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Solidarity and ecological travel. The idea is gaining ground in the minds of many tourists. This practice has a name very trend: the "sustainable tourism". According to the definition given by the World Tourism Organization (WTO), it is a holiday that "meets the needs of present tourists and host regions while protecting and enhancing opportunities for the future. "

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.

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In the wake of the rebound in U.S. indices, the benchmark index in Paris was up 2.16% to 3154.20 points on Monday night at closing. Enough to clear the heavy losses the last two sessions, and even the redépasser 3150 points.

The Frankfurt Stock Exchange also closed up sharply Monday after meeting exceeded the 3%: the DAX index of thirty blue chips gained 2.39% to 5670.07 points, also carried by the speech of Friday Federal Reserve Chairman Ben Bernanke, who was reassuring on growth.

Friday, after a negative early trading, Wall Street has indeed ended the session on gains of 1.2% for the Dow and the Nasdaq 2.5%, investors focusing on positive ads during the next meeting Federal Reserve in September, Ben Bernanke hinted at the conference of Jackson Hole.The anticipation of a further intervention by the Fed puts the dollar under pressure against a basket of currencies: the dollar is trading at 1.4507 dollar per euro to 17 hours. On Monday, the U.S. indices still show green, reinforced by the recovery in consumption of U.S. households in July.

And always in the context of the general economic meeting in Jackson Hole's new Executive Director of the IMF, Christine Lagarde, has urged this weekend to recapitalize banks. She said that the European institutions "need of urgent recapitalization." The former Minister of Economy and Finance believes that these measures are the "key to cut the chain of contagion." So new fears for the banking industry, already largely weakened during the summer.

Pending on the details of the background of aid to Greece In Greece, aid modalities are not yet fastened.Negotiations were slowed by the requirements of Finland and the new challenges of Athens, whose stock rebounded strongly on Monday, however, and accounted for up to 9% increase on mid-term, on the bottom of the side of mergers expected Greek banks, in the early afternoon.

In addition, investors seemed to adhere to about Laurence Parisot. And referring to the financial crisis, the president of the employers' association (MEDEF) estimates for its part, that "if Europe were attacked, not because it is weak but because it is strong, and if it is envied, because it is enviable, "In an interview with Le Figaro, the boss of the bosses denounced a U.S. plot against the euro area.

Irene reduced cost

Other news of the weekend: the passage of Hurricane Irene passed through New York without drama. He also was demoted to a tropical depression.U.S. markets should open smoothly and Monday. Hurricane Irene would have between 500 million and one billion dollars in damage in the Caribbean and the United States, according to catastrophe modeling firm EQECAT. A figure below the most pessimistic forecasts considered before the hurricane.

The price of Brent was down, refineries and oil terminals on the East Coast of the United States seem not to have suffered major damage, easing fears of a supply disruption. In addition, Libya resumes oil exports within a month, according to the spokesman of the Arabian Gulf Oil Company (Agoco), controlled by the rebels. Crude oil production will resume in mid-September on two deposits in the country.A barrel of "light sweet crude" for delivery in October takes the field, to 85.46 dollars per barrel of Brent North Sea crude for October delivery stabilizes at 110 make quick cash.8 dollars.

Among the statistics expected Monday in Wall Street, the surprise came from consumer spending. The Americans have in fact spent more than expected in July. Up 0.8% on month, consumer spending across the Atlantic more than 0.3 percentage points the level expected by analysts. The promise of home sales have, they, down 1.3% in July compared to June, as the market expected, according to figures released by the National Association of Realtors. They increased by 2.4% in JuneOver one year are up 14.4%.

The bank bounce despite the warning Lagarde

As for values, on the eve of the biannual publication of trucks from the coast (Bo uygues, Carrefour, L'Oreal, Vinci …) at the end, only two cuts were regrettable among the 40 largest capitalization on Paris: the Danone (-0.35% to 45.57 euros) and Essilor (-0.68% to 52.61 euros).

In addition, about Christine Lagarde did not prevent banking stocks to rebound.A technical rebound is sustainable, while the sector was the most attacked in recent weeks: Société Générale (3.61% to 22.10%), Natixis (3.72% to 2.78 euros) Crédit Agricole (3.37% to 6.63 euros) and Axa (2.30% to 10.47 euros) and BNP Paribas up the rear with a more moderate increase (2.49 % to 34.39 euros).

