The economic sentiment index for the euro area published by the European Commission rises to 101.3 points in July, against 99.3 in June. It is the highest level since March 2008. The consensus of economists had forecast a flat to 99 points. Nevertheless, inflationary pressures remain subdued.

Increases in this index is due to "more optimistic about the general economic situation and a significant easing fears about the job in Germany, which are descended from 20-4 points, analyzing the Commission. The German unemployment, published also on Thursday, returned to 7.6% in July against 7.7% in June

"There's Germany side, and the rest of Europe on the other," summarizes economists Exane BNP Paribas. In Germany, the economic sentiment has jumped four points to 110.1, its highest level in three years. France is no exception, with an improvement of 2.6 points in the sense of confidence, despite an increase in the number of job seekers in June The Spanish index lost 2.2 points in turn.

Return investment

"The rebound in activity in the euro zone, typical of a recovery phase, due to the need for companies to invest again after a break of two and a half years' analysis does one Exane BNP Paribas. "Having replenished their stocks, companies must renew their equipment.The most telling example: in sectors such as semiconductors and computer overloaded with orders and are seriously under capacity. "

This improving trend in the euro area has also resulted in an increase in retail sales, as measured by the PMI / Markit. In July, the indicator shows the largest monthly increase in two years, "says Markit. "He remains well below the levels of activity in other sectors (industry and services, Ed), but reflects a substantial increase in consumer spending." What promise, according to Markit, a more balanced growth, "pulled the both by domestic demand and exports "in the second half of 2010.

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According to Brussels, the increase in cases of mismanagement is not due to the proliferation of financial crimes in Europe, but better tracking by member states for fraud.

You'd think they were particularly pugnacious this year. Three times as many cases of suspected fraud were detected in the use of agricultural subsidies and twice more for regional grants from 2008. The sums involved amounted respectively to 13.3 million euros and 109 million euros.

Same trend towards aid allocated to countries applying for accession, including the amount of suspected fraud increased from 13 to 57 million euros in 2009.Bulgaria alone has 92% of suspected fraud in the management of a fund dedicated to the modernization of its agriculture. Anomalies in the invoices or purchase orders, payments in cash, big difference between the estimated price of an investment and actual cost … a body of evidence exists to detect the rogue actions.

France, a very good or very bad student?

France is characterized by a number of suspicions of fraud very low. The country has seen 20% of farm subsidies between 2006 and 2009 – which is considerable – but reported only 11 cases of alleged fraud, against 25 for its Belgian neighbor that affects a much leaner about 0.3% of agricultural budget over the same period.

Again, the result can be interpreted in two ways: either France demonstrated exemplary management, or it does not endeavor to transfer cases at issue in Brussels No fax pay day loans. Last summer, Le Parisien had raised such a hare revealing hundreds of millions of euros of aid unduly paid to producers of fruits and vegetables.

France declares little fraud as it says little irregularities. In the latter case, there is no real desire to harm (omission of an invoice for example). In 2009, the country has reported that 127 irregularities in Brussels on agricultural subsidies, which is four times less than Spain.

"We have no evidence but the fact is that France is still reporting a low number of defects in comparison with other member states.The European Commission and the Agency for Combating Fraud Office (OLAF is a kind of European financial police, ed), does not conduct audits in Member States. We must therefore assume that their reporting is accurate and reliable, "says one side of the European Commission.

Despite these shortcomings, the work of Olaf has identified some emblematic fraud. A company based in Luxembourg is ordered to reimburse for example 2 million euros of EU funds have placed in an account offshore instead of investing in the recruitment of a hundred people. In late June, a Bulgarian was sentenced to 12 years in prison for falsifying invoices: he pretended to buy new machines for receiving EU aid. The machines were actually purchased used, which enabled it to illegally gather 7.5 million euros.

LE FIGARO – The morale of your customer shops is it affected by the crisis?

Jean-Charles Naouri – Many signs show that pessimism has worsened. He returned in September 2008, at the peak of the crisis. Because of the crisis of Greek and that of the euro, the fear of job loss has increased and concern about the standard of living reached a record high since 2007.The French prefer the job security of their purchasing power and their careers. This general pessimism is, however disconnected from the real economy, which seems to gradually resume. France is no longer in a situation of danger of deflation, the interest rates are permanently lower a guarantee for the future, and the weak euro is an element of recovery. The figures, including our own business performance, there are better a couple years.

Consumer behavior change it?

We found two relatively recent trends Firstly, in an environment seen as more complex, consumers no longer want it decides for them. They want to regain control over product quality, origin and value for money in particular.Similarly, while far to the client, other consumers were at best indifferent and at worst seen as troublemakers, he now draws more and more choices to their preferences and ratings. This horizontal communication facilitated by the Internet, this new proximity, we must reflect and inspire us to develop relationships with our customers in and outside the store.

