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For Jérôme Kerviel, the horizon is not entirely clear. His appeal is expected in June 2012. At trial, the former Societe Generale trader was sentenced Oct. 5, 2010 for fraud, breach of trust, forgery and uttering forged documents and five years in prison, three farm, and 4.9 billion euros in damages. The stakes are huge for him, if his conviction was upheld, he could not escape from the prison, having been detained one month and ten days in custody.

Olivier Metzner, remained the only lawyer after a parade of big names in Paris, he prepares the deadline today and this time decided to stay quiet.When the scandal broke, there was much media-presentation, signing, even before his trial, a book, The Gear, memoirs of a trader (Flammarion), in which he denounced "the reality of banking practices."

"Someone basically nice"

Today, thirty years working for a computer consulting firm located in Levallois, near Paris. The boss of this company, expert in court and knowledge of his brother and his first attorney, had befriended the young Breton and had welcomed home after the blast caused by the scandal. "All the people who approached basically found someone nice. He tries to do well in his way. And it's someone you can trust, "assured RTL in 2010 Jean-Raymond Lemaire, his employer.

The scandal January 24, 2008 when Societe Generale announced a record loss of 4.9 billion. Suspicion immediately converge on the trading Delta One desk model that would have concealed astronomical risk positions taken on the markets. At trial, Jerome Kerviel ensures that the bank had encouraged him to take such risks and had then "unwound" these positions in spite of common sense.

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The people of the East Coast of the United States are preparing for a weekend out of the ordinary. In anticipation of Hurricane Irene, the authorities announced palsy or slowing of most means of transport that normally innervate New York Area. Once is not custom, the inhabitants of the Big Apple, including 250,000 living near the coast are being evacuated, will have to live in slow motion.

For security, the three New York airports – JFK, La Guardia and Newark – will be closed Saturday for aircraft arriving at noon (18 hours Paris time). The flights from these airports, however, may take off until further notice. This is an extraordinary disruption to an area that typically concentrates the air flow one of the densest in the world: each year, as many as 100 million passengers pass through this metropolis.This weekend, more than 8,000 flights should be canceled, according to the site FlightAware.com.

Like most of his counterparts, Air France announced Friday the cancellation of all flights to New York JFK on Saturday and Sunday, while disturbances are waiting on those provided to and from other cities the coast, like Washington, Philadelphia or Boston. The resumption of service, from Monday, could also be laborious and cause further disruption, have also warned the airlines.

Transport suspended

Measure more tangible for the people, public transport will be suspended in the Big Apple this Saturday from noon until probably Monday rush hour flexcheck cash advance. The subway, buses and railways do not circulate.Motorists have also been asked to leave their cars at home until the alert is lifted. If winds exceed this weekend 96 km / hour, the authorities of the State of New York have also warned they would close the main roads towards the city, and some bridges.

Given the restriction of transportation and possible damage caused by the passing of Irene, the inhabitants were ordered to stockpile water and food in preparation for the weekend. "Water is our product that sells best," noted the retailer Wal-Mart on Friday. Many are those who are armed with power generators in case of power failure.

To address these potential damages, the cost could rise to nearly $ 12 billion according to consulting firm Kinetic Analysis, U.S. authorities are preparing to deploy in new ways. 900 National Guardsmen and 2,500 workers in the electricity sector include ready to intervene in case of power failure. All these measures aim to avoid at all costs repeating a scenario to Katrina, the hurricane that was painfully struck New Orleans in 2005.

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New tough session in Paris. After opening close to balance (-0.11%), ACC widened its losses in the afternoon, in response to the speech from Fed chairman Ben Bernanke. The index rose from 3045 to 3015 points in minutes. But investors quickly resumed: a comprehensive plan was not finally ends probable.Le CAC down 1% to 3087.64 points.

Earlier, the index feature of the Paris market was disappointing not welcome the publication of the second estimate of U.S. GDP in the second quarter. It rose 1% annual rate over the previous three months, said the Commerce Department, revising and down 0.3 points his first estimate of growth in the spring published in late July.Analysts had forecast a less pronounced rate revision, to 1.1%, according to their median forecast.

