On the foreign exchange market, the euro remains above 1.27 dollars to 10:40 p.m. at 1.2738 dollars (0.14%). The dollar seems to lose some of its appeal as a safe haven. The encouraging start to the season half results in the United States seems to restore investor confidence and encourages risk taking. The European currency was on his side with the success of the issuance of treasury bills Greeks.The operation, with a rate of 4.65%, the first since May, when the euro zone and the IMF have provided loans of 110 billion euros over three years, has aroused demand of over 4.5 billion euros, well above the 1.25 billion that the country wanted to raise.

Retail sales disappoint, the Fed resolutely pessimistic

To many observers, the Fed was going to share in the minutes of its monetary policy meeting, the revised growth forecasts downwards. It is clear that they were right. The U.S. central bank now expects growth of between 3% and 3.5%, against a range from 3.2% to 3.7% three months ago. The finding is similar to unemployment. Consequently, the Fed is considering new measures of monetary policy to support the U.S. economy.

Side indicators on Wednesday, the Commerce Department reported a 0.5% drop in retail sales in the U.S. last month, after declining 1.1% in May according to a revised estimate. Economists and analysts polled by Reuters were predicting a decline of 0.2%. Compared to June 2009, sales were up 4.8%. This statistic is added to a series of numbers considered disappointing, especially in real estate and industry, and suggests that the recovery ran out of steam a bit faster than expected.

Intel Features

On the side of values, the salvo of quarterly results continues on Wall Street. The microprocessor giant Intel on Tuesday said the "best quarter in its history, with net income of $ 2.9 billion, better than expected, and a turnover exceeding its forecasts and also market expectations.Intel shares gain 1.67% to 21.36 dollars.

Always on the side of values, the U.S. group Northrop Grumman defense (3.13% to 56.99 U.S. dollars) has also announced Tuesday after the close of Wall Street of its intention to separate from all its shipyards, it would close one on the Gulf of Mexico within three years.

So far, the group said informally that such a vehicle was considered only for Asia. But on Wednesday, on the occasion of the presentation of business results of the first half, Jean-Marc Gales, director of Peugeot and Citroen, has taken a new step.It does not mark a low cost, the third group, is distributed in Western Europe, even if the device has not "yet been decided" for the continent.

Chinese Partner

"If we did, and I say this in the conditional, a car really low-cost, it would necessarily under a different brand and obviously with a different distribution method, which could be" completely different and very creative, "he said, citing sales via "Internet". No matter under him from selling such vehicle in a Peugeot or Citroen dealership, and therefore to take the risk of blurring the image of two brands that are trying to go upmarket.

Asked about the possibility of building such a vehicle with a Chinese partner, Jean-Marc Gales said "one could imagine many things" with these manufacturers credit reports free.PSA, which has already formed a joint venture in the Middle Kingdom, will sign one second Friday with Changan, fulfilling a letter of intent.

Meanwhile, the group develops a medium sedan declined under the Peugeot and Citroën, which will be for the "heart of the range" of emerging countries. Production will be initially located in Spain. In the same logic, PSA works in partnership with Japan's Mitsubishi, with a small entry level car for these markets.

At the last general meeting of the group in early June, Philippe Varin had hammered this sedan designed for emerging markets was neither low-cost, or intended to Western Europe.More broadly, he appeared to reject the principle of marketing a low-cost model in Europe: "If a low-cost means low-end model, manufactured in low cost countries and for Europe to the West, while the group is not on the low-cost, had he stressed.

Given the success of Dacia, the Romanian brand Renault, which has exceeded 5% market share in France, the Lion is now considering actually in the parade.

The American economy has destroyed 125,000 non-agricultural jobs in June against 110,000 planned. This is the first time since the beginning of the year that the U.S. economy is destroying jobs and the number of registered job destruction last month was the highest since October 2009.

The private sector has created 83,000 jobs, however, against 33,000 in May and 112,000 expected by the market. Despite the job losses recorded in the month, the unemployment rate of 9.5% in June, its lowest level since July 2009, against 9.7% in May Economists expected a rate of 9.8%.

