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Top of tough week on Wall Street. After opening in a small decrease (-0.1%), the NYSE has widened its losses during the session to close on a net decrease of 1.39% at 10,010 points. The Nasdaq coward 1.56% to 2120 points while the S & P drops 1.47% to 1049 points.

The euphoria that followed the release Friday of the revised figure for growth in the second quarter will not last. Caution has again made its appearance in spite of macroeconomic statistics as bad as expected. Consumption has picked up 0.4% yoy compared to June. It's better than the expected by analysts, who had estimated the consumption growth to 0.3%, according to their median forecast.Spending growth has outpaced that of household income since, according to the ministry, they are divided up by 0.2%, after virtually stagnating in June

The wait has dominated this session because of the flurry of statistics to be published this week. On Tuesday, it will house prices and economic activity in the Chicago area in August and, finally, the consumer confidence that will be published. Wednesday, Thursday and Friday will be dominated by such employment with, successively, the ADP employment figures, entries weekly, and finally figures of unemployment and employment in August.

Waltz of mergers and acquisitions

On the corporate side, the dance of mergers and acquisitions continues. 3by (-2.03% to 31.80 dollars) fall after surge 25% to 32.5 dollars on Friday night.As for his suitors, HP (1.47% to 38.56 U.S. dollars) has increased its prices by 3 27 to $ 30, Dell (1.12% to 12.02 U.S. dollars) has aligned its offer Friday morning about $ 27.

The German manufacturer Infineon Semiconductor announced Monday the sale of his division's wireless, which makes components for mobile phones, the U.S. Intel (-2.23% to 17.96 dollars) for 1.4 billion (nearly 1.1 billion euros).

The CEO of Sanofi-Aventis, which formalized Sunday his intention to acquire U.S. biotech Genzyme (3.39% to 69.91 U.S. dollars) to $ 18.5 billion, said that "a lot of time can still drain "by launching a bid, in an interview with Voices dated Monday. But the board rejected Genzyme Monday unanimously the proposed terms.

The Indian government was to meet Monday officials from the Canadian manufacturer of BlackBerry (RIM: -0.88% to 45.59 U.S. dollars) to try to break the deadlock over access to encrypted data from the phone, on the eve of the ultimatum on blocking two messaging services.

French insurer Axa has reduced by almost half its share in the prestigious investment bank Goldman Sachs (-1.97% to 136.66 U.S. dollars), the center of criticism for his role in the Greek crisis, according to documents the regulatory authority of the U.S. markets (SEC).

The U.S. industrial conglomerate 3M (-1.67% to79, $ 65) announced Monday the acquisition of Cogent group (24.40% to 11.09 dollars) to over 900 million dollars (708 million euros) This represents a premium of nearly 18%. 3M will pay $ 10.50 in effect by title Gogent, which posted a closing price of 8.915 dollars Friday.The transaction should be completed in the last quarter of 2010.

Unheard of since the beginning of the crisis. This makes two months in July as the number of jobseekers registered in category A to decrease employment center. "One more and it will become a reliable trend," enthuses Laurent Wauquiez, the Secretary of State for Employment. The largest decline even since February 2008: 0.5%, or 14,400 fewer people unemployed in July after an initial outflow of 8600 in June "This proves we were right not to give up and focus on an active policy of employment," said Laurent Wauquiez. We must remain vigilant because the coming months will not all be as good. "

Another encouraging sign is the rising number of unemployed in class ABC (including applicants for employment who have worked more or less than 78 hours) slowed sharply in July. It was only 0.1% (5300 persons) in July, five to nine times lower than previous months.For Laurent Wauquiez, it is not just a transfer grade (from A to B and C) meaning that more and more unemployed people returning to work part time. "It is also linked to the resumption of temporary employment and job creation in the first half of IDUs," he justified. There are now between 2.69 and 4.21 million unemployed in France, according to the category selected.

The data for July also confirm the trend reversal on youth unemployment. The number of under 25 who are enrolled in July fell 2.8% in category A, on the ebb to 1.8% in one year. An exploit in crisis even if there is an increase of a level similar to category ABC showing that more and more young people carry a very part-time job until sustainable employment.Input side, the decline on a year because of enrollment for CSD (-14.5%), temporary mission (-14.5%) and redundancy (-31.1%) demonstrates that economy is indeed on the road to recovery. A feeling confirmed by the rebound of 3.6% of jobs collected in July.

Bond assisted contracts

Conversely, the social treatment of unemployment runs rampant over the past year: the release of employment center for internships have increased by 11.7%. Even finding the side of beneficiaries assisted contracts (Class E), the number has jumped from 45.5% in one year. "We remain below the number of contracts sold under Jean-Louis Borloo and Martine Aubry," qualifies the Secretary of State for Employment.

