The leaders of the Greek political parties, who complete their negotiations on forming a unity government, agreed Tuesday to name former Vice-President of the European Central Bank (ECB), Lucas Papademos, 64 at its head, according to a source close to the ruling Socialist Party. "Negotiations are being finalized with Papademos as Prime Minister. They discuss the final details, "the source said.

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.

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The G20 summit opened in Cannes on Thursday in an acute crisis. President Nicolas Sarkozy had to leave an extraordinary meeting of the euro area to hold under a rainy sky guests, leaders of 20 leading world economies.

The crisis in the euro area has so encroached on the official program that the French president had to cancel his meeting with Indian Prime Minister Manmohan Sing. French President Barack Obama had previously met face-to-head and seems to have gained the support of the United States for its proposed financial transactions tax cash till payday.

The political changes in Athens have also punctuated the start of the summit. Returning to Greece after being scolded by Nicolas Sarkozy and Angela Merkel on Wednesday, Prime Minister George Papandreou is facing the sling of his own ministers.Rumors of resignation are insistent, despite denials from the Prime Minister.

On Thursday afternoon, the G20 countries were in flooring solutions to end the crisis, reform the international monetary system, and the increase of IMF funds. If the crisis in the euro area permits.

The absolute defense of the financial score

Do everything to prevent France to lose its "AAA" rating! Since the U.S. has been damaged on Friday by the rating agency Standard & Poor's, the pressure has increased dramatically over the last states still rated AAA in the world. Keep this precious document is now the major objective of the French government, for reasons both political and economic. A downgrade of France in fact lead to mechanically increase the cost of debt refinancing. But with 47 billion a year in interest payments, the debt burden is the second largest budget item in order of importance. At such high levels, any runaway deficit could swing into a downward spiral.

For now, however, there is no indication that France is threatened.On the contrary: since the beginning of the new crisis, two weeks ago, the rate at which the Treasury borrows on the markets – and ten years – fell by 3.44% to 3.07%, which is one point among the lows. In practice this means that investors continue to buy the French debt they still consider very safe. Moreover, Standard & Poor's, Moody's and Fitch have confirmed all three since the beginning of the week's AAA rating and France recalled that the note was accompanied by a "stable" outlook, that is, that they do not intend to revise the medium term. This does not prevent the wildest rumors running now in the trading rooms. Bercy had to lie to "formally" on Wednesday that France would be degraded."We want the managers of U.S. pension funds who question the quality of the French debt," says a French banker. To silence these questions that may to be growing, the executive is forced to accelerate its program of fiscal adjustment.

The unknown growth in 2012

Thursday morning, INSEE publish the number of French growth in the second quarter of 2011. Officially, the institute provides an increase of 0.4% of GDP. But economists expect a lower figure. Some do not hesitate to bet, even on a stagnation in activity between March and June After the strong rebound in GDP in the first quarter (+0.9%) consumption and industrial production have turned red, for technical reasons (end of scrapping, rising oil prices …) but also because global economy is now declining payday loans in one hour.The surprise meeting at the Elysee on Wednesday was probably meant to anticipate bad news ahead. "We have always said that the second quarter would be worse than the first and the activity will then return later this year," cautions there be in the entourage of Baroin.

A priori, the government should maintain its forecast of 2% growth this year, he still has a great chance to meet with the dynamics of the first month. However, doubt increases over the year 2012. Initially planned 2.5% growth for 2012 was revised down in May to 2.25%. This forecast now appears optimistic. Even before the storm in financial markets, experts Treasury recommended to display a more conservative figure of 2%."We want to be politically and economically credible our expectations: whether to revise downwards the growth we'll see," says one in the entourage of Valérie Pécresse.

