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The title Accor drops nearly 4% on Thursday morning at the Paris Bourse, and displayed a laggard in the Cac 40, which he, ahead of 0.31% to 10 hours. Yet when the hotel group unveiled on Wednesday night after the market close in Paris, its turnover, no data emerged disappointing. Activity in the first quarter of 2011 accelerated by 5.8% to 1.35 billion euros, is fully in line with analysts' expectations, and all branches (upper and mid-range, and economic) are affected by this improvement.

For experts, Natixis Securities, "this publication is especially encouraging that the group will be able to sell at least 1.2 billion euros of property assets in 2011/2012, which should theoretically allow the group to have no debt net to end 2011 and facilitate a possible return to shareholders. "

Lack of visibility

In reality, the problem associated with this publication sales is the lack of visibility and tone of careful management. Accor has not given any figures on its outlook for the remainder of the year. Although in parts of the Middle East and Africa pertubées – the group expects a shortfall of 10 million euros – the activity remains strong, the international context, plus lacatastrophe Japan, the concern investors.

In addition, over the coming months, visibility is poorer than in the past as customers experience less than 30 days in advance against 40 to 50 before.

Since the beginning of the year, Accor has dropped as more than 9% and has hardly changed since a year. The broker Credit Suisse has estimated its opinion to "outperform" on the value, with a target cost of 39.8 euros.Natixis, it is said to cover the purchase and now 40 euros, against 41 euros previously, in a note published today. Same strategy at Barclays, which reduced its rate from 42.5 euros to 40 euros while qu'Oddo came back from 42 to 41 euros. Matthias Desmarais, an analyst at Exane down the track is related to the impact, greater than expected, events in the Middle East on the group's operating income.

General Motors (GM) up big on green energy. In any case, what transpires from the study of law firm Rothenberg Farley & Mesiti Helsin, specializing in intellectual property. The latter, which compiles an annual index on the theme of clean energy, today announced that the manufacturer has registered more patents related to green energy than any other U.S. company in 2010.

In total, the manufacturer has filed 135 patents on this topic, or 14% of total 1881 patents related to green energy deposited by 700 companies or organizations. "Clearly, GM has made great efforts with a range of clean energy technologies, which puts top ranking for the first time," says Victor Cardona, an official of the firm. According to him, these patents relate to hybrid vehicles, batteries, solar energy and several improvements to existing technologies.

Reinventing the DNA of the automobile "

For the direction of the automotive group, this performance is the logic. "GM has gone to reinvent the DNA of the automobile, and this led to many innovations and technological advances," explains Alan Taub, vice president of research and development group.

GM, which has just released the Volt hybrid electric car, has bet on new technologies to raise, two years after filing for bankruptcy. Overall, the manufacturer has stepped up its efforts in R & D since a total, he filed 940 patents in 2010, placing it among the 25 U.S. companies that filed the most patents last year.

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The Portuguese will elect a new majority on June 5, but they have no choice program: right or left, the winner will impose austerity until at least 2014. Three weeks earlier, each major party it will be engaged individually with the EU and IMF.

This loss of political control is the price to pay for a rescue plan to about 80 billion euros on Friday decided in broad terms with the euro area, the 27 EU countries and the European Central Bank. Probably for a period of three years, it aims to put the Portuguese State on the wagon, to launch an "ambitious agenda" of privatization to reduce public debt and, finally, to ease the labor market.It also provides special funding to support Portuguese banks, the amount to be determined.

Unprecedented purge

Finance Minister Fernando Teixeira dos Santos, caught in the throat by the markets, had no other choice but to surrender Friday to his colleagues.For the Portuguese political class, is doubly bitter pill: it is because they have subscribed to an earlier austerity negotiated with Brussels that Portugal must submit to the unprecedented purge dictated by Brussels, Frankfurt and Washington.

The statement issued after the meeting in Budapest is no ambiguity about the lack of flexibility: "The preparation (from the austerity plan) should begin immediately to an agreement between the parties in the mid-May, and allow implementation without delay of the adjustment program from the formation of new government "in early June.

