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The signing took place in presence of Nicolas Sarkozy and Russian President Dmitry Medvedev. Saturday in St. Petersburg, Russian promoter Hermitage is committed by a Memorandum of Understanding with the EPAD to build by early 2016 two towers of 91 floors of a new kind of defense. Today, the skyscraper highest in the business district tu 220 m The twin towers designed by architect Norman Foster-star will climb to 323 m, "a meter below the Eiffel Tower to avoid offending local sensitivities," says Emin Iskenderov, CEO of Hermitage. Importantly, this will be the first high-rise (high rise buildings) mixed in France combining housing, offices and shops.With the key equipment in unprecedented tours: a theater of 1,300 seats, a contemporary art gallery, a five star hotel, restaurants, swimming pools, a student residence …

As for the apartments have a spectacular view of Paris, they will be positioned in the niche market of luxury with a price of 12,000 euros per square meter. A challenge for Defence is not today a prestigious address for individuals and Parisians are not rushing to live in towers.

Introduced in March 2009, the Hermitage Plaza project has also met with some suspicion among the French real estate professionals. First, because this promoter Russia has never built a tower in France. Then because it is a huge operation to two billion euros.

Buildings slated for demolition

But since then, Hermitage has provided some safeguards.Including funding. "We have already invested $ 150 million, Emin Iskenderov details. And in all, we will bring 250 to 280 million euros in equity. Furthermore, we are in advanced discussions with a pool of European banks to grant us a credit line of 700 million. And the marketing of our area we will bring the remaining one billion euros. "According to our information, Hermitage is also negotiating with the Four Seasons hotel group to host one of its locations in the towers. On the marketing of 540 apartments, Emin Iskenderov was also very confident: "I have already received 3,200 letters of prospects who want to buy from us."

Another thorny issue: the relocation of 250 families who lived in the buildings slated for demolition to build the towers Plaza. For now, Hermitage has found a solution for 235 to 250.That leaves five families to relocate in the year. A task is not insurmountable. But there is still a few steps before this project happen. In late July, demand for building permits will be filed. It should be granted in early 2011. And work should start right away. With delivery scheduled for late 2015-early 2016.

Demoralized. Wall Street erased its gains after a timid opening up (+0.16%). Around 4:40 p.m., the Dow Jones lost 0.75% to 10,339 points, the Nasdaq was down 0.75% to 2291 points while the S & P anbandonne 0.71% to 1107 points.

The markets were disappointed by the number of entries in the weekly unemployment rose in the United States during the week to June 12, at 472 000 460 000 cons last week, according to the Labor Department. Economists on average had 450 000 registered unemployed. The entries of the week to June 5 were also revised up from an initial estimate of 456,000.

In addition, consumer prices have suffered their worst fall in May last year and a half under the blow of sharp decline in energy costs. The index of consumer prices adjusted for seasonal variations show a decline of 0.2%, the biggest drop since December 2008.Economists and analysts were predicting a similar decline after a decline of 0.1% in April.

Still on macroeconomic statistics, the current account deficit widened in the first quarter to 109 billion dollars, or 3% of GDP, compared to fourth quarter 2009. This is his third consecutive quarterly increase since the low of $ 84.4 billion in the second quarter of 2009, when the international commercial exchange had significantly contracted due to recession.

In addition, two indicators sow confusion in the minds. The condition index of industrial activity in the Philadelphia Federal Reserve came out much lower than expected in June and called for a fragile economic recovery in the United States. The index came in at 8 in June as against 20.9 expected and 21.4 in MayThe employment component falling in the negative, at -1.5 against 3.2 in May, the lowest since November 2009.

For its part, the U.S. index of leading indicators registered a record high in May, according to the Conference Board, suggesting that the recovery of the U.S. economy will continue. The index rose 0.4% to 109.9, after having stagnated in April instant payday loan. Economists projected an increase of 0.5%.The index should continue to increase but more modestly in the coming months due to an unemployment rate still important.

Pending Brussels

The market is also attentive to the summit of European leaders in Brussels today in which they intend to tighten fiscal discipline and laying the groundwork for an economic government to reassure the markets remain concerned about the euro area and in particular the situation Spain.After Greece, Ireland and Portugal, the markets are worried because of the financial health of the country and its capacity for economic recovery after an austerity plan, despite the undertaking of structural reforms on the market work in the banking sector.

On the foreign exchange market, the euro gave ground in the morning against the greenback, passing under $ 1.23, reflecting a renewed concern.

