Wall Street should be on guard before the Fed

Wall Street holds its breath. In the wake of a sharp drop in session, and two hours of opening, the contracts are in equilibrium on the Dow Jones (+0.03% to 11,134 points), Nasdaq (0.09 % to 2113 points) and the S & P (+0.02% to 1157 points).

As in Europe and Asia this morning, the New York Stock Exchange on Friday waiting to learn more about the measures to be taken by the Fed to support the U.S. economy threatened by recession. Ben Bernanke, head of the institution, will speak Friday at 4:00 p.m. (French time) to his counterparts at the traditional central bankers in Jackson Hole Symposium, Wyoming. The Fed could launch a new program of quantitative easing, but many stakeholders are concerned that expectations may be disappointed.However, "if Ben Bernanke said that the need for further action is not obvious, it means that the economic outlook is less black than starting to think many investors, 'the economists broker Aurel BGC.

GDP in the menu

Before this appointment, investors will read the second estimate of GDP for the second quarter (14.30), the first being very disappointed. Growth could however be further revised down 0.2 point to 1.1% annual rate. The second estimate of the index of consumer sentiment in August is also the program cheap credit report.

As for currencies, the euro resumed slightly against the dollar to a few hours of the speech of Ben Bernanke. Around 11 am, the euro was worth 1.4440 dollars against 1.4378 dollars on Thursday in 21 hours. The wait also dominates the side of the oil markets.A barrel of Brent North Sea crude for October delivery was trading at 110.25 dollars on the Intercontinental Exchange (ICE) in London, down 37 cents, while in electronic trading on the New York Mercantile Exchange, a barrel of "light sweet crude" (WTI) for the same maturity lost 35 cents to 84.95 dollars.

Values ​​of the day

On the corporate side, Tiffany, Madison Square Garden, Frontline and Royal Bank of Canada must publish.

HollyFrontier reported a dividend increase of 17% to 8.75 cents.MTS Systems also announced a 25% increase in its quarterly dividend.

Pandora Internet Radio, which made its IPO in June, on Thursday posted a net loss of $ 3.18 million in the second quarter of its fiscal year lag, and a turnover more than doubled, exceeding analysts' expectations.

Krispy Kreme Doughnuts has reported a quarterly profit of $ 8.8 million or 12 cents per share against 2.2 million a year earlier. Sales jumped 11% to $ 97.9 million.

The ECB tries to curb the contagion in the euro zone

The European Central Bank (ECB), despite her savior. The guardian of the euro is forced on Monday to intervene in markets to prevent contagion from the crisis of debt to two heavyweights in the euro area as are Spain and Italy. As she had said on Sunday, she started to redeem debt securities of these countries at the opening of stock exchanges in order to lower interest rates.

The effect of this action, has long been demanded by the markets was immediate. At 9:15, interest rates fell back to 10 years at 5.417% against 6.189% Friday. The cost of credit to ten years on the Spanish debt followed the same path, to 5.285% against 6.271% at the end of last week. The agents of the ECB "operations are 20 to 25 million euros over the entire market.We expect that interventions will reach one billion in the order of the day, "said one trader.

For now, the ECB does not need to intervene heavily to turn the trend. "The rates were very high last week, there was little trading volume. So when the ECB came into action, it does not take much to return to the market, "said Cyril Beuzit. "If this continues, the ECB would have to increase the volume of its purchases until the States of the euro take over, to the best end of September."

If the ECB has reluctantly restarted its buyback program, it is against the involvement of European capitals to accelerate the implementation of the reform adopted at the last summit in late July fast cash loans. Friday night, Rome decided to accelerate its austerity plan.The ECB have also sent a list of conditions to the Italian government to help him. Sunday, Paris and Berlin and had to reaffirm that States would take over from the ECB by the end of September. At that time, the new version of the European financial stability to intervene in the markets, should be passed by national parliaments. In the best case.

Divisions within the ECB?

"Certainly, the markets will test the will by then the ECB warns Cyril Beuzit. We think it may surprise by intervening massively, even if the tools are not cut out for that. "Still, the central bank is torn internally. Thursday, representatives of the Netherlands, Finland, Austria and Germany at the ECB executive board voted against any intervention in favor of Italy and Spain.

