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The base effect was particularly favorable. But overall, companies listed on the CAC 40 – stock index comprising the 40 largest market capitalizations in France, headed Total – can boast of in the first half of fiscal 2010 profits up 86% over the first six months of 2009. Profits have almost doubled, reaching some 41.5 billion euros, against less than 23 billion a year earlier. To recall, throughout the year 2009, profits amounted to 47 billion euros payday advance lender.

Alone, Total, BNP Paribas and France Telecom accounts for one third of total profits. Total remaining the most profitable company in France (by far) Continue along the road and with an increase in profits by 28.1% in the first half of 2010 versus the first half of 2009.Other companies that have successfully managed the first half of the year, L'Oreal and LVMH, the luxury market is still juicy, Sanofi-Aventis and Capgemini, who continue their acquisition strategy.

The battle over Sunday work in Paris is not over. The prefecture of Paris has indeed refused classification tourist areas of the capital, where normally only stores open on Sundays, Scope of outstanding consumer use (chip), the CFTC said Saturday, confirming a report Le Parisien. A classification that makes all the difference for employees.

The designation entitles them to chip counterparties determined by collective agreement, and failing that, to compensatory time off, salary doubled and the ability to refuse work on Sundays. This classification is written into the law of August 2009 on Sunday work and allowed malls open illegally on Sunday to continue the practice without having to pay fines.

Paris will not benefit from this device."The Prefect of Paris has denied the request of Mayor Bertrand Delanoe to rank tourist areas of the capital as Bullet," the CFTC said in a statement. For the union, this decision is contrary to the promise made by Nicolas Sarkozy, that "those who work on Sundays will be voluntary and paid twice."

The exception "tourist"

The zones of tourist interest are beyond the rule.The Sunday opening of all types of businesses is right, and employees are not entitled to compensatory rest must or a doubling of earnings.

"Once again the argument is made that the law Maille on Sunday is only a law made for large retailers, and this undoubtedly to the detriment of family life, personal and spiritual associations," says the CFTC.

There are seven tourist areas in Paris: Part of the Rue de Rivoli, Place des Vosges and rue des Francs-Bourgeois, Arcola Street, Avenue des Champs Elysees, part of the Viaduc des Arts Daumesnil , part of the Boulevard Saint-Germain, part of the Butte Montmartre.The government wants to see more shops open on Sunday in Paris and proposed a map of tourist areas greatly expanded.

The Socialist mayor blocked the project but on the field, she noted that a growing number of supermarkets began, immediately, to open on Sunday afternoon with impunity.

(With AFP)

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The boss of General Electric has no language in his pocket! On the occasion of a dinner in Rome, Jeffrey Immelt said that China would "the real concern," reads the columns in the Financial Times. He said the meeting today, the middle kingdom "the worst working conditions in 25 years." The leader has disavowed the policy of the Chinese government he accuses of becoming increasingly hostile to multinational companies.

Thus, the officer warned that General Electric (GE) is looking for growth opportunities outside of China, so as not to be "colonized by Chinese investors," says the boss. Despite the importance of the market, Jeffrey Immelt said that GE "is now turning to other countries rich in raw materials." The Middle East, Africa, Latin America and Indonesia are in the viewfinder.The officer has been loud and clear the feelings of many companies operating in China. The European Chamber of Commerce has in fact recently reported an uproar among foreign groups in place of the emerging economic power saving account payday loan.

In addition, Jeffrey Immelt has made some unkind towards the Obama administration he blames the poisonous climate in the United States. It is also concerned that regulatory changes desired by the White House have a negative impact on the fragile recovery in the United States. And according to the officer, the U.S. business community would not appreciate the President of the United States, and vice versa.

Not the opinions of the group

But the group tries to reduce the scope of the declarations of his boss.The U.S. giant said that the leader was speaking at a private dinner and that the statements reported are not exactly those of Jeffrey Immelt. GE Jeffrey Immelt said in particular that was not directly involved Barack Obama. In addition, the group says that the speech did not reflect the opinions of the group.

In the battle over economic strategy, which raged in the country G8/G20 meeting in Toronto, Nicolas Sarkozy ranks clearly on the side of Barack Obama's hostile plans rigor precipitates. "For France, fiscal consolidation is a long-term need [...] the stimulus must be from 2011, progressively, according to individual circumstances," said one EU source.

Favorable cures severe austerity in Greece, Portugal and Spain, Nicolas Sarkozy calls for budgetary adjustments "progressive" in France and in Germany, in 2011, with "not too many taxes."

