Greece, Portugal and Spain. Southern Europe continues to frighten the markets. The Spanish saw its debt rating one notch worse, with a negative outlook.

Between degradation rate and retention Note

During a joint press conference yesterday, Jean-Claude Trichet, president of the European Central Bank, and Dominique Strauss-Kahn, director of the International Monetary Fund, have called on Germany to take an expeditious decision on aid Greece. Both men say they are confident. German Chancellor Angela Merkel seems he heard the message, since it has declared its intention to activate "as quickly as possible" aid plan.

Fortunately, a decision from the United States has been somewhat reassure financial markets. The Fed has indeed confirmed keep interest rates low for a "prolonged period". And this, despite a rapid recovery of the economy.In this context, the Paris markets are cautious. If the CAC 40 has opened up slightly from 0.17% to 3796.44 points, the index in Paris was quickly ironed into the red, yielding 0.03% to 3786 points.

In this context, it will be interesting to see how values are changing bank, after they have been two sessions in the red. Above Credit Agricole said Wednesday night that its exposure to sovereign risk in Greece amounted to 850 million euros.

Quarterly Results: Sanofi-Aventis, and Technip for ArcelorMittal

Among the values that have posted Wednesday, PPR has returned to growth in the first quarter after five consecutive quarters of downturn, and said Tuesday anticipate a further acceleration in sales in the current year savings account payday loans.

The Thursday is rich in quarterly publications: ArcelorMittal reported net earnings were down 36.6% in first quarter 2010 over fourth quarter 2009.

France Telecom has published a turnover down 2% in the first quarter of 2010, in line with market expectations.

The result of Sanofi-Aventis rose 9.7% to 2.4 billion euros in first quarter 2010 against a consensus of 2.28 billion euros.

Bull saw its sales boosted by the acquisition of Amesys, a company specializing in security systems: its sales rose 9.4% against 0.6% off-Amesys.

Pernod Ricard has announced an increase of 14% of its turnover for the third quarter of 2010 of its fiscal year 2009-2010 to offset 1.5 billion euros.

Vivendi, Axa, Bouygues, Areva or Michelin are also expected.

Renault has announced that the equity between the group, its Japanese partner Nissan and Germany's Daimler had been made Wednesday. The three groups have formalized their alliance in early April for three to share technologies and reduce costs.

The U.S. unemployment statistics in the heart of the day

On the macroeconomic front, the day will, however, less responsible. On the program, the weekly claims for unemployment benefit, which will be published at approximately 14.30 U.S., unemployment for the month of April in Germany and in April business confidence in the euro area.

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One hundred and sixty rooms and suites and 144 private residences, five restaurants, a spa, grand reception rooms: the first Armani hotel was inaugurated on Tuesday the world's tallest tower (828 meters), Khalifa Burj, Dubai. "After five years of working with photos and drawings, I finally discover the culmination of this project", rejoiced Giorgio Armani, who came to attend the opening ceremonies of this first school bearing his name. From a distance, the designer has personally supervised every detail, soft curves of the design of rooms, choice of fabrics or utensils, mainly originating from the Armani Casa collection. "In my idea, Dubai was the Las Vegas of the Middle East, the opposite of minimalism, which I am a follower," he added.I wanted to create something you can remember. "

After several months of backlogs – and one more week because of the chaos associated with the air of the Icelandic volcano eruption – the event has high symbolic figure for the Emirate of Dubai in a financial crisis. For Emaar Properties, developer of the hotel, the Burj Khalifa and the whole new area called Downtown, where it is located, is also a way to show a positive face of setbacks experienced by the competitor Nakheel, overburdened, and the origin of the famous palm-shaped islands created from scratch in the Persian Gulf. Debt Nakheel, owned by the state, has led Dubai to seek help from its neighbor Abu Dhabi and to refinance its debt with its creditors last month.

