Rigor or growth, the controversy Twenty-Seven do not extinguished with the final summit which has a fiscal tightening priority number one, are privately EU officials. Rather, the debate may resurface in the fall when the purge has hit the pockets of Greeks, Spaniards and Portuguese. It is also the time when France – soon followed by Italy – the first budget scenarios draw a crucial election year.Orthodoxy dictated by Angela Merkel and Jean-Claude Trichet to "save the euro, is probably not the last word.

"There is much talk of economic government, but except to despair of hundreds of millions of Europeans, this can not be reduced to handle the stick, says a prime minister. The EU must express a more positive discourse. "Behind the facade of unanimity, the summit of 17 June has seen crack consensus on the severity. Behind closed doors, elected by a large country has told his peers that he would not go to elections on an austerity program. A head of government has launched neighbor that he cared more for his popularity figures that the percentage of public debt.

Belgium, which takes the presidency tomorrow "rotating" of the EU and is found to manage the discussion, already began work clearance.The idea, pushed by Finance Minister Didier Reynders, is (re) launch a series of European projects clearly identified, to support investment and growth fragile. "States should certainly spend less, but they can also spend more," they said in Brussels.

The European tax, a topic still taboo

The new president was careful to mention a program of "great works" in the Keynesian mode. But he is making concrete and go beyond the pale "Strategy 2020" established by the Commission and just confirmed the summit. Several tracks are proposed, such as the integration of national networks of high speed trains, the interconnection of gas pipelines, or a coordinated plan for European manufacturers for an electric car general public.

In lean times, is to find public funding.Seen from Brussels, one or more of the taxes in gestation could find was a second use: the tax credit, the tax on financial transactions, or the carbon tax. This does not transform one of these tax levies national European topic still taboo in the EU. Each nation would undertake to devote part of its revenue to a new coordinated investment effort. This is the kind of government economic component.

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The euro continued to exchange at its lowest level in a year against the greenback on Wednesday in Tokyo, under pressure from concerns over public deficits in Europe, including Greece and Portugal. The euro was at 1.3167 dollars, its lowest level since April 29, 2009.

Bank stocks back in the spotlight

Once again this will most banking stocks to watch, after they posted the largest declines the CAC 40, Tuesday.Natixis Private Equity, moreover, has changed its CEO, while Natixis has closed the sale of its subsidiary equity firm AXA Private Equity.

Investors will also follow the values and Renault cars, after the manufacturer announced an increase of 28.4% of its turnover in the first quarter.

Other companies on Tuesday, Unibail-Rodamco – sales were down 0.9% in first quarter 2010 – Seb – up 10.9% of sales at constant exchange rates – and CFAO, a subsidiary of PPR – decrease in sales of 2.5%.

On Wednesday, Rhodia has posted a profit of 69 million euros for the first quarter of 2010 and a turnover up 23% to 1.176 billion euros.

Dassault Aviation displays a turnover up 50% to 821.4 million euros in the first quarter of 2010 pay day loan quick.

The reinsurer Scor has divided by three to 36 million euro net profit in the first quarter of 2010.

Followed after-hours trade turnover of the first quarter of PPR.

Air France-KLM's return to Madrid Stock Exchange, Thursday, the company will report Amadaeus travel reservations at best 210 million euros to Air France, which holds 23.1% stake, the newspaper La Tribune.

Alstom is part of a consortium that participates in the tender for the construction of a subway in Panama, a project of 1.5 billion, told Reuters the country's ambassador in Paris.

Vivendi said on Tuesday it held 99.17% stake in Brazilian operator GVT at the end of the auction process conducted as part of its bid.

Group OL: Olympique Lyonnais football club owned by OL Groupe, was eliminated Wednesday night in the semifinals of the Champions League, beaten 3-0 at home to Bayern Munich.

A decision on rates by the Fed

On the macroeconomic front, the news will be especially marked in France by publishing the number of corporate failures in November 2009 by the INSEE.

