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31 Ekim 2007 Çarşamba
11 Ekim 2007 Perşembe
Google's Stock Tops $600 for First Time
Google Inc.'s stock price sailed past $600 for the first time Monday, extending a monthlong rally propelled by the lofty expectations surrounding the Internet search leader's upcoming third-quarter earnings report.The Mountain View-based company's shares traded as high as $610.26 before slipping back to $609.62, a gain of $15.57, or 2.6 percent. It marked the sixth time in the past 12 trading sessions that the stock has reached a new peak, indicating investors are confident Google's third-quarter profit will be impressive. The results are scheduled to be released Oct. 18.The latest milestone served as yet another reminder of the immense wealth created since Google went public in August 2004.The shares have increased more than sevenfold from their initial public offering price of $85, bringing the nine-year-old company's market value to $190 billion eclipsing bigger, more mature businesses like Wal-Mart Stores Inc., Coca-Cola Co., Hewlett-Packard Co. and IBM Corp.It took 10 1/2 months for Google's stock to leap from $500 to $600 and more than a year for the journey from $400 to $500. The shares hurdled $300 in June 2005 after passing the $100 and $200 thresholds in 2004.Analysts began predicting Google's stock would reach $600 at the start of 2006 when the shares were still hovering around $420. Some analysts already are predicting Google's stock will hit $700 within the next year, but the average target price for the stock is $614.64 among analysts polled by Thomson Financial.The biggest beneficiaries of the stock's ascension have been Larry Page and Sergey Brin, who began developing their search engine, then called "BackRub," in a Stanford University dorm room in 1996. Page and Brin, both 34, now rank among the world's wealthiest people, with fortunes approaching $20 billion apiece.Google's chief executive, Eric Schmidt, and top sales executive Omid Kordestani also have accumulated enough stock in the company to become multibillionaires.
As the Dollar Falls, New Doors Open to Currency Bets
THE dollar’s recent swoon is a textbook example of just how volatile foreign exchange markets can be. The new lows for the dollar brought quick profits to many investors, but the “easy money” has already been made, said Ed Yardeni, the president of Yardeni Research.“Trading in currencies is a dangerous game,” he said. Whether the dollar weakens further or begins to rise will largely depend on what the Federal Reserve does next, he said, and that is very difficult to handicap.This month, the central bank cut its benchmark interest rate by half a percentage point, to 4.75 percent; the cut was bigger than Wall Street had expected. The Fed also reduced the rate it charges banks for emergency short-term loans by half a point.“There is some expectation that there will be more rate cuts,” Mr. Yardeni said. “But I think the Fed was aggressive enough in its recent action that it might not have to cut rates again any time soon.” If the Fed keeps rates as they are, the dollar may stabilize and start trading in a narrow range against some major currencies, like the euro and the Japanese yen, in Mr. Yardeni’s view. That could change the fortunes of investors who have been using a spate of new exchange-traded funds to bet that the dollar will keep falling. These E.T.F.’s have made it much easier for individuals to buy and sell the British pound, the Swiss franc or even the Mexican peso. And some E.T.F.’s allow investors to bet that the dollar will rise or fall against a basket of currencies.Many individual investors have been drawn to these funds. Tim Meyer, the E.T.F. business manager at Rydex Investments, estimated that only about 30 percent of the roughly $1.1 billion that has flowed into the company’s eight currency E.T.F.’s this year was from institutional investors, like pension plans and hedge funds. He said 50 percent probably came through financial planners and the other 20 percent from online brokerage accounts.Rydex Investments, based in Rockville, Md., has created many of the new E.T.F.’s. Each holds currency in a bank account at JPMorgan Chase in London. The funds pay interest, which is based on the overnight money market rate in each currency, minus fund expenses.Although the dollar has fallen against a broad range of currencies this year, Mr. Yardeni said the picture might soon become more complex. The dollar could rise against some major currencies over the next six months, while falling against others, he said, depending on economic conditions and interest rates in each country.For example, the Japanese yen, which has been floundering for years, has surprised investors by rallying against the dollar recently. But Mr. Yardeni said the yen could level off — or even reverse course — unless Japan’s central bank raised the country’s razor-thin interest rates. With fresh signs of deflation in Japan, he said, that may not happen soon.As for the euro, which traded above $1.40 for the first time this month, Mr. Yardeni said he could imagine it going as high as $1.45 but not $1.50. And he predicted that the British pound, now trading at more than twice the value of the dollar, could fall to around $1.85 over the next six months.“We might see a little divergence, where the dollar weakens against the euro and strengthens relative to the pound,” Mr. Yardeni said, because Britain’s economy has a lot of the same risk factors that the American economy does now — including a shaky mortgage market.The currencies with the best outlook are the Australian and Canadian dollars, he said, “because they have what the world wants now, which is raw materials.”Earlier this month, the Canadian dollar reached parity with the American dollar for the first time in more than 30 years. But Mr. Yardeni said he thought both the Canadian and Australian dollars might rise an additional 5 percent or so against the American dollar.Michael Metz, the chief investment strategist at Oppenheimer & Company, said it was too late to buy the British pound or the euro, calling both currencies “grossly overvalued.” He said the Japanese yen was still attractive but not as much as it was in February, when Rydex introduced the CurrencyShares Japanese Yen Trust.“When that E.T.F. was created, the yen was the cheapest currency around,” Mr. Metz said. “But if you want an alternative to the dollar now, I think it’s the Swiss franc.” He said that the Swiss currency had not appreciated in tandem with the euro, largely because Switzerland has lower interest rates.Many investors do not want to pick and choose among foreign currencies, said Bruce Bond, the president and chief executive of PowerShares Capital Management in Wheaton, Ill. PowerShares offers two E.T.F.’s that use futures contracts to make bets on the dollar versus a basket of six currencies: the yen, euro, British pound, Canadian dollar, Swedish krona and Swiss franc. If the dollar rises against these currencies, investors in one of the E.T.F.’s, the PowerShares DB U.S. Dollar Bullish fund, would make money. If the dollar falls, the PowerShares DB U.S. Dollar Bearish fund would come out ahead. Neither fund uses leverage.The company has also created an E.T.F., PowerShares DB G10 Currency Harvest, intended to allow investors to bet against currencies in countries with low interest rates and to take long positions in those with higher rates. Currently, the fund has long positions in the Australian dollar, the New Zealand dollar and the British pound, and short positions in the Japanese yen, the Swiss franc and the Swedish krona.THERE are special tax consequences associated with the three PowerShares funds. Investors who own E.T.F.’s that use derivatives, like futures contracts, have to declare capital gains each year — even if they still own the funds — and 40 percent of the gains will be taxed at the higher rate for short-term capital gains. So experts recommend holding such E.T.F.’s in a tax-advantaged account like an Individual Retirement Account.Alternatively, Mr. Metz said that it might be simpler for investors who are worried about a further decline in the dollar to put a small portion of their portfolios into gold. He recommended one of the E.T.F.’s that invest in actual bars of gold, like the StreetTracks Gold Shares fund or iShares Comex Gold Trust.“I think there will be a big move by central banks to build up their gold reserves, which they have really sold off in recent years,” Mr. Metz said.
Euro bursts to fresh dollar high
The US dollar was dragged down further against the euro in Asian trade as dealers bet that further poor US economic data could lead to a rate cut.In early Tokyo trade, the euro climbed to $1.4283 after breaching the $1.42 level for the first time last week.Traders are now looking ahead to US jobless data out on Friday for a better idea of how the housing slump and credit woes are hurting the economy.Depressed numbers could strengthen the Fed's hand in cutting rates further.The dollar has been sliding since the Federal Reserve cut rates from 5.25% to 4.75% in September to help rejuvenate confidence in the world's largest economy.This followed a summer of turmoil in the world's credit markets, sparked by record loan defaults in the US sub-prime mortgage sector.Since then, a raft of mostly disappointing economic news and soft inflation figures has prompted anticipation of further rate cuts. Eurozone ratesMeanwhile, the European Central Bank's rate-setting committee is due to meet this week.No change is expected in the 13-member eurozone's key interest rate, which is currently 4%.Analysts say the ECB will want to exercise caution in the face of fragile stock markets, although Mr Trichet has maintained recently that Europe's economy remains strong.Investors will listen carefully to the words used by ECB President Jean-Claude Trichet in the news conference after the meeting for any indication of where eurozone rates will be headed next.
Wall Street Awaits Key Economic Reports
Wall Street is on surer footing than it was a month ago, but it enters the fourth quarter with many questions still unanswered about the health of the nation's economy and corporations.At this point, the credit markets have loosened up some, the Dow Jones industrial average is only about 100 points below its record, and investors appear to be more confident the Federal Reserve will do what it can to keep the economy from slipping into recession.The third quarter, after all the tumult in the housing and credit markets this summer, ended with the Dow up 3.6 percent after the Federal Reserve lowered key interest rates.However, not everything that keeps the stock market afloat is under the Fed's control. The housing market is the weakest it's been in years, and some homebuilders have said recently that they see conditions deteriorating through next year. Credit has improved, but the financial markets remain unsure how problems with spiking mortgage defaults and excessively leveraged debt will shake out."Everybody's nervous. This housing thing is big, and it's going to continue," said Kim Caughey, equity research analyst at Fort Pitt Capital Group in Pittsburgh, Pa.This week will bring data not only on August's pending home sales, but also on three major pillars of the nation's economy: manufacturing activity, service sector activity, and employment.Third-quarter earnings don't arrive in earnest until mid-October, and the Federal Reserve isn't scheduled to discuss interest rates until Oct. 30-31, so this week's reports could help investors figure out where the economy is headed, if rates will keep falling, and whether corporate America is weathering the uncertainty.The Institute for Supply Management is expected to report Monday that manufacturing rose at a similar rate in September as in August, according to the median estimate of economists surveyed by Thomson Financial. An ISM report Wednesday, however, is expected to show that growth slowed in the service sector, which makes up a larger portion of the economy than manufacturing does.
The price of existing homes in the 10 largest US cities fell by 0.6% in July - the steepest drop in 16 years - a survey has found.
The data, from S&P/Case-Shiller home price index, put the annual price fall in those cities at 4.5%.
A broader survey of 20 cities found that prices fell in 15 of them, dropping an average of 0.4% from June to July, and down 3.9% on July 2006.
Large numbers of unsold existing and new homes have hit prices.
"The further deceleration in prices is still apparent across the majority of regions," said Robert Shiller, chief economist at MacroMarkets LLC.
Recession risk
The cities where prices are still rising are Atlanta, Charlotte, North Carolina, Dallas, Portland and Seattle.
However, these have reported that growth is slowing, the index compilers said, with Atlanta and Dallas moving closer to negative territory.
Analysts say that tight credit conditions - making it harder for people to get mortgages - are continuing to dent the market for house sales, which is already weak.
The housing slowdown and decline in credit availability have triggered worries that the economy could go into a recession - prompting the US Federal Reserve to slash interest rates earlier this month from 5.25% to 4.75%.
Last week, Mr Shiller told politicians that the loss of a boom mentality among consumers posed a "significant risk" of a recession within the next year.
The data, from S&P/Case-Shiller home price index, put the annual price fall in those cities at 4.5%.
A broader survey of 20 cities found that prices fell in 15 of them, dropping an average of 0.4% from June to July, and down 3.9% on July 2006.
Large numbers of unsold existing and new homes have hit prices.
"The further deceleration in prices is still apparent across the majority of regions," said Robert Shiller, chief economist at MacroMarkets LLC.
Recession risk
The cities where prices are still rising are Atlanta, Charlotte, North Carolina, Dallas, Portland and Seattle.
However, these have reported that growth is slowing, the index compilers said, with Atlanta and Dallas moving closer to negative territory.
Analysts say that tight credit conditions - making it harder for people to get mortgages - are continuing to dent the market for house sales, which is already weak.
The housing slowdown and decline in credit availability have triggered worries that the economy could go into a recession - prompting the US Federal Reserve to slash interest rates earlier this month from 5.25% to 4.75%.
Last week, Mr Shiller told politicians that the loss of a boom mentality among consumers posed a "significant risk" of a recession within the next year.
In una Borsa fiacca balzano Tiscali e Tod's
Chiusura di seduta in lieve calo per la Borsa, che ha confermato nel pomeriggio l'andamento fiacco già visto in mattinata. L'indice Mibtel registra così un -0,17%, a 31.620 punti, mentre l'S&P/Mib cede lo 0,29% e l'All Stars sale dello 0,74%. Scambi vicino ai 5 miliardi di euro.Con Wall Street a mezza forza per la festività del Columbus Day, Piazza Affari ha preferito rallentare il ritmo ed evitare di prendere posizioni chiare. Il Mibtel ha oscillato tutta la seduta tra il -0,2% e il +0,2%. In evidenza pochi titoli, tra cui Atlantia dopo l'accordo sulla convenzione unica e l'annuncio di un acconto sul dividendo, Lottomatica, Parmalat e Tiscali, galvanizzata dall'operazione avvenuta nel weekend nel settore tlc, con cui Vodafone ha acquisito Tele2 Italia e Spagna. Tiene le posizioni Eni, dopo gli incontri di Prodi e Scaroni in Kazakistan, che hanno portato ottimismo sulla conclusione della vicenda Kashagan.Tiscali registra un rialzo del 4,93%, frutto anche della valutazione data a Tele2 da Vodafone, secondo multipli che riporterebbero in alto la quotazione del provider sardo. Gli operatori inoltre scommettono su una acquisizione di cui potrebbe essere oggetto la stessa Tiscali; infine si pensa che Tiscali diminuisca l'importo dell'aumento di capitale in programma, non essendo riuscita ad acquisire Tele2 per cui era in gara. Ancora nelle tlc Telecom chiude con un -0,43%.Bene Atlantia (+1,79%) dopo che venerdì sera la società ha annunciato l'ok all'accordo con il governo sulla convenzione unica, con un programma di investimenti per 7 miliardi; deliberato anche un acconto di 0,31 euro sul dividendo. Sale Autogrill (+1,26%). Si è mossa anche Alitalia (+0,39%) in attesa delle novità sulla short list dal cda di oggi.Tra le altre blue chip, si riprende Lottomatica (+2,23%), bene Parmalat (+2,68%), Fiat oscilla poi chiude con un -0,32%. Salgono ancora i cementieri, la ripresa del dollaro favorisce Bulgari (+1,79%) e alcuni titoli del lusso-abbigliamento, come Safilo (+1,94%), Tod's (+5,24%) e Geox (+1,71%). Fermi i titoli energetici, con Eni -0,12% dopo i colloqui in Kazakistan. In calo i bancari, con Intesa Sanpaolo -1,01%, Unicredit -0,55%, Bpm -1,21%. Giù anche gli assicurativi, con Unipol -2,03% e Mediolanum -1,12%.
