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Received three out of three! Wednesday after Portugal, Spain and Italy have passed their test in the financial markets Thursday. The only problem is that the two countries have conducted such operations in interest rates sharply higher: 4.542% for Spain (against 3.387% in the previous issue) and 3.67% for Italy (cons 3.24%).

So, yesterday, the CAC 40 moved closer still just over 4000 points, to 3974.83 points exactly. But this Friday, the trend is red. At midterm, the CAC 40 fell slightly: -0.28% to 3963.20 points. At the London Stock Exchange, the FTSE-100 yields from 0.72% to 5,980.34 points and Frankfurt Stock Exchange, the DAX 30 lost 0.27% to 7055.47 points.

The Paris index does not seem to take the path of breaking the 4000 points, especially as Wall Street seems to stand still.And especially after the International Monetary Fund (IMF) has urged caution after the success of these bond issues. The IMF considers that Europe is still struggling to reassure investors.

Amidst all these economic uncertainties, there are still signs of hope: the trade volumes have returned to normal levels even higher.Thursday, 4.8 billion euros were traded and 4.2 billion on Wednesday.

On the macroeconomic front, are scheduled:

In France:

– The budget deficit of the French state was $ 148.8 billion euros in 2010, one billion less than expected, which "confirms" the general government deficit forecast to 7.7% of Gross Domestic Product (GDP), said Friday the French Minister of Budget, Baroin.

– The benchmark index reached 119.17 in rents in the fourth quarter of 2010, according to figures released Friday by the INSEE.In one year, increases of 1.45%.

-Also, the French Finance Minister Christine Lagarde held Friday "premature" to quantify any increase in the relief fund of the euro area, while confirming that such an option was being considered among a "range" measures.

In Europe:

– Sales of new cars fell 5.5% in 2010 in the EU compared to the previous year at 13.36 million cars.

– Inflation was confirmed at 2.2% year on year by Eurostat, exceeding the upper limit of 2%.The U.S. central bank aims to keep inflation at a rate less than or close to 2%.

– The euro zone has recorded a trade deficit of 400 million euros in November, after a surplus of 4.7 billion the previous month.

United States:

– Inflation in December (14.30)

– Retail sales in December (14.30)

– Industrial production in December (15.15)

– The first estimate of the index of consumer confidence from the University of Michigan in January (3:55 p.m.)

– Inventories and business sales in November (16 hours)

On the currency markets, the euro was stable against the dollar. The euro bought 1.3368 dollars against 1.3358 dollars on Thursday night.

Carrefour confirms its objectives

Carrefour: + 0 Payday advance.75% to 33.65 euros

Carrefour on Thursday confirmed its objective of operating income during 2010.The group last year recorded a growth of 5.8% of its sales to current exchange rates, thanks to the good performance of emerging countries.

Technip: + 1.90% to 75.23 euros

Technip announced Friday it had won a contract from Chevron for the field development Jack and St. Malo, located in a water depth of approximately 2100 meters in the Walker Ridge area in the Gulf of Mexico.

Accor: + 1.05% to 35.48 euros

Accor announced the sale of the walls of 49 hotels in France, Belgium and Germany to a consortium of Predica, Crédit Agricole subsidiary of Insurance (80%), and Land Walls (20%), amounting total of 378.4 million euros.Moreover, Denis Hennequin, IRECTORS since 2009 and former head of McDonald's Europe, will be officially Saturday the new CEO of Accor.

Renault: + 0.01% to 48.25 euros

The complaint against X Thursday by Renault industrial espionage which he says victim is a foreign corporation, said the Paris prosecutor.

For his part, Peugeot slipping from 0.56% to 31.70 euros, after falling 5.5% of new car registrations in the European Union last year.

Cap Gemini worn by Intel

After the good results on Thursday from Intel, Cap Gemini climbed 2.31% to 36.55 euros.

