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A new session promises to be eventful Thursday on Wall Street. In early trade, the Dow posted a loss of 2.70% at 10,869 points, the Nasdaq lost 2.72% to 2468 points and the S & P drops 2.71% to 1135 points.

Like European and Asian stock markets, Wall Street is not immune to the anxiety surrounding the health of the global economy. This pessimism has been going on yesterday and pessimistic of the U.S. central bank. The Fed has held that the U.S. economic recovery was "slow" and threatened by "high risk". The central bank, in this context, announced an operation to extend the maturity of the assets it holds up to 400 billion dollars by June 2012."You can interpret this decision as the Fed's will not to launch three quantitative easing (monetary easing to boost the U.S. economy, ed) immediately, says Arnaud Poutiers, executive vice president of IG Markets.

The general concern about global growth has been reinforced by concerns about the economic situation in China. 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.

In France, the growth of private sector activity in September fell to its lowest level since the beginning of the recovery in 2009, while in Germany, the composite PMI, which includes industry and services, has emerged to 50.8, its lowest level since July 2009 against 51.3 in August.

The U.S. Treasury Secretary Timothy Geithner also said Thursday in Washington that the slow economic growth was a challenge "greater" than the debt and that the governments around the world should give priority to support growth .

On the issue of European debt disturbing fact, little progress.Greece has just announced yesterday it will launch new austerity measures to get the funding it needs Troika in October to avoid bankruptcy.

Bad news on employment front

The announcement of a rise in weekly jobless across the Atlantic is not reassuring. According to the U.S. Department of Labor, 423,000 people registered as unemployed during the week of September 10 to 17. The consensus of analysts expected 420,000 new applications for unemployment benefits.

Other important indicators, such as managers' index index advanced sprix estate, are in the program.

In this context, oil prices plunged more than 5% Thursday to open in New York, returning to their lowest levels in a month.On the New York Mercantile Exchange (Nymex), a barrel of "light sweet crude" for November delivery traded at 81.28 dollars, down 4.64 dollars (5.4%) compared to the previous day. On the currency markets, the euro continued to sink against the dollar: the euro back below the $ 1.35 dollar to 1.3462 (-0.82%).

Values ​​to follow

On the corporate side, Bank of America (-5.02% to 6.06 dollars), Wells Fargo (-2.02% to 23.23 dollars) and Citigroup (-4.47% to 24.38 dollars) should still suffer from the deterioration of their rating by Moody's. The agency that the state may fly to their rescue.

Fedex (-10.15% to 65.14 dollars) has reported an EPS according to the consensus of $ 1.46 in the first quarter, a turnover of 10.52 billion dollars.

United Technologies (-7.16% to 69.51 dollars) will buy the equipment manufacturer Goodrich Aviation (10.06% to 120.50 dollars) to $ 16.5 billion (12.2 billion euros) cash, a transaction that would be the largest acquisition of U.S. industrial giant in 10 years.

Are you aware about it that now you can access swift cash without faxing much papers? If not then once try with payday loans no faxing.

Monday, August 29 at 10 am, Alexander Pugachev, the owner of France-Soir, and Remy Dessart, the managing editor, will meet with employee representatives in a council. At that time, leaders should inform staff that they have requested placement in the daily backup process, as revealed PressNews.

The newspaper, which lost 32 million euros in 2010, is expected to lose at least fifteen this year. Reportedly, the group does not bend under the weight of debt. It supports about 2 million in payables. In fact, the financing of the newspaper is provided by Alexander Pugachev himself, who regularly feeds the current account of the newspaper to pay the bills.Figaro in an interview last November, he declared: "France-Soir has no bank debt … We lose about 2 million a month and every month I put money on account."

