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Despite the criticism that accommodate its proposal, the new director of the IMF persists and signs in an interview with a German weekly. IMF Executive Director Christine Lagarde at a news conference in Washington July 6, 2011

Executive Director of the International Monetary Fund, Christine Lagarde, repeated in an interview published Monday in Germany criticized the application of a European bank recapitalization.

"We think in general it is necessary to recapitalize European banks so that they are strong enough to withstand the risks associated with the debt crisis and low growth," she told the weekly Der Spiegel.

"It is necessary to prevent contagion" problems, she said.

Ms. Lagarde was prompted indignant reactions in Europe already calling a few days ago to strengthen urgently the equity of European banks.

The boss of the IMF, when it was French Finance Minister has criticized Germany's dependence on exports and inadequate intake, also called Berlin in this interview to "stimulate domestic demand, it would be good for the German economy and neighboring countries. "

Lagarde finally claims that "the whole idea (behind the introduction of fiscal rules of thumb) is good," but felt that the inclusion in the constitution limits of public debt "must be understood as a signal to financial markets. "

Germany and France have called on countries in the euro area to adopt such rules of thumb, and Spain responded to the call, although this initiative has been criticized by the President of the European Union Herman Van Rompuy.

European shares ended sharply lower Friday, ending mostly to four sessions of consecutive increase after the announcement of a halt in job creation in the United States in August.

The CAC 40 index fell 3.59% to 3148.53 points. The benchmark index of the Paris, however, who managed to stay on top of an important support points in 3136, managed to record a gain of 1.97% for the week.

Other major European markets also stumbled, leaving London and Milan respectively 2.34% and 3.89%.Frankfurt, who had already lost ground yesterday, yielded 3.36%.

For the week, the London was up 3.16% while its German counterpart has remained stable (0.02%).

"There are fears a 'double dip' (relapse), several indicators have turned to orange or red. It's like 'take the cash and run' on the market," said Fabrice Cousté, CEO of CMC Markets France, highlighting the rapid exit of investors from stocks to safe havens.

The Swiss franc and back ground on the European single currency within 1.12 franc per euro (1.1174 francs to 6:13 p.m.), 1.13 franc against most of the day.Similarly, gold rose 2.82% to 1,875.96 dollars per ounce.

SYSTEMIC CRISIS

Another illustration of the renewed risk aversion of investors, the performance of the German government bond (Bund) and 10 years fell below 2% in the wake of the publication of U.S. employment figures.

"We will turn to the Fed and its special meeting two days. But the Fed is out of breath and lack of ammunition.We should not have EQ3, but probably something more technical, "said Fabrice Cousté.

The latter warns that in the meantime the markets should still live on hard times even if investment opportunities should arise in securities of groups able to significantly increase their prices or capacity of important innovations.

Friday, fears of relapse into recession in developed countries have particularly affected the cyclicals and financials.

As for banks, Alpha Bank has dropped 9.26%, Barclays 8.4% and 7.38% Credit Agricole. The automotive industry, PSA fell 5.99%, 5.17% of Volkswagen and Fiat of 4.98%.

"The market values ​​have a relapse into recession scenario.Only a systemic crisis as in 2008 is not yet 'pricée ", explains Benoît Peloille, equity strategist at Natixis.

"However, central banks have just replaced the emergency measures that had helped break the stalemate in the interbank market resulting from the collapse of Lehman Brothers," he adds.

Lafarge announced on Wednesday the sale to the Australian Boral its stake in their joint venture equally in the plaster in Asia worth 429 million euros as part of its debt.

The world cement continues its withdrawal from the plaster, the smallest of its three businesses, in February after setting an ambitious target of over two billion euros of debt, half by reducing the dividend, and for other by a decline in investment and new divestitures.

Final completion of the sale of its share of Lafarge Boral Gypsum Asia (LBGA) expected before the end of the year, Lafarge said in a statement.

The price of EUR 429 million represents the value from Lafarge LBGA.Excluding debt and minority interests, the price stood at 380 million euros.

Founded in 2000, LBGA conducted last year in sales attributable to the group of 181 million euros and EBITDA of 31 million.

Lafarge had already announced July 22 the sale of its gypsum in Australia in its German competitor Knauf for a net worth of 120 million euros, ten days after entering into exclusive negotiations with the Belgian Etex plaster to give up his European and South America, for a net amount of 850 million euros.

