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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.

The games are not made. While the International Monetary Fund is seeking a new general manager following the resignation of Dominique Strauss-Kahn, emerging countries are mobilizing for a leader from their ranks.

While for now, no Chinese is not on the list of potential candidates for the resumption of the post, the Middle Kingdom believes the new boss of the institution should be Chinese. "The time has come to put an end to Western domination on the IMF," said Shan Renping commentator, in an article published by the Chinese newspaper Global Times. He adds that "one of the main responsibilities of the IMF is to oversee the trade and provide funds to countries in need, capabilities that can provide a growing China."He cited the name of Zhu Min, the former deputy governor of the People's Bank of China, then became Special Advisor to the Director of the IMF, as a potential buyer of the post.

For its part, the Mexican Minister of Budget, Ernesto Cordero, supported the candidacy of Governor of the Bank of Mexico, Agustin Carstens. "This is the best candidate for the IMF," said the minister at the Mexican press.

Statements which echoes the words of the Brazilian Finance Minister Guido Mantega said Wednesday that the succession of DSK to head the IMF should not be "decided in a hurry" or reserved for a European.

For Lipsky, Christine Lagarde is one of the candidates "well qualified"

Since the establishment of the institution the item is traditionally given to a European Bank since management is entrusted to an American.Thus, if an emerging leader is elected this would be a first for the institution.

While the position raises all desires to the four corners of the globe, American John Lipsky, who has served as Acting, said yesterday that the Board of Trustees will meet Friday to discuss it. He believes that Christine Lagarde is one of the candidates "well qualified" to lead the institution. A view widely shared in France and Europe, where statements of support have multiplied yesterday.

However, John Lipsky has left the door open to candidates from emerging countries, stating that "there is a consensus among our members that the process of appointing the CEO should be open, transparent and must be on the basis of merit. Open means open.Open does not open only to some. "The campaign has only just begun.

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Click image for larger graphic.

Shortly before the opening of Wall Street index futures Standard & Poor's 500 and Nasdaq 100 retreated 0.51% respectively to 1302 and 0.67% points to 2293 points, suggesting an early session in the red. The Dow Jones was due in part to its decline from 0.41% to 12,149 points.

The day before, the U.S. stock market had entered into an indecisive session slightly higher. The results of the first quarter of JPMorgan, though strong, were certainly enthused the stock markets, by and of the Atlantic. But they also left Wall Street more lukewarm. The title JPMorgan also yielded 0.83% at closing."The outstanding consumer loans, down from 8.50% in the quarter were disappointing in this publication," suggested Christian Parisot at Aurel BGC.

Obama's speech and the Beige Book Fed's call for caution

Prudence markets, fueled by retail sales figures mixed, could also be explained by the expectation on Wednesday, after closing a speech of Barack Obama since the George Washington University, the preferred solutions for fight against debt and deficit. The U.S. president has proposed including more taxing wealthy households.Objective: to reduce the U.S. deficit of 4000 billion over 12 years.

The Beige Book Fed unveiled, also on Wednesday evening, has not reassured the markets: according to this highly anticipated release, "the Japanese disaster of 11 March will have a greater impact than expected on the U.S. economy , "because of disruptions in sales and production (especially on the East Coast and central United States)," says Franklin Pichard, Director Barclays Exchange payday loans guaranteed no fax.

If the activity has continued to improve in the United States, this improvement has been uneven from one region to another. Soaring commodity prices began to threaten corporate margins and consumer spending.According to the Fed, the housing market remains depressed, even if the labor market, however, is stronger than in February.

Producer prices and jobless claims

Side indicators, foreclosures in the United States are divided on the rise in March, said this Thursday, the specialist firm RealtyTrac, which are expected to grow further in the coming months. In total, 73,174 homes were seized by creditors in March, up 13% from February, according to figures from RealtyTrac.

On the agenda of the day, the producer prices for March will be announced at 14:30, at the same time that the registered unemployed.This Thursday and Friday, also held the ministerial meeting of the G20 in Washington.

Google and Hasbro unveil quarterly leursrésultats

On the corporate side, after Alcoa and JPMorgan, it is this Thursday, Googleet Hasbro unveil their accounts in the first quarter.

Zipcar, a U.S. car rental self-service, also announced Wednesday it fixed at $ 18 the price of the 9.7 million shares it plans to market Thursday, which would an IPO at some $ 164 million. This price action, revealed in a document released Wednesday by market authorities, beyond the range of 14 to 16 dollars advanced last week.

