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After three sessions of gains, the U.S. markets have found equilibrium after having been driven for much of the meeting, with good statistics.

At the close, the Dow Jones ended down 0.09% at 10,397 points, the Nasdaq ended in perfect balance, to 2281 points while the S & P 500 ended with a tentative increase of 0.04% to 1119 points.

However, the U.S. private sector has destroyed 20,000 jobs in February, which represents the net number of redundancies, the lowest since the beginning of the fall in employment two years ago, according to the monthly survey released Wednesday by the cabinet ADP . This is consistent with the median consensus forecast of analysts.

And the destruction of jobs in the private sector in the United States have continued to slow in February, falling to their lowest level since the beginning of the fall in employment two years ago, according to ADP.And activity in services in the United States, which accelerated more than expected in February, to 53, its highest level in over a year.

But even if the austerity plan announced Wednesday by Greece reassured, "some fear that if Greece is doing, markets n'aillent look to other problem countries in Europe. This is something that must be taken into account throughout the year 2010, "Rick Meckler moderates of LibertyView Capital Management. At 18 hours, the Dow Jones gained 0.31% and 0.37% on Nasdaq.

Furthermore, the Beige Book Fed confirmed the scenario of slow growth in the United States in 2010.

Oil prices gained more than a dollar Wednesday, boosted by a bout of weakness in the dollar and signs of a rebound in consumption of fuels in the United States, even if otherwise crude stocks rose sharply last week.The barrel of Brent North Sea crude for April delivery gained 84 cents to 79.02 dollars compared to the closing price on the InterContinental Exchange (ICE) in London easy payday loans .

The euro goes off in higher Wednesday, supported by the austerity measures announced by Greece. The single currency back above the $ 1.37 dollar to 1.3727 (1.3%).

On the values front

At the close, the biggest capitailsations have lost some ground they had gained earlier in the meeting.

The maker of construction equipment Caterpillar took 0.76% to 58.59 dollars, the aluminum producer Alcoa 0.76% to 13.34 dollars and industrial conglomerate General Electric 0.88% to 16.04 dollars .

The title of the pharmaceutical company Pfizer has lost 1.65% to 17.31 dollars.e pharmaceutical group is preparing to launch a bid of nearly four billion dollars for the German manufacturer of generic drugs Ratiopharm GmbH, reported Wednesday several sources close to the situation. In its wake, are the values of health have weighed heavily on the trend.

The specialist mining equipment Joy Global has published forecasts welcomed by investors, as the climbing 5.85% to 54.51 dollars.

Group Title Barrick Gold Gold rose 1.75% to 40.16 dollars.

The title of the software company Novell has soared by 28%, to 6.08 dollars.The investment fund Elliott Associates offers to buy the entire group with an offer of 5.75 dollars per share in cash, for a total market capitalization of two billion dollars.

Costco Wholesale (-1.14% to 60.7 U.S. dollars) has reported a quarterly profit up supported by a resurgence of attendance. For its second quarter ended February 14, 2010, Costco posted a profit of $ 299 million, 67 cents per share, against 239 million, 55 cents per share, a year ago.

Calling Christian Estrosi, Minister of Industry, has been heard. The management of Total committed, in a statement to guarantee employment to every employee, regardless of the decision about the future of the Dunkirk refinery.

The Minister of Industry said that Monday morning that the government "will not accept" the closure of the Total refinery at Dunkirk "until there are no guarantees necessary for the sustainability" of 800 jobs concerned, "he said Monday on radio BFM.

"Total must invest in employment" (CFDT)

The secretary general of the CFDT (French Democratic Confederation of Labor), François Chérèque must also be reassured that he claimed in the wake of Christian Estrosi, that: "Total has a lot of money, so total should invest in employment."He said Total "must go beyond" its legal obligations: "He has to justify the closure, but it must ensure that all the jobs lost are converted to another activity Total, plus subcontractors.

According to La Tribune, the continuation of the refining process would require 60 and 120 million euro investment. "This range is the budget for the full review of the refinery 'reply a spokesman for Total.

In March 2009 already, the oil company had attracted the ire of politicians, after announcing the abolition of 555 posts in France, including 249 by 2013 in the refinery. A few weeks earlier, had issued a total record profit for 2008 of 13.9 billion euros.

Total release February 11 its profits in 2009, expected around 8 billion euros. Total declined to comment on this figure.

