Slowdown in China …

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

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

The Paris markets were closed yesterday on a third round of consecutive decline, to the lowest of the year and still under 3000 points. This time, operators mimic their movement on the Asian markets who have chosen to embark on a bargain hunting.

Closing slightly lower on Wall Street also reassures the markets. The New York Stock Exchange, which remained very cautious, however, has not panicked by the announcement of a good non-manufacturing ISM index.All good news about the health of the U.S. economy are highly valued in a context of fear of a recession in America. As such, investors are waiting to know the details of the Fed's Beige Book, which will be announced tonight. Tomorrow, Thursday, will also be a crucial day in Congress with the speech of President Barack Obama on employment. The CNN already believes that it will propose to spend $ 300 billion to new posts. These new expenditures should be fully offset by budget cuts.

Germany at the center of attention

Side the euro area, all eyes turned to the German Constitutional Court which shall decide on Wednesday on the legality of the financial contribution of Berlin plans to help Europe.The observers could never imagine, however, that the Court considers illegal contributions already provided by Berlin, which would cause a cataclysm in the euro area. Chancellor Angela Merkel plans to comment on the decision of the Court in a speech to the Bundestag in the morning.

The European Commission has also expressed his relief after Tuesday night's decision by the Italian Government's plan to strengthen budgetary discipline, while financial markets doubted the real will of Rome to reduce its deficit. For its part, the Spanish Prime Minister Jose Luis Rodriguez Zapatero, acknowledged Tuesday the difficult economic situation, highlighting the problem of Greece, and "tensions" in the markets, but said that Spain 's will not need help.

The single currency was this morning up 0.34% to 1.4055 dollar.It is particularly supported by the decision of the Swiss National Bank (SNB) to set a floor price of 1.20 francs per euro. Oil side, in the early electronic trading, a barrel of "light sweet crude" for delivery in October gained 51 cents to 86.53 dollars per barrel of Brent North Sea crude for October delivery 39 cents to 113.28 dollars .

Values ​​to follow on Wednesday

• Banking

Countries in the euro area have no plans for financial support to banks beyond and above what was planned for the financial sector rescue packages in Greece, Ireland and Portugal, have sources said Tuesday the euro area. For its part, Greece wants to extend the powers of its central bank to strengthen bank supervision, hoping to put the sector in the shelter of a worsening debt crisis, according to a bill presented Tuesday.

• Air France-KLM

The company reported passenger traffic up 7.6% in August, a load factor of 85.7% on the month and stability of cargo traffic (-0.2%) with capacity up 2.8%.

• Pernod Ricard

The group said they did not consider major strategic acquisitions before next summer at least.

• Scor

The reinsurer expects to achieve a volume of gross written premiums, equivalent to sales of 10 billion euros in 2013, against 6.7 billion in 2010, according to a statement posted Wednesday on the occasion of a day devoted investors.

• Sodexo

The group, a global leader in catering, has announced the acquisition of Puras do Brasil, Brazil's number two industry, in a statement.With this self-financed operation, Sodexo will become number one in Brazil, a rapidly growing market where Puras do Brasil realizes a turnover of half a billion euros.

• Valeo

The group announced its intention to repurchase up to 670,000 of its shares to a maximum of 22.5 million euros in connection with operations authorized by the General Assembly in June These shares will be allocated for the implementation of any plan of options to purchase shares in the allocation of shares in respect of participation or implementation of any company savings plan.

• Biomérieux

The group released a consolidated net profit up 3.7% to 75 million euros in the first half and said forecast for 2011 organic growth in sales of around 5%, against a previous target of +5% or + 6%, in a context of weak European economy and the U.S..

• Boiron

The specialist in homeopathy said the uncertainties in the economic environment for caution in its annual outlook after a deuixème trimesre marked by a 3.3% decline in sales. This decline in activity, combined with an increase in personnel costs and a continued investment in advertising, led to a fall of 92.5% of operating profit in the first half of the year.

