Its turnover amounted to 4.211 billion euros, a decline of 3.8% over the first half of 2009 (-6.1% at constant exchange). However, over the second half of 2009, there is an increase of 5.4% (1.8% at constant scope and exchange rates).

The operating margin fell by 0.8 points over the first half of last year, but operating income increased 19.8% to 200 million euros.

Order intake increased

Capgemini is optimistic on the outlook for the year, based on the increase in orders: they increase from 14% a year. Outsourcing has the highest increase (+37%).

"After a particularly rough year 2009, the group was armed to face an environment that was still difficult at the beginning of the year but he anticipated gradual improvement," says Capgemini.Its interim results "confirm the appropriateness of decisions and drive new orders validates the hypothesis that this improvement will continue in the second half, despite concerns that persist at the macro-economic and stock market volatility."

Capgemini table so the second half on a turnover growth of 3 to 5% (at constant scope and exchange rates) and an operating margin above 6.5% (against 6% to 6.5 % predicted in May).

Investors have reacted to the publication of figures better than expected property: the new single-home sales in the U.S. rebounded more than expected in June, from 23.6% in May after hitting their lowest level at least since 1963, but remain extremely low, according to official figures released Monday in Washington.

On Friday, the NYSE had ended sharply higher, buoyed by another round of quarterly results from U.S. companies of good quality and were reassured on the results of resistance testing in European banks.The Dow Jones gained 0.99% and the Nasdaq 1.05%. On the whole last week, the Dow Jones gained 3.23% and the Nasdaq rose 4.15%.

On the foreign exchange market, the euro against the dollar adds. At the opening of U.S. markets, it was worth 1.2944 dollars against 1.2906 dollars on Friday night.

Oil prices retreated Monday in the opening exchanges in New York, yielding 86 cents a barrel to 78.12 dollars, while Tropical Storm Bonnie was eventually spared oil facilities in the Gulf of Mexico.

Busy Week Statistics

Another highlight, the U.S. central bank should publish its Beige Book Wednesday on the economic conditions.It will be very guarded while the president of the institution, Ben Bernanke said Wednesday before Congress the slow recovery, with no announcement of new funding in the economy.

On Tuesday, it is the Standard & Poor's / Case Schiller home prices and consumer confidence, which will be followed, before investors only look the next day on orders of durable goods. But it was the day Friday with the first estimate of gross domestic product (GDP) U.S. second quarter to be expected this week.This new burst of publications should be followed especially when investors are questioning again on the strength of the U.S. economic recovery.

Publications wait

U.S. companies are still likely to take stock in their accounts this week, including the program six companies forming part of the Dow Jones online payday advance. Tomorrow investors expect such figures CIT and Lockheed Martin and those sitting in the middle of DuPont.

FedEx rose 5.57% to 83.36 dollars while the group has raised its earnings forecast for the current year. The U.S. giant now aims Messaging earnings per share of between 1.05 and $ 1.25.

Genzyme flies from 7.77% to 65.38 dollars.The group would be the target of several pharmaceutical companies. Sanofi-aventis is about to blow, but Genzyme has rejected its takeover bid by Bloomberg, citing two sources familiar with the matter.

IBM: The European Commission has opened two investigations into the group. It suspects the group of computer abuse of dominant position on the markets for servers. The titles have changed to +0.02% 128.41 dollars.

Always on the side of values, General Electric (2.74% to U.S. $ 16.14) Friday said its increased dividend of 20%, the quarterly dividend from 10 cents to 12 cents. GE also announced a resumption of its share repurchase programs. He had stopped this practice in September 2008. The board gave its approval for an additional $ 11.6 billion."GE hopes to finish the year with $ 25 billion in cash, including proceeds from the sale of a majority stake in its subsidiary NBC Universal to Comcast" say the analysts at Aurel BGC. Some of this money will be used to buy three billion dollars in preferred shares that the group has sold to the holding company Berkshire Hathaway of Warren Buffett in October 2008.

Also note Friday night, the FDIC, the federal agency whose primary responsibility is to guarantee bank deposits, announced the bankruptcy of six new American banks, bringing to 102 the number of closing establishments since the beginning of year.These six failures will cost about 394 million dollars to its compensation fund the FDIC.

Note that the British press suggests a departure from the CEO of BP, before tomorrow, the date of publication of interim results of the oil giant.

