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Household consumption, the traditional driver of French growth, declined in September. It fell 0.5% last month, according to figures from INSEE published on Friday, after rising 0.2% in August. Despite this poor performance, the third quarter remains positive consumption rose 0.2% after a particularly bleak picture of the second quarter this indicator fell by 1.9%.

In September, it is the purchase of textile-leather and energy costs which have lowered consumption. These expenditures have dropped respectively by 4.7% and 4% last month, a much greater decline than in previous months. For the textile sector, the wrong number "announcement of hard times," Judge Camille Williencourt, an economist at Natixis. It points out that consumption fell by 17% in this sector since the second quarter of 2007.The position of the energy suffers for his back spending for petroleum products. During the quarter, energy consumption is still rising sharply (+3.3%), after falling 2.1% in the second quarter.

Increase in car purchases

On a positive note, the consumption of durable goods, which partly reflects consumer confidence in the future, has rebounded. After falling 0.3% in August, it rose 1.9% last month. The quarter proved generally positive 0.4%, after falling 6.2% in the second quarter. A strong performance driven by car purchases (2.8% in September) and household equipment (1.3% in September from 2.7% in August). "During the quarter, automotive expenses are stable after a fall of 11% in the second quarter," notes INSEE.A sign that the industry "is recovering gradually, after a very poor second quarter impacted by the decision of the cash for clunkers," said Camille Williencourt.

INSEE had Tuesday reported an unexpected improvement of consumer confidence in October. Indeed, they are much less likely to anticipate a rise in unemployment – although the statistics published this week have reported a record high – and are optimistic that this summer on their future standard of living. Other anticipation apparently bodes well for the consumption of the end of the year, they were also more likely to feel the need to make major purchases. But despite these positive developments, "consumer sentiment remains generally depressed, said Helene Baudchon, economist at BNP Paribas, well below its long-term average of 100."

The "Jasmine Revolution" made him one of his symbols in the Maghreb, but for the Tunisian Salafists, it is now down to the media. However, Nessma, the first Tunisian private channel present in the Maghreb and available via satellite to 90 million people, has every intention on Sunday, play an important role during the first free elections in Tunisia. The staff of the chain refines his election night and will also take the opportunity to offer its viewers a brand new news.A symbol for the general channel, leading audiences in Tunisia and one of the most watched in other countries such as Algeria, Morocco and Libya.

The purpose of the chain is to offer a model that does not really exist in the Arab world: a general close to French and Italian models, including M6, TF1 and Canale 5, that is to say, entirely financed by private funds. The channel aims to break the hegemony of the operators in the Gulf as al-Jazeera or Al Arabiya. Founded in 2008 by brothers Nabil Karoui and Ghazi, the Italian media group Mediaset and businessman Tarak Ben Ammar, she was baptized in a prescient Nessma (the breeze, in Arabic). She now wants to surf the huge popularity that she raised 30 December 2010.It was the first media to dare criticize the regime deben Ali, and to support the "revolution of Jasmin", before calling a return to calm the population payday loan lenders.

Dissemination of "Persepolis"

The elections are for Tunisian Nessma "the birth of a certain editorial line," young, free and modern. "Nessma belongs to everyone, says one of its shareholders, businessman Tarak Ben Ammar, to all those who look at those who make it, and finally to all the political forces that are TODAY 'Today, in the presence to elect the Constituent Assembly that will work with the Constitution of our country.As such, Nessma deal with all of the coalition, including Ennahba with the moderate Islamic party, if elected democratically and if, as he said, condemning the violence and fighting for the freedom of expression and the achievements of Tunisian women. "

But the chain Nessma is in the firing line of radical movements. Last week, the Salafists protested against the chain, burning cars of its leaders and the house of its chief executive, Nebil Karoui. At the root of this conflict is the dissemination of Persepolis, the film of Iranian director Marjane Satrapi. Although awarded at festivals in Cannes or Abu Dhabi as well that of Carthage, the film was exposed on all screens in the Arab world. But its distribution in the midst of Nessma election and Tunisian dialect, so accessible to as many people, set fire to the powder.

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.

