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The U.S. stock markets open lower again on Friday. The Dow Jones down 0.87% at 12,134 points and the Standard & Poor's 500 and Nasdaq 100 recede 1% respectively in 1287 and 0.96% points to 2740 points. Thursday, Wall Street recorded a fifth straight session decline.

The bad news on the front of the U.S. economy weighs heavily on the trend of economic growth the U.S. has slowed sharply in 2011 to 1.3% annual rate in the second quarter in a first estimate published Friday by the U.S. government.This growth rate, below analysts' expectations (1.8%), is particularly low given the significant revision of the first quarter, now estimated at 0.4% against 1.9% in June

U.S. markets are also penalized by the current political impasse in Washington, where Democrats and Republicans compete on the thorny question of raising the federal debt ceiling and deficit reduction. Just a few days of August 2, after which, according to the Treasury, the U.S. may default a blocking this weighs heavily on investor sentiment.That night, the U.S. House of Representatives postponed the vote on the plan of raising the U.S. debt ceiling.

Barack Obama will speak this Friday at 16.20 Paris time.

This new failure could, under the new Executive Director of the International Monetary Fund, Christine Lagarde, affect the value of the dollar. "One consequence is a decline in the dollar as reserve currency and reduced confidence in the dollar," she said in an interview with PBS.Some 14 patrons of banks, insurance companies and other financial institutions on Wall Street Thursday wrote to President Barack Obama and members of Congress to "call upon to reach agreement this week."

Moody's lowers rating outlook for Spain

Adding to the nervousness of the markets in Europe, the rating agency Moody's is considering lowering the rating of Spain. On the foreign exchange market, the euro was immediately dropped below the 1.43 dollar. Around 11:00, the European currency was worth 1.4276 dollars against 1.4324 dollars on Thursday night. Oil prices also retreated in the late morning. A barrel of Brent North Sea crude for September delivery was trading at 117.10 dollars on the Intercontinental Exchange (ICE) in London, down 26 cents from the close of Thursday.In electronic trading on the New York Mercantile Exchange, a barrel of "light sweet crude" (WTI) for the same maturity fell by 52 cents to 96.92 dollars.

On the macroeconomic front, investors will be watching today's first estimate of gross domestic product (GDP) of the United States in the second quarter.

The side of values

Starbucks (-1% to 39.58 dollars) unveiled for the third quarter of its fiscal year profit up 34% to 279 million and a turnover of 2.9 billion dollars, up 12% and 8 % same-store thanks to an increase in traffic (6%) and average ticket (2%).CEO Howard Schultz commented: "We hope to achieve our EPS growth of 15% to 20% in fiscal 2012. ".

For his part, Metlife (1.48% at 40 and 40 dollars) recorded operating income of $ 16.9 billion, up 33%. Premiums and other revenues increased to 11.8 38U billion, following the acquisition of Alico, while investment income jumped 24% to $ 5.1 billion.

Chesapeake Energy (3.77% to 34.69 dollars) realized in the third quarter earnings per share of 0.76 dollars against 0.75 dollars excluding special items.

Expedia (3.48% to $ 30) recorded an adjusted earnings per share of 0.55 dollars in the second quarter against 0.44 dollar a year earlier. Revenues jumped 23% to $ 1 billion.Gross bookings increased 19% and the number of transactions increased by 15% while advertising revenues rose 27%.

McKesson (0.60% to 80.08 dollars) made from earnings per share for the first quarter of 1.27 dollar against 1.16 dollar last year and a turnover of 30 billion dollars in 9% increase. The company raised its earnings per share target to 6.09 – 6.29 dollars against a previous estimate of 5.55 – 5.75 dollars.

Motorola Mobility (-5.06% to 21.75 dollars) has issued an earnings per share for the second quarter of 0.09 dollars against a loss of 0.3 dollar per share last year. Sales rose 28% to $ 3.3 billion.

