The Facebook-COR Action begins with a bang

Facebook The action began about 13% above its IPO price on the Nasdaq Friday, completing one of the largest IPOs in the history of the United States.

The transaction enabled the world's first social network to raise $ 16 billion (12.6 billion euros).

Banks consulting group had set Thursday at $ 38 IPO price of the securities at the highest range of introductory, valuing the company at $ 104 billion (82 billion euros).

The action was trading at 42.05 dollars in the first few exchanges. At 3:33 p.m. GMT, three minutes after the first listing, the stock was trading at 40.64 dollars.

Building on the success of the operation, the company had increased by 25% the number of securities being sold to raise it to 421 million.

Friday, some 82 million shares changed hands during the first 30 seconds of official exchanges.

The group's founder and CEO, Mark Zuckerberg, 27, rang the bell to mark the symbolic start of trading on the Nasdaq, since the California headquarters of Facebook.

Become in eight years a major U.S. fortunes, Mark Zuckerberg retains control of the company after the introduction.

Berlin warns Athens: there will be no aid without reform

German politicians of left and right have warned Tuesday that Greece would no longer receive financial assistance if it did not meet all conditions of the bailout agreement with the EU and the IMF .

Sunday's parliamentary elections have left Greece in a political deadlock in the absence of a parliamentary majority for the only two parties represented that support the bailout, the Conservatives New Democracy (ND) and the Socialist Party (PASOK).

The leader of the Radical Left (Syriza), now the second largest party in parliament behind Greek ND, said Tuesday that the obligations of Greece towards the EU and the IMF in the part of the bailout were null and void. 

Alexis Tsipras, whose training has greatly benefited from the unpopularity of austerity measures required by the plan, has three days to form a government after the cessation of leader ND, Antonis Samaras last night.

Germany, Europe's largest economy, has made the most of financial guarantees under the rescue plan, which requires Greece to achieve specific goals in terms budget savings.

"The terms of the agreement must be respected. I do not think we can, or that we had to negotiate again, "said Martin Schulz, President of the European Parliament and member of the Social Democratic Party (SPD) …

…… "It can only be paid if the conditions are met," said Gerda on his side Hasselfedt, member of the Christian Social Union (CSU), Bavarian partner of the conservative Christian Democratic Union (CDU) Chancellor Angela Merkel

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. payment of a portion of 11.5 billion euros, without which Greece will go bankrupt, is packaged in a new series of budget cuts to be voted by the Hellenic Parliament by the end June This period may however be challenged by the political vacuum created in the vote on Sunday.

MARGIN OF FRANCE IS THIN

Results in Greece and the victory of socialist Francois Hollande in the second round of French presidential illustrated Sunday the growing rejection of European voters face the austerity measures ; defended by Germany out of the eurozone's debt crisis.

The promises of Francois Hollande curb line austerity defended in Berlin, however, may be tempered after the release, scheduled for late June, an audit of the state of public finances, asked the Court of Auditors by the future president. 

In Berlin, Peter Altmaier, elected leader of Christian Democrats (CDU) to be close to the German Chancellor, said that the next French government would have that a very limited room for maneuver in fiscal policy due to "insecurity" of the Economy and Finance of France.

"The economy of France and the country's finances remain in a precarious state," he told reporters, admitting disappointed by the election of Socialist the French Presidency.

"Any country that tries to pursue a policy stimulus by increasing its deficits would quickly back to the markets and interest rates would increase," he added. "There is no flexibility."

Angela Merkel and Francois Hollande will meet next week, after handing over power at the top of the French state.

The AC M6 better than expected, rising as high

The television group M6 said Thursday sales better than expected first quarter thanks to stronger than expected advertising revenue for the M6, which propels the title among the highest increases in the SBF 120 index.

M6 Group has produced a quarterly revenue up 3.6% to 355.1 million euros, against 345 million euros expected by the Thomson Reuters consensus I / B / E / S , driven by non-advertising revenues as media rights or distance selling.

At 10:10, the title earns 7.5% to 12.40 euros, the second largest increase in the SBF 120 (1.23%) behind Technicolor (10.26%).

"All the poles were better than expected," said Gilbert Dupont in a note, confirming its board to buy the title with a target price of 18.5 euros. 

"Despite this publication better than expected, we maintain our forecast at this stage, given the lack of visibility on the advertising environment," said the interim, however.

The only channel M6 does not record it, a 1.5% growth in advertising revenues in January-March, limited by the combination of sluggish economic conditions and an unfavorable base effect.

