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The battle between Casino and Carrefour in Brazil could rebound. While Carrefour is trying to get hold of a number of distribution Grupo Pao de Acucar in Brazil, Casino reported last night that it has increased its stake in the Brazilian group, owner of the sign Brazilian CBD. Casino now holds 43.1% of GPA, understands Bloomberg. The news agency pointed out that the distribution group based in Saint Etienne has acquired 16.1 million of preferred securities, representing a stake of 6.2%.

In addition, Casino last night reiterated his opposition to a merger between Carrefour and GPA. He believes that the proposed merger announced between the two groups is a project of "hostile", prepared in secret, but also highlights Casino that he "has the power to oppose" the operation.The group recalled and under agreements with Diniz family, with whom he has joint control of CBD through the holding Wilkes, "no negotiations involving the future (the Brazilian distributor) can not occur without it" no fax cash loans. The group will therefore Etienne "review in the coming days how to best defend the corporate interests of CBD and its shareholders that seems compromised by this project very complex and financial."

Data that could reshuffle the cards, while Carrefour seemed on track to merge with Brazilian teachers. The Brazilian company Gama has proposed to merge the Carrefour group's Brazilian assets with those of the French retailer CBD group Grupo Pão de Açúcar (GPA). They thus constitute an equally owned company.CBD had previously merged with Gama.

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"Battle between Casino and Carrefour in Brazil

The Paris market continues to fall on Thursday, a reflection of what has been observed in Asian markets this morning and the decline in U.S. indices yesterday. Wednesday evening, the Cac 40 lost 0.15% and ended at 3871.37 points in a very dynamic market, with over 7.1 billion traded on the benchmark index of the Paris Bourse. And on Thursday, sitting in the middle of the index still declined 1.34% to 3819.50 points.

PMI purchasing managers in the euro area fell in June to its lowest for twenty months to 53.6 points, confirming a slowdown in European economic activity.The growth of private sector activity in France has slowed more than expected in June.

European side, European leaders find themselves on Thursday night in Brussels at a summit to try to reassure their ability to stem the endless debt crisis in Greece and prevent contagion throughout the euro area, which worries more and more abroad. Other items on the agenda: the confirmation of the appointment in November of the Italian Mario Draghi as President of the ECB to replace Jean-Claude Trichet.

The publication of the memo on the economy of France, to be released at 22 o'clock tonight, will be watching. In addition, the G20 agricultural ends today. In addition, Christine Lagarde, a candidate for the general direction of the International Monetary Fund (IMF), spends his oral exam today in Washington.The maintenance of his rival, Mexico's Agustin Carstens, was held Tuesday.

United States, a report by the Congressional Budget Office (CBO) on Wednesday warned against an explosion of net public debt, which can reach 100% of GDP by 2021 if nothing is done to correct the current trajectory. In addition, the U.S. central bank is now focusing on a GDP increase of less than 3% in the fourth quarter. New measures could be considered if the economic situation deteriorated.

On the currency markets, the euro fell sharply against the dollar on Thursday, as the market digested the Fed announcements. The single European currency was worth 1.4254 dollars against 1.4349 late Wednesday.

EDF denies

The CAC 40, only Pernod Ricard rises in green: + 0.06% to 66.49 euros.But in the SBF 120, Lagardère stands: + 2.33% to 27.40 euros. Areva takes him 0.59% to 25.50 euros.

Side drops, banks suffer: BNP Paribas lost 1.86%, 1.69% Societe Generale, Credit Agricole and Natixis 2.1% 2.08% while trades a private sector participation to a new aid plan to Greece. European banks resisted, however, a defect in Greece, according to Bernard de Longevialle, head of bank ratings at Standard & Poor's. Note that BNP Paribas bought 25% of Findomestic to the bank Intesa Sanpaolo for 629 million euros and now holds 100%.