The fragile economic and financial worries Europe G8 and the G20. "Our partners Americans and Canadians fear the impact of austerity plans on resuming" said one EU source.The health of banks on the Old Continent is also a major concern in the U.S. No faxing payday loans 1 hour. "There is nothing to fear from that quarter. Our banks are very strong. The results of stress testing in late July will cheer the markets, "say the Europeans.

Faced with the Americans, Germans and Britons facing the G8 steadfast defenders of rigor. "A sustainable growth can not result from a fiscal policy based on the debt?" Repeats Angela Merkel. "Our public finances are in such a state, we have no other choice than a hard adjustment," defends David Cameron.

In this debate, Nicolas Sarkozy wants to distinguish itself from its European partners.Recognizing the need to reduce fiscal deficits in France, he does not want to rush, giving priority to pension reform. If markets were not so vigilant, he would gladly own the warning of Barack Obama: "do not overdo it in 2010 … or 2011.

When the vox populi expressed through an associate professor of finance, here is what happens at the trial of Jerome Kerviel.

Attorney Philip Bourion: "Who do you think is guilty?"

Catherine Lubochinsky, witness: "They are all guilty! The internal control of Societe Generale did not work. "

The pithy statement sums up the impression left after two weeks of debate – will resume Monday morning. On the one hand, the defense of the former trader is reluctant to admit that the bank "knew everything" of its investments delusional. Suppose that after the first coup win € 500,000 in 2005, the young daring to be seen gently lectured and implicitly encouraged to supplement his income by marauding on land more profitable than its cushy turbo warrants.

But how can we believe for one second that the SocGen has been tacitly approve of Mr. Kerviel is 49 billion euros, or one and half times its equity, as a builder who wants to elevate a building, while undermining its foundations?

Similarly, if the bank "knew everything", the name of what bounty would she let her trader-playing with the kamikaze 1.4 billion by some miracle he had won in December 2007, at a time – crisis subprime – where the cash was missing around the world?

Mixed results in terms of image

Jerome Kerviel's lawyer, Olivier Metzner Me, excels, however, in another field. While the client is regularly scolded by a president Pauthe excellent and witty, he revels in the main plaintiff tease – the bank.

Sunglasses nose, in the proper dress casually maker unbuttoned, one hand in the pocket, it is amusingly sly when his client is woefully stiff. This significant mob, which grows out of court a look Churchillian (cigar, no doubt, "no sport") reveals an unexpected gift for comedy courtroom upscale. And when questioning a witness, there is no lack of pacing responses of "agree" sound, which are seen as the architect of an alleged consensus: according to Ms. Metzner, everyone knows that the bank knew everything.

This assumption and the provocations of his zealot infuriate the advice of SocGen, My Jean Veil, François Martineau and John Reinhart. The first, known for his character, say, entire, up to the net to return the smashes grinning defense. So he endorses the range of fatally bad, who is never "agree".The roundness of the old, somewhat obsequious, from Mr. Martineau, and the projections more or less come to me Reinhart are supposed to smooth the image that ill becomes belligerent to a victim.

Result: a judicial perspective, the SocGen, which accuses the defendant not without arguments for having lost 4.9 billion euros, is in apparent position of superiority. Mr. Kerviel acknowledged Wednesday that he had committed the acts he is charged and for which he faces five years in prison. The weakness in his defense is a question: if "everybody knew, why he invented large-scale fictitious transactions to conceal his real positions, as well as earnings losses?

But in terms of image, the picture is more mixed.The refrain of "all guilty", which floods the Internet to which Professor Lubochinsky Thursday offered a providential respectability for the defense, made his way. Whatever the outcome of the trial – there is a week of discussions – the SocGen not willing to spend for naïve or incompetent: the victim must also face prosecution in international finance.

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It strangely resembles a certain case Toyota. Less than four months after having heard the Director General of Operations in the U.S. for the Japanese, Jim Lentz, and its CEO, Akio Toyoda, the U.S. Congress will, next June 17, the testimony of an officer of another giant feet of clay, Tony Hayward, CEO of BP. And for the first time.

Obama wants to "kick some butt"

The only difference with the Toyota case is the fact that the BP boss could resign. Asked by NBC, Barack Obama has hinted he would welcome the departure of Tony Hayward has made frequent statements awkward. "It would not work for me after these statements, had told the U.S. president.We talk with these guys because they are potentially more able to tell me who to kick your ass.