How are you adapting?

We have a head start in this area because we have long been close to the heart of our strategy. We could for example indicate, in each point of sale, the preferred products or selling. We already strong commitments on the quality of our products.We reassure our customers, for example about what they buy indicating on the Casino-brand products, in addition to the nutritional use their carbon footprint, or that they are without oil palm and gluten free. We just put in place within the group, a Health Committee attended by several senior experts whose mission is to anticipate health issues and help Casino make good choices on offer. We also test systems dematerialized Innovative allowing customers to share their recommendations.

Hypermarkets Géant Casino continue to lose market share.Are they so essential for the massification of procurement and management of shopping malls you plan to transfer them not to invest in your most promising formats nearby?

I believe in small and medium format hypermarkets (6 000-8 000 square meters), which constitute the backbone of malls. I believe in the relevance of non-food offer in textiles, leisure and household equipment. Casino no reason to separate from Géant. Our superstores are as profitable as those of our competitors, and we set the target that market share has stabilized Géant Casino this year.Remember, also, that 40% of group turnover from international have a double-digit growth in France and the formats most carriers (Franprix, Monoprix supermarket Casino …) know sustained growth, which boosts the overall growth of revenues of Casino.

How is the recovery of your brand discount Leader Price, whose sales fell sharply last year?

This is another priority group in France in 2010. We are very pleased with the sales growth in stores converted to the new concept and we are accelerating the pace of refurbishment of outlets from week to week.

Could you introduce CDiscount stock exchange to accelerate the deleveraging of the group?

This is not the agenda.A listing imposes many constraints on management whose priority now is to continue double-digit growth in turnover. We are the leader, but in a very competitive environment.

Can you imagine Rueducommerce complementarities with the site, which Rally has just 8% of capital?

It is a very minority participation, without presence on the board of directors.

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Angela Merkel defended Tuesday stiffening. "The euro area can only work if we adopt a culture of stability, which means solid finances. (…) For Germany this culture of stability and strength is not negotiable, "Merkel said in an interview given to farm rather several European newspapers.

The sixteen finance ministers of the Eurogroup, and twenty-seven of the EU had the premiere at a double appointment in Brussels.Combative despite a weakened health, the German finance minister, Wolfgang Schauble, surprised his colleagues by questioning the principles they believed acquired for more than a week. Only the Belgian Minister Didier Reynders, ventured to publicly criticize the incoherence of speech come from Berlin.

Debate Lagarde Schauble

Jean-Claude Juncker, the Eurogroup chairman, acknowledged Tuesday that it had to mobilize "patience" during the debate behind closed doors, among others to intercede in the middle of the night between Wolfgang Schauble and Christine Lagarde. Ultimately, the Sixteen were separated without text or definitive agreement on the implementation of the 750 billion the new "European Stability Facility (ESF).Appointment was made on Friday in Brussels, officially in order to tie 'details practices and legal issues " payday loan lenders.

It is still the control exercised by the Federal Parliament is the heart of the debate. At the launch of the ESF, nine days ago, Germany's partners – including France – have understood that the Bundestag would have something to say once, to vote en bloc from the German plan for stabilizing euro. To the astonishment of his colleagues, Wolfgang Schauble has just announced that German MPs intend to vote each time a country in trouble will come from ticket sales, or for each disbursement."The game is not over," says a German source.

In practice, Berlin wants to have a veto at every stage of the process and content of any austerity plan submitted by a country strangled by debt. In the letter, Germany does not come back on his word. The ESF is European in name only, it is in fact an intergovernmental body to sixteen, with a headquarters in Luxembourg and a board of directors. By law, each country is free to make decisions according to the political career of his choice. "For Germany, this procedure should be a German," the source added.

This decision represents a reversal. In 2007, when Euronext was to choose a partner from the U.S. NYSE and German Deutsche Borse, the group preferred the former because it does not recognize himself in the vertical integration model of the second. The trade of the stock market is indeed a value chain in three stages: the "place" where exchange transactions are carried out, the clearinghouse that records and transactions settlement. Euronext is an operator to date, business-focused transactions.In developing its own clearing houses, goes up the value chain.

This shift fits by NYSE Euronext in the times of political and strategic place in Paris where it argues for the existence of localized market infrastructures in the euro zone. However, compensation is dominated by LCH Clearnet and by great American actors as DTCC. This business is also known to have an increasing role in securing the derivatives market: everywhere regulators are considering forcing a maximum of derivative transactions to go through clearing houses, thereby reducing the counterparty risk of potential systemic transactions.

