International & World Report

An error of a few grams but is heavy in the wallet of the consumers. At the request of the Minister of Industry, Eric Besson, thirty center agents associated with the regional business competition, consumption, labor and employment (Direccte), inspected the measuring devices of 2800 semi-wholesalers and wholesalers (20% of the sector) during the months of September and October. Objective: To verify that the threads of clementines or roast veal in trays are much the weight indicated. More than 9000 scales, sorters, wrappers and scales were inspected. The results are edifying. According to the Saturday edition of Le Parisien-Aujourd'hui en France, a five-machine would be set incorrectly, often at the expense of the customer.

Experts allow a margin of error of 1 gram per kilo.According to Marc Le Parco, national coordinator of the verification campaign, was quoted as saying. The slightest irregularity can quickly take on dramatic proportions. Few grams of each product purchased and the financial impact is significant for the home … especially in times of crisis where some households are very fragile.

Cell specific investigation, however, that this dysfunction is not necessarily a desire to mislead the customer. In most cases this is due more to negligence because companies often delay their legal control instruments, or even eventually forget them. Initially, agents are content therefore to discipline professionals. A record is then written in the second offense.

The caution is this Wednesday on the Asian stock markets. At the close, the Nikkei in Tokyo assigns 0.92% to 8463.16 points. The decline is more pronounced in China, Hong Kong, the Hang Seng 2.21% to 18,920.55 loose points while the Shanghai Composite Index lost 1.93% to 2481.06 points. The Kospi in Seoul was also down 1.06% to 1866.06 points and the S & P / ASX 200 in Sydney from 0.89% to 4247.40 points.

The debt crisis in the euro area still focus the concerns of the international markets. Yesterday, the rates at which borrow Italy and Spain have reached dangerous levels. In the process, the major European markets ended down.

The BoJ kept its policy rate

The Central Bank of Japan (BoJ) kept its key interest rate Wednesday on a daily basis in the range of 0.0 to 0.1%.Investors are, in addition, the surge in profits after the previous day, which saw such a barrel of light crude earn $ 1.23.

Navigate troubled markets, a fierce industrial competition and the need to "respect its property interests." The State shareholder is, once again, the experience of a difficult environment – under the sharp eye of Jean-Dominique Comolli, Commissioner of State Holdings, appointed in September 2010. The annual report of the Agency for State holdings (EPA) provides an overview of contrasts.

In terms of numbers, the net result of 57 companies (660 billion euros in total assets combined) in which the state is now stood at 7.9 billion euros in 2010, "a slight increase over that observed in 2009 "(7.4 billion), the report of the EPA.

Under the fiscal 2010, the State should receive 4.4 billion euros in dividends in 2011, "which is the level of dividends received in 2010."The rate of distribution to the State recorded a moderate decline from 59.5% in 2010 to 55.7% in 2011. However, it remains higher than for large companies in the CAC 40.

In a context of bearish markets, the portfolio of listed state accounted for 69 billion market capitalization at September 1, 2011 (as against 88 billion at September 1, 2010)."The value of the portfolio is highly concentrated EPA under the EDF, which fell by 35.17% over the period," says the document.

The evolution of the portfolio reflects in fact "a wide variety of situations" from positive performance in aeronautics / defense to significant reductions of "cyclical" (motor transport) or the financial sector.

A government that is perfect

Governance side, the state shareholder wants to be perfect, either in terms of earnings, mix, or territory. Thus, the overall percentage of women board is 15% in companies where the state is a shareholder. This rate rises to 20% for its own representatives.The state ownership "ensure that executive compensation is directly linked to their performance," says he, too.

The State shall last to the industrial development strategy of companies in which it operates. In 2010, Nicolas Sarkozy had called for a competent administrator in industrial systematically accompanies the representative of the EPA in the boards of industrial enterprises. It's done.

And since last year, the owners of the companies concerned are not a "regular" with the Minister of Economy. The main objective is to promote the activity in France.The results of the investigation Bercy last two years are quite encouraging: investment on French territory increased by 7.3% between 2009 and 2010 – even though they are very different industries – and jobs back less and less each year.

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"Comolli at the head of the EPA

"The state is tightening its grip on its business

• Incidents in Rome

Tens of thousands of demonstrators, inspired by the "outrage" of Wall Street and Spain, marched Saturday in Rome, the city had been cordoned off by police. "One solution, the Revolution!", "We are not property in the hands of bankers," could be read on the signs of the protesters.

