The euro has dropped by nearly 5% in a week. Such depreciation on the foreign exchange market in such a short time is rare. If some investors have been illuminated reap gains from the sacred, others had to lose a lot!
The euro rose against the dollar over from 1.49 to 1.42 in one week. (Chart from the trading platform of Saxo Bank)
Christine Lagarde is good news. The Minister of Economy announced Thursday evening that the forecast deficit of France for 2011 is reduced to 5.7% of GDP as against 6% previously. "We had committed to 6% for the year 2011 and I will announce tomorrow that the European partners have recalibrated our goal to 5.7%," she said on the eve of a meeting Budapest with its European counterparts.
Christine Lagarde also said it "maintains its forecast for growth to 2% for 2011, given all the indicators in manufacturing or in services."
Acceleration of activity
In his memo on the economy released on Thursday, INSEE rightly emphasizes that economic activity in France in the first half of 2011 will see an "acceleration"."In our scenario, the shocks go, resist the activity," summarized Sandrine Duchêne, head of the economic situation of the Institute.
INSEE, includes such an "acceleration of activity in early 2011 in France with a" rebound "of 0.6% growth in first quarter (compared to first quarter 2010), driven by manufacturing, followed by a "slowdown" to 0.4% in the second. France was well into mid-table European with Germany in pole position (1.1% in the first quarter, 0.6% in the second, according to INSEE).
To achieve the 2% increase announced by Christine Lagarde, France should show 0.7% in each of the third and fourth quarters, noted Jean-François Ouvrard, Head of Division cyclical synthesis.A new upturn in the economy would be necessary.
Rebound in exports
According to the institute, the French economy has benefited from a "rebound in exports early this year" in an international environment considered a "carrier". INSEE also relies on a catch-up "point" in public works, after a harsh winter. "A dynamic self-sustaining recovery has also been engaged for several quarters in France and consolidated, based on investment and employment," says Sandrine Duchêne.
Household consumption would be favored at the beginning of the year by the effects of "tail" of scrapping with the delivery of vehicles ordered before December 31, 2010.
The "shock" of food prices
Regarding the purchasing power of households, Insee said it would progress only (+0.1%) in the first quarter of 2011, before the second 0.3%.It would be sealed by the "resurgence of inflation" found after the oil shock of recent months. According to INSEE, inflation would be 1.9% year on year in June against 1.8% in December.
The "shock" to come will likely be about food. "Rising raw material was passed shortly, French singularity ', and its impact on consumer prices by distributors should intervene in the coming months.
Unemployment stabilized at mid-year
Regarding employment, the paper discusses the INSEE stabilization of unemployment by mid-2011. "On the horizon of the forecast, the unemployment rate would stabilize.It would amount to 9.1% of the workforce in France (9.5% including Dom), at the end of the second quarter of 2011, "INSEE said.
The increase in jobs in the first half of this year should be a little stronger than that of the working population (29,000 people) "supported" by phasing out the exemption from seeking employment. Because between January and June 2011, job creation would total 76,000 posts.
In the commercial sector (excluding agriculture), the most sensitive to economic conditions and has restarted last year, 78,000 new jobs would emerge, after 60,000 in the second half of 2010. 10,000 jobs would be created as non-employees.But in the non-profit, employment decrease of 7,000 positions, "because of declining admissions in subsidized contracts, while farm workers would fall by 5,000.
Through the mechanism of adjustment of wages to inflation, they should increase. But, despite this increase in nominal wages, real wages should remain stable in the first half, especially against the resurgence of inflation. "In Public, real wages continue early 2011 slowdown that began in 2010." The average salary per capita (SMTP) growth would fall by 0.9%.
No contagion from the debt crisis
Prudente, INSEE noted however that a number of uncertainties could affect its forecasts commme tensions on European sovereign debt."The current crisis seems to be very localized in Portugal," says Sandrine Duchêne, however, saying "the risks of contagion to all sovereign debt of the eurozone less important that a few months."
