It's official: the economy in the euro zone will be better than expected. The European Central Bank has acknowledged Thursday by raising its growth forecast for 2010 and 2011. According to new figures, the business would grow in 2010 in a range between 1.4 and 1.8% from 0.7% to 1.3% estimated earlier. By 2011, growth would be between 0.5% and 2.3%, against +0.2% +2.2% previously.

"The range of real GDP growth this year has been revised upward due to stronger than expected rebound in economic growth in the second quarter and better than expected trends observed during the months of summer," explained the ECB president, Jean-Claude Trichet."For 2011, the band has also been revised up to reflect mainly the lingering effects of the stronger growth expected in late 2010."

Uncertainty

Despite these upward revisions, "uncertainty continues to prevail," said Jean-Claude Trichet nuanced. On the other hand, "the resumption of activity should be constrained by the process of balance sheet adjustments in various sectors and the prospects of the labor market."

Especially, the growth differentials are widening between the different countries of the eurozone, economists noted. When Germany led the run with 2.2% growth in the second quarter, Greece sinking into recession with a decline of 1.5% of GDP. Same trend for national unemployment rates. In these circumstances, the ECB's strategy looks complicated.

This is not a problem, "replied Jean-Claude Trichet: the Fed, the U.S., is in the same position for decades with 50 states. "Over the past decade, the lowest growth of a U.S. state was 0.9% (Ohio) and the highest 4.7% (Arizona). We observed the same discrepancy in the euro area over the same period, "argued the president of the ECB. Same thing for the unemployment rates have spread from 3.5% to 14% depending on the states. Again, we found the same range in the Eurozone. "

The French government wants to reduce by three billion in Budget 2011, tax loopholes enjoyed by the insurance industry, under the "movement of the plane" of 10 billion to reduce the deficit, said Monday AFP at the Department of Economics. The revenue thus acquired will be made to the Sinking Fund of the social debt of 3.2 billion new resources the government has agreed to pay."This revenue will be made in three steps facing the insurance industry at large, because it is the sector with the biggest stake in what guarantees the sustainability of social protection system," said the entourage of the Minister of Economy Christine Lagarde.

Resources collected in advance

The first measure deemed included in the Finance Bill to be presented in late September by the cabinet for life insurance, the preferred placement of the French.Included are contracts known as "multi-media, which include a part in Euro (guaranteed capital invested in bonds) and other units of account (mostly invested in equities).

To date, social security contributions (general social contribution and contribution to reducing social deficits) are made only outcome of multi-support contract, then they are executed each year on contracts in euros only. "We will achieve the social deductions each year for the compartment euro contract of life insurance multi-media", it was argued. In this case, it is not really new but revenue from resources "advance", they added.

Tax incentives obsolete

The second measure relates to contracts "caring and responsible" health insurance, covering virtually all of the supplementary cover.They have since their launch in 2005 of a tax exemption on insurance agreements. "This exemption would allow these contracts to take an important place. But it is a success, so there is no need for a tax incentive very strong, "argued the entourage of Christine Lagarde."These contracts will therefore be subject to tax on insurance contracts, but at a reduced rate of 3.5% instead of the standard rate of seven per cent," he said.

The final measure focuses on the taxation of the "reserve accumulation" that insurers are required to be to smooth fluctuations in interest rates.

Each of these three measures should yield about one billion euros in revenues in 2011.

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Good news on the employment front. The Labor Department announced Wednesday morning in the Echoes of figures on backup plans for employment (PSE) fell sharply from the end of 2009. In the first half of 2010, 668 PES have been reported to the administration against 934 in the second half of 2009, a decrease of 28.5% over this period. Moreover, the month of June 2010 recorded 87 such redundancy schemes, a level at its lowest since August 2008. The Ministry of Labour, however, did not release the total number of jobs destroyed by these schemes.

This news comes in support of other labor market indicators published recently. Two weeks ago, INSEE reported on the creation of 60,000 salaried positions in six months, one year after 2009 generally very destructive.The use of frames also rebounded since last January found the Association for the executive employment (APEC). In July, the job offers published by the association executives and 53% progressed, mainly in IT and business functions.

2009 catastrophic

However, the decrease in the number of PES remains in place relative to the extent that the figures for 2009 had been devastating: 2,245 plans had been identified during this year particularly affected by the crisis, nearly 2.5 times than in 2007. With already 668 PES 2010 is also unlikely that the number PSE set up in 2010 found its level before the crisis (957 PES 2007).

