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It is with relief that the financial markets have greeted the unemployment figures across the Atlantic for the month of August. After long hesitation in the morning, in the wake of fences New York markets and European markets have been raking in points after 14.30. In the middle of meeting, the CAC 40 has risen by 0.76% to 3659 points. At 15 hours, the ACC is closer to 3700 points (1.89%). At the London Stock Exchange, the FTSE-100 advance from 0.52% to 5399.14 points, and the German DAX 30, the Frankfurt Stock Exchange, rose 0.44% to 6110.88 points.

Before the announcement of the major statistical, investors remained cautious to say the least. "It does not happen much on the markets, who are eagerly awaiting the unemployment figures of the United States, says it in the rooms. Is a very important day. Nobody wants to get new paris before this indicator.Investors prefer to wait and see what is the recovery. " He added: "If the numbers are bad, I think the markets will fall heavily and not only Friday, but next week."

Services: slowdown in France, rising in Germany

Despite a slight decline as unexpected new listings weekly unemployment across the Atlantic on Thursday, the Labor Department is expected to announce this afternoon an increase in unemployment to 9.6%."The GDP is not growing fast enough to create hundreds of thousands of new jobs needed each month to reduce employment at its level before the crisis," said Christina Romer Thursday, who will leave at the end of the week his position as economic advisor of President Barack Obama.

Also across the Atlantic in 16 hours, the ISM index of activity in services for the month of August and a speech from Fed chairman in Atlanta, Dennis Lockhart on current economic conditions are also scheduled .

For the euro area, growth in services in France recorded a slight decline. Whereas 59.9, the PMI stood at 60.4 against 61.1 in July. In contrast, in Germany, he cons 57.2 56.5 in July. Although below expectations (58.5), it evolves to its highest level since August 2007.

Retail sales in the sixteen countries that have adopted the single currency rose 0.1% from June and 1.1% over one year. Economists polled by Reuters had forecast an average increase of 0.2% a month to month and 0.6% a year.

The meeting was much calmer on the microeconomic front, in the absence of publications, the wave of results for this quarter coming to an end the Paris Bourse.

GDF Suez Stock doped by a partnership

The Director General of the operator, France Telecom, Stéphane Richard, told Reuters on Thursday on the sidelines of the MEDEF Summer University he was confident in the outcome of discussions with Canal + on the fusion of strings Orange Cinema Series TV and TPS Star. It will also try to convince the government not to raise VAT on offers "triple play".France Telecom gained 0.25% on the stock market to 16.18 euros.

GDF Suez (2.09% to 26.75 euros) has signed a partnership with the Brazilian Eletrobras to develop transportation projects and energy production in Central and South America, and Africa.The two groups do not preclude joint ventures.

Air France-KLM (+0.27% to 10.96 euros) plans to create a structure "low cost" for medium-haul routes, especially from Orly to the province to counter the offensive of the British company at bottom EasyJet costs.

The Slovak government has decided to retire to a consortium led by Bouygues (-0.28% to 32.32 euros) a road construction project of $ 3.3 billion through a public-private partnership announced Thursday Slovak Minister of Transport, Jan Figel.

Venezuela will pay approximately $ 600 million (468 million euros) Casino (+0.20% at 66.20 euros) and other shareholders of the supermarket chain Exito nationalized in January said Thursday President Hugo Chavez.

Vinci (+1.05% at 37.14 euros) Thursday announced the acquisition by its subsidiary of Vinci Park UK Meteor Parking which achieves annual turnover of approximately 50 million pounds (60 million euros ), allowing it to become number four in the sector in the United Kingdom.

LVMH (0.81% to 97.25 euros) a court decision is expected this Friday on an appeal by eBay, convicted in 2008 for dissemination and distribution of counterfeit perfume off approved.

