International & World Report

The response of government was quick. Thursday afternoon, members of the IEA (International Energy Agency), which includes industrialized countries, have decided to use their strategic oil stocks. One way to compensate for the lack of production Jamahiriya, the latter being blocked since February. A few hours later, the Energy Minister, Eric Besson said in a statement he wanted to Total "that any drop in oil prices is reflected at the pump." A wish welcomed by the CEO of Total, says Besson, who will make the same request to other fuel dispensers.

The decision of the IEA is not surprising. The agency warned in May that it was ready to use "all means" in case of persistent lack of production.Specifically, it will bring to market 2 million barrels per day for a month, compared to 1 low fee payday loans.6 million barrels of Libyan production. PAGE The United States will provide half of Europe about 30%. France will contribute in proportion to its consumption, or 3.2 million barrels, equivalent to about 2% of French strategic stocks.

To some analysts, this is a "rifle-shot." Coupled with the renewed concerns about global growth, the announcement Thursday caused a decline in oil prices – about $ 8 a barrel in London and $ 6 in New York.

Total impact "of course" at the pump a possible drop in oil prices, said Friday in an AFP spokesman for the group. "The question is, how long must the stocks are issued, it can not be done in one hour to another," she said.

After years of uncertainty, Galileo, the European satellite navigation, has reached a milestone Wednesday with the signing at Paris Air Show, the last two industrial contracts awarded to Thales Alenia Space (281 million) and EADS-Astrium (73.5 million) for the realization of the "ground segment" of the device. Namely, a network of 21 stations to receive and rebroadcast the signal transmitted by satellites, distributed on the surface of the globe as well as two control centers based in Italy and Germany, "Now it remains to put satellites into orbit and build ground facilities.Galileo becomes a reality, "welcomed Jean-Jacques Dordain, the Director General of the European Space Agency that provides project management of this mammoth project on behalf of the European Union.

The first two satellites to be launched on October 20 at 24:00 (French time) from the Kourou space center, a Russian Soyuz rocket that will be the first launch from French Guiana. Another dual launch is scheduled for first half of 2012. Once the first four satellites positioned 20,000 km above the in-orbit validation phase (IOV), which is essential to test the operational capabilities of the system will begin.The signal they transmit back to Earth will allow users equipped with a suitable receiver to determine their position in real time, with an accuracy of one meter.

But to ensure comprehensive coverage of the territory, with this level of performance, both in cities (where buildings cause interference) in mountainous areas, Galileo must be supported, ultimately, a fleet of 30 satellites .

"At the rate of a dual launch every six months, we hope to place 24 satellites into orbit by the end of 2014," said Wednesday the European Commissioner for Industry, Antonio Tajani. A level at which Galileo will begin to be operational. The remaining six satellites will be purchased now through the "500 million euros of savings" on the project budget, said Mr. Tajani.Specifically, "the European Commission will request 1.4 billion instead of $ 1.9 billion for the next financial perspective (2014-2018)". An amount that will add 3.4 billion to the current fiscal year (2009-2013).

A market of 90 billion euros

This "good news" is undoubtedly to reassure policy makers on economic and technical and financial viability of a project that has accumulated delays since the launch of the first test satellite Giove-A in December 2005. In addition, it is clear that Galileo will be operational more quickly, more quickly in the European economy will reap the benefits.

The market for satellite navigation, today mainly occupied by the American GPS, is estimated at 90 billion euros for the period 2010-2030.

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Since mid-May, the United States exploded the ceiling set by Congress of American debt, around 15,000 billion dollars currently. This ceiling has been found in January. It would suffice to go back again to exit the United States from embarrassment: the country can theoretically borrow on the markets when the threshold is exceeded. Which is to say that the U.S. is in a situation of default.

But the maneuvers have pushed until August 2, the bankruptcy of the federal state. The White House and Congress have so until that date to agree. The first press the other to raise the ceiling, but he refuses to press the button until the government has not detailed a program foresaw and specific reductions in public spending. The United States shackle in effect three years of deficit exceeding 10%.It should reach around 1.6 trillion dollars this year.

If the financial world does not doubt the ability of great leaders of the first world power to agree, for the good of the global economy, the timetable is narrowing. And rating agencies do not fail to recall. Thus, after Standard & Poor's in April, Moody's puts a sudden extra pressure on Thursday by threatening to put the debt rating of long-term United States, currently at AAA, on negative watch, implying an actual deterioration in the coming months.

