International & World Report

The figures follow and contradict each other. The unemployment rate calculated according to the ILO by INSEE on Thursday came out slightly lower in the second quarter to 9.1% of the workforce in France and 9.6% including Dom, 9 against, respectively, 2% and 9.7% in the first quarter. Overall according to Insee, metropolitan France in the second quarter accounted for 3.3 million people not working but wanted to work. The rate of youth unemployment dropped more sharply than the average (-0.9%), when those over 50, who barely declined, remained stable.

These figures engaged in a pattern opposite to that drawn by far the data of employment center. The number of job seekers Class A (comprising individuals seeking employment and not working, even part-time) has indeed increased overall in the second quarter.After a 0.4% decline in April, rebounded strongly in May and June, respectively 0.6% and 1.3% cash advance to savings account. To the extent that gains harvested since the beginning of the year were at the end of this period almost completely deleted (-2100 seekers Class A less compared to the end of December 2010). An upward trend that continued in July with a new and worrying increase in the number of unemployed.

The two institutes n'appréhendent unemployment statistically not the same. While unemployment on the ILO today released results of a survey conducted by INSEE, the data center jobs are the result of an administrative accounting. Moreover, only a person who has not worked even one hour during the week of the survey and actively seeking work are unemployed within the meaning of an International Labour Office.However, employment center distinguishes different categories (categories A, ABC …) depending on whether the job seeker is working or not. Category A is the one that is closest to the ILO data.

"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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Baroin the stage. He keeps repeating the last few days: it will require further cuts in the tax loopholes in 2012. For now, the government planned to cut $ 3 billion. "It is very likely that we will go beyond, as part of the Finance Act," warns the Minister of Economy. Otherwise, the objective of reducing the public deficit (4.6% of GDP in 2012, 3% in 2013) will not be met. The IMF says the same thing Wednesday, in the final version of his report on France, he warned that without additional effort, the deficit "would decline more slowly contemplated" and still reach 3.8% two years.

However, Prime Minister François Fillon reiterated last week even as the French would not have to tighten their belts further.If the IMF is seeking new revenue – or additional savings – is that it considers the government's growth projections too optimistic. He did not table more than 1.9% next year (after 2.1% this year), where the government is preparing its 2012 budget on an assumption of 2.25% (after 2%).

The cost of Greece and Libya

But that's not really what worries Bercy. Growth at 2.25%? "The account will be," says without a doubt a top official of the Ministry of Economy.

However, Bercy identified several elements that could degrade the accounts. First, the second bailout of Greece faxless payday advance. While it will not weigh directly on the deficit of France, as François Fillon stressed. The private sector has agreed to cash a loss equivalent to 21% of the value of the loan granted to Athens.The slate for French banks would exceed 2 billion euros. "We will inevitably income tax on companies and less," admits the Ministry of Economy.

Then "there will be a time when we look at the balance of external operations," Do we loose the ministry. In other words, the commitment of the army in Libya and Afghanistan could be very expensive.

Finally, remember that at Bercy Taiwan frigates affair will cost 460 million euros to France. In early June, after ten years of a bitter legal battle, Thales has indeed been ordered to pay more than $ 800 million in Taiwan, for commissions on the sale of frigates in 1991. The State had brought its guarantee in the contract."Public finances must now endure the heavy consequences of the decision in 1991 to pay commissions, unlike the letter of the contract," Matignon had pointed to the announcement of the court decision. This cost was included in the supplementary budget at the beginning of July. It will, however, offset this expense.

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"Yes, I advocate a federalist vision of Europe," enthused Nicolas Sarkozy on Thursday before his counterparts in the eurozone. The Franco-German proposals for a better European governance are not intended to create a big night in which federal public opinions are not ready. The French initiative on the fact that the Greek debt crisis has revealed the interdependence of European economies. "We have reached a degree of interpenetration as the most federalist of us did not even imagine. The Stability Pact is not enough, "says one senior European official.

