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Safran, currently listed on the SBF 120, will make its debut on the CAC 40 on 19 September. The industrial and technology group, owned 30% by the state and 16% by its employees, replaces the bank Natixis in the most important indicator of the Paris Bourse. The announcement of the decision of the scientific evidence that fell Friday night to enter into force on September 16 at closing. The CAC 40 has not seen changes since September 2010, when Dexia (bank) and Lagardère (media) had been replaced by Natixis and Publicis (advertising).

The case for an entry Safran are numerous. The group was first sold 6.5 million treasury shares on the market late in July to increase its free float to more than 50%. Or the size of free float is one of the most important criteria observed by the Board for an introduction to the Cac 40.Capitalization criteria equally crucial $ 11.6 billion. Finally, the performance of the title are not negligible. The stock has gained more than 14% since August 26, while the SBF 120 index has returned just 5.6%. Since the beginning of the year, it grew by 5.4% when the SBF 120 index lost more than 12%. "There is a large consensus on this value. Safran is a great candidate, "pointed out shortly before the decision Emmanuel Besson, manager at Equity Management Ofi AM instant payday loan.

Suez Environnement does not leave the Cac 40

Suez Environnement was on the spot. The company, owned 35.8% by GDF-Suez and 7.2% by Groupe Bruxelles Lambert, certainly has a free float above 50% but its market capitalization of 5.88 billion, is among the lowest in the four Cac 40, with STMicroelectronics, Accor and Peugeot.In addition, the title was severely punished by investors: it shows a loss of 17.6% since the beginning of July, in line with the losses of the CAC (18% over the period).

But it Natixis, which has been designated to leave the Cac 40. It must be said that banking stocks have suffered heavily in recent weeks. The title is back in the index only a year ago and this decision "could create additional pressure on the banking at a time when we seek to appease," said Emmanuel Besson.

Before the verdict, Safran fell by 2.77% to 27.05 euros at the close, in a market down 3.59%. In turn, Natixis lost 4.57% to 2.71 euros.

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The Ministry of Labour are fewer social plans. The first half of 2011, recorded 507 Dares backup plans in employment (PSE), according to Les Echos on Wednesday morning. It is 30% less than the first half of 2010 and 60% less than the same period of 2009, where the destruction of jobs reached a record level.

In total, the plans submitted earlier this year targeted the elimination of 25,000 jobs, against 35,000 in the first half of 2010. The stigma of the crisis have not yet been erased: PSE 507 registered in the first half, it's still 40% more than in 2008.

Increase job creation

These figures confirm a trend already highlighted by the INSEE and Dares. The net job creation continued to rise in the first half, despite the uncertainty on growth.126,500 jobs were created in the market sector, a trend that accelerated in the second quarter.

The particular industry, particularly affected by the PSE, recorded in job creation for the first time in ten years. "With the acquisition, the use of overtime in the industry declined, giving way to new hires," Dominique Barbet analysis, economist at BNP Paribas. These new jobs, however, remained insufficient to curb unemployment, increased again in May and June

Substitution effects

The decrease in the number of PES is also to be taken with caution. Part of the ruptures conventional recorded since the scheme in 2008 could indeed have substituted for the redundancies, and thus contribute to an artificially low numbers.The development of off mobility and the increased use of temporary and fixed term contract, could also have played.

With a growth rate in 2011 likely to be less than expected, this downward trend may not otherwise be pursued so as frank. The PMI index released Tuesday by Markit already reveals a contraction of industrial activity in August. Business leaders surveyed this month said a volume of new orders down, the most severe recorded for 27 months. The rate of creation of posts at the highest level in four months, it does not yet felt.

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After a week marked by sharp declines, Asian stock markets leave forward cautiously. Investors remain troubled by the prospect of a new economic recession in the world. As such, they are waiting with some excitement the second estimate of GDP of the United States on Friday and the president's speech to the U.S. central bank, Ben Bernanke. The markets expect the Fed printing money stimulus to boost the economy.

The Nikkei in Tokyo Stock Exchange is 0.58% at 8677.94 points, the Hang Seng in Hong Kong gained 0.56% to 19,596.30 points and the Shanghai CSI 300 rose 0.69% to 2796.99 points.

