Business And Personal Finance

The International Monetary Fund growth forecast for France, which joined the government this year but is more cautious thereafter, and did not see the deficit back below 3% of GDP before 2015.

In its annual report on France on Friday, the IMF welcomed the "ambitious reform program" implemented by the authorities, welcomed the "major reform" of pensions and notes that French banks are solid.

But he stressed the risks to future growth, although France has fared better than its neighbors to the recession, and recommends giving priority to a "substantial and credible rebalancing" of public finances.

After a contraction of 2.5% in 2009, the IMF sees gross domestic product of France grow 1.4% this year, the same prediction as the government, and 1.6% in 2011, 1.8 % in 2012 and 2.0% in 2013.

The deficit would increase at the same time 7.5% of GDP in 2009 to 8.0% in 2010, before declining to 6.1% in 2011, 4.8% in 2012 and 3.9% in 2013.In 2015 he would return below the 3% limit set by the Maastricht Treaty.

The stability program of France plans to achieve the 3% deficit in 2013, subject to a growth of 2.5% from next year.

"To make the effort of more credible, it is important to establish the framework of budgetary planning on realistic macroeconomic assumptions," the IMF in his notes.

The directors of the Fund are also demanding that the authorities implement energy with their reform program to support the recovery.

Dassault Systemes reported a 61% increase in operating profit in the second quarter to 109.5 million euros, above analysts' expectations, and is revising upwards its guidance for 2010.

The publisher of software design and computer aided manufacturing states now expect growth in earnings per share between 21% and 26% against a target growth of around 18% to 23% .

For the quarter ended June 30, Dassault is also in a statement that its operating margin rose to 27.9% where seven analysts polled by Reuters expected the drafting of an average margin of 23.5%.

"After taking into account the results better than expected second quarter, so we revise upward the growth target of our turnover in 2010 non-IFRS," the group."These objectives are consistent with our hypothesis of a gradual improvement in the economic environment."

"As regards our performance targets and margin, we aim now growing non-IFRS EPS of 21% to 26% to take into account the results of the first half, the evolution of exchange rates and the continuation of our Efforts to improve the performance of our organization ", explains Dassault Systemes.

The group, which counts among its customers Boeing and Toyota, had already raised its end-April target for earnings per share to reflect the weakening of the euro, giving a growth rate of 18% to 23% considered too conservative by analysts.

Its chief executive Bernard Charles said in May Reuters he was confident in its ability to double its turnover within five years without the need for acquisitions to get there.

Dassault Systemes, whose main U.S. competitors Autodesk and Parametric Technology, achieved the second quarter 30% of its sales in the U.S. and fourth in Asia, against 45% in Europe.

The action Dassault Systemes closed at 51.57 euros on Wednesday. The group has a market capitalization of 6.10 billion euros.

Following the announcement by BP of its intention to sell 30 billion dollars in assets to cover the cost of oil spill in the Gulf of Mexico, requests for compensation should quickly build up markets but wonder always on the activities and subsidiaries, the group separates.

After replacing the CEO, Tony Hayward, the American Bob Dudley, the rumors suggesting candidates for acquisition of assets are going well.

BP announced Tuesday that its asset sales could reach a total of 30 billion dollars (23 billion euros) over the next 18 months, which could allow it to reduce its debt between 10 and 15 billion.

According to sources close to the deal, BP has entered into discussions with the Indian Reliance Industries and Essar to sell its fuel distribution business in Africa, estimated at 500 million dollars.

The Indonesian subsidiary of the company was quick to deny the parallel transfer rumors about it: "Our strategy and our plans do not change in Indonesia.Indonesia is a strategic location for BP, told Reuters the president of BP Indonesia, William Lin.

According to banking sources, BP would be more likely to divest its shares in the giant field at Prudhoe Bay in Alaska, his interest in Pan American Energy in Argentina and assets less important in Vietnam, Pakistan and Colombia.

BP has already begun to yield billions of dollars to finance a compensation fund of 20 billion dollars.Last week, the group concluded the sale of seven billion dollars in assets to the U.S. Apache and plans to sell assets in the gas to Pakistan and Vietnam, valued about $ 1.7 billion.

BP DEAL WITH ITS RESPONSIBILITIES

The equivalent of more than five million barrels of oil flowed into the Gulf of Mexico, according to U.S. government estimates, since the explosion of the platform Deepwater Horizon has made eleven died April 20.

The oil escaped from the wells has polluted the shores of five states in the southern United States, causing extensive damage to tourism and the fishing industry.

BP has not yet found a way to completely make the flight but could initiate the procedure laid down in last end of next week.

Meanwhile, applications for compensation are piling up, as well as records of the investigation to determine liability in the accident.

The U.S. authorities are preparing a criminal investigation into at least three companies involved in oil spill in the Gulf of Mexico BP, Transocean and Halliburton, the Washington Post reported Wednesday.

The Foreign Affairs Committee of the Senate is also trying to determine if BP has lobbied the British authorities to release the Libyan agent Abdel Basset al-Megrahi, convicted of the Lockerbie bombing, which killed 270 people had 1988.

