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The NYSE has ended sharply higher Friday, boosted by a surprisingly strong industrial indicator in the U.S., allowing the Dow to gain 1.36% and the Nasdaq 1.53% on Friday before a weekend of three day – Monday, the stock market is closed due to national holiday in the United States.

According to final figures, the Dow Jones Industrial Average rose 168.43 points to 12,582.77 in points and the Nasdaq, dominated by technology, from 42.51 points to 2816.03 points.The broader index Standard & Poor's 500 rose 1.44% (19.03 points) to 1339.67 points.

The Dow Jones ended in green all sessions of the week on which it jumped 5.4%, its best performance since July 2009

The day before, now, Wall Street had closed on an open rise, encouraged in this direction by the Chicago PMI – and the relief felt on both sides of the Atlantic after the second vote in Parliament in Greece. Voting allows the application of the austerity plan as expected, and the release of 12 billion euros in aid to Athens.However, the agreement of the Eurogroup surl second aid plan, expected this weekend, take a little longer than expected, according to diplomatic sources.

U.S. Policy and Debt

Another current, more American and more uncertain, however, could be followed by operators, mindful of the political context, while U.S. debt back on the front of the stage: the Secretary of the Treasury of the United States Timothy Geithner, in fact, consider soon resign from his post.Information reported yesterday by the Bloomberg financial news agency and other U.S. media, but qualified this morning.

Consumption, construction and industrial activity

In terms of macroeconomic indicators, the activity of manufacturing accelerated in June in the United States, according to an index released Friday by the professional association ISM, which stood at 55.3% as against 53 3% month précédent.Cet index, analysts expected a decline to 51.1%, is above 50%, the line between expansion and contraction, for the twenty-third consecutive month.

Consumer confidence fell in June in the United States, according to the index of U.S. consumer confidence released Friday by the University of Michigan, who finally stood at 71.5, lower than analysts had thought .A first estimate, released in mid-June, the index stood at 71.8 and analysts expected that this figure does not change pas.Après two months of increases, this index declined 2.8 percentage points at the end of May, and falling to its lowest level since April.

$ 4.5 billion for Nortel patents

On the corporate side, the maker of BlackBerry phones Research In Motion (RIM), is 0.28% to 28.93 dollars after the announcement yesterday of an agreement avoiding, at the General Meeting of July 12, vote on a motion challenging the operation of its management.Turbulent in recent times, the action RIM has tumbled almost 41% in one year, closing at 28.85 dollars Thursday on the Nasdaq, while the S & P 500 gained at the same time 28.55%.

Apple (2.26% to 343.26 dollars) Research in Motion and Microsoft (0.08% to 26.02 dollars), however, are part of a group of six companies that got their hands on the latest patents The telecoms equipment maker Nortel (1.82% to 29.14 dollars). The acquisition represents $ 4.5 billion (3.10 billion euros), after an auction that Google has removed (2.89%) and Intel (1.67% at 22, $ 53)

EMC Corp., and Sony Ericsson are the other members of the winning consortium, Nortel said in a statement released Thursday night.Telecommunications giant to the Internet bubble burst, Nortel filed for bankruptcy in January 2009 and has since liquidated most of its assets, raising about $ 3.2 billion.

In any other industry, General Mills (0.35% to 37.35 dollars) announced Friday the completion of the acquisition of half of the yogurt maker Yoplait, which he was the franchise in the United States. General Mills bought for about $ 1.2 billion (830 million), with the investment fund PAI Partners and the cooperative Sodiaal, 51% stake in Yoplait SAS and 50% of the entity holding world Yoplait brands.

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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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."

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"The resistance against privatization is organized

Associated with the circumstances of departure, the figure will not be without cause some backlash. Dominique Strauss-Kahn, managing director resigned from the International Monetary Fund (IMF), should reach about 250,000 euros in compensation, according to several media. The ABC even mentions an amount closer to 300,000 euros.

The IMF issued a statement challenging the magnitude of the sums advanced. Nevertheless. The contract of a head of IMF does provide for the payment of a "separation allowance" which is triggered automatically if the mandate is terminated before completion.According to the deliberate calculation based on the formula detailed in the contract, the compensation amount to 60% of final annual salary received by Dominique Strauss-Kahn, who is 441,980 dollars (310,000 euros) from the report 2010 of the institution.

A pension supplement

The allowance is supplemented by the payment of retirement by the IMF as DSK has completed more than 3 years in office. "Annual payments for subsequent years will be much less important," the IMF said.

