Financial News Headlines

"Order intake for the third quarter of 2011 remained strong in an uncertain economic environment."

TF1, a subsidiary of Bouygues to 43%, but was lowered Thursday its forecast revenue for 2011 after the sharp deterioration in advertising revenue of its flagship channel in the third quarter, amid difficult market conditions.

"It's a bit early to talk about 2012, we are not advanced enough in the end of the year," he said during a teleconference Philippe Marien, Chief Financial Officer of Bouygues.

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Icade published Monday sales up 11% in the first nine months of 2011, thanks in particular to the full-year effect of the acquisition of Compagnie la Lucette.

The real estate company, a subsidiary of Caisse des Depots, recorded sales of 1,065.8 million at September 30, also boosted by lettings made in 2010 of its commercial property division and for the development division, by the progress of projects of operations signed last year.

Also for its development division, the group notes that "in an uncertain market environment and reduction of tax incentives", bookings were down 11% in value compared to the first 9 months of 2010.

Icade, whose action on Friday completed a course of 65.00 euros, provides no indication of its prospects.

A government report concludes that the proportion of poor in the population fell by two percentage points between 2006 and 2009. Associations contest.

Poverty has declined in France in 2009, according to a government report Wednesday quoted by Liberation, but the calculation is disputed by the associations and does not match that of the INSEE. In this "Report to Parliament" from the Ministry of Solidarity and Social Cohesion that has purchased the newspaper, "the proportion of poor in the population increased from 13.1% in 2006 to 11.8% in 2009" .

This report on "monitoring the goal of reduction of one third of poverty in five years," must be made public every year since 2009. The Ministry was not immediately able to provide this document. According to Liberation, he cites specific figures: there were 7.5 million poor in 2007 and 7.1 million in 2009.

But the report is based primarily on an indicator, "income poverty rooted in time" that keeps the poverty past, simply adjusted for inflation. It is not the same as published annually by INSEE, namely the indicator of "relative poverty", which takes into account the evolution of the median. It is criticized by many associations aid the poor, as ATD Fourth World, which believes that its method of calculation is mechanically lower the poverty rate.

The latest study by the INSEE published in late August, the proportion of people living below the poverty line or less than 954 euros per month, increased in 2009 to 13.5% of the population living in metropolitan France. In 2009, 8.2 million people were considered poor, against 7.84 million in 2008, detailed the Statistical Institute.

In an interview Wednesday Liberation Solidarity Minister, Roselyne Bachelot, said the report was "in some way a reflection" of the financial crisis. "Poverty is a complex phenomenon that can not be measured through a single indicator," she also said.

The Spaniard David Ferrer, seeded No. 3, qualified Saturday for the final of the Shanghai Masters 1000 at the expense of his compatriot Feliciano Lopez, a score of 6-7 (5) 6-3 6-3 .

Ferrer is a first Masters title in 1000, after his failures in the final in Rome in 2010 and in Monte Carlo this year against another of his countrymen, Rafael Nadal, world number one then.

For the title, it will face the winner of Sunday's second semi-final between Britain's Andy Murray, the fourth world and winner of the tournament in Bangkok and Tokyo over the past two weeks, the Japanese Kei Nishikori, who reached for the first time this stage of the competition in an event of this category.

The Spanish government said Thursday the postponement of the privatization of two major airports of the country, candidates clashing with the acquisition financing difficulties, a decision that deprives the state of several billion euros in revenues in the crisis debt.

The Department of Public Works said that the operation was postponed for three months, after the parliamentary elections of 20 November, which could, according to polls, give power to the Popular Party (PP) today in the opposition.

But the PP is opposed to the sale of the airport and accused the Socialist government of Jose Luis Rodriguez Zapatero to have rushed into a hasty operation by selling the assets of choice at bargain prices in a financial context lackluster.

Last month, the government had already put a stop to the proposed IPO of the National Lottery on the grounds of market conditions.

Banking sources have said that private investors were reluctant to engage in these privatizations few weeks of the election.

Seven groups of investors had expressed interest in the operation, the government hoped to five billion euros.They included, alone or combined funds, the German airport operator Fraport and Spanish groups Ferrovial and Acciona Infrastructure.

TOO EXPENSIVE, THE WRONG TIME

The government demanded too high a price for the Madrid Barajas airport and El Prat in Barcelona, ​​said sources close to the discussions.

"The schedule would not allow privatization to complete just before the elections.But there was also a big difference in price compared to what the government called for the two airports, including Barajas, "said a senior bank in Madrid.

"For example, two funds that had joined the Spanish group Ferrovial Infrastructure sought a return on investment of 12-15%, while Barajas did not offer more than 10%," he added.

An American manager explained his part that "banks may have had the last word on this issue because it is they who will finance the transaction."

Most candidates have financed the operation with 20 to 30% of equity from the balance of the loan, he added.

"Given the pressure on Spanish banks by higher funding costs and rising ratios of their loans / deposits, they increasingly tend to cut back on corporate financing right now," continued the manager .

The insurer Lloyd's of London has suffered in the first half loss of 697 million pounds (one billion dollars, 800 million) due to an unprecedented amount of compensation for natural disasters, including earthquake and the tsunami of March 11 in Japan.

A year earlier, the insurer a profit of 628 million pounds.

Compensation totaled 6.7 billion pounds in the first half, the half of the more expensive 323-year history of Lloyd's.

