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In the wake of European stock exchanges and the CAC 40, the U.S. markets aparaissent significantly in the red on Friday, amid disagreements with the ECB and debt crisis. At the close, the Nasdaq and Standard & Poors'500 100 respectively lost 2.67% to 1154.23 points and 2467.99 points to 2.42%. As for Dow Jones, falling 2.69% to 10,992.13 points. This is the biggest drop in Wall Street during the past three weeks.

Markets such as increased losses when Jürgen Stark, member of the Executive Board of the ECB, announced his resignation for "personal reasons", the statement of the institution. The chief economist of the institution has repeatedly expressed his opposition in recent weeks to buyback of government bonds led the ECB to ease the most fragile countries in the euro area.To this must be added the increasing fears of a major failure of Greece that have undermined investor sentiment. "The markets are falling heavily as the big concern is about the crisis of sovereign debt in Europe, especially in Greece," summarized Peter Cardillo, Rockwell Global Capital.

According to analysts, the drop is also due Friday the threat of attack ten years to the day after the attacks against the twin towers of World Trade Center. Washington said Friday morning that al Qaeda was behind the threat of attack "specific, credible but unconfirmed."

In addition, markets have shown little convinced by the stimulus of employment presented by Barack Obama on the eve of 447 billion.Operators are skeptical that the U.S. president to implement his program because of opposition from his Republican opponents that could block the vote.

Expectations related to the G7 Finance

To this must be added the words of Christine Lagarde, Executive Director of the IMF, stressed the urgent need for additional capital banks.So far, investors have also expressed no confidence in the discussions of the G7 finance that opened Friday in London to try to find an answer to the crisis.

Another item, from China, was not enough to appease both sides of the Atlantic: Inflation has indeed slowed in China in August, which removes the fear that Beijing tighten monetary policy .

On the macroeconomic front, wholesale inventories reached a record high in July, rising 0.8% to 462.4 billion dollars, an unprecedented amount, in line with market expectations.

As for the euro, it is at present weighed down by concerns about increasing the economic health of the euro area and the global economic recovery. At the close of the New York Stock Exchange, the European currency fell to 1.3658 dollar (-1.63%), its lowest level since Feb. 23.For its part, the oil has finished on a decline, a barrel of "light sweet crude" for October delivery ended at 87.24 dollars, down 1.81 dollars compared to the previous day.

Threats to jobs at Bank of America

On the corporate side, no major publication was in sight Friday.

The job cuts planned by the management of Bank of America (-3.05% to 6.980 dollars) as part of its restructuring plan could affect 40,000 people, said Friday the Wall Street Journal Online, citing sources familiar with the . The group identified on 30 June nearly 288,000 employees. So far, estimates of job losses were around 30,000, while many banks worldwide have announced significant staff reductions.These reductions would occur as part of an extensive research program savings called "Project LAC", the acronym by which exchanged the title of the institution to the New York Stock Exchange.

Texas Instruments (1.08% to 26.08 dollars) remains small increase, after a warning issued Thursday night on its third quarter results, citing a decline in demand for semiconductors. IT had already warned in July that the current quarter would be modest. The group emphasized that this time the request had deteriorated to "a wide range of products, markets." The manufacturer of components that go particularly in the manufacture of mobile phones and automotive electronics, said now anticipate earnings per share between 56 cents and 60 against a previous range stretching from 55 to 65 cents.

Sevran, in the heart of 93. A few minutes from the RER station, the turning of gray apartment blocks, a portal opens up a space unexpectedly. The cities of concrete give way to fields of vegetables. Under white sheets aligned along the center aisle, men working in pairs. Lamri Guenouche, Department Head of Biological Gardens Pont Blanc, politely greet the employees and ask everyone the ritual question: "What is the vegetable that you plant?" Silence and embarrassed laughter of the workers, who arrived three months ago . Lamri Guenouche patiently explains: "The squash has a round rod. If you touch it, it is square. So it's a cucumber. "

Workers in the gardens of insertion have mostly no specialization in horticulture. A plumber and a driver of construction equipment alongside housewives employed for the first time.One is illiterate, his colleague holder tray. All have experienced long periods of inactivity before being offered a contract to help Garden Organic White Bridge.

Since 1997, the Aurora Association, which manages the garden insertion allows job seekers to re-enter the workforce. On the small farm of just under 2 acres, twenty-eight employees work the land and produce baskets of organic vegetables, sold to members of neighboring communities. Five others are charged with the maintenance of green spaces of individuals or communities.

