The worst is past, but hold the debt crisis remains on the radar. While the EU finance ministers met in Brussels since Monday for their meetings back, the markets continue to worry about any difficulties on the obligations of "peripheral" countries, considered the weakest in the euro zone, where rates continue to move away from those of Germany, the most creditworthy borrowers in the euro zone, according to the markets.

A time overshadowed by the rescue of Greece, sovereign risk has returned in the markets at the heart of the summer with the degradation of the controversial memorandum of Ireland by Standard & Poor's. The rating agency was concerned about the fly away cost of bailing out banks.On Monday, Finance Minister Brian Lenihan, has acknowledged that his government might be forced to undertake costly liquidation of the Anglo Bank Irisjh if Brussels rejects the announced restructuring plan. As a result, the yield gap between Irish and German bonds to ten years rose Monday 2 basis points to 342 points.

Ireland is not the only point of concern. Greece remains outstanding, to the extent that Pimco analyst warned Monday against a risk "significant" fault after European rescue plan. The rate differential with Germany reached 906 points Monday. Spain and Portugal are also seen as weak links.

Hungary followed closely

"The Eurogroup should really pay attention to what is happening in the market for sovereign debt," said Padhraic Garvey, ING Capital Markets, who said "the quarter that just looks rather delicate.The analyst is concerned not to see "no sign that investors buy massive debt of countries in the periphery." It is not a retelling of the Greek case, and the most likely scenario is that these countries can be refinanced. But "what we say spreads today, there is always concern about the markets. And ultimately, it is the viability of the Union it is a question, "he adds.

By November, the euro zone countries will seek to raise between 70 and 80 billion euros every month, against 43 billion in August, according to figures from ING. Germany, Italy and France topped the list of funding needs, but Spain will also have to greatly increase its emissions (7 billion).

The situation in Hungary, although not part of the euro area is also monitored.The country had been under surveillance by Moody's in July after having suspended its negotiations with IMF and the European Union. The subject is not officially on the agenda of the Eurogroup of this afternoon. But "it is not impossible that some ministers in the corridors are surprised by the Hungarian position," says a diplomat. "An explanation would be welcome. 'History reassure investors about the general adherence to fiscal rectitude.

Guillaume Pepy, however, indicated that there were "real signs of recovery: the transport of goods have left" and, for "transportation of daily life, it off again."In addition, the summer holidays were "well placed", he said, adding that the company had shipped more than 400,000 people last year during the summer. The director general of SNCF Voyages Barbara Dalibard said in the Sunday newspaper that the station had "carried 17 million passengers, 1.5% more than in summer 2009 which had already marked a good resistance to the crisis."

A strike of more than 24 hours

Regarding the strike notice be renewed from September 7 launched by three unions of the SNCF (FOR, CFTC and CFE-CGC) not nationally representative – Chairman Railway Group was optimistic. "The four unions that are representative (CGT, UNSA and SUD-Rail ed CFDT) said that traffic would resume on September 8, (thus) the traffic will resume on 8.He however declined to forecast the magnitude of disturbance, recalling that the strike rate was 40% during the mobilization of June 24 (46% according to the CGT).

Wanting reassurance he said that the minimum service is a success in the station: there were "more trains, and there is more info. 200,000 brochures will be distributed and September 7. The cost of a strike settled "between 10 and 20 million euros," he said. He found it "interesting" the idea of feeding a fund with the money that could be saved if there were fewer strikes. "It would seem normal, if there is less of a strike at the SNCF, less disruption of public service, that somewhere the railwaymen themselves have a return," he said.

Guillaume Pepy has finally refuted the rumor of his entry into government at the next reshuffle: "It's anything (…) It's 100% hoax.

A valuation that is debatable. "Facebook is not introduced on the stock market, investors have no access to company accounts. Suddenly, nobody knows if the current valuation of Facebook does not match its actual value. In this sense, an IPO would be beneficial. But once the group has to prepare for such transparency of accounts, "said Leslie Griffe Malval specialist company Facebook at IT Asset Management.

Therefore, as recalled by the boss of Facebook in March, the group is not "pressed" to appeal to public savings.In an interview with The Wall Street Journal, he stated that a flotation would not necessarily have a good impact on employees: "They may concentrate on an ad, how it is received, and if it raises the Action. He added: "But we will eventually enter the market because it is the contract we have with our investors."

A logical expectation

For most of the experts who track the value, this position is logical. "On the one hand, the group needs to develop more mature and clearly the profitability of its business model, and secondly, financial markets are still too nervous," says Leslie Griffe Malval. He added: "Furthermore, the group has proven repeatedly that its financing needs were provided. Finally, an IPO provides visibility to a company. However, awareness of Facebook is more to prove. "The website of socialization has crossed the threshold of 500 million active users in late July.

In an industry that revived concerns about the ability of companies to innovate, Facebook would be a trump card. "Today, investors have concerns about the profitability of the technology stocks, said Leslie Griffe Marval. In this area, Facebook has a clear advantage with its social networks that has managed to monetize. " Enough to convince investors to stay true to Facebook by its IPO? "Their cash needs are not important. They prefer to wait until the group gets into the stock market to realize gains interesting, "he concludes.

