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The Irish government said on Monday consider the gradual dismantling of the nationalized bank Anglo Irish Bank as an option, while Prime Minister Brian Cowen is facing mounting political pressure on this.

The support of the Irish to Anglo Irish Bank is originally part of the country's fiscal difficulties, which posted its largest deficit of the European Union last year.Reacting to a bill that continues to grow, the demand for Irish bonds to 10 years against Bunds approached a record high Monday.

The dismantling of the bank has been claimed by Dan Boyle, leader of the Green Party, broadcast on RTE radio.

"We are not asking for an immediate closure of the Channel, which is by far the most expensive solution," he said, adding that the break could take four or five years.

In response to these comments, the Minister for Justice, Dermot Ahern, said he "had not decided yet on a timetable for the dismantling of Anglo."

Last week, the CEO of the bank said it hoped the European Commission is in favor of a division of Anglo, a possibility which, however, oppose the European body, according to a newspaper.

So far, Dublin has always considered that the continuation of the bank presented the most economical option, since a closure could cause a sharp drop in demand for Irish sovereign debt.

Last week, ratings agency Standard & Poor's downgraded the debt rating of the country, explaining that including the cost of the rescue of Anglo Irish, which she valued at 35 billion euros would cost $ 10 billion more provided that the Irish State.

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Essilor International on Friday confirmed its 2010 targets in the light of a first half marked by a rebound in sales attributable especially to its recent acquisitions and a strong rise in net profit excluding exceptional items.

The world leader in ophthalmic optics said he was always on full year growth of 5% to 7% of its turnover and a stable operating margin from the rate 18.2% achieved last year, excluding currency effects, acquisitions and strategic change IFRS.

"You see us very smiling, you see us all very calm, that said, let's be very lucid, even when we face an unstable world economy," said General Manager Essilor Sagnieres Hubert, during a conference with analysts.

"What bothers us in this instability is that it affects the visibility, so the deployment of our marketing campaigns including, it's a little flat in our growth prospects," he added.

Essilor intends to still pursue its strategy of growth based on new products, geographical expansion in China, India and Latin America, organic acquisitions on a market that remains highly fragmented and the conquest of the middle range.

"The major tenets of our industry, because it is still under-penetrated, there are two and a half billion people that need glasses (…) we see no change in the second half, no change either for the next year, it all works well, "continued Henderson Sagnieres.

At midday, the Essilor share lost 2.2% to 47.140 euros, giving a market capitalization of about $ 10.3 billion.Since the beginning of the year, the title took 15.5%, after rising nearly 25% throughout 2009.

"The semester is broadly in line with my expectations, the guidance is unchanged, the activity in the U.S. looks a little worse than expected, but overall everything is online, perhaps there will he then some profit taking this morning, "said one industry analyst on condition of anonymity.

AN ALLOWANCE amputated NET INCREASE IN DEBT

Turnover rose 15.8% to 1,926.8 million euros in the first six months of the year, an increase of 5.9% excluding currency and strategic acquisitions.In Europe, sales rose 4.1% to 15.4% in China and Latin America at 21.1%.

The Group's contribution margin – operating profit before share-based payments, restructuring costs and impairment of goodwill – it came out to about 347.5 million (+15.2%), or 18.0% of turnover.

Essilor has continued in the first half an acquisition strategy by which it intends to strengthen in particular the emerging markets, with a total of 13 new partnerships and the integration of two strategic acquisitions.FGXI, the world glasses preassembled "readers" and Signet Armorlite, producer and distributor of glasses of the Kodak brand, are consolidated since March and April respectively.

Since the beginning of the second half, the group has entered into two new partnerships in the United States.

Net income, Group share, declined by 1.3% to its 197.5 million euros, reflecting a provision of 41.5 million euros for the fine imposed by the German Competition (Bundeskartellamt) for cartel formation in optics.Essilor has filed two appeals which are suspensive payment of the fine.

Excluding this provision, the adjusted net profit stood at 238.8 million euros, an increase of 19.3% from one year to another.

Essilor has continued since the end of the semester its repurchase of shares on the market for an aggregate of 33.7 million euros. The group also conducted July 2 to repay the balance of convertible bonds not yet converted.The bond issued in 2003 and is now mature longer listed on Euronext Paris.

The acquisitions and securities transactions resulted in an increase in net debt, emerged at 638 million end of June when the band showed a positive cash flow of 93 million six months earlier.

