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Review of the week, still not good on Wall Street. The flagship index of the U.S. coast, the Dow Jones has sold more than 1.3% over the last five sessions. On the month, it lost 3.5%, its largest monthly decline since February 2009. And from the peak of the year (January 19) at 10,725 points, it dropped 6.1% …

Note that the volatility index rose more than 4.3% on the session. This shows the nervousness of investors.

But Friday had sounded like a new breath of oxygen. The U.S. indices had opened up, certainly not stupendous, but reassuring. Investors initially reacted to the GDP growth of 5.7% in the fourth quarter of 2009. Note however that the whole of 2009, GDP fell by 2.4%.In addition, a new series of good quarterly results have agreed.

According to Christian Parisot, head of economic research at Aurel, "this figure is reassuring for markets and for the future." But that rebound is partly 'technical', relativize does. He explained to the tune of 3.4 points from a "stock effect". Croissancedu the fourth quarter will be weaker in the first quarter of 2010, he said.

Still missing, the index fell

Then the breath was cut. The indices have regained some equilibrium after 20 hours (Paris time), then slid into the technological rouge.Les weigh heavily on the trend. So that finally the Nasdaq plunged 1.45% at 2147.3 points. The Dow Jones dropped 0.52% to 10,067.33 points, under 10,100 points. And the S & P 500 dropped 0.98% to 1073.9 points.

Yet, at 15.45, the figures of industrial activity in the Chicago area for January were pleasantly surprising: ISM index rose to 61.5. Then, ten minutes tardn it was the turn of consumer confidence as measured by the University of Michigan to give pleasure: it has been revised upward to 74.4, reaching its highest level in two years.

The Dow Jones had already ended on a Thursday this very negative (-1.13% to 10,120 points), leaded by the disappointing statistics. Applications weekly unemployment benefits fell during the week ended January 23 (to 470,000) but less than expected. Similarly, orders for durable goods in December increased more slowly than expected (+0.3%).

Yesterday evening, Ben Bernanke has been extended for four years at the helm of the Fed. The markets saw his appointment as a continuity of monetary policy characterized by very low rates.On the same level, China has also sent positive signals to the market today. The Chinese central bank reiterated that it would maintain a "moderately flexible monetary control.

Microsoft guest star

Even the good performance of Wal-Mart (1.52% to 53.4 million) and The Home Depot (+2.5% to $ 28), failed to halt the downtrend.

It is largely explained by the decline in technology stocks. The index closed at losing more than 1%. Apple heavyweight, with a decline of 3.6% to 192.12 dollars, under pressure since he revealed his "Ipad.

The computer giant Microsoft has published the results of its second quarter lagged 2009/2010 after Exchange Thursday, with a turnaround in net income of 60%, to 6.66 billion dollars.The stock has lost 3.36% to 28.18 dollars.

Amazon also announced after market close a net profit in 2009 up 40% to 902 million. The fourth-quarter earnings soared 71% to 384 million. Turnover was 24.51 billion dollars, or 28% more than in 2008. In exchange, the share increased to $ 132 before subsiding, then fall from 0.49% to 125.41 dollars.

Mattel (-1.2% to 19.8 dollars) released before market on Friday, a dramatic increase in its earnings in the fourth quarter: 86% to $ 328.4 million. Over the year the Group achieved a profit of $ 528.7 million, up 39% as well, which reduced per share amounted to $ 1.45 against expectations of 1.24 dollars.

The maker of automation and appliances Honeywell issued before market also net income group share declined slightly (-1.3%) to 698 million in the fourth quarter, in line with analysts' expectations. The title has sold 3.04%, to 38.61 dollars.

The oil company Chevron (-1.68%, to $ 72) on Friday issued a 2009 annual profit fall of 56.2% to 10.483 billion dollars, due to falling prices and pressure on margins .

Furthermore, the group of French telecommunications and media company Vivendi sued by shareholders ruined by its near-collapse in 2002, was convicted of misleading communication. Its CEO at the time, Jean-Marie Messier, has instead been milled.

Burning a limit to the deficit in the marble of the law. The suggestion was made by Nicolas Sarkozy in 2007 during the presidential campaign. Then was taken in late 2009, a budget minister Eric Woerth, seduced by the German example. The topic should be discussed Thursday at the Elysee Palace during the conference on deficits. How, specifically, would this be possible?

