International News

The Board of Directors of Dexia again go on Wednesday night to approve the one hand, the nationalization of its Belgian subsidiary, and secondly, to approve the terms of the transfer to France of its business loans to local authorities . Other operations will follow shortly, including the sale of Turkish subsidiary Denizbank that interested, too, Qatar, already the official buyer of private banking BIL.

Regarding the French part, the financial terms of the transaction is blocked. The company refinancing of loans to local authorities, Dexia Municipal Agency (Dexma), 65% will be taken by the CDC, 30% by Dexia and 5% by La Banque Postale (LBP).

Six weeks after the start of negotiations, all is not settled. It remains to define a framework for partnership in the business side.Now, the production of loans to communities will take place through a new bank, majority owned by LBP associated with the CDC. At the request of Philippe Wahl, chief executive of the subsidiary of La Poste, Dexia is not associated to thoroughly immunize the future against the troubles of the past. A real humiliation for the group and a cause for concern. "Uncertainties remain about the new role of Dexia Credit Local and a possible transfer of activities from DCL (the new location)," the CFDT warned Tuesday, recalling that the former Crédit local de France employs 1340 employees.The unions have asked to meet Dexia Baroin, the Minister of Finance.

Risk of breakdown of funding

Several hundred people being responsible for monitoring the loans and Dexma residual portfolio management, the debate is about the teams likely to be transferred to the new bank. "La Banque Postale does ensure that some of the activities undertaken by DCL, eg excluding short-term funding, social housing or health," warns one close to Dexia. Already some experts warn against the fact that local authorities will find themselves running out of funds. While production of Dexia – 3 billion euros this year – was already insufficient, the new bank plans to ramp up gradually. "It's open. If it is possible to produce more profitable loans, we will do, "cautions one close to the negotiations.

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Meanwhile Cannes … The G20 finance ministers, held Friday and Saturday in Paris, was aimed to prove once again to the European partners that it was at the bedside of the crisis currently affecting the area, but also to mark the stage for the G20 heads of state to be held in early November on the Croisette.

This Saturday, the central bankers have therefore agreed to support and rebalance the global economy in a context of heightened tensions, and lead coordinated policies in the short and long term."Advanced countries will adopt, taking into account their respective national circumstances, policies to strengthen the confidence and support growth and implement measures clear, credible and targeted to rebalance public finances," it said in the final communiqué.

While in the coming days, the United States should "clarify" their budgetary consolidation measures and China commit to "rebalance" its growth engines, the Europeans themselves have promised to respond "comprehensive and sustainable "to the debt crisis that mine. In this context, the results of the European Summit of 23 October will be "decisive," assured on Saturday the Minister of Economy, Baroin, who chaired the summit.The G20 ministers expect indeed a "comprehensive plan" that will "provide an aggressive response to current challenges."

All topics to be discussed in Brussels at the EU summit and then to Cannes and is listed in the press release.If the finance ministers and central bank governors of the G20 welcomed the decisions taken in late July to strengthen the powers and capacity of intervention of the European Financial Stability Fund (EFSF), they said to wait for new work to maximize the impact of the fund, and that to "avoid any risk of contagion" from the Greek crisis to other economies.

The warning from Christine Lagarde

On the issue of banks, ministers say they will ensure "that banks have an adequate level of capital and have adequate access to funding to address current risks," while the new haircut on debt of the Greek state held by private creditors will be known on October 23.

BNP Paribas seeks to ensure she's back? The French bank has seen its share price loosen over 50% in three months could ask for help to private investors understood the Financial Times. The bank of rue d'Antin should send in the coming days envoys to the Middle East to test the appetite of potential investors if the bank would need money, reports the British newspaper.

Reuters indicates that other French banks have also started negotiations with Qatar for an investment of this type. BNP Paribas and Societe Generale declined to comment this information, the Elysee either. "BNP Paribas leads naturally as road shows each year to present the company and promote its work with investors around the world," said a Reuters spokesman for BNP Paribas.

