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While France, Italy and Germany are found in mini-summit in Strasbourg, Portugal is once again in the viewfinder of the rating agencies. Fitch downgraded one notch Thursday note of Portugal, from BBB-to BB +, together with a negative outlook. This decision made the downgrades of Portuguese debt the Safe investments to that of "rotten" or "risky".

"The deep deficit, high debt of all sectors of the economy and poor prospects for growth mean that the country will benefit more than qualified to hold a note type of investment, '" Fitch said in a statement . Portugal should address, according to projections by the agency, in a deep recession in 2012 with a decline in activity of 3%.

Among the areas of concern, the rating agency notes the debt of public enterprises."They have been the cause of upward revisions of the State debt and deficit figures, said Fitch. In this context, we expect a significant risk that new measures were announced in 2012. "Portuguese banks in turn will require a recapitalization, according to Fitch. They are strongly weakened by the debt crisis in Europe and amenable to private sector (firms and households), the most indebted in Europe, said the agency.

A 2012 budget "balanced"

Fortunately, according to Fitch, the Portuguese government is doing well. "The deficit target of 5.9% will be achieved this year, albeit with exceptional measures" and not reproducible in 2012, the agency notes. The 2012 budget, which targets a deficit of 4.5%, is "well designed," she continues. It contains substantial cuts in spending, including retirement pensions and salaries of civil servants.

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It's the end of a reign without sharing. Android has become the leading provider of applications, thus dethroning Apple. In the second quarter 2011, the interface for mobile and Google has granted 44% market share against 31% for iOS, passing the 500,000 mark downloaded applications.

Android benefits from the significant increase in the number of users, which has increased significantly over the observation period, while the followers of the Apple brand awaiting the launch of the iPhone 4GS in early October. A study by ABI Research, there are now 2.4 Android users for a user to iOS in the world no fax pay day loan. It will be three to one in 2016. However, the number of applications downloaded per capita is higher among Apple fans, who download almost twice as those of Google.

Booming, the market for applications whets the appetite.Analysts forecast 29 billion downloads this year, against only 9 billion last year. Growth related to the use of smartphones, which grow exponentially. Holders of such smartphones are expected to grow 46% in 2011.

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Christine Lagarde calls on rich countries to take action to avoid the risk of recession. "Those who have the fiscal space should support growth," said she, thinking probably in the United States, provided they undertake to reduce their deficits also sustainable in the medium and long term.

But the executive director of the International Monetary Fund (IMF) who received Tuesday in his new office in Washington a few journalists, mainly discussed the situation in Europe. "The time for action, collective action, bold action and immediate action" said the former French Minister. "My role is to ensure that this call to action is heard," an implicit reference to the frustration of many in the IMF, but also in the markets, given the way in which European countries are reluctant to take unpopular measures to save the euro."I can not think that governments do not share my opinion," she says diplomatically.

His call to action includes both the need for countries like Greece and Italy to adopt measures for compelling the markets and stick to it. For some it is better to collect such tax revenues, for others to reform the state to better utilize resources. Announced and voting reform is necessary, but everything is in "implementation, implementation, implementation, she repeated three times, it is only that way that market confidence can return "

Greek sacrifices

But his call is also likely that Germany seems reluctant on the need to persevere in the implementation of plans designed to aid in Athens by the European Union, the ECB and the IMF.The context of the commentary Christine Lagarde, namely the conversation expected in the coming hours between Angela Merkel, Nicolas Sarkozy and George Papandreou, is crucial. The IMF wants surely as German pressure on Greece to be productive, so that the deficit reduction commitments are kept. But the IMF also wants the Greek sacrifices and new adjustments decided by George Papandreou will be rewarded with the continued support of the first countries in the euro zone to avoid a default that would have significant systemic implications.

On the controversial issue of the urgent need to increase the equity of European banks, Christine Lagarde has wanted to avoid adding fuel to the fire. Distrust of markets that precipitated sharp falls in the prices of banks reflects a serious crisis of confidence."We are close to an open banking crisis" such as Judge Mohamed El-Erian, head of PIMCO, one of the largest investment funds in the world.

Calling Christine Lagarde late August to urgent recapitalization of banks, if necessary with public funds, was poorly received by the European authorities. "I do not back down. But I return to the reasons why the IMF thinks so. We have two objectives: growth and employment. Or to feed growth and create jobs, we need credit … it is necessary that banks' balance sheets are healthy … do not fear the crisis of sovereign debt will result in a too fast and that banks limit their lending to the economy, "said the CEO. This is also now late in the day that the institution will release its persectives the global economy.

