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The era of good times is over. China, which for years received lessons in economic policy by the United States, primarily relating to foreign exchange, takes revenge. While S & P has to sacrifice the triple A of the United States, Beijing, the largest holder of U.S. bonds in the world – by far, with 1,160 billion of U.S. Treasuries in the drawers according to figures from Washington published last May – now estimated to have "every right to require U.S. to address their structural problems of debt."

The Chinese government estimates that S & P has only confirmed a "horrible truth". One that was highlighted by the rating agency Dagong China, which has degraded the U.S. triple-A immediately after the agreement to raise the debt ceiling.She said "the days of Uncle Sam, crippled with debt, could easily squander endless amounts of borrowing from abroad seem numbered. (…) In order to treat his addiction to debt, the U.S. must restore the principle of common sense that we must live within its means. " For Dagong, the note of the United States increased from A + to A with, again, a negative outlook. According to the official Xinhua news agency, the adoption by Congress of a text to avoid a default of the United States failed to defuse "the bomb of debt." This failure to control U.S. borrowing could affect the "well-being of hundreds of millions of families in the United States and abroad," she lamented a few days ago.

In other countries, tempers

In France, Baroin, Minister of Economy, trying to reassure.First European official to respond to the thunder of the deterioration in the sovereign rating of the debt of the United States, he ensured that France "has full confidence in the strength of the U.S. economy and its fundamentals, and in the U.S. government's determination to implement the plan that was approved by Congress this week. "

Japan, the second creditor of the United States, said that its policy of buying U.S. bonds remained unchanged despite lowering their score. "Our confidence in U.S. Treasuries and their attractiveness as an investment will not change because of this action," said a Japanese government official told Dow Jones Newswires.Japan, which is trying by all means to curb a flight of its currency against the greenback, has no interest in selling its dollar assets for now since it would only strengthen the yen.

In South Korea, senior officials of the Ministry of Finance held an emergency meeting Saturday to analyze the consequences of the downgrade. But the government has warned against overreaction. "We need not be too worried about our economy and financial markets," said Deputy Finance Minister Yim Jong-yong. An Australian Prime Minister Julia Gillard has also called for calm markets. "At the same time, the other two major agencies, Moody's and Fitch continue to note the U.S. economy AAA. So I think people need to consider all the facts, "she said.In the Philippines, a spokesman for the Presidency said that the downgrade by S & P was "to some extent a wakeup call for the U.S. begin to seriously address their economic problems. We have confidence in their ability to do so. "

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Greece Is in default? For Baroin and Valerie Pécresse, the answer is no. The Minister of Economy, interviewed on RTL on Friday morning, and budget minister, responding to RMC, however, swept this term used by many analysts in the wake of the passage of the bailout of the country, which provides including an extension of the term loan to Greece and lower borrowing rates. "This track is discarded because it would result in the destabilization of the deep zone," said Baroin. "These are not the words we use. Greece will repay its debt, "added Valerie Pécresse.

According to the Minister of Economy, the "partial failure" is that "legal characterization" that rating agencies could use in the coming days. "They will do what they want," says he.The derivatives market professionals, meeting within the International Swaps and Derivatives Association "(ISDA), should just meet in the coming days," probably "even today, to determine whether the new aid plan Greece is a "credit event".

Whatever their decision, Baroin determines that the plan provides an adequate response to address the situation: "This plan is a firewall. There will be the Central Bank to play its role as lender and the European Financial Stability Fund (EFSF), more flexible, which will intervene to prevent attacks by speculators. "

Banks will no longer be sought in the future

For the Minister of Economy, the agreement reached in Brussels provides answers "exceptional, deep, powerful, durable giving guarantees to Greece to support the continuity of its delivery to an acceptable level.""This is a response to avoid any risk of infection by a public-private and technical arrangements for the European fund, which also outlines the future prospects of the future European economic governance," he added. Regarding private sector involvement, the economy minister reiterated that private creditors are not required to save other countries in the euro area. "This is not one second that the private sector finds himself called for a voluntary basis for Portugal, Ireland, which are two other countries in the European assistance," he said firmly.

