Only 7 of the 91 banks have failed this test of strength, five Spanish, one Greek and one German. Their capital needs are estimated at 3.5 billion euros. We must add three who crossed the barrier but the recapitalization seems inevitable: the Italian Monte dei Paschi, Allied Irish Banks, Irish and German PostBank.Finally, the majority of European banks, the British and French in particular-seem to have redressed the balance.

The question now is whether the test can, as desired by the European authorities to lift the remaining mortgage, reboot, and finally the pump in credit to promote growth. By Friday, the European Union had welcomed the exercise as a vote of confidence. From Washington, the Treasury secretary, Timothy Geithner, hailed "a major effort towards greater transparency" on the health of the banks of the Old Continent. In markets, the euro rebounded to finish just below $ 1.29 after the close of European markets.Wall Street ended higher.

Consolidating banks at fault

Yet many continue to doubt the severity of the event European or completeness of its cash advance no faxing. Unlike other countries, Germany has refused on Friday to force its banks to publish the figures on a main line of their balance sheets: assets in government securities, ie their exposure to the European budget crisis. In the coming days, a first return to the trust will be the willingness to consolidate the banks at fault.

Weighing his words, the IMF Managing Director Dominique Strauss-Kahn described the stress tests as "the promise of a considerable strengthening of the European financial system. It remains to implement. Greece and Spain have promised for the end of the year.Germany, she announced a major restructuring. This is the interbank market which will provide the second element of discretion. The situation has eased since the beginning of the summer. But lack of confidence, many institutions do not always manage to borrow in the interbank lending market, considered one of the keys to sustainable economic recovery in Europe.

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Fourth and last major bank in the Chinese state to be listed, it is worse than those rivals who had recorded double-digit growth, along with Industrial and Commercial Bank of China (ICBC), whose title was took 15% on the first day, in 2006. The current value of the title of the Agricultural Bank is 1.65 times book value, placing it above the other major Chinese banks.

The IPO of the Chinese establishment would go down in history, with an amount of 22.1 billion dollars.But it will only be achieved if the over-allotment option is exercised. The humble beginnings of the track gradually away this possibility for Agricultural Bank, which has so far raised only $ 19.3 billion. The record for the largest IPO would then remain at his counterpart ICBC, which raised 21.9 billion dollars in 2006.

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Pending the promulgation by the President

Obama can now enact this historic piece to prevent another financial crisis and economic such as the United States had known in autumn 2008.

"Today the Senate will take action and send the bill on the president's office, so that the country can finally feel the effects of reform on which we have discussed for so many months," said Thursday Senator Chris Dodd, one of the main authors of the text with the Representative Barney Frank.

The text of over 2300 pages of the law "Frank-Dodd", aims to extend regulatory control over whole sectors of finance, which escaped him.It thus provides for the creation of a consumer of financial products within the central bank and it prevents the rescue of large financial institutions at taxpayers' expense.

For regulators play now

Among other measures leading text include a provision for better control of the vast market of derivatives traded over the counter, these tools have been speculative in the heart of the recent financial crisis in the U.S. pay day loans.The text finally contains a measure dubbed the "rule of Volcker," the name of Barack Obama's economic adviser, Paul Volcker, whose idea is to encourage commercial banks to focus on their lending activities and take fewer risks .

While most Democrats have supported this project, the Republicans have signaled their opposition to the text, notably in that it gives too much power to regulators who failed to prevent the recent financial crisis.

The Chairman of the Central Bank of the United States, Ben Bernanke on Thursday hailed an "important step" with the vote by the Senate of legislation to reform financial regulation, which gives them considerable powers of oversight at the institution.

The ball is now in the hands of regulators. "We will pay with meticulous application and our responsibilities under the new law," promises Ben Bernanke.Legislation passed by the Senate because the Fed responsible for regulating all major financial institutions in the country, more than 50 billion dollars in assets.

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The world of microprocessors has announced the results he describes himself as "historic". In the second quarter, the company posted a net profit of 2.887 billion dollars and an increase in turnover of 34% to 10.765 billion dollars.

Tokyo euphoric

In Tokyo, the Nikkei, which opened up 1.79%, continued to rise throughout the session to finally close on a leap of 2.71% to 9795.24 points.The Topix ended up 1.91% to 870.73 points. The activity has yet been moderately strong, with 2.3 billion shares traded on the primary market.

