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The fire that ravaged the financial markets now threatens the supporting walls of the world economy. By removing the United States their "AAA" rating, the rating agency Standard & Poor's tipped on Friday night U.S. time, the debt crisis in a new dimension, even more dramatic. The decision comes into effect in times of extreme stress: over the last two weeks, the New York Stock Exchange fell by 10%, with nine consecutive sessions of decline that has never happened since 1929! The beginnings of the shock wave should hit Monday morning Western financial markets on Sunday were felt in the streets Middle East.In Tel Aviv – where trade has been interrupted for even one hour – the stock market dropped over 7%.

Now that the United States have been degraded, no other country rated "AAA" can consider itself completely immune to medium term. As for lower-rated countries, they risk having their refinancing terms to harden significantly. In the end, all governments will have to redouble our efforts to reduce their deficits. Even at the sacrifice for some growth in its infancy.

To mitigate the magnitude of the shock, the world leaders have stepped up telephone interviews during the weekend. No formal meeting not held, although, according to South Korean authorities, a conversation at the G20 may have taken place Sunday morning after the G7 Ministers and Sherpas were spoken in the night from Saturday .Sunday, late in the day, Paris and Berlin have issued a statement reaffirming their commitment to adopt before the end of September, the agreement of July 21 on the Rescue of Greece. The schedule should reassure markets that doubt. They also praised the efforts of Spain and especially those of Italy, two weak links in the euro area at present.

Whopping "Noting" the willingness of member states to accelerate fiscal consolidation, the European Central Bank, which held Sunday evening an emergency meeting, said in the wake, it would implement its Bond Buyback Program "actively". The ECB is indeed in the short term, the only institution capable of acting. As long as the agreement signed on July 21 has not been ratified, the European financial stability can not afford to intervene across the entire area.Hence the pivotal role of the bank in Frankfurt, which has been slow, however, to engage in battle.

"At its meeting on Thursday, the ECB disappointed by not announcing the acquisition of the Italian debt, says Laurence Boone, chief economist for Europe Bofa-Merrill Lynch. But the decision Friday by the Italian Prime Minister Silvio Berlusconi, to accelerate by one year the return to a balanced budget should meet Jean-Claude Trichet and facilitate the intervention of the ECB on the Italian debt. " Such a move will he work? When she flew to the rescue of Portugal, Greece and Ireland, the ECB has repurchased approximately 12% of the debt of these countries, or 74 billion euros. With Spain and Portugal, the stock of debt of 2300 billion, which means that the bank in Frankfurt will need at least 240 billion on the table if it wants to weigh.A colossal sum.

The other issue that will come back, throbbing throughout the week for growth. In turn, the U.S. Federal Reserve and the Bank of England should speak on recent developments in the economy in their countries. They should take note of the proliferation of signs of slowing down. As for the euro area, it falls within the publication period of its growth figures for the second quarter ahead disappointing. France is in sight. "Given the slowdown in household consumption growth may have been zero in the second quarter, after the sharp rise in first quarter" advance Laurence Boone. What increasing pessimism and weaken even more the euro area.

The group of environmental services warned on Friday: in 2011 it will not reach the objectives it set itself in terms of growth in profits. It's something confirmed on Thursday, while the specialist services in the water, waste and transport unveiled a net loss of 67.2 million euros in its first half, due to early provisions past for its plan to focus geographically, and non-recurring write-downs. Without these items, which account for 800.3 million euros, Veolia announced a net profit of 188.1 million euros, still always decline (-28%). Sales for the period rose for its 4.4% on a comparable basis to 16.28 billion euros (+15.5% at constant exchange rates).

A voluntary separation plan envisaged

As announced last week, the group led by Antoine Frérot said to have encountered difficulties in Southern Europe, North Africa and the United States, that led it to implement further restructuring and strengthen the redeployment of its activities to concentrate on "a small number of countries."

