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Large deviation from the European Central Bank. Mario Draghi, warned on Friday that a central bank "may quickly lose credibility" and that "it would have a huge economic and social costs." It refers to market demand and France, reject, would be for the ECB buys massive state debt to halt the rise in interest rates in the euro zone and end to the crisis. A policy that the institution refuses to take on behalf of his economic principles.

"Our credibility implies the success of our monetary policy to anchor inflation expectations in the medium and long term (…) to sustain growth, job creation and financial stability. And we make this contribution in full independence, "insisted Mario Draghi.You must not wait any longer. "

Mario Draghi anticipates a decline in inflation

In his statements on Friday, the President of the ECB also said it expects a weakening "in most advanced economies." Specifically, "in the euro area, downside risks to the outlook have increased, and activity weakened moderate the pressure on prices," he added. One way, perhaps, pave the way for a new lower interest rate in December. In early November, the ECB has declined by 25 basis points (or 0.25%) to 1.25%.

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After a marathon day yesterday crisis between the euro area and global economic issues, the G20 continues this Friday at Cannes. Nicolas Sarkozy, master of ceremonies, will have his hands between preparations for the final communiqué and placed under international trusteeship of Italy instant payday loan.

"Reliving the day Thursday

Philip Hall, the new boss of Altran, promised to refocus. It does this. Friday, the board of the technology consulting group examined the future of its subsidiary, Arthur D. Little. Among the different scenarios studied, the sale of the consulting firm strategy its leaders holding the rope, according to our information. While the managers of the subsidiary offer for months to redeem, Altran, assisted by Messier Maris & Associates, contacted several consulting firms, BCG at Monitor Group through Sia, to explore alternatives.

But these tracks did not result: competitors were primarily interested in the brand Arthur D. Little, well known, at the same time alienating the teams.A complex equation, in a world of service where the value of the firm is keen to its consultants.

Altran, which publishes this morning's quarterly revenue, could take the opportunity to announce the opening of exclusive negotiations. According to the proposed scheme, the group would agree a loan managers to its subsidiary, deficit in 2010, so they fund the recovery. To secure this commitment, the brand remains the property of Altran until the loan is repaid. This will result in a depreciation in the accounts of the group. Until this summer, it hoped to sell its subsidiary to 70 million euros. The transaction amount will be much less. Altran in 2002 had bought the European operations of U.S. giant Board Arthur D. Little. This acquisition has not been successful due to lack of synergies between parent and subsidiary.In the first half, the group has cut 39 million the value of Arthur D. Little in his accounts. Contacted by Le Figaro, Altran declined to comment.

Spinetta and Juniac at the head of Air France

The war of positions that settled for months at the head of Air France KLM, in view of the succession of the CEO Pierre-Henri Gourgeon, should find its outcome brutal Monday.

Reportedly, the board will meet to start RECORDED Pierre-Henri Gourgeon. In office since 2009, the executive director of the group pays two things. On the one hand, his conflict with the chairman of Air France-KLM, Jean-Cyril Spinetta, and on the other hand, the disappointing results of the company. "He did not totally unworthy, but a change in governance was necessary at the time of uncertainty hovering over the company and the industry," says a close case. No comment was made Sunday at the headquarters.

Overhaul of the governance

The departure of Pierre-Henri Gourgeon will be accompanied by an overhaul of governance.Jean-Cyril Spinetta back in service by chairing executive of Air France-KLM. The owner of the historic French airline, the architect of his marriage with his Dutch counterpart, never far away from its management. In addition, Juniac Alexander, former chief of staff Christine Lagarde, will be named him CEO of Air France. A key post in the new organization which eventually opens the way for the management of all Air France-KLM.

After months of controversy within the Board and the Company, the Nominating Committee consists of four directors (Jean-Francois Dehecq, Patricia Barbizet, Jean-Marc Espalioux and Cornelis van Lede) has finally agreed on the name 'Alexander Juniac, under the watchful eye of the state, which owns 15.7% of the group.Ironically, the former right hand man was the candidate pushed by Pierre-Henri Gourgeon, opposite Jean-Cyril Spinetta, who advocated an internal solution. Indeed, this lively debate which had laid bare the tensions between the two leaders of the company.

