The macroeconomic environment remains uncertain especially overseas. Chinese Premier nonetheless sought to reassure investors on the country's economic growth. "Everything goes as planned," he said Monday.

Until the release of stress tests on European banks on Friday, the week will be especially marked by the rise of the results announcements in Europe and the United States. On the macroeconomic front, the day will be rather quiet.Only the ECB will publish its figures on the balance of payments of the euro area to 10 hours.

On the currency markets, the euro resists and remains above the $ 1.29 mark Monday morning (0.09%).

Eurotunnel sanctioned Exchange

Eurotunnel: 2.86% to 5.8 euro

Despite a sharp rise in turnover (+22% to EUR 144.4 million), Eurotunnel reported a net loss of 44.8 million euros, up more than 36 million euros compared to 2009 in the same period. Contracts awarded on the cons-performance: the action loses 2.86% to 5.8 euros and is on track to record its fourth consecutive decline. At this time, Eurotunnel has lost more than 7% in four days.

This afternoon it was the turn of Edenred, two weeks after its IPO, Guyenne et Gascogne, HF Audika Company and to disclose their turnover in the second quarter.Soitec publish its turnover in the first quarter.

GDF Suez: + 0.80% to 24.52 euros

GDF Suez is preparing a cash offer of 6.4 billion pounds (7.6 billion euros) on the British electricity group International Power, confirming a report in The Mail on Sunday. In previous discussions on an alignment between the two groups had lasted several months before a halt in January, the newspaper said payday loans in 1 hour. For its part, International Power shows a net increase of 9.38% to 346.50 pence in London Bours.

Club Med: 1.58% to 14.50 euros

BMB Group, an investment company in Brunei, has denied information from the Sunday Times that she had planned to bid for Club Med 800 million euros.BMB Group, which manages funds for the family of the Sultan of Brunei, have the support of three of the four major shareholders of Club Med, according to British newspaper, citing unidentified sources close to the situation.

EADS -0.24% to 16.38 euros

At the Salon of Farnborough (South London) that opens Monday until July 25, EADS should reassert its confidence in its chances of winning U.S. tanker contract for Boeing cons. The parent company of Airbus is ready to strengthen the United States for eight billion dollars.

The bank in trouble before the stress tests

Partouche: -5.07% to 2.06 euros

The Partouche group will make a capital increase of approximately 100 million euros to reduce its debt and improve financial liquidity of the group of casinos.The subscription price is set at two euros per share while the subscription period will run from July 20 to August 2.

ADP: -0.97% to 53.08 euros

ADP announced that its passenger traffic rose 2.3% in June over a year.In the first six months of the year, traffic appears down 2.1%.

Axa: -1.16% to 12.74 euros

National Australia Bank (NAB) on Monday agreed with its Asian subsidiary Axa and Axa Asia Pacific (AAP) to extend until Aug. 31 offer of 11.5 billion dollars on NAB PAA.

Finally, four days after the publication of stress tests, banking stocks widen losses: Societe Generale was down 2.05% to 35.56 euros after losing more than 5% last week, BNP Paribas 1.17% loose to 46.51 euros, after having dropped nearly 6% a week ago, and Credit Agricole was down 1.90% to 8.76 euros following a loss of just under 2%, one week.

The maximum incurred was five years in prison and 375,000 euro fine for abuse of trust, forgery and using false and fraudulent introduction of data into an automated system.

In their indictment, the two representatives of the Crown have shown they believe that the three offenses were clearly established. For the prosecution, Jerome Kerviel, 33, is "a professional fraud", "overtrained", "cynical", having developed a "system organized, methodical, continuous" for "betraying the trust" of the bank and its employees."Not the criminalization of breach of trust also has to its name," said Jean-Michel Aldebert, head of the financial section of the floor.

"Your court judge for what he is: a manipulative, a cheater and a liar," which caused "global trauma," said Jean-Michel Aldebert, saying that "it is to stop the discredit upon the banks "and that" it is in the public order, economic and financial ".

The bank accuses Kerviel have unwittingly taken for tens of billions of dollars of speculative positions in financial markets, which resulted in a loss of 4.9 billion euros in January 2008.

(With AFP)

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Penalties "proportionate and coordinated"

As they had said after their meeting early last week in Berlin, France and Germany believe that much remains to be done to ensure financial stability, "while the economic recovery could be threatened by new financial strains "

Among the many issues discussed, the issue of sanctions against countries "uncooperative" in the exchange of tax information or suspicion of money laundering.In this area, France and Germany want the G20 to go further this time by defining sanctions "proportionate and coordinated" against those countries and asked the OECD, which was published in early 2009 a list of countries targeted, the update in time for the summit in November 2011 in France.