Aeroports de Paris: -0.34% to 58.80 euros

The government and airline officials agreed Thursday in a dozen measures to better cope with falling snow have disrupted traffic in late December.

Sanofi-Aventis: -1.58% to 50.98 euros

The U.S. ally Sanofi-Aventis, Bristol-Myers Squibb said Thursday the recall of 64 million tablets of Avalide, a treatment against hypertension in the United States and Puerto Rico.Moreover, the French laboratory hopes to conclude its takeover bid for Genzyme around $ 76 per share against 69 previously.

Down banking stocks

Despite the success of bond issues, bank stocks suffered some profit taking on Friday: Societe Generale lost 1.01% to 44.75 euros, Crédit Agricole loose 1.11% to 10.28 euros and BNP Paribas dropped 0, 06% to 51.66 euros.

First U.S. bank to issue this year, JP Morgan Chase will present its fourth quarter results on Friday to 13 hours.

Stallergènes: -0.05% to 58.87 euros

Stallergènes reported Thursday of a rise of 12% of its turnover in 2010 but he confirmed anticipate a slowdown in growth for its new fiscal year.

Veolia: -0.13% to € 22.87

The City of Paris has chosen to entrust its lighting, a contract worth over 900 million euros to a consortium consisting of Bouygues (+0.36% at 33.26 euros) and Vinci (+0.10% at 41 , 25 euros) at the expense of the joint subsidiary of EDF (+0.39% at 31.22 euros) and Veolia Citelum, who was in management until now.

Berlin prepares for a reversal on the issue of increased European bailout fund for countries in the eurozone financial hardship. This is the opinion the Financial Times and the German business daily Handeslblatt, citing German government sources.

Officially, Angela Merkel continues to assert that the capacity of the European umbrella are not yet exhausted. But according to Handelsblatt, the Chancellor should abandon its reluctance to expand the fund during the next EU summit in early February to calm the anxiety in financial markets.

German Chancellor will meet in the coming days the president of the commission, Jose Manuel Barroso. German government sources say, however, that Berlin would oppose "Hard as Iron" on the use of bailout funds to purchase obligation troubled country after 2013.Merkel had signaled a reversal on Wednesday, saying ready to "do whatever it takes' to stabilize the euro area.

So that Monday, the Paris Bourse was heavily affected by the rise of the pressure on Portugal, the CAC 40 finds the path to higher Tuesday, with a gain of 0.94% to 3837.95 points in mid-session .

The benchmark index of the Bourse de Paris, which ended just above the 3800 points on Monday, however, remains fragile. In taking down this psychological threshold during the meeting, the CAC 40 also received a major graphics support drawn December 31.

"The trend becomes clearly negative in the short term. In the very short term, the first resistance is at 3765 points.Below, all indicators are flashing with 3730 points as fast target, "according to technical analysis.

Help Europe, good action of the moment

Europe is again shaken by fears of the need for Portugal to do, its tour after Greece in spring 2010 and Ireland in the autumn, the demand for EU aid to avoid financial collapse. Tuesday, Lisbon will unveiled its monthly bulletin of the Bank of Portugal, together with its economic forecasts.

On Tuesday, Japan's Minister of Finance, Yoshihiko Noda, announced that his government planned to buy bonds from the European financial stability (EFSF) to help stabilize the euro area.The other Asian giant, China has already expressed its readiness to help European economies most exposed to a debt crisis, promising to buy government bonds directly from Greece, Portugal and the Spain. The euro has surged in the wake of the announcement of Japan, from a few minutes dollar 1.2989 1.2910 dollar in Tokyo. He then lost much of its gains. About 11:00 am in Paris, the euro bought 1.2921 dollars against 1.2950 dollars on the previous evening.

According to Yuji Saito, a specialist in foreign exchange at Credit Agricole, the single European currency is then quickly reversed its gains when traders realized that Tokyo would use its reserves in euros to acquire the bonds, which means no massive buying euros is to be expected.

