Financial, Business, Personal Finance News

The operators of the Tokyo Stock Exchange and Osaka announced Tuesday they would merge in 2013 to give birth to the Third World scholarship, with traded securities worth about 3,600 billion dollars (2.664 billion euros) .

After months of negotiations, the operation of a $ 4.1 billion, will allow the two stock exchange operators to pool their complementary strengths in a rapidly consolidating industry.

The Tokyo Stock Exchange (TSE) controls 90% of equity trading in cash while the Osaka Securities Exchange (OSE) attracts the largest volumes of futures contracts on the Nikkei and other derivatives.

The combined value of these securities listed on stock exchanges comes behind that of NYSE Euronext (12,000 billion) and Nasdaq OMX Group (close to 4.000 billion), according to figures from the World Federation of Exchanges (WFE).

Over the past five years, mergers and acquisitions announced in the stock sector operators accounted for about $ 83 billion, the players wanting to reduce costs and diversify the face of weak revenue from the traditional trading of shares.

The TSE will offer 480,000 yen per share OSE, a premium of 14% over the closing price on Monday.

The entity formed by the merger will remain as a vehicle listing title OSE, which gained up to 5.5% after the announcement, before closing up 4.6%.

The ratio of the TSE merger valued at approximately 1.7 times the OSE, whose market capitalization reached $ 1.5 billion.

The French economy has rebounded more than expected in the third quarter, supported once again by household consumption, but could fall to zero by year end and go into recession in early 2012 when the clouds of global economic pile up.

Gross domestic product grew 0.4% between July and September, slightly higher than expected average of the 31 economists polled by Reuters had forecast a 0.3% increase."Employment is zero, the most dangerous."

VICIOUS CIRCLE

In a separate statement, INSEE has announced that the employment of non-agricultural market sectors had created "only" 7,400 jobs between July and September, which amounts to a zero contribution.

If consumption and investment spending of households supported the performance of GDP in the third quarter, spending by non-financial firms are divided into lower, 0.3%, an alarming signal judged by professionals.

The European equity markets and U.S. signed remarkable performance under the agreement Wednesday night in Europe on Greek debt restructuring, capacity building fund to support the euro and the recapitalization of banks in Europe.

European authorities have in fact agreed to recapitalize the banking system of the European Union to the tune of 106 billion euros and received in exchange for bankers they divide by two the value of government debt securities held in their accounts to try to stem the debt crisis in the eurozone.

Gervais Pellissier DG appointed delegate of France Telecom-Orange

France Telecom announced Wednesday the appointment of Gervais Pellissier for the position of Chief Operating Officer and the appointment of three new deputy directors-general.

The appointments take effect on 1 November 2011.

Gervais Pellissier will retain his position as executive director in charge of finance and information systems group, is it said in a statement.

In addition, Group CEO, Stéphane Richard decided to appoint, with effect from 1 November 2011, Delphine Ernotte Cunca, Executive Director of Orange France, Pierre Louette, Executive Director in charge of the General Secretariat, Division France and Operators purchases and Bruno Mettling, Executive Director in charge of human resources.

Jean-Philippe Vanot, France Telecom has therefore now four deputies.

The action France Telecom closed Wednesday at 13.11 euros (0.69%). She lost 15.93% since the beginning of the year.

"You have to remove the interest-free loan in the old"

Faced with the housing crisis, Marc Pigeon, president of the federation of real estate developers, advocates PTZ redeploy funds to benefit the construction of new housing. http://www.flickr.com/photos/jeanlouis_zimmermann/271745826/sizes/z/in/photostream/ You publish a white paper under the title The housing priority for the Republic. Is it a guide to good ideas for presidential candidates?

Why not? What is certain is that the current situation is no longer tenable. We are in a deep housing crisis that it is imperative to get out. Housing is on average nearly a quarter of the household budget, a record.Between 2000 and 2010, the purchasing power of households grew by 43%, while new home prices jumped 84% and those of existing homes soared by 241%! This discrepancy between the increase in household incomes and rising house prices is no longer eligible. Why this situation? When you look over a long period, there was only after a vigorous effort for building the "Thirty Glorious Years", a break occurred during a decade (1975-1988) where the number of homes built has remained well below changing needs. It is as if an unmet demand for housing was made that was never resolved thereafter, creating a persistent quantitative imbalance between supply and demand for housing.One solution to overcome the present crisis: build much more! For this, we must mobilize all the levers.

