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Do not rely on the largest state of the union (13% of the GDP of the United States) to play the role of locomotive and consolidate U.S. growth. "If it accepts, California follows the U.S. economy with a lag of about six months. If the current trends in the late spring and early summer so we begin to see improvements in the California economy. In contrast, California is a leader in the scenario of a relapse into recession, "explains David Shulman, a leader of the university research center Anderson Forecast at UCLA.

"Great Recession" of 2009, as it is called here, has caused more damage than previous recessions in California.Especially, it has exposed the extent of structural problems that were masked by the Internet bubble, then the housing bubble.

An unemployment rate above 13%

"This recession will probably leave lasting scars in California", says Scott Anderson, senior economist at Wells Fargo, the second largest bank in California. "The state has lost more than one million jobs in this recession so far, representing 14% of job losses in the country. The value of homes plunged an average of 56% from its peak in 2006. The unemployment rate will probably climb to above 13%, which represents nearly 3% higher than the national average unemployment. Today, nearly 700 000 Californians find themselves unemployed for over six months.Rising unemployment aggravates the credit problems of California households and makes it more difficult political choices needed to address fiscal imbalances. None of these cyclical and structural problems are insurmountable, but it will take time to resolve, "says this expert.

At the exit of a cinema last week, the deputy mayor of Stockton and some municipal employees were to sign a list to organize a referendum to block the appropriation by the State of California income tax d 'Ordinary fund city services. Indeed, thanks in part to a forfeiture of $ 2 billion in local revenue that the State of California, managed in the capital of Sacramento, was able last year to plug a hole in its 60 billion budget.This transfer of wealth is now forcing dozens of cities to prepare cuts wages of municipal employees, or even elimination of teaching positions. Already, as an economy measure, since July 2009, employees of the State California, with the exception of emergency personnel are advised to stay home three days a month without pay.

Last summer, California had been, for lack of dollars, pay some of its suppliers with "IOUs." "It is quite possible that the same situation occurs in a few months," confesses a blase tone the senior manager of a local bank. This is the third time since the Great Depression of the 1930s as the "Golden State" also falls down.

What are the criteria of recruiters when they hire graduates of business schools? For three years, Ifop conducting the investigation (1) to store test common gateway, which allows to integrate 16 business schools (2) without going through the box preparation.

The 2009 study confirms the trends of previous years. First, companies are extremely interested in training followed, before joining the high school: 70% say they do. These are the BTS prevail handily. Recruiters landslide this training to 27% before the preparatory classes (22%) and masters (11%). An element to be directly related to the fact that employers prefer, in their review of CV, internships and work experience (95%).

The study also shows that companies want diversity.79% of them say they have developed a specific recruitment policy for at least one class of graduates from diversity. Thus, 68% of recruiters do for people with disabilities, a population for which firms are subject to legal obligations, coupled with financial penalties. This is not the case for lower social classes and ethnic minority populations where respectively 31 and 26% of recruiters have developed a specific one hour payday loan .

Ultimately, 43% of recruiters believe that the profiles of the major schools are not sufficiently diversified. It is clear that the companies held, inter alia, employ 6% of people with disabilities are very rare to get to that proportion. The staffing shortage. It is for colleges to act early.With observation, Grenoble School of Management has just put up a post tray support for people with disabilities. His sisters of the bank tests Gateway should follow suit.

(1) Survey Center Gateway / Ifop conducted in October 2009 with 802 pupils and students, and HR 202, HR managers and recruitment companies working in more than 50 employees.

(2) Advancia Paris, Normandy EM, EM Strasbourg, ESC Amiens Picardie, ESC Bretagne Brest ESC Chambéry Savoie, ESC Clermont, ESC Dijon, ESC Grenoble, ESC La Rochelle, Montpellier ESC, ESC Pau, ESC Rennes, ESC Saint-Etienne , ESC Troyes Negocia Paris.

During the worst crisis in the global economy since 1929, electronic commerce has continued to grow. The turnover posted by online merchants reached 25 billion euros, up 26% in one year. Growth continues at a speed so rampant: the activity has increased tenfold since 2002. Electronic commerce now weighs just over 4% of retail sales (excluding food and pharmaceuticals) paydayloans . And projections are optimistic, according to the Federation of e-commerce and distance selling (Fevad), who presented the results Tuesday, the amount could reach 46 billion by 2012. The increase in 2009 was fueled in particular the creation of 17,000 new commercial sites, two every hour!