In addition, Ingenico (2.49% to 27.55 euros) announced that it had repurchased TNET, an Italian company specializing in payment terminals, for an amount that was not disclosed. According to Ingenico, TNET manages an installed base of 45,000 terminals in Italy.

APRR (0.13% to 52.32 euros) will observe the re-opening until September 9 of the OPR launched by Eiffage (2.22% to 31.36 euros) and Macquarie.The toll road was also noted Friday that the evolution of traffic early in the second half was mixed for light vehicles, but remained well oriented for heavy vehicles.

Capgemini (3.96% to 27.95 euros) announced it has signed a five-year contract with the company's payment service EnterCard Scandinavian. The group of consulting and information services will pocket 30 million euros as part of this agreement.

In addition, ING has lowered its board to maintain, against purchase, the title Arkema (1.39% to 50.62 euros) and reduced its price target on the value to 55 euros (as against 85 euros).

Channel (1.29% to 4.406 euros) could push his plans for the IPO. While the ACC has lost nearly 20% of its value during the summer, analysts are skeptical of an imminent public offerings of media group, reports Les Echos.The listing of the 20% held by Lagardère has already been de-programmed, it could eventually sell its stake in Vivendi, the majority shareholder.

For its part Orange (France Telecom 2.08%, to 13.01 euros) would be in conflict with the American Cogent. The U.S. operator has, according to La Tribune, filed a complaint against his French counterpart to the competition authority for "abuse of dominant position." Orange is accused of preventing users from accessing the site MegaUpload. The conflict dates back to January so that Orange had decided to grant the account drop traffic from Cogent.

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Sign that the markets are still very feverish, gold crossed for the first time in its history the bar in 1900 dollars an ounce to more than 1914 dollars exactly. Nevertheless, the Cac 40 was able to continue to rise on Tuesday, after gaining 1.14% to 3051.36 points at the close Monday. The index, which accounted for more than 2% in morning reduced its gains later and was up 1.08% to 3084.37 points at closing.

Of the other major European stock markets, the FTSE-100 from the London Stock Exchange gained 0.67% at end-30 Dax and the Frankfurt Stock Exchange is 1.07%.Wall Street closed Monday evening while a cautious rebound Asian stock markets advance slowly, scheduled to open on Tuesday, and more open up if we believe the index futures.

While awaiting the president's speech to the U.S. central bank, Ben Bernanke, Friday, and the publication of the second estimate of U.S. GDP in the second quarter, the same day, the markets remain nervous and are attentive to the situation in Libya where the prospect of regime change seems inevitable after 42 years of rule of Colonel Gaddafi. The wait also dominates the New York Stock Exchange opened in a small increase.

Oil prices retreat slightly

As a result, oil prices are cautious on Tuesday. a barrel of Brent North Sea crude for October delivery barrel of Brent took only 18 cents to 108.54 dollars, after losing 18 cents in early trade.In New York, a barrel of "light sweet crude" for delivery in October has opened up 66 cents to 85.06 dollars.

On the macroeconomic front, the growth in activity in France has re-accelerated slightly in August, but three months to offset the sharp slowdown that has just experienced. The manufacturing PMI rose to 53.6 points against 53.2 in July.

But, overall, the indicators of the day are at least mixed. The barometer of confidence Zew, who searches the expectations of German financial community, still has significantly declined in August for the sixth consecutive time. Private activity in euro area, it stagnated and remains at a low of nearly two years.

In the U.S., sales of new homes in July emerged declined by 0.7% in July, after falling 2.9% in June, according to figures released Tuesday by the Commerce Department.On an annual basis, the sales trend was 298,000 units, after 300 000 (revised 312000) in June. Analysts on average had forecast 310,000.

On the corporate side, while the regime of Colonel Gaddafi is expected to end, the oil is in the form: Technip wins 1.45% to 60.69 euros and total advances of 1.15% to 33.085 euros.

The CAC was increased by cyclic: Air Liquide (2.85% to 68.22 euros) signed the largest increase in the Paris index.

