Sundial of world news

RATP talk about an incentive for training. The unions see it as an attempt to affect the right to strike. According to them, the Paris Transport Authority plans to propose an annual premium of 1,200 euros (100 euros per month) to executives who volunteer to attend regular training and maintain their qualification of driver. "At the RATP, the operating framework is formed, has always been to run trains and buses with passengers. The training concludes with obtaining driver's licenses and requires maintenance, "says the authority. A training effort that the RATP wants to encourage and validate the allocation of a premium.Officially, there is no question of getting managers and trained in the cockpit, but only "to formalize a useful practice to social cohesion and understanding of the complex rules of railway operations," says RATP, which states that it is for the time that a project to be discussed, and will apply only to volunteers.

"On behalf of the Ethics and danger

Arguments that jump unions, especially the South who deplores the lack of response from other unions. Jean-Christophe Delprat following the record for the organization is still furious. "The creation of the premium is included in a document entitled" contribution in terms of predictability. " This plan is implemented in the event of a strike, "said Steward.For him, it is clear that the RATP will be given to its executives a new rating, rewarded 100 euros per month, and use cases of social conflict to break the strike. As the project progresses, SOUTH says the discussion stage must already be exceeded according to his information as "84 frames, about 150 volunteers expected by management, are currently in training Online payday loans."

Beyond the reservations expressed in terms of ethics and how to proceed in the company, the union warns of potential danger. "I do not recommend users to get on a train driven by a non-accustomed to driving metros and RER, which is more one day strike in which many users are on the docks," warns the delegate.However, it is unlikely that this warning benevolent comforts travelers stranded at the station during the next strike.

"Clumsiness managerial"

He also noted that the managerial level, "it's pretty awkward." If he does not doubt the success of the measure with executives who can "more money make progress by volunteering," he warns that "relations may be strained between the manager and drivers when they know he broke the strike. " The trade unionist said to illustrate that none of the executives who agreed to drive the RER during the strike of December 2009 is now in the position he then occupied. A word …

"It's a funny way to start the social return," he says.Jean-Christophe Delprat even sees a signal of bad omens, "if management is beginning to organize themselves to deal with the strike is that it anticipates social conflict. One can imagine for example that it intends to return soon to the agreements on the reduction of working time. "

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Shortly before opening, the U.S. stock markets were slightly higher initial approached on Monday. The index futures Standard & Poor's 500 and Nasdaq 100 advanced in effect 0.79% respectively at 1132.40 points from 0.98% to 2061 points, while the Dow Jones was also expected to rise by 0.6 % to 10,885 points.

The slight rebound, which may occur after a further sharp fall on Wall Street last Friday and in the wake of European markets focused more on Monday morning, should not be thwarted, at least in the short term, by some macroeconomic indicators whatsoever. In fact, no statistics major is expected on Monday to the United States. Only the index of manufacturing activity in the Chicago Fed is on the menu, at 14:30.

It will take until Tuesday to learn about sales figures for new homes, from 16 hours.Wednesday, the agenda will grow a bit, with durable goods orders for July and the weekly inventory of crude oil to the United States. Thursday, things become more serious with the weekly jobless claims, always eagerly awaited by investors on the lookout for any sign of weakness, or, conversely, improvement in U.S. growth.

Threats to U.S. growth

But the appointment will most certainly expected the intervention, Friday, Ben Bernanke, chairman of the Federal Reserve (Fed), some investors are hoping a third easing able to restart the engine stopped the world's largest economy.This day will be both detailed, the second estimate of U.S. gross domestic product for the second quarter, and the index of consumer confidence for August.

Markets, even if they are experiencing very high volatility, and may still show, at the same time, some caution, pending the decision of the Fed on Friday. Especially as the threats to the outlook for U.S. growth accumulates. After Morgan Stanley and Citigroup, JP Morgan Chase lowered its estimates, in turn, growth in the U.S. economy. The Bank of New York discusses risk "clearly raised" a recession, while growth prospects for the third quarter were for their slightly smaller than before.The U.S. GDP growth for the fourth calendar quarter is now expected at a rate of 1% against +2.5% previously.

