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Olivier Cousin risk 40,000 euro fine. His crime: entering the word "Anjou Cabernet Franc" on simple organic table wines, the ones he produced in his area of ​​Martigné-Briand (Maine-et-Loire). Unbearable for an approach advocates the designation of origin (AOC) Anjou. They are however difficult to blame Olivier Cousin lack of attachment to their land. This strain Angevin, ecology freak, follower of harvesting by hand and horses love it so much because he refuses herbicides, sulfur and yeast. This is because the same AOC respected, he said, so little of nature (by allowing the addition of sugar and acid, even for the vintage enjoying a good climate!) He slammed the door, six years ago.

Las. Cousin may well sell organic wine at the best restaurants, the law is against it. "The AOC Anjou is protected by decree.We fight every day to defend our demarcated areas, "says Patrice Laurendeau, president of the Federation of Anjou wine. On the Internet, many blogs Cousin support and a petition was launched to the attention of the authorities.

The AOC, however, is not always the enemy of the bio. Throughout France, AOC wine producers there are already converted, along with other winemakers. From 2009 to 2010, the organic vineyard area has increased by 33%. As to represent 6.2% of the total area of ​​vines, and perhaps "10% in 2012," according to the Association of Independent Winegrowers France.

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Private companies have indeed created 110,000 net new jobs over the month (Articles Analysts had expected 100,000). ADP also revised up sharply the number of hires in September to 116,000.

The traditional weekly oil stocks should also be unveiled this afternoon.

On the foreign exchange market, the euro regained some strength, however, rising by 0 fast cash loans.83% in late morning at 1.3775 dollars. Shaken by the announcement of a referendum in Greece on the bailout, the euro fell to 1.3609 dollars Tuesday, its lowest level since Oct. 12.

New salvo of results

As for values, the banking sector that has suffered the consequences of yesterday's bounce in the euro zone, expected to focus attention.

In Slovakia, the cacophony lasted all day. And eight and a half hour debate will not be enough. On Tuesday evening, the Slovak deputies rejected the strengthening of the Financial Assistance Fund in the euro area (EFSF). A decision that could aggravate the debt crisis in the eurozone. Indeed, the unanimity of the country is essential to confirm the agreement reached by the Heads of State on July 21.

Neither the European Commission's exhortations asking Bratislava to endorse the extension of funds or calls Jean-Claude Trichet speaking in a crisis "systems" need to "fight with great determination" n 'So it will not change. Nor the assurances of the German Chancellor, Angela Merkel, a trip to Vietnam, according to which euro area "political will to overcome the crisis."

Iveta Radicova, Slovak Prime Minister, had nevertheless put pressure, making the vote on the European relief fund about trust, it has finally add fuel to the fire. A party member of the governing coalition, the Freedom and Solidarity movement (12.1% of the vote), who refused from the beginning to support the EFSF, from the outset has responded by announcing that he would not participate simply not election. For weeks, he keeps saying that Slovakia is a country too poor to pay for the mistakes of others and pay 7.7 billion euros. Moreover, in all 124 deputies present, 55 elected representatives voted in favor, 9 against and 60 did not vote.

Early elections

Remains a second vote could take place quickly, as the Constitution allows it, it was said in Bratislava.The ruling coalition without a majority in Parliament, the government would not have other means to turn to the opposition. The Social Democratic Party understands the benefit to be derived from the situation: this very night, the Smer-SD announced its readiness to support the strengthening of EFSF, provided that early elections are held. "If the talks begin, I believe that voting can take place this week," said the spokesman of the party.

In short, just a few days of the summit of European governments scheduled for October 23, the rescue of the euro remains an issue that can not stop dividing.

It would almost forget that a new had to reassure the Greek Prime Minister George Papandreou.Troika (European Commission, European Central Bank and International Monetary Fund) has given the green light Tuesday to release "probably in early November," the new $ 8 billion promised to Greece as part of the loan to was granted last year.

The teams of the troika, which had suspended in early September, their on-site because the government was not fast enough in its reforms, believe that additional measures of rigor taken since mid-September "should be sufficient" to address the situation of the country and achieve the deficit to 14.9 billion next year.

