Economic Analysis and Indicators

Wall Street was up Wednesday at the opening, driven by U.S. employment figures and the renewed confidence of investors in terms of activity in mergers and acquisitions.

In early trade, the Dow Jones took 0.35% to 12,322.46 points while the S & P 500 gained 0.49% to 1325.90 points. The Nasdaq Composite took 0.58% at 2772.80.

The private sector in the United States has created 201,000 new jobs in March, confirming the improving economic conditions.

As for values, investors are watching closely the action of Apollo Global Management, which begins on the Stock Exchange today.The title was issued at a price of $ 19.

The Canadian pharmaceutical company Valeant has announced to launch a hostile bid of 5.7 billion (4 billion) on its U.S. rival Cephalon, whose title has jumped by more than 28% at the opening.

The PS has collected nearly 36% of the vote before the UMP (20.3%), while the National Front has won 11.3%. The abstention rate was 55%. The boss of the PS, Martine Aubry, at the press conference the evening of the second round of cantonal, March 27, 2011

See all results cantonal Express. Com

At 13 months of the presidential election, the left has clearly won Sunday, March 27 the second round of district elections in several departments delightful to the UMP, big loser, while the National Front has emerged in the political landscape even if failed to transform the test in terms of seats.

The PS has collected 35.74% of the vote before the UMP (20.32%), the Front National (11.63%) and various right candidate (10.38%), according to estimates from the Department of Interior covering more than two-thirds of polling stations.The FN has declined as a percentage in the first round (15%) but was present in 400 townships Sunday, where he grew everywhere in the vote. The abstention rate was 55%. Only slightly lower than the record level of 55.68% recorded for such ballot in the first round last Sunday.

The French "have opened the door for change and we're going to engulf", welcomed the patroness of the PS, Martine Aubry, given the results. The left, which already owned 58 departments out of 100, took many on the right: Mayotte, Jura, Pyrenees-Atlantiques, and perhaps the Loire, where both sides are elbow to elbow. The UMP also lost the majority in Reunion, while the regional council of the island had shifted to the right last year.Also continue into the hands of the left in the Seine-et-Marne and the Correze, a stronghold of François Hollande, who had conditioned its participation in the Socialist primary for 2012 to maintain the left of his department.

The National Front, which wanted to make an impression by making a big splash in some general advice, failed to obtain a significant number of elected despite the cacophony that prevailed all week at the UMP on the record voting "Neither Republican Front, or National Front." Marine Le Pen's president has "welcomed a huge increase in FN votes between rounds, whatever the configuration. "But obviously, we stumble a few hundred votes," she admitted.Came in first in 39 townships in the first round tonight, the National Front poster at two wins Paca in the townships north of Carpentras (Vaucluse), where its candidate Patrick Bassot won with 54.34% of the vote against the Socialist Past-and Brignoles (Var) – Jean-Paul Dispard, winner in the snatch (5 votes difference) against a Communist. It fails however in some cantons zn where he had placed great hopes, as in Montigny-en-Gohelle (Pas-de-Calais) which presented its general secretary Steve Briois, and Perpignan-9 which competed Louis Aliot, Vice President of the FN and fellow Marine Le Pen.

The majority are "a little disappointed," said the head of the UMP Jean-Francois Cope, believing that the PS was "very far" the results he expected. "The left is progressing but the majority of the decline is less announced," said Prime Minister Francois Fillon.Symbol of the defeat of the presidential camp: Isabelle Balkany, near the head of state, was beaten by a different right in the Hauts-de-Seine. In this election, many candidates UMP had preferred the label to the DVD of their party by reason of unpopularity of Nicolas Sarkozy. Consolation for the right: she delighted the Val-d'Oise. Sign of the tensions within the ruling party, the honorary president of the Radical Party (co-founder of the UMP), Andre Rossinot, warned on Sunday evening that "the UMP has a month to change," calling for a return to "balance" of the "founding philosophies" of the UMP.

3,124 candidates vied for 1,566 townships still openings in all departments, except Paris. 460 councilors were elected in the first round. So far the county councils were renewed by half every three years in all departments, except Paris.But this election could be the last of its kind, the general counsel to be replaced in 2014 by the territorial adviser to serve both the region and department. The left intends to return to this reform, however, if she wins in 2012.L election of new presidents of county councils will be held Thursday.

Manifestations and changes in regimes in Tunisia and Egypt, countries that depend heavily on tourism, had a pronounced effect on air travel, with at least 100,000 seats per week less to and from these two countries.

