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On one stone? Intense negotiations are under way for at least a solution, at least in part, to two simultaneous problems: the failure credit faced by French local authorities, and the fragility of the balance sheet of oversized French-Belgian bank Dexia.

Concordant sources, in fact, Dexia, the Deposit Bank and postal workers, under the watchful eye of the state, to create a new bank, public, local communities. Friday, none of the parties did not wish to make comments.

The new entity will take over long held by Crédit Local de France (CLF), ancestor of Dexia, with mayors, councils and other French regions.Its creation would be an opportunity to ease the minds of elected officials, heated by the explosion of interest on certain loans "toxic", including underwritten by Dexia before 2008. The new state-owned bank could put forward a much more wise.

Above all, his arrival on the market would open the tap of credit to local communities. In a financial crisis, Dexia and its competitors, such as savings banks, Societe Generale and foreign banks have largely abandoned this market in recent months.

The Postal Bank and the Caisse des Depots would hold society together, Dexia that may remain a shareholder.They should also take control of all or part of the loan portfolio of existing communities with Dexia French (70 billion euros) and Dexia Municipal Agency: such operators shall ensure, by means of mortgage bonds, the refinancing of the commitment of Dexia. A new ownership would bring also the financial strength necessary to maintain its "AAA" rating.

Pirouette history

For Dexia, the operation could be an opportunity to significantly reduce its balance sheet totaling more than 500 billion euros personal business card. It has already been reduced by 15% year on year, thanks to the divestment of assets made in the first half. But despite this recent treatment, the group remains fragile, especially in the current distrust of markets against financial groups in Europe.

"The idea is on the table.Its terms are far from being arrested, "said a source familiar with the matter. The role of Dexia, the volume of the transferred assets, their quality – particularly with regard to loans that are the subject of disputes with communities who have subscribed – all of which are still on the table. Many criteria which depend then the financial terms of the transaction.

The reactive pattern of lines of inquiry explored from 2008-2009. Even then, the idea of ​​the deposits of La Banque Postale deal with Dexia loans (assets of French local authorities are placed in the Treasury) was considered. The arrival of the CDC in the capital of La Banque Postale has facilitated the project. The project has also the flavor of a sacred spin the story to the Fund: Crédit Local de France was born of a branch of the Caisse des Depots, which then end up twenty years after a historic activity.But for the CDC, the issue is complex: it has (with the NOC) 20% of Dexia, it has recapitalized with the Belgian shareholders in 2008 to see the action rolled back in recent months. Perform an operation which finally reduces the bank's balance sheet and liquidity requirements would constitute a significant step forward. This is what its proponents would argue with the board, including representatives from Belgium, possibly as early as next Tuesday.

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.

Day of truth for Greece on Wednesday. While Athens is on strike yesterday, members are asked to vote for or not an austerity plan for four years. The vote will be followed by a second vote tomorrow on the law enforcement.

The President of the European Union, Herman Van Rompuy, warned Tuesday that the next few hours would be "decisive" for Greece, the euro area and the global economy.

Since yesterday, the U.S. and Asian markets seem optimistic about the outcome of the vote in spite of renewed clashes on Wednesday between protesters and police Greek. Optimism is always de rigueur at the Paris Stock Exchange: the Cac 40 rose 1.32% to 3902.87 points.

As for other European exchanges, the FTSE-100 in London gained 1.01% to 5825.21 points and the Dax in Frankfurt was up 30% 1.23 to 7258.50 points.The FTSE MIB in Milan climbs from 1.60% to 19,765.46 points. The Italian luxury group Salvatore Ferragamo for his first day of trading, taking 8.89% to 9.80 euros in mid-session.

The first quarter growth revised down

On the macroeconomic front, INSEE revised down growth in the first quarter of France at 0.9% against 1% set in mid-May

For the euro area, the confidence index of entrepreneurs and consumers in June fell for the fourth consecutive month. The index fell to 105.1 points, down 0.4 points compared to May.

In the U.S., two indicators are on the agenda: the promise of sale of homes in June (16 hours) and the weekly inventory of crude oil (16.30).

On the corporate side, the banking sector is in good company in this context of optimism surrounding the Greek parliamentary vote.BNP Paribas takes 1.51% to 51.90 euros, Crédit Agricole rose 1.34% to 10.11 euros and Natixis advance of 0.90% to 3.34 euros. Yesterday, banks have earned an average of more than 2%.

