World and National News

The Paris Bourse is holding its breath on Tuesday. The CAC 40, which was closed yesterday up, goes back to red at the opening. He lost 0.73% to 3215.50 points. In London, the FTSE-100 index of the main values ​​lost 0.68% to 5314.16 points while the Dax index featuring the Frankfurt Stock Exchange down more than 1% to 5960.22 points. The Madrid Stock Exchange lost 0.65%, that of Zurich 0.63% and 0.28% in Milan.

Combined these as on global markets, all eyes will be on the Elysee Palace in Paris to take place a meeting between German Chancellor Angela Merkel and French President Nicolas Sarkozy, to improve governance in the area euro.The two leaders will meet from 16 hours and hold a press conference around 18:30.

Investors already know that he must not expect miracles, especially not that the two largest economies in the euro zone agreed to set up Euro-bonds, which would be financially harmful to Berlin. "Do not expect anything dramatic" at the end of the meeting Monday said a spokesman for Angela Merkel, that "people expect once again a spectacular blow." It should only be to continue discussions on the governance of the euro area, following decisions taken by Heads of State and Government of the European end of July.

Operators still expect progress on this issue."If nothing is announced, it will mean that there is a deep rift between Paris and Berlin markets can get excited again," warned Yves Marc, sales of shares in Global Equities.

Meanwhile, Asian markets have already set the tone with very mixed sessions, despite the good momentum on Wall Street, which closed yesterday on a sharp rise. Oil down with a barrel of "light sweet crude" that is losing 45 cents to 87 instant payday loans.43 dollars and that of Brent which cedet 42 cents to 109.49 dollars. Sign of nervousness room, gold was up, quoting around 1767 dollars per ounce at the opening in Hong Kong dollars in 1744 against the previous day closing in New York.

German growth slows

In addition to the meeting, investors will be occupied by the many indicators that will be published on both sides of the Atlantic.Germany has announced a particularly sharp slowdown in growth in the second quarter. German gross domestic product (GDP) grew by only 0.1% in the second quarter compared to the first, where he still displayed an increase of 1.3%.

The GDP of the entire euro area over the same period will also be unveiled at the same time as the trade balance in June

In the U.S., markets will learn in the afternoon of housing starts, prices for import and export and especially of industrial production. This indicator is closely watched as markets worried about more and more sluggish growth of the world's largest economy.

Values ​​to follow

On the corporate side, the news is much thinner. Bank stocks are again followed. They fall before the meeting Sarkozy-Merkel.BNP Paribas (-2% to 36.77 euros), Societe Generale (-1.92% to 24.32 euros), Natixis (-183% to 3.05 euros), AXA (-1.82% at 11, 03 euros), Credit Agricole (-1.20% to 6.65 euros) take the rating down.

GDF Suez (-0.83% to 20.81 euros) is added to the list of preferred values ​​of UBS.

EADS (-0.59% to 21.88 euros): Russian Transaero airline will buy 12 Airbus A320. Qantas has in turn announced the purchase of 110 Airbus A320s and the deferral of delivery of six Airbus A380 jumbo jets.

Attackers threw their grappling hooks on globalization and trade well-oiled seizing between major economic powers. They are however only a few thousand around the world. Their method: ransom kidnapping of sailors and extracted the major world trade. They earn roughly a few hundred million dollars a year. But they cost between $ 7 and $ 12 billion into the global economy, according to the NGO Oceans Beyond piracy (OBP).

Nigeria rebel pirates, looters occasional Asian Seas … Of all the pirates around the globe, the Somalis are by far the most dangerous and costly. And for good reason, "with Kalashnikovs and rocket launchers rustic, they disrupt traffic in the Indian Ocean between Asia, the Middle East and Europe, representing 12% of world trade and 7% of flows hydrocarbons, "said Bertrand Monnet *, Professor of Risk Management at EDHEC criminals.In 2010, 238 million dollars in ransom was paid to the brigands of the sea in the Horn of Africa.

The 2012 presidential election will be decided in part on the field of taxation. In an interview in Le Monde, the Paris mayor proposes, as an individual and "beyond tax reform" in the program of the Socialist Party, to do more to contribute to debt reduction the richest of France. Bertrand Delanoe, who also claims to support the candidacy of Martine Aubry, decides to create a tax "exceptional and limited in time" on high incomes.

