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The new housing market has definitely signs of weakness. The Federation of developers (FPI) released on Monday of new home sales down 19% in the first half of 2011 compared to the same period of 2010. "It's a market downturn. We are concerned whether the second quarter marked a slight slowdown in the decline (-17%) compared to first quarter (-21%), "responded the president on Monday of the REIT Marc Pigeon.

In addition to a base effect related to a strong rebound in sales in 2009 and 2010, this figure reflects the impact of the behavior of investors in the new home market. In 2009 and 2010, they accounted for almost two thirds of acquirers. But the reform of the Scellier, effective in 2011, and rising interest rates since the fall of 2010, helping to discourage this type of buyers.Between the first half of 2011 and first half 2010, sales to investors and have collapsed by 32%.

Meanwhile, the new interest-free loan, the "PTZ +", is still struggling to convince individuals to invest in the new. Over 70% of loans granted by the state were to purchase an old property, say the developers. Finally, sales "in the accession", down 1% in the first half of 2011, therefore not enough to offset falling sales to investors.

Especially as the prices of new homes continue to rise, contributing to a creditworthy buyers months. Despite lower demand and increased supply, prices jump by 9.7% year over year. The increase was more pronounced as ever in the Ile-de-France, due to the scarcity of land (12.5% ​​yoy, against 6.4 in the rest of France).One reason for this paradox lies in the spread of new buildings low consumption, more expensive but higher quality analysis of IPF cash till payday.

Safe haven

This change in the new home market still contrasts sharply with the market of the former. While the lawyers emphasized in July attenuation of the increase in sales in the first quarter, after a very dynamic year 2010. Ile-de-France in particular, the number of homes sold decreased by 4% in the first quarter of 2011 compared to the same period of 2010. A decrease due to the scarcity of goods for sale in Paris, as well as a relative lull after the peak sales in late 2010. But on the whole of France, sales volumes progressed further by 23% in March 2011 over a year.

Despite rising real estate rates, which crowd out some buyers, prices remain steady increase otherwise.In one year, the apartments are in price by 10.5% and 7.8% of the houses, according to latest figures published by notaries in France. But these increases mask contrasting trends. If the prices of apartments in Paris are more than 20%, 21 counties recorded lower prices in one year, find notaries.

Overall, however, the real estate market should remain strong this year. "The fundamentals of the French market are safe," said Olivier Eluère, an economist at Credit Agricole. The granting of credit is not excessive, the presence of property dealers in the market not significant, while the supply of housing remains structurally inadequate in some areas. The real estate market should furthermore continue to benefit from a safe-haven status in an uncertain economy.Devices such as government or Scellier + PTZ can also support the request. Lower prices should not be generalized profile before long.

And if the Paris Stock Exchange on Thursday ended its eight consecutive sessions of decline that have lost more than 10%? The rebound on Wall Street Wednesday night and Tokyo this morning – although the latter is mainly due to the weakening of the yen against the dollar and the euro – seem to bode well for the Cac 40.According to analysts' estimates, could open the Cac 40 up 1.2%.

On Wednesday, the Cac 40 dropped 1.93% to 3454.94 points, after the yield spreads between bonds to ten years Spanish and Italian have widened compared to German bonds.

Financial markets, however, could play the card of caution pending the meeting of the Board of Governors of the European Central Bank (13.45), which is expected to announce its continued interest rate to 1.50% but especially before the publication of weekly claims for unemployment benefits in the United States (1430), on the eve of the official figures on Friday.

On the corporate side, two companies released this morning:

Veolia Environnement, which warned last Friday that it would not achieve its goals for this year, released on Thursday a net loss of 67.2 million euros in the first half, weighed down by exceptional asset write-downs 800 million euros.The world leader in environmental services will focus its activities "in less than 40 countries in 2013 against 77 today."

However, Axa reported first half net profit more than quadrupled to 3.99 billion ers (324%), driven by gains on sale and very little affected by provisions related to the support plan to Greece.