Meanwhile, she prepares the next week the annual meetings of IMF member countries and the World Bank. The former French Minister of Economy said "not to have changed since moving to the IMF … but I changed my perspective … I see things differently. Since this post I see more interconnections between countries and I see better what countries have an interest to act collectively in the interest of the economy "rather than strictly individual interest.

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Caution on Asian stock markets Friday. And for good reason, investors are waiting with some anxiety the president's speech to the U.S. central bank, Ben Bernanke, the outlook for the U.S. economy. The markets had a first look Thursday with the increase in weekly jobless claims in the United States. They are very careful before publication at 14:30 (French time) the second estimate of GDP for the second quarter could be revised down by 0.2 point to 1.1%.

Meanwhile, the Asian financial centers are clearly hesitant and have not adopted the same direction. Thus, while the Nikkei in Tokyo Stock Exchange gleans some points (0.13%) to 8783.99 points, retreating Chinese stock markets: the Hang Seng in Hong Kong was down 0.21% to 19,710.10 points and the Shanghai CSI 300 lost 0.89% to 2877.99 points.

Japanese Prime Minister resigns

Also in Japan, criticized for his hesitation and awkwardness to the disaster caused by the earthquake and tsunami of March 11, Prime Minister of Japan, Naoto Kan, has resigned as chairman of the Democratic Party of Japan, according to media Japanese payday loans. And therefore of his duties as head of government.

On the macroeconomic front, the consumer prices in Japan rose 0.1% in July after a revised 0.2% decline in June.Analysts on average expected a further decline of 0.1%.

On the other Asian financial centers, the trend is mixed if the Taiwan TAIEX gains 0.40% at 7440.37 points, the Kospi in Seoul was up 0.47% to 1772.80 points, the BSE Sensex 30 advance 0 , 12% to 16,165.70 points, the S & P / ASX 200 was down 0.28% to 4200.90 points and the FTSE Straits Times lost 0.71% to 2746.10 points.

Oil not very active

Oil prices were mixed Friday morning during electronic trading in Asia, in a sluggish market, before the highly anticipated speech of the head of the U.S. central bank (Fed). In morning trading, a barrel of "light sweet crude" for delivery in October gave 10 cents to 85.20 dollars per barrel of Brent North Sea crude for October delivery took 19 cents to 110.81 dollars.

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In London

It would be unfair to put all their back, but the marriage of Kate Middleton and Prince William has indeed drag on growth in the second quarter. The holiday offered to the British for the occasion has led to closures of factories, office buildings, helping to slow growth in the second quarter in Britain: 0.2% GDP growth, whichever comes first estimates published yesterday.

Other factors that have sealed-off growth: the heat of April, which reduced electricity consumption, and the drama of Fukushima, resulting in supply problems in the industry. Without these special events, growth reached 0.7%, according to the Office for National Statistics (ONS).

The general view of economists, these figures are not brilliant but the disaster that some had predicted did not occur.The Economy Minister George Osborne is relieved: "The good news is that the UK economy continues to create growth and jobs." But the goal of annual growth of 1.7% is particularly difficult. Also believes the opposition does the government needs to soften its austerity policy: "These figures show that the return to growth has been strangled by the increase in VAT set up by George Osborne and lower costs budget, "said Ed Ball, a spokesman for Labour cash advance today.

"There is no plan B"

But it seems unlikely that the government changes its mind. "Our economy is stable right now because the government has taken tough decisions to take over the debt, Osborne continued. If we abandon this policy as some want, we will jeopardize the jobs and growth. "The Chancellor of the Exchequer is supported by the Liberal Democrat Minister of Commerce, that "there is no plan B. We must keep our commitment. " Vince Cable, that the Bank of England to support growth by easing monetary policy again.

Small encouraging sign: the sale of tickets for the Olympics began during the second quarter, but according to international conventions, will be counted in GDP at the time of the Games themselves, in a year. Alone it is 0.1 percentage point of growth, the ONS calculates.

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The theaters continue to amaze. In particular, the movie using the system Imax. "Many developers are using our cameras and our professional projection equipment, including Steven Spielberg and Peter Jackson for Tintin and the next James Cameron for Avatar. In addition, the public is sure to witness a spectacle more "immersive" in our rooms. The films are projected with spotlights and a sound system Imax that guarantee a quality experience, especially for image brightness and width of the screen, "said Richard Gelfond, CEO of the Canadian technical company. But only 1% of cinemas use this system in the world.

