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Unheard of since the beginning of the crisis. This makes two months in July as the number of jobseekers registered in category A to decrease employment center. "One more and it will become a reliable trend," enthuses Laurent Wauquiez, the Secretary of State for Employment. The largest decline even since February 2008: 0.5%, or 14,400 fewer people unemployed in July after an initial outflow of 8600 in June "This proves we were right not to give up and focus on an active policy of employment," said Laurent Wauquiez. We must remain vigilant because the coming months will not all be as good. "

Another encouraging sign is the rising number of unemployed in class ABC (including applicants for employment who have worked more or less than 78 hours) slowed sharply in July. It was only 0.1% (5300 persons) in July, five to nine times lower than previous months.For Laurent Wauquiez, it is not just a transfer grade (from A to B and C) meaning that more and more unemployed people returning to work part time. "It is also linked to the resumption of temporary employment and job creation in the first half of IDUs," he justified. There are now between 2.69 and 4.21 million unemployed in France, according to the category selected.

The data for July also confirm the trend reversal on youth unemployment. The number of under 25 who are enrolled in July fell 2.8% in category A, on the ebb to 1.8% in one year. An exploit in crisis even if there is an increase of a level similar to category ABC showing that more and more young people carry a very part-time job until sustainable employment.Input side, the decline on a year because of enrollment for CSD (-14.5%), temporary mission (-14.5%) and redundancy (-31.1%) demonstrates that economy is indeed on the road to recovery. A feeling confirmed by the rebound of 3.6% of jobs collected in July.

Bond assisted contracts

Conversely, the social treatment of unemployment runs rampant over the past year: the release of employment center for internships have increased by 11.7%. Even finding the side of beneficiaries assisted contracts (Class E), the number has jumped from 45.5% in one year. "We remain below the number of contracts sold under Jean-Louis Borloo and Martine Aubry," qualifies the Secretary of State for Employment.

Three other flats are relative good figures for July.Senior citizens continue to register in mass (1.1% in one month and 17.1% in one year) and nearly 50,000 more to be pushed into the doors seven months of employment center. A downward spiral that Laurent Wauquiez hopes curb with the introduction in 2011 of a device "zero charge" for the hiring of a senior unemployment. On the other hand, the long-term unemployment is endless progress: + 0.8% in July, bringing to 36.2% the share of those unemployed for more than a year on average over 424 days ( 30 in ten months). Finally, the radiation increased by 7.3% in one month and 9% a year.

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After closing down on Monday evening – the Dow has sold 0.38% to 10,174.4 points – Wall Street did not find this Tuesday, opportunities to redress the balance. Instead, the only indicator fell to 16 hours, is extremely disquieting: Sales of existing homes fell to its lowest level since 1995, to 3.83 million annual rate transactions, according to figures released Tuesday by the National Association of Realtors (NAR).

Upon publication of this indicator, Wall Street has plunged into the red, losing 1.48% to 4:10 p.m. at 10,024 points for the Dow Jones, which amounts to huge step towards the symbolic threshold of 10,000 points.

The broader S & P drops 1.61% at 1050 points and the Nasdaq, which includes technology stocks, yields 1.85% to 2120 points.

It was not until Wednesday to expect an improvement, both on the side of the promises of new home sales and durable goods orders.

Mergers and acquisitions are in full swing

If the bears seem to win now, but Wall Street is torn between the potential positive effects of mergers and acquisitions that animates it and the threats still facing strong economic recovery.

BHP Billiton (-1.94% to 65.83 dollars) is expected to announce on Wednesday a 50% jump in interim profits and strong cash flow with which it hopes to deter potential rivals to make an offer to buy out-cons the Canadian Potash Yet seeking a white knight eventually China.

The French pharmaceutical company Sanofi-Aventis and the U.S. biotech group Genzyme (-0.87% to 67.13 dollars) abut on the determination of a minimum price that would initiate the first comprehensive review of its accounts Target said Tuesday the Wall Street Journal in one hour payday loans.

