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.

Worse, the agency confirmed that the withdrawals were higher than inflows. In October, the balance is negative to the tune of 1.4 billion euros. It is, indeed, a little less bad than a month earlier. In September, withdrawals have exceeded payments of more than 1.8 billion euros.But above all it confirms that life insurance through a bad patch with unprecedented for the first time two consecutive months of negative collection cash advance america.

Questioned by AFP, the FFSA wants to be reassuring. "Let us not forget that these are data points. If you look from the beginning of the vision is very different, "cautions Bernard Spitz, President of the FFSA, underlining that the payments exceed 17.7 billion euros withdrawals in the first ten months of 2011 . A figure that compared to last year's data with the same period, however, shows a precipitous drop of 63%, the statement of the FFSA.

Pensions of baby boomers

These results reflect a combination never seen before, the structural and cyclical factors unfavorable. Life insurance suffers from the retirement of baby boomers. These offset the drop in income by drawing on their life insurance.

Yet in times of crisis, these arguments are not enough in attracting investors in local real estate projects. So far, a number of programs involved imposing villas sold between 1 and 2 million, but now struggling to find buyers.This is the only marina project on the island, a must for lovers of water sports. There are also a shopping center, a wellness area and large villas whose prices exceed $ 2.5 million and apartments more affordable, starting at $ 800,000.

The coming months will determine whether those efforts are paying off Mauritius with senior French.

A specific legal framework

In Mauritius, the real estate purchases by foreigners are governed by three tax schemes .- The IRS (Integrated Resort Scheme) for the freehold property of a minimum of 500.000dollars. It immediately gives purchasers the right to a permanent residence permit. They are free to then perform the steps to take up residence on site tax .- The RES (Real Estate Scheme) has, in turn, subject to any minimum price.

Technically, the new operator is ready. Its network already exceeds largely 27% coverage, according to industry sources. A threshold that allows it to trigger the negotiated roaming agreement with Orange (the ability to take the Orange network) and open its service throughout France fast cash loans. Commercially, the teams are also in the starting blocks. Free Mobile has largely recruited and now grazes a thousand employees, including over 800 dedicated technical support. After two shops in Rouen and Troyes, a third scheduled to open within a few days in Angers.

Until then, Bercy expected a GDP growth of 1.75% in 2012. But since the beginning of summer, the situation has deteriorated considerably. "For the sake of seriousness, we decided to lower our forecast to 1% next year," said Nicolas Sarkozy, who is aligned and the assumption by our German neighbor.And, near the line thickness, on the average forecast of economists (0.9%).

To keep the deficit targets despite this deterioration – and this is the top priority – must be found "6-8000000000" euros in savings or additional tax revenue next year, said Chief of the state.

Nicolas Sarkozy has asked Prime Minister Francois Fillon, with Valérie Pécresse (Budget) and Baroin (Economics), floor of the copy. And this new austerity program will be announced "in ten days," just after the G20 which takes place in Cannes.

What is certain is that "we must spend less on operating and investment to support growth (…).But calling for a tax harmonization with Germany, the president did not rule out the idea of ​​raising the reduced rate (set at 7% across the Rhine at home against 5.5%) or the introduction of an intermediate VAT rate (between 5.5% and 19.6%) for products now subject to a reduced rate (catering, building …)

It announces clearly no "social VAT" – renamed "VAT antidélocalisation" to the UMP – hypothesis was raised in the procession of the tracks in the study. He implicitly endorsed the idea but has returned to the next presidential debate "in a few months."

However, companies should be tapped. Address the tax differential between multinationals and SMEs is a carrier. It is almost assumed that the new austerity plan will include a surcharge of corporate tax targeted at large enterprises.

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 debate rages in the United States since the mortgage crisis "subprime" that erupted in 2007, putting the straw millions of Americans. Already 7.6 million families were divested of their homes, unable to meet their deadlines bank, and additional 7.4 million expected to be dislodged by 2016, the consultant provides Housing Predictor.This disaster certainly responsible for financial institutions that have dangled their customers become unbearable when mortgage interest rates began to climb. But as a last resort should we not blame the naivete and ignorance of borrowers unable to understand what they were doing?

