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The Agency for State Holdings is undergoing a revolution. The scheduled departure in September of its CEO, Bruno Bezard, economic mission to Beijing, is an opportunity for the state to reassert its role as shareholder. The government Tuesday appointed by the Council of Ministers Jean-Dominique Comolli, former boss of Seita, Commissioner of State Holdings. He will then head the Agency state ownership.

A new title tailored, while the state wants to take over the industrial policy of the companies in which it holds shares now on, the boss of the EPA no longer depend on the Treasury, but will report directly to the Minister of Economy. "We consider that the state must play a role that heritage," says one in the entourage of Christine Lagarde.By appointing one person with a strong political status – the commissioner – "there is also a desire to reorganize things, establish a system that discourages employers from rushing to the Elysee to discuss their small business," says near the record.

The appointment of Jean-Dominique Comolli also fits into "a major change in the role" of state ownership and the EPA, said the report of the Council of Ministers.

As the President announced when the States-General of Industry in March, this development will lead the state "to be at the forefront of driving the vision of its shareholdings and so assert, for undertakings concerned, a strategy of industrial development and economic clear long term. "

Air France, EDF, France Telecom and other Safran now know they only have to behave! Already, Nicolas Sarkozy announced that a director would be appointed representing the state "consistently" next to the Director for the Department of Economics, but now for each company in which the State is a shareholder, a formal meeting between the relevant ministers and leaders will be held each semester – in addition to those that take place informally – "to make a strategic point. More question of discovering projects at the last minute.We remember last January, the invitation to the Elysee the boss of Renault, Carlos Ghosn, who had just unveiled its intention to produce some of the Clio in Turkey IV.

Set to music complicated

The state will also require "regular reviews" on the policy of personnel management, employment, subcontracting, procurement, investment, etc..

Jean-Dominique Comolli will have to partition complex music: establishing a more readable management companies, but does not give the impression of greater interference.The EPA had she not been established in 2004 to remove the political power of corporate management, after a report by Rene Barbier de la Serre, a former banker and is the financial center, had pointed to "the presence Excessive state in the daily management of the company?

Jean-Dominique Comolli "has the perfect profile, make sure there in the ranks of government. The future commissioner, 62, near the famous head of state despite a long career in the offices of the left, knows both the workings of government and enterprise. ENA civil administrator in the Directorate of Budget from 1977 to 1981, he became after election of François Mitterrand to the presidency of the Republic adviser to Laurent Fabius.

In 1986 he was appointed Deputy Director in the Budget, before becoming in 1988 Chief of Staff Michel Charasse Budget.In September 1989 he was appointed head of Customs, before becoming president of Seita, while public group in 1993. He co-chair Altadis after its merger with Tabacalera.

Since 2005, he chaired the Board of Directors of Altadis, since bought by Britain's Imperial Tobacco – which he became vice-chairman of the board of directors in 2008. He held up his new duties on September 15.

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Closing reassuring Wall Street yesterday gave a positive impetus for the Paris Stock Exchange on Tuesday. While Asian investors have been cautious, the CAC 40 chooses the path upward. The index advancing 0.91% to 4:20 p.m. at 3672 points.

The French markets are still worn by banking shares. Yesterday, the shares had already boosted the index, in response to the publication of results of stress tests on Friday. On Tuesday, they are top of the ACC: Credit Agricole takes 8.53% to 10.47 euros, BNP Paribas 5.71% at 53.91 euros, Societe Generale 8.06% to 43.21 euros and Dexia 7 02% to 3.86 euros.

Elsewhere in Europe, the increase also dominates. The London Stock Exchange ahead of 0.80% to 5394.10 points. The DAX index of the Frankfurt Stock Exchange is gaining 0.49% to 6224.60 points.

Yesterday the key index in Paris managed to keep the threshold of 3600 points despite an early meeting very hesitant.Good numbers of U.S. homes have played an especially comforting to investors. And on Tuesday, rebelote: the Case-Shiller index of home prices meets the individual operators offering. It rose more than expected in May in the United States, +0.5%. The month of May and is the second consecutive monthly increase, a trend that comes after two months of consecutive decline.

But the Conference Board index, published in 16 hours, fell for the second straight month in July fell to its lowest level since February, to 50.4 in July against 54.3 (revised from 52.9) in JuneAn advertisement that has a little cooled investors.