EDF (-1.23% to 25.78 euros), which plunged 3% yesterday at the meeting, had to deny rumors of leaks in nuclear plants in France instant credit reports.The CGT has nevertheless confirmed that called for an end of a reactor at the plant in Seine-Maritime Paluel due to extraordinary levels of radioactivity. The electrician has admitted it yesterday "an accumulation of small differences" after the publication of an article Mediapart citing incidents in series.

In addition, the dean of French nuclear reactors, the central Fessenheim, would be allowed in the coming days to continue to operate for ten years.

EDF is also increased to 96.71% of share capital and voting rights of EDF Energies Nouvelles after the public offer launched on its subsidiary, announced Thursday the AMF in a statement.

EADS (1.30% to 22.14 euros).The low-cost Malaysian airline AirAsia has placed a firm order for 200 Airbus A320 Neo, a record in civil aviation in the number of devices including vendus.Grâce this mega-contract, the total firm orders for Airbus is to about $ 58 billion for 621 aircraft. The buyers of the Airbus A400M signed a framework agreement on the development and maintenance of the fleet of the future military transport aircraft. Furthermore, after signing an order for sixteen billion dollars with Indigo.American Airlines could also favor the European aircraft manufacturer at the expense of its rival Boeing.

Air France-KLM lost 2.06% to 10.21 euros.

Dassault Systemes (-0.96% to 57.18 euros, the largest decline rating) expects a double-digit increase in sales in the aerospace and defense between 2010 and 2014 thanks to the many innovations offered by these sectors, Reuters said Wednesday its chief executive Bernard Charles said in an interview.

Automobile manufacturers seek to diversify their income and increase customer loyalty.

Peugeot (-0.40% to 29.77 euros) PSA installed production capacity that should allow it to manufacture more than 30,000 hybrid vehicles per year, reports La Tribune. "At Sochaux, we expect a potential of 70 to 80 units per day," says Serge Isler, project 3008 Peugeot hybrid.In addition, PSA has manufactured in Rennes, Brittany, just over 15,000 Peugeot 508 equipped with the same technology, the paper said.

The vaccine against typhoid Sanofi (-0.36% to 52.63 euros) was granted the status of "prequalification" of the World Health Organization (WHO), prior to its use by UNICEF and other international agencies, a first for a vaccine of this type, the group announced Thursday.

PPR (-0.60% to 116.80 euros) holds 87.4% of the U.S. manufacturer of sports clothing Volcom at the end of its tender offer (OPA) is friendly and able to reach 90% capital by playing an option, according to a statement released Thursday by the French group.

"COMPETITION – Estimate the Cac 40 in late June

.

Renault could have done this possible controversy. But a few weeks after pleading guilty to wrongfully dismissed three executives accused of espionage and one year after the turmoil created by the case of the Clio – it planned to relocate to Turkey – the manufacturer must again be accountable.

The group decided to entrust the production of two new engines to its sites in Romania and Spain, he said Friday. The H4 (3 cylinders) and H5 (4 cylinders) are respectively made from 2013 on the site Dacia Pitesti, specialist low cost, and Valladolid (2012). The announcement had been made in these two countries, but Renault had kept the trumpet in France.

This decision could affect the French mechanics Douvrin in the North.The plant, owned jointly by PSA Peugeot Citroen and Renault, the engine produces D4, a less powerful 4-cylinder (60 to 80 horses, 90 horses cons for the H4 and H5 for 115 horsepower). The motor assembly D4 employs 450 people, about 3450. The downturn could cost more than 200 jobs, said the CGT. These positions will not be replaced by the manufacture of cylinder heads and camshafts for the new engines, which could employ 40 people, said the union.

In response, the group has indicated its commitment not to make any plans for layoffs or voluntary redundancy as part of its new strategic plan. But unions fear that retirement will not be replaced.

