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Shortly before the start of the session in New York, the index futures Standard & Poor's 500 and Nasdaq 100 declined by 0.26% to 1169 points and 0.77% at 2122.50 points. The Dow Jones was approached for its small down from 0.13% to 11,253 points.

After aligning the day before a third consecutive session, the U.S. stock markets may experience a more mixed session on Thursday. As of Wednesday evening, the title of Apple, the Apple brand famous plunged 7% in electronic trading after the close of trading in reaction to the departure of the group's founder, Steve Jobs, Tim Cook replaced by .

So that investors may enclose the value seriously, now, from the beginning of the session. The stakes are high for Apple.On 9 August, Apple had a happy time oil giant Exxon Mobil's first-place capitalization in the world in full trading day before falling on the second step of the podium.

Unemployment menu

In terms of macroeconomic indicators, the weekly jobless claims, which will be published before the start of the U.S. session at 2:30 p.m., will also be monitored. A consensus of analysts expected a slight decline to 405,000, against 408,000 previously.

Wednesday night, orders for durable goods in the United States had rebounded in July, prompting stock markets to rise, on both sides of the Atlantic. "But the indicator of business spending showed the U.S. economy remains fragile," do, however, keep stock analysts from Barclays.In a context marked by the end of the indicators is misguided, or worse in reality than it seems, investors are on their defense.

Meanwhile Jackson Hole

Especially since tomorrow is Friday that Ben Bernanke will speak from Jackson Hole this Friday at 16:00. We will then know whether a possible third last monetary easing, on which markets have been speculation this week, will be decided. Alternatively, investors can look forward to continued low interest rates likely. The second estimate of U.S. GDP for the second quarter will also be unveiled.

The growth rate of the world's largest economy in the spring, which had greatly disappointed a month ago, could then be revised down 0.2 percentage point to 1.1%.

Like Wall Street Tuesday night, which has rebounded strongly, and Asian markets Wednesday morning, that show – more moderate – from green, the Paris remains well in positive territory. At the opening at 9 am the Cac 40 rising 1.27% to still 3216.59 points. In London, the FTSE s lead of more than 1.7% in early trade, while the Dax in Frankfurt climbed 2.09% to 5040.68 points.

Investors are relieved by the outcome of the Fed, which ensured that it would extend its monetary policy ultra-accommodating while maintaining zero interest rates until at least mid-2012 and exploring other measures to support economy U.S.. The Fed confirmed that the U.S. economy is in trouble, especially since the deterioration in the debt rating of American long-term.

But the French side, poor statistical stopping the rebound came as the Paris Bourse was trying to afford.French industrial production has displayed sharp decline in June, -1.6% compared to May after a significant increase of 1.9% the previous month, said Wednesday the National Institute of Statistics (INSEE) . In the only manufacturing industry, which excludes mining and construction, production was also significantly decreased in volume compared to May (-1.9%), according to INSEE. She was up sharply in the previous month (+1.4%).

Now that the mood calmed down on the front of the U.S. economy, more eyes turn to Europe, a somewhat forgotten during the American episode, but continues to skate on the issue of debt. But the urgency is "crucial to restore market confidence," stressed the President of the European Council, Herman Van Rompuy.But disagreements between countries are delaying the implementation of the rescue plan agreed in June

U.S. oil stocks on the radar screen

From a macroeconomic point of view, in France, the current account deficit narrowed in June to 3.4 billion euros against 5 Payday advance.5 billion in May, mainly due to a significant decline in the deficit of trade in goods, said Wednesday the Bank of France. The deficit of trade in goods reached 5.8 billion euros (7.5 billion after May) while the surplus in services trade has shown an increase ($ 1.5 billion from $ 0.8 billion) .

This is especially the United States the figures are viewed. Weekly crude inventories will be closely monitored while the oil has again depreciated sharply: Oil prices ended Tuesday to its lowest level since September 29, 2010, yielding about 2.5% in New York under the $ 80.At 20 hours, will be published the figures of budget execution in July.

