For two years, confidence in the Italian government has been falling as steadily deteriorating relationship with the political world."Concerned about a financial crisis, two-thirds of Italians believe that the worst is to come, distressed by unemployment and social welfare in a period of greater vulnerability, they felt that no one took him round the waist problems, do not even recognize the existence, says Nando Pagnoncelli, director of Ipsos. Neither the government and elected a parliament that does not debating the privacy of the Chairman, corruption and their internal battles. "Not only the Italians refuse to grant more confidence in Berlusconi but, having in head the failure of the Prodi team in 2008, after a year and a half of government, they can not believe that the Left in power would be able to govern.

The investigation of this type of case takes on average between 12 and 18 months. But the length of the procedure does not scare GDF Suez, which the argument is simple: the law requires that the procurement costs of the company are covered by fees, and grant a small margin. Upon arrival, if the formula price was applied on October 1, gas prices for individuals would have had to climb 10%.GDF Suez's estimated shortfall by the end of the year to some 290 million euros.

For its part, the Commission for Energy Regulation (CRE), the industry policeman, issued an opinion unfavorable to the Government Order. Meanwhile, the regulator gave the Minister of Industry, a report on the Exploring the evolution rate of increase gas prices. One of the measures mentioned by the CRE is to increase – in the development of the formula – the share of the market price of gas now cheaper for the consumer and supply contracts in the long run.

This design technique should allow to reconcile the evolution of gas prices with the political imperative to avoid any increase, especially brutal.

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Michalis CHRYSSOHOÏDIS – France is a strategic partner, the second largest foreign investor after Germany. I will meet with the bank Oséo. The SME Bank is to me a model success story. It has supported companies in recent years and has funded the development of France. We want to inspire us to create our own investment bank. Then I meet Baroin and companies interested in investing in Greece. I see a great interest on their part especially since the launch of the privatization program.

Why are these privatizations n'avancent not they?

Be careful. We want to value the assets of the country and not sell everything, quickly and cheaply. Do not believe everything we Bradon. Foreign companies have this impression because of the crisis.But investors must understand that they must add value to the country by buying companies, they will not buy at bargain prices just because the Troika (EU, ECB and IMF) has set targets for privatization.

What are your criteria for selecting candidates?

It will take commitments in terms of jobs and investment. A Greek in two is unemployed. Yet young people are highly educated. The vast majority has a lot of degrees and study abroad. We can not continue to let them emigrate abroad and lose our minds. We have no preference on the nationality of the interested companies. The European framework does nothing, so if we have good proposals from non-European groups – from Asia for example – we will take seriously into account.We must establish a business model that will be based on production, competitiveness and trade.

But the Troika impatient …

We will fulfill the objectives of the 4 billion privatization by the end of the year. But you know, the Troika also wants the success of this program. His emissaries were correct in finding that there had been delays in structural reforms, but they must understand that we have passed a series of reform laws that are not spent in the company, in the real economy business

Volumes are again very important, all displaying European stock markets by mid-day trading levels higher than their usual daily average. The CAC 40 is changing and in volumes representing 167% of its already daily average the last three months, with nearly 4.7 billion traded. On the Frankfurt Stock Exchange, they exceed 180% of their usual average, and 130% in London.

After returning to 3200 points at the opening (3188.27 points), the Cac 40 was eventually changed to 11 hours of trend (-3.35% to 3020.46 points at 10:45).Shared a tendency in Europe: Frankfurt, after opening down, quickly moved into the green before sinking 3.12% to 5738.47 points. In Madrid, the Ibex 35 yields 1.38% to 8342.8 points. Only the London remained in the red since the opening, and loses in mid-session 1.80% in 4977, 68 points.

Pic of volatility

This new session, that of all the dangers after Black Monday in the markets, not immune to the extreme nervousness of investors. With a drop of 18% of the index in Paris in eleven sessions, the CAC 40 lost again yesterday his record consecutive bearish sessions.In addition, the volatility (the highest for two and a half years as the VIX (16.7%), shows that investors are not convinced by measures taken in Europe and the United States for fiscal consolidation and boost growth.

