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Caution on the Cac 40. In the wake of the Asian stock markets and the day after a sharp drop on Wall Street, investors should not take any risks. According to market operators, the Cac 40 and may open down.

Markets are waiting with some anxiety the president's speech to the U.S. central bank, Ben Bernanke, the outlook for the U.S. economy. An hour and a half ago, the U.S. government has released its second estimate of GDP for the second quarter. The consensus growth overseas could fall by 0.2 point to 1.1% from the first estimate. On Thursday, weekly jobless claims declined.Causing a sharp decline in U.S. stock markets.

On the corporate side, the ball results Essilor continues with the program on Friday morning.

Essilor International reported first half sales of 2.06 billion euros, up 6.9%, the band announced via a press release issued in the edition of Les Echos to appear Friday instant payday loan.

Financials

The ban on short selling financial stocks on Thursday was extended to France, like Italy, Spain and Belgium, and the Financial Markets Authority (AMF) said it would review its position by late September.

Total expected to present a reorganization in the fall of scale of its operations downstream, with a planned merger of its refining and petrochemicals, according to Les Echos, citing union sources.

As for oil, prices were mixed Friday morning during electronic trading in Asia, in a sluggish market, before the highly anticipated speech of the head of the U.S. central bank (Fed). In morning trading, a barrel of "light sweet crude" for delivery in October gave 10 cents to 85.20 dollars per barrel of Brent North Sea crude for October delivery took 19 cents to 110.81 dollars.

Business leaders employing between 250 and 5,000 employees and producing between 50 million and EUR 1.5 billion in revenue, also called medium-sized companies (ETI), are confident. According to the first barometer of medium-sized companies conducted by Ifop on behalf of PricewaterhouseCoopers (PwC), 84% of managers are particularly optimistic about their companies.

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.

This is the axis of the policies of Nicolas Sarkozy: officials fewer but better paid. In principle, state officials are granted wage increases in half of the savings generated by the non-replacement of retiring in two in their own departments. Problem: once again, this rule was not followed in 2010.

According to the rapporteur UMP budget to the Assembly, Gilles Carrez, it is actually two-thirds (67.3%) of savings were spent on categorical measures. Specifically, the 31,013 job cuts in 2010 were 808 million savings to the state. But 544 million is left up wages.

Results vary from one department to another. The rate of return to public officials is low for Foreign Affairs (42%), Agriculture (41%), Education (37%) and consistent with the defense (54%).However, it exceeds the target for the Budget, the Economy (64%) or culture (68%). Worse, wage increases were higher than the economies of Ecology (24.7 million against 21.9 million), Labour (16.3 million against 13.9 million) and especially the Interior (149 million against 116 million)! Gilles Carrez even noted that the departments that make the least effort on their staff are often those where economies are most reassigned officers cash advance no faxing.

Good and bad students

Example: "Culture is the department in which the application of the rule of one in two is less strict, while the cost of measures categorical 68% savings." Conversely, "the ministries for which the rule is stricter, such as Foreign Affairs, Agriculture and Health, are those for which the categorical measures are less than 50%. "In short, there are good and bad students. These slips will pay dearly as they explain the fact that retirements have been less than expected, the increase in the payroll of the state in 2010. The latter (82 billion) grew by 0.7%. To achieve its goal of reducing by 2012 the state will give less to their agents …

The Court of Auditors in a report that pointed the slippage of the wage bill, advocated a strict framework for categorical measures and a freeze of the index point (which is the basis for the remuneration of officials) until 2013 included.

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The Paris Bourse plunges on Wednesday. In early trade, the CAC 40 lost 0.43% to 3851.23 points, affected by renewed concerns about Greece and the decision by Moody's considering downgrades of three major French banks because of their exposure to Greece, which Moody's has downgraded the beginning of June.

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.

Traffic may be disrupted on Wednesday in major cities and on highways. And the number of taxis in service in town and in stations and airports should be low. Three federations of the profession have in fact called on Wednesday for a national day of action, with operations in snails across the country.

In the Paris area, the rallies were to begin from 6 hours on the A1 at Roissy-Charles de Gaulle, Orly, on the A4 to Marne la Vallee and the ramp to the A15 Franconville before converging to the Field March to 10 hours.