Lower volumes

"It relocates slowly, even if management tries to minimize," sighs Alain Labarre, CGT Douvrin.The group, however, rejects these accusations. "The H4 and H5 are required to take the place of older models that were almost similar already made in Turkey, Spain and Romania," said a spokesman, adding that such engines "are not competitors D4 Douvrin made. This engine, fitted to small cars like the Twingo and the Clio (as will the H4) and low-cost models, will be "produced in parallel in the coming years," because "it can offer rates aggressive. "

In late January, Philippe De Coene, director of the French mechanics, however, said that the arrival of a small 3-cylinder would "intervene in the market" of 4-cylinder engine manufactured in Douai, as mentioned by Liberation. He said the volume of the D4 engine "will tend to decline," even if "we will not stop producing it in 2013 and he did not" concern "for the job.He added that he "fought to get another engine family."

In 2010, Renault has made 29% of its engines in France, against 85% for PSA. Renault says it will carry, however 40% of its investment in France by 2013. Engine side, the group said it will produce R9M, a 130 horsepower diesel for the Megane to Cleon, Seine-Maritime. A factory will also manufacture electric motors in 2013.

While the new European standards will make diesel engines more expensive gasoline engines of new generation have a bright future ahead of them. H4 and H5 models, which will reduce CO2 emissions by 30 to 40 grams per kilometer, would represent 85% of the volume of gasoline engines for Renault in 2015.

After a session of ups and downs, the leading index is rising again in Paris on Friday, gaining 0.26% in early trade at 4071.19 points. Yesterday, Wall Street has ended on a high note. For their part, the Asian financial centers are all clearly trending up. Despite rising pressure on the price of a barrel of oil, investors should follow the trend. The publication of results, generally of good quality, also maintains optimism.

Oil prices resumed their upward movement on Friday morning, the market doubts that Venezuela's proposal to find a solution to the crisis in Libya could succeed, analysts said. Libyan oil production has fallen by half because of the violence sweeping the country, announced Thursday the head of the government oil company NOC (Libyan National Oil Corporation) Shukri Ghanem.This morning, a barrel of light sweet crude gained 45 cents to 102.36 dollars. That of Brent North Sea was up 21 cents at $ 115.

On the macroeconomic front, all eyes should be turned to the U.S. this afternoon are expected when two important indicators that will give an overview of health status across the Atlantic, namely the employment figures and unemployment for the month of February (1430) and industrial orders for January (1600).

The euro at its highest in four months

As for currencies, the euro rebounded sharply against the dollar and the yen after ECB President Jean-Claude Trichet, hinted he might raise the rate by the European institution. At its monthly monetary policy meeting, the ECB has maintained, as expected, the rate at 1%.But the President has adopted to the press a very firm tone about inflation, stating that "strong vigilance" was needed.

Last night, the euro climbed to its highest level in nearly four months to nearly $ 1.40. Around 23 pm last night, the euro bought 1.3965 dollars against 1.3867 dollars on Wednesday at the same time, after climbing to 1.3974 dollars, a level unprecedented since Nov. 9. The European currency also climbed against the yen at 115.08 yen against 113.50 yen late Wednesday, after peaking at 115.15 yen, its highest since early November.

Areva more confident for 2011

Legrand – 4.95%, to 28.79 euros

Wendel (+ 2.91%, to 74.63 euros) jointly yield and KKR, as part of an accelerated placement, 40 million shares, or 15% stake in specialist electrical and digital infrastructure of the building.Yesterday the share closed up KKR of 1.61% at the New York Stock Exchange, to 1.61%.

Areva: 4.77% to 35.15%

The nuclear group has accused an operating loss in 2010, mainly because of a provision for the construction of the EPR reactor in Finland, but the specialist's public nuclear aims to grow its business in 2011. The Chairman of the Executive, Anne Lauvergeon, also said that the group did not need additional funds, especially after its capital increase to finance its development.