Even the 2 billion euros pledged by the European Central Bank (ECB) on Monday to buy back bonds in Italy and Spain, have yielded only very temporarily a little breath on the markets. According to a consensus of managers interviewed by Reuters, the institution should indeed buy at least 100 billion of sovereign debt in Spain and Italy to strengthen the euro area and reduce the pressure on the markets.However, the relaxation on the 10-year rates of the two countries is continuing this morning, those of Spain from below 5%, while those in Italy were approaching that threshold.

Moreover, the lack of effect on the markets of the intervention of U.S. President Barack Obama shows that political speech has no impact on investors, beyond the break-off. This has not prevented the U.S. Treasury Secretary Timothy Geithner, to find that governments and central banks, have "largely on the margin" to address the crisis.European side, the statements are also increasing, Jean-Claude Trichet, ECB president, on Tuesday called on governments to "do their job" and put in place as soon as possible bailout of Greece, adopted on 21 July.

Policy responses are not sufficient to calm the

Is it possible? Hard to say, as investor psychology seems to look for a disability policy to find new tools to address the current crisis. For two weeks, no action relieves durablementles markets and break the vicious circle in which is immersed the Paris index.From this point of view, no new ones are expected at the meeting on the macroeconomic front.

The eyes are still turned to the United States, where the Monetary Policy Committee of the U.S. Federal Reserve (Fed) will hold a highly anticipated meeting this afternoon to decide on measures against the risk of a further slowdown in growth paydayloans. The conclusions of this meeting, however, should not be made public until 20:15, Paris time, and will therefore not affect the European markets.

Investors console themselves with the publication at 14.30 on U.S. productivity figures for the second quarter, which could give a little more on the state of the world's largest economy.In this dark period, is good news also came on the morning of the Budget Ministry, which reported just before a stock market stabilization French public deficit at the end of June, to 61.3 billion euros.

Moreover, according to figures released this afternoon by INSEE, the price of oil in dollars recovered in July (+2.3%) after declining by 1% in June The price of imported industrial raw materials has, too, bounced: 1.9% in July, against 0.2% a month earlier. Same trend for raw food (+1.0% after -0.8%).

For its part, the Organization of Petroleum Exporting Countries (OPEC) also lowered its demand forecasts for 2011. In its monthly report published on Tuesday, the organization expects a demand for crude to 88.14 million barrels per day (bpd), against 88.18 million bpd set before.

The barrel still under pressure

The report is closely watched, the price of oil is very strong pressure for 15 days under the effect of the downward revision of demand forecasts. A decline which continued Tuesday, but less than the opening. In electronic trading in Asia, the "light sweet crude" for dropped below 80 dollars (78.92 dollars in mid-day) while the barrel of Brent crude down $ 100 for the floor, then back to 101.04 dollars.

As for the exchange, finally, the single European currency regained color against the greenback until the Fed meeting tonight, the euro climbed to 1.4234 dollars at 8 o'clock, against 1.4179 late Monday. Note that the face of these uncertainties, gold enjoys full status as a safe haven, record after record signing.The ounce finished on a further rise Tuesday in Hong Kong dollars to 1753.50, after hitting a new record for the session at 1772.09 dollars.

Side analysts, speeches remain cautious, noting that "the large volumes show that we are not in a sluggish market, typical of the holiday, but in a situation of significant liquidations of positions, as and when traders' confidence evaporates, "according to Jonathan Sudaria Capital Spreads.

The side of values ​​to follow:

Financials bounce (BNP Paribas takes 1.09% to 39.74 euros, Societe Generale advance of 1.17% to 25.42 euros and Credit Agricole gleans 0.53% to 6.79 euros). Natixis (2.90% to 2.97 euros) goes back more vigorously the slope, while Axa was hand plunged from 1.23% to 10.85 euros.Faced with the sharp fall in equity markets, the Financial Markets Authority (AMF) did not consider it unnecessary at this stage to ban short selling in these securities, said Monday a spokesman for the regulator stock.

Alcatel-Lucent (2.344 to 5.44%) shows the largest increase in the ACC after losing 31.5% over the past two weeks.

