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After a session in the green Thursday, the New York Stock Exchange began the last day of the week to balance. In early trade on Friday, the Dow Jones was down 0.06% at 12,685 points, the Nasdaq lost 0.32% to 2854 points and the S & P coward 0.11% to 1347 points.

The tensions are still very vivid in the markets for raw materials and oil. The U.S. House of Representatives Thursday passed a bill to increase oil production in the United States to respond to soaring gasoline prices, despite opposition from the Obama administration to new drilling Wed For its part, China has announced to suspend its exports of diesel and severely restrict its exports of refined products to ensure adequate domestic supply and fight against inflation in fuel prices.Oil prices were higher Friday at the opening in New York, supported by a slight decline in the dollar in a market which is marked by volatility recorded this semaine.Vers 1:20 p.m. GMT, on the New York Mercantile Exchange (Nymex) a barrel of light sweet crude for June delivery traded at 99.32 dollars, up 35 cents from the veille.Il still traded above $ 100 just before the opening.

On the foreign exchange market, the euro regained some ground against the dollar on Thursday. About 11:00 am in Paris, the European single currency was worth 1.4316 dollars, against 1.4244 dollars on Thursday night. Yesterday, she had fallen in session at 1.4124 dollars, its lowest level since April 1.

Consumer confidence rises

United States, markets were reassured by inflation contained.The consumer prices in the U.S. rose as expected by 0.4% in April compared to March because of rising food prices and gasoline, according to statistics released Friday by the Labor Department.

Moreover, consumer sentiment recorded a rise to 72.4 in May unexpected vision against 69.8 in April, the index of the University of Michigan. Analysts were waiting to 70.

Yahoo! penalized

The side of values, the Nasdaq Composite is sealed by the fall of Title Yahoo (-5.18% to 16.28 dollars) after the Internet portal said Alibaba Group has reorganized the capital structure of Alipay, one of the leading online payment systems in China, without being notified when it is a shareholder of Alipay.

The earthquake in Japan, which has disrupted production car in the Japanese archipelago, has claimed its place as world number one sector to Toyota, doubled in the first quarter and probably for the year by the American General Motors ( 0.06% to 31.44 dollars) and Germany's Volkswagen. Toyota sold 1.79 million vehicles worldwide between January and March, down 12% year on year.Meanwhile, GM sold 2.22 million cars, and returning, at least for this quarter, the world number one spot he had sold to Toyota in 2008.

For his part, Nvidia (-6.65% to U.S. $ 19.14) reported after the close of Wall Street, for the first quarter of 2011 from a profit down 0.2% to 135 million. The gross margin was 50.4%, a record level. Sales reached $ 962 million against 948 million and 1 billion expected a year ago.For specialists Aurel BGC, "the group is clearly affected by the downturn in PC sales and growth opportunities on the shelf is far from certain … For the current quarter, the Group expects a growth of 4 to 6% of its sales. "

SunPower (-0.89% to 21.19 dollars) achieved during the first quarter 2011 revenues of $ 451 million against 347 million last year and a loss of $ 0.02 per share against a BPA from $ 0.13 a year earlier. For the current quarter, SunPower expects a turnover of 500 to 550 million.

CA Inc. (-8.86% to 22.84 dollars), formerly Computer Associates International) in the fourth quarter of financial year 2010/2011 a turnover of 1.13 billion dollars against 1.17 billion expected and earnings per share of $ 0.48 against $ 0.5 expected.About its prospects, the group expects a growth in turnover of 6% to 8% at constant exchange rates for the year 2011/2012, and GAAP EPS in the range of 1.79 to 1.86 dollar. In addition, the Board of Directors approved a quarterly dividend of 0.05 dollars per share and a stock repurchase plan of $ 500 million. Last night, losing the title

Nordstrom (-1.64% to 48.37 dollars) for the first quarter sales of 2.32 billion dollars, in line with expectations, and earnings per share of $ 0.65 against $ 0.67 and expected $ 0.52 last year. The board of directors also voted a share repurchase plan of $ 750 million.