(With agencies)
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The iPad 2 has attracted the crowds. Over the weekend, the queues are often longer than last year, were formed before the Apple stores and shopping channel partners for the launch of the new touch pad in the United States. More than a thousand people are massed together at the Apple Store on Fifth Avenue, New York, against 700 in April 2010. According to a statement of the analyst Gene Munster of Piper Jaffray, Apple could have sold between 400,000 and 500,000 iPad 2 from Friday night. Last year, 300,000 iPad have been sold during the first weekend.
This strong demand for iPad 2 leads already to longer delivery times.The iPad 2 is now shipped in three to four weeks depending on the Apple website, instead of three to four day period during the launch, while distributors contacted by U.S. analysts said their inventories were at their lowest . Asked by the Wall Street Journal, a spokesman for Apple has described the request as "extraordinary" and said the company was working to fulfill all orders no fax pay day loans. The first iPad had known for several weeks out of stock, partly because of worries of supply of the screen.
The profile of the buyer iPad has since evolved. It is divided almost equally between Mac owners and PC, when the Apple faithful were over last year (74%), says analyst Gene Munster. Nearly half of buyers (47%) choose a model with a 3G connection, more expensive.They also turn more readily to the storage capacity of 32 GB and 64 Furthermore, some 70% of clients did not have two iPad iPad far. In another survey of ChangeWave institute, over 80% of U.S. consumers intend to buy a touch pad to turn to consider the iPad.
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Winter sales start on Wednesday. With this period of debate resurfaces bargain prices on many brands use interns as sellers. The collective Precarious Generation alarmed again this phenomenon, citing the low pay for trainees. They are paid "on average six times less" than the employee, the group calculates. In addition, these courses are often precarious, with no contract to boot.
"These are clearly disguised employment", says Julien Boucher, an activist in Precarious Generation, a movement born in September 2005, following a strike call and webcast spontaneous. "Teachers prefer to use this option during rush periods such as Christmas or year-end balances, rather than hiring temporary or CSD, they remained on the benches of employment center," laments he said.A trend that has accelerated in recent years.
Companies have "benefited from the crisis"
According to Julien Boucher, "companies have benefited from the massive crisis in recruiting trainees. The number of stagaires would be spent in France and 800,000 in 2006 to 1,200,000 in 2010. An increase of 50% in four years. Since its inception, Precarious Generation campaigns for a stricter training courses and in particular for increasing the salaries of trainees. For its part, the CFDT, which has made youth employment a priority for 2011, proposes to improve the lives of students, said its secretary general Francois Chereque, when presenting his greetings on Monday.
Article 9 of the Act of March 31, 2006 on Equal Opportunity oversees the conduct of business internships.Admittedly, it was amended by Law of November 24, 2009 which established the principle of compensation and minimum mandatory internships for a period greater than or equal to two months instead of three months previously provided by the decree of 31 January 2008. "But nothing is settled. It's always the level of remuneration is the rub, "Julien Boucher shade. If no collective bargaining agreement more favorable, the student must collect at least 12.5% of the maximum hourly rate of social security, equal to 22 euros in 2010. Is 417.09 euros per month for 35 hours weekly attendance of the trainee in the company."The whole, without contributing to retirement or unemployment insurance," said a member of the collective.
A new operation "punch"
This year again, Generation Precarious therefore benefit from the symbolic period balances to publicly denounce "deals made on wages through the misuse of training" and promises a "blitz" on Saturday. At the last such event, held on the opening day of sales in January 2008, members of the group gathered outside the Parisian department stores, Boulevard Haussmann, to distribute leaflets to customers and the Galeries Lafayette spring.
wmode = "opaque"
Singled out, signs are defending themselves contribute to an increase in placements abusive, reports Le Parisien / Today in France in a survey on this subject. "The students represent only 0.68% of our workforce.Their number is steady throughout the year, it does not increase during the sales or parties, "says a spokesman at Fnac daily. "We offer them at the end of their internship, and if they wish, paid positions when we can," says one at the Gap. Finally, Decathlon stresses that students recruited by the group are "compensated".
