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A sequence at high risk for economic diplomacy opened on Friday in Paris with a G20 Finance Ministers, which ends in mid-afternoon today. The summit precedes the meeting of European heads of state, October 23 in Brussels, to enable Europe to get united at the top twenty richest countries in the world, at Cannes, 3 and 4 November. The road is marked. But after the race progress is uncertain. The subjects of accumulated tensions between developed countries, amid Sino-US tensions around the issue of exchange rates.

Aware of the pitfalls, Paris, who chairs the G20 seeks to avoid the reasons for tension. First objective: to show that Europe is determined to solve the crisis of its debt, which raises concerns around the world.To do this, nothing better than to show the strength of the Franco-German couple at a luncheon on Friday at the Elysee, bringing together around the president, the French finance minister and Baroin his German counterpart Wolfgang Schäuble.

"We have made good progress on the path to find how to package a comprehensive and lasting agreement," said the French way out. For Baroin, progress has been made "on the joint bank recapitalization," he may say no more.According to European sources cited by Bloomberg, the euro area is working on the assumption of a default of 50% of Greek debt and would have identified seven options to boost the European Financial Stability Fund (EFSF), from the processing bank the simple assurance of securities issued by the countries most vulnerable.

Individual Solutions

Paradoxically, this sacred union between France and Germany is no longer visible in the markets guaranteed high risk personal loans. Yesterday, the spread between ten-year French and German was 93 basis points, to the detriment of the former. Never since the creation of the euro area, France has borrowed as much from Germany even though the absolute rates at ten years French remain historically low.In the eyes of financial markets, it shows the weakness of leeway in Paris, to boost the EFSF or possibly refinance its banks.

The other cause of tension that the French Presidency is to avoid global order. At their working dinner last night, finance ministers from the G20 should discuss ways "to ensure global growth strong, sustainable and balanced", as agreed for three years. But unlike previous summits, where everyone was asked to revive its economy, the solutions will be this time individual. "At Cannes, each country will come with two or three steps to support its economy depend on the fiscal space of each other," says Bercy. What display a facade of unity.

However, the Twenty will not avoid the reasons for tension.The heaviest between China to the United States, since the passage by Congress in Washington, a bill denouncing the undervaluation of the yuan. The newest arrived yesterday: the emerging propose strengthening of $ 350 billion financial capacity of the IMF for help, among other things, to finance Europe. A proposal that has received a plea of ​​receiving U.S. Treasury Secretary Timothy Geithner, for whom the IMF has "largely sufficient resources to deal with the crisis."

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Nicolas Sarkozy could be expressed in the late afternoon, after his meeting with Herman Von Rompuy, confirmed Tuesday morning in his entourage Figaro. It would only be a few minutes of intervention, on the steps of the Elysée with President of the European Council.

"Nothing is confirmed yet," says one, however. "It will also depend on market developments in the day," says an adviser. Monday night, the Elysee was between a very firm denial to rumors that a scenario out of Greece to the euro would be discussed at the Elysee. We emphasized above all the character "drama" of this to the Greeks themselves, but also for the euro area.

"To ensure compliance with the commitments of the July 21"

"This is not a desirable solution, we do nothing to make it desirable," confided a senior official Monday night Elysian following folder every minute electronic check payday advance."We try to be consistent: we are about to present to Parliament the rescue plan that was decided on 21 July in Brussels. We do not prepare in the wings is another scenario that would offer the exact opposite, "he continues.

The state still remains fragile in which finances are Greek, "We try to convince them to do everything to achieve compliance with the commitments of July 21," says this source. Tuesday evening, the Head of State may wish to print this message in a clear and solemn.

Alain Minc is an essayist and near the head of state.

LE FIGARO – The government Wednesday presented a series of measures to reduce the deficit. Austerity, winning all countries, no risk does not reduce growth?

Alain Minc – No, because we are in a new paradigm. The French were the first more concerned with issues of debt through employment. With the power budget, we can rebuild the confidence of economic agents: households are encouraged to thaw out their savings and consumption, business investment. It is manufactured and growth. Submit a budget that would encourage lax instead to save more and thus consume less.The triptych in a world crushed by the weight of the markets is, under budget, trust, growth.

What steps should be taken virtuous?