Lamri Guenouche that says receive "a lot of applications," insists: "There is no screening." If it be eligible for subsidized contracts, living in the Seine-Saint-Denis and exercise motivation.After meeting with the counselor of insertion and one week test, employees are hired for a renewable six-month contract, but the majority is one year. The association, which monitors employ as many men as women, has set its working hours (9:00 -15 hours) for the latter. At 24 hours per week, employees receive an insert 700 euros per month.

"A period of revitalization"

The department head of the Gardens, the passage of these squares in nature is primarily a "period of revitalization to rebuild both professionally and personally." For the duration of their contract, employees are monitored by an advisor of the association to define a professional project and resolve administrative problems. The association has also established literacy workshops, computer and assistance in finding employment.

"Work is a huge engine to put people off. It can solve personal problems and alleviate suffering, "said Sabine, one of the technical staff. Employees are réhabituent to get up early, to respect authority and to socialize. They are gaining more confidence while enhancing their CV says Lamri Guenouche. Itself is an agricultural engineer by training. Eight years ago, when he was manager in the retail department, he explains that he had "a click, seeing everything that is discarded as vegetables and fruits while others in need." Sickened by the mess, he chose to put his skills to a socially oriented structure incorporating a first insertion into the garden of Val-d'Oise. It manages one of Sevran since September 2010.Deficit, the association only removes Aurora 5-7% of its budget from the sale of her baskets of vegetables. 70% comes from state subsidies.

"The goal is to make gardeners'

Side of the field of radishes, Houria, 49, is working. For three months, the divorced mother through the department every morning to go to Sevran. This work, she felt and appreciated. After being secretary, maid or child care, she said, "comforted" to have found a stable and secure employment. "Even if a small salary, it is quiet." She marvels at the atmosphere between the workers: "Here, everyone does his job with a good heart," says she. "I've never seen that."

Digging, sowing, harvesting. Each employee was introduced to horticulture by training for six months. But "the goal is not to gardeners, said Lamri Guenouche.Ile-de-France, market gardening is not a provider of labor. "The association strives to enhance the skills that employees acquired before or during their experience at the Garden. They handled boxes, sorted vegetables, prepared baskets and can qualify for jobs in the handling or the fruit and vegetable sections of supermarkets. Few, those who are allowed a position of delivery driver.

If the garden does not miraculously grow jobs, the statistics remain good, welcomes Lamri Guenouche. At the end of their contract, from 30 to 40% of employees do find permanent part-time or fixed-term contracts greater than six months. Another third goes on with training or a new integration project. Finally, 60% of outputs are called "positive." Achieved.

It's a 180 degree turn qu'Hewlett-Packard took yesterday. The Californian giant, the world's PCs, has announced plans to dispose of its business in personal computers. Another major surprise: HP goes out of business in the mobile, arresting the development of tablets and smartphones. In parallel, to better exploit the potential of higher growth in services, HP will acquire the software company Autonomy to 10.24 billion dollars.

The abandonment of the PC by Hewlett-Packard's board of directors' authorized the exploration of alternative strategies "that," among others ", a" total or partial separation "- is a radical industrial decision. The activity is roughly one third of the turnover of the firm in Palo Alto. It is explained by lower margins in this highly competitive sector where brands, with the exception of Apple, are struggling to differentiate themselves.

Moreover, weakening demand for PCs as a result of a share of the slowdown in global growth, but also on the other hand the growing popularity of digital tablets, which Apple is the great leader with his iPad. This transformation of the market place Apple in number one position in all product categories combined, at HP, according to the firm DisplaySearch.

However, HP had paid $ 1.2 billion for the maker of smartphones and Palm OS webOS valuable in April 2010. The blow-off of the shelves – including the TouchPad launched just weeks ago – and smartphones therefore comes as a major surprise.

Strategy reminiscent of IBM

Under pressure from shareholders, Leo Apotheker as head of HP for a year, engaged in a strategy reminiscent of the late IBM.The computer giant, inventor of the PC in 1981, sold the business to China's Lenovo in 2005. IBM then accumulated losses in this sector despite its efforts to concentrate on high-end machines. The new head of HP Germany, itself from a software company, SAP, sees the future and therefore the best margins in the IT services. His decision is also bad news for firms like Microsoft and Intel, whose sales still depend largely on the health of the personal computers.

HP yesterday announced disappointing results for the third quarter of its fiscal year with sales up 1.6% and a profit of 9% in progress.

