In the wake of Wall Street and Paris, the Asian stock markets preparing to end the week uncoordinated. Although most of the macroeconomic indicators published Thursday in the U.S. and Europe were positive, caution is still required until the figures of unemployment and employment for the month of August in the United States.

Around 7:00, the Nikkei 225 gained 0.19% to 9079.80 points, the Hang Seng in Hong Kong shows a small increase from 0.08% to 20,884.96 points, the Seoul Stock Exchange and Sydney move at equilibrium respectively 3726.98 points (+0.02%) and 4533 points (0.01%) and the Bombay Stock Exchange ahead of 0.16% to 18,268.04 points.Only the Taiwan Stock Exchange posted a sharp increase: 1.33% to 7823.54 points.

Conversely, Singapore was down 0.20% to 2980.70 points and the MIC of the China Stock Exchange was down 0.48% to 2907.32 points.

On the currency markets, the euro / yen has fallen slightly: -0.17% at 107.96 yen per euro, as the dollar / yen -0.10% at 84.23 yen to the dollar .

Oil prices drop below $ 75 in electronic trading in Asia, due to profit taking and some optimistic forecasts for employment in the United States.

In morning trading, a barrel of light sweet crude for October delivery lost 26 cents to 74.76 dollars. One of Brent North Sea crude for October delivery yielded 35 cents to 76.58 dollars a barrel.

Despite the rebound in Asian stock markets Wednesday morning and the revival of U.S. consumer confidence on Tuesday, the Paris financial markets remain febrile for the first day of September. At mid-session, the index in Paris rose 2.03% to 3561.75 points. The CAC 40 closed Tuesday August on a small increase of 0.11% to 3490.79 points. Throughout the month, the index in Paris lost more than 7%.

The Footsie-100 from the London Stock Exchange ahead of 0.38% to 5244.92 points. In contrast, the German DAX 30, after opening up slightly, declining from 0.41% to 5900.95 points, following the unexpected decline of 0.3% of retail sales in July.

The Paris Bourse and benefits of U.S. statistics less bad than expected, especially the rebound in consumer confidence in August. The increase in manufacturing activity in China is also contributing to accelerating gains in the CAC 40."The upward movement was initiated at the close on Wall Street Tuesday night, says it in the rooms. We do not press too heavily on the markets, which explains that the movement is noticeable now, and not opening.

Vivendi stock rewarded

The set of interim results continued. Vivendi raised its forecast for this year, after posting a 6.1% increase in sales to 13.9 billion euros and 6.6% of its net profit to 1.26 billion euros. The shares rose 5.05% to 19.34 euros, the largest increase in the CAC 40, before Lafarge (4.77% to 38.09 euros). The group also benefits from the increase in the analysts' recommendations Credit Agricole Cheuvreux to "outperform" cons "underperformance."They also raised their price target to 48 euros 46 euros cons.

The investment company Wendel (4.31% to 42.15 euros) in the first half net profit of 124.5 million euros against a loss of 959 million for the same period of 2009.

Tuesday after-hours trade, Bouygues (-1.31% at 31.62 euros) issued a revenue down 1% in the first half and slightly raised its full-year sales (30.4 billion cons EUR 30.1 billion previously planned). The value is the largest drop in the CAC 40, about 9:25.

Vinci (2.86% to 35.62 euros) reported interim results exceeded expectations Guaranteed payday loan.Its net profit was up 1.9% to 703 million euros and sales rose 2.3% to 15.5 billion euros, thanks to improved traffic conditions and benefits the acquisition of Cegelec.

Finally, Eiffage (-1.36% to 35.50 euros) confirmed its forecast of sales for 2010 thanks to the growth of its backlog and achieved a 40% jump in net profit share Half of the group 70 million euros. The operating profit has however declined by 2.6% to 412 million, within the scope of the downturn in work due to a climate of increased competition.

In the tug of opposing Sanofi-Aventis (2.11% to 46.23 euros) to Genzyme, the CEO of biotech company judge, in an interview with Reuters, the high probability of finding an agreement on Sanofi bid on American group.However, he reiterated that Genzyme will not accept the proposed price of 69 dollars per share. According to sources close to the U.S. group will not negotiate at least $ 75.

Manufacturing: up in France, down in the euro area

On the macroeconomic front, the growth of manufacturing in the euro area shows in August to its lowest level since February, according to figures released Wednesday by the monthly survey Markit. The PMI purchasing managers fell to 55.1 against 56.7 in July. In France, it reached 55.1 points in August, against 53.9 the previous month in Britain, it fell to 54.3 in August, after a final figure revised down to 56.9 in July.

The same index will be unveiled in the U.S. in 16 hours. Also overseas, the ADP employment figures in the private sector will be published to 14.15.They give a first overview of the situation on the labor market in the U.S. before the official figures on Friday.