Personally, I hope a large extent: the 27 EU countries simultaneously increasing their two-point VAT rate. It would be readily absorbed and deficits would be reduced immediately. But it's not for today. Apart from that, we need to focus on controlling government spending. There is still some leeway in this area. But that will not help if we do not address local government spending. It will also examine the non-controlled welfare state, in other words, take action politically and technically difficult to better control health expenditure.This last point requires a long process.

How?

The government is against the wall on its forecast deficit of 4.6% of GDP in 2012, and will do anything to achieve it. But with regard to the defense of the AAA, it was France as a whole is forced to cope. This note is a "national treasure" co-owned by all the French. You need to have well aware that nine months of the presidential elections, the statements of the two main governing parties in France, right and left, are scrutinized by credit rating agencies. The left would be as responsible as the right to lower the note in the coming months if she is economically unsuitable proposals during the campaign.

But the "golden rule" will not be passed.

No, because the Socialist Party opposes it.It is very unfortunate: it is important to give the Constitutional Council the power to censor a budget law does not respect their commitments. The Socialists had better vote to commit to the "golden rule" by requiring counterparties to the government. This would have given them a "chastity belt" in case they win the election.

Are you in favor of a tax on high salaries?

There is a problem obviously symbolic. It is of course legitimate, in the present context, it takes effort – exceptional – the rich. This should take the path of a direct tax levied on high income of around 0.5% above 150,000 euros, rising to 4 or 5% over one million euros for example.But beyond a fiscal contribution, I regret that senior executives have increased their earnings in recent years and today signed manifestos calling for a higher taxation of high income! Their real responsibility is not to engage in excesses of the social contract of their own business. Also, I think we need to align the taxation of capital on that work payday loan lenders. It is not normal for the first shows a gap of 16% with the second (PIT + CSG).

The debt crisis in Europe is cause for concern?

Yes, more worrisome than the upheavals stock as a debt crisis can block overnight access to a State for financial markets and freezing its banking system. However, the ECB has a tool box to avoid it. By the way, we must remember that we are facing a debt crisis, not a euro crisis.I do not know what the crisis of an overvalued currency by 20%, as is the euro against the dollar. Objectively, fears about the financial strength of big countries (Italy, Spain) in the euro area do not make sense.

Yet fears about their health are strong cyclical.

Spasms current will of course impact on growth. Everything will depend on the duration of shocks and jolts coming. This impact could be on the order of 1% of global GDP. That said, we are in a situation radically different from the 2009 recession. You can not compare the balance sheets of banks in September 2008 to today, undoubtedly the best. Three years ago, they were packed with toxic assets.Today, traders are concerned to see them hold treasury Italian! You have to be stupid to believe that the right of a State such as Italy, able to tax a very large domestic savings, are as dangerous as subprime. Italy will never default because if Italy jumps, Germany, which is one of its major suppliers, and jumps as the global economy collapses. This will not take place.

Banks, especially French, you seem so strong enough to weather the storm?

Of course. The markets speculate on Societe Generale, thinking she might suffer from a default of Italy or Spain.But if these two countries are lacking, all banks in the world will fail: it would be blind to believe that a single major bank like Societe Generale, can fall without all its competitors plunge with it! That's why the world will never let down Italy and Spain. By the way, I do not understand the attitude of major European banks, which in times of crisis cut their credit lines to their colleagues believed to be the most fragile. The banks are all connected to each other and should instead show their solidarity.

Rating agencies are they guilty of the current situation?

The big banks and investors are primarily responsible for the weight gained by the three major rating agencies in the world.These financial institutions, for reasons of economy, have removed their analytical services, de facto subcontractor that activity for credit rating agencies. Basically, the only real complaint that can be sent to these agencies is that they do not know the note states – who do not notice as a business. Judge the soundness of a country requires a great culture of the local economic history. For example, the agencies never take into account the weight of the informal economy. But in a country like Italy for example, this economy is from 25 to 30% of GDP, which changes considerably the situation in terms of credit analysis. As the United States, they are the backbone of the global financial system. As such, they are above any notes!

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.

In Britain, in case of riots, police paying the damages. This is recalled Stuart White, of law firm Reynolds Porter Chamberlain: a law, which has 125 years, in fact, makes the police responsible for damage caused to property during riots, as "fail" in its duty of maintaining order and respect for the law.