Vice President Joe Biden, on an official visit to China, but probably a little appeased the spirits, reaffirming this weekend at the first creditors of the country they could rely on the strength of the U.S. Treasury.

Values ​​to follow

The uncertainty is compounded room at the international level, by the events in Libya. The fall of Colonel Qaddafi, found, became clearer Monday morning, prompting oil companies to return to the values ​​of the colors. However, perhaps more in Europe than the United States. Neither Chevron (%), or ExxonMobil (+%) are actually active in the extraction of oil in Libya. These values ​​could still respond to changes in oil prices.Oil prices retreated on Monday morning.

On the corporate side, the internet telephony group Skype also announced Sunday an agreement to acquire Me Group, a provider of mobile messaging services to targeted groups. Registered in Luxembourg, the company Skype was founded in 2003 and became the world leader in Internet telephony. She is currently being acquired by Microsoft U.S. computer group (-2.51% Friday closing).

The penalty was expected but it still sounds like a shock. In the night from Friday to Saturday, the rating agency Standard and Poor's (S & P) has dared to lower the rating for government debt of the United States, and deprived of their "AAA" for the first time in history . S & P said in a statement it had degraded to the next level this note, the best possible, to bring it to 'AA +'. It also lowered its outlook to "negative", which means that Standard and Poor's believes that the next time the note will change, it will be to be devalued again. The United States were rated "AAA" by S & P since the creation of this agency in 1941.They remain in the other two major agencies, Moody's Dean (since 1917) and Fitch Ratings.

Standard and Poor's, which had warned in April that it was considering lowering, justified its decision with "political risks" to see the country taking insufficient measures against its budget deficit. For her, the political debate on these issues is not up to the problems caused by a debt of more than 14,500 billion. "The plan for balancing the budget on which Congress and the Executive have recently agreed is insufficient compared to what, in our view, would be needed to stabilize the dynamics in the medium term public debt" said S & P, citing the law known as "control the budget" passed Tuesday.

S & P is the second rating agency to downgrade the American note, after the Chinese – less powerful – Dagong.Other – mostly American and French Moody's Fitch – are currently at Triple A.

The U.S. public debt to more than 100% of GDP

The first power of the world is, well, so sure before. The United States and joined Japan, Spain and Ireland have lost that status envied no fax payday loan. The loss of this seal of excellence is expected brutal impact on the financial markets, difficult to imagine right now. But while the financial world is upside down, the risk that markets continue to dive is high. The announcement of S & P comes in effect when the markets were closed for the weekend, closing on both sides of the Atlantic one week black.

China, by far the world's largest creditor United States, found that she had "every right now to require the United States to address their structural problems of debt."Second World holder of U.S. debt, Tokyo assured him that his confidence in the U.S. Treasury and its strategy of purchasing these bonds were unchanged. In France, the Minister of Economy Baroin reiterated his "total confidence in the strength of the U.S. economy."

Two days ago, the U.S. debt has passed a symbolic milestone. Because it exceeded the threshold of 100% of GDP, just after raising the debt ceiling by Congress. The United States saw their public finances sealed by the harsh recession that crossed their economy from late 2007 to mid-2009. Since then, economic growth has returned, but they are not able to restore the health of their public finances. According to estimates by the International Monetary Fund, they should acknowledge this year, with about 9% of GDP, the highest budget deficit of the G20 countries, except Japan.It is sixteen countries rated "AAA" by Standard and Poor's, four of the G7: Germany, Canada, France and Great Britain.

(With AFP and Reuters)

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In the aftermath of a black day on world financial markets, U.S. equity markets begin this Friday on a stable note. In early trade, the Dow gained 0.03% to 11,387 points, the Nasdaq is 1.01% more frankly to 2582 points and the S & P up 0.82% to 1211 points. The markets resume with the publication of unemployment figures across the Atlantic for the better than expected in July.

Wall Street follows the movement promoted by the European stock exchanges. In Paris, the political mobilization against the bear market in Europe has slowed the drop in European indexes.