More rigorous perspective

Baroin and Valerie Pécresse continue to hammer home: the objective of "intangible" is to keep the deficit reduction goals that provide for a deficit of 5.7% of GDP in 2011 and 4.6% in 2012. And that, "regardless of the level of growth," says one at Bercy. In other words, if the government is lowering its forecast for GDP in the coming days, they must be accompanied by such additional savings. For now, it is expected that the 2012 budget to be submitted end of September, involves three billion euros in savings on tax loopholes. It will probably do much more.Gilles Carrez (UMP), General Rapporteur of the budget in the Assembly, recommends at least 5 billion economy. If the amount is not yet determined the method, it begins to ripen. "It's likely that we proceed as in 2011," it says in the entourage of Baroin. This implies a general planing existing niches – "for everyone involved" – and a removal of devices deemed the most unjust. Companies are in the crosshairs this time, especially large compared to SMEs. Determine precisely the niches will be deleted at stake in the meeting of August 24.

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"One half of quite exceptional, which took place in an environment among the tightest we have known since 2008. "Pierre Mariani, the executive director of Dexia, planted at once the setting for the presentation of interim results. Marked by a historic loss, but expected four billion euros in the second quarter, the exercise was in fact a taste back in the worst days of the financial crisis. The acceleration of its financial restructuring, announced in late May, and participation in the Greek rescue plan increased the deficit of the bank.

The provision of 3.6 billion euros spent in these accounts to settle quickly the legacy of the past had been known since last spring.Powered by November 2008 at the head of the bank, just rescued from bankruptcy through a recapitalization of the French, Belgian and Luxembourg 6.4 billion, Pierre Mariani had discovered a bond portfolio of over 200 billion euros. One of his priorities was to isolate those assets and liquidating them bulky over water markets.

Under pressure from Brussels, who complained about the progress of the restructuring, management had decided a few weeks ago, to accelerate the movement. The U.S. portfolio of Financial Products, guaranteed by the shareholders of Dexia States, was almost completely sold. "A performance in the market environment in recent months," ruled the executive director.

Dexia had to abruptly move these toxic securities on its books to market value.A transaction motivated by the desire to reduce the exposure of the bank to the U payday loans.S. economy and solve its funding problems dollars. "We are immunized against the U.S. venture," says Pierre Mariani.

In parallel, the group sold in markets 15 billion euros of assets from its bond portfolio to a limited loss of 205 million euros. This weight loss program is accompanied by a decrease logic financing needs of the bank. In the short term, Dexia can now be financed with less than 100 billion euros each year, against 265 billion in the fall of 2008.

338 million for Greece

The participation of the Dexia bailout Greek did not help the overall picture: it results in a charge of 338 million euros. These cumulative losses do not undermine the solvency ratio of the bank, which is still above regulatory requirements.It must be said that for two years, the school had earned profits through its € 2.3 billion of regulatory capital. Beyond its financial restructuring, the activity of the bank has held pretty well. On its core businesses (local government finance, retail banking in the Benelux and Turkey, insurance and asset management), Dexia has made just under 400 million euros in pretax profits.

Pierre Mariani expects to return to profitability in the next quarter. He has no plans so far to take a dividend in 2012. Carried away by the pressure on sovereign debt, the title of Dexia gets closer to its historical lows. He lost over 80% of its value in three years.

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PhotoBox, the European leader in the development of images on the Internet, is expanding its universe. He acquired moonpig, the leading UK online sales of custom greeting cards. An Englishman sends on average 54 cards per year, against just 7 for the French!

Moonpig has shipped 12 million cards over the past 12 months, achieving a turnover of around 42 million euros. Photobox pays 136 million euros, provided by 83 different investment funds.

Photobox develops over a million prints per day and achieved a turnover of 80 million euros in 2010 cash advance flexible payments. The European market of the photo is estimated at 3 billion euros. The e-merchants hold third, and try to stand out from the mass distribution by customizing products."By combining these two profitable companies, leaders in their market, we reach a critical size in the custom publishing market," said Stanislas Laurent, CEO of Photobox.

Nicolas Sarkozy will spend a studious summer. A few months ago, he has charge of informal working groups on topics floor (education, territories and sustainable development, economy and taxation, sovereign issues, social and health) that make up the backbone of the UMP candidate in the election présidentelle 2012 – himself, most likely!