The proposals will set aside any supranational option. The proposal to create the office of Union Minister of Finance put forward by Jean-Claude Trichet, the head of the European Central Bank, was clearly rejected by Paris."The idea of ​​the president is to move towards more European integration. However, he does not want a supranational economic government, "said one close adviser. "He believes in a more close monitoring by peers, by the Commission, and also the creation of a European rating agency," it adds.

Among the possible ways, that of a regular meeting of Heads of State in the euro area. Until now, German Chancellor opposed any "institutionalization" of the summit to seventeen for three reasons: not to cut Europe into two hopelessly between those who use the euro and those that have no. Do not give the new speaker a casting vote in the Mediterranean countries (Greece, Portugal, Italy, Spain …) friends of France and are far from being paragons of virtue.And, ultimately, do not support the idea of ​​a Franco-German Executive which is expected to submit the rest of Europe.

A "European Fund"

For this reason, many MEPs protest against the double standards of Paris and Berlin. "The economic governance of the Franco-German dictatorship is not a solution," says MEP (Modem) Sylvie Goulard, who defends the idea of ​​involving the European Parliament to tax policy options. Other tracks include the gradual transformation of European Stabilization Fund into a "European Fund." Finally, many "federalist" believe we should give more resources to the European Commission. "The statements of intent for a greater convergence of economic policies were made in the Lisbon strategy, and it did not help," says Sylvie Goulard yet.

At the Élysée, it places great emphasis on the need to confront the high-level fiscal policy choices, budgetary, wage. "Between 1997 and 2004, the French and the Germans had a policy against it. In France, we opted for 35 hours in Germany, Schroeder was the opposite. It was the model of what not to do when you're in the euro area, "says one close to the head of state.

Microsoft continues to decline in the navigation software on the Internet. In France, in June, less than half of Web site visits were conducted with Internet Explorer, according to the research institute Médiamétrie-eStat. This analysis was already advanced by other observers earlier this year for Europe. The situation becomes critical for the Redmond giant. Microsoft can not stem its decline despite the launch of Version 9 of Internet Explorer and the new Internet search engine Bing, French, earlier this year. The use of Internet Explorer was down 6.6 points from January to June, to 44.4%, note Médiamétrie.This is the worst score of Microsoft since its breakthrough in the mid-1990s.

The decline in Internet Explorer due to "the rise of the main browsers used to smartphones and Internet tablets, Google Chrome (Android) and Apple Safari, in connection with the deployment of these terminals to the consultation of Internet in mobility, "said the research institute.

Windows 7 Phone does not pierce

The iPhone and the Apple iPad, the plethora of smartphones and tablets that use the Android operating system Google's take on a dominant role. In addition, "their browsers are installed on more PCs and Macintosh bad credit personal loan lenders. The share of smartphones and tablets only 3% of total visits, "said Franck Si-Hassen, Managing Director of Médiamétrie-eStat.

In smartphones, Windows 7 Phone Microsoft does not pierce.Its agreement with Nokia should be realized only at the end of the year. As for the shelves, Microsoft is still not widely. Thus, in the first half, the browser of Google increased its share of visits of 3.6 points (16.1%) and that Apple has increased its fourth place in France (up 1.3 points to 8.3%).

Finally, the Firefox browser, Mozilla Foundation, consolidated its second position in France, with 29.6% of visits, up 0.5 points over the period. 4 and 5 versions of Firefox have recently been launched. Innovations made necessary to generate financial resources related to the use of Firefox and "clicks" of Internet users.With 400 million users worldwide, the Mozilla Foundation generates a turnover of 100 million dollars a year, most of which is paid by Google.

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Saturn must be profitable in three years: it is the objective that its new owner, HTM Group, has set. The holding of the family group Mulliez (Paragraph, Kiabi, etc.). Boulanger strengthens its brand with 35 stores in French Media Saturn, a subsidiary of the German Metro, which she bought on June 30 for an undisclosed price.

"Saturn knew generate traffic in its stores with low prices and promotions, but never developed Internet business and has never managed to be profitable," especially in front of supermarkets are on the same niche (26 % market share), explains Layous Bernard, director of purchasing and marketing Boulanger.