The wave of mergers and acquisitions continues. Yum! Brands (+0.28% to 54.88 dollars) has announced the launch of a tender on the Asian restaurant chain Little Sheep at a price of 6.50 Hong Kong dollars per share.

For the second consecutive year, neither the first nor May 8 to do the bridge in 2011! Labor Day and the commemoration of the armistice of 1945 had fallen on Saturdays last year and this time it's a Sunday.

The timing, thus depriving the French of long weekends or days off, he is at least good for growth? "Sure, in theory, the more days worked, the more activity, purchases, consumption, etc.. There is an effect on the raw data, "said Vladimir Passeron, Division Chief of the quarterly to the INSEE. In fact, France will work more during the month of May, which did not include bank holiday week, the production system will run more than a year so classic.

But it will not be visible in the figures for second quarter growth to be published this summer.Because the National Institute of Statistics and Economic Studies anticipates and smooth the data "in the discipline of working days" and structural effects, says the expert.

Three Saturdays worth a weekday

This correction is not performed when calculating annual growth. Therefore, the sum of the quarterly is not equivalent to the annual accounts! However, it should not be a macroeconomic impact on GDP 2011, relative to GDP 2010. Last year there were 254 days of the week (Monday-Friday) working, there will be only 253 this year. But if the May 1, 8 May 2011 and Christmas fall on a Sunday, the holiday fell on a Saturday in 2010. Gold worked three Saturdays "compensate" a weekday break, says a study by the INSEE.

The timetable "should not impact the annual growth between 2010 and 2011," concludes INSEE.At best, it would have a positive impact of 0.06 percentage point of GDP, at worst a negative point of 0.06. Only the thickness of the line!

Nevertheless, there are years when the holidays can impact less significant. "The growth differential can be up to 1 tenth of a point or more, is Nicolas Bouzou, economist at Asterès. We also know that the years with few working days result in distributional effects across sectors, to the detriment of the industry by example and benefit from tourism. "That will not happen this year.

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Half a million! At last count conducted in late January, the number of broken treaty approved by the Ministry of Labour was 498,675. After three months of existence, the success of these amicable separation, introduced in the Labour Code in August 2008 following an agreement between the social partners (with the exception of the CGT), does not therefore be denied. The slight decrease of 17% in January compared to December 2010 is identical to that recorded a year earlier. "There is no reason to worry, an adviser confirms Xavier Bertrand, Minister of Labour. We are always on a rise of the device, according to a seasonality similar to that of previous years. " Without knowing why, the number of breaks conventional effect fluctuates during the year, giving the impression of playing with a yo-yo over the months. But the trend remains upward.In one year, separation amicably approved by the administration – which now represent 11% of the grounds of breach of CDI – still up 11.5% in 2010 and the refusal rate has dropped 2 points, stabilize at 7% of applications received.

None of the unions signatory to the January 2008 agreement does not deny his actions today. "The break helped secure conventional separations concluded an agreement which were not legally framed," says Gabrielle Simon, of the CFTC. Many of them were in fact disguised as dismissal for failure to allow the imaginary future ex-employee to receive unemployment benefits. "The best proof of this need for security is the low number of current use of industrial tribunals," considers Lawrence Berger, the CFDT on line pay day loans.Another way to approach is the decrease of 5000 in three years the number of entries monthly employment center following a resignation, a ground breaking CDI are not eligible for unemployment insurance. At least in the early months.

Preretirement disguised

Only drawback: separation amicably seem to be used by companies as an early retirement financed by collective Unedic. According to recent statistics, one in five unemployed entering employment center after a break treaty has over 50 years. Doubling of their other reasons for listing. But the fifties unemployed are entitled to compensation for three years if they have paid 36 months. And therefore receive an allowance until their retirement if they are over 58 years of age, at which the number of breaks conventional wings. The impact on the accounts would Unedic however minimal."Unemployment insurance has always been considered a case of early retirement for some companies," Lawrence Berger shade.

