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It's finally Baroin replaces Christine Lagarde at the Department of Economics. Valérie Pécresse inherits its part of the Budget. Back on the presidential choice on the issues facing the new duo at the head of Bercy. Baroin was appointed Minister of Finance and Econo Wednesday, June 29, 2011. He was replaced by Valerie Pécresse Budget.

After two days of suspense and many rumors, it finally Baroin replaces Christine Lagarde at the Department of Economics. The current budget minister and spokesman of the government comes out then the winner of a battle near fratricide with two other quadrants of the majority, Bruno Le Maire and Valerie Pécresse. The reasons for this choice.

How everything has played

Initially given favorite Baroin has lost ground in the home straight. Particularly against Bruno Le Maire.The nomination of Valerie Pécresse, seductive because it is a woman who had followed a woman and because she has completed the reform of universities, was apparently rejected it by the head of the State Because of the proximity of Paris with the elected head of the UMP Jean-Francois Cope.

Bruno Le Maire, however, seemed perfect for the job of master of Bercy, in part because of his international experience – the success of the G20 agriculture – and his mastery of foreign languages. According to sources close to the government, François Fillon promised him the post yesterday. But the replacement of Agriculture, where he gives full satisfaction to Nicolas Sarkozy, was not obvious. Above all, Baroin, feeling his chances diminish, François Fillon has threatened to resign.

Bruno Le Maire, he is disappointed when the prime minister offered him the last Budget.It is not threatening to resign but refused the post, saying not to have a particular expertise in this area. He prefers to stay in agriculture. The balance of power will have turned in favor of Baroin. As for Valerie Pécresse, which remained outside the tussle male, she inherits two portfolios Baroin: Budget and door-parolat.

All about the cabinet reshuffle on LExpress.fr

The folders and Baroin Pécresse will have to deal

Since coming to government in March 2010, succeeding Eric Woerth Budget, Baroin gave full satisfaction to Nicolas Sarkozy. Architect of the austerity policy which provides a historic effort to reduce the deficit, the mayor of Troyes was adamant with parliamentarians on the 2011 budget. He has also successfully piloted the reform of the taxation of wealth.It therefore seems appropriate that it was he who succeeds Christine Lagarde, the neighboring building at Bercy. Except that in this duopoly, Baroin was mostly French purse strings, while Christine Lagarde managed international issues – which has also led to his being appointed Director of the IMF.

Weakness in English and his lack of international experience, however, failed to make him lose the job. One year before the presidential election, Nicolas Sarkozy, in fact, envisages no major economic reform. However, the highlight of this year, the G20, chaired by France. And who is ambitious: regulation of commodity prices, financial transactions tax, reform the international monetary system … François Barion will now have to prove that he is as skilled negotiator and diplomat Christine Lagarde in international summits.Greek on the back, is so distressing for over a year the euro zone, he can always count on the support of the new Director of the IMF.

Valérie Pécresse will not an easy task. Fully bilingual, the wife of records more than communication, it can claim to be succeeded in getting one of the flagship reforms of the five-year Nicolas Sarkozy, the reform of university autonomy. But if students are not usually kind to their minister, the parliamentary majority are as little when it comes to finances of France. As budget minister, Valérie Pécresse will therefore have to impose on the draft 2012 budget law, in front of deputies and senators unconvinced by the effort announced by the Government to reduce the deficit history of France. For Baroin as Valérie Pécresse, Fireproof will be held this fall.

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Between 2003 and 2011, approximately 39.5 million Brazilians have joined the middle class. During the two terms of Lula da Silva as president of Brazil, nearly 40 million people out of poverty.

Approximately 39.5 million Brazilians out of poverty and joined the middle class, which gives the country its economic momentum, between 2003 and May 2011, according to a study by the Getulio Vargas Foundation (FGV) on Monday. "The years 2010 and 2011 were exceptional years" during which 10 million people have joined the middle class, called C, the company said Marcelo Neri, a professor at the FGV, at a press conference.

Neri says, "economic growth and reducing inequality" conducted by the government of former President Luiz Inacio Lula de Silva are the main factors that allowed the Brazilians to the resources of the lowest out of poverty.Improvements in education and the workplace have also played an important role in this process. He added that once the middle class, people change their eating habits and clothing and acquire new assets such as computers and mobile phones.

According to the study of FGV, 105 million Brazilians – of a population of 190 million – are middle class, with a family income between 1,200 reais (about 750 dollars) and 5,174 reais (about 3,230 dollars). Some 63 million people are in the lower classes (D and E), while the privileged classes (A and B) together 22.5 million Brazilians. In June, President Rousseff launched the "Brazil without poverty" in the continuity of the policies of Lula and through which it hopes to eradicate extreme poverty that affects 16 million people.