Offshore wind: Areva alliance with Iberdrola

Societe Generale: 2.60% to 39.82 euros

The participation of private creditors to the new plan of financial support to Greece to be as fair as possible to increase the chances of success, said CEO of the bank, Frédéric Oudéa, the Senate Public TV.

Values ​​cars respond well to the good performance of Japanese manufacturers on the stock market after the Japanese industrial production confirmed the rebound in April.Renault climbed 1.81% to 40.65 euros and Peugeot is up 1.61% to 30.95 euros.

EDF: 1.88% to 26.79 euros

The energy group confirms its investment in the LNG terminal in Dunkirk, along with Belgian Fluxys and Total.The cost will be borne by EDF to 65% (650 million), 25% Fluxys (250 million) and 10% by Total (100 million).

GDF Suez: 0.93% to 24.34 euros

The gas is in talks to take over the assets of the U.S. company Duke Energy in Latin America, according to the Brazilian business newspaper Valor Economico.

Areva: -0.40% to 25.20 euros

The nuclear group has confirmed that he would ally with the Spanish Iberdrola Renewables on two of the five areas of the tender for offshore wind launched by the state, confirming a report of Echoes.

Ipsos: 3.85% to 32.80 euros

The British advertising group Aegis said to be in exclusive talks with the institute of studies and surveys for the sale of its subsidiary Synovate market research.

Havas: 2.26% to 3.58 euros

In an interview with Echo, the executive director of the group will develop two commercial microarray in the world, one around his BETC teaches French and the other about Arnold, his agency based in Boston.

DS: 1.41% to 58.37 euros

The software developer, a subsidiary of Dassault, owner of the Figaro Group, combined with a subsidiary of American online retailer Amazon to offer a paperless commercial in "cloud computing" (technology that allows a company to dispense servers physically located in its premises), according to a spokesman for the group.

After the close of trading, EuropaCorp will release its results for the year 2010-2011.

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.

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.

To reach its target of 7.5% deficit in 2011, Greece has no choice: Time to austerity measures. The rating agency Fitch has warned the country by cutting three notches last Friday's note from the long-term debt. And Minister of Economy and Finance, Christine Lagarde, has assumed the garb of Director General of the International Monetary Fund (IMF) which is designated as a favorite, calling for "results" to Greece.

Recognizing that international creditors are losing patience, George Papaconstantinou, the Greek finance minister, said Monday night after the cabinet meeting, the first wave of privatizations. The state holdings in the capital of the telecom operator OTE and the Postal Bank owned 16% and 34% by the state, will be sold by the end of the year.Management companies in the ports of Athens and Thessaloniki and the Water Company of Salonica, which owns 75% and 74% of capital will also be sold.

Continue the fiscal consolidation program

In the end, the government hopes to draw 50 billion of those sales. What he could save the payment of three billion interest per annum on the debt. The details of the new consolidation program will be released after the completion of the Troika mission and after consultation with all Greek political parties, "said George Papaconstantinou payday advance online.

Greece also plans to pursue "the fiscal consolidation program by taking additional savings or new revenues on 6.4 billion euros."Among them, lowering the number of contract of civil service, increasing the working time of employees to 40 hours per week instead of 37.5 hours or even tougher conditions for obtaining unemployment benefits. Chapter tax, Greece plans to lower the ceiling for exemption on the income tax, increase taxes on the trappings of wealth (yachts, luxury cars and swimming pools), to increase taxes gas, soft drinks and car registrations.

The Athens Stock Exchange lost 1.50%

With these measures, Greece hopes to get the green light from Europe and the IMF for the release of the fifth tranche of aid (12 billion euros) over 110 billion awarded in May 2010 by the European Union, European Central Bank and the International Monetary Fund.Shaken by new fears about the debt of Greece, the Athens Stock Exchange in the wake of other European financial centers, has dropped to 1.50% on Monday, closing at 568.94 points.

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For several months, the G20 and the IMF, but also Europe, Brazil, China, and rating agencies are urging the U.S. to clean up their deficit and debt dementia. Today, the U.S. federal government has the knife to her throat on Monday, the U.S. debt ceiling should touch her – already noted in January – set at 14.294 billion dollars, from which the U.S. can not borrow more.

