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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 IMF Christine Lagarde would it become anti-globalization? Long, the subject is taboo: that globalization does not please everyone, it tends to increase inequality in rich countries, everyone sensed. But it was a lesser evil. Cons weighed in the balance somewhat, compared to the prowess of China, India or Brazil and the hundreds of millions of people out of poverty through free trade. "Globalization" as the Anglo-Americans, was an apotheosis for the IMF. Its original mission, and still relevant, is to eliminate protectionism and the specter of the Depression of the 1930s. Light of Sirius, all was well in the brave new world.

This good report is no longer appropriate. The IMF recognizes that since the "Great Recession" of 2008-2009, more than 200 million people are unemployed worldwide. A record.And three-quarters of the 30 million unemployed appeared in the "advanced" countries. However, the phenomenon looks durable.

The World Economic Outlook, which forecasts 2011-2012 were published last week, a special chapter devoted to "labor markets in advanced economies" and their structural changes. That is to take stock of two decades of globalization flawless. "Technological change and trade are as old as civilization," warns the Fund. But this time it's different. Strange coincidence, the revolution in information technology broke out when China, India and the countries of the former Soviet empire have joined the global market, which they were previously excluded.Overnight, shortly after 1990, the global employment has almost doubled to $ 3 billion.

The new communication technologies, including container transport, helped to internationalize production lines. One of the most eloquent symbol is provided by Apple's products are designed in California and assembled in China by Foxconn. Apple includes only about fifty thousand employees, researchers and managers, while the second largest global market capitalization, after Exxon. Less glamorous, Foxconn is working a million people.

25% of the United States would be "relocated"

These are the United States as a whole that work on this model, specializing in highly paid office jobs and relocating industrial production. The international division of labor has been entirely satisfactory in the first place."Until a decade ago, the effects of globalization on the distribution of wealth and jobs were safe," according to Professor Michael Spence, the IMF quotes extensively from the work instant credit report. The Nobel Prize in Economics notes that from 1990 to 2008, the U.S. managed to create 27 million jobs, keeping unemployment low. But 98% of these positions were offered by the sector working exclusively for the U.S. domestic market, including 10 million from government agencies and health. In contrast, industries whose products are exportable, "tradable", as the term of Michael Spence, did not increase their employment, except in highly skilled occupations. The biggest loser is the middle class, who was employed by the industry.According to Professor Alan Blinder, former number two of the Fed, 25% of all jobs in the United States would be "relocated".

This reconfiguration of the labor market was not prejudicial as the United States grew at a rate of 2.5% per annum. It became unbearable to the crisis, while the construction, public agencies and service companies hire less and less, even at low wages. The IMF notes that all the old industrialized countries are housed in the same boat. For his part, Michael Spence said the exception of Germany, "which has clearly failed to protect his employment in export industries when they were threatened." He noted also that the de-industrialization resulting in collective impoverishment.According to his calculations, the value added per employee increased from 72,000 to 80,000 dollars between 1990 and 2008 across the Atlantic in non-exporters, while it jumped from 79,000 to 120,000 dollars in industries working for the world market.

Globalization is certainly not a zero sum game in which emerging economies prosper at the expense of old nations. But within each country, certain social groups benefit while others suffer. IMF sees not only a factor of inequality, but also a drag on overall growth: by venting industries, which have much higher potential productivity service activities, the United States and Europe condemned to decline. Not wishing to embark on a highly political terrain, the IMF experts take shelter behind the recommendations of Professor Spence.They are twofold: win back lost industrial jobs by the middle class while practicing a specific social redistribution in favor of the victims of globalization clearly identified.

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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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After starting the session in the green on Tuesday, following information about a possible takeover of Italian debt by Beijing, the CAC 40 is pressed far into the red on Tuesday. One hour after opening, it lost 2.86% to 2773.07 points, after starting the session up (1.53%). The other European financial centers remain hesitant: the Footsie-100 from the London Stock Exchange down 0.11%, the Dax in Frankfurt rose 0.26%, the FTSE MIB in Milan down 0.11% and the IBEX 35 Madrid is at -0.13%.

