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

"The PMI data are currently consistent with a negative growth rate (of about -0.5 or -0.6%) for the third quarter," that is the beginning of a recession, worries Jack Kennedy, economist at Markit. The French government, which still formally table a growth of 1.75% in 2012, suggested Friday that it has revised downwards this goal.

The contraction in activity has particularly affected the service sector. He has recorded its sharpest fall for 27 months, 46 points, against 51.5 in September. The industry is not much better.Despite a slight improvement, she underwent her third consecutive month of decline, to 49 points against 48.2 the previous month.

"The impact of European debt crisis may be felt on the real economy," says Jack Kennedy. Markit Economics and recorded "a further decline in confidence in the services sector." "The growing uncertainty surrounding the evolution of the economy leads in fact companies to revise downward its business prospects to twelve months, the optimism of the service providers also display its lowest level since April 2009" , notes the Institute for Financial Studies cash advance flexible payments.

Very little sign of hope for a quick turnaround the economy, companies have seen a decline in the volume of new business, "the highest in almost two years," notes Markit Economics.Especially in services, providers are concerned about "the largest decline in new contracts since July 2009." In industry, the decline in sales is that alarm. A trend in both export and domestic market.

Slowdown in Germany

The slowdown in activity is not only France, but also German industry. For the first time in two years, the PMI for the sector fell to 48.9 points in October, against 50.3 in September. Unlike the Hexagon, however, services are able to climb out of the area's 50 points marked a growth in sales, to 52.1 points, 49.7 points against the previous month.Overall, notes Tim Moore, economist at Markit, "uncertainty about the euro area largely explain, according to the companies, investment reports and cuts in non-essential spending."

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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.

The future common agricultural policy (CAP), presented Wednesday by the Romanian European Commissioner Ciolos on 2014-2020 proposes "a new compact between farmers and European society." With three challenges: food security, economic competitiveness and ecology together in preserving natural resources, and develop rural areas. Brussels each year spends about 45% of the total budget of the EU, mainly in the form of direct aid to farmers.

In the new project – budget of 435.5 billion euros – these are basic aid to boost growth and employment. "The average income of a farmer is still below 40% in other sectors," says one in Brussels. But they must be better targeted and more accurate.The Europe that "for years", has prompted farmers on the road "to productivity without constraint," should move towards "sustainable production practices," noted Ciolos.

Specifically, the aid will cover more than "active farmers", referring to the subsidies received by golf clubs or airports. They will also be progressively reduced from 150,000 euros per year per farm, while taking into account the number of jobs created, and will be capped at 300,000 euros. Dacian Ciolo wants to establish a single payment per hectare, to promote extensive agriculture and non-intensive, as is the case in France or Italy, where the aid is based on production levels.In fact, there are still large disparities between, for example, Greek or Italian farmers who receive some 400 euros per hectare, as against less than 100 for Latvian peasants no fax pay day loan.

Emergency reserve

The objective is to achieve by 2020 a rebalancing of budgets between states. The countries of Eastern Europe will see their share rise but France will continue to be the main beneficiary, receiving 7.6 billion euros a year, followed by Germany (5.1) and Spain.

To cope with crises and deregulation of markets, safety nets – private storage, mutual funds … – Brussels will be maintained and can tap into an emergency reserve of 500 million euros a year.

On the environmental side, 30% of farm payments will be conditional on good practices, namely set-aside 7% of the total area, minimum diversification three cultures.The Commission also proposes to double the research budget to promote innovation and support for young farmers under the age of 40 years, during the first five years of installation. It remains to convince the MEPs and the 27 Member States. The negotiations will be already difficult to reach an agreement by early 2013 at the latest. France has already expressed support for "the principle of greening" but believes that at the proposals from Brussels do not correspond to "the economic substance of operations." Same story with the FNSEA.

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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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Signs of abating in the real estate frenzy in Paris. After growth of over 20% yoy in the first quarter (numbers of notaries), the house prices have stalled this summer. "We anticipated a slowdown of rising prices later in the year 2011. The events give us reason Fortunately, "says Bernard Cadeau, president of the branch network Orpi. The peaks in June, with the ceiling of 8000 euros per square meter happily burst, combined with the gradual rise in lending rates, have affected the volume of sales since the beginning of 2011. It made sense that eventually, prices undergo an adjustment. For more than a drop, it is a market correction it is.

