National, World, Business News

Hyundai Motor on Thursday posted a net profit up 37% in the second quarter, exceeding analysts' expectations, the manufacturer of vehicles worldwide sales record while clawing market share to its Japanese competitors.

South Korea's fifth global manufacturer, said he had a net profit of 2.300 trillion won (1.5 billion) from April to June while the consensus is 2,100 billion won.

The same quarter last year, its net profit stood at was 1700 billion won.During the first three months of this fiscal year, he enrolled in 1900 billion.

Since the beginning of the year, Hyundai releases earnings on a consolidated basis, which can reflect the results of its subsidiaries including its financial operations in order to comply with new accounting standards.

The group said that its market share had increased to 5.5% in the second quarter in the United States, against 4.7% during the same period last year, driven by strong sales of the Sonata and the Elantra, while its Japanese competitors have seen their production affected by the consequences of the earthquake of March.

The three major rating agencies, Fitch, S & P Moody etb are all Anglo-Saxon. They are accused of making the law on the financial world and aggravate the debt crisis in Europe. German Chancellor Angela Merkel (here in Berlin in March 2011) criticizes the center holiday and retirement in the South of Europe

German Chancellor Angela Merkel said it was "important in the medium term" that Europe has its own rating agency, in an interview with public broadcaster ARD on Sunday. "It is important in the medium term that Europe has as a rating agency," she said, estimating that such an agency would be created by "the European economy" and not by States. "Alas, there is not so far had interest in the economy" to create such an agency, and "it is a lack," said Angela Merkel. "The Chinese are now also a rating agency.We can not of course create one through the states. But I really would welcome the fact that the economy manages to create a European rating agency, "she said.

Charged to the law on the financial world, the three major rating agencies are all Anglo-Saxon: Moody's, Standard and Poor's and Fitch (which is, however, a French group Fimalac). Europe has committed early July a showdown with these agencies and called for the creation of a European body after the dramatic reduction in Portugal's sovereign rating by Moody's, relegated to speculative grade, which may worsen crisis debt in the eurozone.

The German finance minister, Wolfgang Schäuble, said at the time that it was necessary to "break the oligopoly of rating agencies" and "limit their influence," while the President of the European executive, Jose Manuel Barroso, had been more further by ruling indirectly to the creation of a rating agency based in Europe. European Commissioner Viviane Reding of Justice has threatened a few days ago to dismantle the great Anglo-Saxon: "I see two possibilities: either the states of the G20 (note: the richest states in the world) decided to dismantle the three agencies. The U.S. would then have to turn the three agencies in six companies. Or European and Asian competitors are created, "said Commissioner Reding to the newspaper Die Welt.

Angela Merkel said that the rating agencies were not "bad in themselves" but "they act at times sensitive, and we currently have such a sensitive time with the euro, and they (…) absolutely do not consider what is reasonable. " According to the German chancellor, "we must think to see if we should believe everything they say." Following the financial crisis, Europe has adopted two laws in 2009 to strengthen the regulation of rating agencies, including requiring them to register and follow certain rules in order to practice in the EU, and placing under the direct control of the European financial markets.

Lafarge announced on Thursday to be entered into exclusive negotiations with the Belgian group Etex to divest its cast him in Europe and South America for an enterprise value of one billion euros.

The world's leading cement said in a statement that the net amount it receives from the sale will amount to 850 million euros, a sum that will go to debt relief program for more than two billion euros announced by the Group for 2011 .

Around 9:30, the action Lafarge wins 1.74% to 40.32 euros, highest increase of only two CAC 40 stocks in the green Thursday morning.

"There are a number of important procedural steps, which are employee consultation and consultation with competition authorities, and all this should lead us to conclude before the end of the year," said the CEO of Lafarge Bruno Lafont, in a telephone interview with Reuters.

Plaster group activities in Europe and South America have generated a consolidated turnover of 895 million euros last year, and EBITDA of 115 million euros.They represent two-thirds of the smallest industry of Lafarge, whose total turnover stood at 1.4 billion euros in 2011.

