Reduce your deficit or it will cost you! The warning has been launched by the most influential rating agencies, Standard & Poor's, the world's largest economy, the United States. The head of state in the notation "S & P, John Chambers, Thursday launched a thinly veiled threat to the U.S. Congress for rejecting measures to reduce the deficit, then the notes of the United States, the prestigious" Triple A "could be questioned.

The words of John Chambers, who presides over the rating of 118 countries, have weight. When Standard & Poor's lowers a note means that the state has more chance of bad repay its debts. The investor who buys debt of this state in the form of bonds, then will demand higher interest rates corresponding to the greatest risk. Ultimately, this greatly increases the cost of debt management for the country.

Rigor required

While the return approach, the warnings from rating agencies are increasing. The moment is critical: it is between September and December that states buckle their budgets for the coming year. France, recently lectured by the rating agency Moody's, in a report on the countries rated, has already introduced measures of rigor.

In the "Triple A", London is also in the crosshairs of Standard & Poor's. The notes of the United Kingdom is already "on negative watch" last step before a possible degradation. Despite an initial austerity plan in place before the summer, the government of James Cameron should show "a little more determination to fight against the deficit" in the next budget review in October, said John Chambers faxless payday advance .

How the states will fail

The austerity measures already submitted or planned do not really reassure the markets. In a note titled "Do not ask if the states will fail, but rather how," the U.S. bank Morgan Stanley, is sounding the alarm. Developed countries already burdened by debt levels as they can not take all their commitments, warns the author of the note, Arnaud Mares.

Pensioners, benefit recipients or taxpayers will be affected by the plans of rigor. "It would be dangerously optimistic to believe that in this context, investors will remain forever protected against loss of income that will affect everyone," said Arnaud Mares.

According to this former analyst at Moody's, the states will not officially bankrupt. They rather use "the financial oppression."Specifically, holders of government bonds will be subject to interest rates artificially low or downright negative, ie less than inflation.

Scoring Criteria

To determine a rating, a rating agency monitors both the debt level and growth of the country. If the debt is high and growth is weak, the state will have more difficulty in meeting its commitments vis-à-vis investors. On the one hand because the burden of repayments will weigh too large a share in its budget. On the other hand, because it may raise less taxes in times of prosperity, income taxes depending on the health of businesses and households.

Everything is improving at L'Oreal. The activity is accelerating in its four divisions – professional products, consumer, luxury, and active cosmetics – and in all regions of the world. Operating income rose twice as fast as the turnover and can find a record level of margin, and net profit falls sharply increase.

In detail, while turnover rose 6.3% to 9.67 billion euros in the first half of 2010 – a 13% growth in the Asia-Pacific – the Operating profit climbed 21.4% over the first six months of 2009, to 1.67 billion euros. The operating margin amounted to 17.3% as well. This is well beyond what the consensus expected, with a margin of 15.4% referred. And allowing it to regain its peak level reached in the first half of 2008.In the public sector, the margin rises to 20.4% while in the luxury, it is 28%.

In this context, the net profit of L'Oreal rises 21.2% to 1.316 billion euros. Per share, net income amounted to 2.39 euros, an increase of 15.3%.

Note also that the net debt stood at 1.67 billion euros at June 30, 2010, and is thus reduced from 300 million euros compared to late 2009.The debt ratio amounted to 11.7% of equity.

DG confident

Commenting on these figures, Jean-Paul Agon, CEO of L'Oreal, welcomes the group's strategic choice: "focus on innovations with high value added and affordable price, expansion into new product categories, accelerating the international expansion and investment in proactive ways advertising and promotion and research. "

"These findings fall within the virtuous spiral of growth of the group and confirm the vitality of the business model L'Oreal," he added.

A stock market as attractive

The L'Oréal closed Wednesday at 75.77 euros on the Paris Stock Exchange, posting a decline of 2.9% since the beginning of the year, while the index diversified European consumer goods ahead of 10 5% over the period.At this price level, the Group's market capitalization stood at 45.2 billion euros.

