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Athens finally got the good report from Brussels. The European Commission ruled Wednesday that the savings plan acceptable Greek. "The Commission shares the ambitious deficit reduction that the Greek government has set, and the fiscal and structural reforms announced in the stability program," she said in a statement.

Greek Prime Minister George Papandreou, had presented new budget measures, including freezing the salaries of all officials at the last moment on Tuesday evening. The Commission appreciated the welcoming approach.

The approval of Brussels is not a blank check.The Commission "calls on Greece to explain the tax measures announced and the timetable for their implementation in the coming weeks" and ", more detailed measures to be implemented in 2011 and 2012.

Athens will be placed under surveillance free credit reports . "The way to help, not only applaud, is to establish a monitoring tool and monitoring the implementation of this program" fiscal recovery, "said European Commissioner for economic, Joaquin Almunia. "For the first time we put in place a monitoring system as intense and almost continuous, but is necessary given the circumstances."

Confidence does not reign. Greece has for several years, played the unreliability of its statistics.In this regard, it will be an infringement procedure.

After the announcement of the Commission, the Greek bond yields back down to 6.516% against 6.742% on Wednesday morning around 8:30.

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The CAC 40 fell back into the dark red. After a morning spent in sharp decline, the index in Paris was trying to recover. The index began in Paris plunges more clearly in the red at mid-session.

Around 1530, ACC fell 1.26% to 3.7591,15 points.

"The results of U.S. companies in 2009, better than expected, are completely ignored by markets that focus on three issues: Obama and his banking project, the re-appointment of Ben Bernanke to head the Fed and the organization of economic slowdown China by the Beijing authorities, "said Xavier de Villepion, fund manager at Global Equities.

This decrease in the overall rating takes place amid concerns over banks, while in Davos, experts discuss the modalities of regulation put in place in this sector."Investors fear that they reduce their size or they are prohibited from carrying out activities on their own funds," says Alice Lhabouz, manager Turgot Asset Management.

The morale of French stable consumption in Germany decreased

The publication this morning by the INSEE, a stabilization of the morale of French households had no impact on investors. The moral of households has remained virtually unchanged in January, the indicator is measured taking 1 point to -29 points, sharply up from the lower reaches in late 2008 but still below the average of the last fifteen years.

From the industry side, INSEE also announced that "the balance of opinion on the overall demand in the fourth quarter picked up strongly, thus approaching its long-term average.For the first quarter 2010, demand prospects remain however below the average long-term view of industry expectations.

The corporate failures of August 2009 will, they are known in 12 hours. After Exchange, 18 hours, Pole employment must disclose the number of requests and offers of jobs in December. Globally, the International Labor Office (ILO) has provided figures on employment depressing. "The number of unemployed worldwide reached almost 212 million in 2009 due to an unprecedented increase of 34 million compared to 2007, the eve of the global economic crisis," says the ILO.

In Germany, consumer prices fell 0.6% in January, posting a year increased 0.5%, said Wednesday the Statistics Bureau of Land. In December, prices had risen by 0.8% over the month as the year.

In the United States, all are attentive to the conclusions of the Monetary Policy Committee of the Fed that interest rates will at 20:15. Before that, Americans will unveil the promises of home sales in December (16 hours) and the weekly oil inventories (16:30) free business cards .

Risk arbitrage STMicroelectronics

As for values, STMicroelectronics reported Tuesday after market loss of $ 70 million in the fourth quarter, or 8 cents per share, against a loss of $ 366 million (42 cents per share) a year earlier. But this figure is below expectations of analysts.In exchange, having been one of the few titles CAC 40 to receive up to the opening (0.82%), the action was down in red, mid-session: — 1.20% to 6.03 euro).

Apple must introduce a new product on Wednesday the United States. It should be a new eBook reader electronic touch and connectable to the Internet. France Telecom (-0.53% to 16.77 euros) through Orange and Vivendi (-1.51% to 19.25 euros) via SFR should look at the new "toy" of the Apple brand.