"With Saturn, Boulanger changes category. Faced with global suppliers, we will have greater purchasing power and we will be known to the public, "he says.The distributor of multimedia products and services and appliances improves its national coverage with this acquisition, which "saves 3 to 4 years of expansion." Even if Baker is, first, giving up open the store on the outskirts of Saturn provided Avignon and on the other hand, give five other outlets of the brand (Toulon, Le Havre, Mulhouse, Aubergenville , Angers), and a shop in Tours Boulanger to respect the opinion of the Competition Authority on the merger.

No project abroad

The integration of the stores kept Saturn, which carry a turnover of 500 million euros, will allow Boulanger (97 stores) to reach the 2 billion mark in sales in a French market the electrical appliance 22 billion euros, according to Gfk.

"The market has been growing steadily for twenty years, with the exception of 2009," says Francis cord, CEO of HTM Group. Since the beginning of the year, but the activity is again down, 1.2%, except for sales professionals on the Internet, such as Darty and Fnac. These are already doing about 10% of their sales through this channel, twice as Boulanger, who made his priority. Points boulanger.com withdrawals and will appear in the old Saturn, because a client of two picks the order.More reason to want to see HTM Group "soon" its goal of 150 stores Boulanger on the rise, with major cities and especially Paris-line of sight. International expansion, produced by its competitors, remains a dream, "but before going abroad, one must be strong in our home market," said Francis cord. Confident, it provides a higher turnover of Boulanger 3% over the year, at constant perimeter.

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As announced in Le Figaro, the No. 1 reactor of the nuclear Fessenheim (Haut-Rhin) received clearance from the Nuclear Safety Authority (ASN) to continue operating. He "is able to be operated for a period of ten additional years provided you follow a number of requirements," said Monday the president of the ASN, Andre-Claude Lacoste.

The concrete slab on which was built the reactor must be such "enhanced" before June 30, 2013 "to increase its resistance to corium (molten magma resulting from insufficient cooling of the fuel, Ed) in case of serious accidents with piercing of the tank. "Second "major limitation" on the 40 made by the ASN: EDF will have to install an emergency device designed to remove the residual power "in case of loss of the cold source" before December 31, 2012.

Notice of extension published Monday is worth not discharge. Especially since it was made "subject to the findings of evaluations undertaken additional security after the accident Fukushima," said Andre-Claude Lacoste.

These stress tests requested by France and Europe aimed at assessing the behavior of plants in extreme situations. An "appointment" that could lead to the ASN "strengthen requirements," says its president. It will then EDF or the government to decide whether to continue the operation of reactor.

Monday, environmental groups and antinuclear called for "immediate closing" of Fessenheim.Nathalie Kosciusko-Morizet, Minister of Ecology responds to Le Figaro.

The mood remains gloomy in the Paris Stock Exchange on Thursday. In the aftermath of a session that saw the CAC 40abandonner 1.49%, morale improved slightly with the release of U.S. indicators better than expected. In the afternoon, the Paris index erased some losses and ended down 0.38% to 3792.31 points after hitting a low of 3743.97 points.

The London Stock Exchange also ended lower, the FTSE-100 index lost 0.76% to 5698.81 points. The Frankfurt Dax finished down slightly from 0.07% to 7110.2 points.

This bad mood, which resulted in Wall Street and Asian markets this morning in the dark red, is mainly due to Greece. Indeed, the financial position and policy of the country bogged down.The special meeting of finance ministers has ended in failure Wednesday, Europeans failing to agree on the role of private creditors in the new rescue measures. Meanwhile, violent demonstrations took place in Parliament of the country, forcing the Prime Minister George Papandreou to announce a reshuffle of his government that is expected to announce on Thursday evening.

Decline in jobless claims across the Atlantic

In addition to Greece, the eyes were again turned to the United States Wednesday, the publication of disappointing statistics showed the weakness of the U.S. recovery, particularly in the industry.On Thursday, the news was, however, quite good: the new jobless claims have declined more than expected and the United States, where 414,000 benefit claims are submitted from June 5 to 11 – a decrease of 4% compared to last week.Analysts had expected 421,000 new registrations.

