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The International Monetary Fund (IMF) has the alarm on the third world economy. Consequence of the earthquake on March 11, its economists expecting a decline of 0.7% of GDP for the whole of 2011. The Fund is particularly concerned for the country's debt, which will reach 219% of GDP at end 2011, and finds that the debt reduction must remain the priority of the government.

The latter, which has just passed a supplementary budget of 33 billion euros to finance the first necessities, wants to pass through Parliament a law authorizing it to issue bonds and launch a second budget by August.

But the Prime Minister, Naoto Kan, in power for a year, is increasingly challenged, including in his own camp. Opponents blocked the law and want to relinquish power as soon as possible. They propose to form a "grand coalition", a sort of unity government."Given the limited scope exists to reduce expenditure, fiscal consolidation should be based on a comprehensive tax reform, built around a progressive rise in consumption tax," the IMF analysis.

A solution that Naoto Kan has long dream. Set at 5% today, this fee could rise to 10% in 2015-2016, calculates the government. Yet it must be at least 15% for only "half way done," the IMF tranche.

SFR launched Tuesday its new line of mobile phone plans. With two major innovations. On the one hand, the possibility of a subscription without changing phone. In return, the package price would drop, drop up to 35% or 45%. An operation by which shock SFR is preparing for the arrival of Free, who has promised to halve the bill of a mobile home.

It is also a break with current trends in the mobile consumer, where the majority of subscribers are systematically changing phone – even if they still works – as soon as they leave for a new package of 12 or 24 months. Environmentally unfriendly habit while recycling is cumbersome to organize and costly for operators heavily subsidize the purchase of the phone.

The operators seem determined to break this vicious circle."Until now, subscribers have paid for urban subscribers of fields, those who do not change their mobile paid for those who changed all the time. Today, someone who does not change his mobile will pay less, "said Frank Cadoret, managing director of consumer and professional SFR La Chaîne Techno. Numericable and La Poste, which both come to embark in Mobile, made the telephone subsidy packages without the spearhead of its strategy to offer aggressive pricing packages paperless payday loans.

Bill Lefebvre

One way to take the lead for several months while the regulator (Arcep) wants to clarify the grant of the mobile.And it is also an objective of the Secretary of State for Consumer Affairs, Frédéric Lefebvre, who introduced his bill on consumer protection, on 1 June

The question remains whether consumers will be seduced, while, in turn, device manufacturers continue to offer ever more innovative models, adding 4G, 3D, contactless payment technology and other discovery.

Another new SFR must formalize its agreement with the online music site Spotify announced in Le Figaro (our editions of May 14). Like with Deezer Orange, SFR will offer several packages including mobile phones with unlimited Spotify. One way to consider another major change current practice: the decline of the voice and the booming exchanges of data, whether text messages, emails, web, video or music files.

Lifting the Russian embargo on grain exports was widely expected by markets. "We will lift the ban on July 1, has announced on Saturday the prime minister, Vladimir Putin. The latter was originally scheduled to expire in late December 2010 but was extended amid fears of another poor harvest.

Earlier this year, the Russian Minister of Agriculture, Elena Skrynnik, and the first Russian deputy prime minister, Viktor Zubkov, had even cast doubt in the minds of investors by suggesting that the ban could be extended until 'at the end of September or early October. "Our main task is to perform efficiently and timely spring planting on 50 million hectares of cereals including at least 30 million hectares, which will give us a harvest of 85 million tons of grain, "explained Elena Skrynnik.The announcement of the lifting of the embargo implies therefore that these objectives will be achieved.

Soulagment waited on wheat prices

That embargo was imposed by the Russian government because of drought and an unprecedented heat wave during summer 2010, which caused a fall crop Russian approximately 60 million tonnes against 95 million tons originally planned. The embargo was intended to ensure supplies to domestic markets. "We must prevent inflation in domestic prices and also save the Russian stock" which might be destroyed in case of lack of food due to excessively high domestic prices for cereals, Vladimir Putin had said during the announcement of measurement.

But the inflation in wheat prices has taken place internationally since Russia is the third largest exporter of wheat.In August 2010, a ton more than the 230 euros on the Paris markets, while a bushel (25 kg) was trading at over $ 7.80, a level not seen since the food crisis of August 2008.