Essilor has also sold its stake August 9 history 15% in Group Sperian Honeywell, as part of the tender offer of U.S. conglomerate on the French specialist in personal protective equipment. The more consolidated capital gain, estimated at 27 million euros, will appear in the accounts of the second half.

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Toyota announced Thursday the recall of approximately 1.13 million Corollas and Matrix in the United States because of a failure of certain electronic components that could cause sudden engine stoppage.

The Japanese automaker said it had been informed, unable to obtain confirmation of three cases of accidents related to this problem which affects vehicles built between 2005 and 2008.

The affected components will be replaced.

The NTHSA, principal federal authority responsible for road safety, accelerated last week its investigation into the reported cases.

"The engine may stall regardless of the speed, without warning, and it can not restart," says the NTHSA in a document published on its website.

The Canadian subsidiary of Toyota also will conduct the recall but said he had been informed of any accident.

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L'Oreal and Total, Sanofi's major shareholders, are reserved to the proposed acquisition by Genzyme, fearing that the French pharmaceutical group pays its target too expensive, officials said Wednesday banking sources.

The two shareholders "express an opinion on the fact of not paying too much," said one of the sources told Reuters, adding that L'Oreal is not in principle opposed to the acquisition, but is not sure so far that Genzyme is the best target.

Other prey may be more suitable and have a portfolio of activities best suited, "said the banker close to L'Oreal, citing Shire, a drug manufacturer specializing particularly in rare diseases.

The margin of maneuver that Sanofi has to raise its offer Genzyme appears reduced in the light of reservations expressed by L'Oréal and Total, which together hold about 15% of the round of the pharmaceutical company, and intend to speak on this operation.

Sanofi, L'Oreal and Total declined to comment this information.

The French pharmaceutical group has launched a friendly takeover offer on August 3 Genzyme, valuing the target at $ 69 per share, or about $ 18.4 billion (14.5 billion euros).

Both parties have failed to agree on price, but discussions are continuing, Genzyme asking a starting price of $ 75 per share to reveal its accounts to Sanofi, a source familiar with the matter.

The board of the American biotech seeks a final price of at least $ 80 per share.

The proposed takeover had been approved by the Board of Directors of Sanofi in August for a price up to $ 70 per share, had said sources familiar with the matter at the launch of the offer.

Bloomberg reported Wednesday that Sanofi would not be willing to pay more than $ 70 per share for Genzyme and the group was looking at other targets.

DealReporter, a division of the Financial Times, wrote on his part that the Board of Directors of Sanofi was divided on the decision to increase supply on Genzyme to $ 75 per share, and the pharmaceutical company was talking with his bankers to ensure the necessary funding.

The title Genzyme fell to 65.51 dollars before rebounding to earn 1.07%, to 68.11 dollars, around 17 pm GMT.

OTHER TARGETS MORE APPROPRIATE

L'Oreal has said repeatedly that his 9% stake in Sanofi's share capital was not strategic, but financial.

A possible inflow of cash through the sale of its share in Sanofi, L'Oréal to fund future acquisitions, although no obvious target appears today, analysts said.

"If an acquisition opportunity presents itself for L'Oreal, she might kick off a sale of the stake in Sanofi," said Andreas Riemann, an analyst at Commerzbank.

Total has meanwhile indicated that he gradually phase of Sanofi in 2012.

A second banking source also reported that L'Oreal and Total had expressed reservations about a takeover of Genzyme, also mentioning Shire, whose market capitalization is around 12 billion dollars (9.5 billion euros) as potential prey.

Allergan and manufacturer of contact lenses Bausch & Lomb have been discussed among other possible targets.

L'Oreal believes Genzyme is far from the ideal prey for Sanofi, said another banker.The cosmetics group could be more open to a merger of Sanofi with another company of comparable size, rather than the implementation of several small acquisitions.

Although it hardly seems possible that L'Oreal should intervene to prevent Sanofi to buy Genzyme reserves the cosmetics group on this transaction are symptomatic of "conflicting interests" between the two groups, for his part said a banker who worked with L 'Oréal in the past.

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HSBC said on Monday entered into exclusive negotiations for the purchase of Nebdank, the fourth largest bank in South Africa, the insurer Anglo-South African Old Mutual.

"Discussions are ongoing and if they conclude positively, they were conditional, inter alia, obtaining necessary regulatory approvals," said the first bank in Europe in a statement.