Hermes International boosts results

Hermes International: 1.09%, to 153 euros

The luxury group has announced an annual net profit up sharply from 46% to 421.7 million euros while its operating margin reached 27.8% of sales, "Best recorded performance by the group since its entry into scholarship in 1993, "says the label.Operating income also flies from 44.3% to 668.2 million euros. Sales, already known since early February reached 2.4 billion euros. The group psoposera a dividend of 1.50 euros, 1.05 euros under cons of fiscal 2009.

Eurotunnel: -2.03% to 7.17 euros

The operator of the Channel Tunnel was charged last year with a net loss of EUR 57 million which he attributes largely to the lack of insurance payments related to operating losses after the fire 2008. The dividend is still maintained at 4 cents, and management stated that if the recovery appears to be confirmed, it should remain as progressive segments. Eurotunnel expects its passenger traffic increase of about 3% in 2011.

Veolia Environnement: -1.61% at 22.63 euros

The company said net income fell slightly by 0.5% for annual sales up 2.5%.It aims to increase its recurring operating income 4 to 8% in 2011 by continuing its program of cost reduction (250 million euros of savings anticipated in 2011).In addition, 1.3 billion euros of asset sales are announced for the current year.

Ingenico: 1.94%, to 27.89 euros

The Grou announced its successful bond issue of 220 million euros, could be increased to 250 million, ocean-type.

IMS: 2.40%, to 15.36 euros

The group suffered an operating loss in 2010, a year marked by heavy charges, particularly related to the reorganization of the group and disposals of non-strategic stocks following the acquisition in July of Jacquet Metals.

EADS: 0.43%, to 19.86 euros

The parent company of Airbus, is close to deciding not to challenge the award of contract to Boeing $ 30 billion for the supply of tankers to the U.S. Air Force, said Thursday Sources familiar with the matter.The European aerospace group could announce the decision on Friday, putting an end to a battle of ten years on this contract.

Crossroads: – 2.4% to

The supermarket group has seen its vice president resign on March 1, due to disagreement with the strategy, according to the Tribune. For its part, the boss of the distributor, Lars Olofsson announced it would deploy its Carrefour hypermarket concept Planet throughout Europe from April.

Societe Generale

Lebanese Canadian Bank (LCB), a private Lebanese accused the U.S. of laundering money, will merge with Societe Generale said Thursday the governor of the Lebanese Central Bank, Riad Salameh.

Note that the calculation of the new composition of the CAC 40 was left unchanged the 40 companies included in the calculation of the benchmark index in Paris.Moreover, the general meeting of shareholders of Euro Disney could be an opportunity to learn more about the reasons for the surge in prices in recent weeks, including rumors of a capital input of a new shareholder.

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.

According to the letter dated Friday, brought to the attention of Figaro and sent by registered post to "senior position III C" holding the position of "Director of Front vehicle projects since 2006, the automaker said it had received" an anonymous tip involving namely, because (his) supervisor, Mr. Balthazard and indirectly Mr. Tenenbaum, Deputy Program Director electric vehicle "indicating that they have received" bribes ".

Explaining having initiated an investigation, "the responsibility of the compliance" of the company, submitted on January 6 in the "Compliance Committee" – editor's note: "Ethics" – Renault wrote that it "appears from these investigations than have "received money from foreign sources, leading to the conviction, given (its) responsibilities in a vital area for the future of the company (he has) given in exchange of strategic information for the company. "

Renault estimates, without providing details, that "these extremely serious acts indicate an intent to harm the company and constitute a serious and obvious to (its) obligations of confidentiality and loyalty to the company (..)»..

"My client knows nothing about the case against him"

Considering himself "unfairly hurt," Rochette Bertrand decided to strike back against the voices of his lawyers.