Even if the situation normalizes gradually, the spread of disorder to the Middle East, and armed clashes in Libya, have pushed airlines to review their plans for the tourist season in April.

During the week preceding the departure of former Tunisian President Zine Ben Ali, January 14, airlines have made 733 flights to and from Tunis, for a total of 107,000 seats, according to a report the firm Innovata, specialist aviation data, which Reuters obtained exclusive.

Between this week and the same week in March, a period of great uncertainty following the fall of President Hosni Mubarak and the beginning of the revolt in Libya, 57 weekly flights to Tunis were suspended, with 9,400 fewer seats each week.

These changes result in a 6.2% decline in the number of available seat kilometers, a measure of the ability of airlines based on distance traveled.

The company most affected is logically Egyptair, with 51% reduction in capacity.Emirates, based in Dubai, and Alitalia, followed.

However, Saudi Arabian Airlines has increased by 35% the number of seats available to Tunisia, while six flights a week now.

Nonetheless, the unrest in North Africa are in turn affect a sector of the airline which has already had to reckon with a particularly harsh winter across Europe, which suffers from the impact of soaring prices fuels.

CUTS PLANNED FOR APRIL

These figures do not indicate the degree of filling devices, or the number of cancellations of flights daily.

The Tunisian tourism industry, the largest source of foreign currency, in all cases was found paralyzed in February.The sector accounts for more than 6% of the national economy and employs about 400,000 people out of a population of 10 million.

The Egyptian economy is also increased almost at a standstill during the protests that began on January 25, and some of its major foreign exchange earners, including tourism, have dried up.

Between January 11 and March 11, 776 flights to and from Cairo were removed, 32% of the total, according to Innovata.

The number of available seats fell to 28%, or almost 30% when adjusted for distances traveled.By itself, Egyptair represents 85,000 of the 110,000 seats and less each week between January 11 and March 11.

Alitalia, Air France and Emirates have all reduced their capacity by 40% to 50%, but Lufthansa has changed neither the number nor the type of flights of aircraft carrying the.

On 4 March, the German federation of tour operators felt that tourism RVD quickly resumed to Tunisia and Egypt, but the Tunisian Minister of Tourism has also hinted that the arrivals in the country would fall by 40% in 2011.

The peak tourist season in Tunisia between April and June.

Uncertainty remains and is reflected in the detailed schedules and programs of companies' ability.

Even before the strikes began in Libya last week, Air France and Emirates have already sharply scaled back capacity scheduled to Tunis for the month of April.

In the longer term, the airline could, analysts say, enjoy an investment boom in North Africa once it has stabilized but the maturity of such a development is still very uncertain.

U.S. light crude ended slightly higher Wednesday on the New York market, supported by continued unrest in North Africa and the Middle East and by a sharper than expected decline in gasoline inventories in the U.S.

The contract ended in May with a gain of 78 cents, or 0.74% to 105.75 dollars a barrel, its highest closing since 26 September 2008.

Upon the close of the New York Mercantile Exchange, the Brent yielded 15 cents (0.13%) to 115.55 dollars.

Gasoline inventories have dropped them from 5.32 million barrels to 219.72 million. In three weeks they have declined from 14.98 million barrels.The decline posted in March is on track to be the largest since 1990, at least, the starting year of the statistical series.

The trade, however, remained volatile in the face of uncertainty.

The coalition aircraft attacked Wednesday loyalist forces besieging Misrata, giving assistance to the rebels Libyan powerless against armored Muammar Gaddafi.

After six days of unrest in Dera, a city in southern Syria, home to an unprecedented protest against the regime of President Bashar al-Assad, a dozen people were killed by security forces, says advocacy group of human rights.

The gap between Brent and U.S. crude should decline with the approach of warm weather, synonymous with long car trips in the United States.

The drugstore chain Walgreen said Tuesday that U.S. authorities fear diminish repayments on its requirements, with a time plunging his share of more than 8%.

However, the group reported quarterly earnings rose, with sales up 8.9% to $ 18.5 billion for the second quarter.

Non-pharmacy sales increased due to holiday periods and Valentine's Day, and the number of prescriptions processed has also increased.

But the group said its gross margin remained level with last year because of rising commodity prices.

Earnings increased by 10.4% to $ 739 million, or 80 cents per share, against $ 669 million and 68 cents a year earlier.

Shortly after 1430 GMT, the title Walgreen lost 6.55% to 39.22 dollars.

AT & T on Sunday announced the acquisition of T-Mobile USA with Deutsche Telekom for about $ 39 billion (27.5 billion euros) as part of a transaction in cash and stock.

