The value of days in Paris - TRIGANO: less bad than expected

In mid-morning, the title Trigano moving well ahead of the Paris market, rising by 16.57% to 3.94 euros in a market downturn. Despite the publication of results-mast, with a sharp drop in net income, the figures provided by the manufacturer of motor homes emerged above expectations. Investors were expecting worse. Trigano has achieved a net annual 2007/2008 from 16.1 million euros, against 30 million in 2006/2007. Analysts CM-CIC Securities targeted a net profit of only 10 million.


The operating margin amounted to 38.1 million euros, down 32.4%. It represents 4.4% of sales, against 6% in 2007.


The results of the recreational vehicles have been affected by both market conditions particularly difficult in the second half and by the sharp depreciation of the pound sterling whose impact could not be fully reflected in sales prices , Said the manufacturer of motor homes.


The business units have experienced difficulties in 2007 due to technical problems related to the manufacturing motorhomes on new wheel bases have all improved their results this year, but to a lesser extent than expected, he said .


With the confirmation of the recovery of the yard equipment, the profitability of the leisure equipment is progressing, operating profit sector reached 8.5% of turnover against 6.3% in 2006/2007.


The cyclical rise in working capital requirements related to inventory resulted in an increase in net debt: it reached 170.6 million at 31 August 2008. It does, however, that 55.4% of equity.


The Board of Directors will propose to the General Assembly of 8 January 2009 the payment of a dividend of 0.10 euros per share.


"In an environment marked by numerous difficulties, Trigano has implemented a policy tailored to safeguard its financial results and consolidate its position in its main markets," said Trigano spoke nt its prospects.


"The measures put in place during the second half of the year (reduction of production capacity, promotional campaigns for the public and restructuring of certain business units) will be expanded to deal with the short-term challenges posed by economic crisis fnancière and in Europe, "added the group.


According to one source market, CM-CIC Securities reiterated its Sell recommendation.

Christine Lagarde favor of a new rate cut

The Economy Minister Christine Lagarde said Wednesday that a further decline in interest rates the European Central Bank would be "good", although it was probably not "the best in the current period."

Asked about LCI, Ms. Lagarde said that the ECB, chaired by Jean-Claude Trichet, "has already fallen several times as we ask for at least one year.

" 'Another effort, Mr. Trichet', it would be nice," she added, noting that "anyway, inflation has clearly decreased" and "this is good news for French households."

"The real need is growth, and we know the monetary weapon can be an effective weapon. This is not the only, it is probably not the best in this current period, but we has no right not to use all these weapons, "she ruled.

The ECB had fallen on November 6 by half a percentage point its key interest rates by 3.75% to 3.25%.

Decrease of 26.3% of REX twice-Laurent-Perrier

Laurent-Perrier publishes a biannual operating income decreased by 26.3% but said its goals of maintaining growth and profitability "medium term."

Operating income for the group specializes in wine champagne stood at 23.81 million euros over the first six months of its fiscal year 2008-2009, representing a margin of 28%, while its net profit decreased by 35.3% to 11.13 million.

In a statement, Laurent-Perrier stresses that its expenses have increased by almost 13% over the period, "primarily due to higher interest rates and increased indebtedness."

"Net debt increased by 33.7 million euros compared with the corresponding period of last year. A 293 million, it represents about 80% of credit lines obtained and reached 131% equity 125% against a year earlier. "

Commenting on the outlook for the current year, the company notes that "in the current context of high economic uncertainty, and if the current trend continues," it feels "to reach a turnover of more than 200 million. "

"On this basis, the operating margin could be between 21% and 23% at constant exchange rates comparable to those of the first half."

Yves Dumont, chairman of the board, added: "The strength of our financial structure gives us the means to keep our focus on our objectives of growth and profitability in the medium term. All group teams have mobilized to achieve them."

Laurent Perrier was published on November 13 its semi-annual turnover, down 26%.

In addition to the Champagne Laurent-Perrier, the group owned homes Salon, Demamotte and Champagne de Castellane.

ANALYSTS: reactions to the rise of low morale in November

Households are formidable. Indeed, whether American, German or French, they refuse to give in to pessimism and show a slight improvement in morale in the surveys carried out among them. Admittedly, the United States, a fact Obama has certainly played thereby allowing the Americans to regain some color.

In contrast, both Germany and France, no such effect is observed, even if it is true that the French could find satisfaction to see their President highlighted on the international scene at the financial crisis.

Nevertheless, in a context of rising unemployment, exacerbated by sluggish business environment, increase morale household is somewhat surprising.

Thus, having increased by two percentage points in October, the index of household confidence French won 3 in November. With a very low level of -43, the index found a "high" since May 2008.

This improvement is all the more remarkable that almost majority of indices of the survey is improving. Starting with indicators of personal financial situation and standard of living in France. Only the persistent shadow table, households increasingly fear a rise in unemployment in the coming months.

But overall, the return of hope contrasted with the collapse of morale of entrepreneurs.

A question arises then: French households are on Prozac or is it the entrepreneurs, investors and politicians who have sunk into a depression and suicidal behavior?

In fact, the reality is certainly between the two. Indeed, businesses and markets have obviously cause for concern. In this context, households are right to worry more risk of unemployment.

However, all is not as black as some would have us believe. Indeed, oil prices and raw materials are in sharp decline. Even if these favorable trends are not fully passed on to consumer prices, they play mechanically to increase the purchasing power of households.

Meanwhile, if the banks are still very timid on credit, the sharp drop in currency rates past and future necessarily support economic activity in the coming months.

In addition, having sinned by excess Coué method, our leaders are now fallen in excess Conversely, wanting at any cost blacken the table to justify the sharp increase in public spending.

Let us be clear: this increase is dangerous. Let us not forget that public expenditure already 53.5% of French GDP (how far will we go?). However, it is equally obvious that in the short term, economic activity and employment will benefit from this fever spending of public authorities.

In this context, households are ultimately the same calculation that markets the last few months: they think only short term. In other words, "take the situation as we can, about the future, the uncertainties are so strong that it made no sense to sink into pessimism."

That is essentially what we say today the French households and their U.S. and German: Carpe Diem.

They give us is a tremendous lesson in cold blood. Hopefully companies and financial investors will remember.

Meanwhile, even if they reduce the wing, households consume significantly during the holiday season and balances in January. Which in the context of current depression, is a ray of sunshine especially valuable.

- Nicolas Bouzou (ASTER):

Difficult to draw strong conclusions about the morale of the index household published by INSEE in November. The idea is to remember that it remains very low, a level that, overall, confirms that the French perceive the recession (or near-recession) in their daily lives.

The index is summarized below -40 since May. It is a quasi-historical.

If you give a little more in detail, we notice in November, a rise of judging the past financial situation. But, again, the change is too low (2 points) and relates to levels too low to be considered a rebound. Ditto on the outlook for the situation.

The only sub-index to show a real improvement is the outlook for the standard of living in France. We may see an ad economic policies pursued in recent weeks. The French government seems determined to implement support measures targeted to support production in some sectors, even taking liberties with the objective of reducing public deficits. Better European governments manage to coordinate their actions rather well. It is relatively new and is expected to raise the level of confidence of economic agents.

That said, even if moving at the margin, the morale of households remain weak in coming months, particularly because of the rise in unemployment-related decline in activity. Indeed, in November, the balance on the opportunity to make major purchases remains very low. Even if households already feel a little less inflation, they are increasingly worried about the changing labor market. In short, all this remains gloomy.

- Frédérique CHERRY (BNP Paribas):

The index of household confidence calculated by INSEE rose 3 points in November. To -43, the index summary confidence remains at extremely low, even if it is a little higher than the trough last July (-47, a historic low since the 1987 survey).

All balances of opinions reflected in the summary indicator showed a slight improvement over their level of October, but the movement is especially sensitive regarding the assessment of households on their living standards, future and past.

As for other balances, households were sensitive to the downturn in prices so far, and confident in continuing this process. At the same time, their concerns regarding unemployment trends continue s'accroîtrent quickly, and reached a record level.

Overall the survey results accurately reflect the developments which is and will be subject to future changes in the purchasing power of French households: marked decline in inflation on the one hand, destruction of jobs and rising unemployment on the other.

For now, they believe that these developments combined have rather a positive effect on their standard of living, and in trend, their confidence index is recovering.