They also want the Financial Stability Board (FSB) broadcasts before the end of 2010 a list of financial "who refuse to cooperate and comply with international standards for prudential" bad credit payday advance.

Nicolas Sarkozy and Angela Merkel address two other issues of topical hottest, new prudential regulations for banks and regulation of financial derivatives markets over the counter.

Prudential "selected and calibrated"

For the former, they believe they should be "selected, calibrated and implemented so as not to jeopardize the economic recovery." They wish they were not introduced before the end of 2012, "by leaving adequate transition periods and appropriate protective clauses.

Derivatives was, they called for an acceleration of "the implementation of strong measures" to improve transparency, notably through mandatory reporting of all transactions in central databases, trading on regulated markets and use of clearinghouses.

They also want an answer "coordinated" with the specific challenges posed by the markets of CDS (credit default swaps), derivatives used to hedge against risks of default of a borrower whose responsibility has been questioned by politicians in the debt crisis in Greece.

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These reviews are intended to reflect the ability of banks to withstand extreme financial and economic conditions. Currently, those made at European level on a score of major banks remain confidential.Last year, only general trends were made public, including the fact that European banks were sufficiently capitalized to face a severe deterioration of macroeconomic conditions.

First published in late July

Nicolas Sarkozy has confirmed at his press conference that the publication of these tests would take place in late July as desired by Paris. Earlier in the day, Christine Lagarde, French Minister of Economy, had told Reuters: "I am very positive about this publication. There is nothing worse than the rumors and doubts about the banks. " The Minister is confident, remembering that French banks have so far yielded positive results. These displays of the solvency ratios for the time, satisfactory. In the reverse case, Christine Lagarde said the banks to recapitalize.

Madrid triggers debate

The day before, the Spanish central bank had announced the forthcoming publication of the results of these tests. The newspaper El Pais had found the ad "unprecedented in the euro area. The Madrid Institute hopes to dispel the doubts now hanging on the strength of its banking sector. The Spanish governor of the Bank believes that the current rumors greatly amplify the difficulties of the Spanish financial industry. He hopes that the markets "are fully aware of the situation in the Spanish banking system."

Banks reluctant

Further to the announcement in Madrid, the German government long reluctant, finally decided to give the green light too. But Berlin has yet to convince its banks. German institutions showed far opposed the publication of these results.

Successful tests of Moody's

The European Central Bank will also favors the publication of these tests. In the eyes of the central bank, the operation of transparency is able to reassure the markets. And regulators have reason to be optimistic. Indeed, European banks have recently passed the tests of strength by Moody's. The rating agency has increased the stress tests to thirty European banks from ten countries, and concluded that they have a level of capital sufficient to take further losses.

Didier Evrard. – Developing a new aircraft is flying a program of high technology, so managing risk. And there, on an ambitious project which has as many technological innovations, particularly with 53% of composite materials.

Until the end, it will be a marathon, and we have to face challenges. When we encounter problems, we find solutions. In 2009, I decided to give three months more to our team compared to the original schedule, for some elements such as design, or for critical parts such as the junction between the wings and fuselage and the points where systems will be hung in the carbon fuselage.This decision reduced our margin of safety and caused a delay of three months to start the final assembly plant in Toulouse, in the third quarter of 2011 instead of the second quarter of 2011. Part of the margin for flight testing has been "consumed", and we have redefined the planning of these tests over 12 months.

Can there be a delay of the delivery schedule?

No, this does not affect the first delivery is scheduled for mid-2013 with Qatar Airways, one year after the start of flight testing and certification campaign. We entered the second phase of the program, the manufacturing and kitting.Steps have been taken to secure this crucial stage.

Which exactly?

We have built physical models and demonstrators that enable teams and our industry partners to train, whether in Broughton for the wing to the fuselage in Hamburg or in Nantes where employees of our subsidiary Aerolia M?aulte train on the manufacture of composite parts first cash advance payday loan. We worked on the ramp-up production, which will start in 2013, reaching ten A350 XWB monthly maximum activity. It is a difficult phase because while assembling the first aircraft, we continue their development during flight tests.We have taken steps to be able to integrate at this stage, changes.

No wiring problems for the A380 like?

No. The A350 XWB is the first aircraft from the "New Airbus", an integrated company has consolidated its industrial organization through Power8. Once the development phase, the program was conducted by an organization with its integrated and transnational centers of excellence: fuselage, cabin, composite … From the beginning, 1,000 engineers from across Europe have worked together on a Toulouse "plateau" central to the definition and harmonization of methods and tools. All facilities use the same machines, the same types of tools, consulting firms use the same tools for planning and design (PLM to manage the complete cycle of the product). Meanwhile, we have overhauled our relationships with our suppliers.We have assigned 50% of the aerostructure instead of 25-30% previously. Our suppliers have systems for their part received lots of work with more complex integration of sub-assemblies.