Tuesday, sitting in the bank stocks catch part of their heavy losses the previous day.Credit Agricole rises by 2.26%, 1.61% of BNP Paribas, Societe Generale and Axa 2.53% from 1.06%.

Alstom is taking the lead in the index, up 4.60% to 36.61 euros. The title is boosted by an increase in opinion from Morgan Stanley and a breakthrough in the field of energy management.

On the other hand, Publicis and EDF are the Red Lanterns (-1.20% and -1.10%).

Competition "fair" for tankers

Barack Obama on Monday promised to Nicolas Sarkozy fair competition for the award of the tanker market in the U.S. Air Force, reported the French presidency.The American Boeing and European consortium EADS (0.89% to 19.33 euros) in competition for this market of 50 billion dollars (37 billion euros) which is in his third bid.

Renault: + 2.69% to 48.78 euros Reportedly, two of the three executives have accounts in Switzerland and Liechtenstein supplied by a Chinese company, according to private investigators.Employees attend their meeting on Tuesday to advance to a possible dismissal.

Furthermore, Renault sold last year 2.6 million vehicles (+14%) is less than one million PSA Peugeot Citroen.

As telecom rival Free (subsidiary of Iliad (-0.24%)), the second largest French mobile, a subsidiary of Vivendi (+0.52%), SFR will include effective January 18 calls to mobile the unlimited package for its new Internet box "Evolution", as revealed last night the Twitter site specializing N9ws.

ArcelorMittal: + 0.30% 26.63 eurosLe world's largest steel ArcelorMittal has extended until 21 January with its bid for the Canadian producer of iron ore Baffinland.

CGG Veritas: + 1.27% to 22.76 euros The availability rate of its vessels was 84% in the fourth quarter of 2010, against 87% in the third and 86% in the fourth quarter of 2009.

Air France-KLM: + 0.21% to 14.65 euros The company announced yesterday, Monday, the arrival of the Saudi national carrier Saudi Arabian Airlines in the SkyTeam marketing alliance which will strengthen its presence the Middle East.

Vinci: + 0.78% at 39.95 euros The group reported Monday the inauguration, last weekend, the duplex A86, a ten kilometer long tunnel that connects Rueil-Malmaison (Hauts-de-Seine) and Velizy (Yvelines), thus completing the A6, the "super device" in the Paris region. The tunnel, whose first section was in service since July 2009, representing an investment of 2.2 billion euros.

Internationally, the Cold War has given way to economic warfare, and James Bond have adapted. An agent effective intelligence must now speak Chinese rather than Russian, and no matter if it is a good shot so he can decrypt an annual business. A smartphone hidden under a table just to listen to discussions and a tie can bring down secrets: a French company that was hosting a Chinese delegation to visit the factory has surprised one of the visitors taking samples of his production accessory soaking in a tub!

Faced with these white collar criminals from abroad, French companies can mobilize the Central Directorate of Internal Intelligence (DCRI). The latter, although not officially received, follows closely the Renault case.The DCRI has a department dedicated to economic intelligence, through the protection of economic assets and ensures that wants to be close of business through branches in region (DRRI).

The intelligence services are a strong link in the chain of information protection policy in France. The police and gendarmerie are aiding companies to initiate the procedures for theft of data, but also to educate employees free to good practices to protect trade secrets. Many private companies also offer their services to establish procedures for the protection of people and trade secrets.

At government level, the division interdepartmental intelligence defines the public policy of France in the protection of the economy, lobbying and monitoring.And to fight specifically against information theft via computer systems, France has adopted a National Security Agency Information Systems (Anssi), which monitors computer security site of the State but also those of companies since July 2009.

Convinced of the usefulness of such a structure, Germany announced in late December that it would put in place by the end of his own National Security Agency Information Systems.