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U.S. stocks ended down Friday on concerns related to the austerity plan in the Greek and Italian banking sector.

The Dow Jones finished lower by 0.96% or 115.42 points at 11,934.58 points. The Standard & Poor's 500 lost 1.17% or 15.05 points to 1268.45 points. The Nasdaq composite market dropped 1.26% or 33.86 points to 2652.89 points.

For the week, the Dow lost 0.58% and 0.24% S & P but the Nasdaq gained 1.39%. The Dow and S & P accuse their seventh week of decline over the last eight.The S & P shows a decrease of 7% from its closing high of 2011 reached the end of April.

Investors are concerned about both the Greek case and the situation of Italian banks.

They fear that the Greek government does not succeed in passing its austerity plan next week, which could result in a default on its debt repayments.

The CBOE volatility index, also called fear index, rose 9.4%.

These fears have somewhat overshadowed the review slightly higher gross domestic product (GDP) of the United States in the first quarter and rising orders for durable goods in May, suggesting that American industry is doing better than not feared.

Side values, the KBW bank index and S & P Financial lost 1% and 0.7%. The banking sector is down about 8% since the beginning of the year.

Oracle sold more than 4% to 31.14 dollars. The IT group reported Thursday a decline in sales of computer equipment in the fourth quarter. The results of Oracle are feared a slowdown in investment in the technology sector.

Micron unscrewed by about 15% to 7.21 dollars. The manufacturer of semiconductors announced quarterly results below expectations and warned against the lack of visibility in the PC industry. The semiconductor index lost 2.5%.

Google has sold 1.11% to 474.88 dollars.The Federal Trade Commission (FTC) has informed the search engine she opened a formal investigation for possible abuse of a dominant position.

Against the current trend, Accenture, which announced Thursday the results better than expected and raised its forecast profit for the year, gained 2.4% to $ 57.

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The appointment of Italian at the head of the European Central Bank will eventually be formalized on Friday, because of the requirement to France to be represented on the executive of the institution. Mario Draghi to replace Jean-Claude Trichet on November 1 at the head of the ECB

The appointment of Mario Draghi of Italy at the head of the European Central Bank, expected to be a mere formality, was postponed to Friday and faces a last-minute obstacle related to the demand of France to be represented in the executive of the institution. "It was not discussed (…) will be discussed tomorrow and tomorrow we will decide" on the second day EU summit, told the press Thursday night the president of the European Union (EU) Herman Van Rompuy. Asked about the decision of the Heads of State or Government meeting in Brussels, Italian Prime Minister Silvio Berlusconi also said: "Tomorrow, tomorrow."According to one diplomatic source, France is responsible for the delay.

The Governor of the Bank of Italy, officially supported by all countries, including France, had already been knighted by the May 16 Finance Ministers of the euro area. The European Parliament, called for an advisory opinion on the appointment, also gave the green light by a vote in plenary on Thursday. But in recent days, an uncertainty, related to the place of France in the Executive Board of the institution in Frankfurt.

Mario Draghi to replace the French Jean-Claude Trichet on November 1. This would mean that there would then more French in the executive body of the ECB, while two Italians would sit: Mario Draghi and Lorenzo Bini Smaghi, whose mandate ends in 2013.The French authorities want to be sure to get the position of Lorenzo Bini Smaghi, on behalf of an "unwritten rule" which requires that large countries are represented in the directory.

France wants to be represented in the executive of the ECB

"I know there are French (…) expectations that involve the denial of Mr. Bini Smaghi," confirmed Thursday Luxembourg Prime Minister Jean-Claude Juncker. But "the rule is that board members are appointed for eight years, and it is up to them" if they want to leave prematurely, he said. France supports "unambiguous" Mario Draghi, but without threatening to block her appointment, she wants to get insurance to be represented in the governing body of the ECB, had said Thursday morning a European diplomat speaking on condition of anonymity.

The Executive Board of the ECB comprises the president, vice-president and four other members, all chosen from among persons having authority and recognized experience in monetary or banking matters. With the heads of national central banks in the euro area, they constitute the Governing Council. Last week, Silvio Berlusconi had publicly asked Lorenzo Bini Smaghi to fade in favor of French. But the Italian member of the Executive has not so far complied. He has not spoken a result of this request, but had indicated earlier that he intended to go to the end of its mandate, noting that the status of the ECB guarantees its independence and protect its members "against arbitrary dismissal" . "It's complicated," admitted one European diplomat, explaining the need to "find a base" to Lorenzo Bini Smaghi.

