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.

After the official closure of Wall Street Thursday, Amazon has posted results that disappointed investors. Of course, earnings rose 45% for its second quarter to 207 million or 45 cents per share. But analysts had predicted earnings of 53 cents per share. As for sales, Amazon will display a turnover of 6.57 billion, exceeding expectations (6.54 billion).

Operating profit rose 71% to 270 million but there is also far from the consensus (320 million estimated).

For the current quarter, Amazon provides billings between 6.9 and 7.6 billion dollars my credit score. The operating profit should be between 210 and 310 million showing a margin of 3 to 4% The analysts' estimates were much higher: 361 million expected to be a margin of 5%.

In a statement, Jeff Bezos, founder and CEO of the site says, "We see rapid growth in sales of Kindle, Amazon web services, sales to third parties and retail." "Over the last twelve months, customers worldwide have ordered from their mobile device for over $ 1 billion worth of Amazon," says Jeff Bezos still, he was confident in the potential of Tablet PCs, or as the Kindle 'iPad, to "become a vehicle extra" sales.

According to excerpts of the speech published by Bloomberg, the prime minister must detail his plan to replace "the old bureaucratic system with a new democratic system, enabling it to resolve the dilemma between maintaining services and reducing costs.

"We want to give citizens an opportunity to improve public services in our country through transparent, democratic local control, competition and choice," said excerpts from the speech. David Cameron will discuss in particular the possibility for the first time, electing police commissioners Guaranteed payday loans.

For its part, the Secretary of State for reducing costs of administration will scrutinize all the benefits of key government suppliers to reduce costs. The names of companies have not been disclosed.

600 000 public jobs threatened

The British Finance Minister, George Osborne, asked the Ministries of Defence and Education, to make projections based on a reduction in their budget 10% to 20%.But other state services must therefore prepare for reductions of 25% to 40% of their resources. In late June, the Minister announced in Parliament and with all the new budget measures he hoped would reduce the deficit from 10.1% of gross domestic product this year (2010/11) to 1.1 % of GDP by 2015/16.

The Fiscal Responsibility Office has estimated that 600,000 public sector jobs might be eliminated as a result of these forecasts to reduce the deficit.

Already there are signs the sector's difficulties. Yesterday, the banks have asked for more cash than expected from the European Central Bank (ECB), illustrating the fact that institutions are unable to refinance them, and cast doubt upon the state of their balance sheets.Thus, after a special term refinancing operation of the ECB, 78 banks have borrowed just over 243 billion euros.

The concern germany

The latest statements by Axel Weber have also sowed doubt. The governor of the Bundesbank, Germany's central bank – has in fact asked to German institutions to raise funds to prepare for emergencies, in case they would not pass stress tests. The German regional banks, and Monte dei Paschi and Banca Popolare di Milano in Italy, Banco Popular in Spain or the Greek settlements, Portuguese or ireland would be most vulnerable.

Penalties "proportionate and coordinated"

As they had said after their meeting early last week in Berlin, France and Germany believe that much remains to be done to ensure financial stability, "while the economic recovery could be threatened by new financial strains "

Among the many issues discussed, the issue of sanctions against countries "uncooperative" in the exchange of tax information or suspicion of money laundering.In this area, France and Germany want the G20 to go further this time by defining sanctions "proportionate and coordinated" against those countries and asked the OECD, which was published in early 2009 a list of countries targeted, the update in time for the summit in November 2011 in France.

They also want the Financial Stability Board (FSB) broadcasts before the end of 2010 a list of financial "who refuse to cooperate and comply with international standards for prudential" bad credit payday advance.

Nicolas Sarkozy and Angela Merkel address two other issues of topical hottest, new prudential regulations for banks and regulation of financial derivatives markets over the counter.

Prudential "selected and calibrated"

For the former, they believe they should be "selected, calibrated and implemented so as not to jeopardize the economic recovery." They wish they were not introduced before the end of 2012, "by leaving adequate transition periods and appropriate protective clauses.

Derivatives was, they called for an acceleration of "the implementation of strong measures" to improve transparency, notably through mandatory reporting of all transactions in central databases, trading on regulated markets and use of clearinghouses.

They also want an answer "coordinated" with the specific challenges posed by the markets of CDS (credit default swaps), derivatives used to hedge against risks of default of a borrower whose responsibility has been questioned by politicians in the debt crisis in Greece.

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"Tax credit: Merkel-Sarkozy offensive

Barack Obama on Tuesday gave members of his Cabinet until Sept. 13 so they identify reductions of 5% of funds in their agencies and departments. That extra effort the White House to reduce spending in response to American concerns before the expected surge in debt to Uncle Sam more than 100% of GDP in 2012. However, the actual impact of this initiative looks marginal. It will only result in recommendations to Congress may be accepted for fiscal year 2012, not before. In addition, over 60% of federal spending by definition beyond these potential restrictions. These expenses called "automatic" which include debt service, expenses of the pension plan and those of public health systems.