If Genzyme and Sanofi seem to disagree on the French laboratory's initial offer to buy out U.S. biotech company, however the purchase of McAfee (-0.15% to 47.03 U.S. dollars) Intel (-1.02% to 18.51 U.S. $) continues to fascinate, like the stock market battle between HP and Dell in the acquisition of data storage specialist 3PAR.

The world of mobile phones, Nokia, and the giant American world of microprocessors Intel unveiled on Tuesday a joint research laboratory in central western Finland, they said.

American Apparel (-10.8% to $ 0.66), definitely ailing feared not being able to publish its quarterly results on time and to be delisted.

Disney (-1.70% to 32.37 dollars) could also react to statements yonni Sebbag, the boyfriend of a former employee of the giant media and entertainment Disney, who pleaded guilty to securities fraud Monday after stealing with his partner, financial records of the company and tried to sell to investors.

The dollar to its lowest against the yen

On the currency front, the dollar continued its fall Tuesday against the Japanese yen, down from 9:20 to its lowest level in 15 years, to come punctually at 84.14 yen, immediately after a briefing from the Minister of Finance , Yoshihiko Noda.

The downward trend is continuing. After a decline of 1.2% in June and 11.5% in May, new car registrations in France fell 12.9% in July to 169,804 units, according to the Committee of French Automobile ( CCFA). A comparable number of working days, the decline in sales stood at 8.7%. The month of July had 21 days this year, against 22 last year.

"This is indeed great car scrapping begins to decrease," said a spokesman for the CCFA to Reuters. "But we have a slow decline, not an effect to the German, which is rather positive," he added. In Germany the first European car market, the scrappage has indeed been deleted from the exhaustion of the envelope at the start. The relapse was rapid.The German market has declined from 32.3% to 289,259 cars registered in June

In France, the government has opted for a gradual withdrawal of aid device. The scrapping bonus of 1,000 euros last year, was reduced to 700 euro from 1 January and 500 euros July 1.

Dacia and Volkswagen in good shape

While Volkswagen (11.9%) and Dacia (% 47.5) drew their game well, all the other major brands have lost ground on the French car market last month. Sales only French brands, which have benefited most from the demand created by the aid fell by 15.4% in July, while those of foreign brands fell 9.9%.

In the duel Franco-French, PSA Peugeot Citroen has suffered more than its competitor Renault.Its sales have faltered by 15% (-17% to -13.3% for Citroën and Peugeot), while those of the Renault group fell 7.6%. A victory in sham, because largely due to the strong performance of low-cost Dacia brand. The brand with the diamond, it has seen its sales eroded by 15.9%, despite the accession of the Mégane range to the highest step of the podium families of best-selling cars in France last month.

In the first seven months of 2010, registrations in France stand still up 2.8% in raw data to 1,382,240 units, and 2.1% in comparable number of working days, compared to the same period of 2009. For all of 2010, the CCFA expected to registrations of about two million new vehicles in France.

Back to a market more 'normal'

"We are now back to a more normal market, with a second part of the year is traditionally the weakest. Except this time, the end of the year will be much worse with the unfavorable base effect in late 2009, "says its spokesman.

In Spain, the Association of Automotive Manufacturers ANFAC does not show as serene. Registrations of new cars in Spain fell 24.1% in July over a year, a setback after ten consecutive months of increases, "she said Monday. In total, 82,167 new cars were sold in July, against 121,483 a month earlier and 108,221 in July 2009. On Thursday, the Association had sounded the alarm, suggesting a 50% drop in auto sales in July. She even called for "an urgent meeting with Minister of Industry to study the proposals and possible solutions to this serious situation."

Outside Europe, other markets automotive show excellent health. Japan has announced on Monday registrations up 15% for the month of July. In the first seven months of the year, the Japs bought 2,054,094 new cars, or 28.9% more than the previous year.

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This is one of the largest employee share plans in recent years. GDF Suez, which offered about 200,000 employees worldwide to receive shares of the group, welcomed the success of the operation. Nearly one third of employees (over 67,000) have said "yes", for a total of 25 million shares and 535 million euros. Exceeding the ceiling set by the board (almost 500 million). "Few groups are engaged in transactions of this magnitude," said Sami Toutounji, partner at Shearman & Sterling, except for example, recently EDF, which has far exceeded this amount, or Axa who approach regularly.