The explosion, finally, the number of broken treaty in June might suggest that some companies use them in lieu of some PES, although this practice is prohibited by law. In order not to attract the attention of governments and not having to pay compensation in the amount tends to grow under pressure, companies could use this mechanism put in place two years ago, or even layoffs in smaller numbers.

Even Sotheby's, all recipes are good for boiling the kettle. On 23 September in New York, establishing world-class sales, which usually dispersed collections of paintings or jewelry the most prestigious, will auction … vegetables. But not just any old vegetable he will, almost extinct varieties of pumpkins, pumpkins and eggplants with the production, organic of course, is essentially American. Farmers in several states are currently pushing so valuable prizes. Simmered meals by top chefs and baskets will also be awarded.

Funds raised during this sale, called "The Art of Agriculture", are intended to teach children about nutrition.Agricultural projects for new organic farmers are supported.

Very rare, these vegetables will be presented very expensive: Unions mixing gourd "Lady Godiva Squash" and other "Pink Banana Pumpkin" will be priced at 1000 dollars. If vegetables are then donated to charities, gourmets can buy discrètement.Charles Gautier

The CAC 40 is a little break after a meeting at which bounce saw the benchmark index of Paris close to over 3%. On Friday, the markets begin the session on a slight decline from 0.13% to 3595.66 points. The waiting game surrounding the publication of results of stress tests of European banks is felt. Already, the euro back a bit against the dollar at 1.2889 dollars around 9:00.

Yesterday, U.S. markets have done a great meeting Thursday at which time the Dow has gained almost 2%. U.S. markets relatively insensitive to the announcement of a surprise increase in weekly unemployment registrations have been worn by the overall business results above consensus.

In terms of macroeconomic statistics, the session looks very calm.No major indicator is expected in the United States.

In France, the French household consumption of manufactured goods fell 1.4% in June after the previous month was supported by purchases of televisions before the World Cup, according to figures published by INSEE before the opening markets. Throughout the second quarter, it shows a decrease of 0.9% after falling 1.9% on the first three months of the year. Analysts on average expected a rise of 0.2% in June

The Germans will unveil their Ifo business climate.

TF1 reviewing its objectives to increase

The stress test, however, occupy the banking sector.BNP Paribas, Societe Generale, Credit Agricole, Natixis (BPCE) or Dexia should respond.

Moreover, the markets will again this session to analyze several quarterly publications:

TF1 announced before market sales ad up 11% in the first semester for a total turnover of 1.28 billion euros, above the consensus. Net income group share was 74 million euros over the period. The objectives are significantly revised upward with a turnover in 2010 rose by 7% instead of 4%.

STMicroelectronics reported Thursday a profit above expectations at 18 cents per share with a turnover up 27% to 2.53 billion. Analysts on average expected a profit of 14 cents per share and a turnover of 2.513 billion dollars.

Pernod Ricard noted Thursday its annual forecast for operating profit thanks to the improved economic environment and its position in emerging markets. Its turnover in 2009-2010 emerged, up 2% on a comparable basis.

Ubisoft has released a turnover up 94% in the first quarter of 2010-2011, to 161 million euros and confirmed its objective of a provisional turnover of 160 million for the remainder of the year.

BioAlliance Pharma has announced a record turnover of 15.2 million euros in the second quarter against 1.5 million a year earlier, after recording in April in the United States Loramyc, light treatment of fungal infections of the mouth patients with cancer or AIDS.

As for ads, Alstom said it had won contracts valued at about 450 million euros for the construction of two units for a combined cycle power plant India.

Legrand announced Thursday a takeover offer for Indo Asian Switchgear India, where he produced nearly 4% of its annual turnover after the acquisition. Indo Asian Switchgea aims for 2010 sales of more than 35 million euros.

Maurel and Prom announced Thursday it had increased to approximately 70 million euros the amount of its issuance of Oceanes five years following the year's total allotment option.

… No need to tape to deal with the default antenna of the iPhone 4. Apple has another solution. His boss, Steve Jobs, under fire from critics, spoke Friday night from Cupertino, California to restore the credibility of the company. To begin, he conceded that his group was "not perfect". He then unveiled the solution to solve the problem of signal loss when the hand covers the bottom left of the iPhone. The solution? A simple plastic case and rubber will be offered to owners of Apple's new smartphone. Better, this case, which costs $ 29 in trade, will be refunded to those that have already bought one. And if all this were not enough for dissatisfied customers, they could also make their free iPhone 4 in stores.

