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It is with relief that the financial markets have greeted the unemployment figures across the Atlantic for the month of August. After long hesitation in the morning, in the wake of fences New York markets and European markets have been raking in points after 14.30. In the middle of meeting, the CAC 40 has risen by 0.76% to 3659 points. At 15 hours, the ACC is closer to 3700 points (1.89%). At the London Stock Exchange, the FTSE-100 advance from 0.52% to 5399.14 points, and the German DAX 30, the Frankfurt Stock Exchange, rose 0.44% to 6110.88 points.

Before the announcement of the major statistical, investors remained cautious to say the least. "It does not happen much on the markets, who are eagerly awaiting the unemployment figures of the United States, says it in the rooms. Is a very important day. Nobody wants to get new paris before this indicator.Investors prefer to wait and see what is the recovery. " He added: "If the numbers are bad, I think the markets will fall heavily and not only Friday, but next week."

Services: slowdown in France, rising in Germany

Despite a slight decline as unexpected new listings weekly unemployment across the Atlantic on Thursday, the Labor Department is expected to announce this afternoon an increase in unemployment to 9.6%."The GDP is not growing fast enough to create hundreds of thousands of new jobs needed each month to reduce employment at its level before the crisis," said Christina Romer Thursday, who will leave at the end of the week his position as economic advisor of President Barack Obama.

Also across the Atlantic in 16 hours, the ISM index of activity in services for the month of August and a speech from Fed chairman in Atlanta, Dennis Lockhart on current economic conditions are also scheduled .

For the euro area, growth in services in France recorded a slight decline. Whereas 59.9, the PMI stood at 60.4 against 61.1 in July. In contrast, in Germany, he cons 57.2 56.5 in July. Although below expectations (58.5), it evolves to its highest level since August 2007.

Retail sales in the sixteen countries that have adopted the single currency rose 0.1% from June and 1.1% over one year. Economists polled by Reuters had forecast an average increase of 0.2% a month to month and 0.6% a year.

The meeting was much calmer on the microeconomic front, in the absence of publications, the wave of results for this quarter coming to an end the Paris Bourse.

GDF Suez Stock doped by a partnership

The Director General of the operator, France Telecom, Stéphane Richard, told Reuters on Thursday on the sidelines of the MEDEF Summer University he was confident in the outcome of discussions with Canal + on the fusion of strings Orange Cinema Series TV and TPS Star. It will also try to convince the government not to raise VAT on offers "triple play".France Telecom gained 0.25% on the stock market to 16.18 euros.

GDF Suez (2.09% to 26.75 euros) has signed a partnership with the Brazilian Eletrobras to develop transportation projects and energy production in Central and South America, and Africa.The two groups do not preclude joint ventures.

Air France-KLM (+0.27% to 10.96 euros) plans to create a structure "low cost" for medium-haul routes, especially from Orly to the province to counter the offensive of the British company at bottom EasyJet costs.

The Slovak government has decided to retire to a consortium led by Bouygues (-0.28% to 32.32 euros) a road construction project of $ 3.3 billion through a public-private partnership announced Thursday Slovak Minister of Transport, Jan Figel.

Venezuela will pay approximately $ 600 million (468 million euros) Casino (+0.20% at 66.20 euros) and other shareholders of the supermarket chain Exito nationalized in January said Thursday President Hugo Chavez.

Vinci (+1.05% at 37.14 euros) Thursday announced the acquisition by its subsidiary of Vinci Park UK Meteor Parking which achieves annual turnover of approximately 50 million pounds (60 million euros ), allowing it to become number four in the sector in the United Kingdom.

LVMH (0.81% to 97.25 euros) a court decision is expected this Friday on an appeal by eBay, convicted in 2008 for dissemination and distribution of counterfeit perfume off approved.