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Save the 3900 points this season. This seems to be the mission this week, the Paris Bourse. The CAC 40, which was chained Monday its fourth session in the red, troubled by rising Chinese interest rates, has opened higher Tuesday morning. He climbed from 0.27% to 3872.70 points at the opening and wins more openly 0.42% at 3878 points just before noon. Same atmosphere in the rest of Europe: the DAX index of the Frankfurt Stock Exchange has opened up 0.20% to 6984.85 and gained 0.15% to 6980.89 points at midday. The Footsie dozing However, London remained closed until tomorrow what should once again limit the volume of trade in Paris, already very quiet this summer.
Investors do not eventually follow the footsteps of their Asian counterparts.The latter, still under Chinese ads, heard the Tokyo Stock Exchange, which reacted negatively to several national macroeconomic statistics. The U.S. stock market, which reopened yesterday after a long weekend of Christmas, has closed its side in unity.
On Tuesday, several statistical trends could play during the day. In France, first, INSEE announced before the opening of markets, the growth of the French economy in the second and third quarters of 2010 was revised slightly downward, respectively up 0.6% (cons + 0.7% previously) and + 0.3% (against + 0.4%).Moreover, housing starts of new homes in France rose 9.5% year on year for the period September to November, while building permits edged up 1.5%, announced Tuesday Department of Ecology.
Most importantly, the United States, in the afternoon, will be published index of house prices, the index of investor confidence and the index of consumer confidence in December.
On the currency markets, the euro strengthens its rise against the greenback in a relatively sluggish. It trades at mid-session against 1.3244 dollars (0.62%).
Alcatel-Lucent is paying for corruption
As for values, Alcatal-Lucent was awaited.The telecoms group has agreed to pay more than $ 137 million under a settlement of a case where he was accused by the U.S. court of having bribed some officials to win contracts in America Latin America and Asia payday loans. Last February, Alcatel-Lucent said it had provisioned 93 million euros in the framework of the case. The Exchange finally responds well: in mid-session, shares climbed 1.57% to 2.199 euros and signed the second largest increase in the CAC 40, behind Michelin (2.11% to 55.14 euros) which recovering from his emotions yesterday.The automotive industry has indeed been penalized in Europe after the announcement of Beijing to limit drastically new car registrations in 2011.
In an interview with Echo, Bénézit Michel, executive director of refining and marketing of Total (+0.36% at 40.14 euros), announces that "strikes the month of October has cost 150 million euros in total" .
JCDecaux (0.73% to 23.32 euros) and Paris Airport (-0.44% to 58.92 euros) announced Tuesday the creation of a joint venture to operate the airport advertising.
Lafarge (+0.76% to 47.305 euros) sold its assets to aggregate and concrete Portugal, Alsace and Switzerland for 120 million euros.
The General Assembly of SIIC de Paris (stable at 17.85 euros) has approved the transaction Contributed by SFL (flat at 35.99 euros) in two buildings in the business district of La Defense exchange of 29.99% stake in the company.
Risc Group (+ 4.55% to 0.23 euros), which specializes in IT services, has endorsed the sale of four of its foreign subsidiaries to the STS software company for 6.1 million euros.
The banks are well oriented, rebounding after their difficulties from the previous day, especially due to the closure of London and the concerns about the Chinese rate hike, even if banks are less exposed to China: Credit Agricole (1.01 %), BNP Paribas (+0.49%), Societe Generale (1.08%) and Natixis (-0.08%) are among the highest increases.
Side of the few stocks showing a decline are Technip (+0.26% at 70.18 euros) and Accor (-0.76% to 33.31 euros).
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In 2010, Twitter has experienced a boom. One hundred million people have joined this year the website, which offers to share messages of 140 characters and links with a network of readers (called "subscribers" or "followers"), Twitter has announced this month. This figure, which brings about 160 million users of the site is supported by a study just released by the firm Sysomos. According to this, 44% of Twitter users have joined the platform between January and August. In contrast, only 4.7% of the site were already enrolled before January 2009.
