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The last day of the week rhyme with caution. The CAC 40, which opened on a drop of 0.42% to 3460.35 points, still yielding 0.29% to 3464.81 points shortly after noon. The German Dax loose just 0.07% to 5908.72 points while the FTSE in London fell by 0.10% to 5150.67 points.

Markets follow the footsteps of Asian stock market this morning, had a very volatile sessions. In fact, dominates the wait before the publication of the second estimate of U.S. GDP in the early afternoon and the index of consumer sentiment across the Atlantic.

Add to this the intervention of the President of the U.S. central bank, Ben Bernanke.In a speech that will be closely watched by global markets, it will review the state of the global economy.

On Wall Street Thursday, the two markets already anticipated bad news, including a possible downward revision of GDP and a speech even more pessimistic than previous ones in terms of bad statistics released in recent weeks. The surprise drop in unemployment registration Weekly announced yesterday was not enough to support the Dow Jones finished below 10,000 points.European shares managed to stay in the green but have erased some of their gains late in the day.

Side currencies this morning, the euro was rising against the dollar (0.17%) to 1.2722 dollars in morning trading but came down a little mid-day at 1.2708 euros.

Publications honored

Essilor (-2.24% to 47.120 euros) issued before market net income group share down 1.3% to 197.5 million euros.The world leader in ophthalmic optics, however, confirms its growth target of 5 to 7% of its turnover this year, and a stable operating margin over the rate of 18.2% achieved last year .

Autoroutes Paris-Rhin-Rhone (APRR: + 0.04%) will release its second quarter results after market close on Friday.

Several groups have also published their results Thursday after market:

Lagardere (-1.43% to 28.86 euros) has raised its target of annual operating profit on the basis of a continued upturn in the advertising market.Arnaud Lagardere also said that Canal + France would be introduced on the stock market probably in early 2011.

Stallergenes (1.69% to 57.13 euros) published interim results up and confirmed it expects for 2010 a growth of over 10% of its business and a "significant increase" in operating margin , which was 16.7% in 2009.

Formageries Bel (3.31%) reported sharply higher results in the first half but warned that the rising price of milk in France contribute to the decline in operating margin in the second half.

Bongrain (-0.04%) announced that has released its interim results were up sharply but warned that second half was not as favorable.

Etam (3.24%) reported Thursday a jump in operating profit in the first half thanks in particular to China, but also an increase in its debt.

La Poste wants to join Vivendi

The Post announced Thursday that entered into exclusive negotiations with SFR, the telecommunications subsidiary of Vivendi (1.67% to 17.655 euros) to launch a mobile telephony offer under its brand.

GDF Suez (-0.08% to 24.32 euros) will find a new site to build a power plant in Chile, a project of approximately 865 million euros questioned because of the proximity of the initial site with a nature reserve.

Atos Origin (-1.05% to 30.245 euros) Thursday announced the acquisition of 100% of the shares of Venture Infotek, a leading company operating in the Indian market for means of payment.

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Essilor International shows a rebound in sales of 15.8% in the first half to 1,926 billion euros. The world of ophthalmic lenses has seen its sales boosted by several acquisitions such as U.S. and Signet FGXI Armolite. In all, Essilor has acquired or increased its stake in thirteen companies in the first half, representing an additional turnover of approximately 80 million euros.

Excluding currency and acquisitions, growth in turnover is 5.9%, "in line with its annual target," the company said in a statement.

The Group's net profit was down slightly from 1.3% to 197.5 million euros. The group is penalized by the provision of 41.5 million euros to pay the fine imposed by the German competition authority (Bundeskartellamt) for formation of cartels.Adjusted for this provision, net income reached 238.8 million euros, an increase of 19.3%.

Essilor confirms its annual targets

"In the second half of 2010, in a context of renewed activity still fragile, Essilor will pursue the strict implementation of its strategy of growth based on new products, geographical expansion, acquisitions and organic conquer the environment range, "the group said.

This confirms target for 2010 sales up 5% to 7%, excluding currency and strategic acquisitions, and margin contribution stable excluding acquisitions and strategic change IFRS. In the first half of 2010, the margin of Essilor has eroded slightly over the same period in 2009, yielding 0.1 percentage points to 18%.

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The French are always prone to develop an ecologically minded when it can bring them money. Regarding photovoltaics, however, investment should soon be as attractive.

