Paris Bourse, which opened sharply higher after five consecutive sessions of decline

Paris Bourse, which opened sharply higher after five consecutive sessions of decline, confirming its recovery in the early afternoon, like other places in Europe, encouraged by the excellent trend of contracts American indices brought on by the hope of rescuing the booster credit Ambac.

Repassant above the threshold of 4,700 points, the CAC 40 index rose by 1.04% to 4.723,2 points to 13.40, in a volume of 2.6 billion euros, of which 2.2 billion on only values of the index.

The other European places are also well-directed, taking London 0.7%, Frankfurt 1.33%. As for the pan-European index, the EuroStoxx 50 wins and 1.3% EuroFirst 300 up 0.9%.

Among the values of ACC, VALLOUREC climbs to 6.12% after reassuring outlook for 2008 trial - especially with regard to price increases - and the announcement of a plan savings.

The CREDIT AGRICOLE won 4.5% despite a larger loss than expected in Q4. The bank has reassured markets by focusing on internal growth and by stating that they do not intend to launch a takeover bid on Bankinter in which it took a 20% stake in late 2007.

All sector indices are on the rise in Europe, under the leadership of the Land (+2.6%), construction (+2.1%) and technology (+2.15%).

Many indicators are expected this afternoon in the United States, with orders to industry in January, the ISM services February or beige book of the Fed, issued after the close of Paris.

yahoo

Ness of the main values to be followed Wednesday on Wall Street.

* FINANCIAL.

Several banking American values are rising Wednesday in Europe, still with the hope of a quick agreement on the refinancing of Ambac Financial Group, the number two of credit enhancement.

Citigroup gained 3.2% in Frankfurt in the morning and Bank of America 1.4%.

* YAHOO, TIME WARNER, MICROSOFT.

Discussions intensified between Yahoo and Time Warner with the aim of finding an alternative to the hostile purchase offer from Microsoft to Yahoo, reports the Wall Street Journal Wednesday.

Closing market price: $ 28.06 for Yahoo, 15.29 to 27.59 and Time Warner for Microsoft.

* COSTCO WHOLESALE.

The number one American stores warehouse Wednesday announced an increase in its earnings in the second quarter and pointed to stronger growth than expected sales of its similar size in February.

In the quarter ended February 17, it had made a profit of 327.9 million, or 74 cents per share, compared with 249.5 million (54 cents / share) a year earlier. Earnings per share is consistent with the Reuters Estimates consensus.

Sales of stores open for at least one year increased 7%, while the market had anticipated an increase of only 6%.

Closing market price: $ 62.39.

* ORACLE.

The software publisher has set Tuesday night on March 26 at the publication of its quarterly results, but gave no indication on their outlooks as he has several times in the past benefited from the announcement of the date of publication to issue warnings.

This lack of warning means, for some analysts, that the group has at least achieved its objectives.

Closing market price: 18.44 dollars (-2.69%)

* ENDO PHARMACEUTICALS HOLDINGS.

The pharmaceutical company announced Tuesday evening that commercialize in the United States on anti-inflammatory gel Voltaren Novartis, which will lead him to undertake investments that will weigh on its results. He therefore lowered its earnings forecast for 2008.

It now anticipates EPS annuls of $ 2.03 to 2.07, compared with 2.18 to 2.22 so far.

Closing market price: 27.04 $ (+0.07%)

Vallourec think the ability to pass in its price increases for raw materials

Vallourec think the ability to pass in its price increases for raw materials and energy, but refuses to disclose profit forecasts for the second half of 2008.

The specialist Seamless Steel Tube - intended mainly to the sectors of oil and gas, and electric power - has also detailed its plan Wednesday savings of EUR 200 million minimum for 2010 , he intends to achieve third from 2008.

Vallourec announced Tuesday that despite a context marked by the weakness of the dollar and the sharp rise in the cost of raw materials - including iron ore - he felt that his GOP ratio / turnover is expected to remain at a "high level, around 25% for the 1st semester 2008. "

"We have a very strong desire to raise prices and the market is ready," said at a press conference Pierre Verluca, chairman of the board.

"Competition in the field of premium products, or in electric power is not great," he added.

"Subsequently, the savings plan will bear fruit gradually and, in general, demand in the medium-term remains very strong momentum," stated Pierre Verluca.

The CEO of Vallourec has, however, refused to comment on profit forecasts for the second half, underscoring the uncertainty associated with the decline in the dollar against the euro, while acknowledging the positive impact of the decline in costs and rising prices would be felt over this period.

The price increases will be at a rate that will depend on the contracts between Vallourec and its clients, also emphasized the group. It is also in 2008 revenues at least equal to that of 2007 (on a comparable basis), which reached 6.140,5 million euros (+10.8%).

"REFLECTION ACTIVE" ON ACQUISITIONS

Around 13.55, the title jumped 5.50% to 143.51 euros, with the highest increase in the CAC 40 who earns 1.2%. CA Cheuvreux has raised its recommendation on the value to "outperform".

"After several years during which the price increases have far exceeded those materials costs, allowing a doubling of the level of EBITDA margin, the ease with Vallourec to move further increases is more limited but still real, in the face of Chinese competition that affects only the low-end, "said in a note Jean-Luc Romain, an analyst at CM-CIC Securities.

"The plan of cost reductions will further enhance the level of margins by 2010," he added.

The plan savings of 200 million euros in volumes is constant and does not take into account changes in the cost of raw materials and currency effects. It does not involve restructuring, "said Jean-Pierre Michel, a member of the Executive Board.

In addition to direct action "to optimize procurement and overheads," Vallourec wants to focus on the rate of use of tools, gains on consumption of matter and energy conservation, improving the quality and improved productivity.

The group intends to invest more than 750 million euros in 2008 against 438 million last year.

Pierre Verluca reiterated that Vallourec preferred acquisitions to share buybacks.

"We want to always give priority to growth (...). We are looking always take an active part in possible acquisitions," he said. "Our financial strength enables us to consider major acquisitions if they arise."

Vallourec is being acquired three companies in the American manufacturer of tubing drilling Grant Prideco (Atlas Bradford, and TCA-Alloy Tube) for $ 800 million.

These companies will bring to Vallourec more than $ 200 million in sales and additional "synergies and integration important trade," said Pierre Verluca.

Net cash from Vallourec rose from 41.4 million at the end of 2006 to 242.4 million at December 31, 2007.

Vallourec published Tuesday a net profit of 986.2 million euros (+7.5%), an operating profit of 1.622,6 million (+5.0%) and a gross operating income of 1,750, 8 million

(+5.1%).

His GOP ratio / turnover reached 28.5% compared with 30.1% in 2006. The group will propose to its general assembly a dividend of 7 euros per share for 2007.

"Our strategy is very clear: it's a growth strategy in the high-end products. We all means, remaining alone to achieve it," also said Pierre Verluca Wednesday, while stressing that n there was no "reliable way to 100% in order to prevent a takeover," while Vallourec been recurring rumors of bid.
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euro

- The euro is expected to remain firm around $ 1.50 on the horizon of the next three months and positions of the monetary and financial authorities to stem its rise is more likely that intervention by central banks, according to a monthly survey Reuters.

The 62 changes strategists interviewed in connection with this investigation continues, averaged over one euro to $ 1.52 on the horizon of one month and $ 1.49 in three months, while fears of a recession in the United States, United continued to weigh on the dollar.

The strategists have been revised upwards their forecast on the euro / dollar rate as the single European currency went into records of records against the greenback crossing the threshold of $ 1.50.

Only 25 of the 64 strategists surveyed last month predicted that the euro would reach that threshold within six months as they are now about 54 to 62 think. The prospect of a sharp drop in its key interest rates by the Federal Reserve on March 18 should reinforce this scenario.

"The euro / dollar should keep a bullish bias in the short term while the scenario of a recession in the United States continues to prevail and that the Fed should continue declining interest rates," said Carole Laulhere of the General Society .

The recent appreciation of the euro led the monetary and financial officials in Europe to respond, the president of the European Central Bank Jean-Claude Trichet breaking even with his habit of not making comments outside of press conferences to emphasize that announced American authorities are in favour of a strong dollar.