No to raising the ceiling

Yesterday, Wednesday, Barack Obama received dozens of Republican representatives in the White House. These, a majority in their meeting, refused to give the green light to an increase in the federal debt ceiling because of cuts in spending."We need to tackle this debt," said out of the meeting the head of the budget committee in the House, Paul Ryan, author of a draft budget with drastic cuts in funding for the welfare state and criticized by Democratic allies of Barack Obama.

Tuesday night, the House rejected by 318 votes against 97 an increase of 2,400 billion of debt ceiling, a move described as "irresponsible" Democratic side.

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The Paris Bourse started the week on a small decline. Has the image of Asian stock markets this Monday morning, the CAC 40 closed at 3942.53 points (- 0.21%). Today, the London hotel market is closed while Wall Street will not open either and will celebrate Memorial Day (as every last Monday in May).

This Monday was followed in particular the impact that will follow the announcement by Germany to shut down its last reactor in 2022. The country became the first industrial power to abandon atomic energy. Already in China, the values ​​related to coal soared when he appears as the best vehicle for investment, better than solar or wind power in the future.

European side, the news is charged.The Greek Finance Minister George Papaconstantinou said was confident Sunday in the payment of the next tranche of EU-IMF loan to avoid bankruptcy for rejecting an article of the German weekly Der Spiegelmettant doubt this release. Note that the Athenians flocked in their thousands on Sunday night in the central square of the capital, before the parliament, the fifth day of a successful mobilization against austerity, modeled on the Spanish "Indignant".

Ireland, she may have to request a new loan to the European Union and the International Monetary Fund if it fails to return on the bond market to raise funds next year, said Minister of Transportation the columns of The Sunday Times.

On the foreign exchange market, the euro retreated slightly against the dollar Monday in a quiet market due to the closing of financial centers in the United States and England. Around 0900 GMT (1100 Paris), the single European currency was worth 1.4291 dollars against 1.4317 dollars on Friday night.

Values ​​on the forehead, that Monday is the day of commencement of trading of shares of Areva. The beginning of the session is particularly volatile for the action that keeps change from red to green leaves about 2% to 29.65 euros.

The group's president, Anne Lauvergeon, also believes that the nuclear reactor projects under consideration will be delayed by about 6 to 9 months because of the review of data on plant safety, said Monday its president .

Renault leaves% to 0.70% 38.79 euros while known to be the name of the successor of Patrick Pelata to senior management. Portuguese Carlos Tavares, 53, an avid sports car and head for the Americas of the Japanese Nissan, Renault's affiliate, should be named the number two automaker French.

Dexia 0.21% leaves% to 2.413 euros. The Belgian-French group will pay no dividend for 2011 due to the cost of asset sales announced Friday, said its chairman Jean-Luc Dehaene, Belgian daily L'Echo.

EADS is virtually unchanged (+0.02% to 22.42%).Its executive chairman Louis Welsh said that he supported the introduction of a veto in the defense sector to prevent hostile takeovers, in an interview with Focus magazine. "It's not about bags and luxury goods, we are in an area of ​​national interest," he said.

Technip leaves 0.43% while the group was selected by Samsung for its Floating Shell gas extraction.

Total (-0.23%) acquired 25% of an exploration license offshore Qatar for an offshore field that extends over 5,600 square kilometers.

Petroleum.The Economy Minister Christine Lagarde said Sunday that the government could impose on oil to reduce fuel prices at the pump if they do not justify the price drops enough found so far by the administration.

Hermes pressure

Hermes was down 0.17% to 179 euros while the group holds a very important meeting on Monday. Saddler said the appeal: the voice of Hermes family shareholders, Bertrand Puech denounces "attempts to destabilize" the company by LVMH. The Adam, she filed a lawsuit that the family can not merge into a holding company.

L'Oreal (-0.06%).Daughter of Liliane Bettencourt, Françoise Bettencourt Meyers, June 6 to ask the investigating chamber of the Court of Appeal of Bordeaux to cancel all records Bettencourt, citing a procedural issue attributable to the prosecution Nanterre.

Trading in Meetic is suspended while his American counterpart Match.com Announces Intention to bid for all outstanding shares of the French site. Internet dating site offers 15 euros per share in cash offer for its competitor.Its parent company said already hold 27% stake in Meetic.

