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In the case of debt, time is a luxury that the United States as Europe can not afford. This is the message sent Tuesday by Christine Lagarde, director of the International Monetary Fund. Welcoming the plan against the crisis of the Greek debt presented Thursday by EU leaders, the French hoped "that these bold steps will be followed in the United States and that action in the fiscal area will occur as quickly as possible."

In Washington, "the clock is forever and you really find a solution," insisted Christine Lagarde. Democrats and Republicans can not agree on U.S. debt, then that must be addressed prior to August 2 the maximum amount that the state can borrow in the markets (the ceiling of the debt). Otherwise the U.S. will not reimburse investors.

"Having a default or a significant reduction in the rating assigned to the signing of the United States, an event would be very, very, very serious. Not for the U.S. only, but for the world economy in general, "said the leader of the IMF. In the longer term, the IMF has asked the United States Monday to hand over "the debt to a sustainable path." U.S. debt until recently was considered by investors as an investment "safe".

If it is proved otherwise, the consequences could be incalculable. The United States "can not default on their obligations," said John Boehner, a Republican official in Congress. "The jobs and savings of too many Americans (are) in."

Threat of 'turbulence'

Europe is no exception.After the summit on Thursday, the leaders of the euro area should continue their efforts, Christine Lagarde warned: "The plan was welcomed by financial markets, as evidenced by the stronger euro and lower spreads rates on bonds of the periphery. But the turmoil could easily reappear. For this reason it is essential that the commitments of the summit are implemented quickly. "

Problem: The plan must be submitted to national parliaments for approval. "This will be done in the coming weeks. This will not happen overnight because, as is often the case in many developed economies of the Northern Hemisphere, August is relatively calm. And parliaments are closed, "admitted the director of the IMF. But Europeans do not have the luxury of taking their time.I think there is an expectation that things should move forward and be implemented not only by the countries directly concerned but also by governments who, as I said, kept their promises. "

To help stem the debt crisis, the IMF disbursed $ 330 billion to date, also recalled Christine Lagarde. Given this fact, the IMF might have to seek new funds to its member countries, its director admitted: "In the not too distant future we will probably take an interest in this issue."

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Pending the arrival of his eagerly awaited first smartphone with the Windows operating system Phone at the end of the year, and production "mass" in 2012, we have to wait markets and customers. That Stephen Elop, president of Nokia strived to do during the CommunicAsia exhibition in Singapore. "Our main strategy in the field of smartphones is to focus on the Windows phone," he said, for its next billion mobile.

For Nokia, it is urgent. Last month, the group issued a warning on its sales and results, giving even to make predictions, as the period is difficult.Its sales continue to decline, it would hold more than 13.1% of the smartphone market in the first quarter against 25% a year earlier.

But maintaining a strong presence of the Symbian operating system in its range and choice of Microsoft at the expense of Android leave many doubts cast. While the number of applications available on a smartphone is a paramount requirement, the Finn is not in the race. It strives for the time to catch up in smartphones, highlighting the N9 in Singapore, expected to outdo the iPhone and Android to its competitors. To do so, Nokia boasts jumble "three home pages," his "handy user interface," "better voice quality," connectivity … The N9 (under platform Meego) is also equipped with a NFC connection, which enables contactless payments.With this feature, shows that Nokia is still able to board the train for a new technology, not to watch the competition from without it.

With the launch of three new models (N8, E7, C7 and C6-01 will be sold in July) Nokia has pushed the highlight of its commitment to Symbian OS. These terminals will be equipped with the new update system Symbian Anna. Novelty of this new version, it will be downloadable for those who have already bought one of these phones. And over the next twelve months, Nokia will market up to ten new smartphones based on Symbian. From there to imagine that the Finnish and protects against possible setbacks of its U.S. partner, there is only one step.It also reaffirms its loyalty and its customers, accustomed to its operating system, and that it might lose by abandoning it completely. Hence the idea to favor a smooth transition.

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There will be new to a department store in Paris Samaritan. Six years after the closure, the emotion, the institution founded by the Cognac-Jay in 1870, the extensive rehabilitation plan for the site was unveiled Wednesday as part of a House Project installed on site, open to the public tomorrow, inaugurated by Bertrand Delanoe, Mayor of Paris, and Bernard Arnault, chairman of LVMH, owner of the premises. Contrary to what had been previously announced, a department store will be part of this versatile package, which covers an entire block in downtown Paris.It certainly will not find "any" as before, but the Samaritan, on a small area on three floors, will endeavor to be reborn as a business concept that has yet to be defined.