The amounts have not yet been released by the Fund. But the clause providing for the allocation works even in the case of resignation related to legal proceedings, and the IMF should not oppose it. DSK is not the first to receive this allowance. His two predecessors who also left their positions in anticipation hit the allowance.The severance pay granted to a director involved in a sex scandal may be more difficult to sell to the public. When leaving their office, the Spaniard Rodrigo Rato had cited family reasons, while Horst Köhler became President of the Republic in Germany.

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The ousted leader of the Michelin and Danone takes top spot in 2011 salaries of bosses Cac 40 prepared by Les Echos. Michel Rollier has received compensation of 4.5 million euros for 2010. Frank Riboud, head of Danone, he pocketed 4.4 million euros last year and takes the second spot on the podium, followed by the CEO of LVMH, Bernard Arnault, who won 3.9 million euros in total compensation. In total, the Cac 40 bosses have affected more than 98.3 million euros in compensation. The average CEO salaries Cac 40 amounted to 2.46 million per officer, up 24% compared to 2009.

The first of the three managers sponsored by Michelin also holds the record for pay increases: salary soared 505%.This increase is directly related to the rise of the findings of Michel Rollier as not receiving a fixed salary but only secured a bonus based on the results of the giant tires.

This peculiarity makes his annual compensation very volatile from one year to another, as in the previous ranking, published in 2010 and based on total compensation patterns in 2009, the envelope of Michel Rollier displayed in downturn 303% compared to the one he had seen in 2008. He then pocketed 743,000 euros, which was then the lowest pay of executives within the Cac 40. This end up filing returns this year to the CEO of STMicroelectronics, Carlo Bozotti, with 903,000 euros.Penultimate winners of 2011, the CEO of Renault shows a total compensation of 1.2 million, unchanged from last year: Carlos Ghosn has in fact waived his variable compensation following the fiasco caused by the false case of espionage.

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"Fukushima: Tepco down wages for repair

"Too big to go away, but not irresponsible." That is essentially the message delivered by the Japanese authorities on Friday after launching Tokyo Electric Power (TEPCO), the operator of the nuclear accident in Fukushima, an injunction to compensate victims forced from their homes or stay confined to their homes.

Fixed by the Government, this compensation reaches $ 12,000 (8350 euros) per family and $ 9,000 (6250 euros) for a single individual. In total, about 48,000 homes are affected by the evacuation of the exclusion zone according to Japanese media reports, an estimated $ 600 million (415 million) charge for the group.

A figure confirmed Friday by the operator, the voice of its President Masataka Shimizu, specifying, however, this very tentative estimate.For it is only a first payment, and it is not impossible to imagine a possible increase of compensation in case of extension of the exclusion period. A scenario more than likely in view of the confusion reigning on the site yet, more than a month after the earthquake and tsunami. The first payments to families will take place from April 28, said the leadership of TEPCO.

The bill gets heavier for Tepco

Facing these are deemed insufficient, several families went directly involved in the protest headquarters in Tokyo Tepco. For society, which in 2010 made a net profit of 1.89 billion dollars (1.31 billion euros), the charge may seem bearable.But it adds to the $ 24 billion (16.7 billion euros) required, Masataka Shimizu according to the resolution of current problems (rupture of the cooling circuits, explosions and radiation leaks) and restarting reactors.

Moreover, beyond the displaced families, TEPCO will also likely take into account compensation for loss wider (inability to grow for farmers, contaminated water, etc.).. According to JP Morgan, this compensation could reach a total of 24 billion dollars (16.7 billion euros) for the current fiscal year, while Bank of America-Merrill Lynch estimates that if an extension of the crisis Nuclear bill could exceed $ 130 billion (90.3 billion euros).

The situation may therefore be very critical for the fast group that supplies a third of Japan's electricity.According to the Nikkei newspaper, Tokyo, who could hardly afford to crumble Tepco would train alongside his orders to compensation, to set up an insurance fund guaranteed by the state. The latter, whose amount remains to be determined, would serve both to replenish the coffers of TEPCO and provide additional compensation of victims, also of the order of 12,000 euros per family. The fund would be financed by bank loans guaranteed by the state.

Broad program of cost reduction

The plan, looking like a loan, would allow the nuclear operator to bear the massive costs of compensating victims.This government support is crucial to TEPCO, which before the disaster showed a net debt of $ 91 billion (63.2 billion dollars), since heavier by a new bank loan of 24 billion dollars (16.7 billion euros).

