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In the wake of European stock exchanges and the CAC 40, the U.S. markets aparaissent significantly in the red on Friday, amid disagreements with the ECB and debt crisis. At the close, the Nasdaq and Standard & Poors'500 100 respectively lost 2.67% to 1154.23 points and 2467.99 points to 2.42%. As for Dow Jones, falling 2.69% to 10,992.13 points. This is the biggest drop in Wall Street during the past three weeks.

Markets such as increased losses when Jürgen Stark, member of the Executive Board of the ECB, announced his resignation for "personal reasons", the statement of the institution. The chief economist of the institution has repeatedly expressed his opposition in recent weeks to buyback of government bonds led the ECB to ease the most fragile countries in the euro area.To this must be added the increasing fears of a major failure of Greece that have undermined investor sentiment. "The markets are falling heavily as the big concern is about the crisis of sovereign debt in Europe, especially in Greece," summarized Peter Cardillo, Rockwell Global Capital.

According to analysts, the drop is also due Friday the threat of attack ten years to the day after the attacks against the twin towers of World Trade Center. Washington said Friday morning that al Qaeda was behind the threat of attack "specific, credible but unconfirmed."

In addition, markets have shown little convinced by the stimulus of employment presented by Barack Obama on the eve of 447 billion.Operators are skeptical that the U.S. president to implement his program because of opposition from his Republican opponents that could block the vote.

Expectations related to the G7 Finance

To this must be added the words of Christine Lagarde, Executive Director of the IMF, stressed the urgent need for additional capital banks.So far, investors have also expressed no confidence in the discussions of the G7 finance that opened Friday in London to try to find an answer to the crisis.

Another item, from China, was not enough to appease both sides of the Atlantic: Inflation has indeed slowed in China in August, which removes the fear that Beijing tighten monetary policy .

On the macroeconomic front, wholesale inventories reached a record high in July, rising 0.8% to 462.4 billion dollars, an unprecedented amount, in line with market expectations.

As for the euro, it is at present weighed down by concerns about increasing the economic health of the euro area and the global economic recovery. At the close of the New York Stock Exchange, the European currency fell to 1.3658 dollar (-1.63%), its lowest level since Feb. 23.For its part, the oil has finished on a decline, a barrel of "light sweet crude" for October delivery ended at 87.24 dollars, down 1.81 dollars compared to the previous day.

Threats to jobs at Bank of America

On the corporate side, no major publication was in sight Friday.

The job cuts planned by the management of Bank of America (-3.05% to 6.980 dollars) as part of its restructuring plan could affect 40,000 people, said Friday the Wall Street Journal Online, citing sources familiar with the . The group identified on 30 June nearly 288,000 employees. So far, estimates of job losses were around 30,000, while many banks worldwide have announced significant staff reductions.These reductions would occur as part of an extensive research program savings called "Project LAC", the acronym by which exchanged the title of the institution to the New York Stock Exchange.

Texas Instruments (1.08% to 26.08 dollars) remains small increase, after a warning issued Thursday night on its third quarter results, citing a decline in demand for semiconductors. IT had already warned in July that the current quarter would be modest. The group emphasized that this time the request had deteriorated to "a wide range of products, markets." The manufacturer of components that go particularly in the manufacture of mobile phones and automotive electronics, said now anticipate earnings per share between 56 cents and 60 against a previous range stretching from 55 to 65 cents.

In May 2010, McDonald's France was a sensation with a TV spot in which a teenager going on a phone call to her boyfriend before having lunch with his father, who explains that, as he did at that age, it could be a 'real card with the babes. " Advertising has been around the world. In the original French with subtitles in English, it even triggered a controversy in the United States. The conservative Fox News channel has even made a field day. Sacrilege: great American brand in the gay friendly side!

In this spot, designed by BETC Euro RSCG, is not known if the son ends up coming out to her.But the statement by McDonald's, which has declined in all genres, is very clear that you're straight or gay, black or white, young or old, rich or poor, we do not judge, "just like you are. "

Before, we criticized the pub not to be representative of "visible minorities", not to be sufficiently "black-blanc-beur". Today, the debate has shifted to the "non-visible minorities" and still gets carried away on the issues of communalism, which are still taboo in France.

