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The CAC 40 has played the card of caution on Friday until 14:30, at which time the United States have communicated their rate of growth (initial estimate) for the second trilestre. After an opening in the red (-0.12%) followed by a brief stint in the green (0.24%), the leading index in Paris was back in negative territory at mid-session: -0.56% to 3631 points. The publication of a growth rate of 2.4% – less than the 2.5% expected by the markets – has a little cooled investors. Suddenly, the CAC 40 has stepped up its fold, which exceeds 1% at 2:45 p.m. to receive) 3613.91 points.

The markets are waiting game: the first estimate of U.S. GDP in the second quarter will indeed be announced this afternoon across the Atlantic.This Friday in Asia as investors remained on the defensive.

Besides GDP, the U.S. will publish the index of consumer sentiment and Chicago PMI.

The interpretation of many important results published before opening is not enough to liven up the coast.

Publication Burst

Alcatel Lucent (8.27% to 2.24 euros) announces revenues of 3.813 billion euros in the second quarter. The group reiterated its outlook for 2010, including an Adjusted operating income of between 1% and 5% of its revenues.

JCDecaux (1.16% to 20.10 euros) on Friday announced a net profit in the first half of 65 million euros.The group anticipates a change in organic revenue for the third quarter less than that of the second with a cash flow of 119 million euros, compared with -1.7 million euros in the first half.

Lafarge (-4.75% to 41.43 euros) has reported a sales increase of 2% to 4.43 billion euros in the second quarter. The company expects a reduction in capital expenditure to less than 1 billion euros in 2011.

EDF (1% to 32.80 euros) announced a net income Group share 1.7 billion euros including a provision for $ 1.1 billion on its North American operations.The group, which should sell its UK electricity networks based on an enterprise value of over 5.5 billion pounds, has announced a delay of two years for his BDU Flamanville.

EADS (2.70% to 18.06 euros) announces a net profit in the first half of 185 million euros and a turnover of 20.3 billion euros.

Schneider Electric (2.14% to 88.25 euros) publishes a turnover of 8.57 billion euros in the first half (+10.5%) of which 4.661 billion (+18.5%) in the second . In an interview with Le Figaro, Jean-Pascal Tricoire, CEO, set an improvement for the second part of the year.

Renault (0.28% to 33.74 euros) issued a revenue increase of 23.1% for the first semester in the same area, to 19.668 billion euros.The constructor returns to the green with profits of 823 million euros.

The reaction of Peugeot (-2.23% to 22.61 euros) will be observed.Also in the automotive industry, Michelin (-1.40% to 58.52 euros) announced a net profit in the first half and said it expects a continued rebound in demand for tires in the second half of the year .

PPR (-0.34% to 102 euros) has announced a net profit after minority interests rose 86.8% to 407 million euros in the first half.

Imerys (+0.27% at 44.59 euros) has reported a net operating income rose sharply to 122 million euros in the first half with a turnover of organic growth of 16%.

Total (1.30% to 38.85 euros) announced adjusted net income for the second quarter of 3 billion euros, up 72%.

CNP Assurances (EUR 15.45 -4.01%) has published a net increase of 8% to 542 million euros and a turnover of 17.697 million euros (+2.4%).

Rhodia (1.14% to 15.93 euros) raised again after its 2010 targets announced Friday results exceeded expectations in the second quarter.

Saint Gobain is optimistic

Saint-Gobain (-2.16% to 32.57 euros) reported a strong rebound in its first half results, while confirming its target of strong growth in operating earnings in 2010.

Capgemini (-1.29% to 35.88 euros) has announced the acquisition of the Swedish IT services Skvader Systems. No financial details were disclosed.

Air Liquide (-0.81% to 85.40 euros) has announced the acquisition of the company Lion Copolymer Geismar American Services.No financial details were disclosed.

Euler Hermes (4.94% to 61.40 euros) has reported net profit more than doubled in the second quarter from the first and said he intended to maintain profitability in a more favorable macroeconomic environment that over the past two years.

Ingenico (5.28% to 19.45 euros) on Thursday posted a net profit increased more than two in the first half thanks to increased transactions in Europe and raised its sales target.

