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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Investors should react positively Wednesday morning the results of Societe Generale, published before the opening, and that are much better than expected. Monday, BNP Paribas and HSBC had already published accounts reassuring and had restored confidence to investors worldwide.

Tuesday, ACC 40a consolidated amid stalled on Wall Street. The index closed slightly down from 0.12% to 3747.51 points, close to 3750 points. On Wednesday, the index future pointing down on the CAC 40, which is expected to decline from 0.31% to 3734 points in the opening gong.

In Asia, Tokyo reclusive sharply while export values are still penalized by one yen rise against the U.S. dollar.

On Wednesday, the macroeconomic news might still punctuate the markets.In the euro area, 10 hours, attention is paid to the services PMI for July and composite (2nd estimate) and above 11 hours, on retail sales in June

Overseas, the ADP employment figures in the private sector in July will be well attended in the financial world, at 14.30. Then at 16 hours, the ISM index of activity in services should lead the market. Finally, at 16:30, the traditional weekly crude oil stocks are known. All these figures of importance, so that on Tuesday, the statistics on consumer spending and incomes of households were poorer than expected.

Société Générale and Axa have published

As for values, investors have been informed by stock-half-year results of Societe Generale. Net income was more than tripled to 1.084 billion euros in the second quarter.Economists expected a doubling. Moreover, its Greek subsidiary Geniki announced a widening its net loss in the first half, the economic difficulties the country promoting the proliferation of bad loans.

Axa has posted a net profit in the first half down 29% to 944 million euros. It mieuw than expected and operating income, which excludes special items, spring, him, down 3%.

Suez Environment, a specialist in water management and waste, noted Wednesday its growth forecast for the full year 2010, after posting interim results up sharply.Jean-Louis Chaussade, CEO of number two French water treatment and industrial waste, says his group's performance in the first half.

Bic Sopra and Iliad also publish pre-market.

Maurel & Prom: 68% of first half sales

Energy. Departments of Ecology and Economy announced Tuesday that the government planned to increase to 15 August electricity rates by 3% on average for households and 4% to 5.5% for businesses.

Maurel & Prom said on Tuesday sales up 68% in the first half of 2010, helped by the rise in production fields in Gabon and in particular the development of production fields and Omgw OMBG . Note that the oil companies are particularly sought after in recent sessions.The oil was indeed installed comfortably beyond 80 dollars.

Vilmorin published Tuesday a consolidated turnover in 2009-2010 increased by 6.2%, supported by his vegetable business. The fourth seed has confirmed global forecast fiscal year 2009-2010 ended June 30, "a good performance of its margins," despite the increased "significantly" from its investment in research.

Teleperformance announced Tuesday for the first half rose 3.9% in sales on a reported basis, down to a 2.6% decline in comparable, indicating that the positive impact of its restructuring plan on the second play part of the year.

Competing with Facebook, which has 500 million active members, is more complicated for the historical actors of the Web. The Internet giants are addressing one of the pillars of its success, the online gaming community oriented, "Social gaming", which Farmville is the most important representative. First application on Facebook with over 59.6 million active players per month on the famous social network (and 230 million total), Farmville is published by Zynga, a U.S. start-up founded in 2007. In recent weeks, the latter fuels the greed of major Internet groups.

At the end of last week, the Japanese telecoms group Softbank and formalized an investment of 150 million dollars in Zynga.It is accompanied by the creation of Zynga Japan as a joint venture, whose aim is to convert users of the Archipelago to the "social gaming" while Zynga benefit from the expertise of his partner in Nippon mobile Internet , Eldorado for future online services. Masayoshi Son, Softbank's CEO, welcomed the collaboration point of departure for the creation of "a gigantic social gaming in Japan.

The announcement comes shortly after the official unveiling by the blog Techcrunch specialist, an investment of Google in the same start-up to an amount between 100 and 200 million dollars. At half-word, the Google CEO Eric Schmidt has confirmed this agreement in an interview with the Wall Street Journal. "We have not announced, but you can expect to partner with Zynga," he said.This will be crucial for launching the Google Games, a social network based online game giant online search would be developing. In addition to these equity investments, Zynga has signed agreements with editorials Facebook and Yahoo! Last May by which its games are broadcast to a wide audience.

Valued at 4.5 billion

Selling virtual goods in its games, Zynga have generated 350 million dollars since the beginning of the year, with half operating profit. In 2011, its revenues could reach one billion dollars.Another indicator of investor confidence: Zynga has surpassed the 100 million players in just two and a half years, when it took four and a half years to Facebook to pass this course.

