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The Asian market does not yield to panic. After closing up slightly Wednesday, several Asian stock markets are divided down Thursday, but less pronounced than Wall Street and in Europe the day before. In Tokyo, the Nikkei ended down 0.63% to 8981.94 points after hitting a low of 8832.42 points.

Of the places in China, Hong Kong the Hang Seng 1.45% yield while the composite index of Shanghai Stock Exchange rose 0.68% to 1134.65 points. In Seoul, the Kospi index is left in the green, up 0.71% to 1819.14 points after plunging by 4% in early trade. The Stock Exchange of Sydney, in turn, close to equilibrium after a session spent in the red.

Investors remain concerned, however, fearing another recession in the United States and a spillover of the crisis of debt in the eurozone one hour payday loan.The gold and reached new records, crossing first the maximum 1800 dollars. It was worth 1814.50 dollars in the morning before going down to 1785 dollars. Another safe haven, the yen appreciates, and is worth 76.63 dollars, against 76.83 the previous day.

Oil also set off again down in Asia. Yet he had resisted the panic the day before with the announcement of a dramatic and unexpected decline in crude inventories in the United States. In morning trading, a barrel of "light sweet crude" lost 79 cents to 82.10 dollars and that of Brent North Sea fell by 1.10 dollars to 105.58 dollars.

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All weekend, they multiplied the meetings and news: the political leaders of industrialized countries have mobilized to show that they had taken stock of efforts to engage to address concerns about the state of their finances. What to try to reassure markets, worried after the announcement Friday after the close of a deterioration in the rating of sovereign debt of the United States by Standard & Poor's, but also disturbed by the difficulties faced by countries the euro area to implement the solutions to the crisis in Greece. With always in sight the risk of contagion of debt to other countries.

In the wake of the Asian stock markets, down sharply this morning, the benchmark index in Paris has started his week on a further decline (-0.74%), but avoid the dreaded crash in the markets.After a brief stint in the green, he never stopped to dig its losses since mid-day. Around 16:30, while Wall Street sinks into the red, the Cac 40 falling 4.14% to 3142.99 points, its lowest level since July 2009. The nervousness and volatility are the watchwords of the meeting. It has traded more than 4.2 billion euros on the CAC to 16.30.

Even renewed concern elsewhere in Europe. In Frankfurt, the Dax and retreated more than 4%. Less for London where the FTSE 100 lost more than 3%. The Swiss stock exchange plunges 3.19% to 5007.18 points. The Milan Stock Exchange falling more than 2.5% in the wake of Wall Street

Relaxation rates in Spain and Italy

Yesterday, Angela Merkel and Nicolas Sarkozy reiterated their determination to ensure that the bailout of Greece on 21 July be adopted before the end of September.They also praised the efforts of Spain and especially those of Italy, two weak links in the euro area at present. Indeed, Rome has advanced by one year (from 2014 to 2013) the goal of return to balance its accounts. In addition, the European Central Bank (ECB) said it would implement "active" its buyback program obligations. This measure, taken and announced last week by Jean-Claude Trichet, president of the institution, had absolutely convinced investors. On the contrary … But this morning, the Italian and Spanish bond yields relaxed, investors are more confident in an intervention by the ECB on the secondary bond market in both countries. Rates in ten years Spanish and Italian are ironed on Monday under 6%.Relaxation is expected to continue, while the French Minister of Economy and Finance Baroin confirmed on Europe 1 that the ECB was ready to buy the Spanish and European debt, if investors withdrew.

American borrowing rates have, in turn, not move, indicating that the debt of the world's largest economy remains an attractive investment, against the loss of the triple A of the United States.

Next on the list?

However, uncertainty should remain in force on the European markets at the beginning of the week. The decision of Standard & Poor's in the United States continues to claim haunt the minds of the markets, despite a weekend to "digest" the news.Now that the world's largest economy, long considered one of the most reliable borrowers, is not as well marked, which could consider itself safe from degradation? In France, this concern should be limited, however, the chief economist for Europe, Standard & Poor's Jean-Michel Six, who said Saturday that the agency maintained the "AAA" of France, in a stable outlook.