The figures, preliminary unemployment weekly published Thursday, however, very disappointed. "For three months, enrollment weekly unemployment are the yo-yo around a trend average of 462,000, economists are of Oddo Securities. The dismissal of the enumerators of the population, down sharply in June (see Chart 3 above), could affect these results, but, anyway, the job recovery seems decidedly weak. "

Europe and China in the minds

If the relatively low funding requests from European banks with the ECB reassured yesterday, the threat of a downgrading of the rate of Spain by Moody's, the clouds that accumulate on the growing global concern, however, more than never the United States.Several indicators, unemployment and housing U.S., in fact, yesterday, had a marked fall in European markets, while Wall Street has finally, paradoxically, proved to be more combative resistance payday loan lenders. The weakening of the greenback against the euro is perhaps helped. The late publication of monthly sales of car manufacturers, sharp rise, too.The sixth meeting of decline has been less severe than expected, the Dow ended down 0.42% to 9732 points and the Nasdaq fell 0.37% to 2101 points.

While the downward revision of growth prospects of China Conference Board had, following a calculation error, contributing to a decline in the markets earlier this week, China could reassure the contrary on Friday: it comes into effect to announce the revision of the growth of its gross domestic product from 2009 to 9.1% against a previous estimate of 8.7%.

Google buys ITA

As for values, Jeffrey Immelt, the head of U.S. conglomerate General Electric, has accused China to show hostility towards foreign companies, said Friday the Financial Times (FT), pushing the group to say that his comments had been distorted.The share lost 0.14% to 14.10 dollars.

The engine rechercheGoogle (-0.47% to 437.43 dollars) has announced the acquisition of ITA, a company specializing in information on air transport.

The publisher of games for iPhone Tapulous announced Thursday that he was bought by media giant Disney (+0.32% to 31.59 dollars) to become "leader in mobile entertainment." The terms of the transaction were not disclosed.

Sanofi-Aventis (-2.24% to 29.70 dollars) on Friday refused to comment on information from Bloomberg that the French pharmaceutical group preparing to acquire a U.S. company a value of at least 20 billion dollars. Allergan (6.88% to 62.10 dollars) and Biogen (6.70% to 49.86 dollars) are cited as potential targets

The announcement of a visit by IMF Managing Director, scheduled for Friday, has added to the panic. Although Dominique Strauss-Kahn said Wednesday in Paris that it was only "a working visit". To cut short the rumors, general manager told AFP he goes to all European countries."I'm in France, is there any rumors in France? I'm going to Italy. Is there any rumors in Italy? "He also downplayed the financial problems of Spain at a conference on Europe and China:" It is also said to exaggerate it a country that has great difficulty and yet the debt is 53% of GDP, which is relatively modest. "

Labour Market Reform

The Spanish head of government has also applied to reassure. Spain is a "country solvent, solid, strong and with the international credit, said Wednesday Jose Luis Rodriguez Zapatero before the Spanish Parliament. The Economy Minister Elena Salgado for his part denied that Brussels has put pressure on Madrid. Support for the Spanish cause is from Paris."We see no reason to be concerned for Spain, and there is no subject in the Spanish agenda of the European Council, it was said at the Elysee.

These multiple statements have not been enough to calm markets that have remained very nervous. The Spanish rate in a decade rose 10 points in the day 4.8%, approaching levels Portuguese. The yield spread between German and Spanish titles to ten years to 223 basis points on Wednesday, a record, as investors consider the Spanish debt more risky. The motion of no confidence falls ill in Madrid, which must issue this morning 3.5 billion euros of bonds to ten years.

The concern of the market relates to both the country's financial situation and the capacity of economic recovery.The government on Wednesday passed a labor reform, considered essential for revitalizing the job but remains highly contested by the unions.

In a report released Wednesday, the Bank of Spain insists on the need to implement "as quickly as possible" of economic adjustment measures to increase the competitiveness of the economy Hispanic counter the drop in employment and deterioration public finances. But the Spanish savings banks, the Achilles heel of the banking sector, require 11 billion euros to the state for further restructuring.

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This is the case of Heuliez, which he eventually sold the shares to an investor, Charles Mirchi. The automaker, which Petit Louis has never made the 16 million euro capital promised to bar the commercial court, awaiting a new buyer.Other companies are being liquidated, as the chain of stores in Soho gadgets, or industrial Isotherma, Havre.

