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Respect the rules of good governance at Renault while responding to questions about the French role in the company, without destabilizing it. It is the balancing act, politically dangerous and embarrassing that the state has since the collapse of the case. It may well be the largest shareholder of Renault, he is not alone in charge. If he holds 15% of the manufacturer, the state has two representatives on nineteen to the Board of Directors: Luc Rousseau, Director of the Directorate General of competitiveness and Industry at Bercy, and Alexis Kohler , Agency of State Holdings. It can not, in principle, to impose its views.

What it can do however is put the pressure. In both media and politics.When deemed necessary, it does not deprive it: Who does not remember the vitriolic statements of head of state, ignoring all rules of governance, demanding the resignation of Daniel Bouton after the affair Kerviel ?

"Everything has to be rebuilt"

Not so with the Renault affair, in which the Executive has been careful not to fan the embers. Although his handling of the crisis raises many critics, Carlos Ghosn is an internationally recognized industrial, away from the myth of "bad bank" that returned the boss of Societe Generale in full heart of the financial crisis. The CEO of Renault also plays "an important role in the Franco-Japanese alliance," said a government source, not to say that it is really unavoidable No teletrak payday loan.Finally, the company is a French industrial flagship, major employer.

The government had every reason not wanting to weaken and was careful from the beginning of the case not to attack frontally with his boss. "Our role is not to say this or that person is responsible," said Minister of Industry, Eric Besson … before adding yesterday that the audit conducted by Renault ended "to the conclusion that four people should be punished." As for the Minister of Economy Christine Lagarde said she had "instructed state officials who sit on the board, support the recommendations of the report of the audit committee."

Hiding behind the investigation that he himself requested, the state got what he wanted without seeming too intrusive. The departure would have added a number one crisis to crisis.The sacrifice the number two avoids return the image of a state shareholder leaving everything. At Bercy, where Christine Lagarde knows well the operating companies to have been in his previous life as head of law firm Baker & McKenzie in Chicago, it is noted that "the solution to the problem has been properly found, in accordance with rules of governance "and that" everything is now to rebuild. "

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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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After the fall of the regimes in Egypt and Tunisia, tensions rise in Bahrain, Algeria and other OPEC member countries, especially Libya, the brink of "civil war" as a son of Colonel Muammar Gaddafi in power for 42 years, which would have left the country to seek refuge in Brazil or Venezuela, according to Al Arabiya.

On oil markets, the reaction is, as always, immediately on Monday morning. In Asian trading, a barrel of light sweet crude for March delivery gained 1.13 dollars to 87.33 dollars. As for Brent North Sea crude for April delivery, it took $ 1.02 to 103.54 dollars, a threshold of novueau strong techinque. "The main factor (this flight) is the disturbed situation in the Middle East," said Victor Shum, an analyst in Singapore, saying.He said that "Libya is a member of OPEC and although its oil production is modest at the global level, the country is near the main suppliers of black gold of the planet easy to get unsecured personal loans."

Renewed uncertainty requires the price of gold, a safe haven par excellence, also increased and currently process close to $ 1400, exactly at 1395.10 euros (+1.8%), and its highest Historical. Even tedance on silver prices, which hit a record last thirty years.

FinallyThe food prices are approaching the "level of alert," warned the World Bank on the sidelines of the meeting of G20 finance ministers in Paris, which revealed that between June and December, rising food prices has dropped 44 million people worldwide below the extreme poverty.

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The CAC 40 is expected to open cautiously on Tuesday after Wall Street closed Monday without direction. Asian stock markets are also changing in a disorganized Tuesday morning.

The macroeconomic news will be a little more animated than Monday.

In France, INSEE released the first results of National Accounts Fourth quarter: French growth reached 0.3% in the fourth quarter, the low end of analysts' forecast.Over the full year 2010, GDP grew by 1.5%.

For the euro area, are provided for 11 hours, an estimate of GDP last quarter of 2010 and the European Union, and foreign trade figures in December 2010.

United States, are planned, retail sales in January, import prices in January and activity in the area of New York (1430), net long term capital in December (15 hours ) and inventories and business sales in December (16 hours).

On the currency markets, the euro rose against the dollar from 0.20% to 1.3517 dollar.

EDF: A sharp drop in earnings in 2010

On the corporate side, the publication of results is ongoing.

EDF reported a 73.9% drop in net income in 2010 to 1.02 billion euros, due to provisions related to lower energy prices.However, the group expects an increase of 4% to 6% of its EBITDA in 2011.

Air Liquide will announce Tuesday a revenue increase of over 12% for 2010, to 13.5 billion euros and net profit up 14% to $ 1.4 billion, Les Echos reported .

