If the current situation is rather gloomy, the atmosphere, in the late 1990s, was euphoric to say the least. The tech bubble that began in 1995 with the IPO of Netscape – sensational – escalated beyond reason with the explosive growth of telecommunications (France Telecom was by far the largest accumulation of ACC 40) and the phenomenon of start-ups. The world has welcomed the Internet as a revolution that would change the world, characterized by prosperity, easy money and speculation.The shares were outbid unconnected with the reality of companies' accounts.

When the time has come to the realization, the descent into hell has begun. On March 13, 2000 in New York, the Nasdaq index of technology stocks at the time (eBay, Yahoo, AOL …) suddenly picks up and puts an end to five years of consecutive increase. The European market will suffer a few months later and will suffer the same mass layoffs.

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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Besides GDP, the U.S. will publish the index of consumer sentiment and Chicago PMI. In Europe, German retail sales and GDP of the area will also be published.

But it was the positive interpretation of the many important results published before opening behind the rating.

Publication Burst

Alcatel Lucent (6.38% to 2.20 euros) announces revenues of 3.813 billion euros in the second quarter.The group reiterated its outlook for 2010, including an adjusted operating income of between 1% and 5% of its revenues.

JCDecaux (+0.35% at 19.94 euros) on Friday announced a net profit in the first half of 65 million euros. The group anticipates a change in organic revenue for the third quarter less than that of the second with a cash flow of 119 million euros, compared with -1.7 million euros in the first half.

Lafarge (-3% to 42.18 euros) has reported a sales increase of 2% to 4.43 billion euros in the second quarter. The company expects a reduction in capital expenditure to less than 1 billion euros in 2011.

EDF (2.02% to 33.12 euros) announced a net income Group share 1.7 billion euros including a provision for $ 1.1 billion on its North American operations.The group, which should sell its UK electricity networks based on an enterprise value of over 5.5 billion pounds, has announced a delay of two years for his BDU Flamanville.

EADS (4.38% to 18.35 euros) announces a net profit in the first half of 185 million euros and a turnover of 20.3 billion euros.

Schneider Electric (2.51% to 88.57 euros) publishes a turnover of 8.57 billion euros in the first half (+10.5%) of which 4.661 billion (+18.5%) in the second . In an interview with Le Figaro, Jean-Pascal Tricoire, CEO, set an improvement for the second part of the year.

Renault (+0.16% at 33.07 euros) issued a revenue increase of 23.1% for the first half like for like identical, to 19.668 billion euros. The constructor returns to the green with profits of 823 million euros.

The reaction of Peugeot (-0.80%) is observed.Still in the automotive industry, Michelin (0.62% to 59.72 euros) announced a net profit in the first half and said it expects a continued rebound in demand for tires in the second half of the year .

PPR (-0.24% to 102.10 euros) announced a net profit after minority interests rose 86.8% to 407 million euros in the first half.

Imerys (2.01% to 45.36 euros) has reported a net operating income rose sharply to 122 million euros in the first half with a turnover of organic growth of 16%.

Total (2.09% to 39.15 euros) announced adjusted net income for the second quarter of 3 billion euros, up 72%.

CNP Assurances (-1.12% to 15.92 euros) has issued a net increase of 8% to 542 million euros and a turnover of 17.697 million euros (+2.4%).

Rhodia (2.98% to 16.22 euros) raised again after its 2010 targets announced Friday results exceeded expectations in the second quarter.

Saint Gobain is optimistic

Saint-Gobain (+0.02% to 33.3 euros) has reported a strong rebound in its first half results, while confirming its target of strong growth in operating earnings in 2010.

Capgemini (-0.59% to 36.13 euros) has announced the acquisition of the Swedish IT services Skvader Systems. No financial details were disclosed.

Air Liquide (-0.75 to 85.45 euros ù) has announced the acquisition of the company Lion Copolymer Geismar American Services. No financial details were disclosed.

Euler Hermes (4.92% to 61.39 euros) has reported net profit more than doubled in the second quarter from the first and said he intended to maintain profitability in an environment more favorable macroeconomic that over the past two years.

Ingenico (3.68% to 19.15 euros) on Thursday posted a net profit increased more than two in the first half thanks to increased transactions in Europe and raised its sales target.

Alten (1.43% to 22.71 euros) has reported a slight improvement in activity in its sector in the first half. Turnover rose 2.7% to 450.9 million euros over the period.

