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.

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.

D-Day for Marcello Convite the boss of the small company that wants tricolor Carmat conquer the world with its first total artificial heart biocompatible. This Tuesday, in fact, that the start-up takes its first steps on the Paris Stock Exchange, having packed the heart of investors. In difficult market conditions, the SME accompanied by Truffle Capital, its largest shareholder (30%) and EADS, has done better than expected, raising 14.5 million euros at a price of 18.50 euros per share enhancing from the outset the company 75 million. A great appreciation for its Director General who has taken brilliantly in the year, new to him, the financial road show.

This Italian 57 years, trained in computer technology and speaks five languages, has not missed any arguments to "sell" the young company and its innovative and promising.His prosthesis, implantable total artificial heart developed by Professor Carpentier of the Georges Pompidou Hospital, from 2013 should help save tens of thousands of cardiac patients. A challenge that fascinates Marcello Convite former IBM and Fiat, paid for thirty years in the life sciences. He held until last September to senior posts in the American International Edwards Lifesciences, who had just bought to Professor Carpentier's revolutionary concept of cardiac valves. For Dr. Philippe Pouletty, CEO of Truffle Capital, with the artificial heart (which will remain French …), Carmat has "all the ingredients to become a global technology company beautiful. "A great adventure of entrepreneurs, leading the veteran of the biotechnology industry has also brought public in April and companies Neovacs Deinove.

Carmat is, in fact, primarily a story of men.An R & D secrets first, initiated in EADS by Jean-Luc Lagardere and Professor Carpentier and developed for 15 years by a team of engineers led by former "Mr. International" of EADS, Jean-Claude Cadudal, president of Carmat.

Beside him, the engineer, former head of EADS big projects, and "very good teacher," Patrick Coulombier, also played a key role. It is today, with Marcello Convite DGA society. It was created in 2008 under the leadership of Philippe Pouletty because, after the release of préprototype, "he had to go to the next level." By convincing the engineers of the European giant switch in the start-up and live the adventure.

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As demonstrated by these matriochkas high 13 meters, which will adorn the entrance to Grand Palace, the visit of Vladimir Putin, started Thursday night in Paris, sacrifice largely Franco-Russian folklore. It was under the canopies of this symbolic place of French culture that the Prime Minister and his Russian counterpart, Francois Fillon, will open Friday morning a "Russian national exhibition. Previously, the strongman of the country will have breakfast at the Hotel Bristol with Jacques Chirac, then lunch with Nicolas Sarkozy. Fifteen Russian regions, including the turbulent Chechnya will be represented in Paris. A gathering of Russian masters, especially from the aerospace, automotive or pharmacy, will accompany Vladimir Putin.

France, the ninth largest trading partner of Russia

Unlike the two previous visits of Russian leaders in the capital – in November 2009 and March 2010 – no significant agreement should be concluded. In recent months, Moscow and Paris live on their laurels: the future participation of EDF and GDF-Suez in the pipeline South Stream and Nord Stream, the cooperation of the manufacturer Safran construction project of Sukhoi Superjet 100, the Alstom entry in the capital of the manufacturer of trains, Transmashholding. No room for complacency in the face of inroads by Russian companies in Italy and especially Germany.France is the sixth investor in Russia and the ninth largest trading partner countries.

Ads should be reserved for the visit of Nicolas Sarkozy Economic Forum in Saint Petersburg, June 19, in the presence of Dmitry Medvedev: Arianespace is about to purchase Russian rockets, and Martin Bouygues person would enter the Board Skolkovo, a project of Sophia-Antipolis in Russian, which arouses the skepticism of business.

Negotiations on the Mistral

The future of bilateral economic relations is first suspended negotiations started for the purchase by the Russian navy, a helicopter carrier Mistral. Russia, which is counting on France to help modernize its economy, relies on the expertise of the hexagon.

But Paris is reluctant to give Moscow a part of the military technology of this building.It would, however, a "good deal for the French manufacturer," says Vladimir Putin. "A helicopter-carrier as it cost around 300 million euros," added the Prime Minister who wants to buy a copy and duplicating the other three shipyards in the country. The Franco-Russian friendship has its limits.