AOL supervised

On the side of values, according to several American media, the internet group AOL (-0.22% to 22.23 dollars) is about to give the social network Bebo to an investment fund, Criterion Capital Partners, a small fraction of the price he had paid to take it two years ago.

Always on the side of values, FedEx (+0.20% to 78.23 dollars) Wednesday reported a quarterly profit slightly above expectations.

Also note Apple (1.31% to 270.75 U.S. dollars) which said it had registered more than 600,000 bookings for the new version of the iPhone during the first day of marketing.

JM Smucker (6.29% to 61.38 dollars), a group specializing in food, has reported a turnover of 1.07 billion dollars for its fourth fiscal quarter and a Earnings per share (EPS) of $ 1.07 before exceptional items.

Pier 1 Imports (5.24% to 8.44 dollars) a manufacturer of furniture, for its part, reported an unexpected profit adjusted under its first fiscal quarter in favor of improving its sales business on a comparable basis and its margins.

Thursday at the conference NPA-Le Figaro, Stéphane Richard, CEO of France Telecom, has not minced his words. "We're not a patron. On The World, we take a look industrial. "What interests telecom operator, is essentially The World Interactive, the joint venture group Le Monde and Lagardere. Orange would bring his digital expertise. The objective is to achieve the same "marriage" of advertising agencies news sites. Stéphane Richard praised the merits of a merger between Orangeactu and Lemonde.fr, respectively second and third information sites in France. However, the advertising of the World Interactive, called iRégie.com is a subsidiary of World Economy Advertising, itself owned 51% by Le Monde, against 49% of Publicis.

"To play a marginal role"

Problem.If Orange wants to play a role in Le Monde Interactive and its governance, it will have to redeem the minority shares of two words: Lagardère and Publicis. But Lagardere has made it clear he was not a seller 's best payday advance. So, to achieve his ends, Orange must accept an interest in the whole group Le Monde newspaper and the Web. Orange is ready "if necessary, to play a marginal role in the round table" investing "nearly 40 million" on the side of takeover candidates, whoever they are.

The last candidate to have filed a date préoffre is the group Le Nouvel Observateur. His boss, Claude Perdriel, would invest 80 million euros alongside a partner. In front, he will find the offer of the trio Pigasse-Niel-Bergé.All this agitation on the part of candidates has been at the center of the ordinary and extraordinary general meeting of the Society of Editors of the World (MRS) held in the afternoon on Thursday. The next meeting should be convened on June 25, time to get a clearer picture on the submission of applications.

Time is running out, because the world must find the money before July 15. Otherwise, it may be insolvent.

More rigor. The message sent by the rating agency Fitch to the new British government is clear: "the magnitude of the fiscal challenge is formidable United Kingdom and justifies a strong austerity plan in the medium term." For, if London enjoys a triple-A thanks to its economy "diverse and flexible, its deficit is growing at a pace well above that of other countries enjoying the same note, the agency warns. It reached 11.1% of gross domestic product (GDP).

"The existing plans are not ambitious enough," Judge Fitch, who still welcomes the willingness of the new Liberal-Conservative coalition to act very quickly. Even in London announced new austerity measures amounting to 0.4% of GDP in the form of budget cuts.

Under a new emergency budget to be presented June 22, the government should adopt targets for reducing the deficit more ambitious, Fitch recommends. The new conservative prime minister has already promised gold and years of "suffering" the British people.

"While other European countries are strengthening their plans and rigor that markets are concerned about the sovereign risk in developed countries, the size of the UK deficit is currently estimated for 2011 and failure to return to the 3% deficit the next five years are worrisome, "Fitch alarmed.

The retirement of Jean-Louis Beffa has lasted twenty-four hours. The historical pattern of Saint-Gobain – who left Thursday's general meeting president's cap with his dauphin Pierre-Andre de Chalendar – yesterday signed a contract "senior advisor" at Lazard.

As such, Jean-Louis Beffa will in particular industrial experience and knowledge of international markets, including emerging markets, where her counterparts at the head of companies are increasingly likely to want to make mergers and acquisitions .

Change jobs – even if only for one quarter of his time – has clearly seduced Jean-Louis Beffa, however, familiar with the bank to have attended countless presentations in twenty years at Saint-Gobain , much of which led him to make acquisitions pay day loan lenders.

During this period, also primarily by Lazard and BNP Paribas that it was supported. For Lazard, the appointment of a senior advisor of the profile is rather rare. According to the CEO of Lazard France, Bruno Roger, it comes as the bank just full advantage of the success of his model, and its strong presence abroad.

