Sitting comfortably above the $ 76 barrel of oil has had a week to rebound. Monday on the New York Mercantile Exchange (Nymex), the light sweet crude for August delivery ended at 76.54 dollars (75.60 dollars in London). "Things have been pretty quiet on the front of the oil market. After all the volatility of last week, investors taking a breather, "and watching Adam Sieminski of Deutsche Bank.

On Tuesday, investors had boosted the morale and the prospects for a decline in crude reserves in the U.S. and the possible formation of a tropical low off the island of Hispaniola (Haiti and the Dominican Republic) . In New York, a barrel to 77.44 dollars has completed while in London he displayed up to 76.44 dollars.Then suddenly bamboo Wednesday: the U.S. Department of Energy announced that gasoline stocks, closely watched during the summer due to extensive travel by car increased by 1.1 million barrels over a week. These distillates (including diesel and heating oil) rose by 3.9 million, twice as anticipated by analysts. The turnaround is not expected on the markets: the barrel of light sweet crude dropped to 76.56 dollars while London Brent clings to 75 dollars.

On Thursday, another change of mood: the price of oil surged by 3.5% in New York while a tropical depression threatens to disrupt the operation of oil facilities in the Gulf of Mexico. The U.S. National Hurricane Center emits a tropical storm warning for the Bahamas and parts of Florida that concentrates approximately 30% of crude production in the United States.The barrel ends at 79.30 dollars in New York and Brent 77.25 dollars in London. Friday, investors marked a pause, which fall to 78.98 dollars a barrel in New York and 77.60 in London.

Chaotic week ended with a gain of 2.98% for WTI and Brent to 1.44%.

The weak dollar boosts gold

The precious metals have been worn all week by a weak dollar. The dollar fell Tuesday to 1.3029 dollars per euro, its lowest level since May 10 In terms of gold, the psychological threshold of $ 1,200 an ounce is not yet valid. While the stock market regains its vigor, the yellow metal lost some its appeal as a safe haven.On the London Bullion Market, an ounce of gold finished at 1190.50 dollars at auction Friday evening.

The money has followed suit, finishing at 18.17 dollars Friday, against 18.25 dollars the previous week.

Platinum and palladium have been a positive week. The platinum price rose Friday to 1,548.75 dollars per ounce, its highest since late June The reason: pressure on supply, particularly in South Africa, the main producer. The country should not review its production is rising while demand continues unabated. In London, an ounce of platinum finish to 1541 dollars on Friday. The deck had also received reassuring news on the state of the automotive sector. The manufacturer Audi announced in particular that, like its competitors, it would be difficult to meet demand from China.

Following the ounce of palladium finished $ 460 dollars against 456 the week before pay day loan no fax.

Renewed confidence for base metals

Fears about the economic recovery would they be erased? This suggests that the evolution of metal prices based on last week. The good response of equity markets in the wake of U.S. companies has cheered the markets. Just as the announcement of a reduction in stocks of copper on the London Metal Exchange. A key barometer of the market, the red metal posted Thursday its highest level for over two months in 7050 dollars per ton.The U.S. Freeport McMoRan, the second largest copper producer in the world, has also contributed to the general euphoria, thinking "optimistic" about prospects for demand with order books "more solidly filled some time ago" .

A voltage supply would also increase beyond the original copper. BHP Billiton recorded in the second quarter, a drop of 5% a year from its copper production, and announced an expected decline of 5 to 10% over the next 12 months of mine production of copper from Escondida (Chile), the largest in the world. However, according to the monthly report of the International Study of copper (ICSG), the demand keeps augmnter. Global consumption of refined copper jumped 5.8% year on year in April.

In the wake of copper, aluminum has increased, supported by fears of a shrinking market.World production fell in June to 3.423 million tonnes against 3.476 in May. Friday, was worth 2038 dollars per ton. Lead, tin, nickel and zinc respectively won 10%, 6.7%, 7.5% and 7.5%.

The weather pushed wheat

Like last week, the weather boosted wheat prices in Chicago. Wheat prices reached their highest level in 13 months Thursday at $ 6.10 a bushel. The sources of concern are found on the side of excessive rainfall in Canada or the ten million hectares of crops destroyed by drought in Russia (20% crop of the country).

