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The results fell on the strength of major European banks, is to know the verdict of the markets. Since Sunday morning, the stress tests are found in the test and the final verdict remains suspended from financial operators who often weigh heavier than the official figures and insurance.

Only 7 of the 91 banks have failed this test of strength, five Spanish, one Greek and one German. Their capital needs are estimated at 3.5 billion euros. We must add three who crossed the barrier but the recapitalization seems inevitable: the Italian Monte dei Paschi, Allied Irish Banks, Irish and German PostBank.Finally, the majority of European banks, the British and French in particular-seem to have redressed the balance.

The question now is whether the test can, as desired by the European authorities to lift the remaining mortgage, reboot, and finally the pump in credit to promote growth. By Friday, the European Union had welcomed the exercise as a vote of confidence. From Washington, the Treasury secretary, Timothy Geithner, hailed "a major effort towards greater transparency" on the health of the banks of the Old Continent. In markets, the euro rebounded to finish just below $ 1.29 after the close of European markets. Wall Street ended higher.

Consolidating banks at fault

Yet many continue to doubt the severity of the European round or its completeness.Unlike other countries, Germany has refused on Friday to force its banks to publish the figures on a main line of their balance sheets: assets in government securities, ie their exposure to the European budget crisis. In the coming days, a first return to the trust will be the willingness to consolidate the banks at fault.

Weighing his words, the IMF Managing Director Dominique Strauss-Kahn described the stress tests as "the promise of a considerable strengthening of the European financial system. It remains to implement. Greece and Spain have promised for the end of the year. Germany, she announced a major restructuring. This is the interbank market which will provide the second element of discretion. The situation has eased since the beginning of the summer.But lack of confidence, many institutions do not always manage to borrow in the interbank lending market, considered one of the keys to sustainable economic recovery in Europe.

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The fireworks on July 14, is sacred in many municipalities, but not Mennecy. This town of Essonne is indeed one of the few to have made the choice to give up for budgetary reasons. "This is the third consecutive year that we do not celebrate the national holiday, says Elizabeth Vasseur, deputy mayor. It is a decision we made when we arrived responsibilities. Given the state of public finances, we have chosen to focus on building maintenance, or renovation of two schools being. Because we do not want to raise taxes, "she argues. The savings amounted to ten thousand euros. If people have stayed up Mennecy perhaps no worse the other 364 days of the year, few cities, however, he followed suit.

For the celebrations of July 14 remains a symbolic moment for which the municipalities continue to invest in broadly stable, despite the severity of wind hovering at the national level. In Paris, the budget devoted to one of the biggest fireworks of the Hexagon is constant since 2001. An investment of € 500,000 by July 14 to 30 tons of powder and 30 minute show. "In the current economic climate, we did not want that expense increases, say to the City of Paris. But it seems important to properly celebrate this national event. " Same story in a smaller city, Chalon-sur-Saone (71), where the budget for fireworks is roughly the same from year to year, despite a desire for renewal: "Our budget is constant for 5-6 years, explains Cédric Sementi, responsible for the event.But we chose this year to remove the sound of fire to prolong the duration of the show. " In total, 14 July festivities will be spread over five days in Chalon whole through the operation "Summer Sonatas" paydayloan.

The fireworks, creator of the social bond

Jacques Couturier Organization, which has won this year's market fireworks in the city of Paris, his explanation for this relative constancy: "The fireworks created a social bond that we all need in times crisis, analyzes its founder. Increasingly, we are asked to create fireworks outside the July 14, for example recently at the Championnat de France cyclist Vendee. Especially since the resources allocated to the festivities usually remain small relative to the overall budget of Commons.In Sceaux (92) – which does more than fireworks on July 14 for 10 years, preferring the fires of St. John – the various festivities cost about 200,000 euros to the municipality, with a total budget of 30 million. "This costs in a city hall, which is most likely to suffer from the crisis, are the social or educational expenses," said Philip Lawrence, Mayor of Sceaux.

Among Europe's leading fireworks, Lacroix-Ruggieri, there is however a slight decline in budgets. The amounts invested were stable in 2009, but budgets have contracted by about 5% this year. "All budgets ranges from 2000 euros to 500,000 euros, have been involved," says Jean-Michel Dambielle, Director General Operational Group. And if the national holiday of July 14 is still with us, removal of business tax still worried the bomb."The fiscal autonomy of municipalities will decrease their budgets might be affected, analysis Picard, CEO of Group F, creator of the fireworks in Paris in 2008. Will we still saved? We'll see next year. "

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At Microsoft, we talk of "strategic shift". Twenty years after the onset of the first version of Office, its main software, including Word, Excel and PowerPoint, become free on the Internet. "We have incorporated new uses coming from the Web, in a business model funded by advertising," Jean-Christophe defends Pity, director of the division office in France.