New legislative victory for Obama

Obama can now enact this historic piece to prevent another financial crisis and economic such as the United States had known in autumn 2008.

"Today the Senate will take action and send the bill on the president's office, so that the country can finally feel the effects of reform on which we have discussed for so many months," said Thursday Senator Chris Dodd, one of the main authors of the text with the Representative Barney Frank.

The text of over 2300 pages of the law "Dodd-Frank", aims to extend regulatory control over whole sectors of finance, which escaped him.It thus provides for the creation of a consumer of financial products within the central bank and it prevents the rescue of large financial institutions at taxpayers' expense.

For regulators play now

Among other measures leading text include a provision for better control of the vast market of derivatives traded over the counter, these tools have been speculative in the heart of the recent financial crisis in the United States instant credit reports.The text finally contains a measure dubbed the "rule of Volcker," the name of Barack Obama's economic adviser, Paul Volcker, whose idea is to encourage commercial banks to focus on their lending activities and take fewer risks .

While most Democrats have supported this project, the Republicans have signaled their opposition to the text, notably in that it gives too much power to regulators who failed to prevent the recent financial crisis.

The Chairman of the Central Bank of the United States, Ben Bernanke on Thursday hailed an "important step" with the vote by the Senate of legislation to reform financial regulation, which gives them considerable powers of oversight at the institution.

The ball is now in the hands of regulators. "We will pay with meticulous application and our responsibilities under the new law," promises Ben Bernanke.Legislation passed by the Senate because the Fed responsible for regulating all major financial institutions in the country, more than 50 billion dollars in assets.

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The merger between Iberia and British Airways which will see shareholders of British Airways take 55% of the new group should be completed by the end of the year.It is subject to approval by shareholders of both companies, who need to vote at general meetings scheduled for November.

The two companies will consolidate into a new holding company, which will be named Consolidated Airlines International Group SA, or International Airlines Group for short, and will be listed in London and Madrid.However, the two companies continue to operate independently and continue to operate under their existing brands.

Yes also for the alliance Iberia / BA / American Airlines

One remaining obstacles to the merger had been raised when Brritish Airways announced it had reached an agreement to cover the deficit of 3.7 billion pounds (4.4 billion euros) of its pension scheme.

The European Commission also approved the alliance as British Airways, Iberia and American Airlines want to build on the model of what makes Air France-KLM and Delta, recently associated with Alitalia."Today's decision will allow airlines to set up the transatlantic alliance to which they aspired for a long while allowing some 2.5 million passengers between London and New York as well as other relevant routes of continue to enjoy a range of frequencies and competitive prices, "commented Commissioner Joaquin Almunia competition.

This morning, Asian markets have chosen a conservative increase in the wake of the positive closing of Wall Street Friday. U.S. markets ended the week on a fourth consecutive session progress (0.57%).

The LSE is also a timid step forward, the Footsie index gaining 0.16% to 5141.10 points. The DAX index of the Frankfurt Stock Exchange climbs on his side of 0.14% to 6073.75 points.

In Paris, the stock reached Friday to keep the threshold of 3,500 points, allowing the benchmark index of snatch 6% in five days. On Monday, investors will try to keep this momentum. The meeting, however, looks very calm on the side indicators.The markets have learned before market that current account deficit had settled in France to 4.5 billion euros in May, from 2.9 billion in April, seasonally adjusted data.

The rest of the week will be loaded, the U.S., several interesting publications such as the budget (Tuesday), sales information (Wednesday), registration weekly unemployment (Thursday), or the index of sentiment consumer (Friday).

Caution is also placed on the European stock exchanges should begin when the ball Publications overseas payday loan lenders.From Monday, Alcoa will launch the festivities with the results of its second quarter.

Zodiac rejects the advances of Saffron

As for values, the supervisory board for Zodiac (4.31% to 41.50 euros) announced Sunday that he would not pursue a business combination proposal made by Safran.

Alstom (-0.89% to 38.35 euros) was applying for the construction of four stations on the route high-speed rail that will link Jeddah to Mecca, said Sunday the company to Saudi Railways ORS .

Carrefour (-0.27% to 34.50 euros) is to publish its second quarter results on July 15 after the close of trading.Analysts already expect a turnover of 24, 78 billion euros (+5.7%) including 10.29 billion in France (+1.6%) and 5.18 billion (-0.6% ) in hypermarkets.

