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The Paris Bourse is trying to make a step forward on Tuesday, a day after falling more than 3%. The CAC 40 in advance from 1.6% to 2941.61 points in early trade.

The problems of sovereign debt, however, should still hang over the markets. The pressure rises in the euro zone since Moody's announced that the triple A French was threatened. Spain and Italy are always attacked in the bond markets. Finally, Germany is in the viewfinder of many observers who believe the country could experience a domino effect on the market.

But Europe is not the only one to raise the nervousness of the operators. The market should be affected by the fact that the "super committee" responsible for the debt of the United States do not reach an agreement between left and right, after three months of effort.The twelve members of the joint committee, composed of six Republicans and six Democrats were responsible for the deficit of 1200 billion and had until midnight Wednesday to share their findings. Failing agreement, the law provides for the automatic implementation, from 2013, these spending cuts divided equally between defense and social programs.

Fitch monitors the Americans

President Barack Obama assured that the United States were not at risk of default. He said he was determined to keep the pressure on elected officials and threatened to veto any attempt by Congress to mitigate the budget cuts that are now automatically take effect.

For now, the rating agencies Standard & Poor's and Moody's reported that U.S. credit rating would not be affected by the failure of these discussions.

Happy! Bernard Tapie alongside the greatest patrons of the planet. Here are the results of a survey Way Opinion on leadership and the qualities of a good leader conducted among 300 business leaders and our colleagues unveiled Monday by the Parisian. The former head of the OM occurs in the top 5 managers behind Steve Jobs (the first), Carlos Ghosn, Bill Gates and Michel-Edouard Leclerc.

Asked Monday by Le Figaro, the former head of the said OM has naturally flattered by the result but did not seem surprised. "People have accepted my statements on TV that have contributed to enhancing the business entrepreneur, he says. For years it was believed that the corporate world was synonymous with sadness and we do it not amused. I helped to change that image. "

"Good players become ill on arrival at the OM"

Bernard Tapie has little original definition of a good manager, is "to want its employees to offer the best of themselves to excel payday advance. The priority is not to be loved but to lead them to discover their full potential. " The most original are the examples come to mind the old boss "My former assistant became assistant Pinault and not the assistant of a hardware dealer" and the players of the OM – Papin , Wadle, Pele – were good players when they were recruited and then become real stars.

"Being a great manager was to make them grow up, says that to date remains the only French boss to win the Champions League. Today, good players become ill on arrival at the OM. This is the stereotype of bad management or bad environment. "

The publication of the sales of LVMH this morning, showing a 15% increase in sales in the first nine months of the year, shows that the luxury sector is beyond the gloom. It is now concentrated around a very small number of listed companies. To play the stock market, investors in Europe the choice of three values: LVMH and Hermes International in France and the Swiss Richemont, owner of brands including Cartier, Montblanc, Alfred Dunhill and Lancel.

In exchange, these groups are distinguished by the same characteristics. First of all, a very strong sales growth which is an essential element of appreciation to investors at a time when fears of a slowdown are increasingly strong in manufacturing and services.Markets expect according to the consensus published by Bloomberg in a 19.2% increase in sales of LMVH this year, against only 10.2% growth on average for the CAC 40 companies (excluding financials). Hermès expectations are even higher (25%). Richemont is penalized by the rise of the Swiss franc, but the market expects (excluding currency effects) to a 19% increase in sales, a level equivalent to that of the previous year.

Good resilience to the crisis

Most of the increase in sales due to the presence of these groups in emerging markets where growth remains strong. LVMH achieves almost 40% of its sales in Asia and the region at Hermès International represented 45.3% of sales in the first half to 590.9 million euros.Although the annual rate of China's growth fell from 9.5 to 9.1% in late September, the outlook for luxury business are very well oriented in these regions.

This exceptional situation leads to multiple capitalization rates of 16.5 and 16.8 times earnings expected for 2011 for LVMH and Richemont, which places them at levels much higher than the 8.6 expected for the CAC 40. Hermes is the subject of recurring rumors of a takeover bid, particularly on the part of LVMH, is paid for his part more than 48 times earnings estimates for the current year. In exchange, a high multiple is certainly synonymous with vulnerability, but in the minds of investors, it is clearly synonymous with exceptional value.