The employment figures dictate trend

In this context the assumption of a recession in the U.S. or the world, is today one of the main fears of the markets, the announcement of a significant improvement in job creation last month calm spirits on Wall Street.In recent weeks, disappointing publications on the state of the U.S. economy had, in fact, chained, challenging the idea of ​​resumption of the world's largest economy. This publication confirms the figures released Wednesday by ADP, reports of more new jobs than expected for the month of July.

At 21 hours the numbers of U.S. consumer credit for the month of June will end this week full of macroeconomic data.

Oil and euro pressure

Oil prices climbed hesitantly at the opening Friday in New York, despite the employment figures better than expected, as the market wondered if it would be sufficient to support the demand for crude in a very fragile economic environment .On the New York Mercantile Exchange (Nymex), a barrel of "light sweet crude" for September delivery was trading at 87.04 dollars, up 41 cents from the previous day.

This concern also weighs on the currency front, the euro was trying to rebound against the dollar but remained under pressure from macroeconomic concerns.To 15 hours in Paris, the European currency was worth 1.4224 dollars against 1.4106 dollars on Thursday night, after falling to 1.4055 dollars in early Asian trade, its lowest for three and a half weeks fast cash online.

AIG, GM and Procter & Gamble publish their accounts

On the corporate side, the semi-annual publications still dominate the news on Friday.

Thursday evening after market, the insurer AIG (-0.23% to 26.34 dollars) announced a return to the green of its accounts in the second quarter, with net earnings of $ 1.84 billion over the period, against a loss of $ 2.7 billion a year earlier. Per share, net income totaled $ 1 ($ 0.69 after tax, against $ 0.92 expected by analysts).

At the same time, and its first quarterly since its IPO on May 19, LinkedIn (-2.27% to 93.36 dollars) was positively surprised markets by announcing a turnover more than doubled the second quarter to 121 million dollars (120 euros) and net profit (4.5 million), where analysts expected a loss.

GM Motors (1.27% to 26.32 dolars) Thursday reported quarterly results exceeded expectations, with a near doubling of profits over the period.

Procter & Gamble (1.78% to 60.64 dollars) released before market on Friday for the fourth quarter of fiscal offset, net income up 15% to $ 2.51 billion.Of 2010-2011, so it shows a net profit of 11.79 Annual Statement billion, down 7% from the previous year.

Viacom (3.55% to 53.17 dollars), the parent company of MTV and Comedy Central, has reported a rise than expected in earnings thanks to strong revenue growth in advertising Cable and license agreements with websites. Its quarterly results (Q3) increased to $ 574 million against 432 million

Bank of America (1.70% to 8.98 dollars) is highly exposed to the most fragile countries in the euro zone, according to a document from the bank. The group said exposure to the tune of $ 16.7 billion (11.8 billion euros) in total to Greece, Ireland, Italy, Portugal and Spain in June 30Management has indicated in a document submitted to the regulatory authorities that its losses could reach up to legal $ 2.3 billion in addition to the provisions already passed for this purpose.

As in Asia, the Paris Bourse tries to rebound on Tuesday. At the opening, the CAC 40 gained 0.16% to 3819.23 points. Same in the rest of Europe: the London Stock Exchange opened up 0.11% to 5931.99 points and the Frankfurt Stock Exchange up 0.34% to 7369.89 points.

But investors remain cautious as Barack Obama has not convinced the issue of debt. In a speech to the nation live from the White House, Bush denounced the attitude of the Republicans that led to an impasse "dangerous". The world's largest economy may end up in default within a week if no agreement is reached on raising the debt ceiling, an event "irresponsible" by the president. Facing him, the chairman of the House Republican John Boehner, remained inflexible. He accused Barack Obama face of intransigence solutions proposed by his party."The sad truth is that the president wants a blank check. This will not happen, "he said.