In Toulouse, a procession of 180 taxi drivers from the west of the town and 170 from the south-east of the city went from 6:30 in the direction of downtown. Some parts of the device were paralyzed before 8 o'clock. Access to the airport were also disrupted no fax payday advance.According to the protesters, this mobilization is expected to last up to 11 hours.

Taxis want to attract the attention of government on the increased costs they incur. Their fuel bill became heavier "than 30% over one year" because of soaring raw materials. In this context, taxi drivers lament the lack of compensation for the refund of excise tax on petroleum products. VAT refund from the TIPP was abolished in 2008. They must also bear other expenses, caused by the new regulation that requires them to be equipped with a light signal in the colors more identifiable by users. Taxis also protesting against the competition of passenger cars with driver, they consider unfair.

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The alleged sexual assault case that led to the arrest of Dominique Strauss-Kahn is also a blow to the institution he heads the International Monetary Fund (IMF). Sunday night, the institution announced that, as required by procedures, number two, John Lipsky, will assume the duties of general manager for the duration of the absence of DSK. The board of directors of the fund must hold a special meeting Sunday evening, "informally," says the institution. So John Lipsy who will chair the meeting.The IMF can initiate disciplinary proceedings against the Director General in case of "serious breaches" of the code of conduct for officials of the institution.

"This case is bound to tarnish the image of the institution, which, however, by the voice of its director general had managed during and through the crisis, to find a proper place in the regulation of globalization and stand at the heart international monetary system, "said Hassim Mounis, professor at Sciences Politiques in Paris.

"Dominique Strauss-Kahn is a Managing Director of IMF that will be remembered most," says the economist. "It will mark the spirits because he has temporarily disrupted the guidance of the IMF's role by requiring the state to support the economy, which is in total contradiction with the previous liberal policy of the institution," said it.DSK is known to have handled the economic crisis and financial crisis by bringing a Keynesian response … measured, however: in the emblematic case of Greece, the IMF forced the government to drastically reduce public spending and operate a process of privatization.

The IMF is "operational," Greece continues its reforms

Greece precisely, it ensures that the events that challenge the IMF does not change the government program to revive the economy. "The government is pursuing the reforms required by the Fund," said George Petalotis Sunday, his spokesman. DSK would have had to go in Berlin on Sunday and meet Angela Merkel to discuss a possible new aid to Greece, which had gained support in spring 2010 of 110 billion euros, 30 billion from the IMF.This meeting was to take place on the eve of a meeting of the Eurogroup, the Monday night and Tuesday in Brussels, with the main discussions at the agenda of the financial problems that resurface Greece for several days and that plague the markets. It is the deputy general manager of operations, Nemat Shafik, who will attend the Eurogroup meeting.

The IMF meanwhile assured that it remains "fully functional and operational." The Washington-based institution to ensure and maintain its role in the issue of European sovereign debt. "It seems impossible that the case could impact the DSK button timing and responsablités IMF, the stakes are too great," says an economist based in Paris.There was a pre-DSK IMF, there may be an after-DSK.

Who might succeed him at the IMF?

Since Bretton Woods in 1944, which devoted a share of the world between Europe and America, the custom was established to appoint a European to head the IMF and an American to head the Bank World. But in recent years, global economic governance has, too, internationalized: emerging countries like China and Brazil now have a bigger role, like the G7 became the G8 and G20.

Dominique Strauss-Kahn, who became the tenth Executive Director of the IMF on 1 November 2007, has himself advocated the continuation of the reform of the institution, and wanted a person from an emerging country for the succeeding fall 2012 . But the events that shook the Fund could also shake up the program.If DSK had to leave the branch, a new early election should take place. The voices, weighted by the amount of quotas, have been reallocated on March 3 after a major reform of the representation of the 187 IMF member countries. The reform has enabled the transfer of 6% of the votes of over-represented countries to benefit from emerging countries. Nevertheless, the IMF is likely to adopt a tougher stance vis-à-vis Europe under the leadership of a new management team.

"DSK is a former economics professor and renowned former Minister of Economy and Finance. He has a real economic role at the operational level to the IMF. In France, too, has played its role, "insists Mounis Hassim, comparing his skills to those of Raymond Barre.Under Jospin, DSK, then Minister of Economy (1997-1999), had participated in the launch of the euro.

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The euro has dropped by nearly 5% in a week. Such depreciation on the foreign exchange market in such a short time is rare. If some investors have been illuminated reap gains from the sacred, others had to lose a lot!