According to a report in the Financial Times, had asked Italy to China to perform major purchases of its sovereign debt.Senior Italian officials told the newspaper that Lou Jiwei, the chairman of China Investment Corp (CIC), was the head of a delegation that went to Rome last week to meet with Finance Minister Giulio Tremonti and as responsible for the Cassa Despositi e Prestiti. After starting the session in the red, Wall Street has ended the session in the green Monday, the Dow Jones gained 0.63% on the session. This morning, Asian stock markets also popped up slightly. The day before, the Paris Bourse had ended the session on a sharp decline dropping 4.03% to 2854.81 points (their lowest level since April 2009), weighed down by banking shares.However, market rumors suggest that Beijing now hear is not finally ready to buy bonds in Italy.

Result: the banking sector is left in the red zone, having been literally massacred on Monday. For the record, the U.S. agency Moody's announced it would lower a notch notes BNP Paribas (-10.26% to 23.44 euros) and Credit Agricole (-2.01% to 4.73 euros) and two notches that of Societe Generale (-6.10% to 14.62 euros) because of their exhibits to Greece.

Investors are particularly concerned about the situation in Greece, including the possibility of bankruptcy is no longer excluded for many politicians. An output of Greece to the euro is now considered by many economists.To this must be added about this Monday, Jean-Pierre Jouyet, chairman of the Financial Markets Authority (AMF), which estimates that Greece may have to undergo further restructuring of its debt. "What is likely to be more pronounced restructuring of the Greek debt," he said on iTV. German side, Angela Merkel is trying to catch up about his Economy Minister Philipp Rösler, who spoke Monday the event of a default of Athens.In a radio interview BBB, the Chancellor found it necessary to "avoid any uncontrolled process in the euro area."

Oil prices mixed

On the foreign exchange market, the euro was down slightly Tuesday against the dollar and the yen on Monday after falling $ 1.35 for the first time since February and the lowest for 10 years against the yen, and the voltage was strong, the markets fear more a possible failure of Greece. Around 8 am, the single European currency was worth 1.3665 dollars against 1.3680 dollars on Monday in 23 hours.

As for oil prices, they were mixed, helped by a relative weakening of the dollar-weighted but the latest projections of OPEC anticipates a lower than expected growth in demand for crude because of the nervousness of the markets.In early electronic trading, a barrel of "light sweet crude" for delivery in October gave himself 80 cents to 88.99 dollars a barrel while Brent North Sea crude for delivery in October, more sensitive to economic conditions in Europe, gave 52 cents to 112.25 dollars. "We see that oil has a weaker dollar," said Ker Chung Yang, an analyst at Phillip Futures commodity in Singapore.

On the front mécroéconomique, the consumer prices in France rose 0.5% in August from the previous month, said Tuesday the National Institute of Statistics (INSEE).This increase resulted mainly from the late summer sales but also reflects the higher prices, also seasonal, tourism-related services, these increases are offset by the seasonal decline in prices of fresh produce, INSEE said.

In addition, the current account deficit widened from France in July to 4.5 billion euros against 3.4 billion in June, due to an increase in the deficit of trade in goods, announced Tuesday Bank of France.

United States, the import price will be announced in late afternoon.

Values ​​to follow

Accor (-4.77% to 20.48 euros)

The hotel group announced on Tuesday a target for 2011 operating profit of between 510 and 530 million euros during the presentation of its new strategic objectives.

Renault (-2.69% to 23.33 euros)

The manufacturer has officially launched Monday in Maubeuge mass production of the Kangoo Zero Emission (ZE), which accounts for between 30,000 and 20.OOO vehicles per year.

PSA Peugeot Citroën (-2.91% to 16.04 euros)

The CEO of PSA Peugeot Citroen confirms Philippe Varin Tuesday in our columns his will "accelerate cost reductions," including employment.While ensuring that no significant slowing in demand was observed, explaining that the group wants to "guard against a possible market downturn."

Total (-2.29% to 31.38 euros)

The oil company announced Monday that he wanted to continue the search for shale gas in the southeast of France, while pledging not to use the method known as "hydraulic fracturing" now banned.

Interparfums

The group specializes in the design and marketing of fragrances, posted first half net profit up 33% to 17.1 million thanks to sales, according to a statement released Tuesday. This result should the "lead to revise upward its forecast for sales in 2011," added the group.

During the weekend, Moody's and the three banks involved have declined to make any comment.

The Perfect Storm market, this change of note, even anticipated, will be a blow to those banks seeking to reassure investors about their ability to refinance. The climate is harmful: the action of Societe Generale, the most attacked by the markets, has lost 56% since January 1, BNP Paribas, Credit Agricole and 37%, 43%. The European banking index at the same time dropped by 35%.