In Rome, several cars were torched. Photo credits: ALBERTO PIZZOLI / AFP

Struggling to complete their funding, local authorities could smile again. Traveling in Indre-et-Loire, Prime Minister Francois Fillon said on Friday the release of three billion euros in loans to help local communities. "The funding needs of communities must be met to enable them to carry out their investments, said the Prime Minister. That's why I decided that the Deposit would set up a budget of three billion euros to fund loans to local authorities between now and the end of the year. "Pending the establishment of a new entity formed by the CDC and the Postal Bank, the Deposit will therefore over the funding of local authorities so far provided by the dismantling of which Dexia is accurate.

According to a survey conducted in September by several associations of elected representatives, many local authorities face difficulties in borrowing from banks. "This is almost systematic refusal when the community does not have long-term loans or do not wish to subscribe again," the study said adding that the banks argue the new Basel banking standards 3 with elected officials to justify the shortage cheap business cards.

These standards penalize long-term financing that are not backed by stable resources such as bank deposits. "Basically, this means that we can not lend unless the borrower has savings," noted a banker."Now communities spared nothing."

The device will be launched "based on that the government had set up in 2008 and had been able to satisfy the financing needs of communities at the time the bank has showed signs of drying up," said the Prime Minister.

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European stock markets resumed a little height on Wednesday morning, after the statements of Olli Rehn. In Paris the CAC 40 1.34% advance to 2888.30 points after climbing more than 2.5% in early trade.

Elsewhere in Europe, ahead of London and Frankfurt 1.43% from 1.47%. European Commissioner for Economic Affairs has indeed mentioned in an interview with the Financial Times, a European plan to recapitalize banks. Reassuring news while the Franco-Belgian bank Dexia, the first victim of the debt crisis must be dismantled."We share a growing opinion that we need a concerted, coordinated in Europe," he said, "the capital of European banks should be strengthened to give them a safety margin and so reduce uncertainty "in markets.

Wall Street has offered a nice rebound late in the session after the publication of these declarations, against a background of technical rebound. Europe follows the trend, despite the announcement of the degradation of the Italian note by Moody's.

In terms of macroeconomic indicators, two figures for the euro area will be published on Wednesday: the retail trade for August and the second estimate of GDP in the second quarter.In the U.S., the ISM index of activity in services is expected in September to 16 hours and the weekly crude oil inventories at 16:30.

Oil markets, fell sharply Tuesday after the courses are starting to rebound on Wednesday morning in Asian electronic trading: the Brent North Sea crude for November delivery gained 1.67 dollars to 101.46 dollars. A barrel of "light sweet crude" for delivery in November was appreciating his side of 1.91 dollars to 77.58 dollars.

The banking sector up

Following statements by Olli Rehn, the banking sector will be particularly followed on Wednesday. In particular, Dexia remains a key concern when it was dismantled has been approved. The Franco-Belgian bank has confirmed the creation of a "bad bank" combining its risk assets.The European Banking Authority (EBA) also discuss the situation of the bank on Wednesday.

Investors engaged in an intense hunt for bargains in the banking sector. BNP Paribas advance of 6.20%, 5.38% of Societe Generale and Credit Agricole of 6.34%, despite the deterioration of recommendation from Goldman Sachs on the sector payday loan companies.

Indeed, Brock U.S. on Tuesday lowered its price targets of several French banks: it is reduced from 68 to 58 euros to BNP Paribas for 9.70 euros to 6.90 euros and Credit Agricole 3.60 to 2.80 for Natixis. Societe Generale is seen removed from the list of réfence European bank, which reduces its recommendation on the title of "buy" from "neutral."The price target is reduced from 45 to 32 euros.

The values ​​of energy and insurance markets in the eye

The energy sector will also be monitored: the CGT federation of energy called because the employees of the gas and electricity in a strike on October 11 as part of a national day of mobilization under five French unions .

Axa (2.39% to 9.20 euros) indicated that the depressed stock market could affect its objectives in 2015 but ensures that its balance sheet remains strong at the end of September.The insurer says remain "fully engaged" in achieving its objectives and it reiterates its policy of dividend distribution

In addition, U.S. funds TPG and KKR and the Caisse de depot et placement du Quebec have submitted preliminary offers for the acquisition of Axa Privaty Equity (AXA PE), the division of equity sold by Axa, according to La Tribune.