For all the caution: the survey shows that the opportunity to make major purchases is virtually unchanged since last June, at a very low level. After a rebound in Q3, household spending on manufactured goods are also distributed to decline in October.

We believe the overall outlook for consumption remains weak, with growth in private consumption of around 0.8% in 2009 (after 1.0% this year), the lowest since 1997.

- Alexander LAW (Xerfi):

This is a new one that almost dared hope. The summary indicator of opinion household bounced three small points in November, driven by a less pessimistic view of the financial situation and living standards in France. Unfortunately, we can not hide the fact that the index remains near its historic low.

Above all, one can fear further declines in coming months as the French see the damage caused by the crisis on the real economy. As such, the pre-announcement yesterday of Christine Lagarde on the sharp rise in unemployment (the embargo on these data will be officially lifted Thursday morning) sought to defuse a particularly information anxiety.

In these conditions, after a few weeks or less suitable on the consumption front, we must expect a late November and December months of arduous in terms of household expenditure. This is not agree-in, very good omen for the expected growth in the fourth quarter.

To explain this optimism access (relative) of households in November, do not look much further than the decline in inflation. Any surge in prices, including those products that you buy most often (gas, food) is a real relief (paid by households that have seen a moderation in prices and expect that this is sustainable) after the outbreak of the beginning of the year had been purchasing power at very high tension.

The good news is that this phenomenon should continue: inflation could even go below 2% by the end of the year, to an average annual 1.5% in 2009.

The risk, of course, is that the machine packs and that disinflation is transformed into deflation. And then the impact on the morale of households would be disastrous. Certainly, goods and services would be less expensive, which, incidentally, affect consumption. But the negative pressure on wages would be terrible ...

We believe that if this risk is important in some of our neighbors (including the UK, despite the appalling weakness of the pound sterling), it should save France. The still abundant liquidity globally and the ECB also has considerable leeway to lower its rates in order to combat this real risk of falling sustained and sustainable price.

It is comforting to the survey published today should not forget the fundamentals of the French economy: the international environment is deleterious, the industry is in recession, real estate is now bursting, the unemployment goes back and consumption remains hesitant. In other words, this slight improvement on the front morale of households do not seem sustainable.

Above all, the French are not fooled. Certainly, their perspectives on the evolution of living standards in France are a little better, but they argue in the same survey that unemployment will burn in the months ahead.

We can not say that consumption is off the hook on simple faith of a rebound off low morale households. As economic uncertainty remains as strong (in passing, rarely note that the exercise of economic forecasts has been so complicated), we can not say a recovery is taking shape. We believe that growth will remain low or even negative, until next summer before rising gently slope to the second half of 2009.

French relaunch plan: lower VAT are under study

The measures to revive economic activity in France are beginning to emerge. Christine Lagarde announced on Wednesday that the television channel LCI that a lower VAT in certain sectors such as automobiles was under consideration. "We look at the sectoral VAT cuts possible, she said. This is an issue that was discussed at Franco-German summit (held Monday, ie), to see if the impact is effective and whether the Cost is not totally unreasonable under the desired effect. "

France is planning to raise about 19 billion euros for its relaunch plan, equivalent to 1% of GDP, as discussed at European level, also the minister indicated Tuesday. "We mentioned the figure of 1% of GDP, while in France, that means 19 billion roughly. We'll see if, with our European partners, we can agree on the 1%", a said Minister of Economy on Europe 1. "I know that the president has in mind 1%, perhaps a little more," she added.

Nicolas Sarkozy announced Tuesday that in Valenciennes present a plan for the next ten days. It will be in his "solid enough to cope with the automobile [...], including subcontractors, to strengthen the construction [...]".

Last week in moving in the Loir-et-Cher, the President had indicated that the state would work "in the coming weeks" to a "plan to boost infrastructure and French on the practical concrete development sustainable. "

The plan comes in response to the recent recommendations of the G20 (meeting of major developed and developing countries) from Washington. The European Commission must submit its proposals Wednesday for a plan to revive the economy of the European Union (EU), estimated at 130 billion euros, equivalent to 1% of the wealth of its 27 members, including via preferential loans from the EIB, the European Investment Bank.

In addition, Nicolas Sarkozy confirmed Tuesday the extension of the contracts for professional transition (CTP) - it provides to employees dismissed economic income replacement of 80% of gross salary for 12 months and accompanying measures strengthened - Experienced since 2006 and which affects a thousand people, from 7 to 25 basins jobs particularly affected by the economic crisis. Will be particularly concerned Sandouville (Seine-Maritime), seat of a Renault plant weakened by the collapse of the market for car sales, and the region of Niort (Deux-Sevres), headquarters of distance Camif just go bankrupt.

Prime Minister François Fillon has pushed the nail a little later to the National Assembly. In response to the president of the Socialist group in the National Assembly, Jean-Marc Ayrault, he promised the imminent announcement of "very bold steps" to revive the automotive sector affected by the global crisis, arguing the figure of one million new cars in stock, "a situation virtually never seen."

"We will take measures, including fiscal measures to ensure that the automotive market restarts," said Francois Fillon. The state will also "invest in the automobile industry to be able to produce a second time in the future of vehicles, vehicles of tomorrow, electric hybrids that we will be in a good position in markets international ".

Remy Cointreau confirms outlook

The group recorded for the first half of its 2008-2009 fiscal year, net earnings increased 26.7% to 48.3 million. Remy Cointreau has benefited from growing markets in emerging countries.

The group of French wines and spirits Remy Cointreau announced Tuesday an increase in net income for the first half 2008/2009 (ended September 30) and confirmed its outlook for the full year.

The group recorded a net profit up 26.7% to 48.3 million. However, earnings from operations of Remy Cointreau is down 4.7% to 62.5 million euros and its operating margin, which increased to 17.1% against 17.5% a year earlier.

For the entire fiscal year (ending 31 March 2009), the group confirmed that it did not "anticipate organic growth of its current operating income." Already announced in late July, these prospects are explained by the "temporary additional costs related to network distribution of Remy Cointreau.

The group several months ago announced his decision to leave the company (joint venture) Maxxium. This output will be effective at 30 March 2009. Meanwhile, Remy Cointreau rises partnerships for its main markets. "The first half was marked by improved profitability of champagne, good progress cognacs very high quality and sustained growth in business in emerging markets, including China and Russia," said the group in its release.

If "developments in more mature countries like the UK and Germany, remained satisfactory," the United States in revenge "stalled in the second quarter," said Remy Cointreau.

Regarding the cognac, Remy Martin has been "the best gains in China and throughout Southeast Asia, both in volume and value," said the group. It is also true in Russia where "the trend remained strong." Earnings from operations for cognac spring to 41.8 million euros, up 3.5% (16.6% in comparable data).

For spirits and liqueurs, earnings from operations is losing ground to 21.4 million euros (-17.7%). The current operating margin, which increased to 21.2% against 25.5% a year ago, "reflects the lower weight sales of Cointreau, high-margin brand, in a North American market more morose."

As champagne, Piper-Heidsieck and Charles Heidsieck record "good progress in Japan, Australia and several major European markets (United Kingdom, Germany)," according to the group. Earnings from operations quadruple to 2.8 million euros, against 0.7 a year earlier, partly because of rising prices.

Home sales New collapse

The crisis hurts real estate nine. Between August and October, just under 16 300 homes were sold, against 29 152 a year earlier. A decrease of 44%, revealed Tuesday the Department of Ecology. The volume of sales is also strongly declining trend. From fourth quarter 2007 to third quarter 2008, the number of sales amounts to 93 000, down 29.2% over the previous four quarters. Thus, the number of new homes for sale continues to rise, calls for sales and reservation cancellations were higher than the sales, "said the ministry. At 30 September 2008, no fewer than 113 404 homes were for sale, a number that had never been reached since the beginning of the investigation, "said Department of Ecology.

The deadline for the disposal of goods has doubled in a year, rising an average 9 to 18 months.

Decline in building permits in yard

The number of building permits is also strongly declining trend: -24.4% between August and October, 110 204 units. "There is no trace of a decline of such magnitude, even in the early 90s," says Michel Mouillart, professor of economics at Paris X Nanterre.