Some windfalls are not excluded. "Some companies multiply small packets of broken treaty to avoid having to implement a social plan," denounces Stéphane Lardy, FOR, which therefore calls for more guidance on approval procedures by the administration.

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The sensational espionage case that shook Renault continued on Sunday to "deflate". One of the three security officials of the automotive group into custody-to-view this weekend, Dominique Gevrey, was referred Sunday to the Paris prosecutor, while a judicial inquiry was opened for "scam organized gang ", following the dismissal last January three group executives for espionage.

Dominique was in the wake Gevrey be presented to the examining magistrate for a possible indictment. "We will communicate about it in a comprehensive and complete after the floor, probably Monday," warned counsel for Renault. Two of the three leaders in custody to view this weekend, including the director of security and close to Carlos Ghosn, Remi Pagni, however, were released Sunday morning, without any charges being brought against them.

The two frameworks safety first taken into custody-to-view, and Marc Dominique Gevrey Tixador, both authors of the report which led to the dismissal of three employees, have so far refused to reveal the name of the informant the source of accusations of espionage. By the reckoning of Renault's lawyer Wednesday to a microphone Europe, the automotive group has made "in the order of 250,000 euros" in this anonymous informant, through an intermediary agent of a private intelligence to collect data that led to three dismissals.

Renault claims a "manipulation"

Renault claims not to know either the name of that source, and have asked the two security officials, "who are only to know, to deliver his name and address to the investigators," said Renault's lawyer.This same source who gave Renault numbers of three bank accounts which was based on the automotive group to accuse the three executives have coined strategic information on the program of Renault's electric vehicles.

However, investigators of the Central Directorate of Internal Intelligence (DCRI) claimed last week they had found "no evidence of bank accounts" on behalf of these employees, nor "any evidence of espionage." As a defense, Renault now evokes the idea of ​​a "manipulation". In an interview with Le Figaro, the number two carmaker, Patrick Pelata, said that if this hypothesis was confirmed, "Renault will be attentive to repair any injustice."He also designated himself as a scapegoat, saying the group will draw all the consequences of this case until the highest level of business is to say to me ".

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The Tokyo Stock Exchange closed up 0.61% Wednesday to close at 10,589.50 points in favor of an easing in the price of petroleum products in the wake of U.S. markets up last night. The Topix appreciated him, from 0.55% to 944.29 points.

Saudi Arabia has reassured the markets by saying it had 3.5 million barrels of oil available. Oil prices relaxed slightly Wednesday morning in electronic trading in Asia: a barrel of light sweet crude for April delivery fell below $ 105 at 104.63 dollars.That of Brent North Sea stood at 112.70 dollars.

In Japan, orders for capital goods in the private sector, excluding energy and shipbuilding, rose 4.2% in January compared to December, the government said Wednesday its second consecutive monthly increase.

Facing the Japanese currency, the dollar and the euro took a downward direction Wednesday during trading hours. The greenback stood Wednesday close of 82.90 yen around the European currency and a little over 115 yen.

China's debt to 59% of GDP?

In China, the trend is less optimistic. In Shanghai, about 7 hours, the CSI 300 fold from 0.08% to 3334.65 points.China announced Wednesday the expenditure of more than 1300 billion yuan (142 guaranteed high risk personal loans.5 billion euros) this year for low-cost housing, while housing prices are soaring, excluding large segments of the market population. Some 10 million apartments will be renovated or built this year for low-income households, told the press Qi Ji, vice minister of Housing, in conjunction with the annual session of China's parliament.

Surprising information from the Wall Street Journal: China's public debt rose from 17% to 59% of GDP if we include the debts of the provinces and enterprises. An unknown factor that limits the means of action in Beijing to contain inflation, the U.S. daily analysis.

In Hong Kong, the Hang Seng 0.61% to 23,855.85 wins points.The airline Cathay Pacific (4.15% to 18.92 Hong Kong dollars) will place orders for 27 new aircraft, with the European Airbus and Boeing.