Household size, a key carbon balance of French households. According to the first survey of 2000 people by the Observatory of Carbon on the initiative of consulting firm Green Inside, smaller polluters are large families where CO2 emissions are "pooled." In these cases, we share its heating, washing his or her refrigerator. Conversely, "the home of a person are truly explode the level of CO2 emissions." Logically, retirees and younger people, who more often live alone and are among the worst performers of this panorama polluters.

Of course, other factors, less critical, are also considered. For example, more high income households consume more leisure, including transportation. Their carbon footprint is even more deteriorated.

The ideal city

Confirmation by another study: transport remains the position that weighs most heavily in the carbon footprint of French households (54%), far ahead of housing (30%) and food (22%). The use of personal vehicles dominates (79%) while the use of public transport and air travel, which vary depending on households and individuals, representing 1% and 19% carbon balance.

The Centre concludes that "the ideal city" could be between 100,000 and 200,000. Let cities large enough to provide a network of public transport alternative to the car, but smaller than the mega fond of air travel.Thirty French cities fall into this category, including Nancy, Caen, Orleans, Metz, Nimes, Grenoble, Saint-Etienne and Reims.

Intergenerational solidarity

From these findings, how can we reduce the carbon footprint of households? "To be effective, it seems appropriate to act primarily on transportation and housing," says the Observatory. Regarding transport, the study notes that "the potential of hybrid and electric vehicles is undeniable, even if it is still very moderate." 1% of respondents have already acquired and 22% intend to medium term."A figure that expresses perhaps more relevant to the type of vehicles that a genuine desire to acquire a medium-term," said the observatory.

Especially, for the authors of the survey should act on household size, "imagine the springs that could increase the sharing" of resources and goods. Foster roommates? Retirement homes? The lines of inquiry are being launched with an objective that the Centre recognizes "ambitious", "we began to see as the problem of intergenerational solidarity," a subject which go beyond those environmental concerns.

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"Our results are magnificent, it is a historic year for our group!" Tuesday, Vincent Bollore, CEO of the same name, do not sulk his pleasure at the publication of results of 2010. Overall, all lights are green and especially the profits which have been multiplied by three in one year to 358 million euros.

This performance is due to the growth of group activities (logistics, energy, media) and greatly to the share of profit of associates to the group that mounts alone, 200 million euros. More than half comes from a reversal of provisions on securities Havas, owned 32.9%, which must be added nearly a third of the group results of the pub, or about 35 million euros.The benefits of planting thousands of acres of palm and rubber trees in Asia and Africa, are also up to 45 million euros.

For this year, the big story of Bollore is the electric car. After a decade of investment in the development of a dry battery and the acquisition or construction of production facilities in Britain and Canada, 2011 is the year of launch.

Bollore starts in a few months of marketing to the general public of its electric car launches and especially BlueCar Autolib 'in Paris. This is a unique car-sharing system. In return for a subscription of 14 euros per month, the Bolloré Group will provide Parisians electric cars, equipped with a battery Bolloré and assembled in Italy by Pininfarina chains, leased 5 euros for half an hour.The group pledged to offer 250 BlueCar in October and 2000 in a year.

A great showcase

A race against time involving several divisions of the group is committed. The 6000 electrical terminals and communication will be provided by the subsidiary IER. Bolloré Telecom's in geolocation. Havas will be put to use for advertising. In addition, 1200 full-time employees are being hired. The annual operating costs of Autolib 'are evaluated at 60 million euros per year. From 30,000 users per day, the project is profitable.

The financial risk is far from negligible, but Autolib 'can become a great showcase for Bolloré. If successful, the technology could attract manufacturers that Renault and Nissan lead are betting on lithium-ion batteries called liquids.This technology has the major drawback of heat unlike the dry battery, ensures Vincent Bollore determined to demonstrate that its battery is best.

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The maker of Smirnoff vodka and Guinness beer is poised to become the specialist of Turkish raki. The British giant Diageo puts his hand on Içki Mey, the leading Turkish spirits, after paying 1.5 billion euros from TPG Capital and Actera.

This group, who performed last year a turnover of 355.6 million euros, controls 80% market raki, the national famous alcohol with anise, and 65% of that of vodka. By seizing Mey Içki he coveted for several months, Diageo strengthens the distribution of its own brands in the Turkish market where it previously occupied fourth place with 4% market share of spirits, to Pernod Ricard (3% ).

"Turkey is an attractive market for Diageo and developed with strong growth in gross domestic product, says the CEO of Diageo, Paul Walsh.The acquisition of Mey Içki improves our position in the spirits market with high growth. " A market, boosted by the emergence of the Turkish middle class, which is still dominated by raki and alcohol cheap.

