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For several months, the G20 and the IMF, but also Europe, Brazil, China, and rating agencies are urging the U.S. to clean up their deficit and debt dementia. Today, the U.S. federal government has the knife to her throat on Monday, the U.S. debt ceiling should touch her – already noted in January – set at 14.294 billion dollars, from which the U.S. can not borrow more.

In other words, the United States are on the verge of bankruptcy. Given the urgency of the situation, the Treasury Secretary Tim Geithner gave a stay of 30 days to allow Congress to reach agreement with the White House. They have until August 2nd to negotiate a compromise, Republicans in Congress will not agree to vote on raising the debt ceiling until the government has not implemented an austerity budget.The United States shackle in effect three years of deficit exceeding 10% and no concrete and credible program of spending cuts are envisaged. Olivier Blanchard, chief economist of the IMF, the savings plan of 39 billion delivered on April 8 is "insufficient".

Barack Obama has set a goal of reducing the U.S. budget deficit of 4000 billion dollars over the next twelve years. It sets the fiscal deficit to 2.5% of GDP in 2015, and wants it to be achieved by three-quarters of declines in spending.Objectives, but no clear way to reach them: during a visit to Facebook, the president spoke reform fiscalité.Sans give too many details, he has to attack the tax breaks for the wealthiest Americans, plans to limit military spending and aid to agriculture, and cutting in the health program, yet very popular Medicare.

"The financial equivalent of a nuclear bomb"

What would happen if the U.S. could no longer meet their debt, as was the case for Greece, Ireland, or Portugal? It would be "the financial equivalent of a nuclear bomb ', warns Aaron Kohli, a specialist in Treasury bills at Nomura Securities. The global cataclysm is such that people do not."They must find a solution, they can not leave the financial world explode," he reassured one analyst, who notes that the financial markets show no signs of concern about the ability of U.S. authorities to agree.

David Wyss, chief economist at ratings agency Standard and Poor's, which recently threatened the U.S. triple-A, not only the Treasury "may continue to operate until August (through accounting manipulations, Ed), leaving the time in Congress to agree, but again, in case of emergency, the government "will pass the debt service as a priority."

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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.

The CAC 40 remains in the green for the eighth straight time. At closing, the index in Paris ahead of 0.05% to 4108.77 points. As in Japan on Monday morning as investors welcomed the announcement by U.S. President Barack Obama, death of Osama bin Laden. The leader of al-Qaida was killed Sunday by the United States, during a commando operation in Pakistan. But the positive trend has eroded over the meeting.

Of the other European places, same story, including the Frankfurt stock exchange rises from 0.18% to 7527.64 points. The London Stock Exchange remained closed for holiday.

In addition to boosting the morale of the operators, this new direct consequence of the dollar to rise against the euro. The single currency was worth 1.4771 dollars around 5:15 that French time (at time of announcement), against 1.4864 dollars shortly before 3 o'clock.Similarly, oil prices, affected by the bounce of the greenback fell. Precious metals onte unscrewed, just like the money that has dropped 10% to 42.58 dollars per ounce, or gold, which fell to 1546 dollars against a previous record of 1575.79 dollars. Trends that were chastened during the meeting.

17.30, the euro resumed height against the greenback, and was worth 1.4883 dollars against 1.4808 dollars on Friday night.

Responsible macroeconomic news

In this context, the markets will take time, however, to analyze key indicators of the day. The growth in manufacturing activity in the euro zone accelerated more than expected in April, according to a second estimate of the PMI index published on Monday. The index rebounded to 58 points, against 57.5 points in March, the company said Markit.In France, growth in activity in manufacturing worsened last month, reaching its fastest pace for fifteen months, with beneficial effects on employment, according to Markit.

In the U.S., construction spending gained momentum, knowing their strongest growth in 11 months, 1.4%, according to data released Monday by the Commerce Department. In contrast, growth of manufacturing activity slowed for the second consecutive month in April, but less than expected, according to the index of industrial purchasing managers released Monday. This index, calculated by the Institute for Supply Management (ISM), stood at 60.4 in April after already slowed to 61 guaranteed approval cash loans.2 in March, against 61.4 in February.The 72 analysts and economists surveyed by Reuters had forecast an index to 60.0.

