she said on Sunday antenna Austrian television.

But Jean-Claude Juncker, the president of the Eurogroup, warned on the eve of the weekend there was still work to be done by Monday.

The preparatory contacts continued Sunday between finance officials of the euro area. The central challenge is to bring the Greek debt at a "more sustainable", the order of 120% of GDP by 2020.

Officials from EU and IMF consider that this objective – which requires that Greece is returning to a budget surplus next year – will not be required and, depending on the sce nario now dominant, the idea would be to reduce the deficit to 129% of GDP by that time.

"Today we speak of 129%, a figure that takes into account certain assumptions. This revision is due to poor growth figures, not only in Greece but throughout Europe, "says Pantelis Kapsis, spokesman for the Greek government, in an interview published Saturday by the daily franç ais Liberation

. "It is also unrealistic to predict with much accuracy what will happen by 2020" , says he

. In this new scenario, it may be necessary to obtain the extra mile sector Private

.

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Alafco door to his order of 85 copies Airbus A320neo

Tuesday, February 14th, 2012

The Kuwaiti aircraft lessor Alafco will acquire 35 additional copies of the future Airbus A320neo, bringing to 85 units the order announced in June.

This firm order is in addition to the 50 A320neo signed at the Dubai Air Show last year, the European aircraft manufacturer said in a statement.

The A320neo, remotorisée version of the A320 will enter service in 2015, is marketed on the basis of a list price displayed for about 73.5 million euros.

The device is supposed to provide airlines with a 15% reduction of fuel consumption. 

Its popularity among companies has enabled Airbus to sell almost twice as many planes as its U.S. rival Boeing in 2011, although he acknowledged he has trouble keep the advantage in 2012, with the response of 737MAX, improved version of the aisle of his American rival.

By itself, the "neo" garnered 1,226 orders last year. The A320 Family as a whole has more than 8,300 orders to date and some 5,000 deliveries, Airbus said.

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Thursday, November 24th, 2011

The fight against fraud and tax evasion allowed the State to recover 16 billion euros of rights and penalties in 2010, according to a report presented by Bercy on Thursday. The key figures to remember. The fight against tax evasion allowed the State to recover 16 billion euros in 2010

The budget minister, Valérie Pécresse, presented on Thursday a report on action taken by the tax authorities in recent years to fight against fraud and evasion. The key figures to remember.

€ 16 billion: the amount of fees and penalties notified at the end of a tax audit in 2010, one billion more than in 2009. Since 2007, the fight against tax fraud and flushed 50 billion of potential revenue, according to Bercy. Warning: this represents well the sum which has been notified. But that is not yet fully returned to the state coffers.To uncover more, the DGFIP (Directorate General of Public Finance) has launched an operation control of purchases made in France from foreign bank cards. Nearly 100 such operations have reported some 900 million euros.

4700: the number of taxpayers who have regularized their situation with the special unit set up in 2009, amounting to 7 billion euros. Which reported to the state 1.2 billion euros in taxes and penalties.

350: the number of tax adjustments completed on 800 committed from the 3000 list of the case HSBC. At stake: 160 million euros in tax revenues. Overall, when all els adjustments are completed, the state hopes to one billion euros in revenue.

40,000: the number of transfers from a unit amount of more than 15,000 euros made by French companies to tax havens.

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Friday, November 4th, 2011

The abandonment of the proposed referendum Greek and commitment of Italy to reorganize its finances allowed Friday at the G20 summit in Cannes, to turn to other issues that the crisis in the euro area, such as commodity markets and global economic governance.

But it remains a central concern of the leaders of major economies in the world, who fear a contagion that would ruin their efforts to try to revive global growth.

G20 leaders seek such a way to strengthen the response capacity of the International Monetary Fund (IMF).

The mini-summit on the crisis in the euro area, which took precedence over other priorities of the G20, have been chained to a high rate in recent 48 hours in Cannes.

In the draft "action plan for global growth strong, sustainable and balanced" discussion in Cannes, Italy is committed to approach a balanced budget in 2013 and rapidly reduce its ratio of government debt relative to GDP (120% at present) from 2012.

Nicolas Sarkozy and German Chancellor Angela Merkel met with Silvio Berlusconi on Friday morning, before the resumption of the G20 in the presence of representatives of the European Commission and Council to see how he intended to meet these commitments.

Italy under IMF surveillance

The Italian Prime Minister, politically weakened, has not actually managed to get his government anti-crisis measures, on the eve of the summit in Cannes.

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Carlos Ghosn predicts a record year 2012 for cars

Friday, October 21st, 2011

The CEO of Renault-Nissan, Carlos Ghosn, is confident that sales in the automotive industry reached record again in 2012 for the second consecutive year, unless the crisis of sovereign debt spirals out of control.

"Unless there is an economic and Apocalypse that there is a crisis of Lehman style, a huge surprise, I can tell you that 2012 will be another record year for the automotive industry what that Europe "said Carlos Ghosn who heads the alliance of the two manufacturers.

