World News, Financial News, Breaking US News

J-2 before the ax fell. The United States still be able to honor their claims after August 2? Barack Obama tackle it. So much so that after being long in the back face long power struggle between Republicans and Democrats, the White House decided Saturday to get involved again in the negotiations. Return ardently desired by the Republicans who wish to be assured that it will not oppose its veto on a possible negotiated settlement to Congress.

If no agreement has so far been found, optimism seems to place the next parliament. The head of the Democratic majority in the U.S. Senate, Harry Reid, who previously showed pessimistic, acknowledged the progress in negotiations with the White House. "Negotiations are taking place in the White House to avoid a catastrophic failure to pay the national debt," Reid said late Saturday.Same story on the Republican side: "I think we have a chance to do," said Mitch McConnell Saturday, head of the Republican in the Senate.

Vote Delayed

Evidence that the climate has calmed a bit, Harry Reid has even delayed by several hours the vote on the plan of raising debt cash advance flexible payments. Originally scheduled on the night from Saturday to Sunday at 1 am (7:00 am Paris time), the vote was postponed to 13 hours (19 hours, Paris time).

However, over the head of the Democratic majority noted that would not give the duration of raising the debt ceiling. The Democrats want a measure that could take until 2013.The Republicans, they insist on a plan in two stages: an initial increase before August 2 and a second early 2012, during an election campaign. "There are ongoing negotiations at the White House to avoid a catastrophic failure on the country's debt, he said. There are many elements to be finalized and there is still some way to go. "

ALSO READ:

"Without agreement, the global economy destabilized

"The impact of an incalculable loss" AAA "American

"Three scenarios around the U.S. debt

LE FIGARO. – How do you solve the structural problem of Fnac, the erosion of its major markets?

Alexandre Bompard. – With the offensive Wednesday unveiled, we want to build a new Fnac looking to the future and whose identity will be based on three strong pillars. The first is the extension of our current product offering. Today, our offer is concentrated around the cultural and digital entertainment. With this plan, we will extend it to other types of activities: those aimed at children and families first, and in the future than in the discovery of the escape or the home and interactive design. The second line requires a paradigm shift for a brand that was built around its product: it aims to put customers at the center of our business and our business, emphasizing the relationship at any time with them.Of these, we will finally pay special attention to customer expectations family: it is the third pillar.

How will decline precisely this strategic plan?

To pass this plan, we will implement a number of levers. With the new consumption patterns, our stores will no longer be organized by product, but by world usage. For music, for example, you will find the same space CD, MP3 players, but also hats, concert tickets … well, we will create a world dedicated to children under 12 years with not only a comprehensive range of books to products edutainment and advanced technology, but also animations and dedicated services. More generally, however, the development of personalized services is a priority.We will innovate in this area soon, especially with takeover bids and the subscription of technical products.

This plan does not sign then the end of your physical network?

On the contrary! To be closer to customers in two French Fnac does not close to home, we take two major initiatives. By 2015, thirty stores will be open as well, on the outskirts of large cities in particular. Furthermore, after signing a partnership with Lagardère Services establish ourselves in stations and airports (the sign will replace the Virgin next week, Ed), we will launch a new store format: fifty Fnac proximity, about 300 square meters, should be released in four years, first in clean and free.These small signs, offering all the universe Fnac, will complement the department stores and will allow us to install in smaller cities. Of course, this is also associated with an increased fnac.com, because customers prefer the greater integration of the two sales channels. With our power in store as on the Internet, we will deploy a multi-channel strategy so successful and will offer such customers to withdraw all their in-store purchases made online or ordering of kiosks in stores.

You mention the date of 2015. Can you elaborate on the timing of this plan?

Speed ​​of execution of this plan is a key to its success. The first initiatives will therefore emerge in the next few months. Openings and reorganization of our stores are involved, they mainly in 2012 and 2013.The mobilization of our people, aware of the need for change, will also be one of the key elements of enforcement. I hope that the implementation of this plan is a lever to renew the social dialogue.

What budget has been earmarked to ensure the success of this plan?

