A lost decade for stocks in Paris. In the past ten years, the CAC 40 has gone through five years of crisis. The toll was heavy: while September 4, 2000, the benchmark index of the Paris stock touched its record high, rating it at 6944.77 points at the meeting, boosted by a phenomenal Internet bubble, he moves painfully about the 3600 points TODAY 'hui.

If the current situation is rather gloomy, the atmosphere, in the late 1990s, was euphoric to say the least. The tech bubble that began in 1995 with the IPO of Netscape – sensational – escalated beyond reason with the explosive growth of telecommunications (France Telecom was by far the largest accumulation of ACC 40) and the phenomenon of start-ups. The world has welcomed the Internet as a revolution that would change the world, characterized by prosperity, easy money and speculation.The shares were outbid unconnected with the reality of companies' accounts.

When the time has come to the realization, the descent into hell has begun. On March 13, 2000 in New York, the Nasdaq index of technology stocks at the time (eBay, Yahoo, AOL …) suddenly picks up and puts an end to five years of consecutive increase. The European market will suffer a few months later and will suffer the same mass layoffs.

The CAC 40, which again closed lower Wednesday on a clear, up the hill on Thursday. At the opening, the leading index in Paris climbed 1.17% to 3490.75 points before losing some points. At 14:30, the weekly listings in the U.S. fell better than expected. This has enabled the European indices to find the beautiful colors of this morning, as Wall Street opened up, at 15:30.

But the final minutes of the meeting were heckled. In the end, the CAC 40 nonetheless grabbed 0.72% to 3475.03 points. In London, the FTSE fell back 0.9% to 5155 points.

The European markets have relied on the surge on Wall Street Wednesday, but also on redemptions cheap. The NYSE has erased its losses late in the session to close up 0.2%.A technical rebound which was conducted in a context of bad macro news (sales of new homes in July after falling sales in the former, smaller increase than expected orders for durable goods). The Paris markets will also be comforted by Asia which has borrowed the same road this morning as Wall Street.

Side currencies, the euro remains strong against the dollar. One euro is worth 1.2717 dollars (0.51%).

The Paris markets have also reacted to the small decline in unemployment in France in July, fell after the market closes Wednesday. More importantly, they welcomed the battery results fell before the opening.

Accor flies, Gemalto tumbles

Wednesday, L'Oreal (3.88% to 78.71 euros, the biggest increase CAC 40) has announced an operating profit up sharply in the first half and higher expectations.This performance allows the number one global cosmetics find a level of operating margin similar to the record first half of 2008.

After his former branch of service Edenred, Accor issued this morning. The group announced a net loss for the first half of 64 million euros against a loss of 236 million a year earlier. Despite very conservative outlook, the stock market welcomed the performance: Accor shares took 2nd place in the ACC with an increase of 3.66% to 24.36 euros.

Credit Agricole has reported a net profit of 379 million euros in the second quarter, well above the 280 million expected by the markets. Net revenue reached 5.469 billion euros and the cost of risk fell by 13%.Again, the stock appreciates: the titles are among the highest increases with a jump of 2.63% to 10.16 euros.

L'Oreal and Total (0.05% to 36.99 euros), major shareholders of Sanofi-Aventis (+0.13% at 44.66 euros) would otherwise be reserved on the proposed acquisition of Genzyme, fearing that French pharmaceutical group pays its target too expensive, said Wednesday the banking sources told Reuters.

Bureau Veritas (2.68% to 46.6 euros) announced adjusted net income Group share up 8.9% to 149.5 million euros in the first half. Turnover was up 1.5% to 1.349 billion euros.The group aims to increase its sales in the second half of the order of 10% and expects a "slight increase" in operating margin over the full year 2010 on the current scope.

Gemalto has reported net earnings fell to 63 million euros in the first half and sales of 840 million euros, up 5%. The group said banking on accelerated growth in the second half, with a turnover of over one billion euros over the period. The title has sold 3.19% to 28.51 euros.

BioAlliance Pharma (3.18% to 6.16 euros) has received European agencies agreed in principle on the filing in mid-2011 the registration dossier of the drug against herpes labialis. The laboratory recorded a strong increase in its turnover in the first half and a net positive.

Bongrain, Lagardère, Stallergenes Etam and publish after the market closes.

Teleperformance, a leading global call center companies, which employs 7,400 people in France, announced Thursday a major restructuring plan. The group will eliminate 830 positions in the hexagon, from 22 to 14 sites, a workforce reduction of approximately 15%.