10% of "non-white"

The proportion of ads depicting characters perceived as "non-white" compared to the total advertising (TV, press and poster) distributed and reviewed by the Regulatory Authority's professional advertising (ARPP) reached 7% in 2008 against 3% in 2005, and this share has increased further since then, around 10%."Racial minorities are now represented quite rightly, said Ingrid Zerbib, image editor for the magazine Strategies, who viewed all the ads that come out in France. The next step is in progress. Homosexuals, the disabled and the sick are increasingly visible. "

McDonald's campaign has been emulated. Krys posted Orangina or gays in their pubs. Personalities with disabilities such as Down syndrome Pascal Duquenne for the virtual mobile operator Simyo, or the blind Gilbert Montagne, for heating specialist camera, turned in spots. Diseases are also commonplace."You can be sick without stigma," said Anne Ramon, communications director of the National Cancer Institute (INCA), the last campaign "I am a person, not a cancer," conducted by the agency La Chose , seeks to change social perceptions of one of the most widespread diseases in France.

In another, more commonplace, but also an affirmation of reality: that of the Community consumption, with the campaign launched last year by the brand halal Isla Delight "Proudly halal." On the occasion of Ramadan, for the first time in France, the brand was as diverse a reference food, free of any cliché. "This campaign is a marker, decrypts the marketing consultant Jean-Jacques Urvoy.The brand was treated as the French leader Charal. "On a halal market estimated at over 5 billion euros – and therefore highly competitive – the whole trick of the ad was to challenge the EU labeling, while displaying a rooster and a Charolais beef! A war of images in a way.

The Paris Bourse closed this week very agitated in the green. This Friday, the CAC 40 ended on a net increase of 4.02% to 3213.88. The London Stock Exchange gained 3.04% at the close, the DAX 3.45% to 5997.74 points, Milan 4%. But everywhere, the sessions have been very volatile in trading volume lower than the previous day (4.84 billion euros in Paris).

The CAC 40 is thus fell into the red immediately after opening up 0.17%. It still yielded 1.59% in morning before rising slope, and show an increase of 2.09% to 3154 points in mid-session.Around 16:15, the Paris index gained 2.76% to 3174.79 even despite the publication items, across the Atlantic, two mixed macroeconomic statistics that have hampered the enthusiasm of investors in New York.

Retail sales in the U.S. in July and were up 0.5% (after 0.3% in June), but the U.S. consumer confidence has it, fell in August. According to an index released Friday by the University of Michigan, which stood at 54.9, its lowest level since it is established, either since 1966. This drop has surprised analysts who had forecast a smaller drop to 62.5.

No growth in the second quarter

On the macroeconomic front in France, INSEE reported this morning from zero growth in the second quarter in France (0.0%), against an increase of 0.9% in the first quarter.Inflation also slowed: the consumer prices fell by 0.4% in July, resulting in an increase of 1.9% over the year (against 2.1% from June 2010 to June 2011 ).

Faced with these new investors are so cautious again after a week marked by extreme market volatility, which saw the CAC 40 push the psychological threshold of 3000 points during the session Thursday. Investors were finally reassured by the announcement of a meeting between Nicolas Sarkozy and German Chancellor Angela Merkel on August 16 to issue joint proposals on the governance of the euro area.

Bank stocks rebound

Since the ban on short selling in the securities of eleven banks and insurance companies to counter the extreme volatility of the stock market values, the latter continuing their rebound started the day before, the image of BNP Paribas (4, 91% to 37.47 euros), which issued a statement Thursday night to reaffirm the strength of its capital, Societe Generale (3.15% to 23.72 euros) and Credit Agricole (1.77% to 6 , 49 euros).

Natixis wins 7.26% to 3.06 euros and signs the largest increase in the CAC.

Carrefour jumps more than 5%

Other values ​​to follow, Carrefour pulls out of the game: the way ahead vigorously 5.13% to 18.85 euros.U.S. giant Wal-Mart have mandated UBS to investigate the acquisition of the Brazilian subsidiary of French retailer, according to Reuters citing a source familiar with the matter.

