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Yet the conditions for a sustainable rebound

• The stock market environment is in many ways more fragile than in 2008

After the capitulation market in recent days, many investors are wondering whether it is time to return the purchase. Beyond a simple technical rebound, the chances of quick recovery courses are limited for the simple reason that the current stock market is in some ways more fragile than in 2008. Signs of slowdown are multiplying in the United States, Europe could enter recession in the coming months, and the deterioration in manufacturing activity in China shows that the theory of decoupling between emerging and rich countries no longer holds the ramp. Response capacity of government to stimulate consumption are practically nil, and the effect of accompanying policies of central banks has reached its limits.The current crisis comes mainly from the usual market issues related to the level of market valuation or the correction of excesses after a period of intense speculation. The epicenter of the crisis is now in the euro area, with governments overwhelmed by the level of public debt and unable to agree on the management of their common currency. The solution to these difficulties lies in the hands of "political" and not in the trading rooms and in business. This is what the operators despair!

• The core business is a real force that

The recovery will be difficult, but much of the bad news began to be integrated into the course. The precipitous decline of the indices shows that the Exchange has already taken a good step ahead of the crisis.A CAC 40 to 2800 points means, for example, that investors expect an increase, not corporate profits, but a 30% drop in profits in 2012. This pessimism is starting to become excessive, especially for industrial groups, such as Air Liquide, Schneider Electric and Michelin, a strong presence in emerging markets where business slows but does not decrease instant personal loans guaranteed. The same goes for business as L'Oreal, Essilor International and Pernod Ricard, which have strong brands and where margins are not challenged. The treatment of more defensive companies, such as France Telecom, Sanofi, or GDF Suez, also reached its limits.These values ​​offer attractive yields of between 10 to 6%.

• The plight of the shareholders of the banks could come to an end

In three months, the market value of the three largest French banks, Societe Generale, Credit Agricole and BNP Paribas, has been halved. This collapse is comparable to the fall in prices occurred after the collapse of Lehman Brothers in 2008. Investors have punished the weak provisions made in the accounts to meet the commitments of banks in the peripheral countries of the euro area and a general loss of confidence in respect of institutions in the euro area. Far from scaring the market, the rumor of a possible entry of the state in their capital in the form of preference shares is now likely to reassure investors.10 to 15 billion euros to recapitalize matter which it would lead to a "dilution" of shareholders limited. After the destruction of 50 billion capitalization in the summer, the amounts mentioned are already largely taken into account by the markets. Bank stocks will certainly remain under pressure, but the plight of their shareholders might come to an end.

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"Investors remain on the alert

"The Paris Bourse is expected to remain on guard

Markets relapse, the CAC 40 lost 3% to 2940 points

The Greek crisis can not stop producing its adverse effects on the markets. Monday, the Paris Bourse had another session black. The CAC 40 has raised the red flag at the opening. He then widened its losses for most of the session. At the finish, he loses 3% to 2940 points.

Even gloomy atmosphere on other European financial centers. In Frankfurt, the Dax lost 2.83% and the FTSE in London has sold 2.03%. The ill wind has also blown on Wall Street. Sitting in the Dow Jones fell by 1.93% and the Nasdaq 2.06%.

Last week, European markets had experienced a brief respite, hoping significant progress on the issue of Greek debt. But the meeting of European finance ministers on Friday and Saturday in Poland ended in failure.They have postponed any decision on the October installment of a new tranche of 8 billion euros to Greece, which desperately needs the money.

Banks on the front line

The markets welcomed the news calmly. "Despite the need for action, European leaders continue to show slow and have not yet ratified the measures promised July 21," observe the experts Saxo Bank guaranteed high risk personal loans. But for the strategists of Aurel BGC, the markets will continue to brood, "as investors will not feel that a lasting solution was found for Greece."

Trying once again to reassure the French Minister of Economy Baroin said that the issue of a default of Greece, feared by some observers was "not a working hypothesis" in the zone euro.Investor caution was also reinforced by the expectation of two important deadlines in the afternoon. A teleconference between the Greek Finance Minister Evangelos Venizelos and the Troika, "between the European Commission, the ECB and the IMF. In the U.S., investors sifting through the intervention of President Barack Obama, who introduced new measures to reduce the deficit amounting to 3 trillion dollars. Bank stocks were again at the forefront. BNP Paribas lost 5.48% and 6.70% Societe Generale.