• Transgene

The specialist therapeutic vaccines has announced a net loss dug to 17.7 million in the first half, against -14.5 million a year earlier, but said he expected a second part of a year rich in results and starting clinical trials.

As for recommendations:

The UBS analysts raised their recommendation on the title Accor to "neutral" against the "sell" previously.Analysts at Morgan Stanley in turn have lowered their recommendation on the title PPR to "neutral weight" against "overweight" previously, said market sources Wednesday.

Pierre PRINGUET. – Congratulations to the teams of Pernod Ricard. The group has an excellent performance, with both a strong acceleration of growth of our business and our operating profits. For the first time ever, our net income exceeds one billion euros. These figures show the relevance of our premiumisation strategy and innovation. Our high-end bottles account for 71% of our sales, against 69% last year. Our new products (Wild Tea Absolut, Malibu cocktails …) our limited series and our innovations in advertising and packaging met with success.With a new bottle of Ricard sales increased 5% in France, a market of aniseed stable.

You get ready for a worsening economic environment?

No, I fear neither slowing growth in emerging countries or return to recession in mature markets. The world faces a problem of public debt, with a unique in Greece, the country most fragile. But the political dimension is at least as important as the economic dimension. Everyone was betting on an acceleration of growth in mature markets: the targets are scaled down, but countries will experience low growth in 2011 (1.5 to 2%). And there is no reason for the dynamic growth of emerging countries is slowing. For 2012, the objectives are still serene. IMF sees faster U.S. next year. You can always play to be afraid.But the psychodrama of the summer on the state of the banking system has nothing to do with the situation of 2008 and the general crisis of debt at the time. It is a political problem, but not macro-financial.

There will be no effect on the growth of your business during the current year?

We expect continued moderate growth in mature markets for the fiscal year beginning in July (1.5% last year) and continued strong growth in emerging countries (17% last year) . These will drive our growth: built on solid economic fundamentals, these markets are naturally attracted to our premium brands.

The tension in the markets makes it more difficult to manage your debt?

For our bank debt, we have no due before July 2013.We have an active management of our debt, with two bond issues last year to EUR 1 billion and $ 1 billion respectively. Interest rates remain particularly low, we will seize every opportunity to issue bonds. We will continue our debt reduction, with the aim of achieving 30 June in a net debt / EBITDA of close to 4.

You will be able to resume your acquisition policy …

Does not expect to purchase several billion on 1 July. In the meantime, we will conduct no strategic acquisitions. However, we can make tactical acquisitions, such as tequila Avion in July. It is both a start-up and a brand ultrapremium, sold between 40 and 60 euros a bottle, which allows us to expand our portfolio in the United States.This is the type of operation we will focus in the immediate future. Acquisitions of Brazilian cachaça or baijiu Chinese are possible options. In our business, this is not the type of product that counts, but the brand. Pernod Ricard could also create one from scratch. This is one of the objectives of our internal team called BIG (Breakthrough Innovation Group), whose current head of our German subsidiary, Alain Dufossé, just take the lead.

This summer, Patrick Ricard, non-executive chairman of Pernod Ricard, said at that point the group should aim for first place in the spirits market. What is your strategy to achieve this?

This is the purpose of our project Agility. The goal is not size for size, but the growth momentum. Our sales have grown faster than our competitor's last year. We must repeat that performance this year.We take the market, we are the most innovative, we are well placed to achieve this.

Alexandre Ricard was promoted a few weeks ago. It is well positioned to succeed you …

Two things are certain. One is Alexandre Ricard has an excellent track. That's why I named Executive Vice President in charge of distribution networks. The second is that I leave my post January 31, 2015, when I turn 65, according to the statutes of Pernod Ricard.

This operation was performed twice. In October 2010 first of all, Bernard Tapie in Belgium created a company called "GBT Holding" has, according to Rue89, a capital of only 20,000 euros. Evidenced by a deed recorded in the registry of Brussels and whose site has obtained a copy.

