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The European Central Bank (ECB) has revised upwards on Thursday the euro zone growth for 2010, but reduced its estimates for 2011. This year, says the guardian of the euro, growth should be between 0.7% and 1.3%, against 0.4% and 1.2% previously. Exports should benefit the business area, "said ECB president Jean-Claude Trichet.

In contrast, growth should be adversely affected by weaker domestic demand in 2011 than originally planned. The ECB now expects growth understood in a very wide range from 0.2% to 2.2%, against 0.5% to 2.5% previously estimated. Probably the negative effect of harsh announced plans in recent days, including Germany and Spain.In this context, inflation is likely to remain "moderate", said Jean-Claude Trichet.

"We believe that the euro zone economy would grow at a moderate pace in an environment (…) unusually high uncertainty", said Jean-Claude Trichet. "The uncertainty and the level of growth is not writing, it also depends on us", European institutions and governments, stressed the central banker faxless pay day loans. The ECB "endeavors to be an anchor, an island of confidence."

The euro, "very credible"

The ECB president also did not comment on the fall of the euro seen in recent weeks. The single currency, he hammered a currency is "very credible".He did not give further details regarding the buyback of government bonds in place last May in order to guarantee liquidity in a market completely frozen. The ECB has bought for 16.5 billion euros of bonds the first week, 10 billion for the second week, then 5.5 billion for the third, said only Jean-Claude Trichet.

The ECB president was pressed with questions about this decision heterodox. Done rare, Axel Weber, the German member of the Governing Council of the ECB, it is even publicly opposed. Jean-Claude Trichet reiterated that there was "a currency, a central bank, a board of governors," and therefore "a decision and an explanation for this decision" .

A wedding in pain. Negotiated for eleven months, the acquisition by the cooperative group Sodiaal Entremont Thursday overcame obstacles essential to its realization. The government, very involved through the Ministry of Agriculture and the Interministerial Committee for Industrial Restructuring (Ciri) has obtained the agreement of both creditors Entremont Alliance and its current owner Unifem instant payday loan. A company behind which is associated with the NPC holding the Belgian investor Albert Frere-and majority-group Unicopa.

Should win earlier this week, losing on Friday night. Having won respectively 23.89%, 18.65% and 20.90% on Monday, following the European Agreement on plan to help the euro area, the three biggest French banks were closed on of declines: Societe Generale, -8.63%, Credit Agricole, -6.43%, BNP Paribas, -7.41% … French banks weigh heavily on the Paris Bourse. The CAC 40 has closed Friday on a depressing note: at the close of the Paris Stock Exchange index lost 4.59% and Paris has fallen below the 3600 points to 3560 points.

His European counterparts also suffer, while banking stocks enroll the largest declines, everywhere.

This reflects the renewed concern about the economic health in Europe, barely a week after the European plan negotiated the titanic last weekend.Further evidence of the uncertainty room, the euro broke the 1.25 dollar, which had not happened for 14 months. Gold coast near 1,240 dollars per ounce. Unheard-of. And oil is under $ 74 a barrel.

Banks underperforming in Europe

In Italy, while the FTSE-Eb hollow losses and was down 5.26%, many bank stocks are at the bottom of the list: in order, Mediobanca, 4.50% to 6.15 euros Banco Popolare, 6.21% to 4.16 euros, UniCredit, 6.27% to 1.81 euros and Intesa Sanpaolo, Italy's leading bank, yield 5.11% to 2.18 euros.

In Spain, same old story. The Ibex 35 largest market capitalizations falters 6.64%, and banking sector heavyweights weigh box. Banco Santander, the second largest bank in Europe, falling 9.28% to 8.31 euros.BBVA folds of 7.58 euros to 8.78% and 6.46% of Bankinter at 4.7 euros.

The Dax in Frankfurt – the index of 30 companies the biggest German stock exchange down 3.12%. But again, it is Deutsche Bank, which is at the bottom, falling 4.15% to 48.75 euros. The boss, Josef Ackermann, questioned the ability of Greece to repay its debt. And Commerzbank sells 4.13% to 6.10 euros.

In Belgium, KBC retrograde 5.48% to 30.85 euros and Dexia 5.63% to 3.6 euros in a market down by 3.46% for the Bel 20. And in Switzerland, UBS depreciates 2.83% to 0.10 euros and the financial group CS Group lost 4.08% to 33.23 euros.

