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Five days before the end of the selection process for the leadership of the International Monetary Fund (IMF), supports the two candidates, Christine Lagarde, French and Mexican Augustin Carstens, continue to occur. That night, it was Canada and Australia have shown their preference for the Mexican. "Past experience of the IMF Agustin Carstens, coupled with his achievements as Finance Minister of Mexico and his current position as governor of the Mexican Central Bank, the very well prepared to understand and address the challenges facing the global economy, 'the two countries in a brief statement.

Still, while Germany shows loud and clear preference for the French candidate, the support of both countries to Carstens appears more timid.Australia and Canada underline the very strong indeed credibility of both candidates and their "weapons" to ensure the legitimacy of the IMF. This commitment shy, Mexico seems to reap the benefits of an intense lobbying. June 7, after a meeting in Ottawa with Canadian Finance Minister Jim Flaherty and the boss of the Bank of Canada, Mark Carney, Augustin Carstens had already revealed that the country would welcome a new head of the IMF International from an emerging economy. This is now confirmed. Besides these two new support, the Mexican has the support of a dozen South American countries.

For Nicolas Sarkozy, has already achieved success

This joint statement does not seem to really change the forces.Canada is indeed at the head of a constituency (group of countries) representing only 3.61% of the votes in the institution. The only real surprise, Ottawa will generally be the position of its U.S. neighbor … who, in turn, always reserves his choice.

The latest statements by Timothy Geithner, however, argue for a broad preference for the French bid. Through a spokesman, U.S. Secretary of the Treasury has in fact hired Thursday, "strong leadership skills and experience of the Minister," making it a candidate "exceptionally competent" for the position Executive Director. If the United States confirmed this view, Christine Lagarde, who already has the support of Europe (almost one third of the votes on the Executive Board of the IMF), garnering 16.8% of extra votes.French side, the case is already bent to Nicolas Sarkozy, who is already winning his Economy Minister, before the final decision expected by June 30: "A woman at the IMF, is history! And that's us! "The president reportedly said according to remarks reported by Le Parisien.

Finally, the French enjoy today to the disunity of the emerging countries, the so-called BRICS (Brazil, Russia, India, China and South Africa). Faced with their indecision, Carstens strategy to present himself as the candidate of developing countries, seems to have a hard time fly. Especially since his whole campaign, and during his oral exam Thursday at the IMF, Christine Lagarde has repeatedly hammered his desire to ensure, if elected, more representative of emerging countries in the institution .

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The city's economy and currency, including the Bank of France on Wednesday unveiled plans will be the equivalent of the CSI de la Villette. "An ambitious educational project and citizen supposed to receive 100,000 visitors a year from 2014, of which 50% of schools. The investment is around 30 million euros. It will decrypt "the economic mechanisms, monetary and financial information" through "interactive presentations and fun." Even if it fills a gap in a country where economic culture is deemed poor, the announcement would be commonplace.

His place is much less. Extension for this company, the Bank of France has chosen the Plaine Monceau, one of the most exclusive districts of Paris. She intends to kill two birds with one stone. The splendid Hotel Gaillard, neo-Renaissance style, built in 1882 and situated place du General Catroux, was one of its three branches in Paris.It will be rehabilitated and converted into 'space museum. " The architecture will be preserved, especially the amazing vault surrounded by a moat. Former clients, such as Earl Moses Camondo neighbors who came to place their treasures, would be very surprised that we devote so much effort to explain the money. They were trained on the job.

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The money can be learned

From our special correspondent in Berlin

The next governor of the euro will be Italian. Angela Merkel last Wednesday raised uncertainty by supporting square Mario Draghi, head of the Bank of Italy, to take over from Jean-Claude Trichet at the head of a European Central Bank very vulnerable in crisis debt.

"I know Mario Draghi. (…) It is very close to the German designs: a culture of stability and defense of a strong economy, "said the Chancellor to justify a rally, in an interview with Die Zeit.Less encumbered by the nuances, the tabloid Bild now boasts the qualities "Prussian" the Italian candidate, having long alarmed to see the euro for the first time given to a banker from the south of Europe.

"Super Mario" has much to do at the head of a central bank shifted from cautious role as guarantor of the single currency to a primary mission to extinguish the fire of sovereign debt. Jean-Claude Trichet will leave office Oct. 31, after eight years in Frankfurt. The European summit in late June formally appoint his successor. The first lap will be held on Monday at the monthly meeting of the Eurogroup of 17 countries.