GDF Suez (-1.51% to 19.52 euros). the group has reached an agreement with the Chinese sovereign wealth fund CIC. Beijing will take a pole in its exploration and production investments and participate in the French group in Asia Pacific, told Reuters on Monday sources familiar with the matter.

Archos (-6.19% to 6.82 euros). The specialist tablets unveiled Monday a net profit after market semi-annual 1.7 million euros against a loss a year earlier.The group also confirmed its objective of a gross margin above 20% for the full year.

Euro Disney (-0.20% to 4.96 euros) reported, shortly before the opening of the Exchange, an increase of 7% of its quarterly revenue (T3), to 344 million euros and announced an increase in spending per visitor.

In fact, the secretive boss and principal shareholder of Lactalis has long thought it would be able to redeem 100% of Yoplait. "For him, it was all or nothing," summarize several players folder. It was nothing. Lactalis yet dreamed of Yoplait for over ten years.Between 2007 and 2008, Emmanuel Besnier has conducted negotiations for a merger agreement with Sodiaal to share the little flower. But in the summer of 2009 he moved to the Government a strange offer: take the cheese Entremont, in dire straits for a symbolic euro … if they can buy Yoplait. A proposal seen as a humiliation by Sodiaal.

Emmanuel Besnier believes that if he leaves then include Sodiaal resume the king of Emmental, government support, in time, his plan to seize Yoplait. Especially since many feel that the cooperative can not afford to restructure and develop Entremont Yoplait same time. On 17 November 2010, Lactalis renewed the assault. Advised by Credit Agricole CIB, he sends the only pre-emptive bid for IBP redeem 100% of Yoplait for 1.4 billion euros, an unexpected price for the fund.

The gesture is calculated.PAI has 50% of the company since 2002, and a clause of the agreements of the time gives him the right to force Sodiaal, co-owner, to sell at the same time as him … Apparently, the two partners are wary of one other: PAI retained as Counsel Rothschild and BNP Paribas, HSBC chose Sodiaal and together they took Societe Generale and Morgan Stanley. But Lionel Zinsou, who has recently taken the reins of the fund, agreed in June 2010 with the cooperative scheme of transfer of Yoplait. Sodiaal desperate to stay involved? PAI has promised to help. It is held there, and says in essence that Lactalis "it does not expropriate people of a society they have created."

"Agricultural Policy demagogic"

But Emmanuel Besnier relies on political support, particularly at the Elysée Palace.With 550 million liters of milk processed annually to produce yogurt in three French factories, Yoplait provides 2% of the collection outlets in France. Not enough to upset the equilibrium in the industry. However, Lactalis offers the second yogurt brand in the world a 100% roof lights. The government would love to build a second French champion next to Danone. "If Lactalis had been more adroit, Sodiaal would have been hard to resist the offer," says an expert.

Only here, the more conciliatory boss Lactalis has not only friends.In an editorial signed by him in his 2009 annual report, he denounced "demagogic agricultural policy, conducted jointly by an administration out of step and a sclerotic unionism … turned exclusively to the concerns of Planning and clientelism" and "cooperative groups, which have never proven to France economically." At the oral as well, timid speaks his mind bluntly and critical patterns Sodiaal.

While its competitors are belly dancing to the cooperators, Lactalis remains outside the formal process of insider selling in late December. Nestle, the Mexican Lala, the American General Mills, the Bright Food and Chinese fund Axa Private Equity send battalions visit the research center and factory in Le Mans. Lactalis not.

Emmanuel Besnier has a gesture vis-à-vis Sodiaal bereaved by the sudden death of its director general, Claude Sendowski.The whole dairy industry rushing to the funeral on February 3. Very excited, Alex Bongrain pays tribute to his partner. Emmanuel Besnier also required to be present, not far from Eduardo Tricio, owner of Lala.

