International Headlines and Stories

After three months of decline (-4.1% from July to September) the property prices have started to increase again in Paris in October, according to the barometer MeilleursAgents.com. A start of surprise that Sébastien Lafond, president and founder of MeilleursAgents.com, analysis as an unexpected new tax measures, notammentla taxation of capital gains, announced by the government. "Under pressure to sell before the deadline of 1 February 2012, and therefore to sign a pledge before the end of October, many owners have decided to put their two room flats on the market," said he. This influx of goods would normally increase the downward trend. Yet the opposite occurred. "The arrival on the market of small areas of good quality in the most desirable areas of the capital (central districts) where the supply is almost always less than demand," boosted the market.Seeking a safe haven in times of crisis, buyers have little discussion of prices these homes that have sold "cheap and fast," says Sebastien de Lafond. In Paris, the transactions were small areas and 63% of the total in October, 10 points higher than the average.

7975 euros per square meter on average

As a result, prices have gained 1.5% on average in October according to the monthly barometer, finding the average level found in the month of April in 7975 euros per square meter. Of course, the increase was not uniform in all districts of Paris. I searched the neighborhoods of the eighth arrondissement rose from 3.5 to 4%, while the eighteenth, nineteenth and twentieth districts stagnated. The suburb has not seen any improvement.

In February, the U.S. bank Citigroup has taken to turn control of the record. Prior to announcing its sale in June, immediately arousing the interest of Universal.

Negotiations between the two partners have stumbled on the issue of management of pension costs. The agreement could finally be announced early next week fast cash online. But sources familiar with the FT interviewed by the warning that the agreement can still be challenged by a cons-bid Access Industries, owner of Warner Music.

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The Eurogroup meeting she reaches to allay fears about the debt crisis crippling the Paris market? On Tuesday, the leading index of 1.46% in mid-session at 3150.99 points raised by banking stocks. Yesterday, after long hesitation, the CAC 40 finished down 0.66% to 3123.99 points.

Greece but also Italy, however, always crystallize concerns have increased as rumors of leaving the Prime Minister Silvio Berlusconi, immediately denied by the latter. Nevertheless, if the vote to be held today at the Chamber of Deputies on the budget is negative, the departure of Cavaliere seem inevitable. Meanwhile the distrust of investors facing the country's public debt is climbing.The performance of the obligation of Italian 10-year, reaching 6.73% in the morning (before falling to 6.66%), an unsustainable level over time under the weight of the debt.

At the same time, the finance ministers of the euro area gathered in Brussels last night stepped up their pressure on Athens and Rome to the two countries meet their commitments to reduce deficits. In the process, Wall Street ended on an optimistic note. This morning, Asian markets have proven unreliable and shared.

In this context, oil prices are rising. The barrel of "light sweet crude" for December delivery gained 0.36% to 96.29 dollars.

The Fillon II plan to reduce deficits of France to be unveiled in late morning, after an extraordinary cabinet meeting. After an initial savings package of 11 billion euros announced in late August, the Prime Minister must present a new program of 8 to 10 billion savings this year and an acceleration of restrictions until 2016. With the objective, the balance of public finances in this horizon. Nicolas Sarkozy and François Fillon met yesterday to finalize the new plan.

The government should give priority to savings at risk for unpopular measures. The legal age of retirement could be increased to include 62 years from 2016 or 2017, when the reform was originally scheduled for 2018.Prime Minister Francois Fillon will return to this plan tonight during the 20-hour television news on TF1.

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"Austerity: new tracks government

Controllers return to work gradually. After La Rochelle and Paris Sud Est (Gare de Lyon), several sites have voted Friday morning to return to work, like Bordeaux, Reims, Chambery, Dijon, Lyon, St Etienne, Toulouse or Besancon. Other websites should take a similar decision at general meetings planned in the afternoon. The management of the SNCF

Many controllers SNCF had exercised their right to withdraw on Thursday afternoon to work after the announcement of the attack on a colleague on a train on the Corail Lyon-Strasbourg. In an interview with Figaro.fr, the president of the SNCF appealed to the coolness of the railway to resume work soon and would discuss with the unions to turn.Management has undertaken to present an emergency plan with the security services.

