The banker of 64 years, member of the Academy of Athens since 2006, will thus lead a transitional government, bringing together ministers and conservative socialists. After more than a week of political crisis, punctuated by daily twists, under pressure European and international Papademos was the only man accepted by the entire political class and the best position, given the circumstances, to become the eighth technocrat to take the reins of the executive Greece since the beginning of the twentieth century instant payday loans.Lucas Papademos has worked alongside Jean-Claude Trichet as the deputy governor of the European Central Bank, it enjoys an international reputation and credibility with creditors would be Greece.

If he is charged a lack of charisma, his discretion is unanimously recognized. It is "primarily a support person for the two major parties and Greek will reassure the markets. He is one of those who have allowed Greece to enter the euro area. So he knows the issues and mechanisms of the system. It is critical right now. Then, it is the only one able to ratify the European Agreement of 27 October, "Takis decrypts Bratsos, economic analyst.

"The PMI data are currently consistent with a negative growth rate (of about -0.5 or -0.6%) for the third quarter," that is the beginning of a recession, worries Jack Kennedy, economist at Markit. The French government, which still formally table a growth of 1.75% in 2012, suggested Friday that it has revised downwards this goal.

The contraction in activity has particularly affected the service sector. He has recorded its sharpest fall for 27 months, 46 points, against 51.5 in September. The industry is not much better.Despite a slight improvement, she underwent her third consecutive month of decline, to 49 points against 48.2 the previous month.

"The impact of European debt crisis may be felt on the real economy," says Jack Kennedy. Markit Economics and recorded "a further decline in confidence in the services sector." "The growing uncertainty surrounding the evolution of the economy leads in fact companies to revise downward its business prospects to twelve months, the optimism of the service providers also display its lowest level since April 2009" , notes the Institute for Financial Studies.

Very little sign of hope for a quick turnaround the economy, companies have seen a decline in the volume of new business, "the highest in almost two years," notes Markit Economics.Especially in services, providers are concerned about "the largest decline in new contracts since July 2009." In industry, the decline in sales is that alarm. A trend in both export and domestic market.

Slowdown in Germany

The slowdown in activity is not only France, but also German industry. For the first time in two years, the PMI for the sector fell to 48.9 points in October, against 50.3 in September. Unlike the Hexagon, however, services are able to climb out of the area's 50 points marked a growth in sales, to 52.1 points, 49.7 points against the previous month.Overall, notes Tim Moore, economist at Markit, "uncertainty about the euro area largely explain, according to the companies, investment reports and cuts in non-essential spending."

ALSO READ:

"Crisis of the euro: the French pessimistic

"GRAPHICS – The euro crisis: history of contagion

"The morale of the bosses down slightly in October

The body responsible for regulating the banking sector would have directly challenged the previous management but also the leaders still in office. The report was quoted as saying, "number of findings concerning mechanisms for managing derivative positions are likely to contravene the regulations." Regulators cite "in 2007 and until 2008, the disclosure of Dexia Credit Local has remained evasive about the increasing risks, including the CEO and directors were aware. She ignored the violations of regulations and monitoring liquidity risk. "And the report says "the information to the public was not accurate, precise and sincere."

These omissions or falsehoods for the purchase of a portfolio of bonds and speculative securities amounting to 100 billion euros, an "illogical financing local government, the report quoted by Liberation payday advance lenders. Regulators also suggest a failure on the part of the Dexia value of this portfolio of assets, both at the time of purchase as to resale. Worse, the leadership in place deliberately magnified the value of assets. The "overvaluation is estimated at at least 2 billion euros." Auditors such as Deloitte and Mazars have closed their eyes, the report said.

Loans to shareholders to purchase securities

The management team in place is also not spared.In a letter dated September 4, 2009, the report stresses that "the director of the institution has provided an underestimation of the volume of transactions."

Meanwhile, the Financial Timesaffirme that Dexia has paid 1.5 billion euros in its first two institutional shareholders before 2008 so that they carry out acquisitions of securities of the Franco-Belgian bank. But Dexia would, at the time, not breaking the law then in effect. The question is whether the court will examine the case Dexia.