Overseas, investors monitor stocks around 16:30 weekly crude oil and the statement that the Fed will issue to 8:15 p.m. on interest rates. In all likelihood, it should announce it will keep.

"The mobilization is at the height of the crisis across the world of agriculture today, said Dominique Barrau Le Figaro, number two of the majority union. Farmers expect concrete action from Europe and the French government, including a plan to lower taxes, social and environmental ".

A double shock

Even if they are not the worst off, farmers crops are facing a dual shock. The precipitous drop in market prices since 2008.Thus a loss of 80-90 euros per hectare of European aid after their redistribution last year, to the most needy in the Health Check of the CAP. A very easily accepted by those farmers who apply, however the government to intervene immediately in the markets to send prices back.

"There are currently 4 to 5 million tonnes of wheat in excess inventory that could not be 0 because of the damage in rail freight and port. They must elapse before the next harvest if prices will continue to decline, warns Michel Masson, vice president of the FNSEA and co-organizer of this event.

A request that the Minister of Agriculture, Bruno Le Maire, and he has heard this morning reiterating the European Commissioner, Dacian Ciolos, visiting Paris."I asked the Commission to intervene on the grain market and make prices go up," he said yesterday at the outlet of the Council of Ministers while urging farmers to "not lose hope."

For beyond this manifestation of discontent, many farmers are going through very difficult times to the point of suicide in extreme cases the rate of one per day is an act of recognition among urban populations they had sought in Paris yesterday. And on this point too, their operation is a success.

"It warms my heart to see Parisians applauded us," says J?r?mine, Young Farmers."They are the ones who feed us and they were not there, we would not be much," says Monique, a passerby who took up the cudgels for the farmers.

The question is whether this mobilization will be more than a flash in the pan and tangible effects. Upcoming dates: May 6 for the first committee to follow up major crops before May 22 and the reunion of all the productions that will invade the Champs-Elysees.

In addition, expectations of rising interest rates in several countries in the area, where inflation is threatening more and more, reduce appetite for risk that investors had recovered in recent weeks, analysts of HSBC.

Oil retreats always

Crude prices were down sharply Monday in electronic trading in Asia, continuing their decline last week, dealers said.

In morning trading, a barrel of light sweet crude for May delivery fell by 1.49 dollars to 81.75 dollars while Brent North Sea with identical maturity, yielded $ 1.11 to 84 $ 88.

On Friday, oil prices had fallen back sharply in New York, a barrel of benchmark dropping more than two dollars in closing an index of consumer confidence in the U.S. amid disappointing and marked increase in U.S. currency.

The China National Petroleum Corporation (CNPC) has signed an agreement with Caracas to support the extraction of oil for 25 years in the region of the Orinoco Belt, Venezuela. Cost of operation: 20 billion dollars.The oil production at the site would represent 2.9 billion barrels, according to the Chinese company.

Toyota will pay

Japanese carmaker Toyota (-2.16% to 3,615 yen) will pay a record fine of 16.375 million (12.2 million) dollars imposed by U.S. authorities for several months in hiding for his problems accelerator, officials said Sunday night from government sources.

"By paying the entire civil penalty, Toyota accepts responsibility for hiding the safety issue of road safety agency, in violation of the law," said a senior U.S. Department of Transportation.

The Japanese automaker has also recalled some 870,000 Sienna minivans type in North America last Friday.

"With this measure, the state subsidizes big businesses that do not need. 22 billion in three years, it's insane! "Protests Jerome Cahuzac, President of PS Financial Committee of the Assembly took up arms launched by his predecessor, Didier Migaud cons niche Cope.In fact, as revealed by the magazine Marianne, Danone has saved in 2008 500 million corporate tax (IS) on disposal of Danone Biscuit conducted in 2007 (IS being paid one-year lag) . For Suez, the time still married to GDF, the rebate was $ 800 million. Other big winners: LBO funds (leveraged management buy-out), companies that buy and resell a few years later.

