The response to stress tests should be the only source of entertainment markets on Monday. Indeed, any macroeconomic indicator is expected in Europe. In the U.S., the Commerce Department will release sales figures for new housing in the afternoon. As for American publications, not big ads not expected for this first day of the week.

As for currencies, the euro climbed slightly against the dollar in early morning trade: 0.05% to 1.2924 dollar.

Featured Banks

Who says interpretation of stress tests, said reaction of the banking sector. This morning at the Paris Bourse, the French banks BNP Paribas, Societe Generale, Credit Agricole, Dexia, or BPCE, parent company of Natixis, have all the attention of observers. For the Minister of Economy Christine Lagarde, have no fear: French banks have succeeded in "this difficult test with flying colors, with honors.

Sanofi-Aventis lowered its earnings forecast for 2010

Sanofi Aventis said Friday that the first generic version of the anticoagulant Lovenox was approved by the Food and Drug Administration (FDA) pay day advance.The supply of the generic, marketed by Sandoz in association with the American company Momenta began in the wake of the approval by the FDA. The news had tumbled 4.25% securities at the close Friday because the Lovenox was the second top-selling drug from Sanofi last year. In a statement, Sanofi-Aventis recalls his "reservations" about the approval by the FDA in regard to "patient safety".

The pharmaceutical group revises accordingly its earnings forecast downward, with "an evolution of the EPS of activities for 2010 of between 0% and -4% compared to 2009 at constant exchange rates. A turnaround from last April when Sanofi evoked a growth in earnings per share from between 2% and 5%.In addition, Sanofi would have views of the U.S. biotech Genzyme after the Wall Street Journal.

Fimalac was released Friday after market up its turnover by 6.9% to 443.2 million euros in the first nine months of its 2009-2010 fiscal year ending September 30.

April Faiveley Group and publish their turnover in the first half after the stock market. Icade and Klépierre unveil at the same time their interim results.

Valued at $ 7.1 billion in stock, as the closing price on Wednesday (up 2.9%), against 26 billion in the summer of 2006, KKR could see its market capitalization rise to $ 9.2 billion , according to analysts at Rabobank.They believe that after Blackstone's IPO in New York a second heavyweight private equity could galvanize investor interest and emulation.

Redeploy the firm

After the resignation of Jerome Kohlberg (the second "K" "KKR") in 1987, shares Henry Kravis (the first "K" "KKR") and his cousin George Roberts (the "R" of "KKR ") amounted to 13% for each of the company, which manages 55 billion in assets and employs 600 people. All employees of KKR a stake in the capital.

The two founders of U.S. private equity group hoping through the IPO to ensure that KKR will become less sensitive to cycles of uncertain LBO (leveraged buyout or takeover of a company through debt). This is why they are working on a redeployment of the firm towards the profession of investment banking.The question is whether investors will be convinced.

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This new direction will be entrusted to Christian Fontanel, Director of Audit, and attached to the new CFO, Thomas Piquemal. Its mission is to "optimize the group's international scope, particularly in procurement," the newspaper said. While Les Echos reported that EDF has made last year to 11 billion euros of purchases – in France, but also in the United Kingdom, Germany and Italy – the savings on the position of the purchases can achieve 10% of the total, according to analysts. That's more than 1 billion euros in the case of EDF.

Another post where the group seeks to achieve economies: investment.Last year, EdF has spent over 12 billion euros over the budget line. And again, EDF plans to make some adjustments. The Finance Department will assist the operational divisions in the management of investments. This mission will be headed by Stéphane Tortajada, currently deputy CEO at Casino Development. From mid-July, so it will also be in charge of fundraising and investment of EDF, replacing Anne Le Laurier.

Finally, in terms of its debt, the newspaper wrote that EDF "will allow one more month to decide whether to sell its UK distribution network, estimated at 5 billion euros. If this solution was not ultimately successful, the group would consider making other assignments.

15.01% shareholder of Le Monde group, Prisa was reticent after the refusal of the Executive to grant an extension until September to participate in the recapitalization of its ailing partner.The panel chaired by Juan Luis Cebrian put forward its own recapitalization involved with the U.S. Fund Liberty to justify such a postponement of the calendar. Last week, he emphasized its commitment to, inter alia, not to see its share diluted after World recapitalized.

