From our correspondent in Washington
American giants distribution keep their cool. The absolute record of purchases in one day is certainly to be beaten after the national holiday of Thanksgiving.
This Friday, malls and independent stores in the United States sold more than 11.4 billion worth of goods. But up from last year about 7% of purchases this Black Friday (known since the 1960 Black Friday in the sense of "black people") does not necessarily mean that the holiday season, crucial for annual profits of distributors, will be memorable. The purchasing power of Americans do not progressing. Only by drawing on their modest savings that households increased their spending in the fall.
To draw in their paths some 152 million Americans, most major retailers like Wal-Mart, Target and Best Buy have dared to open their doors in the middle of the night from Thursday to Friday. Offering discounts up to 60%, they mobilized a group of customers eager to use after months of deprivation. Commerce online has participated in the movement also offering exceptional discounts. Friday and for 24 hours, Apple has reduced by 10% and the prices of its popular digital tablets. The net impact of these promotions on margins in the industry to be determined. Monday is called Cyber Monday.
Financial markets now include in their forecasts scenarios of "extreme risk" in Europe. Among these include a breakdown of the single currency, an outflow of Greece to the euro, but also larger countries such as Italy or Spain. The widening of spreads between countries in the euro area shows a clear divide between North and South. France is in the middle, but it looks more and more dangerously on the side of vulnerable countries instant payday loan.
The current political developments in key countries of the South do not seem to reassure markets. The departure of Silvio Berlusconi and his replacement as head of government by Mario Monti has not calmed the markets doubt the ability of the new chief executive to impose Italian program of deficit reduction required by the European Commission .
At the bedside of the euro area. The major world leaders meet for two days, Thursday and tomorrow in Cannes for a G20 summit which could be captured by the debt crisis. And the Greek problem.
Last night, hours before the summit, Nicolas Sarkozy and German Chancellor Angela Merkel put pressure on Greek Prime Minister George Papandreou. It wants a referendum on the European rescue plan for his country. French and German leaders asked him an ultimatum: "the question to the Greek people come down to this: do you want it not to remain in the euro area?"
24:37: "Finally, the G20 officially begins, says Cyrille LACHEVRE, Special Envoy of Figaro in Cannes.Nicolas Sarkozy welcomes everyone while Europe, meeting in Council emergency continues to struggle online payday loans. "
24:18: "The EU treaties do not provide output in the euro area without leaving the European Union, the European Commission confirms the sidelines of the G20, about Greece. The only option on the table is that Greece is the euro. "
24:10: immediate response of the Secretary General of the Greek prime minister to the call of the deputies of the majority: George Papandreou "did not resign, will not resign."
24:09: The Greek Socialist MEPs propose a coalition government led by former Vice President of the European Central Bank Lucas Papademos, according to Reuters citing sources internal to PASOK, the socialist party majority
12:08: "The extraordinary summit between EU leaders continues.
It is the opinion more dangerous than others. That the member Martine PS Martinel just given to the Committee of Cultural Affairs as part of the passing of the Finance Act, sets fire to the powder in public broadcasting. Requires pre-election period, no doubt, is the set of reforms since 2008 who is harshly criticized, whether that of France Television as Audiovisual outside France (AEF). Even the men who are now in place are not immune to criticism. Little detailed review:
As for the AEF, the report by Martine Martinel denounces the "unrealistic financial trajectory proposed by the AEF and accepted by a confidence that can be described as blind by the State." Particularly with regard to advertising. "This led the AEF has requested a budget increase in 2011."MP sees this as the main cause of the lack of perspective of the state as the group itself that led the General Inspectorate of Finance to intervene in the summer. However, the member is concerned that "the national representation there is still no access."
It also criticized the management of the CEO, Alain de Pouzilhac, saying "the list of errors of management is already long enough and sufficient breach of trust used to put an end to the appointment of Mr. Alain de Pouzilhac ".
In the process, the MP also questions "the merger of RFI and France 24, it considers reform conducted forced march and which neither the need nor the utility are proven." However, Martine Ravinel advocates rapprochement between France and the 24 public group France Televisions.
France Televisions, however, is not immune to the report of the Socialist MEP.The latter believes that the 2008 reform has been to reduce advertising on France Televisions has a balance sheet "very negative". She asserts that the reform had a "zero impact of the abolition of advertising on the audience." It also is concerned "to a funding threatened and does not guarantee the necessary visibility to the group" as the organization itself of the company. It is particularly cautioned the government against "a lack of reference to employees" within the "single undertaking". Finally, Martine Martinel denounced at once "no channel dedicated to youth" and the need to "modernize France 3".