The staff of GDF Suez will thus receive 1.1% stake in Arcelor. Turnout was highest in France, Belgium, Italy and Germany.Outside Europe, Brazil, Chile, Argentina and the United States recorded the most sales Payday Loan for Bad Credit.

The employees of GDF Suez could buy shares at a discount of 20% over the past 20 trading days. Is 19.78 euros per share. The firm abounded these subscriptions, offering titles such as 10 to 10 purchased, subscribed for 50 or 20. Employees could also prefer to invest with no discount, but with a guarantee on invested capital (and insurance to recover at least their implementation) and performance-indexed monthly changes in stock price. Both formulas have been as successful as the other one.

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lefigaro.fr / jdf.com – The announcement of the aid plan for the euro area has given way to a new period of pessimism. In this context, how you position yourself on the shares of the euro area?

Matthew Grouès – We are clearly overweight on European equities for the simple reason that we believe that growth prospects are not worst four months ago. The markets have overshadowed the recent economic statistics suggest, however, believe a sharp upturn in Europe in the second quarter.

For a month and a half, markets follow a path contrary to that they should follow since the last published indicators: the series of nine sessions up in mid-June was made with deceptive statistics, particularly retail sales and the U.S. real estate.Unlike the sharp drop in early June took place in spite of very good publications on the ISM manufacturing and job creation. But it is true that today it is mostly good statistics that go unnoticed. It's a classic situation in the tops of cycles, markets do not allow the bad news and low cycles, they close their eyes to the good news. The crisis of 2008 is still in the minds of investors.

So much so that markets fear a simultaneous "double dip" (recession followed by recovery and then a new relapse, Ed) and a return of inflation. What is unthinkable. This proves that markets are in crisis of confidence and they evolve in a logical flow sellers rather than a fundamental logic. And to overcome this crisis of confidence will take time.

But the crisis of confidence in the euro area it is not it paradoxically favor?

It is true that mistrust vis-a-vis the euro favorable to European companies. The decline of the euro offset the restrictions inherent in the plans rigor. All countries in the euro area will clearly not accommodated in the same boat. So, for those who have taken a severe restrictive measures such as Spain or Greece, the balance will be negative. But for others, the impact on growth will be close to zero. It seems that the markets have rediscovered that the euro is a currency like any other. It's a currency shared by several countries. This inevitably creates a certain fragility and justifies a risk premium.

So you are betting that the European companies will catch up on U.S. companies?

Absolutely.European companies have to suffer the restrictions imposed by states, compensated as I said the decline of the euro. In contrast, the U.S. will be doubly penalized: first, that says depreciation of the euro said dollar, so a handicap to competitiveness for U.S. companies. On the other hand, said that restrictive measures in Europe, said reduced demand from Europe.

It is true that the shares are not expensive in all markets, but if U.S. stocks were gaining 10% to 20% in the twelve or eighteen months, the increase should be between 20% and 30% for European equities. Europe contrary to what they say is absolutely no more defensive than the United States. The proof of this statistic: Since 1996, the EuroStoxx amplified movements of the S & P 500 twelve years in fourteen.And two years where the reverse happened, it was during changeovers cycle.

According to a study OpinionWay, 50% French do not have stock and have never held. Furthermore, 66% of them justify their choice by the risk profile of the action. In other words, they are afraid of losing money. What do you think?

I understand their weariness regarding the volatility of financial markets and they prefer to invest in money market products they do not risk losing money even if they do not relate. Incidentally, this is symptomatic of the mindset of investors. There is such excitement in the markets that investors prefer not to lose money rather than win. But they must understand that the only time they have an interest in shares, it is precisely when everyone else shuns.Focusing on the assessment that the actions have on others is not the best indicator.

Also, do not overestimate the impact of financial markets on the real economy, and thus justify the real evolution of financial markets. It is often said that markets anticipate a six to nine months ahead of the changing economy. But this is not always true. The evidence: In 2009, the savings came out much faster from the recession that markets had expected.

