On the macroeconomic front, the day will be charged again especially in the United States with the publication of inflation figures in June to 14.30, the net flows of capital invested in the long term April to 15 hours and the index Confidence University of Michigan in July at 15:55.

For the euro area, the trade figures for May will be announced at 11:00.

Values follow

On a visit to Tokyo, Prime Minister Francois Fillon said France was "open" to the entry of Japanese conglomerate Mitsubishi Heavy Industries in the capital of the nuclear group Areva.

Carrefour posted a quarterly revenue slightly exceeded expectations thanks to its positions in emerging countries and announced the signing of a new partnership in China.Over the period April to June, the group saw its turnover totaling 24.92 billion euros, up 6.3% over one year.

Seb has announced an increase in sales in the first half due mainly to a favorable currency impact and a good momentum of the emerging free credit score online. Its turnover grew by 13.1% at current exchange rates and 9.4% at constant exchange rates.

Lafarge has reached Friday the sale of 11.2% of its business in Malaysia for a net total of 141 million euros in the divestment program initiated by the world's largest cement. Following this, the group will remain the principal shareholder of LMCB with a 51% and will retain management of the business.

Axa Asia Pacific (AAP) and its parent, AXA and National Australia Bank (NAB) to discuss extending the period of exclusive negotiations between the two parties. NAB hopes to acquire 100% of PAA and has proposed that $ 11.5 billion (9.13 billion euros). The Australian Competition Authority has so far opposed the transaction.

Pierre & Vacances has warned that tourist bookings for the fourth quarter was marked by delay on the month of July, in the context of crisis, after essentially flat sales in the third quarter.

Stallergenes Thursday reviewed its annual targets upwards, after posting a 14% increase in turnover in the second quarter, owing mainly to increasing sales of its blockbuster drug, the Oralair.Specializing in the treatment of allergies, has achieved a turnover of 47.3 million euros in the quarter and $ 110.6 million over the period (13%).

One publication of turnover is expected this Friday: Etam Development.

This funnel, called "Top Hat Number 10", should recover up to 80,000 barrels of oil per day (12.7 million liters), against 25,000 now. The authorities are optimistic that based on their assessments, the well lost more than 60,000 barrels per day. The previous dome will be first removed. A large quantity of oil escape so well for 48 hours.But once the new funnel posed, the results will be immediate, promises Thad Allen.

Since April 20, the day of the explosion of the Deepwater Horizon platform off the coast of Louisiana, BP has increased its attempts to clogging, all unsuccessful.

No stop before August

BP was more cautious in its forecasts. Bob Dudley, responsible for managing the disaster, spoke of another scenario where difficulties in installing the new funnel could delay the time from Monday to Thursday.

But authorities are confident: "We have the climate we need," said Thad Allen. The admiral, however, required to calm the enthusiasm that followed the announcement. "I used the word 'contain' and not 'stop'," he commented. According to him, the well would not be closed as well as two-pass will not be completed.These wells, dug deep to inject cement and mud, should not be installed until mid-August. Once the leak stopped, the extensive cleaning and restoration of the ratings will continue.

Anadarko does not pay

On this last point, BP was again struck Friday denied Anadarko Petroleum. The company, which owns 25% of wells responsible for the spill, said she would not pay the $ 272 million that BP is asking her to cover their share of cleanup costs, according to U.S. law known pollution.

On June 18, the tension was raised a notch between the two partners lorsqu'Anadarko stated that the explosion of April 20 on the platform Deepwater Horizon, "was preventable and was a direct result of decisions and actions BP unthinking.

In another e-mail sent Friday, a spokesman for Anadarko, John Christiansen, however, felt that his group remained "committed to working in good faith with BP to reach a satisfactory resolution."

BP is now awaiting the response of Mitsui, which owns 10% of the wells. The British oil giant is claiming $ 112 million for cleanup costs. The company has not yet made its position.

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Experts cabinet Alixpartner highlight the "resilience" rather remarkable aerospace facing a crisis which has "devastated most industries, in the words of Eric Bernardini, Associate Director. After three years of strong growth (+15 to +17%), the slowdown has been severe but the activity remained positive with an increase of 2% in the world. This, in an environment where credit was becoming scarce and expensive.

This resilience reflects the fact that the aviation industry is a long cycle that "smooth" dips and rebounds of activity.When the crisis broke out, the order books are well filled – they are between 6 and 7 years of work with Airbus and Boeing, for example – the U.S. defense budget remains high at over 600 billion dollars and companies will react quickly launching plans for reorganization to optimize their cost base. But the overall increase in activity concealed differences: the regional airline and business aviation have suffered more from the crisis in commercial aviation (aircraft above 110 seats).