The Germans themselves have already taken action. They have set a goal rigorous balance of public finances on an entire economic cycle and have entered into their constitution. Clearly, the German deficit will not exceed 0.35% of GDP in 2016.

Pass such a law in France could reassure the markets. They are concerned about the explosion of public debt. Rating agencies have already warned France that it would quickly present a plan resorption deficits.Otherwise, goodbye note prestigious Triple A allowing Paris to borrow very cheaply.

Eric Woerth, in his first statements, believed that coercion should be entered in a text of a range exceeding the classical law. The minister was thinking of an organic law? This type of text is in the legal hierarchy between the statute and the constitution. "I'm not sure that new legislation limiting deficits to this level would change the deal because all the existing provisions," argues Sophie Baziadoly, lecturer in public law at the University of Cergy-Pontoise.

Already copntraintes

Entering the euro zone, France has already pledged not to show a deficit above 3% of GDP bad credit payday loans . A rule regularly flouted.Nationally, the planning law, passed each year, limiting the increase in government spending to inflation. But this is not a legal rule, rather rule management. If it is not respected, there are no penalties.

The organic law will probably not solve these problems. "Like any law, it can be applied … or not, so it's purely symbolic," says Michel Bouvier, Professor at University Paris I Panth?on-Sorbonne and director of the Association for the International Foundation of Public Finance (Fondafip ). "The only serious solution is to fix the balance in the constitution." Follow the German example, in short.

But is it really desirable? This solution "removes responsibility policies and limits their freedom of action in the future," said Michel Bouvier. According to the university should instead strengthen fiscal transparency, streamline the budget.One area where France did not blush. For if it is bad in terms of student debt is one of the best in the world for the transparency of public finances, according to the International Budget Project. Still, this does not seem to be enough today to reassure the markets.

See also:

"The tax loopholes in the sights of Sarkozy

"The government is tackling the deficit reduction

"The French are concerned about debt

If these are the salaries of bosses who are the most frequently stigmatized, smaller does not make as many copies. An analysis by John Gatty, chairman of the management company portfolio JG Capital Management, is evident even in the inverse relationship that binds the market performance of the Small Business 90, and pay their boss!

Without claiming to have conducted a scientific study, the manager who invests heavily in these small caps of the SBF 250, compiled and classified statistics publicly available on the market performance of these 90 companies since 2001, and compensation their boss. The finding, paradoxical, compiled by JG Capital Management, is that, on average, over the boss's pay, the higher the stock market performance of the enterprise is low.

"Inverse correlation and shocking"

The nine companies whose stock price rose the most since 2001 (average 640% Hi-Media, Gameloft, Lacie, or VM Toupargel materials are involved) are those whose employers are paying less (203 payday loan ? .000 in 2008). While nine companies whose stock performance was the worst (-76% on average over the same period) are also those whose bosses are better paid (675,000 ? in average). They include Rodriguez, whose owner has received 1,439,000 euros in 2008, Eurodisney and GFI Informatique. John Gatty is that the observed sample (90 companies) can do together, because of its smallness, as special cases. The strength of these statistics suggest, however, perplexed.

Martin Hirsch and John Gatty have also a common platform to Echos, denounced the governance problems revealed by these statistics. For "almost all the companies in which we observe this inverse correlation and shocking claims to respect the requirements of the Code of Corporate Governance prepared by the MEDEF Adep and" they rebelled.

The Californian partner Renault in electric cars have passed a nice round. Better Place has in effect said on Monday it has raised 350 million dollars, 247 million euros.

The deal values the company at 1.25 billion dollars. It should enable the company to "grow internationally," according to its CEO Shai Agassi, quoted in a news group.

It was underwritten by HSBC, Morgan Stanley Investment Management and Lazard Asset Management, and must be closed during the first quarter. In its statement, Better Place is pleased to be among the major investment of its kind conducted by HSBC Business Card Design . Having spent 125 million dollars, nearly 90 million euros, HSBC is the largest investor in this transaction.The bank will take 10% stake Better Place, and put Kevin Adeson, head of global financial transactions, within the executive committee of Better Place.

Better Place will install networks of charging infrastructure for electric vehicles. Through its partnership with Renault, Better Place aims to commercialize a nombvre minimum of 100,000 cars in Israel and Denmark by 2016.