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Brussels puts its nose in one of the most sensational divorces industrial center stage in Europe: Barroso Commission on Wednesday announced the launch of an accelerated procedure against the French Areva and German Siemens for infringement of competition law. This decision confirms the information published as early as Tuesday evening by Le Figaro.

In this case, it is the folder Areva NP, the ex-Framatome, owned 35% by Siemens and 65% by Areva. The German group announced in early 2008 its decision to exit the venture, after several years of fruitful cooperation.

Areva has taken note of this decision but said that Siemens was unable to compete with it for several years because of an agreement signed between both parties. And it is this clause that Siemens is trying to quash the Commission.A clause also crucial for the French group that tries to turn the cash in order to lower the purchase price of 35%.

Addressing what looks like a cartel, while the separation between the two European giants of nuclear consumed is therefore paradoxical only in appearance. Siemens, unable to compete with its former French partner by one of the clauses of the marriage contract of 2001, seeks in effect to part of a last thread to the leg. Moreover, the German group discreetly that he looks forward to the debut of the Commission.

The shareholders agreement signed in honeymoon Franco-German, January 30, 2001, has never been made public.The clause that is now the competition commissioner, Joaquin Almunia, evoked precisely the scenario of a separation for at least eight years after the divorce, it prohibits Siemens rival Areva to come on the market for nuclear reactors, according to one of the parties in conflict.

Partnership with Rosatom

The decision by Joaquin Almunia opens investigation against "violations" of sections 101 and 102 of the Treaty of Lisbon by Areva SA, Siemens AG and their subsidiary Areva NP. The procedure "does not mean that there are strict proof" of infringement of competition law, but simply that the case will be handled on a priority basis, according to the draft obtained by Le Figaro.

The non-competition, held by Areva and Siemens today denounced, no objection was raised in 2001 during the passage of the shareholders before the European authorities.Has it been so deliberately ignored? Or added a posteriori? In any case, it returns to haunt the two partners.

And because it prohibits the German group to realize its nuclear partnership with the Russian company Rosatom. Siemens announced March 3 – with the blessing of Vladimir Putin – the signing of a Memorandum of Understanding for a joint venture with the public group. It is developing the technology Russian pressurized water reactors. This alliance has created a noisy side reaction of Areva, which has denounced "a unilateral breach of contractual obligations" by the German group.

Beyond the bitterness born of a failed marriage, is a cut-throat competition looming on one of the most lucrative markets for decades to come: that of civilian nuclear reactors, each of the two firms in tens of units.Unless he can get Brussels to outright cancellation of the disputed clause, Siemens would like to see at least his initial handicap reduced by several years.

That complex is more of a rebound near. While Siemens sentence actually formalized its alliance with Rosatom – the German press has recently indicated that there would be no breakthrough until 2011 – and rumors have circulated about a possible return behind the German group. So a partnership with Areva reactivated.But recent developments in Brussels show that this scheme will be hard to reappear.

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More than 2 billion euros

How is the participation of Siemens in Areva NP? Estimates are circulating that the French group will put on the table between two billion and 2.5 billion euros. To agree on the amount of the transaction, both groups have appointed an independent expert. No timetable has been set officially, but the findings should be made before the end of 2010. Meanwhile, Areva has singularly need to restore its financial leeway.

For the period 2008-2012, Miss nuclear group has estimated its investment needs about 6.5 billion euros.While a capital increase is planned – up to 15%, through three foreign partners – but the government delayed giving the green light.

The Paris market is still showing caution, but returns in the green after losing more than 5% on only two days Monday and Tuesday. At mid-session, the index feature of the Paris Bourse is 1.03% at 3826 points.

Even more measured but still trend elsewhere in Europe. At the London Stock Exchange, the FTSE-100 gained 0.39% to 5608.13 points. At the Frankfurt stock exchange, the DAX 30 0.21% advance to 6097.14 points.

The Athens Stock Exchange, somewhat protected by the ban on short selling by the Constable of the Exchange, wins it, at 1800.37 up 5.45% points on Thursday at midday, buoyed by the hope of an early agreement on the payment of a substantial international assistance.

Greece, Portugal and Spain. Southeastern Europe continued to frighten the markets Wednesday. The Spanish saw its debt rating one notch worse, with a negative outlook.But a lull stands today, while the European leader and the IMF have sought yesterday to reassure markets.

