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Greece seriously concerned about new markets. First because of its new economic forecast alarming: the finance minister, Evangelos Venizelos, admitted yesterday that the austerity plan would cause a recession than expected, with a decline in GDP is now estimated at 4.5% " at least "in 2011 against 3.8% prior.

But mainly because the second plan with 158.6 billion euros, concocted by the Heads of State on July 21 and has yet to be ratified by all members of the euro area, has been seriously shaken by Finland.

Helsinki this week announced it has signed a bilateral agreement with Athens where, in exchange for his participation in the bailout, Greece to collateral ("Collateral") to Finland. This sum, which some analysts valued at 1 billion euros would be invested by Finland in risk-free assets.Interest earned will, in the end, to cover the amount loaned in the rescue plan. In other words, the Finnish government has made pledges to ensure against any risk of default of Greece.

Two-tier system

Technical in appearance, this agreement could have an impact politically devastating. Although this is a bilateral agreement, "Member States of the zone will validate this discussion between Finland and Greece," said a spokesman for the Commission, Amadeu Altafaj, ensuring that " Negotiations are already underway. "

But in Brussels, it does not hide his concern. If it is definitely validated the agreement between Finland and Greece could open a Pandora's box by allowing other countries to step into the breach. Austria, Slovakia and Slovenia are already tempted to do the same."We believe this agreement will exacerbate the problems of Greece and did not fall," warned yesterday the Dutch Prime Minister Mark Rutte. He said the solution is equivalent in effect to "resume direct" the money lent. However, the Dutch Prime Minister said that if the Finns get this guarantee, it should apply to all countries in the euro area quick cash.

Therein lies the problem. By creating a two-tier system, the agreement undermines the solidarity displayed by the leaders of the euro area on July 21. "The participation of Finland has been canceled," said one EU source, deploring an arrangement going "against the spirit of the agreement" for Seventeen.

Difficult, however, to reverse, the source added.Helsinki is indeed required to deal with the nationalist party of the True Finns since their breakthrough in the last legislative elections and their reluctance to come to the rescue baskets drilled in the euro area.

Markets are not fooled

Under the pressure of Finland, the Heads of State of Seventeen had included a short clause in their agreement of July 21, stating that "where appropriate, a security agreement will be established to cover the risk arising, for Member States of the euro area, the guarantees they have provided to EFSF. " The rhetoric is vague and leaves open to interpretation. Yesterday in Brussels, experts from the ministries of finance in the euro area came together to floor on the issue.

For the Commission, this development is not a surprise, and he emphasizes the urgency of ratifying the agreement of July 21.José Manuel Barroso had written to heads of state of the euro area from August 3 to ask them to speed up the timetable, and thus "avoid introducing excessive stress in terms of conditions or additional collateral." We understand better the rush now.

Athens wanted reassurance yesterday, indicating he had entered into negotiations with a pledge of Helsinki. But financial markets are not fooled: "If all countries in the euro area, each requiring a Trust Agreement, this will restrict all the help that will actually be available for Greece," say economists at Barclays Capital. This would imply de facto establishment of an additional third envelope.

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If prices continue to increase, rising interest rates tend to slow down on its side. The latest results of the Housing Credit Monitoring / CSA published Monday, the average rate charged by banks for getting a home loan rose to 3.90% in July, or 0.04 basis points over that in June.

It's much more at the end of 2010, where it reached a low of 3.27% on average, before rising sharply in the first quarter of 2011. In the early months of the year, interest rates have taken nearly 10 basis points per month, before slowing gradually to rise in the second quarter.

Because the factors that competed so far in the rise in interest rates now seem not to have to play. "The increase began in November 2010 was related to liquidity constraints imposed by the Basel III.To satisfy them, the banks have increased their margins on new loans payday loan lenders. Today, this adjustment – of around 70 points to 100 basis points depending on the establishment – is probably done, "said Michel Mouillart, an economist at Paris X-Nanterre.

Other factors, however, could take over. The cost of money, in particular, could rise because of uncertainties related to the amount of sovereign debt. For the moment, "this factor did not play," said the economist. But it is already expected that the three-month interbank rates and increasing to ten years until 2012, drawing upward those for mortgages. "The movement of rising interest rates should continue," predicts ultimately Eluère Olivier, an economist at Credit Agricole.

