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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.

Renault Twingo will have to sell its cheaper than the Dacia Logan According to La Tribune. The automaker will reduce for two months and the price of its Twingo 6990 euros to 7600 euros against the Dacia Logan. A discount of 31% (or 3,150 euros) paid by the manufacturer.

To receive this offer, requires reversal of Renault vehicles over eight years for the case. This choice comes as the new number two manufacturer's Carlos Tavares, takes office today. For a month and a half, the automaker had proposed cuts of 45% of the Clio III, sold less than 8000 euros.

After the disappearance of the key measure of scrapping this business transaction represents the difficulties of Renault to stem the fall in sales.While the latest figures are expected in the automotive market today, Renault saw its new car registrations in France plummet in recent months: -12.4% in March, -19.1% in April, -18.2% in May. The manufacturer attributed this poor performance to supply difficulties but analysts believe it also suffers from the weakness of its range.

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Lehman syndrome is in everyone's head. The debt crisis in Greece and other countries in the euro zone could "derail the economic recovery in Europe and perhaps in the world," said Friday in Sao Paulo (Brazil) Olivier Blanchard. The chief economist of the IMF keeps clearly in mind the collapse of investment bank Lehman Brothers and the effect of stupor that had followed. A few weeks later, international trade plunged by more than 15% and the global economy went into recession.

With a new version of its forecasts, this time slightly down from last April (world growth is reduced from 4.4% to 4.3% in 2011), the IMF is concerned about the risk of "destabilizing defects" on sovereign debt.The feared scenario is thus described: "In the event of a severe market event, a shock could reverberate beyond the euro area by the game at a time of exposure border (bank's debt these countries) and a general decline in risk appetite. "

Overheating of the emerging

Long shared the conduct more or less expansionary economic policies deemed desirable by governments, the IMF now delivers an unambiguous message: "Policy makers should strive to make rapid progress in the consolidation of the financial system." He took the opportunity to ask the U.S. Congress to meet "immediately" the ceiling of federal government debt, currently the subject of disagreements between the Republican and Democratic members personal loan for poor credit.

The IMF estimates that Japan will suffer a decline of 0.7% of GDP this year, following the earthquake that struck the archipelago on March 11, but its economy is expected to rebound 2.9% in 2012. International experts acknowledge the slowing U.S. economy since the beginning of the year they consider "higher than expected." This leads to belittle the Fund from 0.2 to 0.3 percentage points growth figures for the United States in 2011 (2.5%) and 2012 (2.7%). "In contrast, growth has surprised on the upside in the euro area, driven by investments more generous in Germany and France," he notes.For the second consecutive year, the German economy will grow at a rate above 3% in 2011, while its French neighbor to grow by 2% this year and 1.9% next year.

Emerging countries, whose annual growth will exceed 6% in 2011 and 2012, are facing a problem of "overheating". Without naming any countries by name, Olivier Blanchard believes that "inflation rises above the increase in raw materials and food prices." Hence the recommendation made to them to tighten their monetary policy, "The more long rates remain low, the greater the risk of a crash landing."

In the video game world, the news is a bombshell. May 25, shortly before the show at E3, which opens Tuesday in Los Angeles, the Guardian revealed that in addition to forced labor, Chinese prisoners were forced to play World of Warcraft, the famous game of massively multiplayer online role. Dali Liu, a former prisoner, told the British daily's website how his jailers forced him to reap gold, swords and other virtual goods for their own account. These unscrupulous guards then sold the artifacts to other players via the Internet. But against the euro or dollars, them real.

Better known as the "gold farming", the process-illegal because contrary to the licensing of Editors, is not new. It developed in the course of the 2000s with the rise of video games massively multiplayer online.Among the best known: the game is medieval style Everquest, Eve Online Space Simulator … And of course the blockbuster of the moment, World of Warcraft. Published by Blizzard Entertainment in 2004, he assembled to date no less than 11.4 million players worldwide. And as many avatars, virtual alter ego, who jacked, cast spells and traded in a fantasy world of dungeons and dragons. All seek to ramp up. To skip steps, or simply lack of time, some are willing to change. There involved the "gold farmers", organized into groups of players 'professional'. According to a World Bank report published in April, there are about 100,000 to live in this activity, whose main body (80%) is based in China. Despite their efforts, videogame publishers are struggling to fight against this practice.

Because the Web is full of more of these "gold hunters, who conduct their business with impunity. Gamesinfun.com the site, a player can buy World of Warcraft 2000 gold virtual for the modest sum of 2.85 euros. To reassure its customers, the site (which did not respond to initial figaro.fr) ensures having "a great professional team of full-time employees. All are 'the' players 'veterans', with an "experience of at least three years in this position." Leben for Henri, a lawyer specializing in video game and intellectual property, "put an end to the activities of the 'gold farmers' is very complicated.""Most of them are based in China, they are small and have no legal existence." It is almost impossible and too costly to attack them legally, especially in the absence of a real international legislation on the Web.

