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The shower is severe. In the portfolios of French investors, very few mutual funds have been spared by the crisis of the summer. But there are still some miracle, such as those invested exclusively in bonds. With lower interest rates on German and French titles, they have recorded gains that offset their potential losses on bonds of peripheral states.

Some balanced funds, designed to protect stock market turmoil of the capital of their subscribers, also grown out of summer crash, as they kept their promises. Carmignac Patrimoine, the most famous of them, for example, ends in August slightly higher.He won more than 1% over the last three months, and displays from the beginning of a loss of 1.38%.

Funds that keep their promises

Before the summer, the management company, worried about economic growth, would be prudent, played the German government bonds and U.S. gold mining, focused on the stock exchange on defensive stocks and fled from the European financial. Paris paying as much this summer. "Earlier this year, already, we were very cautious and this has penalized our performance. But our concerns proved justified, "said Didier Saint-Georges, a member of the Investment Committee.

This fund is not the only one who done well in the gameOthers are also this month in the green, like Invesco Balanced Risk Allocation, which earns more than 1%.

Good surprises are, however, to investors, far fewer on the side of mutual funds dedicated only to "actions". Even the most reputable funds have simply succeeded in limiting the decline to less than 20% in August, the image of Agressor of Finance of the Exchequer (16% on a month -12.90% since the beginning of the year), Ulysses de Tocqueville Finance (18% of one month, -17% since the beginning of the year), or Work at Mandarin Mandarine Gestion (-14% last month ), according to Morningstar.

The banks'

Scores honorable, because the mutual funds shares plunge less bright, they, by 25%. And very few funds have done better, except for example Neuflize Opportunities France, which lost "only" 12% in August.Managers had preferred Neuflize Private Assets before the summer increase liquidity, cover part of the equity portfolio and stood, too, away from financial stocks.

"Since the beginning of the year, banks have lost a third of their stock value. The differences in performance between the mutual funds 'share' in Europe are essentially determined by the position given in the securities portfolios, "said Bernard Aybran, director of the multi at Invesco. The funds dedicated to small and mid caps were also often more resistant, precisely because they have few banks in their investment universe.

Subscribers who have agreed to diversify their portfolios outside of Europe have suffered a little less. "Emerging markets have not declined over the summer that the European stock markets," notes Bernard Aybran.U.S. stocks end up well also. At one month, the CAC 40 fell nearly 12% and U.S. S & P 500 half!

If underwriters are well aware of the risks they take by investing in equities, they are however less sensitive to those they face in buying bonds. However, they lost an average of 6.5% in one month on high-yield bond mutual funds, which invest in corporate bonds of lower quality. Popular earlier this year, praised for their efficiency, these securities have also plunged on the stock market during the crisis.

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Shortly before the opening, the index futures and Nasdaq Poors'500 Standard & 100 respectively crumbling of just 0.04% to 1171.20 points, 0.02% to 2154.50 points. The Dow Jones was in turn approached down 0.14% at 11,178 points.

While most careful observers with little enthusiasm yesterday evening, the statements of the U.S. Federal Reserve, the world stock markets have overreacted, and positive against all odds, these about the Fed. Buyers picked by hand. This has indeed ensured that it would maintain its rates at a historical low, and until mid-2013 to support the economy. Its leaders also promised various stimulus, but without specifying its content.It will probably wait until his final release in late August.

Meanwhile, the early promises more than simply market, which ended a series of 11 black unprecedented declines. The Dow Jones bounced freely from 4% yesterday, the day after his worst day since December 2008. Tuesday the European markets had unscrewed from 4% to 6% and 10% in Seoul meeting, approaching a market crash.

Oil stocks and budget menu

Wednesday morning in Europe, the main financial markets bounce in the wake of Wall Street. Signs of nervousness are nonetheless palpable. The volume of trade is thus still very substantial, and heightened volatility. On the merits, the Fed has painted a disturbing report from the world's largest economy.Growth, pointing in particular the U.S. central bank, is growing at an annual rate of less than 1% in the first half, where the institution expected, earlier this year, more than 3% instant payday loan.

