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The crisis has not spared Burger King, the second fast-food chain in the United States. The steamroller of burgers, present in all U.S. states and 75 countries, with over 12,000 restaurants, would consider themselves to sell. The Wall Street Journal, citing people familiar with the matter, Burger King has begun discussions with several investment companies in recent weeks.

The British firm 3i Group would be in the running, sources said. The content of the talks is still uncertain, however, and it is not certain to lead to a sale of the fast food chain.

This is not the first time, however, that Burger King changed hands. In 2002, a team led by TPG Capital LLC, Bain Capital and Goldman Sachs Capital Partners bought the company for $ 1.5 billion to Diageo, the British beverage giant.They still own 32% of the chain and have a representation of weight on the board of directors, said the Wall Street Journal.

Listed on the Stock Exchange since 2006, Burger King has a market capitalization of about $ 2.26 billion. The information has not been commented on by the American channel, or by 3i Group, said the newspaper said.

Sales at half

Still, that Burger King has trouble getting out of the financial crisis. The fast-food chain has published its 2009/2010 annual results last week. Verdict: The group's worldwide sales have shrunk by 2.3% in 2009/2010, after a slight increase of 1.2% the previous year. The sales that have slumped particularly in North America (U.S. and Canada), where they lost 3.9%. The annual turnover of the group stood at $ 2.5 billion, down 1% from last year.

"During fiscal 2010, we faced the maintenance of high unemployment and a fragile world economy, a combination that has made this year one of the worst in recent history, in environmental terms economy, "commented Group CEO John Chidsey, the reported results.

McDonald's in great shape

An environment that does not seem to affect the group's main rival, the leader McDonald's. The latter announced early August that its global sales had flown by 7% a year in July. Its sales jumped 5.7% in the U.S., 5.3% in Europe and 10.1% in the Asia-Pacific, Middle East and Africa.

In France, QUALIUM Investment Management Company (formerly CDC CI), a subsidiary of Caisse des Depots, have finally decided to keep its stake in the fast food chain Quick, after considering its sale last spring, reported The Tribune last week. Despite the crisis, the brand continued to grow in 2009. Its sales rose 3.7% in volume, for a value of 925.7 million euros.

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Since Wall Street opened, the CAC 40 was down a little deeper into the red, as was the case adhered just below these sessions. Around 16 hours, the index drops 1.71% to 3431.29 points. It seems that all eyes are turned to the United States, which links the bad economic publications.

After falling sales of existing homes (yesterday), on Wednesday, orders for durable goods rose only 0.3%, against 2.8% expected.The U.S. stock markets have opened in the emblematic red and embarking again finanières European places.

Second bad news dropped to 16 hours in the U.S. yet, sales of new houses have relapsed in July to reach a new record low since 1963 at least, after an unexpected plunge 12.3% from June , according to official figures released Wednesday in Washington.

Tuesday, across the Atlantic, the bad sales figures for housing (the lowest since 1995) had already severely affected exchanges.

On Wednesday morning, the CAC 40 was, however, tried to trace down the tip, reviving briefly in mid-morning, with 3,500 points, after an early morning start in the red (down 0.25% to 3482.53 points) .A rise that coincided with the announcement of a surprise increase barometer Ifo main confidence index in Germany. The latter settled in August to 106.7 points against 106.2 in July (as confirmed), while economists and analysts had expected the decline to 105.7. Their estimates ranged from 103.8 to 107.5.

After returning to equilibrium time, the Dax reassigns 0.77%. The London FTSE follows the same path (-1.05%) after starting in negative territory (-0.10%) followed again by a brief rebound.

Since the beginning of the week, the CAC 40 has yielded no less than 3.3%. And since August 6, the index dropped 9.7%!

As for currencies, the euro has stabilized against the dollar payday loans online.The euro traded 1.2662 dollar.

Edenred unscrews

In terms of values, many trucks will publish their results quarterly and half in this weekend.

Lagardere takes the lead, up from 3.94% to 29.045 euros. The title is supported by Exane noted that his opinion of "Underperform" from "Outperform." The target price has been raised from 35% to 35 euros

Edenred, the old branch of prepaid services group Accor became autonomous, has reported an operating income of 155 million euros in the first six months of the year, down 7.1% . Turnover rose 3.8% to 461 million. But the group is very conservative forecasts, the growth in issuance volume yet to be affected by rising unemployment in Europe.The securities were down 0.22% to 13.78 euros.