ALSO READ:

"The dismantling of Dexia is an act

EDF did not directly hacked the hard drive of Yannick Jadot, director of Greenpeace campaign. The company had used a business intelligence company, Kargus Consultants, headed by Thierry Lohro. Which had sought a self-taught hacker of his knowledge, Alain Quiros. The attacker was not enough stealth since he left traces on the computer of another victim allowed the court to go back to the folder Greenpeace.

Thierry Lohro is a former agent of the DGSE. Alain Quiros occasionally worked for the Atlantic Intelligence Company, founded by the former head of the GIGN Philippe Legorjus. EDF side, Pascal Durieux against a former admiral and his assistant Pierre-Paul Francis was a police officer.

Appropriate forum for Greenpeace

Facing the judge Thomas Cassuto, the two leaders EDF – removed from office in April 2009 – have denied knowledge of the illegal means used to gather information on Greenpeace. As for the CD-ROM found in the safe of Pierre-Paul Francois at EDF 1420 containing pirated files on the computer of Yannick Jadot, MM. François Durieux, and would not have bothered to watch the content according to their testimony. Pierre-François Paul does not deny having been presented to the hacker by Thierry Lohro Quiros in a cafe near the Military Club a few months before piracy.In addition, EDF has established two contracts with Kargus Consultants, a first in 2004 in the amount of 10,000 euros per month, the second in November 2006 providing for a fee of EUR 4,664 cash advances pay day loan.40 per month for one year. Police, Thierry Lohro said the contract was payment for subsequent operation of piracy.

Yannick Jadot, target of piracy, became MEP and spokesperson Eva Joly, the Green candidate for president: the trial offers a timely media platform to Greenpeace. And the opportunity to prove nothing less than "nuclear power is incompatible with the rules of French democracy." The organization claims 8.3 million euros in damages to EDF. For his part, counsel for the energy giant, Alex Gublin, raise, according to AFP, a priority issue of constitutionality (QPC) for a retroactive application of the law.The discretion of the President of the 15th Criminal Chamber, Isabelle Prevost-Desprez, the trial could be returned, or take place over ten days of the hearing.

Of doping in cycling hacking

The investigation that led to the indictment of EDF to a computer hacking Greenpeace's original appearance in a case removed: doping the American cyclist Floyd Landis, winner – decommissioned – the Tour de France 2006. On 14 September 2006, the department's National Laboratory for Doping Detection (LNDD) of Chatenay-Malabry discovers an intrusion on one of its computers. The police investigation following the complaint of the laboratory establishes a chain of links – which passes by the renowned Pinkerton Detective Agency U.S. – between Arnie Baker, coach of the cyclist, and a certain Alain Quiros, hacker to its hours.Surrounding the yellow jersey doped sought to discredit the LNDD to strengthen his defense. Computer equipment seized from Alain Quiros, exiled in Morocco since the fall of 2006, will the investigators on the trail of other victims of the hacker. Among them, the association of small shareholders of Vivendi and Yannick Jadot, campaign director of Greenpeace.

ALSO READ:

"Espionage Greenpeace: EDF suspends two officials

Delicate challenge

For Sharp, the bet is tricky. This is not to be the nth smartphone in the European market, running Android market segment dominated by Korean and Chinese brands. To differentiate themselves, the Japanese put on the 3D display of the phone. While it is the third, after LG and HTC to offer a device with such a characteristic. But only the Aquos almost instantly converts 2D images into 3D.It is also equipped with two optical, which can take photos or videos in 3D and then watch them on their smartphone, or share them on other screens in relief.

