Avtovaz does not leave this market segment to competition from China or India. Granta is sold 220,000 rubles (5,600 euros). A price that is far below that of a Logan entry-level, hence the idea of the ultra-low-cost.

The rest is a matter of industrial process and sharing platform, the concept dear to car manufacturers and enabling them to lower their production costs.The Granta benefit from the platform of the Kalina, a model launched in 2004 which has not met with great commercial success. "Renault has helped teams Avtovaz to improve the quality of its models," said a spokesman for the French group. In addition, Avtovaz build its new city (of a size comparable to a Twingo) in its factory in Togliatti, 1,000 kilometers from Moscow, where labor costs remain low.

Tomorrow, the export?

For the Russian manufacturer, it is not missing the boat. This will be the first model launched by the "new" Avtovaz. However, the group really need to burnish his image and give it a quick facelift.

The Granta is primarily intended for the Russian market. But, like other Lada, it may be exported. "Renault will use this model was not defined e ', do you know in French. Everything is possible.Includes entry into the Western market for a new model even cheaper than Logan (7,600 euros in entry-level, excluding promotions).

Through Avtovaz, Renault approaching the threshold of new symbolic price of 5,000 euros which had underpinned the launch of the Logan, they are not reached by the group. For now, only few Chinese manufacturers and Avtovaz succeeded. In other words, there is no new car, responding to Western standards to 5.000 euros. The Granta could come fill this gap.

Other models of the group will soon be built at the factory in Togliatti. Beginning in 2012, adapted versions of Logan Lada station wagon and van will be manufactured, followed by Nissan, Renault and then two. A location of production that overcomes the prohibitive tariffs imposed by the Russian government.

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Elsewhere, the same trend. The London Stock Exchange, which opened down 0.37%, is now up 0.15%. The DAX index of the Frankfurt Stock Exchange, which had also started the session on a decline of 0.27% is now 0.39%. The Madrid Stock Exchange, where banks are under pressure as explained in the El Pais newspaper in its edition today, regaining ground with a fall of 0.16% against -0.54% in early trade.

The waiting game surrounding the publication of results of stress tests of European banks calls for caution investors. On the currency markets, the euro back a bit against the dollar, under $ 1.29.

Volatility will be the point common to all European trading sessions this Friday.

Asian markets have been chosen more strongly green this morning. Yesterday, U.S. markets have done a great meeting at which time the Dow has gained almost 2%, relatively insensitive to the announcement of a surprise increase in weekly unemployment registration.

Consumption of French decline

In terms of macroeconomic statistics, the session looks very calm. No major indicator is expected in the United States.

In France, the French household consumption of manufactured goods fell 1.4% in June after the previous month was supported by purchases of televisions before the World Cup, according to figures published by INSEE before the opening markets.Throughout the second quarter, it shows a decrease of 0.9% after falling 1.9% on the first three months of the year. Analysts on average expected a rise of 0.2% in June

INSEE also believes that the request to industry has increased significantly in the second quarter but is expected to decline in the third. The balance measures the views of industrialists on the past evolution of aggregate demand was 9 in the previous survey in April to 17 in July, and 4-14 for foreign demand.

In Germany, the business climate has improved significantly more than expected in recent weeks. The Ifo index rose to 106.2 against 101.2 in June (revised from 101.1 in estimating intials) last month. Economists and analysts had expected decline to 101.6.

TF1 jumped after its results

The stress test, however, occupy the banking sector.BNP Paribas (-0.60%), Societe Generale (-0.84%), Credit Agricole (-0.36%), Natixis (BPCE. -0.39%) or Dexia (-0.39%), remain cautious.

Moreover, the markets will again this session to analyze several quarterly publications:

TF1 (4.83% to 12.27 euros) announced before market advertising revenues up 11% in the first semester for a total turnover of 1.28 billion euros, above consensus. Net income group share was 74 million euros over the period. The objectives are significantly revised upward with a turnover in 2010 rose by 7% instead of 4%.

STMicroelectronics (-2.30% to 6.58 euros) reported Thursday a profit above expectations at 18 cents per share, with sales up 27% to $ 2.53 billion.Analysts on average expected a profit of 14 cents per share and a turnover of 2.513 billion dollars.

Pernod Ricard (-1.56% to 63.11 euros) a statement on Thursday its forecast annual operating profit thanks to the improved economic environment and its position in emerging markets. Its turnover in 2009-2010 emerged, up 2% on a comparable basis.

Ubisoft (0.65% to 7.02 euros) issued a turnover up 94% in the first quarter of 2010-2011 to 161 million euros and confirmed its objective of a sales draft 160 million for the remainder of the year.