Troika in Athens

The tension is escalated Friday when the very orthodox chief economist at the European Central Bank (ECB), the German Jürgen Stark, resigned to show his disagreement with the assistance provided by the Mint of the fragile the euro area, including Italy and Spain, as a redemption of their bonds on the market.To make matters worse, banks are reluctant to lend to each other. Deposits from day to day banking in the euro area with the European Central Bank (ECB) are at record levels.

This week, representatives of the troika (EU, IMF and ECB), to oversee the accounts of Greece, it will return. They had left unexpectedly in early September, saying that Athens had not fulfilled its promises in terms of privatization and economic reforms. The Greek government has given additional pledges Sunday and EU Commissioner Olli Rehn said he was confident in the prospect of an agreement by the end of the month. Time is short indeed: Greece is in dire need of approval from the troika to receive a new tranche of EUR 8 billion taken from the first aid plan in 2010. A refusal would mean the default.Banks that have lent money, would suffer, while heavy losses.

In this context, the debate rages about whether European banks, which hold their balance sheets in packages of loans to countries in fragile states in the euro area are adequately capitalized.

August 27, Christine Lagarde, the executive director of the IMF, had felt it was "urgent" that the European financial institutions reinforce with new capital. Saturday, it reduced his remarks, adding that the figure of 200 billion euro recapitalization needs of European banks was only a preliminary estimate "under discussion" …

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Staff morale was recorded in late spring a dramatic improvement, the financial crisis of this summer related to sovereign debt of the United States and the countries of the euro area has dramatically changed the situation. And the beginning of September, white-collar grind black.

In any case, what emerges from the latest wave of the Baro-Eco Viavoice for HEC, Le Figaro and France Inter, in August, the total fertility fell by 30 percentage points from May "Unheard of. And, – 55, the index fell to its lowest level since its inception in 2004, "insists François Miquet-Marty, president of Viavoice.

All indicators are in red and some even collapsing altogether. Thus, three out of four frames (+ 25 points) expect a deterioration in living standards in France in general in a year, against one in two in May.And nearly eight in ten (39 + points) forecast an increase in unemployment in the coming months (the survey was conducted before the publication of poor figures from July). "The extent of the deterioration of macroeconomic indicators is particularly worrying," believes François Miquet-Marty No teletrack payday loans.

Fear of a recession

In this context, it is not surprising that they are pessimistic about the evolution of the economic situation. Seven in ten think that France "will again be in recession" over the coming months."The risks of recession concern especially as states now have more ways to revive the economy," said President Viavoice.

The personal perspectives of white-collar darker too, even though the labor market frameworks remained well oriented in July, according to latest statistics from the Apec, with offers up 67% over 12 months. According to the barometer Viavoice near a two-part (+ 16 points) think their personal financial situation "will deteriorate." More than eight in ten believe that the opportunities to advance their careers will be "weak". "Vote the budget framework of Franco-German proposals against the crisis, G20 in the fall: the appointment of school appear to be crucial to restore the confidence of executives," said François Miquet-Marty.

Click the preview to enlarge the graphic.

Caution on the Cac 40. In the wake of the Asian stock markets and the day after a sharp drop on Wall Street, investors should not take any risks. According to market operators, the Cac 40 and may open down.

Markets are waiting with some anxiety the president's speech to the U.S. central bank, Ben Bernanke, the outlook for the U.S. economy. An hour and a half ago, the U.S. government has released its second estimate of GDP for the second quarter. The consensus growth overseas could fall by 0.2 point to 1.1% from the first estimate. On Thursday, weekly jobless claims declined.Causing a sharp decline in U.S. stock markets.

On the corporate side, the ball results Essilor continues with the program on Friday morning.

Essilor International reported first half sales of 2.06 billion euros, up 6.9%, the band announced via a press release issued in the edition of Les Echos to appear Friday payday loans lenders.

Financials

The ban on short selling financial stocks on Thursday was extended to France, like Italy, Spain and Belgium, and the Financial Markets Authority (AMF) said it would review its position by late September.

Total expected to present a reorganization in the fall of scale of its operations downstream, with a planned merger of its refining and petrochemicals, according to Les Echos, citing union sources.