The performance of Intel supported Japanese stocks in the technology sector as the supplier of semiconductor Tokyo Electron and the semiconductor manufacturer Advantest, which respectively surged 4.07% and 5.67%. The early solid quarterly publications U.S. has generally allowed large groups of exporters rise sharply Wednesday. Automakers Toyota Motor Corp., Honda Motor, and the specialist digital cameras and Canon gained 3.47 to 4%.

Please note that Toyota enjoyed an article in the U.S. claiming that drivers who complained about the unintended acceleration in their Toyota had mistakenly pressed the accelerator instead of the brake.

The region follows the oil and also

In China, stock markets in Hong Kong and Shanghai respectively earn 20,640 points to 1.03% and 0.56% at 2463 points.

The Korean Kosdaq is 0.53%, the S & P Australia 1.62% and 0.47%, Sensex India.

Moreover, crude prices are mounted on Wednesday morning trade, the price of light sweet crude for August delivery gained 2 cents to 77.17 dollars a barrel, while Brent North Sea due identical, took 27 cents to 76.92 dollars.

Even cautious on the stock exchange in Frankfurt, where the DAX index was up 0.20% to 6 077.19 points. However, the side of the London Stock Exchange, the increase was more pronounced: the Footsie index advances 0.66% to 5 167.02 points.

On the macroeconomic front, the meeting was very quiet.The markets have learned before market that current account deficit had settled in France to 4.5 billion euros in May, from 2.9 billion in April, seasonally adjusted data.

The rest of the week will be loaded, the U.S., several interesting publications such as the budget (Tuesday), sales information (Wednesday), registration weekly unemployment (Thursday), or the index of sentiment consumer (Friday).

Caution is also placed on the European stock exchanges should begin when the ball overseas publications.From Monday, Alcoa will launch the festivities with the results of its second quarter.

Zodiac rejects the advances of Saffron: Zodiac leads the DTH

As for values, the supervisory board for Zodiac (7.11% to 42.61 euros) announced Sunday that he would not pursue a business combination proposal made by Safran (-2.62% at 21 , 74 euros).

Alstom (+0.36% at 38.87 euros) was applying for the construction of four stations on the route high-speed rail that will link Jeddah to Mecca, said Sunday the company to Saudi Railways ORS .

Carrefour (+0.12% at 34.63 euros) is to publish its second quarter results on July 15 after the close of trading.Analysts already expect a turnover of 24, 78 billion euros (+5.7%) including 10.29 billion in France (+1.6%) and 5.18 billion (-0.6% ) in hypermarkets.

Cameo (0.62% to 163 euros) announced Friday for the second quarter decreased by 11.3% of its sales, surface and currency comparable because of the lag of a week of dates on balances of June July. The turnover for this period amounted to 190.2 million euros, up 1.1% on published data.

Total (0.27% to 38.4 euros) have launched legal proceedings to challenge the decision of the Court of Appeal of Douai to force him to reopen his site Dunkirk.

According to sources close to the case interviewed by the newspaper, the transaction amounted to 3.2 billion euros. In 2009, sales of Cognis representing 2.6 billion euros and EBITDA was $ 364 million. On its website, the company states employ approximately 5,600 people and be present in thirty countries.

Originally, Cognis was a subsidiary of Henkel, resold in 2004 to 2.5 billion euros. In 2006, the efforts of its new owners to sell it failed. In recent years, the company split from two of its five subsidiaries.BASF has already bought in 2009 the Swiss Ciba for 3.8 billion euros to strengthen in the mill.

Eiffarie owned by Eiffage and Australia's Macquarie have after the operation 95% of APRR. The subsidiary also plans to launch a buyout offer, that is to say that APRR would no longer be quoted on the Stock Exchange (right when the majority shareholder holds more than 95%).A project must receive the blessing of the AMF to be realized.

If this is implemented, and upon its conclusion, it remains on the securities market, these shares would then be a squeeze, which will be performed at the same price of 54.16 euros per share: 84 cents per share are restated as it is the amount of the dividend qu'Eiffarie decided to pay shareholders of APRR June 30 next.

The transaction is expected to close by the June 24 APRR listed on compartment A of Euronext, flies too, from 7.65% to 54.75 euros.