Alten (-0.49% to 22.29 euros) has reported a slight improvement in activity in its sector in the first half. Turnover increased 2.7% to 450.9 million euros over the period.

Flo (-3.7% to 4.43 euros) said that the activity in its restaurants had not yet regained the level that was hers before the crisis, despite the reduction in VAT.The turnover of the group stood in the first half rose 7.6%.

Recently, good surprises come from Germany. Two economic indicators last week, exceeded the expectations of economists. In this context, the unemployment figures expected on Thursday morning should be apparent downward. "Given the strong activity Germanic (…) a further improvement in the labor market is expected in June," noted analysts at Natixis AM.

Germany already has an unemployment rate significantly lower than the rest of the eurozone (7.7% against 10%). In France it was 9.9% and, taking account of persons in employment reduced the number of jobseekers rose by another 15,600 in June

The pulse of the German economy has accelerated in recent weeks. In July, the index of the Ifo business climate has experienced the largest increase ever recorded and moved closer to its record high of 106.2 points.According to business leaders surveyed, the situation has improved and the future looks brighter. "This should lead to upward revisions of growth forecasts in Germany," said Klaus Baader, an economist at Societe Generale CIB.

Another thermometer, the PMI purchasing managers also showed up, to 59.3 points against 56.7 in June The industry as services involved in this recovery. "The point to note is the change in the dynamics of the German economy," Harris says it Natixis AM bad credit payday advance."The acceleration in new orders recorded in the PMI / Markit is more the result of export orders, as in March and April, but reflects a more robust domestic demand."

Replenish stocks

German companies have indeed replenish their stocks before the summer break, their warehouses are empty. The services have taken advantage of this momentum. "In a country where manufacturing is strong and vibrant, the ripple effect is high for business services," said Gilles Moec, economist at Deutsche Bank.

The remainder of services, mainly composed of the distribution sector has regained its share of pre-crisis levels. "German consumers reopen their wallets," said the economist. Nothing to do with France, where consumption fell by 1.4% in June

But be careful not to get excited too quickly."The recent weakness of the U.S. indicators should be reflected in all likelihood with a lag in the euro area", warn economists at BNP Paribas. And coming slow the German economy, the economy in the Old Continent in the second half, according to the institute DIW, but still very dependent on exports.

Tony Hayward, BP's CEO, will relinquish his duties last October. While his departure was announced as imminent, the board of directors of the British company, which met Monday night, decided not to yield to precipitation. The current operational boss of BP, in office since 2007, will be able to continue overseeing the operations of clogging of the tide in the Gulf of Mexico.

Presented in recent weeks as the most hated man across the Atlantic – for her disastrous communication on the occasion of this ecological disaster – Tony Hayward, however, should remain under the British oil giant. A non-operational position to await the Board of Directors of TNK-BP, the joint venture strategically located in Russia.

Precisely the former head of TNK-BP, the American Robert Dudley, who should take over from Tony Hayward.The latter, according to the British press could leave his current position with a compensation of 10 million pounds sterling.

Tony Hayward, CEO of an oil company BP in turmoil, is currently negotiating the terms of his departure, according to the BBC, citing a source in BP. The announcement is expected before the publication of interim results of the group, scheduled for Tuesday, says the Sunday Times. At issue, the mismanagement of the situation of crisis in BP since the explosion of a oil platform off the Gulf of Mexico, last April 20. Sunday evening, a senior U.S. official confirmed on condition of anonymity, the resignation to come. He noted in passing that the departure of Tony Hayward could come as soon Monday.

The BBC quoted already the American Robert Dudley as successor to the General Directorate of BP, who took command of operations against the oil spill since last June.Bob Dudley is a member of the board of directors of BP, in charge of operations in the Americas and Asia. He joined BP at redemption in 1998 by the British group of the American oil company Amoco, in which he worked for twenty years.

Severance embarrassing

Monday, when met on board, you just should negotiate lower severance Tony Hayward, reported on his side Sunday Telegraph.It would be inappropriate to be the center of any new controversy that taints the image a little more of the group.