In other words, the State will get their hands in their pockets to pay a portion of the bill due to clashes that affect London and other major British cities since Saturday evening. According to the Association of British Insurers (ABI), the invoice amount to several "tens of millions of pounds."Right in the austerity, the new grave evil historic budget cuts designed to reduce the deficit of Britain were launched last June.

However, some police forces insure themselves against damage due to riots. Is considered a "riot" any gathering of more than 12 people gathered "loudly" and whose behavior would any reasonable person to fear injury to his security.

And insurers do they expect to have to deal with a lot of complaints, while shops were burned, vandalized and looted. "It is too early to have a clear idea of ​​the total cost, especially the cost of closing the shops, but insurers are working hard to deal with complaints that reach," said Nick Starling, head of insurance and the health of the ABI, in a statement.Many insurers offer "hotlines" 24/24 and the British are expected to contact their insurance as soon as possible, explaining that for the shop owners, insurance policies often include coverage for losses related to the closure their business or property damage.

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PSA Peugeot Citroën is not intended to be the key for electric vehicles. According to sources cited by the economic newspaper La Tribune, the automaker installed production capacity that should allow it to manufacture more than 30,000 hybrid vehicles per year. In detail, each year some 16,000 to 18,000 Peugeot and Citroen in Sochaux and Mulhouse DS5 about 15,000 Peugeot 508 will be designed to Rennes, the newspaper said.

Peugeot will launch the hybrid 3008 in October 2011 at a price of 35,000 euros. This is the first crossover hybrid in the world using diesel. Thus, it emits less CO2 and lowers consumption of 35% compared to vehicle performance and similar performance.By nature, the mechanical solution of Peugeot inspired many of the Lexus with an internal combustion engine driving the front wheels and an auxiliary electric motor provided with its environment, Bosch (50 kg) and acting this time on rear wheels. Sanyo battery pack Ni-MH High Voltage (50 kg) is placed below the trunk decreased from 435 to 362 dm3.

The U.S. stock markets ended on a mixed note on Friday. The Dow Jones gained 0.36% to 12,004.36 points and the S & P 500 advanced 0.31% to 1271.30 points, but the Nasdaq was down 0.29% to 2616.48 points and the S & P 500 rose 0 , 89% to 1278.87 points. Thursday, Wall Street has ended in a disorganized, fears shared by more and more vivid on the outcome of the crisis of public finances in Europe and reassuring indicators from the United States who came to end a series of bad news on the macroeconomic level.

Greece still under surveillance

The situation in Greece has once again attracted the attention of investors. Originally scheduled Thursday, the redesign part of the Greek government has intervened in the morning.

On the foreign exchange market, the euro lost ground against the dollar.In the late evening in Paris, the single European currency was worth 1.4302 dollars against 1.4209 dollars on Thursday night.

Oil prices fell again Friday in New York, which lost 1.94 per barrel to 93.01 dollars and dollar fell to its lowest level in nearly four months, the market impact of caring Greek crisis on energy demand.

On the macroeconomic front, consumer confidence down in the U.S., according to the index of U.S. consumer confidence released Friday by the University of Michigan, which has provisionally to 71.8 in June, less than The analysts thought.

The index of leading indicators, which foreshadows the general trend of the U.S. economy for months, was up 0.8% in May to 114.7, after falling 0.4% (revised from 0, 3%) the previous month no faxing payday loan. Economists polled by Reuters had forecast a 0.2% increase.

RIM, in line with expectations

Capital One: -0.33% to 48.84 dollars

The side of values, the U.S. bank Capital One said Thursday after the close of Wall Street that it would buy the Dutch bank insurer ING's U.S. subsidiary of ING Direct online bank for $ 9 billion in cash and shares.Under the agreement, ING Capital One pays $ 6.2 billion in cash, together with some 55.9 million shares of Capital One, estimated at about $ 2.8 billion.

Research in Motion: -21.45% to 27.75 dollars

The Canadian group Research in Motion (RIM), listed on Wall Street, manufacturer of BlackBerry smart phones, said Thursday after market close a net profit of 695 million U.S. dollars, in line with expectations, but sales below market expectations for its first quarter.