Values ​​to follow

Altran: + 3.38% to 5.51 euros

Specialist in High Technology Council has exceeded its goals in the first quarter by signing up at double-digit sales (to 387.7 million, +10.1% at constant perimeter) and announced the sale of all its subsidiaries in Brazil.The group also said to anticipate a significant improvement in current operating profit in the first half compared to the same period last year.

Trigano: + 4.60% to 25.25 euros

For the period September 2010 to February 2011, the specialist for caravans and camper vans, achieved an operating profit of 14.7 million euros, against a loss of 0.8 million a year earlier.

Renault: +0.41% to 41.31 euros, Peugeot: 0.72% to 30.88 euros

Renault and Peugeot stand up well despite the announcement of a drop in their registrations by 19.1% and 21.1% respectively in April.

PPR: – 0.12% to 120.60 euros

The group will launch a friendly takeover Volcom priced at $ 24.50 per share.This friendly offer values ​​the company at 516 million euros.

Technip: – 1.261% to 75.20 euros

The group has won a contract worth 100 million euros for the engineering and equipment supply and construction assistance for the Horizon Oil Sands Project in Canada, according to a statement released Monday.

Vinci – 0.52% to 44.86 euros

The group wants to increase the share of concessions in its revenues and will therefore be a candidate for the privatization of regional airports when it is valid, said Xavier Huillard, CEO of construction and concessions, in an interview published Monday by Les Echos.The group will hold its general assembly in early afternoon today.

Fimalac: 30.45 euro balance

The group will take a 40% stake in Auguri Production, which organizes performances of several famous singers, such as Matthieu Chedid, Vanessa Paradis and Thomas Dutronc, according to a statement released Monday.

GDF Suez will publish its first quarter sales this afternoon.

After market: Areva, CAM, GFI Informatique, Steria and Bollore will publish their quarterly earnings.

It is an upheaval of the income tax system proposed by the PS in trying to merge the CSG with the Income Tax (IR). The goal? Make the tax more progressive, plain heavier on high incomes. The idea of ​​merging IR and CSG is not new to the SP. It has even been raised right by Jean-Francois Cope last year! But the work of economist Thomas Piketty gave new vigor. In his book published in January showed that the French Piketty modest pay more taxes as a proportion of their income than the wealthy. A demonstration challenged on the right but the left back.

Why the fusion of IR and the CSG system would make it more redistributive? Because for the Socialists, the new tax scheme would work with the "progressive" of IR, not with the system "proportional" to the CSG.The scale of the IR is called progressive because the more money a household earns, the higher its tax rate is high. Thus, a household with annual earnings per share are € 10,000 is taxed at 5.5%. One whose annual income per share is EUR 100,000 pay 41% of IR's revenue above 70,830 euros. Conversely, the CSG is Proportional: whatever his income, a taxpayer pays 7.5% of his salary in CSG.

But today, the couple CSG and CRDS weighs much heavier than IR: EUR 88 billion against $ 47 billion. Explanation: While the CSG hits all incomes, IR is paid by only half of the homes and is being limited by tax loopholes. Direct taxes paid by households are no longer quite progressive, as the PS. Hence the radical proposal to merge IR and CSG.A proposal which would be consistent with a direct levy of tax on the pay slip and a continuation of benefits for family of IR today guaranteed approval cash advance loans.

A strong political choice

It is therefore a strong political choice, that of increased taxation of the wealthy. Similarly, the PS wants capital gains, dividends, stock options, now taxed at 19%, are taxed at the scale of the new tax. That is up to 41% or more if a new slice is created, what is envisaged. "We need capital income are taxed as labor income," argues Michel Sapin. Furthermore, the SP wants to remove more than 10 billion niche, adding another all taxes. And nothing says that the purchasing power of middle class will be preserved. The end of the reduced VAT in restaurants is not going in that direction. Above all, the socialists want to cancel the tax measures passed in August 2007.Now it appears the exemption IR overtime, which benefits lower income households!

Finally, the SP wants to adjust the VAT on the basis of green products. A priori, this VAT reform should not cause tax increases … This is true also that the proposed corporate tax rate (20% if profits are reinvested, and 40% s 'they are redistributed to shareholders, against 33.33% today). But overall, the proposed tax bill increases the PS business. Particularly because it is 7 billion tax replacing the business tax.

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Upstream, Steve Rosenblum said that the policy of the company "has always been to work in harmony with vendors trying to promote all of their product lines. Our suppliers are our partners. Today, worldwide distribution and electronics or computer vendors can make or break retailers.