Two months later, the businessman makes a capital increase of the holding company by transferring 60,999 shares of Groupe Bernard Tapie (GBT) headquartered in France, worth over 215 million euros. A discreet way to transfer his assets abroad, in a country where taxation is more advantageous.Rue89 is also the same period, Bernard Tapie assured the Socialist deputy Jerome Cahuzac he only had that 100 to 120 million euros of assets …

Liquidation of debts

This is not the only mounted by the businessman to evade taxes. By the 1990s, Bernard Tapie would indeed be served in another company, called Superior Ventures Limited, to conceal large sums of money to the accountant in charge of liquidating its debts, revealed this week Chained Duck payday loans. Bernard Tapie's lawyer denies the very existence of this company. For its part, the satirical newspaper, without citing sources, provides an extract of transfer slip from Superior Ltd Venture.

Subsidiary of a company established in Malaysia and half owned by Bernard Tapie and half by Andre Guelfi, businessman otamment sentenced in connection with the Elf affair for misuse of corporate assets, Superior Ventures Limited cashed including revenues his musical performances – 120,000 euros copyright for singing "Beautiful Life" on an album of Doc Gyneco – and advertising – 250,000 euros for the campaign to stamp shops Log -.

With the Superior Ventures Limited, Bernard Tapie had also received 12,000 euros per month in wages between 1997 and 2000. According to the accountant questioned by the satirical newspaper, the company would never enter the perimeter of liquidation of debts of Bernard Tapie.

"The evidence continues to accumulate that are strong enough to warrant classification at 2B (one of five levels of classification that defines product" possibly carcinogenic "to humans, Ed)," said Jonathan Samet , chairman of the working group, during a telephone press conference."The working group based this classification (…) on epidemiological studies showing an increased risk of glioma, a type of brain cancer associated with the use of wireless phones," he said. This ranking means he believes that "there may be a risk, and therefore we must closely monitor the link between mobile phones and cancer risk."

Tumors of the auditory nerve

Experts have analyzed hundreds of studies already published on the subject short term personal loan. The possible association between wireless phones and cancer focuses on gliomas and acoustic neuromas, tumors of the auditory nerve. The potential risk involved rather large users (thirty minutes per day for over ten years). Experts believe that further studies are needed long term to refine this classification.Meanwhile, they ask that pragmatic measures such as promotion of hands-free, are taken to reduce personal exposure.

In contrast, radar, microwaves and radio signal transmitters, television or wireless telecommunications (masts) were not classified due to insufficient data.

The World Health Organization classifies products or agents used by humans into five groups according to their risk of cancer. Group 1 identifies the 107 carcinogenic to humans. Group 2A, so-called "probably carcinogenic" (59), 2B substances "possibly carcinogenic" (266), group 3, the agents "unclassifiable" and group 4, the "probably not carcinogenic."

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The experts divided about the risks of mobile

"The greatest concern that mobile phone masts

The news is mainly directed towards the G8.The International Monetary Fund (IMF) has warned that he would continue to make its aid Greece that if he got "assurances" that the country is able to repay the money. "When we lend money, it is not I who do this are all over the world that lend to Greece," said Director of External Relations of the Fund, Caroline Atkinson. Moreover, during the G8, the IMF has proposed aid up to 35 billion euros to support the Arab countries. On the other hand, the international community must "lend its support to Côte d'Ivoire for its development," called the Ivorian president Alassane Ouattara, who estimates it takes between 15 and 20 billion euros for his country.

The euro to over $ 1.42

Side economic statistics, nothing is planned in France.In Europe, however, the economic sentiment deteriorated more than expected in May in the euro area, optimism ceding ground in all sectors, according to data released Friday by the European Commission.

Note that a meeting of European telecom ministers held in Brussels today. United States, expenditures and household incomes (April), consumer confidence from the University of Michigan (May) and promises of housing sales (May) are expected.

