Where are the hundreds of millions of dollars entrusted to MF Global by its customers? Ls market authorities are trying to answer this question since the announcement on Monday of bankruptcy of the U.S. broker. According to sources familiar with the matter cited by the New York Times, nearly $ 950 million would have disappeared from the company's accounts. This amount would be reduced to $ 700 million after the announcement of bankruptcy. "And a certain amount should resurface in the coming days, until the bankruptcy process progresses," says one close to the talks to the newspaper.

The location of this money is currently undetermined fast cash advance. According to sources close to the investigation, it may be that these funds are still held by banks that handle client funds.The group, which peeled the accounts receivable of MF Global, was alarmed by the disappearance of certain funds.

For now, neither the group nor its leader Jon Corzine, are explicitly implicated by the investigation is still in its débuts.Ils refuse to comment on the matter, the newspaper said New York.

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After the events of spring Arab countries that have stirred strong tourism such as Tunisia and Egypt, it is time to first results. As part of the Institute of Economic Forecasting of the Mediterranean world (IPEMED) led by Jean-Louis Guigou, the Mediterranean Travel Association (Meta) published assessments that it may take a little balm to the heart of tourism professionals present in this region.

"The attendance figures, down in the first eight months of from 40 to 50% from a year 2010 already bad, should be better in the second half of the year," said Stephen Pauchant, president of the Meta. According to his calculations, the outlook for 2011 should reflect a fall of 15% of international tourist arrivals (27.3 million) in the area between Morocco and Egypt.However, for the entire perimeter of the Mediterranean, Stephen Pauchant expects an increase of about 2.17%.

The sense of security is "acceptable"

The price reductions, promotional campaigns, the arrival of new customers came from Eastern Europe and Asia do not explain everything: the sense of security has improved in these countries bad credit payday advance. Probing of tourists, the institute noted that TravelSat indices had improved. "Now the feeling of security is considered" acceptable "," said Olivier Henry-Biabaud, president of TravelSat, the index is comparable to some European capitals during a short stay because the stress of city life can be important ".

The fact that in Tunisia, during the Arab spring, no hotels have been attacked, no tourist was concerned, adds to the perception of safety.Important source of foreign exchange, tourism is expected to return in the long term growth. "The tragedies of past attacks demonstrate that the concept of resilience is strongly rooted in these countries, says Maxime Weigert, expert on tourism in IPEMED. Not only tourists return after tragedies such as that of Luxor in 1997 (58 tourists killed), but the learning curve reaches the same level as if nothing had happened. "

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The Louvre is just a trial balloon. Haier, the giant Chinese electronics and appliances, a partner in the last Asian Film Festival in Deauville, is found now official sponsor of the exhibition "The Forbidden City in the Louvre," while the group Fosun, active in the steel industry, mining, property development, distribution and services, financed the catalog.

"This is the first time that we sponsor an event abroad. Traditionally Chinese companies involved in the financing of aid to natural disasters, earthquakes or floods. They argue that very few art events. But we made several acquisitions in Europe and you want to get closer, "says Jane Zhang, director of brand and strategy Fosun.

This, indeed, holds 9.5% of Club Mediterranean.It has also invested in a chain of jewelry and fashion accessories in Greece. Haier, meanwhile, set up last year, the seat of his European office in Paris. For one as for the other, cultural patronage that they are discovering can be a powerful tool to better integrate. But the payments remain a state secret.

Open the Forbidden City

As many as 350,000 Chinese visited the Louvre last year. The country is now the fifth largest foreign tourists to the museum, behind the United States, Brazil, Italy and Russia. So Wan Jie, head of Artron, specializing in printing, which was not 50 years, is very interested in the Young Patrons Circle of the Louvre.All they need to pay 2,000 euros per year if they are under 40 years beyond 5000 to be included, says Christophe Monin, head of development and sponsorship of the museum overnight pay day loans.

"The demand from wealthy individual to the corporate philanthropy is very strong in Asia, but their goal is to first do something for their country," says Nathalie Sauvanet, BNP Paribas. In its own way, Chen Dongsheng, president of Taikang Life Insurance, is a pioneer in China. He is a founding member of the China Social Entrepreneur Foundation and one of the best friends of the owner of Fosun, Guo Guangchang. He believes that "companies need to focus on modern culture."