You state that the modification of zoning regulations is the first project that must be addressed?

There is no point to heaps of money on the table if the planning rules do not change. Land use planning should be the keystone of the edifice. This means first a simplification in the process of granting building permits: we can divide the time by two. Then we have to stop wanting to build the city over the city. Instead, we must develop new urban spaces. Grounds exist. Look at the periphery of city centers, there are always lots available to build new shopping centers. Why not build there, of new housing by bringing all the necessary public services.This can be done since France is a country in Europe or the population density per square kilometer is the lowest in Europe.

Should we return to the products of tax exemption?

No. But it can not happen today financial resources of the private investor to build more. But it is absolutely necessary condition these tax benefits. More rents out these programs will be low, more tax benefits will be significant. That's an interesting idea to take off social housing or intermediate.

Precisely, one of the evils of this crisis is the blocking of social housing. How to get out?

It is true that the system of social housing is completely blocked: the gap between rents and those of the public park private park is so huge that people refuse to leave a public housing even when their family or financial situation would allow the.Where waiting lists and the freezing of rotations. We must break this deadlock. The idea is to create private law firms, 50% owned by private companies and 50% by housing agencies. Their main objective is to develop a rental housing through: that is to say housing where rents are cheaper than in the private sector but more expensive than social housing. Families could then leave the park freeing HLM housing. One could imagine a system where after ten years, tenants become owners of their homes. With this system, social housing finds its primary function: housing the poor.

Unlocking the social home ownership?

In 1990, the lower fringe of the middle class represented 80% of home buyers. Today, they are more than 30%.Therefore restoring the purchasing power of these households. We spend huge sums in interest-free loan without reaching resolvabiliser these households. I propose that the 1.3 billion spent in the financing of PTZ in the former are redeployed. € 900 million could be spent to finance the construction of new homes on the market with price caps and revenue caps for buyers. The remaining 400 million could be used to fund social home in the former in exchange for renovations heat.

How China extends its tentacles on world trade

In 2025, the share of the Middle Kingdom in world trade will reach 13%, according to HSBC. That of Germany will decline by 8.2% to 7.2%, while France would decline from 3.9% to 3.1%. China in 2011 the most populous country in the world with 1.33 billion people

You feel that China dominates world trade? You have seen nothing yet. A study by HSBC, China will become the world's largest exporter by 2020, before the United States. In 2025, the share of the Middle Kingdom in world trade (exports plus imports) reach 13%. "This is the only country that should see its share rise by more than three points over the period 2011-2025," said Alan Keir, director of the corporate market for the HSBC Group.The reason for this shift history: the close trade links with other emerging countries.

In recent years China's secure raw material supplies by investing in Latin America, Asia and Africa. It also provides consumer goods to the entire developing world, where demand is exploding. Between 2001 and 2010, for example, trade between China and Brazil has jumped 1000%! Now Brazil will be one, within fifteen years to come, of the most commercially vibrant. Its trade increase by 144% over the period 2011-2025. Vietnam, Indonesia, Egypt and India, where trade will grow even faster, also used as a springboard for Chinese companies.

Further decline in the share of France

This dynamism of trade in the emerging world will lower the share of industrial countries in world trade.This is the second lesson of the study of HSBC. Germany, for example, would see its share decline from 8.2% to 7.2% by 2025. But German companies working more with businesses in emerging Europe (Poland and Czech Republic) in order to remain competitive. North America, meanwhile, would be able to maintain a market share of 14.5% in 2025 (against 14.3% today) thanks to exports of pharmaceuticals to developing countries.

And France? Our country accounted for 3.9% of world trade at the end of 2010. This figure could fall to 3.1% in 2025. France has a strong industrial base, including aerospace, engines, pharmaceuticals and motor vehicles. But our trading partners in most European countries, where growth is relatively low.But the study by HSBC is clear: to Asia that the new trade corridors are created. The experts are betting on an increase of 120% of trade between France and India over the period 2011-2025. But this is hardly impressive in the light of developments in world trade (73% expected over the next 15 years). China, by comparison, has tentacles ten times faster.