A new application

Recently, Pixmania has launched a new shopping application common online with partner Leetchi.com in order to offer gifts through Facebook. The principle is to create a pool with several, each of which may pay the sum of its choice, the beneficiary then purchases on Pixmania with the money received. "When they communicate with each other, with friends or family, our customers are mainly on social networks such as Facebook.It was obvious to us to make the link between the application of social network and e-commerce site that wants easy access to and usable by the greatest number, "said Steve Rosenblum.

Anxious to maintain a good reputation on the Web, Pixmania has a pole of a dozen people who monitor the forums and answer questions from consumers, including when they encounter a problem. With this dedicated team, Pixmania has been awarded three months ago E-Marketing Award for Best Community Strategy. Marketing side, a team of a hundred people keeps track of customer information, "to better understand their needs and provide them with appropriate solutions, not too often, but certainly relevant and timely .

Latécoère takes matters into his hands. The aerospace supplier in financial trouble trying to convince the group of aerospace and defense company EADS to buy. Chairman of the Supervisory Board, Pierre Gadonneix, is expected to announce within a month "the buyer or at least an industrial solution" to relieve the group that collapses under a debt of more than 300 million, reports La Tribune.

For now, EADS does not seem interested in reconciliation as such with his counterpart. EADS would however be "ready to contribute to an industrial solution, which would maintain a die aerostructures in France," reports La Tribune. The group of defense and aviation would be able to "merge much (its subsidiary) Aerolia with Latécoère and hold (in a first time only) a stake in this together paperless payday loans."

EADS and multiplies conditions.The group says it will accept this approximation only if the "guarantee that the Strategic Investment Fund (ISF) is also involved in this operation with a minority and that one or more international investment funds take a significant share of all-Aerolia Latecoere.

But Latécoère not only string to his bow. It also conducts talks with Chinese Avic, American Spirit, the Dutch Fokker and British GKN, the economic daily said.

French banks bear the brunt of the deepening of the crisis in Côte d'Ivoire. Ivorian President Laurent Gbagbo out, trying to stay ahead of the state and against the last presidential election, has announced last night on public television RTI "on decrees that the State of Côte Ivory took control by taking a full and complete participation in the capital of some banks. These include the SGBCI and Bicic, which are subsidiaries of Ivorian French banks BNP Paribas and Societe Generale.

His decision is to "preserve jobs and ensure the access of Ivorians and traders to their assets" in "as soon as possible." France has "condemned" the "nationalization" of banks, through the voice of the spokesman of Foreign Ministry.The two French banks have their part to comment the intentions of Laurent Gbagbo.

Financial asphyxiation

Following the post-election crisis, born of the struggle between Ivorian President Laurent Gbagbo and outgoing Alassane Ouattara, President-elect acknowledged by much of the international community, the Central Bank of African States (BCEAO ) has severed its ties with Abidjan in January to try to suffocate the Gbagbo regime. This isolation has closed the financial tap francs CFA president.Far from giving up, Laurent Gbagbo attempted to mount a viable banking system across Ivory Coast, the price of a "huge pressure" on the subsidiaries of large foreign banks to remain in business Business Card Holders.

But with the lack of liquidity, technical difficulties and legal risks, and the threat of sanctions wielded by the BCEAO against banks working with the Gbagbo government, especially when faced with violence that threaten the safety of their employees, BNP Paribas and Societe Generale first, yesterday, gave the signal for withdrawal. "Other banks will close," predicted one senior industry.

Effect "cataclysmic" freezing the financial system

Already five major foreign banks have decided to suspend their activities. The interruption of their business is blocking the Ivorian banking system, plunging the country a little more into chaos.The economy had indeed already been drastically slowed by the sanctions of the EU imposing such a ban on the two ports, the country's lung. The effect of blocking bank could be "cataclysmic," according to some.

Already, Abidjan went to stop their banks to withdraw their money. "It is feared the contagion effect, so we just remove a little about our savings," says one entrepreneur. "I'd rather have my money on me, it is unclear what will happen," shouts one soldier. The political crisis appears to have already led to a banking crisis that goes straight to an economic crisis.

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Capgemini signs a wonderful year 2010. Group counseling and services has indeed recorded at the end of fiscal 2010 net income up in 2010 to 280 million euros, rising significantly by 57% compared to 2009, accompanied by a turnover up 3.9% to 8.697 billion euros a year.