I do not want to give numbers. The planned investments are suitable for our ambitions as we can. It is both a plan of conquest and a realistic plan. Therefore, we will continue to identify what we need to do it alone and that we can do through partnerships, both strategic in nature, as with Lagardère Services, or Screenrush SFR, or commercial, as with Apple, which a dedicated space in stores.

When do you expect to see the first results of this new strategy?

The first effects will be felt in the second half of 2012.Our aim is then to find a sustainable and profitable growth in France and abroad.

The sale by PPR of Fnac it not only jeopardizes the implementation of this plan?

My mission is to ensure the economic development of the Fnac. Since 1994, the PPR Group has played a leading role in particular for the implementation of the Fnac outside France and its growth on the Internet. As it does for all its businesses, the PPR group will manage the Fnac as if it had intended to remain within the group. Proof: This strategic plan is not a buildup of short-term, but a plan of conquest.

ALSO READ:

"Fnac Allociné and engage in e-cinema ticket

"Fnac says its rays telephony SFR

"The brands target the customer in the street and on the Internet

Like their colleagues in Asia, investors showed little enthusiasm in Paris on Friday. Mid-meeting, the CAC 40 lost 0.35% to 3737.93 points. Same movement in the rest of Europe: the DAX index of the Frankfurt Stock Exchange was down 0.38% at mid-points to 7187.40 and the FTSE-100 index lost values ​​of the main symbols 0, 05% to 5844.12 points.

The attention of the market still focuses on the evolution of the European agenda to discuss aid to Greece and parliamentary discussions slipping in the U.S., about raising the debt ceiling. After Treasury Secretary Timothy Geithner and Fed chairman, Ben Bernanke, the U.S. President, Barack Obama has assured last night that "the time for decisions has come."Barack Obama will hold a press conference to take stock of the subject at 17 hours, Paris time.

In addition, many macroeconomic indicators expected in the day could hold the attention of investors. Foreign trade in the euro area has returned to balance in May in raw data, exports (seasonally adjusted) increased faster than imports, Eurostat said Friday. In April, the deficit was $ 4.8 billion. It was 4.9 billion in May 2010.

The news is also very busy across the Atlantic with the program price index for consumption, the Empire State index of the activity of the New York Fed, industrial production and the first estimate of the index consumer confidence in July.

Note, next currency, the euro has stabilized against the dollar at 1.4140 dollars against 1.4141 dollars last night.The euro rose slightly, however, against the Japanese currency to 112.03 yen against 111.89 yen yesterday. On the commodities market in the current context of heightened uncertainty about the public debt in Europe and the United States, gold is looking for: the metal-King reached a new record yesterday to 1594.45 dollars. It flows back slightly this morning.

A very technical session for

The news should be sparse on the side of the values ​​on Friday, but the session is facilitated by the expiration today of a battery of forward contracts.

Investors remain concentrated in Paris after the close for 18 hours to read the results of resistance testing in the European banking sector.Among the 91 banks assessed in connection with these third annual stress tests, are the French BNP Paribas (-1.10% to 45.54 euros), Societe Generale (-0.66% to 35.28 euros), Crédit Agricole (-1.33% to 8.63 euros), Natixis (-1.55% to 3.18 euros).

Dexia (0.05% to 1.83 euros) filed a complaint Wednesday in U.S. courts against the Deutsche Bank to recover losses related to a billion dollars of U.S. securities backed by mortgages ("subprime").

The automotive sector is also seen on Friday, after the presentation of the number of registrations in Europe in June, which shows a decrease of 8.1% over one year. Over the first half, the market decline is limited to 2.1% with 7.12 million passenger vehicles registered. Renault (1.01% to 37.03 euros), sales fell 20.9% in June and 10.8% for six months.Rival PSA Peugeot Citroen (1.02% to 30.19 euros) saw its sales fall 11.9% in June

In addition, the Wall Street Journal reports that the Indian Bajaj Auto has suspended a project to develop a cheap small car for Renault and Nissan on the grounds that such a model would not be commercially viable.

PPR (1.16% to 126.60 euros) and LVMH (-0.16% to 124.50 euros) not taking advantage of good prospects for German Hugo Boss. The group raised its forecast for 2011 after better than expected second quarter.

