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Hostile to a widespread tightening, the G20 has accepted this weekend in Toronto fiscal restraint to the map, depending on the country and spread over time, thus reassuring the markets. The countries have agreed to "reduce by at least halving the deficit by 2013, and stabilize or reduce the costs of public debt to GDP by 2016, without setting binding targets to states, leaving more freedom for everyone, to reduce public deficits without jeopardizing the still fragile economic recovery on both sides of the Atlantic.

In Paris while the CAC 40 has lost about 5% in just four sessions of sharp decline – 10.5% after winning nine consecutive sessions of gains – the hesitation gave way late in the session at a beautiful hike .The CAC 40 gained 1.61% at 3576.45 points.

The euro was down, circa 1750, at 1.2337 dollars (-0.40%), while the gold – even likely – is still dealing $ 1,250 (-0.29%).

A well-attended American Statistical

At the European Central Bank, the M3 money supply fell by 0.2% in May, and remains unchanged over the month. Credit to private sector in euro area gained 0.2% in May over one year, after increasing 0.1% the previous month, according to preliminary results announcement on Monday by the European Central Bank

On the macroeconomic front, U.S. consumer spending rose 0.2% after remaining flat in April, according to statistics released Monday by the Commerce Department. Economists and analysts polled by Reuters had forecast an average increase of 0.1%.

The household income has risen in parallel by 0.4% after rising 0.5% a month earlier.Real disposable income has increased it by 0.5% in May after rising 0.6% the previous month.

The savings rate of Americans has reached 4.0% against 3.8% in April, which represents an additional savings of 454.3 billion annual rate, the highest level since September.

The index of consumer prices PCE excluding food and energy, rose 1.3% over the last 12 months, the Commerce Department said, against 1.2% in April.

But the statistic most watched this week will be the number of applicants for overseas jobs, which will be released Friday, which should mark a break in trend, with new positions expected destruction.But a rebound in employment in the private sector is also expected on Friday to reassure the markets, analysts said Aurel Bgc.

The tax credit: disagreements

Priority of Paris and Berlin, the tax credit has received a cold reception in Toronto at the G20. Despite support from Washington and London, the final communique does not mention the tax lip as a legitimate option for banks to charge up the pieces of the crisis.

In contrast, three of Basel, the beginning of compromise seems to be emerging.The reform of financial regulation will be based primarily on strengthening capital standards imposed on banks, not the end of 2012 before.

On Monday just before noon, bank stocks are well oriented, but unequally: BNP Paribas stands out, gaining 2.48%, Societe Generale has assembled no more than 0.70% and 0.02% Credit Agricole.

Banques populaires Caisses d'Epargne According to information Wansquare, BPCE Foncia has decided to withdraw the sale. The preparation of a new law on directors and the rout of Urbania Group took account of the sale of the land.

Casino: -0.08% to 62.72 euros Jean-Charles Naouri, CEO of the group, delivered at Figaro's strategy to cope with a sluggish consumption in France, however, offset by continued momentum abroad.The boss has no plans to float Cdiscount and will focus more on small and medium format hypermarkets (6 000-8 000 square meters), rather than the hypermarkets.

Trigano will on Monday publish its turnover for the third quarter of fiscal offset. Shares rise 1.07% to 14.705 euros in mid-day.

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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"Axa is planning the full power to Henri de Castries

"The activities in the United Kingdom Axa sold 3.3 billion

"After showing that the insertion in international trade can promote development, you will present the limits of this relationship." This has been the subject of the paper proposed ES tray on Tuesday morning. Here are the responses of specialists.

The Korean Experience, by Alexander Delaigue, economist and blogger Econoclaste

Protectionism? Good questions but wrong answers, by Nicolas Bouzou, economist at Asteris

Bilateral trade is threatening the dominance of developed countries, by Cyril LACHEVRE, editor of Le Figaro Economie

The fixed-type, by Sebastian Lamache, professor of economics and social Alencon

Korean Experience

Delaigue by Alexander, an economist and blogger Econoclaste

Narrowly. Wall Street reaches the very end of the session to retrieve the ground lost during the day. Result: the Dow Jones closing on a slight increase from 0.24% to 10,434 points, the Nasdaq is 0.05% at 2307 points while the S & P gained 0.13% to 1116 points.

The markets have literally beaten to a few minutes left to return to the green. Before that, the entire session was marked by a gradual decline of the indices, itself caused by the publication of a round of disappointing macroeconomic indicators:

– Entries weekly unemployment rose in the United States during the week to June 12, at 472 000 460 000 against the previous week, according to the Department of Labor. Economists had expected jobless claims averaged 450,000. The entries of the week to June 5 were also revised up from an initial estimate of 456,000.