The value of trades on valuation multiples of about 17.5 times its earnings estimates by analysts for 2011, well below the average for the last five years (24.5 times) but considerably higher than the 14.7 overall average in the sector. The chifrfes indicating that L'Oreal shares are not expensive in terms of its performance. Natixis Securities aims, for example 97 euros for a potential increase in value by 28%.

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In less than six months, from January to June, the euro has fallen from 1.45 to 1.19 dollar (the lowest point since March 2006!). Then, the next two months, the euro is rising sharply to over $ 1.33. But the second part of the summer marked the end of the recovery of the euro, while technical thresholds have been affected payday loans. Thus, the euro has faltered again. On Monday evening, about 18 hours, it is dollar 1.2660 (-0.45%).

Evolution of the euro / dollar over the last year.

Wage discrimination between men and women has been the subject of numerous reports. That between heterosexuals and homosexuals had never been studied. Until today. Two economists from the University of Evry have considered this matter and found a gap of 6.5% on average in the private sector and 5.5% year on public Liberation reported Saturday. A result based on a sample of 904 cases.

This difference was found "all things being equal", the newspaper said, that is to say, qualifications and duties equal, in businesses of similar size, etc.. "After dismissing all the biases that could distort the results, we arrive at a pay gap is said unexplained", explains Thierry Laurent, co-authored the study with Ferhat Mihoubi. Only males are affected by this discrimination. The lesbians do not suffer any apparent loss of wages "unexplained".

This discrimination does not affect all gays with the same force. The less educated and the young could be less discriminated against, while the widening gap with the qualifications and experience. As a percentage of the "visibility" of an employee within the company, analyze the two economists. The young staff are more secure, with little "visible" for competitive examination.

"Marriage premium"

The results of the study are close to the observed differences in wages abroad, but it must include "marriage premium" observed in France. A married man will win because on average 4% more than a single. Homosexuals can not have access to marriage, they are doubly penalized.In the U.S., according to a study published in October 2007 and based on the study of 91,000 cases, a gay employee earns an average 23% less than heterosexual married counterparts.

In France, these wage differentials are explained, the two authors argue, by homophobia. "A CSA poll conducted in March 2009, said Liberation, revealed that 28% of private sector employees do not feel" very comfortable "with the fact that their colleague is gay.

The chief executive of Publicis can be satisfied. The third group global advertising has emerged in the second quarter of fiscal 2010 to grow its turnover by 7.1% (in organic). A much stronger dynamism during the first three months of the year (revenues had increased by 3.1%).

Such performance allows Maurice Levy to display his full confidence for the full year 2010: "I am confident that Publicis will outperform the market in terms of growth and the level of last year margin will be floor, "he said, thus raising its objectives. In other words, the turnover of Publicis will rise by more than 3.5% organic growth over the twelve month period according to the latest forecast of ZenithOptimedia, the global ad investment is expected to grow by 3.5% ( target revised upwards twice). And his margin will be above 15%.

In the first half already, organic growth amounted to 5.3% to 2.538 billion euros, its operating margin to 14.5% and net income jumped résutlat 27.5% over the same period 2009, to 213 million euros.

The digital and emerging line of sight

"This growth is the result of a strategy that produces effects positifis and regular," says the boss, first "because it grows with our customers, we grow with them and other customers are attracted by the followed by Publicis, and also because the group has put its weapons into the digital world. "Digital is our priority and this activity, one that grows the most, permeate the entire group," he decrypts, including content that become paying on the Internet and the development of tablets in general.

And also because the band has pushed themselves pawns in emerging countries, where "the dynamism should continue also in 2011 and 2012". The first half of 2010 in any case, the turnover generated Publicis Asia Pacific grew 6% to 286 million euros and 10.8% in Latin America.