It is also believed that Wang Yamin, deputy director of the Museum of the Forbidden City in Beijing. It does not hide it, the Louvre gives him ideas. The palace is full of treasures that can not hardly watch the public.They are crammed into the reserves of the City. If he succeeded in attracting Chinese businesses, it could more easily escape by appealing to the state. The tourists would stay longer when on the site. "The Forbidden City needs to develop cooperation with private companies," he pleads.

Christophe Monin, for whom "patronage is essential today," just waiting to help. But in the meantime, the Louvre would like to create a Chinese version of its multimedia guide … he hopes to be financed by entrepreneurs from the Middle Kingdom.

After China, Russia and India, Renault-Nissan continues its conquest of the BRICs with Brazil, a market that the Alliance considers particularly promising. Japanese Nissan, 43.4% owned by Renault, will announce next Tuesday the construction of its first plant in the country. It would produce about 200,000 cars a year according to Nissan. This would be after a source quoted by Reuters car to make affordable electric cars. The manufacturer will invest $ 1.5 billion (1.1 billion euros). A figure not confirmed by Nissan, but the sum generally allocated to the creation of a new plant. The site could be located in the State of Rio de Janeiro. So far, Nissan produces its cars in the Renault plant in Curitiba, in Parana state.

Meanwhile, Renault will expand the capacity of its plant to better meet market demand.The investment could be around 200 million euros, according to estimates from an internal source to the manufacturer. The Curitiba plant produced 190,000 cars last year, about 30,000 Nissan vehicles.

Carlos Ghosn, CEO of Renault-Nissan, said in June, during the presentation of the new strategic plan of the Japanese, that Nissan would announce an investment in Brazil by the end of the year. He also promised two weeks ago, at the Frankfurt Motor Show, the major announcements about upcoming BRIC (Brazil, Russia, India, China).

Renault-Nissan, whose global market share stood at 10.3% in 2010, wants to catch up in Brazil, where the Alliance was granted last year that 5.9% of the market ( 4.8% for Renault and 1.1% for Nissan). The French manufacturer this year is 5.5% of market share and 7.4% in 2013, with 250,000 vehicles sold (against 160,000 in 2010).He estimates that Brazil, last year's third market, could become the second to the horizon behind France.

While the market is currently dominated by Fiat, Volkswagen and General Motors, which share almost two-thirds of sales, the French rival Renault, PSA Peugeot Citroen, also seeking to hold its own in the game PSA , had already announced in 2010 an investment of 530 million euros in Brazil, including the development of models tailored to the local market and increased capacity. The plant in Porto Real, in the State of Rio de Janeiro, should be capable of producing 220,000 cars from next year, against 150,000 now.

Higher taxes on imports

Renault-Nissan also want to be able to benefit fully from the growth of the Brazilian market, last year became the fourth in the world, with 3.3 million vehicles and an increase of 10.6%. In recent months, growth has slowed significantly, however, even if the first 8 months of the year, it still reached 7.5% over the same period in 2010. The country could fall back to fifth or sixth place this year, according to the local builders association.

Increasing their industrial presence in local, French manufacturers are also able to escape the measures recently implemented by the Brazilian government to tax heavily on imported cars and thereby encourage investment in the country.

Renault-Nissan was headed for emerging markets, giving priority to date every time to one of two manufacturers. In Russia, the Alliance is currently negotiating the takeover of Russian Avtovaz before the end of the year, Renault could hold 35%. In India, Renault will produce four new models by end 2012 in the Nissan plant in Chennai. Remains China, where the Japanese are strongly represented, but Renault is still absent. An absence that seems more than ever out of place when Nissan is growing in Brazil.

The stock market bounce this week has been facilitated by the concerted action of major central banks. The markets now await a response to the crisis of the euro and they still fear a return to recession is not yet integrated into the course.

• Central banks have put out the fire. Policy is to act.