The housing starts and building permits issued in the United States are also rising again in May, increasing by 8.7% and 3.5%, according to figures released Thursday by the Commerce .

However, the deficit in the current account of the United States has widened in the first quarter to 119.3 billion against $ 112.2 billion the previous quarter, according to figures released Thursday by the Commerce Department.

Manufacturing activity declines in the Philadelphia area for the first time since September, said Thursday the U.S. central bank (Fed), whose local activity index fell to -7.7 against all odds, the lowest level since July 2009.

In the euro area, consumer prices rose 2.7% year on year, after 2.8% in April, according to a second estimate of Eurostat made similar to the first end of May.

On the currency side, the euro has stabilized against the dollar in late afternoon. Around 17:30 the European currency was worth 1.4166 dollars against 1.4182 dollars late Wednesday. In the morning, the euro has continued to fall weighed down by the Greek crisis, and fell to 1.4090 dollars, its lowest level for three weeks.

Values ​​to follow

Banking

French banking stocks are still under attack on Thursday. They are among the largest declines the CAC 40 business cards. Societe Generale lost 3.28% to 37.50 euros, Crédit Agricole loose 2.77% to 9.63 euros, BNP Paribas was down 2.20% to 50.17 euros. Axa Natixis and follow the trend with decreases of 3.60% to 14.60 euros and 1.37% to 3.45 euros.Dexia unscrews for its share of 4.56% to 2.15 euros.

Areva: -2.80% to 25.31 euros; Eramet: -1.83% to 217.50 euros

Luc Oursel, deputy CEO of Areva, is the favorite to replace Anne Lauvergeon at the head of French nuclear specialist, says the newspaper La Tribune.In addition, the group extended for six months its shareholders in companies with Eramet Sorame CEIR and representing the shareholders of the family Duvan.

Bull: -1.47% to 4.68 euros

The French computer group announced Thursday a plan to recruit a thousand employees for 2011, including 400 in France, mostly young graduates.

Sanofi: -0.92% to 51.43 euros

The group announced Thursday the signing of a research collaboration of two years with the Dutch biotechnology company Audion Therapeutics for the development of potential treatments for hearing loss.

EADS: + 0.65% to 21.53 euros

The low-cost Philippine Cebu Air said Thursday it had entered into a $ 3.8 billion with Airbus for an order for 30 A321s and seven A320s.

Renault: -1.16% to 36.27 euros

The Renault-Nissan is about to take control of Russian automaker AvtoVAZ, an acquisition that would propel the world's third largest, said Thursday the Japanese newspaper Nikkei.

L'Oreal: -1.18% to 84.39 euros

The businessman Stephane Courbit explained in a letter to Liliane Bettencourt why he wants to break the financial partnership that had just concluded the head of Lov group and the heir to L'Oreal.

Total: -0.58% to 37.52 euros

The tanker has completed its friendly takeover bid of about $ 1.3 billion over the American SunPower, a majority of shareholders of the company specialized in solar panels have agreed to tender their shares.

Eurosic: + 0.56% to 33.99 euros

Batipart, family holding company specializing in real estate, will launch a takeover bid for Eurosic in the coming weeks after the sale by Nexity and Banque Palatine of all of their shares in the specialist real estate office.

Vivendi: -0.22% to 18.13 euros

Between September and the summer of 2012, SFR will take the rays of the telephone 80 Fnac stores in France.

France Telecom: -0.49% to 14.21 euros

The operator said Wednesday it had issued 670 million euros maturing in 2019 and 2021.

Perno Ricard: -0.42% to 66.46 euros

The group announced Wednesday that its board had decided to pay an interim dividend of 67 cents per share.

After market, Zodiac Aerospace announce its third quarter revenues.

"CONTEST Estimate the Cac 40 in late June

Asian stock markets follow divergent paths on Wednesday. Markets are generally reassured by U.S. data released Tuesday, less bad than expected on the price front in the production and sales details. But the reluctance dominates.