On Wednesday, the U.S. macroeconomic calendar is relatively lightweight. Will be announced weekly stocks of crude oil (to 16.30). The figures of budget execution for the month of July will be for their detailed at 20:00.

Cisco News Corp expected

On the business side, Cisco will announce later this evening (22 hours) results for the fourth quarter, along with News Corp.

The title of U.S. internet group AOL will probably remain very guarded on Wednesday. Indeed, it has lost over a quarter of its value on Tuesday at the New York Stock Exchange after the release of disappointing quarterly earnings and lower forecasts. The stock has dropped 25.75% against the current of a market up sharply.The action even reached 10.36 dollars during the session, the lowest price ever since the split with Time Warner in 2009.

Facebook on Tuesday launched a new application for mobile phones iPhone (Apple) and those equipped with the Android operating system (Google) to send messages to his "friends" on social networking, but also to other contacts. Called "Messenger", the application can send both text messages (SMS) and email.

Apple could also be surrounded, after briefly delighted yesterday to ExxonMobil, its position as the first market capitalization.

Professionals of the solar French looked forward to these provisions since the beginning of the year. Nathalie Kosciusko-Morizet for Le Figaro reveals new rules for large installations in excess of 100 kilowatts peak (kWp) more than 1000 m2 of photovoltaic panels. They go through a series of tender whose final details were refereed this weekend at Matignon.

The aim, says "NKM", is to stimulate the development of a photovoltaic technology made in France. "The previous system (with the purchase price of photovoltaic electricity by EDF very favorable, Ed) favored the volume and price. The companies have made in the technology standards. "The new scheme aims to develop innovative technologies on which high yield" French companies are well positioned, "says the Minister of Ecology."We have not developed industrial mass on the first series of panels, but we're not trying to go after China and Germany. We are planning the next move, "says NKM.

Now all the facilities of over 1000 m2 will be tender. With two categories. For installations "average" (from 1000 to 2500 m2), the specifications will be simplified, and the main criterion for selection will remain the price. In other words, the candidate who offers the current EDF cheapest wins. A first batch of 120 MWp is to be published on 1 August, in the opinion of the Commission for Energy Regulation (CRE) expected July 26. Follow the quarterly on six 30 MWp each. These volumes will cover two and a half years "to give visibility to the industry," said Nathalie Kosciusko-Morizet.And guarantee of "credibility" of the device – but also clear political signal – the first competition the candidates will be selected before the presidential election.

The second category of calls for tender for the large facilities of more than 2500 m2 and covers a total capacity of 450MWc (read the cons detail below). In addition to the price that will account for 40% of the notes will weigh other criteria: the industrial project, the research contribution and the environment. Example cited by NKM: solar power projects on a brownfield or a former quarry will be clearly favored over a planned plant on agricultural land. Also new candidates must provide guarantees of recycling and decommissioning of their plants at the end of their life cycle.Through these tenders, the government wants to promote technologies such as still emerging mobile mirrors that track the sun throughout the day.

Professionals expressed particularly through the union of renewable energy (RES) denounced the ceiling of 500 MWp per year announced in March for the entire industry. This is not a ceiling but a target, insists on the ministry. Which will be passed this year, since, already, for the first quarter alone, 300 MW were installed, as announced in Le Figaro NKM July 5.

Objective achieved Grenelle

Added to 973 MWp installed in late 2010, according to the Charpin report, the objective of 1100 cumulative MWp for 2012 set by the Grenelle of the environment is already exceeded. "There was no halt in the industry," insists Nathalie Kosciusko-Morizet, supporting figures.However, the minister understands that "the successive changes of the frame, every six months since 2008, have been penalized. But this period is over, "says she.

Meanwhile, the gel three months declared photovoltaic systems weakened in December of SMEs and forced some to put the key under the door. Even if individuals were not affected by the moratorium, nor by lower prices, the market has slowed, we are assured the SER. For some SMEs, between the moratorium in December 2010 and the response to tenders in the spring of 2012, eighteen months without activity have been fatal. Of the 25,000 jobs in the sector, the Ministry states that the workforce in research (8200) should increase. The remaining jobs (16,700 in the installation and consulting firms) are subject to "adjustments" but should also benefit from the new framework.