For his part, Old Mutual said it had received an offer from HSBC on 70% stake in Nedbank, without specifying the amount.

In July, Sky News had reported that HSBC could make a bid for Nedbank an amount likely to reach 3.4 billion euros.

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Beijing on Tuesday noted the yuan central parity against the dollar. The central level of the greenback rose from 6.8275 to 6.7980 yuan, an increase of 0.43%. The Chinese currency fluctuates daily around this pivot in a limit of plus or minus 0.5%.

Highly anticipated decision follows the promise of this weekend of the Chinese central bank to inject more flexibility into the system of exchange rates. It marks the restart of the reform in July 2005 and discontinued in July 2008 because of the financial crisis. At the time, this reform was to establish a system for anchoring a basket of currencies whose composition has never been made public and had actually led to a gradual appreciation of the yuan against the dollar by 21% between 2005 and 2008.

The question is whether such flexibility will be enough to give much weight to the Chinese currency. Not sure.Willy Lam, a professor at the Chinese university in Hong Kong, the discretion is limited, at best 5% in the next twelve months,

The reasons for the prudence of China? First, because a larger appreciation of foster speculation and force the Chinese central bank to accumulate foreign reserves. This is what happened between July 2005 and July 2008. And because the real exchange rate of the yuan is already assessed with rising production costs. More than twenty provinces have raised an average of 20% minimum wage at a time when energy prices rise. However, the yuan remains undervalued by at least 40%. Not enough to call into question the Chinese competitiveness.

In fact, this attempt to less flexibility mark a shift in exchange rate policy as a change of China's growth model.While in recent years was based primarily on investment and exports, it now favors a more autonomous development oriented household consumption. One way for China to ensure its growth when the international environment is too uncertain, experts analyze Natixis. Evidence that Beijing changed tack, the Chinese current account surpluses have been reduced. Imports continued to grow at a rapid pace to fuel domestic demand while exports, they are slowing down.

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The effect of the ravages of drought on crops in Russia and exports of cereals is not comparable to the disturbances observed on the commodity markets for 2007-2008, which led to higher food prices and unrest social, said the OECD.

Russia announced Thursday the temporary suspension, from 15 August, its exports of grains and agricultural by-products due to poor harvests caused by drought, which has led to higher wheat prices at lower levels seen since 2008.

However, world grain reserves are higher than in 2007-2008 and the conditions of crops in favor outside Russia, the Organization for Economic Cooperation and Development (OECD) estimates that there is no reason to speak of a global crisis in agriculture.

"At this stage it is too early to make comparisons with the price rise from 2007-2008, said in a telephone interview with Reuters, Ken Ash, director of commerce and agriculture in the OECD.

The current tension is also focused on the wheat market, while the previous crisis had affected a range of basic foodstuffs and had fueled the surge in market prices for energy, he said.

The OECD has no plans to revise its outlook for prices or production, "said Ken Ash, adding that its previous forecast for Russia's output of wheat this year was not far from the current estimates of the market.

He also reminded the opposition OECD restrictions on exports, which it regards as a source of volatility in international prices and, in his view, does not encourage farmers to increase output to curb rising prices.

"I feel that what we are seeing at the moment is not related to fundamentals of supply and demand (…) but with market expectations," he said.

After Thursday reached a peak two years, wheat prices fell sharply Friday, dropping 6% on the Chicago Mercantile Exchange. Compared to her during the June 9, the contract for one month on wheat shows, however, jumped 88% in Chicago.

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Unilever reported a turnover in the second quarter below expectations, but said that the second half will be characterized by increased competition and rising cost of raw materials.

The world's third largest agri-food announced an increase of 3.6% of its organic revenue over the period, while 12 analysts polled by Reuters had forecast an increase of 3.9%.

The Anglo-Dutch group reported earnings per share of 0.36 euro in current period, an increase of 38%, while analysts were expecting 0.37 euros.

Paul Polman, CEO of Unilever, said that the sustained growth in emerging markets had offset the mixed performance in Europe and North America.

Action Unilever has opened down nearly 3% at the London Stock Exchange after this announcement.

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Growth in the French sector of services has accelerated slightly in July, but expectations of entrepreneurs are less strong, according to the PMI survey published by Markit Economics.

The PMI services, announced flash estimate of 61.3 in July 22, has finally emerged at 61.1 against 60.8 the previous month, well above the 50 mark from which he reports an expansion.

