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Caution on the Cac 40. In the wake of the Asian stock markets and the day after a sharp drop on Wall Street, investors should not take any risks. According to market operators, the Cac 40 and may open down.

Markets are waiting with some anxiety the president's speech to the U.S. central bank, Ben Bernanke, the outlook for the U.S. economy. An hour and a half ago, the U.S. government has released its second estimate of GDP for the second quarter. The consensus growth overseas could fall by 0.2 point to 1.1% from the first estimate. On Thursday, weekly jobless claims declined.Causing a sharp decline in U.S. stock markets.

On the corporate side, the ball results Essilor continues with the program on Friday morning.

Essilor International reported first half sales of 2.06 billion euros, up 6.9%, the band announced via a press release issued in the edition of Les Echos to appear Friday payday loans lenders.

Financials

The ban on short selling financial stocks on Thursday was extended to France, like Italy, Spain and Belgium, and the Financial Markets Authority (AMF) said it would review its position by late September.

Total expected to present a reorganization in the fall of scale of its operations downstream, with a planned merger of its refining and petrochemicals, according to Les Echos, citing union sources.

As for oil, prices were mixed Friday morning during electronic trading in Asia, in a sluggish market, before the highly anticipated speech of the head of the U.S. central bank (Fed). In morning trading, a barrel of "light sweet crude" for delivery in October gave 10 cents to 85.20 dollars per barrel of Brent North Sea crude for October delivery took 19 cents to 110.81 dollars.

While many criminal investigations are underway in the United States against Goldman Sachs, the management of the investment bank is taking the lead. Concordant sources, its chief executive, Lloyd Blankfein, has hired Reid Weingarten, a lawyer outside the company. The establishment said that such recruitment is not exceptional. Thus, a spokesman for the group stated that: "As is common in such situations, Lloyd Blankfein and other members of society must be heard as part of an investigation by the Justice Department U.S. response to the issues raised by a report (of a commission of inquiry of the Senate) have hired a lawyer. "

But in exchange, the reaction was particularly violent: the title of the bank plunged 4.7% to 106.51 dollars on Monday.The action that had opened up a hook at the very end of the session in the wake of the announcement by Reuters, the recruitment of Reid Weingarten. The decline then continued as in trade after the market fell to 105.45 dollars. The markets are worried because of legal troubles that will face the bank and could affect the company and its future profits.

Profile Reid Weingarten feeds the fears of Wall Street

The profile of the chosen lawyer, Reid Weingarten, fueling fears of investors. The latter is one of the most renowned lawyers in the defense of white collar crimes. He has defended the former CEO of WorldCom, Bernard Ebbers and former CFO of Enron, Richard Causey credit reports free. Both men are currently incarcerated for fraud.Reid Weingarten recently said to be "used to defend difficult cases where my clients are hated by all." He has also defended including the former legal adviser to the U.S. energy broker Tyco, former executive director of classifieds site Monster.com employment and CEOs of U.S. Neteller online banking and the reinsurer Gen Re . All suspected fraud, tax or other.

After being hired by executives of Goldman Sachs, some are asking: "Why hire someone like that?" And for them, "it means only one thing: they take the matter seriously."

Goldman Sachs is not his first brush with the law. Accused of misleading its customers at the height of the crisis, the bank had paid $ 550 million in June 2010 to settle a complaint by the U.S. authority to regulate stock exchanges (SEC).And recently, the U.S. Senate issued a 650-page report very critical of the bank for its handling of the subprime crisis. The Justice Department is also continuing its investigation into Goldman Sachs and questions about its activities and its role in financial crisis. The bank is particularly accused of misleading its customers shortly before the outbreak of the financial crisis. She also denies two years of accusations of fraud and conflict of interest.

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What are your proposals for Nicolas Sarkozy and Angela Merkel?

Europe is ready to adopt guidelines on beetles or grading apples. But when it comes to economic and financial regulation, it nothing happens. The EU countries have transformed the Stability and Growth Pact in a cheats and liars. Europe needs the government's proposed economic finally the President and Chancellor.

Will you vote the "golden rule" if Congress is convened?

