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Angela Merkel and her government are holding their breath. Renowned for its warmth towards Europe, the Constitutional Court in Karlsruhe invite this week in the feverish debate on the rescue of the euro. The judges will vote Wednesday on the constitutional legality of financial aid given to Greece in May 2010. Their decision could affect the vote of German MPs, who must decide on Sept. 29 in the Bundestag on extending the powers of the European Financial Stability Fund (EFSF).

Already facing a rebellion of the members of his conservative party (CDU), the German Chancellor has been careful to separate into two parts the vote on aid to Greece and that concerning the adoption of the future European Stability Mechanism (SPM) .More than two dozen elected officials of the CDU threatened not to ratify the decisions taken at the European Council of 21 July, fearing that Berlin does not transfer too much power to Brussels. MPs are reluctant to help Greece, which they consider a "bottomless pit" and feel that their powers in budgetary matters were trampled. The Chancellery is concerned that the decision of the judges in Karlsruhe will come inflame the debate.

Growing skepticism

Largest economy in the euro zone, Germany is also the primary funder and many elected officials in Berlin believe that they should as such have much more say in the rescue plans in the area that other countries. If the Court in Karlsruhe decided to grant German MPs a say too much in the allocation of European aid, the mechanism could find them paralyzed.German lawmakers already ensure tooth and nail over the interests of their taxpayers from a decision of the Court of Karlsruhe, dating from 2009, in which the judges had distanced themselves from the Lisbon Treaty. The Court could also decide to set limits on the allocation of aid to countries in difficulty due to the entry into force in 2012 of the brake mechanism to the debt, the golden rule in Germany. For this aid could lead to cuts in the budgets of the Federal Republic.

Across the Rhine, the distrust of the single currency is growing. A survey of the institute Allensbach with German parliamentarians center-right shows that 76% of them have little or no confidence in the euro, against 71% in a similar poll two months ago.This was reinforced by the departure of Athens, Friday, representatives of the European Union, the European Central Bank and the International Monetary Fund have given ten days to the Greek government to advance structural reforms in the country . The parties of the center-right coalition in power have multiplied over the weekend their warnings to Greece, ordered to implement as soon as his promises of reform in return for aid to balance its budget.

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Since the beginning of the week, the Paris Stock Exchange began its session on a positive note from 0.62% to 3179.21 points, having closed at the balance Tuesday night. Like the Asian markets, the benchmark index of the Paris market is supported by the slight increase in U.S. markets, reassured by the Federal Reserve. Investors are indeed more and more convinced of the willingness yesterday by the U.S. central bank to act to restore growth.

In addition, the Atlantic, financial markets are close to their level of January 1, which could be an equilibrium point. Also an element of support for the Paris Bourse, even if it is far from that level (3847.63 points Jan. 3, 2011).

Chapter macroeconomic, investors will take 12 hours of knowledge in agricultural price indices in July.United States, the employment figures for August will be published in the early afternoon followed by the index of industrial activity in the Chicago area and industrial orders in July and stocks crude oil.

On the currency front, having been an upward trend since the beginning of the week, the euro fell slightly against the dollar on Wednesday after the announcement Tuesday in a poor indicator of the European economy weighed on the currency European. At about 8 am in Paris, the European currency was worth 1.4428 dollars against 1.4437 dollars late Tuesday.

Values ​​to follow

In a market with relatively low volumes since the beginning of the week is a new salvo of publication of results, broadly in line with expectations, that drives the third weekly session.

In particular Bouygues strongly supports the trend.After a brief suspsendu scoring the opening, the title of group jumped 10% to 25.40 euros. The conglomerate has finally published its results on Wednesday, not Tuesday reported on the acquisition of 11.7% of its shares for 1.25 billion euros, a 30% premium over the closing price of the security last night. In addition, the group published a half-year net profit down 27% to 391 million euros.

Similarly, Vivendi (4.17% to 16.85 euros) said it had doubled its half-year net profit to 2.5 billion euros, with a net gain of $ 1.2 billion related to the settlement of a dispute over the PTC shares in Poland.Its subsidiary, Canal +, 80% owned by Vivendi, reported first half sales of 2.39 billion euros, up 2.8% year on year, operating profit increasing by 1, 9% over this period payday loans lenders.