Result, in contrast to Richemont who suffer from the appreciation of the Swiss franc, most of these titles were very well in the market downturn.The course of LVMH declined only 9.4% since the beginning of the year and one of Hermes International prances among the highest growth of the year with a 50% increase since 1 January. While much of this increase was due to speculative buying, what are the prospects for growth and profitability that reassure investors.

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Fitch Ratings lowered the rating two notches from Spain, which now stands at "AA-". Spain held so far a "AA +", the fourth highest on a scale of twenty. More worryingly, the note is accompanied by a 'Negative' outlook, which means that the agency could lower it back to medium term.

Spanish growth at half mast

Moody's in turn should decide by the end of October on a possible downgrade Spanish now "Aa2" (the third best possible)."With significant funding needs" of the Spanish State, to cover its budget expenditures and net external debt is "one of the highest in the world" (91% of GDP), said Fitch, "the more volatile strong a negative effect on financing conditions in the market of Spain. "

But there are also internal factors in the country "risks to fiscal consolidation as a result of performance parts." The same agency Fitch has lowered Wednesday including the long-term rating of the Basque Country, one of the richest region in which it criticizes the "weak fiscal performance." Growth forecasts have been revised downwards. Wednesday, the Bank of Spain announced that the country's growth expected to slow in the third quarter, to reach an economic activity 'lackluster'.The Spanish government has also recognized that the economic growth targets it had set for 2011 and subsequent years would be "hard to reach" because of the risk of recession in the world.

Italian governance into question

Fitch also lowered the rating one notch to Italy, "A +" against "AA-" and does not see her again in the fall if the country would miss its targets for reducing the budget deficit. Fitch was the last of three major international rating agencies have not downgraded from Italy since the beginning of the debt crisis in the eurozone. She explained that the high level of public debt and budgetary financing needs, combined with the low level of potential growth (the country), made in Italy especially vulnerable.The Agency is challenging the country's governance and stressed that the differences in the Parliament and the escapades of the prime minister Silvio Berlusconi, help to weaken the ruling coalition.

Belgium heckled by Dexia

Belgium is also in sight. The agenceMoody's said it was considering lowering its rating, currently at "Aa1", the second best possible. The agency cited three reasons: the crisis in the euro area, concerns for economic growth and the possibility of additional support to the banking system, particularly in establishing Franco-Belgian Dexia.

Another European country in turmoil, Portugal, has been confirmed its rating of "BBB-" (the last before falling into the category of "speculative") by Fitch, which continued on negative watch at least until the end of the year.Standard & Poor's, confirmed Tuesday the rating "BBB-" from Portugal, while maintaining it as a negative outlook. Portugal, the third country in the eurozone after Greece and Ireland to receive international financial assistance, is facing new economic challenges that undermine his efforts to clean up its public accounts. Progress in implementing the program of the European Union and the International Monetary Fund (IMF), and its budget for 2012 will be crucial.

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"3 billion for local

No less than 7000 pages posted! This is the amount represented by the reports of its nineteen nuclear power plants (58 reactors in operation over the EPR under construction at Flamanville) EDF is currently on schedule to transmit to the Nuclear Safety Authority (ASN) . The "policeman" of the atom is committed, through the voice of its Director General Jean-Christophe Niel to publish in full on its website.

The delivery of copies by EDF and other operators of nuclear facilities is only the first step in the process of "revaluation additional security" required by François Fillon after the accident at the plant in Fukushima, and conducted in parallel with the European approach called "stress tests". Experts from the ASN and IRSN (Institute of Nuclear Safety and Radiation Protection) now have three months to publish their report.Extra work for which the ASN has even mobilized to reinforce the "three or four young retirees". Even before the peer review of these reports by experts from other nuclear countries in Europe, between January and April 2012, some foreign experts will participate in the analysis of the copy of EDF.

Alongside the work on paper, the ASN program completed in October of 38 inspections in power, focused on protection against earthquakes, floods, power loss, loss of cooling and crisis management.