On the other Asian financial centers, the increase is much greater: the Taiwan TAIEX climbed 2.24% to 7476.41 points, the Kospi index in Seoul wins up 3.22% to 1765.76 points, S & P / ASX 200 gained 1.63% to 4148.80 points.Only the Bombay Stock Exchange fell slightly from 0.31% to 16,291 points.

Oil prices were careful Tuesday morning during electronic trading in Asia, in a market sensitive to developments in Libya, oil-producing country, where the rebels claim victory, while supporters of the regime say they are still in control. In morning trading, a barrel of Brent North Sea crude for October delivery fell by 2 cents to 108.34 dollars, after losing 18 cents in early trade. A barrel of "light sweet crude" for delivery in October gained 27 cents 84.69 dollars.

Gold crossed for the first time in its history on Tuesday morning a new record of more than 1,900 dollars per ounce during trading in Hong Kong. The ounce of gold was worth 1914.50 / 1915.50 dollars, after opening at 1.898/1.899 dollars.The yellow metal continues to grow for several days, attracting investors worried about the health of the global economy, the debt crisis in the euro area and geopolitical uncertainties in the Arab world.

"The major difference between the 2008 crisis and the looming today? This time, we should not expect China to save the world to the tune of hundreds of billion yuan stimulus plan. "For this manager, the situation of China explains much of the current stock markets tumble world. Everyone is afraid now a powerful brake on the side of Beijing. However, a slowdown in the Chinese economy could dangerously jeopardize the recovery of the entire planet.

This brake application that profile every day, while inflationary pressures continue to weigh on Beijing could prompt the central government to continue to raise interest rates, taking the risk of curbing its industrial growth.

The index of consumer prices rose 6.5% in July year on year, against 6.4% in June, according to figures from National Bureau of Statistics released Tuesday. This is its strongest acceleration in three years. From month to month, prices rose 0.5% in July against 0.3% between May and June

Between January and July, inflation has reached 5.5%. Far from the 4% target set initially for the entire year by the Chinese leadership. And still above the revised target of 5%.Premier Wen Jiabao warned in June that this goal would remain the government's priority, although the task is "difficult".

Ample liquidity

The July figures correspond to an expected peak of the rise in prices, which should subside in the coming months, according to most analysts. "Inflation is generally under control and, more encouragingly, the moderation of core inflation suggests that the campaign of monetary tightening government holds the price pressure on the demand side," said Matthew circumstances a economist for Moody's Analytics no faxing 1 hour payday loans.

In the short term some concerns will therefore dissipate.But the new uncertainty in global markets and weak growth prospects in Europe and the United States creates additional pressure for China, which has its hands tied in the adoption of a possible stimulus package likely to eat too inflation.

The party faces an abundance of liquidity in the economy, the main cause of rising prices. The final recovery plan adopted in late 2008 to boost the economy has led local governments to borrow up to 1.16 trillion euros, of which 80% were on loan from Chinese banks, according to a recent report by the National Bureau of audit. For now, the party seeking to stabilize its economy rather than risk a new runaway.

This also explains the nervousness that exists among senior leaders of the international situation.The countries concerned by the problems of debt and deficit must adopt policies "monetary and fiscal concrete and responsible," Wen Jiabao said Tuesday. Things are clear: the largest creditor in the world now pose the conditions before consent to any-will.

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The French plébiscitent increasing the "Made in France" and it has not escaped the business. A craze that falls well: rising transportation costs and wage inflation from 15% to 20% in some coastal factories in China are converging today to encourage repatriation of some production lines to France and Europe. But if some companies are beginning to consider such a policy change, few are still those who skip it.

"There is clearly more interesting now than to relocate whole or in part," says Jean-Luc Fonteneau, a partner in the consulting firm Diagma logistics. "But do not mistake: these factors on their own are not sufficient to stimulate a significant movement of relocations. For now, our customers are content to talk about it.The cost differential is still largely in favor of Asia, "said he.

Geneviève Lethu, Rossignol, Decathlon or Meccano, who chose to relocate all or part of their production in recent years, rather figures are therefore exceptions. Geneviève Lethu for example, production costs remain two to three times higher in France than in Southeast Asia, says Edmond Kassapian, its CEO. The company has nevertheless chosen to relocation, mainly to improve the quality of its products.