The application for a building permit must be filed at the end of the month after the vote Monday by the Council of Paris of a new phase of this long drama. A public inquiry should be launched in September and getting the green light, expected by mid-2012, would then start the work planned on just over two years. An opening is thus referred to the end of 2014 if all goes well.

A symbolic handover and structuring. The U.S. site video rental Netflix, which distributes DVDs and subscription movies online, now generates its own 30% of U.S. Internet traffic during peak periods. Netflix is ​​the most voracious consumer of capacity on the fixed Internet, according to a study published by Sandvine, a specialist in the management of online traffic. On a full day, its share of traffic reached 22.2%. Netflix is ​​ahead and the sharing site BitTorrent files, a mecca for illegal downloading, which loses its position as the online service more greedy with 21.6% of traffic.

"Netflix is ​​now the undisputed king of bandwidth in North America," the study notes. For its authors, this rocker confirms that "we are now in the age of Internet video.""Customers have clearly adopted the online video service Netflix, fundamentally changing the Internet landscape," said Sandvine. And the change will be sustainable, development of mobile devices such as digital decoders and iPad like Roku and Boxee to make further use of Netflix in the U.S..

23.6 million subscribers

The break came quickly. During the previous wave of the study, published in autumn 2010, Netflix is ​​still picking up "only" 20.61% of Internet traffic during peak hours. Netflix, which has 23.6 million subscribers to its video service, has recruited 6.7 million over the past seven months.

The service, founded in 1997 by Marc Randolph and Reed Hastings, started in mail delivery of DVDs ordered online. Then he revolutionized the market in October 2010, introducing an Internet subscription only $ 7.99 per month.For this sum, the subscriber can consume an unlimited number of movies and TV shows to a PC or a TV connected to the Internet. In parallel, the department has stepped up agreements with U.S. television networks like HBO and AMC to access more content. Finally, Netflix is ​​a service automatically offered in the Apple TV set-top boxes.

Above all, the company has managed to win the TV show via video game consoles connected to the Internet. Thus, the PlayStation 3 and Xbox 360 are the first two modes of access to Netflix, used respectively by 31% and 25% of subscribers. The Nintendo Wii accounts for 11% of subscribers. In total, these three consoles represent 67% of subscriptions. They precede the PC, chosen by 19.55% of users.

Capped plans

Netflix subscribers who access the service through game consoles connected to "consume twice as much data" than other customers, also notes Sandvine. Similarly, the study estimates that a third of Xbox 360 connected to the United States are used to distribute movies rented from American society.

Faced with this abuse of traffic, Netflix has started making arrangements. Thus, it seeks to reduce by two thirds the bandwidth consumption in Canada, noting that much of its subscribers have Internet packages capped. Its share of Canadian traffic has increased from 13.5% to 5.7%, says Sandvine.

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It's definitely good news. Growth of 2011 has started on a flying, rising 1% in the first quarter, after the tiny increase of 0.3% in the last quarter of 2010, according to figures released Friday by the INSEE. Not only is it much better than what was expected, but it is also the best quarterly performance registered by France since 2006. You almost forget that the institute of statistics at the same time, lowered the growth figures for the previous three years!

The Economy Minister, Christine Lagarde, who blew the whistle on the previous evening, was immediately welcomed this figure, which confirms "that the French economy is set on a path of robust recovery."Jean-Francois Cope, secretary general of the UMP, for his part spoke of "excellent performance".

It must be said that, as the saying goes at Bercy, all the lights earlier this year are "green" to watching a few nuances in detail. Household consumption was slightly accelerated, rising 0.6% against 0.4% over the last three months of 2010. And proof that the expenses do not only with cars and the latest gaming effects of scrapping the service consumption rebounded sharply. Business investment has, meanwhile, performed well.

Click on the thumbnail to enlarge the graphic.

The institute noted however that the balance of trade "contributes negatively again" on GDP growth (-0.4 point), but that "this is more than offset" by changes in business inventories, which contribute positively to 0.7 percentage points to growth.

Industrial production finally jumped 3.4% and `show its strongest growth over the last thirty years," Christine Lagarde welcomes. Which does not specify that this rebound in industrial production is largely due to the production of refined products, which dates back strongly for technical reasons related to the correction of consequences "of social movements at the end of last year" in refineries , said Insee.