According to the Financial Times, BNP Paribas might seek to raise up to EUR 2 billion from investors from Qatar and Abu Dhabi. One hypothesis, however, largely rejected by the executive director of the bank, Baudouin Prot. In an interview Thursday with the Echos, the manager believes that, for now, his group is properly capitalized. If necessary, the banker said preferred a strategy based on "a dual effort to set aside profits and reducing the size of the balance sheet" of the bank, rather than a capital increase.

And to convince the good health of his group, the leader said that BNP Paribas "announced one of the best half-year profits in its history, and works quite normally in the collection of savings and loan before adding that the bank is working normally. "Baudoin Prot said BNP Paribas' knows no other difficulty than its share price. "

The official regretted that "today, the concern of investors on the euro area and the problems of sovereign debt are that markets do not really take into account the information we give them." It must be said that the bill for the debt crisis is not insignificant for European banks. According to the IMF, they could potentially lose $ 200 billion. An amount that "does not constitute an estimate of additional capital requirements of banks," moderates the Fund.

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The rebound posted the day before continuing carefully. After closing the session in the green, with a gain of 1.87% to 2949.14% points, the CAC 40 index opened his session by small increase of 0.69% to 2969.46 points, in the wake of Wall Street and Asian stock markets. Investors cautiously welcomed the determination shown by German Chancellor Angela Merkel, French President Nicolas Sarkozy and Prime Minister of Greece George Papandreou during a conference call Wednesday night to Athens out of the crisis. Same upward trend in other European financial centers: the FTSE-100 wins from 0.67% to 5262.05 points, the FTSE Milan Mib rose 0.69% to 14,264 points and the Dax in Frankfurt rose by 0 , 87% to 5386.86 points.

For now, the markets show their confidence in the ability of the euro area to help Athens to prevent the country are lacking, and is forced out of the single currency. At the end of their conference, the Franco-German and was convinced "that the place of Greece is well and truly in the euro area." But on one condition, also very explicit: "The implementation of strict and effective recovery program of the Greek economy supported by the countries of the euro area and the IMF and which conditions the disbursement of future tranches of the program. "George Papandreou was quick to deceive, confirming" the absolute determination of his government to take all necessary measures to implement all commitments. "For the budget minister Valérie Pécresse, what the Prime Minister of Greece were "reassured" the euro area, she said on Thursday LCI.

The U.S. maintains pressure on Europe

To this, add the announcement of the Brics (Brazil, Russia, India, China and South Africa) said on Wednesday they could increase their holdings of bonds denominated in euros. Brazil has such willingness to participate in a "global effort" against the economic crisis that affects rich countries, said the same day the President of Brazil Dilma Rousseff. Meanwhile, Italy, whose rates have soared during bond, has denied media reports that she would have asked China to invest in debt.

U.S. side, however, no way to release the pressure on Europe.It "must do more" in the words of Timothy Geithner, U.S. Treasury Secretary, who must participate in a meeting Friday of finance ministers in Europe. In an interview Wednesday on the financial channel CNBC, he considers, however, that the Europeans "has the capacity" to resolve the crisis, seeing as a good thing that they "recognize that they are late."

Note that Christine Lagarde, Executive Director of the IMF, should give a speech in Washington on "Challenges and solutions for the global economy and the IMF" to 16 hours. While Ben Bernanke, the Fed chairman, should speak at a conference in Washington on the regulation of systemic risk in the early afternoon.

Oil prices continue to fall

On the macroeconomic front, figures on employment in the euro zone for the second quarter are expected, and inflation in August.

In France, the trade deficit is expected to reach 75 billion euros this year, a new sad record after the 56 billion euros recorded in 2008, says Les Echos.

For its part, Spain on Thursday to conduct a bond issue.

Finally, many figures are expected in the U.S., including inflation for the month of August, the current account balance in the second quarter, the weekly claims for unemployment and industrial production for the month of August .