The strategists believe that changes of position of this kind is more likely that a concerted intervention by central banks, which 34 of them do not attribute a probability of 20%.

They believe that the euro will reach $ 1.55 before becoming a serious concern for large Finance.

"The question is only the level but the speed with which it is achieved. A threshold of 1.54 dollar against the euro by mid-March result in a position even stronger from the ECB, "said Ashraf Laidi CMC Markets.

The strategists continue to forecast a decline of the euro in the second half with a goal to $ 1.45 in six months and $ 1.40 in a year, forecasts that have not changed since four months.

Expectations about the yen were revised even more radical this month while débouclages massive operation "carry trade" drove the Japanese currency to a higher than three years against the dollar.

The strategists do not expect a continued rise that the Japanese currency would pass under the threshold of 100 yen to the dollar, as was the case in late 1995. They are only six to think that such a level would be reached within six months and assign a 30% probability of an intervention by the Bank of Japan whether this case should be realized.

Christine Lagarde has appointed Alain Demarolles, general manager for Europe

Christine Lagarde has appointed Alain Demarolles, general manager for Europe of society Eton Park and former economic adviser to the former Prime Minister Dominique de Villepin, a mission on the development of sovereign funds, announces the Ministry of Economy and Finance.

"Phenomenon old, the creation and development of sovereign funds has grown further during recent years. The number of funds, the amounts of assets they hold and enlarging their scope of investment are today Today significant financial actors, "says Bercy in a statement.

"Christine Lagarde has therefore asked Alain Demarolles to reflect on these new players who are also the subject of debate at the international level," added the ministry.

"It will highlight the role of new funds but also provide guidance to define a strategy of France vis-à-vis funds sovereign," he says.

In January, Nicolas Sarkozy announced that France would use the Caisse des Depots et Consignations (CDC) to protect its business and defend its "vital economic interests".

"Faced with the rise of hedge funds and highly aggressive fund sovereign and obey no economic logic, there is no question that France remains unchecked, it is not a question of laissez faire" He said by adopting the accents of Dominique de Villepin, to campaign for "economic patriotism".

"France assumes the political choice, a strategic choice to protect their businesses, to give them the means to defend itself and develop. I want the Caisse des Depots is the instrument of this policy for the protection and promotion of interests Economic issues in the nation, "he added.

VOLKSWAGEN

Two days after Volkswagen took control of the lorry manufacturer Swedish Scania, the main union representative VW said it considered conceivable a resumption of MAN, Scania German counterpart.

"It is conceivable that soon MAN also incorporates the bosom of Volkswagen," said Bernd Osterloh Reuters Wednesday at the Geneva car show.

However, there was an immediate no concrete project that VW notes its stake in MAN, which is approaching 30%, to make it Majority, said Osterloh, who sits on the supervisory board of Volkswagen.

He added that the current participation of VW in MAN was sufficient to make important decisions at a meeting of shareholders.

Volkswagen announced Monday be reached agreement with Investor AB and the foundations of the Wallenberg family to buy their stake in Scania and wear and to 69% voting rights in the Swedish truck manufacturer.

The operation could pave the way for a rapprochement between Scania, the truck-MAN and those of VW in Brazil, but analysts believe that Volkswagen could generate far more important synergies by combining Scania with the commercial vehicle division of MAN .

A takeover would place indeed MAN enjoyed in the holding company control group that Porsche said Monday that its supervisory board had authorized an increase in the share capital of VW from 31% to over 50%.

Although over 50% stake in VW, Porsche will not have the obligation to launch a takeover bid for the entire manufacturer inasmuch as it had done over the past year to offer legal minimum price that few investors had accepted

Depots et Consignations

The leaders of the Caisse des Depots et Consignations affirmed at the Elysée Palace, in a meeting with Nicolas Sarkozy, CNP Assurances, which the Fund holds a 40% stake, had its place on the perimeter of the CDC.

"We had an opportunity to discuss the scope of the Fund. Regarding the NOC, we recalled that it was an integral part of the group and we have not been contradicted on the fact that it had its place in Within the CDC, "said Reuters Wednesday Michel Bouvard, president of the supervisory commission of the Fund.

The head of state received Tuesday the Director General of the Caisse des Depots, Augustin de Romanet, and the chairman of its supervisory commission, Michel Bouvard.

He said that the meeting had focused on the role of the CDC as an investor in SMEs and large industrial groups french and its ability to be a stabilizing element of their capital.

Some sectors have been specifically addressed, as subcontracting automobile or aircraft.

It was recalled that the NOC, as an institutional investor, also had a role to play in taking equity stake in french groups, "said Michel Bouvard.

The title CNP Assurances has experienced a surge in speculative stock market in mid-February, with various scenarios dismantling of the first insurer in France, and triggered by expressions of interest from Axa.

Since then, Groupama Axa, but also indicated that the file was not opened. For the moment at least.

For its part, the CDC has assured repeatedly that the CNP, which contributes up to 20% in its results, was not for sale.

The chairman of the supervisory commission of the Fund added that the issues of governance of the CDC were not addressed, because "they do not pose a problem and are now largely stabilized".

SIEMENS

Siemens said that the slowdown in economic growth was at the moment no impact on its books and he estimated a ratio still on orders and sales strong.

"No slowdown is seen in our order books," says the German industrial group in a presentation posted on its website on the occasion of a conference organised by Citigroup.

The Siemens gained 2.91% to 85.17 euros around 14h20 GMT after these statements, rising among the largest increases of the Dax index, which took 1.6%.

The diverse group adds forecast for the current quarter that disposals of property assets will contribute to taxable profits to the tune of 60 to 80 million euros.

Siemens announced in January wanting to cede part of its housing stock, amounting to more than 100 million euros.

These sales, which will focus on production sites, should contribute to the increase in cash flow in 2008, he says Wednesday.

Nicola Leske and Jens Hack, French Marc Angrand
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WALL STREET

Wall Street opened up Wednesday with technology stocks, supported by reassuring comments from Cisco, and energy values, boosted by the rebound in oil prices after keeping unchanged its production quotas by the 'OPEC.

In the first exchanges, the Dow Jones index gaining 12.37 points or 0.10% to 12.228,78 points, the S & P 500 rose by 3.21 points (+0.24%) to 1.329,74 points.

The Nasdaq composite index's advance of 8.22 points (+0.37%) to 2.268,79 points.

Investors, however, are cautious before the release at 15:00 GMT of the ISM services index for the month of February. Its sharp fall in January had confirmed the scenario of a recession in the American economy, sparking a strong downturn in the stock market and the dollar.

The monthly survey of the firm Business Service ADP Employer Services reports of destruction of 23,000 jobs last month, when economists were anticipating an average of 20,000 new jobs, also tempered optimism.

The investigation ADP is usually issued two days before the official statistics of the labour market. For February economists expect an average of about 25,000 new non-agricultural jobs, according to the 17,000 cuts announced in January.
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Peugeot wants to strengthen its coverage on the automotive segment, told Reuters Jean-Philippe Collin, the new director of the flagship brand of manufacturer PSA Peugeot Citroen.

"At the moment, our market coverage is 60 to 75%. Our goal is to reach 90%," he said during an interview on the occasion of the 78th Geneva motor show.

The leader effectively in mannettes Peugeot since the beginning of the year, which replaces to the post Frederic Saint-Geours, stressed that Peugeot should strengthen its range in all segments and positioning itself in new niches.

Under the strategic plan "Down 2010", PSA plans to launch 40 new models still about half the mark for the lion.

Peugeot also wants to offer its customers an offer "competitive premium" on each segment, a high-end car that is not provided a luxury model at a price discouraging.

"We do not want a single model that leverages the range. Having an offer 'competitive premium' on each segment may just help us expand our presence," he explained.

The plan "Down 2010" on that date fixed an operating margin of between 5.5% and 6% and 6% to 7% over the period 2010-2015.

