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.
From our correspondent in Beijing
It became the big hot topic on the Chinese Internet to the desktop as local leaders. The distress of Chinese SMEs in need of cash is in China proportions "hysterical", according to press reports in Hong Kong. To the point that the government has announced a package of measures to help them and calm the unrest.
The crisis of Chinese SMEs is symbolized by the incredible epidemic of bankruptcies in the city of Wenzhou, in the heart of the exporting province of Zhejiang. The Chinese press said Thursday that since the beginning of the year, more than 200 patrons had fled or hid after their coffers have dried up. Others have committed suicide. Some 20% of the 360,000 SMEs in the region have already had to close shop for lack of money.And the situation will get worse in January, when the Chinese New Year, traditionally the time when patrons enjoy a vacation to disappear without paying their employees. According to the New China News Agency, SMEs create around 80% of jobs in the country.
The State Council (Chinese government) has subsequently announced Tuesday a series of measures, financial and tax to help small and medium enterprises. The first is to facilitate access to credit. To do so, against the current of their policy, the authorities will allow the minimum reserve ratios "comparatively low" for local banks lending to SMEs, while this ratio was usually around 21% for large banks. Moreover, these small businesses can more easily borrow by issuing bonds. The other part is to exempt SMEs from a battery of taxes and charges.Banks are also prohibited from charging their services at prices "unreasonable."
"Informal Credit"
Wenzhou has become a symbol for it is the Chinese capital of the "informal credit". Private reserves by banks, which prefer to grant loans to large corporations, small businesses are strangled. They have no recourse but to turn to private security companies that have developed lending. The rates are incredibly high, ranging from 20% to over 100% … Some analysts believe that the share of informal loans may exceed 25% of total credit in the country. Credit Suisse has estimated that black market credit of 456 billion euros, with an increase of 50% per year.
Chief economist at the Development Research Centre of the State Council, Zhang Wenkui believes that the latest measures only bring temporary relief.And nothing will change until the banking sector do not be reformed, by offering different services to different types of customers. He has a vivid picture to describe the current situation: "It's like an irrigation system with water that would go to large trees and ignore all the shrubs." The problem is that in the short Beijing term can not open the floodgates too, failing to challenge its efforts to the credit crunch.
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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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Click the preview to enlarge the graphic.
DSK The case began on Twitter, May 14, fed news headlines, news sites, televisions and radios throughout the summer and peaked at 20 hours of TF1 in the DSK interview by Claire Chazal, September 18. More than 12 million viewers were then followed this high mass. On this new chronology of the information examined Observatory Orange Terrafemina, which reveals the results of his study Tuesday morning.
Based on quantitative data from the CSA institute and a panel composed of eight women TreizearticlesWebLab, the Observatory has dissected the new report passionate and uninhibited qu'entretiennent now the French with the information.
The Greeks are paying the price of the crisis with their health. So says a British study published Monday in the medical journal The Lancet. The explosion in the number of suicides, increased drug use or an increase in HIV infections are in fact the direct consequences of the recession but also of austerity in Greece.
Depression and suicides on the rise
While the island is experiencing its worst recession in 40 years, doubling the unemployment rate in two years more than 16% leads to more and more Greeks to depression and drugs. In fact, suicides increased by 17% between 2007 and 2009 and 40% in the first five months of 2011 compared to the same period last year. Figures all the more impressive as the Greek statistical authorities, the suicide rate in Greece was among the lowest in the EU between 1990 and 2009.Some cases were particularly marked population, like that of a former businessman who has defenestration, leaving a note in which he explained that the financial crisis had had the better of him. Or that of an owner of a small store, found hanged under a bridge, with a letter that read: "Do not look for other reasons. The economic crisis has led me to this. "
Drug use has also risen sharply. Heroin use in particular has increased by 20% in 2009. And even more so in the context of austerity measures imposed by the international rescue plan, control programs against drugs has been reduced by one third fast payday loan no faxing.