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After failed negotiations with the British Prudential, the U.S. insurer American International Group (AIG) is considering other alternatives for its subsidiary Asian life insurance, AIA. Among them, the IPO. "We expect AIG to sell AIA is seeking through an IPO, which will take more time to finalize," warned the credit rating agency Standard & Poor's cited by the Tribune on Thursday. However, according to the Italian daily Corriere della Sera, citing "sources close" to Generali, the Italian insurer is interested in the activities of IAA in the Philippines and China. A spokesman for Generali questioned by AFP, said he was "very premature to talk about" a possible interest group for those assets.The group expects that "AIG waives the original hypothesis (ie the IPO, Ed)" to position themselves as the problem of prices "which has stopped all candidates" was resolved.

The boss of AIG would have been willing to accept the bid for Prudential

The solution of the IPO remains the preferred solution by AIG. According to most analysts, the rating of AIA could yield 15 billion euros. We are still far from the $ 35 billion U.S. insurer hoped to realize from its sale to Prudential, but it would be a way to wait the U.S. Treasury while giving itself the means of selling activities that will repay the 182 billion dollars spent by Washington to save the U.S. insurer.According to U.S. media, Robert Benmosche was ready to accept the offer from Prudential to 30.4 billion dollars, but the Board of Directors of AIG has opposed.

Check Stock Exchange, AIA could also become an attractive target for other insurers. An analyst of Credit Agricole, the subsidiary of AIG achieves better operating results than those of Prudential Asia (15% against 7%).

Once listed, AIA could recover activities of Prudential

According to the Times, AIA might even win market share if its subsidiary Prudential's Asian operations. The British newspaper even suggests the possibility of recovering AIA activities of Prudential of interest.And again according to the Times, Tidjane could finally keep his post of director general, despite criticism from its shareholders in particular.

Bankers value of AIG's Asian subsidiary of AIG's life insurance between 32 and 36 billion dollars. A range that corresponds to those of Goldman Sachs and Citigroup, respectively, between 32 and 34 billion and $ 34 and $ 36 billion.

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• Three explanations for the fall of the euro

Failure of growth. Treatments austerity that accompany the bailout of the countries of southern Europe are likely to weigh on growth prospects for the euro area, the lowest in the G20 in 2010 and 2011. The growth gap with the United States is widening. "The most marked signs of recovery in the U.S. favor the dollar. One can expect that the Federal Reserve increased rates before the European Central Bank, "said Clemente De Lucia, an economist at BNP Paribas.

Mistrust of state debts in southern Europe. Investors are getting rid of all debt of the euro area, primarily those of the South. They believe that risk still threatening debt restructuring Greek, and are wary of Spanish titles, Portuguese or Italian, considered less safe than before."In the whole euro area, debt maturities until 2013 are 2300 billion euros, three times the European stabilization plan," said Jean-Christophe Caffet, Natixis. "Previously, investors sold securities to buy Spanish or Portuguese to French or German debt. Today, they buy everything except the euro, "said the expert of Natixis. The markets took refuge on the dollar and gold.

Political doubts about the euro area. "There are doubts about the euro area as institution-building solidarity between Member States fiscal and monetary conservatism. It destabilizes markets that sell the euro, "said Gilles Moec, economist at Deutsche Bank. Purchases of debt by the ECB are freeloaders.

• The consequences of a devaluation

Boosting exports.The weaker euro restores mechanical competitiveness to European products. "A drop of 10% of the euro against other currencies, that is 2.5 points higher for exports, 0.5% more growth in the first year and 0.5% next year "said Jean-Christophe Caffet, Natixis. The effect should be stronger for Germany and Italy, whose volume of trade is more important outside the euro area as Spain or Portugal.

Rising oil prices. It's a risk, but it is content for now by the rising dollar. The oil exporting countries have no incentive to increase the price of a barrel in MECC, because they sell in dollars and buy in euros, an optimal configuration for them. Rising commodity prices depend on demand from emerging countries.

Resumption of inflation.The drop in euro adds the price of imported products, which can boost inflation in the long term. But in the short term, the euro area rather deflation risk, fueled by rising unemployment and austerity measures.

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LE FIGARO. – Activation Plan aid to Greece Will there be enough to reassure the markets?

BART VAN ARK. – Nothing is less certain. If using the rescue plan EU-IMF had become inevitable due to the rates imposed by markets, one plan will not help. It will take others. Because Greece can not simply put in order its public finances. She will have to undertake structural reforms, which, by definition, are long and painful. It must focus on its productivity, decreased significantly, and quickly find a way to create jobs.

Before release the money, should there be a new dose of austerity in Greece?

To have a chance to be swallowed, the pill should not be too bitter. If you cut too much spending, it will exacerbate the risk of recession.At the same time, Greece has to reassure the markets over the medium and long term, by engaging in a meaningful and specific reforms. It is not shocking to ask Greece for new safeguards.