The bank still frontline

Fears of a state unable to feed its fiscal risk of lowering its rating by a rating agency.But what are the financial institutions in a country with the largest of government securities in the portfolio.

Generally, capital financial institutions required to hold an asset also depends on the "rating" (the note) of the issuer of this title. If it deteriorates, the capital required to hold a state title will be more important.

As banks are exposed to Treasury securities, profitability and solvency is lowered … hence the fall in stock.

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With sales were down 16% to 1.32 billion euros, an EBIT of 139.2 million (-9.6%) and a net profit of 95.9 million euros ( -3.2%), the first quarter of Technip is declining, but these figures are higher than analysts' expectations.

Despite competition "intense in all regions," Thierry Pilenko, CEO of the company has entered the CAC40 almost a year ago, noted "signs of recovery."

The evidence, the backlog has reached the end of March 2010, 8.13 billion euros, compared to 8.02 billion euros at end December 2009 and 6.93 billion euros at end-March 2009."Estimates of the group, envrion 47% of the backlog should take the next nine months of 2010."

In addition, the giant engineering and construction sector of the black gold is pleased to have recorded a total of 1.34 billion euros in new orders in the first quarter of 2010, against 1.15 billion euros a year ago.

Annual target unchanged

Thus, the direction of the oil services specialist confirmed Thursday morning his goals for the current year.Annual revenues are expected in a band between 5.9 and 6.1 billion euros (between -5.5% and -9.5% in one year) and operating margin is still seen stable.

Remember however that annual sales had been revised downward in February, while Technip had published annual results in freefall – net income fell 62% year on year – and the speech concerning the outlook remains worrying .

A contract "major" in Brazil

Yesterday, Wednesday, Technip said it had won a contract by Petrobras for the flexible pipe system driver Tupi field. He refers to the agreement a "major", with "key challenges" at the technical level.This field is situated at 2,200 meters depth of water in reservoirs pr?salif?res Santos Basin, about 300 km off the Brazilian coast.

The transaction amount was not specified. But with this new contract, Technip strengthens its leading position in Brazil, especially in the promising market tanks pr?salif?res.

In Stock

In just two sessions, the Technip shares have lost nearly 8%. Wednesday night, they quoted at under 60 euros to 58.27 euros exactly.

On Thursday morning, the shares resumed colors: they rise from 1.22% to 59.08 euros by 9:30. This is the second best performance of the benchmark index of the Paris market.

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The National Assembly must decide on Tuesday on the bill to regulate the consumer credit. The text, which has already been approved by the Senate must pass the difficult balance between maintaining economic activity supported in part by the credit and the necessary protection of indebted households.

The number of cases filed with the commission of indebtedness that is constantly increasing. A phenomenon considered especially worrisome by the Bank of France that the population affected by the debt overhang is not the same. When creating the indebtedness committee with the law Neiertz 1989, he was helping people who had not managed their budgets: the syndrome of fever buyer where people were abusing the loan to purchase a 4X4 or high-tech products.But since the late 1990s, a new category of people are facing the problem of indebtedness, with the emergence of "new poor", that is to say who, though having a job, fail longer pay the bills of electricity or gas. And the crisis has accentuated the trend by multiplying the number of "accidents of life, including the number of households affected by unemployment cash advance. Since 2008, the Bank of France notes an increase in cases of indebtedness of approximately 16% per year.

The latest statistics released by the agency confirm this movement. 19,380 cases have been filed with the commission in February 2010. 20.5% higher than the previous month.

The Bank, however states that one should not jump to conclusions, due to some seasonality.The first months of the year are in fact traditionally the stigma of Christmas. A phenomenon in which the new text may perhaps act. It provides for a doubling of the period of withdrawal of clients (14 days instead of 7), the obligation of loyalty card stores offered an option "cash" or a limitation of revolving credit and advertising. The banks and specialized agencies should then put more emphasis on the commitment that is a credit on the ease of obtaining money.

A new kind of club opened Thursday in Clermont-Ferrand. Bridge? Tennis? No, DIY! Members buy a card that gives them access to 20 000 references sold on average 30% cheaper than in traditional supermarkets specialized. This offer is based on the concept of DIY Factory, a store 4500 m? (1500 m? outdoor) that tests the independent channel Bricorama (117 outlets in France).