If customers are reassured, investors too. The Apple stock has returned to the green.For financiers feared that Apple chooses instead to conduct a recall of 3,000,000 iPhones already sold since the launch on June 24 It must be said that such an option would cost around 1.5 billion dollars to the firm at the apple instead of 45 million cases for the "magic".

Verdict reassuring

The American magazine Consumer Product tested the case in question this week in the laboratory and concluded that this solution was acceptable. The "bible" of consumers who had inflicted the fatal blow to Apple last Monday discouraging consumers to buy the iPhone 4, returned a verdict for Apple reassuring."When we gave the case and put our finger on the rubber part where it covers the gap (problem), resulting in a significant loss of reception, so small as to have no effect on the receipt, "says the magazine.

The New York Times suggests that it is not a simple problem of antenna and metal frame, but communication software. Citing an unnamed source familiar with the matter, the newspaper said that the iPhone has four public discovers a defect inherent in all of its predecessors."The problems occurred in the complex interplay between communications software and antenna," the source said, adding that it could be solved with a software update and that Steve Jobs was not aware of this problem before the launch of the device in late June.

Reputation tarnished

This failure has nothing to do with the error display signal reception originally put forward by Apple as the cause of the problem of the antenna and set this week.

Still, the reputation of Apple and its founder is seriously tarnished by this affair. Especially since Steve Jobs, who initially denied the failure of his latest "toy" had long been aware of the situation but have decided to ignore the recommendations of its engineers, as he liked the new design, according to Bloomberg . What the person denies.Sin of pride? Consumers expecting at least Friday a little humility on his part.

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Saffron is still on track, despite the rejection by the supervisory board of Zodiac's merger offer sent July 6. "We stand by our proposal. It is the shareholders to decide Zodiac. We were very surprised that the leaders of Zodiac reject our proposal without seeking to fathom, "says Jean-Pierre Cojan, Deputy Director General of Safran, head of strategy and development.

The group led by Jean-Paul Herteman no plans to launch a takeover bid (OPA) hostile Zodiac. "I'm not sure that the interests of our shareholders would be served by something other than what we propose, namely to gather around the table. We have no idea at this stage other than to repeat the proposal that was made there about ten days, "says Ross McInness, Chief Financial Officer of Safran.In the letter received by Didier Domange, chairman of the supervisory board of Zodiac, Jean-Paul Herteman, CEO of Safran, simply wrote that he proposed an exchange of securities and cash to the shareholders of the Zodiac. But he has not made any proposal encrypted. Saffron has a market capitalization of about 9 billion euros. The Zodiac is 2.4 billion.

For the moment, everybody sticks to his guns. The leaders disagree on everything. Zarrouati Olivier, CEO of Zodiac, ensures that the merger would have only "limited synergies" from the industrial and it would not "create value for shareholders of Zodiac.

The state voted for

Saffron, which produces both engines as landing systems, but rather emphasizes the importance of synergies."This merger, which we have thought for some time, makes sense for several reasons, technological and industrial pay day loan lenders. The major clients such as Airbus and Boeing want to work with a limited number of suppliers. The consolidations that have occurred recently demonstrated. There are also synergies in terms of after-sales services. Bringing after-sales services of both companies would share their infrastructure, "says Jean-Pierre Cojan.

Olivier Zarrouati observes that marriage between a heritage whose key shareholders are families Domange Marechal and Gerondeau and the ISP (about 5%), and Saffron which the state holds 30%, is doomed to failure."Safran has not demonstrated in the past its ability to integrate different corporate cultures," he says in an interview with Voices. "Saffron, which is a company that makes money, has demonstrated in the past how much he knew of successful mergers and acquisitions," argues Jean-Pierre Cojan. Saffron has certainly been significant difficulties for the successful merger decided in May 2005 between the public group Snecma and Sagem private enterprise. But he has found new life since the appointment of Jean-Paul Hertelman in September 2007 at the helm. And in a sector as sensitive as aeronautics, its acquisition strategy is approved by the State. When the supervisory board has agreed unanimously to a merger with Zodiac, the representatives of the state voted for.And while interest in the Zodiac, the group remains on the lookout for other acquisitions.

