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 to a growth pact, but its conditions

The German Minister for Foreign Affairs presented a Friday "Growth Pact" European six-point, while reiterating that Greece should comply with its commitments to fiscal reforms TARY if she would qualify for financial assistance from the euro area and not be excluded from it.

"In Europe, we also want to focus more on growth," said Guido Westerwelle before the German deputies in the Bundestag.

The minister was however opposed to increased spending, saying the pact for growth, particularly desired by the new French president Francois Hollande, was not to imply that " better use of resources "from the EU. 

Guido Westerwelle city "trips financed by Europe in the romantic hotel spas" as an example of waste in Europe.

The minister said the EU should invest 80 billion euros of unused structural funds in projects aimed at stimulating growth and competitiveness.

He also wanted to push the European Central Bank (ECB) to provide better access to credit for small and medium enterprises.

The former head of the liberal FDP, which form a coalition with the Christian Democrats (CDU / CSU) Chancellor Angela Merkel, European growth was linked to a liberal ralisation of domestic and foreign markets. 

Francois Hollande Angela Merkel will meet Tuesday, hours after his inauguration, to discuss the crisis in the euro area and the measures needed to stimulate growth in Europe presqu'entiè ; LY dive into recession – with the notable exception of Germany.

This will be their first face to face interview, while Angela Merkel has avoided meeting Francois Hollande during the presidential campaign, where she supported his opponent Nicolas Sarkozy.

Peter Bofinger, one of five "wise men" who advise the German government on the economy, has also decided Friday to allow more room for countries suffering from the debt crisis. 

"The problem countries kill themselves to save," he told an Austrian newspaper. "We must stop this, even if deficits rise in the short term."

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

A

. 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.

Aer Lingus plays cautiously by paying its first dividend

The Irish carrier Aer Lingus announced Friday it would pay the first dividend in its history as a listed company, but its amount has not been enthusiastically received by investors who expected much more.

Entered the stock market in 2006, the airline announced in July the payment of an ordinary dividend of 3 pence per share in the wake of the release by the group improved its re results.

In total, the group will restore a total of 15.9 million euros.

However, he ruled out any possibility of paying a special dividend, as it did before its competitors Ryanair and EasyJet. 

The financial director of Ryanair, Aer Lingus' biggest shareholder, has welcomed the announcement of a payment, while calling it "pathetic", arguing that a combination of 50 million euros have been ; more appropriate to the billion euros in cash for which the carrier is sitting.

"If we were at Christmas, I would call stingy," said Howard Millar.

Some analysts said that shareholders might be disappointed, but justify the cautious attitude of Aer Lingus in the context of uncertainty that surrounds it.

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.

May 1: Unions do not digest the "real work" of Sarkozy

This May 1, 2012 has a full-bodied taste Policy. The union ledaders divide between neutrality and call to vote against Nicolas Sarkozy. In the street, this tension is just as palpable. Report in the procession in Paris. The leader of the CFDT leader Francois Chereque and the GCT Bernard Thibault opened the first parade in Paris in May 2012 in Paris, place Denfert-Rochereau

The May 1 succeed but not alike. In 2002, May 1, had turned into a huge rally anti-FN. All political organizations were associated with unions to make the day of the traditional feast day of a trade union demonstration against the presence of Jean-Marie Le Pen in the second round of presidential elections. More recently, in 2010, May 1 was marked by the struggle against the pension reform.  

May 1, 2012 falls, as every five years, in an electoral context clear: it takes place between the two rounds of presidential elections, which saw the face incumbent President Nicolas Sarkozy and Socialist Francois Hollande. But he has a special feature to dredge the electorate FN, the UMP candidate called for a rally for the "real work", Place du Trocadero in Paris. A strategy to cut the rug out from under the National Front, which organizes the annual May 1 parade in honor of Jeanne d'Arc, but also to stigmatize the unions, these intermediate bodies against which the outgoing president n ' has repeatedly hit since his campaign.

"Ask the red flag"

Nicolas Sarkozy unions

At five days of the second round of presidential elections on 1 May 2012 has thus turned into a showdown between unions and Nicolas Sarkozy. In a square packed with people Trocadero, the incumbent president has urged unions to "raise the red flag" and to "leave aside the parties". "Your role is not to defend an ideology," he said. "In the Republic it is not the unions who govern, it is the government," he said to applause outgoing president. A scratch at union leaders who called for a vote against him.

This is particularly the case of Bernard Thibault. The secretary general of the CGT, who had called to "beat" the outgoing president Nicolas Sarkozy announced clearly on Europe 1 this morning he would vote for Francois Hollande in the second round of presidential elections. This position has caused unease in the ranks of the CFDT, who refuses to be recovered politically. So no calls to vote on the side of management. That did not stop François Chérèque, to blame Nicolas Sarkozy. "From the moment you wanted to divide the French, among those who had the 'false labor", that is to say "the welfare, civil servants, and on the other side those who had the' true work ', inevitably it was a provocation vis-à-vis employees, "said the leader of the CFDT.

The gathering for the "real work" experienced as a provocation

This tension between supporters and non supporters ended up in the trade union demonstration in Paris, at the call of the Inter-CGT-CFDT, UNSA, FSU Partners, which is part of the Place Denfert-Rochereau to Bastille join. In processions, political banners were rare, less numerous in any case that the union banners. But nobody is fooled: the May 1 labor has a taste very pronounced anti-Sarko.  

"I think that a union did not call for a vote for individual candidates, but personally, I am here to denounce Sarkozy's attempt to divide the workers," says Marie-Ange, CFDT activist. "I do not want the union leaders give voting instructions, unions must maintain their political independence," added Francis, UNSA activist. "Me that does not bother me to call to vote against Sarkozy, after all the harm he has done for five years," Basil gets angry, militant South rails. "A May 1, which takes place between the two rounds of presidential elections, it is inevitably a little politics, says Cedric, South Solidarity activist, even if it is above all a day to defend trade union rights of employees els" .  