After trading, the markets will see the unemployment figures for the month of June in France.

In addition, the Department of Ecology has announced that the number of starts of new homes in France fell 0.3% for the period April-May to June, compared to the same period a year ago, while the number of building permits recorded an increase of 25%.

On the foreign exchange market, the euro continues against the greenback. Around 1530, the euro was worth just under $ 1.30, but the threshold was crossed earlier.

Publication Burst

On Tuesday, the publications will be honored at the Paris Bourse:

Danone (-3.65% to 44.63 euros) announced before market opening a current net profit in the second quarter of 848 million euros and a turnover of 4.386 billion euros.The group raised its sales target of 2010 and provides a comparable increase of at least 6% against at least 5% previously.

Altran (7.46% to 3.24 euros) has reported a turnover of the second quarter 2010 from 357.6 million euros (+2.3%). The group expects a significant improvement in the margin in the second half of 2010.

The Land of the Regions (-0.12% to 72.85 euros) published a recurring net profit increased 1.1% to 153.4 million for its first half, with rents of 264.1 million , up 1.7% at constant perimeter and an occupancy rate of 94.4%.However, its net asset value, excluding financial instruments, stood at 73.20 euros per share, down from late 2009 due to the distribution of a special dividend for 2009, consisting of 3 30 euros in cash and six Beni Stabili shares, 52.5% owned subsidiary acquired in 2007

Note that M6 (-0.14%) will announce its interim results to 17 hours. Vinci (+0.29%) and Fleury Michon (stable) publish their turnover in the period after the stock market. Compagnie des Alpes (-0.72%) will announce its third quarter revenues.Meanwhile, Air France KLM (+0.69%) will release first quarter results are as LVMH (-1.26%) will release its first half results.

Sanofi repulsed Klepierre sanctioned

The U.S. biotechnology company Genzyme has rejected a buyout proposal made by Sanofi Aventis (-0.58% to 45.32 euros) according to Bloomberg.

Capgemini (-0.91% to 35.05 euros) has announced the signing of a 6-year contract between its subsidiary Capgemini UK and Royal Mail Group Limited (RMG), the British postal service, for its service management computer.

Klepierre (-4.56% to 24.67 euros), revised down slightly its 2010 targets of current cash flow and rents, the prospect of austerity plans in Europe have slowed the recovery of consumption.The land has produced a net current cash flow per share down 1.7% to 0.99 euro in the first half.

ICADE (0.56% to 73.47 euros) on Monday announced a net profit in the first half more than eight times while its net current cash flow per share, affected by the low profitability of its development division, declined 21%. Icade should propose a special dividend payment of at least four euros in the second half, tied to sales of homes.

April Group (-2.83% to 19.77 euros), saw the decline in sales accelerated to 12.9% in the first half.This is explained by the group with a focus on its brokerage business, which should result in a decrease of 25% of the insurance business in 2010.

Finally, Technicolor (2.96% to 4.18 euros) received a firm offer from the private equity fund Francisco Partners for the acquisition of the "broadcast professional" Grass Valley.

For Goldman Sachs, which published its investigation on Friday morning, ten of the 91 tested banks will fail. That is to say it does not retain a sufficient level of equity in the event of deteriorating economic conditions.

The success rate would be 89%. According to the study of the American bank, the banks are based in Spain, Germany and Greece, which should raise the more capital, adding that the source of these funds should be half public and half private.

The newspaper El Pais reported in its edition today that part of the 18 Spanish savings banks failed the test of resistance.To believe the consensus reached by Reuters, in Spain, only seven banks have passed the exam, including the largest as Banco Santander, BBVA, Banco Popular, and the "Cajas".

That success expected for French banks

In France, banks found – BNP Paribas, Societe Generale, Credit Agricole and BPCE (Natixis) – should all pass. The analysts and Christine Lagarde have confidence.

Full house expected also for the United Kingdom, examined on HSBC, Barclays, Royal Bank of Scotland and Lloyds Banking Group. In Ireland, Bank of Ireland and Allied Arish Banks also succeed in obtaining good results.Same as in Italy, with Intesa Sanpaolo, UniCredit and Banco Popolare including headlining.

In Germany, a handful of banks should be in a situation of failure, particularly those that are undergoing restructuring.

Failure: it will recapitalize

According to Goldman Sachs, European banks should raise an average total of 37.6 billion euros in fresh capital as a result of these stress tests, whose results are expected Friday at 6:00 p.m., after the close of European stock markets but in full session on Wall Street.