As for starts, between November 2007 and October 2008 are down 14.3%, to 378 158 units. Building permits are, themselves, down 24.4% to 459 251 units. For 2008, the number of housing starts should rise to 365 000, against 435 000 in 2007, a decrease of 16%. And the year 2009 should be in "bottomed out" with a figure between 325 000 and 330, 000, prognostic Michel Mouillart. Yet the government intended to build 500 000 new housing units per year to meet housing demand.

Axa fall after warning on its results

The French insurer Axa lowered its anticipated results for 2008. It expects an underlying profit in the range of 3.6 to 4 billion euros due to the current crisis. When presenting its interim results in August, the group announced an expected annual operating profit stable compared to 4.9 billion euros achieved in 2007. (Recall the release of Axa on these forecasts).

According to Axa, the downward revision reflects the decline in commissions on assets (between -400 and -300 million euros a year), the non-recurring costs associated with the product coverage "variable annuities (between -600 And -500 million) and adjustment of deferred acquisition costs (between -300 and -200 million).

The group says however maintain a strong balance sheet, with a regulatory solvency margin of almost 135%, giving it "the ability to absorb shocks from other markets."

The decline in equity markets has made "obsolete" its financial targets by 2012. The original plan "Ambition 2012 'envisaged a doubling of sales between 2004 and 2012 and a tripling of operating income per share.

At the Paris Bourse, the title suffered the greatest decline in the ACC in the early exchanges, 14% to 11.55 euros.

BHP Billiton withdrew its offer on giant Rio Tinto

The mining giant BHP Billiton has canceled its hostile bid to purchase 58 billion dollars over its rival Rio Tinto. The group justified its decision by the worsening market conditions and demand from European regulators to sell some of its assets in advance.
The mining sector is booming

Finally, we will not to take control of the giant Anglo-Australian Rio Tinto by his compatriot BHP Billiton. The largest mining company in the world has abandoned launch a hostile bid on its competitor Rio Tinto. His proposal amounted to 58 billion dollars. The initial value of this offer while shares was 140 billion dollars but the drop in scholarships has been happened. (Recall the release of BHP Billiton on this announcement).

The dossier was going for a year and if the transaction had taken place, BHP Billiton has concluded the second largest takeover in history after that of Mannesmann by Vodafone. Despite the sharp deterioration of the market, analysts surveyed by Bloomberg did not expect at all to such an announcement.

The global group regretted that the European Commission has asked the sale of certain assets, including production of iron, as a condition to buy Rio Tinto. The iron was a major reason for BHP Billiton to buy Rio Tinto.

BHP Billiton also faced the hostility of all steel producers, who feared that a merger between the two giants took control of a third of the market of iron, the main component of steel.

In the United States the palm of the recession in 2009 according to the OECD

The U.S. GDP should fall by 0.9% in 2009 but then increased by 1.6% in 2010, believes the organization. The unemployment rate increased to 7.3% in 2009 and 7.5% in 2010.

The U.S. economy, which is in recession next year and will undergo the most marked slowdown across the OECD area, "going through a very difficult," says the Organization for Economic Cooperation and Development (OECD ) Tuesday.

The Organization today published a series of forecasts marking a severe recession in OECD countries, accompanied by rising deficits and a marked increase in unemployment. France is no exception.

"The United States that the activity should be getting more heavily toward the end of this year," noted the OECD in its half-yearly economic outlook. This provides a recovery in the third quarter of 2009, but slower, growth not to regain its cruising speed that by mid-2010.

GDP should grow by 1.4% in 2008 and then decline by -0.9% in 2009 but then increased by 1.6% in 2010, even though "the recovery will probably be languishing". The unemployment rate is expected to increase to 7.3% in 2009 and 7.5% in 2010. Consumption will lag behind because of unemployment, falling stock markets and that of real estate that affect household wealth, also face more difficult access to credit. The decline in spending will be particularly pronounced in the automotive sector.

Housing prices continue to decline as activity in the construction sector but "there are signs that the contraction of the housing market may be abating now," says the OECD. "Business investment is also likely to continue to weaken, given the low level of confidence and sudden tightening of financial conditions," said the Organization. The continued support from export (...) seems blurred "because of the weakening of the economy in the world and appreciation of the dollar, she adds. However, the relaxation of oil prices and commodity prices should bring inflation "around 1.5% in 2010, says the report.

"A new package of fiscal measures could become desirable in the short term, if financial conditions do not improve quickly," argues the OECD. "Once the crisis is over, the authorities should seek to restore fiscal sustainability by reducing the budget deficit, and addressing the problem of rising costs for entitlements, like pensions , She said.

It also calls for "a complete overhaul of the regulatory and financial supervision" to restore investor confidence and help revive the economy

The car of the year 2009 is an Opel

The Opel Insignia named Car of the Year 2009, this is good news for the German manufacturer who has just asked 500 million euros in aid to the government in Berlin. Opel is a subsidiary of U.S. giant General Motors.

The Opel Insignia, medium sedan, was elected by a jury of 58 journalists representing 23 European countries. The Opel Insignia little ahead of the Ford Fiesta and then followed the Volkswagen Golf. Among the finalists were the Citroen C5, Alfa Romeo Mito, Skoda Superb, Renault Megane.

The Insignia is a four-door coupe with a very arched roof profile at the rear. Even if some new, this sedan is still very classic. The jury may have wanted to reward the electronic system with a video camera signs reading speed and banning double and retransmitted on the scoreboards.

Strategic Investment Fund: a "good approach" according to Alstom

The CEO of industrial group Alstom, Patrick Kron, described Saturday as "good approach" the establishment of a strategic public funds to support enterprises, announced Thursday by President Nicolas Sarkozy.

"This is a good approach, everything will be in implementation," he said on Europe 1. This fund will protect companies' time in a coup tobacco stock "or give them" the means to cross a stage in their development. "

However, "it is certainly not a fund that aims to artificially keep alive companies that are not viable," he said.

The Strategic Investment Fund will have 20 billion euros, including 14 billion from investments of the Caisse des Depots and state.

Mr. Kron said that "the State intervened as a catalyst for rescue of Alstom in 2004, AUC sides of shareholders and financial partners." 18 months later, "the State has sold its stake to two and a half times the original price."

The group's activity is "left", "Alstom is now a company that makes money", with "a record order book in 70 countries," he argued.

"Every month we hire thousand people in the world, including 500 engineers. When we talk about the general, we need people to execute our order book," he noted.

Referring to a possible plan to support the economy, he said "give a boost to infrastructure when the economy has a little problem blast would be a good idea." "If so, obviously as a company Alstom will be associated with these projects."

Alstom announced in early November half-yearly net profit up 36% to 527 million euros and orders up 20% to 15.4 billion euros.

Strike at the SNCF: little disruption in sight, according to the direction

The rail will be "slightly disturbed" Monday over the whole of France, except in the Ile-de-France and in some areas where only 60 to 70% of TER will be provided, "said SNCF Saturday, in response to the call to strike launched by South against the regulation of freight.

On TER, traffic will be normal in the PACA region, Languedoc Roussillon, Aquitaine and Limousin, but in other regions and Ile-de-France, it will be insured only up "60 to 70%", a SNCF said in a statement.

For all other types of trains (Coral, TGV, Eurostar, Thalys and Lyria Alleo), traffic is "normal" said SNCF. lines and TER) 0805 700 805 (Transilien).

The notice Sud (Solidarity) starts Sunday at 20H00.

The planned strike at the SNCF drivers from Sunday evening should have a significantly reduced after the suspension Friday night calls by the CGT, CFTC and CFE-CGC, only two unions - South and FOR - have maintained their notice.

The CGT, the first union of rail workers, said in a statement "suspend" his call to strike by agents conduct planned for Sunday at 20H00, "recorded after the setbacks imposed on the management of SNCF on deregulation of Working in cargo. Initially, four other unions - Sud, FOR, CFTC, CFE-CGC - had called for a strike on Sunday evening to oppose exceptions to labor regulations in cargo, endorsed in a decree published Thursday . The CFE-CGC and the CFTC said Friday they have also withdrew their appeal.

After the withdrawal of the CGT, FOR told AFP that it was maintaining its notice it would leave the railroad is determined in meetings Sunday and Monday. "The movement is severely compromised, the first trade union was backing up," said Eric Falempin of FP. "I call on the railway to meet in general meetings to decide what they want to make this movement," said Falempin in présisant "does not agree with the CGT on the conclusions" of the meeting management-unions Wednesday.

