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The first witnesses in the trial of Jerome Kerviel to show unfavorable to the former trader. However, the three lawyers of the Societe Generale seem nervous.

My Veil, Reinhart and Martineau do not in place. Sometimes they twirl and shake, like swallows on a wire, while nearly two representatives of the Crown. The result is a mass effect on the side of the charge, which accentuates the loneliness of the accused, sitting in a chair – which is probably not displease her advice. Sometimes, in turn, lawyers for the plaintiff are powerful whisper the word to reporters, as if they have trumpeted the court might be misunderstood.

Here are just a witness who has everything to please them: SN is a trader at Societe Generale. Tall, slim, short hair, gray suit (a standard, obviously), this old friend of Mr.Kerviel stands slightly hunched, embarrassed of the man whose belly gargoyle society. "I do not necessarily asked to be there," he slips to the President. But since there is, he sings the lament of an honest financial embittered: "We all have limits to respect. Jerome Kerviel took positions stratospheric endangering the bank and its employees. We are fighting every day to earn a little money in the bank. I am disappointed and disgusted. "

Mr. Metzner asticote this model employee: "If you say the lesser evil of the Company generally, you would find your chair tomorrow?"

The witness, categorically: "Yes paydayloans. "

The lawyer, humbug "Try …"

Martineau and yelping My Veil: "MSunder oath! We want him to give false testimony: "The prosecutor Jean-Michel Aldebert, but caveat:" Do not terrorize witnesses, Master! "

Mr. Metzner and his partner, Nicolas Huc-Morel, now produce a picture that at first sight, shows that the theoretical limit imposed on the traders would have been "disabled" – understood: it was not expressly prohibited Kerviel to invest billions. Claire Dumas, part of SocGen, refutes the argument. The three councils of the bank seriously nod of the head, Mr. Metzner is gloating.As Mr Kerviel, but it should be noted that his ostensible irony and his disposition to take up anyone questioned irritate the president, who often questioned.

Societe Generale, it comes out of his sleeve a graphic frightening: If it had not "unwound" Kerviel aberrant positions from January 2008, she had said she lost, not 4.9, but 29 billion. This time, the trio that swagger, while Mr. Metzner, red as a peony, storm: "These pieces have not been disclosed to the defense!"

The performance resumed Friday morning.

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A meeting of consolidation looms on the Paris Bourse. After Thursday's rebound, which helped win 40 auCAC 1.59%, investors should take advantage of this last day of the week to lift the foot. In any case, the path that has been selected by U.S. operators yesterday. The Dow Jones, which had won 2.25% Wednesday, finished the balance 0.06% Thursday. This morning, their counterparts in Asia have followed suit. Thus, the Japanese Nikkei remained in balance throughout the session while the rest of the financial centers of the region declined slightly.

The wait should also dominate this session before the release of highly anticipated monthly report on U.S. employment, which will be published early this afternoon. Yesterday, the markets have had a foretaste of what awaited the publication of a fall, slightly above expectations ds, the weekly number of new unemployed (453,000).The firm ADP, meanwhile, announced that the private sector was announced in May its fourth consecutive month of net job creation (55 000). Despite these figures, the head of the U.S. Federal Reserve (Fed), Ben Bernanke, said he still worried about the employment situation overseas. An hour after the publication of the report, the Fed chairman Atlanta, Dennis Lockhart will speak on the economic outlook and the banking environment.

Note that the second estimate of euro area GDP in the first quarter will be unveiled in the morning.

Thales observed by Christian Estrosi

In an interview with Les Echos published Thursday, Industry Minister Christian Estrosi, spoke in favor of a rapprochement between the players of the electronics and embedded software as those of Thales No teletrek payday advance.

The Strategic Investment Fund (ISF) is mounted in the capital of CGG Veritas up to a little over 170 million euros, or 6% of capital.

France Telecom said Thursday it had abandoned its proposed merger with its Swiss subsidiary Sunrise, a subsidiary of TDC, but did not specify its intentions for other building projects in the country.