Emaar has invested over one billion euros in the construction of the tower.Having suffered a halving in two years of its turnover (1.76 billion euros in 2009) and a slump in its profits, delivery of the 1,000 apartments and 50 floors of offices in recent months will boost the results of the firm. "Crises come and go. Projects like this are built for centuries, "said Mohammed Alabar, chairman of Emaar, which expects a return on investment of 9%. It was he who persuaded Mr. Armani to sign an agreement with him to develop a chain of hotels plans to open a dozen locations around the world in ten years. The next is planned for Milan in 2011. Follow residences in Marrakesh and Marassi, Egypt.

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The World Bank took into account the weight of so-called "developing and transition economies" in the global economy by proposing to increase their voting rights in the institution, as requested in September by the G20, transferring at least 3% of the votes of advanced countries to others.

The 186 shareholder countries of the World Bank have agreed, after the spring meetings of the International Monetary Fund (IMF) in Washington, for a capital increase – the first in 20 years – 3.5 billion ($ 2.6 billion), in addition to which only the developing countries could add 1.6 billion dollars that will allow them to increase their voting rights.

"The approval of this change on voting rights is crucial for the legitimacy of the bank," said World Bank President Robert Zoellick.

China will hold 4.42% shares

Ultimately, it is 3.13% of rights that should be taken from one side and granted each other, allowing developing countries to hold 47.19% of the voting rights of the World Bank.

Among the big winners (r) evolution – the issue of transfers of votes is the subject of debate for several years – China, whose rights to vote from 2.77% to 4.42%, to climbed to third place in the countries most represented, after the United States (15.85%) and Japan (6.84% against 7.62% previously) electronic check payday advance.

"This represents an important step towards a new balance between developed and developing countries" reacted Chinese Finance Minister Xie Xuren was quoted by the official Xinhua News Agency.

Brazil (2.06% to 2.24%) or India (2.77% to 2.91%), have also benefited from this review, for example at the expense of France, whose share was down by 4.17% to 3.75%. Ditto for Great Britain.Germany now holds 4% of the votes, against 4.35% previously.

Faster, more flexible

The Development Committee of the Board of Governors also approved an increase of 86.2 billion dollars of capital to the International Bank for Reconstruction and Development (IBRD).

"The additional capital can be used to create jobs and protect the most vulnerable through investments in infrastructure in small and medium enterprises and social safety nets," said the head of the institution .

The committee was in favor of the new Bank strategy for post-crisis and "a set of sweeping reforms to make the Bank faster, more flexible, making it more accountable for its actions" .

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LE FIGARO. – Activation Plan aid to Greece Will there be enough to reassure the markets?

BART VAN ARK. – Nothing is less certain. If using the rescue plan EU-IMF had become inevitable due to the rates imposed by markets, one plan will not help. It will take others. Because Greece can not simply put in order its public finances. She will have to undertake structural reforms, which, by definition, are long and painful. It must focus on its productivity, decreased significantly, and quickly find a way to create jobs.

Before release the money, should there be a new dose of austerity in Greece?

To have a chance to be swallowed, the pill should not be too bitter. If you cut too much spending, it will exacerbate the risk of recession.At the same time, Greece has to reassure the markets over the medium and long term, by engaging in a meaningful and specific reforms. It is not shocking to ask Greece for new safeguards.

The risk of contagion to other European countries there in recent days?

I do not think. Markets are well sorted. Portugal and Spain are in very different situations of Greece. Although Portugal has a similar financial problem and a serious deficit of structural reforms, the situation is less dramatic than that of Greece paydayloans. As for Spain, much larger economy, it began structural reforms, and its banking sector is stronger.

The cohesion of the euro area is at risk?

I do not think so.The eurozone saw, for sure, his first financial and economic crisis. But this is not the end of the Euro! This crisis, which I find exciting force, in contrast, Euroland more economic integration. Europe must urgently address this need for economic integration. There is no other way. The hypothesis of a breakdown of the euro area is not realistic to my eyes.

More integration, it means there a belt tightening for everybody?