On the currency front, the euro fell back against the dollar and is trading at mid-day to more than $ 1.42, reaching 1.4216 dollars around 12:25 pm precisely. The dollar weakened with poor indicators published yesterday.However, he recorded a new record low against the Swiss franc, the concerns on debt in Europe getting the upper hand despite speculation about increased Chinese investments in European debt. The President of the European Central Bank Jean-Claude Trichet said a further rise in rates of the euro area will not be immediate, says the Wall Street Journal.

The oil rating over 100 dollars in New York.

The rating of Dexia was suspended

Ingenico is leading the SBF120 in mid-session, up 5.72% to 32.35 euros, in view of the benefits of contactless payment system launched by Google and ensure the French group which participates.

Derichebourg once more took 2.82% mid-term. The CAC, it is the banks where smiling.Credit Agricole, BNP Paribas, Societe Generale, Natixis and Axa rise by 4%, 1.84%, 1.92%, 1.33% and 0.76%.

Some European banks, including French Societe Generale and BNP Paribas could avoid in part the prudential standards called Basel III, according to a draft text quoted by the Financial Times. In addition, Citi has gone to "overweight" on BNP Paribas, one of his favorite European banks.

Note that the listing of Dexia was suspended on the Paris Bourse, at the request of the Belgian regulator.Trading will resume when the "appropriate information" will be published.

Accor stands: + 1.03% to 31.26 euros, while the values ​​of the car, Michelin, Peugeot and Renault are also oriented, with respective increases of 0.85%, 1.11% and 0.56%.

However, the latter manufacturer, sales show a 35% drop since early May and the French car manufacturer is concerned that this situation might continue a few more months, the BFM radio reported Friday. This drop in sales has forced some dealers to concede significant price reductions with "discounts" of up to 45% on certain models of Clio, the station added. Furthermore, Renault early 2012 a small entry level car developed in India on a platform of low-cost Nissan, La Tribune reported Friday.

Areva.The subsidiary of Areva's mining pole should be subject to the approval of the supervisory board of the company July 21, said Thursday the European Group Committee (CEM) of nuclear specialist public.

EADS (-0.42% to 22.41 euros) confirmed the date of first delivery of Airbus A350, but one of the airlines, estimates that two or three variations of this device could be delayed by six months, reports The Figaro on Friday. According to Flight International, Qatar Airways may order A380s at Paris Air Show.

Dassault Aviation (1.01% to 702.12 euros). The entire business jet Falcon 7X group were grounded after an incident in flight on one of these devices, announced the European Aviation Safety Agency (EASA).

Veolia (0.58% to 20.66 euros).The share of international activities of the group should increase in coming years, thanks to expected growth in Asia and North America, said Thursday the Director of International Affairs Group of utilities.

This Friday, Ipsen and Alcatel-Lucent will hold their general meeting.

"If the head of state is not involved personally to advance a project of this magnitude, nothing comes out," said Nicolas Sarkozy. This is actually two decades that early studies were initiated. The challenge: to get barges of 4,500 tons against only 650 tons today.

"The crisis is not an argument to halt the project, it is an argument to push him," stressed the Head of State announced the creation of 4,500 jobs for construction and 25,000 jobs to run.The difficulties in financing this major project, now estimated at over 4 payday loan lenders.2 billion euros to explain his slow start. Finally, regions and departments will pay crossed 710 million euros, ports (Le Havre, Rouen, Paris, Dunkirk) 106 million, the European Commission 333 million. "We also expect a contribution from the general advice of Ile-de-France," says Nicolas Bour, project director for the Waterways of France (VNF).

The private sector will invest over 2 billion euros. Bouygues and Vinci-Eiffage consortium have expressed interest to participate in "competitive dialogue" launched Tuesday. The final selection will occur within eighteen months after exchanges between manufacturers and government to refine the project technically and economically.

Contrary to what might suggest images of film, it did not exist previously manufacturing umbrellas in Cherbourg. Moreover, the quarantine of French specialists of the time, there are only four. The vast majority of four million items purchased each year in France are imported from China.