Increase the duration of loans

Photo credits: Jean-Christophe Marmara / Le Figaro

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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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.

The Paris Bourse started rising sharply on Tuesday morning – the Cac 40ouvre up 0.80% at 3973.92 points – after finishing Monday night in a small decrease (-0.21% to 3942.53 points) carried by a slight recovery in confidence in European markets while the situation in Greece feel a little better. The single currency advance against other currencies on a hope that the Greek crisis can be resolved (one euro 1.4371 against the dollar this morning). Jean-Claude Juncker, Eurogroup President, has expressed his desire to "solve the Greek problem by the end of June." In addition, a second bailout of 65 billion euros could be established, combiners loans from the EU and the IMF.In addition, Germany plans to withdraw its proposal rééechelonner maturity of Greek bonds to facilitate the release of new aid to Athens, reported Tuesday the Wall Street Journal, which further strengthens the euro on the market exchange.

Still, this morning, the rating agency Fitch Ratings lowered by three notches note of Cyprus, which changes from "AA-" to "A-" due to the involvement of banks in this area countries euro in Greece and does not, according to a statement, to conduct a further deterioration.

This morning, Asian stock markets are well oriented. The rating agency Moody's has yet announced it, it could lower the rating of the long-term debt of Japan within three months, citing the massive debt the country exacerbated by the recent earthquake in north-east . Fitch made the same announcement three days ago.The Nikkei has still finished rebound of nearly 2%, amid weaker yen against the dollar and a good indicator of industrial production.

The French Minister of Economy Christine Lagarde, has pledged Monday in Brasilia to "deepen" the reform of the International Monetary Fund (IMF) to give more weight to emerging countries if elected head of the institution Financial.

The greenback that folds also pushes the oil upward, making them more attractive purchases of raw materials denominated in dollars. In morning trading, a barrel of light sweet crude for July delivery took 35 cents to 100.94 dollars.That of Brent North Sea crude for delivery gained 58 cents identical to 115.26 dollars.

Rain important indicators to monitor

In France, before the opening of trading, we followed the consumption expenditure of households on goods in April (INSEE): it decreased by 1.8% in April after falling 1.0% in March (revised ). Sales of new homes fell in France by 17.2% yoy in the first quarter, according to the Ministry of Housing, which reported Tuesday in a parallel increase of 30.4% in housing starts and 9, 0% of building permits between February and April 2011.

Then at noon, we take knowledge of business failure in December 2010, the agricultural price indices in April, while producer prices of business services in the first quarter (INSEE).In Germany, retail sales have risen dramatically in April, but at a slower pace than expected, after a march which the drop was even greater than had originally estimated.

In the euro area, we know the unemployment rate April at 11 am and the first estimate of inflation in May

United States, 15 hours, we expect prices logger (S & P / Case-Shiller) well attended in March. Then at 15:45, industrial activity in the Chicago area in May, also very important. At 16 hours, the highly anticipated index of consumer confidence (Conference Board) in May.

Laurent Perrier: net profit up 39.5%

Side values, Alstom (1.81% to 42.64 euros, the biggest increase Cac 40).The construction project by the group of a line of elevated railway in Baghdad will cost $ 1.5 billion (one billion euros) and will be financed by the French government and French banks, said Monday the Iraqi leaders.

The group of Laurent-Perrier Champagne on Tuesday reported a 39.5% increase in net income for fiscal year 2010-2011 ended in late March, thanks to higher sales volume in the second half, which helped significantly reduce its debt.

Areva (-0.51% to 29.50 euros) will follow as the night before, the stock lost 1.98% to 29.65 euros on its first day of cotation.De invertitudes many threats to the nuclear group. EDF is also on the alert after the announcement yesterday (Monday) at the end of nuclear power in Germany by eleven.

Renault (1.35% to 39.31 euros) is also on the radar screen when a new number two was appointed to replace Patrick Pelata yesterday.Carlos Tavares will cheer for employees and create attractive cars to restore momentum to a manufacturer whose weight continues to fall within the Renault-Nissan.