Explosive, this report could nullify in advance of the Commission's thinking on foreign broadcasting, chaired by MP Michèle Tabarot UMP. Yet its members do not want to change the schedule."Before giving our conclusions, we firstly audition Alain Juppe, foreign minister, who said he wanted to get involved in the matter, but also about the findings of the Inspectorate General of Finance," says Christian Kert , UMP deputy of Bouches du Rhone.
However, the options are continuing to clarify:
-Members of the opposition and the majority still stand on the issue of the merger of France 24 and RFI, as the two solutions would they be supported and at the discretion of the government.
-Governance structures to isolate the CEO of the AEF of different operational functions to avoid a repetition of the pattern Pouzilhac / Ockrent.
-The Commission may recommend synergies in terms of content between France Television and France 24.In this case, France Televisions could be invited to the board of the AEF.
-Finally, the Commission could recommend only the tutelage of the Ministry of Foreign Affairs.
This is the week of Nov. 24 that the Commission could then make its own report.
The fall of France-Soir is looming. Placed backup procedure for a period of four months last August by the Commercial Court of Paris, the daily, which was acquired in 2009 by businessman Alexander Pugachev, plans to stop his paper. This is very serious option to be considered Friday during a works great. After an operating loss of 31 million euros last year, the results remained in the red, France-Soir with a loss of 12.8 million euros at end June
The relaunch of the title earlier this year, with a lot of promotion, did not halt the inexorable decline of sales, which stood at 59,102 copies in France spread paid on the first eight months of the year , against nearly 64,000 copies a year earlier, according to OJD.The new formula would allow France-Soir to cross the threshold of 100,000 copies.
Deletion of 80 posts
In total, more than 60 million euros have been invested in the revival of the legendary title that had its heyday in the 1950s. The France-Soir Pierre Lazareff flowed 1 free instant credit score.5 million copies every morning … Encouraged by its owner, the son of Russian oligarch Sergei Pugachev, the team in control has taken risks, such as increased sale price (60 cents), to seduce an audience younger and more feminine. But the drastic reduction of book horse, which provided a daily basis for loyal readers, was the most damaging to sales of the title.
The plan will be offered Friday provides for the elimination of 80 positions out of 120. He plans to leave the paper, never to appear on the Internet.It would, if the plan is adopted, the first French national newspaper to take this approach. The business daily La Tribune, also in the process of SAVING, had already tried it in August but for a simple two-week period. General meeting Monday evening, the employees of France-Soir refused "the scenario of the disappearance of the title in the near future along with a large number of layoffs" and voted to strike. The log does not appear on Tuesday morning.
Nicolas Sarkozy and Angela Merkel were to Sunday on the table all matters relating to the crisis in the euro area: Greece, Financial Stability Fund, recapitalization of banks … But rather than concrete decisions or announcements spectacular, the two leaders particularly wanted to mark the kick off of a hectic schedule that will take them to the Cannes G20 3rd and 4th November. "Europe will have solved all its problems," before that date, have hammered the President and Chancellor.
The next step should come from Brussels. The European Commission said Friday that it would present "in the days to come" proposals for a coordinated recapitalization, which should help to reassure markets worried about the resilience of the European banking system to the crisis. It could soon make its findings on Monday.The European Banking Supervisors (EBA) should also provide estimates of the impact of a sharp depreciation of the Greek debt on bank balance sheets.
With these data in the hands of the leaders arrive for summit of the European Union and the euro area provided 17 and 18 October in Brussels. They will then give a "clear signal" on the subject, said Angela Merkel. The idea is to display a "consensus" on the amount and schedule for building banks' capital. For we must recognize that, as regards the amounts, blur still dominates: the figure of 100 billion to inject capital is the most commonly cited, which is much less than 200 billion euros mentioned a few days ago even by the IMF free business cards.
The next step in the operational implementation of the European financial stability should have been ratified by all parliaments by mid-October: Malta decides before Monday Slovakia on Tuesday. Aid to Greece will be released.
"Acting quickly"
Throughout this long process, Europe should remain under pressure. In recent days, Obama has returned several times to the load on the resolution is too slow for his liking of the crisis in the eurozone. European leaders must "act quickly," pleaded the U.S. president, hoping that a "very concrete plan of action" would be presented.He believes that the crisis in Europe could have a "very real" in the United States.