Thomson (-2.82% to 1.03 euros) meets on Wednesday a special general meeting to discuss the restructuring of its debt and the adoption of its new name, Technicolor.

Spir Communication (-1.23% to 21.71 euros) on Tuesday reported a further decline in sales in the fourth quarter, down 11.4%.

Rusal, the Russian mining group, is listed first in Paris and Hong Kong.The group was not well received on the Chinese markets. He lost 10% in early trade. Investors have booked him in Paris the same cold reception: the title lost 11.10% to 17.70 euros.

Areva (-2.24% to 338 euros) and GDF Suez (-0.44% to 28.08 euros) would be full discussion for several months to conclude a partnership in nuclear power, confirming a report in Les Echos. Cependat No information has been taken in this regard.

Klepierre (-2.91% to 26.66 euros) Tuesday announced a turnover in 2009 increased by 22.6% to 246.5 million euros.

AXA (-0.77% to 15.40 euros) recorded an increase of 11% of its turnover in 2009 to 24.5 billion euros.The growth was 14.5% in life insurance.

Inter Parfums (+0.83% at 18.12 euros) for its part, announced a turnover down 6.2% at constant rates for 2009 to 259.2 million euros.

M6 (-0.03% to 19.12 euros) Lafuma (+0.33% to 11.99 euros) should publish their figures for the fourth quarter after market close.

Eiffage (-1.64% to 39.38 euros) will publish its balance sheet in 2009.

Note that the bank this morning are especially misguided: BNP Paribas (-1.04% to 52.15 euros), Credit Agricole (-1.35% to 11.71 euros) and Societe Generale (-0.85% to 43.15 euros) saddled the index, in a heated in Davos.

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A shock exceptional in its scope but not its duration. Coface, which examines the risks of outstanding companies, announced Monday at a symposium on the country risk, the end of the credit crisis. While recalling the unprecedented nature of this recession, the worst post-war related to the bankruptcy of Lehman. Between its 2007 peak and the lowest point in 2009, the global economy fell by 6.1 points, two times the oil crisis of the 1980s or the collapse of the dotcom bubble.

"There is a strong correlation between the curve of defaults and that of economic growth, said President Francois David. For six months we see an improvement in creditworthiness of companies. "After rising 19% in the first half of 2009, the total payment incidents has decreased by 40% over the last six months.With this improvement, Coface has revised upwards its ratings, while it had conducted several waves of decommissioning throughout the crisis. Note that unlike traditional agencies, which follow the sovereign debt, the insurance company is only interested in credit risk business. The improvement is true for most industrialized countries. The A2 rating of the United States is no longer under negative watch while France, Germany and Japan, in particular, came under positive watch.

Household debt

But if the bulk of the storm passed, many clouds darken the sky of the recovery. It is primarily the weakness of private demand, which remains constrained by the debt ratio and savings rates, and deterioration of the labor market."The key to growth lies in the particular behavior of the American consumer, accounting for 18% of global GDP," notes Francois David.

Another black spot, the rate of industrial capacity utilization remains limited, especially slowing business investment. "The recovery in 2010 will depend even public spending," says the chief economist at Coface, Yves Zlotowski. With the risk of digging a little more deficits. The situation is particularly alarming for the "pigs" – Portugal, Ireland, Greece and Spain – where the debt has increased the most between 2007 and 2011. "The markets could force them to implement budget cuts, which contribute more to the recession," said Yves Zlotowski. The economist is also concerned about overheating in China and the rebound of stock markets, including commodities, stronger and faster than the real economy.Coface expects global growth in 2010 of 2.7%, driven by emerging markets (5.3%) against 1.4% for developed countries.

This is the highest level since 1990. In total, more than 2.268 million new registrations were recorded in 2009 against 2.050 in 2008 according to figures released Monday by the Committee of French Automobile Manufacturers (CCFA). Sales of new passenger cars rose by 10.7% in raw data in 2009 compared to 2008. December to sign a noteworthy performance. In that month alone, the new car registrations in France rose by 48.6% from December 2008 to 228,451 vehicles. It was the eighth consecutive month of increases.

