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The U.S. stock markets are on the downside after the announcement of company results considered disappointing and macro news mixed. At the opening, the Dow Jones coward 0.45% and 0.65% Dow Jones. Thursday, after moping around for almost the entire session the New York Stock Exchange finished at equilibrium. The Dow Jones slid symbolically 0.07% and the Nasdaq by 0.03%. Wall Street has been supported in the final straight by BP and Goldman Sachs.

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.

Finding affordable health insurance that meets the needs of you and your family can be a daunting task anywhere in the United States.

All local authorities are not equally affected by economic difficulties: this is the finding of the last report of the Observatory of local finance. The communes and intercommunal are spared the game as the departments and regions, they have no right to have an operating budget deficit. In 2009, they have done better: the excess of income over expenditure increased by 8.5%. It must be said that the mayors have taken advantage of early mandate to raise taxes. One way to form a mattress care.

The general and regional councils also have used the gun tax. But it was not enough, especially for departments. For the latter, the surplus between income and expenditure has shrunk by 17.8% in 2009. For social spending soared 5.3%.The crisis has pushed the bill of RSA and the aging of the population that of personal autonomy allowance (APA). The elected county expect a similar drift in 2010, "For some departments, the budget balance is very fragile," concludes the report.

Reduced investment

However, in 2011, the constraints will become even stronger. The funds that the departments, but also municipalities and regions, receiving state, which represent nearly 30% of their income, will no longer increase. This was decided by the government. Moreover, the reform of business tax will reshuffle the cards in local taxation. The communes and intercommunal retain a large basket of tax which they may determine the rate.The departments themselves, will not play on the property tax and regions on the gray card No fax cash advances. A situation that worries the county and regional elected and pushes them to invest less.

In 2010, capital spending will drop the first 2.2% and 3.4% of the latter, according to the report. Spared, the mayors expect an increase of 4.5%. "But eventually, the municipalities will be affected because they receive subsidies from the regions and departments," warns Philip Lawrence, in right-wing President of the Finance Committee of the Association of Mayors of France (AMF).

What are the solutions? The local financial professionals, such as UMP or Marc Gilles Carrez Laffineur propose to increase the redistribution between rich and poor communities.Another avenue: better management of intercommunal. For staff costs have mostly slipped to this level (they will grow 8% in 2010). The groups of municipalities have produced savings but duplicates! The government, he promised a reform of the APA to relieve the departments and the establishment of ad hoc aid. "But for now, we are expectant. If nothing happens, we will introduce a bill that will force the state to finally make up our social spending, "said Claudy Lebreton, President PS Assembly departments of France. Meanwhile, between votes and budgets insincere appeal to the courts, the climate remains tense between elected officials and county government.

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Wednesday, the South East has joined the rest of France, which started one week earlier in the summer sales period 2010 – Corsica follow July 14. Everywhere these days have started "on the top speed, as evidenced by Claude Boulle, Chairman of the Union of the great trade center. For the first four days, the department stores had seen increases of 10-17% in Paris and elsewhere by 6% over the same period last year.

Axa Thursday completed the sale of part of its UK business group Resolution. A transaction for the equivalent of 3.3 billion euros, reflecting an exceptional depreciation of 1.4 billion euros in the accounts of Axa. The company, however, remain profitable in the first half. Its CEO, Henri de Castries, puts this sale as part of the strategy group.

LE FIGARO. – You transfer some of your activities in Great Britain. Would you withdraw from the country?

Henri de Castries. – No, no way. It is not out of the United Kingdom but we concentrate, as in our other markets, segments on the most strategic and fastest growing.Therefore we give only a part of our life insurance in Britain: the activities of traditional life insurance, as we had also stopped developing in 2002 because they no longer matched the expectations of our customers while being highly capital consuming. However, we maintain a portfolio of more modern products, whose growth prospects seem high and where margins are more consistent with the group average which is between 15% and 20%. Moreover, the operation does not damage insurance, or health.With this transaction for 2.75 billion pounds (3.3 billion euros), we derive the capital that we can redeploy where customer needs are the greatest.

Is this a turning point in your strategy? And should we expect AXA on acquisitions in emerging markets?

The crisis has caused a market decline and a new distribution of growth areas. It has not changed the major principles of our strategy, instead. We'll continue developing our core businesses for damages, life insurance, asset management through organic growth and, opportunistically, through acquisitions. The developed markets still have good growth prospects, even if only from the effect of demographic changes, but we work in parallel on an allocation of our resources to emerging countries in Asia, of course, but not only.There are actually three other major areas of expansion: the Central and Eastern Europe, the Mediterranean area and Latin America. In Asia, growth is actually attractive. But the modalities of development of foreign players are still complex, especially in China and India. So do not confine our ambitions to these two major markets.

In Asia, the failure of the attempted takeover by Prudential AIA offers does it generate new opportunities?