In other words, the United States are on the verge of bankruptcy. Given the urgency of the situation, the Treasury Secretary Tim Geithner gave a stay of 30 days to allow Congress to reach agreement with the White House. They have until August 2nd to negotiate a compromise, Republicans in Congress will not agree to vote on raising the debt ceiling until the government has not implemented an austerity budget.The United States shackle in effect three years of deficit exceeding 10% and no concrete and credible program of spending cuts are envisaged. Olivier Blanchard, chief economist of the IMF, the savings plan of 39 billion delivered on April 8 is "insufficient".

Barack Obama has set a goal of reducing the U.S. budget deficit of 4000 billion dollars over the next twelve years. It sets the fiscal deficit to 2.5% of GDP in 2015, and wants it to be achieved by three-quarters of declines in spending.Objectives, but no clear way to reach them: during a visit to Facebook, the president spoke reform fiscalité.Sans give too many details, he has to attack the tax breaks for the wealthiest Americans, plans to limit military spending and aid to agriculture, and cutting in the health program, yet very popular Medicare.

"The financial equivalent of a nuclear bomb"

What would happen if the U.S. could no longer meet their debt, as was the case for Greece, Ireland, or Portugal? It would be "the financial equivalent of a nuclear bomb ', warns Aaron Kohli, a specialist in Treasury bills at Nomura Securities. The global cataclysm is such that people do not."They must find a solution, they can not leave the financial world explode," he reassured one analyst, who notes that the financial markets show no signs of concern about the ability of U.S. authorities to agree.

David Wyss, chief economist at ratings agency Standard and Poor's, which recently threatened the U.S. triple-A, not only the Treasury "may continue to operate until August (through accounting manipulations, Ed), leaving the time in Congress to agree, but again, in case of emergency, the government "will pass the debt service as a priority."

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"The U.S. Postal Service on the brink of bankruptcy

"A rating agency of the U.S. deficit is moved

The CAC 40 breaks finally the figure of 4,000 points on Wednesday. After playing in the green all day, the benchmark index of the Paris Bourse ended with an increase of 0.92% to 4024.44 points. Same movement in the rest of Europe: the London Stock Exchange closed up 0.27% to 5948.30 points and the Dax index featuring the Frankfurt Stock Exchange ended with a gain of 1.77% to 7057.15 points.

In the wake of Wall Street yesterday and Asian stock markets this morning, the European indices are very durable despite an international context complicated by Japan and protests in the Arab world.

On the macroeconomic front, the failures of companies registered in France are divided up slightly in October, 2.4% from the previous month, after a sharp decline from 16.3% in September, announced Wednesday the Institute National Statistics and Economic Studies (INSEE).

For the euro zone economic confidence index stood at 107.3 for March, after 107.9 in February, while analysts predicted a smaller decline to 107.5. Among consumers, the expectations go from 25.7 in February to 30.8 in March. In January, they were 20.9. For producers, they reach 23.8 in March, after 22.4 in Feb. and 17.3 in January.

United States, job creation in the private sector slowed slightly but remained strong in March with 201,000 net hires, according to the monthly survey of the consulting firm HR ADP released Wednesday.

Euro loses ground versus the U.S. dollar under the $ 1.41 per dollar. Oil is down slightly, to below $ 105 for U.S. crude and 115 dollars for Brent.

Banks battered, automotive shaped

As for values, since the start of the week, the auto industry is in good shape: Peugeot climbed from 2.07% to 28.34 euros and Renault ahead of 0.87% to 38.73 euros). Vallourec falls between the two manufacturers with an increase of 1.55% to 79.50 euros.

In contrast, banking stocks, with the exception of BNP Paribas (+0.38% at 53.30 euros), are among the few titles to trend down.Societe Generale lost 1.75% to 47.48 euros (largest decrease in the ACC), Credit Agricole loose 0.58% to 12.01 euros and Natixis yield 0.29% to 4.06 euros.

GDF Suez: 2.55% to 28.80 euros

GDF Suez has signed with 24 banks with a credit line multi-currency $ 4.5 billion for a period of five years to refinance in anticipation of undrawn credit lines maturing in 2012.

Total: 0.39% to 42.92 euros

Total share with the British and the Chinese CNOOC Tullow into three equal parts assets held by Tullow in exploration areas in Uganda, according to CNOOC.The group will pay 1.47 billion euros.