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The timing could not be worse for Levi's. The king of denim, which had just launched its new global campaign "Levi's Legacy" earlier this week, was forced to turn back to the UK market. The spot, shot in Berlin before the events in London, reveals, in fact, scenes of young people in clashes with security forces. Demonstrations, riots, smoke: the images are too echoed the news, depending on the brand:

Called "Go Forth" (On the Move in French), signed by the advertising agency Wieden + Kennedy American, calls young people to take their destiny. The message is reinforced by the recitation of a poem by Charles Bukowski, The Laughing Heart, to the very explicit (your life is your life / do not be discouraged by a tender moist / Be on the lookout)."Because of what's happening in the UK, we have temporarily postponed the release in cinemas and on Facebook in the country," said a spokesperson for the brand with the Daily Mail. He added that "Go Forth to embody the energy and events of our time. She does not speak of a political movement or a specific theme, but rather evokes optimism, positivism and the entrepreneurial spirit. "

The spot has also been removed from the official Facebook page for the brand. "We have all witnessed the recent events that took place in London and other cities in England. It is difficult to see a glimmer of hope amid the violence. But looking good, you will see it no fax payday loan. Not one of the riots and chaos. But through its citizens who take the broom to clean up their cities. It is through their pioneering spirit that make change possible, "says Levi's on Facebook.

Stunt involuntary RIM

Even if the manufacturer of jeans trying to detach events, riots in London have a real spotlight on its new advertising campaign. A promotion that seems to also affect involuntary RIM, the maker of BlackBerry. His e-mail service that equips its phones BBM, known to provide a guarantee of confidentiality of trade, is under the spotlight. Now it plays an important role in organizing the riots. The British press also devotes a large part in deciphering the events.

But this stunt could serve the image of RIM on the UK market.Already some voices calling for the closure of the service in England, prompting the direction of the Canadian manufacturer to announce, without further detail, cooperation "with local telecom operators, the police and government" of the country if so requested.

This collaboration could involve the closure of the service. The risk is important for the Canadian manufacturer that could alienate her young local clientele. According to a study released last week Ofcom, the BlackBerry is currently the favorite of the English smartphones of 16-24 years (37%) to the iPhone (25%).

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Baroin the stage. He keeps repeating the last few days: it will require further cuts in the tax loopholes in 2012. For now, the government planned to cut $ 3 billion. "It is very likely that we will go beyond, as part of the Finance Act," warns the Minister of Economy. Otherwise, the objective of reducing the public deficit (4.6% of GDP in 2012, 3% in 2013) will not be met. The IMF says the same thing Wednesday, in the final version of his report on France, he warned that without additional effort, the deficit "would decline more slowly contemplated" and still reach 3.8% two years.

However, Prime Minister François Fillon reiterated last week even as the French would not have to tighten their belts further.If the IMF is seeking new revenue – or additional savings – is that it considers the government's growth projections too optimistic. He did not table more than 1.9% next year (after 2.1% this year), where the government is preparing its 2012 budget on an assumption of 2.25% (after 2%).

The cost of Greece and Libya

But that's not really what worries Bercy. Growth at 2.25%? "The account will be," says without a doubt a top official of the Ministry of Economy.

However, Bercy identified several elements that could degrade the accounts. First, the second bailout of Greece. While it will not weigh directly on the deficit of France, as François Fillon stressed. The private sector has agreed to cash a loss equivalent to 21% of the value of the loan granted to Athens.The slate for French banks would exceed 2 billion euros. "We will inevitably income tax on companies and less," admits the Ministry of Economy.

Then "there will be a time when we look at the balance of external operations," Do we loose the ministry. In other words, the commitment of the army in Libya could be very expensive.

Finally, remember that at Bercy Taiwan frigates affair will cost 460 million euros to France. In early June, after ten years of a bitter legal battle, Thales has indeed been ordered to pay more than $ 800 million in Taiwan, for commissions on the sale of frigates in 1991. The State had brought its guarantee in the contract."Public finances must now endure the heavy consequences of the decision in 1991 to pay commissions, unlike the letter of the contract," Matignon had pointed to the announcement of the court decision. This cost was included in the supplementary budget at the beginning of July. It will, however, offset this expense.

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Business leaders of the Hexagon are not moral. According to figures released Friday by the INSEE index of business climate appears down sharply this month. At 105 points, he loses four points compared to June, although it remains above its long-term average. "The economic climate is deteriorating in almost all sectors," says the institute. Apart from the building, indicators of industry, services, retail and wholesale drop three to five points. Only the owners keep the building for hours trust.