Since then, the tension on the wheat markets has not subsided. Higher prices even accelerated since May, a tonne is worth about 260 euros on the Paris markets and is worth 8.1975 dollars per bushel on U.S. markets. In one year, prices have soared from 96.76% to 77.77% in Paris and Chicago. The meteorological context remains very complicated. The United States, world's largest exporter, are facing a very wet spring in central and northern Iraq that delay planting. The very dry conditions in Europe, especially France, would result in lower production than expected, while in China, a drought affecting the historic center of the country.The return of the Russian market should alleviate investors.

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Rome will soon respond to the warning of the rating agency Standard & Poor's. After that it has threatened Friday night to degrade the note from the Italian debt, the government hinted Monday that he would introduce an austerity plan 35 to 40 billion euros in June, the agency Reuters quoted a government source. If you believe the latter, the date of submission of the measure was advanced to make "a signal to markets", namely that Italy holds the cords securely in its budget.

The Berlusconi government, weakened by recent electoral setbacks, has sought to defy Standard & Poor's. The latter said Friday that, "according to [his] point of view, the current growth prospects for Italy are low, and political commitment to reforms improving productivity seems faulty."Accordingly, the agency changed its outlook on the rating of Italy from stable to negative. There is one chance in three that this warning is followed by a deterioration in the Italian note, currently located at "A +", the 5th best possible. Italy is still far notches -6-category called "speculative".

Low growth

In response, the cost of insuring against a default of the Italian debt, very sensitive thermometer of the market sentiment has surged 15 points Monday, to 176 basis points. "Italy is in the viewfinder of the rating because its growth was disappointing," says Jean-Francois Robin, strategist at Natixis. In the first quarter, the economy has virtually stalled, its gross domestic product (GDP) grew by only 0.1% against 0.8% in Greece, or +1% in France.Italian growth was the lowest in the euro area between 2001 and 2010, also said Monday the National Institute of Statistics of Italy, Istat.

So far, Italy has escaped the wrath of the markets. Its deficit was limited to 4.5% in 2010, one of the lowest in the euro area. "The Italian deficit is supplied mainly by the debt service, which reaches 119% of its GDP," said Jean-Francois Robin. "This level can not satisfy the government, it must still reduce its deficit." Rome wants to reduce the gap between revenue and expenditure to 3% of GDP in 2012 and reach equilibrium in 2014.

Standard & Poor's is the only agency to express reservations about the trajectory of Italian public finances.Her colleague Fitch said Monday morning that Rome had been better than expected its 2010 goals and the country is on track to achieve those he has set for 2011. Moody's has for its part, reiterated that it has no plans to lower the Italian touch.

The alleged sexual assault case that led to the arrest of Dominique Strauss-Kahn is also a blow to the institution he heads the International Monetary Fund (IMF). Sunday night, the institution announced that, as required by procedures, number two, John Lipsky, will assume the duties of general manager for the duration of the absence of DSK. The board of directors of the fund must hold a special meeting Sunday evening, "informally," says the institution. So John Lipsy who will chair the meeting.The IMF can initiate disciplinary proceedings against the Director General in case of "serious breaches" of the code of conduct for officials of the institution.

"This case is bound to tarnish the image of the institution, which, however, by the voice of its director general had managed during and through the crisis, to find a proper place in the regulation of globalization and stand at the heart international monetary system, "said Hassim Mounis, professor at Sciences Politiques in Paris.

"Dominique Strauss-Kahn is a Managing Director of IMF that will be remembered most," says the economist. "It will mark the spirits because he has temporarily disrupted the guidance of the IMF's role by requiring the state to support the economy, which is in total contradiction with the previous liberal policy of the institution," said it.DSK is known to have handled the economic crisis and financial crisis by bringing a Keynesian response … measured, however: in the emblematic case of Greece, the IMF forced the government to drastically reduce public spending and operate a process of privatization.

The IMF is "operational," Greece continues its reforms

Greece precisely, it ensures that the events that challenge the IMF does not change the government program to revive the economy. "The government is pursuing the reforms required by the Fund," said George Petalotis Sunday, his spokesman. DSK would have had to go in Berlin on Sunday and meet Angela Merkel to discuss a possible new aid to Greece, which had gained support in spring 2010 of 110 billion euros, 30 billion from the IMF.This meeting was to take place on the eve of a meeting of the Eurogroup, the Monday night and Tuesday in Brussels, with the main discussions at the agenda of the financial problems that resurface Greece for several days and that plague the markets. It is the deputy general manager of operations, Nemat Shafik, who will attend the Eurogroup meeting.

