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Queen of fiscal orthodoxy, Germany wants the EU to acquire a European Monetary Fund, modeled on the International Monetary Fund (IMF). Such a body in the euro area would cope with crisis situations, such as it is currently because of Greece.

"For the stability of the euro area, we need an institution that has the experience of the IMF and similar powers to intervene," said Sunday Wolfgang Schauble, Minister of Economy in the newspaper Welt am Sonntag.

The European Commission said in the wake it supported such a proposal. "We are working closely on this issue with Germany, France and other member states of the EU," said European Commissioner for Economic Affairs Olli Rehn in the Financial Times Deutschland published Monday.

A "FME" (European Monetary Fund) would most Europeans treat their own problems. The Germans, like other member countries of the euro area, in fact, reject the idea of an IMF intervention in favor of Greece. "The euro area tends to be able to solve its problems alone. Accept financial aid from the IMF would, in my opinion an admission that the countries of the euro can not solve all their problems alone, "said Wolfgang Schauble argued in the German Sunday newspaper.

Above all, Berlin, traditionally hostile to an integrated European fiscal policy, said a WEF would finally impose its partners more lax fiscal discipline any Germanic."According to the German conception of the thing, the plan [to reform European economic policy, Ed] could include significant penalties for countries in the eurozone would fail to discipline their public finances," writes the Financial Times, which is based on statements by senior European officials.

"Effective sanctions'

Alexander Dobrindt, general secretary of the CSU, the Bavarian wing of the German Conservative Party, says the same thing. "We must now consider how we are going to better control the future state of the eurozone as Greece and to make sanctions effective," he said in the Bild am Sonntag, dated Sunday.

Other proposals for European economic government move. Belgium proposes the creation of a European agency debt.This institution could issue and manage debt of member countries, giving rise ultimately "a single European market for government debt," wrote Prime Minister Yves Leterme in an article published in Le Monde and the Financial Times Deutschland. Luxembourg offers his hand to the establishment of a European rating agency.

One more step. Google never stops its forward and offered Picnik. This software photo editing online is particularly accessible from sites like Picasa, Facebook, Photobucket, but mostly from Flickr, owned by Yahoo, Google's biggest rival. It is therefore a step in the war between the two servers, since, after all, Google has just taken control of a particular tool proposed by his opponent.

Picnik is a software for photo editing, but a sort Photoshop online (and therefore less sophisticated), which allows among others to remove red-eye or resizing a photo. For users, Picnik provides on its website that this purchase will not cause any change: the toolkit will remain the same, and no Google account creation is required (even if it is advised).The company employs twenty people, believes that Google is "the best house she could find and welcomes the exposure should give this new situation fast cash without a hassle . For employees of Picnik, no change either, except that they now work from Google Local to Seattle.

Google appears clearly in a new phase of development. In early February, he had acquired Aardvark, a sort of super social search engine, then remail, emailing an application for mobile phones. If the leading Internet search engines did not elaborate on how the redemption of Picnik, it is very possible that seeks to develop Picnik to include new features. How to add his personal touch, good memories of his competitors.

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Meeting Friday and Saturday in the Canadian North, while financial markets were concerned, particularly in Europe, the drift of their deficits, major fundraisers of the G7 (U.S., Canada, Japan, Germany, France, Italy and United Kingdom) maintain the cap. They pledge to continue their respective recovery plans. For its part, Europe will address itself the Greek case without recourse to the International Monetary Fund (IMF). Furthermore, a tentative agreement in sight to introduce taxation of international banks.

These are the three conclusions of the meeting of the G7 major fundraisers – Finance Ministers and Central Bank Governors – Iqaluit. A place almost inaccessible, forcing many ministers to use private jets.The Government of Canada wanted to reaffirm its sovereignty over the Arctic region.