The new organization, which will be confirmed Monday, also intended to bring Air France-KLM in a position to face its difficulties. The latest quarterly (April to June 2011) revealed an operating loss of 147 million euros. Back into the red after one brief year of profits. Since then, the situation was still tense, so that the group launched in early September a new savings plan. No figures have been officially announced, but it evokes a range of 700 to 800 million euros.The specific measures should be adopted at the end of this month.

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Slovak vote weighs on the Paris Stock Exchange

The Paris Bourse is down on Wednesday. The CAC 40 lost 0.90% in the early morning to 3125.97 points. As on Wall Street and in Asia this morning, traders react to the strengthening of the Slovak non-European Financial Stability Fund (EFSF). This decision increases the risk of paralysis in the euro zone, while the French and German leaders have promised a plan to end the crisis before November.

Slovakia is the only one of 17 countries in the euro area has not ratified the agreement of July 21 the European governments, which plans to give the EFSF new powers including increasing its lending capacity to 440 billion euros.Bratislava, however, raised the possibility of a second vote in Parliament, in which the opposition Social Democrats would support the strengthening of EFSF, but no date has been set for the eventual election.

Regarding the Greek case, the inspectors of the "troika" announced Tuesday it had completed their assessment of the austerity measures taken by Greece. These must still be endorsed by the euro area and the IMF, which should allow Athens to receive a new tranche of aid in early November. But nothing is less certain. The IMF is more pessimistic about the future of Greece. "The recession will be deeper than anticipated in June and a recovery is now expected that from 2013," said he.

The results of Alcoa concern

Another source of pessimism: Alcoa, which sent a new signal concern on global growth.The largest U.S. aluminum, opening the ball across the Atlantic Publications, reported Tuesday a quarterly profit below expectations. Group CEO, Klaus Kleinfeld, anticipates slower growth until the end of the year.

Also in the commodities sector, the Organization of Petroleum Exporting Countries (OPEC) also gave evidence of a slowdown in the global economy by scaling back its forecast for global demand for crude in 2011 and 2012 for the third consecutive month. The barrel of "light sweet crude" for November delivery lost $ 1.04 in electronic trading this morning at 84.77 dollars. Barrel of Brent North Sea crude for November delivery gave 74 cents to 109.99 dollars.

As for currencies, the euro stabilized against the greenback despite the Slovak vote.The single currency is worth 1.3630 dollars this morning.

In France, INSEE has announced that consumer prices fell by 0.1% in September from the previous month and rose 2.2% year on year. Industrial production in the euro area will be known by late morning.

Values ​​to follow

Natixis (-2.81% to 2.35 euros), Dexia (0.14% to 0.81 euros)

Fitch affirmed the A + Group BCPE (People's Bank – Savings Bank) and its subsidiary Natixis. The agency also announced it has lowered the long-term rating of Dexia Bank Belgium from A + to A and affirmed the rating of Dexia to A +.

Credit Agricole (-1.60% to 5.35 euros), BNP Paribas (0.80% to 33.71 euros), Natixis (-3.47% to 2.34 euros)

The Societe Generale analyst lowered his recommendation to buy to keep on Credit Agricole with a target price of 5.5 euros and noted its board to keep BNP Paribas to purchase with a target price of 37 euros.The analyst went on sale on Natixis with a target price of 5.6 euros.

ArcelorMittal (-1.29% to 13.82 euros)

The group could be affected by the release of disappointing Alcoa.

Vilmorin (-0.55% to 72.80 euros)

The group is a slight decline in organic growth of the new fiscal year 2011-2012 due to uncertain economic conditions and the impact of weather in the summer of his crops of maize seed.

Transgene (-1.85% to 7.97 euros)

The group intends to continue the clinical development of its TG4040 against hepatitis C infection, the drug has met its primary efficacy endpoint in spite of severe side effects.

Plastic Omnium (-1.64% A17, 99 euros)

Plastic Omnium Auto Exterior, 100% subsidiary of Compagnie Plastic Omnium, has signed an agreement for the acquisition of 100% Plastal Poland."This agreement is subject to the approval of competition authorities of Poland," the group wrote in a statement.

