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The government calls it "a false flat economy." But simply slowing growth announced Wednesday morning by INSEE (+ 0.2% in the fourth quarter of 2011, after +0.3% in the third quarter) is a pleasant surprise. In the midst of turbulence in the euro area, it not only to French growth from to 1.7% in 2011 – a figure that has line width closely corresponds to the expectation of the Government. But it also prevents the entry of countries into recession. In its latest memo on the economy, established in December, the statistics institute saw no improvement emerge this winter and announced a negative fourth quarter.

Contrary to this scenario, the last three months of 2011 were marked by a more or less good performance of all the main drivers of activity. While employment has greatly suffered in late 2011, spending on household consumption slowed without collapsing (+ 0.2% in the fourth quarter, after +0.3% in the third). Business investment has accelerated significantly (+ 1.4% at – 0.4%). As for the deficit, it is a bit small – under the blow of higher exports and lower imports – allowing foreign trade to contribute significantly to both a growth (+0.7 points).

The Minister of Economy Baroin noted in a statement that these results were achieved in "a difficult international environment." But the comments from Bercy sobriety played Wednesday and took care of complacency, the executive knows that the equation of economic and fiscal 2012 has not become simpler in one day.

Appropriations in reserve

In the wake of European difficulties, a GDP contraction is expected in the first quarter of this year (0.1%), before a small growth spurt (also 0.1%) in the second quarter, according to forecasts INSEE. Under these assumptions, the growth overhang at mid-year would be almost nil. Suffice to say that although the government has revised down its growth forecast for 2012 (0.5% against 1%), nothing is won yet. To accommodate this new lens, a 0.6% increase in GDP per quarter during the second half of the year is necessary. But we must go back well before the crisis, in late 2006 and early 2007, to see similar growth rate.

The government has repeatedly said he had put enough money in reserve to hold its trajectory to reduce public deficits without resorting to additional austerity measures. He welcomed the results better than expected on the forehead of public finances in 2011 give him a little oxygen for 2012.

But almost sluggish growth this year would considerably complicate a fragile situation. Half a point less growth, it is about 5 billion more to find. It will take somewhere, have clearly in mind the French: Paris is committed to its partners in Brussels to bring back the deficit to 4.5% of GDP at end 2012. This objective is "intangible", regularly repeats the Prime Minister Francois Fillon. Election year or not.

Officials will be more affected by rigor. The government decided on Tuesday: one day waiting period will be established for employees in case of sickness. Earlier in the day, the Prime Minister, François Fillon, was tried before the House the case "reasonable." This period corresponds to the time at the beginning of the stop, during which the insured does not receive allocation.

In private, the waiting period is currently three days. But under the austerity plan, the government plans to bring it to four days, stated Valérie Pécresse and Xavier Bertrand on Tuesday. A measure subsided, according to the entourage of the Minister, by which pension arrangements are provided 70% of employees, which may reduce or eliminate this delay.

Stops short penalized more

This extra day would represent a saving of around 200 million euros.

Thunder on Corsica. The Administrative Court of Appeal overturned Monday in Marseilles the public service delegation (PSD) of maritime transport between the island and the mainland, a delegation intended to ensure territorial continuity and with a coquettish grant.

Upon assignment to the SNCM and CMN service contract for the period 2007-2013, Corsica Ferries had attacked him. Peter Mattei, the director general of the company, so savor his victory: "It shows that we were in our right and that has suffered!"

The leader has always considered abnormal grant of 33 million euros allocated by the Transportation Agency Corsican (OTC) for the SNCM ferry for peak periods, in addition to the 66 million allocated for the basic service (cargo passengers and freight throughout the year) to SNCM and CMN.The Court found that there was violation of the European regulation on maritime cabotage.

The "safeguard clause" included in the delegation contract is also in the sights of the Court. This clause makes it possible for companies to benefit from a delegated additional grant anticipated revenue when the contract is not to go. This supplement is considered state aid and tens of millions of euros may have to be repaid.

"An overhaul of the system"

A new bid must be launched for a new contract operational on 1 September 2012. "It will be very difficult to meet this deadline," Paul said yesterday Mary Bartoli, president of the CTA.

