World and National News

Thousands of patrons are expected today on the HEC campus in Jouy-en-Josas, a suburb of Paris to attend the first day of summer schools of the MEDEF, will run until Friday.

Re-elected handily in July for a second term of three years, Laurence Parisot has decided to head for the international competitiveness of enterprises. It therefore logically chosen as the theme for this event "The strangeness of the world" to show how the economic crisis has transformed the rules and forces companies to explore new modes of employment. "We face a world that we know but we do not recognize: we know China and India, but we did not imagine they would change so quickly at this point," says the President of the MEDEF.

175 stakeholders from 27 nationalities will be present during these three days.The opening session will be addressed by business leaders from North and South. Hari Bhartia, President of the Confederation of Indian Industry, John Chambers, CEO of Cisco, a giant high-tech American, Jacques Diouf, FAO Director General, Tom Donohue, president of the U.S. Chamber of Commerce and China's Yan Wan , founder of sina.com, China's first website information on the Internet, will interact with Laurence Parisot.A telepresence, an improved form of teleconferencing, will allow the Chinese to attend these debates.

Defending entrepreneurship

Ten cabinet members, including Christine Lagarde, Minister of Economy, Herve Morin, Minister of Defense, and Hervé Novelli, Secretary of State for SMEs and Crafts, as well as leaders of the CAC 40, which Frederick Oudéa , CEO of Societe Generale, and Christophe de Margerie, Total's CEO, will participate in these universities.

Medef will also defend the spirit of enterprise and new forms of entrepreneurship as a freelancer. The employers' organization wishes to put his back under the banner of "competitiveness more equitable.

She also wants to emphasize the key role of medium-sized companies employing between 250 and 5000 employees, SMEs and micro enterprises to resume growth.Laurence Parisot hope that the next G20 dealing with the matter of funding.

Opening in fall of 0.25% at 10,015 points, the Dow Jones continues on the downward slope. The 10,000 points are close, while Monday and Tuesday, the index has already fallen sharply.

On Wednesday, new orders for durable goods in the U.S. rose 0.3%, much lower than expected in July, and after two consecutive months of declines. A further blow, when an increase of 2.8% was expected, especially by public transport, with the Farnborough Airshow (47 billion dollars in one week).

Fears of a slowdown in economic activity grows with each new bad news in that order. Just yesterday, sales of existing homes fell more than 27%, which has shaken global stock markets.And U.S. growth should be revised down sharply on Friday.

The technology followed

As for values, technology, which derive from several days down the coast, remain controlled. Especially since they are also often at the heart of big mergers and acquisitions.

The investors thus have an eye on Cisco (-0.9% to 20.93 dollars) and Dell (0.73% to 11.67 dollars), penalized by expectations of raising its bid for 3PAR (-1 , 07% to $ 26.75).The maker of data storage systems has announced on Tuesday he gave three days at computer maker Dell to revise upwards its bid after bid "probably higher" Hewlett-Packard ( HP, 0.37% to 38.53 dollars).

The saga of the hostile takeover of mining giant BHP Billiton (-1.12% to 64.69 dollars) – which today presents its annual results, with net profit more than doubled in 2009/10 to 12.72 billion dollars – the king of fertilizers Potash (-1.42% to 146.99 dollars), seeking a white knight, bounces. The U.S. stock regulator, the SEC said on Tuesday the freezing of financial assets of two Spanish, one part of Banco Santander, on accusations of insider trading in the attempted takeover of Canadian fertilizer producer Potash mining group BHP Billiton.

On the occasion of the presentation of its accounts, however, BHP Billiton is used to calm speculation the event of any significant raising its hostile bid of 39 billion dollars (30 billion euros) Potash fertilizer leading manufacturer in the world, despite the magnitude of his war chest.

The U.S. computer giant Apple (-0.15% to 238.58 dollars) is close to a deal with Disney media groups (-0.5% to U.S. $ 31.98) and News Corp., parent of chains Television, Fox to offer their series to rent on iTunes, said Tuesday the New York Times.