In recent years, demand is growing: 430 rooms currently against 150 in 2009. The reasons? "The digital switchover has plunged the price of a copy of an Imax film averaged $ 30,000 in 1500 dollars.In addition, we launched a new funding model for supporting the main rooms of the financial risk for farmers who we are paid on average 20% of gross admissions, "said Richard Gelfond. To enhance its growth, China is Imax. "Within two years, the country will become more important for Europe in our sales. Yet we have 94 movie theaters equipped with the system in Europe against Imax fifty only in China. But we will build 50 this year. Eventually, we will have 177 in China, "says Richard Gelfond. Recently, Imax has concluded a funding agreement with the Chinese company Wanda Cinema Line for 75 rooms. The Canadian company hopes to rely "a total of 300 in 2016." The demand for film takes off in China, where the "price of tickets to Imax theaters is comparable to prices in Europe or the United States."And the increase in the price of a $ 2 for a movie at Imax system encourages the Chinese to go: speaking of this experience to those around them, the audience indicate their social status of those "easy".

Projects in Russia

In addition to China, involves the construction of Imax theaters in Russia but does not count too much on "India, where ticket prices are $ 2." The company has become a gem. Market capitalization ($ 1.8 billion) reached more than eight times its turnover in 2010. The Hexagon is a small country. In France last year, Gaumont Pathé has signed a contract for four Imax theaters. The result is the appointment. "Proceeds from Kung-Fu Panda was five times in theaters in Imax theaters as traditional.The average income is three to five times higher for a room equipped with Imax ensures a minimum quality for the viewer at the screening and squares have additional costs, "added the CEO. But there are only five Imax theaters in France that offer all the latest Harry Potter. To develop another career, that of the remastering of local films in Imax format, the company "needs a dozen Imax theaters," says the boss.

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Click the preview to enlarge the graphic.

The wave of picnics and barbeques in the spring, made possible by an exceptionally favorable weather, had precipitated the French on the shelves of hypermarkets. Sales of water (8.2%), soft drinks (9.5%) and beer and cider (10.5%) had experienced progression insolent March-May (compared to the same period last year), according to data collected by SymphonyIRI. With highs in the purchase of ice cream and other frozen desserts (22.1%). Until insecticides (34.1%).

Manufacturers liked to dream of a vintage 2011 special that would forget the disappointing weather of August 2010. In fact, the weather will be "saved" a consumer already soft.

Even if the summer is still in its infancy, the reversal of June weather has dampened hopes.The rain and temperatures below normal even led to a decline in sales of water (-3.8%), beer and cider (-3.6%) and ice (-3.8%) the last month. Depressed by bad weather, the French have drowned their sorrow in soups, whose consumption is spread (+6.8%) after having faltered in the spring (-13.1%). They also caught up on purchases of frozen quiches and other savory (+7%). Our citizens spend more time indoors, ready meals have also been popular last month (5%).

The end of "catch up"

Beyond these products susceptible to weather, changes in consumption in June promises to be a turnaround. "Over the years, stopping at the end of February, the consumer was doing extremely well, says Jacques Dupré, Director at Insight SymphonyIRI.And all the rays took advantage of the situation in times of great price stability, or even deflation (-0.3% year to date through February). "

After having tightened their belts during the crisis, consumers are caught up by buying products "pleasure" as the food caterer. Then, as he did fine, the French continued to spend, which supported consumption in the spring. Furthermore, while retailers announced in March of annual price increases of close to 2%, the increases were not noticeable ray (0.7%) with the exception of certain categories of products such as flour, oil or coffee, closely linked to changes in raw materials."Despite the boost from the weather, we started to see a real slowdown in early May, with growth in sales of consumer products by 1%, with inflation of 1.3% on same month, "says Jacques Dupré.

From May to June, the price increase (2.2% in June compared to June 2010) has changed all that. If it has boosted sales of consumer goods (+2.6%), it may slow consumer spending over the coming months. "If future inflation was 2.5%, we could have a single stable consumption volume close to zero in hypermarkets and supermarkets on the end of the year," said Jacques Dupré. According Gaëlle Le Floch, Director Strategic Insight in WorldPanel Kantar, "private labels could then have a playing card."

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Busy schedule these days. The successor to Dominique Strauss-Kahn to head the International Monetary Fund could indeed be announced this Tuesday – Christine Lagarde is the favorite -. But it is about Greece that all eyes remain fixed, while growing and sy strikes may last until the vote of the austerity plan by the Greek Parliament which must take place by Thursday. However, it seems, according to analysts, the markets are betting on good news. While the euro area would, as a precaution, already developed a backup in case of a negative vote.