The euro rose against the dollar over from 1.49 to 1.42 in one week. (Chart from the trading platform of Saxo Bank)

Bring together public and private hospitals: it is long and complex, but it can and it can be to the benefit of patients and public finance!

This shows that attempt to Nicolas Sarkozy on Thursday in the Seine-et-Marne. It will include projects in two cities: Fontainebleau, where he is, and her neighbor Melun. This second draft was presented by the Regional Health Agency (LRA) as the largest structure in future public-private hospital in France (850 beds, 85,000 square meters, about 2200 employees). It will bring on a site whose construction must take place from 2012 to 2015, three clinics in the city, merged, and its hospital. Its genesis shows how the reconstruction hospital has become indispensable in this pool of 350,000 inhabitants, as in many others.

"The rate of leakage of patients to Paris or the inner suburbs, 60 km away, reached 50%.It is difficult for families and this complicates the monitoring of patients after hospitalization, said Claude Evin, CEO of LRA Ile-de-France. In addition, surgery, continuity of care was discontinued at night, not having enough doctors in each facility and will be re-assured with the combination. "The project is not only to collect geographically existing facilities. The activity will be pooled (laundry, catering …) or shared: the public emergency, obstetrics, psychiatry or geriatrics, in private surgery.

The kind of cutting, which usually makes them howl unions to "privatize" or "the case of public service." "The medical project was approved unanimously by the representatives of each medical institution, says Andree Barreteau, director of health care provision of the LRA payday loans online.Unions in the hospital, including the CGT, not opposed. They are pragmatic and realize that without this, the reduced activity of the hospital in Melun will continue. "

176 million invested

"It's normal that there is reluctance in both directions, when people have never worked together. But working with the private sector do not sell themselves to the devil, in our case is rather fortifying "abounds Valletoux Frederick, Mayor of Fontainebleau. Background, again, high leakage rate, with a hospital centennial, the town has made the same choice (together his hospital and clinic), at a smaller scale. Objective: an opening in 2015, a project launched in 2005.

At Melun, the LRA has secured commitments of Liberals surgeons to maintain at least 60% of their activity without excess fees.Last point: if the old public-private project, which has had several incarnations, should finally see the day, it's probably also because of the shareholding is made up of relevant clinical physicians. Chains of clinics held by financial investors tend to reorganize their business between private schools they have.

The project represents an investment of Melun 176 million euros. ARS 20 million in funding, the institutions concerned defraying the rest. To balance the operation, the bet – "prudent", according to ARS – is that the leakage rate will fall by 5% with the new facility.

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Difficult to assess the fortunes of Osama bin Laden, as the opacity of its funding sources has always prevailed. Before the attacks of September 11, 2001, the financial empire's founder and leader of al-Qaida announced until his death last night, was estimated between 30 and … $ 300 million. Only certainty, the first pillar of the wealth of terrorism based on the legacy of his father.

Mohammed bin Laden, Osama's father, made his fortune in construction and public works. At the latter's death in 1967, the leader of al-Qaeda share the inheritance with her 54 brothers and sisters. In all, Osama Bin Laden "received between 12 and 15 million dollars" between 1974 and 1994, according to Yeslam bin Laden, one of his half-brothers.

Present in 35 countries

Some of the funding received has been reinvested in other companies in Saudi Arabia or Sudan, thereby making a profit.Osama bin Laden had created a parent company, Wadi al Aqiz, head of a network of numerous legal societies and implanted in nearly thirty-five countries.

The Ladin International Company, an import and export, Taba Investment and Hijra Construction Company, specializing in construction are among the largest subsidiaries of the businessman terrorist. But these companies also served as cover for militants of al-Qaida. They fund training camps or buying weapons and receive "gifts" from Islamic banks branched through accounts and offshore tax havens.

From multinationals to SMEs

With the end of the first Gulf War in 1991, and the installation of U.S. bases on Saudi soil, Bin Laden decided to conduct a holy war against the United States. Replica of Washington and its alies: its funds are now tracked.Bin Laden fled to Sudan from 1994 to 1996. He bought land, invested in small business. Like the international financial network created in the 1980s, these companies often have two facets. Peanut farm houses a terrorist training site.

