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When a patron of the CAC 40 announced that his family moved to Hong Kong, it creates inevitably stir. Jean-Pascal Tricoire, chief executive of Schneider Electric, a lot of time already happening in Asia, where the group generates 26% of its turnover and that, above all, it takes half its growth. Given the strategic importance of the area, the leader has planned to go there more often. Hence the decision to move his family from his base camp.

"It will not change the management of the group," insists there be at Schneider. The headquarters of Schneider remains in Rueil-Malmaison (Hauts-de-Seine) and its supervisory board will continue to meet in France under the presidency of Henri Lachmann. Nevertheless.The choice of a home owner in the CAC 40 – the first of its kind – has symbolic value: it illustrates the inexorable redeployment of large groups to emerging countries, foremost among them China and India.

Even before talk of investment, one of the main resources of a company lies in its teams. It is no coincidence that Jean-Pascal Tricoire decided in parallel, as he announced internally in late July, to "relocate" in Hong Kong two members of its executive committee: Karen Ferguson, executive director human resources, and Philippe Delorme, Executive Director Strategy and Innovation, based in Europe so far.A total of fourteen members who form the "comex" champion of smart grids and energy, five are based in Europe, five in the United States and four in Asia online payday loan lenders.

The war for talent

It is no coincidence either that the officers dispatched to the new "hub" of Hongkong drive the human resources and strategy. All international companies, General Electric, Siemens, engaged a war without thank you to Asia to recruit the best talent. "We send our best in Asia", recognizes also the CEO of another international group.

The battle rages also to identify and attract good prey. The stakes are high for Schneider, which continues at a run a targeted acquisition strategy.Between May and June, French disbursed within ten days some 2 billion euros to add in his tool kit a Spanish company (Telvent), an Indian (Luminous) and Chinese (Harvest Power Technologies).

While the economic recovery is delayed in Europe and the United States, the dynamic Asian economies stirs envy. The adjustment to which Schneider has just completed, led by the very Sinophile Jean-Pascal Tricoire, could give ideas to Air Liquide, Saint-Gobain and Lafarge other.

We are far, however, the violent change of course given by the British HSBC. The banking giant, headquartered in London but the birthplace in China, was the first to relocate in early 2010, its branch in Hong Kong.He just drive the point home with a strategic plan that includes 30,000 job cuts by 2013, partially offset by 15,000 recruits in emerging markets.

Degradation by the Moody's rating of Japan, expected by market participants, since the rating agency announced last May that it could lower the rating of the country, should not interfere with the Cac 40.Supported by the good performance of Wall Street Tuesday night, the Paris index should open up on Wednesday.

The government must announce a series of measures to reduce the deficit in France ten billion more.

For the euro area, new orders in industry in June will be released at 11:00.

In the U.S., are expected durable goods orders in July (1430) and the weekly inventory of crude oil (16.30).

On the currency markets, the euro declined slightly from 0.25% to 1.4398 dollar.

Oil prices were up Wednesday morning during electronic trading in Asia, with Brent who was close to 110 dollars a barrel because of uncertainty about the situation in Libya. In morning trading, a barrel of Brent North Sea crude for October delivery gained 50 cents to 109.81 dollars.A barrel of "light sweet crude" for delivery in October was appreciating by 18 cents to 85.61 dollars.

Iliad:

Free (Iliad) filed an appeal with the State Council concerning the conditions of grant by the Government of the 4G mobile phone licenses, according to Le Figaro.

Accor:

The hotel group has published on Wednesday operating profit rose by 27.5% to 199 million euros in the first half. Accor has also returned to earnings, its net profit amounting to 41 million euros in the first half against a loss of 15 million last year over the same period.

STMicroelectronics

Fitch has downgraded the long-term European manufacturer of semiconductors "A" to "BBB +" with perspective, particularly because of the weakness and lack of profitability ST Ericsson, a joint venture with Ericsson specializes in chips for communications no son.