This backup procedure, if accepted by the Commercial Court of Paris, will allow the appointment of an administrator. Its role would be not to negotiate with creditors, but rather to address the structural and economic reasons that make the newspaper is in permanent deficit. France-Soir and will be until the release has not reached the 150,000 to 170,000 copies by the admission of its owner.However, at present, the paid circulation of the title revolves around 74,000, despite the relaunch of the title made in January 2011.

The cost structure

Alexander Pugachev, who has already invested 50 million euros in the title, was prepared to inject 20 million euros in 2011 to run the newspaper and energize. But today, it raises the question of the cost structure of the paper. The selling price, even back 50 to 60 cents, and low advertising revenues do not find a financial balance. The equation is complicated Alexander Pugachev. To reach 150,000 copies, the newspaper needs to invest in editorial quality and a strong distribution. But this is expensive. It might therefore seek partners to share the burden.

MEDEF regrets "the unbalanced distribution of efforts between state, local and Social Security on the one hand, and households and businesses on the other." Moreover, "a number of steps leading to increases in production costs adverse to competitiveness," the main concern French employers' organization. Medef cites the increasing social package, a levy paid by the employer under the employee savings plan (participation, sharing …), which will "penalize the share of added value in the company and lead gradually to confuse the profit-sharing with the wages. "

The union claims toufefois "welcome the clear commitment to compliance with the fiscal path."

The National Association of Food Industries for its part believes that the creation of a tax on soft drinks is "unacceptable.""It is a policy identical to that which was conducted for alcohol and tobacco, and we do not want food to undergo this type of approach," said Jean-René Buisson, president of the Association National Food Industries (ANIA). "We are aware of the need to participate in collective efforts but we do not want this action is taken based on the nutritional aspects of the product."

Manufacturers of cigarettes and tobacco shops demanded government action against smuggling to protect their industry, they are threatened after the announcement Wednesday by the government of a new tax increase. "Before 2003, the parallel market was estimated at 2-3%. Today we talk about 20% in 2012, the term 25%? "Pascal Montredon concerned, the President of the Confederation of tobacconists.Several studies have smoked a cigarette in five in France comes from the parallel market, purchased abroad, online or imported through criminal networks

In the construction sector, Ridoret Didier, president of the French Building Federation denounced "a heavy blow to SMEs in the building" with "The change in the calculation of the relief on low salaries and reintegration, in this calculation, the overtime. " "The SME sector will be particularly affected as they are mostly remained at 39 hours," says he told AFP.

Liébus Patrick, president of the Confederation of Crafts and Small construction companies, is pleased to share the "message about the importance of maintaining the 5.5% VAT for maintenance and restoration [ d] been understood as the government realized that we were a growth industry. "It regrets, however, the additional movement of the plane on the "scellier" and equipment for sustainable development: "This will impact on activity and employment," he added.

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The plight of employees Sodimedical continues. For three months, the German group Lohmann & Rauscher, who owns the manufacturing company of medical equipment, refuses to pay the salaries of its fifty employees, says the "Parisien in France Today" on Friday.

A retaliatory measure following the invalidation by the court in February of the social plan concocted by management, who wanted to relocate its production to China. Considering the economic reasons cited by Sodimedical as unjustified (because the company depends on its parent, very profitable), the high court of Troyes was the beginning of the year pushed the rules of redundancy.

Director sequestered

But since then, the situation of employees of Plancy-l'Abbaye, in the Aube near Troyes, stronghold Baroin, has not arranged.As of May, Sodimedical no longer paid the salaries of its employees guaranteed payday loans. "The employees are without work and without income illegally," said Mr. Brown, their lawyer.

Despite several convictions by the courts, forcing the company to pay wages on pain of penalty, financial difficulties accumulate. "The state is unable to enforce court decisions. We met with the Minister of Economy Baroin, who returned the ball to the prefect, "said an employee on a daily basis. Without success.

Twice in June, employees have unsuccessfully tried to succeed by sequestering their manager, later released by police.The Commercial Court of Troyes should again today to decide the fate of employees Sodimedical.

