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It could save Giuseppe Orsi, CEO for six months in office, supported by the Northern League.

4 billion in debt

Whatever the future president, he will have the difficult task of restoring calm in a group rocked by scandal and poor performance. In the first nine months of 2011, sales were down 21%, the loss reached 324 million euros and the debt has ballooned to 4 billion euros totally free credit score. The share price collapsed to below 3 euros. The rating agencies are threatening to degrade the group to the rank of junk bonds.

Giuseppe Orsi has already launched a restructuring plan announced divestitures and able to generate a billion euros to deleverage the group. The only sale of rail division will not suffice.

Orphans ten years, Parisians are delighted to over 80% (according to a survey of figaro.fr) back on the Champs-Élysées of teaching English, founded 127 years ago. Although the 1400 m2 on three floors above are devoted to fashion, small radius supply more than a delight.

The strategy's return

M & S logo (CD)

The situation remains uncertain in the U.S. capital markets. Despite fears of contagion from the debt crisis in the euro area, the New York Stock Exchange was still closed up. The increase, however, is shy. The Dow Jones gained 0.14% to 12,096.16 points, the Nasdaq is 1.07% to 2686.20 points and the S & P 500 rose 0.48% to 1257.81 points.

The distrust of government bonds in Spain and Italy still has soared. Spanish borrowing rate to 10 years have in fact exceeded the critical threshold of 6% yesterday, which had not been seen since early August. Italy has in turn launched a tender coldly received.

The clouds are gathering on the French economy. The Bank of France has released its forecast on Wednesday morning for the fourth quarter: it expects zero growth over the period. It has not changed its latest estimate for the third quarter from 0.1% growth. "The projections show a continuation of the activity to maintain its current level," said she.

The monetary institution observes that the business climate has deteriorated slightly in October in the industry (-1 point 96) and in services (1 point 95). In industry, the factories do not increase the use of production capacity. In addition, the order books are somewhat empty. In services, "the outlook is geared towards a stable activity in the short term," analyzes the Bank of France us fast cash.

The monthly survey of the Bank of France confirmed the slowdown in growth by some economists. In view of the evidence advanced PMI, France would be even already in recession, say the economists at JPMorgan. Another U.S. institution, BofA Merrill Lynch, believes that France is expected to decline 0.3% of its activity in the fourth quarter compared to the previous one, and not resume growth until late 2012.

So, if the average of analysts' forecasts remains at 0.9% growth for the euro area in 2012, large banks have seen their shelves these days. On the downside. Exane BNP Paribas has drastically revised its analysis and expects zero growth next year to France, while in September it still expects growth of 1%.

From our correspondent in Berlin The future of the euro area will play again in the Bundestag on Wednesday. At least in part. Before flying to Brussels, Angela Merkel will deliver a speech outlining the plan to rescue the European, which will be submitted to the approval of German MPs.

The two main opposition parties, the Social Democrats SPD and the Greens, reported Tuesday their intention to vote a joint motion with the majority. The Chancellor should reach the European summit armed with a strong mandate and clear the lower house of Parliament, even though his own majority does not always gained him Tuesday night.

"I am bound by my duties to avoid damage to the German people to do what is good for the German people. This is my guideline in the negotiations, "said the Chancellor, calling for the broadest possible support of the deputies."We have reached a tentative agreement between the majority and the opposition," said Carsten Schneider for his part, the SPD budget expert.

The joint motion of the multiplication of the European Financial Stability Fund (EFSF) implies that the European Central Bank (ECB) continues to buy bonds on the secondary market. In a draft final communique of the summit on Wednesday, traveling Tuesday between European capitals, the Heads of State and Government were preparing yet explicitly encourage the ECB to do so.

The Chancellor said that she refused the European states impose a course of action to the ECB, exposing a new source of tension with its partners on the eve of EU summit. "We are negotiating for a position of the ECB, who says she wants to do to help countries in the euro area in crisis.Do not let emerge the false impression that the policies expect something of the ECB, "she said, stationing themselves in guaranteeing the independence of the monetary institution payday loan online.

Avoid the humiliation

Angela Merkel told the parliamentarians that the strike force of EFSF should be given to over 1000 billion euros with leverage. The reduction of the Greek debt to private creditors imposed should be "above 50% and below 60%," she added. The joint motion submitted to the Bundestag is also considering the deadline of June 30, 2012 for a recapitalization of European banks.

Merkel faces a new rebellion against its European projects within his own camp. Tuesday, during a test vote, seven members of the CDU, his own party, voted against the motion of EFSF multiplier and three others abstained.A month ago, during a Bundestag vote on extending the powers of EFSF, Merkel had already had to fight to the end to avoid the humiliation of not collecting his own camp. The Chancellor had finally obtained a large majority.

