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.

The leader has said that the group strategy in emerging markets has paid off. Contrary to some distributors, the group has backed the development of its brands 'premium' in those countries where else put more emphasis on products at low costs. However, Pierre Pringuet, said that "the premium brands are spared the game" with growth twice as large.

But overall, the results published by the group are slightly below expectations. The French group announced a net profit of 951 million euros, up 1% for fiscal year 2009-2010 (ending June 30th). As for turnover, it was 7.1 billion euros, down 2% but the growth amounted to 2% payday loans.

Moreover, the average cost of debt was 4.3% throughout 2009/10, up from 4.8% recorded over the previous year. Based on current interest rates, the target for the year 2010/11 is to maintain the average cost of debt at a level below 5%, said the group, which has not communicated earnings prospects for its next fiscal year.

Objectives: Debt Reduction and Development

Management has stated that "his priorities are the development" of its flagship brands, as well as "pursuing a sustained level of marketing investment and debt relief group, in the words of Pierre Pringuet.The Chief Executive, has stressed this morning on BFM radio that the two group's goals for the year have been achieved: "We had two objectives: to reinvest in marketing, what has been done since the expenses marketing has grown twice as fast as revenues, and defease the group, pushing the ratio of debt to cash flow to 4.9.

Pierre Pringuet also puts forward "the return to normal policy of dividend distribution group." He promises that, once again, "one third of the dividend will be distributed" after the unit was exceptionally low last year "because of the financial situation". The dividend will reach EUR 1.34 per share, therefore, under 2009/10.

In early trade, as the market declined more since the action lost 1.2% against a decline of 0.6% for the CAC 40.

Before the bell, consumer spending rose more than expected in the U.S. in July. Consumption has picked up 0.4% yoy compared to June It's better than the expected by analysts, who had estimated the consumption growth to 0.3%, according to their median forecast.Spending growth has outpaced that of household income since, according to the ministry, they are divided up by 0.2%, after virtually stagnating in June

On Friday, the NYSE had ended up, apparently reassured by the downward revision in less severe than expected U.S. growth in the second quarter U.S. GDP in fact increased by 1.6% in the second quarter cons expected 1.4% recently, but against 2.4% expected in the first estimate.

Despite a speech by Ben Bernanke at Jackson Hole somewhat mixed, the U.S. stock market saw on Friday, the Dow Jones climbing 1.6% to 10,150 points and the Nasdaq 1.6% to clinch also 2153 points.

Responsible economic news this week

On Tuesday, it will house prices and economic activity in the Chicago area in August and, finally, the consumer confidence that will be published. Wednesday, Thursday and Friday will be dominated by the particular job, with, successively, the ADP employment figures, entries weekly, and finally figures of unemployment and employment in August.

Waltz of mergers and acquisitions

On the corporate side, the spectacle of mergers acquisitions poursuit.3Par (-1.45% to 31.99 dollars) soared 25% to 32.5 dollars on Friday night.As for his suitors, HP (2.32% to 38.88 U.S. dollars) has increased its prices by 3 27 to $ 30, Dell (0.53% to 11.95 U.S. dollars) has aligned its offer Friday morning over $ 27 No fax cash advance.

The German manufacturer Infineon Semiconductor announced Monday the sale of his division's wireless, which makes components for mobile phones, the U.S. Intel (-0.82% to 18.22 dollars) for 1.4 billion (nearly 1.1 billion euros).

The CEO of Sanofi-Aventis, which formalized Sunday his intention to acquire U.S. biotech Genzyme (3.95% to 70.29 U.S. dollars) to $ 18.5 billion, said that "a lot of time can still drain "by launching a bid, in an interview with Voices dated Monday.

Sanofi-Aventis announced on Sunday a proposal for acquisition of U.S. biotech group Genzyme for a price of 69 dollars per share, totaling $ 18.5 billion (14.5 billion euros).But the board rejected on Monday unanimously the proposed terms.

The Indian government was to meet Monday officials from the Canadian manufacturer of BlackBerry (RIM) to try to break the deadlock over access to encrypted data from the phone, on the eve of the ultimatum on the blocking of two services mail.

French insurer Axa has reduced by almost half its share in the prestigious U.S. investment bank Goldman Sachs (-0.17% to 139.52 U.S. dollars), the center of criticism for his role in the Greek crisis, according to documents the regulatory authority of the U.S. markets (SEC).

The U.S. industrial conglomerate 3M (-0.8% to 80.35 dollars) on Monday announced the acquisition of Cogent group (19.35% to 10.64 U.S. dollars) to over 900 million dollars (708 million euros ), which represents a premium of nearly 18%.3M will pay $ 10.50 in effect by title Gogent, which posted a closing price of 8.915 dollars Friday. The transaction should be completed in the last quarter of 2010.