A merger agreement between Sanofi-Aventis and Genzyme should be signed soon, but the French laboratory should extend its offer a third time on U small personal loans.S. biotech to stop the final price of the transaction. The deadline for the offer at midnight New York time, 6 hours Wednesday Paris time.

The official announcement of the merger between Deutsche Boerse and NYSE Euronext will speak this Tuesday.A hostile bid by the Chicago Stock Exchange is in preparation, according to various U.S. media.

The Pentagon announced Monday hoped to award the next month contract to replace the aircraft-refueling tankers to the U.S. Air Force, which should put an end to a drama that has lasted nearly a decade. EADS CEO Louis Welsh reiterated that Tom Enders, Airbus president should be his successor.

Ubisoft has raised its forecast of sales for the current year after posting strong sales during the Christmas period, which is crucial for the video game industry.

Atari has announced a turnover in the first 9 months of the fiscal year 2010/2011 (April 1 to December 31, 2010) of 41.0 million euros, down 55.7% from the same period last year.

AXA Asia Pacific, a subsidiary of AXA, being acquired by IMA, said Tuesday net profit down 11% for its last fiscal year.

After market, M6 will publish its revenues and its annual results, Imerys and Euler Hermes annual results, and Mr. Bricolage and Europacorp their turnover respectively fourth and third quarters.

Speed astern for U.S. equity markets. The indices are clearly stalled after the TV overseas, including financial, broadcast live images of demonstrations in Egypt. "This aversion to risk due to escalation in Egypt, and fears that the situation could spread to other countries in the region," said Peter Cardillo, Avalon Partners.

Around 18:30, the Dow Jones lost 1.18% to 11,848.60 points, the S & P 500 1280.84 1.44% to loose points and the Nasdaq dropped 2.35% to 26,890.61 points.

As a result, oil prices leapt more than 4% in New York at 89.25 dollars

USA: disappointing growth, consumer sentiment up

On the macroeconomic front, investors first learned of the first estimate of U.S. GDP in the fourth quarter.The U.S. economy grew by 3.2% in the fourth quarter, much lower than expected, but this increase was sufficient to allow the U.S. GDP of 2.9% gain in 2010 and thus fill its losses the crisis, according to official figures published Friday.

And yet the U.S. consumer morale has improved end of January compared to the beginning of the month, hopes for improvement in terms of growth and employment eclipsing concerns about rising costs of food and gasoline, according to the confidence index released Friday by Reuters / University of Michigan. The index finally settled at 74.2 for the month of January, against an initial estimate 72.7 and 74.5 in December.Economists were expecting a index to 73.2.

On the currency side, the dollar regained ground against the euro by mid-afternoon in Paris, the single currency was trading at 1.3688 dollar.

Ford stock drops

Corporate side, the ball of results announcements of fourth quarter continues, including Chevron Corp. and Ford Motor Co and Honeywell.

Ford: -9.45% to 17.01 dollars

Ford just announced a 2010 profit more than doubled to 6.6 billion. But earnings per share fourth quarter was $ 0.05 against 0.25 a year ago due to a charge of $ 960 million related to the completion of a conversion of debt. The turnover of the 4th quarter reached $ 32.5 billion.The consensus was $ 0.48 for earnings per share and 30.39 billion dollars.

Honeywell International, 0.23% to 56.05 dollars

Honeywell International announced, meanwhile, increased its profits for the fourth quarter of 2010 and raised its forecast for 2011 due to higher demand for products produced by all its units. The industrial group posted a net profit of 369 million over the period, or $ 0 free 3-in-1 credit report.47 per share, against 150 million ($ 0.20 per share) a year ago. Honeywell raised its forecast of 10 cents earnings per share for 2011, now seen in the range 3.60 to $ 3.80.

Chevron: -0.90% to 93.90 dollars

As for Chevron, the group recorded a 81% increase in earnings in 2010 to 19.1 billion.

Amazon.com: -7.25% to 171.07 dollars

The e-commerce giant Amazon.com for its part should be very guarded on Friday, after posting yesterday after market close, the results showing strong sales but margins disappointing. All indicators are green on the year-end sales on the Internet and the action of the group posted an increase of 50% yoy and 4% on the previous day, before the publication of results that the have reduced by 9.4% in electronic trading after closing. The group announced a profit of $ 416 million, or 91 cents per share against 384 million last year. Sales are up 36% to 12.95 billion dollars. That's their strongest growth since 2000.

Microsoft: -2.39% to 28.18 dollars

Microsoft surprised everyone involved on Thursday night, unveiling its results 15 minutes before the close of Wall Street.Results marked by the success of Office 2010 and KINECTS, but disappointing sales of Windows 7. This gives the arrival of mixed results. Profits are down 5% to 6.63 billion, or 77 cents per share against 68 cents expected. Turnover was up 5% at $ 19.95 billion against $ 19.2 billion expected by analysts.