Cameo (0.61% to 162 euros) announced Friday for the second quarter decreased by 11.3% of its sales, surface and currency comparable because of the lag of a week of dates on balances as of June July. The turnover for this period amounted to 190.2 million euros, up 1.1% on published data.

Total (-0.42% to 38.14 euros) have launched legal proceedings to challenge the decision of the Court of Appeal of Douai to force him to reopen his site Dunkirk.

An ad for a symbolic opening week of the G20 summit in Toronto and while international pressure, especially American, was always more intense. The consensus, the Chinese currency, also called the renminbi is undervalued by 30%, boosting Chinese exports and increasing the price of imports for other countries.

In Asia, the news is very appreciated, Awards winner around 2%.

In Europe, the enthusiasm is also present.Already in the past week, the CAC 40 rose 3.91%, the index in London gained 2.26%, and about the U.S. markets, the S & P 500 and the Nasdaq rose by 2 , 24% and 3.44%.

On Monday, the London Stock Exchange climbed 1.01% from Friday's close at 5321.30 points. The DAX index of the Frankfurt Stock Exchange climbed 1.33% to 6299.46 points.

The euro continues to rise

This morning, the euro continued to rise. He was quoted on Monday morning around 9:00 1.2456 dollar (+0.5%) while gold has posted a new record high at 1262.55 dollar an ounce.

The increase was boosted in particular by the reassuring speech by Jean-Claude Trichet, president of the ECB. He pointed out the growth prospects of the euro area 1% against 0.8% previously.While the severe degradation of the note in Greece did not impact the morale of the operators.

The European Union has also shown its unity: the European government leaders during a meeting Thursday, June 17 in Brussels, have pledged to tighten fiscal policy to respond firmly to the debt crisis of the states.

In China, the yuan, hit a record high since July 2005. Two days later, the renminbi, another name for the currency, displays a record on the interbank market at 6.8089 against the dollar, reports the agency Dow Jones Newswire.

No statistics major is waiting on Monday morning.The previous week, on the macroeconomic front, investors have noted the rebound in European Industrial production output is + 9.5 in Europe.

EDF: 10% in South Stream (1.49% to 36.33 euros)

The group vowed on Saturday to take a stake of at least 10% in the South Stream gas pipeline through the end of 2010 a decline in participation of the Italian group Eni. The public company has also signed an agreement for cooperation in the nuclear field with the Russian Rosatom public group.

GDF Suez: + 1.57% to 26.25 euros

The company announced on Saturday he came up to 9% stake in the Nord Stream pipeline, which needs to be redirected from the 2011 Russian gas to Europe.The French gas group has also signed a cooperation agreement with Gazprom in the areas of energy efficiency and energy savings.

Alstom: + 2.91% to 42.14 euros

A tripartite agreement was formalized on Saturday between Alstom and TMH its Russian partner railways of Kazakhstan on the provision of 200 freight locomotives to the latter, the French share is estimated at 500 million euros.

France Telecom: -0.32% to 15.35 euros

The telecommunications group has met on Sunday evening in its board of directors to consider a draft agreement with Claude Le Monde Perdriel, CEO of Le Nouvel Observateur, and Spanish media group Prisa, said a spokesman for the 'telecoms.The Chief Executive Stephen Richard had said in an interview published by the Journal du Dimanche that Orange had invest 50 to 60 million euros in Le Monde.

Renault: + 3.13% to 33.92 euros

The manufacturer could work with an American partner if the opportunity presented itself, "said CEO Carlos Ghosn with the Italian newspaper Sole 24 Ore, but said he was not a necessity.

TF1: + 0.28% to 12.36 euros

The FIFA World Cup looks positive for TF1, although the France team was eliminated in the first round of the competition, Le Parisien said the Group CEO Nonce Paolini.Friday, TF1 shares fell 0.84%.

Stallergenes: + 1.85% to 55 euros

The group said to be satisfied with the results of a Phase III clinical study conducted in China for a sublingual immunotherapy (Staloral) for treating asthma to mites.

Eurotunnel (GET): 2.65% + 6.28 EUR

The operator of the Channel Tunnel was given the green light to bid in the privatization of the railway high-speed London-Folkestone, according Wansquare, citing unidentified banking courses.The sale process could be launched today, the Financial Times.