What about 2010?

"Do not expect to find pre-crisis levels," warns Eric Bernardini. The first quarter of the year was marked by a 9% drop in shipments compared to the same period of 2009 with 261 aircraft confondues.Cela all categories, while new orders taken are not strong after the fall of 70% of last year.

Several negative factors do not advocate a resumption free. First, the defense budget at best stagnant in the West with a likely decline in the U.S. and cuts already adopted in France, Germany and Great Britain. This marks a break with the period 1999-2009. In ten years, this budget has increased by 167% in the USA, 104% in France, but 181% in Saudi Arabia, Russia 272% and 294% in China. "But in real terms, the EU budget has stagnated, it has instead increased in the rest of the world," the study said.

Then, weak clients in commercial aviation. "With 0.5% margin forecast by 2010, the airline business model is not profitable in the long term," said Thierry Down, Alixpartner partner in the firm.Majors are also increasingly threatened by the rise of new players from the Asia-Pacific region and Middle East policies that lead to acquisitions of new equipment and aggressive pricing as well as the installation in the landscape of low cost.

And in the longer term?

The aviation industry is expected, according Alixpartner remain a growth industry. Thanks to the strength of emerging markets in Asia Pacific and Middle East in the years to come. The study of new aircraft deliveries projected to increase 15% per year by 2028, three times faster than air traffic.

The contract will be subject to strong pressure on prices with the arrival of new competitors in particular on the lucrative segment of the short and medium haul routes.The C-Series from Canada's Bombardier and Mitsubishi MRJ Japanese between 2013 and 2015 and the C-919 Chinese Comac to 2017 (and perhaps also a future large-derived Embraer E-190) will break the duopoly of Airbus Boeing and their A 320 and B 737. The arrival of his new players posed with even more accuité the issue of repowering existing Airbus and Boeing or the launch of new devices.

The pressure on prices will be high on the international defense market, U.S. groups seek growth from outside their borders. And taking probably the way of acquisitions.

What lessons did from the crisis?

Aerospace has been facing the worst crisis of his violent history at a time when she changed her business model.Boeing led the way, followed by Airbus, opting for the outsourcing of whole aircraft to major partners who share the financial risk and industry (risk-sharing partners). The model is not fixed so far, but already he designed a new deal between manufacturers and suppliers of rank 1. "It is evolving towards a model where not only the charges and development will be shared but also the earnings. Some vendors provide penalties for delay if the programs of manufacturers are backlogged. This can be a risky gamble for the supplier but overall, the balance of power balances gradually ", explains Thierry down.

Result: 8.6% in 2009, the profitability of major equipment has become for the first time higher than that of manufacturers that spring to 6.2%.Overall, manufacturers have been penalized by delays in recovery of their new programs (B 787, A 380 and A 400M), which has cost them billions of euros and has weighed on their accounts. Mais ces chiffres globaux cachent à nouveau de grandes disparités et mettent en lumière la faiblesse des acteurs européens par rapports aux géants américains. "In our study, few major European suppliers are well placed. the winners are those who realize a significant part of their business in the United States as the British Cobham, "said Eric Bernardini. The French equipment already handicapped by a structure of costs in euros on a market where the reference currency is the dollar, are particularly poorly placed with margin levels that are almost the double.

It is therefore urgent to organize and optimize its cost structure.Some have understood like a Zodiac, which has returned to acquisitions and has balanced its business conducted in dollars and one conducted in euro. French SMEs are particularly vulnerable because they are too small and no financial base. "Some have understood that they must join forces and others not," note the experts at AlixPartners. In Aerostructures (elements that when assembled form the fuselage of the plane) there is urgency with four players in France (15 in Europe) against the giant American Spirit and subsidiaries of major Japanese companies Mitsubishi and Kawasaki.

Mergers and acquisitions will they return?

Yes, says the study. Especially since they have not stopped but simply slowed during the crisis operations from 238 to 156 between 2008 and 2009. In the first quarter of 2010, we are 51.The Americans who were most active on this front between 2005 and 2009 with 484 operations should continue to play outposts. If Europeans have been rather discreet in number of transactions in the period with the notable exception of Thales, they have been very active if we take the size criteria for acquisitions. Leader in this category, Italy's Finmeccanica. But in none of the categories cited by the study is EADS, the European giant who nevertheless want to ensure complete acquisitions in order to realign its business in the defense and security.

The Aerostructures segment very crumbled, electrical systems and maintenance and repair should experience the largest wave of consolidation, particularly in Europe. In total, the five main players in these three activities controlled only 40%, 40% and 27% market share.