Vinci said Wednesday QDVC, its joint venture with Qatari fund, won a contract for 374 million euros for a metro project for a new town being built in Qatar.

Vilmorin has confirmed its margin target of 2010-2011 by announcing an increase of 12.1% of its turnover for the year, thanks to the vegetable business, along with the acquisition of assets and maize seed and sorghum Brasmilho of Brazilian society.

Hermès responded Wednesday to the Association of Defence of Minority Shareholders (Adam), who asked why the luxury group spent so much money to buy back its own shares. "Share repurchases are intended to cover the programs free shares to employees," said a spokeswoman for Hermes.

Cegedim dropped its goal of increasing revenue for 2011 but remains confident in its ability to generate an EBIT close in absolute value, that of 2010. The group also announced Wednesday for the second quarter of 2011, a consolidated turnover of 247.1 million euros (+1.6% as reported and 0.1% organic).

Dexia and Natixis will publish their second quarter results after market close.

Almost every week, oil platforms allow leak of oil and gas in the waters of the North Sea, according to British newspaper The Guardian. The newspaper in fact, a document that identifies leaks in 2009 and 2010 reported by the operators of platforms from the British authorities responsible for health and safety, the Health and Safety Executive (HSE). For the first time the name appears and the oil companies responsible for more than 100 leaks during these two years.

The Anglo-Dutch company Shell is at the top of this sad track record, with no fewer than 17 leaks "important" or "major" reported. Brent Charlie platform's alone has seven leaks that have escaped 4.9 tons of gas, of which 4.6 tonnes April 26, 2010, which resulted in a suspension of production.The Guardian notes that last Friday, the HSE has threatened to stop work on Brent Charlie. Shell has already stopped exporting oil from this platform and with three more to address safety issues.

With 5.4 tons of oil and gas spilled in two years, French Total heels Shell. Other companies are involved, such as Danish Maersk and Talisman Canada, and the BP already convicted for his role in the explosion of the Deepwater Horizon in the Gulf of Mexico in March 2010.

"The tip of the iceberg"

During this disaster, other oil companies had assured that such an explosion could not occur on their facilities cheap pay day loans. "Safety is, was and will always be our number one priority. This is our core value, "yet assured in November 2010 Peter Voser, chief executive of Shell.But the figures published by The Guardian seriously undermine these claims and even the importance that companies attach to the security of their facilities.

Leaks reported by operators would, moreover, that "the tip of the iceberg," according to the log information. Condition of anonymity, employees say, in fact, a "code informal" drives them to silence the accident for fear of losing their jobs. Since each stop represents a loss of production, companies prefer to ignore the incident …. sometimes verges and disasters. "We were very, very close on several occasions, said Jake Molloy, general secretary of the union workers in the North Sea OILC. It is sometimes more a matter of luck than good management. Some companies do not care. Because of high oil prices, they are cutting back costs.Some have already been prosecuted. "

»View the complete table published by the Guardian

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Chinese Premier Wen Jiabao expressed his "confidence" in the future of the euro area and promised to continue investing in the region at the beginning of a new tour on the old continent. Financial markets remain strained, however. Activists of Communist front Pame Greek trade union have made Monday morning on the Acropolis in Athens a giant banner advocating "against-attack" against the austerity plan that the country needs to adopt this week to avoid bankruptcy.

Having dropped below the 3,800 points Friday night, the CAC 40 was still open slightly lower on Monday morning. Green, however, made his return in mid-day. The benchmark index of Paris finally closing up 0.31% to 3796.55 points. The London Stock Exchange for its part, closed up, the FTSE-100 index gaining 0.43 of the main values% from Friday's close at 5722.34 points.Featuring Dax index of the Frankfurt Stock Exchange ended down slightly from 0.19% to 7107.90 points.

Beyond the caution displayed by investors before the vote on Wednesday and Thursday, the Greek Parliament on the new austerity plan imposed on the country, the benchmark index of the Paris Bourse remains unsure hesitant to Wall Street. The New York Stock Exchange, which accused significant losses Friday night, started to trade the balance before attempting a rebound, too, without conviction.