In turn, Carrefour is the sentence (-4.24% to 17.85 euros), after the group announced a net loss of 249 million euros in its first half. Above all, the group has revised downwards its forecasts, expects 15% drop in its earnings.

Last night, L'Oreal (-2.83% to 74.83 euros) has reported an increase in operating profit of only 2% to 1.70 billion euros in the first half.Its operating margin for its part fell 50 basis points to 16.8%, while analysts expected an increase, on average expected a figure of 17.5%.

Vinci (0.63% to 35.76 euros) for registration in the first half net profit up 15.7% year on year and raised its annual forecast.

Cac 40 off the healthy group Hermes (1.13% to 267.95 euros) is confirmed.The specialist luxury published net income up 49.5% to 290.9 million euros.

Bolloré (0.38% to 158.60 euros) saw its net profit grow by 29%, boosted by a gain from the sale of shares of the maker of seamless steel tubes Vallourec.

For its part, Havas (.98% to 2.779 euro) announced net income up 8% in the first half thanks to an improved operating margin.

Aéroports de Paris (-0.37% to 56.64 euros) it has slightly lowered its forecast for fiscal 2011.

Hi-media (-7.26 euros, 3.32 euros) back into the green in the first half, revealing a net profit of 5.1 million euros.

For its part, the oil reacts little to the continued rise in oil prices, and the strategic agreement signed between Rosneft and will explore together the Arctic and as such invest $ 3.2 billion.Technip s'ajduge 0.66% to 65.40 euros and total advance of a small 0.54%, to 33.34 euros.

For its part, Bourbon wins 0.84%, to 22.68 euros. The oil services specialist maritime published a group net profit halved in the first half, to 41 million euros, but put on a recovery in the offshore oil and gas. It also confirms the objectives of its 2011-2015 plan.

Note that Ruby, Mersen (ex-Carbone Lorraine), April, Lagardère, Outremer Telecom, Eiffage, Stef-TFE, Fleury Michon, Bongrain, GFI Informatique, Gameloft, Sopra, Virbac, Reculex, Mr. Bricolage and reveal their Guyenne et Gascogne half-year after the stock market.

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Wall Street looks set to continue the rally that started in last weekend. On Monday, the Dow opens up 0.48% to 11,323.44 points. The Nasdaq index before for its 0.60% to 2522.93 points.

As in Asia, the U.S. markets should react positively to the announcement of a contraction much weaker than expected Japanese GDP in the second quarter. But as in Europe, they should remain cautious on the eve of an important meeting between French President Nicolas Sarkozy and German Chancellor Angela Merkel on the reform of the governance of the euro area. They should discuss ways to implement to prevent contagion problems of sovereign debt to the rest of the region.

But Germany has already warned investors: this meeting will lead to "nothing spectacular"."It will be a working meeting on the governance of the euro area in line with European decisions taken in late July," said the spokesman of the Ministry of Finance. The latter also confirmed the skepticism against German Eurobonds solution yet desired by many investors. "The Euro-bonds are not an option," ruled the spokesman. These ads have already resulted in demoralizing the European investors.

Real estate for

Until the final conclusions of the meeting, U.S. investors are learning that manufacturing activity in the New York area declined for the third consecutive month at -7.7, 3.9 points lower than July .

The index of the property market is expected later.

Note that the currency market, the Euro rises slightly against the greenback at 1.4287 dollar.Oil markets, oil prices opened up on Monday in New York. A barrel of "light sweet crude" for September delivery was trading at 86.13 dollars, up 75 cents. Prices were down during the European trading, erasing their gains made in Asian trade in a market nervous and still haunted by persistent concerns about global growth and the debt crisis in the eurozone payday loan lenders. A barrel of Brent North Sea crude for September delivery was trading at 107.56 dollars on the Intercontinental Exchange (ICE) in London, down 47 cents from Friday's close.

Google swallows Motorola Mobility

On the corporate side, Estee Lauder and Sysco should publish their results on Monday.

Lowe (-0.27% to 19.37 dollars) has already reported sales below expectations in the second quarter of its fiscal year and lowered its annual targets for the second time in three months, consumers pushing their development projects until later because of sluggish growth.

