Poul Thomsen, the head of IMF mission in Greece, will have to recognize that slow the pace of fiscal consolidation since the recession is more severe than expected. The head of IMF mission to monitor the recovery of Greek finances, Poul Thomsen (here in Athens November 19, 2011) The head of IMF mission to monitor the recovery of Greek finances, Poul Thomsen, acknowledged errors in the control of the country for two years and called for fewer budget cuts and further liberalization, in an interview published Wednesday. "The budgetary adjustment was based on an exaggerated tax increases, we should have put more emphasis on cost containment is the one area where we could have been more convincing to the government "said the IMF representative, when asked about possible errors of the IMF by the Greek daily Khatimerini." Although much remains to be done, Greece has made good progress, "he said, claiming to understand the discomfort of the Greek opinion against criticism blaming the downturn on the country or accusing him of being unable to recover. "We should be more careful to ensure that we send a balanced message when we say that the program is off the rails," he said. But "reform and the effort required (…) have lost their momentum, we must find her," he ajouté.Poul Thomsen was recognized "worried" at the worsening of the recession-induced these measures. "We need to slow down the pace of fiscal consolidation and advance much faster in the implementation of reforms." He reiterated that among them, he supported measures to wage cuts in the private sector, as expected IMF boost the economy via a gain in competitiveness, but rejected by the Greeks as being at risk of stopping further consumption and activity. Poul Thomsen in particular called for a reduction in the minimum wage, red rag to the unions, stating that 'to 751 euros gross per month was 35% higher than that of Portugal, and from 20% to that of Spain. Despite reservations Greek on these requirements, he found that the negotiations that led to the side its counterparts Commission and European Central Bank with the government to complete the new plan for the country's recovery will be concluded "very shortly, within a few days."Target these days of sharp attacks in the Greek press as too inflexible and challenged him as in the IMF because of the failures encountered by the first bailout of Greece, Mr. Thomsen also emphasized working in full agreement with colleagues at the IMF.
Airbus anticipates a decline in orders in 2012 compared to 2011, the success of the A320neo, announces CEO Thomas Enders.
"There will not be the same kind of firework of new orders in 2012 as there has been this year," said Tom Enders daily Börsen-Zeitung, in an interview published Thursday.
Despite expectations of a recession, the two major aircraft manufacturers worldwide have accumulated very large orders this year after deciding to upgrade their best-selling models, namely the Airbus A320 and Boeing 737, by equipping them with new engines capable save 12% to 15% fuel.
Airbus, a subsidiary of EADS, is leading the race by promising that the A320neo would be available by 2015.It has sold more than 1,000.
The manufacturer plans to increase its production rate to 44 A320s per month. He must make a decision soon.
But first we must weigh what is happening economically, said Thomas Enders at Börsen Zeitung.
"But the airline demand is there, and for the second half of the decade, when the" neo "released in 2015, a further increase of production is quite possible," he adds.
The boss of Airbus also points out that in the tough current economic climate, some suppliers of small and medium sized have difficulty obtaining financing and banks are reluctant to finance aircraft construction.
"We must find new sources of funding.
The resident of Calvados in September which won the sum of 162 million euros in the Euro Millions became known to the French Games. He was thinking of "investing in the French economy." If the Euro Millions grid costs two euros across Europe, certain terms of games vary from one country to another.
The winner of the jackpot of 162,256,622 euros in the Euro Millions draw of 13 September, which had approved the ballot in Calvados, became known to the French Games (FDJ) and received his check, said Thursday morning the JDF in a statement.
This player, who wishes to remain anonymous, has the highest gains in French Euro Millions and all-time record earnings in a money game in France.He "thinks about investing in the French economy", or to real estate projects adds the JDF without elaborating, at the request of the player, on the date of payment or the locality where the Calvados has been validated winning newsletter . {P}
London Stock Exchange confirmed on Friday to discuss the purchase of the clearing house LCH.Clearnet, which is coveted by both the service provider Markit UK by rival Nasdaq OMX.
The LSE, which had been, two months ago, put his hand on the Canadian exchange operator TMX Group, said Friday that it "is currently in discussions with LCH.Clearnet to a potential transaction." He added that discussions were preliminary.
LCH.Clearnet, the majority of whose capital is owned by its customers, had said three months ago, she had been in contact about its possible sale.
The LSE said in late May that he did not discuss with LCH.Clearnet.Media evoked them Markit, a specialist in derivatives traded over-the-counter and Nasdaq OMX, in partnership with NYSE Euronext.
For its part, the Financial Times reported Friday that the LSE has submitted a bid for a majority stake in LCH.Clearnet that values the company around one billion euros.
A takeover of the LSE of LCH.Clearnet would be logical in that, unlike most of its competitors, it does not own its main clearing house.
The LSE is already owner of the Italian clearing house CC & G, which it inherited when it bought Borsa Italiana in 2007.The Director General of Xavier Rolet LSE is keen to diversify its business and to increase the share of revenue under the compensation.
"LSE is not to miss the boat but it is likely he will not be part of a larger group with NYSE and Markit," said one trader in London.
