World and National News

The Paris Bourse is expected to remain in the green Monday holiday of the Assumption. In any case, as indicated by the futures contract on the CAC 40 rose by 1.04% to half an hour of opening. Investors present therefore decided to continue the rally began Thursday and extended last Friday. This growth mirrors that of Wall Street Friday and Asian markets this morning. In Japan, the Nikkei closed on Monday and a net increase of 1.37%, Hong Kong climbed almost 3% to 1.21% and Shanghai.

"Many operators will undoubtedly look forward to a quieter earlier in the week after the extreme volatility of recent days," said Cameron Peacock, an analyst at IG Markets.

Until Tuesday's meeting

The markets also seem to look forward to the outcome of Tuesday's meeting between French President Nicolas Sarkozy and German Chancellor Angela Merkel.They must discuss reform of the governance of the euro area, sensitive issue for the markets. The Franco-German promises to make such joint proposals by the end of the summer Payday advance. Investors are calling for the creation of "Eurobonds", which would sign the pooling of public debt in the euro area. But Germany seems to be opposed. The discussions will be closely monitored on both sides of the Atlantic.

In addition, the European Commissioner for Economic Affairs Olli Rehn today called on European countries to adopt "very quickly" the decisions of July 21, and provided that the applicants were working "day and night" to this.

The U.S. housing market under the microscope

The next publication, this Monday will be very light. On the agenda are the indices of activity of the New York Fed and the real estate market across the Atlantic.

On the corporate side, Societe Generale will be followed. The Financial Markets Authority (AMF) initiated an investigation of market rumors that circulated this week on Societe Generale, announced Friday its president Jean-Pierre Jouyet

Zero growth in France. The economy has not taken off in the second quarter, remaining at 0%, after a rebound of 0.9% over the first three months of the year, according to INSEE. Consumption, traditional engine of the French economy, fell 0.7% after 0.4% in the first quarter.

Business investment continued to support the activity, but less than at the beginning of the year: they slow down to 0 no fax pay day loan.9% after 1.2% previously. In total, business demand and household crippling growth, observed INSEE.

Foreign trade, for once helped save the furniture. But only because imports fell (-0.9%) than exports, remained stable (0%). "Therefore, the trade balance contributed positively to GDP growth (0.3 -0.5 point after point)," notes INSEE.

Wall Street starts again in the red on Tuesday. In early trade, the Dow Jones lost 0.57% at 12,063 points, the Nasdaq 0.51% to loose 2731 points and the S & P drops 0.69% to 1279 points.

The opening is dominated by pessimism as consumer spending of U.S. households fell against all odds by 0.2% in June, posting their first decline since September 2009. Economists surveyed on average expected a rise in expenditure of 0.2%.

The expected green light from Senate Tuesday evening

Concerning the agreement on raising the debt ceiling, the doubts persist. "Some have pointed to the fact that the rating agency S & P claimed four trillion dollars in deficit reduction over 10 years against only 2.5 trillion currently being negotiated by members, analysts said Aurel BGC.Maintaining the "AAA" is far from being elected … Many skeptics have left open the possibility of adoption of this agreement by the Congress. "An expected adoption tonight. The Senate must decide, in fact, after the House of Representatives that preceded it from that Monday night.

"I think the show we attended in Washington, a significant number of parliamentarians of this country leaving the threat of a default, really made a lot of damage to the confidence" of investors in the economy American, for his part, said U.S. Treasury Secretary, Timothy Geithnern, on ABC.

Oil side, the opening of the Nymex, oil prices melt, due to poor statistqies the day, who fear a future decline in demand.To 15 hours, a barrel of "light sweet crude" for September delivery was trading at 94.36 dollars, down 53 cents.

Results of companies to follow the corporate side, several major publications are planned this week, starting on Tuesday by Pfizer (-1.05% to 18.81 dollars). The group released better than expected earnings for the second quarter, the jump in sales of animal health products offsetting lower sales of drugs, the heart of the business group.

