"There will be no social PSA in France," said Nicolas Sarkozy, to mark the third anniversary of the creation of the Strategic Investment Fund (ISF). Picking up on the commitments of Philippe Varin , CEO of the group, it has has ensured that some 2000 employees of the group directly threatened in France (excluding retirements) would be "reclassified all."Nicolas Sarkozy was outraged to learn that Renault, which the state holds 15% stake, plans to transfer all of the production of its Clio 4 future in Turkey. Carlos Ghosn had to backtrack after being summoned to the Elysee.

The automotive industry employs, directly or indirectly, 2.3 million people in France, 9% of the employed population.

Politicians of the old continent have already promised that a solution to the crisis would be found. "Monday morning he will have the markets, the United States, China and the IMF are convinced that Europe has a plan, a European official placed loose in the heart of the discussion. If there is no agreement, each European country will be reduced to playing individual survival. "

Meanwhile, last minute negotiations are increasing.Nicolas Sarkozy visited emergency yesterday in Frankfurt to resolve differences between France and Germany directly with Angela Merkel. No information was available for this meeting. The Wall Street Journal, the discussions would focus on the possibility of allowing the EFSF to provide collateral to support bonds issued by countries in need rather than use it to provide direct guarantees.

Chapter macroeconomic, Germany will provide the Government's economic forecasts. Across the Atlantic, the weekly claims for unemployment benefits will be published 16 hours and the resales of September and the composite indicator of economic activity.Activity in the Philadelphia area in October will be known 16 hours.

New burst of publications

As for values, the Dexia should respond to green light by the French Senate on the guarantees provided by the French state in the process of dismantling the Franco-Belgian bank. Legislators have asked, however, a principle of banking counterparties.

Pernod Ricard achieved a turnover up 6% to almost two billion euros in the first quarter of fiscal year 2011-2012, according to a statement released Thursday.

Schneider Electric has lowered its forecast its operating margin from 2011 to 14% after posting a turnover up 4.6% to 5.7 billion euros in the third quarter.

Publicis announced that he fears a slowdown in activity at the end of the year, following growth of 7.5% of sales in the third quarter, but still think recording "above market growth" over the entire the exercise.

The manufacturer of smart cards Gemalto, the world, published Thursday in the third quarter sales of 491 million euros, stable over a year and affected by the poor performance of mobile telephony.

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Enhanced security

Ironically, Apple continues to strengthen security around its new devices to avoid the rustle in the media information about new projects. Thus, in a Guardian blog, it is stated that the latest iPhone are transported in locked boxes and sealed. Almost no one is able to open these packages. And the software itself is protected.The walls that do not, however, resist the doors of bars!

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Barack Obama said the disaster would be a failure to pay the Treasury on Tuesday, if this compromise was not reached. The economic crisis that would result, he said, entirely caused by the political dysfunction in Washington.

Obama maintains its position

For the chief executive of the United States, the problem of excessive indebtedness of the country is the result of at least ten years of lax fiscal policy. First, because of excessive spending and irresponsible tax cut decided in George W. Bush.He then explains the explosion of debt since taking office by the need to save America from a very serious recession.

Nothing he outlined in his speech Monday night was not already stated in previous days by Barack Obama. From this point of view, it may disappoint the market. The White House put on the pressure of public opinion to split the Republicans in two.

He tries to rally the Republican pragmatists to what he calls "a balanced approach" to reducing debt. That is a major plan that includes both tax increases and cuts in public spending.

However, he supported the plan proposed by the Democratic majority leader of the Senate, Harry Reid. It abandons the idea of ​​raising taxes.It offers a massive and immediate increase in the debt cap, with "savings" of the same order.

Republicans denounce economies sham

John Boehner responded Monday night's speech by Barack Obama. Photo credits: NICHOLAS KAMM / AFP

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.

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

But the maneuvers have pushed until August 2, the bankruptcy of the federal state. The White House and Congress have so until that date to agree. The first press the other to raise the ceiling, but he refuses to press the button until the government has not detailed a program foresaw and specific reductions in public spending. The United States shackle in effect three years of deficit exceeding 10%.It should reach around 1.6 trillion dollars this year.

If the financial world does not doubt the ability of great leaders of the first world power to agree, for the good of the global economy, the timetable is narrowing. And rating agencies do not fail to recall. Thus, after Standard & Poor's in April, Moody's puts a sudden extra pressure on Thursday by threatening to put the debt rating of long-term United States, currently at AAA, on negative watch, implying an actual deterioration in the coming months.