The wheat contract expired in September stood at 5.9625 dollars against 5.8725 dollars a bushel a week earlier, an increase of 1.53%.In contrast, the corn contract for December delivery finished at 3.8450 dollars per bushel (-5.59%) while the contract of soybeans mature in November closed at 9.8150 dollars per bushel (- 0.36%).

Note that during the brown bean were down significantly from last week have reached their highest level in 33 years due to suspected distortion of courses by the British fund Armajaro. On Liffe in London, the price of cocoa for September delivery was trading at 2,302 pounds on Friday against 2452 vune week earlier.

Coffee prices have also shown a decrease to 1724 dollars per ton. Sugar prices have instead reached their highest level since March 1, to 18.66 cents a pound in New York.With the approach of Ramadan, August 10, a time when global consumption is increasing significantly, the announcement of monsoon rains 17% lower than normal in India were fears of a drop in supply. On the LIFFE, a tonne of white sugar for October delivery was worth 555 pounds 527 pounds on Friday against the previous week.

The PS group had set the tone early work of the commission, promising to "constantly incidents meeting" with allusions to the case Bettencourt.The operation was supposed to prove that Eric Woerth was too "weak" to defend the reform. It has not achieved its goal, much to the relief of the UMP.

But the majority knows that it is not the end of his sentences. And many of its leaders are beginning to say that "we" had "made a mistake in the text referring to the back, instead of extending the session to push through July 31. "On", Raymond Soubie. The office of the adviser had convinced Elysee Nicolas Sarkozy to let the summer to prove his readiness for dialogue with unions, while Francois Fillon would rather go fast. The Prime Minister has not been heard. An MP close to him sigh: "In the end, unions have the summer to replenish their unity in a climate rotten history Bettencourt.Of course, what happens in Woerth was not foreseeable, but we know that in France the reform was.

One minister argued

In the Assembly, but also in the executive, some whisper Eric Woerth would do well to "shoot himself the consequences of damage it causes" to his political family. Clearly, to resign, but his departure could be in any way be attributed to Nicolas Sarkozy. "The president supports his minister doggedly, and will not do anything that might suggest that he wants to get rid of, explains it to the UMP. But nothing prevents Woerth demand a cease-fire. "

Apparently, the Minister of Labour is not in that frame of mind. Encouraged by the demonstrations of solidarity that come each day of his camp, he makes a point of honor to lead the reform of pensions. The leaders of the majority will therefore help.The delay until September consideration of amendments on the hardship, including those signed by Xavier Bertrand, part of the strategy. In case of back politically and socially turbulent, the government will need room for negotiation.

Reacting on RTL, the health minister, Roselyne Bachelot, said Sunday it would propose an increase in tobacco taxes to counter the move by the industry when considering the budget bill. The minister, who denounced a "blow to public health", said she was "absolutely shocked".

Recalling that tobacco was responsible for 60,000 deaths a year, more than half due to cancer of the airways, Roselyne Bachelot said she heard "get cigarettes at a price deterrent.""Do not our mobilization efforts on public health is undermined by the initiative of industry," commented the minister.

"A health scandal"

The public health associations have criticized the approach on their side of tobacco. According to Bertrand Dautzenberg, pulmonologist, president of the French Office for the Prevention of smoking, the decline in the price of tobacco is "a marketing offensive aimed at attracting new smokers, particularly youth and women" instant payday loan.

"Variations on the price of tobacco, which are the only effective lever for reducing consumption, are now in the hands of industrialists," he laments."This is a health scandal since this will automatically translate into increased consumption," adds Yves Martinet, president of the National Committee against Smoking (NCTC), which campaigns for "a new tax policy."

There are currently 29% of daily smokers and occasional 5% among French people aged 18-75 years. According to the French Observatory for Drugs and Drug Addiction (OFDT), the daily smoking for 28% of girls and 30% of boys and 17 years.

"And all indicators are now red," according to Professor Albert Hirsch, vice president of the National League against Cancer.The latest results from the annual survey conducted by the association without tobacco Paris, in partnership with the rector of Paris and the Fund's primary health insurance, and have recently shown a tendency to relapse to smoking among adolescents Paris, while the latter had given up smoking massively in the wake of the cancer plan.

