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"The week will be very nervous," Franklin predicted Tuesday Pichard, director of Barclays stock. On the one hand, the low trading volumes (less than 3 billion at the close Tuesday) and other stress tests published Friday in 16 hours confirm this thesis. Since the beginning of the week, the CAC 40 index opened sharply higher supported by positive results from U.S. companies before gradually slowed down, as the sitting. The trend should be the same on Wednesday.

Asian stock markets closed on Wednesday in a disorganized, Tokyo lost 0.45% to 9258 points, while Shanghai was slightly higher than 0.06%, within minutes of closing.

Meeting between Lagarde and Schäuble

On the macroeconomic front, the appointment of the day is undoubtedly the meeting between Christine Lagarde, Minister of Economy and its German counterpart, Wolfgang Schäuble, at 12:45 pm.The two ministers would discuss the release of such stress tests, for which Christine Lagarde said he was "totally confident". These relate to BNP Paribas, Societe Generale, Credit Agricole and Dexia.

Other values to follow, Airbus, at a time when the fair takes place Fairnborough (south London) until July 25. The European aircraft manufacturer will easily exceed its target of orders in 2010 and could set up 400 orders against 300 originally planned, said Tuesday John Leahy, marketing director of manufacturer, Reuters Insider.

The European Union has also announced Wednesday it would appeal the conviction of the World Trade Organization (WTO) on subsidies provided to Airbus.

The airlines, including Air France will also follow, while five air traffic controllers' unions have called a strike for Wednesday.

World production of crude steel increased by almost 28% over the first six months of the year, but the pace of growth continued to slow in June: 18% from June 2009. Analysts believe the slowdown will become even more acute in the months to come. Investors follow the impact that this announcement will have on companies such as ArcelorMittal.

APRR said vehicle traffic had benefited in the second quarter of disturbances air and rail, and the improved economic No fax pay day loan.The group has published a quarterly revenue, excluding construction rose 5.8% to 491.5 million euros, with vehicle traffic rose 4.5% in the second quarter, in kilometers traveled.

Several publications for

The ball of results announcements or turnover continues: after-hours trade, Unibail-Rodamco will present its second quarter results. NRJ Group, Mersen (ex Carbone Lorraine), Cegid Sperian reveal them their turnovers in the second quarter.

Accor announced a growth of 5.1% of its turnover in the hotel industry in the first half on a comparable basis. The group earned a higher "backed" by its occupancy rate in the upper and mid-range and higher average prices in France, Germany and the United Kingdom.

The manager of nursing homes and clinics, Orpea, achieved a turnover of 470 million euros, representing organic growth of 9.3% and confirmed its full-year 2012.

Manitou, manufacturer and distributor of material handling, reported Tuesday a sharp rise in quarterly sales, but said the second half anticipate a slowdown in orders and a possible impact of delivery on its sales business.

Hi-Media, publisher of consumer websites, has warned that its net profit in 2010 would be affected by restructuring. The group now expects an operating profit comparable to that of 2009 (16.5 million euros).

Vetoquinol, the veterinary pharmaceutical company, has published a turnover of 138 million euros, up 15% in the first half.The group expects to raise over 200 million euros to pursue its external growth.

Sword Group reported sales of 47.2 million euros in the second quarter, up 7.8% as organic. The services company confirmed its objectives for 2010.

The recovery of steel distributor by IMS Jacquet Metals by a swap of shares is now effective, IMS announced Tuesday a few days after getting the green light from EU authorities. The current CEO of Jacquet Metals, Eric Jacquet, has been appointed to head the new entity.

Confident for banks, Christine Lagarde prepares for the fall an action plan for large exporters French.