Google (stable at 606.71 dollars) this weekend began testing a new service, "Google Hotel Finder", dedicated to finding hotels. Positioned competitor specialized sites like Hotels.com "Hotel Finder Google" is used to search the dates of their choice, depending on the number of stars of the institution and the average scores given by customers.

Hewlett-Packard (-0.48% to 35.03 dollars) has decided to drop now $ 50 U.S. price of its new tablet, the TouchPad. This rate adjustment, presented as a promotion valid until September 10, is valid until September 10.He places the version of the tablet features a 16GB storage to 449.99 dollars, and the 32 GB to 549 dollars, just one month after the beginning of the commercialization of TouchPad.

Coach (-4.72% to 62.31 dollars), a leading U.S. brands of accessories, recorded a jump of 24% of its annual net profit in 2010-2011 (year ended July 2) at 881 million dollars, and expected to grow over 10% in the future, according to a statement released Tuesday.

Hyatt Hotels (1.96% to 39.52 euros) announced earnings for the second quarter better than expected, while saying he intended to open a number of "significant" new hotels in the future.

GM (-0.79% to 27.87 dollars) for his contact in the afternoon the numbers of sales in July.

Raids by giants of video games on small publishers are ongoing.After the announcement of a Memorandum of surrender by PopCap Games Electronic Arts (0.32% to 22.02 dollars) and the acquisition by Zynga a mobile games publisher in Canada, is the Japanese Sony which went on the offensive by offering Sucker Punch. The American development studio publishes games for consoles, the PlayStation family, including "Sly Cooper" (PS) and "inFamous' (PS3). The amount of the transaction were not disclosed.

Amerigroup (7.47% to 51.65 dollars) is expected to jump at the opening, the title win over 5% in electronic trading before the opening of Wall Street. The group of health care services announced yesterday it has won a contract to develop its business in Texas.

Zinedine Zidane, Catherine Deneuve, Michael Jordan and Madonna have their BoConcept furniture, as more and more French. "In a furniture market growing 2.7% last year, BoConcept has managed to grow its sales by 21% to 48 million euros," said Tim Machenaud, France Director of the sign. The French branch has experienced the strongest growth (LFL) of the 55 countries where the Danish group, born in 1952, is present.

BoConcept has yet installed almost by accident in France in 1993. "We were mainly found in Scandinavia as wholesalers," recalls Viggo Mølholm, Group CEO and son of one of the two founders. With the first store in Belle Thorn (Val-de-Marne) open on the board of a student in marketing, furniture manufacturer – which had Ikea and Fly among its clients – embarks distribution.Eighteen years later, BoConcept France became the largest contributor (21%) on sales of the company listed in Copenhagen, far ahead of Germany (13%), United States (10%) and Spain (6%).

"Finding the right balance"

"In the coming years I am convinced that we can continue to grow at an annual rate of 20% in France, among others through the next opening," said the CEO, which lists some points to improve to get there. The average basket of 1050 euros, not high enough, focused attention. "After working for more upscale, we've got a good price positioning," J. Viggo Mølholm. "The challenge of the mid-range segment lies in the fact that we do not have large volumes of low-end and we were not comfortable margins of the high end.It is difficult to find the right balance, which explains the lack of competitors in this segment, "said Tim Machenaud.

BoConcept does not cover the kitchen or the bathroom or the children's room and do not wish to extend its range to other universes. He wishes to deepen the other hand, since this year by offering two collections a year. But also by pushing even further personalization of its furniture design (choice of fabrics, materials and colors), still mostly made near the historic headquarters in Herning, Denmark.

After putting its expansion project in brackets last year, BoConcept expects to create between three and six stores this year in France. "Since 2005, our network has been considerably expanded from seven to 31 stores. We want to reach fifty in the medium term, "France says the director, who admits to not being pressed."I prefer to wait to find the right franchise, good location and good town," he says, noting the target areas with at least 250,000 inhabitants.