On Monday, no statistical significance was also to follow the French and European side. United States, consumer spending of U.S. households were unchanged in May for the first time in nearly a year, while revenues increased 0.3%, slightly less than expected, according statistics released Monday by the Commerce Department.Adjusted for inflation, spending fell by 0.1% in May for the second consecutive month. The decline in vehicle sales after the disruption of production caused by the earthquake of March 11 in Japan may explain the decline.

On the currency markets, the euro went back to 1.4264 dollar.

Airbus Boeing has dominated at Le Bourget

EADS (-1.56% to 22.05 euros). The 730 contracts announced in four days propel the backlog of European best-seller over 1000 devices. Airbus, an EADS subsidiary, established a new record with 72.2 billion dollars in contracts.The Paris Air Show, the largest in the world, broke attendance records for both professionals and the general public, in its 2011 edition, which closed its doors Sunday, organizers announced.

After completing its first acquisition in China, the IT services company Capgemini (-0.14% to 38.69 euros) seeks to strengthen the United States, said its chief executive Paul Hermelin the Financial Times. The group, leader in Europe, is particularly interested in the health sector.

The automaker Renault (0.96% to 39.54 euros) account on a flurry of new products to rebound in Europe since 2012, rapporteLa Tribune. Thus, the group plans to launch new models of the car at low cost, Zoe (at a price of 15,000 euros), and Clio IV.In addition, a minivan before the launch of Dacia Logan New and Sander.

Bouygues Telecom has entered the State Council

According to information from Figaro, Bouygues Telecom (+0.02% to 28.85 euros) before the Council of State to challenge certain provisions included in the call for tender for mobile phone licenses in the fourth generation (4G).

The banking sector was misguided. Societe Generale: -0.28% to 37.67 euros, BNP Paribas: -0.06% to 50.16 euros, Crédit Agricole: -0.32% to 9.63 euros. Meeting in Basel, international regulators have agreed on a proposal to impose an additional requirement of capital to banks with systemic risk.The aim is to prevent banks grow larger and become "too big to fail" ("too big to fail").

In addition, the Franco-Belgian bank Dexia (-1.92% to 1.99 euros) is ready to sell its insurance activities in Turkey with French insurers Axa and U.S. Metlife, reported Monday the daily Les Echos.

Carrefour (-1.10% to 26.45%) needs to evolve and perhaps in favor of its hypermarkets a delegation of certain powers, said Sébastien Bazin, CEO of Colony Capital Europe, in an interview published in the 'Monday edition of Les Echos.On the other hand, the distributor announced Friday the acquisition of three minority in China.

Séchilienne Sidec (4.24% to 17.07 euros) The independent power producer said in a statement that its gross operating profit (EBITDA) is expected to grow by at least 15% this year, including with products tax exemption The group also confirmed that it was a growth of 10% of its EBITDA excluding tax exemption in 201.

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From our correspondent in India.

Christine Lagarde has just arrived on Tuesday, June 7 at Delhi where she will try to convince Indian officials that while emerging markets are booming, it is best placed to her, the European, to replace Dominique Strauss-Kahn the head of the International Monetary Fund (IMF). The French Minister of Economy, Finance and Industry will meet with Pranab Mukherjee, his counterpart of Finance and Prime Minister Manmohan Singh. It should also meet with Montek Singh Ahluwalia, Deputy Chairman of the Commission Plan. It is no coincidence. There are a few more days, Ahluwalia had been presented as a potential candidate from India. And why not, BRICS, the bloc of emerging economies that account Brazil, Russia, India, China and South Africa. Then the rumors were silenced.Officially, Montek Singh Ahluwalia would have exceeded the age limit for a candidate. In fact, Delhi has decided not to enter the race.