This new influx of users has also resulted in a significant change of use on Twitter, reveals Sysomos.The number of users with over 100 friends in their network, ie user accounts which we receive messages in real time on his Twitter page, has tripled since 2009 and represents 21% of members site. Conversely, the share of those who take less than five accounts was almost halved in a year from 37% to 21%.
Conclusion Sysomos: "Twitter users consume more updates and maybe after more people outside their circle of friends."
A strong EU dimension
This is probably a consequence of the change in the Proposal for Twitter. At its launch in 2006, Twitter asked its members to answer the question "What are you doing?".Now the platform prefers a generic "What's going on?", Inviting its users to share information more interesting than "I eat an apple" and to draw attention to current events like New York or Bombay. The recipe was taken: In September, one of the leaders of the site said: "Twitter is not a social network is a network of information."
But as with any collaborative web platform, a minority of contributors generates the majority of content.
Thus, 22.5% of accounts are responsible for 90% of the activity. Conversely, 80% of members have published fewer than 500 tweets. The most active accounts are automated, that is to say they return flows generated automatically as RSS feed of articles published by a press site. Nevertheless, the community dimension remains paramount on Twitter.According Sysomos, the share of users sharing a brief biography about them rose from 31% in 2009 to 69% in 2010. In addition, 82% of site members share their name on their profile, as against 33% last year. 73% provide information on their geographical location (as against 44% in 2009) and 45% refer to a site (cons 22%).
"It shows that a significantly higher number of Twitter users agree to provide information about themselves, suggesting the growing importance of having a public profile on a leading social networks," Sysomos analysis.
This is also an asset for brands: "The growing share of available data makes it easier for companies to target individuals according to their interests, occupation or location." Good for Twitter, which is now seeking to expand its revenues.
Freebox Revolution continues to make waves. But in the culture industry, this time. Concerned, the refusal of the operator to perform now the tax on private copying, which the "boxes" are normally subject. "Free to pay. Otherwise it will end in court, threatened on Wednesday morning in Les Echos, the director of the Civil Society of Phonographic Producers (SCPP), Marc Guez.
The private copying levy is a system of financing income (182 million euros in 2009) are paid to the areas of music and audiovisual sectors, hit by downloading pirate. It was first applied to blank CDs, and was extended to a wide variety of products which can be copied legal works, such as iPods, USB sticks, and recently the shelves. The "box" operators, equipped with a hard drive, did not escape.Including previous Freebox.
With its impressive 250 GB hard drive, the newest member of the Free should have been taxed at 35 euros, more than 10% of the cost of its production cost, estimated at 300 euros. But according to the operator, the Freebox Revolution is not a "box" like the others. Its hard drive is a standalone file server, a NAS. However, such material is exempt from tax, when certified to "work together with at least three operating systems (see pdf).
"We respect the texts"
This exception was introduced in October, was intended to tax only the NAS models purchased by individuals, simpler, saving professionals low fee cash advance. But Free has had time to adapt to these new rules. According to the operator, the Freebox works well with at least three operating systems, and should not be taxed."We continue of course to respect the statutes governing private copying," says Maxime Lombardini at Les Echos, CEO of Iliad, the parent of Free.
For Free, the economy would be $ 17.5 million for 500,000 Freebox Revolution. Its competitors, who have not integrated file server in their "box", can not imitate him. They had to use cunning. To limit the size of the tax, SFR voluntarily restrained the hard drive of his new Neufbox Evolution. Of the 200 GB theoretically available, only 40 GB are available by default. If they want more storage capacity, customers must pay 15 euros in increments of 80 GB
The preferential treatment of the Freebox Revolution could not however have a limited time. The basis of the fee for private copying is regularly adjusted to match the new practices.Meanwhile, Free has cultivated his image as a troublemaker of the Internet. As he did in refusing to send the first warning messages Hadopi, while also stating at the time that he respected the law.
