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The rebound from last night seem to be prolonged unless the unemployment figures contradict. Around noon, the index futures Standard & Poor's 500 and Nasdaq 100 advanced 0.27% to 1057.40 points and 0.27% at 1794.5 points. The Dow Jones itself could open up 0.22% at 10,069 points.

Yesterday, Wall Street's rebound has been sketched primarily due to buying cheap and the results of Toll Brothers and American Eagle Outfitters, welcome. The Dow Jones climbed 0.20% to finally 10 060 points, while the Nasdaq took up 0.84% to 2142 points.

The U.S. Department of Commerce on Wednesday, new home sales in the U.S. for the month of July 2010 have yet to set seasonally adjusted rate of 276 thousand units, the lowest in history, against a consensus site close to 340 thousand.Orders for U.S. durable goods for the month of July 2010 have certainly increased 0.3%, but the consensus was expecting 2.5%.

Jobless claims Thursday, Friday and GDP

If new jobless claims expected today will likely affect the opening of Wall Street, prompting him to be careful, tomorrow, Friday, the indicator most crucial will be unveiled: the second estimate GDP growth in the second quarter.This risk, with a sharp drop early in the indices plunge into turmoil.

On the corporate side, Ford could respond to a current size: the two groups comes as U.S. automaker to announce, with the Japanese Mazda, an investment of 350 million dollars (273 million euros) via their joint venture AutoAlliance Thailand (AAT), for the equipment of a factory in Thailand pick-up of new generation.

Wal-Mart Stores, has asked the U.S. Supreme Court to stop a massive partnership action brought by female employees, court documents show Wednesday.

Novell Inc. will release its results after market. And Tiffany, in the night.

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.

Philippe Varin hammered since his arrival at the head of PSA: China is a priority internationally. Determined to change size in this country's biggest car market in the world, the group has finalized Friday a joint venture equally with a second local ally, the Chinese Changan. The two companies will share an initial investment of 935 million euros for marketing light commercial vehicles and passenger cars in the Middle Kingdom from the second half of 2012.

Based in Shenzhen (Guangdong province), the joint plant will initially produce 200,000 cars and engines per year. It will manufacture the first models in the future DS, Citroen premium label, and vehicles, including utilities, a new brand created for this market.Next came the Peugeot and Changan.

Yet pioneer in China in 1985, PSA has seen sales take off only recently, thanks to the Citroen C5 and Peugeot 408, produced with Dongfeng, China's first ally. They have risen by half in 2009, with 272,000 cars passed, and the first half of 2010 (176 000), faster than the market (+27%). With a market share of 3.3%, the group remains a small player. Hence the need to find another partner to reach 8% in 2015-2016. An ambitious target, given the amounts invested by the leaders General Motors and Volkswagen.

New segments

The agreement with Changan to permit "to better cover the market" due to launch on "segments where we were not present," said Philippe Varin. Including vans, with sales booming in China.SAP is also focusing on high-end, also very promising. The group plans to produce locally large models of its range DS (DS4 and / or DS5), and its future Peugeot 508 (with Dongfeng).

This coupling with the fourth Chinese manufacturer could facilitate the growth of PSA on the east coast of China and Hong Kong, where the market is more dynamic. Dongfeng is based in Beijing and especially in the center of the country. The French, who has an annual capacity of 450,000 cars in China with Dongfeng, alongside plans to build a third plant with its first partner

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The morale of French households do not seem to favor a clear recovery in consumption. In the first quarter, sales of Casino in France and have fallen 0.9% after falling 2.7% in 2009. Although the strong growth recorded by the distributor Stéphanois abroad (10.2% in the first quarter, after 5% last year) largely offset this decline, the group must respond. Jean-Charles Naouri, its CEO, shares his strategy in an interview with Le Figaro.

LE FIGARO – The morale of your customer shops is it affected by the crisis?

Jean-Charles Naouri – Many signs show that pessimism has worsened. He returned in September 2008, at the peak of the crisis. Because of the crisis of Greek and that of the euro, the fear of job loss has increased and concern about the standard of living reached a record high since 2007.The French prefer the job security of their purchasing power and their careers. This general pessimism is, however disconnected from the real economy, which seems to gradually resume. France is no longer in a situation of danger of deflation, the interest rates are permanently lower a guarantee for the future, and the weak euro is an element of recovery. The figures, including our own business performance, there are better a couple years.

Consumer behavior change it?

We found two relatively recent trends Firstly, in an environment seen as more complex, consumers no longer want it decides for them. They want to regain control over product quality, origin and value for money in particular.Similarly, while far to the client, other consumers were at best indifferent and at worst seen as troublemakers, he now draws more and more choices to their preferences and ratings. This horizontal communication facilitated by the Internet, this new proximity, we must reflect and inspire us to develop relationships with our customers in and outside the store.