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"The impact of relocation on employment remains marginal

"SPECIAL – Social conflicts, companies in crisis

Like Wall Street Tuesday night, which has rebounded strongly, and Asian markets Wednesday morning, that show – more moderate – from green, the Paris market opened in positive territory much. It was nothing of the surprise meeting convened by Nicolas Sarkozy interrupted his holiday to address the issue with several ministers of the economic crisis and financial.

Around 10:30, the Cac fell into the red while the index was doing very well in early trading. like its European hologues, which in turn, always show the bright green. Investors are relieved by the findings because of the Fed, which ensured that it would extend its monetary policy ultra-accommodating while maintaining zero interest rates until at least mid-2012 and exploring other measures to support the U.S. economy.The Fed confirmed that the U payday loan online.S. economy is in trouble, especially since the deterioration in the debt rating of American long-term.

But the French side, poor statistical stopping the rebound came as the Paris Bourse was trying to afford. French industrial production has displayed sharp decline in June, -1.6% compared to May after a significant increase of 1.9% the previous month, said Wednesday the National Institute of Statistics (INSEE) . In the only manufacturing industry, which excludes mining and construction, production was also significantly decreased in volume compared to May (-1.9%), according to INSEE. She was up sharply in the previous month (+1.4%).

For the economist Nicolas Bouzou, it is too early to speak rebound:

The player is used by default in the articles of figaro.fr. Maj7

For Majencia, a French company whose clients are exclusively French, to produce 20,000 km was "questionable logic," in the words of its current CEO, Vincent Gruau. With the adventure of trying relocation in 2004, in 2006, when the company encountered serious financial difficulties, the newly appointed CEO has decided to repatriate all of the manufacturer's production office.

"When I joined the company, I found that our plants were in a situation of overcapacity. The workers were laid off at 20%. Rather than close the plant, whose vacancy was expensive, we decided to give work to our employees, "said Vincent Gruau.

Social progress

The company at that time in full recovery, putting on sustainable development.From this point of view, the relocation of production is clearly relevant: it is a CO2 saving, and social progress for the company employees who see their jobs secure. It remained to assess the economic impact of such change.

Given the nature of the products Majencia including metal storage boxes – the raw material and transportation were already 80% of their cost. "Our products are heavy and bulky, their price per kg is low. These are typically products that support a hard rising costs of transportation, "said Vincent Gruau.

When energy prices begin to rise, the cost differential production with France rises to 10%. To fill the latter gap is that the direction of the working groups with the workers at its plant in Noyon, in Oise online payday loans.Objective: To identify the stages of manufacture, areas for improvement in productivity, which will relocate in September 2006 in constant costs.

More flexibility

If the primary objective of management was at full capacity to hold one of its French factories, the relocation has had other benefits, this time trading. Besides selling point is that the anchor 100% French, Majencia gained flexibility. No more delays transport 6 to 8 weeks which require to store the items. The manufacturer of office can now provide on demand.

"Our customers are increasingly attentive to the quality of work spaces. They expect from us a custom production that we could not provide China, because we did not master the entire process of production, "says the CEO.While only boxes light gray and dark gray out of their Chinese factories, Majencia now produces small batches to order. "If a customer asks us boxes purple polka dot young, we can provide!".

Since the relocation, 31 positions were created after the finances of the company recovered, from 2009. While production of 30,000 boxes were repatriated in 2006, the additional volume has now more than doubled. With a net increase of 174% in 2010, the company is now profitable, is considering moving to 90,000 in the coming years.

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"The impact of relocation on employment remains marginal

"SUMMER SERIES – Why I relocated

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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"Genevieve Lethu: quality enhancement French

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.

LE FIGARO. – Your net half-year euro rose 17% to 6.7 billion euros. Part of the French public displays Total estimated benefits "insolent." What do you tell him?