"Many things have changed yesterday. It was a real go of history which gives a more stable Europe, "said Baroin. Valérie Pécresse also welcomes the "Instrument for Stability" what happened to the EFSF, "beginning of a European Monetary Fund."She said the new rescue plan was necessary to "save and protect the euro." "This is a reference currency that allows France to have the confidence of investors. If we had dropped Greece, it was the French who would have paid, "she says.

The government spokesman also announced that "the Prime Minister will receive all 11 hours of national representation: the Senate president, the president of the National Assembly, the chairmen of Finance, European Affairs to present the rescue plan for Greece, which was adopted yesterday and tell them the consequences for France. "

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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.

Objective: London Olympics 2012! The challenge is ambitious Laure Manaudou but probably not impossible. "She recovered in the skin of a champion," said Gilles Portelli, CEO of Havas Sports & Entertainment. Absent from the basins since September 18, 2009, the swimming is preparing to make his comeback this Thursday in Athens to the United States. She has eight months to return to competitive, qualified for the Olympics taking place in mid-March. His former mentor, Philippe Lucas, believes it. "It's a good thing for French sport. It changed, it is a mother. She has thought through many things. Swimming was missing.

The importance of achieving good performance will depend in fact a new interest of major sponsors (Lancel, EDF, Arena, among others) who have stopped working when she announced her retirement. These contracts Lancel, EDF Arena and allowed him to reach about three million euros per year between 2007 and 2009. Reportedly, the contract of sponsorship with the chairman of PPR, through his holding company Artemis, who reported one million euros per year, is suspended and not broken. Discussions are therefore underway between the two parties to try to bring back Laure Manaudou and Francois Pinault.But suddenly, its value would decline significantly Advertising (LPG contract with him would bring 200 million euros per year). Necessarily all brands can not match the prices of luxury brands. " Most experts interviewed do not believe that the financial aspect is the main motivation behind this "comeback". "She would have stopped swimming in this case," explains Gilles Portella.

After accumulating the gold medals like pearls and posted disappointing results, shaken by romantic escapades, Laure Manaudou is trying to write a new story of his sporting career. "She now has a stable life, a companion who is immersed in the world of swimming (Frederick Bousquet) and one child (a little old Manon a little over a year). The risk of "relapse" is lower, "said François Guyot. But not nonexistent.

The French Association of Private Enterprises (Afep), which includes very large groups, will this evening at dinner Xavier Bertrand. Labour Minister and his guests have something to talk about everything found: the taxation of the remuneration of top managers.

Xavier Bertrand Tuesday reiterated the government's intention, not to establish a "maximum wage", but to increase the levies on companies' pay extravagant wages "- which in his view, means" several million euros. " The idea was initiated by a part of the majority in the debate on the alleviation of the ISF and the end of the tax shield. The Left had also seen a way to feel good after a "gift to the rich" … The measure should be passed in the fall.It could take two forms: a new tax or the inability to deduct the payments of the tax base of companies. "I favor the latter possibility," the minister said Tuesday.

"Branding a category»

Neither of the two formulas, in any case not suitable for Afep. Its chairman, Maurice Levy (Publicis Groupe), found the need to "be bad enough faith to consider that there is a problem together" on the compensation of top managers of French companies. Based on a study Aon Hewitt, he assured that they are on average paid less than their counterparts at the head of U.S. companies, Swiss, British, Spanish or German. "It's not healthy to attack a general executive compensation. This leads to stigmatize a category, "says Maurice Levy."I'm not at all support the idea that decides what should be the compensation of one or the other, in a total abstraction of what the company," he says. As to subject executive compensation to the general meeting of shareholders, rather than the board or a special committee, the president of the Afep sees "no need to submit to such AG decision over another ", saying that there is already" in the company a democracy that works very well. " Annual reports, accessible, detailed executive compensation.