This transaction, approved by the boards of both companies, will give birth to a new mobile phone giant in the U.S. as it brought together two of the four largest players in the country.

The cash portion of the transaction represents $ 25 billion, to be funded by new credit lines and existing cash.

AT & T adds that the right to increase the cash component of $ 4.1 billion.

Deutsche Telekom will receive shares of AT & T representing approximately 8% stake of U.S. telecom operator and a representative of the German group will become part of the board of AT & T.

This may increase the cash element of its transaction subject to the participation of Deutsche Telekom remains above 5%.

The transaction should be finalized within 12 months and AT & T added that it would be accretive to its earnings per share during the third year following the completion.

AT & T also said that on a pro forma basis, the purchase of T-Mobile touting the turnover of the mobile operations of AT & T's $ 58.5 billion to nearly $ 80 billion.

The fourth quarter 2010, sales of the first mobile operator in the U.S., Verizon Wireless, a joint venture between Verizon Communications and Vodafone, was 26.4 billion.

Deutsche Telekom said on his part that the proceeds of the sale of T-Mobile USA reduce its debt by some 13 billion euros, down 13%.

The German group also he would use five billion euros from the sale of T-Mobile USA to buy back shares.

Archos hopes to double its sales in 2011 and return to profit by betting on the booming market of touch pads, but warned that the Japanese disaster may have affected his production, "said CEO and founder Crohas.

If the U.S. giant Apple dominates the undivided segment premium tablets with the iPad, Archos is the market average and entry level, he assesses the potential three billion euros in total in 2011.

"There is a huge market between 100 and 400 euros," said Henri Crohas in an interview with Reuters."We have reason to be confident in our ability to double turnover in 2011," he said, adding that 5% market share in this segment would be sufficient to achieve this goal.

The manufacturer of multimedia products is currently not able to assess the impact of the disaster on its Japanese business and states have no supplier in the archipelago.

"Directly, we do not. But with the overlapping of each other (…) there will inevitably be consequences.We already know that the iPad will be very touched, "said the CEO, saying it would not be fixed until a few weeks.

Japan, which produces nearly 20% of global volumes of semiconductors, has seen many factories closed after the earthquake and tsunami, raising fears for the supply of technology groups in components.

The company has operations in China where it manufactures devices Archos brand and product development but also with local partners the shelves of its new brand Arnova (100 to 200 euros) white label also distributed at Carrefour, Tesco or Sears.

POSSIBLE QUOTATION OF A JV IN CHINA FROM 2013

Archos seeks to increase its presence in China through a joint venture with a local partner to benefit from government subsidies but also the opportunity to rate the stock market the company in 2013.

"A company like ours in China would be enhanced from 10 to 15 times, not the result, but the turnover," said the founder of the group.

"We will have the opportunity to make a joint venture from 2012. We have serious contacts.We are negotiating with an industrial partner, "he said.

Archos also announces the release this year of a "major breakthrough" on the network to third generation (3G).

"We invented a solution for 3G modem completely original and it will enable us to enter in telecom," he said without elaborating.

Archos saw its operating income back into the black in 2010 for the first time since 2006, to 0.23 million and its gross margin to rebound by 10 points to 23.3%, its partnerships in China have reduced its production costs by 10% to 15% compared to 2008.

After a net loss of 2.31 million in 2010, the group hopes to return to profit this year and stabilize its gross margin to 23% eventually.

The title Archos has closed up 8.07% to 7.90 euros on Thursday at the Paris Stock Exchange, bringing its market capitalization to 160.7 million euros. Since the beginning of the year, the stock has already climbed 91.3%.

The IMF stated. The institution led by Dominique Strauss-Kahn has degraded its forecast Wednesday for the Greek economy was adversely affected by an overvalued euro. Nicolas Sarkozy shakes hands with IMF Managing Director Dominique Strauss-Kahn at the conference of the G20 finance ministers in Paris February 18, 2011

The situation for the Greek economy will deteriorate longer than expected, said Wednesday, March 16 the International Monetary Fund, saying it would hit bottom in the second half and it still penalized by a clearly overvalued euro for her. "The economy should hit bottom in the second half of 2011," Fund said in a progress report on its loan to Greece. In its previous report, published in December, the IMF stood at that time "the first half of 2011."

The IMF left unchanged its forecast for the whole year: it still expects a decline of 3% of gross domestic product, according to a projection that it "remains entirely within the reach" of Greece. GDP had contracted by 4.5% in 2010. Throughout the year, the pace of the recession eased modestly: after falling by 1.9% in the first quarter of 2010, GDP fell another 1.4% in the fourth quarter.

