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September was marked by volatility in Asian stock markets. This Thursday is still shown. After yesterday's gains, the indices évoulent uncoordinated. Wall Street, which ended in a small decrease (-0.21%) after a meeting very hesitant, do not give a direction to follow. Asia dominates the wait before a series of U.S. statistics to be published in early afternoon (the last reading of GDP for the second quarter, weekly jobless claims and the Chicago PMI for September).

The Nikkei since March

Meanwhile, Japan's Nikkei widening its losses: after an opening stable (-0.01%), the key index in Tokyo falling 1.18% to 9446 points. The Topix, broader, loose 1.43% to 834 points.A poor indicator came stopping investor sentiment in early trading as industrial production fell 0.3% in August compared to July. It is his third consecutive monthly decline, according to the Ministry of Economy, Trade and Industry (METI). The prospects are not good: "Industrial production has stagnated and is expected to decline," warned the trade. This points to the high price of the yen which inhibits the growth of industry, including the automobile. According to the ministry, Japanese manufacturers expect production continues to decline from 0.1% in September and 2.9% in October. The recovery is not expected before mid-2011.

During the session, the dollar traded at 83.73 yen, near its lowest level since Sept. 15, the date of the last intervention on the Tokyo foreign exchange market.But this news has not been sufficient to support the rating.

Paradoxically, this tough session should not prevent the Nikkei to close the month of September on an increase of about 8%, its best performance since March.

The rest of the region hesitates

Moreover, caution prevails. Scholarships are reluctant to follow the path, as illustrated by the Stock Exchange of Hong Kong and Shanghai. The first loose 0.29% while the second rises of 1.46%.

The U.S. House of Representatives Wednesday passed a law saying that the yuan's exchange rate represents a disguised subsidy. Beijing was quick to respond: "Start countervailing duty investigations on the basis of the exchange rate does not comply with the rules of the World Trade Organization," said ministry spokesman Yao, cited by Xinhua news agency.Just before the vote in Washington, the Chinese central bank had promised "more flexibility" of yuan, but no timetable or specific commitments.

As for values, Industrial And Commercial Bank of China (VSI) down 2.85% in Hong Kong. The Chinese bank, the world's largest by market capitalization, is suffering from yesterday's Decison Goldman Sachs to sell its interest in this property. The U.S. bank would reduce its stake to 3.1% which would allow him to raise $ 2.05 billion.

In Korea, the Kosdaq is 0.76% while the S & P was down 1.08% autralien. The Indian Sensex lost 0.27% while the Pakistani Karachi was up 0.41%.

Oil follows the trend

Crude prices were also mixed on Thursday in trade in Asia, despite the publication of statistics showing a drop of oil reserves in the United States and an indicator showing a significant expansion of manufacturing activity in China, according to analysts.

In morning trading, a barrel of light sweet crude for November delivery retreated 10 cents to 77.76 dollars. That of Brent North Sea due to appreciating identical 4-cents to 80.81 dollars.

The French group Vivendi announced this Monday, in a statement the sale to General Electric 7.66% of its stake in U.S. media group NBC Universal, which is born of the merger in 2003 of NBC and Vivendi Universal Entertainment. This entity was 80% owned by General Electric, the remaining 20% owned by Vivendi.

The operation is not really a surprise, since an agreement between Vivendi and General Electric was raised since December 2009.

The release of the French company said that "the shares already owned by Vivendi, or 12.34% of NBC Universal, will be sold to General Electric for $ 3.8 billion at the closing General Electric Comcast.

An operation to three

The conglomerate and the cable operator are indeed involved in the formation of a joint venture of NBC Universal around.Announced in December, the joint venture would be 51% owned by Comcast and 49% by General Electric. A seven-year horizon, the joint venture should be fully redeemed by Concast. Already a number of cable television in the United States, the group wants to get their hands on programs produced by NBC Universal to distribute to the public on a declination of media: television, computers, mobile phones.

In parallel with this mega-transaction, Vivendi has agreed to sell its shares in stages from NBC, its total withdrawal is conditional upon the finalization of the agreement between General Electric and Comcast.

