Natixis and Publicis laugh, cry and Lagardère Dexia

Meanwhile, financial markets on Monday welcomed the news: Natixis gaining 3.26% to 4.57 euros and Publicis rose 1.50% to 34.95 euros in a market up slightly at 0.12%.Conversely, Lagardere was down 2.42% to 28.05 euros and Dexia loose 2.03% to 3.37 euros, to 10.30, the two largest declines the CAC 40.

Edenred, company resulting from the division of Accor, the chemist and Rhodia will join at the same time that antechamber of the CAC 40 in place of the services company Atos Origin and Land Regions.

These decisions were taken Friday night by the Scientific Council of the indices of the Paris Bourse. It meets at least four times a year to update the content index. To determine the entry or exit to a value of the CAC 40 are taken into account many factors: the respective weight values, number of transactions, volumes of shares traded and turnover.

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"The companies have not shared enough of their profits with their employees, and this could dampen the recovery," says Aneta Markowska, economist at Societe Generale CIB. In the U.S., the share of corporate revenues redistributed to employees has dropped from 59.8% in the second quarter, its lowest level since the Second World War.

Recruitment at half

Paradoxically, "the companies that have entered the crisis with little debt and thus did not need to rebalance their balance sheets, accumulate cash and threaten the recovery," says Aneta Markowska. Their cash is now nearly 6% of their assets, against less than 4.5% before the crisis. A level not seen since the 50s, according to figures from Societe Generale CIB. The most obvious translation of this strategy, they block the hiring.

Natixis, the head of economic research, Patrick Artus, made the same observation. In a classical revival, the increase in profits resulting from investment, thus creating jobs, which in turn produce growth. But this time it's different.'Distortion of revenue sharing to the detriment of employees led to the weakening of wage and salary income, thus accentuating the weakness of domestic demand, "says Patrick Artus in a note. In the U.S., it will need more time to households in debt up to his neck to clean up their finances before eating again.

Uncertainty

If companies are ants and jealously guard their cash flow, because a great uncertainty surrounding the economic outlook. Because of fears of fallout in recession, "they do not know what will be their future profits and (in the U.S., Ed) they have difficulty in measuring what the impact of tax measures on the viability of their projects investment ", according to Societe Generale economist IPC.

Growth at half-profits on the rise, "he will have to get used to the difference," said Patrick Artus, who believes this is a trend. First, large groups are investing in emerging markets with high potential, which boosts their results. Then the credit market freeze that followed the bankruptcy of Lehman Brothers has scalded. They now want to finance their own investments and not to depend on external funding.

Bwin, listed on the Vienna Stock Exchange and specializes in sports already claimed the leadership position in Europe with a turnover of 373 million euros in 2009.

The second, quoted in London and more focused on poker and casino games, carried 309 million in sales last year. The new group will be listed in London and based in Gibraltar.

The shareholders will own 51.6% Bwin – those of PartyGaming else – but it redeems PartyGaming.The merger will be completed in the first quarter of 2011.

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Yesterday, the market was driven by good news from the real estate sector still observed under the microscope by investors. Sales of new houses in the United States have indeed rebounded more than expected in June, 23.6%. On Tuesday, a new publication, the Case-Shiller index of home prices meets the individual operators stock market is increased more than expected in May in the United States, +0.5%, a move which still reflects a sustained level of sales, helped by a tax credit.The month of May and is the second consecutive monthly increase, a trend that comes after two months of consecutive decline.

Another highlight of the week at the macroeconomic level, the U.S. central bank should publish its Beige Book Wednesday on the economic conditions. It will be very guarded while the president of the institution, Ben Bernanke said Wednesday before Congress the slow recovery, with no announcement of new funding in the economy. But it was the day Friday with the first estimate of gross domestic product (GDP) U.S. second quarter is expected this week.

On the foreign exchange market, the euro continues against the greenback.Around 15:30, the euro was worth just under $ 1.30, but the threshold was crossed earlier.

The ball takes Publications

On the side of values, as BP leads the rating declining by 1.5% to 38.12 dollars in early trade Payday Loan for Bad Credit. The amount of the quarterly net loss of oil exceeds $ 17 billion, a record high. The group is preparing to sell $ 30 billion in assets and confirms the resignation of its CEO.

