Thursday, shortly after the dissemination of this false information to 3:57 p.m., the French rate on loans to ten years amounted to 3.46%, bringing the pay gap with German bonds of similar duration to a record 166 points percentage not seen since the creation of the euro.

Everyone to understand that France will soon be degraded

This Friday, at the opening transaction, rates eased around 3.36%, but markets have learned their lesson. In exchange, everyone understood that in case of deterioration in the rating of France, synonymous with loss of the "triple A", the rates of government bonds with ten years showed 3.46%, or 3 , 5%.

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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But Christine Lagarde acknowledged that differences still exist between the IMF and ECB experts on the methodology to achieve the quantification of the capital requirements of banks.The final decision of the IMF should be in the final report, whose publication is expected by the end of September. The difference analysis between the IMF and the Europeans based in part on how to account for the value of government bonds of countries at risk in banks' balance sheets payday loan lenders. The former are open to the idea of ​​using their market value, while the latter prefer internal models are less sensitive to changes in short-term securities.

Meeting in Marseille on Friday and Saturday, finance ministers from the euro zone wanted reassurance on the European banking system, swearing that he will not go bankrupt. All? Not a voice was more concerned desired. That of the German finance minister, Wolfgang Schäuble, who would, according to Spiegel, already developed a plan to prevent the bankruptcy of Greece.That should not reassure the financial markets the Cac 40 lost a quarter of its value in two months going over under the 3000 points – while a crucial week promises to Greece and the euro area.

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In addition, the Atlantic, financial markets are close to their level of January 1, which could be an equilibrium point. Also an element of support for the Paris Bourse, even if it is far from that level (3847.63 points Jan. 3, 2011).

Chapter macroeconomic, investors will take 12 hours of knowledge in agricultural price indices in July.United States, the employment figures for August will be published in the early afternoon followed by the index of industrial activity in the Chicago area and industrial orders in July and stocks crude oil.

On the currency front, having been an upward trend since the beginning of the week, the euro fell slightly against the dollar on Wednesday after the announcement Tuesday in a poor indicator of the European economy weighed on the currency European. At about 8 am in Paris, the European currency was worth 1.4428 dollars against 1.4437 dollars late Tuesday.

Values ​​to follow

In a market with relatively low volumes since the beginning of the week is a new salvo of publication of results, broadly in line with expectations, that drives the third weekly session.

In particular Bouygues strongly supports the trend.After a brief suspsendu scoring the opening, the title of group jumped 10% to 25.40 euros. The conglomerate has finally published its results on Wednesday, not Tuesday reported on the acquisition of 11.7% of its shares for 1.25 billion euros, a 30% premium over the closing price of the security last night. In addition, the group published a half-year net profit down 27% to 391 million euros.

Similarly, Vivendi (4.17% to 16.85 euros) said it had doubled its half-year net profit to 2.5 billion euros, with a net gain of $ 1.2 billion related to the settlement of a dispute over the PTC shares in Poland.Its subsidiary, Canal +, 80% owned by Vivendi, reported first half sales of 2.39 billion euros, up 2.8% year on year, operating profit increasing by 1, 9% over this period.

In turn, Carrefour is the sentence (-4.24% to 17.85 euros), after the group announced a net loss of 249 million euros in its first half. Above all, the group has revised downwards its forecasts, expects 15% drop in its earnings.

Last night, L'Oreal (-2.83% to 74.83 euros) has reported an increase in operating profit of only 2% to 1.70 billion euros in the first half.Its operating margin for its part fell 50 basis points to 16.8%, while analysts expected an increase, on average expected a figure of 17.5%.

Vinci (0.63% to 35.76 euros) for registration in the first half net profit up 15.7% year on year and raised its annual forecast.

Cac 40 off the healthy group Hermes (1.13% to 267.95 euros) is confirmed.The specialist luxury published net income up 49.5% to 290.9 million euros.

Bolloré (0.38% to 158.60 euros) saw its net profit grow by 29%, boosted by a gain from the sale of shares of the maker of seamless steel tubes Vallourec.

For its part, Havas (0.98% to 2.779 euros) announced net income up 8% in the first half thanks to an improved operating margin.

Aéroports de Paris (-0.37% to 56.64 euros) it has slightly lowered its forecast for fiscal 2011.

Hi-media (-7.26 euros, 3.32 euros) back into the green in the first half, revealing a net profit of 5.1 million euros.

For its part, the oil reacts little to the continued rise in oil prices, and the strategic agreement signed between Rosneft and will explore together the Arctic and as such invest $ 3.2 billion.Technip s'ajduge 0.66% to 65.40 euros and total advance of a small 0.54%, to 33.34 euros.

