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Place the masons and painters! Members of the Committee on Social Affairs of the National Assembly completed late Thursday afternoon, discussing the draft law on pensions, with a few hours ahead of schedule. Members will now leave the Palais Bourbon completely delivered to artisans, who have already begun the usual summer work. Return scheduled Tuesday, Sept. 7, even on Monday night at 6 for a special session will begin by examining the same text, but this time in the Chamber.

"It is in times of transition, summarized perhaps one at the Elysee. The real battle will take place from September. "The for Sarkozy are well aware that this first parliamentary stage was a formality. Not surprisingly, the debates have been looped smoothly."The Socialists have just wanted to make a coup by breaking the lock-in twitter discussions with their phone," is a counselor. What the left willingly admits. For now, she preferred surf the weakening of Labour Minister Caught in the case Bettencourt. Godsend for the Socialists, who are careful not to request his resignation.

Paradoxically, the majority seemed more worried by the progress of the case and its component Bettencourt Woerth that by the turn of the debate on pensions. "The left is going clubbing Woerth in September. He held up? "Wonders already a Minister. The Elysee hopes that the summer break will reduce the pressure. Nicolas Sarkozy and François Fillon reiterated that Eric Woerth defend indeed the text on Sept. 7. In other words, he will not be driven to resign by then."It is quiet because we know there is nothing in the record," says the Prime Minister.

"Everything will be decided in September. We are ready for battle. But it also depends on the mobilization in the streets, "says one seat in the PS. Clearly, the left hopes to build on part of the public. Even if the opponents and proponents of reform are divided into two shares more or less equal bad credit pay day loans.

Unions united

Unions, too, prepare to maturity. For September 7 will also be a new day of strikes and protests against the reform that SF has, once again, on Thursday asked the "withdrawal". In reality, most organizations do not believe and do not even dream to win concessions on key points, beginning with the postponement of the age to 62 years.However, they have not conceded the changes on other aspects of the text during the parliamentary debate.

They rely for that on the "pressure" of the street. Will they go over the two million demonstrators, after 1.9 million announced on the evening of the last day of action – successful – last June 24? Not easy to mobilize massively, just days after school starts. Therefore, the central plan to continue their campaign throughout the summer, beach tour in the CFDT distributed a booklet "educational" on reform and its "alternative" possible, the CGT.

The unions will have an advantage: their unity restored. Having refused to sign for months, FOR has joined its competitors, and the CFE-CGC has done the same.It is the only organization to accept the decline of legal age, but she believes that the conditions there pose – including a strong financial closure of the reform – are not met.

Faced with this united front, the government has chosen to keep the ballast drop. He has done at this stage, no specific proposals on issues which he is willing to develop: difficulty, and long careers polypensionnés.

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Eurazeo adds another string to his bow. The investment company, majority shareholder or reference Accor, ANF, Apcoa, B & B Hotels, Elis, Europcar or Rexel, addresses the SME segment. It plans to invest 500 million euros on this segment by 2015, with two or three operations per year.

These investments will be made on equity through a new structure, Eurazeo Growth. In the medium term, the portfolio of SMEs Eurazeo could represent between 10% and 25% of the total assets of the investment company.At the end of 2009, it operated approximately 3 billion euros of assets.

Patrick Sayer, chief executive of Eurazeo, said in March, when presenting the annual results in loss, the team was preparing to intensify its efforts on niche growth companies.

"By creating Eurazeo growth, we apply our expertise to SMEs developed for large groups," said Patrick Sayer. We are ensuring our network of knowledge and skills, enabling them to better structure their growth.The team Eurazeo has essentially not changed for eight to ten years and has acquired a real expertise in project development, in entirely different. "

First operation in the photovoltaic

During the period flagship private equity from 2005 to 2007, Eurazeo had won many targets (Apcoa, Europcar …) in the face of industry. More recently, Accor is the case marked minds quick pay day loan. Associated with the American Colony Capital, Eurazeo obtained the separation of the two businesses of the group.

