U.S. President Barack Obama has "welcomed" his counterpart, Dmitri Medvedev. Russia remains so far the only major power not to comply with multilateral trade rules. This advance, described the EU as "a very important step for the Russian economy" is, however, greeted with great discretion in Moscow. Vladimir Putin, who will return to Kremlin in 2012, has never hidden his lack of enthusiasm at the prospect of a liberalization of the Russian economy.Under the pretext of various sanitary, Moscow often blocks the European agri-food imports. Example, from November 15, German pigs suspected of receiving antibiotics, will be denied entry on Russian soil. "Once in the WTO, Russia must change its practices," said the diplomat, however, is not no illusions. The Kremlin will find it hard to give up their protectionist habits.

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The U.S. president also defended the stimulus package he presented to Congress a month ago, ensuring that the plan "will help us guard against a further decline in activity if the situation were to worsen in Europe ".The plan "will support economic growth, he put people back to work," he added, while the Senate is to decide next week on the proposed $ 447 billion, already described as "dead" by the opposition Republican majority in the House. "Unless we act, the opposite will happen: there will be fewer jobs, less growth," warned the president.

Beijing, which was ready in early to invest more in Europe to diversify its three trillion dollars in reserves, could turn back if the situation does not improve quickly. "If Europe continues to dither, the situation can get worse. Foreigners who wish to help will not dare and the euro area will disintegrate.This would be a disaster for Europe and the world, "said the daily.

Nicolas Sarkozy will discuss with Angela Merkel

At the opening of Summer Davos Forum, Chinese Premier Wen Jiabao, however, had expressed his confidence in the euro zone leaders business card templates. "China believes that the European economy can bounce back," he explained. Support has already been taken in Greece, Portugal, Spain, and Hungary.

Friday, Nicolas Sarkozy, who met Greek Prime Minister George Papandreou, has again reaffirmed the determination of Paris and Berlin to support the country in which the probable default of most concern global investors. This last debate "in the coming days" with Angela Merkel of the rapid implementation of measures decided on July 21 to stabilize the euro area.For its part, Greece has called an extraordinary cabinet meeting of his government on Sunday.

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A complicated solution found in a recent study conducted by Microsoft, but which was made possible in Marne-la-Vallee as decided at the design center and the business district.

5400 tons of CO2 emissions and less

According to Dalkia (a subsidiary of EDF and Veolia), prime contractor for the network, the central heat in the atmosphere will save 5400 tons of annual CO2 emissions compared to a gas boiler. The computer center, a "bunker" of 8000 square meters dedicated to extend over 25000m2, is owned by a bank that prefers to conceal his name, as these "data centers" are critical buildings.The bank, according to Jean-Philippe Buisson, finance the heat exchanger, about 10% of the total investment of "several million". The remaining 90% are devoted to the distribution of hot water and sub-pumping stations.

The bank will sell its heat to Dalkia under a contract of twenty-five years, which will allow a return on investment. This district heating and hot water will return to green about 8 cents per kilowatt hour for customers. It's "a little cheaper than electric heating, notes Jean-Philippe Buisson, a little more expensive than gas heating, but with one advantage: price stability," while gas is still pegged to the oil .In addition, for the consumer, this clean is eligible for the 5.5% VAT.

Dalkia is exploring the possibility of recovering heat from data centers in other neighborhoods or new neighborhoods eco France.

No rebound in early trading, then, this Monday on Wall Street, while Moody's said Monday it could, too, by 2013 reduce the debt rating of the United States if the budget outlook and economic deteriorated significantly.But she considers it possible in the meantime a new agreement in Washington to reduce the deficit.

At the time of the opening of Wall Street, stock markets around the world a little stung the nose: the Sao Paulo Stock Exchange fell 4.5% at the opening in Moscow, the RTS lost more 5%, while oil prices fell at the opening in New York, MICEX and yielded 3.58% to 1530.11 points. Featuring Dax index lost 3.07% to 6045.71 points and the MDAX plunged from 5.47% to 8635.11 points at the same time.

Menu macro loaded, with the FOMC in dish

This week, the lower macroeconomic indicator to take the pulse of a threatened U.S. growth will be expected to turn to investors.