In Alsace, the former two problems DMC: DMC SA (ex-DMC thread) on one side and the other DMC fabric. Two companies taken over by Louis Petiet. The liquidators DMC SA before the Tribunal de Commerce de Paris. Louis Petiet has still not made the 8 million euros promised in the takeover of the company. Authorised agents would like the company is recapitalized by the current minority shareholders who would become the majority. Such an operation would be catastrophic for BKC to lose control of one of its only really profitable companies.'Stocks of DMC SA alone represent a real source of income for two years, "a close case.

In addition, an unsuccessful candidate for the redemption of DMC, the French manufacturer of textiles SA Blanchard, also before the court. It calls for the cancellation of the recovery plan by BKC and wishes to represent his own recovery plan. The court decided to consolidate the two cases and the next hearing will be held September 8 No faxing payday loans.

Broken Promises

Second case, the DMC Fabric, whose activities have been grouped with a sign of furniture, Authentica, within SAIC Velcorex. Louis Petiet hoped "synergies". Today, the liquidator "examines the responsibilities of Louis Petiet, including how he managed DMC Fabric and Authentica," said a source close to the record."Cash Authentica (advances paid by customers) would, a priori, was used to cover losses Velcorex SAIC," said the legal representative, which states that "it did nothing illegal, since it is the same company. However, this does nothing to the rules commonly applied by a transferee company in difficulty, meant to work on his recovery.

"After regaining Authentica, Louis Petiet did nothing for the company, not even changed the vehicle registration cards," said the liquidator. Louis Petiet highlights purchases of raw materials it was made for Authentica.What is relatively little in terms of commitments.

The alert procedure

The Commercial Code provides that the auditors (ACC)-expected to certify the company's accounts, can alert the president of a company if they find "facts likely to affect the continuous operation. The president has fifteen days to respond. Otherwise, or if the reply does not guarantee the continuity of the operation, the ACC is deliberating the board of directors (or supervisory) on the facts found. If the resulting provisions are not met or that the company's survival is threatened, the ACC establishes a special report. The Commercial Court may be entered. This can lead to legal redress.

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The statement said however: "The family wants to keep Amaury majority control of his group to continue its investment policy and ensure its development as it has for a long time." All these activities would, as the group is profitable and coupled both titles – Le Parisien and Aujourd'hui in France – had in 2009 paid circulation of 488,553 copies France, down 4.7% (OJD).

Implemented in 2011

Another certainty, this strategic study does not include activities with sports daily L'Équipe and ASO, the organizer of sporting events like the Tour de France. The time that the strategic review being conducted and that strategic options are discussed, no concrete implementation should take place before 2011.

For several weeks, rumors spoke of a possible sale of the entire group Amaury.The refusal, in February, from the group to take the presidency of the Cooperative Parisian dailies in Presstalis had raised some questions. Groups such as Lagardère and Bolloré had then been cited as potential buyers. The Lagardère group is familiar with the file because already owns 25% stake in Amory, against 75% to the family Amaury. Last week, Arnaud Lagardere had also reiterated its interest in the family group, saying "buyer of all or part (…) if the family does not want it, we will respect and then go forth." Problem, its interest mainly concerns the sports industry (ASO), as he himself pointed out at the launch of its new sports center, Lagardère Unlimited. Arnaud Lagardere has any future lunch with Marie-Odile Amaury.

"I think the Europeans have realized that it was very serious. Greece takes measures very difficult in any case they have put in place a plan that calls for tough measures, "he acknowledged."If we can stabilize the situation in Europe, it will be good for the United States, and it will be good also for Russia."

Realizing the gravity of the situation, the EU should announce before markets open Monday morning, creating a "Community mechanism to intervene" to save the states on the brink of bankruptcy. The European Commission was working on an emergency this weekend to present a convincing ministers of the European economy, which meet on Sunday afternoon. Reflecting the importance of time, Silvio Berlusconi, Italian Prime Minister, and Nicolas Sarkozy, have decided not to travel to Moscow for commemorations of the end of the Second World War.

