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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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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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On Monday, the opening of stock markets in Europe, banking stocks will be the center of attention. While Friday night, 18 o'clock – evening after the close of stock markets in Europe – results of stress tests reported only seven failures out of 91. That is to say that 92% of the banks examined have managed to maintain a solvency ratio of at least 6% by simulating economic conditions deteriorated.

But among them, banks posted September 10 called Tier One ratios between 6% and 7%. It's like having a BA of 10-11 overall average. Deutsche Postbank, Piraeus Bank, Allied Irish Banks, Monte dei Paschi di Siena, Banca UBI, Bankinter and eight small Spanish settlements are on the list, which will be closely monitored by investors.The four French banks surveyed, BNP Paribas, Societe Generale, Credit Agricole and BPCE have all scored honorable.

On Monday, central bank governors and heads of Supervisors will meet in Switzerland to discuss the reform proposals on the strengthening of bank capital.

But after their success in tests of strength, European banks may find it difficult to argue that they can not apply a stricter financial regulation.

"Banks are ready to begin implementing the new rules are needed to strengthen the capital reserves and liquidity management of banks," also provided Vitor Constancio, Vice-President of the ECB. Basel III could thus move at a good pace.

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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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Apple wants to improve his reputation. While its flagship product, the iPhone 4 has problems receiving the signal, the group of the Apple brand has announced its decision to hold a press conference Friday on the subject. A first for the group trying to minimize the present case. It must be said that the criticism of Apple's latest increase, since the U.S. consumer magazine Consumer Reports has recommended the purchase of the smartphone, so he had hitherto always been to bare devices from Apple.

The group gave no further guidance on the ads that must be made during this impromptu conference. But analysts formulate hypotheses. Some believe that the group could recall its latest model. The cost of the operation is estimated at 1.5 billion dollars by the Los Angeles Times.Just about the only first three days following the release of the phone, nearly 1.7 million units were sold.

Expected solution

While experts find it unlikely that the group undertake a comprehensive reminder of the smartphone, according to them, "the image and potentially Apple iPhone sales could be penalized by a lack of explanation and proposed solutions by the group. "

One of the approaches discussed by the specialists was that the group provides free cases, the use of which seems to solve the problem. The cost of this operation is estimated at 45 million dollars. An amount more than thirty times lower than that of a possible massive recall.

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Spain is she about to ask for help from the EU? Despite repeated denials, the new back strongly in the German press. Monday, Frankfurter Allgemeine Zeitung asserted that the issue should be discussed in Brussels this week, without even waiting for the summit of Heads of State and Government scheduled for Thursday. The newspaper said the European Commission President Jose Manuel Barroso and Trichet Jean-Claude Trichet would have voted in favor of aid to Madrid. Friday already, the Financial Times Deutschland said that Brussels was expected to receive a Spanish demand in the months to come.

Claims denied on all sides. "Spain does not need additional funding from any international institution whatsoever.The rumor is false, said Monday the Treasury Secretary Carlos Ocana in Spanish, while recognizing that the Spanish banks struggled to refinance themselves abroad.

German game condemned

In Brussels, the Commission does not hide his irritation deal with rumors. "There is no preparation, there are no plans to provide financial assistance to a member country," said a spokesman. Although in theory "everything is in place" to run the financial stabilization mechanism of 750 billion euros finalized recently.

Spain adopted in late May an austerity plan of 50 billion euros by 2013. But the plan was narrowly passed by Parliament, and it is pale in comparison to 80 billion euros in savings in turn announced by Berlin pay day loans."Somebody in Germany has clearly beneficial to put more pressure on Spain, it's pretty twisted," says a source close to the Commission. In early June already, the Ecofin had requested additional efforts in Madrid.

Figure rumors

In Berlin, the Ministry of Finance wanted to calm things down by saying that Spain did not qualify to seek assistance from the Fiscal Stabilization Fund. Spain has played "no role" in a teleconference Monday for the finance ministers of G7 countries, devoted to preparations for the G20 summit in Toronto, has ensured a spokesman.

Still, the risk premium on bonds was tense Spanish Monday. "Again, there is a pattern of rumors as it was to know about Greece, it has been criticized diplomatic sources in holding that" we must beware of self-fulfilling expectations.Spain worried because it represents nearly 12% of European GDP: the euro area can not afford to drop it. But given the poor state of Spanish banks, some believe that the money from the stabilization fund would actually fly to the rescue of financial institutions.

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The Swiss parliament on Tuesday rejected the agreement for transmission to the United States of thousands of names of UBS clients suspected of tax evasion. Signed in August 2009 between Berne and Washington, the agreement had been challenged in January by the Swiss courts. Members of the National Council (lower house) spoke to 104 vote against the request for information from U.S. on a 4450 American clients suspected of having escaped from their taxes.

Several parliamentarians have yet tried to defend the agreement, citing the urgency of closing a thorny issue for the Swiss government and UBS. "With the uncertainty of a referendum, we extend a risky situation (and) put at risk cooperation with one of the most important economic partners" of Switzerland, the United States, has launched Hans Grunder (bourgeois Democratic Party Swiss center-right).

The Justice Minister Eveline Widmer-Schlumpf for his part called in vain to "close this painful chapter and resolve problems" of the Swiss financial center. The 76 votes cast in favor of the agreement have not made the weight. And because of disagreement between members, the document must pass before the Council of States (upper house) for a new vote. it should be held on Wednesday, the summer session ending June 18

Referendum

Elected officials have also decided to submit the agreement to hold a referendum. Under Swiss law, any citizen may indeed ask, if it meets 50,000 signatures in 100 days, the holding of a referendum on a bill. The people having the last word, any outcome of the vote is final and binding.

