The Top News

Facebook has made Wednesday a first step towards what will undoubtedly be the IPO the most anticipated of the year, an operation likely to Mark Zuckerberg, founder of the first global networking site, the sixth my largest personal fortune in the world.

The company, founded in February 2004 in a dormitory at Harvard by Mark Zuckerberg, was subject to Exchange Commission a draft on the market that would remove five billion dollars (3.8 billion).

The operation, which promises to be the largest operation of its kind developed for a company in Silicon Valley, is expected by mid-year. It could enhance Facebook to about $ 100 billion.

In documents submitted to the Securities & Exchange Commission (SEC), said Facebook as 845 million active users.

The group adds that in 2011 registered a turnover of 3.71 billion, from 85% of advertising revenue, and net income of one billion, an 65% increase compared to 2010.

Facebook has selected Morgan Stanley, Goldman Sachs, JPMorgan as leaders of the operation. The other "book makers" are Bank of America Merrill Lynch, Barclays Capital and Allen & Co.

In documents filed with the SEC, it is stated that the base salary of Mark Zuckerberg is $ 500,000, which sum will be reduced to one dollar from 1 January 2013, the bonus of the founder Facebook of being stood at 220,500 dollars in the first half of 2011.

Zuckerberg FACEBOOK COMPARE TO THE PRESS AND TV

"We often talk of inventions such as print and television. Today, our society has reached a turning point, "Zuckerberg wrote in a letter accompanying the documents.

" There is a huge need and huge opportunity to ensure that everyone is connected, to give everyone a voice and contribute to the transformation of society. The extent of technology and infrastructure to be built is unprecedented, "said he.

Total

securities held by Mark Zuckerberg Facebook -1.11 billion-worth some $ 33 billion, based on the value per share of 29.76 dollars per share assigned by the company to its shares on 31 De ; December 2011.

Besides Mark Zuckerberg, who owns 56.9% of the voting rights of the company, the capital before introduction Facebook Stock Exchange is essentially divided between Greylock Partners, Meritech Capital Partners and Technologies DigitalSky and contractors Reid Hoffman, Mark Pincus and Sean Parker.

Group said it employed 3,200 full-time employees at the end of 2011, representing a total increase of 50% compared to 2010. 

Facebook says that its sales would "suffer a negative impact" of the increased use of its services on mobile devices, unless the group starts to run ads on these applications.

Some think that Facebook could raise more than five billion dollars projected in documents sent to the SEC, which further widen the gap between the IPO of the community site and that of Other Internet-related companies that made their debut stock in recent years.

The online game developer Zynga, which contributed 12% of the turnover of Facebook in 2011, has raised a billion dollars at the end of last year. 

At its IPO in May 2011, the professional social network dedicated to LinkedIn, has raised $ 350 million via a placing of shares in the stock market valued at $ 8.9 billion.

In 2004, the Internet giant Google had sold nearly two billion dollars of shares in its IPO.

The pan-European Stoxx 600 index is expected to grow about 4% from its current level and the end of next year, a growth limited by fears about the financial situation of Europe and the United States, according to a Reuters poll published Thursday.

The quarterly survey of more than 40 analysts and fund managers over the past week shows that the index comprising the 600 major European cap should come out to 250 points at the end of December 2012, against 240.08 points at the close on Wednesday and 265 , 25 points late July summer before his fall (-15% in August and September).

"The factors (rebound, Ed) largely concern the ability of the industrial states to bring order into their finances, whether it's debt management or the needed balance between spending and revenues "said Christian Jimenez, president of Blue Diamond Management.

"So the emergence of a new method for solving the debt crisis which should allow the return of confidence.

The U.S. economy has created a little less than expected jobs in October, but the unemployment rate returned to 9.0%, its lowest level in six months, and the upward revision of new posts of August and September suggests that the labor market found some strength.

The number of jobs created was 80,000 last month, showed the statistics released Friday by the Labor Department, while economists predicted 95,000.But the months of September and August, that number was revised up and give 102,000 more jobs than previously announced.

The unemployment rate also fell to 9.0% against 9.1% in September, even though entered the labor market became more numerous.

"This is a step in the right direction," said John Canally, an economist at LPL Financial.

The accumulation of incidents at NYSE Euronext since June annoying and worrying more and more investors, who do not hesitate to use alternative trading platforms to carry out their transactions.