Elsewhere in Asia / Pacific, the counters are quite red: the Indian BSE was down 0.31% to 18,382.88 points and the S & P from Sydney fell by 0.84% to 4767.80 points and the NZX NZ stumble from 0.20% to 3414.42 points, and the Singapore Straits Times down 0.36% at 3092.72 points.

How far will go the extravagant case of industrial espionage that poisons every day Renault? In the wake of testimony by Patrick Pelata has acknowledged for the first time in Le Figaro, "a number of elements lead us to doubt" and mentioned the idea of a "manipulation" before turning his position as Chief Operating Officer on the spot, the reactions have little overdue. They have mostly endorsed what looks like a sacrifice programmed. Friday morning, Christine Lagarde has considered the No. 2 company "had the dignity to indicate that he might be mistaken, and that if it was proved he was mistaken, he would draw all the consequences. ""I think it's worthy" by Patrick Pelata, said Minister of Economy in claiming that "we arrive at the truth, it gets there quickly, if the suspicions were unfounded, justice, confidence is restored and compensation is paid. "

In the same vein, his counterpart for Industry, Eric Besson, has confirmed that management problems are posed "if it is the manipulation hypothesis, which dominates in the end." Before adding: "I also noted that Mr. Pelata, very dignified and quite logically, has already warned that he would draw the conclusions for himself." Finally, the Elysee does not hide his irritation."This case, bad for the image of the company, not the show great professionalism," has dealt a collaborator of Nicolas Sarkozy.

• The direction of the group's safety should she not slipped by using methods of spooks?

The internal investigation, legal "point of French law", as claimed by Patrick Pelata, was conducted by a team composed of fairly baroque Remi Loincloth, formerly of the DGSE, Marc Tixador, the former PJ Versailles, and Dominique Gevrey defector from the Directorate of Protection and Security of Defense (DPSD) readily described as a "central figure" in this story.Like a bad spy novel, a sum of 100,000 euros has transited into five payments last fall in Madrid via L. Michel, a former paratrooper became a private investigator.

Agreeing to play the "biller for the defense of French interests," it is simply a "short circuit" used to confuse the trail to a mysterious Mabrouk and "external source" who reportedly discovered ghostly accounts opened in Switzerland and Liechtenstein by the three executives on suspicion of espionage. Since this information just communicated orally, have been questioned, the manufacturer does not even seem able to identify his "deep throat": the only employee of security service who knows stubbornly refuses to cooperate.To protect at all costs or to hide an embezzlement to the detriment of Renault? As a confession, Patrick Pelata conceded: "We erred in not involving the DCRI earlier."

• What are the collateral damage to Renault?

The damage in terms of image are significant. While the group had been traumatized by the suicide of three employees of Guyancourt Technocentre late 2006-early 2007, serious questions arise again on his management style. Renault seems to be a company where one can accuse and dismiss employees without evidence, solely on the basis of anonymous testimony. This case falls ill while the group was counting on its electric vehicles-those who have supposedly been spied-to repair its image.Sales of these cars and the entire range will suffer they? Hard to tell because the picture-in determining whether the act of purchase and also depends on products. But the group will leave with a disability. Adding that "it's all business operations that may be seized, as management has been discredited, analysis framework, which adds it will take time before confidence is restored."

• Carlos Ghosn is he in trouble?

If the spy case deflates, the group took a huge risk by raising its CEO at the forefront in the media. In the JDD, January 23, he said he "personally monitoring the progress of this process as and when." The same evening, on TF1, Carlos Ghosn has hammered that he had "certainty" about the guilt of the three frameworks and evidence had "multiple", but did not disclose.On 10 February, at the announcement of the strategic plan, the CEO drove home the point by asking him to "trust" because "tens of people have analyzed the facts." In case of "manipulation", the question remains whether the employees and the government will simply sacrifice his number 2.

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For the second consecutive day, the mobilization continued Saturday in the French ports. In Fos, freight traffic was disrupted at the level of 80-90%, according to Serge COUTOUR, head of the CGT Dockers Gulf. In Marseille East, freight traffic was paralyzed at 100% for containers, according to Daniel Manca, general secretary of CGT Dockers port, which advises cruise passengers to "avoid Marseille. At Havre, the second French port, the movement also continued, including blocking container terminals. Finally, Nantes / Saint-Nazaire, 7 boats were stranded at the dock and 12 offshore.