The price of the card, 19 to 149 euros, depends on the period chosen by the customer (7, 30, 90 or 365 days). For example, a project started in spring and completed in early summer, a handyman can do some shopping Sunday for 90 days with the card paid 49 euros.Among the proposed rates: a jar of 500 ml of lacquer painting sold Dulux Valentine 9.55 EUR 19.10 EUR against average in a large area of traditional crafts (-42%), or a sink with Hansgrohe shower proposed 144 70 euros, against 209 euros elsewhere (-31%). Lower prices can reach up to 60%.

The new store, which replaces a Bricorama deficit lies in a catchment area hotly contested, close to a Leroy Merlin, a champion of "hyperchoice (50,000 references), himself leaning against a giant casino, and another discounter, Brico Depot, the brand's low-cost Castorama, both subsidiaries of the UK group Kingfisher.

Impasse on first prize

DIY Factory offers fewer products than the first radius is not proposing building materials as the second pay day loan lenders.It is also missing several major brands like Black & Decker or Bosch, all present at Leroy Merlin, preferring challenger brands recognized pros. Finally there is no first prizes at the heart of its bid, as at Brico Depot. Finally, the third linear are less than those of a trimmed Bricorama.

"It's true discount, but not the trash: we sell at low prices without making concessions on products or service levels," said Erik Haegeman Bricorama CEO, who is without some mention that discounters it considered it less fussy about quality.

"The signs attract customers with low prices to the minimum quality – on which margins are nonexistent – and hope to catch up on accessories for power tools or decoration," explains Erik Haegeman.Rather than finding an equation of higher margin sales and margins near zero, Brico Factory applies the same level of reasonable profit on its entire supply. It would be about 10%.

This "discount quality" Will it attractive enough for consumers to buy a card? Bricorama, which did not sign up now at low prices, at least fills a void. If the test proves successful DIY Plant, the least profitable Bricorama could pass under the new brand.

Eric Woerth held on time. Like its predecessor Xavier Darcos promised, the new Minister of Labour sent Wednesday afternoon the bill on social dialogue in very small businesses to members of the National Commission of the collective agreement and the Higher Council The probity. This text, which must still be approved by the State Council before being presented May 12 in the Cabinet, sets the conditions for measuring the hearing of unions in companies with fewer than 10 employees, a necessary condition for the law of 20 August 2008 laying down the new criteria for union representativeness is not considered unconstitutional for excluding more than 4 million workers in any election.

'We relied on the letter of the UPA and four trade unions, it says the Ministry of Labour.A letter dated end of January, setting the broad outlines of a trade union representation in the territorial commissions after elections in the TPE.

This bill deals with "three great subjects." First, it imposes in firms with fewer than 10 employees on a consultation list at the regional level every four years from late 2012. "This consultation will be through the internet or by mail, confirm there in the entourage of Eric Woerth. And it will affect all employees of small, except those of Agriculture whose election results, chambers of agriculture will be taken into account.In other words, all employees of businesses with fewer than 10 people will vote on the union they feel able to represent them in the territorial commissions, not the names of candidates.

Deuzio, the establishment of joint regional chambers (and the designation of their representatives) is returned to negotiations or inter-branch branch. The mission of these committees? "Monitoring and enforcement of collective agreements," says Bill.

Thirdly, the government postponed by two years the date of the next industrial tribunal elections to be held no later than at the end of 2015 and not 2013."There are many elections in early 2014 and we also want to allow time to analyze the recommendations of the Richard report," justifies a collaborator Eric Woerth.

"This is not the priority"

The Richard report, to be unveiled in the coming days, should offer new ways of "designation" of judges prud'hommes. One of the tracks would be considered to remove the election to go through an appointment of counsel based on the weight of each union at national level.Delaying the election of two years and has the advantage of allowing adequate time for governments to measure the weight of each plant under the new criteria of representativeness (will not be representative as the plants that, nationally, have a hearing than 8%).

No doubt this bill will meet the four trade unions signed the letter of intent in December with UPA: CFDT, CGT, CFE-CGC and CFTC. And will be fought by the MEDEF and CGPME rating as "excellent" social dialogue in the current SOHO and do not see the usefulness of measuring the audience of trade unions in the TPE.

"This is not the priority," has consistently indicated Laurence Parisot, the president of MEDEF, for several months.Leaves also ignored their signature in April 2008 when, in a common position on trade union representation endorsed with the CFDT and CGT, they referred the audience measurement in the TPE for future negotiations and the MEDEF the GGPME refused to open in December.

