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The speech Barack Obama optimistic about economic prospects was not enough to lighten the mood in the U.S. markets. In the aftermath of a black session, Wall Street closed Friday on a very hesitant, after playing roller coaster the entire session. The Dow Jones gained 0.54% to 11,444.61 points but the S & P lost 0.06% to 1199.39 points and the Nasdaq drops 0.94% to 2532.41 points.

The fence marks the end of the worst weekly meeting signed by the S & P 500 over two years. For the week, the Dow has sold 5.8%, the S & P 500 -7.2% -8.1% and the Nasdaq. Obama does not reassure

The announcement of a significant improvement in job creation last month has not calmed the spirits. Publications disappointing state of the U.S. economy had yet chained, challenging the idea of ​​resumption of the first global economy.This publication confirms the figures released Wednesday by ADP, reports of more new jobs than expected for the month of July.

U.S. markets also hesitant despite market rumors to the effect that the European Central Bank is ready to support the Italian and Spanish bonds, if these countries to undergo structural reforms.

Moreover, operators have learned that Americans use to consumer credit rose in June at a pace not seen since the recession began, according to figures released Friday by the central bank (Fed) of the United States.The outstanding amount of these loans has jumped on this month of 7.7% annual rate over the previous month, the biggest increase since August 2007, reaching 2,446.1 billion.

Oil pulls himself together

After a slight increase at the opening, oil prices find their way back down to 18 hours, Paris time. After working in the Russian mountains on the New York Mercantile Exchange (Nymex), a barrel of "light sweet crude" for delivery in September was finally completed in 86.88 dollars, up 25 cents from the previous day

The reassuring news, from Europe have traced the course of the euro by 1.25%. The euro traded at $ 1.43 against the greenback to 19 pm Paris time.

AIG, GM and Procter & Gamble publish their accounts

On the corporate side, the semi-annual publications still dominate the news on Friday.

For the second straight session, the group Kraft (3.21% to 34.87 dollars), which has split its U.S. branch of its activities snacking, remain top of the list of the stock market.

Thursday evening after market, the insurer AIG (-4.96% to 25.09 dollars) announced a return to the green of its accounts in the second quarter, with net earnings of $ 1.84 billion over the period, against a loss of $ 2.7 billion a year earlier. Per share, net income totaled $ 1 ($ 0.69 after tax, against $ 0.92 expected by analysts).

At the same time, and its first quarterly since its IPO on May 19, LinkedIn (-4.85% to 90.89 dollars) was positively surprised markets by announcing a turnover more than doubled the second quarter to 121 million dollars (120 euros) and net profit (4.5 million), where analysts expected a loss.

General Motors (GM) (1.23% to 26.31 dollars) Thursday reported quarterly results exceeded expectations, with a near doubling of profits over the period.

Procter & Gamble (1.71% to 60.60 dollars) released before market on Friday for the fourth quarter of fiscal offset, net income up 15% to $ 2.51 billion.Of 2010-2011, so it shows a net profit of 11.79 Annual Statement billion, down 7% from the previous year.

Viacom (0.97% to 51.85 dollars), the parent company of MTV and Comedy Central, has reported a rise than expected in earnings thanks to strong revenue growth in advertising Cable and license agreements with websites. Its quarterly results (Q3) increased to $ 574 million against 432 million

Bank of America (-7.76% to 8.15 dollars) is highly exposed to the most fragile countries in the euro zone, according to a document from the bank. The group said exposure to the tune of $ 16.7 billion (11.8 billion euros) in total to Greece, Ireland, Italy, Portugal and Spain in June 30Management has indicated in a document submitted to the regulatory authorities that its losses could reach up to legal $ 2.3 billion in addition to the provisions already passed for this purpose.

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

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

Demand less favorable

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

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

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

Among the threats to U.S. debt and the beginnings of a sovereign contagion in Europe, investors await first the responses of States to end the unbearable uncertainty. Therefore, the announcement of the holding of an EU summit Thursday and the speed with which Italy passed an austerity plan of 47 billion euros should focus the attention of operators.

By construction, the stress tests conducted by the EBA (EBA) based in London could only disappoint. While the market test, to gauge moves in risk premiums and other diving banking stocks, the scenario of a collapse of the euro, the banking supervisor did not have policy space to go very far this path.Therefore, the 11.5 billion euros of writedowns of sovereign debt simulated by 90 banks under scrutiny seem meager 194 billion against their commitments on debt accumulated state of Greece, the Ireland and Portugal. Not to mention Spain or Italy. By this standard, too, the 2.5 billion euro recapitalization needs highlighted Friday for the European banking sector border on the ridiculous.