The cement also world number three and so far the concrete plaster, said that after the operation, it will retain a 20% stake in the company that is born of the merger activities of both groups, participation that Lafarge will be able to give in to Etex beyond five years.

The sale of Lafarge Gypsum has long been the subject of recurring rumors. The project announced Thursday allows the group to significantly exceed the target of disinvestment of EUR 750 million it has set for 2011.Asked about the fate of other activities plaster group, in North America, Asia and Australia, Bruno Lafont has refused to make a comment.

The rating agency Moody's downgraded four notches Tuesday of sovereign rating to Baa1 from Portugal to Ba2 with negative outlook.

The long-term sovereign debt of Lisbon is thus now speculative grade ("junk").

The agency fears in particular that Lisbon will not be able to meet its targets for deficit reduction and stabilization of the debt, as defined in the agreement for financial assistance agreement with the European Union and the Fund IMF.

According to Moody's, there is consequently a growing risk that Portugal needs a background of financial assistance before being able to finance themselves on international markets.

The probability of Lisbon fails to reduce its borrowing costs at a level enabling it to finance unassisted in the second half of 2013 is also increasing, the agency said.

Lisbon recognizes its vulnerability

Moody's is the first of the three major rating agencies to put the Portuguese speculative grade rating.Standard & Poor's and Fitch Portugal to assess BBB-, the last level of investment grade.

The Portuguese Government immediately reacted to the decision by Moody's, which in Lisbon highlights the vulnerability of the Portuguese economy in the context of the debt crisis.

Lisbon, however, felt that Moody's did not consider the strong political support in the country's austerity program, or the establishment of an additional tax.

The Portuguese authorities have renewed their commitment to the plan proposed last week, which they believe is "the only way to reverse the trend and restore confidence."

The euro has increased its losses against the dollar shortly after the release of Moody's.The single currency, which traded just before the announcement to 1.4485 dollar quickly fell to 1.4449 dollars around.

"This again raises the question of the need for other peripheral countries in the euro area, in addition to Greece, may have new funding," said Biran Dolan, an analyst at Forex.com in New Jersey .

Brazil is a good student with super markets. And it is well deserved, because its economy is booming. But this growth is built on a sand castle: a credit bubble that threatens to explode while the country still lacks infrastructure badly.

While Greece is mired in crisis and worries that the U.S. debt growing, Brazil is the super good student. Evidence, the U.S. agency Moody's has just raised a notch the rating of "Baa3" from "Baa2." A reward that the giant Latin has well deserved. Its growth has been around 7% last year and may exceed 5% this year. Is that rising commodity prices boost exports of the country seriously.At the same time, household spending is boosted by wage increases and the dynamism of the labor market: 1.2 million new jobs were created in the first five months of the year.

But this frenetic pace could not last in the coming years. A closer inspection, the Brazilian economy is fragile. Indeed, the credit, with an increase of 10-20% per year, which pulls in household consumption. Houses, cars, goods of the house, while the Brazilians will borrow. Gold rises in interest rates repeatedly to counter inflation seriously complicate the loans because the burden of debt explodes. While banks engage in an average rate of almost 40%, the number of households that pushes their deadlines by at least 90 days jumped from 6.1%.It should also pass the threshold of 8% by the end of the year, according to Ricardo Loureiro, president of the credit rating agency Experian. Defects that could weaken the financial system and cause a credit crunch.

To this is added the bubble severe lack of reliable infrastructure including transport and electricity, to ensure sustained, stable growth beyond 5%. Capital spending 17% of GDP against 50% in China, 28% in Thailand and even 23% in Mexico. But the country is expected to work extra hard in the coming years, in the context of two major events: World Cup football in 2014 and the Olympic Games in Rio de Janeiro in 2016. But this will require that the Brazilians are a little more time for ants because the level of savings (16% of GDP) is much too low.

