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.

Two national radio stations also sentenced to a yellow card. Europe has a wide-open its branch in PS with a talk time of 152%. Even France Inter, a radio public service has been formally for giving a talk time of 129% in opposition.The strings are warned if they reoffend, they face penalties!

"A special alignment of planets"

Convened Monday to CSA, those responsible for these chains are prohibited. This imbalance is due to broad "a special alignment of planets" in the news.

The DSK affair hit the headlines all summer, in September, the Senate shifted to the left and the Socialist Party held its primary. Two of the primary debates were broadcast on news channels, i-TV September 28 and October 5 BFM TV. The gap has even peaked in late August. Thus, i-TV spent 28 hours at PS 40 in July and August against 11:46 for the majority bloc.

The UMP had warned. Franck Riester, the national secretary for communication of the UMP had according to Jean-Francois Cope sent a letter to the CSA two weeks ago.He asked to see the imbalance of talk time and draw the consequences.

"Today, the CSA has highlighted what we said for weeks without being heard," says one in the entourage of Jean-Francois Cope. "This case is an opportunity to reflect on the rules. We were surprised by the impact of primary socialist. But I refute the idea that we are a party line. Instead, we have an image of independence online pay day loans. If the UMP held a primary, we would have done the same coverage, "said Alain Weill, CEO of NextRadioTV, parent company of BFM TV.

Wednesday, Michel Boyon, the president of CSA, and Christine Kelly, one of its members, recalled that "respect for pluralism of time is a constitutional issue and not to derogate pretext of a strong current. " "The senatorial primary and PS were predictable.Chains would have anticipated. This is not the fault of having prevented, I have met on 1 July to talk about, and late August to warn them, "said Christine Kelly.

No compensation

The CSA, responsible for enforcing pluralism in the media, has even been tolerant. "The 50% of time is a floor. The CSA was prepared to accept reasonable overruns due to the news. We could tolerate a talk time of 70%, 80% or even 100% exceptional, "said Michel Boyon. He reminded the rule for newspapers for information, speaking time is counted in three months. After abuse from July to September, the counters were reset for the period 1 October to 31 December."There will be no compensation for the excesses of talk time recorded in the previous quarter," said Michel Boyon.

Dialogue and anticipate

The CSA refutes the idea that the rule of pluralism is inadequate to news channels. Proof: France Info has not been formally general as his cousin was the France Inter. But difficulties exist.

The news channels should repeat the same news in their 45 or 50 daily newspapers. And each time a Socialist head is much talk time counted.

"The rules exist and we must respect them. For the future, it will interact intelligently with the CSA and better anticipate, "says Catherine Nayl, Director of Information of the TF1 Group. "But this is not always easy. And the interview with the DSK JT 20 hours of TF1 September 18 was widely reported on JT LCI. "

All industries show an increase in sales: fresh dairy products (+3.5%) in water (7.9%) through medical nutrition (9.8%). But it is the child nutrition that takes up the results (10.5%).For the latter pole, "the strong growth in value of 5% reflects both the favorable mix of growth, and also increases in the prices since the beginning of the year in most markets" , the group said.

For the first nine months of the year, the group recorded an increase of its turnover by 7.7% on a comparable basis to 14.5 billion euros. All of which leads to the Group CEO, Franck Riboud, that "Danone is doing well: Asia, Latin America and the Africa-Middle East continue to grow strongly. We work to strengthen our leading position in Russia and the United States and our performance in Western Europe remains strong. "

Confident in the long term

Equally optimistic, the Chief Financial Officer Pierre-Andre Terisse said during a conference call that the dynamics of the fourth quarter should be "fairly close" to that of the third.He therefore reiterated its 2011 objectives, namely an increase in sales on a comparable 6% to 8% and an increase in its operating margin by about 0.2 percentage points, still like. This growth will come from all its activities, but particularly integration synergies of Unimilk, said that Danone still expects to grow its free cash flow consistent with the goal of two billion euros for 2012.

"This is the construction of our engines of growth that continues to make me confident: confident for 2011, we will deliver as expected a strong and profitable growth, despite the sharp rise in commodity prices since the beginning of year; also confident for 2012, "enthuses Franck Riboud.