The Paris Bourse remained hesitant on Tuesday. The CAC 40, which had closed up yesterday, was down 0.25% to 3230.90 points. The Paris index was pressed into the red at the opening, losing 0.73% after the release of German GDP is very disappointing. Deutsche Börse also accused the coup, the Dax closed down 0.45%, limiting losses after falling 2.40% to 5877.91 points. In London, the FTSE-100 index of the core values ​​ends up slightly from 0.13% to 5357.63 points after losing 1.13% during the session. The other European financial centers have also reduced their losses late in the day: the Madrid Stock Exchange lost 0.4% and finally to Milan 0.8%.

The markets were reassured by the announcement of the Fitch rating of the United States. The rating agency remains in effect its "AAA" together with a stable outlook.But caution prevails before the summit between Sarkozy and Merkel spent on the economic governance of the euro area. Combined these on global markets, all eyes will be on the Elysee Palace in Paris to take place a meeting between German Chancellor Angela Merkel and French President Nicolas Sarkozy, to improve governance in the euro area . The two leaders will meet from 16 hours and hold a press conference around 18:30.

Investors already know that he must not expect miracles, especially not that the two largest economies in the euro zone agreed to set up Euro-bonds, which would be financially harmful to Berlin."Do not expect anything dramatic" at the end of the meeting Monday said a spokesman for Angela Merkel, that "people expect once again a spectacular blow." It should only be to continue discussions on the governance of the euro area, following decisions taken by Heads of State and Government of the European end of July.

Operators still expect progress on this issue. "If nothing is announced, it will mean that there is a deep rift between Paris and Berlin markets can get excited again," warned Yves Marc, sales of shares in Global Equities.

Meanwhile, Asian markets set the tone with very mixed sessions, followed by Wall Street that opened in the red. Oil down with a barrel of "light sweet crude" that is losing 45 cents to 87.43 dollars and that of Brent crude, which gives 42 cents to 109.49 dollars.Sign of nervousness room, gold is up, quoting around 1775.50 dollars against 1744 dollars the day before closing in New York.

German growth slows

The Franco-German summit is further expected that the disappointing figures were published today in the euro area. Germany has announced a particularly sharp slowdown in growth in the second quarter. German gross domestic product (GDP) grew by only 0.1% in the second quarter compared to the first, where he still displayed an increase of 1.3%.

In addition to the sharp slowdown in the German economy, the Gross Domestic Products (GDP), Spanish and Dutch have in fact suffered a similar fate over the same period, rising by only 0.2%, respectively, and 0.1%, amid debt crisis.

Economic growth also slowed in the second quarter in the euro area, 0.2% from 0.8% in the first quarter, according to data released Tuesday by the EU statistics office Eurostat. However, the euro area recorded a trade surplus of 900 million euros in June, after a surplus of 200 million in May.

United States, markets were also disappointed by the figures for housing starts, down 1.5% in July. The number of building permits has meanwhile Contracted 3.2%. However, industrial production increased more than expected in July, 0.9%, according to the Federal Reserve, with the automotive sector and the heat wave that has boosted the use of air conditioners and therefore electricity consumption .Finally, import prices have rebounded from their side, while export declined.

Values ​​to follow

On the corporate side, the news is much thinner. Bank stocks are again suivies.Sous pressure before meeting Sarkozy, Merkel, they recovered late in the session: BNP Paribas lost 0.07% to 37.5 euros, Natixis (-1.64% to 3.063 euros) and AXA (-0.18% to 11.22 euros). Societe Generale gained 1.92% to end 25.275 euros and Credit Agricole advance of 0.68% to 6.781 euros.

GDF Suez (-2.20% to 20.44 euros) is added to the list of preferred values ​​of UBS.

EADS (-0.95% to 21.80 euros): Russian Transaero airline will buy 12 Airbus A320. Qantas has in turn announced the purchase of 110 Airbus A320s and the deferral of delivery of six Airbus A380 jumbo jets.

Facebook announced Tuesday the acquisition of Push Pop Press, a publisher of books, multimedia touch pads co-founded by two former Apple Kimon Tsiteris and Mike Matas. Little known to the general public, the two men worked on the interface and software key on the iPhone and iPad.