Tony Hayward was heavily criticized after saying a week ago wanted to "get his life before" and the Gulf of Mexico was "a great ocean where the environmental impact of the disaster is very, very modest." Words that had caused such an outcry from the families of 11 victims who died in the explosion and for which he apologized on Facebook. 81% of Americans felt negatively the reaction of BP.

Obama worse than Bush

The position of Barack Obama is not the most comfortable vis-à-vis the American people no fax pay day loan. A poll ABC News / Washington Post, 69% of respondents have a poor opinion of the management of the crisis the Obama administration.By comparison, 60% of Americans disapproved of the action of George Bush response to Hurricane Katrina in 2005.

Tony Hayward, who will be the only witness to a hearing entitled "The role of BP in the explosion of the drilling rig Deepwater Horizon and the oil spill, to answer questions from elected members of the Subcommittee on Oversight and Investigations of the House of Representatives.

Two months after the explosion

The hearing will take place almost two months after the explosion on April 20 of the platform which has killed 11 people and caused a huge oil spill in the Gulf of Mexico, affecting the fauna and flora in several states in the southern U.S. coast U.S. including Louisiana.

The head of BP America, Lamar McKay, had already been questioned by several committees of both houses of Congress in May.

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The Gaza Strip, a narrow sandy strip with about 370 square miles are home to 1.6 million people, is subject to a strict blockade by Israel since its takeover by the Islamist movement Hamas in June 2007, during a coup against the Palestinian Authority of Mahmoud Abbas.

The World Health Organization (WHO) has called last May 18 that Israel end the blockade, in a resolution adopted at the annual meeting of its members. A month earlier, during a visit to the Palestinian enclave, the UN Secretary General Ban Ki-moon had said that the Israeli embargo was "not sustainable".

The last European Commission report on the Gaza Strip, published in March 2009, estimated the damage caused by the blockade on the territory's economy, all economic and social sectors together, to 514.3 million euros.GDP in the Palestinian territories has dropped 5% in 2006 to 3% in 2007 and 2.7% in 2008.

• Unemployment

The unemployment rate stood at 38.6% of the workforce in 2009, according to the Palestinian Bureau of Statistics. It was 37% in 2008, according to the CIA, which places the Gaza Strip in 188th place worldwide in terms of number of unemployed.

• Poverty

70% of the population of Gaza lived below the poverty line in 2009, according to the CIA. UNRWA (UN Relief and Works Agency for Palestine Refugees in the Near East) has estimated that the number of refugees living in extreme poverty in Gaza has tripled since the beginning of the blockade in 2007 of about 100,000 to about 300,000. On the other hand, food insecurity involved 60.5% of households last year, against 56% in 2008, according to the Food and Agriculture Organization (FAO).In its report, the Commission stresses that more than 90% of the population depends on food aid from UN agencies. In February 2009, the UN had launched an appeal for emergency aid for the Gaza Strip, aiming to raise 613 million dollars (479 million euros) from the international community.

• Agriculture and fisheries

According to the report of the European Commission, 46% of farmland in the region were deemed "inaccessible" or where production was interrupted in late June 2009. Agricultural workers accounted for only 7.4% of the workforce in the fourth quarter of 2009, against 12.7% in the second quarter of 2007, according to the Palestinian Bureau of Statistics.The commercial organization Palestine Trade Center (Paltrade) said in a recent report that, without the restrictions imposed on the transport of goods, agricultural exports from the Gaza Strip could represent 2,300 tons of raspberries, 55 million cut flowers and 714 tons cherry tomatoes per year. Fishing has also suffered. Since January 2009, the areas accessible to fishermen were again reduced, to 3 nautical miles offshore. Consequently, the total fish catch has dropped by 47% between 2008 and 2009, according to the Palestinian Ministry of Agriculture.

• Industry, trade and services

According to the report of the organization Paltrade, 95% of 3750 plants in the Gaza Strip have been closed or destroyed, putting some 40,000 unemployed workers (94% of their employees). In 2009, the industrial sector weighed only 5% of the workforce, according to the CIA.Paltrade adds that the 5% of factories still operating in the Palestinian territory that does not rotate between 20 and 50% of their total production capacity. The food industry, for example, has recorded losses of $ 37.1 million in 2009 due to a complete halt to exports. She had only 16 factories last year, against 30 in 2008 and 100 in 2005. Other sectors have been severely affected, particularly the construction, energy, transport and telecommunications. Thus, some 10,000 subscribers have seen their fixed telephone services interrupted, while 330,000 mobile phone users have been affected by these cuts, notes the European Commission.