"Evil Empire"

Russia, she prefers to focus on intelligence gathering.Russian Prime Minister Vladimir Putin has recently called on the Russian external intelligence services to participate actively in modernizing the economy by practicing the day "without violating the laws of other countries," noting that "the secret service many countries are working significantly with the legal sources. " France, in particular, would be particularly productive in this area, even if not always respect the limits of the law no fax pay day loan. This emerges from a telegram sent by the United States in Berlin, unearthed by the dedicated website Wikileaks diplomatic revelations, and listed on the website of the Norwegian newspaper Aftenposten.The skipper of the German group OHB Technology declares in this letter that "France is the evil empire" in flight technology and that "the overall damage inflicted on the German economy by industrial espionage French are more important those provoked by Russia or China. "

But even more than their first partner in Europe, it would be to themselves that French companies would hurt the most, according to a note published in 2007, General Information, trade secrets are mostly looted by French compatriots, more than malicious competitors from other European countries, then the Americans, and to a lesser extent the Chinese.

Renault facing a sophisticated international chain

by Corinne Caillaud

This weekend, Renault came out of silence to clarify the circumstances of the case of industrial espionage on its electric car project, which shakes the company since January 3. In an interview in Le Monde, Patrick Pelata, deputy CEO said that Renault was "facing an organized collection of economic, technological and strategic interests located to serve abroad." A sophisticated industry, including shell companies, offshore accounts, and which would have involved a French automotive supplier, via the Chinese, have been incorporated.

Number two in the group assured that "no nugget technology strategic plan for innovation, could be filtered out of the business."Only information on the vehicle architecture, cost and business model of the program would have leaked. Similarly, work with the Atomic Energy Commission on the battery of the future would not be affected.

A complaint of diamond brand is imminent, while the three executives suspected of divulged information policy, would be called Tuesday for an interview prior to possible dismissal.

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A bid of more than $ 20 billion would be in the "pipe" in the beginning of 2011. In his battle with Sanofi-Aventis, which launched the first attack is to afford Genzyme several months ago, the nugget atoujours U.S. claimed that the French giant put on the table more than $ 69 per share offered on several occasions. A price that Genzyme valued at 18.5 billion.

According to sources from the Wall Street Journal, the two groups are negotiating an agreement that determines Genzyme $ 20.7 billion, a price per share to $ 80. That amount includes a certificate of guaranteed value (CVG) often used by buyers and sellers when they fail to agree on a purchase price.This tool is at the heart of negotiations since last November.

An award based on performance of Campath

This is for Genzyme to force Sanofi-Aventis to pay more if the U.S. actually achieved sales targets pre-determined. Indeed, for Genzyme, French underestimates the benefits it could derive from one of his blockbusters. Genzyme has always considered the takeover of Sanofi undervalued because it did not take sufficient account of the performance potential of Campath, used to treat leukemia, but is currently being tested against the treatment of multiple sclerosis.

Genzyme maintains that its experimental drug Campath against multiple sclerosis could achieve a turnover of 3.5 billion, while Sanofi's offer is underpinned by an expectation of a maximum turnover of $ 700 million for Campath.

The transaction is expected soon

Sources quoted by the daily stressed that nothing had been concluded and the transaction could not occur, but the differences between the two parties began to resolve.

"Eighty dollars, with a CVG, it's pretty attractive," said Michael Yee, an analyst specializing in biotechnology at RBC Capital Markets. If these figures are confirmed, he added, "This greatly increases the likelihood that the transaction is done payday loan." Especially as Genzyme, which was said to be open to other proposals, was previously faced with the absence of competing candidates.

For its part, Chris Viehbacher, head of Sanofi said it would consider raising its bid, if he showed he had a valid reason to do so.But he still refused to pay $ 89 per share ($ 22.7 billion) as Genzyme had asked him in late October.

Genzyme has not yet opened its books to Sanofi but this could be the next step if the discussions on the CVG and the price rose, the sources cited by the American newspaper.