How are you adapting?

We have a head start in this area because we have long been close to the heart of our strategy. We could for example indicate, in each point of sale, the preferred products or selling. We already strong commitments on the quality of our products.We reassure our customers, for example about what they buy indicating on the Casino-brand products, in addition to the nutritional use their carbon footprint, or that they are without oil palm and gluten free. We just put in place within the group, a Health Committee attended by several senior experts whose mission is to anticipate health issues and help Casino make good choices on offer. We also test systems dematerialized Innovative allowing customers to share their recommendations.

Hypermarkets Géant Casino continue to lose market share.Are they so essential for the massification of procurement and management of shopping malls you plan to transfer them not to invest in your most promising formats nearby?

I believe in small and medium format hypermarkets (6 000-8 000 square meters), which constitute the backbone of malls. I believe in the relevance of non-food offer in textiles, leisure and household equipment. Casino no reason to separate from Géant. Our superstores are as profitable as those of our competitors, and we set the target that market share has stabilized Géant Casino this year.Remember, also, that 40% of group turnover from international have a double-digit growth in France and the formats most carriers (Franprix, Monoprix supermarket Casino …) know sustained growth, which boosts the overall growth of revenues of Casino.

How is the recovery of your brand discount Leader Price, whose sales fell sharply last year?

This is another priority group in France in 2010. We are very pleased with the sales growth in stores converted to the new concept and we are accelerating the pace of refurbishment of outlets from week to week.

Could you introduce CDiscount stock exchange to accelerate the deleveraging of the group?

This is not the agenda.A listing imposes many constraints on management whose priority now is to continue double-digit growth in turnover. We are the leader, but in a very competitive environment.

Can you imagine Rueducommerce complementarities with the site, which Rally has just 8% of capital?

It is a very minority participation, without presence on the board of directors.

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This is the game in the match. A confrontation that has now lasted fifteen years and which becomes, every World Cup, a bit tighter. What is at stake? Nothing less than the title of world's first supplier football, a market estimated at 8.4 billion euros.

Adidas, supplier of the Blues since 1972 and until the end of the year, has long dominated the head and shoulders in this market. It must be said that the three stripes accompanies some of the heavyweights of the circuit, between Germany, Argentina, or Spain, European champion in title. In South Africa, no less than 250 players will evolve with his shoes on his feet, including the Golden Ball in 2010, the Argentine Lionel Messi. Adidas is also and always a cornerstone partner of FIFA. As such it will still provide the official ball of the competition, Jabulani.A real goose that lays the golden eggs as 100 million replica of the official ball (Teamgeist) were sold during the last World Cup in Germany. The German brand thinks its still football star. With 12 selections in the portfolio, it remains the leading supplier of this World Cup as the number of teams and expects a turnover exceeding 1.3 billion euros in football in 2010. The number of Blue jerseys sold, it announced already 300,000 copies pay day loans.

Across the U.S. Nike did not hear it that way. With nine teams selected, including Brazil, but also England and Portugal, the group digs every year its wake. By adding the sales of its subsidiary Umbro, it also claims the No. 1 spot in world football, for a turnover of 1.9 billion dollars.Undoubtedly the American brand has scored points in football in recent years, including garnering the Blues jersey from 1 January 2011 and until 2014. The sum on the table to win has skyrocketed since we are talking of 320 million euros over four years! A number deemed unreasonable by the loser, the term of moody French, both in qualifying at the World Cup matches that preparedness, indeed raises question ….

Faced with these two giants going blow for blow, Puma heard his little music. Not without success and without excess. Equipment manufacturer of world champions title, Italy, a subsidiary of PPR focuses more than ever on African football.The team for this year four of the six teams involved in the African continent, South Africa, including Algeria (whose jerseys are selling like hotcakes, especially in France), Cameroon and Cote d'Ivoire.

The World arouses much envy. Reportedly, a pair of French investors, the financier Pierre Berg? and Matthew Pigasse (boss of Lazard France) have already created an ad hoc finance their investment group Le Monde, which must find at least 50 million euros of fresh money by the summer. They could submit their applications before the end of June, when the direction of the World should submit details of its recapitalization plan to vote of its shareholders.

For its part, Le Nouvel Observateur has formalized its commitment Tuesday night to climb to the capital of the world which holds 1.75%. "Given the funding problems that arise, Le Nouvel Observateur can not remain indifferent and wants to contribute to a solution that preserves this independence," he said.Contacted yesterday, confirming The World "in talks with the group Nouvel Observateur, which is not the only one with which he pursues the talks". Spanish Prisa, a shareholder of 15.01% of the world, and L'Espresso have already expressed their interest in recent months.