Michelin speeds in the low-cost China

Revolution in Clermont-Ferrand. To conquer China, Michelin, the tire specialist high-end, the gum is in the low-cost. The manufacturer yesterday signed a definitive agreement with two Chinese groups to create a joint venture that will produce and market products for passenger cars and light trucks under the brand Warrior. The principle of this agreement was announced in April. It must still be approved by the Chinese authorities.

The new company is 40% owned by the French and 60% by local partners, Double Coin and Huayi. The plant, under construction, will be located in Wuwei, about 400 kilometers west of Shanghai. The project, costing about 390 million, is intended to eventually produce 15 million tires per year, for the Chinese market.The operation was hailed by the Paris Bourse, where the title Michelin jumped 5.3%.

Double in size

The group, whose main production facilities located in markets "mature", had already started the construction of three giant plants in China, Brazil and India. In the Middle Kingdom, where it is installed since 1988, the company has four factories and employs over 6000 people.

Michelin, who wants to double in size in developing countries by 2020, up particularly in Asia, where he says the market should grow by 9 to 10% annually over the next few years. In the first half, he realized, however, still 75% of its sales in Europe and North America.

To succeed in Asia, including China, the French had no choice but to face the players in the middle and entry-level, such as the Korean Hankook, which hold 40% of the world.And that growth has come at the expense of leaders Bridgestone, Michelin and Goodyear. Between 2004 and 2009, global market shares of French are well past 19.4% to 15.5%. "It is very important to have a presence in this niche" of low-cost, recently explained Jean-Dominique Senard, the new managing partner of the group. "We can not leave the field open to our Asian competitors, more and more aggressive." Michelin will instead expand the availability of its distribution network in order to "meet all customer demands." So far, "we were not able to do so profitably," says Jean-Dominique Senard.

Prior to the signing of the agreement, Michelin Warrior Tire already manufactured at its plant in Shanghai Double Coin brand which had given him to use.The French had created a joint venture with the Chinese group in 2001 which he had bought the shares in 2010. The goal now is to dedicate the site of Shanghai to the Michelin brand, and "to increase greatly the production of the Warrior brand" with the new joint venture, said Bibendum.

Relations with Double Coin had not always been in good shape, since 2007, Michelin had accused its Chinese partner to produce in its plants counterfeits of its truck tires.

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The Asian market reassured by Wall Street

The Asian market continues on the way up. Thursday again, investors are driven by the mood of U.S. markets which closed yesterday on a fourth straight session in the green. The European market has also sent positive signals. Investors are reassured by the Fed does not exclude to use new tools of monetary easing to support growth, as well as encouraging indicators.

The Nikkei above the 3900 points

In Tokyo, the Nikkei, which started the day on an increase of 0.63%, jumped 1.18% to 9060.80 points at closing. It thus goes beyond the psychological barrier of 9000 points for the first time in two weeks. The technology sector is facing in the image of Casio (3.91% to 504 yen) and Kyocera (2.28% to 7160 yen). Sony (1.98% to 1698 yen) and Toshiba (0.90% to 334 yen) also support the rating.

In Hong Kong, the Hang Seng up 1.10% to 20,760.80 points, also pulled up by the technology sector. Foxconn wins 3.10%, 3.64% Lenovo, Alibaba.com 5.33% and 2.30% Tencent Holdings. The Shanghai Stock Exchange a little more concerned about risk tightning money while the government has reaffirmed it a priority to price stabilization. The Shanghai Composite lost 0.61% to 2829.41 points.

The Australian S & P gained 0 payday loans direct lenders.63%, the Korean Kospi is 2.10% and 1.59% of India Sensex.

China: good news macroéoconomiques

Also Thursday, the good news fell in Asia. The index of manufacturing activity in China reached the final 50.9 in August, against 50.7 in July. The first estimate of the index of purchasing managers HSB had reported a slight slowdown, with a flash PMI at 49.8 in August from 49.3 in July.PMI purchasing managers suggests that "manufacturing activity is stabilized despite the tightening of monetary conditions in the country and soft demand abroad," said Ker Chung Yang, an analyst at Phillip Futures in Singapore .

