An annual net income of $ 41 billion, up 34% over one year for the staff of the majors. The American Exxon Mobil in 2011 remained the world's leading oil company. The results reflect an exceptional year for all of the hydrocarbon industry driven by a barrel of Brent posting a record annual average price of $ 112.

Altogether, the net results of the ten important are around $ 200 billion. These figures however do not prevent spectacular analysts point several concerns about "Big Oil", the nickname of Western majors. The first production. That of the leader Exxon declined 10% (400,000 barrels of oil equivalent per day), that 3% of Chevron. "BP has also disappointed," said Luca Baccarini, an analyst with Energy Funds Advisors, an investment advisory firm specializing in the oil market. "The Western majors are struggling to renew their reserves and production, he says, and position themselves increasingly to natural gas."

These are national companies of producing countries that have the greatest potential for oil production, adds substantially Luca Baccarini. And example is the Brazilian Petrobras, Russian Rosneft or Colombian Ecopetrol, companies controlled by their respective states but publicly traded. Petrobras, including a woman, Maria das Graças Foster – unprecedented in this masculine world – just take the reins, saw its annual net profit to decline by 5%. At issue: the rising costs of exploration.

Chinese acquisitions

Chinese companies for their part, became for some years now the leading players, CNOOC, PetroChina and Sinopec continue to show strong growth primarily driven by acquisitions.

In addition to slower production of international companies, analysts point out the poor health that suffers refining in Europe and the United States of overcapacity and insufficient margins. "If you are in the upstream, to drill for oil, you make money, says James Williams, WTRG Economics quoted by the Los Angeles Times. But if you are in the downstream in refining, you lose. "

In 2012, the results of the oil companies should continue to be powered by a barrel high, around $ 100 (Brent crude exceeded $ 117 Friday), especially if tensions around Iran persist. And despite a forecast of weaker global demand anticipated, depending on the monthly report of the International Energy Agency on Friday. This should increase by 0.9% in 2012, of 800,000 barrels per day, 300,000 barrels less than in the projections published in January.

• President Sarkozy does not want to copy Germany

Nicolas Sarkozy reaffirmed the importance of a strong Franco-German axis. "If Europe is strong today is because Germany and France have made compromises," the president said in an interview with Angela Merkel crossed, broadcast Monday night on France 2 and German TV ZDF. "Germany has made compromises on the government economic and France on budgetary discipline," he added.

"There is no question of copying the German model but converge to it. It is important to build on what is happening outside: we envy Germany in its ability to gain share of the export market, and Germany want our social model. "Criticized for its excesses rigor at the expense of growth, Merkel said simply: "It is harmful to oppose fiscal discipline and growth. The fiscal pact not against growth, "she said.

• Nicolas Sarkozy's admiration and friendship for Chancellor

Answering the question of his relationship with the German chancellor, the president told his feelings: "Yes I have admiration for someone who leads 80 million Germans during the crisis (…) yes I have an affection for her, "he said, insisting that he and Angela Merkel" N (s) here to (their) duty. "

• Angela Merkel supports political Nicolas Sarkozy

Monday morning, the German Chancellor has supported political candidate – not reported – for president Nicolas Sarkozy at the 14th Council of Ministers Franco-German payday loans with no fax.

In the evening, during this interview, she explained: "I support Nicolas Sarkozy on all levels because we belong to parties friendly." Merkel said that the French president had come to also support by participating in 2009 to one of his rallies in Berlin, a few months before his reappointment as head of the German government.

Asked about whether she will receive the socialist candidate for president Francois Hollande, Merkel said that "there is nothing to (was) decided yet." "Mr. Steinmeier [Social Democratic candidate for chancellor in 2009] had not been received in France," she said, adding: "We have other problems to solve."

• Nicolas Sarkozy defends Claude Gueant

"It's a ridiculous controversy," said Monday the head of the French state on the wave of indignant reactions provoked by the remarks of his interior minister, Claude Gueant, who said Saturday that "all civilizations are equal. " "The interior minister said that a civilization, a scheme, a company that did not grant the same place and same rights for men and women, it did not have the same values. It's common sense, "he said. "If we want to not argue, it would save us much time to lose," added Nicolas Sarkozy.

The Paris Bourse continues its forward march on Monday, after finishing last week jumped 1.23%. The CAC 40 in advance of 3.01% to 10.00 to 2943.10 points.

Investor sentiment is supported by the information including the Italian newspaper La Stampa over the weekend that the IMF could provide assistance to Italy up to 600 billion if the debt crisis of the countries would increase. This would allow Italy to have a window of 12 to 18 months to implement budget cuts and reforms to strengthen economic growth. The information, which was denied by the United States, is again the IMF itself, which says this morning that no discussions with the Italian authorities have in that place.The worsening financial crisis in the eurozone weighed on the outlook for sovereign debt rating of all European countries, the rating agency warned Monday payday loans lenders.