As for oil, prices were mixed Friday morning during electronic trading in Asia, in a sluggish market, before the highly anticipated speech of the head of the U.S. central bank (Fed). In morning trading, a barrel of "light sweet crude" for delivery in October gave 10 cents to 85.20 dollars per barrel of Brent North Sea crude for October delivery took 19 cents to 110.81 dollars.

Despite a sales increase of 3% to 7.9 billion euros in the first half and stable at 4.4 billion euros in the second quarter, Lafarge reported income down sharply from 34% to 260 million euros in the first half. The group warned that inflation and exchange rate effects will weigh on annual results. "The sector is still affected by high inflation and the absence of global recovery in developed countries," said Bruno Lafont, CEO of Lafarge, said in a statement.Half-year net income was, indeed, benefited last year, a gain of 160 million euros after selling its 17.28% interest in the Portuguese group Cimpor.

Weighed down by a huge debt of 14 billion euros, the rating agency Standard & Poor's has pushed the note of cement to the level of speculative transmitter – Lafarge claims to be "on track" to meet its debt reduction target of at least two billion euros in 2011. Two weeks ago, the group sold its gypsum in Europe and America in the Belgian Etex to € 1 billion (enterprise value) and they could sell in North America and Asia.In the second quarter, the group achieved 50 million savings in structural costs, $ 100 million since the beginning of the year, in line with the objective of a reduction of at least 200 million in 2011 .

The group still expects an increased demand for cement and provides a market growth between 2% and 5% in 2011 compared to 2010.

In launching his new business tuna in the Indian Ocean in 2007, Yannick Lauri, president of Sapmer rubbed to a less pleasing to fishing in Seychelles waters: the fight against piracy. Used to fight against illegal fishing in the Southern Ocean, its historical business, the second French fishing vessel owner must now deal with direct attacks against ships, conducted off the coast of Somalia, Kenya and Tanzania. "A real paramilitary organization," also describes the leader, the tuna-freezer Franche-Terre foiled a pirate attack in 2010.

To avoid being faced with demands for ransom of up to tens of millions of euros, the group has had to adapt.After the first fishing season in September 2009 carried out without any protection, fleet Sapmer has adopted a "for the protection of its crews, under the strong incentive of the state," explains Yannick Lauri. The measures are rather restrictive and expensive …. The obligation to "binômage" (navigation of ships by two, alternating with fishing time) in effect reduces the effective time fishing and limits the free movement of ships. "Especially since we had to navigate a given speed, which has a significant effect on fuel consumption." This obligation has been reduced on June 1, but could be reconsidered in case of renewed attacks.

Insurers ship their bets

But the effect on fishing in itself is a first illustration of the additional costs incurred by piracy.Faced with these increased risks, insurers have been quick to react. "The coverage of these risks represent 10% of our insurance for our tuna fleet, about 75,000 euros for our fleet of three tuna," said Yannick Lauri.

Finally, a report by the Institute of Higher National Defence Studies (IHEDN) which participated Sapmer, released in June, estimates that several hundred thousand euros a year ship the additional security measures.

This cost may seem exorbitant, but due to the requirement for owners to use the personal protection of their ships. Cost is in addition to the measures on navigation, and insurance-costs. For example, Arnoult Gauthier, president of sales VNavy benefits of private military companies (PMCs) from 4000 to 9000 dollars (2800 to 6200 euros) per day per boat.For the heavier the device includes boarding protection teams on boats.

Armed men on board for the protection of marine

For shipowners flying the French flag as Sapmer, these are men from the bodies of state (marine commandos, marines, etc.). Who come to protect the crew. Five armed men complement the 33 sailors present on each of the three tuna of the group. Considering that their vigilance decreases after six weeks, the state imposes, by that time, a return to earth for five days of rest before returning to sea This is not consistent with the ten weeks during a campaign fishing, and induced costs of accommodation and logistics for tracking weapons.

If the teams are state bodies, is financially Sapmer "put to work" for the care of these men.Yannick Lauri, which does not specify the percentage of participation, while acknowledging the nature of effective protection measures by professionals.

To a use of private protection?

As for use of private companies, "this device is not yet approved for vessels under the French flag, although discussions are ongoing, and there is some legal uncertainty on the issue." Currently, MPI experiments with private companies to protect the devices that need to be as effective as the protection of embedded military teams, but technically lighter. But for now, no alternative "has not yet developed," says Yannick Lauri.

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