As such, it must be remembered that the S & P is not his first "mistake". In early August, when the deterioration in the rating of the United States, the agency had already deceived 2,000 billion in the calculation of the federal debt.

This lack of reliability of the agency does not affect the market reaction.Thursday, shortly after the dissemination of this false information to 3:57 p.m., the French rate on loans to ten years amounted to 3.46%, bringing the pay gap with German bonds of similar duration to a record 166 points percentage not seen since the creation of the euro.

Everyone to understand that France will soon be degraded

This Friday, at the opening transaction, rates eased around 3.36%, but markets have learned their lesson. In exchange, everyone understood that in case of deterioration in the rating of France, synonymous with loss of the "triple A", the rates of government bonds with ten years showed 3.46%, or 3 , 5%. This would mean that in this case, France would borrow twice from Germany!

The shock is harsh, but it is ultimately not so dramatic as that. A 3.46 or 3.5% borrowing conditions in France remain reasonable.

An equation that TF1 attributed to "a macroeconomic environment less favorable than expected, especially from September." This "economic uncertainty", leads the group also anticipated for the year 2011 "a withdrawal of consolidated turnover of about 1%."

However, if the proceeds of the TF1 channel degrades, the group announced a turnover in nine months, up 0.7% to 1.826 billion euros.

Aware of the pitfalls, Paris, who chairs the G20 seeks to avoid the reasons for tension. First objective: to show that Europe is determined to solve the crisis of its debt, which raises concerns around the world.To do this, nothing better than to show the strength of the Franco-German couple at a luncheon on Friday at the Elysee, bringing together around the president, the French finance minister and Baroin his German counterpart Wolfgang Schäuble.

"We have made good progress on the path to find how to package a comprehensive and lasting agreement," said the French way out. For Baroin, progress has been made "on the joint bank recapitalization," he may say no more.According to European sources cited by Bloomberg, the euro area is working on the assumption of a default of 50% of Greek debt and would have identified seven options to boost the European Financial Stability Fund (EFSF), from the processing bank the simple assurance of securities issued by the countries most vulnerable.

Individual Solutions

Paradoxically, this sacred union between France and Germany is no longer visible in the markets bad credit personal loan lenders. Yesterday, the spread between ten-year French and German was 93 basis points, to the detriment of the former. Never since the creation of the euro area, France has borrowed as much from Germany even though the absolute rates at ten years French remain historically low.In the eyes of financial markets, it shows the weakness of leeway in Paris, to boost the EFSF or possibly refinance its banks.

The other cause of tension that the French Presidency is to avoid global order. At their working dinner last night, finance ministers from the G20 should discuss ways "to ensure global growth strong, sustainable and balanced", as agreed for three years. But unlike previous summits, where everyone was asked to revive its economy, the solutions will be this time individual. "At Cannes, each country will come with two or three steps to support its economy depend on the fiscal space of each other," says Bercy. What display a facade of unity.

However, the Twenty will not avoid the reasons for tension.The heaviest between China to the United States, since the passage by Congress in Washington, a bill denouncing the undervaluation of the yuan. The newest arrived yesterday: the emerging propose strengthening of $ 350 billion financial capacity of the IMF for help, among other things, to finance Europe. A proposal that has received a plea of ​​receiving U.S. Treasury Secretary Timothy Geithner, for whom the IMF has "largely sufficient resources to deal with the crisis."

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To stop the bleeding, Isabelle de Kerviler, rapporteur of the opinion that is presented this morning at the EESC proposes to facilitate the development of medium-sized companies in particular by improving the financial environment.

"We must strengthen the role of OSEO, we want to launch a loan specifically for the industrial sector and the creation of a special savings account," says the reporter who did not want to quantify the amounts or the levels of these measures especially to SMEs.

Other proposed runway: corporate taxation."It should modulate the rate of corporation tax, the report said, by shifting the tax burden of work on the consumption of natural resources or pollution or swaps."

"Create" Grenelle of competitiveness "

Compared to Germany, envied model that continues to get ahead of our country, the EESC notes that the French labor costs are not even an advantage.The moderation of costs across the Rhine and the progression (in the EU average) of this side are trimmed away.

Nevertheless, France still has a bright points in its favor: the dynamic demographic, geographic location, quality workforce, the quality of public services contrasts with an educational level that s' weakens.

To implement practical solutions, Isabelle de Kerviler wants to organize a "Grenelle of competitiveness." But is that enough to compete with Germany?

Unmistakable sign that it is mainly the models of small and medium sizes that are popular, "our best sales affect the coffers of 20 cm by 30 cm, ranging in price from 200 to 400 euros depending on the sophistication of the product" confirms Bruno Franche. Easy to slip into a closet or beneath a desk, the boxes would welcome armored jumble "of gold, silver or jewels" in the words of professionals who see the consequence of the current enthusiasm for the yellow metal, coupled with a distrust vis-à-vis a moribund banking sector.

Banks, market catalyst

In fact, gold continues to attract investors considering it as a safe haven of choice when financial markets have long faces no fax cash advance.Evidenced by the increasing demands in this regard on the Web, like Gold by Gold, which recently launched the sale of ingots 50 and 100 grams from the melting of jewelry at the end of life of individuals. As for banks, they increasingly worry: according to a survey conducted in early September for JDD.fr, nearly one in two French (48%) has no confidence in the strength of French institutions.

