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The Paris Bourse do not know which way to turn on Wednesday. After starting down 0.58% at 3212.23 points, the CAC 40 is pressed into the green in mid-day, hause of 0.17%. It continues to grow and advance of 1.39% to 3275.80 points in 16 hours. At the London Stock Exchange, the FTSE-100 reduced its losses and lost 0.20%, as the Dax in Frankfurt which yields 0.55%. Madrid is pressed into the green and earns 0.30%.

The small increase in opening on Wall Street allowed the European indices to regain some ground after a volatile morning. Investors are, in fact, not reassured by the proposals of German Chancellor Angela Merkel and French President Nicolas Sarkozy yesterday on the governance of the euro area.These include notably the establishment of a "real government of the euro area", the adoption of a golden rule of balancing the budget by the seventeen members of the euro area and the introduction of a tax on financial transactions. The French president and German Chancellor did not, however, proposed to increase the European bailout fund not to launch Eurobond market as hoped.

If these proposals were welcomed by governments, many analysts believe, therefore, they lack the substance to calm global stock markets. Sony Kapoor, the think tank Re-Define, based in London, believes that "economic government's proposal, which may be an important step towards an even tighter union, is of little use to address the most urgent" ."The meeting between the German and French leaders failed to alleviate concerns about the debt crisis in the euro area," adds Ker Chung Yang, an analyst at Phillip Futures Oil in Singapore.

The euro is trying to back up the hill, looking for gold

The most tangible sign of the disappointment of markets: the decline of the euro. It was worth 1.4365 dollars in Tokyo Wednesday, against 1.4406 dollars in New York the night before. He came down this morning in Asia to 1.4352 dollar. At midday, the European currency, however, able to bounce back and exchanged to 16 hours at 1.4482 dollar."The Franco-German meeting did not result in clear solutions and this has caused sales of euros," said Nobuyoshi Kuroiwa, a leader in foreign exchange Hachijuni Bank.

Gold, a refuge in times of crisis, was worth 1795 dollars on Wednesday afternoon in Hong Kong, 1780 against the dollar the day before closing.

Oil prices opened sharply higher in New York, supported by expectations of declining stocks of petroleum products, synonymous with an application may be better than expected guaranteed payday loans. Around 1:10 p.m. GMT on the New York Mercantile Exchange (Nymex ), a barrel of "light sweet crude" for September delivery was trading at 88.29 dollars, up 2.24 dollars compared to the previous day.

Always on the side indicators, inflation excluding volatile items fell in the eurozone in July, Eurostat said Wednesday, confirming also the overall annual inflation rate.Excluding energy and unprocessed food packaged, retail prices fell 0.8% monthly increase of 1.5% annually from 1.8% in June

United States, the producer prices rose more than expected in July, 0.2%, after falling 0.4% in June, according to the Labor Department.

Values ​​to follow

The banking sector

The Franco-German proposal to create a common tax on financial transactions was announced Tuesday after the close of European stock. As Wall Street and in Asia, French banks respond poorly. BNP Paribas (-2% to 36.75 euros) is the second largest drop in the CAC. The bank is followed by Societe Generale (-1.58% to 24.87 euros) and Credit Agricole (-0.87% to 6.72 euros).Natixis (0.72% to 3.08 euros) and Axa (0.49% to 11.27 euros) are in green.

The project also affects the stock exchange operators: NYSE Euronext lost 6.38%, 6.22% yield Deutsche Börse and the London Stock Exchange was down 4.42%.

Lafarge: -0.09% to 29.21 euros

The cement manufacturer announced Wednesday the sale of the autralien Boral's share in their joint venture LBGA (Lafarge Boral Gypsum Asia) for a total of 429 million euros.

Renault: -0.14% to 29.09 euros

The South Korean subsidiary Renault, Renault Samsung, Wednesday denied news reports suggesting its possible initial public offering of Seoul.

Edenred: -0.54% to 18.50 euros

The group announced the sale of its Australian subsidiary Trahaire Davidson, a consulting company in human resources, specializing in psychological assistance to employees as part of a transaction of approximately $ 35 million.

Rodriguez Group: -4.01% to 3.83 euros

The group released a drop of 38% of its sales in the third quarter to end June, due to lower sales of new boats, but the group expects an improvement in sales of used boats on the last part of his 2010-2011.