Tomorrow, the productivity of U.S. companies in the second quarter and will be scrutinized closely.The risk is to see it getting more than expected, resulting in a logical breakdown of the job. Consumer confidence is also on the menu. But the final communique of the Monetary Policy Committee of the U.S. Federal Reserve (FOMC), from that Tuesday night will go to the most crucial.

Analysts and investors are wondering already if further monetary easing, (3 or quantitative easing "EQ3") can get out guaranteed payday loan. Unless it is an aid to banks, which could begin to experience problems of interbank liquidity, which is preferred. "In all cases, the reaction of short-term market is very uncertain …" says it does at Aurel BGC.

Friday, retail sales will be the second major economic meeting a week at high risk on financial markets worldwide."The sales figures published by the values ​​of the S & P 500 were clearly disappointing July, underline in this respect analysts Aurel BGC. But the report shows significant employment job creation in the distribution. A figure that looks very uncertain. " The trade balance in June should also be well attended.

Oil falls below $ 84 a barrel

Within the scope of the damage U.S. oil drop 3.67% to 83.69 dolars to 15.30. The euro, it is worth 1.4174 dollars (-0.81%). Gold, still he climbs to record highs, more than 1700 dollars.

Disney, Cisco and Sara Lee publish their results this week

Meanwhile, the business side, the publications of interim results are less numerous and can only remember very little attention to markets, obsessed by the European and U.S. sovereign debt.Walt Disney (-2.16% to 34.42 dollars) reveal particular accounts on Tuesday, ahead of Cisco in the matter and News Corp (Wednesday) and Nordstrom, Sara Lee, and Kohls (Thursday), and finally JC Penney ( Friday).

American International Group (AIG: -3.94% to 24.11 dollars) continues Bank of America (-6.61% to 7.63 dollars), calling him more than $ 10 billion (7 billion euros) losses related to mortgages, it said in the text of the complaint. According to this document, which Reuters obtained a copy, AIG believes it was misled by the bank about securities backed by mortgages, which caused losses. The insurer wants to sue Bank of America to the Supreme Court of the State of New York in Manhattan.

Nestled between the Olympic Stadium and the swimming pool, the work designed by Anish Kapoor, a British artist of Indian origin, will be the symbol of the London Games. The artist, whose recent work Monumenta at the Grand Palais in Paris, has conquered the public, could build this new project with Lakshmi Mittal, the chairman of ArcelorMittal.The steel giant from an original way and in the circle of second-tier sponsors of the Olympic and Paralympic Games. Cost of the adventure: 16 million pounds (about 18 million euros) for Arcelor Mittal, London, adding 3 million pounds.

A unique perspective

On site, a dozen people work to build, despite the often strong wind blowing from the Thames estuary, the giant Meccano imposes no engineer would have imagined. The sculpture, made of red tubular steel elements, already stands at over 80 meters high and it must reach 115 meters. It will weigh 1,400 tons. When everything is finished, an elevator will climb onto a platform boldly eccentric.The energetic can go down via a silver staircase winding around the tower.

The tower would house a restaurant and she will, when the Games are over, a unique perspective on the new district of east London that is emerging today. As the streets that Jack the Ripper haunted past are still among the poorest in London. The Olympics will enable a large-scale urban renewal. New life for London's East End which is the symbol of steel.

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The day before, now, Wall Street had closed on an open rise, encouraged in this direction by the Chicago PMI – and the relief felt on both sides of the Atlantic after the second vote in Parliament in Greece. Voting allows the application of the austerity plan as expected, and the release of 12 billion euros in aid to Athens.However, the agreement of the Eurogroup surl second aid plan, expected this weekend, take a little longer than expected, according to diplomatic sources.

U.S. Policy and Debt

Another current, more American and more uncertain, however, could be followed by operators, mindful of the political context, while U.S. debt back on the front of the stage: the Secretary of the Treasury of the United States Timothy Geithner, in fact, consider soon resign from his post. Information reported yesterday by the Bloomberg financial news agency and other U.S. media, but qualified this morning.