By targeting SMEs, therefore changing Eurazeo registry. He came to hunt on the ground already very competitive mid-cap funds. "We have the unique ability to support SMEs in the long term growth by investing in several times and helping to raise debt, warrants Patrick Sayer.Our goal is to change their size. In sum, Eurazeo growth is one-stop shop for SME growth. "

The first operation, in a society photovoltaic Fonroche, has just been completed. An initial investment of 25 million this year will be completed next year by an injection of same amount.

"Before deciding to invest in Fonroche, we met several photovoltaic companies in France, explains Fabrizio Gaudemar, head Eurazeo Growth.Fonroche matched exactly the profile we are looking for, having a presence throughout the downstream portion of the chain (assembly, design, installation, operation, maintenance) and with the ambition to become a genuine producer of renewable electricity in the medium term. The volume of business the company should spend between 2009 and 2010 from 27 to about 200 million euros.

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The crisis is good for the atmosphere! Figures released Thursday by the European Commission confirmed. In 2009, 12 569 industrial facilities belonging to the EU subject to a quota system for carbon dioxide (CO2) emissions have seen their greenhouse gas emissions fall by 11%.

Main reason for this improved environmental performance: the recession. Manufacturers must report annually their copy in Brussels on March 31, that provide estimates of their emissions of CO2 duly verified. Crisis forces, thousands of factories have emitted less tons of CO2 that the annual ceiling that has been allocated for the period 2008-2012.In other words, "there is a huge surplus of allowances," says Emmanuel Fages, an analyst at market CO2 Orbeo, a subsidiary of Societe Generale.

When the allocation of quotas by country and by industry, by 2008, some sectors have been able to negotiate generous limits, said Emmanuel Fages. This lobbying coupled with the crisis allowed them to return today holders of "carbon credits" worth tens of millions of euros, they may at their discretion to sell on the market. Thus, preliminary analysis of 12 569 lines of picture released Thursday in Brussels, European steelmakers (including mining) are left with 93 million tonnes of CO2 "in his pocket." In the spot market price on the spot exchange BlueNext Paris (12.65 euros a tonne on Thursday), this represents 1.17 billion euros of Treasury.The cement for their part have 53 million surplus allowances (670 million) cash fast now. As electricians, they have instead passed their overall ceiling of 100 million tonnes of carbon they will buy on the market.

In France, among the 1 118 facilities (power plants, boilers) subject to quotas, ArcelorMittal, with its two plants Gandrange and Mediterranean, has a surplus of 2.9 million tonnes, 36.9 million treasure euros at market prices. Ten plants of Lafarge cement totaled 1.3 million tons, 16.9 million euros.

In the automotive sector, emissions of four plants Peugeot-Citroen reflect the depressed activity. PSA has a credit of 138 000 tonnes.Even Disneyland in Marne-la-Vallee, low emitter of greenhouse gases but nevertheless subject to quotas liberates carbon credit of 3 650 tonnes. The raw data do not explain the case of crisis or the effect of efforts to produce heat and electricity more green.

Should we expect massive sales of CO2 by companies tempted to rake in cash, and thus a decline in the price of carbon on the European market? Although official figures for CO2 emissions, one indicator of demand for this very special market, falling only once a year, and analysts expect the industry. "There is therefore no surprise," says Emmanuel Fages. "We do not wait more sales," says the analyst Orbeo.

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A two-day European Council in Brussels, where investors await progress on measures of support provided to Greece, Paris markets should continue to remain cautious. At the opening, the CAC 40 Opens at equilibrium at 3927 points. On Monday, the Paris flagship index had already stabilized at 3928 points.

For now, the atmosphere seems to be tight in the countries of the European Union. The President of the European Commission, Jose Manuel Barroso had to bang his fist on the table to encourage the different European countries to agree on the mechanism adopted to help Greece.