In a note, Goldman Sachs said it anticipated a 0.5% increase in advertising revenue from the M6, citing a consensus even reporting a decrease of 0, 6%.

Digital channels (such as W9) whose advertising revenue increase of 16.0% helped the group garner advertising revenues of 202.5 million, a record first quarter according to M6.

The former trader Jerome Kerviel SocGen complaint against

The former trader Jerome Kerviel has filed a complaint against Societe Generale judgment for fraud, said Friday his lawyer, David Koubbi, in an interview on Europe 1.

"We filed a complaint against Societe Generale today the judgment for fraud," he advised me Koubbi.

"What interests us is that our complaint is welcomed," he added.

Kerviel was sentenced in 2010 to five years in prison and three farms to repay 4.9 billion euros, an amount corresponding to the loss suffered by the SocGen trading in January in 2008.

His appeal to be held from 4 to 28 June 2012.

Pierre & Vacances suffers suffers electoral calendar

Pierre & Vacances said Thursday that its summer bookings were marked by a phenomenon linked to a wait for Uncertain but also schedule e lectoral French. 

The group specializes in the operation of leisure residences said they adapted accordingly its communication strategy by focusing on short-term and shifting from May to June most its shares trade on summer vacation

To this day, "activity is slightly above last year during the months of April and May, with last minute bookings significant," reads said in a statement

For the second quarter of fiscal year 2011-2012, Pierre & Vacances has published a turnover up 4% on a comparable supported by its activity in property development. 

Over this period, they stand at 304.3 million euros, of which 250.9 million euros in tourism (-0.7%) and 53.4 million (+34%) in the de real estate development

For the full year 2011-2012, the company expects a turnover level of real estate "around 300 million euros".

The action Pierre & Vacances closed Thursday at 21.66 euros (-1.46%) it transferred 15.46% since the beginning of the year after a fall of 57.57% last year.

Italy has revised downwards its growth forecast

The government of Mario Monti expects a decline of 1.2% of GDP for 2012, against an anticipated 0.4% decline in December. And return to a balanced budget is delayed. "Reforms should increase growth by 2.4% between 2012 and 2020," according to the government of Mario Monti.

The Italian government on Wednesday revised downwards its forecast for gross domestic product (GDP) for 2012, providing for a contraction of 1.2% against a 0.4% decline in the last official forecast from December. He at the same time delayed its planned return to balanced budgets, expecting a deficit of 0.5% in 2013 (instead of 0.1% predicted), in a statement issued at the end of a cabinet.

This forecast remains "in compliance" with the Covenant which provides that the European budget deficit must remain below 0.5%, says the text. One aspect stressed by the Head of Government Mario Monti at a press conference: "The Treaty (European Pact on budget) requires each Member State there is in each country a deficit not exceeding the 0.5% of GDP, "he said. "The government estimates that GDP will contract by 1.2% in 2012 to turn positive again in 2013 (0.5%) and speed over the two successive years (1 and 1.2% respectively)," the statement said . "This will allow the public debt (…) to fall to 120.3% (of GDP) in 2012 to 110.8% in 2015," said the government.

"The debt is on a path of gradual but sustainable," noted Mario Monti in its reasoning accompanying the new government's economic forecasts. "Despite progress, there is still a long way to go, in a more favorable but still characterized by elements of uncertainty," he adds.

For the government of Mario Monti, "the action of financial balance has been accompanied by the adoption of various reform measures aimed at removing the main obstacles that have hindered the growth potential of Italy. Based on estimates government, reforms should increase growth by 2.4% between 2012 and 2020, "said he. "We must revive growth in the context of a model of fiscal stability and this is the way to build a modern economy and social market," said Mr Monti, saying that "growth is the most large préoccuptation "Italians.

"We fight every day to avoid the dramatic fate of Greece," he said. "This crisis requires a very high cost to families, youth, workers, businesses and sometimes these experiences are completed in despair," he said in a grave tone evoking directly to contractors suicides occurred recently. "There were 1,725 ​​suicides, it is the dramatic effects of the crisis," he said.

The President of the Council also strongly condemned tax evasion, promising a fight against this scourge in Italy. "The commitment to fight against tax evasion responds to reasons of justice. Evasion is between companies unfair competition and a way in which citizens dishonest cause harm to other citizens, causing pressure (fiscal note) higher, "he said.

European markets open with little direction

European shares opened Thursday with little direction, investors conducting buybacks on the cheap while nervously awaiting an Italian sovereign debt issue and the numbers of industrial production in the euro area.

