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The record is coming to an end. For over a year and a half, is expected to be recapitalized Post 2.7 billion euros, 1.5 billion provided by the Deposit, the remainder by the state. Mid-September at a meeting on the ultimate value of the public company between the Economy Minister, Christine Lagarde, and the Director General of CDC, Augustin de Romanet, the views had converged on a 3 billion euros.

It remained to define the modalities for an additional price, if performance of the Post Office are in compliance with expectations. It's done: a clause providing for additional payment to the State CDC is part of the agreement.

After this operation – presented to European authorities within a fortnight – the Fund will become shareholders of the public company at 26%, indicating a close case.It will have three directors around the table, a veto over major decisions (not the current management) and will be associated with strategic choices.

Hesitation waltz at the Paris Bourse. After opening on a drop of 0.27% in the wake of the Asian markets, the benchmark index in Paris dropped more than 1% in the morning to return to equilibrium. But the opening of Wall Street in 1530, the CAC 40 has shifted downward, before digging even after two bad losses to U.S. figures, which brought down the U.S. indices. Around 4:12 p.m., the CAC 40 fell by 0.877% to 3733.38 points.

This morning, the losses have widened in the late morning after the publication of several macroeconomic statistics:

– In France, INSEE announced that French household consumption of manufactured goods had rebounded 2.7% in July and fell 1.6% in August.Economists were expecting an average growth of 0.6% in July and the consensus was +0.2% in August.

– Updates of new housing projects in France fell by 7.7% over one year for the period June-August 2010, while building permits rose 30%, said Tuesday the Department of Ecology.

– German consumer confidence in the economy, measured by the GfK barometer, reached its highest level in three years.The barometer set for the month of October reached 4.9 points, against 4.3 points for September (revised).

The afternoon was marked by the S & P / Case-Shiller house price in the U.S.: housing prices have declined in the United States in July, 0.1% from the previous month.

Then, 16 hours, the index of investor confidence and U.S. consumers in September fell more sharply than expected, according to the Conference Board index released Tuesday, which fell 4.7 points from July to $ 48.5.

As for currencies, the euro found strength against the U.S. dollar vert.Un euro is worth 1.3454 (+0.19%).

Michelin tumbles

But since this morning, the rating is primarily driven down by the Michelin red lantern ACC.The titles of the group let go of 10% to 58.71 euros after announcing a capital increase of EUR 1.2 billion to finance investments.

The title brings with it the entire automotive sector, including Peugeot (-2.38%) and Renault (-0.63%). 1.24% abandoned.

Ireland shook the banking

The banking and financial sector is also misguided Tuesday. BNP Paribas (-0.18%), Societe Generale (-0.48%), AXA (-0.35%) are abused.

Concerns have arisen with the estimate given by Standard & Poor's following which Ireland will inject 35 billion euros in Anglo Irish Bank. "The projections that were previously in sharp contrast to our estimate of 35 billion now appear to evolve more into line with such a cost of recapitalization," said Trevor Cullinan said Tuesday the channel RTE."The alternative plan of government for Anglo implies that we could even surpass the 35 billion, if that were the case, it may well be that Standard & Poor's conducts downgrades," he added No teletrack payday loans.

Moody's Investors Service had already cut three notches Monday of the debt rating of Anglo Irish Bank and six notches the rating of the subordinated debt.

EADS is pessimistic

Technicolor (+4% to 4.23 euros) announced Monday the sale of the majority of its 50% stake in Screenvision U.S., specializing in advertising for the film, for $ 60 million (45 million euros ).

Eurocopter (EADS: -0.86% to 19.09 euros) yesterday unveiled a new range of helicopter, the X3.Lutz Bertling, head of the group, took advantage of a press conference to clarify that Germany had yet maintained its order for 80 Tiger helicopters contrary to rumors in the German media. They had recently assured that Germany would lower the number of Tiger ordered 60 and the number of NH90 military helicopters and 80 against 122 ordered. Pessimistic, Lutz Bertling said last night also that "2011 will be the toughest year of Eurocopter. Cancellations of orders decreased but the stimulus of government too. " However, he stated that 2011 would not be a year of losses."We believe that the first signs of recovery should be perceptible from the second quarter of 2011."