LE FIGARO. – You now receive your German counterpart, Wolfgang Schäuble, the Council of Ministers, while you were in March, criticized the German economic model …

Christine Lagarde. – First, the participation of Wolfgang Schäuble, the Council of Ministers is the first by a German minister. But what a powerful symbol of closeness is in fact very natural when you know that contacts are actually daily between France and Germany. It happens every week, I spoke at least twice to Wolfgang Schäuble to harmonize our positions. And the director of the French Treasury is in daily contact with his counterpart. I have not criticized the German model.I said: "From the perspective of European stability, we must all make efforts, setting the course as a priority of deficit reduction."

Germany is today a leading exporter. Should we be inspired?

The competitiveness of Germany is higher than ours, but France has real expertise in major infrastructure projects in energy, transport, water, meeting the needs of large emerging countries. We need better value.

How?

We were gone in 15 years more than 100,000 companies exporting to 90,000 just, and we regularly lose market share. It was therefore necessary to react.We did this by structural measures for firms, such as reform of the tax credit, research or business tax, and we also created in 2008, a specialized agency – Ubifrance – to support SMEs exports in 44 countries. The experiment was successful: between 2008 and 2010, activity doubled. So I decided, with Anne-Marie Idrac, increase next year's budget speech, more than 20%. It is a considerable effort since the same time, the budget for my department will decrease.

And the big contracts?

In this area, the recovery is taking shape but with a "kick 7.2 billion euros in the fourth quarter 2009 and 3.3 billion in the first quarter 2010 and 6.5 billion in the second quarter. Our goal is to make every effort to seize the opportunities offered by the booming market of large emerging countries.For this, we initiated a strategic dialogue in the spring with thirty large exporters, who were asked to reflect on what needs to be improved no faxing cash advance. We meet them again in the fall at Bercy to develop a plan of action.

Some tracks stand out there already?

Yes. It will inevitably revise our system of financing, taking greater account of the interests of strategic partnerships between French and foreign companies, and also establish more reciprocal anti-corruption standards, environmental, social … The last point could be the agenda of the G20 Finance.

To avoid that France republishes failure of Abu Dhabi on nuclear power, should we not also a better coordination of actors?

The loss of the contract for the plant is actually part of the warning signals. There is no compromise on quality and security, especially nuclear, but we must take greater account of customer needs, for example by developing medium-size reactors, such as TDD, from the cooperation with Areva and Mitsubishi. And also, probably, in increasing the business to co-ordinating bodies such as the Inter-Departmental Support International Contracts (CIAC).

On Friday, the European Central Bank will publish the results of stress tests of 91 European banks. What do you expect?

I am following as milk on the fire.But I am totally confident about the outcome of the French banks after the stress tests.

The taboo of the word "rigor" is definitely broken?

The word "rilance" I started, has been much ink. It does not reflect a wealth of government but the need, on one hand, to apply the principle of budgetary discipline in the process of spending and the other to continue to support the value creation and employment , which is needed in France, targeting innovation and investment.

You are reluctant to abolish eight declared the twenty-eight positions in your firm. Will you do?

First, there is no panic on board as some say. Departures are planned, because after three years of study can be exhausted or aspire to other horizons.I will follow instructions, as I always did it with a cabinet composed only of formal collaborators and I want to honor them, they are not unworthy. We will achieve our objectives in a timely manner.

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Caution has characterized the session Monday on U.S. markets. As we enter the ball of the first quarterly results, including Alcoa's after-hours trade, the U.S. markets have closed up slightly. The Dow Jones gained 0.18% to 10,216 points, the Nasdaq ahead by 0.09% to 2198 points and the S & P 500 rose 0.07% to 1079 points. Friday, Wall Street closed higher in very small volumes before the opening of the quarterly earnings season.

The euro under $ 1.26

On the foreign exchange market, the euro has further retreated from Monday to below $ 1.26, on a foreign exchange market characterized by a weaker yen due to the electoral defeat of the ruling party in Japan and Pending results of the first companies in the United States.In the eurozone, the key event of the week will be put on the market for Treasury bills Greek tomorrow, the first since the announcement of the bailout of the European Union and the IMF in May

The week will be rich in promises of economic indicators in North America. In addition to the cascade of results expected in the coming days, markets will look especially to the publication of the minutes of the last meeting of the Monetary Policy Committee of the Federal Reserve on Wednesday.They will look particularly at whether the Fed fears that the crisis of sovereign debt in Europe weigh on U.S. growth.