Accor: + 0.14% to 43.89 euros

Standard & Poor's Friday affirmed the credit rating of BBB-group and ended the surveillance period with negative implications opened last September, before the split announcement Edenred of the new entity separate from the hotel services.

Schneider Electric: + 2.28% to 92.14 euros

His finance director has ensured that the group would continue this year to small and medium sized acquisitions in emerging markets.

Elsewhere in the region, the trend is very promising: the Hang Seng in Hong Kong up 1.05%, the Singapore Straits Times of Singapore won 0.3% to 2889 points and the S & P / ASX Sydney s 'gives 0, 71%, to 4652 points.

Sony confident

The Japanese electronics giant Sony has confirmed on Thursday it had ended the fiscal year 2009-2010 on a net deficit reduced to 40.8 billion yen (312 million), reflecting a return to the Green In terms of utilization through reductions in fixed costs.

With the renewed vigor, Sony also said Thursday that he hoped to finish the year began last April, and will be closed in March 2011, a net profit of 50 billion yen (about 400 million euros ).

Nissan Motor Co. is not far from being able to resume an operating margin of between 6% and 7%, said Thursday that Carlos Ghosn, CEO of the Japanese held 43% by Renault. On the occasion of the publication of a return to profit in the fourth quarter 2009-2010, Nissan had Wednesday reported a profit forecast for 2010-2011 considered conservative.

If paralysis continues, the slow recovery of the economy will she threatened? "If this situation persists, all French SMEs encounter difficulties," worries CGPME. Everything depends on the duration of the flight ban imposed much of European airspace. "The problem is simple: the shock will be there temporarily or not?" Says Philippe Waechter, head of economic research at Natixis."For now, all this is annoying but does not call into question the economic recovery."

"A crisis of this type can be analyzed as attacks or an outbreak, however, significant events that have little overall economic impacts," said Nicolas Bouzou for its part, an economist at Aster. Especially since the paralysis of European airspace should not have a huge impact on trade between Europe and the rest of the world, according to the Economist: "80% of goods moved by boat. And the businessmen will still meet in videoconferencing payday loan instant. "

Attacks and pandemic

The situation is somewhat reminiscent of the paralysis attacks of Sept. 11, which at the time, had greatly affected the airline."This event has changed the behavior vis-?-vis the air, but the current environment is extremely different," relativize Philippe Waechter. "Today, if the ban is lifted, all restarts as before." September 11 has also not necessarily have any impact on the economy, beyond transport. "It is very difficult to detect traces of attacks on the World Trade Center on economic growth," said Nicolas Bouzou.

More recently, influenza H1N1 has raised fears the worst. Especially because of the flight ban could be decided to limit the spread of the virus. The worst-case scenarios developed while anticipating a decline in U.S. GDP by 1.5% year over year. Impact due to paralysis of all types of transport, the cancellation of sporting and cultural events and absenteeism rates of about 30 to 40% in companies.In comparison, the ash cloud would block more than 150,000 French nationals abroad. For a limited time.

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Alain Zeitouni: I think, however, that these cons-time advocate of SRI. They illustrate the inability of states to agree on what policy to adopt and highlight companies that have a real socially responsible approach. Investing in SRI is an investment in a well-run company with good governance and employability positive and more likely to see its share price appreciate.

AFG (French Association of Financial Management) will also require management companies by July 31, a code of ethics which they must answer a series of questions about their SRI policy.Management companies will therefore have an obligation to be transparent with investors in our case, we will put this code available to our customers on our website.

Why did you choose the multi *? How do you reconcile with SRI?

As a society, we believe it is more appropriate to rely on several topics related to SRI, rather than a team with SRI extra-financial analysis.It is well known that our SRI funds Alphastar Barclays profit pricing that allows investors to actively contribute to social awareness, with 20% management fee will be donated to support local civic projects through our structure Barclays Solidarity.

SRI funds are they more efficient than conventional investments?

It is difficult to measure but what is certain is that SRI is more resistant in the phases of market correction and presents a more defensive profile, if uptrend. In other words, there is an outperformance in the market phases. SRI is not a barrier to the market performance. Instead, he must give value added to the fund compared to a traditional investment.The management team should also bring in funds through the performance of traditional criteria such as the revaluation of securities and its prospects.

