US & World News

Al-Jazeera would be poised to strike (still) a great blow. She has acquired the TV rights for Euro 2012 would not count stop there. But what about the games of the France team? Players of the team celebrate their victory against Spain in Euro 2008 final against Germany.

The rumor is increasingly insistent. According Lepoint.fr, Al-Jazeera would have won the TV broadcasting rights of the Euro 2012 football against the duo of TF1 and M6. Interviewed by L'Expansion. Com, Uefa and the Qatari, however, refuse to confirm. Especially since the side of a large French chain, a source very close to the case provides that "nothing is done", and it remains "a third round of betting." Still, since Al Jazeera has gained a lot of the rights of the Champions League and Ligue 1, the rumor lends resources and unlimited ambitions. It is rumored in some newsrooms and this time she would put on the table between 100 to120 million for the next edition of the European championship. A sum again unconfirmed.

A "gift" to France Televisions?

Another victory for Al-Jazeera would not without asking the air broadcasting the matches of the team of France and the final. Qatari chain could therefore turn to organize a tender to determine the granting of this free program minimum. A chance for TF1 and M6 to limit the damage? Not so sure. According to Le Point, it would indeed be considered a "gift" to public service, which devalues ​​the rights. And to soften somewhat the "shock" due to the sensational debut of this new actor. Good image would indeed be surprising from a country that, since his arrival on the French market of football business, do research clearly not economic profitability in the short term.

In fact, the leaders of France Televisions have also met with Qatari counterparts, recognizes Bilalian Daniel, the head of sports department of public television. But "it was nothing to prepare for the Euro 2012. Just to stand as brothers," says he. As for a possible favor, he asserts that "it is absolutely anything. You can not sell off the rights like that, other chains might attack us for that."

The Europa League and Cfoot in addition to the Euro?

Anyway, the ambitions of Al-Jazeera will not stop the bidding for Euro 2012. Al-Jazeera is also still in the race to clinch the match of the Europa League where a third round of betting is also expected. She finally approached to buy back the rights of the League 2 along the chain Cfoot, owned by the Professional Football League (LFP). Because Al Jazeera has yet to find a channel to broadcast the matches she bought. Or just Cfoot must stop broadcasting on pay DTT in June … either at the beginning of the euro. Just a coincidence that some obervateurs to complete a recovery scenario …

As the name suggests, fast loans give you access to instant cash for meeting your urgent monetary needs. With the recent global recession plunging people into oceans of debts and unemployment, they are always in need of borrowing money to make their ends meet.

Nicolas Sarkozy left Paris Wednesday to Frankfurt where he is involved with the German Chancellor to work meeting for the summit of the euro area expected Sunday. President Nicolas Sarkozy meets with German Chancellor Angela Merkel Tuesday, August 16 at the Elysee Palace (both here in Berlin July 20, 2011)

Nicolas Sarkozy left Paris Wednesday to Frankfurt where he is involved with German Chancellor Angela Merkel at a meeting to advance the conclusion of an agreement on the future of the euro area before the EU summit scheduled for Sunday, announced the Elysee.The President of the European Central Bank (ECB) Jean-Claude Trichet, his successor Mario Draghi, the Presidents Council and the Commission of the European Union (EU), Herman Van Rompuy and José Manuel Barroso, the Executive Director of the IMF Christine Lagarde, the finance ministers and French and German, Baroin and Wolfgang Schäuble, also participate in this "informal meeting" added the source.

All these personalities gathered in Frankfurt for a ceremony in honor of Mr. Trichet, who must leave office at the head of the ECB at the end of October. "No statement is expected at the end of this working meeting," also said the French presidency.At a luncheon at the Elysee Palace with the centrist deputies, the president announced he was ready to move quickly in Germany in order to hasten the conclusion of an agreement in anticipation of EU summits and the euro area scheduled Sunday.

