In the afternoon, the Greek government ministers had submitted their resignation at the request of George Papandreou, who, during an extraordinary cabinet meeting, said goodbye to his staff.

Negotiations behind the scenes

Behind the scenes, negotiations continued Tuesday for the second consecutive day between George Papandreou and the leader of the Conservative opposition Antonis Samaras to reach an agreement on power sharing and the appointment of a consensus prime minister. Sunday, the socialists of PASOK George Papandreou and the main opposition New Democracy had agreed to make way for a unity government after intense negotiations. George Papandreou was also committed to leaving office after two years in power.

For its part, the European Union on Monday called on Greece to write a letter committing to the implementation of the European rescue plan.

Of course, despite the best efforts of Sarkozy, Europe is found in Cannes in the position of poor student he wanted to avoid at all costs. But somehow, he still hopes to appear as the last dam before the flood of French turf. "What will tell the left Mélenchon Montebourg and Greek on the referendum? Will they hoped that the Greeks reject the agreement? "Asks one who sees Sarkozy already torn the left of the line to take.

A long-term

Meanwhile, the French president chose not to play saviors of the world. That humility prevails.

Traders are not present reassured by the fences down Asian markets this morning and those of the U.S. financial markets yesterday. They are again assailed by doubts about the debt situation in Europe. Operators including questioning the ability of banks to recapitalize."Without real support of the economy, the Agreement on Greece will not have any real effect," said Michael James.

Greece still worried

Greece, in fact, placed his fate in the hands of the people by deciding to hold a referendum on the decisions of the European Summit of 26 October. "The will of the Greek people be binding on us," said Prime Minister George Papandreou, who will also seek a confidence vote in Parliament on the agreement on debt. If 'no' wins, the Greek Constitution mandates the holding of early parliamentary elections. "This will plunge the country into an economic downturn and unprecedented political," says a member also left anonymously. The news was greeted coolly by the markets on Tuesday.

The European trend: in Frankfurt, Deutsche Bank loose 7.5%, 10% and Commerzbank. In Zurich, Credit Suisse, which announced 1,500 job cuts, collapses to 8.98%.

• EDF: -2.33% to 21.20 euros

The group said Monday it has reached an agreement with the Italian shareholders of Edison on the principles of the reorganization of the second Italian electrician, announced as a step closer to taking control of it.

• Air France-KLM: -3.03% to 5.34 euros

The atmosphere was quiet and posted a thirty flights per hour at Paris Orly airport on Tuesday morning, the fourth day of the strike of hostesses and stewards of Air France, found an AFP .

Nevertheless, the government notes in the twelfth edition of its report to parliament on arms exports to France for 2010, "France has maintained fourth largest exporter of defense equipment (…) in a situation difficult ".

The world export market has stabilized at 70 billion euros.And in total military spending worldwide have slowed to 1.127 trillion euros, an increase of over 1% against a growth of 5% per year between 2001 and 2009. "Over the decade," the report notes, "the United States, the European Union, where Britain and France stand out, Russia and Israel share 90% of the export market."

The decline in export activity in 2010 due to the lag of several large contracts – as in 2009, with sales in Brazil of four submarines and 50 helicopters – that France hoped to sign the year last.

Remarkable performances

In discussions since 2009, the contract for the sale of two ships of projection and command (BPC) Mistral class in Russia was finally signed in June 2011 between DCNS and Rosoboronexport to 1.1 billion euros.It is therefore not recorded in 2010.

And ongoing negotiations with several countries to sell the Rafale combat aircraft built by Dassault Aviation, have not yet been completed. Among the most promising, the Brazilian has cooled with the decision of the President Rousseff to defer any decision to buy 36 fighter in 2012. The second, United Arab Emirates, is still active.

Negotiations, that France hoped to see succeed in 2010, continues with Abu Dhabi. Just over a week, Gerard Longuet had found that Paris had entered "a final negotiation." The defense minister had described as "very high" probability that the contract is concluded. France and the UAE have been negotiating the sale of 2008 copies of 60 Rafale.The French fighter is also short list in India along with the Eurofighter, developed by EADS, BAE and Finmeccanica to supply 126 aircraft to the Indian Army.

France can also expect to have the benefits of its commitment to Libya where the effectiveness of French equipment was again demonstrated (after including Afghanistan) under real conditions in a theater of operation. Of these, the performance of Tiger helicopters (EADS) and the Rafale, whose versatility allows him to perform all the tasks (surveillance, attack in depth, defensive etc.) were noted. "This is the only aircraft in the world capable of performing such a feat today," says a military engaged in Operation Harmattan.