Canal + has crossed the Rubicon and wants to become a major player in free television in France. Thursday, the group led by Bertrand Meheut announced the takeover of Direct 8 Direct and Star, two DTT channels free of the Bolloré Group. Initially, Canal + buys 60% stake in the TV division of Bolloré Media and awards it operational control. In three years, he may redeem the remaining shares. The operation was buckled in 48 hours! "I know and appreciate for a long time the leaders of Vivendi, Jean-René Fourtou and Jean-Bernard Levy, and Bertrand Meheut, CEO of Canal +. I am very pleased to be associated with such a good team, "said Vincent Bollore, Bollore Group CEO.

Gone are the days when the giants were the audiovisual respect the Yalta on TV: TF1 and M6 to the largest piece of the free TV, Canal + in the world of pay-TV and its 11 million subscribers. In France, the two families have substantially the same size: just over 3 billion euros for free TV financed by advertising and about $ 4 billion to pay.

After struggling for years to ensure a near-monopoly on pay TV (up to buy its rival TPS), it will not take long to Bertrand Meheut to tumble into force on the television commercial. Now a subsidiary of Vivendi will have three frequencies of DTT: iTV, Direct 8 Direct and Star. Be as much as TF1 and M6 more than the group which, in addition to the namesake chain, has only W9.For Bertrand Meheut, this operation meets the logic of "creating strong audiovisual groups able to defend themselves both on the live broadcast on the non-linear over the Internet. This will increase the value of our programs will experience an exclusive first exhibition in pay and free TV in a second. And pay-TV business is our heart. "

465 million for Bolloré

If this sounds like a declaration of war groups TF1 and M6, the marginalized, at the same time, the few independent French media landscape, and BFMTV NRJ12. With the launch of DTT in 2005, the Higher Audiovisual Council wanted to bring new players in the PAF: Bolloré Group AB, NextRadioTV and NRJ Group. But since the first two have sold their frequencies. Claude Berda NT1 and TMC has given its ally TF1.Bolloré sells Direct 8 Direct and Star in Canal +. The two remaining independent are the big losers. For its part, Bolloré Media made a good deal. Since 2005 he has invested hundreds of millions of euros in Live 8 and 70 million euros for the acquisition of Direct Star. Five years later, it enhances its flagship TV to 465 million euros! The channel Direct 8, mini-general, would be about 350 to 400 million euros Faxless payday loans. Direct Star would be a hundred. "We have successfully completed the first phase by creating Direct 8 from scratch and placing it among the first of TNT. But for the second phase, which will see all the media groups to engage in significant competition on the content, we decided to partner with a large broadcasting group, "said Vincent Bolloré.The myth of an audiovisual largely open to competition turns into a clash between three private-TF1, M6 and Canal + – and a public group, France Televisions. With their financial firepower, the first three will fight a war without thank you for the acquisition of content.

Add to this a sharp competition for advertising. Canal + now has a board weighing 400 million. Bertrand Meheut is trying to calm things down by stating that "this partnership does not change the industrial landscape, since we are in the continuity of existing channels. We are small in this market for free TV. " He recalled that "TF1 and M6 are, conversely, present in the pay television."It is unclear whether this is enough to calm things down, because, at the same time, the president of Canal Plus says it does not want to "abandon its free channel Canal 20" under channel offset. In this case, Canal +, which exceeds the number of authorized frequencies (maximum seven), should sell two. "It will sell certain frequencies paying," he says. The chain may be referred planet, present on the DTT.

This comes on the eve of the presentation of the report of Michel Boyon, president of CSA, the future of DTT. It is now a fait accompli. The media landscape is recomposed without him. If Canal + bought Direct 8 Direct and Star, the future of DTT is widely drawn. The TF1 group is in a strong position to demand not only the transfer of its news channel LCI of DTT (where it is marginalized) to DTT.But Nonce Paolini, CEO of TF1, claim compensation as a string, which should be TV Breizh. For its part, the M6, if he will not be weakened, will support its claims. He also wants to transform its pay DTT channel Paris Première chain free. And he also wants compensatory chain among its two projects WikiTV M6 family.