Rebalancing strategy

After several years of strong volume growth, they should nevertheless settle for 2015. "Diageo is betting on the transfer of consumption to international brands as they become more accessible," says Jeremy Cunnington, senior analyst at Euromonitor. The various taxes, which penalize hitherto imported international brands, should gradually decline by 2018. Diageo hopes to take full advantage with its broad portfolio of brands.

The acquisition of Mey Içki also part of a rebalancing strategy in emerging countries.During its last fiscal year (2009-2010), 67% of the volumes still came from the United States and Western Europe. It is precisely in Europe – particularly Greece, Ireland and Spain, where sales fell 13% in the first six months of fiscal year 2010-2011 – the slowdown has been most marked. "While growth in sales of Pernod Ricard was twice that of Diageo's first half is due to the lack of presence of the latter in emerging countries, China and India in mind," says Jeremy Cunnington.

Diageo, who had preferred to leave India after the Asian crisis in 1998 gave way to Pernod Ricard, which now owns 8% of the market. Diageo is now trying to regain a foothold in the region.He has just returned to 24% stake in the spirits of the Vietnamese leader (Halico) after taking control late last year of a heavyweight Chinese (Quanxing). China will become this year … second country, ahead of France, Pernod Ricard.

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Fimalac wants afford Accor Casinos. Accor, which still holds 49% share of Casino Lucien Barriere, came under discussion with the holding company Fimalac, announced the holding company and the giant hotel, confirming information Wansquare. "If the talks succeed, Fimalac inform the market with a new release," said the holding company of French businessman Marc Ladreit de Lacharriere.

Neither group has characterized these negotiations exclusive.

Accor thus remained in the process, begun there On several months of separating from its casinos Lucien Barriere. Last October, there was talk that the casino operator is introduced in Exchange, but Accor has canceled the operation less than 48 hours before the first quotations. Explanation: The lack of investor interest.The number one casino in France, also owns luxury hotels like Le Fouquet's in Paris, would indeed have been valued below the proposed price range (from 575 to 702,000,000 euros), which was too little for Accor.

Following this failure, the casino operator did not document-Accor maintained that all options were "reopened", including finding investors. However, management prefers Barrier IPO (IPO). This could suggest a new attempt in 2011.

A price around 550 million euros

According to our information, "it would seem reasonable that it is fastened below the price the IPO at around 550 million euros." Even if the purchase price is modest for Accor, "is clearly positive in terms of perception management," said one trader in Paris.

Fimalac, which include 60% owner of the rating agency Fitch, could then finance the acquisition entirely on equity, because it currently has net cash of 261 million euros.

In the 2009/2010 financial year ended September 30, Fimalac has reported a net profit of 30 million euros (+36.4%) for a turnover of 608.9 million euros ( +8.8%).

The group recently acquired the company Vega, French leader operating rooms dedicated to entertainment, sports and events and economic events. The company has notably orchestrated the return of Michel Polnareff in 2007 and is particularly associated with the operation of the Zenith of Rouen. He also holds 40% of Gilbert Coullier Productions, the leading French organization of shows for singers and comedians speaking.

Nothing works for casinos

The casino market has suffered tremendously, both from an economic crisis that has sealed the "entertainment budget" of the French and regulations become more stringent over time.

The journalist Laurent Joffrin, CEO and managing editor of the daily Libération since 2006, should return to work alongside Claude Perdriel, the owner of the newspaper group Nouvel Observateur (Le Nouvel Observateur, Challenges and Sciences et Avenir). Former managing editor of the first French news magazine (502,705 copies mailing France paid in 2009-2010, according to OJD) twice – in 1988-1996 and 1999-2006 – Laurent Joffrin should be given very shortly Chairman of the Management Group Nouvel Observateur.A position held previously by Denis Olivennes, who has just joined the group Lagardere Active to support the new Europe together information hub 1, the Journal du Dimanche, Paris Match and Internet activities Newsweb.

