As on Wall Street and Asian stock markets, doubt seized investors, who are now considering the worst: a contagion of debt in the eurozone. With the center of these concerns, the situation in Italy, including the implementation of austerity measures remains uncertain. The announcement yesterday of the upcoming departure of Italian Prime Minister Silvio Berlusconi has in fact added to the uncertainty, as evidenced by soaring rates in ten years the Italian Treasury payday loan.Interest rates at one year paid by the Italian Treasury this morning reached a new record during a test program.

The concerns of the operators in the financial markets move increasingly towards France. This morning, the rates of French government bonds to ten years has exceeded 3.30%.

Unison concerns of investors, Brussels found the Italian debt situation "very worrying". Ditto for the International Monetary Fund: its director Christine Lagarde said today that "lack of political clarity" in Italy supplied the uncertainties, according to Reuters.

George Papandreou then went to the Elysee, in the late afternoon for a meeting with Nicolas Sarkozy. He assured the French president that his country was "determined to make every effort" to prevent the collapse of his country and invited experts from the area to go to Athens to see the extent of reforms course.This is one of the main achievements of the meeting on Friday in Paris: "The president urged the Greek prime minister to make it completely transparent with respect to creditor countries," it says in the entourage of Nicolas Sarkozy. In other words, European citizens to prove that Greece was best to keep its objectives. The stakes are high, as evidenced by the reception received by virulent responsible for the Troika (EU, IMF and ECB) income in Athens Friday to assess the process of fiscal consolidation implemented by the government.The officers demonstrated outside the government blocked their access to multiple departments, so that the meeting with the ministers of finance and administration reform took place in anonymous offices in Athens to avoid the challenge.

A moral obligation

These social tensions have led the president to praise the efforts of Greece, in a solemn declaration from the steps of the Elysee low interest personal loan. "The Greek people suffered a lot (…) but he must understand that in recent years too many reforms have been delayed." France will be at his side, he said. "We have a moral obligation to place the member countries of the eurozone and the European Union, said Nicolas Sarkozy.Europe is a civilization, a family and solidarity: when a family, one member is in trouble, all others must help him. "For the president, so" it is no question of dropping the Greek ", because" the failure of Greece would be the failure of the whole of Europe. "

In Paris, we keep tooth and nail to the strict application of the plan voted on July 21. After Germany, Thursday, Austria approved the turn Friday, becoming the twelfth state to say yes to seventeen. European leaders want the agreement to be first adopted by all members – by mid-October – before discussing any possible enhancement of the plan."The question of political credibility," insists there be at the Elysee, where you bet on the fact that financial markets will eventually be convinced that beyond the inevitable slowness of the political process in Europe takes measures appropriate to address the debt crisis.

But this second step could engage quickly Nicolas Sarkozy said he would travel to Berlin in the coming days to meet with German Chancellor in order to "accelerate economic integration in the euro area and put in place as soon as possible "the bailout of the single currency and Greece decided on July 21. This meeting could take place the next weekend.

Results aside, the mood is set fair. The group recorded the first half revenues up 6.9% to 2.06 billion euros and net profit up 30.7% to 258.2 million euros. Adjusted net income per share was 1.25 euro, up 9.3%.

Essilor attributed these results to the "increase in volumes related to the expansion strategy in high growth markets, the rapid development of the supply in the mid-range" and the "growth of industrial investment."

Context "increasingly uncertain"

These performances allow the group to maintain its growth objectives in sales "between 6% and 8%" (excluding currency and acquisitions, strategic) for this year, despite "an economic environment more uncertain." Essilor also wants to maintain the high level of profitability, excluding strategic acquisitions.

The specialist in ophthalmic optics says it "will continue to rely on innovation, operational efficiency and financial capacity to consolidate its position in the high end."The group also intends to "continue its conquest in the mid-range and benefit from the rapid expansion of high-growth countries."

At the Paris Bourse, this news is greeted coldly. In early trade, the title Essilor loses 0.11% to 53.07 euros in a market down 0.05%.

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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.

At a time when the euro area is attacked, France and Germany are trying to show a united front and show their determination to end the crisis. The mini-summit will be devoted to devising solutions to improve the governance of the euro area, which concern failures in financial markets. Although not conclusive a priori – "do not expect anything spectacular," said a spokesman yesterday the German government – the meeting should enable the two leaders to lay the groundwork for the future.

Sensitivity of the issue Eurobonds will however not address, contrary to the hopes markets.Berlin's opposition to the creation of common obligations to countries in the euro area has long been known. The Merkel government has good reason to be against: issued in the name of all countries, eurobonds have an interest rate equal to the average rate in effect in all countries. It would therefore be higher than that which currently takes Berlin. Until now, France is merely to show little enthusiasm for these Eurobonds.

Yesterday, Paris is out of the woods to show his unity with his partner. "The Euro-bonds are not an adequate response today. Common issue bonds requires a degree of economic integration and budgetary countries that we have not met, "says one as president fast cash. Paris joins Berlin on another "nyet" to increase the capacity of the European Financial Stability Fund (EFSF), now with 440 billion euros."The level of funding is appropriate," they say at the Elysee.

Hours before his meeting with Angela Merkel, Nicolas Sarkozy has discussed with Francois Fillon and French public finances. Lead to disappointing growth, the government has no choice: even a few months before the elections, it must take further austerity measures. France, which is followed closely by the markets, absolutely must bring its deficit to 4.6% of GDP in 2012.