Week chaotic

European shares and U.S. were closed on very steep declines Friday.Protests against the rigor enameled three died in Athens on Wednesday, and unexplained sudden fall of the New York Stock Exchange during the day Thursday and fear of contagion from the crisis in Spain and Portugal have marked one week chaotic markets.

The statements have increased in recent days to encourage European leaders to act. "We hope to see emerge a strong and rapid European response to crisis", said, quoted by Bloomberg, the Canadian Finance Minister Jim Flaherty, who hosted the G7 on Friday. "We call for an answer as quickly as possible given the circumstances," insisted the Australian Minister for the Budget, Wayne Swan.

The Greeks accept the rigor

Nearly 55% of Greeks prefer an austerity plan to bankruptcy, according to a poll published Sunday in the daily Vima.Over 56% are even willing to accept wage cuts. Contradictory result, however, the same poll found that 53% of respondents felt the need to continue to protest against the austerity of the Papandreou government.

"I think the negotiations will be completed in the next few days," said Ollie Rehn. Traders Greek, European and International Monetary Fund (IMF) are close to agreement on "a multi-year program leading to a major fiscal adjustment, and other structural modifications" necessary to restore public finances of Greece, and back its economy on track for sustainable growth, "he added.

This package of financial assistance by developed countries in the euro area and the IMF will give Greece enough "breathing space", has yet estimated the Commissioner.He declined to say more, stressing that negotiations were not buckled.

The EU and the IMF have pledged 45 billion euros in loans to Greece, including 30 billion provided by 15 other countries using the euro. But many observers now believe it will take a larger envelope for a permanent exit the stagnation Greece. The $ 130 billion is the most frequently mentioned.

The euro area also fears the contagion of the crisis, Greek, especially after the deterioration of sovereign debt ratings of Portugal from Spain Tuesday and then Wednesday, reflecting the mistrust of financial markets and make credit more expensive for the countries concerned.

Consolidation of budgetary rules

"What we need most right now is a clear direction.We need a leadership that can guide us out of this zone of turbulence, "said Jean-Claude Trichet in a speech at the Economic Summit in Munich. He added: "I am confident about the outcome of these discussions," he has simply said, indicating that they should be completed in the coming days bad credit pay day loans. According to the President of the ECB, the financial crisis continues to defy the European economy. He therefore called for an overhaul of EU budget rules and increased scrutiny of government finances.

Supporting the euro and Greece

Since Beijing, French President Nicolas Sarkozy has declared fully committed to support the euro and to support Greece.In a statement to Agence France Presse (AFP), the Head of State said: "The plan agreed by Greece is fully credible, we trust the Greek government and we are working hard to all this is put in place without delay. " He added: "France will play its part. We'll be at the rendezvous.

Nicolas Sarkozy has also insisted on "the perfect agreement between Germany and France" on how to resolve the debt crisis in Greece. "I constantly Chancellor Angela Merkel on the telephone."I was very satisfied with the statements of the Chancellor (…) on the credibility of the Greek plan, its determination to implement the European level to support the euro," he said while Berlin had rather hitherto been very reluctant to help Greece.

For Nicolas Sarkozy, "it should be understood that in this case, it is not only of Greece. This is the euro is our currency. We are committed, this concerns us and a duty of solidarity, we will pay.

"France has put in a position to fulfill its obligations to fight against speculation.The plan has been defined by Europe will be applied so important, we will not allow speculation to act at will to destabilize any country, "said the head of the French government about the crisis triggered by Greek abyssal deficit, which caused panic on stock markets and a fall in the euro.

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As regards the reimbursement of airfare, the situation is quite simple.The European airline passengers stranded abroad can count on the Brussels regulation, which imposes a clear obligation "to rerouting passengers in conditions similar transport and as soon as possible," except to reimburse their customers full Fast Cash advance loan. The standards at the start of the European Union are even stricter: in case of postponement or cancellation before the trip, are all airlines, including those who are not European, that are required reimburse or provide their flight. A right that the European Commission intends to enforce. The spokesman for Transport Commissioner Siim Kallas Friday, April 16 and encouraged the citizens to "assert their rights, even in exceptional circumstances such as these."

Commercial gesture

Photo credits: Le Figaro