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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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Since the beginning of the week, the Paris Stock Exchange began its session on a positive note from 0.62% to 3179.21 points, having closed at the balance Tuesday night. Like the Asian markets, the benchmark index of the Paris market is supported by the slight increase in U.S. markets, reassured by the Federal Reserve. Investors are indeed more and more convinced of the willingness yesterday by the U.S. central bank to act to restore growth.

In addition, the Atlantic, financial markets are close to their level of January 1, which could be an equilibrium point. Also an element of support for the Paris Bourse, even if it is far from that level (3847.63 points Jan. 3, 2011).

Chapter macroeconomic, investors will take 12 hours of knowledge in agricultural price indices in July.United States, the employment figures for August will be published in the early afternoon followed by the index of industrial activity in the Chicago area and industrial orders in July and stocks crude oil.

On the currency front, having been an upward trend since the beginning of the week, the euro fell slightly against the dollar on Wednesday after the announcement Tuesday in a poor indicator of the European economy weighed on the currency European. At about 8 am in Paris, the European currency was worth 1.4428 dollars against 1.4437 dollars late Tuesday.

Values ​​to follow

In a market with relatively low volumes since the beginning of the week is a new salvo of publication of results, broadly in line with expectations, that drives the third weekly session.

In particular Bouygues strongly supports the trend.After a brief suspsendu scoring the opening, the title of group jumped 10% to 25.40 euros. The conglomerate has finally published its results on Wednesday, not Tuesday reported on the acquisition of 11.7% of its shares for 1.25 billion euros, a 30% premium over the closing price of the security last night. In addition, the group published a half-year net profit down 27% to 391 million euros.

Similarly, Vivendi (4.17% to 16.85 euros) said it had doubled its half-year net profit to 2.5 billion euros, with a net gain of $ 1.2 billion related to the settlement of a dispute over the PTC shares in Poland.Its subsidiary, Canal +, 80% owned by Vivendi, reported first half sales of 2.39 billion euros, up 2.8% year on year, operating profit increasing by 1, 9% over this period payday loans lenders.

In turn, Carrefour is the sentence (-4.24% to 17.85 euros), after the group announced a net loss of 249 million euros in its first half. Above all, the group has revised downwards its forecasts, expects 15% drop in its earnings.

Last night, L'Oreal (-2.83% to 74.83 euros) has reported an increase in operating profit of only 2% to 1.70 billion euros in the first half.Its operating margin for its part fell 50 basis points to 16.8%, while analysts expected an increase, on average expected a figure of 17.5%.

Vinci (0.63% to 35.76 euros) for registration in the first half net profit up 15.7% year on year and raised its annual forecast.

Cac 40 off the healthy group Hermes (1.13% to 267.95 euros) is confirmed.The specialist luxury published net income up 49.5% to 290.9 million euros.

Bolloré (0.38% to 158.60 euros) saw its net profit grow by 29%, boosted by a gain from the sale of shares of the maker of seamless steel tubes Vallourec.

For its part, Havas (.98% to 2.779 euro) announced net income up 8% in the first half thanks to an improved operating margin.

Aéroports de Paris (-0.37% to 56.64 euros) it has slightly lowered its forecast for fiscal 2011.

Hi-media (-7.26 euros, 3.32 euros) back into the green in the first half, revealing a net profit of 5.1 million euros.

For its part, the oil reacts little to the continued rise in oil prices, and the strategic agreement signed between Rosneft and will explore together the Arctic and as such invest $ 3.2 billion.Technip s'ajduge 0.66% to 65.40 euros and total advance of a small 0.54%, to 33.34 euros.

For its part, Bourbon wins 0.84%, to 22.68 euros. The oil services specialist maritime published a group net profit halved in the first half, to 41 million euros, but put on a recovery in the offshore oil and gas. It also confirms the objectives of its 2011-2015 plan.

Note that Ruby, Mersen (ex-Carbone Lorraine), April, Lagardère, Outremer Telecom, Eiffage, Stef-TFE, Fleury Michon, Bongrain, GFI Informatique, Gameloft, Sopra, Virbac, Reculex, Mr. Bricolage and reveal their Guyenne et Gascogne half-year after the stock market.