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This type of program has nonetheless increased in the UK, Italy and in many other countries. In the case of the cancer drug Velcade, marketed by Janssen-Cilag Laboratory, the contract goes to the reimbursement of drugs to the UK for each patient whose health is not improving.

In the U.S., Sanofi-Aventis has proposed another novel mechanism to health insurers.If patients who use the drug cons Actonel osteoporosis fracture a bone, the laboratory shall reimburse the costs of fracture care insurers.

France is rather "timid face systems of risk sharing," said Vincent Genet, director of health business of the firm Alcimed. The Economic Committee for Health Products (CEPS) has played the game two or three times. He then granted a high price for drugs, hoping they would be more effective than was thought studies. One program, designed for type 2 diabetes, resulted in failure. Under the agreements, the laboratory (whose name is a closely held secret) then had to repay Social Security.Anyway, "the use of this method should not be necessary if the drugs have been developed properly," says Noel Renaudin, president of CEPS.

Reluctant to bet on the effectiveness of treatment, health authorities prefer to play the Hexagon on the terms of dosage and volumes online pay day loans. In hypertension, where the proper dosage may be unknown initially, and agreements set out in advance the cost of treatment … and provide for rate adjustments if it appears that the doses required are higher is believed ."More than sharing, this is to remove the risk", welcomes Christmas Renaudin.

250 million euros returned by the labs

For highly innovative products that provide a real therapeutic progress, pharmaceutical companies get selling prices relatively high, generally calibrated on prices in Britain and Germany, under certain conditions. They should be consistent with volume commitments. It follows that, if the number of boxes of medicines sold is higher than expected, laboratories pay rebates to Social Security. On average, 250 million euros and are returned annually by laboratories to Social Security.A little more even if we take into account the penalty (53 million last year) that all pharmaceutical companies must pay back if the growth in drug spending is higher than expected validated each year by Parliament.

Practices are changing slowly but surely. Laboratories justify increasingly high prices of their new products by the care savings generated. "These arguments are valid for medical devices, but rarely based on medicines," grade Christmas Renaudin. The CEPS boss finds that "if the antiulcer emptied gastrochirurgie services, they did not generate savings, by dint of being prescribed en masse. CEPS ready yet to give a high price for a drug that has demonstrated, once will not hurt, it reduces significantly the number of hospital days.

LE FIGARO. – France takes it from behind in the deployment of fiber optics?

Maxime LOMBARDINI. – Quite the contrary, France is ahead. The advent of fiber optics in homes is accelerating.After three years of work, France is at the forefront in Europe, thanks to a very successful framework that enables rapid deployment of fiber networks without digging sidewalks and minimizing interference in the condominium thanks for sharing. In addition, this framework allows consumers to freely choose their provider and gives them the cheapest in Europe. In France, subscriptions to fiber costs 30 euros a month, against more than 100 U.S. dollars. Operators will deploy fiber in the condo together for 5 million homes in the dense areas. Four operators have begun deployments significant.Result, there will be at the end of the year more than 100,000 subscribers to the optical fiber (FTTH), and hundreds of thousands in late 2011.

Why do operators do not they do more advertising for the fiber?

We do not launch national campaign as the fiber is not everywhere. But when a neighborhood or a town is connected, we inform our ADSL subscribers and the people that for the same price, we offer very high-speed fiber. They have therefore a very fast internet access. Other immediate benefits they can receive television via their optical box on multiple televisions, enjoy high definition, the catch-up TV, 3D programs, etc..

France Telecom has called on its competitors to co-invest with him on a fifty Commons. Free is he leaving?

Sure.We have responded positively to France Telecom, which will pose a dedicated fiber to each home to Free bundle. For Free, this represents an investment of tens of millions of euros. We ourselves will today call for co-investment in more than 50 towns, including Paris, Nice, Marseille, Toulouse, Nantes, representing nearly 3 million potential catch. We ask that interested operators to respond to us by early July.

How much will you invest?

In fiber optics, Free has taken 2 million and 1.5 million work in the study. I confirm that we have 4 million homes connected with fiber in 2012. We signed agreements with condominium units representing 350,000. Free has invested 350 million euros in the fiber to date in 2010 and will invest over 150 million. The creation of direct and indirect employment is significant.All this shows that we are in a phase of very concrete investment and our motivation to deploy broadband is strong.

This hampers Does the deployment in parallel, on your mobile?

