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.

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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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Saffron is still on track, despite the rejection by the supervisory board of Zodiac's merger offer sent July 6. "We stand by our proposal. It is the shareholders to decide Zodiac. We were very surprised that the leaders of Zodiac reject our proposal without seeking to fathom, "says Jean-Pierre Cojan, Deputy Director General of Safran, head of strategy and development.

The group led by Jean-Paul Herteman no plans to launch a takeover bid (OPA) hostile Zodiac. "I'm not sure that the interests of our shareholders would be served by something other than what we propose, namely to gather around the table. We have no idea at this stage other than to repeat the proposal that was made there about ten days, "says Ross McInness, Chief Financial Officer of Safran.In the letter received by Didier Domange, chairman of the supervisory board of Zodiac, Jean-Paul Herteman, CEO of Safran, simply wrote that he proposed an exchange of securities and cash to the shareholders of the Zodiac. But he has not made any proposal encrypted. Saffron has a market capitalization of about 9 billion euros. The Zodiac is 2.4 billion.

For the moment, everybody sticks to his guns. The leaders disagree on everything. Zarrouati Olivier, CEO of Zodiac, ensures that the merger would have only "limited synergies" from the industrial and it would not "create value for shareholders of Zodiac.

The state voted for

Saffron, which produces both engines as landing systems, but rather emphasizes the importance of synergies."This merger, which we have thought for some time, makes sense for several reasons, technological and industrial pay day loan lenders. The major clients such as Airbus and Boeing want to work with a limited number of suppliers. The consolidations that have occurred recently demonstrated. There are also synergies in terms of after-sales services. Bringing after-sales services of both companies would share their infrastructure, "says Jean-Pierre Cojan.

Olivier Zarrouati observes that marriage between a heritage whose key shareholders are families Domange Marechal and Gerondeau and the ISP (about 5%), and Saffron which the state holds 30%, is doomed to failure."Safran has not demonstrated in the past its ability to integrate different corporate cultures," he says in an interview with Voices. "Saffron, which is a company that makes money, has demonstrated in the past how much he knew of successful mergers and acquisitions," argues Jean-Pierre Cojan. Saffron has certainly been significant difficulties for the successful merger decided in May 2005 between the public group Snecma and Sagem private enterprise. But he has found new life since the appointment of Jean-Paul Hertelman in September 2007 at the helm. And in a sector as sensitive as aeronautics, its acquisition strategy is approved by the State. When the supervisory board has agreed unanimously to a merger with Zodiac, the representatives of the state voted for.And while interest in the Zodiac, the group remains on the lookout for other acquisitions.

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From simple to double. In 2009, the price of a comparable basket of food and soft drinks were twice as high in the Member State of the European Union the most expensive in the cheapest, according to a survey published by Eurostat, the statistical office of the EU, which compared the prices of nearly 500 products in 37 countries across Europe.

Among the 27 countries of the European Union, Denmark takes the top spot, with rates higher than 39% the EU average. The Nordic country is followed by Ireland (29%) and Finland (20%). A laggard, Poland is the EU country where food prices are the lowest, 36% lower than average.Romania (34%) and Bulgaria (32%) are just ahead of Poland at the end of this ranking.

According to Eurostat, France was the eighth most expensive country in the EU for food in 2009, behind Germany (7th) and Belgium (6th), where food prices were respectively 11% and 15% higher than average.

In France, food prices (including soft drinks) were 10% more expensive than the EU average in 2009, reports Eurostat. In detail, the bread and cereals were costing 13% more in France, the 22% more meat and milk, cheese and eggs 4% more. Excluding food, prices of alcoholic beverages in France were 5% below the European average.Tobacco, however, was 33% more expensive.

"Taxation, particularly on alcohol and tobacco, varies enormously from one country to another, and this has an obvious impact on prices of products sold to consumers," says Mathieu Plane, an economist at the French Observatory Economic Conditions (OFCE). So tobacco is even more expensive in Ireland (117% above the EU average) and the United Kingdom (66%).

Discrepancies of wealth even more important

Other parameters explain the wide disparity within the EU. "The final prices are higher in the importing countries," says Mathieu Plane. Costs such as transportation of products are indeed passed on the labels on the shelves."As for producing countries, wages and other production costs are also reflected in consumer prices." Prices that are reported above the standard of living of each country.