In this context, the rise in commodity prices and wage inflation in recent months weigh little. "In textiles, for example, transportation is only 5% to 10% of the production cost of an item.As for wage increases, even if the percentages are impressive, they represent less than 3% of payroll French, "Jean-Luc Fonteneau calculated. Some companies also try to compensate by shifting their production to Vietnam …, the consultant observed.

Automation

The figures confirm this analysis. According to a recent study by two economists at the University of Poitiers, Liliane Bonnal Olivier Bouba-Olga and the relocations to France remain marginal effect cash advance now. Based on data reported by the Centre for Investment in 2008 and 2009, economists have identified all the operations of investment and divestment activity in France. Relocations represent only 0.3% of these operations, 24 cases in two years.In total, they recorded a relocation to six relocations, and a job created for 30 jobs lost because of offshoring. "Only 500 jobs were created in two years because of relocations," says Olivier Bouba-Olga.

Because they "do not result in any case not by major job creation," said El Mouhoub Mouhoud, an economist at Paris Dauphine University and author of "Globalization and offshoring of business" by Editions la Découverte. In most cases, they are indeed driven by companies that have chosen to automate their production. "So that the jobs lost in Southeast Asia and elsewhere are almost never compensated in France," the judge economist.

The marginal nature of the relocation is also reflected in the lack of excitement generated by government schemes to encourage them."The tax credit for relocating business established in 2007 has hardly ever been used," says El Mouhoub Mouhoud. As for the relocation bonus, with a budget of 200 million euros and announced with great fanfare in the aftermath of the States General of Industry, it is simply more. "The premium has been recast in within a broader, that of using the re-industrialization," says one to the Ministry of Industry. The latter has only 20 million euros. If "the world's factory" that is China is losing some ground, France did for the moment that gets a few scraps.

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The France Televisions group announced the acquisition of the rights of future Olympic Games. The amount of these contracts is estimated at between 40 and 50 million per event. Added to the cost of production estimated at ten million euros for each Olympic Games.

LE FIGARO. – You will be broadcasters of the Games until 2020. What is the nature of this contract?

Remy PFLIMLIN. – We confortons our rights to the Olympics because we buy in total exclusivity until 2020, both for those Winter Games and Summer. In addition, we ensured that these rights were all media and therefore usable regardless of the distribution methods and terminals. We proclaim Wednesday as we know what city will host the 2018 Winter Olympics.It is also a way to show our solidarity with the application of Annecy.

How much have you paid to secure those rights for eight years?

These amounts are very similar to what we paid previously. In other words, there was no bidding. Furthermore, it is important to remember that in a market increasingly competitive, it is essential to securing sports rights for the long term. Unlike the time when the rights were sold territory by territory only to local operators, we are faced with an internationalization of competition, as evidenced by the arrival in France of great actors like al-Jazeera. Nothing would prevent them from acquiring the rights to resell on their own terms. Ditto for Internet players.It is important to "store" the events that constitute the cornerstone of our programming.

Was it necessary to acquire these rights in all media exclusively?

The London Olympics of 2012, we will publish an exclusive program with the exception of pan-European Eurosport will be a good test. We may be measured including the economic impact of such diffusion. This also reflects the need, in a broader landscape, to differentiate ourselves from other channels. Sport, as evidenced by the purchase of rights "minor" by small TNT channels, allows the aggregation of audiences. Finally, the fact of having these events on digital is the best way to preserve the future personal loans for people with bad credit. Beyond that we will schedule on the air, we can have up to 12 simultaneous streams live on our digital offerings.This will allow us to expand our audience but also to return, why not the youngest to the TV screen.

What is the advantage to bet on these events?

The Olympics are both a major event and part of our DNA. It is the mission of public service to provide free access to numerous sports that are not prevalent, but large. We aim to bring to life the events giving them an attraction that no one else is that we may be able to provide. We did it last year with the European Championships in athletics and swimming, we redo this year's World Championships in both disciplines. Our goal is not limited to the retransmission of events, it is also to make people want to practice a discipline. This is true of sport as culture.This is a key element of our relationship of trust must maintain channels with viewers as well as information.

In this regard, you inspire the return of the hostages on a background of controversy over the excessive risks they have taken?