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This reflects "an upward revision to imports and a downward revision to consumer spending," says the Department of Commerce. A phenomenon only partly offset by "an upward revision of exports and changes in business inventories."

"It's disappointing," Judge Inna Mufteeva, economist at Natixis U.S.."Consumer spending was revised down from 3.5% to 3% payday loan online. Shortly reassuring, while half of this increase can be attributed to the plan of Barack Obama, according to Natixis. The fact that fiscal stimulus should deflate during the second half of the year.

Also somewhat reassuring, the growth was largely supported (1.9 to 2.7%) by a motor very tentative: the recovery of businesses. Explanation: During the crisis, American companies have used their stocks. Until no longer have anything in their warehouses. In recent months, they have therefore produced and placed an order to replenish their stocks, thereby amplifying the rebound in growth. Good news is that the investment factor for structural growth, jumped 11% in the first quarter of 2010.

ACC 40, which closed late Wednesday a decline of 1.71%, to 3641 points, however, had started sitting up. He quickly plunged and yields 0.96% mid-term point to 3606.9.

The euro shows a decline of 0.28% at the same time and now rated as 1.23, to 1.2277 exactly. The European currency declines amid persistent fears about the state of the economy of the Old Continent.

In an interview with Italian newspaper La Repubblica, Jean-Claude Trichet, ECB president, said it was unlikely that deflation risks materialize in the euro area.

Employment on the radar screen

Supported by purchases of televisions before the World Cup soccer, the French household consumption of manufactured goods rose 0.7% in May after a drop the previous month, Insee said Thursday. Better than expected.

Job center will provide 18 hours tonight the numbers of jobseekers registered.

In the Eurozone industrial orders in April showed the strongest gain in 10 years: +0.9% over March and 22.1% compared to April 2009. This last figure is the highest since May 2000, according to statistics released Thursday by Eurostat.

In the U.S., at 14.30, the figures on durable goods orders in May are highly regarded, as usual. As the traditional weekly claims for unemployment benefits (same time).

Areva accrues $ 400 million more

The Group accrues 400 million euros more because of the further delay of the EPR. These delays have already cost the group 2.3 billion euros nuclear. And this new supply will cause the accounts into the red in the first half.

Vinci: -0.59% to 37.26 euros The company has signed an agreement for a proposed road tunnel in Vietnam, worth an estimated $ 600 million.

Publicis: -0.34% to 34.74 euros Interpublic does not need to merge with Publicis, according to its CEO, Michael Roth.The fourth group in terms of global advertising revenues has been speculation about a possible merger with French group.

L'Oreal: -1.81% to 81.82 euros, L'Oréal held yesterday, a presentation on New Markets, on their growth potential, based on affordable innovations, development of new product categories and the acceleration of globalization. Natixis Securities appreciated and raised price target on the value of 92-97 euros.

Societe Generale: -2.93% to 35.74 euros, the bank claimed Kerviel to 4.9 billion. This sum is claimed as damages, the commitments of the former alleged fraudulent trader.

Banking sector is doing well this Thursday after being bottom of the list of the CAC 40 over the past two sessions.The President of the European Central Bank, Jean-Claude Trichet said in an interview published Thursday that the reform of financial regulation are on track and that a number of important decisions will be taken in November, during G20.

Axa: + 0.07% to 13.55 Resolution eurosL'assureur UK announced Thursday the acquisition of its French rival Axa Life insurance, savings and pensions in the United Kingdom for up to 2.75 billion pounds (3.3 billion euros).

Vivendi: + 0.06% to 17.45 euros without, however, that the word "relax" is heard, the prosecution had asked for any penalty against former executives of Vivendi Universal. From the first day of the hearing, Jean-Marie Messier, former chief executive, expressed a mea culpa about its "excessive communication."

Casino: + 0.33% to 63.75 euros latest episode in the war of Nespresso.Nestle has obtained the high court in Paris to send bailiffs in Folliet and Vegeplast, the two suppliers to the manufacturer Casino pods compatible with Nespresso machines.

Air France-KLM: -2.73% to 10.87 euros 4,390 people have left the company without being licensed, by March 2013, according to an internal document quoted by La Tribune, on its website.

Company Alps: -4.28% to 23.02 euros Compagnie des Alpes announced Thursday the launch of a capital increase of around 100 million euros, with retention of preferential subscription.

The leisure group has also announced a refinancing of its debt in advance through long-term, secure the liquidity of the group for five years.He said in a position to make acquisitions.