EADS, Airbus's parent company, it going down into the arena against Boeing in an attempt to win a giant contract for 35 billion dollars to supply the U.S. Air Force 179 tanker aircraft? The Pentagon has declared its readiness to extend 60 days of the closing date of the new tender for all EADS decides to apply. The giant European aerospace must inform the Pentagon beginning in May If EADS contributes again, the two candidates have until July 9 to respond to the call for tenders, the Pentagon will render its verdict this fall.

This proposal of the Ministry of Defense, Boeing has missed Thursday comes in the wake of the Obama-Sarkozy meeting in Washington. The two presidents have sought to calm the sceneBarack Obama has promised that the tender would be fair, Nicolas Sarkozy told to trust the President of the United States and found that EADS should respond.

Today, there is no reason to think that the Pentagon will change the 400 evaluation criteria for the tender as Northrop Grumman, EADS ally, was considered biased and cut on able to benefit Boeing and its 767 KC B facing the Airbus A 330 KC. In early March, Northrop decided to throw in the towel and not to compete; EADS had followed.The duo had yet won the contract in 2008 but was canceled.

If the criteria do not change, why it would persist EADS? The stakes are high because Airbus is counting on this contract to settle industrial United States with an assembly plant in Alabama to become a supplier to the Pentagon and a leading market player in the military world.

Therefore EADS can withdraw without having explored all avenues. "The Pentagon is not a political stance: it has opened the door. The question is whether we can rebuild the economy of the project with new partners while meeting the criteria with the best possible price cash advance no fax.This in 60 days, "says one at EADS.

Pentagon Approval

Mission impossible? This time, the group led by Louis Welsh would hand over the project and the allocation of tasks and margins because the Pentagon has agreed to accept as a leader (prime contractor), whereas previously this function was reserved for an American, namely Northrop.

EADS believes can be because it has already proven with the tanker for the Australian Army with the first aircraft to be delivered in Canberra in late 2010. The aircraft systems through the nacelles or the boom, the refueling boom, EADS and Airbus have done everything. Clearly, they have already militarized apparatus.In the U.S., the group would appeal to American partners with specific expertise that does not hold, for example on defense electronics (transmission interconnection between the planes of the U.S. Air Force …). Groups such as BAE Systems, Honeywell or L3com provide a good profile.

As a "bonus", EADS bear more risk, but still would review its pricing policy. In contrast, no question of taking the contract loss. EADS must reach adjust its prices so that its plane, larger than that of Boeing, is competitive. The Pentagon has made it clear he wants the best device whose capabilities are at least those of an airplane that looks like two drops of water in B767 and the lowest price. The Pentagon would not refuse a bigger plane if it did not cost more. The equation is complex.For now, the prevailing consensus within EADS to study the way to the end. But nothing is yet decided.

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Ambiance morose on equity markets. Investors doubt visibly increasing the sustainability of global economic recovery and remain concerned about the drift of public deficits. In Paris the CAC 40 fell 0.37% to 3928.95 points. The activity is particularly low, with about 3 billion traded on the great values of the Paris stock exchange. For specialists Global Equities weakness of this volume reflects the renewed investor caution since the crisis erupted Greek.

Other stock markets retreated in unison in London, the FTSE lost 0.41% and in Frankfurt the Dax dropped 0.14%. As for the European indices, the Euro Stoxx 50 has dropped by 0.50%. Ambiance also mixed with the NYSE that, having opened in the red was just the balance.

The ill wind is once again came to the United States, where the publication of several indicators has revived questions about the pace of economic recovery. The labor market appears to be stabilizing if it remains at extremely low levels. Investors are also skeptical about the latest statistics from China. Industrial production rises, but at the same time inflation is accelerating and that credit is increasingly scarce. For Christian Parisot, an analyst at Aurel if "fears of overheating were revived, the dynamism of China's growth is positive for the global economy."

In Paris, the securities industry, including specialist materials such as Eramet (-2.56%) or Arcelor Mittal (-1.65%) were in pain."We now prefer to stay away from those sectors most exposed to emerging countries" explain strategists Aurel BGC. According to them, these titles have been among the main drivers of rising markets last year are now offering a limited but potential increased risk. The values considered defensive shot, however, hold their own, like Carrefour (1.47%), GDF Suez (0.82%) or Arkema (-2.28%).

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