Negotiations on all fronts

The new trio should table this afternoon deadline, a firm offer to provide a contribution of 80 to 120 million euros, against 67% stake in Le Monde group, the balance remaining in the hands of associations of employees, alumni and readers. If the trio is selected, two thirds of the capital would be divided between France Telecom (20%), ACS PAR (40%) and Prisa (40%). Claude Perdriel assumed the presidency of the Executive, Denis Olivennes merely a seat on the supervisory board of the World, which would be chaired by Louis Schweitzer. It remains to see who would hold operational control.The question does not seem to cut Sunday night "even though we reassured on good authority, we are heading towards a cocontrôle between groups Prisa and Le Nouvel Observateur No faxing 1 hour payday loans.

For its part, the boss of France Telecom has consistently received on Sunday evening, the approval of its board of directors to invest the "50 to 60 million euros" in Le Monde. This amount is primarily intended to buy "the participation of 34% of Lagardère in Le Monde Interactive (lemonde.fr …), estimated at between 30 and 40 million euros (the remainder, nearly 20 million euros, being invested in the holding head).

France Telecom is already in discussion with the group Lagardere, which would yield the same time its trademark rights The World.With this operation, the operator expects to realize significant synergies in terms of content and advertising revenue between its sites, those of the World and the Nouvel Observateur. On an investment after all, pleaded Sunday Stéphane Richard, in comparison with the "6 billion that the group invests every year." Especially since Claude Perdriel was anxious to negotiate an option to buy within five years 34% of France Telecom in Le Monde Interactive.

For its part, the trio Pigasse-Bergé-Niel Sunday still pursuing its discussions with various companies in the group's employees to enter into a governance agreement. This would include maintaining their right of veto over the appointment of a newspaper editor, a right to consultation regarding the group's director, and a right to scrutinize the use of the mark World. This agreement should be attached to the tenders submitted this afternoon.The employees will vote Friday before a supervisory board next Monday.

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"I brought a check to pay my dues Medef late, said Sophie Menthon on BFM. They told me that before I can file my application, a preliminary investigation was necessary, and that the MEDEF could not decide on my application before JuneI will not lead employers in a legal battle. "

She believes however that the Board of Medef could meet quickly to endorse its regulation, and allow it to occur. It therefore deplored the reluctance of the employers' organization to focus on his record, leaving the way open for Laurence Parisot Guaranteed unsecured personal loan.

"It's a huge strategic mistake, says Sophie Menthon. Fear has won. There was no reason not to campaign.There's more dirty linen to wash the MEDEF. "She promises to give its program and its positions by means other than a campaign.

Thibault Lanxade "will not go"

Lanxade Thibault, head of the SME Aqoba, who had called for a "primary challengers last fall, has also withdrawn from the race for President of the MEDEF.

"I will not," he said on BFM Monday. Its share was "convinced" by Laurence Parisot as the debate that he dearly wanted to be actually carried out in case of re-election of outgoing President, and he should remain internal to the MEDEF.A rally that he claims to have made "without any pressure," believing that "the unit of employers is more than ever necessary" because of the crisis.

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The Greek interest rates to ten years has exceeded 8% in the day Wednesday. Investors wonder if Greece will well repay the debt, with growth stifled by a plan of unprecedented stringency.

Finally, the CAC 40 lost 0.12% first to 3972.8 points at the opening, then the index has returned to equilibrium in the early exchanges, to go back into the green to 9:20.

Investors seem to pay more attention to the good economic indicators fell again Thursday.

Rain clues to look closely

This session will be loaded in major economic indicators.In France, growth accelerated in April in the French private sector, with a strong burst of activity in services, according to the PMI survey published Thursday by Markit Economics. The composite index rose to 58.4, its highest level in four months, against 55.8 in March.

The morale of French companies has jumped four points in April compared to March to reach 97 points, despite backlogs still scanty, according to Insee.

Moreover, the French manufacturing industry has confirmed its recovery in April from the previous month, according to the business survey released Thursday by the INSEE.The synthetic indicator of business climate index rose four points to 97, while remaining below its long term average.

Side euro area, 11 hours, will update the balance of payments for the fourth quarter of 2009, and the government deficit and debt for the past year

Finally across the Atlantic, at 14:30, monitor producer prices in March and the traditional weekly claims for unemployment benefits. At 16 hours, followed home resales for the month of March.

Schneider, Vallourec and L'Oreal to take on the ACC

Schneider Electric on Wednesday confirmed its 2010 target of a moderate increase in its turnover in organic figures.The shares were down 1.91%, to 86.4 euros.

Vallourec (+0.13%, to 149.7 euros) has announced the acquisition for 150 million euros Serimax, a company specializing in soufage pipes offshore.

The group Areva (0.52%, to 383 euros), yet prey to big delays on another local project, the favorites to meet the tender of the Finnish government, which wants to build two new reactors.

