World and National News

The U.S. stock markets still grind of black Monday. In early trade, the Dow Jones lost 1.08% at 10,879 points, the Nasdaq 0.68% to loose 2451 points and the S & P lost 0.95% to 1143 points.

Investors in Europe, in Asia and the United States fear that Greece is not able to meet these budget commitments, which threaten to bankrupt the country and aggravate the crisis in Europe. The German Minister of Economy Philipp Rösler has also not ruled out a bankruptcy ordered Greece to save the euro.

These uncertainties weigh heavily on European banking stocks, weighed down by their exposure to sovereign debt but also by fears about their solvency and funding.Specialists in Harbor Advisory today "Wall Street will evolve with European banks, whose main problem is exposure to sovereign debt."

United States, Barack Obama will submit to Congress today plan to revive the economy and jobs announced Thursday, said on Sunday a senior White House. The President will renew his call "to Congress to adopt this bill, which contains the kind of proposals to grow the economy and create jobs."

Week is low in business results – the retailer Best Buy and diverse manufacturing Pall is the only component of the S & P 500 to publish figures – investors will focus primarily on a series of macroeconomic indicators.The latter include retail sales, the producer prices and consumption as well as statistics on the manufacturing sector.

Note, however, leading indicators of the Organization for Economic Cooperation and Development (OECD) published this morning, reporting a "slowdown" of the world's major economies.

The euro and oil fall

In the wake of renewed tensions, the euro fell against the dollar, the euro remained sharply lower against the greenback Monday, falling below $ 1.35 even briefly, as a result of a new access market panic response to the crisis in Europe. Mid-session in Paris, the single European currency was worth 1.3603 dollars against 1.3649 dollars on Friday night. Earlier, the euro fell to 1.3495 dollars, its lowest level since Feb payday advance online. 16. The euro also fell to its lowest level in a decade against the yen.The euro bought 104.64 yen against 105.91 yen Friday. In the early morning, the euro fell to 103.90 yen, its lowest level since June 2001.

Under pressure from a stronger dollar, a barrel of oil has also dropped on the ground. In electronic trading in the morning, a barrel of "light sweet crude" for October delivery lost 1.23 dollars to 86.01 dollars per barrel of Brent North Sea crude for October delivery at $ 1.02 111 $ 75.

Values ​​to follow

The side of values, the French group Technip Engineering said Monday the acquisition of the entire capital of the U.S. Global Industries (51.36% to 7.80 dollars), a specialist oil services submarines, on the basis of a valuation of $ 1.07 billion (770 million).Technip will pay $ 8 cash per share, Global Industries, a premium of 55% over the closing price of its prey Friday night on Wall Street.

For its part, the online retailer Amazon (0.88% to 213.26 dollars) would be in discussions with publishers to launch a book rental service digital subscription, said Sunday the Wall Street Journal in its edition line.

After the unexpected departure of the patron saint of Internet giant Yahoo!, Carol Bartz, rumors of a union between Yahoo! (-2.21% To 14.16 million) and AOL (-2.72% to 14.32 dollars) have resurfaced. The CEO of the Internet service provider America, Tim Armstrong, have consulted with investment companies to test investor appetite for a reconciliation between the two groups advance Bloomberg.Tim Armstrong become the leader of the group.

For his part, Hertz Global (-2.54% to 9.58 dollars) has extended the date of its offer for Dollar Thrifty (-1.22% to 64.08 euros) Automotive Group (DTG) until November 1 .

Wynn Resorts (3.04% to 153.25 dollars) through its subsidiary, Wynn Macau has announced the acquisition of land over 20 hectares to the government of Macau for approximately $ 193 million. The plot, located on the Cotai area, should allow the development of a resort and recreation.

Saturday, the first game of the France team for the seventh Rugby World Cup, could look like a formality. While Japan, which will meet that day the XV of France in North Harbour in New Zealand, has never exceeded the group stage, despite participation in all editions since the inception of the cup in 1987. With a stern face cashed 145-17 New Zealand All Blacks in 1995, he holds the sad record of even one of the toughest defeats in the World Cup. Japanese rugby relegated to the background of world rugby would, however simplistic. "The opposition is not the best, but it's a team that is progressing," said Pierre Rabadan, third line of the French stage.