In the U.S., it reached 1.258 billion euros (+6.6%) thanks to a favorable currency effect, and the importance of the contribution of health activities and digital activities, which represent 42.5% of income from this region.

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The U.S. stock markets opened around the balance on Friday. LLE Standard & Poor's 500 and Nasdaq 100 fell back in effect respectively from 0.07% to 1069 points and 0.11% to 2173 points. The Dow Jones, it is at equilibrium aprfait 10,139 points.

A few days before the opening of the ball half-year results, investors play the card of caution. Within the Dow, the ball will begin, starting Monday with numbers from Alcoa.

On Thursday, the NYSE has lined up a third session. The Dow Jones gained 1.20% 10,138.99 points and the Nasdaq 0.74% to 2175.40 points.

In particular, investors welcomed the drop in unemployment last week. Registrations fell to their lowest level since early May, according to the U.S. Department of Labor. A relief after the disappointment on the monthly figures of employment.Other good news, the International Monetary Fund has excluded the possibility of a new global recession, despite the turbulence on the financial sector by a less stable. He even raised its growth forecast for 2010 to 4.6% against 4.2% estimated in April.

On the foreign exchange market, the euro was weakening against the dollar after a flight the day before. The euro hit a high for two months and passed a symbolic milestone strong, exceeding the $ 1.27 100% free credit score. The European currency, benefiting from renewed optimism over the health of banks on the old continent.

Today, U.S. investors expect stocks to wholesalers for the month of May

On the side of values, the title of Britain's BP, quoted in London and on Wall Street is particularly rowdy: -1.66% to 33.2 follar.The U.S. government Thursday gave the company 24 hours to discuss her new device designed to contain the oil spill in the Gulf of Mexico.

Always on the side of values, the U.S. producer of industrial gases Air Products announced Thursday it increased its bid for rival Airgas, whose level was deemed insufficient by its target. The group is now offering 63.50 dollars per share in cash, instead of $ 60 proposed in February, a total of some 5.3 billion dollars.

Note also the media giant Disney (0.57% to 33.5 U.S. dollars) have reached an agreement in principle to sell the film studio Miramax in a consortium including the fund Colony Capital, said Thursday night the Los Angeles Times, referring to a transaction of approximately $ 650 million.

Boeing (+0.17% to 64.84 dollars) has submitted its bid for ravitalleurs.EADS has filed its case yesterday.

Blow to Vivendi. According to the newspaper Valor Economico, the French group headed by Jean-Bernard Levy had committed irregularities in the acquisition of the Brazilian telecom operator GVT. According to information from the newspaper, without citing its sources, Vivendi did not inform the "appropriate investors." The supervisory authority of the Brazilian markets, CVM believes that the French government carried out an operation "bad faith" after starting last November a tender offer for 100% stake in GVT.

Vivendi is in fact suspected of violating securities regulations in skewing his information to markets, and other pretenders to the redemption of this Brazilian Telecom Operator.He allegedly claimed to hold a controlling stake in the capital of GVT as he had in fact acquired option contracts on the title of Brazilian online payday advance. Vivendi would have claimed a victory before actually winning the race.

The group first acquired 53% of GVT for 2.2 billion dollars, then gradually took total control of the Brazilian operator to four billion dollars. The transaction closed in late April after a fierce battle with Spain's Telefonica.

The Market Authority has not confirmed this information. A spokesman said that the CVM agency had issued no press since its announcement in March that it was opening an investigation into Vivendi for possible irregularities.

If fraud is proved, Vivendi would afflict a large fine by the Brazilian stock Constable.According to the daily Valor, it would be at least 1.3 billion euros.

With thirty media over 90 accredited foreign press wanted to book seats for the trial of Jerome Kerviel, the former Societe Generale trader accused of fraud by 4.9 billion euros starting on June 8. In total, the press service has accredited around 180 people, journalists and technical staff alike. This peak is explained by the spectacle that should be reserved where the trial will occur two of the most influential lawyers moments: Olivier Metzner and Jean Veil.

