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

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

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

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

The Germans will unveil their Ifo business climate.

TF1 reviewing its objectives to increase

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

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

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

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

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

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

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

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

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

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

Personal loans like these have to be repaid back within a time span of 15-20 days. This period can be extended a bit in case of emergency.

European shares are sharpening their weapons. In an interview with La Tribune, the owner of the London Stock Exchange (LSE) Xavier Rolet reacted to the opening of NYSE Euronext a new trading platform in London. Called "NYSE Euronext London," this new market to attract foreign listings.

"Expanding our presence on the continent"

Xavier Rollet, the French who took the head of the London Stock Exchange last May, said he was surprised by this operation. His response was quick: "We have made different choices and work network rather than concentrating all our activity on a single data center," he explains to La Tribune.He added: "We do not exclude also not to extend our presence on the continent, opening new centers, data processing, to the extent that we would welcome, of course."

The boss said the LSE and the LSE would be "delighted [s] to offer [his] office to launch an electronic bond platform in Paris, provided that we welcome."

A "coup de grace for the Paris Bourse

In the Financial Times, Xavier Rollet described the strategy of NYSE Euronext's coup de grace for Paris, "providing" a significant problem for the French government " Payday Loan for Bad Credit. NYSE Euronext's strategy is not, according to him "a question of product 'but is rather a strong interest in the British capital.He also points out that his rival has already transferred its data center in suburban London. But Paris, says the British daily, remains the headquarters of NYSE Technologies and the place where NYSE Euronext intends to develop its own clearing house.

In addition, the Financial Times reveals that the LSE prepares an offensive on the derivatives market. Rollet Xavier Charter calls for an opening to competition of the market where it wants to position itself within nine months.

The London Stock Exchange on Wednesday posted a slight sales increase of 1% between April and June 2010 to 158.2 million pounds (189.5 million euros). Over the same period, total revenue rose 2% to 166 million pounds (198.8 million euros).

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

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

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

Economic News Authority

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

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

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

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

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

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

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

Societe Generale wants to Kerviel lost 4.9 billion

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

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

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

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

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

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

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

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

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

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

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

"It was a very important interview. Nicolas Sarkozy to thank you for coming. On Monday in Berlin, German Chancellor Angela Merkel wanted to put an end to persistent rumors of discord between France and Germany in the fight against financial crisis in Europe. During his joint press conference with French President in Berlin, Merkel stressed the need for both countries to give "impetus" to the European Union to "act operationally" and "the consequences of the crisis financial recovery '.

Determined to "speak with one voice", the two Heads of States announced it would set at G20 Toronto, the idea of a tax on financial transactions and a tax credit, " to be applied in the same way in France and Germany, "said Nicolas Sarkozy.

With Angela Mergel, the French president reiterated the need to strengthen the Pact of Stability and Growth. For the countries most lax sovereign debt, the two countries propose a penalty which would result in the suspension of their voting rights at the European Council. This proposal, which will be submitted to the European Council President Herman Van Rompuy, could lead to changes in the treaty which will be "in the near future," according to Angela Merkel.

A European economic government

Finally, Germany and France have discussed their desire to establish "an economic government of the 27" that would meet soon "on an operational and pragmatic" No fax pay day loan. The two heads of states also want power, "in case of necessity, meet only the heads of only 16 states in the euro area."There will be no country of first and second class. The idea is just to work quickly to problems concerning the euro area, "Angela Merkel stressed.

"Europe is not the most dynamic continent in contrast to the ambitions of the Lisbon Treaty. Do not create new institutions but to be more operational, has welcomed the Chancellor. Nicolas Sarkozy has reiterated his desire to "get out of ideological debates to make things happen quickly."

When asked about their respective visions rigors announced plans in both countries, Angela Merkel and Nicolas Sarkozy have remained elusive. The German Chancellor said that "Germany had done the right thing and not that France too." For its part, the French president spoke of "a matter of shared responsibility, trust and proximity.

Before the G20, Germany and France will defend their joint initiatives at the European Council meeting on Thursday.

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The U.S. stock market should resume a little high on Monday. The index futures are predicting a slightly higher opening of U.S. markets. The index futures Standard & Poor's 500 and Nasdaq 100 advance respectively from 0.20% to 1 185.80 points and 0.25% to 2003.80 points. Friday, Wall Street finished the week sharply down. The Dow Jones and Nasdaq had lost 1.42%, respectively and 2.02%.