A trend that explains the 50% increase in the number of HIV infections at the end of 2010. Researchers predict that the contamination will increase by 52% this year compared to last year.In addition, drug users have less access to small jobs or for pocket money from their parents, some of them prostitutes, which in the case of unprotected sex, also contributes to the spread the virus.
Public hospitals overwhelmed and corrupt
Finally, rising unemployment means that many Greeks no longer receive health coverage provided by their employer. Thus, those who consulted in the private massage now in public hospitals. Now hospitals have seen their budgets melt 40% between 2007 and 2009. A diet which leads to problems of lack of staff and medicines and waiting times exorbitant lead some patients to pay bribes to get an appointment earlier.
Result, the number of people who give to see a doctor when they are sick has increased by 17% between 2007 and 2009.The number of those who describe it as being "bad" or "very bad" health increased by 14% in two years. "Overall, the picture of health in Greece is alarming, the authors conclude. It reminds us that, in an effort to debt financing, they are ordinary people who pay. "
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The Paris Bourse tries to continue the rebound on Friday. The CAC 40, which opened sharply lower did an about face in the morning. Halfway through, he won by 2.17% to 2871 points, pulled up by the banking sector. Investors seem to focus on a recapitalization of some institutions.
Other major European markets advance in unison, Frankfurt climbed 2.83%, Madrid and Milan by 3.23% from 3.75%. London, however, remains in equilibrium, the FTSE symbolically yields 0.05%.
Concerns about sovereign debt in Europe is still present when a crucial week for Greece ahead. The International Monetary Fund (IMF) said that a delegation will travel to Athens this week to determine whether or not the country can benefit from the sixth round of eight billion euros, it vital to avoid bankruptcy.Moreover, Germany will vote Thursday the agreement for the expansion of the scope of the relief fund of the zone (EFSF). Sunday, German Chancellor Angela Merkel expressed confidence the outcome of the vote. Evangelos Venizelos, Greek Minister of Finance, for his part spoke with Jean-Claude Trichet, head of the ECB, a debt restructuring Greek. In an effort to reassure global markets, finance ministers of the euro area are committed in a common text, to "do everything necessary to solve the crisis of debt and financial stability of the area in whole and its Member States. " The idea of taking office faster than expected EFSF has also been raised by Germany this weekend.EU Commissioner Olli Rehn himself has said that Europeans reflected to provide the EFSF additional instruments, beyond those agreed in July to give "more power" in an interview with Die Welt newspaper.
The Ifo index better than expected
The Ifo index of business climate in Germany has also provided a little balm in the heart of investors. He recorded a decline in September, less than expected. However, this is its third consecutive decline, which seems to suggest that the activity of the first euro zone economy is slowing.
Sign fears still strong on the issue of public debt in Europe, the euro held steady in the $ 1.35 this morning at 1.3407 dollar.
Values to follow
• banking takes off
The banking sector led the trend.By late morning, flying from BNP Paribas 6.66%, 6.31% of Crédit Agricole and Societe Generale of 5.20%. Rumors of a recapitalization of French banks to benefit industry. In addition, the Deposit, the Postal Bank and Dexia negotiate the creation of a new public to fund local governments, according to Le Figaro. In addition, the Franco-Belgian bank could increase its program to sell its toxic assets, housed in bonds, 20 billion euros, according to Les Echos.
• LVMH (+0.38% to 105.85 euros)
The group announced Friday now hold almost all the shares of the Italian jeweler Bulgari, the luxury giant announced the takeover in March.
• France Telecom (2.13%) Iliad (2.11%) Vivendi (0.03%), Bouygues (-1.08%).
The state is on track to win his bet on the financial 4G mobile frequencies after a first series of which reported more than budgeted and, according to experts, suggests an aggressive posture in the second round by operators who have not had the expected number of lots.
Also note, the IPO of Groupama, long anticipated, was again postponed and is now expected "more towards 2015," said its director general, Jean Azema, in an interview with Les Echos.
