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The uncertainty in Washington. After long weeks of negotiations, Republicans and Democrats seem finally to have reached an agreement to raise the ceiling of U.S. debt, according to U.S. television, ABC News, citing unnamed sources in Congress. As stated on ABC's website, this agreement is only "temporary" and must still be approved by Congress. A vote is expected on Sunday evening at 13 hours (19 hours, Paris time).

Confirmed information in hints by the head of the Republican minority in the Senate, Mitch McConnell. "We are very close to an agreement," he told CNN, expressing confidence that an increase in the debt ceiling will allow the U.S. to avoid a default and the Americans to pay more taxes . However, near the White House, it denies any agreement."There is no agreement, said Obama adviser David Plouffe, on NBC. The clock is ticking. We need to find a solution. Today's (Sunday, ed) is obviously crucial "but" significant challenges remain to be resolved, "he said.

Double good news for Obama

Same story on the side of Democrats. If Senator Chuck Shumer declined to give details of the compromise being negotiated, he said the plan called for spending cuts of 3 trillion dollars over ten years. He also said that the Republicans had agreed a mechanism to ensure that the debt cap could be raised beyond the U.S. presidential election in November 2012, claiming instead that they reopen early next year or during an election campaign.

If the information was confirmed by Washington, would mean also that the U.S. can continue to borrow on financial markets. Another good news for Barack Obama in less than a year of presidential elections. After a long back against the long struggle between Republicans and Democrats, the White House had decided Saturday to get involved again in the negotiations. Return ardently desired by the Republicans who seems to have paid off.

As a result, optimism had returned Saturday night on the side of Parliament. The head of the Democratic majority in the U.S. Senate, Harry Reid, who previously showed pessimistic, recognized the progress in negotiations with the White House."Negotiations are taking place in the White House to avoid a catastrophic failure to pay the national debt," Reid said late Saturday. Same story on the Republican side: "I think we have a chance to do," said Mitch McConnell Saturday, head of the Republican in the Senate.

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Copper, steel, plastics, rubber … the prices of these commodities have soared past 18 months, which resulted in the interim just released industrial societies. Friday morning, Michelin amounted to EUR 848 million impact on operating results of the surge in raw materials. "In addition to the increase of raw materials, it is mainly the rate of progression is amazing," For its part, said Jean-Pascal Tricoire, CEO of Schneider Electric. The electrical equipment manufacturer estimates that 214 million impact of the increase in its interim financial statements. The group had prepared a budget assuming 250 million negative impact on the entire year. He has now revised to 400 million euros.

Earlier this week, the players in the automotive industry had reported on this subject.Again, the sums involved are substantial: 366 million euros from 313 million to PSA or Renault. Among suppliers, Valeo was most affected (90 million euros) and Faurecia (29 million). These additional charges weighed on profits of certain companies. The Lafarge cement records such as a decline in operating income by 14% while its German rival Heidelberg Cement sees his fall by 6%. But the disappointments are not general.

Difficult to anticipate price movements

In automotive, Renault and Valeo and reassured. The increase in volumes and reduction of administrative costs have enabled Valeo to improve its operating margin by 0 bad credit payday advance.4 percentage points. "This is the best first half in 13 years", was also commended Aschenbroich Jacques, CEO of automotive supplier.

Alternatively, the price increases of its products."We are determined to continue to p asser price increases to offset these increases records of raw materials", explained Jean-Dominique Senard, co-manager of Michelin. The first half of the tire manufacturer shows the success of this strategy. The price changes have made it possible to reap 842 million euros in additional operating income, offsetting the burden almost completely to raw materials.

Have the ability to accept price increases from its customers is a real asset. It is also necessary to succeed in the future development of raw materials. This explains the difference between the results of both electrical equipment Schneider and Legrand."Schneider was unable to offset the impact of unfavorable commodity, unlike Legrand has announced that it had managed to preserve its margin with two increases in its selling prices since early 2011," analysts said CM-CIC Securities.

Jean-Pascal Tricoire considers however that this is only a time lag. One of the objectives of Schneider on the end of the year and to increase its selling price.

Despite a sales increase of 3% to 7.9 billion euros in the first half and stable at 4.4 billion euros in the second quarter, Lafarge reported income down sharply from 34% to 260 million euros in the first half. The title loses 3.21% to 38.41 euros, while the Cac 40 was down 0.87%.

The group warned that inflation and exchange rate effects will weigh on annual results. "The sector is still affected by high inflation and the absence of global recovery in developed countries," said Bruno Lafont, CEO of Lafarge, said in a statement.Half-year net income was, indeed, benefited last year, a gain of 160 million euros after selling its 17.28% interest in the Portuguese group Cimpor.

