Public debt dumped

Doubts about the credibility of these stress tests is increasing. On Tuesday, while the Basel Committee should meet to finalize the criteria for bank capital adequacy, the Wall Street Journal estimates that the amount of government debt securities held by certain financial institutions have been underestimated.The American newspaper cites the Barclays and the French Credit Agricole.

According to the Bank for International Settlements (BIS), French banks held on 31 March, 35 billion euros of debts of the Spanish State and 20 billion euros of debts of the Greek state. According to stress tests, Credit Agricole, Natixis, BNP Paribas and Societe Generale, held only 6.6 billion euros (Spain) and 11.6 billion (Greece).

"This will destroy the growth"

After going up the slope after the publication of "stress tests", so worried about banking stocks to new investors. It must be said that it is enough. Guests on BFM Radio Tuesday morning, the President of the Board of BNP Paribas, Michel Pebereau, did not pull any punches."The" wise men "Basel III asks us to do in less than two years, what we have done since the existence of BNP Paribas," he says. In other words, raising 150 billion euros to double the capital of French banks. "These measures are unreasonable, he says. They will drain the interbank market (the market where banks lend to each other, Ed) and destroy the growth that is already not high. The regulator is in the direction he had just avoided.

While Germany had declared Friday that it would not oppose the tightening of international credit rules, the German banking federation announced Monday that the ten largest German banks, whether the measures were Basel III maintained, would raise 105 billion euros.

The Basel Committee, responsible for this case, should require financial institutions to show a Tier 1 capital ratio (capital tier one "is the core capital base of financial institutions, Ed) of at least 6 %, said the federation. But a mattress extra 4% would be required, 2% to preserve capital and 2% for "counter-cyclical capital (capital raised by banks to cope with sluggish growth, Ed).

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The half-yearly sales were flat at 221.5 million euros. A cons-performance is explained by "a context of pathology winter low.Boiron, which markets the drug against Oscillococcinum flu symptoms or treatment against cough Stodal, rose only 0.3% of its sales in France Guaranteed payday loans. Internationally, they fell by 2.7%. Operating profit fell by 55.1% to 9.186 million euros.

These results Boiron push to revise downward its objectives for the entire year. While it expects a "maintenance" of its business last March, the group now believes that "the turnover should be back from 2009. The group's profitability will depend on the level of activity of the second half and should in any event be less than 2009. "

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The French supporters of self-medication

Because when things affecting families, the file is always a bit more complicated. Saffron, which has shown since the July interest in the Zodiac Aerospace supplier, faces several shareholder and indecisive. And in a certain direction: when the merger proposal was made to Zodiac, its supervisory board, chaired by Olivier Zarrouati decided dryly "unanimously that there was no need to implement this proposal.

Saffron démord however.If the group led by Jean-Paul Herteman always excludes any hostile takeover Zodiac Aerospace, it should go in the coming days the decision to launch or not a bid, according to La Tribune on Monday. Saffron remains convinced of the relevance of such a rapprochement.

The stock market also seems to be convinced, as evidenced by the soaring shares in early July Zodiac: +25% in two weeks. The government, which holds 30% of the Zodiac, too, vote for it.Already, because Saffron has a good experience in mergers and acquisitions, but because this new entity would achieve industrial and technological progress and better respond to major clients such as Airbus and Boeing, who want to work with limited number of suppliers.

A Family Affair

The best way to Saffron convaicre recalcitrant shareholders Zodiac lies ultimately in the financial conditions of the proposal. It takes a high price, especially to put in his camp Domange family, which owns more than 10.5% of the capital. According to La Tribune e, the Peugeot family, she would agree.

The Tribune understands that Safran would be able to offer a significant premium of 30-40% compared to the current share price, which is 43.4 euros. The amount per share would be increased from 56.5 to 60 euros. Let her best historical levels.Saffron is also trying to explain to those shareholders that the merger could be accomplished through stock swaps to maintain the fiscal pact that exists at the Zodiac, which they are attached, as it allows for more than 6 million euros in savings in taxes on capital.

As soon as the bell rang at the Paris Stock Exchange on Monday morning, trading Zodiac Aerospace has been suspended for several minutes before the title is displayed up 13.65% to 49.28 euros, while the SBF 120 index rose 0.38%. A sign that the markets believe in this marriage.

Saffron is willing and able

The figures put forward by the business daily are considered credible by observers."The price mentioned by The Tribune is a surprise to anyone," Judge Pierre and Boucheny, Kepler Capital Markets.

Saffron could finance "no problem" such an offer, even cash, for a price that would reach "four billion euros, including debt redemption," said another analyst.

Saffron, merged in 2005 the engine manufacturer Snecma and Sagem, has also acquired other projects. He could well wrap the forthcoming resumption of the French public group SNPE in the propulsion of rockets and missiles.

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"Safran maintains its offer on Zodiac

They fell in July from 27.2% to 3.83 million annualized units, their lowest level in more than 15 years. The fall is twice stronger than expected. A nasty surprise while growing doubts about the strength of the U.S. recovery, and while the labor market overseas and yet still shows signs of weakness.