Outsider

Unless dramatic turn of events, the dubbing of Angela Merkel made the decision. Mario Draghi, 63, finally gather serious advantages: discretion, meaning the state and international stature.It is also the patron of the influential Financial Stability Board, appointed by the G20 forum to propose safeguards against any repetition of the financial crisis.

Status remains the favorite yet tasty contrast to the former lieutenant of the investment firm Goldman Sachs. Nicolas Sarkozy, toasting politeness in Berlin, had given her support since April 26. But not without some gnashing of teeth on the French side, facing a candidate passed by the U.S. bank, a pillar of financial globalization today challenged.

On the German side, the Chancellor has raised the reluctance to five days of the deadline. It has long been an outsider, because of a passport tough sell in the German public.Before you turn tail, the Bild Zeitung explained to his millions of readers that Italy and inflation go together "like spaghetti and tomato sauce."

The tide has turned in February lorsqu'Axel Weber, former head of the Bundesbank and champion of orthodoxy, has created a stir by throwing in the towel. Since then, Germany has found no replacement candidate. Wednesday, Angela Merkel has drawn a line. She preferred a consensus candidate to a fratricidal competition, the ECB has no need.

Union leaders had expected that the 1 May 2011 be a little raw. And they were right. Especially as the bargaining unit has somewhat disintegrated. "The character of this holiday is both less said, the day falls on a Sunday," observes Marcel Grignard, number two of the CFDT.In 2009 the protesters were much more likely because of the crisis that has hit hard the French economy, and in 2010 the fear of the pension reform, just before its unveiling, had been a factor in turnout.

A disappointment even stronger than the first parade of May 1, Marine Le Pen as president of the National Front (FN), has mobilized more than expected among 3200 people according to police and 20,000 according to the FN (2000 cons according to police and 8000 by FN last year).

"We do not have to be in the streets" to celebrate International Labour Day, said Sunday the first secretary of Lille Martine Aubry PS parades scattered about, saying that employees would demonstrate "in 2012 in vote. "

"May 1st, we are the popes of the earth"

In the regions, the mobilization was low.In Marseille, among 2000 people by 5000 according to police and organizers, marched through the streets between 1200 and 3500 people in Toulouse between 2200 and 3300 in Lyon, between 2200 and 3000 in Bordeaux between 1200 and 3000 in Strasbourg between 700 and 1000 in Lille and between 450 and 1000 in Rennes.

It was also shown to Pau (800 to 1200), in Angoulême (500), Besancon (500 to 1000), Brest (250 to 300), Nancy (700 people according to the unions) and as at Dunkirk, in Orléans and Caen.

Besides purchasing power – the secretary general of the CFDT, Francois Chereque, called on Europe 1 radio on Sunday increased the minimum wage beyond the 2% increase in rpincipe scheduled for July 1 – the themes that defended year are "support for the Arab peoples who rise to the dignity and freedom," and "equal rights" between French and foreign workers in response to "national preference" advocated by the National Front progression in the opinion polls.

Winks comedy peppered some processions. "May 1st, we are the popes of the earth", alluding to the beatification of John Paul II. But also slogans in opposition to the FN, as in Rennes' French workers, immigrants, same bosses, same battles. "

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As expected, Saint-Gobain began the process of IPO of its subsidiary Verallia the second quarter of this year. On Tuesday, the maker of glass bottles has confirmed that he filed with the bousières its core document, the first step to joining the Paris Bourse. No timetable is available for the following events.

Saint-Gobain, one of its major competitors Irish CRH, announced in October 2010 its intention to financial markets a minor part of its glass packaging business, which employs nearly 15,000 employees, produces 25 billion bottles and jars a year, and who made last year a turnover of 3.6 billion euros.

The French group intends to sell the subsidiary for several years because he does not longer considered a strategic activity in view of his refocusing on the habitat, but the demerger proposal had been suspended because of the economic crisis.

Volatility does not discourage small companies

Yet, for several months, the volatility and uncertainty in the markets in Paris have rejected more than one company. Examples: the placing on the market by 20% of Canal +, the giant Danish ISS cleaning or German shipowner Hapag-Lloyd went to the door. Groupama him, was postponed to 2012, as Veolia, Transdev. But despite all calls to markets by small companies have worked, as was the case with Tekka group (dental implants), Jemini (licensed products for children), and Biosynex (diagnostic medical tests).

"The French, chilly when it comes to major operations and less hardy than the Anglo-Saxons and Germans, however, are well positioned for this type of highly specialized companies," said Cedric Chaboud, director of institutional management in Lazard Freres Gestion. He cites the many operations that took place last year (37 transactions, for approximately EUR 100 million raised) in the image of the iconic Carmat (developer of artificial heart) in July.