Aries (+12.5% to 7.11 euros) automotive supplier specializing in the production of aluminum parts, announced back in the green Monday night with a net profit in the first half of 5.1 million euros against a loss of 2 million euros a year earlier."The group anticipates continued growth in its turnover by 2013 and envisages a return to an activity level comparable to that recorded in 2007, close to 47,000 tons of foundry.

The board of directors of Bolloré (-0.06% to 160.50 euros) decided Monday night to distribute an interim dividend of two euros per share given the good results of the group in the first half of 2010.

Sanofi-Aventis (-0.04% to 49.9 euros) continued its policy of acquisitions by announcing an agreement on Monday to buy VaxDesign, a U.S. biotech that develops in vitro models of human immune system.

Gabon, come to the capital of the French group Eramet (+0.07% to 219 euros) has reaffirmed the country's president to visit Africa in Paris.

Trigano (-3.75% to 17.09 euros) estimates that the sales growth recorded this year should continue in 2011 thanks to the success of its new models.

As for publications, Neopost (+0.05%) on Tuesday unveiled its first half results.

Note that the title SeLoger.com was suspended from trading this Tuesday morning at the Paris Bourse at the request of the Autorité des marchés financiers (AMF). This suspension is related to official submission of the bid group Axel Springer, which should be imminent and probably intervene in the morning, said a trader. The stock closed Monday at 37.53 euros.

In addition, Alcatel-Lucent (3.25% to 2.57 euros) stays the course: the titles are the only change in the green.

Earlier this week in the green on the Asian markets. On Monday, all the financial centers of the region shows increases supported. Renewed optimism that followed the one observed in U.S. markets last Friday. Despite macroeconomic indicators worse than expected, the New York Stock Exchange ended on a high since May, to 10,860 points (1.86%). European shares followed suit in the image of the Bourse de Paris which ended the week with a gain of nearly 2%.

This burst of enthusiasm pulls this Monday morning the Nikkei up. After opening up 0.83%, the benchmark index in Tokyo has increased its growth by mid-day (+1.12%) and finally close with a gain of 1.39 to 9603.14 points. The Topix has made 1.30% to 849.30 points.

However, export values are penalized by a strong yen."We still do not know if there was an intervention the dollar on Friday but was unable to retain the gains accrued to that point and it weighs on the market," said Toshiyuki Kanayama, an analyst at Monex. The Ministry of Finance has also announced during the meeting that the archipelago's trade surplus fell 37.5% in August year on year to 103.2 billion yen (913 million) while Observers expected a level twice as high.

Japan's exports grew 15.8% year on year to 5.2241 trillion yen (46.2 billion euros), but less rapidly than imports which rose 17.9% to 5120.9 billion yen (45.3 billion euros). The pace of sales to Asian countries (+18.6%), including China, has slowed.Those to North America rose 8.2% to Western Europe by 13.8%.

The action Panasonic won 3.02% after the Nikkei newspaper reported this weekend that the group of consumer electronics was about to sell its 3D TV in 10 additional countries. In contrast, under the credit company Takefuji Consumer Group has been suspended after newspaper articles saying that the group was about to get bankrupt.

The rest of the region is optimistic

Moreover, the indices follow the impulse given by the Japanese Nikkei. In China, stock markets in Hong Kong and Shanghai posted respective increases of 1.27% and 0.95%.

Tensions with the neighbor and trade partner of Japan do not undermine the morale of investors.Many Chinese customs offices have begun to implement stricter checks of goods from Japan or therein for causing delays in shipments, the daily reported Monday Mainichi. This could be a form of retaliation after detention by Beijing Tokyo Chinese captain of a trawler. In this case, Japan plans to ask China to pay damages to two patrol by the collision with the Chinese trawler.

In Korea, the KOSDAQ gained 0.32%. As for values, Hyundai is mishandled since the announcement of a recall of 139,500 vehicles in the U.S. due to a leadership problem.On the eve of the opening of the Paris Motor Show in Paris, the new is sanctioned titles unleash 1.9%.

The S & P Australian takes 1.47% while the Indian Sensex gained 0.48%.