In Frankfurt, the Dax-30, very bumpy this week limit case and ends with a drop of 0.84% ​​to 5584.14 points after losing more than 3% in séance.À the London Stock Exchange, the FTSE- 100 finished virtually unchanged: it loses 0.02% to 5129.92 points.

Fed pushes to place an ad in September

Highly anticipated speech of the President of the U.S. central bank, Ben Bernanke does not reassure investors. In fact, Bernanke has pushed the September announcement of concrete measures to support the U.S. economy. The central bank is expected to meet more fully next month, he indicated, to "discuss more fully" in the policy.Ben Bernanke also called on U.S. lawmakers to take fiscal stimulus, saying they have more flexibility than the institution.

As for currencies, the euro lost some ground against the dollar after the speech of Ben Bernanke. Around 16:30, the European currency was worth 1.4359 dollars against 1.4441 to 15 hours. As for the oil markets, I Brent North Sea 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.

In the euro area, regardless of major macroeconomic news.This morning, the companies manufacturing have revised their forecasts down slightly investment for this year and expect a 14% increase (against 15% previously).

The bank's head Cac 40, Peugeot sinks

Essilor International: -0.30% to 52.97 euros

Essilor International in the first semester a turnover of 2.06 billion euros, up 6.9%, the band announced via a press release issued in the edition of Les Echos to appear Friday.

Financials

The ban on short selling financial stocks on Thursday was extended to France, like Italy, Spain and Belgium, and the Financial Markets Authority (AMF) said it would review its position by late September.

This decision only briefly managed to reassure investors.If this decision technique to limit selling pressure on the sector, it does not address the fears that persist on European banks and their exposure to countries in need. After posting the largest gains of the Paris stock in early trading, financial stocks are once again very attacked: Societe Generale lost 2.82% to 21.33 euros, BNP Paribas was down 2.33% at 33, 56 euros, Credit Agricole down 1.41% to 6.419 euros while Natixis closed the show the worst performance (-4.51% to 2.686 euros).

In an interview with Le Figaro, the CEO of Crédit Agricole (-1.41% to 6.419 euros) said the group had "significant cash reserves" and "has no difficulty in financing" .

Conversely, other cyclical stocks, car manufacturers, will gradually take after opening the largest declines in the Paris stock exchange.Peugeot (-0.62% to 19.36 euros) which bought between 12 and 22 August last, about 2% of its capital amounting to 92,010,000 euros, folds to 2.03 %, to 19.01 euros. Renault wins its 0.46% to 26.32 euros.

Total: -0.73% to 32.5 euros

Total expected to present a reorganization in the fall of scale of its operations downstream, with a planned merger of its refining and petrochemicals, according to Les Echos, citing union sources.

As for oil, prices were mixed Friday morning during electronic trading in Asia, in a sluggish market, before the highly anticipated speech of the head of the U.S. central bank (Fed).In morning trading, a barrel of "light sweet crude" for delivery in October gave 10 cents to 85.20 dollars per barrel of Brent North Sea crude for October delivery took 19 cents to 110.81 dollars.

Note that APRR and Bel Cheese (1.24%, to 163 euros) will publish their interim results after market close.

The race against time for Christmas toys began. The year 2011 is not easy. In addition to the rising price of raw materials, manufacturers and distributors must manage an additional constraint: the implementation, since July 20, the new European directive on toy safety. This significantly strengthens the requirements. So, in laboratories and offices, the list of requests made to the standards continues to grow … "The timing is not ideal compared to year-end holidays," says Stéphane Azoulai , Vice President Lansay.

The new directive, which replaces a text dating from 1988, strengthens the regulation, including through improved product traceability. Each toy must now be accompanied by his "identity card".Which identifies the entire production chain, from raw material origin to the name of the toy factory where it was manufactured. As for the 'CE' (European Community), it must be printed directly on the product or its label and not only on its packaging.