In this month of February, Nestle, backed by Credit Suisse, is favored leaders Sodiaal, PAI and Yoplait. For Lucien Fa, who has masterfully restated the company since 2002, Nestle is best placed to accelerate the internationalization of Yoplait in emerging countries, both being present in China, India, Indonesia and Brazil. By combining the brands Nestlé and Yoplait, it is a serious number two behind Danone yoghurt. Incidentally, the Swiss group is willing to pay more than most other competitors …

For the government, too, the Swiss is a welcome addition, since there remains no other credible candidate French.Bongrain, which has two joint ventures with Sodiaal, looked at the file, but found it too expensive. Bel refuses to raise its price and the fund Axa Private Equity worried: his project is fear a dismantling of Yoplait.

Ultimatum from General Mills

When Paul Bulcke, Nestlé's boss, went to Paris in late February, he is confident. "In France, Nestlé feel French," he says Le Figaro. The Swiss certainly share with disabilities. In Europe it is associated with … Lactalis in a joint venture Lactalis Nestlé Produits Frais (LNPF), including French owns 60%. For Sodiaal join Nestle is therefore partly to promote his nemesis. But Swiss diplomacy works miracles. The cooperative accepts the schema of Nestlé: the latter wants to make the activities of Yoplait in Europe to the joint venture LNPF against payment in cash.Lactalis thus be able to retrieve the management and synergies, the little flower. By contrast, Nestlé Sodiaal driver alone with the Yoplait brand and ensure its development outside Europe.

This pattern is nothing dishonorable for Lactalis. Emmanuel Besnier rejects it yet. He controls without sharing trademarks President, Galbani and Lactel does not turning into a franchise or Yoplait strengthen Nestle. Everything is done to convince him. In a letter dated March 1, Sodiaal it says that the only chance for Lactalis is part of an offer to Nestle. And Thursday, March 10, on the ground floor of the Hotel de Villeroy, held a meeting last chance. Bruno Le Maire, Minister of Agriculture, is trying to encourage Emmanuel Besnier and Gerard Budin, President Sodiaal International, agree. In vain. Nestlé must disappear.Emmanuel Besnier, he, head elsewhere on the same day he gets to the assault of Parmalat, the Italian leader of the milk.

The following weekend, General Mills and advice Barclays Capital and camped at Darrois Freshfields, the law firm Sodiaal to finalize a pact to shareholders. Wednesday, March 16 at dawn, a firm offer is made. To put pressure on Sodiaal, it is accompanied by an ultimatum of 48 hours. The next evening, Green Giant plucks the flower.

Launched in the U.S. in the 1880s, the brand is present in Europe for forty years. The sixteen countries of the Old Continent represent 35% of its sales to North America (30% of sales). Growth has accelerated over the past three years (+5% per year), with the new multi-purpose positioning of the brand, spreads and cooking.

Before being launched in France, Philadelphia was first tested in several life-size test markets.The test was successful, with three recipes (plain, garlic and herbs, cucumber) adapted to French tastes, a distinct signature on the package (spreads and cooking ") and three recipes in each packet. The two previous attempts had been unsuccessful in France.

15% of home users in two years

This time, Kraft does not hide his ambitions. The group's objective is to have 15% of households users after the launch phase, in two years. The Hexagon could then pressure the leading group (Britain, Italy, Germany, Spain). In a second time, Kraft may be interested in the circuit and restoration, why not start an additional reference, a light version.

With cream cheese, Kraft hopes to replicate the success of Oreo, launched last year in France. In one year, France became the third European market for the brand.Kraft recognizes there have been "the means". The "plan com" Philadelphia should be as a result of that Oreo. Advertising side, Kraft has developed a muse, actress Mathilda May. With Carte Noire, Milka and Prince, Philadelphia has among its main advertising budgets this year. As for the highlighting comb, in addition to entertainment and sampling that will taste the product, the group will develop cross-promotions among its brands, particularly with crackers Heudebert.

Unit price of 1.69 euro

"We want to expand the category of specialty cheeses, usually found in France in pasting," says Fabien Razac, marketing director of Philadelphia, that targets women in search of active ingredients that are easy to use.By themselves, the group's brands Bongrain (cream cheese, fresh square, Caprice des Anges) hold three quarters of the market, dominated by St Moret. "For every purpose, we have different competitors," he adds. If the Italians now use in pulp and Philadelphia, why not a day in the tiramisu, Kraft likes to dream, the French may well put in their soups and their meat!