As for values, the pharmaceutical industry will again follow after that, according to information from Figaro, Novartis has accepted the decision of the Ministry of Health to withdraw 50 million doses.Sanofi-Aventis fell by 0.71% to 55.93 euros

Seloger.com (+7.14% to EUR 27), who announced he would propose to pay for the first time a dividend of 0.33 euro per share, in the resume in 2010 with a double-digit growth of its business and profitability of payday loan lenders . Its turnover was up 1.9% in 2009 to 73 million euros and net income rose 3.9% to 17.7 million.

Audika (+1.18% at 26.51 euros), a specialist in hearing aids, plans to continue its growth in 2010 based on the dynamics of the second half of 2009, after a year of contrasts in terms of activity.

EADS (-0.40% to 14.94 euros): The North American subsidiary confirmed Monday the application for a postponement of 90 days from the deadline of May 10 to tender the contract had Replenishment of the Air Force.

Iliad (+2.56% at 76.49 euros) displays a turnover for 2009 of 1.954 billion euros, up by 24.9% including its subsidiary, Alice, and 1.619 billion euros up 3.5% excluding the supplier of broadband access. In addition, net income rose 75% in 2009 to 175,9 million euros.

The annual results of Havas and Meetic, after-hours trading, are expected on Tuesday.

The Japanese auto giant Toyota, which passes through an unprecedented crisis due to the increasing security challenges in several of its models (the Prius brakes, booster car in the world) announced Thursday returning to profit in third quarter 2009-2010. The manufacturer nippon even raised its financial forecasts, while the annual cost of reminders should cost him between 1.3 and 1.4 billion euros.

For the three months from October to December, the world's largest automaker has made a net profit of 153.2 billion yen (1.16 billion euros), against a net loss of 164.7 billion a year earlier .Operating income from Toyota is also back in the green, with a profit of 189.1 billion (1.43 billion) instead of a loss of 360.6 billion for the same period of 2008-2009 for a turnover up 10.2% yoy.

The company said it now expected to conclude its 2009-2010 fiscal year with a net profit of 80 billion yen (610 million euros), whereas previously it expects a net loss of 200 billion payday advance . The operating loss year should reach 20 billion instead of 350 billion expected previously.

We have revised our forecast for 2009-2010 due to factors such as rising sales and cost reductions in all directions, "said in a statement the Executive Director Takahiko Ijichi Toyota."And our emergency plan to increase our profits grew faster than expected," he added.

Toyota said Thursday that the recall of several million vehicles worldwide due to problems of accelerator was going to cost between 170 billion and 180 billion yen (between 1.3 and 1.4 billion euros). The cost of the recall itself should reach about 100 billion yen, and the costs of declining sales that followed between 70 billion and 80 billion, said during a press conference the Chief Executive Toyota Takahiko Ijichi.

At the Tokyo Stock Exchange, Toyota shares ended Thursday on a further drop of 3.52% to 3280 yen. Since January 21, the group's market value has shrunk by almost 22%.

With the boom of smart phones, networks running at full speed for surfing the Web, connect to social networks, send email, video, SMS … As the family expands again with the arrival of "Nexus One" by Google the networks they might saturation? For with the arrival of these phones and multifunction keys 3G networks face increasing traffic without precedent: it will double from one year to another, according to Frederic Pujol cabinet Idate. At Vodafone, he has been multiplied by four!

Several operators have paid the price, such O2 in Britain, which recognized that the iPhone had saturated its London network in recent months, preventing him from making and receiving calls.AT & T, the United States, has experienced the same situation, which led its director of information services that the iPhone was his worst nightmare!

French mobile operators, trained by the British example, take this seriously. But no doom, all three believe that the situation of French networks, which they invest each year is immune to failure.

Heavy investment

"This is a subject on which we are very vigilant but without real concern, says Jean-Marc Tassetto, general manager marketing and public SFR. On the one hand, we invest each year in our network for sizing, or even 1.4 billion euros this year. Secondly, we propose solutions to our customers to address the increase in traffic. "SFR, which has two million SFR-Neuf box connected via Wi-Fi, opened the Wi-Fi to its mobile subscribers.Secondly, SFR is the "femtocell," these small antennae on the DSL box, which should also help alleviate traffic in mobile networks. Finally, Vodafone has introduced a policy of "good practices" to exclude a few users who clog the network with abuses.