Goldman Sachs lowered its recommendation on Lafarge (-0.17% to 28.96 euros) and withdrew the title from its list of recommended values ​​in priority to the purchase.The intermediary has instead built his list to Saint-Gobain (3.72% to 34 euros) and Vinci (2.42% to 35.3 euros).

Europacorp (3.13% to 3.30 euros), the production company of Luc Besson, Thursday reaffirmed its goal of a return to balance for the current year, despite a sharp decline its turnover in the first quarter.

Derichebourg (2.98% to 3.63 euros) on Thursday confirmed its target of improving its annual net income, after recording a sharp increase in sales over the first nine months of the year.

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Pressure mounts on the management of Air France-KLM. 144 MPs of all persuasions have signed the petition launched by Bernard Carayon, UMP deputy from the Tarn, to induce Air France Airbus in favor of a mégacommande long-haul aircraft. Monday, Pierre Lellouche, the Secretary of State for Foreign Trade, has announced its intention to meet with Pierre-Henri Gourgeon, the CEO of Air France-KLM to seek "clarification" on its intentions. The meeting should take place this afternoon.

For the government, bad foreign trade figures – which widened to over 7 billion euros in April – have sounded like a severe reprimand. Particularly for companies whose shareholder is the State. Air France-KLM, it holds that "15%" of capital.But Pierre Lellouche believes that the company can "pass the buck" in a state that has "greatly helped" the group "when he had problems with Brussels." A similar approach to reprimand respondent last week to PSA Peugeot Citroen, after the revelation of its possible plans to close two factories in France. PSA is not a public company, but it has benefited from state funds during the crisis.

Strategic choice

The political pressure put on Air France is the extent of the challenge: a mégacommande – the first made jointly by Air France and KLM – a hundred long-haul aircraft. The project is described as historic by the leaders of Air France-KLM themselves: it should be in the tens of billions of dollars. The verdict of the direction the company should have to fall shortly after the general meeting in early July.Now, executives of Air France-KLM believe that the announcement will probably be delayed for several weeks, "the time that the discussions become less passionate."

Internally, the political turn taken by the back hurts. Bernard Pedamon, the pilot representative on the board of directors of Air France said he was "surprised and discontented." "These are the strategic choices that can be for an airline. It is a commitment for another twenty years to respond to economic considerations, he says. Currently, we are witnessing the return of our old demons. The days when you could bring in managers office at the head of the company or impose choices of planes is a bygone era. "

Currently, the weight of the two aircraft manufacturers in the fleet of the company tricolor is not identical.On all its long-haul aircraft, Air France totals 63 Boeing against Airbus 35. The company has indeed bought many Boeing 777-300 at a time when Airbus had no exact equivalent. However, all of its medium-haul (or 153 units) are Airbus.

The controversy of recent days is all the more surprising that for several months, officials of the fleet of Air France have expressed their intention to mix Airbus A350 and Boeing 787. "The case studied by our teams for the purchase of these devices are not made on a corner table," says an executive of the company. "We are studying a number of criteria: the choice of engines, the maintenance cost, the impact on our maintenance activity …" considerations rather distant from the campaign themes.

From our special correspondent in Los Angeles.

LE FIGARO. – After the loss of 277 million to a turnover of 3.6 billion last year, will you become profitable again in fiscal year 2011-2012, which began April 1?

John Riccitiello – Yes. Electronic Arts will be the recipient this year. But let me tell you that since 2009, according to U.S. accounting standards known as non-GAAP, the group is profitable. Last year we made a profit of 70 cents per share and cash flow generated by economic activity of the company was 340 million.

What is your progress in selling games dematerialized?

Last year, digital distribution accounted for 23.5% of group turnover, with 27% last quarter. This year, we should generate over a billion dollars on a turnover of around 3.8 billion.So we will be increasing. Last year, the increase of turnover in sales dematerialized game was 46%, growth is incredible.

All your games do they need to have a version for smartphones, tablets, PCs and social networks?