TF1: -2.24% to 11.54 eurosL'élimination the first round of the France squad will deprive TF1 more than ten million euros in revenue. But the title TF1 has underperformed by 3.6% of all broadcasters in Europe since the beginning of the World Cup. This correction related to the elimination of the France team is disproportionate to the financial magnitudes of the event, said an analyst.

Oil drop

Crude prices have continued to drop Thursday (76.2 dollars) in electronic trading in Asia, driven by anxiety about U.S. demand, world's largest consumer.

The latest indicators of the U.S. Department of Energy showing an increase of two million barrels in crude stocks in the week concluded on June 18 have caused concern to investors, which projected a decline of one million barrels.The increase in crude inventories reported in effect a weakening demand.

'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.

For its part, the New York Times estimated that the case Goldman Sachs also shows the great return of the SEC at the front of the stage, while the institution had remained in the shadows in recent years.

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On Wednesday morning, Asian stock markets are moving in the positive. This early morning, the Bank of Japan also announced that it retained its interest rates to 0.1%. The World Bank, East Asian development is driving the global economic recovery, but these countries need reform to enjoy sustained growth.The institution expects an increase of 8.7% of GDP in the area in 2010.

Around 8:15 am, the CAC index futures expire in April 2010 predict an opening near balance (-0.01%).

Rich economic news

Side Europe, INSEE and ISAE Ifo and its equivalents, will unveil their outlook for the second quarter of the year. At 11 hours, the GDP of the eurozone in the fourth quarter of 2009 (third estimate). At the same time, will be published the second estimate of the composite PMI services for the month of March, and prices for industrial production.

In the U.S., weekly stocks of crude oil will be reviewed by financial operators. Oil is quite stable in anticipation of these figures, but quickly approached $ 87 in recent days. Investors anticipate a rise in global demand.The Qatari Minister of Energy Abdullah al-Attiyah said Tuesday that it was not necessary to bring OPEC to discuss soaring prices at the highest in a year and a half No credit check payday loans.

At 19:30, the Fed chairman, Ben Bernanke, will speak on "Economic Challenges past, present and future. A speech certainly scrutinized closely in the wake of its decision on rates. Any change of address would be taken seriously.

Finally, at 21 hours, the figures on consumer credit in the U.S. in February.

Using concrete for Renault and Daimler

The Franco-Japanese alliance Renault-Nissan and Daimler, the German manufacturer Mercedes and Smart have announced equity cross-holdings of 3.1%, and a broad industrial partnership.The Renault shares surged 3.86% to 36.87 euros at the close yesterday.

Carrefour prepares to leave Portugal, reports Le Figaro. The retailer will start selling the 524 hard discount stores it operates in this country under the banner Minipre?o. Their turnover has reached 915 million euros in 2009.

Rentabiliweb Specialist monetization of online and offline audiences, today announced it won a bidding group France Televisions in order to monetize the sites hearings France Televisions Interactive.

Deinove today launches his bid for the purchase of shares. Offer clot April 20 and the first titles will be on the Paris stock exchange – Alternext – from April 21. The "greentech" hopes to raise from 12 to 15 million euros in the financial markets to fund its research.

Maurel and Prom will publish its annual results after-hours trade.

The NYSE is cautious on the eve of the monetary policy meeting of the Fed. The Fed should keep its no surprise key interest rate near zero and reiterate its commitment to maintain a low level for a "prolonged period". More than the rate decision widely expected, investors will scrutinize the speeches of leaders of the U.S. central bank.They watch for a possible change in tone or vocabulary that could be the harbinger of early recovery in interbank rates, especially after raising the discount rate last month.

In this atmosphere, the figures for industrial production go unnoticed. However, the latter rose in February by 0.1% from the previous month, while analysts believed it had stagnated.

The surplus balance of U.S. capital flows to long-term investments declined in January to $ 19.1 billion against $ 63.3 billion the previous month, according to data published Monday by the Treasury Department .

Greece returns to the heart of concerns

In addition to this national event, the U.S. financial markets keep an eye on the statements that filter the meeting of European finance ministers on Greece.On Monday and Tuesday until tomorrow, they must define the details of plan using Greek estimated at over 20 billion euros.

But the markets seem to regret the lack of clear announcements about it. This anxiety is the euro down. The European currency loose 0.75% to 1.3669 dollar. In turn, the rise of the dollar penalizes values to raw materials.The oil companies Chevron (-0.73% to 73.16 dollars) and ExxonMobil (-1.14% to 66.04 dollars) were penalized by the decline in oil prices payday loans for bad credit .