Hackers looking for easy money

Besides these gold hunters, the rarity of these virtual objects also attracts hackers looking for easy money. Hacking into the accounts of certain players, they can then offload the avatar attacked its artifacts to sell on the Web. If Blizzard did not respond to our questions, the hotline operator of World of Warcraft French confirmed that "more and more players are seeing their accounts hacked." Similarly, Henry Leben, confirms that "the counting of avatars is becoming more common."Recently he has also held the record of a "wise guy" who took advantage of a vulnerability to supply his account rare objects, and reach a high level. Result, "he was stronger than everyone, and many players have complained," he says.

Director General of the French Agency for the video game (AFJV), Emmanuel Forsans is hardly surprised by these developments. "While this may seem a bit absurd to spend sometimes hundreds of dollars for a virtual object, which is nothing but a line of code … But we must understand that players purchase and time Thurs And that, to remain competitive compared with the community.

He added that many fans braved the ban by marketing them directly to their avatars or rare objects, without the publishers on the frontline.In 2007, a player has spent no less than 9500 dollars (7300 euros) to afford the "Double Blade Azzimoth", a unique weapon for World of Warcraft. To justify the tolerance of editors in such cases, Emmanuel Forsans evokes a desire to preserve the "playability" of the title. "In this type of game, players are organized into guilds. So, if one of its most powerful members has to leave, he puts the whole group at risk, "he argues.

An economic model changing

Publishers were they caught in their own trap? This would explain why their policy is based more on educating players to take repressive measures too, which might displease the subscribers. On its website, Blizzard, just to alert the community about the negative consequences of "gold farming" on "performance and stability" of the gameNot really enough to discourage "gold hunters" and their customers …

However, some massively multiplayer games beyond successfully "gold farmers" and their negative impact in terms of image. This is the case of Dofus, the title most in France played in its category (three million fans logged per month), which claims 40 million accounts created in the world. And for good reason: it has still not been translated into Chinese. If Florence C Ruocco, the communications manager of the game developed by Ankama denies any deliberate strategy to avoid the "gold farmers", she concedes that "this is probably why the title suffers less from these problems" .

Still, the economic model of these games tends to evolve, especially because publishers see a dim view this parallel market their escape.Clearly, according to Henry Leben, they want their share, which amounts to $ 3 billion, according to the World Bank. Thus, the game Castle of Heroes, developed by the Chinese Suzhou Snail Electronic offers its players to gain levels or various objects through the purchase of gPotato, the currency of the game at this rate, betting that the price of 'virtual gold could one day face the same bouts of fever that the real yellow metal.

"The leaders of the prison were earning up to 570 pounds per day"

After five years in the camp Jixi in Heilongjiang province in China, Liu Dali, recounted her ordeal at Guardian Digital. "We worked for twelve hours straight. [The guards] Never turn off the computers. If I could not reach my quota, they punished me physically.They forced me to stand with their hands in the air, then hit me when I came back in the dorms. We continued to play until you can barely see the screen. "According to him," the leaders of the jail earned more money by forcing prisoners to play online by requiring them to do manual labor. " In this way, these unscrupulous jailers could pocket "up to 570 pounds per day," said the former prisoner.

Trading in Dexia shares was suspended on Friday morning around 10:30. The Belgian financial markets authority, to stop this initiative, said that trading will remain suspended until Dexia publishes appropriate information, "a term traditionally used when a group is preparing to publish sensitive information in the next few hours.

According to information from Wansquare, Dexia has decided to settle faster than expected its portfolio of toxic financial assets. The bank will acknowledge in the second quarter of 2011 a special provision of 3.6 billion euros. "

The bank, which escaped bankruptcy in the fall of 2008 thanks to the bailout carried out by the Belgian, French and Luxembourg, was forced last year by the European authorities to divest some of its activities in exchange for aid received during crisis.Not long ago, the European Commission delivered a blow to pressure the U.S. shareholders of Dexia and the Belgian bank accused of not respecting the route plan it had agreed to pay lip service in February 2010. Pierre Mariani, Dexia's managing director, argued therefore for an acceleration of sales of the group, the risk of large losses. His plan: sell bulk whole sections of the 138 billion euros of assets under management now in extinction. Dexia has a particular yield-Deniz Emeklilik, its Turkish subsidiary of insurance. According to press reports, five candidates are still in contention, with French AXA and CNP Assurances.

Thus, once operations resulted, Dexia will be totally released from the mix of public support and the constraints imposed by Brussels."There will be no consequences in terms of liquidity," says Wansquare.

For now, Dexia declines to comment on the reasons for the suspension of trading. Dexia shares was suspended while she was 3.24% at 2.514 euro, lost 3.3% since the beginning of the year after dropping 38.9% in 2010.

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