Finally, the amount of the sale of the entire shares of Vivendi Universal NBC, 5.8 billion, will conform to the valuation that had been considered during the assignment agreement last December.In exchange, the Vivendi gained 0.50% to 9.30, in unison with the market, as the CAC 40 climbed 0.45% then.

"The President of the Republic knows that we pay attention to fairness." While the pension reform should be considered in the meeting in the Senate as of 5 October, the Senate President Gerard Larcher, relaunch the idea of pension reform. "Senators will make proposals for the disabled, long-term unemployed close to retirement, long careers, the hardship," he said in an interview with the Journal du Dimanche. He said the reform could be amended without his balance is altered

Firm and conciliatory

With regard to mothers born between 1950 and 1960 and he is both firm and conciliatory. Closes on age for full retirement at age 67, which he believes is "not negotiable", but conciliatory "since we must move in the direction of fairness.We must address this transitional generation whose careers are sometimes chopped, "he says.

In sum, it remains sensitive to the proposals of the CFDT – "do not slam the door on the fingers of one who cracked open" – but do not forget that "new age limits are the bedrock of reform ", as the government says. Although he denies it, the chairman of the Senate seems to have been called to order by the Elysee on the age of a full pension at age 67. Several weeks ago, he mentioned the idea of holding at 65. "I do not feel that we are corseted," he defends himself.

Nicolas Sarkozy has provided guidance

It does not, however, lies in contrast to say that the President of the Republic, Nicolas Sarkozy, has given guidance on possible improvements to the senators. "I talked with the President.It set the framework and objectives of the bill and the Senate will honor the balance of the reform, "said Gerard Larcher.

Senate President raises further milestones for the future of the pension system, saying it should not only modify the conditions of retirement, but the system as a whole. "It is whether we will engage in a consolidation plan to eventually go to, for example, to a point system. We need to think now. The Senate may establish the principle, "he concludes.

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The capital increase is a record Petrobras: Brazilian oil giant said Thursday it has raised no less than $ 70 billion (52.5 billion euros). The value of the increase was determined from the price and number of shares to be placed on the market Friday. Petrobras said it had sold 1.87 billion of preferred securities to 26.30 reais and 2.4 billion shares at 29.56 reais. The discount was lower than expected: 2% over the closing price on Thursday.

The deal included a swap "securities cons oil": new securities are traded against the development rights relating to five billion barrels of oil offshore at a price of 8.51 dollars a barrel.

Brazilian President Lula da Silva is expected Friday in the stock market in Sao Paulo for the kickoff of the new securities.Participation of Petrobras in the Brazilian state is currently 32.13% of Petrobras and should increase payday loan lenders.

High demand

Demand has been strong: it reached $ 140 billion, according to a source close to the transaction, including 98 billion private shareholders and institutional investors for 42 billion. Petrobras reserves the right to extend its offering by issuing additional shares based on the level of demand.

The purpose of this record capital raising is to fund the operation of offshore deep water off Brazil. Discovered in 2007 by Brazilian society, these huge deposits lie under a thick layer of salt. 224 billion dollars of investment and are expected by 2014.

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And seven! After the action on Thursday, the Inter already anticipates the follow-up to the protest movement against the proposed pension reform. Meeting this Friday at the headquarters of the CGT in Montreuil, unions have ruled in favor of two new action days. On Saturday, October 2 has a vocation to be "a great day of rallies and demonstrations in the country, and on Tuesday 12" a new day of strikes and mass demonstrations. " The sixth and seventh since March.

While the reform bill will soon be debated in the Senate, the CFDT and CGT still hope to obtain substantial changes to a text that they consider "unfair and ineffective" payday loans lenders. And more so than the action on Thursday, whose level is subject to widely divergent estimates of the government and unions, seems to have strengthened recently.

While the number of protesters was less than a million for the Interior Ministry, unions did their part state of nearly three million people in the streets. The Inter spoke Friday a "success" of the day Thursday and is now calling for a "winning bet" and added "what we expect now is that the government decided to revise its reform and 'build another. "

However, the deletion of the solidarity tax on wealth (ISF), was rejected by a majority of French people (75%), right and left.