The U.S. financial services group CIT (-0.21% to 38.92 dollars), which serves a clientele of mainly SMEs, on Tuesday released a second consecutive quarterly profit and announced it had reduced its debt by three billion dollars.The net income was $ 142.1 million, and reported the number of shares equivalent to 71 cents, while analysts were not expecting that 33.

The group has however indicated that he had once again increased its provision for credit losses, bringing them to $ 260.7 million over the period April-June But this element, as well as pay increases decided to retain employees, was more than offset by asset sales, earnings and tax collectors.

For its part, the world's number one defense, Lockheed Martin (1.73% at 73, 17 dollars) Tuesday reported higher quarterly earnings expectations and raised its annual profit forecast by emphasizing buybacks and improved results in the satellites public.Net income for the second quarter was $ 825 million or $ 2.22 per share, against 734 million or 1.88 dollars per share in the second quarter 2009.

Today investors await quarterly results include sitting in the middle of those of DuPont.

Always on the side of values, the European Commission on Monday opened two investigations to IBM. It suspects the group of computer abuse of dominant position on the markets for servers.

Only 7 of the 91 banks have failed this test of strength, five Spanish, one Greek and one German. Their capital needs are estimated at 3.5 billion euros. We must add three who crossed the barrier but the recapitalization seems inevitable: the Italian Monte dei Paschi, Allied Irish Banks, Irish and German PostBank.Finally, the majority of European banks, the British and French in particular-seem to have redressed the balance.

The question now is whether the test can, as desired by the European authorities to lift the remaining mortgage, reboot, and finally the pump in credit to promote growth. By Friday, the European Union had welcomed the exercise as a vote of confidence. From Washington, the Treasury secretary, Timothy Geithner, hailed "a major effort towards greater transparency" on the health of the banks of the Old Continent. In markets, the euro rebounded to finish just below $ 1.29 after the close of European markets. Wall Street ended higher.

Consolidating banks at fault

Yet many continue to doubt the severity of the European round or its completeness.Unlike other countries, Germany has refused on Friday to force its banks to publish the figures on a main line of their balance sheets: assets in government securities, ie their exposure to the European budget crisis. In the coming days, a first return to the trust will be the willingness to consolidate the banks at fault.

Weighing his words, the IMF Managing Director Dominique Strauss-Kahn described the stress tests as "the promise of a considerable strengthening of the European financial system. It remains to implement. Greece and Spain have promised for the end of the year. Germany, she announced a major restructuring. This is the interbank market which will provide the second element of discretion. The situation has eased since the beginning of the summer.But lack of confidence, many institutions do not always manage to borrow in the interbank lending market, considered one of the keys to sustainable economic recovery in Europe.

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BMB Group has denied reports Sunday night in a statement."The BMB Group is in discussions with any officer or shareholder of Club Med as suggested by the Sunday Times article, it says Harold Alby, a spokesman for the group totally free credit score.

At the same time, nobody wanted to comment at Club Med. The Sunday Times, BMB Group has already the support of three of the four major shareholders of the group chaired by Henri Giscard d'Estaing (Chinese Fosun, GL Partners hedge fund and investment company Rolaco), and finalize it this week discussions with the first of them, Fipar International, a subsidiary of Caisse des Depots and management of Morocco.

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This was due to the decline of the euro against the dollar in the spring, pro-European exports, but bad for imports, which are to higher prices.

All countries of the European Union, namely sixteen of the euro area and the eleven who did not belong, recorded in May a trade deficit of 15.1 billion euros free instant credit report . It widened from April (-11 billion) and over the same month of 2009 (-7000000000). In May 2010, exports of "27" rose 0.9% and imports by 4.1%. One area where the deficit was more accentuated for the "27", the éenergie (-91.5 billion euros against a deficit of 76.1 billion a year ago).Conversely, manufactured products emit a surplus of 50.5 billion euros (ocntre a surplus of 34.7 billion).

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Latest twist, a Louisiana appellate court has imposed a setback Thursday at the White House. On 22 June a judge in New Orleans overturned the six-month moratorium on new offshore drilling more than 150 meters deep, decreed by the Obama Administration. The magistrate ruled the gel arbitrary, decided by him without consideration for its regional economic impact. The executive has therefore appealed and lost again on Thursday.