I will vote, even if the proceedings of Parliament are below what I expected, including the monopoly of the tax provisions. With this rule, the president is in the direction of history. But in September, the presentation of the budgets of the State and Social Security in 2012 will be the first litmus test flexcheck cash advance. We need to find 10 billion euros.I propose a new tax bracket on income, rising from 0.25% of the CRDS and a large movement of the plane on tax loopholes. It must also cut spending for operating and intervention.

Do you understand the dam from the left on the "golden rule"?

It is time to change our political practice. It is outdated and disastrous. Major reforms can not be a camp against each other. This is not because Nicolas Sarkozy has not been exemplary control deficiencies that must be opposed to the recovery of France.

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Gold endless chain of historical records. On Wednesday, a day marked by a new slump in stock markets, gold futures have surpassed for the first time in history the threshold of 1800 dollars to 1801 dollars an ounce, up 3% on the New York Commodities Exchange (Comex). Spot prices have touched the session 1796.86 dollars an ounce. Expressed in euro, they also reached the historic high of 1,255.89 euros per ounce.

Since the rating is downgraded the sovereign debt of the United States by Standard and Poor's Friday, gold benefits from a surge in risk aversion. "Investors are panicking, they lost all their bearings," said Djillali Hacid, technical analyst at XTB France. As the equity markets, traders do not seem convinced by the various rescue plan intended to secure the sovereign debt, in Europe and the United States."For investors, there is no way for these debt problems. What is proposed is that tinkering is not reassuring and that does not seem able to avoid contagion, "says the analyst. Evidence of the distrust of the operators, the gold had increased its earnings even as the President of the European Central Bank (ECB), Jean-Claude Trichet, suggested that the bond buyback program could resume in support of the Spain and Italy, two countries under pressure from the markets paydayloan.

In addition to fears of contagion gloomy growth prospects in the world and especially in the United States where poor indicators are linked in recent days.

In this context trouble, investors consider gold as a safe haven that allows them to cope with economic uncertainty and turmoil in the bond markets.However, riskier assets suffer warning signs that multiply in the global economy, suggesting a slowdown in growth. Oil is one of those sensitive assets.

Soaring gold prices will last

For the coming months, so difficult to imagine a sudden drop of the metal king. The upward pressure is reinforced by the central bank buying. That of South Korea said Tuesday it had bought 25 tonnes of the precious metal on world markets between June and July, a first in thirteen years. In addition, "the attraction of gold is enhanced by the fact that no central bank has control of its course and can not intervene to limit its power," unlike the refuge currencies such as the Swiss franc and the Japanese yen, said Kathleen Brooks, an analyst at Forex.com.

"The growth potential of the gold is enormous.There is not for everyone and if anyone wanted to buy did, prices would rise even higher, "says one in XTB.

In the wake of the Asian stock markets, down sharply Tuesday morning despite a slight improvement at the end, the financial center of Paris does not know how to behave on Tuesday … Faced with fears of economic recovery and the financial situation of countries, the Paris index is in fact the yo-yo since the opening, from a technical rebound in early trading, a new panic attacks (-3 , 08%), 1:30 after the opening. The Paris index is even pressed for less than a minute to below 3000 points, a threshold that had not crossed since July 13, 2009. This excitement is not surprising, the magnitude of the losses yesterday on Wall Street (close to 600 points for the Dow, or 5.5% decrease) who confirmed the complete absence of calm in the markets.

The Cac 40 started his session on a net increase of more than 2%, to 3188.27 points …before declining (-3.35% to 3020.46 points at 10:45). Shared a tendency in Europe: Frankfurt, after opening down, quickly moved into the green before sinking to 3.01% at 5745 points. In Madrid, the Ibex 35 also passes into the red in 10 hours (-1.67% to 8318.30 points). Only the London remained in the red since the opening (-2.75% to 4929.54 points).

Pic of volatility

This new session, that of all the dangers after Black Monday in the markets, not immune to the extreme nervousness of investors. With a drop of 18% of the index in Paris in eleven sessions, the CAC 40 lost again yesterday his record consecutive bearish sessions.In addition, the volatility (the highest for two and a half years as the VIX (16.7%), shows that investors are not convinced by measures taken in Europe and the United States for fiscal consolidation and boost growth.