Although they recognize that the revenues from privatization will be "significantly lower" to 5 billion euros that had been planned for this year.Similarly, they note the upward revision of the public deficit to 8.5% of GDP (gross domestic product) instead of 7.4% for 2011. But they keep their hopes for sales of state enterprises still bring 35 billion to Athens late 2014.

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The case of the fraudulent trader at UBS will ultimately cost his position to the Director General of the Swiss bank. The institution announced in a statement Saturday that the departure of Oswald Grübel. "Today, the UBS Board of Directors has accepted the decision of Oswald Grübel, Group Chief Executive, to retire from office. The Board asked Sergio Ermotti to assume this interim position. This appointment is effective immediately, "said UBS.

The board of directors of the group was convened in plenary session Friday in Singapore. Initially, Oswald Grübel had yet to defend him. According to press Helvetic, he had to enjoy a visit to the Singapore sovereign fund GIC, which holds 6.41% of UBS, to ask the Board of Directors of the bank vote of confidence.He wanted to get his approval to remain in power until early 2013 and to complete the restructuring of the banking and wealth management at UBS.

The extent of the fraud trader in London, Kweku Adoboli, has had because of this determination. "The Board regrets the decision of Oswald Grübel. The latter considers it his duty to take responsibility for the recent case involving unauthorized trading operations. " This case was discovered on September 15, caused a stir in the world of finance. Rating agencies Standard & Poor's and Moody's immediately placed under review with negative implications the debt rating long-term 'A +' the Swiss bank.

Reputation under pressure

First estimated at $ 2 billion, losses due to fraudulent transactions conducted by Kweku Adoboli were revised upwards three days later business card.They eventually reach $ 2.3 billion (1.66 billion euros). An internal investigation was opened. UBS tracking the failures of its system of risk control. The gendarmes of financial markets in Switzerland and the UK have also launched independent investigations into the circumstances of the losses suffered by the bank. "The board is deeply disappointed by the loss from unauthorized transactions and fully support the independent investigation. Furthermore, it will ensure that support measures are in place to prevent such cases could occur again in the future, "promises UBS.

It must be said that the bank is under pressure, as he tried in recent years to restore its reputation tarnished by the crisis "subprime" in 2008.The Federal Housing Finance Agency, the U.S. federal agency to oversee the mortgage market, accuses him of having sold $ 4.5 billion of toxic assets to mortgage refinancing agencies Fannie Mae and Freddie Mac, and is seeking to return $ 900 million. The Swiss bank is also under investigation in France on suspicion of using tax evasion. Anxious to maintain the confidence of its customers, it manages the fortunes, the bank sent them a letter last Saturday. "Your assets are safe with us," she assured.

For its part, Kweku Adoboli, the trader, 31, was detained, following his appearance before a London court Thursday. The boy will remain jailed at least until his next hearing on October 20, announced the judge.

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The CAC 40 continues its slow descent into hell. The stock market, which recorded a third consecutive session ended with a downward decrease of 1.13% to 2965.64 points, its lowest close of the year. It should even go back in spring 2009 to find such levels.

Moreover, stock markets are all in red with the exception of London (1.06%) and Zurich (4.02%). But the DAX in Frankfurt still loose 1.04% and 2.06% Milan.

Greece again centralizes all fears since the country's authorities and inspectors of the European Union, the International Monetary Fund and the European Central Bank, have suspended talks to ten days. The two parties disagree on the reasons and extent of delays by Athens in reducing its budget deficit. This situation endangers the second rescue plan concocted by the European Union.Some analysts believe even now that the plan was stillborn. "Greece has already slipped over new deficit targets," said Bruno Cavalier, as well, an economist at Oddo Securities.

Nervousness is also high, whereas the German Constitutional Court will make its decision Wednesday on the highly anticipated aid granted by Greece to Berlin and the establishment of a European emergency fund. Germany is the main creditor of Greece in the eurozone.

"It's a stampede"

Also in the issue of debt in the euro zone, Italy is suffering from a new crisis of confidence while accumulating doubts on its ability to curb its deficit despite the adoption of an austerity plan this summer.Finally, union sources said yesterday that the Spanish Prime Minister Jose Luis Rodriguez Zapatero had recognized mid-August, the markets in crisis, that Spain was close to a "rescue" needed.