No to raising the ceiling

Yesterday, Wednesday, Barack Obama received dozens of Republican representatives in the White House. These, a majority in their meeting, refused to give the green light to an increase in the federal debt ceiling because of cuts in spending."We need to tackle this debt," said out of the meeting the head of the budget committee in the House, Paul Ryan, author of a draft budget with drastic cuts in funding for the welfare state and criticized by Democratic allies of Barack Obama.

Tuesday night, the House rejected by 318 votes against 97 an increase of 2,400 billion of debt ceiling, a move described as "irresponsible" Democratic side.

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An approach that meets the expectations of consumers. "The future of agriculture is at the local! Launches Bruno Le Maire, Minister of Agriculture and Food, a staunch supporter of the Small Producer. Import apples from Chile is an economic and social aberration.Consumers understand less and less why, in France, we are bringing products from across the world. "

But to bring supply and demand, it was still necessary to involve the supermarkets. "The idea is to create a link between man-made production, the farmers and consumers," said Stephane Macquaire, Managing Director of Monoprix. It is up to us to further develop this proximity between production areas and our customers. "This loyalty to our customers who have confidence in these products," adds Didier Debievre relations director with the agricultural world at Carrefour.

The latter has also embarked on the process. In the hypermarket Carrefour d'Aix-en-Provence, Ludovic Bonnafoux, a small producer in Grans, near Salon-de-Provence, is two months since the incumbent local provider.Photo of the gardener and his wife Magali is displayed in a large center island fruit and vegetable store online cash advance. Last week, the baskets of pot-au-feu accompanied by a recipe went like hotcakes. "It's just my department, I want it to be perfect," said the gardener, who regularly checks the status of the stand. "This partnership assures me every week and saves me an outlet to sell off my surplus," said Ludovic Bonnafoux.

Distributors to the local search

"The original idea was to allow consumers to know where did the products," explains Nicolas Chabanne, founder of the Small Producer, an association formed in 2003 to assist producers. He began by organizing direct sales at farm, then became known by delivering hospitals, the press and politicians.First and foremost the president, Jacques Chirac at the time. After four years, Bernadette eventually even receive the producers in the hall of the Elysee. Next step by the summer school canteens. Bruno Le Maire, who wants to change the legislation on tendering, will enable them to buy from local producers.

Small Producer of Fame, which was formed in the meantime a limited company, it has gradually win against the distribution. Sold up to 30% more expensive fruits and vegetables appealing all signs, happy to have more than one partner. The small producer, which began with convincing luxury shops such as Fauchon and La Grande Epicerie, now 600 products referenced in a thousand points of sale.Its sales this year expected to exceed 10 million euros, three times more than last year, and hopes to be the beneficiary in one year. His next challenge, decline the concept of small producers in the meat.

The price of lean

Hitachi manufactures flow meters, an electronic component essential to diesel engines fitted to 68% of cars sold in Europe by PSA. This supplier "gradually resumed its production," says the manufacturer, who expects "a return to normal within a week." In total, PSA works with a score of suppliers in Japan."In light of available stocks and the status of their production, apart from Hitachi, we have no particular problem so far," said a spokesman.

At Renault, only the Korean plant in Busan, more dependent on Japan, saw its production drop about 20%. Shipments of components left by ship from the archipelago to the continent before the earthquake. "We have before us a few weeks' supply, says the Diamond brand. Meanwhile, the group meets every day "several crisis centers" to list, among the parts come from Japan, "those that could pose a problem." Among the solutions: air supply or transfer to other suppliers.

According to the American Institute of forecasting IHS, all major manufacturers will still be affected by the disaster from mid-April.These, as well as many other industry groups of all sizes are now paying the price of the strategies carried out over two years. Once essential to profitability, the flow became tight, financial crisis requires a condition of survival. Manufacturers have made drastic efforts to preserve their liquidity. And to that end, they accelerated their policies to reduce their inventories.

Being lean makes some firms more vulnerable today. "The policy of active management of stocks is assumed that there is no break in the supply chain," said Philippe Waechter. The director of economic research at Natixis believes however that the model should not be questioned, "it is probably not possible to run a business as a rule by considering the occurrence of very low probability event."