In Japan, the Nikkei decides to follow the good mood on Wall Street has ended sharply higher on Tuesday. The benchmark index of the Tokyo Stock Exchange gained 0.28% to 9574.32 points at closing. The Topix, wider, took 0.22% to 824.65 points. Again, the action of the electric company Tokyo Electric Power (TEPCO), operator of the nuclear accident in Fukushima, illustrated by a jump of 32.12%, after the government submitted to Parliament Support project to fund compensation for victims. The title had already taken 25% yesterday.

In contrast, Hong Kong and Shanghai are losing ground.The Hang Seng loose 0.39% and the Shanghai Composite was down 0.49%. Investors are troubled by the decision of the People's Bank of China to meet Tuesday to 50 basis points on required reserve ratio of banks, hoping to contain high inflation that poses many economic and social risks. Beijing had announced earlier that consumer prices rose 5 guaranteed personal loan approval.5% in May, an unprecedented growth in nearly three years. The banking sector battered the image of Bank of China (-1.27%) and HSBC Holdings (-1.01%).

The KOSPI Korea following the Chinese markets and decline of 0.17%. Same thing for the Indian Sensex losing 0.31% and the S & P dropped 0.43% Australian. In Australia, the rating is pulled down by the airline industry. Qantas Airways (-1.06%) and Blue Holdings (-3.33%) and are penalized by their decision to cancel domestic flights due to volcanic emissions.

Trend mixed before U.S. crude stocks

The time is also reluctance on the oil markets on Wednesday. In morning trading, a barrel of light sweet crude for July delivery lost 25 cents to 99.12 dollars while that of Brent North Sea crude for delivery rose 49 cents identical to 120.65 dollars.

Investors await the day the report on the status of stocks of petroleum products in the United States. Analysts surveyed by Dow Jones Newswires, crude oil inventories have fallen by 500,000 barrels last week. In contrast, gasoline stocks had risen by 400,000 barrels and distillates (including diesel and heating oil) of 900,000 barrels.

After several months of development, GDF Suez has now officially launched its website for the 218,000 employees of the group, to enable them to support the development of micro-enterprises scattered around the world. While the week of microcredit is nearing completion, this unique initiative could give a fillip to microfinance solidarity.

Specifically, the site presents a selection of projects to be financed in a variety of countries (currently Peru, Lebanon, Senegal, Tajikistan, Cambodia pending, the Philippines and Madagascar). On the basis of information given to them, employees may choose to assist a particular activity: the purchase of pigs, creation of woolen hats, launching a candy … The proposed assistance takes the form of a 0% interest loan of EUR 20 minimum, payable in 6 to 18 months.The money is paid directly online (via credit card or Paypal account) and the loan is secured by local microfinance institutions. After retrieving their application, lenders are obviously free to reinvest or not the amounts paid on other projects. The site is open to employees and everyone who would be invited by employees.

The project has been fully assembled by MicroWorld, a subsidiary of PlaNet Finance, an NGO founded by Jacques Attali in 1998. Until now GDF Suez already funding specific programs through PlaNet Finance (Microfinance & Energy in Morocco and Egypt "Business in Suburbs in France). With this initiative, "Suez regains its banking business," joked Jacques Attali before noting: "Today's world is not socially sustainable.To reduce this gap, democracy is the first medium and the second is to give people the means to achieve ". Knowing that many of them will create their own jobs, he said that credit is a key lever for growth of these enrepreneurs. Even should you avoid some pitfalls: microcredit must learn to go along with ecology to be truly sustainable and must avoid certain abuses observed in India in particular or some companies claiming solidarity finance is much closer to practices of loan sharks.

GDF Suez side, if the group has funded the launch of this initiative and promises of matching shapes subsidized loans, it also recognizes the benefits expected from this operation. Firstly in terms of internal cohesion.The website encourages the creation of virtual communities and circles that can strengthen the bonds within a group and engage the best young troops. And then of course there is the group's image. CEO Gerard Mestrallet has also not stood in the preamble to introduce the launch of the new advertising group whose slogan is "Be good to men" and his view that illustrates the positioning of the company.