The transatlantic exchange operator in Europe has undergone eight technical issues between June and October, resulting in the suspension of publication of its indices, including the CAC 40 stock market delayed opening, or cancellation of certain transactions.

These technical problems are partly the result of significant changes made in the information systems of NYSE Euronext, and the large volumes of transactions processed (50 to 100 million transactions a day).

"We may take a very large number of precautions in terms of development and testing prior to the start of production of new systems when we change information systems – which are extremely sophisticated – we are increasing the risk of incidents have "Fabrice told Reuters Peress, head of market operations at NYSE Euronext European cash.

However, the panel of European regulators, with which NYSE Euronext talks every month, closely following the problems encountered by the exchange operator should be able to cope, stress analysts.

Consequently, some investors are tempted to work with alternative trading platforms such as MTF (Multilateral Trading Facility).

"Incidents of NYSE Euronext, is detrimental to them because they are not able to quote when you want to place an order, customers will go elsewhere," said Frédéric Jamet, Managing Director at State Street Global Advisors France.

Since the beginning of the year, platforms like Turquoise, Bats and Chi-X have continued to take market share from traditional stock exchange operators in Europe.

The eviction of Pierre-Henri Gourgeon the CEO of Air France-KLM and the takeover of the group by its president Jean-Cyril Spinetta could be a lifesaving shock to the Franco-Dutch company, hit by financial indicators in red and a controversial management of the disaster Rio-Paris flight.

The second European airline in terms of sales has also confirmed the appointment of Alexander Juniac, former chief of staff Christine Lagarde, the newly created position of CEO of the national carrier Air France, and so set to resume eventually lead the group.

The arrival of this 48 year old technocrat had been widely anticipated, unlike the departure of Pierre-Henri Gourgeon, whose mandate was renewed for four years ago three months ago.

"It's a shock. It is a little surprised because Air France is not a company that used to act like that. However, it is rather good news for Pierre-Henri Gourgeon has not really good news to analysts, "said one analyst who requested anonymity.

Jean-Cyril Spinetta, who finds his chair as CEO, will be Deputy CEO Leo van Wijk, the current vice-president of the group, while Philippe Calavia remains chief financial officer.They will provide strategic coordination group to the holding of a genuine Air France-KLM, postponed from early 2012 to current 2013.

"The goal is to improve the operational and financial performance of the group in a context marked by economic uncertainty, their impact on European air transport and the situation of Air France face of increased competition from new players "the company said in a statement.

Pierre-Henri Gourgeon became Group Chief Executive in January 2009, while Jean-Cyril Spinetta, architect of the merger between Air France and KLM, had retained the presidency alone.

AIR FRANCE-KLM TROLLING

Stock Exchange on Monday welcomed the prospect of change to an increase of the share of Air France-KLM 1.43% to 5.606 euros, giving a market capitalization of 1.7 billion, against the market trend in Paris.But it remains down 59% since the beginning of the year, underperforming both the largely German Lufthansa and IAG, an entity formed by the merger of British Airways and Iberia.

Pierre-Henri Gourgeon and pays the price for its management of the company, which the French state owns 15.7% of the capital, considered too indebted, too slow to react and too wasteful, including labor costs well above those of its competitors.

The group, which now hold their exercises on the calendar year, merely to predict the end of July a positive operating result in 2011, when he had to exceed 28 million before the year 2010 on a comparable basis.

"It is believed that the duo should be able Juniac-Spinetta implement the measures necessary for the restructuring of the company that Gourgeon should have realized for several years," said another analyst.

"Two caveats, however, do this a few months before the presidential election seems a bit difficult in a society as symbolic Air France.Then, the decision appears to have been in a hurry, it will therefore take time before we truly know the new organization of the company. "

Even before the official announcement, the CFDT, which denounced the months of "rumors, calculations and combinations" between the leaders of the group, said he filed a "social watch" kind of notice of strike to get quick answers to questions employees and a clear strategy.

"We need a flight plan coherent economic and social level," he told Reuters Gilles Nicoli, secretary general of the CFDT Air France."It should not be the result of this reorganization is to delay the action plan."