Flo (0.65% to 4.63 euros) said that the activity in its restaurants had not yet regained the level that was hers before the crisis, despite the reduction in VAT.The turnover of the group stood in the first half rose 7.6%.

A view shared by Michael Emmanuel Thuy Munis and Hassim, respectively partner and manager of the consulting firm NPT Consultants specializes in the banking and insurance.

Lefigaro.fr / jdf.com – French banks (NBP Paribas, Societe Generale, Credit Agricole and Natixis) Will they pass the exam?

Without a doubt! These stress tests are a bit like the Bachelor: almost everyone will have it in Europe, which makes him lose credibility. In fact, the findings of these tests of resistance will not argue not much. What to watch, what are the assumptions.

Which are these assumptions?

Assumptions on growth, unemployment, inflation and real estate are set by the Bank of France. There are two scenarios: one optimistic and one pessimistic. For example, last year, the first was zero growth and the second a recession of 2.5%.

From a standpoint of the bank as a company, the exercise was to downgrade by one notch rating default probability given to each level of the portfolio of the bank.

For example, if a risk of default is currently 2, the bank simulates a situation where the risk is rated 4. All branches of the portfolio and are staggered. On seeing the situation deteriorate and in its asset portfolio, the bank must protect themselves against-some of these risks and increase its mass of capital and liquidity to cope with any difficulties. This is also the challenge of the recommendations of Basel III, currently in talks.

These assumptions pose any real conditions of a major economic crisis?

The assumptions and asked did not reflect the reality of a major shock No fax cash loans. They lay the groundwork for a gradual and slow recovery, but do not take into account the possibility of a relapse into recession, for example (the famous "double-dip").

Neither of the possible restructuring of the debt of a country of weight outside the EU. As Russia. While in Europe, as was the case with Greece, for example, member states have shown they would join forces in order not to leave one of his bankruptcy, what will happen if Russia had to reschedule its debt? We can not know, but the situation would be catastrophic.

What are the political success of these stress tests?

There is a little over a year, the U.S. findings were providing stress testing of 19 banks very good (only two have failed), which had been boosted confidence in the U.S. banking system after the blow of Lehman Brothers, which filed for bankruptcy in September 2008.And after that 10% of U.S. institutions bancires put the key under the door!

European markets also need to be reassured, and policies have any interest.Ultimately, these stress tests are different goal in mind that European governments are behind their banks.

French banks can they go bankrupt?

In France, BNP Paribas, Societe Generale and Credit Agricole, which spans international, will never be dropped by the French state, because the consequences of a failure of one of these institutions are unimaginable, especially in terms of employment.

If they had to go through another very difficult phase, the state will play its role of lender of last resort, even though the price of a huge debt.

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* BNP Paribas, Societe Generale, Credit Agricole and Natixis.

If the information is confirmed, it would be a setback for Tony Hayward, last Wednesday, went to Abu Dhabi, to convince the influential Crown Prince Sheikh Mohammad bin Zayed to buy 10% stake BP.

Abu Dhabi, however, may "want to take stakes in certain assets of BP in the region, but provided they have no problems with the U.S. Department of Justice," says MEES.

Leverage counterparts

In addition to the SWFs in the Middle East, BP tries to seduce her American counterparts. According to the Sunday Times this Sunday, the tanker is currently in exclusive negotiations with the U.S. Apache Corporation to sell up to $ 12 billion of assets, including its share in Prudhoe Bay, Alaska, the largest field North America. Apache, which is worth 29 billion dollars in stock, has already signed with BP repurchases in the past.But this operation would be of a different scale: Prudhoe Bay produces 390,000 barrels per day, or 15% of the production of the North Sea.

The partners in the field of BP, Exxon and Conoco Philips, will certainly have rights of first refusal on the part of BP. This dernierpourrait allow them to buy if they offer the same price Apache. The Sunday Times also understands that the U.S. government would have allowed Exxon to study a possible takeover of BP.

The Sunday Times added that BP would also soon sell its 60% interest in Pan American Energy, a producer in Argentina. The acquisition of this share worth $ 9 billion Chinese CNOOC and try the Argentinian Bridas. BP is also expected to sell various other assets, including its activities in Venezuela and Colombia, worth one billion dollars, as well as those in Vietnam, a similar value.