This update reflects the Trust prior to the impatience of the first major contributors to the single currency, starting with Germany and France. The Portuguese plan is the third rescue launched in less than one year, eleven months after Greece and four months after Ireland.The euro area to be avoided at all costs that instability does not win the Spanish economy, which weighs more than the previous three combined. The plan decided on Friday reflected the distrust of the Europeans and the Portuguese political class, believed to have triggered the crisis by pure electoral calculations.

Friday, "the ministers have made clear in Portugal they do not want to return to the counterparties to help, whatever the election results," reported a witness to the camera in Budapest. Clearly, there is no alternative to the plan to be tied up in mid-May. To avoid any disputes after the polls, the bloc will materialize their aid once acquired "the support of major political parties," the statement said. The future head of government can than apply strictly to the remedy to which it has itself signed.In Lisbon, the latest polls give the center-right and its leader Passos Coelho winners, ahead of Socialist Jose Socrates.

Once the plan is adopted, probably on May 16, during another visit to the euro area, it would take ten days to release funds for Lisbon, says Olli Rehn, Commissioner for Economic Affairs. The IMF should fund the program up to the third, as was the case for Greece and Ireland.

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Revolts in the Middle East and nuclear disaster in Japan in this context that Barack Obama has chosen to hold a speech on energy in the United States. To students at the prestigious Georgetown University in Washington, Wednesday, Bush set a new goal of one-third reduction in imports of crude oil within 10 years. "Today I set a new goal, which is reasonable, feasible and necessary. When I was elected to this position, the U.S. imported 11 million barrels of oil per day. In a little over ten years we have reduced the amount of a third party, "he promised.

As tensions in the Arab world boost oil prices, U.S. President also stressed the need to diversify sources of supply in the country.In contrast to Saudi Arabia and Venezuela, and he cites for providers of "stable neighbors" such as Canada, Mexico and Brazil. During his trip in the country of Dilma Rousseff, Barack Obama already claimed that the U.S. was ready to become among the largest customers of Brazilian oil once Brasilia to begin operating large-scale reserves discovered recently off its coasts.

Dependent

Pushed by his Republican opponents, who are calling for concrete actions to address the plight of consumers to prices at the pump, Barack Obama expressed regret that there is "no immediate solution" to global fluctuations during .The United States consumes 25% of global gross but has only 2% of proven reserves, forcing them to continue imports of petroleum products.

"We will remain victims of the movements of oil markets until we engage in a serious long-term policy to achieve a secure energy and our resources," said Barack Obama.

Leveraging internal resources

This long-term policy should go on accelerating the exploitation of subsoil American rich raw materials bad credit payday loans. President urges and oil companies to quickly develop their concessions while focusing on safety, so as not to repeat the scenario of the oil spill in the Gulf of Mexico.Despite criticism from environmentalists, Barack Obama also called for exploiting the "enormous potential" of natural gas, including the United States has established reserves of a century he said. Not to mention biofuels.

Nuclear power is no exception. Despite the drama Japanese Fukushima, the United States will continue their nuclear efforts as this source provides a fifth of the country's electricity. "But I am determined to ensure it is safe," said Barack Obama.

"These are beautiful images of a very distant future"

The U.S. president ended his speech by announcing that saving energy and fuel consumption standards set by his administration for two years will be new targets in September for the next 15 years.

From the opposition, this program has not won.The Leader of the Opposition in the Senate, Mitch McConnell, noted that "Americans should expect immediate actions to address energy prices. And all they get Democrats, these are beautiful images of a very distant future. " For Barack Obama include these objectives in the marble looks to be very delicate. On most of these cases, and particularly investment in research, it must find common ground with his Republican opponents, who control the House of Representatives and have a blocking minority in the Senate.

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The Central Directorate of Internal Intelligence (DCRI) said this morning that they found "no evidence of espionage" at Renault. Main elements of the investigation, "Swiss bank accounts" charged executives laid off have not been found by investigators. A source close to the investigation even mentions the possibility that Renault has received erroneous information. The account numbers provided in the private investigation were in fact erroneous. Similarly, the survey conducted by the Liechtenstein authorities on suspected accounts under the Renault affair did not work.

The argument weakens espionage. Yesterday, the manufacturer argued the trail of a "manipulation" before his lawyer back on these statements. But on Europe 1 this morning, Mr. John Reinhart said he was inconsistent "absolutely the word manipulation.We are not in that context, for the moment we have no information that contributes in one way or another to say that the original theory, that is to say espionage does not exist ", he argued.