Over the past year, the liquidator American, Irving Picard, chasing all the supposed beneficiaries of the scam ridden by Bernard Madoff. The latter is currently serving a sentence of 150 years in prison for organized fraud that has cost 65 billion dollars to about three million savers. Among the victims, celebrities, like Liliane Bettencourt who lost 22 million euros.
The liquidator has until Saturday to file complaints against alleged accomplices and ask for funds for victims. Under U.S. law, plaintiffs have two years to initiate legal action from the day they discovered the fraud. Several major banks are in the eye of the cyclone. The most recent: Natixis, Fortis, Citigroup or Merrill Lynch.
But charities that had benefited from income or donations from fraudulent and individuals are also pursued by the liquidator. This is particularly true of family members of Bernard Madoff. He has launched legal action against London including his brother Peter and her children Mark and Andrew. He said some hope to get $ 80 million of these lawsuits against the family Madoff.
$ 9.1 billion claimed to Austrian banker
But of all the complaints filed by Irving Picard, one he hopes to recover the most money is an action against the founding president and principal shareholder of the Austrian bank Medici, Sonja Kohn.Described as "soul mate criminal" by Bernard Madoff, the latter is accused of having created the Medici bank only to convey funds to the tune of 9.1 billion dollars to "Bernie Madoff. Today is the amount that the liquidator is claiming. For the latter, Sonja Kohn acted "under various names and disguises." "For over 20 years, Kohn has organized a vast assembly illegal to exploit its relationship with Madoff to drain more than $ 9.1 billion of money from others in its mounting Ponzi," according to the terms of the complaint filed Friday.
He added: "The unlawful assembly Kohn has enriched his family and dozens of other individuals and entities, including the largest banks in Austria and Italy, the costs of goods and BLMIS on the backs of victims of Madoff "reads yet.The liquidators expect to recover from it, six members of his family, the Italian bank Unicredit, its subsidiary Bank Austria and 53 other individuals and entities, a total of 19.6 billion.
In Vienna, a spokesman for Bank Austria, Martin Halama, responded Saturday by saying that this institution was "otherwise vehemently to this complaint. The latter we have not yet been released, and therefore we can not comment in detail, "he told the Austrian news agency APA, while reiterating that the Bank Austria sees itself in this case" as a victim and not an accomplice "by Bernard Madoff.
HSBC
Nine billion. It is the largest amount claimed by Irving Picard to a company in Madoff.And this company is HSBC, which the liquidator has "created, promoted and supported an international network of a dozen feeder funds domiciled in Europe, the Caribbean and Central America." British bank denies everything. "HSBC will vigorously defend against the prosecution of the case Madoff who are in various jurisdictions worldwide, including lawsuits in partnership with the United States," argued the bank in a statement.
JP Morgan
Main bank fund Madoff, Bernard L. Madoff Investment Securities, JP Morgan is also accused of complicity by the liquidator bad credit pay day loans. The liquidator claimed $ 6.4 billion. He said the U.S. financial institution would be encouraged and assisted the fraud set up by Madoff."JP Morgan has voluntarily closed its eyes to this fraud, even after being aware of the many warnings against Madoff," wrote one of the boards of Irving Picard in a statement. JP Morgan said the accusation was "irresponsible and exaggerated."
UBS
Irving Picard calls for an additional $ 555 million in Swiss bank. This brings the total amount requested from 2.5 billion dollars.UBS is accused of complicity in the scam. Specifically, he alleged that UBS had recovered the money stolen by Madoff investors in its two funds, mutual funds and Luxalpha Financial Group Limited. UBS, which has denounced the accusations "false", said he was not "liable to those investors unfortunate consequences of the scandal Madoff.
Natixis / Citigroup
And the list goes on.The administrator responsible for the liquidation of the company from American financier Bernard Madoff has filed a new action against seven banks, including Citigroup and Natixis which Irving Picard calls respectively 400 million and $ 425 million. The other five are the Belgian Fortis (BNP Paribas), the Dutch ABN Amro, the Spanish Banco Bilbao Argentaria Vzcaya, Japan's Nomura and Merrill Lynch groin Americas, owned by Bank of America. Natixis dispute a charge, saying "have always acted in good faith and has neither received nor participated or had knowledge of the fraud committed by Bernard Madoff.
