Plant ArcelorMittal Fos-sur-Mer. Photo credits: ANNE-CHRISTINE POUJOULAT / AFP

Tahrir Square, Cairo, online:

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10:55 p.m.: People are beginning to organize to camp on Tahrir Square. A great new day of action is planned for tomorrow.

10:51 p.m.: The vice president urged protesters not to listen to "satellite TV" and listen to "their heart."

10:40 p.m.: The vice president spoke in turn to state television and defending the president in ensuring that it has placed the country's interests above his own. He called on demonstrators to go home and all the Egyptians to work together.

10:36 p.m.: Obama met with his national security team after Mubarak's speech.The CIA had indeed thought that the Egyptian president would announce his resignation, a scenario that was favored by the United States.

10:27 p.m.: The Egyptian state television just announced that Vice-President Suleiman will in turn address the nation.

10:21 p.m.: A man lying on the floor of Tahrir Square. The protesters formed a cordon around him to prevent it happen trampled.

10:13 p.m.: Mubarak said in his speech that he wanted to be "buried in Egypt" and he would not leave his country under any pretext.

10:10 p.m.: The Egyptian demonstrators brandish their shoes, a powerful symbol of defiance and anger in the Arab world.

Mubarak wants to ensure the transition until presidential elections. Photo credits: TV via APTN EGYPT / AP

The euphoria of the excellent results posted by Hermes and LVMH seems to have appeased the spirits. Both groups are waging a war of trenches since Oct. 23, when LVMH reported holding more than 17% stake in Hermes, a stake raised to 20.21% since.

"I think we must stop this war," confided Thursday Patrick Thomas, the manager of Hermes, in Challenges. "Our investment is very peaceful and aims to be a movement of family support and strategy," insisted Friday Bernard Arnault, boss of LVMH. The latter is certainly still make its voice heard. "We are a shareholder peaceful but not passive, he warns.We want to be an active shareholder, but we will not be a shareholder activist. "The tone is less virulent than early November, when Thomas and Patrick Bertrand Puech summoned Bernard Arnault to" withdraw "and that it involved the management Patrick Thomas.

In recent weeks, the highest state authorities, concerned about the image of the Paris, had recommended the two parties to stop s'invectiver, until the courts decide their disputes. First, the AMF investigation for several more months, the conditions of the rise of LVMH capital of Hermes.On the other hand, the Court of Appeal of Paris will decide, earlier this summer, the exemption granted by the AMF to the heirs of the family Hermes, who want to establish a holding company owning more than 50% stake in saddle without launching a takeover bid on all the securities thereof.

In the meantime, both parties might have an interest to enter into discussions to find a modus vivendi. " Especially as the heirs Hermes and LVMH ensure all be present in the capital of Hermes for "the very long term." Officially, no negotiation is involved. But according to our information, contacts were made between LVMH and Hermes for ten days, bankers and lawyers interposed boards. And slopes are emerging, which could foreshadow a possible common ground.

Possible partnerships

Hermes side, Patrick Thomas is concerned about the narrowness of the floating action of cowhide.LVMH has acquired 20% stake, the family controlling 73%, the balance of securities on the market is too small for the other shareholders receive a quality market. He gave an indication Thursday that he believed "would float of 15%."

This certainly implies that LVMH reduces by 20% to 15% its stake. But nothing would prevent the group to stand next purchaser of the securities that the heirs would eventually Hermes in the market. Each year, there may be an "erosion" of a few tenths of a percentage point of their participation, according to individual needs. For his part, Bernard Arnault LVMH proposed yesterday that could "make a number of benefits at strategic and operational, without further consideration that our current involvement."Hermes and LVMH could therefore build partnerships that would not touch the heart of their identities, such as real estate or buying advertising space. The views are far apart, but the groundwork for a possible dialogue are asked.

In a market supported by confident and good indicators in Europe and the United States, the CAC 40 finished sharply higher Tuesday night and closed above 4000 points. A peak not seen since ten months.

And this Wednesday, the trend is green: the CAC 40 rise another 0.18% to 4019.79 points, while Asian stock markets have stayed the course early this morning and bullish as Wall Street closed last night invigorated. United States, the strong performance of IBM and Apple have reassured the financial world. And good macroeconomic news have taken over. According to that day, at 14.30 in the U.S., housing starts and building permits in December.In addition, a point of view of technical analysis, the next resistance is at 4090 points for the CAC 40.