LE FIGARO. – The results of the first half they marked the recovery of accounts?

Nicolas de Tavernost. – The model M6, which is based on two feet, with 55% of revenues related to advertising and 45% due to diversification, proved last year that he could withstand the crisis. In 2009, M6 has been one of the few media groups in Europe to maintain its result. Today, that same model shows that it is also effective in upturns. Thus, our operating profit grew by 23% in the first half of 2010.

Note that all segments of the group – the M6, digital channels, media rights, Internet, Distance Selling … – rose.Accordingly, the group turnover is above the 2008 level, which is not the case in the advertising market. Finally, with an operating margin growth of 2.1 points to 17.9%, the profitability of the M6 is two times higher than its main competitor. This validates the relevance of model M6.

M6 she stood facing the World Cup football?

Firstly, that the advertising market has benefited from a World Cup is not correct. Proof, M6, which was unable to attend matches of the World Cup as opposed to TF1, France Televisions, Canal +, has turned this handicap into an advantage. This is for two simple reasons: three-quarters of advertisers looking for a female audience, which is not the case with football, and during games it is difficult to insert commercial breaks.During the World Cup, M6 has made a good-cons programming including "Love is in the meadow, which was a great success. In the end, the World Cup has cost us about 0.3 point fall national audience but had no effect on our advertising revenue. Instead, in June, our screens were saturated and our advertising revenue in the second quarter increased 12%.

Does that mean you give up to buy sports rights?

I did not say that. M6 continue to purchase rights, particularly in football, but we approach the issue with caution. Today, the cost of rights is too important, even if they have started to fall on those of the France team and those of the Champions League.We acquired two games of the France team in the fall (Luxembourg-France and Bosnia-France) and we will probably go on the tender to be held in September of rights for Euro 2012 and 2016.

The hearing is continuing its erosion of M6. How about it?

Let's review the last ten years. During this period, the M6 has improved its position against its competitors historical. In 2000, we were only 38% of TF1's hearing today, we are at 42%. Better still, we're currently 64% of the hearing of France 2 against 57% in 2000 and we arrive at 95% of the audience at France 3. In absolute terms, of course, the hearing of M6 is increased from 12.7% in 2000 to 10.4% today. But in ten years, the number of channels has increased with TNT. We must therefore measure the audience of all group channels (M6, W9 and channels), which has now reached 14.2%.We have therefore gained market share in a decade.

What are your predictions for the advertising market in 2010?

The rise of television advertising market is due to the very effectiveness of the media, which proved he was still the most powerful. However, after the crisis of 2009, the market still suffers from a decline of 10% compared to 2008. We hope in the second half we find these levels. It should be noted that in the meantime the offer of television has multiplied, and there is more competition on a smaller market. Despite this background, M6 has managed to improve its result. For the whole year, I do not give predictions but I can tell you that in the short term, over the months of July, August and September, the market is not bad.

In addition, W9 continues to grow very rapidly. W9 has a national audience share of 3% and 3.8% on our business targets.She continues to experience strong growth in advertising revenues and is the TNT channel most invested in advertising.

Will you return to innovate?

The M6 has always been innovative, two examples: it has been three years since we have successfully focused on cooking with "Dine With Me" and "Top Chef" of success that will continue in September. We have also developed the second generation of reality: with "Love is in the meadow", "New Star" and "Amazing Talent," which are programs to successful wide audience. The "19.45", launched last September, is already a success that should be amplified, we will pursue innovation in September with the recently highlighted the skills of French artisans.

We have also innovated with our services and VOD Catch Up TV (M6 and W9 Replay Replay).Even if these new services are growing very rapidly, we should keep. Eventually, the TV catch-up will represent between 2% to 4% of the initial hearing of the television and almost as much revenue.

M6 Will he participate in tenders issued by the CSA for the new DTT channels?

Currently, we examine the context of the tender. But be careful to balance the market in France, we are the European countries that saw the most public and private channels to develop.But the market can absorb new channels constantly.

Regarding funding, he must go after the clarification sought by the President of the Republic: government revenue for public broadcasters, private income for private channels, it is the condition of a balanced television industry.

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On the foreign exchange market, the euro continues to rise on Tuesday. At 15.30, the euro gained 0.38% to 1.2592 dollar.

The session on Wall Street, will begin with the announcement of the PMI services.Apart from this indicator, no other major news is expected.

After the disappointment of Friday on the employment figures, investors should be particularly careful this week to weekly figures for unemployment benefits that are to be published Thursday.