Areva (-2.13% to 22.02 euros)

Luc Oursel, CEO of the group, will be heard at 10 am by the Economic Affairs Committee of the National Assembly. According to a parliamentary report stage, the nuclear expert may have to include new provisions in its accounts to meet the costs of the Finnish EPR.

Foncière Paris France (0.50% to 100.50 euros)

The Board of Directors of Foncière Paris France (FPF) on Wednesday rejected the takeover offer filed by October 7 Paris Vaugirard Hotels Roissy (PHRV).31.4% owned by Allianz, 31.4% and 31.1% Covéa Cofitem-COFIMUR, PHRV offer 100 euros per share, a premium of about 8% to the closing price the day before the offer .

Lagardère (-1.16% to 19.17 euros), EADS (-2.19% to 21.92 euros)

According to BFM on Wednesday, Arnaud Lagardère began to establish conditions to lead the board of the group.It gives Airbus souhiate real certainty about the development of the A350 program.

NextRadioTV radio (-1.8% to 10.85 euros)

HSBC raised its recommendation on Wednesday as underweight to overweight, preferring that value to NRJ.

Air France-KLM (-1.28% to 5.30 euros)

Transport Minister Thierry Mariani implicitly confirmed Wednesday the next appointment of Alexander Juniac, former chief of staff Christine Lagarde at the Ministry of Finance, the General Manager of the airline.

Ipsos (0.75% to 25.49 euros)

The French specialist market research has completed the acquisition of British rival Synovate, based on an enterprise value (including debt) of 525 million pounds (596 million), he announced Wednesday.

Casino has released its sales for the third quarter after-hours trading.

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French companies are socially responsible

"When we look at we are sorry but when you compare it to console," says the adage. A new proof of this is given with the release today of two studies on corporate social responsibility made by the social rating agency Vigeo.

This company, founded ten years ago by the former secretary general of the CFDT, Nicole Notat, analyzed the performance of 539 European companies listed on non-discrimination in employment.She also compared how these 363 companies had managed the restructuring that had taken during the crisis.

In both cases, France takes the lead of countries that best meet the basic standards set by the International Labour Organization (ILO) concerning freedom of association, prohibition of forced labor and child employment seniors … "This does not mean that French companies have no way to go, but just that they behave better than others," Nicole Notat nuance.

Danone number one

To note the management of corporate restructuring and practice of non-discrimination, the bloodhounds of Vigeo analyzed their managerial systems based on three items: the relevance of political behavior, the consistency of their deployment and effective results.Finally, French firms are better informed and consulted, where social, employee representatives "before and during the restructuring process."

No fewer than four of them are in the top 10 most responsible companies: Danone (ranking first), PSA Peugeot Citroën, Bonduelle and Total. French companies are also those who have best implemented "effective measures to prevent and limit layoffs" and made "steps to mitigate the negative effects of layoffs on employees, including measures to return to work" . Better than their German or Dutch, who monopolize the second and third places on the podium, and Austrian firms, Irish and Greek … that close to the bench.

Issue non-discrimination (access and job retention of the most vulnerable, improving working conditions, training, career …), French companies are doing just as well with no fewer than four of them also in the top 10: PSA Peugeot Citroën again, Rhodia, EDF and TF1. By country, France is ahead of Belgium and the Netherlands, far ahead of Ireland, the UK and Denmark … that appear at the end of ranking. "We knew that the behavior of firms are influenced by national legislation and sectoral affiliations, note Benseddik Fouad, director of Vigeo methods. But this study shows that social responsibility is the leadership position and ability to dialogue that make the difference. "In short, the involvement of the entrepreneur.

Tour of Europe's austerity plans

In an attempt to reassure the debt crisis, the austerity is accelerating in Europe. States as markets in the sights they will have to convince the date of 2013 to bring their deficit below 3% (a year later to the country under the rescue plan), as agreed with the European Commission . The great unknown is the impact on growth, with figures for the second quarter are published on Tuesday in Brussels.

