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The horizon of the global economy darkens. The European Central Bank (ECB) has lowered on Thursday its growth forecasts for 2011 and 2012, warning that the level of uncertainty is extremely high. The guardian of the euro expected to grow 1.6% in 2011 and 1.3% in 2012 in the euro area, against 1.9% and 1.7% previously forecast.

"Uncertainty" was in this context, the key word of the monthly press conference of ECB President Jean-Claude Trichet: "There is a huge level of uncertainty in the world." The risk is now the forecasts rather than the ECB may be too optimistic, he implied. And, because of the negative effects of the crisis in financial markets observed this summer and the debt crisis in the euro zone in particular.

After a good start to the year, growth "will be very moderate later this year," warned the president of the ECB. Consumption may be lacking. "Unlike recent months, the ECB no longer considered as the confidence of consumers and entrepreneurs will support domestic demand," says Ken Wattret, chief euro zone economist at BNP Paribas. In the early morning, the Bank of France has published growth prospects for the Hexagon journals also down for the third quarter (0.1% versus 0.2% previously).

For inflation, the ECB has not touched its projections. It still expects 2.6% price increase in 2011 and 1.7% in 2012. As the guarantor of price stability in the euro zone estimated a few months ago that inflation was under pressure, it recognized that today the risks were "balanced."A code word meaning that it did not expect an acceleration in prices in coming months. It therefore left unchanged its interest rates, it increases instruments when it believes that inflation is accelerating payday loans lenders.

Despite the alarmist tone about the economic environment, "we do not think that the ECB will lower interest rates anytime soon," said Cedric Thellier, economist at Natixis. "We expect a rather long status quo accompanying amorphous growth and low inflation."

The rush of blood against the United States of Trichet

Questioned by a reporter relaying German criticism against the alleged lack of independence of the ECB under the European Treaties, Jean-Claude Trichet has lost some of his cool. "We're doing our job, which is not easy," he said."Our mission is to ensure price stability, what we have done so impeccable. I'd love to hear praise for the work today! "He exclaimed.

Some German observers, very attached to monetary orthodoxy, condemned the purchase of bonds by the ECB. "If we had to implement this program, because states have not acted properly. He did not exercise sufficient oversight they should have. Remember, in 2004 and 2005, some governments-France, Germany and Italy, not to name-calling for the relaxation of their obligations "deficit, he accused. "We have always asked the contrary full compliance criteria deficit.But we have not preached in the desert. "

In this context, Jean-Claude Trichet reiterated, on behalf of the ECB, the extreme urgency for the States to implement measures to restore the balance of public finances. "Governments must be prepared to cut spending if targets are not met," he said. He also called for the deregulation of regulated professions.

The manager of the French railway network, Réseau Ferré de France (RFF), proposed on Thursday a 7.4% increase in tolls, the SNCF and its potential competitors will have to pay to circulate the TGV in 2013. After a 1.5% increase, which will be implemented in 2012, RFF describes his proposal for a "moderate".

These rates are still the subject of a bitter battle between the SNCF, which reiterates that these tolls threaten its business model, and RFF, who needs financial resources to sustain a railway network in poor condition quick payday loan. The increase was 6.4% in 2009 from 11% in 2010 and 11.7% in 2011.

For regional express trains (TER), the increase in tolls is generally softer: it should reach 2.5% in 2012 and 5% in 2013.On average, the increase should be 4.3% in 2013, while "inflation rail" suffered by RFF is 5.8%, says the network manager.

These proposals will be discussed until the end of October and will then be submitted to the Regulatory Authority rail operations (Araf).

Asian stock markets found the way to the rise on Monday. After the extreme volatility of the previous week, investors will decide to follow the bouncing of European and American markets. The Nikkei index of Tokyo Stock Exchange has thus concluded the day on a rebound, from 1.37% to 9086.41 points. The broader Topix index has returned 1.16% share to close at 777.12 points.

The Tokyo Stock Exchange was shaped in the early morning hours. The course of the Japanese currency gave him a break by staying roughly stable against the dollar, the ticket to turning throughout the session around 76.90 yen. The principals in Tokyo were also pleasantly surprised just before the opening of evolution by the numbers of gross domestic product (GDP) of Japan in the second quarter, which showed signs bode well despite the severity of the shock collected after the earthquake of March 11.

The archipelago has suffered from April to June the third consecutive quarter of decline, gross domestic product (GDP) declined by 0 instant payday loan.3% over the previous three months. This decline of 1.3% annualized, but well below that expected by economists, and most of them hope an upturn in the summer.