On the foreign exchange market, the euro appears down 0.16% to 1.372 dollar on Thursday. In turn, oil prices continued to fall, after figures showing a decline in demand for refined products in the United States, and while the markets remain worried about the situation in the euro zone, analysts said.In early electronic trading, a barrel of "light sweet crude" for delivery in October lost 43 cents to 88.48 dollars per barrel of Brent North Sea crude for October delivery 53 cents to 111.87 dollars.

Values ​​to follow

• Banking

The banking sector, including Societe Generale (0.29% to 17.43 euros), BNP Paribas (1.04% to 27.18 euros) and Credit Agricole (1.80 to 5.31%) will be once again scrutinized by investors. The crisis became systemic, according to a document sent to the European Union finance ministers and obtained by Reuters, which also recommended a further strengthening of bank resources. In addition, two out of three French believe that the weakening of the banking sector related to the debt crisis could threaten their economies, according to a CSA poll released Wednesday to Les Echos.

• LVMH (1.25% to 113.20 euros)

The group announced Wednesday it had chosen Jordi Constans, come to Danone, to succeed Yves Carcelle at the head of Louis Vuitton in 2013.

• ArcelorMittal (2.68% to 13.23 euros)

The company promised to stop its steel plant in Florange (Moselle) would be temporary, said Wednesday the French government.

• Areva (2.04% to 21 euros)

The nuclear expert will present its strategic plan in early December through improved operational performance, an adjustment of investment and possible asset sales, said its president of dirctoire in an interview for Echoes.

• Publicis (0.56% to 30.66 euros)

The group announced Thursday the acquisition of 100% stake in a public relations agency in the United States, Schwartz Communications, which specializes in technology and health, for an undisclosed sum.

• Bouygues (0.53% to 24.86 euros)

Wednesday, Bouygues Construction, through the company Eirene, delivered the first 53 service centers and respond to the DIT (Directorate of transport infrastructure under the Ministry of Ecology, Sustainable Development, Transportation and housing), according to Reuters.Eirene now provides maintenance and management of these buildings for 28 years.

• Technip (0.76% to 67.89 euros)

The French group of Petroleum Engineering has won a contract for facilities ammonia-urea fertilizer in Port-Gentil (west of Gabon), from Gabon Fertilizers Company, said in a statement.

• Cellectis (6.02% to 5.99 euros)

The company will acquire the Swedish company Cellartis specialist tools for research and development in vitro derived stem cells, as part of a contract valuing the approximately 33.8 million.

• Hermes

The luxury group said that trading in its title would be suspended Thursday pending the decision of the Court of Appeal of Paris on the exemption granted by the AMF on the buyout of minority interests.

While a lack of Greece is closer every day, the question of the nationalization of banks is back on the front of the stage due to the exposure of French banks to Greece. In exchange, banking stocks are under pressure. Since the beginning of the year, Societe Generale, in fact, over 60% of its stock value and displays a low for 20 years, BNP Paribas and Credit Agricole, a little less than half.

A situation that the political leaders finally responded. "A nationalization of French banks is totally premature and beside the point," said this morning the Minister of Industry, Eric Besson, on RMC / BFM TV. The latter said that the banks have "very well" stress tests Europe last summer.

If right, then we answer in the negative, this is not the case on the side of the Socialist Party.Thus, to François Hollande, the Socialist candidate for the primary, "If it happened that there is a lack of Greece and the banks are brought to realize losses, there would be an appeal to the State, as in the subprime crisis. The state should not lend to banks, but must take a stake in their capital, "he told the Journal du Dimanche.

"The banks have lied to us in 2008"

For their part, EU officials remain confident in the strength of French banks. The President of the European Central Bank, Jean-Claude Trichet, has confirmed that central banks were ready to provide liquidity to banks should they need it cash advance loan. "Whatever the scenario Greek and therefore regardless of the provisions to go, French banks have the means to cope," said Christian Noyer, Governor of the Bank of France.