"It's the stampede, the free fall. Trust is the innermost and nobody does anything to reassure, "commented Xavier Villepion, sales of shares in Global Equities. "Investors have no reason now to invest in the equity markets," he says. "We are in a dynamic market similar to that of the fall of 2008, when prevailing psychosis triggered by the subprime crisis," said Patrick Jacq, bond strategist at BNP Paribas."Everybody goes in the same direction and fled to the German long-term bonds," he said.

"No recession in the U.S."

These problems of sovereign debt in addition to fears of a global recession while the health of U.S. economic worries. In this regard, World Bank President Robert Zoellick said on Tuesday that the United States was not threatened by a return to recession. "I do not think the United States and the world will fall into recession," he said.

Societe Generale and Credit Agricole to the lowest since 2009

Bank stocks were again the most attacked: BNP Paribas lost 5.24% to 29.66 euros, Crédit Agricole, 4.72% to 5.56 euros and Societe Generale, 6.54% to 18.92 euros.

Audika: + 1.56% to 16.30 euros

The group released a net profit up 17.2% to 4.8 million in the first half, Audika has benefited from financial instruments, whose contribution represents about 400,000 euros.

Medica: 2.54% to 12.50 euros

Medica said it had seven times its first-half profits to 20.7 million euros and raised its annual growth target of the activity of 15% to 17%.

NYSE Euronext: -1.68% to 17.80 euros

The group announced a return to continuous trading, as of Thursday, September 8, a series of indicators of the Paris Bourse, the SBF 120, which was suspended on August 8 for technical reasons.

Casino: -1.66% to 54.36 euros

The retailer Almacenes Exito Colombia, 54.8% owned by the French group, has launched a capital increase of $ 1.4 billion (one billion) unveiled in late June.

Paris airport: -0.38% to 55.29 euros

A consortium that includes ADP is one of the groups pre-qualified to take over the airports of Madrid and Barcelona, ​​said Monday the Spanish airport authority AENA.

Lagardère: 0.03% to 19.30 euros

Arnaud Lagardere said the media group is considering a share buyback or payment of a dividend with the proceeds of the sale of the international magazine division.In an interview published Tuesday by the newspaper Les Echos, he also said that the withdrawal of the group of EADS will not happen until the release of the Airbus A350, the future long-haul European aircraft manufacturers.

Air France-KLM: + 0.79% to 6.14 euros

The group wants to save 700 to 800 million euros in additional savings and will also scale back its flight schedule.

GDF Suez: -2.07% to 19.63 euros

The newspaper Les Echos, there will be no increase in gas rates for individuals on 1 October, the Regulatory Commission (CRE) does not provide a complete analysis of the tariff before the end of September.

Séché: -9.65% to 42.45 euros

The company said it was reviewing its goal of decreasing operating income (ROC) for 2011, it now expected around the level reached in 2010 after falling 2.7% in the first half.

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Worn since last May by the strong current created by the bursting of the "case DSK", the national daily general news continue to surge. In June, France paid the dissemination of Figaro, which keeps its place as the first national daily, has increased by 2.68% over the same month of 2010, the World 2.06% and Liberation of 0.80%, according to monthly reports filed by publishers to OJD.

The data disclosed by the monitoring body of the press in France also show that only three titles, which is in addition the business daily Les Echos, finally take their game in the first half. From January to June, the spread paid France's Liberation, headed since February by Nicolas Demorand has increased by 4.97% over the same period last year, reaching 118,416 copies.The World has gained 2.66% to 293,650 copies. The media group controlled by the trio "BNP" (Pierre Berge, Xavier Niel and Matthew Pigasse) announced Friday that he expected an operating profit in 2011. In the first half, the group Le Monde "reported an operating profit of 2.3 million euros," he said. For its part, Le Figaro, which prepares a modernization of its formula to the end of September, has remained in the lead with a paid circulation of 326,490 copies, France, an increase of 1.21%.As for the special daily Les Echos group LVMH, the increase was 1.49% (121,956 copies).