Total (-0.50% to 38.40 euros) and Technip (0.91% to 71.90 euros) are little affected by the sharp drop in oil prices in New York. This morning, oil markets are evolving in a piecemeal: a relaxation is observed on the future of Brent North Sea (-0.22% to 116.09 dollars per barrel).In contrast, light crude gained sweed 0.24% to 95.92 dollars a barrel.

Pierre-Antoine Dusoulier, the head of Saxo Bank

Nearly 150 tail. Visitors to the Paris Air Show crowd to reach a huge tent, mounted at the end of the area dedicated to the 150 aircraft on static display. The tent is home to the Solar Impulse, the solar airplane pilot Bertrand Piccard and André Borschberg. It is the guest of honor at Le Bourget. The aircraft, powered by the energy collected by solar cells that dress, fascinates the public. The bird-dragon has a funny look with its size equal to that of an Airbus A 340, light weight (1.6 tons), its four propeller engines of 10 horsepower each, the power of a scooter and its narrow cockpit. André Borschberg spent sixteen hours to bring the Solar Impulse from Brussels to Paris on June 14. Since the device did not fly, rain and especially wind thwarted the schedule of demonstrations.With the return of calm and sunny, the Solar Impulse could fly this weekend. "It was important to return at the Bourget six years after the first presentation of the project partners – Solvay, Deutsche Bank, Omega and Schindler," says the duo.

Total Call

We are far from the early 2000s, when Bertrand Piccard was looking for funding – 100 million Swiss francs – to launch the project after the Ecole Polytechnique Federale de Lausanne was funded and entrusted to André Borschberg the first feasibility study. But the duo sticks to the motto of Jules Verne: "All that is impossible to follow."

In 2004, Dassault Aviation hear about the project. The aircraft manufacturer will not money but the brains of its best engineers to the project, becoming the "manufacturer's advice.""Dassault was the guardian of the real aircraft," says Bertrand Piccard.

Today, the project entered a new phase. The assembly of the second device begins next week in Duebendorf, near Zurich. "It looks like the first by its general shape and appearance. Its scale will be greater, between that of A 380 and B 747-8. It benefits from technological advances, a new engine, a different type of solar cells, "says André Borschberg.This engineer, former fighter pilot and businessman, pilot of Solar Impulse, alternating with Bertrand Piccard, a psychiatrist by training, aeronaut – he managed a tour of the world by balloon in 1999 – and a descendant of a pioneer family in the air and under the sea

Solar Impulse with the second, they hope to make long flights in stages over four to five days in a row, with the ultimate goal of a successful world tour "without fossil fuel or pollution." "The world is full of big problems that are costly and discourage," said tandem. "Aviation can provide innovative solutions by showing that renewable energy is possible. They are a source of diversification for the oil and future growth, "Bertrand Piccard is developing. The Solar Impulse is "the best vehicle for that message."The recent acquisition by Total of Sun Power, the California company that produces solar panels of the Solar Impulse, "is a good sign," said he calling Total to partner.

ALSO READ:

"Solar Impulse flew to Le Bourget

Greek in the storm, the galley of the euro features a 18th passenger. It is not a secret, he even want to take orders. The United States is also concerned about a shipwreck in Greece that the Old Continent. They have continued to print their tempo in recent days to force the European crew to recover.

In Luxembourg, held since Sunday in yet another ballet departmental emergency, the American effort has found a leader: John Lipsky, the IMF acting boss since the resignation of Dominique Strauss-Kahn. Monday, early morning, we have even seen take the pen and help correct what would become the final declaration of the Euro, according to several witnesses. Gender confusion? Among the Europeans at least, there is no doubt about the role vested in this native of Iowa, former chief economist at Salomon Brothers and JPMorgan."Lipsky is the U.S. Treasury and defending U.S. interests in Luxembourg, 'says one diplomat. The CEO can afford. Age 62, he announced his retirement before the arrest of DSK.

