World and National News

The index futures Standard & Poor's 500 and Nasdaq 100 fell back modestly, respectively, from 0.04% to 1049.40 points and 0.17% to 1770.75 points in mid-day. The Dow Jones is projected to open in tiny drop of 0.06%

The U.S. stock market could then recover a bit, after falling heavily on Tuesday night. They have been depressed by the announcement of resales of existing homes to a record low. The Dow Jones has sold 1.3%, barely above the 10,000 points, to 10,040.45 points exactly. Fears of a slowdown in economic activity grows with each new bad news in that order. Especially since U.S. growth should be revised down sharply on Friday.

Meanwhile, on Wednesday, the new macroeconomic indicators should be more optimistic than yesterday. Sales of existing homes could well rebound.Orders for durable goods may for them be more frank increase in July. An increase in relative terms, however, because it will rely heavily on transport, especially for orders received in July, at the last Farnborough Air Show (47 billion dollars in one week).

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.

Investors keep an eye on Cisco (-2.5% Tuesday in closing) and Dell (-3%), penalized by expectations of raising its bid for 3PAR.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).

The saga of the hostile takeover of mining giant BHP Billiton (which today presents its annual results, with net profit more than doubled in 2009/10 to 12.72 billion dollars) on the King of Potash Fertilizer in search 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 is close to a deal with media companies Disney and News Corp., parent company of TV channels, Fox series to offer their 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.

No matter which option you are considering while doing comparisons of health insurance, you will still want to know you're getting the best price possible, so the easiest way to be sure that's happening is by getting quotes from a variety of health insurance companies.

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.

ALSO READ:

"DOCUMENT – The synthesis report Roussely

"Nuclear: report tracks Roussely

The report Roussely, devoted to the layout of the French nuclear industry, was discussed at midday in the context of a council of the nuclear policy statutorily chaired by the Head of State.

Written in a mission entrusted to the former President of EDF, this report was sent to Nicolas Sarkozy last May, before being classified "top secret" in the name of protecting a number sensitive data.

Eagerly anticipated by the industry, it delivers several lessons particularly interesting. Like this recommendation to create a Department of Energy. Meanwhile, the role of EDF as team leader of France's nuclear part of an international development – is clearly stated no fax cash advance.

However, this leadership role of the electrician is first and foremost, reserved for countries new entrants into the nuclear. The report also states that Roussely relationship between EDF and Areva must be much more successful. In other words, the strategic partnership between the two companies are held without being recorded numerous clashes. Finally, it is not any conclusion of this report, the GDF-Suez will become a nuclear operator of reference in France is totally ignored. In short, EDF retains all hands on this sector.

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.

The U.S. equity market, should try to regain a little high on Monday. The index futures indeed predict a slightly higher opening on Wall Street. Futures on Standard & Poor's 500 and Nasdaq 100 advancing in effect 0.55% to 1 070.50 points and 0.51% to 1 812.10 points. On Friday, the New York Stock Exchange had fallen heavily, cooled by the low morale of American consumers and a series of disappointments on corporate earnings. The Dow Jones lost 2.51% to 10,099.26 points and the Nasdaq 3.11% at 2 179.05 points. The Standard & Poor's 500 broad, fell 2.88% to 1 064.91 points.

Today on the foreign exchange market, the euro off again on the rise against the dollar in the morning.Investors took advantage of a slight decrease of the single currency during the weekend to make purchases on the cheap, while the greenback was penalized by fears about the strength of the U.S. recovery. The euro was at 1.2959 dollars against 1.2926 dollars on Friday night.

Week decisive

The week will be decisive promises to Wall Street.

The main highlight at the macroeconomic level should be bi-annual speech of the President of the Fed Ben Bernanke on the economy and monetary policy before two congressional committees. He will testify first before the Senate Banking Committee Wednesday, the day when President Barack Obama enact the law on the reform of regulation of Wall Street.And the next day, he will address the Financial Services Commission of the House of Representatives.

As for the days to come, is also a whole bunch of statistics, including real estate, with housing starts tomorrow and sales of existing homes on Thursday.

The week will also see another round of results.

According to specialists of Aurel BGC, the main publications of the week are those of IBM (now), Goldman Sachs, PepsiCo, State Street and Johnson & Johnson (Tuesday), Altria, of Eaton, eBay, EMC, Coca Cola, Wells Fargo and Qualcomm (Wednesday), 3M, AT & T, Caterpillar, UPS and Microsoft (Thursday) as well as those of Schlumberger and Verizon (Friday).

Also note, always on the side of values, the Wall Street Journal, Motorola is close to a deal to sell its business network supplier Nokia Siemens Networks for 1.2 billion dollars. Last month, Motorola announced its desire to split the company into two in the first quarter of 2011 with a side activities supplier network and the other the mobile phone business.