Pernod-Ricard still in the red

On the side of the steepest declines, we find Sanofi-Aventis, still in talks to buy the company Genzyme bio technologies. The value is 0.54% to 46.63 euros, after losing 0.53% on Thursday. Pernod-Ricard continues in the red after the publication Thursday of disappointing results.After having yielded 2.37% on Thursday, back down 1.68% to 60.22 euros on Friday.

Ipsen (+0.26% at 27.27 euros) has signed an agreement with the Swiss pharmaceutical company Santhera Pharmaceuticals. The laboratory has received a license to market the fipamezole, a drug that helps relieve the symptoms of this disease in the world, except Japan and North America.

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"Emerging markets are driving growth of the group," said Pierre Pringuet, CEO of Pernod Ricard, the antenna of the radio BFM on Wednesday. Indeed, in 2009/10, whose results were presented this morning, the group's operational performance has been particularly supported by those countries. The specialist wine and spirits show an operating profit of 1.8 billion euros, down 3% but up 4% in organic growth, with organic growth of 14% in Asia and the rest of the world "resulting from Martell particular dynamism in China and local brands in India, the upturn in South Korea and Duty Free markets and strong growth in Africa and the Middle East," says the direction. Conversely, the "Europe excluding France was the region most affected by the crisis with a decline in profit from recurring operations of 3%, said Pernod Ricard.

The leader has said that the group strategy in emerging markets has paid off. Contrary to some distributors, the group has backed the development of its brands 'premium' in those countries where else put more emphasis on products at low costs. However, Pierre Pringuet, said that "the premium brands are spared the game" with growth twice as large.

But overall, the results published by the group are slightly below expectations. The French group announced a net profit of 951 million euros, up 1% for fiscal year 2009-2010 (ending June 30th). As for turnover, it was 7.1 billion euros, down 2% but the growth amounted to 2% payday loans.

Moreover, the average cost of debt was 4.3% throughout 2009/10, up from 4.8% recorded over the previous year. Based on current interest rates, the target for the year 2010/11 is to maintain the average cost of debt at a level below 5%, said the group, which has not communicated earnings prospects for its next fiscal year.

Objectives: Debt Reduction and Development

Management has stated that "his priorities are the development" of its flagship brands, as well as "pursuing a sustained level of marketing investment and debt relief group, in the words of Pierre Pringuet.The Chief Executive, has stressed this morning on BFM radio that the two group's goals for the year have been achieved: "We had two objectives: to reinvest in marketing, what has been done since the expenses marketing has grown twice as fast as revenues, and defease the group, pushing the ratio of debt to cash flow to 4.9.

Pierre Pringuet also puts forward "the return to normal policy of dividend distribution group." He promises that, once again, "one third of the dividend will be distributed" after the unit was exceptionally low last year "because of the financial situation". The dividend will reach EUR 1.34 per share, therefore, under 2009/10.

In early trade, as the market declined more since the action lost 1.2% against a decline of 0.6% for the CAC 40.

After the low-fare success (Dacia Logan), the self-proclaimed "cheapest car in the world" (the Tata Nano), here is the ultra-low-cost Avtovaz. The Russian group, 25% owned by Renault, will launch in late 2011 a new model, the Granta. It is primarily for Avtovaz to appoint a successor to its ancient Lada Classic, which dates from 1966. Replica of the Fiat 124, the Lada is still the second best selling car in Russia, with its sole asset prices: 170,000 rubles (4,300 euros).

Avtovaz does not leave this market segment to competition from China or India. Granta is sold 220,000 rubles (5,600 euros). A price that is far below that of a Logan entry-level, hence the idea of the ultra-low-cost.

The rest is a matter of industrial process and sharing platform, the concept dear to car manufacturers and enabling them to lower their production costs.The Granta benefit from the platform of the Kalina, a model launched in 2004 which has not met with great commercial success. "Renault has helped teams Avtovaz to improve the quality of its models," said a spokesman for the French group. In addition, Avtovaz build its new city (of a size comparable to a Twingo) in its factory in Togliatti, 1,000 kilometers from Moscow, where labor costs remain low.

Tomorrow, the export?

