After opening at 3746.56 points on balance, the CAC 40 suffered some profit taking and lost around 10:30 just over 0.5% to 3726.45 points. At midday, the index feature yielded 0.54% to 3727 points before picking up one hour before the opening of Wall Street. 14.30 ACC exceeds 3750 points (+0.13%). Tuesday evening now, the benchmark index of the Paris market had bent slightly, from 0.12% to 3747.51 points, while nearly 3,750 points in the wake of Wall Street, penalized by economic indicators so good that anticipated.

Investors reacted positively Wednesday morning, however, the results of Societe Generale, published before the opening, and that are much better than expected.Monday, BNP Paribas and HSBC had already published accounts reassuring and had restored confidence to investors worldwide.

In Asia, Tokyo has fallen sharply while export values are penalized by the yen continued to rise against the dollar. At 85.5 yen to the dollar, the yen has never been stronger.

Economic News still loaded

On Wednesday, the macroeconomic news might still punctuate the markets. In the euro area, the focus will be on the PMI services and composite July (2nd estimate).Growth in the French sector of services has accelerated slightly in July, but expectations of entrepreneurs are less strong, according to the PMI survey published Wednesday by Markit Economics.

At 11:00, retail sales in the eurozone emerged flat in June mainly due to lower sales of food products, following a 0.4% increase the previous month (revised from +0.2%) but show a larger increase than expected 0.4% in one year, after 0.6% (revised from +0.3%) recorded in May Economists polled by Reuters had forecast an average increase of 0.1% from one month to another as well as annual.

Overseas, the ADP employment figures in the private sector in July will be well attended in the financial world, at 14.30. Then at 16 hours, the ISM index of activity in services should lead the market.Finally, at 16:30, the traditional weekly crude oil stocks are known. All these figures of importance, so that on Tuesday, the statistics on consumer spending and incomes of households were poorer than expected.

Société Générale and Axa have done better than expected

As for values, investors have been informed by stock-half-year results of Societe Generale (1.38% to 46.02 euros) payday loans. Net income was more than tripled to 1.084 billion euros in the second quarter. Economists expected a doubling.Moreover, its Greek subsidiary Geniki announced a widening its net loss in the first half, the economic difficulties the country promoting the proliferation of bad loans.

AXA (-1.76% to 14.47 euros), has reported net earnings in the first half down 29% to 944 million euros. It's better than expected and operating income, which excludes special items, spring, him, down 3%.

Suez Environment (-0.23% to 15.14 euros), which specializes in managing water and waste, noted Wednesday its growth forecast for the full year 2010, after posting first half results strong growth. Jean-Louis Chaussade, CEO of number two French water treatment and industrial waste, says his group's performance in the first half.

Bic (+0.54% at 56.10 euros).The group anticipates a slowdown in particular the growth in sales of lighters and razors in the second half.

Sopra (-0.02%) and Iliad (-1.15%) also posted pre-market.

Maurel & Prom: + 68% of first half sales

Energy. Departments of Ecology and Economy announced Tuesday that the government planned to increase to 15 August electricity rates by 3% on average for households and 4% to 5.5% for businesses. EDF is the head of the CAC 40 to 34.7 euros.

Maurel & Prom (-0.45%% to EUR 9.78) Tuesday announced sales up 68% in the first half of 2010, helped by the rise in production fields in Gabon and in particular into production fields and Omgw OMBG. Note that the oil companies are particularly sought after in recent sessions.The oil was indeed installed comfortably beyond 80 dollars.

Vilmorin (+0.17% to 74.63 euros) Tuesday posted a consolidated turnover from 2009 to 2010 up 6.2%, supported by his vegetable business. The fourth seed has confirmed global forecast fiscal year 2009-2010 ended June 30, "a good performance of its margins," despite the increased "significantly" from its research investment.

Teleperformance (-0.72% to 19.31 euros) announced Tuesday for the first half rose 3.9% in sales on a reported basis, down to a 2.6% decline in comparable, indicating that positive impact of its restructuring plan on the second play of the year.