For her part, Angela Merkel last week has dampened hopes for a reform of the international monetary system from the G20, saying the work on this subject will not be completed. But the Cannes summit will probably be enough to do with the subject of the European crisis.
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Since the beginning of the week, investors in Europe and the United States, is won over by a wave of optimism about the outcome of the crisis of sovereign debt. The CAC 40 jumped 5.74% on Tuesday to finish the session at 3023.38 points, aligning a third straight session rebound. Another encouraging sign is the trading volumes are recovering. Yesterday more than 4 billion changed hands on the great values of the Paris stock exchange.
Other major European markets rose in unison. The Dax in Frankfurt Stock Exchange gained 5.29% and 4.02% London FTSE. And the European indices, the Eurostoxx 50 was up 5.06%. "The anguish of Greece, who were greatly exaggerated, have finally subsided a bit," said one operator.A Wall Street as investors watch with great attention the developments of the rise of public finances in Europe, the relief was also needed. Sitting in the Dow Jones advanced 2.27% and the Nasdaq 2.18%.
"Investors have decided to give credit to European and international policy makers in their efforts to find ways to resolve the crisis of sovereign debt," explained economists broker Aurel BGC. There are "high hopes that one is engaged in the right direction towards resolving the debt crisis in Europe," agreed analysts at LBBW in Frankfurt. Other analysts, however, want to caution, as the strategists of the Crédit Mutuel-CIC who believe that the upturn may not last and that the rumors that stir the markets are certainly still "exaggerated."For them, the hypothesis of the expansion means the European support fund for countries in trouble (EFSF), which propels the securities of banks for several days, "does not solve the structural problems in Europe."
According to the spokesperson of European Commissioner for Economic Affairs Olli Rehn, Europe is considering strengthening the capacity of the European support fund for countries in trouble (EFSF). Rumors press also reported a proposed quadrupling of the Fund's lending capacity to 2000 billion euros. In turn, an official of the ECB, the Austrian Ewald Nowotny, did not rule out declines in interest rates in the euro area.But soon, the German Finance Minister Wolfgang Schäuble assured that Europeans had "no intention of bailing out" the EFSF and called the hypothesis of totally "stupid."
Absent for several weeks, the good news poured in yesterday from Europe and the United States.
On the Old Continent, first. Jean-Claude Juncker, the leader of the finance ministers of the euro area has confirmed the return of the troika, bringing the European Union, the ECB and the IMF, major donors of Greece, by Thursday Athens, which could allow the release of a new tranche of EUR 8 billion, which is vital for the country. At the same time discontent rises and Athens was again paralyzed Tuesday by a wave of strikes in public transport.
Good news also in the United States, in the still under close surveillance of the property.House prices in the twenty largest U.S. cities have stabilized in July, according to Case-Shiller survey.
In Paris, banking stocks, on the front line since the beginning of the sovereign debt crisis, have literally flown the hope of a breakthrough in the situation in Greece.
Societe Generale, had a spectacular end of the session, jumping nearly 17%. For its part, BNP Paribas was awarded 14.15% and Credit Agricole was up 13.10%.
Oil opened up in New York
The euro was weakening on Tuesday to below $ 1.35. In session, the euro stood at 1.3496 dollars, against 1.3523 dollars late Monday.He had fallen in session Monday to 1.3363 dollars, its lowest level since mid-January, prior to recover.
As for commodities, gold has recovered slightly this morning at 1640 dollars an ounce after declining over the last three sessions. Oil evolved soaring Tuesday at the opening in New York, driven by renewed optimism for the determination of the Europeans to resolve the debt crisis in the eurozone. On the New York Mercantile Exchange (Nymex), a barrel of "light sweet crude" for November delivery traded at 82.64 dollars, up by $ 2.40 at the close on Monday night.
While the member Franck Riester delivered Monday Valérie Pécresse its second report on "improving the numerical relation to the user," the budget minister is determined to increasingly facilitate the administrative users. It offers users to respond to 15 new proposals to improve e-government. Users can provide feedback, respond and comment on the website set-simplifions.fr
Already, Valérie Pécresse asked the Directorate General for Modernization of the State to work on five priorities:
1 – Developing for priority services, personalized assistance to users during the process online (telephone, email, chat).
2 – Offer the user evaluation surveys on the Internet or mobile at the end of any administrative process.One way to take into account the voice of users and improve services according to their reactions.