Italy

Rome adopted Friday a drastic austerity plan to recover 45.5 billion euros by 2013, based in particular on tax increases, massive loss of seats of local administrations and combination.

For the first time, a solidarity tax on the highest incomes was introduced, up to 5% for incomes over 90,000 euros per year and 10% in excess of 150,000.Parliament had already voted in July an austerity plan of 48 billion euros over three years. But Italy has no choice its massive debt (120% of GDP) in place at the forefront of possible victims of the debt crisis. The surge of his bond yields to record levels last week had forced the ECB to redeem itself from the Italian debt in exchange for strict conditions on the hardening of austerity.

Sunday, the president of the European Council, Herman Van Rompuy, welcomed these measures "critical" for Italy, but also "for the euro area as a whole."The Europeans know that, after the bailout for Greece, Ireland and Portugal, the fall of Italy would push the euro into unknown territory paydayloan.

Spain

Seen as another weak link by investors, Madrid about to vote in late August a tightening of discipline, to bring back 4.9 billion euros in additional funds. This new turn of the screw completes the plan adopted in 2010 drastically to save 65 billion over three years.This time, it is health insurance and big business that would be utilized.

Greece

Athens, whose budget woes have catalyzed the debt crisis, the end of June adopted an austerity plan providing for severe savings of 28.4 billion euros in 2015 (divided equally between tax increases and decreases public expenditure) and a wave of privatizations to bring 50 billion euros. This was the condition imposed by the IMF and the European partners to unlock their help.

Portugal

Lisbon, also forced a bailout, wants to go beyond the expectations of international donors. To counter any slippage in public finances, the government announced in July drastic measures: special tax of 50% of the fourteenth month of incomes above the minimum wage, increase in VAT from 6 to 23% …These cuts are in addition to a package (15% increase in transportation rates, primary school closures …) has already been decided despite their unpopularity.

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The Paris Bourse expected a slight increase

European stock exchanges succeed they continue their rebound started the day before? Investors should prove once again nervous at the end of a week marked by extreme market volatility, which saw the CAC 40 push the psychological threshold of 3000 points during trading Thursday before returning to the colors.

Friday morning, the Paris index is expected a slight increase of 0.4%. Thursday, ACC closed up 2.59% to 3089.66 points, after falling in mid-session. The day before, the Paris index plunged more than 5%. The same volatility dominates in Frankfurt the Dax closed up 3.28% and in London where the FTSE-100 index gained 3.11%.

Investors were reassured by the announcement of a meeting between Nicolas Sarkozy and German Chancellor Angela Merkel on August 16 to issue joint proposals on the governance of the euro area.In addition, U.S. markets were supported by two good indicators of the jobless and real estate. Wall Street has ended sharply higher: the Dow Jones has gained 4% and the Nasdaq 4.69%.

Another announcement that should bring some calm markets: such as Belgium, Spain and Italy, France announced Thursday the ban on short selling in the securities of eleven banks and insurance companies to counter the extreme volatility of the stock market values. Among the relevant securities, BNP Paribas, which issued a statement Thursday night to reaffirm the strength of its capital, Societe Generale and Credit Agricole online payday loans.

No growth in the second quarter

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

Oil is, meanwhile, resumed its decline in trade in Asia, having recovered Thursday in the United States. In morning trading, a barrel of "light sweet crude" lost 47 cents to 85.25 dollars and that of Brent North Sea fell by 57 cents to 107.45 dollars.

Other values ​​to follow, Europacorp, the production company of Luc Besson, Thursday reaffirmed its goal of a return to balance for the current year, despite a sharp decline in sales the first quarter.

Derichebourg Thursday confirmed its target of improving its annual net income, after recording a sharp increase in sales over the first nine months of the year.