As to the abolition of the tax shield, as emblematic of the hotly contested Sarkozy presidency, it is approved by a narrow majority of French people (54%), supporters of the right being more strongly opposed (49%).

Finally, the measure combining both the abolition of wealth tax and the tax shield, together with an increase in the tax rate higher incomes advocated by several Members of both right and left, sharing the French 47% were in favor and 35% opposed.

"The high rate of no opinion (18%) shows that in this debate on taxation, the French (…) are still far from mastering the ins and outs," notes the study.

* The survey was conducted on 15 and 16 September, face-to-face with a representative sample of 1,000 people, according to the method of quotas.

Yoplait is salivating giants of agribusiness. The U.S. company General Mills, the world number six, which produces including Häagen-Dazs, Green Giant vegetables (Green Giant) and Cheerios, would consider the takeover of French dairy products, according to British newspaper The Sunday Times. It would be ready to put 1.2 billion euros on the table to offer it, the weekly said, citing sources familiar with the matter.

For now, General Mills has a distribution license for Yoplait. But he said Sodiaal (ex Sodima), 50% owner of the trademark with the French investment fund PAI Partners would consider terminating the agreement with General Mills, Yoplait products are distributed in the U.S. for over 30 years guaranteed fast personal loans.

Disagreement over the distribution

In a document sent to the U.S. stock market authority, the Securities and Exchange Commission (SEC), General Mills said he received a letter in early September the French group wanting the contract to manufacture and distribution of Yoplait yogurt in the United States ends September 9, 2012. Citing the terms of the contract, General Mills said that a break is not feasible.

The scenario of an acquisition could enable the U.S. group not to lose hold of the mark in the little flower, which boasts a turnover of 3.5 billion euros worldwide. The U.S. market represents 48% of the volume of Yoplait, said the group of dairy products on its website.

Source: Groupe Yoplait

In recent weeks, the meetings between the State and the Caisse des depots have accelerated. Two folders on the desk for several months, were at the heart of discussions. The more strategic the entrance to the CDC capital of La Poste. For over a year and a half, it is expected that the public company is recapitalized by 2.7 billion euros, 1.5 billion made by the Fund, the remainder by the state.

However, discussions between the parties have long stalled on the value of the Post. The price differences have even been impressive, some citing the figure of 2 billion just the other at least 9 billion!

"The case is now drawing to a close," said a stakeholder.Concordant sources, a meeting at Bercy on Thursday afternoon between the Economy Minister, Christine Lagarde, the CEO of the Caisse des Depots, Augustin de Romanet, and the chairman of the supervisory board of the Fund, the member (UMP) Michel Bouvard, significantly closer views. They converge on a base value of 3 billion euros, which would mean the CDC for a 25% stake, which may be an additional fee.Discussions are continuing elsewhere on this point.

This "pivotal value," rather low end, reflects the uncertainty many had pointed CDC: falling mail volumes, capital needs of the Postal Bank, passive social … The execution of the strategic plan presented to spring by the company president Jean-Paul Bailly will be followed closely.

Sensitive issue

Moreover, before finally endorse their agreement, the parties will finalize the rules pertaining to the governance of the Post Office when it has two shareholders. Also, contracts that bind CNP Assurances, Caisse and La Poste, will be "bound".

Second highly sensitive issue, about to be settled: Bercy and the Deposit have reached an agreement acceptable to both financially and politically, a new rule of sharing profits from the CDC.The supervisory board should approve the new scheme from next Wednesday.

Until now, the benefits of the TFB were three destinations each year: one third of its funding for missions of general interest, third for the strengthening of the capital and one third for the state budget. Now the CDC budget to pay 50% of its consolidated income statement. The floor, which corresponded to the retirement of notaries disappears. However the payment will be capped at 75% of company profit. A provision designed to avoid a "capitalization" of the public agency.

Under 2009, the Fund does not pay the state 660 million euros, but 980 million. In his simulations for the next five years, the CDC expects to withhold 3% to 5% higher than it would have been with the previous rule.Because the new rule will prevent the psychodrama that marred in recent years relations between Bercy and the CDC, whenever the latter has suffered a capital gain by selling an asset (Ixis, Savings …). Now, there will be no windfall profits, but a single consolidated earnings, shared equally. Neither hand tension as when the heart of the crisis in April 2009, the State had made public that the group did not pay dividend for 2008.