Still, this reasoning boosted Philippe Marini, the UMP rapporteur of the Finance Committee of the Senate and growing end of 2004, the amendment creating the niche Cope: "The debate on the shortfall is nonsense. If capital gains were taxed in France, transfer operations would be from Belgium or the Netherlands, through holding companies located there.Or even sales would not do at all! The French State would recover nothing in taxes. "An argument given in Bercy where it does not reach this niche. In fact, in the OECD, 21 out of 29 countries practice the exemption of capital gains payday loan. "And it is very easy for a French company to create a holding company elsewhere in Europe," the entourage of Christine Lagarde, Minister of Economy.

That's exactly what happened in the early 2000s, when France was one of the few countries to tax the capital gains. "Many French companies have established overseas holding companies which carried the titles of their various subsidiaries. Thus, they could sell securities without paying taxes, "said Jean-Yves Mercier, partner at law firm CMS Bureau Francis Lefebvre.And two reports, one from the Council tax burden (CPO, an offshoot of the Court of Accounts), had sounded the alarm. "A holding company relocated, the risk of losing ultimately a decision center," says Philippe Marini.

More holdings in France

The final report of the 2009 OAC welcomes the end of the French exception. And Bercy unsheathed his statistics: since the gains are exempt, believes the number of holdings in France (1 112 in 2007, 1 276 in 2009). On the side of the MEDEF, it was noted that while the economic fabric wins. "Today, companies must adapt, evolve their business heart, which can pass through acquisitions or disposals of subsidiaries.Fortunately, the French companies may, like their European counterparts, do not brake tax, "explained Marie-Christine Coisne Roquette, Chairman of the Committee on Taxation Medef and CEO of Sonepar.

Finally, the cost itself of the niche is overvalued. Because, by convention methodology, it is calculated by pretending that capital gains were taxed at 33.3% standard rate of tax. However, they were only 19%. The loss caused by the exemption rather turn around 12 billion over three years.

The report, based on a study of 30,000 patients treated with Multaq, indicating that the drug "should only be used as an agent of the second or third line ' cheap payday advance.

Basically, the Multaq was developed to reduce side effects of the credit, which ultimately is not the case, said the report's lead author Dr. Sabnjay Kaul. He also believes that amiodarone has an advantage in cost compared to Multaq.What stopping just over the reputation of the drug from Sanofi-Aventis, also criticized in France.

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Net income reached 61 million euros, an increase of 26.1%. The Board of Directors will propose at the general meeting a dividend of 0.15 euro per share against 0.10 in 2008.

Optimistic outlook for the next three years

The group says it plans for the next three years, sustained growth in its turnover.For 2010, it hopes to reach 960 million euros in sales and $ 1.1 billion in 2011 and 1.225 billion in 2012 "while maintaining solid profitability, growth in cash flow from operations and debt ratios controlled.

For Dr. Jean-Claude Marian, CEO Orpea, the group will "continue its dynamic development pace of about 3 fast cash without a hassle.000 beds per year, both by creating new institutions, through the obtaining additional authorizations in the context of calls for projects that through targeted acquisitions.Indeed, in France, as in other European countries where the group, there is still considerable potential of an aging population, and offers a notoriously insufficient. "

Orpea available in March 2010 with a network of institutions spread over 300 sites in Europe for 28,073 beds, 22,892 beds in France on 252 sites, the rest spread between Spain, Belgium, Italy and Switzerland.

The title Orpea the Paris Stock Exchange climbed 2.79% to 31.35 euros to 9:05 Wednesday.

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The U.S. market ended almost in equilibrium Thursday. The indices were pulled down at the very end of the meeting by the rising dollar and the ever present strife between the EU on Greece. A last-minute agreement was reached between France and Germany on this thorny issue. But investors are still cautious. Discussions are set to continue Friday between the heads of European states in Brussels.

On the foreign exchange market, the Franco-German does indeed clearly not reassured.The stern warning from the ECB president, Jean-Claude Trichet, the idea of intervention by the International Monetary Fund has weighed heavily on the single currency. The euro bought 1.3382 dollars in early trade Friday, after falling to 1.3268 dollar a day, a low not seen since May 7, 2009.