Yves de Chaisemartin lost Friday the direction of Altran, the Board of Directors of the technology consulting company has designated Philip Hall to replace him.

The fate of former boss was sealed since the vote of the general meeting of shareholders by late morning, they stood together to Altrafin Participations, the holding company controlled by Apax Partners, which demanded his departure.

After heated debate, they voted for the election to the board of directors of two new representatives of Altrafin Participations, Philip Hall and Monique Cohen, rejecting the appointment of three independent directors, as proposed by Yves de Chaisemartin.

"Game Over", had already acknowledged after the vote of the General Assembly Yves de Chaisemartin, who refused to bow to calls for the resignation of Altrafin.

The outcome of the Board was not in doubt, Altrafin, which has the support of representatives of the two founders of the company's board now has six votes out of ten against four out of eight in the previous configuration.

The new CEO Philip Hall has meanwhile said in an interview with Reuters that he set the objective to develop a first draft strategic plan for technology consulting company by the end of September.

NO VERDICT APPEAL

The verdict of shareholders was no appeal in contrast to what could suggest the applause for Yves de Chaisemartin in the room: Phil Hall, Monique Cohen were elected with 91.52% and 83.42% of votes.

With a quorum at 62.61%, the balance of power firmly in favor of playing Altrafin Holdings which owns 19.2% of the capital and 31.2% of the voting rights of society.

At 46, Philip Hall, who spent eight years in consulting before leading international groups such as Vedior and Geoservices, unsurprisingly should take the lead Altran when the company is on the road to recovery.

"I proved in my career that I have made strong developments (…) Internationally and I think that is a topic of particular interest that Altran, "he said.

Former McKinsey and Accenture, but it will build a reputation in a sector where it has so far not had the opportunity to exercise.

The meeting, held under the supervision of a bailiff in the presence of a large police contingent, led to heated exchanges.

"You wanted me to leave as we do from a chicken thief," shouted Yves de Chaisemartin, accusing Apax Partners will take control of the board.

Altran's boss has defended the record of his five years at the helm of the group, believing that the refocusing of activities on project management and control policy costs were paid off.

YVES DE CHAISEMARTIN DEFENDS HIS BALANCE

"The strategy worked," he said at the podium, recalling that the group had recorded a double-digit growth in its turnover in the first quarter.

"I can tell you, even if the official turnover of the group's second quarter will be announced at the end of August (…) we are largely in line with these figures, with this growth and it will even accelerated. "

While acknowledging that some things "could have gone faster," he again denounced the methods used by Apax, confessing to having thought resign.

"We could organize a smooth transition smoothly," he told representatives of Apax first.

They have defended their decision to want to appoint a new CEO, regretting that their dispute with former boss was focused on the media and judicial fields.

"Despite the tremendous efforts made by the company, it is clear that the results do not go," said Maurice Tchenio, founder of Apax he represents the Board of Altran.

He has set several priorities for Philip Hall: lead a strategic review by country and profession to better direct human and financial resources, accelerate growth both internally and through acquisitions and improve profitability for the bear "at the best ".

"The goal we have (…) Is Altran again become the undisputed leader, "he said, recalling that Apax had invested 150 million euros in Altran since his arrival in the capital in 2008.

The action of Altran closed down 0.94% to 5.2460 euros. Since the beginning of the year, it jumped 61.27%.

The trade deficit Britain fell more than expected in April, due mainly to a sharp drop in imports of consumer goods.

The deficit was 7.389 billion pounds (8.3 billion) in April against 7.708 billion in March and 7.55 billion expected, according to data released Thursday by the Office for National Statistics.

The deficit with countries outside the European Union, however, is somewhat higher than expected at 4.339 billion against 4.495 billion pounds in March and 4.28 billion expected.