A league of companies

Advanced beyond the sports of "cherry blossom", the nickname of the national team, the country of the Rising Sun has mainly a very special championship, which does not leave indifferent rugby players from Europe, sort of Nations (New Zealand, Australia, South Africa), and the Pacific Islands (Samoa, Fiji, Tonga). Third national sport, and this for over 100 years in the archipelago, the discipline has developed to organized a national championship, the Top League. With a special feature: the clubs come from the companies.

"These clubs are like works councils in Europe, shows Miguel Fernandez, agent of several French players. The rugby players are employees of the multinational corporations, which finance between 85 and 90% of the teams. " Hence the original names of clubs such as Coca-Cola West Red Sparks, Toshiba Brave Lupus and Yamaha Jubilo.Toyota even has two teams playing in the Top League (14 teams), the elite rugby in Japan.

Consequently, this "championship companies" gives more flexibility for clubs to recruit players from outside, when the National Rugby League wage bill caps the French clubs to 8.7 million. For the time being, no French player in the league evolves Japanese, but many of the major European leagues rugby and South Pacific have been tempted. Most recently, the former third line of the French stage, James Haskell, free from any contract with the club from the capital, announced that it would conduct a season with the Ricoh Black Rams Japanese before starting a new lease in 2012 with Wasps English payday lenders. In his previous contract in Paris, the player's annual salary was estimated at 300,000 euros.Likely that his Japanese club for a season or at least aligned with that level or beyond.

Players of the hemisphere are the most numerous

For a star player in the Top 14 French, whose gross annual salary up to 400,000 euros, the Japanese archipelago can also represent an attractive option at retirement. Around the world rugby, the phenomenon is growing: in 2008, two members of the hinge legendary Australian wallabies, Stephen Larkham and George Gregan signed in Japan. The first, to 34, with the Ricoh Black Rams, and the second 35 years with Suntory Goliath.

The choice of the country of the Rising Sun did not, however, only by default. "On average, Japanese wages are 20 to 30% higher than those in Europe, explains Miguel Fernandez, where the French Top 14 offers a gross average monthly gross earnings between 10,000 and 12,000 euros."Examples of multiply exile for five or six years. Twice in the middle of his career, Troy Flavell of New Zealand, currently operating Bayonne, selected the Top League (Toyota Club between 2004 and 2006 and Mitsubishi Dynaboars between 2008 and 2010).

Even the coaches are getting into, as the country "looking for experienced technicians to increase his level of play," said Miguel Fernandez. Jean-Pierre Elissalde, a former French scrum-half, led for a year the selection of Japan. For his part, Christian Gajan, current director of the Bayonne rugby took over in the mid 2000's Coca Cola West Red Sparks. Finally, and since 2006, the current XV of Japan is under the leadership of the All-Blacks legend John Kirwan.

Still, the financial firepower of a club is sometimes not enough to convince European players into exile at the end of the world.Therefore, the countries most represented in the Top League are those of the southern hemisphere, for reasons obvious geographical proximity. In the national party in New Zealand, they are even a dozen players from New Zealand, Samoa, Fiji or Tonga to defend the Japanese colors.

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Off the road for Saab. Despite the best efforts of its owner, Swedish Automotive (formerly Spyker) to find cash, the Swedish automaker filed for bankruptcy on Wednesday. In a statement, Swedish Automobile said it had requested the placement of Saab in the protection of bankruptcy law. As part of a "voluntary reorganization," the contractor seeks to save time. Time to "attract additional funding" and especially, time to "ensure the payment of wages" and "prepare an orderly restart of production," selonVictor Muller, CEO of Swedish Automobile and CEO of Saab Automobile.