Besides the use of iPhone users stabilizes. "The first customers were using 500 to 600 Megabits per month, today the average is 300 megabits. That makes sense: once you've discovered the applications from the App Store, you return to a more reasonable consumer, "says Jean-Marc Tassetto.

Even finding in Orange and Bouygues Telecom. "Bouygues Telecom has no risk of saturation. We have two times less customers than our competitors and yet a similar network architecture.In the current state of the network Bouygues Telecom can triple its capacity because we did not use any bandwidth. The increase of traffic justifies a posteriori all the investments we have made in our 3G network, "says Emmanuel Forest, deputy CEO at Bouygues Telecom. Know sizing the network to customer needs is just the heart of the business telecom operator. "Anticipating the saturation is what we do since our inception in 1996. Each year we add radio cards needed in the network. The phenomenon is expected, and anticipated no difficulties, neither technical nor financial, "he concludes.

The Cac 40 opens this Thursday, for the last time in 2009, an increase of 0.38% to 3950.67 points. While many observers predicted another year of declining market share in Europe, the old continent is not doing too badly. With increases hovering around 20%, German and English indexes have achieved performance close to what the CAC 40 should finally be realized in 2009 at the end of this session shortened. For now, the French index has gained 22.3% since 1 January.

The activity should be reduced, particularly since no statistics are expected today.After closing at 14.30 it will still leave the United States, weekly statistics on employment.

Values follow

The values related to raw materials should be encouraged by new record annual zinc, aluminum and copper in Shanghai.

Geci International has conducted a capital increase reserved to two investors for $ 7.6 million.

The Strategic Investment Fund (ISF), the SWF lights, preparing to take forward a 20% stake of Avanquest Software, a French manufacturer of consumer software is also present in the professional sector with products shipped in the mobile phones. Avantquest Software is ranked ninth among ISVs lights.

In a statement released Wednesday, Avanquest indicates that the ISP will inject 6 million euros through a capital increase that will be conducted in early 2010. The capital increase Avanquest should be a total of 8 to 9 million euros, with retention of preferential subscription rights.Taking as reference the Group's market capitalization at the close Tuesday, the ISP would hold at the end of the transaction, approximately 12% of capital Avanquest.

Meanwhile, the Strategic Fund will acquire 3 million euros in convertible bonds issued by the software publisher. The ISP also expressed readiness to participate in a "future fund raising, once a major project of external growth would, for a total investment of the two transactions exceeding 20 million euros. This second operation would be, if, before March 31, 2011, the participation of ISPs are capped at 20%.

Avanquest has already completed a capital increase in March

The ISP had set the tone earlier this year by partnering with the French association of software publishers (Afdel).The fund, whose capital is owned 51% by the Deposit and 49% by the French state has already chosen other targets in software publishing. He announced his entry with Cegedim, a specialist in customer relations for the pharmaceutical industry in which it would inject 117 million euros. But while health Cegedim is flourishing, that Avanquest is more delicate.

The company co-founded in 1984 by Bruno Van Ryb has changed in size in two major acquisitions in 2007. Avanquest has indeed swallowed Nova Development in the United States and Emme in Europe, which enabled him to climb the third step of the podium European consumer software.But last year, the company saw its sales fall by 10.6% to 104.1 million euros and has posted losses for the second time.

Last March, Avanquest, which has cut its workforce, conducted a capital increase of 7 million euros during which Oddo Asset Management has gone to join other investors (Turenne Capital, OTC Asset Management, After Flora, IDI Edmond de Rothschild Investment Partners and AGF Private Equity). The ISP should become the largest shareholder of the company while employees and managers 17.3% of total capital Avanquest.