In two years, PSA also wants to be able to sell more than four million vehicles.

renewable energy

Renewable. The niche of renewable energy has been highly sought after by investors, but this craze has fallen since the outbreak of the financial crisis in the summer of 2007. Some cases are still valued on high levels, while others have seen their recovery to deflate significantly ... In the last 6 months, the action Vergnet displays and triggered a sharp fall in which is linked in large part to the sharp decline in revising its 2007 expectations. This announcement has been very bad indeed when it occurred shortly after the arrival on the stock exchange in the dossier, which has not frankly contributed to the credibility of management.

Retard. Initially positioned on water pumps, the company has redeployed to a market full of the future. The company is the only player in the french wind with a very specific offer. It is a range of wind turbines that folds in less than an hour in the event of a hurricane warning! Customers are recruited in the Caribbean, the South Pacific or the Indian Ocean. A general awareness of the limits of fossil fuel reserves has added confidence that their use would result in global warming ... The wind is a real answer to global energy issues. The delay in the business plan as it was unveiled at the beginning is related to the postponement of several tenders. The 2008 targets were, however, confirmed.

2008 reinforcements. After fiscal 2007, which resulted in a decline in billings and a net operating probably in the red, the new vintage is in a more enviable. Turnover is expected to almost double the contribution of a new branch in the sun. In this context, the recovery has returned to more modest 77 ME, especially as net cash approaching 20 million euros. The comparable abroad are trading on a much higher. Hoping that management has learned the lessons of 'profit warning' issued in 2007, we can move on this issue promising.

MISCAP ---

Midcaps. Like many average values, the title Mr Bricolage suffered on the stock market since the summer of 2007. Many investors had decided at the same time to withdraw their "ball" of this document compartment, the drop in valuations has been very strong. The specialist craft qualifies annual accounts in good bill, which should contribute to better public awareness of the value to the financial community. Recall that the group is number one in the segment of medium-sized cities with a crafts market, which increased 3.7% over last year. In the past year, increasing the network both in France and abroad contributed to the resumption of sales.

Management. A change in management led to trade-offs within the network with a cost control tighter. A portion of the walls of the stores was sold in order to concentrate resources on the development of the park and improve the balance sheet structure. The operating margin was thus recovered, while net debt was reduced and weighs more than 43% of shareholders' equity, compared with 70% a year earlier. The process of opening new stores will be maintained in 2008, which will contribute to the improvement of sales with a forecast of higher margin ... Overall, the group reported ambitions to the year 2011 to increase the turnover of existing stores and to continue rising profitability.

Market. However, it also raises the near future, although the market french DIY is a beginning of the year 2008-mast. The controversy on the purchasing power here is a reality with consumers increasingly sensitive to prices ... Anyway, the new team at the head of Mr Bricolage seems to have taken the measure of the various problems that affected the company. The income is recovering significantly and this trend is expected to continue over the next few vintages. The multiple décotés appear, which leads us to recommend the purchase of the value for the medium term.

midpoint of its 2007-2008 fiscal year with a content mixed.

Half Year. LaCie today to issue accounts to the midpoint of its 2007-2008 fiscal year with a content mixed. From the side of billings, the evolution is well aligned with organic growth of 24%. Despite an increase in competition in the entry level market, the company managed to significantly improve its positions thanks to the many launches that have been made. In detail, it is Europe that builds sales while the United States is falling behind. It is at the level of profitability that the account seems a little fair. The operating margin is reduced slightly with the effect of a lesser weight of high value-added products in the composition of sales.

Archos. The investment made in Archos has resulted in a depreciation of 2 million euros following the decline in the manufacturer of mobile devices. Regarding the coming months, LaCie indicates that the price war with its major competitors has become even more pronounced this is not likely to facilitate the process of raising profitability. The firm headed by Philippe Spruch intends to continue its active policy in terms of innovation and it also aims to redeploy commercially in the United States which should help to boost sales. Estimates are not made public on the whole of the current year.

Mastery. In a context not obvious to manage, LaCie preserves accounts fairly solid while its net cash position remains largely positive. Investors, however, showed their caution on this issue with a valuation which is hardly demanding to 9 times estimated profits in the current period. For several months, the context is morose on the mean values with a feed salesman who continues to undermine most of the records in question. Patience is a virtue essential on this segment of the document because it is necessary to wait until the current fears are lifted before seeing investors finally be seen. LaCie Concerning in particular, we are in favour of retaining the record in a medium term

Anutan: tomorrow who will sing again?

Emplette. Despite the economic slowdown ambient Manutan has just concluded a transaction external growth to complete the offer by the group held by the family Guichard. It is a British company that specializes in remote sales of storage solutions. The total turnover is around 18 million pounds, while the operating margin target appears beyond 9%. Funding for this acquisition poses no problem, because Manutan has a wide net cash. This windfall is a good use here while the return on cash remains low.

Activity. The activity of Manutan seems to be starting to suffer from an unfavourable economic climate which makes the management caution about its estimates of activity on the current vintage. The family firm also feels the need to breathe and to consolidate its positions after two vintages marked by strong growth in key financial indicators. In fiscal year 2006/2007, turnover has thus gained 15%, while net profit improved by 45%. Effective control operating expenses and the rise of sales through the Internet support such buoyant profitability. However, investments should climb to power on the new vintage which will weigh on the accounts.

Segment. We have already had the opportunity to repeatedly highlight the mistrust which currently suffers excessively mean values. The shareholder with this scarce commodity exchange that patience will not fail to see the positions it took at this time will enhance significantly over time ... provided that placing on the right horse. Manutan is the epitome of a well-managed company with average Moreover, speculative dimension related to a possible sale of the control block held by the family shareholders. We therefore believe that we can put down on the record in the area of 45 euros.

The weather market continues to be well with gray clouds gathering

Enhancements. The weather market continues to be well with gray clouds gathering. The possible American recession, the passage of a barrel of oil above $ 100, a single European currency still face the stronger dollar, a few disappointments on the results in the image of the file Soitec ... Nothing very exciting and therefore Some analysts already anticipate a return of the index starring Paris on his previous low points. However, the worst is never on while valuations on many issues become very attractive in the medium term.

Refuge. Although the average values have few followers by day and age, it is undoubtedly now that the bargains can be done. There is, however, guard records too exposed to the economic focus for securities stronger. DMS is a good example of this scenario with a focus on medical imaging devices. The product range has recently been expanded significantly and it helps to cover the whole spectrum of radiology or osteoporosis. Turnover grew by 22% over the past year and this growth rate is expected to continue in 2008. The increase in charges being slower than sales, the margin is improving mechanically.

Capital. A good rule of thumb on this value can be provided through the level at which took place the recent capital increase is 4 Euros. It is interesting to note that Antoine Rabaste, the boss of the company, participated in this operation. The profitability of the company is expected to improve significantly in 2007 and this trend will continue this year. With fundamental sanitized, the company could attract a large area while the recovery appears low. The anticipated benefits are paid on 2008 around 8 times which should be corrected sooner or later. It can therefore acquire the title in the current with an optical medium term.

NYSE Euronext: sustained rise in volumes

The exchange group announced a steady increase in volumes traded in Europe and the United States.

EURONEXT NYSE has been able to register a double digit for all its products and markets in one year.

Volumes exchange markets in cash European NYSE Euronext were up 43% over one year and the record of transactions was reached in January turbulent months, to 41.5 million transactions.

In the United States, cash markets group, recorded last February, an increase of 19.9% of their activity compared to February 2007, with 61.6 million shares traded.

.

Larfage signe un accord avec CBMI

L'accord a été signé mercredi avec l'équipementier chinois pour la construction de 6 cimenteries.

Cette opération s'inscrit dans le cadre du programme de LAFARGE, qui est de construire 45 millions de tonnes de nouvelles capacités cimentières entre 2006 et 2010 afin de répondre à la forte demande des marchés émergents.

L'équipementier CBMI s'est donc engagé mercredi à construire 6 cimenteries clé en main d'ici fin 2010. L'investissement total se chiffre à 600 millions d'euros.