Reportedly, the government wants only the French, whose resources are regularly paying the higher contribution of high incomes by 3%. It should not be a merchant that exceeds the threshold one year (500,000 euros for one person, 1 million for a couple) because he sold his business to be taxed. For this, the income taken into account for the outbreak of the tax will be calculated as an average over three years. Example with a single: it will be taxed if an average three-year income exceeds 500,000 euros need a personal loan with bad credit.
Moreover, the triggers of the tax should evolve in the parliamentary debate in the fall. MPs and senators want to hit the contribution of lower incomes.Bercy seems willing to compromise around an entry threshold to 250,000 euros per person (and 500,000 euros for a couple).
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Former vice president of PayPal, Reid Hoffman, 44, is a key figure in Silicon Valley. It was the first to invest in Facebook, along with Peter Thiel, in 2004. His most recent investments include Ping.fm, Zynga and Grouply.
LE FIGARO. -What is the project founder of LinkedIn?
Reid Hoffman. – I always look for broad trends. When I started to think of LinkedIn, in 2001-2002, I saw two. The first is that the world of work is changing. Around the world, lifetime employment is disappearing and every individual is responsible for developing their own skills, in a connected world. The second was the rise of the Internet. Result, LinkedIn is the platform that allows each person to develop itself to show who she is, she works with, access to other experiences and skills.We are still at the beginning of the implementation of this vision. For now, people see the opportunity in LinkedIn to stay connected with others and find experts. It is not yet to the point where people question the means to invest in themselves, become more efficient. Today, everyone googlise names and everyone can be found on Google. What people do not realize is that they can ensure that what the first track of their professional profile.
How do you change the world of social networks?
The existence of other networks has been good for us. But people still think they choose to participate when we are already in a networked world. The question is: how will we navigate intelligently in this world? Today, Facebook is the barbecue in your garden. Twitter is the equivalent of the media.LinkedIn is the desktop. There is room for other networks but it has to offer is both broad and unique. There are broad categories such as religion or sports that are not occupied. I think there will be a big player that we do not yet know who will emerge within five years.
You see Google + as a potential competitor?
+ Google is a good social product. The question is: how will he differentiation? It is not yet a competitor of LinkedIn. It could go in that direction but it is not safe. To serve the professional market, it must be specialized. LinkedIn Today provides information to industry sources. A circle with your co-workers does not go into this level of specificity.Moreover, the context is important: what do you see on your screen?
What do you think valuations of Internet companies today? Is there a bubble?
Valuations are a sensitive issue. This is the net worth based on what we think is the future. My view is that social networks are fundamental phenomena that will change the world, yes. But with regard to the numbers, I let the markets decide. There are bubble if the prediction is bad, but I argue that change is very deep.
These networks generate data and make business. Is not this a problem?
In the case of LinkedIn, the use of data turns to the advantage for our users. There is no question of location of Internet users or photos of their children but rather to know what skills are likely, and so on.Users can not feel taken aback by the use of data. When you have a technological transformation, people fail to recognize that transparency is good for them massive. Surfers will discover that to move towards more openness and transparency is beneficial for them. We are often asked about our practices and always act quickly. Must maintain confidence.
LinkedIn helps determine business strategy according to their recruitment. This can be problematic vis-à-vis their competitors?
When a company publishes a job, it puts as much detail as possible to attract the best profile. We can already draw a lot of information of such data. But we must look at the return: a company wants us to know in which area it recruits to form the best teams.For investors, this can also be good to know in which direction it goes. So there is more value to be open and transparent. Finally, for us, the interest of the individual will always pass before that of the company. We want our users to have a positive experience.
Personally, you are investing in numerous start-up early, including Facebook and Zynga. What is your strategy?
I look at three things when I invest: market places that inspired me to invest in newly-Airbnb, networks, Zynga is a network of games and platforms-as Shopkick. It is also important that there is no conflict of interest with my work at LinkedIn. So I'm on the board of Zynga, but not Facebook.This is useful in that I see common trends on both sides, parallels that are used for my investment as my work at LinkedIn.