During December, the ASN requested EDF as it deems necessary measures – as it has already been done to strengthen the concrete slab of the Central Fessenheim. From January to April, reports of national safety authorities will be considered by their European peers.In the nuclear environment and the hexagonal Quai d'Orsay, is expected to undergo strong pressure from Germany to close the central border Fessenheim, Cattenom and Chooz.

Angela Merkel and her government are holding their breath. Renowned for its warmth towards Europe, the Constitutional Court in Karlsruhe invite this week in the feverish debate on the rescue of the euro. The judges will vote Wednesday on the constitutional legality of financial aid given to Greece in May 2010. Their decision could affect the vote of German MPs, who must decide on Sept. 29 in the Bundestag on extending the powers of the European Financial Stability Fund (EFSF).

Already facing a rebellion of the members of his conservative party (CDU), the German Chancellor has been careful to separate into two parts the vote on aid to Greece and that concerning the adoption of the future European Stability Mechanism (SPM) .More than two dozen elected officials of the CDU threatened not to ratify the decisions taken at the European Council of 21 July, fearing that Berlin does not transfer too much power to Brussels. MPs are reluctant to help Greece, which they consider a "bottomless pit" and feel that their powers in budgetary matters were trampled. The Chancellery is concerned that the decision of the judges in Karlsruhe will come inflame the debate.

Growing skepticism

Largest economy in the euro zone, Germany is also the primary funder and many elected officials in Berlin believe that they should as such have much more say in the rescue plans in the area that other countries. If the Court in Karlsruhe decided to grant German MPs a say too much in the allocation of European aid, the mechanism could find them paralyzed.German lawmakers already ensure tooth and nail over the interests of their taxpayers from a decision of the Court of Karlsruhe, dating from 2009, in which the judges had distanced themselves from the Lisbon Treaty. The Court could also decide to set limits on the allocation of aid to countries in difficulty due to the entry into force in 2012 of the brake mechanism to the debt, the golden rule in Germany. For this aid could lead to cuts in the budgets of the Federal Republic.

Across the Rhine, the distrust of the single currency is growing. A survey of the institute Allensbach with German parliamentarians center-right shows that 76% of them have little or no confidence in the euro, against 71% in a similar poll two months ago.This was reinforced by the departure of Athens, Friday, representatives of the European Union, the European Central Bank and the International Monetary Fund have given ten days to the Greek government to advance structural reforms in the country . The parties of the center-right coalition in power have multiplied over the weekend their warnings to Greece, ordered to implement as soon as his promises of reform in return for aid to balance its budget.

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The Socialist Prime Minister George Papandreou said today to be sure that his party would leave Greece to the economic crisis and debt at the national conference of the Greek socialist party (PASOK). "We continue the battle, not only because we believe that there is no alternative, but because we trust in our capabilities in the capabilities of Hellenism, in the possibilities of our country .I'm sure we will succeed, "he said in his speech.

2013 Goals

"People will judge us in 2013, and until then, we not only managed to get Greece to the crisis, but we have also implemented many important reforms that will lay the foundation for a different evolution of Greece in the future, "he said, cutting short the rumors of early elections.

The Prime Minister also accused the previous Conservative government to be primarily responsible for the current financial crisis. The spokesman for the main opposition party New Democracy, Yannis Mihelakis, immediately reacted. "He (George Papandreou) recognizes the economic impasse, but says nothing about its policy, which destroyed the economy and society," he retorted.In a report released Wednesday, a parliamentary commission of experts also found that the debt was low rates payday advance.

"Satisfactory progress"

Last year, Athens has received an aid package of 110 billion euros of the European Union (EU) and the International Monetary Fund (IMF). At their summit on 21 July, the euro zone countries have agreed to pay a new loan, plus a share of the private sector on a voluntary basis, for a total of 50 billion euros. Representatives of the "Troika" (EU, ECB and IMF) mission in Athens Friday to advance structural reforms in the country.

Several media have interpreted the departure precipitated considered representatives of the EU, the IMF and the ECB as a clash with the Greek Government on the extent of the effort to provide rigor to continue fiscal consolidation.But such a break was denied both by the Ministry of Finance by the troika.