Another indicator of importance: New car registrations in France fell 9.8% in August on a year to reach 102,912 units with the breathless pursuit of the effect "scrappage" announced Wednesday the Committee of French Automobile (CCFA). In July, new car registrations fell by 12.9% compared to last year, and 15.4% for the only French brands.

The use of frames is better. The worst is over. According to the barometer of Apec, 52% of companies surveyed have recruited at least one frame in the second quarter. Five points higher than last year. 43% of companies say they will recruit in the third quarter, eight points higher than the third quarter of 2009. "The results this quarter are at a level close to the situation two years ago," wrote the experts from APEC. Computer science, engineering and business services accounted for this improvement. In the first two sectors, more than half of companies recruit more than a year ago.

However, the situation remains difficult in construction where the recruitment of three companies in four are stable or declining.

Good news for graduates: improving the recruitment forecasts for the first time since the crisis began in 2008. According to APEC, 38% of companies want to hire youth in the third quarter. Four points higher than a year ago. A quarter of managers hired since the beginning of the year are young graduates. For cons, the elderly have always struggled to attract employers. Managers with more than twenty years of experience represent only 9% of new hires.

The crisis has reduced the mobility of executives in 2009

… 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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Secretary of State for Housing returns including the removal of stacking individual housing for students and the half-tax share for dependent children.

LE FIGARO. – Do you react when prices of the older building are divided on the rise?

Benoist appeared. – These price increases are not good. What can be done to curb them? First, hire a real estate policy. Today, there is not enough land available. And that contributes to higher prices. We are moving ahead on the transparency of real estate prices. Currently, there are so many statistics that no one is confused. To provide clarity, we label the most reliable statistics. Finally, we are working on increasing housing supply in areas strained.Because if prices rise faster in Paris (15% in one year) than in France (+8.5%) (as Century 21, Ed), is that supply is insufficient. For example, in the next aid reform homeownership, people who buy new in the tension zone will be helped more than those who buy into the old to the same place. This will encourage developers to produce more housing.

The removal of stacking individual housing for students and the half-tax share for dependent children is debatable. Why did you make that decision?

It's a fairness issue. Families choose the device which is more favorable. The PLA is the only student for personal housing without means testing. Today, 535,000 homes add to the LPA half share in the income tax.Obviously, this does not affect the poorest households, who pay no income tax. And the higher the income, the higher the benefit of the half-tax share is important. We wanted to put an end to this combination. Now he must choose between the PLA or the half-tax share. According to our estimates, 70% of households will retain the PLA, the more financially attractive. This measure will come into effect in September 2011. And allow the state to save $ 200 million.

The contribution of EUR 340 million requested for social landlords has also brought controversy. How do you explain that?

This measure allows the equalization of implementing a major goal: to build more where the needs are! Of the 800 social landlords, 10% to 15% build and invest very little. In the middle, we call them "plump dormant.Especially we ask for them in 2011 an effort of solidarity to implement this equalization of 340 million euros. These amounts will be redistributed to many social landlords who build in areas where land is expensive and where the needs are increasingly important. For this contribution does not result in an excessive increase in rents, I hope the IRL (benchmark rents) is now a target growth that social landlords will not exceed.

How do you respond to social landlords who say it will lead them to build 20,000 homes in less than in 2011?

In late 2008, donors had social capital of 6.5 billion euros. That still leaves them real freedom of maneuver. Furthermore, the terms of participation and redistribution of these 340 million will be discussed with the world HLM.But we will maintain our high level of funding for social housing with government intervention 10 billion.

In 2011, Action Housing (formerly 1% Housing) Will there still subsidized to the tune of 1.25 billion euros the National Housing Agency and the national agency for urban renewal?

Yes and it's not a surprise. This contribution of 1.25 billion was provided for three years from 2009 to 2011. This will keep the government's commitments in the fight against fuel poverty, urban renewal, renovation of old neighborhoods and degraded fight against substandard housing. Already, we are discussing with Action Housing to determine its future contributions. And we have no plans to increase it.

lefigaro.fr – What do you think of the interference of government in governance of the France national football team?

Gilles Portelle – A long time ago that politicians are interested in sport and they have a stake. This reflects the place it occupies, in particular football, to our society.

In this case, the intervention of politics does not shock me given the consequences of this crisis for France's image abroad. Recall that FFF, like any federation, a Minister and it is normal that she is accountable. The management of events that took place in South Africa raises more general question of governance of the French sport and the organization of the major federations.The announcement of the Estates General on this theme is a good thing.

Faced with setbacks and non-sports athletes of the Blues, the sponsors have they been right to stop their advertising campaigns?