Compared to large transactions that want to raise many important capital investors, these deals are less vulnerable to the economic environment."They are aimed at a much smaller customer groups and risks of a hostile reception from the market are limited," explains Franklin Pichard, director of Barclays stock.

Large operations snubbed, divisions favorite

If the classic introductions may scare investors, not to divisions that currently have the wind in their sails. They allow companies to streamline operations and reduce the market discount related to their holding company status, "said Cedric Chaboud.

After the success earlier this year of "spin-off made by ArcelorMittal, which separated from its branch stainless steel Aperam, other operations will follow. Including Carrefour, which has offered its shareholders a demerger of Dia 100% and 25% of Carrefour Property.

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Bob Dudley the CEO, and Carl-Henrik Svanberg, Chairman of the Board of BP has suffered for more than three hours Thursday afternoon in London, a barrage of questions from disgruntled shareholders in general meeting (AG). The year 2010 was marked by the deadly explosion of the Deepwater Horizon platform followed by an oil spill is unprecedented in the Gulf of Mexico had nothing to be worried and angry small shareholders. "I lost a lot of my savings," and has complained about Martin, "shareholder since 1954. Like him, thousands of British pensioners have seen their incomes while the action BP has lost 30% in one year, to a low of more than 50% loss in late June. The restoration of a dividend after a suspension for the last three semesters was a small consolation.BP, which had $ 41 billion set aside provisions for dealing with the costs of the disaster last year posted its first loss since 1992.

Outside, a small delegation of fishermen from Louisiana victims of the spill, unable to attend the AGM held in London's Docklands, protesting. A Texan was even arrested by British police.

Traumatized by the oil spill, the shareholders, including the Indians of Canada, denounced the exploitation of oil fields by BP oil sands in Alberta and considered highly polluting. Bob Dudley noted that the basement contains the second Canadian crude reserves after Saudi Arabia.

Strategically, small shareholders have also expressed concern about the stalemate of the ambitious project of BP to exploit vast deposits of the Russian Arctic with the public company Rosneft.The alliance announced in January accompanied by an exchange of shareholdings of 16 billion is blocked by the shareholders of BP's Russian joint venture TNK-BP. While the new deal should be completed on April 14, Rosneft and BP have agreed to postpone by one month maturity.

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Traders are convinced, Schneider Electric is about to start his tour in the waltz of mergers and acquisitions. Concordant sources, the industry group has approached Tyco International. Schneider Electric had made a bid of about $ 30 billion (about 20.76 billion euros) to encourage the Swiss group of safety and engineering to come to the negotiating table.

Information that contradicts this Wednesday, the group led by Jean-Pascal Tricoire. Management refutes indeed in a statement "to be currently in discussions with Tyco International over a possible strategic transaction." This does not mean that no discussions never took place.This is a formal response to rumors magnified the last three days about a possible interest of the French group to Tyco.

Now that he has denied being in negotiations with Tyco, Schneider Eclectric is forced by regulators to abandon any attempt for six months supply on the Swiss.

A Tyco spokesman confirmed to the press to have received an offer

The assumptions were yet in full swing this morning. And for good reason: this merger would make the new entity the world's leading security systems.

A Tyco spokesman confirmed to the Wall Street Journal that "the board is studying the proposal," he received with surprise. The Daily Telegraph said of his side as the board of Tyco has given the green light to a process of "due diligence" (consultative accounts).The two dailies ensure that JPMorgan and Bank of America Merrill Lynch attended Schneider Electric since September on this issue and that the most likely hypothesis was an offer in cash and securities.

Schneider Electric has even considered issuing the CEO Edward Breen of Tyco a seat on the board of the merged entity. But according to the Daily Telegraph, Tyco would not be willing to accept an offer below $ 65 per share.

At the NYSE, the title Tyco soared more than 7.4% to 52.33 dollars on the rumors and was thus valued at $ 24.8 billion (about 17.17 billion of euros). Conversely, in Paris, Schneider Electric has lost 3.5% to 112.90 euros per share, representing a capitalization of 30.70 billion euros.On two days, the title of the electrical equipment manufacturer has won more than 7.5%.

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If this hand a little in every sense on tax reform – the removal of the shield and the reform of the ISF – "is that we have great ideas. Sunday invited Grand Jury RTL-LCI-Le Figaro ", the Minister of Economy has expressed that he prefers: taxing income from property rather than the stock. But Christine Lagarde outlined above reframed the debate. Because of the ISF, abandoned by most of the neighboring countries of France, "of course he has people who are leaving … We must be stopped to create an illusion that tax." "There is a requirement of fair taxation, fiscal balance and prioritize investment to remain a country of innovation," she insisted.