The first defending Jerome Kerviel. The tenor of 60 years is known for his extensive knowledge of procedures. The portrayals of him by his colleagues suggest a punctilious lawyer, knowing by heart the workings of criminal law and able to read three times on his client's case to find the tiniest flaw.It is these obsessions that allow it to release in 1983 of gang members, including some Public Enemy, thanks to the discovery of a possible problem of not respected by the judge. The technical file Kerviel suits him: the lawyer had already sifted through piles of documents sent by Societe Generale and promises to update all the contradictions legal exonerate his client.

His international reputation, and ability to move from organized crime to politics, also explains the crowds at trial. Olivier Metzner was all big business in recent years: he has defended and obtained the release of Dominique de Villepin in the Clearstream case. He advises Continental in the Concorde trial.It also comes alongside the former dictator Manuel Noriega of Panama, the College of Physicians in its dispute with Dr. Stephane Delajoux, or alongside Françoise Bettencourt, daughter of the owner of L'Oreal.

"Lawyers for Kerviel serve us"

For Jean Veil, 62, Olivier Metzner mania of always wanting to delve deeper into the details of files, will play against him. Those who agreed to defend Societe Generale believes in an interview to Businessweek, "lawyers for Kerviel make us a great service. They ask questions that investigators did not pursue answers and contradict the thesis of Kerviel.

Olivier Metzner will be challenged as Jean Veil is also run in the pursuit of major trials. In his counter, the defense Dominique Strauss-Kahn in affair Mnef and the Credit Lyonnais deal with Bernard Tapie.Jean Veil is known for attracting a clientele but also many VIPs of CAC 40 companies, including Total and BNP Paribas. Jacques Chirac also benefits from advice through political and financial affairs.

This work is crazy lead two battles: the current defense of Guillaume Hannezo, former CFO of Vivendi-Universal, and co-accused Jean-Marie Messier and that of Societe Generale. He promised to defend the bank's reputation, harmed, he said, by the former trader.

The confrontation between the two men promised great moments. The planning of the trial announces first hearing Tuesday from 13.30. The battle that will engage the two tenors of the Paris bar 25 to last until Friday morning.No seat should remain free for long.

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Beware the "domino effect". This is the message that Louis Welsh, head of EADS, the European governments address in an interview with German newspaper Handelsblatt on Monday. "We tell our clients in government: we understand that you need to save money. But do not destroy the fundamentals of our industry. "For Louis Welsh, it is imperative to" protect the research and development "in Europe.

Keeping a stable euro

The boss of EADS look very closely monitoring the crisis of the euro. While the costs of aerospace group are charged in Euros and aircraft orders paid in dollars, the decline of the euro is good news in the medium term. However, Louis Welsh stressed the importance of stability of the euro.If he refuses to make any predictions on the future of the euro, the president of EADS warned European governments against excessive rigor.

The more so that the defense is particularly affected by fiscal efforts put in place either side of the Rhine. In Germany, the Defence Minister Karl-Theodor zu Guttenberg said that large spending cuts would be made. In France, the government should cut sharply in the 2011-2013 budget of the defense. According to Les Echos, fiscal discipline could cost between two and five billion euros to the defense the next three years.

"National priorities different"

Another concern expressed by Louis Welsh, the risk of every European country favor of "different national priorities," which would jeopardize the common defense different programs, such as the A400M military transport aircraft."That adds up to be a domino effect for the sector," warned the skipper of EADS. As negotiations dragged on, the group hopes to finalize the contract on the A400M customers with the seven countries (Germany, France, Spain, Great Britain, Belgium, Luxembourg and Turkey) "by the end of July," adds Does it pay day loan cash advances. The first copy of the A400M will be delivered to France in early 2013.