La première usine à être construite sera située au sud-est de la Chine, dans une région où Lafarge est déjà leader dans le secteur du ciment. La construction doit démarrer très prochainement et devrait finir avant fin 2009.

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MONSTER OF LOCH NESS"

The scandal of funds invested in Liechtenstein there is nothing: Austria and Luxembourg have defended tooth and nail their banking secrecy, Tuesday, March 4 in Brussels, refusing recasting of a directive on savings claimed by a majority Member States to combat tax evasion. Both countries have conditioned any tightening of legislation equivalent to an agreement with tax havens, such as Switzerland and Liechtenstein, nestled in the heart of Europe.


"The current rules are very clear and, in my view, adequate," said the Austrian Minister of Finance, Wilhelm Molterer: "What the EU countries make changes would be meaningless if no third country follow it. " Or Switzerland, Liechtenstein, San Marino, Andorra and Monaco will, there is general agreement that the greatest difficulty in accepting any hardening. In force since 1 July 2005, the directive on the taxation of savings in theory provides an automatic exchange of information from one member state to another in the accounts opened by non-residents within the Union .

But Luxembourg, Austria and Belgium have managed to protect their banking secrecy, by imposing a simple tax on savings investments by non-residents - or 15% of the interest earned until July, 25% second, and 35% in July 2011. A resumed under pressure from the Europeans by tax havens, but which, according to Berlin, shows its limits with the fraud case to Liechtenstein.

Peer Steinbrück, German Finance Minister, whose country demands the end of banking secrecy, was supported by most of his colleagues. But the opposition of Austria and Luxembourg prevented from issuing any mandate to the commission any mandate to prepare a revision of the directive, because unanimity is required in the tax field. One concession was accepted by the proponents of bank secrecy: the European Commission will present by the end of June, and not in the fall as originally planned, an assessment of the first three years of existence of the legislation.

"I can not say whether the proposals will change the system," said Laszlo Kovacs, the commissioner in charge of taxation, anxious not to focus person. Following the example of Germany, its services have identified tracks may limit the room for manoeuvre of potential fraudsters. It is basically to expand the scope of the text to new types of investments, such as holdings of shares, derivatives or real estate funds, and not only to savings accounts . Brussels also intends to "improve the identification of beneficiaries," including in the directive foundations and other corporations, while the legislation does at this stage that individuals.

"MONSTER OF LOCH NESS"

A sign of the times, some countries in general are anxious to safeguard their financial centre have made discrete Tuesday. Belgium, whose practice since July 2005 withholding tax, has confirmed its intention to move by 2011 to the automatic exchange of information within the framework of the current directive. "We can then consider the integration of insurance products" to the European law, "said Belgian Finance Minister Didier Reynders, adding that the text under discussion was contained in" Loch Ness monster "within the Union. The Belgium any progress would be conditioned on the completion of other tax sites blocked by several capitals, such as the harmonization of the tax on companies. The UK has also supported a revision of the legislation provided that the systematic exchange of information.

Mr. Steinbrück has remained vague on how to overhaul of the legislation. According to diplomats, especially Berlin seeks to take advantage of the debate to "terrorize" the tax evaders and likely to invest their savings. This file is not part of the priorities of the French presidency of the EU in the second half. Prudente, Christine Lagarde has handed over to any proposals from the Commission. "It serves no purpose to set priorities on topics ranging unanimously to ask ten years of negotiations," says a representative french. Ironique, Luxembourg Prime Minister Jean-Claude Juncker was "pleased with the prospect of several years of discussions fascinating and fundamental."

Hundreds of workers demonstrated Tuesday near the Medef to claim a right to early retirement in the event of hard work.
Hundreds of workers demonstrated Tuesday near the Medef to claim a right to early retirement in the event of hard work. Photo credits: SIPA
Unions accuse employers still ill will.

Driver Road, mason… Hundreds of supporters of the CGT demonstrated Tuesday near the Medef in Paris, to demand the right to retire earlier, given the arduous nature of their profession. They hoped to put pressure on the employers, suspected of "playing the clock" until the government resume the hand. But to no avail? While the subject is scheduled for 2003, and negotiations opened in 2005, "the debate was confusing, it was the impression of being on shifting sands," lamented Jean-Louis Malys after this sixteenth trading session. "The employers said everything and its opposite," sighs his side Michele Biaggi (FO). "It's great Barnum!" Added Daniele Karniewicz (GSC).

It has been decided that only unions attempt, by March 25, to agree on objective criteria arduousness (the sound level in decibels, weight… heavy loads). The discussion will focus in particular on the need to include a "risk" psychosocial the physical criteria. It could then be appealed to the inspection of Social Affairs to quantify the figures involved. The Igas had been sought, without much result, in early trading… "This is the time machine, ironically Jean-Christophe Le Duigou (CGT). One wonders whether the delegation employer is mandated to achieve. " Francis Xavier Clédat, its leader since the withdrawal of Denis Gautier-Sauvagnac, replied: "If Mrs Parisot asked me to resume these negotiations is to make it work. There is a need for pragmatism, of the method. It's probably shame that in so far failed, but it is the responsibility of all negotiators. "

An additional meeting

The next meeting should focus on the very nature of the device (the employers proposed a part-time, but does not close the door entirely to early retirement), and on the conditions of access: time exposure to factors arduous, possible medical examination. On March 25, to mark the end of discussions. An additional meeting has been scheduled for April 21. The government has opened the site of pensions, which could complicate a little more arduous the dossier.

Arkema publishes 2007 results sharply rising

Arkema publishes 2007 results sharply rising - particularly through its restructuring efforts and its ability to resist the rise in raw materials and energy - and confirms its objectives.

The former subsidiary of chemical Total always aims for 2008 EBITDA margin of 10%, "perfectly in line" with its objective of an EBITDA margin of 12% for 2010.

Arkema will for the first time pay a dividend, which he set at 0.75 euros for 2007.

The group last year recorded a net profit, group share, from 122 million euros (multiplied by 2.7), a recurring net profit of 186 million (+61.7%), EBITDA of 518 million (+26.0%) and turnover (already published) to 5,675 million (+0.2%).

The EBITDA margin was 9.1% compared to 7.3% in 2006 and 6.2% in 2005.

According to the Reuters Estimates consensus on 4 March, analysts on average were expecting a net profit of 125.7 million euros and an EBITDA of 511 million.

"These very good results have been recorded in an economic environment with particular weakness in the US dollar against the euro. They are the result of many actions internal growth and productivity that we have implemented in recent years," "said CEO Thierry Le Hénaff, quoted in a news release.

"Arkema intends to continue this process of transformation. We confirm our 2008 target to reach a margin of 10% EBITDA, and then bring the EBITDA margin of 12% in 2010 (...). In the future, it is intended to maintain the payment of a dividend, the amount of which will be determined by the evolution of the group's results, "he added.

The EBITDA margin in the chemical industry has reached 11.4% (vs. 10.7% in 2006), that of performance products 10.7% (vs. 8.7%) and that of vinyl products 6.3% (vs. 2.8%).

PURSUIT OF TRANSFORMATION

The rise in EBITDA reflected in the group "the launch of new lines of high value-added products with dégoulottages (remodelages of industrial Ed) focused in Europe and North America and new production capacity in Asia" which have helped to increase the EBITDA of 26 million euros.

Arkema has also continued to reduce its fixed costs "through plans to restructure and strict management of expenses" that have led to a gain in EBITDA of 57 million euros.

"In addition, price increases have erased the impact of increased costs of raw materials and energy."

In 2008, Arkema "intends to pursue its transformation very active around its three strategic axes focused growth, improving competitiveness and enhancing its portfolio."

The level of investment is expected to fall in 2008 to about 340 million euros including the late investments related to the consolidation plan of Chlorochimie, amounting to 25 million.

The non-recurring income amounted to -72 million euros in 2007 against -92 million in 2006. They mainly include charges of 94 million related to restructuring plans announced during the year.

Investments this year have reached 325 million euros, of which 44 million related to the consolidation plan of the chlorochemicals.