The employment report in June showed Friday that the U.S. economy had reduced jobs for the first time since the beginning of the year. Even the decline in the unemployment rate to 9.5% was not enough to reassure investors, this situation reflects the despair of a portion of the workforce, which seeks more jobs.On Wall Street as on most other major world places, operators should play the card of caution this week before the opening of the interim results season.

On the face values

Within the Dow, the ball begins, as always, with results from Alcoa July 12 (next Monday).

Meanwhile, the discount retailer Family Dollar Stores (3% to 39.8 dollars) to publish its half-yearly results on Wednesday credit score. This will be the only company in the S & P 500 to publish its results this week.

The BP Plc, also listed on Wall Street leads the session with an increase of 4.9% to 30.8 million.After the group has denied being the search for new shareholders, Shokri Ghanem, Chairman of National Oil Co, a Libyan oil, said that Libya should return to the capital of the British oil company.

The share of investment bank Goldman Sachs benefits of raising recommendation JPMorgan, which rose to overweight on the title: +1.7% to 133.3 million.

Ford Motors has seen its price target return of 16-14 dollars by Goldman Sachs, the bank has lowered its estimate of overall vehicle sales in 2010. However, retain a recommendation "attractive" on the automotive sector. Finally, shares rise 1.5% to 10.43 dollars.

News Corp., the media group founded by Rupert Murdoch, The Wall Street Journal, in discussion with Google, Microsoft and Yahoo! for the sale of advertising space on MySpace, so that the current contract with Google ends.The securities earn 1% to 11.9 million.

The group of agrochemicals and seeds Monsanto (0.3% to 46.7 U.S. dollars) Monday withdrew its complaint against European importers of industrial soybean meal from Argentina. Monsanto previously estimated that they infringed its European patent on its Roundup Ready soybeans. But the group has settled its dispute with the Dutch importer and dealer Cefetra raw Alfred C. Toepfer International just before decide the European Court of Justice on the case Tuesday.

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The pumping operation implemented by the British group since the beginning of June can not harvest all the oil leaking from the wells.The report, which Le Figaro has obtained a copy, said however that "BP has put in place adequate resources to address the problem," that "decisions taken by the hour after the incident are good for most" but that "more needs to be done." The panel, composed of military personnel, members of the U.S. administration, senior oil industry, meteorologists and coastguard, is especially worried about the pumping capacity of the facilities put in place and their ability to adapt to cyclones that will not fail to develop the area in the coming weeks.

Restart Operation "Kill Top»

The report therefore recommends "three solutions to medium term. It is proposed to add 8 columns pumping of oil field to the three that have been put in place by the oil group.It would exploit holes already drilled in the framework of Operation "Top Kill" capping the well in late May that resulted in failure. "It would be possible to recover far more oil than is being pumped," the report said. Experts indicate that 11 holes would substantially increase pumping capacity and limit the flow of oil into the ocean.

The vessel there since the beginning makes it possible to recover 15,000 barrels per day and a second vessel connected last week on the damaged wellhead should eventually pump 20,000 to 28,000 barrels per day. Insufficient, while 60,000 barrels daily flow into the ocean.

The second recommendation is to replace the current system of pumping with valves placed in depth by a system with valves on the surface.This equipment would stop pumping more rapidly in the event of a hurricane landfall. The experts also recommend that membership cap recovery connected to the wellhead is strengthened. They said it would send the "epoxy", "hooks" and "cement" in the hat, the high pressure and suction at this depth (1500 meters) will had to take this kind of dough.

The third recommendation is to relaunch the operation "Top Kill" bailout sinks for the butcher. Experts suggest that a second pipe is inserted into the wells, the side of those who pump oil, and that this second "pipe" sends a very heavy mud to plug.According to them, sending mud associated with pressure pumping may this time be successful.

The report finally announced that he will make proposals for "such environmental threats are dealt with more effectively in the future." According to our data the use of explosives could cause a collapse and to cap the well has been studied and could be proposed as a protocol for action in case of "new September 11th green."

LE FIGARO – With a CEO who has just moved to Hong Kong and a proposed listing in Shanghai, is this the year of homecoming for HSBC?

Stephen Green – It has been four years since we started this movement to Asia, but it is true that the transfer of Michael Geoghegan office in Hong Kong earlier this year, marks a significant milestone.

When do you hope to enter the Shanghai Stock Exchange?

We expect the Shanghai Stock Exchange opens to foreigners. This process takes time. Let the Chinese authorities to develop policies and adapt the rules.It is unlikely that we can go public before the end of the year.

HSBC would be the first foreigner to be quoting in Shanghai?

