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Nearly 150 tail. Visitors to the Paris Air Show crowd to reach a huge tent, mounted at the end of the area dedicated to the 150 aircraft on static display. The tent is home to the Solar Impulse, the solar airplane pilot Bertrand Piccard and André Borschberg. It is the guest of honor at Le Bourget. The aircraft, powered by the energy collected by solar cells that dress, fascinates the public. The bird-dragon has a funny look with its size equal to that of an Airbus A 340, light weight (1.6 tons), its four propeller engines of 10 horsepower each, the power of a scooter and its narrow cockpit. André Borschberg spent sixteen hours to bring the Solar Impulse from Brussels to Paris on June 14. Since the device did not fly, rain and especially wind thwarted the schedule of demonstrations.With the return of calm and sunny, the Solar Impulse could fly this weekend. "It was important to return at the Bourget six years after the first presentation of the project partners – Solvay, Deutsche Bank, Omega and Schindler," says the duo.

Total Call

We are far from the early 2000s, when Bertrand Piccard was looking for funding – 100 million Swiss francs – to launch the project after the Ecole Polytechnique Federale de Lausanne was funded and entrusted to André Borschberg the first feasibility study. But the duo sticks to the motto of Jules Verne: "All that is impossible to follow."

In 2004, Dassault Aviation hear about the project. The aircraft manufacturer will not money but the brains of its best engineers to the project, becoming the "manufacturer's advice business cards.""Dassault was the guardian of the real aircraft," says Bertrand Piccard.

Today, the project entered a new phase. The assembly of the second device begins next week in Duebendorf, near Zurich. "It looks like the first by its general shape and appearance. Its scale will be greater, between that of A 380 and B 747-8. It benefits from technological advances, a new engine, a different type of solar cells, "says André Borschberg.This engineer, former fighter pilot and businessman, pilot of Solar Impulse, alternating with Bertrand Piccard, a psychiatrist by training, aeronaut – he managed a tour of the world by balloon in 1999 – and a descendant of a pioneer family in the air and under the sea

Solar Impulse with the second, they hope to make long flights in stages over four to five days in a row, with the ultimate goal of a successful world tour "without fossil fuel or pollution." "The world is full of big problems that are costly and discourage," said tandem. "Aviation can provide innovative solutions by showing that renewable energy is possible. They are a source of diversification for the oil and future growth, "Bertrand Piccard is developing. The Solar Impulse is "the best vehicle for that message."The recent acquisition by Total of Sun Power, the California company that produces solar panels of the Solar Impulse, "is a good sign," said he calling Total to partner.

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Capgemini continues its acquisitions in Western countries. After the buyback and Avantias Artesys in France and BI Consulting Group in the United States, the group specializes in IT services and outsourcing is in exclusive negotiations with the investment fund Apax Partners to acquire Operator transactional flow multichannel Prosody, according to a joint statement the two companies on Tuesday.

The operation, which could be finalized by the end of July, valuing the company at around 382 million euros, this amount also includes the acquisition price of Internet-EN LevelIP in France and Italy. Present in France, Spain and Belgium, the company achieved a turnover of 172.3 million euros and an operating margin of 15.3% published.Also specializes in cloud computing (cloud computing) and mobile services, Prosody is currently 97% owned by the fund Apax Partners and the management team guaranteed online personal loans.

Offer services that can complement Prosody Capgemini, particularly in the field of new IT services to its clients financial and public sectors, but also telecom and retail. And for the hosting of websites, the customer portfolio of Capgemini and market knowledge will enable it to continue its international development.

The acquisition, funded from net cash from Capgemini, would be accretive to the group's operating margin. The statement said it would also be accretive to earnings per share excluding operational synergies of at least 3% in 2011 and 4% in 2012.

At 9 pm, at the Paris Bourse, the title of Capgemini gained 2.07% to 38.19 euros. This is the largest increase in the CAC 40 to open Tuesday.

The CAC 40 was at a standstill on Monday in the Paris Bourse. On Monday of Pentecost, the absence of much investors account for a sluggish market, with only 1.8 billion traded. At closing, the CAC 40 gained 0.07% at 3807.61 points.