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The meeting on Thursday could be better than yesterday, concluded on a clear downward. The Cac 40 could waltz between red and green, like the Tokyo Stock Exchange Thursday. Or choose to enthuse the good growth figures, choinoise, as the Nikkei this morning.

Asian markets have, however, ended in a fragmented, mixed with fences in the area. The Nikkei finished sharply higher, but other stock markets ended in red. China's decision to limit loans to prevent bubble and an overheating economy has affected the trend in early trading before the growth figures do not change the situation.

The day before this decision had a net effect: all the financial markets have ended in the red.Wall Street in particular closed down 1.14%, Paris fell by 2%, 1.67% London personal business card .

Relaxation towards the euro-dollar

As for currencies, the euro weakened further against the dollar. It lost 0.09% on Thursday to 1.4097 dollars. The news should be appreciated by the export values.

The markets will also be very vigilant to macro-economic statistics to be published. In France, is known to 9am PMI flash January. INSEE unveil at 9:30 figures of entrepreneurship in 2009 and 12, the average annual inflation in 2008 and 2009. Across the Atlantic, the U.S. will publish the number of weeks claimed unemployment at 14:30, the composite indicator of economic activity from December to 16h and the index of the Philadelphia Fed at the same time.

The detailed values to follow in a moment …

"VIDEO – Tips for betting on the currency in 2010

Despite a very mixed report on oil reserves in the United States, oil prices closed sharply higher Wednesday after being propelled in New York above $ 83 for the first time in 15 months. Around 1700 GMT, a barrel of "light Texas crude (WTI) traded on the New York Mercantile Exchange (Nymex) for the same maturity, gained 1.11 dollars to 82.88 dollars after climbing to 83.15 dollars, a level not seen since October 9, 2008. At the same time, the price of Brent North Sea crude for February delivery took $ 1.12 to 81.71 dollars on the InterContinental Exchange (ICE) in London.Black gold benefits and good results-IMS services in the United States, and economic optimism across the Atlantic.

Having spent most of sitting down, prices of black gold have suddenly fallen off after 16:30, is modeled on the movement of the dollar, which collapsed suddenly at same time. Fellowships, too apathetic during the meeting, have also rebounded late in the session. The FTSE in London has hit the end of meeting a new record close for 16 months, to 5530.04 points.

Instead of declining oil reserves, the ministry revealed an increase of stocks of 1.3 million barrels during the week ending January 1. The reserves of distillates have certainly dropped a little (-300,000 barrels) but the massive decline (1.8 million barrels) expected by analysts did not happen.

France will issue the market for 188 billion euros of debt in 2010, against 175 billion originally estimated, said the Agency France Trésor (AFT) after a decision of the Minister of Economy Christine Lagarde.

AFT said that amount takes into account the 22 billion euros to be used to finance the huge debt which must be subtracted 9 billion euro share buyback due 2010.

"The net emissions will be distributed as follows: around 10% in bonds indexed to inflation, the remainder being divided between BTAN (medium term) and OAT (long term), adds the public body which aims to put debt of France on the market.

In 2009, the agency bought for 13.6 billion purchase of securities prior to maturity, including 11 billion maturing in 2010 and 2.6 billion euros in 2011.

Securities issued debt has steadily increased in recent years. In 2009, they amounted to 165 billion euros, against 128 billion in 2008 and 97.5 billion in 2007.

LE FIGARO. – In announcing this summer by Accor of making the study of a split between the hotel and the services you have expressed your reservations about the form, if not in substance. Over three months later, did you stop your position on this?

Gilles Michel. – The question was raised shortly after the transfer of the participation of the Deposit to the ISP. In this context, we should play our role as shareholder, albeit a minority 7.5% stake, but still full. This meant that we have all of the elements to make a serious analysis. This has justified my "fit of temper" at the time. Since then, extensive work has taken place on the reasons to justify this decision on the benefits, costs and risks of this option and its alternatives, which I welcome.And quite frankly, I've seen all this work, no evidence for the need, in December 2009 to initiate division of Accor.

So you keep on your positions?

I have no reason in the name of a doctrine or principles. The split may be a modality in the service of a project but not an end in itself. During the work, we found that both businesses had before him genuine opportunities for strengthening the ISP calls for. But it is possible to pursue a development strategy in the current framework. Conversely, a split in a market environment that is not without risk, I think exposing every business to increased vulnerability.It is not necessary to incur the risk of executing the operation, financial risks, particularly in terms of ratings of each entity, and the risk of weakening as it can lead an ambitious strategy in the context present.