Apple, Mike Matas has participated in the design of several interface elements of the iPhone, as the camera, the display of the battery and phone settings. Tsiteris with Kimon, he also worked on the mapping software for iPad."Mike Matas is responsible or has had responsibility for most of the best and most exuberant designs in recent times" at Apple, said the blogger John Gruber, familiar with the company.

Team Press Push Pop account other well-respected engineers in its ranks, as Austin Sarner, who worked for Sofa, publisher of software for Mac already bought in June by Facebook. On Twitter, the former head of the development of the implementation of Facebook for iPhone, Joe Hewitt, said he hoped "that the acquisitions of Pop Push Press and sofa style mean that Facebook is more like that of Apple that of Microsoft. "

An application for iPad

Facebook confirmed that some engineers Pop Push Press join its ranks, without specifying their assignment.Pop Push Press, who had noted earlier this year by publishing a book multimedia Al Gore for the iPad, will cease operations. "Facebook does not begin to publish electronic books, but the ideas and technology that are behind Push Pop Press will be integrated with Facebook," commented Mike Matas and Kimon Tsinteris. For example, to better present the interactive content, suggests the New York Times.

An image of the future application iPad Facebook.

The uncertainty in Washington. After long weeks of negotiations, Republicans and Democrats seem finally to have reached an agreement to raise the ceiling of U.S. debt, according to U.S. television, ABC News, citing unnamed sources in Congress. But the White House quickly denied. "There is no agreement, said Obama adviser David Plouffe, on NBC. The clock is ticking. We need to find a solution. Today's (Sunday, ed) is obviously crucial "but" significant challenges remain to be resolved, "he said.

The text is still under negotiation, under the leadership of the White House. After a long back against the long struggle between Republicans and Democrats, Barack Obama Saturday decided to get involved again in the negotiations. Return ardently desired by the Republicans.The head of the Democratic majority in the Senate, Harry Reid said he was "cautiously optimistic" about reaching an agreement, saying that some issues remained to be finalized. For its part, the Republican minority leader Mitch McConnell assured on CNN: "We are very close to agreement" .3000 billion over ten years

Meanwhile, the U.S. Senate rejected a Democratic proposal to raise the debt ceiling, which had already been rejected by the House of Representatives. In a procedural vote of 50 votes against 49, elected officials have pushed the text elaborated by the head of the Democratic majority in the Senate, Harry Reid.

The Senate will have to decide again on the new text. Only a few details have filtered through the compromise now being negotiated. According to Mitch McConnell, it calls for reducing spending 3 trillion dollars over ten years.The Republicans have also agreed a mechanism to ensure that the debt cap could be raised beyond the U.S. presidential election in November 2012, claiming instead that they reopen early next year, or election campaign.

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Things are further complicated in the case of Carrefour in Brazil. On Tuesday, during a special meeting, all directors of the Casino dealer rejected the proposed merger between Carrefour and its Brazilian subsidiary CBD Pao de Açúcar (GPA). "The Board found unanimously that the proposed financial transaction is contrary to the interests of GPA, to all its shareholders and Casino. He recalled that this proposal, unsolicited, is hostile and illegal, "said a statement.

Only the Brazilian businessman Abilio Diniz, who has operational control of GPA on par with Casino in the holding Wilkes, reaffirmed its support for the project "and did not want to vote," says statement.

"Significant execution risks"

To justify this choice, the directors draw up a list of all the issues raised by the transaction size. According to them, "this operation is based on a strategic vision for GPA wrong" with such an increase in the hypermarket segment, "even as market share in this segment are experiencing a continuous decline." Moreover, "the estimates of synergies in support of this operation are well above the levels announced at similar operations.They amounted in effect to 3.2% of revenues in 2010 combined, against an average of about 1% of synergies announced at ten comparable transactions. "

The Board also points the finger at "excessive concentration" in some cities which could lead to intervention by competition authorities as well as "important managerial risks GPA." From a financial point of view, the operation would otherwise be detrimental to the shareholders of GPA because it relies on "an unnecessary dilution via the entrance to the capital of the Brazilian National Development Bank (BNDES) and BTG Pactual up 2 billion euros. "Finally, administrators are concerned that the merger does take GPA "company operating in an unregulated holding company undergoing a deep discount."