Sold at a price of 1.69 euro, cheaper than cream cheese, Philadelphia will be promoted in supermarkets by the sales force … Yoplait. "We wanted a sales force that specializes in fresh," says Fabien Razac.

After Oreo and Philadelphia, the French subsidiary of Kraft does not stop there. "We're in great shape!" Says Jean-Philippe Pare, who took the reins of the group last year.The French subsidiary of food giant has returned to growth in 2010 (+3%), thereby confirming its second place in the group after the United States. Jean-Philippe Paré recognizes floor on "one or two main concepts almost mature" among brands millionaires group. Triscuit crackers could be included.

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Click on the thumbnail to enlarge the graphic.

The year 2010 was marked by a return to better fortunes of banks and insurance companies, but auto manufacturers. Other companies have also created surprise. "About half of large listed announced results that exceeded analysts' expectations, however high," says Claudia and Panseri at Societe Generale.If the telecom industry or certain values (Vallourec) were somewhat disappointed analysts, pharmaceutical (Sanofi-Aventis), the consumer goods sector (Danone, Essilor, L'Oréal), luxury and technology companies (Alcatel ) did better than expected. "For some groups, it is merely a technical rebound. But others have found, or exceeded their profits before the crisis. This is the case of the automobile (Renault, Peugeot), steel, construction (Saint-Gobain, Lafarge) or luxury (LVMH, PPR), "said Christian Parisot at Aurel BGC.

Companies will be pampered and invigorated their shareholders by donating about 40 billion euros in dividends. "The crisis of the past, but has left its mark. Businesses remain cautious and even if they have a lot of cash, they invest little for the moment, "said Pierre Sabatier.Especially since the year looks a bit more complicated than 2010. Certainly, the consensus of analysts expects an increase of 11% of the results of the ACC in 2011.

"Sectoral Differences"

But these forecasts are somewhat compromised by the soaring prices of raw materials and oil, which if continued could weigh on consumer spending. "For now, we're not too worried because global growth is buoyant, particularly in the United States. This should allow companies to increase their turnover and profits, "said Claudia Panseri. "But if at the end of the second quarter, oil prices remain too high, companies could face new difficulties," she nuance. For some economists, margins, now at their highest, might suffer. Corporate profits should be less homogeneous."There will be more pronounced sectoral differences. Companies that can raise their prices to cope with rising commodity prices should fare better than others, "suggests Christian Parisot.

(1) These results were calculated using for EADS, Alstom and Pernod Ricard, the earnings estimates of analysts.

The champions of profitability are in the health and luxury

Health, luxury and drink: this is the ranking of the most profitable of the CAC 40. With a net margin of over 17%, the pharmaceutical group Sanofi-Aventis is by far the head of the most profitable companies in the benchmark index of the Paris Bourse. Despite competition from low-cost generic products, the blockbuster drugs that markets the group remains a fantastic source of profit, even if it tends to decrease from year to year.That's why Sanofi-Aventis accelerates acquisitions in the biotechnology sector. Activities located far upstream of the research cycle that will not suffer competition from laboratories specializing in the exploitation of patents has fallen into the public domain. It responds to this concern that the takeover bid of 20.4 billion currently on American society Genzime.

"The other champions of profitability are all protected by strong brands and recognized internationally, said Pierre-Yves Gauthier, strategist of financial analysis firm AphaValue.The strength of the brand is even considered an asset, it is a guarantee of high profitability and sustainability of future earnings. "There is nothing surprising in these conditions to see in the list of the groups with the most comfortable margins of LVMH, the world leader in luxury, L'Oreal, which remains a true superstar on the cosmetics market, but Pernod Ricard, which has to focus on the segment of premium spirits. These are sectors that benefit from the excellent image of France abroad.