His advice Me Christian Charriere-Bournazel, intends on Monday sue for libel direct quote non-public proceedings before the police court. It refers to "the signer of the letter and the Renault is civilly liable," said the former president of the College. "I want to hold those responsible for the Renault to give us what they consider their evidence, since they did not have the reflex to give live to debate as they are now break the life of my client without having taken the precaution to say exactly why. "

In addition, Ms. Charriere-Bournazel has announced its intention to go as fast with Jean-Claude Marin, Public Prosecutor of Paris to learn the specifics of the complaint filed Thursday against X by Renault for "industrial espionage ."My client knows nothing about the case against him, he is put in food to the public and must be justified on the facts which we understand nothing, tenor Parisian rebels. We feel the heart of a trial of the largest Soviet era … "

On the social side of the record, My Marie-Sophie Rozenberg and Sabrina Gabyzon will enter into early next week the Industrial Tribunal to contest the dismissal of Bertrand Rochette saying that "the contents of the letter does not state specific allegations and Renault is based on mere belief can not justify a serious fault fast cash advance. "Both lawyers complain that the disciplinary procedure of the manufacturer is "based on an anonymous letter that does not ensure the reliability of the informant and that does not even mention Bertrand Rochette."

Accused of having opened an account in Switzerland

The executive in question, who maintains his innocence, had written to the director of executive management and senior officers of the Board a letter of two pages including Le Figaro has obtained a copy. Bertrand wrote Rochette being summoned by Patrick Pelata, CEO of Renault, Monday, Jan. 3, for a meeting on "management of the architecture of new vehicles.""So I was very surprised when Mr. Pelata me immediately announced that misconduct had been alleged (..) and that the company had evidence that I was involved in a case industrial espionage related to the electric vehicle with the key money and foreign powers. "

After being escorted from his home by Mark T., a former member of the Police Department for the Protection of the group, Rochette Bertrand says he was "accused of having opened an account in Switzerland on which corporation shall have been made in consideration confidential information that I trasmises to third. Marc T. reportedly said "they had evidence of what he said." "All this is strictly impossible, I suggested to Mr. T. to go to Switzerland to check up on conditions under which this alleged account was opened. "

Remembering be gone the next day early in the afternoon on the TGV to Geneva with Marc T. and one of his colleagues, Bertrand Rochette ensures arriving too late to see this bank account which he repeats all ignore. "It was decided to spend the evening and night in Geneva. Mr. T. we suggested a drink and dinner together, "says Bertrand Rochette. The next morning at breakfast, it was agreed that Messrs. T. and G. pass me up at my room in 10 hours. It was only 11:30 that these gentlemen have "reappeared" and informed me that the visit to the bank, which I still do not know the name, was canceled and we returned to Paris on the orders of Renault .. " This trip would have made abortion "qu'accuenter the nightmare" of the framework in question.

As part of his "dismissal for gross misconduct," Bertrand Rochette was served Friday the obligation to surrender on the field its "laptop, badge, car, mobile phone, credit card, and all business records (he) might have kept. "

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"Renault: preliminary investigation entrusted to the cons-espionage

U.S. equity markets continued their forward march. On Wednesday, the Dow Jones closing at 0.72% up to 11,755 points in early trade. For its part, the Nasdaq gained 0.76% to 2737 points while the S & P advance of 0.90% to 1286 points. Tuesday, Wall Street was also closed in the green. This is the highest level recorded by the New York Stock Exchange since August 2008.

On the foreign exchange market, the euro goes up the slope against the dollar. He crossed the $ 1.30 increase in the dollar to 1.3131 at the close of U.S. markets.

On the macroeconomic front, investors were waiting in New York specifically to the conclusions of the Fed's Beige Book. These were more optimistic than previous ones.The Fed remains cautious on employment and real estate, notes, however, signs of renewed growth since late 2010.

Moreover, the positive outcome of the bond of Portugal, which has already drawn up European markets, helped to maintain the indices in green throughout the session. "For once, Europe has led us in the right direction, which had not happened lately," noted Volokhine Gregori, of Meeschaert New York."Everybody gets carried away by seeing the news from Europe are good", also confirmed Mace Blicksilver of Marblehead Asset Management.