On this, the Board of Directors has appointed its president "to present as soon as possible the position of Casino on the board of Wilkes and, more generally, the claim in accordance with existing agreements and Brazilian regulations. "

The Brazilian government does not follow

This news comes to worse for Carrefour. This morning, the group has faced the decline of the Brazilian government that supported the project yet. "The way the agreement was handled was disappointing and the government has decided to withdraw its support for the financing of the Brazilian National Bank for Development (BNDES)", said a senior official who requested anonymity.According to the latter, governments could review their position if the terms are changed.

Last week, BNDES announced that it would not choose his camp, suggesting that its participation would be conditional on an agreement between the parties. Comments that had been called since retreat was originally agreed to support the financing agreement amounting to two billion euros, even calling the operation "economically interesting and viable" and creative "value for all parties concerned. "

Pressure

Since early July, the case takes a turn for legal and political. The federal prosecutor has asked Brazil's BNDES him clarify the origin of funds used and if it will be in the public interest. The public bank has fifteen days to respond.Opposition parties in Brazil for their part, strongly criticized the involvement of the public bank in the project. MPs have called for him to come Wednesday explained to them. For its part, Abilio Diniz assured last week to have alternative funding in case of withdrawal of BNDES.

Meanwhile, around 15 hours on Euronext Paris, as Carrefour has one of the largest drop in the CAC 40 index with a decline of 3.08% to 21.90 euros on a market down 1.18%. For its part, the action Casino loses 1.14% to 62.68 euros.

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The CAC 40 is back on Friday after his heavy fall of more than 2% Thursday night. The index opens up 1.34% to 3838.50 points. From a technical point of view, it would reach 3850 points to enter a bullish phase. Markets appreciate the calming of the Greek case. While Europe has promised a new plan Thursday to save Greece, while maintaining the pressure to Athens in exchange for adopting an unpopular austerity program, Greece, she has reached an agreement with international donors on the final details of a new austerity plan, whose adoption in parliament expected next week.

Moreover, the French Minister of Economy Christine Lagarde was released Thursday in Washington visibly relaxed in his great oral before the Board of the International Monetary Fund, which shall designate within a week its new CEO.She assured that she would not be lenient with European countries if it took the head of the institution.

European leaders, meeting on Friday formalized the appointment of Mario Draghi at the head of the European Central Bank, to replace Jean-Claude Trichet.

In France, INSEE said that growth will wait for 2.1% in 2011.The first months left on the ground running, with a 1% growth in the first quarter but spring is marked by a strong downturn in part because of the end of the scrapping a car that plunged household consumption, in the face of any support in the international environment.

Oil has won

The eyes are also looking to the monthly survey of French consumer confidence survey for the month of June: French consumer confidence remained stable in June, while fears of unemployment and inflation continued to decline. The composite indicator of consumer confidence stood at 83, unchanged from the revised figure for May

In Germany, the Ifo barometer (10 hours) followed, while the U.S. side, durable goods orders will be scrutinized closely.

Meanwhile, the euro stagnated this Friday morning (0.02% to 1.4268 dollar) while the side of commodity markets, the last few hours were hectic. Yesterday, the price dropped $ 5 in New York, at $ 90 and $ 7 in London. A decline caused by the International Energy Agency that surprised by deciding to draw on its stocks to supply the market.

EADS not "indifferent" to an approximation Thales / Safran

After a week early for professionals, the Paris Air Show opens Friday for three days the general public who can see the stars in flight aviation such as the A380 or the Rafale fighter.The 667 contracts announced four days propel the Airbus order book of European best-seller, the A320 Neo, over 1000 copies. In total, Airbus set a new record high with 72.2 billion dollars in contracts.

In addition, EADS (1.18% to 22.28 euros) can not remain "indifferent" to a rapprochement between Thales and Safran, two major suppliers, said Thursday on radio BFM Business Marwan Lahoud, the director of the European aviation group's strategy.