3 – 5 Launch pilot projects on social media in the areas most relevant to the user: health, human services, education, employment and culture.
4 – Offer a mobile application offering users a personalized list of deadlines and the status of its efforts.
5 – Allow the user to present to the administration's vouchers via their mobile phone with a flash code (income tax, electricity bill and telecom).
While this report confirms the strategy implemented by the government in 2010, Valerie Pécresse welcomed the tangible results already achieved.
* 160 public websites have been consolidated or eliminated to improve the readability of the presence of the state line.End of 2011, the volume of websites of the state has been reduced by 50%. For greater efficiency.
* 2.5 million users have opened an account on the site mon.service-public.fr steps online.
* 76% of administrative procedures expected by most users have been dematerialized.
* The mobile phone version of the portal administration is now available (m.servicepublic.fr).
How long the French banks will they resist the attacks of which they are the target market? BNP Paribas, Societe Generale and Credit Agricole is in the eye of the storm: their actions have lost between 50% and 55% of their value in three months! This distrust, more violent and against many of their European competitors has two main explanations. On the one hand, French banks are exposed to the vulnerable countries of Europe device (Greece, Spain, Italy …) they hold a large stock of debt of state and they often have subsidiaries. Moreover, their model "universal" makes them more dependent than the average market financing. However, funding has become, if not rare, at least very expensive.
In that context very high voltage, a parade could be a battle plan based on that 2008.The rumors for weeks on a recapitalization by the state of all French banks. The Sunday Journal Sunday evoked an injection of 10 or 15 billion euros. At its off the plane from Washington, the Minister of Economy, French Baroin furiously opposed to "the most categorical denial." Same reaction at the Elysee and the Bank of France. Such an operation would be "useless, or even against-productive," said a source familiar with the matter. For now, anyway, "banks do not want it, they are not in a logic of solidarity, but prefer to play their own cards." The "special case" of Franco-Belgian Dexia, in the words of the governor of the Banque de France, is the subject of specific thoughts.Started in late 2008, the restructuring could involve an alliance with Caisse des Depots et La Banque Postale in the field of financing local authorities (our editions of September 23), but without dismantling or modification of the shareholders, Dexia said.
Maintain and adapt
Rather than a recapitalization, institutions such as the authorities prefer to place a battle plan: take and adapt. Friday, Bloomberg TV, the governor of the Banque de France, Christian Noyer, reiterated his confidence in the strength of French institutions. However, it has raised its requirements: all French banks will have to comply, from 1 January 2013, new prudential regulations known as "Basel 3", that is to say six years ahead of schedule. The effort required is considerable.All things being equal, the transition to Basel 3 means a financial institution that it should, about four times its equity. In fact, banks will reduce the volume and level of risk of their assets and their businesses, so that the capitalization is less effort. The banked profits and payment of stock dividends must achieve the required level. For three years, the sector in France has already accumulated 50 billion euros of additional capital. The line of defense erected by the European Central Bank, whose windows are wide open cash to banks in the euro zone, is also a key element of the device.
"But we're not crazy," says a source familiar with the matter. The possibilities of slippage are many, starting with one that Greece would go bankrupt.Better to be prepared for any eventuality and have a plan B shares at any time, ideally in a European context. Tools that were used by the state in 2008 to recapitalize banks and guarantee their loans have not been dismantled, they can return to duty at any time.
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The Paris Bourse pauses on Thursday, after a session that saw the CAC 40 jumped more than 3.5% beyond 3000 points. The benchmark index of the Paris Stock Exchange began the day on a stable note, down from 0.08% to 3070.58 points. On other European exchanges, the movement is the same. London lost 0.08% while Frankfurt climbed 0.08%. As in Asia this morning, traders expect the set of indicators of days before taking a position. Unlike previous days, the agenda will be very busy in the U.S. and Europe.
In the euro area, the eyes will be on the ECB. Earlier this afternoon, President Jean-Claude Trichet, will make an announcement on rates. Unsurprisingly, they should remain at current levels, at 1.5%. But markets are waiting above him to book his views on the problems of sovereign debt.For now, it's time for calm on that front. Yesterday, the German Constitutional Court was reassurance by confirming plans to aid in the euro area. In France, the deputies approved the second bailout of Greece arrested on July 21. They are the first to start this procedure. The Italian Senate last night gave a green light to the first austerity plan of over 52 billion euros from the Berlusconi government, while Spain adopted its fiscal rule of thumb, as desired by Paris and Berlin.