The oil group is suspected of having advocated a release for fear that a continued detention does derail a proposed oil contract in Libya.

At the London Stock Exchange under the BP lost almost 1% to 402 pence after the session, investors reacting to the announcement of a special charge of $ 32.2 billion related to the oil spill, which plunges accounts of the British group into the red to the tune of 16.97 billion for the single quarter April-June.

BP has lost 40% of its stock value since the beginning of the disaster.

"The real issue is the future of BP in the next two years," analysts at Morgan Stanley.

"Investors will need clarification on the impact of these divestitures and it will reassure them that there will be a change in corporate culture focused on safety before (…) BP may again be at the height of its competitors. "

Some industry executives believe that the context is rather favorable to the sale of assets, the relative stability of oil prices over the past nine months to facilitate discussions between buyers and sellers.

Nissan recalls 51,100 copies of its Cube model sold in North America, U.S. authorities have found a risk of fuel leakage could ignite a fire in a collision, listing the manufacturer and the regulatory authority.

This recall is justified by the fact that the vintages 2009 and 2010 Nissan Cube likely a fuel leak in a collision from behind at over 80 mph, said the documents released by the National Highway Traffic Safety Administration .

Nissan last week suspended the sale and export to the United States and Canada Cube assembled in Japan.

The markets outside North America are not affected, said a spokesman for the Japanese.

Nissan said if the issue had not caused any accidents so far and had no casualties.

The sale and production will resume once the fault is corrected, added the spokesperson.

Stock markets in New York have closed higher Thursday, driven by the encouraging results published in the day by heavyweights in the U.S. economy including UPS, Caterpillar or 3M.

The Dow Jones industrial average 30 largest United States ended on a rise of 1.99% to 10,322.30 points. The S & P 500 index fund managers, took 2.25% to 1093.67 points and the Nasdaq high technology weighting, gained 2.68% to 2245.89 points.

Caterpillar and 3M have closed up 1.69% to 68.00% and 2.98 dollars to 84.75 dollars after publishing results well above expectations.

United Parcel Service has jumped 5.23% to 63.15.The world of messaging has raised its forecasts to reflect the higher volumes.

"The forecasts are delivered by UPS a very good sign as the volume of shipments is directly related to the shape of the economy," said Peter Jankovska, head of investor Oakbrook Investment LLC.

Buoyed by a successful Farnborough Air Show, Boeing has meanwhile closed up 5.41% to 66.60 dollars.

Already supported by these results, the indices have accelerated the pace after the publication of information on sales of existing homes in June at least, emerged down 5.1% as markets were anticipating a downturn even stronger, the order of 8.1%.

"The numbers of homes have been sensational.In absolute terms, poor (…), but that's to be followed and the consensus was blown up and it's great news, "commented Burt White, managing director and chief investor in LPL Financial in Boston.

The PHLX sector index of housing values has won 4.23%, while KB Home has been 3.85% to 11.06 dollars and Lennar Corp. was up 3.14% to 14.76 dollars.

Volvo on Thursday posted better than expected results in the second quarter on the strength of a recovery in demand for heavy trucks, reducing costs and growth of its construction division.

The second global manufacturer of trucks, which had greatly suffered from the global economic downturn, has emerged on the period pretax profit of 4.5 billion kronor (498 million euros).

Financial analysts on average expected $ 3.4 billion, according to Reuters.

"During the second quarter, sales of the Volvo Group have continued to rise thanks to the gradual recovery of demand in most markets group," said the CEO of Volvo, Leif Johansson said in a statement.

The officer said that the sales trend was particularly strong in Asia and South America, while noting that a historical perspective, turnover remained low and the recovery in profits was due to reductions costs, which have lowered the threshold of profitability.

The sales of Volvo came out at 68.8 billion kronor, against 65.1 billion expected.The turnover of the truck division rose 24% to 41.6 billion kronor, while that of the factory equipment has reached 15.3 billion crowns.

NO NEW INFORMATION ON THE SHARES OF RENAULT

Niclas Hoglund, analyst at Swedbank, said that the success of Volvo result of improved performance of the factory equipment group, also welcomed the 82% jump in orders for heavy trucks on second quarter versus the same period in 2009.

"The only weakness in the publication is that trucks have only" met market expectations.It is possible that the informal consensus has been a little higher, "notes the analyst.

Volvo claims it continues to anticipate growth of its markets this year.

"In terms of market conditions, we envisage a business growth of our North American customers and a rise in orders," said Leif Johansson.

"We expect the demand for new trucks in North America will continue to increase during the second half of this year and gradually rising in Europe will also continue."

The Swedish group also reiterated its forecast for growth of around 10% market share in Europe and that an increase of 20-30% in North America throughout the year.

In the second quarter, new orders rose at an annual rate of 112% in Europe and 105% in North America, while they increased 70% in Asia.

The Chief Executive has also said he had no new information concerning the participation of Renault.

In late June, the Swedish press had reported that the holding company Industrivarden would be willing to purchase the shares of Renault's truck manufacturer in anticipation of a possible sale of the 21.3% of voting rights held by the French group.

Around 9:40 GMT, gained 1.34%, to 91.05 kronor.

