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

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

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

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

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

Values follow

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

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

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

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

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

Alcatel-Lucent continues its annual forecast, after presenting its results for the second quarter. The telecoms equipment maker has finished the past three months with a net loss of 184 million euros, equivalent to a net loss per diluted share of 0.08 euro. This net loss is worse than the result recorded in the same period a year ago, which then displayed in the green, to 14 million euros. But the quarterly net loss marks a clear improvement over results reported in the previous quarter, during which the group had lost 515 million euros.

Alcatel-Lucent is delighted especially to see its operating profit return to equilibrium. Adjusted data, it is 28 million euros, or 0.7% of revenues.In published data, it remains negative, at -45 million euros, against 130 million euros a year ago, and -263 000 000 euros at the end of first quarter 2010.

Low activity in China

The group's turnover was slightly lower on a year. In fall of 2.4% over the second quarter of 2009, it stood at 3.813 billion euros, or 17.4% more than during the previous three months. The effects of consolidation and exchange rates were favorable to the group on the quarter. Adjusted data, the turnover of the second quarter is apparent down 6.9% year on year, but it remains up from the previous quarter (+11.8%).

"The momentum has been strong in North America with a double-digit growth and the trend has improved in the world, lower income there is much less marked than in the first quarter.The revenue decline in Europe has remained the order of almost 10%. Finally, Asia Pacific has experienced a double digit decline, due to low activity in China, partly offset by significant growth in India, "the company said.

An improvement in adjusted gross margin

The group's adjusted gross margin rebounded to 36.1%, an improvement of three points over one year and by 3.5 points compared with the margin achieved during the first three months of 2010.

Alcatel-Lucent is confident for the second half. Ben Verwaayen, the CEO of Alcatel-Lucent, promises to "maintain a strict control of costs and expenses." He anticipates a "second half of 2010 supported, thanks to a growing backlog.Additional benefits are expected in the coming quarters. "

The group believes that "despite the shortage of components that still impact our supply chain, demand for telecommunications equipment and related services is recovering." He believes that the growing market for telecommunications equipment will be between 0% and 5% this year. In this context, Alcatel-Lucent intends to achieve an operating profit Adjusted between 1% and 5% of its revenues.

Farmer in Nizhny Novgorod, east of Moscow, is desperate Kassoumov Acker. This summer, because of the drought, "the grain of wheat could not germinate," laments the operator in front of cameras showing the chain Volga an ear of corn all withered. Result, the performance of his farm is expected to reach ten quintals per hectare instead of 28 quintals provided. As to the 210 acres of grass hay sown a few months ago, "they have been wasted," says Acker Kassoumov.

After a very cold winter and snow, this year Russia is experiencing one of the worst droughts in its history, as in 1972 when the USSR was forced to import wheat. In the Volga basin, but also in Siberia, the mercury rises, reaching 35 degrees for several weeks in Krasnodar (southern).In Ulyanovsk, 900 miles southeast of Moscow, only 200,000 tons of wheat should be harvested, against more than one million tonnes last year.

Nineteen areas in particular suffer from this episode extreme climate, mainly located in the southern basin of the Volga River where the water, whether drinking purposes or watering, is sorely lacking. "There is not a question of financial loss, but survival of peasants!" Has alarmed Skourikhine Pavel, President of the National Union of Producers of wheat, at a press conference Moscow. Many farms are facing bankruptcy payday advance. Given the urgency of the situation, the authorities of countries have expressed readiness to help these nineteen regions. Budgetary allocations will be granted at rates well below inflation (2% per year over five years).A total budget of 40 billion rubles is raised (about one billion euros), a figure corresponding to the amount of losses as assessed by the daily Kommersant.

Unlike their Western colleagues in such circumstances, the Russian agricultural officials are careful not to formally assign catastrophism, making sure to thank the Kremlin for their efforts.

Wheat prices soar

Professionals note in Siberia, a drought will resume wheat prices, to offset the fall in prices that occurred last year after a phase of overproduction. Prices were burning this weekend on U.S. and European markets for wheat, before a lull yesterday.

Subsequent events depend on the duration of the heatwave, which has experienced five episodes equivalents for 130 years.No meteorologist provides improvement in the medium term, however, but spread to the Far East of Russia. Whether in the Orthodox churches or the plains of Tatarstan Muslim, religious leaders pray for the return of rain.

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

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

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

A director known worldwide and 28 International Experts. The cast was humorous in the U.S. where critics of James Cameron announced that Leonardo DiCaprio would save BP. However, it is the director of Titanic, which last week gave the U.S. administration and President Obama a report analyzing the solutions implemented by the BP group to pump oil at the origin of massive oil spill affecting the Gulf of Mexico since the explosion of the platform Deepwater Horizon on April 20 last.

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."

Societe Generale, -6.6%, Credit Agricole, -4.9%, BNP Paribas, -4.6% … French banks weigh heavily on the Paris Bourse. The CAC 40 digs on Friday its losses (-1.8% to 3663 points to 11:00).