Sunday's decision has probably not been taken unanimously, advance Gilles Moec economist at Deutsche Bank: "It depends how far the opponents of the ECB are ready to go. If they are ready to submit their resignation in the balance, and only in this case, the lack of unanimity may be a problem. "Considered a risk, however small the economist.

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Nuclear RWE and EON angry and France under pressure

The German government "plays with the competitiveness" of the country by accelerating the dropping of the atom civilian judge the boss's number two Germany's RWE, the megaphones and nuclear. Juergen Grossmann said that Germany wants "a future without major international groups in the energy sector," it said in the daily newspaper Bild on Wednesday in reaction to the decision of the German state of halt atomic energy by 2022.

For its part, the country's leading sector, EON, warned he would sue the position of Chancellor Angela Merkel to accelerate the abandonment of nuclear energy, and in particular not to abandon the tax nuclear fuel, saying that this tax "raises legal."The tax was created as a part-cons to a longer than twelve years of the life of the 17 nuclear reactors in Germany, decided last year and then canceled in a hurry after the disaster of Fukushima. She must report 2.3 billion euros per year in the German state. Proceeding in the same sense that Jürgen Grossmann, the group has also ensured that such decisions penalize investments in renewables and disability meet its European competitors.

A meeting Thursday, June 9 in France

In France, the pressure rises. On Wednesday morning, the Energy Minister Eric Besson announced on 9 June a meeting of the energy system to assess the consequences of the German decision. He acknowledged that France Info France would be affected "in the short term," deprived of a source of imports, when drought increases the need for electricity."The immediate halt of the seven nuclear plants in Germany removes about 10% of its electricity production", which means that "Germany will no longer be able to export, or much less," said Eric Besson.

The minister also said that delaying the opening of the public inquiry into the proposed EPR nuclear reactor Penly – it was to open on Wednesday 1 June – did not mean a "stop the process of public inquiry to Penly, recalling that President Nicolas Sarkozy had reaffirmed the nuclear option.

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Stock Exchange: luxury won by Hong Kong

"Asia, the Mecca of luxury groups. This could be the slogan applied to Gucci, Prada, Burberry, Hermes, Dior and others at the end of the financial and economic crisis that has shaken the past three years the global economy. For all these companies, if they were not spared by the crisis, have largely absorbed the shock by taking advantage of the growing appetite of Asian markets for luxury, chic, and know-how almost craft of some European countries.

This appetite, the luxury sector was well integrated, making the Asian market including China and Japan, their main growth drivers. For example, the French LVMH in 2010 from nearly 35% of its turnover in Asia (25% excluding Japan).In the first quarter 2011, excluding sales of the Japanese archipelago (affected by the tsunami on 11 March), billings Asian group Bernard Arnault grew 24% and 30% on the only Chinese territory.

Finally, by 2015, China should be the first global luxury goods market in all sectors according to consulting firm Pricewaterhouse Coopers. And to develop there, Western societies today are choosing bulk of trading in Hong Kong, the gateway to become known in China. "With its historical heritage, the Hong Kong is much more attractive than that of Shanghai, details of William Corbiac, emerging equities manager at Axa IM. It is much more liquid, accounting standards are long Anglo-Saxon, there are many financial analysts, fewer permissions and cheaper.In Hong Kong, Western investors feel almost like home. "

Making a name

This is the typical case of American Coach, specializing in accessories (shoes, bags, sunglasses, jewelry …) who announced in early May will be doubling its side by the end of the year, Stock Exchange of Hong Kong and its place of origin, New York. For all the luxury groups, for historical reasons or qualitative, not in Asia have the notoriety of LVMH or Hermes. The goal of Coach is clearly stated: "better brand awareness among consumers and investors in the Chinese market and throughout Asia," according to its CEO Lew Frankfort said in a statement.

This Friday, the luxury goods group Burberry has come to swell the ranks of contenders.Already present in London Stock Exchange, the British group would try to seek a listing in Hong Kong by Hong Kong Economic Journal, to "increase the interest of Asian investors."

