The Greek government plays its survival tonight in Parliament in a vote of confidence but the fate of Prime Minister George Papandreou seemed sealed after the failure of the referendum proposal. According to government sources, the leader of the socialist government has concluded an agreement Thursday with his ministers in which he agrees to resign and make way for a coalition government if they help him win the vote of confidence.In the first nine months of the year, net income rose 21.8% to 388.9 million euros and sales of 9.6% to 3.15 billion euros.

Sales of Hermès saddle-jumped over 18% in the third quarter to 683.2 million euros, the leading luxury group to raise its forecast for annual sales. The group also now expects an operating margin in 2011 "slightly above the historical level" reached last year.

Clearly, the political compromise was drafted in haste, less to meet market expectations and requirements of rigor of the ECB and Brussels as to satisfy the appetites of political coalition.

The plan touches the budget plan adopted on August 14 the Council of Ministers, who remodeled himself the three-year plan adopted July 15 by the Chamber of Deputies.The goal remains unchanged: to return to balanced public accounts or substantially by the end of 2013 with a deficit reduced from 3.9% to 0.2% of GDP. This requires about 48 billion euros in savings or additional revenues in two years.

However, the mechanisms used to differ materially. Abandoned, the removal of "solidarity" on income exceeding 90,000 euros per year announced in mid-August. As the merging of municipalities with fewer than 1,000 inhabitants (Italy has 8100 municipalities) and the consolidation of a number of the 110 provinces, which duplicates the 21 regions. The initial objective was yet to release 70,000 posts the payroll of the state.

Structural reforms are delayed

Wednesday again, the government had to give to exclude the counting of annual pension contribution periods of education or military service.About 100 000-130 000 Italians are concerned. The measure, considered unfair by many, would have saved 500 million euros next year.

As a result, the Bank of Italy said that the draft budget relies too much on tax revenues, which represent three quarters of the effort. Again, structural reforms are referred to the next legislature: it would halve Yet the plethora of parliament (one thousand), scouring utilities and local governments, reduce the exorbitant privileges of the political class. Decisions that require boldness.

Parliament must approve the draft by 15 October. Some 1 300 amendments were tabled. You can bet they significantly exacerbate spending. Silvio Berlusconi is confident to govern until the election deadline of 2013. Markets, they will vote probably before.

The request of France aims to prepare the international conference on the future of Libya after the fall of the regime of Muammar Gaddafi. The question of a thaw in Libyan assets will be the focus of discussion. The financial stakes are considerable: the Gaddafi regime has accumulated through the sale of oil and gas, about $ 200 billion worldwide.Among others, the United States had announced in late February, have frozen $ 30 billion, the Bank of England 13.587 billion dollars.

The Security Council authorized the UN London Tuesday to release $ 1.6 billion in frozen Libyan assets to provide humanitarian aid to Tripoli. The UN has also agreed Thursday to release $ 1.5 billion of assets invested in U.S. banks. Germany still waits for its green light to unlock the Council about a billion of Libyan assets frozen and Canada intends to thaw $ 2 billion (1.38 billion euros). The Italian government has already promised to thaw a first tranche of 350 million euros.

The CNT eye on the jackpot for any rebuilding, put the country back in working order pay day advance."Our success will depend on the release of frozen funds" abroad, called Mahmoud Jibril, the number two of the rebels on Friday in Istanbul. "The battle of the reconstruction will be even more intense" than the war, he warned before. The transition looks perilous time and the payment of salaries of civil servants would prevent a resurgence of stabilization.

Disappearance of 25% of funds in three months

To this day, and unlike most other European countries, Paris refused to disclose that it had frozen Libyan petrodollars. However, statistics from the Bank of France, limited to transactions between banks between the two countries, indicated that at December 31, 2010, French banks harbored 8.23 ​​billion dollars (5.84 billion euros).Mysteriously, this amount has shrunk from 25% in 3 months (-2.1 billion, or $ 1.45 billion), while the wind of revolution blowing in the Arab world and earned Libya.

Impossible, from these statistics alone, to know where these billions have evaporated. It could be, as explained a French officer in April, a "reorganization perimeter" in the very opaque investment fund public Libyan LIA. Or capital flight, as was increasing international pressure on the Libyan regime, squeezed by the Tunisian and Egyptian revolutions.