Another delicate matter left to the new tandem: the catastrophe of Rio-Paris flight in June 2009. The third serious accident suffered by Air France in ten years has also raised questions about the technical training of its pilots, after publication of the interim report of the Investigation Bureau and analysts (BEA).

He came in first, but he can not win without the votes of the champion of de-globalization … It is not in the field of economics that François Hollande will look for the voters of Arnaud Montebourg. But where, then? François Hollande at a rally in Rennes on 27 september 2011.

Article published previously in The Express. Fr

With 17% in the first round, Arnaud Montebourg is a huge problem with François Hollande. Topped, but with only 39% of the vote, it has very little reserve of votes for the second round. Manuel Valls support does not weigh enough to allow him to cross 50%. Worse, it might even seem like a poisoned chalice left facing a party Francois Hollande is imperative that court to win his match against an Martine Aubry to Montebourg that voters are supposed to go more naturally.The countdown has started to find the magic formula that allows to do the splits. In Dutch, and long, it's called the art of synthesis.

"We know that 25% of PS is in favor of an interventionist left, says a close friend of François Hollande. There was simply a transfer of voice Segolene Royal to Arnaud Montebourg and it does not change the economic position of Holland". On the prohibition of dismissals stock, the golden rule or the how to deal with banks, differences between the two candidates, at least in discourse, are indeed very important. And François Hollande, no question of becoming, overnight, a defender of the de-globalization. It's not the economy that will dredge the voters Arnaud Montebourg, but on morality in politics, where Guerin gives him an advantage over Martine Aubry, or Europe.

Some, however, want to believe that the economic positions are not all as far as it seems. As says economist Elie Cohen, a member of the Council of Economic Analysis and writes notes to François Hollande, "when you scratch behind the concept of de-globalization, which defends Montebourg is the need of the reindustrialise countries and to fight against relocation. He often cites the case of South Korea. This can be an interesting ". In the second debate of the primary, Holland had also argued, like the others, for state support to industry. But not financial support, rather the definition of an enabling legislative framework. Without giving details. This is also where the problem lies with François Hollande, who has favored a few guiding ideas without necessarily deepening."On many issues, he will be forced to be more precise, it says in his entourage. François did not shoot down all his cards at once, but he has no choice."

It will include further justified on the contract generation, a cornerstone of its commitment to youth, which was strongly criticized by Martine Aubry. Exemption from the companies that hire young people without being separated from their seniors, the mayor of Lille does not. She prefers the 300,000 jobs of the future, a move that raises the youth employment in 1997 and has scope to include the project within the PS. François Hollande, who do not believe, there is resignation, but wants the book to young people. Guardian of the PS project, Martine Aubry will not fail to criticize the liberties taken by the Netherlands over a series of proposals which it has acceded and which, he recently recalled, "the hire".

Extension or not of austerity measures, private participation in the background of Greek and multiplication fund to support the euro area will be central to discussions of EU finance ministers next week, even if no decision is expected on these records.

Met Monday and Tuesday in Luxembourg, ministers should also initiate discussion on strengthening the governance of the euro area in anticipation of a summit of leaders of the single currency on October 18 in Brussels.

"The recession alarms began to ring in a number of countries in the euro area and the debate on whether or not to extend fiscal austerity measures will be a common thread to the summit on 17 and 18 October, "said a senior source within the euro area.

"This will be the discussion of the next two weeks," added the source, adding that the discussion would focus on the revaluation of the conclusions of EU summit of 2009 which had then asked the bloc to put an end to measures to support the economy to engage in an accelerated phase of consolidation of public finances.

A second source said the meetings Monday and Tuesday would open a political sequence of one month to the G20 summit in Cannes in early November, where it will be then for the major world powers to agree on a message common support for global economic activity.

"The message next week will be divided into three parts: one, the euro area should continue on the path of fiscal consolidation, two, member states must implement structural reforms to stimulate growth, three, in some countries there are margins to take a break from the austerity and let the automatic stabilizers, "said the source.

Germany, the only country in the euro area have such leeway, and whose size would allow him to have a ripple effect, however, already indicated that it did not intend to go down this road.

GREEK PLAN

The question of the participation of major banks and European insurers in the background of aid to Greece should also dominate the agenda, while the Greek Prime Minister George Papandreou was in Berlin and Paris this week to take stock of the situation in his country.