In search of capital, these banks 'risk' may first explore to their shareholders or to tap financial markets easy payday loans. If this is not enough, she can turn to state aid at the national level.Finally, as a last resort, they can "take advantage" of the famous European support plan put in place at the European Union and the International Monetary Fund.

Confidence in the results, distrust Performances

With a success rate approaching that expected of the baccalaureate, the question is what will truly value the conclusions of these stress tests. Experts warn that it would be better to consider the assumptions made when simulating a situation worsened.

"The information currently circulating in banks suggest that the stress test favors disclosure of a satisfactory result compared to a real and solid technical verification," says Pierre-Antoine Dusoulier in a forum.

These data suggest that in fact the test cases would be fairly "light" in particular in the field of defaults on sovereign debt. Assumptions of the macroeconomic developments would also be applied "without knowing it for the moment the link established by the test between GDP growth, unemployment and inflation."

In addition, past forecasts on macroeconomic parameters were simply struck by the actual conditions. In spring 2008, the European Commission expected a growth of 1.7% in 2008 and 1.5% in 2009 for the euro area. Real growth was 0.45% in 2008 and -4.1% in 2009.

Pass the exam stress test is a bit like having your bachelor's degree with an overall average just over 10/20. This is not the best conditions for its future.

Eurazeo, owner of the chain of budget hotels B & B wants to sell its stake of 73%, raises interest. Candidates have until Monday to surrender to submit their bids firm, a transaction that may occur in the wake.

For the moment, there are four candidates. According to our information, this investment fund Carlyle, Bridgepoint, LBO France and PAI Partners. Starwood Capital could be added to this list at the last minute. Eurazeo, which had taken control of B & B in 2005 to approximately 380 million euros, expects the deals financed at the top of the range between 450 and 500 million euros.

With 227 hotels (187 in France, 35 Germany, 4 in Italy and one in Poland), B & B is a turnover of 200 million euros this year.

To forget the failure of the huge nuclear power plant contract in Abu Dhabi. It's a little obsessed with the French energy sector and particularly of GDF Suez, which relies heavily on the Middle East.

Tuesday, the group headed by Gerard Mestrallet did not hide his satisfaction at the announcement of the signing of a contract to build a gas power plant with a capacity of 1730 megawatts (MW) in Saudi Arabia. The operation is substantial. The future plant, which will be commissioned in late 2012, an output slightly above the EPR (1600 MW), for a price much lower: 2.1 billion dollars.

In reality, the bill for GDF Suez is approximately 400 million dollars. The group owns only 20% of the consortium.The balance is in the hands of Saudi Crown Corporation (SEC), at 50%, and two partners, the Saudi Aljomaih Holding Co and Japan's Sojitz Corporation, which share the remaining 30%. The operation for twenty years, however, is entrusted to the French energy company.

Competition relatively limited

With this operation draws a little more face GDF Suez on the world supply. Unlike EDF, which concentrates its production in Europe and especially in France where it holds a capacity of 96,000 MW, the group is growing strongly outside Europe.

In the Middle East, it will have in 2013 a volume of 17,000 MW, equal to its combined capacity in Belgium and France. The other major area of activity is in South America, and particularly in Brazil where he is expected to produce 11,000 MW within three years.In total, GDF Suez expects a capacity of 100,000 MW by 2013 against 72,000 MW currently.

Growth in these areas is even faster than the electricity needs are growing. Demand is growing 8% per annum in Saudi Arabia. Brazil must build the equivalent of two or three EPR annually to meet the needs of the population and industry. The bulk of the investments made in hydropower, which represents three quarters of the country's capabilities.

Another advantage, competition is relatively limited. None of the major European energy companies not participating in tenders in the Middle East. The real competitor is Western International Power, the English electrician that coveted GDF Suez earlier this year.It has 9000 MW of which 2,000 under construction in the Middle East.

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"It was a very important interview. Nicolas Sarkozy to thank you for coming. On Monday in Berlin, German Chancellor Angela Merkel wanted to put an end to persistent rumors of discord between France and Germany in the fight against financial crisis in Europe. During his joint press conference with French President in Berlin, Merkel stressed the need for both countries to give "impetus" to the European Union to "act operationally" and "the consequences of the crisis financial recovery '.