By 2013, Veolia Environnement wants to actually be present in fewer than 40 countries, against 77 at present. For example, he announced a withdrawal "significant" in some areas and trades, such as the withdrawal of transport activities in Morocco, cleanliness in Egypt, or Marine Services in the United States and southern Europe. This acceleration of focus is not without consequences on the accounts.In a statement, Veolia said that 686 million euros in writedowns were recorded under the operational difficulties encountered in Italy, the United States and Morocco. Hence the fall in operating profit recorded over one year of 1.101 billion to 252 million euros.

As part of its reorganization, the group also announced it would establish voluntary severance schemes in France, in the water sector.

Doubts about the dividend

Given these results and further steps that need to be implemented, Veolia will therefore not committed to a growth in profits for the year 2011.Not surprisingly, however, the group confirms its other annual goals, including organic growth of its business and asset sales for at least 1.3 billion euros, a positive free cash flow after payment of the dividend.

At the meeting presenting the results, Antoine Frérot explained, however, he was not able to guarantee that Veolia would maintain its dividend in 2011 at the same level as that of € 1 paydayloans.21 paid in 2011.

Other objectives, Veolia is a recurring operating income "slightly down" at constant exchange rates (excluding the consolidation of Transdev Veolia confirms that the group will introduce a stock exchange), and finally, cost savings of 250 million euros.On this last point, Veolia plans to accelerate its cost savings in the longer term, with an expected positive effect on operating profit of at least 150 million euros in 2013 and 250 to 300 million in 2015, and more of 250 million mentioned above.

The title Veolia has lost 25% of its value in five days

Despite the warning last week, and the fall of 9.5% of the title that had followed, investors have been very hard on the tooth that bad publication. After opening down sharply from 8.04% to 13.15 euros, the title was abandoned among the first on Thursday in a market panic. Veolia ends with an impressive plummeting 18.88% to 11.60 euros.

Overall, Veolia has lost a third of its value within five sessions …These results are disappointing especially since yesterday, Suez Environnement, the French rival Veolia has published interim results rather reassuring, thanks to the good performance of the water division, and finished the session at the Paris Bourse rose 0.68%, despite a plunge of more than 2% of the Cac 40.

Since Friday, the penalty did not expect that the part of analysts, with numerous recommendations degradation. Monday, Goldman Sachs withdrew Veolia from its list of preferred European values, lowering its recommendation to neutral, for a revised price target of 26 to 20.50 euros. For his part, Oddo has also lowered its recommendation from neutral to reduce to a revised target of 24 to 15 euros. CM-CIC Securities is left to buy but has revised its target price of 24.1 to 19.6 euros. BNP Paribas expects a still under-performance but reduced its target from 21 to 15 euros.Finally, HSBC rose Tuesday from overweight to neutral, slashing its target from 21 to 17 euros.

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The French plébiscitent increasing the "Made in France" and it has not escaped the business. A craze that falls well: rising transportation costs and wage inflation from 15% to 20% in some coastal factories in China are converging today to encourage repatriation of some production lines to France and Europe. But if some companies are beginning to consider such a policy change, few are still those who skip it.

"There is clearly more interesting now than to relocate whole or in part," says Jean-Luc Fonteneau, a partner in the consulting firm Diagma logistics. "But do not mistake: these factors on their own are not sufficient to stimulate a significant movement of relocations. For now, our customers are content to talk about it.The cost differential is still largely in favor of Asia, "said he.

Geneviève Lethu, Rossignol, Decathlon or Meccano, who chose to relocate all or part of their production in recent years, rather figures are therefore exceptions. Geneviève Lethu for example, production costs remain two to three times higher in France than in Southeast Asia, says Edmond Kassapian, its CEO. The company has nevertheless chosen to relocation, mainly to improve the quality of its products.

In this context, the rise in commodity prices and wage inflation in recent months weigh little. "In textiles, for example, transportation is only 5% to 10% of the production cost of an item.As for wage increases, even if the percentages are impressive, they represent less than 3% of payroll French, "Jean-Luc Fonteneau calculated. Some companies also try to compensate by shifting their production to Vietnam …, the consultant observed.