President Obama has made it a priority that "Americans have the skills to effectively manage their disposable income and guard against deceptive practices and predatory." It is in these terms that the White House, with a "Council for Financial literacy" (financial literacy), decreed that April is "National Financial Literacy Month." One way to educate the public each spring operational introduction to finance more and more overseas.Even the Federal Reserve Bank (Fed) devotes part of its website with practical advice for a wide popular audience.

There is much to do. According to a survey conducted by FINRA (Investor Education Foundation), 68% of households have no personal events to finance as predictable as retirement or education for their children. And only 49% of households have "sufficient funds to cover the expenses of three months in case of illness, unemployment."

Carelessness or incompetence? "Most Americans lack the basic numeracy skills and knowledge of basic economic principles, such as the mechanisms of inflation, risk diversification, and the relationship between interest rates and financial asset prices "said Annamaria Lusardi economist, the George Washington School of Business.He has just published a series of studies on the subject.

This decision is based on a strict set of five test questions contained in the survey FINRA and here are the results. Thus only 65% ​​of respondents answered correctly that "a capital of $ 100, paid 2% per year, worth over 102 dollars in five years overnight pay day loans." Similarly 64% understand that "if inflation is 2% and the returns on their savings by 1%, their capital will be worth less in a year." Only 21% know that the price of a bond decreases mechanically when interest rates rise in the market. This is the question most cotton test: the Financial Times noted for its readership "high end" has to explain every time the mechanism in its reporting of the market.In contrast, 70% of Americans know that "a fifteen-year loan requires monthly payments higher than a loan of thirty years, but that all interest paid over the life of the loan will be lower." They are, however, that 52% believed that the purchase of a share of one company is necessarily more risky than the subscription of shares of mutual funds in shares. In total "less than 10% of Americans are able to correctly answer all five questions," said Annamaria Lusardi.

The French should not make fun of poor performance. The Institute for Financial Literacy public (IEFP), established in 2006 at the initiative of the Financial Markets Authority (AMF), is about to publish a similar survey conducted in the Hexagon. However the results appear even worse, can we prevent the IEFP.

The issue is probably lower in France.The balance of PAYG pensions and group health insurance does not appeal to individual decisions. Besides the French are much less indebted than their cousins ​​across the Atlantic.

Weaknesses in the calculation are the best thing in the world shared. Luc Chatel, Minister of Education and Xavier Darcos, his predecessor, did they not been trapped on television to have a mistake in a rule of three? This rule of proportionality, it is nevertheless essential to know the place to convert into euros the amounts in dollars! While it is fashionable to "be angry with the figures," while no one admits not knowing how to read. "Everyone complains of his memory, and no one complains of his trial," said La Rochefoucauld.Failing to properly count unfortunately causes the tragic misjudgment we know, both for households and for states. Hence the saying advisors financial products, worthy of the name: "It must be understood before taking."

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Last month, the government has activated for the first time a special support fund created in late 2010 for the departments in need. The beneficiaries are seven departments (six rural) whose debt is massive, and revenues, almost entirely absorbed by the distribution of welfare. Hitherto considered the spoiled children of decentralization, regions require the State to review the financing of rail, now they consider "untenable" for their budgets low interest rate personal loans.

The alarm level is reached. In ten years, spending communities have increased by 60%, and local taxes, 45%! These figures are staggering.Whose fault? A lax politicians and poor managers who prefer to treat their customers (36,000 hiring officials last year when the state removed 34,000 positions)? The lack of political will of the state, hostage to local barons? Bankers incendiary? To have the heart net, Le Figaro Magazine has plunged into the accounts of local authorities, was shelled and analyzed partnered with the Thomas More Institute and Public Evaluation System.Inspiring!

"Cities: heat stroke on taxes (pdf)

"Departments: the weight of social spending (the Ain to the Haute-Garonne)

"Departments: the weight of social spending (the Gers in Puy-de-Dôme)

"Departments: the weight of social spending (in the Pyrenees-Atlantique to Val d'Oise)

"Region: always a sacred way of life

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"In the trap of toxic loans

But the strengthening of the CDC, regarding the Club Med, a symbolic value. Between the public institution and the flagship of the French tourism, relations have always been close. In 2009, when Club Med was jostled by Bernard Tapie and various takeover rumors, the Deposit had dam, committing to purchase if necessary to a capital increase, finally buckled from other investors.Today, with 5% of the round, the CDC is involved in the consolidation of the company led by Henri Giscard d'Estaing.