Far from weakening, the movement should be required to continue at least until Monday included, the day new general meetings must be held.The CGT called in any case employees to continue the blockades.

Early departures

The strikers are mobilizing to defend their right to retire early in retirement under the hardship. CGT ports and docks wants to validate an agreement on the recognition of the harshness found in late October with employers' organizations, which would allow retirement four to five years before the legal age for port workers 5-6000 with funding based on the branch but also from public funds.

For its part, the government calls for a resumption of negotiations "within the framework defined by the Act of November 2010 on pension reform, which would reduce to two years in advance of departures.Thus, fewer people would be affected.

For Jeremy Julian, Deputy Secretary General of the CGT dock in Le Havre, it is "incredible back on virtually everything that was granted." Serge COUTOUR warns: "The mobilization is still to go. We try to drown us in the case of pensions, while our case was completely offline for two years. "

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"The state is trying to save the port reform

In a market supported by confident and good indicators in Europe and the United States, the CAC 40 finished sharply higher Tuesday night and closed above 4000 points. A peak not seen since ten months.

On Wednesday, the trend may remain green, while Asian stock markets have stayed the course early this morning and bullish as Wall Street closed last night revived later. United States, the strong performance of IBM and Apple have reassured the financial world. And good macroeconomic news have taken over. According to that day, at 14.30 in the U.S., housing starts and building permits in December.In addition, a perspective analysis techinque, the next resistance is at 4090 points for the CAC 40.

Note, however, last night, the rating agency Standard and Poor's has warned that the debt rating of the United States "will be put under pressure" if the government does not soon a "credible plan" to reduce its budget deficit.

Edenred, Ingenico, Seb and Pierre & Vacances published

Also on Wednesday, banking stocks remain controlled while the finance minister, Christine Lagarde, hopes that the new tests for strength of banks expected to be completed by late spring. The official said Tuesday that details of the tests was discussed.

Vivendi U.S. authorities on Tuesday approved with conditions the acquisition by Comcast of a majority stake in NBC Universal.A step that will allow Vivendi to finalize the sale of its interest in NBCU and cash it will allocate funds to the repurchase probably from Vodafone SFR.

Eiffage The group was selected at the expense of Bouygues, yet the most likely candidate, and Da Vinci for the financing, design, construction and maintenance of future high-speed line (HSL) Bretagne-Pays de la Loire, a market estimated at 3 no fax payday loan.4 billion euros.

Alstom and Remy Cointreau will unveil on Wednesday its sales in the first nine months of their fiscal offset.

Edenred, the former branch of prepaid services group Accor announced a croisssance 7% of its annual sales, supported by Latin America and confirmed its 2010 earnings will range between 310 and 330 million euros .Accor will release on Wednesday.

Ingenico announced Tuesday again raised its 2010 earnings targets after posting organic growth of around 14% in Q4.

Seb reported late Tuesday a turnover up 15% for the full year 2010, to 3.651 billion euros, bolstered by sales in China.

Pierre & Vacances himself has posted a 11.7% increase of its quarterly revenue, supported in particular by its activity in property development.

IMS again in the fourth quarter benefited from higher metals prices, which resulted in an increase of 38.9% of sales over the last three months of the leading European distribution special steels.

ASML Holding on Wednesday announced a net profit up sharply in the fourth quarter thanks to strong demand for next-generation hardware. The world leader in lithography equipment for use in the etching of printed circuits on silicon wafers, has also announced a share buyback of one billion euros over the next two years and a doubling of the dividend on fiscal year 2010, to 0.40 euros per share.

BioMerieux unveil its turnover for the year 2010 after market close.

Note that yesterday, Gemalto rose over 6.6% at the close Tuesday night after signing a large contract with Japan for mobile payment.