Schneider Electric: + 2.09% to 86.63 euros

Schneider Electric continues for the second time its tender offer in cash on all shares of Spanish Telvent at a price of 40 dollars per share.

Carrefour: + 0.62% to 18.755 euros

Carrefour announced Monday the appointment of Thierry Garnier, currently executive director of distribution group for growth markets, the Executive Director for China and Taiwan, replacing Eric Legros.

Sanofi: + 1.68% to 49.95 euros

Aventis Pharma, Indian subsidiary of Sanofi, is close to buying activities without prescription Universal Medicare, an unlisted Indian pharmaceutical company to 75.8 million euros, said on Tuesday two sources close to the situation.

Societe Generale: -0.31% to 21 euros

Societe Generale has asked the bank Rothschild to set up a liquidity contract with a budget of 170 million euros to support its action, which has lost more than 40% of its value in a month.

Eurobonds are too expensive. It is seeking to demonstrate that the calculations of the German Ministry of Finance, taken by the weekly Der Spiegel on Sunday. This mechanism, which is to pool the debts of 17 countries in the euro area, regardless of their health, the first year would cost 2.5 billion euros of interest in addition to the budget of the German finance minister. This cost would be twice as high the second year to a total of 20 to 25 billion at the end of ten years.

On this basis, German Chancellor Angela Merkel has once again firmly rejected the introduction of this system, although many market professionals believe that this is the solution to the crisis of European sovereign debt. "The Eurobonds are quite the wrong response to the crisis of the moment.They would lead us to a union of debt and not a union of stability, "she says in an interview with ZDF.

His comments echo those made by the Minister of Economy Philip Rösler the newspaper Bild am Sonntag: "The Euro-bonds are a bad signal sent to national economies failed. Cover the risks of other countries with Eurobonds would immediately drive up interest rates in Germany. This would have dramatic effects on growth in our country, "said he.

Strengthening governance

Despite all these outputs, the German government did not draw a line under this system payday loans in 1 hour. The finance minister, Wolfgang Schäuble, has again said that the countries of the euro area could issue Eurobonds if échafaudent prior fiscal policy and fiscal policy.But this move towards integration is not fast enough, he said. "Most Member States are not quite ready to accept the necessary limitations on national sovereignty. But believe me, it's a problem we can solve, "said the Minister in an interview with Welt am Sonntag.

Wishing to lead by example, Wolfgang Schäuble has said for his part personally prepared to transfer sovereignty to Brussels. "As a person, I would be ready. The idea of ​​a European finance minister I have no problem.But as finance minister I say that it is our duty to solve problems here and now, and that as soon as possible based on existing contracts. "

Wolfgang Schäuble will meet his French counterpart Francois Baroin Tuesday to discuss the harmonization of corporate tax and the introduction of a tax on financial transactions. France is the country with Germany most strongly opposed to the Eurobonds.

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After controversy and mediocre at best a few misunderstandings, we must acknowledge the political change in the euro area conducted this summer under the leadership of Nicolas Sarkozy and Chancellor Angela Merkel. Once again, it faces its most serious problems that Europe is taking its greatest progress.

After the 2008 financial crisis, Europe has faced since last year in a sovereign debt crisis that is partly rooted in the first. Some countries have seen their debt rise significantly because of the money committed to bail out large parts of their financial sector they have decided to nationalize. This is not the case of France, who withdrew 2.7 billion euros of its plan to support the banking sector. The impact of financial crisis on the real economy have also weighed on state budgets.The current difficulties are also punished too complacent management of public finances, with the vote for decades of budget deficit and rising debt.

This crisis is not unique to the euro zone, whose levels of debt and deficit, relative to the size of its economy, are lower than those of the United States or Japan. But markets have begun to test its strength and cohesion. Appropriate responses are partly national.

Spain and Italy have in recent weeks strong measures. Without being affected by financial stress comparable to other countries have taken appropriate action.

From 2007, France decided to apply the rule of non-replacement of an official two. A path of public finances has been defined, which provides for the return to a deficit of 3% in 2013 and is intangible.For the first time in 2010, spending on Medicare have remained within the limits set earlier this year. Pension reform has also strengthened our financial statements in the long term.