After his sister Moody's, the rating agency Standard & Poor's sanctions Greece. It announced on Wednesday the downgrade of the country to "CC" with a negative outlook. Athens is found in two notches of default. The aid plan presented last Thursday by the European leaders will put Greece in a de facto situation of "selective default", argues the agency.

The plan, which provides a 20% loss to investors holding voluntary debt Greek, "is not investor friendly," said Standard & Poor's (S & P). "Although no date was given for the launch of this plan, we understand that it will not take place until September at the earliest. When it announced a deterioration in the notes to the rank of "selective default" (SD) should occur, "warns S & P.

In addition, Standard & Poor's believes that if the European Financial Stability Fund (EFSF) acquires large-scale debt securities on the market at prices planed, the country will also be in default selective. Note of Greece will be raised when the buybacks and debt restructuring will be completed.

But S & P remains cautious. After this first failure, the risk that the country face new fault "remains high". The head of the country rating agency launched statements in that Tuesday morning. "We plan to grant Greece a low rating in the speculative grade", that is to say high risk, he warns. The debt would still represent more than 130% of GDP at the end of 2011 and growth prospects, S & P notes, remain uncertain.

The President of the European Central Bank took the defense of Greece, shortly before the announcement of S & P. Speculate on a failure of Greece, he said, "would be the surest way to lose money after the decision last Thursday," giving new aid to the country.

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After the surprise announcement Saturday of the candidacy of Israel Stanley Fisher for the leadership of the International Monetary Fund (IMF), the French Minister of Economy and Finance, Christine Lagarde, seems to consolidate his lead in leadership contest the institution. After a world tour in emerging countries to reassure them about their future place within the institution, the French candidate has received further support. Last Friday, the Congolese Minister of Finance Matata Mapon announced in Lisbon in support of Africa Christine Lagarde. Sunday, Egypt and United Arab Emirates (UAE) have joined the ranks by announcing to turn their preference for the candidate. Significant support, Egypt has a representative among the 24 members of the Board of Trustees.

The same day, Indonesia has also persuaded her."Personally I support France," said Minister of Finance of Indonesia, Agus Martowardojo the sidelines of an economic conference in Jakarta, highlighting the professionalism and competence of the French minister "in the interaction between organizations, and that his "high integrity and expertise small personal loans."

Operation successful seduction

In his world tour, Christine Lagarde said his vision for a reformed IMF to give more weight to emerging countries. Remains in the race to succeed Dominique Strauss-Kahn, the final choice remains in the hands of large economic powers, which have not yet formalized their decision. Among them, the United States and Japan. The Japanese archipelago has only 6% of votes in the IMF. The United States, themselves, hold the largest share.

The choice of Russia is also expected in the coming days.On 27 May, Prime Minister Vladimir Putin held "quite acceptable" and "very serious" the French minister's candidacy. Decisions of Brazil, China and India, all three visited last week by Christine Lagarde, should be more evenly too wait. The results of the nomination process for this term of 5 years are expected by June 30

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The battle will be tough on Tuesday at the Assembly: MEPs adopt or reject the amendment to the UMP famous Marc Le Fur taxing works of art to the ISF. The election be close, so the measure is controversial. It was passed Wednesday in the narrow circle of the Finance Committee with the votes of the Left and some elected majority, despite opposition from the general rapporteur of the budget, Gilles Carrez (UMP).

And the government is opposed. Sunday is Frederic Mitterrand, the Minister of Culture and Communication, which is mounted to the plate in an interview with Journal du Dimanche. "The taxation of works of art would mechanically collapse art market," he said.And added that the IRS can not afford to make checks, "the collection is so uncertain that it is not even encrypted by the Ministry of Finance."

Aware that the game is far from won, the Minister of Culture has sent a letter to the elected majority and will meet Tuesday morning. Gilles Carrez also seeks to convince. Some suggest an alternative solution, proposed amendment by Jean-Louis Borloo fall 5% to 19% taxation on capital gains on the sale of works of art. Gilles Carrez, but there is not favorable.