No. Free has the means to pursue these two sites in parallel: in 2010, over 2 billion turnover, the group will spend more than $ 750 million to capital spending, while remaining one of the least indebted telecom operators to Europe.On mobile, the deployment is well underway, and we, again, created over 1,000 jobs directly and indirectly.

When towns and villages can they expect to be connected to fiber optics?

If governments continue to encourage all operators to invest and participate in construction through big loan, we can begin to connect the less dense areas in 2011.

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The amount reported sales, which fall into falling 2.7% on a comparable basis, excluding the activities in the United Kingdom, merged with T-Mobile, the French operator said in a statement.

"The group has again demonstrated its ability to maintain its performance in terms of turnover and profitability in an economic and regulatory environment remains difficult," said the CEO of France Telecom, St?phane Richard, quoted in statement.

The operator maintains its 2010 goal of cash generation of around 8 billion euros, "before possible acquisition of new frequencies and without taking into account the impact related to the business tax in France before 2003" .

In its home market, France Telecom has recorded a turnover of 5.77 billion, a decrease of 2.4% (-2.1% on a comparable basis). Spain is even worse, with sales decline of 3.3% (-2.8% on a comparable basis).

In contrast, "Africa and the Middle East are growing more than 7% (on a comparable basis) due to" the rise of our business especially in C?te d'Ivoire, Kenya, Senegal and Uganda, " said St?phane Richard.

On Tuesday, France Telecom was willing to pay 300 million dollars, or about EUR 224 million, allowance to Orascom Telcom under its agreement with the group in Cairo to settle their dispute over Mobinil.

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In Hong Kong, the Hang Seng up 0.8% at 21,576 points. The S & P / ASX Sydney is 0.33%, to 4931 points. And the Bombay SE Indian wins 0.34%, to 17,459 points.

Bank stocks and airlines have regained some lost ground in recent days, says one local broker, because the complaint against Goldman Sachs for some, and the ash cloud for other

The day before, Wall Street has ended without direction, while European stock markets closed in decline consequent.

The charges against Goldman Sachs continues to be central to the concerns of investors worldwide Fast Cash Without a hassle.The investment banking side has explained to Congress. Sec could go for other banks. And AIG could also file a complaint against Goldman Sachs.

Toyota still reminders

Toyota (-1.89% to 3.625 yen) announced Tuesday the recall of 34,000 worldwide 4×4 vehicles that could run off the road if driven too fast around corners, a new concern for the automotive giant Japanese also regard the Lexus, its luxury brand ultra-lucrative.

This comes as yet another reminder Toyota has agreed to pay a record fine of nearly $ 16.4 million in the United States, where he is accused of being slow to call on other cases of defects.

EUR / USD – Sessions hectic since early April

After the Easter weekend, there has been a depreciation of the euro against the dollar in a climate of distrust of so-called risky currencies. The operators were cooled in their appetite for risk because of their fear on the issue of Greece. The single currency has lost about 220 pips * from a quotation of dollar 1.3500 1.3282 U.S. dollar on Thursday at 10am (lowest of the week).

Then the tension on the markets have weakened.Speech by Jean-Claude Trichet, president of the ECB (European Central Bank) last Thursday, has eased the financial world. He said he pursued the policy of low interest rates up to 1% in the euro area. And it has said that "Greece was able to reduce its deficit" and had already started to employ strong measures.

Nothing better to give a boost to the euro. The last weekend, offering assistance to 30 billion euros – Athens does "not want to use" – the European Union gave a big blow oxygen, allowing the euro to rise around 1 36 dollar on Monday.After two sessions of stagnation (Monday and Tuesday), the exchange rate has increased again, bolstered by renewed investor optimism about the strength of the global recovery due to favorable economic statistics, while comments Fed chairman on a forecast of "moderate growth" have weighed on the greenback.

On Tuesday, the foreign exchange markets have welcomed the issuance by Athens Treasury bills.And on Wednesday, Ben Bernanke (Beige Book) reiterated Wednesday that the rate of the institution should remain close to zero, at which they are set since December 2008, for an extended period, dismissing speculation of an anticipated tightening of Fed monetary policy, which has given new impetus to the euro.

As expected by analysts Realtime Forex Tuesday, which saw the euro test the 1.3541 support for better back, it is mounted to 1.3667 to 18 hours.

