The Paris Bourse continues its forward march on Monday, after finishing last week jumped 1.23%. The CAC 40 in advance of 3.01% to 10.00 to 2943.10 points.

Investor sentiment is supported by the information including the Italian newspaper La Stampa over the weekend that the IMF could provide assistance to Italy up to 600 billion if the debt crisis of the countries would increase. This would allow Italy to have a window of 12 to 18 months to implement budget cuts and reforms to strengthen economic growth. The information, which was denied by the United States, is again the IMF itself, which says this morning that no discussions with the Italian authorities have in that place.The worsening financial crisis in the eurozone weighed on the outlook for sovereign debt rating of all European countries, the rating agency warned Monday payday loans lenders.

The oil rises

In this context, the euro is progressing slowly against the greenback. In morning trading, the European currency is worth 1.3310 dollars. Oil is well oriented: a barrel of "light sweet crude" (WTI) for delivery in January of $ 1.63 is assessed at 98.40 dollars on the New York Mercantile Exchange and Brent crude from the sea North for the same maturity is 1.20 dollar to 107.60 dollars on the Intercontinental Exchange in London.

Side of the agenda, the economic outlook of the OECD are expected in the morning. Sales of new homes in the United States will be known in the afternoon.

The atmosphere is still gloomy at the New York Stock Exchange on Wednesday. The Dow Jones was down 0.68% in early trade to 11,494 points and the Nasdaq 0.83% to 2499 points. Signs of slowing global growth are increasing for several days. On Monday, the downward revision of U.S. growth in the third quarter, Wall Street had won. U.S. markets would still blame the shot after the announcement of a further slowdown in the Chinese economy my credit score. Preliminary PMI Manufacturing activity in China, issued by HSBC this morning, recorded in November, its biggest drop since March 2009, to 48 against 51 in October. An index below 50, resulting in fact a contraction of activity.

Slowdown in China …

The country's dependence on exports is the main cause of this fall, analysts said HSBC.

As we approach the presidential election, the office humming with political discussions. This highly controversial topic is no longer taboo in French companies. According to a survey Opinionway * conducted on behalf of the editions Tissot, 57% of employees say they discuss political issues with their colleagues. A quarter clearly shows the same opinions.

Few people see it as a sensitive topic. Employees who never raise this issue at work (38% of respondents) said first adopt this attitude of discretion, because they feel that their political views do not watch them. They are only 22% see it as a source of conflict, and 7% fear that their careers will be affected by the opinions they have issued.

However, many employees perceive that the limits are not exceeded.A large majority (60%) judge and moved to a colleague to explain why he should vote for a candidate or party rather than another. Similarly, distributing a leaflet, wear a badge or paste a poster on the politically charged workplace is overwhelmingly considered unacceptable.

If the policy is no longer taboo, employees are also not willing to discuss the subject with anyone. Colleagues are privileged interlocutors. In contrast, only 29% of respondents speak with their political boss, and 15% with customers of their business.

* Poll conducted from September 21 to 29, 2011 among a sample of 1013 employees and officials.

"Testimonials – And you, are you talking about politics at work? Speak your political opinions? Are you afraid to be detrimental to your career? Share your experience in comments below or by email at temoin@lefigaro.fr.

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For the first time since the outbreak of the sovereign debt crisis in Greece, in November 2009, the EU will apply directly to other states and their sovereign wealth funds. Norges Bank Investment Management (NBIM), which manages the Norwegian fund (397.5 billion euros), has already applied for, according to Reuters.

Technically complex and politically inglorious to the extent that members of the euro area rely on foreign savings failing to show solidarity with each other, the project outlined this weekend in Brussels would be a real barrier fire.The strike force "would be the height of Spain and Italy," said Gilles Moec, an economist at Deutsche Bank in London.

The proposed scheme is to leverage both the capabilities of the European Financial Stability Fund (EFSF) and to mobilize capital from financial surplus. First and foremost, China and emerging countries but also in advanced economies such as Norway and Japan. These contribute in trusts, administered primarily by the IMF, which will not put himself in the pot, says we are.

The highlight of his EFSF 440 billion euros, which have been entrusted by the countries of the euro area – the envelope will remain unchanged – no longer be content to make its guarantee to the issuance of securities, as it has already done for Ireland and Portugal.It will also play the role of "credit enhancer," according to a model used in the United States, for better or for worse, for local authorities and housing loans. This type of intervention will return to ensure a certain percentage of potential losses to purchasers of government securities guaranteed payday loan. A new role for the EFSF: "He was supposed to guarantee loans, it would ensure ex post losses," said Bruno Cavalier, economist at Oddo Securities.

Assembly at several levels

Klaus Regling, the director of EFSF, was responsible for establishing an assembly at several levels in order to create a maximum leverage. According to the recipe holdings cascade in private groups.