Campbell, world number one soup, advances in its acquisition of Britain's United Biscuits, and more specifically, its branch Biscuits, which represents three-quarters of its business.

The French insurer Groupama has released disappointing interim results. Its net profit reached 127 million euros, down 23.6% YoY. The group accuses the shock of the storm Xynthia and high volatility on financial markets.

Its combined ratio of activities damage (sum of management fees and cost of claims in the total premium income) deteriorated to 104.5%: insurance costs thus exceed the premiums. This poor performance is explained by the ravages of storms, but also by the increase in automobile accidents.

Groupama maintains its ambition to achieve by 2012 an operating profit of 700 million euros. In the first half of 2010, this result was limited to a modest 179 million euros."Programs to improve the operational performance will continue during the second semester," pleaded John Azema, CEO of the mutual group.

Groupama has been preparing since early 2006 to go public. The operation would be launched following a major acquisition. Acquisition, still awaited. The time of the introduction has not yet come, but the operation remains in the long-term strategy of the mutual insurer, however, provides the CFO Christian Collin.

"A fragile recovery is underway in France," J. International Monetary Fund in a report released Friday. The international institution chaired by Dominique Strauss-Kahn expects a growth of 1.6% in 2011 and 1.8% in 2012 no credit check payday loans. This is well below the government forecast of 2.5% from 2010 to 2013. The IMF had already lowered its forecast for early July 2010 to 1.4%.

Crucial day on Tuesday for French nuclear. By late morning, the President convened the Council of nuclear policy, simply responsible for developing strategic thrusts of the French sector, based on the recommendations of the report Roussely.

The latter, watched impatiently for several weeks, has finally been published. Or more precisely, a synthesis of some twenty pages, available from Tuesday evening at the site of the Elysee. Originally, the former President of EDF had been instructed by Nicolas Sarkozy to consider the optimization of a sector hurt by the failure of the bidding in Abu Dhabi on the creation four stations of the future.

But more than this summary and fifteen major recommendations, the Council communiqué nuclear policy, also disclosed this Tuesday evening, which proved enlightening.He devotes just the rule of EDF on the sector. Admittedly, this rule was expected, but not necessarily rooted with such intensity.

Not only a strategic partnership agreement between EDF and Areva covering the whole of their common business will be established, but the scenario of a capital input of EDF, Areva will be studied.

So far, Areva group present on the cycle (uranium mining to reprocessing spent fuel) was working on the principle of a capital increase, but a scenario involving a stake EDF No. had never been formally considered.Conversely, in its report published in summer 2009, Jean-Cyril Spinetta, the current chairman of the supervisory board of Areva, had reversed this possibility, considering that it was inappropriate for a client of Areva entered the capital quick pay day loan.

GDF Suez absent

Meanwhile, the Council of nuclear policy has confirmed that the increased initial capital of Areva, to the tune of 15%, would be implemented before the end of the year.If EDF was to enter the capital of Areva, it would be in addition to the 15% threshold.

Meanwhile, the two companies, which face regularly on many issues, are invited to work much more efficiently.

In addition to these developments planned capital, the other major teaching issued by the Council of nuclear policy, largely supported by the report Roussely, based on the total absence of GDF Suez in this folder. However, the group led by Gerard Mestrallet have long aspired to become a nuclear operator of reference in France. It has not been heard, far from it. This should not preclude that GDF Suez may work, as EDF, on the development of a medium-power reactor. Provided that if the Council insists on nuclear policy the considerable potential of the EPR, it also stresses that the range of French reactors should be extended."To better meet the diverse needs of the customer."

In this regard, the report Roussely pin delays of the two EPR sites, one in Finland and one in the Channel.

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The sun should be looking good these next few days on the coast of the Vendee and Charente-Maritime. In this time of summer vacation, the sea should also be delicious. Nothing like with the weather of February 28 last, when the storm Xynthia that swept the country sowed chaos in this part of the Atlantic coast. In the only common Vendée La Faute-sur-Mer and The Sting-sur-Mer, the most affected by the storm, 29 people died. Nearly five months after tragedy, these two villages devastated recovering gradually. But in this popular tourist region during the summer, Xynthia has left marks that plagued the start of the season.

