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The Paris Bourse addresses the meeting on an optimistic note. The CAC 40 in advance of 0.57% in early trade at 3,411.55 points. After a small rebound by 0.89% yesterday, the CAC 40 is expected to continue its momentum on Thursday and follow the trend set by Wall Street and Asian stock markets which closed on beautiful hikes.

This is the big day for Greece. At 21 hours (Paris time), we know the rate of participation of private creditors in the debt swap. The number must be greater than 75% to avoid a bankruptcy of the country. Last night, more than half of the creditors involved in the transaction was agreed. Greece is not less than 90% participation.

Earlier this afternoon, the President of the ECB, Mario Draghi, should leave unchanged its interest rate to 1% following two consecutive declines of 25 basis points each.

Euro and oil rose slightly

On the foreign exchange market, the euro rose 0.13% to 1.3168 against the greenback dollar. Side of the oil markets, Brent was stable at 124.26 dollars and WTI rose 0.14% to 106.30 dollars.

Investors will also digest of new business publications. EADS (+6.3% to 28.55 euros) announced an increase of 87% of its annual net profit to 1.033 billion euros and an increase of 7% to 49.13 billion of its turnover.

The distribution group Carrefour (-0.77% to 17.48 euros) announced a net profit down 14.3% for 2011 to € 371 million and a dividend halved to 0.52 euro per share , after a difficult year, marked by three profit warnings.

Air France-KLM (-2.20% to 4.09 euros) registered last year a net loss of 809 million euros and an operating loss of 353 million. The airline, whose sales rose 4.5% to 24.36 billion euros, has set a target to stabilize in 2012 its net debt to 6.5 billion euros.

The U.S. company Simon Property will acquire a 28.7% Klépierre (4.94% to 24.55 euros) with BNP Paribas, which held 51% stake in the French property.

The display group and JCDecaux street furniture (0.84% ​​to 20.90 euros) made a leap from 22.7% to 212.6 million euros in net profit after minority interests in 2011, thanks a booming business. Moreover, according to chief executive, Jean-Francois Decaux, the expected benefit this year of holding the Summer Olympics in London, which should generate six to seven points of additional growth in outdoor advertising.

The chemist Arkema (1.65% to 67.83 euros) has revised upwards its medium-term objectives, relying for now on a 2016 turnover of EUR 8 billion and a gross operating income ( EBITDA) of $ 1.25 billion, showing an early 2012 recovery in activity.

France still has destroyed jobs

On the macroeconomic front, 22,600 jobs have been destroyed in the fourth quarter after the removal of 31,500 jobs in the third quarter, according to figures from INSEE. Moreover, the trade deficit of France increased by almost 300 million euros in January compared to the previous month, reaching 5.324 billion euro, Customs officials said Thursday.

Across the Atlantic, one indicator is on the agenda: the weekly claims for unemployment benefits (1430).

The warning is timely, at a time when twenty-five countries of the eurozone summit meeting in preparing to sign a pact of brass on the return to balance their public accounts. The Netherlands, paragon of virtue budget, had to acknowledge on Thursday that public finances are sinking into the red and they can not fulfill their promise of recovery, just like Spain or Greece. The failure of the closest ally of Germany in terms of orthodoxy serves to illustrate the damage of a recession is spreading in Europe since the winter. On the first day of a summit officially devoted to research of new growth, it also confirms that this new fever deficits goes far beyond the shores of the Mediterranean.

At the Hague, the official statistics institute has sharply revised down its forecast for the next four years, a backlash slowdown in exports, a drop in traffic in Rotterdam and a housing market collapse . The Néeerlandais GDP would shrink by 0.75% in 2012 and the government deficit to rise to 4.5% mechanically. It was only in 2015 as best they could fulfill their commitment to reduce the fiscal deficit with the European standard of 3%.

The blow is severe for the minority government of Mark Rutte who must save at least € 9 billion to return to the nails. "A country that has done much to others the lesson needs to be, in time, the first to submit to collective discipline, loose a senior European official pay day loans. It's the least we can expect. " On Monday, the Dutch coalition parties will meet to negotiate a new coalition agreement, under the sign of austerity and double-locked. The far-right leader Geert Wilders, who supports the office without participating, suggests that the fate of the team Rutte is hanging by a thread in parliament.