Under his leadership temporary, the IMF has taken a much more demanding vis-à-vis the financially troubled countries of the European Union. The turning point came during a visit to three with Angela Merkel and Wolfgang Schäuble, on the sidelines of the G8 summit in Deauville, said a European official. Prior to the rescue of countries such as Greece, Ireland and Portugal, the fund was content with a European political commitment. Since then, he stands still as his balls timelines, detailed austerity plans and supports encrypted.This partly explains the surprise decision of the Eurogroup, on Monday, to condition the release of the fifth tranche of the loan to Greece promised a vote by Parliament in Athens, new austerity measures and to a credible plan for privatization.

"Germany, a key country"

There is no mystery no longer on Washington's annoyance at the failure of the seventeen countries to overcome their susceptibilities to seriously address the problem payday loans guaranteed no fax. "Over the past year, the euro will fall into relapse and we see only bandages to stop the bleeding, said a U.S. official. The problem consumes time and energy of the Europeans. The world turns and do not wait. "It is also the best interests of the United States. A weak euro would threaten the sustained U.S. recovery, not to mention a rise in interest rates.More seriously, a European banking meltdown could spread to the other side of the Atlantic, reflecting the collapse of Lehman Brothers in 2008. For the second time in less than a year, Barack Obama is telling the Chancellor that it needs to hand the wallet in favor of Athens. "Germany is the key country," stressed the president.

Christine Lagarde, a candidate for the succession of DSK, is more eager to place the main shareholder of the IMF. On the night of Sunday to Monday, the French minister took it upon herself to keep closely informed Treasury Secretary Timothy Geithner. It was not a "phone G7" as improperly submitted.But a conversation to explain that two vital partner why 17 had once again decided not to decide on Greece.

Appointment is made Sunday, July 3 for a new conclave of the Eurogroup dedicated to the Greek debt. With the cap of the IMF, but also speaking on behalf of Washington, John Lipsky has not concealed his impatience Monday. He commanded the Europeans to "immediately put an end" to their debate on the restructuring of debt and start a new fund to rescue the euro. And he clearly put in danger the balance, "This is to prevent the crisis spreading from the periphery of Europe to the center and from there to the rest of the world."

ALSO READ:

»COMPUTER GRAPHICS – Greece: scenarios of the crisis

"The resistance against privatization is organized

U.S. stock markets open up on Tuesday. The Dow Jones advance of 0.32% at 12,126 points, the Standard & Poor's 500 and NASDAQ 100 respectively go up by 0.43% to 1292 points and 2713 points to 0.39%. On Monday, Wall Street has ended sharply lower. Markets are always hampered by bad macroeconomic indicators published U.S. these days who are fears of slowing growth overseas and the crisis of public finances in euro area continues to produce their effects.

Operators have very few indicators to follow this week to get a clearer picture of the economic situation. To 21 hours, however, U.S. investors will read the digits of consumer credit.U.S. carriers like their European counterparts, should be particularly attentive to developments in the crisis of public finances in Europe. Aurel BGC specialists also worry about the constraints of increasingly heavy burden on U.S. banks that ultimately risk, according to them to make them more restrictive in the distribution of credits. The real estate sector, already in bad shape for many years could suffer. The U.S. Treasury Secretary argues in favor of new rules to all U.S. financial world. It aims in particular the derivatives market.

On the foreign exchange market, the euro is rising against the greenback at 1.4666 dollar.The dollar is under increasing pressure since the announcement late last week to disappointing figures on the labor market in the U.S., where the economy has created three times fewer jobs than expected in May, and where unemployment rate went up against all odds. And the oil markets, a barrel of losing 25 cents in New York at 98.76 dollars while that of Brent North Sea fell by 41 cents to 114.07 dollars in the morning. Investors await a meeting of OPEC in Vienna tomorrow could decide to increase production.

The side of values, the paper group American International Paper (30.88% to 4.15 dollars) on Monday launched after the close of Wall Street, a hostile takeover bid for rival Temple-Inland for $ 3.3 billion in cash. International Paper has 30.6 dollars per share for 108.3 million shares floating.This represents a premium of 44% over the course of Monday afternoon, which was 21.21 dollars. Temple-Inland said that its board of directors rejected the offer of International Paper "after careful consideration" because it "grossly undervalues ​​Temple-Inland and is not in the interest of its shareholders" .

