International & World Report

"We want to protect the French against the serious problems facing other European countries." In presenting its additional measures of austerity, Prime Minister Francois Fillon has placed France in the context of financial panic that hit the euro area. The extra effort is 18.6 billion euros over the next two years, including 7 billion euros in 2012 and 11.6 billion in 2013.

By 2016, it is an additional € 65 billion will be saved, said the Prime Minister, in order to achieve a zero deficit at that date. More than half of the effort will focus on lower costs, he added. The Prime Minister also recalled that the gouvernerment expects a 1% growth in 2012.

The main measures:

• VAT reduced from 5.5% to 7%. This new rate will apply to all goods and services affected by the reduced rate saving account pay day loan.In terms of controlling health care costs is an additional effort of 700 million euros will be accomplished. "

• The rise of certain social benefits will be limited exceptionally to 1% in 2012. The social minima (RSA, pensions, allowances for disabled adults, etc..) Are not affected and will be upgraded under the current rules, the more advantageous.

• The tax loopholes will be planed to 2.6 billion euros extra.

• The corporation tax for large groups will be increased by 5%.

"France must roll up our sleeves," insisted Francois Fillon. "We must rebuild our growth model" too supported by consumption itself inflated by social transfers, said François Filln concluded.

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

"The opening of new headquarters in Sao Paulo marks a new stage in our development in Brazil. All divisions of EADS are now combined in the same premises in order to increase efficiency. This is an important symbol because there are many synergies between them. " Offensive, Louis Welsh, president of EADS, sent to the group's employees a message of confidence in their ability to ramp up in Brazil, where it generated more than 1 billion euros in turnover in 2010 against 468 million euros in 2009.

To speed up, EADS is based on solid commercial and industrial positions built by his two spearheads: Airbus and Eurocopter. The European aircraft manufacturer owns 70% of the market for Brazilian civil aviation with 600 units sold and over 250 aircraft to be delivered.Since 1998, Airbus has tripled the size of the fleet in service with his family in 320 has accumulated 350 orders. The company LATAM (after the merger between TAM and LAN) is now in the top five customers of Airbus, while the regional airline TRIP is the world leader in turboprop (propeller) ATR, a subsidiary of EADS and Finmeccanica. Airbus hopes to increase further by assuming the largest share of a market whose needs are estimated at 610 new aircraft by 2020.

A new plant in Itajuba

Eurocopter, meanwhile, was the pioneer group in terms of technology transfer. He is the only helicopter manufacturer in the world to have implemented a comprehensive industrial activity in Brazil. And this, in 1978 by creating a subsidiary, Helibras. Its plant Itajuba (Minas Gerais) will be delivered after that date, 610 helicopter in late 2011.Between 1978 and 2011, Eurocopter's market share jumped from 14 to 53% in Brazil. To cope with this growth, the group plans to open two maintenance workshops in Brasilia and Rio will open this winter and a new plant in the presence of Itajuba Dilma Roussef, the president of the Brazilian Republic.

The new site will assemble including the EC 175 for the Brazilian army. Three years after the signing of a contract to acquire 50 EC 175, accompanied by a transfer of technology, the program aims 50% local value added. To this end, Helibras just doubled the capacity of its engineering center and plans to open a technology institute in association with the University of Itajuba. "Several industrial packages were signed with the Brazilian industry: from the 26th unit, only the cell (note: the body of the helicopter) will be delivered in Marignane," says Louis Welsh.Become the fourth industrial base of Eurocopter, behind France, Germany and Spain, Helibras will have 1100 employees by 2015 against 610 in 2011 (and 290 in 2009).

"EADS has become a Brazilian citizen"

The goal is to build on the expertise of Helibras to launch a new helicopter 100% made in Brazil by 2020. For now, the subsidiary is in line to meet with the EC 225, the civilian version of the EC 725, the growing needs of oil companies, including national oil Petrobras, an offshore market estimated at 60 gear. "With Helibras, EADS became a Brazilian citizen. It is considered a success by the government. Thanks to our ability to offer technology transfer, training of local staff and to adapt our products to our customers' needs, we can also penetrate into the space and defense, "said Louis Welsh.