Consumption, construction and industrial activity

In terms of macroeconomic indicators, the first session of July will be charged at least: from 3:55 p.m. will be provided the figures for consumer confidence, ahead of construction spending (16:00).At the same time will be announced on PMI manufacturing (ISM), and the indicator of prices paid. It will however wait until 23 hours to see the statistics of car sales unsecured personal loans.

$ 4.5 billion for Nortel patents

On the corporate side, the maker of BlackBerry phones Research In Motion (RIM), leaving 0.07% after the announcement yesterday of an agreement avoiding, at the General Meeting of July 12, the vote of a motion challenging the operation of its management. Turbulent in recent times, the action RIM has tumbled almost 41% in one year, closing at 28.85 dollars Thursday on the Nasdaq, while the S & P 500 gained at the same time 28.55%.

Apple, Research in Motion and Microsoft, however, are part of a group of six companies that got their hands on the latest patents of the telecoms equipment maker Nortel.The acquisition represents $ 4.5 billion (3.10 billion euros), after an auction that has ruled Google and Intel.

EMC Corp., and Sony Ericsson are the other members of the winning consortium, Nortel said in a statement released Thursday night. Telecommunications giant to the Internet bubble burst, Nortel filed for bankruptcy in January 2009 and has since liquidated most of its assets, raising about $ 3.2 billion.

In any other industry, General Mills (-0.83% to 139.42 dollars) announced Friday the completion of the acquisition of half of the yogurt maker Yoplait, which he was the franchise in the United States. General Mills bought for about $ 1.2 billion (830 million), with the investment fund PAI Partners and the cooperative Sodiaal, 51% stake in Yoplait SAS and 50% of the entity holding world Yoplait brands.

For the week, the CAC declined slightly by 0.70%.

Ala London Stock Exchange, the FTSE-100 ended with a slight decline of 0.14%, while the Stock Exchange Frankfurt, the Dax 30 shrank more sharply by 1.26%.

On the macroeconomic front, the deficit of the balance of current accounts in the euro zone rose to 4.7 billion euros in March, against 6.5 billion euros in February, according to preliminary figures released Friday Bank European Central Bank (ECB).

The euro continues to rise

This fragile economic environment in the United States enjoys the euro continues to rise, albeit less strongly in mid-session, against the dollar. In one week, the single currency rose to 1.4272 dollars from 1.41 dollars.

In midday trading, a barrel of oil, light sweet crude for June delivery gained 0.65% to 99.57 dollars.

Siemens will pay 648 million euros Areva

Sanofi-Aventis: -1.28% to 54.04 euros

The anti-arrhythmic Multaq group Sanofi, marketed in France since October 2010 and currently reimbursed at 65%, is threatened with delisting, but the final decision remains subject to such a hearing of the laboratory, according to La Tribune.

Areva: 1.59% to 30.63 euros

Areva must be "within fifteen days" a check for 648 million euros from Siemens, according to an arbitration Thursday by the International Chamber of Commerce. The group with the Executive Board is chaired by Anne Lauvergeon accused the German group for its commitment with the Russian Rosatom even before he uttered his divorce with the joint venture Areva NP.

GDF Suez: -1.19% to 26.09 euros

On the corporate side, an employee of GDF Suez made a suicide attempt on May 14, immolation by fire.The framework of management information systems from Lyon is currently in critical condition.

Vallourec: -1.13% to 86.91 euros

Bollore sold two thirds of its stake (3.5%) in Vallourec for 275 million, pocketing a profit of 141 million euros.

PPR: +0.25% to 121.85 euros

PPR "take the time necessary" to make acquisitions and divestitures, "said CEO Francois-Henri Pinault, during the group's general assembly yesterday.He added that the luxury group still holds 42% stake in CAM after its IPO in late 2009.

Suez Environment: -0.32% to 15.37 euros

Suez Environment has confirmed its objectives for 2011, an increase of more than 5% of turnover and over 10% of gross operating income.

Biomerieux: 2.33% to 77.38 euros

Biomerieux will acquire the control specialist microbiological industry AES Laboratoire for 183 million euros. Under the strategic plan 2015, BioMerieux is an annual organic growth in sales of 7 to 9% on average.