Strategy carried out in several stages. Last year, the highlight had been the arrival of the Chinese Fo Sun, also a partner in the Club in the Middle Kingdom. The Deposit and Management of Morocco, also an industrial partner, is also installed in the capital. The French Caisse des Depots, for which tourism is a strategic activity, also maintains links with the business club, which it funds such as the site of Valmorel.

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This commitment reflects a shift in the euro area on the Greek case.The taboo of failure is no longer excluded. The President of the European Commission Jose Manuel Barroso called for "decisive action on Greece" while German Finance Minister Wolfgang Schäuble said yesterday that the overall level of indebtedness of Greece should be reduced s' it reaches an unbearable level, "to provide better opportunities" in the country. The discount will have to accept that private investors in the second aid package to Greece adopted in July would be 39% if we used the current market prices to assess the risk profile of the country, instead of 21% estimated at the time, said yesterday an official of the Institute of International Finance (IIF).

New vote in Slovakia, the euro rises

Concerning the Relief Fund in the euro area (EFSF), which must be expanded to support the plan to end the crisis, Slovakia has promised another vote tonight or tomorrow.It should be positive this time because four opposition parties agreed to support the government in place, in exchange for early elections. These data give back to the euro insurance. The European currency found the threshold of $ 1.38 in morning trading.

Oil, however, is small decline: a barrel of "light sweet crude" for November delivery lost 86 cents to 84.71 dollars. Barrel of Brent North Sea crude for November delivery yielded nine cents to 111.27 dollars for the last trading day of the deadline. The operators claim to be concerned before the publication of figures on weekly petroleum reserves in the United States.Another indicator to the American agenda: the weekly jobless claims, trade balance and budget.

Values ​​to follow Banks and cyclic form

The cyclical stocks such as Alcatel (9.9% to 2.2 euros) and Vallourec (3.32% to 48.90 euros) and the banks in the image of Societe Generale (2.92% at 23 , 84 euros), Credit Agricole (2.61% to 7.75 euros) or BNP Paribas (2.50% to 36.23 euros) always lead upward.

Total (-0.98% to 36.20 euros)

The oil company has discovered gas and oil off the coast of Norway, announced this morning the Norwegian Petroleum Directorate. According to preliminary estimates, this discovery is to be between 19 million and 101 million barrels.To dig the well that led to this discovery, Total was allied with Norway's Statoil, authorities said.

Carrefour plunged 4.16% to 17.17 euros

The group launched Thursday a new warning on its results in 2011, relying now on a decline in operating income between 15% and 20%, 15% instead of the planned end of August.

Lafarge (2.28% to 29.62 euros)

The French cement company announced an asset swap with the U.S. Martin Marietta, which it will transfer the aggregates quarries and concrete plants ready and asphalt, in exchange for aggregate quarries and distribution sites .

Casino (1.98% to 62.71 euros)

The retailer saw its organic growth slowed in the third quarter with declining sales of its hypermarkets in France, but the group has confirmed its objectives for 2011 include the strengthening of its market share in the Hexagon and improving margins at Franprix-Leader Price.

Areva (0.72% 22.49 euros)

The consortium of the French group and Germany's Siemens called the Finnish operator Teollisuuden Voima (TVO) to engage in the path of cooperation with the approach the final stages of construction of the EPR reactor Olkiluoto 3 (OL3). The final cost of the EPR should be 6.6 billion euros, according to the member Marc Goua responsible for a report on the accounts of the group. Areva has also been licensed by the U.S. authorities to enable it to construct and operate an enrichment plant in Idaho.Finally, the boss of the group, Luc Oursel, raised the possibility "to smooth or to shift some investments to reduce risk and improve (the) financial situation"

ArcelorMittal (-0.38% to 14.47 euros)

The group decided to shut down two blast furnaces located near Liège in particular because of the deteriorating global economic situation, the financial daily reported on Wednesday Belgian L'Echo, information later confirmed by the unions.

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