Traffic TGV, Corail and TER is still disrupted, although the situation has improved significantly over the entire network, including 8-9 in 10 TGV from and to Paris and a TER of 2. To find out if their train is running, users are encouraged to consult regularly Infolignes site, or call toll free (free from a landline) 0805 90 36 35.

Toll and information site

SNCF always invites customers to delay their trip or take alternate means of transportation. Ticket holders whose train was canceled may obtain a refund, or take any train leaving for the same destination without the need to exchange their ticket. Good news however for users Transilien (train network in the Île-de-France), the Thalys and Eurostar.Traffic on these lines is normal according to SNCF.

"There is no point in penalizing travelers"

The strike controller led Thursday the cancellation of all trains at night, and created a big mess all over the country. According to the station, all passengers stranded at the station in the evening were able to reach their destination or were assisted to find accommodation for the night. According to the Ministry of the Interior, it was not necessary to set up emergency housing plan.
Board trains at the Gare Saint-Charles in Marseille. Photo credits: GERARD JULIEN / AFP

The CAC 40 lost more than 2% at the close, Wall Street sells more than 1% during the session. The atmosphere is clearly not looking good in the financial markets on Tuesday. The bosses of U.S. and European central banks did nothing to calm them.

Two days before his last conference as president of the ECB, Jean-Claude Trichet is pessimistic for the euro area. "We believe that the euro area will be very moderate in the second half," said one who will be replaced by Mario Draghi on November 1. As for inflation, he said that the rate should remain "above 2% in the coming months. Next year, it should fall below. " These are all signs that suggest that interest rates should remain unchanged Thursday.

As for the United States, the head of the central bank, Ben Bernanke is more optimistic."Recent indicators, including those of new jobless claims show that it is likely that the sluggish growth in employment continues in the coming period," he warned. Before the Joint Economic Committee of Congress, the Fed chairman has urged politicians to "avoid taking fiscal measures may impede the ongoing economic recovery business

The crisis of confidence in the European banking sector will not work out. While Europe is trying to convince the world of the soundness of its banks in the current crisis, the major U.S. money market funds prefer to leave the ship. A study published Friday by the rating agency Fitch Ratings, the top ten overseas funds have massively reduced their exposure to European banks. They thus cut their dollar investments in European banking shares by 8% in August, after a fall of 9% in July. Since late May, their exhibit was planed by 27% guaranteed high risk personal loans.

Today, European banking shares held by ten U.S. funds represent 676 billion dollars, or 42.1% of their overall portfolio. These investments still weighed 47.2% in late July."Reducing exposure to leading European banks is largely offset by increased investment in financial institutions in Australia, Canada, Japan and Scandinavia," said Robert Grossman, an official of Fitch Ratings.

Some European countries are more affected than others by the flight of U.S. investment.

The Social Security deficit next year will reach nearly 14 billion euros. It is the goal set by the government, which presented Thursday its 2012 budget proposal of the "Safely." There are three more years, the amount would have seemed catastrophic. Today, it appears as a significant improvement (the second row from the terrible years 2009 and 2010), almost a relief.

Achieving this goal will require new efforts, however. According to estimates published by the Commission alongside the accounts of the social security system, the "hole" would amount to 21.2 billion more next year, if nothing new savings or revenues were taken ("trend ").This is despite rather favorable macroeconomic assumptions adopted by the government (1.75% growth, 3.7% increase in payroll).

Patchwork savings

To do better, the government is "primarily on cost containment through structural reforms," ​​pleads one in the entourage of the Minister of Public Accounts, Valérie Pécresse. There's no question for the industry pensions. The second step of delaying the legal age (60 years and eight months from 1 January), listed in the reform of Sarkozy, Woerth 2010, 1.2 billion will reduce the total pension paid in 2012, says Bercy. And this effect will intensify over the years, until 2018, when the legal age will reach age 62.However, for the health branch, the major economies announced for next year are less than a fundamental reform of a traditional patchwork (lower prices of drugs or radiological, snacking benefits of sick leave …).