Between degradation rate and retention Note

During a joint press conference yesterday, Jean-Claude Trichet, president of the European Central Bank, and Dominique Strauss-Kahn, director of the International Monetary Fund, have called on Germany to take an expeditious decision on aid Greece. Both men say they are confident. German Chancellor Angela Merkel it seems, heard the message, since it has declared its intention to activate "as quickly as possible" aid plan.

On the macroeconomic front, a decision came from the United States has reassured Wall Street and in its wake, the European stock.The Fed has indeed confirmed keep interest rates low for "a prolonged period, despite a rapid recovery of the economy.

After two sessions of sharp declines, the bank stocks are returning to earnings. In Paris, BNP Paribas gained 1.29% to 51.64 euros, Dexia advance of 0.78% to 4.132 euros and Societe Generale was up 0.07% to 40.940 euros. In contrast, Credit Agricole, which said Wednesday night that its exposure to sovereign risk in Greece amounted to EUR 850 million, lost 0.32% this morning at 11.02 euros, before returning + 0, 5% to 11 105 euros at midday.

CAC 40: Pernod-Ricard in mind, PPR red lantern

Among the values that have posted Wednesday, PPR has returned to growth in the first quarter after five consecutive quarters of downturn, and said Tuesday, predicting a further acceleration in sales during the year.However, PPR shares fell sharply, from 3.03% to 100.80 euros, the biggest drop in the CAC 40.

Thursday is the many publications of quarterly results, on both sides of the Atlantic to Paris, ArcelorMittal (-0.77% to 30.760 euros) reported a net profit decline of 36.6 % in the first quarter 2010 over fourth quarter 2009.

France Telecom (1.13% to 16.520 euros) issued a turnover down 2% in the first quarter of 2010, in line with market expectations.

The result of Sanofi-Aventis (down 0.25% to 51.75 euros) rose 9.7% to 2.4 billion euros in first quarter 2010 against a consensus of 2.28 billion euros.

Bull (4.36% to 3.35 euros) saw its sales boosted by the acquisition of Amesys, a company specializing in security systems: its turnover grew by 9.4% against 0.6 % off-Amesys.

Pernod Ricard has announced an increase of 14% of its turnover for the third quarter of 2010 of its fiscal year 2009-2010 to offset 1.5 billion euros. Pernod Ricard shares climbed 4.40% to 65.76 euros, the CAC 40 rising high.

The results of Vivendi (1.21% to 19.680 euros), AXA (-0.26% to 15.105 euros), Bouygues (2.07% to 37.425 euros), Areva (-1.32% to 375 euros) or Michelin (-0.06% to 52.47 euros) are also expected.

Renault (-0.37% to 34.620 euros) has announced the acquisition of interests between the group, its Japanese partner Nissan and Germany's Daimler had been made Wednesday. The three groups have formalized their alliance in early April for three to share technologies and reduce costs.

The U.S. unemployment statistics in the heart of the day

On the macroeconomic front, the day will, however, less responsible.By midmorning, the German Federal Labour Office has reported a decline of 68,000 in the number of jobseekers in seasonally adjusted data, to 3.285 million, while economists were expecting an average decline of 10,000. Around 14:30, the investors will also monitor the weekly claims for unemployment benefits in the United States, and economic confidence in April in the euro area.

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Should he do so without saying? The government raises the question about raising the legal age of retirement. Introduced in 1983, the possibility of a pension at age 60 is an "acquired" intangible to the unions – will undoubtedly touch inflate the number of events already planned. But the past work of the Board of Retirement Guidance (NRC) also show that this solution would be financially much more efficient in the short and medium term of a longer contribution period, this second option had significant effects that 'from 2020 at best.

Therefore, the temptation is great to work around the problem: give everyone the opportunity to leave at 60 if he wishes, but to dissuade the maximum. For this, the pension of a person choosing to leave "early" (before 62 or 63 years, for example) could be amputated, even if it has "all quarters."The track appeared there more than a month in the NRC documents, referring to examples of U.S., Japanese and German. It went almost unnoticed, except in the eyes of government officials who are working on pensions.

"The executive Ponder on it," admits one of the main actors of the file. "It's part of the range of possibilities," says a corporate source, emphasizing that nothing is decided. "I was cooking around that idea," says a union leader. Who speaks the same orders of magnitude, "a discount of 1.25% per quarter or 2.5% below the target age.In other words, for the same number of quarters validated, the person who would liquidate his pension at age 60 would incur a penalty of 10% to 20% compared to that which would prolong his career until age 62 – if the government set the example age as a goal.