The European Union has embarked on a spring cleaning of food labeling. And their supposed virtues to health. Energy bars Brand Gerblé supposed to boost memory? The court decided otherwise, since it ruled in favor of a consumer association by calling the advertisement "misleading." Currently, the national association of consumer and user (CLCV), one of the largest of its kind, which is in litigation against the giant Candia. At the heart of the debate, promises related to the consumption of milk Silhouette Active expected to play a role in appetite.This drink, ensures the manufacturer, would be "natural source of calcium and low in fat" and contain "a revolutionary active ingredient that helps you eat less at the next meal."

It is to fight against the proliferation of misleading health claims that since 2008, the European Food Safety Authority (EFSA) is working on the content of thousands of labels. Manufacturers of each EU country provided their respective states, which were to follow EFSA, the allegations they wanted to use and the scientific literature. Thus 44,000 cases arrived at the office of the Authority for food safety. But after having eliminated all the duplicates and health claims related to plants that will be discussed later, the experts themselves to verify the actual 2760 scientific assertions.Among these products boasting of "antioxidant", "anticholesterols", "good for your bones", others favor the "removal of the water" by the kidneys, or some highlighting the "energy "and ensure the" vitality ".

Poorly supported arguments

Analysis of the EFSA has not focused on products but on their components. "In the end, only 20% received a positive opinion and 80% were eliminated, 'the officials of the Authority. For several reasons: incomplete files or too vague, and poorly supported arguments and sometimes a little wacky documents. "About the effect of a vitamin on the hair, companies have provided scientific studies do not speak of the vitamin or no hair," says Professor Ambrose and Martin, one of the experts of the EFSA.Besides a folder containing … the activity report of British Airways!

The 500 claims remaining in contention are only the opinion of the EFSA. The final list will be established in the coming months by the Member States on a proposal from the Commission. This could happen in 2012. Knowing that the industry will still have six months to adapt, the actual implementation of the measure expected in early 2013. John Dalli, the European Commissioner for Health, said he wanted to "regulate an opaque market."

"The idea of ​​improving nutrition labeling dates back several years, observed with some skepticism Inserm researcher Pierre Meneton, salt specialist, who believes that the excess sodium chloride is the cause of 30,000 to 35,000 deaths per year in France.But this work on a reform of European labels have long been in a drawer. "It remains to be hoped that the work undertaken by the European does not remain a dead letter.

Regulation eagerly awaited by the Directorate General for Competition, Consumption and Fraud Control (DGCCRF). Because if Europe says the regulations, that the DGCCRF have the burden of verifying the reality of its application. "Before, companies benefited from a regime of almost total freedom," said William Cousyn, in charge of the nutrition issues. And it was the DGCCRF to prove fraud. The latter was particularly common: "95% of scientific claims that the DGCCRF asked us to check proved wrong," adds Martin Ambrose who is also expert at the National Health Security (handles).

For the DGCCRF, the label control will be facilitated since each claim will match a specific list of ingredients required. For the industrial sentenced for false advertising (in legal terms, we talk about deceptive marketing practices), the fine can reach 375,000 euros although it is rarely the case. Actually, what bothers most companies, it is the bad publicity generated by such trials. "The biggest deterrent is ultimately to include excerpts of court decisions on packaging, says Mr. Jerome Frank, one of the lawyers of the UFC-Que Choisir and CLCV. Should somehow punish them by where they have sinned. "

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It is a small operation, but that announcement probably others. By unveiling this morning the acquisition of Chinese Praxis Technology, a small computer services company and consultancy, Capgemini wants to kick off an acceleration of development in emerging countries. For this operation, the SSII makes its first acquisition in the Chinese market, and strengthens the services sector to "utilities" (energy, industry, etc..). Praxis Technology conducted in 2010 about 5 million in sales and employs 110 employees, Capgemini said in a statement, without revealing the amount of the transaction.

The emerging strategic priority

Capgemini has already begun to enter the Chinese market. Still a marginal presence, this area focus less than 5% of its overall activity."Capgemini's ambition to expand in China, the second largest economy, and this organically and through acquisitions," says management. The company hopes to benefit from the strong annual growth of the Chinese IT market (14.1% between 2009 and 2014) business card design. "Given the sustained and rapid economic growth is a priority market," said Gilles Taldu Moreover, new business manager at Capgemini. The acquisition will be financed by net cash and is expected to close soon.