Central Pacific Financial: 6.04% to 13.69 dollars

Also note, the U.S. Treasury said Thursday it planned to recover about 36 million in bringing to market some 2.85 million shares of Bank Central Pacific Financial held.

Boeing: 0.22% to 74.17 dollars

Orders for medium-haul aircraft should carve out the lion's share at Paris Air Show, in particular the re-engined Airbus A320, whose commercial success increases the pressure on Boeing for a decision on the future of 737, the 'best-selling commercial airplane in the world.

After falling 23.88% for its second day on the stock market, Pandora Media, which side now below its IPO price, gained 0.75% to 13.36 dollars.

All real estate transactions involve the payment of notary fees. The note, which is completing the acquisition process where the buyer is usually borrow more or less important to his bank, still seems a bit expensive … especially if one confuses notary fees, and fees. Fees, expenses, registration fees … Mazodier Carolina, a journalist with the monthly individual, decrypts the invoice.

The player has to use default in the articles of figaro.fr. maj1

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.

The CAC 40 will reach there to string together a seventh consecutive month of meeting this Friday? Investors could be tempted to follow in the footsteps of Asian markets, Tokyo without (closed due to holiday) were very hesitant after the announcement of a U.S. growth slowed in the first quarter. In Paris as in Wall Street, many traders were yesterday conceded that the new had yet been burdened by other negative indicators.

For this last day of the week, risk-taking should be smaller. Especially since the day will be rich in events. The eyes of the markets will not (only) turned to the royal wedding of William and Kate in the UK, but towards the expected flurry of statistics.In France, it is the producer prices in March, Germany, and retail sales in the eurozone, the unemployment rate.

Then the United States, the festivities start with the incomes and household spending in February (14.30) and the Chicago PMI for April (15.45) and the index of consumer sentiment this month ( 3:55 p.m.).

Side currency, the euro remains strong against the dollar at 1.4847 dollar. Oil markets appear, they, down, worried about the state of the U.S. economy.A barrel of light sweet crude for June delivery lost 45 cents to 112.41 dollars and that of Brent North Sea also June delivery yielded 17 cents to 124.85 dollars.

Values ​​to follow

News companies should also serve markets:

Total

The tanker, which publishes its results, announced jeudila takeover of U.S. manufacturer SunPower solar panels with a view to creating the "world leader in solar energy."

GDF Suez

The group announced the launch of a new subsidiary trading on energy markets with the ambition to compete with industry heavyweights such as Barclays, Goldman Sachs, and E. ON EDF Trading

Legrand

The group announced the acquisition of SMS, a leading Brazilian electric inverters, in order to strengthen its position in a growing market.

Ingenico

The group denied on Thursday evening news reports that he would be interested in the activities of online payment from Hi Media.

Gifi

Ginestet family announced Thursday its intention to launch a simplified tender offer for the shares Gifi delist the distributor of first prizes.

Vinci confirms its objectives

Saint-Gobain

The group confirmed its 2011 targets after a first quarter marked by an acceleration of growth in its business thanks to the contribution of most geographic areas where it is present and better weather.

Vinci

The group also confirmed its full-year after a turnover up 25.4% in the first quarter, above market expectations, driven by acquisitions last year and its activities in the construction and energy.

Compagnie des Alpes

The group reported Thursday a turnover up 5.8% for its first semester of the 2010-2011 fiscal year to March after a winter characterized by early snowfall.

Crit

The group again expressed confidence Thursday for earnings growth in 2011 after having posted a revenue increase of nearly 22% in the first quarter.

Saft

The group confirmed on Thursday its forecast for revenue and earnings for 2011 after releasing first quarter sales up 11%.

Bull

The group confirmed Thursday that the goals the group has set medium term, after realizing the first-quarter sales were down 0.9% to 270.8 million euros.The group also said that orders had risen to 313.8 million euros in Q1.

Fimalac

The group reported Thursday after the closing sales up 21.1% to 341.5 million euros thanks to the rise of nearly 17% of revenue from its credit rating agency Fitch.

Renault will hold a meeting this Friday to 15 hours.

Belvedere will unveil its fourth quarter results, EDF Energies Nouvelles in sales the first quarter and Trigano its second quarter results.