International & World Report

The job market is doing less harm to the United States. Published Friday by the Labor Department, the official estimate of 20 000 net job losses in January is consistent with the scenario of an expected return of recruits in the coming months, if growth continues. The most surprising is the fall in unemployment to 9.7%, its lowest level since last August. Economists feared the contrary a rise in unemployment beyond the threshold of 10%.

This rate is calculated from a survey of potential job seekers, while the estimate of creations or deletions of positions from a survey of businesses. But last month the proportion of discouraged unemployed and of persons employed part time, lack of full-time position, declined.So says the rate of "underemployment," the single most severe unemployment, back in January to 16.5%, against 17.3% in December.

Other positive signs are emerging. For the first time since January 2007, enrollment in the manufacturing sector increased (+11 000). This is best supported by increased overtime and raising the average actual working week. The average hourly wage also rises by 0.3% against 0.2% the previous month. Temporary jobs continue their net increase (+ 52 000). While they doubted the strength of demand, companies, out of prudence, first prefer to hire temporary employees, rather than recruiting staff permanently low fee payday loans .

The services sector, largely dominant in the U.S. economy, had destroyed 96 000 positions in December.He has recreated 40 000 in January. The good news is, however, be interpreted with caution, because it largely reflects the hiring of temporary workers by the federal government to carry out the census this year. The states and local communities hit by falling tax revenues continue to reduce their workforce.

Revised estimates

"Judging by the figures of growth in the fourth quarter (+5.7% yoy), reflecting mainly an effort to restock, real final demand is not strong enough to push companies to start of hire.It will take probably six to twelve months to see a trend of strong recruitment, "says Jay Mueller, portfolio manager with Wells Capital Management in Menomonee Falls (Wisconsin).

Reading the figures released Friday is complicated by multiple revisions of previous estimates. November proved much better than we believed, with 64 000 new net posts and not 4 000. But December was disastrous, with 150 000 net job losses, rather than 85 000 as we had originally estimated. Moreover, a massive revision of figures covering the twelve months prior to March 2009 reported eliminations 930 000 additional jobs. This brings to 8.4 million jobs destroyed in the United States for two years.

"We will not allow the Clio IV be produced in Turkey," said Christian Estrosi yesterday in the Assembly. On the eve of receiving Patrick Pelata, CEO of Renault, the Minister of Industry has shown its determination to avoid "hidden relocation. For Secretary of State for Employment, this move is a "red line" not to cross. Reflecting the sensitivity of the manufacturer, he recalled that 45% of its workforce in France.

Renault does not intend to produce Flins, near Paris, the successor of the current Clio III. This is already manufactured in three sites: Flins, Valladolid (Spain) and Bursa (Turkey). "Without this multilocalization, Clio program would not be profitable, said spokesman of the manufacturer. No decision on the allocation of production has been taken.The Clio should not be renewed for another three or four years. "Renault plans to produce Flins its future electric cars," at least 100 000 batteries per year, and to keep the Clio time to the growing burden of the power. There would be no risk to social Flins.

That is not enough to reassure the government. Christian Estrosi said yesterday that "the state was deeply involved in industrialization of electric vehicles, including Renault and asked him to" better connect the whole chain of French development of the electric Flins.

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It must be with Air France, it will be finally on Tuesday with Trenitalia. Reportedly, the group Veolia is about to conclude an agreement with Trenitalia, the division of passenger transport operator of Italian public Ferrovie dello Stato, to ride the TGV in France in early 2012.

Neither partner can share in the unknown. The French group had initially started this project in 2008 with Air France before the airline waives last October. Veolia provides fruit and a year of joint discussions with Air France on the subject and plan of attack ready. For its part, Trenitalia is the first foreign operator to take advantage of the opening of international passenger traffic last December 13 to seek paths in France.The group is preparing to roll its TGV spring between Rome, Milan and Paris.

The liberalization of international trade makes it possible for an operator to run its trains in France if they have a path between two states. It is possible to make the Milan-Paris via Lyon and compete with SNCF on the Paris-Lyon section.

To ride the TGV early 2012, both partners are ready to draw: it takes at least six months to conduct the tender for rolling stock and nearly two years the builder to honor his order. Veolia should take over the project developed with Air France. It revolved around three TGV lines. An axis Brussels-Paris-Lyon which allows both to compete with the Thalys between Brussels and Paris and SNCF from Paris and Lyon. A Paris-London Eurostar rival but also competing with SNCF Paris-Lille.And finally, a Paris-Strasbourg line with after the Alsatian capital, a branch to Frankfurt serving lines Mannheim and Karlsruhe, and a branch to Basel with a stop in Mulhouse.