First of all, I think the joy inspired by their return premium on everything! This is a major event in this house who lived in the constant concern for the fate of Taponnier and Stéphane Hervé Ghesquière. It is our public service mission to be present on all important events and reporting. Unfortunately this is not the first time that France Televisions is faced with the kidnapping of journalists. Remember the hostages in Lebanon and those of Jollo. I realize that this job involves risks that must be evaluated. Especially since, if it becomes impossible to report the news, there is no point in taking them.We will do everything to make this not happen again, but we will keep this role of ours: being a publisher of reference, be a kind of watch the world around us by being present on all distribution media.

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Before the arrival of a new generation of video game consoles, the market declined sharply. This prediction is reflected in the figures. The French market was down 9% over the first five months of the year to 758 million euros, according to figures released Tuesday by research firm GfK distributors.

But on the whole of 2011, physical sales are expected to decline by 4% to 8% to 2.44 billion euros. The video game market is expected to be saved by the digital distribution of programs, for consoles, smartphones, Internet tablets and games for social networks. "The dematerialization of video games as an opportunity than a threat," says Pierre Cuilleret, the President of Micromania, in the bosom of the distributor Gamestop.In April, Gamestop said that $ 290 million were realized by the sale of games dematerialized, up 61% year on year credit score.

Improvement expected by year-end

For two and a half months, Micromania advises its customers to purchase in its stores codes for games on the Xbox Live network. This prevents users to leave their credit card details online. This reassures them after the theft of bank details of millions of users of Sony network.

The video games industry should see an upturn later this year, between October and November, with the launch of many games. In addition, the market should be supported by the arrival of the handheld console Sony PlayStation Vita around Christmas and a catalog provided more games for the Nintendo 3DS.Microsoft should continue to score points with its accessory Kinect.

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While the rating agency Standard & Poor's downgraded three notches note of Greece who becomes the country with the lowest rated in the world, the eminent economist Nouriel Roubini sees the end of the eurozone. In an article published in the Financial Times, the man who announced the financial crisis of 2008 estimated that countries of the European periphery abandon the euro within five years.

In the eyes of Nouriel Roubini, the debt crisis that weakens current euro area highlights the flaws in this monetary union. In fact, the euro zone has never been an "optimum currency area", ie a group of countries has any interest in sharing a single currency. There is indeed always been too strong and competitive economic differences between countries in the euro area.The founding fathers of the euro area, however, hoped that the differences between fiscal, monetary and exchange rates are offset by an acceleration of structural reforms within the euro zone countries. These measures would then have enabled the countries of the eurozone converge.

Without economic convergence, the euro area is doomed to failure

But "the reality is quite different," says Nouriel Roubini. Following the establishment of a common monetary policy, countries are folded on the weapon budget to adjust their economic policies business card. Very different policies have been implemented within the eurozone. Consequently, the lack of fiscal discipline in countries like Greece and Portugal involved in the birth of speculative bubbles in other countries like Spain or Ireland. And finally, the peripheral countries have become less competitive.

Economist reaffirms that to work, creating a currency area must be accompanied by a fiscal policy even as the establishment of supranational sources of income or the issuance of sovereign bonds Commons. In the absence of economic convergence, the euro area is doomed to failure, according to the economist.

Thus, Nouriel Roubini believes that there is now a way to restore the competitiveness of peripheral countries: leaving the euro, return of national currencies and depreciation. Such a scenario seems inconceivable today, is the economist who said that nothing says that in five years this idea has not gained ground, especially if the economies of peripheral countries are stagnating. Unless the idea of ​​a Euro reaches more federal drilling, some European leaders call for that greater European integration.

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It's a heavyweight who joined the circuit on Tuesday from the Banque Populaire Group in sailing. Loick Peyron (5 league titles on the circuit Orma, winner of the 2nd edition of the Barcelona World Race with Jean-Pierre Dyck, twice winner of the Transat Jacques Vabre) became the new skipper Maxi Banque Populaire V. In Focus a single objective: toppling the Jules Verne Trophy record held since March 2010 by Franck Cammas on Groupama (48 days 7 hours and 344 minutes). A world tour tried – and failed – by the Banque Populaire Group in early 2011, with its iconic skipper Pascal Bidégorry.

"Loïck Peyron is someone who has an aura in sport," said Olivier Klein, CEO of commercial banking and insurance BPCE. The arrival condition of the sailor of 52 years are clear."He joins us for the period 2011-2012 in particular for the record attempt the Jules Verne Trophy," he says. Our goal was to find someone whose legitimacy was denied on the circuit and whose track record enabled him to succeed this season. We have an appetite for victories and high standards, "he adds. The Jules Verne Trophy is also a family affair for the Peyron. Bruno Peyron in a three-time holder with two ships, Commodore Explorer, and especially Orange 2.