BioAlliance Pharma (5.29% to 5.77 euros) announced a record turnover of 15.2 million euros in the second quarter against 1.5 million a year earlier, after recording in April in U.S. Loramyc, headlight treatment of fungal infections in patients with oral cancer or AIDS.

As for ads, Alstom (1.80% to 37.83 euros) said it had won contracts valued at about 450 million euros for the construction of two units for a combined cycle power plant in India.

Air Liquide (-0.40% to 86.43 euros) announced Friday the signing of a new contract with Russian steelmaker Severstal for investments worth 50 million euros in total.

Legrand (-0.61% to 25.06 euros) Thursday announced a takeover offer for Indo Asian Switchgear India, where he produced nearly 4% of its annual turnover after the acquisition.Indo Asian Switchgea aims for 2010 sales of more than 35 million euros.

Maurel et Prom (+0.24% to 9.42 euros) announced Thursday it had increased to approximately 70 million euros the amount of its issuance of convertible bonds to five years following the full exercise of the option overallotment.

"Very stable, will ship with our other two ships, MSC Fantasia and MSC Splendida, the biggest and most luxurious cruise ship ever commissioned by a European ship owner to sail the Mediterranean, Le Figaro said Gianluigi Aponte, founding president of MSC Cruises it controls 100%. It will be a VIP class, with 99 staterooms, butler service and placeholders: lounge, restaurant, pool, spa and gym. "Feature 333.3 meters and a width of 38 meters maximum, Fantastica can reach speeds of 23.7 knots.Sailing from Marseilles, he will have 1751 cabins and can accommodate 4,000 passengers. This will increase by 10% the capacity of MSC Cruises, carrying 1.4 million passengers in 2013. Count from 750 to 2000 euros per week all inclusive, with a stopover day.

A letter of intent was signed in early March for this order, which required the support of the State. For STX France is a vital site. His yards idling. To avoid the worst, the government had to mobilize the French bank (Credit Agricole CIB BNP Paribas and Natixis), who were reluctant to grant the necessary funds (our edition of February 18). "The president has made sure that the site did not stop," says Gianluigi Aponte.MSC Cruises and enjoys the support of Coface, the French agency for export credit, which guarantees funding.

Another optional command ship

The owner will pay his command five times in twelve years. It will first check today, amounting to 115 million euros. First client of Chantiers de l'Atlantique, to whom he has already spent 10 orders, MSC Cruises claims the second place cruise in France and number four worldwide. His boss was pleased to have the most modern fleet in the world: if the oldest ship date of 1981, all others were built after 2002. The owner has already made "an option" to purchase STX for the next ship, a steamer of the same scale as the Fantastica. "We continue to invest, because the cruise is well. The industry has felt only slightly crisis, says Gianluigi Aponte.The Italians and the Koreans are eager to work with us. But I'm faithful to STX for over seven years. When I get on well with a supplier, I did not change for a few million euros! "

Last year, MSC Cruises has increased by about 30% of its turnover to 1.2 billion euros. Its net profit reached 60 million euros. "With an average price of 1200 euros or so, the cruise excellent value for money," says Gianluigi Aponte. It attracts more and more. "The younger clientele: the average age is now about forty years.

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On the foreign exchange market, the euro is strengthening its progress against the dollar Friday on funding fears of slowing economic recovery in the United States. In the morning, the euro was at 1.2975 dollars against 1.2941 dollars the previous day. He subsequently crossed the threshold of $ 1.30. A first for over two months.

On the side of values, the Internet giant Google has released the Thursday after the close a net result up 24.3% in the second quarter to 1.840 billion dollars for the second quarter on a turnover of 6 8 billion dollars (24%). The action yields 5.37% to 467.70 dollars.

The BP oil company, also traded on Wall Street, said Thursday at the very end of the meeting that spillage of oil had been observed after complete blockage of the wells caused the oil spill in the Gulf of Mexico Bad Credit Payday Advance. However, the title gives 2.49% to 37.95 dollars.

Always on the side of values, the investment bank Goldman Sachs said Thursday after agreeing to pay closing $ 550 million of Ammende (425 million) to end the accusations of fraud regarding the marketing of a product derived from subprime mortgages. It is the largest penalty ever paid to the stock exchange authority, the Securities and Exchange Commission, in a Wall Street firm and the third highest all U.S. companies combined. Investors seem relieved. the title is 2.81% to 149.26 dollars.

Apple has invited journalists to a press conference this Friday, then multiply that rumors of a possible recall of four new iPhones, including an antenna problem has been confirmed by an influential magazine. title wins 0.55% to 252.83 dollars.