The CGT believes that "a strike action on the only withdrawal of a decree whose provisions do not apply would be dangerous and would surely provide an opportunity to oppose the government again to railway public opinion and the management of SNCF to accelerate the spin of freight.

Sud-Rail, the second union of the SNCF, has instead decided to maintain its notice. "The South Rail Federation confirms its call to strike from Sunday 20H00," said South, the second organization of the SNCF, in a statement that criticizes negotiations direction "with only the CGT.

Thursday, after the publication of a decree endorsing a project minimum testing of a new regulation for rail freight, the Fgaac and CFDT unions had already lifted filed another notice for Friday evening. The decree establishes the principle of volunteering to test the future of new provisions in terms of driving times and rest periods for drivers of freight, and changes to staff sedentary cargo.

Geithner Obama propose to the Treasury, Commerce Richardson

So concludes the NBC News, which said that the president-elect is expected to announce Monday the composition of his economic team to calm the markets. Timothy Geithner is the president of the Federal Reserve of New York and Governor Bill Richardson of New Mexico.

U.S. President-elect Barack Obama, is preparing to propose Timothy Geithner, president of the Federal Reserve of New York, as Secretary to the Treasury, reported Friday Nov. 21 NBC News. According to the American chain Barack Obama propose also the governor of New Mexico, Bill Richardson, for the post of Secretary of Commerce. Finally, according to the online edition of The New York Times, quoting sources close to the former First Lady of the United States, Hillary Clinton had agreed to become secretary of state in the administration of his former rival .
A spokesman for the Federal Reserve in New York declined to comment on this information.

Two supporters of Obama

Timothy Geithner was considered a favorite for the post of Treasury Secretary with former Treasury Secretary Lawrence Summers. As for Bill Richardson, former permanent representative of the United States at the United Nations and Secretary of Energy under the presidency of Bill Clinton, he supported early after Barack Obama himself renounced his presidential ambitions.
According to NBC, Obama is expected to announce Monday the composition of his economic team to calm the markets.

Discussions would continue for Hillary Clinton

According to The New York Times, Hillary Clinton took her about his decision after a new interview with the president-elect, to ensure that both parties are "at ease" with the appointment.
A first meeting was held last week in Chicago, home of Barack Obama, during which the president-elect had offered the leadership of American diplomacy to Hillary Clinton.
"She is ready," said one confidant of Hillary Clinton cited by the newspaper.
But Philippe Reines, an employee of the senator from New York, has minimized the log information.
"We are still in discussions, which are on track, but any other information would be premature," he told AFP.
The appointment of Hillary Clinton is "on track" and should leave after the end of next week at Thanksgiving, we had learned before in the entourage of Barack Obama.

Les postiers dans la rue contre la privatisation

AT the mobile sound of the CGT, Telephone and its song "Another World" have sounded the start of the event a hundred postal workers yesterday morning in the streets of Creil. Some postal workers who also dream of another world, where privatization would not exist. For it is indeed against the opening of capital of the Post, foreshadowing a privatization yesterday showed that the Inter-CGT, CFDT, Foets FSU de l'Oise.
A change in statutes as demonstrators necessarily accompanied by a decline in working conditions and quality of service. "

Nothing on the Creillois Basin, that would mean ultimately there is more than a single post office across the metropolitan area, "says union representatives yesterday. As for rural post offices, their future would be even worse according to the demonstrators, including many recognized elected Creillois Basin. Near the market Creil, the procession urged onlookers to join the event, to keep the post in the public service. The procession then joined the Post Office Avenue Gambetta, the largest agglomeration Creillois. Which may also be the last day.

Citigroup under pressure, the collapses again

The time has come choices for the former world number one Citigroup financial services whose share price has fallen by half in two days. Thursday, the Citigroup has yet collapsed with a plunge of 26.41% to 4.71 dollars, reaching in meeting its lowest level in 15 years. Wednesday, the title had unscrewed over 23%.

Citigroup includes the cost of persistent market rumors of its results. Many analysts anticipate further losses for the bank in the fourth quarter and next year. In the image of Deutsche Bank's view that Citi will post a loss of 30 cents per share in 2009 despite Monday announced the elimination of 52,000 jobs next year to return to 300,000 employees.

In its edition on Thursday evening, the Wall Street Journal (WSJ) reported that Citi executives are considering various scenarios of the worst, providing for the transfer of entire sections of the bank. Even its outright sale. These discussions are still at a very preliminary stage and does not mean that the Bank of New York made a cross on its strategy of independence, the economic newspaper said, citing people close to the case.

The board of Citigroup met Friday to discuss options at its disposition.La management has stated that it was maintaining its strategy of independence and was studying various savings measures and targeted divestments. But she ruled out dismantling the group. The U.S. Treasury said he closely followed the case.

The market capitalization of Citigroup is now lower with 25 billion just to grant the Treasury under the plan to support the financial system. The former world number one in finance weighs less traded regional bank that U.S. Bancorp, with assets less nine times.

"Citigroup has caused many doubts among investors in a few days," says Volokhine Gregori, an analyst at Meeschaert New York, recalling the flurry of announcements in the bank since Monday: elimination of 50,000 jobs, repatriation of $ 18 billion of Toxic assets in its accounts, strengthening capital of Prince al-Walid (which has seen its participation rise from less than 4% to 5%).

Among its assets to be sold include the Smith Barney subsidiary, which specializes in selling securities to individuals - but management would not be favorable, according to some sources - the "credit cards" or activity services to financial companies, one of the most dynamic group, according to the newspaper. Another possibility would be to sell or merge the group, for example with investment bankers Goldman Sachs or its rival Morgan Stanley, according to analyst speculation reported by the WSJ. According to press information, Citigroup and Morgan Stanley - which the current CEO of Citi, Vikram Pandit, was born - had briefly considered in the fall of such a rapprochement.

In anticipation of new, more concrete, the title Citi was first found a little color on Wall Street at the opening, before resuming the path of decline and even free fall with a decline of 19.96 % To 3.77 dollars. A fall in three days about 70%!

Household consumption fell in October

Household spending on manufactured goods fell 0.4% in France in October, a figure not bode well for growth in the fourth quarter. Affected by lower purchases of cars and textiles and leather, the INSEE statistics shows above all, according to economists that the rise in unemployment and the tightening of credit conditions hamper the enthusiasm of consumers. The decrease of 0.4% in seasonally adjusted, following an increase of 0.5% in September (compared to revised 0.6% announced in the first estimate). Consumption stabilized On a year, household spending on manufactured goods - which represent a quarter of their total consumption - not advancing more than 0.7%. "The important point is that, since January, the volumes consumed are not progressing," Judge Nicolas Bouzou, an economist at Aster. The explanation is simple he says. Earlier this year, price increases had affected the purchasing power and led households to stabilize their consumption, he said. Unemployment Since the summer, the problem of inflation gave way to rising unemployment, leading to a double impact: a moral household historically low, which does not consume, and a moderation of wage demands in a context of destruction of jobs for the second and third quarters. The decline in the housing market, drawing down spending on appliances and furniture, also weighed on the trend as the blocking of consumer credit. "The production of specialized schools has barely increased over the first nine months of the year. Contrary to what has been observed in previous cycles, consumer credit came not take over the purchasing power to support the expenditure ", said Nicolas Bouzou. Prudence Down 0.1% in the first quarter, household consumption remained stable in the second quarter before rising to 0.2% in the third, contributing to the unexpected growth (+0.1%) of gross domestic product. But the economist Aster expects a relapse of 0.4% of GDP in the fourth quarter. "The uncertainties on the economic and labor market have certainly made consumers cautious, offsetting the positive effect of the decline in inflation," confirms Joost Beaumont, an economist at Fortis. "We expect that these negative factors continue to prevail in the short term, leaving consumption sluggish." Drop in automotive In October, car purchases fell 0.9% after rising 0.6% the previous month. Spending on textiles and leather, which had rebounded 2.8% in September, have folded in turn -0.6%. Spending on capital equipment housing have instead increased by 0.2% as in September, supported by purchases of electronics. They remain up 4.7% year on year, but it is far from the peak of 16% over that recorded in mid-2007, said Mathieu Kaiser, economist at BNP Paribas. "SINISTROSE" While noting that the outlook for consumption remains "poor" for the quarters ahead, Mathieu Kaiser believes that the decline in inflation will support the morale and the purchasing power of households. Referring to a "sinistrosis," Marc Touati, at Global Equities, plans to a "month of November still soft, the holiday season and the winter sales good bill but without more, then crossing Desert until the summer, which should also mark the end of the recession French. "

France lanceson sovereign funds

The French sovereign fund will have 20 billion euros, announced the president, Nicolas Sarkozy. Fourteen billion will be constituted by shares of Caisse des Depots and state and 6 billion in cash. The stakes provided by the state will be held such as those in Air France, Renault or the Chantiers de l'Atlantique.