The IMF meanwhile assured that it remains "fully functional and operational." The Washington-based institution to ensure and maintain its role in the issue of European sovereign debt. "It seems impossible that the case could impact the DSK button timing and responsablités IMF, the stakes are too great," says an economist based in Paris.There was a pre-DSK IMF, there may be an after-DSK.

Who might succeed him at the IMF?

Since Bretton Woods in 1944, which devoted a share of the world between Europe and America, the custom was established to appoint a European to head the IMF and an American to head the Bank World. But in recent years, global economic governance has, too, internationalized: emerging countries like China and Brazil now have a bigger role, like the G7 became the G8 and G20.

Dominique Strauss-Kahn, who became the tenth Executive Director of the IMF on 1 November 2007, has himself advocated the continuation of the reform of the institution, and wanted a person from an emerging country for the succeeding fall 2012 . But the events that shook the Fund could also shake up the program.If DSK had to leave the branch, a new early election should take place. The voices, weighted by the amount of quotas, have been reallocated on March 3 after a major reform of the representation of the 187 IMF member countries. The reform has enabled the transfer of 6% of the votes of over-represented countries to benefit from emerging countries. Nevertheless, the IMF is likely to adopt a tougher stance vis-à-vis Europe under the leadership of a new management team.

"DSK is a former economics professor and renowned former Minister of Economy and Finance. He has a real economic role at the operational level to the IMF. In France, too, has played its role, "insists Mounis Hassim, comparing his skills to those of Raymond Barre.Under Jospin, DSK, then Minister of Economy (1997-1999), had participated in the launch of the euro.

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If humanity continues its momentum, it will consume in 2050 three times more raw materials than today. "Far beyond what is bearable." The warning is clear. And it does not derive from Lester Brown, president of Earth Policy Institute, which multiplies the books for decades on the depletion of the planet or the WWF or Greenpeace, but the UN.

In forty years, some 9 billion people consume 140 billion tons of minerals, hydrocarbons and biomass (wood, crops, livestock), as reported by the UNEP (United Nations Environment). Or 16 tons of natural resources swallowed each year by each person on the planet."Policymakers and the general public are still not convinced of the absolute physical limits on the amount of resources available to humanity," the authors note, a dozen experts led by an Austrian and a South African.

Doing more with less

To avoid shortages and social tensions and geopolitical they would generate, the world must "do more with less." Sustained growth requires massive investment in "technological innovation, financial and social." One difficulty lies in the considerable disparity in the exploitation of raw materials. An inhabitant of an industrialized country consumes an average 16 tons per year, four times more than Indian.

In rich countries, the differences are equally impressive.A consumer of Qatar, Australia and the United States swallows 40 tons of natural resources per year when a French, a German or an Italian uses about 15 tons. These figures do not reflect the reality only partially, note the rapporteurs of the UN. For a tonne of copper extracted in Chile will be charged to the consumer in their calculation Chilean even if it is used to manufacture a product sold in China or Europe. These methodological weaknesses therefore do not change the risk of global depletion of natural resources. Even if industrialized countries were able to halve their consumption of raw materials by 2050, not living to 8 tons, and that developing countries joined this level without exceeding the total amount to 70 billion tons, or 40% more than today.This scenario (No. 2 in the graphics) would be accompanied by a doubling of greenhouse gas emissions, a path inconsistent with the objectives of the international community in the fight against global warming.

Amid these grim prospects for the environment, the UN report uncovers some reasons not to despair. The global trend towards urbanization is paradoxically supports better use of natural resources. A densely populated area per capita is more economical building materials, energy and transportation, the experts argue.

Another reason for optimism, emerging skip some stages of development by adopting technologies directly or models that consume less raw materials, how they embraced the mobile phone have not finished building the fixed telephone network.

The mood is sullen at the Paris stock exchange after the sharp declines seen the day before (the CAC 40 fell 1.31% and fell below 4050 points). On Thursday, the benchmark index of the Paris Bourse lost 0.95% to 4004.87 points at closing and narrowly saves the technical threshold of 4000 points.

Same trend elsewhere in Europe. London's FTSE was down 1.07% at 5919.98 points and the Dax was down 0.04% to 7376.96 points. Both indices had suffered the heaviest losses the Cac yesterday.