Google (-0.88% to 558.94 dollars) will buy the mobile phone manufacturer Motorola Mobility for $ 12.5 billion in cash.

Time Warner (-0.43% to 65.25 dollars) has reached an agreement to buy the cable operator Insight Communications to Carlyle for three billion dollars in cash.

Bank of America (3.20% to 7.42 dollars) has announced the sale of its activities in the international credit cards in Britain, Ireland or Canada.

Boeing (0.16% to 61.84 dollars) announced it had completed with Air Lease Corp. an order valued at $ 2.5 billion on 14 737-800 aircraft and five 777-300ER.

Pfizer (2.41% to 18.29 dollars) announced Monday it had won before a U.S. court case against Teva Pharmaceutical Industries of Israel, preventing the global generics to produce a copy of Viagra before 2019 .

Transocean (2.15% to 56.81 dollars), listed in New York, wants to buy the Norwegian group Aker Drilling, for a total of 1.1 billion Swiss francs (1 billion), according to a statement Monday.Several large shareholders, representing 65% of the capital, have agreed to the deal, said the Swiss.

The American specialist craft materials Grainger (2.12% to 138.72 dollars) on Monday announced the acquisition of the Dutch distributor of fasteners Fabory Group for $ 344 million (242 million).

A consolation for drivers: when markets are seeing red since the deterioration of the American note, the fall in oil prices will lower the prices a few cents of gasoline. "The impact of pump prices will be automatic, mechanical, it's something we'll see this week and then in the course of next week," announced the president of the French Union of Petroleum Industries ( Ufip), Jean-Louis Schilansky Tuesday morning on Europe 1.

"A sizable decline" is expected, according to Jean-Louis Schilansky, who expects 4-5 cents less per liter of gasoline. The lead-free 98, currently at 1.52 euro and should revert to below 1.50. As for diesel, a liter will cost less than 1.30 euro.For how long? The president of the Ufip is silent: the impact takes place mechanically from one week to another and it is impossible to predict whether oil prices could erase some of their losses.

Light crude to its lowest level since September 2010

Meanwhile, the turmoil in stock markets continues to drive down oil prices, investors anticipating a slowdown in global activity fast cash online. Tuesday morning, a barrel of Brent fell heavily, breaking briefly the threshold of 100 dollars in Asia before recovering. Around 9 o'clock, it was down 0.65% to 103.07 dollars. In New York, the "light sweet crude" is, too, fell below 80 dollars and remains below this threshold, after hitting 75.71 dollars, its lowest level since September 2010.

Oil distributors in July that they had assured reverberated in the same way the rise and fall of oil prices on the prices at the pump. "To say that the price evolution is faster in one direction than another is not fair", had assured the President of the French Union of Petroleum Industries (Ufip), Jean-Louis Schilansky, to meet Critical Labour Minister Xavier Bertrand. The Energy Minister Eric Besson also stated that "Total [had] passed down as fast as the rising trend in oil prices."

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LE FIGARO. -The markets are highly concerned in recent weeks of debt crises. In this context, the economy has not she also helped to disrupt?

Jean-Michel SIX. -If, of course. And we must start by saying that in times of summer holidays, the markets, which were then much lower volumes, overreact to any new economic situation. The lower the index is up or dive in a much more important than what happens in winter.

Right now, they are rather dive …

For several months, both sides of the Atlantic, the signals on growth are not good. United States, including employment prospects are very disappointing. In fact, employment is not really left since the 2008 financial crisis.Labor mobility is limited due to the housing crisis: moving to take a new position, which is much the United States, is difficult because it becomes difficult to sell his house. As for household consumption, it is significantly weakened by the debt levels of Americans. A total of 2011 should result in a 2% growth, which is very disappointing for the U.S., where the pace of activity is generally much higher than in Europe.

Europe, precisely, is it in a perilous situation?

The problem of Europe is the growing divergence between North and South. This is something that worries the markets, which are asking what does that mean in terms of consistency of the euro area.Then, after a strong first quarter, it was believed that the air hole is the second passenger (once the effects of the earthquake in Japan absorbed and oil back to lower levels). But we realize that the sequence is also likely to be poor Payday advance.

Markets can they regain composure?