Criteria se estrenará en Bolsa mañana a 5,25 euros por título
Criteria, el brazo inversor de La Caixa, empezará a cotizar mañana en Bolsa a 5,25 euros por título. Este precio, que valora el grupo en 17.500 millones de euros, se sitúa en la parte baja de la horquilla prevista, lo que representa un descuento bruto del 27,9% sobre el valor de los activos del pasado viernes y asegura un buen recorrido para la acción. La suscripción es de 3.500 millones, lo que constituye la mayor colocación en una operación de salida a Bolsa en España.
El precio fijado se sitúa en la parte baja de la banda establecida, que iba de cinco a 6,75 euros por acción en el folleto de la oferta pública de suscripción (OPS). La entidad financiera prefirió realizar una ampliación de capital a una mera venta de acciones, lo que habría arrojado plusvalías inmediatas. Al final, el valor fijado supone valorar Criteria en 17.500 millones de euros y permite afrontar "un proyecto de futuro con amplio recorrido" y en beneficio de la masa accionarial, según declaró Criteria, presidida por Ricard Fornesa, en un comunicado oficial.
La oferta de Criteria ha recibido peticiones por importe próximo a los 9.000 millones de euros y ha incorporado más de 500.000 nuevos accionistas (360.000 familias) en todos sus tramos.
Como la demanda de títulos ha superado 2,57 veces la oferta, habrá prorrateo en los tramos minoristas y para los empleados, para los que se ha reservado el 55% y el 5% de los títulos, respectivamente. Las peticiones mínimas, por valor de 1.500 euros cada una, recibirán 285 acciones. Aquellas peticiones que superen dicha cantidad recibirán esos 285 títulos y, además, en torno al 25% o el 30% de las acciones solicitadas por encima de esa cifra.
"Es una apuesta valiente que ayuda a dar tranquilidad a los mercados en un momento muy delicado", subrayó una fuente de La Caixa a este periódico. "Si nos hubiéramos retirado, habríamos generado un enorme nerviosismo", añadió. Según esa fuente, el atractivo de Criteria se demuestra por la alta demanda recibida en toda España.
Recorrido al alza
En ese sentido, quiso salir al paso de algunos informes negativos contra la operación y, en concreto, el de Caja Madrid Bolsa, que la vinculaba con intereses políticos y criticaba falta de información. "No quiero pensar que ha habido mala fe, pero nosotros nos portamos muy bien cuando salió Realia [sociedad participada por Caja Madrid] a cotizar", remachó.
Ahora el empeño se centra en vigilar la cotización y darle recorrido. Tanto las fuentes de La Caixa consultadas como varios analistas de entidades colocadoras que prefieren guardar el anonimato consideran positivo el precio, puesto que abre un recorrido amplio a la acción. Algunos gestores de renta variable vaticinan, incluso, un alza de la acción de dos dígitos para esta misma semana.
Criteria se estrena en el parqué mañana y es la vía elegida por La Caixa para obtener recursos para financiar su expansión internacional, tanto en el área financiera como en el de participaciones industriales, y al mismo tiempo obtener cierto "contraste de mercado" con la gestión de sus participadas.
Principalmente, la caja que preside Isidre Fainé tiene en el punto de mira la compra de bancos y de participaciones bancarias en entidades de Europa, Asia (China e India) y Estados Unidos. Su incursión se ha limitado por ahora a la compra de un 4% del Banco de Hong Kong Bank of East Asia.
El descuento aplicado se ajusta a las exigencias de los inversores institucionales. En bruto, representa el 27,9% con relación al NAV (net asset value), el valor de los activos, que al cierre del pasado viernes era de 20.634 millones de euros, según varios bancos de inversión. Despúes de impuestos, el descuento es de 22,7%.
Analistas Financieros Internacionales (AFI) discrepa. "No vemos que sea una operación muy atractiva", explicaba ayer el analista Daniel Suárez. En primer lugar porque "no hay un descuento diferencial en relación, por ejemplo, al de Corporación Financiera Alba
[el holding de la familia March], que es de un 28". Asimismo, el 80% de la cartera de Criteria está formada por empresas cotizadas, "lo que la hace bastante replicable". "Lo único que podría añadir valor es el 20% restante", insiste AFI. Las empresas más relevantes son CaiFor y Port Aventura.
El precio fijado se sitúa en la parte baja de la banda establecida, que iba de cinco a 6,75 euros por acción en el folleto de la oferta pública de suscripción (OPS). La entidad financiera prefirió realizar una ampliación de capital a una mera venta de acciones, lo que habría arrojado plusvalías inmediatas. Al final, el valor fijado supone valorar Criteria en 17.500 millones de euros y permite afrontar "un proyecto de futuro con amplio recorrido" y en beneficio de la masa accionarial, según declaró Criteria, presidida por Ricard Fornesa, en un comunicado oficial.
La oferta de Criteria ha recibido peticiones por importe próximo a los 9.000 millones de euros y ha incorporado más de 500.000 nuevos accionistas (360.000 familias) en todos sus tramos.
Como la demanda de títulos ha superado 2,57 veces la oferta, habrá prorrateo en los tramos minoristas y para los empleados, para los que se ha reservado el 55% y el 5% de los títulos, respectivamente. Las peticiones mínimas, por valor de 1.500 euros cada una, recibirán 285 acciones. Aquellas peticiones que superen dicha cantidad recibirán esos 285 títulos y, además, en torno al 25% o el 30% de las acciones solicitadas por encima de esa cifra.
"Es una apuesta valiente que ayuda a dar tranquilidad a los mercados en un momento muy delicado", subrayó una fuente de La Caixa a este periódico. "Si nos hubiéramos retirado, habríamos generado un enorme nerviosismo", añadió. Según esa fuente, el atractivo de Criteria se demuestra por la alta demanda recibida en toda España.
Recorrido al alza
En ese sentido, quiso salir al paso de algunos informes negativos contra la operación y, en concreto, el de Caja Madrid Bolsa, que la vinculaba con intereses políticos y criticaba falta de información. "No quiero pensar que ha habido mala fe, pero nosotros nos portamos muy bien cuando salió Realia [sociedad participada por Caja Madrid] a cotizar", remachó.
Ahora el empeño se centra en vigilar la cotización y darle recorrido. Tanto las fuentes de La Caixa consultadas como varios analistas de entidades colocadoras que prefieren guardar el anonimato consideran positivo el precio, puesto que abre un recorrido amplio a la acción. Algunos gestores de renta variable vaticinan, incluso, un alza de la acción de dos dígitos para esta misma semana.
Criteria se estrena en el parqué mañana y es la vía elegida por La Caixa para obtener recursos para financiar su expansión internacional, tanto en el área financiera como en el de participaciones industriales, y al mismo tiempo obtener cierto "contraste de mercado" con la gestión de sus participadas.
Principalmente, la caja que preside Isidre Fainé tiene en el punto de mira la compra de bancos y de participaciones bancarias en entidades de Europa, Asia (China e India) y Estados Unidos. Su incursión se ha limitado por ahora a la compra de un 4% del Banco de Hong Kong Bank of East Asia.
El descuento aplicado se ajusta a las exigencias de los inversores institucionales. En bruto, representa el 27,9% con relación al NAV (net asset value), el valor de los activos, que al cierre del pasado viernes era de 20.634 millones de euros, según varios bancos de inversión. Despúes de impuestos, el descuento es de 22,7%.
Analistas Financieros Internacionales (AFI) discrepa. "No vemos que sea una operación muy atractiva", explicaba ayer el analista Daniel Suárez. En primer lugar porque "no hay un descuento diferencial en relación, por ejemplo, al de Corporación Financiera Alba
[el holding de la familia March], que es de un 28". Asimismo, el 80% de la cartera de Criteria está formada por empresas cotizadas, "lo que la hace bastante replicable". "Lo único que podría añadir valor es el 20% restante", insiste AFI. Las empresas más relevantes son CaiFor y Port Aventura.
Les Français s'expatrient de plus en plus en Asie
La moitié des Français installés à l'étranger gagne plus de 45 000 eur par an. Et 80 % des expatriés ne prévoient pas de rentrer avant plusieurs années.
QU'ILS SOIENT 1,3 million ou 2,3 millions - le chiffre fait polémique depuis des années -, les Français qui s'expatrient forment une communauté qu'une enquête TNS Sofres *, réalisée à l'occasion du salon Avenir international qui ouvre ses portes demain, tente de décrypter.
La motivation de ceux qui décident, un jour, de passer de l'autre côté de nos frontières : un enrichissement à la fois culturel, pécuniaire et professionnel. Pour la moitié de ces Français, « l'envie de quitter l'Hexagone » a aussi été déterminante, selon l'étude. Qui sont ceux qui ont sauté le pas ? Les trois quarts sont des hommes, de plus en plus jeunes - ils sont plus de 55 % à avoir moins de 35 ans contre 48 % en 2006 - et ont un statut de cadre.
Un peu plus d'un quart des Français à l'étranger - 28 % - ont un vrai statut d'« expatrié » - c'est-à-dire détaché à l'étranger par une entreprise française. Environ 50 % sont, en revanche, employés par une entreprise locale ou encore embauchés sous contrat local dans des filiales d'entreprises françaises. L'augmentation des contrats locaux est « nettement confirmée en 2007 » (+ 4 points par rapport à 2006, + 13 points par rapport à 2005), alors que les professions libérales ou les entrepreneurs sont de moins en moins nombreux. Ce sont, sans surprise, les entreprises de plus de 1 000 salariés qui disposent d'un personnel à l'étranger, « et la tendance va croissant », indique l'étude.
Si l'Europe demeure la première destination des expatriés (voir carte), on observe une « hausse très forte » pour l'Asie : + 7 points par rapport à 2006, et même + 13 points pour l'Asie du Sud-Est... « Le syndrome grippe aviaire serait-il terminé ? » interroge l'étude. Ou bien les entreprises françaises veulent-elles se donner le maximum de chances de profiter de la forte croissance de certains pays, comme par exemple la Chine ?
Une vie de famille organisée
Une fois sur place, 97 % des expatriés sont « satisfaits » de leur vie. Il faut dire qu'ils sont plutôt bien lotis sur le plan financier : alors que le salaire brut moyen en France est proche de 29 000 eur, la moitié des Français de l'étranger touche plus de 45 000 eur (salaire et primes). La tranche la moins rémunérée (celle de moins de 30 000 eur par an) a baissé de 6 points par rapport à 2006, alors que celle dépassant les 76 000 eur a, quant à elle, augmenté de 7 points en 2007. Cela représente désormais près du quart des expatriés. Si l'on ajoute à cela une vie de famille bien organisée (67 % des expatriés vivent en couple et la moitié d'entre eux ont au moins un enfant sur place), le résultat donne 80 % de Français installés à l'étranger qui ne prévoient pas de rentrer avant plusieurs années ! Et tant pis pour leurs craintes de plus en plus prononcées du terrorisme ou des catastrophes naturelles, et pour leur insatisfaction de la façon dont ils sont gérés par leur entreprise...
* Sondage Avenir international/Europcar/Les Échos réalisé par TNS Sofres entre juin et septembre 2007 auprès de 1 248 Français âgés de 18 ans et plus.
QU'ILS SOIENT 1,3 million ou 2,3 millions - le chiffre fait polémique depuis des années -, les Français qui s'expatrient forment une communauté qu'une enquête TNS Sofres *, réalisée à l'occasion du salon Avenir international qui ouvre ses portes demain, tente de décrypter.
La motivation de ceux qui décident, un jour, de passer de l'autre côté de nos frontières : un enrichissement à la fois culturel, pécuniaire et professionnel. Pour la moitié de ces Français, « l'envie de quitter l'Hexagone » a aussi été déterminante, selon l'étude. Qui sont ceux qui ont sauté le pas ? Les trois quarts sont des hommes, de plus en plus jeunes - ils sont plus de 55 % à avoir moins de 35 ans contre 48 % en 2006 - et ont un statut de cadre.
Un peu plus d'un quart des Français à l'étranger - 28 % - ont un vrai statut d'« expatrié » - c'est-à-dire détaché à l'étranger par une entreprise française. Environ 50 % sont, en revanche, employés par une entreprise locale ou encore embauchés sous contrat local dans des filiales d'entreprises françaises. L'augmentation des contrats locaux est « nettement confirmée en 2007 » (+ 4 points par rapport à 2006, + 13 points par rapport à 2005), alors que les professions libérales ou les entrepreneurs sont de moins en moins nombreux. Ce sont, sans surprise, les entreprises de plus de 1 000 salariés qui disposent d'un personnel à l'étranger, « et la tendance va croissant », indique l'étude.
Si l'Europe demeure la première destination des expatriés (voir carte), on observe une « hausse très forte » pour l'Asie : + 7 points par rapport à 2006, et même + 13 points pour l'Asie du Sud-Est... « Le syndrome grippe aviaire serait-il terminé ? » interroge l'étude. Ou bien les entreprises françaises veulent-elles se donner le maximum de chances de profiter de la forte croissance de certains pays, comme par exemple la Chine ?
Une vie de famille organisée
Une fois sur place, 97 % des expatriés sont « satisfaits » de leur vie. Il faut dire qu'ils sont plutôt bien lotis sur le plan financier : alors que le salaire brut moyen en France est proche de 29 000 eur, la moitié des Français de l'étranger touche plus de 45 000 eur (salaire et primes). La tranche la moins rémunérée (celle de moins de 30 000 eur par an) a baissé de 6 points par rapport à 2006, alors que celle dépassant les 76 000 eur a, quant à elle, augmenté de 7 points en 2007. Cela représente désormais près du quart des expatriés. Si l'on ajoute à cela une vie de famille bien organisée (67 % des expatriés vivent en couple et la moitié d'entre eux ont au moins un enfant sur place), le résultat donne 80 % de Français installés à l'étranger qui ne prévoient pas de rentrer avant plusieurs années ! Et tant pis pour leurs craintes de plus en plus prononcées du terrorisme ou des catastrophes naturelles, et pour leur insatisfaction de la façon dont ils sont gérés par leur entreprise...
* Sondage Avenir international/Europcar/Les Échos réalisé par TNS Sofres entre juin et septembre 2007 auprès de 1 248 Français âgés de 18 ans et plus.