CDN / JPY – Same trend

Nippon side, the euro followed the same "trend" * weekly against the yen. The single currency began a decline of more than 400 pips against the yen. On Monday, the euro / yen was quoted at 127.70 to touch a low of 123.40 yen. But from the response Trichet yesterday, the euro strengthened to 125.60 yen to return.

The yen fell for the sixth straight session against the euro, with one course from Wednesday to 127.07 yen against 126.83 yen the day before.

GBP / USD – Sterling held up better than the euro

Across the Channel, the BoE (Bank of England) has also left interest rates unchanged at 0.5%, indicating that this was not the time to make an adjustment of rates.

Monetary side, the pound sterling, however, fared better than the euro against the dollar. Like British macro-economic figures emerged this week (GDP 0.4% and manufacturing output up 1.3%), the pound has evolved into a "range *" between 1.5130 and 1.5320 dollar.

* The cable is able to break this channel by treating up to 1.5473 dollar.

Against the yen, the pound again the delay and found almost the level of 144.21 yen on Monday.

CHF / EUR – Swiss Franc still going strong

On Wednesday, the Swiss franc 1.4362 per euro symbol. This is a very strong for the Swiss franc, which traded in 2009 almost all the time between 1.50 and 1.54.

Since the beginning of the year, the Swiss Frabce climbed more than 5%. This is not the business of the Swiss Central Bank, whose foreign exchange policy is heckled.

The yuan under the spotlight of the world

On Wednesday, Ben Bernanke, who appeared before the Joint Economic Committee of Congress, reiterated that "the United States must continue to press China to bring it to revalue its currency, the yuan."Barack Obama this week's encounter homolgue Chinese President Hu Jintao on China's trade deficit background.

Most economists agree that the currency is undervalued – by 40% according to analysts and has been used to obtain an economy more oriented toward exports to domestic consumption.

On the one hand, in case of revaluation, China would be ready to counter the speculative bubbles that threaten, and inflationary pressures. But then again, remember that a more expensive yuan will be more expensive for the "Western" to fill all Chinese products.And they will have the effect of melt exchange reserves in dollars of the Chinese, which does allow them to buy as many more U.S. Treasury Bonds, and therefore finance the debt of the United States …

* Definitions

• Forex: For Foreign Exchange, or foreign exchange market

• Technical analysis: analyst or chartist. She studied graphic evolution courses. The research in the historical price behavior involved in a situation to predict the evolution of financial securities.

• Pips: Price Interest Point. Unit rating for foreign currency. It designates the last digit used: in the case of the euro, the fourth decimal place.

• Trend: trend.

• Range: range.

• Support: value as the price has very little chance to pass down.

• Resistant: value as the price has very little chance to overtake on the rise.

• EUR: Euro, USD: U.S. Dollar, or U.S. dollar JPY Japan Yen or Japanese yen, GBP: British Pound, CHF: Swiss franc.

Antoine Bernheim. – No. Of course I understand that we did not wish to renew for three years president of 85 years. But in this case, it is obvious that age is an excuse. I do not accept the way things have been made against me and against Generali. Me, I was offered an "honorary president", but not at the board of directors! As for the company, its management has been decided from the outside, in Mediobanca. And he provides a board where no one outside the two managing directors (CEOs, Ed) will not know anything for insurance. They even rejected Claude Tendil, president of Generali France, which is one of the best insurers in the world.Generali deserves better than that. We do not yet know how the powers will be defined between the two managing directors and the president. As for Mr. Geronzi, who must take the presidency, I wonder … This is not an insurer and he always said he did not want this job.

Will you accept this patronage?

Honestly, I do not know yet. Thanks to Mediobanca, I'm not even on the list of directors to be presented at the meeting April 24. Given what I represent in the history of Generali, I think it's an insult. Ultimately, I could accept such a position, if I was director. And then, when we, like me, been kicked out of a masterful kick, one is rather tempted to retaliate. I am.I would add that on April 24, the small shareholders in Generali will, too, have a say.

Vincent Bollore, who is close to you has participated in the council and Mediobanca will become vice chairman of Generali. This does not "compensate" Does not your departure?