For France, the stakes are high because the Rafale irrigates the French industry, including Ile-de-France and Aquitaine.The French fighter involved 500 industrial partners and represents more than 8000 jobs in total.

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However, this increase could be fragile. Investors may be tempted to take some of their gains after an increase in the Dow Jones 7.7% since the start of the week. Despite disappointing indicators in China (record deficit and a slowdown in trade surplus), U.S. carriers have in fact largely welcomed the progress of the week on the back of the Greek debt.

Uncertainties before the preparatory meeting of the G20

Once again, they will therefore be watching much of the session on the other side of the Atlantic, in Paris, which starts tonight and tomorrow until Saturday the preparatory meeting of G20 finance for the Cannes summit of November 3 and 4. The day after the green light by the Slovak Parliament to strengthen the European Financial Stability Fund (EFSF), European markets are waiting for concrete proposals to resolve the debt crisis in the eurozone. An expectation that the more salient, despite the slight relief seen this week on this subject, fears have resurfaced, with degradation that night by Standard & Poor's to the next level of the sovereign rating of Spain, "AA – "combined with a negative outlook.The rating agency's estimation likely further deterioration of the Spanish financial system.

These bad signals sent by the rating agencies do not, however, hinder the progress of the euro, which was up slightly against the dollar on hopes of crisis. Friday at 11:40, the euro was worth 1.3802 dollars against 1.3783 on Thursday.

The bank also threatened

In this global context, and in the wake of disappointing results yesterday from JP Morgan, the banking sector could remain under pressure. The exposure of banks to various debts of European countries and the possible need for recapitalization will remain a key concern payday advance low fees. If the biggest fears concern European banks, the U.S. financial KBW index was down over 22% since July 21.Placing under supervision yesterday by Fitch of three French banks (BNP Paribas, Credit Agricole and Societe Generale) should not lead a turnaround. Especially since the U.S. rating agency included four other international banks in its radar, and also degraded the Swiss UBS note one notch to "A".

New round of indicators

In terms of indicators, investors are attentive to the publication of retail sales for the month of September (1430). At the same time will be announced the import prices for September. At 3:55 p.m. ET expected the first estimate of the index of consumer confidence from the University of Michigan for the month of October. This series of publications will end with the stock assessment and business sales for the month of August.

Finally in China, inflation slowed slightly to 6.1% in September, against 6.2% in August, the government said Friday, but remains at a high level that does not bode a loosening of Chinese monetary policy.

As for values, the earnings season for the third quarter continues.

Last night, Google unveiled better than expected quarterly accounts. In the third quarter, its net sales rose 37% to 7.51 billion, and net income reached 2.73 billion dollars against 2.17 billion a year earlier.

After announcing Wednesday an increase of 4% of its quarterly net income, the American producer of beverages and snacks Pepsico is preparing to enter the market yoghurt.The Wall Street Journal, the American giant is about to create a joint venture with the German dairy group Theo Müller.

The toy maker Mattel said Friday aa a quarterly revenue above expectations, up 9% between June and September at two billion dollars against 1.97 billion expected by analysts.

Apple. The Apple brand will launch this weekend, the iPhone 4S, one of the latest products developed under Steve Jobs era. Analysts said the new smartphone would be sold over 4 million copies in its first weekend of marketing.

Unilever. The Anglo-Dutch food and cosmetics in Russia is growing by acquiring 82% stake in the Russian Kalina, for 390 million euros.

The European Commission highlights the paradox between a cleaner gasoline and cheaper duty-sold more expensive at the pump, and diesel more expensive duty free, massive source of emissions of fine particles hazardous to health, and less expensive for motorists. She said outside the UK, the tax treatment of petrol and diesel in Europe is "flawed" and needs the overhaul.

Concern

For manufacturers, the news comes at the worst time.These are already working on the application in 2014 of Euro 6, which calls for reducing carbon emissions and fine particles. This standard requires them to implement expensive technology on diesel vehicles that will increase the price of these cars from 1500 to 2000 euros. What scare away customers. If in addition the price of a liter of diesel fuel were to increase significantly, the diesel car market could collapse.

The Committee of French Automobile Manufacturers believes that the introduction of this directive in France could lose 20 points of market share on the sale of diesel cars. In the columns of Paris, its president, Patrick Blain, worried: "The decline in production in French factories (on the cutting edge in the field of diesel, ie) would inevitably have social consequences," he warns.

Professionals and individuals may also choose to get rid of their cars too expensive, which could lead to plummeting prices of diesel cars. "It may be possible to adopt transitional measures that will leave everyone time to adjust," said he.