"Personally," Maurice Levy, however, sees "no objection" that the persons whose total income is high "contribute more in difficult times," as an "element of solidarity."

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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.

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Overtax businesses too generous with their leaders. The idea was launched by Prime Minister Francois Fillon in an interview published Saturday in Nice Matin: "With the government, I think about a device that is to overtax the companies issuing exorbitant fees."

The head of government is responding to the proposal of Xavier Bertrand, Minister of Labour and Employment, to "tax" or "frame" the "extravagant salaries." It lampooned in an interview published Thursday by Les Echos code of conduct drawn up on the subject of big salaries. "Write a code of conduct is good. The enforcement is better, "he said. Considering that some large companies did not comply with these principles, the Minister has threatened to legislate on the issue.

Shocked by some earnings

In Nice Matin, François Fillon rejects such an approach in trying to punish companies through a tax rather than the bosses through a ceiling unsurpassable. If it says "shocked" by some remuneration of senior executives, the Prime Minister "not [believe] not the regulation of wages for some totally disconnected from economic reality of the business and wage negotiations." However, he called the companies to regulate themselves. If they do not, the government will make decisions, he added.

The salaries of officers of the CAC 40 rose 19% in 2010 compared to 2011 according to a study of the expansion. Their average salary was 4.2 million.And increases do not always correspond to performance industrial markets.

No revaluation of the minimum wage

François Fillon said in the same interview in Nice morning that there would be no boost given to the minimum wage at its next revaluation. "Today, it would be an economic mistake. This will overwrite the hierarchy of wages and would drive up labor costs and thus unemployment, "he justified.

François Fillon has argued that "before 2000, the labor cost of products manufactured in France was on average 15% cheaper than in Germany."However, "since the 35 hours, this advantage was lost in some sectors such as agriculture and services, we are overtaking Germany," he said.

According to the Ministry of Labour and Employment, the next automatic adjustment of minimum wage-price inflation when the achieved 2% since the previous revaluation, "could take place" in August.

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Time for spring cleaning rang Samsung. Its chairman Lee Kun-hee has thrown the cat among the pigeons by saying that corruption was widespread within the largest conglomerate in the world. "Corruption and fraud were widespread throughout the group," said the founder's son, whose rare public statements fall as oracles on its 277,000 employees.

A formula that troublemaker shock over an empire of $ 173 billion in sales, the world of mobile telephony as shipbuilding. Bribes, kickbacks and favors granted to suppliers are common, said Lee, whose engineers have also built the tallest tower in the world to Dubai. "This is a growing concern for me and I'll do it," warned, threatening, tycoon 69 years.The anger of "chairman" follows the outbreak to light a case of embezzlement within the defense subsidiary of Samsung Techwin, which has prompted its president to resign. It could lead to a general audit of the 64 branches of the group alone is worth 20% of the GDP of South Korea.

Clever cons fire

The projection of Lee confirms it was taken over the group's management. Since the beginning of the year, "Emperor" surprise teams in landing unannounced several times a week at headquarters, in the Gangnam business district, then he used to drive the business in the shadow from his home Business Card Holders. "This statement is to show everyone that he is back at the helm," says Chan-Guk Huh, a professor at Chungnam University.

A clever cons fire as Lee himself was sentenced to three years in jail for embezzlement in 2008.Samsung "buy" policies and top judges through a secret fund, showed the former leader of the group's legal department, Kim Yong-chul, in a scathing book became a bestseller in South Korea. Current practices for the chaebol but become embarrassing at a time when Samsung, the leading electronic global in its turnover has grown into a global brand scrutinized by investors worldwide.

Back to business in 2010 through a presidential pardon course, the most powerful man in Korea hopes to buy a virginity with the deal personally.