"The upward trend started earlier this year and stopped by concerns for issues of debt in Europe, took over, supported by the publication of the Beige Book," observed Volokhine Gregori.

Also on the macroeconomic front, import prices showed a net gain in a year in the United States in December, due to the continuation of soaring energy prices. According to figures released Wednesday by the Ministry of Labour, they rose 1.1% while economists had forecast a rise of 1.2%.

Finally, the budget deficit fell in December to $ 80 billion, or 12% lower than December 2009, monthly figures show the Treasury on public accounts.The decline is consistent with the median forecast of analysts.

Chevron profits up to

The side of values, after award, the American oil company Chevron (+0.69% to 92.46 dollars) has indicated that it expected higher profits in the fourth quarter of 2010 than in the third, thanks to higher crude oil prices and an assignment. Chevron reported net earnings of $ 3.8 billion for the third quarter 2010 quarter ended Sept. 30, down 1.6% year on year, reflecting a negative currency impact.

Also in the oil sector, the National Commission to investigate the causes of the explosion of the oil rig Deepwater Horizon in the Gulf of Mexico in April 2010 urged the creation of an independent agency responsible for security offshore operations.The Commission report provides a roadmap for Congress to initiate multi-sector reforms. It will be presented to committee in the House and Senate from 26 January.

For its part, the banking sector has responded positively to the latest report from the American Bankers Association (ABA), which suggests that the default rates on consumer loans rose slightly in the third quarter. Sector values are in the green image of JP Morgan earns 2.57%, Morgan Stanley is 2.68% and Goldman Sachs ahead of 1.30%.

The automotive sector also remains in the spotlight, while the show continues manufacturers in Detroit.The new boss of General Motors (-0.39% to 38.60 dollars) Dan Akerson announced that his group plans to produce this year about 25,000 Chevrolet Volt, its new hybrid vehicle electric motor.

AIG is selling its subsidiary in Taiwan

In the insurance industry, AIG (-1.12% to 58.38 dollars) said it had received an offer from Ruentex group for the redemption of its insurance business in Taiwan (Nan Shan Life Insurance) for $ 2 , $ 15 billion.

The CEO of Sanofi-Aventis said he did not know how far he would go in its discussions on the purchase of Genzyme. For its part, the U.S. Biotechnology company Genzyme (stable at 72.34 dollars) ruled that discussions with Sanofi-Aventis had made progress, but that they remained technical in nature. Genzyme has revised downward its outlook for 2011.

In the coming days, the dance of results continues on Wall Street. Among the heavyweights of the coast, Intel will announce its results tomorrow, and JP Morgan Chase Friday.

Fighting poverty other than by gift, microcredit splint it for over thirty years. Microfinance institutions (MFIs) provide financial services primarily to small loans but also savings or insurance, those excluded from the formal banking system. Microentrepreneurs and have the means to create their own businesses, improve their living conditions and perhaps create jobs. But the year just ended was one of the difficulties for this model which has 150 million microentrepreneurs worldwide.

In 2010, the microfinance sector has indeed been affected, delayed by the global economic crisis.Jacques Attali, President of PlaNet Finance, the first microfinance institution in Europe, and Maria Nowak, founder and president of the Association for the Right to Economic Initiative (ADIE), formed in 1989 and a pioneer of microcredit in France, stress that the crisis has led to a decline in purchasing power, which microentrepreneurs have suffered. With the increase in indebtedness, repayment rates have declined and Adie reported a decrease in loans for the first time in its existence:

India: financial excesses and mass suicides

The crisis was not the only issue in the recent difficulties in the sector. 2010 was also the year when the failures of microfinance have come to light. Since summer, the industry is going through an unprecedented crisis in its fastest growing market, India.In a country with 70 to 80 million microentrepreneurs, the sector appears new financial windfall. Some MFIs have transformed into for-profit investment fund lucrative. Wishing to improve their profitability to attract new capital, they have increased lending to creditworthy borrowers and their repayments demanded aggressively. Contrary to its fundamental principle, microcredit has acted as consumer credit or even used … to repay previous loans! The downward spiral began, suicides of indebted borrowers and harassed by MFIs have unfortunately made the headlines in Indian newspapers.