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After a break of three days (Monday holiday), the U.S. stock markets have regained the height that ended Tuesday up 0.61% to 9744 points for the Dow Jones and 0.5% for the S & P to 1028 points. A progression that relfète pa really a return to confidence because, after open sharp increase, the U.S. indexes saw their grain can crumble after opening and have spent the waterline to 20 hours.

The ISM index of activity in the services sector in the United States has remained above 50, 53.8, against 55 expected. This means an expansion of activity, but less than expected.

On Friday, the New York Stock Exchange had fallen heavily, cooled by the monthly figures of employment in the United States, although less well than expected. Last week, the Dow Jones dropped 4.51% to 9686.48 points, ending Friday at its lowest level since October 5.The Nasdaq fell 5.92% to 2091.79 points and the Standard & Poor's 500 index 5.03% to 1022.58 points.

On the foreign exchange market, the euro continues to rise on Tuesday. At 22 hours, the euro gained 0.61% to 1.2621 dollar.

After the disappointment of Friday on the employment figures, investors should be particularly careful this week to weekly figures for unemployment benefits that are to be published Thursday.

The employment report in June showed Friday that the U.S. economy had reduced jobs for the first time since the beginning of the year. Even the decline in the unemployment rate to 9.5% was not enough to reassure investors, this situation reflects the despair of a portion of the workforce, which seeks more jobs.On Wall Street as on most other major world places, operators should play the card of caution this week before the opening of the interim results season.

On the face values

Within the Dow, the ball begins, as always, with results from Alcoa July 12 (next Monday) Free 3-in-1 credit report.

Meanwhile, the discount retailer Family Dollar Stores (+2.1% to 39.43 dollars) to publish its half-yearly results on Wednesday. This will be the only company in the S & P 500 to publish its results this week.

The BP Plc, also listed on Wall Street leads the session with an increase of 48.72% to 31.91 dollars.After the group has denied being the search for new shareholders, Shokri Ghanem, Chairman of National Oil Co, a Libyan oil, said that Libya should return to the capital of the British oil company.

The share of investment bank Goldman Sachs benefits of raising recommendation of JPMorgan, which rose to overweight on the title: 0.83% to 132.17 dollars.

Ford Motors has seen its price target return of 16-14 dollars by Goldman Sachs, the bank has lowered its estimate of overall vehicle sales in 2010. However, retain a recommendation "attractive" on the automotive sector. Finally, shares fell 1.17% to 10.16 dollars.

News Corp., the media group founded by Rupert Murdoch, The Wall Street Journal, in discussion with Google, Microsoft and Yahoo! for the sale of advertising space on MySpace, so that the current contract with Google ends.The securities have gained 2.79% to 12.15 dollars.

The group of agrochemicals and seeds Monsanto (-3.05% to 45.12 dollars) Monday withdrew its complaint against European importers of industrial soybean meal from Argentina. Monsanto previously estimated that they infringed its European patent on its Roundup Ready soybeans. But the group has settled its dispute with the Dutch importer and dealer Cefetra raw Alfred C. Toepfer International just before decide the European Court of Justice on the case Tuesday.

New casualty of the crisis: the key feature of the station. Arrived at the head of the national railway company in March 2008 Guillaume Pepy had quickly announced his intention of transforming the rail group. But the crisis forced the officer to review his copy.

The original plan announced by the boss "Destination 2012", targeted a turnover of 36 bn euros in this horizon, an increase of 50% compared to 2007, and a recurring operating profit doubled between 2007 and 2012, 2 billion euros. But now the target may be difficult to achieve, especially operating profit, which reached 150 million euros in 2009. The officer was therefore resolved to rethink its strategy, reports Les Echos.

The group plans to develop a new strategic plan by 2015. The SNCF would nevertheless not completely turn his project in 2008.The goal to transform the railway into a group of transport and mobility services remains a major international priority. This ambition should see a significant milestone this year, says the business daily, due to income from railway agent, for the first time, less than half the total group.

Elysee and the RFF involved

And the state shareholder following these developments closely. The Elysee has stepped in and plans to hold a meeting on the subject as early as July, it said. In particular, discussions with the government and the RFF (Reseau Ferre de France, which owns the network) should help establish new directions for the business lines. The partners will also agree on the reform of railway planning activity nearby.

Another difficulty officer: reassure railway. In this regard, Guillaume Pepy envisages a tour of France regions, reports Les Echos.

This Wednesday should be placed under the sign of the decline in Paris at the opening, while the CAC 40 seems to stand at ambient breathlessness on exchanges. The leading index has managed to maintain the 3,700 points on Tuesday night, but in the early exchanges, the threshold should not take.