The company will then reimburse the state for several years by a system of special dividends. By then, the company will implement a serious program to reduce costs that go through pay cuts for executives and managers, even for employees. TEPCO could also sell more than 1, 2 billion (0.83 billion) of real estate assets, according to Japanese media.

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If the state seems determined to bury the projects to exploit gas and oil shale, it is not the same industry. Total and after the oil is now up to CEO of GDF Suez, Gerard Mestrallet, to speak on the subject. Voices in the columns, the leader regretted that "France turns the page on shale gas before opening it."

The government has indeed done an about-face on the subject. Faced with a growing mobilization against the exploitation of these deposits to potentially harmful to the environment, the prime minister on Wednesday urged the cancellation of the exploration license. In March 2010, Jean-Louis Borloo, Minister of Ecology, had authorized the search of these gases "unconventional" in the basement French Three licenses were awarded, one in Total and two other group Texas Schuepbach associated with GDF Suez.

Impact on prices

It is not certain that there are industrial. They surf on rising fuel prices to justify further research in this area. The CEO of GDF Suez and in Les Echos argues that "France will freeze gas prices on one side and the other refuses to produce shale gas. I recall that if natural gas is cheap in the U.S., thanks to unconventional gas. "

Same story at Total. In a recent interview in Le Parisien, Aujourd'hui en France, oil group's CEO, Christophe de Margerie said that gasoline prices will continue to blaze to 2 euros lellitre super and that this development necessitates the search other energy sources.It specifically targets the shale gas, "We can not defend one side of the security of supply in France, and the other, prohibit the exploration of these famous shale gas. How can we make a final decision without even knowing if this gas is present in the French soil and if it is usable? "

"An operation" clean "is possible"

Similarly, Gerard Mestrallet advocates a continuation of research, also on methods of extracting these gases. "To conclude that we will never be able to develop clean technologies to exploit shale gas, there is not as scientific as I would not cross," said the officer saving account payday loan. Total goes further. Courmes Bruno, director of Total Shale Gas in Europe, the Group subsidiary dedicated to oil shale gas, is "sure to offer a holding" clean "of shale gas."

Cleaner technology and less controversial, would bring the Prime Minister, currently opposed to the exploitation of shale gas, to review its position: "There is no question of closing the door to technological advances that allow for future access to new energy resources ", has underlined Francois Fillon during his speech in favor of cancellation of licenses already granted. A scientific research mission on the possibilities of exploiting these deposits with other technologies is ongoing.

No credible alternative for the moment

Except that it may take time. Asked by lefigaro.fr, Total acknowledges that, at present, there is no alternative to the hydraulic fracturing technique implemented by the Texas Haliburton. An efficient method known but the effects are harmful to the environment.This method aims to create small earthquakes over 2000 meters before injecting large amounts of water and chemicals to extract the fuel. The film Gasland shock, the Oscar-nominated 2011 – which had a significant effect on protest movements – really demonstrates what can be the impact on drinking water, air quality and public health of this method extraction.

Cap on foreign

And France, a "National Day of Action" against the shale gas to take place this weekend. It might then be that manufacturers are turning abroad. Total has also finalized an agreement with CNPC-PetroChina to operate an unconventional gas field in Inner Mongolia and the group has two exploration permits for shale gas in Denmark and six in Argentina.Remains whether the environmental impact of the same technique is different from one country to another.

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In late May, six of the sixteen members of the College of AMF should be renewed. The opportunity for the president's stock market watchdog, Jean-Pierre Jouyet, placing governments to their responsibilities in terms of parity. "We must be consistent with what we proposed or imposed by law," said Jean-Pierre Jouyet in Le Figaro.

In 2016, boards of directors of large companies will have 40% women. College of the MFA, they are now … two. "It would take at least five" in the eyes of its chairman, who called for those, starting with the Minister of Economy, who will appoint the six future members.Jean-Pierre Jouyet same ideas profiles that could be the case, they run businesses (Dominique Heriard-Dubreuil at Remy Cointreau or Stéphane Pallez, France Telecom) manage funds (Isabelle Bouillot) are derived from academia (Marie-Anne-Frisian Roche).

Chairman of the AMF also cites the example of Michele Monavon which unites the employee shareholders.