Automation

The figures confirm this analysis. According to a recent study by two economists at the University of Poitiers, Liliane Bonnal Olivier Bouba-Olga and the relocations to France remain marginal effect cash advance now. Based on data reported by the Centre for Investment in 2008 and 2009, economists have identified all the operations of investment and divestment activity in France. Relocations represent only 0.3% of these operations, 24 cases in two years.In total, they recorded a relocation to six relocations, and a job created for 30 jobs lost because of offshoring. "Only 500 jobs were created in two years because of relocations," says Olivier Bouba-Olga.

Because they "do not result in any case not by major job creation," said El Mouhoub Mouhoud, an economist at Paris Dauphine University and author of "Globalization and offshoring of business" by Editions la Découverte. In most cases, they are indeed driven by companies that have chosen to automate their production. "So that the jobs lost in Southeast Asia and elsewhere are almost never compensated in France," the judge economist.

The marginal nature of the relocation is also reflected in the lack of excitement generated by government schemes to encourage them."The tax credit for relocating business established in 2007 has hardly ever been used," says El Mouhoub Mouhoud. As for the relocation bonus, with a budget of 200 million euros and announced with great fanfare in the aftermath of the States General of Industry, it is simply more. "The premium has been recast in within a broader, that of using the re-industrialization," says one to the Ministry of Industry. The latter has only 20 million euros. If "the world's factory" that is China is losing some ground, France did for the moment that gets a few scraps.

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Session auspicious for ArcelorMittal. Around 10:20, the title of the fastest rising Cac 40: 1.87% to 22.59 euros in a market down 0.78%. Investors welcomed the quarterly results of the world's number one steel.

Despite a 10% drop in net profit in the second quarter over one year to $ 1.5 billion, ArcelorMittal has been a further improvement in operating performance. The gross operating income has increased by 21.5% year on year to $ 3.4 billion (2.3 billion euros). Moreover, the turnover has won 24.7% to $ 25.1 billion (17.3 billion euros)."As we anticipated, the company reported a strong performance in the second quarter of 2011, driven by higher selling prices of steel," said CEO Lakshmi Mittal said in the statement.

But these indicators should weaken in the third quarter, the steel industry was experiencing a generally soft, due to plant closures for holidays in Europe and a slowdown in demand. ArcelorMittal anticipates a gross operating profit (EBITDA) of between 2.4 and 2.8 billion (1.6 to 1.9 billion euros).

However, the group expects strong demand from China and the automotive sector, which should prevent it from experiencing the same quarter in 2010."Although the third quarter should be somewhat affected by seasonal factors, they should not be as pronounced as last year and the performance of the group the second half of 2011 should be compared favorably with that the second half of 2010, "assured Lakshmi Mittal.

Back in the red for the Paris Bourse. At the opening on Monday, the CAC 40 index drops 0.76% to 3813.50 points. Just relieved by Greece, where the leaders of the euro area have managed to agree on a rescue plan, investors are concerned about the United States. The elected representatives of the U.S. Congress again tried Sunday to reach an agreement on raising the debt ceiling, but without success.

While the Speaker of the House John Boehner had slammed the door to negotiations with the White House on Friday night, negotiations continued behind the scenes throughout the weekend between the Democratic allies of President Barack Obama, the Senate majority and their Republican opponents, who control the House of Representatives. But John Boehner told his troops on Sunday night that no breakthrough had yet been obtained.The head of the Republican majority in the House, Eric Cantor, considered the arguments of President Barack Obama "politics and indefensible."

The situation becomes very tense nine days of the deadline mentioned by the Treasury before a default. This morning, this concern has led to a relapse of the Asian markets. For their part, the U.S. markets, which had already ended Friday without direction, were on the downside Sunday night in electronic trading at the end of the weekend.

Greece is also in the news: Moody's today lowered the country's sovereign rating of "Caa1" from "It" with a development, saying the country was still facing major challenges medium-term credit.

Oil down

On the currency side, the dollar is penalized. The euro is rising against the greenback at 1.4367 dollar.Oil is also down. In morning trading, a barrel of "light sweet crude" for August delivery lost 1.08 dollars to 98.79 dollars. That of Brent North Sea crude for September delivery lost 60 cents to 118.07 dollars.