"Considering the financial resources currently limited to Saab Automobile, a voluntary reorganization will help to use the most efficient way the existing resources," the company said.It must be said that its financial situation is critical for several months. The manufacturer, which employs 3,700 people, announced in June that it would stop paying the salaries of its employees. Part of these wages was settled late, since, while, as of August have not been paid. In late July, the Saab postpone indefinitely the resumption of production at its only factory in Trollhattan, Sweden, interrupted once again from June 8 Suppliers, remained unpaid, stopped shipments from April free 3-in-1 credit report. Some had to degrease their workforce.

Breathless

In this grim context, Swedish Auto has continued to widen its losses. In late August, the owner of Saab announced a significant loss of 201.5 million euros in the first half of 2011, against 21.9 million euros during the same period in 2010. The losses have been increased tenfold.The group, however, made efforts in all directions to ensure its survival. Saab had been saved from bankruptcy in early 2010, when, breathless, it was bought by the Dutch Spyker (now Swedish Automobile) to U.S. giant General Motors. Over the last six months, Saab has signed contracts with Chinese distributors and Pang Da Youngman and negotiated a contract to sell its real estate leased for cash.

These efforts have been inadequate and the rest of the employees of the manufacturer of short duration. Now, IF Metall, the main trade union of Saab, said that the decision of Swedish Automobile "might be a good solution."She hopes a quick decision of the Court of Vänersborg on the demand for Swedish Auto, so that its "members can quickly receive a reply regarding the payment of their salaries."

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Unlike many leaders of the UMP, Bernard Accoyer does not support a convening of Congress on the golden rule if the vote is not granted.

LE FIGARO .- What impression do you get from the Summer of PS?

Bernard ACCOYER. – We saw a new battle of images and egos between the candidates in the primary. The PS seems to be a party curled up, in contrast to a world wide open. At La Rochelle, it was all in the posture of a facade of unity and there was nothing to find ideas to respond to the challenges of the moment. The PS stands still deal with the crisis.The implementation of its program for 2012, comparable to 1997 and even 1981, would have two consequences: swelling public spending and raise taxes, while France must control its spending and tax measures to adjust without affecting the household consumption or business competitiveness.

Among the subjects of contention between the majority and the opposition included the "golden rule". Do you support the convening of Congress?

It is a responsibility of the President of the Republic. It is major. French Parliament's vote on a commitment to fight against excessive deficits is a key decision. It is also a commitment of 17 countries in the euro area. We must measure the impact of the convening of Congress. I trust the president to decide or not.For my part, I hope of course that the golden rule is adopted, but I also measured the risks of this approach. Currently, all the conditions do not seem right for the look.

Namely, that you do not have three-fifths majority to pass it?

Indeed, I spoke with most opposition leaders. They spoke clearly. They are not committed to voting the golden rule in Congress. Pending the outcome of consultations with the Prime Minister, I note that the French Socialist Party is the only one in Europe to adopt this posture.

Should we still call the Congress?

The president said if the opposition decided not to join this initiative, decisive for the future of Europe, it would be one element of the debate for the next presidential campaign. There is no emergency.We have until the summer of 2012 to reform the Constitution. Until then, it happens a lot and the French will have to choose between courage and dangerous demagogy.

What would happen if the text was finally rejected in Congress?

The absence of a qualified majority in Congress, after a positive vote in both chambers, would be a first under the Fifth Republic. The risks of rejection are real in a very sensitive issue, so we know very well that national unity has a lot in the difficult times through Europe and the euro, and also through France.

Jean-Francois Cope continues to ask Borloo to surrender to appear in 2012. Do you think the president of the Radical Party will go anyway?

Borloo belonged to the government of François Fillon for nearly four years.It is in the majority, a personality that counts. He contributed greatly in the ministries which he was responsible. His place is obviously in the campaign alongside Nicolas Sarkozy, not a competitor.

You think he will return to the fold?

I hope with all my heart and, as an intelligent and responsible, I think.

What makes you optimistic for the re-election of Nicolas Sarkozy?

What matters are not the polls, which have often said the opposite of what came out of the polls. The important thing is what has been done and what the French can expect the next five years. The President has taken, in exceptional circumstances, the right decisions at the right time with courage. Nicolas Sarkozy, during his presidency of the European Union or the G20, led the way.It was also the strong man in particularly difficult crises: the economic crisis in 2008, the crisis in Georgia, the Libyan crisis. The French need in a dangerous time, a head of state determined, courageous and experienced.