Three other flats are relative good figures for July.Senior citizens continue to register in mass (1.1% in one month and 17.1% in one year) and nearly 50,000 more to be pushed into the doors seven months of employment center. A downward spiral that Laurent Wauquiez hopes curb with the introduction in 2011 of a device "zero charge" for the hiring of a senior unemployment. On the other hand, the long-term unemployment is endless progress: + 0.8% in July, bringing to 36.2% the share of those unemployed for more than a year on average over 424 days ( 30 in ten months). Finally, the radiation increased by 7.3% in one month and 9% a year.

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As usual, Alcoa starts the ball results in the United States. And the least we can say is that it starts well. For the second quarter, the U.S. producer Alcoa aluminum in the green came back in the second quarter, with net income of $ 136 million, against a loss of $ 454 million a year earlier, and praised the "prospects excellent.

The turnover reached 5.187 billion dollars, well above the 5.02 billion forecast underlying the market.

Consumption of aluminum prospects up

"The growth of our revenues and our earnings due to higher volumes of end markets and gains from our productivity program," said CEO Klaus Kleinfeld said in a statement issued after-hours trade .He added: "The outlook for Alcoa and the aluminum are excellent.

The group also said it had received during the period April to June, in addition to higher volumes and productivity improvements, favorable currency effects and a reduction of energy costs, which more than offset a slight reduction in selling prices.

"Given this improvement in final demand, we are raising our projection of consumption of aluminum 10 to 12% this year" in the world, "he concluded.

At the New York Stock Exchange, Alcoa has lost the action Monday at the close 0.64% to 10.87 dollars in a market up 0.18%.

Surprising as it may seem, the purchasing power of French households has increased more during the recession of 2009 than during the previous year. Very specifically, the increase was 1.6% last year, against 0.4% in 2008, according to figures from INSEE. Unemployment forces, incomes have barely increased in 2009 (1%). But inflation has settled down, which has given fresh air to the household budget. With a decline in oil prices and food prices, prices of consumer spending fell 0.6% in 2009, when they rose 2.9% in 2008 payday loans.

Concerned by the crisis, the French preferred to save the additional resources, including by placing life insurance. The savings rate has reached 16.2% at end 2009. Consumption has it, plus a small 0.6%. The scrappage boosted purchases of cars (+8.3%).The French bought mass televisions, went to the movies more but have less clothes and bought train tickets and plane.

For its centennial, the fund invests Strategic Investment (ISP), launched there just eighteen months, has chosen to support CGG Veritas. This intervention takes place through the acquisition of the group's shares listed in Paris and New York, up from just over 170 million euros, or 6% of capital. The fund, which became the largest shareholder of the company, ask an administrator to the council table. "This is a significant commitment of ISPs, says Gilles Michel, Director General of public funds. One of our three missions is to strengthen the capital of companies listed on major technological potential. Upon entering the capital of CGG Veritas, we conduct our sixth investment of this type. "

This, incidentally, the third stake in an oil company, after Vallourec and Technip.With a market capitalization of 2.7 billion euros, CGG Veritas is smaller than the other two groups supported by the fund, but the company employed 7,500 strong positions in its areas of specialty. It is a world leader in providing services in imaging for identifying hydrocarbon reserves, both onshore and offshore, it is also the world leader in seismic equipment.

"We are proud to be regarded as a business with great potential by the ISP, and it does not mark a turning point for the company, but it will allow us to further develop the technology to improve the image of the basement" , commented the President of CGG Veritas, Robert Brunck on line pay day loans.

Long-term shareholder

The entry of ISPs also aims to secure a capital highly fragmented.IFP (French Petroleum Institute), long the largest shareholder, holds only 4.2%. And the company has 700 funds in its capital.

With the strategic fund, about 10% of the capital are now in the hands of public shareholders and long term. "The presence of ISPs in the capital makes CGG Veritas attractive for other long term investors," said Gilles Michel. For him, securing the capital enables these dynamic companies to focus on growth rather than spending time managing financial issues.

Problem even more crucial that CGG Veritas is an average actor in a sector parapetrolic won by a movement of concentration. Schlumberger has made two acquisitions in quick succession.The industry giant has launched at the end of winter a bid of 11 billion dollars on Smith International, before you spend a few weeks later, one billion euros to afford the French Geoservices. Many observers consider that competitors, including Halliburton, would replicate …

SeaFrance to court to denounce "numerous errors, deviations, differences in the accounts established in late 2009 by the auditor, appointed to audit the accounts of the company." The ferry company suspected fraud, particularly related to sales on board ships between Calais and Dover, for two years.