How do you select your values?

Our management approach is based on a "best in class", that is to say that we select the best titles in their class, whatever the category. In other words, we do not exclude sectors that initially do not appear to be consistent with the ISR, such as the automotive and oil industries, for example.

While values have a real socially responsible approach, we keep them. For example, some car values are investing heavily in R & D to reduce pollution from their vehicles or oil stocks investing in renewable energy. The purpose of a product is primarily SRI performance.We believe it is unnecessary to have a debate about whether a particular value or not SRI.

Why is it your portfolio as concentrated (Barclays Alphastar SRI consists of 13 funds, Ed)?

Our portfolio consists of only 13 funds, because we were not convinced of the other approaches SRI funds, and we believe this issue to make it more readable, it is not necessary to invest in more funds . Accordingly, we are heavily invested on each line, because we have strong convictions on certain themes (sustainable development, corporate governance) that we identify as a source of added value.

Amund and Natixis are historical actors of SRI investing in this topic for many years. They have a database of the oldest of the place.We also returned UFG shares Sarasin Euro Mid-Caps, while our investment universe is large caps. The idea is to identify mid-cap stocks that are concerned with the theme of SRI, but that hardly communicate, because they do not face the same pressure as the major media values.

What is the performance of your fund?

Our fund outperformed the MSCI Europe since its creation of 1.5 basis points (-19.18% against 20.73%) and the underperformed since the beginning of the year (2.98% against 3 57%). This reflects the fact that our portfolio is too concentrated on European values. Because of the difficulties of Greece, the euro has sharply d?sappr?ci? and our portfolio with him. Thus, more than one reason for the market for a reason related to the SRI we underestimate performons index.We therefore decided to refocus on Europe in integrating the England and Switzerland in our portfolio.

That is why we returned OFI leader who is a fund invested in European companies considered in a leadership role within their industry and their competitive universe. We also selected HS Europe, which is invested in European companies also meeting the constraints on environmental, social ethics and governance. We believe that given the pressures on the euro, the single currency will continue to depreciate.

* Multi-management is a technique that selects the most experienced managers and more effective and provide access to larger customer base through a single medium (CPF unit trust or life insurance contract).

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The Nikkei closed up 0.42% to 11251.90 Monday lmatin points, supported by positive indicators published this weekend in the United States and by higher metal prices that has benefited the trading companies.

The U.S. stock markets have recently experienced six consecutive weeks of increases, an unprecedented series from the lowest 12 years and a half touchdowns in March 2009.On Friday, the Dow briefly crossed into the symbolic meeting of 11 000 points to finish at a cable that level at precisely 10 997.35 points. For its part, the Standard & Poor's 500 took 0.67% to 1 194.37 points and the Nasdaq Composite Index advanced 0.71% to 2454.05 points. Since its low point of March 9, 2009, the S & P 500 has now increased by 75%.

On the foreign exchange market, the euro is rising against the dollar this morning after the announcement yesterday by the countries of the eurozone plan the details of aid to Greece.The European currency was trading at just below $ 1.37.

Indicators to monitor

On the macroeconomic front, the week will be marked by several important indicators, as the index of consumer prices, retail sales for the month of March, industrial production, housing starts and the first estimate of the confidence index Reuters / Michigan.

The markets will also follow the hearing of Ben Bernanke, chairman of the Federal Reserve, the Congressional Joint Economic Committee on Wednesday and will monitor closely developments in the case of the Greek debt.

Alcoa will open the show publications

The week will be decisive for the U.S. markets. Investors will receive the first quarterly results of major listed companies.As usual, the aluminum giant Alcoa will kick off the season of publications, on Monday after the close of Wall Street. Analysts expected a return to profit, its first since a year.

Meanwhile, Alcoa shares are 1.53%, to 14.62 dollars.

The coming week will also be driven by quarterly results from Intel, Google, General Electric and JPMorgan Chase & Co. banks among others.

On the side of values, the oil industry runs the meeting. Friday Chevron (0.74%, to 80.1 dollars), without giving a figure, has announced an increase its refining margins in the first quarter. The group takes advantage of the rising oil prices and a possible improvement in its refining margins.The major U.S. must publish its accounts on April 30.

According to the press, the merger between United Airlines and U.S. Airways (2.73%, to 7.52 dollars) should be performed exclusively by exchange of shares.