Abandonment of the shelf

On a strategic decision to Sharp raises some questions. The brand has announced the abandonment of its shelf Galapagos there just two weeks. But it also reflects the key role of the smartphone market for players in consumer electronics. To exist, they can not do without. Even if only a very symbolic presence. Orange has only ordered 10,000 copies of the Aquos, probably made prudent by the very small success of the 3D Optimus LG and HTC Evo 3D. Sharp will make us forget the bad reputation of free 3D, even on small screen, according to users, giving a headache and seasickness

The system set up involves monitoring remote computer. But not to frighten the people involved, the main unit is television, connected to the Internet. "The equipment costs about 6,000 euros full, two months' rent in a nursing home," said Philip Bell, general manager of Toshiba-Cebea, a subsidiary of Toshiba dedicated services.This includes television and home automation equipment, including a smoke detector, a wristband alarm in case of fall and appliances suitable for pathology (blood pressure, diabetes control …). Then, the service costs 200 euros per month, including Internet access.

"This allows medical personnel to perform remote controls, but also the patient to easily get in touch with family members through a videoconferencing system on the TV," said Philip Bell. Medical staff and the senior may also contact by mail, through an electronic pen. Just write on a single sheet, the text is automatically entered and the e-mail sent when the pen is rested on its base free business cards. Forms to the attention of nurses and doctors have also been developed: just check the right boxes with the electronic pen and they are added to the medical record.It also allows for monitoring of medication, food … "We found that health staff was not comfortable with a keyboard, where the idea of ​​electronic pen, said Philip Bell . We are also working to develop a speech recognition system. "

Recurring revenues

For Toshiba, the objective is to develop this service at the national level but also in other countries. Japan pays attention to the experience of Alsace. Beyond the societal issues related to aging, a new economic model that is emerging. This type of service should allow the manufacturer to generate recurring revenue through subscriptions.

"The rise of the TV connected through the development of local services," added Philippe Delahaye.Most TVs sold today by Toshiba can be connected to the Internet, or consumers do not always use this function. By bringing seniors to the technology, Toshiba is not only the population but also those around them: Health care workers, children and grandchildren.

ALSO READ:

"Toshiba aims for 2013-2014

"TV connected: tone up between manufacturers and ISPs

"The connected TV is threatening the PAF

As in the previous session, and in the wake of Wall Street with the Dow Jones tumbled 3% Tuesday, investors are still concerned about the specter of a global recession.And, after the ads for the less pessimistic the U.S. Federal Reserve (Fed), which held that the U.S. economic recovery was "slow" and threatened by "high risk". She decided to restart the machine, sell by the end of June 2012 for $ 400 billion of treasury bills and to purchase for the same amount with a longer maturity. But the fact that it favors measures to monetary easing, a depressed market, which sees it as a sign of impotence.

The G20 is mobilized

In addition, doubts about the economic situation in China also weigh in the balance. Manufacturing activity in the country has deteriorated in September, reaching its lowest level in two months, according to preliminary PMI bank HSBC said on Thursday.PMI Purchasing Managers calculated by HSBC in September reached 49.4 against 49.9 in August, knowing that a figure below 50 means contraction.

However, in an attempt to break the deadlock, the first twenty economies in the world rally: they have promised to respond "strong and coordinated international" to the crisis. Central banks are particularly committed to providing "the necessary liquidity" to financial institutions.

On the foreign exchange market, the euro appears in small increase compared to the U.S. dollar: it rose on Friday morning from 0.42% to 1.351 dollar. Oil prices also went up in Asia as investors sensing bargains after the significant losses suffered by the crude in recent days.Within the scope of a tumble of more than $ 5 Thursday, a barrel of "light sweet crude" for delivery in November clinching 53 cents in early electronic trading at 81.04 dollars, a barrel of Brent North Sea crude for November delivery gained 71 cents to 106.20 dollars. "Oil rises due to bargain hunting and redemptions of coverage after several sessions of decline," said Ker Chung Yang, analyst at commodity Phillip Futures in Singapore.

Fabrice Cousté – If one believes technical analysis you can go touch the low of March 2009 or even lower. The crisis we are experiencing is in fact more serious than that of three years ago because this time it is not the bankruptcy of one or more banks, but the bankruptcy of one or more States, so the problems of a different magnitude, in terms of their economic and especially political resolution.

How do you explain this precipitous drop?