The market is changing. A few years ago when you were a player you used to play on one console or a single computer. Now, most consumers have a console, a smartphone or tablet and a Facebook account. We do not look at how the public revenue but when he plays. Consumers use all their facilities for entertainment via the Internet. We are in a unique position to be number one or two worldwide in games for social networks, PCs, smartphones, game consoles and "micro" transactions.

Electronic Arts Will he beat Zynga, the champion of games for social networks?

I want to be number one on all platforms. But in games for social networks we are number two, behind Zynga. We will propose additional games. We hope to beat them, but I do not know when it will happen.

How do you explain that your market capitalization of 7.6 billion dollars while Zynga is estimated around 10 billion?

In general, investors refer to multiples of profits to value companies. Our market capitalization is about 20 times our earnings expected by Wall Street. The social network LinkedIn is capitalizing approximately 100 times its future profits. Zynga is estimated at an unbelievable level. Investors were still in their sights a profession as "hot." Now, what are the social networks.Financiers believe that Facebook, Zynga, Groupon or LinkedIn will be the next Google. These companies are valued using a different criterion, that of promise. But they will not all win.

Fifa 12 game has just added a social component with Part Football Club and you'll soon launch the Social sims …

We try to provide the best possible experience in all media and all platforms. This will not necessarily be the same game but we want to connect the data for you to be recognized in all media and gaming experience to continue, even if you do not have exactly the same functions no faxing payday loan.

What do you expect a social version of The Sims, which will extend the experience on Facebook?

We sold a total of 140 million since the launch sims the gameI think we will have between 3 and 10 million players per day for Sims Social. This is a new market. We could not achieve our revenue in 2010 only with games sold for less than a dollar a piece! But this activity will help boost our business in the Sims. This is the secret of the business in video games.

What is the secret?

When something works, it does more, otherwise it makes less. Add component contributes to increase revenue from one year to another. The platform for downloading and Origin game sales, which we announced in early June, will help increase our revenues.

You're more interested in Ubisoft, where you controlled between 15 and 20% of capital?

I've never been. We never wanted to buy. We realized a reasonable profit by selling our participation last year.I like Yves Guillemot of Ubisoft games, as Michel Guillemot, who led the company for mobile games Gameloft. I think the best asset for Ubisoft's Guillemot family and for the best platform in Gameloft. I never saw these companies as a direct competitor to Electronic Arts.

What will be the major massively multiplayer game that you run this year?

It will be "Star Wars: The Old Republic" will be available on Origin. I think we will see a blurring of boundaries between different versions of games for mobile, shelves, brackets and to those subscriptions.I do not think we would start a simple massively multiplayer game now because of market developments.

Where are you with your calls Activision $ 400 million for the departure of two founding Infinite Ward's studio, which developed Call of Duty, and now working for Electronic Arts?

Great talents often go to companies that perform the best job. They filed a complaint against us. But you know, we're in the entertainment industry, so there may be much ado about nothing. On this issue, we have not made provisions in our accounts.

Is this a great loss to have seen your Assistant Chief John Schappert, join Zynga?

Yes. But that's life business.Last year, 212 engineers went to competition and we've hired 384.

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Serious competition from Google's Android, Apple gave Monday a facelift to the iPhone. Surrounded by a cohort of leaders, CEO Steve Jobs introduced from San Francisco, California, the new version of IOS, the operating system behind the iPhone, iPad, iPod touch. This software, including a 5 iOS draft was made available to developers on Monday, will be available for the iPhone 3G, iPhone 4, iPad iPad 2, and the latest iPod touch here in the fall personal business card. Here's what we can learn from this presentation.

Devices iOS archive their data on Wi-Fi and 3G. Photo credits: Kimihiro HOSHINO / AFP

When the alleged espionage case was transferred to the handling villainous, Patrick Pelata, the deputy CEO of Renault, was sacrificed once to take the blame and protect his boss, Carlos Ghosn. "When the investigation is complete, we will draw all the consequences to the highest level of business is to say to me," he said in a March 4 interview with Le Figaro . Duly noted. This incredible adventure will put a stop to a stellar career that began at the manufacturer there are twenty-seven years.