"The goal is to enable consumers to find out where the toy," says Serge Milon, toy expert at SGS, the world leader in inspection and certification. Mistrust has indeed increased in recent years, the list of suspect products (cadmium, phthalates …) have ceased to grow.

The Directive also takes into account the changing attitudes of children. The markings were made more accessible by using shorter sentences and more punchy ("choking," for example).The new text drummed cards especially among manufacturers, distributors and importers in an area where more than three quarters of the products are manufactured in China. The responsibility for quality and safety, is now shared paydayloan. It no longer lies only to manufacturers.

An implementation guide accompanies the 150-page directive to allow decoding risk analysis, monitoring records … If some importers or distributors may prefer a blind eye to the origin of a particular toy, they could now show zeal. Some will have to conduct additional inspections. "This is monstrous files to provide our clients, Stéphane Azoulai sorry.Some signs are up again test the toys in the laboratory. "

Advantage given to European manufacturers

The cost of the new standards, up from 10% to 20%, also changes the game. It takes 1,000 to 4,000 euros per product, depending on its level of sophistication. Products stored for more than three years must also board safety tests. "When 150 references, it starts to do a lot!" Stéphane Azoulai plague. "These high costs lead us to limit the depth of our range, adds Thierry Bertoux, CEO of Jemini, the French soft toys and furniture for children. It is easier for a multinational company to amortize these costs over several million pieces. "

Some companies have chosen to transform their organization to adapt to the regulations.At Lansay, one person was previously in charge of standards and procurement. A team will soon be established.

If it is more restrictive, the new regulations, however, gives a competitive advantage to European companies, "insofar as it creates barriers to entry," said Thierry Bertoux. "Making cost could lead to compromise at the expense of safety, says Serge Milon. It is a way to make quality and safety of products up by applying best practices. "

Apple becomes the world's largest "portable" across all categories, ie, taking into account both PCs and tablets. The Apple brand has sold 13.6 million against 9.7 million laptops for HP, relegated to second position. Apple has a performance to 10.7 million iPads that have been sold worldwide in the second quarter. 65% of this market.

In the past three months, sales of tablets exploded 400% to $ 16.4 million, while those of notebooks have eaten 2% to 48 million copies. "The growth of the market shelves beginning to be at the expense of laptops," said Richard Shim, analyst at Display Search Senio, thus justifying the merger of these two product categories in the studies.

And behind the two market leaders, the battle continues.Acer has recorded the largest decline, with sales volumes plunged by 12% in one year. The Taiwanese are heavily penalized by the failure of his tablets. However, Samsung and Dell posted the best gains, with growth of 44% and 33%.

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Relief. Is the word that should prevail today on all global exchanges, after U.S. lawmakers passed this night finally put to agree on raising the debt ceiling. At 8:15, future contracts on the CAC 40 advanced sharply from 1.39% to 3724.50 points.

Last week, the inability of the United States to solve the problem of public finances had weighed on investor sentiment. In Paris the CAC 40 was indeed touched its lowest level in session year (3,630.75 points), while Wall Street finished its worst week in a year, despite the intervention of Obama Friday in an attempt to reassure debt.

After the relief 10 days ago on Greek sovereign debt, the calm would return to the Paris financial center.After weeks of negotiations, elected Democrats and Republicans have indeed finally found common ground on the amount of new ceiling, avoiding the world's largest economy is in default of payment in the coming days. According to preliminary information provided by the White House, the debt ceiling would be raised to 2.1 trillion dollars, which breathe new life in the United States on the forehead of the debt until 2013, after the presidential elections. This agreement in principle will also enable the countries to continue to borrow on the markets beyond the August 2 deadline set by the Treasury.

The reaction of rating agencies expected

On the other hand, no excessive optimism are to be expected in the financial markets today, at least until the U.S. Congress has not ratified the agreement. The first submission is expected to vote that day.Furthermore, few details have yet filtered on measures taken to reduce the deficit in the U.S., which does not exclude the possibility of deterioration in the rating of the sovereign debt of the United States.