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After weeks of dithering, European leaders have taken in hand to avoid a collapse of the banking sector, weakened by the debt crisis, which brought down the French-Belgian group Dexia. The markets were also reassured by the publication of macroeconomic indicators in the U.S. exceeded expectations: job creation in the private sector and the ISM services.

Caution before the employment figures

Investors in Europe and the United States should however be cautious before several major macroeconomic deadlines. On Thursday, he watched the decision of the European Central Bank (ECB) on interest rates.The ECB raised its key rate twice this year for fear of inflation, this time could announce a reduction to support the economy in crisis in the euro area.

Investor caution should also be strengthened by the expectation of official figures of employment for the month of September in the United States to be published Friday. Until today, investors will learn the weekly jobless claims.

Meanwhile, the foreign exchange market, the euro reached 1.3331 dollars. A barrel of crude is trading at 102.38 dollars for Brent North Sea and 79.50 dollars for U.S. crude.The ounce of gold is trading in 1644 dollars payday loan.

Investors will have their eyes on Apple and Yahoo

As for values, investors will have their eyes on the technology sector.

• Apple should be particularly observed after the announcement of the demise of the group's founder Steve Jobs.

• Yahoo is the subject of new rumors of a possible bid from U.S. computer giant Microsoft, which had tried to capture in 2008 of U.S. internet group.

• Hewlett-Packard should not make further major acquisitions in the software after the acquisition of Autonomy, according to statement from the group's new boss Meg Whitman, quoted by Reuters.

• Boeing received an order for $ 1.1 billion from Ethiopian Airlines for four Boeing 777 freighters.

• Gilead Sciences has granted a license agreement Boehringer Ingelheim for the exclusive rights to research, development and commercialization of an anti-integrase for the treatment of HIV.

• Marriott International has released the third quarter, earnings per share of $ 0.29, up 32% year on year. Turnover was 2.9 billion dollars against 2.6 billion last year. The revenue per available room key indicator in the hotel sector grew by 8.7% on a comparable basis, while prices rose by 5.3%.

Also note Peabody Energy and ArcelorMittal will extend their bid for Macarthur Coal until October 28.

Regulatory side, it is the new international financial rules – dubbed Basel 3 – exercising tremendous pressure. Before Basel 3, the balance of a bank should respond to a simple rule: for every 100 euros of assets, a bank must prove four euros of capital. Basel 3 is that floor to 7.50 euros (10 euros for the world's largest banks).In fact, walking is even higher, partly because the definition of capital has become more restrictive, because the requirements were noted in respect of the riskiest activities.

To comply with new rules, banks can either raise capital or reduce their activities. Until recently, they preferred the first option would have boosted capital by 2019 – the date of entry into force of Basel 3 – with the setting aside of the results and payment of dividends. It will actually go much faster – the Banque de France demands to be ready in 2013 – and in crisis. But the crisis, precisely, will weigh on results, and thus the ability to create capital.

An alternative course would be to raise fresh capital.But a capital increase – if it manages to attract investors very defiant towards the banking sector – would result, at the current share price, an unbearable dilution of existing shareholders, already battered.

There is therefore now no real choice but to reduce activity. What, specifically, means that Societe Generale, BNP Paribas and Crédit Agricole – like many others who have less news on the topic – "have both feet on the brake," says one industry expert small personal loans.

This has more or less impact. The political and financial authorities do not necessarily see a dim view that banks are reducing their market positions. They are more worried about the air pocket that is beginning to be felt on the structured credit or term loans, such as local authorities.

Three resources

But banks now have even less choice than the decrease in activity is also the most effective response to be made to the current liquidity crisis. Specifically, a bank finances its operations with three main resources: its capital, deposits and customer loans on the market, often for at least half of the balance sheet.

Or, take the market has become difficult and expensive. Difficult, because the widespread suspicion that affects the euro area discourages lenders from around the world to take risks, especially in respect of a banking sector by definition exposed to the debts of States.