This strategic investment funds will be designed to support companies that are in difficulty or likely to pass under the control of foreign stabilizing their capital.

Wall Street rebounds, and welcomes appointment already Geithner of the Treasury

The New York Stock Exchange rebounded Friday after two sessions of fall, welcoming the prospect of appointing the chairman of the Federal Reserve of New York Timothy Geithner as Secretary to the Treasury: the Dow Jones won 6.54% and Nasdaq 5.18%.

According to final figures closing, the Dow Jones Industrial Average (DJIA) was up 494.13 points at 8046.42 and the Nasdaq, mainly technology, 68.23 points to 1384.35 points.

The index expanded Standard & Poor's 500 was 6.32% (47.59 points) to 800.03 points.

After a plunge of 10% over the previous two meetings, which had reduced to the lowest since 2003, and have trampled much of the day, the Dow Jones took off at the end of the meeting.

This dramatic rise was caused by "the news that Timothy Geithner will become the next Treasury Secretary, given by the television channel NBC, said Peter Cardillo, strategist Avalon Partners.

The official announcement is expected Monday.

"This will perhaps restore confidence," he added, noting that Mr. Geithner worked closely with the Minister, Henry Paulson, to address the financial crisis.

His five years at the helm of the New York Fed, traditional intermediary between financial markets and the central bank, made it knows the functioning of markets.

"It was an issue that weighed on the market", has tried for his part Art Hogan, Jefferies of the bank.

Henry Paulson said Monday he did not draw more in the $ 700 billion made available by Congress to save the banks by the taking office of President Barack Obama.

With the lifting uncertainty about the identity of the next Treasury Secretary, the market will be able to focus on the use of the second half of the funds has ruled Mr. Hogan.

This has pushed into the background the difficulties of the bank Citigroup, which had weighed heavily on the meeting. After losing half its value in two days, the Bank of New York has dropped by 19.96% to 3.77 dollars.

According to the Wall Street Journal, its leaders are considering various scenarios of the worst, providing for the transfer of entire sections of the bank or its outright sale. But the boss of the group, Vikram Pandit, has ruled out a sale of the group by apartments, according to the CNBC channel, reviving speculation about the future of the bank.

Elsewhere in the financial sector, JPMorgan Chase lost 2.82% to 22.72 dollars. The bank has just begun removing about 10% of its activity in its investment bank, according to the Financial Times.

Most other banks, a sharp decline during the meeting, eventually rising: Bank of America took 1.96% to 11.47 dollars and Goldman Sachs 2.52% to 53.31 dollars.

Major beneficiaries of the hunt for bargains end of the meeting, values energy and mining companies took advantage of a pause in falling prices. The ExxonMobil oil jumped 10.66% to 75.81 dollars and the aluminum giant Alcoa 23.21% to 8.44 dollars.

The computer manufacturer Dell has dropped 7.22% to 9.12 dollars. He has published a quarterly profit above market expectations, but its sales have disappointed.

The distribution giant Wal-Mart rose 4.46% to 52.92 dollars after announcing a change unexpectedly boss from 1 February.

The bond market, which had reached a historic high Thursday, fell. The good performance of 10-year Treasury rose to 3167% 3144% against Thursday evening, but at age 30 fell to 3663% 3699% against the previous day.

Limited threat of a strike at the SNCF

Cutomer the power station should push a phew of relief. The threat of a strike at the SNCF important from Sunday evening away. On Friday, in fact, the CGT (and the CFTC) announced it was suspending its notice after discussions with management. Only Sud Rail maintenance. Only one union on the five that comprised the original Inter.

Taken by surprise, the FO federation of railway, which had joined the notice filed by the CGT, its members meet Monday morning "to point", referring to the "complexity of the situation" linked to divisions union.

The management of SNCF has done everything to avoid this week several strikes aimed to protest against his proposed reorganization of cargo with longer working hours and changing systems of rest. Under pressure, it withdrew the project by emptying a portion of its ad hoc decree, published Wednesday in the Official Journal (OJ) even if it maintains the principle of the call to volunteer. A gesture which had already triggered the withdrawal of strike notice two other railway unions, the CFDT and FGAAC (autonomy).

The French sovereign funds across the wire sword

In France, as elsewhere, the financial crisis has challenged corporate financing by debt. The race had begun equity. The "Fund français strategic", which the president has defined the contours yesterday, is it a little, a lot or not at all the solution? His role is not to invest abroad surpluses like other sovereign funds, those in oil or China. France has no surplus to invest. Rather, it aims to stop certain "foreign predators".

For the economist Patrick Artus (Natixis), the right question to ask is rather the opposite: how to attract foreign capital? The need is such that there no escape. We should not bother, "he says. No objective study shows behavior harmful foreign owners of French companies in terms of employment, investment, location of the headquarters ... Aware of the magnitude of needs, Nicolas Sarkozy has not ruled out inviting investors from other countries to join the French fund.

The new instrument which gets the state it is a banner of "economic patriotism", whose usefulness is essential to calm the emotions of voters? Emotion even stronger than the buyers are more exotic. Bernard Carayon, member of the Tarn, an ardent advocate of economic patriotism, does not deny the emotional aspects. But he also stressed that France and Europe do not have the same instruments as the United States to defend their strategic sectors (as defined military term). In the United States, the CFIUS (Committee on Foreign Investment in the United States) meets in secret administration and intelligence agencies to try national security issues that may arise foreign investment. The first French intervention fund (Daher, Chantiers de l'Atlantique ...) relate effectively or firms can work for national defense. Until it comes to this, many fall prevention including those of economists. There is only the question of whether it would be preferable to define a European framework for monitoring sensitive investments, even if the application to allow Member States. This is what Nicolas Véron, an economist at think-tank Bruegel European, which states that "denying the possibility of security risks posed by foreign investment in Europe is a poor way to promote economic openness."

A legal instrument exists to protect "strategic sectors", said Michel Menjucq, a law professor at Paris-I. This is the decree of 30 December 2005 adopted on the initiative of Dominique de Villepin and highly contested by Brussels. He deserves a little to clarify what those sectors, said the lawyer. In the eyes of Bernard Carayon, it is a disadvantage, because "it never does to his detriment." In any case, there is no implementing legislation, he says.

With 20 billion euros, of which only 6 cash, the new French fund has obviously not pretend otherwise finance or control the whole of the French economy. That gives it perhaps a chance to stick to its mission "strategic". Its most innovative feature seems to want to look at its target measure, and medium-sized enterprises (Daher is 600 million turnover and aims to double). These medium-sized enterprises are both essential to the national economy and often fragile in the capital, say with one voice Jean-Pierre Fourcade, a former finance minister, and Hugues of Rouret, member of the Chamber of Commerce Industry of Paris.

However, it is not easier to invest wisely in a medium that great. The State was never guarantee the best possible allocation of capital, said Nicolas Véron. Under the pretext of strategy, might there not to squander public money in support of ducks more or less lame at the whim of political interference? This is clearly not the intention of the president, who has ruled out investments in companies unsustainable and hoped that the fund derives a return on its investment. But if misery in areas affected by the crisis, the pressure will be very strong for subsidies that angel investors.

Jean-Francois Dehecq and Patricia Barbizet responsible "guide" the fund will have the difficult task of proving he can stick to real strategic investments in companies really viable. They are on the razor's edge, or rather the sword.

PSA Peugeot Citroën removes 3 550 jobs

Employment is deteriorating at high speed in the automotive industry, hit with unprecedented violence by the economic and financial crisis. PSA Peugeot Citroen announced yesterday 3 550 job cuts in France, via a new plan for voluntary departures. It covers 2 700 "employees of structure" (professional workers, employees, technicians, supervisors and managers) and 850 people at the plant in Rennes (about 8 000). In addition 900 workers at this site will be directed to other sites of the group.