Emblematic of Wall Street widened its losses and European stock markets suffer the consequences. The Dax drops 2.19% to 5879 points, the London FTSE coward 2.24% to 5117 points.In Spain, the Ibex lost 2.57%, the Belgian BEL 20, 1.63% and the FTSE Eb Italian, 1.68%.

In addition, industrial orders in the eurozone rose slightly more than expected in June, according to statistics released Tuesday by Eurostat. The control inputs in the sector rose 2.5% from May and 22.6% compared to June 2009. Economists and analysts on average expected for June increased 1.5% from May and up 22.9% over one year.

Values follow

Accor announced Monday the signing of a Memorandum of Understanding regarding the sale of walls 48 of its hotels in Europe for $ 367 million, Predica, insurance subsidiary of Credit Agricole (-2.03% 9.95 euros) and the Land Walls, a subsidiary of Land regions (-0.68% to 71.50 euros).Titles leapt 1.54% to 23.72 euros this morning and remained alone in the green mid-session, up 0.21% to 23.410 euros.

Danone (-0.37% to 41.34 euros) Immédia acquired the company, number three French juice mixed with fruit (smoothies), whose turnover is around four million euros, reports the Tribune.

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 (-0 , 02% to 31.795 euros) of photovoltaic electricity.

The bank Societe Generale (-1.88%) and BNP Paribas (-1.80%) are among the largest declines.

Lafarge unscrews 3.08% to 36.95 euros.Bank of America-Merrill Lynch downgraded its opinion on the title of "neutral" to "underperform" and lowered its target price of 53-42 euros.

The euro was down 0.32% against the greenback at 1.2618 dollar. The European currency reached its lowest level since 8 years against the yen. The dollar is worse than 15-year low against the yen.

In all the advertising for France Televisions would reap 390 million euros in revenues in 2010, against 311 million budgeted. Consequently, the group's finances could be awarded in 2010 while the business plan projected a deficit of 44 million.

Unless of course that the state decides to take some of that pot as he did in 2009.Indeed, last year on $ 110 million surplus advertising, the state had taken 30 million.

If the state decides to take over all or part of the pot, it will reduce the budget of 450 million euros it pays for each compenserl'arrêt advertising after 20 hours. The state would be more tempted to reduce the budgetary resource that taxes on private broadcasters and telecom it had put in place to finance this package are much lower than expected.

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"The public turned on TVs in Europe

"Pflimlin wants a TV for all on all screens

The group prefers to focus on sales amounting to 545 million euros, up 28.1%. A performance that the group owes its branch production, the most important, which recorded a sales growth of 30% to 219.4 million euros.

"Despite unfavorable wind conditions in the U.S. and very unfavorable to the United Kingdom, wind generation has benefited from full year impact of activations in 2009, notably in France and the United States, new facilities built in first half of 2010 in Europe and very good wind conditions in Portugal, "the company said payday advance. EDF EN has increased its wind power capacity of 156.1 megawatts (MW) gross in the first half and its capacity of 61.3 megawatts photovoltaic peak (MWp) gross.

For the future, EDF Energies Nouvelles has confirmed its forecast for EBITDA of between 430 and 450 million euros "and its goal of late 2012 installed capacity of 4200 MW net with 500 MWp of solar."

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For candidates, two strong expressions dominate his mandate: "To provide programs and quality information for all and on all screens" and establishing "a bond of trust with the viewer citizen." This is to make a difference with the private television, he said, "is addressed, it, to consumers.""With the abandonment of advertising that allows us to contact the citizen and not the consumer and thanks to digital, we can offer an open television and inspires confidence."

Remy Pflimlin identified four key priorities in terms of programs. In order to defend the French production, he first insisted on the need for innovation in French fiction. For him, it is essential to develop new formats. It intends to increase "the time series and soap operas all day develop that are specific to strings.

For him, "it is essential to intervene very early and be able to finance the audiovisual writing. Similarly, he wants to develop the documentary. While paying tribute to his predecessor, he intends "to expand to new topics such as history and science."Also in line with the previous team, Remy Pflimlin continue "the diffusion of the performing arts. But the next president wants to "give emphasis to contemporary.

Strengthen the identity of channels

Finally, in terms of information, who has been a media owner wants to return to the fundamentals of "a group with 2,000 journalists." "At a time when our citizens are subjected to a constant flow of information, we must allow them to find the references in terms of rankings and explanations of the latter. We must not fall into the trap of the Internet by example and participate in the race. It is not only the credibility of our editors, but of the entire company. "However, he stressed the need" this information and logs run on all screens.That means to move the organization of editors.

For Pflimlin Remy wants to put digital at the heart of its strategy. "France Televisions has taken a little behind in its offerings, but also in exchanges on social networks. Yet more than 10 million of our fellow citizens consume television wrestling TV. It must therefore be given the opportunity to enjoy our programs on all the screens and that of the reaggregate their choice. "

As such, it has announced the appointment of a controller that will define digital, personally, a strategy for the group. This area such as fiction and documentary should be rare, enjoying a transverse direction, apart from general services.For in terms of organization, Remy Pflimlin intends to restore "a bit like Radio France principals embody the antenna channels and will have a strong autonomy in terms of programs." Its purpose is to strengthen the identity of channels: France 2 to be the chain of events, France 3 and RFO those of nearby, while France remains one of four innovation and France 5 that of decryption.