The consolidated net debt stood at 459 million euros at end-December 2007. Taking into account non-recurring items pre spin-off remaining to be disbursed end 2007 (122 million euros), the ratio of net debt to equity stood at 30% (compared with 28% at the end of 2006), in line with Arkema the goal to maintain this ratio to below 40%.

Arkema announced in another release doubling the production capacity of its German site hydrogen peroxide Leuna for up to 80,000 tonnes per year by mid-2010. The investment amounts to 40 million euros.

CDC

The leaders of the Caisse des Depots et Consignations affirmed at the Elysée Palace, in a meeting with Nicolas Sarkozy, CNP Assurances, which the Fund holds a 40% stake, had its place on the perimeter of the CDC.

"We had an opportunity to discuss the scope of the Fund. Regarding the NOC, we recalled that it was an integral part of the group and we have not been contradicted on the fact that it had its place in Within the CDC, "said Reuters Wednesday Michel Bouvard, president of the supervisory commission of the Fund.

The head of state received Tuesday the Director General of the Caisse des Depots, Augustin de Romanet, and the chairman of its supervisory commission, Michel Bouvard.

He said that the meeting had focused on the role of the CDC as an investor in SMEs and large industrial groups french and its ability to be a stabilizing element of their capital.

Some sectors have been specifically addressed, as subcontracting automobile or aircraft.

It was recalled that the NOC, as an institutional investor, also had a role to play in taking equity stake in french groups, "said Michel Bouvard.

The title CNP Assurances has experienced a surge in speculative stock market in mid-February, with various scenarios dismantling of the first insurer in France, and triggered by expressions of interest from Axa.

Since then, Groupama Axa, but also indicated that the file was not opened. For the moment at least.

For its part, the CDC has assured repeatedly that the CNP, which contributes up to 20% in its results, was not for sale.

The chairman of the supervisory commission of the Fund added that the issues of governance of the CDC were not addressed, because "they do not pose a problem and are now largely stabilized".

Paris keeps pace with a view to publication of an extensive series of US statistics.

Paris keeps pace with a view to publication of an extensive series of US statistics. At 14 hours, the CAC 40 rose by 1.32% to 4.737,45 points. Vallourec and Credit Agricole dominate the index, whose values are almost up.

The rebound continues after five consecutive sessions of decline, with a view to a full agenda on the macroeconomic level. Two days after the publication of the ISM manufacturing, his counterpart in the service sector, or nearly 90% of US economic activity, will be released during the afternoon. The Fed will also publish its Beige Book after the close in Europe. Meanwhile, a reassuring news in the financial sector (progress in the rescue plan of booster credit Ambac, results and Credit Agricole in Paris NOC), the European statistics promising in the services and news from the corporate side rather positive support the rebound. The relatively low volumes, however, betrays a degree of caution on the part of investors.

At 14 hours, the CAC 40 won 1.32% to 4.737,45 points in a business volume of 2.2 billion euros on the values of the index. The index has lost almost 6% of its value over the last 5 sessions. In London, the Footsie takes 0.74% at 5.810,40 points, and in Frankfurt, the Dax rose by 1.30% to 6.630,08 points. In New York, the March future contract on the Dow Jones index climbed 0.44% to 12,276 points.

Meeting in Vienna, the oil ministers of OPEC have maintained their production quotas unchanged, said Reuters. The weekly statistics of American oil stocks will be issued 30 to 16 hours.

Three other US statistics are on the agenda for the afternoon: the second estimate of productivity in the fourth quarter to 14.30, orders to the industry in January and the ISM index of activity in the service at 16:00.

Finally, the Fed must publish its Beige Book at 20:00. This document, which provides an update on developments in the economy during the last two months, will serve as a basis for further work at the next board meeting on monetary policy scheduled on March 18.

The barrel of light crude American resumed 64 cents to $ 100.16 after the status quo on its OPEC production and prospect of a further increase in stocks in the United States. The dollar has stabilized around 1.5195 for 1 euro.

Credit Agricole SA increased by 4.41% to 17.97 euros, apparently supported by the prospect of high efficiency and the absence of new projects and acquisitions. The bank has accused Green a net loss of 857 million euros in the fourth quarter, against a profit of 1.06 one billion a year earlier, affected by 3.3 billion euros in impairment losses related to the crisis in credit markets . For the full year 2007, Credit Agricole recorded a net profit of 4.04 billion euros, down 16.8%. The bank proposed a dividend of 1.20 euros, up 4.3%. Finally, with regard to a possible interest in Société Générale, the chief financial officer of CASA said "not remain indifferent to developments that might occur."
Other banks also rise. BNP Paribas takes 1.95% to 59.55 euros and Société Générale 2.26% to 68.95.

CNP Assurances advance of 4.05% to 73.62 euros. The group saw its net profit appreciate by 6.7% to 1.22 billion euros in 2007. Net income from recurring operations excluding capital gains increased by 34.8% to 1.12 billion and gross operating income by 21% to 1.83 billion. Turnover fell by 1.4% to 31.5 billion. The insurer is proposing a dividend of 2.85 euros, an increase of 24%. For 2008, the NPC indicates seek an increase in net income flow of at least 10%, except for "significant deterioration of the financial crisis."

Vallourec won 5.58% to 143.63 euros, while the group has slightly raised its forecast for sales for 2008. Cheuvreux is also increased from "under-performance" to "outperform" on the title. The manufacturer of seamless tubes reported a growth of 7.5% in net income to 986.2 million euros last year. Operating income rose by 5% to 1.62 billion euros and gross operating profit declines 28.5% vs. 30.1% a year earlier. Group sales climbed 10.8% to 6.14 billion. The group will propose a dividend of 7 euros per share. For 2008, Vallourec targets a turnover "at least equal" to that of 2007 on a comparable basis. In February, the group estimated on a turnover of "online". Finally Vallourec announces establishment of a plan to reduce costs in order to save more than 200 million euros per year by 2010.

Vinci won 1.87% to 45.61 euros. The building group and concessions signed a memorandum of agreement with the Dutch Fortis for the rapprochement of their operations of parking lots. The entity resulting from such an agreement would be the world's number one industry.

EDF fell by 2.37% to 57.25 euros. The electrician is in discussions with Inter RAO for possible exchange of assets that could lead to an equity participation of the French specialist in the Russian trading of electricity, announced the latter.

Finally, Neopost takes 1.91% to 66.97 euros. The specialist solutions for mail processing has dropped by a staggering 1.3% of its turnover to 907.1 million euros in 2007-2008. In the fourth quarter alone, activity declined by 8.8% to 224.5 million euros. The group was confident for the current year and is aiming at a growth of at least 3% of its turnover, excluding currency effects and off PFE British contribution, in the course of acquisition

Adidas

The net profit of Adidas has risen sharply in the fourth quarter but below analysts' forecasts, while sales of the Reebok brand were down, the North American market remained weak.

* RESULTS.

The second global manufacturer of sporting goods behind Nike reported Wednesday a net profit attributable to the group of 21 million euros in the fourth quarter, an increase of 63%. Analysts were anticipating a net profit of 25 million euros.

Turnover grew by 7.6% to 2419 billion euro, the consensus view was of 2.36 billion.

* PROJECTIONS.

Adidas confirmed a forecast rise at least 15% of net earnings in 2008 and growth in the upper range of a single-digit turnover.

The Chief Executive Herbert Hainer said that the group was on course to achieve unprecedented results in 2008 and beyond despite "conditions had deteriorated in some important markets" in 2007.

* DETAILS.

The order book was up 17%, taking into account the effects of exchange for the Adidas brand by the end of 2007, thanks to the European Cup and the Olympic Games in Beijing in 2008.

The backlog of Reebok, purchased in 2006, was down 8% and Adidas believe that the poor performance of Reebok persist in the six to nine months ahead. The German group has, however, hopeful that sales of Reebok show an increase this year.

Adidas said it named Uli Becker CEO of Reebok on 1 April, replacing Paul Harrington.

Adidas has bought Reebok to strengthen its positions in the articles of clothing sporting classics. Since then, the German group is seeking to integrate better with his American counterpart in its organizational structure.