Friday, financial stocks have been penalized by the judicial proceedings against Goldman Sachs. The action of the merchant bank has plunged nearly 10% Friday it swept away its main competitors.For his part, the technology sector has suffered from disappointing results of the McAfee antivirus editor (- 12.1%) and manufacturer of components for computer chips MEMC Electronic Materials (- 18.6%).

From the values listed today, Continental Airlines and United Airlines have announced their merger by exchange of shares. The two brands will be retained but the company will be the first on American soil with 21% against 20% of lines for Delta.

Most companies (62%) of the Standard & Poor's 500 have now published their results. And the ads businesses emerge well above expectations. Over 80% of companies have announced earnings per share higher than the consensus and 73% of sales above expectations.

This week and major publications are rare.Note, however, Pfizer will announce its quarterly accounts tomorrow, CBS and Time Warner on Wednesday, Kraft Foods and Sara Lee on Thursday and Friday FC Industry.

The eyes of investors will focus on the macroeconomic indicators. The ISM surveys today and Wednesday and those on the job Friday will be the leading indicators of the week. Today on Wall Street, investors will also monitor expenditures and household incomes in April construction spending in March and sales of automotive sector in April in the afternoon.

On the foreign exchange market, the euro lost some ground against the greenback, but morning but remained above the threshold of $ 1.32, despite concerns expressed by operators on the obstacles that may still arise before the bailout 110 billion euro budget of Greece.

A few minutes after playing the ukulele, billionaire Warren Buffett held a highly anticipated speech on his views on the matter Goldman Sachs during his famous annual general meeting of shareholders of his holding company Berkshire Hathaway.

If prosecution by the SEC (Constable American Stock Exchange) fraud linked to subprime * from Goldman Sachs, now coupled with a criminal investigation, has reopened the debate on capitalism in general and the behavior of banks in particular, "said the sage of Omaha supports the weight of the world's largest bank, in which he invested in September 2008 – is in financial crisis – some five billion dollars.

Before 40,000 investors whose excitement gave way to silence, the star of finance has given quite a boost to the credibility of Lloyd Blankfein, Goldman Sachs boss – who is still not at the end of its penalties – and his bank, which suffers in the stock exchange since the complaint the SEC on April 16: From U.S. $ 184.3 to 145.2 dollars, the stock has tumbled 21.3%, of which -9.4% Friday while S & P advised to "sell" the securities.

Also in humor, Warren Buffett, who is seeking a successor – he will blow his 80th birthday next August – will be delighted that Lloyd has a twin brother "to select it.More seriously, without giving names, Warren Buffett assured that if he died tomorrow, there would be "a new CEO within 24 hours."

Accepting mistakes

"It's a little hard for me to have much sympathy for a bank that has made the wrong choice," he said, referring to financial institutions that bought the famous product Abacus created by the young French Fabrice Tourre .

Certainly, the financial product was very complex, but, as the guru, a bank like ABN Amro knows what she does when she made a "deal". But this one has not made the expected result for the Dutch establishment. We must assume, for Warren Buffett.

The fault with the regulations, not banks

While the banking sector reform in the United States wades, Warren Buffett believes that this regulation is responsible for the financial woes in recent years, not the banks.

According to Deputy Buffett, Charlie Munger, who spoke on Sunday, "the problem is that our banks and investment banks are regulated by a combination of permissiveness and stupidity." For him, the bankers are problems like tigers escaped circus gone mad. "It's that idiot guard tiger who has not made the job" summarizes the investor. "The regulatory system of government has deceived us."

Berkshire Hathaway goes green

The Berkshire Hathaway investment fund billionaire is ironed in the green in the first quarter with net earnings of $ 3.63 billion, while filming a loss of 1.53 billion over the same period a year earlier ."These results show that the economy is showing signs of significant occasions for the first time," concluded Warren Buffett.

Announced Saturday, these preliminary figures attest to the vibrancy of its business in derivatives, which revives the profits from 1.41 billion dollars, while the loss was $ 3.24 billion in the first three months of the year.

Operating income rose 30% to 2.2 billion dollars against 1.7 billion a year earlier.

