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MEPs have just voted a bill to ban the diversion of assets in the event of bankruptcy. Hours before his bankruptcy, the French refinery had emptied its accounts. .

The National Assembly passed in the night from Tuesday to Wednesday UMP text to prevent the diversion of assets of a failing company and for Petroplus, with the support of the PS who tried in vain to pass as its own proposals ArcelorMittal targeting. The bill passed almost unanimously (only the communists abstained), and pass Thursday before the Senate, was filed by the UMP deputies of Seine-Maritime, where the Petroplus refinery in Petit Couronne ( 550 employees), in bankruptcy since late January.  

The refinery has "seen its accounts in France emptied of all its cash by the banks of its parent company just hours before the bankruptcy filing," recalled Frances Guégot, lead author of the text. This allows the court to take trade measures (seizure of assets or sale of stocks, for example) of a company, not only at the stage of liquidation as at present, but also upstream, when the power is backup or receivership. Its urgent nomination to the agenda had been an agreement between Prime Minister Francois Fillon and his Socialist predecessor at Matignon, Laurent Fabius, Member of Parliament of Petit Couronne. A fact underlined by the Industry Minister, Eric Besson, who came into the chamber to support the text along with his colleagues Michel Mercier (Justice), Patrick Ollier (Relations with Parliament) and Xavier Bertrand (Labour).

As the minister, Laurent Fabius has paid tribute to the Inter Petroplus, whose representatives attended the debates. But, while approving the bill, he criticized the government for "lack of vigilance" on successive Petroplus, especially during the sale of the refinery in 2008 by Shell. He regretted that Nicolas Sarkozy has announced a "temporary respite" for the refinery during his visit last Friday at Petit Couronne.

Holland rejected the proposal

Left and right agreed on an amendment providing information to staff representatives on the measures. The majority is also committed to respect for social obligations of a bankrupt company, but in terms considered ambiguous by the opposition, particularly the Communist Party, which abstained for that. The Senate, leftist majority should approve the text Thursday.

But this relative consensus has given way to confrontation when the socialists have defended in vain amendments, drawing another bill filed that morning. It was announced Friday by Francois Hollande during his visit to the site of ArcelorMittal Florange (5,000 employees), two blast furnaces are shut down for months. The PS proposed to require a manufacturer withdrawing from a French plant to transfer her to a buyer. "ArcelorMittal has a clear strategy of disengagement from the territory and we must respond," insisted the MP PS Moselle Aurélie Filippetti.

In the wake of Nicolas Sarkozy, who said Monday "does not see the benefit of this proposal" and promised another solution soon, the majority rejected these amendments, the government said, "would undermine the freedom of and undertake to ownership ". The left has once again criticized the head of state to have announced, in February 2008 on the site near Gandhinagar, public investment to maintain the activity, one year before the plant would close anyway.

At a central works council, the management of ArcelorMittal cinfirmé the stops on both blast furnaces Florange until June A possible restart will be discussed in May. The unions believe that management has signed the "death warrant" of their factory. The ArcelorMittal steel plant in Moselle Florange

Unions ArcelorMittal Florange (Moselle) estimated Thursday that management had signed the "death warrant" of their factory by announcing at a central works council (CEC) the import of Russian steel to feed the Lorraine site. "The management was committed to restarting our furnaces if Dunkirk was unable to feed here in the steel hot strip mill. And now she announces in CEC purchase 60,000 tons of metal in Russia . It is simply to sign the death warrant of Florange, "said, very back, the head of the CFDT, Edward Martin.  

Speaking to about 300 steelworkers from 9:00 blocking the exit site of shipments, the union said he was "disgusted by the lies" of ArcelorMittal. "If some still had doubts about the programmed death of Florange, it is definitely up," he said. Broccoli for Walter, FO leader, the import of steel from Russia "is an admission that Florange not restart." "Florange is fucked! We'll take a thousand jobs to the river and kill a jewel in the metallurgical industry on behalf of financial profitability," he said. "This decision is extremely serious and incomprehensible," said Jean Mangin, the head of the CGT. For him it is "demonstration that Mittal does not restart Florange".