The software, in their declination Web are accessible from any computer with Internet Explorer, Firefox, Safari or Chrome. There is no need to install any software or plugin, even if the extension Silverlight competitor to Flash, is recommended.However, it is essential to have a Windows Live at Microsoft, to create and edit documents, stored on a virtual disk with a capacity of 25 GB

The online tools do not support all functions of the Office suite but a light mode. In Word, for example, inserting tables and images work, like changing font, text alignment and the spellchecker. But the footnotes page can not be changed. Similarly, in PowerPoint, changing graphics is skimpy. And from a mobile or a shelf, only consultation is proposed.

A response to Google

For Microsoft, it was not any way to match the capabilities of traditional software, which will sold from 99 euros payday advance.The more complete versions, installed on the hard drive and connected to the Web for collaborative work, to manage the effects and 3D animation video, editing, and the contour images, make layouts. The Outlook e-mail, intended for professionals, now includes the major social networks including Facebook and LinkedIn.

The free software on the Internet should rather discourage users to migrate to the online office suite from Google, Google Docs, and if possible refer to the charges. Office remains one of the main sources of income for Microsoft. For years now, contributed almost half of its profits last year.If Office totaling half a billion users worldwide, Google has recently surpassed 25 million customers, and gaining ground in enterprises.

Without giving specific numbers, Microsoft expects to France, despite the competition from free, on a "double-digit growth" in sales of Office, says Jean-Christophe Mercy. By the end of the year, "between 80 and 90%" of PC will be sold with the suite preinstalled. An activation key must be purchased to access the software. The early indicators are encouraging. The beta version of Office has been downloaded over 600,000 times in France. Behind the United States, but ahead of all other countries.

25% reduction of drug prices in Greece, 6% discount rates to 16% from August in Germany … Across Europe, governments are spending on health to reduce their deficits. France is no exception. The government fell in April the rate of return of 200 drugs. He also announced a few days ago to further declines in commodity prices, in order to save 100 million euros by December.

If the crisis and its recent upheaval amplify the movement, several years ago that states seek to reduce the cost of their health system.In particular burden on drugs, a position that has represented France 18% of health spending in 2009, according to the latest data from the drug companies' Union (LEEM).

The means of action are diverse: reduction in reimbursements, the generic substitution of original drugs, lower price … Some treatments are even questioned. The British health authorities have announced their refusal to repay the Tyverb, treatment of GSK cons breast cancer. Too expensive – several thousand pounds – while Stretch the lifespan of patients only a few weeks, said the Nice, the body responsible for determining the reimbursement of medicines.In France, the Economic Committee for Health Products (CEPS) said it would not exceed 50,000 euros per year per patient for certain treatments against cancer.

Facing pressure from governments, laboratories are struggling to defend their margins and their ability to fund research. A common strategy is to seek approval of existing drugs for new indications …. And Roche has announced that its treatment Avastin, already used for colorectal cancer and breast cancer, could make significant progress in cancer of the ovary. If studies confirm, this new market could yield a revenue of an additional billion Swiss francs.

Lovenox, Sanofi accumulates the same success.Launched in 1987 for orthopedic surgeries, he has seen indications gradually expand its knee, to abdominal surgery, treatment of thrombosis veinales, etc.. In twenty-three years, the second drug from Sanofi-Aventis has been prescribed to 200 million patients worldwide.

The labs often winners

To fully optimize the lifecycle of a molecule, "laboratories accept a wide range of strategies, Delphine Le Louet complete, a financial analyst at Lombard Odier.Some build their sales teams to capitalize until the last moment of a drug before its patent expires and is severely challenged by generics.

Other practices include an attempt to demonstrate the beneficial effect of prolonged use of a drug or alter the chemical structure of a molecule into a new, a priori, more efficiently and with less impact secondary. This was done by substituting the AstraZeneca Inexium Mopral in a few years ago.

These methods, which allow labs to compensate for the lack of innovation, often boil down to a battle on price. Sometimes this policy entry "by the back door." "The marketing of a drug for an indication may be reduced one way of obtaining a relatively high price at first.This is often the case for cancer, where treatments are very expensive, "says Claude Allary, managing partner of consulting firm Bionest.

Whether a deliberate policy or simply a desire to make a drug available as quickly as possible, laboratories are often winners. The anticancer Tasigna, introduced as the successor of Glivec in the treatment of certain leukemias rare, is the proof. Novartis is the bill now 50,000 euros for a one year treatment.

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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Marc Simoncini has enriched the right time. He managed to sell its Internet portal iFrance Vivendi before the Internet bubble broke. "I sold it very cheap, 182 million, but nearly half in Vivendi shares, says he. And the course is spent in a few weeks from 100 to 8 euros. I lost enough money to tell me that I could not stop working. So I founded Meetic. "

Ten years ago, world capitalism was attending the breakup of one of the most famous bubbles. That of. Com (dot com in English), these values of the "net economy" that even baptized "new economy". At the time, only 350 million people are connected to the Internet in the world against more than a billion and a half now. But in early 2000, analysts and fund venture capital are already there. They overestimate the ability of start-ups to become profitable and give them carte blanche.Just then an idea, a business plan presented on Powerpoint to convince venture capitalists to invest tens of millions even before he won any customer.