Always on the CAC 40, L'Oreal (-0.65%, to 80.5 euros) said it signed an agreement to acquire the U.S. Essie Cosmetics, make-up brand nail polish, whose turnover business amounted to $ 28 million (about 21 million euros) over the last twelve months.

The Competition Commission has prohibited the merger between Orange, a subsidiary of telecom operator France Telecom (-0.15% to 17.14 euros), and Sunrise.The company resulting from the merger would have created, together with Swisscom, a collective dominant position on the market for mobile telephony.

Guy Wyser-Pratte does not increase its stake from 0.53% in Lagard?re group with which it engaged in an arm-wrestling to be appointed to its supervisory board and change its governance.Lagardere shares were down 0.17%, to 31.84 euros.

Publications animate Exchange

Later publications, they have been good for Sodexo (5.65%, to 46.75 euros), Remy Cointreau (4.05%, to 45 euros) and Carbone Lorraine (3.59%, to 28 euros ), the three largest increases in the SBF 120.

Sodexo has recorded an operating profit better than expected in the first half, and now expects a range between 770 and 790 million euros for the full year.

Carbone Lorraine on Wednesday released a stable turnover in the first quarter at constant perimeter and exchange rates and confirmed its targets for 2010.

The wine and spirits group Remy Cointreau announced Thursday an increase in its annual turnover (April 2009-March 2010) of 13.1% to 807.8 million euros.

Vranken-Pommery has also published a large turnover of 39.4 million euros, up 38.1% (+11.4% at constant scope, excluding integration Listel), thanks to the recovery its activity champagne. The company expects a sales growth of over 20% "medium term". The shares are 2.63%

In addition, Publicis made a surprise Thursday by posting organic growth of 3.1% of its income in the first quarter, two times higher than that of Havas.Its shares rise 1.52%, to 33.7 euros.

Plastic Omnium (1.58%, to 34 euros) has announced an increase of over 43% of its activity in the first quarter, benefiting from a favorable base effect with the automotive market crisis a year ago.

Surprises

Side decreases, Nexans has the highest drop in the Paris stock exchange: -7%, to 60.4 euros. The leader in the cable industry has registered a turnover of 1.35 billion euros, up 8.4% yoy while in the course of constant non-ferrous metals, it reached 971 million of euros, down 11.1%.

Just behind Technilocolor – formerly Thomson – fell by 3.9% to 1.04 euros. The company posted a turnover of 691 million euros for the first quarter, down 24.4%.

The cost of insurance on compulsory Greek (CDS, credit default swaps ") also jumped Thursday morning, also reaching record levels at more than 470 basis points, the credit information specialist CMA News. "The market moves very quickly," says Markit News on Twitter.

Greece is still contineur to borrow, said Thursday morning the Greek Finance Minister George Papaconstantinou before Parliament.

Contamination

"The Greek problem begins to contaminate other peripheral markets such as Spain and Portugal, where the rates differ from the Bund," says Patrick Jacq, a strategist at BNP Paribas rate, which emphasizes that the volumes traded bonds Greek since Thursday morning are very low. "As regards Greece, the current movements are not yet dramatic macroeconomic consequence.Athens has enough to cope with higher current levels, which represent, in the case of bond issuance, an additional cost after all low in comparison to 10 billion euros to be in the coming weeks. "

After rumors of Greek opposition to the conditions of the International Monetary Fund (IMF) in case of intervention, the Greek banks are finding themselves the center of attention. The Financial Times reports that in a recent face withdrawals totaling 10 billion euros since the beginning of the year. It does not take more than some analysts to fear a flight of capital.

Testing the limits

But the sudden movement on the debt market would also be Greek, or even primarily, due to investors forced to sell the Greek titles of their portfolio because of excessive volatility.Investors also want to test the rescue plan put together by the European Union, and know from what level of rates will be raised.

This is a matter of weeks, said Laurent Bilke, Europe economist at Nomura. He said the level of rates and especially the volatility in the market make it impossible to bond issue in the short term. Nothing, however, should occur before the regional elections in Germany in Westphalia on May 9, given the opposition of the public to any plan for Greece.

In this tense context, the ECB president, Jean-Claude Trichet, should be questioned about the crisis in Greek at the monthly press conference on Thursday."He should face questions on media reports that the ECB considers to be both too vague in terms of European aid and inappropriate intervention by the IMF," say economists at Societe Generale in a note.