Weighed down by a huge debt of 14 billion euros, the rating agency Standard & Poor's has pushed the note of cement to the level of speculative transmitter – Lafarge claims to be "on track" to meet its debt reduction target of at least two billion euros in 2011. Two weeks ago, the group sold its gypsum in Europe and America in the Belgian Etex to € 1 billion (enterprise value) and they could sell in North America and Asia.In the second quarter, the group achieved 50 million savings in structural costs, $ 100 million since the beginning of the year, in line with the objective of a reduction of at least 200 million in 2011 .

The group still expects an increased demand for cement and provides a market growth between 2% and 5% in 2011 compared to 2010.

Faurecia exceeds its own goals. The automotive supplier announced Tuesday an operating profit (EBIT) up 57% to 340 million euros, giving a margin of 4.2% against 3.2% a year earlier. Net income group share jumped from 82% to 185.8 million euros. The specialist for exhaust systems and car seats, including the manufacturer PSA holds 57.4% stake, has also made the period a consolidated turnover of 8.15 billion euros in the first six months of year, an increase of 19.4%.

"With the strong growth recorded by the group in the first half and improved profitability, Faurecia is now a year ahead of its business plan 2010-2014 presented in June 2010", said the equipment in a statement.

Massive investments outside Europe

In this context, the overall objectives of the group are revised upwards.Faurecia, which estimates that growth "should remain strong in the second half in all regions", is a consolidated revenue of between 15.7 and 15.9 billion euros, against 14.8-15300000000 expected so far, an increase of 13.8% to 15.2% over 2010. Incidentally, the group refines upwards its target of operating profit in the range from 620 to 650 million euros, against a previous range from 580 to 640 million.

Yann Delabrière, CEO of Faurecia, said Tuesday during a presentation to analysts that commodities do not constitute a risk to the second half.

To achieve these results, Faurecia is at 450 million its investment objective for this year, against an initial assumption of 350 million.The effort will be concentrated in low-cost countries where investments will increase by 89% against 16% for countries where the cost base is higher payday advances. During the presentation of its strategic plan in June 2010, the OEM had also set a goal of doubling the share of sales outside Europe that carries 42% within five years, against 23% in 2009. In the first half, the share of sales generated outside of Europe had already reached 34%. Yann Delabrière announced that the share of sales outside Europe should strive for 50% of the objectives of the new plan in 2015 to be unveiled in November.

The stock market punishes

In a presentation to analysts, Faurecia said to expect in 2011 a new record in terms of new contracts expected between 13 and 14 billion euros, against 13.1 billion in 2010.According to Yann Delabrière, the group would continue to study small acquisitions to strengthen its technology portfolio, but the priority of the moment was clear to organic growth.

"The results are in line with consensus," said JP Morgan Cazenove soberly in a note. "The EBIT forecast is revised up slightly, but remains in line with consensus, while the increase in investment spending reduces the cash flow outlook," says the broker. Indeed, Faurecia has revised down to 100 million euros its forecast net cash flow in 2011, against 200 million euros expected so far.

It is this last point that holds the attention of investors on Tuesday at the Paris Bourse. In early trade, the title Faurecia drops 1.55% to 29.87 euros in a market up 0.55%.

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The summer season has started pretty well for the French hotel, the first beneficiaries of above normal temperatures in April-May. Now and in the middle of summer, it is museums, cinemas and other places that are covered with full of visitors in search of work to deceive the inconvenience of bad weather.

If the side of the campsites and reservations, guests are against bad situation, some do not hesitate to leave earlier than expected their holiday destination in search of sun. And those who remain beyond the rain and wind in places covered plebiscite. At the Caen Memorial for example, there are on average between 2000 and 2200 visitors a day since the beginning of July, against 1500 to 2000 "when the summer is warmer," says commercial director of the museum, Jean-Yves André.Nothing exceptional about this, given the fall weather that has prevailed since the beginning of the region on the landing beaches.

Children first

At the Maison de la Baie de Somme and Bird, where the weather has not been more generous with the holiday, attendance has more than tripled this week. Finally, even in Paris where tourism is not under the influence of the whims of the sky as the Tourist Capital, activities evolve. Less than riding a bike or on the banks of the Seine, and visits to exhibitions or shopping, despite a record of disappointing summer sales.

Finally, attendance at museums in Paris have risen on average by one third. As to the aquarium in Paris, where 3,500 people come daily to visit the giant basins close Trocédéro, about 30% more than normal.Attendance supported by the young audience which is addressed much of the aquarium. During holiday periods, children are indeed part of the leading contributors to the increase in museum attendance, particularly in bad weather. The question is whether the phenomenon will last. With the return expected in the middle of next week to warmer weather and summer, probably more tourists find the pleasure of swimming and other meals on the terrace.