– Consumer prices in May have suffered their biggest drop since a year and a half under the ambit of the sharp drop in energy costs. The index of consumer prices adjusted for seasonal variations show a decline of 0.2%, the biggest drop since December 2008. Economists and analysts were predicting a similar decline after a decline of 0.1% in April.

– The current account deficit widened in the first quarter to 109 billion dollars, or 3% of GDP, compared to fourth quarter 2009. This is his third consecutive quarterly increase since the low of $ 84.4 billion in the second quarter of 2009, when the international commercial exchange had significantly contracted due to recession.

– The index of industrial activity in terms of the Federal Reserve of Philadelphia has emerged significantly weaker than expected in June and called for a fragile economic recovery in the United States. The index came in at 8 in June as against 20.9 expected and 21.4 in May The employment component falling in the negative, at -1.5 against 3.2 in May, the lowest since November 2009.

– The index of U.S. leading indicators registered a record high in May, according to the Conference Board, suggesting that the recovery of the U.S. economy will continue. The index rose 0.4% to 109.9, after having stagnated in April. Economists projected an increase of 0.5%.The index should continue to increase but more modestly in the coming months due to an unemployment rate still important.

Little comfort in Brussels

The markets were also attentive to the summit of European leaders in Brussels today. Following discussions, the French president Nicolas Sarkozy has sought to reassure markets about the financial health of Spain. Thus, any rescue plan would be the agenda, contrary to rumors markets.

European shares closed higher on a small, grim. The euro, however, is ironed for the first time since late May over the threshold of $ 1.24, to 1.2413 dollar to 18 hours.

AOL supervised

On the side of values, according to several American media, the internet group AOL (1.66% to 22.65 dollars) is about to give the social network Bebo to an investment fund, Criterion Capital Partners, a small fraction of the price he had paid to take it two years ago.

Always on the side of values, FedEx (-0.05% to 78.11 dollars) Wednesday reported a quarterly profit slightly above expectations.

Also note Apple (1.73% to 271.87 U.S. dollars) which said it had registered more than 600,000 bookings for the new version of the iPhone during the first day of marketing.

JM Smucker (6.58% to 61.55 dollars), a group specializing in food, has reported a turnover of 1.07 billion dollars for its fourth fiscal quarter and a Earnings per share (EPS) of $ 1.07 before exceptional items.

Pier 1 Imports (2.62% to 8.23 dollars) a manufacturer of furniture, for its part, reported an unexpected profit adjusted under its first fiscal quarter in favor of improving its sales business on a comparable basis and its margins.

The regulation of the financial world would soon see the day. In the United States and Europe, urging the regulators not to adopt stricter rules and thus provide the means to avoid another financial crisis.

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 euro continued its fall on Monday and slips under the threshold of 1.19 to 1.1894 dollar against the euro early this morning, a first in over four years. The single currency also fell back against the Japanese currency, the euro fell to its lowest level in over eight years, listing at 108.35 yen against 110.01 yen on Friday evening.

The cause new concerns about the financial situation of Europe after the alarmist claims in Hungary on the country's economic situation where the deficit would exceed 7% of gross domestic product (GDP) while the official estimates evoked 4 5%. A scenario that is eerily the premises of the crisis in Greece.

The economic and monetary instability in the euro zone single currency also weakened. But European leaders are willing to intervene.French President Nicolas Sarkozy and German Chancellor Angela Merkel met today in Berlin to strengthen their ties and cohesion policies. If both appear on the same line in terms of regulation, the outlawing of the regulators or the taxation of banks, other topics are still under discussion as the degree of budgetary austerity.

However, the Luxembourg Prime Minister Jean-Claude Juncker reassuring. The latter said yesterday that the euro is not undermined. Questioned on TV5 Monde, the president of the Eurogroup has explained that while "money appears very weak in the eyes of the markets," in reality "it is not because our fundamentals are stronger than those of Japan and the United States United.

Markets dive again s'nquiètent of the euro and the situation in Hungary.The Tokyo stock market declines and 4% in mid-session on Monday.

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Return to growth and confirmation of annual targets for the manufacturer of industrial and medical gases Air Liquide has posted this Monday morning pre-market turnover for the first three months of the year.

Total revenues for the group led by Beno?t Potier amounted to 3.152 billion euros against 2.997 billion over the same period of 2009. An increase of 5.2%. The company listed on the CAC 40 was that the increase of its activity has occurred in all business sectors and in all geographic areas.The emerging areas, however, contributed to the improvement.

