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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.

Place the masons and painters! Members of the Committee on Social Affairs of the National Assembly completed late Thursday afternoon, discussing the draft law on pensions, with a few hours ahead of schedule. Members will now leave the Palais Bourbon completely delivered to artisans who have already begun the usual summer work. Return scheduled Tuesday, Sept. 7, even on Monday night at 6 for a special session will begin by examining the same text, but this time in the Chamber.

"It is in times of transition, summarized perhaps one at the Elysee. The real battle will take place from September. "The for Sarkozy are well aware that this first parliamentary stage was a formality. Not surprisingly, the debates have been looped smoothly."The Socialists have just wanted to make a coup by breaking the lock-in twitter discussions with their phone," is a counselor. What the left willingly admits. For now, she preferred surf the weakening of Labour Minister Caught in the case Bettencourt. Godsend for the Socialists, who are careful not to request his resignation.

Paradoxically, the majority seemed more worried by the progress of the case and its component Bettencourt Woerth that by the turn of the debate on pensions. "The left is going clubbing Woerth in September. He held up? "Wonders already a minister. The Elysee hopes that the summer break will reduce the pressure. Nicolas Sarkozy and François Fillon reiterated that Eric Woerth defend indeed the text on Sept. 7. In other words, he will not be driven to resign by then."It is quiet because we know there is nothing in the record," says the Prime Minister.

"Everything will be decided in September. We are ready for battle. But it also depends on the mobilization in the streets, "says one seat in the PS. Clearly, the left hopes to build on part of the public. Even if the opponents and proponents of reform are divided into two shares more or less equal faxless cash advance.

Unions united

Unions, too, prepare to maturity. For September 7 will also be a new day of strikes and protests against the reform that SF has, once again, on Thursday asked the "withdrawal". In reality, most organizations do not believe and do not even dream to win concessions on key points, beginning with the postponement of the age to 62 years.However, they have not conceded the changes on other aspects of the text during the parliamentary debate.

They rely for that on the "pressure" of the street. Will they exceed the threshold of two million demonstrators, after 1.9 million announced on the evening of the last day of action – successful – last June 24? Not easy to mobilize massively, just days after school starts. Therefore plants have continued their campaign all summer, touring the beaches to the CFDT distributed a booklet "educational" on reform and its "alternative" possible, the CGT.

The unions will have an advantage: their unity restored. Having refused to sign for months, FOR has joined its competitors, and the CFE-CGC has done the same.It is the only organization to accept the decline of legal age, but she believes that the conditions there pose – including a strong financial closure of the reform – are not met.

Faced with this united front, the government has chosen to keep the ballast drop. He has done at this stage, no specific proposals on issues which he is willing to develop: difficulty, and long careers polypensionnés.

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The number of counterfeit euro banknotes declined in the first half of 2010 according to the biannual report of the European Central Bank (ECB). In total, 387,000 false banknotes were withdrawn from circulation, a decline of 13% over the second half of 2009.

The ECB said that "reported to the stock, up, of genuine euro banknotes in circulation (average 13.2 billion in cuts in the first half of 2010), the number of counterfeits is very small." The European institution does not specify whether the counterfeit notes were seized before their release.

Tickets are most affected by counterfeiting are € 20 (41.5%) and 50 euros (42.5%). Almost all (98%) of counterfeit notes seized this semester have been in a member country of the euro area.According to the Central Office for the Suppression of Counterfeiting Currency (OCRFM) quoted by Agence France Presse (AFP), France, Spain and Italy together account for 70% of the counterfeiting of the euro.

The ECB seeks public caution, recalling the method "Touch-Tilt-Watch" called "TRI" to verify the presence of several security features on tickets for the single currency.

The courtroom of the courthouse in Paris, which houses the trial of Jean-Marie Messier called the auction room. Logically, during several recent financial trials, its walls were then vibrated to the sound of indictments handed in a loud voice, with, the key as auction, claimed to increase penalties in the form of year in prison or heavy fines.

On Wednesday, the auction room was very bad name. The remarks of the prosecutor of the Republic, Chantal Leyris were largely inaudible, the magistrate refused to use the microphone placed at his disposal. And the prosecutors took over the reasoning that led, last year, after investigation, to claim a non-place.But the word "relax" is heard, the prosecution did not request any penalty against former executives of Vivendi Universal.

Jean-Marie Messier, and a good portion of men who formed his staff at the head of the company, is considered from the beginning by the court. The legal case focuses on communication triumphalistic group, become a giant media and communications after its merger with Seagram, which controls including Warner Music. From the first day of the hearing, the former CEO has expressed a mea culpa about its "excessive communication."

On Wednesday, early in the indictment, the prosecutor concurs: "The Vivendi is not an Enron.This is not a fraud organized by the President. "Legally, the prosecution highlighted several weaknesses in the case conducted by the magistrate:" The element of intent was not taken into account in the definition of the crime . Or, on the issue of price manipulation, "Mr. Messier was referred to the court taking into account only the only conclusion of the sanctions committee" of the COB (now AMF). On the merits, Chantal Leyris exempts Jean-Marie Messier on several points. "There is ample evidence, she believes, for example, that the movements in the price of Vivendi September 25, 2001 are due to the normal balance of markets."

