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Fears on debt may bend the Paris Bourse

After closing below the threshold of 4,000 points on Wednesday, the Paris Bourse continued its downward trend on Friday as geopolitical tensions are again on top and the price of oil rising again after the decline recorded Thursday. At the opening, the Cac 40 falling 0.97% at 3925.73 points. Yesterday, Wall Street ended its biggest drop since August, while that night, all Asian markets operated in the red, hit by the publication of disappointing indicators for two days and a severe earthquake Japan. Finally, the debt crisis in the euro area is restarted after the deterioration of the debt rating of Spain on Thursday. A situation that only reinforces the pessimism on the Paris exchange. The Heads of State and Government of countries of the euro area will meet today in Brussels.A planned meeting to endorse the pact competitiveness of Germany, but could develop into a crisis meeting to address the problems of sovereign debt of countries in the area.

Moreover, the situation in the Middle East and North Africa continues to worry investors. Unrest in Saudi Arabia, world's largest producer of oil still increases threaten to crude prices, a scenario that the market interprets as a brake on economic recovery. Operators should be particularly careful on Friday to call for demonstrations in Saudi Arabia. In morning trading, oil prices increased again after the decline Thursday. A barrel of light sweet crude for April delivery took 14 cents to 102.84 dollars.That of Brent North Sea crude for April delivery yielded 23 cents to 115.20 dollars.

On the macroeconomic front, the news is not much brighter. The Bank of France announced on Friday a widening of the French current account deficit, which rose from 4.9 billion in December, to 5.1 billion in janvier.Aux United States are expected this afternoon Product details for the month of February (1430), the index of consumer confidence in March from the University of Michigan (3:55 p.m.) and stocks and sales of businesses for the month of January (1600).

As for currencies, the euro is recovering slightly against the dollar Friday after his significant decline from the previous day due to the deterioration of the Spanish sovereign rating, while the yen fell suddenly to the announcement of the tidal surge that came the earthquake in the night. Around 8:00 in Paris, the euro bought 1.3805 dollars against 1.3794 on Thursday.The European currency also gained against the yen at 114.96 yen against 114.41 yen Thursday evening

Failure of new R & D for Sanofi-Aventis

Sanofi-Aventis – 1.03%, to 50.15 euros

The pharmaceutical company Regeneron Pharmaceuticals and the U.S. announced Thursday that its experimental treatment against a certain type of lung cancer did not achieve the primary goal of clinical late stage.

Rally: – 1.23%, to 31.71 euros

The holding company of Casino, announced Friday a net profit in 2010 declined significantly affected by higher financial expenses and the lack of more significant capital gain, and propose to the title the past year a stable dividend .

No dividend Haulotte Group

Haulotte Group: – 9.73%, to 12.80 euros

The group reported a 2010 sales up 23.8% to 250 million euros, but has remained in deficit, with a net loss of 42.2 million euros, mainly because of high cost of its center of production units and maintaining a high level of reserves customers. The group will not propose a dividend for 2010.

Legrand – 0.53%, to 28.24 euros

Legrand announced Thursday it had issued 400 million euros of bonds at 4.375% Maturity 2018 at the resale price of 99.616%, the operation with a yield of 118 basis points over swaps.

GFI: 2.29%, to 3.58 euros

The group announced Thursday it returned to profitability in 2010 and looked forward this year a further improvement in operating margin.

NextRadio TV: 0.93%, to 15.15 euros

NextRadioTV said Thursday expect a double digit growth in revenue from its radio division for the first quarter of the year after being returned to profitability in 2010.

GDF Suez: – 0.93%, to 27.03 euros

HSBC lowered its recommendation from neutral to underweight on the title of the gas giant, and cut its price target to 26 euros from 30

Chargers: 2.58%, to 5.17 euros

The group published a annual turnover up 13.4% over fiscal 2009 and has returned to profitability in 2010, driven by volume growth, cost savings and a good ability to absorb rising commodity prices.Operating income was 21.3 million euros, against a loss of 22.6 million euros a year earlier.

The resumption of construction at the trial of Egyptian crisis

Confidence and optimism. Bouygues in Vinci, through Lafarge, Saint Gobain, Ciments Vicat or French, the recent wave of publication of annual results in the construction ended on quite positive outlook for 2011. "I am convinced that the return to growth, yet very contrasting last year, will continue this year," said Pierre-Andre and Chalendar, CEO of Saint-Gobain, in an interview with Le Figaro, after the publication of annual results of the group. The diversified giant Bouygues seeks to increase its share of sales by 2% in 2011, driven by construction and telecoms. The prospects are very favorable for Lafarge, which "anticipates growth in its markets of cement demand between 3% and 6%" for the current year.