Paradoxically, India does not seem interested in carrying the "Battle of the IMF." "There is no shortage of leading economists, diplomats and scholars of talent that could be good candidates. And since the World Bank president has always been an American and a European director of the IMF, it would be logical to try to persuade the fund to elect now a candidate from a developing country, whose influence on the global economy is growing, "protested Anant Goenka, an economics professor.He continues: "Why this silence as China, Brazil and South Africa are on the frontlines demand a change?"

The positions are changing in India

Defeatist, India? "You can say so, but the silence of Delhi shows that Indians are particularly realistic in this matter," says BL Pandit, director of the Delhi School of Economics. It is not a democratic election, the contribution of India to the IMF's reserves is not very high, and finally, everyone here thinks that games are made and, again, the position go to a European. " He acknowledged however that "things are changing rapidly" and that growth is changing latitudes, "it might be that the leaders of the Western world are considering share positions in international forums."

At the last summit of BRICS in China last April, India had not been left to demand a reform of the Bretton Woods for emerging countries. In late May, when Dominique Strauss-Kahn had resigned, Manmohan Singh, who was visiting Addis Ababa, had stormed: "Reform of the Bretton-Woods is a priority for developing countries." He has since changed his tune. On the occasion of the visit of German Chancellor Angela Merkel in late May, the leader of the Indian government said: "A prestigious position must go to the best candidate, regardless of nationality."

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Bulky Bin Hamman and Warner
Except turnaround unlikely, Sepp Blatter was re-elected for the third time as President of FIFA in Zurich Wednesday. It is not difficult to predict because the Swiss, who directs the proceedings since 1998, is the only candidate since the withdrawal this weekend in his last opponent, Qatari Mohamed bin Hammam. A forced withdrawal and the scent of scandal. President of the Asian Confederation, Ben Hamman has indeed been provisionally suspended by the Ethics Committee of FIFA because of suspicions of corruption against him. Jack Warner, CONCACAF President, Vice-President of FIFA, and support shown by Ben Hamman was also temporarily suspended for the same reasons. The two men are suspected of attempting to buy the votes of the Caribbean Confederation (CFU), which they strongly refute."I deny the allegations that I made statements to the CFU on donations from Mr. Bin Hammam," asserted Jack Warner in a statement while saying, however that "in Miami, the Congress of the Concacaf May 3, Mr Blatter had donated one million dollars to our federation, "without the consent of the finance committee of FIFA.

A gift for which an investigation had been opened before it was quickly closed by the money outright Blatter any accusation of corruption by the Ethics Commission. A past president quickly cleared and a final opponent suspended, the unfolding of events may leave pensive and may suggest that FIFA is the realm of small arrangements. Especially when the case comes just weeks after revelations of the British weekly Sunday Times about the allocation of World Cup 2022 in Qatar.Especially so when a vice-president of FIFA accredits these revelations by making public the contents of an email sent by Jerome Valcke, FIFA general secretary and confidant of Blatter. "For MBH (Editor's note: Mohamed Bin Hamman), I've never understood why he was entering the race. Or so he thought that one can buy FIFA as the Qataris have purchased the World Cup, "Valcke reportedly wrote in an email sent to Warner!

Blatter on the royal road
A blow to Blatter camp when the Swiss campaigned on a zero tolerance towards corruption Online payday loans.But Jerome Valcke has justified his writings stating that "it can happen to employ a less formal tone when I use this medium which by its nature, encourages exchanges" lighter "than other forms correspondence "and that" in referring to the FIFA World Cup 2022 in this e-mail, I wanted to highlight that the future host country had used its financial strength to rally much support (…) I n 'I at no time refers to the buying of votes or any behavior inconsistent with the rules of ethics. "Sepp Blatter, he is right in his boots remained Monday at a press conference in emergency to try to extinguish the many fires in the house FIFA.