The risk of contagion to other European countries there in recent days?

I do not think. Markets are well sorted. Portugal and Spain are in very different situations of Greece. Although Portugal has a similar financial problem and a serious deficit of structural reforms, the situation is less dramatic than that of Greece now payday loan. As for Spain, much larger economy, it began structural reforms, and its banking sector is stronger.

The cohesion of the euro area is at risk?

I do not think so.The eurozone saw, for sure, his first financial and economic crisis. But this is not the end of the Euro! This crisis, which I find exciting force, in contrast, Euroland more economic integration. Europe must urgently address this need for economic integration. There is no other way. The hypothesis of a breakdown of the euro area is not realistic to my eyes.

More integration, it means there a belt tightening for everybody?

In the short term it seems inevitable. Public deficits rise between 5% and 10% of GDP. They strike even the most virtuous countries such as Germany, which will perhaps five years to return to fiscal sanity. The euro area has become credible.In the medium term, more integration, it means more responsibility for each other in their economic policy.

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Hospitals, businesses, banks, universities, individuals … thousands of PC users have been victims of an error in Wednesday update their antivirus McAfee. The faulty update file analyzed a valid Windows XP Service Pack 3 (latest update from Microsoft) as a dangerous virus and placed under quarantine, preventing the normal functioning of the software. Consequently, the PC keeps restarting achieved, and entire networks remained off the time to repair.

The computer security company that provides pre-test all updates that address its customers, said the faulty update was passed quality control. The error was eventually detected only through the reassembled customers reporting the problem.McAfee quickly removed the update problem, thus limiting the number of infected computers by saving all the users who had not yet accepted the update of the antivirus. McAfee estimated that only 0.5% of its 125 million customers worldwide have been infected … Commonwealth Bank of Australia, Virgin Mobile, the University of Michigan, or the Upstate University Hospital … still represent enough people that stormed the homepage of the website of the company dedicated to discussions on technical issues becomes inaccessible.

A fix has been implemented on the McAfee website, accessible to all customers. It will replace the defective update with a new, valid one.The steady supply of company's blog by Barry McPherson, vice president in charge of technical assistance and customer service also allows the English-to have more information.

As for the affected computers, the intervention of an expert will probably be necessary. It must indeed get the Windows folder placed in quarantine on another computer to reintroduce the machine jammed. McAfee for now refuses to comment on possible compensation, while many bloggers are taking advantage of the error update to say all the good they think the system McAfee Twitter messages flooding the site murderers micro-blogging. Investors were not quick to show their discontent. Around noon on Thursday before the opening of Wall Street, as the accused McAfee already down more than 2%.

Geoffroy Roux de Bezieux is president of Virgin Mobile and vice president of UNEDIC.

LE FIGARO .- Do you sell Virgin Mobile Free when preparing his arrival in the mobile phone?

Geoffroy Roux de B?zieux .- I have no plans to sell as we are growing, we will invest 20 million in strengthening our systems for longer battery life, we derive the first profit in five years' investments with a positive operating result and more than 400 million turnover this year. There will probably be in the coming years a recomposition of capital. I hold 5% and I can go up to 13.5%. Virgin Mobile could also go public. This would enable our two shareholders (Virgin and Carphone Warehouse) to go out and bring a new industry partner.

There is talk of a forthcoming project "revolutionary" at Virgin Mobile.What is it?

It is too early to say but it is a major initiative around the dissemination of audiovisual content on mobile. With the development of mobile Internet, network saturation is the challenge of tomorrow. We must find a solution for segmenting purposes.

How would you assess the work of Laurence Parisot, who is seeking a second term as head of MEDEF?

There were good things: the relaxation of relations with the social partners or the creation of conventional breach. But the crisis has caused a resurgence of government intervention. I'm not sure he has to decide everything from industrial sectors of future business to save or let go.Please do not recreate the Commissariat au Plan! In this context, we can not just repeat "we want less government" or "Companies need air …" The speech "all-deregulation" is no longer convincing: the state has an essential role oversee the finance, competition, trade relations … But it remains poor manager and poor tactician. It bosses to offer a vision of the role of civil society and social partners, and demonstrate that we can be a power-cons. Laurence Parisot has not expressed this vision so far. Now is a crucial time for three years coequality only yield ground in the training, the 1% housing, employment center …

Do you fear, as the UIMM (metal), that management is "threatened with extinction in the public debate and action?