Sarkozy seeks Airbus shares truth
Claims of state involvement in alleged insider trading at the French defence firm EADS must be fully investigated, President Nicolas Sarkozy has said.
Mr Sarkozy said anyone found guilty of fraud in the sale of shares in the Airbus owner must be properly punished.
Media reports have claimed regulators were aware of problems at EADS, but still approved suspicious share sales.
They are looking at share sales before news about damaging delays to the Airbus A380 emerged in June 2006.
This news wiped billions of euros off the market value of EADS, the Franco-German firm which owns the Airbus plane manufacturer.
Prosecutors have been investigating allegations of insider dealing in the eight months leading up to this critical announcement.
Newspaper reports have claimed 21 former and current managers are under suspicion but stock market regulators have refused to comment on this, saying their probe is incomplete.
The role of the French government - which holds a 7.5% stake in EADS - is under scrutiny amid allegations that ministers allowed state bank CDC to buy shares from defence firm Lagardere in April 2006 despite knowing about problems at the planemaker.
Thierry Breton, finance minister at the time, said last week that he did not know about the deal and that the state's role was "beyond reproach".
Opposition calls
But Mr Sarkozy said the finance ministry's internal investigation into its conduct, announced on Friday, must get "to the bottom" of what happened.
"I want to know the truth about what happened concerning the state," he told reporters.
"If there are people who committed fraud at EADS, judicial officials must get to the bottom of it so that we know the truth and those who behaved dishonestly be punished in proportion to what they did."
Opposition politicians have called for a public inquiry into the role of the administration of former President Jacques Chirac during the period now the subject of a judicial investigation.
A Socialist Party spokesman called for the "fullest transparency and a timetable of the information that was provided to various ministers between November 2005 and April 2006".
Airbus is set to hand over its first completed A380 plane to Singapore Airlines on 15 October after a series of delays costing billions of euros.
Mr Sarkozy said anyone found guilty of fraud in the sale of shares in the Airbus owner must be properly punished.
Media reports have claimed regulators were aware of problems at EADS, but still approved suspicious share sales.
They are looking at share sales before news about damaging delays to the Airbus A380 emerged in June 2006.
This news wiped billions of euros off the market value of EADS, the Franco-German firm which owns the Airbus plane manufacturer.
Prosecutors have been investigating allegations of insider dealing in the eight months leading up to this critical announcement.
Newspaper reports have claimed 21 former and current managers are under suspicion but stock market regulators have refused to comment on this, saying their probe is incomplete.
The role of the French government - which holds a 7.5% stake in EADS - is under scrutiny amid allegations that ministers allowed state bank CDC to buy shares from defence firm Lagardere in April 2006 despite knowing about problems at the planemaker.
Thierry Breton, finance minister at the time, said last week that he did not know about the deal and that the state's role was "beyond reproach".
Opposition calls
But Mr Sarkozy said the finance ministry's internal investigation into its conduct, announced on Friday, must get "to the bottom" of what happened.
"I want to know the truth about what happened concerning the state," he told reporters.
"If there are people who committed fraud at EADS, judicial officials must get to the bottom of it so that we know the truth and those who behaved dishonestly be punished in proportion to what they did."
Opposition politicians have called for a public inquiry into the role of the administration of former President Jacques Chirac during the period now the subject of a judicial investigation.
A Socialist Party spokesman called for the "fullest transparency and a timetable of the information that was provided to various ministers between November 2005 and April 2006".
Airbus is set to hand over its first completed A380 plane to Singapore Airlines on 15 October after a series of delays costing billions of euros.
3 Ekim 2007 Çarşamba
Credit crunch 'hits world growth'
The International Monetary Fund (IMF), which supervises the world financial system, says an economic slowdown is likely due to the global credit crunch.The IMF warned in its global stability report that the "downside risks [to growth] have increased significantly".IMF Managing Director Rodrigo Rato said that the biggest impact of the crisis will be on the US economy in 2008.His comments came soon after a former Federal Reserve chairman said there was a 50% chance of a recession in the US."We're heading towards a slowdown," Alan Greenspan said on Sunday. "Whether that actually leads to a recession is dependent on things we can't forecast at this moment."World growth slowdownThe IMF said that even if credit markets recover, the turbulence may have "far reaching and significant" consequences. While world economic growth should remain high next year- driven by the buoyant Asian economies - it will be lower than the levels of 2006 and 2007, said Mr Rato.The longer financial markets remain in crisis, the greater the risk of a further slowdown, he added - and the strong euro could be a particular problem.The IMF will publish its world economic forecast next month, but some independent forecasters have suggested that the US economy might only grow by 1% to 1.5% next year, half its current rate, while the UK could slow to between 1.5% and 2%, compared to the 2.8% expected this year.Credit turmoilThe IMF report says that the collapse of credit markets, and concerns about the location and size of potential losses, "has led to disruptions in some money markets and funding difficulties for a number of financial institutions".And it warns that despite the "extraordinary" injection of cash by central banks to ensure the orderly functioning of markets, "the potential consequences of this episode should not be underestimated and the adjustment process is likely to be protracted".What should be done?The report says that although it is too early to draw definitive policy conclusions about how to prevent future crises of this type, there are several key lessons:Uncertainty and lack of information: Financial markets have seized up partly because they lack information about the underlying risks of complicated financial instruments. Greater transparency is needed if markets are to function properly in pricing risk.Unintended consequences of globalisation: While financial innovation, such as "securitisation" of risky mortgage lending, has spread risk more evenly around the financial system, it has also made more institutions vulnerable to those risks.Role of credit agencies: Banks have relied on rating agencies to tell them how risky their involvement in these exotic new financial instruments might be, but they may not have been up to the job.The IMF says that "policymakers now face a delicate task" of tightening up on regulations while being mindful that "households and firms have benefited greatly from financial innovation and sold growth and financial stability of recent years."Tough debateThe issue is likely to dominate the IMF's annual meeting in Washington next month, with France and the US clashing on whether too much regulation of the world financial system would discourage financial innovation.The US faces its own issues in this area - as the lax lending practices of mortgage companies, who were only lightly regulated by the US Federal Reserve, was a key factor contributing to the crisis.The Bush administration is now discussing how to tighten up such regulations, amid predictions of up to 500,000 foreclosures on sub-prime mortgages next year.
El euro bate un nuevo récord en 1,4282 dólares
El euro ha batido hoy durante la negociación de los mercados asiáticos un nuevo récord al llegar a 1,4282 dólares por la posibilidad de un recorte de los tipos de interés en EEUU. La moneda única marcó este año, el 12 de enero, el mínimo frente a la divisa de EEUU, 1,2865 dólares, un 11% por debajo del nivel actual cercano a los 1,43 dólares.
En la apertura del mercado de Fráncfort, hacia las 08.30 hora peninsular, la divisa europea perdió algunas posiciones frente al máximo histórico y se cambiaba a 1,4257 dólares, por encima de los 1,4216 dólares del viernes por la tarde.
Nuevas bajadas de tiposen EEUU
Ahora, el billete verde está debilitado por las perspectivas de que baje el precio del dinero en EEUU, actualmente en el 4,75%, lo que disminuye el atractivo de los activos denominados en esta divisa para los inversores y por ello baja su cotización.
La semana pasada, algunas cifras coyunturales decepcionantes y la disminución de presiones inflacionistas en EEUU apoyaron más estas expectativas que reducirían el diferencial con las tasas de la zona del euro, que se sitúan en el 4%.
Los expertos prevén que BCE dejará el jueves inalterados los tipos de referencia para los países que comparten la divisa europea debido a las recientes turbulencias en los mercados financieros y a la escasez de liquidez.
Algunos operadores consideran posible que el euro baje en las próximas horas, por recogida de beneficios, tras haber encadenado valores máximos desde su introducción durante ocho negociaciones consecutivas.
En la apertura del mercado de Fráncfort, hacia las 08.30 hora peninsular, la divisa europea perdió algunas posiciones frente al máximo histórico y se cambiaba a 1,4257 dólares, por encima de los 1,4216 dólares del viernes por la tarde.
Nuevas bajadas de tiposen EEUU
Ahora, el billete verde está debilitado por las perspectivas de que baje el precio del dinero en EEUU, actualmente en el 4,75%, lo que disminuye el atractivo de los activos denominados en esta divisa para los inversores y por ello baja su cotización.
La semana pasada, algunas cifras coyunturales decepcionantes y la disminución de presiones inflacionistas en EEUU apoyaron más estas expectativas que reducirían el diferencial con las tasas de la zona del euro, que se sitúan en el 4%.
Los expertos prevén que BCE dejará el jueves inalterados los tipos de referencia para los países que comparten la divisa europea debido a las recientes turbulencias en los mercados financieros y a la escasez de liquidez.
Algunos operadores consideran posible que el euro baje en las próximas horas, por recogida de beneficios, tras haber encadenado valores máximos desde su introducción durante ocho negociaciones consecutivas.
Bristol-Myers Squibb to Settle Probes
Bristol-Myers Squibb Co. and a former subsidiary have agreed to pay more than $515 million to settle federal and state investigations into their drug marketing and pricing practices.
The civil settlement announced Friday resolves a broad array of allegations against Bristol-Myers Squibb, dating from 1994 through 2005.
Among them were a charge that the New York-based pharmaceutical company illegally promoted the sale of Abilify, an anti-psychotic drug, for pediatric use and to treat dementia-related psychoses. Neither use is approved by the U.S. Food and Drug Administration.
In the second quarter, the company reported $412 million in sales of Abilify, approved to treat bipolar disorder and schizophrenia, a 27 percent increase from a year earlier.
Although physicians are permitted to prescribe drugs for off-label uses, drug companies are prohibited from marketing them for uses that have not been approved by the FDA.
U.S. Attorney Michael Sullivan said when pharmaceutical companies market drugs for unapproved uses, there is a potential risk that patients could be harmed, because the drugs have not been tested as rigorously as they are during the FDA approval process.
Prosecutors have no evidence that anyone was harmed by Bristol-Myers Squibb's actions in promoting Abilify for unapproved uses, he said.
"People depend on this industry, thus the industry has an obligation to ensure that all rules, regulations and laws are complied with," Sullivan said.
The government also alleged the company paid illegal inducements in the form of consulting fees and trips to luxury resorts to influence doctors and other health care providers to buy and prescribe the company's drugs. The company's former generic drug subsidiary, Apothecon Inc., also was accused of giving illegal enticements to induce retail pharmacy and wholesale customers to buy its products.
Bristol-Myers Squibb misreported its best price for the anti-depression drug Serzone, violating a law that requires drug companies to report their lowest price to Medicaid, prosecutors said. The company was selling Serzone to a larger commercial purchaser at a lower price, prosecutors said.
The civil settlement announced Friday resolves a broad array of allegations against Bristol-Myers Squibb, dating from 1994 through 2005.
Among them were a charge that the New York-based pharmaceutical company illegally promoted the sale of Abilify, an anti-psychotic drug, for pediatric use and to treat dementia-related psychoses. Neither use is approved by the U.S. Food and Drug Administration.
In the second quarter, the company reported $412 million in sales of Abilify, approved to treat bipolar disorder and schizophrenia, a 27 percent increase from a year earlier.
Although physicians are permitted to prescribe drugs for off-label uses, drug companies are prohibited from marketing them for uses that have not been approved by the FDA.
U.S. Attorney Michael Sullivan said when pharmaceutical companies market drugs for unapproved uses, there is a potential risk that patients could be harmed, because the drugs have not been tested as rigorously as they are during the FDA approval process.
Prosecutors have no evidence that anyone was harmed by Bristol-Myers Squibb's actions in promoting Abilify for unapproved uses, he said.
"People depend on this industry, thus the industry has an obligation to ensure that all rules, regulations and laws are complied with," Sullivan said.
The government also alleged the company paid illegal inducements in the form of consulting fees and trips to luxury resorts to influence doctors and other health care providers to buy and prescribe the company's drugs. The company's former generic drug subsidiary, Apothecon Inc., also was accused of giving illegal enticements to induce retail pharmacy and wholesale customers to buy its products.
Bristol-Myers Squibb misreported its best price for the anti-depression drug Serzone, violating a law that requires drug companies to report their lowest price to Medicaid, prosecutors said. The company was selling Serzone to a larger commercial purchaser at a lower price, prosecutors said.
La bourse de Paris attendue en repli
La Bourse de Paris a ouvert en territoire négatif, suite au profit warning d'UBS qui pénalise l'ensemble du secteur bancaire.
Le profit warning d'UBS pèse sur la bourse de Paris ce matin. Le secteur bancaire pourrait donc une nouvelle fois focaliser l'attention. Le CAC 40 perd actuellement 0.85% à 5666.98 points. Vendredi, la Bourse de Paris clôturait dans le rouge après deux séances consécutives de hausse. Des statistiques mitigées et un euro au dessus des 1.42$ avaient incité à des prises de bénéfices.Le Cac 40 chutait de 0.31% à 5715.69 points.
Les statistiques du jour :
Sur le plan macroéconomique, on connaitra l’indice de confiance des directeurs d’achats manufacturier PMI de septembre pour l’Allemagne, la France, la zone euro et le Royaume-Uni. Aux Etats-Unis seront dévoilés l’indice ISM manufacturier et les prix ISM de septembre.
Les valeurs du CAC 40 à suivre : Crédit Agricole, EADS, Pernod Ricard, Renault, Schneider Electric, EDF, Vinci, Sanofi-Aventis
Dans "les Echos", René Carron, président du Crédit Agricole, indique que la banque n'a pas été directement exposée à la crise du "subprime" qui secoue les marchés depuis quelques mois. Néanmoins, il précise que les revenus liés aux activités LBO et CDO "ont été impactées".
Vendredi, le conseil d'administration d'EADS a dévoilé la liste des nominations qu'il souhaite soumettre à l'Assemblée générale extraordinaire qui se tiendra le 22 octobre prochain. On trouve entre autres sur cette liste l'Indien Lakshmi Mittal (PDG d'Arcelor Mittal), le Français Michel Pébereau (président du conseil d’administration de BNP Paribas), le Britannique Sir John Parker (président de National Grid, compagnie de transport d'électricité).
Pernod Ricard veut ramener ses parts de marché aux Etats-Unis à sa moyenne mondiale de 20%. Pour cela, le numéro deux mondial des spiritueux prévoit d’acheter une marque de tequila ou de rhum. Par ailleurs, Pernod Ricard prévoit de participer à la privatisation du groupe suédois Vin & Sprit, propriétaire de la marque de vodka Absolut notamment.