In a ruling last month by the Constitutional Court, the German government can not engage with its European partners on budgetary matters without a mandate from the Bundestag.

Merkel might have to settle for a vote of the Budget Committee. At the insistence of the opposition, she finally chose to ratify the text in plenary session, thus saving the reproach of wanting to leave the key in Parliament.Thus it will arrive in Brussels also armed with a very strong mandate, which will leave only a small place in the negotiation … to better enforce German diktat.

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The CAC 40 continues to change from red to green and from green to red since the opening. The benchmark index of the Paris oscillates around the equilibrium point at 3177 points, a few hours of the EU summit decisive for the future of the euro area. Differences persist between European leaders, diplomats quoted by AFP and could frepousser the signing of a major. The summit should help stabilize Greece in convincing the creditor banks to clear a portion of its debt (100 billion euros) to recapitalize the financial institutions that need it in return, and most importantly, to prevent contagion of the fire to Italy via an enhanced firewall in the euro area.

Knowing that the debt situation of Rome worries, even if the prime minister, Silvio Berlusconi, seems to have succeeded in extremis to convince its ally the Northern League to accept a pension reform required by its European partners in exchange their solidarity. Thus, the Heads of State and Government of the euro area may call Wednesday the European Central Bank (ECB) to continue its purchases of bonds to support Italy and Spain, according to a draft of their summit conclusions which Germany said, however, disagree for now.

A meeting of finance ministers canceled

Sign of the nervousness that dominates in Brussels: a meeting of EU finance ministers considered a prelude to the Summit of Heads of State and Government of Europe has been canceled.The meeting, originally convened at the request of countries outside the euro area to increase coordination with the countries of the euro, was removed from the agenda because some details of the discussions were not yet finalized, said several sources.

Furthermore, doubts remain about the effectiveness of the EU. "The European plan should improve the situation, but it will be nearly enough to end the crisis," summarized Douglas Elliot, the pole of economic studies at Brookings Institution. Clearly, all eyes are now turned towards Brussels. Prime Minister François Fillon asked Tuesday the issues preventing a failure "could push the European continent to unknown lands."

On the macroeconomic front, in France, INSEE will publish its economic survey for the month of October in the morning.For its part, the euro appears to balance against the U.S. dollar, rising 0.08% to 1.3921 dollars.

Values ​​to follow

• The banking sector, with Societe Generale (0.29% to 19.1 euros), BNP Paribas (-0.4% to 30 paydayloans.66 euros) and Credit Agricole (-0.2% to 4.9 euros) is under the spotlight as the International Monetary Fund (IMF) is considering taking part in a special investment vehicle that would be created by the European Financial Stability (EFSF). Although no decision has yet been made, officials said yesterday the euro area.

• PSA Peugeot Citroen (-2.4% to 16.45 euros) shows the largest decrease in the ACC after the revisions of its performance targets.The automaker, suffering from difficulties in the European market, also announced a plan for additional savings for 2012 of EUR 800 million which should have consequences for employment. The group also announced a new investment the order of 530 million euros in Brazil.

• Saint-Gobain (-2.2% to 32.2 euros) confirmed its 2011 objectives despite the deterioration in economic conditions which could lead to slower growth in the fourth quarter of the group.

• Ingenico (4.28% to 28.28 euros) estimated that the turmoil in the economy does not question its forecast for 2011, thanks to particularly strong sales growth in emerging and Europe, but the manufacturer of payment terminals has remained silent on the year 2012.

• Mersen (2.9% to 29 euros) which confirmed its 2011 objectives, supported by strong solar activity, and Asia, said he was careful, however, for 2012 due to economic climate remains uncertain.

• Lafuma (0.31% to 16 euros) confirmed its earnings targets for the year 2010-2011 following a growth of 1.7% of its turnover in respect of all of its financial year fiscal.

• JCDecaux (-0.34% to 19.22 euros) has renewed its contract to operate advertising space of the two airports of Lyon for a period of ten years."With more than 8 million passengers and 50 airlines serving 120 destinations direct airport Lyon Saint-Exupery Airport is the second French region's busiest," the group said in a statement.

• Danone (-0.1% to 47.9 euros) French giant Danone Agri-Food announced Wednesday the upcoming cancellation of 6.6 million of its own shares, representing 1.02% of its capital. These actions were originally intended to reward deserving employees through a stock option program, abandoned in October 2009.

• Air Liquide (-0.99% to 91.21 euros) on Wednesday released a turnover up 4.9% to 3.6 billion euros in the third quarter, a level of growth slowed due in an unfavorable comparison base and a slowdown in some markets.