Pernod-Ricard still in the red

On the side of the steepest declines, we find Sanofi-Aventis, still in talks to buy the company Genzyme bio technologies. The value is 0.54% to 46.63 euros, after losing 0.53% on Thursday. Pernod-Ricard continues in the red after the publication Thursday of disappointing results.After having yielded 2.37% on Thursday, back down 1.68% to 60.22 euros on Friday.

Ipsen (+0.26% at 27.27 euros) has signed an agreement with the Swiss pharmaceutical company Santhera Pharmaceuticals. The laboratory has received a license to market the fipamezole, a drug that helps relieve the symptoms of this disease in the world, except Japan and North America.

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After the low-fare success (Dacia Logan), the self-proclaimed "cheapest car in the world" (the Tata Nano), here is the ultra-low-cost Avtovaz. The Russian group, 25% owned by Renault, will launch in late 2011 a new model, the Granta. It is primarily for Avtovaz to appoint a successor to its ancient Lada Classic, which dates from 1966. Replica of the Fiat 124, the Lada is still the second best selling car in Russia, with its sole asset prices: 170,000 rubles (4,300 euros).

Avtovaz does not leave this market segment to competition from China or India. Granta is sold 220,000 rubles (5,600 euros). A price that is far below that of a Logan entry-level, hence the idea of the ultra-low-cost.

The rest is a matter of industrial process and sharing platform, the concept dear to car manufacturers and enabling them to lower their production costs.The Granta benefit from the platform of the Kalina, a model launched in 2004 which has not met with great commercial success. "Renault has helped teams Avtovaz to improve the quality of its models," said a spokesman for the French group. In addition, Avtovaz build its new city (of a size comparable to a Twingo) in its factory in Togliatti, 1,000 kilometers from Moscow, where labor costs remain low.

Tomorrow, the export?

For the Russian manufacturer, it is not missing the boat. This will be the first model launched by the "new" Avtovaz. However, the group really need to burnish his image and give it a quick facelift.

The Granta is primarily intended for the Russian market. But, like other Lada, it may be exported. "Renault will use this model was not defined e ', do you know in French. Everything is possible.Includes entry into the Western market for a new model even cheaper than Logan (7,600 euros in entry-level, excluding promotions).

Through Avtovaz, Renault approaching the threshold of new symbolic price of 5,000 euros which had underpinned the launch of the Logan, they are not reached by the group. For now, only few Chinese manufacturers and Avtovaz succeeded. In other words, there is no new car, responding to Western standards to 5.000 euros. The Granta could come fill this gap.

Other models of the group will soon be built at the factory in Togliatti. Beginning in 2012, adapted versions of Logan Lada station wagon and van will be manufactured, followed by Nissan, Renault and then two. A location of production that overcomes the prohibitive tariffs imposed by the Russian government.

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The Paris Bourse started the day on a slight gain: 0.31% to 3536.95 points. In London, the FTSE was up 0.30% to 5211.05 points in early trade. The German Dax climbed 0.20% to 6017.19 points.

Markets are still clinging to macroeconomic announcements, only able to move the index in August. On Monday, the Institute has unveiled a Markit composite PMI index in France to 59 points in August against 59.7 in July. This is its lowest level in five months. The services PMI index stood at 59.9 against 60.5 expected and 61.1 in July.For its part, the manufacturing PMI stood at 54.7 against 53.4 expected and 53.9 in July, its highest in two months.

The rest of the week promises to be loaded including unemployment figures in France in July (Wednesday), the new home sales and durable goods orders in July in the U.S. (Wednesday) and weekly entries to unemployment overseas (Thursday).

The hesitation may yet be well on the markets on Monday. After closing largely under the 3600 points on Friday, down 1.30% net, the CAC 40 should be difficult to get out of the red zone. With two weeks of decline, Wall Street does not give signals of optimism. For their part, Asian markets are very hesitant, juggling between gains and declines for several sessions.At the Paris Bourse, the key index also remained febrile throughout the week, erasing gains from one month to return to its levels of July.

Note that the side of currencies this morning, the euro is still on track against the dollar. He won 0.12% to 1.2714 dollar.