The group will remove the center of Marseilles (25 posts), Pantin (149), Rennes (194) and Tours (51). In four cities, where two centers exist, they will be merged, with the result at Le Mans 41 positions eliminated, 169 Lyons, 71 and 61 in Orleans in Toulouse. Finally, the site of Bordeaux will be cut by 69 positions. Teleperformance be explained today "structural overcapacity" and puts forward an operating loss of 36 million euros in 2009 in France for a turnover of 300 million.The group attributes this poor performance by "a slowdown in demand for its key markets" and "the loss of significant commercial contracts during 2009.

A social plan for 585 positions had already been applied to the company in France in 2009 and had been strongly challenged by unions in the courts, which had delayed its implementation for several months. This new plan is not a surprise. Teleperformance, which has six subsidiaries in France, decided in 2009 to merge. "They wanted to go too fast last year in the merger, where the resistance of employees. Result, management has been changed.But we continue to fight, "said Eric Dufaud, delegate of the union SUD.

Relocation

"I put everything from scratch with the intention of returning to profitability and secure a future for the industry of call centers in France," said Jean-Herve early June Jenn, new president of the group since April. Its purpose is to provide value-added services, refining and expanding the range of services offered to justify the higher prices in France and abroad. A call center agent costs about 30 euros an hour in France, against 15 euro in Tunisia.

All call centers have an offshore development center, because their large customers have one obsession: to lower prices. Teleperformance is so well established in Tunisia, are among the largest private employers in the country.He also opened last year a call center in Morocco and plans to accelerate the movement. "If the principals do not respond or if the government does not legislate, it's the call center industry is likely to go abroad," says Eric Dufaud.

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A simple dinner could become a diplomatic incident. According to a report published Friday by the Financial Times, and contrary to the Elysee Palace announced last June 7 in a statement, it is not Germany but France, which had decided to defer maintenance President of the Republic with the German Chancellor, Angela Merkel, scheduled for June 7. And according to the spokesman for Angela Merkel, Ulrich Wilhelm, the reason is not political. Nicolas Sarkozy would simply not worked well enough on his record in terms of rigor of Germany. What irritates especially in Germany. "Manipulation of France was unnecessary," said the spokesman of the Chancellor. At the initative of France, both countries have agreed to postpone the appointment.Contacted by telephone, the Elysee was not immediately available to respond to this information.

No disagreement between Merkel and Sarkozy

Despite these blunders, the spokesman for Angela Merkel was quick to point out that there was no disagreement between the two governments.

Earlier this week, Nicolas Sarkozy had expressed doubts about the austerity plan of Germany. "If we add to the austerity of austerity, we will go into recession." France hoped that the German recovery stronger domestic demand to balance the trade balance of the euro area.

The two leaders have postponed this meeting to June 14, three days before the European Council summit to be held in Brussels.

The stock market had reacted badly to the announcement of the cancellation of the meeting. The CAC 40 had lost more than 1% at closing."Although both parties argue for scheduling reasons, they will not prevent financial markets interpret this delay as the collapse in the open non-functioning of the Franco-German one hand and a state of panic among the other European states, analysis Nicolas Bouzou, economist at Aster.

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"Germany: A dose of austerity record

United and satisfied: the European family welcomed Friday to have averted a major crisis, after having reached an agreement Thursday to come to the aid of Greece when the latter feels the need. "The euro area takes its destiny in hand, welcomed Nicolas Sarkozy, speaking of" not major "countries in the euro area. After the tensions of recent weeks, the French president stressed the agreement between France and Germany. "I think it was a relief for all of Europe to see that we were able, in the service of the European ideal, to reach an agreement," he said.

Angela Merkel has also spoken of "important day for the euro, saying" very satisfied "with the agreement reached.Indeed, the Germans have left their mark on this mechanism: they did accept the principle of a partially provided by the IMF and obtained a de facto veto power, since the aid plan can be triggered that with the unanimous agreement of the Twenty-September But Berlin has not sacrificed as much for the idea of Europe, has assured the Chancellor, compared to the "Iron Lady" Margaret Thatcher into the German press. "These decisions show that Member States will not allow the euro area is destabilized and solidarity that exists," she stressed.

European officials have reiterated that no good practical help and had been decided that the goal was paradoxically not use the device. "We hope it will not need to be activated," assured the President of the European Council, Herman Van Rompuy.The idea is enough to reassure markets that they agree to lend again to Greece at lower rates. The initial results were encouraging faxless cash advance . On Friday, the risk premium difference between good Greek and German 10-year fell by 9 basis points to 304 points. One that is still very high.