In Japan, new vehicle sales, excluding mini-models, were down 25.5% in August compared to the same month last year, to 216,510 copies.

In Australia, retail sales figures were stronger than expected last month, up 0.5%.

Oil up

Oil prices were also up Thursday morning in electronic trading in Asia. In morning trading, a barrel of "light sweet crude" for delivery in October gained 21 cents to 89.02 dollars per barrel of Brent North Sea crude for October delivery 29 cents to 115.14 dollars.

The Cac 40 widening losses

The day after a session sharply higher on Wall Street and in Asia, the Paris market continued its rebound sharply on Tuesday after rising 2.2% Monday. At the opening, the benchmark index of the Paris Bourse was awarded 1.22%. But at midday, the CAC 40 is pressed into the red (-0.40% to 3141.62 points) with shortness of breath and banking stocks before the release of major U.S. indicators.

Meanwhile, the announcement in late morning, a confidence index of entrepreneurs and consumers in the euro area fell sharply in August may have contributed to this turnaround.Throughout the European Union, the confidence of business leaders and consumers has declined even more significantly, by 5 percentage points to 97.3 points, against 102.3 points in July.

The business sentiment index in the euro zone, published separately by Brussels, also fell for the sixth straight month to $ 0.07 against 0.44 points in July.

Yesterday on Wall Street indices ended the session up 2.2% for the Dow and the Nasdaq 3.3% driven by the consumption figures in the United States. Asian markets followed suit with their American counterparts. In Tokyo, the Nikkei was up 1.22% to 8959.75 points while unemployment is again on the rise for the second consecutive month in July and that retail sales fell by 0.3% from June

The correct orientation of financial markets has boosted oil prices.Asian markets, the Nymex is trading at 87.49 dollars, he finished in 87.27 dollars in New York, up $ 1.90 from Friday. Brent crude traded him to 112.17 dollars.

On the front of the foreign exchange market, the euro fell slightly against the dollar, below $ 1.45, to 1.4392 dollar.

Fears about the health of banks

The day before, call to order by Christine Lagarde bound for European banks has prompted European leaders to defend the institutions of the old continent. "European banks are much better capitalized today than they were a year ago. This was confirmed by stress tests conducted in July, "assured the Commissioner of Economic Affairs Olli Rehn.

But on Tuesday, it was the turn of the International Accounting Standards Board (IASB) to throw fuel on the fire.The IASB believes that the provisions made by banks and European insurers about their exposure to Greek debt have been dumped, reports the Financial Times. According to the newspaper, BNP Paribas and CNP Assurances are particularly concerned by this risk. BNP Paribas was down 0.45% in mid-session at 34.24 euros and CNP Assurances does not earn more than 0.20% to 12.35 euros.

When asked, BNP Paribas said that it had "pre-funded its exposure to Greece in full agreement with its auditors and the competent authorities, according to the plan drawn up by the Union on July 21" to help Greece, according to a spokesman .The bank had said on August 2 had provisioned 534 million euros to compensate for lost value of Greek bonds.

For its part, the CNP said it was "in line with the agreement of July 21," which provided the threshold of 21%, "validated by our listeners no teletrack payday loan."

Also Tuesday, the president of MEDEF, Laurence Parisot, in turn criticized the words of Christine Lagarde, saying his statement "incomprehensible. European banks are strong. And for French banks, we must bear in mind that we have banks among the strongest in the world, "said the boss of bosses of Europe 1.

The International Monetary Fund (IMF) has also generally lowered its economic growth forecasts for 2011 and 2012, leaving unchanged the forecast of Germany for the current year.

Still on macroeconomic indicators will be out today. Before trading, the markets did not take umbrage at the publication of a fall, but strong early sales of new homes in the second quarter in France.

Are also expected in mid-day figures for business failures.

Overseas, the index of consumer confidence, the housing (Case-Shiller) and the minutes of the last Fed meeting will also facilitate the session.

Arcelor-Mittal is growing in Australia

On the corporate side, Arcelor-Mittal (0.45% to 14.41 euros) is about to take control of Australia's Macarthur, world's largest producer of pulverized coal, in association with the American Peabody Energy . The tender offer made by the European steel amounts to 5.16 billion dollars.Macarthur's management finally yielded to the new offer revised upwards by the Arcelor-Peobody tandem: it is 16 Australian dollars (11.8 euros) per share, against A $ 15.50 earlier.