It is also a cold shower for twenty-five heads of state and government who will initial on Friday morning, the fiscal covenant intended by Angela Merkel and Nicolas Sarkozy. This treaty, completed in a record time of 80 days, requires them to return to equilibrium, under the threat of financial sanctions. The woes of Spain, whose Prime Minister Mariano Rajoy said the explosion of the deficit to 8.5% of GDP in 2011, had led to doubts about the holding of this objective. Behind the scenes dealings are already beginning to circumvent the collective discipline, at a time when the counters growth fall below zero. Mariano Rajoy arrived yesterday in Brussels with the intention to overcome, at least in 2012, the deficit limit imposed by the euro area. José Manuel Barroso, the head of the EU executive, and Jean-Claude Juncker, the president of the Eurogroup, make it known publicly that there is no question of giving. The question is whether this line can hold when the list gets longer capitals hit by the recession.

The price of gas and electricity for low incomes will fall in Reunion, and those of 40 essential commodities will be frozen at least from March 1 through the efforts of local communities, said Friday the prefect, Michel Lalande. A series of measures taken after a round table of five thirty gathering around him the chairmen of local councils, chambers, representatives of consumer associations, oil companies and professional drivers guaranteed payday loans. All participants in the roundtable have finally launched a "solemn appeal" to calm the population.

After a slump, exports of French military hardware recovered strongly in 2011. "The total is expected to reach 6.5 billion euros, which allows France to maintain its position as the fourth largest exporter of arms," ​​said Wednesday Laurent Collet-Billon, general delegate to the Armaments (DGA).

The sale of two buildings Projection and Command (BPC) Mistral class in Russia, the contract for upgrading the Mirage 2000 in India or the sale of large 4 × 4 Aravis protected in Saudi Arabia accelerated to 27% export activity compared to 2010. Lack of large contracts, it had fallen to 5.1 billion euros last year.

Laurent Collet-Billon notes that "French exports are made up two-thirds of small contracts which constitute a solid base." More sophisticated, large contracts are part of longer timeframes. They are subject to deadlines and time consuming to negotiate very detailed, especially as the client country is no longer content to "sign a check," but hopes to capture some of the expertise of the selling country via transfer technology.

"Performance" of France is good news for 100,000 jobs, half of which direct exports that depend on contracts. But it is still far from its target of 10 billion euros in exports, a level considered ideal by the CEO because it would be equivalent in value to the national command.

Franco-British axis

In 2011, France spent 10.7 billion euros in R & D and equipment purchases for the armed forces such as NH 4 90 transport helicopters, six Tiger combat gear, more than a hundred armored (VBCI) or 4000 devices to the Felin infantry fast cash loans.

In terms of budget, continuity is crucial. We must continue its effort of R & D to prepare "defense systems" wars of the future. Among the sites are open marine robotics, cyber warfare or UAVs (unmanned aircraft). Because of defense budgets on, part of the answer lies in "pragmatic cooperation" with our European neighbors, said the DGA.

This is why France and Britain, the first two European military powers, have decided to advance by creating a UAV industry – the small tactical UAV through a viewing device and an unmanned fighter (read our editions of 17 and 18 February). This, based on their respective champions – Dassault Aviation and BAE Systems – bilaterally. With the prospect later to make the two engines of future European programs.

The French army should be equipped, like its British counterpart, Watchkeeper tactical UAV, built by Thales UK, by 2013. "In a few weeks, the DGA will ask BAE and Dassault to launch the assessment phase of the future UAV observation Male," said Laurent Collet-Billon, indicating having received "an offer last week from Dassault" about the future of UAV platform through Israeli (Heron TP).

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Skills transfer will take place earlier than expected at the head of Canal +. By the beginning of 2013, Rodolphe Belmer, now deputy director general in charge of the publishing division, will replace Mr. Meheut operational as president of Canal +. According latribune.fr, the television group would prepare the encrypted handover, while the current president's mandate runs until 31 December 2014. This plan would have been endorsed by Jean-Rene Fourtou, almighty man of Vivendi, parent company of Canal +.