Build trust

In Athens, the relief was palpable. The agreement sends "a very positive signal to markets," assured the Prime Minister George Papandreou and the government will launch a new loan "timely."

The European Awards for their part, reacted mixed, while the euro was on top of $ 1.34 (it had plunged to below $ 1.33 before the summit)."I hope that financial markets will now act on facts, not fiction," said President of the European Commission, Jose Manuel Barroso.

It is indeed crucial to build trust. "There is no country that is in a situation comparable to that of Greece, on Friday assured the leader of the Eurogroup Jean-Claude Juncker. But markets fear a domino effect. Portugal is the first line, which has seen its rating deteriorated by Fitch. Ireland, Italy and Spain are on a tightrope, with their finances well into the red. More broadly, 20 states on 27 of the EU are subject to excessive deficit procedure; this week, the Commission expressed concern about their optimism about their strategy for ending the crisis.And for Economic Affairs Commissioner Olli Rehn, "this year will be the first real test for the implementation of the budget strategy adopted last year.

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The civilian nuclear should not be restricted to a few. Opening Friday – at OECD headquarters in Paris – the international conference on nuclear Nicolas Sarkozy immediately insisted on the principle of cooperation. "France believes that the share of nuclear power for peaceful purposes is a decisive factor for compliance with environmental concerns and a better distribution of wealth in the world," explained the president.

A clear signal at a time when some sixty countries intend to establish one or more reactors to produce electricity.Except that such a machine is expensive – more than 5 billion euros for example, the EPR (the prototype third generation being built by EDF and Areva) – and it requires highly skilled personnel to make function.

Specifically, Nicolas Sarkozy called on Monday in Paris that the financing of major international institutions can benefit new entrants in the atom. "I do not understand and I do not accept ostracism of nuclear power (…), the current situation is tantamount to condemning the country to an energy more expensive and polluting, has hammered the tenant of the Elysee.

Regarding the development of skills, Nicolas Sarkozy announced the creation in France of an International Training Institute. It will house a "school of international nuclear" as part of an "international network of centers of excellence".An initial implementation has already been decided: it will be in Jordan, a country with which France has signed a nuclear cooperation agreement.

Pathway lights

Overall, the intervention of Nicolas Sarkozy should be read in light of the ambitions of the French sector, which is developed contacts with many countries – in addition to firm orders – to sell the EPR. A chain but seriously mistreated in Abu Dhabi where the lights consortium (consisting of EDF, GDF Suez, Areva and Total) has been outflanked by South Korea.

Monday, referring implicitly to this failure, the president regretted that the market does not classify reactors that according to the price criterion. But the EPR is significantly more expensive than most other models with which it is directly in competition.It should therefore, according to Nicolas Sarkozy, that the International Atomic Energy Agency (IAEA) establish a classification "as the criterion of safety."

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All the big names in the electronics world is found in Las Vegas. All except Apple, which looks January 27 to make a revolutionary new listing, which may take competitors by surprise.

Since late 2009, it seems clear that the firm will make an apple Internet Tablet to be called islation. The announcement will take place in late January, because Apple has rented a conference room in San Francisco. But the date of its Internet Tablet, which would have a multi-touch screen 25 to 28 centimeters diagonally, is only scheduled for the second quarter of 2010. Indeed, one of the subcontractors Taiwanese Apple said establishing a production of screens and aluminum chassis which should start next month. "It will not take long to assemble the different elements.But output in the second quarter is what we envision, "said an anonymous source to Reuters.

It seems that islation, including a video circulated on the Internet is the answer to Apple's digital media books. It is the first color. This could lead to the creation of a new department of sales on the iTunes website.

Competitors eclipsed

But it would be difficult to know now than to give this one new activity. The new product Apple should allow you to download applications, listening to music, watching movies, into a true entertainment product while traveling. It would be more appropriate than the iPod touch and iPhone, whose screen is too small (9 cm) to qualify for comfortable vision. Islation with the Cupertino company remains true to its business model winner.It sells very expensive and a revolutionary product takes the services market (music, video, books …) that are downloaded on this product. Exits to sell these services at very low prices. Consequently, when Apple makes money, the service providers do not share the crumbs.

This ad may overshadow those of its competitors have made in Las Vegas. Last week, new Internet Tablet, which is a kind of PC without a keyboard but with a multi-touch screen, were presented by almost all PC makers. Among them, the Chinese Lenovo freed from Intel and Microsoft opted for the chips Qualcomm U.S., of Britain's ARM and a Linux operating system. But these are, after all, only computers that are trying to rise from their ashes. Five years ago, a first wave of Tablet PCs had appeared before dying for lack of customers.

