To explain, the leader does not hesitate to copy the entire wording of the news channel continuously, reflecting his refusal to make budgetary decisions required by management and which for him would be only " maneuvers that prevent me perverse to maintain the cohesion of writing and reward they deserve all those who make France 24 what it is payday loan. "

This new twist extends the open crisis in the news channel continuous with the departure of Christine Ockrent, six months ago.

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At the London Stock Exchange, the FTSE-100 took 1.49% to 5205.85 points, while the Dax-30 from the Frankfurt Stock Exchange gained 2.69% to more openly 5681.08 points.

Investors wanted to be optimistic, pending the announcement by the government, scheduled for 18 hours, a series of measures to reduce France's deficit of ten billion more.

In addition, the United States, the macroeconomic data of the day were quite positive, contributing significantly to support the trend in the second half of the session.According to the U.S. Department of Commerce, orders for durable goods across the Atlantic rose more than expected last month. (+4% Over the month, against a 2.5% increase expected by analysts).

A little later, the Congressional Budget Office (CBO) revised its outlook on the U.S. budget deficit. According to this independent body, the budget deficit expected to fall to 8.5% of GDP this year and 6.2% in 2012, when the Bureau so far provided a deterioration of public finances for 2011. Finally, the CBO expects a growth of U.S. national wealth by 2.3% this year and 2.7% in 2012.

However, for the euro area, orders were down in June (-0.7%) after a sharp rise the previous month, according to data from the EU statistics office Eurostat (0.5% expected by analysts).In May, they had jumped 3.6%, driven notably by the orders of capital goods, following a 0.3% decline in April.

On the currency market, the euro remains stable against the dollar. To 17 hours, the European currency was worth 1.4406 dollars against 1.4436 dollars late Tuesday.

The cyclical resume, L'Oreal, the largest decline Cac 40

Oil prices were up on their side at the same time, with Brent who was close to 110 dollars a barrel because of uncertainty about the situation in Libya. A barrel of Brent North Sea crude for October delivery gained 50 cents to 109.81 dollars, while a barrel of "light sweet crude" for delivery in October has appreciated by 81 cents to 86 totally free credit score.25 dollars on the New York Mercantile Exchange to 18 cents. A trend reinforced by the publication in mid-afternoon to the unexpected drop in U.S. crude oil reserves.

Values ​​cars, battered in recent sessions, repeat colors Wednesday. Renault leads increases the Cac 40 mid-term, and accounted for 3.29% to 25.55 euros. Michelin climbed 2.12% to 46.53 euros.

However, Total, which should benefit from the outcome of the conflict of Libya, was much increased in recent days.It yields 0.65% to 32.87 euros on Wednesday in mid-session on profit taking.

L'Oreal also declined, from 2.04% to 78.22 euros, the biggest drop CAC 40.

ArcelorMittal: 2.82% to 13.86 euros

In Australia, Macarthur Coal said it continued to seek a white knight to counter the hostile bid from ArcelorMittal and Peabody Energy.

Iliad: + 1.14% to 82.45 euros

A subsidiary of Iliad, Free, filed an appeal with the State Council on the conditions for the government of 4G mobile phone licenses, according to Le Figaro.

Accor: + 1.95% to 23.56 euros

The hotel group has published on Wednesday operating profit rose by 27.5% to 199 million euros in the first half.Accor has also returned to earnings, its net profit amounting to 41 million euros in the first half against a loss of 15 million last year over the same period.

STMicroelectronics: + 2.07% to 4.3 euros

Fitch has downgraded the long-term European manufacturer of semiconductors "A" to "BBB +" with perspective, particularly because of the weakness and lack of profitability ST Ericsson, a joint venture with Ericsson specializes in chips for son-free communication.

In the wake of STMicroelectronics, Alcatel-Lucent is 2.22% to 2.44 euros.

Eurotunnel: -0.51% to 6.03 euros

Eurotunnel said it had suspended the booking of tickets for passengers on the weekend of August 27 and 28, one of the most responsible for the cross-Channel traffic after the filing of a notice of indefinite strike by several unions.