Neither nor Genzyme Sanofi-Aventis were immediately available to respond to this information. Meanwhile, the New York Stock Exchange, Genzyme shares were up about 4% off-trade, just after the publication of the article on the website of The Wall Street Journal.They swap now over 71 dollars, already more than the $ 69 offered by Sanofi-Aventis, whose shares traded on Wall Street, they have stumbled late last night, before re-entering.

The bosses meet Tuesday

CEOs of the two groups, Henri Termeer for Genzyme, and Chris Viehbacher should cross twice in January.

Both must occur during the annual conference on health organized by JPMorgan in San Francisco on January 11. Two weeks later, each planned to attend the World Economic Forum in Davos, which runs from January 26 to 30 in Switzerland. Between these two dates, the offer to 69 dollars per share will expire on 21 January. Until now, the two managers met only once, last September 20 to discuss the offer.

No official meeting is, however, currently scheduled.

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The financial drama between Hermes and LVMH has taken a new turn. On Thursday, the Financial Markets Authority (AMF) has reviewed the claim of bid (OPA) transmitted by Hermes. The 16 members of the AMF Board come to make their verdict. They authorized the Hermes family not to launch takeover bid for the entire group after its decision to create a holding company for preventing the flow of LVMH's capital.

"The Financial Market Authority reported that, in its meeting of 6 January 2011, it granted the exemption from the requirement to file a proposed public offering of shares of the company Hermes International, which has been submitted by members of the family group Hermes, said the institution in a document sent to AFP.The AMF says it will release "later" reasoned decision

Why this demand for Hermes? Legally, if shareholders pass through the third capital of a company, they must launch a takeover bid. But they can also obtain a waiver of the AMF.

Or by creating a month ago, after the first attack of a holding company LVMH holding more than 50% of Hermes, Hermes family went beyond the threshold of the third of the capital. The goal was to become an impregnable fortress for LVMH, Bernard Arnault Group, which is now the largest shareholder of Hermes, no heir owning more than 5% individually.

The goal for Hermes is not having to launch the tender offer. LVMH holds in fact 20.2% stake in Hermes, and the heirs with 73.4%, free float has fallen to less than 7%.At current prices, this 7% is equivalent to over one billion euros, a sum which the heirs of Hermes are not willing to pay for out of stock.

"A golden jail"

If the will of the Hermès family to rally against LVMH is real, the creation of the holding company would not unanimity among the heirs, according to Les Echos. The daily wrote that they would take a dim view of being forced to spend part of their dividends to finance the structure. So much so that a bank considers it a "gilded cage". "Such a structure is not manageable in time, because it deprives the heirs of their freedom of movement," said another banker quoted by Les Echos. He added: "The risk of a takeover moves. There will be no reason to speculate on Hermes.

But whatever his decision, it will not stop there.The rejection or acceptance of the application should indeed respond to lawsuits. From LVMH wish to appeal, and Adam (Association for the Defence of Minority Shareholders), chaired by Colette Neuville, who supports the group by Bernard Arnault, the AMF if granting the exception. Or Hermes and Deminor, a consulting firm to small shareholders represented by Fabrice Remon, who took up the cause of the saddle luxury, if it is denied.

At the Paris Bourse, Hermes clinched the title by 2.59% to 153.95 euros at the announcement of the decision by the market regulator. For its part, LVMH wins 2.56% to 122.08 euros to 13.30.

Revolution International Monetary Fund (IMF). The institution will produce this year reports on the effects of five major world economies, China, the Eurozone, Japan, the United Kingdom and the United States, the rest of the world, said Tuesday its chief executive Assistant. John Lipsky said that "these reports will assess the impact of policies of these five economies in the world, examining the mechanisms of economic and financial powerful interconnections through which they pass." The first reports should be published this year.

These studies should help determine to what extent for example the injection of trillions of dollars into the U.S. financial system destabilizes countries that are reaching the end of the chain at home, or if maintaining a low yuan destroys industry of other countries unable to compete with Chinese prices.