To rebound, stock markets were expecting a strong gesture. A kind of kick in the bottom of the pool after the distressing spectacle of the leaders of member countries of the euro unable to agree on rescue Greece. The first impetus was given by central banks that have decided to tackle the funding problems of European banks. By providing all the liquidity they need dollars, they have the most urgent and avoided a new banking crisis. But the most difficult tasks lie ahead.For central banks are independent organizations, they therefore have the flexibility of movement that do not have the seventeen Member States of the euro. Now it is in the field of European governance, the ability of states to reduce their debt and the solidity of the European financial stability that is expected the euro area. Subjects whose implementation is far from certain and have not finished putting markets under pressure.

• Focus on growth, defensive stocks do not pay more.

The crash of August brought down one of the last great stock market myth: the resilience of defensive stocks in times of crisis. The numbers speak for themselves: Veolia Environnement and Suez, specializing in utilities, a sector traditionally very defensive, yielded 42 and 20% over the last three months.EDF and GDF Suez lost their next 18 and 12%. France Telecom, Vivendi and Vinci also fell sharply. During the summer, these values ​​have not only shown no ability to resist, but they often fell as much as "cyclical" as Lafarge, ArcelorMittal, Saint-Gobain or Peugeot. The only values ​​that really are resilient growth companies in these emerging countries have low debt and strong brands. LVMH is the case, Essilor International, SEB, Air Liquide, Bic or Hermes International. The clear market preference for growth stocks at the expense of defense is not surprising in times of crisis. It is precisely because investors fear a slowdown in the richer countries, that growth is so sought after by scholars.The famous guru of Wall Street, the American Peter Lynch, who long prospered the famous Magellan fund, has shown: in the long run, only the values ​​of growth are able to enrich shareholders. His motto: there is no fortune by multiplying the stock market moves, but the success by joining the best companies at the time.

• Economists fear a growing recession in the United States.

The euro crisis is not the only concern of the operators. According to a survey by the Wall Street Journal on a panel of 53 economists, they believe that there is one chance in three that the United States fell into recession in the next twelve months. This sharp deterioration in business expectations is a bad omen.American economists believe the Fed will be reactive at its meeting on 20 September, but they doubt the effectiveness of measures taken to revive the business. The survey, closely watched by traders on Wall Street, the trend weakens. Especially when we know that this feeling is shared by consumers, which contributes 70% to U.S. GDP.

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It is a small revolution for the station and its customers: under a decree published this summer in a discreet and identified by Challenges.fr, the railway company could now set its prices much more freely. Gone are the peak and normal periods, the timing was officially recorded in advance and who presided over the setting of tariffs.

"The decree allows to adjust the price cap to the station for the gradual opening to competition of the railway market," says the text. Clearly, to boost the attractiveness and profitability of the public entity within the opening to competition of the European network, SNCF should be able to offer its customers a range of rates much larger, developed based on supply and demand.

Rate increases on the crowded trains

The gain to consumers is mixed.On some busy routes, these new capabilities would enable the public body to go beyond the current full price of the second class in rush hour cheap payday advance. Holidaymakers taking TGV lines busy for example will be expected to pay more. However, for trains shunned by customers, the SNCF would be allowed to go below rates currently charged to attract new passengers.

Such liberalization was requested by the SNCF to the government at the end of last year, in return for the introduction of a tax to finance inter-deficient lines. Neither station nor the government have so far expressed on the subject.Signatory to the decree, the Minister of Transport, Thierry Mariani, was at the time held that freedom of the SNCF tariff should remain regulated, "in that competition does not really exist."

According to Challenges, consumer groups such as FNAUT will be formally consulted before the application of the decree, "probably in the fall."

What will the television of the future? This is the battle that was played in early August between the Ministry of Industry and the Communications. The Ministry of Eric Besson argued for the adoption of a new standard for DTT broadcasting (the DVBT-2). That of Frédéric Mitterrand preferred delay. Élysée and Matignon has arbitrated in favor of Eric Besson. Result, 9 August, the French government notified Brussels that it reserved the right to establish a new standard for DTT broadcasting, as revealed by the Tribune. The government does not specify the date of service, but it will be theoretically possible on 1 December 2011 with the termination of analog TV. The issue is quite simple. With technological advances in transportation and compression of images, it should be possible to make a lot of space on the radio frequencies (up to 70%).