Values follow

Until the weekend, charged in half-yearly publication, the day of Monday is quiet on the side advertisements.

Brussels plans to dismiss the complaint against the French state by telecom operators Orange (France Telecom: 1.27% to 16.30 euros), SFR (Vivendi: 0.06% to 17.66 euros) and Bouygues Telecoms (-0.37% to 32.43 euros) in the allocation of the fourth 3G mobile license to Free (Iliad: 0.25% to 68.59 euros), La Tribune reported Monday.

GDF Suez (0.46% to 25.09 euros) is interested in acquiring sites for storing gas sold by Exxon Mobil and Shell, valued around one billion euros, according to a report in Le Figaro on Saturday.

Carrefour (-0.22% to 35.67 euros) will launch a new concept of hypermarkets to address the erosion of its customers.

The absence for several days, any public information on the new presumed interest of Sanofi-Aventis (0.73 to 45.30 euros ù) for American Genzyme could mean that both sides have begun discussions, says Geoffrey Porges, an analyst at Sanford Bernstein

The acquisition by Sanofi-Aventis Genzyme will Does the operation of the summer? Sanofi-Aventis, Genzyme would have sent a letter mentioning his interest in the company, according to a source close to the deal relayed by Reuters, adding that the two companies were discussing the offer.

According to the agency, the proposed acquisition would be valued around $ 18.4 billion, or $ 69 per share. For several days, analysts forecasts of competing on the amount of the bid. The Wall Street Journal, the offer of French would be between 67 and 70 dollars per share valuing the American between 17 and 18.8 billion dollars.

Genzyme is not ready to accept an offer below $ 80 a share. But analysts said Sanofi-Aventis could make a first offer around $ 70 per share to acquire the U.S. biotech. What it would raise its offer to $ 80.A price for analysts remain quite tolerable for the French group. Quoted by Reuters, one analyst said that "70 dollars would be a first offer" and that "at $ 80 it remains a good deal for Sanofi. Same story for another sector specialist who believes that $ 80 "operation creates value in three years that will follow."

Sanofi single buyer under Citi

As for Citigroup, estimated that Sanofi will likely be the only buyer of American specialist on rare diseases and will pay between 74-77 dollars per share, or 19.7 to 20.5 billion dollars (15.0 to 15 6 billion euros). They add that the French lab could launch a hostile bid if Genzyme resists and present its offer directly to shareholders.He continued: "shareholder Relational Investors, Carl Icahn, who hold respectively 3.8% and 4.9% from Genzyme, could be satisfied with an offer around $ 75 since they bought at 61 and 54 dollars. In fact, an agreement would be accretive to $ 75 4% in 2011 and 13% in 2013 for Sanofi, analysts have calculated the Citi.

At Raymond James, Eric Le Berrigaud doubt that "70 dollars is sufficient. Starting at $ 70, is ready to go up to 80 dollars, "he notes. "And at 80 dollars it is not certain whether all the guarantees of success because it is about the level or action Genzyme was before its production problems. The biotech has indeed experienced last year a series of production problems on its sites in the United States, which continue to weigh on its business.

A fourth analyst insists that Sanofi is expected to launch its bid for Genzyme even if it does not create value for the group's objective is to increase its earnings per share. "For the operation to bring value, it should pay less than $ 70 per share, or about 64 dollars," he says. "If Sanofi launches operation beyond, is that the group favors a financial logic in the short to medium term to close down its results and not the logic of value creation."

Doubts to find a "white knight"

Sources familiar with the case, it said last week that Sanofi had sent a letter to Genzyme with the terms of its offer. This offer would be "friendly" at first but may become hostile if necessary.

The Board of Directors of Sanofi would have authorized an offer of 18.7 billion dollars.But Sanofi has financial guidelines allowing it to raise its offer, that is to say, bring it to more than $ 70 per share. The experts, anyway, doubt that Genzyme is a "white knight" to deal with Sanofi.