The agreement of 21 July on the support plan for involving the private sector at 50 billion euros, including through an exchange of current Greek bonds against future carry a discount of 21% but also additional guarantees provided by the countries of the euro area.

Athens, however, just to collect the 90% minimum participation of the private sector she wanted to accept the plan and, according to several sources, deteriorating market conditions in recent weeks has increased the cost of the guarantees offered by governments, casts doubts about the implementation of the program in its current form.

"We are not far from the threshold of 90%. In fact, we're almost there.So we do not think the question is to review the private sector, "said one source.

She said that in case of difference between the expected participation of banks and the finally obtained, it is also possible to further explore the option of repurchase by the Greek state's own obligations to a value lower than their face value, thereby lowering the level of debt.

However, this issue should continue to be discussed during the next two weeks and no decision is expected before another meeting of the Eurogroup on 13 October and peaks of 17 and 18 October.

Multiplication of the EFSF

Finally, ministers should also consider the question of extending the power of the fire fund to support the euro area (EFSF), although again no decision is expected in the next two weeks.

The euro area is trying to find a way to more effective use of 440 billion euros available to the EFSF to demonstrate to financial markets that has a size sufficient to stabilize bond yields Spanish and Italian – a task currently provided by the European Central Bank.

But the euro-zone countries want to wait that Slovakia has ratified the agreement of July 21 before opening formal debate.

"This is not the question of when.And besides, if the agreement of July 21 is implemented in its entirety, this question becomes irrelevant, "said one source.

On Friday, Economy Minister German Philipp Rösler has also said that the Bundestag does not seem willing to leverage the fund Thursday after approving the expansion of its prerogatives.

Release of loan to Greece, strengthening the EFSF, recapitalization … L'Expansion. Com recalls the options on the table today that nourish the hopes of investors. The facade of the National Bank of Greece after an event.

After much depressed, the markets are now on the lookout for any good news. This causes bouts of optimism, albeit fragile, but occasionally managed to boost budgets. European markets have opened sharply higher on Tuesday, the Cac 40 rising eg more than 3%. Overview of the issues fueling the hopes of investors.

Greece will she get her ready for 8 billion?

This is step number one for the "sick Greek" still breathing. Athens has the resources to take another few weeks. Following is the default.Creditors (IMF, EU, ECB) should pay him the sixth installment of their first aid plan in mid-October, but nothing is won yet. The "Troika" wants guarantees of austerity because Greece is far behind in its program to reduce the budget deficit in structural reforms and for privatization. The country has indeed committed to sell 50 billion euros in assets by 2015, of which 5 billion by the end of the year. Yet privatization has reported 400 million euros. Athens is therefore trying to work twice as hard. She will announce measures this week on extending the operating license of the Athens International Airport, a concession on the gaming company OPAP, currently in a public monopoly, and licenses for video lottery.Moreover, after the announcement of new draconian austerity measures last week, the government plans to get ahead of schedule rigorously. According to his spokesman Elias Mossialos, "it is possible that additional measures planned for 2013 and 2014 are taken earlier." The Troika is expected this week to make a tax audit and whether the country can afford to keep its promises.

The second aid plan passed soon?

The slow pace of European countries to implement the second plan of aid to Greece adopted July 21 is a cause for concern the markets. It now seems finally the priority of the leaders of the old continent.The plan includes a new loan of 159 billion euros in Athens and capacity building of the European Financial Stability (EFSF), now has a budget of 440 billion euros and allowed to buy bonds with countries difficulty in the secondary market. It has so far been approved by five countries, including France. The main contributor, Germany, is expected to vote the plan without a hitch on Thursday. And all the 17 economies of the euro-zone should have ratified by 14 October, according to the promise of European finance ministers in a joint text published Saturday.

The EFSF can be further strengthened?

While this increased EFSF is not yet validated, Brussels is already planning to give him more money. The boost in July would allow it to face a possible default of Spain. But it would be insufficient in case of failure of Italy …or whether to help countries to recapitalize their banks. Only a doubling of its capacity to respond, or even quadrupling to 2000 billion euros, as envisaged by the IMF unveiled a project by the BBC would be likely to inspire confidence in markets. But once the proper calibration determined, it would still have to figure out how to give it more scale without seeking further states. Because Germany has made it clear Monday by the voice of his Finance Minister Wolfgang Schauble, she had "no plans to replenish the funds."