In Europe, stock markets have made concessions on Tuesday after nine sessions chained up on. Announcing the easing of exchange rate policy of China, made Saturday, had pushed world stock markets Monday. The first steps in this direction have been given yesterday and Wednesday, with two cuts in a row the central rate against the dollar. But in exchange, the effect was short-lived. And on Wall Street, poor statistics on the front of the immmobilier has cast a chill on the market.So, this morning, the main financial centers of the Asia-Pacific are following suit.

At around 7:30 on Wednesday, the euro is at equilibrium after fell Tuesday. This rating 1.2270 dollar.

Economic News Authority

In France, on Wednesday will release at 8:45 INSEE's monthly surveys of important conditions in the industry, in construction and retail trade for the month of June as well as indicators of business climate and economic downturn. At noon, the Court of Auditors present its report on the situation and prospects of public finances.

In Germany, the GfK consumer barometer, always watched closely, will be visible at 8:10.

In the euro area, the first estimate of the PMI will be unveiled at 10:00.

And the United States, 16 hours, will be made public promises of home sales for the month of May, after a bad real estate statistics published in the ninth Tuesday: – 2.2% in volume last month, to 5.66 million units annualized.

The traditional weekly crude inventories will be available at 16:30.

Finally, this evening after 20 hours, the Monetary Policy Committee of the Fed will issue its statement.Highly regarded by investors, note any change in the discourse of the Federal Reserve.

The rate strategists believe that Societe Generale U.S. Federal Reserve will raise its rates faster and stronger than expected by the market and call for caution on U.S. government bonds.

Societe Generale wants to Kerviel lost 4.9 billion

Societe Generale will call Wednesday Kerviel just 4.9 billion euros in damages, a record amount corresponding to the loss she attributes to "fraud" of its former trader. Yesterday, the former CEO of Societe Generale, Daniel Bouton, has admitted "failures in the control of the bank during his testimony before the Tribunal of Paris.

L'Oreal Paul Bulcke, Nestlé CEO, said in an interview with Reuters that his group had no plans to change the status quo in the capital of the world's number one cosmetics line with the Pact of shareholders that binds to the Bettencourt family.

Alstom Alstom and Areva does not want to marry with Areva. "To dance the tango, it takes two. Areva does not really want to dance. We no longer so eager to dance ourselves, "Patrick said Tuesday Kron, Alstom's Chairman, at the general meeting of shareholders.

Total Total and oil stocks are worthy of attention.The International Atomic Energy Agency (IEA) publishes 10:30 prospects of markets for oil and gas.

ArcelorMittal the world's number one steel company, announced Tuesday that the apparent demand and actual demand for steel would remain positive in the second half of the year, even if they should show a slowdown during this period. Lakshmi Mittal, the CEO that the slowdown in demand was due to seasonal reasons. The boss also said he did not think the steel industry return to its pre-crisis level until 2012.

Insurance Axa, CNP, Scor … : Values of insurance will also be regarded as the French Federation of Insurance Companies (FFSA) releases on the market situation and its prospects.

Banks The banking sector remains to be monitored throughout the session. On Tuesday, he suffered a spate of bad news.In addition to degradation of the note in the long-term debt, BNP Paribas, Credit Agricole said the cost of risk on its Greek subsidiary Emporiki would weigh 450 million euros more than expected. The BNP Paribas has yielded 1.92% and that of Crédit Agricole SA 4.69%.

Discussions on a tax credit and tighter prudential rules also weighed.

The Renault-Nissan automaker Nissan CEO Carlos Ghosn, said he received 890 million yen (8 million euros at current exchange rates) for 2009-2010, making him one of best paid bosses in Japan. Carlos Ghosn made the announcement at the annual general meeting of shareholders of the Japanese group, held Wednesday in Yokohama (Tokyo area).This does not include fees paid 1.24 million euros in 2009 he has received as CEO of the automaker Renault, Nissan's largest shareholder with 45.7% of the securities.

Peugeot Peugeot Italy said Tuesday it has signed an agreement with Sorgenia first private operator in the Italian electricity market created and controlled by Rodolfo De Benedetti, for the launch of its Ion Electric Vehicle in Italy.

France Telecom, the company announced Tuesday it would invest about 515 million euros over the next five years in its network in Switzerland a few weeks after abandoning its planned merger with Sunrise, blocked by the competition authority of the country .