I know this may seem surprising but it is precisely now that they must invest in risky assets.In addition to actions, we are positive on the credit for the economic recovery remains favorable and the spacing recent spreads (spread between a corporate bond and government bond, Ed) be reversed.

Five months ago, you bet on an ACC 40-4600 points by the end of the year. This bet is it still relevant?

I think for this year will be a bit complicated. However, I would very surprised if it does not exceed 4000 points. The current level of ACC 40 is not consistent with the economic situation is relatively good: it would be justified if we knew another recession within one year, but I think absolutely not.

Macroeconomic reasoning to 12-18 months also clearly suggests that markets are highly appreciated.Whenever Will it materialize? Hard to say! The market movements often snap on a "spark" a good economic figures, redemptions of "shorts" (the investor buys back the shares it had sold short, Ed), publication of results, etc. . The question is what will this time that "spark" and when it will happen.

Monday, Le Monde has turned a page of his story in a calm atmosphere. Once is not custom. Upon completion of the supervisory boards of the World, offers the trio Pierre Berge, Xavier Niel and Matthew Pigasse ("BNP") received 11 votes. The other nine votes abstained. Employee representatives had 9 votes, and Louis Schweitzer, Chairman of the Supervisory Board, which made the difference in making its voice and that entrusted to him by Claude Perdriel, boss Le Nouvel Observateur and unsuccessful candidate for the resumption of the World. Louis Schweitzer has done everything to ensure that The World is lost in a new crisis between the employees and field representatives (Lagardère and Prisa, La Stampa, Pierre Lescure, Jean-Louis Beffa …).

Over the weekend, in the daily columns, he emphasized the seriousness of the financial situation and warned: "I hope there will be convergence." At the end of the supervisory board, Gilles Van Kote The president of the Society of Editors (RS) welcomed "the gesture of a great lord of Claude Perdriel, which withdrew its offer and voted for its competitors. On Monday morning, Claude Perdriel and Orange announced they were withdrawing their offer, drawing the lesson of the plebiscite of employees of the World for the trio "BNP". Indeed, on Friday, the different societies of staff (Le Monde, Le Monde Interactif, Telerama, International Mail, employees, managers …) have made an overwhelming majority (between 80% and 91% for the Society of Editors World) for the trio Pierre Berge, Xavier Niel and Matthew Pigasse. After the vote, will open exclusive talks with the trio BNP.Beforehand, prospective buyers are, as they had committed 10 million euro move before July 5 to cross to Le Monde's financial deadlines July 10 and have enough money to take all summer . "Then, in late July or early September a new supervisory board will endorse the negotiations and the deal should be finalized in late September or early October," said Gilles Van Kote.

Negotiations with Lagardère and Prisa

In total, Pierre Berge, Xavier Niel and Matthew Pigasse provide 110 million euros. Therefore, they will control 64.65% of capital. For the first time in the history of the world, workers will abandon the majority stake and control group. The trio "BNP" had taken the measure of the importance of this decision. That is why he insisted on preserving the editorial independence of publications group.Better, it should make a gesture in their favor. Pierre Berge has promised to create a foundation with 10 million euros destined to gradually increase the share of employees to 33%.

With other shareholders, Lagardère and Prisa, also diluted, dialogue should engage. Following the recapitalization, Lagardere will have only 5.86% of capital, and Prisa 5.1%. Lagardère cons grin and heart. In the vote, he refrained. "This is a position consistent with what we've always said. We did not oppose the rescue of the World while taking care to preserve our interests, "responded Khiroun Ramzy, the spokesman of the group. However, Lagardere clearly leaning in favor of the trio Perdriel, Prisa, Orange, with whom he had begun negotiations for the acquisition of its stake in the holding company and Le Monde Interactif. In total, he was to receive nearly 40 million euros.The trio "BNP", everything remains to be done. "The investors must now specify their intentions. Everything depends on the proposals they will make us, "adds the group. However, the trio "BNP" remained unclear. If he says he must "return to the activity in the digital world", it does not specify the amount he is prepared to pay to redeem the 34% of Lagardère in Le Monde Interactif.