"A little less strong"

The Minister of Economy nevertheless acknowledged "very possible" that the second quarter "a little less strong.""One swallow does not make statistical economic spring," said, in his way, the number two PS, Harlem Desir.

For even if the number of start of the year is a reflection of economic situation improves, the pace may not continue. Rising raw material, exchange rate of the euro, higher inflation that continues in the purchasing power effect of stock-cons, or international situation deteriorates … So many reasons fear a slowdown in coming months .

Bercy, however, confirmed on Friday its growth forecast for 2011 to 2%. The goal now seems achievable because over for the current year is already 1.6%.Traditionally more pessimistic, the European Commission was asked to meet on Friday too, its growth forecast for the Hexagon, 1.7% to 1.8% over the year.

2008, 2009, two years of recession

Each year in May, INSEE revised the growth of the three previous years. This time, it's a bunch down! Growth in 2010 has not reached as planned 1.5% but 1.4%. The recession of 2009 was 2.6% and not 2.5%.But it is in 2008 that the difference is most significant: adjusted downwards by 0.3 percentage points, the year does not end on a growth of 0.1% as announced, but a decline in GDP of 0, 2%, according to Insee

Moreover, the institute has recalculated the slight increase in deficit (state, social security, local) of France in 2010 to 7.1% of GDP at year end as against 7% announced earlier.

As for the debt, it was 82.3%, instead of 81.7% predicted previously to 1 591.2 billion.

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Lefigaro.fr – The stock market crash experienced by the materials last week he requires investors to be more responsive?

Fabrice Cousté – We have entered a period in which electronic exchanges and automated to make faster and faster. This is not about to stop! Uncertainties about the euro and oil prices have created an appetite among investors for increasing trading currencies and commodities with a time horizon ranging from several days to a few seconds! Since early May, some hedge funds that had long positions in commodities and the euro came out massively causing a sharp drop of nearly ten dollars on oil. Meanwhile, the euro flirted with the $ 1.50 fell below the $ 1.45 and is now heading towards $ 1.40.These movements in raw materials could weigh on the CAC 40, including through lower oil stocks: Total, Technip and Vallourec.

What do you attribute the return of the volumes traded on the CAC 40 (six billion euro traded on average over the first two sessions of the week)?

These sessions illustrate the volatility of financial markets. And when I talk about financial markets, I do not take into account only the Paris stock exchange but also the Forex (currency market), which weighs 1000 times more than the CAC 40 (4000 billion dollars are traded daily on forex).

Is it out of raw materials?

The sharp drop ('sell off') shows that we are witnessing a situation of bubble that formed on certain assets (gold, silver, oil) and deflates even faster than many of the positions initiated at purchases were intended to hedge against a weakening greenback pronounced. This one covers the force, these positions are unwound or reversed, thus amplifying the plunge.

I would say that the recent plunge in oil is only a pause in a structural increase. I remain convinced that indeed the global economy is experiencing recovery, albeit slow, raw materials remain structurally high levels. Indeed, the double-digit growth in emerging countries may decrease, but these countries are on track for rapid expansion that will require more and more natural resources.We need to get used to the prospect of a sustained oil price at $ 100 a barrel and more in years to come. This new environment should promote market recovery for companies in "green business" (new energy, recycling, energy conservation).

What impact on portfolio management?

The sector rotations will be more frequent. In the short term we will also know where you have a new focus on defensive stocks such as telecoms and technology sectors expanding. As for values ​​that have real pricing power (the ability of firms to impose higher prices, Ed), the ability to pass the rising cost of raw materials in their products are preferable. This is where the champions of luxury such as LVMH and PPR values ​​but also with strong brands such as Danone and Essilor.

Conversely, investors should stay away from utilities and automobiles. Regarding the oil companies, I am negative court term and long-term positive. Good surprises are also possible for banks, but these are values ​​highly speculative and totally dependent on how the policies will manage the debt crisis of the Greek.

A more reactive wrong does not accentuate the lack of interest for individual stocks, considered a distribution medium or long term?

Today, it is true that individuals invest more to take risks but to protect themselves. They therefore turn to the massive gold or stone. The market environment has changed. It is uncertain therefore more complex to understand.But those who still believe the shares are able to adapt their trading, also passing through alternative platforms that will become the next referent of finance or by taking advantage of new business tools ("stop loss" orders intelligent programming strategy) that are available to them. Although the regulator wants to break the speed of trades and trading high frequency counter, it can not prevent the development of these platforms.

The Cac 40 barely exceed the 4200 points for three months. How do you explain it?