Drain excess

"If there is downward, this concerns the very large apartments of 100 m2 which the price had been overestimated in the euphoria of late 2010 and early 2011," said Gilles Ricour of Bourges, president of the FNAIM Paris. "The capital market is a very individual who has self-sustained higher prices. Many potential purchasers already own their homes had postponed their plans because of the crisis in 2009. In 2010, when prices started to increase, they came with very important contributions. In addition they have changed their behavior. Rather than sell their home before buying another, they started buying in a market that climbed before to bear part of the price of their new acquisition to the purchaser, pushing prices up, "says Laurent Vimont, Chair of the Century 21 network cash advance loan no fax."Today, we purge the excesses," he adds. A correction that he says will not exceed a slight decline in the order of 1%.

The threat of taxation

"The summer months are not representative of normal activity in the sector. It was not until September which is traditionally an important month for the volume of transactions, "said he. "Always be careful. Paris concentrates all the ills of the market immobilieravec a very high demand and low supply, "said Bernard Cadeau. A shortage that could he said to go to … amplifying with assistance from the government. "There is very little construction in the capital, and with the new tax measures, are discouraged sellers put their property on the market," said he. "Since August 25, and the announcement of the taxation of capital gains to 32.5%, many sellers have withdrawn their products," alarmed Gilles Ricour Bourges."It would be unfortunate if these new measures will undermine the stabilization of prices," he concluded, as a warning to members who are currently planing tax loopholes.

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While many companies publish their results on Wednesday, so good for Vivendi. The group of telecommunications and media has indeed released the results broadly in line with market expectations for the first half and confirmed its outlook for 2011.

On the occasion of the publication, the Chief Executive Jean-Bernard Levy said he "confirms the outlook annual adjusted net income in excess of 3 billion euros" against 2.69 billion euros in 2010, which will increase the dividend per share. The businessman says he is confident because of "operational indicators on the rise, despite a financial and economic disruption."

In the first six months of the year, the group has doubled its net profit after minority interests of 2.6 billion euros with a net gain of $ 1.2 billion related to the settlement of a dispute in Poland.Adjusted net income shows him up by 20.2% to 1.83 billion euros. As for the EBITA (operating income, net of amortization of goodwill), it stood at 3.36 billion euros, up 4.6% at constant exchange rates free online credit report. Group sales reached 14.25 billion, up 2.4%. The market on average expected a turnover of 14.24 billion euros, an EBIT of 3.31 billion and adjusted net income of 1.73 billion, according to estimates by seven analysts quoted by Reuters.

For businesses, the group's results were supported by the performance of Activision Blizzard and GVT. The developer and publisher of French-American game has achieved an operating profit of 833 million, up 34.4%.Over the past twelve months, the portfolio means of Canal + France recorded a net growth of 96,000 subscriptions.

Asked about the proposed IPO of 20% of Canal + agreed by the other shareholder of the group, Lagardère, and rejected the first time in March due to the nervousness of the markets after the earthquake in Japan, the CEO of Vivendi, Jean-Bernard Levy, kicked into touch. "As we all know the ball is in their court," he said. "We expect the recovery Lagardère decides whether or not what is now the right according to our agreements.

Despite the withdrawal of support from the Ministry of Education, however, initiated the scheme in 2007, Operation "Essentials of the season" is renewed this year. The consumer association Familles de France, who led the negotiations only for the operation to be maintained, and obtained group Auchan, Carrefour, Casino, Cora and Système U marketing school supplies at prices that "most attractive as possible. " Items on a predetermined list, released by the department without committing to a price control, however, wants to "prevent slippage on the weight of school bag for children" must be placed on the shelves on Monday. They will be marked with a label.

The binder excluded from the list

The list 2011 includes thirty references, from books to filing through the rubber and pencil sharpener.This year, it does not ultimately buy a binder. The withdrawal of the article led the Federation of Parents for Public Education (PEEP) to leave the negotiation. "We recognize the economic reality and the context of rising raw material such as that 40% of the price of pulp, said Daniel SCHWARZ, treasurer of PEEP. That's why we were ready to discuss a positive impact on prices, perfectly stable since 2007. But the fact that teaches unilaterally remove the binder from this list, it is not acceptable. The binder for us is critical, there is. "

Rising prices

Creyssel Jacques, managing director of the Federation of Commercial and distribution (FCD), whose members are the retailers participating in the operation, has stressed during a press conference that the prices of "Essentials of return "would increase. "The increase will be moderate," he promised, however. Brigitte Masure, president of the Confederation of families, intérogée by Le Parisien, Aujourd'hui en France believes that the purchase of supplies back last year cost 40 euros for a child to kindergarten, 113 euros for a PC, 337 euros for a sixth and 821 euros for a second student to technology. The invoice should climb this year.A study published in late June by the online shopping site Twenga revealed that the average cost of supplies were increased by 18% compared to last year.