Meanwhile, as Genzyme was trading late Monday to end at 70.36 dollars, up 1.15%. In exchange after exchange, the title earned more than 2% to just under $ 72. Since the early rumors, Genzyme shares gained 38%.

The first 100 French advertisers have invested 5.4 billion gross in the first half of 2010. This amount represents 42.3% of cross-media advertising investment, according to the barometer "Top 100 Advertisers' of Kantar Media Institute.

Automaker Renault leads the standings with 224.1 million euros invested in the rough period before Peugeot, whose communications budget reached 175.5 million euros. With Citroen (149.4 million euros) in fourth place, behind SFR (150.8 million), the automotive sector accounts for one quarter and investment in this top 100.

Of all the advertisers, the consumer sector, which forms the bulk of the advertising market with a 21% investment.The Unilever and Procter & Gamble are ranked at the sixth and eighth in the standings, with 145.2 million and 118.1 million euros invested since the beginning of the year.

Television is the medium of choice for these trucks communication, absorbing 43% of their advertising investment, before the press (19.2%), radio (15.4%) and Internet (12.5%).

The pharmaceutical group Sanofi-Aventis, seeking a major acquisition, would have approached the U.S. biotech Genzyme understands the Wall Street Journal on its website. In early July, the French had been the subject of market rumors about a proposed acquisition of U.S. $ 20 billion.

"Discussions are still in their infancy and there is no agreement expected in the immediate future. Issues such as price and management have not yet been addressed. " Both groups refuse to aAny comment.

According to the U.S. daily, officials from Genzyme, which specializes in products for the treatment of orphan diseases, are studying the amount that Sanofi would pay.In Stock, Genzyme capitalization stood at 14 billion dollars (10.8 billion euros) but the group can require a significant premium given its portfolio of drugs. "If we take as a starting point the figure of 20 billion dollars that has been discussed before, this puts Genzyme to $ 75 (per share)," said Michael Yee, an analyst at RBC Capital Markets.

Blow to Lovenox that will have to battle against a generic

In exchange, the action Genzyme has skyrocketed 15% to 62.52 dollars a barrel on Wall Street. And during transactions unofficial title continued to grow.

Faced with competition from generic drugs, many pharmaceutical companies are looking for external growth.And the more that Sanofi-Aventis has paid this Friday a blow, with the approval by U.S. health officials the first of its generic anti-coagulant Lovenox star, his second top-selling drug in the world. "The FDA today approved the Administrationa first generic version of Lovenox, the FDA announced in a statement posted on its website.

This product is developed by the Swiss Sandoz, the generic arm of Novartis, Momenta and American society.Sales of Lovenox, a drug derived from heparin and more complex to copy a traditional chemical molecule had reached 3 billion euros worldwide in 2009, including $ 1.8 billion in the United States.

In the first quarter 2010, sales of the drug was 769 million euros, which was still the second largest group of drug sold in the world.

The sales of Sanofi made in the USA by its anticancer Eloxin fell sharply after the launch of generic versions, while its other cancer drugs, Taxotere, will drop its patent to the public in November in Europe and United States.

In late June, Sanofi announced the acquisition of American TargeGen for 560 million dollars (458.5 million euros) in order to strengthen the fight against cancer.

The Cabinet will host today at the Elysee a guest: Wolfgang Schäuble, Minister of Finance and strongman of the government of Angela Merkel. Last survivor of the dinosaur era Kohl, Schäuble, 67, is both the most Francophile and most pro-European ministers in Germany. This man of iron is outspoken apostle of rigor in Germany but also in Europe.President Sarkozy and his government, which had inspired his brake mechanism to debt, lend him an ear.

This is the first time a German minister participates in a French Cabinet, a symbolic meeting to be held under the theme of "European economic governance," a topic that has divided President Nicolas Sarkozy and German Chancellor Angela Merkel.