The other loser is the media giant Prisa Spanish. The group led by Juan Luis Cebrian came late in the battle alongside Claude Perdriel and Orange. He has to defend its interests in the holding head. But his stance in favor of an issue of the daily morning have undermined his bid.

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At the 57th International Advertising Festival in Cannes, the technology giants like Microsoft, Yahoo and other Facebook invaded not only the Palais des Festivals, but also the Croisette. Advertisers would they more "masters of the world" of communication? "We have never been masters of communication," says David Jones, CEO of Worldwide and Havas chairman of Euro RSCG network in the world. "The most important actors in the communication, it is consumers. It is true that today we live in a digital revolution. Consumers never change and as new opportunities are created with social networks, mobile platforms … The presence of Microsoft or Yahoo! Reflects this revolution. But consumers are more important than software, technology or communication agencies.

Defending an agency model "integrated" by placing the "digital" in the heart of its agencies, Havas Group is concentrating its investments in digital broadcasting and production, particularly through the newly-Productions Havas. "These investments are essential. We're not a film industry of 30 seconds, we are now an industry of content. If we are sufficiently intelligent content, the audience will interact with the brand and, with a depth that we could not hope, fifteen years ago. Content is our future, "says David Jones emphasizes the trade is already a source of income for Havas and its subsidiary Euro RSCG. For nearly two years, the group has also put one foot in music with the creation of label The Hours."These are new business models and exciting content, we also operate with BETC Music," he says.

The test of 2nd quarter

"The winning of the budget digital IBM, being now the digital agency of Unilever in the world and with the Heineken and EDF contracts, we will exceed 20% of revenue from digital Havas Worldwide from this years, says its CEO. Here we record the strongest growth.

Despite a slight recovery in the advertising market in the first quarter, the boss of Havas Worldwide undertakes no obligation on optimistic forecasts for the rest of the year. "It's like asking me if England will win the World Cup! For now, we qualified and is progressing well … It's about the same thing with the economy and major advertisers.The real test is the 2nd quarter, "says the ad originally, in February, the Young One World, the first" Davos of youth. " After London, next event be held in Zurich until September 2011.

The Federal Reserve took action Wednesday in a hesitant economic recovery in the United States by renewing its commitment to keep rates unusually low for an extended period. The Fed funds rate has been maintained in a range from 0% to 0.25%, which it has not budged since December 2008.

In his statement issued after a two-day meeting, the central bank is lowering its assessment of the pace of recovery, revealing pockets of weakness. It also is cautious about the volatility of financial markets, given the debt crisis in Europe. But she still insists that the economy will emerge gradually from the worst recession it has seen in decades.

"The financial support under the overall economic growth, which mainly reflects what is happening abroad," the Fed said in its statement.

The Fed President Thomas Hoenig, Kansas City has expressed its disapproval for the fourth consecutive time, holding that the commitment of the Fed to keep rates ultra low long could perpetuate a cycle of alternating periods of high growth phases and depression.

Realtors Falters

The Fed also notes that the economic recovery is underway. But short of what she observed in April, when she said that the economy continued to strengthen.

The monetary authorities have also noted a slowdown became evident in real estate. In April, it was noted that one starts to straighten. On Wednesday, they simply say that these starts "remain at a depressed level. It is true that the indicators are really not good. On Wednesday, new home sales for May fell 32%.This unprecedented decline in new home sales in May reduced to little hopes of a speedy resumption of growth.

As for consumer spending, the central bank said they "are increasing but remain constrained by high unemployment, modest revenue growth and a decrease in the rich heritage." In April, the Fed had referred to an acceleration of these costs.

The Fed also notes a recent slowdown in inflation, citing a drop in prices of energy and other resources.

Most economists believe the next move on interest rates will be higher but some of them say the central bank should consider other ways to boost growth and credit. What must be added the problems of the debt in Europe and the employment indicators also disappointing.