In this interview, Louis Welsh hopes to resume delivery of EADS Tiger combat helicopters to Germany this year. Berlin had suspended its order for 80 helicopters built by Eurocopter subsidiary of European giant last week due to technical problems. An order valued at 3 billion euros. "We deliver two new machines to the German pilot test in July.If the tests have a positive outcome, we can deliver five Tiger this year. "

Tensions around the tanker contract

Regarding the close battle opposing EADS Boeing to provide tanker aircraft to the U.S. Army, Louis Welsh rising tone. "We receive daily obscure and unfounded accusations of Boeing in the U.S.," says he. The American manufacturer EADS last Tuesday accused of attempting to develop trade relations with Iran and other countries hostile to the United States. Boeing advocates also believe that development aid granted to EADS and Airbus by European governments are illegal. "The growing nervousness Boeing shows that we have a chance to win," Louis Welsh analysis.

On the home front, EADS is not in lack of challenges.Decidedly optimistic, Louis Welsh ensures that the timetable for the A350, the future long-haul Airbus, will be honored with a commercial launch planned for 2013. Furthermore, the production of A380 superjumbo is now "under control". The program will return a profit within five years, says Louis Welsh. But everything will depend on developments in the euro-dollar.

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Pointed to unanimously, the British oil giant BP, the oil rig Deepwater Horizon has exploded a week ago off the Gulf of Mexico must manage a crisis of unprecedented magnitude in the unfortunate history of oil spills .

While the huge oil slick button that Friday the odds of a Louisiana still traumatized by Hurricanes Katrina and Rita, Barack Obama has sent two of his ministers on the spot "to ensure that BP and the government are doing everything they can, not just respond to this incident, but also to determine the causes. " The president has promised am?riain mobilize all the resources "of the country, including the military.

Enormous resources implemented

The flow of oil leaking from offshore wells was revealed on Thursday five times higher than previously thought, or 5,000 barrels per day, according to the National Oceanic and Atmospheric Agency (NOAA).And the damaged area has been classified as difficult to access for effective cleaning.

For the moment, "the consequences of the accident remain unclear and can not yet be quantified, but BP is ultimately responsible for funding the cleanup operations, analysts said. But the anti-spill operation implemented by the American state and the group is described by BP itself as "the largest in history."

The company has already implemented substantial resources (two drilling platforms, 32 boats, five helicopters, 1,000 persons, etc.). The U.S. Navy has provided seven booms and pumping systems for coastguards. Air assets are also mobilized.

After several failed missions carried out using robotic devices to help fill the leak, BP and the Coast Guard decided Wednesday to carry out "controlled burning" to limit the growth of the water cash advance loans. BP is now focusing on the establishment of a lid on the underwater drilling but the installation should take a month.

Stall Award

Sign that the situation is critical for the group: Stock investors have not waited to dispose of their shares.Since April 20, when the explosion of the platform, the BP shares have lost 12% to the London Stock Exchange, falling from 655.4 to 577.5 pounds.

Also listed on Wall Street, stocks dropped 13% BP and rate 52.6 dollars at the close of U.S. markets on Thursday.

After Exxon Valdez and Erika

In the history of oil spills can be compared with that of Louisiana, the disaster of the Exxon Valdez in 1989 in Prince Williams Sound in Alaska and the sinking of the Erika in 1999, whose responsibilities incumbent on Exxon Mobil and the French Total.

Exxon Mobil eventually pay only 500 million euros to force delays in judicial proceedings.The tanker had been sentenced in 1994 to $ 5 billion in damages to the 30,000 inhabitants of the region, the equivalent of one year's profits for the oil group.

At Total, the fine of 375,000 euros has been confirmed by the Court of Appeal in Paris last March. On the front of compensation payable to the 80 plaintiffs, Total paid 170 million euros.

British Petroleum is already the subject of a complaint by the shrimpers of Louisiana for "negligence" and "pollution". They require 5 million in damages.

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