Former photographer and businessman, Jean-Pierre Yvon has decided to fight against the current.He chose the beginning of the invasion of China staged a French manufacturer, in Cherbourg, financed by selling the family mansion.

"At Cherbourg, it's raining, windy, says that original contractor. I wanted to do the "Burberry" umbrella, emphasizing quality over volume. He sells between 10,000 and 15,000 pieces per year for a turnover of almost one million euros no faxing payday loans. The beautiful work, handmade, sold between 100 and 350 euros each. But that does not return to the slightest breeze.

More than a year of research

The Real Cherbourg has its supporters, faithful regulars Bon Marché in Paris or a dozen other retail outlets in France and Japan. The brand already fitted to the Elysee in golf umbrellas.It is therefore natural that Jean-Pierre Yvon, joined by his son Charles, a graduate in physical sciences, has answered the call for bids for the Technical Centre for Homeland Security to develop a model for protecting dignitaries.

It has invested around 200,000 euros and received support from OSEO. The Parapactum took more than a year of research and has been tested to withstand winds of 168 km / h in the wind tunnel of the Institute of Aeronautical Engineering St. Cyr l'Ecole. There were risks: "Every time I showed a prototype, he refused to open or broke it," says Jean-Pierre Yvon. The special materials used, developed with companies who work for the defense, are top secret. A dozen copies have already been ordered by the authorities. Price: between 6000 and 12,000 euros, depending on options (types of materials).

For this former labor secretary in the Clinton Administration, a professor at the University of California Berkeley and an acknowledged expert of globalization, the earthquake that shook the developed economies is primarily social in nature.He is not alone in making this comparison. Last week, Dominique Strauss-Kahn cited the same statistic, in a speech in Singapore. The IMF chief was concerned about the imbalances of any kind (social, fiscal and trade) that weaken more than ever, according to him, the world economy. This is not a moral issue, insists the Berkeley professor, but effective. The problem does not follow from this that "the rich live too well with the rest of the population but, paradoxically, the modesty of their excessive lifestyle." Thus, across the Atlantic, 10% of the population account for nearly half of annual revenues and contribute to 40% of consumer purchases.Which is huge in itself, but is too narrow a basis for the growth of the economy.

Robert Reich is a tribute to Marriner Eccles, now long forgotten, while the wealthy banker has chaired the U.S. central bank, the Fed, from 1934 to 1948, and was one of the main designers of the New Deal of Roosevelt."Mass production must be accompanied by mass consumption, mass consumption and this in turn implies a distribution of wealth – not of existing wealth, but wealth produced during the same period – as it provides men purchasing power equivalent to the quantity of goods and services offered by the country's productive apparatus, "Eccles explained low interest rate personal loans.

Division increasingly marked

This "founding pact," the automaker Henry Ford had also put into practice before, so that workers can buy the cars they produced. Why does there more? Robert Reich cites globalization and automation, "The Internet, satellite communications and the open container businesses with increasingly easy access to a workforce with low wages in countries around the world.At the same time, machine tools with numerical control, robotics and advanced software provide, in our own country, inexpensive alternative to human labor ".

This results in a division more pronounced in the U.S. population. On the one hand, outreach activities, restoration of the building, the other "highly complex services (management, finance, technology)" whose talents are sought worldwide. The salaries of these two groups diverge more and more. And "undeniably, immigration has helped to accentuate the differences," says former Labor Secretary Bill Clinton, that can not be accused of populism or protectionism. It's also his obsession.He even considered the victory of a "party of independence" in the U.S. presidential election of 2020, which would freeze overnight any form of immigration and relocation, immediately causing "a drop of 50 % of Dow Jones. "

"Mechanisms of relief" that had helped find a response to the stagnation of the purchasing power of middle-class thirty years -80% of the population – are now exhausted. The headlong rush of households in debt, which was behind the banking crisis of 2008 is no longer appropriate. Robert Reich calls a "New Deal for the middle class." It recognizes that international trade and globalization complicate the pact between producers and consumers. The major political debate.