The Chief, who works for the group for 28 years, and for three years in this position, is entitled to one year's salary or more than one million pounds (1.2 million euros), which s' adds an annual bonus of more than two million pounds and a pension of nearly 600 low fee pay day loans.000 pounds per year.

The target of all criticism

Tony Hayward, recently promoted to the general direction of the group three years ago after a series of scandals that has thrown his predecessor John Browne, argued for safety first: "We have the opportunity to lead by example as regards industrial safety.We must have a work environment where no one is injured nor killed, that's all, "he said.

But when the platform exploded Deepwater Horizon, the heavy toll: eleven killed and vast quantities of gallons of oil flow into the coastal waters of Louisiana, pollute the shoreline and threatening an entire ecosystem.

Tony Hayward immediately recognizes the responsibility of BP in the disaster, but his attitude is very quickly and openly criticized by the President of the United States, Barack Obama. The head string of gaffes and inappropriate comment. Example: "The Gulf of Mexico is in a very big ocean. The volume of oil is low in comparison to the waterbody. "

And while the U.S. coast shrimpers see their future collapse, the boss asks what he "has done to deserve this," and hopes to find "life before".Meanwhile, he offered a relaxed time during a regatta on the Isle of Wight, go to the British gentry on the English south coast …

Blow. After one month in May boosted by purchases of televisions before the World Cup (+0.6% on revised), the French household consumption of manufactured goods fell 1.4% in June, INSEE reported on Friday morning. A bad news as economists sought an increase of 0.2%.Note that these expenditures in manufactured goods account for about one quarter of total household consumption on goods and services.

"The decline in consumption of manufactured goods in June reflected a technical rebound was expected after the surge in TV sales in May, and the temporary effect of a later onset of summer sales," says Will be in the entourage of the Minister of Economy Christine Lagarde.

All posts down (equipment, textiles, cars)

For Alexander Law, chief economist at Xerfi, this statistic is "worrying" because "all positions are misguided."This means that the crisis is deep for consumption, even though it had been the most faithful to support growth since the beginning of the decade.

In June, housing equipment purchases fell 3.6%, with a sharp decline in purchases of consumer electronics, and textile and leather spending dropped 5% in anticipation of summer sales who did not start until June 30 cash advance no fax.An industry unfortunately known to reflect the situation: when the economy is doing well, spending on clothing and leather are generally well oriented.

Spending on cars remained stable over the month but declined 8.4% in the quarter, after already falling by 11.5% in the first quarter.

Consumption would go back in the second half

In its latest forecast, INSEE foresaw a decline in consumption of manufactured goods by 1% in the second quarter, but a stagnation of total consumption for the second consecutive quarter. Thus, in 2010, household consumption would rise by only 1.2%.Better than the annual performance recorded during the crisis (0.5% in 2008 and 0.7% in 2009) but far behind the pace that prevailed before (on the order of 2.5% in 2006 and 2007).

For Alexander Law, 2010 will be an annus horribilis for household consumption "amid rising joint inflation and unemployment, while wages, they do move very little. The temptation to reconstruct a precautionary saving also remains high that leaves little leeway for spending. This means that the gross domestic product growth will not exceed 1% this year. "

Bernard Tapie does not give up. Confirming a Point, the businessman said Wednesday he would file a complaint against the president of Club Mediterranee, Henri Giscard d'Estaing. It accuses him of "malicious prosecution and abuse complaint.

His lawsuit follows that committed against him by the Club Med in May 2009. To date, the group of Henri Giscard d'Estaing asked the financial policeman to investigate the evolution of group action: he accused the businessman of "dissemination of false and misleading and manipulation in progress. "

Indeed, Bernard Tapie, who wishes to enter the capital of the group, highly critical of management. "This box is managed anyhow," he quips in an interview with Liberation. The Cub Med accuses of wanting to bring down prices to make its participation.Bernard Tapie will come into effect from the group's capital in June to the tune of 1% and $ 2.5 million.