Sanofi: -0.15% to 49.87 euros

Aventis Pharma, Indian subsidiary of Sanofi, confirmed the purchase of business without a prescription Universal Medicare, a non Indian pharmaceutical side. The title was won

They are, however, that 56% said that their morale is good when they are asked about the international situation. And 48% share this view when they consider the French economy. "More companies are international, they are more present in Europe and Asia, their leaders are more optimistic," says Bernard Gainnier, partner in charge of developing the audit firm and PwC Consulting.

Sign of good health, the main activity indicators are rising.Whether it's sales (62%), investments (44%) or the order book (43%). Nearly two-thirds of companies plan to hire in the next four months. Those employing more than 800 employees plan to hire 26 people. And over a third of its capacity will increase recruitment.

For control of the tax shield

Despite these positive signs, one in two managers said that his company's growth is constrained by taxes, either in the form of payroll taxes or taxes. 48% guarantee to be disabled by the price of raw materials. More than a third lack of visibility on its business. This figure reached 50% in the financial, technology and entertainment.

Nearly four in five managers believe that governments do not realize enough effort to promote the development of their businesses.They are calling for a legal and fiscal stability. But they are supportive of the measures on the taxation of wealth proposed by the government in May: 62% say that the possibility of being exempt from the TFR is a good idea. 56% say that removing the tax shield is a good measure. In contrast, 78% condemned the increase in transmission costs. Logic, as members of the founding families and leaders often hold the capital of such company.

Gama Brazilian society had proposed to merge the Carrefour group's Brazilian assets with those of the French retailer CBD group Grupo Pão de Açúcar (GPA). They thus constitute an equally owned company. CBD had previously merged with Gama.

But the case is the most sensitive.Right in the legal showdown with Carrefour, Casino contests this possible merger with CBD, "it is the largest shareholder, which it provides the co-control with Abilio Diniz and which it acquired in 2005 from Abilio Diniz and his family the right to become the sole controlling shareholder in 2012, "says the company in a statement issued in the wake and that sounds like a declaration of war.

The group Etienne, who now owns 37% of GPA, is indeed bound by a shareholders' agreement with the businessman Abilio Diniz, who owns shares in the holding company of GPA. Their agreement provides that neither party can negotiate a development project with a third party without the consent of the other. In late May, took the Casino Chamber of Commerce to arbitrate the case.

Referring to "a material financial transactions and prepared for a long time illegally by Abilio Diniz and Carrefour" and "illegal and secret negotiations," Casino accuse both parties have "ignore [d] deliberately both the law and ethics elementary. "

"Casino will consider in the coming days how to best defend the corporate interests of CBD and its shareholders that seems compromised by this project very complex and financial," says Casino, recalling that "it has the power s to oppose this project in terms of existing agreements and that no negotiations on the future of CBD can not be conducted without his consent and without prior discussion of this project to the Board of Wilkes, holding control of CBD. "

Clear benefits for Carrefour

Brazil is a strategic market for the two French groups, "the third world market in terms of food expenditure" the statement said Carrefour there realizes 12 low fee pay day loans.3% of sales. If the proposal is accepted Gama, the new joint venture would represent "the main actor in the distribution in Brazil," said Carrefour.Its turnover pro-forma is estimated at over 30 billion euros for 2011.

Gama has in turn shown to benefit from a capital investment of 2 billion and funding of 500 million euros.

"The benefits of the transaction are clear to Carrefour," noted analysts at Natixis, "the benefit to his credit in Brazil, which leaves just one major accounting scandal, the expertise of CBD; gain size of a key market , realize significant synergies with CBD and strengthen its long-term shareholders. "

Gama: up 6% stake in Carrefour

After OPERATON, Gama become a shareholder of the French distributor. The Brazilian could acquire additional shares Carrefour market of up to 6% stake in Carrefour.It would be represented by two members to the board of the French group, whose vice president, and three from 2013.

"Gama sign a shareholders' agreement and act in concert with Blue Capital LLC, Colony Blue Investor LLC, and Groupe Arnault SAS, which now jointly hold 14.1% of the capital and 20.2% of the voting rights of Carrefour , "the statement said. Together they would hold up to 30% of share capital and voting rights of Carrefour.