Even the 2 billion euros pledged by the European Central Bank (ECB) on Monday to buy back bonds in Italy and Spain, have yielded only very temporarily a little breath on the markets. According to a consensus of managers interviewed by Reuters, the institution should indeed buy at least 100 billion of sovereign debt in Spain and Italy to strengthen the euro area and reduce the pressure on the markets.However, the relaxation on the 10-year rates of the two countries is continuing this morning, those of Spain from below 5%, while those in Italy were approaching that threshold.

Moreover, the lack of effect on the markets of the intervention of U.S. President Barack Obama reveals that political speech has no impact on investors, beyond the break-off. This has not prevented the U.S. Treasury Secretary Timothy Geithner, to find that governments and central banks, have "largely on the margin" to address the crisis. European side, the statements are also increasing, Jean-Claude Trichet, ECB president, on Tuesday called on governments to "do their job" and put in place as soon as possible bailout of Greece, adopted on 21 July.

Policy responses are not sufficient to calm the

Is it possible? Hard to say, as investor psychology seems to look for a disability policy to find new tools to address the current crisis. For two weeks, no action relieves durablementles markets and break the vicious circle in which is immersed the Paris index. From this point of view, no new ones are expected at the meeting on the macroeconomic front.

The eyes are still turned to the United States, where the Monetary Policy Committee of the U.S. Federal Reserve (Fed) will hold a highly anticipated meeting this afternoon to decide on measures against the risk of a further slowdown in growth. The conclusions of this meeting, however, should not be made public until 20:15, Paris time, and will therefore not affect the European markets.

Investors console themselves with the publication at 14.30 on U.S. productivity figures for the second quarter, which could give a little more on the state of the world's largest economy. In this dark period, is good news also came on the morning of the Budget Ministry, which reported just before a stock market stabilization French public deficit at the end of June, to 61.3 billion euros. At noon will also be released by INSEE oil prices and imported materials for July. For its part the Organization of Petroleum Exporting Countries (OPEC) will release its monthly report.

The barrel still under pressure

A report should be carefully watched, the price of oil is very strong pressure for 15 days, reflecting the downward revision of demand forecasts. A decline which continued Tuesday, but less than the opening.In electronic trading in Asia, the "light sweet crude" for dropped below 80 dollars (77.78 dollars in mid-day in Asia, 7 pm, Paris time), while Brent crude was down the floor of 100 dollars to 101.04 dollars back then.

As for the exchange, finally, the single European currency regained color against the greenback until the Fed meeting tonight, the euro climbed to 1.4234 dollars at 8 o'clock, against 1.4179 late Monday. Note that the face of these uncertainties, gold enjoys full status as a safe haven, record after record signing. The ounce finished on a further rise Tuesday in Hong Kong dollars to 1753.50, after hitting a new record for the session at 1772.09 dollars.

Side analysts, speeches remain cautious, noting that "the large volumes show that we are not in a sluggish market, typical of the holiday, but in a situation of significant liquidations of positions, as and as the traders confidence evaporates, "according to Jonathan at Capital Spreads Sudaria.

The side of values ​​to follow:

Financial stocks limited case (BNP Paribas was down 1.08% to 38.88 euros, Societe Generale down 1.27% to 24.80 euros and Credit Agricole lost 0.28% to 6.73 euros). In turn Natixis (1.28% to 2.93 euros) and Axa (0.82% to 11.08 euros) came to stay in the green.Faced with the sharp fall in equity markets, the Financial Markets Authority (AMF) did not consider it unnecessary at this stage to ban short selling in these securities, said Monday a spokesman for the regulator stock.

GDF Suez (-1.82% to 19.46 euros). the group has reached an agreement with the Chinese sovereign wealth fund CIC. Beijing will take a pole in its exploration and production investments and participate in the French group in Asia Pacific, told Reuters on Monday sources familiar with the matter.

Archos (-16.23% to 6.09 euros). The specialist tablets unveiled Monday a net profit after market semi-annual 1.7 million euros against a loss a year earlier.The group also confirmed its objective of a gross margin above 20% for the full year.