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Notaries, tax and estate planning departments of banks are preparing for busy week. Many individuals want to make donations before the vote – scheduled for early July – the tax reform Heritage presented last week. "There is a window of opportunity for all those who want to give," says Bertrand de la Grandière at Compagnie Financière Edmond de Rothschild.

The reform removes, of course, the tax shield and landscape ISF, but also increases the taxation of gifts and estates. The allowance of 159,325 euros remains for transmission to a child, and the surviving spouse is exempt from inheritance tax. But the fees payable in case of large gifts will increase as a result of several measures.

As the crisis still weighs on the peripheral countries of the euro zone, Germany has shown a healthy insolent in the first quarter with growth of 1.5% well above expectations. Rising domestic demand, catch-up effect of the crisis and strong exports have combined to boost European locomotive. With unemployment at its lowest for twenty years, Berlin could aim for a 3% growth this year, according to economists, although the government still officially on table +2.6%.

Also supported by France, Austria and the Netherlands, the overall growth in the eurozone was 0.8% during the first three months of 2011. This represents an acceleration from the previous quarter (+0.3%), and outperformed the U.S. (+0.4%). But forgiveness is uneven across countries.Those in the periphery, already grappling with concerns about sovereign debt, still suffer from a much lower growth, Portugal even officially entering a recession.

Fiscal consolidation

This trend towards decoupling is here to stay. "In the future, we continue to expect growth to multi-speed EU," said the European Commission on Thursday, when presenting its outlook for 2012. After an increase of 1.8% last year, GDP should grow 1.6% this year and 1.8% next year in the euro area. In total, the recovery may be weaker than in previous upturns, warned Brussels totally free credit score.

Moreover, unemployment is likely to remain high (10% this year and 9.7% next year).To firm growth, Economic Affairs Commissioner Olli Rehn yesterday pleaded for "the continuation of fiscal consolidation and the implementation of structural reforms that promote job creation and improve the competitiveness of our economies."

The side of inflation, the Commission revised its forecasts upwards with a 2.6% increase expected this year and 1.8% next year in the euro area, driven by higher prices of energy. Result, "less than an intensification of the crisis in the peripheral zone and contagious effects more marked, the ECB should prepare the ground for a rate hike at its meeting of July money," said Ken Wattret at BNP Paribas.

Such tightening may accentuate the phenomenon of decoupling.As regards Greece, Brussels downgraded its forecast yesterday, with a fall in GDP of 3.5% (instead of 3%) and a deficit of 9.5% (instead of 7.4%) expected this year. Athens will not escape a new package of austerity. "It is still necessary to take further fiscal consolidation measures," Olli Rehn has warned.

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The U.S. stock market should open up again on Wednesday. Futures on Standard Poor's 500 and Nasdaq 100 advancing 1.12% respectively at 1357.90 points and 1.13% at 2413.50 points.Mardi, the New York Stock Exchange ended sharply higher, led by technology sector after the announcement of the acquisition of Skype by Microsoft.

"Fears over Greece and dull markets are supported by a revival of stock transactions," explained the GI Market analysts making particular reference to the Microsoft buyout of Skype for $ 8.5 billion."This acquisition is important because it enhances the technology sector," said specialists on their side of Cantor Fitzgerald.

On the foreign exchange market, the euro was stable against the dollar Wednesday, struggling to find a clear direction in a cautious market that continues to scrutinize the evolution of the fiscal position of countries identified as fragile in the euro area. About 11:00 am in Paris, the euro bought 1.4412 dollars against 1.4410 dollars late Tuesday.

On the macroeconomic front, investors will monitor including U.S. trade figures for the month of March (1430), then they will learn the traditional weekly oil inventories (16:30).

While waiting for these figures, around 12:00 in Paris, a barrel of Brent was trading at 117.62 dollars in London, yielding 1 percent from the close of Tuesday.And in New York, a barrel of light sweet crude (WTI) for the same period fell by 20 cents to 103.68 dollars.

The side of values, the media group and leisure U.S. Walt Disney reported Tuesday after a close of Wall Street, a decrease of 1% of its net profit in the second quarter of fiscal shifted, to 942 million , well below expectations.