In the U.S., investors will pay attention to the final figure of U.S. economic growth for the fourth quarter of 2009. The first two estimates showed a growth of U.S. GDP by 5.7% and 5.9% of payday loan lenders . Finally, economic growth was revised slightly downwards to 5.6% annual rate.They also monitor the index of consumer sentiment from the University of Michigan.

On the side of values, Oracle said Thursday after Wall Street closed with a 13% increase in sales of new software under its third fiscal quarter due to a rebound in corporate investments. Also in the area of technology stocks, Qualcomm, the maker of chips for mobile phones, has revised upward its sales for the second quarter.

The values related to energy and raw materials, should still be under pressure, hit by a strong dollar. The day before, Exxon Mobil (-0.3%) and Chevron (-0.2%) retreated, as the DuPont chemist (-2.4%).These companies mainly produce and bill dollar suffer doubly from the rising greenback against other currencies.

Ambac is in trouble again. Authorities in Wisconsin have reported taking control of about 64 billion dollars of impaired assets of U.S. credit enhancer, because a group's financial situation became uncertain

The marketing director of Ford said the automaker U.S. should increase its market share in the United States in March.

A negative trade balance would mark a break with a trend that has dominated for six years, but also a particularly violent reversal. In February, China had in fact reported a trade surplus of 7.61 billion dollars, up 57.2% annualized rate payday loans for bad credit !!!???!!!?? ?!!!.In other words it s'agfirait an abrupt end.

The Chinese Minister of Commerce said the Commercial deficit is expected in March could reach a record level.

This deficit is suddenly generated mainly by a surge in imports, as trade minister. However, in February, foreign purchases of handbags luxury, high technology products and coal imports had risen sharply, then rising by 44.7% yoy, reaching 86.9 and billion. This increase, however, did not reverse the balance of the Chinese trade surplus.

In a market held in equilibrium, the cartel members and interest to "leave things as they are, namely a level of production quotas of crude at 24.84 million barrels per day (bpd ). A figure that has remained unchanged for the fifth consecutive time, since 1 January 2009.

At the time, where the black gold was very different. During the winter of 2008-2009, the barrel (about 159 liters of oil) has d?grindol? nearly $ 30 after having flown over 140 dollars.Since early 2009, crude resumed colors to stabilize between 70 and 80 dollars – with minor flooding – since June 2009.

Compliance with quotas

Several ministers, however, claimed on arrival in Vienna a better respect of production quotas. A call to discipline and could be included in the final communique of the meeting, as stated by the head of the delegation, Shukri Ghanem.

According to the International Atomic Energy, the cartel produced 7.5% more than its official target. In February, the production of the eleven member countries subject to quota, excluding Iraq, reached 26.7 million barrels per day.

The OPEC members recall the persistent weakness of oil consumption, noting that the market was choked by excessive production, with stocks still too high.With economic recovery, demand will indeed grow and absorb the surplus.

Demand will grow

The representative of Saudi Arabia, a country that respects all of its quota of 8 million bpd, however, seemed to consider the issue of discipline was irrelevant.

"If there was no demand (for oil), there would be no exceedances" of allowances, said the Saudi leader of cartel expects that demand continues to grow , "especially from Asia. This increased demand will be particularly supported by China.

The global oil demand should increase by about one million barrels per day in the second half, according to him.

"OPEC could do very little" to align its quotas on its actual levels of production, and "it could even benefit from positive publicity if it took a measure encouraging economic recovery," but "it is d 'a cautious and conservative organization, which prefers to act behind the scenes, analysts concluded the firm JBC Energy in Vienna.

Changing course in September?

"I expect that prices remain quite well until the end of the year, despite the surplus production, thanks to" the recovery, the weakening U.S. dollar "and geopolitical uncertainties, said Algerian Oil Minister and Mines, Chakib Khelil.

While the outcome of Wednesday's meeting seems already set, expectations are already running to the next installment: the next meeting in September.Chabib Khelil said in effect to 50% probability is that OPEC's quota in six months.

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