Representatives of the CFE / CGC shared this analysis. "Import of Russian steel, this means restarting the blast furnace is more than Florange compromised," said Jean-Pierre Bremen. In the morning, the leadership of the world's number one steel has indicated to staff representatives gathered in Saint-Denis (Seine-Saint-Denis) a recovery of blast furnaces Florange was conceivable that in the third quarter . The blast furnace P6 has not functioned since October while the P3 stopped since June. ArcelorMittal's management has also announced the import of 60,000 tons of steel from Russia purchased Seversthal, one of its competitors.

Between 200 and 300 steelworkers ArcelorMittal plant Florange (Moselle) Thursday morning blocked the release of shipments of the site to try to get the direction of restarting blast furnaces shut down since October, said a journalist AFP. The protesters were installed at the outlet from which the finished products factory, mainly sheet metal coils for the automotive industry. Unions fear the "programmed death" of this site, which employs 5,000 employees, after the announcement of management, last week, the blast furnaces would restart not only in the second quarter. The No. 1 global steel industry maintains that it is just a temporary standby necessary due to insufficient demand.

"We decided to hit Mittal where it hurts: the wallet," the official said CFDT Edward Martin, announcing "a block of unlimited duration." "We will build a war chest, loot the fruit of our labor," he said. At the same time opened in La Plaine-Saint-Denis, the French headquarters of ArcelorMittal, a central works council on the future of Florange site. While its two blast furnaces are dormant for several months, the hot rolling mill train Florange always produces some 200,000 tonnes per month of steel for automotive technology. The site is stocked with steel slabs produced by the ArcelorMittal plant in Dunkirk.

With this deadlock, the union hopes disrupt production in the automotive industry, has seen one of them, "just-works". ArcelorMittal Florange delivers its finished products manufacturers Peugeot, Volkswagen, Mercedes, Audi and Toyota. This action "punch" is the first conducted by the Inter CGT / CFDT / FO / CFE-CGC, after the occupation of management Monday. The Inter promised she would be "the nightmare of government," until May 6, when the second round of the presidential election. ArcelorMittal has recently decided the final closure of blast furnaces in Liege (Belgium) and Madrid, the other (two in Florange, Lorraine, one in Germany, two in Poland, two in Romania and Czech Republic) were officially launched pending before the upturn in orders.

On Tuesday, President-candidate Nicolas Sarkozy said: "We will make sure that (the Florange) reopens." FO federation of metallurgy has arrested Wednesday group management and government, demanding written commitments on the future of the plant Moselle.

Pernod Ricard noted Thursday its goal of operating income growth for the 2011-2012 fiscal year after the publication of interim results better than expected thanks to its performance in countries é mergents and strategy for its upmarket spirits.

During the six months to end December, the world's second largest wine and spirits behind the British Diageo posted an operating profit (ROC) of 1.379 million euros, up 17% organic growth, above the consensus of 1,326.8 million euros set by the editor of Reuters.

Its net income group share grew by 16% to 843 million, for a turnover of 4.614 million (4,623.7 million forecast by analysts) an increase of 8%. Organic growth was 11% (10.7% expected).

Confidence in the continuation of these trends, the wine and spirits group now expects organic growth in annual operating income of nearly 8%, against 6% so far, and a Net debt / EBITDA close to 3.9 at June 30, 2012, against four previously.

Pernod Ricard shows a net debt / EBITDA of 3.9 to 4.4 against 31 December 2011 to 30 June 2011.

U.S. stocks opened lower Friday as investors took some profits in the absence of final agreement on the issue of Greek debt.

In early trade, the Dow Jones drops 0.8% (107 points) to 12,780.04 points. The Standard & Poor's, larger yields 0.9% (12.50 points) to 1340 points while the Nasdaq composite was down nearly 1% (28.71 points) to 2,898 points .

Greek workers began a general strike of 48 hours to protest the austerity demanded by the creditors of Athens to bail out the country verge of bankruptcy.

The three-party coalition government endorsed on Thursday a new austerity plan, but called the Eurogroup in the evening additional guarantees on the implementation of these measures.

The market now expects Confidence Index Thomson Reuters / University of Michigan. It is expected a slight drop to 74.5 in preliminary data against 75 in January.

On the values ​​front, Yahoo gained 0.3%. Chinese Alibaba plans to withdraw from the Stock Exchange of Hong Kong subsidiary Alibaba.com, as part of a complex agreement that would bring its shareholder Yahoo's cash and a working interest in one entity s group of Chinese commerce.