To review the year ended and provide an outlook of the beginning. It is this traditional exercise – and a little tedious – that was delivered Friday the Minister of Economy Christine Lagarde, surrounded by his secretaries of State, on the occasion of greeting to the press.

The First Minister has taken the form of the president that "the crisis is not a parenthesis" developments which France needs.And said to have taken four resolutions for 2010 around four "r": the "recovery" to accelerate and bring in jobs, the "reforms" to continue the "financial regulation" to expand and the "restoration of public finances" implement to reduce the deficit below 3% in 2013.

Christine Lagarde took the opportunity to recall the devices it intends to implement in the next two months – ahead of regional elections traditionally put a brake on projects.

It particularly stressed the measures to be presented January 20 in Council of Ministers. First the national debt, which will be a supplementary budget, and would fulfill the government's ambition to intensify research efforts to "increase our sustainable growth rate" and the competitiveness of France .On the other hand, the reform of the French system of financial supervision and the creation of the new supervisory authority of banks and insurance companies, via an order. "We want to create a true watchtower without blind spot, able to monitor risks across the financial sector," said Christine Lagarde insisted.

The boss of Renault at the Elysee

The side agreed to the performance of Friday was a bit shaken by the news about the Renault group. Invited to speak on the subject, the Minister of Industry, Christian Estrosi, said that the choice of Renault on the possible production of the Clio IV in Turkey, would be made Saturday "at the Elysee, where Nicolas Sarkozy will receive the President's automotive group, Carlos Ghosn.

Christian Estrosi went so far as to say aloud what usually expressed in more muted terms: whatever the weight of the state capital – "we have 15% stake that we have 20% – or the number of directors around the table (there are now two out of eighteen) is the Elysee will determine the strategic choices and industrial enterprise. Despite the shade provided by Christine Lagarde – which was considered "legitimate" than the French state was "consulted and give its opinion" and that "then the appropriate body to take its decision." The board will assess …

After closure of Wall Street without trend Monday, European stock markets are heading into the red Tuesday. In Paris the CAC 40 yielded 1.06% at 4000.05 points, in London, the FTSE-100 lost 0.71% to 5498.71 points and in Frankfurt the Dax concedes 1.61% to 5943 points.

The Central Bank of China has announced two measures to try to curb the overheating of the economy: raising the reserve requirement ratio for banks and rising interest rates on treasury bills to one year.

On Tuesday, the Bank of France issued at 8:30 its monthly business survey for the month of December: the gross domestic product (GDP) of France is expected to grow 0.5% in the fourth quarter of 2009.For the full year 2009, the government expects a drop in GDP of 2.25%.

Fifteen minutes later, the Budget Ministry said the budget deficit of the French state has widened to a record 143.3 billion euros on 30 November, against 66.6 billion a year earlier, and is expected throughout 2009 slightly below 140 billion.

Yesterday after the close of U.S. markets, the g aught aluminum Alcoa has announced a return to the red in the fourth quarter with a net loss of $ 277 million, widening its losses to $ 1.151 billion in 2009.In the series of American publications yesterday, Electronic Arts announced that it raised its forecast for losses in 2009-2010.

In an interview with Le Figaro, Christine Lagarde, economy minister, justified the measure "exceptional" tax on the bonus, resulting in a bill for the banks of around 360 million euros.

Across the Atlantic trade for November will be highlighted at 14h30.

As for currencies, the euro begun to rise again against the dollar Tuesday after the rebound of the single European currency yesterday. The euro gained 0.09% to 1.4526 dollar. The oil in turn is sharply down.The barrel of Brent North Sea crude for February delivery lost 1.70% to 70.67 dollars per barrel "Texas Light Crude (WTI) traded on the New York Mercantile Exchange for the same maturity, nibbles 1 53% at 81.61 dollars.