It is quite possible to restore calm in September thanks to coordinated action. What happened in July is that we have simultaneously witnessed a loss of U.S. leadership, unable to break the deadlock of debt and a crisis of leadership in Europe in a context crisis on public finances. This is exactly the opposite which would have required!

So how about it?

First, we must continue the work on European Governance. This is critical. Second, the timing of implementation of the second plan is important for Greece.The European Financial Stability Fund will be endowed with significant firepower, which is to say the least-welcome, but there is some impatience markets. It is important not to drag the national parliaments to adopt the device. The political signal must come quickly. Finally, the ECB has played its role, it must continue to appear reassuring.

That's what she tried to Thursday …

The measures announced by President Trichet, in particular the resumption of purchases by the ECB on secondary markets, are extremely positive.

Investors do they always trust in the euro area?

Yes. Investor confidence, especially in emerging countries has not disappeared. She even remained strong, as evidenced by the excellent performance of the euro since the beginning of the crisis.The euro zone faces a crisis of governance, not a crisis of its currency.

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The wiretapping scandal organized by the newspaper News of the World is experiencing a new twist. It seems that the phone Sara Payne, mother of an 8 year old girl abducted and murdered in July 2000 by a serial pedophile, has also been heard. The name of the mother appeared at least on the list of Detective Glenn Mulcair charged by the tabloid to listen to the voice mail of some of the 4000 victims alleged piracy of their phone line in the 2000s. It is not certain that the investigators were able to determine whether there had been an oversight and what could be nature.

What is certain, however, is that Sara Payne is not a single victim over. She had become very close to the weekly after the death of his daughter Sarah.As part of its combination of child protection, The Phoenix Chief Advocates, she collaborated with News of the World to obtain a review of British law on the pointing of sex offenders. The photo of her daughter and had served as part of a campaign known, conducted in cooperation with the Sunday newspaper, which has yielded the right of parents to be informed of the presence of pedophiles in their neighborhood. This legislation easing access to information on sex offenders has also been called "Sarah Law," a tribute to the girl.

"Sara Payne was a friend"

Sara Payne has been "devastated" by learning that she too may have been referred by his "friends" News of the World, said his association in a statement payday loan.The young woman feels betrayed, she was greeted in the latest issue of the tabloid, published in July, a newspaper that was not only a "force for good" but also an "old friend".

As editor of the press title between 2000 and 2003, Rebekah Brooks is at the heart of these new charges. "These allegations are particularly heinous and shocking in that Sara Payne is a very dear friend", has defended the former president of News International, the division of Murdoch manages the British titles. "The idea that anyone could log in that Sara and the team of the campaign was covered by Glenn Mulcair is unthinkable."

Rebekah Brooks has always denied any knowledge of the practices challenged in News of the World. A public inquiry into eavesdropping, conducted by an independent judge, was officially opened on Thursday in London.At the same time, it was learned Friday that James Murdoch, son of media magnate, was confirmed as head of the bunch UK BSkyB satellite channels. Severely shaken by tapping the case, the group Murdoch had yet been forced to withdraw in mid-July its offer to buy 61% stake in the company he does not already own.

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Business leaders of the Hexagon are not moral. According to figures released Friday by the INSEE index of business climate appears down sharply this month. At 105 points, he loses four points compared to June, although it remains above its long-term average. "The economic climate is deteriorating in almost all sectors," says the institute. Apart from the building, indicators of industry, services, retail and wholesale drop three to five points. Only the owners keep the building for hours trust.

Pessimistic without sounding the alarm industry (including confidence indicator increased from 110 to 105 points in July) believe that their past activity has slowed significantly. "The stocks of finished products are considered low," says INSEE. The order books are down, but still sufficient, says the institute."We are not surprised by these numbers wrong, responded to Williencourt Camille, an economist at Natixis. In the first quarter, industrial production was driven by temporary factors, like the last effects of scrapping, or the strong growth in Germany. It is no longer the case, and we must expect a slowdown in this sector activitéde for both next quarter. "

Demand less favorable

Same story in services, where the business folds of four points (to 103 points against 107 in June). Bosses' expect the application to be less favorable in the coming months, Insee said.If they believe that operating income has accelerated somewhat over the recent period, they anticipate a sharp slowdown in the coming months. "To Dominique Barbet, economist at BNP Paribas," the difficulty of the bosses to raise prices will continue to weigh on margins and employment in industry. "

The leaders of the retail and automotive industries also find a slowdown in activity in July. It would continue "under the planned decrease in sales and orders intensions," said the institute. Which notes that "they have also been fewer than in the last question to report price increases of the past."Despite a sluggish economy, retailers indicate that the pace of job creation is expected to remain stable over the coming months.