As in 2008, financial markets were dislocated during the summer. There is now only a few buyers and many market players are taking advantage of any rebound to settle more positions. Also new microeconomics is no longer supported.Investors are looking more because the health of companies but only macroeconomic statistics or information. Since the summer, the flow of news, always negative, points out that the problems are structural and feeds a climate of anxiety in markets that are on the precipice. Political leaders do not seem to be aware of.

Therefore what strategy should investors adopt by the end of the year?

Some titles "refuge" as Essilor, Sanofi, L'Oreal and Air Liquide are kept in the portfolio. But volatility remains high and the risk of further correction as well.That's why I advise investors to discover the techniques to learn to hedge their portfolios with options or CFD (contract between two investors who agree to exchange the difference between the opening and Closing of support) to cushion the shock if further decline. In the panic, investors often sell too late.

The adoption of the second conditional aid package to Greece by the German Sages is not likely to reassure investors?

It is a relief. Yet it is a "Yes … but." Long as there is a "but" in the ads on the debt crisis, financial markets will continue to brood as these conditions overlap with the responsiveness needed to face an emergency no fax payday advance.They sanction the policy of "baby steps" of states and the total lack of solidarity within the euro area. Financial markets require only the words of intent but long-term certainty. What the politicians are unable to provide them because of their short maturities.

Are you worried about the euro area?

Yes I am. Of course, unlike the Anglo-Saxons, we do not feel in the euro area of ​​hatred against the European currency. Now if political leaders do not take the measure of the crisis in which we find ourselves, an explosion in the euro area is inevitable.Therefore, two scenarios are possible: either an exit of the weakest states in the euro zone as Greece and contagion Portugal, Spain see Italy or output states that do not want to pay for others such as Germany, the Netherlands and Austria.

So with these massive sales of shares, you expect a flight to government bonds when the debt crisis brewing in Europe and the United States?

This seems paradoxical, but yes. Institutional investors always prefer to put their money on assets "refuge" and especially liquids. As proof, the 10-year bonds of the United States have not suffered from the deterioration of "AAA" of the country. The run on U.S. government bonds has even caused a decline in their performance at historic levels.Same point in Germany and France or the bonds have not suffered from the debt crisis. This means that as long as fear prevails, German bonds, French and American continue to be purchased. Instead, the assets considered risky such as stocks are penalized. This situation can be reversed quickly if positive catalyst. Until that clicks, investors should follow the strategy of China continues to diversify its investments between the United States, Europe and Africa.

Another element reassuring: the announcement of an increase, the first since May, the U.S. ISM non-manufacturing index. Good news that comes at a time of doubt about the growing economy of the United States. Moreover, investors who are eagerly awaiting the president's speech Barack Obama on jobs Thursday, learn this morning by CNN that he should propose to spend $ 300 billion to new posts.

Japanese exporters straighten the head

In Tokyo, the Nikkei, which was closed yesterday's session at its lowest for two years, started the day with a gain of 1.54%. It accelerated progression in the morning and was up 1.93% to 8756 points in a half hour of closing. The index is particularly driven by the weakening of the yen against the dollar yen trading at around 77.50 this morning, less than 77 against yen during most of the previous days. The Japanese currency fell after the decision of the Swiss central bank yesterday set a floor rate of 1.20 Swiss francs to one euro.The dollar and the euro are raised in the process, vis-à-vis the Swiss franc as well as the yen.

Also note the decision unanimously, the Bank of Japan (BoJ) to keep its key rate in the range of 0 payday loan lenders.0% to 0.1%, in order to fight against the effects of deflation and the high price of yen. The National Bank has also indicated that he still hoped a return of the Japanese economy to moderate growth between the end of the year and early next.

Side values ​​result: operators take the opportunity to return to the export sector had been battered in recent days.Among the largest increases are as Mazda Motor (3.40%), Sony (3.09%), Sharp (1.52%) and Panasonic (1.31%).

The title Yahoo Japan Corp. also climbed 1.92%, buoyed by the announcement last night of the ouster of the CEO Carol Bartz, in office less than three years, replaced temporarily by Tim Morse, current chief financial officer.