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"The thrill of the financial markets is clear. The companies that have promising products, attractive valuations and are focusing on big markets again become interesting, "says Dr. Philippe Pouletty, General Partner of Truffle Capital and Honorary Chairman of France Biotech. It was time. Since 2007, this funding, essential for the biotechs, was dry.

Partnerships and acquisitions

The resumption date of late 2009.In November, the biotech NicOx has managed to collect 100 million euros. "Five to six biotech could go public by 2010," predicts Philippe Pouletty. This could be the case Carmat, further participation of Truffle Capital, which is developing an artificial heart, then AB Science, which addresses mastocytosis, a rare disease no teletrack payday loans.

The crisis has not resulted in catastrophe for the biotechs. The decline in venture capital funding has been limited to 25%. The biotech, which have little recourse to debt, were not affected by the closure of the credit tap. At the same time, they took advantage of the growing interest of pharmaceutical companies, forced to look outward to compensate for their lack of internal creativity. The labs have multiplied in recent months partnerships and takeovers."Biotechnology and the green industry are two huge sectors globally. France and the investors have an incentive to participate in this growth, "said Philippe Pouletty. But investors are not always what you. "The performance of biotech on the Paris market is not attractive enough," lamented Francis Deneux, the firm Arthur D. Little. Without doubt, as these start-ups are often financed by public funds including, with "too little selectivity. This leaves the "not enough money for the best of them."

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That's all smiles as Wolfgang Sch?uble, German Minister of Finance and his counterpart, Christine Lagarde, have been presented to the press after the German Council of Ministers which, for the first time a foreign minister was able to attend. After quarrels on the question of rescue of Greece and the tensions in the German economic model, the French Minister has stressed "the very friendly and warm hospitality" of his German colleagues. Asked about his remarks about the controversial German exports, Christine Lagarde has countered that she had wanted to "congratulate" the German competitiveness. "I am very careful not to criticize, because we must first put its own house," she smiled.

The Franco-German reconciliation was played around a tax on banks that Berlin wants to impose on the European and international level, with the support of Paris.The compulsory levy, calculated in terms of systemic risk – that is to say the risk of contagion that would expose their failure to the rest of the economy – should contribute to a fund to help financial institutions.

More than one billion euros

In Germany, such a tax would yield 1 to 1.2 billion euros per year. "A bill must be presented before the summer holidays, and may be adopted in the second half of the year," said Wolfgang Sch?uble No faxing pay day loans. For the Minister of Finance taxation of banks should remain "moderate" to avoid compromising their role in providing credit to the economy that is recovering from recession.

To avoid distortion of competition, Paris and Berlin argue like the International Monetary Fund (IMF) for a tax credit internationally.Christine Lagarde believes it is important to act "on a double angle: Prevention and Accountability" of financial institutions. But the tax credit mechanism must also "maintain a set level playing field between banks involved in international markets.

One issue still under discussion between the two countries: the destination of the tax. While Paris wants to assign to the state budget, the Germans are considering creating a special fund.The national rules will be required, although the mechanism is doomed to fall within a framework of European regulations or international.

"The Franco-German cooperation is narrow, it becomes more and more, and is based on trust," said the German finance minister, who will attend an upcoming French Cabinet, a priori, April 7.

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"This is a provocation for the leadership against workers' protests Xavier Mathieu, who still disputes the validity of redundancies delivered last year. For its part, the management who had already offered 240 jobs to the "Conti" Clairoix, denies having voluntarily submitted to its employees offers reclassifications shocking."We have a legal obligation to offer any position available internally to employees dismissed for economic reasons," replies one of the leaders of the group communication. In May 2009, the manufacturer of socks Olympia had indeed been ordered to pay 2.5 million euros in compensation to former employees for not having their proposed reclassification in Romania.

"We are caught between the hammer and the anvil," argues he said. "The company is liable to prosecution in court or at the outcry" no credit check payday loans. In February last, the management of Philips had also provoked outrage by suggesting positions in Hungary, "with practice of the Hungarian language required," according to the communique.

"There is a general principle, and good faith"

But if the Labor Code does provide an obligation for the company to propose a reclassification of its workers, under penalty of being condemned for termination "without cause real and serious", the legislation also establishes a hierarchy of offers to propose Me says Lopes dos Santos Ravisy cabinet. The company has an obligation to seek first an equivalent position within it – not in one of these subsidiaries as is the case for employees Clairoix – and in France. It is a last resort, if no vacancy can be found under these conditions, the company can offer a post abroad. "In this area, there is a general principle, and the good faith belief that the judge is also able to take into account," said Mr. Lopes dos Santos.

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