"The truth is that we need new resources to reduce debt of France and restore the public, he says in the daily newspaper. [...] So yes, I support what you ask most favored an effort "extra.In a context where the countries situated on the outskirts of the euro area are struggling to convince markets of the sustainability of their debt, the mayor of Paris has combined the fight against the deficit to a real "war": "And when you are war, they say the truth, "he said.

Fusion of the income tax and the CSG

Asked about the unpopularity of this measure, the elected official responded that "citizens may be more courageous leaders" and recalled that in 2008, when he announced to the Parisian tax increases before the election, "They put their trust in me well no fax cash loans." The government in turn made a recent tax reform, repealing the tax shield and at the same time reducing the wealth tax.

If the program of the Socialist Party is not considering special tax aimed at the richest, yet it provides to increase the progressivity of the income tax, now he considers unfair. His plan for 2012 provides for merging the income tax and the CSG, with the aim to simplify taxes and make it more redistributive. An idea which is also his way to the right, particularly in Jean-Francois Cope and Henry Gaino. The pen of the Elysée found Saturday morning in Libération that the proposal "is worth pondering. A condition to be very attentive to the issue of escalation, "he said.

Yellow Pages will not achieve its objectives this year. The group of directories and local intelligence warned in a statement that its result for 2011 would be affected by "social movements in the strength of the PagesJaunes in France" that "have greatly disrupted the business of June. " Their impact is estimated at "about 20 million euros on its annual turnover."

Following this announcement, the title PagesJaunes fell by almost 10% to 5.523 eurosdans early trade while the CAC 40 index opened down 0.14%.

Natixis the broker remains confident despite this warning: "This does, we believe, not question the underlying improvement in activity and the mix of PagesJaunes," said he.He reiterated his opinion 'Buy' with a price target lowered from 9 euros to 7.6 euros.

Orders below expectations

While the group was counting on a few months ago a stable turnover and gross operating margin (GOM) compared to 2010, supported by a growth in orders. PagesJaunes But now announces that "the orders booked by the group in the second quarter of 2011 were not up to expectations." He warned then that "it will not be able to maintain its objectives of stability in sales and gross operating margin for its entire fiscal 2011."

Social movements are related to a "business reorganization plan," said PagesJaunes, which is "the specialization of some of the sales force in certain sectors and an ongoing relationship throughout the year with advertising customers across multiple channels. "

But "if social conflict is, without doubt, the recovery in activity, it is indeed confirmed for nine months," analysts at Natixis relativize. The controls have in fact increased by 1.4% in the fourth quarter 2010 and 3.1% in the first quarter 2011 improved early in the second. "Like the mobile (100,000 customers at end-March), we remain confident about the monetization of investments made by the management for three years," adds the broker.

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Nearly three years after the financial crisis, the first sanctions against the banks fall. And the bill would be particularly salty for Bank of America. Concordant sources, the U.S. bank would have agreed to pay $ 8.5 billion to end the prosecution of several investors. This would involve the agreement of compensation the largest ever signed by a bank in the United States.

Admittedly, the stakes are also unpublished. The Wall Street as investors Journalrapporte particularly experienced such a number of asset management, BlackRock, the insurer MetLife or the Federal Reserve (Fed) of New York complain about the conditions of sale of so-called "subprime," these products complex financial risk that formed the heart of the Great Depression of 2008.Symbol of a finance gone mad, these "subprime" were associated with variable rate mortgages granted to families with poor credit. Their value plummeted after the collapse of the U.S. housing bubble, which caused a series of foreclosures and debt of thousands of homes.

These individuals will not receive the compensation that Bank of America has agreed to pay. Indeed, they are used only for investors who are customers of Countrywide Financial, now a subsidiary of Bank of America in January 2008. The specialist mortgage lending in the United States had sold to investors of financial products like subprime for an initial value of $ 105 billion accompanied by guarantees on the composition of their portfolios.But soon after, with the bursting of the housing bubble in the U.S., these investments have proved extremely risky, losing most of their value. Investors who bought these financial products from Countrywide Financial believe to have been cheated, since the original contractual terms have not been met.

The case could set a precedent

Bank of America for months trying to resolve this embarrassing litigation, inherited directly from the acquisition of Countrywide Financial. But until now the CEO of Bank of America, serving for a year and a half, has refused to pay for past investments, arguing that investors had acted knowingly.By agreeing now to pay the full price, so it gives a signal again, and strong.