However, this term manipulation was mentioned by the CEO of Renault itself. Patrick Pelata, had indicated during an interview Monday that Renault Matignon "considering now have been a victim of manipulation," says Liberation. Shortly after a spokesman stated that "if we (Renault, Ed) has been the victim of anything other than an attempted espionage, it may actually be a manipulation."

Renault evokes a "settling of accounts in-house"

The manufacturer suggests a settling of accounts internally.Libérationaffirme that Renault suspects that two of the three executives would not have accounts abroad and have been victims of an internal settling of accounts ". Redundant frames are suspected of having received bribes, kickbacks through bank accounts in Switzerland or Liechtenstein. The Chained Duck however recently revealed that two of the three executives have never had accounts in Switzerland. In contrast, "the manufacturer continues to the third suspect, probably Michel Balthazar, a member of the steering committee," according to Liberation free business cards.

The chairman of the Senate Finance Committee, Jean-Arthuis (UC), said on Canal + that "this case has taken on a mad and I am surprised that we have been able to bring such charges on allegations that apparently no 'had no basis.(…) These species settling of accounts within the company are also detrimental to (its) image, "he added.

Anyway, this episode could reinforce the defenders of the three top executives dismissed 2011A following an internal investigation following the sending of anonymous letters. Especially as the manufacturer would not be celebrating its first case of this type.

Renault had a similar case

Concordant sources, seized by the Paris prosecutor, investigators of the Central Intelligence Allowed (DCRI) will hear on Thursday a former executive of the group graduated in 2009 in similar conditions, Philippe Clogenson. The former marketing director said in the columns of Le Parisien, Aujourd'hui en France he was accused of "touching, through front companies, money paid on offshore accounts from suppliers of Renault.He believes he was unfairly accused of corruption.

"I was also told that there was evidence that the formal charges had been substantiated by the management group's safety," he said. Philippe Clogenson decided, like the three executives recently laid off, file a complaint for "malicious prosecution". Remains to be seen whether the testimony of Philip Clogenson allow the cons-French espionage to advance the investigation.

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Weekend of suspense for the leaders of Sanofi, hoping that Sunday loop redemption of Genzyme. The laboratory lights continued its review of accounts of the American biotech, begun only a week ago. It would also raise its board of directors to submit the conditions of purchase and obtain his approval. It was not won since the leaders of Genzyme insisting on $ 74 per share in cash ($ 19.8 billion). An amount of $ 69 away initially proposed by Sanofi. And a sum still high in the eyes of leaders of Sanofi, which had hoped, there is little enter into the transaction at a price of 72 or $ 73 per share low rates payday advance. It adds an additional price, intended to take into account the potential success of future drug Genzyme against multiple sclerosis.Distributed in the form of a certificate of conditional value (CCV), it is estimated at $ 5 or $ 6 per share. The Board of Genzyme also needed to meet to consider the offer from Sanofi.

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Very unpleasant surprise in the U.S.. Only 36,000 jobs were created in January. Economists were expecting an average of 145,000 and some even 200,000. Weather conditions were execrable advanced to explain the difference between the expectations of observers and the first estimate given by the U.S. Department of Labor.

"Employment rose in the industry and the retail trade but fell sharply in construction, transport and storage activities," the ministry said.

To make matters worse, revisions to employment figures in 2010 by the Labor Department showed a recovery later than expected. The creations were again two months later than previously indicated, in March 2010 only.Over the full year, the U.S. economy created 215,000 fewer jobs than previously calculated.

Two pleasant surprises come somewhat counteract this flood of bad news. Job creation has been revised upwards in December, to 121,000 against 103,000 originally counted. Finally, estimated on a different basis, the unemployment rate appears low in January, at 9% against 9.4% in December. Analysts expected a rise in the rate at 9.5%.