No matter, since a tsunami will occur: the bank branches will close in favor of online banking, consumers will no longer do their shopping in supermarkets and choose the sites of e-commerce …

At that time, Philip Collombel is responsible for web development at Carrefour. "A few months before the bubble burst, the group's leaders had planned to invest hundreds of millions of euros in this area," he recalls. Finally, all the ambitious ideas have been put in closets. "We threw the baby out with the bathwater," Regrets Philippe Collombel.Ten years and two owners later, Carrefour has announced its intention to buy a player in online commerce to catch up on the subject. Ooshop.com The site, launched at the time – now renamed Crossroads – sells little more than a large supermarket.

But the food is one of the few sectors where e-commerce has not taken a prominent place. The use of the Internet has indeed developed a massive scale, even if it took longer than expected.With their billions of dollars in profitable sales, Amazon, Yahoo, eBay are still there, joined by thousands of businesses, net of pure players or converted traditional players.

SNCF leading e-commerce

Who would have thought that the station would become the leading French online business? "Many of the ideas of 1999-2000, when they arrived too early, have proven today in the field of e-commerce, social networks, games, e-book, said Jean-Bernard Schmidt, the capital firm Sofinnova Venture Partners. The innovations were ready, the public has taken longer than expected to join. "

A French start-up, Cytale, then had the idea of the eBook, then disappeared after failing to make the model profitable. Posthumous revenge, last Christmas, is that Amazon said it had sold more than Kindle, its electronic reader that works paper.The email service Caramail, founded by the French pasionaria Web, Orianne Garcia and his associates, had established itself as number one in France, before disappearing off the face of Hotmail, now in the fold Microsoft. Meanwhile, Garcia and his partner Alexander Ross became pioneers in the distribution of contact lenses on the Internet.

The online business has not emptied the stores as had been predicted a decade ago, but he does not know the crisis, due to annual growth of 25% for two years in France. One in three adults regularly purchases on the Internet. Against all odds, clothing and footwear join books, high-tech and travel head of the most purchased. The Swedish site Boo.com, one of the most resounding failures of the bubble, was not entirely wrong. Today, sales, and other privees.com Showroomprive.com Rise in fashion D?griff?e.Zebank sank body and soul but Boursorama Bank, now a subsidiary of Societe Generale, prosperous and all banks now offer a one stop online.

Other pre-bubble phenomenon: lastminute.com has seen its share soar 40% on the day of its IPO in spring 2000 before we lose it again quickly and half to be sold to the U.S. in 2005 Saber.

This crisis has served as a "rite of passage, forming a large number of leaders," said Philippe Collombel who now heads the fund Partech International Partners. For Marc Simoncini, now head of his own investment fund, Jains Capital, the bursting of the bubble has had one virtue: "enhance the experience of failure."

The Safran Group is Monday affix his signature on a contract worth $ 5 billion (about 3.3 billion euros) for the supply of aircraft equipment manufacturer in China Comac, announced the Chief Executive Safran, Jean-Paul Herteman. The boss of the French group is currently in Beijing with Prime Minister Francois Fillon. General Electric teamed up with Saffron, obtained a contract with a value equivalent.

The initial contract is focused on supplying engines to the X Leap C919 aircraft manufacturer Comac, future competitor of the Airbus A320 and Boeing 737, whose launch is expected towards 2016.The latest generation of engines are still being developed by CFM, a joint venture of Safran and GE for aircraft engines.

A contract that could reach 15 billion over thirty years

"This is an important contract, launching a new aircraft that happens every ten, fifteen years," he told reporters Jean-Paul Herteman. The amount of the contract could rise to 15 billion dollars and create between 8,000 and 10,000 direct jobs in France and three to four times more for subcontractors in thirty years. "The Chinese market represents 20% of the aviation market in the world 20 years ahead," stressed the president.

Comac The Chinese group was founded in May 2008 in the optical display to create a major aircraft manufacturer in the country, while the country would need more than 3,000 airplanes in the next twenty years, according to analysts.

Hard times for airlines. The British Airways announced Friday a loss of 271 million pounds in the first half of its fiscal year end in September shifted. Compared with 49 million loss in the first half of 2008, this figure has more than quadrupled.

The CEO of the company, Willie Walsh, said that the entire airline industry "remained in recession", citing estimates from IATA, the global association of air, which anticipates a total loss of 11 billion dollars in the sector this year.

The group said in the same time it would accelerate its cost-saving measures and increasing its job cuts. "With a turnover that might reduce one billion pounds this year, we can not stand idly by and further cost reductions are essential," said Willie Walsh.3,000 jobs would be affected by March 2010 by the deletions.

Following these publications, the action of the group rose 6% to 198 pence at about 11:00 am

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