The defense of the accused must be expressed from this Thursday.It will do a similar tone, even if it is this time the tenors of the bar who give voice.

The reaction of Didier Cornardeau, president of the association of small shareholders assets:

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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U.S. stock markets are a small step forward Wednesday. The Dow Jones ahead of a timid 0.06%, while the Nasdaq rose 0.24%. The previous day, the Dow Jones gained 0.23% and the Nasdaq 0.81%. In Asia this morning, the same trend with the Nikkei in particular that ended on a positive note (1.74%).

Apple Earnings blaze

The technology sector benefited from the announcement after market, a 90% surge in net income of U.S. computer maker Apple in the first quarter. Inflated by including a doubling of sales of iPhones, the company's net earnings to net apple exceeds $ 3 billion in the second quarter of its fiscal offset. Turnover was up 49% to 13.50 billion dollars.Apple shares climbed 5.64% to 258.38 dollars.

Also in the technology sector, Yahoo! also published after the close a net profit group share in the first quarter more than doubled on year to more than 310 million dollars. In contrast, the turnover has been disappointing. It increased only 1% to just under $ 1.6 billion. Result: the shares fell sharply from 5.77% to 17.32 dollars.

On Tuesday, the financial sector, for its part, was carried by the strong quarterly results from investment bank Goldman Sachs (1.26% to $ 162), whose future remains clouded by fraud prosecutions undertaken by securities regulators in the United States and Great Britain.The firm has more than doubled its net profit in the first three months of the year to nearly 3.5 billion dollars.

On the foreign exchange market, the euro was slightly lower Wednesday as investors watching the talks between Greek officials and teams from the EU, IMF and ECB on aid to Greece due to start Wednesday after a successful bond sale by Athens yesterday. By mid-afternoon, the European currency was worth 1.3401 dollars, down 0.16%.

Today on Wall Street, investors will monitor the traditional weekly crude inventories will be published in late afternoon.

"We have a banking sector in very difficult position since September 2008. On the airwaves of public radio RTE, the Irish Minister for Finance Brian Lenihan announced a massive bailout about to upset the Irish financial sector. His government is preparing to take effect in banking reform to rid the system of 81 billion euros of toxic assets from the Financial Times. The information was officially confirmed in the afternoon.

16 billion euros at a discount of 47%

To carry out this project, the government created the National Asset Management Agency (NAMA), a bank created to buy their rotten assets, mostly mortgages risky accumulated before the bursting of the credit crisis.Initially, the NAMA buys 16 billion euros in loans at a discount of 47%, a figure well above the 30% proposed last fall. Hence the need for strengthening the state capital of Irish banks.

The Finance Minister Brian Lenihan has already announced that the Irish government would recapitalize the Bank Anglo Irish Bank, has already nationalized last year, amounting to 8.3 billion euros.

Wave of nationalization

The government also planned to assist Allied Irish Banks and Bank of Ireland to recapitalize after making each of the two banks, 3.5 billion euros. It should become the majority shareholder in AIB with 70% of capital and to remain a minority shareholder Bofi, with 40% of capital.At the Dublin Stock Exchange, Allied Irish Banks has lost 10.07% to 1.25 euros and Bank of Ireland has yielded 9.40% to 1.25 euros.

Finally, the government will also recapitalize two mutual credit institutions, the Irish Nationwide and EBS, which will lead to their complete nationalization, "said Lenihan.

According to analysts, banks would need 15 to 20 billion euros while strengthening their own funds. The Irish Central Bank has assessed the needs of AIB and Bofi respectively to 7.4 billion euros and 2.7 billion euros. Irish banks could raise some of the money itself, by making asset sales. In return, the rules will have to be modified. The banks should strengthen their Core Tier 1 ratio to bring it to 8%."We must put our banks in a situation where they will be able to finance themselves with confidence on the international markets," said Brian Lenihan.

Investors are concerned because the wave of nationalization or increased state participation in banks suggests that such a plan. That recapitalization by the government should increase its stake in the bank (AIB) to more than 70% against 16% currently. The competitor in its Bank of Ireland (Bofi) should rise to 40% against 25% today. The state had already acquired shares having salvaged their coffers 3.5 billion euros.

Ireland under surveillance

Global markets keep an eye on the reforms undertaken in Ireland. The country is indeed one of the most affected by the crisis.In 2009, economic activity has suffered a fall of 7.1% and the country is still not out of the recession. The government keeps its hopes for recovery in the second half of this year.

According to analysts, if this ambitious plan than the original amounts provided by the government, this could affect the country's sovereign debt. Just as Greece, Portugal or Spain, Ireland through debt problems which have already led to a program of fiscal restraint in December. At 11.7% of GDP, the budget deficit is currently the largest after that of Greece which was 12.7%.