What is your alternative to Accor?

Accor is a large group of ACC 40. It can lead a strong offensive strategy with determination and speed. Its direction can be bold in terms of both organic growth and external growth.

Do you think the council will follow? And if this is not the case, what will the ISP?

I do not prejudge the discussion board. Each director will determine in its soul and conscience under the sole interest of social enterprise. And if, purely hypothetically, the board should choose the path of division, the next step will be the General Assembly, where of course we would vote against.But I am perfectly aware of the laws of arithmetic. The two shareholders who hold 30% stake in Accor worn since the beginning of the project, saying it is not up to cash in the short term but to create value over time. I do not doubt that they have at heart to remain associated for several years in the capital of each of the two new companies. With regard to the ISP, I would have full discretion as to our involvement.

A council held Tuesday decisive

Accor has accelerated the study of the relevance of a split (with a later check services prepaid and other hotels). The group meets Tuesday Board of Directors, expected to be decisive on the issue.Mid-November, after its previous meeting, the council had said "satisfied with the progress of work" to formalize the project.

The fund Colony Capital and investment company Eurazeo, who own about 30% stake in Accor, there are the best way to enhance their investment. Gilles Pelisson, CEO of the group agreed with this idea. However, the ISP, the second largest shareholder with 7.5% stake, otherwise, officially now. In this context, the position of the six independent directors will be decisive. Unions are worried themselves for employment in hotels.

A study of CA Chevreux, hotels could represent 74% of sales for Accor this year, but only 39% of operating income.In case of division, according to the scheme proposed, the hotel would bring about one third of the group's debt, two thirds of returning to the emerging prepaid.

»COMPUTER GRAPHICS – Investment ISP

The proposed division of Accor moves its shareholders

More than six years after the arrest of Mikhail Khodorkovsky, head of the Russian Yukos oil empire carved up today, a judicial rebound with 100 billion dollars at stake Monday intervened in the case.

The tribunal in The Hague has made the November 30 "award" which theoretically opens the way for plaintiffs to claim damages from the Russian state in an amount estimated by them at 100 billion dollars.

The plaintiffs in this case are three former Yukos shareholders who held together a 60% share of the business booming in the early 2000s. Both are subsidiaries of GML (formerly Group Menatep): Hulley Enterprises and Yukos Universal and Veteran Petroleum Limited, a pension fund to finance the pensions of employees of Yukos.The complaint before the Judicial Arbitration international date from 2005, when Mikhail Khodorkovsky was arrested in October 2003, behind bars awaiting his first trial, when the empire began to be dismantled, primarily for the benefit of Rosneft oil company controlled by the Russian state.

An arbitration was a precedent for foreign firms

The court of arbitration has a strict disclosure policy, refused, late Monday afternoon to confirm the decision, which belongs to the parties. The Paris office of law firm Cleary Gottlieb Steen & Hamilton who defended the Russian Federation also declined comment.

The ad hoc arbitral tribunal composed of three arbitrators ruled on Monday its jurisdiction.A crucial step, says Mr. Emmanuel Gaillard, a lawyer for plaintiffs, director of international arbitration at Shearman & Sterling, "which set a precedent for all foreign energy companies, BP, Total and Shell are investing in Russia." According to Mr. Gaillard, Russia argued that GML could enter international justice. The court ruled that GML, based in Gibraltar, the pension funds in Cyprus and its subsidiaries (the one established in Cyprus and one in the Isle of Man), are foreign investors. As such, they are protected by the Treaty of the Energy Charter, adopted in 1994 by Russia. Moscow denies the value of this treaty that Russia has not ratified. In addition, the Kremlin believes that legacy text-1990s, intended to protect foreign investors and open energy markets, is formally out of the treaty last August.The court in The Hague has nonetheless held that the Treaty protects many foreign companies.

The legal showdown could last for years to come

"Russia should be aware of his actions before international justice," says Mr. Gaillard. The decision on Monday a document of some 200 pages – now opens the way for discussion of the case on the merits. The plaintiffs intend to show that they were expropriated without compensation and claim damages valued at some 100 billion dollars.

If they win the case, continue to enforce the award, inputting, where appropriate, assets of the Russian State around the world.The series could last for years to come.