Medica (0.83%) announced Monday it had signed an amendment to the credit agreement that was signed in June 2010, taking advantage of favorable conditions in the debt market to increase its financial capacity.

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"Greece is under maximum pressure

To those who doubt the impact of future rules on the banking sector, the market this Friday brings an answer without ambiguity. It was enough that the Financial Times raised the prospect of a fresh application of standards known as "Basel 3" for all European banking stocks rebound sharply! Crédit Agricole wins 3.61% to 10.62 euros, BNP Paribas climbed from 2.03% to 53.36 euros, the two largest increases Cac 40 and Societe Generale is 1.39% 42.32 euros. And this while the Paris Bourse advance of 0.77% to 3947.39 points.

According to British newspaper, that the deduction of bank capital and capital employed in the insurance industry that have been announced including less severe than anticipated. Good news, if it were true for large bancassurance groups that are French.

In fact, several elements collide in the European regulation.The European Commission initiated the drafting of the Directive (CRD 4), which transpose Basel 3. But the text does not fix a ceiling for leverage, since Basel 3 ratio does not compulsory but a tool available to regulators. Nor does it impose any standard of liquidity, since the Basel Committee provides a period of observation before definitively concluding its normative work. These elements are sometimes misinterpreted as a softening of the device.

A market sentiment indeed confirmed by another rumor that swells in the financial world: the possibility that the obligations imposed by Basel 3 are relaxed or shifted to European banks if a restructuring of the Greek sovereign debt should intervene.

While the rating agency Fitch on Friday downgraded the rating of long-term debt of Greece, and the French minister Christine Lagarde asked Athens to take further fiscal austerity measures, the German finance minister speaks the ability to offer additional assistance to Greece.

In an interview published Sunday by the newspaper Bild am Sonntag, Wolfgang Schäuble believes that steps could be taken for the country if his efforts fail to reduce its debt. This additional support "is only conceivable if it is confirmed that the private creditors such as banks, do not opt ​​out of Greece, leaving European taxpayers to take full responsibility," said the German minister nonetheless. He believes that the creditor countries of Greece must first ensure that Athens is able to overcome its economic difficulties."Only in this case we could, if necessary, discuss an extension (the maturity) bonds that Greece should pay next year," says he.

The inspection visit, arriving in early to ensure that Athens respects the conditions attached to the bailout 110 billion made in the country, had to extend his stay. Officials hope it will make its findings next week but no date has been set. Wolfgang Schäuble also said that the decision to give an additional boost will require the approval of the International Monetary Fund (IMF) and especially that of centrel Bank (ECB).On Friday, the IMF has in effect called the euro area to urgently adopt a more comprehensive range of measures to resolve the debt crisis, but some resistance has emerged towards the ECB.

'Soft' restructuring

George Papandreou, the Greek Minister Pemi must submit on Monday a multi-year plan with new measures to strengthen the fiscal consolidation of the country online payday loan lenders. He hopes to escape the restructuring of the enormous debt that he does not want to hear aujoud'hui, but that markets demand. Unlike the ECB, they are convinced that Athens can not solve its problems by merely the emergency loan of 110 billion euros already granted by euro zone countries and the IMF. Despite a big effort to reduce the deficit last year (five points of GDP), Greece is indeed still in a critical budget situation.

The leader of the finance ministers of the eurozone, Jean-Claude Juncker, is the promoter for this week of a 'soft' restructuring through debt rescheduling. He pleaded over the weekend for the creation of an independent umbrella of the Greek government's privatization program in the country. Athens has planned about 50 billion euros from privatizations in 2015, whose income must be allocated to debt reduction. This option is opposed by the European Central Bank (ECB), fearing that the outright failure of Greek banks, and chain reactions throughout Europe.Dominique Strauss-Kahn, former head of the IMF, was also on the same line.

Determined to "save" his country that he says can work it through his own efforts, George Papandreou is due to visit Paris this week, Tuesday and meet with key political leaders of his country to reach a consensus on measures to be taken to cope with the crisis. This agreement required by the countries of the euro area, however, looks difficult to obtain, the prime minister faced with a sling, even within his own party.

(With agencies)

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U.S. stock markets take a breather after three sessions of consecutive increases. The Dow Jones lost 0.39% to 12,710 points in early trade, the Nasdaq was down 0.23% to 2865 points and the S & P coward 0.38% to 1352 points.