GDF Suez profits down 23%

Values ​​on the forehead, the only value of the Paris stock to remain in Sanofi ke deckhouse is: -0.06% to 47.23 euros.

Note that GDF Suez (3.40% to 20.70 euros) issued a net profit down 23% to 2.74 billion euros in the first half of 2011. Mestrallet, interviewed by Le Figaro on Wednesday that his group believes in the process of deleveraging, which has signed a strategic partnership with China, is well equipped to benefit from growth in emerging markets.

Bourbon (5.90% to 23.34 euros) Wednesday reported a sharp increase in sales in the first half thanks to the continued improvement in the utilization of its fleet of bottom of market recovery.

Scor (3.16% to 15.81 euros) announced in a statement that it has completed the acquisition of the mortality of Transamerica Re, a division of AEGON, and it took effect from Wednesday. The amount of the transaction announced April 26 totaled 912.5 million dollars, said Scor.

Atari (17.69% to 1.73 euro) said Tuesday it has completed the sale of development studio at Cryptic Studios games Chinese Perfect World, listed in the U.S., for gross proceeds of approximately 35 million euros.

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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The excitement around the new project of the author of the Harry Potter saga was finally lifted on 23 June at 13h. In a video posted on the site and account pottermore.com youtube, JKRowling addressed her fans.

The website will therefore pottermore.com to create enhanced versions of books, with details given by the author. It will also offer for sale the digital and audio formats of each volume. Until October, when the public opening of the site, the author proposes an interactive treasure hunt to identify the fans who access this information in preview.

Each user is thus invited to register on the site by choosing a name for identity sorcerer.They will then answer a series of questions to be admitted to one of the "houses" where students are divided Hogwarts School of Witchcraft as Harry Potter and his friends are introduced to magic.

On twitter account "pottermore," the novelist wanted to cut short the rumors of false advertisement: "I can confirm that it's me on the video."

This new project had created a real rivalry over the Internet. On June 16, the novelist had launched a site called pottermore.com mysterious business

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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The rebound in first quarter will not last, according to the Banque de France (BDF). If it maintains its estimate for first quarter to 0.7%, the institution table effect on an increase of only 0.5% between April and June. Slightly less optimistic, INSEE, which will publish its first quarter on Friday, table for its share of growing 0.4% in the second.

"With 0.7% growth over the first three months of the year as required by the BoF-or 0.8% as we expect, then 0.5% quarter over the rest of the year we get a growth of 2 to 2.1% growth in 2011, "anticipates Pierre-Olivier Beffy, chief economist at Exane BNP Paribas. The government expects its share to grow by 2% over the year.

"Moderate activity"

The first estimate of the BoF is based on the results of its April survey on the work of industry and services.In the first two sectors, the monetary institution observes an activity that is "remained moderate overall, with a business climate in retirement to 107 points in April against 110 the previous month totally free credit score. "This is the largest decline since the crisis began in late 2008," worries Ken Wattret, market economist at BNP Paribas. Economists expected an unchanged index.

While food has grown, other sectors have declined, particularly in the automotive and equipment. "Prices have tended to rising prices has again," notes the BoF, due probably repercussions of price increases of raw materials.

Services, which had been slow to recover in 2010, were known for their full growth "supported", says the BoF.The confidence indicator, lower than in industry, totaled 102 points in April, against 103 in March. Transportation and computer services from the sector, which continued to recruit. Good health services should continue, provided the Bank of France: "The prospects are growth-oriented farm activity."

The observations of the BoF in April similar to those of the INSEE. It had measured a significant improvement of business climate in services as well as stability in the industry.

Business leaders may have breathed a sigh of relief last night when he saw the plunge of the main raw materials. In recent months, they look indeed with concern the soaring price of those commodities. Their concern was evidenced in the accounts of the first quarter of the year or in the speeches of leaders.

All sectors are however not affected in the same proportions, even if they are likely to be.