These groups of experts (government officials, economists …) come after the first step. Each placed under the supervision of a consultant or former consultant of the Elysee, they will submit their ideas before the summer break with Bruno Le Maire. Which will compile and groom work for what will happen to the presidential draft. The group "economy and taxation", under the leadership of the Economic Adviser to the Head of State, Emmanuel Moulin (and involving senior officials and former de Bercy or the Elysee), has completed its proposals.These, contained in a document 54 pages – a note and fact sheets – which has acquired Le Figaro, were particularly aims to make France "a land of output and growth."

What remains for now a discussion paper accepts some ideas: no increase in the tax burden, tax system more "tailored" to strengthen the competitiveness of the country and a crop of some mechanisms that have resulted in "abuse during the crisis. "To address these three issues, which could form the basis of the discourse on tax policy – and should be "accompanied by a clear discourse on respect for the path of public finances set after the crisis" – the group work presents a series of proposals.

To put the economy at the service of production, experts recommend a reduction in social contributions on labor, with a device resembling a social VAT.The prospective candidate will be "persist on rigorous economic solution, but unattractive in view of lower employer contributions and VAT hike" or "dress reform a measure of purchasing power" by lowering premiums weighing on employees – an option that would nevertheless "a risk of inflation due to wage claims."

Minimum Tax

The increase in VAT will it take several forms: a general increase in the rate of 5 points, "the simplest measure to the highest yield" and / or establishing an intermediate rate, 8% example, to submit to all goods and services today at the reduced rate of 5.5%. The document also discusses the creation of a higher rate for some luxury goods (high-end cars, some jewelry, horses, tobacco, etc.)..The measure "would be symbolic for many French and would develop a discourse on tax justice," it said. It would also have the advantage of being "tax on land still largely untapped by the current government."

On the front of a tax document refers to "measures of fairness" and "a contribution of all": the introduction of a minimum tax and / or arrow (which would allow taxpayers to "decide the allocation of a fraction of the tax "), measures antidélocalisations, a balance between large and small companies corporation tax, etc.. Dismissing any "big night" on tax loopholes, the task force recommends, however, to continue the grooming started by the government.

Incidentally, the document provides a trial incompetence of the left and list the arguments to counter the key measures of the economic program of socialism.Experts speak out against the merger including the income tax with the CSG, "contrary to our values ​​and irresponsible," and against the withholding.

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The world leader in dairy products was born in Parma on Tuesday, after the general meeting of the Italian group Parmalat, which was acquired by French Lactalis. After months of battle, even against some of Italy's political class, the Laval group, which owns the pie President, Roquefort Société, milk and mozzarella Lactel Galbani, took control of Parmalat (Sandalwood, Parmalat Omega 3 …), one of the jewels of the Italian economy. And he did not have to wait for the completion of its takeover bid on July 8.

Parmalat's shareholders, who have until July 5 to tender their shares to the offer of Lactalis, yesterday approved the new board. Nine representatives from Lactalis have entered. The other two seats returned to minority shareholders.The appointment of Francesco Tato, former head of energy group Enel and Lactalis candidate for the presidency, was approved by the Assembly. As the new Director General, he was appointed at the first board meeting. Antonio Sala, president of Lactalis Italy, Enrico Bondi is expected to succeed.

The "invader" French

The company that he has led for seven years carries 4.3 billion euros and employs 14,000 employees in 69 plants worldwide. Having built its success in the 1960s to the adoption of the system UHT long-life milk and have developed internationally through acquisitions, it survived in 2003 to one of the biggest financial scandals in Europe no fax cash advances.

Offensive Lactalis, which owns 28.9% for the time being the capital of Parmalat, is similar to an obstacle course. Six weeks ago, the board rejected the offer Italian of French.At a price of 2.60 euros per share, it was deemed "inadequate", below the 2.80 euros paid by Lactalis in March to get their hands on the 15.3% held by three investment funds. Lactalis should finally not have to raise its price. Because Parmalat was unable to assemble a consortium of Italian investors to make an against-offer.