A delay or a final refusal, Bern that UBS could put as much in a difficult situation.it might first be seriously tarnished relations between Switzerland and the United States. For the first Swiss bank, a final rejection would be more harmful because it might again confront the prosecution in the United States, while still recovering from losses sustained during the astronomical financial crisis.

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LE FIGARO. – The network of ERDF is it as bad a condition as the report says the CRE?

Michele Bellon. – First of all, I said that not only this report is not new, but it has not been validated by the CRE. On the merits, ERDF has not slowed its investments in the network. For three years, the curve has inverted the contrary: in 2009, investments have been 2.3 billion euros, up 13.5% compared to 2008. This year we should exceed 2.5 billion euros. In general, it is less the level of investments that benefit them in sharpening our thinking today.We are in discussions with local communities to effectively address all the weaknesses of the network, where it is necessary to optimize the operation.

The cutoff time for users, however, increased significantly …

We must compare what is comparable. I read for example that this time would be cut almost doubled since the early 2000s. Except that we have had unprecedented weather events over a very short period. In 2009, the two storms Klaus and Quentin have been very disadvantageous to our infrastructure. However, thanks to the exceptional mobilization of the company, 90% of customers have been replenished in four days, this period has been reduced to two days during Xynthia in early 2010.If we ignore these weather disasters, the comparison with other European countries shows that in this field, France is well positioned easy payday loans.

An increase in transmission tariffs is necessary?

The problem is not only the issue of tariffs. However, the company is imposed today a number of benefits that do not fall directly within its original specifications. In particular, we assume a significant portion of the costs of connecting wind turbines and photovoltaic systems. These are considerable sums, without them, could be allocated for maintenance and strengthening of the network. I would like, in the near future, the funding of new services entrusted to ERDF is fully identified and compensated.ERDF acting course for development of renewable energy, but we can not only support this growth.

ERDF is in the crosshairs of local authorities, who point to a poor quality of services. What say you?

We have renewed the dialogue. I want to strengthen the territorial proximity with officials, it is even more essential that the unions, which provide electrification project management in rural areas, are members of the National Federation of Local Authorities and licensors.

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The Labour Minister, Eric Woerth, presented today at the Guidance Council working conditions (CTOC) the second draft Occupational Health Plan 2010-2014. Target: 25% reduction in accidents at work and ending 10 years of uninterrupted growth since the number of cases of occupational diseases. Among the activities envisaged: developing measures to prevent occupational hazards, psychosocial risks, chemical and musculoskeletal disorders, and strengthening support for companies, including companies under 50 employees.

This meeting also provided an opportunity to review the past year, marked by the France Telecom case and crystallization of the debates about stress at work.Last year of implementation of the first health plan (2005-2009), 2009 was marked by the decree of December on the control of chemical risk in the workplace, and an information campaign about the prevention of disorder Musculoskeletal (renewed this year), and the emergency plan on psychosocial risks, launched by the predecessor Eric Woerth, Xavier Darcos Guaranteed approval "cash loans. On this last point, recall that the companies were required to register on the website of the Ministry in order to indicate the steps in place for prevention of stress. The aim, then, to deliver the practical to the public, according to the American principle of "named and shamed," and to establish three categories: green, orange and red. It is clear that today, only the green box appears on the ministry website.

Speaking of a "contrast-enhancing status", Eric Woerth evoked a corresponding decrease in the frequency of accidents, the number of occupational diseases is himself again on the decline. Some telling statistics: stagnation of accidents to about 700,000 per year (including 44,000 serious), more than one person a day dies in an accident at work, 13% of the workforce exposed to at least one carcinogenic agents.

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The wind blows hard recovery Axa Private Equity. In recent months, the French giant's capital is moving on all fronts. His latest feat of arms should be implemented by mid-May through the acquisition of travel booking site on the Internet Go Voyages. As announced in Le Figaro on Friday, the fund has topped the pole Axa Permira and Carlyle to enter into exclusive negotiations with the duo of Groupe Arnault and CNP, a holding company owned by the Belgian financier Albert Frere. The deal would value Go Travel between 300 and 350 million euros.

"We have built for years a strategy of diversifying geographically and by business line (investment, direct fund of funds, infrastructure …). The crisis has largely confirmed our choice ", says Dominique Senequier, who chairs AxaPE.With 25 billion dollars of assets in the portfolio, AxaPE plays in the yard of the largest global funds and in France is arguably one of the "winners" of the crisis. "The rise of AxaPE has been facilitated by the particular difficulties of PAI," said one investment banker.

In February, AxaPE Spotless sold, the manufacturer of Water Scarlet, to BCPartners for nearly 600 million euro cash advance america. Its collection infrastructure is also left on top speed. Allied to the Deposit in a consortium led by Vinci, he won the huge contract in late March from 7.8 billion euros to build the TGV Tours-Bordeaux.A month and a half earlier, Vinci and AxaPE were also selected, this time to install a GSM network in the trains, a contract for 1.4 billion euros.

Negotiations with KBC

As for funds of funds, a job that involves identifying the best managers to invest in their funds, AxaPE poised to grow. The group has entered into exclusive negotiations with NatixisPE in February to resume portfolio (valued 543 million euros) iXEN, NIPartners and Initiative & Finance. Axa is also advanced negotiations for the acquisition of part of the portfolio of 300 million euros at KBC.

"We now have 7 billion dollars in cash. We can move very quickly on opportunities, "says Dominique Senequier.Asked about the likelihood of a sale of its entity by the parent, the insurer Axa, the ruling notes that "AxaPE is part of the multi-expertise of AXA Investment Managers.

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