Bertrand Meheut, who took the head of Canal + in complete disarray in 2003, has restated the financial statements and the group's image in recent years. If it passes control to Rodolphe Belmer, who seconds since 2003, Bertrand Meheut keep one foot in the house as President nonoperational. An unusual transaction in the media world where the big bosses tend to devour their children to organize their succession.

In fact, Rodolphe Belmer is already one that drives the progress of Canal + to define whether the strategy or make appointments. He is the architect of the historic change that the group is trying to achieve by establishing a presence in the market for free TV. Against the initial notice of Mr. Meheut, Canal + has led to develop the draft Canal20 free channel. Then in the summer of 2011, he contributed to the redemption of DTT channels free of Bolloré, Direct 8 Direct Star, proving its ability to convince its president.

Ramp-up

This strategy is more widely in the conviction of Rodolphe Belmer that the future of television will belong to those capable of building strong and clean content. They must guarantee the autonomy and the attractiveness of the audiovisual group.

Rodolphe Belmer also imposed the idea that in matters of pay, it could not be any offers low cost. A position which today is reflected in the decision to close the Canal + TPS Star channel on the DTT present and whose financial losses amounting to millions of euros.

But the rise of those who arrived as number two of the group in 2003, at the height of the storm, was also illustrated by the process of appointments within the group during the summer. Wishing to renew and rejuvenate frames, Rodolphe Belmer organized the transition i-TV, the news channel group with the appointment to head one of his relatives, Cécilia Ragueneau. It also decided the appointment of Peter Fraidenraich, former head of i-TV, at the head of sports rights acquisitions.

Finally, there is barely a fortnight, Rodolphe Belmer has redesigned the organization of the group by naming the head of a center of free TV Aprikian Ara, and poaching of BETC Euro RSCG Raphaël de Andreis, now supports of pay-TV operations.

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Google plans to launch a home entertainment system capable of downloading, then amplify play music in forums Wireless, The Wall Street Journal. The system, operable from a smart mobile phone or a digital tablet, will evolve to download and distribute video programs also. Google is preparing to compete even Apple, which we expect a new offering meant upsetting the way of watching TV.

It helps us understand why Google acquired Motorola Mobility Holdings. If the acquisition is approved by regulatory authorities, it will help the Internet industry giant to launch this year of a new type of devices, sold under its own brand. The experience would mark a radical departure for Google, whose wealth depends heavily on its dominant position in the market for Internet advertising. The California company has also managed to do in less than three years of its Android software reference system at the heart of millions of mobile phones manufactured and sold by others.

The development strategy of Google draws more and more Apple. This is a great success thanks to the distribution of equipment designed entirely by its own engineers, according to its own standards, marketed under its brand and integrated into a platform for buying (iTunes Store) wholly controlled.

Google has already been manufactured or manufacture electronic devices. But his experience in 2010 with the sale of its first mobile phone Nexus, assembled by HTC Corporation, was quickly abandoned payday loan online. In wanting to sell products under its brand, Google risks angering its partners like Samsung which it depends to disseminate in the field of Android phones and digital tablets.

Management appliances

Google, like Microsoft and Apple, has long sought a way to marry television with the Internet. His effort called Google TV to integrate Android to TVs from Samsung and Sony, to facilitate research programs of video, did not yet successful. But tastes and consumer habits are changing. The considerable success of Netflix (platform distribution of films and serials) has transformed the U.S. Internet audience in a new age. Properly constructed, a new incarnation of Google TV or Apple TV is more likely to succeed today than some years ago.

Google sees farther. By engaging in the marketing of equipment under its brand, the firm also plans Sergey Brin to attack another market that the giants of personal computing as Hewlett-Packard have unsuccessfully tried to create: that of managing Internet for all kinds of home appliances, those enthroned in kitchens systems for temperature control parts of a house and alarm systems.

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Nadine Morano does not hide his satisfaction. The strategy implemented by the Minister of Learning to stick to the commitment of Nicolas Sarkozy – bring 600,000 to 800,000 the number of young alternately by 2015 – appears on track. In October, the number of new contracts signed alternately jumped 7.3% over the same period in 2010 to over 325,000. "This is despite the crisis," said Nadine Morano.