Tight schedule

The timing of Loïck Peyron and his crew are more than busy, with a break-in period that may be very minimal entry into the heart of the matter will soon June 17, SNSM with the trophy (won by Loïck Peyron in 2008), followed by 13 to 15 August it will be time for the Fastnet, before positioning itself for a new record attempt the Jules Verne Trophy this winter.

Present in sailing for 22 years, Banque Populaire bet on the "giants of the seas." The group was one of the pillars of the circuit Orma, and has developed no less than 5 multihull ocean. In 2006, the bank of the sail is the choice of major records. "We found an alternative to these big races, but with the demise of this circuit, we had to get into the big record," says Chantal Petrachi, communications director of Banque Populaire. That's when we started the construction of the maxi-trimaran 40 meters. Cost of operation: 11 million euros.

With the arrival of Loïck Peyron, the Banque Populaire loop device sail for its 2012 edition, year of the next Vendée Globe. The Team has established race team, led by Ronan Lucas and no fewer than three major projects.Besides the Jules Verne Trophy, the bank is engaged in the Imoca circuit. In April, former skipper of Brit'Air, Armel Le Cléac'h, joined the team to retrieve the bar of the old monohull Foncia, bought late 2010 and refurbished by the bank in anticipation of the next Jacques Vabre and the Vendée Globe. Jeanne Gregory, the group is also engaged in the Figaro circuit.

"Three in four French people know Banque Populaire bank as sailing. We therefore had to have a comprehensive approach on the sector, for example, from clubs and sailing schools. The veil is a very high surface exposure for a brand because we give our name to a boat or a team, "says Olivier Klein.The Banque Populaire Group is also a partner of the French Sailing Federation for 11 years, it maintains the history of the Pen Duick alongside Eric Tabarly association and supports teams of France's Olympic sailing next pure OJ London.

A revolution! For the first time, trade unions and employers are required this year to prepare and publish consolidated accounts but also to be certified, if their income exceeds 230,000 euros. The MEDEF has outstripped the obligation, which certify its accounts since 2007, and the UIMM (metal) also holds itself to the year since the scandal of cash withdrawals that hit her.

Side unions, the CFDT is the first to meet that obligation, after the 2008 law on union representativeness. Confederation (the parent) and its 16 satellites are to publish their consolidated accounts for 2010, while his federation will do so before the end of the year.By law, the regional unions and department have postponed for a year and large enterprise unions (La Poste, SNCF …) two years.

According to these consolidated financial statements approved by the National Council and certified without qualification by its auditors, the resources of the confederation headed by Francois Chereque are for three quarters, "internal" membership fees, rents paid by unions from premises belonging to the "conf" financial products … Revenues "external" (public subsidies, 25 permanent paid by their company or home administration of a total of 262 …) represent the remaining 24%.

CFDT confederation, if it were a business, could be described as largely unproductive, as its net profit reached 3.4 million – although down 34% year on year. This "benefit" is fully distributed.Much is destined to the national industrial action (CNAs) – the credit union's anti-strike which is used to compensate the militants and to provide legal support – including reserve amounts to 137 million. This year, 550,000 euros have been set aside to fund the convention of 2014 and 350,000 for the campaign (especially industrial tribunal) to come.

"A subject opaque"

This transparency is not enough new to the group New Center of the Assembly, which has asked a commission of inquiry into the financing of trade unions. "I feel that the unions want to hide things," says Nicolas Perruchot, deputy of Loir-et-Cher.There is little evidence available to us and it is time to shed light on this mat. "

For him, it would be for an organization that benefits from public funds – or militant training grants management of social organizations – accountable. "We know how Nicolas Sarkozy wins or not, but Bernard Arnault Bernard Thibault and Francois Chereque, insists this white knight of the Finance Committee. It is not known how many permanent, by whom they are paid or how the detachments. The member cites the figure of 600 employees seconded to the station."Is it still corresponds to a need for the company when it is struggling to finance infrastructure?" Asks the member hoping to complete its investigation in spring 2012.

Nicolas Perruchot answers on video:

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