Transportation is often the former. Lufthansa has reported such an increase in its fuel bill by almost 30% over the first three months of the year. This charge amounts to 1.4 billion euros over the period, when its billings reach 6.4 billion. The airline spends "overload" fuel to its customers, insufficient to offset any upward.The aim of companies is obviously to cushion the effect of "raw materials" through price increases. Michelin is well to advertise on some of its tires, the costs are related to rubber. The equipment itself as able to compensate 80% of the additional cost of $ 1.8 billion over the year.

This ability to change its prices based on costs, however, can erode. For steel, the latest report of the consultant CRU reported a slowdown in inflation and even lower in some countries in Europe. Gold, iron ore and coal continue to appreciate. The margins of steel producers could therefore suffer the end of the year payday loans.

Plastics hit hard

Lowest in the industrial cycle, the automotive supplier Valeo has recently detailed the structure of its cost "feedstock."The steel is 35%, followed by plastics (23%), copper (20%), aluminum (19%) and zinc (3%) … all the upside in recent months. Schneider Electric, for his part highlighted the increase of 40% of the money since the beginning of the year to explain an overload of 100 million euros in its accounts.

Chemical groups are now able to pass these increases on to their customers, as witnessed this week the excellent results reported by Rhodia and Arkema, manifestly optimistic about the future. Their customers converters are much less … They find that prices of certain plastics (polypropylene, polyethylene, PET) have almost doubled in two years!

Again, the phenomenon has an impact downstream. The plastic is a constituent of many products. In industry but also in FMCG.The U.S. Procter & Gamble has estimated at about $ 280 million this additional cost in its quarterly accounts.

If the decline recorded yesterday is good news, its magnitude can be a concern. Volatility, that is to say, large variations in a short time, represents an additional risk for companies, including strategies to provide raw materials for the long term or to hedge against inflation, they can be taken cons-foot.

A shareholder in American control will succeed one Italian: according to our information, the management company DNCA Finance is about to be bought by private equity firm TA Associates. The transaction values ​​between 300 and 400 million euros the French firm high of 5.5 billion euros of assets under management.

Banca Leonardo, the bank's business Gerardo Braggiotti owns nearly 70% of DNCA Finance which he had joined in 2006, continues its focus. The Italian bank will remain the capital of the management company, up to 10%. Jean-Charles Mériaux, patron management DNCA Finance, and Joseph Chatel, president, will remain second and third respectively shareholders of the firm.A share capital will also be reserved for employees, present and future of the management company established in 2000.

DNCA Finance, which manages a range of 10 French and Luxembourg UCITS, has based its development especially in the booming wealth management advisors. His new shareholder is an investment fund Boston, which already owns British fund manager Jupiter Asset Management. TA Associates, the head of funds totaling $ 16 billion of capital, fired on all cylinders. He just announced this week its entry into the capital of a management firm Stadion American Money Management, but also an investment in Bigpoint, the German tenor of online games.

A man at the crossroads of the worlds of music, technology and business. Norio Ohga, father of the "Compact Disc" and former boss of Sony, died Saturday at age 81. It was as boss of the Japanese consumer electronics that monitors closely the birth of the CD with its Dutch partner Philips in the early 80s. He insisted then that the disc 12 cm in diameter can hold 75 minutes of Beethoven's Ninth Symphony.

This commercial success and technological, which then lead to the emergence of DVD, will remain as the main weapon is to Norio Ohga. But it should not overshadow his work as head of Sony. "He transformed the Japanese conglomerate manufacturer of electronic products in a firm's creative music, movies and video games," says the Wall Street Journal."We were always digging the tracks that other groups did not dare to follow," explained Norio Ohga in 1998. "This is the real secret to our success."

Explosive path

His entry into the firm, like the rest of his career then detonates. Student in musicology at the University of Tokyo, in 1953 he impressed the executives of the firm which became Sony in a letter advising them of improvements to the prototype of tape. Hired as a consultant, Norio Ohga follow a rapid and brilliant trajectory within the company. He became one of the executive directors from the thirties, something extremely rare in Japan. In the '70s, he led negotiations with CBS that will lead to the creation of Sony Music Entertainment and will lead.