If the Office of Tourism Osten-sur-Mer laments a decline in attendance of about 10%, traders stand more negative findings."The customer is down 30% to 40%," says Pascale Soussi Restaurant La Terrasse in Sin-sur-Mer. "And it was discussed among traders: It's the same for everyone. At the restaurant La Marina, sixty meals are served daily on the usual hundreds. At the Hotel du Port, Osten-sur-Mer, Sophie Ramon prepare a statement even less favorable in the hotel which was flooded by 82 inches of water in late February and closed more than a month, attendance was halved.

Three campgrounds closed

In case the destruction of several campsites and many second homes have contributed to empty the streets of the town. A La Faute-sur-Mer, the municipal camp was finally closed and that the Blue Waves should not reopen until April 2011.As for camping Municipal The Sting-sur-Mer, it is only half available: caravans and tents can again take up residence in the "upper" since July 1. But the other part, where you could rent mobile homes, chalets and caravans, remains closed for repairs. It represents, in itself, a hundred beds and less.

Overall, La Faute-sur-Mer, about 8000 tourists were least expected, on the 35,000 usually greeted each summer. Added to an unfavorable economic situation by traders, these accommodations are destroyed a significant shortfall.

Ile de Re also shows a small decrease

A few dozen kilometers south of La Faute-sur-Mer on the Ile de Ré, the damage from the storm were less important. "The island is absolutely destroyed!", Recalled the manager of a hotel restaurant.A campsite for a works council remains closed this season and the hotel Odalys does not welcome new visitors that from 31 July.

Le Relais Thalasso, also closed after the storm has finally reopened its doors on July 4. Four months of work have been necessary for the institution to recover from the flooding that devastated forty rooms. "Today, activity resumed normally," said facility director Didier Gireau. Our forecast for the month of August are in the standard, or even good. We have made efforts to forget the flood and that the center image is not tarnished. "

But many merchants and restaurateurs of the Ile de Ré deplore this was a small decline in attendance. Some highlight the consequences of the storm, others are pointing the finger particularly the unfavorable economic environment."The economic situation is worrying," says director of Ile de Re Tourism, Catherine Senand, refusing to incrimer the storm that left "little effects" on the island. She admits that the season has "started slowly, but expects a better August.

A "moderate" impact on departments

For François Riou, assistant executive Tourist Board of the Vendee, the impact of Xynthia remains "very moderate". Only 2% of the Vendee coast has been destroyed by the storm, "a tiny fringe" which does not affect his view, the department's tourism season. Faced with a peak at half this year, local tourism professionals will therefore want reassurances on their prospects."Only two campsites are closed on the 400 account the Vendee," he recalls.

Even finding across the neighboring department: "After the storm, only 3% of the infrastructure of Charente-Maritime have been affected," said Stephane Villain, president of the Tourism Committee of the department. "The summer looks very good," he says. "The reservation rate is substantially identical to that of 2009 which was a very good year." And we promise to visitors that the hospitality will be at appointment: "People have worked hard to accommodate visitors in very good conditions," says Stephane Villain. They may be even better than usual ".

The image of the region involved

The image of the Atlantic is at stake, as evidenced by the television campaign to promote tourism in the Vendee.Circulated in early June, the commercials were intended to "remind the values of hospitality and tourism" of the department, according to François Riou.

The regions affected by Xynthia therefore trying now to convince visitors that they are again ready to welcome them, with their usual charm and tranquility.

End of suspense. The British oil giant has reached an agreement on Tuesday with U.S. rival Apache to sell him for $ 7 billion in assets. In a statement, it said that this sale is "all production activities of oil and gas, land and infrastructure BP" in West Texas and New Mexico, and in the desert west of Egypt. In Canada, it sells its BP exploration and production of natural gas in western Alberta and British Columbia. A total of 385 million barrels of oil equivalent.