The action LSE lost 1.4% to 919.5 pence in early trade while.
The Tokyo Stock Exchange ended up 0.29% Friday, purchasing cheap market conservative who supported a highly anticipated speech before the President of the Federal Reserve.
The Nikkei gained 25.42 points to 8797.78 points and the Topix, broader took 4.25 points (0.57%) to 756.07 points.
Ben Bernanke is speaking from 14:00 GMT to Jackson Hole (Wyoming), a speech that investors around the world hope to gain clues about the Fed's intentions concerning the U.S. economy.
Hope to see Ben Bernanke announced a new plan to support the economy supported the equity markets early in the week, but this enthusiasm has been tempered somewhat.
"The Index (Nikkei) remains below 9.000 points, and is the level where investors buy stocks with attractive valuations, "said Hideyuki Okoshi, director of Chibagin Securities.
On small volumes, some values abused since the beginning of the month and have found favor with investors.
Elpida, the third manufacturer of DRAM, in particular, jumped 17.58% to 535 yen after losing up to 40% in one month due to the capital increase announced by the group.
The U.S. retailer Wal-Mart is in talks to buy the Brazilian subsidiary of Carrefour, said Tuesday the newspaper Valor Economico.
Officials from Wal-Mart are in direct contact with their French counterparts, writes the newspaper.
The two groups had in 2009 negotiated a merger, but talks had failed because of disagreement on the valuation of assets.
These new negotiations would occur while the Brazilian businessman Abilio Diniz gave up in July to its proposed merger between the Brazilian distributor Grupo Pao de Acucar (GPA), controlled by Casino, Carrefour and the subsidiary in Brazil.
European leaders multiply contacts under pressure from the markets that call for radical action to halt the spiral of debt crisis.
With the drop in world stock markets Friday, a rapid intervention of political authorities is necessary for a return to calm financial community destabilized by the possibility of a relapse of the U.S. economy and the expansion of the debt crisis in the euro area.
After two weeks of continuous decline, the streets of Paris, Rome, Madrid and Lisbon fell to their levels of more than two years.
Thursday, investors did not appreciate that the ECB has not bought the Spanish and Italian paper as part of the relaunch of its bond purchase program, limited to the State debt Irish and Portuguese even though the performance of Spanish and Italian securities exceeded 6%.
After Greece, Ireland and Portugal, investors fear that it is now the turn of Italy and Spain, third and fourth economies in the euro area, have to seek a rescue.
According to sources close to the situation Friday, the European Central Bank is ready to redeem Italian and Spanish bonds if the Italian Prime Minister Silvio Berlusconi is committed to implement fiscal reforms accurate.
Silvio Berlusconi, who called the day the Spanish Prime Minister Jose Luis Zapatero and European Council President Herman Van Rompuy, was to hold a press conference at 1700 GMT.
President Nicolas Sarkozy was in turn confer by telephone with German Chancellor Angela Merkel and José Luis Rodriguez Zapatero.The head of the French state, while France chairs the G20 would also continue discussions begun the day with ECB President Jean-Claude Trichet.
China and Japan, the two largest foreign creditors of the United States, called for international cooperation, joined by the European Union.
"The international policy coordination across the G7 and the G20 is crucial," said European Commissioner for Economic and Monetary Affairs Olli Rehn, who interrupted his vacation to return to Brussels where he held a press conference .
He has announced that the European Commission will present a report after the summer on the idea of common obligations to the euro area ("Eurobonds") and long-term opportunities for infrastructure in the euro area.
Olli Rehn would also discuss the situation with the United Kingdom, which is not part of the euro area suffers heavily from the excitement of the markets. He had to meet with the Chancellor of the Exchequer George Osborne and the Governor of the Bank of England, according to a British Treasury.
LVMH reported a very strong performance Tuesday with a semi-annual demand for luxury unabated despite the uncertainties surrounding the global growth, and revealed to have further increased its stake in Hermes.
The global luxury goods giant, whose share reported in the deluxe saddle was 20.2% up to date, continued its purchases to increase it to 21.4%.
"In the course of the semester, we increased our stake to 21.4%," said LVMH's chief financial officer, Jean-Jacques Guiony during a conference call.
The title of Hermes, whose float is limited to 7% today, has become highly speculative since the arrival of LVMH's capital in October 2010.
He had been a new outbreak since late May, to reach new highs of more than 240 euros, while rumors of acquisition by LVMH were rife in the markets.
Jean-Jacques Guiony said LVMH still held financial instruments reported in October on Hermes shares, namely 200,000 "equity swaps".
According to figures well above expectations and published by Britain's Burberry Hermes, the world's largest luxury was also pleasantly surprised.
In an industry sensitive to economic fluctuations and boosted by very strong demand in emerging countries but also in mature markets, sales of LVMH rose 13% in the first half.
NO SLOWING DOWN FOR
"We perceive no sign of slowdown in our markets around the world," said Jean-Jacques Guiony as an indication of changes to wait for the second semester.