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Nervousness investors won again a few hours of a meeting in Paris between German Chancellor Angela Merkel and French President Nicolas Sarkozy. The two leaders are to discuss ways to implement to improve governance in the euro area and contain the problems of sovereign debt. No decision is fundamental to expect from this meeting, warned a spokesman for Angela Merkel yesterday, let alone on the front of the Eurobonds claimed by many investors. The latter will not even up for discussion.And it is this fact which disappointed observers who expected progress on the subject. In Europe, markets are plunged into the red.

European growth disappoints

The bad mood is also expected to result from the publication of European indicators disappointing that send negative signals about the health of the euro area. Germany, European locomotive, reported a surprise slowdown and sharp growth in the second quarter. The entire euro area saw growth of 0.2% after increasing 0.8% in the first quarter.

United States, the agenda includes the release of housing starts, prices for import and export and especially of industrial production.This indicator is closely watched as markets worried about more and more sluggish growth of the world's largest economy.

Values ​​to follow

On the corporate side, Home Depot, Wal-Mart, Dell and Saks must publish their quarterly results on Tuesday.

Agilent Technologies has reported after-hours trading Monday a profit of $ 330 million, or 92 cents a share, in the third quarter, up 62% turnover is up to 1.69 billion.

Berkshire Hathaway would have taken a stake in the retailer Dollar General.

This is a test, revealed by the challenges.fr site on which the subsidiary of PPR declined to give details. The service "Fnac Reprise" offers to purchase TVs, shelves, computers, phones, camcorders, music players and game consoles … But not books, CDs and DVDs, it is however possible to afford with the right of purchase.

The "cultural agitator," the owner would like to sell in order to afford sportswear brands, is trying by all means to correct its turnover, eroding month after month.His last idea could be successful, provided, however, offer an acquisition price attractive enough …

It is in extremis, on the night of Sunday, which is reached an agreement on raising the ceiling of U.S. debt, after a speech critical of President Barack Obama. Two days before the deadline set by the U.S. Treasury, the stakes were high: without this increase, at least 2.1 trillion dollars, the United States, on the edge of default, could sow the wind panic on financial markets.

Barack Obama has managed to generate compelling reconciliation of Democrats and Republicans on this agreement, investors now hope to see a bill passed in the coming days. But that will depend on the Congress which has yet to give the green light, no later than Tuesday night. Similarly, no one knows how to react, however, the rating agencies. Despite the compromise finally reached on the debt, the loss by the United States, their AAA rating is not excluded and would have severe repercussions on the economy and markets.

After selling more than 4% last week, which will remain the worst of the year, the Dow had yet started the day up 1.10% at 12,277 points.Standard & Poor's 500 and Nasdaq 100 progressed to their respective share of 0.86% to 1303 points and 2785 points to 1.05%.

The manufacturing sector to the death

At the macroeconomic agenda, a bad surprise helped to fill the atmosphere: the growth in manufacturing in the United States slowed in July against all expectations, according to the purchasing managers' index released Monday by the Institute for Supply Management (ISM), which fell to its lowest level in two years. The index of manufacturing activity of this organization stood at 50.9 last month, its lowest level since July 2009, against 55.3 in June. The market economists polled by Reuters on average expected 54.9.

Construction spending in the U.S. have also increased by 0.2% in June, according to figures from the U.S. Department of Commerce published Monday.These expenditures reached 772.3 billion dollars, while analysts polled by Reuters had forecast a rate unchanged Same day payday loans.

This week, analysts said Aurel BGC, "investors will focus on indicators confirming whether a rebound in growth. In view of the latest indicators movement is far from certain. Auto sales (Tuesday) and retail sales side on Wall Street for the month of July will be eagerly awaited. This weekend, the employment figures will be released by the BLS.They will be very affected by the lay-off of 20,000 staff in the State of Minnesota. "

73% of companies did better than expected

The European steelmaker ArcelorMittal and U.S. mining company Peabody Energy (-1.48% to 56.62 dollars) on Monday made a hostile bid on the Australian Macarthur about 4.7 billion Australian (about 3, 6 billion euros), after the failure of talks to reach an amicable agreement. The board of Australian mining group declined Monday to support the joint bid from ArcelorMittal and Peabody to 15.50 dollars per share.