We'd love to, but we're not the only candidates. There is also the ranks of major manufacturers with significant operations in China.

Why this rating?

This shows our long term commitment to China. The capital raised also fund our development in the country. This occurs on one side through our partnership with Bank of Communications, China's fifth largest bank, which we own 19%. We have a very important joint venture in the field of credit cards. Our development is also through our own network we want to expand. We have recently opened our hundredth agency and we would like to be present in all Chinese provinces.We need capital to finance not only our physical development but also to lend to small businesses in China.

The Chinese regulator urges domestic banks to better manage their risks. Is this a danger?

The overall outlook of the Chinese economy are excellent. The growth promises to remain strong for many years, with the aim to extend development to the west. In this context, banks have an important role in financing. As everywhere, there will be bubbles. But for ten years, banks have greatly strengthened, both in equity but also in ability to control risks. I am not worried about how the Chinese banking system operates.

What is the step after?

The main challenge for China is in the creation of a large debt market.For now, Chinese companies are financed through banks or equity markets. They will need an efficient debt market.

Do you fear the new prudential standards Basel 3?

The G20 meeting in Toronto next week, will be important. I observe a growing awareness on the part of governments that reform can not be applied in the calendar originally proposed. It takes time. It is essential that regulators calibrate the measures taking into account their impact on the real economy. If the device was applied as such, the banking system should recapitalize by much too important.

The tax on banks you worried she also?

This topic is joined in the previous because they threaten the profitability of banks. Some have generated returns of nearly 30% that were not sustainable.But, conversely, governments and regulators should realize that if banks are no longer sufficiently profitable, it attracts more private capital. And therefore, they can no longer finance the economy.

What is the minimum rate of return?

It is estimated that the cost of capital for a bank is around 10 to 11%. Therefore a return above this level.

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Result, sales of Avtovaz jumped 62% in May An upturn that could allow him to make a profit this year after a loss of one billion euros last year. "We must produce more than 450,000 vehicles (cons 300,000 in 2009) to generate an operating profit.While that seemed unrealistic at the beginning of the year, we now see pre exceed this threshold in 2010, "said Igor Komarov.

This adjustment is also allowed by drastically lowering costs. Russian has reduced its workforce last year to 30,000 people on 102 000. A job that required "the support of the state," said Igor Komarov. Some social activities of the group inherited from the Soviet era (nurseries, hospitals, nursing homes) has been transferred to the municipality of Togliatti. According to Renault, only a Russian could carry out this mission.This explains the departure of former French boss Avtovaz, last summer.

Five models assembled on the platform Logan

Avtovaz, Renault and Nissan aim to ally his term 40% of Russian market against 38.7% through May, in a context where the market share of Lada models obsolete, had significantly eroded by the crisis for the foreign brands. To achieve this, Renault must succeed in modernizing the plant of the former Soviet dinosaur. The French account to produce five new models on the platform of the Logan from 2012. Two Lada (station wagon and van versions), a Nissan and Renaults. A new small cheap Lada will also be constructed from the end of 2011.

Another priority: "Deliver upgrade local suppliers, in terms of cost and quality," said Christian Esteve, CEO of Renault in Russia.His goal is to move to Renault vehicles produced in Togliatti, 74% of local components in 2012, against 40% currently in its Moscow factory. To encourage suppliers to locate in western Russia and protect the development of local players, the group campaigning for the introduction of tariffs on imports of components.

The manufacturer has escaped bankruptcy last year, with help from the Kremlin about 1.7 billion euros, which allowed him to restructure its debt and cover its liquidity needs. Renault was able to maintain its share in the Russian capital without paying money, thanks to technology transfers valued at 240 million euros. According to Renault, the Russian market could reach 4 million cars in 2015-2016, which would make it the largest European market.

Capital contribution

The new effort called the company will probably be the last. The savings deposits are increasingly difficult to identify.Indeed, SeaFrance is no longer operating a single line (Calais-Dover) and uses more than four boats, three ferries.

"We will optimize the use of staff time based on business days, seasons, rotation, said Vincent Launay, in the service sector we do not have all the shops and all restaurants are open, then there are only a few dozen people on board. "

The company SeaFrance had placed under the supervision of the Commercial Court of Paris in April. It will soon be requesting the conversion of the backup procedure in receivership.

The situation is very delicate in April, the debt amounted to 185 million for 0.07 million of equity. Last year the company lost 36 million to 170 million turnover.

Now the future of SeaFrance through a capital contribution of its 100% shareholder, SNCF. "It would take about 190 million," says one with SeaFrance. The importance of the recovery plan is also justified by the need to convince the European competition of efforts by SeaFrance to extricate himself.