Prudential was willing to put a price on the table that seemed very exaggerated. Our priority in Asia today is to conclude the transaction on Axa Asia Pacific. Then we'll see …

In Europe, the prudential rules could push banks to divest their insurance subsidiaries. Axa is he interested?

We observe closely what is happening.But no movement of magnitude is possible – for Axa as with all other major players – as we are not clear about what will be the regulation of the bank and the insurance. Then we will examine the opportunities. But I prefer to say at the outset that we, the insurers will not be easy these suppliers of capital as some might hope. We are ready to balanced partnerships with banks. But the distribution network – in this case banking – should not count on us to collect commissions unreasonable.

What about your thoughts on the construction of a new business plan?

It is actually an ongoing process, but we do actually re-adjustment of our business plan in light of the crisis, which has changed the level of our market and changed their dynamics.The result of our thoughts on our new objectives will be known early next year.

How do you rate prudential reforms as they prepare?

Insurers who had managed to remain faithful to their trades have weathered to the crisis. No European player has needed to raise capital. We agree with the economic approach to Solvency II proposes that risk, but be careful to calibrate as insurers meet an essential mission: they are long term investors, thus stabilizing the natural system. Nobody has an interest in an excess of zeal on the part of the prudential regulator activity handicap players like us. Therefore, the new standards should not result in additional capital needs. More broadly, these reforms raise a fundamental question: Europeans' appetite for risk.This is a new phase of debate on the precautionary principle: there is too much caution can be harmful. In this case, it can cause no growth. It must strike the right balance.

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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.

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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End of turbulence for the advertising of France Televisions? The group's board decided on Tuesday morning to suspend negotiations with the consortium formed by Publicis and Lov St?phane Courbit, confirmed by France Televisions in a statement.

Discussions were already sealed since Frederic Mitterrand has reported an "ethical problem" for potential buyers. Jean-Francois Cope said his contribution to the debate by expressing support for the maintenance of advertising day after 2011, the date fixed by law to decide the future of advertising on France Televisions.The decision of the board of directors is therefore in the direction of the leader of UMP.

This decision takes into account "the substantial uncertainty surrounding whether or not to advertise before 20h," the statement said the leadership of France Televisions, which states that the "exclusive negotiations in progress is intrinsically linked to the assumption of suppression of advertising before 20 hours on the antennae of the group. "

A result in ahead of schedule

The management team at France Televisions has another reason to rejoice. According to the Tribune on Tuesday, she managed to exit the group's public accounts in 2009, making him reap a profit of 19.6 million against a net loss of 78.4 million in 2008. The performance is surprising in light of the deficit of 135 million originally budgeted. All indicators are also green.Operating income also goes a loss of 101.2 million to a profit of 68.7 million is one year. A result that the State had not expected before 2011 pay day loan lenders.

Net revenue available group also rose to 2.497 billion against 2.263 billion a year earlier. This result is explained partly by an 8% increase in advertising revenues for 20 hours (405 million euros), and secondly, by a government grant of 405 million euros expected to offset the stop advertising after 20 hours in 2009 which resulted in a shortfall of 383 million euros to France Televisions.

The cost of programs increases

The results show an increase in expenses of 3.2% to 2.45 billion euros. Since the cessation of advertising, France Televisions was indeed invest heavily in its production.The group would also step up its commitments in the sector of cinema

These new standards imposed on manufacturers led to an increase of 4% of program costs to 1.94 billion euros. The savings from the reduction of staff (120 positions at least 10,350) are not sufficient to compensate. Hence the current plan of internal synergy.

Confusion surrounds the departure of Carolis

These results sow disorder while rumors of departure of Patrick de Carolis at the end of his term in August amplified since Saturday. Alexandre Bompard, 37 years and current CEO of Europe 1 appears to be the favorite to take the head of France Televisions. His appointment could even intervene Tuesday on the sidelines of the meeting of the board of directors of France Televisions or Wednesday in Council of Ministers.The information is currently denied by the Elysee.

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In trials with Irish rival Ryanair, and having given up to launch its low cost, Transavia, Air France-KLM posted in March up 4.7% of its passenger load factor to 80, 5% (+5 points), according to a statement released Thursday. The total number of passengers carried in March amounted to 5.9 million people. This is the first increase since December 2008. In February, the traffic had emerged down 0.6%. By comparison, Ryanair carried 5.3 million passengers in March, an increase of 13%. Its load factor was 79% (+2 points).

"The continuing recovery of passenger and cargo operations has been significant in the month of March both in terms of traffic and unit revenue.Even if they were significantly higher than last year, they remain below levels reached in March 2008, "the statement said.

The largest increase (+7.2%) is recorded on the Asia network for a load factor of 88.5% (+5.8 points) against 2.2% for the Americas and Europe, whose respective load factors amounted to 85.1% (+4.4 points) and 67.2% (+4.4 points).

At the Paris Bourse, the stock has lost 1% to 11.87 euros in a market that has yielded 1.20%.