Mario Draghi, vice president of U.S. investment bank Goldman Sachs from 2002 to 2005, then Governor of the Bank of Italy, is expected to move to Frankfurt in a difficult period for the euro area, ten years after the birth of the single currency. During the eight years of President Jean-Claude Trichet, the ECB has made the fight against inflation its top priority, but has in recent times, to show creativity in a global recession and the crisis of debt that was wavering in the euro area.

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Court calls for an effort two times larger in terms of reducing fiscal and social niches. The first President of the Court of Auditors, Didier Migaud, at a press conference July 15, 2010.

France must step up its efforts against deficits if it does not take the risk of debt carried away, which would constitute a "major threat" to the country, said the Court of Auditors in its annual report on " the situation and prospects of public finance ", published Wednesday, June 22

"A number of positive inflections were taken," admitted the former President of the Court, Didier Migaud, presenting the report. He noted in particular the decline last year's deficit (state, social security, local), the past record of 7.5% of gross domestic product (GDP) in 2009 to 7.1%.And the recent pension reform, as the cuts made in the tax loopholes, will help improve the public accounts of the country, he said.

However, the situation remains for him "serious", and deficits "far too high to prevent runaway public debt." "We must stop as quickly and as strongly as possible to grow," insisted Didier Migaud. This alarming fact is shared by Gilles Carrez (UMP), rapporteur of the Committee on Finance of the National Assembly: "we are entering a danger zone, we must do everything to improve the forecast deficit reduction this year, otherwise it will be even more difficult next year. "

The government intends to reduce its deficit to 5.7% of GDP in 2011, 4.6% in 2012, and 3% limit allowed by the European treaties, in 2013. The deficit would amount to 2% at last in 2014."This objective is based on assumptions of growth and progression of favorable earnings realization is not assured", but warned the Court of Auditors. The latest forecast of Bercy, the public debt of the country should it be higher than expected this year to 85.4% of GDP in 2012 before peaking at 86.9% and then fall back.

"If nothing is done, you can reach 90% by 2012", but felt Didier Migaud. "The risk of runaway our public debt may pose a threat to growth in the years to come," he warned, because "a one-point increase in interest rates is an additional charge of two billion the first year, six billion in the third and the tenth of 14 billion. "The government should first tackle the deficit "structural" is to say chronic, France, which remains above the average for other countries in the euro zone, according to the Court of Auditors.

The institution believes that "the necessary efforts go beyond the measures that have already been taken." To be credible, they must also be better supported, she said. The Court recommends two ways: slow spending and boost the fight against fiscal and social niches. The Court held that the government's effort to reduce these niches will be a ten billion euros in 2012. The sages of the rue Cambon advocate an effort "twice as big" ten billion on tax loopholes, and much of the social niches.

Didier Migaud also considered "inevitable" a temporary increase in the CSG and the CRDS (contribution to the social debt), "if you want to find a balance of accounts." As for efforts to control spending, it must be emphasized, he said. But this is not to cancel the "costly tax cuts," he warned. For example, the cost of lower VAT in restaurants is equivalent to savings from the non-replacement of retiring in two in the public for eight years, calculated the Court.

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Secure Inside, a French company specializing in wireless communication technologies, has decided to postpone its IPO due to poor market conditions, reported Reuters on Tuesday a source familiar with the operation.

This failure follows one announced Monday evening Verallia, a subsidiary of Saint-Gobain specializes in bottles and glass jars.

Inside Secure has indirectly confirmed the postponement of its IPO by canceling a press conference Wednesday on the subject.

"Given market conditions unfavorable to date, Secure Inside you announced the postponement of the press conference was scheduled for tomorrow," the company explained in an email.

The company, whose revenues grew by an average of 35% per year between 2005 and 2010, has filed over 200 patents in the field considered promising for NFC (Near Field Communication) technology for wireless short range used for contactless payments.

Another source close to an investor of the company, Secure Inside still wants to enter the stock market in the short term but simply made a strategic withdrawal in view of market conditions.

Saint-Gobain and Secure Inside were both facing investors made nervous by the crisis of sovereign debt Greek and European markets that show seven consecutive weeks of decline.

Several operations on the market have been reported recently, such as the introduction of the participation of Canal + and Lagardère in the group of ready-to-wear Moncler.

To some observers, the failure of Verallia and Secure Inside should convince operators to postpone at least until the start of all projects IPO, already very small.