Renault Samsung Motors, filiale sud-coréenne de Renault a vu ses ventes reculer de 17,6% en septembre à 12994 unités contre 15773 en septembre 2006. Selon l’agence de presse Chine nouvelle, Schneider Electric a perdu un procès pour violation de brevet en Chine et devra payer 335 millions de yuans en dommages et intérêts, soit environ 32 millions d’euros.
EDF compte remplacer un départ à la retraite sur deux seulement d'ici à 2010. Entre 5000 et 6000 postes pourraient donc être supprimées.
Vinci a signé un accord préliminaire pour la construction d’un pont de 40 km entre le Qatar et le Bahreïn, pour un montant avoisinant les 2 milliards de dollars. Le groupe de BTP français est en partenariat avec le groupe public Qatari Diar.
Sanofi-Aventis déclare que l'Agence américaine des médicaments (FDA) a approuvé son médicament le Taxotere pour le traitement du cancer et du cou avant la radio-chimiothérapie et la chirurgie.
Autres valeurs à suivre : Atos Origin, JC Decaux, Ilog
Atos Origin serait intéressé par des acquisitions plutôt petites ou moyennes, en Inde. Ceci confirme le programme de transformation que le groupe a annoncé en début d’année, qui vise à délocaliser « 20% des activités d’intégration de systèmes » d’ici à la fin 2009. Par ailleurs, Atos Origin est en discussion avec l'italien Engineering Ingegneria Informatica, afin d’échanger ses activités italiennes contre une part minoritaire au capital de ce dernier.
JC Decaux estime l’impact sur son chiffre d’affaires de l’autorisation pour la grande distribution de diffuser sa publicité à la télévision, à 15 millions d’euros. Il indique que ce changement réglementaire, effectif le 1er janvier dernier, a été un « chamboulement » pour les afficheurs, mais que le groupe a « connu une bonne résistance en France et une forte croissance à l’étranger », et bénéficiera notamment au second semestre des activités dues à la Coupe du monde de Rugby.
Ilog a signé un accord avec Adobe pour commercialiser et distribuer le nouveau logiciel ILOG Elixir® qui permet de créer des courbes graphiques en 2-D et 3-D.
Le profit warning d'UBS pèse sur la bourse de Paris ce matin. Le secteur bancaire pourrait donc une nouvelle fois focaliser l'attention. Le CAC 40 perd actuellement 0.85% à 5666.98 points. Vendredi, la Bourse de Paris clôturait dans le rouge après deux séances consécutives de hausse. Des statistiques mitigées et un euro au dessus des 1.42$ avaient incité à des prises de bénéfices.Le Cac 40 chutait de 0.31% à 5715.69 points.
Les statistiques du jour :
Sur le plan macroéconomique, on connaitra l’indice de confiance des directeurs d’achats manufacturier PMI de septembre pour l’Allemagne, la France, la zone euro et le Royaume-Uni. Aux Etats-Unis seront dévoilés l’indice ISM manufacturier et les prix ISM de septembre.
Les valeurs du CAC 40 à suivre : Crédit Agricole, EADS, Pernod Ricard, Renault, Schneider Electric, EDF, Vinci, Sanofi-Aventis
Dans "les Echos", René Carron, président du Crédit Agricole, indique que la banque n'a pas été directement exposée à la crise du "subprime" qui secoue les marchés depuis quelques mois. Néanmoins, il précise que les revenus liés aux activités LBO et CDO "ont été impactées".
Vendredi, le conseil d'administration d'EADS a dévoilé la liste des nominations qu'il souhaite soumettre à l'Assemblée générale extraordinaire qui se tiendra le 22 octobre prochain. On trouve entre autres sur cette liste l'Indien Lakshmi Mittal (PDG d'Arcelor Mittal), le Français Michel Pébereau (président du conseil d’administration de BNP Paribas), le Britannique Sir John Parker (président de National Grid, compagnie de transport d'électricité).
Pernod Ricard veut ramener ses parts de marché aux Etats-Unis à sa moyenne mondiale de 20%. Pour cela, le numéro deux mondial des spiritueux prévoit d’acheter une marque de tequila ou de rhum. Par ailleurs, Pernod Ricard prévoit de participer à la privatisation du groupe suédois Vin & Sprit, propriétaire de la marque de vodka Absolut notamment.
Renault Samsung Motors, filiale sud-coréenne de Renault a vu ses ventes reculer de 17,6% en septembre à 12994 unités contre 15773 en septembre 2006. Selon l’agence de presse Chine nouvelle, Schneider Electric a perdu un procès pour violation de brevet en Chine et devra payer 335 millions de yuans en dommages et intérêts, soit environ 32 millions d’euros.
EDF compte remplacer un départ à la retraite sur deux seulement d'ici à 2010. Entre 5000 et 6000 postes pourraient donc être supprimées.
Vinci a signé un accord préliminaire pour la construction d’un pont de 40 km entre le Qatar et le Bahreïn, pour un montant avoisinant les 2 milliards de dollars. Le groupe de BTP français est en partenariat avec le groupe public Qatari Diar.
Sanofi-Aventis déclare que l'Agence américaine des médicaments (FDA) a approuvé son médicament le Taxotere pour le traitement du cancer et du cou avant la radio-chimiothérapie et la chirurgie.
Autres valeurs à suivre : Atos Origin, JC Decaux, Ilog
Atos Origin serait intéressé par des acquisitions plutôt petites ou moyennes, en Inde. Ceci confirme le programme de transformation que le groupe a annoncé en début d’année, qui vise à délocaliser « 20% des activités d’intégration de systèmes » d’ici à la fin 2009. Par ailleurs, Atos Origin est en discussion avec l'italien Engineering Ingegneria Informatica, afin d’échanger ses activités italiennes contre une part minoritaire au capital de ce dernier.
JC Decaux estime l’impact sur son chiffre d’affaires de l’autorisation pour la grande distribution de diffuser sa publicité à la télévision, à 15 millions d’euros. Il indique que ce changement réglementaire, effectif le 1er janvier dernier, a été un « chamboulement » pour les afficheurs, mais que le groupe a « connu une bonne résistance en France et une forte croissance à l’étranger », et bénéficiera notamment au second semestre des activités dues à la Coupe du monde de Rugby.
Ilog a signé un accord avec Adobe pour commercialiser et distribuer le nouveau logiciel ILOG Elixir® qui permet de créer des courbes graphiques en 2-D et 3-D.
Piazza Affari limita le perdite nel finale
La Borsa chiude con una netta flessione, anche se più contenuta rispetto a quanto si andava prefigurando: il Mibtel archivia la giornata con una flessione dello 0,8% a quota 30.814 dopo aver toccato un minimo a 30.668.L'andamento di piazza Affari segue quello delle altre piazze europee e nel finale ha beneficiato della tenuta di Wall Street nonostante i dati macroeconomici negativi (la fiducia inferiore alle attese e il nuovo calo del mercato immobiliare) che hanno fatto toccare al cambio euro/dollaro un nuovo record.Consistenti i volumi dell'attività, pari a 5,3 miliardi; il titolo più trattato della seduta è Fiat, con oltre 1,1 miliardi di controvalore, seguito da Unicredit e Eni. Proprio il settore bancario e quello petrolifero sono stati fra i più colpiti dalle vendite; in controtendenza fra le blue chip Alitalia, Pirelli, Fastweb, Finmeccanica, Generali.Fiat ha perso lo 0,58% e non è stato il peggiore fra i titoli industriali - che hanno fatto registrare flessioni significative per titoli come Parmalat (-1,8%), Italcementi (-2,51%), i "lussuosi" Luxottica (-2,15%) e Bulgari (-1,18%) - ma neanche il migliore, visto che il tecnologico Stm si è limitato a limare lo 0,12%, Pirelli sale in controtendenza dell'1,65% e Finmeccanica dello 0,56%.Netta flessione per la "ciclica" Impregilo (-2,84%) e per tutti i titoli del comparto bancario, a partire da Unicredit (-0,99%) e Capitalia (-1,01%) nel giorno della firma formale della fusione, ma anche il Banco Popolare (-0,89%) che inizialmente era positivo e soprattutto Italease (-5,02%) nel giorno della presentazione agli analisti del piano industriale. Andamento opposto, fra gli assicurativi, per Generali, in rialzo dello 0,74%, e Alleanza (+0,63%). I titoli petroliferi risultano offerti a livello internazionale: ne fanno le spese, sul listino di piazza Affari, Eni (-1,41%), Saipem (-2,03%), Tenaris (-1,63%). Alitalia, in prima battuta in netto rialzo dopo le ipotesi su un interessamento di Aeroflot, ha poi ridimensionato l'entusiasmo con la smentita russa e ha chiuso in rialzo dello 0,98%; bene, fra i telefonici, Fastweb, che sale dell'1,3% mentre Telecom lima lo 0,23%.
21 Eylül 2007 Cuma
Abi, volano i tassi per i mutui ipotecari
ROMA - I tassi medi applicati dalle banche alle famiglie per i mutui ipotecari ad agosto hanno raggiunto il 5,63 per cento, il massimo degli ultimi cinque anni. Lo attesta l'Abi, nel rapporto mensile. Un tasso così alto sui prestiti a medio lungo termine alle famiglie non si registrava dal novembre del 2002 (5,66 per cento). Il rapporto, che analizza l'andamento delle attività nello scorso mese di agosto, mette anche in evidenza come "il tasso sui conti correnti attivi erogati a famiglie e società non finanziarie è lievemente aumentato collocandosi al 6,83% contro il 6,77 del mese precedente". All'inizio dell'anno i tassi di interesse bancari per l'acquisto di abitazioni venivano segnalati dall'Abi al 5%, da allora l'aumento è stato costante e particolarmente accentuato in estate, in seguito ai rialzi della Bce e soprattutto alle attese di ulteriori ritocchi verso l'alto entro la fine dell'anno. A giugno la media mensile ha sfiorato il 5,5 per cento, a luglio il 5,6 per cento per arrivare ad agosto al 5,63 per cento. Tuttavia l'Abi segnala come l'aumento dei tassi bancari non rifletta ancora pienamente l'aumento dei tassi di riferimento da parte della Bce. Nel periodo agosto 2006 - agosto 2007, in particolare, a fronte di un aumento dei tassi di riferimento di 100 punti base, si legge nel rapporto di settembre, il tasso medio di settembre è aumentato 'solo' di 74 punti base. Lo studio dell'Abi segnala infine un aumento delle sofferenze nette del sistema creditizio ad aprile 2007. Alla fine del primo semestre del 2007 le sofferenze al netto delle svalutazioni sono risultate pari a 16,50 miliardi, 533 milioni in più rispetto a maggio 2007 e 352 milioni in più rispetto a giugno dell'anno precedente.
La hausse se poursuit en Asie
Les places asiatiques évoluent dans le vert. La décision prise par la Fed mardi soir de baisser ses taux directeurs à 4.75% continue de porter ses fruits. En Chine, le gouvernement a décidé de geler les prix sur certains articles afin de contenir l’inflation.
A Bombay, le Sensex s'adjuge 0.17% à 16350.05 points. L'ASX 20 australien gagne 0.16% à 3438.4 points. Le Hang Seng de Hong Kong prend 0.31% à 25633.68 points.
L'indice composite de Shanghai s'apprécie de 0.71% à 5433.69 points. Afin de contenir l’inflation, le gouvernement chinois a pris des mesures draconiennes mercredi soir. Le gel des prix sur certains articles (les produits visés n'ont pas été spécifiés) a été ordonné, et les autorités locales doivent surveiller de près les prix du porc et de la nourriture sur les marchés. Les statistiques dévoilées le 11 septembre étaient alarmantes. Les prix à la consommation au mois d'août ont grimpé de 6.5% sur un an, soit un plus haut depuis plus de dix ans. Les prix de l'alimentation ont crû de 18.2%, avec une flambée de 49% dans la viande.
Au Japon, le Nikkei 225 est stable à 16383 points. Hier, la Banque du Japon (BoJ) a maintenu son taux directeur inchangé à 0.50%, niveau auquel il se trouve depuis février.
Au chapitre des valeurs, les promoteurs immobiliers évoluent en territoire positif. Sumitomo Realty & Development prend 1.13%. Mitsui Fudosan s'octroie 1.24%.
Dans le rouge, on retrouve les valeurs du crédit à la consommation. Promise Co dévisse de 5.76%. Acom plonge de 7.75%. Aiful dégringole de 11.12%
Sur le marché des changes, l'euro se négocie autour des 161.95 yens et le dollar autour des 115.86 yens. La parité euro contre dollar s'échange autour de 1.3975 dollar.
A Bombay, le Sensex s'adjuge 0.17% à 16350.05 points. L'ASX 20 australien gagne 0.16% à 3438.4 points. Le Hang Seng de Hong Kong prend 0.31% à 25633.68 points.
L'indice composite de Shanghai s'apprécie de 0.71% à 5433.69 points. Afin de contenir l’inflation, le gouvernement chinois a pris des mesures draconiennes mercredi soir. Le gel des prix sur certains articles (les produits visés n'ont pas été spécifiés) a été ordonné, et les autorités locales doivent surveiller de près les prix du porc et de la nourriture sur les marchés. Les statistiques dévoilées le 11 septembre étaient alarmantes. Les prix à la consommation au mois d'août ont grimpé de 6.5% sur un an, soit un plus haut depuis plus de dix ans. Les prix de l'alimentation ont crû de 18.2%, avec une flambée de 49% dans la viande.
Au Japon, le Nikkei 225 est stable à 16383 points. Hier, la Banque du Japon (BoJ) a maintenu son taux directeur inchangé à 0.50%, niveau auquel il se trouve depuis février.
Au chapitre des valeurs, les promoteurs immobiliers évoluent en territoire positif. Sumitomo Realty & Development prend 1.13%. Mitsui Fudosan s'octroie 1.24%.
Dans le rouge, on retrouve les valeurs du crédit à la consommation. Promise Co dévisse de 5.76%. Acom plonge de 7.75%. Aiful dégringole de 11.12%
Sur le marché des changes, l'euro se négocie autour des 161.95 yens et le dollar autour des 115.86 yens. La parité euro contre dollar s'échange autour de 1.3975 dollar.