There are many advertisements that boast of having lower cost for car insurance, but the truth is, most all car insurance companies can provide you with a cheaper policy just by streamlining your coverage.

The retirements have melted like snow in the sun in 2009. According to the National Insurance pensions (CNAV) 734.0000 some employees have asserted their right to retire last year, against 785,000 in 2008. It has been 10% less than in 2007, when nearly 820,000 active generation of baby boomers are retiring.

The main reason for this huge difference is the collapse of early retirement for long careers. In force since 2004, starting a long career can retire between 56 and 60 for those who started work before their 17 years. The conditions for benefiting from this device, however, were restricted by the government in 2008.

Early departures will be undermined

In 2009, 24,300 people were affected by these departures anticipated, against 122,120 in 2008 and 115,120 in 2007, according CNAV.This decline has led, despite the crisis, to increase the participation rate of older workers aged 50-64 years, has pointed the direction of animation research, studies and statistics (DARES) of the Department Employment in a report on employment, unemployment and labor force in 2009 released this week.

According CNAV, many assets have anticipated the tightening of regulations on long careers and have preferred to assert their rights to retirement in 2008. In September 2007, Prime Minister François Fillon had estimated the cost of this measure is important because it explains half of the deficit of the general pension scheme established in 2007.

Have also been restrictions on the potential acquisition of quarters, and longer duration required assessed under the successive reforms of 1993, 2003 and 2007, according CNAV.

The effects of a 1959 Act

In addition to the tightening of access device initially anticipated a long career, Dares says that downsizing is partly due to "lagged effects of the law Berthoin to 16 years with school age obligoire" for children born after 1953. An ordinance dating from 1959!

If the hour is restraint, reform of pensions in payment should not spell the end of the device of long careers. The government expects its bill for consideration by Parliament in September, to "extend and expand" the insured "who started their business at the age of 17 years." They may retire before the age of 62 years provided for the general scheme. A condition to justify a contribution period of two years longer than the duration required, or 43 years.

(With AFP)

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The decision does not surprise employees. According to union sources on Saturday, Total has initiated proceedings before the Tribunal de Grande Instance of Nanterre to challenge the decision of the Court of Appeal of Douai forcing it to reopen its Dunkirk refinery. The oil group has assigned Friday the employee representative bodies in order to ask the court not to restart the activity on the site.

Total wants a declaration that the information and consultation procedure has been "completed". And even if the court believes that the procedure was "initiated with delay", Total highlights the fact that "the employee representative bodies have been able to exercise all powers vested in them" and they have suffered "no harm".

"Their last cartridges"

For Philippe Wullens, Delegate South (majority site), this reaction was expected faxless cash advances. Management would have announced in June that it would form a further appeal against the decision of the Court of Appeal. According to Steward, the leaders of Total fired "one of their last cartridge." Roger Koskas, counsel employees, estimates that total attempts to circumvent the decision by the Court of Appeal of Douai. Beside him, his brother, Patrick Tillie declares itself "not too pessimistic."

The hearing will be held September 17. According to two lawyers, Total has so far done nothing to comply with the decision of the Court of Appeal, despite a daily fine of 100,000 euros. For the moment, neither the group nor his lawyers could not be reached.

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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.

The popular jury ruled. Vivendi misled shareholders about its financial situation between 2000 and 2002 and may have to pay billions of dollars in damage to hundreds of thousands of shareholders.

The trial class action lasted more than three months in New York and requested fourteen days of deliberations. The jury convicted Vivendi guilty of "recklessly misleading communication" on all of the 57 statements on which the group was pursued. He cleared the former CEO of the group, Jean-Marie Messier, and its former CFO, Guillaume Hannezo.

Vivendi will appeal

"The verdict will allow investors to recover an estimated 6.6 billion euros, announced the plaintiffs' lawyers, welcoming the decision of the jury."It'sa huge victory," welcomed the lawyer Maxim Delespaul, while acknowledging that it was only half of what experts had requested.

