The purpose of the meeting, namely save 12,000 points, was not required. The wait has indeed been the watchword of the early week, prior to the G20 on Thursday and Friday in Cannes, where details should be made on the details of the agreement found in anti-crisis pain last week by the European leaders.The meeting of 20 major economies is also expected to learn more about the country or not willing to provide assistance to the euro area, particularly those that abounded to strengthen the European Financial Stability Fund (EFSF).

From this point of view, the information coming from China will be scrutinized carefully, as the rumor last week gave ready to help the euro area up to 100 billion. Confirmation of this outstretched hand should be seen by investors as an additional guarantee of the remoteness of the risk of contagion of the Greek crisis in the entire euro area cash advance today. Saturday, the credit rating "AAA" of EFSF was confirmed by the three rating agencies, Standard and Poor's, Moody's and Fitch.

Despite the caution expected, the decline is somewhat less pronounced than in other financial centers.If macroeconomic issues set the tone in the markets in recent weeks, the place New York has received quarterly publications of good quality. According to Bloomberg, three-quarters of the S & P 500 so far released their half year exceeded expectations. On average they exceeded analysts' forecasts of 5.8%. What support the stock market rally seen across the Atlantic: September 30, the U.S. benchmark index has awarded nearly 11%.

The dollar advance against the yen, oil decline

The decision of the Japanese government, who spoke Monday on the foreign exchange market to weaken the yen, playing on the foreign exchange market. To 21 hours in Paris, the U.S. dollar rose against the Japanese currency to 78.16 yen against 75.81 yen on Friday night. For its part the European currency rose to 108.98 yen against 107.31 yen Friday.

In this paper, Le Figaro that was provided, the controller gives the whole device flat regulated prices. He would like to begin this system to be deleted for Industrialists. Not only France is an exception, but most large companies feed on the market today and therefore spend regulated tariffs.These two reasons argue for a quick exit with respect to the CRE.

With regard to the regulated rates for individuals, the regulator is pushing for major reform. In the background, the benefit to the consumer. The CRE has accounts: only lower taxes compared to other European countries means that the regulated prices of gas in France is attractive. Otherwise, the costs of the molecule fall within the upper range in Europe. In the event of a removal of regulated prices, also under review, the regulator said that "a reflection on the evolution of social systems face the problem of cost of energy supply" should be conducted to help households more modest easy pay day loans.

Market price

Meanwhile, the CRE would like the formula incorporates a larger share of price indexation market.They are currently cheaper than the cost of long-term supply imported into France and indexed on oil. This index accounts for 90% of the price fixing. The CRE wants this share declined to 70%. Currently, there is a difference of 5 euros per megawatt hour (MWh) between market prices and long-term contracts. In early 2010, he was over 10 euros.

The CRE, which found that GDF Suez manages its supply portfolio globally, recommends that this optimization is more beneficial to the consumer. Therefore "an expansion of the scope of supply included in calculating the costs covered by regulated tariffs." In addition to the increased use of market prices, the regulator stressed the importance of liquefied natural gas (LNG), for whom Europe is a natural outlet.

These tracks will be reviewed by the government.They, who know that long-term contracts often protect the abrupt fluctuations, will also decide on the pace, currently quarterly review of gas prices.

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Aware of the pitfalls, Paris, who chairs the G20 seeks to avoid the reasons for tension. First objective: to show that Europe is determined to solve the crisis of its debt, which raises concerns around the world.To do this, nothing better than to show the strength of the Franco-German couple at a luncheon on Friday at the Elysee, bringing together around the president, the French finance minister and Baroin his German counterpart Wolfgang Schäuble.

"We have made good progress on the path to find how to package a comprehensive and lasting agreement," said the French way out. For Baroin, progress has been made "on the joint bank recapitalization," he may say no more.According to European sources cited by Bloomberg, the euro area is working on the assumption of a default of 50% of Greek debt and would have identified seven options to boost the European Financial Stability Fund (EFSF), from the processing bank the simple assurance of securities issued by the countries most vulnerable.

Individual Solutions

Paradoxically, this sacred union between France and Germany is no longer visible in the markets cheapest personal loan rates. Yesterday, the spread between ten-year French and German was 93 basis points, to the detriment of the former. Never since the creation of the euro area, France has borrowed as much from Germany even though the absolute rates at ten years French remain historically low.In the eyes of financial markets, it shows the weakness of leeway in Paris, to boost the EFSF or possibly refinance its banks.