L'Oreal (0.90%) and Sperian (+0.09) will publish its first half results after market close.

The Polish government has shortlisted five offers to buy the 51% stake in state power company Enea on Tuesday said the Treasury Department, without specifying the identity of candidates. EDF (-0.44% to 31.63 euros) and GDF Suez (-0.80% to 24.32 euros) would be in the running according to media reports. Only EDF confirmed it had made a preliminary offer.

Scor (1.91% to 16.285 euros) has been a change of recommendation by Fitch. The broker has raised its outlook on Tuesday its debt rating of reinsurance group to "positive" cons "stable" and kept at "A" rating from its long-term debt of the group.Fitch said the decision including the prudent investment policy conducted by SCOR and the diversification of its risks.

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LE FIGARO. – How do you improve your sales and your profits in the first half?

Benoît Potier. – It's an interesting semester. It marks both a recovery in volumes directly linked to the global economy and an upturn in industrial projects. The industry again expressed his interest in the preparation of the future.

We found the pre-crisis levels in virtually all market segments. Only construction accuses six to twelve months behind schedule. Offset restart cycles. Overall, growth in volumes that logically resulted in 10% of our turnover, which grows in all businesses and geographies. However, Air Liquide is one of the industries that were more resistant, with a decline of only 5% in 2009. Moreover, our turnover is 4% higher than the first half of 2008.In this period of euphoria that some groups show up to 30% growth, it is important to see what is the basis for comparison. Our results were up 12% over the same period in 2008.

You can find levels of profitability higher than pre-crisis. Your business has changed significantly in two years?

There is a real disconnect between emerging and mature economies. Our sales increased by 6% in mature economies and 30% in emerging which represent 20% "only" the activity of the group, or two thirds of our growth. In twelve months, the distribution of our investments has changed structurally. It went from 50/50 between emerging and mature to 80/20.However, be careful not to bury the mature markets, growth of 6% is good, there are many industries that satisfied with them.

But to give you an example, our sales in China in the first half of 2010 rose 65% and they had also increased last year. China is catching up with the level of industrialized countries in streamlining its industry. There is no excess production capacity. Typically, we have seen closure of four sites steelmakers, grouped into a larger one. The latter now invests in technology and modern capabilities. All the industrial world benefit.

Chemistry, property and equipment, how do you explain that the whole industry registered a sharp improvement in its growth and profitability?

The crisis has hit so hard that companies do not have any choice.They had to rest fundamental questions about their structures, their capacity, so their exposure to market, their management parameters. I think all industries are now much stronger than before the crisis. Faced with problems of liquidity and access to financing, companies have strengthened their balance sheets. Their debts are either stable – for those who invest and continue to grow, it is the case of Air Liquide – is declining.

What do you recommend to stop the loss of competitiveness of French industry?

It is a vast subject. The ideal solutions for the industry have not yet been found in Europe and in different countries. Whether as a planned or coordinated, it seems that Europe has not sufficiently defined what strategies or industrial sectors in which it wants to occupy a leadership position.It means rather the leaders speak on a national solution, which is logical, but we do not have European body for industrial communication, unlike the U.S., China and Japan which are three countries integrated and better than us in the definition of industrial strategy. We are losing a major card: The strength in unity. In addition it must maintain a production base in Europe, since that's where ideas materialize. Without production, we have more innovation, but only for research.

European standards they penalize the industry?

Europe does not want to be a hindrance, but it seems to suffer from the narrowness of the missions that have been determined in different organs. The European Central Bank is there to control inflation while the Fed has a wider role.The European Commission organizes the market, ensures fluidity but has no mandate to make Europe competitive beyond its borders. It does not take sufficient account of the external markets. The European institutions can improve.

What makes you confident for the end of the year and may be beyond?

The resumption of growth projects. Signing of contracts shows that the client is ready to commit and so are we. Every time we sign a contract, we bring a stone to the growth of 2012-2013, or even 2015.

You do not fear a relapse of the economy?