The banks should also react Friday to the adoption yesterday by the senate of the reform on Wall Street. Besides the publication of their results. Bank of Amercia plsu yield of 6% to 14.42 dollars and 3.58% Citi 4.01 dollras.

Investors Parisian try to turn the page of a session that saw ACC closer Monday to its lowest level this year at 3332 points (-0.48%). Half an hour of opening, the CAC 40 index future rises from 0.39% to 3348.50 points.

These days, markets are not reassured by the mixed indicators published last week, the United States as in the euro area. Doubts over the speed of the global economic recovery weigh more on the morale of the market.In Europe, these fears result in volatility of the euro against other currencies, after falling throughout the morning against the dollar, the euro regains 0.31% to 1.2544 dollars around 7.35.

On Tuesday, the markets await the opening of Wall Street may choose to pursue. U.S. markets open again after an extended weekend related to the national holiday. The meeting will begin with the analysis of the PMI services which will be published shortly after the opening. Apart from this indicator, no other major news is expected.

Air France wants to save

As for values to follow, Air France (Air France-KLM), which showed a record loss last year, plans to cut 4109 jobs over the period 2010-2012 to meet the air transport crisis .

Areva should always be led by Anne Lauvergeon.According to sources close to the matter quoted by Agence France Presse, Nicolas Sarkozy has decided to maintain the group's boss at his post until the end of his mandate. Rumors had often reported the contrary.

Also in the nuclear site EPR Flamanville, led by EDF also suffer delays. An audit suggests a period of 24 months. EDF expected to make the announcement soon.

Lastly, investors would still react to the publication by Stephane Richard of France Telecom's strategic plan for five years. The operator also wishes to reach 300 million customers around the world to this date and hire 10,000 people by 2012.

Founded in 1996 and based in Boston, ITA has developed expertise "hailed as a catalyst for change in the travel industry online" the joint statement payday advance. "The technology opens up exciting possibilities for creating new ways for users to easily'll find more information on flights ilgne," said Google CEO Eric Schmidt.

In Europe, German Chancellor Angela Merkel and President Nicolas Sarkozy urged the European Commission to "accelerate its work" for an "enhanced supervision" of financial markets in a joint letter to José Manuel Barroso. Thus, Merkel and Nicolas Sarkozy felt that "there is an urgent need for the Commission to expedite its work with regard to the enhanced framework of sovereign CDS market and short sales, and this before the July Ecofin all possible courses of action. "The Heads of State put forward "the return of high market volatility, which makes it legitimate to wonder about some specific financial techniques and the use of certain derivatives such as naked short selling and credit default swaps (CDS).

Financial reform expected U.S. June 26

Across the Atlantic, there is evidence that financial reform should come from next June 26. Indeed, Republican Barney Frank and Democrat Christopher Dodd, father of the original text on financial reform, agreed yesterday on a planning committee that would allow the Senate and House of Representatives to harmonize their versions. For now, both houses of Representatives have both passed a different version of the text. Elected officials from each chamber are now trying to work on a common version.Congress hopes to be ready for the G20 to be held on 26 and 27 June in Toronto and where regulation of the financial sector will be a central theme. The final text could be adopted just before the recess of parliament in early July. It will then be submitted to the U.S. president Barack Obama for enactment.

Adoption of a system of circuit breakers

Also in this effort to regulate the financial sphere, the system of "circuit breaker" required by the Securities and Exchange Commission (SEC) could come into force next Monday. It provides for a suspension of trade in a way that would have fluctuated more than 10% in less than five minutes on the market. With this rule, the Constable of U.S. financial markets hoping to avoid the stock market panic like that of May 6.The SEC is considering extending these fuses, which concern the time being listed companies in the Standard & Poor's 500, over a thousand companies.

The performance is particularly noteworthy that the period January-February-March is a time when the markets were nervous and suffering from high volatility.The leaders of Goldman Sachs attributes this success to "a robust risk management.

$ 78.8 billion in sales

These market operations long way to explaining the excellent quarterly results of the two banks. JP Morgan reported net income up 57% year on year to 3.3 billion dollars. For its part, Goldman Sachs announced earnings doubled in the first quarter to 3.3 billion dollars as well.

More broadly, the 14 largest investment banks have announced a total of 78.8 billion dollars in revenue over the first three months of the year. Either their best showing in three years.

Analysts estimate that these figures may give ammunition to advocates of a tax on bank profits and the wider policy to require banking institutions to strengthen their equity.The information falls worse for Goldman Sachs who is the subject of a complaint by the SEC accused him of having misled investors by selling them derivatives-backed U.S. mortgage risk.

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Click on the thumbnail to enlarge the graphic

"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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