What some experts do not agree. "Banks have lied in 2008 and probably still hiding toxic chemicals in their balance sheets," said Marc Fiorentino, CEO of Monfinancier.com, the JDD. Societe Generale has just announced a new savings plan which relate primarily toxic assets, mainly U.S., made unwanted by the financial crisis and the explosion of the market "subprime" U.S..

For the expert, "The State must enter the capital of French banks up to 30%." Which he said would cost taxpayers between 50 and 100 billion euros. Same story on the side of Dessertine Philippe, Director of the Institute of High Finance. "The state is the only one who can help banks recapitalize," he says.The question is how the state will fund this operation and especially if nationalization does not require that other European countries do the same.

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This is a severe blow to Samsung and a victory for Apple. This may well be a mere confirmation of a judicial decision made in August, the pill is no less bitter for the Korean manufacturer who is outright ban the marketing of its top shelf, the Galaxy Tab 10.1. It "presents an overall appearance similar" to that of the iPad, according to the German judge seized of the matter.

Such a decision is worrying Samsung that focused on this tablet to boost this market. It means that beyond the patents on technical issues, courts are increasingly sensitive to another argument, visible to the naked eye: the appearance of the product design.The German decision comes two weeks after a Dutch court has taken a similar decision, and while litigation between Samsung and Apple are in the United States, Korea and Australia, where the Apple brand has already achieved a first favorable ruling.

For now, Samsung is still able to sell the Galaxy Tab in other European countries, and do not hesitate to do much advertising best payday advance. The Court of Düsseldorf has finally found not competent to prohibit the marketing of the Galaxy Tab across Europe. Nothing prevents Apple to take legal or other countries. The U.S. has also filed a complaint against Samsung for the same reasons, September 8 in Japan.

This offensive against Samsung, which is otherwise also one of its major suppliers, enabling Apple to establish its supremacy on the market shelves, which he holds from 70 to 80% with both iPad.The Galaxy Tab 10.1 was seen as the most serious rival. By preventing the market, Apple terminated the debate … that takes a different turn on the Internet, with netizens concerned about the relentlessness of Apple, who made his reputation by being the anti hegemony of Microsoft, which builds on present its own hegemony with a lot of trial and eco closed system.

Earlier this week optimistic the New York Stock Exchange. On Monday in early trade, the Dow Jones gained 1.84% to 11,016.24 points while the Nasdaq index jumped 2.15% to 2392.20 points. This return comes in the green after a further sharp fall on Wall Street last Friday. Oil has also opened up, earning $ 1.92 after opening at 84.10 dollars a barrel.

No major statistical date to worry about Wall Street, while European markets are more focused since Monday morning. As for U.S. data, only the index of manufacturing activity in the Chicago Fed was on the agenda. Stood at -0.06 in July, against -0.38 in June. "The index shows no tendency to a looming recession, observes Philippe Waechter, director of economic research at Natixis AM.However, other surveys conducted in August are troubling. "

But it will wait until Tuesday to learn more, with the publication of sales figures for new homes, from 16 hours. Wednesday, the agenda will grow a bit, with durable goods orders for July and the weekly inventory of crude oil to the United States.Thursday, things become more serious with the weekly jobless claims, always eagerly awaited by investors on the lookout for any sign of weakness, or, conversely, improvement in U.S. growth.

Threats to U.S. growth

But the appointment will most certainly expected the intervention, Friday, Ben Bernanke, chairman of the Federal Reserve (Fed), some investors are hoping a third easing able to restart the engine stopped the world's largest economy.This day will be both detailed, the second estimate of U.S. gross domestic product for the second quarter, and the index of consumer confidence for August.