Post held an extraordinary board Thursday on the topic of financing local government, while negotiations on the resumption of Dexma, a subsidiary of French bank Dexia during dismantling lement, seem to enter their final stretch.

The holding of the Board, initially reported by a director representing the CGT in the public group, was confirmed by a spokesman for The Post.

"An extraordinary Board of Directors of La Poste Group is convened for tomorrow Thursday, February 9 to 16 hours," said Bernard Dupin, the administrator CGT, in a statement specifying that the funding local authorities will be on the agenda. 

The board of directors "will be preceded for employee representatives in a meeting with Mr. Philippe Wahl, chief executive of Bank PO," said Bernard Dupin.

The Deposit must meet on Wednesday its supervisory board to review the case Dexia. The CDC, which had already participated in the rescue of Dexia in 2008, and The Post Bank should take over from the Franco-Belgian bank in this market with the launch, scheduled for mid-2012, a new public bank dedicated to local governments.

Agreement on the resumption of Dexma (Dexia MA), specializing in refinancing loans to local authorities, is crucial in the context of drying of loans to community s French local.

SARKOZY HOLD A CONFERENCE

During question time in the National Assembly, the minister in charge of local authorities reported that the head of state Nicolas Sarkozy Friday held a conference on local finances. 

"The president meets this Friday, February 10 a conference on local government finance which will deepen these topics with associations of local authorities, particularly the partnership with the Deposit and Consignment Office, which must again be examined, "he said and Philippe Richert.

Estimates of Dexia Credit Local, some 10 billion euros in 2012 could fail to secure the financing that French local authorities have required banks deserting the market due of the crisis and the new prudential rules.

In this context, some local governments are forced to abandon or postpone their investment plans. 

The construction group Vinci also does not exclude a decrease in orders from local authorities in the coming months while the new bank created by the Post Bank and the CDC has put in place .

"Because of the lack especially of the great actor that was Dexia to finance local authorities and before the implementation of the actor who is being set up between the Deposit and Post Bank (…), it is possible that over the coming months we observe a decrease in orders from local authorities, "said Xavier Huillard, CEO of Vinci, during a press conference.

The billionaire is the target of a tax adjustment record says Tuesday Médiapart site. The IRS would make him pay including the concealment of twelve bank accounts abroad and the acquisition of the island secret watering. Liliane Bettencourt at the fashion week in Paris, January 26, 2011.

Nearly 78 million euros. This is the tidy sum claimed by the IRS to Liliane Bettencourt said Tuesday the site Médiapart, who had access to the report of the National Directorate of tax audits (DNVSF). "These are the amounts charged (including penalties and fines) under the wealth tax for the years 2004 to 2010 and, under the income tax for the years 2006 to 2009. The Negotiations are underway on this issue, counsel for the heir seeking a reduction in the total amount of this addition, "the site.

For André-Yves Portnoff, prospective and strategy consultant, Director of the Observatory of the Revolution of the mind (Futuribles Group International), it is finally time to help SMEs to boost growth. Will be right at the end of Europe?

Yes, because the "baseline scenario" is always catastrophic. If nothing is done, Europe will accelerate its decline, with many catastrophic scenarios that may occur locally at the same time. Scenario brown, xenophobic governments, more or less fascist, with here and there an alternative left-wing populist. Black scenario, governments taken over by organized crime, mafia Italian and Slavic holding hands. Italy shows a partial combination of the two scenarios, all involving a collapse and worsening the economic strength and quality of life of Europe.And the Italian example shows that corruption is too expensive in a recession.

What is the economic model of a virtuous Europe?

A virtuous Europe rependrait confidence in its strengths, culture and a level of unparalleled quality, with a message but not ego-centered universal, that of humanism, of human rights, real democracy, not just formal. We argue in to action, citizens! for a Europe of the Enlightenment able to support Indignant over the world, offer them to overcome the rebellion and build together. This Europe would value its culture tolerant, secular, united, ingredients necessary for creativity, innovation, therefore, as history confirms Alexandria since the fall of the USSR. Europe is setting an ambitious industrial targets and strategy development.Far from closing on itself, it nouerait the necessary alliances in the world. It could, for example, rely on the last European champion Telecom, Nokia, Linux, free software also European in the beginning, the school computer teacher's Negroponte to start equipping our schools a European network computing Free. Instead, it subsidizes Microsoft and Google are bought shelves for our students. We think small!