In addition to this acquisition, Capgemini's global strategy looks to emerging markets. In September 2010, the IT services company had already announced the acquisition of CPM Braxis, the leading Brazilian IT services. This speech proactive, and the announcement of the acquisition of Praxis Technology have attracted investors.Especially across the Atlantic, Accenture, Capgemini U.S. competitor announced tonight quarterly results better than expected and raised its profit forecast for 2011. What a glimpse of a more favorable market environment expected. At the Paris Bourse, the title of Capgemini jumped 4.24% to 10.30, the highest increase in the CAC 40 in a market up 1.70%

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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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– Manage the post-Fukushima

The renaissance that nuclear power seemed to promise, in the world, there are a few more months, will she be? Areva had put in a position to be a key player in the expansion of civil atom, only controlled and profitable alternative to fossil fuels and "clean" in CO2 emissions which is more. The French group and hired some 12,000 people each year to keep pace expected of its business.

Since 11 March, the situation has changed dramatically: Germany, Switzerland and now Italy, have decided to end their civil nuclear program. India, with firm orders for new reactors was expected before the summer, will surely prolong his reflection. Anne Lauvergeon refused to believe in a "nuclear winter".For her as for other supporters of the atom, the policy decisions taken today as the heat of the moment can be questioned tomorrow.

For now, the international development of Areva is at stake in the coming months, all the nuclear installations in Europe will be reviewed. Although the terms of these "stress tests" are still being defined, Areva will necessarily be at the forefront. Like Anne Lauvergeon, his successor will have to become a diplomat of nuclear power, both to reassure his interlocutors on the safety of this activity and convince them to pursue an effective dialogue with the French group.

– Restore the finances of the company

For a long time, critics of Anne Lauvergeon stigmatize poor operational management of the company and its finances in jeopardy.In 2010, the company has also accused an operating loss of 423 million euros and the rating agency has become mediocre. The group also suffers from having camped on his credo of "vertical integration", to the point of purchase, too expensive, its own uranium mines, which now require large investments. Finally, the action Areva is listed in this form since May 30, has lost nearly 15% high risk personal loans.

– Pacifier relationship with EDF

Relations have never been easy between the two companies, they have become abominable between Anne and Henri Proglio Lauvergeon, CEO of the utility since the fall of 2009. Regularly called to order by the state, their shareholders to both, the two companies to work together STRIPS sentenced last fall to formalize a strategic partnership.

All aspects of collaboration are concerned, the supply of uranium to the reprocessing of spent fuel, to building new reactors. But the various working groups have not yet yielded any conclusions. Again, the management of Areva will be watched around the corner. Luc Oursel will be on a narrow track of restoring harmonious relations with EDF, without appearing the vassal.

Seen from the Elysee, the issue is crucial because it is to harmonize relationships within the French nuclear industry to win export contracts. Without compromising the ability of Areva to sell only his skills to other electricians global EDF's competitors.

– To service the Finnish EPR

It's really cursed the site for Areva. The new generation of reactor Olkiluoto 3 should have been operational in 2009. It will not be before 2012.His bill, expected around 3.5 billion euros, has appreciated by 3 billion euros, lead accounts Areva. The company – which has staked his credibility by taking on the project management of this project – no longer has the right to make mistakes. The EPR is the cornerstone of its international development. And it is that Luc Oursel return the task to make a successful export, arguing its assets in terms of safety.

At the same time, the new leader of the nuclear group will tackle the launch of the TDD, a new medium-power reactor that. Through this case is the ability of the company to expand its portfolio of facilities that will be tested.

The French Finance Ministry responded late, but with great detail, the controversy launched by MEP in Europe Ecology Canfin Pascal, on the bonuses of bankers and traders French.In Libération, 7 May, he thought the amounts paid by banks not complying with EU rules.

The MEP said that France would not accurately transposed the directive on variable compensation, which would allow certain bankers, including Baudouin Prot (Chief Executive Officer of BNP Paribas) and Frederic Oudéa (CEO of Societe Generale) to receive bonus of several million euros, four to five times larger than their fixed salaries, under the year 2010.

"It's unfair to single out France!" Says it does at Bercy, where we recall that the decree implementing the EU directive was sent to Brussels in March 2011, without comment, to To date, the European Commission, while "warnings" have yet been sent to 12 Member States in March …

Variable part, fixed part

G20 first to denounce the perverse bonuses, France is presented as a model student for the application of new rules on the matter. To demonstrate that the volume of bonuses paid in 2011 for the year 2010 is declining, Bercy dotted with numbers: the ratio of net income bonus on the Corporate and Investment Banking (CIB) would be increased from 125% 2007 to 100% in 2009 and 30% in 2010.According to references of the two great Parisian institutions BNP and Societe Generale, the average bonus would have decreased from 303 000 in 2009 to 290 000 euros in 2010 and 231 000 in 2009 to 198 000 euros in 2010.

