Total will extend all over France its network of service stations at low prices, after tests conducted last year in dozens of outlets, according to an article to be published Friday in Les Echos.
"Total is preparing to set up a network of about 500 service stations at low prices in the Hexagon in 2012 to compete with supermarkets, several union sources indicate" the business daily reported.
This project must be presented to trade unions at a works council on Sept. 9, according to Les Echos, which said it will not apply to motorway service stations.
The CEO of Starbucks garnered supporters after his call for a suspension of donating money to American politicians until an agreement "fair" be struck between Democrats and Republicans on the debt and the budget.
In a letter made public Monday, Howard Schultz, who led a painful restructuring of the first global chain of coffee shops, also called on U.S. contractors to support the economy by hiring.
The head of NYSE Euronext Niedrauer Duncan and his counterpart Robert Greifeld Nasdaq OMX has already expressed support for this initiative.
"I think the idea of Howard is good and I told him he could count on me," writes Robert Greifeld in a letter to executives of Nasdaq.
The call of the CEO of Starbucks is in addition to other interventions of senior private sector leaders who have moved strife torn with Republicans and Democrats in the debate over raising the ceiling of U.S. debt.
These divisions have contributed to plummeting consumer confidence to lowest in more than 30 years and have been cited by Standard & Poor's among the reasons which led to lower sovereign rating of the United States.
This weekend, the New York Times published a paper in its pages of one of its editorial on the call to Howard Schultz, in addition to an editorial in the American billionaire Warren Buffett for a higher taxes on the wealthy, including himself.
"These are highly respected leaders and they want something," said Todd Morgan, director and founder of Bel Air Investment Advisers in Los Angeles, whose company manages the portfolio of households with assets exceeding $ 20 million.
"I think other business leaders will follow suit and require Washington ambitious decisions, which could restore confidence in the economy of our country," he adds.
In his letter, Howard Schultz invites business leaders to engage with him "to suspend any further campaign contributions to the attention of the president and all members of Congress until a fair and bipartisan agreement be concluded that puts our country on more solid fiscal foundation for the long term. "
Howard Schultz CEO also urged his colleagues to invest in new projects or products that will draw up the economy at a time when the fears and uncertainties discourage companies from investing, consumer spending and banks to lend.
"Record levels of cash piling up in business, unused," said the head of Starbucks. "The only way to stop this circle of fear is to break it."
Why do countries in the euro area they not borrow directly from the ECB? Who pays to save Greece, Ireland, etc..? Which European countries are likely to see their score worse? The responses of the writing of L'Expansion. Com. The logo of the euro to the European Central Bank in Frankfurt.
We asked you to ask us any questions you may have about the debt crisis. Here are those for the euro area and the public debt in general and our responses.
Why European states can not they borrow from the ECB, rather than through private banks?
Historically, central banks have indeed been created to fund the States. But now, states are required to obtain financing from capital markets. It is officially recorded in France since 1973 and is primarily in the Treaty of Maastricht.This rule is justified by the idea, questionable, that would reach more markets to discipline the poor performers: if a state is too extravagant or too much debt, the markets by requiring the sanction of the highest interest rates. And Germany is the assurance that states will not abuse the printing press which could lead to hyperinflation.
Which countries of the European Union who are under the risk of their score to deteriorate?
Greece, first. The country is already one or two notches of default. The rating agencies have already announced that the Greek note will rise to D (default) upon entry into force of the new rescue plan, which provides for an exchange of maturity and interest rate debt of the country, either losses for investors. Spain and Italy next.Both countries are under pressure from financial markets for several weeks, they feared a contagion of debt. Weaknesses: low growth prospects, a fragile banking system and a high unemployment rate for Spain, a high level of debt and a structural lack of competitiveness in Italy. Spain has already seen its rating (AA) degraded twice since 2009. Rating of Italy (AA2) is itself placed on negative watch by Moody's since June. The United Kingdom then and maybe even France. The austerity policy implemented by the country London is currently protected from cyclones in the financial markets. But the negative impact of the austerity of the British growth worries. As for France, S & P said that his "AAA" was stable. The agency has even praised Paris for its fiscal policy.This does not preclude some analysts to express concern. Because France has the worst fiscal ratios of the European Group of triple A.
ECB eases Italy and Spain by buying their bonds. But with what money? Who pays?
Nobody pays. As the central bank creates money in the refinancing of commercial banks, it is also to buy the debt of distressed states. If one country fails, it passes in provisions for losses on its balance sheet. Except that the ECB reluctant to pursue such purchases, pushing the European financial stability to take over, as provided by the latest aid package to Greece. To do this, the EFSF will issue bonds on financial markets.If Greece fails on these loans, the countries involved in the EFSF will repay creditors and there will be much the taxpayers who pick up the bill.