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The wink of Jean-Claude Trichet to "outraged"

Sunday, October 16th, 2011

Two weeks before the end of his term as head of the European Central Bank, Jean-Claude Trichet sent Sunday a nod to the "outraged" that showed the day before in the world, saying in part to join their message.

Europe 1, who is one of the bugbears of "outrage" around the world criticizing the financial and the policies of austerity, gave partially correct.

"There are obviously a number of lessons from the crisis that the lessons are harsh: it is not possible to leave a financial system and consequently a global economic system that is as fragile," Has he said.

He therefore advocates a strengthening of rules and constraints on finance."I read part of the message that comes from this movement (of outraged – Ed) going as just that," he added.

He said, however, opposed to "demolish" the banks because, he says, they finance three-quarters of the economy, but he said to agree to strengthen prudential regulation and has sent to banks reluctant.

"Even if, from your point of view, you see that it is binding, we tell you that it will protect the whole economy," he said.

Similarly, Jean-Claude Trichet said he was opposed to the idea of ​​"de-globalization" but said see a message in favor of strengthening global economic governance which, he said, must be considered.

This idea, defended by the candidate for the French Socialist primary for the nomination for president in 2012, Arnaud Montebourg, is currently at the center of political debate in France.

TREATY AMENDMENT PROPOSED

Jean-Claude Trichet, is not admissible if it comes to curbing global economic exchange as this would imply in particular to prevent the development of poor countries where the old standard of living remains low, says he.

"We must say to those in emerging countries that is not very happy with their own development and so we hear that their development is hampered," he said ironically as well.

He recalled that the development of Third World countries and thus the competition they are the industrialized countries is the objective of the international community since 1945.

However, the ECB president said, however, see in the political slogan of "de-globalization" message."I interpret it as' we must strengthen the management, governance of globalization and strengthen in all areas", he said.

In this sense, he suggested that countries of the European Union reform treaty in the future to prevent any of its member states to create problems for the other, as is the case now, especially for Greece.

He was speaking at a time when European countries are trying to stem the crisis caused by the Greek debt and its consequences on the mainland banks that have lent money.

Deletion of up to half of the Greek debt which is about 350 billion euros is now considered, with a corollary the need to bail out European banks creditors.

"We must think about the future. Tomorrow, I think we need to change the treaty to be able to prevent a member of the euro area to roam and create problems for all others," he said.

According to him, "why should even be able to impose decisions." The European Council is expected to him to decide on sanctions to the majority, based on a proposal from the European Commission.

"The lesson of the crisis is that, indeed, go further than the recommendations, possibly with sanctions," he said.

Jean-Claude Trichet would not disclose what were his plans at the end of his term as President of the ECB, saying only that he considered himself "the French and European citizens."

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Marini won the Senate Finance Committee

Thursday, October 6th, 2011

UMP Senator Philippe Marini was elected president of the Thursday Senate Finance Committee. The PS majority in the Senate, had reached an agreement with the UMP for the presidency back to him. Philippe Marini, the office of the mayor of Compiegne, in September 2010.

UMP Senator Philippe Marini was elected Thursday chairman of the Committee on Finance of the Senate and the Socialist Nicole Bricq, General Rapporteur of the same committee, it was learned from the meeting.

Groups PS and UMP Senate had concluded an agreement Wednesday after the changeover to the left of the Senate elections of 25 September that the Finance Committee is chaired by a UMP senator.

The elect of the Oise received 20 votes and the centrist former president of the commission, Jean Arthuis 5 votes. Mr. Marini was previously rapporteur of the commission.Nicole Bricq (Seine-et-Marne) was elected by 27 votes and 4 blank votes. The UMP has not participated in the election held like Mr. Marini within the commission.

The UMP claimed the Presidency on behalf of a parallelism with the National Assembly where the majority UMP has left the chairmanship of the Committee on Finance Socialist Jerome Cahuzac. In fact only with the left, with 177 seats, only a narrow majority in the Senate (two more than the absolute majority vote) and the distribution of positions of responsibility of the High Assembly by the proportional number of political groups , the line must have at least one committee chairmanships.

Once elected president of the Senate, Jean-Pierre Bel had initiated negotiations with both partners of most environmentalists, communists, radical left, and Jean-Claude Gaudin, president of the UMP for the allocation of posts . The Socialists had conditioned the granting of the presidency of this very important commission for a "comprehensive agreement of governance on the functioning of the Senate", namely the allocation of committee chairmanships and other other organizations such as the delegations to local government and women, the new majority.

Questioned by AFP, Philippe Marini, said Wednesday night that "if elected" Thursday, his presidency would be "in the service of the UMP group." "This is the meaning of the political agreement that was reached" with the PS, he said, assuring that he did not mean to be a president "partisan".The presidents of five other standing committees, the most important positions in the upper house, were to be elected in the morning. The Conference of Presidents, which organizes the agenda of the meeting, will meet in the afternoon.