An international taxation

As the host, Jim Flaherty, Canadian Finance Minister, was particularly prescriptive. The problem of Greece should be "managed by the European Union, not by the G7," he insisted to reporters while their European colleagues were reluctant to speak. As chairman of the Eurogroup Jean-Claude Juncker has formally denied the idea that Greece might need money from the International Monetary Fund. As for Jean-Claude Trichet, ECB president, he again expressed his confidence in Greece "to take all actions necessary" in order to reduce its deficit to 3% in 2012 payday loan . Consumers roll than before, and prefer diesel to petrol. Furthermore, the refining overcapacity and inflation of the multiple requirements of ecology and safety is increasing pressure on margins. In this context, the French oil industry does not want to hear about carbon tax."If, in this very difficult situation, we add a layer, it will be worse here," warns Jean-Louis Schilansky.

Total is far from the only group to suffer in oil refining. The U.S. Exxon announced last week a loss of 189 million dollars in this activity in the fourth quarter of 2009. BP just to break even on this trade. Shell yesterday announced an annual loss of $ 1.76 billion in its refining division. This is the "worst crisis" for this activity for twenty-five years, and it does not end in 2010, warned Peter Voser, Shell's CEO. The British giant is planning to sell or close 15% of its portfolio in refining.

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For the last meeting of the year, the U.S. markets move down slightly: the Dow Jones lost 0.07% at the opening, and the Nasdaq Composite yield 0.08%. The volume should be particularly weak in a few hours and Eve in the absence of significant news on the business side. Entries weekly unemployment have been lower than expected, which could support the trend.

The rise of the euro is lower because of "good" figures of unemployment in the United States. The euro bought 1.4372 dollars against 1.4386 dollars in early morning.

Good indicators Americans support the dollar because they "reinforce expectations of an early withdrawal of measures to support the economy in place by the U.S. Federal Reserve (Fed)," explained brokers ETX Capital.

On the currency front, the dollar is declining due to adjustment of positions at year end.Futures on the Nasdaq 100 and S & P 500 are respectively increased by 0.09% to 1878.50 points from 0.14% to 1123.70 points.

As for values to follow, we will keep an eye on Ford. Geely has announced that it was supported by the Chinese government to acquire Volvo, the Swedish subsidiary of Ford Motor. "Without government support, the transaction could not be done," said Gui Chengyu, CEO of Geely Auto, quoted by Reuters. "The ultimate goal is to list Volvo Award," added the officer.The first private Chinese automaker also said it expected robust growth of automobile sector in China next year, with support from Beijing.

AIG has announced the departure of its Legal Director Anastasia Kelly, who was to receive millions of dollars in compensation to départ.Le U.S. government imposed in October cuts in executive pay of the seven companies have been bailed out by the more 'State, including AIG.

The CAC 40 continues its progress towards the 4000 points. The latter closed up 0.88% to 3947 points in a market where trading volume remained low (1.170 million). Optimism is the same in most international markets. The Frankfurt Stock Exchange broke the 6,000 points for the first time since September 2008. In Asia, the indices were equally oriented, taking advantage of such remarks by the Chinese premier, who has called for further fiscal stimulus in his country.

The British markets will be closed at the Boxing Day. No indicator is expected today, neither Europe nor the United States.

As for the oil markets, a barrel of light sweet crude trading at $ 78.75 (+2.09%).The euro rose to 1.4395 dollars (0.14%).

Mixed reaction to the disappointment of the consortium

The CAC 40 is pulled by the title GDF Suez (1.85%). For its part, EDF is 1.23% to 41 euros. According to the Sunday Telegraph, the sovereign fund Abu Dhabi Investment Authority is considering joining the Canadian Pension Plan for an offering of eight billion dollars over the distribution of electricity to EDF in the UK. Total wins 0.82% to 45.37 euros. The three titles are rising stock market while they were part of the consortium, unsuccessful competitor for the contract of 40 billion dollars in the United Arab Emirates to build and operate four nuclear reactors. Only Areva, which was also part of this consortium, fell by 1.81% to 344.40 euros.

From their side, banking stocks such as Credit Agricole (+1.23%) and BNP Paribas (1.19%) are directed upward.Societe Generale is also shaped by mid-session (1.20%). The group could have a new shareholder in the person of the Russian businessman Vladimir Potanin. The shareholder of Norilsk Nickel said Friday it was considering the possibility of taking a minority stake after 2010. Out CAC 40, Natixis lost 0.67% to 3.41 euros.