On the foreign exchange market, the euro lost ground after the ECB, which met in Helsinki, has decided to keep interest rates unchanged at 1.25%. The single currency traded at 1.4599 euros (-1.54%) after again exceeded $ 1.49 during the meeting Wednesday.Furthermore, oil inventories surged against all odds, which gave the lead in using oil, which fell below $ 110 in New York yesterday, which always move in the fall on Thursday.

Bad news on the employment front U.S.

Statistical side to follow on Thursday: orders to German manufacturers have accused their first decline in March of this year, falling by 4% over the month as analysts awaited a stagnation, according to figures released Thursday by the Ministry of Economy.

In the U.S., nonfarm productivity rose more than expected in the first quarter, while unit labor costs has rebounded more strongly than expected, according to preliminary data released Thursday by the U.S. Department of Labor.Productivity, which measures hourly output per employee grew at an annual rate of 1.6% over the period January-March after rising 2.9% (revised from 2.6%) in the previous quarter. Over the period, the unit cost of labor has on his side rebounded 1.0% after having fallen by 1.0% (revised from -0.6%) over the last three months of 2010. Analysts had forecast an increase of 0.8% in the first quarter.

In addition, new jobless claims in the United States rose dramatically during the last week of April. The employment figures that will fall tomorrow, Friday, are eagerly awaited.Yesterday, investors learned that ADP figures have reported a creation 179,000 jobs in April, less than expected.

Societe Generale falling, Carrefour sentence

Side values, a publication of rain is still falling on Thursday including the quarterly results disappointing Societe Generale, driving down the stock price of 4.98% to 43.25 euros, lead the CAC.

After the excellent figures given yesterday by BNP Paribas (-0.13% to 53.98 euros), the first bank in Europe, SocGen announced a net profit of 916 million euros in the first quarter, down from 13, 8% over the same period of 2010 attributed to an accounting effect related to the revaluation of its own debt.

Also at sentencing, the retail group Carrefour (-1.93% to 31 euros), which announced Thursday the departure of its Executive Director James McCann France and the postponement of a controversial quotation of its real estate subsidiary, but maintained its draft rate 100% subsidiary of Dia and its financial targets for 2011.

Lafarge (-0.95% to 45.24) reveals a net loss of 29 million euros in the first three months of the year for a turnover up 9% to 3.55 billion euros .

Legrand (-2.51% to 29.69 euros) in the first quarter increased 13.7% in sales and 41.2% of its net profit, thanks to emerging markets and new market segments which the group has made a priority, which has confirmed its annual targets.

Bureau Veritas (-0.10% to 58.25 euros) confirmed anticipate strong growth in its turnover and adjusted operating profit this year after an increase of 23.2% of its activity in the first quarter .

Axa (+0.20% to 15.02 euros) expressed confidence in improving its profitability despite a drop of 2% of its turnover in the first quarter to 27.92 billion euros.

Maurel & Prom, Arkema and Capgemini climb

The independent oil company Maurel & Prom announced Thursday want to split and rate of its independent subsidiary in Nigeria, whose shares will be distributed to the shareholders in proportion to their participation in the group. The action takes off from 4.41% to 14.68 euros this morning.

Arkema (7.02% to 73.49 euros).The net profit quadrupled to 151 million euros and EBITDA (EBITDA) reached 17% of sales through an increase much higher than the market.This puts us among the best chemists.

The French group Capgemini consulting and information services (+0.19% at 40.58 euros) saw sales increase by 14.5% in first quarter 2011 to 2.3 billion euros and confirmed its objectives of achieving a growth in turnover of between 9 and 10% for the year.

The producer of wines and spirits, Pernod Ricard (1.94% to 68.28 euros) Thursday announced an increase in its turnover in the third quarter and confirmed its targets for its entire fiscal year (July 2010 – June 2011).

Air Liquide (0.56% to 97.58 euros) wants equity for the premium

Its CEO said he was open to the principle of paying a bonus to employees in case of dividend increase, provided to maintain the equity in a group with more than three-quarters of the members are outside France.

Alstom: -0.90% to 42.24 euros Moody's raised its outlook on the Baa1 rating on the group stable, negative cons.