The idea is not new. "Many Chinese entrepreneurial companies, including Internet companies and in renewable energy, are parties in the 2000s to seek a listing on Wall Street to take advantage of both technologies and to conquer the U.S. market, said William of Corbiac. We can now do the exact parallel with these Western groups visionary who want to be closer to the markets they want to grow cash advance loan no fax. " A listed company must indeed comply with the requirements of disclosure and / or related to its activity, which increases its exposure to the media and therefore the general public.What support development activity in new geographical area. A strategy that seems to have also adopted in another sector, BNP Paribas. Initially, the French bank will not undertake a capital increase at its eventual listing and just want to "enjoy a better visibility in China."

A significant influx of capital

But watch it only as a matter of image. For BNP Paribas may, in a second time, make an appeal for funds on the Hong Kong site, thus killing two birds with one stone. For their part, the intruding Western luxury brands in Hong Kong are also looking to take advantage of capital and investors who flock to this place. In 2010, according to data from PricewatershouseCoopers, nearly 45 billion euros have been raised, an increase of almost 80% over one year.And for 2011, the firm estimated 30 billion funds in Hong Kong through introductions. A total of one hundred companies are entering the stock each year, more than half are Chinese.

This is the case of the Italian Prada, which recently received the green light from authorities in Hong Kong market. Pending the final IPO price (June 16) and the introduction scheduled for 24 June, the Italian company hopes to raise about 2 billion dollars (1.4 billion euros). After three failed attempts, Prada therefore preferred to Hong Kong to Milan, saying "better" opportunities offered by the international capital market.

Before her, and with the same motivations, the French L'Occitane has chosen Hong Kong to make his first public offering, there is just one year.One way for the group operating on the cosmetics market is very dynamic in Asia and almost treated as a luxury brand, to raise 532 million euros. What repay debt and finance part of its development. This gamble on the brand image now appears successful, while Reinold Geiger, President of L'Occitane, explained that he initially had great difficulty to prevail in Taiwan and Hong Kong. And for investors who subscribed to the introduction, the operation has also been very positive, because despite the turbulent early sessions, the stock rose over 30% year on year.

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ICL plans to enter free

LCI she will soon be a free DTT channel? The matter is under study in TF1 wants to preserve one of its jewels. The first group of private television has quietly begun consulting the public to know under what conditions this could be changing.

The proposed solution is the demand in good and due form the High Council of Audiovisual (CSA) changes of the Convention on LCI pay channel free channel. What embarrasses the regulator, because the operation is not without risk and "give rise to litigation," promises an expert of the file.

TF1 pleads for the public interest and diversity of information in television. But critics denounce them, "a substantial modification if it completely changes the LCI media landscape." And everybody will go before the State Council.Government side, we observe with interest the maneuver. The State has to settle the sensitive issue of bonus channels, the passage of free LCI could be a good way to calm the war between TF1, M6 and Canal + since it unveiled its draft Canal20 free channel. In exchange for the rescue of LCI, TF1 calm his opposition to the arrival of new competitors.

Finding new advertising revenue

Canal + has been very clear. This is not about to pay 15 million euros per year for LCI is only CanalSat. Bertrand Meheut, CEO of Canal + 'the info is now free. " Canal + in fact no longer wants to put money on the table to distribute news channel competing with its own channel i-Tele. According to observers, Canal + could just pay 2 million euros per year. This will leave a hole in the finances of LCI.Especially as Numericable is preparing, in turn, reduce by half the fee of 5 million. Consequently, LCI, which is already losing 5.8 million euros for a turnover of 42.7 million must find the money. The news channel is currently negotiating distribution for all IPTV operators but this is not enough to offset the loss of the amount of Canal +.

If LCI chooses to stay free, we must find twenty million of additional advertising revenue to balance its accounts. But the market is crowded by BFM TV which has a total turnover of 34.5 million euros and i-Tele.

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The executive employment rebounded with the recovery

Virtuous circle. According to the Quarterly Business Tendency note published today by the Association for the use of frameworks (APEC), the upturn in the market for the employment of executives, up 10% yoy in the first quarter, will persist throughout the year. "This should result in increased recruitment of executives between 3% and 10% on the year," welcomes APEC. More than one in two firms planning to hire at least one frame in the second quarter of 2011, or 10 points higher than last year, and 17 points more than two years ago, during an economic crisis.Levels of recruitment have found their rhythm early 2008.