The American situation is also the only concern when no market indicator is expected on Monday.

Values ​​to follow

Areva: -1.83% to 24.88 euros, EDF: 0.28% to 27.24 euros

The new president of Areva, Luc Oursel, who succeeded Anne Lauvergeon end of June, will make his first official Monday by hosting one of its plants EDF's CEO Henri Proglio, showing the warming of relations between the two groups. EDF and Areva have signed an agreement at that time technically and commercially, prior to a more ambitious partnership signed in September payday advance.

Banking

Crédit Agricole (-1.87% to 9.25 euros), BNP Paribas (-1.75% to 47.96 euros), Societe Generale (-1.75% to 37.41 euros), Axa (-1, 60% to 14.10 euros) suffer from degradation of the note of Greece by Moody's.

Axa, while welcoming the agreement reached by EU leaders on Greece, the insurers of the French Federation of Insurance Companies (FFSA) said they consider positively their participation in the project initiative of private investors in As part of the options.

Score: -0.24% to 18.50 euros

The reinsurer Scor said on Monday a 22% growth in constant currencies, the treaty renewals in non-life and specialties of the 320 million of premiums up for renewal in mid-year.

Saint-Gobain: -0.69% to 42.18 euros

The group will buy the network and Brossette Build Center in Wolseley.

Unibail-Rodamco: 0.51% to 158.30 euros; Klépierre: -0.13% to 27.14 euros

HSBC has initiated coverage of Unibail-Rodamco to "overweight" with a target price of 175 euros and raised its recommendation on Klépierre to "underweight" to "neutral."

LVMH: 0.08% to 129.35 euros

Consob is considering a complaint from an investment fund over the price offered to pay the French to buy the balance of Bulgari, confirmed Sunday a spokesman for the Italian stock market.

Total: -0.11% to 39.41 euros

The oil amounts to ten billion dollars (seven billion euros) of investment needed to develop the oil field north of Moho Bilondo off the coast of the Republic of Congo, said its CEO, Christophe de Margerie.

Valeo: -3.94% to 45.35 euros

The group announced Friday that its U.S. subsidiary Valeo Inc., based in Troy, Michigan, had received a request for information from the U.S. court as part of an antitrust investigation.

Fimalac: 0.29% to 27.90 euros

The group announced a sales increase of 11.9% on a comparable basis to 515.8 million euros in the first nine months of fiscal year 2010-2011.Its subsidiary, the rating agency Fitch Ratings has led to an increase of 11.7% of its turnover over the same period to 401.5 million euros.

After market, Seb and Klépierre publish their half year results, April Group will announce its earnings for the second quarter, Faiveley the first quarter. Mercialys and STMicroelectronics will publish their results for the second quarter.

LE FIGARO: – Earlier this week, you have participated in the meeting of the Eurogroup and Ecofin, the decisions taken are sufficient to stop the crisis?

Baroin: – The message that the Eurogroup has this week sent a strong message. The finance ministers of the euro area have confirmed their absolute commitment to safeguard financial stability in the area. The tools we have, I think of course to the European financial stability, will be of use will be more flexible and less costly for the recipient countries. We also reiterated our commitment to conclude as soon as possible a program that covers the financing needs of Greece for three years.

Greece, Portugal, Italy, France is currently immune to this crisis.Do you fear a contagion affecting our country?

Thanks to the reforms carried out and control of public finances that we pursue with determination, France, like Germany, has the confidence of investors on our sovereign debt deemed safest. France is indeed one of the seven countries in the euro area receiving the highest rating. This lowers the cost at which borrows France. Of course, we can not satisfy disruption affecting the markets for several days.

What are the flexibilities of the presidential candidates subject to the supervision of rating agencies?

There is no doubt that some projects are completely out of time exceeded. To that of PS, I will be tempted to say, it is worn, tired, to paraphrase one of their former candidate.It is unrealistic, if not more, in 2012, to propose the creation of hundreds of thousands of public employment. It is irresponsible with regard to the preservation of our growth to provide a fiscal impact of an increase of 50 billion euros in taxes.

