The invoice is salted for five hypermarkets Carrefour and Leclerc. The latter were sentenced Friday by the criminal court of Rouen to pay 140,000 euros in fines for "deceptive marketing practices."

The court points to operations such as "buy four, one free" or "20% free" set up on certain products. After controls, the investigators of the Departmental Direction of protecting the population of Seine-Maritime realized that these operations were unfavorable to consumers. The latter indeed paid these products more expensive than had they purchased individually. Similarly, the comparison price in the store were found. Result: Three of the Carrefour stores will have to pay 100,000 euros while two stores Leclerc pay 30,000 and 10,000 euros respectively cheapest personal loan rates.  

The stores are doing better than what the prosecutor of the Republic, Maela Guéguen, had addressed, namely a total of 190,000 euros in fines. The lawyers had demanded the release distributors to their customers because they believe these development operations were performed by providers who decided the proportion of free and conditioned themselves the product. For its part, the association UFC-Que Choisir, who received 2000 euros in damages, a judgment that recognizes hello "fraud and false advertising," according to his lawyer Catherine Kersual.

(With Agents)

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Two figures sum up the vise where is Spain: 27.3 billion euros to make cuts in the 2012 budget, equivalent to about the burden of Spanish debt this year, namely 28.8 billion. The "most austere budget of democracy", according to Minister of Finance, is primarily designed to reward creditors, to recover "trust" markets. Since the presentation of the general budget last Friday, the heavyweights of government do not hide their discomfort. "The situation is limited," says the finance minister, Cristobal Montoro, while the public debt of Spain will increase from 68.5% of GDP in 2011 to 79.8% in 2012, its highest level for twenty -two years.

A lose-lose situation

The leader of the Conservative government, Mariano Rajoy, has been a little further on Monday during a speech to executives of his party. "If you do not pay back, nobody's ready again. It is not an academic exercise. Everyone knows what happened to some members of the European Union. For that one you must finance that we have confidence in you, in your ability to repay. This is what concerns us. "The allusion to Greece, Ireland and Portugal, within the scope of a plan to help Europe and the IMF, is barely concealed.

The Minister of Economy Luis de Guindos, drove the nail in an article published Tuesday by The Wall Street Journal. "From a fiscal perspective, the government faces a lose-lose situation. If you do not reduce the budget enough, the markets penalize you. But if you go too far, markets can also penalize you, "he said.

Reform of labor law applied

The dangers of austerity needed to restore the credibility of the accounts, but perilous for growth, are denounced by long-time economists. No minister, however, had also clearly expressed his dismay at this square the circle.

The government is now ready to laying bare the gravity of the situation. It is to accept unprecedented budget cuts, while unemployment continues to rise: 39,000 people lost their jobs in March, the first month of implementation of the reform of labor law, revealed Tuesday that the services of employment. A perilous exercise, the same day that unemployment figures are published, the executive announced that the funding policy for employment is reduced by 21.3%.

From the details of the budget presented Tuesday, the departments will have their expenses down 16.9% on average. A figure that masks important disparities. Foreign Affairs and Cooperation, for example, will accept reduced funding by 43.6%. At the other end of the chain, the Interior Ministry's efforts will be limited to 4.3%. Montoro said Tuesday its three priorities: "the deficit, the deficit and the deficit." Growth, she will wait.

Portugal: no second rescue, said Brussels

The reforms adopted by Portugal to consolidate its public finances are on track and the country should be able to borrow again in the markets in 2013, as planned, said Tuesday the Commission européenne.Le Portugal benefited from a bailout of 78 billion euros over three years allowed by the EU and the International Monetary Fund after seeing its rate bonds climb to an unsustainable level of debt for the country, whose growth is affected by a low competitiveness. This aid package was not fully reassured investors, some fearing that Lisbon does not follow the way of Greece requesting a new bailout that could mean losses for creditors of the private sector.

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EU leaders breathed a sigh of relief Friday after the success of the voluntary exchange of Greek debt, 85.8% subscribed by private creditors. Within the euro area, this is Nicolas Sarkozy, who hosted the agreement with more enthusiasm. "I am pleased that we have found a solution to the Greek crisis plaguing the financial economic situation of Europe and the world for months," welcomed the French president, traveling to Nice election. "With Angela Merkel we worked day and night to find a solution," he recalled. "Today, the problem is solved, and the page of the financial crisis is beginning to turn" it was welcomed.