The time is right because Brazil wants to boost its defense industry and space. Dilma Roussef took last Friday a series of support measures in this direction with the view to learn new skills because there is no question, as in the past, to rely on foreign equipment. The president of Brazil was cited as the first site implementation specifications of the future communications satellite in Brazil. "This satellite will have a hybrid dual mission: to satisfy the needs of the army and bring broadband to areas that do not yet have access," said Jean-Noel Hardy, vice president of sales and marketing in Latin America to Astrium, EADS Space.

The purchase process should be launched by end 2011-early 2012 by the state holding Telebras. Astrium and its subsidiary Equatorial systemas stand ready to respond to build that future satellite.The timetable is tight because Brasilia plans to launch in 2014. "The transfer of technology associated with the contract of 716 million reals (about 360 million euros) to pave the way for a second satellite with a major domestic content in 2019," said Jean-Noel Hardy.

A partnership with Thales not excluded

In the even more sensitive defense and security, Cassidian, a subsidiary of EADS Defence, created in 2010, a joint venture with Odebrecht, a diversified conglomerate that controls the transfer of technology in submarines sold by France. The joint venture's primary mission to respond to future tender for the monitoring of land and sea borders of countries with command centers. "We do not exclude to partner with Thales to win this contract," says Louis Welsh.

It is estimated at 7.5 billion euros over five years.World Cup Soccer in 2014 and the Olympic Games in 2016 as Brazil hosts play a role as a spur to a country recognizes the need to invest heavily in the fight against insecurity. Cassidian who has already won its first contract to equip the federal police secure communications systems, also expects the results of the tenders awarded by the policies of the 26 Brazilian states who want to equip. "This market is estimated at 1 billion euros, and we hope to take at least half," said Christian Gras, President Cassidian Brazil.

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"Thomas Enders," The banks must do their job "

In the first half of 2011, a resumption of sales of businesses began. The second barometer on the subject made jointly by the State and Altares, released Thursday, reported a sales increase of 2.4% over the first six months of the year. These sales were heavily impacted by the crisis in 2009, transactions were down 19%, before timidly back in 2010 (0.9%).

This year, the investment return to a little more frankly. "Although the number of transmissions is lower than before the crisis, the situation improves significantly," says Thierry Million, director of studies of Altares. And with it, the price of the business, which increased by 1.7% over last year to 179,033 euros on average. "The funds transferred in early 2011, which have weathered the crisis, have negotiated more favorable," notes the group.Evidence that most of the times for low-cost funds, however, the median price remained stable at 80,000 euros.

A craze for camping

Like last year, it's the pharmacies that are the most expensive. On average, a pharmacy is minting 1.2 million euros in the first half. In the hit parade of goodwill the most expensive, campsites are in second place. Their prices as the number of transactions continue to climb (30% in first half!), Driven by the success and growth of high-end structures. "The development of chalets and mobile homes on campsites has changed the situation, says Thierry Million no fax payday loan. The price of the stock in trade is also pulled upward by large campground owners, who can afford to invest. " A 378,000 euros Camping on average, their prices now exceed those of the hotels.

Among the funds that are most sold early this year, are also leading bakeries and taverns. A sign that these businesses are particularly effective? "No, fixes the director of studies. It is even the contrary, because the margins are ultimately less important than had been anticipated that buyers turn goodwill as every five years. These traders often try to sell before we get into bankruptcy, to save the furniture ".

Outlook bleak

The second part of the year will be under less auspicious. The economic downturn and the growing reluctance of banks to lend money should help to slow the recovery of transmission of a business, driving prices back down. "A peak was reached.The average price should not exceed 180,000 euros, "Judge Thierry Million. A decline in transactions detrimental to the economy, which would inevitably impact on employment. "The resumption of a stock in trade is the transfer of customers, know-how, but also employees. A butcher, a hairdresser that close, many jobs are destroyed, "warns Thierry Million.