"We must fight the demons, there's a bad situation, but there will be an elective congress on Wednesday and the family of football, if it wants to restore the credibility of FIFA, can do with me," Blatter said, refusing to evoke the decisions of the Commission on Ethics ("I'm not allowed to comment") and denying the existence of a crisis within the federation he heads ("football is not crisis when we see the final of the Champions League, he just some difficulty "). So everything is for the best in the best of worlds for Blatter whose reelection is no longer any doubt.Because on the eve of polling, it is unclear how the appeal of Bin Hamman, the request for postponement of the FA made on Tuesday or calls for reform from places like Australia (Editor's note: England and Australia respectively were candidates to host the World Cups 2018 and 2022), could prevent the Swiss to begin a fourth term. Starting what happens under the sign of the scandal …

The new operational boss of Renault will have to quickly roll up their sleeves, as the challenges that await her number. First priority: to forget the disastrous management of the spy case, which has deeply shaken the entire company, three frames have been wrongfully dismissed. It will include restoring the confidence of employees towards the direction of the group, widely discredited by the fiasco, in which, besides Patrick Pelata, the former number two, several executives have been implicated.

Meanwhile, Carlos Tavares will restore momentum to a manufacturer whose weight continues to fall within the Renault-Nissan. The Renault group has passed 2.6 million cars last year, against 4.1 million for the third Japanese manufacturer.

But the weight of the Renault brand is actually much lower.Between 2004 and 2010, sales of cars in the diamond fell from 2.3 to 2.1 million vehicles, while Renault Samsung Motors of Korea has almost doubled and Dacia, the Romanian subsidiary low cost has increased by 3.5. In total, counting models badged Dacia Renault in emerging countries, these low-cost cars represent 26% of group sales.

The difficulty now is to create a range "consistent with more innovative products and smarter, more relevant to the roots of the brand," said Thierry Huon, an analyst at Exane-BNP Paribas no fax payday advance. Only problem, Renault will not have real news before Zoe Electrical and Clio 4, arriving in the second half of next year.And in the upscale, replacements of the Laguna and Espace will not come out until 2013-2014.

As acknowledged by Steven Norman, director of marketing at the recent meeting of the group, Renault has faced in recent years to two problems: a design that was too bland arbitrate potential buyers for other manufacturers and quality problems in the mid-2000s, which drove away some loyal customers. Fri Laurens den Acker, the new design director, is responsible for restoring the "seduction" to the brand.

The Chinese challenge

The group, which in February unveiled its new strategic plan with relative indifference because business, seeks a total of 3 million cars in 2013.The European market is sluggish, almost all the growth will occur outside the Old Continent, particularly in Brazil and Russia, which could become, as calculated by the group, his second and fourth largest market in this horizon. For now, Renault has the huge disadvantage of being absent from the Chinese market, the largest market in the world. Carlos Ghosn is planning an implementation of the Middle Kingdom between 2013 and 2016. Another challenge for Carlos Tavares.

It's official. As Le Figaro had revealed the Franco-Belgian bank Dexia announced Friday after its board, accelerate the restructuring of its balance sheet. Consolidation has a cost: 3.6 billion euros, which will be recorded in the accounts of the second quarter and that will put the bank into losses for the full year 2011. Dexia said however that his credit will remain good (with a tier one ratio above 11% at end-June 2011).

The plan is initiated by Dexia in two essential points. First, the group begins experiencing sell its portfolio of U.S. assets more toxic, by adding a provision of 1.8 billion euros, which puts the market value of listed securities of $ 9.5 billion in the accounts.And discounted, these assets could find buyers, "the depth of market exists for us to divest these assets within a reasonable time," says Pierre Mariani, Dexia's director general. Dexia not only get rid of a risk of exposure to U.S. housing market, but at last liberated state aid: the portfolio called "financial products" is guaranteed by the Belgian and French.

Second branch, Dexia is a "general provision" of $ 1.8 billion of other assets to be divested. Without elaborating.In fact, the bank plans to accelerate sales of its bond portfolio – over 100 billion today – and make disposals of subsidiaries (Sabadell in Spain and especially Italy Crediop) who do not find today ' Today at a price taker in the accounts of Dexia.

These provisions made, and if sales planned in the short term are actually realized, Dexia has a very significant given plumb its balance sheet, characterized by a massive gap between the tempo of its liabilities (long term) and the maturity of its resources (short term). A "model" that explains a little crazy that Dexia has grazed the worst in 2008, justifying state intervention at the time.