Pernod Ricard: 1.71% to 68.58 euros

Pernod Ricard has failed in an appeal of his request to have the right to use the USA brand of Cuban rum, Havana Club, according to a decision of the Court of Appeals in Washington.

Neopost: -2.38% to 62.34 dollars

Neopost Tuesday reaffirmed this year aiming for a rise of 2 to 4% of its turnover in constant exchange rates, after last year's growth of 2% excluding currency effects as a result of an acceleration its growth in the fourth quarter of 2010.

Sanofi-Aventis: 1.37% to 49.72 euros

Sanofi-Aventis announced that certificates of conditional value (CCV) attributed to shareholders as part of Genzyme's redemption of the U.S. laboratory by the French group will be traded on the Nasdaq after the close of the offer, which expires in 2359 New York City time, on 1 April 2011.

Metropole TV (M6): 0.62% to 18.57 euros

Metropole TV M6 title, said he was ready to launch two TV channels free on Freeview. In an interview with Les Echos, its president, Nicolas de Tavernost said, however, remain in favor of a moratorium on launching new free channels, following the announcement of a proposed general entertainment channel on Freeview by Canal +.

Medica: -3.16% at 13.95 euros

The fund BC Partners said considering a sale of approximately 14.6% stake in specialist care dependency.Following this transaction, BC Partners will own approximately 30.5% of Medica.

EuroDisney: -0.26% to 7.69 euros

The Financial Services Authority which is investigating the operations which the title was EuroDisney in February would be on the trail of an algorithmic trading company, according to Le Figaro.

Orpea: -2.21% to 34.82 euros

The private nursing homes and clinics Orpea conducted in 2010 earnings up 8.5% to 66.4 million euros, after a year marked by the acquisition of 5,000 beds that allows the group consider a 25% growth for 2011, according to a statement Wednesday.

The title of the site ads on the Internet, Seloger.com, which has been the subject of a takeover bid by Axel Springer, was suspended before the opening of the Paris Bourse at the request of Seloger . com.The group Seloger.com ads on the Internet, will be a squeeze on April 6 for the remaining 219,010 shares in the hands of minority shareholders. The withdrawal of the shares not tendered to the offer of the German publisher Axel Springer, through the holding company AS Online Beteiligungs GmbH, will be priced at 38.05 euros, corresponding to that of the takeover, said Wednesday the AMF in an opinion.

After the stock market, and Trigano Bricorama publish their respective annual and quarterly results.

Renault espionage or fraud? The mystery remains in the case which led the manufacturer to lay off three of its senior executives for selling strategic information for the benefit of China. Before having to publicly apologize to the weakness of evidence in its possession. The former security director of the diamond brand, Alain Le Guen, "said Le Parisien that he does not give up too quickly assuming the act of spying. 'The Chinese track is quite plausible, "said he.

Investigators suspect the contrary Gevrey Dominique, former number two at Renault's safety, have all conspired. The latter has been indicted for "organized fraud". According to the chained duck, he received an account in Switzerland some of the 250,000 euros paid by Renault to get an anonymous source evidence of the guilt of its executives.

"Not a single source"

But Dominique Gevrey "did not invent the standard for financial information" and organize the intelligence fraud that led to the dismissal of three executives from Renault, Alain Le Guen understands. The latter knows the prime suspect of the case: he had come from the manufacturer and they are both awarded by the Directorate of Protection and Security of Defense (DPSD).

On the other hand, according to Le Parisien, Dominique Gevrey gave the judge the name of the source that provided it with the elements against the dismissed executives. A Belgian or Luxembourg, the paper said. It would, as the chained duck, an employee of the global bank transfers Swift. But this information, adds the satirical weekly, is unlikely: the information available Gevrey could not be owned by Swift."Without doubt this is it not a single source, for its part considers Alain Le Guen.

Allowances

Still, Renault has had to back against three executives indicted for espionage. The manufacturer is now obliged to negotiate with them compensation for having wrongfully dismissed. Renault CEO Carlos Ghosn, Patrick Pelata, the general manager, on Monday presented their "their apologies and deep regrets, personally and on behalf of Renault.

A fourth part, Philippe Clogenson, dismissed in 2009 after anonymous accusations, also believes his loss of several million euros. And calls for "public apology" from Renault, says Le Figaro.

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The Post has improved its results in 2010. Reportedly, the group must report its results for the past year on Thursday afternoon, was up 2% in sales to 20.9 billion euros. Its operating income rose 3.5% …