The Ministry of Sustainable Development and Bercy warned on Monday evening Regulatory Commission of Energy (CRE) and the Higher Council of the energy of their intention to decline by 12% the purchase price by EDF of the photovoltaic electricity. The professional plans and large facilities will be affected by this adjustment of tariffs, not small household below 30 square meters. An order to this effect will be applicable on 1 September. In taking this decision, France follows the footsteps of Germany and Spain, who have already made adjustments."Today, France is far ahead of the implementation of the objectives of the Grenelle Environment. The rates remain favorable, but the cursor is repositioned slightly to avoid the deadweight speculative, "said the entourage of the Minister of Economy Christine Lagarde.

Recall the situation. To encourage the development of environmentally friendly energy sources within the framework of the commitments of the Grenelle -23% renewable energy by 2020 – and to encourage installation of photovoltaic panels, the state has allowed those who invested able to sell to EDF electricity and produced on the basis of a regulated rate for the amortization of attractive features.This incentive involved both individuals who were installing equipment homemade-like solar panels on the roof of a house, the professionals that integrate PV in buildings, on roofs of car parks or supermarkets.

Only here: end of 2009, anticipating a decline rates announced, the French rushed to ask EDF to buy their electricity photovoltaics. The total power demand on the year was 50 times higher than in 2008. This has caused both a queue and a financial risk. Forcing the government to take early as January 2010 emergency measures, as well as adjustments of rates of transitional arrangements to handle the influx of applications.In the wake of last March, Bercy had asked the Inspectorate General of Finance (IGF) to identify problems so that such a bottleneck does not happen again. Today, 60,000 applications are pending, mostly for small installations.

60 euros per year

The decision to reduce tariffs by 12% based on the findings of the report that IGF is to deliver to Bercy Le Figaro was purchased. It stresses that "the cost of the photovoltaic sector has become very attractive with lower production costs of signs (development of production capacity in Asia) and a collapse in prices linked to the Spanish crisis.Above all, the document points out that "the difference between the purchase rate (between 414 and 580 euros per megawatt hour) and the market price (56 euros per MWheure) is funded by electricity consumers via the contribution to electricity utility (CSPE). Its authors have amounted to about 60 euros per year for a household heating to electricity loads more can be passed on to consumers 'bills (1.5 billion euros per year from 2012), if nothing' was done. "It's a question of purchasing power," insists the entourage of Christine Lagarde.

"This tariff change is the first step in a necessary adaptation of the control system of feed-in tariffs, this development, which should afford the industry outlook solid and sustainable development until 2020, will be prepared in the fall consultation with all stakeholders, "concludes it at Bercy.

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A history of gold? The fund Bridgepoint entered into Friday night to Saturday two agreements to buy the first two channels simultaneously French jeweler midrange, Histoire d'Or and Marc Orian.

If successful, a priori, in October, the transaction remains subject to the advice of two councils and the approval of competition authorities, would bring the delicious result of two brands created by successive Sylvain Krief in the 1980s, and whose networks are geographically complementary.

Histoire d'Or, owned since 2006 to fund Silverfleet Capital, has 200 stores, almost all located in shopping malls on the outskirts of cities. The company is dynamic. Its turnover amounted to 220 million euros in 2009, up 1.1%. In France, its network of stores has almost doubled in size in four years.Elsewhere in Europe, the brand has established in Belgium and Italy. History Gold was also launched in 2007 teaches J'M (six stores), on the same niche, but more likely.

Good mid-range resistance

Located also in the malls, Marc Orian Group operates its side a network of more than 250 stores under the Marc Orian and Treasury, and annual sales of around 130 million euros. The company is owned since 2006 by QUALIUM (formerly CDC Capital Investissement) who bought from Crédit Agricole Private Equity.

The combination of these signs would create a network of over 450 shops for a turnover of around 450 million euros. It has been several years that the funds eyeing the jewelry chains midrange.The sector has grown steadily against the current of a market down 2% last year, mainly at the expense of traditional jewelry stores downtown.

Bridgepoint could benefit from his position of arch-leader to refine the positioning of its various networks, optimize purchasing and address the heart of market towns by launching a new concept.

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"This is not my five-year reform, but reform is essential," says President of the Republic, during a television interview aired on France 2 Monday night. He has shown determination to stand firm on its positions to the point he claimed that the events planned in September "will not affect pension reform."

An overview of various issues discussed with the President of the Republic.

• Pensions: "Our system is a system breakdown. By definition, all the French are concerned, "said Nicolas Sarkozy in the introduction to his remarks on France 2 and retreats on the eve of the presentation of the bill put together by Eric Woerth in the Council of Ministers.