This does not seem to Brussels to consider other ways to increase the response capacity of EFSF. "We are considering the possibility to have a greater leverage to give it more strength," he said Monday as the Economic Affairs Commissioner Olli Rehn in an interview with German daily Die Welt.This could allow the EFSF to make a partial guarantee for loans by the private sector to states in need, which would result in lowering interest rates.

Another option under consideration would be to grant the license EFSF a traditional bank, because they lend about 10 times the amount of their capital. Without claiming to achieve such leverage, ie funds could extend the possibilities of lending to countries in trouble by refinancing at the European Central Bank, the latter giving him the money in exchange for bonds of these countries made fragile as collateral. The problem is that at the same time weaken the balance sheet of the ECB … should seek to turn the states. Discussions are still ongoing, the Commission has recognized.The aim would be to reach an agreement by the G20 to Cannes, 3 and 4 November.

Will we draw a line under 50% of the Greek debt?

This is the ultimate taboo of the Greek crisis. The idea to remove 50% of the country's debt is, however, his way, as to be now considered by the IMF, the BBC understands. The Greek press has even said that the Finance Minister Evangelos Venizelos would have suggested to members Friday. But he has immediately denied. A default of 50% corresponds roughly to the discount required to sell Greek debt on the secondary market. This compares with 21% accepted by private donors in July.

This scenario, however, still dismissed by many states and economists. Patrick Artus, Research Director at Natixis, estimated that it would be a good solution if Greece was an isolated case … It is not."In the absence of crisis resolution mechanism organized, investors fear that the treatment of Greece set a precedent for all countries in difficult situations. Thus, a massive failure of Greece, with exit or not in the euro area would lead to a rapid worsening of the crisis in other fragile states, until Italy, the euro undermining its foundations, with a potentially explosive area, "said he in an article published Monday in Le Monde.

European banks will they be recapitalized?

If such a restructuring of the Greek debt would be put in place, the IMF supports a recapitalization of banks, possibly through the EFSF. Because the consequences would be terrible on the one hand the Greek banking sector, exposed to 25 billion euros (about one quarter of the country's debt). But also for European banks exposed to debt.The IMF offers the recapitalization because they "now have a lump too small to absorb these losses." In France, the Sunday newspaper said this weekend that the government had proposed to BNP Paribas, Societe Generale, Credit Agricole, Credit Mutuel and BPCE to bail in the amount of 10 to 15 billion. But while there had been summit meeting, the executive as banks continue to deny vehemently any project and any need in this area.

The major European stock markets closed up Monday, with the financial sector, driven by speculation about lower interest rates by the European Central Bank (ECB) and new measures to support banks.

But without confirmation and the face of inconsistent statements by members of the ECB, markets and particularly the banking sector have gradually reduced their earnings later in the afternoon.

Yves Mersch, Luxembourg member of the Governing Council of the ECB, said it was "outrageous" speculation about a sharp drop in rates while his Austrian colleague Ewald Nowotny said a rate cut in general should not be excluded.

The announcement of a decline in home sales in the United States in August also contributed to dampen the enthusiasm of buyers on the cheap end of the session.

The CAC 40 index closed up 1.75% to 2859.34 points, after gaining 3.8% up in mid-session. The Office of Technical Analysis Day By Day remains neutral on the CAC 40 as it is between 2,720 points, near the low point of the year, and 2,908 points, the top of the "gap" bearish opened last Wednesday.

Elsewhere in Europe, the London Stock Exchange gained 0.45%, Frankfurt took 2.87% and 3.32% Milan.The pan-European Euro Stoxx 50 index has earned 2.83%.

The volatility index has further increased to 2.89%.

The European banking index, which jumped more than 5% at mid-session, finished with a gain of 3.81%, continuing the rebound in the sector began Friday.

Apart from the Greek banks, most of the values ​​in the sector have finished sharply higher, with a gain of 6.85% for Barclays, the General Company for 5.44% and 3.99% for BNP Paribas.Insurers (6.37%) led the increases, including a gain of 10.15% to 8.18% for Allianz and Axa.

"The feeling that the state is there to support banks if necessary, said the rebound, although bankers say they do not need it," said Frederic Rozier, manager at Meeschaert Private.