10 Eylül 2007 Pazartesi
Borse in picchiata su crollo mercato lavoro Usa, marcia indietro di TI e Pirelli
Le Borse europee sono state tirate giù dai dati macro Usa, risultati più deludenti delle attese: in particolare, quelli che riguardano i posti di lavoro. Gli analisti avevano previsto per il mese di agosto la creazione di 118.000 impieghi, mentre il dato reale si è attestato a quota 114.000 (-4.000). Stabile invece il tasso di disoccupazione al 4,6% ad agosto.Come pioggia sul bagnato sono arrivate le parole del numero del Fondo Monetario Internazionale, Rodrigo De Rato, secondo cui la crisi finanziaria inciderà sulla crescita nel 2007 e nel 2008. "E' una sfida globale", ha detto De Rato, che non può essere risolta a livello nazionale, "occorre cooperazione finanziaria, monetaria e normativa. La cooperazione internazionale è fondamentale per l'Fmi".Gli ha fatto eco dall'Eurotower il presidente Jean-Claude Trichet, che ha ribadito quanto già detto ieri sulla politica monetaria della Bce definita "accomodante". Intanto la Fed immetteva liquidità sul mercato per 2 miliardi di dollari con un p/t a 3 giorni, contro una domanda pari a 26,5 miliardi di dollari. Tutto inutile, gli indici europei hanno chiuso in negativo: il Cac 40 (-2,63%), il Dax (-2,43%) e il Ftse 100 (-1,93%).A casa nostra (Mibtel –2,07% a 30.193 punti, S&P/Mib –2,39% a 38.494 punti), non si è salvato quasi nessuno: TI (-0,34% a 2,06 euro) e Pirelli (-1,40% a 0,81 euro) hanno sofferto anche loro la pioggia di lettere sul parterre milanese e alla fine hanno ceduto, ma si è discusso molto di loro. Motivo? C’è chi ha parlato di un incontro, ieri, tra il numero uno di Amber Capital (che detiene il 2,1% di Pirelli) e il presidente della Bicocca, Marco Tronchetti Provera.Si sarebbe ragionato sulla possibilità di uno stacco di un dividendo straordinario da 3,3 miliardi di euro, la somma che Pirelli riceverà per la cessione della quota di Olimpia a Telco. Ma per alcuni analisti sarà possibile distribuire capitale per una somma non superiore a un miliardo di euro. Intanto da Cernobbio, dal palco del Woorkshop Ambrosetti, Tronchetti Provera in merito alla cessione della quota Telecom da Olimpia a Telco oggi ha commentato: "E' una procedura laboriosa ma alla fine andrà in porto". Più defilata Telecom Italia che oggi ha comunicato i risultati completi del primo semestre 2007: sono stati confermati i ricavi (15,47 miliardi euro) e il margine organico (41,6%), mentre la sanzione dell'Autorità Garante della Concorrenza e del Mercato di 20 mlioni euro, comminata alla società il 3 agosto, ha comportato un corrispondente accantonamento, con riduzione di Ebitda ed Ebit, che sono risultati pari a 6,294 milioni euro (-3,4% anno su anno) e a 3,449 milioni euro (-9,3).Ha tirato le somme degli ultimi sei mesi anche Seat Pagine Gialle, che ha registrato ricavi consolidati per 582,3 milioni (+3,6%) a fronte di una perdita di 31,1 milioni in miglioramento dai 69,3 milioni del primo semestre 2006. Dopo la presentazione dei conti il titolo si è un po'ripreso, per poi chiudere male (-1,80%). Numeri anche per Piaggio, che nel Midex ha chiuso con un brutto -5,3%. Il gruppo in mano a Colaninno si è consolato con i dati del semestre, in linea con i target: il fatturato netto consolidato nel primo semestre 2007 è ammontato a 968,6 milioni di euro, in progresso del 7,2% anno su anno.Chi ha molto sofferto sono stati i bancari, affogati per tutta la seduta in un mare profondo e rosso: giornataccia per Capitalia (-3,93%) e Unicredito (-3,44%) appesantite dal taglio di prezzo obiettivo da parte di Chevreux all'indomani della semestrale dell'istituto romano.Il broker ha ridotto il target price di Capitalia a 8,5 euro da 8,85 euro in virtù di deboli risultati trimestrali. Unicredito (da 7,9 euro a 7,6 euro). Rating di outperform comunque confermato su entrambi i titoli. Non si è salvata Unipol (-2,12%). Per la compagnia oggi ha parlato a Cernobbio l'Ad Carlo Salvatori che non è voluto tornare sul tema Bpm (-4,31%) : "non se ne parlerà neanche al consiglio di amministrazione di convocato per giovedì tredici settembre", ha detto. "All'ordine del giorno ci saranno solo i conti trimestrali". Della Popolare di Milano erano attesi i conti, ma per ora nessuna informazione. Stessa cosa per Banca Italease (nel Midex -3,67%). Ha chiuso male anche Intesa Sanpaolo (-3,07%). Mediobanca (-1,69%) invece ha comunicato alla Consob un aggiornamento sulla partecipazione detenuta nel capitale di Generali (-0,64%) in seguito a un'operazione di prestito titoli sul mercato. A Cernobbio è intervenuto anche il presidente di Genera, Antoine Bernheim, ha risposto alla richiesta di un commento sulla recente crisi di liquidità dei mercati finanziari: "noi", ha detto "generiamo profitti e non siamo interessati ad investire nei prodotti di finanza alternativa".Si è detto tranquillo anche Fulvio Conti, Ad di Enel (+1,75%), anche lui tra gli intervenuti all'Ambrosetti: "stiamo lavorando", ha detto, "a una possibile emissione obbligazionaria e ci possiamo permettere il lusso di decidere noi come e quando farla perché non abbiamo nessuna esigenza immediata, ma facciamo solo operazioni di ottimizzazione della nostra struttura finanziaria".Se da una parte il colosso elettrico sta valutando l'opportunità di effettuare una nuova emissione obbligazionaria, dall'altra ha presentato un'offerta vincolante per il 49% di Estenergy, messo in vendita da Acegas-Aps, ed esaminerà eventuali occasioni di acquisto all'estero, da realizzare attraverso scambi o jv, anche se la politica espansiva si può dire sostanzialmente conclusa dopo il lancio dell'opa su Endesa.Da segnalare che Cheuvreux ha alzato il rating del gruppo elettrico a outperform (sovraperformerà il mercato) da underperform (sottoperformerà). Giudizi anche da Caboto, che ha cambiato la raccomandazione da add (aggiungere) a buy (comprare) ed Euromobiliare che ha ribadito il suo buy ma ha tagliato il target a 8,5 euro.Eni (-0,59%) invece è stata ammessa, insieme ad altre 35 società, alla gara per l'assegnazione dei diritti di esplorazione di 41 blocchi di gas in Libia. E c'è stata attesa tutto il giorno per Alitalia (-0,49%). Oggi in agenda c'era la riunione del Cda sui dettagli finanziari del nuovo piano. In giornata Carlo Toto, numero uno di Air One, ha indicato che "Ap Holding ha tutto quanto per candidarsi ad acquisire Alitalia", compresi manager "di alta qualità già individuati". E la compagnia di bandiera ha tutti gli elementi per espandersi unendo le forze sul mercato, evitando la sua frammentazione e servendo Roma e Malpensa.Ieri il presidente di Alitalia, Maurizio Prato, ha detto di non avere ancora ricevuto manifestazioni di interesse per Alitalia e che l'advisor contatterà tutti i potenziali acquirenti entro la fine del mese, ma per Toto il piano attuale predisposto da Prato "è un piano di sopravvivenza, ha tagliato dove perdeva".Sostegno al timoniere di Air One da Corrado Passera, Ad di Intesa Sanpaolo, che ha assicurato: "noi su Alitalia c'eravamo e continuiamo a esserci, ma siamo preoccupati per le lungaggini che provocano la decadenza della società. Per Intesa Sanpaolo, che ha seguito Toto nella gara su Alitalia, c'è spazio per un progetto industriale "che la renda un vettore di grande successo". Male, tra gli industriali, Fiat che ha chiuso la seduta in ribasso del 2,92% a 19,09 euro.Nel Midex, Benetton (-1,11%) ha finalizzato tre operazioni di finanziamento per un totale di 400 milioni di euro con scadenza 2012. Poi, due velocità per i titoli dell'oil e oil service, con Saras che ha galleggiato sulla parità (-0,34%), Erg che ha perso l'1,53%.Hanno fatto parlare di sé Hera (-0,65%) e Iride (+0,78%). Dopo l'annuncio di Giuliano Zuccoli, numero uno di Aem, che ha reso l'opzione Iride-Aem-Asm percorribile solo in un'ottica di lungo termine, gli analisti di Euromobiliare sim sostengono che "l'opzione Hera resta l'ipotesi più concreta nel breve termine".A proposito di Iride, da segnalare che Mediterranea delle Acque (-1,98%) ha registrato ricavi in crescita del 6,6% a 60,5 milioni, un Ebitda di 21,1 milioni (+33,5%) e un utile netto che è passato a 3,8 milioni con un progresso del 47,6%. Lettera su Azimut (-3,29%), viceversa buona prova per Pirelli Real Estate, che ha chiuso a +0,50%.Contrastato il comparto del lusso ed dell'abbigliamento: Geox (-1,01%), Safilo (+0,06%), Tod's (-2,26%). Ancora lettera anche su Aedes (-4,82%), che negli ultimi due giorni ha fatto registrare performance particolarmente negative, attestandosi tra gli indici peggiori dell'intero listino.Tra gli altri, Cremonini (+1,38%) di cui il mercato ha apprezzato l'interesse per 100 Roadhouse, bene anche la controllata Marr (+0,88%). Ancora Denaro oggi su Servizi Italia (1,66%), tra i migliori titoli di tutta piazza Affari. Le azioni hanno beneficiato anche oggi dei positivi risultati semestrali pubblicati ieri.Infine ottima prova di Snia (+5,85% dopo una sospensione al rialzo). Andrea Mattiussi, Ad della società, ha dichiarato di avere "allo studio un progetto sperimentale che prevede l'utilizzo delle acque calde e della CO2 di scarico per far crescere alghe che saranno poi spremute per ottenere un olio modificato destinato al biodiesel, mentre il residuo andrà a mangime".
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US loan woe 'to hit UK mortgages'
The US sub-prime loan crisis may push up mortgage rates in the UK, a former Bank of England adviser has warned.Professor Willem Buiter, an ex-member of the Monetary Policy Committee, said UK banks were in crisis over their exposure to bad loans in the US.He said this had made them reluctant to lend to each other, which had raised interbank lending rates.The banks were in a state of "fear and loathing" that could increase standard mortgage rates as well, he added.Some banks are worried that their rivals may not have revealed multi-million pound losses on sub-prime mortgages in the US.As a result, they are currently lending to each other in the interbank money markets at an interest rate of nearly 6.9%.That is significantly higher than the standard bank rate of 5.75%, which the Bank of England kept unchanged after its monthly MPC meeting this week.New type of crisis Professor Buiter told the BBC's Today programme: "The extent to which this translates into higher rates being charged to households and mortgages or hire purchase loans or higher loans to businesses in the real economy, that, I think, is an open question."The longer it lasts, the more likely it is that all rates from deposit rates to mortgage rates to loan rates will, ultimately, in the private sector get pulled up to that level," he added.The current liquidity problems in the banking system have driven up interbank lending rates sharply in the past few weeks.Professor Buiter said: "It is a new type of crisis - it is not an old fashioned banking crisis. We don't know how long it is going to last."Gradually clarity will dawn, but how long it will take, it could be weeks, it could be a few months."Higher savings ratesEvidence that these higher interbank rates are now starting to affect financial deals offered to the public has come from several lenders.This week, five lenders - the Anglo Irish bank, Northern Rock, Heritable bank and the Derbyshire and West Bromwich building societies - have each offered new fixed-rate savings deals, but at rates up to 0.55% higher than before.For instance, the Anglo-Irish bank is now offering to pay savers 6.9% if they lock money away for one year."It is unusual to see rate rises that are not triggered by increases in base rate," said Andrew Hagger of the financial information service Moneyfacts."However, with money markets in a volatile state on the back of the US sub-prime mortgage crisis, it is not surprising to see savings rates being increased, in an attempt to bring funds in via their front doors, rather than resorting to traditional methods."So far, though, the higher cost of borrowing in the wholesale money markets has not filtered through to mortgages, apart from those offered to people with poor credit histories.This may change, said Ray Boulger of the mortgage brokers John Charcol."If the current Bank Rate/Libor spread prevails for much longer, we may see some lenders increasing the cost of their Bank Rate tracker mortgages, and mortgages offering a discount off their standard variable
La Borsa perde oltre il 2%
Vendite a Piazza Affari. Il listino milanese, depresso fin dalla mattinata, al pari delle altre Borse europee, dal taglio delle stime dell'Ocse sulla crescita nell'Eurozona e in Usa, ha perso terreno nel pomeriggio con Wall Street e a fine seduta ha registrato il peggior risultato del Vecchio Continente. A preoccupare i mercati, in particolare, sono i possibili riflessi sui risultati societari delle banche e dei gruppi finanziari della crisi legata ai mutui subprime. Al termine della giornata il Mibtel ha perso il 2,15% a 30.774 punti. Maggiore il calo dello S&P/Mib (-2,42% a 39.347) appesantito da tonfi superiori al 3% di gruppi come Unicredit, Fiat.BPM E UNICREDIT GUIDANO CALO BANCHE. Seduta da dimenticare per i bancari penalizzati da un report di Lehman sul settore, a partire da Unicredit (-3,69% a 6,08) con Capitalia (-3,29% a 6,79), che riunisce domani il cda sulla semestrale, fino ad arrivare al Banco Popolare (-2,39% a 17,67). Tonfo della partecipata Italease (-5,37% a 16,81) nel giorno del board per rispondere ai rilievi di Bankitalia. Male poi Bpm (-3,45% a 10,5) sulla quale si sono viste anche prese di beneficio.PRESE PROFITTO FIAT, TIENE ENI. La giornata odierna è stata anche l'occasione per ridimensionare i guadagni dei titoli che negli ultimi tempi hanno guadagnato più terreno e le vendite non hanno risparmiato nessun settore, dall'auto Fiat (-3,66% a 19,53), all'alimentare Parmalat (-3,34% a 2,60) fino al cementiero Buzzi Unicem (-4,16% a 20,74). Ha contenuto le perdite Eni (-1,39% a 24,84) grazie al giudizio di Morgan Stanley mentre Snam Rg è l'unico titolo dello S&P/Mib a terminare in positivo (+0,02% a 4,32).CHI SALE, CHI SCENDE. In attesa che si sblocchi l'impasse in Brasile Telecom cede il 2,56% a 2,05 euro, Pirelli il 2,75% a 0,81 euro. Alitalia lascia l'1,05% a 0,81 mentre fra i titoli minori Bastogi vola (+11,38% a 0,28) dopo l'operazione di riassetto annunciata alla vigilia con la controllata Brioschi (+0,31% a 0,49 euro). Valentino Fashion Group regge intanto bene all'uscita di Valentino (-0,97% a 34,59).