Nobody has the right to lie to the French on the efforts that we must make.No one can return to these measures to ensure financial and social sovereignty.

Appropriate responses are also European.

A fierce solidarity between Member States of the euro zone must win against the selfish temptations or protectionist.

With the creation of the European financial stability, the effective capacity of intervention was increased to 440 billion euros, then the decision July 21 to expand its missions in a preventive role, the Heads of State and Government of the euro area set up in a few months a true European Monetary Fund. It demonstrated its flexibility and means that interventions are tailored to the leads.

Some advocate the creation of European bonds, the "Eurobonds", they present as a panacea.But they forget to say that this would increase the cost of the French debt and could even jeopardize its credit rating. Above all, they pretend to believe that this solution may be considered now as an immediate response to market disturbances.

How to accept today the pooling of public debt through Eurobonds, while the decision to spend public money is taken in each Member State? How to separate the financial responsibility for the management decision?

It is clear that in practice eurobonds can be achieved without considerable strengthening of fiscal discipline and economic governance within the euro area. This means they pass through an integration which there is currently no political consensus.In this regard, I find it ironic that some criticize the initiatives through which we move, but called for the establishment of eurobonds.

The adoption by the Member States of the euro area of ​​a balanced budget rule with constitutional and binding on the annual budget, as proposed by the President of the Republic and the German Chancellor to their counterparts, will s ensure that everyone present as soon as possible accounts tending toward equilibrium. This will give the length of sanitation in the country finance in the euro zone credibility that will restore confidence and to discourage speculation. It would be wrong not to adopt it for the future in all Member States of the euro area. France must, on this issue, set an example.It is in the national interest.

This collective discipline would be meaningless without a collective ambition for growth. The growth in Europe requires an investment in fixed intelligence and knowledge economy. With the tripling of the tax credit research and investment program for the future is the strategy adopted by France. It also requires a better orientation of the Cohesion Fund and European Structural Funds.

In addition, a new step is necessary in the economic integration of countries in the euro area. France defends years the creation of a European economic government. It is proposed that the President of the Republic and the German Chancellor.

Seventeen countries can make the choice to adopt a single currency without incurring a movement of reconciliation of their economies, their tax systems and their social models.France and Germany have always been the motors of European integration. This week with Nicolas Sarkozy and Angela Merkel, both countries have decided to take the next step, including the creation by 2013 of a common corporate tax. On the eve of 50th anniversary of the Elysée Treaty, by which General de Gaulle and Chancellor Adenauer to seal the reconciliation between our two countries, France and Germany show their will to strengthen their convergence and start a new governance European.

Given the magnitude of these challenges, I appeal to the unity and sense of responsibility of all political parties.

Constrained by its primary, the opposition seems to say no in advance, regardless of the question. Yet there is the Socialist Party of economists and officials informed sincere.Unfortunately, while the president and German Chancellor put all their credibility in the balance to defend our currency and that the policy we conduct ensures the maintenance of the rating in France earlier, the Socialist Party seems committed to the proliferation of government jobs and contracts helped, showing that it has not yet taken the measure of effort we need to do to keep our commitments to reduce the deficit and debt.

A message of national unity is still the best answer to the doubts of markets and investor concerns. Indeed, this message most of the major European political forces have chosen to focus.

Nobody asks the French Socialist leaders to renounce their beliefs or even their legitimate ambitions.Recognize the efforts of France and Germany out of the crisis, embark on a "golden rule" of common sense, it would show responsibility and a sense of national interest that would to their credit.

LE FIGARO. -The markets are highly concerned in recent weeks of debt crises. In this context, the economy has not she also helped to disrupt?

Jean-Michel SIX. -If, of course. And we must start by saying that in times of summer holidays, the markets, which were then much lower volumes, overreact to any new economic situation. The lower the index is up or dive in a much more important than what happens in winter.

Right now, they are rather dive …

For several months, both sides of the Atlantic, the signals on growth are not good. United States, including employment prospects are very disappointing. In fact, employment is not really left since the 2008 financial crisis.Labor mobility is limited due to the housing crisis: moving to take a new position, which is much the United States, is difficult because it becomes difficult to sell his house. As for household consumption, it is significantly weakened by the debt levels of Americans. A total of 2011 should result in a 2% growth, which is very disappointing for the U.S., where the pace of activity is generally much higher than in Europe.

