All My Thoughts

The G20 could increase by 400-500 billion of IMF funds

April 14, 2012 – 4:05 am

The 20 major economies should agree to increase from 400 to 500 billion resources of the International Monetary Fund (IMF), an amount less than $ 600 billion raised initially by the IMF, told Reuters several G20 leaders.

These funds are meant to give the IMF the means to combat the crisis of sovereign debt in the euro area.

The G20 finance ministers meet in Washington next week and will increase the Fund's resources will be central to their discussions.

"I would say it will be somewhere between 400 and 500 billion and that much will depend on commitments of the major world economies and European economies outside the euro area," said an official of the G20. 

Executive Director of the IMF, Christine Lagarde, said Thursday that an agreement could take time, suggesting that the meeting next week may not result in an agreement dice finitif.

She also said it was possible that the IMF has required fewer resources than he thought a few months ago, the economic and financial risks are being mitigated, as well as its financing needs.

The long-term operations (LTRO) of the European Central Bank refinancing two to three years made in December and late February, by watering thoroughly with liquidity sys my bank, have also helped reduce the need of the Fund, in the opinion of officials. 

The IMF estimated in January that it would take $ 500 billion more for loans and an extension 100 billion in reserves for protection of risks arising from the debt crisis of the euro area .

"UNREALISTIC"

"It was always clear that this envelope 500 to $ 600 billion (…) was too unrealistic," said another official of the G20. "We will be happy if we get other countries as much as what the Europeans are willing to contribute."

Countries in the euro area have committed to provide 150 billion euros and other countries of the European Union 50 billion.

The first official said that China and Japan could together provide $ 100 billion, or slightly more. "It seems that Japan and China are relatively happy with what Europe has done," said a third official.

"But among developing economies, we still feel that the rich countries like Germany should play a greater role in solving the problems of the region, it may be that there is no agreement until the last moment, "added the third charge.

For now, the U.S. and Canada are the only countries that do not contribute to an increase of IMF resources.

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Countries that invest more in green energy

April 12, 2012 – 6:05 pm

While China was displayed as the superpower of clean energy since 2009, the U.S. has taken the top spot developed by the American NGO Pew Charitable Trust, with over $ 48 billion investment in 2011 . France ranks fifth, a position gained in 36% of additional investment over one year. 1/10

Previous Previous PauseSuivant 1. United States: $ 48 billion investment Next 2/10

Previous Previous PauseSuivant 2. China: $ 45.5 billion investment next photo 3/10

Previous Previous PauseSuivant 3. Germany: $ 30.6 billion investment next photo 4/10

Previous Previous PauseSuivant 4. Italy: 28 billion dollars of investments Next Photo 5/10

Previous Previous PauseSuivant 5. France: $ 5 billion investment Next Photo 6/10

Previous Previous PauseSuivant 6. India: 10.2 billion euros in investments Next Photo 7/10

Previous Previous PauseSuivant 7. UK: $ 9.4 billion investment Next Photo 8/10

Previous Previous PauseSuivant 8. Japan: $ 8.6 billion investment Next 9/10

Previous Previous PauseSuivant 9. Spain: $ 8.6 billion investment Next Photo 10/10

Previous Previous PauseSuivant 10. Brazil: $ 8 billion investment Next

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Madrid will not need help its banks, confirms the EC

April 11, 2012 – 8:05 am

The European Commission continues to believe that Spain would not need financial assistance from the euro area in order to recapitalize its banks Wednesday said a spokesman.

Asked if the Commission felt that Madrid was always able to avoid stressing the currency bloc to preserve its banking sector, Olivier Bailly simply replied "yes".

He also said the Commission would be able to have an overview of the efforts of Spain to consolidate its finances once the Spanish Government has delivered a comprehensive overview of its plans, including regional governments. 

Lack of information, particularly on the provisions which reach implement local Spanish, "the Commission is not able to make any recommendation at Madrid" he added.

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Facebook acquires Instagram for $ 1 billion

April 9, 2012 – 2:05 pm

Facebook announced Monday the acquisition in cash and securities Instagram, application enabling the exchange of pictures, for one billion dollars (762 million).

The social network plans to complete the transaction in the current quarter.

Instagram was launched in January 2011 and now has thirty million users. The application allows in particular to apply filters and effects to photos taken with a smartphone.

This acquisition is unexpected since Facebook is preparing an IPO.

"This is an important step for Facebook because it's the first time we acquire a company and a product as accrued," said the Director General General of Facebook Mark Zuckerberg.

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Job creation slows in the U.S.

April 6, 2012 – 2:05 pm

Despite the creation of jobs halved in March, the unemployment rate still fell by 0.1 point to 8.2% last month. Enough to supply the controversy about the real situation of employment overseas. One protester dressed as Uncle Sam protests against the U.S. public deficit, near Time's Sqaure in New York, October 28, 2009.