Given these figures, Dominique Barbet still maintains its growth forecast of 0.3% for the second quarter. But should be "a little more pessimistic" for three months, where he counted on a GDP growth of 0.4%. For its part, Camille Williencourt believes that the activity will continue to deteriorate at a slow fire until the end of the year, assuming zero growth next quarter.

Lefigaro.fr – What conclusions can we draw from the first published results toMember United?

To date, 27% of companies in the S & P 500 have released their interim results, ie 135 companies and 75.6% of them have announced profits above expectations. We left for a good year. This week, the big banks (Bank of America, Citigroup Wells Fargo), were quite surprised in a good way, even if we remain cautious on the interpretation of their figures. Past two years, they have spent many provisions in their accounts, and use it sometimes to beautify their results today. Only Goldman Sachs really disappointed. By sector, energy, basic materials, and technology are doing so well, with respectively 40.3%, 45.3% and 13.7% increase in expected profits for the second half.Note that the consumer sector is basic to the sentence, with an expected fall in profits by 2.1% over the period.

How to explain this performance better than expected?

It has been two years since the publications of societies are generally above expectations. The restructuring made by the companies during the crisis are now bearing fruit. It is currently for companies in the S & P500 on levels of operating profitability of 15% … levels rarely reached. We must remain cautious because the potential for improving these margins is now limited. On the sales side, the expected increase for 2011 is 9%.

The second reason for these surprises is simpler. Analysts are sometimes influenced by the companies that encourage them to be very cautious in their forecasts.This is to avoid disappointment in the markets.

These publications are good they had a positive impact on the markets?

Yes. Google, for example, jumped 12% on the day of the announcement of results exceeding all expectations. The same goes for Apple. While some feared an impact on the financial problems of supply of components of the iPhone (from Japan), the group announced record profits. In the process, his title was up 4.5%. However, always put these results in a corporate market. In the first quarter 2011, the markets were at their highest, and the announcement by a company results in line with forecasts had very little impact its share price Payday Loan for Bad Credit.Today it's different, a confirmation of expectations or a nice surprise on a publication is much appreciated.

If the earnings season continues on the same trend, then markets could leave freely on the rise?

It's not that simple. The market impact of the debt crisis in Europe and the United States is very strong. We are actually in the eye of the storm with these macroeconomic issues, with a market that has stalled in May and operators who are positioned defensively. However, there is a real potential to rebound … as long as the market wants good focus on microeconomics. We are quite optimistic on this point because the next ten days, operators should see much more clear about the solutions in place for at least partially solve the problems of debt.In Europe, the solution to Greece has already restored air markets. And the United States, we can not stay on the current status quo for removing the ceiling on debt. Once this is clarified, the market will again focus on the prospects, and we could have a good August. Especially with a price / earnings ratio of 14.2, we are still 15 to 16% below the valuation levels of 2007, while corporate profits are 10% higher than they were at the time.

What are the sectors that should perform better in your opinion?

Technology stocks seem on track to rebound in the wake of good results from Microsoft, IBM or Intel.The good news in the industry are also positive for the energy sector, which could also rebound strongly, especially the coal industry, where mergers are again more frequent. More generally, there is a return of large transactions, which is another favorable factor for the markets rebound. This is the case for the acquisition was announced, the U.S. by Express Scripts Medco Health to $ 29.1 billion.

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In the world of weight loss, it is called "Dukan effect." Far from referring to the weight loss of the followers of the method of Dr. Pierre Dukan high protein, the term refers to the earthquake has caused its rapid success in the market regimes.

"Since launching our website in 2008, 500,000 people have used our services," says the Figaro.fr Eric Levasseur, CEO of RégimeDukan.com, online service to support the regime. This figure does not however say how many customers are currently active on the site. To achieve this, the entrepreneur says he has not spent a dime on advertising. Media coverage and the very important word of mouth was enough. In addition, this success is due to an unbeatable price on the market, to 18 euros per month. In comparison, subscribe to premium services of Jenny Craig costs 380 euros per month, those of Weight Watchers, about 40 euros per month.