Rebalanced, the Dexia Group will be found very soon to face his recurring strategic questions.Will he keep this curious state alloy Franco-Belgian, born of the marriage of a Belgian retail bank and a former department of the Deposit specializes in local government finance (Crédit Local France), all of which are boosted by the profits of a subsidiary … Turkey? It's a safe bet that the speculation of a chronic cutting Dexia resume shortly …

Dexia shares was suspended while she was 3.24% at 2.514 euro, lost 3.3% since the beginning of the year after dropping 38.9% in 2010.

The princely marriage between William and Kate be enough to revive the British economy? Nothing is less certain. Despite the media whirlwind and the important marketing surrounding the event, the positive impact on the business, whether sales of products or benefits for tourism, a sluggish economy will not reverse (drop 0.5% of GDP in the fourth quarter), weighed down by a severe austerity.

It could even have a cons-effect on production, if one believes, the Federation of Small Businesses, because of the eleven days of vacation grant themselves the British, between Easter and the wedding day, holiday. Federation, quoted by Bloomberg, down from 6 billion pounds (6.75 billion euros) loss for the economy, 10 times more than expected revenue, estimated by Dataminor to 620 million pounds.

"It's wishful thinking to imagine that people will feel better or spend more," said Jonathan Far, chief economist at Capital Economics. As bright as it is, the smiling young engaged does not erase the billions of budget cuts, the 350,000 jobs lost in the civil service, tax increases and inflation, growing twice as wages.

Besides, the English showed little passionate marriage payday loans. According to a recent survey, 45% say they do not want the webcast. They prefer to take the opportunity of a great bridge between Easter and the day of the ceremony, to afford a trip abroad. Of the eleven days they are more than 3.5 million to leave British soil, advance tour operators.An exodus for the season that will boost sales by airlines and travel agencies.

"If marriage boost sales this month, it will not be enough to restore consumer confidence," said Stephen Robertson, director general of consortia in the distribution. The industrial morale, anticipating higher prices, has relapsed in April, according to a monthly survey by the Employers' Confederation, the CBI filed Tuesday.

The index measuring the state of order books deteriorated significantly, falling to -11 points against five in March. And evaluating the export orders himself declined to -6 points against five month précédent.La publication on Wednesday of GDP for the first quarter, will be closely watched.Economists expect a slight increase around 0.3%.

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One year after the worst oil spill in the history of the United States, the U.S. Coast Guard denounced the mismanagement of the Deepwater Horizon platform by its owner, Transocean Swiss. In a report of 288 pages, they are pointing the finger "serious gaps in security." Critical parts of the head of the oil wells were not replaced. The electrical system was poorly maintained. And teams on the platform were poorly trained in safety drills.

The report highlights especially the captain of the platform would not have known he had the right to decide to stop the flow of flammable gases. He would have lost precious minutes trying to get permission from his superiors superfluous. When the alarm sounded, the employee service does not know it was for her to initiate the system shutdown.Yet it would have prevented the explosion, according to U.S. Coast Guard.

Transocean defended himself by arguing that the evidence held by the coast guards themselves were against the same conclusions of the report, reports Bloomberg. "They controlled the platform Deepwater Horizon only seven months before the disaster and have certified that the site met all the requirements of U.S. law and international safety regulations," said a spokeswoman in an email to the agency financial reporting.

The report of the Coast Guard comes amid intensifying legal battle between Transocean, owner of the platform Deepwater Horizon and the British oil company BP, which operated. The latter accuses the first of negligence and asks for damages for the harm suffered.The group felt that disaster has so far cost $ 17.7 billion.

Transocean filed a complaint against BP in return Thursday. The contract between the two groups, said the Swiss company, stipulated that BP was, among other things, "take full responsibility, but also defend and indemnify Transocean for any loss, expense, claims, fines, penalties for pollution or contamination (…) related to operations under the contract. "

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