Two indicators will follow on Monday: Economic confidence in the euro area for the month of August at 11:00 and expenditure and household income also for the month of August in the U.S., to 14.30.

On the currency markets, the euro breaks down somewhat against the dollar around $ 1.27 to 1.2731 (-0.18%) and lost ground against the yen at 108.27 yen (-0, 38%).

Saffron unscrews, Zodiac flies

As for values, Sanofi-Aventis has revealed the conditions of his talks with U.S. biotechnology company Genzyme, he would buy for a price of $ 69 per share, totaling $ 18.5 billion (14 5 billion euros). Genzyme does not want to continue discussions on an offer below $ 80 per share.The share lost 0.77% to 44.91 euros.

The daily La Tribune, Saffron prepare an offer to buy the equipment manufacturer, Zodiac, with a premium "of between 30% and 40%. The share lost 1.63% at 19.02 euros. For its part, Zodiac climbs by 13.28% to 49.12 euros.

Renault, through its Russian subsidiary Avtovaz, will market the end of 2011 a low-cost car, Granta, 5600 euros. Renault gained 0.86% to 32.82 euros.

The German manufacturer of semiconductors, Infineon, has formalized the sale of its "no" to the U.S. over Intel for $ 1.4 billion. STMicroelectronics gained 0.73% to 5.4 euros and Soitec rose 0.24% to 6.79 euros.

Maurel & Prom (-1.71% to 8.6 euro) on Friday issued an operating loss under the first half of 2010 due to higher exploration costs but warned that his country would reduce the most risky by the end of the year.

Autoroutes Paris-Rhin-Rhone (APRR) has benefited in the first half of the resumption of road traffic, particularly trucks. The company announced Friday an increase of 5.1% to 422 million euros in current operating profit and said it expected an improvement in its EBITDA margin in 2010. Action stabilizes at 54 euros.

The CEO of Eramet (0.81% to 205.55 euros), Patrick Buffet, met Friday in Libreville, the Gabonese president, Ali Bongo, to discuss modalities for the entry of Gabon's capital mining group.

Regarding publications, the credit insurer Coface unveil its first half results pre-market. After-hours trade, it was the turn of Mersen and Seb.

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.

The renewed the license comes after a period of uncertainty and a long standoff with the Chinese government, Google is saying exceeded by China's censorship and cyber attacks come from this country.David Drummond, vice president of Google, announced on June 29 last, one day before the expiration of the license for Google in China, as if the license was not renewed, he "cut off all contact with China .

In March, Google had decided not to censor its Chinese site and transfer it to Hong Kong.But last week, Google announced a new "approach" in China, changing its system to stop censoring its search engine, in an effort to meet the demands of Chinese authorities.

China: more than 400 million Internet

Currently, all Internet users in mainland China are headed on a new page of google.cn, a website in China which now has links with the Hong Kong site.

"It was obvious that we should stop to reroute" automatically on the website of Hong Kong, said Google CEO Eric Schmidt was quoted Friday by the Financial Times, before the announcement of the renewal of the operating license in China .

With the renewal of its license, Google will be able to continue to operate on the largest Internet market in the world.China is the largest Internet market in the world with over 400 million users, according to official figures.

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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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2) Why so much reluctance in Germany?

The German Chancellor has requested that a country can be excluded from the euro area "last resort" in case of repeated infringements Maastricht rules. Photo credits: AFN

"The Defense Department has received notification from EADS North America showing its possible desire to contribute to the replenishment of the Air Force and U.S. we would support," said Geoff Morrell.

He added: "If necessary, we may reasonably consider extending the closing date of tender, currently set for mid-May, which" would not be unusual, "he said.

Louis Welsh, head of EADS, stated, however, at a press conference in New York, that such an initiative would require the postponement of the deadline for response to the call for tenders for the currently scheduled for May 12But he says it is "impossible" for his group to submit to the Air Force bid for U.S. tanker aircraft in 60 days, however, leaving the door open to any proposal.

He said EADS had not taken any decision on a possible new bid for the contract, while Boeing is currently the only candidate. He also said that EADS had not sought another partner or been contacted by other groups to raise its offer.

A tender twice canceled

EADS and its U.S. partner Northrop Grumman withdrew from the bidding of the Pentagon, arguing that the terms of that favored Boeing.

The tender to supply 179 tanker aircraft to the U.S. Army, valued at 35 billion dollars, was awarded a first for Boeing in 2003, then again at Airbus (EADS) and its American ally Northrop Grumman in 2008, and each time canceled.

The results of regional elections should have little impact on this strategy. The Elysee to environmental stresses that "the majority can not be further sanctioned in 2004, where she could keep only two regions. With this diagnosis, Nicolas Sarkozy has already said he would take the election results, but should still maintain its current balances in the government team, headed by Fran?ois Fillon.

However, he can thank Martine Aubry. By declaring in the first instance, supported a postponement of the age of retirement at age 62, the first secretary of the PS opened the debate much earlier than expected, and it gave credibility to the government's position.Polls in support, the Elysee is now convinced that the French are ripe.

The time has come for the act

Nicolas Sarkozy wants to move quickly on this issue. No way to let the unions take to the streets in October to protest against a proposed reform dashed again. Everyone remembers the November 1995 strikes against pension reform remains the worst memory of the line for fifteen years. Sarkozy wants then arbitrate on the reform of pensions as early as June And to pass a law "in the month of July," confirmed by several sources. He then turned to a mixed solution, combining the lengthening of the contribution period and delaying the legal retirement age.Symbolically, the change of the legal age of retirement would impact tenfold, and it seems that even the Elysee Raymond Soubie, the great clockmaker of social relations which advises the president, is convinced that the time has come proceed to act. Elysian source, a special session of Parliament in July appears to have "acquired" given the workload of the two assemblies.

Of course, the government expects a tough clash with the social partners. For now, the waters unions are barely wrinkled a few ripples. But beware of "the calm before the storm," warns a minister concerned about the mobilization of the month of May According to someone close to Nicolas Sarkozy, these events present at least the advantage of reform credibility with voters."Plus there will be parades, plus French will credit him for having the courage to decide on this matter," smiled one of his friends. Another adviser very point that "nobody has noticed the reform of universities because there were no strikes at the time." In addition to the mobilization of spring, the Elysee is also expected to fall very volatile. "There will be upward pressure on wages as the recovery will be felt," admits an advisor, providing an inflow of association necessarily muscular. It's time that Sarkozy chose to discuss other reforms in 2010, including the legal proceedings or fifth risk Social Security.

But he also intends to take this year-end 2010 to return in force on the international stage. "He will chair the G20 in the month of November 2010, and until summer 2011, said his entourage.The president wants to play again when the partition that had been so successful during the presidency of the European Union in late 2008. The regional elections, hopefully it will be so far.

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