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Since joining two years ago, Google continues to gain momentum, reflecting the interest of students for high tech companies at the expense of the automotive sector.Michelin loses in effect eight places from last year, six-seater BMW, PSA four … The result of Google also rewards, according to Julie Giraud Avril, chief marketing officer, Universum, "The financial strength of a company that is everywhere that communicates a lot, and led a marketing strategy that works. "In point qu'Universum anticipates the arrival of the U.S. leading the rankings in 2011.

"Students expect a return on investment"

Another surprise of the charts, revealing the impact of the crisis on student preferences, the surge in banks. BNP Paribas is ranked in 9th position, 11th in HSBC, Societe Generale and Goldman Sachs in 21st and 22nd … "In times of crisis, banks have moved away from students for the consulting firms and audit," explained Julie Giraud Wednesday -April on BFM.Stigmatized in 2008 and 2009, banks would have at this time lost their aura of future graduates of top schools.

But once the economy improved, the students seem to plebisciting new banks as ideal employer, mainly due to the financial security they offer to their employees. "Students in high schools have often led to costly studies. They expect their work a return on investment "analysis Julie Giraud-April.

* Of 20,693 students surveyed between November 2009 and February 2010.

The two leaders, who returned in detail on the industrial structure already known of this cooperation, reiterated the importance of this type of alliance in a competitive environment tense. "This partnership will enable us to expand our product portfolio, reduce costs and increase capacity," noted Dieter Zetsche. "We must take advantage of such cooperation to create added value for customers and a sustainable future. This is the key in the car market today, "said Carlos Ghosn.

No increase in participation

Both groups confirmed a mutual stake of up to 3.1%. Renault and Nissan will respectively 1.55% stake in Daimler. The latter take 3.1% in both groups.According to the leaders, this exchange of shares is purely "symbolic" and reflects "a fundamental reflection on cooperation. Alongside the conference, the Ministry of Economy renewed its "satisfaction" for this partnership by announcing its intention to take 0.55% stake in Renault Nissan, to maintain its participation at 15.01%, which gives the status of shareholder.

For now, any increase in participation between the two protagonists is excluded. "We needed a number that has a symbolic value, hence the 3%. We do not have much cash to inject into this type of structure. We therefore have no idea of extending the cross-shareholdings. Our goal is first to identify concrete results, "said Carlos Ghosn.No merger is also in the agenda.

Extend Cooperation

The two CEOs have confirmed that this partnership was a starting point. The two companies intend to "explore opportunities ahead" by expanding their strategic cooperation in the years to come. An exchange of modules and components between the Infiniti and Mercedes-Benz is expected, as well as an expansion of regional cooperation in the U.S. and in emerging countries, "which play an important role with great potential." China is particularly in the viewfinder of the two groups."It must be everywhere," said Carlos Ghosn.

In the long term, Daimler as Renault-Nissan expect a positive impact on employment, thanks to "better use of industrial capacity in France and Germany.

In this video, shot by Renault, Carlos Ghosn talks about the overall benefits of signing such a partnership:

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Four employees of Rio Tinto appear from Monday for "corruption" and "theft of trade secrets": the Australian Stern Hu, head of the Shanghai office of Rio Tinto, and three of his Chinese collaborators. Upon their arrest in July 2009 in Shanghai, they were accused of stealing state secrets, that is to say, highly sensitive information on China's position at the negotiating table on ore prices iron.

Since the beginning of the Rio Tinto trade negotiations and lawsuits strangely coincide.The arrest of Hu Stern and his staff intervened when the negotiations on the price of iron ore were being ruined and one month after the rejection by shareholders of Rio Tinto increased participation of the giant China's Chinalco aluminum in the group's capital.

Partnerships in Africa

Earlier this year, announcing the end of the investigation fell when the price negotiations for the year 2010-2011 debuted without China. Like every year, the big mining groups that dominate the global market – Rio Tinto, both Anglo-Australian BHP Billiton and Brazil's Vale – agree with their key buyers – Japan, China, Europe – a price for the year starting April 1.But the mining groups have decided this time to discuss first with their Japanese buyers.

Last year, Chinese steelmakers were on a very firm position. No agreement had been reached. Steelmakers had ended up paying the market price, 80% over prices negotiated. This year, the talks heated still ahead. Miners might seek to secure increases of 50% to 90%, according to sources. Higher difficult to accept for the Chinese steelmakers.