Regarding manufacturers, the Renault group that makes the best sound of the game's pin registrations totaled 566,240 cars in 2009, up 14.9% over 2008. The Renault brand is up 12.5% over 2008 to 505,521 vehicles.Dacia, the Romanian subsidiary of Renault, which truste third place cars most reliable according to a survey UFC Que Choisir, has gone to 60,719 copies, an increase of 39.5% compared to 2008. For December alone, group sales jumped 94.3%. Bernard Cambier, which argued that these figures before publication in micro BFM on Monday morning was not far short.

In the second place manufacturer, PSA Peugeot Citroën sold 717,485 cars in 2009, up 13.3% over 2008. Peugeot has sold 377,665 models (+9.8%) against 339,820 for Citroën (17.4%). The PSA group sales rose 35.3% in December.

Hyundai is the foreign brand that recorded the strongest growth in 2009: +24.8% to 42 663. Then came Nissan's partner Renault (+20.2% to 45,899 cars) and Ford (+17.8% to 145,066 vehicles).

Scrapping bonus and bonus Green

In a difficult economic environment for the sector, this figure is the unexpected achievement. The area owes its hi in 2009 to support strong measures undertaken at the height of the economic and financial crisis. The automotive sector is crucial for the French economy, then appeared as a major potential victims of the crisis.

The French government had introduced a scrapping bonus of 1,000 euros for the replacement of vehicles over 10 years, as part of its recovery plan of 26 billion euro, introduced in December 2008. The reduction of this premium, which rose from 1,000 to 700 euros on 1 January, said the accelerated rise in registrations recorded at the end of 2009.

This new reacted positively sector securities on the Exchange.Renault signs the strongest increase in the CAC 40: 4.56% at 37, 85 euros, while Peugeot is 1.71% to 24.07 euros.

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"Renault is full of orders for 2010

Scenario "mixed" in 2010, Aurel BCG. For the investment company, next year will look like a year of transition, marked by a gradual normalization of interest rates decided by the central banks, and during which growth must learn to stand on its own wings in freeing themselves from support plans of governments.

Buoyed by forecasts of the International Monetary Fund, which reported a growth in world GDP of 3.9% in 2010 – with Asia as the main engine (+9.5% for China and 7.5 % for India) – Aurel Leven provides that the government plans to continue to support recovery activities, at least the first half of 2010.

For the second half of the year, Aurel precludes any recovery scenario L or W.The broker sees a recovery "classic" of activity, namely a recovery of employment and investment after a dynamic side of the business activity. According to Christian Parisot, Director of Research of Aurel, central banks are "very progressive" back their rates. The broker forecasts indicate a refinancing rate to 1.5% at end 2010, the United States and Europe, 2% in the United Kingdom and 0.3% in Japan."In addition, the movement of recovery will give a boost to international trade," said Christian Parisot at a presentation of his predictions for 2010 in early December.

Go back, go back for more

Financial markets later, Alexander the Drogoff, head of technical analysis at Aurel, displays a degree of caution in the first quarter, "markets should shrink during the first weeks of the year, while stock indexes hit areas strong psychological resistance, "he said at the conference.Between March and December 2009, the European stock indices and U.S. have in effect removed between 40 and 60% of losses incurred between September 2007 and March 2009.

Specifically, Aurel table on a retracement between 930 and 960 points the S & P 500 (approximately -15%) horizon three months, before resuming the path gently rising, reaching timidly 1 200 points at the end of 2010. In Europe, the DJ Stoxx 600, around 250 points in late 2009, is expected between 215 and 220 points in the month of February.