For the Russian manufacturer, it is not missing the boat. This will be the first model launched by the "new" Avtovaz. However, the group really need to burnish his image and give it a quick facelift.

The Granta is primarily intended for the Russian market. But, like other Lada, it may be exported. "Renault will use this model was not defined e ', do you know in French. Everything is possible.Includes entry into the Western market for a new model even cheaper than Logan (7,600 euros in entry-level, excluding promotions).

Through Avtovaz, Renault approaching the threshold of new symbolic price of 5,000 euros which had underpinned the launch of the Logan, they are not reached by the group. For now, only few Chinese manufacturers and Avtovaz succeeded. In other words, there is no new car, responding to Western standards to 5.000 euros. The Granta could come fill this gap.

Other models of the group will soon be built at the factory in Togliatti. Beginning in 2012, adapted versions of Logan Lada station wagon and van will be manufactured, followed by Nissan, Renault and then two. A location of production that overcomes the prohibitive tariffs imposed by the Russian government.

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Droughts and fires will they bring Russia to its knees? The Russian government admitted on Tuesday that recent weather events will cost between 0.7 and 0.8 growth in the country. Without this unprecedented heat wave last half-century, the Russian economy would have increased from 4.4 to 4.7% in 2010, according to a first estimate unveiled by Economic Development Minister Andrei Klepach. The final cost of these disasters should be known in November.

"The extreme heat and smoke from fires have forced businesses to close their plants or reduce their production schedules," according to economists at HSBC payday advance lenders. "The productivity of those who have maintained their production has declined considerably." These climatic events were particularly affected the agricultural sector. Wheat production is expected to drop by and third.What make analysts more pessimistic than the government: they think the heat wave is expected to cost a point of growth.

Russia, however, had started the year well, with a growth rate of 2.9% in the first quarter and 5.2% in the second. "In the third quarter, the activity should be particularly weak and a scenario of stagnation can not be ruled out," HSBC economists said.

Wage discrimination between men and women has been the subject of numerous reports. That between heterosexuals and homosexuals had never been studied. Until today. Two economists from the University of Evry have considered this matter and found a gap of 6.5% on average in the private sector and 5.5% year on public Liberation reported Saturday. A result based on a sample of 904 cases.

This difference was found "all things being equal", the newspaper said, that is to say, qualifications and duties equal, in businesses of similar size, etc.. "After dismissing all the biases that could distort the results, we arrive at a pay gap is said unexplained", explains Thierry Laurent, co-authored the study with Ferhat Mihoubi. Only males are affected by this discrimination. The lesbians do not suffer any apparent loss of wages "unexplained".

This discrimination does not affect all gays with the same force. The less educated and the young could be less discriminated against, while the widening gap with the qualifications and experience. As a percentage of the "visibility" of an employee within the company, analyze the two economists. The young staff are more secure, with little "visible" for competitive examination.

"Marriage premium"

The results of the study are close to the observed differences in wages abroad, but it must include "marriage premium" observed in France. A married man will win because on average 4% more than a single. Homosexuals can not have access to marriage, they are doubly penalized.In the U.S., according to a study published in October 2007 and based on the study of 91,000 cases, a gay employee earns an average 23% less than heterosexual married counterparts.

In France, these wage differentials are explained, the two authors argue, by homophobia. "A CSA poll conducted in March 2009, said Liberation, revealed that 28% of private sector employees do not feel" very comfortable "with the fact that their colleague is gay.

Wall Street began the final day of the week in the green but without euphoria. At the opening, the Dow Jones gained 0.21% at 10,864 points, the Nasdaq climbed 0.33% to 2405 points and the S & P 500 is 0.69% at 1168 points.

The opening in the green indicates a positive response to the European Agreement on aid to Greece. However, enthusiasm is not appropriate, the dissent is still present between the leaders of the European Union. Discussions are also continuing this Friday. Yesterday the U.S. markets have ended almost in equilibrium, the indices being taken down at the very end of the meeting by the rising dollar.