The semi-annual publications are now many, especially among heavyweights rating. Note that the Y real, Havas, Bouygues, Colas, Vinci, Bollore, NRJ Group and Devoteam detail their half-year after the market closes.

In addition, Ipsen (8.62% to 24.05 euros) announced revenues up 5.3% in the first half.He also announced an upward adjustment of its sales forecast for 2011 in favor of a less pronounced decline than expected sales in general practice.

Hermès International climbed 1.86% to 263.35 euros before preparing to publiecation on Wednesday, excellent interim results, widely anticipated by the market after the increase last month by the group's growth forecasts sales and profitability. From January to June, sales of luxury brand famous for its bags and silk scarves were up 22% to EUR 1.3 billion, more than expected by analysts, according to data released in July .

The French shipowner CMA-CGM said that 2011 should be "a good year" for the group, claiming to have already funded the bulk of its investments for 2011 and 2012.The company said to have $ 1.7 billion (1.17 billion euros) in cash at the end of June, July and have paid $ 550 million bond line, while press reports evoked ago few weeks of possible cash flow problems.

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Wall Street ends on a rebound after Fed speeches

A disappointment, yes, but short-lived. After opening down moderately, Wall Street initially widened its losses after the speech, as expected, Ben Bernanke. This involved the measurement of the Fed to support the U.S. economy at annual meetings of the Fed's Jackson Hole (Wyoming). But the New York indexes were quickly taken: at the close, the Dow Jones gained 1.20% to 11,283.17 points. The S & P 500, wider, takes 1.49% to 1176.57 points. The Nasdaq dominated by technology advance on its side of 2.47% to 2479.44 points. Over the whole week, the Dow gained 4.3% and the S & P 500 4.7% and the Nasdaq 5.9%, reversing some losses last week.

The Fed chairman did not communicate further decisions to boost growth, leaving the possibility of a new monetary easing later.Yet he managed to reassure the markets by stating that "the foundation of growth" were still there in the United States. "It is clear that the recovery after the crisis was much less robust than we had hoped," he acknowledged, however,

He also announced that the Fed would meet two days in September, instead of originally planned to study, among other things, instruments designed to bring a new economic stimulus money. Ben Bernanke promised that his institution will "do its utmost" to ensure growth and price stability.

Concerning the debt crisis in the eurozone, "I trust," he said, convinced that the Europeans will do what it takes to get by.

Just in Europe, the indices sank after the speech of Ben Bernanke: The CAC 40 ended the session on a drop of 2.30%, the Dax in Frankfurt loose 3% and the FTSE 100 in London 2.13%.Yesterday Wall Street had already ended down sharply in anticipation of disappointing announcements from Ben Bernanke. This morning too, the seats were won by Asian nervousness.

GDP revised down

Before the appointment of Jackson Hole, investors were aware of the second estimate of gross domestic product (GDP) for the second quarter. During this period, U.S. GDP grew by 1% annual rate over the previous three months, said the Commerce Department, revising and down 0.3 points his first estimate of growth in the spring published in late July. Analysts had forecast a less pronounced rate revision, to 1.1%, according to their median forecast.

As for currencies, the euro is regaining ground against the dollar after the speech of Ben Bernanke. To 22h (French time), the European currency was worth 1.4486 dollars against 1.4378 dollars on Thursday night.As for the oil markets, U.S. crude oil ended up slightly, and snapped a series of four weeks of losses. Since Monday, oil gained 3.11 dollars or 3.78%. On the Nymex, the contract on October U.S. crude (WTI) finished with a gain of 7 cents to 85.37 dollars baril.Dans the same time, Brent advanced 0.61%, or 68 cents to 111.30 dollars.

Wall Street should open normally by Monday morning as Hurricane Irene is expected to reach the East Coast of the United States this weekend. The New York Mayor Michael Bloomberg on Friday ordered the mandatory evacuation of more than 250,000 New Yorkers living in vulnerable coastal areas before Saturday 17 hours. "We intend to be open for trading Monday.We have a device to respond to such events, to the market to function while ensuring the safety of our staff, "said a spokesman for the New York Stock Exchange AFP.