Alignment with Germany

Therefore, is "we struggle against the excesses of the ISF, or we invent a new tax of Heritage". A conference to be held March 3, "prune a few branches."In other words, the meeting will put some order in the proposals that go all-out on the subject. The next day, the Court of Auditors will report on the Franco-German comparison, "which will work to harmonize with our neighbor, friend and rival."

On the issue of public finances, the Minister of Economy has been very strong. "We need strict discipline to keep the goals of deficit reduction." France has pledged that the deficit reached 6% this year, 4.2% in 2012 and finally 3% in 2013. Recalling that the process of non-replacement of staff on two retiring continued and government spending (excluding interest expense of debt and pensions) were frozen, Christine Lagarde nonetheless argued that "if must take additional steps to meet our commitments, we will! ".While saying he was "no question of a general increase of taxes."

The minister has in any case more than ever on a 2% growth this year. "I am very firm on my prediction," she said – certainly to the attention of some experts who find this figure too ambitious. Based on the confidence indices in industry and in services, "I am confident that growth in the first quarter 2011 will be significantly higher than the last quarter of 2010 (which did not exceed 0.3%, a figure which had disappointed). Finally, the Minister of the Economy "hopes to below the 4 million unemployed this year."

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The Paris Bourse ends in a narrow green, having increased its losses to 14.00, a victim of publications of macroeconomic indicators disappointing overseas. The CAC 40 closed end up 0.02% to 4152.31 points, after a day marked by the publication of company results. The benchmark index in Paris marks a break on Wednesday after hitting its highest since September 2008.

Lack of conviction also on other major European markets. At the London Stock Exchange, the FTSE-100 rose symbolically, from 0.03% to 6087.38 points and the Frankfurt Stock Exchange, the Dax fell back from 0.12% to 7405.51 points.

Since Thursday, the macroeconomic news was mostly American, with the U.S., consumer prices have risen more sharply than expected in January.Larger increase than expected also for the weekly jobless claims, which rose from 385,000 to 410,000, against 400,000 expected by economists.

The composite indicator of economic activity, which anticipates the situation in the United States within six months, has also slowed sharply in January, according to the Conference Board, which bodes however still a continuing growth in addition Atlantic. Over a month, it rose 0.1% against 0.8% in December and 1.1% in November.

The only good surprise, the index of manufacturing activity from the Federal Reserve of Philadelphia (Philly Fed) has largely beaten the consensus in February to $ 35.9 against 19.3 in January, its highest in seven years (January 2004). Economists expected a virtually stable at 20.9.

In France, the number of start-ups fell by 10.2% in January compared to December, with a marked decline in self-creations outside contractors, INSEE said Thursday.

On the currency markets, the euro against the dollar resumed on Thursday, traders digesting mixed indicators in the United States, following cautious comments from U.S. Federal Reserve (Fed). Around 17:30 in Paris, the euro bought 1.3603 dollars against 1.3570 dollars late Wednesday.

On the corporate side, nine companies published on Thursday morning.Reactions to the Paris Bourse were divided: five were up (Capgemini, PPR, TF1, Schneider, Technip) and four declined (Eramet, BNP Paribas, Axa, Pernod Ricard).

TF1 takes advantage of the recovery in advertising market

Capgemini: + 5.71% to 42.13 euros – the largest increase CAC 40

The consulting group Capgemini and Computer Services posted Thursday a net profit in 2010 increased 57% to 280 million euros forecast for 2011 indicating a growth in turnover of between 9 and 10%.

Alcatel-Lucent: + 1.08% to 3.57 euros

Alcatel-Lucent is confident about its prospects in the U.S. this year, based on significant contracts with major operators in the country, Verizon and Sprint Nextel, told Reuters his director of the Americas.

PPR: + 1.90% to 115.35 euros

PPR has reported an annual net profit up 1.4% to 965 million euros, while its turnover in 2010 rose 7.5% to 14.6 billion euros. The distribution group and luxury is confident to achieve this year's financial performance than those of 2010.

TF1: + 2.95% to 14 paperless payday loans.81 euros

TF1 double its annual net profit to 229 million euros thanks to the upturn in the advertising market. The group chaired by Nonce Paolini expects a stagnation in sales 2011, after it rose 11% in 2010.

Schneider: + 2.56% to 118 euros

Schneider Electric has published on Thursday a net profit doubled in 2010 to 1.7 billion euros.The group targets a growth of 6 to 9% this year, a margin which improved to reach 15 to 15.5% in 2011.