On the macroeconomic front, more bad news fell. The United States saw their trade deficit widened sharply in March, reflecting among other things of higher oil prices, according to figures released Wednesday by the Commerce Department. On a seasonally adjusted, the deficit rose to $ 48.2 billion against 45.4 billion the previous month.The deficit reached 18.1 billion with the second partner, China.

In fact China, the government announced Wednesday that inflation in the country fell slightly in April to 5.3% against 5.4% in March (less than expected by analysts), while output growth Industrial slowed with an increase of 13.4% in April against 14.4% in the first quarter.

Oil down

These statistics demoralize the Chinese oil markets worried about the state of global demand. Oil prices retreated at the opening in New York on Wednesday before the publication of the state of U.S. inventories.On the New York Mercantile Exchange (Nymex), a barrel of light sweet crude for June delivery traded at 102.88 dollars, down $ 1 from the previous day.

On the foreign exchange market, the euro lost it again a little ground against the dollar Wednesday in a market where persistent concerns about the fragile fiscal position of countries in the euro zone, with a spotlight on Greece. The euro is worth 1.4307 dollars against 1.4410 dollars on Tuesday at the close of Wall Street.

Disney severely punished

The side of values, the media group and leisure U.S. Walt Disney (-4.80% to 41.80 dollars) disappoints.He reported on Tuesday after the close of Wall Street, a decrease of 1% of its net profit in the second quarter of fiscal shifted, to 942 million, far below expectations.

In contrast, Macy's (7.25% to 28.24 dollars) on Wednesday quarterly profit rose, thanks to a stronger middle class consumption, while raising its forecast for earnings and sales business for 2011 quick cash. The quarter ended April 30 ended with a net profit of 131 million dollars (91 million), or 30 cents per share, which is six times higher than the $ 23 million (five cents per share) recorded the previous year.

The British oil company BP (+0.27% to 7.37 dollars), said it had received the final green light from the Brazilian authorities for the purchase of ten exploration blocks offshore Brazil to the American Devon Energy in a transaction of $ 7 billion.

Google (-0.33% to 540.80 dollars) said Tuesday it had set aside $ 500 million in anticipation of the results of an investigation recently launched by the government on the practices of some of its customers in advertising. This provision reduced net income for the first quarter to 1.798 billion dollars against 2.298 billion announced April 14.Advertising has secured 97% of 8.575 billion dollars in turnover during the quarter.

AIG (6.33% to 31.45 dollars) and the U.S. Treasury Department could launch a capital increase of $ 9 billion in May, while analysts expected an increase of 7 to 25 billion dollars, according to the Wall Street Journal.

The Chinese airline China Southern Airlines has announced that its subsidiary Xiamen Airlines has ordered six Boeing 787 (-0.24% to 79.34 dollars), the new jumbo "Dreamliner," a list price of 1.1 billion dollars.

General Motors (0.60% to 31.80 dollars) announced Tuesday it would invest two billion dollars in 17 of its U.S. sites. GM says these investments will create or safeguard over 4,000 jobs.

Also note, these Chinese companies will start this Wednesday at the New York Stock Exchange.The first website Chinese dating, Jiayuan. Com, hopes to raise nearly $ 78 million. Meanwhile, China Zenix Auto, which is defined as "the largest manufacturer of wheels for commercial vehicles" in China, will debut on the New York Stock Exchange (NYSE) on Wednesday. The offer is expected to total $ 135 million.

While Greece and Portugal have seen worse with a vengeance by the rating agencies in recent months, leaders protest against these messengers of bad news. Latest episode of this unequal struggle, the Greek finance ministry said on Monday that he rejected the further lowering of its rating by Standard & Poor's. A decision "has no validity," he judged.

"This degradation occurs in a period where no new information or decision aggravating the situation in Greece has occurred since the previous assessment, a month ago, has developed the ministry said in a statement. However, "the rating agency decisions must be based on evidence, decisions and real data evaluation of each economy.Otherwise, their validity is questioned. "

"Unfair Practices"

In Portugal, another country recently described by deterioration in score, four economists complained against rating agencies for "unfair practices" have caused "serious damage to state interests and the Portuguese people." An investigation was opened on 3 May, the newspaper Diario Economico. Last month, Jean-Claude Trichet himself, the president of the European Central Bank, which acknowledged that "high concentration" agency "was problematic." They are just three: Standard & Poor's, Moody's and Fitch.