Start-up of more than 600 employees, Zynga announced so far have raised $ 219 million in four rounds. Its first fund in February 2008, amounted to 10 million dollars. Zynga then publishes the poker game Texas Hold'em on Facebook. In July 2008, another round table that will raise 29 million dollars. Zynga is beginning to diversify its offer and in April 2009, is the leading application on Facebook with 40 million active users. Launched in June of that year becomes Farmville August 2009 the first game on Facebook to cross the milestone of 10 million players.Finally, last December, the Russian fund Digital Sky Technologies, also a shareholder of Facebook, participating in a new fundraiser, Tiger Global, Institutional Venture Partners and Andreessen Horowitz, for a total of 180 million dollars. With today an investment of over $ 520 million, valuing Zynga have reached 4.5 billion dollars.

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The Indians had the Nano, the cheapest car in the world. The students in the country, they are in primary school or university, may affect next year shelf fourteen times less expensive than Apple iPad. Thursday, Minister of Human Resources and Development, Kapil Sibal, presented a prototype computer only 35 dollars (27 euros). "This is part of a national initiative to advance education," said the minister, warning that "the solutions for tomorrow will come from India."

The announced $ 35 nonetheless remains entirely at the cost of the final product, but at the cost of all its parts. What remains still far from the $ 235 materials included in the first iPad, according to estimates from iSuppli. To reach this amount, the Indian teams have bet on free software and a more conventional design.The Indian touch pad will have 2 GB of memory, Wi-Fi and USB ports. It will have video conferencing capabilities, will be able to read most common office formats, PDFs and video, and of course surf the Internet. An optional solar charging was also discussed. In parallel, broadband will be installed in all the 22,000 Indian colleges.

"Our response to the computer to $ 100"

With this initiative, the Indian government seeks to empower the world's most modern educational No checking account payday advance. The literacy rate in the country remains 63% below those of other developing countries. But the achievement also sounds like a technological challenge launched in the United States.The Indian shelf was designed by a group of academics, after that IT groups have shown little enthusiasm for such a project. "This is our response to the $ 100 computer at MIT (Massachusetts Institute of Technology), launched by the Minister Kapil Sibal said, referring to the U.S. initiative" One Laptop per Child ", whose price has finally doubled because of difficulties of large-scale production.

With this initiative, India does not want to experience the same disappointments. Kapil Sibal assures that the tablet is already "real and tangible. India is currently negotiating with several subcontractors to begin mass production. One million computers should be produced during the first phase of launch. The deployment will begin in the universities, before being extended to primary and secondary.The government could finance the purchase of computers by 50%. Ultimately, the goal is to reduce the cost only ten dollars.

The video presentation of the tablet:

Vacationers should take their troubles patiently Tuesday night to Thursday early morning. These three days may indeed be synonymous disrupted air traffic at major airports of Paris and the provinces, due to a strike call launched by six unions of air traffic. Disturbances should begin on Tuesday evening and end Thursday afternoon, the time that the rotations of aircraft back to normal.

The Directorate General of Civil Aviation (DGCA) has asked airlines to remove 50% of flights at the airport of Orly and 20% of those expected at Roissy Charles de Gaulle.

In a statement, Air France announced that 100% of long-haul flights will be provided, and that 80% of its flights short and medium haul routes from Paris-Charles de Gaulle and 50% from Paris-Orly. "We can not exclude some flight cancellations throughout the day.Delays will also be possible, "the company said, calling his passengers to see the information updated in real time on its site, under" schedule "and" timeliness of flights, or by phone at 3654 and SMS sending their flight number to 63654 (eg by typing: AF2062).

For now, the information is covered in a trickle. The DGAC said that a strike slogan added "stormy weather that could disrupt traffic". More details are expected early Tuesday afternoon.

"A passage in force"

The CGT, CGC, FOR, UNSA UNSA-IESS and ICNA-call for mobilization to denounce the European program for creating Single Sky FABEC, and the dismantling of the DGAC.They denounce as in January and February, the establishment by the end of 2010, a single air control operator for France, Germany, Switzerland and the Benelux countries. "The creation of such a body fusion will inevitably lead to the dismantling of the DGAC, the structure was considered to be efficient in terms of cost, security and service to users," say the unions. Moreover, "this merger will mean the de facto release of all or part of his personal services and the scope of the State Civil Service.

Following the movements of the beginning of the year, negotiations were begun with the unions and a mediator, Gilles Savary. On Monday, a final meeting of conciliation before the strike failed to find common ground. "The executives had no room for negotiation, it was a meeting for nothing," said Olivier Joffrin (CGT).The Ombudsman shall submit a report in late July but the unions are pessimistic. But the CGT denounced a "forced passage in the middle of July."

"FABEC is necessary, besides the five other countries and partners for their unions are very favorable," assures yet a spokesman for the DGAC.

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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.