Where do you come the next big technological breakthrough?
I closely monitor the field of open source hardware.
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Relief from international stock markets. Wednesday after the U.S. places, it's time for Asian indices on Thursday morning to welcome the statements of Nicolas Sarkozy and Angela Merkel reaffirmed their commitment to maintaining Greece in the euro area. The Asian markets – and notament Tokyo – earn up to 1.5%. For its part, the euro ahead by 0.5% against the dollar and 1.375 against the dollar is trading early this morning. The "future" on the European stock index Eurostoxx 50 show an increase of 2.50% on opening.
Following a conference call held late in the day Wednesday between Nicolas Sarkozy, Angela Merkel and George Papandreou, the Franco-German couple has been very clear in stating that "the role of Greece in the euro area. "In a statement released in the process, they attached a condition, however, also very explicit: "The implementation of strict and effective recovery program of the Greek economy supported by the countries of the euro area and the IMF and which conditions the disbursement of future tranches of the program. "
Since the Davos Forum held for three days in Tianjin, China, Zhang Xiaoqiang, deputy director of the China Development and Reform, confirmed that China stands ready to buy securities with sovereign debt states involved in the debt crisis.Earlier in the day, Chinese Premier Wen Jiabao had made statements to this effect while advising countries to reduce their deficits and to open their markets rather than relying on China to pay off the debts of the world's economies wide.
Similarly, the president of Brazil, Dilma Rousseff, said his country is ready to participate in a "global effort" against the economic crisis that affects rich countries, following the announcement of a meeting of countries emerging Brics (Brazil, Russia, India, China and South Africa) to discuss aid to Europe.The head of state stressed, however, that there is no "global solution" to the crisis and that much depends on the countries concerned.
For its part, the U.S. Treasury Secretary Timothy Geithner who should participate in a meeting Friday of finance ministers in Europe, had said before the conference between France, Germany and Greece, convinced that the Europeans "have financial resources to do what is necessary and avoid the collapse "of the euro area". He had, however, added that the Europeans will have to "recognize that they will have to do more and have fallen behind."
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The CAC 40 plunges into the red Monday. The benchmark index of the Paris Stock Exchange, which closed Friday on the day of a severe fall of 3.6%, falling 3.52% to 3037.72 points after opening down 2.41% at 3072 , 51 points. The movement is the same in the rest of Europe in London, the FTSE-100 index lost 1.99%, in Frankfurt the Dax was down 3.01%. Madrid and Milan unleash respectively 2.86% and 2.64%.
The health of European banks up to the center of attention. The President of the French Banking Federation (FBF), François Perol, recognizes this Monday, in an interview with Les Echos, that if "bank liquidity in euro is not a problem," "the dollar is more refinancing tense. " Executive Director of the International Monetary Fund, Christine Lagarde, in turn repeats, in an interview published Monday in Germany, criticized the request of a European bank recapitalization."We think in general it is necessary to recapitalize European banks so that they are strong enough to withstand the risks associated with the debt crisis and low growth," she told the weekly Der Spiegel.
The chief executive of Deutsche Bank (-6.74% to 24.25 euros), Josef Ackermann, in turn, poured oil on the fire by saying that some European banks would not survive if they were to reassess the sovereign debt accounts at market price. Recapitalization forced the European banking sector could in turn send the wrong signal to markets, in this case the loss of faith on the part of authorities in the ability of measures to succeed, however, said Josef Ackermann .
Societe Generale lost 7.33% to 20.54 euros.The bank is also penalized by the U.S. federal agency oversight of mortgage that has filed a complaint Friday against 17 major international financial institutions which include the French bank, for a total loss of $ 41 billion in bonds linked to subprime .