The IMF had already announced in October its intention to study more closely the consequences of economic policy (including exchange rate) of its largest members over other countries.

Remains to be seen what impact these reports, they will, as advocated by the IMF, a better economic cooperation internationally.

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The snow will not freeze the activity in France in December. Industrial activity grew at a steady pace during the last months of 2010, according to the leading index PMI purchasing managers published by Markit. It is part of a close above 10 years, to 57.2 points and stood well above the initial estimate (56.3) published mid-December. However, "France is the only European country where the index recorded a decline," Dominique Barbet tempers, an economist at BNP Paribas.

French manufacturers have this result to the boom in exports. "The rate of expansion of export sales is particularly high and displays its highest level since August 2000," says Markit. This is mainly due to the dynamism of Asian countries and Eastern Europe, according to the index.

On the positive side, "employment rose for the second consecutive month in December in the manufacturing sector," according to Mark.But at a slower pace, a sign of growth 'moderate' in job creations, driven by "increasing workload", according to Markit low fee cash advance. Negative side, the companies reported "difficulties in supply," including shortages of electronic components, "notes the institute. This phenomenon could be a constraint in the short term, "according to Jack Kennedy, economist at Markit.

A euro area dynamics

Within the euro zone manufacturing PMI falls to 57.1 points, a higher past 18 months. "The growth in December is a reassuring sign after the slowdown in the fall," said Chris Williamson, chief economist at Markit.

As in previous months, the area is driven by Germany (60.7), France and Austria.Spain, after a decline in November, returns to growth in industrial activity, while Greece remains mired in recession.

According to the survey, job creation reach the level of a higher euro zone in 10 years, the new posts being particularly strong in Germany.

The mountain professionals escape the hangover. Despite a decline in attendance for the Christmas holidays, ski season promises to be better than last year. According to the firm Protourisme, bookings are up 4% for stays through April, with the return of foreign visitors from the Benelux, Germany and Switzerland in particular. The British are slow, them coming back.

"In the larger resorts, December was generally worse than 2009, while family resorts (Pyrenees, Massif Central) have worked well," says Didier Arino, director of Protourisme. Frédéric Lefebvre, Secretary of State for Tourism, indicated last week that 50% to only 60% of accommodation capacity had been reserved for the first week of holidays. Christmas falls on a Saturday is a very bad timing for professionals.But their situation has been settled: the reservation rate exceeds 70%, reaching 100% in some stations average altitude this week, the minister said.

In 2011, the staggering of school holidays is good for winter sports. Belgians, Germans and Russians leave in January, the French in February and March. Who benefits most? "The early booking is to say bookings over three months in advance, worked well in the holiday resorts and tourist homes," says Didier Arino. Conversely, mid-range hotels and furnished apartments (without associated services) are less desirable because vacationers want to make life easier, with "all-inclusive" or as much as possible low fee payday loans.

Loyal customers

"The high end (Club Med, luxury hotels) and low-cost (Travelski, Lastminute) work," says Didier Arino.But the flats sold directly by estate agents are suffering. "The evidence in Courchevel, the Cranberries, a luxury hotel owned by businessman Stephane Courbit. "From mid-December to mid-January, the hotel is sold out as usual," said Francois Arrighi, Director of the institution. Twenty nationalities currently residing Cranberries, where the evening's Eve (800 euros per person, excluding drinks) sold out.

After two difficult seasons, the Club Med expects a rebound in attendance. Last winter's snow sixteen villages had welcomed 142,200 GM (nice members), 58% French. "In a crisis of trust asset, our customers were destabilized," says Anne Yannic, Director General in charge of France, Belgium and Switzerland at the Club. His desire to leave was still there, but she has postponed her vacation.Reassured, she returned this winter. "With prices for the week 1500 euros on average, the ski club attracts a loyal clientele: this winter, 52% of them have already spent at least two visits to the Club last three years. These are families (66% of GM last year), with revenues of at least 60,000 euros net per annum.