Attention statistical trapped. While the real situation of employment is being debated in the U.S., including the Fed, the Labor Department announced Friday that the unemployment rate fell 0.1 points to 8.2% in March. But this apparent good news is accompanied by a slowdown in job creation to 120,000 against 240,000 the previous month Analysts had expected at least 200,000 more jobs created last month.

Hiring was strongest in the first two months of the year, especially in January (275,000). But economists were concerned that these figures have been inflated by an unusually mild weather, making an increase in activity that would be offset by a slowdown in March.

Unemployment can evolve differently in job creation: it is determined by household surveys as they are derived from company surveys, it is sensitive to changes in the labor force (which increased less in March in January or February), and is calculated to a tenth of a percentage point, from which threshold effects.

Since summer, the trend unemployment rate is significantly to the decline, which had reached 9.1% in August yet. This trend is also clear for another measure of the labor market, unemployment and underemployment (including among other employees working part time against their will, or people who have abandoned the active search for work) , which fell to 14.5% in March against 14.9% in February. This is the lowest rate since January 2009. The number of unemployed also declined: 12.67 million in March, against 12.81 million in February.

By business segment, the slowdown in job creation is significant in the private sector (121,000 in March after 233,000 in February). In the public employment was flat in March while on a decline the previous month. Hiring in the manufacturing sector were virtually unchanged (31 000), while those in the service sector fell (90,000 against 204,000 in February).

The government increased job losses in temporary employment (7500), generally considered a leading indicator of economic activity. But he welcomed the increase of 3.6 million since February 2010 the number of jobs in the U.S. economy.

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COR-Kampf bows out, Hermelin as CEO of Capgemini

April 5, 2012 – 4:05 am

Capgemini announced Thursday that its chief executive Paul Hermelin also cumulate the functions of chairman, replacing Serge Kampf, a founder of the group, who decided not to go in his term .

Serge Kampf, aged 77, had reserved the option when renewing his term as CEO in 2010.

The Board of Directors of Capgemini, met on Wednesday, decided "to return to the classic formula of a CEO (and …) to appoint Mr. Paul Hermelin this function from the date of the next Annual General Meeting ", May 24, announced the leading European IT services, in a statement ..

……. Serge Kampf was appointed honorary president of Capgemini vice president and board to greet his "immense contribution" to a company he founded in 1967 and he led for 45 years

. In exchange, the action Capgemini earned a , 2% to 31.58 euros at 9:22, outperforming the CAC 40 (0.4%) and giving a market capitalization of 4.9 billion euros

.

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The indices on Wall Street opening in a disorganized

April 3, 2012 – 2:10 pm

The three major indexes on Wall Street started Tuesday's session in a disorganized and with small deviations, pending orders to industry and the minutes of the last First meeting of the Federal Reserve.

In early trade, the Dow Jones lost 0.12% to 13,248.75 and the S & P 500 1417.40 0.12% also. The Nasdaq Composite gained 0.14% to 3,124 points.

Wall Street began the second quarter with a bang on Monday, with an S & P 500 ending at its highest since mid-May 2008 and the Dow at its highest since Dec. 31 in 2007. The Nasdaq Composite Index finished the other hand once again to a level that had not seen since late 2000.

"The upside potential of the S & P remains intact but seriously begins to exceed its 75 days moving average," said Robert Sluymer, an analyst at RBC Capital Markets.

There is also a rotation of investor interest, moving toward the leading sectors in the first quarter to those who were lagging behind, especially the cyclic.

Values, Molson Coors Brewing loses 1.5% Tuesday after announcing the acquisition of brewer StarBev with the investment fund CVC Capital Partners for 2.65 billion euros to strengthen its presence Markets in Central and Eastern Europe.

Groupon loses nearly 1%. The specialist group purchases the subject of an investigation by the Securities and Exchange Commission (SEC) regarding the review of its accounts for the fourth quarter, reports the Wall Street Journal citing a source close to the case without identifying it.

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Down 23.5% of the French automotive market in March

April 2, 2012 – 3:40 am

Registrations of new cars in France fell by 23.5% in March in raw data, reflects a comparative worst than ever in 2011 when the scrappage dopait sales further.

Renault shares (-1.83%) and PSA Peugeot Citroen (-2.61%) have the largest declines in the CAC 40 index which is 0.43% while the Stoxx sector index of 'European automotive advance of 0.34% to 9:45.

Last month, he registered 197,033 new passenger cars in the Hexagon. After adjustment for working days, the decline appears to 20.0% in March 2012 that were 22 days as against 23 in March 2011, announced Monday the Committee of French Automobile Manufacturers (CCFA).

In January and February this year, the market had already experienced declines of around 20% in raw data, the backlash level of registrations recorded on the pe same period of 2011 through to last orders "cash for clunkers" that could be delivered until March 31 of last year.

"This downturn is spectacular but it was expected," said Flavien Neuvy, Director of the Cetelem automobile. "We still think that most of the decline in yeara was performed in the first quarter and that the scenario of two million vehicles over the year remains relevant in light of new orders and new models coming. "

CCFA has also maintained its estimate of a decline of about 10% of the French automotive market in 2012.