His European counterparts also suffer, while banking stocks enroll the largest declines, everywhere.

This reflects the renewed concern about the economic health in Europe, barely a week after the European plan negotiated the titanic last weekend. Further evidence of the uncertainty room, the euro broke the 1.25 dollar, which had not happened for 14 months. Gold coast near 1,240 dollars per ounce. Unheard-of.And oil is under $ 74 a barrel.

Banks underperforming in Europe

In Italy, while the FTSE-Eb hollow losses and was down 2.7% at 20,314 points at 10:30, the many bank stocks are at the bottom of the list: in order, loose UniBanca 4.6% to 8.1 euros, Mediobanca, 4.2% to 6.2 euros, Banco Popolare, 4% to 4.25 euros, UniCredit, 3.5% to 1.9 euro, and Intesa Sanpaolo, Italy's leading bank , yields 3.8% to 2.2 euros.

In Spain, same old story. The Ibex 35 largest market capitalizations falters 3.4% to 9639 points, and the banking sector heavyweights weigh box. Banco Santander, the second largest bank in Europe, falling 5% to 8.7 euros, and Banco Popular 4.75% to 4.7 euros.BBVA fold from 3% to 9.2 euros and 3.6% of Bankinter at 4.85 euros.

The Dax in Frankfurt, he, more resilient – the index of 30 German companies in the largest stock down 0.45%, 6 No teletrack payday loan.223 points. But again, it is Deutsche Bank, which is at the bottom, falling 2.16% to 49.8 euros. The boss, Josef Ackermann, questioned the ability of Greece to repay its debt. And Commerzbank sells 2.1% to 106.8 euros.

In Belgium, KBC retrograde 3.4% to 31.5 euros and Dexia 3.25% to 3.7 euros in a market down 1.75% at 2490 points for the Bel 20.And in Switzerland, UBS depreciates 3.35% to 16.1 Swiss francs, financial group CS Group lost 3.1% to 47 Swiss francs.

The bank still frontline

Fears of a state unable to feed its fiscal risk of lowering its rating by a rating agency. But what are the financial institutions in a country with the largest of government securities in the portfolio.

Generally, capital financial institutions required to hold an asset also depends on the "rating" (the note) of the issuer of this title. If it deteriorates, the capital required to hold a state title will be more important.

As banks are exposed to Treasury securities, profitability and solvency is lowered … hence the fall in stock.

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LE FIGARO. – The network of ERDF is it as bad a condition as the report says the CRE?

Michele Bellon. – First of all, I said that not only this report is not new, but it has not been validated by the CRE. On the merits, ERDF has not slowed its investments in the network. For three years, the curve has inverted the contrary: in 2009, investments have been 2.3 billion euros, up 13.5% compared to 2008. This year we should exceed 2.5 billion euros. In general, it is less the level of investments that benefit them in sharpening our thinking today.We are in discussions with local communities to effectively address all the weaknesses of the network, where it is necessary to optimize the operation.

The cutoff time for users, however, increased significantly …

We must compare what is comparable. I read for example that this time would be cut almost doubled since the early 2000s. Except that we have had unprecedented weather events over a very short period. In 2009, the two storms Klaus and Quentin have been very disadvantageous to our infrastructure. However, thanks to the exceptional mobilization of the company, 90% of customers have been replenished in four days, this period has been reduced to two days during Xynthia in early 2010.If we ignore these weather disasters, the comparison with other European countries shows that in this field, France is well positioned.

An increase in transmission tariffs is necessary?

The problem is not only the issue of tariffs. However, the company is imposed today a number of benefits that do not fall directly within its original specifications. In particular, we assume a significant portion of the costs of connecting wind turbines and photovoltaic systems. These are considerable, but they could be allocated for maintenance and strengthening of the network. I would like, in the near future, the funding of new services entrusted to ERDF is fully identified and compensated.ERDF acting course for development of renewable energy, but we can not only support this growth.

ERDF is in the crosshairs of local authorities, who point to a poor quality of services. What say you?

We have renewed the dialogue. I want to strengthen the territorial proximity with officials, it is even more essential that the unions, which provide electrification project management in rural areas, are members of the National Federation of Local Authorities and licensors.

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Nothing goes between two of the major shareholders of Eramet. Romain Zaleski, who holds 12.87% stake in the French mining group, calls for the dismissal of four directors, who are none other than representatives of the Duval family, which owns 37% of the company.

There is virtually no chance that when the General Assembly on 20 May, these resolutions are passed. The Duval will vote against. Their ally in a shareholders' agreement-in-Areva will probably follow suit. The intervention of Romain Zaleski, via his holding company Carlo Tassara in which are housed the Eramet shares, should be a sword in the water.