Niche in their sights

To achieve this, taking into account a sluggish economy, the figure of 10 billion euros of savings is often cited. But do not confirm Bercy. In the entourage of Valérie Pécresse, the budget minister, it says only that "these savings are the result of efforts on spending cuts and tax loopholes."Last week, he had urged his counterparts from the euro area to take all necessary measures, including the creation of Euro-bonds, to avoid disintegration of the single currency "that would be an economic catastrophe, including for the United Kingdom ".

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"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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Despite a 10% drop in net profit in the second quarter over one year to $ 1.5 billion, ArcelorMittal has been a further improvement in operating performance. The gross operating income has increased by 21.5% year on year to $ 3.4 billion (2.3 billion euros). Moreover, the turnover has won 24.7% to $ 25.1 billion (17.3 billion euros)."As we anticipated, the company reported a strong performance in the second quarter of 2011, driven by higher selling prices of steel," said CEO Lakshmi Mittal said in the statement.

But these indicators should weaken in the third quarter, the steel industry was experiencing a generally soft, due to plant closures for holidays in Europe and a slowdown in demand. ArcelorMittal anticipates a gross operating profit (EBITDA) of between 2.4 and 2.8 billion (1.6 to 1.9 billion euros).

However, the group expects strong demand from China and the automotive sector, which should prevent it from experiencing the same quarter in 2010."Although the third quarter should be somewhat affected by seasonal factors, they should not be as pronounced as last year and the performance of the group the second half of 2011 should be compared favorably with that the second half of 2010, "assured Lakshmi Mittal.

Finance Minister this morning held a press conference to present the trade figures. Japan's current account surplus fell 51.7% in May to 7.3 billion, compared to the previous year.A drop weaker than economists' forecasts, which expect a recovery in the economy, hard hit by the earthquake of March 11, faster than expected. Many Japanese factories have been forced to suspend production due to damaged sites and disruptions in electricity supplies. But exports could rebound in the coming months.

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Among them, a strange machine to look worthy of Star Wars called AirMule. Urban Aeronautics presents a model of the UAV helicopter whose rotor is not visible because housed in the body of the device. AirMule has already made several test flights. It is intended to convey the property or to perform medical evacuations in theaters of operation in urban environments or in complex natural sites difficult to access.Its specifications in fact enable it to obtain dual certification (civil and military). It concerns the Israeli Ministry of Defense and NATO.

Another original concept developed by Aeronautics Defense Systems, the transformation of a civilian aircraft into existing UAV MALE (Medium Altitude Long Endurance). "UAVs often have reliability problems because of their platform that can also be certified to fit into the civil air traffic," said a company representative. Aeronautics Defense Systems has decided to work from an Australian aircraft, the Diamond DA 42, the cell tested. And he turned into MALE UAV called Dominator.The company that specializes in unmanned air, land and sea, began production in February Dominator.

Partnership with EADS and Thales

Israel is a major player in the defense market with a global market share estimated at 7 payday loans.5%. In 2010, according to the Israeli Ministry of Defense, the export sales of armaments have reached $ 10 billion, twice more than in 2008. The industry occupies 150 companies whose leaders are the group Rafael, Elbit and IAI, which employ some 44,000 employees. Israel has often been a pioneer in the field of defense. His army was the first to use drones, manned aircraft from the ground station, on a massive scale in 1982 in the Bekaa Valley during the war in Lebanon.

These leading companies have, for years the card partnerships with U.S. and European manufacturers.The group thus provides the platform IAI Heron which is the basis for the Snowy, the MALE UAV militarized by EADS, which is used by the French Air Force in Afghanistan. In Britain, Thales has set up a joint venture with Elbit group to make the platform's tactical UAV Wachtkeeper which has a technology transfer platform Hermes 450. Wachtkeeper was developed for the British Army who ordered 60 copies. It will enter service in late 2011.

In all, Israel has developed a range of UAVs double duty (civilian and military) that goes from the micro-craft to the general observation drone high altitude long endurance (HALE).The fleet in service on five continents has accumulated 700,000 hours of flight, a world record.

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While the law was intended to fight against an illegal offer bloated Regulatory Authority of online games (Arjel) has granted 49 licenses to 35 operators (25 in poker, 16 and 8 in paris sports paris horse) but some players – among the largest – continue to go on unauthorized sites. "One of the major objectives was to ensure that the French are all on sites approved by the Arjel, has not been reached," said Nicolas Beraud, president BetClick Everest Group and the French Association of Online Game (Afjel), which paints a mixed picture of the opening. Since June 2010, the French have wagered 1.5 billion euros in Paris and equestrian sports, according Arjel.In poker, the stakes are higher than 6 billion euros, plus 800 million in entrance fees to tournaments.

Newcomers complain about not earning money. They are also worried about the lack of appetite for players for their offer. "On sports paris, the number of active players accounts is down from the 7th month of the opening," says Christophe Blot, CEO Sajoo site.

Tax debate

In this context, the perspective of a possible change in the law, in November, is the subject of intense lobbying, pure Internet players (BetClick, Bwin …) are penalized by the judging rules. "We demand a change in the tax base," said Emmanuel de Rohan Chabot, CEO of ZEturf. Opinions differ."We stand for maintaining the cap are paid back to players, along with a set of taxation," says one to the PMU, while in the French game (FDJ), it is estimated that "the current tax helps contain the addiction and the risk of money ". "There is no need to change the balance of the law, thinks Bélinguier Bertrand, president of the Ffejel, which represents casino Barrière, Joa, Sharp, the FDJ and PMU. But we can simplify the formalities for opening accounts, expanding the supply of paris sports and strengthen the fight against illegality by giving more powers to Arjel. "

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