Sara Lee: -1.02% to 17.46 dollars

On the other hand, the American group of FMCG Sara Leevi clarify this Friday's market strategy, after having rejected, according to press reports, two tender offers. Sara Lee has invited investors and journalists to participate in a conference call at 15:00 Paris time.Inform the direction of its "strategic initiatives" and its outlook for the year end.

In addition, LinkedIn, the social network for professionals, announced Thursday his intention to go public in 2011, an operation that should measure the appetite of investors for a possible listing on Facebook. This is the first social network to enter the stock market and on Wall Street. But the market is expected to mainly derive an omen for Facebook, the world leader in the industry, whose value is estimated at 50 billion dollars (36.5 billion euros), and other websites may make their entry offering, or as Zynga Groupon.

A device for widespread fraud. 4000 French pharmacies are equipped with computer software allowing them to conceal part of their income in taxes. The shortfall in public finances has been estimated by one source quoted by Midi Libre, which revealed the affair, to 400 million euros. Attorney Nimes, Robert Gelli, confirmed to AFP Friday that an investigation launched in 2008 on the practice of pharmacy in the Gard Rémoulins had found the pot to the roses. "In some pharmacies and also in other activities, using software called" permissive "serve to conceal taxable transactions, and thus evade taxes," says the General Directorate of Public Finance (DGIFP).

18% of pharmacies may be affected

Two companies in France, including one based in Niort, made in France this type of software.To distort an entire accounting, only the use of a computer code would be needed and would hide on average 5000 euros of revenue each month. "The system used Remoulins not limited to the pharmacy. It is something of a national scale. 4000 pharmacies have requested access to that particular computer formula, "said Robert Gelli. France had in 2009 22.389 pharmacies, so they are nearly 18% of them who are potentially fraudeuses!

"The tax administration has launched a determined and specific action to fight against these fraudulent practices and this will be all the tax and legal consequences," reported the AFP respective department in the Ministry of Finance.And for good reason: if the latter refused to disclose the amount of damage suffered by the IRS, the 400 million raised by Midi Libre would be the same order of magnitude as the 500 million euros in revenue expected each year by the movement of the plane 10% tax loopholes.

One possible direction is to allow learning to all young people who have 15 years during a calendar year.

And how to encourage companies to take on more apprentices?

We could consider the modulation of the apprenticeship tax depending on whether businesses are close or very far from the threshold of 3% of apprentices. We could raise the quota to 5% in return when we establish a financial bonus. Finally, I think, with Christine Lagarde and Eric Besson, package some forms of public assistance (shareholding of the Strategic Investment Fund, Loan … OSEO) a commitment to "investing in human capital ' from the company – for example the recruitment of a number of apprentices.We could also do the same with the clusters, which together businesses and universities in collaborative projects supported by public funds.

LE FIGARO. – The U.S. Federal Reserve last week put $ 600 billion on the table and has been strongly criticized. How do you rate this decision?

Christian Noyer. – We discussed the last weekend in Basel as part of the Bank for International Settlements. Leaders from the Fed explained how they designed this action under their mandate, their goal to revive the U.S. economy and the risk of deflation. They assured us that they therefore had no deliberate intention to bring down the dollar. And I have no reason not to believe them.

The Fed seems much more accommodating than the ECB … The economic situations are so different?

Saying that the Fed is very accommodating and very strict ECB is not the reality of things.In Europe, our monetary policy is still marked by measures "Unconventional" adapted to the structure of our economy. Regarding the latter situation, we do not think there is any risk of deflation in the euro area, inflation or elsewhere. And compared to the U.S., they may be substantially below their historical potential of growth, while the euro area is relatively close to his.

Still, the dollar declines and it appears to depart from the consultation which was placed between central banks during the crisis …

First, everything is not just the dollar. There is, for example, emerging countries which, lacking sufficient flexibility to accept their exchange rates, monetary policies have not adapted and create risks of inflation and growth magnetic business cards.Then if each central bank pursues a policy adapted to the situation in his country, nobody wants to get away from the goal of consistency. We are all committed to ensure a balanced growth framework, and that commitment remains strong. As reiterated by the last G20 Finance Ministers and Governors of Central Banks, no one should or can manipulate its currency.

The euro is not it the biggest victim of recent developments in foreign exchange?

But it's not just the euro that "floats" vis-à-vis all other currencies.Are not as self-indulgent! This idea, I hear, that the euro would be the adjustment variable in the rest of the world seems … weird.

The G20 will he move on when the monetary climate is somewhat tense?

The central problem that arises in the G20 – and that is that Nicolas Sarkozy has asked – is how to reduce the large balance of payments imbalances in the world, weighing on overall growth and generate capital flows dangerous?