To revive the Franco-German, Paris and Berlin had decided in early February to open the meetings of government ministers of both countries. In late March, Christine Lagarde, with whom he maintains a good relationship, had attended a cabinet meeting Merkel in Berlin. Schäuble was forced to postpone his visit to the French Council of Ministers, in May, for health reasons.

It tames the suffering

This practicing Protestant was never one to panic.Some in Europe have criticized him his reluctance to rush to the aid of Greece. Schäuble dream aloud of a federal Europe. He put one on the table the creation of a European Monetary Fund. A mechanism has been adopted approached in early May by the euro area but in his absence: he had been rushed to hospital in Brussels. A poorly healed wound was nailed to a hospital bed, where he led his ministry for several weeks cash advance loan. What has not failed to feed the rumors about his departure from government.

But it has long been tamed Schäuble suffering. Minister of Interior of Kohl, his life is turned upside down in 1990, when he fell under the bullets of a balance. An avid tennis, the ambitious politician finds himself in a wheelchair, paralyzed from the chest down.His wife suggested that he give up politics. It is at the head of his department after several weeks of convalescence. And now asserts that his passion for politics has helped to overcome the ordeal, which he calls "this shit". Gray eminence of Helmut Kohl, which was also the dolphin, it was he who negotiated the contract of German reunification with East Germany.

His ambitions were often thwarted. For example, Kohl's, for which he retains a deep respect, clung to power for 16 years, only disappearing never to its advantage. In the late 1990s, Schäuble flows in the case of the CDU slush funds: he accepted 100,000 DM jars of wine a sour arms dealer to finance the party. The case forced him to resign from the head of the Conservative Party and bar him permanently road to the Chancery. Then between Merkel track.Fearing that it will make him the shadow Chancellor he preferred another candidate for the Presidency of the Republic. Merkel, who sought a strong man to hold his government partners Liberals imposed the Ministry of Finance. He has gained the nickname "Sparminator.

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Philippe Varin hammered since his arrival at the head of PSA: China is a priority internationally. Determined to change size in this country's biggest car market in the world, the group has finalized Friday a joint venture equally with a second local ally, the Chinese Changan. The two companies will share an initial investment of 935 million euros for marketing light commercial vehicles and passenger cars in the Middle Kingdom from the second half of 2012.

Based in Shenzhen (Guangdong province), the joint plant will initially produce 200,000 cars and engines per year. It will manufacture the first models in the future DS, Citroen premium label, and vehicles, including utilities, a new brand created for this market.Next came the Peugeot and Changan.

Yet pioneer in China in 1985, PSA has seen sales take off only recently, thanks to the Citroen C5 and Peugeot 408, produced with Dongfeng, China's first ally. They have risen by half in 2009, with 272,000 cars passed, and the first half of 2010 (176 000), faster than the market (+27%). With a market share of 3.3%, the group remains a small player. Hence the need to find another partner to reach 8% in 2015-2016. An ambitious target, given the amounts invested by the leaders General Motors and Volkswagen.

New segments

The agreement with Changan to permit "to better cover the market" due to launch on "segments where we were not present," said Philippe Varin. Including vans, with sales booming in China.SAP is also focusing on high-end, also very promising. The group plans to produce locally large models of its range DS (DS4 and / or DS5), and its future Peugeot 508 (with Dongfeng).

This coupling with the fourth Chinese manufacturer could facilitate the growth of PSA on the east coast of China and Hong Kong, where the market is more dynamic. Dongfeng is based in Beijing and especially in the center of the country. The French, who has an annual capacity of 450,000 cars in China with Dongfeng, alongside plans to build a third plant with its first partner

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The morale of French households do not seem to favor a clear recovery in consumption. In the first quarter, sales of Casino in France and have fallen 0.9% after falling 2.7% in 2009. Although the strong growth recorded by the distributor Stéphanois abroad (10.2% in the first quarter, after 5% last year) largely offset this decline, the group must respond. Jean-Charles Naouri, its CEO, shares his strategy in an interview with Le Figaro.