Same hesitation on other European markets, the DAX index of the Frankfurt Stock Exchange edged down 0.22% at 7085.14 points, while the FTSE-100 Square London rose 0.13% in 5773 , 46 points.

In this day of solidarity in which the majority of employees stay home, the absence of major market operators does not help to draw a clear trend. Especially as the business side, no publication was expected. Ditto on the macroeconomic front. The markets are still awaiting a convincing answer to the Greek situation, before returning to a sustainable uptrend.

These same concerns also continue to weigh on the European currency. Side currency, the euro lost indeed some ground against the dollar Monday in a market without much direction, and still hanging on the progress of discussions between EU leaders. They are still struggling to find agreement on how to continue to provide financial assistance to Greece. Around 11:10 in Paris, the European single currency was worth 1.4336 dollars against 1.4348 dollars on Friday night after coming close last Monday the threshold of $ 1.47 for the first time in a month.

Same side of the volatility of oil prices in a market torn between the prospects of increased production by Saudi Arabia and the maintenance of quotas decided by OPEC. In morning trading, a barrel of light sweet crude for July delivery lost 9 cents 99.20 dollars.That of Brent North Sea crude for delivery gained 13 cents to equal 118.91 dollars.

As for values ​​to follow

Altran (-2%, to 5.14 euros)

Yves de Chaisemartin lost Friday the group's management, the Board of Directors of the technology consulting company has designated Philip Hall to replace him.

Air France – KLM (+0.28% to 10.59 euros)

The airline's traffic in the Paris airports Roissy and Orly airports may be disrupted on Monday due to a strike notice filed by a union of mechanics on the ground, have we learned from the company.

Peugeot lead the CAC40 (1.66%, to 27.91 euros), according to a note from Citigroup

The title of the automaker is at the top of the charts of ACC 40, supported by a positive note from Citigroup, which goes from neutral to buy.The broker believes that the U.S. product mix and diversification of Peugeot should be reflected in investors' perception of the title.

The rest of the automotive sector is, however, the penalty, hit by fears of recession in Europe, says one analyst, while stressing that the current valuations of most groups are below their historical levels. Renault (-2.40%, to 35.52 euros) shows the largest decrease in the CAC 40 in front Michelin (-0.96% at 62.71 euros). Outside the CAC 40, yields 2.1% Valeo, to 41.42 euros.

LVMH (+0.48% at 115.35 euros)

Sephora, the cosmetics distribution subsidiary of luxury group, said to have strengthened his hand in the round of Corsica in Russia, becoming the majority shareholder in nearly three years after joining the company's capital .

EDF (+0.19% at 26.73 euros)

NPP Bugey in Ain, had to reduce its production by 10-15% in late May and early June due to increased water temperatures of the Rhone, an effect of the heat wave spring.

Eutelsat Communications (-0.83% to 30.39 euros)

San Marino RTV has selected two Eutelsat satellites to broadcast its programs through Italy and Europe as of June 13

EADS (+0.02% at 21.12 euros)

Airbus chief says EADS, parent company of Airbus, would be protected against hostile takeover bids but, to this end, it was not essential that Germany be a shareholder in the group.

Carrefour (0.45%, to 29.30 euros)

The management of the distribution group said Sunday, a day after a protest movement, have made a major effort for employees of Carrefour Market stores in terms of purchasing power.

Luxury brands can not remain indifferent to the model of the fast fashion H & M or Zara. With logistics unstoppable, they can send in a few weeks in their shops products inspired by the catwalks of big names. Meanwhile, the actors remain frozen in luxury with their two seasonal collections per year. Hugo Boss has completely reorganized its production to respond to this accelerating cycles. The German group has reduced from 50 to 38 weeks the time between product design and delivery.

"Prior to the summer of 2012 for example, should have initiated the creation in January 2011, regardless of what would have worked or not during the summer of 2011, said Claus-Dietrich Lahrs, president of Hugo Boss. Before, we delivered the stores early in the season and were left to fend for themselves.Now we can better respond to sales, competition, consumer habits. "The group has already spent two to four collections a year. And spends about a third of its offering trendy products, delivered each month in the shops.