This is one of the topics on which Bercy must be urgently addressed. Once set in motion the dismantling, liquidation of Dexia raises the crucial question of the fate of Dexia Credit Local, actor historical funding of local authorities in France. With two major risks to the key. The first, more obvious, the future of 1300 employees of the group. The second, less visible but equally significant, the need to compensate for the loss of a market leader in loans to local area is drying. A strategic issue for the French economy, knowing that municipalities and other semi-public companies focus a large part of the investment in France.

According to the scheme blessed by Bercy, The Post Bank is expected to take over from Dexia on new loans, via a joint venture which it will own 65% and the Deposit 35%.But in the current discussions, Philippe Wahl, chief executive of The Bank intends to significantly reduce mailing the scope of its intervention.

According to an internal document that has acquired Le Figaro, a subsidiary of La Poste aims to establish "a secure and cost-effective model." A slogan: zero risk on its balance sheet, zero financial resources and significant margins. The Post Bank and excludes to the liquidity available for its core businesses such as home loans or consumer credit in the service of this new clientele. A surprise because it is precisely to tap into surplus resources of the Post Bank that it had been in the loop.

Instead, the "new player in the financing of local authorities" – as he describes himself – is that its production loan is refinanced entirely by Dexma, the tool securitization Dexia which the Deposit will hold 65% Dexia Bank 30% and 5% PO. This necessarily limited new production.

The strategy of small steps

The Postal Bank does not hide it: it does provide "a gradual entry in the market." It must be said that the bank does not have jurisdiction over this area. A solution would involve Dexia to the joint venture, but Philippe Wahl opposed it, arguing that he had drawn a line under the past.If "tools and know-how" will be taken, much remains, at this stage in DCL, which will continue to do business consulting and other brokerage insurance: paying as many services that are generally obtained when The bank, first granted a loan, often less profitable. In other words, the relationship promises to be complicated.

The strategy of small steps of the Post Bank suggests some difficult years for local governments. While their financial needs are increasing, the supply of credit is reduced to a trickle. The difficulties of Dexia added in effect to the decision of Savings and Credit Agricole others to desert, from mid-2011, this market is too expensive in terms of regulatory ratios.The Deposit has set up an emergency budget of 3 billion euros, when experts estimate that 7 billion unmet needs. Next year it will be even more.

What is the country with the largest trade surplus? Germany, with 194 billion dollars over the last twelve months, ahead of China (173 billion). What is the state that attracts the most capital of the world? The Netherlands, where foreign direct investment to date some 3000 billion, far ahead of the United States (2.25 trillion), according to the review of the IMF. What is the country which hosts the most tourists? France has received 78.9 million last year, against 61 million for the United States.

Each of these expresses a form of performance excellence. Germany feeds her flawless manufacturing tradition since the industrial revolution. The Netherlands, taxation deliberately advantageous for multinational companies, is one of the hubs of global capitalism since its "golden age".The Hexagon cultivates an image of cultural universality and good living. Taken one by one, most Old World nations are doing much better than the European Union, or the idea of ​​it.

The Americans accused him of set themselves up as "fortress" when "big market" Europe was created in 1992. Now she is unable to defend its weak links, as révèlela sovereign debt crisis. Public deficits are, however, generally two to three times lower than those of the United States and Japan, as Jean-Claude Trichet, ECB president, continues to say. But markets look weak countries, not the average of a "Union" in front.

Europe is becoming "the global village idiot" in the words of Hubert Védrine, former foreign minister.He who has not grasped the rules and fails to protect its interests. This is particularly evident in relations with China, became the first trade and investment partner of the Old Continent. The EU has a trade deficit with China of 169 billion (in 2010) of similar magnitude to balance US-China (205 billion euros). But the complaints vis-à-vis Beijing are very far from achieving the shouts of Washington. The Committee of Foreign Trade of Parliament held on October 11 a special session on Sino-European trade.As responsible for relations with the Far East in the European administration, Helena König wanted to do things in perspective: "It is clear that for European companies in China is a source of profits" at she said, with emphasis on German and French companies in China. Certainly.

Unfair competition of the "Made in China"

This can not hide everything savings account payday advance. First of all the unfair competition of the "Made in China", which led last week the U.S. Senate to vote for the first time, a bill accusing Beijing of "manipulating its currency." Or access the Chinese market, fully controlled, as we see "a rush of China in Europe." This is the title of the study that came to write scathing François Godement Jonas Parello-Plesner and for the European Council on Foreign Relations. They describe an all-out acquisition strategy.The recovery of ailing brands such as Volvo and MG in the car, the establishment of SMEs. Beijing has established a fund of 2.8 billion euros to assist innovative German SMEs to develop partnerships with their Chinese counterparts. This may take the form of real industrial cities, as in Florence, on the outskirts of Florence, where 4 800 small businesses employing 40,000 Chinese expatriates in Mainland China are a bridgehead offshore.