In Berlin, the reaction was more cautious. According to the spokesman of the government of Chancellor Angela Merkel is "encouraged" by the agreement. "It would be a big mistake to give the impression that the crisis is resolved," warned the German Minister Wolfgang Schauble Finances.Pour "an important step was taken, but we are not out of the woods."

The agreement sealed between Athens and its private creditors will erase 107 billion euros of debt, a total of 350 billion. This is a historic debt reduction. It must allow the Greek debt, which now reaches 160% of GDP, reaching 120.5% in 2020, a ratio similar to that of Italy.

"This agreement allows more to protect Europe from Greece to help that Greece itself" summarizes Jacob Kirkegaard, a researcher at Washington. Photo credits: Kostas Tsironis / Bloomberg

 

The recession strikes again the countries of the euro for the second time in three years. The currency area will see its GDP to contract by 0.3% in 2012, according to European Commission forecasts that appear to save the two largest economies: France and Germany.

The downward revision – Brussels was expecting again in the fall of an increase in activity of 0.5% – extends to the entire European Union. France escapes the turnaround with a forecast growth of 0.4%, roughly in line with latest government forecasts Fillon (+0.5%).

Failing to be a locomotive, Germany allows the EU to avoid the worst. With an expected growth of 0.6%, Europe's largest economy has its direct neighbors of the stalemate, the image of France, Austria (+0.7%), Denmark (+1.1 %) or in Poland (+2.5%). There are two important exceptions to the ripple effect: the Netherlands who plunge by 0.9% and Belgium 0.1%.

Southern countries of the euro are paying the heaviest price by debt and austerity. Italy's GDP would shrink by 1.3%, 1% of Spain, Portugal and Greece would suffer even more. Olli Rehn, Commissioner for Economic Affairs, evokes a recession yet more "moderate" in 2009 and bears his gaze to signs of stabilization or thinning at the end of the year fast cash online.

Strategy in question

Remains a growing number of economists and politicians worry about the costs of social and economic efficiency of the recovery strategy for the past two fiscal years. Growth, it is precisely at issue EU summit on Thursday and Friday. David Cameron – but Nicolas Sarkozy or Angela Merkel -, Spain and Italy already calling for a rebalancing of priorities: less for austerity and more to the activity. The Netherlands and Poland are on the same line.

Brussels is sticking for now, the official line. "Countries that markets to monitor more closely should strive to reach their budget target" of return to equilibrium, Commissioner Rehn insisted Thursday. Spain, which has discovered a heavier deficit by changing the majority, however, could be an exception. Brussels could fall, "when there will be more clear," the deficit limit imposed in Madrid (4.4% of GDP in 2012).

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Between optimism and caution, the Paris Bourse is expected to open slightly lower on Monday morning. The futures on the CAC 40 is due in November returned to 8:30: down by 0.34%, they portend an early trading mixed.

The debt crisis in the euro zone continues to focus the attention of international markets, including Italy, whose financial situation was at the heart of the G20 discussions. Last night, the two main political parties in Greece have announced an agreement to form a national unity government which will not attend the current Prime Minister George Papandreou. An agreement aimed at ending the political crisis that shook the country on a background of project, aborted referendum on the European Support concluded October 27.The hotel is also in advanced negotiations for the buy out its Indian partner Geojit Financial Services in a joint venture institutional brokerage, according to two sources familiar with the matter cited by Reuters.

According to La Tribune, Crédit Agricole is expected to announce during November job cuts, mainly in its branch banking and investment (CA CIB).

France Telecom: according to banking sources, the proposed sale of Orange Switzerland, a subsidiary of telecom, receives funding of around one billion euros arranged by the seller. The sale could be completed before the end of the year.

2010 marks a departure for French exports of military equipment. With a total of 5.12 billion euros, they are falling over 8.1 billion garnered in 2009 (6.5 billion in 2008). The objective of Paris was to beat all its records by signing for "at least 10 billion of export contracts" is more or less the equivalent of what the French army spending for its own every year.

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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With 13.1% of its agricultural land for organic products, four times the national average, the Drôme is the first organic department of France. Another indicator that does not deceive, it is also the department in which college students in school canteens are offered the highest proportion (25%) of organic products on their menus. Well before the extent of Agriculture Minister Bruno Le Maire to force feeding to be at least 20% of products from organic farming in the composition of meals.

This is why the Chambers of Agriculture in connection with the General Council and 40 partners are organizing the third edition of the European Tech and Bio "Carrefour European Organic Farming Techniques and Alternatives," in Valencia. An event that has been going mercerdi until today.