Thirty drilling platforms in the Gulf these are now hostage to this legal battle.The cost of leasing a drilling platform is estimated at 1 million per day. As a result of thirty platforms in the Gulf, the bill accumulated over three months would amount to 2.7 billion dollars for companies exploring the deposits of the Gulf. The extension of the moratorium could put 50,000 employees out of work in Louisiana and the neighboring oil states.

Go drill "elsewhere"

Along with judges, elected Republicans deposit burst of bills or amendments to overturn the moratorium. For its part, the British government also said to be opposed to a freeze of all offshore drilling and focuses on a case by case basis. "We will not allow drilling until we have no assurance that the plans for all wells (…) represent what can be done better," says the UK Department of Energy.

Already, several U.S. companies threaten to go elsewhere to drill. "If the moratorium is maintained, we will have to redirect our resources to other parts of the world we are authorized to work," says one at Exxon Mobil, the first American company. In the U.S., the oil sector is characterized by the presence of a multitude of small companies, which bore alongside the majors. Thus, Swift Energy, based in Houston, told AFP that she was going to drill more in Texas, on land, at the expense of its operations off the coast of Louisiana.

In California, oil companies had rejoiced the green light to drill offshore, given by Barack Obama just days before the spill.The disaster has brought back the White House on this concession to the oil lobby for support of allied Republicans in Congress on the draft energy law discussed step by step for over a year. The company Venoco, which had projects off California, will focus on its land drilling. Problem: the volumes available in the ground are much lower than those buried under the ocean floor.

Angela Merkel can boast of having imposed the virtues of fiscal discipline at the highest level. But to the relief of Barack Obama and Nicolas Sarkozy, she has not transformed the G20 summit of austerity."Recent events show the importance of sustainable public finances and the need for our countries to implement measures to consolidate budget spread over time, conducive to growth, and differentiated according to country and national circumstances," says the One of the phrases most discussed compromise.

Determined to make growth "priority" of the G20, the United States got to place the term "recovery" prominently in the declaration, a challenge, says a trader. "We need to let it work through our plans to consolidate fiscal stimulus recovery," said the G20 as well. "Adjustments in simultaneous biggest countries could undermine the recovery," it added.

Disagreement over the top on bank charges

Canada has not really managed to impose a stability pact worldwide."Advanced economies have pledged to take measures to consolidate budgetary decline by at least half the deficit by 2013, and stabilize or reduce the debt / GDP ratio by 2016, said the G20. Nothing that does very afraid of the euro area, or even France, which has promised to reduce its deficit to 3% in 2013. The White House, meanwhile, did not wait for the G20 to commit to reducing the U.S. budget deficit by half in 2013 to return to deficits of 3% in 2015.

If the disagreement at the summit endorsed the tax credit, due to strong opposition from Canada to Australia, but also emerging countries (China, India, Russia), the G20 mention the tax as an option for countries seeking to save public money in any future banking crisis.Defended by the Fund, this fee would be modulated according to risk profile of financial institutions.

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On Wednesday, the auction room was very bad name. The remarks of the prosecutor of the Republic, Chantal Leyris were largely inaudible, the magistrate refused to use the microphone placed at his disposal. And the prosecutors took over the reasoning that led, last year, after investigation, to claim a non-place.But the word "relax" is heard, the prosecution did not request any penalty against former executives of Vivendi Universal.

Jean-Marie Messier, and a good portion of men who formed his staff at the head of the company, is considered from the beginning by the court. The legal case focuses on communication triumphalistic group, become a giant media and communications after its merger with Seagram, which controls including Warner Music. From the first day of the hearing, the former CEO has expressed a mea culpa about its "excessive communication."

On Wednesday, early in the indictment, the prosecutor concurs: "The Vivendi is not an Enron.This is not a fraud organized by the President. "Legally, the prosecution highlighted several weaknesses in the case conducted by the magistrate:" The element of intent was not taken into account in the definition of the crime . Or, on the issue of price manipulation, "Mr. Messier was referred to the court taking into account only the only conclusion of the sanctions committee" of the COB (now AMF). On the merits, Chantal Leyris exempts Jean-Marie Messier on several points. "There is ample evidence, she believes, for example, that the movements in the price of Vivendi September 25, 2001 are due to the normal balance of markets."

The defense of the accused must be expressed from this Thursday.It will do a similar tone, even if it is this time the tenors of the bar who give voice.

The reaction of Didier Cornardeau, president of the association of small shareholders assets:

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