This case may give ideas to other investors who lost big in the collapse of the "subprime". Thus, other banks like Wells Fargo or JPMorgan could also be directly affected by requests for compensation.

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The U.S. stock market should open down on Monday. Futures on Standard & Poor's 500 and Nasdaq 100 respectively retreating from 1.47% to 1327.70 points and 2365.50 points to 1.72%. The uncertainties surrounding the Greek debt reinforced by the arrest of the director of the IMF are likely to weigh on the financial sector américain.L arrest of Dominique Strauss-Kahn shook European stock markets this morning, including the CAC 40.

On Friday, Wall Street has closed down already pulled down by the financial sector and producers of raw materials. The Dow Jones lost 0.79% at 12,596 points, the Nasdaq 1.21% to 2828 points and the Standard & Poor's 500 fell 0.81% to 1337 points.Falling commodity prices, oil and metals in the lead, led a growing number of investors to stay away compartments riskier equity markets.

On the currency markets, the euro against the dollar on Monday, but remained under pressure ahead of a meeting of finance ministers of the euro area. About 11:00 am in Paris, the European single currency was worth 1.4121 dollars against 1.4108 dollars on Friday night.

On the macroeconomic front, the United States, include the program of industrial activity in the area of ​​New York (1430) as well as flows of capital invested in the long term in March (15 hours).

The side of values, the earnings season coming to an end the United States. The markets expect a few more quarterly performances.This week will mark the publications of U.S. companies in retail, including Lowe's, today, Home Depot and Wal-Mart tomorrow and Stables and Target on Wednesday instant payday loan. These companies bear a heavy pressure on their margins and could provide indications about the strength of consumption in the current quarter. In terms of technology stocks, Dell (Tuesday), HP (Wednesday) and Autodesk (Thursday) will also publish their quarterly results.

The approximately $ 9 billion of shares in the U.S. insurer AIG held by the Treasury receive a good reception from investors and the government could reap a profit, said Sunday the Wall Street Journal.According to the website of business daily, citing sources familiar with the matter, the banks responsible for the sale of shares in AIG nationalized 92% were "signs of interest in about half of the Offer ".

The oil giants BP and Rosneft, which is listed on Wall Street, leading to final negotiations on Monday, the deadline to materialize, despite a legal mess, their strategic alliance to exploit huge reserves of oil in the Arctic.

For his part, Honeywell announced an extension of its contract with China's air transport AST.

U.S. authorities have approved the drug Victrelis, a new drug used to treat hepatitis C. Merck.

Wells Fargo seeking to divest its brokerage subsidiary and tax advisory HDVest, whose value is estimated at over $ 200 million according to Bloomberg.

Yahoo, Alibaba Group and Softbank Corp. announced that he "engaged in constructive negotiations to resolve issues relating to the sale of Alipay soon as possible and in the interest of shareholders. "

The mood is sullen at the Paris stock exchange after the sharp declines seen the day before (the CAC 40 fell 1.31% and fell below 4050 points). At midterm, the index lost 0.85% to 4008.79 points. Same trend elsewhere in Europe. London's FTSE was down 0.49% at 5954.66 points and the Dax was down 0.22% at 7357.93 points. Both indices had suffered the heaviest losses the Cac yesterday.

In Japan, markets are still closed, but in the rest of the region, the trend has been weighed down by investors disappointed with the overall economic figures fell the day before the United States, which have been faltering and Wall Street. The U.S. ISM services has indeed disappointed while the ADP employment figures in April came out worse than expected.Furthermore, oil inventories surged against all odds, which gave the lead in using oil, which fell below $ 110 in New York yesterday, which always move in the fall on Thursday.

On the foreign exchange market, the euro is also strong: it is trading at 1.4884 dollars around 11:00 pm after having again exceeded $ 1.49 during the meeting Wednesday.

In anticipation of the ECB

Statistical side to follow on Thursday: The German industrial orders were accused in March their first decline this year, falling by 4% over the month as analysts awaited a stagnation, according to figures released Thursday by the Ministry of Economy.

On Thursday, the ECB meets in Helsinki to decide on interest rates that will apply. Jean-Claude Trichet said Thursday it is the price of silver in early June or summer.In England, the BoE also decide on interest rates.

United States, expected productivity in the first quarter (first estimation) to 14.30. Same time, it will be the traditional unemployment claims. The employment figures that will fall tomorrow, Friday, are eagerly awaited.Yesterday, investors learned that ADP figures have reported a creation 179,000 jobs in April, less than expected.