Less sale items

This revolution was made possible through a very thorough work upstream. Hugo Boss has reduced from 1300 to 300 the number of suppliers, factories with which it works worldwide. He also sorting through their collection bloated to halve the number of items offered each season. Finally, it has refined its inventory management and controls to reduce the risk of being left with unsold quantities of arms.

Result: The rate of products sold at high prices (before discounts and sales)-a key indicator of success in the fashion-jumped by at least 10%.And, therefore, the company's profits were buoyed. The gross margin rose from 50 to 59% of sales in three years and operating profitability, once 15% of sales, reached 20%.

This will delight the shareholder, the British fund Permira, which bought Hugo Boss and its parent, the Italian Valentino Fashion Group, a high price in 2007. "Permira we had set a goal of profitability by 20% in 2015, we have already achieved in 2010, welcomes Claus-Dietrich Lahrs, formerly of Dior and Cartier arrived in 2008. I think we can go beyond. "

The Exchange appreciates: the price has doubled in a year, bringing the enterprise value to 4 billion euros. After a difficult 2009, sales and profits rebounded last year. The group plans a 12% increase in turnover and 15% of the profit this year.It intends to increase its sales of 1.7 billion euros last year to 2.5 billion in 2015. "Hugo Boss seems well positioned to successfully accomplish its plan," says a study by the bank Nomura.

The acquisition debt was restructured in 2009. Four years after the takeover, Permira could extend his contract. "I would not be surprised if they wanted to wait to see the development of this potential before selling," said Claus-Dietrich Lahrs.

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Revolution at the Fed on Wednesday for the first time in 97 years of history, the head of the Federal Reserve will give a press conference. Ben Bernanke is embarking on this perilous exercise to counter criticism from Congress that the central bank of the United States would be opaque and insular. He is counting on this occasion not only to clarify the policy of the Fed, powerful institution, unpopular and misunderstood by the general public but also to influence the markets in recent weeks note of discord between members of the Monetary Committee.

And Thomas Hoenig (Kansas City Fed), Charles Plosser (Philadelphia) and James Bullard (St. Louis) recently voted to phase out highly accommodative policy practiced by the U.S. central bank since December 2008.Bernanke, along with Janet Yellen, the number two of the Governing Council, and William Dudley, the New York Fed, have instead argued for staying the course.

Dollar's sharp fall

Until today, the Fed chief communicated in four different ways. The first is to present its analysis of the economic situation at congressional hearings during which he must answer questions from elected officials. The second operates through the speeches to professionals may be allowed to ask some questions.

Ben Bernanke added a third method: interviews given to a television channel, recorded in advance. This enabled him, in times of crisis, to explain the unprecedented interventions by the Fed.Finally like other governors, the head of the central bank meeting 'in off journalists, he sometimes gratifies confidences to transmit sensitive messages.

The press conference is now established at the end of two days of meetings will complete the range. Four times a year, Bernanke will face direct questions journalists sharp. In Europe, the bosses of the ECB and the Bank of England are already tested in this exercise. Like their counterparts in Canada and Japan.The Fed, however, anxious to preserve its independence and a degree of ambiguity about his intentions, had never dared go that far.

For his baptism of fire, Ben Bernanke should be questioned mainly on the risk of inflation and the dollar's sharp fall.

The drop likely in June redemptions of bonds by the Fed's long-term Treasury should also be addressed. The controversial program was launched in November 2010 and covers $ 600 billion of Treasury securities. It was necessary to maintain lower long term rates and support a fragile economy. Many saw a particularly dangerous experiment monetization of public debt which diluted the value of the dollar, inflation awakened and encouraged capital flows to emerging countries.

Nicolas Hulot, who had to declare candidacy for president on Wednesday morning that the economy is disconnected from reality. "I try to ask again and again the question of an economic model compatible with the physical reality of the world," he declared last December. The standard is not abundance but scarcity ", contrary to prevailing economic theories.