In the wake of Wall Street is stepping up its gains since the opening day, the Paris Bourse ends in a net increase of 1.46% to 3851.89 points.Optimism is the same on other stock markets: featuring Dax index of the Frankfurt Stock Exchange finished up 0.88% to 7170.43 points and the London Stock Exchange, the FTSE-100 index of major values ​​gained 0.78% to 5766.88 points.

On the currency markets, the euro has stabilized at 1.4305 dollar. Oil prices also rose in New York, the market betting on the release of new funds for Greece to prevent it from falling into bankruptcy. To 15 hours, on the New York Mercantile Exchange (Nymex), a barrel of "light sweet crude" for August delivery traded at 81.84 dollars, up $ 1.23 from the previous day.

Housing: housing starts and building permits up

On the macroeconomic front, the number of starts of new homes increased by 11.4,% year on year in France for the period from March to May, while the number of building permits for these homes has increased 4.3%, according to figures from the Ministry of Housing.

At 18 hours, will be published the figures for registered job seekers and offers collected by the job center in May.

In the U.S., the price of houses fell 0.1% in April, down very low which could indicate a stabilization of the real estate market housing in the early spring season marked by a more many purchases.The S & P / Case-Shiller, measured in 20 metropolitan areas in the U.S. data seasonally adjusted, was expected down 0.2% according to economists polled by Reuters. Data not in CVS, however, the index increased 0.7%, its first increase in eight months.

The U.S. consumer confidence is, she fell in June to its lowest level since November 2010 because of concerns about jobs and economic recovery, according to figures released Tuesday by the Employers' Federation Conference Board. The confidence index fell to 58.5 in June, after 61.7 (revised from 60.8) in May. The median consensus analysts polled predicted by an index to 60.5.

Carrefour jumps, Casino unscrews Accor (4.51% to 29.87 euros) is the head of the CAC40.Against a background of optimism about the outcome of the parliamentary debate on the budget austerity in Greece, the banking sector performs well: Crédit Agricole climbed 3.56% to 9.9887 euros, Societe Generale is 3.03% to 38.81 euros, BNP Paribas rose 1.93% to 51.13 euros and Natixis gained 1.75% to 3.31 euros.

EADS: + 2.22% to 22.54 euros

China could control dozens of Airbus during a visit of Chinese Premier Wen Jiabao Tuesday in Berlin, said on Monday sources familiar with the matter.

Carrefour: + 3.74% to 27.44 euros; Casino: -5.61% to 62.20 euros

The distribution group received Monday a "proposal" to create Gama Brazilian joint venture equally owned by both groups in Brazil, the latter to eventually become a shareholder of Carrefour.Casino intends to disturb their alliance, saying the project "hostile", prepared in secret, but against which "has the power to oppose."

In addition, the rating agency Fitch has downgraded the French retailer Carrefour up a notch to BBB +, along with a negative outlook, expressing concern the pace of recovery activities and French pressure from shareholders , said in a statement Tuesday.

Thales: 0.39% to 28.50 euros

According to an internal study cited by the Tribune, the electronics group shows a drastic decrease of 13% of customer satisfaction since the arrival of the new direction.Some regret the centralization of applications and other lack of attention to their concerns.

Lagardère: 1.42% to 28.14 euros

Analysts at the Swiss bank UBS raised their recommendation on the title to "buy" against "neutral" before.

Trigano: -5.58% to 21.76 euros

The specialist for caravans and motorhomes has said it expects a sales growth and results in 2011, following growth of 8.2% of its business in the third quarter, which covers the period from March to May

Teleperformance: -8.11% to 19.14 euros

The global call center cut its operating margin target in 2011 because of the recent slowdown in its business in the United States.

BioAlliance Pharma: + 1.50% to 6.10 euros

The biotechnology company said it had filed with the French Drug Agency an application for leave to Phase III clinical trial for Livatag, treatment of primary liver cancer.

CGG Veritas: + 0.80% to 23.37 euros

The group signed with the oil services group Bourbon marine services to offshore oil and gas a charter contract for five years to six new vessels support and assistance to its seismic surveys.

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Listeners of "The Happy Button" on RTL have discovered on Tuesday morning at 11 am 30. Christophe Dechavanne replaced Cyril Hanouna alongside Jean-Pierre Foucault. He co-host the program "until the end of the season," said the station, which refuse to specify the form that this collaboration in the fall. The only certainty in September, "La Bonne Touche will not be scheduled daily, but on the weekend. The program frees its edge Stephane Bern, which has released "The Mad King" on France Inter to join the private station.