Graduates or experienced managers

Almost all sectors benefit from this improvement, including industry (59% of companies in this sector have recruited at least one frame during the first three months of the year, or 12 points higher than a year ago) , engineering, R & D (86%), consulting and business services (55%) and computer services (90%). Only construction and medico-social results show lower than last year at the same time, "although the outlook remains favorable to recruit" Apec shade.

If young professionals with several years of experience are always' the prime target for recruiters, "a beautiful part will also be reserved for graduates and highly experienced executives, unloved in recent years.Hiring intentions are regarding the effect on net increase over last year: nearly one in two firms who will recruit in the second quarter and has given his chance at a fresh graduate or a manager over twenty years of experience payday loan lenders. Be, respectively, increases of 14 and 11 points in one year.

48 applications per offer

Recruitment target mostly business executives (42%). But the improvement in the industry will also lead to increased recruitment in specialized functions of production sites and technical services such as maintenance, procurement and quality.Technical studies, especially popular in engineering and R & D progress on these six points in one year to reach one in four businesses now.

Replacement of departures (for retirement, resignation …) remains the main explanation envisaged recruitment (41% of cases). But more than a third of firms cite as the business development as the main reason for recruitment.

Last sign of a strengthening labor market frameworks: a job entrusted to Apec has generated, on average, 48 applications during the third quarter of 2010. Ten less in a year. Employers are more likely to report difficulties in finding suitable candidates – 61% against 55% last year – even if the trend is still to longer delays in recruitment.The share of hires still being three to six months after the publication of the offer is stable at 23%. And this especially in functions where the offerings attracts fewer candidates: computer (72% recruitment difficult), and R & D studies (68%) and industrial production (67%).

The CAC 40 lost on the week of 2%

Parisian investors remained very cautious this weekend. After playing with a yo-yo around the figure of 4,000 points, the CAC 40termine on a tentative increase of 0.10% to 3974.48 points. The market remains cautious, with a somewhat expanded level of transactions to 3.5 billion euros.

In London the FTSE-100 index ended on a sharper increase of 0.54% to 5996.01 points. The DAX index of the Frankfurt Stock Exchange also ended with a gain of 0.44% to 7178.29 points.

After opening in the green, the benchmark index in Paris was retaken in negative territory, before settling at 3969 points (-0.04%) in mid-session, uncertain before the publication of a series of macroeconomic statistics both sides of the Atlantic.Furthermore, the return on debt fears of countries in the eurozone, Greece and Ireland head resurfaced, while the rating agency Moody's has once again degrade the debt of Ireland, lowering two notches.

Yesterday, the CAC 40 dropped below the symbolic threshold of 4,000 points, accelerating losses in mid-session and closing down 0.90%, weighed down by disappointing figures for employment and inflation across the Atlantic and especially the fears about a possible debt restructuring, Greek, and the persistent inflationary pressures. Over the entire week, the CAC 40 lost 2.15%.

Asian stock markets have evolved in concert, all in the red after disturbing to Chinese statistics.

Dominant macroeconomic

In this context, corporate and macroeconomic news, very rich on Friday, has monopolized the attention of investors, especially with inflation thematic publications on the subject in the eurozone and the U.S..

Macroeconomic side effect, investors have learned from Paris 8:45 numbers of new businesses in France. In March, they rose by 11.2% over the month, according to figures released by INSEE.A total of 52.819 companies were created during the period, against 47,501 the previous month.

The Paris markets were then alert in the morning, the foreign trade figures for the eurozone in February, marked by a trade deficit of 1.5 billion euros in February, and those of inflation for the month March, revised up to 2.7% (against 2.6% before).

Overseas, the index of consumer prices, published by the Labor Department, up 0.5% from the previous month, seasonally adjusted data, unchanged from February, when the inflation on a month reached its highest level since September 2008.

The Empire State Index said was also expected: it appears to 21.7 in March and 17.50 against 16.90 expected by economists.Industrial activity in the State of New York in April saw its strongest growth this year and under-employment index is at its highest since May 2004, announced the Federal Reserve Bank of New York.

Other major U.S. index published on Friday, industrial production rose 0.8% in March, supported by the rebound in activity in the production of electricity and the strength of the manufacturing sector. Economists on average had expected a rise of 0.5%. Finally, the morale of American households began using this index of consumer confidence from the University of Michigan he moved temporarily to 69.6 for April, while analysts were expecting the decline.