The crisis in Greek and the euro area worry the president of the United States. "I am very concerned about what is happening in Europe," said Barack Obama during an interview Thursday with the Russian television channel Rossiya and released Saturday. The nervousness in global markets and the increasing concern of investors towards the debts of states caused by the Greek problem posing "serious threats" to the United States, "said Bush.

"I think the Europeans have realized that it was very serious. Greece takes measures very difficult in any case they have put in place a plan that calls for tough measures, "he acknowledged."If we can stabilize the situation in Europe, it will be good for the United States, and it will be good also for Russia."

Realizing the gravity of the situation, the EU should announce before markets open Monday morning, creating a "Community mechanism to intervene" to save the states on the brink of bankruptcy. The European Commission was working on an emergency this weekend to present a convincing ministers of the European economy, which meet on Sunday afternoon.

Reflecting the importance of time, Silvio Berlusconi, Italian Prime Minister, and Nicolas Sarkozy, have decided not to travel to Moscow for commemorations of the end of the Second World War. The French president also meet his ministers Sunday night about the crisis in Greece.

Nevertheless, the United Kingdom has indicated that he would remain behind."We do not want to participate in a European emergency fund," said a British diplomatic source told AFP on Sunday.

Week chaotic

European shares and U.S. were closed on very steep declines Thursday and Friday. Protests against the rigor enameled three died in Athens on Wednesday, and unexplained sudden fall of the New York Stock Exchange during the day Thursday and fear of contagion from the crisis in Spain and Portugal have marked one week chaotic markets.

The statements have increased in recent days to encourage European leaders to act. "We hope to see emerge a strong and rapid European response to crisis", said, quoted by Bloomberg, the Canadian Finance Minister Jim Flaherty, who hosted the G7 on Friday."We call for an answer as quickly as possible given the circumstances," insisted the Australian Minister for the Budget, Wayne Swan.

Some central bankers have started their Sunday meeting fortnightly at headquarters of the Bank for International Settlements (BIS) in Basel, Switzerland. The crisis in Greek and the fragility of the euro should hold the debates, which will include the present President of the European Central Bank, Jean-Claude Trichet.

The Greeks accept the rigor

Nearly 55% of Greeks prefer an austerity plan to bankruptcy, according to a poll published Sunday in the daily Vima. Over 56% are even willing to accept wage cuts. Contradictory result, however, the same poll found that 53% of respondents felt the need to continue to protest against the austerity of the Papandreou government.

Act II, Scene 1. The projectors, which have attracted the eyes of the world on the "Greek tragedy", saw to the west and now targeting Spain. There have been rumors in trading rooms on Tuesday, saying that Spain could seek some 280 billion euros at the International Monetary Fund (IMF).

"The information here is running, but nothing is certain yet. In any case, it is expected that the notes of Spain has deteriorated, "said a trader at Soci?t? G?n?rale. A spokesman for London, however, Fitch assured Tuesday that the rating agency confirmed the AAA rating of Spain, and its stable outlook. Standard & Poor's downgraded the rating of Spain last week.Other major rating agency, Moody's does not express recently.

Given these speculations on a possible deterioration of the Spanish note, wins the Madrid Stock Exchange on Tuesday, from 3.2% to 12.30, approaching the bar dangerously technical and psychological 10,000 points at 10,090.1 points. Mid-April, the Ibex index of 35 largest market capitalizations Spanish trading at over 11,500 points.

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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Soaring interest rates Greeks did not leave the choice to Athens. Greece today called the release a device with the European Union and the International Monetary Fund (IMF) said the Greek Prime Minister George Papandreou. A solution to which it had previously refused, but reimbursement by the May 18 deadline for a $ 8.5 billion was forced to act.

It is now "a national need," said George Papandreou on live television."Our partners will take steps to offer a safe haven for help to put our ship afloat (…) and send the message to the markets if the Union does not play and it protects the euro."

The joint assistance of Europeans and the IMF consists of a loan of around 45 billion euros at a rate of about 5%, including 30 billion for member countries of the European Union and about 15 billion of IMF.

The area countries are taking their laws to release the funds. France has indicated Wednesday it was ready to grant 3.9 billion euros. In Germany, the situation is much more complicated. The government of Angela Merkel faces a strong challenge to the public.

Three events have accelerated the decision of the Greek government in recent days.Since the beginning of the week, interest rates on debt Greek continue to break records, preventing use of the Athens market in the near future. On Thursday, the European Institute of Statistics, Eurostat, has revised upward the Greek budget deficit for 2009 and reiterated his doubts about the national statistics. Finally, in the process, the rating agency Moody's downgraded the rating of Greece.

The markets reacted positively, the Athens Stock Exchange (Athex) was up by midday Friday, gaining 3.77%. By late morning, London gained 0.93%, Paris and Frankfurt 0.82% 1.25%.

More to come …

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"SPECIAL CASE – Greece, a challenge for Europe