These assets accounted for in the first half total daily production of 28,000 barrels per day of liquid hydrocarbon and more than 9 million cubic meters of gas.

Moreover, a spokesman announced Tuesday that the oil company would lay off some activities within Pakistan and Vietnam.These activities mainly concern the production of natural gas. If the amount is secret, BP said that the fields had produced Pakistan last year only 4.89 million cubic meters of gas in the country, a mere 2% of its total gas production. Activities include two Vietnamese gas fields, pipelines and an electricity generation plant.

These operations are part of the creation of a fund of 20 billion dollars to reimburse the victims of the spill. BP's objective is to sell 10 billion dollars in assets.The British group said Monday that it had already disbursed $ 3.95 billion so far in miscellaneous expenses, including compensation already paid free credit report.

David Cameron "understands the anger"

The "case" BP is in any case more than ever become a political issue, potential source of diplomatic tensions between the United States and Great Britain.Following a head to head with President Barack Obama on Tuesday, British Prime Minister, David Cameron, tried to calm things down, saying that included "completely anger that exists across the U.S. "against BP and it was necessary for him" BP mouth leak, clean the area and pays just compensation. "

"BP is a major undertaking for both the British economy and for the U.S. economy thousands of jobs depend on BP on both sides of the Atlantic. So in the interest of both countries that the group remains strong and stable future, "said David Cameron.

In a study received Tuesday, ratings agency Moody's estimates that if the spill had to stop short term, it would get at least 1.2 billion dollars in lost business and loss of 17,000 jobs in the region Gulf by the end of the year."Under a more pessimistic scenario in which the oil spill would continue until December, and the moratorium decided by Obama on drilling in deep waters until the end of the year, 7.4 billion dollars of activity would be lost and more than 100,000 jobs, "concludes the study.

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The CAC 40 is left substantially in the red half an hour after the opening of Wall Street. After opening on a note hesitant index in Paris gained 0.77% to 3609.53 points. but the announcement of disappointing results that are mixed and macroeconomic statistics have undermined the morale of the few investors present that day in the markets. At 16 hours, ACC drops 2.5% to less than 3,500 points.

On the foreign exchange market, the euro is strengthening its progress against the dollar. Fears about the economic recovery in the U.S., more and more vivid, weigh on the dollar.At mid-session, the euro was worth 1.2971 dollars against 1.2941 dollars the previous day.

On the macroeconomic front, consumer prices in the U.S. declined for the third consecutive month in June because of falling energy prices, official figures released Friday showing that inflation remains contained in a context of stagnating domestic demand. The index of consumer prices adjusted for seasonal variations show a decrease of 0.1%. Economists and analysts polled by Reuters had expected a price stability after a decline of 0.2% in May

The morale of U.S. households has deteriorated in July fell to its lowest level in 11 months because of fears about the economy, according to preliminary results from the monthly survey Thomson Reuters-University of Michigan.The index of consumer sentiment stood at 66.5 against 76 in June and 74.5 expected by economists to Reuters. The index measuring consumers' judgments on the current economic situation has emerged to 75.5, its lowest level since November 2009, against 84 expected and 85.6 last month.

The banking and automobiles in the spotlight

After the adoption Thursday of the reform on Wall Street and encouraging results from JP Morgan, the bank is well oriented on Friday: Societe Generale rose 0.49% to 38.02 euros and Credit Agricole was up 0.58 % to 9.34 dollars and BNP Paribas gained 0.62% to 49 euros.

The car values also outperform the CAC 40.They benefit from the announcement of Renault, with its Japanese partner Nissan will invest 300 million euros in the construction of a plant of Russian automaker Avtovaz order to produce together a small car from 2012, reported the Nikkei business daily. The Renault share gains 1.80% to 35.06 euros, bringing in its train rival Peugeot, which climbs as 2.26% to 24.24 euros payday loan lenders.