The government is continuing its investigation

All these operations are part of the constitution by BP to a reserve fund of 20 billion dollars (15.8 billion euros) pledged U.S. authorities to ensure the cleanup costs and damages associated with the tide black.

So he has launched an operation which is expected to completely contain the leak, BP is still feeling the pressure from U.S. authorities. The Justice Department has announced that Sunday, through the voice of Minister Eric Holder would continue to investigate the causes of the spill that pollutes the Gulf of Mexico from late April to determine whether to proceed with indictments.

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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.

"I also want to stress that exchange rate determined by the market are essential to global economic vitality," wrote as Barack Obama, who is of course referring to China, which Washington believes the currency, the yuan, is artificially under -valued, preparing a showdown with his counterpart, Hu Jintao.

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The legal provision pushed Dell to revise downwards its forecast for first quarter 2011. Net income for the company is reduced by $ 100 million to 341 million dollars. In turn, earnings per share decreased by 5 cents to $ 0.17 Easy Pay day loans.The result before exceptional items is not affected.

The SEC investigation into accounting practices and financial Dell and its business relationship with Intel, accused of anti-competitive practices, the computer maker said in a statement. Dell said it is in discussions with the SEC to settle amicably the investigation, adding that this did not imply recognition or denial of suspicion.

Following the announcement, as Dell was losing 2.5% in trading after-hours trade.

The differential between the Bund and the Greek loan ten years, the German borrowing considered the benchmark in the European bond market, reached 391 basis points, a highest since late January. A level also close to 396 points reached at the height of the crisis.In other words, Greece must now pay twice as much as Germany to borrow on the markets.

In this tense atmosphere, the euro sank to its lowest level since March 26, to $ 1.33 against $ 1.35 last week. The tension on the Greek rate has rubbed off on the rest of European rates. Thus, the obligation comparable Treasury (OAT) French grew at 3.472% against 3.391%. The rate of Gilt UK has also tended to 4.004% 3.917% Thursday cons. The 10-year German Bund rose to 3.145% 3.080% cons Thursday night.

"It was a very bad day for Greek bonds," said Greek Finance Minister George Papaconstantinou.The latter also wished to refute the rumors again: "There was never any action on our part to change the terms of the recent European agreement on the mechanism of support," he said cheap pay day loans .

A difficult month of May

This renewed tension on the market does not bode well for the country that has yet to find 20 billion euros by the end of May to repay debt is estimated at 300 billion euros, or 113% of GDP. Macroeconomic statistics are not reassuring either. According to the European Commission, the economy needs to contract by 2.5% against 2% initially estimated.The deficit also revised upward, to reach 13% of the GDP against 12.7% of the initial estimate used as the basis for projections of the annual budget.

Asian investors, including Chinese and Japanese funds, show little enthusiasm for the idea of buying Greek bonds. George Papaconstantinou, which announced its intention to borrow dollars, must travel to the United States after April 20 to find new potential buyers.

In this context, IMF teams have to land Wednesday at Athens, at the request of the Government, to advise the country. The IMF should include a focus on fiscal discipline and the fight against tax fraud.A visit also intended to reassure markets that are questioning the viability of the proposed plan by the Greek government.

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"SPECIAL CASE – Greece, a challenge for Europe

In 2009, this particular sector of the export has not escaped the crisis. While major contracts to emerging markets had risen to 30 billion euros in 2008, they fell to 21 billion last year. But the situation was rectified by end of year: fourth quarter 2009, sales have recovered to their levels of early 2008. "Since last October, we see a rebound very clear orders.They are China, and to a lesser extent India and Brazil, which are driving the demand "said Frederic Sanchez, CEO of Fives, a group specializing in providing equipment isolated and turnkey plants for heavy industry, and also president of the International Committee of the MEDEF.

The entrepreneur remains cautious for 2010. "It is too early to say whether the recovery is sustainable. The industrial engineering, from developed countries but also emerging economies, we are very strong competition. Margins are under pressure, "says he. If the backlog of Airbus can see coming in the aircraft sales in 2010, there are no certainties about civil contracts. In all cases in 2009, Africa was the first major outlet for French contracts, including through gas projects in North Africa. Asia came in second.But the Middle East was disappointing, the volume of cases being dropped to the level of 2002.

See also:

The French trade deficit narrowed in 2009

"Idrac:" France takes its place in world trade "