They had no choice but to do so. Indeed, these campaigns to a positive image around the team of France became totally out of step with the perception and feeling of the French people towards the players. Abrupt withdrawal of these campaigns and promotional campaigns around products bearing the image of the Blues is therefore an shortfall for marks.

The situation is dramatic in her image for sponsors?

What happened is damaging for brands including for those visible on the uniforms of the players were immersed in the heart of images that have shocked the French.A brand joins the sport primarily for the values it carries: the solidarity, commitment, fair play, respect. In other words, the absolute opposite of conduct adopted in South Africa. However, the French are part of things and can not be angry with brands that have expressed their support for the national team. I do not think they will turn away from these brands. They are the leaders and team players in France who are involved, not the team of France itself.

What the sponsors will require the FFF? Would they have an interest in breaking their partnership contract with the Blues?

The partners are entitled to demand explanations and guarantees for the future. Guarantees regarding the introduction of a new sports project and especially behavioral, consistent with the values they wish to associate.Guarantees regarding specific actions that the FFF has taken to improve the image of the group and the institution. These marks do not turn away from the team of France, the French first vector emotional and remains a partner of choice for brands. The Blues can for example TF1 to achieve record ratings, despite the setbacks and non-sports athletes of Team France.

If the conditions are met, they are ready to commit to support reconstruction. The chance of FFF is to have loyal partners, present mostly at his side for many years and are committed for the next four years.The Federation must take this opportunity to rebuild a new crew with new values closer to reality, to retain sponsors or attract new ones.

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Like The Prisoner, the hierarchs of the Societe Generale will designate them by numbers, which creates a particularly warm climate. In the case of Jerome Kerviel, we have, in order of increasing responsibility, N +1, N +2, etc.. Until the Director General, N 7. Hence the paradoxical equation that seeks to resolve the criminal court of Paris against a chain of command if expanded and a financial disaster without precedent: (N +1) + (N 2) … + (N +7) =- 4.9 billion euros in January 2008.

Here, at the helm, N +1. A tall, friendly, very thin uniform N + (gray suit, blue tie), polytechnician ruffled the soft look. In real life, he called Eric Cordelle, 38, married, two children. Societe Generale was dismissed in April 2008 and is currently "looking for a job."What is immediately striking is that it does not seem really for the post of Chief of Jerome Kerviel and seven other traders that he agreed in April 2007: expert financial engineering, back from Japan He knows neither the language nor the tricks of trading – exactly the opposite profile of its predecessor. Hence the hypothesis raised by the prosecution, that Mr. Kerviel would have easily eaten secretly by investing 50 billion euros.

What is striking then, is how little energy spent by N +1 to the detection of internal fraud. But N 2, we hear just now, as N 7 and N 6, previously interviewed, was no more ardent. It even comes to say that SocGen was on this point, less vigilant than the first quarter came drugstore. Its controls? A Maginot Line which Kerviel was played, and that his motive remains indecipherable is a poor excuse."A trader can not leave with the cash, 'explains Mr. Cordelle. Let. But why did we not informed, inviting him to greater scrutiny, the 2005 incident, which saw the apprentice trader Kerviel win 500 payday loan lenders.000 euros speculating as Allianz, then he did not have the right? Why does no one consults he never or almost Eliot software, which records all transactions (actual or fictitious) of his subordinate? Why is not the intended recipient of two letters from Eurex, the end of 2007, in which the German derivatives market to demand explanations on SocGen excessive operations implemented by Jerome Kerviel?

True, Mr.Cordelle gives the impression of having been "thrown into the lion's den," with Jerome Kerviel who has "been acting" with a real talent since "every time he explained something, it was credible . We want to believe it was lost in the maquis computer "- the formula is the president Pauthe – in which Mr. Kerviel, he, played as a fish in water.

"To find, we must seek"

But still, the Ecole Polytechnique has an easy to hide behind the situation – activity increase exponentially, inadequate staffing, etc … The fact is that it does not, in particular, read all the emails or bookkeeping, Perhaps it would put a flea in his ear. To him as to his superiors. Therefore the bank as a system, a system so sure of himself that he did not think to detect a free electron, which methodically undermined its own foundations."To find, we must look," says Mr. Cordelle, but this truism leaves the court on his hunger. For if one man could commit 50 billion euros without anyone noticing, jeopardizing a financial institution, its shareholders and its 150,000 employees, What were the controls? Why so many "N"?

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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

How to create a bridge between, on one hand the world of midsize companies and intermediary who need capital to grow and the other financial markets constantly on the lookout for good investments? To answer this question, Christine Lagarde met the players in the world of SMEs and funding agencies (MFA, Bank of France, Caisse des Depots, NYSE-Euronext … OSEO). The Economy Minister arrives with concrete steps, beyond those already announced October 12 at the first panel to meet the government's objective of developing a strong network of companies of intermediate size (ETI ) more competitive

If markets do not turn instinctively to the ETI, it is primarily because they do not know. Why the Minister of Economy will launch this Thursday Observatory of SME financing and ETI.Hosted by the CDC, the observatory could become a mine of information on these companies.