Created 20 years ago, Hulot Foundation for Nature and Man published in recent years of economic policy recommendations. The rhetoric to concrete action, these works are now a genuine box idea for an environmentalist candidate.

The instigators. Nicolas Hulot likes to say he knows nothing about economics. This is less true.He has surrounded himself in recent years of senior economists, like Patrick Criqui, an expert in the fight against climate change, or the founders of the consulting firm Carbone 4, Jean-Marc Jancovici and Alain Grandjean, advocates of "development sustainable. " Last December, he sent to Paris for a conference Tim Jackson, a British economist reference advocating a reduction in consumption.

"Desecrate GDP". "An infinite growth in a finite world is hopeless: there must be a fool or an economist to believe it," said Nicolas Hulot last December at a conference, paraphrasing the economist Kenneth Boulding. We must therefore evaluate the progress that otherwise simply by gross domestic product (GDP), which measures the creation of wealth by a country. Hulot Foundation for enthusiastic and alternative economic indicators, such as carbon footprint, or welfare no fax pay day loan.And welcomes the passage Stiglitz report commissioned by Nicolas Sarkozy on the measurement of social progress.

A large loan to finance "green economy". Education, training and research, "clean technology" energy saving … Hulot Foundation has calculated that France needs to invest 600 billion euros by 2020 in sustainable development. To avoid digging all the public debt, the state must borrow from the European Central Bank "to zero or very low." Economists of the NGO out the measurement in a technical appendix of 20 pages. Nearly 100 billion euros should be invested for example in the construction of 500,000 new homes, advocates the foundation.

Radical reform of taxation. Staunch defender of the carbon tax, Nicolas Hulot has apparently failed to disarm it.Its foundation therefore recommends to "pay more in energy consumption and reduce taxes on labor." Through the establishment of a climate energy "tax on energy consumption enterprises, governments and households," says the foundation in a document dated June 2009. This tax would be offset by a universal allowance climate for smaller households and less polluting.

Clamp finance. Hulot Foundation believes that "limiting the ability of banks to finance operations without social interest" in limiting the borrowing capacity of investors who speculate. It proposes to limit operations to leverage and lead the hunt for tax havens.

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Ethics and Professional Conduct market, terms and level of detail in the communication of large listed companies are very heterogeneous. This conclusion emerges from a study jointly conducted by PricewaterhouseCoopers (PWC) and students from Sciences Po

Of the 80 largest capitalization on the Paris (CAC 40 and 40: the "Next40"), only 10 have a dedicated code of ethics, as recommended by the AMF in November 2010. This charter, not mandatory, declining at the enterprise level the concepts of insider trading, inside information and duty of abstention, "in addition to an already very precise definition in legal terms," says Elodie Fornas PWC, in charge of the study.

In total, 69 companies of the panel (including the 10 already mentioned) have established internal rules of conduct, but only 53 communicate publicly (on their website in their document, 2009). Without naming them, the study underscores the total lack of communication on this subject in 5% of heavyweights rating (CAC40) and 22.5% of the 40 companies following. "Either there is a failure to communicate, or market devices ethics are not sufficiently advanced in these companies to justify an official communication," says Elodie Fornas. Unlikely however that the first hypothesis applies to companies often expert on codes of speaking.

Among those who made the choice of internal rules of conduct, the supports and the level of explanation of concepts are very different.Some specify them in their global ethical code (29), others in the charter of the administrator (10), others prefer the rules of the board (23).

Finally, details of concepts is sometimes very random. On the definition of insiders, 18 companies believe it is only corporate officers, 5 others add executives, and 30 others include all employees. In several cases, some employees are not even officially informed of their status as "insiders."

The explanation of "inside information" differs among the 12 companies finally showing the 4 criteria of the definition of the AMF General Regulation (non-public information, said having a significant influence on the course and dealing directly or indirectly the issuer or the securities of companies) and companies that do not repeat 3 (they are seven), or who do repeat that 2 (14 companies).