While industrial countries emerging from crisis levels weighted with historically high public debt, emerging markets display patterns much healthier. Their good resistance during the recession of 2009 and an underlying trend towards greater stability has attracted the interest of investors.

"We see a positive snowball effect on emerging market debt: a dozen countries have been under positive outlook by rating agencies, which herald a recovery of notes, analytical Anne-Sophie Girault, a specialist in this Market Aviva Investors. Moody's, Standard & Poor's and others see a positive view of the low debt ratio of developing countries, which averages less than 40% of gross domestic product. Twice as less developed countries.

The emerging markets have also gained credibility in the markets."They have improved their fundamentals, the local central banks are becoming more independent, inflation is under control and steering of public finances is good," Frank J. Nicolas, Natixis AM. And the economic outlook is much better than in Europe, for example.

Result: institutional investors have been interested for nearly ten months to market, providing stability. They take long positions. So far, only hedge funds were present in the short term, making the market very volatile. Today, the market is 360 billion of debt issued in dollars and 1.4 trillion dollars of debt issued in local currency.

Record demand

In this context, the demand for emerging market debt from the investment fund has beaten all records in the first half, according to the calculations of Aviva.At $ 31 billion, it almost reaches the levels of previous years in just five months.

Emerging now are they safe? "These are pseudo-safe investments," says Franck Nicolas. "Beware of Loved tobacco." Clearly, the emerging countries are always a risk of sudden reversal of the situation. And if their fundamentals, growth, inflation, debt-positive, "markets, very nervous now, can still cause a contagion" of the debt crisis in emerging countries, recognizes Anne-Sophie Girault.

Vibrant colors, relaxing rooms, the walls stickers selected by the employees or work surfaces enlarged. Opened on Thursday afternoon by St?phane Richard, CEO of Orange, the renovated building is now in March a call center staffed by some 500 employees. "This building demonstrates to me an important part of the company, which has gone through and continues to go through a deep crisis. Among the elements that we are up again, we noted the desire of employees to work in a nicer environment, "said the Director General before an audience of executives and elected officials. He added: "Our action plan includes several components. Some will give results quickly, but for others it will take more time.It is certain that in call centers, it will take several months to resolve certain problems. "

If the development of central Orange Avenue was considered there is more than a year, the social crisis has helped to initiate new tracks. Zen space with electric massage chairs has been installed. And icing on the cake, Wednesday and Friday, a Japanese massage specialist receives employees for sessions of 15 minutes of relaxation. But with a capacity of 16 appointments per week, the schedule of the practitioner is constantly full. "This is a test. If demand is constant, we increase the hours, "says Arnaud de Prin, director of sales activities of client services for the Great West.

3500 staff planned

Before the inauguration, St?phane Richard took care of receiving the local social partners."It recognizes that we're not out of the crisis is an important point," notes Dominique Leseigneur, Steward SOUTH. "Indeed, colleagues who now work here seem happy with their new premises, both conveniently located in the city and pleasant. However, two major points remain blocking: the hours and Saturday work, "he says.

Here, most people are working every other Saturday but found a small group that operates three Saturdays out of four. "The goal of our colleagues would reach a maximum of three on a Saturday," relays the steward. "We are a service company with the hours that go with it and it would be illusory to think that we can do otherwise," says the CEO. However, it leaves the door open: "We must think about work organization respects the balance of life for employees.In some cases it may be necessary to go through an increase in employment. "But the 3500 recruitments planned for 2010, its first since 1996, are designed to cope with attrition, the senior part-time and reintegration of some tasks.

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"The increase in final demand will be sufficient for a moderate economic recovery in coming quarters," said Ben Bernanke, head of the Fed (the Fed), before the Joint Economic Committee of Congress.

The final demand is considered the most telling indicator of a recovery more or less solid now that business inventories "are more consistent with the level of final sales."

But on Wednesday, sales details, eagerly awaited by investors have been published. They emerged up 1.6% in March compared to February. A much larger increase than previously expected by analysts.

The first official estimate of U.S. GDP in the first quarter will be released April 30.Economists estimate that overall growth was around 2.5 to 3%.

Not enough for a rate hike

However, the Beige Book, published approximately every six weeks, highlights weaknesses in the economy of the country of Uncle Sam a job market that is getting better but still fragile, and a market of commercial real estate and business still worrying. The construction market also remains weak. And the public finances of the United States are subject to all the debates. A state of emergency seems to declare: no question of pushing the budget problems later, according to Ben Bernanke, otherwise the situation is even worse then.

A mixture of good and bad which reinforces the Fed's strategy of maintaining a flexible monetary policy.Considering growth "moderate" in a context of absence of inflationary pressures (+0.1% in March), the U.S. key interest rates will remain at a level "historically low". And this, again for a "prolonged period". The rates are between 0 and 0.25% since December 2008.

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