Markets, even if they are experiencing very high volatility, and may still show, at the same time, some caution, pending the decision of the Fed on Friday. Especially as the threats to the outlook for U.S. growth accumulates. After Morgan Stanley and Citigroup, JP Morgan Chase lowered its estimates, in turn, growth in the U.S. economy. The Bank of New York discusses risk "clearly raised" a recession, while growth prospects for the third quarter are for their slightly smaller than before pay day loans.The U.S. GDP growth for the fourth calendar quarter is now expected at a rate of 1%, against 2.5% previously.

Vice President Joe Biden, on an official visit to China, but probably a little appeased the spirits, reaffirming this weekend at the first creditors of the country they could rely on the strength of the U.S. Treasury.

Values ​​to follow

The uncertainty is compounded room at the international level, by the events in Libya. The fall of Colonel Qaddafi, found, became clearer Monday morning, prompting oil companies to return to the values ​​of the colors. However, perhaps more in Europe than the United States. Although they are not active in Libya, Chevron (1.79% to 94.95 dollars) and ExxonMobil (1.66% to 70.96 dollars) respond positively to the opening, rising oil prices in New York.

On the corporate side, the internet telephony group Skype also announced Sunday an agreement to acquire Me Group, a provider of mobile messaging services to targeted groups. Registered in Luxembourg, the company Skype was founded in 2003 and became the world leader in Internet telephony. She is currently being acquired by Microsoft U.S. computer group (0.89% to 24.20 dollars).

Apple (1.22% to 360.58 dollars) takes advantage of the rumors about the implementation of its pre-production soon iPad 3 October.The Wall Street Journal says in effect this morning as the group prepares its suppliers with the necessary logistics, to produce 1.5 million units in the fourth quarter.

In addition, Dollar Thrifty Group Antomotive asked Hertz rental companies (1.03% to 9.81 dollars) and Avis Budget (2.50% to 11.92 dollars) in early October to submit their final proposals on reconciliation activities.

Verizon (1.15% to 35.11 dollars) on his side ended a social movement and Hewlett-Packard takes up 6.34% to 25.12 dollars after losing 20% ​​of its stock value at the end of last week. He took advantage of presenting a new model of high-end PC, after announcing Thursday the sale of its computer manufacturing.

For several weeks, the office buildings are covered with small colorful characters. Launched in January at the initiative of an employee of Ubisoft, "the battle of the post-it" invades the open spaces for the summer holidays. The principle is simple: employees are a challenge to those of a company in vis-à-vis, drawing on their windows one or more video game characters with post-it. If they fight back with another figure, the war is declared.

Ubisoft and BNP Paribas initiated this spontaneous phenomenon in "confronting" of both sides of the Rue de Valmy, in Montreuil.Word of mouth and the summer did the rest, spreading the game beyond the town of Seine-Saint Denis, first in defense and in Issy-les-Moulineaux, Paris Intramuros, a province … increasing number of employees swelled from the ranks because of this battle informally, in large companies storefront as in smaller SMEs.

"Good child"

But despite the time spent on this activity unprofitable, the phenomenon raises the overall membership of business leaders. "My boss is OK to be launched into the post-it war," said an employee of Twitter. "It's friendly, pleasant, and it strengthens the team spirit," one responds well to Société Générale, challengée recent weeks by employees of Merck and GDF Suez of Defense.

In the middle of summer, human resources are rather favorably employees gather around a fun activity, like a sports tournament. "Our managers like to see that they pose challenges challengent and other businesses payday loans no teletrack. Especially since all this takes place in a friendly atmosphere. Our employees have recently met the other side at a picnic, "says one at Merck, where a dozen people involved in the movement of 350, mostly among biomedical research teams.

"Phenomenon minority"

An observation shared by a fortiori Ubisoft. The video game maker has indeed little to lose in seeing a phenomenon that is spreading the culture of gaming to the front of the stage. "Internally, I see most of the teams that are boosted, a theme which is our corporate culture.We have not even thought of regulation, "said Caline Christophorov, management of human resources. One hundred employees of Ubisoft are currently involved in open warfare against the computer at BNP Paribas. Ironically, the conflict extends from the last week in the other building Ubisoft Montreuil, opposite … from BNP Paribas.