Losers among the highest wealth

More generally, the review this week in the Assembly to reform the taxation of wealth may be an obstacle course Internet Payday loans. Because the amendment on the artworks is just one more … 2000.The Socialists have multiplied the amendments, this reform reduces the ISF and removes the tax shield a political issue.

In its report on the text, Gilles Carrez, however, shows that taxpayers who receive the ISF will lose the shield to the reform, due to the end of the shield. Thus, 1015 households with more than 16.5 million euros of assets and beneficiaries of the shield will pay an average 211,323 euros EWB, against 64,164 euros today. Indirectly, these figures show that the shield divided by more than six bills EWB (429,057 euros before shield, 64,164 euros after). For estates of more than 65 million, the same bill passes 1.6 million to 275,000 euros. Considering that some taxpayers have abused the system by artificially reducing their taxable income (eg life insurance), Gilles Carrez defends removing the shield.However, he worries about the replacement part of the ISF, a tax increase of 11% per year, by inheritance and gift taxes, up 6%. And he notes that the reform leaves a hole of 550 million in 2012.

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It's definitely good news. Growth of 2011 has started on a flying, rising 1% in the first quarter, after the tiny increase of 0.3% in the last quarter of 2010, according to figures released Friday by the INSEE. Not only is it much better than what was expected, but it is also the best quarterly performance registered by France since 2006. You almost forget that the institute of statistics at the same time, lowered the growth figures for the previous three years!

The Economy Minister, Christine Lagarde, who blew the whistle on the previous evening, was immediately welcomed this figure, which confirms "that the French economy is set on a path of robust recovery."Jean-Francois Cope, secretary general of the UMP, for his part spoke of "excellent performance".

It must be said that, as the saying goes at Bercy, all the lights earlier this year are "green" to watching a few nuances in detail. Household consumption was slightly accelerated, rising 0.6% against 0.4% over the last three months of 2010. And proof that the expenses do not only with cars and the latest gaming effects of scrapping the service consumption rebounded sharply. Business investment has, meanwhile, performed well.

Click on the thumbnail to enlarge the graphic.

The institute noted however that the balance of trade "contributes negatively again" on GDP growth (-0.4 point), but that "this is more than offset" by changes in business inventories, which contribute positively to 0.7 percentage points to growth.

Industrial production finally jumped 3.4% and `show its strongest growth over the last thirty years," Christine Lagarde welcomes. Which does not specify that this rebound in industrial production is largely due to the production of refined products, which dates back strongly for technical reasons related to the correction of consequences "of social movements at the end of last year" in refineries , said Insee payday loans.

"A little less strong"

The Minister of Economy nevertheless acknowledged "very possible" that the second quarter "a little less strong.""One swallow does not make statistical economic spring," said, in his way, the number two PS, Harlem Desir.

For even if the number of start of the year is a reflection of economic situation improves, the pace may not continue. Rising raw material, exchange rate of the euro, higher inflation that continues in the purchasing power effect of stock-cons, or international situation deteriorates … So many reasons fear a slowdown in coming months .

Bercy, however, confirmed on Friday its growth forecast for 2011 to 2%. The goal now seems achievable because over for the current year is already 1.6%.Traditionally more pessimistic, the European Commission was asked to meet on Friday too, its growth forecast for the Hexagon, 1.7% to 1.8% over the year.

2008, 2009, two years of recession

Each year in May, INSEE revised the growth of the three previous years. This time, it's a bunch down! Growth in 2010 has not reached as planned 1.5% but 1.4%. The recession of 2009 was 2.6% and not 2.5%.But it is in 2008 that the difference is most significant: adjusted downwards by 0.3 percentage points, the year does not end on a growth of 0.1% as announced, but a decline in GDP of 0, 2%, according to Insee

Moreover, the institute has recalculated the slight increase in deficit (state, social security, local) of France in 2010 to 7.1% of GDP at year end as against 7% announced earlier.