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Jean-Louis Dumas in June 2001. Photo credits: AFP

At 85, Jacques Dessange finally hangs up the scissors. Even if no cap over himself for over forty years, founder announced yesterday the sale of 21.6% stake in his company that he still had the financial OFI Private Equity Capital. The French-listed fund (also a shareholder of the restaurant chain Leon de Bruxelles) had already taken 65% share in mid-2008. The transaction is based on a valuation of Dessange International 80 million euros.

Dethroned recently by the Franck Provost group which took over the networks of Jean-Louis David, Dessange has pioneered the development of hair salons free. It has more than 1,000 shows in France and abroad (40%), under its brands Jacques Dessange, Camille Albane and Fr?d?ric Moreno.The set weighs a business volume of more than 700 million euros.

Royalties paid back by franchisees to the parent (about 5% of revenues) and sales of hair products (especially via a partnership with L'Oreal in supermarkets) are a direct turnover of 53 million euros for Dessange International, with a return close to 20%. OFI wish within five years to double the size of the company, including developing the network in France, the United States and Asia. "China is one of our priorities," says its president Olivier Millet. It also has double the sales of products.

Jane Fonda and Sheila

The adventure began in 1954, when Jacques Dessange, hairdresser's son born in Sologne, created his first salon in Paris. With his first wife, Brigitte Bardot officer, he conquers Famous faces such as Martine Carol, Jane Fonda or Sheila.In 1975, a hairdresser from Havre, Michel Cauvin, suggested that his "rent" its name. This is the beginning of the great adventure of the franchise. Dessange is a businessman, set up training, procedures, style (the tousled-headed), color (blond) standard. In the years 1990 and 2000, he launched two other signs of entry and midrange, Frederic Moreno and Camille Albane, he developed the makeup, care, hair care products. "Mr. Dessange has both succeeded in creating a very fine company and ensure the transmission and continuity," said Olivier Millet. Founder's son, Benjamin Dessange retains his position as chairman.

"We have a banking sector in very difficult position since September 2008. On the airwaves of public radio RTE, the Irish Minister for Finance Brian Lenihan announced a massive bailout about to upset the Irish financial sector. His government is preparing to take effect in banking reform to rid the system of 81 billion euros of toxic assets from the Financial Times. The information was officially confirmed in the afternoon.

16 billion euros at a discount of 47%

To carry out this project, the Government should announce the creation of the National Asset Management Agency (NAMA), a bank created to buy their rotten assets, mostly mortgages risky accumulated before the bursting of the credit crisis.Initially, the NAMA buys 16 billion euros in loans at a discount of 47%.

Paral?lle be completed a recapitalization plan. According to analysts, banks would need 15 to 20 billion euros while strengthening their own funds. They could throw a party the money itself, by making asset sales. In return, the rules will have to be modified. The banks should strengthen their Core Tier 1 ratio to bring it to 7%. "We must put our banks in a situation where they will be able to finance themselves with confidence on the international markets," said Brian Lenihan.

The government should give more detail on Tuesday late afternoon.

Wave of nationalization

At the Dublin stock exchange, these ads and the suspense that surrounds them, are very unwelcome. Around 16 hours, the action Allied Irish Banks (AIB) loose 5.59% to 3.38 euros.Bank of Ireland (Bofi) lost 9.40% to 1.25 euros guaranteed payday loans. Already Monday, the shares of banks had been abused.

Investors are concerned because the wave of nationalization or increased state participation in banks suggests that such a plan. That recapitalization by the government should increase its stake in the bank (AIB) to more than 70% against 16% currently. The competitor in its Bank of Ireland (Bofi) should rise to 40% against 25% today. The state had already acquired shares having salvaged their coffers 3.5 billion euros.

The Anglo Irish Bank had already been nationalized last year.The government could also take control passage of two credit institutions Mutual, the Irish Nationwide and EBS.

Ireland under surveillance

Global markets keep an eye on the reforms undertaken in Ireland. The country is indeed one of the most affected by the crisis. In 2009, economic activity has suffered a fall of 7.1% and the country is still not out of the recession. The government keeps its hopes for recovery in the second half of this year.

According to analysts, if this ambitious plan than the original amounts provided by the government, this could affect the country's sovereign debt. Just as Greece, Portugal or Spain, Ireland through debt problems which have already led to a program of fiscal restraint in December.At 11.7% of GDP, the budget deficit is currently the largest after that of Greece which was 12.7%.

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