Vivendi strongly disputes the jury's decision and will appeal. "The jury said that two men are innocent while the company is guilty of the same facts. Furthermore, to calculate the damage, he simply divided into two amounts proposed by the plaintiff, a verdict is absurd and contradictory, "says the group's lawyer, Herve Pisani.

The outcome of this trial will not be known before long. It depends on the outcome of the appeal, and this procedure can be initiated only after the final calculation of damages.Furthermore, if the complaining party announces sales of 6.6 billion, Vivendi said it will take between twelve and eighteen months to calculate the amount of damages.

It will indeed consider each of the complainants' requests, which will be calculated daily based on purchases and sales of securities made between October 30, 2000 and August 14, 2002. It is not known how many shareholders ask to be compensated. In the United States, between 20 and 30% of investors demand compensation after a class action, according to Herve Pisani. The number of shareholders was estimated at one million, the shares traded in the period to one billion.

The trial in "class action" is unique in its kind.This is the first time that so many French shareholders are involved in class action U.S.: about half a million shareholders divided between France, the United States, the Netherlands and the United Kingdom. It is rare in the United States a company refuses, as did Vivendi, to compromise with the complainant before the verdict. U.S. companies believe they can get away with a bill less salt if they find a compromise with representatives of the class action.

Whatever happens, "Vivendi will not pay a penny before the outcome of the appeal, said Herv? Pisani.All elements are present for Vivendi wins this appeal. "

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Hardly already revealed and challenged. Here and there, people have criticized Apple's iPad charges of usurpation of all kinds. The product name is first challenged. This Friday, the group of services and computer equipment that Japanese Fujitsu claims first use of the name "IPAD" for some of its equipment for supermarkets. For example: "IPAD" is the name of a digital mobile group, for ease of reference prices and stocks at any time and any place in a store.

The device is marketed in the United States since 2002. Futjitsu states have filed through one of its U.S. subsidiary, an application for the name in March 2003. An approach which, according to Masao Sakamoto, a spokesman for Fujitsu in Tokyo, has not yet resulted.According to Japanese press, Apple will have to decide before February 28 if he opposes the request for name registration by Fujitsu. This in turn has not yet decided whether to launch a lawsuit against Apple.

But Fujitsu is not the only one to blame for identity theft to Apple. American society Slate Computing has already filed with the Japanese name "IPAD" for a range of electronic products ranging from computers to metronomes through toys or mobile phones. The German giant Siemens has also registered the international trademark "IPAD" for micro-engines and electric motors, applied to various products.

The question is whether the commercial courts will be called to decide on the use of the name dispute into the blogosphere.The jokes are multiplying on the net, users do not fail to recall that "IPAD" suggests "towels" ( "pad") in English payday loan . Suddenly, the word "buffer" has become the second most discussed topic on Twitter …

"Why did they do the same thing as us?"

But the name is not the only object of all disputes. Since the lifting of mystery about the product and its features Wednesday, several companies around the world rise against the U.S. giant, accusing it of stealing their idea. The latest company to date to show his displeasure, Shenzhen Great Loong Brother Industrial Co. is Chinese. The company official, Huang Xiaofang, marketing claims exactly the same product … for 6 months in China.Shanzhai.com, a technological reference blogs in China, says in fact many similarities between the two devices. The tablet "P88", as dubbed in Chinese society, appearance is almost identical. Heavier and thicker than the iPad, the Chinese model boasts still offer a bigger screen, more memory and, above all USB ports, an element missing from the Apple iPad.

The P88 was launched in August and presented last year at an electronics fair in Berlin. This makes it clear to Huang Xiaofang that Steve Jobs is a copier: "We have started before. We do not understand. Why have they done the same thing as us. "Note however that the P88 has a Chinese battery with a charging time of half past one while Apple promises 10 hours of continuous use without recharging.

This discussion shows at least Apple did not eventually hear disputes. The functionality of the iPad is already considered by some observers minimalist.