Unable to borrow simply, banks have other options, more expensive, such as getting loans secured on assets. But again, the possibilities are reduced with the market value of assets.A good state of Italian example is now much less a guarantee that a few months ago. Moreover, if indeed it is … Every time a customer credit rating deteriorates a sovereign, then it erodes the capacity of refinancing of banks that hold. In this context, banks borrow more short-term before (which makes them more vulnerable) and more expensive, which degrades their margins, so their profits and their ability to produce new capital. Full circle …

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This counter communicator, which allows to know its power consumption in real time and thus better control, will be installed progressively from late 2013-early 2014. A five-year period is planned to equip 35 million consumers, knowing that the European directive assigns a target that 80% of users are in possession of this tool in 2020. "This counter is a future asset for the modernization of the electricity distribution network.It will particularly help to end the current system of estimated bills, sources of discussions, said one industry player. In addition, the meter installation will require the creation of over 10,000 jobs. "

Throughout the past few weeks, a severe battle was between ERDF – a subsidiary of EDF in charge of distribution – and local authorities about the property counters Linky. Upon arrival, the government has not decided to change the current law, which states that the networks, which include counters, belong to communities. In support of its reflection, the government relied on the report of "Committee Linky" on the generalization of communicating electricity meters in France.The report, led by parliamentarians Ladislas Poniatowski and Jean-Claude Lenoir, was sent Sept. 21 to Eric Besson.

According to the overall pattern was retained, ERDF will be responsible for ordering and installation of new meters. These will be installed free of charge, the government decided that not considering either a tax increase for network use, one of the elements of the bill paid by customers.

A cost of 4.3 billion euros

In charge ERDF therefore, which plans to spend 4.3 billion euros to the generalization of the program Linky, to compensate the investment by the productivity gains achieved through this tool. For example, the new meter will perform many interventions that will distance the presence of agents of ERDF to the customer will no longer be necessary."But whatever the gains, a system of passing on costs is possible sooner or later," suggests an industry expert.

As for local, they indicated that the expected effectiveness of the new meter is fully proven. In other words it is shown that consumers can realize significant energy savings. Widespread Linky is a crucial element of energy efficiency policy of the government at a time when energy prices rise.

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The markets seem to be torn between the desire to focus on quarterly results released last night or expected, and the wrong signals sent by the European and Asian markets. They are disappointed with the proposals of President Nicolas Sarkozy and German Chancellor Angela Merkel. The two leaders, who gathered to discuss the governance of the euro area, have not provided a response to the concerns of investors about the debt crisis in the euro area.Of course, a battery of measures was announced: economic government of the euro area, "golden rule" budget, tax on financial transactions, fiscal convergence. But Germany and France have ruled out a strengthening of the European emergency fund (EFSF) and the creation of Eurobonds, measures eagerly awaited by the markets.

"The concerns of investors are unlikely to dissipate anytime soon and could increase the pressure against the European leaders' strategists warn of Crédit Agricole CIB. "We are concerned that investors not only in the short term this framework must also be approved by all other countries and which offers no short-term response to the problems that worry the markets," added the manager of Barclays scholarship.

Oil up

In this context, operators will try to focus on indicators of the day.Before the opening, the Labor Department will release the index of producer prices. Weekly oil inventories will follow. Investors expect a decline in reserves, which pushed the futures contract on a barrel of "light sweet crude" for delivery in September rose 1.19% to 87.68 dollars.

Note the side of the currency, the attempt to rebound in the euro against the dollar. After being battered in the Asian trade, the single European currency recovers. Around 11:30 in Paris, the euro bought 1.4450 dollars against 1.4406 dollars late Tuesday.

The values ​​of the day

News companies are also responsible for:

The Dell IT group has published Tuesday profit up 63% in the second quarter to $ 890 million, or earnings per share of 54 cents higher than expected. But the group has revised its annual sales targets downward.

Analog Devices reported last night for its third fiscal quarter, net earnings rose to 219.9 million dollars. But the group has disappointed analysts by saying that he expected an exaggerated caution of customers in a context of growing global economic uncertainty.

Abercrombie must report before the market opens its second quarter results. Ls forecasts indicate a profit of 29 cents per share and a turnover of 916.8 million dollars.

Deere also has pre-market release the results of its third fiscal quarter. The benefit should be 1.66% per share, according to economists.