At Bercy, the Treasury and the Elysee, some senior officials did not hide their irritation so. And in the process, the Minister had commissioned a report to the General Inspectorate of Finance (IGF) on fiscal relations between the state and CDC. "Today, everything is fine!", They say now on both sides.

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The business travel industry is slowly recovering from the economic crisis. While 66% of firms had reduced their budget for this position in 2009, a moderate recovery was felt in 2010, which should continue in 2011, provides for the travel agency business Egencia, a subsidiary of the giant Expedia booking on Wednesday. Even if budgets are still far from finding levels comparable to those provided companies before the crisis, the sector is experiencing a recovery of about 12% in Europe and 25% in the United States. "North America had further reduced its spending during the crisis," says Christophe Pingard, director of Egencia Europe.

Consequently most successful of these perspectives, the price of hotel accommodation should sign up in 2011, regardless of the geographic area selected."The hotel sector, severely affected in recent years, shows signs of recovery, with demand growing rapidly overnight," says the agency. Therefore: the hotel occupancy rate improved in almost all major cities worldwide, making the tariff negotiations more difficult. Only Moscow, Mumbai or Vancouver, recorded a lower average price of their night.

For businesses, pricing of air transport proved a bit more favorable. The price of airline tickets from Europe should remain the same or decreased slightly in 2011, partly because of increased competition from low cost airlines.Price negotiations, provided, will not necessarily easier: "The airlines have skillfully adapted their supply and their capacity during the crisis, and thus are more resistant in the negotiations," Analysis Christophe Pingard fast cash. From Asia, however, tariffs will be significantly driven up by the growth of India and China. They should sign up 9% from Shanghai, 8% from Singapore, or 7% from Tokyo.

Book tickets at least 21 days in advance

In general, if firms have resumed their trips for many, the crisis seems it is changing practices to further savings. "Companies are refocusing their trips to the preservation or acquisition of new customers to the detriment of domestic business travel.They are also more frowning on the cost of their travel, and practicing enhanced oversight, "says Christopher Pingard. Regarding the prices of plane tickets, "they are moving towards the lowest fare, even if they are more stringent," says the agency.

With some success, since according to calculations Egencia, booking tickets in advance between 21 and 30 days later – would save up to 50% of the price paid. But be careful to monitor the additional costs associated with each ticket, for example relating to extra baggage or choice of specific places. Airlines have increasingly tended to charge these additional services in order to display, like low-cost airlines, lower fares.

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For the second consecutive year, the Agriculture Minister Bruno Le Maire had to give to visiting the booths of Space (fair livestock Carrefour Europe) to Rennes. This is the agricultural meeting of the season, the gateway to the ministers. Three others are also expected by Friday, the closing of the fair livestock which expects more than 100,000 visitors.

330 million euros of aid

However, Bruno Le Maire was able to pronounce, under protection of law enforcement, his much anticipated speech by farmers in a cozy atmosphere before an audience of several hundred officials handpicked. He announced a plan to aid nearly 330 million euros: 30 million to meet the challenges of the most vulnerable farmers and 300 million euros over three years to fund the development of industries.In addition, part of CAP subsidies will be paid in advance, on 16 October instead of early December to again facilitate the farmers' cash. The measure hailed by the majority union FNSEA and JA need a personal loan with bad credit.

Anger

Outside the climate was quite different. Nearly 500 farmers from two minority unions for the Coordination Rurale and the Confederation Paysanne and the milk of the Apli expressing their anger at their declining incomes.

They tried every means to force the security gates including with coarse material exposure to invade the room where were the officials. A shot of tear gas they were repelled by riot police.

Arrived after 10 hours, the agriculture minister departed shortly before noon with the President of the FNSEA, Jean-Michel Lemetayer who is also chairman of the Space.They had lunch together with agricultural officials in an undisclosed restaurant. The minister will not meet with the protesters. After the minister left they came to stand in Hall 5 of the FNSEA and CNIEL (milk).

From our special correspondent in Rennes Eric of Chester

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