In Paris the CAC 40, which hovers around 3800 points since early December, should yield about 5% in three months horizon for refranchir the 4,000 points in mid-2010 and peak at 4300 points by December 2010. On a year the Parisian flagship index would therefore rise by just over 10%. Same forecast Frankfurt the Dax 30 should clinch a little over 600 points in one year, to 6.400 points.Overall, for 2010, Aurel recommends priority areas of distribution and supply in a context of economic recovery. The chemistry, technology stocks and health are also recommended. In contrast, the automotive sector and the activities of banks and insurance are excluded. (INFOGRAPHY 2?)

The Fed played a very

For Aurel, 2010 should not book too many surprises: a priori, only changes in the communication from the U.S. Federal Reserve (Fed) could induce a violent reaction in the bond market and the dollar, but we believe the tightening of Monetary policy will be smooth, "said Christian Parisot. In contrast, 2011, uncertainties, while the fiscal tightening needed to cope with issues of size: the public accounts.Especially as the interest rate long-term risk of straining the economy recovers – Aurel is 4.2% at twelve months, against 3.3% in Europe today – a much higher cost of debt .

The dollar should, according to the Bureau of analysis, continue to strengthen against major currencies after signs of improvement in the U.S. economy. "Now the dollar is now several months since an indicator of risk aversion," said Christian Parisot, adding that when the dollar appreciates, the fear of risk is increasing and the stock markets are penalized.According to Aurel BCG, the dollar should rise further, to the "pivot area" of 1.4625 dollars per euro, "and why not climb to 1.35 in six months," Alexander Legrodoff omen.

Regarding gold, Aurel anticipates a "zone of turbulence", after an explosive year 2009 when the yellow metal has chained record after record, with a zenith at 1210 dollars an ounce hit in early December. "Considering past trends and technical indicators, the gold price is expected to contract 25 to 30% off at $ 1,000, or return the $ 925 threshold in the coming weeks," Alexander the Drogoff supports.

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The consumption of manufactured goods rose more households in November. After a 1% increase in October, the index has shown quasi-stable -0, 1%, according to figures from INSEE.

This figure was supported, as in previous months, by buying cars in significant increase of 4.2% in line with the trend observed since August. "The household benefit last months of premium breaks down before his scheduled first next January, said Insee.

In contrast, spending on equipment housing slows markedly, to 0.2%, against 2.1% in October. "If they keep their spending in electrical and electronic households have reduced their spending on furniture," said INSEE.

The week's floating balances authorized in November did not save the textiles and leather. Purchases fell 1.8% in November, two months after dynamic (+2.4% in October and 3% in September).

In 2009, INSEE expects a limited increase in consumption of 0.7%, after 0.9% in 2008. Consumption is the traditional engine of French growth and growing at a rate of 2 to 2.5% until 2007.

After hesitating, the CAC 40 fell in early afternoon after falling from the perspective of the debt of Spain. The flagship index of the Paris Stock Exchange closed down 0.74% at 3757 points, erasing some of its losses in the wake of Wall Street, which came in the green for a surprise cut stocks U.S. crude oil.

After degradation, yesterday, by the Fitch rating of the debt of Greece, the rating agency Standard and Poor's said Wednesday it lowered the outlook for Spain to "negative" cons "stable "Now his notes from" AA + ". S & P expects "GDP growth significantly lower fiscal deficits and persistent" for Spain.For 2010, the Spanish government expects the public deficit represented 8.1% of GDP.

The sharp downward revision of Japan's growth in the third quarter (+1.2% to +0.3%) also urges caution.

In the United States, the U.S. Treasury announced the extension until October 2010 bailout of banks (TARP), a budget line of $ 700 billion, passed in October 2008, which was also used to bail out the auto industry .

Summary of values

On the Cac 40, only five values are displayed in green. Unibail rose 0.99%, 0.30% EDF, Bouygues of 0.18%, Air Liquide of 0.10% and Suez Environment of 0.03%.EDF announced on Wednesday that it will participate in a tender for the construction of several nuclear reactors in Abu Dhabi, via a consortium with GDF Suez (+0.55%) which held the reins.