For now, the first tranche of spending cuts of $ 1 trillion is expected. Then a bipartisan special committee of Congress will then be responsible for finding the end of November additional expenditure cuts amounting to 1.5 trillion dollars. A total of 2.5 trillion dollars in budget cuts, all over 10 years. From this point of view, the reaction of rating agencies in this agreement called the "medium term" should be widely followed by the markets.

On the currency front, the dollar has benefited only modestly from the announcement of the night, illustrating the temporary nature of such an agreement.At 8 am, the euro fell slightly (-0.13%) against the greenback at 1.4385 dollar, while it bounces against the yen. Around 6:00, the dollar stood at 76.73 yen 77.58 yen against Friday night cash advance in one hour.

In terms of oil prices were up Monday morning in electronic trading in Asia, where the market relieved by this agreement in extremis. In morning trading, a barrel of "light sweet crude" for September delivery gained 1.53 dollars to 97.23 dollars. That of Brent North Sea crude for September delivery was appreciating $ 1.25 dollar to 117.99.

Macroeconomic side, investors should look carefully at the unemployment figures for the month of June Overseas are also expected to 4:00 p.m. construction spending for the month of June, the ISM manufacturing index for July.

As for values ​​to follow

Last week, the many semi-annual publications were rather disappointing, adding to the nervousness of investors. The pace slows publications this week, though are expected in the next three days the details of the interim bank values ​​(Tuesday BNP Paribas, Societe Generale on Wednesday and Thursday Axa and Natixis).

Eiffage reported a slight slowdown in growth in the second quarter despite a sharp rebound from its construction activities, the division of public works who registered a decrease over the period.

Outremer Telecom. A draft tender offer simplified to the telecom operator was introduced by OMT Invest, a structure controlled by Axa Private Equity, according to a notice to the Financial Markets Authority (AMF) and released Friday.

EDF Energies Nouvelles (EDF ENR) has entered into exclusive negotiations with Capital Perceva to cede control of Supra, the fund feeds the project to file a simplified takeover bid at the end of the process.

General Health issued a sharp drop in operating profit in the first half due to exceptional items, but its revenue rose due to higher acute care stays.

Recylex published Friday sales for the second quarter increased significantly, from 32% to 125.34 million euros, supported by an increase of 48% of its business in recycling lead thanks to rising 16 % of lead prices and increased sales volumes.

Air Liquide. The gas giant reported Monday a 11% increase in net profit in the first half, to 750 million euros.It maintained its forecast a "steady increase" in net profit for the year.

Note that Gameloft will publish its interim results after market close, while Le Noble Age unveil at the same time state sales for the same period. The British bank HSBC, which is listed in Paris, finally published its results for the first six months of the year.

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With a business volume of 300 million euros, Travel sncf.com set a record last month. "We sold 150,000 tickets a rainy day, 200,000 on a good day," said Yves Tyrode, director general of the website, a subsidiary of SNCF, which claims more than 55 million train tickets sold last year and more than 11 million unique visitors each month. "Last year, 70% of Internet users have come at least once. We are the site of all the French! "

In fact, Voyages-SNCF. com is the leading French travel agency online. In 2010, the site has achieved 2.8 billion euros in sales volumes, driven by a 18% growth over 2009.

Year after year, Travel sncf.com widening the gap with so … the counters of the station. Last year, the site has achieved 36% of sales of train tickets. A record.For the record, this percentage was 27% in 2008, the share of branches reaching 28% at the time.

"We are pro in the distribution of tickets online and we want to be in Europe, says Barbara Dalibard. Online sales change over a double-digit growth. Customers come under the counter. "

2011, promising

The CEO of SNCF Voyages recently told a group of journalists that "currently, our sales come for more than a third of the Internet, 20% of travel agencies and the rest is done at the counters of our stores and" .