Mikhail Khodorkovsky appears again

Meanwhile, the former richest man in Russia, Mikhail Khodorkovsky, appears before a court in Moscow since March 3, who is accused of embezzling more oil than is produced society. Arrested in October 2003, Mikhail Khodorkovsky, was sentenced at the first trial to nine years in a labor camp in Siberia for tax evasion.

Russian Prime Minister Vladimir Putin has confirmed if such were needed, last Friday during a meeting at Rambouillet with François Fillon, his rancor against the tenacious most famous prisoner in Russia who had political ambitions, in comparison to Al Capone .

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The Court of Auditors has published today its report on "the transfer to the regions transport train: mixed results and developments to continue." Verdict: TER now costs too much and it is not suitable for many lines in sub-activity. The institution of the Rue Cambon points to the lavish spending of regions purchase of rolling stock and operating costs too high for the station. The regions have spent 600 million euros since 2004 to renew their fleets TER. "They must be reasonable and proportioned more traffic to their efforts," said Philippe Séguin, the first President of the Court of Auditors. Investments can be a symbol of vitality but not necessarily needed. "The report also questions the effectiveness of operations by the SNCF and its inability to cut costs because of the status of railway workers.This induces a "surcharge of about 20 to 30%. "The SNCF is the sole interlocutor of the areas, said Philippe Séguin. This monopoly reduces the bargaining power of regions and do not push the operator to achieve productivity gains. "The average cost of a B in France is 17 euros per kilometer and train while it is only 11 euros in Germany.

According to the report, the TER has cost 2.7 billion euros to the regions in 2009. It represents an increasing share of their budget for an average load of trains by 26%. Lines and less crowded – or 7 800 km in France – do not see spending an average of ten trains per day. These figures conceal wide disparities: trains run empty in rural areas and off-peak while others are crowded into urban areas.

Carbon footprint

The Court of Auditors calls for the abandonment of certain lines in favor of the bus."The cost of the less frequented lines is too high for public finances," said Philippe Séguin. It is equivalent to the mile, the cost to use a private car. "The Court regrets that the" analytical accounts of the station "makes it difficult to choose between profitable routes and unprofitable lines.

Paradoxically, the use of the bus even improve the carbon footprint of TER. Today, 90% of lines are not electrified and diesel is half the energy consumed by the regional trains. "And most of the electrical energy is of thermal origin, explains Philippe Séguin. The carbon footprint of the TER is not favorable. "

The report of the Court of Auditors (pdf)

All about the payment Cesu or know the steps to create a service activity is possible by going to the salon services to the person of 19 to 21 November in Paris, Porte de Versailles. According to Alain Bosetti, Chairman of the Fair personal services, "this national event bringing together the entire profession is essential to address issues of heterogeneous public, to relate structures and individual providers, facilitate the meeting between stakeholders home, job seekers and prospective employers.

Responses adapted to each profile

According to organizers, more than 23,000 private and professional visitors and 250 exhibitors are expected this year.For individuals, the exhibition will provide an opportunity to find answers to their questions about the tax advantages of personal services, operation of CESU, the status of particular employer, their obligations … Through including conferences with themes as varied as "choose a provider company," Cesu banking instructions "or" need a used home? -Become a particular employer. " They will also have the opportunity to meet with service providers and compare their offers.

The exhibition is also an opportunity for industry professionals to find solutions to create in this area of work and meet with franchise networks expanding. Lectures will review aid to the creation of businesses in the area of personal services and franchising.They will also discover paths of entrepreneurs where their peers will share their experiences.

Speakers at Home and job seekers will have the opportunity to meet companies that recruit, make contacts and learn about training possible. Business leaders and HR managers can assess the Cesu as a tool for retention of their employees and discover all the services offered to employees through the Village of services to employees. They will learn include the cost of these services for the company.

More information on the Show site services to the person

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The insurer and financial services provider American International Group has introduced a profit of $ 455 million in the third quarter, earnings per share of $ 0.68, which remains well below market expectations. Adjusted EPS reached $ 2.85.

In the third quarter of 2008, the group had recorded a loss of 24.47 billion dollars, which had propelled the brink of bankruptcy.The U.S. State then had paid nearly 180 billion dollars in aid, partly through loans to save a world leader in insurance.

The statement said that the derivatives portfolio of AIG Financial Products was reduced by 13% compared to 1300 billion as at June 30, 2009.

The summer rally that propelled the markets to their highest annual will not rise enough to make sufficient investment value of the group, as falling from 10% to $ 35 in trade pre-market trading.