Rebound of the Australian economy

Elsewhere in Asia, is also the time for optimism. The Stock Exchange of Hong Kong and Shanghai respectively, earning 1.20% and 1.32%. The Korean Kospi flies of 2.71%, driven by the technology sector. Samsung Electronics is 4%, LG Electronics and Hyundai Motor 5.3% 2.6%. The Indian Sensex gained 1.03%.

In Australia, the S & P grants itself 2.30%. Operators have learned that the national economy, weighed down earlier this year by natural disasters, experienced a sharp rebound in the second quarter.GDP shows an increase of 1.2% over the period and 1.4% year on year, said Wednesday that the Bureau of Statistics (ABS). These figures exceed the consensus expected a 1% increase in the second quarter and 0.7% year on year.

Whether it's a humanitarian mission in Africa, a trek in the Sahara or the ascent of Kilimanjaro, this type of travel always organized around four themes, according to Yann Legendre, coordinator at Libertalia specialist stays abroad lasting. The first two are the exchange and outreach to the local economy. "Sustainable Travel, accommodation is homestay or in hotels, buy food at the local producer, operate a local bus," said he. Next is the protection of the environment.Specific example: instead of buying bottled water which may pollute the tour operator is investing in a filter pump. "We saved the purchase of 9,500 bottles last year," notes Libertalia. There remains one of the most important aspects: the local development projects. This is not a logic of love ", explained Yann Legendre. "We have identified local actors engaged in a dynamic project that we donate 30 to 60 euros per passenger," he adds.

For those who opt for sustainable tourism in the Hexagon, the basics are the same. In the villages of the network Cap France, vacationers are being such offer "kits picnic" without any packaging pollutant. They sort the waste, swim in heated pools with solar panels and eat fresh produce from local agriculture."This is a tourist friendly environment with a local proximity and social," says Jean-Michel Coeff, president of the network.

Contrary to popular belief, sustainable travel is not more expensive. "Investments are included gradually over time," says Jean-Michel Coeff. For trips abroad, the price stays is generally equivalent to those of traditional tour operators and even cheaper because the organizers did not pay any commission to providers or agencies over.

Boom offers

Since the early 2000s, the offers are multiplying on the web. Tour operators are mostly from small associative structures are already active in the sector sustainable. But the traditional tour operators are also well represented on the niche, the image of Voyageurs du Monde free credit report and score.The travel specialist tailor even claims to have adopted this approach for many years. "It's not just a fad, it is a binding approach we impose," said Frederic Lavaud, project sustainability. According to the latter, responsible tourism has become a corporate philosophy: "We have adopted a responsible for all travels. We check for instance that our partners pay their employees well. We have a corporate foundation which helps local people. In Asia, some of our destinations travelers take away the excluded villages now live a little better through these visits, "he adds. According Voyageurs du Monde, the client would become very attentive to these questions: "People are sensitive to the choice of partners and very critical if we are not in line with what we propose.This is progress. "

Libertalia confirms the trend: "Our customer base is doubling every year since 2007. There is a real awareness, a desire to return to the essence of the journey is the encounter and discovery. "

Credibility problem

Despite this enthusiasm, the trip is still a sustainable niche. According to the WTO, the 935 million tourists who took the road last year, it represents only a small portion still unencrypted. For if consciousness is actually at work, the acting out takes longer than expected. "There is still a gap between this important awareness and its translation in terms of holidays. For tourists, holiday means to live freely. People do not want to be imposed on things, "admits Jean-Michel Coeff."And for some it is a concept bobo, an ecological cult," he adds.

This credibility problem, mentioned by several tour operators, requires the industry to organize. In 2004, a group of tour operators create the Association of Tour Operators Themes (ATT). The last issue to each operator audited by the certification body AFNOR label "Acting for Responsible Tourism (ATR)." But this system is far from unanimous. "The criteria are too light and too expensive certification" portion Libertalia who prefers to make his own evaluation grid. For its part, France Cape Town in 2004 launched his own label Owl Nature. In short, it is still difficult at the moment to see clearly.

ALSO READ:

"Tourism: a good season despite the weather