Total (1.33% to 39.97 euros) will launch a discount service stations to compete with low cost workstations supermarkets. In an interview with La Tribune, Jerome Pare, director of the distribution business of France's Total announced that a "large number" of 2050 sales outlets would be affected by this repositioning to the entry level.

France Telecom is in Paris today's investor day. The group plans to sell its minority holdings in Austria and Portugal.He announced his will destabilize its level in 2013 EBITDA to a level higher than 2011 and reaching a total cumulative EBITDA of around 45 billion euros over the period 2011-2013.

EADS (1.14% to 22.68 euros). UK fraud office (SFO) launched an investigation of alleged bribes, kickbacks paid to Saudi officials by a subsidiary of British defense giant EADS and aeronautics, the Financial Times reported Tuesday.

Nexans (1.29% to 66.57 euros) provides the first half organic growth in sales of 7% to 9% and operating profit representing between 4.5% and 5% of its turnover, announced Tuesday the French manufacturer of cables.

Vinci (1.37% to 44.10 euros), ADP (+0.41% to 66.50 eruos), Veolia (0.99% to EUR 20.92).The process of opening the capital of major regional airports is frozen amid differences between local and state, wrote Tuesday in La Tribune. Vinci confirmed early May watch some airports, while ADP and Veolia might also be interested.

Carrefour (+0.74% at 30.51 euros), Casino (0.01% to 73.45 euros). Casino said it had asked the ICC for arbitration and requires that the Brazilian group Diniz fulfill its obligations pursuant to their shareholders in the company that controls the Wilkes Brazilian retailer CBD.According to sources familiar with the matter, the president of the Brazilian group distribution Pao de Acucar Abilio Diniz approached rival Carrefour to evoke the hypothesis of a merger with the local activities of French

Sanofi (0.96% to 54.61 euros) on Tuesday released desrésultats a phase III study showing that lixisénatide, treatment of diabetes has reached, as an adjunct to basal insulin, the primary endpoint .

Schneider Electric (1.22% to 112.15 euros) announced Monday the acquisition of 74% of Luminous, a specialist Indian UPS and critical power, as part of its strategy for small and medium-sized acquisitions.

Despite a "peace message" sent by LVMH (1.22% to 112.15 euros), the debates became heated during the general meeting of Hermes, which was held yesterday.

Fimalac (4.05% to 29.03 euros), parent company of Fitch, saw its operating income grow by 23.9% in the first half ended March 31, while its sales sales was up 21.1% (an organic growth of 12.3%).

Mersenne (ex-Carbone Lorraine: 0.43% to 39.50 euros) acquired the remaining shares of Chinese Mingrong Electrical Protection (MEP) which it already owned 51% since 2008.

CD & R, Axa PE and CDC Quebec are paying 2.1 billion euros to afford Spie, according to our information.

U.S. stock markets are changing very slightly higher on Tuesday, spurred by bargain hunting after plogeon the day before. The Dow Jones rose 0.21% to 12,407.07 points, the Nasdaq advance of 0.23% to 2765.11 points and the S & P 500 gained 0.38% to 1322.35 points.

On Monday, the NYSE has closed lower for the second straight session, giving back to concerns about the debt of several countries considered fragile in the euro area and undermined by the sharp fall in oil prices has weighed on the energy sector.

The euro against the dollar resumes

While concern has focused until recently on the Greek case and the single issue of debt restructuring, they come to spread to other fragile countries of the euro area, including Spain.Even Belgium was concerned, as Fitch downgraded to "negative" view of the note because of the persistence of the institutional crisis in the kingdom.

In the wake of heightened tensions, the euro fell against the dollar, moving below the $ 1.40 for the first time in over two months. On Tuesday, the European currency regained a bit high. In early afternoon in Paris, the European single currency was worth $ 1.41.

On the macroeconomic front, investors will monitor the new home sales and expenditures and household incomes.Among the other highlights of the week, the Michigan index, and promises of sales are expected on Friday.

Bank of America pays $ 410 million to customers

Bank of America 0.30% to 11.45 dollars

The side of values, Bank of America has found a tentative agreement Monday night to pay $ 410 million to customers who complained of excessive bank charges after an overdraft on their account. The complaint partnership had attracted about one million customers aggrieved.