On one level will be set up special funds supplied in part by the EFSF, which would bring its security, and other states.On a second level, you will find a special fund involving purely European private capital, always with the guarantee of EFSF. A third channel is considered, on the same principle, but this time shareholders will be provided by non-European states, in a "trust" administered by the IMF – what others call a "special investment vehicle". Note that the IMF has experience of this device, through the Poverty Reduction and Growth Trust, which raised $ 13 billion for the poorest countries.

No one seems yet able to determine the exact allocation of funds that could be offered. Knowing that it is 250 billion euros of capital available, according to a diplomat, the EFSF would likely raise at least five times that amount on the basis of an insurance rate of 20%. Many technical issues remain.In particular the involvement of such a system on the debt of the guarantor countries, including France and its "triple A".

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"A plan to support Italy would be in the study

Creditor banks in Greece will have to accept losses "substantial" in the new bailout of the country, known to be substantially revised over the deteriorating economic situation, warned Saturday the European Ministers of Finance. At a meeting of central bankers in the euro zone on Friday night, "we agreed to say that we had to have a substantial increase in the contribution of the banks' rescue of Greece, as a impairment of their claims, said the leader of European finance ministers, Jean-Claude Juncker.

According to diplomatic sources, the ministers agreed to effectively negotiate with the banks at a discount of "at least 50%" against a target of 21% decided on July 21 with the banking sector.They thus de facto endorsed the conclusions of an expert report which was presented by the troika of donor funds in Greece (EU, ECB and IMF). The paper believes that a discount of 50 or 60% hope to stabilize Greece without having to increase in the amount of gigantic international loans that have already been promised.

A "discount" is the term used in relation to the financial depreciation of the value of loans taken by creditors in this case private banks and investment funds that hold government debt. A discount of 50% of the private sector, the second program of public financial support pledged July 21 to Greece, however, should be slightly revised upwards with government loans (Europe and IMF) to 114 billion euros, against 109 billion euros at the time scheduled.To maintain the envelope of 109 billion euros unchanged, it would bring the discount to 60%, according to calculations by experts.

"It is also an effort by the private sector"

In any event, the second bailout in late July, just after the first amounting to 110 billion euros agreed in spring 2010, will have to be redesigned. "It's pretty clear that we need a substantial discount on Greek debt," also said Saturday the Swedish Finance Minister Anders Borg on his arrival in Brussels for a meeting with colleagues from across the EU."We will now work on a new plan in Greek and this new plan is true that there is a substantial effort to Greece again, there is an effort by European countries and will also require an effort of the private sector" said his Belgian counterpart Didier Reynders.

The question is whether the banks that have so far dragged its feet to give the pot, will accept a negotiated settlement does not pass through a default of Greece said "messy" serious consequences. "It's a negotiation s'entame," said Didier Reynders. In return for the effort required on the Greek claims, it is intended to recapitalize European banks to the tune of nearly 100 billion euros.The subject was Saturday in the agenda of the ministerial meeting, before a meeting in the evening between French President Nicolas Sarkozy and German Chancellor Angela Merkel and the EU summit on Sunday.

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Getting started in the world of work is ever more difficult task. To put it mildly. In its latest report on youth unemployment, the International Labour Organisation (ILO) provides an alarming. The generation of a "traumatized" by the tightness of the labor market.

At the height of the economic crisis between 2008 and 2009, the number of unemployed youth had increased in an unprecedented way: 4.5 million additional young people came to swell the numbers of job seekers, when the average change is usually the order of 100,000 people a year. Since then, youth unemployment has dropped. In 2010, he touched 75.1 million people, or an unemployment rate of 12.7%. In 2011, this trend will continue according to the ILO, and the number of unemployed youth as low as 74.6 million people, 12.6%.

But this is good news in appearance, the organization warns. These good figures actually underestimate the extent of a growing number of unemployed youth withdrawing from the labor market, discouraged. The rate of young workers fell from 49.4% in 2009 to 48.8% in 2010. In Ireland, the same phenomenon would reach dramatic proportions. By including the discouraged unemployed, the rate of youth unemployment, which rises already at 27.5% (against 9% in 2007), culminate in fact almost 47% payday loans with no fax. Similarly in China, Austria and Hong Kong, the real unemployment rate is double the official figure.

"More difficult years"

As for those who manage to integrate the labor market, what they find is often "less than ideal."Part-time, for example, rose sharply, by nearly 9 percentage points in Spain, 17 points in Ireland … "The magnitude of the peak recorded since the beginning of the economic crisis suggests that many young people have taken what they could find. This is confirmed by the increase in the rate of underemployment among young people, "the report said.

And the future painted by the ILO is not much brighter. "Uncertainty in the economic environment, coupled with the greater sensitivity of youth unemployment in the economy makes the recovery in employment for this category highly uncertain. This can announce several more difficult years, "says the ILO. The organization also warns governments continuing economic difficulties could generate a distrust of young people towards political and economic systems."This factor played an undeniable role in the Arab Spring," says the ILO.

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As his term ends at the head of the European Central Bank (ECB) October 31, it is not a Jean-Claude Trichet to lecture who spoke Sunday at the Grand Rendez-Vous on Europe 1 / Le Parisien-Aujourd'hui en France / i> Télé, to discuss the crisis at the moment Europe.