"The worst thing would be to do nothing. This could ultimately jeopardize the survival of the group and its 200 000 jobs, "said Jean-Luc Vergne, director of human resources PSA. The group seeks to adjust its costs to the extremely sharp drop in sales of cars (- 16% last month in Europe). PSA had already greatly reduced the wings, removing 15 000 posts since 2007. The new plan initially to be presented to partners in Central Committee extraordinary business on December 2, is the third launched by Christian Streiff since his arrival at the manufacturer's manettes at the beginning of last year.

PSA announced late October that it now expected global sales down 3.5% this year, when he was previously a growth of around 5%. The manufacturer provides a fall in European markets by 17% in the fourth quarter, then a further decline of at least 10% in 2009. To reduce stocks rising sharply - and very expensive - PSA announced last month that it would reduce its production in the fourth quarter of 30% compared to its forecasts. But the group should in fact go beyond. After scheduled from 2 to 16 days of unemployment on its European sites between October and December, it continues to cut rates. In France, Sochaux stop its production for a month from December 6 to January 6, a week longer than originally planned. Rennes also close for about the same time. At Poissy, no car will be produced from 12 December to 5 January. Finally, in Mulhouse, the assembly lines stop from Dec. 12, according to unions.

Unions outraged

Rennes, particularly affected by the plan, is a victim of the sharp fall - accelerated by the environmental surcharge - sales of cars and average premium. The site Breton, which manufactures the Citroen C5, C6, C6, Xsara Picasso and the Peugeot 407, recorded "a significant under-activity of more than 20%. PSA stressed that the future of Rennes' is not in question "and that a new vehicle is scheduled for late 2010.

The new job cuts have aroused the indignation of unions. Bernard Thibault, secretary general of the CGT, has lamented that employees are "left behind", while "measures to rescue banks and companies have been taken." For the union FO PSA, "it is urgent: the state has put money to help banks, it is time he wakes up and do something for Automotive.

Wavecom: convene a general meeting of shareholders.

Wavecom convened on 8 December 2008 a general meeting of shareholders.

The Board of Directors propose distribution Wavecom exceptional and immediate 1 euro per share. He wants to reward current shareholders of Wavecom for their continued support.

The Board has also considered necessary to seek the views of shareholders on action in response to the unsolicited offer of Gemalto.

The Board of Directors said that he had asked the M & A sub-committee to explore all strategic alternatives in the interest of Wavecom who might have to offer.

The information and analysis distributed by Reuters only a decision support for investors. The responsibility for Reuters can not be accepted directly or indirectly through use of information and analysis by readers. It is recommended that anyone not warned to consult a professional adviser before investing. These indicative information are in no way an incentive to sell or a solicitation to buy.

Strauss-Kahn advised "not to shut himself in shackles"

Dominique Strauss-Kahn, said Thursday November 20 that the crisis warranted "not to be locked in stocks" such as the 3% deficit imposed by the European Stability Pact. "There are times when (...) can not be locked in the fetters of this nature," said Managing Director of the IMF, to the regional daily press at a meeting organized by the union the regional daily press. "If the situation demands, there is no need to cling to the decimal place," added the skipper of the International Monetary Fund (IMF), who noted that his institution expected "a negative growth in all countries developed "with the exception of Canada" for the first time in 60 years. " Renewal Questioned as to whether Germany would not initiate a relaunch plan, he simply said "pleasantly surprised by the reaction of Angela Merkel during dinner at the White House" during the G20 since November 14 the latter "does not climbing the walls when talking about plans to revive". According to him, 2% of gross domestic product (GDP) should be spent on programs to revive or "1200 billion dollars." If the IMF currently has the resources to cope with crises of balance of payments current, it may no longer be the case within six months ", while the list of countries forced to call in the IMF is growing. The Fund and discussed "with Belarus, Pakistan, the Baltics," noted Dominique Strauss-Kahn.

The merger became an option for Citigroup

Faced with the collapse of its action, Citigroup is exploring several options, including selling activities, actions or merge, said a person close to the case.

For now, discussions about its internal possibilities remained, said the person.

The Citigroup has lost more than a quarter of its value Thursday and half of its value this week.

A little earlier, the Wall Street Journal wrote that Citigroup was considering selling assets at auction or to sell in full.

The financial daily said, citing people close to the case, that discussions to that effect were at the preliminary stage and that the board would meet Friday.

Transfers could particularly affect the broker Smith Barney, a subsidiary of credit cards or services related to transactions, but according to the WSJ, the CEO Vikram Pandit will not pursue this approach.

The newspaper finally adds that Morgan Stanley does not offer Citigroup and has not spoken with her recently.

Citigroup did not comment on this information, merely saying that it had a "capital position and strong liquidity".

Saudi Prince Talal bin Alwalid said Thursday it had increased its stake in Citigroup under 4% to 5%, considering the action "dramatically under-valued."

He expressed support "full" to Pandit who this week announced 52,000 job cuts and a reduction of expenditure by 20%.

Investors were not impressed and action has fallen to less than five dollars, which had not seen since 1994. It closed down 26.4% to 4.71 dollars Thursday in a trade volume exceeding 723 million shares.

According to a source close to the dossier, Citigroup has asked the Securities and Exchange Commission (SEC) to restore a ban on selling on financial stocks to try to stop the bleeding. The previous ban expired on October 8.

Crisis / USA: the Fed does not exclude a decline in GDP for all of 2009

Washington (AWP International) - La Réserve fédérale américaine a revu mercredi en forte baisse ses prévisions pour l'économie des Etats-Unis, n'écartant pas la possibilité d'une contraction de l'activité l'an prochain, et a prévenu qu'un retour à la normale serait un chemin long et difficile.

Le produit intérieur brut de la première puissance économique mondiale devrait évoluer en 2009 entre -0,2% et +1,1% par rapport à son niveau de 2008.

Dans ses dernières prévisions, qui remontaient à juillet, la Fed tablait sur une croissance comprise entre 2,0% et 2,8%, mais entre-temps la crise financière s'est exacerbée et l'économie américaine est entrée en récession.

Pour l'année en cours, la Fed ne table plus que sur une croissance comprise entre 0,0 et 0,3%. Sa fourchette précédente allait de 1,0% à 1,6%.

Ces prévisions sont incluses dans un document annexé aux minutes de la dernière réunion de son Comité de politique monétaire (FOMC), tenue les 28 et 29 octobre. Pour aider l'économie, la Fed avait alors baissé son taux directeur de 0,5 point, le ramenant à son plus bas niveau historique de 1,0%.

Dans ses commentaires, la banque centrale américaine a de nouveau laissé entendre qu'elle pourrait le baisser encore davantage si nécessaire.

Les membres du FOMC ont estimé dans l'ensemble "que la croissance du PIB allait rester très faible l'année prochaine et, par conséquent, que la reprise allait se faire à un rythme lent", peut-on lire dans ce document.

La Fed s'attend que le taux de chômage, qui a atteint en octobre un plus haut depuis quatorze ans à 6,5% de la population active, se situe entre 7,1% et 7,6% en 2009. Un tel niveau serait inédit depuis septembre 1992.

La croissance de 2009 "devrait être freinée par la persistance de tensions sur les marchés du crédit et les ajustements en cours dans le secteur du logement de même que par la faiblesse du noyau dur des dépenses des ménages et des investissements des entreprises", ajoute le compte-rendu.

Le PIB des Etats-Unis a reculé au troisième trimestre de 0,3% en rythme annuel, et nombre d'économistes s'attendent désormais à ce que ce recul s'accentue au quatrième trimestre et persiste pendant les trois premiers mois de 2009.

Si cela était avéré, ce serait le premier recul de la richesse produite par l'économie américaine sur trois trimestres de suite depuis 1975.

Pour la Fed, le salut apporté par "une croissance économique plus robuste" n'arrivera qu'en 2010. Pour cette année-là, la banque centrale prévoit désormais une croissance comprise entre 2,3% et 3,2%, mais toujours inférieure au potentiel de croissance de long terme du pays.

Elle avertit en conséquence que le chômage risque de rester élevé longtemps et que le taux ne devrait pas repasser sous son niveau actuel avant 2011.