BNP Paribas
The liquidator has also filed a complaint against Legacy Capital BNP Paribas and he accuses of having profited from the scam. According to Irving Picard, Legacy Capital has received at least $ 255.8 million (191.3 million euros) by Bernard L.Madoff Investment Securities (BLMIS) between 2000 and December 11, 2008, when the fraud was revealed. Of this total, some 89.3 million represented payments fraud. However, according to the administrator, BNP Paribas took control of the accounts of Legacy Capital in 2004 while being aware of suspicions of fraud at the time already weighing on Bernard Madoff.
The Wall Street Journal, Irving Picard hopes to recover more than $ 30 billion, while losses of victims is estimated at $ 21.2 billion.
European initiatives undertaken
The shareholder advisory firm, Deminor, while welcoming these actions, consider that they ignore the indirect victims. "These actions aim to raise as much money for the benefit of" liquidation Madoff, "to be redistributed to the" clients "Madoff.However, the vast majority of European investors defended by Deminor indirect exposure Madoff through funds or banks, "says the firm. Deminor and advises investors not to "rest on the actions of the liquidator and European initiatives to undertake in order to obtain full compensation."
Good news came to the ears of victims: Tuesday, the Geneva bank, UBP has paid by cash almost half a billion dollars to the "Trustee" American authority administering the bankruptcy funds formerly controlled by Bernard Madoff. An agreement between the bank and the liquidator that the Bankruptcy Court in Manhattan must approve. This is the first international agreement on such a scale. Victims will cross our fingers that this is not the only one.
This time it's done. After more than a year of continuous negotiations with creditors and investors, the third World owner has completed its financial rescue. On Thursday, the family Saade, business owner Marseille, announced the arrival in the capital of Turkish conglomerate Yildirim, present among others in sea transport. This new partner makes $ 500 million in bonds redeemable in shares (NRS) as against 20% of the capital and three ten representatives on the board. The Strategic Investment Fund (ISF) is still negotiating to enter in turn to the tune of $ 150 million in capital.
"We speak the same language with Jacques Saade. I have great confidence in CMA CGM and the management of the company, "asserted on Thursday, Robert Yildirim, CEO of the group.As for Jacques Saade, 72, founder of this company with more than 16,000 people, he did not hide his great satisfaction: "All ended well." Because deep down, he knows he has masterfully traversed this storm by playing with time in an improvement in the economy of ocean freight, to save his group and especially to keep absolute control over the company. An incredible scenario.
Victim of the collapse of world trade in 2009, the owner powerless witness to a double phenomenon: the collapse of the price of transporting a container, combined with a sharp drop in volumes. Within months, the company is burning cash. Now it supports more than 5 billion dollars in debt. In late September 2009, the owner is unable to pay its creditors. He even threatened not to pay its operating expenses. In short, bankruptcy seems inevitable.At the top of the state is the commotion. A fall of CMA CGM should be avoided. The owner is the largest employer in the French ports. Of Lebanese origin, Jacques Saade is one of the finest entrepreneurial success stories of the country.
The file is then directly handled by the staff Christine Lagarde, Minister of Economy. On several occasions he met representatives of creditor banks and the Saade family in an attempt to find common ground. Mid-December, the parties shall adopt a plan: the 70 creditor banks agree to restructure debt and provide $ 500 million of cash.In return, they demand that the company reduces the number of ships on order, that Jacques Saade and hands over the family agrees to recapitalize important, even to lose majority control online payday loan lenders.
Pugnacity of the clan chief
The group escapes into bankruptcy, but the deal sounds like a humiliation. For every page, Jacques Saade has passed. It reckoned without the fighting spirit of the clan leader. In fact, even the lowest, everything suggests that he never intended to cede control of the group. To achieve this, he made a bet: if restarting global trade, evident in November 2009, continues, CMA CGM will return to profit.Suffice to say that the company will find of value, which will put Saade in a much more comfortable negotiating with investors and especially reduce the share of capital they will sell in the capital increase is inevitable.