Pierre Vermeren, Maghreb specialist and professor at the Sorbonne, has published in May, "Maghreb, the origins of the Democratic Revolution (ed. Plural). On the occasion of the G8 summit in Deauville, which focuses on measures to aid the Arab revolution, he discusses the situation in Tunisia, the country which is part of the wave of protest in the Arab-Muslim Pierre Vermeren, Maghreb expert and professor at the Sorbonne, has published in May, "Maghreb, the origins of the Democratic Revolution (ed. Plural)

Where is Tunisia, four months after the leak of Ben Ali in January?

From a political perspective and social, we can say that things were not too badly. The political prospects are created with the elections for the Constituent Assembly that appear to be maintained for 24 July, after much hesitation.The population is actually quite pleased with the progress of the country, despite the persistent economic problems. There is now a prospect of freedom and sustainable policy change. As for the transitional government, although he is alleged to be a little too French, it is composed of competent people who manage the business effectively.

But there are still some dark clouds. On the one hand, the faithful of the old regime are still maneuvering to undermine the transition process. On the other hand, Colonel Gaddafi is trying to bring the war in Tunisia. The influx of tens of thousands of refugees in the country is a heavy burden for Tunisia. The record is mixed but the revolutionary process continues so encouraging.

Is the country ready for elections, scheduled July 24?

Obviously not, but we must not forget that Tunisia emerging from decades of authoritarian rule, the party virtually unique. The political class did not exist, there was no respite, no organized opposition and that was in exile had aged. Today there are intellectuals, activists of human rights, good people, young people also who have distinguished themselves during the revolution, but this is not a political class in the sense that we ' usually understand.

I think we should hold elections as quickly as possible to sit on the vote a legitimate regime. But there is still a tentative plan for this meeting will draft a constitution and then follow other elections, parliamentary and presidential perhaps.The country will never be ready, but it will not be more ready in July than in October after Ramadan. There will inevitably be imperfect, but it is important to have a legitimately elected Government. For completeness, we wait …

The apparatus of the former dictator Ben Ali has it been eradicated?

It is obviously still there because Ben Ali's party was, on paper, two million members, but in reality few hundreds of thousands of dignitaries and officials. The Department of the Interior, the main body is always present. Leaders were dismissed and sanctions against those who fell were involved in repression during the revolution. But the bulk of the unit is still in place. However, it is a police and judiciary who have no democratic culture. There are also groups that focus on destabilizing because they have much to lose with the change of regime.

As during the Revolution, there was in late April and early May, fires in prison that freed hundreds of prisoners to organize the chaos in the country. Obviously there are clans who play the politics of the worst. Especially as the links between Gaddafi and former presidential guard Ben Ali, who took refuge in Libya, are still active. Last week, a Libyan commando with explosives was arrested in northern Tunisia. That is why the fall of the regime of Colonel Qaddafi would be a huge relief for Tunisia.

That said, Tunisians must maintain their state apparatus because there is no other. It is important not to like in Iraq where most civil servants have been dismissed by the Americans after the 2003 invasion, which fueled the civil war. One should keep this unit, while framing it.But this will be a long and difficult process. That's what happened after the death of Franco in Spain in 1975. The police and justice authoritarian remained in place. Tunisia also, they will gradually, supported and replaced and most run by generations who are more attached to human rights.

Changes in the dollar are causing changes in European stock markets and commodities, use the greenback as currency borrowing to buy risky assets have been exacerbated since the events in Japan and renewed risk aversion , note analysts.

The dollar started rising on Friday afternoon, continuing a trend that has led this week's European equity markets and commodity prices to a new correction, the second in eight days.

"Market mechanisms are a bit special since the collapse of Lehman," said Yves Maillot, director of investments and management actions at Robeco.

"The dollar is a currency rates, led by the Fed and became a currency carry trade (…) It borrows the dollar to invest in other asset classes at risk, "he recalls." European equities are assessed when the dollar falls and the dollar falls when risk aversion is declining.And it is even more pronounced in times more nervous. "

Besides the rising dollar, the end in a month and a half of the second program of quantitative easing (QE2) of the Fed, the deceleration of growth in emerging markets, particularly China, and higher margin calls on the and oil money to stem the speculation weighed on commodities.