The title of the American manufacturer Ford (1.23% to 12.36 dollars) could take 25% as the group reduced its debt, is launching new models and trying to expand in China and India where he remained late over its competitors, said Monday the magazine Barron's.

Shares of online retail Amazon.com (-0.54% to 221.32 dollars), which is just below its record high, could earn 10% to 25% if the investment result rapid growth of its retail operations, cloud-computing and Kindle reading light, said Monday the magazine Barron's.

The railway company of the UAE, Etihad Rail, said Monday it has ordered seven locomotives Electro-Motive Diesel, a subsidiary of U.S. manufacturer of construction equipment Caterpillar (1.95% to 100.72 dollars).

On the corporate side, after Merck (-2.05% to 33.43 dollars) and Chevron (1.32% to 105.39 dollars), which published its quarterly results Friday, the ball of publications in the U.S. coming to an end.Nearly 65% ​​of companies have indeed published their findings in the U.S. and 73% reported earnings above expectations.

Among the publications planned the first week of August, include those closely watched CBS, Cephalon, and Pfizer (Tuesday). Will be followed by Comcast, Time Warner and Mastercard (Wednesday). Then, Kraft Foods (Thursday), Procter & Gamble and Viacom (Friday).

But about 17 hours, Barack spoke and pressed to agree to raise the debt ceiling of the United States. A speech that reassured Wall Street, and thus the European markets, which is still bleak.Especially since the U.S. side, a series of bad economic data has dampened investors (growth, activity in Michigan, and moral Americans).

Finally, the week, the CAC 40 index lost 4.25%.

In London, the FTSE-100 index of the main values ​​lost 0.99% on Friday at 5815.19 points. The DAX index in Frankfurt ended her down 0.44% at 7158.77 points against 7190.06 points on Thursday.

The financial sector at half-mast

Adding to the nervousness of the markets, the rating agency Moody's is considering lowering the rating of Spain. As a result, the financial sector shows further losses on the stock market: Crédit Agricole loose 2.36% to 8.61 euros, Societe Generale drops 2.44% to 34.73 euros, Axa was down 2.56% to 13.11 euros, and BNP Paribas was down 2% to 45.46 euros.

Another sign of investor confidence that spreads, bond yields fragile countries in the euro area increased further, imposing astronomical cost of funds. Spain has seen its rates to ten years to rebound above the 6%. And on the foreign exchange market, the euro was immediately dropped below $ 1.43 in the morning before to recover. Around 17:30, the European currency was worth 1.4392 dollars against 1.4324 dollars on Thursday night (0.45%).

Household consumption is rising again

On the macroeconomic front, the cost of French household consumption of manufactured goods in June rose 1.2% in May after falling 0.3%.The producer prices in the industry have generally stabilized in June on the French market (-0.1%) following a significant drop in May (-0.5%).

Veolia Environnement, the largest decline Cac 40

The markets also react to the new burst of business publications.

Veolia Environnement: -9.50% to 15.80 euros

Veolia Environnement has warned that 2011 would not achieve its objective of growth in net profit due to provisions and write-downs that will pass in its half-year to 800 million euros no faxing 1 hour payday loans.

Michelin: -34.18% to 58.66 euros

Michelin has raised its annual target volumes after a first half marked by an increase in profits and sales. The automotive supplier is now an increase in volumes "of about 8%" against at least 6.5% previously.The net half of the group grew from 33% to 667 million euros and sales of 21% to 10.1 billion.

Saint-Gobain: + 2.15% to 40.40 euros

The group confirmed its operational growth goals for 2011, after a surge in net profit in the first half (53.3% to 768 million euros) due to higher volumes and selling prices.Management has indicated to always be an IPO Verallia, its subsidiary in bottles and glass jars, after the postponement of this operation in June.

Total: -1.52% to 37.78 euros

Oil giant Total said on Friday net profit down 12% in the second quarter to 2.7 billion euros, due to weak refining margins in Europe and the cessation of production in Libya.