As for the debt, it was 82.3%, instead of 81.7% predicted previously to 1 591.2 billion.

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The year was difficult for Alstom. During his year lagged 2010-2011, the specialist energy infrastructure and transport recorded a drop in its net profit by 62% to 462 million euros for the year ended March 2011 against 1.22 billion euros a year earlier. Although less than 519 million euros expected by consensus.

Operating profit down 12% to 1.57 billion while revenue rose 6% to 20.923 billion euros. Analysts had expected operating profit slightly lower 1 cash advance america.488 billion and a turnover higher at 21.197 billion. The operating margin reached 7.5% in 2010-2011, against 9.1% in 2009-2010 and 7% expected by analysts.

In a statement, the group explains that performance-cons as "high charges related to restructuring plans for adjusting staffing in Thermal Power in Europe and North America and in some places of the Transport in Europe".

More information to follow ….

Since its opening 19 years ago, Disneyland Paris had been a fire on the roof of Rock'n'Roller coaster, an attraction at Walt Disney Studio park dedicated to film adjoining the main site of Marne-La- valley. He had done no hurt. The accident Sunday afternoon on one of the most popular attractions of the park, Mine Train, is a first, and could have adverse consequences for the activity of Euro Disney. And more so that the prognosis would be engaged to one of five victims, according to a source familiar with the matter.

The accident comes at a bad time while turnover theme parks of Euro Disney (Disneyland Paris, Walt Disney Studios) declined in 2010 from 2.9 million to $ 685 3 million reflecting a decline in attendance from 3% to 15 million visits.A decline partially offset by a 2% increase in average spending per visitor to 45.30 euros 44.22 euros in 2009 cons.

At the Paris Bourse, investors are indifferent to the news. Euro Disney wins the title, in fact, 0.57% to 8.78 euros after the first half hour of trading, while the CAC 40 lost 0.24%.

Rising energy prices could rise even faster. EDF, controlled nearly 85% by the State, public authorities have offered to pass on higher energy prices on the individual invoice. The increase in electricity prices would range between 5.1% and 6.5% per year until 2015, including inflation, reports Les Echos. But the government denied the report.

In a statement to AFP, the Minister of Industry, Eric Besson said: "EDF did not passed from request to increase rates corresponding to the ranges mentioned" before adding "in any event, a document emanating from EDF does not commit the Government. "According to Eric Besson, "future pricing decisions will be made with a view to protecting the purchasing power of French people should continue to benefit from electricity 40% cheaper than the average of other European countries, thanks to the nuclear .

Increase between 28% and 37% in five years

The minister however said in February that the increase in electricity prices was "inevitable" in France to finance investments in nuclear power and renewable energy development. And this increase is expected to reach between 28% and 37% in five years, says Les Echos.

The increase in electricity prices depend on the price of Arenh (regulated access to nuclear power history). As part of the liberalization of Europe's electricity, law Nome, EDF is forced to sell up to 25% of its production of nuclear energy to its competitors prices Arenh.This rate has not been fixed and is continuing to debate. GDF Suez campaign for a level of 35 euros per megawatt hour (MWh), where the group chaired by Henri Proglio claims 42 euros in 2011 and steady increases to reach 46 euros in 2015. For now, the Regulatory Commission of Energy recommends a redemption price of 37.20 euros and the Champsaur report favors him a price of 39 euros.

Two scenarios

Eventually, the Nome Law provides that the cost of nuclear power in the rates converge to the price of Arenh 2015. But the cost of megawatt is estimated at 35 euros today. So to mitigate rising electricity prices on the invoice particular, EDF has scaffolded several scenarios, reports Les Echos. The electrician tricolor believes that the rise may reach 4.7% per year above inflation to 6.5% including inflation.However, if the government agrees to a modification of certain taxes, including the ability to finance renewable energy, the annual increase in rates could be limited to 3.3% above inflation to 5.1% with inflation.