Indeed, the foreign exchange market, the Franco-German compromise obviously does not reassure. The stern warning from the ECB president, Jean-Claude Trichet, the idea of intervention by the International Monetary Fund, weighs on the currency.This Friday, the euro recovers slightly (0.44%): 1 euro traded at 1.3363 dollar opening on Wall Street.

Note that oil prices rose slightly in the opening exchanges in New York, driven by a decline in the dollar. The barrel of light sweet crude for May delivery traded at 80.79 dollars, up 26 cents from the close of yesterday.

In the U.S., investors were awaiting the final figure of U.S. economic growth for the fourth quarter of 2009. The first two estimates showed a growth of U.S. GDP by 5.7% and 5.9%.Finally, economic growth was revised slightly downwards to 5.6% yoy overnight pay day loans .

Moreover, the index of consumer confidence from the University of Michigan appears to 73.6 in March, exactly the same level as in February. It is a little better than 73 points expected by analysts.

Oracle released its quarterly results

On the side of values, Oracle (-1.84% to 25.56 dollars) said Thursday after Wall Street closed with a 13% increase in sales of new software under its third fiscal quarter in due to a rebound in corporate investments.

Also in the area of technology stocks, Qualcomm (+0.26% to 42.30 dollars) a manufacturer of chips for mobile phones, has revised upward its sales for the second quarter.

The values related to energy and raw materials should still be under pressure, affected by fluctuations in the dollar on the foreign exchange market. Exxon Mobil (0.62%) and Chevron (0.87%) regained some ground from yesterday, as the DuPont chemist (0.54%). These companies mainly produce and bill dollar suffer doubly from the rising greenback against other currencies.

Ambac is in trouble again. Authorities in Wisconsin have reported taking control of about 64 billion dollars of impaired assets of U.S. credit enhancer, because a group's financial situation became uncertain. The Exchange sanctions: -8.94% to 0.60 dollars.

The marketing director of Ford (1.16% to 13.96 dollars) said the U.S. automaker is expected to increase its market share in the United States in March.

New stage in the battle between Airbus and Boeing at the World Trade Organization (WTO). The WTO should make public today its decision on state aid received by Airbus as a result of a complaint filed by U.S. rival in 2004. She had already published September 4 last first report of 1 000 pages, weighed 10 000 pages of appendices on the subject.

The new document will be submitted to the European Commission and the U.S. Administration should resume the main conclusions of the September. According to one expert dossier "gave the first report due to 30% for Boeing and Airbus to 70%.

No refund

Boeing criticizes the system of repayable advances granted by Germany, France, England and Spain to Airbus by saying he does not respect international trade rules.The advances are repayable loans granted by the States. According to Boeing, Airbus can borrow money at rates lower than market. He also challenged other aid. It has, for example, estimated that widening roads in the region of Toulouse to help build the A380 was a form of disguised subsidies. The WTO did not accept the latter charge.

Following the WTO ruling, the European Union will enter the court of the WTO Appellate no fax cash loans . For its part, Airbus has also filed a complaint against Boeing in the WTO. According to experts from European aircraft manufacturer, the Boeing would have earned 14 billion of public subsidies paid by American States, NASA and the Pentagon over the period 1992-2005. The WTO will review its aid U.S. in June.The case is particularly complex, should know its epilogue in 2013. Whatever it is, the final decision will have no retroactive effect. Neither Airbus nor Boeing will not refund overpayments if convicted. It will simply change the system in place for the future.

Faced with this situation, Airbus proposes that Europe and the United States sit "at the negotiating table to discuss a system that satisfies everyone," said Tuesday the communications director of Airbus .The flattening of support systems in Europe and the United States would avoid that "we pulled our eyes while many competitors argue, particularly from Japan, an ally of Boeing and China.