Guest this Friday's "Buzz Media Orange-Le Figaro, Claude Perdriel said he has" asked Laurent Joffrin help in a mission to revive the Nouvel Observateur. He is currently preparing a development, enrichment and adaptation of the magazine to the modern world for the end of March. " Claude Perdriel also proposed directing publication Laurent Joffrin: "I moved to Lawrence to join us one day soon, if it is compatible with the development of Liberation. It could provide a direct operational function of Le Nouvel Observateur and a function of participating in a consulting firm on Liberation.A system must be developed and in which he could bring his ideas and Liberation. "

Beginning last December, Laurent Joffrin had been instructed by Claude Perdriel and Edouard de Rothschild, which owns 36% of Liberation, "study all the possibilities of cooperation" between the Nouvel Observateur and Libération, until the equity between the two media groups. A three-month mission that takes a new turn today. After finding a new shareholder – the property group Land Colbert brings 12 million daily – and "managed to balance its accounts," according to Claude Perdriel groups, Liberation and Le Nouvel Observateur no longer consider that synergies " in derivatives, subscriptions, supplements and conferences, where we want to reach agreements together, "says the founder of the Nouvel Observateur."From the moment Libération was balanced and that the money taken to the journal is a development money and no money to cover the deficit, they need less of me," notes Claude Perdriel.

Born in 1952, Laurent Joffrin began his career as a journalist with Agence France-Presse (AFP) and the International Forum on a daily basis before becoming manager and editor at Liberation (1981-88).

When you think of the recurring criticisms of Axel Weber vis-à-vis the ECB and its decision to buy Sovereign debt, the face of Jean-Claude Trichet freezes, the voice becomes more serious: "No. This is not the position of the Governing Council with an overwhelming majority, "he replies.

This development, the president of the ECB has long preferred to be between four eyes. He ended up making it public last month, in an interview with La Stampa: "There is only one monetary policy and a president who is also the spokesman of the Board of Governors." President the Bundesbank was returned this time in its goals urbi et orbi. Better, Jürgen Stark, one of six board members, and its best ally in the house, took the final blow to his compatriot: "The organization must speak with one voice," says he end October. Weber continues his comments.

Hostilities between the boss of the ECB and its counterpart in the Buba back to the famous night of Sunday, May 9 Trichet met by phone, the 22-member Governing Council (the Executive and the 16 governors of central banks). On the stroke of 3:50 am is an awkward published: "In the current circumstances … the Governing Council has decided … to conduct market intervention of public debt securities."

Seems lifted a taboo: the ECB bailout failed states. "We just crossed the Rubicon," proclaims soon Helmut Schlesinger, who had chaired the Buba from 1991 to 1993, at the time of reunification. Axel Weber opposed all night, with Juergen Stark to the "vast majority" of other governors.Trichet's argument, whereas purchases of Greek or Irish only intended to "ensure market stability," prevailed.

Weber did not admit defeat. The day after he expressed his doubts. The decision "poses significant risks" and he objected, he said on television. A second taboo is shattered: the absolute prohibition of unveiling the "minutes" discussion board. "Alex Weber feared that the ECB will become a" bad bank "that would take on its balance sheet securities rotten, and it behaves like a bad boy," quips a senior official in Frankfurt, who admits to his "disorder".

Weber no longer has the support of Paris

It is enough: the very foundations of the institution are questioned payday loan. "Weber is an academic who has convictions and his outspokenness contrasts with the jargon of public servants.The ECB should better explain its decisions. It pays its lack of transparency and debate, "cautions Charles Wyplosz, a professor at the University of Geneva.

Respected economist of all, Weber, 53, is a latecomer to the world of central bankers. By accident, when he had to find a successor in 2004 to Ernst Welteke forced to resign for corruption. The German is proud of her positions trenches: "It is important to be diplomatic for the diplomatic corps, it is not so important for a central bank," he said in August. Even.

A few days later, Jean-Claude Trichet, no less, is "frightened" by the case Sarrazin, this member of the Executive Board of the Buba, which poisons the German political life by his racist statements.Yet it took more than a year for the skipper of the Buba finds a way to get rid of it!

With a quarter century of service to the European monetary construction, the current ECB president, whose term expires October 31, 2011, is instead a consensus maker, "His favorite item is the resolution crisis, when it comes closer to divergent views, "says Olivier Garnier, who was his adviser at the Treasury, now chief economist at Societe Generale. Repeated crises of the franc to those subprime, who is present in Germany as "the Ayatollah of the franc fort" was pretty well served.

For his imprecations, "Weber grilled his candidacy for the presidency of the ECB. He no longer has the support of Paris' slice MEP Pervenche Berès."To force to assert its position as Falcon, it has become so predictable that his statements no longer have any effect on markets," says an economist at the headquarters of the ECB. In the jargon of the markets, "hawks" argue for monetary tightening when the doves are more lax. Great poetry lover, Jean-Claude Trichet has endorsed this verse of Paul Valery: "The world is only by the ultras and lasts only by the moderates." Axel Weber thinks he can win without Trichet and consensus.

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