The announcement of the ECB on repurchase of bonds was initially supported the euro against the dollar. At 7 o'clock this morning, the euro was worth 1.4321 dollars, against 1.4281 dollars on Friday night, after the dollar rose to 1.4370 on Sunday night.The European currency is, however, decreasing again around noon to 1.4268 dollar.

But above all concerns macroeconomic benefit to gold, which recorded a new record Monday on the market in Hong Kong, dying for the first time the maximum 1700 dollars an ounce, and benefiting fully from his safe haven status.

The sharp drop in oil

Instead, the side of the oil, oil prices continued to tumble on Monday. Result of numerous concerns about a possible global recession, prices show a sharp decline. To 13 hours, a barrel of "light sweet crude 'lost 3.64% to 83.67 dollars.

Finally, the political mobilization should remain in force throughout the day, and guide the trend in European markets as U.S.. For the side of the macroeconomic data, the news will remain low in the first day of the week.Unlike last week, no statistics across the Atlantic will not give further details Monday about the health of the U.S. economy or the risk of a possible recession in the country. In France alone were expected business surveys of the Banque de France, unveiled on Monday its growth forecast for the third quarter. For the period, the institution expects an increase of 0.2% of French GDP, the same pace as in the previous quarter.

As for values ​​to follow, business publications are scarce this week.

Battered last week after interim results affected by exposure in Greece, banking stocks were offered a nice rally this morning before falling unevenly mid-term.BNP Paribas wins again in mid-session, 1.01%, to 41.025 euros, but Credit Agricole (- 0.27% to 7.14 euros) and Societe Generale (-2.95% to 26.625 euros ) drop out. For its part, Axa sells 1.13% to 11.425 euros. The insurer CNP Assurances is however still 3.02%, to 12.265 euros, the head of the SBF 120 index increases by mid-day.

Peugeot (-7.45% to 20.745 euros) and Renault (-6.95% to 29.125 euros) recorded both the largest declines the CAC 40. The two automakers are penalized by the broker Morgan Stanley lowered its price target on the two values. Alcatel-Lucent also drop 6.66% to 2.298 euros. Technip meanwhile lost 5.97% to 58.71 euros.

The manufacturer Archos tablet that will detail its annual accounts after market, accounts 4.77% to 8.35 euros this morning before falling heavily to 6.78% to 7.43 euros.

Carmat (5.56% to 98.70 euros).The total artificial heart specialist said on Sunday evening the success of its capital increase launched from July 13 to 29. The former subsidiary of EADS has raised 29.3 million euros, which will fund the first clinical trials on humans.

GDF Suez (0.73% to 20.56 euros). The group of energy and services has sealed, according to Les Echos, a strategic Partenaris with the Chinese sovereign wealth fund CIC, which would lead to an acquisition of a 30% interest in the exploration and production arm of French.

Specialist catering Sodexo (-1.84% to 49.075 euros) announced that it has won a contract worth 766 million dollars (535 million) to provide the basics of feeding twenty Marines, the United States.

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New boss to change the head of the Sunday Journal (JDD). The managing editor Olivier Jay, who had succeeded in February 2010 in Christian de Villeneuve, will give up his post. It will soon be replaced by Jérôme Bellay, former head of France Info, a LCI and Europe, as revealed by the site of the weekly Le Point.

According to our information, features Jérôme Bellay in the day of the seventh day of the Lagardère group is expected to exceed the strict framework of the chief editor. He should be appointed as director of next September. Faithful group Lagardère, Jérôme Bellay it now runs the production company Maximum.Founded in September 2000, Maximal Productions (a subsidiary of Lagardère Entertainment) produces reports, documentaries and magazines for information and knowledge, which the magazine "C in the air" presented by Yves Calvi on the channel France 5.

Olivier Jay was received by Lesouëf Bruno, the CEO of Lagardère Active magazine, and Denis Olivennes, the new head of group media information center (Europe 1, Paris Match and Le JDD). Its future within the group is not yet known. Neither Lagardère Active or Denis Olivennes have commented on the desired information.