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The project database province of Air France was launched Monday in Marseille, after obtaining the green light last week of the pilots, who approved, by referendum, to 54.7%. The CEO of Air France KLM said in the Figaro challenge of this reform, a crucial activity for medium-haul flights shaken by the low-cost. Pierre-Henri Gourgeon, 65, also returns on future developments in the governance of the group.

LE FIGARO. – You present Monday, there, your future based in Marseille. Why is this project so important for Air France?

Pierre-Henri Gourgeon. – This project is both innovative for our customers – they will be surprised, you see – and for Air France: the audacity this time is on our side. To understand this, it is necessary to realize the context in which this idea was born. In 2009, the company and its employees have taken a huge blow.The crisis came suddenly after several happy years for the company. We lost 20% of our revenue in one year, our cash burn and losses widened. It was very scary. The staff were awaiting a response. And thanks to an intense dialogue, without taboos, we have undertaken several major actions – including the freight. This project bases province was possible because Air France is out of his conservatism, and especially the face-to-face meetings between management and unions that the airline industry in general and our company in particular had the secret …

How does this project address the problems of your business medium-haul?

The medium-haul in Europe suffers the double competition fierce, the TGV and low-cost. It loses money. We had counted 140 active a decade ago, only 128 today.Other major European companies have chosen to throw in the towel. It is not our strategy. I think that Air France should continue to exist in the minds of customers, which means to offer solutions for all their movements. It is in this spirit that we planned to launch our brand TGV (in partnership with Veolia), but this assumes, as I recall, the French rail market is truly open to competition, thus n is still not the case.

So we need to regain market share over the medium-haul. However, there is a potential departure from the province, where our service is not quite satisfactory, because of this organization "spider web" centered on the capital.We can not effectively organize flights from Marseille – and especially in the morning hours – when staff take their mandatory service in Paris – which is now included in all contracts of employment – and when the planes come back every night. So we're going to base one another in Marseille, and it's a very inspiring project in the company.

What savings do you expect?

A gain of about 15% of our operating costs. Air France is productivist! The duration of daily use of each unit will increase from 8:15 to 11:40. The turnaround time will be reduced to half an hour. Pilots and crew will fly more hours, concentrated in fewer days.

So the low-cost …

No. We take some of the low-cost recipes.But we keep the Air France service newspapers, given up, snacks free miles … and the certainty that, whatever happens, the company will take care of the customer. All with very attractive prices, starting at 50 euros each way. We hope with our foundation of Marseille and Toulouse, Nice and Bordeaux win 4.5 million more passengers each year.

Your mandate was recently renewed in a general assembly for four years, but some suggest a transition period of two years instead …

The general meeting renewed my mandate as director for four years, and the Board of Directors has renewed my mandate as CEO for the same period. I am happy because there is much to be done to continue the rehabilitation of that country. In the coming months, we will change the governance of the Air France-KLM, to mark a new stage.When Leo van Wijk, Jean-Cyril Spinetta, Peter Hartman and myself, the four "founding fathers" have created Air France-KLM, we opted for a light structure.

Then we created a joint executive committee, where the representative of one of the two companies also took responsibility for his job or function (cargo, purchasing, marketing …) at the group level. This system worked very well, but it now reaches its limits. To further optimize the operation of the group must now make it more integrated and organized it so that it can accommodate a third company when the opportunity arises.We will therefore create a strong structure at Air France-KLM, which I will be the CEO, while each company will have its operational head.

Who will be that of Air France, which is presented as your successor?

This is a subject that is already running too much ink! Let the time for governing bodies to make their choice. It is true that my mission is to bring out a successor who will win. I have four years to do it off …

Commented very different subject: the order of long-haul Air France and KLM are about to happen. You are strongly "encouraged" to sign a priority with Airbus. When will you decide?

The decision will be taken during the summer. But know that the end of 2010, we concluded that we would both A 350 and Boeing 787.For reasons of timing: the Boeing will be delivered from late 2015, the A350 rather than the end of 2017, or KLM soon need new equipment. For reasons of size, too, Airbus is bigger than the Boeing. As a precaution, finally: to order a single plane that never flew too exposes us to potential production problems in one or another manufacturer.

KLM is a "Boeing company while" on the long haul. Will it a place to Airbus?

Airbus is in any case very attached to that is no longer the case.

And Air France, Airbus essentially client, she will be a place for Boeing?

Boeing also is strongly committed to that!

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The New York Stock Exchange opened Friday at equilibrium in a market cautious before the release of economic indicators closely watched in the United States: the Dow Jones nibbled 0.02% and the Nasdaq 0.06%.