• Infrastructure

The infrastructure of Gaza has been devastated by lack of materials and construction equipment.A lack which stems directly from the blockade imposed on the territory, "said United Nations Program for Development (UNDP). More than a year after the military operation Cast Lead conducted by the IDF in the Gaza Strip, three-quarters of infrastructure damaged or destroyed are still not rebuilt or rehabilitated, says a UNDP report. The UN program was estimated last year that the cost of damage caused on the roads and bridges in the Gaza Strip rose to 18.6 million euros. His report also highlights that 82.5% of schools are still in ruins.

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The Paris Bourse opens up on Tuesday after two sessions that have propelled by the 4000 points as a result of the case Goldman Sachs. The CAC 40 rose at the opening of 0.16%, to 3987 points.

Monday evening, the CAC 40. Friday night, the benchmark index of the Paris fell 1.94%.

Wall Street has ended without direction while the SEC has fueled the uncertainty by preventing it would be interested in other U.S. banks, including Deutsche Bank, UBS, Merrill Lynch, etc.. on securitization transactions.

Asian stock markets resumed Tuesday morning colors. A rather technical progress.

Zew index to follow

In Germany, the statistics institute Destatis unveiled producer prices up 0.7% in March on a month, resulting in lower annual rate of 1.5% -2.9% cons in February.Economists polled by Reuters had forecast an average increase of 0.4% a month to month and down 1.8% over one year.

The most watched barometer Zew financial community will be published 11 hours. In the eurozone, the European Central Bank will publish the balance of payments 10 hours.

In the U.S., no major economic figure is expected Tuesday.

EADS, only for an offer

Air France-KLM (0.62%, to 12.15 euros) announced Monday that the decision of French and European authorities to open corridors into European airspace allowed him to "gradually take over its operating schedule . The group felt that the paralysis it costs 35 million euros in losses per day. For its part, Club Med believes the impact on its activity to 5 million euros per day.Titles back on Tuesday to 1.73%, to 13.25 euros.

Furthermore, EADS (+0.21% to 14.44 euros) should submit a solo bid for the tanker contract from U.S. Air Force after he failed to associate with L-3 Communications Holdings or any other provider, said on Monday close to the matter. But rival Boeing seems more than ever favorite for the contract to $ 35 billion for only the first installment.

Lagard?re cons attack

In an interview with Le Figaro, Arnaud Lagardere said it excluded to abandon the status of sponsorship and Lagard?re will take "adequate time" to sell 7.5% stake that the group still holds in EADS No teletrack payday loans.Lagardere shares lost in the first exchanges 0.66%, to 31.47 euros.

The mutual bank BPCE sent an absolute bar to Deminor in the standoff that pitted him against the shareholder advisory firm on the whole record Natixis, the investment banking subsidiary public offerings in 2006 and washed by the financial crisis. Moreover, Natixis (2.42% to 4.03 euros) confirms its proposed sale to Axa's private equity activities.

BNP Paribas (0.56%, to 55.66 euros) announced it signed an agreement with Banca Popolare di Milano in the Italian bank to buy back its activities in the custodian bank for 55 million euros.

The values in the wind motor

Buoyed by a sharp increase in goals from Daimler, whose shares are more than 7% at the Stock Exchange Frankfurt, values are part of the automotive sector increased sharply.Renault and climbs from 2.51% to 34.93 euros, Peugeot of 2.04%, to 22.22 euros. Valeo is 1.98%, to 25.72 euros and Michelin 1.52%, to 53.48 euros.

Soitec and Guyenne published

Soitec reported an increase in demand and an improvement in its operating profit in the second semester 2009-2010. It seeks a balance from operations for the current year. Titles rise of 2.92%, to 11.44 euros, the largest increase of the SBF 120.

Guyenne et Gascogne (-3.34% to EUR 71,51) has published an increase of 4.7% of its revenue for the quarter, reporting a tentative recovery in Spain and a rebound of his activity in France in March.

Safran issued on Tuesday a stable activity in the first quarter, as expected. The shares were down 1.75%, to 18.65 euros. The largest decrease in the SBF 120.