Same determination with respect to governance. While the patriarch leaves the operational management but also discourages the arrival of leaders of major groups. He chose Philippe Soulie, head of the Cnim for general management, he oversees his brother Farid Salem and his son Rudolf. "Our goal is to keep a majority stake. This group, I created, I've developed, "said Jacques Saade in an interview with Le Figaro, December 18, 2009. Enough said.
Following is a model of negotiation.In May, the group, yet so discreet, announces $ 270 million profit in the first quarter against 1.4 billion loss last year. Rodolphe Saade ensures that the family will raise money but retain majority control. Qatar's sovereign wealth fund, widely favored to enter the capital with the ISP, is dismissed by Jacques Saade net early July.
The financial enraged. Jacques Saade does not care. Each week that passes reinforces it. In late July, we learn that Albert Frère negotiates with the family. The agreement is expected by early August, then fell again to the water. The owners refused requests from the Belgian billionaire governance. Remains the option Yldirim. After two months of negotiations, the parties agree. Jacques Saade yields only 20% of its group. The victory was complete.
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"The commodity markets are very nervous and agricultural change on significant levels of volatility," says Lionel Porte, specialist commodity derivatives to Euronext as part of a conference organized by the French Association of Agricultural Journalists (Afja ). Faced with this uncertainty, farmers are increasingly likely to want to hedge on the futures markets to ensure a stable income. "We now have over 5000 clients that farmers operate directly on the futures markets," said Renaud de Kerpoisson, a farmer in the Cher and founder of a brokerage firm, Agricultural Supply and Demand (ODA) in Bourges. Personally I have covered 30% of my next wheat crop at 175 euros per ton, delivered in November 2011. An approach that is not isolated."10 to 12% of our members have hedged a portion of their harvest between 160 and 175 euros per tonne," said Francois Hallard on his side, commercial director of the Cooperative Grain Champagne. Intervene in markets but is not given to everyone. "It's like the casino you can be burned wings," said Sylvain breeder in Mayenne. I sold my wheat in March to 110 euros per tonne for deferred delivery in November 2010. I'm getting a good deal but it's finally my co-op that will pocket the difference, "says this farmer disillusioned. It is better to undergo specialized training to understand this mechanism and act knowingly. "With the help of financing the fund VIVEA, this amounts to 150 euros for a full day for the farmer," says the boss of ODA.
Moreover, the futures market can not be applied to all holdings."It depends on the operating model that the farmer wants: home or business, organic or conventional crops or livestock … says his side, Regis Hochart, the Confederation Paysanne. And this engineer agronomist room Beauvais added: European public policy through intervention stocks have almost disappeared. To avoid volatility, only the futures market is now presented as a solution while not halted for much speculation. " In addition, with devastating effects for developing countries.
At the international level, it created some tension on the supply of the poor. "Hunger and malnutrition are rapidly gaining ground since the 2008 food crisis.This brings to light both the inadequacy of the current global food system and the urgent need for structural changes, "said Jacques Diouf, FAO Director-General of the Forum Ministerial Cooperation Council (GCC) spent investment in agriculture. At this Forum, held in United Arab Emirates (UAE), involving representatives of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the host country. It is no coincidence that the UAE just to create their own international trading company specializing in agricultural commodities. "To ensure its independence food or what country buys farmland abroad or he created his own trading," said a speaker from the London market.Nevertheless, in this great global monopoly, not all countries have the financial resources of the UAE to limit the effects of price volatility. Other means of intervention are to be created.
Meanwhile the markets, the price of wheat slight upturn in mid-day on a European futures market, Euronext, very cautious, watching for an easing of geopolitical tensions internationally. The milling wheat gained 1.50 to 1.75 euro (due January, 212.75 euros) less than 3.000 treated groups in the late morning showing caution operators.