Faced with this wave, "Europe has no information or regulations," stigmatizes Francois Godement. The Bulgarian ambassador in Paris, Marin Raykov, explains how his country, not having been able to interest the French car manufacturers, has brought the Chinese Great Wall Motor to manufacture cars in Bulgaria.Deindustrialization and fiscal difficulties of the southern states are an ideal soft underbelly.

With its 3.2 trillion (dollars) of foreign exchange reserves, Beijing appears in turn as the white knight to the rescue of Greece, Portugal, Ireland and Hungary. Last summer, a delegation from the Italian Treasury, modern-day Marco Polo, visited with great ceremony in Beijing to his court. It was rumored that the Chinese central bank holds 25% of all European public debt. Information without foundation, insists Francois Godement. Unlike the U.S. Treasury, following precisely the holding of Treasury bonds by Beijing and publishes its figures, Europe has no statistical tool.Like Greece, which has Eurostat in September 2004 that its accounts were rigged, had not a lesson.

This lack of information is a godsend for Beijing, which keeps his secret. What easy conquest, according to the principle of "divide and rule", as old as the Roman Empire, the British had returned to their use to colonize the Middle East.

The CAC 40 is gives a little bit of air. Having lost 0.92% Wednesday, the stock market has gleaned a few things yesterday, rising 1.07% to 3027.65 points. Investors have been somewhat reassured by the adoption unambiguously by the German parliament building of the European financial stability, designed to assist countries in the euro area in need. During the election, 523 deputies in the assembly which has 620 members voted "yes." And German Chancellor Angela Merkel was finally able to count on the support of his majority, 15 out of 350 MPs who defected.To discuss the plan to end the crisis, President Nicolas Sarkozy at the Elysee will tomorrow afternoon Greek Prime Minister George Papandreou.

Elsewhere in Europe, financial markets have ended in no particular order: the Dax in Frankfurt Stock Exchange gained 1.10% to 5639.58 points while the London FTSE lost 0.40% to 5196.84 points.

U.S. GDP revised upward

At this good news were added two macroeconomic indicators on encouraging U.S. economic health in America payday loans guaranteed no fax. The weekly jobless claims fell in the week to September 24, at 391,000 against 428,000 the previous week. In addition, the gross domestic product (GDP) was U.S. revised upward for the second quarter, up 1.3% of gross domestic product.

In this context, the industry finally has clearly supported the Paris stock exchange.The three main French banks and post three of the four largest increases in the CAC 40. Societe Generale rose 5.82% to 21.08 euros, BNP Paribas has acquired 5.01% to 31.14 euros and Credit Agricole rose 4.37% to 5.40 euros. The insurer Axa also benefits from this renewed optimism, the title winner 2.85% to 10.28 euros.

EADS, which has won more than 4% over the last two sessions, continued to grow after that Airbus has won its bid on the Danish Satair, gaining 96.7% of the company. The stock rose 1.50% to 21.59 euros. For its part, EDF announced an order for 44 steam generators for nuclear power plants of 1300 megawatts and French gains 1.40% to 22.13 euros.

After Societe Generale and BNP Paribas, is the turn of Credit Agricole announced asset sales. The bank is expected to formalize the announcement today confirming the information in the Financial Times published on Wednesday that does not specify the amount that could take these asset sales.

Particularly exposed to the crisis in Greece with its local subsidiary Emporiki, Credit Agricole, was downgraded by one notch Mood'ys ten days ago, as its rival Societe Generale. By reducing the size of its balance sheet, the bank may, mechanically strengthen its financial soundness. BNP has already announced plans to reduce by 10% the size of its balance sheet by the end of 2012, while Societe Generale provides 4 billion of asset disposals.

This is also seeking to sell its stake in Newedge, the joint venture of Societe Generale and Credit Agricole specializing in derivatives personal loan for poor credit.According to a source quoted by Reuters, the bank will also consider transfer SGSS, its management subsidiary titles, but no decision had yet been taken.

Reorganization in North Africa and the Middle East

Tuesday, the head of Crédit Agricole in the UAE had told Reuters that the bank had closed its merger and acquisition in North Africa and the Middle East. "We want to focus on areas where we can create value for our customers," he said.

At the Paris Bourse, the Crédit Agricole yield 1.04% to 5.134 euros after climbing 13.10% yesterday, amid rumors of measures to support the banking sector in the euro area.

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