Managed well, business does not rotate at best. Bin Laden is forced to lower wages and to sell certain subsidiaries. No matter: "Terrorism is a low cost business," writes the Wall Street Journal in September 2001. The attack against the World Trade Center in 1993, would cost only $ 10,000.

Expelled from Sudan in 1996 under pressure from the Americans, bin Laden returned to Afghanistan. This second exile seems to coincide with increased financial difficulties on the ground. The branch of al-Qaida in London would have experienced problems paying their phone bills.For many decades, "Bin Laden has engaged in activities that eat money, but do not create," says the Saudi dissident Muhammad al-Massari, quoted by the Wall Street Journal.

Still, bin Laden also benefits from the charity to Muslims around the world, but that they know so far that their donations would be used to finance terrorism. Moreover, according to a diplomatic report from 2009 revealed by Wikileaks, the Americans suspect of private foundations in Saudi Arabia, Kuwait and Qatar to finance terrorism without limit. The villa in which Bin Laden has spent his last days, near Islamabad, is estimated at nearly one million dollars.

Encouraging indicators supported the U.S. stock indices and overshadowed the disappointing results posted by Google and Bank of America.

According to government statistics, the underlying inflation remained contained in March, while the monthly survey from the University of Michigan and Thomson Reuters has shown that consumer morale rose more than expected in April.

"I am surprised that the market will continue as well, after Google and Bank of America," said Randall Warren Warren Financial Services, "but the world is happy with the figures for consumer prices."

The Dow Jones gained 0.46%, 56.68 points to 12,341.83, the S & P 500, very popular with fund managers, took 5.16 points, 0.39%, to 1319.68 . As for the Nasdaq, it was up 0.16%, 4.43 points at 2764.65.

For the week, the Dow fell 0.3%, the S & P 500 and Nasdaq 0.6%.

The announcement of results from Google, after-hours trading Thursday, has frightened investors due to a sharp increase in spending group in the first quarter. The jump in sales over the same period could not allay their fears and the stock closed on a fall of 8.23% to 530.70 dollars.

However Bank of America, which released before the opening, shows a decrease of 2.26% to 12.81 dollars.

Consumer prices, wages and industrial production …

The macroeconomic agenda was charged Friday: while being held in Washington, the second G20 meeting, where finance ministers debate the raw materials and global economic disorder, indicators released Friday were more reassuring, particularly with respect for inflation, current concern for markets.The consumer prices in the United States have maintained their strong growth in March, but according to the forecast of analysts. Excluding food and energy, inflation is called base stood at 0.1% in March compared to the previous month. The index of consumer prices grew 2.7% year on year. "Inflation remains moderate in the U.S.," commented Kimberly Dubord, from Briefing.com.

On the currency side, the dollar went back against the euro, the single currency bending under the weight of persistent speculation about a restructuring of the Greek debt. About 11:00 am in Paris, the euro bought 1.4448 dollars against 1.4488 dollars on Thursday night.Monday and Wednesday, the European single currency reached 1.4520 dollars, its highest since Jan. 14, 2010.

The financial sector heckled

As for values, the financial sector was the most penalized this week after an accumulation of bad news on Wednesday, the publication of JPMorgan Chase was a disappointment, especially, said Christian Parisot at Aurel BGC, because of "low increase the distribution of credit in the quarter and the poor performance of retail banking scandal affected by foreclosures. "

Other disturbing news has accumulated: the cost of foreclosures looks up sharply. GoldmanSachs downgraded the sector of U.S. banks. And, according to the Wall Street Journal, U.S. authorities are investigating the manipulation by the big banks during the crisis.Meanwhile, a Senate report has already questioned the functioning of the financial system in 2008. "From 2006-2007, Goldman Sachs has sold some CDOs to investors in Europe and Asia because those instruments could not find takers in the U.S. market," analysts summarize Aurel BGC.

Bank of America and Mattel to menu

It is in this tense environment that Bank of America filed this Friday its first quarter results. The largest U.S. bank by assets, posted a profit of $ 1.7 billion for the first quarter, down 39% over a year and below expectations, continuing to suffer from the mortgage and legal fees high.

Mattel also sacrificed in the exercise.The U.S. toy maker Mattel saw its net profit by 33% melting in the first quarter to 16.6 million, due to higher administrative costs and overhead, but the result is in line with market expectations. The stock gained 4.12% to 26.80 dollars.