Three factors explain this renewed interest. First of all the agricultural history of this department."After 1968, we witnessed a return to the land of urban agriculture were concerned about the issue in a different way, already with environmental concerns and quality higher than those of high productivity," said Guillaume Didier General Council Chair of the Drôme and also a senator. "These were the pioneers who wanted to produce differently," says his part Jean-Louis Cazaubon, Vice President of Chambers of Agriculture in charge of monitoring of organic farming.

In this spirit they have restored the sheep to make deposits and were able to live off their herds of sheep or goats. Others were interested in the plant sector. Moreover, "the plants to aromatic and medicinal organic production are the first of the department," says Didier Guillaume.In front of fruit and vegetables, eggs and even sheep and goats.

Second reason for the success of bio, geography places marked by a pronounced relief and small plots that did not encourage intensive farming. "The diversity of landscapes and production is also a very positive factor for the development of organic farms with a lot of mixed farming, the system is well suited to organic farming," says Jean-Louis Cazaubon.

Finally the political will is also an important key to the success of organic in the Drome."The involvement and support of local authorities as well as the stakeholders in agricultural development can better acceptance by farmers who produce organic in line with the expectations of consumers," said Jean-Louis Cazaubon.

For its part, the General Council provides specific support to farmers who have decided to convert to green agriculture. "It reflects a local agricultural system with the idea of ​​matching supply and demand, using software on the Internet," says Didier Guillaume.

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"Ridiculous." So that Arnaud Lagardère, General Partner of the group of the same name, described the video circulating on the Internet featuring a photo shoot for his new bride languorous. Like the latter, who described a few weeks ago of "kitsch," Arnaud Lagardere said he was trapped: "If I thought it was made for broadcast as well, I never would have accepted" he says in an interview with Les Echos on Tuesday.

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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The leaders of the euro area have increased their telephone calls all day Friday, but failed to contain the fire in financial markets. The European stock markets recorded a tenth straight session of declines, despite employment statistics better than expected in the United States.

The pressure was at its height on Friday night Silvio Berlusconi, Italian Prime Minister. According to Reuters, the European Central Bank had asked him to commit to implement fiscal reforms quickly, a prerequisite for debt it bought the Italian Treasury. This would include an amendment to the Constitution so Italian and to introduce a "golden rule".Rome could make announcements to that effect from this weekend, in exchange for which the ECB would intervene in the markets next week to support the Treasury of Italy. These rumors had the effect to strengthen the euro against the dollar.

Sign of financial globalization accelerated the past three years, Asia is now that Western countries face their responsibilities. Major creditors of the United States and the eurozone, Japanese and Chinese have expressed their annoyance. "We hope that the United States adopt measures to ensure the safety of assets held in the U.S. by other countries," said Chinese Foreign Minister Yang Jiechi.The latter also called on the world's major economies to strengthen their "communication" and improve "global economic governance."

The Minister of Finance of Japan, Yoshihiko Noda, for his part called "to discuss" problems of market distortion currency, debt crisis and U.S. economic issue. Asia calling the West to deal with its imbalances, the G7 in reverse!

Calls to Action

Side the euro area, the calls begin to be heard. According to the Commission President José Manuel Barroso, who has asked Member States to vote as soon as the new aid package to Greece, the Commissioner of the Economy, Olli Rehn, has increased calls for the Friday action. He acknowledged that "the current crisis is not just Europe payday loan."He said the solution may be to the world and "international coordination through the G7 and the G20 is very important," two bodies currently chaired by France. In this context, Nicolas Sarkozy has held since his vacation spot in Cape Negro a telephone conference with German Chancellor Angela Merkel, Italian Prime Minister Silvio Berlusconi and Spanish Prime Minister Jose Luis Zapatero. He also had talks on Friday with Barack Obama. But as in previous crises, Europe is still far from offering a united front to the markets. Spanish Finance Minister, Elena Salgado, has sharply criticized the European Central Bank, which, she said, created "confusion in the markets."Implicitly, Madrid surprised that Jean-Claude Trichet at a press conference on Thursday, has announced the resumption of purchases of debt of Ireland and Portugal, two countries with financing needs are in principle already covered by the European Solidarity Fund (EFSF), even if it is unable to avoid tension on the secondary market.

However, the ECB has done nothing yet for Spain and Italy, which are in turmoil.Another sign of division: several Anglo-Saxon sources have suggested that the decision to resume the buyback of sovereign debt was opposed by the Germans, Dutch and Luxembourg in the Council of the ECB.