Cyclicals well oriented

The good figures on car sales in December also bring mixed reactions on the stock exchange. Peugeot is an increasing trend (1.51%) but not the Renault brand (-0.03%). As for suppliers, Michelin signed the largest decline of ACC (-0.61%) and Faurecia loses 1.07% to 15.25 euros. Valeo gained 0.25% to 24.5 M €.

The cyclicals are well oriented. Saint-Gobain is 2.40% to 38.48 euros, and sign the second best performance of the CAC 40, while Schneider Electric gained 1.41% to 80.03 euros.In contrast, defensive stocks are declining in the image of Lafarge, which lost 0.31% to 57 euros.

Sperian gaining 3.15% to 50.90 euros. The group announced Monday the signing of five banks with an agreement to refinance its debt coming due in June 30, 2010.

Unparalleled success is won parActivision Blizzard, the world's largest video game publishing, controlled by Vivendi. The title Call of Duty: Modern Warfare 2, the sixth episode of the series, marketed since November 10, has generated "revenues of 550 million dollars worldwide in the first five days of launch." In France also, the sales are amazing with 376 000 units and revenue of 25.5 million euros in one week, according to research firm GfK. In the world and the Hexagon, this is a record for the entertainment industry, all activities.

The war game, very realistic images worthy of Hollywood movies, has pushed revenues to film Harry Potter and the Half-Blood Prince Half ($ 394 million) or those of the DVD Welcome to the Chti's in France (17, 1 million euros) over a comparable period.The latest version of Call of Duty has surpassed the previous record of video game racing cars GTA IV (24.1 million euros in France, 500 million dollars in the world with 6 million copies), marketed in 2008. In units, Call of Duty: Modern Warfare 2 has already been sold 8 million copies.

The breakthrough is not over. "Sales could exceed 15 million units sold by the end of 2009," said Jean-Bernard Levy, Chief Executive Officer of Vivendi, at the Forum d'Avignon which was named the Gotha Culture and Media. Starting this year, Call of Duty could achieve a turnover of one billion dollars.The margin would be considerable investment for the game is estimated at 200 million dollars.

No under 18 years

To meet this challenge, Bobby Kotick, Activision's boss, and Mike Griffith, head of publishing, do not skimp on resources. The game uses tested recipes: very realistic images, the voices of characters in the game played by celebrities such as actor Bill Murray and singer of the rap group 50 Cents, a story very close, developed by the best writers of the time as one of those in the television series NCIS. Finally, to reach a wide audience, the game is designed for game consoles Xbox 360, PlayStation 3 and PC versions. Main downside: the title, very violent, is banned at least 18 years.

The model Vivendi proves his strength to face the crisis

Showered by the publication of unemployment to 10.2% in the United States in October, the European and American markets had immediately swung into the red. But the image of what happens on Wall Street, the CAC 40 has quickly found the way up, offering a second reading, less negative than before, the employment figures. The index of the feature takes place in Paris 0.26% to 3718 points to 16.15.

Thursday, stock markets worldwide have been well oriented due to figures released by the U.S. Department of Labor Productivity in the country.

In addition to the monthly report on employment in the U.S., markets also watch the publication of wholesale inventories in September.

Values follow

Lafarge is attacked (-4.5%). The French group has released financial results Friday down sharply in the third quarter.Net income is recorded down 38% year on year to 404 million euros while sales fell 20% to 4.25 billion euros. These results were slightly below analyst expectations.

L'Oreal is sanctioned (-1.46%) after the publication of a revenue deemed disappointing. For its part CapGemini is still undergoing clearances (-2.49%). Several brokers have changed their views following the quarterly judged below investor expectations.

Conversely, Hermes International stands (2.30%). The luxury group has for its part issued Friday sales up 5% at constant rates in the third quarter, to 452.1 million euros. The group said its goal of stable sales in 2009 could be exceeded if the trend continues this year.

Values M6 (6.41%) at the highest for two years and TF1 (4.23%) were also searched.The audiovisual group M6 has exceeded expectations by recording a marked improvement in advertising revenue chain and strong growth of its business diversification. In particular, M6 was confirmed as the month of September showed the first signs of an improving advertising market with stronger demand from advertisers in some sectors the consumer in particular.

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