Faced with the growing nervousness of the markets, it has however promised to submit to the Senate and the president a bill to avoid a default. "If the president promulgates it, the atmosphere of crisis it has created will disappear of itself," he said. Barack Obama also wanted to be reassuring: "I told the leaders of both parties that they must reach a compromise in the coming days, which can be passed by both houses of Congress, a compromise that I can enact. And I'm sure we can seal this compromise. "

In addition to the markets, the United States are now under pressure from the IMF suggests that a "severe shock" if no agreement is reached on time.The institution has also damaged its projections for the U.S. national debt.

The dollar attacked

The dollar is suffering in this context. The dollar briefly fell below 78 yen Tuesday, its lowest level since March 17, when President Barack Obama spoke to Americans. The euro has also appreciated against the greenback at 1.4420 dollars against 1.4375 dollars late Monday. "The president's speech Obama has disappointed market expectations of progress hoping to break the deadlock," said Hideki Hayashi, an economist at the brokerage Mizuho Securities, quoted by Dow Jones Newswires.

Oil prices were, themselves, without direction in electronic trading in Asia, the market continued to worry about the lack of agreement. A barrel of "light sweet crude" for delivery in August took 15 cents to 99.35 dollars.That of Brent North Sea crude for September delivery lost 29 cents to 117.65 dollars.

Investors also will keep an eye on the indicators of the day:

– The morale of French households is somewhat back in July after months of stability, with a gain of 3 points in the index that measures at 86 points, according to data released Tuesday by INSEE. But that level remains low.

– The number of starts of new homes rose 13.4% year on year in France for the period April to June, said Tuesday the Department of Housing.

Coming to the United States: the index of house prices and new home sales. Also the program overseas indices of investor confidence and consumer.

Values ​​to follow

The banks are recovering from their fall the day before.Crédit Agricole (1.64% to 9.06 euros), BNP Paribas (1.48% to 47.39 euros), Société Générale (1.39% to 36.77 euros), Axa (1, 28% to 13.88 euros) and Natixis (1.26% to 3.29 euros) are the highest increases in the ACC.

Faurecia: -1.55% to 29.87 euros

The automotive supplier has revised up its forecasts Tuesday turnover for 2011 between 15.7 and 15.9 billion euros and operating margin, after a good first half. But the forecast annual cash flow is lowered.

Veolia: 0.67% to 18.16 euros

The city of Warsaw has chosen Dalkia, Veolia and controlled by EDF, to buy the operator of its district heating network, the company SPEC, according to sources familiar with the matter.

Orpea: 0.20% to 34.44 euros

The investment company said it had taken FFP 6% stake in Orpea, a company specializing in the treatment of addiction, for a total of 88 million euros.

TF1: 5.30% to 13.40 euros

The television group has published a net profit up 60% to 118.6 million euros, but a turnover in a very slight decline (-0.5%), 1.3 billion euros, for the first half of 2011.

STMicroelectronics: -6.53% to 53.97 euros

The group said Monday second-quarter sales in line with analysts' expectations, but said that they could fall during the current quarter.

LVMH: 0.15% to 130.75 euros

The group said on Monday maintained at 12.25 euros per share price of its tender offer to purchase the remaining shares of the Italian jeweler Bulgari and denied having purchased from the family part of the shares at a higher price. It will publish its results after market close the first half.

Klépierre: 0.55% to 27.56 euros

The group reported Monday, against all odds, a growth of almost 4% of its rental income, supported by the increase in rents in shopping centers in an economic context, however, marked by the slowdown in consumption in Europe.(See

Mercialys: -0.81% to 29.40 euros

The group identified Monday its growth target for this year after reporting a growth of over 9% of its rental income in the first half and its Board of Directors decided to distribute an interim dividend for 2011 .

SEB: -7.10% to 67.62 euros

The group released Monday interim results up, thanks to its good performance in emerging markets, and is confident for the full year.

Faiveley Transport: -3.99% to 62.50 euros

The group confirmed Monday forecast for 2011 a slight increase in sales, just over a month after a warning about shifts orders.

April Group: -2.13% to 17.03 euros

The group recorded an increase of 1.3% of its turnover to 377.8 million euros, a jump of 8.2% in brokerage on which the group has refocused more than offsetting the decline 9.6% in insurance premiums.

