Benoît Potier. – It's an interesting semester. It marks both a recovery in volumes directly linked to the global economy and an upturn in industrial projects. The industry again expressed his interest in the preparation of the future.

We found the pre-crisis levels in virtually all market segments. Only construction accuses six to twelve months behind schedule. Offset restart cycles. Overall, growth in volumes that logically resulted in 10% of our turnover, which grows in all businesses and geographies. However, Air Liquide is one of the industries that were more resistant, with a decline of only 5% in 2009. Moreover, our turnover is 4% higher than the first half of 2008.In this period of euphoria that some groups show up to 30% growth, it is important to see what is the basis for comparison. Our results were up 12% over the same period in 2008.

You can find levels of profitability higher than pre-crisis. Your business has changed significantly in two years?

There is a real disconnect between emerging and mature economies. Our sales increased by 6% in mature economies and 30% in emerging which represent 20% "only" the activity of the group, or two thirds of our growth. In twelve months, the distribution of our investments has changed structurally. It went from 50/50 between emerging and mature to 80/20.However, be careful not to bury the mature markets, growth of 6% is good, there are many industries that satisfied with them.

But to give you an example, our sales in China in the first half of 2010 rose 65% and they had also increased last year. China is catching up with the level of industrialized countries in streamlining its industry. There is no excess production capacity. Typically, we have seen closure of four sites steelmakers, grouped into a larger one. The latter now invests in technology and modern capabilities. All the industrial world benefit.

Chemistry, property and equipment, how do you explain that the whole industry registered a sharp improvement in its growth and profitability?

The crisis has hit so hard that companies do not have any choice.They had to rest fundamental questions about their structures, their capacity, so their exposure to market, their management parameters. I think all industries are now much stronger than before the crisis. Faced with problems of liquidity and access to financing, companies have strengthened their balance sheets. Their debts are either stable – for those who invest and continue to grow, it is the case of Air Liquide – is declining.

What do you recommend to stop the loss of competitiveness of French industry?

It is a vast subject. The ideal solutions for the industry have not yet been found in Europe and in different countries. Whether as a planned or coordinated, it seems that Europe has not sufficiently defined what strategies or industrial sectors in which it wants to occupy a leadership position.It means rather the leaders speak on a national solution, which is logical, but we do not have European body for industrial communication, unlike the U.S., China and Japan which are three countries integrated and better than us in the definition of industrial strategy. We are losing a major card: The strength in unity. In addition it must maintain a production base in Europe, since that's where ideas materialize. Without production, we have more innovation, but only for research.

European standards they penalize the industry?

Europe does not want to be a hindrance, but it seems to suffer from the narrowness of the missions that have been determined in different organs. The European Central Bank is there to control inflation while the Fed has a wider role.The European Commission organizes the market, ensures fluidity but has no mandate to make Europe competitive beyond its borders. It does not take sufficient account of the external markets. The European institutions can improve.

What makes you confident for the end of the year and may be beyond?

The resumption of growth projects. Signing of contracts shows that the client is ready to commit and so are we. Every time we sign a contract, we bring a stone to the growth of 2012-2013, or even 2015.

You do not fear a relapse of the economy?

The answer is clear: no. We have seen nothing that points in the first half as a direct risk. Since the crisis, we follow the weekly volume of gas consumed by our customers.In case of "double deep", it would stop producing customers, making maintenance. This is not the case. The situation is normal. It must occur because the world consumes. We are almost out of the zone of turbulence to go toward growth, even if the signal "attached belt" remains lit.

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If Washington does not 300,000 as teachers, firefighters and police officers are threatened by new cuts, from California to upstate New York. Some 84,000 civil service jobs have already been eliminated by U.S. states since the beginning of the crisis. "People are suffering. We want the economy continues to grow faster. We want to see an acceleration of job creation, "said David Axelrod, an adviser to Obama.The latter supports the project being developed in the Senate that provides $ 23 billion for the salaries of state officials, in addition to 25 billion dollars to cover the expenses of state health and benefits the poor.