The British oil company BP, which is listed on Wall Street, announced that it received the final green light from the Brazilian authorities for the purchase of ten exploration blocks offshore Brazil to the American Devon Energy, as part of a transaction of 7 billion payday loans.

Google said Tuesday it had set aside $ 500 million in anticipation of the results of an investigation recently launched by the government on the practices of some of its customers in advertising.This provision reduced net income for the first quarter to 1.798 billion dollars against 2.298 billion announced April 14.Advertising has secured 97% of 8.575 billion dollars in turnover during the quarter.

Facebook had left by mistake advertisers have access to profiles, photos, conversations and other private information of its users, said Tuesday the computer security company Symantec.

AIG and the U.S. Treasury Department could launch a capital increase of $ 9 billion in May, while analysts expected an increase of 7 to 25 billion dollars, according to the Wall Street Journal.

The Chinese airline China Southern Airlines has announced that its subsidiary Xiamen Airlines has ordered six Boeing 787, the new jumbo "Dreamliner," a list price of $ 1.1 billion.

General Motors said Tuesday it would invest two billion dollars in 17 of its U.S. sites.GM says these investments will create or safeguard over 4,000 jobs.

Also note, these Chinese companies will start this Wednesday at the New York Stock Exchange. the first website Chinese dating, Jiayuan. Com, hopes to raise nearly $ 78 million. Meanwhile, China Zenix Auto, which is defined as "the largest manufacturer of wheels for commercial vehicles" in China, will debut on the New York Stock Exchange (NYSE) on Wednesday. The offer is expected to total $ 135 million.

The French are preparing to spend their holidays under the sign of rigor. A poll conducted for the OpinionWay Site Voyagermoinscher.com and published on Tuesday showed that the effects of the crisis are still clearly visible and that consumers will continue to tighten their belts. In 2011, they will leave less time, less far and for my dear for their summer holidays.

For more than one in four French people, the holiday budget will decrease compared to the summer of 2010. The average budget per person is lowered to 561 euros, against 585 euros in 2010. A previous study showed that even three million French would give up from this year. The holiday will also be shorter: one in three French leave a week or less. This figure is up 56% compared to 2010.And the number of vacationers who plan to shorten their stay to 19%, nearly double the 2010 (10%).

Reduce invoice

About the destination, the political situation in Egypt and the Maghreb also amends the French plans. 90% of them intend to move away because these destinations usually very popular, especially since they promise a stay under the sun for a price among the most reasonable in sunny destinations abroad.

The study found nearly three-quarters (73%) holidaymakers should therefore remain in France this summer. A solution that 44% of them consider also less expensive. The information should delight tour operators who wish to conquer hex local customers. Two out of five French (38%) have, however, on family and friends to host and reduce the invoice and sulk rentals and hotels.They were 32% in 2010.

Result of economic uncertainties, vacationers are more flexible: three quarters of respondents are willing to change their vacation plans to take advantage of a promotion for both the destination, the dates or length of stay. 28% are ready to take advantage of special deals. Internet should be a privileged channel reservation this year. The study found the complaints to compare prices up 15%.

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The "Woodstock of capitalism" was a little less festive than usual. The general meeting of Berkshire Hathaway in Omaha, Nebraska has certainly met this weekend nearly 40,000 shareholders still very admiring of Warren Buffett. The boss of the holding company was nonetheless forced to admit the mistakes that tarnished his reputation. Since the end of March shocking resignation of David Sokol, one of his closest collaborators and presumed successor, the legendary investor had remained silent, which many blamed him.

David Sokol is suspected of insider trading. It is the subject of an investigation by the Federal Financial Market Authority (Securities & Exchange Commission). Former senior officer of the Empire Buffett bought in January for his own 10 million shares of Lubrizol.A few days later, he recommended the acquisition of the entire company Berkshire Hathaway. A project whose announcement was then boosted that share to 28%. Gain for the portfolio of David Sokol: 3 million dollars!