The reinsurer Scor (0.93% to 15.78 euros) also confirmed the financial goals of its strategic plan by 2013, especially a return on equity of 10% above the risk-free rate and credit rating Level "AA".Scor still expects a gross premium volume amounted to over EUR 10 billion in 2013, an annual growth rate of 14% between 2010 and 2013 as against 9% previously.

Gecina (-3.05% to 61.05 euros) announced thanking its general manager, Christophe Clamageran, because of differences over priorities in the implementation of the strategy of the real estate group. Bernard Michel, Chairman, is CEO of the company.

Wendel (4.48% to 45.05 euros) said Tuesday it has completed the acquisition of Mecatherm, the global leader in equipment for the bakery industry valued at around 170 million euros as part of the operation.

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"Europe stands ready to rescue its banks

Banks still working hard to provide for bank charges. Including payment cards. A study by the magazine 60 million consumers, an international card is billed an average of 37 euros per year, while its cost is only 5 euros. Half of the institutions have even raised prices in two years.

Banks 'traditional' is the Postal Bank which offers the lowest rates with an average annual cost of 73 euros, ahead of Caisse d'Epargne Ile-de-France (83 euros) and Societe Generale (93 euros ). Bringing up the rear, there is Crédit Mutuel Ile-de-France (133 euros) and CIC (140 euros). But the banks 'traditional' remain far behind online banking, according to the survey published in the journal business cards.Including ING Direct, which continues to lead but the price of the basket of basic services is no longer free but is 10 euros.

To perform its study, the magazine wrote a basket of ten banking services under the Act Lagarde. It includes an international payment card with deferred debit, the new edition of the code card, a transfer to another bank, the blocking of a check, looking for an archived document for over a year, account management on the Internet and any account maintenance fees.

As was mentioned earlier this month, "there will be no increase in gas rates for individuals on 1 October 2011." This announcement was made Thursday by the Energy Minister, Eric Besson. Businesses, however, will face a bill for them saltier since the increase will be 4.9% next month.

The chosen solution is identical to that adopted by 1 July, when prices for individuals were frozen and prices for businesses increased by 3.2%.

GDF Suez angry

This is not to the liking of GDF Suez, which called for an increase of almost 5%. The gas giant said it would "seize the courts to protect its interests."According to the company, the shortfall of the government's decision is "290 million" in its accounts the second half.

"GDF Suez can only regret the decision of the French Government on regulated tariffs for natural gas because it is not in line with public service contract signed between the state and the company or the laws and regulations concerning the evolution prices of natural gas', denounced the group in a statement."GDF Suez will request that the coverage of costs paid by the group from the suppliers of gas costs have increased recently in the wake of the upward trend of oil prices on which the natural gas price is indexed" he argues.

The competitors of GDF Suez, grouped in the National Association of energy retail operators (anode), had also filed an appeal with the State Council on August 26 to contest the freezing of gas tariffs for households decided government.

But he had promised that there would be no increase until the presidential election. He also asked the Commission for Energy Regulation (CRE) to find a new formula more favorable price to consumers, after a 20% surge in prices.This should be remitted to government in the coming days.

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Italy would not have sought help from China to overcome its problems of sovereign debt. So says the Tuesday evening Antonio Gentile, Italian Secretary of State for Economic Affairs. Contrary to information in the Financial Times that Rome would have asked Beijing to make significant repurchases of its sovereign debt, it says that "we have not requested any specific assistance to China. The demand for government securities is good Italian. "

Antonio Gentile and again the words of a member of the Italian government which emphasized on Monday night that the purchase of debt securities of the Italian state was not central to the negotiations which took place several weeks ago. While the Finance Minister Giulio Tremonti, as well as officials of the Cassa despositi e prestiti, met Lou Jiwei, the chairman of China Investment Corp (CIC), accompanied by a delegation in Rome.But "there is no extraordinary operation to purchase debt with China but only institutional meetings planned for a long time to evaluate investment opportunities in Italy, especially in industrial," said Secretary of state.

This meeting was on capital expenditure and not bonds, "provided later another government source.