Christine Lagarde has not found his dream home in Washington. Arrive early July to head the International Monetary Fund (IMF), she still lives temporarily in a furnished apartment, close to his office. "Initially, I looked pretty houses in the neighborhood of Georgetown, but I realized it would be impractical and it was better to look for an apartment. Now I prospect in areas not too far from my office, "said Le Figaro the new executive director of the monetary institution. "I have a pool, but not just to bathe. A pool where we could really swim … I have not taken a subscription to a sports club, but in my building there is a proper gym, "says the former champion synchronized swimming enthusiast – disciplined – physical exercise daily.

Since joining the IMF, it has worked and has not been able to enjoy a city that is much changed since she lived there in 1974, when she spent a year at a time of joy and studious the benches of the Holton-Arms School, a school for girls located in the posh western suburb. "In my new life in Washington, the work never stops. But the restaurants are ten times better than what I experienced, "It has already his favorites:" the canteen of the IMF and the Blue Duck Tavern at the Hyatt. " However, between briefings, seminars with the teams of the Fund that it must learn about his travels to London to Marseille for the G7 and Jackson Hole (Wyoming) for a symposium of central bankers to prepare his speeches and conversations with senior business leaders from every continent, Christine Lagarde has had little time to breathe.Those close to him are even already looking a little tired …

She will not rest this week as the annual meetings of the IMF and World Bank are converging towards his office finance ministers and heads of central banks in 187 countries. For several days she prepares for the event. Moments of summer vacation between Marseille and Corsica with her partner, Xavier Giocanti may have seemed far away. To complicate matters, the latter, who founded his company in France, will not live with her in Washington. "He loves the U.S. capital. But his work is in the south of France. He promised to arrange to come one week per month. I also want it with me in some missions abroad, "says the former French Minister.This rate, "is it better than their last weekend aborted by meetings at the Elysee on Sunday afternoon?" Asks one close to the couple.

Critical time

Christine Lagarde did not wait two and half months to start to make its mark and recommend solutions to the crisis. In late August, on the occasion of his first major intervention in Jackson Hole, she took against the established European friends who have yet worked to his appointment in June She has dared to advocate for a rapid strengthening of bank capital of the Old Continent, as required by public money. Taking up the old refrain of the IMF, the former "good soldier" of Nicolas Sarkozy marked its independence vis-à-vis his former boss.Showing how far is now the time in his office in Bercy, when not agree with a decision of the Élysée, she smiled, gritted his teeth and let go … "is the head of State decides "*.

This position, criticized by many European officials, but in line with IMF recommendations for months, proved that the new patron of the institution was not, as some suspect, "the elegant performing" chosen by old European countries in crisis to justify their monopoly once more become anachronistic in the direction of the IMF. Even the laudatory article in the American edition of Vogue magazine in September of Christine Lagarde said that his French elegance accompanied by substance, "Lagarde is as natural, open and very feminine.His way of being simple, clear it rose through the ranks through his work seriously, not because of its ability to attract, "says the prestigious fashion publication. This is the first time a director of the IMF in Vogue poses cross-legged on a couch. Some saw a dim, fast debt crisis in Europe. But now that clears a little sordid chronicle by the New York tabloids and sexual exploits of his predecessor.

In his office on the 12th floor of the concrete block that is the IMF headquarters, Christine Lagarde strives to maintain at all times smile and kindness that are his trademark. However, she also knows that this is not that quality be the judge.Some leading experts in the world of high finance, as Simon Johnson and Raghuram Rajan, former chief economist of the IMF expressed concern that "non-economist" is selected for this feature to a critical time. It can be a handicap in an institution with more than doctors in economics per square meter than any other. Eager to rectify this perception, she was quick to declare taking office in early July: "I'm not going to brag about my qualifications or my lack of qualifications. The proof of the quality of the pudding is measured by how it is enjoyed by those who eat it, as the saying goes. I come with an open mind, with my ability to manage, leverage resources and my desire to help as many people as possible to the decisions and solutions … I will ask many questions.I will evaluate and I'll rely on the advice of those who know their sector. Without wishing to poets, all conductors can not play the piano, harp, violin and cello. I will try to be a good conductor. "To Christine Lagarde, the concert starts this week.