In its wake, BNP Paribas lost 7.08% to 31.05 euros, Crédit Agricole 6.08% to 5.81 euros and 4.42% at Axa 10.06 euros. Natixis lost 4.87% to 2.58 euros. The aerospace equipment Safran (-2.78% to 26.25 euros) will make its entry into the CAC 40 index, while the bank Natixis is about to leave, said Friday the Scientific Council of the indices of NYSE Euronext. The changes take effect Sept. 19.
Bad signals on growth
In addition to banking problems, the first global economy has fueled fears of a global slowdown by announcing Friday it had no jobs created in August. Following this announcement, Wall Street closed on a sharp drop of more than 2%. U.S. markets will do on Monday with European stock any procedure they will remain closed for Labor Day (Labor Day observed every first Monday of September). "Wall Street remains closed doors, it seems unlikely that operators take the slightest risk," said Chris Weston, an analyst at IG Markets.
Asian stock markets have instead given with a negative pulse of the market in red. Operators in the region have learned that HSBC index of purchasing managers in the Chinese sector services slowed to an unprecedented low in August.Seasonally adjusted and calculated by the Institute Markit, it fell to 50.6 after 53.5 in July.
No other indicator may move the index is also expected on Monday. One highlight of the week will be the release of the Beige Book Fed on Wednesday night, which will be the summary of economic conditions in regions in the United States best payday advance.
No recession expected in Europe
The side of the euro area, European Commission President Jose Manuel Barroso, has tried to reassure investors. Traveling in Australia, he said that the European economy would experience in the coming months a "moderate growth" without going into recession. "We do not anticipate a recession in Europe.The latest forecasts from the European Commission show that the growth will be at the meeting, although this growth will be moderate, it is true, "he said in Sydney.
Markit, the company that carries out the PMI, however, said on Monday that growth in private activity in the euro area slowed more than expected in August, falling to its lowest level in two years, reinforcing fears of a return to recession by the end of 2011. The composite index, which summarizes the activity in the service sector and manufacturing fell to 50.7 points against 51.1 points in July, according to a second estimate.
For his part, Jean-Claude Trichet, president of the European Central Bank said it is "imperative" to implement the decisions taken by Heads of State and Government of the euro zone in July to resolve the debt crisis.
The euro fell slightly to 1.4140 dollars after falling in morning trading, to a low of three weeks, to 1.4138 dollar. For their part, oil prices were down in electronic trading in Asia, depressed by the poor figures on employment in the United States. A barrel of "light sweet crude" for delivery in October lost 59 cents to 85.86 dollars per barrel of Brent North Sea crude for October delivery 74 cents to 111.59 dollars.Saft takes off
EDF: -2.70% to 20.38 euros
The Italian Minister of Industry, Paolo Romani, said Sunday he would meet Monday Proglio about the power company Edison.
ArcelorMittal: -2.87% to 13.72 euros
Peabody Energy and ArcelorMittal announced Monday it had extended until September 27, the period during which the short bid for $ 5 billion (3.53 billion euros) on the Australian Macarthur Coal.
Zodiac: -1.67% to 54.20 euros
The group said it had completed the acquisition of the American Heath Tecna and have reached an agreement with its banks to raise 300 million euros the amount of an existing credit line.
Schneider Electric: -4.80% to 41.89 euros
The French government intervened with the company to freeze a plan for the removal of one.000 temporary positions, the daily Liberation in its Monday edition, but the group has firmly denied to AFP such a plan.
Saft: 9.81% to 23.96 euros (largest increase in the SBF 120)
The American automotive supplier Johnson Controls will pay $ 145 million (102 million euros) to the French specialist in batteries as part of an amicable agreement ending their joint venture in the automotive industry, announced Friday the two groups in a joint statement.
Alstom: -4.07% to 29.55 euros
The group signed a 66 million euros with Iraq to build a power plant in the province of Nineveh in the north, said the Iraqi Minister of Electricity.
France Telecom: -1.87% to 12.33 euros
TPSA its Polish subsidiary has announced to contest the fine of 128 million euros that inflicted the European Commission.