Another reason, however, pushes NYSE Euronext to expand its field of activity.While its historical business transaction is fierce price competition from entering the competition at alternative platforms in Europe, the conditions are much less harsh on the job of clearing. In short, the incumbent, shaken by the loss of its monopoly, will seek margins where they still exist …

"The lowering of the rating reflects the intensification of fiscal challenge, caused by poor economic forecasts and a higher cost of debt," Fitch justified. Interest rates on debt Greek surged beyond the 7.5% Thursday in a volatile market but very few shares traded flexcheck cash advance. The markets are testing the limits of patience of the Greek government and wants to know he will decide to use the European rescue plan.

The increasing volatility on the Greek government bond market also forces many investors to withdraw.

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"SPECIAL CASE – Greece, a challenge for Europe

Lyon is making the race lead with a budget of 192 million euros (2008-2009), whose 68 million generated by TV rights and 22.4 million by the ticket booth. The club Rhone-Alps with OM is the only French club now in the TOP 20 training richest in the world, published annually by Deloitte.

For its part, Bordeaux and its 100 million euro budget for 2010 could soon make its entry into the elite of European football, but it is far behind the giants Real Madrid, Manchester United, Barcelona or Chelsea. Again it is the TV rights which constitute the main income of the club (60%).As for ticketing revenue, they are directly impacted by the size of the Stade Chaban-Delmas and do not exceed 11 million euros.

Partnerships

It's July 1 comes into force the new sponsorship agreement between the club Jean-Michel Aulas and equipment supplier Adidas.Concluded for 5 years he would turn around 80 to 100 million euros over the period and should allow the team to move up a gear in terms of merchandising: Jean-Michel Aulas expects an annual pace of 500,000 jerseys sold (He would then par with the OM, also under contract with Adidas, and sold 450,000 jerseys, but a little behind Bordeaux and its 100,000 coats supplied by Puma).

While partnerships in 2008-2009 accounted for some 21 million euros and derivatives nearly 28 million, the club Lyon announced the imminent signing of three major sponsors, including the site of paris online Betclic which can not be displayed on the OL given the French legislation on online gaming – and a French institution that would make its entry in football.Near Bordeaux, the club saw its eleventh year in the bosom of "the little chain that goes," M6, which since 1999 provides managerial stability and sound financial management faxless pay day loans.

Wages

Despite their good results at continental or Lyon or Bordeaux will have the means to recruit elements of the first rank, those whose annual earnings exceed 10 million euros. As an indication, the highest paid player in Ligue 1, Lyon Lisandro Lopez, receives nearly 425,000 euros per month. Before him, another lyonnais, Karim Benzema, who left last summer to Real Madrid, who led the dance with 400,000 euros. This season, Lisandro is followed by Bordeaux, Yoan Gourcuff, which exceeds 300 000.Lisandro and Gourcuff, both players are also records for transfer to their respective clubs: 24 million euros for the first 13.5 million for the second. Side coach advantage in Lyon and Claude Puel, which would come to 230 000 euros.

Stadiums

This is the major project of Jean-Michel Aulas for years to come: give his club a major speaker to succeed the venerable Stade Gerland. The new stadium with a capacity of approximately 62 000 places (cons 40 000 currently), has announced a long time, but all administrative barriers are not removed. In the best case, it would open its doors in 2013. In economic terms, with more than 6 000 seats available in the VIP cons less than 2,000 today – the gain is considerable. Besides this arena is expected to be the epicenter of a vast complex dedicated to business and leisure.In Bordeaux, the City Council passed earlier this year the principle of building a new stadium, budgeted at between 160 and 200 million euros, with over 40,000 seats in the key. A deadline was set: the European Championship of Nations in 2016, that France would welcome them.

"The major buyers French do not play the card of their industrial sector, which blocks the investment process, denouncing Vincent Schramm, CEO of Union business of technology and production (Symop). The organization of work in production chain, inducing greater solidarity between large corporations and their suppliers is a major theme of the General Industry. "To minimize production costs, the major buyers struggling to lower their purchase price and to encourage the relocation.They do not take into account the costs, like transportation, non-quality costs of monitoring … "adds Didier Bouvet, Director of Industry area in Bucci, a manufacturer of industrial robots. Instead, the big German companies to ensure their subcontractors markets for several years, re-creating a virtuous circle of local industrial production.

"In France, a supplier may lose its biggest customer overnight, without notice, regardless of financial risk taking. How an employer can invest calmly in such conditions without exposure to medium term? "Asks Didier Bouvet. However, the automation is a key to competitiveness that can withstand competition from Asia. "The owners of PMI are often reluctant to robotize to preserve employment.In the long term it's a miscalculation, "said Vincent Schramm.