Green light

In December 2009, Bernard Tapie sells "all actions" Club Mediterranean with a substantial capital gain. Then, last July 15, the AMF sends a letter indicating it wishes to initiate proceedings against him. "The issue that concerns you is over now," said the letter. It was the go-ahead expected for the former minister.

"We will not stop there as the Club Med has had the temerity to enter the MFA, claiming that I was author of price manipulation," he assured Bernard Tapie. "At this stage, the Club Med does not wish to comment," said a spokesman for the group.

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After Edenred his former branch devoted to prepaid service, which Monday issued a turnover increased in the first half, Accor announced on Tuesday after the stock market continues to improve its operations over the same period. In the first six months of the year, group revenues climbed by 6.1% (as reported) to 2.849 billion euros. "In most countries, especially in Europe, the recovery began in the first quarter accelerated in the second, thanks to a favorable base effect," said in a statement.

The hotel business, which includes brands Ibis, Sofitel and Motel 6 in the U.S., saw its sales increase by 7.5% to 2.723 billion euros, driven up by economic sector that sees its revenues increased 10.3% to 861 million euros.Revenue for the Upscale and Midscale climbed 8.3% while the economic sector in the United States is the only one that displayed a decrease of 5% free online credit report.

Turnover from other activities (Lenôtre Holding among others) amounted to 126 million euros, down 17.2%. A decline Accor associates with the sale of travel agencies Orbis Travel in Poland.Restoration activities on board trains Compagnie des Wagons-Lits, which have been sold, and the activity of Groupe Lucien Barriere, which will be put into scholarships, not been included in computing the number of business over the period.

For the rest, the group does not make forecasts but noted on the premium segment and mid-range, "a sustained increase in occupancy rate" and a higher average prices in major markets, France, Germany and the United Kingdom.

The shares closed up 0.8% to 23.1850 euros. It fell 39% since the beginning of the year.

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Weight loss for the British group BP. The origin of the oil slick that has plagued the Gulf of Mexico since last April, the oil company would be poised to offload its refining and distribution, the Sunday Times understands. While the ecological disaster has already cost more than $ 3.5 billion to BP, and the amount of compensation could be ten times higher, the group is considering various options to address the future post-oil spill. Among them: the sale of refineries and service stations in the group, reducing its North American operations and a reduced reliance on outsourcing in engineering, believes what the British newspaper Sunday.The magazine is in fact that gas stations and refineries account for only 3% of taxable income, against 60% of group employees (50,000 jobs over 80,000 in total).

Divestitures

Measures in addition to asset sales already in preparation. Disposals, the amount could reach 20 billion dollars, twice what had BP announced in June, according to information disclosed Friday's Financial Times 100% free credit score. The group would sell for including $ 12 billion of assets to the U.S. Apache Corporation, a part of BP's Prudhoe Bay, the largest oilfield in North America. The final agreement could be announced before the publication of the interim result of the tanker on July 27. The oil company is also in discussion with the emirate of Abu Dhabi acquired 10% stake in BP.But the specialized newsletter Middle East Economic Survey (MEES) had announced last week the reluctance of the wealthiest emirate of the federation of the UAE to rub the British group, and above all accountable to the U.S. Department of Justice, which wants to want to be informed of any transfer of assets from BP.

Whatever asset sales finally realized, the spill appears to have given lessons in humility to the British group. Citing an anonymous shareholder, the Sunday Times notes that "BP seems to have accepted it will be a smaller company after the spill. He is willing to consider all eventualities. "

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Great tunes, cheap. After a season that saw the bloc multiply go to great sights and sites for crisis management, Europe's accountants handle the calculator and the invoice is salty. After an hour of stunts, it appears that the EU is already living beyond its means. And she goes, like others, have to tighten their belts.

The tightening – just return to the institutions that promote rigor and 500 million Europeans – will discuss at the moment behind the closed doors in Brussels, without fanfare. But the knives, scissors or rather large, are already sharpened between the Commission, Parliament and the capitals.There is no guarantee that the budget is actually adopted in 2011 to 31 December, if not disastrous prospect of a deadlock in the same year the Treaty of Lisbon puts governments and MEPs on equal responsibility.