"Unless a major turnaround in the economy, Air Liquide in 2010 is a new growth in net profit in the continuity of its historical performance," said the CEO, which states that "the discipline in terms of cost management and cash (…) has been maintained during the first quarter of 2010 and the ratio of operating margin was slightly higher than the average for the year 2009."

Emerging markets drive our business

Gas & Services activity (2.76 billion euros, 8.3%) is indeed characterized by "a marked contrast between mature economies (+5% compared to Q1 2009) and emerging economies (28 %), while activity Industrial merchant finds the path of growth, although sales in the mature economies still lower than the first quarter of 2008 before the crisis easy payday loans.

Large Industries recorded a rebound in activity, particularly through the start and ramp-ups in China, South America and the United States. The electronics is experiencing a rebound, supported by sales of specialty gases.Finally, health remains strong, always worn by home care.

During the first quarter, Air Liquide welcomes the signing of three new contracts with steelmakers in China, construction of new production capacity of liquefied gas to India and starting five manufacturing facilities in emerging economies.

The group also continued its acquisition strategy in health.

Air Liquide outperforms

Since the beginning of the year, Air Liquide shares rose 6.43%, with a gain of 0.31% on Friday, listing at 88.37 euros. The CAC 40, it has seen its course take only 0.38% since January 1, 2010.

If in 2009, they were virtually stable operating margin of Air Liquide rose to a record level of 16.3%.Air Liquide profits rose an average of about 8% per annum over the last twenty years.

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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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Not seen since the launch of the classification in 1985! For the first time in 2008, BAE Systems, an advocacy group for non-American, became the leading supplier of arms. The information, published Monday, comes from the International Institute for Peace Research (SIPRI), a Swedish think tank considered a reference material.

According to SIPRI, BAE Systems has been leading the 100 largest arms suppliers in favor of the U.S. market. "The company is based in the UK but generates more than half its sales in the United States. BAE demonstrates the internationalization of the arms industry and the strong appeal of the U.S. market, "says Susan Jackson, an expert of SIPRI.

Sales of BAE established in 2008 to $ 32.4 billion.The bulk of these revenues came from a command of the U.S. Department of Defence who bought vehicles MRAP (Mine Resistant Ambush Protected) as part of the war in Afghanistan and Iraq.

Boeing beat, Navistar enters

BAE Systems therefore delighted number one place to Boeing. The American group, with 29.2 billion worth of arms sales, slipped to third place, and is placed behind his compatriot Lockheed Martin (29.4 billion).

Elsewhere in the rankings after three American groups, Northrup Grumman, General Dynamics and Raytheon. EADS is in seventh place. Italian Finmeccanica is eighth, while the French Thales is tenth.

Almaz-Antei, is the first Russian company to make its entry in the top 20 at the eighteenth spot.With 4.3 billion turnover in 2008, "Almaz-Antei has tripled its sales since 2003," says the SIPRI.

For its part, the American Navistar made a sensational debut in twentieth place with 3.9 billion in revenue from sales to the U.S. Department of Defense. "This represents an increase of 960% compared to 2007," says the think tank.

Three times the development assistance

The SIPRI does not fail to note that in 2008 the 100 largest arms suppliers have made 385 billion dollars in revenue, a figure rising to 39 billion by 2007."This represents more than three times the total development assistance of OECD countries (120 billion dollars)," lamented the SIPRI.

According to the findings of the ranking, sales of BAE are equivalent to the GDP of 105 countries worldwide, while Lockheed Martin exceed 4 billion development aid from the United States.

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"Meeting in prison with the" merchant of death "

We now know more about the profile of the 16,350 taxpayers who have benefited from the tax shield in 2009. According to documents that Le Figaro was purchased, the 4521 households who have a wealth greater than 7.3 million and an annual income tax of more than 43,761 euros were collected 90.4% of the amount the tax repaid under the shield. Amounts totaled 585.6 million euros in 2009. These affluent taxpayers received an average check of 117,142 euros.

More generally, 47% of the 2009 version of the shield beneficiaries pay the ISF (wealth tax). And they pick …. 99% of repayments. In 2008, the conclusion was the same. "So I think we need to end both the shield and the ISF, while introducing an additional tax on income at 45% and reviewing the taxation of savings.The shield is a wrong answer to a bad tax, "said Jean Arthuis, the president of the centrist Senate Finance Committee.

For those who are not subject to the ISF, the check tax is much less interesting: just 565 euros. These are households with very low incomes but who own their own homes (a common situation at the meeting, among farmers. …) And are in practice pay their property tax. Also found in this category of professionals who have deficits professionals. It remains an anomaly among the beneficiaries of the shield, there are 14 taxpayers with annual income less than 3428 euros but have some assets above 16 million euros. Some suspect heavy use of tax loopholes that understate income