Symbol of that drift to the pursuit of profit, SKS Microfinance, MFI leader, went public July 28, 2010 to raise 350 million dollars (268 million euros).To Muhammad Yunus, the father of microcredit and Nobel peace 2006, the IPO was "fundamentally wrong and a bad signal. Microcredit should not be presented as an opportunity to earn money. It must first be used to create the activity, allowing the poor to have a job. "

Regulate the sector

The Indian state of Andhra Pradesh, which alone has recorded 85 suicides borrowers, has already passed a bill to prevent these abuses and to limit high interest rates. The regulation is precisely the key according to Jacques Attali, who remains confident about the future of the sector in 2011:

In France, the industry should also be revived.A recent amendment to the legislation authorizes the microloan effect between individuals, resulting in a rise of sites of "peer-to-peer lending" as Babyloan.org.

Large firms take over

But social economy is no longer the preserve only of those institutions or the state. Large private companies seeking to maximize their profits, in turn seized the subject and launch in partnership with other actors in the social business.

Such as microcredit, the objective is to fight against poverty. But this time, we see the big picture: multinationals are encouraged to use their skills and cash to complete a specific project. First example: in 2006, associated with the Grameen Bank, Muhammad Yunus, Danone yoghurt product sold around 6 cents in Bangladeshi villages.Since then, the social business has invested in other areas: Grameen Phone, is a partnership with Telenor of Norway, became the first telephone operator in Bangladesh. For his part, Veolia Environment has partnered with the Grameen Bank in the field of water and Adidas is committed to making shoes at low prices for the Bengalis.

Virginie Seghers, a professor at the Institut d'Etudes Politiques in Paris, explains that social business is based on knowledge of field stresses the role of multinationals to improve their image and position themselves in markets that represent 4 billion future consumers :

France has put this principle into practice recently. For Martin Hirsch, the sector has experienced a real boom in France in 2010.The former High Commissioner for Active Solidarity, who co-chairs the pulpit "Social Business / Business and Poverty" HEC stresses the power and responsibility for these large companies to persuade them to embark on these projects:

Martin Hirsch presided today with Emmanuel Faber, Danone's number two, a partnership which has joined Schneider Electric for carrying out actions of social business in France.

For 2011, several projects will be tested: the creation of coupons for infant feeding products such as baby food and infant formula, a partnership with Essilor to reduce the cost of glasses and another with SFR to reduce the price Small telephone consumption. In one year, Martin Hirsch hopes to lead a dozen projects.

Closed Thursday because of holidays, the Tokyo Stock Exchange finished Friday's session down 0.65%. Investors, few, were defeated by Japanese securities firms exporting due to a resurgence of the yen vis-à-vis the dollar and euro.

At the close, the Nikkei index of 225 blue chips lost 67.29 points to finish at 10,279.19 points. The broader Topix index of all titles of the first table on his side finished the day down by 4.12 points (-0.45%) to 901.66 points. The trading volume was very low on the eve of Christmas, with only 1.28 billion shares traded on the primary market.

The Tokyo Stock Exchange was closed Thursday as the dollar and euro have weakened significantly since Wednesday against the Japanese currency, the first falling to less than 83 yen and the second in the 109 yen.The rise of the yen hurts Japanese companies that sell to the outside, diminishing profits collected abroad and distorting their financial forecasts. Titles Kyocera and Olympus and have declined by 1.06% and 1.38%. The action, however, Toshiba gained 0.68%, the group announced that it would subcontract the manufacture of chips at South Korea's Samsung Electronics bad credit payday advance.