As the U.S. and European stock markets yesterday, blowing a wind of relief on all the Asian markets on Friday morning, following the Agreement on the Rescue of Greece. After days of gloom in Japan, the Tokyo Stock Exchange and gained 1.15% to 10,125 points at a time of closing. Through the voice of his finance minister, Yoshihiko Noda, the Archipelago, which bought about 20% of bonds issued by the fund since the beginning of the year, was prepared to invest more in obligations of the European Financial Stability (EFSF), if necessary.

On the currency markets, the euro also strengthened fate of European negotiations. In morning trading, the euro is worth 1.4386 dollars against 1.4212 on Wednesday. Faced with the Japanese currency, the euro climbed to 113.06 yen against 111.94 yen yesterday.Yesterday, just after the official announcement, the euro rose to 1.4417 is the same dollar, after peaking at 1.4438 dollars, its highest level since July 6. Oil markets also appear up this morning.

While optimistic, financial operators are careful not provided any euphoria, not least because the European level may lead to a default part of Greece. In this regard, the professional association of derivatives (ISDA), which includes 50 financial companies, said its members would meet in the coming days, "probably" today, to determine whether the plan is a "credit event" for Greece. Although Jean-Claude Trichet, president of the European Central Bank, assured yesterday that the involvement of banks in the bailout of Greece did not mean a default in payment of Greece, the ISDA may decide otherwise.If the "credit event" was characterized contracts of insurance against the risk of default (CDS) would be activated and the risk of contagion in the debt market in the euro area would grow.

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Assent market was not built to wait. After the publication of disappointing sales on Wednesday, Alstom losing almost 1% in late morning, at just over 38 euros. The largest decrease in the CAC 40, which is displayed in the green (1%). The original stock of this movement, the specialist in energy infrastructure and transport issued a turnover down 12% yoy in the first quarter of fiscal year 2011-2012, to 4.5 billion euros.

Relativizing the decline of sales, Patrick Kron, Alstom's chief executive, saw in this "low level of orders taken," the result of a "prior business environment difficult," referring to the economic crisis. Which should "gradually improve during the year," he added.The group chose to emphasize the rebound of his book to the same period (+44%) to 5 billion euros, far from 6.5 billion in the fourth quarter of fiscal year 2010-2011. For the record, including Alstom has earned a contract of 500 million euros in early June, to build a gas power plant in Israel. A week after the company was given the supply and maintenance of three wind farms in Brazil, amounting to 200 million euros.

But that did not convince analysts. A Paris court expert and the revenue decline "has obviously been displeasing to investors since the market is recovering, especially in capital goods." Deutsche Bank, for its part said it was still 12% below their expectations and 13% compared to the consensus of analysts.It also notes that the three divisions of the company recorded lower sales of 11 to 12% in their estimates.

Biased estimates

For our Paris-based analyst, the fact that over 63% of orders booked over the period April to June from emerging countries "is probably partly distorted expectations." In these markets, "orders take longer to complete than in mature markets, particularly because of the significant logistical constraints the group is facing," he says.

However, the analyst is confident for the rest of the year, focusing on the restructuring of the group, "which take effect from the second half." In October, Alstom has announced the elimination of 4,000 positions worldwide, including 100 in France, the site of Belfort.For the analyst, the purpose of operating margin of 7 to 8% of the group for this year remains achievable.

Another analyst, however, that French judge "this cost reduction plan will not" "We will be in the lower portion of the operating margin target." Pessimist, he believes that "the group has not really earned large contracts for two years. " And even if the backlog of the company has reached 47 billion euros at June 30, 2011, representing 28 months of sales.

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We knew the association of European carriers for its international routes. In recent days, and for the first time in France, in France now offers Eurolines interregional connections by bus, always with low fares. A novelty? Not really. Eurolines had in fact already announced in mid-February its intention to open on French territory more than 500 trips from region to region, with lower rates by an average of 50% to those of the train.

On Tuesday, a spokesman for the group has confirmed to AFP that new activity permitted by law in 2010 that the decree was published in January 2011, allowing a private company to carry on scheduled passenger from region to region.What was once the exclusive privilege of the SNCF.

But faced with these new markets, the big ambitions of the association of 32 independent carriers start up very slowly, and very locally. Only six new routes were available for booking "for ten days" as Eurolines, all in the Central West of France (Caen, Paris, Rouen, Paris, Rennes, Paris, Angers and Nantes-Paris-Paris) for rates ranging from 8 to 24 euros service charge included.

Sell ​​the unsold

The seats will be available from the stock of unsold goods on international routes Eurolines, the fill rate varies between 60 and 70%. Buses operating internationally will make stops to new cities served. The main objective is therefore to fill the empty seats, about 2,000 seats on the proposed 40,000 weekly sale.Eurolines has no plans to introduce new bus specifically for these links.