Pierre & Vacances: 1.55% to 54.36 euros

Pierre & Vacances buys 50% of managers of tourist residences Citéa a subsidiary of Nexity. The transaction amount was not disclosed should be finalized in late June

During the last hours of the Fund releases were terse. What is important for the international organization was initially to understand that it remained fully operational, although its chief executive is temporarily absent from Washington (which happens often).The IMF chief functions are in fact fully assumed as always by his first deputy, John Lipsky.

"We keep our full confidence in the IMF," the spokesman commented yesterday of Barack Obama. The members of "staff" IMF questioned mainly on how the head of the IMF would handle his legal defense while remaining fully operational as "MD" (pronounced M Di), ie as Director General.

The credibility of the IMF

Once past the feeling of amazement at the sordid nature of the charges against their bosses, executives of the IMF think in rational terms: "The IMF can work short term in serenity," said a frame. Lipsky did not perhaps not the political stature of DSK, especially against the highest authorities of the euro area, but he is clever, experienced, respected and may well fly the plane.But we must now find a successor to DSK.

And already many names circulating as potential candidates to succeed the boss destabilized but still far from being condemned direct payday lenders. Most of them are ministers or former ministers and central bankers of emerging economies. They are convinced that the time has come to recognize their virtues and their economic success. Tharman Shanmugaratnam, Singapore's Finance Minister, Trevor Manuel, who held the same position in South Africa, or Kemal Dervis, a former Turkish counterpart, are cited. It is further necessary that the industrialized countries agree. For Europeans who are originally from one of their own to head the IMF, these options are painful.

Mario Draghi not interested in the position at the IMF

"There are good reasons to have a European candidate ready to assume the number one position in the IMF, but emerging countries may also be eligible for the medium term" recognized Angela Merkel, in no hurry to sell this strategic role for young country strong growth.

The question for Europeans is as it was a matter of prestige. In their eyes, especially a European one would best guarantee of greater benevolence of the IMF in respect of serious problems in the euro area. "This is no time for discussion of who will replace Dominique Strauss-Kahn" says her German Chancellor. It is hard to believe this assertion.Already Italy's Mario Draghi, who became a big favorite for the presidency of the ECB is "not at all interested" to eventually succeed Dominique Strauss-Kahn to head the IMF, said on Monday A spokeswoman for Bank of Italy.

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In the labor movement, the reactions are negative, especially before the absolution granted to Carlos Ghosn, CEO of Diamond brand. "When you're number one, we must assume.To Mr. Ghosn to decide, "said Jean-Claude Mailly, secretary general of the Workers Force. Same story on the side of employers: "There are times when we are many entrepreneurs do not recognize ourselves in the behavior of some of them", for its part, said Laurence Parisot, President Medef to without naming the president of Renault.

Patrick Pelata will manage the Japanese crisis

The criticism of Carlos Ghosn has more weight than the boss of Renault was widely exposed, especially from log 20 hours of TF1 to assert that the evidence involving the three executives were "multiplesJe urges me to laugh at everything for fear of being obliged to weep."

Logically, the audit report commissioned to understand how this case could take up so much steam highlights the role of Patrick Pelata payday loans.Yet some point out, the two other steering committee members involved – the Christian Legal Director and Secretary General Husson Laurence Dors – depended Carlos Ghosn, and not his right arm. Even as the Chief Operating Officer oversaw, directly or indirectly, 18 of the 24 members of the steering committee.

The departure of four key leaders of Renault (counting Michel Balthazar, one of the executives who unjustly blamed not return to the company) will necessarily be difficult to manage operationally. Especially as replacements will not happen quickly. "Patrick Pelata will remain in office for another few weeks.There is a crisis to manage because of the disaster in Japan and he'll manage, "said a spokesman for the manufacturer.

The financial implications are however easier to absorb, even if they are not negligible. The four victims of the case managers (the three laid off January 3 and he fired in late 2009) will be compensated, even if two of them go back into the business. In total, these benefits are expected to cost around 8 million euros to Renault. However, an amount that will be covered by bonuses and stock options which have given Carlos Ghosn, Patrick Pelata and all officers implicated by name in the audit.

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