Remous dans le fret à la SNCF
Le patron de la branche n’exclut pas la suppression de plusieurs milliers d’emplois. Si la direction de la compagnie ferroviaire dément, les syndicats de cheminots interpellent le gouvernement.
Les syndicats de cheminots sont inquiets. Réunies mercredi, les huit fédérations ont reporté au 19 septembre leur décision sur d'éventuelles actions. En attendant, elles ont adressé une lettre au premier ministre, François Fillon, et à la présidente de la SNCF, Anne-Marie Idrac, leur demandant à être reçus d’urgence. Motif de leur inquiétude : la stratégie de la SNCF concernant le fret, alors que l’entreprise confirme la poursuite de la restructuration de ce secteur.
Mercredi matin, en effet, le directeur général délégué du Fret SNCF, Olivier Marembaud, n'a pas exclu la suppression de plusieurs milliers d'emplois, sans licenciements, après une restructuration du trafic fret dans 262 gares. Et ce, d'ici le 30 novembre. Il a évoqué l’ambition de devenir un "acteur européen majeur" par le biais d'"alliances" ou d'"achats".
"Aller au clash "
On ignore encore l’ampleur de ces suppressions d’emplois. "Ce sera très significatif, ce ne sera pas quelques centaines d'emplois. Est-ce que c'est 1.000, 4.000 ou 5.000, je ne sais pas", a simplement indiqué Olivier Marembaud. Selon une source syndicale, il pourrait s’agir de 6.000 à 7.000 postes d’ici trois ans. Une annonce que la direction a immédiatement "démenti formellement". Dans un communiqué, elle a indiqué que "tout projet d'évolution se décide dans le cadre du dialogue social du groupe". Le secteur du fret emploie environ 20.000 personnes.
Le dossier du fret "cimente l'unité syndicale des cheminots", a prévenu Gérard Blanc, président de la CFE-CGC. "Nous sommes prêts à aller au clash, y compris à la grève".
Les syndicats de cheminots sont inquiets. Réunies mercredi, les huit fédérations ont reporté au 19 septembre leur décision sur d'éventuelles actions. En attendant, elles ont adressé une lettre au premier ministre, François Fillon, et à la présidente de la SNCF, Anne-Marie Idrac, leur demandant à être reçus d’urgence. Motif de leur inquiétude : la stratégie de la SNCF concernant le fret, alors que l’entreprise confirme la poursuite de la restructuration de ce secteur.
Mercredi matin, en effet, le directeur général délégué du Fret SNCF, Olivier Marembaud, n'a pas exclu la suppression de plusieurs milliers d'emplois, sans licenciements, après une restructuration du trafic fret dans 262 gares. Et ce, d'ici le 30 novembre. Il a évoqué l’ambition de devenir un "acteur européen majeur" par le biais d'"alliances" ou d'"achats".
"Aller au clash "
On ignore encore l’ampleur de ces suppressions d’emplois. "Ce sera très significatif, ce ne sera pas quelques centaines d'emplois. Est-ce que c'est 1.000, 4.000 ou 5.000, je ne sais pas", a simplement indiqué Olivier Marembaud. Selon une source syndicale, il pourrait s’agir de 6.000 à 7.000 postes d’ici trois ans. Une annonce que la direction a immédiatement "démenti formellement". Dans un communiqué, elle a indiqué que "tout projet d'évolution se décide dans le cadre du dialogue social du groupe". Le secteur du fret emploie environ 20.000 personnes.
Le dossier du fret "cimente l'unité syndicale des cheminots", a prévenu Gérard Blanc, président de la CFE-CGC. "Nous sommes prêts à aller au clash, y compris à la grève".
The Case for a Rate Cut
The arguments for a rate cut are the loudest and come from all over Wall Street.
According to a report released Aug. 30, the U.S. economy grew 4% in the second quarter, but it only grew 0.6% in the first quarter. Average those out and growth is barely above 2%. This is a "soft underbelly" for the economy to begin with, says Keith Hembre, a First American Funds economist.
On top of that, the credit crunch poses a big threat to the economy. It started with subprime mortgage problems but has spread to other parts of credit markets. The stock market has suffered, too, but in comparison it's doing O.K. and has even settled down a bit. Major indexes are positive for the year.
Many argue the broader economic effects of credit market troubles should be the Fed's real concern. A credit crunch does threaten borrowing by companies and individuals throughout the economy. "If you don't have lending, you're going to have a recession for sure," says Kurt Karl, chief U.S. economist at Swiss Re (RUKN). It could take months for credit problems to show up in economic data. Eventually, that will force the Fed to act, but Karl worries it could be too late.
The Federal Reserve has "bought some time" by adding liquidity to the banking system through its cut in the discount window rate, says Avery Shenfeld, senior economist at CIBC World Markets. But it's not enough to counteract the tightening on credit markets, which have effectively raised interest rates. A rate cut "isn't so much an easing in policy, but undoing a market tightening," Shenfeld says.
Many say Bernanke and the Fed simply haven't been bold enough in responding to the market turmoil. "He's been holding back too much," says Bob Ried, president of Ried
According to a report released Aug. 30, the U.S. economy grew 4% in the second quarter, but it only grew 0.6% in the first quarter. Average those out and growth is barely above 2%. This is a "soft underbelly" for the economy to begin with, says Keith Hembre, a First American Funds economist.
On top of that, the credit crunch poses a big threat to the economy. It started with subprime mortgage problems but has spread to other parts of credit markets. The stock market has suffered, too, but in comparison it's doing O.K. and has even settled down a bit. Major indexes are positive for the year.
Many argue the broader economic effects of credit market troubles should be the Fed's real concern. A credit crunch does threaten borrowing by companies and individuals throughout the economy. "If you don't have lending, you're going to have a recession for sure," says Kurt Karl, chief U.S. economist at Swiss Re (RUKN). It could take months for credit problems to show up in economic data. Eventually, that will force the Fed to act, but Karl worries it could be too late.
The Federal Reserve has "bought some time" by adding liquidity to the banking system through its cut in the discount window rate, says Avery Shenfeld, senior economist at CIBC World Markets. But it's not enough to counteract the tightening on credit markets, which have effectively raised interest rates. A rate cut "isn't so much an easing in policy, but undoing a market tightening," Shenfeld says.
Many say Bernanke and the Fed simply haven't been bold enough in responding to the market turmoil. "He's been holding back too much," says Bob Ried, president of Ried
Borse, chiusura positiva ma Snia sbanda
Le Borse hanno archiviato la settimana in rialzo nonostante abbiano ridotto i guadagni nel pomeriggio, dopo il discorso di Ben Bernanke che, ha rassicurato i mercati circa una politica monetaria più accomodante rispetto al passato, concentrata a salvaguardare la crescita piuttosto che a lottare contro l'inflazione.Inoltre il presidente Usa, Geroge W. Bush, ha affermato che la crisi del settore creditizio è temporanea e non metterà in pericolo la crescita economica americana, che è solida e forte. I dati macro hanno aiutato: negli Stati Uniti, i redditi personali a luglio sono saliti dello 0,5% meglio delle attese degli economisti che stimavano un incremento dello 0,3%.Bene anche l'andamento dei consumi con la spesa personale in crescita dello 0,4% dallo 0,1% del mese precedente e superiore allo 0,3% atteso. In linea con le attese anche l'inflazione annuale calcolata sui principali prodotti di consumo che cala dal 2,3% al 2,1% di giugno, lasciando spazio alla Fed di ritoccare con maggiore serenità i tassi di interesse.A Milano lo S&P/Mib e il Mibtel hanno registrato un progresso rispettivamente dello 0,87% a 40187 punti e dello 0,91% a 31282 punti. Progressi maggiori per il Dax (+1,57%), il Ftse 100 (+1,47%) e per il Cac 40 (+1,25%).Hanno leggermente ritracciato i titoli del comparto bancario, dopo le buone performance della settimana. Timidi acquisti per Unicredit che ha guadagnato lo 0,35% e Intesa Sanpaolo (+0,66% a 5,53 euro). Si è fermata sulla parità Banca Popolare di Milano, mentre ha spinto ancora Banca Italease (+2,60% a 16,75 euro) in vista della rinascita con il nuovo Cda.Positiva ancora una volta Bulgari Spa (+2,29%) beneficiando della buona performance trimestrale di Ppr che, secondo il suo numero uno Francois-Henri Pinault, non è stata colpita dalla crisi dei mercati finanziari in atto. Ha accelerato nel pomeriggio Luxottica (+1,01%).Fra gli altri titoli del lusso, hanno fatto bene anche Tod's (+3,03%) e Safilo (+1,68%) nel Midex. Tra i migliori del paniere principale, Seat P.G. (+4,04% a 0,40 euro) grazie all'ok dell'autorità federale tedesca garante della concorrenza che ieri ha autorizzato l'acquisizione della controllata tedesca di Eniro Ab, Wlw.Acquisti anche su Finmeccanica (+1,37% a 21,51 euro), dopo le dimissioni di Dario Scannapieco dalla carica di amministratore e che assumerà un incarico alla Bei. I titoli del Lingotto, dopo aver toccato un top a 19,65 euro, hanno guadagnato l'1,82% a 19,50 euro. A sostenere le azioni le attese per i dati sulle immatricolazioni del gruppo nel mese di agosto che saranno resi noti lunedì pomeriggio e le indiscrezioni su possibili ingressi nell'operazione Tata-Jaguar.Bene anche le consorelle Ifil e Ifi Priv sul Midex (+1,69% e +2,01%) nonostante la limatura del target price da parte di Euromobiliare che resta comunque buy (acquistare) su entrambi i titoli. Hanno corso i titoli del settore petrolifero con Eni in rialzo dell'1,72%, nonostante le non buone notizie arrivate da Est.Il Governo del Kazakhstan si attende un risarcimento per i costi eccessivi e i ritardi nei lavori del giacimento petrolifero di Kashagan, gestito dal consorzio Agip KCO, guidato dall'Eni, che avrebbero causato al Kazakhstan un danno economico di circa 10 miliardi di dollari.Il vice ministro non ha specificato quali siano gli obiettivi del governo kazako, ma ha spiegato che l'ipotesi di cambiare gestore è ancora presente in agenda, in quanto il governo non è pienamente soddisfatto della gestione attuale. E' volata Erg (+3,23% a 16,31 euro) dopo l'innalzamento del target price a 22,3 da 22 euro da parte di Chevreux e Saras (+1,63%), anch'essa premiata dal broker francese che ha rivisto il target a 5,3 euro da 5,1 euro.Acquisti anche su Saipem (+0,92%). Ha preso la via del rialzo anche Telecom Italia e si è confermata forte (+0,95% a 2,08 euro) in attesa del verdetto dell'Anatel, mentre è rimasta indecisa Pirelli (-0,05%). Impregilo ha guadagnato l'1,16% dopo il via libera del governo a quattro progetti infrastrutturali per un valore complessivo di 3,56 miliardi di euro.Deciso il calo di Alitalia che ha perso l'1,35%: il consiglio di amministrazione ha approvato il piano di che dovrebbe prevedere una ricapitalizzazione, la cessione della quota da parte del Tesoro, un taglio del personale ed il ridimensionamento della presenza a Malpensa.Denaro su Recordati (+2,54%) ed Acea (+3,31% a 13,34 euro). Bene M.Burani (+2,55%). Da segnalare anche la brillante performance di N.Montanari, che è avanzata del 2,86%. In evidenza ancora Ducati M.H. (+3,18% a 2,12 euro).Sul resto del listino, ha consolidato i guadagni della mattinata l'As Roma (+2,92%) che si prepara ad affrontare il Manchester in Champions League. Nuovo exploit per Acque Potabili (+8,37% a 5,97 euro) insieme all'altra società degli acquedotti Mediterranea Acque (+7,38%).Seduta positiva anche per Carraro (+3,94%), sulla scia delle revisioni al rialzo delle stime di grandi società clienti. Da sottolineare la performance di Digital Bros, che è salita del 3,12%. Ha sbandato Snia (-3,19% a 1,21 euro). Gli aggiornamenti sull'andamento del piano industriale e sulla posizione finanziaria mostrano una situazione in leggero peggioramento, in attesa del varo dell'aumento di capitale da 44 milioni, a metà settembre.La posizione finanziaria netta consolidata al 31 luglio è negativa per 26,1 milioni dai -24,3 milioni di fine giugno, per un aumento di 1,8 milioni delle altre passività finanziarie. Inoltre è in corso una negoziazione con i venditori del gruppo Undesa a proposito della penale da 500 mila euro che questi intendono trattenere quale penale per il ritardo nel versamento della seconda tranche di pagamento.
27 Ağustos 2007 Pazartesi
Case, Roma più cara di Londra e New York
Solo a Montecarlo il mattone è più caro che nella capitale. Per chi vuole investire in immobili al top ci sono Bangalore e la Lettonia
REGOLA CARATTERE-->
MILANO – Il Principato di Monaco è il mercato immobiliare dai prezzi più stellari. Niente di stupefacente, vien da dire, considerando, più che il fascino glamour dello staterello monegasco, la scarsissima disponibilità di suolo edificabile di fronte alle continue richieste provenienti da magnati, Vip e sportivi di tutto il mondo. Che Roma segua a ruota, battendo Parigi e annichilendo New York e Londra, fa riflettere di più. Ε queste riflessioni le stimola la nuova classifica stilata dalla rivista americana Forbes, intitolata «I mercati immobiliari più sopravvalutati del mondo».
I CRITERI – Primo il Principato, seconda Roma, terza Parigi; città carissime come Londra, New York e Tokio lasciate invece alla distanza. Per capire quest’apparente contraddizione, occorre spiegare che la classifica di Forbes non è semplicemente una graduatoria dei più alti prezzi al metro quadrato. Il criterio è maggiormente ponderato e nelle 50 città esaminate tiene presenti, per esempio, i costi di transazione, quelli di manutenzione, l’inflazione, le commissioni di agenzia, le tasse sulla casa, l’apprezzamento degli immobili. In sostanza, una città che svetta ai primi posti di questa speciale classifica non ha certo il mattone a buon prezzo, ma oltre a ciò è caratterizzata anche dalle scarse prospettive di crescita del valore immobiliare. Investire nel mattone in una città della top ten, quindi, rende meno che farlo in una città dove magari il metro quadro è persino più caro, ma al contempo più redditizio.