For Natixis analysts, however, the horizon is perhaps not so clear for the construction industry.According to them, "lack of visibility into Egypt" may weigh on the sector. In a note, they believe that "even if the long-term prospects remain very attractive, the Egyptian market in 2011 is expected to suffer from political turmoil that hit the country with the transition from the old regime and the establishment of a new ". And they expect a decline in demand for cement 5%, and on a slight decline in prices, "because of new capacity will be commissioned in 2011, representing 4 to 6 million tonnes, 10% of the request.

Egypt, a barometer of 2011?

This analysis echoes the concerns expressed recently by Standard & Poor's. The rating agency announced Feb. 23 that it planned to lower the note by the Lafarge Group, world's leading cement, due to its exposure to the Middle East and Africa, particularly Egypt.Lafarge has made about 40% of its operating profit in 2010 in these areas has advanced S & P. According to Natixis, the political situation in the Middle East and Africa could jeopardize the objective of growth of volumes of Lafarge in 2011. The French group, which employs 2,200 people in Egypt and produces 10 million tonnes of cement per year for the local market, ceased activity at its plant located 200 kilometers from Cairo for seven days.

For its part, the Italian Italcementi Group, which claims the number one spot in Egypt, admitted last week that "the current financial year could suffer from some factors of uncertainty, such as rising commodity prices and time needed to normalize the situation (in the country, Ed). The cement had to temporarily suspend production at its five plants in Egypt late January.

The French established a very

According to the 2010 report of the African Development Bank Group in Egypt, the construction industry grew by 14.7%, supported by giant infrastructure projects developed by the government. Sites on which the French groups are present in strength. In particular Vinci and Bouygues, which involved the construction of Metro Line 3 of Cairo. In the wake of Lafarge and Saint-Gobain, the two groups had to organize the repatriation of almost all of their some 180 expatriates in Egypt. The work of the subway line was suspended, but Xavier Huillard, CEO of Vinci, acted on March 6 that it restarts "in the coming days."

In unison, the French industrial relativize the impact of the political crisis in the Middle East on their business. Lafarge is not too worried.Its CEO, Bruno Lafont, spoke of "a limited economic impact" after the cessation of production at its plant in Egypt. Pierre-Andre de Chalendar, CEO of Saint-Gobain, which opened last November in Egypt's largest flat glass plant in the region, recalled that the area represented "less than 0.5% of the aggregate exposure" group. On Vinci, analysts Exane BNP Paribas have recently emphasized the "limited exposure" group in the region, particularly Egypt.

Opportunities to seize

Finally, the cement company Vicat, whose consolidated sales in Egypt posted a solid increase of 7.6% in 2010, assured that its industrial base was not affected by the unrest. "The group remains confident about the evolution of the Egyptian market and its ability to fully benefit from its growth," he said during the presentation of its annual results.

Some even see in the "revolution" Egypt is a great opportunity. "Egypt, the most populous country in the region retains its potential. She has significant needs for housing and infrastructure, "said Bruno Lafont, CEO of Lafarge. Bouygues said he was not present in the Middle East and North Africa, a region that represents less than 4% of its backlog, but he was interested. CEO Martin Bouygues, look forward with enthusiasm: "I hope that the movements of revolution will create an economic boom in these countries."

In exchange, the shares of construction players have found the colors, as a result of optimistic statements from their leaders.In January and February, they had been severely battered by the crisis in Egypt.

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McDonald's to the conquest of China

McDonald's has more than 32,000 restaurants in 120 countries around the world, serves over 60 million meals a day and employs 1.6 million people. According to recent estimates, McDonald's opens a new restaurant every three hours, two-thirds were born outside the United States.

In 1955 McDonald's opened its first restaurant in Des Plaines, Illinois. The concept worked so well that he started in 1967 exported to Canada and Puerto Rico. From 1988 to today, the company opened 80 new markets, more than 5 per year. In 1994 the big "M" was installed in more countries: 9! What makes some people say that the sun never sets on the McDonald's empire.

However, throughout its history, McDonald's has failed in one country. In late October 2009, the last restaurant closed in Iceland (the first was out of the ground in 1993).Not that the Icelanders did not appreciate its menus. On the contrary, but the business was not profitable because of the collapse of the Icelandic krona, which has weighed on prices of imports of potatoes, packaging, meat, vegetables and cheese.

Among the "stories" shock of McDonald's, we can see that it is Moscow that is the restaurant – 27 cases – the busiest in the world, with 40,000 customers a day guaranteed fast personal loans. So when the first McDrive opened in Kuwait City in 1994, there was a queue of 12 kilometers.