In Paris, around 9:35, the CAC 40 gained 0.21% (6.93 points) to 3,244.62 points. In Frankfurt, the Dax is 0.5% but in London, the FTSE was down 0.13%. The pan-European index Stoxx 50 is almost unchanged (0.09%).

Investors are worried that financial troubles are spreading from Spain to Italy, and little progress displayed by Rome in the implementation of structural reforms has revived the rising cost of financing its debt. Italian bond yields and ten years and is back above 5.5%.

While ramping up the "earnings season" in Japan, Europe and the United States, the day is also marked by the publication of the monthly bulletin of the European Central Bank (8:00 GMT ).

Operators continue to proceed cautiously buying cheap car values, banking and mining, recently battered. The index of bank stocks in the euro area, which collapsed 21% in three weeks on renewed concerns about debt in Europe, thus increasing by 0.6%.

Job creation slows in March in the U.S.

The number of jobs créésa been well below expectations in March in the U.S., which suggests that the Fed has leeway for further monetary easing, although the unemployment rate fell to a three-year low of 8.2%.

The number of jobs créésa was 120,000 in March, reported the Labor Department Friday, the lowest since October 2011.

Economists polled by Reuters expected a number of 203,000 and an unchanged unemployment rate of 8.3%.

Despite the low number of jobs created, average hourly earnings rose five cents per month, while the workweek fell to 34.5 hours against 34, 6:00 in February.

The price war moves lines, mass dismissals

French consumers' purchasing power stagnant or even declining, leave no alternative: the price war is declared over and intensifies, leading to casualties until the hushed offices s branches.

Treasurers and volatile, consumers hunt for bargains, not hesitating to visit several stores or surfing the net to find the best prices.

"Consumers are facing a first tightening of tax and price increases, wage freezes, not to mention the consequences of rising unemployment which lead them to save by cutting their defi ; think, "explains Alexander Mirlicourtois, an economist at the institute Xerfi. 

"In this context of zero-sum game where everything that is earned by some is lost by the other, the short-term strategies of both producers and distributors are very constraints and go through domination by prices and costs, "he adds.

"This is illustrated by the arrival of Free Mobile."

Frank Esser, head of the mobile operator SFR, which contributes 40% to operating income of its parent company Vivendi, has been sacked for not much anticipated the arrival of Free (Iliad).

This is the latest example. In large groups with the French market still represents a significant portion of revenues and profits, it is not good to be in charge of France.

At Carrefour, the replacement in May of the Executive Director for France did not allow the CEO of leading food retailer in France to save his head and Lars Olofsson will leave in June.

Earlier this year, PSA Peugeot-Citroen, whose market share of passenger cars in France fell in 2011, appointed his finance director Frederic Saint-Geours at the head of the management of brands.

POWER AND WANTING TO BUY

"Households have a strong feeling of restriction. They are bombarded with commercial offerings and have the desire to consume, but they feel very strongly that their purchasing power is not up to their 'will to purchase ", said Franck Lehuédé, Department of Consumer Research Centre for the Study and Observation of Living Conditions (Credoc)

……. .. "They make choices, and the first sector they highlight is the recreation and communication. There is a generation effect: even in times of crisis these areas remain safe havens, "he continues

……. .. "Health is another area that goes well the crisis. In an aging society, crisis or not, health spending increases. "

We must also consider spending constraints , some such as housing and energy soared, pushing consumers to restrict all others, especially the equipment housing, automotive, clothing and even food

. In the car, which has largely lost its role as a social marker, the price war is raging in particular small cars entered e range. This segment, which has benefited most from the scrappage scheme, is struggling since the demise of a measure which, in turn, has used drivers at prices even lower.

Household spending in textile-leather were down 5.6% yoy at end-January, according to INSEE.

In food, arbitrations are equally radical. The sector experienced in 2008 and 2009 two consecutive years of decline, the most since World War II. In 2011, these expenditures have stagnated in volume.

"If households do not necessarily consume less in volume, they consume less," notes Franck Lehuédé.

Carrefour, which France represents 43% of turnover and 39.5% of operating income, failed to divest itself of an image of higher price s that some competitors, and sees the market share of its hypermarkets erode steadily.

ABOVE THE INDEPENDENT

Food service, at the confluence of entertainment and food, is symptomatic breaks imposed by the price dynamics with purchasing power at half-mast. The concentration of the industry structured around clusters, chains and brands, will continue.

Independent restaurants with fewer than three employees, representing 60% of institutions-have seen their market share in the turnover of the sector from 30% in 1994 to less than 20% in 2007 and 2020 groups will distribute 45% of meals provided against 38% in 2007, according to research firm Eurogroup presented March 20 by the National Union of ho ; i-bays, restaurants, cafes and caterers (Synhorcat).