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"The credit more expensive for SMEs

Pierre Mariani, managing director (that is to say the CEO) of the Franco-Belgian bank Dexia, has the gift to tell of the horrors with apparent nonchalance. Speaking to the AJEF Thursday (Association of Economists and financial journalists), he compared the lives of bankers in the current environment in disaster film "2012". No sooner had we escaped an imminent threat that a new arises. Compared to some of his colleagues, Pierre Mariani may have relaxation of the banker who in any case had no respite or almost three years ago, when he was dispatched to Brussels to head a bank just saved from the waters by the Belgian and French, and the Deposit.

Since then, considerable work has been shot: the balance sheet was reduced by EUR 170 billion, the financing needs of a hundred billion.At a time when European banks stumble over the availability of funds in dollars, Dexia is fortunate to have transferred his assets overseas (FSA, and in July, its portfolio of financial assets). At least that problem is not his, and he is also out today – contrary to some market rumors – that the Franco-Belgian bank is not the one who used this summer and again today at the box office dollars of the European Central Bank.

Still, the situation remains extremely tense for Dexia, "we are a sovereign funder – or rather subsouverain with local authorities – a strong presence in Southern Europe. It does not facilitate the life … "Pierre Mariani notes by wielding an understatement.Rating agencies – Moody's downgraded Dexia in July – are closely monitoring the sensitivity of the banking crisis of sovereign debt and refinancing conditions, knowing that the group is still heavily dependent on short-term refinancing.

In this situation, Pierre Mariani has perhaps even more than his colleagues their eye towards politics. "The debt crisis is now deep enough to destabilize the European financial sector," he warned, calling on European leaders to bring order in the governance of the euro area and to implement the Agreement of 21 July. It is however "not certain that the solution lies in a massive recapitalization" of European banks.

In addition, the head of Dexia focuses on the consequences of running the economic growth of the pressure right now on the banks."Everything is in place to organize a massive contraction of credit," he warns. Banks now carve their balance sheets to reduce their financing needs, especially long term, gradually emerging business critical, such as project finance, aircraft financing, loans to local …

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Three months after threatening to degrade the notes of BNP Paribas, Societe Generale and Credit Agricole, put under surveillance, the U.S. rating agency, Moody's, could rise to the act shortly shortly. According to sources familiar with the matter, the decision was "imminent." "It comes at the end of three months to impose surveillance," says a source. The rating agency that had accompanied its implementation in June under the supervision of a negative outlook, clearly had in fact paved the way for a deterioration in credit ratings. One step for BNP Paribas and Credit Agricole and Societe Generale for two.On the first day of September, the losses of the three titles are respectively 17.45%, 22.33% and 27.69%.

Analysts relativize

Especially, a controversy arose in late August on the valuation of debt securities by certain Greek French banks. The IASB, the body responsible for setting international accounting standards, criticized some financial institutions are not named, have valued their claims on the Greek state in ways internal development rather than by using market prices cheap payday advance. Which would have allowed banks to spend less severe impairment in their accounts. Even if they have applied a discount of 21% on government debt they have in their accounts, the three banks still have about six billion euros of Greek sovereign debt.

Some analysts relativize however, the scope of the surveillance on June 15 the three French banks by Moody's, noting that the other two rating agencies, Standard & Poor's (S & P) and Fitch attributed to them have lower grades. Crédit Agricole SA is currently rated "Aa1" by Moody's and "Aa2" by BNP Paribas and Societe Generale. S & P assigned the notes 'AA' with a negative outlook to BNP and "A +" with stable outlook to Crédit Agricole and Societe Generale. Fitch is on his side to "AA-" with stable outlook to BNP Paribas and Credit Agricole, and "A +" with stable outlook for Societe Generale.

Shortly before the opening of U.S. stock markets, index futures and Standard & Poors'500 evolved Nasdaq 100, respectively 0.07% to 1186.50 points and – 0.53% to 2205 points, suggesting a hesitant start of the session.

The day before, the index featuring New York has sold more than 1%, as the S & P, while the Nasdaq limited its losses – 0.78%. Investors signaled their disappointment and after the speech of the President of the Federal Reserve (Fed), Ben Bernanke. He did, in fact, made no indication as to potential nudges the Monetary Policy Committee of the U.S. central bank might decide to implement after the meeting scheduled for September 20 and 21.The banking sector fell sharply on Thursday on Wall Street, precisely because of this lack of detail.