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GroupM was promised a destiny to Twitter and Foursquare. Like the latter, the start-up in New York was revealed at the conference Internet "South by Southwest," which was held in Texas in March. But barely a year after its creation, GroupM has already attracted the attention of the giants of the Internet and has just been bought by Skype for an estimated $ 80 million.

The operation allows the specialist to Internet telephony to build a niche in the amount of online communication: messages grouped. With services such as GroupM, users can create discussion groups on their mobile phone and communicate with others, forming "chatrooms" private SMS.In recent months, major Internet players have been enamored of such services, which range from communication, and coordination, like Facebook, which bought the Beluga service in March 2011, eight months after its creation. In addition, the social network launched mid-August, Facebook Messenger, a mobile instant messaging application.

For its part, Google has made this communication bundle a cornerstone of its community platform + Google launched in late June, with the "hangouts" spaces bundled instant messaging and video. Finally, as recently shown by the London riots, the BlackBerry is an actor to be reckoned with in this area, through its private courier BBM (BlackBerry Messenger). Now owns GroupM, Skype will better stand up to these types of communications.

175 million monthly users of Skype

"Skype and GroupM have a common vision.GroupM's team has created a messaging experience incredibly attractive bundle that runs across the terminals and mobile platforms, making it a perfect complement in voice, video and text of the Skype family, "said Tony Bates, general manager of Skype, in a statement.

For Jared Hecht, co-founder Steve Martocci GroupM, "there is a natural affinity between Skype and GroupM.""Our goal is to continue to develop tools that allow people to easily communicate, share and keep in touch with their close relations and important," he said, arguing that integration with Skype would allow the start-up achieve its vision of "ten times faster."

The start-up is already looking forward to see the service offered to 175 million monthly users of Skype.

The acquisition of Skype by GroupM, which is the subject of discussion for several months, could also be beneficial to Microsoft. It announced the acquisition of Skype for $ 8.5 billion in May.While sentencing the operating system (OS) Windows Mobile Phone 7, the software giant could find with GroupM a valuable feature to include in its bid for smartphones.

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M6 is a very good student of PAF. Without the weight of the club of Bordeaux, with poor results affect the activity, the group chaired by Nicolas de Tavernost successful in the first half, a clear round. M6 Group has grown from 6.2% of its total advertising revenue during the first six months of the year to 433.1 million euros. Advertising revenues from the flagship, the M6, with growth of 5.3% to 356.5 million euros. At the same time, the cost of grid, which is established in the first half to 159.9 million euros, up 2.3%. What free "operating margin of 31.4%, one of the best in Europe, up 6.3 points."

"Hearing in progress"

For the leaders of the audiovisual group, this performance is primarily advertising-related "to an audience up – 10.5% against 10.4% audience share a year ago." Similarly, the other group's advertising revenues rose 10.5% to 76.6 million euros.

However, the group as a whole must grant a 3% decline in its total turnover to 719.7 million euros, mainly due to poor performance of Girondins de Bordeaux – 40% drop in revenue – but also Income diversification and audiovisual rights, down 10%. This fall would be "100% due to the lack of video output of the Twilight", a new album which is scheduled for November. Finally, distance sales have also suffered, the market became more competitive with impacted by the economic crisis.Consumers would then become much more selective in their purchases on the Internet.

Yet the group's operating income rose 10.9% to 146.9 million euros. Similarly, net income was up 8.4% to 91.5 million euros. The M6 ​​can boast a net margin, almost unique in Europe, 12.7%.

Do not panic in financial markets. This seems to be the credo now senior U.S. policy makers after a weekend marked by new sterile discussions between elected Republicans and Democrats on the thorny issue of the reversal of U.S. debt. Twice since Friday night, the talks between the two sides have failed to unlock the status quo on the action to start to reduce the U.S. debt. With a huge debt ceiling set by law (14.294 billion U.S. dollars) was exceeded on 16 May, which could lead the world's largest economy straight into a default on 2 August.