The board of Carrefour will meet in the coming days to discuss the proposal of Gama. Following this announcement, the Carrefour share jumped by more than 3% to 27.250 euros, while the title unscrews Casino: it yields about 5% to 62.63 euros.The CAC 40 in advance for its share of 1.08%.

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In the viewfinder of the rating agency: BNP Paribas (-1.62% to 51.76 euros, the biggest drop CAC 40), Credit Agricole (-1.48% to 10.05 euros) and Company General (-1.43% to 39.22 euros). Moody's also points out that the review it conducts since late March on the note of the Franco-Belgian bank Dexia (-1.20% to 2.30 euros), also may be lowered, take into account its exposure to Greece.Carried away by the decline sectoral Natixis loose as 1.33% to 3.48 euros.

In the wake of Paris, the DAX index of the Frankfurt Stock Exchange opened down 0.37% at 7178.05 points and the London Stock Exchange began declining from 0.24% to 5789.4 points.

Already this morning, Asian markets have sent mixed signals, some following the positive trend on Wall Street and others focusing on new measures taken by monetary tightening to counter China's runaway inflation.

Inflation has stabilized in France

Caution is all the greater a significant number of macroeconomic indicators is expected today. In France, consumer prices rose 0.1% in May from the previous month and one-year inflation has decelerated slightly to 2.0%, according to statistics released Wednesday by the INSEE.

The euro area will unveil its industrial production.United States, the day will be busy: there will be firstly the Empire state index of the activity of the New York Fed, follow the index and consumer price figures from the Fed industrial production and capacity utilization of production. Wells Fargo index of the property market is also planned, as are the weekly crude inventories.

Just oil on the forehead, it was time for caution in morning trading in Asia. A barrel of light sweet crude for July delivery lost 25 cents to 99.12 dollars while that of Brent North Sea crude for delivery rose 49 cents identical to $ 120.65. As for currencies, the euro fell slightly against the greenback at 1.4421 dollar.Finance ministers of the euro area have not reached an agreement Tuesday for a new plan for financial assistance to Greece.

PSA supervision

To be continued outside the banking sector:

Technip: -0.12% to 72.98 euros

The French oil engineering group won, via its subsidiary, Duco, a contract worth around 15 million euros from the British company BP Exploration Operating Development of Lan Do field offshore Vietnam business card templates.

Total: -0.22% to 38.24 euros

The tanker is confident in its ability to meet its production targets despite the political unrest in North Africa and the Middle East, said Tuesday strategy director of the French company, Jean-Jacques Mosconi.

Carrefour: -0.63% to 29.39 euros

The police court of Evry Tuesday condemned the teaching of retailing at 3.66 million in fines for non-compliance with minimum wage of about 1,200 employees in France, officials said a judicial source.

PSA Peugeot Citroën: 0.63% to 28.81 euros

A central works council will be held June 23 to discuss the strategy of the manufacturer, which maintains that the closure of its site of Aulnay-sous-Bois (Seine-Saint-Denis), discussed in internal documents, is not on the agenda.

Renault: 0.99% to 37.06 euros

The manufacturer has postponed to 2014 or 2015 its plan to implement Flins (Yvelines) a plant for production of batteries for electric vehicles, originally planned for 2012, wrote Wednesday Le Figaro and La Tribune, citing the CGT and the management of Renault, which in turn explains the delay by "technical reasons".

EADS: +0.84% ​​to 21.58 euros, Air France-KLM: 0.33% to 10.67 euros

Secretary of State for Foreign Trade, Pierre Lellouche, will in the coming days the CEO of Air France-KLM, said on Tuesday from his office. The company is under pressure to support Airbus, a subsidiary of EADS, to the detriment of Boeing's next aircraft order.

Lagardère: -0.11% to 26.79 euros

The group announced Tuesday the appointment of Alain Lemarchand and Seamus O'Brien for the posts of deputy general managers of Lagardère Unlimited, its sports and entertainment division recently affected by a series of departures.