On a visit to Tokyo, Prime Minister Francois Fillon said France was "open" to the entry of Japanese conglomerate Mitsubishi Heavy Industries in the capital of the nuclear group Areva (-1.67% to 335.15 euros) .

Carrefour (-0.16% to 35.28 euros) published a quarterly revenue slightly exceeded expectations thanks to its positions in emerging countries and announced the signing of a new partnership in China.Over the period April to June, the group saw its turnover totaling 24.92 billion euros, up 6.3% over one year.

Seb (-0.10% to 58.5 euros) has announced an increase in sales in the first half due mainly to a favorable currency impact and good dynamic emerging countries. Its turnover grew by 13.1% at current exchange rates and 9.4% at constant exchange rates.

Lafarge (+0.33% at 41.31 euros) concluded Friday the sale of 11.2% of its business in Malaysia for a net total of 141 million euros in the divestment program initiated by the World number one cement.Following this, the group will remain the principal shareholder of LMCB with a 51% and will retain management of the business.

Axa to discuss its Asian subsidiary

Axa Asia Pacific (AAP) and its parent, Axa (1.35% to 13.55 euros), and National Australia Bank (NAB) to discuss extending the period of exclusive negotiations between the two parties. NAB hopes to acquire 100% of PAA and has proposed that $ 11.5 billion (9.13 billion euros).The Australian Competition Authority has so far opposed the transaction.

Pierre & Vacances (-3.45% to 53.7 euros) has warned that tourist bookings for the fourth quarter was marked by delay on the month of July, in the context of crisis, after essentially flat sales in the third quarter .

Stallergenes (3.83% to 57.10 euros) Thursday revised its annual targets upwards, after posting a 14% increase in turnover in the second quarter, owing mainly to increasing sales of its blockbuster drug the Oralair. Specializing in the treatment of allergies, has achieved a turnover of 47.3 million euros in the quarter and $ 110.6 million over the period (13%).

One publication of turnover is expected this Friday: Etam Development.

The CAC 40 may play yoyo Monday. After booting up from 0.43% to 3362 points, the key index in Paris fell back into the red within an hour after the start of the session: -0.19% at 3342 points

Elsewhere in Europe, even the Footsie in London returns to equilibrium (-0.05% to 4835 points) after starting the day up 0.45%. The German Dax, which climbed 0.34% at the opening, back up 0.08% at 5839 points.

The caution at the beginning of the week, as in Asia. On Friday, the CAC 40 finished on a small increase of 0.25% after a volatile trading. All investors anxiously awaiting the monthly figures for U.S. employment, which were more troubling than expected 125,000 jobs lost in June but 83,000 in private creations against 33,000 in May, and unemployment fell to 9.5%.The U.S. markets have fallen back slightly after the announcement, but their European counterparts have remained on the upside.

The CAC 40 lost 5%, however the last five days. Investors can not follow Wall Street Monday as the U.S. stock market is closed after the national holiday. On the side indicators in France, the PMI services will be published. For the euro zone composite PMI index, and the sales details will also be announced.

The banking supervision

Dexia (0.61% to 2.81 euros) received the assumptions of Stress tests requested by the European Union on the eve of the weekend and is currently being examined, according to chief executive of French bank Belgian-Pierre Mariani.

BNP Paribas (0.70% to 44.51 euros) has sold its subsidiary of consumer credit BNP Paribas Personal Finance Belgium funds Apax Partners SA and Altamir Amboise. The sale is part of the commitments made by BNP Paribas to the European Commission following the acquisition of Fortis in Belgium in 2009.

Zodiac Aerospace (+0.48% at 37.67 euros) has agreed to buy German Sell.It is the third acquisition transaction in two months for the group led by Olivier Zarrouati.

Carrefour (1.23% to 32.53 euros) will close unprofitable stores sixteen in Belgium at the end of the month as part of the restructuring of its assets in the country, while strengthening its partnership with Mestdagh. The group expects these closures savings of about 25 million euros per year.