He added that the movement was technical and short-term, given that French banks are trading at extremely low levels that match 20% to 30% of their equity.

In the context of economic stagnation, cyclical stocks have remained away from the rebound, with auto index down 1.02% and commodities rose by only 0.19%, the lowest sectoral performance.

Corollary of the stock market rebound, the performance of the German government bond (Bund) was extended to 10 years, is attending to 1.82% against 1.75% late Friday afternoon.

At the close of exchanges, the euro was stable and was trading at 1.3517 / $ 19 after touching a low of 1.3361 to eight months in the early morning.

Tim Cook, who has the difficult task of succeeding the iconic Steve Jobs at the head of Apple, can not be content to launch attractive new versions of the iPhone or the iPad.

The new group general manager at the apple will need a revolutionary product to prove that he has the shoulders to succeed Steve Jobs, and this could result in 2013 by an assault on the television show over the Internet, consider the Analysts and industry experts.

Described by Steve Jobs hobby, Apple TV – a small box launched in 2006 to connect a plasma or LCD TV to the Internet – is also one of the few missteps of the group during its dizzying ascent.

If Tim Cook succeeds where Steve Jobs has failed, the one we rented engineering operational answer to all those who question his strategic vision.

"Television is the obvious gap in the range of Apple products," said John Jackson of CCS Insight."There is constant pressure to innovate (but) the momentum of Apple that they do not need to reinvent the TV screen in the short term."

TV lounge connected to the Internet has long been considered the next big step in new technologies but so far no one has managed to launch a product that is unanimous.

If they agree on that path, Tim Cook and his band will then join a field already well occupied, including Microsoft, Google, Sony and Samsung.

"The Grail is the living room," said David Rolfe of Wedgewood Partners, of which 9.5% or nearly a billion of its portfolio is devoted to Apple.

"They will install them only if they can offer a better product than the existing ones."

OBSTACLES

But the intentions of Steve Jobs, Tim Cook and now on the front of the television are far from clear.Persistent rumors swell around an Apple TV that integrates services and content in an iTV, but some wonder if the television industry, in trouble, is ready for a revolution Apple.

The current market offers a range of disparate offerings, the viewing of streaming video via the video game consoles like Microsoft's Xbox to Google televisions sold by Sony, Samsung and others.

Apple was "the first to follow the pioneers in the market for digital tablets in digital music, in the area of ​​smartphones," said Mark Mulligan, independent specialist in digital media."They expect a market to be cleared, learn from mistakes and then launch and are better than any other before."

Analysts estimate that it takes easily to Apple five years to fully develop a new product, so is Steve Jobs has already paved the road to television or Tim Cooks should begin to think about it now.

The main obstacle to this potential project could be the concerns of the entertainment industry in terms of video licensing requested by Apple, and obtained in the past for music and video on iTunes.Leaders have said that Apple had applied 30% of revenues from sales on iTunes, accused of choking the music industry.

THE IMPORTANCE OF CHARISMA

The charisma of Steve Jobs and his negotiating skills were crucial to the launch of iTunes, which has seen the growth in sales of songs instead of albums on the web. Tim Cook has not yet rubbed it, but many praise his ability to negotiate with suppliers that make the Mac, iPhone and iPad.

"This is the status of rock-star Steve has convinced these people, they were impressed by the character," said a former label executive who took part in negotiations before the launch of iTunes."Without him, Apple could never enter into the agreement."

Tim Cook has already proved his talent to the table. Peter Misek said that Jefferies is Tim Cook who led off the iPad 2 and he led the group at a time when Japan, among the countries that make the most of electronic components, has been hit by a earthquake and a tsunami.

"Tim Cook was able to double and sometimes triple the sources of components," said Peter Misek."So far, none of the competitors (Apple) was able to gain a significant market share on the market shelves and (…) the direction of Tim Cook its launch has been crucial."

Now the former head of Compaq must show that it can be more than that implements the vision of the leader, keeping intact the creativity of Apple, but also to demonstrate his instinct to stay ahead of consumer desires.

Wall Street will have on the eye.

"The market and the group need to see that Tim (Cook) has the ability to trial to build on the winning horse," said Jane Stevenson, Vice President of the Board and CEO of Korn / Ferry International.

"The market will need to see a steady stream of innovations that bear his leg."