The other cause of tension that the French Presidency is to avoid global order. At their working dinner last night, finance ministers from the G20 should discuss ways "to ensure global growth strong, sustainable and balanced", as agreed for three years. But unlike previous summits, where everyone was asked to revive its economy, the solutions will be this time individual. "At Cannes, each country will come with two or three steps to support its economy depend on the fiscal space of each other," says Bercy. What display a facade of unity.

However, the Twenty will not avoid the reasons for tension.The heaviest between China to the United States, since the passage by Congress in Washington, a bill denouncing the undervaluation of the yuan. The newest arrived yesterday: the emerging propose strengthening of $ 350 billion financial capacity of the IMF for help, among other things, to finance Europe. A proposal that has received a plea of ​​receiving U.S. Treasury Secretary Timothy Geithner, for whom the IMF has "largely sufficient resources to deal with the crisis."

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Delicate challenge

For Sharp, the bet is tricky. This is not to be the nth smartphone on the European market, running Android market segment dominated by Korean and Chinese brands. To differentiate themselves, the Japanese put on the 3D display of the phone. While it is the third, after LG and HTC to offer a device with such a characteristic. But only the Aquos almost instantly converts 2D images into 3D personal business card.It is also equipped with two optical, which can take photos or videos in 3D and then watch them on their smartphone, or share them on other screens in relief.

Abandonment of the shelf

On a strategic decision to Sharp raises some questions. The brand has announced the abandonment of its shelf Galapagos there just two weeks. But it also reflects the key role of the smartphone market for players in consumer electronics. To exist, they can not do without. Even if only a very symbolic presence. Orange has only ordered 10,000 copies of the Aquos, probably made prudent by the very small success of the 3D Optimus LG and HTC Evo 3D. Sharp will make us forget the bad reputation of free 3D, even on small screen, according to users, giving a headache and seasickness

This market of religious buildings is not quite like any other. With the exception of religious properties belonging to individuals, their property is governed by the law on the separation of church and state December 9, 1905. Religious buildings built after that date are held by dioceses, which are free to sell them.Churches and other presbyteries prior to 1905, however, belong to the state, and their maintenance is the responsibility of communities. Then these buildings may not be assigned to special dispensation: the diocese and the state may enter into agreements on a case by case, when none of them is able to restore a particular property.

Unexpected transformations

Buyers are both companies and individuals. The first opt ​​for a conversion for most conventional hotels or guest houses. Other projects are more controversial. The Church of St. Francis of Assisi in Vandœu ERV-les-Nancy, Meurthe-et-Moselle, was sold last spring for the price of € 1.35 million to a developer whose identity remains unknown.Despite the reluctance of many faithful, the church, which was struggling to assemble 80 parishioners for nearly 1,000 places available, no longer had the budget for maintenance. It will become very soon after 500,000 euros for his work up to standard … a shopping center.

Individuals, themselves, think housing or second home. So they covet priority abbeys and priories, as they have a vocation to the habitat they are also more affordable. In France, these religious buildings can be sold from 150,000 euros to around 3 million. If this practice remains low on French territory, it is still common in other countries. Canada has seen some of the churches converted into museums, libraries or theaters.A theater has even emerged in the church of Our Lady of Protection in the town of Rouyn-Noranda, Quebec. In the United States and Europe, some churches were refurbished in buildings or even loft luxury of several hundred square meters, seeking buyers for not less than $ 7 million. A sum which the Church would be hard to fulfill.

The stakes are high for Microsoft. Office software suite, known to the public for its messaging (Exchange), its communication programs (MSN), its word processing (Word) or spreadsheet (Excel), is used by 1 billion people worldwide .The economic role of this job is for the computer giant.

Subscription model

"Office represents about one third of group sales and billions of dollars of investment per year," said Ariane Gorin, marketing director of Office at Microsoft France. In fact, the division of Business software giant, whose main activity is the result of office automation software, accounted for 31.2% of group sales in the first nine months of fiscal year 2010 – 2011. Over the same period, the division that handles Office has generated an operating profit of $ 10.5 billion, or half the group's operating income.Already, more than 200,000 companies worldwide have tested the preliminary version of Office 365.

800 partners in France

But the changeover of all clients to the set of software tailored for cloud computing, is expected to take time. "Large groups could wait five years to switch all of their users, while very small businesses should be the first to adopt Office 365," said Ariane Gorin business card design. She added: "Today, 90% of Microsoft developers are directed to the cloud."