But Rio Tinto hopes to continue its business in a country that became the main destination of its exports last year, with 24.3% of sales. The Anglo-Australian multiplies friendly gestures. A new head for China and was appointed last month. The choice of Ian Bauert is not trivial.This sinophile and sinophone was created in mid 1980 the first office of Rio Tinto Republic. For his part, Tom Albanese, CEO of the group, arrived in Beijing Sunday to attend an economic forum.

Last week, his company signed a partnership with the giant Chinese aluminum, Chinalco, for an investment in a mine in Guinea. According to the Australian press, discussions are also underway for projects in Mongolia and Australia.

"The underlying trend is downward in the number of expatriates for the benefit of local cadres" confirms Paul Mercier, head of the Africa region at Michael Page Africa. Less expensive, these executives are also less difficult to find.Some areas of Africa or Asia excepted basins provide local jobs because of what fill the needs of enterprises at lower cost. "We are witnessing a competition between increasing local and expatriate" is also Claude Mulsant, CEO of Magellan Circle. Comparing the most unfavorable to the former.

Costly benefits

For if the expatriate benefit of all contracts under local law, this status also gives them several advantages, sometimes very expensive for the company.Notably, the "package" negotiated by the expatriate before his departure, may involve the payment of housing, schooling for children, the French social security in addition to the host … "With the crisis, companies have been particularly attentive to reduce costs, and therefore significantly reduced the benefits offered by the "package", "Analysis Paul Mercier. "The premiums have decreased, as the standard of housing available" confirms Claude Mulsant.

Jacques-Olivier Meyer, CEO of HR firm Intelfi International, also found that habits have changed. "The crisis has reflux number of expatriates in some areas, including Asia," noted he. And these returns have not always been without difficulties: "Some expats have found themselves pushed out on their return to France," remarked he.More generally, it is an average of expatriation down 5 to 3 years observed by Jacques-Olivier Meyer last ten years. Thus a fall in the number of expatriates who leave within three years after their stay (only 1 / 3 retentent experience). "The expatriates feel that conditions are less favorable than in the past," said he.

A threshold incompressible

So, farewell expats? Certainly not, answered Paul Mercier. For some functions can do without the experience and corporate culture of these executives preferred. "When the business is established, local officials can often replace expatriates. But to establish a subsidiary, a new factory or make an investment that requires export of know-how, the expatriate remains indispensable, "said Paul Mercier.Jacques-Olivier Meyer goes even further: "With the crisis we have reached an irreducible minimum. I do not see how the numbers could still be reduced …. "

If the producer of electricity from wind energy can be proud of having agreements with its major creditors to reduce its debt, investors themselves have mostly held that accompanied this restructuring – subject to acceptance general meeting in early 2010 – a capital increase to a maximum of about 100 million euros from current shareholders, whose holdings would then be diluted. "The Council plans to launch a capital increase in spring 2010," reads the statement issued today by Theolia.

Call for support

Side Theolia, management maintains that if all these operations are actually realized, the company has increased its cash 40 million, reduced its debt under the bond to 127 million euros payable on 1 January 2015 and increased its capital by about 150 million euros.

For the record, on September 1, Theolia warned that the group will be difficult to have enough cash or borrow the money necessary to enable it to repay 253 million euros of his bond on 1 January 2012, when demand early repayment of the loan in full.The announcement marked the end of an upward movement of the track (peak at more than 5 euros), in operation since March 2009.

Even the publication in early November, a consolidated turnover for the first nine months of 2009, amounting to 232.7 million euros, three times more than the same period of 2008, did not sufficient to restore color to the action.

A sector still buoyant

According to the report by the Center for Strategic Analysis (CAS) published mid-December, just before the Copenhagen summit, "the current economic downturn and emergency climate offers the opportunity to wind a large-scale development.

The global growth prospects are very important and France as the CASE has many strengths, including its network of subcontractors providing the territory but also abroad, the components needed to build wind turbines.Already, more than 150 suppliers and subcontractors working for the industrial sector, and many others from the construction, mechanical or aerospace, where expertise is close to that of the wind, could reach them and encourage the success of the industry.

The report also highlights that wind can generate a net profit in the event of a price increase of fossil fuels, which the most energy experts are convinced.The Union of renewable energy sources (RES) and the wind industry, Wind Energy France (ESRF), recall here that the cost of wind energy, about 80 euros / MWh (megawatt hour), is "very close that of conventional thermal plants, while presenting an additional advantage in terms of security of supply and CO2 savings.

From a tax perspective, the sector was welcome in France, the amendment passed there only a week, bringing the level of the flat tax to which the turbines are subject to the same amount to than other means of producing electricity.

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