President Barack Obama issued Wednesday the most sweeping reform of the banking system and financial support to the United States since the 1929 crisis.

The text was adopted by Congress last Thursday.

With this legislation, we will ask the American people never pay for mistakes made by Wall Street, "Bush said at the ceremony enacted in Washington.

The text, which has 2,300 pages, is to avoid a repeat of the financial crisis of 2007-2009 and provides for increased protection of the consumer.

Barack Obama has assured that a company would not be protected under the principle of "too big to fail" ("too big to fail"), as has been the case for the insurance group AIG in financial crisis .

"There will be no rescue funded by the taxpayer," he said. "If a major financial institution collapses, the reform allows us to slow the fall without endangering the economy."

About 400 people, bankers, victims of the financial crisis and MPs, were gathered in the Ronald Reagan Conference Center in Washington, to attend the ceremony of proclamation.

The U.S. president has assured that the reform would encourage innovation and not interfere in anything.It will also, he said, insurance bankers, businesses and consumers alike.

The new law gives regulators more leeway in deciding the fate of troubled companies and sets limits for a range of trading activities deemed risky.

Hermes International expects the second half growth in turnover lower than in the first half, told Reuters the finance director of the luxury group.

In a telephone interview, she said the company now expects stable sales in the year in Japan, where Hermes generates 20% of its turnover.

"We remain optimistic about sales trends but we will have a growth rate slightly lower in the second half compared to the first," said Mireille Maury.

Throughout the first half, sales came in at a Hermes.074.7 million euros, an increase of 20% at constant exchange rates and 22.8% after taking into account the positive impact of exchange rates.

The CFO also said that the group had invested about 180 million euros in 2010 on projects such as opening or renovating stores.

The U.S. stock market ended on a note undecided and almost unchanged on Thursday after economic indicators mixed and rebounding last minute values.

The Dow finished virtually unchanged, down slightly from 0.07% or 7.41 points, to 10,359.31 points while the Standard & Poor's 500 broad, however gained 0.12% or 1.31 point to 1096.48 points.

The Nasdaq Composite Index finished almost unchanged also in crumbling of 0.03% or 0.76 points at 2249.08 points.

Apart from the decrease in enrollment weekly unemployment indicators of the day published in the United States disappointed.Whether the Producer Price Index, activity in the Philadelphia area or that of New York, figures released on Thursday came to remind markets that the U.S. economy remains fragile.

Investors were also some difficulties in interpreting the results published by JPMorgan.After spending much of the session down, the action finally won JPMorgan 0.27% or 0.11 point, to 40.46 dollars.

The number two U.S. bank by assets said its net income climbed to 4.8 billion dollars (3.7 billion euros), or $ 1.09 per share, against 2.7 billion (28 cents per share) during the corresponding period last year.

In contrast, Citigroup and Bank of America, who publish their results on Friday, finished in respective decline of 1.19% to 4.16% and 1.79 dollars to 15.39 dollars. The S & P financials has finished down 0.1%.

Goldman Sachs rebounded late in the session and gained 4.4% to 145.22 dollars.

The BP action listed in New York, finished with a gain of 7.6% to 38.92 dollars.The tanker reported that spillage of oil had been observed after complete blockage of the well at the origin of the oil spill in the Gulf of Mexico.

A new containment dome was installed on Monday and the company was fully closed on Thursday, cutting off the entire flow of oil to the surface, "said Kent Wells, Vice-President responsible for BP's exploration and production.

For technology, Advanced Micro Devices, which was to publish its results after the close, ended on a drop of 0.4% to $ 7.41. Google, which was also published, has instead gained 0.55% to 494.02 points.

Amazon.com has lost 1.01% to 122.06 dollars.Bank of America-Merrill Lynch, which was the purchase value, has moved to neutral. The growth of online retailer is slowing, analysts said the bank.

Marriott International has surrendered 1.55% to 31.66 dollars. The hotel group has issued a forecast of revenue per available room below expectations for the third quarter. He expects a revPAR in North America increased 5 to 7% for the quarter, against a rise of 7.9% for the second quarter.

The Paris Bourse was down Thursday at the opening, in the wake of U.S. and Asian markets, following concerns expressed by members of the Monetary Policy Committee of the Federal Reserve on the U.S. economic recovery.

Around 9:20 am, the CAC 40 assigns 0.4% to 3618.58 points.

Financial stocks continued their decline yesterday, accusing the largest declines. Societe Generale lost 1.42%, BNP Paribas and Dexia 1.54% 1.29%.

Accor advance of 1.07%.JP Morgan initiated coverage with a recommendation as "overweight".

L'Oreal gained 0.31% after a rise in RBS's recommendation to "hold" cons "sell".

Other major European markets experiencing the same trend, London was down 0.52% and 0.44% in Frankfurt. As for the European indices, the EuroStoxx 50 yields 0.52% and 0.32% Eurofirst 300 loses.

The euro remains stable against the U.S. dollar, about 1.272 dollars per euro.

U.S. light crude oil fell back slightly and trafficking around 76.60 against $ 77.04 the previous evening.