Le Journal du Dimanche, which opened a new formula on March 6, saw its circulation fall by France paid 13% in the first quarter of 2011 compared to the same period in 2010, according to OJD, reaching 233,445 copies.The change at the head of management to allow, according to sources familiar with the matter, to give "even more attractive to breath and JDD to be a major news magazine seventh day."

Facebook has brought together people around the world. The publisher of online games Zynga has sought to occupy, creating applications fun to explore with friends, as Farmville, World Café and the recent Empire & Allies. In four years, Zynga has become the leading provider of online social games. Above all, the company has developed a profitable business it is preparing to introduce the stock market.

According to the draft filed Friday with the U.S. authorities of the Exchange, the company plans to raise $ 1 billion. It already has shareholders including Mark Pincus, CEO and founder (16%), Kleiner Perkins funds (11%) and Institutional Venture Partners (6.1%), Russian DST also present in Facebook and Groupon (5.8 %) or Reid Hoffman, co-founder of LinkedIn. Only part of the capital would be put on the market. The document does not specify the timing or the valuation of the company.Its shares traded, however, already on the gray market at a valuation of $ 20 billion. Other estimates place it at $ 15 billion.

A destiny linked to Facebook

Therefore, these amounts bet on the growth of highly profitable business model. Zynga pulls up the majority of its revenue from the sale of virtual goods, while just over 5% comes from advertising. In 2010 it sold its games for $ 839 million of tractors and apple virtual pixels. The turnover of the editor, who must pay back a 30% commission to Facebook for hosting games and payment management through its Facebook Credits, reached $ 598 million.Its net income totaled $ 90.6 million for the year.

The rise of social networking takes Zynga and sales: in the first quarter of 2011, it jumped 133% to account for 235.5 million dollars in revenue. Some analysts place and the turnover of the company in 2011 to nearly $ 1.5 billion.

But this success Zynga is intrinsically linked to that of Facebook. "If we fail to maintain a good relationship with Facebook, our business will suffer," admits the company. A change of terms and conditions of alienation or social network users to the site and will impact directly the activity of Zynga. Another challenge for start-up: it must successfully implement its business model to success in the mobile, from which a growing number of users connecting to Facebook.Finally, the majority of revenue is generated by Zynga a few games. To sustain and develop its income, the publisher could therefore benefit from its IPO to buy competitors. The company already has $ 995 million in cash.

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Cofounder of the investment fund Blackstone Group, Stephen Schwarzman moved to Paris for a few months to celebrate his fifteen years of marriage with his second wife. The center of gravity of the New York firm has migrated into the small offices of Parisian society. Three assistants that entrepreneur finance successive periods of ten days in Paris. A videoconferencing room has been installed. It allows this tireless worker to attend all committees of Blackstone investment regardless of the schedule. More often abroad than in Paris, he has used in recent weeks to meet more than half the patrons of the CAC 40. For him, the situation is generally very good.

LE FIGARO. – What place in the Blackstone private equity?

Stephen Schwarzman.- We are now the biggest investor in the world with $ 150 billion of assets in private equity, real estate, hedge funds, junk bonds, credit … The 67 companies are now owned by Blackstone 129 billion dollars in sales and nearly one million employees. In size, we are the seventh largest U.S. company. Our approach is truly global, which allows me to be pretty confident.

So you're satisfied with the current situation?

Whether in Asia, emerging markets, North America and South America, three quarters of the countries where we show good growth. Only Europe is growing more slowly, is withdrawn, even if there are major differences between Germany, very dynamic, and the countries of Southeast Europe, which are much less.It is a very good time to invest, especially in countries or sectors where we are still in early recovery. Especially as interest rates remain very low.

In what areas do you invest?

In real estate, we are very active in the United States. There are also a lot of opportunities in energy, in natural resources, security of supply, optimization payday lenders.

It accuses the fund to achieve good performances with the lever of bank debt. What is it?