For PSA Peugeot Citroen, which has teamed up in February at General Motors, registrations in France plummeted 33.2% last month while the Renault-including the diamond brand and low cost Dacia brand registrations stand-fall of 29.8%. 

Throughout the first quarter, the French automotive market will be contracted by 21.7% unadjusted and 22.9% when adjusted for working days.

Registrations of PSA for the period fell by 30.3% and Renault's 30.2%, in gross terms in both cases. In contrast, those of the Volkswagen group declined only 2.3%.

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First quarter to win the credit market

March 30, 2012 – 2:05 pm

Sovereign debt of countries weakened the euro area and private debt, risky assets on the fixed income markets, have been the big winners of this first quarter of 2012 through excess liquidity as it allowed the risk-free assets such as German government bonds to remain efficient.

The credit market has recorded one of its best quarters in issue volume in number of transmitters and in reducing risk premiums (spreads), related professionals. 

"Issuers have succeeded without difficulty in raising funds to historically low levels and syndication desks (banks) had a stellar quarter," writes in a note Suki Mann , head of credit strategy at Societe Generale.

Gaëlle Malléjac, responsible for managing rate at Groupama Asset Management, points out that if one judges by the evolution of the Barclays corporate EuroAgregate, March 26 corporate credit engrangeait performance 4.63% higher than German debt.

"The average spread of the universe credit stood at 215 basis points (over German debt) at March 26, against 322 bps at end-December 2011," adds she said. 

"Concomitant resistance of German Bunds, risk-free assets, is a great enigma. The German rate (1.8% for 10 years) is disconnected from the fundamental view of the im improvement of economic situation, "said the manager.

She explains that in fact "excess liquiditésa benefited all asset classes," even the most expensive as Bunds.

BANKS EMIT NEW

The primary market for credit has regained health insolent.

"There was this quarter a record number of shows. At each show demand was strong from the beginning of this year the premium has significantly reduced or disappeared, "says she …… According to data

… established by the team of Suki Mann, the third quarter ranks among the most active primary market with 53.3 billion euros issued by non-financial corporations classified as investment (Investment Grade, IG) against 27.6 billion in the first quarter of 2011 …. In

….. speculative grade (high yield, HY), the threshold of EUR 10 billion was reached, a third of the amount total issued in 2011, and ranks fourth quarter in terms of amount issued on the euro market. 

Abruptly closed last summer with the worsening debt crisis in the eurozone, the segment of senior bank debt unsecured woke up with a bang 55 billion Euros against 12 billion for the last six months of 2011.

This rise is largely up to the credit of the last acts of unconventional European Central Bank, which was conducted in December and February 2 refinancing operations and three years of euro area banks.

The cumulative amount lent to banks at a rate of 1% has exceeded 1,000 billion and has raised a major concern emerged in 2011: the inability of banks to use market ;. 

ECB DETERMINED TO SUPPORT BANKS

"The ECB has demonstrated its determination to do everything to support the banking system of the euro area. There is more risk of refinancing of banks by 2014-2015, "said Gaëlle Malléjac

." The two LTRO averted a 'credit crunch' and to banks to buy debt device, "said Nicolas Forest, head of rates strategy at Dexia Asset Management …..

…. "With LTRO, banks have changed their behavior in January," said Gaëlle Malléjac, adding that vendors of debt Italian or Spanish sovereign, they increased rates to buyers

. 10 years Spanish and Italian have declined to 4.86% and 4.81% in February, against 6.73% and 7.3% in November at the height of the crisis in the euro area. The Spanish rate rose to 5.43%, attesting to the difficulties of the Madrid government to meet its objectives of reducing public deficits.

The professionals interviewed all stress that if the time for the LTRO has averted the risk of a credit crunch and that governments have set short-term problem of Greece and its private creditors, the underlying problems remain.

"Governance problems and structural imbalances in the euro area whose solution will take time for caution for the future," notes Nicolas Forest. However, he believes that governments seem to have learned from the bear market in 2011.

Gaëlle Malléjac and Suki Mann also express caution. But they want to believe that the new fiscal pact in the process of ratification and the expected agreement on an increase sufficient means of financial solidarity mechanism at meetings of finance ministers of the EU this week- Weekend in Copenhagen should allow a continuation of the rally-but at a more modest pace, especially for spread tightening.

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The unemployment rate declined to 6.7% in March in Germany

March 29, 2012 – 4:05 am

The number of job seekers in Germany fell in March for the fifth consecutive month, bringing the unemployment rate from 6.8% to 6.7%, a new low since the re ; unification of the country, show statistics released Thursday by the Federal Labour Office.

The country had 18,000 job seekers less than in February in seasonally adjusted data (CVS), to 2,841,000, while economists polled by Reuters had pre saw a decline of only 10,000.

In raw data, the number of unemployed fell by 82,000 to 3,028,000 and the rate of unemployment has fallen from 7.4% to 7.2%.

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