Air France KLM (0.64% at 9.66 euros) will face a new competitor on the field connections to Africa. The Airline Oxygen Africa should get the green light for launch in the coming weeks.

France Telecom (0.28% to 14.24 euros) must submit to the press, about 11 o'clock this morning, its strategic plan for the next five years.He wants to have more than 300 million customers worldwide by 2015 against about 200 million today, "said Stéphane Richard, CEO of telecoms group, in an interview published in Le Parisien on Monday.

Total (0.01% to 36.19 euros) does not study the acquisition of BP, but would be willing to consider the acquisition of certain assets if they were on sale, said Friday the CEO Christophe de Margerie.

PSA Peugeot Citroen (0.84% to 21.05 euros) announced it acquired for an amount of 244,925,000 euros, part of the bond issued in 2001 and maturing in September 2011. The takeover was launched June 21, 2010 simultaneously launching the bond issue of 500 million euros due five years.

The words of François Fillon is rare. Very calculated. No frills. A fortiori, when the prime minister decides to hold a press conference at Matignon. The first three years. This means if the head of government who just beat the longevity record of Jean-Pierre Raffarin chose solemnize a media intervention to seventy minutes.

Following the success of union mobilization against the proposed pension reform, Francois Fillon has stepped into the breach. Only behind his desk, the man of the previous pension reform in 2003, has no trouble capturing the subject. For ten minutes he hammered a message: the government will not budge on key pension reform. Especially not the raising to 62 the legal age of retirement."There can be no question of going back to what is the foundation of reform," he warned while leaving open the possibility of adjustments in other components of the project. "With the President of the Republic, we do our duty," he said, denouncing the balance of Martine Aubry, who has never "nothing" done to reform pensions. The number two PS Harlem Désir immediately blasted an "end of inadmissibility to the French" and a "strategy of contempt.

Closes on pensions, Francois Fillon has become frankly martial when he addressed the issue of recovery of public accounts. In the absence of Nicolas Sarkozy went to Toronto for the G20 summit and before the announcement next week of budgetary decisions, the Prime Minister gave the tempo.If the word is always strictly taboo in his mouth, he has taken a further notch by preparing the French to "extra efforts".

From the beginning of the week the Minister of Economy Christine Lagarde and Secretary General of the Elysee, Claude Gueant, have succeeded in the media to prepare minds for a new round of screws. Donning the costume of Raymond Barre Matignon in 1976 presenting his first austerity plan, Francois Fillon hammered. Drawing on the same register as his distant predecessor, it took time, "Do not expect me to be a weakness guilty.It is time to break the spiral of debt. "

Challenging the word rigor, Fillon has warned that there would be bad news: "If growth were to be slightly less buoyant than expected, we should not shrink from the need for additional efforts." For the first Minister (as Christine Lagarde) appears to be no illusions about the growth forecasts. Proof? He has already planned, "according to the situation," amplify the movement of the plane on the tax loopholes 5-8500000000 to offset the shortfall.

Christian Blanc must repay

This will be blood and tears. Francois Fillon, who was signed in 2006 a book entitled France can bear the truth, was not afraid to break the taboo Friday Sarkozyist of higher taxes: "We intend to eliminate or reduce many tax loopholes and social.So these are tax increases. "This time, it said.

Incidentally, the Prime Minister took the opportunity to prepare his ministers to painful measures. Severus, he recognized the "shortcomings and failures" without mentioning explicitly the cases involving members of his government (Christian Estrosi, Alain Joyandet, Rama Yade, Fadela Amara and especially Christian White). He admitted that there was "still room for improvement" to the ministers to show "exemplary".Francois Fillon, who has asked his Secretary of State Christian Blanc to repay their bill of 12,000 euros cigars, will announce "in the coming days," a "hardening" of the rules relating to accommodation, travel and lifestyle of Ministers.

Anyone who continues to dream of the "perfect lens" of a government limited to fifteen ministers expected already to be ruthless about limiting the number of ministerial advisors. A good way to rhyme "exemplary" and reducing government spending.

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