The prosecutor of Boulogne-sur-Mer, Pas-de-Calais, has opened a criminal investigation for "breach of trust", while the direction of the Company filed a complaint against X in March.

According to the spokesman SeaFrance differences accounts were "significant". According to Le Parisien, they concern "hundreds of thousands of euros".A significant shortfall for a company that has placed the supervision of the Commercial Court of Paris in mid-April to avoid bankruptcy.

This backup procedure had been launched a few days after a strike that lasted throughout the Easter weekend, and who literally "poured" the company: Blocking boats will "cost 1.25 million euros SeaFrance and can cause death of the company and all its jobs, "then had warned management of this 100% subsidiary of SNCF flexcheck cash advance.

Items returned at any cost

According to information from Parisian-Today in France, the auditor was particularly interested in returning items sold in 2008, "whose amount was 610,000 pounds, or 720,000 euros."

"It seems surprising that cigarettes, perfume or whiskey are subject to systematic customer feedback, and especially for these volumes," Le Parisien reported the briefing note written by the expert. Another oddity: there is no inventory of returned products, so it is impossible to know what these products have become.

In addition, differences in body are disturbing: the first four months of 2009, differences between the turnover and amounts in cases concerned 60% of trading volume.

Finally, discovering one of the ships of the fleet has the equivalent of a stock of thirty months of a brand of champagne, it is clear that there is something fishy.

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EUR / USD: The euro on a downward

Torn between good ZEW index of German industrialists in April and perennial concerns about the finances of Greece, the euro was hesitant. On Wednesday, he nevertheless resumed its downward trend started yesterday, when discussions begin in Athens techniques to study details of the mechanism of financial assistance that the country could then activate it if necessary.They should last about ten days after placement interviennet by Athens Treasury bills to three months worth of 1.95 billion euros.

The Bundesbank president Axel Weber has implied that Greece might need 80 billion euros of financial assistance to avoid bankruptcy, nearly double the amount provided by the European plan.

"Despite a modest rise in risk appetite, the euro remained under pressure during the night while the gap between Greek and German bonds rose to a new record of 478 basis points in the night, however, observed Michael Hart at Citigroup.

Pictet notes that "the return to rising world stock markets – after overruns linked to the case Goldman Sachs and the ash cloud Iceland – has left the dollar marble.

For Pierre-Antoine Dussoulier, president of Saxo Bank, the consensus presages a downturn in the euro.Support for the euro / dollar stood at 1.3280. One that is close, while the euro traded under $ 1.34 today, to 1.3387 to exactly 13 hours.

"Until then, support has remained resilient, but if it is broken, then the euro will fall to the next support, referred to 1.2455 dollar per euro, or levels in March 2009 and November 2008. The resistance is placed it, to 1.38 euros, but there is little chance that the euro is growing so very short term, the official said.

The pound sterling rose

While political discussions are underway with our neighbors across the Channel for the upcoming elections on May 6, the British pound is a positive trend, encouraged by the price index from March to well above expectations at 0, 6% against 0.3% expected.

It is 86.96 pence per euro and 1.5391 dollars on Wednesday.

Asian currencies purchased

Led by the change in monetary policy from the Bank of India Monday, Asian currencies continue to rise. As the NOK, which rises against the dollar at 5.8953. Even in Australia, the Australian dollar strengthens against the dollar and euro.

Canadian Dollar coveted

The Canadian dollar (CAD) remains the motto of all desires: while the Bank of Canada has hinted it may raise rates, the latter finally maintained at 0.25%. The loonie has flirted with parity from 1.0161 to 0.9941 Canadian dollars to 1 U.S. dollar. The momentum keeps a downward trend on Wednesday.

The central bank of Canada announced an upcoming recovery.It could then be the first monetary tightening of a G7 country.

* Definitions

• Forex: For Foreign Exchange, foreign exchange or market analysis • technical analyst or chartist. She studied graphic evolution courses. The research in the historical price behavior involved in a situation to predict the evolution of financial securities. • Pips: Price Interest Point. Unit rating for foreign currency. It designates the last digit is used: in the case of the euro, the fourth decimal place. • Trend: trend. • Range: Range. • Support: value as the price has little chance to pass down. • Resistant: value as the price has little chance of exceeding the rise. • EUR: Euro, USD: U.S. Dollar, or U.S. dollar JPY Japan Yen or Japanese yen, GBP: British Pound, CHF: Swiss franc .

Less foreign visitors in France, under French abroad. Like all other sectors, the tourism industry (6.4% of GDP) has been overtaken by the economic crisis. If some 74 million visitors have crossed the borders of France last year that attendance has shown a decline of 6% compared to 2008.