"I tell the 15 million retirees that will not affect their pension," he said beforehand.The Head of State said that 'those who started work before age 18 will retire at 60 "and defends its reform:" I try to be someone just is not easy " .

Nicolas Sarkozy also states that "any person who has a disability working at least 20% will leave at 60. And he concluded: "The 62 years we would not disturb the alignment of pension contributions public / private either. Of the rest, we will listen.

"L'Oreal does not move to another country"

• Tax Shield: Nicolas Sarkozy has again defended the tax shield system, which allows a taxpayer to pay not more than 50% of his earnings in taxes. "The tax shield is not an idea that I was like that when I woke up one morning. Our main competitor, customer and neighbor is Germany. I admire the German economic model.The shield has existed for over twenty years in Germany. I will do the same thing in France. "

He has claimed that Liliane Bettencourt "do not start in another country." According to the website Mediapart, the tax has paid 30 million euros to the billionaire Liliane Bettencourt in March 2008 under the tax shield.

Nicolas Sarkozy has also repeated that he would not abolish the wealth tax (ISF). "I believe that when you have money, it's okay to pay taxes," he said, recalling that "every country in the world, France is the most taxing the wealthy " free credit report and score.

Sarkozy refuses rigor and prefers "to be tough"

• Economic Policy: "We must restore the competitiveness of France.For this, we must work harder and catch up on investment, "said President of the Republic.

Asked about the rigorous measures taken by France to reduce the deficit, the President of the Republic has yet shown ambiguous. "The word is strictly neutral. That means lower wages and higher taxes. I will not do. However, I prefer to be tough for France to return to equilibrium.

• Deficit: The government has set targets to reduce the budget deficit in 2011 to 6% and 3% in 2013. "We'll get there," says Nicolas Sarkozy. "We have eliminated 100,000 employees in three years and remove additional 34,000 in 2011. I urge the community to do likewise. I call them to accountability.It is not normal that while the state made efforts in this area, they increase the number of their 34,000 employees.

While some economists believe that to achieve these objectives, a tax increase is necessary, the President of the Republic confirmed and signed. "I refuse to raise taxes because that would mean less investment by companies and less consumption by individuals," says the president.

• G20: The town of Evian (Haute-Savoie) will receive the next G20 Finance to be held in February 2011. "I have three goals. First, establish a new international monetary order. Businesses must compete on equal terms. Secondly, regulate the commodities market and especially in agriculture. And thirdly, change in global governance.Africa and Latin America should have a permanent seat on the Security Council of the UN. "

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It is a ranking Chinese perfectly at ease, quoting Voltaire, Montesquieu, Hugo and the Palace of Versailles, which opened yesterday the forum on cooperation and investment Franco-Chinese organized by MOFCOM (Ministry of Commerce of the People's Republic), the France-China Chamber of Commerce and Industry of Paris.

Wu Bangguo, chairman of the Standing Committee of National People's Congress of China, which was received late yesterday afternoon by President Sarkozy is on an official visit in France until July 14 to seal the reconciliation between Paris and Beijing. Accompanied by more than one hundred business leaders, he will also travel to Lyon, Bordeaux and Marseille.

Forgot the Dalai Lama, forgotten criticism on human rights. Place business.But behind the smiles, Wu Bangguo, who also prepares the programmed displacement of Chinese President Hu Jintao in France before the end of the year, has three messages to convey.

For Westerners who criticize the Chinese to keep their currency, the yuan, undervalued to help their exporters, the Speaker said that his country, despite its tremendous growth, is not rich. "Some of my foreign friends asked me even though China was still a developing country," he joked before answering: "China is and will long remain in the primary stage of socialism."

Market economy

The income gap between cities and countryside, 10 million peasants that break every year in cities, the backlog in education, health care, social security are challenges ahead."The prosperity we have achieved is still a low level of prosperity, incomplete and unbalanced. 150 million people live on less than a dollar a day, "says Wu.

China is also lagging behind technologically, insists the chairman of the Assembly. His "independent innovation capacity is still insufficient," he says to make it clear that if France has invested in some 4000 projects on site, the "great economic power has, in turn, of obvious advantages in science, technology, human resources, management and marketing "and it is time extending them to Chinese.

This great power, said Wu Bangguo, should also be the messenger of China in Europe.Beijing was "with a functioning market economy, marked by greater protection of intellectual properties," says the chairman of the Assembly. "The general level of tariffs has increased from 15.3% in 2002 to 9.8% in 2010." China is a member of the WTO (World Trade Organization). It is therefore necessary that the European Union "as soon as possible recognize the market economy status," says number two China.A statute that the President of the European Parliament, Jerzy Buzec, still does not want to hear.