The Triple A of France is not threatened by Dexia

The guarantee will be given to the bad bank Dexia should not lead to questioning of the note debt of France by the three U.S. credit rating agencies, Standard and Poor's, Moody's and Fitch. The rating agency Standard & Poor's has lowered a notch Friday, August 5 sovereign rating of the United States, from "AAA" to "AA +".

The rating agency Standard & Poor's said Monday that the AAA rating of France, the best possible, was "justified", with a stable outlook, according to Moritz Kraemer, head of European states in an interview with Bloomberg TV.

Triple A is "justified", he said, adding that S & P maintains a "stable outlook on the rating for the moment." "As an agency we report rating the risk of a decline in the note by changing the negative perspective", said Mr. Kraemer, which is therefore now not the case in France.

Mr. Kraemer was questioned the ability of France to maintain its triple-A given the state of public finances and debt. "However, we continue to monitor the discussions in the political line of sight with the presidential election approaching, to know the strategy to reduce the debt ratio," he detailed. He added that "the main challenge lies in public finances," a major problem in the euro zone for him. Mr. Kraemer said that France has already taken steps to control its spending and reduce its deficit and found particularly "solid" pension reform.

These words occur while the representatives of the Belgian, French and Luxembourg have agreed Sunday to provide a guarantee of 90 billion euros to Dexia's funding to facilitate its dismantling.Moody's, one of the competing U.S. S & P, said Monday that the impact of this guarantee on the note of the French state will be "limited".

As for Fitch, she believes that "exposure to Dexia is quite modest relative to GDP (gross domestic product) and does not in itself a significant risk to the note of France," said Maria-Mroueh Malas, Director the division rulers.

The agency also believes that the government's commitment to stabilize the banking sector is beneficial because it removes uncertainty and helps to resolve the crisis in the euro area. "France still enjoys an exceptionally strong financial flexibility and prudent economic management, strengthening its ability to withstand economic shocks," said Fitch.

The Minister of Finance, Baroin ruled Monday that the decommissioning has an impact on the sovereign rating of the Hexagon, the three major rating agencies. "For the rating agencies, we are one of the best worldwide brands and will remain" thanks to structural reforms and the policy of reducing expenditures and compliance with the schedule that the French government has become, at he promised.

The trade deficit is reduced by Airbus

The French trade deficit narrowed to less than 5 billion euros in August, against more than 6 billion in July. But he reached the summits Enco: January 1, the accumulated balance in the trade balance was -48.5 miliard. Assembly plant of Airbus A380 in Toulouse

The trade deficit of France was a switchblade in August. It fell to 4.97 billion euros, 6.36 billion after July when adjusted for seasonal variations. The decrease was due to a sharp rise in exports of transport equipment, Customs said Friday.

"In August, the implementation of major aerospace contracts causes a sharp increase in exports of transport equipment. In addition, industrial supplies remain firm.In the end, the deficit is entirely due to the transport sector ", have they said in a statement.

The accumulated balance in the trade balance since 1 January but still reached record highs. He came to indeed -48.560 billion euros, against -33.184 billion in the first eight months of last year. And over the last twelve months, the gap between imports and exports widened to 66.8 billion euros, against 51.5 billion for 2010. Exports reached on August 37.42 billion euros, up 2.9% at three months. Imports have risen to 42.387 billion euros from 41.628 billion in July.

In August, France sold its 16 Airbus reported 1.345 million euros against 20 in July to 1.183 million.In addition, France has delivered two satellites, one in China (112 million) and the other in the United States (130 million). The performance of aerospace and aeronautics, powered shots of large contracts, are very volatile from one month to another.

Steve Jobs, Apple's legendary boss, has died at age 56

Steve Jobs, co-founder and iconic Apple chief, died Wednesday at age 56 after a long battle against cancer.

His immense contribution to the computer and creativity, which revolutionized the everyday practices of millions of people worldwide, were immediately welcomed in the political class and the world of new technologies but also among Apple customers, often become unconditional followers of products born of his imagination.

"Steve Jobs was among the greatest innovators Americans brave enough to think differently, bold enough to think himself capable of changing the world and talented enough to do so," said President of the United States Barack Obama, saying that the world had "lost a visionary."