"The market seems to have understood that the European Summit of 21 July has finally brought a DIY solution to alleviate the difficulties of the peripheral countries of the Union", are economists Natixis. Principal is the day the bond markets, the rate loans to ten years in Italy increased over Spain, 6.12% and 6.03% respectively.Hence the pressure on Berlusconi by the ECB, and behind its main shareholder, Germany.

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The U.S. stock markets open again in the red on Wednesday. The Dow Jones was down 0.37% at 12,456 points, the Standard & Poor's 500 and Nasdaq fold, respectively, 0.58% to 1324 points, and 0.62% at 2822 points. Tuesday, Wall Street has already finished in the red.

Investors adopted a cautious approach since the beginning of the week. The inability of a handful of members of the United States to reach an agreement before Aug. 2 on raising the debt ceiling up the country into a situation more and more difficult.Specifically, the U.S. Treasury think after August 2, if the parliamentarians have not voted to increase the legal limit to the debt of the federal state, it will not be able to honor all its commitments.

As about 40% of its expenditures are financed by borrowing, the U.S. federal government will have to make drastic choices between payments made and those that push it off. This will mean the paralysis of some jurisdictions, uncertainty about the payment of social benefits, or payment terms to suppliers.

The new director of the International Monetary Fund, Christine Lagarde has called on Washington to "find a real solution." She also asked the Europeans to apply "quickly" the plan against the debt crisis.

Companies seem to want to continue to invest

On the foreign exchange market, the dollar is still abused.The euro, however, gives some ground in late morning at 1.4495 dollars against 1.4509 late Tuesday. Oil prices retreated Wednesday in the opening in New York, as a result of fears of increased oil reserves and the stalled negotiations on the U.S. budget. To 15 hours, on the New York Mercantile Exchange (Nymex), a barrel of "light sweet crude" for September delivery was trading at 98.38 dollars, down 1.21 dollars compared to the previous day.

On the macroeconomic front, despite a weaker economic environment, companies seem to want to continue to invest. This is the signal that can be drawn numbers of orders for capital goods in the second quarter."It's rather good news and support for the fragile figure of GDP growth in the second quarter," notes Philippe Weachter, director of economic research at Natixis AM.

Weekly crude inventories are still waiting for this day before the release of the Beige Book Federal Reserve expected after the close of European stock.

Rain of business publications

The side of values, the American online distribution Amazon (5.47% to 225.90 dollars) has published better than expected results despite a decline of almost 8% of net profit for the second quarter, to 191 million. Based on the number of shares, the benefit amounts to 41 cents, above the 35 cents expected by analysts.Sales, up from 51% to 9.91 billion dollars, has also exceeded expectations.

The group of defense and aerospace Boeing (1.68% to 71.34 dollars) exceeded market expectations on Wednesday with earnings up 20% in the second quarter, driven by good numbers of its commercial aircraft, and it has raised its forecast.

The U.S. chemicals group Dow Chemical (2.26% to 36.66 dollars) recorded a net profit increase (73.4%) to $ 982 million, boosted by record sales in emerging markets, and said he was "optimistic" for the second half of the year.

The U.S. conglomerate General Electric (-1.34% to 18.31 dollars) ca waived divest its rental cars it had planned to sell earlier this year, said Tuesday a spokesman for the group.

Delta Air Lines (-4.13% to 7.69 dollars) recorded a decline in quarterly profit on fuel costs that exceeded the one billion dollars. Excluding items, earnings per share of the airline stood at $ 0.43 per share, against $ 0.44 expected by analysts.

Microprocessor giant Intel (-1.18% to 22.62 dollars) has announced the appointment of its Executive Director Andy Bryant as Vice President of the Board, before he takes the presidency in May 2012 Estate of Jane Shaw. Bryant has spent 30 years at Intel, including 13 years as CFO.He became executive director in 2007.

Electronic Arts (1.30% to 24.12 dollars), which has recently invested in the games available from smartphones and tablets, has reported a decline of 3% of its turnover for the first quarter of fiscal year 2011-2012 to $ 524 million against an average estimate of analysts of 511 million.During this period, the group recorded a loss of 123 million euros against a deficit of 78 million a year ago.

Disney (-0.79% to 40.19 dollars) said he had "taken the first steps" to increase its majority stake in the Indian company UTV, which could lead to delist the giant local media.

Also note, the retail giant Wal-Mart (-0.17% to 53.50 dollars), which ensures expand its online offering, announced Tuesday that it was now possible to watch movies without downloading its website.

Always on the side of the truck several values ​​of the dimension must publish their results including Conoco Phillips and Visa.