After market, Sopra Vinci and publish their turnover for the second quarter, Gascogne, Euler Hermes, Spir Communication, TV and Radio Next Icade unveil the results of the second quarter, M6 will report its results in the first half.

The 3700 points were in the viewfinder of investors in the Paris Stock Exchange on Wednesday. They were exceeded in the early exchanges. At the close, the CAC shows a new gain of 1.61% to 3754.60 points. Yesterday, the Paris VAIT has already managed to recover, ending on a rise of 1.21% to 3694 points.

Other major European markets advance in unison. The London Stock Exchange was also up, the stock exchanges of Madrid and Milan are the most active with gains of 3% each. In London, the FTSE-100 index gaining 1.1% to 5853.82 points in mid-session and featuring Dax index of the Frankfurt Stock Exchange advancing 0.40% to 7221.36 points.

Operators are encouraged by the good performance of U.S. markets, driven by advances in parliamentary negotiations in the United States for raising the ceiling on the debt.President Barack Obama for the first time reported "progress" in this debate, adding that the new Senate plan, presented Tuesday, was "consistent" in its approach. The Chairman stressed however that "not much time" before the deadline of August 2 to avoid a default. Wall Street was also reassured by good indicators of industrial performance and better than expected. Asian markets were also sending positive signals this morning.

Time, however, should still be prudent on the eve of a crucial European summit for the future of the euro area. The heads of state are to meet Thursday in Brussels to discuss the bailout of Greece. Several proposals for involving the private sector are on the table.

On the currency side, the euro rose slightly against the greenback at 1.4181 dollars against 1.4150 dollars late Tuesday.Oil is, him up: a barrel of "light sweet crude" for delivery in August takes 80 cents to 98.30 dollars and that of Brent North Sea crude for September delivery gained 69 cents to 117.75 dollars .

Values ​​to follow

Havas: 2.15% 3.47% to euros

The advertising group has announced the acquisition of a majority stake in the Australian Host, the first independent agency of the country, for an undisclosed sum.

Saffron: + 4.68% to 28.99 euros

Tuesday the group received the green light from Washington for the purchase of American specialist of biometrics L-1 Identity Solutions. The agreement was announced last September for $ 1.1 billion in cash.

Edenred: -5.69% to 20.37 euros

The company specializes in prepaid service said Wednesday he was informed of an investment for 8% of its capital.Nearly 18 million shares have been placed Edenred Wednesday market at a price of 20.30 euros, a total of around 367 million euros, according to a source familiar with the matter said that the placement was the act of a U cash advance now.S. institutional.According to a source market, it is South Eastern Asset Management.

Alstom: -1.35% to 37.97 euros

The group said Wednesday sales down 12% in the first quarter of fiscal year 2011-2012, to 4.5 billion euros, reflecting the "low level of orders registered during the crisis," but a sharp rebound its order intake over the same period (+44%).

Schneider Electric: + 0.71% to 105.85 euros

The group announced an extension until August 2 of its friendly takeover of two billion dollars (1.4 billion euros) on the Spanish Telvent, which it already owns to 19 July, before the closing date of the offer, 97% of the shares.

Laurent-Perrier: unchanged at 98.89 euros

The group announced Wednesday an increase of 11.5% of its turnover in the first quarter thanks to a mix effect prices soaring and exports still strong.

Accor: + 2.75% to 30.31 euros

The group was optimistic Tuesday in announcing an acceleration of organic growth in the second quarter due to increased occupancy rates and the gradual recovery of prices.

ADP: + 2.01% to 61.92 euros

The group announced a 4.6% increase in passenger traffic at its airports in June, driven by growth across all trajectories with the exception of Africa and the Middle East.

PPR: + 1.06% to 128.85 euros

Fnac, a subsidiary of luxury group, unveiled Tuesday a five-year strategic plan, called "Fnac 2015", which should enable it to boost sales after a disappointing performance.

EADS: + 3.59% to 24.79 euros

The parent company of Airbus has won a victory with the decision of American Airlines to order 260 A320s neo cons for Boeing 200 aircraft.