LE FIGARO – The morale of your customer shops is it affected by the crisis?

Jean-Charles Naouri – Many signs show that pessimism has worsened. He returned in September 2008, at the peak of the crisis. Because of the crisis of Greek and that of the euro, the fear of job loss has increased and concern about the standard of living reached a record high since 2007.The French prefer the job security of their purchasing power and their careers. This general pessimism is, however disconnected from the real economy, which seems to gradually resume. France is no longer in a situation of danger of deflation, the interest rates are permanently lower a guarantee for the future, and the weak euro is an element of recovery. The figures, including our own business performance, there are better a couple years.

Consumer behavior change it?

We found two relatively recent trends Firstly, in an environment seen as more complex, consumers no longer want it decides for them. They want to regain control over product quality, origin and value for money in particular.Similarly, while far to the client, other consumers were at best indifferent and at worst seen as troublemakers, he now draws more and more choices to their preferences and ratings. This horizontal communication facilitated by the Internet, this new proximity, we must reflect and inspire us to develop relationships with our customers in and outside the store.

How are you adapting?

We have a head start in this area because we have long been close to the heart of our strategy. We could for example indicate, in each point of sale, the preferred products or selling. We already strong commitments on the quality of our products.We reassure our customers, for example about what they buy indicating on the Casino-brand products, in addition to the nutritional use their carbon footprint, or that they are without oil palm and gluten free. We just put in place within the group, a Health Committee attended by several senior experts whose mission is to anticipate health issues and help Casino make good choices on offer. We also test systems dematerialized Innovative allowing customers to share their recommendations.

Hypermarkets Géant Casino continue to lose market share.Are they so essential for the massification of procurement and management of shopping malls you plan to transfer them not to invest in your most promising formats nearby?

I believe in small and medium format hypermarkets (6 000-8 000 square meters), which constitute the backbone of malls. I believe in the relevance of non-food offer in textiles, leisure and household equipment. Casino no reason to separate from Géant. Our superstores are as profitable as those of our competitors, and we set the target that market share has stabilized Géant Casino this year.Remember, also, that 40% of group turnover from international have a double-digit growth in France and the formats most carriers (Franprix, Monoprix supermarket Casino …) know sustained growth, which boosts the overall growth of revenues of Casino.

How is the recovery of your brand discount Leader Price, whose sales fell sharply last year?

This is another priority group in France in 2010. We are very pleased with the sales growth in stores converted to the new concept and we are accelerating the pace of refurbishment of outlets from week to week.

Could you introduce CDiscount stock exchange to accelerate the deleveraging of the group?

This is not the agenda.A listing imposes many constraints on management whose priority now is to continue double-digit growth in turnover. We are the leader, but in a very competitive environment.

Can you imagine Rueducommerce complementarities with the site, which Rally has just 8% of capital?

It is a very minority participation, without presence on the board of directors.

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Betwixt and cons crisis, employee ownership is booming, if you believe a study of the consulting firm Hewitt Associates, which interviewed 56 companies, listed on the Paris Bourse, the CAC 40 SBF SBF 120 or 250. Among them, 88% claimed to have in 2010 further encouraged their employees to become shareholders, 92% through the CIPF (mutual fund company), 47% through actions. 26% of companies offer bonus shares, which represents almost two times more than in 2009.

Last year, despite the crisis, they have continued to assist their employees in their savings effort: nearly half of companies have set up a contribution. Nearly 70% of companies shall, in addition to developing new employee share plans at least every two years.Convinced of the value of the managerial ownership, 91% of businesses use it to reinforce the sense of employee and 63% for muscle motivational forces.

Finally, 59% say there are more pragmatically additional financial benefits to supplement wages sometimes down. But employee ownership offers advantages that … Too strong, it might even be a hindrance if the company wants to open its capital: 50% of companies (against 27% in 2009) suggest a reluctance on their main shareholders development of employee ownership.