Pessimistic without sounding the alarm industry (including confidence indicator increased from 110 to 105 points in July) believe that their past activity has slowed significantly. "The stocks of finished products are considered low," says INSEE. The order books are down, but still sufficient, says the institute."We are not surprised by these numbers wrong, responded to Williencourt Camille, an economist at Natixis. In the first quarter, industrial production was driven by temporary factors, like the last effects of scrapping, or the strong growth in Germany. It is no longer the case, and we must expect a slowdown in this sector activitéde for both next quarter. "

Demand less favorable

Same story in services, where the business folds of four points (to 103 points against 107 in June). Bosses' expect the application to be less favorable in the coming months, Insee said.If they believe that operating income has accelerated somewhat over the recent period, they anticipate a sharp slowdown in the coming months. "To Dominique Barbet, economist at BNP Paribas," the difficulty of the bosses to raise prices will continue to weigh on margins and employment in industry. "

The leaders of the retail and automotive industries also find a slowdown in activity in July. It would continue "under the planned decrease in sales and orders intensions," said the institute. Which notes that "they have also been fewer than in the last question to report price increases of the past."Despite a sluggish economy, retailers indicate that the pace of job creation is expected to remain stable over the coming months.

Given these figures, Dominique Barbet still maintains its growth forecast of 0.3% for the second quarter. But should be "a little more pessimistic" for three months, where he counted on a GDP growth of 0.4%. For its part, Camille Williencourt believes that the activity will continue to deteriorate at a slow fire until the end of the year, assuming zero growth next quarter.

Among the threats to U.S. debt and the beginnings of a sovereign contagion in Europe, investors await first the responses of States to end the unbearable uncertainty. Therefore, the announcement of the holding of an EU summit Thursday and the speed with which Italy passed an austerity plan of 47 billion euros should focus the attention of operators.

By construction, the stress tests conducted by the EBA (EBA) based in London could only disappoint. While the market test, to gauge moves in risk premiums and other diving banking stocks, the scenario of a collapse of the euro, the banking supervisor did not have policy space to go very far this path.Therefore, the 11.5 billion euros of writedowns of sovereign debt simulated by 90 banks under scrutiny seem meager 194 billion against their commitments on debt accumulated state of Greece, the Ireland and Portugal. Not to mention Spain or Italy. By this standard, too, the 2.5 billion euro recapitalization needs highlighted Friday for the European banking sector border on the ridiculous.

Analysts at Credit Suisse quickly corrected this and submitted sovereign exposures of banks, published an exhaustive Friday, at their own assumptions discounts: 50% Greece, 35% Ireland, 30% Portugal, 10% on Spain and 5% on Italy.These calculations on a small sample of 49 banks show 45 billion euros of capital inadequacy! But – and this is reassuring – the "holes" always concern the banks of the countries in oxygen tent. Domestic banks in Greece, Ireland and Portugal are, in fact, between 61 and 67% of the loans of their country of origin.

Two "Lehman year"

If the credibility of the EU suffers from a fiscal laxity apparent on the front of the State debts, however it is particularly harsh on other aspects. Cumulative, testing the assumptions made in simulating the equivalent of two years similar to 2009, the post-Lehman, cost banks some 400 billion euros of provisions, plus 352 billion of additional costs of refinancing.

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It's like income a year and a half ago. At the time, Renault intends to build its Clio IV in Turkey and not on the site Flins in the Yvelines. The government had to intervene and finally get the direction the car is partly built in France.

Will history repeat itself with PSA that intends to close its factory in Aulnay-sous-Bois (Seine-Saint-Denis) and Sevelnord (North). Except that unlike Renault's 30% owned by the state, the manufacturer, a lion is a 100% private. The scope of government is much smaller.

"These companies are accountable to the nation"

The State is taking this matter very seriously.If the Minister of Industry, Eric Besson, who met Thursday evening PSA CEO, Philippe Varin, said he was "reassured" by the commitments made by the carmaker, Prime Minister Francois Fillon, the move to guérande (Loire-Atlantique), did not hesitate to call the toll paid by the state to help a struggling sector during the economic crisis. At the time, PSA and Renault had received three billion euros each. "Given the large amount of aid made to the French car industry by the government, I would not and would not understand that these companies are not beholden to the nation that has helped low interest personal loan." The Prime Minister will also have the opportunity to discuss this news with Philippe Varin on Saturday, as both men find themselves in the 24 Hours of Le Mans.

The Socialist Party (PS) is however not reassured."I do not have much confidence in his statements (Philippe Varin), says the spokesman of the Socialist Party, Benoît Hamon. Because we see a real transhumance migration of automotive production facilities and their equipment from the west to the east of Europe. " For its part, the Socialist mayor of Aulnay-sous-Bois, Gerard Segura, is confident that "until 2016, when production of the C3 should end in this factory. The industrial director of PSA, Denis Martin, had said Thursday that "industrial, it is absolutely impossible to give a guarantee on a sustainable medium and long terms. We have visibility into our roadmap to a year or 18 months. It is an absolute maximum, "he concludes. No doubt the state will seek to convince SAP to reconsider its plans.