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"In recent years, Kraft's strategy has been to support the products, the brand LU was only there as security, acknowledges Chrystel Barranger, Vice President, Marketing Kraft Biscuits Europe. We must allow all to grow our portfolio, including brands such as Chamonix or Tea forgotten. "The food giant hopes to fight against any erosion of sales. "We had to give back to LU acclaim without losing the consumer," says Delphine Cadoche, executive director of Red Dragon packaging, the design agency behind the new visual identity of LU.

As a result, the perception of the range changes by customers. "It's very efficient in terms of recognition rays", admires a competitor creditreport.This strategic rethinking of the visual identity of LU, prepared for a year and a half, was initiated in Chicago, headquarters of Kraft and then driven to Paris.

It was vital for LU. While the brand is purchased at least once a week by 60% of French households, with a market share of 25% behind the labels. But LU, which has the widest range, did not realize enough synergies.It must stand out more from its competitors in the minds of buyers and the radius biscuits, one of the largest hypermarkets: 424 references on average, over 15 linear feet …

"The goal of Kraft is to strengthen and exploit its market leadership based on a strong umbrella brand, says Jean-Daniel Pick, a partner in the firm OC & C. It is a strong trend in the food just like what was done with his own brand Nestlé. "If the group is gaining ground on the MDD for a year and a half, he must above all its blockbusters. In mind, the timeless Prince, the best-selling biscuit in France.

Kraft also plans to promote its LU biscuits, which account for more than half their sales in France, outside its borders. But some best-sellers should be marketed outside the Hexagon logo without LU.Pepito and ready to go out in Europe under the emblem of Milka, another brand of Kraft.

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In an attempt to stop the stock market crash, the finance ministers and central bankers of the twenty leading economies gathered in Washington last Thursday pledged to provide "a strong and coordinated international response" to the crisis at a meeting in Washington.In a joint statement, they agreed to ensure that "banks have adequate capital" and promised to provide "the necessary liquidity" to financial institutions. But for specialists Aurel BGC, "the real decisions are referred to the Summit of Heads of State and Government to be held in Cannes, 3 and 4 November."

The Perfect Storm, the large emerging group of "Bric" were "determined to accelerate structural reforms to sustain strong growth." Brazil, Russia, India and China but also South Africa so consider "if necessary, to provide support through the IMF or other international financial institutions, to address the current challenges facing the global financial stability, according to the circumstances of each country. "The inventor of the BRIC, Jim O'Neill, chairman of Goldman Sachs Asset Management, said however that emerging markets are likely to require at least, in exchange for their support, greater clarity on how the Europe has to solve its crisis.

Gloomy outlook for world trade

In response to a request by the G20 in September addressed to Nicolas Sarkozy, the countries of the euro area have also promised to implement "necessary measures to increase the flexibility of the European Financial Stability Fund (EFSF)" to avoid contagion from the crisis in Greece. Yesterday, the possibility of a defect in Athens, though long ruled by EU leaders, was raised by Klaas Knot, Member of the Board of Governors of the European Central Bank (ECB)."This is one of the scenarios," he told the Dutch newspaper Het Financieele Dagblad.

The specter of a global recession has suddenly resurfaced after the ads pessimistic U.S. Federal Reserve (Fed), which held that the U.S. economic recovery was "slow" and threatened by "high risk". Wednesday she has decided to sell by the end of June 2012 for $ 400 billion of treasury bills and to purchase for the same amount with a longer maturity.But the fact that it favors measures to monetary easing, a depressed market on Thursday, who sees as a sign of impotence.

New signs of abating, the World Trade Organization (WTO) revised downwards its forecast for this Friday trade growth for 2011, expecting growth of world trade by 5.8% against 6.5% forecast so far, according to its website.

On the foreign exchange market, the euro climbed slightly against the U.S. dollar: it rose on Friday by 0.57% to 1.3533 dollar. Oil prices also went up.A barrel of "light sweet crude" for delivery in November, which had tumbled more than $ 5 the day before returning 1% by mid-morning at 81.31 dollars.

The side of values, after the close of the NYSE YorkHewlett-Packard announced the replacement of Leo Apotheker as CEO from Meg Whitman, confirming the many rumors that had circulated in recent days.

At Advanced Micro Devices (AMD) is Rick Bergman Devices, responsible for products, who announced his resignation. The CEO will temporarily Rory Read office.

Covidien raised its quarterly dividend 12.5% ​​to 0.225 dollar per share.And, for its part McDonald's has increased its 15% to $ 0.7 per share.