France hopes that the EFSF can be turned into a real bank, such that it can refinance directly with the ECB. The ECB and Germany are opposed to such provisions, which require amendment of the European treaties.Germany stands in contrast the idea of ​​a mechanism to ensure EFSF some of the bonds of troubled countries, to multiply by "leverage" its lending capacity, currently $ 440 billion euros, without the states have to increase their contributions.

First limited to Greece, the debt crisis is now spreading to other countries in the euro area and its banks. Spain has suffered a further reduction of its sovereign rating for the third time in less than two weeks, while Greece was paralyzed by a general strike. At a meeting with Merkel in Berlin on October 9, Sarkozy had promised "sustainable solutions, comprehensive and fast" to resolve the serious crisis in the euro area, in any case before the G20 summit scheduled in Cannes on November 3 and 4.

Investors weary of the impact of the crisis in the euro area financial markets will have something else to put in their mouths this week: the results of business.

As each "earnings season" quarterly, the aluminum producer Alcoa, which will open the ball, his numbers are expected in the third quarter after the close of Wall Street Tuesday.

Business performance and prospects announcing they are considered an important barometer of the state of the global economy and are also likely to give an indication of the impact of the crisis in the euro area on profits companies.

But, having risen sharply over the whole of last week, Wall Street may have difficulty continuing to rise even if corporate earnings are better than expected.

Technical analysts have said in effect that the moving average of 50 days S & P 500, currently at 1178 points, could represent a significant resistance.

In the past week, the S & P benchmark for fund managers, has gained 2.1% to 1155.46 points, buoyed by the feeling that European leaders are now determined to solve the problems of their banks weakened by the debt crisis.

Nicolas Sarkozy traveled to Berlin on Sunday for talks with Angela Merkel of crisis, with a priority to overcome their differences on how to recapitalize European banks.

"Over the next three weeks, attention will focus on results – even if the situation in Europe will always be present in people's minds," said Ken Polcari, an analyst at ICAP Equities.

In addition to Alcoa, next week will also see the results of PepsiCo, Google, JPMorgan Chase and Mattel.

CONSERVATIVE ANALYST ESTIMATES

In light of the debt crisis of the area, but also signs announcing a slowdown in the global economy, many corporate earnings forecasts were revised downward by analysts in recent months .

"The forecast for the quarter just ended were very conservative so there are chances that companies do at least as well as the consensus," said Marc Pado, technical analyst at Cantor Fitzgerald.

In terms of macroeconomic indicators, market players expect including the minutes of the last meeting of the Federal Reserve, retail sales for the month of September and the feeling of households for the month of October, according to Index Thomson Reuters / University of Michigan.

The latest U.S. statistics have been rather better than expected, which has banished the specter of a return to recession in the United States and contributed to the rebound on Wall Street last week.

But, and this also applies to any positive impression left by the business results, although some indicators of the coming week confirm this trend, the positive effect could be negated if further deterioration of the debt crisis the euro area.

For the first time since 2008, the price and the number of transactions in the old housing declined in France in 2011. Only Paris continues to grow. http://www.flickr.com/photos/gcattiaux/

For the first time since late 2008, the start of the economic crisis, the number of transactions and house prices falling in France, a trend likely to continue in 2012, according to a survey by the AFP with leading real estate networks. "Sales of existing homes fell 11% in France between the 3rd quarters of 2010 and 2011, while prices fell by 2.7% between the first half and third quarter of 2011," said Laurent Vimont, Chair Century 21, a leading network of estate agents.

Paris alone, due to demand still much stronger than supply, see the prices continue to increase, reaching a new record in Q3 8556 eurs/m2, says Vimont.After a price hike of 22.5% in the second quarter, the highest one-year for 20 years, house prices in the capital will soon level off or even declined slightly, had said in early September notaries in Paris. In the provinces, seven provinces reported, according to Century 21, a fall in prices in Q3: Burgundy (-9.7%), Central (-5.5%), Lorraine (-4.4%), Provence-Alpes Côte d'Azur (-3.7%), Basse-Normandie (-3%), Nord-Pas-de-Calais-Picardie (-3.4%), Champagne-Ardenne (-1.3%).