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The French did not wait to see their incomes grow to consume more. Consumption expenditure of households are divided up in 2010 to 1.3% in volume against a slight increase of 0.1% the previous year. They contributed well to the tune of two thirds of the growth of the French economy last year, even though the purchasing power slowed its progression, according to a study by the INSEE.

Indeed, the rising purchasing power of the French was 0.8% in 2010, against +1.3% in 2009, hit by rising prices driven by oil. The Institute of Statistics shows that even if one deducts the expenditure incurred under a contract renegotiable difficult in the short term (rent, water, gas, electricity, insurance, telecommunications, etc..) Purchasing power individual level falls slightly down.

"The increased consumption for almost all positions," notes INSEE. Clothing costs rebounded 0.4% after falling 4.2% the previous year. After falling 3.5% in 2009, spending at hotels, cafes and restaurants are also lifts, 1.1% by volume. The cost of heating and lighting by volume rose 4.8% and spending on services of the information economy such as telephones or computers rose 4.2%. Conversely, with the end of the scrapping, purchases of new cars fell by 4.9% in 2010 after they jumped 18% in 2009.

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Wall Street puts an end to four consecutive sessions bearish on Wednesday. The Dow Jones lost 2.23% to 12,290.06 points, the Nasdaq yield 2.33% to 2769.19 points and the S & P 500 was down 2.28% at 1314.55 points.

Tuesday, as all global markets, the U.S. stock market had closed on a sharp rise, the Dow Jones climbed 1.03% and the Nasdaq by 1.37%. Investors, who were returning from a long weekend, had welcomed with relief the press releases stating that Germany would give up a debt restructuring of Greece.

On Wednesday, the new no longer effect. Quite the contrary. Moody's has cooled financial markets that had begun to hope that a solution had been found to stabilize the financial situation in Greece.The rating agency downgraded two notches note saying the country more than 50% the risk of seeing the country fail.

This decision adds to several bad macroeconomic news.United States, the employment figures in the private sector show an increase of only 38,000 in May, according to the firm ADP, while analysts were betting on 170,000 net hires.

Construction spending rose 0.4% in the U.S. in April, according to a Commerce Department estimate released Wednesday in Washington, and contrary to that of analysts who had forecast a decline of this indicator.

Manufacturing activity has slowed markedly in the United States in May, according to the index of purchasing managers released Wednesday by the industry trade association and ISM fell to 53.5%.

Side currency, the euro decreased again against the U.S. dollar after the rating is downgraded from Greece at 1 cash advance loans.4330 dollars (-0.46%).For their part, oil prices fell sharply Wednesday in New York, a barrel of benchmark dropping $ 2.41 to 100.29 dollars in a market undermined by disappointing indicators, especially for job creation States USA.

Yahoo!: -4.26% to 15.85 dollars

Yahoo has resolved its dispute with Alibaba Group in connection with the transfer by the Chinese company's online payment system, Alipay, its chief executive Jack Ma said on source familiar with the matter. The two companies reached an agreement before the meeting with analysts from Yahoo last Wednesday. But the agreement requires the green light from the founder of Softbank, Masayoshi Son, who sits on the board of directors of Alibaba. He was quite reluctant, says one. Japanese Softbank is a shareholder of Alibaba and Yahoo Japan.

Google: -0.65% to 525.60 dollars

Eric Schmidt, the executive chairman and former CEO of Google, said Tuesday night had "planted" on social networks four years ago. He takes the responsibility for the error that allowed Facebook to be the undisputed leader in the category.

Phillips-Van Heusen: 0.58% to 66.35 dollars

Phillips-Van Heusen for its part, announced a net profit of $ 58 million (79 cents per share) in the first quarter of fiscal 2012, against $ 28 million loss (53 cents per share) a year before. The turnover was doubled to 1.37 billion against $ 619 million a year earlier. The group is therefore the goal of annual earnings per share to range between 4.80 and $ 5 per title.