2011 promises to be a promising year for Travel sncf.com. "Even trend" in 2010, according to its CEO Yves Tyrode and "explosion" of sales from mobile phones and tablets (iPad).While these new devices sales still weigh little in the overall volume of activity in Travel sncf.com, but since January the sales they have generated has increased by 100% to 20 million euros. In May, mobiles and tablets as well have accounted for 10% of the audience of the site.

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The French presidency of the G20 has a real workhorse: the fight against agricultural price volatility and put agriculture at the heart of the investments to ensure food security. In fact, this summit today and tomorrow brings together the ministers of agriculture of 20 countries representing 85% of world production, is a first in the annals of the G20 to put the assets of France. On the eve of the opening, the Minister of Agriculture, Bruno Le Maire, recognizes this: if an action plan has five points on the table, "it will be difficult to reach an agreement, both differences are profound. " No question as to aim for a minimum agreement. "We prefer to fail rather than give up a point.It is a coherent whole that can handle all causes, "insists on the ministry.

• Transparency in Physical

The most concrete commitment, it would create a database, called Friends Information System (agricultural markets) and hosted at FAO. To provide information that is "clear and transparent" about global levels of production, consumption and stocks, initially focused on corn, soybeans, rice and wheat. This involves the cooperation of private groups such as Cargill and Dreyfus. This should lead to a consensus, despite the reluctance of China and India on issues of sovereignty. They are willing to engage on the condition of technical assistance such as satellite photos.

• Increased productivity

Again, this measure of common sense could rally all members of the G20.This is to encourage investment in global agriculture by focusing on innovation to improve yields of wheat and rice. The challenge: increase of 70% of world agricultural production by 2050 to feed 50% more mouths payday loan companies. The draft declaration emphasizes the need to develop public-private partnerships, a point without critics in the major emerging countries.

• Coordination of global agricultural production

In order not to replicate the Russian episode last summer, the French Presidency pushing for the establishment of a Rapid Response Forum (RRF), which should facilitate the coordination of agricultural trade policies. A measure criticized by the United States and Australia, which refer this matter to the World Trade Organization. The subject of biofuels, blamed as a factor of volatility, pass second.The project calls for a "strengthening of the analysis between the production of biofuels and the food."

• Reduce the effects of volatility on the most vulnerable countries

The World Bank should encourage the establishment of contractual instruments such as loans cyclical, ensuring access to credit and risk coverage to the poorest countries. It also reserves to provide for humanitarian relief. The term "stock" was carefully excluded to avoid offending the most reluctant, USA, Argentina and Brazil, particularly hostile to administered prices.

• Regulation of financial markets

Railing against excessive speculation, Nicolas Sarkozy promised more regulation of financial markets.On this point, the final statement is likely to be modest, returning responsibility to the finance ministers, themselves remain highly dependent on market authorities. The text could, however, contain some recommendations, including imposing position limits, as is already done in Chicago.

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Monday night, Steve Jobs must have Apple's service icloud. Using a deal with record companies, the Cupertino company will upgrade its online music service iTunes. Customers can purchase their music from Apple's online store and listen to their wishes, where they are. The service called "cloud computing, or cloud computing, grow fast. This is a new revolution in computing. It is to connect to the Internet to access data and applications. Individuals no longer need to store on their PC or hard drive at home, and businesses no longer need to invest in high-performance computers.

The computer then used to open the application as a water faucet or turn on a light.Apple already offers a first service "cloud" to synchronize the network, contacts, emails and diary, from an iPhone or an iPad. The MobileMe service is very expensive (99 dollars or 79 euros per year from France).

Click on the thumbnail to enlarge the graphic.

Amazon has shown the way

Google will launch this summer the free operating system for PCs, Chrome OS, designed and filmed for the cloud. "The biggest users of cloud services are already without knowing it, individuals using tools such as Gmail or Google pay services data storage from Amazon," said Lew Tucker, Director Technical cloud at Cisco.With his offensive, Apple created a new front against Google, Amazon and Microsoft.