Sharp decline in "France-Soir"

In contrast, all other securities of national daily press recede in the first six of the year: -7.53% for equipment (273,157 copies), -5.12% for La Tribune (65 445 ex.) – 3.69% for Le Parisien (290 690 ex.) -3.04% for Today in France (159 291 ex.) and -2.09% for the Cross (95 669 ex.). The fall of the highest returns to France-Soir that loses -12.10% to 63,741 copies. The title was placed last Monday in backup process for four months by the Commercial Court of Paris. Controlled by Alexander Pugachev, France-Soir has achieved a turnover of 17 million euros in 2010 against 9.6 million in 2009. At the same time, operating income totaled a loss to -31 million euros (-12.9 million against in 2009).The first half of 2011, its sales totaled 6.1 million euros for an operating result of -12.8 million, according to data reported earlier this week by its shareholder.

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"France-Soir: four months to change the skin

It all starts in late July in the French newspaper Le Monde. In a lively pen, "Philae" tells, in twelve parts, how a role play between two traders who are bored leads to rumors of a plot against Angela Merkel and the euro, all on the eve of elections French law of May 2012 ….

In this series of summer, we follow the wanderings of a young journalist from the Wall Street Journal sent to Frankfurt, headquarters of the European Central Bank and the financial hub of Germany. The names of the characters in the story are well known: Bruno Le Maire, portrays in Germanophile finance minister, Mario Draghi, Governor of the BCE, to the old speculator George Soros. On the agenda of the masters of the economy, threats to Societe Generale, next target of a takeover bid, and the Italian bank UniCredit.Their exposure to Greek debt fueling concerns.

Although it is amazed by the accuracy of the descriptions and the likelihood of situations, the informed reader understands that this is a fiction. In August 2011, Bruno Le Maire is not finance minister, but of Agriculture, and Italy's Mario Draghi has not made the head of the ECB, which is still headed by Jean-Claude Trichet.

On a rumor of a fall fiction real

It seems, however, whether this summer series that has inspired the fictional journalists Mail on Sunday, the Sunday edition of the Daily Mail for a story published Sunday catastrophic. In this paper, Simon Watkins and Dan Atkins have Societe Generale "at the brink of bankruptcy after terrible losses from its exposure to the Greek debt" and UniCredit "could collapse so similar" to the French bank.

The journalists added that "David Cameron has interrupted his vacation last night [Saturday, ed] to discuss the situation with Nicolas Sarkozy", a fact that has not been confirmed but exists also in the series of daily French.

Listed on online sites such as CNN mentioned on many forums, Twitter by many users, copied on blogs, the article from Monday, August 8 heat the rumor machine. Many elements accrediting effect the veracity of the article in the Mail on Sunday: Societe Generale is very exposed to the Greek crisis. August 3, his boss Frédéric Oudéa announced quarterly earnings down after a depreciation of 395 million euros for the shares of Greek states.

Wednesday morning the rumor that the company would be general in a situation so serious that the French government should intervene to save her is growing the market. The surprise announcement of a meeting at the Elysee Palace on the financial situation in the morning is a bombshell, and credibility to the words of the Mail on Sunday. The lack of communication officers of the Societe Generale does not help.

Meanwhile, as the stock market collapsed and with it the other financial stocks. At the heart of a black session, rumors succeed: France could lose its triple AAA, the government must save the banking system …

Only the evening that the management of Societe Generale denounces rumors and application to the financial markets opened an investigation into the launch of these sounds.But the damage is done: the bank saw its stock melted from 14.7% in one trading session.

A series of unexplained errors

Several questions remain: how an article in the Sunday edition of a tabloid, usually specializing in photographic study of cellulite British starlets, he could be taken seriously and set fire to the stock market ? How is it also possible that the two journalists of the text may have been confused, which to be inspired by what has been a fiction?

The text of Philae is, indeed, confusing realism. Hidden under the pseudonym, a journalist from the Tribune, Brussels correspondent of the daily economic, and whose employment by the evening paper did cringe at the writing of the World.A French bank would also indignant at the tone of the newspaper that gave off the soap truth, so much so that the newspaper added from 1 August 1 line warning: "Le Monde reminds its readers that situations, facts and figures reported in this fiction is imaginary and should not be taken as an expression of reality. "

There are no quotes in the article by Watkins and Atkins, which are directly drawn from the World Series, but the charges against SocGen and UniCredit, and the words of the intervention of Nicolas Sarkozy to be found in both documents. The Daily Mail has deleted Article guilty of its online site and apologized, acknowledging that the paper was based on "false information". Thursday noon, the Cac 40 fell below the symbolic threshold of 3,000 points, while Societe Generale fell by 7.26%.