We must recognize that the government has the means to succeed the start: youth outreach campaign before the summer, incentives and administrative simplification passed in late July, doors open at 71 training centers organized in August promotion to employers the new rules into effect in September … with success."It was the battle of youth employment to win and we will continue to put pressure on prefects well they keep on file for the learning needs of businesses," she says.

Nadine Morano is finalizing a regional mapping of places still available in training centers. "It is not normal that there are still 25% of places unfilled in some employment areas," she notes.

Nadine Morano will also continue its work of conviction with regional presidents. The market is simple: for every euro invested in learning the local executive, the government will double the bet.

A winning strategy, because the Minister will sign Tuesday the 19th convention of goals and means with a region. And not just that: the Ile-de-France, which is committed to creating 41,000 training places over five alternating years, through a joint effort of 650 million euros.

"We want to protect the French against the serious problems facing other European countries." In presenting its additional measures of austerity, Prime Minister Francois Fillon has placed France in the context of financial panic that hit the euro area. "The word bankruptcy is no longer an abstract word," he stressed, pointing between the lines he had himself used the term taboo in 2007.

The French will have to resolve "some sacrifices," warned the Prime Minister, "so you do not have to take one day a policy imposed by others." Without naming them, the Prime Minister of the finger tip by the danger of pressure from rating agencies threatening to lower the AAA rating of France.

The extra effort is 18.6 billion euros over the next two years, including 7 billion euros in 2012 and 11.6 billion in 2013.This acceleration, he said, "will reinforce the reform of 2010 and will decline by more than 4.4 billion accumulated deficits of pension plans between 2012 and 2016."

• The rate of income tax and of the solidarity tax on capital will be frozen for the next two years.

• Reduce the tax differential between capital and labor. The levy will be fixed up 19 to 24% to reduce the tax differential between labor income and capital. "The standard deduction will increase to 24% for dividends and interest," added the Prime Minister. The standard deduction (PFL) allows a taxpayer to pay the tax due on income from investment banking (treasury bills, interest on life insurance, etc.)..

• 500 million euros in additional savings for the state in 2012.

Prime Minister Francois Fillon announced Monday, after a special cabinet, new austerity measures. The amount? Range evolves 6-8000000000 euros. The downward revision of growth in 2012 (1.75% to 1%) means to provide such an effort if France does not want its deficit skid.

Among the tracks mentioned: an increase in corporate tax (IS) for large companies and action on VAT. Specifically, according to reports, companies making more than 500 million euros in turnover should pay an additional tax (eg 10%). The nominal rate of corporation tax will not be found … but the big companies will actually pay more. And perhaps as early as the down payment in December. The state expects 1 billion additional revenue per year.

Greece is on everyone's lips in Cannes, which should open the G20 summit on Thursday morning. The Greek prime minister was called to 8:00 p.m. Wednesday evening for a meeting including President Nicolas Sarkozy and German Chancellor Angela Merkel. It must explain its decision to submit the agreement European referendum last week.

Paris and Berlin put pressure on Athens to advance that the referendum in late November, while January was first advanced. The two major euro-area warn that the disbursement of 8 billion euros in aid granted by the EU and the IMF has become uncertain.

In this context of uncertainty exceptional French interest rates soared in the morning, the gap is widening at a historic German rates.Potential victim of contagion, Italy tries to reassure her convene an extraordinary cabinet meeting on Wednesday night to adopt austerity measures guaranteed payday loans.

• Merkel wants clarity

"We have set up a program with Greece last week. We want to make this program and why we need clarity. This is what should serve the meeting tonight, "said German Chancellor Angela Merkel in Cannes on Wednesday. It should meet in the afternoon Greek Prime Minister George Papandreou, along with Nicolas Sarkozy, representatives of European institutions and the IMF BEYOND CEO Christine Lagarde.

The announcement on Monday night next to the organization of a referendum in Greece in the European aid plan has caused a panic in the markets and threatens the firewall in place within the euro area the last week.