He also said the group did not anticipate problems with production capacity at Louis Vuitton, gem of the group is its main profit center, thanks to its new leather open in the spring in the Drome.
Turnover totaled 10.29 billion euros, exceeding the consensus of analysts polled by Reuters (10210000000).Organic growth for its 15%, on a basis of comparison the already high (15% well), marking a slight acceleration over the first quarter (+14%), while analysts expected a settlement in the vicinity 12.5%.
Business performance related to cost management helped to boost the operating margin to 22% (20% a year earlier), a record for a first half and also very often higher than expected ranging from 20.5% and 20.7%.
In fashion, leather goods, the division's most profitable group with Louis Vuitton, sales were up 14% on organic and margin jumped nearly five points.
In wines and spirits (Hennessy cognac, Dom Perignon champagne, Ruinart and Moet & Chandon), turnover increased by 13% and the margin has been nearly four points.
Sales increased 11% in perfumes and cosmetics (Dior, Givenchy) and 18% in the selective distribution (Sephora, DFS).
But the prize goes to the pole watches and jewelry (TAG Heuer, Zenith and Chaumet), which will integrate the Italian jeweler Bulgari being acquired, with an increase of 27%.
The title LVMH closed Tuesday at 130 euros on the Paris Bourse, signing up 5.6% since early January. At these levels of courses, its valuation multiples stand at 19 times earnings estimates for 2012, similar to its rival Richemont, owner of Cartier and Van Cleef & Arpels.
Business in France dangerously slow. For Michael Meunier, president of the Young Business Leaders, if labor costs do not fall, the French economy is doomed to slow growth and a high unemployment rate. Activity indicators in France turn red. Are you worried?
Yes of course, especially as the slowdown is confirmed in all sectors, from manufacturing to services. And the coming months promise to be just as difficult. In business, negotiations with suppliers but also with customers are increasingly strained. And duration of contracts was divided by three. Order books are empty and businesses no longer have any visibility. Fortunately, since the crisis, they are heavily debt-free. Remains today, they burned their cash, their access to credit is still difficult.And without cash, they will postpone their capital projects and hiring. However in the medium term, if SMEs do not invest, France is doomed to a very low growth rate and a high unemployment rate. For it must be remembered that small and medium-sized enterprises represent 60% of GDP, 63% of total employment and are now causing 85% of new posts.
France has more and more difficult to create growth. How do you explain it?
Mainly because the labor costs are too high. France, with 873 billion euros of tax burden, is Europe's number one and number five in the world. It is urgent to reduce the tax burden of companies to restore competitiveness. Today we walk on the head. We built a system of levies that punctures priority work.Social security costs 21% of our GDP and is mainly financed by payroll taxes on labor. And it is the companies that fund family policy. Results for many companies, payroll accounts for 80% of their turnover. How do you invest and create growth! CJD in that we are fighting for the cost of labor is at the heart of the presidential campaign.
Wall Street rebound is possible next week thanks to the good performance of a technical resistance level of the S & P 500 and the traditional cleaning of quarter-end portfolios.
For the week, the Dow lost 0.58% and 0.24% S & P but the Nasdaq gained 1.39%. The Dow and S & P accuse their seventh week of decline over the last eight.The S & P shows a decrease of 8.2% from its peak three years hit early May.
Despite this drop, the index managed to stay above its moving average 200 days, a line of defense considered essential by technical analysts.
This leads some to say that many investors are prepared to enter the market to defend this threshold in order to consolidate a good technical base prior to orchestrate a rebound during the season for corporate earnings, which begins in two weeks.
That said, the three factors that explain the decline in Wall Street two months ago are still there: the risk of default of Greece, the U.S. macro-economic indicators painting a picture of unfavorable conditions in the United States and the question of limit the liability of the world's largest economy.
Deputy Prime Minister of Greece has warned this weekend that recalcitrant MPs could block some reforms sought by the donor, even if Parliament should support the overall austerity plan in the vote Wednesday.
The Federal Reserve Wednesday cut its forecast for economic growth in the U.S. and kept interest rates close to zero but has not so far suggested that a new monetary support was being prepared.
President Barack Obama will meet Monday, separately, the leading Democratic and Republican Senate to try to revive negotiations on raising the debt ceiling.
Weakened RESISTANCE
While the S & P 500 managed to not go under the moving average 200 days, nothing says that it is immune to such developments.
Based on the closing price of Friday, the average is now 1.263.47 points, while the index ended last week on a course of 1268.45.
"Every time we test the level of support, it is fragile. It's like a piece of metal.Every time we beat him, it becomes more fragile, "said Nicholas Colas," technical analyst at ConvergEx Group.
In the absence of results of companies, are the statistics that will help determine market direction next week.
In addition to the weekly jobless claims, expected Thursday, the figures are related to real estate and industry of attention.
The S & P Case-Shiller home price next will be published Tuesday and promises of home sales are on the program Wednesday.
The ISM manufacturing index in June, scheduled Friday, to fall to 51.9, which would indicate a further slowdown in the growth of this sector.