In order to treat its shareholders well, Raytheon has authorized a stock repurchase plan of $ 2 billion.

The American manufacturer of sporting Nike has exceeded market expectations by posting yesterday after the close of U.S. markets net income for the first quarter of fiscal year up 15% to $ 645 million, driven by its Sales in North America and in emerging countries. Revenues rose 11% to $ 6.1 billion.Orders scheduled for delivery between September 2011 and January 2012 were up 16% to $ 8.5 billion.

On the occasion of a major overhaul of its website, Facebooks'est services associated with music, news and video, including Spotify, Deezer and Dailymotion, and challenge from Apple in the content.

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This date corresponds to the extinction of the major broadcast rights as the game Saturday night in the Championship of France of football, as well as the rights to broadcast Diamond League (athletics) and the African Cup of Nations. It will, however, the rights of the ATT 1000 tennis which runs until 2013 for 4 to 5 million euros per year.A difficult case to the extent that these rights are not transferable by Orange to another operator, unless you agree with the rights holders. Because contrary to what was hoped the staff group, the chain has not been sold.

The band's arrival in Qatar in French football this summer has raised hopes the acquisition of Orange Sport the cost grid is around 160 million euros. A base that would have allowed the al-Jazeera Sport channel to launch in France in January no fax payday loan. But Qatar has not responded. Similarly, negotiations with the American ESPN have fizzled. However, Orange Sport, whose loss is estimated at 150 million euros, should not weigh on the financial statements 2011 of France Telecom.The group had provisioned at December 2010 the cost of the shutdown of its two channels, up from 450 to 500 million, including $ 300 million for the sports channel.

Of critical success

At the same time, Orange will lead a reflection on the future of Studio 37, subsidiary co-production film. Now deprived of the support of his movie channel and making low profile in the activity of the studio, its existence is justified less than in the past. Especially since, despite critical success as Welcome and Gainsbourg, or the heroic life of Fine guys, Studio 37 has had some setbacks as the Night kings of children, animated film on which it has invested 10 million euros – half of the production budget – to a resounding failure.

Orange is still given two years to find a growth in the studio and complementary activities before taking a more radical decision.

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Since its release this summer, like the boss is indeed tarnished. In the national and international press, Arnaud Lagardère towel criticism on their sense of priorities and its presence in the group."Make me be the trial of a person who is too invested in his company who do not spend enough time, as this is the video: ridiculous! I have absolutely no lessons from anyone, "says he.

More generally, Arnaud Lagardère believes that criticism of his private life have no place: "Maybe I'm an atypical pattern, so what? Being happy in his private life is certainly a source of balance for an entrepreneur. This does not have to be dedicated and devoted to this group I love more than anything. "

Not for sale

Arnaud Lagardère advantage of this interview to refocus the debate on the strategy of his group. He says that contrary to rumors in the markets, it has no intention to separate from other assets after the sale of its international Hearst magazines."There is absolutely no discussion of ongoing sale," he slice.

Since the disappointing interim results of the group, the sounds of the show hall for sale by Lagardère of one of its four branches in order to reduce debt or invest. For each, Arnaud Lagardere denies. Including sport for the pole, which helped to seal the group's results: "While the results are not yet up to our ambitions. But I remain convinced that it will remain a growth engine for years to come. "

"I think the interests of our shareholders"

Arnaud Lagardère, however, suggests the possibility of "acquisitions of magazines in France," without further detail. The boss of media group also speaks to reinvest the cash generated from the sale of its magazines in its four branches. Efforts will be made investments on the Internet, weakness of Lagardère."In our group there was a historical culture of the paper so ingrained that it was difficult to immediately turn the digital," admits the owner of the group.

Arnaud Lagardère also a thought for shareholders who suffer the fall of the title. The action Lagardère a loss of 17.40% over a week, and nearly 38% since the beginning of the year. "The group is considering a share buyback or an extraordinary dividend. We must reward the loyalty of shareholders who support us, "said he.

Finally, in the case EADS, Arnaud Lagardere reaffirms its wish to become chairman of the board of specialist aviation despite his intention to free up capital after the exit of the A350."It was one of the express terms set by the Lagardère Group to give the first presidency in our German partners in 2007," he recalls.

"In ten years we will own 100% of our assets and will not be clear neither in aeronautics or in the distribution of foreign press," promises Arnaud Lagardère. At the Paris Stock Exchange, remarks reassure action Lagardère climbed 1.22% to 19.53 euros in a market up 0.56% to 10.40.

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