* MISCELLANEOUS.

Adidas states have repurchased 2.1 million shares at March 4 following a plan to repurchase 5% of the capital, representing 10.2 million titles, announced in January.

* HISTORY.

The American distributor of sports Footlocker has experienced serious difficulties in the fourth quarter, and this has had an impact on manufacturers such qu'Adidas, Nike and Puma. Footlocker has closed shops, cancelled orders and has not made any new ones.

* SCHOLARSHIP.

The action Adidas lost 0.72% to 41.15 euros at 9:51 GMT, while at the same time the Dax index gaining 0.88%.

A commission of experts is proposing to extend the sales

The working group set up to study the Bercy "mechanisms of reduced prices" advocates to organize two weeks of additional sales.

On the whole, the working group established in January by the Minister of Economy Christine Lagarde to reflect on "mechanisms of reduced prices" does not propose any major changes in terms of sales. In its interim report the commission of experts, composed for the most part merchants and their representatives, and consumer associations, advocates maintaining the two big sales periods per year, with fixed dates, with "exceptional waivers" for tourist areas or border.

However, the working group proposes to "authorize each school to practice two weeks of sales per year, the dates of his choice," according to AFP. This innovation could be tested first in two regions, according to Le Figaro. The Minister for the Economy had voted for the extension of the sales period, causing an outcry among traders.

The task force, whose final proposals should be announced in late March, also decides in favour of setting up a price comparison in the food trade. Such a device, while the controversy over the increases in supermarkets is in full swing, would provide "consumers impartial information and as exhaustively as possible on prices, experts agree.

Alain Demarolles, general manager for Europe of society Eton Park and former economic

Christine Lagarde has appointed Alain Demarolles, general manager for Europe of society Eton Park and former economic adviser to the former Prime Minister Dominique de Villepin, a mission on the development of sovereign funds, announces the Ministry of Economy and Finance.

"Phenomenon old, the creation and development of sovereign funds has grown further during recent years. The number of funds, the amounts of assets they hold and enlarging their scope of investment are today Today significant financial actors, "says Bercy in a statement.

"Christine Lagarde has therefore asked Alain Demarolles to reflect on these new players who are also the subject of debate at the international level," added the ministry.

"It will highlight the role of new funds but also provide guidance to define a strategy of France vis-à-vis funds sovereign," he says.

In January, Nicolas Sarkozy announced that France would use the Caisse des Depots et Consignations (CDC) to protect its business and defend its "vital economic interests".

"Faced with the rise of hedge funds and highly aggressive fund sovereign and obey no economic logic, there is no question that France remains unchecked, it is not a question of laissez faire" He said by adopting the accents of Dominique de Villepin, to campaign for "economic patriotism".

"France assumes the political choice, a strategic choice to protect their businesses, to give them the means to defend itself and develop. I want the Caisse des Depots is the instrument of this policy for the protection and promotion of interests Economic issues in the nation, "he added.

Vinci and Fortis in exclusive negotiations to bring their parking

Vinci and Fortis have signed a Memorandum of Understanding for the rapprochement of their operations from parking, creating the world's number one industry. The transaction is expected to be completed in the third quarter.

Vinci Park, a subsidiary of Vinci, which took over the past two months 65,000 parking spaces (12,000 in Germany and 53,000 in Canada), could still grow. Vinci and Fortis announced Wednesday that it has signed a Memorandum of Understanding for the rapprochement of their operations from parking, creating the world's number one industry.

Vinci, European number one with 1.1 million people, hold the majority shareholder of the new entity that would manage 1.3 million places in 1,800 parks in 16 countries, say the two groups in a statement. They hoped that the negotiations through Vinci Park, a subsidiary of Vinci Concessions, and Interparking, a subsidiary of Fortis Real Estate, will finalize the transaction in the third quarter.

Undisputed leader in Belgium, Interparking manages 234,000 parking spaces. The group is also present in Germany and Austria. In 2007, he made a turnover of 240 million euros and an operating surplus of 89 million euros. Meanwhile, Vinci Park manages 1.09 million parking spaces. It should, according to the estimates of financial analysts Dexia, isolate under a 2007 gross operating surplus of 199 million euros for a turnover of 562 million.

Fortis said that the operation will have a positive impact on its solvency ratio, while Vinci consolidate the new entity fully consolidated.

The American service sector limit its decline in February

The ISM services index was established last month to 49.3, compared with 44.6 in January. A figure which is much higher than the expectations of analysts. Orders for durable goods, however declined by 5.1% in January.

A better than expected ISM
A better than expected ISM
Which is good news if the services activity continued to shrink in the United States, the slowdown was less than before. According to figures released Wednesday by the national group of purchasing managers sector enterprises (ISM), the composite index of activity in the services sector in the United States stood at 49.3 in February to 44, 6 in January.

Significantly better than in January, the figure also exceeded the expectations of economists, who tablaient index to 47.5. A level below 50 of the ISM index reflects a contraction in activity.

In addition, new orders received by American manufacturers fell 2.5% in January, as expected by the market, experiencing their first decline since August, official statistics show published Wednesday.

Orders for durable goods, for their part, accuse a decline of 5.1% in January after two consecutive months of increase, said the Commerce Department. It was reported last week in the first estimate of a 5.3% decline in orders for durable goods.

Excluding the transportation sector, whose business is particularly volatile, orders to the industry saw their decline reduced to 0.4%.

Orders excluding defense and aerospace, considered as the most representative of the evolution of business investment, fell 1.5% in January, compared to -1.4% reported in the first estimate.

Regarding employment, the American private sector has eliminated 23,000 jobs last month, according to a monthly survey conducted by the firm Business Service ADP Employer Services. This figure is well below expectations. Economists polled by Reuters were expecting, in fact creations of 20,000 posts.

To make matters worse, ADP stresses that the figure for February is the worst recorded since April 2003. And again, the firm has revised down the number of jobs created in January, to 119,000 from 130,000 originally announced.

The investigation ADP is usually issued two days before the official statistics of the labour market. For February, economists expect an average of about 25,000 new jobs being created non-agricultural after the 17,000 cuts announced in January.

Another statistic on the American economy: the growth of non-farm productivity in the fourth quarter was revised up slightly like that the unit cost of labor. Productivity grew by 1.9% (+1.8% in the first estimate), while economists surveyed by Reuters anticipated a growth of 1.8%. In the third quarter, productivity had risen by 6.3%.

The unit cost of labor increased by 2.6%, while economists tablaient on an increase of 2.1% in line with the first estimate.

France Telecom buys portal Cityvox

The telecom operator puts his hand on the site french information about exits and shows major cities. An operation that reflects the ambitions of Orange in trades audience and adds to the wave of consolidation under way in the Internet sector french.

France Telecom is investing across the board in the content. The incumbent telecom has announced its acquisition of 100% of the company Cityvox news portal on outings and entertainment on the Internet, for an undisclosed amount. The operation "is part of Orange's strategy to develop its Internet services and the hearing of its portals and consolidates its current position of France in the third hearing and the first advertising on the Web," argued the trader. The two companies already working closely together: Cityvox had entrusted Orange Advertising marketing its advertising space since 2002 while addressing the content of the "city" site orange.fr.

After acquiring Auféminin by the German publisher Axel Springer, to 284 million euros last summer, followed by Doctissimo by Lagardère for 138 million euros last month, this acquisition is part of the wave Consolidation french websites. Smaller than these two behemoths of the Web, claiming Cityvox with its site and its declinations "cinefil.fr", "concerts.fr" and "spectacles.fr" more than 2.2 million unique visitors each month. Its turnover at the end of the year ending June 30, 2007 amounted to 3.3 million and is expected to reach 5 million euros this year. Founded in 1999 by Bertrand and Michel Athenour Bigay, the company employs 60 people full-time, including 40 at its headquarters in Marseille and claims to have introduced in recent years "a profitable business model", based almost exclusively on advertising. The site, which also feeds the comments of 350,000 regular contributors, covering 260 cities in France and 300 in Europe.