Technological advance

"The common point of companies like LVMH, L'Oreal and Pernod Ricard, is that their high level of profitability does not only depend on their ability to protect their margins. It also relies on the strong business growth in emerging countries but also in the U.S., where business goes.That's what investors look primarily, "said Francois Mallet, head of research at Kepler Capital Market Action. In another area, Essilor International shows very strong margins (12% on net income) based on its technological lead in glasses.

Largest provider of benefits of CAC 40 with 10.5 billion euros in profits in 2010, Total is not the group's most profitable CAC 40 in terms of profit margin. It appears, however, among the "oil majors" the better off the Old Continent, far ahead of the British giant Anglo BP or Royal Dutch Shell. With 7.48 billion euros in net profit in 2010, BNP Paribas ranks among the most profitable banks in Europe. The first French bank has cleared the crisis, since the record profits achieved in 2007 is outdated.

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Up to the opening, the indices on Wall Street have stalled while crude prices took off, ending a barrel to 115 dollars in London, nearly 100 in New York.Cettepoussée on the oil market has "renewed concerns about the impact of higher energy prices on consumption," noted analysts at Charles Schwab.

On the foreign exchange market, the euro continued to rise against the dollar on Tuesday, still supported by persistent speculation about an early monetary tightening in the euro zone before the policy meeting of the European Central Bank (ECB) on Thursday.

On the macroeconomic front, investors have watched particularly the U.S., the index of activity in manufacturing and construction spending for the month of January. The ISM reported a 19th consecutive month of growth in February to reach a new high since May 2004, confirming once again accelerating economic recovery in the country.

Resumption of mergers and acquisitions

More good news for Wall Street, the resumption of mergers and acquisitions is confirmed in the U.S.. After the close of the NYSE, Blackstone Group (+0.54% to 17.90 dollars) has announced the acquisition of shopping centers in the United States of Centro Properties for $ 9.4 billion. For his part, Health Care REIT announced the acquisition of real estate assets of Genesis $ 2.4 billion. And, Range Resources has announced the final transfer of its assets related to the operation of gas field in Texas Barnett Shale for $ 900 million.Excluding the impact of the sale, the company expects an increase of 10% of its production and has announced an investment of 1.38 billion for 2011.

JPMorgan Chase (-2.33% to 45.60 dollars) expects that its ongoing trial at the end of 2010, including procedures relating to foreclosures flawed, it costs up to 4 poor credit personal loans.5 billion, according to a document given to the stock exchange authorities.In documents submitted to stock exchange authorities Friday, two other U.S. banks, Bank of America (-2.52% to 13.93 dollars) and Wells Fargo (-1.89% to 31.65 dollars), had indicated that they is also banking on sanctions, including financial procedures for potentially improper foreclosures.

Also in the banking sector, Barclays (7.52% to 32.45 dollars) on Tuesday announced the acquisition activities of credit cards online bank Egg, a subsidiary of U.S. banking giant Citigroup (-2 , 35% to 4.57 dollars) for an undisclosed sum.Barclays will acquire through this transaction a portfolio of 1.15 million customers and about 2.3 billion pounds of gross receivables, said Barclays, which has the loop operation during the semester.

Apple (-1.10% to 349.31 U.S. dollars), which is tomorrow unveil the second generation of the iPad tablet in San Francisco, should be particularly surrounded. Faced with competition becoming more intense when facing the iPad, Apple had to respond. Success of the iPad 2 also proves that even if Steve Jobs is on sick leave, product launches continue. The shareholders did ask last week presented a plan of succession. But the proposal was immediately rejected. The title remains one of Apple's darling of Wall Street.Since the beginning of the year it has still increased by nearly 8% outperformance in the market.

For its part, Microsoft (-1.58% to 26.16 dollars) on Tuesday launched the French version of its search engine Bing, betting on partnerships with PagesJaunes, the French press, or the BNF Screenrush order improve the "relevance" of that department, with the objective to exist against Google.

Also note, the Treasury Department revised upward from U.S. debt held by China. Almost 1160 billion worth of bonds were thus in the hands of Chinese investors on December 31 last. Is 268.5 billion more than the estimates published mid-February in Washington. China is the largest creditor of the United States, ahead of Japan and Russia.