Europe, precisely, is it in a perilous situation?

The problem of Europe is the growing divergence between North and South. This is something that worries the markets, which are asking what does that mean in terms of consistency of the euro area.Then, after a strong first quarter, it was believed that the air hole is the second passenger (once the effects of the earthquake in Japan absorbed and oil back to lower levels). But we realize that the sequence is also likely to be poor.

Markets can they regain composure?

It is quite possible to restore calm in September thanks to coordinated action. What happened in July is that we have simultaneously witnessed a loss of U.S. leadership, unable to break the deadlock of debt and a crisis of leadership in Europe in a context crisis on public finances. This is exactly the opposite which would have required!

So how about it?

First, we must continue the work on European Governance. This is critical. Second, the timing of implementation of the second plan is important for Greece.The European Financial Stability Fund will be endowed with significant firepower, which is to say the least-welcome, but there is some impatience markets. It is important not to drag the national parliaments to adopt the device. The political signal must come quickly. Finally, the ECB has played its role, it must continue to appear reassuring.

That's what she tried to Thursday …

The measures announced by President Trichet, in particular the resumption of purchases by the ECB on secondary markets, are extremely positive.

Investors do they always trust in the euro area?

Yes. Investor confidence, especially in emerging countries has not disappeared. She even remained strong, as evidenced by the excellent performance of the euro since the beginning of the crisis.The euro zone faces a crisis of governance, not a crisis of its currency.

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The French plébiscitent increasing the "Made in France" and it has not escaped the business. A craze that falls well: rising transportation costs and wage inflation from 15% to 20% in some Chinese factories coastal converge today to encourage the repatriation of some production lines to France and Europe. But if some companies are beginning to consider such a policy change, few are still those who skip it.

"There is clearly more interesting now than to relocate whole or in part," says Jean-Luc Fonteneau, a partner in the consulting firm Diagma logistics. "But do not mistake: these factors on their own are not sufficient to stimulate a significant movement of relocations. For now, our customers are content to talk about it.The cost differential is still largely in favor of Asia, "said he.

Geneviève Lethu, Rossignol, Decathlon or Meccano, who chose to relocate all or part of their production in recent years, rather then make an exception. Geneviève Lethu for example, production costs remain two to three times higher in France than in Southeast Asia, says Edmond Kassapian, its CEO. The company has nevertheless chosen to relocation, mainly to improve the quality of its products.

In this context, the rise in commodity prices and wage inflation in recent months weigh little. "In textiles, for example, transportation is only 5% to 10% of the production cost of an item.As for wage increases, even if the percentages are impressive, they represent less than 3% of payroll French, "Jean-Luc Fonteneau calculated. Some companies also try to compensate by shifting their production to Vietnam …, the consultant observed.

Automation

The figures confirm this analysis. According to a recent study by two economists at the University of Poitiers, Liliane Bonnal Olivier Bouba-Olga and the relocations to France remain marginal effect cash advance today. Based on data reported by the Centre for Investment in 2008 and 2009, economists have identified all the operations of investment and divestment activity in France. Relocations represent only 0.3% of these operations, 24 cases in two years.In total, they recorded a relocation to six relocations, and a job created for 30 jobs lost because of offshoring. "Only 500 jobs were created in two years because of relocations," says Olivier Bouba-Olga.

Because they "do not result in any case not by major job creation," said El Mouhoub Mouhoud, an economist at Paris Dauphine University and author of "Globalization and offshoring of business" by Editions la Découverte. In most cases, they are indeed driven by companies that have chosen to automate their production. "So that the jobs lost in Southeast Asia and elsewhere are almost never compensated in France," the judge economist.

The marginal nature of the relocation is also reflected in the lack of excitement generated by government schemes to encourage them."The tax credit for relocating business established in 2007 has hardly ever been used," says El Mouhoub Mouhoud. As for the relocation bonus, with a budget of 200 million euros and announced with great fanfare in the aftermath of the States General of Industry, it is simply more. "The premium has been recast in within a broader, that of using the re-industrialization," says one to the Ministry of Industry. The latter has only 20 million euros. If "the world's factory" that is China is losing some ground, France did for the moment that gets a few scraps.