TAKING PROFITS FROM THE HEDGE FUNDS

And declining commodity prices is even more brutal as the speculation was strong on several assets (gold, silver, oil) and some positions were intended to hedge against the falling greenback, highlight several managers.

"The recent appreciation of the dollar has been the opportunity for profit taking from some hedge funds," said Michael Aflalo, responsible for managing diverse benchmarked – commodity and equity – Natixis AM.

"With the end of the QE2, we'll probably live a few weeks when the market will evolve in a 'trading range', especially on risky assets."

In the medium term, the group specialized in consumer goods, and exporters should benefit from improved margins induced by lower raw materials and the rising dollar.

"All that will benefit businesses that will need to spend less on price increases to consumers, who are always difficult in times of crisis," says Joffrey Ouafqa analyst manager at Convictions AM.

"In the shorter term, the correction of raw materials resulting from growing fears of slowing growth, which would have a negative impact on the stock market," warns Michael Aflalo however.

PATIENCE

The managers therefore require investors to be patient to see if the raw materials are currently just a blip or if it is a more structural trend, especially as all sectors activity should not take advantage of lower commodity prices.

In the energy sector, such a decline is unfavorable to the turnover of Petroleum Producers, which may affect their investment decisions and in turn affect the oil services group, said Lawrence Ducoin, managing European equities at BlackRock.

In terms of valuation, the European market is now the cheapest with a price / earnings ratio (PE) of 8.91 for the Eurostoxx 50 in 2012 against 12 for the S & P 500, notes Michael Aflalo, which could attract investors.

This is due, however, by the sovereign risk in the eurozone and fears of a debt restructuring that could make Greek case law, state manager.

"As long as uncertainties regarding the recovery of Greece will not be lifted, the CAC 40 can not overcome the 4.200 points, "warns Fabrice Cousté, CEO of CMC Markets France.

A week after falling 4.9%, the index Reuters-Jefferies CRB, a benchmark for commodity prices, lost Thursday to 1.4% during the day and the euro hit a low six weeks against the dollar, leading to a decline of 0.72% of the pan-European FTSEurofirst 300 index of 0.86% and the CAC 40.

The Post agrees that the price of postage, which had already increased from 2 cents last July, remains stable in 2012

The price of postage for mailings of letters under 20 grams will increase by two cents on July 1, from 0.58 to 0.60 cents, said the Post Monday, May 2 in a statement. The Post agrees that the price of postage, which had already increased from 2 cents last July, "remains stable in 2012. The letter of less than 20 grams is the base letter, supposed to reach its destination within 24 hours, which is the case for 84.7% of such letters, told AFP a spokesman for the establishment.

"The rising price of stamps will have little impact on households: just ten cents per month per household, e is a very moderate consumption item in their budget (30 euros per year average), "Post says.With this new increase, the price of the stamp "will have increased by 11% in 5 years, while service quality improves and the number of letters has fallen by almost a quarter," the statement added.

From 46 cents in 1996, the price of stamps remained stable until 2003: it is then increased to 50 cents, 53 cents prior to 2005, 54 in 2006, 55 in 2008, 56 in 2009 and 58 in 2010. Since 2008, the increase in stamp prices is no longer subject to authorization by the Minister of Economy. In contrast, rates of mail that can evolve within the framework set by the Regulatory Authority sector, Arcep. It decided in December 2008 that the Post could not increase its regulated rates over 2.3% per year between 2009 and 2011.

The Post said its rates were located "in the average tariffs of other European posts even though the public service commitments and geographical constraints are higher in France." October 1, the Post Office will also launch two new offerings to mail a letter to J 2 and costs 0.57 euros, "cheaper" and a letter online, the more "green", which will be issued J +1. The letter online and can be entered on the website and sent via Internet Poste.fr center position of the recipient, who will then print it, put in envelopes and distribute.