A more mature in the Anglo-Saxon

These differences raise questions, while the practice of communication ethics market can greatly affect the image of the company and the value of its stock exchange. Witness the case of aircraft manufacturer EADS, rocked for months by suspicions of insider breaches.A case that Colette Neuville, president of the Adam (Association for the Defence of Minority Shareholders) calls never happen again.

"The approach of the French companies on these issues appears less mature than in the Anglo-Saxon countries, where market rules are more stringent," says Elodie Fornas. Including the United States where, since the Sarbanes-Oxley Act of 2002, a code of financial ethics is mandatory for listed companies. " In France, there seems to prefer the incentive approach, like the AFEP-MEDEF 2008 on good corporate governance, from business organizations, not the stock market regulator.

"The guide AMF in November 2010 is too recent to measure its effect on corporate practices.Nevertheless, he'll probably get them to rethink their rules and procedures relating to market conduct, and communication to affirm their commitment to the subject, concludes Élodie Fornas. And if the transition to a mandatory does not seem relevant, listed companies have an incentive to follow these recommendations for reducing the risk of insider breaches and sanctions, media laws and regulations made thereunder. "

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It was the event of the week on European markets: the Portuguese fundraising went well on Wednesday morning. It sets the tone by including a similar operation on the part of Spain scheduled for Thursday and while the Lisbon European countries push to call for international assistance.

In financial difficulty, Portugal has managed to issue 1.249 billion for long-term obligations in the morning. Certainly, granting a high interest rate of 6.716% on the longest maturity, but lower than 6.806% practiced during the last operation last November. At this price, investors flocked: demand accounted for 2.6 times the offer for the Portuguese securities maturing in 2014, and 3.2 times for those maturing in 2020.

The success of the Portuguese operation was predictable, according to observers.They noted a tightening of credit spreads in the early morning, a sign of appeasement. The European Central Bank intervened massively in the markets earlier this week to lower interest rates in peripheral countries (Ireland, Greece, Portugal) that flew. She would have bought it for about 1 billion euros of bonds, according to Societe Generale. Japan's promise to buy 20% of bonds issued by the European Financial Stability (FESF) also reassured.

Doubts over the medium term

The press leaks from Brussels and European capitals helped calm investors. Among them, Barclays Capital analysts report that "according to the Financial Times Deutschland, the European Commission is ready to provide 100 billion euros in credit guarantees in Portugal if necessary, assistance may be released soon" .Other newspapers mention a stronger FESF, demanded for weeks by investors.

The success of the Portuguese of the day "will not erase all doubts about the fiscal situation in the medium term, however, warns Gavan Nolan of Markit. Somewhat optimistic, the National Bank of Portugal said Tuesday it expected a 1.3% decrease in activity in 2011, notably because of the austerity plan. The real test for Portugal should occur in the spring, according to Deutsche Bank. The country will then find 4.5 billion euros in March and April 6.3 billion to finance its debt.

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U.S. stock markets open on Monday without much enthusiasm. The Dow Jones timidly advance of 0.15% at 11,509 points. Friday the New York Stock Exchange has experienced a new session without major trend. The Nasdaq gained 0.31% to 2652 points and the S & P 500 has gleaned 0.30% to 1248 points.

Wall Street just surfing to new heights for more than two years, seems to catch his breath. Since September 1, the S & P 500 has in fact increased by almost 15%. "Like many indices have risen, buyers are not lining up. The sellers are so few, large managements have already made their arbitration … "says a professional.

Immobility further strengthened by the approach of several key deadlines. Indeed, if today's meeting promises to be even quiet with no major indicators in the U.S., the next day should be much more animated.Indeed, the major economic releases this week will focus on the day on Wednesday and one Thursday. Investors monitor including sales of existing homes (Wednesday) and new (Thursday). But the main highlight of the week at the macroeconomic level is expected on Thursday with the number of durable goods orders for November.

On the foreign exchange market, the euro accentuated its losses against the dollar on Monday, still weakened by concerns about public finances in the euro area after the cut Friday by Moody's rating of Ireland. About 11:00 am in Paris, the euro bought 1.3154 dollars against 1.3185 dollars on Friday night.