Alcatel-Lucent, Lagardere, Vallourec and Peugeot yield more than 2%. Axa closes walking and cowardly 3.98%. The meeting is also painful for ADP, down 3%. In a statement released Wednesday, ADP has lowered its performance outlook for 2010, now expecting to achieve an EBITDA of between 850 and 880 million euros, while the previously anticipated between 900 and 960 million .

EADS yields 1.02%. According to Les Echos, the group may be removed from the Galileo project for the benefit of HBO. This has indeed been selected for a first batch of 8 satellites in the 22 remaining building. For other lots, the European group will agree to make sacrifices.

Areva lost 4.44%.Its president, Yves Martin, will be at 11.30, a hearing on the international strategy of the nuclear group to the Foreign Affairs Committee of the National Assembly.

Mercialys fell by 2.73%. The group will enjoy the next change of SBF. The company created by casino will integrate the SBF 120 index after the close of the meeting of December 18.

Derichebourg gaining 3%. The group noted, under the 2008-2009 fiscal year with a current operating loss of 5.4 million. The second half ended September 30, earnings reached 25.2 million for a turnover down 43% to 2.4 billion euros.

Compagnie des Alpes (-0.66%) said Wednesday it had acquired 90% of the company operating the ski resort of Les Deux Alpes.46 million euros have been disbursed for this operation, conducted by a consortium of Compagnie des Alpes has 60%, Caisse des Depots 19%, the Banque Populaire des Alpes 12.6%, and Caisse d'Epargne Rhône Alpes 8.4%.

Restructure its debt and enter the stock market with a dual listing in Hong Kong and Paris. This was the program of Russian Rusal, the world's largest producer of aluminum this year. The first step has been completed on time.

Prior to renegotiation, the group's debt amounted to 16.8 billion dollars (for a 2008 turnover of 15.7 billion dollars). It was reduced to 14.9 billion dollars. The group has completed one of its primary goals: reduce cost.

In detail, the 7.4 billion driven by international creditors (including large French banks) will be settled in two stages. The first four years, Rusal make principal repayments on the basis of its available cash. Interest will be paid partly in cash and the balance will be funded.

Then, the remaining debt will be refinanced for an additional period of three years. A similar agreement was reached with the creditors of the Russian group, which are 2.1 billion of debt, the new rate of 8-9%.

A value of 30 billion dollars

RUSAL also signed an agreement with Onexim – a leading Russian investment fund – the creditor group to the tune of 2.7 billion. The fund has agreed to convert $ 1.82 billion in a 6% shareholding in Rusal. This therefore values the company at 30.3 billion dollars.

Finally, net debt, estimated at 5 billion by counting the future interest will be subject to periodic payments by the fourth quarter 2013. The group has already indicated that some funds raised on financial markets would be used to repay debt.About 5 billion would be spent.

Oleg Deripaska, Rusal CEO and principal shareholder, welcomed "a project of such size and complexity without precedent." It remains now to get the stock exchange's business under pain of seeing nationalized. And even the Russian state does not acquire a significant share of its capital.

However, the IPO of Rusal is far from being a plain sailing. The group plans to make its debut on the coast of Hong Kong before the end of the year. A calendar that may be difficult to hold. In 2007, Rusal was considered a listing in London before giving it up.

On November 16th is the day J. To this date will begin a public inquiry into the grand scheme of Norbert Dentressangle in Sabran, in the Gard. The motor carrier has build a strong photovoltaic power of 11.5 MWp (megawatt peak), enough to power a city of 3 000. If the case succeeds, Sabran, with 1 600 inhabitants, is one of the few French villages to produce more green energy than it consumes electricity. This is a winery on 70 acres that the photovoltaic plant Financial Norbert Dentressangle, through its subsidiary Norbert Dentressangle Sustainable Development (N3D) will install its solar farm. "It would occupy about 26 hectares," explains Jean-Louis Savoye, chief investment officer for Financial Norbert Dentressangle.