Biomerieux: -0.90% to 78.89 euros

The group announced the acquisition of French company Argene Molecular Biology and confirmed the objective of growth of its business year after an increase of 3.5% of its turnover in the first half of 2011.

Sanofi: + 1.30% to 55.15 euros

The Canadian Valeant Pharmaceuticals announced yesterday the signing of an agreement to buy the French laboratory marketing rights and distribution in Canada of a cream against osteoarthritis.

Manitou: + 1.45% to 21.74 euros

The group raised its forecast Tuesday for 2011 after signing up 45% of its turnover in the first half despite the continuing difficulties of supply.

Always on the side of publications, after market, Unibail-Rodamco will present its second quarter results and Ubisoft announce its first quarter 2011-2012 revenues.

It is not far from the "loss of face." The misfortunes of the new high speed train from Beijing to Shanghai are doing good laugh from all over China, while the press is unleashed and the authorities are trying to limit the damage. It must be said that it was promoted as a symbol of the Chinese railway resounding success, ready to go to conquer the world. But the beginnings are disastrous.

Last week, the train fell down several times. Internet forums and newspapers are full of stories telling outraged passengers have found in open country, stranded in trains closed and sweating profusely in the searing heat of summer. The Ministry of Railways had promised Friday that these problems would be "resolved" expeditiously. His spokesman, Wang Yongping, presented "excuses".And recognized that the line had seen "dozens of power outages" and a host of other "problems". The summer storms are largely responsible.

This iconic TGV line was opened with great fanfare on June 30, very proudly with "a year ahead" and, just as symbolically, the day before the 90th anniversary of the Communist Party. It was presented as the flagship of the newly high-tech controlled by China, and one of his arms out to conquer the world. Premier Wen Jiabao, said the line "operational" in Beijing before boarding for the first trip to the South. This train will link the two major Chinese cities 1300 km apart in less than five hours. The construction of the line has cost 23 billion euros.In March, the audit office of the state showed that 187 million yuan (20 million) had been diverted from the site by individuals or companies.

Massive rail projects

Chinese railway projects are enormous bad credit payday loans. In 2009, it was announced that 42 high-speed lines were planned for 2012, for an investment of 210 billion euros. China has the network of its kind in the world's largest, with more than 8000 km of track, and she wants to extend it to 25,000 kilometers by 2015 and 50,000 km in 2020. This year, like last year, Beijing is expected to invest 70 billion euros. Since the end of 2009, the "fastest train in the world" flows 350 km / h between Guangzhou and Wuhan. And last December, China announced proudly beating the world speed record with an oar unchanged at 486.1 km / h.But many voices cast doubt on the economic viability of some lines, less strategic than between Beijing and Shanghai. In February, the authorities decided to reduce the speed of TGV Chinese, for purposes of economy and to improve their safety. And the dramatic dismissal for corruption of the Minister of Railways Liu Zhijun, also in February, has revived speculation about a slowdown in rail projects.

Meanwhile, it is the airlines are rubbing their hands. They were sentenced say – almost – on the route from Beijing to Shanghai. The price of a one-way train range from 410 yuan (44 euros) and 1,750 yuan (190 euros), according to three classes, against about 1,300 yuan (140 euros) for a plane ticket in economy class.The airlines had already begun to lower their prices, with discounts up to 65% in response to the competition ground. They should slow down the movement …

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At the close, the Nikkei 225 index of blue chips lost 143.61 points to 9925.92 points, passing below the 10,000 points that he had passed last week for the first time in two months. The broader Topix index of all titles of the first table dropped 12.97 points (1.49%) to 857.19 points. The activity was quite low, with 1.83 billion shares traded on the market first.

"We must be on alert about debt problems in Europe, even more than before," said Yutaka Yoshii, fund manager at Mito Securities, quoted by Dow Jones Newswires.

European stock markets fell Monday, weighed down by the mistrust of the market vis-à-vis Italian and Spanish bonds have reached record levels, respectively more than 5% and 6%.After eight and a half hour crisis meeting in Brussels, the finance ministers of the euro area published in the late afternoon a statement intended to reassure markets about the soundness of financial support measures to the most indebted countries.