And if the debt was owned not by markets but by citizens, such as in Japan?
This is one of the solutions proposed to reduce dependence on markets and to guard against the loss of confidence that may arise, for example, a deterioration in the sovereign rating of the country. On the left, is defended by such Montebourg Arnaud and Jean-Pierre Chevenement. Japan's debt, which exceeds 200% of GDP, is considered more stable because it is owned approximately 95% by domestic investors. The postal bank converts debt including the vast majority of deposits. Some believe that 17% of the French savings rate, one of the highest in the EU, would make this system possible.Strong supporter of the re-nationalization of the debt, the journalist Jean-Michel Quatrepoint Tribune suggests the issue of treasury bills perpetual, paid around 4.5%, part of which would be recovered by the levies and the remainder reinvested in the economy. Economist Jean-Pierre Petit, interviewed by Expansion. Com, think instead that "saving the French would not have sufficient absorption capacity": the end of 2010, 1149 billion were placed on life insurance and 199 billion of the savings books, when the government debt exceeds 1.6 trillion. "It would not change the nature of the problem, said he, too, since these borrowers French-insurance companies, institutional investors, etc .- have the same fear of repayment capacity that international investors."
The Federal Reserve said Tuesday it would keep interest rates at a record low at least until mid 2013, without announcing new measures to support the economy.
The statements of the U.S. central bank were eagerly awaited after the lowering of the sovereign rating of the U.S. Standard & Poor's Monday has resulted in a rout of financial markets.
Investors are struggling to interpret the possible impact of this commitment by the Fed on U.S. growth since the Dow Jones operates in a very volatile from the statements by the Fed.
The Federal Reserve, which reduced its growth forecast at its June meeting, continued to be pessimistic for the first global economy, saying that the increase in gross domestic product this year will be lower than expected.
"The release of the Fed is very negative outlook for the economy," said Omer Esin, market analyst at Commonwealth Foreign Exchange.
"By committing to maintain interest rates at an extremely low level until far into the future, the Fed implied that it anticipates a period of slow growth much longer than expected."
Following a meeting of its Monetary Policy Committee (FOMC), the U.S. central bank, as expected, kept the fed funds rate within a range from 0% to 0.25%.
The Fed had reduced interest rates at that level in December 2008, in a financial crisis.
THE FED SAYS HE WILLING TO DO MORE
"The committee believes that today's economic conditions – including a low utilization rate of resources and moderate outlook for inflation over the medium term – are likely to ensure an exceptionally low level of federal funds to at least mid 2013, "said the Fed in a statement.
Three members of the monetary policy meeting – Richard Fisher (Dallas Fed), Narayana Kocherlakota (Minneapolis) and Charles Plosser (Philadelphia) voted against this commitment to keep rates low for two years, suggesting a monetary policy committee divided.
Not since a November 1992 meeting, three members of the Monetary Policy Committee had opposed the decisions taken by the committee as a whole.
The Federal Reserve also suggested it was ready to do more to support the economy, saying it still had tools to do it and would use them if necessary.
Some believe that it can be concluded from this estimate that the Fed has not closed the door to a third repurchase program obligations or "EQ3", which was highly expected by many market participants.
"Sixty percent of the market had anticipated a form of EQ3. But there is no QE3 but there is an explicit commitment to low levels until 2013 (…) This is a factor of certainty and that should help to generate higher levels of lending activities, "said Alberto Bernal (BullTick Capital Markets).
The Fed also reiterated its policy of reinvesting the proceeds of maturing bonds in its portfolio without specifying the calendar in the matter.
NYSE Euronext profit on Tuesday, down 16% in the second quarter due to lower trading volumes on stock markets and derivatives markets in New York and Europe.
The transatlantic exchange operator in the middle of a merger with the German Deutsche Börse to nine billion dollars (6.3 billion), made a profit of $ 154 million, or 59 cents per share in second quarter , against $ 184 million, or 70 cents per share a year earlier.
Revenues rose 1% to 661 million.
On average, analysts expected a profit of 60 cents per share and a turnover of 652.7 million dollars, according to Thomson Reuters consensus I / B / E / S.
The Paris Stock Exchange declined sharply and approaches the lowest of the year in early trade Friday after four consecutive sessions of decline against a background of political stalemate in the United States on the ceiling of debt and doubt resolution the debt crisis in the eurozone.
Around 9:30, the CAC 40 index lost 1.02% to 3674.92 points after a low of 3649.96 points, or five dots above the lower end of the year reached on July 18th (3645 points) .