President of Sony from 1982 to 1995, Norio Ohga innovates. It supports the development of the Walkman, launched in 1979.In 1989, he led the largest acquisition at the time a Japanese firm abroad by offering the Hollywood studio Columbia Pictures for $ 3.4 billion. This maneuver discontent across the Pacific. Rumors will ever drive on the possible resale activity, difficult to make profitable. The real stroke of genius of the president Norio Ohga is unquestionably won his bet in video games. In the early 90s, he in fact supports the launch of the Playstation division within the group. It is now one of the largest departments of the group.

Debonair boss

Nohga Norio, Japanese boss atypical-described good-natured, not shy, and has an artistic temperament, however, has not as successful. Shortly after the launch of the CD, and it fails to impose its Betamax video format against HSV.Advisor to Sony these days, he could only see, in recent years, the cons-performance of its group. Sony did not see coming the success of the flat screen and has lagged behind its South Korean rival Samsung. In video games, Nintendo has his compatriot hewn cruppers. Even in the music industry, the Japanese has been exceeded. By innovations from Apple this time.

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Mohamed Al Fayed at the cinema. The Egyptian billionaire has confirmed his interest in markets for the purchase of Pinewood Studios. "Mr. Al Fayed has noted recent speculation regarding a possible offer of his hand. It confirms the possibility of a cash offer at Pinewood, "says a note sent to the London Stock Exchange.

The announcement comes just two weeks after Pinwood has received a takeover offer by its shareholder Peel Holdings, which owns 29.8% of capital. The latter offers 190 pence per share representing a total supply of 87.8 million pounds (about 99.5 million euros). For now, Mohamed Al Fayed said that "it is not certain that an offer is made" but the markets themselves, are safe. Result: Pinewood share price jumped to 10.4% in session Thursday at 223 pence, giving studios a market capitalization of 100 million pounds.

For Peel, the difficulties accrue while the other shareholder of Pinewood, Crystal Amber Fund (28% stake), considers that the initial offer of 190 pence does not reflect the true value of the company.

The home of James Bond

This battle looming market reflects the growing interest of investors in these studios, the largest in Europe, located in Buckinghamshire (county of south-east England). For nearly 75 years, Pinewood has seen the greatest movie stars. He is best known for being the location of the main James Bond like From Russia with Love, On Her Majesty's Secret Service, Moonraker and more recently Quantum of Solace.A studio is even dedicated to James Bond (the "007 course).

Pinwood was also chosen for the filming of blockbusters like the latest Harry Potter and Pirates of the Caribbean, but also The Bourne Ultimatum, Charlie and the Chocolate Factory, Mission Impossible or Lara Croft guaranteed payday loans. It's also where I will turn the next Clash of the Titans.

Very popular, Pinewood has reported a pretax profit of 5.8 million pounds last year, up 31%, and expects an increase in its turnover increase this year. The group also plans a massive investment of £ 20 million to expand the premises in Buckinghamshire.

Bet small productions

Pinewood has also ride the wave of success of the film The speech of a king who has won several Oscars with an initial budget of shooting only 9 million pounds.The low-budget films will be a priority for the studios that will focus on set at 2 million pounds.

The group also put on the hot market of TV and cinema in Latin America. A franchise agreement has been signed to that effect in the Dominican Republic.

Expanding empire

Mohamed Al Fayed, Pinewood get their hands on him to reconnect with his roots. The businessman had indeed already bought a studio in Egypt and participated in the production of the film four times Oscar-winning Chariots of Fire in 1981. The executive producer of this film was when her late son, Dodi al Fayed.

If he makes a bid and wins, especially Mohamed Al Fayed will relaunch its empire, amputated Harod stores, sold to a Qatari fund last year to 1.5 billion pounds.Always very diversified, its acquisitions include the Ritz Hotel in Paris, a hundred apartments in Hyde Park in England, the attraction Falls of Shin in Scotland and the London club football for Fulham.