In February, Bush has already requested a freeze for three years (after inflation) of many public spending "not automatic". But the categories have been added untouchable military spending, those relating to civilian security and international aid. But the Pentagon budget alone is $ 700 billion, or half of total discretionary spending. Moreover, the Congress, including Republicans, routinely refuses the few savings proposed by the White House in weapons programs. In point lead Barack Obama now threatening to veto the budget law drafted for the Pentagon by Congress.

Moscow is 20% of staff within

The ad has a taste for rigor, but it is not formally rigorous.Russian President Dmitry Medvedev on Tuesday ordered his administration to make proposals to reduce by 20% the number of officials in the country. "It is obviously, a far too severe, which can not be made mechanically or on the basis of purely financial criteria. We are talking about the fate of people, "said the head of the Kremlin, which gave no further details. Already last week, during a cabinet meeting, Finance Minister Alexei Kudrin had discussed such a proposal would lead to the elimination of 120,000 jobs and would save 43 billion rubles (1.13 billion ' euros). In contrast, half of this allocation would serve to increase the salaries of other cadres of the public.Despite the beginnings of the European crisis that could hit Russia, the government continues to boast its program of social spending that benefits particularly to retirees. In the past, such cost-saving measures have already been proposed, without being acted upon.

Germany on the wagon

Monday is a detailed history of savings – 80 billion euros by 2014 – announced by German Chancellor Angela Merkel. In order of priority expenditures of the federal government. Number of allocations will be scaled down and almost 15,000 jobs disappear in the civil service by 2014.The removal of 40,000 soldiers in the Bundeswehr is also under consideration.

New sections in Hungary

After his rescue in late 2008 by the IMF, the World Bank and the European Union, Hungary had announced an initial dose of austerity with a wage freeze for two years in the public and the removal of the 13th month for pensioners. Prime Minister Viktor Orban on Tuesday a detailed budget which provides, in addition to creating a financial tax, further cuts in public spending to the tune of 425 million euros. The revenue cap leaders and the public is considered a strict examination of spending to purchase a car or phone service.

Elsewhere in Europe

It is not good to be official now in Europe.Down 5-15% of wages in Ireland, abolition of 13th and 14th month and down 7% in Greece pensions, freeze wages and non-replacement of a staff of two in Portugal, wage freeze in Italy, Spain, hiring freeze in Great Britain … Besides the cuts in operating expenses that are spreading.

In addition, expectations of rising interest rates in several countries in the area, where inflation is threatening more and more, reduce appetite for risk that investors had recovered in recent weeks, analysts of HSBC.

Oil retreats always

Crude prices were down sharply Monday in electronic trading in Asia, continuing their decline last week, dealers said.

In morning trading, a barrel of light sweet crude for May delivery fell by 1.49 dollars to 81.75 dollars while Brent North Sea with identical maturity, yielded $ 1.11 to 84 $ 88.

On Friday, oil prices had fallen back sharply in New York, a barrel of benchmark dropping more than two dollars in closing an index of consumer confidence in the U.S. amid disappointing and marked increase in U.S. currency.

The China National Petroleum Corporation (CNPC) has signed an agreement with Caracas to support the extraction of oil for 25 years in the region of the Orinoco Belt, Venezuela. Cost of operation: 20 billion dollars.The oil production at the site would represent 2.9 billion barrels, according to the Chinese company.

Toyota will pay

Japanese carmaker Toyota (-2.16% to 3,615 yen) will pay a record fine of 16.375 million (12.2 million) dollars imposed by U.S. authorities for several months in hiding for his problems accelerator, officials said Sunday night from government sources.

"By paying the entire civil penalty, Toyota accepts responsibility for hiding the safety issue of road safety agency, in violation of the law," said a senior U.S. Department of Transportation.

The Japanese automaker has also recalled some 870,000 Sienna minivans type in North America last Friday.

Couach recently signed two new contracts. The first of 15 million euros for fifteen coastguard patrol boats ordered by the Indian Navy, whose assembly has just begun, the other an unknown amount, for a yacht of 50 meters for a Ukrainian Industrial anonymous.

To celebrate this good news, Fabrice Vial has offered advertising space. "You have to tell the good news, says the Figaro industrialist Marseilles. Couach The brand has great potential.It is necessary to capitalize. "These ads also help reassure the financial community and potential clients.

Couach offers at least a new beginning. Fabrice Vial took over last June at the helm of the Tribunal de Commerce de Bordeaux Business centennial whose name rhymes with "quack" in recent years. Suspended from quotation on the Stock Exchange in late 2008, the stock has been delisted December 31, 2009. Didier Cazeaux, the former boss had left a liability of 55 million euros to banks and 5million to subcontractors.

New call for tender in India

Fabrice Vial pledged to retain 300 jobs, $ 1.5 million for the repurchase, and provide 6.5 million in capital. A gamble that seems crazy, so much so that the pontoons rumor: Fabrice Vial included these sites would not lose a deposit of 3 million euros it would have paid on a "Couach.The complainant denied, but confirmed to be an aficionado of this cult brand, weakened by its diversification and costly in megayacht.