Airbus, EADS subsidiary, has registered 73 net orders from January to May, but still lagging behind U.S. rival Boeing, which has registered 111, according to the trade balance of the two aircraft manufacturers.

BPCE, parent company of Natixis, formalized the merger Thursday holdings of shares of Banques Populaires and Caisses d'Epargne.

BNP Paribas, Fortis bought at the height of the financial crisis, announced Thursday an agreement in principle to merge its Turkish subsidiary with that of the Belgian bank.

National Australia Bank has found three candidates may be interested in acquiring a platform investment Axa Asia-Pacific by Australian newspaper on Friday.

Atos Origin has tabled an offer for the resumption of WorldPay, a subsidiary of Royal Bank of Scotland, according to sources familiar with the matter.

Jean-Louis Beffa, the chairman of Saint Gobain, has formalized his departure at the annual general meeting Thursday. His successor, Pierre-Andre de Chalendar confirmed its objective of a rebound results in 2010 and said to expect solid growth in operating income in the first half, compared to the same period last year.

The CAC 40 climbed 2.19% to 3,578.01 at mid-points. Optimism is also topical in London where the FTSE gained 1.65% to 5236.50 points. In Germany, where the day is a holiday but not to the Exchange, the DAX index climbed 1.66% to 6080.33 points

European markets follow the footsteps of Asian financial centers this morning. These are themselves remained on the rebound on Wall Street yesterday, which saw the Dow finished up 2.25% through the good figures for real estate and automotive. On Wednesday, the same statistics have allowed the Paris Bourse stop the slide to achieve a closing balance (-0.05%).

Selected indicators

On Thursday, markets should evolve further over the many publications of macroeconomic indicators in Europe and the United States:

– In France, INSEE reported that the unemployment rate according to ILO had remained "stable at a high level" in the first quarter of 2010 in France, 9.5% of the workforce in France and 9.9% with the overseas departments (DOM).

– Regarding the euro area: the services sector has experienced growth in May, slightly higher than expected. The index Markit Purchasing Managers (PMI) service sector stood at 56.2 in May, its growth rate was the highest since August 2007, against 56 in "flash" estimate and 55.5 in April.This is the ninth month of consecutive increase this index is above 50, is the line that distinguishes growth from contraction in activity.

– Retail sales in the Eurozone fell sharply in April when economists expected a slight increase from the previous month. In the 16 countries adopting the single currency, sales decreased 1.2% compared to March, its largest decline since October 2008, and show a decline of 1.5% over one year.

Overseas, the day should also be prosperous: Investors await the monthly report of employment in the private sector and the weekly claims for unemployment benefits.Are also expected industrial orders in April, the productivity of the first quarter, the ISM index of services activity and weekly oil inventories.

The car in sight

As for values, Valeo will hold its general assembly in early afternoon. The group expressed confidence in achieving its 2010 target of doubling its operating margin compared to 1.8% achieved in 2009. The automotive supplier is also only for the first half, a operating margin of close to 6% based on a turnover of around 4.7 billion euros. The news pushed the stock market as: the action takes the head of DTH with an increase of 7.35% at 23.50 euros.

PSA Peugeot Citroen for its part occupies the first place winners of the ACC with an increase of 5.48% to 20.60 euros.The builder, who held its general meeting Wednesday, said he would reimburse the billion loan from the State in the second half. The boss of Philippe Varin has also confirmed the target of a largely positive EBIT in the first half. He felt that the positioning of two brands of PSA was not consistent with the lower cost.

Renault, Dacia sales explode in his wake, takes 4.28% to 30.59 euros.

Air France KLM (6.04% to 10.50 euros) on Wednesday, speaking through its Chief Executive Officer Pierre-Henri Gourgeon, the voluntary separation plan of the company had achieved its objectives. This morning, the company also announced that passenger traffic up 4.3% last month, to 6.2 million passengers.With capacities of stable (+0.1%), the load factor is an improvement of 3.3 points to 80.6%.