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In May 2010, McDonald's France was a sensation with a TV spot in which a teenager going on a phone call to her boyfriend before having lunch with his father, who explains that, as he did at that age, it could be a 'real card with the babes. " Advertising has been around the world. In the original French with subtitles in English, it even triggered a controversy in the United States. The conservative Fox News channel has even made a field day. Sacrilege: great American brand in the gay friendly side!

In this spot, designed by BETC Euro RSCG, is not known if the son ends up coming out to her.But the statement by McDonald's, which has declined in all genres, is very clear that you're straight or gay, black or white, young or old, rich or poor, we do not judge, "just like you are. "

Before, we criticized the pub not to be representative of "visible minorities", not to be sufficiently "black-blanc-beur". Today, the debate has shifted to the "non-visible minorities" and still gets carried away on the issues of communalism, which are still taboo in France.

10% of "non-white"

The proportion of ads depicting characters perceived as "non-white" compared to the total advertising (TV, press and poster) distributed and reviewed by the Regulatory Authority's professional advertising (ARPP) reached 7% in 2008 against 3% in 2005, and this share has increased further since then, around 10%."Racial minorities are now represented quite rightly, said Ingrid Zerbib, image editor for the magazine Strategies, who viewed all the ads that come out in France. The next step is in progress. Homosexuals, the disabled and the sick are increasingly visible. "

McDonald's campaign has been emulated. Krys posted Orangina or gays in their pubs. Personalities with disabilities such as Down syndrome Pascal Duquenne for the virtual mobile operator Simyo, or the blind Gilbert Montagne, for heating specialist camera, turned in spots. Diseases are also commonplace."You can be sick without stigma," said Anne Ramon, communications director of the National Cancer Institute (INCA), the last campaign "I am a person, not a cancer," conducted by the agency La Chose , seeks to change social perceptions of one of the most widespread diseases in France.

In another, more commonplace, but also an affirmation of reality: that of the Community consumption, with the campaign launched last year by the brand halal Isla Delight "Proudly halal." On the occasion of Ramadan, for the first time in France, the brand was as diverse a reference food, free of any cliché. "This campaign is a marker, decrypts the marketing consultant Jean-Jacques Urvoy.The brand was treated as the French leader Charal. "On a halal market estimated at over 5 billion euros – and therefore highly competitive – the whole trick of the ad was to challenge the EU labeling, while displaying a rooster and a Charolais beef! A war of images in a way.

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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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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The catastrophe of Fukushima has not cooled the ardor "nuclear" in Finland. Three and a half months after the accident on several reactors in Japan, the electrician Fennovoima officially launched a tender to build a new plant, which will be the sixth of the country. Four are already operating, while the fifth, Olkiluoto 3, the site is controlled by the French group Areva, will enter service in 2012.

The same Japanese Areva and Toshiba are the two groups identified by Fennovoima to participate in the tender whose outcome is expected for 2012-2013. The dual French-Japanese technology will also be a clash between the pressurized water reactor, the EPR, proposed by the European company, while his opponent defends an Asian model for boiling water, the ABWR.Both show a roughly similar power.

It's been exactly one year that Finland has launched the process to build new nuclear generation capacity. In July 2010, two electricians, TVO and Fennovoima have been authorized by Parliament to build each plant bad credit pay day loans. Since then, Fennovoima has selected two sites to host this facility. Meanwhile, the group sifted through the different reactor technologies before choosing the respective models of Areva and Toshiba.

Three years late

For TVO, things are a little different. The tender for an additional reactor is not yet launched, but the first Finnish utility is already working with Areva as operate the Olkiluoto 3.Incidentally, the fact that Fennovoima has chosen to confront the French technology Toshiba shows that the Finnish authorities have not focused too much on the delay of the Olkiluoto site. This effect will be delivered in three years late, while the bill has almost doubled to 6 billion euros, against a budget of 3.5 billion initially.

But it must be said that the catastrophe of Fukushima had beneficial consequences for the EPR. Its high level of security has become a very significant advantage.