Activity increases and for the 11th consecutive month the index back near its highest in almost four years observed in May (61.4)."Approximately one third of respondents reported an increase in July," said Markit said in a statement.

The composite index – which includes services and industry – stood at 59.7 for his part in the final against 59.9 in flash estimate and 59.6 in June.

"The sharp increase in activity in the service sector continues to lead the economic recovery in France in July," notes Jack Kennedy, economist at Markit.

The survey shows, however, a slowdown in new business growth and decline of expectations, even if both components are clearly above 50.

The expansion rate of new cases falls to its lowest level since March, but remained above the historical average, while business optimism about their prospects diminishes for the second consecutive month to show its lowest level since August 2009.

The expectations component has however been revised upwards by 3.0 points compared to the flash version which marked a sharp drop in a month.

Some 29% of companies surveyed reported an increase of their new contracts in July and more than 46% expect an increase in their activity over the next 12 months.

"If the new business growth and flexes that business optimism crumbles address concerns related to the reduction of government assistance, employment is increasing, however, for the third consecutive month and posted its strongest growth over two years, "notes Jack Kennedy.

The under-employment index rose to 54.1 against 52.6 in June.About 19% of survey respondents reported increases in their workforce, "doubling the companies citing a decline," Markit said, adding that the growth of employment in addition extends to all sub sectors.

"Improving the labor market should encourage consumer spending and encourage the continued recovery during the second half," Jack Kennedy analysis.

The average prices of purchases rose in July for the seventh consecutive month, but the rate of inflation fell sharply from June to view its lowest level since February.

The competitive pressures that prevent businesses from passing their higher costs to their customers, they have again reduced their average prices charged – for the 23rd consecutive month.

The monthly survey by Markit and Company executives and buyers from France (FASC) is conducted with some 750 private sector companies, including about 300 in services.

Published Monday, the manufacturing PMI index in July hit a low of ten months from 53.9 in July against 54.8 in June

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Wall Street has ended up over 2% Monday, closing at a higher 10 weeks, thanks to soaring oil stocks and mining-induced bout of weakness in the dollar.

The banking sector also supported the document, benefiting from strong results that are published by big European names including BNP Paribas and HSBC. Bank of America gained 2.85% to 14.44 dollars, JP Morgan Chase 3.38% to 41.64 dollars and the KBW bank index 3.15%.

The Dow Jones 30 industrials jumped 1.99% to 10,674.38 points. The S & P 500 is broader, took 2.20% to 1125.86 points.The Nasdaq Composite Index was on his side of 1.80% to 2295.36 points.

These three indices have gained 7% in July and Wall Street last week completed its best month in a year, recovering after the release of May and June

Wall Street also benefited from the publication of macroeconomic indicators that have reassured investors about the pace of recovery in the United States.

The ISM manufacturing index fell in July to 55.5 against 56.2 in June but it still shows growth of this sector is also higher than consensus which gave it 54.1.

And, against all odds, construction spending rose in June, rising investments in the public outweighed a fifteenth consecutive monthly decline in non-residential private construction.

BACK TO ONE OF THE VOLATILITY?

The dollar is the currency used in transactions on the commodity markets, any significant decline in the greenback often leads to a sharp rise in the sector.

Thus, oil has jumped more than 3%, resulting in an increase of 3.78% of the action ExxonMobil 61.94 dollars and an increase of 2.09% to 77.8 dollars that of Chevron.

The values associated with the largest oil spill ever to grace the United States have also benefited from efforts by BP to begin the procedure for "static kill", to condemn the wells caused the spill.

Transocean has gained 9.67% to 50.68 dollars, Anadarko Petroleum 8.36% to 53.27 dollars and the index of oil services sector of the Philadelphia Stock Exchange 4.49%.

The materials index Reuters / Jefferies CRB rose 0.91% to a high of three months while the aluminum producer Alcoa, a component of the Dow Jones rose 4.83% to 11 , $ 71.

With a decline of 6.47%, the CBOE Volatility Index, often called "fear index, fell below its moving average 200 days, suggesting that investors' fears are benefits for the short term at least to a level low enough.

Some speakers noted, however, that the activity on futures on the VIX suggests that the market anticipates a return of volatility.

"Even if the VIX contracts were down, they always include a premium over the spot price, suggesting that brokers expect much more volatility for the remainder of 2010," said Chris McKhann, analyst at OptionMonster.

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