"If we are here is to turn the other con"

Gilbert, activist Left Front

The side of activists of the Left Front, present in large numbers in the procession in Paris, the mobilization against Nicolas Sarkozy is clearly assumed. "The line between political and trade union is artificial," says Eric. "If we are here today is to turn the other con", ignites Gilbert. "The real work is provocative," says Eddy. Indeed, the challenge from Nicolas Sarkozy to the unions, organizing a demonstration against-the "real work", resulted in a greater mobilization expected. "We will never show on May 1, but that there was provocation, we are flush and tired of Sarkozy," Christine and Stéphane entrusted, along with their three children.

Who won this showdown? Some 200,000 UMP met Trocadero today, according to the UMP. Police currently does not count but made a police source disclosed that the place could hold 30,000 people. The unions in turn counted 750,000 demonstrators across France this May 1, 2012 including 250,000 in Paris while police counted only 48,000 demonstrators in the capital.

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.

The advertising Maurice Levy defends his bonus

Maurice Levy, chief executive of Publicis Groupe, Saturday defended the bonus of more than 16 million that has been granted and which had been criticized by Many political.

"This is a deferred compensation that is to say, it has been accumulated over the years," he said on RTL.

"It's nine years during which there was a requirement (…) which was to outperform (…) If I had my match bonuses each year, person never would have spoken, "he added, acknowledging that this was" big money "and understand that this saying may be shocking.

Maurice Levy said he regretted a form of political recovery of the amount of his bonus in full campaign period. 

Without naming them, he estimated that some politicians had decided to be seized "or because they were out of the program, either because they were out of political jurisdiction or simply because they wanted to flatter the base instincts of what is known as the populism ".

"We're saying success is prohibited when it is accompanied by an economic success," he said.

The advertising we found would have "done better" to ask him what he would do this bonus, but without any answer to this question.

Publicis revealed in its 2011 reference document that Maurice Levy would receive approximately 16.2 million euros in accumulated deferred variable compensation ; art since 2003. 

The PS candidate Francois Hollande felt it was "not acceptable" that people receive such a sum in times of crisis "where everyone has to make efforts." The government spokesman Valérie Pécresse also found "disproportionate" as a bonus.

As for Nicolas Sarkozy, who promised, if elected, to introduce stricter control of very high salaries, he expanded his conviction of the person Elisabeth Badinter, the daughter of the founder and main shareholder of the group Publicis. Stressing that it has "left heart", the president criticized the socialist candidate to condemn the bonus Maurice Levy without associate.

Total will drill two relief wells "as soon as possible" in Elgin

Total said Friday it would launch "as soon as possible" the drilling of two relief wells in the facilities from which Sunday since the flight of his platform of Elgin, in the North Sea.

The French oil group further found that surveillance operations and interventions on the well in question, whose operation was stopped in 2011 after abnormalities, were made in compliance with procedures.

"We will start drilling as soon as possible," he said during a meeting with the press Hourcard Michel, director of branch development and exploration and production of Total spokesman technical the incident of Elgin. 

Asked about the duration of the operation, he said it was "reasonable" period of six months previously discussed by Total.

Michel Hourcard also said the group planned to inject parallel mud into the well from which the gas leak.

Philippe Guys, managing director of Total Exploration and Production UK, had earlier told a news conference in Aberdeen, Scotland, the relief well drilling could start by 7 to 10 days.

Hourcard Michel for his part reiterated that the operation of the pit Elgin from which the leak had been stopped for "a little over a year" after the finding of an "anomaly in the conditions of production". 

"There was at the beginning of February (2012) a second anomaly that occurred in the pressure recordings (…), which led us to say that It happened probably something that brought us to intervene, "he added.

SITUATION "STABLE"

Total was then started an "abandonment" of the well, which is to be injected with mud, a process that was underway when the leak was found on March 25.

"The operations of 'monitoring' and action plan on this well have been done well, there was no non-compliance with procedures. From the moment that there were anomalies, it was moved to safety, "said Michel Hourcard

. A union source however said that Total employees on the platform of Elgin had warned the group against the risk of leaks before it occurs but had been told that the incident "could not happen" Total

. also exploring various solutions that would extinguish the flare its platform, where he says the situation remains "stable"

. It comes to mind watering the flare of the platform -either by helicopter or by fire-ship or to proceed with a nitrogen purge to deprive it of oxygen. 

The flare, which reduces pressure on the platform was removed, can not be turned off remotely and with a higher risk of inflammation of the plumes of gas escaping into the air from the leak, a hundred meters away.

Total and British authorities have called a "minimum" potential risks to the environment of the cloud of gas and a thin oil slick which has spread on the water surface. Experts on environmental issues, however, considered only a short distance the "cocktail" of gas would be flammable or toxic.

According to the British, the flare is a risk factor as long as it stays on even when the wind blows the cloud of gas in the opposite direction and that this weather should continue in the foreseeable future.

"Total has assured the government that the platform is designed so that the flare is located in an area where the prevailing winds away from the gas," said ; the UK Department of Energy. 

The leak appears to come from a rock formation located in the upper well and thus added Total volume of gas from this close formation, which is not a re ; tank production in the Elgin field, is difficult to assess.

International experts who advise Total have not yet made a final recommendation to proceed to sealing and repairs, the ministry said.

The gas leak, which broke out Sunday, forced Total to evacuate 238 people who worked on the platform of Elgin, about 240 kilometers off the coast of Aberdeen .

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.