The concern of markets and European authorities in Greece grew by the hour. Following the surveillance of the negative note of the Greek sovereign debt by the rating agency Standard & Poor's, Fitch is contributing, on Tuesday to increase pressure. The agency lowered the rating it assigns to the country to bring it back to "BBB +" with a negative outlook. "This deterioration reflects our concerns about the medium-term public finances given the low credibility of fiscal institutions and the Greek political context," says the agency is said also very worried as the economic outlook ahead.

This ad has tended to lead to further tension on the bond markets. The loan to ten years of the Greek State has reached the level of 5.33%, the highest since mid-JuneIt operates at 200 basis points above the German debt to ten years. The Athens Stock Exchange has, meanwhile, fell sharply, dropping more than 6.07%. The situation will remain tense today. After the close of markets, Fitch has indeed released a new press release announcing that it degraded to a clan note of the four major financial banks in the country: National Bank of Greece (NBG), Alpha Bank (Alpha) EFG Eurobank Ergasias (Eurobank) and Piraeus Bank (Piraeus). It also lowered to 'BBB -' rating of the Agricultural Bank Of Greece, majority owned by the state. This bank is now in the category known as speculative. "The ability (Greek government) to help banks has been reduced" because of the deterioration of the country's finances, Fitch wrote."Greek banks could eventually be a problem to refinance with the European Central Bank," warns Laurence Boone at Barclays. "If the note of Greece continues to fall, the ECB will no longer accept in exchange for taking securities on deposit bank."

Rare occurrence, this new series has led the European Commissioner for Economic Affairs to publish a statement in the evening. "A difficult situation for a member of the eurozone is a worrying factor for the whole area and it is clear that Greece is facing very big challenges on the economic and fiscal," said Joaquin Almunia. "The Commission stands ready to assist the Greek government in implementing its program of reform and fiscal consolidation." Technical assistance and policy then, but not financial.Last February, when Greece already raised the concern, the German finance minister at the time, Peer Steinbrueck had said explicitly that it was impossible for Germany to leave a member of the eurozone s 'collapse. But since then the situation has changed. Peer Steinbr?ck has been replaced by a Liberal cabinet minister and the situation of Greek public finances deteriorated sharply. Hence the renewed concern among investors. Especially since the country's social situation, explosive, does not promote major reforms.

Even countries rated frighten markets

"Greece is sure to find a savior who will avoid bankruptcy

The upturn could be short lived. The rise of European registrations in September (+6.3%) explained by the fact scrap premiums up on most of the Old Continent. However, for reasons of public finances, these devices will be interrupted in many countries. This is particularly the case already in Germany (21% in volume last month), where a bonus of 2,500 euros has led to the sale of 2 million vehicles. They will however be delivered, so registered and, until early next year. For its part, Britain has extended this premium should stop soon for 100,000 vehicles, a few months. La France, for his part said that the amounts of the premium would be reduced by breaking twice in 2010, from 1,000 to 700 euros from 1 January, then 500 euros on 1 July.

Second reason not to give in to optimism, the September 2009 figures compare to a low in September 2008 when sales had fallen by 8.1%. The volumes slumped further thereafter, the comparison with 2008 may be further supported by the end of the year.

With the effect of scrap premiums, manufacturers have continued throughout the year to revise upward their forecasts for 2009, having anticipated in early declines of about 20%. In July, Renault expecting a market decline this year by 8% compared to 2008. Philippe Varin, the boss of PSA Peugeot Citroen, was estimated at the Frankfurt Motor Show in mid-September that the decline would be "approximately 10%. In the first 9 months of the year it stood at 6.6%.

Next year could prove equally difficult.According to Carlos Ghosn, CEO of Renault, the real recovery will occur on the continent as late 2010 or early 2011. The group expects next year to a market downturn between -8 and -10% compared to 2009. The diagnosis is similar to Jean-Marc Gales, director of Peugeot and Citroen. According to experts, Germany alone could lose 1 million car sales next year compared to 2009. You'll then have several years to recover. According to the firm Alix Partners, Europe did not return until 2014 its 2007 volumes.

Offensive Ford, Renault and Fiat

For now, some manufacturers are spared, the game is the case by Ford (17.8% in September), thanks to its new Fiesta, a small model. In late September, its market share reached 8.9% against 8.4% over the same period last year.Another winner last month, the Renault brand, which jumped by 21.1% (however, she recoils of 11.3% over 9 months), with a wide "very young", according to the manufacturer. The Fiat group is also shaped commercially, with an increase in registrations by 13.7% in September and 2.5% since the beginning of the year.

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