With these assignments, which follow the cement and concrete assets in the United States announced in May, Lafarge will far exceed the target of disinvestment of 750 million euros it has set for 2011.

The group's debt, inherited largely from the acquisition of the Egyptian Orascom in 2008 reached 14.3 billion euros at the end of June.

Moody's announced on August 5 lower the debt rating of Lafarge Cement in the speculative grade, five months after a similar decision by the Standard & Poor's.

Baroin and Valerie Pécresse have one week to make proposals to Nicolas Sarkozy to secure the goal of deficit reduction. Exec. UTIF arbitration will make its August 24. The budget minister has already announced that tax loopholes will be deleted. Baroin was appointed Minister of Finance and Econo Wednesday, June 29, 2011. He was replaced by Valerie Pécresse Budget.

Ministers Baroin (Economics) and Valérie Pécresse (Budget) will have to be Nicolas Sarkozy proposals to ensure compliance with the goals of deficit reduction that will be subject to "final decisions" on August 24, announced the Elysee Wednesday. At a meeting convened at the Elysee Palace, Sarkozy recalled that France's commitments on this issue "are intangible and will be required regardless of changing economic conditions."

Proposals requested from Mr.Baroin and Mrs. Pécresse to ensure compliance will be first reviewed by Nicolas Sarkozy and François Fillon August 17 and then the "final decisions will be made August 24" at a meeting between the four of them, the statement of the Presidency. The meeting on Wednesday, August 24 will take place after the Council of Ministers of the season, on the morning of that day.

"This will be the day of decisions, actions to achieve these objectives (public deficit, ed), regardless of the impact of global uncertainties, the announcement of the deterioration of the American note by Standard and Poor's (…) the volatility of markets, "said Baroin told reporters after the crisis meeting for which MM. Sarkozy and Fillon have interrupted their holidays.The French government has pledged to reduce its public deficit, which amounts to 5.7% of Gross Domestic Product (GDP) this year to 4.6% next year, and 3% in 2013.

Speaking of the objectives of reducing public deficits, he added, "the intangible that is what set the budget for the year 2011 (…) which is fixed under the law for triennial 2012 perspective, these are the objectives of deficits that will form the matrix of measures that we will have to make. "

Valérie Pécresse has in turn announced that tax loopholes would be eliminated, reaffirming the possibility of an "extra effort" to keep the financial commitment of France, in an interview on BFM TV. "We will remove tax loopholes (…) because we will not raise taxes," said budget minister without specifying what niches were covered.Niches, she said, are "tax exemptions sometimes justified" and "can be very inefficient." "We have already pledged to remove 3 billion euros in 2012 (…), tax loopholes for perhaps he will go the extra mile," added the minister.

By the way Nicolas Sarkozy again called the gathering "beyond party lines" in order to restore the balance of public finances, the statement said. An allusion to the refusal of the PS to vote the "golden rule" which the Head of State wishes to inclusion in the Constitution. For this he needs the votes of 3/5èmes Parliament meeting in Congress.

China and Japan on Friday called for international cooperation after the fall of the markets created fears of fallout of U.S. recession and the debt crisis in the euro area.

These calls of the two major foreign creditors of the United States highlight the growing concern about a major contagion in Asia, where markets fell after the rout Thursday on Wall Street.

European shares continued to plunge at the opening Friday.

French President Nicolas Sarkozy will hold talks on Friday by telephone of the problem of markets with German Chancellor Angela Merkel and Spanish Prime Minister Jose Luis Rodriguez Zapatero, according to a statement from the Elysee Palace on Thursday evening.

The French president also needs to continue discussions started Thursday with the President of the European Central Bank, Jean-Claude Trichet.

The European Commissioner for Economic and Monetary Affairs, Olli Rehn, has interrupted his vacation to return to Brussels. It must take a press conference.

In Japan, Finance Minister Yoshihiko Noda stressed the need to address the problems of distortion on the currency markets, the debt crisis and U.S. economic issue.

"We must discuss these issues," he told reporters after the intervention of Japan to sell yen."Every problem is important but how to classify their problems as a priority to be discussed.

According to traders, Japan sold yen on Friday for the second straight day.This is to curb the rise of the currency, seen by markets as a safe haven, which hampers exports of the archipelago.

ACTION OF THE ECB NOT INCLUDED

China hopes for its part, improve coordination among world powers to deal with risks arising from debt problems in the U.S. and Europe, said its Foreign Minister Yang Jiechi.