Disturbing signal. The leading indicator of the economy, the PMI fell to 46.8 points in October, against 50.2 in September, Markit Economics reported. The index, published in draft form, is passed below 50, reflecting a contraction in activity.

"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."

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Intel against the current vogue. According to the worldwide microprocessor, the death of the PC (Personal Computer) in favor of smartphones and tablets is not announced.

Turnover of Intel blazed by 28% in the third quarter to $ 14.2 billion, for a net profit of 3.5 billion, up 17%. The strong increase is explained by the dynamism of chips for PCs, whose sales rose 22% to 9.4 billion. "Companies around the world support the purchase of PC. In addition, there is an upmarket laptops, "explains Stéphane Negro, CEO of Intel in France. Thus, the average selling price of a microprocessor increases, resulting in the margins of the group.

Activity remains the most profitable chips for servers, the mainframe computers used in particular to oversee a network of PCs.The demand for this class of machine is very high due to the construction of new data centers, conversion of companies in cloud computing (cloud computing) and scientific computing. Then, the next chip for servers is "twenty times more demand than that of the previous generation, at the same time," says Stéphane Negro easy pay day loans.

"Ultrabooks" second generation

In addition, one third of the growth of Intel, in the third quarter is attributable to acquisitions. The security software company McAfee and the modem division of German Infineon boosted sales of 1.1 billion. To support its growth, Intel will invest at least $ 10.2 billion to modernize its plants in 2011. This is a record for the group and probably for the entire sector information technology.Intel retool its plants to increase the density of transistors on each chip, reducing the burning characteristics and deploying a new production technology. Its development should be used in one year for the second generation of "ultrabooks" laptops, powerful and lightweight.

Paul Otellini, Intel's CEO, confirmed that in 2012, the group will finally chips used in smartphones and tablets. The stock has gained 4% yesterday.

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Three weeks after the government's announcement to freeze gas prices for individuals on or after October 1, GDF Suez took, as the company announced at the time, the competent courts in protest against the decision. The group on Thursday filed an action for the Council of State to request the cancellation of an order made by the government.

The investigation of this type of case takes on average between 12 and 18 months. But the length of the procedure does not scare GDF Suez, which the argument is simple: the law requires that the procurement costs of the company are covered by fees, and grant a small margin. Upon arrival, if the formula price was applied on October 1, gas prices for individuals would have had to climb 10%.GDF Suez's estimated shortfall by the end of the year to some 290 million euros cash advance no fax.

For its part, the Commission for Energy Regulation (CRE), the industry policeman, issued an opinion unfavorable to the Government Order. Meanwhile, the regulator gave the Minister of Industry, a report on the Exploring the evolution rate of increase gas prices. One of the measures mentioned by the CRE is to increase – in the development of the formula – the share of the market price of gas now cheaper for the consumer and supply contracts in the long run.

This design technique should allow to reconcile the evolution of gas prices with the political imperative to avoid any increase, especially brutal.

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Markets take a breather. After four sessions chained up in a row, the CAC 40 lost 0.25% to 3153.52 points. The volumes remain thin. About 2.7 billion changed hands on the great values ​​of the Paris stock exchange. Operators have benefited from the strong performance of the last day to reap a share of profits.

Lack of energy also in other major European markets, which ended in a disorganized. In London, the FTSE fell symbolically 0.06%, while in Frankfurt the Dax was up 0.30%. Of the European indices, the Euro Stoxx 50 slipped 0.50%.

Wall Street was also on the reserve. In session, the Dow fell by 0.26% and 0.35% Nasdaq clawing. Investor caution was reinforced by the expectation of several major events.In Europe and the United States.

For specialists in Barclays stock, the markets were essentially "focused on the voting Slovakia for the ratification of the European Financial Stability Fund." Slovakia is the last of 17 countries in the euro area to decide. In order for this tool, designed to help fragile countries in the euro area to work, the votes of 17 countries in the euro area is needed.

Opening of the ball results on Wall Street

Febrile, investors have minimal response to green light by the Troika, comprising the creditors of Greece, the release "early November", a new tranche of the loan in Athens, vital for the country low interest rate personal loans.

The outgoing president of the European Central Bank, Jean-Claude Trichet, also dampened investor optimism.He said that "for three weeks, things have deteriorated, the crisis has become systemic."