Moreover, time was also optimistic. The Stock Exchange of Hong Kong and Shanghai respectively gained 2.98% and 1.21%. Exchange Syndey advanced 2.64%.Seoul and Bombay were closed due to holiday.

Oil up

Oil prices were also up Monday morning in electronic trading in Asia in the wake of the Asian stock markets, but the gains are likely to remain limited because of persistent concerns about the state of the global economy, analysts said.

In morning trading, a barrel of "light sweet crude" for delivery in September gained 22 cents to 85.60 dollars. That of Brent North Sea crude for September delivery took 27 cents to 108.30 dollars.

"There are two ways to bring artists in a festival. It depends if you have money or if we have not. " Here's how CEO François Floret and coprogrammateur Festival Route du Rock in Saint-Malo (from 12 to 14 August 2011), summarizes the difficulties faced by the organizers of summer music festivals at the time to place their programming. Because the area is changing for ten years.

Faced with the collapse of record sales, artists tend to want to catch up on their live performances. In recent years, the stamp of a headline average doubled from 100,000 to about 200,000 euros concert . Two years ago, the claims of artists such as rock bands Radiohead and the Arcade Fire could reach 500,000 euros a night delivery. A luxury that the Route du Rock, after more than 20 years of existence can not afford.Especially since the philosophy of the festival "has always been focused on the discovery of new talent," says its director.

A total of 340,000 euros per year are devoted to the artistic, or just over 19% of the annual budget of the event. Festival Rock en Seine in Paris (from 26 to 28 August 2011), this percentage reached 33% on a budget of 6 million, for a festival attendance of 105,000 in 2010.

Few artists have their own agents

To perform their scenes, organizers go through the special agents of the artists. But in most cases, they must go to production companies (the "turners") who sell the show, usually including travel, by winning 15% of the sale. Remains the responsibility of organizing the cost of hotel and catering.The financial balance of a music festival, big or small, is always delicate balance between inflation of stamps and need for headliners known to attract an audience often more sensitive, especially in times of crisis, to "safe bets".

Especially as competition from large foreign festivals like that of Open'er in Gdynia (Poland), heavily sponsored and line art more variable, contributes to the inflation of the claims of artists and the business side of an event. This year's Route du Rock will receive about 17,000 spectators to reach its equilibrium point. To get to lower costs artistic, the organizers can sometimes rely on the recognition of certain groups. This was the case last year, where the rock band The National has made a financial investment for their third participation in the Route du Rock, who has made known in France in 2005.But these returns elevators are rare, "artists tend to quickly forget their ideals of youth" deplores François Floret.

Artistic expenses under pressure

More confidence in the festival of the summer Vaour (Midi-Pyrenees), the artistic budget does not exceed 28%, 5% for the music (about 10,000 euros). Again, the trend in the price of contracts bought production companies are on the rise. No need to be an international star in setting its prices. "We can see, especially for groups that have no problems selling dates, says Sylvie De Sousa, in charge of music programming of the festival that drew in 2010, 18,000 people in nine days. Those who have more difficulty selling their shows make an effort. " The average cost to the organizers groups received between 800 and 1300 euros per service.And the festival should be more attention to his artistic expenses, some concerts are free.

Finally, the last festival that highlights specific financial issues, the uniqueness of the service provided. Artists to bring only one date is in fact a greater financial effort, where the organization of a tour allows you to spread fixed costs over several dates. A show to 1500 euros per day on tour will be up an average of 4000 euros for a single date.

Theater festivals are much more subsidized

In terms of theater festivals, the financial efforts of the programming is even greater. "Music festivals generate more ticket revenue for those plays, because they mobilize a public far more numerous. Which is also the case for ancillary revenues (bar, derivatives).In the end, the part flow from music festivals, especially the general public is much stronger, "said Jonathan Fox, the head of the theater program of the festival Vaour. In addition, the confidential nature of the discipline is also in this sense, although of lesser importance.

On the other hand, the troops come for several performances, which smooths the cost over several days. Ultimately benefits of a theater festival like the summer of Vaour range from 500 to 3000 euros, "the notoriety aspect of the company also playing its role," says Jonathan Fox. By comparison, a one-man show in Paris like the comedian François Rollin costs between 5,000 and 10,000 euros. These characteristics explain why the sector is generally far more subsidized. For example, 22% of the budget of the festival of the summer of Vaour comes from public subsidies.