Tax increases and deficit

Other provisions are included in the package the Senate. It is an extension of benefits for long-term unemployed, as well as various tax breaks to municipalities and the research budgets of companies. A portion of these expenses is expected to be financed by tax increases. One concerns some investors in private equity and venture capital funds. But the amount released from the controversial tax planning is estimated at 19 billion dollars cheap pay day loans.The other would affect the oil companies, companies whose popularity is at its lowest because of the oil spill in the Gulf of Mexico. Each barrel sample of their offshore platforms is awarded a fee of 41 cents against 8 cents so far.

The use of these funds to increase deficit has attracted serious opposition from Republicans and a growing reluctance on the part of Democrats. The latter, in view of the November parliamentary, are sensitive to anger more and more voters to soaring public debt since the accession of Barack Obama in the White House. "We are tired of spending increases" summarizes Steny Hoyer, leader of the Democratic majority in the House of Representatives.The recent primary elections have shown that conservative fringe of the electorate is mobilized for candidates of a new profile, hostile to public spending.

Republicans, concerned about the danger of massive job losses of teachers and firefighters, insisting that the exceptional aid to states financed by spending cuts in other budget items.

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The law finally approved American finance

At this conference, Steve Jobs should focus on news and updates available for this new iPhone.But then again, few surprises in the program: the company had already submitted the software that will be applied to the iPhone 4 as she presented the platform iad, allowing Apple to develop the market for advertising applications.

According to analysts, a real surprise could come from the announcement of an extension of the exclusive sales of the iPhone to Verizon. So far, only AT & T can sell the unit on the U.S. market. But again, the mere announcement of talks with Verizon would not be a revelation: more rumors, sometimes belied by the operator to move the subject on the canvas for several weeks.

The product's most profitable brand

Although there is hardly any surprise about the iPhone 4, Apple knows that this presentation could take effect with the customer.The iPhone remains an undeniable success for the brand and the popularity continues unabated since its launch in 2007. In the first quarter, Apple said it had passed 8.7 million iPhones, representing a sales growth of 131% over a year.

The turnover of the phone is 5.4 billion dollars against 3.76 billion to $ 1.3 billion for Mac and iPod. The widening gap so quickly that observers now expects a gross margin of between 50% and 60% for iPhone cons 20-30% for Mac. In other words, the iPhone product line will be more profitable for Apple.

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"The federal investigators are conducting a criminal investigation to determine whether Goldman Sachs and its employees have engaged in securities fraud in connection with the brokering of mortgage products," wrote the Wall Street Journal quoted sources familiar with the matter.The investigation by a federal prosecutor in Manhattan is in the preliminary stage and would have begun as a result of a dossier submitted by Constable American Stock Exchange (SEC), the newspaper said.

The SEC has launched a lawsuit against the investment bank and one of its employees, French Fabrice Tourre, accusing them of deceiving customers by selling them financial products backed by the market very risky U.S. home which collapsed in 2007.

Many criminal investigations are launched without the government fails to file a complaint, and in this case, investigators have not yet decided whether they would do it or not, the sources said daily online cash advance.

A spokesman for Goldman Sachs told AFP reacted to news by stating that "given the attention given recently to the company, we are not surprised to articles about an investigation and we will work fully to all inquiries.

Amicable settlement with the SEC

The New York Post said on its side on its website Thursday that the bank could "soon" to end amicably prosecution of the SEC. Goldman Sachs could soon reach agreement with the SEC, choosing to end the standoff rather than endure the public embarrassment still suffered Tuesday in Washington, "writes the New York Post, referring to the hearing group before a U.S. Senate Commission that lasted nearly 11 hours Tuesday."It is almost certain that there will be an amicable agreement," the newspaper said, citing sources familiar with the matter.

A source close to the deal reached by AFP noted that "the SEC has so far not given the opportunity to Goldman Sachs to find an amicable agreement to bring prosecution purposes.

Sign of the times, promotion breaks the hut. The "promotional pressure, which measures consumer exposure prospectuses and offers on products, has never been higher. In ten years, the number of items sold in promotion almost doubled and the number of coupons has increased tenfold.On Google, "coupons" is one of the most frequent requests …

Steadily increasing the share of the turnover of retailers sold discounted up to 18%, according to IRI, a specialist market research. "The proof that the French are susceptible, and that the signs are not about to stop," says Yves Marin, founder of consulting firm Dashkoma. "The removal of a wave of prospectus may bring down the sales of a hypermarket 30%!" Says Alain Guinberteau, president of A3 Distrib, a company specializing in freelance prospectus.