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The crisis has changed the ranking of richest people worldwide. The twenty-fourth annual list prepared by Forbes magazine, published last night in the United States, and devotes the Mexican Carlos Slim as the richest man in the world with a fortune estimated at nearly 53.5 billion dollars. This is the first time since 1994 that a non-American held the top of the podium. The Mexican telecom tycoon saw his fortune grow by $ 18.5 billion last year to 53.5 billion, allowing it to anticipate a short head Bill Gates, the cofounder of Microsoft, which does is only the second man on the planet in terms of wealth, with – only – $ 53 billion portfolio payday loan . Warren Buffett, the legendary boss of the investment company Berkshire Hathaway, retrograde from second to third place.

A pull of the wrong color, ever read a book or CD in duplicate … Father Christmas does not always meet every household. A solution now exists to deal with this situation: selling gifts on the Internet. While more than 18 million unwanted properties are expected under the pines, 41% of Internet users plan to sell online gifts disappointing, or 20% more than in 2008, according to TNS for site auctions eBay. A system that has more and more popular, especially in times of crisis, when many French are eager to supplement their pay to finance spending Christmas and New Year or even recycle an object.

"This has really started there two or three years, but since 2008 there has been an acceptance of the principle," says the Figaro.fr G?rard Mermet, a sociologist and director of research firm Francoscopie.Sites of purchase and sale between individuals such as eBay, Amazon, Rue du Commerce, Amazon or 2Xmoinscher now prepare to welcome regulars appointments but also newcomers, starting Thursday evening and throughout the month of January .

Put gifts in stores on December 25 or 24

"Christmas is the time of year when we recruit new sellers," says Pierre Kosciusko-Morizet, President of Amazon founder, reached Figaro.fr. The consumer is now in a sense consuming evil. If an object is not useful, much resale.

But how to proceed if disappointing Christmas gift? "It is important not to unwrap it to prove they are new, the best is to put a picture showing it still packed. The potential buyer and said he will make a good business, "says Esther Ohayon, spokeswoman for eBay.For CDs, DVDs or books, it is also best to choose a fixed price and specify the gain that the consumer can do in relation to price.

For the rating of these products' bestseller, appearing each year head resales after Christmas, declining rapidly. "I therefore advise users to upload their property on the 24th night or December 25th and set a price just below the lowest rate of this object," explains Pierre and Kosciusko-Morizet. Another tip is that of G?rard Mermet, a philosopher, "to avoid conflicts, also make sure that people who have offered you a gift does not attend the site where you sell.

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Tax havens are not dead. This is proclaimed a platform for NGOs and actors of civil society, Tax Justice Network (TJN), releasing on Monday a list of alternative tax havens. To develop this new classification, the result of 18 months of work, the international network has developed an "index of financial opacity", composed of twelve points and takes into account the degree of secrecy of a state and its weight in international finance. Sixty states or territories and are listed in this ranking. In detail, the U.S. state of Delaware truste first place. The territory is accused of ensuring banking secrecy, not to hold public register of trusts (financial firms) and not sufficiently comply with international rules on taxation. Luxembourg and Switzerland on the podium.

The top five on the white list of OECD

The Cayman Islands take fourth place. The City of London (5th) suffers fewer areas of opacity, as the international network, but it does not keep the ultimate beneficiaries of public corporations and does not "appropriate access" to information bank. Hong Kong takes tenth place. For Tax Justice Network, "is probably in the Top Ten of opaque areas identified as focuses, globally, dirty money and that of tax evasion.

But surprisingly, the top five in this ranking are listed "white" virtuous countries of the Organization for Cooperation and Development (OECD). Of the top ten states in the list of NRT, only Singapore (8th) is still ranked in the gray list of the OECD.This new classification thus casts discredit on the lists prepared in April by the OECD, which refers, in Tax Justice Network, criteria inappropriate and insufficient. Note also that Europe is well represented since most of Luxembourg, Switzerland and the City of London, Ireland (7th), Belgium (9th), Austria (12th), the Netherlands Netherlands (15th), or the Portuguese island of Madeira (17th), all bleached also by the OECD are in the classification established by the Tax Justice Network.

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