For its part, Bourbon wins 0.84%, to 22.68 euros. The oil services specialist maritime published a group net profit halved in the first half, to 41 million euros, but put on a recovery in the offshore oil and gas. It also confirms the objectives of its 2011-2015 plan.

Note that Ruby, Mersen (ex-Carbone Lorraine), April, Lagardère, Outremer Telecom, Eiffage, Stef-TFE, Fleury Michon, Bongrain, GFI Informatique, Gameloft, Sopra, Virbac, Reculex, Mr. Bricolage and reveal their Guyenne et Gascogne half-year after the stock market.

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The yen under surveillance

Meanwhile the Tokyo Stock Exchange, the Nikkei is going through a turbulent session. After an opening down 0.37%, the Japanese benchmark index came back in the green, up 0.19% in mid-session. But an hour from the end, it fell again by 0.12% to 8708 points.Investors in the region analyzed carefully to the government on the exchange. On Monday morning, the Japanese Minister of Finance, Yoshihiko Noda, told the media that Japan would take "firm action" against the rise of the yen if needed.

The Bank of Japan (BoJ) has in turn said Sunday it planned to further relax its monetary policy, perhaps in an emergency session before the meeting next month currency if the yen affects enough the Tokyo Stock Exchange to affect business sentiment guaranteed payday loans. The next meeting of the BoJ Monetary be held on September 6 and 7.

Following these remarks, the dollar has strengthened and stood at 76.86 yen Monday in Tokyo. Export values ​​evolve piecemeal. Canon and Nikon gain respectively 1.15% and 0.75%, but Toyota Motor and Honda Motor let go 1.88% and 1.81%.

On other stock markets, red dominates. The Stock Exchange of Hong Kong and Shanghai, which had started up, however, lose about 7 hours, 0.93% and 0.49%. In Hong Kong, China Resources Land is heavily penalized (-13.62%) after announcing a decline in revenues in the first half. In its wake, China Overseas Land & Investment lost 6.20% Agile Property Holdings 9.34% and Shimao Property Holdings 5.05%.

In Korea, the Kospi 0.98% loose. The Australian S & P gained 0.16%, however, and the Indian Sensex climbed 0.10%.

Oil mixed

Oil prices were, themselves, mixed Monday in the first electronic trading in Asia, following the entry of rebels in Tripoli, while the fate of the leader of this oil-producing country seems uncertain.

In morning trading, a barrel of "light sweet crude" for delivery in September gained 82 cents to 83.08 dollars.That of Brent North Sea crude for October delivery gave $ 1.59 to 107.03 dollars.

The spring is not new. But there are still underfoot. Saint Moret, Mousline, Vichy Celestine, Lustucru, Lesieur … There are countless brands, often food, using this old trick to get back in the race. This product group to be so fond of nostalgia owes nothing to chance. The industry has gone through many health crises. The housewife needs to be reassured.And brands, competition from products distributors, have to improve their image in order to justify their high prices.

A 2002 study by two American academics confirmed that nostalgia was a powerful emotional lever called to grow with the aging baby-woofer. Their results have shown that using referents nostalgic brands have a better image than those that do not appeal to that feeling.

On television, the technique is primarily to take the music of the original ad of the 1970s or 1980s that rocked the children of the seventies, today's young parents sensitive to these songs that remind them of advertising time blessed carelessness. With some adjustments. The film Mousline of 2010 shows the ingredients of the musical saving account payday loan.But if, in 1976, the mother served mashed six charming darlings, round the table was reduced to three children in 2010, and the text has changed. In the original version, the mother is "sure that everyone takes." In 2010, the spot shot by Gerard Jugnot and designed by Publicis Conseil, it is "sure what is inside." The campaign to Mousline to regain 5 points of market share.

Semantic shift

Same recipe for Lesieur, in an adaptation even more telling. Last April, the brand has unearthed an oil spot in 1986 and its slogan "No error is Lesieur" to boost sales. The working woman who claimed "I want it all," "be any more chew and chew," always wants everything. But differently.The liberated woman is a woman become concerned about their well-being which means "all full of omega 3 to take good care of me, know where it comes from, how cultivated by hand."

If it is informative, the semantic shift should not obscure the true function of nostalgia. "Operating a legendary signature allows us to reach levels of memory that the current fragmentation of audiences now makes it inaccessible," said Frederic Raillard, co-founder of the agency Fred & Farid, originally campaigns Le Rustique and Lesieur.