Orange can now boast of an audience of over 58 million unique visitors in the world and 17 million in France, slightly higher than Lagardère Advertising (16 million following the purchase of Doctissimo). The mobile and Internet to develop "new proximity services including mobility" and local advertising revenues, while extending to the international model Cityvox in countries where Orange is present.

The OPEC should not change its oil production

OPEC ministers decided Wednesday to leave unchanged its production, explaining that if oil is again at unprecedented levels was due to factors over which they have no control.

The American light crude reached a record high of 103.95 dollars per barrel on Monday and was again above the threshold of $ 100 on Wednesday.

The Organization of Petroleum Exporting Countries said for several weeks that the soaring price of oil is due to factors that it can not control, including the weakness of the dollar and speculation, and not the inadequacy of its extractions.

In Washington, however, increased even symbolic of the production of OPEC may be sufficient to halt the rise in the barrel.

Most OPEC ministers wanted to maintain production at its current level, and a minority even called for a reduction in quotas to prevent a "bottleneck" in the market. At the conclusion of discussions that have not lasted two hours, delegates from OPEC told Reuters that the group had decided the status quo.

The Saudi Minister of Petroleum Ali al Naïmi, had previously said it saw no need to change the volume of production because the fundamentals of the oil market are stable and healthy "and attributed the outbreak to an" enormous speculation " , said Tuesday the newspaper al-Hayat, published in London.

"This speculation has no connection with the fundamentals of a stable market that needs no intervention," says Naïmi, the most influential player in OPEC.

For the president of the organization Chakib Khelil and other ministers of the oil cartel, inventory levels are expected to increase during the second quarter, while consumption traditionally declines at the end of winter.

Khelil added that the seasonal decline in demand could be more pronounced because of the impact of the global economic slowdown.

The Iranian Minister of Petroleum, Gholamhossein Nozari, had also said Wednesday that OPEC would leave its output unchanged.

A "mistake" TO BUSH

The American president, George W. Bush does not see the situation from the same angle: in his view, the ministers of OPEC had committed a "mistake" by ignoring the impact of record high oil prices on the American economy.

"I think it's a mistake to let the economy of your biggest customer (...) slow because of high energy prices," he said Tuesday after a meeting with King Abdallah of Jordan at the White House, adopting an unusually strong tone.

In Washington, OPEC should increase its production by 300,000 to 500,000 barrels per day (bpd).

That would increase by 1.5% the total output of the organization, which has extracted 32.23 million bpd in January, according to statistics from the Energy Information Administration (EIA) in the USA.

Among the 13 members of OPEC are loyal allies of the United States, such as Saudi Arabia, Kuwait and Qatar but also fierce adversaries such as Iran and Venezuela.

Irrespective of any formal decision by the cartel to its production, some members of OPEC may also adjust their level discreetly

Saudi Arabia and regularly pump about 9.2 million bpd over the past several months, nearly 300,000 bpd more than its official target set by OPEC, said Wednesday a delegate of the cartel.

The OPEC, which produces more than a third of the world's oil, would reconsider its production level in Rome on 20-22 April, at the meetings between producers and consumer countries.

Brussels to give France until March 14 to explain

The European Commission calls on the government to provide french before March 14 details of the trivialization of the Livret A. Failing that France could be sent to the European Court of Justice.

Brussels raises her voice in the file of the booklet A. After writing to France in mid-February to demand an explanation of the trivialization of a booklet, the European Commission is more pressing: it announced Wednesday waiting for a reply by March 14. And according to the quality of the response, the Commission will decide whether to open infringement proceedings before the European Court of Justice or to grant additional time.

"France has had nine months to comply with the ruling," said Jonathan Todd, spokesman for the Competition Commissioner Neelie Kroes. The European Commission had requested in May 2007 in Paris to expand distribution of the Livret A to all French banks, setting a deadline of February 11. But on that date, the French Minister of Economy Christine Lagarde had requested an additional period of four months.

Produced savings défiscalisé regulated rate (3.50%), the Livret A is currently marketed only by the Caisses d'Epargne and the Postal Bank. The Caisse des Dépôts centralizes and uses funds for loan and long-term agencies to moderate housing rents (HLM). The new government intends that such centralization does do more than 70% instead of 100% today, in order to enable banks to keep a certain volume of business. The reform should be incorporated into the law of modernization of the economy which will be presented in early April in the cabinet for a vote in parliament this spring.

Europe hostage to the war-Ukraine Gazprom

The European Commission will convene a coordination group to discuss the crisis between the Russian gas giant and Ukraine, caused by a refusal to Kiev to pay its outstanding debt. Deliveries of Russian gas to Europe could be affected.

Ukraine could draw gas in the pipeline that crosses the country
Ukraine could draw gas in the pipeline that crosses the country
The European Commission will convene Tuesday, March 11 a special meeting of its coordination group on gas to discuss the crisis between Gazprom and Ukraine, announced the spokesman for the European Commissioner for Energy Andris Piebalgs. This coordinating group meets energy expert from each of 27 member countries and representatives of the Commission. It should logically invite a representative Russian and a Ukrainian representative, even if they are free not to answer this invitation, "added the spokesman.

The European Commissioner for Energy Andris Piebalgs also drew Russians and Ukrainians to "make every effort to achieve a speedy and lasting solution to their dispute." Brussels also expects both parties to ensure that gas supplies to the European Union will not be affected.

This announcement is made in response to the crisis between Moscow and Kiev, which has taken a sharp turn Tuesday, March 4 yesterday and this morning on March 5, but that appears to be calm in the early afternoon. Gazprom and Ukraine are in fact close to an agreement on gas deliveries first to the second.

On Wednesday morning, in fact, Gazprom, the world leader in Russian gas production, accused the Ukraine want to draw 60 million cubic meters of gas in the 356.6 million who pass through its territory into Europe, 80% of Russian deliveries account for 25% of gas consumed in the European Union. "It is a volume that Gazprom will deliver to the Ukrainian border, but which will fail to European consumers," insisted heavily a spokesman for Gazprom.

He had a beautiful game to speak as well. Indeed, Natogaz, the group Public Ukrainian gas, had not be excluded that disrupted deliveries of Russian gas to Europe, as was the case in 2006, during the previous gas war between Kiev and Moscow. "In the event that Gazprom would continue to violate brutally technical agreements between the two countries by lowering the supply of gas from Central Asia to Ukraine, Naftogaz would reserve the right to undertake adequate measures and asymmetric to protect its consumers," declared the Ukrainian gas company.

If the Ukrainian prime minister, Yulia Tymoshenko, immediately reiterated Wednesday that his country will "move towards the European Union all the gas that Russia will deliver for transit," but she was called into question by the Ukrainian president he own. It was "compelled" to attract "once again" its attention on the actions "insufficient and inadequate" of the Ukrainian government for the resolution of the gas crisis between Moscow and Kiev.

The president accuses the prime minister not to implement the agreement prinicipe concluded on February 12 last with Moscow to resolve the crisis in arrears of debt of Ukraine to Gazprom and fewer pattern of supply of gas.

In reaction to this failure of the negotiations, the Russian giant Gazprom announced Monday, March 3, having reduced its gas deliveries by 25% (from 35%, according to the Ukrainians). Gazprom has reduced by 25% additional deliveries Tuesday, March 4, and does not reduce them further in the coming days, announced Tuesday his spokesman, Sergei Kouprianov, "if the Ukrainian side failed to return to the table negotiations. "

The elected president of Russia Dmitry Medvedev, also head of the board of Gazprom, Ukraine drew to "intensify its efforts" to resolve the crisis bilaterally gas. In a telephone conversation with Ukrainian President Viktor Yushchenko, the foal Putin stressed that Moscow hoped for intensified efforts to Kiev to settle as soon as possible the problem of debt for gas delivered.

usa market

The New York Stock Exchange opened up Wednesday, but the publication of a contraction of employment in the private sector in the United States weighs on the trend.

The Dow Jones takes 0.30% to 12249.95 points and the Nasdaq Composite garnered 0.27% to 2266.28 points.