"I want to make a new pact of trust with the photovoltaic industry," says Nathalie Kosciusko-Morizet. Professionals to respond.

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July 14 was not been idle at Lafarge. French cement giant has indeed completed the assignment, long overdue, a branch of his cast. The transaction involves assets located in Europe and South America. Last year they had recorded 895 million euros in turnover of 115 million EBITDA. The buyer is a Belgian company, Etex, which will thus increase its turnover by almost 50%.

Financially, the French group recorded a sound operation. It will touch 850 million and retain a 20% stake in the new entity will combine the activities casts of both groups. Lafarge will be able to sell this stake to Etex within five years.

Amount of the sales in past

This sale is not a surprise.Despite its position as number three in the plaster, Lafarge no longer considered as a strategic sector for many years. Last year, the industry weighed only 8.8% of total turnover of the group. The assignment does not, however, the entire cast of the activity, but a little less than two-thirds. Bruno Lafont, CEO of Lafarge, would not say the fate of the balance of this activity, located mainly in North America and Asia. A sale seems logical.

Earlier this year, the leaders of Lafarge had announced a goal of reducing the debt of 2 billion euros, 750 million through asset sales. With the only transaction announced yesterday, so they exceed the amount of planned disposals. Last May, Lafarge had already sold its cement and concrete in the southeast United States for 535 million euros.It is true that the financial situation of cement remains tense. In late December, he posted nearly 14 billion euros of net debt. The rating agency Standard & Poor's had also downgraded its rating on Lafarge mid-March.

With operations carried out since the beginning of the year, the group now appears to have the wherewithal to bring the agency to reconsider its position. Investors also seem to be confident, since the title Lafarge had opened up during the meeting of July 14, in a declining market.

Having bought the IBM PC, created a joint venture with NEC in Japan, the wholesaler Medion Lenovo adds to his list. This acquisition will double its market share in Germany and become number three in Europe.

Lenovo's strategy – $ 21 billion in sales – based on two simple lines: "Protecting activities where the group is strong and attack other markets," says Le Figaro Milko Van Duijl, President "mature markets" Lenovo. The group operates in China, where a computer is a Lenovo sold three, and the enterprise market with its ThinkPad IBM bought in 2005. It seeks to develop in emerging countries (excluding China) and the consumer market. "In Western Europe, growth comes from consumer equipment, a market where we are not strong and that we want to grow quickly," said Milko van Duijl.PC sales to consumers have outpaced companies.

"The acquisition of Medion is a different way to gain market share. One may wonder why Lenovo did not choose to go directly to distributors, "Ranjit Atwal surprise, an analyst at Gartner.

Shelves in the summer

The German group provides computers to large retailers, including Aldi Group, as well as accessories (printers, keyboards …) and telephones. To get your hands on Medion, Lenovo will pay "at least 320 million euros," said Milko van Duijl paydayloans. Gerd Brachmann, Medion founder and principal shareholder, will retain a 20% stake in the company. It will sell 40% stake in Lenovo and will be paid in cash at 80% and 20% equities. Gerd Brachmann became the first Chinese private shareholder group. This will launch a takeover bid for the remaining shares at 13 euros per share.The offer values ​​the group at 629.4 million euros.

The development of Lenovo in the European market also depends on the shelves. "We will commercialize a product for business in September," said Milko van Duijl. One intended for individuals should "happen before, during the summer." World number four computers could not remain indifferent to the rise of this type of product, which is partly at the expense of PC sales. "Lenovo has failed to improve its image in Europe," said Ranjit Atwal.However, competition is even tougher on the market shelves than PCs. "However, Lenovo could also capitalize on its name to reassure retailers and win against competitors more exotic.

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GDF SUEZ announced Friday in a statement that "the general meeting of shareholders of Compagnie du Vent has decided to replace" its chairman and founder Jean-Michel Germa by Thierry Conil, "over 30 years experience in GDF Suez ". "A major strategic dispute," the statement continued, between GDF Suez, which owns 56.8% of Compagnie du Vent and its founder Jean-Michel Germa, which owns 43.2% is the origin of this separation.