Maxime Lombardini, Chief Executive of Free (Iliad: + 1.02% to 68.54 euros), said in an interview with Le Figaro that his group had already invested $ 350 million in fiber optics and that it will invest year more than 150 million. "I confirm that we have 4 million homes connected with fiber in 2012," he said.

Saint Gobain (3.47%) held its general meeting this afternoon.

Note that the bank still buffeted yesterday, also benefit from the euphoria: Axa (2.44%), Societe Generale (1.64%), Credit Agricole (2.67%) and BNP Paribas ( 0.27%) are in green.

The European Commission, guardian of competition in the European Union, is very interested in the station, according to Les Echos published on Monday. As for La Poste, it requires that France put an end to the "unlimited state guarantee" that the company enjoys as a public industrial and commercial (EPIC). This does not mean a change of status into a limited company, which is the sole responsibility of the French state, but this would pave the way for a reform in this direction.

The European Commission had made the same request to all Member States in July 2008 with the ambition of a Complies to share its requirements in two years, ie by July 2010.According to the newspaper, France, Portugal, Italy and the United Kingdom is problematic, one month maturity.

The guarantee unlimited public is considered a "state aid incompatible" with EU competition law by the Commission. With this guarantee, the company is in fact not subject to the law on bankruptcy and insolvency. The state covers all the group's commitments and repay debts if the company can do itself. In the case of La Poste, the transformation of the public enterprise into a limited company had solved the problem of the unlimited guarantee.

The situation is repeated Does the station? According to Les Echos, the French government sent an absolute bar to the Commission in early April, saying that "France rejects the view expressed by the European Commission will present its legal arguments because the government 's will not change the status of Epic SNCF.

On Monday, the Secretary of State for Transport Dominique Bussereau said in a statement it was "no question of changing the status of EPIC SNCF, which does not entitle its holder a competitive advantage." The statement said that France had asked the Court of Justice against the EU Commission.

From 1 July 2010 will require some additional documents to send a letter. The price of the stamp of the priority letter weighing less than 20 grams will increase from 0.56 to 0.58 euro, an increase of 3.5%. The economic costs will also increase by two cents to 0.53 euros.

This is the sixth increase in eight years. The price of the stamp for a letter of less than 20 grams had already earned a penny last year. But Post said she "is in the average tariffs in Europe even though the universal service commitments of the post office and geographic constraints are higher in France" instant payday loan.

"The rising price of stamps will have a minimal impact on the household budget, or approximately 0.10 ? per month per household," the statement said.In addition, The Post said they considered the economic situation by adjusting charges for companies depending on their situation: there will be no change for major mailers and the increase will be 0.6% Small and medium enterprises.

Meeting in Brussels, the Heads of States of the euro area have finally approved the activation of the financial assistance plan 110 billion euros to Greece three years. According to several government sources, the leaders have also discussed the establishment of a fund to help countries threatened to defend the euro. The European Commission could contribute in the form of loans to the tune of 70 billion euros. The European Central Bank (ECB) will also participate.

"Attack of the market is now against the euro and individualized assistance to any country may give an insufficient response of Europe, the priority is a unified response, firm and fast," said one in particular these sources on condition of anonymity.

If agreement seems to have been found on Friday on the need to establish a sustainable mechanism for defending the single currency, the heads of states still fail to agree on every detail. "The discussion focuses particularly on the role of the ECB," said a source close to the talks

Pressure on ECB

All eyes are turned to the ECB effect. The other track would be mentioned that the latter buys bonds issued by states of the euro area, to provide them in exchange for cash. According to these same diplomatic sources, the European Commission would currently pressuring the ECB to make sense in a concrete proposal to support the euro area.

On Monday, the ECB announced it would accept the Greek debt as collateral for its loans, regardless of their credit ratings.Extending this unprecedented step for all countries in the euro area "would be a strong signal to markets" would have said the president of the European Commission Jose Manuel Barroso. But on Thursday, the ECB said it had not considered.

At the meeting this Friday, the president of the European Central Bank Jean-Claude Trichet, have estimated that the eurozone faced a "systemic crisis" easy payday loans.