CHI C’E’ – Il Principato di Monaco svetta (con un indice di 74,07) per vari motivi, su tutti gli alti costi di transazione che pesano su chi vende o acquista immobili (livelli non certo da paradiso fiscale) e la scarsità di prospettive future di investimenti in mattoni, perché il suolo edificabile è in sostanza esaurito, in attesa della costruzione di isole artificiali di fronte al celebre litorale. Segue Roma, dove comprar casa, specie nel centro storico, è carissimo, ma rende poco, complici tasse, costi di gestione e transazioni e la lenta crescita dell’economia italiana negli ultimi anni. Seguono Parigi, Los Angeles (l’unica grande metropoli americana dove gli investimenti immobiliari rendono poco e lentamente), Vancouver, Vienna, Auckland, Zurigo e Oslo, che ha già scontato una crescita sorprendente (+149,54% in dieci anni) dei prezzi delle case, grazie al recente boom dell’economia norvegese.
CHI NON C’E’ – Il fatto che città dall’altissimo costo della vita (■ Guarda la classifica) e in alcuni casi molto gettonate dal jet set (come Londra e New York) non compaiano ai piani alti della classifica non vuol dire che siano a buon mercato, anzi, ma comporta il fatto che investirvi in mattone resta un ottimo affare. Da questo punto di vista, per esempio, comprar casa a Bangalore (India) è un un mezzo terno al lotto: gli immobili si rivalutano del 9,3% annuo. E per chi vuole investire in Europa, Forbes consiglia la Lettonia: poche tasse, pochi incartamenti e costi per le transazioni pressoché nulli (il 3% per chi vende
REGOLA CARATTERE-->
MILANO – Il Principato di Monaco è il mercato immobiliare dai prezzi più stellari. Niente di stupefacente, vien da dire, considerando, più che il fascino glamour dello staterello monegasco, la scarsissima disponibilità di suolo edificabile di fronte alle continue richieste provenienti da magnati, Vip e sportivi di tutto il mondo. Che Roma segua a ruota, battendo Parigi e annichilendo New York e Londra, fa riflettere di più. Ε queste riflessioni le stimola la nuova classifica stilata dalla rivista americana Forbes, intitolata «I mercati immobiliari più sopravvalutati del mondo».
I CRITERI – Primo il Principato, seconda Roma, terza Parigi; città carissime come Londra, New York e Tokio lasciate invece alla distanza. Per capire quest’apparente contraddizione, occorre spiegare che la classifica di Forbes non è semplicemente una graduatoria dei più alti prezzi al metro quadrato. Il criterio è maggiormente ponderato e nelle 50 città esaminate tiene presenti, per esempio, i costi di transazione, quelli di manutenzione, l’inflazione, le commissioni di agenzia, le tasse sulla casa, l’apprezzamento degli immobili. In sostanza, una città che svetta ai primi posti di questa speciale classifica non ha certo il mattone a buon prezzo, ma oltre a ciò è caratterizzata anche dalle scarse prospettive di crescita del valore immobiliare. Investire nel mattone in una città della top ten, quindi, rende meno che farlo in una città dove magari il metro quadro è persino più caro, ma al contempo più redditizio.
CHI C’E’ – Il Principato di Monaco svetta (con un indice di 74,07) per vari motivi, su tutti gli alti costi di transazione che pesano su chi vende o acquista immobili (livelli non certo da paradiso fiscale) e la scarsità di prospettive future di investimenti in mattoni, perché il suolo edificabile è in sostanza esaurito, in attesa della costruzione di isole artificiali di fronte al celebre litorale. Segue Roma, dove comprar casa, specie nel centro storico, è carissimo, ma rende poco, complici tasse, costi di gestione e transazioni e la lenta crescita dell’economia italiana negli ultimi anni. Seguono Parigi, Los Angeles (l’unica grande metropoli americana dove gli investimenti immobiliari rendono poco e lentamente), Vancouver, Vienna, Auckland, Zurigo e Oslo, che ha già scontato una crescita sorprendente (+149,54% in dieci anni) dei prezzi delle case, grazie al recente boom dell’economia norvegese.
CHI NON C’E’ – Il fatto che città dall’altissimo costo della vita (■ Guarda la classifica) e in alcuni casi molto gettonate dal jet set (come Londra e New York) non compaiano ai piani alti della classifica non vuol dire che siano a buon mercato, anzi, ma comporta il fatto che investirvi in mattone resta un ottimo affare. Da questo punto di vista, per esempio, comprar casa a Bangalore (India) è un un mezzo terno al lotto: gli immobili si rivalutano del 9,3% annuo. E per chi vuole investire in Europa, Forbes consiglia la Lettonia: poche tasse, pochi incartamenti e costi per le transazioni pressoché nulli (il 3% per chi vende
India's Tata eyes UK car legends
The chairman of India's Tata Group has confirmed that he is interested in acquiring Jaguar and Land Rover from their parent, Ford.Speaking to Indian TV, Ratan Tata lifted his previous refusal to speculate on a possible Tata bid for the legendary British brands.He said Tata's interest in Jaguar and Land Rover stemmed from a desire to expand its global presence.Ford has said there is a more than 50% chance it will sell the carmakers.Tata Motors relies on the Indian market for more than 90% of its sales.Expanding frontiersMr Tata explained that any thoughts of taking over Jaguar and Land Rover were dictated by the need to change this concentration on one market."It is to give ourselves scale, to give ourselves global reach," he said of the potential bid.Ford says it has already received a number of offers for the two UK divisions.Analysts have been expecting a private equity buyer to emerge as a successful suitor for Jaguar and Land Rover.Market tremorsEarlier this week, Ford chief executive Alan Mulally said the current turbulence on global stock markets had affected the disposal of Jaguar and Land Rover.Stock market upsets were "absolutely an issue", the Ford boss said.Market turmoil has caused a sharp slowdown in general takeover activity.Mr Mulally said no announcement would be made over the sale of Jaguar and Land Rover until late this year or early 2008.
Le "Charles-de-Gaulle" a pris ses quartiers d’hiver à Toulon
L’entretien du porte-avions durera dix-huit mois et représente un budget de 300 millions d’euros.
«C’EST LE plus grand chantier industriel de la région», se félicite le capitaine de vaisseau Stéphane Boivin, le nouveau pacha du porte-avions Charles-de-Gaulle. Le fleuron de la Marine nationale est en cale sèche dans le grand bassin de la zone Vauban, à Toulon, depuis le 30 juillet. Depuis sa mise en service il y a six ans, c’est sa première indisponibilité programmée pour entretien et réparations, «Iper» dans le jargon de la Marine. Le chantier, qui démarre le 1er septembre, a été confié à DCN Service Toulon
pour lequel c’est la plus grosse opération de « maintien en condition opérationnelle » jamais réalisée. Compte tenu du caractère stratégique du bâtiment, la France ne disposant que d’un seul porte-avions, la Marine a imposé un rythme accéléré: les travaux ne doivent durer que 15 mois au lieu de 30 pour les porte-avions américains ou 22 mois pour les sous-marins nucléaires français. Pour réaliser cette performance, trois ans de préparation ont été nécessaires. Ce chantier de très grande ampleur est en effet très com¬plexe. Et coûteux. Il représente un budget total de 300 millions d’euros dont 230 millions pour l’Iper elle-même et 70 millions pour la modernisation et l’adaptation.
Pas moins de 16500 interventions sont programmées d’ici au 31 octobre 2008 et trois sont particulièrement importantes. Il y a tout d’abord le rechargement des deux cœurs nucléaires du porte-avions, dont le combustible est épuisé. Ensuite, c’est le changement des deux hélices qui lors de la mise en service du Charles-de-Gaulle avaient dû être remplacées en urgence par des pièces en provenance du Clemenceau ou du Foch. Enfin, la troisième grande intervention sera la réfection des installations aéronautiques pour préparer l’arrivée des nouveaux avions de combat.
Mille hommes d’équipage
Pour accueillir ce navire de 261,50 mètres de long et de 64 mètres de large, la Marine a investi 40 millions d’euros dans la rénovation de la zone Vauban dans le port de Toulon: changer des grues, refaire la station de pompage ainsi que les sols du bassin, acquérir un bateau-porte (utilisé pour fermer la forme de radoub et mettre le navire hors d’eau) et implanter autour du bassin un véritable village industriel avec son propre restaurant, capable d’accueillir les 1600 personnes qui travailleront sur le site.
Pour l’heure, mille hommes d’équipage préparent le bateau. Ils devraient fournir 1,2 million d’heures de travail. Et 1,2 million d’heures supplémentaires seront effectuées par 600 salariés de DCNS et d’une cinquantaine d’entreprises sous-traitantes en charge de 40% des travaux. Parmi elles, des poids lourds comme Areva TA (ex-Technicatome), Cegelec, Snef, mais également des entreprises régionales de chaudronnerie, d’électricité ou de mécanique comme le Chantier naval des Baux ou la société Eiffel de Fos-sur-Mer qui a réalisé le bateau-porte de 1200 tonnes.
Depuis son changement de statut en 2003, DCNS est devenue une entreprise autonome. Cela signifie qu’elle doit être rentable tout en pratiquant des prix 20% inférieurs à ce qu’elle facturait quand elle était un service de l’État. Pour cela, DCNS sous-traite une grande partie du travail et se concentre sur la maîtrise d’œuvre, l’ingénierie, les activités les plus spécifiques, les plus risquées et à plus forte valeur ajoutée
«C’EST LE plus grand chantier industriel de la région», se félicite le capitaine de vaisseau Stéphane Boivin, le nouveau pacha du porte-avions Charles-de-Gaulle. Le fleuron de la Marine nationale est en cale sèche dans le grand bassin de la zone Vauban, à Toulon, depuis le 30 juillet. Depuis sa mise en service il y a six ans, c’est sa première indisponibilité programmée pour entretien et réparations, «Iper» dans le jargon de la Marine. Le chantier, qui démarre le 1er septembre, a été confié à DCN Service Toulon
pour lequel c’est la plus grosse opération de « maintien en condition opérationnelle » jamais réalisée. Compte tenu du caractère stratégique du bâtiment, la France ne disposant que d’un seul porte-avions, la Marine a imposé un rythme accéléré: les travaux ne doivent durer que 15 mois au lieu de 30 pour les porte-avions américains ou 22 mois pour les sous-marins nucléaires français. Pour réaliser cette performance, trois ans de préparation ont été nécessaires. Ce chantier de très grande ampleur est en effet très com¬plexe. Et coûteux. Il représente un budget total de 300 millions d’euros dont 230 millions pour l’Iper elle-même et 70 millions pour la modernisation et l’adaptation.
Pas moins de 16500 interventions sont programmées d’ici au 31 octobre 2008 et trois sont particulièrement importantes. Il y a tout d’abord le rechargement des deux cœurs nucléaires du porte-avions, dont le combustible est épuisé. Ensuite, c’est le changement des deux hélices qui lors de la mise en service du Charles-de-Gaulle avaient dû être remplacées en urgence par des pièces en provenance du Clemenceau ou du Foch. Enfin, la troisième grande intervention sera la réfection des installations aéronautiques pour préparer l’arrivée des nouveaux avions de combat.
Mille hommes d’équipage
Pour accueillir ce navire de 261,50 mètres de long et de 64 mètres de large, la Marine a investi 40 millions d’euros dans la rénovation de la zone Vauban dans le port de Toulon: changer des grues, refaire la station de pompage ainsi que les sols du bassin, acquérir un bateau-porte (utilisé pour fermer la forme de radoub et mettre le navire hors d’eau) et implanter autour du bassin un véritable village industriel avec son propre restaurant, capable d’accueillir les 1600 personnes qui travailleront sur le site.
Pour l’heure, mille hommes d’équipage préparent le bateau. Ils devraient fournir 1,2 million d’heures de travail. Et 1,2 million d’heures supplémentaires seront effectuées par 600 salariés de DCNS et d’une cinquantaine d’entreprises sous-traitantes en charge de 40% des travaux. Parmi elles, des poids lourds comme Areva TA (ex-Technicatome), Cegelec, Snef, mais également des entreprises régionales de chaudronnerie, d’électricité ou de mécanique comme le Chantier naval des Baux ou la société Eiffel de Fos-sur-Mer qui a réalisé le bateau-porte de 1200 tonnes.
Depuis son changement de statut en 2003, DCNS est devenue une entreprise autonome. Cela signifie qu’elle doit être rentable tout en pratiquant des prix 20% inférieurs à ce qu’elle facturait quand elle était un service de l’État. Pour cela, DCNS sous-traite une grande partie du travail et se concentre sur la maîtrise d’œuvre, l’ingénierie, les activités les plus spécifiques, les plus risquées et à plus forte valeur ajoutée
This Week's Economic Roundup
Despite turmoil on Wall Street, shoppers have kept spending this summer, amid a more positive outlook on the economy for the months ahead. Here's a look at this week's economic developments and how they may affect your business.
Leading Indicators Rebound
Following declines in June, the index of leading economic indicators rose 0.4 percent last month, led by gains in consumer expectations and vendor performance, the Conference Board reported Monday.
Six of 10 index components improved in July, including a drop in new jobless claims and more orders for consumer goods and materials, according to the New York-based private research group. On the downturn were building permits, new orders for non-defense capital goods, and interest rate spread, while average manufacturing hours held steady.
The index has shown gains in three of the last six months, rising by 0.1 percent in the six months ending July.
Over the same period, the coincident index, a gauge of current economic conditions, rose by 1.1 percent, led by strengths in industrial production and employment.
Retail Sales Up
Same-store sales rose by 0.2 percent last week, the first gains in over three weeks, the International Council of Shopping Centers and UBS Securities reported Tuesday.
The gains, which are based on sales data at 60 retail chains nationwide, were driven by lower temperatures and sales-tax exemptions, according to Michael Niemira, the New York-based trade group's chief economist.
According to the National Retail Federation, the growing turmoil within the subprime mortgage and private equity markets has not kept shoppers from spending this summer.
In a survey of 1,000 consumers released this week, roughly half said the troubles on Walls Street hadn't changed their spending habits, while about 25 percent said they didn't even follow the stock market. Only 13 percent said the crisis had them thinking twice about major and nonessential purchases, the survey found.