China, El Dorado McDonalds

China and its 1.4 billion people are dreaming Mc Donald's, intending one day to match its U.S. density, namely a restaurant per 20,000 inhabitants. In China, it would make 70,000 restaurants. For now, there are 70 times less.But McDonald's is growing there at a phenomenal rate.

Demonstrate its commitment to China, McDonald's issued in August last oblilgations denominated in yuan. A first for a non-financial corporation whose headquarters is not based in Hong Kong. The amount of the issue is not very high (30 million), but the operation is highly symbolic.

By focusing on a currency destined to become a reserve currency, McDonald's hopes to raise up funds to enable it to open between 150 and 175 restaurants in China per year. Already, sales of the brand in the Middle Kingdom are rising, as evidenced by the increase of 10.1% of its turnover in the country in July year on year.

The recipe for success

McWedding in Hong Kong. Photo credits: localhost / localhost

Balthazard Michel: "I want to recognize my innocence Renault"

LE FIGARO. – How did you get into this business?

Michel BALTHAZARD. – It hit me on January 3 at 8:00 am. My supervisor, who was Odile Desforges, had convened a meeting under the pretext of talking about a problem. I came from vacation with my family. Soon, Jean-Yves Coudriou, the executive director of the Renault executive who took his place. He said: "Michael, we t'accusons corruption by organized involving the interests of Renault and possibly the benefit of a foreign power." He added: "You must tell us why you did it." I told him I did not understand what he told me. I asked him the items. He refused to give me. After 10 minutes, I told myself: "You've fallen into something unimaginable."He served my notice for interview prior to possible dismissal on January 11 with the letter that goes. It stopped there. At 8:30 it was over.

What happened next?

Two members of the security escorted me to my car. At 9:30 am, access to my two laptops and the Intranet was cut. I just had time to call my wife. The next morning, I called Jean-Yves Coudriou and I reminded him that I had not done anything, never committed any crime, the slightest mistake vis-à-vis Renault. I am a stranger to this whole thing, do not resign and Renault's interest to conduct a serious investigation, 'I said.

How did your interview prior to dismissal, the 11?

Jean-Louis Coudriou read me the letter of dismissal.I asked two questions: what evidence you have on the money that I received from abroad? What builds your belief that I gave information in exchange? He said he does not tell me anything and he would give all the elements to justice. I came out, it lasted 20 minutes. Through the front door, which surprised many Renault. Since then, the group does not send me any information. I discovered all by the press.

How did you experience the following weeks?

It was horrible. I spent a month dispirited, sounded like a boxer who took a knock on the head. I spent days sitting in a chair thinking: what happens? What will become of me? I am nothing. It's awful. I could not do anything. I forgot my keys on the same door out to buy bread.I got into a big void. Did not call nobody or almost. And when the phone rang, I jumped.

Have you been questioned by police since the beginning of the case?

Yes, twice, 8 and 17 February, by the police to confirm the complaint that my lawyers had filed for false accusation after the anonymous letter. This letter is pathetic, there's nothing inside. For me it's a filthy garbage which I do not know the source. I have only one certainty: This letter was posted by someone at Renault. When I think it is from this that some have found it in three months dessoi-called offshore accounts and a whole complicated financial circuit. It's very hard …

But you have heard from the DCRI investigating the suspicions against you?

No, nothing. No one came or called me to ask me any questions.Yet every morning, I was expecting a raid at my home by the Central Directorate of Internal Intelligence. With my wife, we had prepared all my bank records. I did not see it coming and stayed as paralyzed. Apart from my family and friends, I have not told anyone.

You do not even try to join your former colleague Bertrand Rochette, also in turmoil?

If during the first two days of the case, I called Bertrand after discovering that he was also accused. I asked him what had happened. He replied that he too could not understand what was happening by adding "I do not resign …." Then, by tacit agreement, we made the decision not to call us.Only last Friday, when reading the words of Patrick Pelata in Le Figaro, that I contacted him because Renault's position has changed and history is now unraveling. Finally, we begin to see the end of the tunnel and the truth will finally burst …

That is to say?

For me it is incomprehensible. Initially, plumb in front of Renault, I expected that I was so doctored evidence to me that one waving a fake file or fake bank accounts as the Clearstream affair. But ultimately, I think we're dealing with a fraud much less complex than that, a rather rough handling.

You want to reinstate the company?