Note, however, last night, the rating agency Standard and Poor's has warned that the debt rating of the United States "will be put under pressure" if the government does not soon a "credible plan" to reduce its budget deficit. Moody's has also deteriorated on Wednesday morning note to long-term debt of Tunisia following the recent political changes and economic disruption resulting am.

On the foreign exchange market, the euro briefly exceeded $ 1.35 on Wednesday morning for the first time since Nov. 23, the greenback fell against all currencies.The euro has received some backlash, investors buying the currency after relatively successful bond issues by European countries in difficulty budget earlier this week, including Spain and Greece.

Edenred, Ingenico, Seb and Pierre & Vacances published

Also on Wednesday, banking stocks remain controlled while the finance minister, Christine Lagarde, hopes that the new tests for strength of banks expected to be completed by late spring. The official said Tuesday that details of the tests was discussed.

Vivendi: U.S. authorities have conditionally approved Tuesday by Comcast to acquire a majority stake in NBC Universal.A step that will allow Vivendi to finalize the sale of its interest in NBCU and cash it will allocate funds to the repurchase probably from Vodafone SFR easy payday loans.

Eiffage: 6.35% to 37.25 euros The group was selected at the expense of Bouygues (-1.83%, largest drop Cac), yet the most likely candidate, and Da Vinci (+0.35% at 41 , 89 euros) to finance, design, construction and maintenance of future high-speed line (HSL) Bretagne-Pays de la Loire, a market estimated at 3.4 billion euros.

Ingenico (4.17% to 28.50 euros) announced Tuesday again raised its 2010 earnings targets after posting organic growth of around 14% in Q4.

Seb (2.26% to 80.50 euros) reported Tuesday night with a turnover up 15% for the full year 2010, to 3.651 billion euros, bolstered by its sales in China.

IMS (2.77% to 13.72 euros) ade again in the fourth quarter benefited from higher metals prices, which resulted in an increase of 38.9% of sales over the last three months of the year's leading European distributor of specialty steels.

Alstom (-0.89% to 40.28 euros) and Remy Cointreau (1.20% to 53.29 euros) will unveil on Wednesday its sales in the first nine months of their fiscal offset.

Edenred (-0.54% to 18.55 euros), the former branch of prepaid services group Accor announced a croisssance 7% of its annual sales, supported by Latin America, and confirmed that its result during 2010 will range between 310 and 330 million euros.Accor will release on Wednesday.

Pierre & Vacances (1.02% to 62.43 euros) himself has posted a 11.7% increase of its quarterly revenue, supported in particular by its activity in property development.

CGG Veritas (-1.62%) announced Wednesday the launch of a convertible bond (Oceane) of approximately EUR 315 million maturing on January 1, 2016.

BioMerieux (-0.05%) will announce its turnover for the year 2010 after market close.

Note that yesterday, Gemalto rose over 6.6% at the close Tuesday night after signing a large contract with Japan for mobile payment. On Wednesday, the correct action of 0.26%.

The end of 2010 saw pump prices soar. And the beginning of the new year shows no signs of abating on the front of service stations. The diesel fuel flowed 1.2474 Euro per liter last week, according to the website of the Directorate General for Energy and Climate (DGEC). Its highest level since October 10, 2008. Super unleaded was selling for 95 euro 1.4331, near its peak in August 2008. Blame the soaring oil price on which world markets.

Late Tuesday morning, a barrel of Brent was trading at 95.56 dollars in London, earning 72 cents compared to the previous day. Monday in London and New York courts have touched the highest for two years, respectively 96.17 and 92.58 dollars. These variations are explained by the high demand caused by cold and by the optimism of investors who expect a more vigorous growth in 2011.Hence an increased demand for raw materials.

Inflationary pressures

However, "oil prices spreads very quickly to the fuel and the latter is one of the key indicators for measuring household inflation," said Philippe Waechter, director of economic research at Natixis AM guaranteed payday loans. In late 2010, the trend is accelerating: the price of a barrel in euro, which gained 22% year on year in November, posted a 35% increase in December.