The dollar has him down after another long-awaited announcement yesterday, but came after the close: the stimulus of employment. Announced Thursday by U.S. President Barack Obama, it reached 447 billion against $ 300 billion anticipated by the markets. Its effect on Wall Street, however, could be mixed, most investors expecting the Republicans in Congress, then block its adoption.

Market analysts estimate IG still that "the optimists seem to want to return to the market," leaving hope of eventually positive impact on Obama's plan investor sentiment. The question is whether this will play starting this weekend or delayed. Meanwhile, European stock markets were on the downside.Bank stocks were particularly exacerbated their losses after the remarks of Christine Lagarde, Executive Director of the IMF, stressed the urgent need for additional capital banks.Investors also follow closely the discussions of the G7 Finance, met for two days in Europe in Marseille.

Another item, from China, could also help to soothe, on both sides of the Atlantic: Inflation has indeed slowed in China in August, which removes the fear that Beijing tighten monetary policy payday loans direct lenders.

This Friday, Wall Street, the macroeconomic agenda will be relatively light, only a first estimate of consumer confidence from the University of Michigan for the month of September is indeed expected.

Threats to jobs at Bank of America

On the corporate side, no major publication was in sight Friday.

The job cuts planned by the management of Bank of America (BofA) as part of its restructuring plan could affect 40,000 people, said Friday the Wall Street Journal Online, citing sources familiar with the matter. The group identified on 30 June nearly 288,000 employees. So far, estimates of job losses were around 30,000, while many banks worldwide have announced significant staff reductions. These reductions would occur as part of an extensive research program savings called "Project LAC", the acronym by which exchanged the title of the institution to the New York Stock Exchange.

Texas Instruments, however, could respond after a warning issued Thursday night on its third quarter results, citing a decline in demand for semiconductors. IT had already warned in July that the current quarter would be modest.The group emphasized that this time the request had deteriorated to "a wide range of products, markets." The manufacturer of components that go particularly in the manufacture of mobile phones and automotive electronics, said now anticipate earnings per share between 56 cents and 60 against a previous range stretching from 55 to 65 cents.

Finally, according to The New York Times on Thursday, U.S. regulators are close to agreement with the mortgage giants Fannie Mae and Freddie Mac, about their role in the crisis of 2008.

Denis Olivennes set the course. The boss of Europe on Monday announced a desire to place the station "lasting beyond 10% of total audience," where its predecessor, Alexandre Bompard, always assured that "we had not set a target Hearing ". A Europe which ended the 2010-2011 season to 8.7% of the audience, did not exceed the symbolic threshold of 10% audience from January to March 2010. For Denis Olivennes, yet it is the "natural area" where Europe has to change 1. Currently, a play in which division France Inter (10.2%) and NRJ (10.7%). "It's a marathon not a sprint," said Denis Olivennes.

If the owner of the station, also at the head of information division of Lagardère Active (Europe 1, Sunday Journal and Paris Match), is given three years to reach its goal, it is pressed to do so."We need to increase advertising revenues and those from diversification. It provided funding for our programs, "commented Denis Olivennes. In the first half, Europe 1a indeed registered a "slight decrease" in advertising revenues. But advertisers have been attracted by the new schedule in September, reassured the control group.

This new grid wants to "reconnect with the deep roots of the station." "Europe is a television station whose spine is the information which has the characteristic good humor," analyzed Denis Olivennes.Simple translation on the air: the three appointments of information of the day – the morning, afternoon and evening Europe – are interspersed with two "beaches of entertainment," in the late morning and afternoon.

New site info

Eager to improve its image among listeners as advertisers, Europe has become an an "opinion leader". It is the mission entrusted to Arlette Chabot, director of information of the station. "The information needs to be a reference to Europe, as its independence," she said. To strengthen its position as the standard for information, will also launch a Europe in mid-October a "pure player" of information, facilitated by a dedicated team of journalists. It will be fed content from other sites in the group, its own content and production of Internet users.