Values ​​of the day

On the corporate side, Madison Square Garden (1.31% to 23.14 dollars), Frontline (-0.15% to 6.47 dollars) and Royal Bank of Canada (-2.69% to 49.89 dollars ) must be published.

Tiffany (9.35% to 69.01 dollars) reported Friday a profit of 69 cents per share in the second quarter, while the consensus gave 70 cents. Sales came out at 872.7 million (consensus: 786 million). The jeweler raised its guidance range for the BPA 2011, it now expects between 3.65 and 3.75 dollars. (Consensus: 3.56 dollars per share).

HollyFrontier (7.17% to 70.73 dollars) has reported a dividend increase of 17% to 8.75 cents.MTS Systems (-1.09% to 34.55 dollars) also announced a 25% increase in its quarterly dividend.

Pandora Internet Radio (-2.50% to 8.20 dollars) which made its IPO in June, on Thursday posted a net loss of $ 3.18 million in the second quarter of its fiscal year offset, and sales more than doubled, exceeding analysts' expectations.

Krispy Kreme Doughnuts (9.31% to 8.57 dollars) has reported a quarterly profit of $ 8.8 million or 12 cents per share against 2.2 million a year earlier. Sales jumped 11% to $ 97.9 million.

Boeing (-2.78% to 62.80 dollars): 787 Dreamliner, its new aircraft, for which more than 800 orders have already been registered, received Friday certification authorities in the U.S. civil aviation.The first deliveries of the aircraft, the Japanese company promised to All Nippon Airways, lagging about three years, due mainly to disruptions in the supply chain components.

Xavier Bertrand: "There is no question of fatalism"

LE FIGARO – The decline in unemployment in the early years seems to have forgotten. Are you discouraged by the new bad number?

Xavier Bertrand – Unfortunately, it is in the same line as the previous two months. Not surprisingly, with growth at 0%, not to mention that July is traditionally bad (9 increases in the last 11 years). But this does not detract from my belief that unemployment will go back down. Social plans are declining. Redundancies do not go back. The acting, which is always a precursor, is good. Job creation is strong even though they are largely absorbed by the increase in the labor force. And new measures we have taken in recent months, including learning, will begin to bear fruit. Nadine Morano, we hope to be many more such apprentices in September.There is no question of fatalism.

Where are we on assisted contracts?

On assisted contracts, CAE 222 435 (non-profit sector) were signed in late July, there are still 200,000 to be filled by the end of the year next CIE (businesses) there are still 34,000 of the 62,000 expected this year. Many assisted contracts co-funded by the departments will also be released in the second half. I also expect a significant commitment of councils and they play the game totally! Gard, where I was Friday, has proposed assisted contracts to 2.1% of recipients of RSA, it increased to 10%, which is our national goal, it would make 1500 people out of unemployment! Or it would cost the department 411 euros per month, against 467 for the current RSA.

Employment center director must change and adopt a more decentralized operation no later than the end of the year.Should speed things up?

We can not wait until the end of the year. Each agency will have a "drawing rights" on training, will be delegated more funding, allowing it to be much more responsive. The administrative part will be lighter with fewer indicators to inform. I remember the beginning of September the social partners and all those involved for me they confirm their agreement for the implementation of this new roadmap.

You loaded earlier in the year the sub-prefects to ensure the "connection" between job seekers and business leaders who, in the same area, have difficulty recruiting. This gives does it work?

Where there is a total momentum, the results are undeniable, even if it is too early to give figures.This coordination also involves the activation of the "local public service employment" in a pool which includes employment center, local missions, houses of employment, communities, business leaders … It's not necessarily spectacular, but it's effective. I meet again all the sub-prefects of France in September to set up action plans in each employment area, and next week I will hold a video conference with regional directors of employment center and the regional prefects quick cash.

A new device, providing better compensation and enhanced monitoring to retrenched, will be in effect on September 1. But it is the purpose of fixed term and temporary employment that increase.Is it necessary to invent devices for these cases?

We will be attentive to the suggestions of the social partners, the Prime Minister receives these days.

The budget for the job will he planed, given the savings measures announced Wednesday by François Fillon?