Analysts at Credit Suisse quickly corrected this and submitted sovereign exposures of banks, published an exhaustive Friday, at their own assumptions discounts: 50% Greece, 35% Ireland, 30% Portugal, 10% on Spain and 5% on Italy.These calculations on a small sample of 49 banks show 45 billion euros of capital inadequacy! But – and this is reassuring – the "holes" always concern the banks of the countries in oxygen tent. Domestic banks in Greece, Ireland and Portugal are, in fact, between 61 and 67% of the loans of their country of origin.

Two "Lehman year"

If the credibility of the EU suffers from a fiscal laxity apparent on the front of the State debts, however it is particularly harsh on other aspects. Cumulative, testing the assumptions made in simulating the equivalent of two years similar to 2009, the post-Lehman, cost banks some 400 billion euros of provisions, plus 352 billion of additional costs of refinancing.

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The fear of bankruptcy Greek has never been stronger. Sunday, finance ministers of the euro area have again met in Luxembourg to lay the foundations for a new rescue plan, this time involving the private sector.

To address the most urgent, priority was first to validate the fifth installment of the loan of 110 billion made last year in the first aid plan. "We will work to pave the way for the release" of this slice of 12 billion, assured the German Minister Wolfgang Schäuble on arrival. Otherwise Athens, facing deadlines refinancing risk bankruptcy next month. However, the decision could be taken only Monday, after the meeting, warned the President of the Eurogroup, Jean-Claude Juncker.It is also linked to the IMF agreement, which should provide about a quarter of the promised amount and conditioned his release date for further progress in economic reforms in Greece. But ministers were mostly working on a new rescue plan, with "at least an agreement in principle", according to one diplomatic source. The amount could approach that of the first packet. If the principle is an act, the terms of this extension will however be referred to the next meeting of finance ministers, scheduled July 11. The big question concerns the involvement of banks."We'll talk tonight about the involvement of private creditors, the question is how far it can and must go," summed up Jean-Claude Juncker.

"We play with fire"

Friday in Berlin, Nicolas Sarkozy and Angela Merkel had outlined the mechanism, with four main principles: voluntary participation of private creditors, approval of the ECB, nor a "credit event" and rapid implementation. But Wolfgang Schäuble Sunday as Chancellor reiterated that the participation of private creditors should be substantial. Germany prefers the idea of ​​longer maturities on debt, where Paris defends the option of "rollover" that would see creditors renew their credit lines in Athens at the maturity of loans.For Europeans, the most important thing is to convince investors that it is not part of a payment default.

"We play with fire," warned Saturday the President of the Eurogroup. Bankruptcy of Greece "may be contagious for Portugal and Ireland and, before Spain, to Belgium and Italy, given their heavy debt." And in this game of dominoes, the Belgian Finance Minister Didier Reynders, did not rule out that France is also reached, "when you see the level of deficit and debt." The financial world has been rocked in 2008 by the collapse of Lehman Brothers, he said in an interview with The Tribune."Do not repeat this type of bankruptcy."

After the reshuffle of his government, Prime Minister, George Papandreou, has, meanwhile, claimed Sunday the confidence of Parliament in order to get its austerity plan in late June, and thus obtain the release of the new international aid. A vote is expected Tuesday night.

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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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On Tuesday, a giant glass, Corning, and a French specialist in composite materials, Mersen, announce an alliance whose ambition is astonishing: the partners plan to revolutionize the manufacture of drugs. Corning has indeed used the properties of glass to develop a "reactor" to better control the manufacturing process of molecules for drug or fine chemicals.

Everything works, but to move to industrialization, it is necessary to use elements that exhaust heat very well. And this is where Mersen, specializing in composites. The agreement with the ex-Carbone Lorraine into that framework."The technology developed by Corning combined with our expertise in silicon carbide products represents a technological breakthrough for the pharmaceutical industry," said Luc Themelin, board member Mersen. The discussions lasted nearly a year and a final agreement covers the exclusive supply of ceramic microreactors Mersen in Corning.

This type of agreement is of particular interest Mersen. French society is indeed an OEM, by definition particularly vulnerable in its relations with its customers. To protect its margins, the group has developed a strong expertise in composite materials. It thus becomes an indispensable partner to its customers.

Using the special graphite, the group has made a remarkable breakthrough in the solar field. Five years ago, Mersenne was not present in this sector.This year, it should achieve 100 million euros of turnover short term personal loan.