Yang stressed the increased risk bonds in the United States and called the world's largest economy to adopt a monetary policy "responsible" and to protect the investment dollars elsewhere.

The latest macroeconomic indicators in the U.S., very poor, and the problems of debt without end in the euro area have revived fears of recession, which has been tumbling Wall Street Thursday, recalling the dark days of financial crisis in 2009.

IHS Global Insight estimates that 40% likelihood of another recession in the United States.

The market rout has spread to Asia on Friday. The Tokyo Stock Exchange ended down 3.7% and fell to its lowest level since the fall of the earthquake in March.

Faced with falling stock markets and some bond markets, investors are investing heavily on the money.Bank of New York Mellon said drowning in deposits, which led her to seek a commission in some of its major customers.

Thursday, investors did not appreciate that the ECB has not bought the paper in Spanish and Italian as part of its bond purchase program restarted Thursday, limited to the State debt Irish and Portuguese, then same as the yield on securities Spain and Italy over 6%.

Friday at the opening performance of the debt of Spanish and Italian state amounted to nearly 6.5%.

WAITING FOR U.S. employment figures

Jean-Claude Trichet acknowledged that within the bank, was not total support for this action, thereby highlighting the divisions in Europe on how to manage the debt crisis that has forced Greece, Ireland and Portugal to seek support programs.

Investors now fear that this is the tour of Italy and Spain, third and fourth largest economy in the euro zone, having to seek a rescue.

Analysts said it would double or even triple the capacity of the European financial stability, EFSF, currently at 440 billion euros to cover savings in the size of Italy or Spain.

United States, economists point out that there is little chance that Congress passes new stimulus when it was decided to reduce spending to compensate for the increase in the borrowing capacity of the country, according to the compromise Tuesday voted by Congress and promulgated by President Obama.

The Federal Reserve, which holds its next policy meeting on Tuesday, can do much more than maintaining a very low interest rates to boost growth, say economists, while its previous buyback programs have been controversial.

In addition, the biggest problem seems to be no employment and credit.In this regard, the monthly figures of employment in the United States, to be published one hour before the opening of Wall Street, are eagerly awaited. Investors expect 85,000 jobs created last month outside the agricultural sector against 18,000 in June.

Veolia Environnement announced Friday that it would implement new measures for restructuring, conduct a redeployment of its activities and asset sales, which led him to abandon his goals.

The world leader in environmental services said in a statement that such measures would cause it to recognize in its accounts at June 30, asset impairments and provisions for a total amount that should be about 800 million euros.

The new measures announced Friday are dictated by the "latest developments in operations in southern Europe, particularly Italy and North Africa and the United States, particularly in a specific activity of cleanliness," said Veolia, without wanting to give further details.

The group added that for 2011, it will not achieve its growth target of net profit and he expects a recurring operating income excluding Veolia Transdev slightly lower at constant exchange rates compared to the recurring operating income published in 2010.

Previously, Veolia was a growth in recurring operating income by 4% to 8%, excluding merger with Transdev in transport.

The objectives of organic growth of activity, reduce the cost of 250 million euros on sales of 1.3 billion and free cash flow positive after dividend payments, however, are confirmed.

Veolia, which has particularly suffered from lower volumes of waste treated during the crisis, announced that he "will detail the steps to refocus and improve profitability" in the publication of the interim, on August 4.

It also indicates that the amount of sales and partnerships made during the first half exceeds one billion euros and releases capital gains above 400 million for discontinued operations.

Costly wars, tax breaks, financial crisis … Some of the factors that led to the debt of the world's greatest power to reach the ceiling of 14,300 billion authorized by Congress.

Expensive wars, tax cuts and the crisis of 2008 are some of the factors that make the U.S. world power, now find themselves on the verge of default, which could affect severely the economy in the world.

As Barack Obama said bluntly in a speech to the nation Monday night: "During the past decade, we have spent more money than we collected." In 2000, the U.S. federal budget showed a surplus of 236.2 billion dollars.In February 2011, the Obama administration projected a deficit of 1650 billion for the current year, a figure recently reduced to 1,300 billion by the Congressional Budget Office (CBO), a non-partisan.

The Democrats like to point out that the federal budget was in surplus when Bill Clinton left office in January 2001 and that the deficits began to reach heights under the chairmanship of his successor, George W. Bush. But Bill Clinton himself had benefited from tax increases decided by his predecessor, George Bush, to whom they may have cost her re-election. The "bubble" in the IT sector was also boosted federal revenues under Clinton. She would burst in March 2001 under the presidency of George W. Bush, a year that would end on sending troops to Afghanistan after September 11.