Eiffage and Macquarie have finally heard

The two shareholders of Eiffarie seemed irreconcilable. On this issue, in fact, Eiffage wanted to make a capital increase of 400 million euros in APRR, here just one year.One way to avoid a deterioration of its financial rating would increase the costs of refinancing cash advance till payday. Macquarie's refusal earlier this year.

Use markets? The CEO of Eiffage, in turn, rejects the idea. The stock market conditions are too uncertain. Another option would be to buy back its shares in Eiffarie. But Macquarie had not responded.

Investors enthusiastic

"The acquisition of the balance of APRR is positive news for Eiffage.The group can calmly deal to refinance Eiffarie 2013, "commented analyst Aurel BCG, for whom this would be" accretive by approximately 3% based on Eiffage tax integration we estimate that approximately 70 million euros.

Indeed, Eiffage will benefit from the tax integration: from 1 January 2011, interest paid on debt to acquire Eiffarie * – 3.77 billion – will be deducted from the tax base APRR, say the strategists Natixis Securities. In addition, the tax losses generated by the interest paid on this debt between 2006 and 2010 will be tax deductible APRR, they said. For them, the economy reached 314 million euros. APRR, in fact, will not pay tax according to their estimates.

* Eiffarie, had been chosen by the state in late 2005 during the privatization of Autoroutes Paris Rhin Rhone (APRR).

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French plan considered "practicable"

The plan submitted by Paris this weekend, is considered "feasible" by the Governor of the Bank of France, Christian Noyer.This has indeed said Sunday he is "perfectly possible" for France to bring its public deficit to 3% of Gross Domestic Product (GDP) by 2013 as foreseen in the government aims to reduce the public deficit (government, corporate accounts, local communities), 100 billion. To do this, the Governor of the Bank of France has called for "priority measures to reduce expenses."

Effort on the sources of expenditure

And that's the government's target. The Budget Minister Francois Baroin said Sunday that the objective will be achieved by making "a major effort on all sources of expenditure, the state plans to cut public spending by 45 billion euros. The Minister added that this effort on ITélé would "not less" than in Germany.In Germany, the government wants to save 80 billion by 2014, thanks to budget cuts in military spending and social.

The question remains what the market reaction. For now, a report published Sunday by the Bank for International Settlements (BIS) says that the bailout of the European Union has not defused the fears of the markets. The institutions in Basel has also reaffirmed that the French and German banks are particularly exposed to the debts of Greece, Ireland, Portugal and Spain with a respective total of 493 billion and 465 billion dollars.

Budgetary discipline

Anyway, this agreement will enable Europe to invent a new fiscal discipline. This is especially good news that Germany and France had openly opposed on this issue. We remember especially about the government spokesman, Luc Chatel, who said "this is not the European Commission to approve the budget of the French nation."

The EU finance ministers have also agreed Monday night to create new sanctions against countries too indebted to strengthen the Stability Pact.The agreement envisages the possibility of sanctions even when the current limit of 3% of GDP by the Covenant for public deficits has not yet expired, said President of the European Union, Herman Van Rompuy, at a press conference. The idea would be to trigger the excessive deficit procedures earlier for countries whose debt is not declining fast enough payday loans. It also put more emphasis on the future monitoring of the overall debt deemed not exceed 60% of GDP, and not just the annual deficits.

A modification of treaties is not excluded

The ministers have asked the European Commission to make proposals to define new sanctions.Brussels thinking, for example the suspension of payment of certain subsidies from the European Union for uncooperative countries. Germany also advocates for the suspension of voting rights at European ministerial meetings in Brussels. "We talked about but everyone is aware that financial sanctions not require a treaty amendment," said Herman Van Rompuy.He added: "We have not ruled out a treaty amendment, but has concentrated on what can be done at short notice and under the current treaty that does not have to go to the ahead and impose sanctions, non-financial, "he added, however, ensuring that there was" no taboos "for the future.

These sanctions, which remain to be defined, could be decided whether a country has ignored warnings from its partners on the drift of public accounts, or if the overall level of debt swells too fast.

In an environment where markets are concerned about the financial situation now in Hungary – which is not part of the Euro-zone, this agreement, which follows the completion of the rescue funds of the euro, should enable bring some stability to financial markets that really need it.

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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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