The case also took a political turn. The government, to defend the "Italian character" of Parmalat, was to act by decree to postpone the general meeting held yesterday. Unions and politicians have, at first denounced the "invaders" French.Lactalis's offensive came after the takeover, friendly, Bulgari and LVMH in the face of rumors around Edison – coveted by EDF – or SAI Fondiaria (Groupama).

The discrete group of Laval, who directed last year a turnover of 10.4 billion euros, can not in uncharted waters. For the past five years and the acquisition of Galbani, the brand behind the second President, Italy became his second home. After months of battle, Lactalis – which weigh 14 billion euros in total turnover – will improve its image in the peninsula.

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Apple has found the Martingale magic. It not only keeps prices – and hence margins – bred for its iPhone, but in addition, it sells a lot: 18.6 million handsets for a turnover of 12.3 billion dollars over the three first months of the year. A considerable number would almost forget the premium positioning of the brand. And that takes some observers foot-cons.

Thus, an analyst who in early betting on an upturn in sales of iPhone with the arrival of a larger competitive and very aggressive on price in the market for smartphones is not as formal. Admittedly, the iPhone has sold four – no subscription – 1.5 to 2 times more expensive than most competing terminals. But consumer choice is clearly not dictated by the price. For now, no device is able competitor to dethrone the iPhone, which remains the benchmark in its market.Apple is preparing to write the same story in the world of tablets. Its main competitors (Samsung, BlackBerry, Motorola, Sony) have all announced products at relatively high prices. And are compared to the iPad unstoppable by all observers, whether financial or technical.

A unique ecosystem

Above all, the Apple brand has managed to establish a unique ecosystem. Beyond the App Store and its approximately 300 000 applications, the group of Steve Jobs manages to "convert" more and more consumers to the Apple system. The entry point was the iPod, before the market for MP3 players and MP4 leaves the spotlight for smartphones. Once entered into the world of Apple, with its operating mode music on iTunes, downloaded applications … it is very tempting for the user to extend this experience on different devices.A principle that other brands copy, advocating that the value of its ecosystem (Sony), which those of its specificities (BlackBerry).

Apple's ability to emerge from his original field – computer science – to conquer new markets – Telephony – worried his rivals and raise the hopes of fans of the brand. The group would prepare a new revolution, with a product as innovative as the iPad. The group already has a first foot in the TV with his Apple TV, a housing for connecting the TV to the Internet, to rent movies or watch the pictures on the big screen of your PC.

For the CEO of Total, rising gasoline prices is inevitable. "The Super 2 euros, there's no doubt. The real question is when? Hopefully this does not happen too fast, "and said Christophe de Margerie, in an interview in Le Parisien, Aujourd'hui en France on Tuesday. The unrest in the producing countries has caused an increase in the last barrel of oil: $ 120 today against 79 on average in 2010. "Today the attention is fixed on Libya, Yemen or Syria. Remember that Saudi Arabia produces 9 million barrels of oil per day. Should he fail in the market, prices become uncontrollable. "

Convened Monday by the government, key players in the petrochemical sector have agreed to help finance part of soaring oil prices.115 million euros will thus be redistributed to nearly 5 million taxpayers who deduct their income tax their travel expenses. Total, which represents 23% market share in France, so would pay more than 70 million euros. Christophe de Margerie said that it "is not perfect, but it is useful because it will help those most affected by soaring fuel prices." However, given the soaring price of oil, this is only "a short term solution."

Already changes are underway. Christophe de Margerie confirms the decrease in consumption of petroleum products in France. It is inevitable! We returned to the level of energy consumption in 1985! "He said. Faced with questions about the excess capacity of refining sites in France, the CEO of Total reassuring."For now, we promised not to change anything for five years, and we invest even to modernize our sites," he said.