Three ingredients

Otherwise, the business model is based on Dukan a classic recipe with three ingredients. First, the publication of a book, "I'm not losing weight," bestseller in 2010. Then, offer coaching as a service fee. It is the function of RégimeDukan.com held by Marc Simoncini, Meetic founder, Eric Levasseur and children of the inventor of the method.

Last element of the strategy, products "house" manufactured under license, such as oat bran. "The 25 food products we offer for sale are regularly out of stock", says Eric Levasseur. The sale of meals, also proposed by Jenny Craig, has been tested since 1973 in France by Weight Watchers, the history of the area. For the latter, "the business of licensing products represent only a few percent of revenue," says her manager Corinne Pollier France.

The success of Dukan has not stifled competition. Instead, he seems to have created a renewed interest in France for the plans. Thus, Weight Watchers France announces "growth for two years" and has 120,000 active customers in early July. Jenny Craig brand, launched on the market in early 2010 by Nestlé hexagonal, celebrated for its part, the 10,000 th customer in late June. "It's beyond our initial objectives, ensures the boss of France's premium brand, Erick Moreau. We hired over 30 people since early 2011 and now have over 100 employees. "

Booming sales of surimi

Dukan is not only limited effect on the market methods of diet (500 million euros of turnover, against 5 billion for the sector of thinness at large). It also causes a tidal wave less visible in the food products that "light" generated 1.5 billion euros.It's simple: all the foods recommended in its method Dukan turn into gold. The turnover of surimi has enjoyed a double-digit growth in recent months. Sales of fresh cheese (fromage blanc in particular) grew by 14.5%, according to the specialist market research SymphonyIRI.

Still, with the recent controversy about the effectiveness of the regime and the disappointment of Dr. Dukan court, the effect will last Dukan he? "The ruling will not affect our business. The public is not fooled, says Eric Levasseur. We record even a 30% increase in registrations in the first half of 2011. "

Some competitors, however, fear side effects. "The media effect Dukan has cast doubt on the effectiveness of all plans," laments Erick Moreau.Others, like the union's general secretary of dietetics, Jean-Loup Allain, relativize: "For 30 years I have been in the business, plans star there was every year. Dukan has simply replaced the previous ones. "

Dukan is the world

With its success, start-up runs on equity and did not have to organize a capital increase from an initial one million euros. Its international expansion is also financed his own money, said Eric Levasseur. Closely following the launch of the book "I'm not losing weight" in these markets, RégimeDukan.com is being launched in Russia, China, Poland, Germany. It has been online for one month in the United States. In addition, it is already present in Spain, the UK and Italy.

At the same time, Dukan is recruiting 10 persons in Russia, fifteen in the United States.In total, the start-up has between 30 and 40 people abroad, in addition to its fifty employees in France, plus thirty in the rest of Europe.

The management consulting sector confirms its forecast of market recovery and expects growth of between 5 and 7% of its business for 2011 (against 5% in 2010). Despite satisfactory order books and a volume of proposals being important, firms remain cautious. "The general feeling is that it is always an accident thank you for coming all macroeconomic challenge," says the industry trade association, Syntec Management Consulting, which has today its 2010 balance sheet and persoectives .This visibility results found at least by hiring a reboot, including profiles of graduates.

Who benefits most from this recovery? "It's the mid-sized firms that have the highest growth rate at 7.5%, the majors and large are in turn slightly behind, with growth of around 4.5% 5%, "says Syntec management consulting. Another finding, "the speakers operating on more strategic tasks or missions branches record the strongest growth."

What are the sectors most applicants for management consulting? Financial services grew and consolidated their lead with 30% of the total, followed by industry (23%) or administration (15%).As for the energy sector and the environment they are placed fourth with 11% of the missions.

As for the interventions, they relate primarily to the organizational consulting and change management (30% market share). "These services are carried by the restart of delays in 2009 and the new transformation projects," said Syntec. The consulting cost optimization continues to be well positioned with 17% of operator actions.

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