For Mr. Vimont, the main explanation lies in the fact that "over the solvency of first-time buyers who can not afford to buy, is broken." This decrease since mid-2011 transactions and prices is confirmed by the Real Estate Guy Hiccups."Higher mortgage rates and the presidential election should result in lower overall market in 2012," said its managing director Cédric Monssu. For Nicolas Jacquet, Executive Chairman of Urbania, the next increase in the tax on capital gains on sales of rental and second homes on 1 February 2012, resulted in "significant increase in the number of terms in Sales agencies ".

But in 2012, one can "expect for 2 or 3 years down the number of transactions as a number of people who have not reached withdraw their homes from the sale," he adds . "This announcement will have a devastating effect especially that the liquidity problems of banks should lead to a restriction in the distribution of mortgages," said Bernard Cadeau, president of the Orpi network.But this rush to sell for some households that had exceeded the limit of 15 years for tax exemption on capital gains has unintended consequences. "We remind sellers that we are bound by an obligation of means, not results, and we urge our customers to agree to sign a form stating that we are not liable for administrative delays," said Gilles Ricour Bourges, President for Ile-de-France of Fnaim (National Federation of the estate).

However, one sector is rubbing his hands at the moment: the luxury real estate. "We record a 20% increase in the number of terms because it is necessary that the promise of sale are signed before November 15 to make sure that the final acts to be registered with the notaries before February 1", told AFP Charles-Marie Jottras, Chairman Daniel Féau real estate."Non-standard goods have been no slowdown in demand, on the contrary. The category of quality goods, worth over EUR 1 million, did not suffer either in the capital and stations, sea or mountain fashion, "says Barnes network in a statement.

European shares finished higher Monday, with the financial sector, buoyed by speculation of lower interest rates by the European Central Bank (ECB) and new measures to support banks.

However, markets have reduced their earnings during the afternoon for lack of more precise statements confirming the rumors.

The CAC 40 index finished up 1.75% to 2859.34 points (final closing), while London has been 0.45%, 2.87% Frankfurt, Milan and 3.32% EuroStoxx 50 2.84%.

The index of the banking sector has been 3.57% and 6.42% of the insurers, with an increase of 8.18% for Axa, from 5.44% for Societe Generale and BNP Paribas for 3.99%.

Canal + has breached commitments made at the acquisition of TPS, said Wednesday the Competition Authority, which withdraws the decision to authorize the transaction and places the encrypted string in a difficult position even as the authorities are looking at its stake in the TV division of Bolloré.

Vivendi's subsidiary is accused of several violations by the Authority of the 59 commitments made in 2006, some considered "essential", what prompted the regulator to decide on the first withdrawal of authorization in its history, plus a fine of 30 million euros.

The Authority one month left to the parties concerned to inform him of the operation again, which would be studied on a new basis.

"We will put everything flat.The authorization of 2006 no longer exists.We will discuss again all under the market situation today, "said Bruno Lasserre, President of the Authority, at a press conference.

The regulator could start by redefining the characteristics of the market affected by the operation, by drawing a border more or less clearly between the segments of pay television and free.

With a dominant position in pay TV, Canal + is a relatively small player in the free.

"There is no doubt that we will do a thorough review of this matter," whose outcome is likely to be one of two options: allow the operation by asking for new commitments to Canal +, or give a green light by imposing unilateral orders, said Bruno Lasserre.

Canal +, for its part that it would initiate action against that decision, saying it "is of course not possible to challenge a merger nearly five years."

The pay-TV may request that the State Council an interim order to suspend the regulator's decision, giving the necessary time to the State Council to rule on the merits of the case.

CONCESSIONS

The regulator's decision comes as the acquisition of a 60% of Canal + in the television division of the Bolloré group – which includes the general channel Direct 8 Direct Star and music, as well as advertising – is waiting for the green light authorities.