The revival of the Cac 40 depends mainly comeback banking shares. In view of its excellent results, BNP Paribas can return to a range between 70 and 75 euros and Societe Generale between 60 and 65 euros by the end of the year.The CAC 40 should not drop below 3800 points for corporate earnings in the first quarter are still excellent. Conversely, as the uncertainties regarding the recovery of Greece will not be lifted, the CAC 40 may not exceed the 4200 points.

They are the must of French hospitality. The distinction "palace" was awarded Thursday for the first time in France to eight luxury hotels supposed to embody "excellence in French," announced the jury for their selection. The eight institutions to join this new club are very close to Le Bristol Paris, the Meurice, the Park Hyatt Paris-Vendome and the Plaza-Athénée. In the provinces there is the Hotel du Palais in Biarritz, the Cranberries and Cheval Blanc in Courchevel, and the Grand Hotel Cap Ferrat in Saint-Jean-Cap-Ferrat.

The challenge is to distinguish among institutions except the 130 5-star hotels that already exist. Fourteen candidates have filed for candidacy. But not all have been retained. In the capital, Bristol, George V, Meurice, Plaza-Athenee, Ritz and Hyatt Park were in the running.In the provinces, the Negresco in Nice, and Cheval Blanc in Courchevel Cranberries, and the Hotel du Palais in Biarritz, have also postulated.

Conversely, some very prestigious hotels have chosen to duck the first round due to work, like the Eden Roc in Antibes. 5 stars like the Fouquet's in Paris did not submit a dossier explaining that appear as a palace might scare away business customers. The Crillon, which has just been sold by the U.S. investment fund Starwood Capital, has not applied, since it requires a heavy renovation.

As newcomers to Paris, starting with the Shangri-La and the Royal Monceau Mandarin Oriental pending this year and the Peninsula in 2012, they did not have access to the competition, requiring more eligibility conditons of … 30 months old.

Applicants under the palace had until December to apply.Have completed two phases of instruction, one led by France Trump to see if they met the "objective" criteria such as size of room, activity for 24 months minimum in case of complete refurbishment of the facility, 30 in case opening, multilingual staff, spa etc..

The second was conducted by a jury of ten members, headed by academician Dominique Fernandez, who was judging criteria "subjective" as the exceptional character of the institution in its history or architecture, speed and permanence of its service, its excellent food and comfort …

The cold shower! Between January and March, the amount of money bet on sports online paris tumbled 26.5% in France compared to last quarter of 2010. According to the Regulatory Authority online games (Arjel), they accounted for 147 million euros for all 16 sites de paris sportifs allowed (BetClick, Bwin, PMU, … FdJ).

"This is a significant decrease, but this does not mean that athletes will put Paris down more than 20% this year, according to Jean-Francois Vilotte, president of the Arjel. The market just opened and we have no referent for the first quarter of 2010. We are attentive. It should not be the legal tender, for lack of attractiveness, the lead players trying to reconnect with the illegal sites. "

Football remains the supreme discipline of bettors

Several factors explain this lack of enthusiasm of the punters, starting with the sports calendar.There was no unifying event as a World Cup football, capable of boosting demand. Football remains the supreme discipline of punters, with 54% of stakes, to tennis (24%).

That said, the end of 2010 had not been richer in big tournaments. Operators are responsible for what happens to them. "To reconstruct a portion of their margins and respect the average rate of return to players imposed by law, they have degraded their ratings, making them less attractive to paris players," said Jean-Francois Vilotte. Indeed, if the bets were down 26.5% in the first quarter, gross gaming revenue has increased it to 33 million against 27 million last quarter of 2010. "Operators have underestimated the lack of culture in France paris sport and have not adapted their supply, said Jean-Francois Vilotte.Italian and English are long accustomed to paris sports, often to excess. But bet on Beckham's haircut is not necessary for sports! "

Missing operators

However, fans of horse racing and poker paris are themselves remained at the rendezvous. In the first quarter, the amount bet in paris horse has reached 241 million euros, in the last quarter 2010 and still much more than this summer. In poker, they are also stable at 1.9 billion euros, while the activity of tournaments grew another 4%, entry fees from 261 to 271 million in three months. One thing is sure, Jean-François Vilotte concluded: "Quite naturally, some sites will disappear or be absorbed." Already, Canalwin, a subsidiary of Canal + and Ladbrokes gave its approval.TF1 and prepares to throw the towel in Eurosportbet.