The solution is not by monetary policy. Each area should move towards a better balance between savings, consumption and investment. And as regards the international monetary system, we all benefit from the reform, but a structural, methodical, calm, and certainly not in a hurry.It's a long process as moving from a system in which only the currencies of major industrialized countries had the multipolar world in which we live now.

This G20 should also be an opportunity to validate the new prudential standards called Basel 3. Are they adequate for you?

We have reached a balanced agreement. There is no question of facing a situation where states would fly back to the aid of banks. That is why we are strengthening both the quantity and quality of capital required by banks. But at the same time, we planned a very long adjustment period to avoid artificially low funding. This agreement is universal and is intended to extend the United States and all developing countries.This too is a balancing factor.

The site is completed?

We planned a long period of observation on some components. This will eventually correct shooting, for example on liquidity rules that will apply from 2015. And still the question of systemic risk that we will deal in 2011.

Are you in favor of more stringent requirements for larger banks, considered to be systemic?

This should not be automatic, but only be an option. Who would have thought that Northern Rock, Bear Stearns, or could be regarded as systemic? I think in the context of each country, a wide variety of instruments is necessary to allow supervisors to ensure that banks increase their capacity to absorb losses of metal business cards .In particular, the experience of the national supervisor should be taken into account. In France, for example, we adjusted, as permitted by Basel 2, the ratios required for each property based on its risk profile. The experiment was inconclusive. The amounts that each bank had to raise from the state during the crisis proved consistent with the requirement levels that we determined … Other countries have not had this history are likely to develop automatic rules.

United States, some find European banks, including French, undercapitalized relative to the size of their balance sheet …

The idea that U.S. banks would all be in line with Basel 3 and that efforts must be pursued only in Europe is false. Those who believe are victims of an optical illusion accounting and prudential.For simplicity, a spring balance to U.S. standards two times smaller than the equivalent international standards. And equity appear twice as heavy. This creates confusion …

The United States will they implement Basel 3?

We'll be very attentive. I have no doubt about the commitment of the U.S. Administration and Fed.

Gone are the real estate crisis? Not necessarily for homeowners who want to sell their property or an acquisition candidate. In contrast, for promoters, so good. "This year we sold 115,000 houses or apartments against 106,000 in 2009," said Marc Pigeon, president of the REIT (real estate developers Federation). It is far from the 79,000 sales recorded in 2008 at the beginning of the crisis. Meanwhile, the price of new homes continued to soar since the beginning of the year (+6.8%). In the town of Marseille, the jump was 9.8% against 3.6% in the urban community of Bordeaux. The introduction of the new loan (PTZ +) and Scellier planed to 10% from janvier2011 does not penetrate the optimism of professionals. "We should still reach the 115,000 sales next year," said Marc Pigeon.

Born in Germany, graduated from the Hebrew University of Jerusalem, Knight of the French Legion of Honor … and now the new CEO of U.S. computer group Hewlett-Packard. Leo Apotheker is not there by chance. Human networks, speaking five languages, he sits on the board of Schneider Electric and the NGO PlaNet Finance.

But above his twenty years of experience in the German software maker SAP, which earned him across the Atlantic and take the head of Hewlett-Packard (HP). "Leo is a strategic thinker with a passion for technology, extensive international experience and proven operational discipline, what we look for in a CEO," said Robert Ryan, chief executive of the independent board of directors of the group said in a statement.Leo Apotheker "advance the transformation of our industry and enjoys a unique position to help us accelerate the implementation of the strategy for HP," he added.

A surprise appointment

After the resignation, two months ago, Mark Hurd accused of harassment, HP does not take long to find its new CEO. But the announcement of the arrival of Leo Apotheker, who succeeded against internal candidates, has surprised investors and analysts.

They questioned its ability to handle the giant, even though his performance as CEO of SAP, which he occupied from April 2008 to February 2010, were not evidence free business cards.

In 2009, the turnover of SAP fell by 9% to $ 3.2 billion, while its main competitor, Oracle announced a growth in its market share.In January 2009, under the direction of Leo Apotheker, the German publisher of software has also fired 3,000 (6% of workforce). But analyst Peter Golmacher Cowen and Co, responsibilities are shared. "He has a bad reputation because he was given the helm of the Titanic five minutes after it hit the iceberg," he quips. But his departure in February 2010 does not only penalizes its performance. His communication within the group played a large part in his ouster.

Apart from its management, its an experience of 57 year old man who is called into question. "SAP is a very different company from HP, which is what concerns me," said Kim Caughey, analyst at Fort Pitt Capital. What does he know about computers? That is the question. "

The Stock Exchange, it has already responded.The stock has dropped more than 3% before finishing the shoot down 1.08% while the Dow Jones closing down by 0.44%.