This vector cohesion is all the more welcome by the human resources are concerned ultimately little to the productivity of their employees. In addition to these "post-it war" are growing at a time when the activity is less intense, companies stress that participants are often few, and responsible. "We trust our employees to not intrude too much on work," said Caline Christophorov. "This remains a minority phenomenon among us," does one judge also Renault, known somewhat lax.And the builder continued: "People still have the right to breathe for a second, right?"

The damage is limited. After the first weekend after the degradation of the sovereign rating of the United States by Standard's and Poor's, the world was afraid to wake up on Monday on a stock market crash. Certainly, Asian stock markets, first to start the week and give the trend, showing all this morning a marked decline of more than 2%. But the risk of a crash seems for the moment excluded.

More than 48 hours after the announcement that shook the world's largest economy, Asian investors have been partially sensitive to the political mobilization of the weekend, both of European leaders, who called for the adoption by the end of September pland the rescue of Greece on 21 July. But also that of the ECB, on Sunday night discussed a possible acquisition of Italian and Spanish debt, and the White House, which yesterday called for unity among Democrats and Republicans.

The yen is rebounding

Still, if the announcement of the degradation of the United States was somewhat expected in Asia, the timing chosen by Standard & Poor's has caught the markets, even after a weekend of reflection, continuing their descent into hell. In this context of concern about the state of European and American finance, the yen has tended to take some strength vis-à-vis the dollar and euro. Around 4 o'clock, Paris time, the dollar was worth around 78.05 yen and the euro hovered on the other hand around 111.90 yen, the two displayed small decline vis-à-vis the Japanese currency. A phenomenon still unfavorable export values.

In Tokyo, after opening down 1.40%, the Nikkei 225 blue chips of its losses widened in mid-session.The index fell by 2.17% to 9097.90 points, although the statement last night the Japanese Minister of Finance Yoshihiko Noda, who has maintained his confidence in the U.S. Treasury, and emphasized the mobilization of the European central bankers sign of awareness on the efforts to be undertaken.

Same phenomenon in other major Asian markets, but more amplified. China, which was very critical this weekend against the failure of U.S. lawmakers to find a long-term solution to their debt problems, the tooth was also harder on the markets: the Hang Seng Hong Kong picks up 4.12% on Monday morning at 20,082.80 points while the Chinese CSI 300 lost 3.51% to 2795.64 points. Beijing is by far the largest holder of U.S. debt in the world with 1.16 trillion dollars of U.S. Treasury bills in the drawers.

Elsewhere in Asia, all places show a sharp decline. The KRX South Korean loose 3.45% to 7581.86 points, while the S & P / ASX 200 Australian loses 2.14% to 4017.60 points. A Bonbay, the BSE Sensex was down 2.60% to 16,855.60 points. Finally in Singapore, the FTSE Straits shows the largest decline (-4.14%) to 2870.92 points.

Oil continues to tumble

Moreover, in this context very uncertain about the strength of economic recovery, oil prices continued their steep decline on Monday morning in electronic trading in Asia. A barrel of "light sweet crude" for September delivery lost 2.59 dollars to 84.29 dollars. That of Brent North Sea crude for September delivery fell by 2.48 dollars to 106.89 dollars.

At the same time, gold has gone through the roof of 1700 dollars to 1704 dollars an ounce on the market in Hong Kong.

After rebounding to 1.66% at the beginning and spent all morning in the green, the Cac 40 was pressed into the red in mid-session, before sinking further into negative territory at the opening of Wall Street. Shortly after the speech by Jean-Claude Trichet, as markets accentuated their losses, the distribution of all European indices, including the benchmark index of the Paris Stock Exchange, operated by NYSE Euronext, has been unavailable for almost a hours on Thursday due to a technical problem. The CAC 40 was finally ended on a plummeting 3.90% to 3320.35 points, its lowest level since July 28, 2009. After losing 134.59 points on the session, he signed the ninth session of consecutive decline, a new series in September 2002 and the end of the internet bubble burst. Since July 1, the benchmark index in Paris dropped nearly 17%.