I measured with this case, the total lack of confidence in the general direction towards me.And to think that I can work again in this framework, with people who claimed the convictions as what I was guilty I simply unimaginable. No going back to work at Renault. It's a tear. I love this club and I still love it. Every morning I went to work with pleasure. I had teams that I like. I must make up my mind all that. It's very hard. Today with my wife, one wonders about the meaning and balance in our lives.

Will you seek redress?

Of course! I was still dirty and thrown to the lions in front of the world. Naturally, I will ask for financial compensation to the height of the terrible harm that I caused. As a member of the steering committee and director of projects "upstream", I was paid about 300,000 euros per year, including bonuses.I still had five years to the company, the top five in terms of wages. I would work but surely I shall never find the same type of salary and responsibility. I lost my honor and part of my physical resources. And I can tell you that after 33 years of career, I left Renault with 389.51 euros for final settlement.

You suspect you are rich, what is your lifestyle?

I am an engineer and I have no particular lifestyle. Like every year, I went to Tignes at Christmas to family skiing with my children in a rental that cost me 2800 euros. I spent my vacation last summer in my country house, bought twelve years ago, near Lyons-la-Forêt in Eure. And then in May 2010, I went with my wife to do the Tour de Corse motorcycle, with my old BMW. It is true that the night we slept at the hotel. Finally here.What do you want me to tell you …

Would you like Carlos Ghosn all responsibilities?

Senior management must take responsibility, but I want to say that Renault is a company I love and I do not want to destabilize. I have no desire for revenge. I do not want to fall head. For the parallelism of forms, I expect Carlos Ghosn returned to log 20 hours to announce that he was wrong. I also expressed that the prosecutor on the radio as he did when he received the complaint.

If your innocence is proven, will you file a complaint against Renault's your turn?

It would not be responsible, as a former officer to go to court. I will do nothing to put the company at risk. I am confident that Carlos Ghosn, Patrick Pelata to meet their responsibilities.My goal is that my innocence is acknowledged publicly and officially. Overnight, I was kicked out, thrown into this lamentable affair without anyone at the branch, has had the courage to say anything in front. And that, I do not admit it. On 18 January, I put my business in Technocentre and I found myself outside. I crossed one. It was 10 o'clock in the morning. It was 33 years old who stopped. I will not come here anymore I tell myself, except the day I speak with Patrick Pelata and Carlos Ghosn. Eye to eye.

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The euro on the threshold of $ 1.40

The financial community expected that the European Central Bank (ECB) to get tough. But to consider a rate rise was "possible" in April! Investors, who already played the euro rising against the backdrop of the prospect of European monetary tightening before the Fed (U.S. central bank), have supported stronger click "purchase" of the euro / dollar.

For a rate increase is indeed positive for the relevant currency, as it increases its return to investors. Here is the euro, which makes colors against the dollar would be shunned as relatively less profitable than the euro.

So this Friday morning, the euro is calm there on the foreign exchange market after the storm yesterday. Before the meeting of the ECB meeting yesterday, the euro settled on a strong technical resistance at 1.3860 dollar.Thus, whether the tone of Jean-Claude Trichet was less pronounced than expected, while the euro fell back quickly, he stated his goal is to arm themselves as soon against inflation which puts pressure on the Old Continent and the euro climbed.

The second scenario had taken place, the euro soared, almost touching the psychological barrier of $ 1.40. According to technical analysis, this upward trend should continue, to the point of joining the new resistance at $ 1.43. A level reached in November 2010.

Jean-Claude Trichet has panicked markets. His message was clear: at the first sign, the ECB will react even if the economy of the euro area must suffer. The ECB has no mandate to support growth or to assist countries in difficulty, it must ensure moderate inflation for all inhabitants of the area.

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The Court of Auditors is to meet VAT

The Courdi accounts furnish his report Friday on the Franco-German tax convergence. According to our information, this report concludes that there is some leeway in France for the VAT hike, but they should be used as part of a major tax reform. He advocated focusing instead on business taxation in order to align the two countries 100% free credit score.

The Court would consider in the future produce a joint report with the Germans focused on corporate taxation. This time it was a true co-relation. The report was issued Friday, he, been realized only by the French Cour des Comptes, which relied on the help of German authorities.

Oil Tripping the Cac 40

After the nice gains yesterday on Wall Street and in Asia this morning, European stock markets saw their rate of increase slowed even fall into negative territory. In Paris the Cac 40, which closed yesterday up nearly 1% beyond 4100, declined by more than 1% to 4067.15 points after leading much of the day. The CAC 40 suffered profit taking after several fine sessions of gains. Investors worried about the risk of contagion of violence in the Arab world to major oil producing countries, like Kuwait or Oman.