With current technology, there is room for six new HD channels. Three lines are planned for the bonus of Canal +, TF1 and M6, and three others could be attributed to competitors. With the new standard DVBT-2, it will be possible to disseminate, not six but ten. The problem is that it was not until late 2013 or early 2014 for manufacturers LG, Sony, Samsung … sell TVs with standard DVBT-2. The French who are equipped with new TVs from 2005 to 2011 to receive the TNT are not ready to change to accommodate new channels payday loan no faxing.

Reasoned opinion on September 20

This equation is complicated by the question of the future media landscape and the allocation of bonus channels. But Michel Boyon, the president of CSA, must make a report on the subject to François Fillon, late August or early September. Michel Boyon has several solutions.

The first is to allow the launch of three bonus channels (Canal 20, Paris Première and LCI) in the current standard from 1 December 2012. The second is to allow the launch of these channels but with the new standard. Consequently, many channels exist but would be seen by any viewer, because there will be no television adapted. The third is to freeze the PAF with 19 free channels until 2014, when the arrival of new TVs and a full stop advertising on France Televisions. This would suit TF1 and M6, which argued for a break. But Canal Plus, who wants to launch its free channel Canal 20 in late 2011, could attack the decision to the State Council. It is Brussels that could mediate the dilemma. On 20 September the Commission will issue a reasoned opinion, or it's likely that it opposes these bonus channels.

The CAC 40 is risky there twice this month. He was immediately returned. The threshold of 3000 points, as seen on the Paris market was down on Thursday 11 and Friday, August 19. On Monday morning, the Paris index recurred, opening down 0.85% to 2989.60 points. But again, it started to rise immediately after slipping below 3000, and closed on Monday evening at 3051.36 points (1.14%), having flown over 3100 points During the session this afternoon.

The level of 3000 points may well not be a technical threshold (it does not automatically trigger a sell order or purchase), it still plays a role of "support" on which the market arises before rebounding .Daniel Gravier, Head of Sales Trading at XTB France, believes that "this psychological level is transcribed in the courts and thus returns to a technical threshold."

The cross downward psychological sounded an alarm in markets which do not have a habit of getting carried away by their feelings. Professional traders define their purpose of orders passages through complex mathematical calculations, generated by high-powered software that constantly scan the share price indices, securities, commodities and all that is listed in order to predict the best time to invest or sell. And to build the software, the banks are recruiting the cream of engineers. But in this world of numbers, there is also a psychological dimension.So, see the CAC 40 fell below 3,000 points spurred the market to recover.

"This is a symbolic level, for its part says Harry Sebag, an analyst at Saxo Bank. In times of great nervousness, while visibility is poor, investors cling to benchmarks in the short term instant credit report. It's an excuse to reposition itself for purchase. This morning, we felt that the markets began to rebound because the shares had suffered a significant discount. " And hope for regime change in Libya was a good news for oil companies operating in the country, making a breath of excitement to the Paris Bourse.

"Safeguards" but also to accelerate the panic

"These thresholds are safeguards on which the market rebounds," says Harry Sebag. But the psychological effects of contracts may jégalement ouer a role accelerator panic attacks.The violent stalls indices observed recently on global stock markets have shown. In Paris the CAC 40 fell by 32.4% since July 1, affected by short-term concerns (the debt crisis in the euro zone, bad macroeconomic indicators in the U.S. and deteriorating debt rating for American Standard & Poor's), but not only. "In late July, the market downturn downward was rational, said Jean-Louis Mourier, an analyst at Aurel BCG. However, the extent of movement and the high volatility experienced by markets in recent days show an overreaction. "

The index in Paris he could sink even lower? The scenario is possible if the disappointing macroeconomic indicators continue to grow and corporate earnings in the third quarter does not reassure investors, said Harry Sebag.Saxo Bank analyst would watch while the threshold indicated by the software, around 2850 points or even 2500 points. "But I hope we will not get to that," he adds.

Friday night, two days after intervening in Parliament without presenting concrete and after two weeks of falling markets, Silvio Berlusconi announced a drastic revision of budget targets. He was accompanied by his Minister of Economy, Giulio Tremonti: both showed a facade of unity after publicly bickered on the eve of the ECB's role in the crisis, which had a bad effect.