Friday night, the country experienced a further escalation in the standoff between Democrats and Republicans, they refused to comply with the requirements of President Barack Obama.The Democrats call indeed now $ 400 billion of additional tax increases. A change of position is unacceptable, according to John Boehner, the Republican leader of the House of Representatives, while the two sides had previously agreed to a ceiling of one trillion dollars in additional tax revenue to reduce debt further Atlantic. Saturday evening, the President was therefore convened in emergency to four White House officials Republicans and Democrats in Congress for a new emergency meeting. But no more successful in negotiations, after 50 minutes of discussion.

Do not scare investors

The inability of both sides to agree on tax revenues and budget cuts necessary leads the U.S. on a slippery slope.Besides the risk of degradation by the rating agencies of their sovereign rating, the status quo would cause panic on world financial markets, barely recovered from the fears of the risk of contagion from the crisis of the Greek debt to other countries Europe.

U.S. officials are well aware, those who now wish to reach an agreement by Sunday evening before the opening of Asian markets. Rebuked by President Barack Obama, Congress pledged Saturday to present a plan to reduce the deficit within 48 hours to push the risk of lowering the country's sovereign rating. The fact is that beyond the tax revenues, the issue of budget cuts expected to be a problem. Democratic side, the president believes that the 1.6 trillion cuts represent an offer "extraordinarily fair".Republican side, these efforts remain insufficient to John Boehner, who wishes to bring to 3 trillion budget savings over 10 years.

Critical deadlines

Given the failure of talks between the president and elected officials of both Houses, the compromise could eventually go through further discussion within Congress. This Sunday, "the leaders of the Senate and House have agreed to return to Congress to speak to their groups and discuss the way forward. The conversations will continue all day "has said Jay Carney, spokesman for the president. For now, no new summit meeting is scheduled with Barack Obama, but on the other hand John Boehner also called for an early agreement.If a common ground on removing the ceiling on debt seems likely, no party could only be satisfied with this short term solution, and discussions on the reduction of public spending should be more difficult. And less than 10 days from the deadline of August 2, the deadline becomes every day a little more critical.

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François Hollande line breaks with the Socialist Party in the reduction of debt. The Socialist candidate for the primary aims to reduce "from 2013" the public deficit to 3%, one year before the date fixed in the official program of the Socialist Party, he said in an interview in Le Monde. It aligns well on the commitment of the Fillon government towards its European partners.

"We must rebalance our public accounts of 2013," that is to say, that date back to 3% of gross domestic product (GDP), he said. "We can not let stand the public debt at the risk of the burden of our interests in the country's first budget, which alters our room for maneuver, he said. Debt is the enemy of the left and France. "The Socialist Party has set its program a path of debt reduction more slowly, with a deficit to 3% of GDP in 2014 alone.

François Hollande joins the current objectives of Bercy. The Ministry of Finance shall reduce the deficit to 6% at end 2011 to 4.6% in late 2012 to late 2013 and 3% to 2% in late 2014. With such a policy, public debt would start to decline, according to the Government in 2013. All with a 2% growth in 2011 and 2.5% in subsequent years (the latter assumption being as optimistic by many economists).

Baroin criticizes PS

The statement by the Socialist candidate for the primary came as the euro area, particularly the Italian debt has again been targeted by the markets this week. France is so far immune to the shocks, welcomed the Minister of Economy Baroin in an interview with Le Figaro Magazine published on Saturday.The new host has de Bercy on the other hand showed severe with the socialist project: "It is irresponsible with regard to the preservation of our growth to provide a fiscal impact of an increase of 50 billion euros of taxes."

François Hollande asserts that tax reform will be his first, especially via the same scale for labor income and capital, a merger of the income tax and the CSG and the elimination of tax loopholes. "The candidate who announces that there will be no extra effort beyond 2012 will be a president who perjure themselves," he said. He also reiterated that he wanted to return to retirement at age 60 and he would vote against the golden rule, which aims to set a limit to the deficit in the constitution.