Societe Generale falling, Carrefour sentence

Side values, a publication of rain fell again on Thursday quarterly earnings including Societe Generale, disappointing driving down the stock price of about 4.08% to 43.67 euros, lead the CAC.

After the excellent figures given yesterday by BNP Paribas, leading bank in Europe, SocGen announced a net profit of 916 million euros in the first quarter, a decrease of 13.8% over the same period of 2010 attributed to effect accounting related to the revaluation of its own debt.

Also at sentencing, the retail group Carrefour (-2.33% to 30.88 euros), which announced Thursday the departure of its Executive Director James McCann France and the postponement of a controversial quotation of its real estate subsidiary, but maintained its draft rate 100% subsidiary of Dia and its financial targets for 2011.

Lafarge (+0.08% to 45.71) reveals a net loss of 29 million euros in the first three months of the year for a turnover up 9% to 3.55 billion euros .

Legrand (-4.46% to 29.10 euros) in the first quarter increased 13.7% in sales and 41.2% of its net profit, thanks to emerging markets and new market segments which the group has made a priority, which has confirmed its annual targets.

Bureau Veritas (-0.02% to 58.30 euros) confirmed anticipate strong growth in its turnover and adjusted operating profit this year after an increase of 23.2% of its activity in the first quarter .

AXA (-0.73% to 14.89 euros) expressed confidence in improving its profitability despite a drop of 2% of its turnover in the first quarter to 27.92 billion euros.

Maurel & Prom, Arkema and Capgemini climb

The independent oil company Maurel & Prom announced Thursday want to split and rate of its independent subsidiary in Nigeria, whose shares will be distributed to the shareholders in proportion to their participation in the group. The action takes off from 4.23% to 14.66 euros this morning.

Arkema (4.53% to 71.78 euros).The net profit quadrupled to 151 million euros and EBITDA (EBITDA) reached 17% of sales through an increase much higher than the market.This puts us among the best chemists.

The French group consultancy Capgemini and Computer Services (1.36% to 41.06 euros) saw sales increase by 14.5% in first quarter 2011 to 2.3 billion euros and confirmed its objectives of achieving a growth in turnover of between 9 and 10% for the year.

The producer of wines and spirits, Pernod Ricard (1.13% to 67.74 euros) Thursday announced an increase in its turnover in the third quarter and confirmed its targets for its entire fiscal year (July 2010 – June 2011).

Air Liquide (0.61% to 97.53 euros) wants equity for the premium

Its CEO said he was open to the principle of paying a bonus to employees in case of dividend increase, provided to maintain the equity in a group with more than three-quarters of the members are outside France.

Alstom: -1.52% to 41.98 euros Moody's raised its outlook on the Baa1 rating on the group stable, negative cons.

Total: -0.78% to 41.44 euros, GDF Suez: -0.30% to 26.60 euros a parliamentary commission on Wednesday passed a bill to ban UMP in France in the exploration and exploitation of unconventional oil, gas and oil shale.

Michelin (-0.24% to 66.35 euros) announced an increase in the price of its truck tires, civil engineering, public works, agricultural and handling in Europe to meet the continually rising cost of raw materials.

TF1 (-0.63% to 12.59 euros), which has suffered several setbacks during the hearing last month, decided to appoint a new program director, Jean-François Lancelier, which takes the place of Laurent Storch .

The French chemicals group Rhodia (+0.16% at 31.53 euros) on Thursday posted a net profit of 151 million euros in the first quarter more than doubled over one year and raised its profitability target for 2011 , to become a recurring gross operating profit of "more than 1 billion euros."

Veolia Environnement (+0.50% at 22.26 euros) on Thursday posted a turnover up 11.3% in the first quarter thanks in particular to the resumption of its activities in the waste.

Mr. Bricolage (-0.36% to EUR 14) confirmed its targets for 2011 after publishing a stable turnover in the first quarter to 135.2 million euros.

Gifi (2.51% to 76.26 euros) registered a growth of 5.2% of its turnover for the first half of its fiscal year 2010-2011, to 351.3 million euros.The turnover of the group's second fiscal quarter ended March 31 rose 7.5% to 139.1 million euros.

Cegedim (0.87% to 43 euros) has reported a sales increase of 2.9% as reported to 211.5 million euros, but down 1.4% on comparable, and maintained its target of 4% growth in turnover for 2011.