The oil rises

In this context, the euro is progressing slowly against the greenback. In morning trading, the European currency is worth 1.3310 dollars. Oil is well oriented: a barrel of "light sweet crude" (WTI) for delivery in January of $ 1.63 is assessed at 98.40 dollars on the New York Mercantile Exchange and Brent crude from the sea North for the same maturity is 1.20 dollar to 107.60 dollars on the Intercontinental Exchange in London.

Side of the agenda, the economic outlook of the OECD are expected in the morning. Sales of new homes in the United States will be known in the afternoon.

Bernard Tapie and his son, Laurent, are never where you expect. Two years ago, they had hit the headlines by launching an online shop called simply bernardtapie.com. They promised to very significant reductions (-40 to -50%) on a variety of products (cars, insurance, clothing …). A concept that has not done much about him since.

Today, the colorful businessman, actor and son return to the front of the stage. Their new project? Redeem the U.S. site online poker, Full Tilt Poker, which was still number two global market last year with 4 million active players, half out of the United States. "It was then after-tax profits of about $ 150 million," says Bernard Tapie in Figaro.

Attention GBT (Groupe Bernard Tapie) would not be alone in this.It would provide only 5 to 10% of $ 80 million needed to use this company. The other shareholders are primarily interested in American casinotier diversify into online poker. Financially, Tapie have the means to their ambitions. Longer insolvent, the former president of the OM was compensated in 2008 to 220 million euros in the case that pitted for fifteen years at Credit Lyonnais in connection with the sale of Adidas. And now his fortune is estimated at 260 million.

However, the case against Full Tilt Poker is far from complete. "In one month to six weeks, we will decide with our partners if we acquire this site," suggests Bernard Tapie. This file is exceedingly complicated. The site has been closed since April 15.

The President of the Republic, Nicolas Sarkozy, on the road to Bordeaux, reaffirmed his loyalty to the social spirit of the National Council of Resistance and ran to secure a social model to which the French are "deeply attached". "The honor of France is to have built a democratic and social Republic on the ruins of World War II," he said. And specify that it "does not have it said that the legacy of the National Council of Resistance has been betrayed," but felt that these critics are the ones "who have protected the French credit by mortgaging the future of their children and grandchildren without telling them. " He explained that he wanted to open a debate "calm" on the financing of social protection, as it takes "to reform permanently" the system to "adapt" because "the status quo is a danger guaranteed online payday loans."

Rights and duties

"We can not, we can not afford to get into a spending strategy. The real answer requires a transformation of social policy, "said Nicolas Sarkozy. He wants to rights of insured persons are duties. He confirmed that the beneficiaries of the RSA (RSA) should now work seven hours to the community, as announced by the Minister of Solidarity and social cohesion Roselyne Bachelot, September 22. "It should not be a system but a worthy charity," he added.

He announced the creation of a High Council of the financing of social protection "will have to work before the end of the year," to think about solutions. "A third of our GDP is devoted to social protection.

How to make a hitch to his dog kibble? Appeal to teachers, as do the manufacturers for ages in their advertisements, not enough. It is also pet the pooches in the grain. Nestle, the world leader in animal nutrition with Purina (Friskies, Fido, Felix …), is launching this week at the Austrian television advertising directed at the first of the canine race! A 23-second spot that touts its brand Beneful. The brand hopes to honor "the unique relationship between dogs and their masters."

The matter was taken very seriously by Nestlé. The group uses its team of specialists in animal behavior, based in Missouri quick pay day loan. They have identified the sounds that dogs, whose hearing is two times finer than that of humans, are particularly susceptible.Beneful spot, which features a dog bowl in front of her and his mistress, and has a grinding noise similar to that of a dog toy, a barely audible hiss of humans and a fairly high-pitched signal. Dogs are supposed to react differently to advertising based on their "individual experience" and the games they are used with their master, provides Nestlé. Last year, Nestlé Purina was pioneered in Germany with scented billboards that opened the appetite of dogs for a walk.

The government, which this Tuesday the draft budget law for 2012, based his entire equation on a growth forecast of 1.75% for next year-until last August, he hoped it would reach 2.25 %. Despite the turbulence of increasingly stringent in Europe, Bercy firmly believes this new hypothesis.

Recently the Minister of Economy Baroin claimed to have "serious reasons to consider it achievable," while his colleague Valerie Pécresse Budget also reaffirmed Sunday that the government's projections were "conservative and realistic."