Tradeoffs are made by the president and the prime minister: he will be fully preserved in 2011 as in 2012.

Is it time to reduce the Employer contribution rebates on overtime, which amounts to increasing labor costs?

For the employer, the trigger, it is not the exemptions is the fact of having more work. And I remember that employee side, the logic of buying power is fully preserved, the changes will not remove one euro cent for employees in overtime.

The tax on very high incomes will be 3%, from 500,000 euros. The government will leave there to tighten the criteria, as part of the majority want?

Parliament will have to discuss, this is normal. Simply ask the question shows that the principle of this tax, which I defended from the beginning, is now widely accepted. The demand for justice is understood by all. For the same reason, I support the approximation of taxes on labor and heritage announcements Wednesday also go in this direction.

The complementary health are likely to raise their rates after being taxed more than one billion additional …

Nothing have to. A number of them are private companies that show significant benefits and therefore have room to maneuver.It is indeed a tax on insurance contracts, not the insured, in contrast to an increase in user fees such that we did not want.

The anti-deficit plan provides ten times the revenue increases that additional savings. Can we make more efforts in that direction?

We remove the tax loopholes. There is no general increase in taxes, as advocated by the Socialists and the way they do it is a real brand in the local communities they lead. This would be a policy that would break the prospects for growth. But it's true, France is a country with a high level of public spending and taxes. Pension reform, the non-replacement of an official two … reduce public spending.I am confident it will go much further in the coming years, do not hesitate to come back some expenses by asking systematically question: what people really value for money? The efficacy and justice must be the two criteria of the expense.

Financial circles opposed to the Tobin tax

By delivering on their dream table Tuesday to tax financial transactions in Europe, Nicolas Sarkozy and Angela Merkel could expect an outcry. It has taken place. From Dublin to London via Stockholm, policy makers have expressed reservations about the proposal, while the financial community condemnation."It would be a drag on economic growth," has outraged the Association for European financial markets.

In fact, European stock markets have imposed a new session Wednesday down to banking stocks, involving an opportunity for companies to NYSE Euronext, Deutsche Börse or London Stock Exchange, may be penalized by a Tobin tax, named after its inventor.

While the Franco-German plans to develop detailed proposals in September, the Swedish finance minister, Peter Norman, shows him, already his skepticism: "I do not see the positive effects that a tax on transactions in Europe could be, "he said.

Swedish experience

Sweden keeps a bad memory from his own experience of tax established in the 1980s, before being abolished in 1991.According to researcher Marion Wrobel, the Swedish Treasury was then recovered some 50 million SEK per year, far from the expected 1.5 billion minimum. And above all, by 1990, half of the activities on the actions of the financial Nordic had flown to London, those on bonds and derivatives that have been decimated.

Well placed to know that financial businesses relocate overnight, the City has no desire to suffer a similar fate. The British Treasury has hammered yesterday that a tax on financial transactions should be global. Last year, Angela Merkel and Nicolas Sarkozy had failed to join the G20 … Even obsession with competitiveness for Ireland. London looks so New York, Dublin has eyes only for London.The Irish Finance Minister has warned its partners against the temptation to limit the tax to the euro area, to bypass the "no" British.

These had led opposition last year, the failure of the tax already led by France and Germany. The government had then opted for a direct drain on bank profits, easier to implement. Since this refusal, however, the terms of debate have changed.

This proposal is in fact in a context of unprecedented turbulence in the European markets and defense of the euro. Proponents of the Tobin Tax ensure that it is likely to limit speculation, even if professionals swear otherwise. Above all, the proceeds of the levy would not have the same use. In 2009, it was intended to finance development aid.In 2011, the EU would be well integrated in the tax budget with revenues swell to 350 billion euros between 2014 and 2020. What changed the political balance of power? Vienna, Madrid, Helsinki or Madrid yesterday reported good interest in the Franco-German project.

Axa was less affected by Greece that the banks

A nice trading day for Axa. The title of the insurer took 4% to 10 o'clock Thursday morning while the CAC 40 is given a little air, with an increase of 0.45%. Investors welcomed the good half done by the insurer that has quadrupled (324%) profit to 3.99 billion euros.