The answer is clear: no. We have seen nothing that points in the first half as a direct risk. Since the crisis, we follow the weekly volume of gas consumed by our customers.In case of "double deep", it would stop producing customers, making maintenance. This is not the case. The situation is normal. It must occur because the world consumes. We are almost out of the zone of turbulence to go toward growth, even if the signal "attached belt" remains lit.

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LE FIGARO. – How do you exercise stress test which is to engage Europe?

Baudouin PROT. – The resistance tests show that European banks are sound and well capitalized. They were conducted using a common methodology and from economic scenarios comparable, if not more stringent than the scenarios used in a similar exercise conducted in spring 2009 by the Americans. These results should put an end to a period of unfounded concern about the health of the European banking system. However, it is essential to economic life that banks trust.

What do you think the score of French banks?

They have passed the test with flying colors.Three reasons: they entered the crisis well capitalized, they have weathered the crisis better than others and have significantly increased their capital by allocating a significant portion of their results for two years. In the end, and in the worst case scenario, the excess equity that French banks compared to the waterline defined by European regulators reached 70 billion euros. This is all the more remarkable that almost all French banks have repaid the government aid, while still 180 billion euros in state support in the European banking system.This is good news for France: our banks are more than ever to finance projects of their clients.

What lessons learned, while the Basel Committee on Banking seems to require more capital?

The French banks have for long argued that, compared to the level reached today, a massive build new capital would be unnecessary and inappropriate. The results of stress tests clearly support this point. Europe needs just as much vigor and rigor, when the economy picks up in many parts of the world. It should not be an excessive overinvestment reduces the ability of all its banks to finance the economy and thus stimulate growth. The decisions to be taken in Basel, the Financial Stability Forum and ultimately to the G20 in November in Seoul, are, for me, a historical significance.Europe must become fully aware of its core strategic interests and defend them.

You leave the presidency of the French Banking Federation at the end of a busy year. What are your reasons for satisfaction?

Both at the heart of the crisis in 2009 that since the beginning of 2010, French banks have never stopped doing their job, providing their customers with the relationship and funding the economy. If the overall image of the banks has suffered, the satisfaction rate of customers vis-à-vis their own bank remained above 80%. This shows the quality of the device relational French banks, through a dense network of trained counselors. Now they have stopped investing in this device even though it is already higher than other European countries cash advance loan.The pace of 30,000 hires per year in IFA has been maintained in 2009 despite the crisis, and will be again in 2010.

A tough job, with advisers attacked by customers …

These difficulties were at their peak a year ago. Since the relational climate has thankfully subsided in the agencies. And with the executive committee of the FBF, we conducted many meetings with regional business leaders in recent weeks: I also note a positive trend in relations. All this is explained by the fact that growth in France in outstanding bank credit to individuals and SMEs is the best in Europe. In late May, outstanding housing loans grew by 5.1%, those SMEs 3.8%, a record in recent times.The latest survey also shows that Oseo the cost of credit, which was an obstacle to investment for 48% of SMEs in November 2008, the remaining 23% only. French SMEs also benefit from a lower cost of credit watch on the European average.

Financial reforms, on both sides of the Atlantic, you feel they fit well?

French banks are convinced that regulatory changes are needed to draw lessons from the financial crisis. That being said, we must make the right decisions. The Anglo-Saxons tend to give undue weight to the ratios, when the quality of supervision is essential. In France, a single supervisor effective – which is still being enhanced – and bank officials have avoided the bad loans that have cost so dear to the American community.The situation is very different.

The paradox is that U.S. banks, causing excesses, emerge from the crisis stronger …

I note that U.S. banks are the only ones to have massively increased their size in their market after the crisis, with the help of taxpayer elsewhere. The crisis resulted in a wave of bank mergers that made JPMorgan, Wells Fargo or Bank of America mastodons much more impressive than before. At the same time, few European banks have grown. Moreover, while all the 13,000 European banks are subject to Basel II since 2008, U.S. banks do not always apply.It is difficult to accept that capital requirements are influenced by demands of countries we are not sure they apply the rules in the same way that European banks.

Added to the tax systems …

The fact that France, the United Kingdom and Germany are the only ones in the world to impose such a tax on banks that can not be cons-productive to the competitiveness of these countries. French banks, in any case, can not afford both to finance the economy, maintain a buffer of high security into equity while financing the budget deficit.