Bernard Charles, CEO of the world leader in 3D software, Dassault Systèmes (0.92% to 56.95 euros), told the BBC that the aviation economy is on the verge of a revolution.

The Nuclear Safety Authority (ASN) denounced a "deliberate process" of non-reporting of accidents at the site of the Flamanville (Manche), particularly on the part of Bouygues, in a report revealed Friday by humanity.

Vinci (1.87% to 42.50 euros) has signed a new syndicated credit line of four billion euros in five years, two options to extend for one year to fund general needs of the group. This new facility replaces several existing credit lines not drawn, maturing in 2012, a total of 3.685 million euros.

PSA (2.42% to 30.07 euros) refused to commit to a future timetable for its plant at Aulnay-sous-Bois (Seine-Saint-Denis), said the CGT.

Societe Generale (2.05% to 39.25 euros).Bank unions have denounced a draft direction to reduce the incentive and incentive to be paid to employees in 2012.

The IT services company Capgemini announced Friday the acquisition of Praxis Technology, a small computer services company and consultancy based in Beijing, its first acquisition in China.

Areva (0.13% to 26.05 euros) has announced the creation of a new joint venture in nuclear power in China. The nuclear group has signed a contract for the supply of instrumentation systems from the heart of two reactors at the plant Ningde.

Sanofi (1.19% to 52.91 euros) won on Thursday ahead of the health authorities of Canada to put his cancer Jevtana on the market.

The day after a day of general rise in global markets, boosted by press reports on the refusal of Germany to reschedule debt Greek investors take a breather. Asian markets, the trend is illustrated by the Nikkei stock exchange who, having garnered an increase of nearly 2% Friday, appears on Wednesday in a small increase of 0.23% to 9716 points to 7 hours.

As for values, the day is marked by lower DoCoMo (-1.32%), whose debt is placed on negative watch by Moody's. Toyota also declined sharply from 1.03% despite announcing a 90% recovery of vehicle production in Japan in the month of June.

Sales of new vehicles in Japan, excluding mini-models, dropped 37.8% in May compared to the same month of 2010, 142,154 copies, recording their ninth consecutive decline, due to the effects of the earthquake of 11 March on production and morale of buyers.

Slowdown in China

The Stock Exchange of Hong Kong and Shanghai have more trouble finding momentum Wednesday. Both markets lose respectively 0.14% and 0.25%. Investor sentiment is at its lowest since the announcement of an increase in manufacturing activity in China in May slower than in April, according to two separate indices published by an organization close to the government and the bank HSBC.

PMI purchasing managers of the China Federation of Logistics and Purchasing (CFLP) fell last month to 52 cash advance loan.0, against 52.9 in April, the agency reported in a statement.For its part, HSBC has calculated a PMI to 51.6 for May, against 51.8 in April, and noted "a continued moderate growth in manufacturing output accompanied by an easing of inflationary pressures" on last month.

These indicators show that the anti-inflationary measures by the Chinese government began to produce results. The banking sector, for its part, does not welcome news: Industrial & Commercial Bank of China lost 0.15% while Poly Real Estate Group dropped 0.43%.

Furthermore, the reluctance dominates. The Korean Kospi lost 0.26%, while the Indian Sensex advance of 0.59%. For its part, the Australian S & P climbed 0.33% despite the announcement of a contraction in GDP of 1.2% in first quarter 2011 compared to the previous quarter due to a series of natural disasters.The markets finally react well because these figures are slightly better than forecasts which projected a contraction of 1.4%.

The increased gross

For their part, oil prices were on the upside Wednesday in electronic trading in Asia, facing the hopes of resolving the debt crisis in Greece, according to analysts.

In morning trading, a barrel of light sweet crude for July delivery took 30 cents to 103 dollars. That of Brent North Sea crude for delivery gained 31 cents to equal 117.04 dollars.