For the 4000 frames involved, it will be a change in size. GDF Suez is expected to announce when its board next week, the end of stock options in his company. The information transmitted by the website of the magazine Challenges on Thursday, was confirmed to AFP by a spokesman for the group.

GDF Suez CEO Gerard Mestrallet, quoted by the magazine, explains that "the stock options is a good system when used in a balanced, reasonable and equitable." But the scandals, Axa, Elf or Vinci made the system too unpopular.

Free shares

Stock options should be replaced by so-called performance bonus shares to be paid "to some 8,500 executives, representing a wider range," said the spokesman of the group.Specifically, if after two years, the objectives are not met by the employee who benefits, it will see the number of shares assigned to diminish.

GDF Suez plan would also have another way: the allocation of bonus shares without performance targets, to all 220,000 employees of the group. According Challenges, this new program of bonus shares is valued at 100 million euros. Details should be announced next May.

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The year 2010 was a good surprise for the French car manufacturers. "With the dual effect of scrapping and a beginning of recovery of the economy after the crisis of 2008-2009, sales of vehicles in France are expected to reach 2.2 million units this year," says Guillaume Josselin, marketing director of Renault France. The manufacturer (including Dacia) would clinch a market share of about 28%, up two points from the previous year. "Our products fit very well at the request of customers who take advantage of the scrapping," he says. Another reason for the success of Renault this year: the low-cost Dacia brand."She has made more than 100,000 sales in France in 2010, an impressive performance for a brand that is known only for five years on the French market."

For his part, PSA Peugeot Citroen has revised its forecast for the European market on the rise during the year. "In early 2010, we expected a sales decline of 9% for the year, and we now expect a decline of 5%, it is argued from the manufacturer, who admits that the device of the scrappage has supported its activities this year. But not only. "All brands, Peugeot and Citroën is to say, have focused on innovation, keeping pace with new model launches during the crisis," said the group. "This allowed us to increase our market share in Europe." SAP expects a market share of 14.5% in Europe in 2010, against 13.8% in 2009 and 13.6% in 2008.

In early 2009, 80% of the market was supported by a help system, such as scrapping. Stopping this device is intended to December 31, 2010 (regarding the taking of control) in France. According to the Ministry of Industry, 600,000 have been paid bonuses in 2010, for a total of more than 510 million euros. In Germany, where scrapping was stopped in September 2009 once the budget allocated to this device has been passed, car sales have collapsed, noted the research firm Economic PrimeView. They had reached 2.4 million units in mid-December, against 3.2 million in the same period last year cash advance flexible payments. "The end of the scrapping of course be a backlash in the French market, but we stay calm," says marketing director of Renault France, which highlights the record orders expected in December."Nearly 300,000 cars of all brands should be controlled, is unheard of in France."

Environment "always difficult"

For 2011, analysts at Societe Generale CIB anticipate a decrease of 2.3% of the French automobile market, after falling 7.5% in 2010. "The environment is always difficult," says PSA Peugeot Citroen, which does not freeze its plans for new models in 2011. A context that raises concerns within the government, which has moved from possible serial failures among subcontractors in the automotive industry in the coming months. In a letter in late October, the Minister of Economy Christine Lagarde was addressed to the prefects, so that they stand ready to deploy quickly public support schemes.OEMs do not yet feel really concerned by the decision of scrapping and its expected impact on registrations in France.

"2010 will be a record year in terms of world production since the beginning of automotive history," says one at Plastic Omnium, which includes the production of 71 million cars worldwide this year and similar activity in 2011. Even optimism at Faurecia, which "found no decrease in activity in 2010 across the group" and said that France represents about 20% of its turnover. Third-quarter sales Faurecia jumped from 11.5% at constant scope and exchange, "primarily through Asia and North America, where the market has rebounded strongly" .The CEO of Valeo, meanwhile, recently said he would not rule revise upward its objectives in 2011 revenue and operating margin, "the group's profitability in registering strong progress against the objectives of the strategic plan presented in the first quarter of 2010. "

A Peugeot dealer in Lille, December 27, 2010. Photo credits: Philippe Huygens / AFP