Yet, scenarios and expert succession, one after the other, come to doubt the probability of the hypothesis-government.Monday is the Institute of COE-Rexecode conditions that drive the point home: it provides a GDP growth of 1.7% in 2011 and 1.2% in 2012-exactly the consensus of economists. Or acceleration or slowdown: after the air hole last spring, COE-Rexecode see activity continue on a pace soft below the trend between 2001 and 2007.

Monitor the distribution of credit

"We do not retain perspective as the most likely scenario that the recessive stock markets seem to play for Europe," says Institute (close to employers), chaired by Michel Didier.But further, he warns, watch in the coming months "the impact on the lending of a possible increase in the cost of bank refinancing and even more difficult access to liquidity," and that "the downward revision of investment programs that entrepreneurs may have to perform under extra care" against the current deterioration of the environment.

COE-Rexecode also cautions that its expectations are based on "the assumption that the interventions of the ECB and the introduction of means of the European Financial Stability manage to break the downward spiral of financial markets and to avoid the contagion of Other States in the euro area and the banking system. "

In this context, reduction of public deficits "is a priority," but "to limit the short-term impact on growth and raise potential growth, cost savings are preferable to increase the tax burden," insists the Institute. Issue of competitiveness.

It's already Christmas in the "civet"! The government has made on Friday, a nice gift for tobacconists. Their pay on each pack of cigarettes will increase from 6.5% to 6.9% of the selling price. This increase will begin in January 2012 and will be spread over five years, the duration of the new "future contract" signed between Valérie Pécresse, Minister of Budget and Pascal Montredon, president of the Confederation of tobacconists. This is in addition to various support measures for tobacco shops located near the border and in rural areas, estimated at 320 million euros.

The increase in compensation benefits, it at all tobacco shops alike. Paradoxical, because "the sale of tobacco as aids have allowed your average income increase by 57% between 2002 and 2010," as recalled by Valerie Pécresse to tobacconists, who held their annual conference in Paris Friday."In total, more than 1 billion euros that came with your support and profession, which has also benefited, for many of you, the effects of the reduction in VAT in catering."

"At least 10 cents more per pack"

In early 2003, a sharp rise in prices had collapsed sales and forced the closure of nearly 5,000 retailers. There remains 28,000. But since 2004, the price increase regular, moderate (6% per year since 2009) did not in fact impact on the number of cigarettes sold in tobacconists, to the dismay of supporters of tobacco control and Department of Health. As a result, sales of tobacco outlets rose year after year at the rate of inflation of cigarettes for their benefit as for that of tobacco, and especially of the state, who pocketed 80% of price of a pack, which brings in each year over 10 billion euros credit score.

While the additional gift to tobacconists would have no direct impact on government accounts. In all likelihood, the increase will be offset in compensation not to lower fees charged by Bercy, which closely monitors its accounts, but rather by a decrease in compensation of the tobacco industry, as was the case in the previous contract for the future.

To the extent that tobacco companies have no intention of making less money, they will offset the decline in their pay on each packet by an increase in their prices. "To erase an annual decline of 0.1% of our earnings should be increased by at least 10 cents the price of a package," says one manufacturer. "It's a vicious cycle that will strengthen the cause of the difficulties of cross-border tobacco shops," adds another.

Tobacco companies can increase their prices at the beginning of each quarter.Their next rate adjustment will occur not necessarily next January, to the extent that prices will rise by 6% already on Monday, October 17 or 10, as decided by the government. The pack of Marlboro will then 5.90 to 6.20 euros.

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Despite the decree issued this summer, which gives greater freedom to set rates to SNCF to fix its price list, the maximum rate "will always be capped." Asked in the daily Le Parisien, Aujourd'hui en France, Nathalie Kosciusko-Morizet wants to be reassuring and reaffirming that "the objective of the decree is to give more flexibility to the operator so that better meet its trains by increasing the discounted prices "with attractive offers last minute, she says. Minister refutes the idea of ​​a systematic increase in ticket prices during peak hours "if the trains would empty," she says.

Nathalie Kosciusko-Morizet now provides 80% of travelers already enjoy discounted tickets and the "cheap tickets Prem's up more than a TGV ticket sold in ten."In response to the survey of consumer association CLCV which revealed that 87% of the French TGV are too expensive, the minister said that "high speed train in France is 10% cheaper than in Spain and 33% cheaper than in Germany business cards. " It recognizes that there is still room for improvement particularly on the transparency of the fee schedule. To remedy this, she wants to hold in 2012 the operator to display on its website, and for each link, the price the cheapest and most expensive, excluding promotions. The station will also pledge that half of the passengers pay a price at or below the reference price set by the state traditionally. "This will be controlled with Thierry Mariani, the Minister for Transport.We will monitor closely "assures Nathalie Kosciusko-Morizet.