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The index futures are predicting a slightly higher opening of U.S. markets. Shortly before the opening of Wall Street, futures on indices Standard & Poor's 500 and 10.8501961,50 points.

The U.S. markets have ended on a stable note Friday. The Dow Jones gained 0.08% to 10850, 36 and the Nasdaq 100 0.18% to 1952.63. The values of consumer durables and clothing and basic materials have gained ground. Conversely, those software and services and facilities and health services have been abused.

For U.S. investors await today in early afternoon revenues and expenditures of households for the month of February.

But the main highlight of the week on the macroeconomic level is expected Friday with the release of monthly statistics of unemployment in the United States.But U.S. markets will be closed as usual April 2 for the Friday that precedes Easter. Investors can therefore respond to the employment figures as the following week. They should focus their attention until the "Leading indicators of employment 'perception of the labor market by households, with the Conference Board survey from Tuesday, then the number of ADP private practice Wednesday. According to the makers of "Aurel BGC, the consensus of economists expect a sharp rebound in job creation."But, "this movement is partly technical, related to the reintegration of people who temporarily lost their jobs because of weather conditions in February …" add the specialists Aurel BGC.

Other key indicators of the week will be Tuesday house prices and an estimate of consumer confidence, Wednesday the index of activity in the Chicago area and the numbers of orders in February. Thursday last week's meeting, the market will focus on the ISM index of manufacturing activity and construction spending in March.

On the currency markets, the euro continued to recover against the greenback after the announcement last Thursday of an agreement between the countries of the eurozone to help Greece with the participation of the IMF.The euro was trading above $ 1.34 in the morning.

The values listed, Chinese, Geely signed Sunday an agreement with Ford on the acquisition of Volvo cars. The sale had been expected for several weeks, the Geely group wishing to build a Volvo plant in Beijing for its domestic market. Ford said the transaction was $ 1.8 billion and would be finalized during the third quarter.By selling Volvo, bought 6.45 billion dollars in 1999, and Ford sells the latest brand of upscale pole he had wanted to be and which also included Aston Martin, Jaguar and Land Rover.

According to the Sunday Telegraph newspaper, Verizon Communications, the second mobile operator in the United States, is in talks to merge with Vodafone.

Companies are also starting to communicate on the cost of health reform. AT & T announced a provision of 1 billion, Caterpillar announced a 100 million dollars and Deere & Co, an extraordinary expense of 150 million. The impact of this legislation on corporate performance is difficult to estimate the short term. The new law eliminates many tax deductions that companies used to reduce health costs for retirees.

At dawn on a trail lined with pine trees, hundreds of faces marvel at the sunrise over ridges carved Yellow Mountain, immortalized in traditional Chinese paintings. Search for a little solitude during his vacation in China is a challenge. On most sites, it is not uncommon to see the flags float guides, which announced the arrival of yet another group.

"I travel a lot, but I've never had either the opportunity or means to go abroad," Huang Yun smiled. Commercial for a Chinese company, this young woman of 29 years has never traveled child. But since she works in Shanghai, she loves from a change of pace and has swelled the ranks of Chinese visitors to their own country. These represent the vast majority of tourists visiting the Middle Kingdom.Moreover, only a minority of Chinese can afford to leave the country for holidays.

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The China National Tourism Administration has counted last year 1.9 billion domestic tourist trips to China by plane, train or car. A steady increase in sales for twenty years, thanks to higher living standards, the relaxation of regulations on interprovincial travel and the emergence of paid leave. The award of "Golden Week" by the authorities in the late 1990s, now allows the public to enjoy each year, more than four public holidays, two weeks of leave data at all, for Chinese New Year and National Day on October 1.The Law on Employment Contracts of 2008 provides between five and fifteen days of additional holiday for employees according to seniority no faxing pay day loans .

Besides the New Year with the family, the Chinese go on holiday generally organized in groups, with a busy schedule to as much as possible in four or five days. Beginning with visits to historic and natural sites, their favorite activity. The Chinese territory is seventeen times the France and has twenty-seven sites classified cultural heritage by UNESCO.The local holidays are often more affordable than those spent abroad.

Restaurants & karaoke

Nearly 40% of Chinese tourists spend each year between 100 and 500 euros for travel, 30% between 500 and 1 000, and one quarter more than 1 000, according to a survey by Ctrip, the first Chinese travel agency , which depends on the state.

If the "sacred mountains", Beijing and the Great Wall continues to attract a mass of tourists, new emerging destinations. Almost deserted in the 1990s, the tropical island of Hainan in the south, has become one of popular destinations. Even if the tan is not part of beauty of Asian middle class does not sulk pleasure to enjoy a little sea air.And always have access to a choice of restaurants and karaoke.

For more exotic destinations, the Chinese can afford a small world tour for 16 euros on the national pavilions of Shanghai World Expo, which opens on 1 May Of the 100 million expected visitors, 95% should be Chinese.