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The U.S. stock markets open lower again on Friday. The Dow Jones down 0.87% at 12,134 points and the Standard & Poor's 500 and Nasdaq 100 recede 1% respectively in 1287 and 0.96% points to 2740 points. Thursday, Wall Street recorded a fifth straight session decline.

The bad news on the front of the U.S. economy weighs heavily on the trend of economic growth the U.S. has slowed sharply in 2011 to 1.3% annual rate in the second quarter in a first estimate published Friday by the U.S. government.This growth rate, below analysts' expectations (1.8%), is particularly low given the significant revision of the first quarter, now estimated at 0.4% against 1.9% in June

U.S. markets are also penalized by the current political impasse in Washington, where Democrats and Republicans compete on the thorny question of raising the federal debt ceiling and deficit reduction. Just a few days of August 2, after which, according to the Treasury, the U.S. may default a blocking this weighs heavily on investor sentiment.That night, the U.S. House of Representatives postponed the vote on the plan of raising the U.S. debt ceiling.

Barack Obama will speak this Friday at 16.20 Paris time.

This new failure could, under the new Executive Director of the International Monetary Fund, Christine Lagarde, affect the value of the dollar. "One consequence is a decline in the dollar as reserve currency and reduced confidence in the dollar," she said in an interview with PBS.Some 14 patrons of banks, insurance companies and other financial institutions on Wall Street Thursday wrote to President Barack Obama and members of Congress to "call upon to reach agreement this week."

Moody's lowers rating outlook for Spain

Adding to the nervousness of the markets in Europe, the rating agency Moody's is considering lowering the rating of Spain. On the foreign exchange market, the euro was immediately dropped below the 1.43 dollar. Around 11:00, the European currency was worth 1.4276 dollars against 1.4324 dollars on Thursday night. Oil prices also retreated in the late morning. A barrel of Brent North Sea crude for September delivery was trading at 117.10 dollars on the Intercontinental Exchange (ICE) in London, down 26 cents from the close of Thursday.In electronic trading on the New York Mercantile Exchange, a barrel of "light sweet crude" (WTI) for the same maturity fell by 52 cents to 96.92 dollars.

On the macroeconomic front, investors will be watching today's first estimate of gross domestic product (GDP) of the United States in the second quarter.

The side of values

Starbucks (-1% to 39.58 dollars) unveiled for the third quarter of its fiscal year profit up 34% to 279 million and a turnover of 2.9 billion dollars, up 12% and 8 % same-store thanks to an increase in traffic (6%) and average ticket (2%).CEO Howard Schultz commented: "We hope to achieve our EPS growth of 15% to 20% in fiscal 2012. ".

For his part, Metlife (1.48% at 40 and 40 dollars) recorded operating income of $ 16.9 billion, up 33%. Premiums and other revenues increased to 11.8 38U billion, following the acquisition of Alico, while investment income jumped 24% to $ 5.1 billion.

Chesapeake Energy (3.77% to 34.69 dollars) realized in the third quarter earnings per share of 0.76 dollars against 0.75 dollars excluding special items.

Expedia (3.48% to $ 30) recorded an adjusted earnings per share of 0.55 dollars in the second quarter against 0.44 dollar a year earlier. Revenues jumped 23% to $ 1 billion.Gross bookings increased 19% and the number of transactions increased by 15% while advertising revenues rose 27%.

McKesson (0.60% to 80.08 dollars) made from earnings per share for the first quarter of 1.27 dollar against 1.16 dollar last year and a turnover of 30 billion dollars in 9% increase. The company raised its earnings per share target to 6.09 – 6.29 dollars against a previous estimate of 5.55 – 5.75 dollars.

Motorola Mobility (-5.06% to 21.75 dollars) has issued an earnings per share for the second quarter of 0.09 dollars against a loss of 0.3 dollar per share last year. Sales rose 28% to $ 3.3 billion.