The signs have no choice. Carrefour is participating with "Promo free" an escalation that led to the formation of a real bubble promotion.Under the Galland law, between 1997 and 2008, all food retailers have stepped up promotions to circumvent the prohibition of resale at a loss and restore purchasing power to clients. Result: a flood of offers increasingly sophisticated to become incomprehensible. "The bric-a-brac has created among consumers questioning the right price," said Elizabeth Exertier, Associate Director of Channel Marketing, another company of freelance.

"Offers free" cons "Guarantee promo"

For Carrefour, "Promo free" must mark a break and serve as a new "marker" for its price image, abused for several years on line pay day loans.Deployed on a large scale in its hypermarkets, but also in its supermarkets Carrefour Market stores and Carrefour and Carrefour City Contact, "Promo free" is also presented as a response to Leclerc, leading hypermarkets in France. The company is currently testing Brittany in 127 of its stores a new concept, "Guaranteed Coupon" which sifts through all the prospectuses of competitors in the areas concerned. Leclerc guarantees its customers a refund of the price differences between its products in-stock items and those coupon competitors. He will decide by summer whether it applies in all its stores.

"It's very clever, because Leclerc accredits the idea that promotional offers competing offer no interest," said Elizabeth Exertier. The system would also make savings on the prospectus. But Carrefour's response is also clever.The "Coupon free" outside the control that seeks to impose Leclerc "Warranty promo" because products sold on promotion are known at the time of checkout.

Vis-?-vis customers, distributors seek mainly to get easier. It is the stated objective of all signs and one of the reasons that also explain the rise of virtual prizes in recent years. Simply purchase several products to qualify for automatic discounts at the checkout.

The law of modernization of the economy has changed that. The arrival in 2000 of Long ticket, whose principle is to credit cards, customer loyalty when they checkout, is a page that retailers want to turn. The idea now is to ensure low prices permanent.Long hopes that his "promo Guarantee" has the same effect as "Ticket" it will have a concrete price image.

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According to the rapporteur of the budget Gilles Carrez UMP and MP Michel Piron, the current tax credit has its limits. This is a tax credit of 40% interest the first year and 20% four years following the acquisition of a principal residence. All in the limit of 7,500 euros for couples, plus 500 euros for each additional dependent.But this aid, which is paid only one year of purchase, would not have to drive up the share of first-time buyers in the total number of buyers at 70%, as desired by the government.

Worse for him, this assistance will be transformed into a niche tax for 376,000 households have benefited. The bill for the Government in 2009 amounted to 1.05 billion euros.

A reform modeled on the loan at zero

To fight against this windfall and increase the number of low income among the owners, the government should establish a direct support that would be paid at time of purchase. Directly integrated with the personal contribution, the latter would get loans more easily.

As the zero-interest loan, this assistance is not calculated as a percentage of interest paid but would be flat.It depends therefore tested household and would be combined with a zero interest loan. Small households are thus favored. The amount of aid will also be calculated according to the area of purchase.

The banks are not forgotten by this new device because they receive a tax credit on the companies. The state will also reimburse the loan interest on a shorter period than households.

The government hopes the bill contain the device to its projected level in 2010, 1.5 billion euros. The measure should be passed through the Finance Act 2011 and implemented starting next year.

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The Bill seeks end to "ensure responsible distribution of credit, creating additional obligations for industry (specialized institutions, supermarkets).As it stands, the full account and delete the "black spots" of revolving credit (also called renewable) often lead to debt for the most vulnerable households. The revolving loan indefinitely should no longer be allowed, Lagarde law limiting the repayment term (3 years for a credit less than EUR 5 000). Likewise, financial institutions will be forced to offer not just a revolving credit (average 16%) on sales premises. They will also make an alternative offer of personal loans (average rate of 7%). The ads "aggressive" will also disappear. New posters should be explicit and clearly mention the term credit. Exit therefore, the promises of "air cushion".The appropriation in which the consumer "in without the knowledge" in connection with the purchase of a loyalty card, and the "credit blind", without checking the creditworthiness of the customer will also be banned unsecured personal loans! ???!!!???!!!. The law also aims "to better help people with debt problems," Christine Lagarde said on Wednesday that will make new proposals to strengthen the fight against indebtedness.