Many insurers have recorded strong half-yearly losses due to recurring natural disasters, including earthquakes have account in New Zealand and flooding in Australia.

The year 2011 is currently the most severe natural disasters in compensation since 2005.In the first half, the overall compensation totaled $ 70 billion, according to Swiss Re, the second global reinsurer.

The new car registrations in Europe fell by 2.0% in July and increased 7.7% in August, announced Friday the Association of European Automobile Manufacturers (ACEA).

Over the period from January to August, sales were down 1.3% from the same period of 2010 to 8,888,793 units.

Germany is the only major European countries to have recorded an increase of two summer months, with increases of 9.9% and 18.3%.All other major countries – France, Britain, Italy and Spain – saw their sales fall in July and increase in August.

The number one European car Volkswagen was up 12.4% of sales in July jumped 14.4% in August, while the number two European, French PSA Peugeot Citroën sees his lower 9.8% in July and 0.1% in August.

Renault recorded declines of 12.2% and 3.1%.

Interparfums, which Tuesday reported a sharp increase in operating profitability in the first half, think revise upward its forecast for annual sales through the backlog of the new Burberry fragrance line launched this fall.

The designer perfumes under license for luxury brands like Lanvin, Van Cleef & Arpels (Richemont Group), Montblanc or Paul Smith, saw operating profit climb 21% to 26.0 million in the first half, for a record margin of 16%, against 14.3% a year earlier.

The company had already published its sales in late July, marked by a sharp slowdown in the second quarter due to lower sales of old lines of Burberry.

"The current order book of Burberry Body prompted us to significantly strengthen our media budgets on the end of the year, which should lead us to revise upwards our goal of annual sales," says CEO of the company, Philippe Benacin, said in a statement.

Interparfums had said in late July to build on annual sales of 350 million euros, after 306 million in 2010, with the launch of new fragrance called Burberry "Burberry Body".

This launch is crucial for Interparfums which carries more than half of its sales with the Tartan brand, generate significant advertising spending will weigh on profitability in the second half.

The stakes are high for Interparfums because the English brand of ready-to-wear, famous for its trench coats, intends to change the dimension in fragrance with a line she has high expectations.

Burberry has also, until the end of the year, an option to buy back its license, an event previously considered unlikely by management of Interparfums.

The company pursues a strategy of diversification, however, thanks to new licensing agreements signed with Jimmy Choo, Boucheron and Balmain, which allows him to ease the burden of Burberry in its turnover.

Net income rose 33% to 17 million euros.

European shares start falling, ending for the most up four sessions in a row, in the wake of Wall Street, in markets nervous before the employment figures in the United States.

The publication of an ISM manufacturing index for August better than expected, but still its lowest level in two years, has awakened the fears of investors about the risk of recession across the Atlantic.

At 9:40, the CAC 40 was down 1.64% to 3212.24 points after returning 5.8% in one go since Monday.

Other major European markets also declines sharply: London and Frankfurt lost 1.6%, which was already losing ground yesterday, leaves 2%.Of the European indices, the EuroStoxx 50 yields 1.78% and the Eurofirst 300 was down 1.41%.

"There is not a measure of uncertainty before the employment figures to be published in the day, while the fact that U.S. markets are preparing for a long weekend encourages traders to reduce their short positions term, "said Camron Peacock, an analyst at IG Markets.

The financial and cyclical values ​​are among the most affected.The sector index banks in Europe lost 2.13% and 2% of the insurers, with a decline of 3.6% Credit Agricole, 3.2% for PSA and 3% for ArcelorMittal.

MAINSTREAM SELLER

Deutsche Bank was down over 3% while, according to The New York Times, the federal agency that oversees the mortgage market in the United States will file a complaint against more than a dozen major banks, the German bank.

From a graphical point of view, Alexander the Drogoff Aurel BGC, sees the EuroStoxx 50 fell to 2.100/2.077 points.

"Our technical reading of the index remains in favor of the bulls failed to significantly prolong the rally and then a return to mainstream vendor," he writes.

The euro is trading at 1.4211 / 12 dollar against 1.4257 the previous day in the afternoon, while U.S. crude yields 51 cents to 88.42 dollars a barrel.

The performance of German government bonds to 10 years down to about 2.09% against 2.16% on Thursday.

The Swiss National Bank has decided to step up measures to counter the strong Swiss franc, which it considers "extremely overvalued". The Swiss franc was worth 1.2041 per euro June 29, 2011

The Swiss National Bank (SNB) has decided to step up measures to counter the strong Swiss franc, according to a statement released Wednesday. "Measures taken so far by the NBS show their effects," but "the Swiss franc remains extremely overvalued," said the central bank.

The SNB has "decided to increase again significantly liquidity in the money markets franc" in Switzerland. With this action, the SNB "thus increasing the downward pressure on interest rates money market to continue to weaken the franc" in Switzerland. To this end, the SNB increases the cash in circulation will increase from 120 billion to CHF 200 billion CHF.

In addition, like last week, the SNB will conduct currency swaps additional (trade flows), as it had done at the height of the financial crisis of 2008. The announcement Wednesday is the third intervention by the NBS in a fortnight to fight against the franc fort.

The first dates back to August 3. The SNB had tightened interest rates and indicated it will increase "substantially" liquidity in the money market in Swiss francs. Then on August 10, the Swiss National Bank announced further currency swaps (exchanges of cash flows), as it had done at the height of the financial crisis in 2008.