Business Bankruptcies Jump
Following sharp declines last year, the number of businesses filing for bankruptcy rose to 6,705 in the second quarter, a 7 percent increase from the start of the year, Euler Hermes ACI reported Tuesday.
Business bankruptcies over the first two quarters combined are now up by 45 percent over last year when changes to federal bankruptcy laws prompted a 50 percent decline in corporate insolvencies, according to the Owing Mills, Md.-based credit insurance firm.
Rising energy costs, tighter monetary policy, and declines in the housing market were cited as causes of the gains. The firm is forecasting 30,000 business bankruptcies by the end of the year.
Gas Prices Back on the Rise
Average gas prices rose by 1.4 cents last week to $2.785 per gallon, the first increase in four weeks, the Energy Information Agency reported Wednesday.
As of Aug. 20, average gas prices were 13.9 cents lower than the same period last year. The modest gains were driven by soaring price hikes in the Midwest, where average prices pumps jumped by 10.2 cents to $2.87.1, the highest prices in the country. By contrast, prices in most regions dropped, including a 6.6 cent decline in California to $2.862 per gallon.
Leading Indicators Rebound
Following declines in June, the index of leading economic indicators rose 0.4 percent last month, led by gains in consumer expectations and vendor performance, the Conference Board reported Monday.
Six of 10 index components improved in July, including a drop in new jobless claims and more orders for consumer goods and materials, according to the New York-based private research group. On the downturn were building permits, new orders for non-defense capital goods, and interest rate spread, while average manufacturing hours held steady.
The index has shown gains in three of the last six months, rising by 0.1 percent in the six months ending July.
Over the same period, the coincident index, a gauge of current economic conditions, rose by 1.1 percent, led by strengths in industrial production and employment.
Retail Sales Up
Same-store sales rose by 0.2 percent last week, the first gains in over three weeks, the International Council of Shopping Centers and UBS Securities reported Tuesday.
The gains, which are based on sales data at 60 retail chains nationwide, were driven by lower temperatures and sales-tax exemptions, according to Michael Niemira, the New York-based trade group's chief economist.
According to the National Retail Federation, the growing turmoil within the subprime mortgage and private equity markets has not kept shoppers from spending this summer.
In a survey of 1,000 consumers released this week, roughly half said the troubles on Walls Street hadn't changed their spending habits, while about 25 percent said they didn't even follow the stock market. Only 13 percent said the crisis had them thinking twice about major and nonessential purchases, the survey found.
Business Bankruptcies Jump
Following sharp declines last year, the number of businesses filing for bankruptcy rose to 6,705 in the second quarter, a 7 percent increase from the start of the year, Euler Hermes ACI reported Tuesday.
Business bankruptcies over the first two quarters combined are now up by 45 percent over last year when changes to federal bankruptcy laws prompted a 50 percent decline in corporate insolvencies, according to the Owing Mills, Md.-based credit insurance firm.
Rising energy costs, tighter monetary policy, and declines in the housing market were cited as causes of the gains. The firm is forecasting 30,000 business bankruptcies by the end of the year.
Gas Prices Back on the Rise
Average gas prices rose by 1.4 cents last week to $2.785 per gallon, the first increase in four weeks, the Energy Information Agency reported Wednesday.
As of Aug. 20, average gas prices were 13.9 cents lower than the same period last year. The modest gains were driven by soaring price hikes in the Midwest, where average prices pumps jumped by 10.2 cents to $2.87.1, the highest prices in the country. By contrast, prices in most regions dropped, including a 6.6 cent decline in California to $2.862 per gallon.
24 Ağustos 2007 Cuma
Ryanair's Eurostar claim banned
Ryanair has been banned from claiming its flight from London to Brussels is faster and cheaper than making the journey by Eurostar.The claim was misleading because it ignored time taken travelling from city centres to airports, the Advertising Standards Authority (ASA) said.Ryanair's advert compared its 70-minute flight with a 131-minute train journey.But travelling from the heart of London and Brussels would add one hour and 45 minutes to the journey, the ASA said.And costs for those journeys to and from airports at both ends of the journey meant that claims Ryanair's service was cheaper were also misleading.Punctuality claimsRyanair defended its position, saying that time and costs involved in getting to an airport or railway station were "irrelevant" as they applied to both modes of transport.In a statement, the airline added that "no stupid ruling" from the ASA could hide the success of the airline."Only the very rich or the very slow waste their time on Eurostar," it said.Ryanair's main London base, Stansted airport, is about 25 miles outside the centre of the capital while Charleroi airport is some 28.5 miles outside of Brussels."We considered that many readers would not be aware of the locations of the airports and additional costs incurred," the ASA said.Ryanair was also found to have made inaccurate claims when it said that Ryanair's flights on the route were more punctual than Eurostar's service.The budget airline was told by the ASA to remove all the claims from its adverts.In July the ASA ordered Ryanair not to repeat an advertisement that played down the impact of aviation on the environment.In a press campaign the airline claimed the airline industry "accounts for just 2% of carbon dioxide emissions".The ASA ruled it breached rules on truthfulness by not explaining the figure was based on global rather than UK emissions.
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HBOS bails out own fund as effect of credit crisis spreads
The credit crisis inched closer to the heart of the British financial system yesterday as HBOS, the banking group, disclosed that it was bailing out a vast in-house fund that has been struggling to finance itself.HBOS, which owns Halifax and Bank of Scotland, said that it would extend credit to Grampian, a $37 billion (£19 billion) Jersey-registered debt- financed fund, until market conditions improved.The move came as the Bank of England disclosed that it had provided £314 million of emergency funding to a financial institution that it did not name, but which is understood to be Barclays.Grampian, a so-called conduit or credit arbitrage fund, holds asset- backed securities and normally finances its investments by issuing short-term commercial paper. However, demand for commercial paper has dried up as banks and investors shun all but the most risk-free of assets in a flight to ultra-safe government bonds.function pictureGalleryPopup(pubUrl,articleId) {var newWin = window.open(pubUrl+'template/2.0-0/element/pictureGalleryPopup.jsp?id='+articleId+'&&offset=0&§ionName=IndustrySectorsBankingFinance','mywindow','menubar=0,resizable=0,width=615,height=655');}HBOS’s decision to finance Grampian from its own resources means that it may have to raise £19 billion within six months — and most of that within weeks unless credit conditions improve. The average maturity of the Grampian commercial paper is just 55 days.HBOS said: “Grampian will use facilities provided by HBOS to repay maturing asset-backed commercial paper until such time as market pricing improves to a level acceptable to HBOS.” The group said that the action would “have no material adverse impacts on HBOS” and added that it had liquidity lines sufficient to repay the entire £19 billion. Grampian’s assets are held on the HBOS balance sheet, but do not have to be marked to market, enabling HBOS to ride out the storm without having to make big writedowns, according to one well-placed source. The fund is thought to have only about $300 million in securities backed by American sub-prime mortgages.Many banks have built up conduits in recent years, but Grampian is the biggest in the world, equivalent to 57 per cent of HBOS’s £33 billion stock market value. Until recently conduits have been able to borrow short term at low rates and invest proceeds in higher-yielding longer-maturity securities.Sources described Barclays’s use of the Bank’s emergency facility, which is priced at a punitive 1 per cent above base rate, as an operational issue and not related to fears over liquidity. It is the first time that the facility has been used since the credit market soured.
22 Ağustos 2007 Çarşamba
Quiebra la segunda compañía estadounidense de créditos hipotecarios
La compañía First Magnus Financial, la segunda mayor empresa de financiación hipotecaria de Estados Unidos, ha declarado su bancarrota y se suma así a la lista de entidades y fondos afectados por la crisis crediticia. La entidad norteamericana suma deudas que ascienden a 813 millones de dólares. Con ella ya son más de 90 las entidades afectadas en EE UU por la crisis crediticia. Ayer mismo, Capital One anunciaba el cierre de su filial hipotecaria GreenPoint.
La empresa, con sede en Tucson, se registró ayer como empresa en quiebra en el Estado de Arizona con deudas que ascienden a 813 millones de dólares. Según ha informado, tiene entre 25.000 y 50.000 acreedores tanto en Estados Unidos como en el extranjero, pero no los ha identificado públicamente.
First Magnus ya despidió a 6.000 trabajadores la semana pasada y cerró 300 de sus oficinas. En su página web, justifica la quiebra debido al colapso del mercado secundario de hipotecas.
La compañía se situó en el primer semestre en el puesto 16 del ránking de prestamistas hipotecarios de Estados Unidos. Fundada en 1996, operaba en 50 estados del país.
La empresa, con sede en Tucson, se registró ayer como empresa en quiebra en el Estado de Arizona con deudas que ascienden a 813 millones de dólares. Según ha informado, tiene entre 25.000 y 50.000 acreedores tanto en Estados Unidos como en el extranjero, pero no los ha identificado públicamente.
First Magnus ya despidió a 6.000 trabajadores la semana pasada y cerró 300 de sus oficinas. En su página web, justifica la quiebra debido al colapso del mercado secundario de hipotecas.
La compañía se situó en el primer semestre en el puesto 16 del ránking de prestamistas hipotecarios de Estados Unidos. Fundada en 1996, operaba en 50 estados del país.
El PP pide la comparecencia de Solbes en el Congreso para hablar de la crisis financiera
AGENCIAS
MADRID.- El Partido Popular solicitará hoy la comparecencia ante la Comisión de Economía del Congreso de los Diputados del vicepresidente económico, Pedro Solbes, para que explique las medidas adoptadas por el Ejecutivo ante la situación que viven los mercados financieros por la crisis de las hipotecas 'basura' en EEUU.
El portavoz adjunto del PP en el Congreso, Vicente Martínez- Pujalte, ha indicado en un comunicado que, ante una situación financiera mundial que es "bastante preocupante, el Gobierno socialista se ha escondido y no ha dado la cara".
No obstante, el presidente del Gobierno, José Luis Rodríguez Zapatero, transmitió este martes al Rey el respaldo a la decisión del Banco Central Europeo (BCE) de inyectar liquidez al mercado del dinero, una medida que Pujalte consideró un "parche" que "no pone remedio a la enfermedad".
Además, el jefe del ejecutivo resaltó las "bases muy sólidas" de la economía española para responder a la crisis de las hipotecas de alto riesgo de EEUU y dijo que la evolución económica ha tenido un "cuadro positivo" en los años 2006 y en estos meses del 2007. En el segundo trimestre del año, el PIB creció un 4%, una décima menos que entre enero y marzo.
El jefe del Ejecutivo, en un posterior encuentro con los medios, expresó su confianza en las instituciones financieras y en los colectivos de inversión de España y subrayó que la crisis en EEUU no afectará de manera "significativa" a la evolución de la economía en general y de la española en particular.
15 fondos españoles, 'tocados' por la crisis
La Comisión Nacional del Mercado de Valores (CNMV) ya ha recibido notificación de 15 fondos y sociedades de inversión (SICAV) españoles, de ocho entidades distintas, afectados por la crisis del mercado hipotecario de EEUU.
El regulador ha pedido a las gestoras de fondos que comuniquen a través de hechos relevantes su grado de exposición a fondos u otros vehículos de inversión con capital dentro del negocio 'subprime'.En este sentido, Rodríguez Zapatero comunicó al Rey que tanto el Ministerio de Economía, como el Banco de España y la CNMV "están atentos" a los efectos de esta crisis.
Martínez-Pujalte, por su parte, ha insistido en que el Ejecutivo "está funcionando de una manera muy autista, sin plantearse ningún tipo de medida, ni en un sentido ni en otro".
Así, además de solicitar la comparecencia de Solbes, dirigirá una batería de preguntas al Gobierno para saber "si se han puesto en marcha medidas de vigilancia especiales sobre entidades financieras y sobre los fondos, y si se están tomando medidas para evitar el contagio de unos fondos a otros", después de que más de una decena ya hayan admitido que están afectados por la crisis.
MADRID.- El Partido Popular solicitará hoy la comparecencia ante la Comisión de Economía del Congreso de los Diputados del vicepresidente económico, Pedro Solbes, para que explique las medidas adoptadas por el Ejecutivo ante la situación que viven los mercados financieros por la crisis de las hipotecas 'basura' en EEUU.
El portavoz adjunto del PP en el Congreso, Vicente Martínez- Pujalte, ha indicado en un comunicado que, ante una situación financiera mundial que es "bastante preocupante, el Gobierno socialista se ha escondido y no ha dado la cara".
No obstante, el presidente del Gobierno, José Luis Rodríguez Zapatero, transmitió este martes al Rey el respaldo a la decisión del Banco Central Europeo (BCE) de inyectar liquidez al mercado del dinero, una medida que Pujalte consideró un "parche" que "no pone remedio a la enfermedad".
Además, el jefe del ejecutivo resaltó las "bases muy sólidas" de la economía española para responder a la crisis de las hipotecas de alto riesgo de EEUU y dijo que la evolución económica ha tenido un "cuadro positivo" en los años 2006 y en estos meses del 2007. En el segundo trimestre del año, el PIB creció un 4%, una décima menos que entre enero y marzo.
El jefe del Ejecutivo, en un posterior encuentro con los medios, expresó su confianza en las instituciones financieras y en los colectivos de inversión de España y subrayó que la crisis en EEUU no afectará de manera "significativa" a la evolución de la economía en general y de la española en particular.
15 fondos españoles, 'tocados' por la crisis
La Comisión Nacional del Mercado de Valores (CNMV) ya ha recibido notificación de 15 fondos y sociedades de inversión (SICAV) españoles, de ocho entidades distintas, afectados por la crisis del mercado hipotecario de EEUU.
El regulador ha pedido a las gestoras de fondos que comuniquen a través de hechos relevantes su grado de exposición a fondos u otros vehículos de inversión con capital dentro del negocio 'subprime'.En este sentido, Rodríguez Zapatero comunicó al Rey que tanto el Ministerio de Economía, como el Banco de España y la CNMV "están atentos" a los efectos de esta crisis.
Martínez-Pujalte, por su parte, ha insistido en que el Ejecutivo "está funcionando de una manera muy autista, sin plantearse ningún tipo de medida, ni en un sentido ni en otro".
Así, además de solicitar la comparecencia de Solbes, dirigirá una batería de preguntas al Gobierno para saber "si se han puesto en marcha medidas de vigilancia especiales sobre entidades financieras y sobre los fondos, y si se están tomando medidas para evitar el contagio de unos fondos a otros", después de que más de una decena ya hayan admitido que están afectados por la crisis.
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