In the short term it seems inevitable. Public deficits rise between 5% and 10% of GDP. They strike even the most virtuous countries such as Germany, which will perhaps five years to return to fiscal sanity. The euro area has become credible.In the medium term, more integration, it means more responsibility for each other in their economic policy.

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The crisis is confirmed in the advertising community. In any case the message sent by the advertising giant Havas Monday. The group said in a statement a 1.4% of its turnover in the first quarter to 325 million euros against a slowdown from 8.4% a year ago.

The group is pleased to see that "all regions are increasing. In Europe, France and returned to positive organic growth of 0.5% compared to the 6.1% decline in first quarter 2009. Only Spain and Eastern Europe are still "difficult", according to the group.

But the American continent Havas owes its good performance quarterly. A "significant turnaround" was notably produced in North America where revenues recorded in the first quarter organic growth of 5.2% to 114 million euros, against 9.2% in the same period last year.In turn, Latin America continues its "strong organic growth rate" with a jump of 24.4% in the first quarter.

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LE FIGARO. How will you improve the enforcement of tax laws?

Christine Lagarde. I wish first of all to strengthen legal certainty in tax matters. Some blame the latter to move too quickly, not always available. They are not always wrong … To improve the quality of our tax system, I am setting up consultations upstream on some drafts tax. Specifically, we now disclose on the Internet as often as possible the proposed draft text, particularly when presenting a particular technical specialty. It is a revolution that will allow all interested parties (individuals as companies) to read and especially to propose amendments. We can thus take into account their comments and submit a bill already matured to the Council of Ministers.The aim is also to ensure that the intervention is less concentrated lobbying at the stage of parliamentary debate, which will limit the amendments.

This rule does apply to the finance laws?

In principle yes, for all the texts on which a consultation deemed appropriate, and subject of course offs of the Premier. We tested the approach last year by broadcasting the complete text of the reform of business tax in July. This allowed an extensive prior consultation, that has not prevented the government to mediate to end. Experience has been successful and I wish to extend it.In general, I believe that by expanding the prior consultation, we can improve the quality of texts, to facilitate parliamentary discussions, proportionately reducing the volume of instructions issued and simplify matters for taxpayers.

How to help taxpayers understand the law?

By reforming procedures for issuance of tax instructions, that is to say the comments that we broadcast to explain specifically how to apply the measure passed as part of the law. We will take steps to expedite the release draft instructions: within two months of the entry into force if the text gave rise to upstream consultation, within six months in default. When setting up the device Scellier in 2009, households had to wait until May for an answer to some important issues! It will not be too long in the future.We contacted the department's website a publication schedule of the most awaited instructions so that taxpayers know where they stand. More importantly, the draft statement will be prejudicial to the administration. This provides a real guarantee to the taxpayer if he makes an investment using the draft statement and then the administration changes its mind and publish a final statement stricter conditions on its investment will not be delivered question.

What will you do Retailleau report on simplifying the business tax landscape?

I found very interesting the proposal of Senator Bruno Retailleau develop a compact growth with mid-cap companies with promises of stability of some sections of the regulations for a specified period in exchange for commitments for growth.Similarly, the idea of not changing the rules that set time, determined beforehand in the year, would be a breakthrough for companies that no longer have to waste time and money to monitor publications of new rules. I asked Herve Novelli to study the feasibility of these measures.

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EWB: new in 2010

Groupe DANONE posted on Thursday its sales for the first quarter of 2010. It is up 7% to 3.978 billion euros, in line with the stated objectives. Growth was driven in a significant increase in volumes of 10.8% and a policy of falling prices (-3.8% on average).

The increase in turnover is true in all categories of product group. In "dairy products", the largest division at Danone, there is an increase in turnover of 7.6% over one year helped by Easter which is positioned earlier in the year. Waters, an increase of 2.3%, are drawn by the emerging countries. Infant nutrition has been a growth of 8.5% and medical nutrition, up 9.3%, is supported by an increase in volume and value.

Outlook 2010

The group expects economic conditions still fragile on the year.He said: "In this context, we continue to encourage the development of our categories, strengthening our competitive position and developing our brands." Concerning its objectives, Danone is still growing in sales of at least 5% with a stable operating margin compared to 2009.