The day before, now, Wall Street had closed on an open rise, encouraged in this direction by the Chicago PMI – and the relief felt on both sides of the Atlantic after the second vote in Parliament in Greece. Voting allows the application of the austerity plan as expected, and the release of 12 billion euros in aid to Athens.However, the agreement of the Eurogroup surl second aid plan, expected this weekend, take a little longer than expected, according to diplomatic sources.

U.S. Policy and Debt

Another current, more American and more uncertain, however, could be followed by operators, mindful of the political context, while U.S. debt back on the front of the stage: the Secretary of the Treasury of the United States Timothy Geithner, in fact, consider soon resign from his post. Information reported yesterday by the Bloomberg financial news agency and other U.S. media, but qualified this morning.

Consumption, construction and industrial activity

In terms of macroeconomic indicators, the first session of July will be charged at least: from 3:55 p.m. will be provided the figures for consumer confidence, ahead of construction spending (16:00).At the same time will be announced on PMI manufacturing (ISM), and the indicator of prices paid. It will however wait until 23 hours to see the statistics of car sales unsecured personal loans.

$ 4.5 billion for Nortel patents

On the corporate side, the maker of BlackBerry phones Research In Motion (RIM), leaving 0.07% after the announcement yesterday of an agreement avoiding, at the General Meeting of July 12, the vote of a motion challenging the operation of its management. Turbulent in recent times, the action RIM has tumbled almost 41% in one year, closing at 28.85 dollars Thursday on the Nasdaq, while the S & P 500 gained at the same time 28.55%.

Apple, Research in Motion and Microsoft, however, are part of a group of six companies that got their hands on the latest patents of the telecoms equipment maker Nortel.The acquisition represents $ 4.5 billion (3.10 billion euros), after an auction that has ruled Google and Intel.

EMC Corp., and Sony Ericsson are the other members of the winning consortium, Nortel said in a statement released Thursday night. Telecommunications giant to the Internet bubble burst, Nortel filed for bankruptcy in January 2009 and has since liquidated most of its assets, raising about $ 3.2 billion.

In any other industry, General Mills (-0.83% to 139.42 dollars) announced Friday the completion of the acquisition of half of the yogurt maker Yoplait, which he was the franchise in the United States. General Mills bought for about $ 1.2 billion (830 million), with the investment fund PAI Partners and the cooperative Sodiaal, 51% stake in Yoplait SAS and 50% of the entity holding world Yoplait brands.

"The crisis is over," says Louis Welsh, CEO of EADS. "The civil aviation goes, the market is left," he said, who looked forward orders for its Airbus "substantially" higher than the 263 aircraft already in his notebooks Bourget. The EADS boss also confirmed that the A380 superjumbo 'will fly today. "

In the third opening day of the 49th Paris Air Show in Paris, Airbus and Boeing should also announce a set of commands. But it is the European leading the way commands from Monday, with its Neo A320 with about 550 aircraft ordered to date. In two days, the two rivals have exceeded the 300 aircraft ordered.

• Airbus: two giant orders coming

On Wednesday, we are still waiting for two big new Airbus.Qatar Airways to place order of fifty five Airbus A320 and A380 Neo, the jetliner the European aircraft manufacturer. In addition, the Indian company should confirm IndiGo in the day a mega order of 180 Airbus A350 Neo worth $ 16 billion at list prices. In addition, the low cost Malaysian AirAsia is currently negotiating a contract with Airbus that could be up to 200 A320 Neo. Tony Fernandes, CEO of the airline, is expected Thursday at Le Bourget.

– The rental of aircraft ALAFCO Kuwait signed an agreement for six A350. Based on list prices only indicative, this represents $ 1.6 billion.

– The Latin American AviancaTaca company said Wednesday it has signed an agreement to purchase 51 medium-haul A320, including 33 re-engined A320 Neo.All of this command is a list price of about $ 4.5 billion.

– Republic (United States) signed a memorandum of understanding for 80 A320 Neo.

• Boeing

Since Monday, Boeing sign him, smaller contracts (41) Airbus for its medium-haul 737.

– The Russian company UTair sign a Memorandum of Understanding for 40 B737 for a list price of $ 3.2 billion.

• Sukhoi

The airline italienneBlue Panorama Airlines has ordered twelve aircraft Superjet 100 Russian Sukhoi group for $ 370 million (about EUR 257 million) announced Wednesday the Italian group Finmeccanica, Sukhoi partner for the Superjet.

The A400M grounded

A faulty gearbox which nailed to the ground during the A400M Paris Air Show is probably rooted in a manufacturing defect, said Tuesday one of the program.Airbus and engine manufacturers are studying this box, which broke a few days before the beginning of the troop transport plane in the sky at Le Bourget, forcing the manufacturer to cancel its demonstration flights.

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