If a brand like Roche Bobois – publisher of high quality furniture, home to nearly one hundred stores in France – is exhibiting his collection at the Paris Fair, because the appointment had become "institutional" almost act as a "store and more," says Eric Amourdedieu, the Chief of the mark. In 2010, 609,000 visitors (up 4%) spent an average of five hours to breathe the air of time through the 220,000 m2 of pedestrian spaces. But they took advantage of interactive workshops, parades, coaching, tasting, 85% of them bought.With an average basket of 577 euros, up 20% year on year, shopping is not limited to fashion accessories and other hardware.

The event, which opens tomorrow, besides being a wonderful tool for communication and outreach is an opportunity for the 3400 direct sales brands represented 70% answered the call every year. The issue is particularly so in the area of ​​the house and furniture for which the average basket was around 2,000 euros in 2009.

Lawrence Kaloustian, owner of Domino, including Fermob distributor, specializing in outdoor furniture, sets Porte de Versailles for twenty-six. Sales of the eleven days he can return the 150,000 euros it invests in its location of 500 m2.And with an average basket of between 2500 and 3000 euros, "higher than in a store, they also enable it to achieve 20 to 25% of its annual turnover.

Purchasing "helping heart '

Like all great mark represented, Miele and Roche Bobois rely more on product diversity as a policy of "underselling payday loan lenders." The expert in high-end major appliances emphasizes his innovations. Valérie Paumier, marketing director of Miele, the fair "lets go upmarket and demonstrations difficult to achieve in store."

The manufacturers, however, show more accommodating and are willing to do something for show attendees, potential clients. Some also clearly show a "special discount Paris Fair."This is the case of Clair Azur, leading spas and Jacuzzis, which offers promotions ranging from 5 to 10% on products that sell less well the rest of the year.

Innovations, special offers, products and completeness of 200 architects willing to deliver free advice on make up the Paris Fair Sanctuary consumption. If every year for over ten years, for the most part, the exhibitors come to the fair, because they know that the atmosphere is conducive to "blow the purchase of heart" as well as to implement projects. For visitors with a proposed purchase, the presence of a particular brand at the show is a sign of confidence and quality. "There is a label Paris Fair, Marie-Jose appreciates Post, director of the Fair for ten years.In sum, the event, which has no equal in Europe, "is the Disneyland of shopping," says Stéphane Baraly, president and CEO of Clair Azur.

Ghent, in northern Belgium, hopes to lead by example. Alderman (elected) of Finance of the city, the Liberal Christophe Peeters, announced the withdrawal next 30 to 35 million euros were deposited in the accounts of banks Dexia and KBC in the name of the fight against the "bonus comfortable granted to bosses, "he said.

Dexia has announced the beginning of the payment to its managing director Pierre Mariani variable compensation of 600,000 euros for the year 2010. KBC for its part stated its intention to resume the payment of bonuses to its executives. These two institutions had to be helped by the government during the financial crisis. "When things were going badly, the taxpayers' money has helped the banks. Now that the situation improves, the banks start bonus of the same culture.We are not saying that this is not only ethical, but we act with the language of money, "protested Christophe Peeters.

Compensation "in accordance with legal provisions"

The amount that will remove the city corresponds to short-term investments. Christophe Peeters Dexia and KBC now threatens to turn to banks that do not grant bonuses "unreasonable" for the money to pay his wages and new investments in the long term.

Following this decision, KBC announced its regret while stressing that the city was within its rights. For its part, Dexia said that its compensation policy was consistent with legal and regulatory European, Belgian and French.

Tougher legislation to

Although legal, these decisions go wrong with Brussels.European Commissioner for Financial Services, Michel Barnier, said that calls for moderation "were not heard." It now threatens to tighten the law of the European Union. In Belgium, the new Governor of National Bank, Luc Coene, also deemed "indecent" that banks that have benefited from government support grant bonuses to their executives.

The movement seems well underway across Europe. At the same time, Dexia and KBC, the BPCE (People's Bank – Savings Bank) announced the grant to the President Perol a bonus of one million euros in the year 2010. Like his colleagues in Belgium, the French bank had received a boost of 7.1 billion euros in state aid to help head out of water during the crisis.

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