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Safran and Honeywell Aerospace announced Sunday a joint venture equally in a new system taxiage greener aircraft from the gateway to the runway, designed to save companies up to 4% fuel consumption .

This new system of "green taxiing," designed to equip the planes from 2016, represents a market of five billion dollars over the next 15 years, said the two groups at a news conference.

It is aimed primarily at short and medium haul flights, where fuel consumption during this phase of rolling along the tarmac is the largest in proportion to the total time of flight compared to the long haul.

"With the system of 'green taxiing' Electric and Honeywell (…), Safran will allow airlines to save hundreds of thousands of dollars per aircraft per year," said Tim Mahoney, CEO of Honeywell Aerospace in a press conference.

The rising price of kerosene, the main cost item for airlines with personnel costs, prompted the International Air Transport Association (IATA) to halve the last week its forecast for profit for the entire airline industry in 2011 to four billion dollars.

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The Governor of the Central Bank of Mexico, Agustin Carstens, Friday met his Japanese counterpart in Tokyo and the Japanese Minister of Finance, Masaaki Shirakarawa and Yoshihiko Noda, as part of his candidacy for the post of IMF Managing Director.

Emerging from his talks, the only rival of French Christine Lagarde to the estate of Dominique Strauss-Kahn, who resigned because of his legal troubles in New York, said that his interlocutors were content to listen.

Asked if he had rallied the support of his candidacy in Tokyo, he said: "The great financier Japanese listened very carefully to my words.It's still early but we had a good discussion. "

The French Minister of Economy provides in support of European countries and West African, Mexican rival essentially from that of Latin America.

The United States and Japan, major contributors to the budget of the IMF and therefore hold the greatest voting power, have not officially made known their preference.

The successor to Dominique Strauss-Kahn is expected to be appointed by the Board of the IMF by the end of the month.

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Total completed its friendly takeover bid of about $ 1.3 billion on U.S. SunPower, a majority of shareholders of the company specialized in solar panels have agreed to tender their shares.

In a joint statement released Wednesday, the two companies said that about 52.2% of Class A shares and 74.2% of Class B shares of SunPower have been made in the operation, according to preliminary results.

"Today marks the first chapter of a new history for Total in the solar industry," commented Philippe Boisseau, the executive director gas and power of French oil group, in a statement.

The action SunPower, whose course was supported by this offer with a high premium, lost 15.14% to 17.54 dollars around 1600 GMT.

Although brutal, the landing is logical for a title that was due to supply much more valued than its competitors while the solar sector is experiencing difficulties.

Total announced in late April to be ready to pay $ 23.25 per share for a controlling stake in American society and is well positioned as a major player in the rapidly growing field of solar energy.

This price represented a premium then 46% compared to last closing share A SunPower and 49% for Class B shares, valuing SunPower to 2.3 billion dollars (1.6 billion euros) .

The bid, which was extended in late May, expired Tuesday.

The two companies said that the results will still be adjusted at the end of the period of guaranteed delivery which ends June 17

Total reserves and the ability to acquire additional shares at a price of 23.25 dollars, while the number of Class A shares tendered exceeds the total of 34,144,400.

The action of Total closed down 1.53% to 37.74 euros.

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Honda Motor expects a fall of 65% of its annual operating profit, even stronger than the market expected in the wake of damage caused by the earthquake of 11 March.

Like other Japanese automakers, Honda had delayed publication of its financial forecasts, with struggling to gauge his recovery from the production interruptions caused by the disaster in north-east.In late April, Honda announced a fall of 52% of its operating profit in the fourth quarter.

The third Japanese automaker now expects an operating profit of 200 billion yen (1.73 billion euros) for the fiscal year started April 1, two times less than the market consensus.

Analysts polled by Thomson Reuters I / B / E / S after the earthquake waiting an operating profit of 407.2 billion yen (3.51 billion euros).

The group expects an annual net profit fall 63% to 195 billion yen, based on an exchange rate of the dollar to 80 yen and one euro to 110 yen.

Due to massive disruptions in its supply chains, the manufacturer had previously announced it would resume full production until the fall of the Civic, a successful model in the U.S. market.

Honda has also been delayed by three months the launch of its new Fit Shuttle, a family break in declination hybrid that will ultimately sold after Thursday.

For the Japanese automobile industry as a whole, the resumption of supply chains has taken up more quickly than expected, however, including Mitsubishi Motors, said Monday that expect an operating profit up 25% this year .

The number one Japanese automaker Toyota has however indicated that it anticipated a drop of 35% – higher than expected – its annual profit and does not expect its production to return fully to normal until November.

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