Innovation, the salvation of the industrial countries?

The choice is simple: either maximize immediate profits of a few, as is the hold-up neo-liberal, and too bad if we destroyed the business and desertification territories. It removes grease staff is relocating, employees are demoralized, whatever is more than innovating.Thus, the industries of radio, TV Americans died, and Hewlett Packard, No. 1 worldwide PC just follow suit, he will abandon the PC, 32% of its turnover, 42 billion of revenue.

Either you bet on the future as many companies continued success we describe in action. Investing in people, loyalty is a friendly management's personal loyalty in turn clients. It stimulates creativity by listening and recognition. We innovate in products, services, processes, organization, partnership, it is different to escape the deadly competition on cost. And it does not seek to maximize immediate profits by killing the goose that lays golden eggs. Production, distribution must remain physically close to the essence of design and innovation, offshoring does not warrant that to get closer to markets.Repeat that innovation is not technical and can find its source at all levels. The company Favi thirty years of productivity gains three points thanks to innovations from its workers …

Why in France for decades no longer creates enough growth?

We know that large groups are destroying jobs, it is entirely generated by SMEs. France and Europe, the fabric of large companies is not renewed. Large innovate less and less but prevent the growth of young champions, particularly in France, less so in Germany. Collusion among elites out of the same schools, electioneering and mental models are the bulk of state aid going to a few large groups.The situation has not improved since that July 1987, a report by the Ministry of Industry drew up an alarming picture of the French situation: "Our exports of high technology are insufficient. France is the only major OECD countries whose exports are dominated by sales of products with low technological intensity. The state aid is concentrated on a few sectors and companies. Large companies are the main beneficiaries of aid: 73 companies received 71% of total aid, more than their weight in the number of researchers (46%) or the volume of R & D (52% ). "

We must break with the "Republic of Buddies" or accept a costly meltdown. We know the solutions, we must stop talking and act effectively.The shock of the crisis and the pre-election period are favorable policies to require that they become serious, they simplify and focus the procedures, they open de facto or de jure public procurement for innovative SMEs by creating a affirmative, the first step towards the proliferation of French and European ETI and the formation of French and European world leaders, especially in high-tech sectors, high-growth, all that is the daily life of tomorrow in a massively interconnected .

An official with the International Monetary Fund said Wednesday that if any institution could buy bonds Spanish and Italian, along with the European Financial Stability Fund (EFSF) prior to distance himself a little later with this idea.

Antonio Borges, Director of the IMF's European Department, said at a news conference that the IMF "might even invest with the European Financial Stability Facility (EFSF).We would definitely ready to play this role. "

Greater involvement of the IMF in attempts to resolve the debt crisis in the euro area could reassure some investors who feel it is out of control.

"The investments we would do in Spain or Italy would be based on the certainty that these countries are on track, they are solvent and to take all necessary measures," said Antonio Borges.

"Because the EFSF now has the opportunity to invest in secondary markets, we could invest with him, to support the debt markets in Italy and Spain with an additional element of credibility," he said.

Later, Antonio Borges, issued a statement saying he wanted to "clarify some comments earlier held" by saying that the IMF could act directly on the bond markets.

"The IMF can only offer our resources to countries, it can not be used to intervene directly in the bond markets. We do no involvement in the market with the EFSF," said he.

The EFSF, with 440 billion euros, is seen as not sufficiently abundant in case of worsening of the crisis.And European officials are already thinking about increasing its response capacity through leverage.

ECB must remain active in the bond market-BORGES

At the press conference before his release correcting his remarks, Antonio Borges had said he wanted to wait for the ratification of the new powers of EFSF before further action by the IMF.

The IMF could go further and invest directly in bonds in Italy and Spain and for this he will have to create an investment vehicle specific, had said Antonio Borges.

He also felt that the European Central Bank should remain active in the bond market to help stabilize it, even after strengthening the powers of the European Financial Stability Fund, the EFSF.

ECB buys government bonds Spain and Italy on the secondary market since August to prevent the cost of borrowing in these countries do not rise to prohibitive levels.

The ECB considers that this action is somehow an extension of its monetary policy decisions.But many economists believe the central bank in the euro zone will no longer intervene in the market when the EFSF will feature its new powers including the purchase of debt on the secondary market.