Problem: Jean-Michel Germa judicially contest his dismissal, even though he knew his scheduled departure. First on the form. Feeling the dispute with its powerful shareholder grow for months, Jean-Michel Germa had sought this week the protection of the commercial court of Montpellier (seat LCV).He had requested the postponement of Thursday's meeting but GDF Suez has received the same day, the Tribunal de Commerce "authorization" to conduct this meeting. Jean-Michel Germa considers that the meeting "was not held." The founder of the company that employs 156 employees (sales: 27 million) is "very shocked" by the group methods.

On the merits, the proposed wind farm on both coasts, off Tréport is at the heart of the dispute between the two parties. "I wore this folder on the baptismal font for more than six years," says Jean-Michel Germa. Since 2005, he sought a major partner, not being able to invest only 2.5 billion euros of this pharaonic site of more than 100 offshore wind GDF Suez said this in 2007.Only offshore project in France to have passed the stage of public debate and to have obtained permission trunking park on both sides to eventually be included in the five zones affected by the imminent bidding of the government. Germa estimated that his company could legitimately respond to the bidding as prime contractor, with GDF Suez and all interested partners.

Regain control

The group Mestrallet which just announced an alliance with Areva and Vinci to participate in the tender intends to resume the hand and accuses Jean-Michel Germa its "independent development approach." "We do not aim to be your bank, it is argued in the entourage of the group.GDF Suez eyes, only the creation of a true industrial sector will invest successfully niche offshore wind: "Between the amounts required and the risks to assume the financial stakes are so huge it takes deploy a comprehensive strategy. "

Other disputes have marked the common path of CTA and its controlling shareholder. Today, Jean-Michel Germa figure at 490 million euros loss suffered by his company, counting the resumption of the park on both sides by GDF Suez.

Energia says victim of the same strategy

While the government prepares to launch the tender on offshore wind farms and to renew some concessions hydraulic group Mestrallet began to gather around "a great center" activities in the Renewable France previously dispersed in several subsidiaries.The group, which currently has a portfolio of 1000 megawatts (MW) wind farm, wants to double within five years. The multinational company has invested 135 million euros in CTA believes it was time to take complete control. Jean-Michel Germa denounces what he sees as a strategy of GDF Suez, which is "to transfer the assets of companies that the group claims to have bought too much, empty them of their substance out minority shareholders on the cheap."

Fabrice Crobbedu, former head of Energia, a small business specializing in heating, acquired by GDF Suez in 2008 to 54% consider themselves victims of this same strategy. Revoked in 2009, it remained a minority shareholder. At GDF Suez, the response by explaining that Fabrizio Crobbedu is suspected of abuse of corporate assets. The judicial successive episodes.Until this year, going back to Friday when Fabrice Crobbedu grabbed the Commercial Court to challenge Nevers, too, holding a general meeting.

Philippe Bouvard, who recently celebrated the thirty-fifth year of his cult show "The Big Heads", decided to re-enlist for at least two additional years. Christopher Baldelli, CEO of RTL Radio has renewed his confidence and the host star, 82, has agreed to hold the antenna every day from 16 to 18 hours at least until June 2013.

Centerpiece of the grid of RTL, "The Big Heads" every day brings more than 2 million listeners. For the station, this show is one of the great crossroads of hearing of the day, with the prime time of the morning. She is also a good advertising hub.

A true family

"There's a real family" Big Heads ". We do not laugh a whole two hours throughout the year without creating a real complicity, "explained Philippe Bouvard to the" Media Buzz Orange-Le Figaro, on 31 March.The family of "Big Heads" brings Jacques Maillot, Bernard Mabille, Jean-Jacques Peroni, Pierre and Chantal Bellemare Ladesou. Getting on the air for the first time on 1 April 1977, the program has undergone various developments. At the end of 1999 the management of RTL decided to dismiss Philippe Bouvard this issue to entrust to Christopher Dechavanne. The host of "Big Heads" has responded by passing the competition on Europe 1. Accordingly, the hearing of RTL has suffered a net air hole. Philippe Bouvard was recalled on the radio channel by Axel Duroux in February 2001 to regain control of the "Big Heads".

Moreover, another pillar of the first station in France, Jean-Pierre Foucault, asked the direction his daily show "Good touch" he co-hosts with Cyril Hanouna, goes biweekly rate.This game receives almost two million listeners each morning from 11 h 30-12 h 30.