Rhodia: 0.24% to 31.34 euros Solvay: 0.14% to 106.80 euros

Solvay ofiiciellement Tuesday launched its takeover bid for Rhodia at a price of 31.60 euros per share. The offer should be between 15 and 20 July, according to the timetable.Solvay also offer 52.30 euros per Equator.

Areva: -0.02% to 24.35 euros

In an interview with Voices, the group's president, Anne Lauvergeon, admits that nuclear power should "rebuild confidence" after the accident at the Japanese central Fukushima, but it emphasizes the importance of the sector: "Imagine our trade deficit without nuclear power! ".

Note that BioMerieux holds its general meeting today and Faiveley Transport will publish its annual results after market close.

Like doubts about the financial situation of Greece weighing on European markets, U.S. investors should not however find a frank optimism as the Obama administration does not provide a convincing response to the U.S. debt.Hence the nervousness on Wall Street recorded, for 6 weeks, all finished in the red.

No waiting indicator

In the absence of major macroeconomic indicators and publications from the companies, markets keep an eye on the ongoing discussions about whether or not to raise the debt ceiling. From this point of view, the main concern is the possibility in the coming weeks, the U.S. can not cope with effect from 2 August to some of their repayment obligations, if the cap was not raised.

Side currency, the euro lost some ground against the dollar Monday in a market without much direction still hanging on the progress of discussions between EU leaders, who are struggling to find agreement on how to continue to help financially Greece.MP in the afternoon in Paris, the European single currency was worth 1.4379 dollars against 1.4348 dollars on Friday night.

On oil markets, prices started to fall Monday in a cautious market that awaits the decisions of Saudi Arabia on a possible increase of its production. Around 24:10 in Paris, a barrel of Brent North Sea crude for July delivery was $ 118.66 dollars on the Intercontinental Exchange (ICE) in London, giving 12 cents from Friday's close. In electronic trade the New York Mercantile Exchange, a barrel of light sweet crude (WTI) for the same period lost $ 1.19 to 98.10 dollars.

As for values

Banking supervision

Financial stocks could benefit from an article by the financial weekly Barron's pay day loans.The newspaper said the major banks like Bank of America (+0.29% to 10.88 dollars), Citigroup (0.71% to 38.19 dollars), Goldman Sachs (0.96% to 137, $ 23), Morgan Stanley (0.71% to 22.85 dollars) and Wells Fargo (1.26% to 26.61 dollars) are undervalued on the stock market and could see their progress as 25% of the next year, says the financial weekly Barron's. These shares are currently traded at levels close to or well below their book value, the magazine added.

Boeing: 0.80% to 73.27 dollars)

The will sell six Boeing 777-300ER to Thai Airways, which will also acquire eight Boeing 787 leased from ILFC.

Allied World Assurance: -1.88% to 56.98 dollars

The group will buy Transatlantic Holdings for $ 3.2 billion in shares, giving birth to a group of insurance and reinsurance with an ever wider and greater implementation. Transatlantic Shareholders will receive 0.88 share for each Allied as they hold the equivalent of 51.10 dollars per share, representing a premium of 16.1% over the closing price on Friday.

Gilead Sciences: -1.42% to 39.66 dollars

The biotechnology company, world leader of HIV treatment, said Friday it received a subpoena to submit to the court documents relating to its manufacturing methods, quality control and distribution.

Blackstone: +0.12% to 16.62 dollars

The group and the specialist debt Avenue Capital talk with investors in order to raise five billion dollars to invest in bond markets, reports the Sunday Telegraph.

VF Corp: 12.23% to 103.03 dollars Timberland: 42.48% to 42.73 dollars

The group announced Monday the acquisition of the apparel brand Timberland outdoor sports for $ 43 per share and a total of two billion dollars. VF Corp. expects this acquisition will allow it to add approximately $ 700 million to its turnover in 2011.

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

Low growth

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

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

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

Meanwhile, the government clearly adjudicated in favor of electrical lights: it was still estimated at 42 euros per MWh the full cost of nuclear power (operation, maintenance, future investments …), while its competitors, GDF Suez head, had set the bar at 35 euros, in line with the current regulated rates.