From Los Angeles to Sydney, admirers began to pay tribute to Steve Jobs before the Apple Stores'. Before one of these stores in New York, candles, flowers, an apple or an iPod were filed in an impromptu memorial. In San Francisco, some waved their iPads by including one on the screen in black and white portrait of Steve Jobs.

The phenomenon also affects many websites, including Apple, which changed its home page to display a picture of his co-founder, simply titled "Steve Jobs: 1955-2011."

At company headquarters, the flags were taken at half-mast.Employees have left flowers on a bench.

"For those of us who were lucky enough to work with him, it was an insanely great honor," said former rival Bill Gates, former head of Microsoft and other icon of the computer, using the phrase "insanely great" that liked to use Steve Jobs himself.

Outside the residence of Steve Jobs in Palo Alto, neighbors and friends laid flowers and left messages on the sidewalk."Thank you for changing the world," it said in particular.

SOLID COMPANY

Steve Jobs has died in Palo Alto, California, surrounded by his wife and his closest relatives, said Apple, with no other details.

He resigned in late August from his position as CEO of Apple, saying that his health no longer allowed him to take charge.He was then sent to Tim Cooks his right arm over the reins of the company was born, according to legend, in a garage.

For most analysts and investors, Steve Jobs gives a company strong enough to continue growing despite the loss of one who was also its main source of innovation and its charismatic promoter.

Apple, the second market capitalization on Wall Street behind the oil major Exxon Mobil, however, faces many challenges, including the face of competition from Google, whose Android operating system team more and more smartphones.

The Cupertino company is also engaged in a legal showdown with South Korea's Samsung Electronics in terms of intellectual property.

"Steve Jobs has introduced many revolutionary changes in the field of information technology and it was a great entrepreneur. His innovative spirit and its remarkable achievements remain forever etched in the minds of people around the world," said Samsung boss, GS Choi.

The famous "keynote"

Steve Jobs's death occurs after the presentation by Tim Cook of the new iPhone 4S in a "keynote" as Steve Jobs featured at each release of a new Apple product. The new device has attracted little enthusiasm, much regretting the lack of major innovation for the product best-selling worldwide.

Steve Jobs's death was announced after the end of virtually all trade with the New York Stock Exchange.The Apple stock ended the session at 378.25 dollars but the title side yielded 3.7% in Frankfurt on Thursday morning.

Tim Cook said that Apple would hold "soon" in-house ceremony in honor of Steve Jobs.

"Intelligence, passion and energy of Steve were the source of countless innovations that have enriched and improved the lives of all of us. The world is infinitely better thanks to Steve," Apple wrote in a statement.

Steve Jobs' wealth is estimated by Forbes magazine to seven billion dollars and it is unclear how it will be distributed.

Moody's lowers rating to three notches Italy

Moody's Investors Service downgraded Tuesday by three notches note of Italy, explaining see an increase risk of financing for euro area countries with high levels of debt.

Moody's reduced the rating of Italian government bonds from Aa2 to A2, a grade lower than that of Estonia.The U.S. agency maintains a negative outlook on this rating, which means that further falls will be a few years.

On 19 September, Standard and Poor's had lowered its rating on Italy as it was previously A/A-1 to A + / A-1 +.

Italy now finds itself firmly at the center of the crisis of debt in the euro area.

"The negative outlook reflects the economic and financial risks in Italy and in the euro area," Moody's said in a statement.

"The uncertain environment of markets and the risk of further deterioration in investor sentiment could limit the country's access to public debt markets."

Financial markets are worried more and more weak growth, a deficit of 120% of gross domestic product and a coalition government in difficulties.

The decision by Moody's is not really a surprise. The agency had said Sept. 17 it would complete its review of Italian finances for a possible downgrade within a month.

Silvio Berlusconi said that the decision was "expected".

"The Italian government is working with maximum commitment to achieve its fiscal objectives," said the head of government.

Moody's believes, however, a defect of Italy is a probability "distant".

Borrowing costs have surged in Italy the past three months.And if they were brought under control, thanks to purchases of Italian bonds on secondary markets by the European Central Bank.

So last month, an Italian ten-year loan had to be based on the promise of a return of 5.86%, the highest level of this type of paper since the launch of the euro there over ten years.

The austerity plan of 60 billion euros from the Italian government to enable it to accelerate by one year to 2013 its goal of a balanced budget.