Cyril Hanouna, the accomplice of Jean-Pierre Foucault, will be assigned to new projects, in addition to "The correct key." In the meantime, he held all summer about the same time slot with the show "RTL vacation" from July 11.

After closing in the green yesterday, the U.S. indexes remained in positive territory all day Tuesday. At closing, the Dow Jones gained 0.60% to 12,760.36 points, the Nasdaq climbed 1.01% to 2871.89 points and the S & P is 0.81% at 1357.16 points.

Greece plays appeasement

The record still Greek focusing attention. The country has tried to ease tensions in global markets by saying he did not discuss additional assistance, denying a news report that suggested a new plan of 60 billion euros.This information has boosted European values ​​that are returned to the rise in the morning before finally on a rebound.

Moreover, higher rates of which the Greek government bond markets, above the prohibitive rate of 15% omen for the time being unable to return to Athens on the market in 2012 as the Greek government and international institutions had originally planned. To borrow from 1.625 billion euros in six months, Greece has the pay rate on Tuesday a 4.88%, up slightly compared to that which it had obtained in the last issue similar bonds on March 8 to 4.75%. The issue has however been more than three times oversubscribed.

On the foreign exchange market, the euro rebounded against the dollar at 1.4403 dollars against 1.4358 late Monday.Oil prices also ended higher at 103.88 dollars, up from $ 1.33 yesterday on the New York Mercantile Exchange (Nymex).

Chinese exports are at record highs

Side indicators, rising import prices slowed in April with the moderation of price increases in oil and food, according to figures released Tuesday by the Labor Department. Prices have generally increased 2.2% last month. This is their seventh consecutive month of increases. They had risen 2.6% in March. However, economists expecting a sharper slowdown with a projected increase of only 1.8%.

In China, Chinese exports in April reached a record $ 155.7 billion, enabling the world's leading exporter of a trade surplus of 11.4 billion dollars, Customs announced Tuesday.A new leaving good prospects for global demand but also tighten the monetary policy of the country.

Microsoft sanctioned

The mergers and acquisitions continue in the technology sector fast payday loan. The software giant Microsoft (-0.62% to 25.67 dollars) announced before the opening of the NYSE acquisition of Skype for $ 8.5 billion, including debt, confirming a report published a little earlier in the Wall Street Journal.It takes all to Google and Facebook.

For its part, Google (0.93% to 542.66 dollars) will launch a new online music service Tuesday, modeled on that of Amazon, reports the Wall Street Journal citing people familiar with the matter.

Still according to the Wall Street Journal, the U.S. oil giant ExxonMobil (+0.20% to 83.35 dollars) is in talks with Indonesian PT Pertamina, which could buy him for $ 3.5 billion share of 25% in an exploration project in Angola.

The computer group Hewlett-Packard (1.37% to 41.58 dollars) announced Monday after the close of Wall Street, a new architecture designed for networking and Internet requirements, impinging directly on Cisco products.

General Motors (0.61% to 31.58 dollars) announced Tuesday it would invest two billion dollars in 17 plants in the United States, which should allow it to create or maintain 4,000 jobs.

Also note Activision Blizzard (+0.69% to 11.61 dollars) has reported earnings per share in the first quarter of $ 0.13 against $ 0.08 and an expected turnover of 755 million against $ 663 million expected. For the full year, the videogame company expects a turnover of 3.95 billion dollars against 3.9 billion previously.

Fluor Corp. (+0.50% to 72.58 dollars) has announced new contracts in the first quarter of 2011 amounting to $ 3 billion in Australia with BHP Billiton to develop the mine Jimblebar.

Also note, the specialist Freescale Semiconductor, Motorola's split in 2004, provides for an IPO.The company would raise more than $ 1 billion. The company has retained an indicative price range of 22 to 24 dollars per share according to a document filed with the SEC. The funds raised will be used to repay debt. The day before, the Internet social network LinkedIn has published the documents for its IPO.