A more complicated

The assumption is even less absurd than 22% maximum discount is already applied in France, supplementary pensions (Agirc-Arrco) for private sector employees who retire before age 65. The retiree does not realize, because a fund compensates this difference.

But the existence of this fund, called AGFF, is up to the renewal of a regular union-management agreement.The agreement expires at the end of this year and will be renegotiated just after the reform of pensions.

Advantage of the option: it offers hope of union protests limited, maintaining the symbolic age 60 years. Disadvantage: it would make a bit more complicated than a pension system that is already fairly. And above all, "everyone knows that it is the workers rather than managers, who tend to stop working when they have the right, a government source analysis. The risk is they leave with even lower pensions. The government plans to publish a first draft of its reform from mid-May

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And three! The number of declarations of non-temporary employment of more than one month has increased over the first three months of 2010, for the third consecutive quarter, to just over 4.8 million, according to the latest Figures released by ACOSS, the federation of URSSAF. The increase was 3.5% at the beginning of the year (after an increase of 2.3% and 2.6% in the previous two quarters), bringing to 8.2% growth over one year. By including more contracts of less than one month, the total number of non-temporary hiring intentions even grew by 4.1% in first quarter 2010 and 9.6% over one year. And IDUs benefit (up 6.1% in the first quarter).

Western dynamic

The recovery is generally whatever the size of the company.But it is more significant for companies with more than 20 employees where the quarterly growth 5.3% (4.4% and only on the intentions of more than one month). It is also significant in all major sectors of activity. For the first time since the third quarter of 2008 and the outbreak of the crisis, both the industry, construction and services are in green. Hiring intentions are and remain "supported" in the industry (up 3.5% over three months) and were once again positive in the construction (0.5%) after fifteen months of declines.As the tertiary sector, the increase in hiring intentions continued (at a rate of 4% in the first quarter) everywhere, "except acyclic sectors", says ACOSS, either in the public administration, human health, welfare and education "which have continued to hire during the economic crisis.

The upturn in hiring intentions is also felt on the whole territory, except in the regions of Basse-Normandie (down 2.1%), Champagne-Ardenne (- 2.4%), Reunion (- 3 , 1%) and Guyana (- 6%). But also in Poitou-Charentes, Corsica Franche-Comte and where they stagnate. In one year, the West of France is the most dynamic area.

The files stolen by Herve Falciani the Swiss subsidiary of HSBC bank, and who found themselves in the hands of justice and the French tax authorities have been decrypted. A total of 172,000 accounts have been identified, held by 79,000 people, including 8,231 French. The prosecutor of Nice, Eric de Montgolfier, announced Tuesday evening.

It is well beyond what had been said, on March 11 last, the CEO of HSBC Private Bank, Alexander Zeller. The theft "committed by an employee of the department about three years ago, could affect some 15,000 customers," he declared at a news conference.Regarding the French, it is also far escaped the 3000 tax raised by Eric Woerth, budget minister last summer.

Return a long history

The French court before January 20, 2009 at the home of French Herve Falciani encrypted computer files containing a list of accounts held by customers of HSBC. The search was conducted as part of a request by Swiss judicial authorities, suspecting the employee of misappropriation of confidential data between 2006 and 2007.

But before passing to the Swiss – after a standoff of several months – French investigators have analyzed the content of these seizures, which have proved of great interest for justice and the French tax authorities.Prosecutors in Nice opened an investigation for money laundering and tax administration has used the data to identify suspected fraudsters cash advance to savings account.

The Battle of France

Shareholders who were illegally will pay for it keeps those who do not. Of the 6 billion euros of capital identified in the accounts in Switzerland, 700 million penalty in 2010 will be released. And 700 million euros will be refunded to taxpayers whose tax exceeds 50% of revenues.

In Italy, the method was different. Silvio Berlusconi has been voted an amnesty which showed 95 billion euros of capital and reported $ 6 billion in the Italian Treasury.

But the amnesty is not on the agenda in France. "Because the amnesty called fraud until the next amnesty," said Eric Woerth.

Italy on the alert

"Prosecutors in Turin we sent a request for mutual legal enforcement. He asked to get copies of the data we have captured, "said Eric de Montgolfier. According to the prosecutor, the Italian justice has opened an investigation for tax evasion.

The decoding of stolen files revealed the names of 7,094 Italians.

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