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Patrick de Carolis, the current CEO of France Televisions, delivered a truly gallant last stand. On Tuesday, he chaired a board explosive. To begin with, all board members, including state officials, praised the work of Patrick de Carolis and his team for the good results of 2009. Then this wonderful unanimity has shattered a crucial point: the negotiations on the privatization of France Television advertising Advertising tandem with Stephane Courbit-Publicis. The five state representatives have proposed to continue negotiations until the deadline of October 30. Opposite, Patrick de Carolis said it was better to suspend indefinitely.His resolution was finally carried by the votes of the representatives of Parliament (Christian Kert and Michel Thiolli?re), qualified individuals (Patricia Langrand, Jacques Martial, Henriette Dorion-S?b?lou?, Jean-Claude Carriere and Dominique Wolton, who had represented ) and staff representatives (Bignolas Laurent and Serge Guillemin). The five state representatives voted against.

Courbit Publicis-shocked

In doing so, Patrick de Carolis has clearly returned to his successor the responsibility of selling 70% stake in the advertising duo Stephane Courbit-Publicis. But they have not even been notified of the decision. "We are very surprised, even shocked by this decision through the press.We reserve our comments after having read the detailed decisions of the board of France Televisions and their consequences ", responded Tuesday group Publicis and St?phane Courbit.

To justify the suspension of negotiations, France Televisions said that "this decision reflects the substantial uncertainty surrounding the continuation or not advertising for 20 hours." Uncertainty related to the announcement last week by Jean-Francois Cope a draft bill for the maintenance of advertising on public channels day.Officially, Luc Chatel, a spokesman for the government, and, informally, the Elys?e is opposed to this initiative and expressed their willingness to go through with the reform and to stop advertising completely online cash advance .

However, Patrick de Carolis said he never received clear answers to the letter sent in February to Fran?ois Fillon and Christine Lagarde, on whether or not to advertise during the day. As an entrepreneur, he felt he had therefore no certainty about the finances of France Televisions beyond 2011. And as a future ex-head of France Televisions, he wanted to make a last act of resistance.

Patrick de Carolis presided over probably the last board of directors.It is precisely to go through with the reform of public broadcasting that the Elysee considered, at the end of last week to expedite the appointment of new president of France Televisions. Alexandre Bompard, the current CEO of the radio station Europe 1, is considered a favorite.

June, when crucial

If a new president was appointed in the coming days, he would take the lead group after its approval by the Higher Audiovisual Council and Parliament. This can take between one and two months. Her inauguration would take place well in mid-June

However, on June 7 is a very important date. It is the legal term of social negotiations on the new collective agreement unified group France Televisions. Negotiations opened since June 2009. "We understand the desire of the State to soon introduce a new team.And, a priori, we are open to any new president of France Televisions, whatever it is, although we'd prefer someone who knows public broadcasting, "said Jean-Francois TEALDI, Secretary General the SNJ-CGT, France Televisions. "But it does not let the new leadership to resume negotiations from scratch. It must take account of progress already made, "he says.

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Not seen since the launch of the classification in 1985! For the first time in 2008, BAE Systems, an advocacy group for non-American, became the leading supplier of arms. The information, published Monday, comes from the International Institute for Peace Research (SIPRI), a Swedish think tank considered a reference material.

According to SIPRI, BAE Systems has been leading the 100 largest arms suppliers in favor of the U.S. market. "The company is based in the UK but generates more than half its sales in the United States. BAE demonstrates the internationalization of the arms industry and the strong appeal of the U.S. market, "says Susan Jackson, an expert of SIPRI.

Sales of BAE established in 2008 to $ 32.4 billion.The bulk of these revenues came from a command of the U.S. Department of Defence who bought vehicles MRAP (Mine Resistant Ambush Protected) as part of the war in Afghanistan and Iraq.