For the United States

"The direct consequence of the loss of" AAA "rating is going to be the most difficult to borrow, says Dominique Roux, professor of economics at Paris Dauphine. Interest rates will therefore rise. "The movement may be modest, however: despite the rumors of degradation rates of long-term interest Americans were still very low Friday. "The rating agencies do not set interest rates, although they may have an influence," Augustin Landier tempers, professor at the Toulouse School of Economics. In April 2002, Japan lost its rating "AAA" and the impact remained limited. Above all, the United States remains a country apart. "Today, the U.S. Treasury issues debt, which was bought by the Federal Reserve, the U.S. central bank.It is therefore run the printing press, "says François Chaulet, associate director at Montsegur Finance. Another consequence, some bond managers could be forced to sell U.S. debt because they are forbidden to hold securities other than "AAA".

For European states

Europe has its own concerns of public debt, particularly in Spain and Italy. However, some might find of interest. "There is a" AAA "less and there could be a technical delay of the remaining debts still having this notation," Judge Francis Soler, credit manager at Edmond de Rothschild IM. This is the case of Germany, but also of France.And S & P affirmed the ratings for France online payday loans.

For financial markets

"Markets do not expect the decisions of rating agencies to react," said François Chaulet. The deterioration of the American note was expected, which partly explains the decline in recent days. "It is the accumulation of bad news, especially the concern about future economic growth in the United States, which led to a drop of this magnitude of global exchanges, said Jerome Vineria, an analyst at IG Markets Markets. These elements are still there, implying that markets should remain volatile in the coming weeks. "But the bad news today all seem familiar. And a real international coordination could change the movement."If Monday's session can still be difficult, I think, however, that the balance of the week in Paris could be positive," Jerome Vineria ventures.

For households and businesses

For U.S. households, the main risk would be higher interest rates. Companies will also be affected by the rising cost of credit, but they could also benefit by acting as a hedge against weak states. "Today, many companies appear financially stronger than the most fragile states," Francis Soler edge.

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U.S. stock markets are changing very slightly higher on Tuesday, spurred by bargain hunting after plogeon the day before. The Dow Jones rose 0.21% to 12,407.07 points, the Nasdaq advance of 0.23% to 2765.11 points and the S & P 500 gained 0.38% to 1322.35 points.

On Monday, the NYSE has closed lower for the second straight session, giving back to concerns about the debt of several countries considered fragile in the euro area and undermined by the sharp fall in oil prices has weighed on the energy sector.

The euro against the dollar resumes

While concern has focused until recently on the Greek case and the single issue of debt restructuring, they come to spread to other fragile countries of the euro area, including Spain.Even Belgium was concerned, as Fitch downgraded to "negative" view of the note because of the persistence of the institutional crisis in the kingdom.

In the wake of heightened tensions, the euro fell against the dollar, moving below the $ 1.40 for the first time in over two months. On Tuesday, the European currency regained a bit high. In early afternoon in Paris, the European single currency was worth $ 1.41.

On the macroeconomic front, investors will monitor the new home sales and expenditures and household incomes.Among the other highlights of the week, the Michigan index, and promises of sales are expected on Friday.

Bank of America pays $ 410 million to customers

Bank of America 0.30% to 11.45 dollars

The side of values, Bank of America has found a tentative agreement Monday night to pay $ 410 million to customers who complained of excessive bank charges after an overdraft on their account. The complaint partnership had attracted about one million customers aggrieved.

Coca-Cola Enterprises: 0.69% to 29.33 dollars

Also note, Coca-Cola Enterprises (CCE), the leading bottler of Coca-Cola products in Western Europe, is listed since this morning on NYSE Euronext Paris, in addition to its listing in New York.The IPO price was set at 20.73 euros per share and the market capitalization of CEC on the day of the introduction amounted to 7.06 billion euros.

eBay: 0 no checking account payday advance.28%: 31.72 dollars

The distribution group online eBay does not use its earnings from the acquisition of Skype by Microsoft to make acquisitions, said its chief executive John Donahoe in an interview with the Wall Street Journal.