"Channel is clearly in a dominant position in the pay and instead abused.Now he wants to go in the free, "said one media analyst who declined to be named.

"I do not think that this decision will undermine the 'deal' with the GST or cancel Bolloré, but all this will lead to new commitments by Canal in both the paid and free."

Canal + has struck a blow in early September by announcing the takeover of two DTT channels free of Bolloré, a process seen by experts as a threat to TF1 and M6, and is expected to reshuffle the cards in the French media landscape .

If it is validated, the transaction would enable Canal Plus to have a total of three free channels on DTT counting i> Télé, making par with TF1, owner of NT1 and TMC, and distancing M6, W9 holder.

The subsidiary of Vivendi, however, could be asked of concessions by regulatory authorities, because the regulations up to seven the number of possible frequencies for the TNT group. However, the acquisition of Direct 8 Direct Star and bringing to eight the total channels of Canal +, not counting its draft free channel called Canal20.

Examination of the application and Direct 8 Direct Star will be done separately from that of the GST case, but delays are likely to be concurrent, around six months, said Bruno Lasserre.The Authority, he added, has not received any notification for the time of Canal + Group for the second file.

This increase in tax rates, btisée "Buffett rule", only affect 0.3% of taxpayers, less than 450,000 people. President Barack Obama issued Tuesday, August 2, 2011 text authorizing the raising of the ceiling of U.S. debt.

President Barack Obama will propose Monday to raise taxes on millionaires so that they reach at least the same percentage of their income than that applied to middle-class taxpayers, said Saturday the New York Times.

Citing government officials, the newspaper says Obama will present a draft on this issue during a speech at the White House, he calls the "Rule Buffett", named after the multimillionaire Warren E. Buffet.It was recently pointed out that the richest Americans pay a smaller proportion of their income in federal taxes than middle-income employees.

Profits on investments – such as profits from capital, dividends or premiums paid to investors and holders of risky investments – are taxed less than wages, in fact, explains the New York Times. In addition, those receiving more than 106,800 dollars do not pay Social Security tax.

The newspaper said Obama will not show the tax rate or clear it intends to apply the amount it hoped to achieve through this measure and will not provide further details, these should be included in a program long-term deficit reduction.However, it will call savings of $ 300 billion over ten years of health insurance for the elderly and medical aid to the needy.

A joint committee of Congress is working on a bipartisan agreement on the budget to be presented in late November while the Republican representatives opposed the project of the president to tax the companies in the sectors of oil and gas and individual income above $ 200,000. The tax would only affect 0.3% millonnaires taxpayers, less than 450,000 of the 144 million returns recorded in 2010, according to The New York Times.

European banks including Societe Generale and Dexia still suffer from their bad loans, but also another evil, more discreet: their dependence on debt markets to finance their operations.

Unlike some U.S. banks such as JPMorgan Chase and Wells Fargo, which finance a larger share of loans with the deposits of their customers, private banks in Europe generally depend more on their loans in capital markets in the short term.

This exposes them to the whims of investors, may require a sudden interest rates higher for their money, or even remove it from the market place and the banks to thank you for a government bailout.

The sudden increases observed in recent weeks on the rates of short-term loan of some European banks in this respect revived memories of the 2008 financial crisis, when Bear Stearns and Lehman Brothers collapsed in a liquidity shortage .

The recent turmoil highlighted the need for the European banks most vulnerable, to adjust their loan commitments that can actually pay their deposits.

"The European banking system must be redesigned and re-capitalized," said one institutional investor this money markets and based in New York, speaking on condition of anonymity to avoid offending customers.

Many banks have sought since the 2008 crisis, to raise their levels of deposits, with some difficulty.

In Europe, public banks and savings banks enjoy tax benefits because they can maintain their stranglehold on the market, said Rocco Huang, a professor at the University of Michigan.

The race then draws customers to higher costs, so that some institutions are turning to overseas, such as the Franco-Belgian bank Dexia, which recently expanded its network in Turkey.