In the wake of the publication of a report by a committee of the board of Berkshire Hathaway, Warren Buffett, the third richest man in the world, has overwhelmed the very same public that it covered a year of praise earlier. "He violated our rules relating to insider dealing and violated the ethical principles that I set out to our managers every two years," acknowledged the octogenarian. Criticized for not checking in which conditions had already become his deputy Lubrizol shareholder, Warren Buffett admitted: "Obviously I made a big mistake by not asking him when he bought his shares."

Click on the thumbnail to enlarge the graphic.

The mystery kept on succession

The lawyers of David Sokol, who maintain that their client had not violated any rule or law, responded by expressing their surprise: "It is alarming that we have advised Mr. Buffett to radically change the position and use transparently a tactic to scapegoat. "Buffett said in late March was indeed his deputy resigned had not violated any law.

Bombarded as tradition dictates for hours about all sorts of questions by fans and shareholders, Warren Buffett gave no new details about the other issue of concern to Wall Street: who will succeed him someday, as it will David Sokol not? The sage of Omaha has remained elliptical, referring to an heir "straight as a".Suspicion falls in any case mainly on the pattern of its insurance business, Ajit Jain, on which Buffett had this sentence: "I can not think of a decision he made when I should have done better than he. "

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The recording of the meeting on 14 February at Renault had not yet yielded all its secrets. Challenges magazine published on Friday that new clips directly implicate Jean-Claude Marin, the Paris prosecutor.

The latter had been contacted by the management of Renault in the early days of the internal investigation. He then gave his agreement to continue investigations despite the illegality of the information collected, including those relating to account numbers in Switzerland and Liechtenstein. "What interests me since the first second, it is the materiality of that. By any means. And when I say by all means is that the process of the Republic, he accepted that our means were borderline (range, note), because the evidence in criminal cases is free, we intend to say Christian Husson The legal director of the manufacturer.

He adds: "It could very well send us and refuse to walk, he agreed to cover our ways and means were borderline, because we are in the extraterritorial, outside France. So we, we are cushy terms of legal framework and legal stuff. We went in knowing Marino, saying that our ways are extra, extra, extra border. He has covered there. "

Denied "formal"

The prosecutor's reaction was immediate.It "categorically denies having been issued by any authority to conduct informal investigations, even though he led an inquiry by the Central Directorate of Internal Intelligence (DCRI) of which he was already apparent at the time of this conversation, and thanks to information provided by foreign judicial authorities, that the accusations were unfounded by Renault, "said a statement.

"The comments made during this conversation are therefore a manipulation by the misuse of imagination endorsement given by the Paris prosecutor to pursue a private investigation," he concludes.

Dominique Gevrey alerted his leadership

If we believe the registration, Gevrey Dominique, head of security, had already alerted his leadership on the dubious nature of the evidence collected by the "Belgian" paydayloans."We would have expected in late February or early March, we have taken every son of this case which have not been learned. You'll see the DCRI (Central Directorate of Internal Intelligence, ed), you do not wear complaint. Either it tells us to go and see 'Sort this out with your crappy file that you started without us', or so they say, 'OK, we take into account the record'. They are our three Pomeranians (the three executives, ed) monitored, it lasts until July to August or September to October, and then they will fall very slowly. And the case was conducted by the DCRI, "said Dominique Gevrey."It drew attention, but hey, Tixador and Gevrey, in the machine, it is a damn!" He says, alluding to his colleague of safety, Marc Tixador.

Counsel feared money laundering

Another new element from this recording: the suspicion of money laundering which aroused the attention of the group's lawyer. As part of this investigation, the source was in fact paid with money obtained through an intermediary based in Algiers from false invoices. "There on the circuit of money, I'm in a situation where I stopped breathing because that is what I call money.We went out of the money bills, it was given to a person who took out the liquid! And with all that, Ghosn is going to do 20 hours 'Youp Youp' next to Gad Elmaleh or I do not know that! "Irritated John Reinhart.

Despite all these pressures, Dominique Gevrey never given the name of his source at this meeting.

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