Robots: the late French

A study conducted for the Directorate General of competitiveness, industry and services (DGCIS) and Symop highlights the backwardness of French companies in the field of robotics. They are six times less robotic than their German and two to three times less than the Italian.

Park French industrial robots is between 17 and 18 years on average as against 10 in Germany, which further increases the competitiveness gap. However, since 1990 the price of a robot has fallen from 80% to 50 000 in average (130 000 taking into account all installation costs). In addition, 63% of robots are used by the principals of the automobile. Only one third of the 34 500 robots used in France are by companies with fewer than 1 000 employees.

Moreover, "the French PMI can still make many gains in productivity, argues Didier Bouvet. For example, the establishment of a production line and not through workshops can achieve significant gains. "Payroll taxes, nearly two times higher in France than in Germany (42.2% against 23 , 20%) are far from the only explanation for differences in industrial performance between the two countries.

"In the beginning of this year's event takes off. I am announcing that we will revise upwards our growth rate during the presentation of the budget law on investment for the future, next week, "said Francois Fillon. "I think we will not be far from doubling our last official forecast, which was 0.75%. The government is coming close to economists' forecasts.Deutsche Bank expects growth of 1.5% in France this year.

"Keep strict state spending"

The Prime Minister also made a sign towards the financial community. He promised that he would present "in the coming weeks our overall strategy of leaving the zone of excessive deficit by 2013, indicating the conference organized deficit late January.

"We will continue to take strict state spending: already in 2009, these costs will ultimately be slightly below the ceiling which had been voted by Parliament," he argues."For 2010 we have also decided that the interest burden of the investment program (large loan) will be offset by an equivalent reduction in state spending."

The rating agencies have repeatedly warned Paris that he must submit a strategy of rapid reversal of deficits and debt.

The Economy Minister Christine Lagarde announced late December that France knew "a slight recovery" and that growth in the fourth quarter 2009 is expected to be slightly above the 0.3% recorded in the third.

"See also: Debt: France, no better than Spain

"Stiglitz:" The deficits are not a problem "

"2009 and 2010, years deficit

The index futures on Dow Jones are 0.87%, to 10,518.28 points. The Future S & P 500 gained 1.02% at 1126.5 points, and Nasdaq 100 future, less shy, wins 1.37%, to 2300.13 points points.

Earlier this morning, Asian stock markets have evolved piecemeal. But the Nikkei in Tokyo was able to distinguish themselves, rising 1.03%, buoyed by the rebound of Japan Airlines.Manufacturing activity in China continued to rise in December for the 10th consecutive according Index Purchasing Managers (PMI) Chinese official on Friday.

Wednesday Specifically, the ISM will release the same survey the rest of the economy.

During the rest of the week, investors will turn their attention to the minutes of the Fed in December. The debate could be sharp: the report should provide explanations on the choice of means and proposed guidance on the timing of the implementation of drainage of excess liquidity."Considered the first phase of" normalization "of monetary policy, removal of masses of liquidity injected to address the financial crisis will be interpreted as a scout for the first increase in rates," continued strategists.

Will also be peeled, the employment figures in the month of December (Thursday), following the upturn in November.The state's housing market (sales promises Tuesday) and construction costs.

The euro accentuated its gains against the dollar Monday amid European exchanges in a renewed interest in risky investments, while confidence in the strength and sustainability of the economic recovery is enhanced by a good indicator for Europe.

Lower costs at Wal-Mart

The oil companies Chevron (1.89% to 78.45 dollars) and ExxonMobil (1.02% to 68.88 dollars) involved in the rise in the Dow Jones, while a barrel of oil rose from 1 about $ 60 on Monday to 81.46 dollars.

Alcon (-2.64% to $ 160): The Swiss pharmaceutical group Novartis announced this morning have purchased an additional 52% stake in Alcon from food giant Nestle for $ 28.1 billion.

Chesapeake (+5.49% to 27.3 dollars), which was created with the French Total group a joint venture through which Total will contribute to Chesapeake for the acquisition of 25% of the portfolio in the U.S. the Barnett Shale, a $ 800 million to finalize the deal, signed December 30.

Kraft Foods (+0.18% to 27.23 dollars): The giant U.S. food would consider raising the hostile bid it has made since last November 9 to get their hands on Cadbury, the British weekly Britain's Sunday Times.

Wal-Mart (2.12% to 3.86 dollars). The head of Wal-Mart's Eduardo Castro-Wright, has announced its intention to reduce its costs in the Financial Times. The official estimated that the costs could be reduced by 5% to 15% in five years.