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At two months of the meeting of Agriculture Ministers of the G20, Paris, France is stepping up efforts to convince its partners, including emerging markets, the need to control the prices of raw materials. The fight against the volatility of agricultural prices is one of three priorities for the French presidency of the G20, with the reform of the international monetary system and taxation of financial transactions.

Bruno Le Maire has made two key visits this week to Moscow and Brasilia. The ministerial meeting in Brazil was "a success," says one in the entourage of Le Maire. The Brazilians were very reserved in respect of the French proposals now seem reassured. "Bruno The Mayor has made clear that the control would only financial manipulation in the market for agricultural products," said the Brazilian minister, Wagner Rossi."We were surprised to see Brazil, strongly supports greater regulation in the markets," said a member of the French delegation.

Transparency of financial markets is one of three priority reforms to limit price volatility, according to experts from FAO, OECD and World Bank, who wrote a report on the issue for the French presidency of the G20 .

Very sensitive because it addresses the controversial role of speculation in rising commodity prices, this subject has been left to finance ministers of the G20. It will be discussed next week in Washington.

Unilateral decision

In Moscow, the ministerial discussions focused on another sensitive issue: the unilateral restrictions on exports.August 5, Moscow's decision to freeze its wheat exports to the fires and drought caused exceptional sharp rise in prices on international markets. This reaction is not concerted, which goes against the principles of free trade the WTO has been criticized by Paris. France hopes in the G20, impose a mandatory consultation ahead of this kind of decision in order to prevent abuse, and to take measures to protect poorer countries against rising prices.

On this issue, Bruno Le Maire is sparing no effort, he will have met four times his Russian colleague, Elena Skrynnik. "Moscow agrees on the principle of cooperation in upstream, on the protection of the most vulnerable," says a close case.France, which claims to have joined Brazil and Russia to its cause, must now convince another heavyweight G20: China, world's largest producer of wheat. "Beijing is far from conducive to transparency on stocks," says Michael Porter, Director of Agritel, risk expert on agricultural markets.

In its global offensive, France has discovered another restive country to its arguments: Australia, great agricultural power. "Australia is the country most recalcitrant!" Said a negotiator. "For them, the volatility of agricultural prices is a non-issue! Bruno Le Maire there will soon travel to Sydney to achieve its purpose? Nothing is excluded …

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The U.S. futures are well oriented on Friday at midday, heralded an opening up. The Nasdaq 100 future appears up 0.35% and the S & P500 future ahead of him by 0.39%. The future of Dow Jones gained 0.57% to 12,322 points.

An optimism that should be confirmed at the opening, whereas recruitment remained high and accelerated in the U.S. in March, allowing the unemployment rate to decline for the fourth consecutive month. This fell to 8.8%, its lowest level since March 2009 (8.6%). The market was expecting an average 8.9% stability. The U.S. created 216,000 non-farm jobs last month when observers were waiting an average of 190,000 new posts after 194,000 (revised) in February.

Economists suggest that new posts are developing in many sectors of the U.S. economy, which suggests a general recovery.

Already on Wednesday, the firm ADP unveiled the net creation of 201,000 jobs in the U.S. last month. Moreover, the weekly claims for unemployment benefits came out lower at 400,000 during six of the last eight weeks.

As for currencies, the euro traded at 1.4096 dollars in early afternoon. Oil-type light sweet crude odds higher at 107.28 dollars a barrel. A barrel of Brent is 117.71 dollars.

War of the exchanges is relaunched

ICE and Nasdaq have officially announced Friday it had sent a joint offer for the acquisition of NYSE Euronext for $ 42.50 per share, paid in cash and stock, e gives a total of approximately 11.3 billion dollars (7.98 billion euros).This proposition therefore shows a premium of 19% over the offer from Deutsche Boerse.

Logitech should loosen the opening. The title forfeits nearly 20% in pre-market trade. Yesterday, the technology group warned on its revenue and operating profit 2011.

Berkshire Hathaway should again be observed after the resignation of David Sokol, the most likely successor to Warren Buffett.

Office Depot will revise downward its results for fiscal 2010, due to a reduced tax credit of 80 million.

BP could benefit from a recommendation by JPMorgan.The broker believes that the title is "seriously downgraded," and reiterated his recommendation to "overweight" value.

Boeing confirmed Friday an order for 15 737 aircraft made by compage Turkish Airlines for more than $ 1.2 billion based on list price. The aircraft manufacturer said that this order includes delivery of 10 737-800 and five 737-900ER.