Crude oil prices mixed

Moreover, the Hong Kong Stock Exchange, which closed earlier Friday because of Christmas, finished down 0.30%, partly due to fears of a tightening of monetary policy in China.The Hang Seng Index lost 69.17 points to close at 22,833.80 points, for a limited volume of trade to 23.63 billion Hong Kong dollars (3.05 billion dollars).

On the oil market, crude prices were mixed Friday in electronic trading in Asia, suffering some profit taking after hitting the day before a new high for the past two years. In morning trading, a barrel of light sweet crude for February delivery yielded 13 cents to 91.38 dollars, one of Brent North Sea crude for February delivery gained 18 cents to 94.43 dollars. The previous day, oil had climbed to 91.63 dollars during trading in New York, and up to 94.54 dollars in London, levels last seen in early October 2008.Crude prices are supported by the "index of consumer confidence in the U.S., which suggests an increase in gasoline demand," according to a note from the Commonwealth Bank of Australia.

U.S. stock markets are changing slightly higher Tuesday, following in the footsteps of European stock. The Dow Jones 0.70% at 11,442 points, the Nasdaq rose 0.90% to 2618 points and the S & P500 lost 0.85% to 1233 points. On Monday, Wall Street had ended the session close to balance.

Today, U.S. markets should welcome the agreement reached Monday night between Barack Obama and Republicans on how to extend the tax cuts decided by his predecessor George Bush, who came to expire at the end of year. Initially, Obama sought to place under the condition of income tax rebates, reserving them for households earning less than $ 250,000 a year and individuals earning less than $ 200,000 a year. Under the compromise reached, all the tax cuts decided by George W.Bush will be extended for two years – including the richest. By ceding to Republicans on keeping tax cuts for the rich, Obama is likely to face resistance from the left wing of the Democratic Party. But the compromise provides for the extension to 13 months of unemployment benefits, an aspect that is likely to appease the Democrats.

On the foreign exchange market on Tuesday mid-afternoon in Paris, the euro bought 1.3377 dollars against 1.3304 dollars the previous day.

On the macroeconomic front, the only statistic of the day on Wall Street is indeed the evolution of consumer credit expected to 20h. Investors in the U.S. and Europe should remain alert to developments in the crisis of public debts in the eurozone.

Shortly before noon, the finance ministers of the EU have formally adopted the plan by 85 billion euros in Ireland, which becomes the second country in the eurozone after Greece to receive such external support creditreport. Unsurprisingly, the day before, the member countries of the euro area have failed to agree on an increase in the European Relief Fund or the creation of common bonds.

U.S. Treasury balances its stake in Citigroup

The side of values, the U.S. Treasury announced last night, leaving the capital of Citigroup, with the sale of its shares at recent unit price of 4.35 dollars below the closing price (4.45 dollars ) for a total of 10.5 billion dollars. The total investment of the federal state in Citigroup had risen to 45 billion dollars, in order to avoid sinking into a financial crisis in 2008.He not only recovered the initial investment, but also an additional $ 12 billion in dividends and interest

For its part, the president of Kellogg's announced departure is the manager of the group from 1 January 2011. The group also reaffirmed its earnings guidance per share for 2010 and 2011.

Always on the side of values, ING Group and Toronto-Dominion Bank would be negotiating with private equity fund Cerberus to buy Chrysler Financial Management Corp., noted experts from Aurel BGC. The fund had acquired 80% share of Chrysler Financial for $ 7.4 billion in 2007.Chrysler Financial has $ 2.2 billion of liquidity.

Also note, the liquidator of the Madoff, seeking to recover funds lost by victims of this gigantic scam, said he demanded at least $ 9 billion to the British bank HSBC and various related entities. Last week, Mr. Picard has already claimed $ 6.4 billion to U.S. bank JP Morgan Chase, and last month two billion dollars in Swiss bank UBS and associated funds.