Tighten fiscal discipline

The euro zone leaders agree at least on the need to tighten fiscal discipline. A commitment to ensure that "Greece is not only to reduce its deficits, but that we work so that all the Stability and Growth speedy again respected," said German Chancellor Angela Merkel in Brussels.

Leaders also stressed the need for better coordination of economic policies in the euro area. Finally the sixteen Heads of State and Government reiterated their determination to "move quickly on the regulation and supervision of financial markets. They also insist on the creation of "a European rating agency.

Barack Obama supports the EU

Moreover, since the White House is that Barack Obama supported the European heads of state on Friday. "I made it clear that the United States supports these efforts and will continue to cooperate with EU authorities and the IMF during this critical period," he said, after talks with Angela Merkel.

American concerns grew at the same time as the market stress.Wednesday, Charles Plosser, a leader of the U.S. central bank (Fed) has assured that "the economic recovery of the U.S. could be delayed by a further turmoil in financial markets. Recent events in Greece are one of the factors likely to influence the evolution of the U.S. economy. "

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After Societe Generale, Wednesday, BNP Paribas has just released its quarterly results and at the same time its exposure to the debt of Greece. Then it reported a net profit increase of 39.1% to 2.28 billion euros for the first quarter, BNP Paribas has introduced to date, exposure to the debt over the Greek French banks are high. It amounts to 5 billion euros, plus three billion euros of trade commitments on private Greek companies. The bank said that the Greek private sector credit represents only 0.2% of total commitments of the group, while exposure to the debt of the Greek state only weighs just 0.4%.

"If we place ourselves in the short term, the biggest risk is exposure to private debt, said Christian Parisot, an economist and chief strategist of Aurel BGC.The establishment of an austerity plan would have a negative impact for the economy of Greece. It brings about a contraction of 3 to 4% of GDP, would increase the risk of default of households, less creditworthy than a State, and consequently the business.

For its part, Societe Generale, which also pleasantly surprised investors with a net profit of 1.06 billion euros for the first quarter, announced on Wednesday an exhibition at the Greek debt of 3 billion, in addition to its 54% stake in the bank Greek Geniki Bank, whose loan portfolio stood at four billion euros at the end of March.

57 billion euros of exposure to Greece for French banks

Regarding Credit Agricole and Banque Populaire and Caisse d'Epargne (BPCE) which must publish their quarterly results on 12 and 11 May, they have already announced their exposure to debt Greek make quick cash. On Thursday, Credit Agricole said its obligations associated with the Greek state reached 850 million euros, 600 million euros for its Greek subsidiary Emporiki. But the last poster, in addition, a total loan portfolio of 22.7 billion euros, according to results released Wednesday. On Friday, Credit Agricole has reported that its total exposure amounts to nearly 30 billion if one takes into account the commercial commitments of Cr?dit Agricole CIB, its subsidiary bank financing and investment.

As the group BPCE, exposure to Greece amounted to 2.1 billion euros, of which 882 million euros through its subsidiary Natixis. BPCE exposed to 1.4 million euros to the Greek sovereign debt and Natixis to 160 million euros. In contrast, private debt is fully supported by Natixis to the tune of 722 million euros.

According to statistics from the Bank for International Settlements (BIS) in late 2009, French banks are exposed to the tune of 75.172 billion dollars (57.41 billion euros). This amount placed at the head of global banks most exposed in Greece.They are followed by German banks, which are up to 45 billion dollars.

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Norsk Hydro announced Sunday evening the acquisition of assets in the aluminum Brazilian Vale. In a statement, the Norwegian group, which the state holds a majority stake, said that the transaction amount is $ 4.9 billion, equivalent to 3.7 billion euros. The acquisition of these assets, all located in Brazil, is expected to close in the fourth quarter this year.

In exchange, Vale will receive 22% stake in Norsk Hydro, becoming the second largest shareholder in the company after the Norwegian state, and a cash payment of $ 1.1 billion.

To fund this mega operation, the Norwegian group will launch a capital increase of 10 billion kroner (1.75 billion dollars). The transaction is expected to close in the fourth quarter of 2010. On this occasion, by the Norwegian state will be reduced from 43.8% to 34.5%.