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There is a little over a year, the United States 19 U.S. banks subjected to stringent medical examinations. The release of the stress tests were then allowed to restore confidence in the U.S. banking system. Europe, undermined by the suspicion surrounding its banks, hoping to achieve the same success this week. Friday evening, 91 European financial institutions, including 27 Spanish, 14 German and four French, will unveil the results of "stress tests" concocted by the Committee of European Banking Supervisors. This measure of bank capital in the light of deteriorating economic environment. "We will see that all major European banks are in fact strong enough to withstand any earthquake either," Dominique Strauss-Kahn predicts.The director of the International Monetary Fund (IMF) does not, however, that the tests reveal "by here and there, small financial institutions in trouble." Black spots are expected in the German Landesbanken, the cajas Spanish or Greek banks.

Operation Truth

Already, the fact that Europe agrees to engage in this exercise in transparency has alleviated some pressure on the markets in recent weeks. Especially after a shaky start, the finance ministers meeting in Brussels last week, promised to act "in a coordinated manner and with greater transparency that is, by Belgian Didier Reynders No fax cash advances .

Just stay to confirm. For this, two opposite pitfalls are avoided. The first is that everybody is received.These days, voices were raised across Europe to ensure that Irish banks here in Portuguese, there, or even the Belgian KBC and Dexia, had passed their entrance exam. If all European banks triumphed over the obstacles set by supervisors, this would destroy any credibility to the operation truth. At this stage, the discounts applied in testing the debt of peripheral countries like Greece or Portugal, have not been disclosed. Their severity will be watched closely.

Second risk, in contrast, the health bulletin proves very alarming. Analysts at Credit Suisse, amounting to 90 billion euros for recapitalization requirements, a level below the capacity of public funding available in Germany or Spain.In the end, "stress tests" are designed to prove that European banks hold the shock but rather that governments, even the new European support fund, are capable of supporting them. First answer Friday.

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The boss of General Electric has no language in his pocket! Jeffrey Immelt said during a dinner meeting today that China's most difficult business conditions for 25 years, the Financial Times. The leader has warned that the group he leads plans to pursue opportunities in other countries.

The British business daily said that Jeffrey Immelt has also made remarks unkind towards the Obama administration, he blames the poisonous climate in the United States. It is also concerned that regulatory changes desired by the White House have a negative impact on the fragile recovery in the United States.

But General Electric said that the remarks attributed to Jeffrey Immelt do not reflect the opinions of the group. The U.S. giant has also said that the leader was speaking at a private dinner.

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This Wednesday is a symbol of a further decline in Paris at the opening of U.S. existing-home 40descend 1.07% to 3365.85 points at the gong. The key index had managed to keep the 3,700 points on Tuesday night, but the threshold has not kept in the first exchanges.

In Europe, stock markets have made concessions on Tuesday after nine sessions chained up on. Announcing the easing of exchange rate policy of China, made Saturday, had pushed world stock markets Monday. The first steps in this direction have been given yesterday and Wednesday, with two cuts in a row the central rate against the dollar. But in exchange, the effect was short-lived. And on Wall Street, poor statistics on the front of the immmobilier has cast a chill on the market.So, this morning, the main financial centers of the Asia-Pacific are following suit.

Around 9:00 on Wednesday, the euro is changing in a very slight increase. This rating 1.2285 dollar.

Economic News Authority

In France, the business climate in the French manufacturing industry fell slightly in June, according to the business survey released Wednesday by the INSEE. The synthetic indicator has lost two points to 95, its first decline since February, when economists on average expected stability.

Moreover, the index of activity in services climbed to 61.6 in draft cons 61.4 in May, its highest level since August 2006 and well above the 50 mark, which marks the boundary between expansion and contraction.

At noon, the Court of Auditors present its report on the situation and prospects of public finances.In Germany, the GfK consumer barometer, always watched closely, will be visible at 8:10. In the euro area, the first estimate of the PMI will be unveiled at 10:00.

And the United States, 16 hours, will be made public promises of home sales for the month of May, after a bad real estate statistics published in the ninth Tuesday: – 2.2% in volume last month, to 5.66 million units annualized. The traditional weekly crude inventories will be available at 16:30.

Finally, this evening after 20 hours, the Monetary Policy Committee of the Fed will issue its statement.Highly regarded by investors, note any change in the discourse of the Federal Reserve.