Disappearance, no, inward-looking, yes.The crisis, combined with our internal problems, has revived tensions: between small and large businesses, services and industry, banks and SMEs, elected and permanent … There is a danger that everyone is more concerned with his personal lobbying of the interest. We hear too of discordant voices. Our concern must be the unit of employers for bad credit payday loans. I remain convinced that what unites us is stronger than what divides us.

So you introduce yourself to the presidency of Medef?

I decided not to run. First President of the MEDEF requires 3 or 4 days per week, which would not leave me enough time for Virgin Mobile. On the other hand, I chose the unit of employers and a strong MEDEF. In recent weeks I have met many entrepreneurs.Some urged me to go, and many others want a debate on the issues of employers without publicly display our divisions. For some wounds have not healed. I do not want to add to current tensions already high. This reasoning applies to me as for any other candidate.

You spend your turn to try your luck in 2013?

It is too early to say whether I will be a candidate! The bosses can be learned and I have time. I'll stay here by a contractor hired through my assignments with the MEDEF, keeping my freedom of speech.

You are the vice-president of employment center. What is your assessment of fusion ANPE-Assedic?

The whole has not experienced a major failure, especially in the payment of compensation. Given the timing of forced marches and the crisis that no one had imagined, this is not so bad.But the merger has cost hundreds of millions and has not improved the service to job seekers and businesses, except that they no longer have to go in 2 separate locations.

How better?

The social partners should consider simplifying the compensation grids. This would help counselors to be more versatile and to focus on supporting the job search. It was also wrong to want to put job seekers in boxes according to their status (retrenched and entrepreneur …) rather than according to their distance from employment. Although they were both dismissed from Continental, the tire factory worker who for 30 years requires more monitoring than the young computer specialist who find a job alone, via the Internet. Finally, geographical mobility is very low, when we know that in some employment areas unemployment is 5% and others 14%.We can do much more on aid to move.

Unedic fund she measures for the unemployed at the end of rights?

We will make a gesture if the state is one. But a reasonable gesture: we have an accumulated deficit of nearly 10 billion euros at end 2010. We managed to borrow 4 billion in the fall to an exceptional rate of 2.23% but the situation has changed and we will not have the same conditions this summer when we will raise about 2 billion.

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How far interest rates will climb Greek? They have reached record levels on Wednesday, the highest since the entry of Greece into the euro zone in 2001. By mid-afternoon, the yield (rate) of the obligation Greek 10 years was 7.096%, 6.976% against the previous day. They even reached 7.176% to 12.30.

Yields move away so the Greek benchmark, the German Bund, the gap between the two is widening to 400 bps (4 points). At the same time, the cost of insuring the debt of Greece, which evolves according to the rate, found levels of February, 400 points mid-afternoon, according to Markit surveys.

The weakening euro

Leaded by the Greek distrust of debt, the euro fell as well. Around 13:30 it was trading at 1.3346 to the dollar, after falling to 1.3326 dollars one hour earlier.Reached a floor more since the announcement of a plan of European aid for Greece, on March 26 last.

The markets react since Tuesday in part to a report released that day lending to Greek leaders intend to negotiate the terms of any financial assistance from the EU and IMF. Despite an immediate denial from the authorities of countries, markets have overreacted to information.

IMF teams arrived Wednesday morning in Athens to provide technical assistance to redress public finances. Their mission will last two weeks. The budget deficit, also revised upward, to reach 13% of the GDP against 12.7% of the initial estimate used as the basis for projections of the annual budget fast cash advance.But news of Greek economic, fiscal deficit for 2009 is revised upwards and could reach 13.5% or 14.3%, according to the newspaper Naftemboriki.

Economic forecast not reassuring

This renewed tension on the market does not bode well for the country that has yet to find 20 billion euros by the end of May to repay debt is estimated at 300 billion euros, or 113% of GDP. Macroeconomic statistics are not reassuring either. According to the European Commission, the economy needs to contract by 2.5% against 2% initially estimated.

Asian investors, including Chinese and Japanese funds, show little enthusiasm for the idea of buying Greek bonds. George Papaconstantinou, which announced its intention to borrow dollars, must travel to the United States after April 20 to find new potential buyers.

In this context, Greek banks, whose notes have been degraded in recent weeks and who face capital flight, have requested further financial assistance to the government. They want to benefit from funds remaining from the support plan, or about 17 billion euros, said the Greek finance ministry.

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