The new roadmap is binding. Parliament will be asked to register immediately the "golden rule" which prohibits any deficit in the Constitution. The balance of public accounts will advance to 2013 instead of 2014, deadline too far in the eyes of the markets. This means emerge from 7-8000000000 new resources in the form of budget cuts and reductions in structural costs.In this context, the Minister of Administration, Renato Brunetta, estimates that the deficit target to 1.5% of GDP next year and 0.2% at end 2013 is achievable. The government is also considering a new Labour Code introduced more flexibility in wage bargaining, tax reform, growth-oriented and cuts in government spending. It remains to translate these intentions into decrees by the Cabinet, so that Parliament can approve the final quarter of 2011.

Historically high rates

The pressure has paid off. Brussels and the ECB have joined forces this weekend to make the government realize that the time for procrastination was over. Rates have exceeded 400 basis points with the German Bunds, a historically high level. Italy has urged the ECB to acquire Italian government securities on the secondary market.Frankfurt on Sunday night welcomed the efforts of the country. The German Government considers that it is first in Italy to prove the seriousness of his reforms.

A crucial week therefore expects the peninsula. The social partners will be informed of the contents of the measures of fiscal austerity plan Wednesday. On Thursday, the budget committees and Constitutional Affairs will shorten their vacation to hear Giulio Tremonti.

New black day in European markets on Thursday … After a positive start of the session, the Paris Bourse trend changed abruptly in mid-day, gradually widening its losses throughout the afternoon. At the opening of Wall Street, the Paris index widened its losses, before diving even more sharply after 16 hours: the long-awaited intervention of Jean-Claude Trichet, president of the Central Bank (ECB) has indeed failed to relieve the stock markets. Operators have even made a fright late in the session, while the stop trading market indices for nearly an hour has raised fears of a suspension of classes due to stock market panic … Set to 15 minutes of the fence, which was ultimately a technical problem resulted in a sharp fall in the CAC 40 (-3.90%) at 3320.35 points, its lowest level two years.And other European stock markets have experienced almost the same movement of panic.

The scenario of this Thursday confirms that seen in Paris last week, namely an acceleration of losses at the time of the opening of U.S. markets close in a pout down more than 2%. "This confirms that the United States still give the" the "squares global analysis at Montsegur Finance Chaulet François. We currently have a suréaction operators who rely on the assumption of a return of the U.S. economy into recession. " A favored hypothesis for two or three weeks with the publication of figures across the Atlantic macroeconomic advanced, contradicting the idea of ​​catching up the economy in the United States, emerging from a recession that have to fall by 5% the GDP of the world's largest economy.

The technical rebound is expected

"The market has fallen into the hype on this subject and even capitulation, says François Chaulet. Added to this disproportionate sanctions on publications disappointing corporate earnings. And those who announce the results as expected are not rewarded fast cash now. They fall with the market, "For example, Veolia Environnement has seen its market capitalization divided by three since its profit warning on July 29.

The expected technical rebound this week after once in July already difficult, will not be today. "There was certainly a relief of the market for debt issues of U.S. and European full analyst.But beyond the announcement effect, investors are well aware that the solutions proposed (raising the ceiling of the debt in the U.S., and plan of aid to Greece ed) will not be so obvious that it set up. As long as there are political procrastination and that concrete measures are not implemented, the nervousness is expected to remain high, "adds he.

Opportunities to seize

Beyond this movement quite inexorable decline seen for ten days, the analyst points out, however, with a decline of 12% in five days, "we are still far from the levels of volatility in late 2008, where the movements daily up to 10%. In this context, there is no reason for the long-term investors do not come to the equity markets to take advantage of attractive valuations, "he says.A board to which some will probably oppose a speech often too optimistic on the part of financial analysts during a stock market panic.

Surrender is not waive

In terms of technique and market, capitulation means a massive sales of shares on stock markets, whatever the cost or risk of capital loss for the brokers. Often result in very large volumes of trade (4.8 billion euros at the end of Paris on Thursday) and a sharp drop in equity indices. Technically, however, this may be a sign of hope for the operators, the corresponding capitulation (in theory) to the lowest point of the market, the final step before the rebound. A theory that investors will surely be keen to see tomorrow ….