The dispersed oil in order by

Crude prices were more mixed in morning trading in Asia, a market shared between disappointing U.S. data and a weak dollar, analysts said.

A barrel of light sweet crude for November delivery gained 10 cents to 76.59 dollars while that of Brent North Sea with identical maturity fell by 3 cents to 78.84 dollars.

The Administration sees Obama favorably developing in Congress of a law giving the Department of Commerce the power to impose tariffs on Chinese products boosted by the undervaluation of the yuan.

The powerful Ways and Means Committee of the House of Representatives voted in favor of such a text. It should be submitted to a vote of the full lower house next week. A bill similar to the Senate was prepared, but no commission has scheduled the vote for now.

Barack Obama still wants to avoid such sanctions and resolve his dispute with Beijing diplomatic means. But growing pressure in Congress serves its interests in the immediate future.The U.S. president spent most of his talks with Chinese Premier Wen Jiabao in New York to plead for a revaluation of the yuan and a rebalancing of the economic relationship between the U.S. and China. The head of the U.S. state has to rally the Europeans and other G20 countries to its cause.

The campaign for the parliamentary elections of November 2 is naturally favorable conditions for advancing the work of Congress.

The U.S. lawmakers from both parties have long been convinced that Beijing is manipulating its currency to prevent the yuan to appreciate in order to boost its exports an unfair manner.

The tone has changed

For months the White House sought to calm the anger of Congress personal business card. This is the case now. The tone has changed in recent days. The executive is concerned that the yuan has appreciated less than 2% since June 19That day the Chinese authorities appeared to accept Washington's argument that a gradual appreciation of their currency in the interest of China and its partners. Private U.S. experts believe the yuan undervalued by 20-40%.

The proposed legislation in the House authorizes Commerce to impose no tariffs on products from countries whose currencies are "fundamentally undervalued". To date, such sanctions are prohibited if the grant is identified by the Authority is not specific to a particular product. Now by definition the subsidy represented by the undervaluation of a currency is not specific but benefits all exported products. Lawmakers were convinced that their text respects the rules of the WTO.They explain how to determine that a currency is "fundamentally undervalued" by the IMF's method: an under-evaluation of at least 5% over 18 months at least. The country must also have accumulated in a "significant and persistent" current account surpluses during the same period.

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U.S. stock markets are changing very slightly lower on Wednesday. Shortly after opening, the Dow Jones gained 0.15% to 10,778 points and the S & P 500 ahead 0.18% at 1142 points, while the Nasdaq was down 0.02% to 2349 points. On Tuesday, the New York Stock Exchange New York Stock Exchange closed in a disorganized, visibly disappointed by the cautious tone adopted by the U.S. central bank, which said it was ready to further support the economy, "if necessary . At the close, the Dow Jones gleaned 0.07% to 10,761.03 points, while the Standard & Poor's 500 lost 0.26% to 1139.77 points and the Nasdaq 0.28% to 2349.35 points.

On the foreign exchange market, the euro was more than $ 1.33. The Fed said that economic recovery overseas should be "modest."Investors, who, anticipating a period of deflation, have sold their dollars en masse, making climbing mechanically other currencies including the euro against the greenback. Yen tu its highs against the U.S. dollar.

On the macroeconomic front, investors are waiting to 16.30 including the traditional weekly inventory of crude oil to the United States. Indicators in real estate sales old and new, always under the microscope by the market are then expected Thursday and Friday respectively.

The side of values, after the close, the software company Adobe has announced for its third fiscal quarter, a profit of $ 230.1 million. Turnover exceeds the expectations of analysts.It exceeds the 990 million dollars against 697.5 million last year.

Instead, the group of Internet auction eBay has announced that its results would fall within the upper range of its forecasts in the third quarter.

Always on the side of values, the chip manufacturer for the telecommunications sector has revised downwards its projections of revenues for the third quarter. It now expects sales of between 161 and 163 million dollars against 169-177000000 announced at the presentation of results for the second quarter.

For its part Microsoft has announced an increase in its quarterly dividend to 16 cents a share against 13 cents. The group announced its intention to increase its borrowing capacity of $ 6 billion while its cash flow is 37 billion dollars.The announcement should add momentum to expectations of share repurchases and payment of a dividend.