Et encore, note-t-elle, le taux prévu pour cette année-là (entre 5,5% et 6,6%) serait supérieur au niveau que la Fed juge acceptable sur le long terme.

En ce qui concerne l'inflation, les membres du FOMC sont dans l'ensemble d'accord pour dire qu'elle va ralentir "de manière nette dans les trimestres à venir", du fait de la baisse des prix des matières premières. Mais, certains membre du FOMC se sont émus d'un possible risque de déflation.

Dans l'ensemble, le Comité pense que l'inflation devrait s'établir à des niveaux "proches ou légèrement" en-dessous de ce qu'elle considère comme "conforme à son double objectif de stabilité des prix et d'emploi maximal" à l'horizon de 2011.

Pour 2009, la Fed table désormais sur une hausse de l'indice des prix liés aux dépenses de consommation (PCE) comprise entre 1,3% et 2,0%.

The primary to the point of a mobilization teacher who looks very powerful

They are the spearheads of a mobilization that followed looks very against the job cuts (13,500 in 2009) and reforms in education. School teachers should be much more than usual scrolling today alongside their colleagues in the secondary and higher education, the call of almost all organizations of teachers of public and private (FSU , UNSA, CFDT, CGT, Faena, SNALC). According to the SNUIPP, and the SE-UNSA, their two main unions, the strikers could be 60% to 70% in schools, "not seen since 2003" by FSU. And a puzzle in perspective for mayors, called to establish the minimum service, resulting in these days of arm wrestling between the state and large municipalities left (who do not). In recent months, the outbreak of fever in the primary went crescendo: they were, as SNUIPP, 63% have gone on strike in May and had provided parade in ranks on October 19. An unusual anger on the part of a profession that has long felt less concerned than others by the famous "malaise teacher". "It's quite new" researcher Philippe analysis Meirieu. "It began with Gilles de Robien, but this has intensified with Xavier Darcos, who leads the political opposite of Claude Allegre by attacking the primary rather than secondary. It is a traditional right which has always played the primary against secondary, "he says. Upon arrival, the Minister of Education did not lose highlight the shortcomings of a school that "15 to 20% of students are frustrated," which relegates to the bottom of European rankings.
Program little consensus

A diagnosis followed by a black shock treatment reform programs, missing classes on Saturday, processing IUFM assessments strengthened - and partly public - schoolchildren, and for the first time, job cuts in primary: 3.000 Rased (teachers specialized in helping students in difficulty) will be reinstated in schools in 2009. A little consensus, sometimes considered paradoxical (removing Rased in full fight against school failure) and, above all, led to no charge, which disconcerted the profession. His comments on kindergarten eventually to set fire to the powder. "After this hard we have reached a turning point: the effect Darcos no longer works," says Luc Berille SE-UNSA. "We set very high goals-doing more with fewer hours of lessons - while refusing to talk about pedagogy, which is tantamount to denying the uniqueness of our profession," says Gilles Moindrot of SNUIPP. "They feel affected in their professional identity. We're not only in Jacquère on posts, "concludes Philippe Meirieu. The issue of resources will probably still pervasive today: organizations, convinced to have the support of public opinion, have every intention to two weeks of elections, to mount pressure on the government.

La menace de déflation se précise aux Etats-Unis

The threat today is not inflation, deflation is ", had launched the European Commission President, José Luis Barroso, last weekend at the G20 summit in Washington on the financial crisis. The removal of consumer prices in the United States seems to give reason. According to the latest statistics released yesterday by the Department of Employment, in Washington, consumer prices fell by 1% in October compared to September, the largest monthly decline since the index in 1947, producer prices displayed down 2.8%. However, excluding food and energy, the decline in the price index for consumption does not exceed 0.1%. On a year, inflation across the Atlantic still amounted to 3.7% last month, against 4.9% in September.

"We are entering an environment where prices start to fall. Deflation is spreading across the economy, "said, however, David Resler, Chief Economist of Nomura in New York. The decline in consumer prices in October is essentially linked to the fall in energy prices (- 8.6%), the highest since 1957, and particularly fuel (- 14%). Food prices rose by 0.3% (+0.6% in September). But those of clothing, automotive and aviation are declining.

These figures follow those of retail sales in October, down 2.8%. Faced with this depresses consumers, Wal-Mart, the world of distribution, has announced a drop in prices between Thanksgiving and Christmas.
The heavily indebted households

Economists, however, are divided. While Nouriel Roubini (New York University) sees in these deflationary forces the main concern for U.S. authorities, David Wyss (Standard & Poor's) believes that it is a "good news" for the Federal Reserve, which having more to worry about inflationary risks can focus on recession. Especially since the Fed yesterday revised sharply downwards its forecast builds on a 2009 GDP between - 0.2% + 1.1%.

The announcement in a separate report, a further decline of 4.5% in housing starts in October reinforces concerns about a deflationary sustainable which could lead to a decline in production and investment and higher rates indebtedness of households, already very high.

Faced with these threats, a group of business leaders gathered in the framework of the ECO Council of the Wall Street Journal on Monday in Washington, recommended that the team of Barack Obama the urgent adoption of a plan to revive 300 billion dollars at least. But facing opposition from Republicans, it is unlikely that Congress could adopt this new package until January.

Europe is preparing a plan of 130 billion euros

The Brussels Commission will propose to Twenty-Seven, next Wednesday, a coordinated plan to boost the amount of which should reach 130 billion euros, or 1% of EU GDP. In any case the amount advanced yesterday by the German Minister of Economy, Michael Glos. According to him, each Member State "should contribute as much as 1% of GDP" in this package, which will include aid for the automotive sector in great difficulty. Information confirmed yesterday evening, unofficial sources in Brussels, although details of the measures is not yet completely stopped.

Yesterday evening, Bercy said he "does not confirm at this stage, the amount of 130 billion euros. The package would be made up of funds as loans or the European Social Fund and national contributions, all of which are coordinated at European level.
IMF forecasts bleak

This plan should satisfy the Director General of the International Monetary Fund (IMF), which calls for months of fiscal plans in developed countries to support economic activity declining. Passing through Paris yesterday, Dominique Strauss-Kahn has engaged in an exercise lesson on economic and financial crisis world before the Economic and Social Council. He drew a grim picture of the global economy. The IMF does more now that global growth of 2.2% in 2009. But all developed countries should experience a contraction of GDP, a "never seen since the Second World War." He took the opportunity to complete an already moribund, there will be no "decoupling" between developed and emerging countries, all will lose, on average, three points of growth.

While commending the central banks for their quick injection of cash, the Managing Director of the IMF has helped in handling the unspoken, to criticize the European Central Bank. "It is unclear why the interest rate would be 1% in the United States, unless it in Japan, and would be in other locations as high as it is," he lamented, before consider that "a forecast inflation to zero is reasonable."

He also called for a reform of global governance, especially considering that the G8, great idea at the outset, is now mired in the throes of bureaucracy and "has lost its effectiveness and, I say friendly ". We must, he argued, that body is responsible for verifying the implementation of decisions taken in this circle, before calling for vigilance in the political situation. Noting the "tension" between globalization and "national sentiment", it believes that the issue of debate is now more "geopolitics" than "technical".

New fall on Wall Street on substantive economic fears

NEW YORK - Wall Street has once again fallen under the dive of financial values and automobiles, the latter having been sealed by the difficulties experienced by the Senate to find a compromise to help the sector. The Federal Reserve has made its key to the depression that prevailed in the market, drastically reducing its growth forecasts for 2009 and saying, in the minutes of its last monetary policy meeting, that further rate cuts of interest were not excluded in the event of further deterioration of the economy. "The Fed has confirmed what the market had already begun to implement - the recession is here and there," said Bruce Zaro, strategist at Delta Global Advisors. The Dow Jones 30 industrial plunged 5.07% or 427.47 points to 7997.28, closing for the first time below 8000 points since March 2003. The S & P-500, broader, lost 52.54 points, or 6.12%, to 806.58. The Nasdaq Composite fell on its side of 96.85 points (-6.53%) to 1386.42. The General Motors ended down 9.71% to 2.79 dollars after falling in plenary to a low of 66 years of 2.52 dollars, investors fear that elected officials do not agree on a assistance to the automotive industry before the end of the current session of Congress. Ford has also lost a quarter of its market capitalization in one session (-25.0% to 1.26 dollar). The Financial compartment was the other main victim of the day, the sectoral index S & P falling by 11.53%, experts worried about the effects of the contraction of economic activity on the banks. Citigroup has plunged 23.44% to 6.40 dollars, JP Morgan Chase lost 11.42% to 28.47 dollars and Bank of America 14.02% to 13.06 dollars. On the Nasdaq, the Yahoo has lost 20.87% to 9.14 dollars after Microsoft has ruled out any acquisition of Internet portal. Leah Schnurr, French Benoit Van Overstraeten

EasyJet starts the period of recession in a dispute with its founder

EasyJet, one of the pioneers of low-cost aviation in Europe, begins the period of recession in the Old Continent by a feud between management and the principal shareholder of the group, which believes it is not prudent in its investments.

