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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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The euro zone growth will do better than expected this year, but then things could get tougher for weak links – including Greece and Portugal – which continue to frighten the markets with their debt problems. The European Commission has revised upward its growth forecast Wednesday in 2010, 0.9% (against 0.7% previously forecast). In 2011, the forecast remains unchanged at +1.5%.

"The improved prospects for economic growth this year is good news for Europe," said Economic Affairs Commissioner Olli Rehn. But "we must ensure that risks to financial stability does not compromise this".These figures have initially supported the markets, before a relapse during the meeting.

Forecast 2011 decline

The Commission stressed that the pace of recovery could vary from one state to another. The Netherlands, Germany and France are expected to fare well in the game But in the South, we can expect a performance below average. Greece and could show a contraction of GDP – 3% this year and – 0.5% next year. Spain will be a little better, with growth expected to – 0.4% and 0.8% respectively. In Portugal, the Commission expects a GDP growth of +0.5% this year and 0.7% next year.For these three countries, forecast in 2011 have been revised downwards compared to the figures published in the fall.

The challenge for these countries is that they must serve their public finances without stifling the recovery. "Sustained growth requires fiscal consolidation efforts and specific reforms that improve productivity and employment", insisted Mr Rehn. The deficit is expected to reach 9.3% of GDP in Greece this year, against 9.8% and 8.5% in Spain to Portugal – the record being held by Ireland with 11.7%. But "if other measures sontentreprises farms (to clean up the accounts, Ed), we can expect that this will have an effect on growth," says one to the Commission.

While fears of contagion from the crisis scariest Greek markets, the EU executive wanted was reassuring."Greece is a unique and special," said Rehn, and "It's important to extinguish the brush fire before it becomes a wildfire in the European Union."

For its part, the head of the Eurogroup Jean-Claude Juncker, has ruled out any risk of contagion Greek, and any assumptions bursting of the euro area. As to former Commission President Jacques Delors, he expressed regret for lost time: "The firefighters are at work" to defend Greece and the euro, but "we must say they have been slow .

A denied "categorically". Fabrice Tourre, a trader at the heart of the case heard Goldman Sachs on Tuesday by U.S. lawmakers, denies all charges against him and issued against the bank by the SEC, the U.S. financial policeman. In his written testimony, he denied the charge of the market authority that it did not inform investors of the nature of complex financial product he had created, the Abacus AC-07 1. He also denied the fact of not having told investors that Goldman Sachs had authorized the manager hedge fund Paulson & Co in selecting portfolio securities included in the Abacus betting on depreciation.The SEC alleges including Paulson & Co have put in the pocket more than one billion dollars in capital gains through the operation, almost the total amount of losses incurred by investors who bid on Abacus.

Fabrice Tourre himself "surprised" and said he never told the ACA, the media company that acted as an agent of selection underlying portfolio of 07 Abacus AC-1, that Paulson & Co take share or buying a long position in the Abacus. "I do not remember the exact words I used at that time," admits Fabrice Tourre but he claims to have suggested to the ACA, Paulson could be involved in the transaction without being an investor. "If the ACA was not insured on this point, she had every opportunity to clarify the subject."

"We lost money too"

Fabrice Tourre said he never intended to mislead "two of its two major customers, the ACA and the German bank IKB No checking account payday advance. "When Goldman Sachs told investors that ACA had selected the titles referenced in Abacus, this statement was absolutely correct," said Fabrice Tourre.

Contrary to qu'assurent members of the Subcommittee investigation ongoing U.S. Senate, the transaction Abacus, "was not designed to fail". He said Goldman Sachs had no economic interest in seeing it fail. "We lost money too," says he, advancing "an amount exceeding 100 million dollars."

A polluted river

In his testimony, Fabrice Tourre appreciates being able to defend itself against these "false accusations". "These past weeks have been difficult for me and my family. I have been the subject of unfounded attacks on my motives, "he says.

Things get tough for him, as for the other leaders agreed Tuesday. In opening the hearing, Sen. Carl Levin, chairman of the subcommittee, did not mince his words regarding the Goldman Sachs "who took advantage of the collapse. "As the polluters who put the poison into a river, they have integrated the risky products in our financial system and polluted," he acknowledges. He does not forget to pass the role of credit ratings agencies "who with their triple A have to believe that the water was drinkable.

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77% of turnover is generated abroad, including 11% in Asia.

The turnover of automotive operations increased by 53.4% over the first three months of the year, to 605.6 million, a level comparable to the turnover of the fourth quarter of 2009 (594 million euros).The environment of the activity rose 4.1% to 104.2 million unsecured personal loans.

In 2009, the automotive supplier has made an annual turnover of 2.459 billion euros, down 8.8% and a profit of 63.8 million against a loss in 2008.

Boosted by new models

The activity was supported by the rebound in production in North America and Europe, by continued strong growth in Asia, especially China (152%) and by new model launches in Germany BMW X1 and X5 in the U.S., the Citroen C3 and DS3 in France and the Opel Astra in Germany.

The turnover of the second quarter of 2010 should be similar to the First and growth pole Environment, started in Q1 2010, is expected to accelerate throughout the year, the company said in a statement.

The title, which has a market capitalization of 570 million euros, has already increased by nearly 75% since 1 January after a gain of 160% in 2009.