For exploration of gas shale

So what do to counter this increase in oil? The CEO of Total plans to invest in finding alternative sources of energy. "If tomorrow contributes less to the nuclear energy supply, it will have to go and look elsewhere. And even if renewables are gaining ground, we still dependent on fossil fuels for a long time, so oil and gas, "said Christophe de Margerie.

This is one reason why Christophe de Margerie is conducive to the exploration of shale gas. "We can not defend one side of the security of supply in France, and the other, prohibit the exploration of these famous shale gas in the region of Montelimar.And I'm talking about exploration, it is not even explored. How can we make a final decision (on shale gas) without even knowing if this gas is present in the French soil and if it is usable? ". Especially since the environmental impact of exploiting these deposits is controversial.

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EDF has been accused of neglecting the maintenance of the network in favor of more profitable activities. This time, it is an interim report prepared by the Parliamentary UMP Jean Proriol which involves the energy supplier. According to him, EDF does not have enough money to ERDF, a subsidiary responsible for maintaining and managing the network. The report advocates the establishment of mechanisms to compel.

In eight years, the average duration of power cuts per year in France has been doubled from 43 minutes in 2002 to 84 minutes in 2010.The report also highlights the geographical disparities "considerable", referring to a "divide power" with 31 minutes of break time average in 2010, Paris has a "very high quality, unlike the Charente-Maritime (429 minutes or over 7 hours), Indre (543 minutes, or 9 hours) or the Loir-et-Cher (772 minutes, almost 13 hours).

Investments in more profitable activities

"The factors behind this deterioration are clearly identified, the member wrote, it is primarily the reduced investment in the network since the 1990s." After peaking at 3.2 billion euros in 1992, investments were doubled between 1993 and 2004, falling to 1.6 billion euros. The effects of this decline are felt today.

Since 2001, ERDF derives almost all of his rate of use of the public electricity network (TURP). It "has significantly contributed to the recovery of investment observed since 2004. The fact remains that it does not require the network manager (ERDF) to make the investments necessary to restore the quality of electricity, "said the MP. The amounts of investments by ERDF are "indeed inferior" to those provided in 2001.

For Jean Proriol EDF "tend to limit investments to make up its subsidiary dividends, which can be reinvested in the activities of electricity production, more profitable, or used to reduce debt of the group." Since 2008, the amount of dividends paid by ERDF to the parent amounted to 448 million euros, "he notes.ERDF replied that the amount of dividends paid over to EDF declined in 2010.

ERDF: "Results time"

ERDF has, meanwhile, held at the figures into perspective by the report, regardless of weather, especially storms Klaus, Quinten and Xynthia time to break through has certainly "increased somewhat" in recent years, but he "has been stabilized in 2010, according to a spokesman for the company. Are more geographic disparities have "tended to stabilize."

Especially, the subsidiary of EDF highlights projects undertaken since the creation of ERDF and "that will yield results over time." Since 2008, ERDF said to have made a "real effort" by increasing its investment by almost 50%. They are well adjusted to 2.5 billion euros in 2010 and will see a further increase to 10% in 2011."We are making an effort on particularly sensitive areas, those impacted by the storms and near forested areas," said a spokesman for ERDF. "We also continue our policy of burying lines that must involve more than 90% of newly constructed lines to limit the risk of failure." The company also carries a "big project" with its "counter communicating, whose experimentation phase ended March 31. The new meter should make the network more intelligent, that is to say to more quickly identify outages and damage faster. "

EDF resists Exchange

At the Paris Bourse, the title EDF was up 0.96% to 27.815 euros shortly after 11 o'clock, while the CAC 40 0.22% advance.After announcing the freeze on gas prices in July and rising electricity rates below 3%, the title fell 3.72% to 3.15% Tuesday and Wednesday. Oddo lowered its recommendation to neutral from buy and reduced its target price from 43 to 32 euros. This Thursday, it was the turn of Cheuvreux degrade its target price from 40 to 32 years but he maintained his recommendation to "outperform."

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