The 2008 crisis dealt the coup de grace: the few customers able to spend 20 million euros for a yacht were made discrete. In 2009, the craft market has dropped 50%, Genmar the U.S., the No. 2 worldwide, was placed under the protection of Chapter 11 in June. The French Rodriguez has been placed in backup procedure …

Today, the billionaires seem a little more comfortable. The revival of Couach can begin. "Fiscal 2009 was recipient provides Fabrice Vial, resolutely optimistic. The customers are there and we see momentum of recovery. We knew the restart of construction activity was the most difficult.A helping hand Bankers would be welcome. "

The captain keeps in focus a future order of 80 patrol vessels to the Indian Navy, but he is not alone in responding to the call for tenders. "If delivery of the first patrol went well, I am hopeful that we not only retain the 300 employees, says he, but in addition we are able to hire fifty people." With work for 5 years.

Investors welcomed the figures published in the estate after the opening. According to the federation of Realtors NAR, sales in the old building in February fell 0.6% to 5.02 million units annualized cons down 7.2% in January. The news surprised the market which had forecast a decline of 1.2% to 5 million units. Compared to February 2008, sales of the older building show an increase of 7%.

These figures continued to fall, however, demonstrated the fragility of the recovery in the housing market.

Greece starts to worry the United States

Ben Bernanke will speak further on Thursday afternoon to a congressional committee on programs for emergency liquidity and their next stop. Thursday is also the date that will meet the leaders of the 27 EU countries for a summit in Brussels devoted to their principle economic strategy for the next decade, but then risk traders carefully any comments on the Greek fiscal crisis and possible practical support measures.

One of the leaders of the U.S. Federal Reserve (Fed), Dennis Lockhart said on Monday that the Greek crisis could "directly affect the economy of the United States." The euro was down against the dollar on Tuesday, still penalized by the lack of clarity on possible support measures.The euro stood at 1.3499 dollars against 1.3560 dollars Monday around 23:00.

For now, investors are well prepared. The rebound on Wall Street was foiled yesterday forecasts rather reserved, in the absence of major economic indicators.

The pharmaceutical always featured

The implementation of the reform of key Obama seems to be judged rather positively to the various stakeholders involved: the laboratories, but also providers of hospital services and what is even more unexpected – some insurers.

Values are pharmaceutical and trending up since yesterday. The sector gained 0.6%, which is market-mover of the meeting.

On Tuesday, the area still bears the Markets: Tenet Healthcare is 0.48%. Pfizer gained 2.24%, Merck climbed 0.52%.As for mutual Aetnat climbs 1.01%

The area of technology stocks is well oriented: Seagate (3.78%), Micron (2.03%), First Solar (2.43%) Applied Materials (3.56%), and Oracle (1.68%).

The property sector has reacted with mixed real numbers: KB Home 1.66% cowardly. Hovnanian rises of 2.19%. Lennar is 4.66%.

Walgreen (+1.64% to 35.91 dollars) has reported a quarterly profit increase, to 68 cents per share against the 71 cents expected.

Chinese authorities said on Tuesday that the decision of Google (-1.52% to 548.74 dollars) to close its research services in mainland China was an isolated act which would be treated "in accordance with law."

Time Warner (+0.03% to 31.29 dollars) has submitted the best bid from studio Metro-Goldwyn-Mayer. transaction amount: $ 1.5 billion, according to sources familiar with the matter.

The U.S. Treasury Secretary Timothy Geithner today ruled that the reform of mortgage refinancing agencies Fannie Mae (0.92%) and Freddie Mac (0.78%) should expect "a period of greater market stability Financial.

As for commodities, oil prices finished higher in early Tuesday. On the New York Mercantile Exchange (Nymex), a barrel of light sweet crude for May delivery ended at 81.91 dollars for his first day as a reference contract, up 31 cents from the close Monday.

It all begins when Nicolas G., a young engineer-energy air conditioner of France Telecom, is served with a transfer, then seen as "disqualifying" within the unit to troubleshoot customers in January 2009. While this type of job usually requires training estimated at 8 or 9 months, Nicolas G. is immediately put to use without further preparation. He committed suicide seven months later.But when the occupational and a firm specializing in the psycho-social risks identify the unit to which he belonged as being at risk "serious" health of its members, France Telecom does not put in place precautionary measures recommended low fee payday advance . Instead, the operator "significantly increases the rate of technicians"! Finally, the report indicates that this group is to "willfully refused to inform the committee on health, safety and working conditions" (CHSCT), contrary to legal requirements.

After already damning results of a survey conducted by the firm specializes Technologia and made public last December's report noted a "working atmosphere tense, even violent" is a new challenge to the company having recorded nearly fifty suicides since 2008, while France Telecom is still negotiating with the social partners agreement on stress at work. The report of the inspection work was awarded to South Union, which intends to bring civil actions. The floor of Besan?on, which had previously found impossible to establish a causal link between the problems professionals Nicolas G. and his suicide may well change his mind.