Meanwhile, the National Retail Federation raised its sales expectations for the month of December. It now expects 3.3% yoy against 2.3% previously. For his part, ShopperTrack revised its forecast of 4% against 3.2%.And retailers like Wal-Mart, Toys "R" Us, Macy's has replaced aggressive promotions for this weekend to boost sales with Christmas.

The side of values, the U.S. investment bank JP Morgan (0.62% to 39.92 dollars) on Monday announced the "significant investments in real estate in London" and including the acquisition of a building at 25 Bank Street in the business district of Canary Wharf, which will become its new European headquarters in 2012.

Google Internet group (+0.26% to 592.36 dollars) has asked manufacturers to delay the TV marketing of their models connected to the internet in order to improve the operating software of these televisions, said the New York Times.

Chevron (0.82% to 89.22 dollars) confirmed Monday that one of its pipelines had been damaged in southern Nigeria a lost generation, after the announcement Saturday by an armed group of bomb attack three pumping stations.

Always on the side of s values, according to the Wall Street Journal, the group of North American Food Sara Lee (+0.35% to 17.32 U.S. dollars), full strategic thinking since the departure of his boss Brenda Barnes during the summer, plans to sell the Brazilian JBS. Citing sources "familiar with the matter," the business daily said in its online edition Friday that "JBS approached Sara Lee and discussions were held, with interruptions, for several months."The daily noted, however, that the capitalization of JBS are hardly higher than Sara Lee, "it might be difficult to establish an offer of full recovery."

Also note, the terminal manufacturer Ingenico payment is a "strategic" and "essential" for the French electronics industry, said Monday the Minister of Industry Eric Besson, welcoming the rejection by the Board of Directors this company a bid for a foreign company.Ingenico (75.89% to 7.37 dollars) did not identify its suitor, but according to different observers would be the diverse group of American Danaher (+0.09% to 46.84 dollars).

Moreover, the U.S. online retailer eBay (-0.20% at 29.76 dollars) on Monday announced the purchase for 150 million euros from German site brands4friends that organizes private sales of designer clothes, accessories or consumer electronics. This site, founded in 2007 and which claims 3.5 million members, operates on the principle of private sales is to say promotional offers for its members, on branded products.

There are currently only two out of Galeries Lafayette France: one in Berlin and one in Dubai. Now, it will add Beijing to the list. After announcing Wednesday the creation of a joint venture with its partner IT Limited, a company based in Hong Kong, the group said on Thursday that it plans to open between 10 and 15 stores in China in next five years. The department store chain is planning an annual turnover exceeding 50 million euros in each store. This is the group for a comeback after its previous location in the 1990s. "It was probably a bit early.We missed so the expertise of a partner and demand for our standard offer, "says Philippe Houze.

The group arrives in Morocco and Indonesia

The first store with an area of 18,000 square meters – the second largest department store Galeries Lafayette on Boulevard Haussmann after the one in Paris, and its 70,000 square feet – will be launched in 2013 in the shopping district of Xidan, Beijing instant cash with bad credit. "The offer will accessibility to luxuries, will be the pride of the French fashion brand, but also include major brands in the region," said Paul Delaoutre, general manager of the branch department store group.He added: "The store will adapt to local customers, much younger than in France, but also in life, which is lower."

Besides Beijing and Dubai, Galeries Lafayette will also be located in Casablanca, Morocco, where a store will be open from September 2011 and in Jakarta, Indonesia, the group has found a franchise agreement with a local operator to open a store . But China remains the top priority of the group. "We want to book all our means of overseas development in terms of investment in China, said Paul Delaoutre. Furthermore, the openings will be free without us putting money. "

Take your time to grow internationally

Chairman of Galeries Lafayette, Philippe Houze said in an interview to the newspaper Les Echos reported on Wednesday that the group takes its time to grow internationally."The store is difficult to export in that it reflects the sociology of its country of origin no credit check personal loan."

Not to mention that his group has other advantages: "The International is certainly not the only developing our brand, says the president of Galeries Lafayette. The most important today is through the Internet with our online shop that is the subject of much effort and investment. And then there's our French department stores (61), who continue to achieve outstanding performance. "

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