The British (-17.3%), Spaniards (10%) and Americans (10%) were abandoned by France, who still remains the premier tourist destination.

The balance of payments deteriorated sector. Indeed, if the parties are less French tourists, foreigners have spent less. The surplus thus fell to 7.4 billion in 2009, against 8.5 billion a year earlier and 12.8 billion in 2007 loan payday instant.

The balance of payments deteriorated sector.Indeed, if the parties are less French tourists, foreigners have spent less. The surplus thus fell to 7.4 billion in 2009, against 8.5 billion a year earlier and 12.8 billion in 2007.

The hotel industry has suffered a decline in attendance of 4.9% in 2009 with a decline of 11% just for foreign customers.

The situation was particularly bad in the overseas territories: the attendance of the hotel fell 19.4%. A severe decline that experts say the crisis, but also by the general strike occurred in the Caribbean.

The joint venture created by EDF and Enel of Italy, has signed a partnership agreement with Ansaldo, the nuclear branch of the Italian group Finmeccanica. This five-year partnership provides for cooperation between the alliance and Ansaldo "for the development and construction of 4 nuclear reactors that EDF and Enel EPR planning to build in Italy" says EDF.

For its part Areva said it had signed three agreements with companies in Italy on Friday. The first agreement, signed with Ansaldo will enable both companies to work together in Italy, under the planned construction of four reactors conducted by ENEL and EDF, but also in the rest of the world.This partnership will result in particular through cooperation in the engineering, supply of certain equipment and assembly work and testing of commissioning.

The second agreement, signed with Techint, a group specializing in engineering and construction of large industrial facilities, provides for cooperation of two companies in future nuclear projects turnkey worldwide make quick cash.

Finally, a training agreement was signed with the university consortium for research and nuclear technology (CIRTEN). It provides the contribution of Areva to develop new nuclear industrial capabilities in Italy.

These agreements come as the annual summit between France and Italy takes place in Paris, where Nicolas Sarkozy and Silvio Berlusconi, the Italian prime minister, meet.The purpose of these agreements for EDF and Areva is to be in the running for the revival of nuclear energy in Italy from 2013.

Italy banned nuclear power in 1987 following the Chernobyl accident. But this year, a decree established a timetable for the construction of new reactors began in 2013. Silvio Berlusconi, had expressed a wish that 25% of the electricity produced in Italy comes from nuclear reactors.

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LE FIGARO. – Sales of Fnac fell 1.9% last year, while operating profit was progressing. Have you preferred the return to growth?

Christophe Cuvillier. – We have managed to combine growth and profitability. Our performance is higher than the market in most countries where we operate. We gained market share in areas of the disc and video, thanks to Blu-ray, which FNAC is well placed. Most actions to strengthen our dynamic sales have begun to bear fruit, such as selling video games of chance.

In France, sales leveled off last year after two years of declines. 2010 will Does the year of recovery?

We strive to boost sales.We will continue the deployment of passion spaces in Paris, the provinces and abroad with fifteen new space devoted to comics, to the hi-fi, classical music … All three shops in Paris where we opened the first seven The growth in sales departments concerned is 5 to 10 points above average. We will also carry three to fifteen spaces our stationery.

What is your strategy to accelerate sales on the Internet?

Internet is at the heart of our strategy, we will strengthen the complementarity between the Web and our stores. Our goal is to achieve 10 to 11% of our activity fnac.com in 2010, against 9% last year. A new iPhone application will be launched in late May Customers can interact with the store via their mobile to view a product description or read reviews from users.We will also launch several community sites. Three will be in place by June on comics, manga and photography.

You've also created a "marketplace" …

The space of intermediation between sellers, individuals or professionals, and Internet was far open to sale of editorial products (books, CDs, DVDs …). It will be extended in 2010 to technical products, and offered to customers wishing to order in store. In 24 hours, the entire supply to be so accessible, wherever you be!

Apple multiplies the opening of Apple Stores in France. How do you react to this competition?

This we do not particularly pleased, but it is exciting. If Apple is so ambitious in France is that a lot of success with Fnac, where he conducts much of its sales.We will continue to be a partner with our 25 spaces dedicated to the brand.

Have you decided to sell your 40 stores Fnac Eveil & Games?

We are currently investigating several policy options.

Fran?ois-Henri Pinault, the CEO of PPR repeat last year he wants to sell the Fnac. How do you manage the company and its 14 600 employees in these conditions?

This changes nothing. My horizon is 2015-2020. We will continue our strategy is to build strong positions in stores and on the Internet in France and abroad. Regarding a future new shareholder, it will be important to respect the concept of Fnac.