Staples will announce its second quarter results, as Hot Topic, Limited Brands and Petsmart.

The banking sector battered yesterday after the European project for the taxation of financial transactions, will also be monitored.

After being attacked the night before, banks rebound and take the rating up: Bank of America takes up 6.50% to 7.21 dollars, JPMorgan Chase 6.49% to 36.60 dollars, Citigroup 6% to 30, 20 dollars and Wells Fargo 5.94% to 24.24 dollars.

The energy sector, also roughed up yesterday, today contributes significantly to higher indices, like the ExxonMobil oil (5% to 71.43 dollars). This increase is in the wake of oil prices that ended up on the New York Mercantile Exchange (Nymex).A barrel of "light sweet crude" for September delivery finished at 85.72 dollars (2.83 dollars the previous day).

Good news on employment front

The Dow Jones has further accelerated its rebound at the start of the last hour of trade, in a speech by U.S. President Barack Obama to ensure that there was always the possibility of taking measures to "help accelerate growth and job creation. "Investors also had a renewed confidence in the announcement of a meeting between French President Nicolas Sarkozy and German Chancellor Angela Merkel on Tuesday in Paris to discuss the reform of the governance of the euro area.

Also on the macroeconomic front, some good news also reassuring: the weekly jobless claims declined in the United States during the week to August 6 at 395,000 against 402,000 (revised) the previous week, said Thursday the Labor Department. Economists on average had expected 400,000 jobless.

On the front of the U.S. housing: the number of dwellings within the scope of foreclosures fell in July to a low of four months in the United States, according to a study released Thursday.Loan defaults, seizures and sales of bank foreclosures have affected 212,764 properties in July, a low not seen since November 2007, according to the firm RealtyTrac.

Note however that the country's trade deficit widened further in June according to figures released Thursday by the Commerce Department, reaching its highest level since October 2008 as a result of a sharp decline in exports.On a seasonally adjusted, the deficit reached 53.1 billion dollars against 50.8 billion (revised) the previous month, while U.S. exports fell by more than 2% over the month.

Cisco did better than expected

On the corporate side, the telecoms and IT supplier in the U.S. Cisco (15.95% to 15.92 dollars) on Wednesday issued an annual net profit down 16.4% to $ 6.5 billion, and a profit in the fourth quarter, down 36.3% to $ 1.2 billion. However, both figures higher than expected.

The media group News Corporation (18.09% to 16.19 dollars) to Rupert Murdoch, shaken by the recent wiretapping scandal in Britain, tried to reassure on Wednesday, its investors by issuing a profit annual increase."Although this was a good quarter of a financial point of view, our group has faced in recent weeks to problems with our London tabloid News of the World", accused of having carried on tapping some 4,000 people in the 2000s, said the group's CEO, Rupert Murdoch, in a statement.

In addition, Google (2.39% to 562.13 dollars) is followed. The investigation by U.S. authorities in charge of Competition (FTC) about a possible abuse of dominant position of Google, announced in June, focuses on the Android operating system and the search engine, we learned on Thursday in the Wall Street Journal.

No major publication is expected this weekend. It will take into effect until next Tuesday for Home Depot, Walmart and Dell publish their interim results.In the meantime, Monday, August 15, Estée Lauder will unveil its third-quarter figures.

The Nasdaq, even punished, won 6.90% to 2357.69 points, while the S & P tumbles 6.66% to 1119.46 points.On Monday, European markets have dropped out late in the session, while the Asian markets, have also, finished the day on heavy folds.

When Barack Obama spoke in an attempt to reassure the markets, investors do not stop selling. Worse, they pressed the pedal and drop is even more markets. "The United States still deserve note 'AAA'," said Monday night during a speech Barack Obama, on the downgrade of U.S. debt Friday by the rating agency Standard and Poor's. The U.S. president also defended the credit of the United States but acknowledged a deficit problem. Barack Obama, however, that the economic challenge was surmountable but require political will.