It is also because the financial analysis necessary at any investor is very poorly developed with respect to this class of business. But for analysts interested closer to the listed SMEs, there is nothing more effective than financial incentives! Christine Lagarde should announce the creation of a mutual fund financed by the place, to develop financial analysis devoted to small and medium enterprises.

New envelope of the Caisse des Depots

The minister also wants to strengthen the presence of institutional investors in the markets for listed SMEs. The TFB will spend an additional approximately 200 million euros investment in SMEs.In addition, to encourage the clustering of SMEs too small to issue bonds only, OSEO will provide its guarantees on "bundled borrowings" faxless pay day loans .

Finally, Christine Lagarde has relaxed the regulatory and legal framework surrounding the ETI, extending the scope of companies that can buy their own actions that only companies listed on regulated markets can do today. These financial measures should satisfy ASMEP-ETI, the union of mid-cap companies chaired by Yvon Gattaz. But the employers' organization, which holds its annual talks Monday, demand more.She hoped in particular that social rules are adapted to the size of firms employing fewer than 5 000 employees, allowing, for example, mandates the merger of the works council and delegate staff and allowing negotiations in companies that do have no unions representing the majority.

The ASMEP militates for exemption from charges to encourage the employment of workers over 65 years. These adaptations enable ETI to save between 1 and 1.5 billion euros. The ETI-ASMEP also advance proposals on taxation, export, access to public markets. To promote long-term investments, the union founded by Yvon Gattaz supports the establishment of a fund to assist ETI to grow by acquiring companies.Recalling once again that the ETI and SMEs are taxed more than large companies, it proposes measures that would facilitate the transmission and simplification of tax legislation.

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"Every seven minutes a small die …!

After playing the "yo-yo" these last two, the CAC 40 continues to move closer to 4000 points. So much so that the index confirms its Paris flagship positive trend since the beginning of the year (0.46% Ed).

This is especially gradual return to the announcement of the Fed to keep "for a very long time" rates to very low levels, to continue soutenirla economic recovery. However, after climbing from 1.23% Tuesday, the progression of CAC 40 slows, the Paris index advancing 0.39% to 3954 points. The London Stock Exchange opened up, the Footsie-100 index rising 0.39% to 5642 points.

Deficit: 14 countries of the EU under scrutiny

Investors keep an eye on the report published by the European Commission on evaluation of efforts to reduce deficit of fourteen countries of the European Union, including France, the United Kingdom, Germany and Spain.The Director General of the International Monetary Fund, Dominique Strauss-Kahn, should also deliver a speech to Parliament.

However, the side of macroeconomic statistics, the day will be fairly quiet in France with a single indicator, the start-ups for the month of February, published by INSEE.

Across the Atlantic, are scheduled this afternoon, the producer price for the month of February and the weekly inventory of crude oil. Moreover, the Organization of Petroleum Exporting Countries is scheduled to meet Wednesday in Vienna.

Values follow

Atos Origin: According to a report in Le Figaro, the group covets a giant electronic payments be for sale by Royal Bank of Scotland No teletrek payday advance .Thierry Breton, CEO of Atos Origin has declined comment.

EADS: Nicolas Sarkozy and Angela Merkel expressed once again concerned about the conditions of the bidding for the tanker market in the Air Force and U.S. have called on the United States to resist the temptations protectionist

Mr Bricolage has announced an increase of 23.8% of its 2009 operating profit at 39,7 million with a turnover of 547.5 million (+6.2%). Net income, group share, in contrast to declining 36.1% to 21.4 million, while fiscal 2008 incorporated a capital gain of 14 million.

Stallerg?nes reported Tuesday an increase in its results, its dividend and its cash in 2009 and has said it expects an increase in its margins and its activity in 2010 thanks to falling costs of studies on the product Oralair desensitization.

JC Decaux: Rating agency Moody's raised its rating outlook to stable from negative cons before.

Publicis: Members of the Executive's advertising group gave up their bonuses for 2009. This decision relates to Maurice Levy, chairman of the group, and David Kenny, Jack Klues, Jean-Yves Naouri and Kevin Roberts.

Bourbon: The maritime services group announced Wednesday a net profit of 155.4 million euros in respect of 2009, against 224.4 million in 2008. It is therefore a decrease of 30.8% in 2009.

After market, Ingenico, Dassault Aviation and Hi-Media will publish their annual results, and GFI Informatique results for fourth quarter 2009.