According to the monthly survey of the firm Business Service ADP Employer Services, the American private sector has eliminated 23,000 jobs in February. The productivity was revised up slightly in the fourth quarter, +1.9% vs. 1.8% originally announced (annual rate). The unit cost of the workforce has increased by 2.6%, compared with a consensus of +2.1%.

Will be published at 16:00, orders to industry in January, durable goods orders in January, the ISM services February, and at 20:00, the publication of the beige book of the Fed.

Values to follow

According to the Wall Street Journal, the media group Time Warner is preparing to make a proposal on Yahoo. Citing people close to the case, the project would integrate AOL, the internet subsidiary of Time Warner, Yahoo.

Discussion appears on the verge of reaching for the refinancing of credit Ambac booster, according to the CNBC channel. A group of eight banks is preparing a plan to rescue the group. This is the week that the plan is mentioned, but for the moment, nothing has been announced. The other option to save the company, would be to split the guarantee of municipal funds, which did not suffer the crisis of "subprime" from the asset-backed securities such claims. The Financial Times says, however, that this solution, unlike other enhancers, is not contemplated by Ambac.

Sheryl went to the enemy. In charge of advertising sales at Google for six years, she moved to the general direction of Facebook. The site socialization announced his hiring Tuesday. Miss work for the development of the site, including sales, marketing, business development, but also human resources, the protection of private data and communication.

Costco reported Wednesday an increase in profit, to 327.9 million in the second quarter, equivalent to 74 cents per share. By way of comparison, it stood at 249.5 million, or 45 cents per title a year ago. BPA is in line with the consensus. Its sales grew by 7%, while analysts expected 6%.

Oracle has unveiled the date of publication of its results, but did not provide clues as to their nature. The software publisher has often benefited from these ads to issue warnings. Some analysts believe that this silence could mean the goals not met.

Endo Pharmaceuticals reported Tuesday its decision to commercialize the trans-Atlantic anti-inflammatory product Voltaren group Novartis. This decision should result in increased investment, which led him to revise its expectations for profit to decline in 2008. BPA now vary between 2.03 to $ 2.07, compared with 2.18 at 2.22 earlier.

Credit Suisse has spent his coverage to "outperform" on Dupont, from "neutral" on Monsanto. Credit Suisse unveiled its goal of course Dupont de Nemours to $ 57, compared to $ 131 for Monsanto.

AT & T has stated its intention to invest nearly a billion dollars in 2008 in the sphere of its activities networks for businesses abroad. The group also clarified that this investment was 33% higher than last year, in the same activity.

Pfizer launched its bid on Encysive Pharmaceuticals, a specialized laboratory in the treatment of pulmonary arterial hypertension.

Bear Stearns maintains his recommendation to under-perform the title Credit Agricole after the publication of results below expectations.

Bear Stearns announced that the bank has unveiled green on the fourth quarter alone, a net loss of 857 million euros compared with 847 expected by the broker. On average, analysts estimated losses at 627 million euros. Over the full year, the group net income reflected a decline of 16.8% to 4044 million euros

Bear Stearns stresses that the benefits of the group were affected by the impairment losses of 3.3 billion euros recorded in the bank's market Calyon while the group had originally anticipated for 2500 million euros depreciation ..

The analyst added that the past depreciation by the bank Green seemed less conservative than they c BNP Paribas. According to the broker, there are risks of further impairment charges related CDOs and LBOs, which are not covered.

Finally, the Board of Directors will propose to the General Assembly on 21 May 2008 a dividend of 1.20 euros per share, an increase of 4.3% compared to that paid for the year 2006. Bear Stearns stressed that analysts were expecting on average a dividend of 1.17 euros.

The meeting lasted just over a quarter of an hour. In an atmosphere "extremely cold", it was reported. Laurence Parisot, president of Medef and Frederic Saint-Geours, president of the Union of Industrial and metal trades (UIMM) have quickly concluded, Tuesday, March 4, a list of their disagreements. Done rare, they continued to take the view to witness the serious crisis that has rocked the french employers. Ms. Parisot was RTL on Monday and Tuesday, the newspaper of France 3. Mr. Saint-Geours had chosen France 2 France Inter Monday and Tuesday.

The two leaders flaunt their different face uncovered by awarding themselves patents strength of "transparency", "renewal" and "modernity". This new battle lies first with pictures and communication. She hides another issue: the power of representation and employer mandates in the official organs and structures of social paritarism.

At its meeting of crisis, Monday, March 3, the office of the UIMM thought he made a step towards healing. He had decided to separate on the scope of its general delegate and former President Denis Gautier-Sauvagac. The latter had agreed to renegotiate the terms of his departure and in particular compensation of 1.5 million euros. His deputy, Dominique de Calan, had been relieved of his duties as deputy general delegate and deprived of the chairmanship of the pension fund AGIRC complementary.

Investi full powers, Mr. Saint-Geours that his company hoped to "renovation" and "transparency" would be enough to mollify leaders of Medef. The final hardening of positions inspired by the elders of metallurgy and territorial representatives has done everything derail. Following the resignation of Michel de Virille the Presidency of the Unedic, they were opposed to handing the mandates representation exercised by the UIMM, like sommait Ms. Parisot.

"Modern? It is or it is not. This is not a path that we borrowed", replied dryly president of the Medef, Tuesday, on France 3. A little earlier she had conceded that "the UIMM were just moves things forward. But not enough."

The real battle is that of national mandates in the structures of paritarism. And they are many: a little more than 900 - including one hundred detained by the UIMM - in such diverse areas as unemployment insurance, pension funds, the initial and continuous training, housing, social welfare, occupational medicine, collective agreements… but also the Economic and Social Council, the regional assemblies, the official centers of expertise, all of which give rise to specific funding.

It is the control of this representation that the Medef intends to resume in hand. "You can not take a single federation can represent all businesses," said Parisot Tuesday on France 3. "What I ask is to put mandates in the hands of entrepreneurs and pull them out of men or women device," she said.

This hardening of the position of Medef, according to the UIMM, a sign of a willingness to "break". "Laurence Parisot is entering into a logic of confrontation and power. Nobody nothing to be gained by weakening the industry already threatened by job losses," rejoinder there at the headquarters of the metal. Treasurer of the federation, Jean-Jacques Legay, the UIMM d'Alsace, is concerned about the consequences of this' hang on the network of local associations certainly upset by what happened, but deeply committed to the UIMM and its capabilities and management expertise. "

In Medef, some already dream to take this opportunity to engage in a major restructuring with the disappearance of the "strongholds" of the federations. Tuesday, Ms. Parisot has received the support of Carlos Ghosn, president of Renault. And that of Claude Bebear, honorary president of Axa (insurance) Wednesday in Le Parisien: "We must rethink the entire organisation Medef depending on the evolution of the economy. It is normal, he said that the UIMM plays an important role, but that role must be commensurate with its importance in the economy, and it is clearly disproportionate. "

Russia cut off gas supplies to Ukraine

he Russian gas giant Gazprom has cut a quarter off gas supplies to Ukraine, a few hours after the election to the presidency of the Russian Kremlin candidate Dmitri Medvedev, also chairman of the board of Gazprom.

Gazprom has undertaken to ensure that exports to Europe will not be affected. A quarter of all gas supplies to Europe pass through Ukraine.

"Gazprom is a reliable supplier of gas, but we can not and will not provide gas without it being paid," said Sergei Kouprianov in Moscow, spokesman for Gazprom. Deliveries, he said, were reduced by 40 million cubic meters per day.

The Ukrainian national energy company, Naftogaz, confirmed the decline in deliveries, but talking about an extra 10%, bringing to 35 the total reduction%, or 46 million m3, according Zemlianski Valentin, spokesman for the firm.

By comparison, Gazprom supplies Europe with 410 million m3/day and Ukraine receives 135 million.

Gazprom said not to be able to find a compromise with Ukraine on debt Kiev (600 million dollars according to Moscow on earlier deliveries) and concerned by the absence of any contract for deliveries in 2008. Russia had already, at New Year 2006, cut off the tap of gas to Ukraine, because of disagreements over the price of delivery.