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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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Atmosphere tense in this weekend at the Porte de Versailles in Paris. While Friday is usually translated by a certain relaxation in the aisles of the Salon of Agriculture after the parade policies during the week this year, the reverse occurs. The farming community was mobilized for the coming of the President of the Republic. Unable to come Saturday for the opening, a gesture understood by many farmers, Nicolas Sarkozy came close this morning 47th. All responsible booths are still there to be present during the presidential transition. It should arrive Saturday around 9 hours for a quick round half past one in the aisles of Hall 1, the animals, and those of Hall 2. That housing actors in crop production.He must then lead a roundtable with all unions representing farm: FNSEA in mind, the Coordination Rurale and the Confederation Paysanne (Conf '). On this occasion the Head of State who will not come empty handed must disclose his actions to inflate morale. This is the lowest after declining average farm income of one third in 2009, following a decrease of 20% a year ago. "The head of state is expected to announce additional measures in terms of emergency support to agriculture last fall, the Figaro says a union official. This could result in an extension of almost 500 million euros for loans subsidized about 1.5 billion euros and also relaxation of agri-environmental measures, "he says. A meeting should end around noon. One thing seems certain already.The atmosphere should not be that of the previous day, when Jacques Chirac, still as passionate about agriculture, was cheered by the audience after a visit of 3 hours.

As for attendance – for the common man the show remains open as usual until Sunday evening – Organizers are hoping now over 20 000 visitors less. "But this should remain a good year this year we will exceed the 600,000 visitors mark, says Juana Moreno, Director General of the International Exhibition of Agriculture. But we will only probably not the 670,000 visitors last year at the current rate of admissions. " Three major explanations for this. The storm last Sunday slowed the enthusiasm of the visitors that they are provincial or Parisian.Moreover, events like the milk of the Apli (Association of Milk Producers independent) or Conf 'have also dampened the enthusiasm of visitors. Finally the prospect of a presidential visit in a tense atmosphere does not help for parents with small children. Still, the pride of exhibitors is still there and read on their faces passionate.

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Nicolas Sarkozy has unveiled Monday its decision on the great debt of 35 billion euros, of which 22 billion will be raised on the markets. Priority is given to research and teaching, which will receive 11 billion euros.

At his press conference, the Head of State said "we must prepare France for the challenges of the future." In total, then 60 billion euros to be invested in the 5 priority areas identified by the Head of State. One of the questions when considering the large loan was for the financing. Nicolas Sarkozy has decided: the state will raise 22 billion euros on the market. Individuals will not be sought, it would have cost "one billion" over, prompted the head of state.In addition, 13 billion will be financed by aid funds reimbursed by the banks.

Laurence Boone, chief economist at Capital Barcalys analyzes the decisions announced by the President of the Republic. Explanations:

The International Energy released Friday its monthly report, raising its forecast for demand in 2009 and 2010. The decline in global demand for black gold caused by the global recession would be less strong than expected this year.The IEA now foresees a decline of 1.6% over one year to 84.9 million barrels per day (bpd), while she was counting so far on a contraction of 1.7%.

For 2010, the IEA now expects demand to 86.3 million barrels per day, up 1.7% year on year, while it previously expected a more moderate increase of 1.6 %.

The "risk" that still weigh on industrialized countries, including the continued weakness of demand in the United States is offset by the strength of the recovery in emerging markets.

China and India are the resumption of global demand

"The early indicators better than expected in China and India, whose economies continue to benefit from government stimulus plans" should indeed be the global demand for oil, rising by 3.6% in 2009 to China.The IEA, however, surprised the "apparent discrepancy" between a limited consumption of gasoline and rising sales of cars in the country.

The IEA has estimated that the final price of a barrel of oil reaches $ 76 by 2014, at constant exchange rates, against $ 60 provided in its previous report. Friday, the price was changing between 70 and 71 dollars.

According to the scenario more gloomy global growth of 3% in 2014, oil demand should grow by an average of only 0.5%.

After earning the quarterly losses last year and a half, Ford has returned to profit. The U.S. carmaker has presented on Monday a net operating 997 million for the third quarter, earnings per share of 0.29 dollars.

The operating profit of the group stood at 26 cents per share, while analysts expected a loss. At the same time last year, Ford avaiyt presented a net loss of $ 161 million.

The automotive business generated cash flow of $ 1.3 billion over the period. Consequently, the group raised its forecasts.While he expected to be "at least the balance" in 2011, he now feels able to be "solidly profitable" in that horizon.

Around 13 h 50 in electronic trading before the opening of Wall Street, as Ford earned 50 cents, an increase of 7% over its closing price Friday.

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Tobacco companies defend themselves against illegal sales of tobacco on the Internet. BAT France said in a statement it had secured commitments from the advertiser Expresstabac and site hosting Aucland, to "clean up ads. The cigarette had given notice October 16 arrest for impersonating BAT and selling cigarettes illegally. The host has pledged not to broadcast these ads.

Other warnings were issued by BAT. One for the site and the advertiser beebarter.com expresstabacnews@gmail.com and one for the site and the advertiser annonces100×100.com laboutiquedutabac@yahoo.fr. The cigarette maker BAT claims that these sites and advertisers to steal his identity and violate Article L3511-3 of the Code of Public Health which prohibits the sale of tobacco promotion in France.Mid-October, the spokesman for the government, Luc Chatel, had indicated he was "absolutely out of question for public health reasons, to authorize the sale of tobacco through the Internet.

A quarter of the cigarettes would be purchased abroad

The websites offer cartridges 8 euros against an average of 50 euros at tobacconists. According to research firm EPSY conducted for the manufacturer BAT, 24% of cigarettes consumed in France in 2008 were actually purchased abroad. Budget Minister Eric Woerth said on Thursday that the price of cigarettes would increase by 6% in the coming weeks at the request of manufacturers. An increase which could be added to the revaluation of taxes under the draft law on financing social security (PLFSS).