The effect would be felt on inflation in the eurozone, which accelerated from 1.9% in November to 2.2% in December, and consumer sentiment. The French have seen a sharp rise in inflation (+6 points) and expect that to continue. Early 2011, "the risk is that this perception is hampering consumption in January, with rising oil prices and the food," Dominique Barbet analysis of BNP Paribas."The main engine of French growth is threatened. We'll have to watch carefully for consumption in the coming months. "

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Airbus says it will succeed in carrying out the program A 350 XWB long-haul its next-generation, avoiding the problems repeatedly encountered Boeing for the B 787 Dreamliner, now overdue by nearly three years? In Toulouse, headquarters of Airbus, the top management displays his confidence but not complacency.

"There are strangers in a program of this type that provides a totally new aircraft with many technological firsts," said Fabrice Bregier, CEO of Airbus. "We can not rule out surprises, but we do everything to solve development problems before the plane goes into production." Airbus has delayed by two months the pace of the program to perform all possible tests on the junction of the wing with the fuselage of the aircraft to ensure it was well solid.Unlike Boeing, which was discovered on the assembly line in Everett to the United States that many manufactured parts (the wing-fuselage junction in particular) in Japan and Italy did not conform to its specifications. The companions of the return to work there and send several Boeing engineers commandos home to solve problems.

"The A 350 has made a great leap forward," said Thomas Enders, Airbus chief, despite the shift in timing of delivery of six months, from first to second half of 2013 check cash advance. In the eyes of management by the manufacturer, "the problem is not to lose a few months but to ensure that at each stage, the maturity is there." Airbus claims to have learned from the disappointments of the A380 program to avoid the same mistakes for the A 350. "We switched teams because we want to know the truth.They must inform us of problems so we can anticipate, react and adjust as they are identified and not when it's too late, "Bregier who develops the" challenge is there but still reasonable. "

Airbus has started pre-assembled pieces that will then deliver Nantes Saint-Nazaire and Hamburg where the pre-assembly of entire sections is planned from spring 2011 or later this summer. Final assembly is expected to begin late 2011 in Toulouse. The objective of Airbus is to deliver the first aircraft was ordered more than 550 copies, Qatar Airways, the company launched in 2013.

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Click on the thumbnail to enlarge the graphic.

It is a pillar of our business falters. Six years after the scandal of the Central Committee (ECC) for EDF, it is the CEC of four large companies that have grabbed headlines hex: Air France, France Telecom, RATP and SNCF. Two of them, those of the RATP and SNCF, are currently under investigation by the Court of Auditors. Air France is that of him in the crosshairs of the financial police. Institutions in these large groups experiencing various setbacks. But all have in common union struggles, corporate subsidies that are diverted from their primary or a waste often associated with union officials unable to manage a works larger than an SME quick pay day loan."We have created monsters that were supposed to do everything for employees on the back of the customer or the taxpayer, Agnes analysis Verdier-Molina, director of the Foundation iFRAP. We should go back. "The change is yet to impossible for companies that have entered such agreements often social in marble and have no control over the management of social work by their unions. So we must wait for official investigations to ascertain the extent of damage.

"A great immaturity of management '

At RATP, the survey takes place while an internal audit has revealed questionable practices of some staff representatives. (Photo credits: Jacques Demarthon / AFP)

The climate is severe also for the motorist. The last statement of the Directorate General for Energy and Climate (DGEC) shows indeed a significant increase in fuel prices. Diesel fuel as unleaded 95 are now at their highest level in two years. Last week, the first, which represents 75% of sales, cost an average of 1.2023 euros per liter, an increase of 6.4% since the end of summer. As for the SP 95, it rises to 1.3947 euro. With a record of 1.69 euro in Paris! While the highs of spring 2008 are still far away. At the time, while a barrel of crude had tu the $ 150 mark, diesel peaked at 1.4541 euros per liter, and the SP 95 also at 1.4971 euro.

Three factors have combined today to explain the rise in pump prices.First, the rising price of a barrel of crude oil, "almost 20% since the beginning of the year," says Jean-Louis Schilansky, president of the Ufip (French Union of Petroleum Industries). The crude touched $ 75 around 2010 to lift these days at $ 90. And the movement seems to continue. It usually takes between eight and ten days for an increase in oil prices affects the price at the pump in France. Fluctuations in crude oil, however, smoothed to avoid price changes daily, does one note at Total no fax cash advance.

The forgotten factor strikes

Second factor: the collapse of the European currency."With the euro around $ 1.40 earlier this year, against 1.32 now, says Jean-Louis Schilansky, there is simply more euros to buy a barrel that is paid in dollars." Expressed in euros The barrel has increased from 53 to 68 euros, an increase of 28%.