The ball starts quarterly results

In the absence of major macroeconomic publications on Monday, the market should focus on the first quarterly results announcements in the United States.

As always, the kick the ball in quarterly results, was given by the aluminum giant Alcoa (-0.64% to 10.87 dollars) on Monday after closing. Follow in the week the Google technology groups (2.35% to 478.48 dollars), AMD (2.89% to 7.55 dollars) or Intel (1.31% to 20.51 dollars), and JPMorganChase Bank (0.41% to 39.01 dollars) and Bank of America (-0.07% to 15.10 dollars).The figures will be scrutinized with JPMorgan special attention because many investors believe that it is the financial will signal a rebound in real markets.

BP blazes in London and New York

In addition, shares of BP, listed on the NYSE move up sharply to 4:20 p.m. amid speculation about possible asset sales of oil still struggling against the tide nore in the Gulf of Mexico. Like primary listing in London, where the title to earn 8.90% 397.25 pence, the action of BP climbed 5.64% to 35.97 dollars in the U.S. market increased from 0, 06%.

Standard & Poor's finally penalized AREVA, judging the profitability of the group "depressed" for two years. The notes of French nuclear group, which was under surveillance by the rating agency since April 14 last, was finally degraded Monday by two notches to 'BBB +, cons A.

The first reason advanced by the agency for "the provision of 400 million euros related to the recently announced construction of the Olkiluoto 3 reactor in Finland. The further delay of the Finnish EPR, one of four currently under construction by Areva (Flamanville with the Channel and two in China), forcing the group to a new provision that would cause a negative operating result for the first semester 2010. In total, the group has been provisioned 2.7 billion euros for this site should be completed in late 2012 with four years late.

S & P added that the profitability of Areva would also be affected by a "conflict" is contrasted with EDF about the Georges Besse enrichment plant, in the Drome. Both groups fail to reach an agreement to renew the contract which ensures the Areva uranium enrichment EDF.

The rating agency does have a stable outlook on the debt rating of Areva, the group believes that "should be able to implement successfully the remainder of the plan sales and its plan to increase capital , strengthening its balance sheet.

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The operation of rating agencies

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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"HSBC" Falciani did not present its list to the tax "

"In the secrets of the computer Falciani

After four years of investment and international expansion (United Kingdom, Germany and Spain), Quotatis enhances its growth. This company specializes in linking over the Internet between applicants estimate (individuals and corporations) and local providers on the housing sector in particular, has bought devistravo.com, also involved in the linkage but she, in building. And this, to strengthen its network of providers. "According to a BVA survey, 96% of respondents say they want to see at least three suppliers to make the right choice," says Didier Heen, CEO Quotatis.

This operation is part of the policy of targeted acquisitions of Quotatis."Our goal is to unite the whole of market, industry and institutional investors, either through partnerships or through acquisitions, new engine around monetization, the pay-per-lead *". We are positioned between the pay-per-click "on Google and Yellow Pages directory," says Didier Heen.

The group is "pander business more than a hundred brands such as The Figaro.fr, Orange, TF1.fr, L'Express, Capital, France, and Spain … Yellow Pages. "We are already detected by QDQ applications, the Spanish subsidiary of Yellow Pages. Rather than a competitor, I see the Yellow Pages as a partner, "said Didier Heen. A potential partner in France? "Why not! Yellow Pages is a challenger in Spain.The challengers are probably more innovative than the leaders, "says Didier Heen.

The buyback will enable Devistravo Quotatis to have 1,200 additional service providers who will have access to 600,000 projects Quotatis deals on average each year in France, and 1 million if one adds Germany, England and Spain.