Too dependent on others until

The acquisition by Norsk Hydro is the largest acquisition made by a Norwegian company out of its bases No fax pay day loan. This operation ensures the supply of bauxite Norsk Hydro hundred years.

The main assets are redeemed in Vale's share of 51% in the aluminum smelter Albras, its 57% in the Alunorte alumina refinery jointly owned with Norsk Hydro – who now control 91% -, and 60% in Paragominas bauxite mine. Alunorte is the largest alumina refinery in the world, and Paragominas is the third largest bauxite mine, ore of aluminum base of the planet.

"We were so far dependent on others for the purchase of raw materials the most important [for the group, Ed], bauxite and alumina."This agreement will (…) Norsk Hydro group present on the entire chain with strong positions in the production of bauxite, alumina production, the production of aluminum and its transformation, welcomed Terje Vareberg, president of the board of directors, at a press conference.

Can you still perform in France? At a time when a movement of deindustrialization affects the Hexagon, Saint-Gobain slice on the downturn. On Wednesday, the group inaugurated in Chemill? glass, next to Angers, a glass wool factory last generation called G3. A major investment (100 million euros) with the key, the immediate creation of 75 jobs including 25 items made by subcontractors on the site. And when the unit running at full capacity it will employ 150 people. A move welcomed by Prime Minister Francois Fillon, present at the inauguration: "In France, we built factories! You are proof that our country has an industrial future. "There is no inevitability to the relocation, he said the group's CEO, Pierre-Andre de Chalendar.The cost of labor, even if it is too high in France, is not always an obstacle to industrialization. "

That was 38 years, Saint-Gobain had not started a manufacturing plant in France this kind of product. But other businesses of the group have also recently made the choice of production in France. Mid-February, Saint-Gobain has finalized the extension of a site that makes double glazing Crissey, near Chalon-sur-Saone. With again a few tens of indirect jobs.

Sustainability

If Saint-Gobain is the bet of "Made in France", is by economic realism. "Once the fiberglass travel more than 400 to 500 km, transport costs become excessive, recognizes Xavier de Maistre, General Manager France of Saint-Gobain Isover cash advance.We therefore produce locally for local markets. "In this case, the group chose to locate in Maine-et-Loire, for he had no factory producing glass wool to the markets of west of France.

Saint-Gobain has also launched the opening of an industrial site, because it believes in market prospects opened by the Grenelle Environment. A bet bolstered by the commitment reiterated Wednesday Francois Fillon not relegated to the status of sustainable development subtopic: "The green growth is not the end of the industry: it's renewal." Thus, Saint-Gobain will have to Chemill? a production capacity sufficient to isolate 100 000 houses per year. However, since 2012, some 300 000 to 400 000 houses built each year will be the standard BBC (building low consumption) to be very well insulated."In addition, there are 22 million buildings constructed before 1973 and 30 million non-insulated and poorly insulated," says one at Saint-Gobain Isover. In fact, the glass wool G3 is a good answer to these problems: compared to previous lines, it provides better thermal protection of 30%. What Saint-Gobain dampen somewhat the crisis currently affecting the construction industry.

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Beginning next week, should be less than 170 medicines reimbursed by the National Health Insurance Fund (CNAM). The reimbursement from 35% to 15% when the list of these products will be published in the Official Gazette. These 170 drugs are available in approximately 600 references, which is explained by the different packages and generic equivalents.

These products have been delisted by the CNAM chosen according to studies by the High Authority of Health has estimated that they were ineffective.The purpose of the maneuver is to save 150 million euros for Social Security, while the latter should show a deficit in 2009 of over 20 billion euros cash advance america.

According to the director general of the French Mutuality, Jean-Martin Cohen-Solal, interviewed by Le Parisien, "whether the drug is effective and is reimbursed correctly or it is not and shall not be refunded. Mutuality French has also decided not to reimburse drugs reimbursed 15% by the social security, which would save 80 million euros each other.

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