Also note, the economist Lawrence Summers, who has already served two Democratic presidents in radically different conjunctures, announced his decision to leave the White House later this year.

The markets do not expect the announcement Tuesday evening of a takeover by the Federal Reserve, massive purchases of U.S. Treasury bonds. However, the discussion of this possibility will dominate the meeting of the Monetary Committee of Central Bank of the United States.

Ben Bernanke, Fed chairman, and his colleagues are reluctant to turn this controversial practice, called "quantitative easing". It is expected to lower interest rates long term.This is the main weapon that the Fed still has to fight the relapse of the U.S. economy in recession, which began in June 2007 and was officially completed in June 2009, according to the National Bureau of Economic Research ( NBER).

OECD calls for rigor

In late August, Bernanke has made clear that the resumption of the accumulation of Treasury securities by the Fed was conditioned on the one hand, signs of serious relapse into recession, and, secondly, a shift towards deflation. These two conditions do not yet seem satisfied.

Since one month, the indicators have even been less bad than expected. As industrial production is still increasing, but much more slowly. Consumption is still growing weakly, while trust is declining. Inventories are still rising strongly.The private sector is still creating jobs, but at a rate sufficient to reduce unemployment. Members of the Fed committee is not unanimous on the merits of a return to quantitative easing. For some, like the presidents of the Fed districts of Kansas City, Dallas and Minneapolis, monetary policy can no longer play second fiddle to that an expansive fiscal policy.

This approach seems contrary to suggestions by the OECD.His last report, although pessimistic about growth, considers reducing public deficits and priority in Washington advises the phasing out of tax cuts.

The figure: 1.5%

This is the expected growth rate in the United States in 2010 by the OECD, which called up on GDP growth of 3.2%.

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Pinned by the Ombudsman of energy, EDF made his mea culpa. The energy provider has refused to 30,000 homes Price of basic necessities (TPN) from Le Parisien published Monday. Introduced in 2005, the social rate can reduce the electricity bill and gas for people with IQ office is less than or equal to 620.58 euros per month and thus affecting the complementary universal medical coverage (CMU) .

The reduction between 30-50% depending on family composition, averaged 70 per year. In addition, recipients do not pay the costs of commissioning and settle their subscription only 20% of travel expenses for unpaid.

A method of calculation has become a criterion for exclusion

However, only 20% of claimants have effective social tariff and the number is dropping, according to Le Parisien.In case the complex procedures that discourage many beneficiaries, but also the interpretation by EDF's decree establishing the NPR.

It provides that the reduction given to customers is calculated based on rates for a single subscription of a power of less than 9 kVA. This method of calculation was performed by EDF as an eligibility criterion for social tariff: it has refused to grant power of households whose subscriptions are more than 9kWa.

Citing the desire to "rapid implementation of the decree, the group admitted in a letter that 6,000 households holding CMU were denied the social tariff. According to the Commission of Energy Regulation (CER), the cost of TPE for EDF is expected to rise to 73.4 million euros.With the call to order the energy ombudsman, the group will have access to the application of law which has applied for a social rate a year ago or less.

The fate of the site will total at Dunkirk he sealed the next month? The Tribunal de Grande Instance de Nanterre, seized by the oil giant mid-July, has in fact considered the request of the group and announced his decision to return Oct. 22.

Total Nanterre has assigned staff representatives: the CGT, the central works of refining sector and the works of Flanders. The group had entered the court mid-July to contest the obligation to resume refinery operations at the site of Mardyck, near Dunkirk.

The standoff, which opposes Total employees of the site began there exactly one year. In September 2009, Total decided the temporary closure of the refinery, which employs 367 employees and subcontractors. Then, on March 8, the tanker had finally announced the final closure to overcapacity.

Turnaround in late June: Total is sentenced by the Court of Appeal of Douai for failure to inform the staff representatives. The tanker is to reopen the site and resume refinery operations under penalty of fine of 100,000 euros per day.

Operations degassing

But after more than nine months off, the site can not immediately resume production. The band launches and activities that degassing mid-July, in fact, may equally well lead to the resumption of the production and conversion of the site.At the same time, the tanker takes steps before the Tribunal de Grande Instance of Nanterre and decides to make an appeal paydayloans.