Euro Disney (0.60% to 5 euros) has been little state, shortly before the opening of the Exchange, an increase of 7% of its quarterly revenue (T3), to 344 million euros and announced an increase in spending per visitor.

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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In launching his new business tuna in the Indian Ocean in 2007, Yannick Lauri, president of Sapmer rubbed to a less pleasing to fishing in Seychelles waters: the fight against piracy. Used to fight against illegal fishing in the Southern Ocean, its historical business, the second French fishing vessel owner must now deal with direct attacks against ships, conducted off the coast of Somalia, Kenya and Tanzania. "A real paramilitary organization," also describes the leader, the tuna-freezer Franche-Terre foiled a pirate attack in 2010.

To avoid being faced with demands for ransom of up to tens of millions of euros, the group has had to adapt.After the first fishing season in September 2009 carried out without any protection, fleet Sapmer has adopted a "for the protection of its crews, under the strong incentive of the state," explains Yannick Lauri. The measures are rather restrictive and expensive …. The obligation to "binômage" (navigation of ships by two, alternating with fishing time) in effect reduces the effective time fishing and limits the free movement of ships. "Especially since we had to navigate a given speed, which has a significant effect on fuel consumption." This obligation has been reduced on June 1, but could be reconsidered in case of renewed attacks.

Insurers ship their bets

But the effect on fishing in itself is a first illustration of the additional costs incurred by piracy.Faced with these increased risks, insurers have been quick to react. "The coverage of these risks represent 10% of our insurance for our tuna fleet, about 75,000 euros for our fleet of three tuna," said Yannick Lauri.

Finally, a report by the Institute of Higher National Defence Studies (IHEDN) which participated Sapmer, released in June, estimates that several hundred thousand euros a year ship the additional security measures.

This cost may seem exorbitant, but due to the requirement for owners to use the personal protection of their ships. Cost is in addition to the measures on navigation, and insurance-costs. For example, Arnoult Gauthier, president of sales VNavy benefits of private military companies (PMCs) from 4000 to 9000 dollars (2800 to 6200 euros) per day per boat.For the heavier the device includes boarding protection teams on boats.

Armed men on board for the protection of marine

For shipowners flying the French flag as Sapmer, these are men from the bodies of state (marine commandos, marines, etc.). Who come to protect the crew. Five armed men complement the 33 sailors present on each of the three tuna of the group. Considering that their vigilance decreases after six weeks, the state imposes, by that time, a return to earth for five days of rest before returning to sea This is not consistent with the ten weeks during a campaign fishing, and induced costs of accommodation and logistics for tracking weapons.

If the teams are state bodies, is financially Sapmer "put to work" for the care of these men.Yannick Lauri, which does not specify the percentage of participation, while acknowledging the nature of effective protection measures by professionals.

To a use of private protection?

As for use of private companies, "this device is not yet approved for vessels under the French flag, although discussions are ongoing, and there is some legal uncertainty on the issue." Currently, MPI experiments with private companies to protect the devices that need to be as effective as the protection of embedded military teams, but technically lighter. But for now, no alternative "has not yet developed," says Yannick Lauri.

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Carrefour and its major shareholders still have progress to make to master the subtleties of samba. The merger of the Brazilian subsidiary of global distributor with the second casino, Grupo Pao de Acucar (GPA), is abandoned.

Scaffold for months in the back of its local partner Casino Abilio Diniz (President and owner of 21% of GPA), with the support of BNDES, the Brazilian equivalent of the Deposit, the project would have allowed Crossroads take control of all activities involving the two Brazilian groups. The company, known as Pao de Acucar Novo, would have made 30 billion euros in sales and held 32.3% of the local market, against 11.1% for the U.S. WalMart.

Las.Faced with fierce opposition from Casino, which supports the development of this project is contrary to the shareholders' agreement binding Abilio Diniz, BNDES announced its withdrawal on the night of Tuesday to Wednesday. While Diniz seeks private investors to substitute for Brazilian BNDES, he lost some of its political support.