Total: -1.41% to 41.17 euros, GDF Suez: -0.77% to 26.48 euros a parliamentary commission on Wednesday passed a bill to ban UMP in France in the exploration and exploitation of unconventional oil, gas and oil shale.

Michelin (-0.69% to 66.05 euros) announced an increase in the price of its truck tires, civil engineering, public works, agricultural and handling in Europe to meet the continually rising cost of raw materials.

TF1 (-2.01% to 12.41 euros), which has suffered several setbacks during the hearing last month, decided to appoint a new program director, Jean-François Lancelier, which takes the place of Laurent Storch .

The French chemicals group Rhodia (+0.37% at 31.59 euros) on Thursday posted a net profit of 151 million euros in the first quarter more than doubled over one year and raised its profitability target for 2011 , to become a recurring gross operating profit of "more than 1 billion euros."

Veolia Environnement (+0.52% at 22.26 euros) on Thursday posted a turnover up 11.3% in the first quarter thanks in particular to the resumption of its activities in the waste.

Mr. Bricolage (-0.57% to 13.97 euros) confirmed its targets for 2011 after publishing a stable turnover in the first quarter to 135.2 million euros.

Gifi (2.43% to 76.20 euros) registered a growth of 5.2% of its turnover for the first half of its fiscal year 2010-2011, to 351.3 million euros.The turnover of the group's second fiscal quarter ended March 31 rose 7.5% to 139.1 million euros.

Cegedim (+0.35% at 42.50 euros) has reported a sales increase of 2.9% as reported to 211.5 million euros, but down 1.4% comparable data available, and maintained its target of 4% growth in turnover for 2011.

The food group Bonduelle (0.72% to 68.60 euros), specializing in vegetables, posted a rise in its turnover for the third quarter from 14.6% to 421.6 million euros thanks to an improvement in consumption, particularly in eastern Europe, according to a statement.

Caution continues in Asian markets after China on Friday issued inflation figures at the highest since July 2008. The trend is more mixed, however, that Friday, some Asian stock markets start moving forward again.

This is particularly the case in Tokyo, with the Nikkei 225 rose 0.15% to 9605.55 points, despite the resurgence of the yen against the euro and the dollar and the decline of values ​​related to telecommunications after a negative Goldman Sachs, which found that the firm NTT would be difficult to assess the impact of the earthquake and tsunami of March 11 on its annual results.

Tokyo Electronic Power (TEPCO) continues to fall, losing 1.69% to 465 yen, after acknowledging that it would take six to nine months to cool down nuclear reactors.Since the earthquake and the earthquake of 11 March, the stock has lost 78% of its value.

So on Monday morning, the euro was quoted at 119.25 yen (-0.59%) and the dollar, yen 82.89 (-0.18%). Suddenly, the export values ​​recede: Sony loses 1.05% to 2435 yen, Sharp Corporation sells 0.78% to 755 yen, Renesas Electronics loose 2.99% to 712 yen and NEC dropped 1.70% to 173 yen.

Chinese banks must increase their reserves again

Chinese markets, the trend is increasing, but progress is measured. The Hang Seng in Hong Kong is 0.16% to 24,045.30 points and the CSI 300 Index gained 0.08% to Shanghai 3361.47 points.

A further increase in liquidity reserves was imposed yesterday for Chinese banks by the central bank's objective is to constrain the credit for the fight against inflation. This increase of 0.50 percentage points will apply as of Thursday.Since the beginning of the year, the Chinese central bank had already ordered three previous increases in bank reserves in China. Bank stocks rose on the stock market: Bank of China gained 0.68% to 4410 Hong Kong dollars, Bank of Communications ahead of 0.83% to 8440 Hong Kong dollars.

Oil prices recede

Elsewhere in Asia, with the exception of KRX 100 from Seoul, which fell by 0.27% to 4551.95 points, the indices move in the green. The S & P / ASX 200 in Sydney gained 0.44% to 4873.30 points. The BSE Sensex 30 Bombay climbed from 1.14% to 19,607.40 points and the FTSE Singapore Straits Times ahead of 0.29% to 3162.45 points. The Taiwan TAIEX is stable at 8716.77 points.

Oil prices were trending lower Monday in electronic trading in Asia on profit taking after last week's gains, dealers said.In morning trading, a barrel of light sweet crude for May delivery yielded 70 cents to 108.96 dollars. That of Brent North Sea crude for June delivery retreated 42 cents to 123.03 dollars.