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The CAC 40 is unable to bounce back on Monday. The benchmark index of the Paris Stock Exchange, which closed Friday on the day of a severe fall of 3.6% continues this trend. At the opening, he gave up 2.41% to 3072.51 points. The movement is the same in the rest of Europe in London, the FTSE-100 index lost 1.43%, in Frankfurt the Dax was down 2.32% and 2.22% loose up Milan.

The first global economy has fueled fears of a global slowdown by announcing Friday it had no jobs created in August, while analysts expected 70 000 net hires. "The U.S. employment figures for August suggest that the labor market seems to be moint death," said Victor Shum this morning, an analyst at Purvin and Gertz in Singapore.

Following this announcement, Wall Street closed on a sharp drop of more than 2%.U.S. markets will do on Monday with European stock any procedure they will remain closed for Labor Day (Labor Day observed every first Monday of September). "Wall Street remains closed doors, it seems unlikely that operators take the slightest risk," said Chris Weston, an analyst at IG Markets.

Asian stock markets have instead given with a negative pulse of the market in red. Operators in the region have learned that HSBC index of purchasing managers in the Chinese sector services slowed to an unprecedented low in August. Seasonally adjusted and calculated by the Institute Markit, it fell to 50.6 after 53.5 in July.

No other indicator may move the index is also expected on Monday.One highlight of the week will be the release of the Beige Book Fed on Wednesday night, which will be the summary of economic conditions in regions in the United States.

No recession expected in Europe

The side of the euro area, European Commission President Jose Manuel Barroso, has tried to reassure investors. Traveling in Australia, he said that the European economy would experience in the coming months a "moderate growth" without going into recession. "We do not anticipate a recession in Europe. The latest forecasts from the European Commission show that the growth will be at the meeting, although this growth will be moderate, it is true, "he said in Sydney.

The comments of the Head of the EU executive echoed the lowering of forecasts rating agency Standard & Poor's for the European economy last week.The decision to resurface concerns about the health of the area and the problems of sovereign debt. "We do it all, the fight against fiscal problems underlying the strengthening of the governance of the eurozone, the introduction of stricter financial regulation to improve our overall readiness" said José Manuel Barroso.

In morning trading, the euro rising slightly against the dollar at 1.4160 dollar. However, it is dropped in morning trading to a low of three weeks, at 1.4138 dollars against 1.4198 at Friday close in New York.

For their part, oil prices were down in electronic trading in Asia, depressed by the poor figures on employment in the United States.A barrel of "light sweet crude" for delivery in October lost 59 cents to 85.86 dollars per barrel of Brent North Sea crude for October delivery 74 cents to 111.59 dollars.

Values ​​to follow

Societe Generale: -5.26% to 21.05 euros (largest decrease in the ACC)

The U.S. federal agency oversight of mortgage filed a complaint Friday against 17 major international financial institutions which include the French bank, for a total loss of $ 41 billion in bonds linked to subprime.

In its wake, BNP Paribas lost 4.98% to 31.75 euros, Crédit Agricole 3.67% to 5.95 euros and 3.09% at Axa 10.20 euros.

Safran: -2.78% to 26.25 euros; Natixis: -3.87% to 2.60 euros

Safran's aerospace equipment will make its entry into the CAC 40 index, while the bank Natixis is about to leave, said Friday the Scientific Council of the indices of NYSE Euronext. The changes take effect Sept. 19.

EDF: -2.70% to 20.38 euros

The Italian Minister of Industry, Paolo Romani, said Sunday he would meet Monday Proglio about the power company Edison.

ArcelorMittal: -2.87% to 13.72 euros

Peabody Energy and ArcelorMittal announced Monday it had extended until September 27, the period during which the short bid for $ 5 billion (3.53 billion euros) on the Australian Macarthur Coal.

Zodiac: -1.67% to 54.20 euros

The group said it had completed the acquisition of the American Heath Tecna and have reached an agreement with its banks to raise 300 million euros the amount of an existing credit line.

Schneider Electric: -4.80% to 41.89 euros

The French government intervened with the company to freeze a plan for the removal of one.000 temporary positions, the daily Liberation in its Monday edition, but the group has firmly denied to AFP such a plan.

Saft: 9.81% to 23.96 euros (largest increase in the SBF 120)

The American automotive supplier Johnson Controls will pay $ 145 million (102 million euros) to the French specialist in batteries as part of an amicable agreement ending their joint venture in the automotive industry, announced Friday the two groups in a joint statement.

Alstom: -4.07% to 29.55 euros

The group signed a 66 million euros with Iraq to build a power plant in the province of Nineveh in the north, said the Iraqi Minister of Electricity.

France Telecom: -1.87% to 12.33 euros

TPSA its Polish subsidiary has announced to contest the fine of 128 million euros that inflicted the European Commission.

After market, environment and Dried Assystem unveil their first-half results.