This was both a first and a dress rehearsal. In six years of Socialist government, the unions had never called for a national strike in Spain José Luis Rodríguez Zapatero. But since the mobilization of officials Tuesday, the divorce between the executive and the two largest trade unions – Comisiones Obreras (CCOO) and CGU – is officially consummated.

Pressed by their bases, the unions had no choice but to break with Zapatero. That, of course, the single most dramatic deficit reduction plan that set fire to the powder: falling wages in the public service, 5% on average in the month of June, arouses indignation public employees. But the unions' own admission, is the absence of any consultation that infuriates most."We do not even ask for the withdrawal of the measure," says Julio Lacuerda, the Secretary General of the Federation of utilities UGT. The unions are aware that these decisions will be implemented. The austerity plan is required by markets, the European Union and … by the United States, including the president himself, Barack Obama, called Zapatero Payday advance low fee.

A war of figures

Therefore, the event serves as a test of officials for each game. The first testing their strength before calling, "if necessary", a general strike. The executive, for its part, gauge the discontent before announcing new measures unpopular. First, the reform of the labor market, to be unveiled June 16 Meanwhile, everyone engaged in a war of numbers.For unions, 75% of staff were on strike Tuesday. The government says they were only 11%.

Above all, workers' representatives refuse to be the only ones to pay. "Why do we keep our troops in Afghanistan? Why do we continue to offer 900 million euros in tax subsidies to the Catholic Church? "Interrogates Julio Lacuerda. While Zapatero announced the creation of a new tax on the rich and inspired by the French TFR. But according to his own statements, "99.99%" of the Spaniards should escape.

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Tough week ahead for Air France. On Wednesday, the group should announce operating losses of around EUR 1.3 billion for its fiscal year ended March 2010. They will be close, historical, 1993. Since then, Air France has tripled its turnover.

If the amount of such losses is already known (the company has prepared the public mind when it announced its latest quarterly results), their decomposition is less.

For more than 600 million euros, the losses are related to the impact of fuel hedges, the advance purchase of oil at a given price from banks.

According to our information, the management of Air France declined to comment, cargo activity has on his side lost 499 million euros, of which 50 million are attributable to the subsidiary Martinair.These figures indicate that if the passenger activity has been shaken by the crisis, especially the cargo, which penalized the company.

Cargo activity came first in the crisis with volume declines in mid-2008. "They have suffered from the downturn in April 2008, six months before the bankruptcy of Lehman Brothers, said a government source. At the group's executive committee, it was decided not to increase capacity by cargo aircraft for the winter. "

Air France-KLM Cargo has gone through severe turbulence, with a decline in volumes of 22% from last year. The Asian market, driven by imports of consumer goods, has experienced the biggest drop.The United States, more towards capital goods, have them ground earlier but in lower proportions.

Reduced capacity

At the same time, the company has drastically reduced the wing. 700 departures in two years have not been replaced at Air France-KLM Cargo. The adjustment of staff accompanied a decline in cargo capacity. In September, the company launched the adjustment freighter (CAP). Objective: To reduce capacity, concentrating freight traffic on the bunkers at the expense of cargo planes dedicated to freight alone, and be beneficial to the end of the year 2011-2012. In this context, Air France has got rid of two brand new Boeing 777s it has sold to FedEx before they are delivered at Paris this winter.

These aircraft, offered 250 million euros each at list prices and traded 150 million euros, were sold at the same price.The transaction still cost 30 to 50 million euros in Air France, which had to pay storage costs for the aircraft at Boeing and significant financial costs.

The company also leases two Boeing 747 Russian Air Bridge. "They were bought at a time when the dollar was high, said an analyst. It was more interesting for Air France to rent and sell them in five years. "Since then the two aircraft were flying under the colors of Air Bridge. They just make the transport of missiles between Russia and Chateauroux.

This decrease of 16.2% of capacity has led to a dramatic reduction in costs of 19%. Florence Parly, the owner of the cargo, has managed to reduce the unit costs of 2.4% per tonne km (RTK).The rigor of the former Secretary of State Budget worries the unions of Air France, who believe it will prevent the rebound in activity after the crisis.

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