A rebound in perspective. The Paris Bourse is scheduled to begin this week in the green, having closed sharply lower Friday. After pointing downward, the future will resume within minutes of opening. The CAC 40 gained 0.53% to 3975 points.

This morning the Asian seat ended in a steep downward trend. The Nikkei lost 1.16%. The disappointing results from JP Morgan affect the morale of investors who doubt the health of the banking sector. Friday, Wall Street had already set the tone by closing on a negative note. On Monday, the U.S. places are closed due to holiday.

No macroeconomic statistics that could reverse the trend is expected.

Renault under the microscope

As for values to follow, Renault is expected to turn.Group CEO, Carlos Ghosn, announced Saturday that the new Clio 4 will be made to Flins (Yvelines) and Turkey, without giving further details on the distribution of production at both sites. The reaction of Peugeot will also be expected.

According to the British press, GDF SUEZ is considering a reconciliation with Britain's International Power. The transaction details are not mentioned.

Louis Welsh, CEO of EADS Sunday welcomed signs sent by the client countries of the military transport aircraft Airbus A400M.The France had announced it planned to discuss the cost overruns of the project therefore would not be abandoned.

Air France KLM would react Exchange after publication in the Japanese press of a rapprochement between Japan Airlines (JAL) and Delta Air Lines, which should lead JAL to join the SkyTeam alliance, which includes Air France-KLM.

According to the Tribune, Axa interested in a stake in the giant Russian Aluminum Rusal, which is listed on the Stock Exchange of Hong Kong and Paris (Euronext) next week. Rusal hopes to raise 2.6 billion dollars (1.8 billion) through its entry into the market.

Accor CEO Gilles Pelisson said in an interview with Journal du Dimanche that the group should not be separated from its brands Sofitel and Motel 6.He said the resumption of the hotel market will slow in the first quarter of 2010.

The luxury goods group Compagnie Financiere Richemont announced Monday before market turnover exceeds expectations in the third quarter of 2009/2010. The latter rose 2% to 1.585 billion euros, while analysts expected a decline. For the current year, Richemont gave no forecast

Aeroports de Paris (ADP) after market must publish its traffic for the month of December.

At 18h, Casino and Mercialys publish their figures for the fourth quarter while Soitec unveil his own in the third quarter.

PC producers smile again. According to Gartner, it has sold nearly 306 million computers worldwide in 2009, against 302.2 million units in 2008. An increase of 5.2% in one year. In November, the firm analysts foresaw growth of 2.8% this year. This recovery was mainly driven by a surge in sales of 22.1% over the fourth quarter alone. While the basis of comparison is largely favorable. The global economy plunged into crisis a year earlier, with only 78 million PCs sold in the fourth quarter of 2008 (+1.1% over the same period in 2007).

Today, all regions of the world leave more beautiful. "The United States and Asia-Pacific had already been positive indicators in the third quarter, but fourth quarter results give more evidence of a global recovery," said Gartner analyst Mikako Kitagawa.For the first time in three quarters, in fact, the regions Europe, Middle East and Africa were up in the fourth quarter.

Redistribution of cards

A recovery has been particularly successful in producing Taiwanese Acer. The latter took the opportunity to eclipse Dell's second largest computer manufacturers in 2009, after flying his way to his American rival in the third and fourth quarters. Over the year, Acer has sold 39.897 million in total PC, a jump of 29.4% which enabled him to capture a market share of 13%. Dell, meanwhile, reported sales of 37.355 million computers over the year, down 9.1%. Its market share fell to 12, 2%, against 14.1% a year earlier.

The battle for second place does not seem to affect Hewlett-Packard, anyway. The American manufacturer is sticking to its first place. And by far.The world has sold 58.947 million computers in 2009, registering an increase of 11.3% comfortable compared to 2008. HP wins a market share of 19.3% (against 18.2% last year).

Sales from consumer PCs and cheaper

According to analyst Gartner, HP, Acer and Toshiba, the fifth largest producer with 15.495 million computers sold in 2009, received a "strong consumer demand." The business market, it remains uncertain. This is not the business of Dell, which has mainly specialized in selling office equipment. Finally, Mikako Kitagawa highlights the success of the cheapest PC. To demonstrate the success netbooks, often sold at less than 300 euros, continues unabated.Finally, the launch of the new operating system Windows 7 to fall was a great marketing coup for the holidays.