Cisco Systems: -0.40% to 16.29 dollars

The spiritual movement Falun Gong filed a complaint with the U.S. against the U.S. computer equipment manufacturer Cisco Systems, which he believes helps the Chinese regime to suppress its followers.

Avon Products: 0.94% to $ 30

After the close DeWall Street, Avon Products has announced the appointment of Kimberly Ross, currently CFO of Dutch Royal Ahold, as Vice President and CFO of Avon.

Blackstone: 0.54% to 16.64 dollars

For his part, Blackstone seek transfer of real estate assets in Canada for about $ 900 million according to Reuters.

Sigma Aldrich: 0.53% to 68.62 dollars

Sigma Aldrich has announced the acquisition of Brazilian VETEC Quimica Fina Ltda, a provider of specialty chemicals for industry and research.The transaction, whose terms were not disclosed, should have no impact on results.

Union Pacific: 0.26% to 101.85 dollars

Union Pacific has announced the launch of a limited supply to exchange $ 750 million of existing bonds with bonds maturing 2022 and a partial settlement in cash.

Applied Materials: 0.69% to 13.89 dollars

The presentation of results from Applied Material, Tuesday and especially the speech which should also accompany attention. The group was downgraded by Goldman Sachs Friday because of a reduction in forecast request to the semiconductor industry.Also today, Compuware will also deliver his views on the changing demands of business and therefore on the strength of their investment in information technology.

Russian Yandex Internet group in turn could make a sensational debut on the Nasdaq, a week after scoring a spectacular goal in professional social network LinkedIn, says New York Times. The action Yandex will be sold at a price of 25 dollars, far beyond expectations, the newspaper said. Such a price would value the group at Moscow $ 8 billion.

They look at china dogs, waiting to see who will shoot first. Impacted by the recent surge in cotton prices, most major brands of apparel and ready-to-wear still refuse to raise their rates. At H & M for example, the waltz of the labels is not on the agenda. Despite a profit decline, to 291 million euros over the period from December to February (-30% from last year), its CEO, Carl-Johan Persson said that by "a deliberate maintain prices. "

And even if some of its stores saw their sales pitch down, as the new complex on the Champs-Elysees in Paris."While it should be 200,000 to 250,000 euros in turnover per day, it is only about 100 000 euros, or less than the store on the Boulevard Haussmann," said BFM Radio last month, light- where the limits "of a model of disposable fashion, low prices," which "seems to have a lame duck."

At the national level, INSEE made the same observation. According to the institute, purchases of textiles and leather have fallen 2.2% in March versus the same period last year. Moreover, even if the month of February received a slight improvement, with sales up 4.1%, it did not make "a very bad month of January," dissects Charles Tillard-Head in charge of statistical studies at the French Institute of Mode (IFM).

A hypercompetitive market

For specialists, this will keep prices at the same level due to the widespread decline in purchasing power.In a context of "incompressible increases of food prices and gasoline at the pump," the clothing market "could not support an increase of 5 to 15%" following the surge in cotton prices, said Jean- François Limantour, President of the Cercle Euro-Mediterranean leaders in textiles and clothing no teletrack payday loans. Same analysis for Charles Tillard-head, who feels that large retailers still prefer to "cut back on their margins." "There is a sense of expectancy, there analysis. The first to perform an increasing losing out in this hypercompetitive industry. Or in other words, would see its market share erode.

However, uncertainty remains about the ability of big retailers to maintain such a course."The professionals are in a phase where they do not really know how to pass on higher cotton prices," says Emmanuelle Butaud, secretary general of the Union of Textile Industries (ITU). In fact, its price, which peaked at 2.14 dollars per pound on April 7, increased on a year of almost 160%. Since then it has certainly packed (see box below). But as pointed Emmanuelle Butaud, the sector did not benefit because "it runs in cycles of one year to 18 months."

Cotton appears down

Since early April, the fiber has "consolidated" at around $ 1.54 a pound at the New York Stock Exchange, according Djillalid Hacid, an analyst with X-Trade Brokers. According to Jean-François Limantour, the decline should even "grow" in the coming months, referring to the latest figures from the U.S. Department of Agriculture (USDA).In 2010-2011, the institution expected to increase global production by 10.6% to 127.5 million bales, due to better weather than last year and the increased area of ​​plantations.

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