Moreover, the share of bonuses in total compensation would have increased by over 75% in 2009 to 60% in 2010. An average does not represent the variable portion of 62% of the remuneration of Baudouin Prot in 2010 and 73% of that of Frederick Oudéa."In the spirit of French and European legislation, it was a 50/50 balance the ratio between the fixed and variable pay," recalls in Paris say, "there is that the European Parliament who wanted the 50/50, but that would inevitably lead to a wage explosion … "

Finally, Bercy said that more than 60% of the bonuses awarded in 2010 were deferred for three years at least, and that banks resort more to guaranteed bonuses over several years.

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The Japanese government thought about it and he did. The operator of the plant in Fukushima Tepco come under his control. The Japanese government has indeed released Friday details of a financial rescue plan to help compensate victims of the nuclear accident that hit Japan on March 11. "The purpose of this plan is not to bail Tepco, said Friday the Japanese Minister of Economy, but to ensure that victims are properly compensated." The operator will be under the supervision of an independent commission to strengthen the de facto government's influence on the conduct of its affairs.The government project, hotly debated within the team of the Prime Minister's center-left, Naoto Kan, has yet to be voted by Parliament.

Between 26 and 43 billion euros in compensation for victims

This plan includes the creation of a structure financed by both state funds and contributions from various private power companies in Japan. This entity will help Tepco through grants of bonds (5,000 billion yen by the Japanese press) convertible into cash, to compensate the estimated 85,000 victims of the nuclear disaster. Japanese media say that the operator should have to pay from 3000 to 5000 billion yen in total (26 to 43 billion euros).Tepco should also pay annually between 100 and 200 billion yen this structure (from 870 million to 1.74 billion euros), according to Japanese news agency Jiji.

The government even asked the banks that have lent 1.4 trillion yen (11.7 billion euros) to Tepco to waive a portion of their claims vis-à-vis the operator. "People do not understand that public funds are injected into Tepco if banks did not give their side a portion of their claims vis-à-vis the operator of the nuclear power plant in Fukushima," says Government spokesman Yukio Edano payday loans online.

TEPCO will have to sell financial assets and properties

Anxious not to appear to give a blank check to the company criticized for his role in the nuclear incident, the government also demanded that she undergo Tepco a number of conditions. The company will mainly sell financial assets and properties in order to concentrate its resources on the production and distribution of electricity.In addition, the eight most senior executives of the company will also waive any compensation and personnel managers to ordinary workers, will also undergo substantial pay cuts.

In addition to the huge amount of compensation, TEPCO will have to pay an extra bill to increase hydrocarbon production in thermal power stations, eleven of its nuclear reactors have been arrested since the disaster, counting those in the central hilly.Group CEO believes that these additional imports of gas, oil and coal would cost him 1,000 billion yen (8.7 billion euros) over budget during the year to April 2011 to March 2012.

Bank stocks fall at the Tokyo Stock Exchange

Result of this announcement, bank shares fell sharply on the Stock Exchange on Friday: Sumitomo Mitsui Financial Group sells at the close of the Tokyo Stock Exchange 3.80% to 2452 yen, Mizuho Financial Group, 2.98% to 130 yen and Mitsubishi UFJ Financial Group 2.79% to 383 yen.Due to the collapse of the market capitalization of Tepco stock market that has lost more than 80% between March 10 and April 7 last, Sumitomo Mitsui Financial Group (SMFG) could announce a loss of about 80 billion yen ( 696 million euros), Mizuho Financial Group, 50 billion yen (435 million), and Mitsubishi UFJ Financial Group (MUFG), 30 billion yen (261 million).

After a weekend in the green, reassured by the decline of the yen in Asian markets starting this week under pressure, worried about the possibility of a global recovery weaker than expected in a political and economic uncertainty. The publication Friday of U.S. employment figures better than expected has not been enough to bring lasting confidence in Asian stock markets, still focused on inflationary pressures found on the price of oil. The stabilization of the dollar against the yen has not been able to restore confidence. On the foreign exchange market, the U.S. dollar is trading around 82.34 yen 82.29 yen against Friday night.

Still tense political situations in countries of North Africa and the Middle East, including Libya, continue to support oil prices.They continued to rise Monday morning in electronic trading in Asia. In morning trading, a barrel of light sweet crude gained 1.33 cents to 105.75 dollars. That of Brent North Sea was up 59 cents to 116.56 dollars.