Credit rating agencies have since the beginning of the crisis of sovereign debt, accused of feeding a downward spiral for the countries attacked by the markets.While the financial situation of Greece, Ireland and Portugal are deteriorating, their interest rates rise, adding to the same time the burden of debt. To reflect the worsening situation, the agencies in turn degrade the country and note those decisions lead to new increases in interest rates.

"Easy Target"

"Agencies are an easy target for politicians, it allows them to deceive," relativized a bank economist. "Above all they were not brilliant since the beginning of the crisis: they missed the subprime disaster and have not witnessed the arrival of sovereign debt problems in the eurozone." Until early 2010 All countries in the area benefited indeed flattering notes.Even Greece, while its debt was already over 120% of its gross domestic product.

A country in a precarious balance, however, seems to escape (temporarily?) With the severity of agencies: Belgium. For 11 months without a government, the country had been pressed flat to resolve its political crisis. But Saturday night, Prime Minister Yves Leterme Acting launched its Twitter account "Standard & Poor's less pressing." Under close supervision, Belgium should not be degraded immediately. An austerity plan adopted in April aims to balance public accounts in Belgium in 2015.

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Union leaders had expected that the 1 May 2011 be a little raw, especially as "holiday character this time is less assertive, that day falls on a Sunday, is Marcel Grignard, number two of the CFDT.

"We do not have to be in the streets" to celebrate International Labour Day, said Sunday the first secretary of Lille Martine Aubry PS parades scattered about, saying that employees would demonstrate "in 2012 in vote. "Between 700 people, police said, and a thousand, according to organizers, marched on Sunday in Lille.

In Marseille, among 2000 people by 5000 according to police and organizers, marched through the rus, between 2200 and 3000 in Bordeaux between 1200 and 3000 in Strasbourg, only a few hundred at the start of the procession in Rennes.

It was also shown to Pau (800 to 1200), in Angoulême (500), Besancon (500 to 1000), Brest (250 to 300), Nancy (700 people according to the unions).

Winks comedy peppered some processions. "May 1st, we are the popes of the earth", alluding to the beatification of John Paul II.But also slogans in opposition to the FN, as in Rennes' French workers, immigrants, same bosses, same battles. "

A trade union unity crumbled

The protesters "are certainly fewer than we hoped," regretted Francois Chereque on Europe 1 (CFDT). Especially as the bargaining unit has somewhat disintegrated.

In Paris, Bernard Thibault (CGT) and Francois Chereque, in particular, will head behind the streamer head of the procession, which is just after 14:00 waver from Republic Square to join one of the nation.

The CFTC did not join the call unit but leaves the task to militants to carry out local initiatives, while the CFE-CGC stays away this May 1.

Workers Power is as usual alone.In Paris, however, that they were 300, according to AFP, to march through eastern Paris, the Bastille to the Place Gambetta, before going to bow to the wall of Federated.

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The unions are no longer gifts

"I read too often that Sodexo is a leader in Catering, complains Michel Landel, chief executive of the group. Sodexo is no longer a catering company. We have developed expertise in other trades. Today, we offer comprehensive solutions that include food services. "To illustrate his development, the boss added:" We take care of all our customers, but their job! It is a unique and original position. "

Sodexo still remains the world number two catering, behind Britain's Compass. This activity still accounts for 70% of its turnover! But for several years, this percentage tends to decline in favor of other benefits, growth and higher margins.

Sodexo now offers services ranging from assistance for the reintegration of prisoners, janitorial company and maintain medical equipment in hospitals. This year the group has won a contract with Nokia in China, to handle the technical maintenance of production plants phones manufacturer in Beijing and southern China. United States, the company was chosen by the city of Detroit for the restoration of 101,000 students in 136 public schools … But it will also provide maintenance, cleaning and maintenance of buildings and green spaces. Nothing to see, therefore, with the restoration …

Accelerate diversification

"While the food services grew on average by 3.5%, other services rose by 7.8% and their share rose from 18% to 25% of sales in four years," said Michel Landel .In 2008, Sodexo had bought the German Zehnacker, offering in Germany, Austria, Switzerland and Poland services to hospitals.

To accelerate diversification, Michel Landel is considering new "small or medium-sized" acquisitions, outside catering. Irrespective of these potential acquisitions, he pointed to the prospect of 4.5% growth in turnover, while confirming the annual target for operating income up about 10%.

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