Christophe Dechavanne, who has officiated on RTL in the early 2000s, particularly delicate position "successor" by Philippe Bouvard, replaces Cyril Hanouna offhand. He had been dropped from the air last week, following the announcement of his departure for the morning music radio Virgin Radio.It must succeed Bruno Guillon, who after six seasons on Virgin Radio will join Fun Radio (RTL), to animate the "6:00 to 9:00" in the fall. "Our discussions with Bruno took place quickly and naturally," said Jerome Fouqueray, CEO of Fun Radio, in a statement. Its very positive, which corresponds perfectly to the values ​​of Fun Radio, will help power up again in the wake of audience records broken this season. "

Nikos Aliagas on Europe 1?

Fun Radio was illustrated in the latest survey of hearing Médiamétrie as the station that recorded the largest increase in a year. Gaining 0.9 point, it reached 7.9% of total audience, as much as Skyrock, the months from January to March.

Bruno Guillon takes a position made vacant by the departure of Manu Levy for NRJ.The first musical de France decided to give him his morning so far at the hands of Nikos Aliagas. The latter could reach Europe 1, said the Nouvel Observateur site Monday. Engine since January transfer window with the successive departures of Nicolas Demorand and Marc-Olivier Fogiel – replaced respectively by Nicolas Poincaré and Bruce Toussaint, radio generalist Lagardère has also renewed the contract Nagui, who is assigned on a show weekend to replace his daily game. Europe 1 has also renewed Benjamin Petrov, host of "Morning Breakfast" (5:00 pm-6 30), who becomes the joker Bruce Toussaint and presenter of the morning on weekends. He was replaced by Emmanuel Maubert weekdays.

Started very early, the ball transfers radio is far from over. Listeners France Inter ahead including the name of the person who will succeed Stéphane Bern.

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And two. Having poached in March, Laurent Joffrin of the co-chairmanship of Liberation to entrust the reins of Le Nouvel Observateur and the chief editor of news magazine, Perdriel Claude, the owner of the newspaper group, has hired Wednesday Nathalie Collin Co-Chair of the daily street ranger. Aged 46 years, the former boss of EMI France, who had joined Liberation in 2009, will assume his new duties in early August. Alongside Laurent Joffrin as co-chair of the board of the Nouvel Observateur, it will specifically support "strategy, development, partnerships and management." It will also be responsible for DG Debt Management Group, which also publishes Challenges and Sciences et Avenir. These two transfers decapitate the leadership of Liberation, in a situation remains fragile – the newspaper that has reached 200,000 euros profit in 2010.After considering an exchange of equity and industrial and commercial synergies with Le Nouvel Observateur, the newspaper is engaged since March in a plan to recapitalize nine million euros made by the group Colbert Land, of which 6 have already been paid. Edouard de Rothschild, chairman of the supervisory board and shareholder at 26% Payment at par with Colbert Land, must quickly find a successor to Nathalie Collin. In the entourage of the French businessman, is no secret that the revival of Libération is far from over. "There are still chapels, personal conflicts, with a very old organization. The newspaper still has room for improvement and optimization, "says one Business Card Holders.

LE FIGARO. After Laurent Joffrin-Claude Perdriel, boss Le Nouvel Observateur, has poached the co-chair of "Liberation", Nathalie Collin. Do you feel betrayed?

Edouard de Rothschild.The torque-Laurent Joffrin-Nathalie Collin has improved the content and quality of Liberation, but as a fellow shareholder and chairman of the supervisory board of the newspaper, I am a reproach to have left to buy social peace without reforming the business . This is an opportunity for liberation can modernize and reform the house, whether its organization, operation, management.

A few months ago, you were considering a merger with Le Nouvel Observateur '…

As a shareholder, I'm not political and I observe from a distance, but I find that a squabble between Le Nouvel Observateur and Liberation is sterile, unproductive, when primaries will play within the Socialist Party and where major substantive discussions will be held on the left.

Your strategy for "Liberation" Will it change?

Le Nouvel Observateur is an aging institution.Today, a generation of readers is renewed. It is within this context that Nicolas Demorand joined Liberation as "publisher". A new "publisher" should be appointed shortly. We have some interesting candidates to succeed Nathan Collin. We will choose three to Bruno Ledoux, group Colbert Land, the daughter of Italian shareholder Carlo Caracciolo, and myself.

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