Added a third factor, a seasonal cold that hit early part of Europe since the end of November. The fall of the thermometer causes an increase in consumption of fuel oil to heat homes and businesses.But the oil from the same "base" oil than gas, the voltage on demand pulls prices.

The president of the Ufip provides instead that the strikes and blockades of oil depots of October, which had a dramatic impact on fuel at the time, left no trace on prices today ' hui.

This outbreak is worrying consumers association CLCV, which reports that 3.4 million French are already considered in a situation of "fuel poverty".

For now, the government has not yet responded. But if inflation fuels should continue as is likely, the government once again encourage operators to exercise restraint.

The Hexagon can continue to live as an island in tax matters? The issue is acute when reading a study of the law firm Arsene Taxand. In recent years, France has not lowered its tax rate (CIT). His neighbors, though. In Europe, the higher rate of corporate tax fell from an average of 35.3% in 1995 to 23.2% in 2010. Result, metropolitan France, with its rate to 34.4%, holds the palm of the strongest European IS. And in the developed world, only the United States beyond us. Worse, the gap may widen. For, despite the crisis, many governments have always reduce their corporate tax rates. The UK for example will bring his to 24% in 2014 against 28% today. "It is for these States to encourage the company, a source of growth.And it is striking that a country in deep trouble as the Irish budget refuses to reverse its low corporate tax rates, "says Nicolas Jacquot, a partner with Arsene Taxand.

The Council of compulsory levies, which depends on the Court of Auditors has qualified that statement last year, noting in a recent report that in France the calculation of taxable income is advantageous. So that, despite a high rate, the final tax, which is calculated from the taxable income and not the real benefit is not that high. In addition, there are many tax loopholes for businesses (106 billion after the POC). In total, according Bercy, French companies would be taxed at 22% of their actual profits.But Nicolas Jacquot, this does not change the situation: "Since it is difficult to compare actual charges, international investors are based on rates of IS. And side niches, some countries are not left behind. Korea has strengthened – also – the research tax credit pay day loans.

"Indeed, most countries have lowered their corporate tax rates have supported the measure by a VAT increase," said Nicolas Jacquot. Germany led the way in 2007, lowering its corporate tax rate from 38.7% to 29.8% while raising the VAT from 16% to 19%. The UK will follow this model. Spain, it already raised its VAT from 16% to 18%. Today, France finds itself with a rate of VAT (19.6%) lower than the European average (20.2%) and very close to those of Sweden or Denmark (25%).Enough to leave him room to maneuver … And then the government does evoke no fiscal convergence Franco-German?

Debate on VAT undermined

But it seems that in the short term, this convergence will only reform the taxation of wealth. For France, the subject of VAT is trapped. In 2007, the majority has lost several legislative seats after the idea of a social VAT had been raised. However, this formula which is to fund a reduction in payroll taxes by a VAT increase, has defenders. One of the oldest is Jean Arthuis, president of the centrist Senate Finance Committee. He was joined by Jean-Francois Cope, the owner of UMP deputies who speaks antidélocalisation VAT. In fact, lower payroll taxes increases the competitiveness of French companies, while VAT has the advantage of hitting all consumed goods, including imported ones.But this tax is burdensome for low-income households, which do not fail to emphasize the Socialists. I bet that this debate will lead the 2012 presidential election.

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One step closer to coming to the Deposit (CDC) in the capital of La Poste. Concordant sources, the supervisory board of CDC has validated the proposed $ 1.5 billion in La Poste will become a shareholder at nearly 26.32%. The Post became the 1st March 2010 a public limited company, a change of status which allows such capital increase, which the state also plans to contribute up to $ 1.2 billion. The operation should enable the group to invest to meet the full liberalization of the sector in 2011 and the collapse of his business mail.

Post 5 billion could be recovered

Furthermore, in an interview with La Tribune, the Economy Minister Christine Lagarde said that the recovery of La Poste could reach five billion euros payday loans with no fax."The rules for determining the value has been precisely defined since they provide a total value of 4.3 billion euros payable in two installments according to the achievement of the strategic plan which extends until 2015, says the Minister. "They also provide an additional value that could range up to 700 million euros if expectations are exceeded the business plan, which would increase the value of the Post 5 billion euros," she adds.

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