For the global software giant, the move to cloud computing is revolutionizing its business model. So far Microsoft Office is sold licenses to computer manufacturers or directly to the public as a package. But with its new Office 365, Microsoft enters into a rental model.It offers several subscription to month, from 5.25 to 22.75 per user, depending on the services requested by customers. A first offer starts at 1.79 euro for a single messaging service (Exchange). For its part, Google highlights its prices lower than those of Microsoft, $ 5 per month per user.

For help in the distribution of Office 365, Microsoft has 800 partners in France, two of Orange Business Services and software integration Risc Group, which will sell the whole offer. Dematerialized data will be stored in Europe, in Microsoft's data centers in Ireland and the Netherlands. But the software giant plans to "adapt its offering to the specific needs of certain customers," said Ariane Gorin.For the financial sector, the data must be stored four times in separate locations.

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Despite these humble beginnings, the company hopes most luxurious increase its visibility in Asia with the regional listing. Sales of luxury products are doing very well in this part of the world. China weighs more heavily, representing the second largest market behind the United States and ahead of Japan. The industry shows growth rates of nearly 25% annually in the Middle Kingdom.A trend expected to continue at least over the next five years, analysts said. The consulting firm PricewaterhouseCoopers expects that China will become the first market in the world by 2015. The sign of Milan also provides a major expansion plan throughout the Chinese territory in the years to come.

Prada is not alone in courting the Asian markets since the stock market. Burberry and Coach American also announced their intention to rate in Hong Kong. Prada's performance will be regarded as a test for the Asian market place, where Samsonite has recently disappointed by losing 11% on the day of its listing on June 16.

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It is now the strongman of the government just revamped George Papandreou: Evangelos Venizelos. Imposing, talkative and impulsive, professor of constitutional law of 54 years did not mince his words when entering his new office as Minister of Finance: "I left the Department of Defense to enter a war", has he said. And for good reason, this war is that of the economy. He is determined to carry out reforms and has a good chance to convince members to vote in favor of the second austerity plan on 28 June. Observers say it is the ideal person to mitigate the discontent within the party.

The entire political class recognizes Evangelos Venizelos his intelligence and his status as a pillar of the new government.Gathering his majority was a priority to calm the ardor of the critics of the Greek Prime Minister.

But for some experts, this man from northern Greece be too wet to agree with the Europeans. "It is the one who said the Council of Ministers last week, the country was under occupation administration. How Brussels will trust him? "Assen there be in the ranks of the Conservative opposition. For political analyst Giorgos Kirtsos, "Evangelos Venizelos wants to be Prime Minister. It has a very social discourse and is highly regarded by the barons of the press. He will use his gift as an orator to get the reforms in the population, "said he personal business card. "When he was at the Ministry of Development, he has managed the beginning of the privatization of the Greek electricity utility by arranging their own way.Now, decisions are more difficult, especially since it's not a reformer, "says Giorgos Kirtsos. The new "czar of the economy" as it is called the Greek press has an agenda of the busiest on the European stage. He will travel to the meetings of the Eurogroup and has make a difference with his predecessor, Giorgos Papaconstantinou, became Minister of the Environment.

Control social discontent

According to Petros Doukas, an economist and former Greek finance minister, Evangelos Venizelos must quickly make proposals to the Europeans to save the country from bankruptcy. This could be a takeover of the Greek debt, "which currently is sold off at least 40% on the secondary market," said he. "Once acquired, they can erase part of our debt and other loan us again as a loan at 4% for twenty-five years.This is the ideal model for the second funding of 100 billion euros, "explains the former Conservative minister.

Meanwhile, Evangelos Venizelos will also control the rising social discontent in the country, especially as the indignant and unions are willing to take it a turf war without thank you. Rallies and demonstrations are scheduled from Sunday until Friday next European Council.

Thus, Carlos Ghosn, CEO of Renault-Nissan has made the rise in the capital of AvtoVAZ a goal of the alliance. In February, he said, expect to see the discussions end up in the course of the year.A source familiar with the matter, however, told Reuters that the talks would "probably take several more months."

After the conclusion of the agreement, the alliance would include assembling a compact car from Nissan in 2012 Avtovaz plant in central Russia, and would consider building another production plant in the Russian Far East short term personal loan. The three manufacturers might also produce a very low-cost car for emerging markets at a plant of AvtoVAZ, the newspaper said.