It is nevertheless part of the logical continuation of the lawsuit began in late 2009 by the businessman. Romain Zaleski wants to cancel the merger of Aubert & Duval and Eramet.Fusion, which dates from 1999 and is the origin of family involvement in the mining capital of the group. At the time, Romain Zaleski was not a shareholder. The reason for this action never stops raising questions about the real motivations of the financier. Crowding out of Duval himself would become a key player in negotiations on new developments in the capital of Eramet. But with what ulterior motives? "We will demonstrate in the coming weeks that the lawsuit Romain Zaleski has backfired," said one familiar with the matter.

Meanwhile, the plan to sell Areva stake in Eramet patina. The value of this participation is made more complicated by the attacks of Romain Zaleski.Even if they have little chance of success, it must be considered.

Securing access to rare metals

Communication Jean-Louis Borloo, Minister for Ecology, Energy, Sustainable Development and the Sea, in the Council of Ministers on Tuesday, does not simplify the situation. As noted in Le Monde, the Minister is considering the creation of a center that would combine the mining of uranium mines of Areva and those of manganese and nickel Eramet and should provide access to rare earths and some metals, essential for the industry. This event brings back another sea serpent: the dismantling of Eramet. Another issue, even result, in the end, the Duval family and Alloys division could leave the perimeter of Eramet."Such a subject is not even mentioned by Duval," says one close to the matter.

This hypothesis would at least end the procrastination of the management of Areva for its stake in Eramet, which "is either too much or not enough." At a time when access to mineral resources becomes a major issue, creating a "national champion" is not absurd.

But faced with competition from industry majors, weighing 200 billion dollars in each stock, the new French group, headed by the same Office of Geological and Mining Research (BRGM has also very little money), would in the featherweight class. However, the creation of a committee for strategic metals (Comes) is expected before the end of the first half and allow to "coordinate the various actions, including those of Ifremer and the BRGM and make them more effective" , says at the ministry.Such coordination "assuming no change". The private groups already agree with each other. Eramet and Bollore have joined in lithium (used for batteries) and overall prospect in South America.

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Should he do so without saying? The government raises the question about raising the legal age of retirement. Introduced in 1983, the possibility of a pension at age 60 is an "acquired" intangible to the unions – will undoubtedly touch inflate the number of events already planned. But the past work of the Board of Retirement Guidance (NRC) also show that this solution would be financially much more efficient in the short and medium term of a longer contribution period, this second option had significant effects that 'from 2020 at best.

Therefore, the temptation is great to work around the problem: give everyone the opportunity to leave at 60 if he wishes, but to dissuade the maximum. For this, the pension of a person choosing to leave "early" (before 62 or 63 years, for example) could be amputated, even if it has "all quarters."The track appeared there more than a month in the NRC documents, referring to examples of U.S., Japanese and German. It went almost unnoticed, except in the eyes of government officials who are working on pensions.

"The executive Ponder on it," admits one of the main actors of the file. "It's part of the range of possibilities," says a corporate source, emphasizing that nothing is decided. "I was cooking around that idea," says a union leader. Who speaks the same orders of magnitude, "a discount of 1.25% per quarter or 2.5% below the target age.In other words, for the same number of quarters validated, the person who would liquidate his pension at age 60 would incur a penalty of 10% to 20% compared to that which would prolong his career until age 62 – if the government set the example age objective payday loans.

A more complicated

The assumption is even less absurd than 22% maximum discount is already applied in France, supplementary pensions (Agirc-Arrco) for private sector employees who retire before age 65. The retiree does not realize, because a fund compensates this difference.

But the existence of this fund, called AGFF, is up to the renewal of a regular union-management agreement.The agreement expires at the end of this year and will be renegotiated just after the reform of pensions.

Advantage of the option: it offers hope of union protests limited, maintaining the symbolic age 60 years. Disadvantage: it would make a bit more complicated than a pension system that is already fairly. And above all, "everyone knows that it is the workers rather than managers, who tend to stop working when they have the right, a government source analysis. The risk is they leave with even lower pensions. The government plans to publish a first draft of its reform from mid-May

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Good operation for Viel & Co. The investment company announces for its fiscal 2009 net income Group share up 18% to 37.4 million euros. However, this good result is not due to improved operational performance. Indeed, the operating result fell by 5% to 92 million euros against 97 million a year earlier. The turnover was also down 8.9% as reported, to 922.6 million euros against 1.013 billion euros in 2008.

The investment company is a drop in revenue on its two main branches: the interdealer broker and the stock online. The first garnered 895.9 million euros last year against 981.6 million euros in 2008 no teletrack payday loans.The second fall to 26.7 million euros against 31.4 million euros a year earlier.

The quarterly changes in earnings highlights a steady decline throughout the year for both branches. The last months of 2009 were particularly difficult with the fourth quarter, a consolidated turnover of 208.5 million group euros against 263.8 million euros over the same period in 2008, a decrease 21%.

The band announced a dividend of 0.15 euro per share, identical to that which was paid in respect of fiscal 2008, "is a payout ratio of 30.4% of net income group share . In 2010, Viel & Cie is not a forecast.