"When consumption is down, there is no other choice but to take customers to the competition through a strategy of capturing market share with a continuous expansion of networks distribution, "Alexander Mirlicourtois analysis. "The price war is no thank you and independents will be the main victims in 2012."

If the market is already locked by major retailers, the development is done either by transfer of a sign shop to another, like the 46 Carrefour stores recently spent ; s the flag-U system, whether by merger to the image network of garden centers and Pollen Villaverde who have come together to give birth to a group uniting 185 stores, now the fifth player in the sector.

The same logic was the end of 2010 the approximation of jewelers Histoire d'Or and Marc Orian, who formed a network of over 500 stores under six banners, high of 370 million euros of turnover. 

When the market is not locked or not, the chains held in place their denser mesh and open new stores. This allows them to have an additional strike force with their suppliers to drive prices down and capture the business of the independents.

But "low prices all year need to go deeper into offshoring, to pressurize perpetual sub-contractors, as soon as possible to substitute skilled jobs by unskilled jobs, "notes Alexander Mirlicourtois.

"If, initially, the price decline is pleasing to consumers, deflation is a deadly poison, it's a vicious cycle that becomes self-sustaining and that destroys the value of all goods than that of labor. "

The sharp rise in long rates going to continue?

The ideal image of markets, all asset classes, risky and non risky, even walking a step towards improvement, began to scramble this week sharp rise in U.S. long rates and, to a lesser extent, German.

Rising oil prices, a U.S. economy that accumulates the signs of recovery, the massive debt of states and an abundant supply of sovereign paper were enough to propel the rate of U.S. Treasuries 10 years at 2.32% Friday against 2.04% earlier this week, the Bund and the 10-year benchmark euro zone, to 2.06% against 1.77% on Monday – or about 30 basis points more in four days. 

This movement will he continue? Professionals agree that it may take several weeks but long rates end up ultimately a lower level.

"Central banks accommodative, an abundance of cash in banks (through the generosity of central banks) and investors' portfolios, the memory of missed occasions (2009 and 2011), were all factors that contributed to the unusual resistance of Treasuries, "said Vincent Chaigneau, head of rates strategy at Societe Generale.

"But the acceleration of the rally in equities and the analysis slightly less bearish on the economy the Fed cause the correction," he wrote in his weekly note . 

However, it remains cautious about the extent of economic recovery.

"In Europe, LTRO (refinancing long-term European Central Bank, ed) brought a breath of fresh air but they have increased inbreeding between banks and sovereigns and certainly have not solved the fiscal problems and competitiveness (the heart of the crisis in the euro area, ed), "he says.

"It is too early to become fundamentally bearish on bonds but right now this is not the time to buy," he said. 

GREAT HANDLING MONEY

Benjamin Melman, director of the division Absolute performance at Edmond de Rothschild investment managers (EdRIM), remains cautious in the short term because of signs of recovery but rejects the hypothesis of a prolonged tension on long rates.

At a press briefing, he said today, the big problem was to reduce state debt without huge strangle the economy.

"In this context it remains a single parameter: the interest rate," he said. "Monetary policy will play a major role in organizing the sustainability of public debts".

"We need this great currency manipulation," he said citing the actions of massive injection of liquidity into the banking systems decided by the Federal Reserve The ECB, the Bank of England and Bank of Japan.

He explained that through these various unconventional measures, the ECB and the Fed are working primarily to keep rates low.

"We do not see the Fed hold the rise in long rates," he adds, noting that the policy of the Reserve has managed to obtain nominal long rates below the nominal growth.

Benjamin Melman sees a repositioning of the 10-year Treasuries when their rate will reach 2.5%. 

In the eurozone, according to him, deleveraging is far from complete, with banks, unlike the U.S., just started the process.

"Despite the success of LTRO, there is a risk of a credit crunch. There is a tightening of credit policy of banks that need to lighten their balance sheets, particularly in France," he said ;.

Pending a clear vision of the direction of future long rates in the market for private debt (credit coporate) has flourished for three months.

According to a survey by Thomson Reuters, the amount of corporate debt issued in euros since the beginning of the year is up 68% over the same pe ; period in 2011 and the coupons have fallen to record low since the entry into force of the euro in 1999. The average coupon stood at this point to 4.53%, a record low.

Many operations were performed at a rate of 3% or less against an average rate of 3.2% for sovereign issuers.