She spoke in a statement of "good progress" in talks, saying had "temporarily left Athens" to "allow the authorities to complete their technical work" related "to the 2012 budget and structural policies to strengthen growth."

(With AFP)

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Crisis forces, maintaining half past two in Beijing Thursday at the Palace of the people, between Nicolas Sarkozy and his Chinese counterpart Hu Jintao has largely focused on economic issues. The objective of this whirlwind tour of the Pacific route to the French president, was to reassure the second largest economy in the world and world's leading investor in the resilience of Europe to the crisis of sovereign debt. "Hu is not worried about the situation in the euro area", despite the runaway budget deficits, said the head of the French state at the end of a working dinner. "He told us he had confidence in the euro (…)." "We are confident that Europe has the wisdom and ability to overcome current difficulties and maintain economic growth and stability.China will continue to make Europe a major investment markets, "for his part, Hu said.

In recent months, Beijing – which has 3,000 billion of reserves – was a major purchaser of European debt, particularly Greece, Portugal and Spain.

Identity of views

The visit was also an opportunity for Nicolas Sarkozy to reaffirm the importance of partnership with China, a few weeks G20 Cannes, chaired by France. Stressing "great convergence of views" between the two countries "on the assessment of the international situation," the Head of State stressed the importance of this summit, which is involved in the revival of global growth."This is a major issue and China has a key role," he said, accompanied by Minister of Finance, Baroin, came specifically to prepare the November summit.

For his part, Hu Jintao spoke of "great importance" to strengthen the dialogue between France and China "to the success of the summit in Cannes, for strengthening international economic cooperation and for the recovery and healthy development of economy ".

The two leaders also discussed the thorny question of the convertibility of the yuan.A subject on which Paris and Beijing "want to move forward," said Nicolas Sarkozy, but "without haste".

Finally, on Libya – Beijing was opposed to strikes from the coalition – the Chinese president said he "kindly analyze" the invitation of France to attend a conference of "Friends of Libya" that wishes organize the French president in Paris on 1 September.

The anonymous CV will remain "a possibility among others", and will ultimately not generalized to all companies with more than 50 employees. In the law on equal opportunities in 2006, this measure of fight against discrimination is now increasingly popular. "I do not think the anonymous CV should be an obligation," said first Echos to the Commissioner of the Equal Opportunities Sabeg.

Before publishing the decrees of the device, the government had requested a progress report. By the Centre for Research in Economics and Statistics (CREST) ​​in conjunction with employment center, the evaluation was very critical.

In a note published in July and the conclusions of Crest, employment center points out that the anonymous CV does not improve the chances of access to interview candidates from immigrant backgrounds or areas sensitive urban. He even tends to reduce them: the anonymous CV, and diminish their chances by 9.6% to 4.6%.

Experimental bias

The organization provides two explanations for this paradoxical result. The first is that the anonymous CV would not allow the recruiter to put certain negative elements of the CV, such training less prestigious or less experience, according to social background or age of the candidate. Something that would naturally some recruiters.

The second reason to do more to challenge the findings.The experiment conducted between November 2009 and November 2010 would be biased as carried by companies sensitive to issues of discrimination, practices that would lead usually proactive in recruiting minorities. The anonymous CV so would deprive them of a way to diversify the profiles of their candidates.

One tool among others

Employment center stresses, however, that anonymous CV is generally less attractive to a recruiter a resume registered. Hence his concern that candidates applying via an anonymous CV will do also in turn be subject to discrimination compared to those who apply via other channels. All these observations lead the institution to question the need to generalize this scheme. A judge concluded that option "not possible".

Sabeg remember his part that "the government must decide" on this issue.But once staunch supporter of the measure, he argued today it remains a recruiting tool among many, "that some companies use successfully elsewhere," says he. To promote access to employment of diverse routes, employment center said meanwhile that other routes exist. Recruitment or without CV questionnaires skills are few.