The food group Bonduelle (+0.13% at 68.20 euros), specializing in vegetables, posted a rise in its turnover for the third quarter from 14.6% to 421.6 million euros thanks to an improvement in consumption, particularly in eastern Europe, according to a statement.

Tonight will be the turn of Vale, Wendel, Eiffage French Cement and NextRadioTV publish.

Sunday, many children will go to the Easter egg hunt. A religious symbol, synonymous with abundance and renewal, but also an opportunity to enjoy chocolate in all its forms. "Easter is the traditional appointment with the French chocolatiers. The values ​​of sharing and conviviality carried by the support chocolate consumption during the festive periods, "explains Florence Pradier, general secretary of the union of chocolate.

So last year, purchases of other chickens and rabbits chocolate rose by 3.87% over the same period of 2009. In total, 13,400 tons were tasted in France to mark the Easter weekend, an average of 223 grams per person. At the sales charts, eggs, large or small, still occupy the top of the podium, even though dinosaurs or dolphins have appeared in the windows of chocolate."The large eggs or small eggs filled chocolates, milk and black are the most requested," said Arnaud Tavares, manager of the store of the Marquise de Sevigne in Paris' sixteenth arrondissement.

A distribution channel with bakeries and pastry shops account for 15% of chocolate sales in France as against 85% in supermarkets. "For us, Easter is the strongest period of the year before Christmas," Sophie adds, director of the Museum of Chocolate in Strasbourg, where traditionally it is the Rabbits and hares are popular. Taking into account the Christmas sales, which are chewed 33,800 tons of chocolate, these two periods of the year totaled more than 12% of annual sales of chocolate from France.

The price of cocoa beans has doubled in two years

"During holidays, the French are more likely to eat chocolate with an increase of 600 tons sold at Easter and Christmas 2010, the two highlights traditional chocolate consumption," says Florence Pradier. With 6.3 kg per capita in 2010, 378,000 tons, France is the 5th-largest consumer of chocolate behind Germany (11.3 kg), the European leader, and the United Kingdom (10.9 kg), his heir apparent.

In the kingdom of His Majesty, the Gauls are distinguished particularly because they are much more dark chocolate lovers as the rest of the British. The fans see it as the "only real" chocolate. In fact, dark chocolate is 30% of consumption in France, against 5% in other EU countries.During the year, the shelves are especially popular with just under a third of sales, ahead of sweets, appetizers, and other rocks, totaling a quarter of sales. The rest is divided between the spreads (19%), cocoa powder (15%) and chocolate bars (11%).

However, doubling the price of cocoa beans in two years following the civil war in Ivory Coast that supply 40% of the world, has curbed the appetite of the French. The shelf price of which is the benchmark rose 10% in two years. Result: chocolate sales on the single period of 2010 decreased by 2.9%. The question is how the market will evolve after the lull in Abidjan. Difficult to read in the dregs of cocoa!

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The U.S. stock market should open up again on Tuesday. Futures on Standard & Poor's 500 and Nasdaq 100 advanced in effect respectively from 0.65% to 1336.90 points from 1.05% to 2380 points. Last night, Wall Street has ended the highest for nearly three years, driven primarily by technology stocks after a new burst of better than expected results in the area. The Dow Jones rose 1.52% at 12,454 points, the Nasdaq is up 2.10% to 2803 points and the Standard & Poor's from 1.35% to 1330 points. A note on Friday, Wall Street will keep its doors closed as most European markets.

This morning the Asian market also finished in the green. The Nikkei rose 0.82% especially at 9685 points. The OECD has released its updated forecast on the Japanese economy after the earthquake that devastated parts of the archipelago.The organization believes that after an increase of sound, gross domestic product by 3.9% in 2010, Japan will only show 0.8% growth this year and 2.3% in 2012.

The dollar still s'affablit

On the foreign exchange market, the euro climbed against the dollar ever, ranking above the threshold of $ 1.46 for the first time since December 2009. Around 11:30 in Paris, the euro bought 1.4647 dollars against 1.4521 dollars late Wednesday. The greenback lost ground against all major currencies amid renewed optimism in financial markets.

Also note the jump in oil prices, reflecting a fall in stocks of petroleum products in the United States and a sharp weakening of the dollar. In morning trading, a barrel of light sweet crude for June delivery took 53 cents to 111.98 dollars.That of Brent North Sea crude for June delivery gained 38 cents to 124.23 dollars.