For several years, Patrick Pelata, 55, has emerged as heir apparent right arm and his classmate Polytechnique in 74, Carlos Ghosn. Appointed Chief Operating Officer in October 2008, he assumed operational management of the entire company in crisis, leaving the CEO's long-term strategy.Previously, it had already become the number two official, adding his wake in the footsteps of his mentor.

Brilliant and unconventional

Grand son of farmers, the son of teachers from the Ariege, Patrick Pelata doing a brilliant classical route: preparation at Louis-le-Grand, Polytechnic, School of bridges and causeways, which he was president since 2009. Brilliant but unorthodox, the young engineer developed a passion for sociology. Postgraduate at the Ecole des Hautes Etudes en Sciences Sociales, he wrote a thesis on the development of Taylorism and Fordism in French factories. Communist activist, a brief on the working conditions of miners in the Pas-de-Calais earned him a week off to X, for violating the duty of reserve soldiers saving account payday loan.

At 29, the young executive at Renault. An avid robot, is foreman of the welding robots Flins.It is then in charge of the platform Twingo. When, upon redemption of Nissan, Carlos Ghosn asks about him that is ready to follow him to Tokyo, Pelata packed his bags. His expertise in industrial organization and the range of vehicles, as well as his hobby of sociology help contribute to the recovery of the Japanese manufacturer in disarray. When Ghosn took charge of Renault, he brings with him his right arm. This is one of the few members of his bodyguards at tu boss and contradict appropriate.

Since 2008, Pelata the helm, during the crisis of the automobile. It has launched a voluntary separation plan of 9000 people, handled the failures of the Laguna and Twingo 3 2 and reoriented the manufacturer to the cars of the future. Lucid, he was aware of the questioning of the status of the self in contemporary society.He acknowledged the responsibility of the industry in global warming and went all-out on electric vehicle programs, as alleged spies were supposed to have tried to hack.

When, a year ago, the government pin Renault, which plans to produce the new Clio in Turkey, the boss left Pélata defends the logic of cost reduction business. This fan of hiking and judo, father of four children, now paying an unfailing faithfulness.

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A plea for the European social dialogue. The French ministers Laurent Wauquiez (European Affairs) and Xavier Bertrand (Labour and Employment) will send "within 10 days" a letter to Laszlo Andor, European Commissioner for Social Affairs, requesting "that the social partners be fully involved in defining the Union's priorities in the economic and social. " With a copy to Michel Barnier, his counterpart at Market and former French Minister of Agriculture.

"The social partners must be consulted further upstream on the records, under the European semester," explains Laurent Wauquiez, who met Tuesday evening at the Quai d'Orsay representatives of unions and employers' organizations to explain its position ."We have to defend common interests at European level of public services and quality jobs, investment in infrastructure …," he says.

The original of this letter together with Xavier Bertrand, Le Figaro has procured the revolt of European trade unions and employers after the adoption on March 25 by the Heads of State of the Union "pact for euro. According to them, this project developed without consultation "institutionalizes the recommendations concerning them directly. As wage restraint, control of public spending or delaying the age of retirement."The procedures of consultation with social partners would benefit from being retooled, and concede the French ministers in their letter.

Themes targeted

Of the four trails of association "informally" to the study, the Commission may for example interact with the European social partners before making public its communication on the annual review of growth by integrating "their observations and grids analysis to its proposals. " Brussels could still work with them to "a common vision and priorities for structural reforms of the labor market to implement, by targeting a small number of thematic priorities. As "portability of pension rights from one country to another," offers Laurent Wauquiez.

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"This is another step," said Chris Viehbacher, CEO of Sanofi-Aventis Business on BFM on Monday morning. A month and a half after formalized the acquisition of U.S. biotech Genzyme, the pharmaceutical company announced on Monday morning having met 84.6% stake in its target (number of shares), after the close of the offer on April 1.

For late or indecisive, Sanofi-Aventis has announced the reopening for four days after the offer of 74 dollars per share, beginning this Monday, April 4 and April 7, 2011 Termier at midnight, Paris time. With this announcement, Sanofi-Aventis loop thus one of the most difficult acquisitions in its history. More than eight months of stock market battle will have been necessary to convince the board of directors of Genzyme.