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The week promises to be even difficult for Asian Scholarships. On Monday, all the financial centers of the region are in red. In Tokyo, the Nikkei ended in decline by 0.74% to 10,512.69 points while the Topix fell by 0.67% to 934.59 points. This is the lowest level in a month. The technology sector was battered after Google results found disappointing. And the strength of the Japanese currency, which was trading at 90.26 yen to the dollar, worries the export sector.

Investors also expect further losses on Wall Street after the positions recorded last Friday across the Atlantic. On the eve of the weekend, the U.S. places had finished strong decrease of 2.13%, while the Nasdaq let go of 2.68%, 2205 points and the S & P 500, 2.22% to 1092 points. Google was not pleased the markets and had sealed the general mood by winning of 5.66%.For its part, Advanced Micro Devices (ADM), which was announced Thursday evening having completed its first quarter in the black for three years, has still declined by 12.12%, to 7.9 million.

The sector should also be monitored in the coming days as the markets await U.S. publications from Texas Instrument (fourth quarter) and Apple (first quarter). The firm at the apple must also Wednesday presented its "last creation," probably the digital tablet.

As for statistics, markets will also pay attention to resale figures for new homes in December, released on Monday to 16 hours in the United States.

Exchanges in the region behind

In the wake of Tokyo, all other Asian places are displayed in red.The flagship index of Hong Kong, the Hang Seng 0.89% cowardly to 20,542 points.

In Shanghai, the Shanghai Composite lost 0.57% to 3110 points.

In South Korea, same story. The KOSDAQ index fell by 1.40% to 1321 points.

Finally, in Australia, the S & P / ASX 200 lost 0.69% to 4714 points.

As expected, the U.S. bank JP Morgan Chase announced a great performance this Friday for its fourth quarter 2009. Over this period, net profit stood at 3.278 billion dollars (2.27 billion euros), a figure four times over the fourth quarter of 2008. Net banking income (equivalent to the turnover) amounted to 23.164 billion dollars over the same period against 17.226 billion in 2008. Levels well below expectations of analysts who had forecast at 26.2 billion.

For the full year, JP Morgan Chase is much better than expected with a net profit stood at 11.728 billion dollars. Twice in 2008. Regarding the benefits of the fourth quarter alone, the performance of the bank exceeds expectations at $ 74 cents per share in the fourth quarter against the 62 expected by analysts.On the year, net earnings per share were $ 2.24, against expectations of 2.12.

The bank also announced having strengthened its balance sheet, with a Tier 1 capital of 133 billion dollars or 11.1% ratio against 10.2% in September 30.

The banking investments have contributed greatly to the group's results, with net income of 1.901 billion, against a loss of 2.364 billion last year in the same period.

Deception

Yet the markets react badly to this first major publication in the banking sector. On Wall Street, the Dow Jones opened down 0.26% at 10,683 points. Action JP Morgan lost 2.15%, resulting in his fall Citigroup (-1.71%), Bank of America (2.32%) Goldman Sachs (-1.06%) and Morgan Stanley (-2, 76%). In Paris the CAC 40 in red switch to -0.60 while it was resumed in mid-session.

Investors, disappointed, hold that the bank has added $ 1.9 billion to its reserves for losses on consumer loans. The financial institution also announced that "the results have not reached a level of return on capital adequacy and realized their full potential." "The results of companies have certainly not the desired leverage," stated Joseph Hargett of Schaeffer's Investment Research. "JPMorgan Chase has even gone so far as to express a high degree of caution on the current economic environment," says he.

Jamie Dimon, CEO of JP Morgan, will indeed "be cautious" about its outlook. His bank has, he says, face a cost of "high" risk. JP Morgan has included in its accounts last quarter to 7.3 billion dollars in reserves to cover these risks.

Moreover, while the swelling controversy over the pay of bankers and traders on Wall Street, JPMorgan reported costs of "compensation" (which includes wages and bonuses) increased by 18% in 2009 compared to the year prev. A new and should not meet U.S. President Barack Obama said Thursday that a proposed tax of fifty large bank.