After beginning the week down sharply, oil prices also encourages caution on the Paris exchange. It took off again for two days in the wake of a weakening dollar.In morning Asian electronic trading, a barrel of light sweet crude for May delivery took 38 cents to 108.49 dollars before settling at 108.11 dollars in mid-day. About 18 hours, it reached 109.42 dollars, up 1.19%.

As for currencies, the euro was down against the dollar on Friday. About 18 hours, the euro bought 1.4446 dollars, down from 0.28%.Monday and Wednesday, the European single currency reached 1.4520 dollars, its highest since Jan. 14, 2010.

A battery of turnover in the crosshairs

The side of values, the news is microeconomic richer because of early publication of the turnover of the companies under their first trimester no fax payday loan.

Penalized by the continuing crisis in the euro area, the banks, including BNP Paribas (-1.03% to 52.10 euros) and Societe Generale (-0.90% to 45.225 euros), weighed heavily on the CAC 40.Crédit Agricole lost 1.87% to 11.255 euros, thus completing the second biggest drop of the ACC behind Renault and Natixis 1.66% to 3.962 euros. The unexpected drop in quarterly earnings from Bank of America also weighed on the banking sector.

Conversely, L'Oreal (1.97% to 83.89 euros) signs the largest increase in the CAC 40 in front of Danone (1.76% to 48.595 euros).The latter has the highest gain on the week (3.71%).

Schneider Electric (-0.14% to 109.85 euros) tumbled 9.55% on the entire week. The group has repeatedly denied rumors of any rapprochement with Tyco International.

Sanofi-Aventis: + 1.35%, to 51.86 euros

The lab announced that clinical data from phase II and five years on its positive product alemtuzumab in multiple sclerosis.In addition, the group was looking to divest activities in the U.S. dermatology.

GDF SUEZ: + 0.52%, to 27.235 euros

A consortium of CNP Assurances (-1.32% to 15.36 euros) and the Caisse des Depots (CDC) conducts advanced talks to buy back 25% of GRTgaz, the structure which manages the pipeline of GDF Suez in France for 1.1 billion euros, announced the two parties.

Carrefour: -1.40% to 30.60 euros

The supermarket group has not convinced investors on Thursday confirmed its objectives for 2011, after a quarterly sales in line with expectations.Emerging countries (Asia and Latin America) have offset sluggish activity in Europe.

Alcatel-Lucent: -0.94%, to 4.113 euros

The group plans to sell its division of marketing of mobile and telecom equipment companies, said on Thursday from three sources familiar with the matter, confirming a report in the Wall Street Journal.

Total: + 0.08%, to 41.675 euros

The oil giant said Thursday a proposed purchase of half the capital Tenesol it does not already own at EDF, excluding overseas operations, in order to develop solar energy.

Assystem: -0.12%, to 16.63 euros

The group was in exclusive talks to buy back the family group of services to engineering MPH (90 million euros in turnover in 2010), allowing it to develop in the oil and gas sector.

Rhodia: 0.05%, to 31.315 euros

The specialty chemicals announced Thursday a plan to divest its activities Novacap salicylate and paracetamol.The title remains aligned with the price of the takeover offer (31.60 euros) launched by the Belgian Solvay April 4 last.

Pierre & Vacances: -4.05% to 60.10 euros

The group announced Thursday that bookings for its European division were "broadly comparable" to that of last year, after increasing its half-year sales.

Mercialys: -0.05% to 28.120 euros

Casino Land subsidiary, announced a 7.1% growth of its rental income in the first quarter to 35.9 million euros, up 5.0% in rents charged.

Stallergènes: + 0.19%, to 58.22 euros

The pharmaceutical company specializing in the treatment of allergies, has announced an increase of 12% of its quarterly revenue and said it could raise its growth target of 5 to 7% of its annual sales in light of its interim results .

Eiffage: -0.39%, to 42.96 euros

The Réseau Ferré de France (RFF) announced Thursday it had confirmed the final allocation to the group's contract to build the high speed line (HSL) Bretagne-Pays de la Loire, with a view to coming into force in summer .

Note that Aéroports de Paris (1.25% to 62.32 euros) will release the figures after market air traffic for the month of March.