Apple Monday unveiled two new versions of its operating system Mac OS and IOS, and the novelty icloud should still be surrounded by very Bourse.

Sales of General Motors (+0.76% to 28.78 dollars) in China in May decreased by 2.7% over the same month last year, according to an AFP calculation based on Figures released Tuesday by the American manufacturer. The first global car market, GM has passed 190,674 vehicles. The group emphasizes that its sales in China for the first five months of 2011 reached a record of 1.079 million units.In 2010, General Motors was up 2.35 million vehicles in the Chinese market.

Also in the automotive industry, Ford Motor (1.87% to 14.17 dollars) is preparing to announce ambitious production targets, setting aims to sell 8 million vehicles a year by the middle the current decade, said on Tuesday the New York Times. The group, which currently produces 5.3 million vehicles per year, ranking it among the major automotive.In 2011, the global leader Toyota has sold 8.42 million vehicles.

The U.S. company RSA Security said Monday evening that information in connection with its products, recovered during a cyberattack, had served in another cyber attack against the defense group Lockheed Martin (-0.12% to 77.29 dollars), and proposed to replace its equipment.

The French group Mersen (ex-Carbone Lorraine), specializing in high performance components for industry, today announced a cooperation agreement "long term" with the U.S. manufacturer of glass and advanced ceramics Corning.

Walt Disney Studios (0.66% to 39.66 dollars) would consider dismissing 250 employees, or 5% of their staff around the world, especially at company headquarters in California (West), said Monday U.S. media specialist.

The British oil group BP (0.93% to 44.35 dollars), listed on Wall Street has informed the co-shareholders of its Russian joint venture TNK-BP that it might sell shares in it at Russian oil giant public Rosneft to boost its proposed alliance with the latter, says the Wall Street Journal on Tuesday.

The Portuguese prime minister resigned, the socialist Jose Socrates, was not reappointed after the parliamentary elections held Sunday. The President of the Social Democratic Party, Pedro Passos Coelho is now leading the country, winning 105 seats of the 230 elected members of Parliament against a backdrop of record abstention to 41.2%. Shortly after the results, the chairman of the Social Democratic Party, Pedro Passos Coelho wanted to reassure its creditors. He said Sunday night that his country would not be "a burden" for them, promising to "do everything" to "honor the commitments" of the Portuguese State. "We will do our best to honor the agreement between the Portuguese State, the European Union (EU) and the International Monetary Fund (IMF), to regain market confidence," he added.And to avoid political instability, the leader said he would form "as soon as possible" a "majority government headed by the DSP (…) with the CDS-PP, the minority party the right.

Analysts estimate that the net result of the election will be welcomed by investors, who had deserted the Portuguese debt market in recent months. In addition, the government will now hands free to discuss with the EU and the IMF to implement the bailout of 78 billion negotiated by the government resigned in exchange for a program of fiscal discipline and reforms economic over three years.The future government, which could become operational in late June or early July, will help reduce the government deficit of 9.1% of GDP last year to 5.9% this year and drop to 3% by 2013 .

The election comes as Greece, she received a new support plan in exchange for increased rigor in Athens. This second program of aid could exceed 100 billion euros are to believe the German newspaper Der Spiegel on Monday, and would aim to keep the country who still could not borrow in the medium and long term contracts, on a drip until 'in 2014.

ALSO READ:

"Portugal is preparing for new sacrifices

"The Portuguese caught in the spiral of debt

"Portugal: EUR 12 billion to help banks

"The Greek system in Portugal

After losing more than 2% over the last two sessions, the U.S. stock markets continue their descent. This Friday, the Dow Jones lost 0.79% to close at 12,151.34 points, the Nasdaq 1.46% to 2732.78 loose points and the S & P 500 was down 0.97% at 1300.16 points.These statistics had already weighed on the Dow Jones yesterday, which had thus ended down 0.34% to 12,248.55 points.

A trend that has also confirmed Friday with the publication of the monthly report on employment in the U.S. Department of Labor, rather disappointing, the United States that have created 54,000 jobs in May, three times less than expected and not enough to prevent a rise in unemployment to 9.1%, against 8.9% expected.