Determined to "speak with one voice", the two Heads of States announced it would set at G20 Toronto, the idea of a tax on financial transactions and a tax credit, " to be applied in the same way in France and Germany, "said Nicolas Sarkozy.

With Angela Mergel, the French president reiterated the need to strengthen the Pact of Stability and Growth. For the countries most lax sovereign debt, the two countries propose a penalty which would result in the suspension of their voting rights at the European Council. This proposal, which will be submitted to the European Council President Herman Van Rompuy, could lead to changes in the treaty which will be "in the near future," according to Angela Merkel.

A European economic government

Finally, Germany and France have discussed their desire to establish "an economic government of the 27" which would meet soon "on an operational and pragmatic." The two heads of states also want power, "in case of necessity, meet only the heads of only 16 states in the euro area. "There will be no country of first and second class.The idea is just to work quickly to problems concerning the euro area, "Angela Merkel stressed.

"Europe is not the most dynamic continent in contrast to the ambitions of the Lisbon Treaty. Do not create new institutions but to be more operational, has welcomed the Chancellor. Nicolas Sarkozy has reiterated his desire to "get out of ideological debates to make things happen quickly."

When asked about their respective visions rigors announced plans in both countries, Angela Merkel and Nicolas Sarkozy have remained elusive. The German Chancellor said that "Germany had done the right thing and not that France too." For its part, the French president spoke of "a matter of shared responsibility, trust and proximity.

Before the G20, Germany and France will defend their joint initiatives at the European Council meeting on Thursday.

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For the first time, the United States, Americans will have a smart card (smart card to the French) and "accepted in the world. It Gemalto.

A contract which seems small in relation to the size of the division payment at Gemalto.But "this announcement is very important symbolically," noted analysts at Natixis, surprised that the stock price does not react.

For the group at 1.65 billion euros in turnover in 2009 made his first steps on American soil that could well decide to finally initiate the transition from magnetic stripe cards – which are the subject of a high fraud rates – to adopt smart cards EMV (Europay, MasterCard, Visa) to pay around the world and secure quick payday loan.

For the strategists of Natixis, the bank card market with a microprocessor in the United States has "a potential 1.5 billion cards.

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At the opening, the Dow Jones was down 0.25% at 10,845 points, the S & P 500 fold from 0.03% to 1166 points and the Nasdaq 0.34% loose, to 1966 points.

On Wednesday, the three major indexes in New York posted strong gains Wednesday.

Eight banks covered by a survey

The Attorney General of New York has opened an investigation into eight banks, including Credit Agricole, to determine if they had provided misleading information about their mortgages before the subprime crisis, "according to The New York Times.Goldman Sachs (-0.57% to 146.36 dollars), Morgan Stanley (1.29% to 28.16 dollars), UBS, Citigroup (-1.68% to 4.11 dollars), JP Morgan & Chase (-0.62% to 41.43 dollars), Credit Suisse, Deutsche Bank, Bank of America-Merrill Lynch (+0.24% to 17.11 dollars) and Credit Agricole in the crosshairs.

The dollar continued its rise against the euro

The euro fell Thursday to a level that was hers before the announcement of the stabilization plan of the European Union and the International Monetary Fund (IMF).The single currency traded at 1.2586 dollars, down 0.3% on the day, approaching its lowest level in 14 months.

Decline in number of unemployed weaker than expected

The resurgence of the greenback is supported by the fourth consecutive decrease the number of newly unemployed in the United States, according to figures released Thursday by the Labor Department in Washington cash advance america. The ministry said 444,000 new jobless claims were submitted from May 2 to 8, or 0.9% less than the previous week (in seasonally adjusted data).

Oil prices opened sharply lower Thursday in New York, a barrel of benchmark lost 1.47 dollars to 74.18 dollars. Wednesday crude inventories rose 1.9 million barrels to 362.5 million.Economists on average had expected a rise of 1.3 million barrels.

Contracts awarded on the prudence of Cisco

The Japanese electronics giant Sony (-2.47% to 32.42 dollars) confirmed Thursday it had ended the fiscal year 2009-2010 on a net deficit reduced to 40.8 billion yen (312 million euros ), reflecting a return to the green on the plan of operation, through reductions in fixed costs. Sony also said Thursday that he hoped to finish the fiscal year began last April, and will be closed in March 2011, a net profit of 50 billion yen (about 400 million euros).