The positive file divided

"In the future the consumer will certainly be better protected. But financial institutions will still be able to sell massive amounts of revolving credit, sorry Nicole Perez, National Director of the UFC-Que Choisir.For its part, the Afub said that "beyond these measures, it is certainly essential to note their failure to control a sustainable revolving loan and to fight against the danger of debt."

Overall, consumer groups have asked that the text should go further by imposing such a complete separation between loyalty cards and credit cards. The bill also proposed withdrawal of parliamentarians of all stripes, many calls for reform of the rate of wear (maximum interest rate close to 20%) and the creation of a positive file listing all loans to individuals. This latter issue has divided many years, consumer groups, credit institutions and politicians. Tuesday Cresus the Association Agreement and the bank have also called for the creation of a national credit.

In the Assembly, the passionate debates ahead. More than a hundred amendments have been tabled.

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Since late December, the two groups, which have the state as shareholder ultramajoritaire, to blame for the failure of the bidding in Abu Dhabi. And in January, has expanded their quarrel: Areva has just suspended the transportation of spent fuel – from EDF's power – to its reprocessing plant at La Hague. In the entourage of Francois Fillon, it stresses that both companies are forced to work together.The prime minister wants to put an end to these incessant disputes and public.

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For companies with more than 300 employees, however, including "more than 1,000 agreements have already been adopted," the law will apply."Businesses must take this opportunity to end a tremendous waste of skills and social innovation by offering training, mentoring, part-time" said the minister.

France deplores, with 38% of senior operating, one of the worst rates in the European area. Called to order by Brussels after the relative failure of a first inter-national agreement in 2005, the government now hopes "to achieve the fastest possible EU target 'of 50% of 55-64 years at work. Left to threaten with a stick especially feared in times of crisis.

The France is not there … Its debt will reach next year "only" 84% of GDP – a level already history. And since 2013 it has exceeded 90%. UMP Senator Jean-Pierre Fourcade, a member of the Finance Committee of the Senate, said Wednesday that France was now living in "perpetual debt"."The debt spiral is fueled by the fact that not only must pay the debt charges but that revenue for the year does not cover expenses," said Senator of Hauts-de-Seine. The debt burden is estimated for 2010 at 42.5 billion euros. His payment could become the first budget item in 2012.

In a report presented on Wednesday, Jean-Pierre Fourcade said that the evolution of the debt burden is explained not only by the stock of debt increases. but also by the rate of inflation: in 2008, the deviation from the prediction which had been established by the Government had created an additional cost of 2.5 billion, while it had resulted in savings of 2.8 billion in 2009.And finally the interest rate: Agency France Tr?sor has calculated that an increase of 0.25% rate of the European Central Bank in 2010 compared to what is expected (short-term rates to 1.3% and long-term rates to 3.9%) would increase the debt burden of 600 million euros.

Conference on deficits

The quality of the signing of France – which currently enjoys the maximum rating, AAA by the rating agencies – now enables it to fund the best conditions. "But maintaining its advantage is conditional on fiscal consolidation in the medium term," reaffirms the Senate, which considers "necessary to send signals to that effect to our partners and market actors" from 2011.

This was started to the Head of State, in announcing the holding of a conference on public deficits, and the Prime Minister, setting back to 2014 to below 3% deficit "price adjustments very important."

Beginning 2010, France will send to Brussels – which now requires a more ambitious timetable than Fran?ois Fillon – its multi-year plan of public finance. "It is a moment when we must take action just brutal," said the entourage of the Minister of Economy Christine Lagarde.

In regard to debt management, the report stresses that the funding program introduced in the draft budget law (the France would borrow 112 billion in 2010) "is obsolete even before being voted, given the absence of evidence on the future national debt. "He took the opportunity to recall that it "would be much less costly if it were agreed on markets rather than individuals and if it was issued at once," before the rise in interest rates. Focusing on "financial contributions from the state," the senators can only note that enterprises are "affected by the crisis."

The report stresses that the market situation "does not consider major privatization deals in 2010. The capital increase of the Post Office should make an exception. "There were no resources allocated to debt reduction in 2009, prospects for 2010 unfortunately does not consider a start in this direction next year," the senators concluded.