The rating agency Fitch has warned France in late May: the reforms undertaken in recent years, such as pensions, "have improved the outlook for public finances." But "further efforts will be needed to reduce the deficit to 3% of GDP in 2013, as agreed," she adds. In addition, it would be welcome, according to Fitch, that Paris set in the constitution the principle of balance of public finances and reduce its "structural rigidities".

Holland criticized the European delay

The candidate Holland is very critical of the strategies of Paris and Berlin in the rescue of the euro area. "France and Germany are missing," he Assen."Nicolas Sarkozy and Angela Merkel bear a heavy responsibility in the divorce of the Franco-German because the euro zone can only work if there is a total concordance of views between the two countries that represent over 40% of its economic power. "

France and Germany are divided on how to share the burden of the second aid package to Greece with the banking sector. Which blocks the negotiations and feeds the nervous markets. A crisis meeting to be held on Thursday between the finance ministers of the euro area. But the plan should be finally adopted in September, at the next summit between the Heads of State and Government in Europe.

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A decline of 7.8% of GDP in the first quarter! Tunisia pay expensive, economically, its political independence. Just as the whole area, shaken by the revolutions of the spring. "Observers have not yet realized the importance of economic and social transition taking place in these countries," said Philippe de Fontaine Vive, Vice-President of the European Investment Bank (EIB). "The recessive effect of this transition will inevitably be strong, but it should be supported: prosperity without democracy can not be consolidated."

Sign of distrust of the area, "the number of direct investment projects in countries of the southern Mediterranean has dropped by 13% compared to the pace of 2010, according to the observatory Anima Investment. In detail, Egypt and Tunisia have experienced over the first three months of the year a 50% drop in investment projects.Libya and Syria are also severely affected, while the Lebanese resistance. Only Morocco stands out by recording an increase in expenditure compared to previous years. With 37 projects during the first three months of 2011, the Moroccan kingdom even beat his record.

Click on the thumbnail to enlarge the graphic. Free valuation

All these figures underline the urgency of assisting countries in transition to democracy. "Our two biggest challenges are unemployment, with 750,000 job seekers – including 160,000 young people – and the lack of long-term financing," said the Tunisian Minister of Finance, Jelloul Ayed, at the 9th Conference of the FEMIP (the subsidiary of the EIB in charge of financing the South-Mediterranean), held in Casablanca last week.To solve them, the government prepares a five year plan in two phases: short term, it facilitates the creation of public employment and compensation for firms in difficulty.

In the long term goal is the establishment of a genuine financial sector, based on the creation of a fund deposits and deposit, to fund infrastructure projects and a fund "generational" – Sovereign – fed by the privatization proceeds.

But this will not, without outside help. EIB figure indeed to 300 billion euros investments needed in energy and transportation infrastructure to achieve in nine South Mediterranean countries by 2030. At the G8 in Deauville, May 27, the major industrial countries pledged to help the Arab countries in their transition. But their public finances are battered, they have promised are expected."This forces us to consider additional funding, such as public-private partnerships (PPP)," said Philippe de Fontaine Vive.

The PPP is a private operator to finance, construct and operate a public service on behalf of a state or community. The EIB, the first financier of PPP in Europe, has offered to make its expertise available to free southern Mediterranean countries to help develop the legal and tax, to establish this type of financing. It associated itself with the creation of a "club PPP, consisting of four pilot countries in the region, Egypt, Jordan, Morocco and Tunisia. But this initiative, full of pitfalls, will produce results only in the medium term. In the short term, the Bank has pledged to accelerate its direct financing by paying 6 billion euros by 2013 in the southern Mediterranean countries.

At Deauville, all multilateral development banks have pledged to provide $ 20 billion in two years. It's much the same time very little. Tunisia waited – alone – 15 billion euros in aid from the G8 …

The days are not alike at the Paris Bourse. In the wake of a rise of 1.63%, amid relief on the Greek case, the CAC 40 has canceled much of its gains on Tuesday. The Paris stock index was down 1.05% at 3964.81 points.

U.S.: Manufacturing activity slowed and job creation disappointing

Investors were disappointed by the indicators on employment and growth in the United States.The employment figures in the private sector show an increase of only 38,000 in May, according to the firm ADP, while analysts were betting on 170,000 net hires.