Twenty-five years, we post an average return on investment of 13% over the evolution of the equity indices over the same period. It's a lot, and this performance is due mainly to the originality of our business and our know-how. When we buy a company, we are implementing a strategy for accelerated development.We ensure that management implements this strategy. Alternatively, and unlike listed companies, we do not hesitate to change the management if necessary. Another feature: our managers are not under the pressure of quarterly results. We can have a more long term. Blackstone also has many experts in marketing, finance, information technology … we send to companies to improve performance if necessary. The use of leverage comes after these few key success factors.

The financial crisis did she not question this model?

Contrary to what some have predicted, there was no more bankruptcies among businesses owned by funds from other companies. This has surprised everyone, except the private equity specialists.During this period, Blackstone has recorded no failures in its portfolio.

What is your rate of investment in 2011?

We will probably invest 11 to 12,000,000,000 dollars in private equity, real estate and credit. This amount is considerable. With debt, that's about $ 50 billion investment.

How do you see Blackstone in ten years?

In ten years, I do not know. But for the next five years I hope to be able to double or even triple our size. It is a beautiful period for Blackstone.

This Saturday, employees at 300 stores – according to unions – the 600 Carrefour stores in France Market responded to the strike call by the CGT. They want to be housed in the same boat as their 65,000 colleagues in Carrefour hypermarkets, ie receive vouchers restaurants. They are also demanding wage increases of 5 to 10%. "5% is really the minimum. Given the increases that are everywhere, we can no longer live with that, "argued Lawrence Lamaury, Steward national CGT.

For the CGT, it is a "massive mobilization." If management of Carrefour says no school has closed, the CGT, she evokes two: Morangis (Essonne) and Bourg-la-Reine (Hauts-de-Seine). "There is no blocking and all clients are obviously received in store," insisted the group.By mobilizing and, employees of Carrefour Market hoping to shake up the leadership Carrefour, as did those of hypermarkets there is a little over a month.

On April 9, in fact, the movement of employees of hypermarkets – "historic" by the unions, had allowed the reopening of negotiations with management. The employees were then granted a special bonus of 220 euros gross July 31, the transition from 7 to 10% of discount on purchases (including gasoline) granted to staff and a commitment to renegotiate, the end November and a revaluation of the holiday allowance to go to a 14th month. The draft agreement, which will be endorsed on May 18, also provides for annual wage increases of 2% in March, is correlated with inflation, instead of the expected increase of 1% and 1% in March in October.

Beyond wages, working conditions are up for discussion.The union FGTA-FO deplores the removal of 10,000 jobs over the past five years, and denounced a "new business model based on night work generalized ultra simplified workflow and increased stress for employees.

Fighting the new economic model of the group

The Carrefour group is in the midst of strategic transformation, including its plans for divisions and development of its new hypermarket Planet. Mutations that cause a stir both at the executive level – the CEO France left the group last May 5, two months after the departure of Director – Europe and employees.

At the next general meeting to be held on June 21 next, they oppose the proposed division by the stock exchange's subsidiary Dia hard discount and the 25% of the land Carrefour Property.But their voice is low, employees own about 1% of capital and 1.76% of voting rights. The unions called the Mutual Fund Business (CIPF), which holds 1.33% shares and double voting rights, to say no, and so to endorse the position of the fund Knight Vinke (over 1 % of capital). In total, they would be 4% against the heavyweights Bernard Arnault and Colony Capital, which have 14% stake and 20% of voting rights. According to unions, these operations "purely financial and non-trade" would bring six billion euros to the two main shareholders, Bernard Arnault and Colony Capital.

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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 ….

Frédéric Lefebvre, Secretary of State for SMEs, has launched yesterday a regional basis for the simplification preparing a national conference to be held mid-April in Paris. He had already met the end of January hundred correspondents SMEs appointed by the administration. The latter, one per department, are responsible for interviewing 500-1000 entrepreneurs back to their grievances. Questionnaires were also sent to employers of OFWs and SMEs to better understand their needs. The major national conference will summarize these grievances then to propose corrective measures.