Christine Lagarde is good news. The Minister of Economy announced Thursday evening that the forecast deficit of France for 2011 is reduced to 5.7% of GDP as against 6% previously. "We had committed to 6% for the year 2011 and I will announce tomorrow that the European partners have recalibrated our goal to 5.7%," she said on the eve of a meeting Budapest with its European counterparts.

Christine Lagarde also said it "maintains its forecast for growth to 2% for 2011, given all the indicators in manufacturing or in services."

Acceleration of activity

In his memo on the economy released on Thursday, INSEE rightly emphasizes that economic activity in France in the first half of 2011 will see an "acceleration"."In our scenario, the shocks go, resist the activity," summarized Sandrine Duchêne, head of the economic situation of the Institute.

INSEE, includes such an "acceleration of activity in early 2011 in France with a" rebound "of 0.6% growth in first quarter (compared to first quarter 2010), driven by manufacturing, followed by a "slowdown" to 0.4% in the second. France was well into mid-table European with Germany in pole position (1.1% in the first quarter, 0.6% in the second, according to INSEE).

To achieve the 2% increase announced by Christine Lagarde, France should show 0.7% in each of the third and fourth quarters, noted Jean-François Ouvrard, Head of Division cyclical synthesis.A new upturn in the economy would be necessary.

Rebound in exports

According to the institute, the French economy has benefited from a "rebound in exports early this year" in an international environment considered a "carrier". INSEE also relies on a catch-up "point" in public works, after a harsh winter. "A dynamic self-sustaining recovery has also been engaged for several quarters in France and consolidated, based on investment and employment," says Sandrine Duchêne.

Household consumption would be favored at the beginning of the year by the effects of "tail" of scrapping with the delivery of vehicles ordered before December 31, 2010.

The "shock" of food prices

Regarding the purchasing power of households, Insee said it would progress only (+0.1%) in the first quarter of 2011, before the second 0.3%.It would be sealed by the "resurgence of inflation" found after the oil shock of recent months. According to INSEE, inflation would be 1.9% year on year in June against 1.8% in December.

The "shock" to come will likely be about food. "Rising raw material was passed shortly, French singularity ', and its impact on consumer prices by distributors should intervene in the coming months.

Unemployment stabilized at mid-year

Regarding employment, the paper discusses the INSEE stabilization of unemployment by mid-2011. "On the horizon of the forecast, the unemployment rate would stabilize.It would amount to 9.1% of the workforce in France (9.5% including Dom), at the end of the second quarter of 2011, "INSEE said.

The increase in jobs in the first half of this year should be a little stronger than that of the working population (29,000 people) "supported" by phasing out the exemption from seeking employment. Because between January and June 2011, job creation would total 76,000 posts.

In the commercial sector (excluding agriculture), the most sensitive to economic conditions and has restarted last year, 78,000 new jobs would emerge, after 60,000 in the second half of 2010. 10,000 jobs would be created as non-employees.But in the non-profit, employment decrease of 7,000 positions, "because of declining admissions in subsidized contracts, while farm workers would fall by 5,000.

Through the mechanism of adjustment of wages to inflation, they should increase. But, despite this increase in nominal wages, real wages should remain stable in the first half, especially against the resurgence of inflation. "In Public, real wages continue early 2011 slowdown that began in 2010." The average salary per capita (SMTP) growth would fall by 0.9%.

No contagion from the debt crisis

Prudente, INSEE noted however that a number of uncertainties could affect its forecasts commme tensions on European sovereign debt."The current crisis seems to be very localized in Portugal," says Sandrine Duchêne, however, saying "the risks of contagion to all sovereign debt of the eurozone less important that a few months."

(With agencies)

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Design software in France is a little less risky. "In the French edition software, 2010 was a year of crisis. The growth of turnover was 16%, to 4.7 billion euros, "said Bernard-Louis Roques, CEO and founder of Truffle Capital, a venture capital firm that finances the ranking of players, called "Truffle 100." He added: "The editors have maintained their investments, especially those for research and development, during the crisis cash till payday. This behavior partly explains the low investment growth Publishers in 2010. "

As for results, the situation improves. "The margins are restored. Net income more than doubled, "added the expert. The first hundred publishers have earned a cumulative result of 543 million euros against 254 million in 2009. It is better but small compared to the situation abroad.