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While the ongoing wrangle with Casino in Brazil has shifted in favor of its competitor, Carrefour has released Wednesday a turnover in line with expectations. Group sales in the first half amounted to 44.6 billion euros, up 2.7% at current exchange rates (+ 2.5% at constant exchange rates) and 0.1% in comparable excluding petrol, adjusted for the calendar effect. Sales for the second quarter amounted to 22.4 billion euros, up 1.6% at current exchange rates, but down 0.2% on a comparable basis, excluding petrol and excluding the calendar effect .

While the group had mid-June, revised down its operating income to 35% in France, it now expects a decline of 23%, due "mainly to France."Lars Olofsson said that "Carrefour has set up an action plan in order to achieve the target set by the Group to grow its sales and EBIT in 2011."

Uneven performance in France

In France, the performance is mixed. Lars Olofsson deplores a "unsatisfactory performance of hypermarkets," whose sales are down 3.3% excluding petrol in the second quarter and adjusted for the calendar effect, after falling 1% in the first quarter.

However, Carrefour welcomes the performance of its stores. Carrefour Market and saw its sales grow by 1.3%. As for Carrefour Planet, "the four stores models continue to show sales growth in double digits."The group said that "the deployment of 21 new stores in the second quarter Planet is broadly in line with the plan, these new stores outperform those of our traditional hypermarkets in Spain and Belgium in particular."

Abroad, the decline continues in Western Europe (down 2.1% in the second quarter and 2.6% in the first). The activity in Belgium, however, displays a successful turnaround, with sales growth of 10.1% in hypermarkets.

Emerging markets are, in turn, still the group's activity. Latin America was up 11% at constant exchange rates, excluding petrol and adjusted for the calendar effect. In Brazil, where Carrefour battle as to marry the first retailer in the country, sales rose 10.2%.In Asia, growth remained at 5.3%, with an increase of 8.3% in China.

In exchange, Carrefour began declining after the announcement of these results. After losing 3% on opening, the title was eventually closed up 1.52% to 22.325 euros in the last trade. The CAC finished up 0.51%

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On July 7, Vincent Cerutti present the second issue of "Sosie Sosie or not" in prime time on TF1. A vote of confidence granted by the private channel to its new host, after a first edition earlier this year. Readily compared to "Surprise of making" the show had launched Marcel Béliveau in 1989 in France, "Sosie Sosie or not" brought 5.2 million viewers on 1 January (23.8% audience share ). "This proves that the concept pleases, said Vincent Cerutti. The difference with "taking on Surprise" is that it is no longer the stars who get trapped, but the stars who, in a role against type, trap and anonymous. " Three programs are planned this summer, 9, 16 and July 23 in prime time, with about twenty guests in total.Whether TF1 wants to make a recurring issue, "it depends figures and viewers," concedes the presenter, who denies receiving any pressure or targets to hearing from the chain. Maybe TF1 wants to install a new brand with this program, at least we'll try, "says he.

Earlier this year, who made his debut on TNT channel local TV Le Mans (LM TV), was screened at the presentation of the new program flow TF1, "Dancing with the Stars" alongside Sandrine Quétier. A strategic project for the chain after the end of "Star Academy". Despite a change in leadership programs, "the second season will take place in a few months, said Vincent Cerutti, although I can not tell you when and with what celebrities."

An entertainment magazine on the family in the study

Within six months, the young leader would be poised to confirm that, in its search for new faces, TF1 made him the right choice. Also not impossible that we find in other programs guaranteed high risk personal loans. "A magazine of entertainment is also being studied or for the prime-time, or to a second part of the evening. It would be a show about family life, and a pilot has been shot, "he says.

At a time when most television hosts are also producers, Vincent Cerutti has no plans for now to give in to these sirens. "Producing? Maybe one day, but it is not relevant. My priority is simple: lead and present programs as can Jean-Pierre Foucault. "In 2006, the leader had created his company, Press'Agrum Productions (which no longer exists as such), who has produced "You had your fill! "For SM TV. "It allowed me to present for four years a 90-minute talk show, where I received the guests as diverse as Marc Levy, Michèle Cotta or Jean d'Ormesson." The new host of advanced TF1 also the importance of this type of experience and regional media. "The local DTT channels are like the radio in the 1980s. These are laboratories that allow leaders and journalists of tomorrow to form. It is important to try to keep them even if they suffer a lot economically. "

This summer, Vincent Cerutti will also be broadcast on RTL, for the second consecutive summer. He replaces Vincent Perrot at the helm of "Stop or" every weekend, from 9:30 to 11:30.As in 2010, it will also be with Jean-Sébastien Petitdemange, this time for "Journey of a spoiled listener" on Saturday from 13:30 to 15:00, starting July 16. For those who started on the radio, should be seen as a harbinger of any lasting return on the air? Why not. "I speak with my manager Gerard Louvin," concedes the moderator.