The U.S. employment under the microscope
United States, several indicators of the health of the economy will fall during the session. Among them, the trade balance, weekly jobless claims and oil stocks.The consumer credit will be available after market in Europe.
Two discourses are also highly expected on Thursday, those of Ben Bernanke and Barack Obama. The Fed chief will speak at around 19 am, French time, the Economic Club of Minnesota. Investors await details about how the Fed intends to support the economy. This intervention will follow the publication yesterday of its Beige Book, which again reported a moderate growth. For his part, Bush will speak on Congress to 1 am, French time, on employment and growth. It should detail a plan for employment that would reach $ 300 billion, raised yesterday by the U.S. media.
In France, growth in employment has slowed
In France, INSEE announced that the dealer paid employment decelerated in the second quarter.Principally market sectors have created a total of 33,300 jobs over the period April to June, from 78,300 in the first three months of the year, an increase of 0.2% against 0.5% the previous quarter.
The trade deficit widened further in July, reaching 6.46 billion euros in seasonally adjusted data, weighed down by a rebound in imports, Customs officials said Thursday.
On the currency side, the euro fell again to 1.4063 dollar.Oil, he, rising as a result of the prolonged interruption of production in the Gulf of Mexico due to tropical storm: a barrel of "light sweet crude" for delivery in October gained 41 cents to 89.75 dollars a barrel of Brent North Sea crude for October delivery takes 18 cents to 115.98 dollars in morning trading.
Values to follow on Thursday
• Banking
Stress tests imposed on European banks have made "transparency and clarity" on the strength of their balance sheets, said Wednesday night a Treasury official in the United States free credit report and score.
Banks react well. Among the largest increases are CAC, Societe Generale (2.01% to 19.77 euros), BNP Paribas (1.94% to 32.25 euros), Credit Agricole (0.97 to 5%, 80 euros), Axa (0.80% to 10.10 euros) and Natixis (0.55% to 2.55 euros).
• EADS (-0.85% to 21.69 euros)
The group is ready to dip deep into a war chest of $ 16 billion (11.3 billion euros) to finance its expansion in the U.S. and is in preliminary discussions with several potential targets, said Wednesday its chief executive for North America.In addition, the European missile manufacturer MBDA, in part by EADS, would be forced to reduce its workforce by 400 jobs by 2015, according to La Tribune.
Airbus, a subsidiary of EADS, is also considering a third increase its production capacity in one of its scenarios for 2018 to meet demand, the success of the A320 Neo scarce slots delivery before 2020, The Tribune reported Thursday.
• TF1 (0.87% to 10.43 euros) and EuropaCorp (stable at 3.29 euros)
The two groups announced Wednesday the signing of a Framework Agreement for development to produce the series in English for television.
• Ipsos: -1.36% to 27.13 euros
The group has launched a capital increase in cash of approximately 200 million euros to finance the purchase of Synovate.
• GDF Suez: -0.22% to 20.44 euros
The group will transfer to the Italian ENI participation of 10.4% in gas fields in the North Sea to pay off debt, reported Thursday Les Echos.
• Technip: 2.06% to 67.25 euros
In consortium with National Petroleum Construction Company (NPCC), the group won a contract worth about $ 500 million for engineering, procurement and construction of the project Satah Full Field Development, a field located 200 km northwest of Abu Dhabi (UAE).
• Sanofi: 0.54% to 50.19 euros
Genzyme, the biotechnology laboratory of the U.S. bought by the French group, was unable to deliver its drug Fabrazyme in August, although it promised to doctors and patients to meet this deadline. U.S. regulators have made public Wednesday letters from Genzyme dated August 26 and 25 where the laboratory apologizes to its customers and for people with Fabry disease, a rare genetic disease, for "any confusion and disturbance "caused by the delay.
• France Telecom: 0.37% to 12.19 euros, Vivendi: -1.06% to 15.89 euros
The new tax passed by the government as part of the new austerity plan should give priority, penalize these two groups, according to Les Echos. France Telecom should be paid to these measures between 300 and 500 million.Vivendi would see him, his taxes increased from 250 to 400 million.
Next recommendation goes to Credit Suisse under-performance against neutral Ipsen (-0.41% to 22.85 euros). Societe Generale goes with the purchase of Biomerieux (2.09% to 71.40 euros).