Lagardère: + 0.98% to 33.40 euros

Canal + France said it had registered Wednesday its core document with the AMF, to an IPO in Paris on 20% of its capital owned by the Lagardere group.

Eramet: -3% to 268.35 euros

The mining group has annual net profit of 328 million euros against a loss of 265 million in 2009 thanks to growth in emerging markets and strong sales growth in the fourth quarter, "he said Thursday.

BNP Paribas missed market expectations in the fourth quarter

Pernod Ricard: -3.78% to 67.96 euros – the largest drop CAC 40

The wine and spirits group Pernod Ricard said Thursday net results in increase in the first half of its fiscal year offset.

Axa: -2.01% to 15.66 euros

The insurer Axa in 2010 recorded a net profit of 2.749 billion euros, down 24%, affected by special items related to divestitures in the United Kingdom, according to a statement released Thursday.

Technip: + 2.11% to 74.44 euros

Technip table for this year on a turnover of about 6.5 to 6.7 billion euros and an operating margin Subsea (subsea infrastructure) above 15%.

BNP Paribas: -0.61% to 58.614 euros

2010 net earnings of the banking group was up by 34% to 7.8 billion euros.However, BNP Paribas has missed market expectations in the fourth quarter, after a depreciation in its accounts unexpectedly on its stake in Axa.The number one European bank in its wake other banks: Credit Agricole, which publishes Thursday – yields 0.98% to 12.09 euros and Natixis – which reports Friday, February 25 – was down 0.50% to 4 , 14 euros.

Societe Generale said Wednesday that profit climbed above expectations of 0.23% to 51.236 euros

Alstom: -0.29% to 42.88 euros

The European Railway Agency in March will make its technical opinion on the circulation of new types of trains through the Channel Tunnel, which will build review the Franco-britaninque responsible for settling the case, said Wednesday Thierry Mariani.

Scor: + 0.19% to 20.94 euros

Scor announced Wednesday the sale of its fixed annuity in the United States to Athene Holding for 55 million dollars (40 million).

Saft: -0.62% to 27.84 euros

Saft has announced an acceleration of its business in 2011 but a slight margin decline due to one of its plant projects in the United States.

Icade: -1.35% to 80.95 euros

Icade intends to continue the service sector of its activities with delivery over the next several years of its pipeline projects valued at 900 million euros.

After market, Eutelsat will publish its first half results.

Thales wants to really turn the page of 2010. The group must submit its annual results on February 24 next Monday reported an operating loss of around 100 million euros.

The electronics group justifies the loss of additional charges and provisions on some of its contracts "in excess of 700 million euros." The program of the military transport plane A400M and a contract for ticketing in Denmark are particularly concerned. "We did not charge as much as Thales the boat for 2010, says Christopher Menard, an analyst at Kepler Capital Markets. We had rather anticipated reserves of 100 million. "

Failing to reassure investors, Thales them at least sent a positive signal. "The group has had the good idea to clarify its outlook for 2011 and 2012," says the analyst of Kepler Capital Markets.A strategy that allows Thales to be optimistic for the coming years. The group wants to achieve an operating margin of 5% in 2011, increased to 6% in 2012. Objectives in line with market expectations. "The question is whether Thales sustainably exceed the 6% margin, asks the analyst.

And financial markets appreciate this transparency. Suddenly, the track behaves quite well on the stock market. After significantly underperformed the market opening, the stock is resumed, achieving even better performance than the CAC 40 personal business card. Around 10:30 am, Thales won 0.57% to 26.37 euros, while the index in Paris ahead of 0.27%. "The group had to communicate. The risk would remain unclear. Financial markets would clearly not appreciated.It is a salutary strategy, "says Christophe Ménard.

Vigneron dans le flou

While this information can give some interest to the value, there remains the question of the future CEO of Thales, Luc Vigneron. "Thales policy is and will remain, says an analyst. Financial markets already know. " According to sources quoted by La Tribune, his departure was mentioned by Nicolas Sarkozy, Charles Edelstenne, CEO of Dassault Aviation, which owns 26% of Thales and Serge Dassault, owner of Le Figaro.

Always supported so far by Edelstenne and Dassault, Luc Vigneron begin to irritate the Elysee. "A change of president would not change, however, says an analyst. The industry is highly competitive, the group needs stability. " Luc Vigneron priority remains to improve profitability in Thales, including operating margins. "Increasing margins takes between four and five.Any new candidate will not be otherwise than Vigneron.