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Calmels, "In television, there is also room for error"

150 million euros in turnover, to 140 employees. The French subsidiary of Endemol, the television production giant, is doing well. What I do not deny, at the end of the season, his many projects. Endemol France has developed and produced two games that will stand this summer, by the autumn. First "No one had thought," the adaptation of the format 'Pointless' on the BBC UK, a weekly game presented by Cyril Féraud, to be launched on July 16 France 3, every Saturday at 17:15. French adaptation of a concept to international success, "Money Drop", presented by Laurence Boccolini, install, meanwhile, in August on TF1 in access prime time. "An exciting game combining both general knowledge questions, emotion and tension generated by the potential loss of 250,000 euros.Grids operating in the summer breaks, it's an interesting time to launch new products. We did years ago with the "Wheel of Fortune," which began in early August before being extended for the rest of the season. "Money Drop" has already been successful in 20 countries, there is no reason why he did not know one in France, "notes Virginie Calmels, formerly of Canal +, became CEO of Endemol France in 2007 , which she joined in 2003 as CEO.

Partner of TF1, Endemol produced including "The 12 strokes of noon", the game launched in June 2010 which was attended by an average of over 3 million viewers and 29% audience share over the 4 years and over, on the first half of 2011.Mainly known for its reality shows like "Big Brother" or "Star Academy", the production company it is nevertheless broken teeth with the failure of "Square VIIIP," the challenge is to renew this type of format. This calls into question it's partnership with TF1 Endemol? "No, not at all. If you look out the media landscape, broadcasters and all major producers have had some accidents, especially during the past 12 months. We have the right to make mistakes, the failure to feel the public at a given time. What is important is that it works hand in hand with TF1. And with an editorial vision and common goals very clear, it helps to reconnect with the success, as evidenced by that of "Secret Story 5" which is taking shape.With this success, we also invented in this field of new writing, most modern, why not mix genres like docu-reality we already know, or more generally of the "Factual reality", mixtures of magazines and reality. We are working with TF1. "

If, by far, the reality is most of Endemol discuss, yet it represents "less than 25%" of its business volume. "We are very active in gaming, entertainment and, since 2007, I developed a policy of diversification-oriented fiction and new media. Fiction allows us to work with all broadcasters with whom one did not work or very little flow. " Endemol sold to France 2 TV movie "Kanak, history forgotten" about the life of footballer Christian Karembeu, whose distribution is planned for 2012.The production company also will complete on July 19 shooting of "Once Upon a Time … Maybe not," a drama adapted from the novel by Akli Taj, for France 3.

"Wonderful success of TNT"

The free DTT channels have made 23.9% of national audience share in June, according to Médiamétrie. These chains are gaining 0.4 points from May and 4.1 points year on year. How to analyze this new record? "There were two stages: first the installation of decoders and equipment of French households and that they get used to the content and go get him. Suddenly, the DTT channels are now living their explosion.It is a magnificent achievement and the opportunity for viewers to find a multitude of programs, "said Virginie Calmels, even if that success comes at the expense of historical terrestrial channels.

Endemol has also embarked on the communication market with the "brand content" or "branded content". "Our operations have generally been successful. We even won this year the price of the brand content in the area of ​​clothing, with what we have done for Canal + and Adidas through a retrospective of 40 years of the Blues. Not only that was 100% financed by the advertiser Adidas, but that has not had an outlet in television and the Internet. It's part of our diversification and our new business model. "

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Crisis in the euro area: what risk for your actions?

Equity markets continue to remain under pressure as they consider the problem of public finances in the euro area will not be solved for the long term. The public finance crisis is dangerous for shareholders? Expert answers.

Alain Bokobza, Societe Generale, "Yes, but the leaders of the euro area are working to limit damage to the holders of the assets of the peripheral countries. We do not expect heart of contagion to countries in the euro area if credible policies to restore the overall balance in the long term public are in place. Spain seems to us on track, which should help the Spanish index. "

Patrick Moonen, ING Investment managers: "A default risk uncontrolled in Greece would be very detrimental to shareholders.The stock market has not taken a negative outcome for Greece or further deterioration of public finances of the other peripheral countries. We see no quick fix and the level of uncertainty is very high, but time is a key that would recapitalize the banking sector and other peripheral countries to stand out from Greece in a positive way. This is necessary to limit the contagion. In short, we expect that governments can save time by delaying tactics. "