Relief markets

In any case, the information had an immediate impact on equity markets. European shares closed Tuesday on a rebound, despite the conflicting information. Yesterday, the news sparked a dramatic rise of U.S. indexes, which ended the session up when they were, like all European markets, a sharp decline shortly before that information cash advance loans. Foreign exchange markets also reacted.The information has strengthened the euro, trading at 1.3692 dollar in the evening.

All stock indices around the world is indeed suspended at the least information related to the status of sovereign debt in the euro area. In fact, the fear of contagion shook the Greek market.

The tension remains strong. Italy fails to regain investor confidence on Tuesday and again, the Italian rates have soared in bond issues.

China has pledged to support the euro area

The assumption of support from China bound for the euro area is particularly taken seriously by the markets as the Central Bank of China recently said it was ready to support countries in difficulty to repay their debt.

Moreover, China has already come to the rescue of countries in the euro area in difficulties in recent months.In late May, Beijing had expressed its intention to purchase debt securities issued by the European Stability for Portugal. In January, China had purchased European titles for bail Ireland. And from the beginning of the crisis, China had come to the aid of Europe's sick of his debts. Earlier this year, the country had purchased bonds espagnolespour a hundred million. The Middle Kingdom is also committed to acquire Greek bonds

By helping the EU now, China is diversifying its investments in debt securities. In addition, the country is gaining leeway in future negotiations.

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"Who owns the Debts

"I listened to France Info radio Saturday when I heard the note of the deterioration in the U.S. by Standard and Poor's. Though I have expected, I was very worried. Not for the United States, but I wondered what would happen Monday at the opening of the markets. I spent the day listening to the radio gamberger. It was great for me because all day the journalists spoke only financial, AAA rating, the rating agencies. We rarely talked about as much my passion in the media! Joking aside, I was worried. Sunday, I surfed all the sites info from my iPhone, that's how I learned that the ECB was planning to buy securities in Italy and Spain. I was reassured, but I waited for the opening of markets with anxiety. "

"So it's the end of the world?"

"Monday morning, arrive at work before the markets open.My colleagues and I, we laugh yellow, you wonder "when is the end of the world?". The morning went well thanks to the announcements of the ECB, I breathed a sigh of relief. I expected that the stock market tumbles and climbs, but it rises very little. But when it was revealed that the ECB did not buy that much of Italian and Spanish titles, bang, everything collapsed. There is nothing worse than a disappointed hope. To make matters worse, a spokesman for the German government said that the European emergency (EFSF) should "stay as it is" (the face of calls, including French, to increase its staffing to fight against debt crisis , Ed). In the world of finance, it was a joke: As soon as the stock market decline we say "ah, a German leader has spoken." Well there was quite that.Monday night, the ACC finished the session on a further drop of 4.68%. "

"The worst days of my week is definitely Tuesday and Wednesday. There, I was really afraid, I hung my head payday loans. We were stunned to face the noise of the gravity of the situation of Societe Generale. As the bank had already had to deal with the case Jérome Kerviel (the trader who lost nearly 5 billion euros in the bank in 2008, ie), the rumor might have seemed credible. This story disgusts me. When I think that some have started this rumor to sell shares short and buying 20% ​​less than two days later, it puts me out of me. Because I know that those who suffer, it is the small savers. Tuesday night, the ACC shows a gain of 1.63%. Nevertheless, I am not alone.However, since the 2008 crisis, I learned to better my personal life separate from my work, I do sleep more as I have done in the sub-prime crisis. I slept like a log, exhausted. "

"I'm not going to shoot myself"

"Wednesday, the markets are sealed by rumors of degradation of the note of the French debt. I'm not surprised. My personal analysis is that the deterioration of the U.S. debt will have negative consequences on the note of the French debt. The CAC closed down 5.45%. I try to relax at home in the evening. I will not shoot myself in the foot every time things go wrong. "

"Thursday and Friday, the stock market has regained color. On Thursday, the CAC closed on an increase of 2.89% and 4.02% Friday. I'm not confident either. I do not know how long we're going to balance.I spend Friday night to read newspaper articles, think about how markets will open Monday. I started to install fiber optics to my house, I will continue to tweak this weekend. To be able to surf the web faster to read the financial information. Gamberger for what will happen to the market opening on Monday. "

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