The maker of construction equipment Caterpillar gave up 2.12% to 59.08 dollars and aluminum producer Alcoa 1.10% to 13.45 dollars.

Wal-Mart stands

Amylin Pharmaceuticals climbed 15.25% to 23.35 dollars, boosted by the announcement that the FDA does not need more data on its anti-diabetes drug.Boston Scientific has screwed him for 13.24%, after stating that he was stopping the sale of a defibrillator.

The energy sector was also facilitated by the acquisition of sites for exploration and production of shale gas from Dominion Resources (0.28% to 39.58 dollars) in the Appalachians, to 3.475 billion dollars in cash by Consol Energy (-9.96% to 48.62 dollars).

Wal-Mart was distinguished with an increase of 2.76 to 55.39 dollars, supported by higher recommendation to "buy" by analysts at Citigroup.

The title of the parent company of Calvin Klein, the Philips-Van Heusen, jumped 10.08% to 52.56 dollars. The group will buy the brand of leisure wear Tommy Hilfiger in UK investment funds Apax Partners.

Google (-3.42% to 559.74 dollars after opening under $ 565) could close its search engine or a part of its activities in China.Google Chinese news should be limited to official newspapers. 36% of Google revenues in China are related to its search service. "Baidu, its main competitor, would be the main beneficiary of the partial withdrawal, analysts said Aurel BGC.

The Pentagon has dismissed the accusations of protectionism could give time for EADS to prepare a rival bid by the Boeing (-1.07% to 69.08 U.S. dollars) contract for refueling tankers.

The results of FedEx for the third quarter are expected Thursday. The numbers of specialist courier services is considered a leading barometer of business activity. Titles rise of 1.09%, to 87.12 dollars.

Tuesday, Finance Minister George Papaconstantinou reiterated wage austerity measures provided for in the Public Service wage freeze, down 10% premium, 30% decrease in overtime, stoppage of recruitment in 2010, except in the sectors of health, education and security. Labor Minister, Andreas Loverdos, proposed back two years to 2015 the average age of retirement to raise it to 63 years.

In Athens, about 5,000 union members protesting in the rain in the streets, which must be added the separate gathering of 5,000 activists of the union Struggle Front (PAME), an offshoot of the ultra-orthodox communist party (KKE). In Salonika, is counting down nearly 3,000 officers pounding the pavement.

Moreover, tens of thousands of officials have answered the call to strike the ADEDY. Air traffic controllers joined the strike and there was no traffic Wednesday in Greece.

Meeting of Finance Ministers of the euro area

These events occur when the finance ministers of the eurozone plan to meet as Wednesday by teleconference to discuss the situation in Greece, several diplomatic sources.In view of this meeting, Nicolas Sarkozy held talks by telephone with German Chancellor Angela Merkel and EU President Herman Van Rompoy.

According to Le Monde, President of the European Central Bank, Jean-Claude Trichet and the chairman of the Eurogroup forum of finance ministers from the eurozone, Jean-Claude Juncker, will join the discussions.

This meeting will be held on the eve of a summit of EU leaders on the issue in Brussels saving account payday loan . At this stage, there is "not agree" on a plan of aid to Greece. The signs, however, a support mechanism for this country is growing. A senior parliamentary Conservative German Chancellor Angela Merkel, Michael Meister, has indicated that preparations were underway in the German Government for an assistance plan.It could take the form of housing provision of bilateral loans to certain countries of the euro area in favor of Greece, to help cope with higher prices for its cost of borrowing on the markets since the beginning of the crisis. The option of an advance payment of EU subsidies to Greece is also considered.

Papandreou lunch with Nicolas Sarkozy

Prime Minister George Papandreou, who visited on Wednesday in Paris where he had lunch with French President Nicolas Sarkozy has reaffirmed his determination.He promised Wednesday to "take all necessary measures" to reduce the deficit and ensured that "each of the measures of the austerity program will be applied.

The Prime Minister had called in an attempt to limit the impact of the strike, officials to "lead by example" to help end the crisis.

Furthermore, President Nicolas Sarkozy and Chancellor Angela Merkel Thursday held a joint press conference after the informal EU summit in Brussels, including the situation in Greece, said Wednesday the spokesman for the French government, Luc Chatel. "Under the EU summit, the president will have the opportunity to hold a joint press conference with Merkel on various subjects.I guess the question (of the situation in Greece) will be addressed, "said Luc Chatel in reporting to the press the work of the council of ministers.

"The French government is involved as its European partners on the situation of the euro and the situation in Greece in particular," he said, adding that the Economy Minister Christine Lagarde had "routine contacts with counterparts "on this issue.