Penalized by EADS subsidiary Airbus

The deputy CEO of Airbus (EADS subsidiary, -2.62% to 14.10 euros), Fabrice Bréguier said that "the goal is to double Airbus A380 deliveries in 2010 in Echos in an interview published Tuesday. The direction of this group today in Seville's balance of trade in 2009 and its 2010 outlook. Louis Welsh, CEO of EADS said that the difficulties will persist into 2010. The European aircraft manufacturer announced on Tuesday a record number of deliveries for 2009, with 498 aircraft, against 481 for its rival Boeing. He has delivered 15 aircraft more than in 2008. However, the difficulties of the Airbus A400M and undermine the results of EADS.This ad revenues down 4% in 2009 to 41.7 billion euros against 43.3 billion euros in 2008.

Alstom close among the largest declines the CAC 40 (-3.02%). S ociety General went to "sell" cons "hold" on the manufacturer of infrastructure for the energy and transport, with a target price unchanged at 47 euros.

Air France-KLM (-2.39% to 12.06 euros) is monitoring the stock market while the CEC must explain to Dominique Bussereau, Secretary of State for Transport on the hole of 20 million euros in its accounts.

Side Renault (-2.17% to 38.36 euros), the State has assured shareholders it does not stand "idly" on a possible relocation of the production of future Clio in Turkey manufacturer Renault.

Total (-1.32% to 45.65 euros) is ready to close its refinery in Flanders, according to information from Figaro.

Accor is sanctioned (-2.21% to 36.76 euros). The group was assured that despite the announced devaluation of 50% of the Venezuelan bolivar, the performance targets were maintained between 400 and 450 million euros for 2009.

Ubisoft has one of the largest declines: -5.35% to 10.27 euros.The group is affected by the downward revision of annual estimates of its competitor Electronics Arts and negative comments from analyst firms.

The defensive form

In this gloomy meeting, the CAC 40 is only supported by defensive stocks: Pernod Ricard (+1.33% at 59.28 euros, boosted by a favorable recommendation from Credit Suisse), Danone (+0.61% at 42 84 euros) and France Telecom (+0.32% to 17.35 euros), only CAC 40 values which enclose up this Tuesday.

CAC Hors, Ipsen has one of the largest increases of the SBF 120 (1.22%). The latter is driven by an increase in Chevreux recommendation of 48 euros to 53.50 euros.

CAC Hors, Wendel appears in decline (-4.10% to 43.58 euros after a sharp rise in mid-session (+2.07%)).The group said today supporting the launch of the IPO of helikos, a company whose sole purpose is to invest in Germany in an unlisted company.

In the news Tuesday, the station will create a joint venture with U.S. giant IBM computer, which will cover the services of the French railway company, said Tuesday's Tribune, which amounted to 1.7 billion 'euro amount of the contract.

CAFOM announced having doubled its net profit in the first half.

On Tuesday, the turnover of Toupargel Jacquet Metals and Xiring will follow.

With the boom of smart phones, networks running at full speed for surfing the Web, connect to social networks, send email, video, SMS … As the family expands again with the arrival of "Nexus One" by Google the networks they might saturation? For with the arrival of these phones and multifunction keys 3G networks face increasing traffic without precedent: it will double from one year to another, according to Frederic Pujol cabinet Idate. At Vodafone, he has been multiplied by four!

Several operators have paid the price, such O2 in Britain, which recognized that the iPhone had saturated its London network in recent months, preventing him from making and receiving calls.AT & T, the United States, has experienced the same situation, which led its director of information services that the iPhone was his worst nightmare!

French mobile operators, trained by the British example, take this seriously. But no doom, all three believe that the situation of French networks, which they invest each year is immune to failure.

Heavy investment

"This is a subject on which we are very vigilant but without real concern, says Jean-Marc Tassetto, general manager marketing and public SFR. On the one hand, we invest each year in our network for sizing, or even 1.4 billion euros this year. Secondly, we propose solutions to our customers to address the increase in traffic. "SFR, which has two million SFR-Neuf box connected via Wi-Fi, opened the Wi-Fi to its mobile subscribers.Secondly, SFR is the "femtocell," these small antennae on the DSL box, which should also help alleviate traffic in mobile networks. Finally, Vodafone has introduced a policy of "good practices" to exclude a few users who clog the network with abuses.