EDF: -2% to 26.46 euros

EDF issued a net half-year up 54% to 2.6 billion euros, thanks to its increased nuclear generation in France, and announced target for the period 2011-2015 an average annual growth of 5 10% of its net income.

PPR: – 0.65% to 129 euros

Net income for the PPR increased from 16.1% to 450 million euros in the first half, above analysts' expectations, driven by sales of luxury goods (22.6%) while the distribution, which he wants to separate, were down 2%.

EADS: -0.41% to 24.2 euros

Europe's EADS confirmed its outlook for full year 2011, despite the decline of 41% of its net profit in the first half, to 109 million euros, hit by accounting for revaluations related to changes in interest rates exchange.

CGG Veritas: -3.17% to 23.54 euros

CGG Veritas, which suffered last year the moratorium in the Gulf of Mexico after the explosion of a well operated by BP <BP.L>, posted a second quarter loss of $ 38 million (27 million), including $ 17 million of non recurring refinancing costs, against a profit of $ 8 million.

Schneider Electric: -1.51% to 101.15 euros

Schneider Electric now expects an operating margin for 2011 of 15% in the low end of its initial expectations, said CEO Jean-Pascal Tricoire, in an interview with Les Echos on Friday.

After the catastrophe of Fukushima, Germany and several European countries, including Italy, Austria, Belgium or Switzerland, opened a debate on whether to continue or not to develop nuclear power, some of them have even set dates for the cessation of construction of new plants. But across the world, the challenge of nuclear power is not dominant.According Yukiya Amano in fact, "many others think they need nuclear power reactors, including the fight against the emission of greenhouse gases and global warming." Remarks which echo those of the French Minister of Economy, Eric Besson, who said in late May that "our world can not do without nuclear energy in the XXI century". And list: "Barack Obama has reaffirmed that there will be no suspension of nuclear power in the United States. China and India are launching major programs to meet their energy needs. And Europe, Great Britain, the Czech Republic and Bulgaria are continuing their efforts. "

Banking on security

If the development of this energy must continue, it will not happen without conditions, however, said Yukiya Amano."It is important above all to ensure the safety of nuclear facilities," he insists.

In Japan, nearly 36 of the 54 reactors that account Archipelago are currently halted because of the destruction caused by natural disasters or because they have not been reactivated after a routine maintenance, as a precaution. Favor a gradual reduction of nuclear, Prime Minister Naoto Kan has imposed tests of resistance to natural disasters and other risks before any recovery paydayloans. "I think it is wise that the country satisfies the safety of its nuclear plants after the accident at Fukushima Daiichi," acknowledged Yukiya Amano.

In Fukushima, "the prospects are good"

The head of the IAEA, wearing protective clothing against radiation, had also made Monday at the site of Fukushima for the first time since March 11, the day the plant was heavily damaged by the earthquake and tsunami. "Looking at the site, work is progressing in a very regular basis," he was glad. "So many people work with passion that I feel that the prospects are good," he added.

The Japanese authorities said last week be on track to regain control of the plant heavily damaged. However, they warned that full remediation of the site would take more than a decade. The operator of the plant rugged, Tokyo Electric Power (TEPCO), already expects to achieve cool the reactors and fuel to keep the temperature below 100 degrees Celsius by January."I told the Prime Minister that the IAEA can help Japan because we have the knowledge and experience required for decontamination and management of nuclear fuel melted or worn out," said the head of the agency.

Last June, the IAEA has criticized Japan's reaction after the accident, especially not for having implemented the agreement to give assistance provided by the agency in case of nuclear accident. It provides for cooperation between States and the IAEA to organize aid, safety and communication as appropriate.

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Meanwhile, around 9 am on Thursday, the euro gleans 0.10% to 1.4330 dollar.Yesterday, the euro continued its slight decline against the dollar because of concern about access to the economic health of the most fragile countries in the euro area.

Greek side, German and Greek Ministers of Finance estimated that Athens has more support economic growth, if Greece wants to find a balanced budget, during a dinner in Berlin on Wednesday night. In addition to the austerity plan, ministers believe that "only with a stronger private sector and with private investment that Greece can achieve a balanced budget in the medium and long term."