Cisco (-3.42% to 25.83 dollars) has announced its profit jumped 63%, but its CEO said that caution was in order.

Can you still perform in France? At a time when a movement of deindustrialization affects the Hexagon, Saint-Gobain slice on the downturn. On Wednesday, the group inaugurated in Chemill? glass, next to Angers, a glass wool factory last generation called G3. A major investment (100 million euros) with the key, the immediate creation of 75 jobs including 25 items made by subcontractors on the site. And when the unit running at full capacity it will employ 150 people. A move welcomed by Prime Minister Francois Fillon, present at the inauguration: "In France, we built factories! You are proof that our country has an industrial future. "There is no inevitability to the relocation, he said the group's CEO, Pierre-Andre de Chalendar.The cost of labor, even if it is too high in France, is not always an obstacle to industrialization. "

That was 38 years, Saint-Gobain had not started a manufacturing plant in France this kind of product. But other businesses of the group have also recently made the choice of production in France. Mid-February, Saint-Gobain has finalized the extension of a site that makes double glazing Crissey, near Chalon-sur-Saone. With again a few tens of indirect jobs.

Sustainability

If Saint-Gobain is the bet of "Made in France", is by economic realism. "Once the glass wool travel more than 400 to 500 km, transport costs become excessive, recognizes Xavier de Maistre, General Manager France of Saint-Gobain Isover.We therefore produce locally for local markets. "In this case, the group chose to locate in Maine-et-Loire, for he had no factory producing glass wool to the markets of west of France.

Saint-Gobain has also launched the opening of an industrial site, because it believes in market prospects opened by the Grenelle Environment. A bet bolstered by the commitment reiterated Wednesday Francois Fillon not relegated to the status of sustainable development subtopic: "The green growth is not the end of the industry: it's renewal." Thus, Saint-Gobain will have to Chemill? a production capacity sufficient to isolate 100 000 houses per year. However, since 2012, some 300 000 to 400 000 houses built each year will be the standard BBC (building low consumption) to be very well insulated."In addition, there are 22 million buildings constructed before 1973 and 30 million non-insulated and poorly insulated," says one at Saint-Gobain Isover. In fact, the glass wool G3 is a good answer to these problems: compared to previous lines, it provides better thermal protection of 30%. What Saint-Gobain dampen somewhat the crisis currently affecting the construction industry.

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The files stolen by Herve Falciani the Swiss subsidiary of HSBC bank, and who found themselves in the hands of justice and the French tax authorities have been decrypted. A total of 172,000 accounts have been identified, held by 79,000 people, including 8,231 French. The prosecutor of Nice, Eric de Montgolfier, announced Tuesday night.

It is well beyond what had been said, on March 11 last, the CEO of HSBC Private Bank, Alexander Zeller. The theft "committed by an employee of the department about three years ago, could affect some 15,000 customers," he declared at a news conference.Regarding the French, it is also far escaped the 3000 tax raised by Eric Woerth, budget minister last summer.

Return a long history

The French court before January 20, 2009 at the home of French Herve Falciani encrypted computer files containing a list of accounts held by customers of HSBC. The search was conducted as part of a request by Swiss judicial authorities, suspecting the employee of misappropriation of confidential data between 2006 and 2007.

But before passing to the Swiss – after a standoff of several months – French investigators have analyzed the content of these seizures, which have proved of great interest for justice and the French tax authorities.Prosecutors in Nice opened an investigation for money laundering and tax administration has used the data to identify suspected fraudsters Fast Cash Without a hassle.

The Battle of France

Shareholders who were illegally will pay for it keeps those who do not. Of the 6 billion euros of capital identified in the accounts in Switzerland, 700 million penalty in 2010 will be released. And 700 million euros will be refunded to taxpayers whose tax exceeds 50% of revenues.

In Italy, the method was different. Silvio Berlusconi has been voted an amnesty which showed 95 billion euros of capital and reported $ 6 billion in the Italian Treasury.

But the amnesty is not on the agenda in France. "Because the amnesty called fraud until the next amnesty," said Eric Woerth.

Italy on the alert

"Prosecutors in Turin we sent a request for mutual legal enforcement. He asked to get copies of the data we have captured, "said Eric de Montgolfier. According to the prosecutor, the Italian justice has opened an investigation for tax evasion.

The decoding of stolen files has revealed the names of 7,094 Italians.

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