Besides the use of iPhone users stabilizes. "The first customers were using 500 to 600 Megabits per month, today the average is 300 megabits. That makes sense: once you've discovered the applications from the App Store, you return to a more reasonable consumer, "says Jean-Marc Tassetto.

Even finding in Orange and Bouygues Telecom. "Bouygues Telecom has no risk of saturation. We have two times less customers than our competitors and yet a similar network architecture.In the current state of the network Bouygues Telecom can triple its capacity because we did not use any bandwidth. The increase of traffic justifies a posteriori all the investments we have made in our 3G network, "says Emmanuel Forest, deputy CEO at Bouygues Telecom. Know sizing the network to customer needs is just the heart of the business telecom operator. "Anticipating the saturation is what we do since our inception in 1996. Each year we add radio cards needed in the network. The phenomenon is expected, and anticipated no difficulties, neither technical nor financial, "he concludes.

Become a registered "lifestyle" is the ambition of leaders Lacoste for years to come. To do this they have developed the part of accessories in the total turnover. Therefore, the parent company, S. A. Lacoste, who does nothing but manage the image of the brand, decided to resume late 2010 the license granted to the leather Samsonite American for eight years to tell his historical partner, the French industrial Devanlay.

Devanlay, 60% of sales by Lacoste, through the clothing of crocodile license. Since the beginning, these two companies through interlocking shareholdings (Devanlay has 35% of Lacoste and Lacoste 10% stake in Devanlay) work hand in hand.Their goal is to increase the share of leather goods from 4% to 8% of total sales within five years.

"While we have almost 4 000 references per year just in the textile, when we ask a client to appoint a product is always the same means we have work," says Jose – Luis Duran, CEO of Devanlay, where he arrived six months ago, after having been boss of Carrefour. Polo, founded in 1933, sold over 13 million copies a year worldwide. But it represents only 20% of the income of the mark (1.5 billion euros in total wholesale rate).

The crocodile is diversifying

Clothing, which weighed 85% of sales in 2000, none reported more than 60%.Meanwhile, footwear (20%), perfume (15%, produced by Procter & Gamble) or watches (5%) took off.

In total, Lacoste has granted nine licenses for specific product categories in different industries. Latest: mobile phones, the company entrusted with ModeLabs, the first model will come in six months. To develop leather, Devanlay created a joint venture with a French specialist sector Tolomei.

Lacoste plans to continue this diversification. "We are in constant reflection on these topics, explains Christophe Chenut, CEO of Lacoste S. A.We look at the world of home and decorating, mobility with electric bicycles or bikes, we've already made a limited number of strollers with McLaren in the United States, but these ideas must pass through many filters and answer a requirement of internationalization. Each license must also help us recruit and retain a new category of customers. "Bags were well designed to feminize a mark at three quarters male.

The woes of Greece to the euro is the first real test of its young history. In ten years, the European single currency has successfully resisted the shock of a rare violence: attacks of September 11, 2001, collapse of the tech bubble, the subprime crisis … Nothing says that the franc, the lira or the peso would through free events such as the euro has done. But whenever these shocks, left the United States, came from outside. But now the danger lies within the zone itself. And gives rise to a nagging question: Greece will she forced eventually to leave the euro? A priori not. For a small country, belong to a large currency area is a rare opportunity. Until the stress becomes so high that it is cheaper to get out.

Athens faces a double challenge. First restore its credibility.Since its integration into the eurozone in 2001, the country has ceased to be faulted on the reality of its economic statistics. Showing at 6% in early years, deficits would in fact 12.7% of GDP, according to the latest tally of the national statistical office. A deception that shows Greece as a kind of "stowaway" in the euro area. And that makes it particularly difficult direct assistance from a European state. Public opinion of the most virtuous Germany, Netherlands or those worried about their own fate as France or Italy will struggle to agree to fund a country that gives the impression of not playing the game .

The second challenge for the Greek government is to prove its willingness to restore as soon as its public accounts.In theory, a State has two instruments to reduce its deficits: monetary policy and fiscal policy. Coin money helps finance its budget while offering the opportunity to play the currency markets by devaluing its currency to boost competitiveness. A move that boosts the growth and cause some inflation. The ideal instrument to reduce debt … by which Greece can not count because, like all countries in the euro area, monetary policy is the prerogative of the ECB in Frankfurt.