Coca-Cola Enterprises: 0.69% to 29.33 dollars

Also note, Coca-Cola Enterprises (CCE), the leading bottler of Coca-Cola products in Western Europe, is listed since this morning on NYSE Euronext Paris, in addition to its listing in New York.The IPO price was set at 20.73 euros per share and the market capitalization of CEC on the day of the introduction amounted to 7.06 billion euros.

eBay: 0 no checking account payday advance.28%: 31.72 dollars

The distribution group online eBay does not use its earnings from the acquisition of Skype by Microsoft to make acquisitions, said its chief executive John Donahoe in an interview with the Wall Street Journal.

Cisco Systems: -0.40% to 16.29 dollars

The spiritual movement Falun Gong filed a complaint with the U.S. against the U.S. computer equipment manufacturer Cisco Systems, which he believes helps the Chinese regime to suppress its followers.

Avon Products: 0.94% to $ 30

After the close DeWall Street, Avon Products has announced the appointment of Kimberly Ross, currently CFO of Dutch Royal Ahold, as Vice President and CFO of Avon.

Blackstone: 0.54% to 16.64 dollars

For his part, Blackstone seek transfer of real estate assets in Canada for about $ 900 million according to Reuters.

Sigma Aldrich: 0.53% to 68.62 dollars

Sigma Aldrich has announced the acquisition of Brazilian VETEC Quimica Fina Ltda, a provider of specialty chemicals for industry and research.The transaction, whose terms were not disclosed, should have no impact on results.

Union Pacific: 0.26% to 101.85 dollars

Union Pacific has announced the launch of a limited supply to exchange $ 750 million of existing bonds with bonds maturing 2022 and a partial settlement in cash.

Applied Materials: 0.69% to 13.89 dollars

The presentation of results from Applied Material, Tuesday and especially the speech which should also accompany attention. The group was downgraded by Goldman Sachs Friday because of a reduction in forecast request to the semiconductor industry.Also today, Compuware will also deliver his views on the changing demands of business and therefore on the strength of their investment in information technology.

Russian Yandex Internet group in turn could make a sensational debut on the Nasdaq, a week after scoring a spectacular goal in professional social network LinkedIn, says New York Times. The action Yandex will be sold at a price of 25 dollars, far beyond expectations, the newspaper said. Such a price would value the group at Moscow $ 8 billion.

The Center for Strategic Analysis (CAS) will publish tomorrow Tuesday an interesting note on employment and unemployment among youth. "After much reduced between 1995 and 2008, youth unemployment has not been more sensitive to the crisis in France than in the average OECD country," says the CAS.

The number of under 25 unemployed has increased by 4.3 points in France in 2008-2009 to 23.2%, against an increase of nearly 6 points in the OECD countries.Nevertheless, France still exceeds the three-point average of industrialized countries and is located "halfway between countries that have rates two to three times lower, as the Netherlands (7.8%) and Germany (8.3%) and those where they are approaching double the average, like Spain (43.1%) or the Baltics. "

If the best trained are best protected, the higher qualification of youth did not prevent their conditions of entry into active life to deteriorate. One third of 15-24 year olds have jobs of limited duration, against 11% of all employees. "There is no single answer to youth unemployment, otherwise we would have found it," insists Vincent Chriqui, head of the CAS.

No "youth minimum wage"

Former Plan Commissioner made four proposals in line with government policy no teletrek payday advance.He suggests "developing a wide range of alternative tools to schooling 'for 200,000 young" dropouts "listed by year: alternate pathway" second chance ", strengthened support … To further reduce the number of young people without qualifications, CAS argues that "the development of learning is more beneficial than in the past for training of secondary education." It should even be "a shared priority" prefects, regional councils, presidents or partners.

To reduce labor costs in the commercial sector – as France has not introduced, unlike other countries, a "youth minimum wage" – the CAS proposes to expand the number of assisted contracts in the private and make "a management tool and counter-cyclical support to young people most in need."The advisory body to the Prime Minister finally suggests to "enhance the experience of young people in the nonprofit sector by transforming a share of subsidized jobs in the public sector apprenticeships.

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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 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.