"The ECB has a very important role to play in restoring market stability in Europe," said the director of the IMF's European department, Antonio Borges, at a press conference. "It is not possible to have a monetary union with the debt markets of extraordinary instability, as is the case today."

It is not, says the IMF, the spendthrifts save states, but to smooth out market fluctuations."A steady market intervention to stabilize the conditions would be most appropriate," said Antonio Borges.

Governments in the euro area might consider a way to make such operations more acceptable to the ECB, whose statutes forbid it to fund government.

"If that means give the ECB some degree of support from finance ministries across Europe, in order to provide additional comfort to make it easier, we would certainly very happy to see that happen, "said Antonio Borges.

"There are several ways to do so. This could simply be guaranteed by several ministries of finance, this could be the EFSF, there are many possibilities.The most important thing is to make it easier for the ECB to stabilize a presence in the markets, "he added.

A new week promises to be tense on Wall Street, where investors are worried about a possible erosion of corporate earnings against the backdrop of the debt crisis in Europe and slowing Chinese economy.

The U.S. stock markets fell more than 2% Friday, signing the third quarter of their worst quarterly performance in three years, and some fear that the benefits of big names backed out because the rating is supported by foreign demand.

Past two years, export sales have averaged 30% of the turnover of listed companies in the S & P 500, allowing the results of many of them to exceed the expectations of analysts.

"If the euro falls, it will have a huge negative impact on companies like McDonald's," Judge Todd Schoenberger, LandColt of Trading.

"I do not expect quarterly results very fast", he adds. The ball must begin quarterly publication October 11 with Alcoa.

In addition, many U.S. multinationals have benefited in recent months the relative weakness of the dollar to support exports.But the euro shows a quarterly decline of more than 7% against the greenback, depriving companies of the damper.

Last major undertaking as to have lowered its profit forecast, Ingersoll-Rand fell by over 12% on Wall Street Friday after the announcement.

Of surprises anyway?

While the S & P 500 fell 14.3% in the third quarter, 1,700 billion in value gone up in smoke, a period of disappointing results could accentuate this downtrend, analysts said.

Most of them have lowered their expectations of results.According to Thomson Reuters data, earnings for the third quarter are expected up 13.3% over the same period of 2010, against an expected increase to 17% in early July.

In this context, investors will closely monitor the economic indicators to try to learn more about the state of U.S. growth.

The employment figures, released Friday, will be eagerly awaited, as well as the ISM index of purchasing managers in manufacturing (Monday) and services (Wednesday).

Still, some strategists believe to possible surprises on the forehead of the results, as Natalie Trunow, Calvert Investment Management.

"U.S. multinationals do not necessarily derive all their additional benefits (European market), and China, the statistics point to a slowdown but not a hard landing," said she.

Others point out that the drastic austerity measures that large firms have emerged after the 2008 financial crisis will maintain their accounts afloat.

"From our perspective, U.S. companies have learned to make a profit in this context (difficult)," wants to believe Hank Smith, chief investment officer at Haverford Trust.

Wall Street opened with sharp rebound Monday, boosted by the announcement of an agreement in extremis on raising the U.S. debt ceiling.

In early trade, the Dow Jones advanced 1.06% (130.99 points) to 12,274.02 points.The S & P 500, larger, gained 1.13% (14.85 points) to 1307.13 points while the Nasdaq composite market clinching 1.37% (37.80 points) to 2794.10 points.

Barack Obama announced late Sunday night that the Democratic and Republican leaders had reached a compromise, ruling out the risk that the world's largest economy in default of payment.

The agreement, which must be submitted to a vote of both houses of Congress on Monday, came after the U.S. stocks last week recorded its worst weekly performance in 2011, weighed down by fears of a deadlock in negotiations.

"The agreement is obviously useful in view of the government's ability to pay its debts, and this leads to a relief rally," Judge Wayne Kaufman, John Thomas Financial Analyst in New York, which estimates that the market fell excessively lately.

Despite this last-minute agreement, concerns remain about a possible lowering of the sovereign rating of the United States, as well as the debt crisis in Europe, and some analysts warn that the rebound on Wall Street could be short-lived.

Values, Ford and Amazon advanced 4.0% and 1.4% on positive recommendations from the review of Barron's.