Bertrand Delanoe suggested a special tax on high incomes to reduce debt the state …

We are totally opposed to the creation of an upper marginal tax on income. As part of the tax reform that I reach we have ruled out this hypothesis. A working group will be in the coming days to establish, in the draft 2012 budget law, a contribution on income from extraordinary or extravagant as stated by the Prime Minister. It's a big difference with a windfall tax on the income desired by the Socialists.This is not the same political project.

The Finance Act provides 3 billion saving on tax loopholes. This will be enough?

Again, our goals are intangible and deficit are the backbone of the construction budget. It is very likely that we will go through the Finance Act 2012, beyond the three billion reduction in planned niches. At what level should we stop. There is still a bit early to say but that is where we are heading.

Martine Aubry accusing the Elysee Palace to spread rumors about his private life …

As a candidate in the presidential election went a bit unnoticed, to give relief to its trajectory, it targets the Elysée and the UMP.It's a bit ridiculous.

It is a sign of weakness?

If you add up the silence that followed the important announcement of his candidacy, that sense of unseen, the socialist project, and now this news on rumors, I do not think it is up to the challenges that France will through next year.

How to convince Borloo not be a candidate in 2012?

It's very difficult to explain that we are stronger by being divided only by being united! It is very difficult to explain that participated in the affairs of the country for so long and be an alternative project.Therefore I think it will be very difficult to find a chamber at the presidential majority as the election period will need to gather all the forces present in the majority in the service of Nicolas Sarkozy.

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The player is used by default in the articles of figaro.fr. maj6

If Grace Kelly was married in technicolor, his son Albert of Monaco, will this Saturday afternoon … 3D. So the TV has decided that Orange offers its 15,000 subscribers have 3D TV, monitor live and exclusive the ceremony's most glamorous summer in this new technology. "This is the royal palace itself was planning to film the ceremony in 3D for its archives," reveals Ghislaine Le Rhun, Executive Director for Orange 3D in charge of the project. "We offered to broadcast it live on our channel 30 dedicated to this new technology," said she. "The royal wedding is well suited to this type of transmission, because in addition to being glamorous, it has several technical plans: those of married guests or views of Monaco." A promise of entertainment that inspires the Rock, especially since the event will benefit from a worldwide distribution.Indeed, Orange has not only involved its channel dedicated to 3D but also mobilized social networks – the news had already been around the last twittosphère Spanish. The event will also be available on Dailymotion, the portal of Orange and in countries where Orange operates through its triple play. Finally, Orange has an agreement between Eutelsat and its 10,000 retail outlets for consumers to find in the windows of shops and those of Darty or Boulanger images in 3D.

Extension to the documentary

To attract even more subscribers, the transmission will be preceded by a documentary by BSkyB and directed at the wedding of Kate and William of England. For Ghislaine Le Rhun, "it is clear that 3D is not just for sport.The documentary is a genre that is perfect for 3D ", she says, noting that Orange has teamed up with France Televisions for the production and distribution of two documentaries about the" greatest country in the world, " and "the most beautiful forests in the world." Similarly, the operator had joined Arte to broadcast last Christmas circus. More recently, with TF1 Orange captured the final Barcelona-Manchester. For Ghislaine Le Rhun, "it will take two to three years before the 3D left the experimental stage to take a full distribution channel." Already 120 games have been broadcast on channel 30 as well as all international Roland Garros.

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Co-leader of drones, unmanned aircraft, with the United States, Israel has come into force at the Paris Air Show. Under the leadership of "Israel Export & International Cooperation Institute" and the commercial department of the Israeli Embassy in Paris, fifteen companies representing the flagship of the aerospace industry, display their latest creations. By visiting the house of Israel, visitors can "touch" the latest innovations.