Pierre Sabatier, PrimeView "Yes, and it has only just begun. Historically, we find that growth slows sharply when the public debt ratio exceeds 90% of GDP.This will happen in many countries in the coming years (due to the continued deleveraging private is far from finished), leading to sluggish growth in most industrialized countries. This environment will eventually be negative for earnings growth, which is a function of GDP growth and inflation, and consequently to the equity markets. "

Wilfrid Pham, Natixis AM: "The crisis of public finances can be potentially dangerous for the banks if not handled properly by the institutions in charge of this problem problématique.Le liquidity crisis and confidence between financial institutions could be topical.Also, global economic growth could be negatively affectée.Les equity markets have a habit of reacting rather negatively to these events. "

Ginguene Olivier, Pictet Asset Management "course, but this risk seems already built into prices depressed the shares. This is especially for holders of debt (bonds) that this risk seems more and more dangerous now. Preferred shares of large non-financial corporations, less sensitive to local conditions (higher taxes, deficit reduction, regulations, slow growth …) and more exposed to international markets. "

Philippe Mimran, UFG-LFP: "Arguably, the public finance crisis is dangerous for shareholders. It stands at the end of fiscal restraint and thus slow growth. In addition, short term, the impact of market volatility.Finally, the financial sector is particularly undermined by the risks of insolvency of the States. "

Alexandre HEZEZ, Convictions AM: "It is illusory to think that the fiscal crisis will not affect businesses. The rationalization of fiscal policy is paradoxically a very good sign for long-term growth, so for equities. Consumption depends on expected future income rather than current income. This means that any measure that will give confidence in the sustainability of the health system and pension system will be good for confidence, so good for drinking so therefore the companies for shareholders … "

Francois Chevallier, Leonardo Bank: "Yes, but the damage is probably done for the shares in favor of safe havens such as gold, stone, the Swiss franc no faxing pay day loans.The drift of public finances and State debts would be the main explanation for the extraordinarily high level of risk premiums and historically low earnings multiples. "

Matthew Grouès, Lazard Frères Gestion, "Support for peripheral countries will probably continue for some time. A fault is a very unlikely scenario. The governments of developed countries must reduce their deficits and have begun to do so. As for the impact for shareholders, depending on the method: for the moment of corporate taxation has been little hard compared to other tax and spending cuts. "

Jean-Louis Mourier, Aurel-BGC: "Not directly in the short term.It is however an overall risk that affects more clearly the banks but is likely to lead to a tightening of global financial close to what was observed following the bankruptcy of Lehman Brothers (freezes interbank markets and bond, blocking the distribution of bank loans, negative wealth effects …) "

Nuno Teixeira, Schroders France: "Governments Greek, Portuguese and Spanish, in spite of social protest, have recently confirmed their determination to control the situation of public finances. The first two were given the means to fulfill the conditions required by the EU and the IMF to substantial assistance to enable them to meet their liquidity needs more immediate.While the problems are not resolved in the medium term, but we are heading towards voluntary efforts refinancing from the European banks, which are expected to find a more permanent solution to debt problems. "

Catherine Garrigues, Allianz GI Investments Europe: "There is no major risk to shareholders who invested in international companies non-financial, unless they have strong activity in Greece, Spain or Portugal. Companies in these countries are experiencing rising spreads and is therefore difficult to find financing at reasonable rates. "

Antoine de Salins, Groupama Asset Management: "The answer is yes in any case for investment in developed countries: the crisis feeds market volatility who do not like uncertainty, especially those that attach to the assets deemed safe … ..It also weighs so heavy on the valuation of banks changing just like those of the debts of the peripheral countries. "

Bertrand Lamielle, B * capital: "The subject deserves full attention granted to him but is now analyzed in terms risk only. But a stock market perspective, the financial sector is capable of a strong rebound when the market considers that the solutions offer the senses. "

Frédéric Jamet, State Street: "The fiscal crisis will affect primarily government bonds (in case of default or restructuring), then only the shareholders, primarily in the financial sector and other sectors.This impact is already in stock prices. "

Mauro Ratto, Pioneer Investments: "The shareholders of the CAC 40 will be affected, because banks represent a significant share of the market capitalization totale.Ceux holding U.S. securities will not. U.S. companies are not dependent on this region, and generate profits in other areas. "

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