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Markets welcomed the appointment of a new CEO at UBS

Monday, September 26th, 2011

Markets welcomed the appointment of a new general manager for UBS, which will resize the investment bank after the scandal caused by the loss of $ 2.3 billion resulting from unauthorized transactions of one of its traders to London.

By 0830 GMT, the action of UBS, which has already lost more than 34% since January, jumped 2.87% to 10.41 francs after opening down nearly 3%, while the European index banking shares were up 2.78%.

UBS has appointed Sergio Ermotti, responsible for Europe, the Middle East and Africa, to succeed Oswald Grübel, a former trader aged 67 came from Credit Suisse, which had been appointed head of UBS in 2009 to try to correct the bank after its near bankruptcy in 2008.

Speculation flourished after the departure of Oswald Grübel, some citing differences over strategy.

"Oswald Grübel leaves UBS at a difficult time.Not only the new regulations will impact the profitability of investment banking in the future but it is not yet clear whether customers money management retain their confidence in the bank by depositing funds in an atmosphere of shaking due to brokerage and risk control unbearable, "said Michael Rohr at Silvia Quandt Research.

Peter Thorne, an analyst at Helvea, for its part considers that the departure of Oswald Grübel and resizing of the investment bank should be regarded as positive developments.

"Perhaps the only surprise is that Sergio Ermotti was not appointed permanently," he adds.

Sergio Ermotti, including Kaspar Villiger said it could be a good candidate to keep the job permanently, said in a video conference with reporters that UBS would strengthen its controls on risks at group level.

"We expect that Sergio Ermotti accelerates the implementation of a strategy focused on clients in the investment bank, focuses on the efficiency of capital and rapidly improving risk management," said Teresa on his side Nielsen, an analyst at Bank Vontobel.

Resizing DELICATE

"It is a powerful sign that UBS will now focus on money management, with an investment bank in support of these activities," said a fund manager who worked with Oswald Grübel to the bank of Credit Suisse investment.

The departure of Carsten Kengeter, director of investment banking, was also discussed but President Kaspar Villiger has defended him by praising the "excellent work" done to limit losses after the discovery of unauthorized transactions.

"But it is not important because Kaspar Villiger is itself the beginning," has tempered a broker based in Zurich, recalling that Weber should succeed him in April 2013.

"Grübel did not resign, he was pushed out. It might have been better if Casten Kengeter Miscovic and Maureen, the head of risk management, fraud had paid for discovery," said a fund manager UBS.

"We do not share the enthusiasm of investors for the strategic shift," said Dirk Becker at Kepler Capital Markets, for whom such an operation in the investment bank will be difficult because it employs 17,000 people and 135 billion francs in risky assets.

"The loss could also deal a blow to consumer confidence and cause new outflows in money management.We remain cautious, "he added.

Jon Peace at Nomura believes that UBS for its part should be able to succeed at the game "We do not believe the damage the image will result in bleeding, especially in an environment where their peers are affected by other problems sometimes of a judicial nature. "

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The Unedic sees unemployment increase and widen the deficit

Friday, September 23rd, 2011

Unemployment insurance provides that the number of job seekers without work increased by 36,700 this year and 55,500 in 2012. In 2011, the deficit should reach 2.4 billion euros. The Unedic expects lower net job creation which would increase from 143,000 this year to just 69,000 next year.

Unemployment insurance breaks with his optimism in May. It now expects a continued rise in unemployment this year and in 2012, and the maintenance of its accounts in the red light of a slowdown in growth. The accounts of the Unédic should indeed record this year a deficit of 2.4 billion euros – 400 million more than expected in May, and 1.77 billion in 2012, according Bonnand Gaby, President of the Unédic, who spoke Thursday at a news briefing.

Therefore, the total debt of unemployment insurance will continue to shift to 11 billion this year and 12.8 billion in 2012, while the Unédic thought back to 10.6 billion in 2011 and 10.3 billion a year next. The degradation of accounts is consistent with an expected decline in unemployment: the number of job seekers without work is expected to increase again this year to 36,700 and 55,500 in 2012, while in May Unédic was counting on a 138,000 drop in the next year.

For the category of job seekers with reduced activity, the expected increase in 2011 was 65,700 and 89,100 in 2012. In all, the end of 2012, 2.8 million people and 4.4 million inactive with reduced activity would be included on the lists of employment center.

"No danger in delay for the finances of the Unedic"

Another sobering perspective: Unédic expects lower net job creation which would increase from 143,000 this year to just 69,000 next year. Given the expected increase in the labor force, of about 140,000 per year, these vacancies are therefore insufficient to reduce unemployment.

These more pessimistic forecasts are based on an expected slowdown in the economy: Unédic expects growth of 1.7% this year and has only 1.2% this year, well below the government forecast (1, 75%). The office is based Unédic, as it always has, on forecasts of a panel of economists says Bonnant.

However, "today there is no danger in waiting for the finances of the Unédic," assured Mr.Bonnand indicating that the office of the institution which was held Thursday, was asked to "remain vigilant and monitor the situation very day." Given the context very bumpy markets, Unédic will not go immediately to refinance long-term bond markets and will only short-term markets.

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