Among them, a strange machine to look worthy of Star Wars called AirMule. Urban Aeronautics presents a model of the UAV helicopter whose rotor is not visible because housed in the body of the device. AirMule has already made several test flights. It is intended to convey the property or to perform medical evacuations in theaters of operation in urban environments or in complex natural sites difficult to access.Its specifications in fact enable it to obtain dual certification (civil and military). It concerns the Israeli Ministry of Defense and NATO.

Another original concept developed by Aeronautics Defense Systems, the transformation of a civilian aircraft into existing UAV MALE (Medium Altitude Long Endurance). "UAVs often have reliability problems because of their platform that can also be certified to fit into the civil air traffic," said a company representative. Aeronautics Defense Systems has decided to work from an Australian aircraft, the Diamond DA 42, the cell tested. And he turned into MALE UAV called Dominator.The company that specializes in unmanned air, land and sea, began production in February Dominator.

Partnership with EADS and Thales

Israel is a major player in the defense market with a global market share estimated at 7 payday loans.5%. In 2010, according to the Israeli Ministry of Defense, the export sales of armaments have reached $ 10 billion, twice more than in 2008. The industry occupies 150 companies whose leaders are the group Rafael, Elbit and IAI, which employ some 44,000 employees. Israel has often been a pioneer in the field of defense. His army was the first to use drones, manned aircraft from the ground station, on a massive scale in 1982 in the Bekaa Valley during the war in Lebanon.

These leading companies have, for years the card partnerships with U.S. and European manufacturers.The group thus provides the platform IAI Heron which is the basis for the Snowy, the MALE UAV militarized by EADS, which is used by the French Air Force in Afghanistan. In Britain, Thales has set up a joint venture with Elbit group to make the platform's tactical UAV Wachtkeeper which has a technology transfer platform Hermes 450. Wachtkeeper was developed for the British Army who ordered 60 copies. It will enter service in late 2011.

In all, Israel has developed a range of UAVs double duty (civilian and military) that goes from the micro-craft to the general observation drone high altitude long endurance (HALE).The fleet in service on five continents has accumulated 700,000 hours of flight, a world record.

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The Greek government will appeal to the people. Prime Minister George Papandreou said in Parliament on Sunday "in the fall, we will go to a referendum on the main reforms in this country." The Socialist attempts to obtain the agreement of members on the composition of his new government and its austerity plan over five years of 28 billion euros needed for a new international aid.

These reforms are challenged in the street and into the ranks of the narrow government majority (155 seats out of 300). This is to appease the critics that Papandreou had to reshuffle his team Friday, so it presents to Parliament on Sunday. "I applied for a renewal of confidence in the government because the country is at a crucial point," he said.We need to find "a national agreement to deal with deficits and debt are a Greek national problem," he added. The vote of confidence will take place Tuesday night.

The Prime Minister is attempting to rally right-wing opposition to his austerity plan. The latter, who had hidden some of the deficits of the country before the crisis in 2009, refuses to give carte blanche. Its leader, Antonis Samaras, reiterated that his party "did not give a vote of confidence in the government as socialist Papandreou insists on a policy that does not solve problems but makes them worse."

Division concerned

European leaders are concerned about this division. Merkel supported George Papandreou Friday: "He is fighting for Greece meets its commitments, we support it.(…) It is hoped that the opposition supports the Greek government. "

Finance ministers of the euro zone meet in Eurogroup on Sunday night and Monday special meeting. They must agree on the payment of the new tranche of aid provided under the 110 billion euros of loans in spring 2010 in Greece. A budget that would allow the country to spend the summer. In addition, Europeans must also agree on a new aid plan, the sum is not yet defined. The negotiations come up against particularly on the modalities of participation of banks in the effort.

Do not expect an agreement by Monday morning, however, said the rpésident of the Eurogroup, the Luxembourg Jean-Claude Juncker. The European Commission had yet spoken this week of an agreement expected by Sunday evening.French President Nicolas Sarkozy and German Chancellor Angela Merkel had said Friday on their side need to "act quickly" on the Greek case. "We'll talk tonight about the involvement of private creditors, the question is how far it can and must go," said Jean-Claude Juncker.

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