FRANCE

Saffron: AC 1T (0700)

Radiall ca1T2010

Accor Q1 results (after market)

Lafuma AC 2T (after market)

USA

Coca-Cola Q1 results (before market)

Johnson & Johnson Q1 results (before market)

Goldman Sachs Q1 results (1400)

Yahoo!: Q1 results (after market)

GB

Tesco: annual results

SABMiller: progress report of 4T

SWEDEN

TeliaSonera: results 1T

SKF: results 1T

FINLAND

(*) Kone: results 1T (1130)

SWITZERLAND

Novartis Q1 results (0700)

A cloud of 200 million dollars (148 million euros). That bill, by far, the paralysis of traffic due to volcanic ash cloud, according to an estimate made Friday by the International Air Transport Association (IATA). This amount corresponds to "the financial impact (…) day in terms of lost revenue," said a spokesman for IATA said in a statement.

"In addition to lost revenue for airlines costs to change the routes of their machines and take on passengers and equipment stranded in various airports," he added. This is a "first conservative estimate".

According to many analysts, the closure of airports in North Europe was difficult to quantify an impact on the finances of airlines. Experts estimate that it will depend on claims from customers.More recently prefer to postpone their flight, the more it will limit the losses to the industry.

"While we have no visibility on the duration of these disturbances, it is difficult to say what is the cost for companies," Marina J. Devitt, the Irish Goodbody brokerage told AFP.

An invoice of $ 30 million for Air France

In the ladle, it is possible to obtain an estimate by dividing the annual turnover of a company by the number of days during which the aircraft remain grounded. Based on this rough, it is possible to establish that, for Air France-KLM, the cloud would cost 30 million euros and 25 million for British Airways, advance a Paris-based analyst.

In Germany, total paralysis of traffic is expected to weigh on the entire industry to the tune of 50 million euros in total per day and "less than 10 million euros a day" for Lufthansa, said analyst Per-Ola Hellgren, bank LBBW, told AFP. An invoice less salty than the recent pilots' strike which had cost 48 million euros in total.

Finally, the "one-time impact on earnings of the Irish Ryanair should be low since most of the operational costs will be avoided, except for aircraft rental and labor costs," notes the brokerage Irish NCB.

Rush predictable

Companies should still limit the damage thanks to the predictable rush of customers at the end of the flight ban. The aircraft should then record load factors much higher than normal, making profitable at the same time much better flights.

Without waiting to preliminary figures, the titles of European airlines fell sharply on the Stock Exchange on Friday. At closing, Air France-KLM took down 3.42%, British Airways fell by 3.13%, 4.10% Lufthansa.

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Twenty French airports closed until Saturday 8 hours

"Packages, mangoes and footballers blocked

»Flights canceled: what airlines offer

New rebound in the case Lagard?re / Wyser-Pratte. Guy Wyser-Pratte, said the activist investor who hold 0.53% stake in Lagardere, has won the support of governance expert RiskMetrics Group (formerly ISS Proxy Advosry Services) in his critique of the structure of the media group.

Support size, because boards of RiskMetrics are followed by institutional investors. But they represent 78.51% of the capital of Lagard?re (50,51% of foreign institutional investors and 20% French).

Rejection of proposals by the management and the board

But on Monday, the general partners and managers of Lagardere SCA voted against the amendment of articles of the company – a company limited by shares to a company – in a proposed resolution before the next general meeting Guy Wyser-Pratte.A decision that is "not surprised" to advise shareholders of the activist. "The opposite would have been more democratic," he quipped.

Last Friday, the group's supervisory board had rejected outright the two main proposals of the Franco-American investor to relax the sponsorship of the Lagard?re group. For now, Arnaud Lagardere, the manager-partner of Lagardere, which holds all powers of decision with 10% of capital payday loans no teletrack. Partnership status allows to use external financing without losing control of the company.

RiskMetrics 'agree' with Wyser-Pratte

Thus, the shareholder advisory firm RiskMetrics looking for arguments Guy Wyser-Pratte: "We agree with his criticism of the sponsorship per share.

"The presence of dissent to the supervisory board of Lagard?re would be beneficial to the long-term shareholder value," she said in a statement. In any case, any election "reflects the intention of the limited partners to adopt a different status," said the company. Verdict on 27 April at the general meeting of shareholders.

On Monday, the shares are granted Lagard?re 0.46%, to 31.51 euros in a market equilibrium.

Wyser-Pratte had accused Mr Lagardere's "mismanagement", accusing him of preferring to "go play tennis in running the company." Arnaud Lagardere leads the group since the death of his father Jean-Luc Lagard?re in 2003.

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