Leaves only the weapon strict budget. In this case, the organization of drastic cuts in state spending. The government of George Papandreou as he means? CRAs in doubt, especially as the social climate is strongly degraded in the country, making it particularly difficult acceptability of drastic measures.Failing to do so by itself, the Greek government will have only one solution: to put in practice under the tutelage of Brussels. In a carrot and stick, the European Commission could generate outside pressure strong enough to induce Greece to reform in depth, as the IMF has so often done in the past with countries in crisis. At the price, most of the time of painful adjustments. The question will then arise of how far the Greek people will accept sacrifices to stay in the euro area? The cost to benefit is not so obvious.

Today, the Greek state will refinance at a rate of 5.77% in ten years. A level closer to that of Hungary or Latvia as Germany. In other words, the protection offered by the euro area is almost over.Out of this system could, ultimately prove less expensive what remain, rising long rates may be offset by a devaluation immediately making the country more competitive. While giving the Greeks a sense of finding their democratic sovereignty to which they are so attached since the birth of their civilization.

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The NBC drama could soon be over. The Wall Street Journal, the two groups would be heard on the recovery of 20% stake in French group NBC Universal. This would be valued at 5.8 billion dollars. Consequently Cap: title Vivendi opened sharply higher on the Paris Bourse, where the action took 2.87% to 19.74 euros at 9:30.

An agreement General Electric Comcast close

The source quoted by the New York newspaper, that outcome would be consecutive to meet Jean-Bernard Levy, Vivendi's boss, with Jeffrey Immelt, the strongman of General Electric in Paris last week. The talks stumbled earlier on the amount of participation. Vivendi wanted $ 6.1 billion, while GE did that gave 5.6 billion dollars.

The question of how the transaction also blocked, Vivendi wishing to be resolved immediately.This prevented the American group to sell the following Comcast's majority stake in NBC Universal. After such an agreement, Comcast would become 51% shareholder of the company.

For Vivendi, the new money is welcome. The group is expected to cover the cost of the recent acquisition of the Brazilian carrier GVT $ 4.2 billion.

The Brazilian GVT falls into the hands of Vivendi

The model Vivendi proves his strength to face the crisis

The Committee Juppe-Rocard "on the strategic investment priorities and the national debt" has completed its work on Wednesday. His report will be presented November 19 at the president will announce in early December that the action he intends to give. Of the 22 committee members all signed the document, except one who required a period of reflection.

The total investment proposals contained in the report turn, according to our information, around 35 to 36 billion euros. "Some final calculations must still be done," says one familiar with the matter. This does not mean that France actually borrow such a sum. 13 billion euros will come from such recycling loan funds last year to banks that they are poised to fully repay the State.Similarly, on some specific projects (Digital Innovation), private companies will be asked to intervene to assist the public.

Overall, the report Juppe-Rocard justifies the need for investment in expenditure for the future, because "it has not been done for decades," while stressing the situation particularly tense of French public finances which prevent to borrow beyond a certain threshold. "There is no question of breaking the signing of the France versus Germany," insisted Wednesday Alain Juppé on Radio Classique.

Specialized Agencies

If the mission did not address the question of how borrowing (or specific markets) however she insists on the need to control the use of these funds.And suggested including the creation of a very limited number of specialized agencies in the monitoring of specific programs, such as for investments in renewable energy or digital.

Similarly, with regard to investment areas, the commission did not go into details of specific projects. She preferred to reason according to logic of major programs to launch, with the guiding research and innovation. Higher education will be especially cherished. The mission recommends including giving the large educational institutions (universities and colleges) of equity. This particular to enable them to build bridges with business by creating centers of excellence comprising laboratories, innovative SMEs and teaching areas.

The mission is also in favor of an ambitious program for the transport of the future.In particular, the cities will be encouraged to develop transport infrastructure with low energy consumption. This will be the basis of the future city in which the report devotes part. Finally, any program will involve the "life sciences (biotechnology), to launch major medical projects. A subject which is particularly Nicolas Sarkozy.