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The French economy could be structurally affected by the crisis. In any case believes that INSEE detailing today its scenario medium-term growth in France. The French institute of statistics suggests that the gross domestic product (GDP) of France should not catch up in time of crisis. The INSEE estimates that France will find the pace of growth before the crisis but only part of the "lost ground" will never be caught.

INSEE said that the crisis "is a major macroeconomic shock," and can "have a lasting negative impact on employment, capital and total factor productivity. It tends to depress simultaneously the demand and supply. And according to the institute, the loss of revenue during the crisis and higher interest debt will weigh on the public debt and growth.Several scenarios are examined by the specialist statistics in France. The ratio of debt to GDP would increase by 40 percentage points of GDP by 2018, in the absence of debt reduction.

And INSEE said "the impact of different scenarios of loss of gross domestic product on public debt is raised to 2018, between 20% and 50% of GDP depending on assumptions. Didier Blanchet, head of economic studies, however, said "it is not a prediction, but a hypothesis.

Structural deficit gradient

The evening, Jean-Philippe Cotis, Director General of INSEE had said "the crisis has cost France, hopelessly, about 3 percentage points of GDP in tax revenue and social. Growth restarts quite normally, but it remains a scar.He said the structural deficit of public finances has deteriorated and 3 percentage points of GDP permanently and governments will have to correct this imbalance.

The IMF is no more optimistic

The International Monetary Fund (IMF) was little more optimistic yesterday. In its annual report on France, the institution considers that the recovery will remain "fragile" and the outlook "highly uncertain". According to the IMF, the government may have underestimated the significant budget reduction efforts to be made to return to 3% public deficit.

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Faurecia aims to achieve a turnover of 16.5 billion euros in 2014, a jump of nearly 80% compared to 2009, driven notably by growth in emerging countries and accompanied by a marked recovery its operating margin.

In a preliminary statement issued on the occasion of a presentation to analysts of its medium term strategy, the automotive supplier had suggested a target of about 16 billion euros. It was subsequently refined to 16.5 billion by the group finance director, Frank Imbert, at the end of the presentation.

Faurecia said that his goal would be increased by an average annual growth of 12% over the period, exceeding the estimated average market, including 8% organic growth. In 2009, the turnover of the world's leading exhaust stood at 9.29 billion euros.His prediction halfway strategic plan in 2012, is set at $ 14.2 billion.

The group had already said last month during its general assembly in 2010 that would significantly exceed its target of 4% growth, the dynamism of emerging markets in which Faurecia development in addition to continuing strong demand the scrappage Europe in the first half.

He added target for 2012 operating margin of 4% to 4.5%, against 1% in 2009 and 0.8% in 2008. This rate should be increased to 5-6% in 2014 thanks to growth in the group but also savings plan "Challenge 2009" which led to Faurecia, during the crisis of the automobile, reduce its dead.

The growth will come from China

He estimated that at the end of the period of five years, the share of turnover achieved outside Europe that will reach 42%, against 23% last year, with sales increased by 3 3-6900000000 euros.

This shift from the center of gravity of the group due to the rebound of the North American market, which Faurecia plans to take further since it acquired Emcon, and strong growth enjoyed always the Asian market, led by China.

The group aims at 2014 turnover of 1.7 billion euros to the Chinese market, against 700 million in 2009, representing an average annual growth of 19%.

The Chinese automotive market, already become world number one, is expected to double in size in the coming years.Faurecia now believed to be in position to get the best score for the plants he has in place today allow it to achieve the necessary scale. By 2014, the number of sites expected to reach their thirties.

Faurecia also said targeting a net debt to EBITDA of less than 1 in 2012 and 0.5 in 2014.

In exchange, these ads have been welcomed. The stock has gained nearly 5% to 14.825 euros.

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This is an unprecedented initiative in the world. For the first time, a local authority, Ile-de-France, will require full transparency of banks and other financial institutions with whom she wants to work, and this in the context of the fight against tax havens. More specifically, the regional council asked each year to its financial partners an overview of their activities and their relationship with the 18 non-cooperative states listed by the government. So far, only the city of Helsinki had thought about such an initiative without ever materialize.This election promise, launched by Europe Ecologie then taken up by the regional president Jean-Paul Huchon, was confirmed Wednesday, and will vote at the next plenary session of June 17

The resolution provides that before proceeding with financial institutions to borrow money or to arrange a bond issue, the Regional Council will ask them to clarify their relationships with states that refuse to sign agreements of transparency and exchange of information.The first Vice-President of the Regional Council of Marie-Pierre Gontrie (SP) said that "if some banks are choosing to continue their activities in these countries, these items are taken into account in our decision," No fax pay day loans .