The Greek Cypriot founder of the company, Stelios Haji-Ioannou (Sir Stelios after his knighting by the Queen of England in 2006), the street in stretchers since last week and refused to approve the annual accounts published Tuesday, a attitude rare in the United Kingdom.

The effect on the group was disastrous, losing the title easyJet up to 22% on the London Stock Exchange to finish down 9.22%.

Disagreements have emerged Friday when the group reported that communicated by Sir Stelios, with the recovery by its holding company easyGroup, based in the Cayman Islands, from his sister Clelia, was now at the helm of 26.9 % Stake in the group, and would therefore request the appointment of two directors of his choice.

"If these people would not be named, it reserves the right to appoint himself as president," said the company.

According to her, Sir Stelios wanted to see "further reduce purchases of equipment" of the company, which it considers to be yet "a cautious approach, even if possible establish a dividend policy, a first, easyJet have so far devoted its profits to its own growth.

Tuesday, the situation has worsened. The round leader aged 41, who likes to call itself "serial entrepreneur", but significantly slowed clowning public in recent years, leaving the field open later in Ryanair boss Michael O'Leary, has refused to approve the accounts, expressing "concern about the application of certain accounting principles" by the company.

He referred to estimates too "optimistic", including the pricing of appliances and slots off from the airport to London-Gatwick recovered with the purchase earlier this year of the small company GB Airways.

He denied, however, want a return to the post of president. He assured not to claim dividends before 2011, and again, "if the market and liquidity of the business permit."

"I think that with careful management of cash, particularly capital expenditures more cautious, easyJet and its shareholders will be the big winners of European aviation medium-haul," he assured.

The CEO Andy Harrison said that he was not opposed to a dividend policy provided that the company has the means.

The strategy of Mr. Haji-Ioannou in this case is not very clear, commentators do not include it simply seeks to protect its investment, as he explains, or to reduce the action to redeem the company .

This dispute has partly overshadowed the publication of annual results.

The company announced Tuesday a net profit almost annual divided by two in 2007/2008 to 83.2 million pounds (100 million euros) for a turnover up 31.5% to 2.36 billion Books, results hit by rising fuel prices on the fiscal year, during which easyJet carried 43.7 million passengers.

The group acknowledged that "the economic outlook remains very difficult and highly uncertain" and accordingly will delay the delivery of several Airbus A320s it had on order.

Inbev loop acquisition of Anheuser-Busch

The Belgo-Brazilian brewer InBev, the world already has completed the takeover on Tuesday its U.S. rival Anheuser-Busch for an amount of 52 billion dollars. The new group, called Anheuser-Busch InBev is the undisputed leader of beer in the world, far ahead of Britain's SABMiller, with a combined turnover of 36 billion dollars.

The U.S. government had agreed last week that operation by imposing conditions. The Department of Justice asked to InBev to sell its Canadian subsidiary Labatt, the brewery and license its commercial rights in the United States to maintain competition in several U.S. and regional markets and eliminate risks of price increases.

This approximation, which means the end of nearly 150 years of independence for Anheuser-Busch, had aroused hostile reactions when a first offer in June. The operation was finally accepted in July thanks to concessions InBev, which had raised its offer and pledged to keep the twelve U.S. breweries of the group. And shareholders of the American group were finally given the green light to the operation last week.

All shares of Anheuser-Busch, producer of the famous Budweiser beer will be purchased for $ 70. The group, which owns 48.5% of the U.S. market for beer, will become a subsidiary to 100% of its Belgian-Brazilian counterpart, including producer of Stella Artois and Beck's of.

Home Depot: the economy will penalize more than expected sales, the action progresses

The American teaches DIY Home Depot earnings fall sharply in the third quarter and expects a contraction stronger than expected annual sales under the current economic situation, according to a statement released on Tuesday.

On the quarter ended Nov. 2, net income reached 756 million, down 31.3% compared to earnings of $ 1.1 billion recorded in the third quarter of fiscal 2007. Home Depot has, however, exceeded market expectations, with earnings per share of 45 cents, while analysts relied on 38 cents.

"Given the continued slowdown of the economy in the real estate markets and crafts as well as the negative macroeconomic conditions", the group now considers that sales for the year 2008 could decline by 8%. It previously expected a decline of only about 5%. The anticipation of a decline of about 24% of annual earnings per share, on a comparable basis, was confirmed.

At the New York Stock Exchange, Home Deot gained 3.55% to 20.71 dollars.

Dassault on the verge of becoming the industrial reference shareholder of Thales

One month to enter! Dassault Aviation announced yesterday entering into exclusive negotiations until 15 December with Alcatel-Lucent to purchase the 20.8% stake in Thales held by telecommunications equipment manufacturer. Established at a price of 38 euros per share offer from the manufacturer reached 1.6 billion euros. It enhances the defense, aerospace and security to 7.5 billion euros. 25% better than the close of Monday evening. The operation - if it concludes - provide a welcome contribution of money for Alcatel-Lucent, whose action has finished yesterday haussede 4.79%. She put together Dassault in a strong position in the landscape of Defense. With the endorsement total and full of the Elysee. Yesterday's announcement is the culmination of months of game go. Sensing that the difficulties of the telecommunications market would push Alcatel-Lucent to shed its participation, Dassault began to leave the wood earlier this year. In parallel, EADS reiterates its interest continues to Thales. To the point that Denis Ranque, CEO of Thales, which has always preferred a public offering, reviving the idea of a rapprochement with Safran to eliminate pretenders. The replacement this summer Serge Tchuruk by Philippe Camus as President of the Board of Alcatel-Lucent precipitated the movement. The new boss quickly decides to sell its shares in Thales. Difficult, however, to raise bids. Because for the Elysee, there is only one possible buyer. EADS was beautiful present an offer of 44 euros per share, considerably more generous than the first price advanced by Dassault, its proposal was rejected by the president. In the eyes of Nicolas Sarkozy, the choice of the manufacturer has the merit of not pose any conflict of interest, to stabilize the long-term capital Thales and ensure greater future Dassault. Unlike any solution EADS, synonymous for many electronics dismantling of the (sale of the business aviation equipment), while strengthening the role of French assets in the aerospace group. Without that Berlin would pay the price! Unthinkable, especially in the climate Franco-German current. As a result, Dassault is poised to take the place of Alcatel-Lucent as industrial reference shareholder of one of the largest suppliers of the French armies. For 20.8% of the equipment, the manufacturer plans to add the effect of 5% of Groupe Industriel Marcel Dassault (holding control of Dassault Aviation). Bringing its stake to just under 26%. A quasi-equal with the state (see below). Without exercise sole control, the manufacturer should have a significant influence on the strategy of Thales. Different views It remains to be seen for what to do. And there, opinions are divided. Serge Dassault and Charles Edelstenne, the president of the manufacturer, they acted on duty for the state? The Rafale, that the two groups are building together, is it the centerpiece of this rapprochement? "At least, Dassault can not be a shareholder worse than Alcatel was" playing there in the Department of Defense. When the 42,000 employee shareholders representing 3% stake in Thales, they have not shown opposition to a change in the capital, provided that this part of a long-term strategy and, more importantly, that it does not to dismantle the group. The fear relates primarily on the possible sale of naval activities of Thales through, inter alia, its 25% in the DCNS. But also space. Two trades known for Dassault. Finally the issue of consolidation of Europe's industrial defense. For Thales engage in discussions structuring in the future, the presence of a shareholder concerned by the matter may be - a priori - perceived positively.