From our special correspondent in Los Angeles.

LE FIGARO. – After the loss of 277 million to a turnover of 3.6 billion last year, will you become profitable again in fiscal year 2011-2012, which began April 1?

John Riccitiello – Yes. Electronic Arts will be the recipient this year. But let me tell you that since 2009, according to U.S. accounting standards known as non-GAAP, the group is profitable. Last year we made a profit of 70 cents per share and cash flow generated by economic activity of the company was 340 million.

What is your progress in selling games dematerialized?

Last year, digital distribution accounted for 23.5% of group turnover, with 27% last quarter. This year, we should generate over a billion dollars on a turnover of around 3.8 billion.So we will be increasing. Last year, the increase of turnover in sales dematerialized game was 46%, growth is incredible.

All your games do they need to have a version for smartphones, tablets, PCs and social networks?

The market is changing. A few years ago when you were a player you used to play on one console or a single computer. Now, most consumers have a console, a smartphone or tablet and a Facebook account. We do not look at how the public revenue but when he plays. Consumers use all their facilities for entertainment via the Internet. We are in a unique position to be number one or two worldwide in games for social networks, PCs, smartphones, game consoles and "micro" transactions.

Electronic Arts Will he beat Zynga, the champion of games for social networks?

I want to be number one on all platforms. But in games for social networks we are number two, behind Zynga. We will propose additional games. We hope to beat them, but I do not know when it will happen.

How do you explain that your market capitalization of 7.6 billion dollars while Zynga is estimated around 10 billion?

In general, investors refer to multiples of profits to value companies. Our market capitalization is about 20 times our earnings expected by Wall Street. The social network LinkedIn is capitalizing approximately 100 times its future profits. Zynga is estimated at an unbelievable level. Investors were still in their sights a profession as "hot." Now, what are the social networks.Financiers believe that Facebook, Zynga, Groupon or LinkedIn will be the next Google. These companies are valued using a different criterion, that of promise. But they will not all win.

Fifa 12 game has just added a social component with Part Football Club and you'll soon launch the Social sims …

We try to provide the best possible experience in all media and all platforms. This will not necessarily be the same game but we want to connect the data for you to be recognized in all media and gaming experience to continue, even if you do not have exactly the same functions no faxing payday loan.

What do you expect a social version of The Sims, which will extend the experience on Facebook?

We sold a total of 140 million since the launch sims the gameI think we will have between 3 and 10 million players per day for Sims Social. This is a new market. We could not achieve our revenue in 2010 only with games sold for less than a dollar a piece! But this activity will help boost our business in the Sims. This is the secret of the business in video games.

What is the secret?

When something works, it does more, otherwise it makes less. Add component contributes to increase revenue from one year to another. The platform for downloading and Origin game sales, which we announced in early June, will help increase our revenues.

You're more interested in Ubisoft, where you controlled between 15 and 20% of capital?

I've never been. We never wanted to buy. We realized a reasonable profit by selling our participation last year.I like Yves Guillemot of Ubisoft games, as Michel Guillemot, who led the company for mobile games Gameloft. I think the best asset for Ubisoft's Guillemot family and for the best platform in Gameloft. I never saw these companies as a direct competitor to Electronic Arts.

What will be the major massively multiplayer game that you run this year?

It will be "Star Wars: The Old Republic" will be available on Origin. I think we will see a blurring of boundaries between different versions of games for mobile, shelves, brackets and to those subscriptions.I do not think we would start a simple massively multiplayer game now because of market developments.

Where are you with your calls Activision $ 400 million for the departure of two founding Infinite Ward's studio, which developed Call of Duty, and now working for Electronic Arts?

Great talents often go to companies that perform the best job. They filed a complaint against us. But you know, we're in the entertainment industry, so there may be much ado about nothing. On this issue, we have not made provisions in our accounts.

Is this a great loss to have seen your Assistant Chief John Schappert, join Zynga?

Yes. But that's life business.Last year, 212 engineers went to competition and we've hired 384.

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Serious competition from Google's Android, Apple gave Monday a facelift to the iPhone. Surrounded by a cohort of leaders, CEO Steve Jobs introduced from San Francisco, California, the new version of IOS, the operating system behind the iPhone, iPad, iPod touch. This software, including a 5 iOS draft was made available to developers on Monday, will be available for the iPhone 3G, iPhone 4, iPad iPad 2, and the latest iPod touch here in the fall personal business card. Here's what we can learn from this presentation.

Devices iOS archive their data on Wi-Fi and 3G. Photo credits: Kimihiro HOSHINO / AFP