The idea could swarm

The regional council "will reserve the right to modify and extend this mechanism, each year, given a report monitoring its application," explains Cecile Duflot, President of European Group Ecology and Robert Leo, new regional adviser Greens -EE and former CEO of Caisse des Depots et Consignations."These elements constitute a criterion for the decision to continue or begin to use the services of these banks," they said.

During the campaign, regional, Cecile Duflot was particularly criticized for BNP Paribas' main lender of the regional council ", to" work in many tax havens like the Cayman Islands, Jersey and Guernsey and Hong Kong. "

This innovative device could make small: other regions have expressed interest as the Champagne-Ardenne, Provence-Alpes-Cote d'Azur or the Midi-Pyrénées.

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Brussels is preparing to put his nose in one of the most sensational divorce industry on the European scene: the Barroso Commission is preparing to announce in the next few days the launch of an accelerated procedure against the French Areva and the Siemens of Germany for infringement of competition law, according to European sources well placed.

In this case, it is the folder Areva NP, the ex-Framatome, owned 35% by Siemens and 65% by Areva. The German group announced in early 2008 its decision to exit the venture, after several years of fruitful cooperation.

Areva has taken note of this decision but said that Siemens was unable to compete with it for several years because of an agreement signed between both parties. And it is this clause that Siemens is trying to quash the Commission.A clause also crucial for the French group that tries to turn the cash in order to lower the purchase price of 35%.

Addressing what looks like a cartel, while the separation between the two European giants of nuclear consumed is therefore paradoxical only in appearance. Siemens, unable to compete with its former French partner by one of the clauses of the marriage contract of 2001, seeks in effect to part of a last thread to the leg. Moreover, the German group discreetly that he looks forward to the debut of the Commission.

The shareholders agreement signed in honeymoon Franco-German, January 30, 2001, has never been made public.The clause that is now the competition commissioner, Joaquin Almunia, evoked precisely the scenario of a separation for at least eight years after the divorce, it prohibits Siemens rival Areva to come on the market for nuclear reactors, according to one of the parties in conflict.

Partnership with Rosatom

The decision by Joaquin Almunia opens investigation against "violations" of sections 101 and 102 of the Treaty of Lisbon by Areva SA, Siemens AG and their subsidiary Areva NP. The procedure "does not mean that there are strict proof" of infringement of competition law, but simply that the case will be handled on a priority basis, according to the draft obtained by Le Figaro.

The non-competition, held by Areva and Siemens today denounced, no objection was raised in 2001 during the passage of the shareholders before the European authorities.Has it been so deliberately ignored? Or added a posteriori? In any case, it returns to haunt the two partners.

And because it prohibits the German group to realize its nuclear partnership with the Russian company Rosatom. Siemens announced March 3 – with the blessing of Vladimir Putin – the signing of a Memorandum of Understanding for a joint venture with the public group. It is developing the technology Russian pressurized water reactors. This alliance has created a noisy side reaction of Areva, which has denounced "a unilateral breach of contractual obligations" by the German group.

Beyond the bitterness born of a failed marriage, is a cut-throat competition looming on one of the most lucrative markets for decades to come: that of civilian nuclear reactors, each of the two firms in tens of units.Unless he can get Brussels to outright cancellation of the disputed clause, Siemens would like to see at least his initial handicap reduced by several years.

That complex is more of a rebound near. While Siemens sentence actually formalized its alliance with Rosatom – the German press has recently indicated that there would be no breakthrough until 2011 – and rumors have circulated about a possible return behind the German group. So a partnership with Areva reactivated.But recent developments in Brussels show that this scheme will be hard to reappear.

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More than 2 billion euros

How is the participation of Siemens in Areva NP? Estimates are circulating that the French group will put on the table between two billion and 2.5 billion euros. To agree on the amount of the transaction, both groups have appointed an independent expert. No timetable has been set officially, but the findings should be made before the end of 2010. Meanwhile, Areva has singularly need to restore its financial leeway.

For the period 2008-2012, Miss nuclear group has estimated its investment needs about 6.5 billion euros.While a capital increase is planned – up to 15%, through three foreign partners – but the government delayed giving the green light.

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