Again, the European Institute of Statistics has found very large differences in wealth within the EU, in relation to gross domestic product (GDP) of all 27 members to its population. According to figures recently released by Eurostat, the EU's 13 states have a standard of living than the European average. France is in 11th place with 7% above average. At the other end of the table, Bulgaria ranks dead last with a per capita wealth less than 59% above the average of the 27 states. And seven times lower than the first classification, Luxembourg!

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The offer of Atos Origin WorldPay should remain on the sidelines. The group has never officially confirmed his candidacy on redemption of the subsidiary systems of payment by Royal Bank of Scotland, is not among the three investment funds selected by the British bank, according to information from newspaper economy.

The software houses had yet been joint bid with investment firms CVC Capital Partners and Welch, Carson, Anderson & Stowe. In addition, the acquisition of Wordpay assessed by the press between 2 and 2.5 billion euros, would have Atos create synergies with its electronic payments Worldline subsidiary.

The list of contenders is long

But the list of contenders is long.Investment funds Clayton, Dubilier & Rice, Permira (associated with American Express), Advent International, Bain Capital and TPG or Canadian society Moneris Solutions payment systems had expressed interest in WorldPay. The price of the subsidiary of RBS has thus vanished, the paper suggests a proposal exceeds 4 billion euros, and the bids were the highest preference.

Another obstacle to the acquisition of Atos WordPay, SSII debt still stood at 139 million euros at end 2009. This impedes the French group to compete with investment funds. Especially that Thierry Breton, arrived at the head of the group November 16, 2008, has always said he was not overpaying for an acquisition issue.

An alliance with a fund is still possible

For now, the group opted for prudence.But he could return to the race if one of the three funds withheld wanted an alliance with an industrial partner, an option that remains open as the business daily.

The CAC 40 Opens Wednesday's session again on a decline. After a dramatic surge Monday and a break Tuesday, the Paris markets following the U.S. trend and Asia, that is to say on a bearish note, including a technical standpoint.

The markets have overreacted to the emergency plan Monday to the European Union, blew Tuesday, notably taking into account the economic difficulties of the Old Continent in the medium and long term are not resolved. In the first exchanges, the CAC 40 was down 0.75% to 3665.8 points.

Thus, the uncertainty takes over your life.However, markets hate uncertainty, particularly the euro remains under pressure against dollar propels gold higher: an ounce reached 1235 dollars in Hong Kong on Wednesday morning.

The key index in Paris also changing depending on the reaction of investors to the rain of macroeconomic publications in France, Europe and the United States. Many companies have released their quarterly revenue.

Torrent indices importance

In France, consumer prices rose 0.3% in April compared to March to receive an increase of 1.7% year on year, according to Insee.Another factor is the expected French industrial investment rose 6% in 2010 (against 5% previously).

However, French growth was revised in 2008 to 0.1% (against 0.3% previously announced) and in 2009 to -2.5% (-2.2% cons), while the GDP rose only 0.1% in the first quarter of 2010, according to a first estimate.

Furthermore, the current account deficit moved to France to 4.8 billion euros in France in March, after 3.5 billion in February, said Wednesday the Bank of France.Twelve-month cumulative current account deficit amounted to 40.6 billion euros in raw data.

In Britain, the unemployment rate in April will be unveiled, while Gordon Brown leaves his post as prime minister in favor of Conservative David Cameron.

In the euro area, the first estimate of GDP over the first three months of the year is included on all agendas investors.Industrial production in March for the sixteen countries with the single currency will also be scrutinized closely.

In the U.S., the news is also responsible macroeconomic Wednesday, including figures on external trade in March (1430) and the traditional weekly crude oil inventories (1630).

Vivendi largest increase in the CAC 40

Vivendi (1.03% to 18.1 euros) has issued a consolidated net profit of 598 million euros (+21.3%) and a turnover which rose by 6% to 6.9 billion Euro. The titles show the largest increase in the CAC 40 in front Lagardere (0.14%, to 27.95 euros).

Natixis confirmed its recovery. The company posted its third consecutive profitable quarter to 464 million euros, against a loss of about 1.8 billion euros in the same period last year.Its parent company, the group BPCE, publishes a quarterly net profit of around 1 billion euros. Natixis shares climbed 3.15% to 3.86 euros, or one of the best performances of the SBF 120.

For its part, Dexia said it earned 216 million euros in the first quarter, better than expected, but less than a year before. His exposure to the debt of Greece to 3.7 billion euros. In an interview with Le Figaro, Pierre Mariani, the CEO wants cautious for 2010.

Leading the SBF 120, Steria: turnover rose 2.9% at constant scope and exchange rates in the first quarter to 414.6 million euros for the group of services. The shares are 7%, 24.3 euros.