Side ambitions, the movement of the plane is cruel. "Voices of Europe", the new European diplomatic and great service, must be content 50-60 new posts in the Commission project itself was considered too generous by the government. Ashton dream of a brand new HQ and safe place 5000 6 000 diplomats, military experts and Europe could rival those of the State Department and Pentagon U.S.."In fact, it would be better to talk about redevelopment," suggests a source placed at the heart of negotiations.

The sacrifice of rigor

Even the revised growth strategy for 2020, expected to raise the horizons of Europeans depressed by austerity. At their last summit, the bloc has officially opened this catalog ambitions and investments to accelerate the crisis. Las. The 2011 draft dodging about the subject. For years, he speaks of "new funding". What the jargon means we will use resources that do not exist.

The list of budget undressing and sacrificed rigor lengthens. Commissioner Michel Barnier will not count on more than 15 million euros next year to fill the four oversight agencies responsible to the EU free of speculation and financial shocks.Flagship project, the ITER reactor will find its survival through a puncture on research funding, even, strangely, in the envelopes of agriculture. The post-2011, paris is on …

DIY? French MEP Alain Lamassoure tonne against the amateurism of those who ask, moreover, into the apostles of economic governance. "Side Commission, the political vacuum. Side governments can not simultaneously increase the decisions that are expensive and then complains to EU spending too much, "said the chairman of the Budget Committee of Parliament.

The EU budget is itself a model of rigor. Legally, it must be voted in equilibrium, a distant dream in the twenty-four capitals today hit by a European in EDP.The exploding national finance laws, yet the European equivalent is capped at 1.23% of EU GDP, and this still legally since 1992. With 142.6 billion euros requested by the Commission, the European budget weighs as little as 9 million Swedes, and almost as much as the French deficit. But it is at the center of the spotlight and, most importantly, the national funds are empty.

To the fury of Parliament, the Council, which comprises governments, just reduced from 5.9 to 2.8% growth expected of EU spending. Reluctantly, France agreed to cuts in credit to agriculture which still accounts for 42% of EU investment. Politically, it is the treatment of European officials who may find themselves in the crosshairs."The same discipline should apply everywhere and the public would not accept that the EU can escape the rigor," said the ambassador of a major European country.

At issue, three figures who raise their arms to heaven to the Council, Parliament and to the Commission in 2011, the EU administrative costs (mainly wages) would still increase by 4.4%, the invoice pension of 6.9% and that of European schools, frequented almost exclusively by children of employees, 12.5%. The amounts are subordinate. But they are worth all the symbols.

Behind the fiery Xujiahui commercial hub of south-west of Shanghai, a dozen retired scrutinize, concentrated, computer screens. As others play bridge, they consult the stock quotes and place their orders from this room brokerage firm Xingye. The tranquility did not say anything that is preparing for the Chinese stock market: perhaps the largest IPO in history, when the Agricultural Bank of China (AGBANK) reaches its target of collecting 22.1 billion dollars, making his entry today and tomorrow on the markets of Shanghai and Hong Kong.The world record is held since 2006 by another Chinese bank, ICBC (21.9 billion).

Last of four major state banks to be listed, the Agricultural Bank of China is a little local equivalent of Crédit Agricole … but with a clientele of 320 million people, or more than the entire U.S. population! Foreign investors seem willing to subscribe to the massive operation, seeing it as an opportunity to put one foot on a huge market no fax payday loans. The sovereign fund of Qatar and Kuwait will take 3.8 billion worth of participation. Standard Chartered Bank, Rabobank or the Hong Kong billionaire Li Kashing are also among the interested.

Access to countryside

In contrast, the Chinese themselves seem to shy away from the offer.Among the smaller shareholders of Shanghai, the event does not unleash passions. "I did not buy securities. I have shares of China Construction Bank, that's enough, "Tang slice Xiuqi, a little scalded sexagenarian by recent market performance. Of the 15,000 euros that he has placed, it lost 4000. Brushing flawless and thick glasses on his nose, Ms. Zhu, she seized every opportunity. "I bought 1000 shares, but I'm the only one of my peers," she admits.