The employment contract is signed between Christine Lagarde and the International Monetary Fund. The new CEO of the institution will, in the words of the document published today, an annual salary of 467,940 dollars (323,257 euros). It will benefit in addition to 83,760 dollars per year (57,829 euros) for participation in expenses. In total, the director will receive 551,700 dollars (380,989 euros) a year, a net amount of taxes on income.

The remuneration of Christine Lagarde was up 1.1% compared with that of Dominique Strauss-Kahn as stated in the contract signed in 2007 when he took office. A parallel increase in inflation over the past four years. The price index for the Washington area, which serves as reference for the calculation of wages to the IMF, has in fact increased by 1.1% between May 2007 and May 2011.The remuneration of Christine Lagarde will be indexed to inflation, the IMF said, and adjusted each July 1.

In addition, like its predecessor, at the cost of business travel by Christine Lagarde will be paid by the IMF. With a change at the margin, however: even if not married Christine Lagarde, his companion will also be covered by these reimbursements. The IMF said the word "spouse" of the partner. Christine Lagarde, in fact, lives in concubinage with Xavier Giocanti since 2006.

The IMF has mostly benefited from the inauguration of Christine Lagarde to strengthen the code of conduct of the Director of the IMF, from the document signed by Dominique Strauss-Kahn in 2007. It is now clear that the new director should "avoid even the appearance of improper conduct," a phrase that was not before.It will also, as now all members of the IMF, training in ethics-the very word was not included in the document of 2007. Another addition, the French will see banned from participating in any political meeting, although it may remain a member of a party if it so wishes.

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Greece will operate at idle on Tuesday, the first day of a general strike of 48 hours. A movement to challenge the new austerity plan which must be passed by parliament before June 30 The unions and the opposition rejected the new tax increases and the waves of mass privatization included in this new plan.

And the movement promises to be monitored. As for transportation, airlines warned that Greek flights will be canceled and Athens, most buses, trolleys, interurban trains and trams will remain in port. Governments are also concerned. In hospitals, only emergencies will be provided, power cuts will be random and banks remain closed. The journalists will stop work for several hours. The outrage, the popular resistance movement apolitical, gathered on Parliament Square.

But despite popular discontent, the government maintains its plan, the adoption of conditions the release of a new tranche of loans from the European Union and the International Monetary Fund. Become indispensable aid to Greece to avoid a default. Prime Minister George Papandreou has even called yesterday to the "patriotic duty" of MPs urging them to vote in favor of the proposed budget for fiscal consolidation in the country. And voting will take place tomorrow and Thursday, promises to be particularly tight: the opposition and vote against certain member of the majority – that is up to five votes say they also opposed. If rejected, the Europeans have built up a "plan B", according to Reuters.It would be a plan in case of default anticontagion Greek, distinct from the French proposal, based it on a private sector participation.

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In 2011, advertisers are expected to invest 3.3 billion dollars in mobile advertising, according to estimates from research firm Gartner. More than double compared with 2010, when the world market had picked up $ 1.6 billion investment in advertising, or 0.5% of the total advertising market.

Asia-Pacific continues to be the industry leader, with 1.6 billion dollars in advertising revenue in 2011 against 869 million in 2010. But Europe and North America will grow rapidly, according to Gartner. Respectively 570 million and 702 million dollars of investment, the value of these two mobile advertising market is expected to reach 5.1 and 5.8 billion in 2015.

Side formats, Gartner estimates that mobile search and location, along with augmented reality, will generate the most revenue Business Card Holders.Video advertising is expected to record the strongest growth through 2015.

"Mobile advertising has been recognized as an opportunity for brands, advertisers and publishers to reach consumers in a targeted and contextual, which improves the return on investment," Stephanie Baghdassarian analysis, research fellow at Gartner, in a statement .

With this in mind, the market could reach $ 20.6 billion in four years, says Gartner.