Carrefour success of the strike, the talks will resume

Unions are rather relieved. After fears Friday that their call for the strike falls flat, following the announcement last minute by the management to reopen salary negotiations, they have welcomed a widely followed mobilization Saturday. Employees hypermarket distribution group were in fact called by four unions to strike on April 9 to protest among other things against salary increases for 2011, considered insufficient. The appeal was launched in late March by the FGTA-FP, the majority union at Carrefour (with more than 45% representation), and supported by the CGT, CFDT and CGC.

In total, employees of French retail group came to mass protest around the shops in this traditional day of great crowds in hypermarkets.According to estimates by trade unions, the movement has been widely followed (50 to 85% of striking workers) in 130 of 203 hypermarkets in the group. Over thirty sites have been completely blocked, preventing access of employees supermarkets. Even when they were not completely blocked, the strike rate has varied between 30% to 85% as estimated by Dejan Terglav, general secretary of the FO-FGTA reported by AFP. "The regions have been mobilized over the North Brittany and the Centre", said the unionist. When contacted, the management of Carrefour has not confirmed those numbers, ensuring that all supermarkets remained open and were greeted customers.

Union representatives Friday morning anticipating a high rate of mobilization of employees. A rare occurrence in a group unaccustomed to large-scale social movements."Especially since the announcement of the reopening of Carrefour wage negotiations Wednesday could deter some people from coming forward. But reopening negotiations, it does not mean to succeed "insisted Dejan Terglav.

"It's a movement that looks pretty memorable," confirmed Frank Gaulin, Steward central CGT. For his part Frank Gaulin central CGT union representative called the move "memorable" and hoped that "management sees fit." Jean-Claude Mailly, secretary general of the Workers' Force (FOR), came Saturday to support the movement at the site of Le Mans, on strike for 80%. "People want a redistribution within companies.When they are unwilling to do that, there is a strike, "said union leader, also claims that" a device to make compulsory the transport allowance in all enterprises. "

Insufficient wage increase

While management offers its employees a 1% increase in wages to March 1 and another 1% increase on 1 October, union officials estimate that these proposals do not cover inflation announced by 2% instant payday loans. "I do not really represents only 1% over the year," says a leaflet distributed by the FGTA-FO, which requests that the increases are decided once a year. The promise of recovery to 10% (against 7% previously) discounts on purchases of stores, and the announcement of the reopening of negotiations next Wednesday, will not suffice to bring back the union leaders on their decision.

Indeed, beyond wages, discomfort is increasingly strong-side conditions of use and new methods of work since arriving at the head of the group of Swedish Lars Olofsson, in January 2009. In total, FGTA-FO amounted to 10,000 the number of jobs cut since 5 years, and denounced a "new business model based on night work generalized ultra simplified workflow and increased employee stress .

The union also stipulates that future negotiations with management will not only wages and, even in case of high wage increase, it will not bend on the claims concerning the improvement of working conditions.

Opposition to the plans of division

While President Nicolas Sarkozy on Thursday expressed its willingness to link salaries to dividends, the unions could ask for more support for their speeches. For the third and final major demand, workers are opposed to the division by trading in the subsidiary Dia hard discount and the 25% of the land Carrefour Property. According to unions, these purely financial transactions would bring six billion euros to the two main shareholders, Bernard Arnault and Colony Capital (14% stake and 20% of voting rights between them).

In the words of Dejan Terglav in Les Echos reported on Friday, the organization also wants the Mutual Fund Business (CIPF) 'vote against the division (at the next general meeting of June 21 ed.)CIPF owns approximately 1.33% of the shares but the double voting rights "said the union leader. Bringing to nearly 4% the number of shareholders opposed the project, with the fund Knight Vinke (more than 1% of capital). But for now insufficient to meet a third of votes needed to derail the project.

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BPCE has fully reimbursed the state aid

The schedule has been respected. BPCE announced Thursday it had fully reimbursed the state. Perol, the CEO of the institution, committed during the presentation of its annual results on a closure of the transaction by the end of March. In detail, the Treasury BPCE bought 1.2 billion euros of its preferred shares and 1 billion euros of hybrid debt securities.