Determined not to restart the refinery at Dunkirk, Total trying to save time, angering employees who suspend operations for a degassing semaine.Ils however fail to pay the total daily fine of 100,000 euros for not have to start refining oil.

"The feeling of injustice is very hard to Dunkirk

On Friday, a dozen employees of Dunkirk moved the trial on the Tribunal de Grande Instance of Nanterre.

For the advocate of employee representative bodies, Patrick Tillie, "the argument that employees have been informed does not, the general manager of the refinery had announced on February 1 there was no question of treating the crude oil before the consultation began on March 8. A statement by the attorney disputed the tanker, Mr Philip Raymond: the proceedings of information and consultation of employee representatives "has been completed, he said, the law authorizes the employer to implement the project.

Meanwhile, employees of the site does not décolèrent. "Everything was decided in advance," said Marcel Croquefer, secretary of the CGT cluster chemistry. We rolled in flour. Hopefully there will be proper justice for the feeling of injustice is very strong in the region of Dunkirk.The verdict of 22 October is expected to end a year of uncertainty.

Japan goes to war against the yen strong, detrimental to exports. In the aftermath of a massive sell yen and surprise on the currency market, Japanese Prime Minister Naoto Kan has warned that Japan will intervene directly again "if necessary" in order to weaken the yen if its value rises too quickly.

"We are determined not to allow rapid fluctuations in the yen," said Naoto Kan in the aftermath of the first direct intervention by Japanese authorities in the markets since March 2004.

Wednesday, Minister of Finance had confirmed intervention by Tokyo for the first time in six years, increasing the rate of 83 yen per dollar to 85.72 direct payday lenders.The euro also rose to 111.06 yen against 107.93 before the intervention of the authorities.

According to Japanese media, Japan, after intervening in Tokyo Wednesday continued its sales of currency on the streets of London and New York, bringing to total 2,000 billion yen in the market (18 billion euros).

But observers question the effectiveness of such interventions in the long term. Indeed, direct intervention, even repeated, could be difficult to firmly stabilize the yen to a level deemed acceptable in Tokyo, because of differences in rates and economic fundamentals between Japan and the United States, analysts said.

Full debate on pensions, France Mutualist wondered how active this deadline prepare financially. The organization that offers retirement products commissioned the polling institute Ifop to question the French on their concerns and savings products of choice. The results of the study are startling: whereas 86% of respondents believe it is important to build up savings exclusively for retirement, over half of them say they do not have enough money available to build up a nest egg.

"It tells a lot of stupidity on long-term savings, says Christian Oyarbide, CEO of The Mutualist France. It is argued that the average saving rate of French is 17% but this figure conceals very different situations.20% of the richest French have a savings rate approaching 40%, but those whose incomes are so widespread that intermediate 1-4% while the less wealthy can not afford to put sufficient money aside to prepare for retirement. "

Recover his money if needed

Unemployment, health problems, the obligation to take care of children or family are all arguments put forward by the French to explain their reluctance to turn to specific investment products such as PERP, or the PERCO other savings plans (PEE) …

"They want to recover the money invested in the event of hardship and do not want savings products" tunnel "on which the funds are blocked," said Christian Oyarbide continues: "the only product that allows this today is life insurance.That's the real retirement savings product "Investors are not mistaken for that matter. According to the study, half of them look to it. "The French do not seek profit above all they want is a guarantee, an investment whose return is no surprise," says Ifop. 80% of them are naturally turning to the funds in euros, less profitable but less risky than accounting units mostly consist in action. "If they were not pushed into action by investing in tax benefits, I even think that the share increases to 90%," says Christian Oyarbide.

The director of The Mutualist France regrets that, besides amending the tax legislation the government would "destabilize life insurance." His plea went even beyond.He wanted the portability of contracts is introduced, so that investors no longer feel compelled to leave the money placed on a contract if they wish to change banks. As for other retirement savings products, it also urges the government to simplify their tax systems. Pending a hearing, the agency he heads has a free tool on its website to allow the French to determine their investment profile, and select the product that best suits them, without obligation to purchase.

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