Products manufactured in Tarbes

In the end, Mersen recorded 13% growth in its turnover last year to 741 million euros, an operating margin of 10.5%. And there are other sources of growth in the LED or the pharmacy, as evidenced by the agreement with Corning.

Today, there is no direct revenue associated with this contract. "Corning is currently negotiating with potential customers, mainly in Asia. We hope that the first contracts will be signed in September. To Mersenne, this means that the first revenues could arrive next year, "says Luc Themelin.

Corning's new product has many advantages over earlier technology: less investment, lower energy consumption and better control during manufacturing.The rise will take time, however, pharmaceutical companies not renewing their plants very often.

Mersen products related to this contract will be manufactured at a factory in Tarbes, which belonged to Boostec, bought by Mersenne in April 2010. Before the acquisition, the plant realized about seven million euros of turnover. "This contract would allow us to triple the revenues of the plant to the next three or four years, says Luc Themelin. Beyond that, we will make additional investments to increase capacity. "

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The digital adventure continues for Madame Figaro. This Friday, the magazine will launch the i-mad 2, the second issue of the magazine free interactive proposed on the Apple tablet. A second edition promises to be "ever more chic, shock and surprise."

As with the previous i-mad 2 will use technology developed by Adobe Digital Publishing Suite, a first in France in the world of magazines. This solution, used in particular by Wired magazine in the U.S., will control the process of creating content across a chain of production."A technology that delivers high-impact interactions such as panoramas and 360 degree spins," said a statement.

This month, the magazine will feature interactive "all these women who have the keys change hands" through a selection of articles of Madame Figaro, rich content and interactive videos. This special issue will draw such a portrait of Lady Gaga and propose a new meeting with Georgia May Jagger. Visitors can also explore the rising French actress photos, immortalized by Cedric Klapisch or unpublished portraits by Peter Lindbergh.

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On Wall Street last week, the Standard & Poor's 500 was royally awarded 1.96%, returning to a new level since June 2008. It closed Friday at 1369.61 points, rising 2.8% in April and 8.4% since the beginning of the year. The reassuring words of the President of the Federal Reserve, but also publications of the first quarter results of companies in the S & P 500 led him to move forward.

Indeed, over 324 companies over 500 have already published their results. And this statement is, at present, encouraging, "announced 74% earnings per share above expectations and 75% beat analysts' expectations on their turnover," says Christian Parisot at Aurel BGC. Only 62% of companies in the S & P Announce generally better than expected results payday loans.

In terms of forecasts, the discourse remains cautious.For the second quarter, 38 companies have lowered their projections of results and only 23 have reported. For 2011, however, 59% of predictions are reported. Among the heavyweights of Wall Street, have yet to announce their results, Pfizer (Tuesday), Time Warner, Electronic Arts (Wednesday). And the same day, Kellogg, Kraft Foods and Sara before Lee (Thursday). Three publications expected with a touch of apprehension, the margins could suffer from rising prices of food commodities, as food industry giants had trouble in pass prices.

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

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

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

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

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

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

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

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

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At TEPCO, the operator of the central hilly Fukushima, everyone will have to sacrifice financially to repay victims of the worst nuclear disaster since Chernobyl. The Japanese utility Tokyo Electric Power, said TEPCO announced Monday a general reduction in salaries of its staff to reduce expenses. This is for her to pay their due compensation to the people of the region.

All will not suffer wage cuts of the same magnitude. Widely criticized for their handling of the crisis, the honorary chairman, CEO and other senior leaders TEPCO will see their annual emoluments amputation of 50%. The salaries of middle managers will be reduced by 25% and those of ordinary employees by 20%. TEPCO had already announced it would not pay dividends to its shareholders or for 2010 or 2011.

"We will apply these deductions to earnings because of the impact on our accounts of the amounts payable under the law on compensation for nuclear damage to those who have been victims, and because of the increased costs for rebuild electrical installations, "the company said in a statement. Tepco discount and make an annual saving of 54 billion yen (455 million).

Recruitment canceled

In addition, the company canceled a plan to recruit 1,100 people. These hires, planned for 2012, should allow it to expand abroad. Before his international ambitions are ruined by the disaster, including TEPCO planned to expand its business in construction and operation of nuclear facilities outside Japan.

"We sincerely apologize to the public and our customers for concerns and inconvenience caused by the accident in Fukushima," assured the group. "We will continue to make every effort to manage the current situation and reduce our expenses by focusing on stable supply of electricity and security."

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