With his experience of eight years at the head of the institution, who was also governor of the Banque de France, has recommended that Europeans hear the messages addressed to them. His advice? First, be "extra vigilant" with regard to public finances. Rejecting the idea that the euro area and its currency are "threatened" by the crisis, it nevertheless stated that "all countries without exception must be extremely careful." "Protect yourself rather than cure," he summarized, adding that "it depends on us that we can have the least slower growth."

Then you have to "think about the future," stressed the President of the ECB. "Tomorrow, I think we need to change the treaty to be able to prevent a member of the euro area to roam and create problems for everyone else," he said, referring to the Greek crisis that Europe in a hard to control cashadvance. He called for a reform that would make the European Council "able to impose decisions" in a country slide, with "possible sanctions".

It includes some of the "outraged"

"We must strengthen the management and governance of globalization in all fields," he also said in reacting to the movement of indignation that spreads in several major cities."There are obviously a number of lessons from the crisis that the lessons are harsh: it is not possible to leave a financial system and consequently a global economic system that is as fragile." This does not mean "demolish" the banks, he insisted, recalling that "pay three-quarters of the economy."

That he referred to as de-globalization theme is in vogue right now, as advocated by the Socialist-Arnaud Montebourg, and one can imagine Jean-Claude Trichet tense in his chair … and find that it is a call to strengthening of global economic governance.

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 Socialist Prime Minister George Papandreou said today to be sure that his party would leave Greece to the economic crisis and debt at the national conference of the Greek socialist party (PASOK). "We continue the battle, not only because we believe that there is no alternative, but because we trust in our capabilities in the capabilities of Hellenism, in the possibilities of our country .I'm sure we will succeed, "he said in his speech.

2013 Goals

"People will judge us in 2013, and until then, we not only managed to get Greece to the crisis, but we have also implemented many important reforms that will lay the foundation for a different evolution of Greece in the future, "he said, cutting short the rumors of early elections.

The Prime Minister also accused the previous Conservative government to be primarily responsible for the current financial crisis. The spokesman for the main opposition party New Democracy, Yannis Mihelakis, immediately reacted. "He (George Papandreou) recognizes the economic impasse, but says nothing about its policy, which destroyed the economy and society," he retorted.In a report released Wednesday, a parliamentary commission of experts also found that the debt was Faxless payday loans.

"Satisfactory progress"

Last year, Athens has received an aid package of 110 billion euros of the European Union (EU) and the International Monetary Fund (IMF). At their summit on 21 July, the euro zone countries have agreed to pay a new loan, plus a share of the private sector on a voluntary basis, for a total of 50 billion euros. Representatives of the "Troika" (EU, ECB and IMF) mission in Athens Friday to advance structural reforms in the country.

Several media have interpreted the departure precipitated considered representatives of the EU, the IMF and the ECB as a clash with the Greek Government on the extent of the effort to provide rigor to continue fiscal consolidation.But such a break was denied both by the Ministry of Finance by the troika.

She spoke in a statement of "good progress" in talks, saying had "temporarily left Athens" to "allow the authorities to complete their technical work" related "to the 2012 budget and structural policies to strengthen growth."

(With AFP)

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The panic would still blow time on banking stocks on an exchange. In any case, what predicts Frederic Oudéa, CEO of Societe Generale, in an interview with Journal du Dimanche. The latter ensures that "nervousness can last at least until early November," that is to say at the time of publication of third quarter results.

This period will provide an opportunity for banks to prove to investors that they are doing well. Starting with Societe Generale, whose share price has further declined by almost 16% last week."We will have the opportunity to communicate to the market that the bank has no liquidity problem, its activity is healthy and that its investment capacities are intact," says Frédéric Oudéa, who had made similar remarks after that his institution has been a rumor about his health.

Wait and see

According to the head of the French bank, the sector is the first victim "of downward revisions of global growth prospects" and "doubts about the debt of the euro area". Markets therefore expect political decisions from the United States, France and Germany. But these "slow" because of the elections in these countries prepare themselves."You can see a waiting period," warns the leader then.

This will be even greater that there is a lag time between taking a political decision and its implementation, said the head of Societe Generale. For Europe in particular, "the area in need of economic convergence, integration of tax policies. That will not happen as fast as the markets want. "

According to Frédéric Oudéa, global stock markets in any case "slipped into excessive pessimism." The fear of a global recession, which shook investors, moreover, has no place: "What we see confirms our expectations. The second quarter marked a break. We said that growth in developed countries would be moderate. Things will balance but it will take time. "

No takeover bid for SocGen on

In this interview, Frederick Oudéa also ensures that the bank he heads will not be the subject of a takeover bid, despite the sharp drop in its share price. "I see no looming strategic move," said he. "It will happen in Europe if the bank nothing is happening in Europe at all. Industry consolidation will not intervene if the situation does not change. There should be no movement before attending two or three years. "

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