At the debates on nuclear safety and the needs of investment in nuclear power seem to dominate after catastrophe Fukushima, appeals to higher energy prices could be heard. Still, the context is already loaded for the French who are with increases in fuel and gas. These potential increases could well fuel a new controversy and the fourteen months of a presidential election.

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Airbus was the first indicted for manslaughter on Thursday in connection with the investigation into the crash of Flight 447, Rio Paris, who has 228 victims on 1 June 2009. As for the manufacturer's lawyers, it is indicated that this indictment "will allow Airbus to gain access to the trial record" and it is hoped "that the investigation will be to avoid conflicting expert opinions that last for years and were finally beaten in the face, easily during the trial. "

In the current survey, the questions are based on the failure of feedback between Air France, Airbus and the European Aviation Safety Agency (EASA) about incidents of Pitot probes (the instruments of speed the unit).Numerous incidents of icing were recorded before the disaster but have not led to a real alert to changes sufficient material certifications as well as changes in crew training.

Conspicuously absent from this first series of indictment is EASA who escapes the French court but says she will do "everything necessary to shed light on this accident and to advance aviation safety."

Air France and Airbus, it also questions the relevance of an indictment now, while the fourth phase of research of the wreck is expected to begin next week and that the discovery of the wreck, even its black boxes could shed light on the conditions of this mysterious catastrophe.One argument put forward Thursday by Thomas Enders, the Airbus boss who said "désaprouver" firmly that decision and the judge "premature."

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Develop new services by leveraging the Internet, and possibly impose outright a standard among businesses and the general public. It is the ambition of La Poste Digiposte a new offer that the company is launching today with the firm intention of making it a must secure exchanges on the Web. "We want to become a trustee in the field of digital exchanges, said yesterday Jean-Paul Bailly, CEO of La Poste. We innovate for the Post is the Post Office. Digiposte is both a secure digital mailbox, an electronic safe and a box of sharing. "

Digiposte, so it's sort of the mailbox of the future of La Poste, at a time when all administrative paperwork, bank statements and invoices, are increasingly moving from paper to paperless."Digiposte can and should become a standard at a time when the Post knows the mutation highest in its history," says Jean-Paul Bailly. It's like rolling suitcase, which became brilliant and compelling Digiposte will become as useful to simplify the life of the French! "

"The box will not" spammable "because there is no public address," said Jean-Michel Dial, director of Internet business mail.

With this project, La Poste is an intermediary between companies that agree to computerize their shipments through its services. At this stage, 25 companies have already opted for this solution, including the Postal Bank, but also ADP, which offers services for payroll and human resources, Crédit Mutuel, Arkéa, or Acadomia.

"65 million customers"

Other target clientele: individuals."We want 65 million customers! What we can not control, it's time that we put to achieve them, "commented Nicolas Road, general manager of the mail, noting that the group had not waited Digiposte to launch services on the Internet. For example it is already possible to print stamps from a computer, send a letter too. "Every day, our postmen distribute more than 150,000 letters sent through the Internet," said Nicolas Road.

"The goal for 2015 is well beyond the million accounts Digiposte promises Jean-Michel wheel. We have several discussions and negotiations.We aim to sign before the end of the year with at least one major biller's energy and telecommunications. "

The service will pay off for companies (but prices are not public), and free in its basic version (one gigabyte available) for individuals. An advertising campaign for a $ 4 million to 5 million euros will be launched in the coming days.

Jean-Paul Bailly said that Digiposte is an "essential element" of the company's strategy to face the "need to reinvent themselves and innovate." The game is not won. Post faces competition from already established small start-up specialist and especially bids safes dematerialized offered by all major banks, insurers and billers France.