In 2003, President Bush ordered the invasion of Iraq to dislodge Saddam Hussein, but refused, with its Republican allies, to make tax increases. Many Democrats will still vote the funding of these two conflicts, including Senator Barack Obama. For their part, Republicans now leading advocates of fiscal restraint, as the leaders of the party in the House of Representatives and the Senate, John Boehner and Mitch McConnell, also had fully supported the approach of George W . Bush. The United States spent U.S. $ 1.283 billion for the wars in Afghanistan and Iraq in 2011, according to a report in March by the Congressional Research Service (CRS), another non-partisan entity.

According to the CRS, the tax cuts enacted between 2001 and 2004 have cost, again in 2011, 1,760 billion in the federal budget.The New York Times, "If these tax benefits had expired as scheduled in 2012, future deficits would be halved."

In addition, a drug reimbursement policy more beneficial to the elderly, approved in 2003 by the two parties, resulted in an additional cost of 552.2 billion dollars over 10 years, according to the CRS.

George W. Bush inherited a debt of 5,700 billion. In January 2009, at the end of his second term, she had grown to 4,900 billion and the U.S. economy suffered the brunt of the crisis "subprime". "Wall Street got drunk and now it's cooked," summed up President Bush in July 2008.

The rescue plan set up by Obama has cost 800 billion dollars more, but failed to boost employment.And the debt continued to accumulate, reaching 16 May 2011 the ceiling of 14 300 billion authorized by Congress.

Which Bush and Obama is to blame most for the digging of the debt? The New York Times table below compares the new spending under the two presidencies …

It's a painful choice awaits U.S. leaders on August 2, when the government will end up running out of expediency if the ceiling is not raised: to default on part of the debt or cutting spending or health retirement. And economic and financial world feared the shock waves in the world if no agreement is reached. Obama himself spoke of a "Apocalypse" economy.

But Republican leaders must manage the intransigence of their ultra-conservative members, close to the movement of the "tea party", who reject any tax increase, away from the prospect of a compromise.

Bulgari, being acquired by LVMH the French, reported Monday a net profit in the first half and confirmed the offer price of the French group.

The Italian jeweler posted a net profit of 9.1 million euros against a loss of 7.7 million in the first half of 2010.

Turnover appears to 548 million euros, up 23.3% at constant exchange rates.

Bulgari said that its board of directors has confirmed the fairness of the price of 12.25 euros per share offered by Bulgari

LVMH.

According to a report Sunday, the Italian stock market is considering a complaint from an investment fund over the price offered by LVMH.

Rebekah Brooks resigned from his position as CEO of News International, British subsidiary of News Corp., said Friday the company.

She was the former editor of the tabloid News of the World and was splashed by the scandal of illegal telephone tapping carried out by the British newspaper.

It will be replaced by Tom Mockridge, who served as CEO of Sky Italia.

"I think Tom is the best person to know the company a bright future," said James Murdoch, son of Rupert Murdoch, head of News Corp activities outside the United States.

Sodexo confirmed on Wednesday by announcing its 2010-2011 targets an increase of 7.7% of sales in the first 9 months of the year in which emerging markets have achieved growth rates in double digits.

The world number two behind the catering Compass UK has published sales of 12.408 million euros marked by a growth of 5.2% and a positive currency impact of 2.6%.

Sales in the core business, catering and services, now grouped under the term "on-site service solutions", reached 11.888 million (+7.6%) with organic growth of 5.1%.

Those of service vouchers and cards (meal vouchers, gift vouchers), now "solutions motivations" were $ 532 million (+8.9% as reported and 6.2% organic).

Sodexo confirms forecast for the full year 2010-2011 a growth in sales "around 4.5%" and operating profit up "order" of 10% excluding currency effects.

Last April, Sodexo had raised its forecast for full year 2010-2011 showing a growth target of around 4.5%, whereas it previously was counting on an increase of 3 to 4%.

He said to remain "very confident" in its medium-term prospects, which include an average annual growth in sales of 7% and an operating margin of 6%.

By geographical area and in the industry "on-site service solutions", organic growth was 4% in North America, 3.8% in continental Europe and 15% in the rest of the world. But in the United Kingdom and Ireland, Sodexo shows a decrease of 0.2% internal.

Sodexo shares closed Tuesday at 53.95 euros.