Investment is expected to be approximately 45 million euros.However, the carrier gave no timetable. Prudence understandable because farmers in the south of France, are opposed to the erection of wind turbines or solar panels on cropland. "We do not seek this type of land, warns Jean-Louis Savoye. These are homeowners who have contacted us because they wanted to sell and stop their activity. "We can not always support an activity that is not viable, says the mayor of Arles, Jean-Marc Jorda.Furthermore, we negotiated with Dentressangle it undertakes to restore the land under cultivation on the day he would quit his electrical activity.

Business tax preserved

Another precaution taken by the City Council: "We negotiated in case of removing the business tax without compensation to the State, Norbert Dentressangle pay the equivalent of the amount to the town, 150 000," says Jean – Marc Jordan. This represents approximately 10% of the municipal budget.

After the construction of a roof made of solar panels on one of its warehouses in Lyon, and filing a case under public inquiry into the common Bessan in Hérault (10 acres of solar panels approximately 15 million euro investment), this solar farm project in the Gard is the largest so far devised by N3D."We will work on this activity as an investor in the long term, and also have a social and ecological footprint responsibly as possible", says one in Norbert Dentressangle. In Sabran Photovoltaic Park is located on an elevated plateau natural and should therefore have a limited visual impact, or "nonexistent," according to Jean-Marc Jorda.

It's almost a turn on the wing for Air France. In its medium-haul flights, the airline plans to reduce ticket prices. In return, benefits (such as seat selection or meal on board) currently included in the fare paid and would become available to the card. Such a formula is in fact the companies that used by low-cost airline Ryanair and easyJet (see below). For Air France and for British Airways or Lufthansa, the conclusion is the same: after a thrill-back this summer, the traffic looks bleak this fall. "Summer is traditionally a good period for our business, explains a part of Air France.The key event was the start of September and the results are clearly wrong. "Lowered activity in the three European competitors is for the success of low-cost companies, but also in France, competition from the TGV.

For Air France, British Airways and Lufthansa, the evils are the same: the number of passengers falling and business is back on economy class. This causes a drop in revenue and profit lines. British Airways is the most mistreated because she is very exposed to the Atlantic. The company recorded a 7.9% decrease in the number of premium passengers in September. In turn, the economy class traffic was up 0.7%. British Airways has reached an operating loss of 94 million pounds in the first quarter of fiscal year 2009-2010.To redress the balance, the company has begun downsizing.

At Air France-KLM, income (per seat per kilometer) fell 8.1% in the first quarter of 2009 in economy class and 18.2% in business class. In the first quarter of fiscal 2009-2010, the Franco-Dutch company had a net loss of 426 million euros. For now, analysts expect 850 million loss this year. To pass the turbulence, Air France can rely on its network in Africa, Oceania and the Caribbean. "He who holds the company," said an officer.

Freeze

Lufthansa seems to suffer far less from the crisis. It was at the German company that signs of recovery have been the most tangible this summer with an activity greater than that of the 2008 season.The group relies on a greater presence in Asia and a business alliance – Star Alliance – more comprehensive than SkyTeam (which includes Air France-KLM).

To restart, Air France is therefore preparing the revision of the tender medium-mail. It has also launched its new premium class traveler. Objective: To bring the business to the front of the camera. The company also announced in September a plan for voluntary departures than 1 500 people. The news relieved the unions who feared a major plan. Reportedly, in 2007, an audit at the Boston Consulting Group (BCG) have advocated the abolition of 30% of posts in support functions, that is to say earth, about 10 000 people. "All our social model is based on economic growth, explains a part of Air France. We have 4% growth to begin to reduce our unit costs.This crisis calls into question our development model. "Meanwhile, Lufthansa has frozen hiring since mid-2008, introduced part-time for 3 500 employees. These plans assume a swift economic recovery. So, in France as in Germany, employees are afraid of social plans more consistent if the passengers were slow to return.

"On board the A380 Air France