Construction spending rose 0.4% in the U.S. in April, according to a Commerce Department estimate released Wednesday in Washington, and contrary to that of analysts who had forecast a decline of this indicator.

Manufacturing activity has slowed markedly in the United States in May, according to the index of purchasing managers released Wednesday by the industry trade association and ISM fell to 53.5%.

The industrial sector in the euro area slows

In France, the unemployment rate fell slightly in the first quarter of 2011, to 9.2% of the workforce in France (9.7% overseas departments included), down 0.1 points compared revised figure for the fourth quarter of 2010, INSEE announced Wednesday.

Moreover, the PMI industry is back to 54.9 after 57.5 in April. The growth in output and new orders fell in May to their lowest levels since seven and ten months, says Mark.

In Germany, the final manufacturing PMI rose to 57.7 in May against 58.2 in the flash estimate and 62.0 in April, its lowest level since October 2010. The price index of inputs had also its biggest drop since November 2008, to 70.5 in May (71.2 in flash estimate), after 80.3 in April.

Overall, the signs of decline observed in industrial production in the peripheral countries of the eurozone weighed on its manufacturing growth in May, show the final results of the survey Markit.The Markit PMI manufacturing index for the euro area stood at 54.6 in May, after a flash estimate of 54.8, against 58.0 in the month of April, its lowest level since October.

As for currencies, the euro still progressing against the greenback on Wednesday, but remained confined in 1.4450 dollar. Late afternoon in Paris, the European single currency was worth 1.4445 dollars against 1.4397 dollars late Tuesday. For his part, a barrel of oil lost 0.76% to 101.92 dollars.

Operators abused

Axa: 1.45% to 15.05 euros

The group, which has detailed a plan Wednesday to strategic investors, will sell its Canadian subsidiary to Intact Financial.

Peugeot: -0.83% to 29.16 euros, Renault: -0.84% ​​to 39.09 euros

Registrations of new cars rose 6.2% in MayRenault saw its registrations tumbled 18.2% as reported, while PSA Peugeot Citroen, for its part, showed an increase in registrations of +12.5% ​​compared to May 2010.

Schneider Electric: -1.22% to 113.20 euros

The group announced Wednesday a takeover bid of $ 2 billion (1.4 billion euros) to Telvent, a specialist in systems for managing energy infrastructure, water and transport.

France Telecom: -1.51% to 15.66 euros, Bouygues: -0.95% to 31.79 euros, Vivendi: -0.59% to 19.28 euros

The mobile phone is possibly carcinogenic but no formal proof establishes the link between mobile use and brain tumors, cancer specialists have said Tuesday the World Health Organization (WHO).

Arkema: -2.23% to 74.47 euros

The group will enter the CAC Next 20, the antechamber of the CAC 40, and CNP Assurances will be withdrawn with effect from 20 June, the Council decided on scientific evidence of NYSE Euronext Paris. In a statement, Arkema said that NYSE Euronext enters the CAC 60 and the Large NOC is withdrawn. The reverse operation is performed for the CAC Mid 60.

Neopost: -1.72% to 61.15 euros

The group announced an increase in its turnover in the first quarter despite difficult conditions in Europe and confirmed its targets for 2011.

Theolia: 6.11% to 1.39 euros

The group announced Wednesday it had signed an MoU with the National Electricity Morocco (ONE) to develop and implement an entire fleet of 300 megawatts (MW) in Tetouan near Tangier.

Lagardère: +0.11% at 28.41 euros

The group has completed the bulk of the sale of its international magazine to Hearst, which should have a negative impact of EUR 35 million on operating profit of Lagardere Media for 2011. These disposals will impact is the objective announced in March a growth of around 10% of its 2011 operating profit at constant exchange media, which included the magazine internationally.

Neopost: -1.72% to 61.15 euros

The group announced an increase in its turnover in the first quarter despite difficult conditions in Europe and confirmed its targets for 2011.

Belvedere: -1.72% to 61.30 euros

The CEO challenge the fines against him required by the representative of the college's Financial Markets Authority (AMF).