Results higher than what analysts had expected.Ditto for the group's operating margin stood at 587 million euros, or 6.8% of turnover.

"Operating income, it is increasing (+47%) compared to what it was at the end of last year thanks to a sharp reduction in charges, mostly to restructuring charges reduced to 71 million euros in 2010, exactly one third of what they were last year, "says Capgemini in its press release of annual results this Thursday morning pre-market.

Note that the Board of Directors decided to propose to the next ordinary general meeting to be held May 26, payment of a dividend of one euro per share, "against 0.8 euros last year."

In exchange, the action Capgemini closed Wednesday up 2.22% to 39.85 euros in a market capitalization of 6.2 billion euros.Since the beginning of the year, it posted an increase of 14.1% while the index of pan-European technology has earned in the same time a little over 10%.

Growth 'modest'

In the services sector, yesterday, Wednesday, Atos Origin has also published results are healthy in 2010 and is confident for 2011. However, "except the excellent performance of Accenture, which seems very specific, other publications are consistent with our scenario of a weak recovery at Capgemini", noted analysts at Natixis in late January.

IBM has not experienced any acceleration in the fourth quarter, TCS grew by 13% in continental Europe, India for a modest performance guaranteed personal loan approval."Capgemini is mainly dependent on the European market and its high exposure in the United Kingdom and the Netherlands (40% of sales), very dependent on the public sector is a drag on the group," they say.

However, over the year 2010, the UK / Ireland region has seen its business fall by 1.4%, but increase by 7.8% over the last quarter. What is a good sign.But the Benelux countries, who "has seen the past two years a particularly acute crisis, remains the region with the largest annual decrease (-6.7%).

A year 2011 dealt calmly

During the telephone condérence that followed the publication Thursday morning, Paul Hermelin, CEO Capgemini says there is a `recovery in the sector even if it is progressive" and announces it will "double in the medium term from its Sales in emerging markets to 10%. "

Thus, for the year 2011, "the group plans to grow its revenue by between 9 and 10% at current rates and perimeter, and an increase in its operating margin between 0.5 and 1 percentage point compared to 2010 .

"Given the investments that will need to commit to support this growth and improving the business climate more or less rapid depending on the country and trades, it is expected that growth in turnover and this improvement in operating margin of the group will be gradual throughout the year, "says the company.

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Contacted Tuesday morning by Le Figaro, Albert Frere prefer putting things right. "I do not own one as Hermes," said the Belgian investor. A declaration which aims to cut short the speculation revived this morning by Fabrice Remon, a partner at Deminor, a consultancy commissioned by Hermes to shareholders. In an interview with La Tribune, he explained that "there will be (t) not surprised that the 7% of the remaining floating now, 2% to 3% are in friendly hands of LVMH, such as those of Albert brother, often present in previous moves. "

Near Bernard Arnault, with whom he has invested in Cheval Blanc, the Belgian businessman has always had a soft spot for investment brands emblematic French … and sometimes complex family situations, as was the case in Taittinger.But this time, LVMH has played his stroke without Albert Frere, without however that relations do not suffer at all.

Folder Hermes will nonetheless be a hot topic this week. Because the college's Financial Markets Authority will consider on Thursday the family's request for a waiver from the obligation to launch a public offer for the entire share capital of the group, on the occasion of the establishment of a holding company comprising over 50% of the shares. This operation aims to further lock the capital of cowhide. It is not yet certain that a decision be made as early as Thursday. However, it is acquired it will be just one step: either positive or negative, the decision of the AMF will not hold the subject of an appeal from one or the other party …

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The figure is staggering, but it nevertheless reflects an improvement. Next year, France will borrow a net-184-billion market. This is 2 billion euros less than expected in September and above 4 billion less than in 2010. For the current year, Agence France Trésor (AFT) has in fact borrowed 188 billion euros in medium and long term.

A record that reflects the magnitude of the impact of the recession on the French public finances faxless pay day loans. To release some pressure, Bercy has done everything to borrow less in 2011, including buying this year 22.6 billion of debt maturing next year.This is the dual purpose of sending a reassuring message to financial markets while remaining in the wheel of the Germans who should, in turn, take around 195 billion euros next year, or ten billion euros less than in 2009.

A relaxed