"After the publication of all the market indicators of employment, the situation is unclear," says Julian Thomas, an economist at Natixis. "But the scales tip the wrong way." Economists Exane BNP Paribas prefer to remain optimistic: "The acceleration of activity in the first half of 2011, confirmed by recent investigations progress, should allow the recovery of employment of grow "

U.S. equity markets continued their forward march. On Wednesday, the Dow Jones closing at 0.72% up to 11,755 points in early trade. For its part, the Nasdaq gained 0.76% to 2737 points while the S & P advance of 0.90% to 1286 points. Tuesday, Wall Street was also closed in the green. This is the highest level recorded by the New York Stock Exchange since August 2008.

On the foreign exchange market, the euro goes up the slope against the dollar. He crossed the $ 1.30 increase in the dollar to 1.3131 at the close of U.S. markets.

On the macroeconomic front, investors were waiting in New York specifically to the conclusions of the Fed's Beige Book. These were more optimistic than previous ones.The Fed remains cautious on employment and real estate, notes, however, signs of renewed growth since late 2010.

Moreover, the positive outcome of the bond of Portugal, which has already drawn up European markets, helped to maintain the indices in green throughout the session. "For once, Europe has led us in the right direction, which had not happened lately," noted Volokhine Gregori, of Meeschaert New York."Everybody gets carried away by seeing the news from Europe are good", also confirmed Mace Blicksilver of Marblehead Asset Management.

"The upward trend started earlier this year and stopped by concerns for issues of debt in Europe, took over, supported by the publication of the Beige Book," observed Volokhine Gregori.

Also on the macroeconomic front, import prices showed a net gain in a year in the United States in December, due to the continuation of soaring energy prices. According to figures released Wednesday by the Ministry of Labour, they rose 1.1% while economists had forecast a rise of 1.2%.

Finally, the budget deficit fell in December to $ 80 billion, or 12% lower than December 2009, monthly figures show the Treasury on public accounts.The decline is consistent with the median forecast of analysts.

Chevron profits up to

The side of values, after award, the American oil company Chevron (+0.69% to 92.46 dollars) has indicated that it expected higher profits in the fourth quarter of 2010 than in the third, thanks to higher crude oil prices and an assignment. Chevron reported net earnings of $ 3.8 billion for the third quarter 2010 quarter ended Sept. 30, down 1.6% year on year, reflecting a negative currency impact.

Also in the oil sector, the National Commission to investigate the causes of the explosion of the oil rig Deepwater Horizon in the Gulf of Mexico in April 2010 urged the creation of an independent agency responsible for security offshore operations.The Commission report provides a roadmap for Congress to initiate multi-sector reforms. It will be presented to committee in the House and Senate from 26 January.

For its part, the banking sector has responded positively to the latest report from the American Bankers Association (ABA), which suggests that the default rates on consumer loans rose slightly in the third quarter. Sector values are in the green image of JP Morgan earns 2.57%, Morgan Stanley is 2.68% and Goldman Sachs ahead of 1.30%.

The automotive sector also remains in the spotlight, while the show continues manufacturers in Detroit.The new boss of General Motors (-0.39% to 38.60 dollars) Dan Akerson announced that his group plans to produce this year about 25,000 Chevrolet Volt, its new hybrid vehicle electric motor.

AIG is selling its subsidiary in Taiwan

In the insurance industry, AIG (-1.12% to 58.38 dollars) said it had received an offer from Ruentex group for the redemption of its insurance business in Taiwan (Nan Shan Life Insurance) for $ 2 , $ 15 billion.

The CEO of Sanofi-Aventis said he did not know how far he would go in its discussions on the purchase of Genzyme. For its part, the U.S. Biotechnology company Genzyme (stable at 72.34 dollars) ruled that discussions with Sanofi-Aventis had made progress, but that they remained technical in nature. Genzyme has revised downward its outlook for 2011.

In the coming days, the dance of results continues on Wall Street. Among the heavyweights of the coast, Intel will announce its results tomorrow, and JP Morgan Chase Friday.

It is a story of self-made man as the United States are used to produce it. Except this time, the hero is not American but Spanish. His name: Amancio Ortega. Little known to the public, it is nevertheless the founder of the Zara clothing chain. He is also the creator of a leading global textile, Inditex, which includes other brands such as Bershka, Pull and Bear and Stradivarius yet. At 74, his fortune is staggering: 25 billion, which ranks the ninth place of the largest fortunes in the world according to Forbes. It is, in turn, the richest man in Spain.