This performance is significantly higher than the expectations of analysts who had expected an average net profit of 3.7 billion. But Axa has mostly benefited from a favorable base effect. The increase in net income is in fact supported by exceptional gains of 1.44 billion euros from the sale of the 15.6% of Veolia capital of the life insurer China Life Taikang and the sale of its New Zealand and Australia."In this environment (of European debt crisis), we publish the results are good, satisfactory and show Axa's fine," said CFO Gerald Harlin, during a conference call.

Confirmation of the Plan 2015

The insurer stands in relation to banks about the impact of the Greek crisis on its accounts no faxing payday loans. While the financial cost runs into hundreds of millions for BNP Paribas (850 million), Crédit Agricole (650 million) and 395 million to Société Générale, Axa has placed "only" 92 million euros in provisions for impairment assets in its bond portfolio of the Greek state.

In contrast, exposure of the insurer in Italy, estimated at 6 billion euros against 300 million for Greece, is much more important."We are confident that Italy is absolutely the means to repay its debt, simply that the European institutions give a stronger signal of support towards Italy for the markets calm down," said Denis Duverne, the deputy CEO of Axa Business on BFM radio.

If the macroeconomic environment remains uncertain because of the turmoil in financial markets, the CEO of Axa, Henri de Castries is "confident". It provides Axa is on track to achieve its 2015 targets.

Vinci will build the stadium of Olympique Lyonnais

It has taken a major step Tuesday Olympique Lyonnais (OL). In a statement, the French professional club career has indeed appointed on Tuesday the company concessions in charge of design and construction of its future new stadium, the cornerstone of future complex OL Land. And it finally Vinci return the task to emerge from the Stadium of Light ground on the site Décines Charpieu.

After the Stade de France, Nice and Bordeaux, so this is the third contract raised by the construction group and concessions as part of the grand plan to renovate the French stage, for the organization of Euro 2016 Football in France. Note that Vinci has also built and operates since January 2011, the stage of Le Mans (MMArena), which is not part of the eleven stages selected to host matches of Euro 2016.

Private partnership / private

Regarding the financing of the stadium itself, with a capacity of 58,200 seats, the two companies will work as part of a private / private. As for the OL Land project as a whole, the community (Grand Lyon, Department, State …) will support the access to the stadium for 170 million euros. According to information provided earlier this afternoon by the group led by Jean-Michel Aulas on the financing of the only sports venue, Vinci is committed to "contribute to the funding by becoming a shareholder, to a maximum participation 49% of the company owner of the project, the Land of Montout. " Duty, the group estimates that 381 million euros the amount of the contract this morning."A cost which will complement other investments driven by external partners, including hotels, leisure centers and office buildings," says management. In total, OL Groupe estimated 450 million investments to the OL Land project, that is to say the stadium and related structures.

To collect a portion of the funds, the group will also sell the name of the future stadium to a private company. The identity of the partner to be selected, and the amount of its financial participation in this contract "naming" should be announced by the end of the year cash advance now. What to expect the Stadium of Light will soon be renamed before being completed.According to Jean-Michel Aulas, the enclosure will be built on the bottom "entirely private", even if 20 million should still be made by the State, as part of the renovation plan.

Deliveries for the second quarter 2014

A four-year first whistle of Euro 2016, the stadium project goes so Lyon (finally) to the next level. The memorandum of understanding announced Tuesday paves the way for the concrete realization of the project, after years of red tape. At the end of a phase "Project" about six months and subject to the signature of the design-build contract by that date, the phase of contruction will be launched.

Already in May, the release of the situation had been operated by the choice of Lyon as host city of the European competition.The city was named first with eight, then ten stadia to host matches of Euro 2016. Then, when the future sports arena has been the subject of a statement in May of general interest (DIG), Greater Lyon has been run from 14 June to 18 July, public hearings required to amend the plan to local urban planning for the construction of the stadium. The city now hopes to receive the issuance of building permits by the end of the year, for a start of construction in early 2012. Barring unforeseen delays in construction or, as has been the site know of the great stage of Lille, the Stadium of Light should be delivered in the second quarter 2014.

In exchange, the news was applauded by investors, in a context of macroeconomic concerns hold their attention. At 15 hours, the title of the Lyon Group advanced 0.93% to 5.41 euros in a market down 0.5%.

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