The increase in activity in services is accelerating

The increase in activity in services has accelerated in the United States in May, more than expected, according to ISM trade association, whose index of purchasing managers in the sector released Friday appeared to increase by from April, to 54.6.

The Fed does not intend to undertake new measures to boost the economy, according to Richard Fisher, one of its members.In an interview with the Wall Street Journal this morning, the president of the Dallas Federal Reserve believes that "the Fed has done its job" and that if necessary additional stimulus measures, "they must come from elsewhere" .

The U.S. Treasury will sell the 6% that still holds in Chrysler to Fiat. The Italian will thus hold a majority stake in U.S. manufacturer. And the state will pocket U.S. $ 560 million.

Short-term domestic concerns will not prevent operators to remain vigilant regarding the conditions for aid to Greece as part of a new plan, unveiled in principle this afternoon Low fee payday loans.

Walgreen: -0.14% to 43.16 dollars

Walgreen announced today, before opening on Wall Street, the level of its sales in May: they rose 7% to 6.08 billion, up 5.6% on a comparable basis.Remember that the title had been boosted on Wednesday by a recommendation by UBS improved, which initiated coverage on the purchase of the title, with a price target of $ 51.

Chevron: -0.12% to $ 101

Chevron announced late yesterday that four people died in the explosion of one of its refineries in Pembroke. A fifth victim was hospitalized in serious condition.

New York Times: 6.34% to 8.05 dollars

For the first time in its history, the New York Times says the direction of writing to a woman. Jill Abramson, now editor in chief, will assume his new duties on September 6. She will replace Bill Keller, who wants to resume writing. The chief editor Dean Baquet will be provided by currently assistant Jill Abramson.

Relax on the raw

As for raw materials, the pressure falls.In this sector, investors await OPEC meeting next Wednesday, which could lead to a decision by the organization to increase its oil production. Despite the many demands and frequent recently, OPEC had refused to put the issue of increased production in its agenda, and has been for four years. The markets will also tend ear to New York, where the French agriculture minister, Bruno Le Maire, must speak about the speculation on raw materials, around 18 pm (Paris time).

ALSO READ:

"American debt: the bad blood between Obama and Congress

"OPEC could decide to increase production

Good student, but must continue its efforts. It is, in short, the message delivered by the rating agency Fitch in France. She confirmed the debt rating "AAA", the best possible, with stable outlook. The French government has taken "a series of measures", says the agency, "which have improved the outlook for public finances." And mention the pension reform, or the draft law in fixing the principle of balance of public finances.

"However, these efforts must be extended to stabilize and then reduce the level of debt of France, which was the end of 2010 to 81.7% of gross domestic product (GDP)," warns Maria Malas-Mroueh, responsible scoring countries at Fitch. A number of risk still hovers in effect on the financial health of the state. Starting with 2012, a major election year.It should not, Fitch warns that the budget skids on the bottom of the presidential election. Especially since the forecast growth in the medium term Bercy (+2.5% per year) are considered "optimistic."

It should not, the agency said that the newly elected unleash the flange to the public finances in 2013. Instead, the agency left little choice to the government that emerges from the polls: "We expect the 2011 budget will meet its objectives (a deficit of 5.7%, Ed), but further efforts are needed to reduce the deficit to 3% of GDP in 2013, as agreed. " Debt levels will then stabilize at a level higher than before the crisis, reducing the flexibility to cope with future crises.

Note "under pressure"

In the medium term, Fitch added that "the memo from France could be under pressure (read: be revised downward, Ed) if the competitiveness of France was deteriorating again and if the position of France was weakening." The agency plans and the current account balance, ie the difference between money coming in and who leaves the territory, will remain negative in 2011 and 2012, approximately 2% of GDP. Fitch impels France to further reduce its "structural rigidities".

Despite these black spots, the Hexagon rest for now, said the agency, a "healthy and diversified economy," equipped "social institutions, civil and effective policies." He added: "financial flexibility reflect its status as a major issuer of sovereign benchmark in the eurozone. Clearly, the markets like, so far, take on France.