A year ago, the Martians of the pub Lustucru conducted by Stephen Chatiliez in 1984. (Photo credits: DR)

It's the biggest acquisition of Ipsos since its inception in 1975. The operation is financed by debt, amounting to 250 million euros and a capital increase of 200 million to be held in September after the approval of the transaction by the shareholders of Aegis and the authorities of competition.Didier Truchot and Jean-Marc Lech, Ipsos co-chairmen, will participate in the recapitalization in order to maintain their participation in approximately 26% of the capital and 40% of the voting rights. Aegis provides, in turn, to pay a special dividend of 200 million pounds (226 million) to its shareholders, the principal, Vincent Bolloré, who holds 26.7% stake.

Aegis, a prime target

With the acquisition of Synovate, Ipsos pass one billion euros in sales to over $ 1.7 billion, with a presence in all significant markets. The assets of the subsidiary of Aegis will strengthen its position in Europe and North America and allow it to enter new territories such as South Africa and Scandinavia. Above all, Ipsos will double in size in Asia, Synovate has achieved 27% of its activity in 2010.On high-growth markets of China, Russia or Turkey, the company will be leader.

"Aegis has long interested us and was convinced it was the right time to move," said Didier Truchot, Ipsos co-president and founder. Analysts said the sale of Synovate is actually a prerequisite for the sale of the Aegis Media, of interest to global leaders in communication. According to the British press, French Publicis would already be in the running. But it is not the only one. The "small" size Aegis relieved of its market research activities (1.7 billion euros in revenues in 2010) makes it a prime target for the global WPP or Havas, which owns Vincent Bolloré nearly 33% of the capital. The French group had he not recently confirmed its intention to make acquisitions, with a war chest of 750 million?

If U.S. lawmakers do not agree to raise this ceiling, the leading world power will end up in default.The International Monetary Fund takes this risk seriously.

So, President, Barack Obama, himself, was invited to the debate and tried to restore calm between Republicans and Democrats. Not a chance. Elected officials have sharply criticized Republicans last night how Obama handles this issue. "Maybe he (Obama) was taking Valium, it would calm him a bit and he finally decided to come talk to us," even launched Republican Senator Pat Roberts at a press conference creditreport. Barack Obama reiterated Wednesday that he intended to end the tax benefits granted by more affluent George Bush. The U.S. president does not want to hear about budget cuts on social programs or on investments in education, research and infrastructure.It is precisely these points that crystallize tensions.

The situation would become so heavy that the Treasury Secretary Timothy Geithner United States would consider resigning soon, according to Bloomberg financial news agency. An official from the Treasury departm said Timothy Geithner has not reached a conclusion in this regard. For the time being.

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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.

During the final debate, which were to continue late into the night or Saturday, the members have changed two important points of the original text of the government, which will have a direct impact on taxpayers.

30,000 euros per decade

Proposed by the Rapporteur-General Budget, Gilles Carrez, the shield will reverse charge from 2011. Specifically, beneficiaries under the shield of their 2010 income will be imputed directly to their ISF, payable before September 30. Until now, the reverse charge was voluntary, and beneficiaries of the shield receiving a refund check from the treasury for several months after paying all their taxes.By forcing taxpayers to deduct that amount directly from their ISF, the government is spared thus a new controversy over the amount of refund checks that were received by a few large fortunes during the spring 2012 presidential election in full.

In addition, Members noted the reduction in ISF for each dependent child (including the majors pursuing studies), raising it to 300 euros against 150 euros previously.

The second set of changes to the law on donations of money. On the proposal of the Government, members agreed to authorize the renewal every ten years of the exemption from transfer taxes on gifts less than 30,000 euros.Since the law Tepa the summer of 2007, it is possible to donate money to his children, grandchildren, great-grandchildren, or failure of issue to his nephews and nieces, without incurring tax (ie, without paying gift tax). And that, provided the donation does not exceed 31 865 euros and that certain rules are respected age. It's sort of a particular form of donation.

The government amendment relaxes the system. Thus, in case of gift to a child, the parent must have less than 80 years, and not, as now, less than 65 years. This threshold of 80 years is also one that is already applied to gifts to grandchildren or great-grandchildren. In addition, the amendment authorizes such gifts of money tax-free every ten years, whereas previously this could only be done once.The cost of this measure is estimated by the government between 20 and 30 million euros from 2017. It is in effect from that date that the first donors who benefited from this measure in 2007 will give back to their descendants. Good news however for holders of life insurance. Gilles Carrez's proposal to raise 20 to 25% taxation of life insurance in case of death, to the heritage of over 903 000 euros, was rejected.

The solemn vote of the Act is expected Tuesday.

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