Further internationalization

In 2010, Quotatis hopes to ride the wave "positive" in 2009. "We found no effect on our business crisis payday advance. Despite the uncertain economic environment, individuals have not stopped renovating their homes. And continue to do so in 2010, "said Didier Heen. This focus on housing and energy, Quotatis has seen its turnover increase from EUR 530,000 in 2004 to more than 12 million euros in 2009.This represents an average annual growth of 87%.

The group also wants to specialize in other sectors and expand into new countries. "I can not tell you more. This will impact the discussions we are now with other companies, explained the Director General of Quotatis.

Another perspective for 2010 to integrate its service to stop a major actor. "This strategy is motivated by the fact that today customers want to go to a single operator able to offer a bouquet of services (website, visibility, marketing, direct marketing, …). A company like the Post has fully understood their new product marketing box e-commerce.

Quotatis long term plans to enter the stock market. "The Caisse des Depots et Consignations and Banexi not destined to remain forever our shareholders.Now everything depends on our size, environment and economic project that we present. For now, we do not need Exchange to live, "says Didier Heen. He added: "But we could also consider being acquired by a financial actor or an industrialist."

* If the pay-per-click "advertising is a reward for the advertiser based on the number of clicks on advertising, pay-per-lead" is a model where the affiliate is paid based on the number forms completed by the visitors it refers to the affiliators. In both cases, the advertising and affiliators are charged only if the respective advertiser (Google, for example) and the affiliate does not "deliver".

The mobilization will she go in this Tuesday, two days in a large loss of the right in regional elections? Six unions (CFDT, CGT, FOR, FSU, UNSA, Solidaires) called on employees of public and private to a national day of action aimed at influencing government policy on political and social. At midday, the department estimated 21% share of the striking teachers, estimated at 40% for the SNES-FSU, while 11.45% of the postal employees would have mobilized in the direction. At the station, the strike rate was estimated at 28% by management, and 32% by the CGT. At RATP, it s'l?verait to 14% depending on the direction, the CGT-RATP not yet have figures to communicate. 180 rallies are also planned throughout France.

If it comes shortly after the regional elections, the appointment union had however taken immediately after the Social Summit in February, meeting at the initiative of the Head of State to discuss, among other things, the upcoming construction of the reform pensions. Two main points today crystallize opposition from unions, following a government reshuffle.

• Pensions: major point of contention between the unions and the government, the pension reform was launched at the Social Summit in February. While the dialogue should begin early April, several union leaders have spoken about this on Tuesday, sending a warning to the government. The CFDT leader Francois Ch?r?que has called for a reform that reduces inequality."Of course we must change our pension system, but it does not evolve towards greater social justice, this is again a loss of confidence in politics." Therefore, it could "be the sport at a social level," he warns. Jean-Claude Mailly, secretary general of FP, for his part reiterated on Tuesday his commitment to the LCI retirement at age 60, holding "absurd" the solution of longer working hours to alleviate the funding problems induced by the lengthening of life expectancy no teletrack payday loan . "If we follow this logic, women live longer should work longer," he argued.As for Bernard Thibault, leader of the CGT, he believes "we can not impose reform on accounting criteria exclusively, also challenging the objectivity of the Advisory Committee of pensions. "This appointment will be very difficult to carry," he predicted. Probably heard a speech by the new Labor Minister, Eric Woerth, who insisted on Tuesday on the need to "protect" the current system "an equitable reform.

• Employment: while the unemployment rate back above the 10% in the fourth quarter of 2009, the CFDT called for taking further steps to assist employees affected by the crisis. Pleading for an appeal to partial unemployment, training rather than dismissal, the leader of the CFDT has also called for financial support purchasing power and resources center for sustainable employment.The employees "have the feeling that we no longer speak of their real situation since September. An impression they would have in his Sunday expressed through the ballot box. The government must now "give strong signals, and change of method," he said. A view shared by the leader of the CGT, Bernard Thibault, who on Tuesday urged the convening of a new social summit at the Elysee. The meeting, a time desired by the head of state says he would aim to "take stock of the situation regarding employment, economic and social policy and purchasing power for practical decisions for implementing fast.