Nothing to do."The deterioration in the rating of the United States is clearly the catalyst for the drop in markets today, but is not the reason, according to Michael Sheldon, chief strategy officer at RDM Financial. Degradation is simply evidence that the U.S. has problems. "

Gold still a step higher, oil falls below $ 82

Witness the panic in the markets, gold has posted yet another record high and rose 4.25% to 1722 dollars an ounce at 20:30, before returning to 1717 dollars to 22 hours. Oil, however, has dropped by more than 6% Monday in New York, their lowest levels since November.On the New York Mercantile Exchange (Nymex), a barrel of "light sweet crude" for September delivery finished the session at 81.31 dollars, down 5.57 dollars or 6.4% on Friday.

Paradoxically, U.S. bond rates continue to decline, those same 10 years falling by 8.5% melting at 2.339% against 2.558% Friday. Good to 30 years returned to 3.663% against 3.823%. However, after degradation much faster than expected by Standard & Poor's sovereign rating of the United States, which had never been subjected to such a penalty could have been expected to climb pay day loans. Sign that investors still believe that the U.S. still refer to the bond market.

Moody's said Monday it could, too, by 2013 reduce the debt rating of the United States if the fiscal and economic outlook deteriorated sharply.But she considers it possible in the meantime a new agreement in Washington to reduce the deficit.

Menu macro loaded, with the FOMC in dish

This week, the lower macroeconomic indicator to take the pulse of a threatened U.S. growth will be expected to turn to investors.

From Tuesday, the productivity of U.S. companies in the second quarter and will be scrutinized closely. The risk is to see it getting more than expected, resulting in a logical breakdown of the job. Consumer confidence is also on the menu. But the final communique of the Monetary Policy Committee of the U.S. Federal Reserve (FOMC), from that Tuesday night will go to the most crucial.

Analysts and investors are wondering already if further monetary easing, (3 or quantitative easing "EQ3") can get out.Unless it is an aid to banks, which could begin to experience problems of interbank liquidity, which is preferred. "In all cases, the reaction of short-term market is very uncertain …" says it does at Aurel BGC.

Friday, retail sales will be the second major economic meeting a week at high risk on financial markets worldwide. "The sales figures published by the values ​​of the S & P 500 were clearly disappointing July, underline in this respect analysts Aurel BGC. But the report shows significant employment job creation in the distribution. A figure that looks very uncertain. "The trade balance in June should also be well attended.

Bank of America falls 20%

Meanwhile, the business side, the publications of interim results are less numerous and can only remember very little attention to markets, obsessed by the European and U.S. sovereign debt. Walt Disney reveals in particular accounts on Tuesday, ahead of Cisco in the matter and News Corp (Wednesday) and Nordstrom, Sara Lee, and Kohls (Thursday), and finally JC Penney (Friday).

American International Group (AIG: -9.92% to 22.61 dollars) continues Bank of America (-20.07% to 6.53 dollars), calling him more than $ 10 billion (7 billion euros) losses related to mortgages, it said in the text of the complaint.According to this document, which Reuters obtained a copy, AIG believes it was misled by the bank about securities backed by mortgages, which caused losses. The insurer wants to sue Bank of America to the Supreme Court of the State of New York in Manhattan.

At the Tokyo Stock Exchange, the Nikkei, which started on a decline of 0.51%, has cut its losses during the meeting. An hour of closing, he gave up 0.79% at 10,052 points. The market was particularly weighed down by further appreciation of the yen against the greenback. In morning trading, the dollar is worth 78.35 yen against 78.47 Friday.Export values ​​suffer, just like Sony (-2.05%), Honda Motor (-0.93%) and Toyota (-1.05%).

The concerns are the same in the rest of the region. The Stock Exchange of Hong Kong and Shanghai respectively lost 0.79% and 2.10%. In Hong Kong, the banking sector is battered. HSBC 0.77% loose. In Korea, the Kospi was down 0.81% while in Australia, the S & P gives up 1.48%. Only the Indian Sensex manages to remain in the green, up 0.13%.

Oil down

Oil prices were also down on their Monday in electronic trading in Asia, the market worried about the lack of agreement in the United States on raising the debt ceiling.

In morning trading, a barrel of "light sweet crude" for August delivery lost 1.08 dollars to 98.79 dollars. That of Brent North Sea crude for September delivery lost 60 cents to 118.07 dollars.