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If the information has not yet been confirmed by Carrefour does not wish to comment, the group would indeed begun selling its operations in Thailand (550 million euros turnover in 2009 ), Malaysia (300 million euros of turnover) and Singapore (80 million euros of turnover), according to Reuters. "I would not reconsider our position on a number of emerging markets where the potential is not important," said Lars Olofsson, Executive Director of Carrefour, Le Figaro last January. These transfers could bring him some 800 million euros.

"Carrefour has too dispersed"

"These operations will confirm Carrefour to focus on China (3.5 billion euros in turnover in the first quarter of 2010, Ed), Taiwan (1.3 billion euros of turnover) or Indonesia (800 million euros of turnover), "said an analyst of CM-CIC Securities specialist value. He added: "These markets like Mexico, Chile, Japan, South Korea or Switzerland, which Carrefour has withdrawn, were either uninteresting or markets where the group has rapidly exceeded by its competitors. Carrefour was too dispersed. According to the analyst, other distributors present in Asia as Tesco and Casino would be interested, or even private equity investment based on the evolution of debt markets and mergers and acquisitions.The Casino has wished to make any comment.

Carrefour wants to "re-enchant the hyper"

To boost sales of its hypermarkets, the group plans to create new concepts. As part of its "hyper-enchantment" Carrefour should delegate its rays to Virgin Music, according to the magazine Challenges. By outsourcing this department to a specialist, the group hopes to attract more young people into its stores. A first test will be done in the store Venissieux. And if successful, the contract could be extended to 238 Carrefour hypermarkets, and cover all rays non-food, whose sales have fallen 5% in 2009.

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While Prime Minister Francois Fillon has expressed this morning, Christine Lagarde said that "the government is not obtuse", and that "dialogue will continue. Discussions will be limited to "some point" in the text of the government, confirmed the minister."President Nicolas Sarkozy said on the issues of hardship, of polypensionnés and long careers, there is room for negotiation," she added.

"The message we give is our determination to continue to reform in serene courage and wherever necessary," said Christine Lagarde, who emphasized "the urgency" of the situation of public finances France. Asked about the signal that the French government would provide the markets with pension reform, Christine Lagarde did not deny the need to 'send a message of safety "for those who invest in the" France risk. However, the triple-A rating enjoyed by France, which is the best possible debt rating is "stable," Plassnik said.

Safeguarding the employment of older

While the unions believe the government bill "unfair" to employees, the minister said on France Inter radio that "high income will contribute" to the overall effort while "capital income will be taxed" payday loans . She also stressed the government's job to safeguard the employment of older workers. Two directions are preferred, namely training and alternate agreements with the companies on hiring senior employees.

"Delaying the age of retirement must be accompanied by measures to prolong the careers of seniors," the minister reiterated. According to figures released Thursday by the employment center, the seniors have been recovered on May 1 sharp increase in their number of registered unemployed (ranging between 1.3% and 1.4% by categories).That was several months that such progress had been achieved.

The discussion of the severity and recovery

For Christine Lagarde, these figures are "bad". And all the more reinforces the government's reform policy. A policy which it defines as "a subtle exercise" between the need to support recovery and the imposition of austerity measures. "On one hand, it is engaging the major investments planned under the Big Loan. On the other side, be careful not to spend any how, "says Minister of Economy.

A debate that should rightly be exported this weekend in Toronto at the G20 summit. Recovery plans for growth and fiscal restraint? The choice to divide Europe and the United States, the International Monetary Fund and World Bank.Relativizing discord among summit participants, Christine Lagarde nevertheless called for a "more collective work.

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But observers have in mind the case of U.S. tanker. The defense giant Northrop Grumman American announced that he would compete to win a contract for 35 billion dollars to provide 179 refueling aircraft to the U.S. Army. This is the first installment of a giant order of 500 aircraft for 100 billion dollars. Northrop said that the criteria of the tender favored Boeing, also nominated. Consequently, EADS, his partner had no choice but to throw in the towel.

The news caused an outcry in Europe.«(…) During the current crisis, the smallest signs of protectionism are harmful, "accused Br?derle Rainer, German Minister of Economy," even in the field of defense, free competition should not be hampered unilaterally. The Foreign Office warned that "France, with the European Commission and its European partners concerned will proceed to the consideration of this new development and its possible implications.

A complaint before the World Trade Organization (WTO) seems to be excluded because it is not competent defense. And it can not intervene following a sovereign decision taken by a private company, namely Northrop. Louis Welsh did not want polemics or insult the future: "I am not a politician but an industrialist. I am part of a fact.The U.S. market remains a priority for us. "He was careful not to comment on the decision of its American ally. Northrop could have filed an appeal before a federal judge because he had a strong case. He preferred to drop and de facto release EADS. For the Democrats who control Congress have pushed the message. We must leave the field open for Boeing needs this contract to stay in the field of military aviation. Boeing, whose headquarters are located in Chicago, a stronghold of President Obama. Northrop would have been assured of being able to catch up on other contracts. He could not alienate its biggest customer, the Pentagon, who can not stand to see its decisions appealed to the GAO, the U.S. equivalent of the Court of Auditors. This was the case in early 2008 when Boeing was denied victory by Northrop and EADS.And succeeded.

Result, the U.S. Army for ten years waiting for its new tanker. Today is back to square one with, as in 2001, only one bid. It is possible that again the Republicans react as they reject the absence of competition.

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