On the foreign exchange market, the euro continued to rise against the dollar on Tuesday, still supported by persistent speculation about an early monetary tightening in the euro zone before the policy meeting of the European Central Bank (ECB) on Thursday.To 17 hours in Paris, the euro bought 1.3816 dollars against 1.3803 dollars late Monday.

Registrations of new cars bound

Tuesday, statistics aside, the European Commission announced expect a growth of 1.6% for countries in the euro area this year, up 0.1 points from previous projections, despite rising prices Oil and debt problems of some countries. Note, however, inflation accelerated again in February in the eurozone to 2.4% yoy from 2.3% in January, according to a first estimate Tuesday of the EU statistics office Eurostat. Still according to Eurostat, unemployment in the euro area fell to 9.9% of the workforce in January, after at least 10% in almost all of 2010.Also note, the growth of French manufacturing activity accelerated in February, according to final results of the Monthly Markit published Tuesday.

Registrations of new cars jumped 13.7% in France in February, still enjoying the effects of scrapping, according to figures released Tuesday by the Committee of French Automobile (CCFA). Registrations of Peugeot SA climbed 10.7% and 15.2% of Renault. The CAC 40, Peugeot SA and Renault respectively lost 1.64% to 28.54 euros and 2.23% to 43.42 euros. Furthermore, Peugeot SA is considering a name "low cost" for Europe, but has not yet taken a decision thereon, said Tuesday its chief brands, Jean-Marc Gales at the Geneva Motor Show .

Note also challenge Toyota, Peugeot and BMW in the hybrid car.The two groups will invest 100 million euros in their joint venture. Research and procurement will be located in Germany, while production of components will be located in Mulhouse.

In Paris, the luxury group LVMH with doing well, which accounts 0.17% to 114.70 euros. Investors ignore the departure of Galliano Dior. His rival, PPR advance more (0.86% to 110.95 euros)

Technicolor has reduced its losses in 2010

Sales of the former Thomson – on the brink of bankruptcy in 2009 – have rebounded throughout the year. The net loss of 69 million has been divided by five.The title is sanctioned: -5.66% to 5.17 euros

Vivendi (-1.31% to 20 business cards.39 euros) projects a slight increase in its profits and maintaining a high dividend in 2011 after posting 2010 earnings in line with expectations, the economic daily reported Tuesday Voices.

Steria (-1.25% to 22.57 Euro) announced Monday anticipate an acceleration in organic growth in turnover in 2011 against a backdrop of improving the IT services market, but its margin is expected to remain stable against 2010.

Remy Cointreau: + 2.74% to 50.01 euros specialist in wines and spirits to be announced Monday night entered into exclusive negotiations with the PPE Group for the sale of two brands of Champagne Piper-Heidsieck and Charles Heidsieck.

Bureau Veritas (-0.45% to 55.70 euros) on Monday published the results in 2010 net growth due to emerging countries and said to anticipate further strong growth in sales and operating profit in 2011.

Ingenico: -1.66% to 26.98 euros The group announced Monday night that he might have to raise its medium-term objectives, set for 2013, on the basis of year 2011 for which he anticipates growth organic turnover and improved margins.

Casino Guichard (unchanged at 70.98 euros) wants to sell assets for 700 million euros.The group expects an increase in sales of more than 10% annually over the next three years, but shows a 7% drop in net income in 2010 to 550 million euros in 2010 against 591 million euros a year earlier.

Carrefour (-1.71% to 34.79 euros) and the Alliance Boots company announced Monday an agreement of long-term cooperation in the field of cosmetics. Both groups will also explore partnership opportunities in emerging countries in the field of health.

GDF Suez degraded by UBS

GDF Suez, the second largest European utilities in terms of turnover, is studying the possibility of selling its gas distribution network in Italy as part of a transaction that can represent 750 million euros. Value (-2.13% to 28.75 euros) suffers from a lowering of recommendation from UBS, spent "neutral."

Dried Environment (-0.49% to 66.35 euros) on Monday published the results in 2010 rising, driven by the treatment and recovery of waste, and it was announced a further increase in current operating profit in 2011.

April Group (-2.25% to 22.38 euros) announced Monday a 9.6% increase in net income in 2010 for increased income from investments and the sale of nonstrategic assets .

Damartex (0.46% to 21.70 euros) announced Monday a Damartex Monday announced an increase of 17.5% in operating profit in the first half of 2010-2011 ended in late December, to 23.4 million euros thanks to improved sales and profit margins.

Predica, a subsidiary of Crédit Agricole Assurances and Land Wall announced Monday it had signed with the Louvre Hotels Group protocol to acquire a portfolio of 33 hotel properties operated under the Campanile.