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Christine Lagarde is going to war against unfair bank charges. At the request of the Prime Minister, Fran?ois Fillon, Minister of Economy and Finance has commissioned a report to the former CEO of Credit Agricole, Georges Pauget, and chair of the Advisory Committee of the financial sector (CCSF), Emmanuel Constans. "Our goal is to protect consumers," she said into the microphone of RTL on Wednesday morning.

Bank charges: avoid abuse

The minister hopes to shed light on three issues in particular: the "cascade" of bank charges, billing services hitherto free, and finally, the establishment of systems of fixed costs "which include some services that consumers do not, "said Christine Lagarde.In an interview with the newspaper Les Echos on Wednesday, she said that instead "regulate all hair, she wants to ensure there is no abuse."I expect the report to the end of June," says she.

On 24 March, three days after the second round of regional elections, Christine Lagarde presented to the National Assembly a new position on the draft law on consumer credit: remove penalties release (charge made if a person makes one or more checks, Ed), "which are a real obstacle for small businesses.

Germany: Christine Lagarde persists and signs

The Minister is also back at RTL on her remarks Monday on the German economic model, stigmatizing the pressure on labor costs to focus its exports personal loans for people with bad credit . "My remarks have been interpreted negatively. While Germany has performed well for ten years.But in such times of crisis, the deficit country must do everything to reduce it, and those of surplus should not be assumed that they are the only engines of growth, "she says.

Less than a week after the lunch meeting between Gordon Brown and Nicolas Sarkozy in London, Christine Lagarde expressed disappointment at the postponement of the adoption of the Directive on hedge funds, and remains "determined that the text completion by late June.

The subject, which should be discussed Tuesday by the Finance Ministers of the Twenty-Seven, was withdrawn from the brink of the agenda by the Spanish Presidency, who chose not to vote on a text in this highly unpleasant state in the United Kingdom.Christine Lagarde will therefore not stop there, and push to revive the issue with determination, even displease its European counterparts.

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"The online banks do not attract the French" La France has no lesson to give Germany "

The meeting of finance ministers of the G7 in Iqaluit, in Canada's far north, was the occasion for the great silversmiths to see the convergence of their views against banks."We agreed to work together to ensure that financial institutions bear the cost of their contribution to the crisis", stated the host of the meeting, Canada's Jim Flaherty.

Since the end of 2009, projects of exceptional taxation of banks have flourished, in various forms and with different objectives: punitive tax here, contributing to the effort there, insurance premium paid in exchange for the implied warranty given by the States financial institutions or other taxation of bonuses to limit the activities deemed most dangerous … In Britain and France, is a tax on the bonus above 27 500 euros, which was established. In the United States, Barack Obama wants to apply to larger banks a fee to bring 90 billion dollars in ten years.Now, the bond G7 will legitimize future draft taxation.

Meanwhile, the seven finance ministers, according to American Tim Geithner, reaffirmed their commitment to finding "by the end of this year a consensus on new prudential standards that apply to banking. The Ministers again stressed their higher requirements for capital.

Nearly 500 000 per person

Faced with this increased range of governments, banks are beginning for some, to put water in their wine payday loans no teletrack .This determination in policies comes at a time when financial institutions close their accounts in 2009 – boosted by the profits on contracts for some, undermined by the loss of their portfolios of assets and doubtful debts for other . Also in that time that banks put the last comma on the bonus amounts distributed.

Although it became the symbol of a financial world that have returned to practices before the crisis, Goldman Sachs has chosen to keep a low profile. The bank is number one on Wall Street, announced this weekend that its CEO Lloyd Blankfein would affect "only" $ 9 million for 2009, entirely in shares. This bonus is not only less than half that received by his counterpart at JPMorgan, Jamie Dimon, for example.It is particularly small in comparison with wild rumors that had circulated a week ago: there was talk then of 100 million dollars!