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End of busy year for the inaugural flights. After the military Airbus A400M and the Boeing B 787 Dreamliner, the Franco-Chinese helicopter EC 175 made its first official flight on Thursday morning. He took off the head of Eurocopter, a subsidiary of EADS, in Marignane, near Marseille. Louis Welsh, president of EADS, is expected on site as well as representatives of Avicopter, the specialized branch of aviation holding public Avic.The first flight marks the start of the certification campaign of the civil helicopter 7 tons specializes in transport between continents and platforms offshore oil and gas, rescue missions or the "corporate".

"It represents the culmination of years of effort to successfully complete this first flight in time, four years after signing the contract," said Joseph Saporito, director of programs marketed Eurocopter, world leader in the market Civil. "We started with a blank sheet to design the helicopter on the basis of a 50-50 partnership with the Chinese industry," says he. Avicopter and Eurocopter has invested 300 million euros each in the project. They shared the manufacturing and procurement.Eurocopter has exclusive rights in Europe, the United States and Australia while qu'Avicopter is sovereign in China and several countries in Africa and Latin America. The machine has two assembly lines like in France and China. But each manufacturer can then "customize" the device according to the needs of its customers.

The EC 175, known as Z 15 in China, a mouth hole in the range of Eurocopter intercalated between family Dolphin 4 to 5 tons and that of Super Puma helicopters of 9 of 11 tonnes. The two allies hope to sell 800 in twenty years and carry an annual turnover of 600 million euros in stride. Eurocopter already has garnered 114 firm orders and promises a first delivery late 2012. With the EC175, Eurocopter is reaping the fruit of thirty years of cooperation with China.The subsidiary of EADS has been a forerunner in signing in 1990 a licensing agreement for the EC120 Colibri.

Global Presence

China, where Airbus has commissioned an assembly plant for the A 320 last summer, is one example among others of the expertise of Eurocopter in terms of international alliances.

In South Korea, for example, the manufacturer is both the provider KAI his local counterpart, and its adviser support. "KAI has developed a gear 100% Korean. We provide the autopilot, the gearbox and main rotor. And we help them meet the needs of the army, "said Joseph Saporito. Eurocopter is a kind of godfather of Surion a military helicopter to 8 tons whose needs are estimated at 245 copies by the Korean army.The device was introduced in July 2009 and must make its first flight in March 2010.

In some countries, Eurocopter is investing from its local subsidiary after having won contracts. Chosen in 2006 to supply 350 LUH, a light helicopter, the U.S. military, he has put into service in the state of Mississippi a "carbon copy" of its assembly line based in Germany and made agreements with outsourcing Local. The site will deliver its 100th unit in February 2010.

This model will be deployed in Brazil bought 50 Super Puma and Australia for the Tiger combat helicopter and troop transport NH 90. "These are long term investments that allow markets to conquer, to globalize the network outsourcing and setting up bases for the manufacture and maintenance of equipment," concludes the director.

This will be the status quo. Despite the rising price of oil, regulated tariffs for natural gas will not be adjusted on 1 January next year, according to a spokesman for the Department of Ecology and Energy. In applying the method of calculation in force, the rate of megawatt currently set at 41.5 euros would have to increase by 0.65 (an increase of 1.5%) to reflect the supply costs of GDF Suez (ex-Gaz de France).

The regulated gas prices in theory are updated every three months and must reflect the evolution of oil prices over the last six months, with a lag of a month. If the formula had been applied to the letter, it would have resulted in lower gas prices by 3.6% on 1 October and an increase of over 5% on 1 January, when consumption is stronger.

The Government agreed with the energy group to avoid unpopular increases in the heart of winter. The regulated gas prices concern customers in effect nine out of 10 French.

To depoliticize the debate at the coming price adjustments, the government also announced Friday, December 11, it would change the method of fixing rates. It would, under the supervision of the Regulatory Commission of Energy (CRE), to entrust more power to the energy group GDF Suez.

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