True indicator of crisis, the health of the market for security containers and reflects the current economic gloom, after echoed in 2005 urban riots that had hit the Hexagon. "At the time, we have never sold as many cabinets inifuges (to protect from heat, ed)," recalls Hervé Rizzato, product manager for Papillon security.But paradoxically, if the sector is doing well, it's also thanks to orders from banks! In fact, most of them now are reviewing their security standards. "With the arrival of new players in Eastern Europe on the market ten years ago, banks have a long snubbed the French coffers, more expensive but safer, decrypts Hervé Rizzato. But last year, these facilities come to us, fearing for the safety of their brands. "

In its traditional broadcast weekly radio address, Barack Obama said the bill, currently stalled, relate to the construction, trade and taxes, and that they should "boost" the economy. "The only thing that prevents us to pass these texts is the refusal of some on Capitol Hill to put national interests before those of their party.This is the problem today is that hinders the country, "he said.

Barack Obama also confirms the fears of equity markets on the health of the world's largest economy. "We are in a difficult, terrible recession," he admitted. "So we need people in Washington, people whose job is to manage the affairs of the country, the people you elected to serve online payday loans. We need to solve problems by putting aside our differences, "he adds.

"Do not betray his principles"

The response from the other side was not built to wait. "Divided government is no excuse for doing nothing," ruled John Kasich, the Ohio governor, in a speech on behalf of the Republican opposition. "It does not replace the authority of the President of the United States.I hope that President Obama listen to his fellow Republicans as well as to get the economy back on track by creating jobs and manufacturing growth. "

The latter, however, urged his side to make more compromises when necessary. "It is equally important that the Republicans are not rigid about working beyond the party lines when the stakes are high. We can compromise on policy as it does not betray his principles. "

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Not surprisingly, it has maintained its key interest rates between 0% and 0.25%. However, she said that this policy would be extended "until mid-2013," sign it receives considerable stress on growth. In fact, she says, "the risks to the economy rose" and growing "considerably slower than expected."

Other measures

"The Fed is playing a tough game with the words, it must show it is taking the situation seriously, without making too much not that the markets are worried about a return to recession," said Philippe Bruneau, Director central bank Neuflize OBC. For the latter, "the only good news for the current crisis is the drop in oil prices, which dropped below the 80 dollars a barrel after reaching $ 115 in the spring. A decrease of $ 10 is equivalent to 0.3 percentage point of growth in addition to the United States. " It is not certain that the message of this evening of the Federal Reserve reassured. Especially since three members of the Monetary Committee voted against the decision to keep rates from 0 to 0.25% until 2013.Evidence that the division now also prevails in the central bank.

Taking note of the slowdown in action, the Fed said "consider further steps to promote stronger economic growth." But without saying more. "Ben Bernanke was forced to send a message to investors and told them that he will continue to support the price of U.S. government bonds, weakened by the S & P's decision," said Antoine Brunet, director of AB Markets.But by not precise commitments, Ben Bernanke shows how the scope is narrow to implement this new policy unconventional.

China, the first lender in the United States which it holds more than 1.3 trillion dollars in debt, is fiercely opposed to these measures, particularly in quantitative easing, which is for the Fed to directly purchase U.S. Treasury debt. "To walk the printing press allows the U.S. to go into debt on the backs of low-cost external creditors," a summary of the economists of HSBC. Moreover, "it keeps the dollar at low levels and put pressure on emerging currencies, including the yuan." The Chinese authorities find themselves faced with an alternative: let their currencies appreciate or prevent this movement, which requires in turn create the currency.Action inconsistent with their goal to fight against inflation (see cons below). "In one way or the other, China is losing, 'the experts of HSBC. The previous quantitative easing campaign was very unpopular in China. A new one could cause actual casus belli. With the key threat by Beijing to stop buying U.S. Treasuries.

The decline in hiring of more than a month was mainly observed in the very small (- 2.9%). In companies with more than 20 employees, these hires were stable (- 0.3%), supported by the CDI (6.5%).In one year, reports of hiring more than a month increased by 2.0% in TPE and 8.5% in companies with more than 20 employees.

The Director General of the Association for the use of frameworks (APEC), Jacky Chatelain, a smile: "2011 will be a very good year for the recruitment of executives," said he. It will be even better than expected. Tuesday during the presentation of its traditional mid-point year, his organization has substantially revised its statistics on the rise, according to his calculations, 194,000 cadres would be hired this year, against 181,000 originally announced in February as part of the APEC business panel 2011.

These figures confirm the trends optimistic in recent months. The latest indicator Apec published in May, the number of jobs grew by 70% year on year, driven by services, led by computer functions and research and development.In addition, mobility management, reflecting a renewed confidence, has also increased from 5% in 2009 to 7% in 2010.

The reasons for this dynamism? A greater investment in the first half of 2011, from 1.9% earlier this year to 3.8%. "For three years, we have established a strong link between investment and employment," said Jacky Chatelain. On the basis of a model by connecting the executive search, investment and growth, APEC has also made a forecast of recruitment to five years.

New legislation

With an investment of 3% per year, it expects an increase in employment context, not only in the second half of 2011, but over the next four years."However, investment has not recovered its pre-2000 levels," notes the director general of APEC, citing "a problem of competitiveness of the French economy, a profitability that is struggling to recover , difficult access to credit and public investment that does not play a role. " In this context, recruitment is expected to slow over the years. According to the study of Apec, they increase by 18% in 2011 compared to 2010, then increase by 8% in 2012, 5% in 2013, 6% in 2014, and begin to decline by 1% in 2015 to be at 232,100 hires.

The year 2015 was "marked a plateau for hiring managers in a market that lacks strong enough levers," says Apec.According to Jacky Chatelain, public policy must "be sensitive to investment."

In developing this scenario, APEC has also included new legislation on retirement and senior employment, which, combined with good market conditions of employment context, would encourage more employees working from more later. Thus, the proportion of managers employed at the time of retirement may remain stable at 69% over the period.