Shanghai alone is optimistic

In Tokyo, the Nikkei index of 225 main values closed down 1.76% at 10,505.02 points. The resignation of Foreign Minister of Japan, Seiji Maehara, this weekend against a backdrop of political funding scandal, seems to have had a marginal effect on investor sentiment, they remain focused on macroeconomic issues . Among the main falls, that of Toyota, down 2.7%, weighed down by the context of rising oil prices and a ratings downgrade by Standard & Poor's business cards.Other values exporters, hit hard by global economic uncertainty, including Honda Motor (-3.5%) and Canon (-2.4%).

In Hong Kong, the Hang Seng index remained fairly stable, falling from 0.15% to 23,374.20 points. Themselves also affected by fears about the consequences of higher oil prices, the highest values among the affected aeronautical companies, like Air China, down 3.8%.

Only the Chinese financial market starts its week on a more optimistic tone, reassured by the comments this weekend's Premier Wen Jiabao on the priority given to reducing inflation in the Middle Kingdom. Especially a senior Chinese exclusively responsible said Sunday that rising prices in the country had certainly slowed in February and is expected in the 4.9% recorded in January. The CSI 300 Index of Shanghai ahead of 1.81% to 3,330 points.

Elsewhere in Asia, distrust dominates. The proposed merger between the Singapore Stock Exchange and Australian Stock Exchange has not really attracted investors, despite the comments of Magnus Bocker, the chief executive of the Singapore Exchange, saying it would allow companies to benefit from better growth. The FTSE Straits Times advanced 0.09% timidly, to 3064.05 points, while the S & P / ASX 200 fell by 1.37% Australian, to 4797.90 points.

In Taiwan, the Taiwan TAIEX fell by 0.8% to 8713.79 points. The KRX South Korea withdrew him, from 1.79% to 4226.27 points while the BSE Sensex down Indian 1.70%, to 18,171.40 points.

Summit a few hours of the opening of the summit of finance ministers of the 20 richest countries on earth – Friday and Saturday in Paris – the negotiations are intensifying behind the scenes. Berlin has made several gestures of good will on Wednesday, indicating the voice of a senior official of the Ministry of Finance argued that Germany "active efforts of the French presidency." The change is noticeable on one of the flagship projects of Paris, which would result, by Saturday evening, a common definition of economic indicators to be shared within the G20.Last November, in Seoul, the U.S. Treasury Secretary Tim Geithner, had struck the Germans and the Chinese hostile to his proposal to limit to 4% deficit or surplus in the current account.

"Do not stigmatize the poor performers

Berlin now seems more open to this question, suggesting that an agreement could take place during the weekend. According to German government sources, the G20 countries have compiled a list of five indicators to measure imbalances: the current account balance, real exchange rates, budget deficits and debt, foreign reserves and rates of private savings. "It is likely that the ministers approved" list of indicators of economic performance, thermometer, the source said. Berlin considers that these indicators will be "to enjoy in their entirety, and in association with each other.However, Germany remains opposed to what the G20 sets quantitative targets specific to each country. Paris did not intend at first. "Fall first agree on the indicators, then it will be great to spend time each country to the screen, taking care not to stigmatize the poor performers," says Christine Lagarde, French Minister of Economy.

The United States, for now, are more reserved. "It was expected that during the first half of 2011, the IMF identifies those indicators. Then, during the following months, as we proceed to evaluate them … We should, in Paris, have an additional discussion on this topic at the technical level. But there will be no agreement so early in the year, "says one Washington.Tim Geithner should show booked, also on the question of regulation of commodity markets, the second major project led by France. "We are in ac cord to strengthen market mechanisms, but not to supplant the market," says one Treasury recalling that in the Dodd-Frank legislation on financial regulation (adopted last year) are already provisions helping regulators to ensure that markets are not manipulated.

On this question, France will find Brazil on its way. "Brazil is totally opposed to the mechanism of control or regulate the prices of commodities," said Finance Minister Guido Mantega during a press conference.He warned that even these measures could "adversely" by curbing supply.

Latest issue of potential conflict, the issue of currency, although it seems less sensitive that a few weeks. "Since the announcement by China of a gradual adjustment of the parity of the yuan, we see a bilateral real appreciation against the dollar at an annual rate equivalent to 10% … So yes, there is progress, but the Chinese currency is always underestimated, "admits one American side.

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