The Asian market returns to the green on Wednesday. Investors in the region are encouraged by the rebound recorded in the markets of Europe and on Wall Street yesterday, despite dominating the wait before the meeting of Heads of States of the euro zone on Thursday. Moreover, U.S. President Barack Obama has sought reassurance on the issue of sovereign debt of the United States. He found "consistent with (its) approach" on raising the debt ceiling a new plan presented Tuesday the Senate, and held that "progress" had been made in negotiations with his Republican opponents.

Finally, another source of motivation for investors: the good results from Apple. After those, equally good, IBM, the group reported Tuesday a quarterly revenue again well above expectations, driven by strong sales of iPhones, particularly in Asia, and tablets iPad.This new support this morning all the technology stocks in the region.

In Japan, the Nikkei shows a rise of 1.15% at 10,003 points at a time of closing, including increased by Pioneer (3.12%), SoftBank (2.61%), Toshiba (2 , 99%) and TDK (3.18%).

The Stock Exchange of Hong Kong more timidly climbed from 0.10% to 21,914 points. The bank is on the rise as Bank of Communications (0.91%). In contrast, the Shanghai Stock Exchange was down 0.41% to 2785 points. In Korea, the Kospi up 1.15% and the Indian Sensex gained 0.36%. The S & P Australian advance of 1.60%, boosted by the progresison heavyweight BHP Billiton (1.64%), which announced that a new record for annual production of iron ore. Action News Corp (3% to 14.94 dollars) is also continuing its rebound after the hearing of his boss Rupert Murdoch in front of British parliamentarians.

Oil up

Oil prices were also up Wednesday in electronic trading in Asia, with investors encouraged by the figures better than expected real estate in the United States, analysts said.

In morning trading, a barrel of "light sweet crude" for delivery in August took 80 cents to 98.30 dollars. That of Brent North Sea crude for September delivery took 69 cents to 117.75 dollars.

Critics of the authorities are far from the decision of the rating agency Moody's: brutal. The German government and the European Commission on Wednesday challenged the sanction of the agency against Portugal. The country, which enjoys an international financial assistance, was relegated Tuesday category called "speculative" by Moody's.

"Not only the timing of the decision by Moody's is debatable, but it is based on hypothetical scenarios absolutely, not at all consistent with what is implemented," said the spokesman of the Commission Amadeu Altafaj. "This is a regrettable episode, which raises again the question of the relevance of the behavior of rating agencies." Even suspicion in Paris."It's not the look of a rating agency that will solve the case of the tension of sovereign debt and budget crisis," insisted Wednesday morning the new Minister of Economy Baroin.

Limit the "oligopoly"

You have to put limits on "oligopoly" enjoyed by the three global rating agencies such as Fitch, Moody's and Standard & Poor's, has claimed for its part, the German finance minister, Wolfgang Schäuble. He said not to believe that the decision of Moody's based on any justification. The efforts of Lisbon go even further than its creditors demand, he argued. The Portuguese government has also protested against the sanction of Moody's, as in previous damage.

Portugal is trying to implement an austerity plan, negotiated in exchange for 78 billion euros in loans from the European Union and the International Monetary Fund. No significant event has occurred in recent days on the forehead Portuguese fast payday loan no faxing. The decision by Moody's still dramatically raised the interest rate at 10 years of Portuguese debt, which has never been far from the German rate, the market benchmark. The total cost of insurance against the risk of bankruptcy of the country for its part, jumped on Wednesday at midday more than 100 points to 870 points, according to Markit.

"Bias" against Europe

The Commission President, José Manuel Barroso, himself a Portuguese, said he regretted "profoundly" the announcement by Moody's. This "adds a speculative element" in an already tense, he said."I particularly regret because of the timing and magnitude," he said, adding that "there may be some bias in the market when it comes to assessing the Europe ".

The struggle between European governments and the rating agencies is not limited to Portugal. The rating agency Standard & Poor's Monday questioned the plan outlined by Paris and banks to launch a second aid package for Greece, with private participation. The agency has determined that such a measure would require it to place the country in trouble in a situation of "partial failure". To which German Chancellor Angela Merkel, strong supporter of charging the private sector, responded that it was necessary to trust the European institutions.

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