This halted the project is mostly a failure for Carrefour, which had the most to gain. The group chose to take advantage of the disagreement between Diniz and Casino to join in a risky project, rather than seeing the Brazilian partner with WalMart. If successful, Carrefour could forget his many disappointments. The group is not out of a serious area of ​​turbulence in its domestic market, putting pressure on its outstanding CEO Lars Olofsson and its principal shareholders, Groupe Arnault and Colony Capital payday advance lenders.The latter, entered the capital of the retailer in March 2007, when the action was worth 53 euros, have increased the project, or attempted to bounce the stock price, which dropped by half since: sale of Brazilian and Chinese subsidiaries , public offerings of real estate branch, split Dia. In vain.

Brazil lost the battle has also cast a cruel light on the performance of Carrefour in the country, its first growth opportunities ahead of China. Abilio Diniz revealed that the operating profitability of Carrefour Brazil was 1%, seven times less than that of GPA. Casino and pointed the loss of market share of hypermarkets in Brazil, for the benefit of supermarkets and convenience stores.If its chain of wholesale stores Atacadao is a success, Carrefour, local leader, sees its hypermarkets suffer against those of Extra, a subsidiary of ABM.

Overconfidence

After 550 million of provisions recorded by Carrefour last year as a result of accounting fraud at its Brazilian subsidiary, the latter saw his image tarnished again. The withdrawal of the BNDES also shows that Carrefour had underestimated the political power relations in Brazil, or too trusted Abilio Diniz …

If new proposed combination with GPA must be submitted to the board of Carrefour in the coming months, it would still be opposed to casino, and no political support in Brazil. This time, the independent directors of Carrefour might well make their voices heard.

Is this a side effect of the crisis that has swept the Hexagon in recent years or the present assertion of a belief rooted in the longstanding head of the French? According to an Ipsos poll conducted for the National Mutual land and published in La Gazette des communes, no fewer than two in three French say they do not discourage their children to become official if he so desires. For the authors of the study, "the idea that the French have a bad image of officials is therefore reversed. The proof: they dream for their children.

These are, unsurprisingly, the staff themselves who rent the more the idea that their offspring borrow one day the same way they do: 91% of hospital employees, 74% and 71% of territorial officials .If there are few differences between supporters of the left and right, the two opposing groups on the non-replacement of staff on two retiring 71% of prospective voters of François Hollande or Martine Aubry are cons, while 64% of supporters of Nicolas Sarkozy are for. Like what, the public remains a cleavage …

Farmers do not easily repay the aid they have been illegally paid between 1998 and 2002. "Do not pay!" They were still directed Beulin Xavier this Sunday, the president of the FNSEA, micro Europe 1. "We want to continue the discussion on the subject. The current situation also requires some restraint, "he said, referring to the dual crisis that farmers currently, due firstly to the exceptional drought they suffered, and secondly to the fall in sales of fruit and vegetables following the discovery of a bacteria killer in Germany. "So far, 2011 is probably the toughest year to live for agriculture since 1949," Xavier held Beulin.

European Commission demands since January 2009 the repayment of French subsidies paid to producers of fruits and vegetables between 1998 and 2002.Received a complaint from a French farmer who felt aggrieved, the European Commission finally ruled that these subsidies distort competition in the market. It is therefore around 600 million euros that France is committed to be reimbursed by the farmers. The Minister of Agriculture, Bruno Le Maire, confirmed this week that the first claims had been issued to operators.

A plan of assistance deemed insufficient by the operators

Farmers are even less inclined to pay as they deem insufficient aid plan deployed by the state to help them during this difficult time payday loan. While compensation from the national guarantee fund for agricultural disasters (FNGCA), with 200 million euros, should not be paid until mid-September, operators were waiting on the part of the state allocation direct subsidies.But the move by the Charente Thursday, the head of state has rightly refused to "fall into the bad habit of giving allowances that would be declared illegal in a few months." Nicolas Sarkozy has decided to offset a one-year repayment of loans to farmers in 2009 as part of an exceptional level of support, $ 1.6 billion.

"The billion euros of measures [announced by Nicolas Sarkozy], I still trying," said Xavier this Sunday Beulin Today is a little over 500 million euros. " A sum that compares to the heavy expenditure that farmers will face this year. Between the difficulty to find fodder to feed the animals because of drought, rising grain prices and lower meat prices, which could amount to "much more than a billion euros, said Chairman of the FNSEA.

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