The rate strategists believe that Societe Generale U.S. Federal Reserve will raise its rates faster and stronger than expected by the market and call for caution on U.S. government bonds.

Banks suffer disproportionately

The banking sector remains to be monitored throughout the session. On Tuesday, he suffered a spate of bad news. In addition to degradation of the note in the long-term debt, BNP Paribas, Credit Agricole said the cost of risk on its Greek subsidiary Emporiki would weigh 450 million euros more than expected.The BNP Paribas has yielded 1.92% and that of Crédit Agricole SA 4.69% Tuesday.

On Wednesday, the bank stocks sign the worst performance of the CAC 40 Again: Credit Agricole down 1.74%, BNP Paribas 1.54%, 1.5% Societe Generale.

Societe Generale: -1.5% to 36.8 euros Societe Generale will call Wednesday Kerviel just 4.9 billion euros in damages, a record amount corresponding to the loss she attributes to "fraud" its former trader. Yesterday, the former CEO of Societe Generale, Daniel Bouton, has admitted "failures in the control of the bank during his testimony before the Tribunal of Paris.

L'Oreal: -0.73% to 82.9 euros Paul Bulcke, Nestlé CEO, said in an interview with Reuters that his group had no plans to change the status quo in the capital World number one cosmetics, according to the shareholders agreement that binds to the Bettencourt family.

Alstom (-1.13% to 41.45 euros) and Areva (-1.6% 356.7 euros) Alstom no longer wants to marry with Areva. "To dance the tango, it takes two. Areva does not really want to dance. We no longer so eager to dance ourselves, "Patrick said Tuesday Kron, Alstom's Chairman, at the general meeting of shareholders.

GDF Suez: -0.7% to 25.9 euros The group reportedly asked the Commission to regulate the énegie to request a further increase in gas prices by 5%, according to Le Parisien.

Total: -1.25% to 39.6 eurosTotal and oil stocks are worthy of attention.The International Atomic Energy Agency (IEA) publishes 10:30 prospects of markets for oil and gas.

ArcelorMittal the world's number one steel company, announced Tuesday that the apparent demand and actual demand for steel would remain positive in the second half of the year, even if they should show a slowdown during this period. Lakshmi Mittal, the CEO that the slowdown in demand was due to seasonal reasons. The boss also said he did not think the steel industry return to its pre-crisis level until 2012.

EADS: -0.22% to 17.9 euros Airbus forecasts a near-doubling of its production of A320 aircraft in China, 48 aircraft in 2012, said Zhao Haishan, an official of the manufacturer in Tianjin in northern countries, quoted by the Xinhua news agency.

Vivendi: -1.56% to 17.71 euros The group has denied an Indian newspaper Economic Information Times that he would be in talks with Reliance Communications to take a 26% in the second mobile operator in India. [

Axa Insurance (-2%), CNP (-0.6%), Scor (balance) …: Values of insurance will also be regarded as the French Federation of Insurance Companies (FFSA) releases on the market situation and its prospects.

Renault-Nissan: -1.5% 33.34 euros The automaker Nissan CEO Carlos Ghosn, said he received 890 million yen (8 million euros at current exchange rates) for 2009 – 2010, making him one of the best paid bosses in Japan. Carlos Ghosn made the announcement at the annual general meeting of shareholders of the Japanese group, held Wednesday in Yokohama (Tokyo area).This does not include fees paid 1.24 million euros in 2009 he has received as CEO of the automaker Renault, Nissan's largest shareholder with 45.7% of the securities.

PSA Peugeot: -1.25% to 22.5 euros Peugeot Italy announced Tuesday it had signed an agreement with Sorgenia first private operator in the Italian electricity market created and controlled by Rodolfo De Benedetti, to launch its vehicle Electric Ion Italy.

France Telecom: -0.4% to 15.1 euros, the company announced Tuesday it would invest about 515 million euros over the next five years in its network in Switzerland a few weeks after abandoning its planned merger with Sunrise, blocked by the competition authority of the country.

Nexity: -2.35% to 22.4 euros The group announced the launch of its buyback program of up to 4.5% of its share capital, which will be followed by cancellation of shares they will be well acquired. This operation is designed to optimize the management of the group's balance sheet.