The panic was the same on all stock exchanges in Europe: the FTSE-100 from the London Stock Exchange closed on a fall of 3.43% to 5393.14 points, its worst since the two September. The Dax in Frankfurt Stock Exchange ended down 3.40% to 6414.76 points. The Madrid Stock Exchange drops 3.89%, below 9000 points.

The diffusion index star of the Milan Stock Exchange, the FTSE Eb, it is suspended since 3:05 p.m. GMT when he fell more than 3%, announced the financial manager without explanation.

In the process, the Dow Jones on Wall Street was down 2.96% at 11,545 points.

Lower cost of debt Italian and Spanish

Financial markets were not convinced by the meeting of the Board of Governors of the European Central Bank. This has not surprisingly left its rate unchanged at 1.50%.Above all, the ECB president, Jean-Claude Trichet said the share repurchase program of continued monetary institution, but would concern "that the Irish and Portuguese bonds" and not "those of other nationalities" .

After the award in Madrid some 3.3 billion of bonds with three and four years, the yield of the loan in ten years Spanish retreated 6.09% to around 11 hours (Paris time) against 6.35 % late Wednesday. The Spanish Treasury also announced it was canceling its bond issue, scheduled for Aug. 18. The rate of return of Italian ten-year paper fell, meanwhile, up 5.97% before stabilizing at around 6% against 6.10% the previous day.

On the currency markets, the euro falling 1.26% against the dollar at 1.4167 dollar. Oil is also displayed down 1.47% in New York at 90.58 dollars.For its part, the ounce of gold hit a new addition Thursday historical 1677.90 dollars on fears the global economy and becoming bogged down again in the wake of the conference of ECB President Jean -Claude Trichet.

On the corporate side, both companies have published this morning, Veolia Environnement and Axa.

Veolia Environnement: -9.44% to 12.95 euros – the largest drop Cac

Veolia Environnement, which warned last Friday that it would not achieve its goals for this year, released on Thursday a net loss of 67.2 million euros in the first half, weighed down by exceptional asset write-downs 800 million euros.The world leader in environmental services will focus its activities "in less than 40 countries in 2013 against 77 today."

Axa: + 3.08% to 12.40 euros – the largest increase Cac 40

However, Axa reported first half net profit more than quadrupled to 3.99 billion euros (324%), driven by gains on sale and very little affected by provisions related to the support plan to Greece.

Bonduelle: -2.06% to 64.15 euros

Bonduelle has increased from 10.7% in sales from 2010 to 2011. Sales of specialist canned vegetables and frozen emerge to 1726 million.The group confirmed its annual targets.

Vinci: -1.60% to 36.92 euros

Vinci said Wednesday QDVC, its joint venture with Qatari fund, won a contract for 374 million euros for a metro project for a new town being built in Qatar.

Vilmorin: + 5.11% to 76.99 euros

Vilmorin has confirmed its margin target of 2010-2011 by announcing an increase of 12.1% of its turnover for the year, thanks to the vegetable business, along with the acquisition of assets and maize seed and sorghum Brasmilho of Brazilian society.

Hermes: -0.57% to 234 euros

Hermès responded Wednesday to the Association of Defence of Minority Shareholders (Adam), who asked why the luxury group spent so much money to buy back its own shares."Share repurchases are intended to cover the programs free shares to employees," said a spokeswoman for Hermes.

Cegedim: -2.59% to 32 euros

Cegedim dropped its goal of increasing revenue for 2011 but remains confident in its ability to generate an EBIT close in absolute value, that of 2010. The group also announced Wednesday for the second quarter of 2011, a consolidated turnover of 247.1 million euros (+1.6% as reported and 0.1% organic).

Natixis (-0.10% to 2.923 euros) and Dexia will publish its second quarter results after market close.