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Investors are seeing all the colors in the Paris Bourse. The Cac 40 alternates from the beginning of the week with clockwork regularity sessions in bright red and dark green. His rise on Thursday and leaves room for a dull meeting this Friday. The Cac 40 was down 0.21% to 3870.65 points in mid-session.

Industrial production fell short of expectations

On the macroeconomic front, industrial production fell 0.3% in April due to lower energy production, according to statistics released Friday by the INSEE. The consensus of analysts forecast an average increase of 0.4%.

In the U.S., prices for imports and exports will be announced at 12:30. The fiscal deficit of the federal government should come out to $ 140 billion.The official figure will be presented to 18 hours.

Yesterday, the president of the European Central Bank, Jean-Claude Trichet, has confirmed that a veiled rate hike will go ahead in Europe in July.

In China, exports in May reached a record $ 157 billion, an increase of 19.4% monthly, but the strong recovery in imports (+28.4% to 144.11 billion dollars) in the same time ultimately does a moderate growth of the Chinese trade surplus.It came out at 13.05 billion dollars, up from its April level (11.4 billion dollars), but an amount well below analysts' expectations, which projected $ 18.6 billion .

For the first time in five weeks, listed in London Brent oil exceeds $ 120 a barrel supported by the U.S. trade deficit lower than expected and the lack of a decision by OPEC on production.

The small increase in banking sector

Vivendi: -0.11% to 18.92 euros

The media group Vivendi and Telecommunications announced Friday it had obtained clearance from the European Commission to buy the 44% stake in Vodafone phone operator SFR, that winking in years.

Altran: -0.2% to 5.2850 euros

The CEO of Altran Friday defended his record before the shareholders of technology consulting at a general meeting crucial to keeping him at the head of the group. Yves de Chaisemartin is engaged in a standoff with the largest shareholder of the company, Altrafin Holdings, claiming his departure. Remains whether the CEO's arguments convince shareholders.

Credit Agricole + 0.74% to 10.27 euros

Credit Agricole and the Chinese investment bank Citic Securities announced their merger in brokerage shares in a transaction that will become a shareholder of CITIC Cheuvreux and CLSA to 19.9%.

The Wall Street Journal reported this morning that Spain's Santander missed his bond last week, not being able to raise only half a billion euros that it intended to collect.Evidence of investors' doubts.

However, banking stocks continued their rebound yesterday. In mid-session advance BNP Paribas 0.97% to 52.86 euros, Societe Generale of 0.36% to 39.99 euros and Natixis 0.65% to 3.54 euros.

Peugeot: -1.43% to EUR 28

The Minister of Industry, Eric Besson said he was "reassured" by the boss of PSA Peugeot Citroen, Philippe Varin, following their meeting on the future of industrial sites Aulnay-sous-Bois ( Seine-Saint-Denis) and Sevelnord (North).

Suez Environment: -0.35% to 14.24 euros

The subsidiary of Suez Environnement, Lyonnaise des Eaux, delegate to the historic water management in Bordeaux, could lose its largest contract French, according to Les Echos.The urban community has decided to switch to a management board by 2018.

Arkema: -2.43% to 71.95 euros

The chemist accused one of the largest declines in the SBF 120 on Friday after Nomura cut its rating on the title to buy to neutral with a target price maintained at 90 euros.

STMicroelectronics: -1.24% to 7.16 euros

Credit Suisse has provided 356.8 million dollars (about 246 million euros) in cash to STMicroelectronics, ending the dispute that divides the two groups since August 2008 on investments in bonds ARS (auction rate securities), announced Thursday manufacturer of semiconductors.

Hermes: -3.67% to 184.90 euros

Hermes will follow. LVMH reiterated that they have no intention of launching a takeover bid for Hermes, and reacting to news reports in the sense that boosted under the saddle of luxury.Three family members Hermes and companies belonging to them were also conducted in late May and early June in an internal reclassification of shares through a series of disposals, acquisitions and exchanges of shares to 130 euros unit, according to statements recorded on the AMF website.

Bolloré: + 0.38% to 173.40 euros

Vincent Bollore, a shareholder of Aegis, said on Thursday approved the discussions by the British agency for media buying with French Ipsos for the sale of its market research.

Novagali: -1.54% to 3.56 euros

Novagali specialist ophthalmic products, has signed an exclusive agreement with the company Ardeo Health for distribution to its formula Nova23041 for the treatment of symptoms of dry eye, the United States and Canada.

"QUIZ Estimate the Cac 40 in late June