If Amancio Ortega is little known because he shuns the media like the plague. His public appearances are rare and media outlets can be summed up ads on the strategic directions of its group.Monday is an illustration: in a short letter, he announced that he give up his seat as chairman of Inditex to its vice-president, Pablo Isla, 46. "The time has come to propose that Pablo Isla was appointed Chairman, without it prevents me from staying in the company and its board of directors," he says. The torch will pass at the next shareholders' meeting next July.

Deliverer to billionaire

Confidentially, Amancio Ortega will now give the reins of an empire of about 5,000 outlets in over 75 countries worldwide. An empire whose foundations were built in the family room, with his wife, his brother and sister-in in the 60s. Together, they make dresses and gowns. Amacio Ortega is so very inspired by fashion Payday advance.This son of a railroad worker, who left school at 14 years, this has meant to his years spent working as a deliveryman for a store shirts.

At 27, he goes Confecciones Goa, specializing in lingerie and ready-to-wear for hypermarkets. But the first real success of this family team will launch a Shetland sweater that will allow Amancio Ortega have enough income and credibility to expand its range of apparel. It opens in 1975 the first Zara store in his native Coruna always with the idea of copying designs from top designers to offer modest women. Based on low prices and rapid turnover stocks, the brand has an immediate success. Ten years later comes the holding company Inditex IPO in 2001. In 2010, the group posted an increase of over 40% of its profits in the first nine months of the year.Strong growth is also reflected by the opening of a hundred stores.

Amancio Ortega has since separated from his wife at the time, Rosalia Mera, one of the richest women in the world with a fortune estimated at $ 3.5 billion in 2010. The couple has two children. Moreover, it was rumored that his daughter succeeded him to carry the group's evolution, particularly in Asia and on the web with the launch of a website for Zara in September 2010. But for reasons of continuity in management, the family did not this time of its choosing.

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In the aftermath of a euphoric meeting for exchanges of Tokyo and Shanghai, the soufflé is quickly back down. Concerned Fed statements that blamed the weak recovery in the United States to the European crisis, Asian financial markets were down Wednesday. With the exception of the Stock Exchange of Hong Kong won 0.08% to 23,668.40 points and the Singapore Exchange, which takes 0.09% to 3253.29 points.

Otherwise, the Nikkei 225 Index was down 0.35% to 10,361.50 points. Registrations of new vehicles in Japan, excluding mini-models, dropped 28.3% in December on a year to 179,666 copies, but rose 10.6% in 2010 to 3.23 million vehicles sold (cons 2.92 million in 2009).However, automakers are facing the stock market Wednesday: Toyota, who faces prosecution of seven U.S. insurance companies, climbed 1.07% and Mitsubishi rose 1.26% to 2319 yen, and Mazda is 2.54 % to 242 yen. By contrast, Honda lost 0.62% to 3210 yen.

Other value for Tokyo, Toshiba, climbing from 2.23% to 459 yen. The industrial conglomerate of Japan has developed two prototypes of new LCD TVs larger sizes displaying images in three dimensions visible without special glasses no fax pay day loan.

Record investment for Samsung

Moreover, the CSI 300 Index of Shanghai lost 0.25% to 3181.61 points, the Taiwan TAIEX Index 1.59% to 8853.96 loose points, the Kospi in Seoul dropped 0.24% to 4448.39 points and the S & P / ASX Sydney was down 0.58% at 4714.90 points.

Note that the South Korean Samsung, which announced it would invest $ 38.3 billion investment in 2011 in research and development of new activities, fell 1.67% to 942,000 won, with Seoul Stock Exchange.

Qantas Airways hopes to relaunch its A380

Furthermore, the Australian company, Qantas Airways, confirmed Wednesday hope reactivate its Airbus A380 on flights to Los Angeles from January 17.At the Australian Stock Exchange, the share fell sharply from 1.21% to 2.45 Australian dollars.

Crude prices were trending lower Wednesday in electronic trading in Asia on profit taking after the recent rise, analysts said. In morning trading, a barrel of light sweet crude for February delivery yielded 38 cents to 89.00 dollars. Of Brent North Sea with identical maturity let go 49 cents to 93.04 dollars.