Frédéric Lefebvre was yesterday at Compiegne (Oise) for the first regional meeting bringing together business leaders and state officials. He visited the company Techni Metal (15 million euros in turnover, 120 employees) whose boss has presented a very concrete way its administrative difficulties."I hope that the texts were written taking into account their impact on SMEs, that laws and other regulations are published at fixed dates, once per quarter, for example," said Bernard Lamb, CEO of the company . "I also support the establishment of a single portal for all tenders as is done in Germany. Finally, avoid the transposition of European directives only serves French companies against their European competitors. "Frederic Lefebvre then met sixty patrons and leaders of professional organizations in the sub-prefecture of Compiegne. He listened to their grievances at length on taxation, the creation and life of the company.Other similar meetings will be held in 21 regions.

'Act quickly'

The UMP of the Ardennes, Jean-Luc Warsmann, president of the Law Committee of the National Assembly and co-chair of national conference alongside Jean-Michel Aulas, president of Cegid and Olympique Lyonnais, was present. The MP, who is on a mission on this subject by the President, will present its report in late March. Legislation should be introduced this summer. "I wish the government, Parliament and business work hand in hand. We want to move quickly, "said Frederic Lefebvre.

The foundation for simplification are welcomed by professional organizations that condemn the proliferation of texts in all areas, whether social, environmental, procurement or safety. CGPME has already submitted 60 proposals.The chamber also recommends action. For example in the field of taxation or for exports to the DOM.

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The year 2010 was marked by a wave of bank cards say charity or solidarity in the portfolios of the French. Last launch date, the European Private Bank (OCA) officially presented in late January its "generous offer" in partnership with the Institut Pasteur. The offer, dubbed Altruis BPE, can automatically trigger donations of 0.50, 1 or 2 per transaction from his bank card, a MasterCard Gold card bearing the image of Louis Pasteur, for any payment of more than 20 euros no fax payday loan. "We offer our customers a simple way to get involved and different, with us in a great cause that affects us all and we are happy to defend," said Etienne-Marie Airiau, Director General of BPE.

The credit card of BPE, the portrait of Louis Pasteur, the latest arrival on the card market charities.

The redemption price would be fixed in April, and the report advocating the "right price competitive" known until mid-March. According to the Journal de Dimanche (JDD), the findings of this report, ordered the former director general of INSEE Paul Champsaur, "are ready and recommend the price of 39 euros per megawatt hour (MWh).

The new law on the organization of the electricity market (prefecture), which shall enter into force on 1 July, stipulates that EDF, the incumbent electricity, must yield to its competitors – GDF Suez Direct Energy and other Poweo – up to 25% of the electricity produced in nuclear power plants. The selling price must be set by ministerial order. This new mechanism is expected to boost competition in an industry dominated by ultra-EDF.More than three years after market opening to competition, the French are indeed remained mostly faithful to the regulated tariffs.

Reflect production costs

EDF had voted for a rate set at 42 euros per MWh, Henri Proglio, CEO of the group, believing that selling below this limit would mean the "looting". Alternative suppliers, including GDF Suez, hoping for a price closer to 35 euros per MWh.

To fix the wholesale rate at 39 euros, experts have focused on the impact that the price on your household. The increase for the public, would be at least 35% over five years with the wholesale price of 42 euros asked by EDF free business cards. It would be 30% at 39 euros, a level considered more reasonable by the Champsaur report, according to the JDD, or 5% per annum by 2015.Difficile to go below, however, according to the report."If the government does not overly increase the rates for individuals, it should not set a price too high for manufacturers," said a relative of Paul Champsaur quoted by JDD. Nome law specifies that the award should reflect "economic conditions of production" of nuclear power plants and it will be "consistent" with a specific tariff to business, Tartam (transitory regulated tariff for market adjustment) .

Friday, Energy Minister Eric Besson had told AFP that "nothing was adjudicated" and that dialogue "continue."He said that this price would be fixed "by a decree signed in April, after an arbitration of the President of the Republic and the Prime Minister."

(With AFP)

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