This time for sure. Or almost. March 2, Apple expected to unveil the highly anticipated iPad 2. It will suffice that the company sends an invitation to American journalists to revive speculation. A photo reveals a piece of screen that lets assume that this is the iPad 2. Additional evidence, the meeting will be held at the same place where the first tablet had been made, the Yerba Buena Center in San Francisco. Reactions to the announcement may seem disproportionate. This overlooks the fact that after upset the market for music (iPod and iTunes), telephony (iPhone), Apple is addressing the issue and the PC world with its iPad.

When is the next revolution? Some are betting on a sensational debut in television. Meanwhile, the assumptions about race 2 continues the iPad.It would be finer, with new features, including a second camera to facilitate video conferencing.

The moment is perfectly chosen by Apple to silence rumors about his ability to launch a new version. Although no official date had been given, the rumor predicted a delay in this second version! They waited for the new iPad in January to launch three months later. But the health of Steve Jobs delayed the process. That gap could make him lose several million in sales. According to analysts, a period of three months in the marketing of the iPad 2 would pass the annual sales from 30 to 23 million.

Investor confidence

For Apple, the risk is even greater than the competition gets tougher. There are now over a hundred bars of all sizes.Admittedly, not all are marketed in the U.S. or Europe, but the profusion of offers incentives for the response. If Apple wants to remain the benchmark in the market shelves, it needs to change his. Success of the iPad 2 also proves that even if Steve Jobs is on sick leave, product launches continue. Certainly, many shareholders have asked last week presenting a succession plan, a proposal rejected in general meeting. But overall, investors maintained their confidence in society. The way Apple rose nearly 8% since the beginning of the year, the market outperformance.

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The Autorité des marchés financiers (AMF) has been heavy handed. Its Disciplinary Commission decided to impose on Wendel and its former CEO, Jean-Bernard Lafonta was fined 1.5 million euros each the maximum possible given the "importance of achieving given to rules and principles of financial reporting. Pattern of punishment: a "lack of market information on the preparation of the 'Up' Wendel capital of Saint-Gobain," the statement said that the AMF has been published.

The case dates back to 2007. At the time, instead of Paris had attended amazed at the assault by the family company Wendel, unfamiliar methods to the cavalier, the Fortress Saint-Gobain, one of the cathedrals of the CAC 40.The debate raged at the time on the creeping takeover, while investment funds multiplied operations to 10% or 20% stake in a particular group.

In the case of Saint-Gobain, the AMF has approached the issue from a technical perspective. In their investigation, its services have focused on derivatives used by Wendel to form his position at Saint-Gobain (up over 17% of its capital). These products "total return swaps, or TRS gave an exhibition in theory to Wendel on the price performance of Saint-Gobain. In this regard, therefore Wendel no obligation to declare them to the market. Except that the Enforcement Committee has concluded that they were part of a wider operation "prepare a rise in the capital of Saint-Gobain. As proof, the establishment of funds that were not necessary for the TRS, but grew to buy shares in good and due form.Specifically, TRS Wendel concluded with four different banks, which each bought Saint-Gobain shares to cover (and never go above 5% of capital tax-free threshold so the market). In autumn 2007, Wendel has loosened its contracts, and buyer has paid for shares tendered in the market by its banks.

The decision, subject to appeal, will set a precedent

In the eyes of the police market, the intention was there. "It was up to Wendel (…) to bring to the public characteristics of this operation." Before the Enforcement Committee, Wendel and Jean-Bernard Lafonta argued that this obligation did not exist until the stock itself was not irremediable.The Commission decision drives the point home, "the system implemented has been under conditions that constitute an unfair circumvention of provisions intended to ensure the financial information of the market.

The decision of the Sanctions Committee is doubly important, beyond the case Wendel Saint-Gobain, two groups that have since made peace and formed a pact governing the ownership role of the first to the second table. On the one hand, it reinforces the AMF despite the contrary opinion expressed in early December had the Rapporteur of the Commission sanctions. After the snub of the case EADS, Constable market has completed a landmark case. On the other hand, the decision may be appealed, will value jurisprudence. No doubt the protagonists of the duel-Hermes LVMH dissect.AMF services are currently investigating the rise in capital (up 20.2%) of LVMH Hermes, through products but finally settled in cash-settled securities. LVMH does not have declared complies with regulations. But advocate Hermes, LVMH denies that, as the acquisition of "equity swaps" by LVMH was intended to prepare its increased stake and therefore should have been notified to the market.