Boeing beat, Navistar enters

BAE Systems therefore delighted number one place to Boeing. The American group, with 29.2 billion worth of arms sales, slipped to third place, and is placed behind his compatriot Lockheed Martin (29.4 billion).

Elsewhere in the rankings after three American groups, Northrup Grumman, General Dynamics and Raytheon low fee pay day loans. EADS is in seventh place. Italian Finmeccanica is eighth, while the French Thales is tenth.

Almaz-Antei, is the first Russian company to make its entry in the top 20 at the eighteenth spot.With 4.3 billion turnover in 2008, "Almaz-Antei has tripled its sales since 2003," says the SIPRI.

For its part, the American Navistar made a sensational debut in twentieth place with 3.9 billion in revenue from sales to the U.S. Department of Defense. "This represents an increase of 960% compared to 2007," says the think tank.

Three times the development assistance

The SIPRI does not fail to note that in 2008 the 100 largest arms suppliers have made 385 billion dollars in revenue, a figure rising to 39 billion by 2007."This represents more than three times the total development assistance of OECD countries (120 billion dollars)," lamented the SIPRI.

According to the findings of the ranking, sales of BAE are equivalent to the GDP of 105 countries worldwide, while Lockheed Martin exceed 4 billion development aid from the United States.

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The index futures point to a slightly higher opening of U.S. markets. Shortly before the opening of Wall Street, about 12:00 am Paris time, the index futures Standard & Poor's 500 and Nasdaq 100, respectively, progressed from 0.21% to 1186.20 points from 0.15% to 1983 points.

Despite an increase in enrollment weekly unemployment and a shrinking numbers of consumer credit, U.S. investors appear to have courage and choose again, these days, for optimism. They show little worried, finally re-emerging doubts about the ability of Greece to honor its debts. Perhaps partly because, unlike the French or German banks, U.S. banks are not exposed directly to the crisis in Greece.Banks also suspected for 18 of them have, over the last 5 quarters, artificially reduced their debt just before the end of the quarter.

Today's meeting should be calm, however, no new important indicator being waited until Monday, except on Friday, the numbers of U.S. wholesalers' inventories for February, which will be released this afternoon around 16:00 .

Yesterday, while European stock markets in the green-mountain this morning showed an average decrease of 1% of their stars indices, the Dow Jones closed 0.3% awarded in the S & P 500 also, and the Nasdaq Composite 0.2%. One way to greet the rise, much higher than expected, sales of major U.S. retailers: Index by Thomson Reuters, they rose in March by 9.1% against 6.3% expected, the highest since 2000.Taking advantage of some better weather, 28 distributors have seen their turnover increase by over 9% a year, a further sign of improving consumer confidence. Gap saw its turnover grow by 11% against 3.7% expected and Kohl's, 22.5% against 12.4% expected. In the luxury, Nordstrom posted sales up +16.8%.

These values should continue to lead the coast on Friday, and Apple, which yesterday announced a new version of its operating system for the iPhone and iPad, and sales 450 000 iPad since Saturday.

Also to follow, the aviation sector, led from the rumors of merger between U.S. Airways companies (+10.7% at closing) and United Airlines (6.8% at closing), Thursday, at the New York Stock Exchange.UAL (6.75% to 20.23 dollars), parent of United Airlines, is in talks with U.S. Airways (10.70% to 7.55 dollars) for a combination that would create the One of the largest airlines in the world, according to The New York Times and the Wall Street Journal. This operation would be carried out no exchange of shares.

China's ambitions to Tiffany, who wants to spend ten to thirty five the number of stores across the Rising Sun could give impetus to the value.

The California oil company Chevron (0.37% to 77.66 dollars a barrel) announced yesterday the results on the first quarter of 2010 as the fourth best in 2009. The group takes advantage of the rising oil prices and a possible improvement in its refining margins.The major U.S. must publish its accounts on April 30.

In the pharmacy, the distributor McKesson Corp. said it will sell its Asia Pacific unit, which provides health services through telephone and Internet, Medibank Private Limited. Giant Australian health services and insurance.