But the euro has remained on the defensive Tuesday in Asia, quoting 1.3961 dollars Tuesday shortly before 8 o'clock, against 1.4029 dollars on Monday in 23 hours. He also declined vis-à-vis the yen at 111.90 yen against 112.61 yen.

This weakness of the single European currency is bad news for Japanese groups engaged in Europe, because it reduces the value of their income from the Old World when converted into yen. The shares of Japanese exporters groups have therefore lost ground.

This time, the Fininvest will have to pay. The court sentenced him on Saturday appealed the group owned by Silvio Berlusconi to pay 560 million euros in the CIR group, owned by Carlo de Benedetti. The judges of the Court of Appeal of Milan have found that control of the publisher Mondadori, obtained in 1991 by Fininvest, to the detriment of the EIF through a favorable court decision, was made possible by the corruption of judge and lawyers involved. In 2007, the Criminal Justice had issued a similar notice, including the judge sentenced Vottorio Metta was stationed in nearly three years in prison.

On appeal, the Milan judges, however, reduced the magnitude of the financial penalty, determined in the first instance to 750 million euros.Unlike 2007, the decision will also be immediately enforceable: Fininvest will address 560 million euros in damages without waiting for the trial to the Supreme Court that the group should seek. "Our lawyers are already beginning to study the complaint," has indeed responded Marina Berlusconi, the eldest daughter of the Head of Government and president of Fininvest. This assesses the amount of the penalty "to double the participation of Fininvest in Mondadori."

Electoral setback and legal troubles

The Cavaliere had nevertheless worked hard to save the payment of such penalty to the group. Approaching the verdict, he did not hesitate to try to vote by Parliament an amendment to the Civil Code suspending sanctions in excess of 20 million euros on appeal, until the final decision of the court of Cassation.A measure to be adopted in the Bill ratifying the austerity plan. Faced with the outcry in the opinion of this measure, the Cavaliere has this week backed down.

This decision is more bad news for the chairman, who combines political defeats in recent months and legal troubles. Also implicated in the "Rubygate" Silvio Berlusconi suffered a severe mid-June electoral setback. The Italians have indeed overwhelmingly (over 94%) rejected four bills proposed by his government and put to a referendum: one devoted to the construction of new nuclear power stations, one on the privatization of water management by municipalities, and two providing legal immunity of ministers and the chairman of the board. Silvio Berlusconi, who announced Friday he would not stand in 2013, probably did not finish with the law.

Investors have a sharp tongue this morning at the Paris Bourse to the Sodexo. The title of specialist catering opened sharply lower on Tuesday (-0.93% to 53.45 euros), thus one of the largest declines in the SBF 120. Figures released this morning before market had, however, is appealing. In the first nine months of its fiscal year 2010-2011 (ending August 31), the turnover number two worldwide in its sector has in fact increased by 7.7% to 12.408 billion euros. On a comparable basis, sales advanced 5.2% between September 2010 and May 2011.

Confirm what the goal of organic growth of 4.5% of its annual turnover from 2010 to 2011 (target statement in April) and operating profit up "order" 10% off effects.

In a statement released this morning, management also details the performance by division.On the side of its core business, sales service solutions on site (catering services, 95% of the activity), billings were up 5.1% organically, driven by the strong performance of the restoration and services to businesses and governments. "This reflects the dynamism of emerging countries Sodexo," also details the statement said.

Latin America driving growth

As for solutions motivations (gift vouchers, tickets restaurants), there is also a dynamic steady, with sales up 6.2% organically, to 532 million euros. Again, the emerging regions have driven growth, including Latin America, where activity jumped 13.7% of the activity against a withdrawal of 0.9% in Europe.For example, Sodexo won a new contract with the Venezuelan Senate tickets for restaurants, covering 11,150 beneficiaries.

The reaction of the markets this morning is not worrying, investors took some profits after a rise of 13% of the title for four months. More than 18 times earnings estimates for the current fiscal year, the title is rather highly valued, which may also explain the correction on Wednesday.

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