End of an eight-month battle Market

More than the interest of the reconciliation, Henri Termeer, Genzyme's CEO questioned the price offered by the French, hoping to raise up the auction. A successful challenge, the champion tricolor pharmacy having finally sold, raising its offer from 69 to 74 dollars per share, together with a certificate of conditional value (TRC).It could reach 14 dollars per share based on sales performance of Cerezyme and Fabrazyme, two major products of Genzyme, which has experienced serious production problems, but especially those of Lemtrada, developed an anticancer drug against multiple sclerosis, and could become a future blockbuster (drug of over one billion euros in annual sales) no faxing 1 hour payday loans.

So it's a big step forward for Sanofi-Aventis, which has just spent over $ 20.1 billion to afford the latest nuggets still independent of biotechnology. And this redemption, the laboratory with one stone two birds, reinforcing both in biotech, where despite efforts in recent years, he remained behind. In addition, Sanofi-Aventis is increasing in rare diseases, where it was virtually absent.

Preserve the culture of Genzyme

"This operation is Sanofi-Aventis the world leader in biotechnology, alongside our leadership position in vaccines, has also said Chris Viehbacher Business on BFM this morning. For if the French had been dethroned in 2010 by GlaxoSmithKline in the sector, it still aims to double its sales of vaccines for the period 2008-2014, to bring them to more than 5.7 billion euros.

In the meantime, the acquisition strategy very offensive Viehbacher crisis should be put in parenthesis, the leader now want to concentrate on the restructuring of research and development. A crucial step in integration, when we know that the corporate culture of biotechnology in particular is one of the key success factors.The rush too hastily would then lose to Sanofi-Aventis which is the productivity of research teams of its target.

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After 47 days on strike, unprecedented in a company yet accustomed to the harsh social movements, sailors CGT, met Friday afternoon on the "Paglia Orba, voted to return to work by consensus. In the aftermath, both boats sailed Friday evening from Marseille and Bastia.

It took several general meetings to achieve the signing of a Memorandum of crisis. Because after such a strike, it is difficult to vote the recovery when the result is not up to expectations. The main demand, the maintenance of the fleet to ten ships, according to a promise made at the time of privatization, has not been obtained.

The movement was in fact party to the sale of a vessel due to the decrease in the number of rotations between Nice and Corsica.Even if the rotations were increased from Marseilles and no layoffs planned, the union saw the beginning of the dismantling of the company strengthened by the sale of the headquarters in Marseille!

The CGT, however, obtained a commitment from the state to retain its 25% stake at least until 2013, when the renewal by the territorial collectivity of Corsica of the Delegation of public service is awarded the SNCM with CMN.Veolia, the majority shareholder with 66%, for its part, "confirmed its willingness to support the SNCM, provided that the company quickly generate positive economic and business outlook."

Collapse of market share

The company, already suffering in recent years by fierce competition, out of this very weakened.

The strike has cost 15 million euros, excluding the shortfall of reservations that customers have been discouraged to do for the Easter holidays or next summer.

This comes even worse, since its privatization in 2006, the company has continued to lose ground. With a 9% drop in the number of passengers carried in 2010, its market share fell to 30%.It was 82% in 2000!

Accordingly, SNCM last year accused an operating loss of 15 million euros for a turnover of 285 million, down 12%. In 2009 already, only the sale of the shares in the capital the SNCM's SPC had allowed the balance.

Main responsible: the battering of Corsica Ferries, a French company whose ships fly the Italian flag (40% cheaper than the French flag which is liable SNCM) which greatly increased the supply of transport on the Island of Beauty breaking prices. A policy called the "social and fiscal dumping" by the CGT deplores a "perversion of public support."

Corsica enjoys because most of the "passenger welfare" granted by the CTC (19.5 million) along with subsidies in the context of the DSP (187 million in 2010 to SNCM and CMN).The system, called "perverse" by the regional chamber of accounts, must be overhauled.

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