Vincent Bollore said he did everything he could within the nominations committee of Mediobanca. I think, though, in reality, I think that he is not against the idea of a withdrawal to my age. He advises me for months already to accept a honorary president for life and the benefits attached to them.Do I need? After all, my phone rings again …

As for the future role within the board of Generali, Vincent Bollore – who, as intelligent and dynamic as it is, is not an insurer – I do not know what he can be when we clearly supports a takeover of Generali by Mediobanca.

What do you mean?

I think if you put me in the door today Generali, because I defend an orthodox management, exclusively serving the interests of the company and its shareholders, not special interests. I also fought for what is Generali of Italy, a treasure, one of his very few companies to be known worldwide. We're number two in France, Germany, Central Europe, in China too (private sector).But for the merchant bank Mediobanca, which is no longer the hub of the Italian economy it was the time of Enrico Cuccia, the issue has always been to return to power at Generali easy pay day loans. What has never been neither in the interests of the company and its customers or the interests of Italy.

The defense of Generali, it was also against the appetites of other insurers. Have you, during your presidency, proposed a marriage with AXA?

My duty has always been to defend, with all my strength, the "Italian character" of Generali. So yes, Axa has always wanted a reconciliation, but I've always been against. And I have often said Claude Bebear.If it was thought at one time or another, the fact that French is the head of Generali was a godsend, he finally had to give in to reason.

Compare yourself today the circumstances of your departure to the 1999?

When I became the CEO of Generali in 1995, it achieved very little of its profit in connection with its object. She was content to sell property to make profits! In four years, I had doubled the turnover consolidated global market capitalization tripled. But Mediobanca from me in 1999. As I said at the time, and this remains true, the recognition is a disease of the dog not transmissible to man!

And then in 2002, Mediobanca, very concerned about the financial situation of Generali, which was lost, asked me to return. What not to the liking of everyone.Antonio Fazio, Governor of the Bank of Italy, has done everything for me put a spoke in the wheels. But he failed. Others were convinced that I would not set goals that I had with the two managing directors: we had developed a considerable business plan, for a term of three years for the management, instead of just one year as was. And as I have done my job, they could not get rid of me … until now.

This special relationship between Generali and Mediobanca did she embarrassed in your plans for the insurer?

Yes, because Mediobanca would not be diluted stake in Generali. They have never wanted me to realize any capital increase. Mediobanca may not, from his point of view, giving room for maneuver to Generali, and I worry for its future.Because if the company has managed to partially rebuild its capital after the terrible financial crisis we went through these past two years, it will not be sufficient to meet future regulatory requirements under Solvency 2 Directive nor more needs to be developed by means not only organic but also by major acquisitions.

At one point, he will make a capital increase. And better sooner than later because the liquidity has been abundant in recent months, will not always what you …

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In a television address after the Council of Ministers, the President detailed the major projects to come. Regarding pension reform, one of the most important issues of his mandate Nicolas Sarkozy has promised "not to go into force" while ensuring that it would be adopted "six months".

Also on the economic front, he expressed his desire to "continue to reduce labor costs and investment" to help France to recover from the crisis.Regarding agriculture, the Head of State expressed its readiness to provoke a "crisis in Europe rather than accept the dismantling of the Common Agricultural Policy.

The president also announced he would launch a "concerted" on the medical outreach. Several unions went on strike March 11 to demand a revaluation of the base rate of consultation, and a new operation is scheduled April 8

A law on the full veil

On social issues, Nicolas Sarkozy was back on the table the issue of the burqa guaranteed payday loans . "The full veil is contrary to the dignity of women. The government will introduce a bill banning "he said, without specifying the timing.

The president also brandished the threat of suspension of allowances for parents of children skipping classes. To the head of state, "the responsibility of parents must be committed." Moreover, "young people who can not attend a normal school will be placed in appropriate facilities where they disrupt the lives of most others and they will receive special support," he said.

The carbon tax postponed sine die

While stressing "the choice of a green tax", Nicolas Sarkozy confirmed on Wednesday that the Executive conditioned the establishment of the carbon tax to a hypothetical European Agreement on the device."I makes the creation of a carbon tax to a tax internal borders that will protect our agriculture and our industries against unfair competition from those who continue to pollute without shame", was it right after the first council government ministers slightly modified, which the Secretary of State for Environment Jouanno Chantal did not participate.