As shown in the tone of his speech a few days before the Royal Institute for International Affairs in London, Woodrow Wilson Center in Washington or on the financial news channel CNBC, the CEO wants to politely shake the leaders of the world, push for action to prevent a relapse into recession generally. Barack Obama, which she first received a phone call late August, requires only that.His plan to revive the use is consistent with IMF recommendations: do not cut right away in public spending.

His recent media offensive, the contrast between the start humiliating DSK, which has placed the IMF on the front page of American newspapers, not to mention the seriousness of the economic situation, are all eyes are on her. Not just those of "Planet Finance." "I am no longer anonymous to Washington. Many people recognize me on the streets and shops. The youngest often ask me to pose with them for a photo. And taxi drivers spotted me right away, "says she honestly.

It is too early to say whether it will be "Keynesian" or "monetarist". But in style, some have noted its refreshing approach in the austere environment of the IMF."I do not know if his style is a little sixteenth arrondissement, or if it is his sincere desire to be considerate towards its employees, but it is very human … I saw her invited to eat at his table his bodyguards after long hours of work, "says one observer. I must say that – status of the Fund requires – one of his bodyguards Bercy could follow. Not even his faithful collaborator for eighteen years, Sonia, who had started with her at Baker & McKenzie and on which it could rely at all times. Being a "woman power" always has a price …

* In "Christine Lagarde: investigation of the most powerful woman in the world," Cyril and Mary LACHEVRE Visot (Editions Michel Lafon).

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The U.S. stock markets are given a little air on Wednesday. The Dow Jones closed up 2.44% to 11,410.78 points, the Nasdaq climbed 3.03% to 2548.94 points and the S & P 500 is 2.86% to 1198.58 points.

United States: 300 billion dollars for the job?

On Wednesday, the U.S. central bank acknowledged that the economy continues to grow. Thursday, U.S. President, Barack Obama must speak to announce a new stimulus package. Bloomberg and CNN, Bush is expected to announce Thursday the release of 300 billion dollars (about 213 billion euros) for employment.

Oil prices have, for them, increased sharply, supported by the prolonged interruption of production in the Gulf of Mexico, the sudden force of scholarship and a report from the Fed positive for U.S. growth.The group is now looking for a new boss to find the way of immediate croissance.Dans, Timothy Morse, Chief Financial Officer since July 2009, temporarily taking the reins of the web portal.

All Nippon Airways (7.84% to 6.60 dollars) expects to receive the last of the 55 aircraft ordered 787 Dreamliners from Boeing by 2018, said the president of the largest airline.ANA, which will be the first customer for Boeing to fly the aircraft, will receive the first copy of 787 on Sept. 25 and anticipates delivery of 20 additional Dreamliners by March 2013.

Bank of America (6.87% to 7.47 dollars), experiencing significant challenges, announced Tuesday a reorganization of its management team with the appointment of two new operational directors, David Darnell and Tom Montag, from the ranks of the bank payday advance.

Note also a major shareholder of the Canadian Research in Motion (RIM) (+3% to 31.90 dollars), the maker of BlackBerry smartphones, listed on Wall Street, on Tuesday called the "transformations" in the major group if it goes on sale, to tone the decline in value of its title.

The oil company Chevron (3.84% to 99.28 dollars) announced the discovery of oil during a drill in the Gulf of Mexico, offshore Louisiana (southern U.S.).

Altera (0.92% to 35.18 dollars) announced that it expected a sales growth of 2% -3% in the third quarter, against an increase of 2% to 6% previously due to lower demand.

For his part, Darden Restaurants (-3.57% to 44.53 dollars) expects sales growth of 6.5% to 7.5% over the year and an EPS growth of 12%.In addition, the company wants to make stock repurchases for 400 to 500 million dollars this year against 300-400 million previously announced.

The American expert group purchases online Groupon, who announced in June its intention to go public, "reassess the timing" of this operation and has canceled a tour dedicated to the promotion of its future trading, reports the Wall Street Tuesday Journal.