The U.S. employment in the viewfinder

In France, corporate failures recorded in France in the second quarter remained stable at a high level, the company said Altares.The number of failures has declined by 0.3% over the period, with 14,397 judgments backup, reorganization or liquidation direct. During the same period of 2010, there were 14,446 procedures, Altares said.

The trade deficit of France has also widened in May, breaking a new record for the third time since the beginning of the year to 7.42 billion euros against 7.17 billion in April, data seasonally adjusted, Customs announced Thursday. Side and real estate, Fnaim hold its quarterly press conference on the market of the former, at 11.

Overseas, we will monitor the ADP employment figures in the private sector in June at 14.15, very expected. And then the weekly claims for unemployment benefits at 14:30.The weekly inventory of crude oil will be announced at 16:30.

Banks lower their commissions

Societe Generale, BNP Paribas, Credit Agricole, Natixis. The Competition Authority has achieved that French banks were down significantly the commissions they charge on card payments and cash withdrawals at ATMs, according to a statement released Thursday by the regulator. The agreement, which ends a two-year old procedure, the institutions concerned to induce a loss estimated at 600 million euros, according to the Authority.

In addition, the U.S. investor Lone Star is in exclusive talks with BNP Paribas for the sale of German bank IKB reports the Financial Times Deutschland. Discussions with BNP Paribas are at an advanced stage, the newspaper said.The French bank has already finished the review of the IKB, but it is unclear whether BNP Paribas will buy all or just pieces IKB.

The Franco-Belgian bank Dexia has signed an exclusive contract for five years to distribute general insurance products of French insurer Axa through the windows of its Turkish subsidiary, with about 24 million, according to a statement released Thursday.

In addition, Dexia and KBC have passed stress tests which both banks have been submitted, the newspaper reported on Thursday Dutch De Tijd.

EDF and GDF Suez solder joint activities

After working together for over 60 years, the distribution of the two groups now find themselves in competition. These services are common to both energy giants could specialize in divorce and business, says Les Echos.An announcement should be made this morning, the newspaper said.

Alcatel-Lucent. The investment fund Permira is the favorite to take over the division of Alcatel-Lucent company, said on Wednesday sources close to the matter. The sources said Permira offers $ 1.3 billion (about 907 million euros).

Air France-KLM. The pilots of the National Union of Airline Pilots (SNPL) voted in favor of the project "bases province" of Air France, intended to counter the low-cost airlines, said Wednesday a spokesman for the airline, confirming information in La Tribune.

Innate Pharma wins a big partnership

The laboratory Bristol-Myers Squibb will develop and commercialize the antibody developed by biotech IPH2102 Marseille Innate Pharma for the treatment of cancer.A first payment of $ 35 million (24 million) could be followed by other payments, based on performance. In total, the licensing agreement could yield $ 465 million (319 million) in Innate Pharma.

Casino. The retailer Almacenes Exito Colombia, a subsidiary of French retailer, said Wednesday its intention to conduct a capital increase of $ 1.4 billion in the second half to repurchase shares held by its parent company in Uruguay.

Interparfums has signed an agreement Balmain home on the creation, manufacture and distribution of fragrances, according to a joint statement the two companies said on Thursday.

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In the longer term, the ministers also laid the groundwork for a new plan. In fact, new support is essential to Greece to avoid bankruptcy in the longer term, the foreground is revealing enough. And this time, the private sector should be involved. Banks and other private creditors and participate in this new plan free instant credit score. However the contours of that plan remains to be defined.

"The ministers agreed that the additional funding required will be financed both by official and private sources" indicate the ministers in their statement.They "welcomed the goal of voluntary involvement of the private sector in the form of roll-overs informal and voluntary debt Greek existing mature," he added. The "debt roll-over" means, in financial jargon, the fact that creditors when loans mature, replace them with others of a similar amount. Ministers stress that this operation should be a contribution "substantial" in the Greek program "and avoid a default (of payment) selective" in the country.

Small flat, the "main parameters of a new funding strategy clear" should be defined "by early July," indicate the ministers.While they had initial aim "to discuss the participation of private creditors," stated Jean-Claude Juncker, adding "the question is" how far it can and must go. "

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