Moratorium on Economy

The changes in the organization has implications for social dialogue. "We must go to the essential," he said. "That is to say, first determine the objectives for the company and think about the business, organization of work and equal representation based on them." Thus, the future president of France Televisions will take time to reforming the company.For this, it says it wants to build on existing teams in place "and" indisputable retain professionals in their careers. "

Finally it is prudent on the financial issue and falls within the framework of the law which provides for the extinction of advertising. In this case, it does not advocate "for the increase in the fee. Otherwise, it will ask a "moratorium" for France Televisions to keep its advertising.

More importantly, the private sector alone has created 83,000 jobs. Is much better than the 33,000 net new jobs in the month of May However, analysts expected a figure close to 112,000. "We're going in the right direction but we do not go fast enough for many Americans. We are not moving fast enough for me either, "responded the president Barack Obama.

The increase in the number of private sector jobs due to "modest increases in various industries."The leisure industry in particular has created 28,000 jobs before the summer. Business services hired 21,000 people. Note, the industry continued to create jobs (9,000). The construction sector has meanwhile also destroys jobs (22 cash till payday.000), hit by a decline in new construction.

"Beyond these figures rather in line with expectations, the disappointment is the hours worked and wages," noted economists Exane-BNP Paribas. "Hours worked weekly find their level in April (34.1) and hourly wages shrink by 0.1% over the month." In bad omen for consumer spending.

On the other hand, the unemployment rate, calculated on a different basis, for its part fell 9.7% in May to 9.5% in JuneThe Labor Department said the decline by reducing the workforce and the growing number of discouraged workers who no longer work. "We still expect a gradual recovery in the labor market with unemployment rates remain high in 2010 before improving slightly in 2011," says Julian Thomas, an economist at Natixis.

"In general, the Labor Department report suggests weak growth, but not fallen into recession, say economists for their part of Societe Generale.

Caution remains the watchword. The statistics emerged mixed Friday, with an index of consumer confidence than expected for the month of June, but the announcement of an unexpected decline in retail sales in May The Dow Jones closed up 0.38% at 10,211 points while the Nasdaq gained 1.12% to 2243 points.The three major U.S. stock indices ended the week in the green since the S & P 500 closed with a gain of 2.5%

In this session of transition marked by an agenda very quiet and a euro that has just crossed the $ 1.21 mark, investors could resume, however, slowly, some appetite for risk, encouraged by the improving market Asian and good consumption figures published last week in the United States.

Real estate, consumption and inflation on the agenda

They eagerly await the remarks on Wednesday held Federal Reserve Chairman Ben Bernanke on financial sector reform.We know already that the crisis of sovereign debt in Europe has pushed the timetable of the next Federal Reserve decision affecting its basic rate, as provided Monday James Bullard, president of Fed St. Louis.

Before that, the functions of building permits (Tuesday) and housing starts (Wednesday) will be monitored closely. But these indicators should have a real strong correction with the end of the tax credit.

On Wednesday, the industrial production should instead show strong growth for the month of May, while producer prices (same day), then consumer prices (Thursday), should confirm the absence of inflation United States.

Shortly loaded results, the agenda will be dominated by Wall Street setting CBOE Stock Exchange, the last U.S. platform independent.The price of the introduction should be provided on Monday night.

In addition, FedEx (Wednesday), the cruise Cardinal (today) and Best Buy (tomorrow) will publish their quarterly results.

Moreover, the U.S. administration is stepping up its action against the British oil and wants to confiscate the group dividends. A threat to the stock.

Other major European markets have also hoisted the green flag. In Frankfurt, the Dax gained 1.98%, and London, the Footsie has won 1.15%. Even mood on Wall Street, where the Dow Jones gained 1.16% and the Nasdaq 1.66% shortly after the close of European stock.

On Wall Street investors were awaiting the publication of the "Beige Book" of the Federal Reserve (Fed), the U.S. central bank, a snapshot report of the U.S. economy.As expected by analysts, the report confirmed a rise in economic activity, but no sign of inflation, reinforcing the idea that the Fed is in no hurry to raise interest rates.

Exports leapt chinoisent

They were also awaiting the speech of Fed Chairman Ben Bernanke, who was to testify before the Budget Committee of the House of Representatives in the afternoon quick pay day loan. Unsurprisingly, Ben Bernanke has confirmed the speech he gave Monday saying that the economic recovery appeared to be "solid" in the United States.

More good news for the markets, a senior Chinese official, the country's exports have jumped by about 50% in May compared to same month of 2009. This figure should be officially released Thursday pushed Asian stock markets Wednesday.If confirmed, it would exceed by far the expectations of analysts who expect an increase of just over 30%.

In Paris, the other major stock markets, investors were engaged in an intense hunt for bargains on financial and cyclical stocks.

Societe Generale, Arcelor Mittal or ST Microelectronics were among the highest increases of ACC 40.