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European markets should take a breather on Tuesday morning at the opening, following a rise of more than 1.3% for the CAC 40 in France, 1.2% for the Dax in Frankfurt and 0.9 % for the FTSE in London.

The effect yuan – will easing of monetary policy by central Banquce China – indeed should not last, just like what happens in Asia this morning the stock exchanges globally are displayed in decline on Tuesday morning (except China). And what happened Monday night on Wall Street, which has erased As his winnings to finish in decline.

The euro resumed its decline late Monday afternoon, and stabilized during the night of Monday to Tuesday to $ 1.23.Meanwhile, China, the Chinese central bank set the yuan's daily central rate – which is the reference rate for the trade – at 6.7980 yuan per dollar, its highest level in five years.

Top of the Committee meeting of the Fed

In Germany, the Ifo barometer, followed closely by investors, will be unveiled at 10:00. At 11:00, the European Central Bank will publish the balance of payments of the euro area. On Tuesday, the new British Minister of Finance presents his budget "emergency" 2010/2011.

In France too, the government prepares new austerity measures. Interviewed by the Financial Times, the secretary general of the Elysee, Claude Gueant, said that measures will be announced in the fall.

At 16 hours, home resales in May, the U.S. will be known when the meeting begins Monetary Policy Committee of the Fed.According to Aurel, the Federal Reserve "will leave once again, its key rates unchanged.

BNP Paribas was downgraded by Fitch

Fitch said Monday it has downgraded the long-term issuer rating of BNP Paribas down one notch, to AA-, but now the investment in solid, with a stable outlook.

The Zodiac aerospace group announced the acquisition of the company canadienneCantwell Cullen & Company, specializes in equipment for cable protection.

Bureau Veritas Group has announced the signing of an agreement with British company to acquire its subsidiary Inspicio Inspectorate, with 450 million pounds (540 million euros). Inspicio is majority owned by British investment company 3i.

Bouygues UMP mayor of Marseille Jean-Claude Gaudin, announced Monday it had accepted the candidacy of GFC Construction, a subsidiary of Bouygues, for renovation of the Velodrome stadium and its surroundings, a project costing 273 million EUR for the Euro 2016 football payday loan online. Vinci is thus rejected.

PSA Peugeot The manufacturer shall make price 500 million of five-year bonds with a 5.625% coupon, a yield of 5.75% and maturing on June 29, 2015. Yesterday, the automotive industry has benefited from the influence yuan. Renault rose 3.56% and 2.44% PSA.

L'Oreal Liliane Bettencourt, the richest heiress in the Group announced the adjustment of its tax assets abroad after the revelation of possible tax evasion in connection with the case between billionaire's daughter.Moreover, the wife of Eric Woerth – the current Minister of Labour previously in charge of the Budget – will resign "in the coming days" of the company since 2007 where she manages a portion of his fortune.

Casino Casino announced Monday it had increased from 33.4% to 33.7% its stake in its Brazilian subsidiary GPA (formerly CBD) at the end of a capital increase reserved for him. Grupo Pao de Acucar (GPA), the leading distributor in Brazil, is jointly owned by the Brazilian Diniz family and French retail group.

BPCE The judge Roger Le Loire will conduct an investigation for "illegal taking of interest" on the appointment of Francois Perol head of Banque Populaire, Caisses d'Epargne (BPCE), opposed by unions and opposition .

Alstom holds its general meeting from 14:00.

Auchan According to information from Figaro, Lille distributor sells new vehicles on its website. Other brands will engage, in signing him as a partnership with self-ies.com, leader of the online sales of cars sold off.

Banks In five days of the beginning of the G20, which will be held in Toronto, France and Germany called on Monday for unity on the subject of the tax credit.But Nicolas Sarkozy and Angela Merkel faced hostility from many countries of the G20, including India, Russia, China or Canada, which hosts the next G20, the introduction of a tax credit.

The leaders of GDF Suez, EDF and Poweo participate in a symposium on the power industry.

The Blues are fleeing

Defeat of France against Mexico on Thursday, referring to Nicolas Anelka on Saturday, the team refused to train Sunday partners French Football Federation (FFF) – Carrefour, Vodafone, Credit Agricole and GDF-Suez – have been strained in recent days, pending a probable elimination of the French on Tuesday.

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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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