The company should provide more details about the rise of these new routes "within a few weeks," according to marketing and communication manager of Eurolines, Celine Heller. For now, the company declined to comment on bookings already registered on these lines, nor on the speed of deployment of 490 more new routes planned. Nor on its financial ambitions in this market. Last year, Eurolines has made 200 million euros in sales, more than 500 destinations in Europe and Morocco.

While European leaders are working on the Greek crisis to find a solution by Thursday, the Party of European Socialists (PES) advance his proposals. In a joint statement, Martine Aubry and 12 other European socialist leaders have agreed on a roadmap. The Socialists are in power in particular Spain and Greece.

The PES associated himself with the idea of ​​Eurobonds. Concretely, this would be to issue bonds to 17 common European states in the euro area. According to this roadmap, this mechanism would allow to pool risks and protect the weaker states.

In an article published in The Journal of separate Sunday, the candidate for the primary PS Francois Hollande also defends the system of Eurobonds. "They are an effective way to raise money at lower cost," said he.He added that this could be used to "buy Greek debt delisted and to speculators at their own game", the latter focusing on a bankrupt country.

Buy Greek bonds, which are worth more thing: this last idea was put on the table by Germany, reports the magazine Der Spiegel to be published Monday. This technique would save 30 billion euros.

Mutual guarantees

European Socialists also advocate a system of mutual guarantees of European debts to "help the countries attacked by speculators" and would help them "to the costs of stabilization." The PSE also blames rating agencies, criticized for their very recent decisions concerning Greece and Portugal. The party wants to "limit their power" and forbids the creation of a European rating agency.

François Hollande, who associated himself with the JDD many of the proposals of the PES, also calls for merging the functions of president of the European Council (now Herman van Rompuy) and President of the Commission (José Manuel Barroso) to take the head of a real "economic government" of Europe.

"Dangerous" statements

The budget minister Valérie Pécresse denounced statements Socialist Sunday morning, "Francois Hollande and Martine Aubry are engaged in a dangerous competition of statements on the euro that are likely to undermine efforts made by all European and France primarily to protect the euro area ".

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Thursday afternoon, for the fifth consecutive day, key congressional leaders had to go to the White House. It was impossible to say whether their discussions with Barack Obama would be as sterile as the previous ones. For two months, Democratic and Republican leaders are expected to negotiate a compromise to reduce the medium and long-term fiscal deficit of the country. The recent direct involvement of the President of the United States did not advance the debate. On the contrary, some negotiators seem like a failure, hoping to take advantage electorally in November 2012.

Very lively exchange, the night between Barack Obama and Eric Cantor, a Republican negotiators have created a malaise."This confirms the worst of what Americans think of Washington: everyone is more interested in taking postures politicians and the electorate flatter than solve real problems," said Barack Obama would anger before leaving the meeting room . If markets in mid-session remained calm Thursday, the impasse takes a dramatic turn: the ability of the United States to pay their debts and sustainability rating of AAA U.S. Treasury bonds are indeed involved lack of an agreement authorizing the rapid increase in the ceiling of public debt, beyond the August 2, the U.S. will no longer pay all their deadlines. The Treasury will choose which of its creditors will not be reimbursed …

Threatens to crash

Wednesday night, Moody's placed the 16,000 billion of debt guaranteed by the Treasury under review with negative implications.This includes the obligations of mortgage refinancing institutions, Fannie Mae and Freddie Mac, and all other types of instruments more or less directly guaranteed by the federal government. Degradation of these securities would affect financial institutions worldwide. A default would be worse. It could trigger a crash likely to plunge the U.S. into recession all by raising also the cost of public debt, thereby aggravating the problem therefore still in Washington. The rival agency, Standard & Poor's also warned privately with congressional leaders about a possible downgrading of U.S. debt in the absence of an agreement by early August.

At the resumption of negotiations on Thursday, the maximum savings without acceptable for Barack Obama tax increase was around 1.5 trillion dollars over ten years.No guarantee that the elected House Democrats are ready to go that far. Knowing that to stabilize the weight of the medium-term debt is estimated at 4000 billion effort to accomplish.

The impasse comes especially from the right wing of the Republican Party, represented by elected officials who claim the recent Tea Party, who believe that raising the debt ceiling is not required. In their view, is the debt and public spending that plague America and not the lack of taxes. They think that in the event of default by the Treasury will Barack Obama for President spender and will lose its chance of being reelected.Conversely, left the Democratic Party believes that the crisis will permanently weaken the Republicans by popping into the open what they characterized as irresponsible fanaticism of the Tea Party faction.

• Barack Obama

President of the United States, Democrat, 49

Photo credit: Susan Walsh / AP