Like China, India or Brazil, Russia is a growing market that focuses the attention of car manufacturers: the next few years, four million vehicles could be sold in Russia every year, or a volume double the current level. Renault aims to capture, with Nissan and AvtoVAZ, 40% of the Russian market in 2015.In addition, the entity Renault-Nissan-AvtoVAZ would be the third largest worldwide, with 7.23 million vehicles sold in 2010, behind Toyota and the Japanese General Motors.

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On Wednesday, the CAC 40 is moving slowly from 0.14% to 4014.84 points. Elsewhere, the London Stock Exchange opened down slightly, the FTSE-100 index lost just 0.05% to 5986.93 points. Frankfurt, by contrast, began with a gain of 0.23% to 7310.56 points.

Already in Asia, the euphoria gave way to doubts after the announcement of a further slowdown in manufacturing activity in China. PMI purchasing managers of the China Federation of Logistics and Purchasing (CFLP) fell to 52 last month, cons 52.9 in April.For its part, HSBC has calculated a PMI to 51.6 for May, against 51.8 in April, and noted "a continued moderate growth in manufacturing output accompanied by an easing of inflationary pressures" on last month.

The U.S. employment program

These new investors also encourage Parisians to moderation. Especially since a series of important indicators is expected:

In France, the unemployment rate fell slightly in the first quarter of 2011, to 9.2% of the workforce in France (9.7% overseas departments included), down 0.1 points compared revised figure for the fourth quarter of 2010, INSEE announced Wednesday.

In Europe is provided the manufacturing PMI in May.Then the United States, employment will be honored with the study Challenger (1330) and the monthly ADP (1430), both published before the traditional employment report from the Labor Department, scheduled for Friday . Are also scheduled in the U.S., construction spending and ISM manufacturing.

As for currencies, the euro remains stable against the dollar in morning trading at 1.4427 dollar. For its part, the oil rises, still worn by the announcement on Greece.In morning trading, a barrel of light sweet crude for July delivery took 30 cents to U.S. $ 103 while that of Brent North Sea crude for delivery gained 31 cents identical to 117.04 dollars.

Operators under supervision

As for values ​​to be followed:

Axa: 2.02% to 15.14 euros

The group, which has detailed a plan Wednesday to strategic investors, will sell its Canadian subsidiary to Intact Financial.

Peugeot: -0.37% to 29.30 euros, Renault: -0.15% to 39.36 euros

Registrations of new cars rose 6.2% in May

Schneider Electric: 0.22% to 114.85 euros

The group announced Wednesday a takeover bid of $ 2 billion (1.4 billion euros) to Telvent, a specialist in systems for managing energy infrastructure, water and transport.

France Telecom: -0.57% to 15.81 euros, Bouygues: -0.11% to 32.06 euros, Vivendi +0.15% at 19.42 euros

The mobile phone may be carcinogenic but no formal proof establishes the link between mobile use and brain tumors, cancer specialists have said Tuesday the World Health Organization (WHO).

Arkema: -0.35% to 75.90 euros

The group will enter the CAC Next 20, the antechamber of the CAC 40, and CNP Assurances will be withdrawn with effect from 20 June, the Council decided on scientific evidence of NYSE Euronext Paris. In a statement, Arkema said that NYSE Euronext enters the CAC 60 and the Large NOC is withdrawn.The reverse operation is performed for the CAC Mid 60.

Neopost: -1.16% to 61.50 euros

The group announced an increase in its turnover in the first quarter despite difficult conditions in Europe and confirmed its targets for 2011.

Theolia: 8.40% to 1.42 euros

The group announced Wednesday it had signed an MoU with the National Electricity Morocco (ONE) to develop and implement an entire fleet of 300 megawatts (MW) in Tetouan near Tangier.

Lagardère: 0.51% to 28.52 euros

The group has completed the bulk of the sale of its international magazine to Hearst, which should have a negative impact of EUR 35 million on operating profit of Lagardere Media for 2011.These disposals will impact is the objective announced in March a growth of around 10% of its 2011 operating profit at constant exchange media, which included the magazine internationally.

Neopost: -1.17% to 61.49 euros

The group announced an increase in its turnover in the first quarter despite difficult conditions in Europe and confirmed its targets for 2011.

Belvedere: -1.39% to 61.50 euros

The CEO challenge the fines against him required by the representative of the college's Financial Markets Authority (AMF).

Bourbon and Atos Origin today hold their general meetings.