The results of large groups is not likely to improve the climate created by the sovereign debt crises in Europe and the United States, investors punish poor performers.
Veolia (-6.58%) shows the largest drop in the CAC 40 after being forced to lower its 2011 targets.
Schneider fall of 4.3%, Japan and commodity prices have had a negative impact on the first half.
Vallourec gained 1.76% and is the subject of buying on the cheap after a fall of almost 17% following the announcement of a drop in its second quarter results.
London and Frankfurt lost 0.46% 0.81%. Of the European indices, the EuroStoxx 50 yields 1.07% and 0.69% Eurofirst 300.
The euro declined and traded around 1.4290 dollars against 1.4330 on Thursday.
Deutsche Bank reported Tuesday a quarterly profit before tax lower than expected, following the presentation of its new management team.
Germany's biggest bank posted a profit before tax up 17% in the second quarter to 1.8 billion euros, while analysts polled by Reuters were expecting $ 1.97 billion.
Its net profit came out unchanged at 1.2 billion euros.
The bank expects to achieve its goal of a 2011 profit before tax of EUR 10 billion, but that it could miss its target on its corporate finance, due to the debt crisis in Europe.
Deutsche Bank announced Monday that a duo of Anshu Jain and Jürgen Fitschen be succeeded in May 2012 at the CEO, Josef Ackermann.
Anshu Jain, 48, heads the investment bank Deutsche Bank while Jürgen Fitschen, 62, driver's German operations of the facility.
The Tokyo Stock Exchange ended up 1.22% on Friday, supported by its financials in the wake of satisfactory results delivered Thursday by Morgan Stanley while exports have benefited from the strengthening of the euro against the yen.
The Nikkei gained 121.72 points to 10,132.11 and the Topix, broader, took 1.01% to 868.81.
Analysts said the path to be taken by Japanese values in the near future will largely depend on the evolution of the dollar / yen, but also the developments of the situation on the front of the European debt.
For now, the financial markets have focused on after Morgan Stanley has reassured investors by reporting a quarterly loss less than expected.
The Japanese banking stocks index closed up 2.33%, signing a fourth consecutive session progress.
Mitsubishi UFJ Financial Group, the first Japanese bank by assets and shareholder of Morgan Stanley in 22%, took 3.3%, while Sumitomo Mitsui gained 3.6%.
Exports in turn benefited from the strengthening of the euro, which climbed to a high of two weeks on the platform EBS, after leaders of the eurozone announced Thursday night to have reached an agreement aimed at alleviating Greece.
Canon has gained 1.39% and Sony Corp. was awarded 1.11%.
The forecast was lowered to 0.2% for the second quarter, against 0.9% in the first three months of the year.
The growth of the French economy to slow to 0.2% in the second quarter, after starting the year at 0.9%, according to a third prediction of Banque de France (BDF) and published on Friday revised down by from its last estimate, which stood at 0.4%.
This prediction is consistent with the National Institute of Statistics (INSEE), which will publish its growth figures for the second quarter in August.
The net downward adjustment of French growth forecast due to the stronger than expected decline in its business climate indicator, which falls below its long-term in the industry, it passes 99 points (against 103 in May) and in the service he moved to 99 points (against 100).
For the full year, the government expects growth of 2%, after 1.4% in 2010.
Degradation of the note of Portugal Wednesday exacerbated the nervousness of European markets ended the session down while the large international banks and private creditors met in the morning for a second floor plan of aid to Greece.
The Paris CAC 40 index finished down 0.44% (-17.49 points) to 3961.34 points.
Of the other major European markets, the trend is in unison.London closed down 0.35% at 6002.92 points, while Frankfurt was just better, finishing with a loss of 0.11% to 7431.19 points.
The decline of pan-European FTSEurofirst index (-0.35%) ends the longest series of consecutive sessions of gains since April.
The rating agency Moody's downgraded four notches Tuesday of sovereign rating to Baa1 from Portugal to Ba2 with negative outlook.
The announcement helped to fuel price volatility, the index measuring it takes more than 3% on the session.
European banks were affected by changes in the evolution of European fiscal crisis, the sector index Stoxx 600 European banks yielding 1.79% on the session.
Crédit Agricole, which owns nearly 24% of the Portuguese bank Banco Espirito Santo (-5.68%), falling by almost 5%. Societe Generale and BNP Paribas dropped 2.15%, respectively, and 1.41%.
In Italy, Unicredit and Intesa Sanpaolo shares plunged 7.06%, respectively, and 4.46%.
Debt yields Portuguese have them increased steadily since the lowering of the sovereign rating. The performance of the Portuguese paper two years has gained 300 basis points to 16.6% and the paper 10 years took more than 140 basis points to 13.6%.