One of the largest global provider of cloud services Amazon is the world leader in cultural services in line with an estimated turnover in this area at one billion dollars in 2010. The original idea of ​​the champion of e-commerce, which has expanded its services to music storage for individuals, was to lease excess capacity of its own "farms" of computers. "It comes down to your apartment when it is empty during the workday and when you go on vacation," says one expert. All the giants of the Web follow the lead of Amazon. In economic terms, the marginal cost is low for providers of computing power and storage capacity. The additional revenue generated almost as much profit.For ten years, computer manufacturers, software publishers and computer services companies dream of a paradigm shift.

56 billion market

With the development of the Internet and especially because of the economic crisis, companies have converted to cloud computing. "After years of germination, cloud computing takes off. Partly for macroeconomic reasons. The crisis led all organizations to scrutinize their spending. In this context, a solution which can offer more for less is difficult to ignore, "says Ben Pring, vice president of research firm Gartner. For now, most of the market is done by software. The turnover of the software on demand is estimated around $ 11.7 billion in 2010 by Forrester Research. Today, 60% of worldwide turnover is made in the United States.But the phenomenon should spread to other countries. By 2020, the worldwide market will reach $ 56 billion, says Forrester Research.

With about 3 million business customers worldwide including one million in Europe, Google makes between 500 million and $ 1 billion in sales in the cloud. Finally, Microsoft will invest 90% of its budget on R & D in the cloud this year, said Jean-Philippe Courtois, senior vice president of Microsoft. But its sales in the area is estimated at "several hundred million dollars a year," admits a group leader. Each offers its solution. IBM, HP, Dell, Microsoft and Oracle want to use huge "farms" of servers to store and rent computing power to their customers. To this end, HP and Dell have acquired companies in the storage and data virtualization, in order to compete with VMware, a subsidiary of EMC.The market also attracts telecom giants like Cisco, Ericsson and Huawei, and specific actors, such as Akamai, Rackspace Hosting or Salesforce.

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LVMH invited the General Assembly of Hermes and is a sensation. With its 20% stake acquired last fall, the group Bernard Arnault has publicly responded to very hostile statements by the family heirs of Hermes. Through the voice of his vice-president, Pierre Gode, the second largest shareholder of Hermes tried to convey a "message of peace" after six months of conflict.

The meeting was opened Monday afternoon at the Palais des Congres de Paris, in a further demonstration of muscle vis-à-vis this new shareholder. After his interview Monday in Le Figaro, Bertrand Puech, spokesman for the families Hermes, repeated his charges on "a series of aggressive moves against our house started to weaken and destabilize.""I want to say how pleased I am shocked at the methods used against our people and our families to invite them to join a company with which we are universally hostile." He once again reiterated the commitment of the family "who wants to keep control of the jewel."

At the opening session of questions, Pierre Gode has seized the opportunity to "denounce the trial of facts to LVMH for" with "force if not violence." The right arm of Bernard Arnault said LVMH's position in the capital of Hermes was "perfectly legitimate what anyone says," and that "in no case it can not be questioned." Bertrand Puech had asked the group Monday to sell half its stake. "LVMH has invested at Hermes for the long term and not meant to be a passive shareholder but not a shareholder activist and active but peaceful."As evidence, he pledged to vote on resolutions proposed at the meeting. He also assured that LVMH had never tried to destabilize Hermes, which would be "madness", "absurd" and put "anyone challenged to provide any evidence." "It is my hope that the bickering stop artificial, baseless and fruitless," he said.

The heirs of Hermes and officers have received more than freshly intervention. Ironically, Bertrand Puech has "taken note" of this "new era". Already tense, the atmosphere is therefore became somewhat rough. A small shareholder speaking then laid a new charge against LVMH and her boss, described as "predatory," "cynical" and "disingenuous." This has pushed back its representative, who asked officials at the meeting to maintain order and prevent about "defamatory".The meeting was also marked by the attempt of another individual shareholder, Patrick Repplinger, to deprive the family of Hermes voting rights because of its proposed holding heritage together a majority shareholding which, he said , amend the Control of Capital. This shareholder, whose application was rejected, is already causing an appeal against the decision of the AMF to authorize the project.