Now the economic patriotism surfaced in Europe. In a tense economic climate where unemployment remains high, states are looking more and more to protect their companies against foreign lusts. "Countries are trying to find countermeasures to these legal transactions in which they are fiercely hostile," said Herve Mangin Axa IM. They demand, above all transparency in the capital mounted so that minority shareholders are not disadvantaged. " And in this area, the United Kingdom seems to take a step ahead.

It all started operation hostile takeover (bid) of the Kraft Foods Cadbury in January 2010. An operation that had prompted the then British Minister of Economy, Peter Mandelson, to reflect on the subject.

On Monday, the agency regulate mergers and acquisitions in the UK, the Takeover Panel has published a document of 172 pages in which he particularly wants to make the publication of the commission paid by the acquirer and the target for bankers and Business Lawyers bad credit pay day loans. It also recommends reducing the periods during which a group says it is ready to bid on a competitor, but not launch. Finally, he wants the employees of the companies concerned can express their views. These proposals will be subject to consultation until May and a change in the law could take place during the summer.

If the United Kingdom takes the lead on protecting its national champions face of hostile takeovers, Italy is still at the stage of reflection. But the entry of Parmalat and Lactalis in the acquisition of Bulgari by LVMH aroused tensions with France.In France, no law has been created, the state merely interventions on a case by case basis. This was the case last December to save Ingenico lusts of the American Danaher, but especially in 2005 to protect against Danone Pepsico. "Europe will struggle to justify the surge of economic protectionism against the free movement of capital that characterizes it," says Herve Mangin.

Carrefour will indeed be split into three. The second group worldwide distribution is preparing to abandon his business and discount stores to stock the walls of its hypermarkets French, Italian and Spanish.

The directors of Carrefour have followed the advice of the two principal shareholders, Groupe Arnault and Colony Capital, which together hold 14% stocks and 20% of voting rights. Unsurprisingly, they voted in favor of the project revealed by Le Figaro (our editions of January 31). This will be voted on by shareholders at the general meeting on 21 June.

After its implementation, Carrefour will have no financial relationship, strategic and operational with Dia, its hard discount sector, which last year produced nearly 10 billion turnover, less than 10% of sales Total group.Each shareholder of Carrefour will receive, as a special dividend, a number of shares equal to the number of Dia Carrefour shares he owns.

Dia, valued at four billion euros by Nomura, will be listed on the Madrid Stock Exchange. Founded in Spain, the third sign of hard discounters in the world behind the German Aldi and Lidl carries more than a third of its sales on the other side of the Pyrenees, and its head has always been based in Madrid."This will allow Dia to benefit from greater flexibility to complete its growth in its markets," explains Carrefour.

The French group, which will remain despite the amputation the second largest retailer worldwide, will focus on the stores to its banner: Carrefour hypermarkets, supermarkets Carrefour Market, supermarkets Carrefour City (city) and Carrefour Contact (countryside).

Rent control

The second phase of the project approved yesterday is a listing Carrefour Property, the real estate business distributor. For the occasion, its current scope will be slightly revised. Carrefour Property consolidate "the essential real estate assets French, Spanish and Italian," said Carrefour, but more those of Poland and Romania. Are a total of nearly 4 million square meters of shops, valued by the group at 10.4 billion euros.Carrefour Property will be listed in Paris. Major difference with Dia, Carrefour will retain 75% stake in its real estate subsidiary. The leaders of the distributor would like to maintain majority to maintain control of their rental stores.

"Both operations are a continuation of the strategy we have been conducting since 2009, and will mark a new dynamic for Carrefour, said Lars Olofsson, its director general. They aim to make the group more focused on its operational priorities while creating value for our shareholders. "

Groupe Arnault and Colony Capital have announced their entry into the capital of Carrefour in March 2007. According to Nomura, the average cost of acquisition of their share amounts to 47 euros per share. Yesterday it closed at under 35 euros.This difference has forced the two groups, who borrowed to enter the capital, to pay margin calls to their banks.

The promoters of this project hope to double the aggregate value of the three companies will be tomorrow (well) than the group today. Rents for shops are generally indexed to their turnover, but its success depends in part on the recovery plan hypermarkets. And therefore the success of the new concept "Crossroads Planet, Lars Olofsson wants to deploy in 500 hypermarkets in Europe following i in early 2013.