The launch of the quarterly earnings season in the U.S., added to the uncertainty, while the U.S. economy is idling.

As usual the aluminum giant Alcoa will open the show of these announcements after the close of Wall Street. These publications will tell more about the economic outlook of the world's largest economy, which continue to worry the markets.

Bank stocks up

In Paris, as in the rest of Europe, however, the banking sector continued its forward march.José Manuel Barroso, President of the European Commission Jose Manuel Barroso said on Wednesday that he would "proposals" concrete to the European Commission on the recapitalization of European banks.

Credit Agricole SA has gained 1.12%, BNP Paribas was up 2.96% and 5.28% Societe Generale. Operators, disoriented and obviously out of inspiration, wore special attention to the beliefs of analysts. Vallourec (-1.42%) and Aéroports de Paris (-0.85%) have seen their recommendation downgraded by JPMorgan and Essilor (-3.83%) by Morgan Stanley.

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Sharp put on Orange and the French market to go back to the conquest of Europe. France is deemed to be the European country most fond of new technologies. What motivated this choice. The Aquos is available in Orange stores and online from October 6. It should be available from 199 euros (with an offer to pay 100 euros) with a subscription Origami Star 3 hours (59 euros per month). Without a subscription, it is much more expensive: 639 euros.

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

Second straight session of significant decline in Asian stock markets. After diving the day before amid concerns about global growth, the main regional indices appear again in sharp decline: the Hang Seng Index of Hong Kong Stock Exchange falling 1.68% to 17,610.70 points, The CSI 300 Index of Shanghai from 1.17% to 2654.35 points, the Kospi index in Seoul 4.04% to 1727.72 points, the S & P / ASX 200 index in Sydney from 0.51% to 3944.50 points, the BSE Sensex 30 Index of Bombay from 0.88% to 16,217.80 points and the FTSE Singapore Straits Times Index 1.27% to 2686.11 points. Only the Nikkei in Tokyo Stock Exchange closed for the holiday, escape the downward spiral.

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.

Certainly, Barack Obama will not have failed to read the study. While the U.S. President will propose to Congress on Monday a special tax on the income of taxpayers earning over a million dollars a year (about 725,000 euros), a survey by the University of Virginia published in early September in the journal Psychological Science, points out that a more progressive tax system is, the higher the level of "happiness" of its citizens is high. In other words, severely taxing the wealthiest taxpayers would be a catalyst for social welfare, said Shigehiro Oishi, director of the study.

Based on the results of such surveys of the American Institute Gallup, the researchers sifted through the levels of well-being of 54 countries by comparing them with the "escalation" of their respective tax systems.It appears that countries with happiness displayed by the people is the highest (led the quintet Denmark, Finland, Switzerland, Belgium, and Australia in that order) are those whose levels of taxation do matter the most high vis-à-vis the highest incomes. Note that France, whose maximum tax rate fell from 48.1% to 41% over the period 2003-2010 according to a KPMG survey of the institute, for its part, is ranked the twelfth largest in terms of " happiness "overall.

Public services better

But because of the difficulty of measuring this "joie de vivre", which does not depend exclusively on the level of wealth of a population, these results are to be taken lightly.And the United States, the richest country in the world and has a maximum tax rate of 35% in 2010 to eighth carracolent barometer of well-being of Gallup, far ahead of France.

Still, according Shigehiro Oishi, the correlation between a higher tax on high incomes and "joie de vivre" is mainly due to better quality public services in the countries concerned. He cites all government expenditures for "housing, education and public transport."

Under this prism, so some argue that the will of Barack Obama to tax more millionaires will have no impact on the happiness of Americans, as this is seen against a plan to reduce the budget deficit. But gentle irony, at least one of its taxpayers would certainly his "joie de vivre 'progress: the billionaire Warren Buffett.In an article published last month in The New York Times, the head of Berkshire Hathaway investment fund argued for such a measure: "While the poorer classes and middle classes are fighting for us in Afghanistan, while most Americans are struggling to make ends meet month we mega-wealthy continue to benefit from special tax exemptions, "he complained. Not sure, however, that the unanimity of implementation within the cocoon of "mega-rich"!

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