Just behind Ipsos (3% to ? 29.65) expressed confidence in his ability to resume in 2010 with sales growth and profit margins after a first quarter rebound in activity.

CNP Assurances (0.58%, to 62.7 euros) saw its net profit in the first quarter bend 2% a year. It has indeed reached 280 million euros in the first quarter for a turnover of 9.4 billion euros.

TF1 bends, Rexel fall

In TF1 (-2.63% to 12.94 euros), the advertising sales rebounded 13% in the first quarter. Chain foresees for 2010 a growth twice higher than expected turnover in favor of the integration of a TMC NT1.

Its parent company Bouygues (-0.53% to 34.42 euros) said Tuesday quarterly sales fell slightly, the growth activities of Telecom and TF1 was not enough to offset the decline in construction and Colas.

Telecom side, it is SFR and Bouygues Telecom who have hoisted the leading French telecom operators in the first quarter in terms of winning new subscribers in the fixed (ADSL), enjoying a particularly poor start to the year at France Telecom ( -0.25%, to 15.9 euros).

In addition, the telecom regulatory authority, Arcep said Tuesday that Free Mobile, Orange and SFR had applied for the two blocks of spectrum third generation mobile (3G) Residual now available in France .

NRJ Group (-0.27%, 7.5 euros) has announced a turnover down 1.7% in the first quarter, the combined effect of the decision of the musical and Cleopatra a media market remains timid.

For its part, Metropole TV (M6) tumbles 11%, to 17.84 euros.

Rexel fell 5.25% to 11.37 euros.The electrical equipment distributor issued a quarterly revenue of 2.7 billion euros, down 5.7% on an organic and an EBITA of EUR 109.3 million, up 33%.

Meetic climbs

Derichebourg announced Tuesday a 18% jump in net sales in the first half of 2009 to 2010 at constant perimeter and constant exchange rates due to strong growth in its environmental services industry.

Meetic (7%, to 20 euros) on Tuesday reported a 37.6% increase in its quarterly revenue, to 43.4 million euros and confirmed its growth target for pro-forma revenues of between 7 % and 10% for the full year 2010.

Finally, the Bollore Group said Tuesday have options to sell two thirds of its stake in Vallourec in May 2011 at a guaranteed price of 136 euros per share.The exit clause if Bollore exercised, would cover an amount of 267 million euros and represent a potential capital gain of 130 million euros.

"Lack of payment of Greece is out of question," has dealt the president of the European Central Bank Jean-Claude Trichet at a press conference Thursday. On the markets, interest rates on debt Greek record highs, more than 7.5% on 10 year bonds. Investors are worried about default risk in Greece and seek to test the limits from which a European rescue plan would be triggered.

Jean-Claude Trichet, for his part described the plan for "functional", welcoming the statements of Heads of State. "No one should take lightly the decision taken by all Heads of State and Government of the euro area," he said. "It's a very, very, serious commitment.(…) I will not comment on the interpretations that has made the market. "

What conditions are necessary for entry into force of the European aid, has been asked the president of the ECB? "Activation of European loans for Greece is a Greek government's decision itself," he replied, refusing to specify what are the conditions which would involve launching a plan to help no teletrack payday loan. "If assistance is requested, we will see how the response will be organized. But the ECB will be very vigilant in ensuring that member states endorse the most of their responsibilities. "

In all cases, the European plan as designed is not a subsidy free Greece, emphasized essentially the chairman of the ECB."The rate of interest [that is claimed to Greece by the member states] should at least reflect the cost of refinancing of European states", he added.

On the question of the involvement of the International Monetary Fund (IMF) in the aid plan, which the ECB appeared opposite Jean-Claude Trichet has rounded corners. "We would not have been satisfied if the IMF would intervene only" and if member states were exempt from their responsibilities, "he said.

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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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McDonald's confirmed again and again his leadership. The giant U.S. fast food announced Monday that its global sales rose 4.8% in February, whereas the same number of stores opened in February 2009. A rise much higher than expected by analysts, who had relied on 2.1%, after rising 2.6% in January and two months of declines in November and December 2009.

By region, buying Big Macs and other products "McDonald's" has improved by 0.6% in the United States, from 5.4% in Europe and 10.5% in Asia – particularly boosted by the celebration of the New Chinese New Year around the area – the Middle East and Africa. Promotional offers on the Nuggets (pieces of fried chicken), breakfast at one dollar and McCaf? have worked well, according to group the 32 guaranteed unsecured personal loan