The reaction of GDF Suez has been immediate. The other French energy giant said that "this election will penalize customers who will experience increases for electricity prices." Convergence expected by 2015 between regulated tariffs and prices Arenh (restricted to nuclear power history) will increase mechanics first.The consumer association UFC-Que Choisir dread even price shock, "a rumor, according to Eric Besson, which I would like to help twist the fact."

Also in the eyes of GDF Suez, the high level of Arenh prevent the establishment of effective competition in electricity supply in France. In these circumstances, the group will study the consequences of that decision and the possible ways to overcome the narrowness of the market opening in the short term induced by the choices of government. "

Another competing operator EDF, Direct Energy (which serves over 600,000 clients), however, shows less severe. Its president, Xavier Caitucoli welcomes first that law enforcement has not been postponed, as had been discussed earlier this month. "After several years the French market was locked, the start of the competition has really come.At 42 euros, it is possible for a competitive operator, although it will be difficult, "he says.

Seasonality

Xavier Caitucoli, it should also not focus too much on the price of Arenh: "The product is also very important and the fact that the volumes of energy vary according to seasonality will make it attractive." Sub- understood: in winter, when electricity prices are very high on the wholesale market, Direct Energy will be able to provide through Arenh on much more interesting.

In this issue, which collects opinions shared, all players meet at least the fact that the accident Fukushima weighed a heavy weight."Somehow, the government has anticipated that the audit of EDF plants could lead to huge additional costs of maintenance and needed to be reflected in the selling price of electricity."

Entered the capital of Jean-Paul Gaultier in 1989, Hermes has recently distanced himself from the fashion house. A few months after the death of Jean-Louis Dumas, Jean-Paul Gaultier has indeed been replaced by Christophe Lemaire at the head of the Hermes collection ready-Wear he drew for seven years. "No synergy has been cleared between the two companies," says Les Echos published on Friday.

The house Jean-Paul Gauthier seeks to raise funds to finance its development, also understands Les Echos.The lighthouse designer, owner of the remaining 55% stake, has a mandate to store consultancy M & Finance Aforge for "a mission of reflection on strategic developments of the group.

Hermes, PPR and foreign groups in the breach

Among the options considered, the designer might also, lowering its stake but it should keep the artistic direction of the house he founded in 1982. French houses as PPR might be interested, according to Les Echos, but also foreign groups that would facilitate the strengthening of the brand internationally, particularly in Asia.

Recovery discussed

The valuation of the house Gauthier is discussed: from tens of millions and hundreds of millions.The house would have recorded a total turnover of 22.5 million euros in 2009, a fall of 19% over the previous year. The decline was particularly strong internationally (-31%). The house has recorded an operating loss of 3.6 million euros, against a weak positive result of EUR 271 645 in 2008.

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The site has nothing to envy to the travel-sncf.com or Expedia.fr. The manufacturer has indeed relied on industry experts as GoVoyages and lastminute.com to set up his project. Result: the services provided are as complete as those of operators."Whether it's a journey of everyday life, a professional meeting or organize your holiday in France or abroad, with Citroen Multicity build your route from door to door and book immediately" Can we read in the section of the site presentation.

Competitive Rates

From bus to subway, boat to the aircraft via the bike, Citroën offers a search engine to find the best route "custom tailored to your budget and your schedule." The manufacturer also promises very competitive rates for car rental (from 22 € per day and for only 14 euros, our valet pound down to you "). Train tickets are those of the SNCF, Eurostar or Thalys trains and flights covering 1000 destinations. For hotels, the offer is very wide, with 60,000 establishments proposed worldwide.

The brand customers enjoy perks such as buying online mapping to update their GPS or download a map of speed cameras.

Operation Diversification

With this remote reservation terminal, Citroën is clearly the turn of diversification. This strategy had already materialized with the launch of a site rental vehicles in September. But a few months of summer vacation, the manufacturer has chosen to go further: "Today, travel is not always easy and it requires a good knowledge of the various means of transport possible to achieve these trips, "says the manufacturer in the columns of Le Parisien on Saturday.

Citroen still promises to expand its range "in time" to "promote mobility. Objective: to become profitable within two years to come. "