On Wall Street, investors will be watching in particular the traditional weekly claims for unemployment benefits until 14:30, then to 16 hours, the composite indicator of economic activity will be unveiled in March, and the index of activity in the region Philadelphia in April, traditionally a leading indicator of economic conditions in the United States.

Apple in its sights

The side of values, the technology industry should still keep the show on Thursday. Apple has posted a net profit almost doubled (+95% to 5.99 billion euros) and well above expectations for the second quarter of fiscal offset, worn by the continued success of iPhones.The sales increased for its 83%.

In the oil sector, the services group Schlumberger has seen its net profit jumped 40% in the first quarter to 944 million, without return to its previous quarter and meet market expectations because of bad weather and tensions in the Middle East.

The chip maker Qualcomm for mobile ad a profit of 999 million dollars in the first quarter, also well above analysts' expectations. The turnover of 3.9 billion also exceeded expectations.

The British oil company BP, which is listed on Wall Street announced Thursday that it filed a complaint with the U.S. against the American company Halliburton, accusing him of having contributed to the oil spill in the Gulf of Mexico, more prosecutions launched against Transocean and Cameron International.According to various analysts BP would claim $ 40 billion in specialist offshore oil drilling

Large U.S. banks have significantly improved their performance, but mainly due to reversals, as shown by figures published yesterday by American Express and Wells Fargo. The financial services group announced a 33% increase in profits to 1.2 billion. Turnover was up 7% to $ 7 billion. For its part, the U.S. bank Wells Fargo reported earnings "record" for the first quarter, up 51% over a year and better than expected thanks to a drop in provisions for credit losses.In contrast, the turnover reached 20.3 billion, down 6% year on year, due to a decline in revenue "from the mortgage and interest rates."

Also after the close-food chain Yum! Brands (Pizza Hut, KFC, Taco Bell) announced an increase of 10% of its profit to 264 million. The group benefits from the strong growth of the Chinese economy but the U.S. market remains difficult.

Also note, the Director General of the transatlantic exchange operator NYSE Euronext, Duncan Niederauer, has defended its proposed merger with Deutsche Börse, the finding most relevant to the strategic plan a takeover by Nasdaq and the ICE documentation he said decommissioning.

Charged in November by Nicolas Sarkozy, a mission for the resumption of economic relations between France and Algeria, former Prime Minister Jean-Pierre Raffarin has received during his two days in Paris Algerian partner, the Minister of Industry, SMEs and investment promotion, Mohamed Bennmaradi. He made the point for Le Figaro on the progress of discussions.

Le Figaro – Where are the Algiers metro project?

Jean-Pierre Raffarin, the construction of a subway that goes back more than twenty years has experienced many vicissitudes. The latest deadlock occurred during the last year with a financial dispute between Vinci and Siemens Enterprise metro d'Alger (EMA). The work was stopped, they just take over and I can tell you that the site will be open to the public before the end of the year, as will be commissioned on the tramway company Alstom, which will cover 24 kilometers.1100 people are at work. So far, Algiers had the feeling of being victims of a financial dispute. Now, the parties have the will to succeed quickly. This achievement will impact the daily lives of a population that aspires to improve its living conditions. It is a signal of our economic and social cooperation.

Where are the other lighthouses that records your responsibility?

The mission entrusted to me by the president includes twelve economic issues to raise with the Algerian government saving account payday loan. The challenge? These are contracts that should result in 30,000 direct jobs and 100,000 indirect jobs. I visited in November and February in Algiers to further discussions and I just got Mr. Benmaradi. There has been much progress on the Renault factory.The industrial part of the project is consensual, reconciliations are to intervene to complete the commercial especially in the areas of distribution and the Algerian political support to the automotive industry. There are still awaiting arbitration on the issue of cement Lafargue. With, Total is to create a steam cracking of ethane. It is on track, but the outlook depends on the capabilities of access to ethane. The current objective is to define a new calendar. Sanofi Records, St. Gobain, Cristal Union, dairy industry, Macif and Alstom have been favorable arbitration.

An economic revival of Franco-Algerian relations is possible without political revival?

My mission ends on May 31 by a large forum Franco-Algerian SMEs.The final assessment will be prepared on this occasion but it is clear that Algeria has shown willingness to develop records that are holders of employment. This cooperation very concrete and precise term can take on a political dimension.