In 2009, Goldman has made a net profit of 12.2 billion dollars, the same as that earned in 2007 a record year for finance. Employees at large will share more than 16 billion dollars in bonuses in various forms, about 500 000 dollars per person. But thirty frames the higher will be paid in shares, they can not sell before five years.

After hopes for a judicial epilogue is a cold shower for Jean-Marie Messier. Ten months after the Paris prosecutor's office requested a non-place overall in the Vivendi case, the examining magistrate Jean-Marie d'Huy decided to return to court Correctional seven people who were prosecuted in this case open in 2002 after the collapse of the group.

The judge accepted the facts of disseminating false or misleading information, price manipulation and abuse of social goods. In its order dated October 16, Le Figaro that could see the judge details the events of the years 2000 to 2002 charges against the former CEO.His trial before the correctional court of Paris could take a year to return in 2010.

"The false or misleading"

The skipper featured 2000s is accused of spreading in the public false or misleading information on the outlook for Vivendi Universal SA. In particular, singled out his triumphal statements on the group's treasury in the first half of 2001 while the finances of the media industry were already in the red.During the period immediately following the attacks of September 11, 2001 and the collapse of stock markets, it is also criticized the CEO for having manipulated the market price of Vivendi, the group has purchased in the market for more than one billion euros, including during periods when a company can not do transaction on its own securities.

Finally, in terms of abuse of corporate assets, the judge considers that Jean-Marie Messier has been granted to his personal benefit without prior approval of the board of directors, an agreement of termination (a parachute Golden, Ed) composed of benefits clearly excessive in relation to the situation at this time of Vivendi Universal.J2M had, following his departure in July 2002, received a driver of health coverage for five years and, according to the order of referral to the criminal court, a sum of 18 600 000 …

This charge is vehemently denied by the lawyer Jean-Marie Messier who said that his client, after an arbitration in New York, has waived this golden parachute. Me Olivier Metzner said most inconsistent "in that reference Corrections while the floor was estimated that the charges were insufficiently characterized.

In its referral decision, Judge d'Huy also aims for insider trading in Canadian businessman Edgar Bronfman Jr., heir to the Seagram empire, which had merged with Vivendi in 2001.Also referred to the court the former CFO of Vivendi Universal (VU), Guillaume Hannezo, former CEO of VU, Eric Licoys, Hubert Dupont Lhotelain, former treasurer of the group, Francois Blondet, a former assistant treasurer, and a former banker Philippe Guez.

In a statement Thursday evening, Vivendi has recalled its plaintiffs in this procedure from October 2002 and has fully cooperated with law enforcement authorities from the outset. The former group executives, J2M head, face sentences of up to five years in prison and huge fines.

Another trial in New York

The referral of Corrections Jean-Marie Messier comes in the middle of the trial, civil one, taking place right now in New York.Shareholders who feel cheated by Vivendi between 2000 and 2002 have filed a class action procedure called. They continue, in order to obtain compen-sation, both Jean-Marie Messier and Vivendi. The current leadership of the French group finds herself simultaneously accused of heading overseas, and plaintiff in France. Collusion schedules of the two procedures did not facilitate the task. In New York, the chairman of the supervisory board of Vivendi, Jean-Rene Fourtou said, October 14th last: "I have not watched any of the past. As I have not tried, I have found no irregularities, "he said, adding that" no one has reported having discovered something "since his appointment.

Another complexity of the case: the U.S. class action will be partly in Paris.Vivendi has asked the French courts to prohibit both shareholders and the French Association for the defense of minority shareholders to join the U.S. procedure. Answer November 25. If the Tribunal de Grande Instance de Paris ruled in the group, it will reduce significantly the amount he could pay if found guilty by the Americans. Y. The G.