FINANCING RISK

Fears about the financial health of European banks is easily exacerbated by their lack of transparency about their cash reserves, analysts said.Lack of clear data, investors resort to inadequate instruments, such as loan-deposit ratios ("loan-to-deposit ').

Dexia loans represent 2.5 times the sum of its deposits, according to data compiled by Keefe, Bruyette and Woods.For Societe Generale, the ratio "loan-to-deposit" is 1.2.

By comparison, loans JPMorgan use only two-thirds of it are lists of deposits under its customers.

To make up the difference, European banks therefore depend heavily on capital markets, including money market short-term, which can be risky in the current environment of distrust of investors.

The credit default swaps (CDS) – which measure the cost of insurance on default of payment – General Corporation has more than doubled in less than three months, reaching 303 basis points (bps) on August 19 against 138 bps on May 31, according to Markit.

At the same time, the share of the Company generally has lost about 49% of its value.For comparison, the CDS JPMorgan rose 75 bps to 125 bps, and the action has lost 21%.

This movement took place when a strong seller that major U.S. investment funds have withdrawn money market billions of dollars they previously injected in European banks through short-term loans.

In June and July, according to Fitch Ratings, the top ten funds have pulled 70 billion dollars (48.38 billion euros) or 18.4% of the money they had lent to banks Europe.

Finance is increasingly global, many of these funds have explained to need this cash if their investors wanted their money out of fear of failure to pay the United States.

This sudden loss of funding has forced banks to seek their dollars elsewhere, taking their rising borrowing costs in a way that seemed to indicate that they were in need of funding, said Mark Pawlak, strategist and vice president of Keefe, Bruyette & Woods.

Societe Generale then attempted to allay fears about its financial strength by providing investors with details on its balance sheet during a presentation on August 3.

"The bank has no liquidity problems, its activity is healthy and its investment capabilities are intact," he said last weekend Oudéa Frederick, CEO of Societe Generale, in an interview with Journal du Dimanche.

Neither Dexia nor Societe Generale have wished to comment during this analysis.

Hewlett-Packard has made a bid Thursday to the British publisher of Autonomy software and mentioned the possible split in the group with his branch of PC.

HP has offered to buy all outstanding shares of Autonomy for the price of 42.11 dollars per share for a total transaction of $ 10.3 billion (7.1 billion euros).

He also announced the abandonment of its shelf TouchPad who has not had the expected success.

The group also sees a possible split with the PC industry, faced with slow growth and low margins.This is one of the largest divisions of HP but also one of the least profitable of the group.

The American manufacturer has announced a little earlier than expected revenues rose for the third quarter to $ 31.2 billion (2.17 billion euros) against 30.7 billion a year earlier in accordance with the expectations of Wall Street.

The group lowered its annual forecast for the third consecutive time.It now expects an annual turnover of between 127.2 and 127.6 billion dollars, against a previous estimate of between 129 and 130 billion.

The forecast of earnings per share was also down, with a range from 3.59 to 3.70 dollars against a previous forecast of at least 4.27 dollars.

The title, which closed down 6%, down 2.1% after closure of the exchanges on Wall Street.

Ford reported Tuesday a better than expected for the second quarter.

Excluding items, earnings per share amounted to 65 cents against 68 cents a year ago. Analysts on average had forecast on this basis EPS of 60 cents, according to the consensus established by Thomson Reuters I / B / E / S.

In pre-market action is gaining 3.6% to 13.65 dollars.

Turnover was up 13% to $ 35.5 billion.The total net profit stood at 2.4 billion, or 59 cents a share, against 201 million in the second quarter 2010 (61 cents per share).

Now Ford shows eight consecutive quarters after accusing recipients of $ 30 billion in cumulative losses from 2006 to 2008, during which time the manufacturer had reduced its workforce, sold unprofitable brands and revamped its line overloaded and other large 4×4 pick- up.