Christophe de Margerie. – What do you want Total to answer those who have already tried? However, I am ready to discuss the importance of our results and what they serve. In the first half, we invested 11.3 billion euros. We prepare the future, not just to look for oil and gas but also by positioning ourselves on new energy sources such as photovoltaic. In the second quarter, our results in dollars rose by 7% yoy and 19% in the first half.This is a more moderate increase than in oil and gas knowing that it mainly benefits the producing countries, our average tax rate was increased to nearly 60%.

It blames the gasoline pumps, starting with Total, a secret on prices …

There are no more transparent than the fuel market in France: the prices are posted daily on the Internet and on motorways. But the best protection for consumers is competition. The distribution market in France is hypercompetitive, with margins among the lowest in Europe, less than 1 cent per liter. This has led almost all the major oil companies to withdraw from the French market, but at least not total! For me, the fewer stations in France is a concern because it affects access to energy for all the French.Let us not forget that if our brand image of a monopoly, it is never that 20 to 25% of the market based on fuel. Far from the supermarkets, which account for more than 60%.

In France, Total is testing gas stations cheap, will you extend this experience?

The first results are satisfactory. We intend to extend the experience. Many issues remain unresolved, including the name and position in relation to our current network. One thing is certain, if we convert the try, we'll do it our way, with low prices, certainly, but also a real quality of service. Before any changes, a necessary preliminary: the dialogue with social partners.

You explore and exploit deeper and deeper, further. Is not it risky?

We do not manage a pension.Our goal is to identify and develop the reserves today that will meet the demands of tomorrow payday advance. For this, we must actually take calculated risks but the real risk of being hindered in accessing new reserves. So yes, we are going to countries 'difficult' in the political, technical or environmental: Burma, Nigeria, Libya or Canada and its oil sands … Production costs have soared. A barrel today is much more investment than ever, it is of a barrel of "high technology". Macondo after (the explosion of the BP platform in 2010 in the Gulf of Mexico, Ed), our security requirements are more than ever the priority but it will take part in rising costs, as well as requirements energy efficiency and reducing emissions of greenhouse gas emissions.I remind you that Total is committed to halving its volume of gas flared between 2005 and 2014.

What is your strategy to access these new reserves?

We are strengthening our strategy begun almost two years. We have made acquisitions of high quality. While we were rather conservative on sales, we prove that we know sell and sell well. We have sold our interests in the Spanish company Cepsa, to nearly $ 4 billion in an offshore block in Angola, most recently in the Norwegian gas pipeline network.We breathe our asset portfolio and disclaim cash flow for future growth on younger workers, focused on our growth areas in high technology – the ultra-deep offshore, liquefied natural gas (LNG) or gas as unconventional shale gas – while ensuring a good geographical balance. These eighteen months we have seen thus strengthen our position in Russia, Australia, Canada or in East Africa.

With shale gas, Total is it becoming a group more gas?

Our strategy includes both oil and gas. Today, gas is essential, it is cleaner than coal and oil to produce electricity. Gas now accounts for 45% of the total production, oil 55%. Shale gas has upset the market in the United States.In Europe, we start – when you can – just exploring, although many of exploration permits for the shale gas is already taken. However, we are already permits in Denmark, Poland, with Exxon, and Argentina.

Carlos Tavares, the new number two at Renault is expected today at Flins, near Paris. He must find the right words to explain the delay in the electric battery plant must be built, but the entry into operation was shifted to 2014. Originally, it was Carlos Ghosn, the CEO, who was to make the journey to take stock of an experiment on electric vehicles. But the iconic boss has canceled his visit.

To justify the delay of the project, the group had originally referred to "technical problems" before last week to discuss the "complexity of the legal and financial" project cheap pay day loans. It seems that the Japanese NEC, which designs the batteries with Nissan, Renault's ally, did not see a very good eye on the proliferation of players, according to sources.The project is now simplified, since Renault has chosen to dispense with using the Strategic Investment Fund (ISF) of the State and the CEA.