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Transport For leaders of the SNCF, the return to growth seems to square the circle. The public company announced Wednesday a net loss of 980 million euros in the year 2009, due in large part to impairment of assets (966 million).

Like every year, this underperformance is attributable to the business of transporting goods, whose loss has reached 520 million euros. The new deficit makes reform urgent cargo, which should lead to staff reductions and abandonment of the activity of individual wagon. "Our results for 2009 are that the amount of translation necessary restructuring of the industry, analyzes a senior officer of the public company.

To make matters worse, the TGV activity hitherto adjustment variable numbers of the group earned less money in 2009.For the first time this decade, its sales declined, while its operating margin fell by 422 million euros.

The company does not conceal its concern about a phenomenon of substance in addition to the impact of economic crisis. "Behind the difficult environment, we perceive a structural trend of slow decline in our margins due to higher expenses," e ect a part of the company. Trains said the planning has reduced from 120 million in operating margin. Another example: the TGV activity saw its personnel costs rise by 1.8% and tolls increase by 5%.This erosion of margins has boosted the group's debt rose from 6 billion euros in 2008 to 7.1 billion in 2009.

In undertaking the debate is not over

The station believes that these results raise the question of its business model and expectations of its shareholder, the state. If he waits her performance, the company will dispose of 20% of freight operations and close many unprofitable passenger lines. On the contrary, if the role of the station is to promote rail freight facing forward and contribute to the planning, the state should support it.

The state addressed the first issue in September by announcing a plan to support cargo of 7 billion euros. For now, its position is different on the passenger.In December he was called to order Guillaume Pepy, the chairman of SNCF, who said that higher tolls threatening the economic model of the TGV. In late January, he had clearly returned the station on the ropes when it was left leaking rumors of closure of unprofitable lines such as Paris-Arras, Lille, Strasbourg and Nantes and Strasbourg.

At the station, the debate does not seem closed. "The TGV is a system of equalization between internal profitable lines and those who are not, said a company executive. How can we maintain our Paris-Charleville-Mezieres if we levy more charges and more than a private competitor arrives on the Paris-Strasbourg, which is profitable? That the public to make a choice. "

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"Surprising." "Moved". "Not yet" … The reactions of economists and analysts to interview with the Financial Times by Christine Lagarde is unanimous. The Minister of Economy French expressed doubts about the durability of a German model which penalizes it believes other European countries.

While Germany has deliberately chosen to stake everything on offer to boost its exports at the expense of domestic demand and of exports and other European countries, "it's still hard to criticize a countries, which introduced considerable reforms over the past ten years and whose discipline enables him to get away well, "said Marc Touati, economist at Global Equities.

France has no lesson to give Germany, and especially could receive, say analysts."It's fun for a country that lacks the courage to take the steps it must take to address a friend and partner, accusing him of being just too good student," quipped Marc Fiorentino, Euroland Finance.

"The remarks by Christine Lagarde is a form of displaced unmanageable," according to Marc Touati, that reservation, however, about the conditions of the interview and the return of his remarks.

Christine Lagarde Where does she come?

"I'm not sure that the German model based on the downward pressure on labor costs is sustainable over the long term," said Christine Lagarde, criticizing the trade surplus in Germany. She called Berlin to develop its domestic demand for the good of all Europe.

For Olivier Bizimina economist at Credit Agricole, these remarks are not really the place to be."There is a structural difference between Germany and France: the German household consumes less than the French household," says he. The Germans, when they have more money, save more and invest more. The French consume.

Moreover, the criticism of the Minister does not seem justified in the sense that "it's not as if there had been a competitive devaluation," he says bad credit payday advance . Germany as France, have in effect the same currency: the euro.

A very contrasting Europe

Christine Lagarde continues to advocate solidarity and convergence between European countries, when Germany chose to focus on its competitiveness and displays its austerity facing European countries in difficulty.In other words, Marc Fiorentino, France asked the European harmony, but that will take place in Germany drawing down "to less jealous, rather than setting goals to the height its neighbor. A vision he considers "pitiful."

The meeting on Monday afternoon, the finance ministers of the euro area in Brussels on aid to Greece, following the joint conference between Gordon Brown and Nicolas Sarkozy in London promises to be stormy. The Franco-German tensions would be increasingly felt, according to some analysts, and contrast with the cordial political relations displayed by Nicolas Sarkozy and Angela Merkel with the media.

SOS eurozone

In a crisis, while Europe is expected to weld, "such criticism" has no meaning and could "put in pole position the idea of a Europe increasingly heterogeneous," says Marc Touati .It is time the European harmony, reflection on a European "with clear rules for all countries with a federal …», continues bubget economist. Otherwise, "in 2020, the euro area has disappeared.

Marc Fiorentino, in an editorial on BFM radio this morning, has sanctioned the remarks of Minister of Economy of the verdict without appeal: "It is time that we have a cabinet reshuffle. It speaks of Christine Lagarde Foreign Affairs. This is good news, "he quipped.

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