Ambassador of the French high-speed

With operating costs 30% lower than the station simply because of the social system of railway, Trenitalia Veolia and could become the low-cost airline of the TGV. Initial projections of rates which were estimated with Air France aimed at a Paris-Lyon to 30 Euros in second class cons 41 to 63.10 euros for the station (ticket Leisure in normal times), a Paris-Nantes to 22 euros second class cons from 36.50 to 56.80 euros for the SNCF and the Paris-Lille 19 euros against 25 to 38.90 euros for the station.

For Air France, this project means that the ally of yesterday will become a new competitor for its domestic flights.For the station, this is the end of a monopoly and the beginning of a battle that will necessarily lead the public company to lose market share.

For Veolia, the project is a first step since the group aims eventually to answer calls for tenders TGV abroad. The French would be very good in the role of ambassador of the French high speed in the world alongside the manufacturer Alstom. "To export the TGV, Alstom suffers from not being associated with an operator, said a close case. SNCF does not because she is not willing to take risks and cost of revenue abroad. "

The agency Fitch has not taken into account what is doing the new government. Photo credits: AFP

There is a driver for the nuclear industry, the State. On a visit Thursday to the site of the EPR – the new generation reactor – in Flamanville (Manche), Francois Fillon has tried very firm. This displacement of the Prime Minister had been finalized at the last moment in a very specific purpose: to redefine the roles of each operator after Henri Proglio, barely reached the head of EDF, has hammered the leadership role of the public company.

We can talk about reframing. "That the State (…) is responsible for ensuring the overall coherence of this strategy to ensure that France will retain the place to be hers in the resumption of global nuclear "said Francois Fillon. While the central role of EDF is welcomed, but not from exercising a supervisory role on the track.So that Areva "is also a major player, including the integrated model (mine uranium reprocessing fuel through the construction of power plants) is not questioned.

As for GDF Suez or Total, they affirm their progressive positions in the nuclear, noted the Prime Minister."All this contributes to strengthening our credibility and aggregate supply," said Francois Fillon still surrounded by the Chairmen of EDF and Areva.

Moreover, the chief government hammered his confidence in the RPE, while this major project currently several critical towel on its cost, time of construction or security control command.

Bidding in Abu Dhabi

Alongside its political dimension, this development also involved the Matignon at a crucial time for French industry abroad, the four players mentioned above (EDF, Areva, GDF Suez and Total) are indeed united in a consortium to sell two plants EPR in Abu Dhabi. A contract that all benefits included, exceeds 40 billion dollars.However, for several weeks, rumors from the Emirates are not good: supply lights moving too dispersed to be truly effective.

That is why François Fillon sought explicit: "In some cases, the" Team France "nuclear must be able to bid combined. In others, it is better to leave one or another of its members act alone. "

Also EDF, hitherto known for the last hour in the consortium, now has a central place in the new device. Nothing says that confirmation of Francois Fillon, who promised a "new installation" to permit France to win the day: Abu Dhabi, offering Korean, much cheaper in particular, has strong arguments. Decision expected in coming weeks.

"INTERVIEW – How Proglio will revive EDF

Gold continues to see progress during his flying record after record for over a month and a half. This Monday, November 23, ounce of gold was traded on the London Bullion Market cons 1170 U.S. dollars, the highest price ever recorded on the market.

This new record was set when the confidence of investors vis-à-vis the dollar continues. On Monday, the euro gained ground against the dollar, approaching the bar $ 1.50 per euro.

The persistent weakness of the dollar encourages central banks to diversify their reserve assets, and increase their gold reserves. India and Sri Lanka have recently made massive purchases of precious metals. India has procured 200 tonnes of gold via the International Monetary Fund earlier this month.Sri Lanka's share increased its gold reserves of 5.3 tonnes in September.

The yellow metal continues to play its role as a safe haven

Although enshrined in recent weeks in a bullish pattern, the uncertainty surrounding the stock markets is another factor increasing the demand for gold. The yellow metal continues to play its role as a safe haven, especially in the period probably know that currently the world's economies, but seems even become a fully fledged investment.

"For the first time in twenty years that I see so many prestigious managers share the same strategy (investment in gold)," said Bradley Alford, the hedge fund Alpha Capital Management, Market Watch. "Some of these investors are icons of the industry, with more than fifteen years of management at their counter. He is lost in advance to play against their tendency.They have not become billionaires by making bad paris "he adds.

However, markets are unique in that a widespread enthusiasm for asset class often ends by the service, building up and then burst the bubble that this enthusiasm had itself generated.