Buoyed by the announcement of a burst of mergers and acquisitions, Wall Street on Monday confirmed the rebound that started in last weekend. It even erases all its losses last week. All indices end in green: the Dow ends up sharply from 1.87% to 11,479.65 points. The index had opened up 0.48% to 11,323.44 points and continued to grow during the session. The Nasdaq index also closed with a gain of 1.87% to 2554.79 points.

Markets reacted to a volley of announcements of mergers and acquisitions. First, Google (-1.16% to 557.23 dollars) has announced the acquisition of the mobile phone manufacturer Motorola Mobility (55.78% to 38.12 dollars) to $ 12.5 billion in cash. Time Warner (-0.81% to 64.98 dollars), meanwhile, reached an agreement to buy the cable operator Insight Communications to Carlyle for $ 3 billion.Finally, Cargill will acquire the French specialist in animal feed Provimi to 1.5 billion euros.

As in Europe, investors are upbeat on the eve of an important meeting between French President Nicolas Sarkozy and German Chancellor Angela Merkel on the reform of the governance of the euro area. They should discuss ways to implement to prevent contagion problems of sovereign debt to the rest of the region.

But Germany has already warned investors: this meeting will lead to "nothing spectacular". "It will be a working meeting on the governance of the euro area in line with European decisions taken in late July," said the spokesman of the Ministry of Finance. The latter also confirmed the skepticism German, joined by France, in respect of Eurobonds.These ads have already resulted in demoralizing the European investors.

In Asia, the announcement of a contraction much weaker than expected Japanese GDP has also reassured the markets.

Morale builders stable

The statistics published on Monday in the U.S. are, however, bleak. Manufacturing activity in the New York area declined for the third consecutive month at -7.7, 3.9 points lower than in July.

In real estate, the NAHB index released on Monday shows that the morale of the manufacturers was unchanged in August, close to its lowest historical levels.

Note that the currency market, the euro strengthened against the greenback at 1.444 dollar. Oil markets, oil prices closed up in New York payday loan. A barrel of "light sweet crude" for September delivery was trading at 87.88 dollars, up 2.50 dollar.Prices had fallen during the European trading, erasing their gains made in Asian trade in a market nervous and still haunted by persistent concerns about global growth and the debt crisis in the eurozone. A barrel of Brent North Sea crude for September delivery was trading at 107.56 dollars on the Intercontinental Exchange (ICE) in London, down 47 cents from Friday's close.

Google swallows Motorola Mobility

On the corporate side, Bank of America (7.93% to 7.76 dollars) has announced the sale of its activities in the international credit cards in Britain, Ireland or Canada.

The food distributor Sysco (-3.93% to 28.11 dollars) announced earnings per share (EPS), diluted to 57 cents under its fourth quarter, diluted EPS of $ 1.96 for all of its financial year, while its quarterly sales reached $ 10.4 billion.

Estee Lauder fell 6.64% to 94.15 dollars. Despite the publication of a net income group share record of $ 700.8 million, up 46.5%, the cosmetics group announced its annual results would be below Wall Street expectations.

Lowe (0.82% to 19.58 dollars) has already reported sales below expectations in the second quarter of its fiscal year and lowered its annual targets for the second time in three months, consumers pushing their development projects until later because of sluggish growth.

Boeing (1.54% to 62.70 dollars) announced it had completed with Air Lease Corp. an order valued at $ 2.5 billion on 14 737-800 aircraft and five 777-300ER.

Pfizer (2.69% to 18.34 dollars) announced Monday it had won before a U.S. court case against Teva Pharmaceutical Industries of Israel, preventing the global generics to produce a copy of Viagra before 2019 .

Transocean (2.97% to 57.26 dollars), listed in New York, wants to buy the Norwegian group Aker Drilling, for a total of 1.1 billion Swiss francs (1 billion), according to a statement Monday.Several large shareholders, representing 65% of the capital, have agreed to the deal, said the Swiss.

The American specialist craft materials Grainger (2.01% to 138.57 dollars) on Monday announced the acquisition of the Dutch distributor of fasteners Fabory Group for $ 344 million (242 million).