The anonymous CV effective for women

If the anonymous CV is based on the Crest ineffective for candisats immigrant and Zus, it is however for gender discrimination. Indeed it has the advantage of counter behavior "hemophiliacs" recruiters. Behind this phrase lies their spontaneous tendency to favor the candidates of the same sex."When the interviewer is male, the probability for a woman to access the interview with a CV is registered 16.6 points lower than that of a man," is employment center. Recruiters prefer women as women, but to a lesser extent. The anonymous CV will reduce this inequality significantly, the study provides.

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The speech Barack Obama optimistic about economic prospects was not enough to lighten the mood in the U.S. markets. In the aftermath of a black session, Wall Street closed Friday on a very hesitant, after playing roller coaster the entire session. The Dow Jones gained 0.54% to 11,444.61 points but the S & P lost 0.06% to 1199.39 points and the Nasdaq drops 0.94% to 2532.41 points.

The fence marks the end of the worst weekly meeting signed by the S & P 500 over two years. For the week, the Dow has sold 5.8%, the S & P 500 -7.2% -8.1% and the Nasdaq. Obama does not reassure

The announcement of a significant improvement in job creation last month has not calmed the spirits. Publications disappointing state of the U.S. economy had yet chained, challenging the idea of ​​resumption of the first global economy.This publication confirms the figures released Wednesday by ADP, reports of more new jobs than expected for the month of July.

U.S. markets also hesitant despite market rumors to the effect that the European Central Bank is ready to support the Italian and Spanish bonds, if these countries to undergo structural reforms.

Moreover, operators have learned that Americans use to consumer credit rose in June at a pace not seen since the recession began, according to figures released Friday by the central bank (Fed) of the United States.The outstanding amount of these loans has jumped on this month of 7.7% annual rate over the previous month, the biggest increase since August 2007, reaching 2,446.1 billion.

Oil pulls himself together

After a slight increase at the opening, oil prices find their way back down to 18 hours, Paris time. After working in the Russian mountains on the New York Mercantile Exchange (Nymex), a barrel of "light sweet crude" for delivery in September was finally completed in 86.88 dollars, up 25 cents from the previous day

The reassuring news, from Europe have traced the course of the euro by 1.25%. The euro traded at $ 1.43 against the greenback to 19 pm Paris time.

AIG, GM and Procter & Gamble publish their accounts

On the corporate side, the semi-annual publications still dominate the news on Friday.

For the second straight session, the group Kraft (3.21% to 34.87 dollars), which has split its U.S. branch of its activities snacking, remain top of the list of the stock market.

Thursday evening after market, the insurer AIG (-4.96% to 25.09 dollars) announced a return to the green of its accounts in the second quarter, with net earnings of $ 1.84 billion over the period, against a loss of $ 2.7 billion a year earlier. Per share, net income totaled $ 1 ($ 0.69 after tax, against $ 0.92 expected by analysts).

At the same time, and its first quarterly since its IPO on May 19, LinkedIn (-4.85% to 90.89 dollars) was positively surprised markets by announcing a turnover more than doubled the second quarter to 121 million dollars (120 euros) and net profit (4.5 million), where analysts expected a loss.

General Motors (GM) (1.23% to 26.31 dollars) Thursday reported quarterly results exceeded expectations, with a near doubling of profits over the period.

Procter & Gamble (1.71% to 60.60 dollars) released before market on Friday for the fourth quarter of fiscal offset, net income up 15% to $ 2.51 billion.Of 2010-2011, so it shows a net profit of 11.79 Annual Statement billion, down 7% from the previous year.

Viacom (0.97% to 51.85 dollars), the parent company of MTV and Comedy Central, has reported a rise than expected in earnings thanks to strong revenue growth in advertising Cable and license agreements with websites. Its quarterly results (Q3) increased to $ 574 million against 432 million

Bank of America (-7.76% to 8.15 dollars) is highly exposed to the most fragile countries in the euro zone, according to a document from the bank. The group said exposure to the tune of $ 16.7 billion (11.8 billion euros) in total to Greece, Ireland, Italy, Portugal and Spain in June 30Management has indicated in a document submitted to the regulatory authorities that its losses could reach up to legal $ 2.3 billion in addition to the provisions already passed for this purpose.