Also according to the Wall Street Journal the company Emirates Emirates Airline is expected to announce today an order for 30 aircraft over long-haul Boeing 777 aircraft.

Is this a declaration of war? A sneak attack against a competitor already criticized from all sides? Rating agency Standard & Poor's announced mid-week she placed the note in its rival Moody's under review with negative implications. Translation: "S & P is considering lowering the rating of its counterpart.

Standard & Poor's predicted an earthquake in the scoring in the United States. She believes that the current reforms on the financial regulation in the United States threatens the business of Moody's. For example, "investors may sue the agencies in the event of fraudulent or reckless notation, notes S & P, which" increased legal costs of Moody's "dramatically," says S & P.

Moody's might also face a drop in sales, ahead its competitor.New laws in effect remove the references to footnotes in regulatory agencies and investors could then no longer need their services.

Black Series

The decision by Standard & Poor's added to the long series of bad news qu'essuient its competitor. In recent months, Moody's has seen some of its former analysts testify against her before the U.S. Senate. One of its main shareholder, billionaire Warren Buffett, has withdrawn in part. And the agency was roundly criticized by some investors for notes attributed too generous to Greece, Portugal or Spain. When she does not suffer from the wrath of authorities for the untimely degradation States Notes.

Logically, these arguments on the ratings business in general, thus also relates to Standard & Poor's."This decision serves as a warning signal for the whole sector," Norbert Gaillard analysis, an economist and specialist agencies. The agencies are so far very profitable, with operating margins (operating income compared to the number of cases) between 30 and 40%.

Concerns about the sector

The agency derives she shot in the foot by publicly expressing concern about the future of its industry? Yes and no. If she criticizes his rival, it is mainly because the turnover of the latter depends on more than 90% of rating business alone. This is not the case of S & P. "She has put in place, long ago, a diversified business model (financial, S & P 500), regulatory reforms under threat," said Norbert Gaillard.

Moody's will be difficult to replicate its rival news: it is not publicly traded, it is backed by a large group, McGraw Hill. And if attacked, S & P will always assert its good faith by recalling that it had downgraded the rating of its own parent a few years ago.

In the wake of Wall Street and especially the severe downturn in Asian indices this morning, the Paris Bourse is scheduled to begin the session in negative territory, a significant decline of 1.64% by the indices "future" of 8:15. Yesterday, Wall Street indexes ended the session closest to their equilibrium level, the wait was put before the publication of the ISM index, the employment figures and results for the second quarter. Volumes were particularly weak as well.

In Asia, markets are more active, but the trend is downward path including a decline of nearly 1.5% for the Nikkei, shortly before the closing. Nippon index is penalized by a round of disappointing indicators released in Japan early this morning. The strong yen also affects Asian indices.

Moreover, the euro fell back this morning against the dollar and 1.2258 dollar deals to 8:00.In terms of indicators, the INSEE published this morning at 8:45, the survey of consumer confidence survey for the month of June And in the euro zone economic confidence in the month of June will be unveiled at 11:00. On the other side of the Atlantic, housing prices will be released 15 hours, Paris time and consumer confidence in 14 hours.

EDF and Total in Christian Estrosi

As for companies, investors will pay close attention this morning to headlines EDF and Total. Indeed, leaders of the two heavyweights of the Paris stock exchange will be received this morning by the Industry Minister Christian Estrosi to discuss the future site of Dunkirk No faxing payday loans.

Still in the CAC 40, the general meeting of the Accor group's disintegration should also be well attended.

The eyes will also towards the group's title parapetrolic Technip. The latter will pay 338 million dollars (275 million euros) to settle a dispute with U.S. authorities on suspicion of having bribed Nigerian officials to win contracts in Nigeria, said Monday the Justice Department.

Moreover, as Saint-Gobain might react after the announcement of the sale of his division advanced to the American Ceramics CoorsTek for 245 million dollars (199 million euros).

In addition, Suez Environment has launched a bid on Aigües of Sabadell, a Catalan company of water treatment.

Finally, Etam, a specialist in ready-to-be bought a little over one quarter of its capital amounting to 99.2 million euros. The operation follows a major shift in strategy and a plan of reorganization."It's time to provide liquidity to our shareholders who do not want us in this strategy," says management. This title will buy "no significant impact on the control of the company," says Etam.

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.

ALSO READ:

"Pensions: the Government will not retreat

"The Elysee will impose a dose of austerity departments

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.

ALSO READ:

"The Mistral Russian" lifeline for Saint-Nazaire

"EDF would take 20% of the South Stream pipeline

• 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.

ALSO READ:

"The euro continues to be severely attacked