In 2010, the group merged the Savings and Banques Populaires, said it earned 3.6 billion euros. Is this good result, seven times higher than that reached in 2009, which allowed him to repay the last installment. In total, the group received $ 7.1 billion in capital for the state: Before the merger, the Savings and Popular banks had received respectively 2.2 billion and 1.9 billion euros in the form of hybrid debt securities.A group creation BPCE in early August 2009, Bercy brought additional 3 billion euros by investing in preference shares. Public support was not gratuitous. The bank's remuneration in the form of state interest and dividends and the total capital injection it will cost 815 million euros.

At the heart of the financial crisis, all French banks had benefited from a $ 19.8 billion. Crédit Mutuel-CIC (1.2 billion), BNP Paribas (5.1 billion), Societe Generale (3.4 billion) and Credit Agricole (3 billion) had all returned to the fall of 2009 the funds loaned by Bercy .

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Renault management is increasingly isolated

How far will go the extravagant case of industrial espionage that poisons every day Renault? In the wake of testimony by Patrick Pelata has acknowledged for the first time in Le Figaro, "a number of elements lead us to doubt" and mentioned the idea of a "manipulation" before turning his position as Chief Operating Officer on the spot, the reactions have little overdue. They have mostly endorsed what looks like a sacrifice programmed. Friday morning, Christine Lagarde has considered the No. 2 company "had the dignity to indicate that he might be mistaken, and that if it was proved he was mistaken, he would draw all the consequences. ""I think it's worthy" by Patrick Pelata, said Minister of Economy in claiming that "we arrive at the truth, it gets there quickly, if the suspicions were unfounded, justice, confidence is restored and compensation is paid. "

In the same vein, his counterpart for Industry, Eric Besson, has confirmed that management problems are posed "if it is the manipulation hypothesis, which dominates in the end." Before adding: "I also noted that Mr. Pelata, very dignified and quite logically, has already warned that he would draw the conclusions for himself." Finally, the Elysee does not hide his irritation."This case, bad for the image of the company, not the show great professionalism," has dealt a collaborator of Nicolas Sarkozy.

• The direction of the group's safety should she not slipped by using methods of spooks?

The internal investigation, legal "point of French law", as claimed by Patrick Pelata, was conducted by a team composed of fairly baroque Remi Loincloth, formerly of the DGSE, Marc Tixador, the former PJ Versailles, and Dominique Gevrey defector from the Directorate of Protection and Security of Defense (DPSD) readily described as a "central figure" in this story. Like a bad spy novel, a sum of 100,000 euros has transited into five payments last fall in Madrid via L. Michel, a former paratrooper became a private investigator.

Agreeing to play the "biller for the defense of French interests," it is simply a "short circuit" used to confuse the trail to a mysterious Mabrouk and "external source" who reportedly discovered ghostly accounts opened in Switzerland and Liechtenstein by the three executives on suspicion of espionage. Since this information just communicated orally, have been questioned, the manufacturer does not even seem able to identify his "deep throat": the only employee of security service who knows stubbornly refuses to cooperate. To protect at all costs or to hide an embezzlement to the detriment of Renault? As a confession, Patrick Pelata conceded: "We erred in not involving the DCRI earlier."

• What are the collateral damage to Renault?

The damage in terms of image are significant.While the group had been traumatized by the suicide of three employees of Guyancourt Technocentre late 2006-early 2007, serious questions arise again on his management style. Renault seems to be a company where one can accuse and dismiss employees without evidence, solely on the basis of anonymous testimony. This case falls ill while the group was counting on its electric vehicles-those who have supposedly been spied-to repair its image. Sales of these cars and the entire range will suffer they? Hard to tell because the picture-in determining whether the act of purchase and also depends on products. But the group will leave with a disability. Adding that "it's all business operations that may be seized, as management has been discredited, analysis framework, which adds it will take time before confidence is restored."

• Carlos Ghosn is he in trouble?

If the spy case deflates, the group took a huge risk by raising its CEO at the forefront in the media. In the JDD, January 23, he said he "personally monitoring the progress of this process as and when." The same evening, on TF1, Carlos Ghosn has hammered that he had "certainty" about the guilt of the three frameworks and evidence had "multiple", but did not disclose. On 10 February, at the announcement of the strategic plan, the CEO drove home the point by asking him to "trust" because "tens of people have analyzed the facts."In case of "manipulation", the question remains whether the employees and the government will simply sacrifice his number 2.

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