The Fund released Monday a fourth tranche of its loan to the country, amounting to 4.1 billion euros, bringing the sums paid $ 14.6 billion over a projected $ 30 billion. According to its economists, Greece is still in a very difficult environment. They noted the "significant overvaluation" of the euro point of view of this country, estimating between 20 and 34%.In the report published at the time when Greece had been assisted by the IMF and its European partners, in May, the same economists estimated the overvaluation of the euro in 20 or 30% for Greece.

The measures taken by leaders of the euro area this weekend were overshadowed by the disaster in Japan. Yet there was something new, analyzed by Etienne Pourny, founding president of Stelphia Asset Management. The ECB president Jean-Claude Trichet talks with Irish Prime Minister Michael Noonan (center) and the Greek Finance Minister George Papaconstantinou at the beginning of the summit of the Eurogroup, March 14.

The EU summit held in Brussels on Friday, Germany finally agreed to dramatically strengthen the financial solidarity between the States of the euro area, to which she refused so far. Rescue Greece, creation of a European stability, modification of treaties, pact for the Euro: all records have resulted except Ireland.Analysis of Stephen Pourny, founding president of Stelphia Asset Management.

Extraordinary summit meeting Friday in Brussels, the seventeen leaders of the eurozone are they finally reached an agreement?

Etienne Pourny. Yes, the response of leaders was even greater than expected. First decision symbolic reinforcement of the European financial stability. Created last spring, this device – previously capped at 250 billion euros – will now raise up to 440 billion euros. After 2013, this fund will be replaced by a European mechanism for stability (MES), which will be provided with 500 billion euros.

But the real novelty is that the euro area can now buy bonds directly to the States in critical condition at a reasonable rate. This is a new means of support to indebted countries, although it should remain exceptional.And then, the leaders of European countries have agreed to make a gesture towards Greece, reducing by 5.2% to 4.2% average interest rate of loans in Europe to Athens as part of its rescue plan, and extending for three years to seven and a half years on repayment of the country. In return, the country announced asset sales totaling 50 billion euros, or 20% of GDP. Finally, they made a "pact for the euro to strengthen their competitiveness by reforming their economies.

All these measures are sufficient?

We can not solve everything in a few days, these measures represent at least the desire to avoid at all costs the default situation. It is about strengthening the Stability Pact, which governs European fiscal policies, including punishing financially now ultimately skidding debt, not just the deficit.The proposals also envisage the possibility of imposing fines on states in excessive imbalance. The EU must now be agreed in detail before negotiations with the European Parliament for a final agreement expected in June. For now, markets have welcomed these measures. Evidence on Monday morning, returns to ten years have lost 13% in Italy, Spain 19% and 32% in Greece.

And Ireland?

The ministers will relaunch the debate on lowering interest rates in Ireland, which could not be agreed upon so far as Dublin has opposed any increase in its tax on companies.

French President Nicolas Sarkozy promised a transfer of technology to try to convince the Brazilian government to purchase of the Rafale fighter jet manufactured by Dassault as part of an arms contract of several billion dollars.

Brazil, which wants to modernize its military air fleet is studying several options including the Rafale from Dassault Aviation, but also those of the American Boeing and the Swedish Saab.

Besides the price and strategic considerations, the Brazilian authorities want a transfer of technology to be at their very able to manufacture modern aircraft on their territory and then export them to Latin America.

The Rafale, which has so far never managed to export itself contrary to the Mirage, seemed to be favored by former Brazilian President Luiz Inacio Lula da Silva, who preferred him to his rivals.

But the new president Dilma Rousseff, successor to Lula, seems tilted in favor of the F-18 and Boeing said it wanted to consider the proposals of the various candidates.

Since taking office in January, Rousseff working to strengthen his country's relations with the United States.

She met with Senator John McCain this year in Brasilia and prepares to welcome President Barack Obama next week to mark the first visit of it in Brazil.

In an interview published Saturday by the Brazilian magazine Veja, Nicolas Sarkozy says the French government will guarantee the transfer of technological heart of the Rafale Dassault if Brazil chooses to acquire its 36 warplanes.

"The offer we make comes with an unlimited transfer of technology guaranteed by the French state," said Sarkozy. "What none of the other two competitors is able to make a credible way," he adds.

The contract value is estimated at between four to six billion dollars and involves the potential purchase of 100 additional aircraft.

This contract is at the heart of Brazil's plan to strengthen its defense capabilities.