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On the eve of the great Mass Association Annual Retirement Savings Afer, the past resurfaces and new twists are expected. Accused in 1999 of embezzling 128.9 million euros, the former leaders of the savings association G?rard Athias and Andr? Le Saux, were convicted on appeal by the Correctional Court of Paris, two years in jail suspended for breach of trust, and restitution of misappropriated funds between 1986 and 1997. This conviction was finally confirmed on 2 December by the Court of Cassation. This now opens the way for compensation to investors who suffered financial loss.

The SOS Afer Principles, which includes 400 members of the association, has therefore written to the Board of Afer asking him to recover misappropriated funds at the expense of savers."At least 400,000 members are concerned, are entitled to recover all amounts diverted, or about 250 million euros," said SOS Principles Afer.

We'll see tomorrow at the meeting of the association, during which will be unveiled the yield of the contract for 2009, how the current leaders of Afer respond to this request.

INFO FIGARO – As data traffic on mobile explodes, Bollor? Telecom, WiMax champion, believes more than ever the future of broadband Internet wirelessly. Reportedly, the company, a subsidiary of the Bollore Group, has just bought the operator Altitude WiMax licenses of Alsace and Burgundy regions. With this investment, Bollor? Telecom, chaired by Dominique Roux and directed by Marc Taieb, now holds WiMax licenses throughout the country.

In 2006, the company had already won 12 regional licenses for 78 million euros after an extensive bidding. Then in June 2008, she had acquired from TDF's WiMAX licenses in 8 regions.With the two licenses that it just bought at Altitude, Bollore Telecom won the Grand Slam: he is now the only operator with Free, to have national coverage.

In 2006, the telecom regulator (Arcep) was awarded two WiMax licenses by region. Besides Bollor? T?l?com, SFR also holds WiMax licenses in two major regions: the Island of France and Paca, Altitude is always a dozen, and several regional councils as they are in Burgundy, Corsica, Brittany and Poitou Charente.

The deployment of Wimax has been delayed, as is often the case with new technologies in telecommunications. But many traders remain convinced of its usefulness. First to cover areas where we can not put fiber optics. WiMax can provide broadband signal wirelessly to institutions (stations, airports, marinas, universities …).It already provides mobile functionality can be later mobility. This technology will also certainly be additional frequency bands classic mobile (3G, 4G …) which, given the explosion of data traffic, arriving almost a saturation in some cities. Finally, the technology of the wireless Internet is extremely useful in developing countries: while they have no or little wired network, WiMax is affirmed to be the best way to bring Internet.

At the risk of scaring a few more customers of the French ports, the CGT chose continuity in strategy from one year to the next … After a one-day strike on 6 November and a strike overtime from that date, the association of ports and docks union's relaunch its action against the port reform, passed in Parliament July 4, 2008. The CGT called employees of large seaports, where it has a majority, with two strikes of 24 hours this Monday and next Monday. This should lead to a new terminal block of the seven major French ports.

"The answers we received were not likely to reassure all ports, the federation called to amplify the movement," says the union, whose representatives have met with Transport Minister Dominique Bussereau ago weeks.

For the CGT, the "Recovery Plan ports" of the government aimed to "privatize the autonomous ports. "Where are the development projects of traffic? Where are the 30 000 jobs that were created? "Asks the union. For the latter, the only concrete project since the passage of the reform, the LNG terminal Verdon Bordeaux, has been barred by the government.

Business bloodless

More importantly, the union opposes the measure lighthouse, the transfer of cargo handling activities (cranes and personal) of major ports to private companies, for which the procedure is being per-port basis.Given the crisis that has severely affected the sea traffic, the time would be particularly ill-chosen, the union argues: "The operators and major arms, which are the major claimants of this reform are now dying and unable to lead the transfer of tools and secondment of personnel. "

In Marseille, one of seven ports affected by the reform, Pascal Galeota, general secretary of the CGT major seaport, boasts a "moratorium to reinforce the activity, while the government seems determined to keep on schedule to be in order walk as the recovery will occur.

But the CGT leader Marseille insists: "We feel that nobody knows where we go." Reform is much more complicated to implement due to poor economic conditions, "said union leader, who refuses" transfer deficit bloodless enterprise. The question is whether these blocks are the best way to help businesses affected through this difficult period …

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