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.

Ten days after a summit of the European Union has offered a new and generous aid package (130 billion of soft loans and additional deletion of 50% of its bank debt), Greece has still failed to respond positively to its European partners. The ongoing political chicanery in Athens are now exasperated the northern Europeans. Former German Chancellor Gerhard Schröder has just said out loud what they think almost all of his compatriots: "Greece should never have been back in the euro area! ".

Four days after returning from Brussels summit, Greek Prime Minister George Papandreou announced unexpectedly that he would submit to a referendum history of the Europe Agreement on October 27.In his speech before the vote, Prime Minister pledged to work towards forming a national unity government, which would then be able to obtain approval from the European level by a qualified majority of the Greek Parliament.

Saturday at midday, Papandreou has therefore gone to the President of the Hellenic Republic (with powers more symbolic than real, like the presidents German or Italian), asking him to convene the party leaders in for the formation of a grand coalition. But Antonis Samaras, the leader of opposition party New Democracy (center right) then stated publicly that he demanded the resignation prior Papandreou, in his eyes too discredited claim to form such a government of national unity.

This net outflow nevertheless a very symbolic event for the world of insurance. This is the second time this has happened since the publication of a monthly indicator in 1997.In the panic of the fall of Lehman Brothers, the purchase of contracts had exceeded the collection in October and December 2008.

The new episode of outflow was expected, the movement of withdrawals flying for several months. Several factors explain this cold snap. "The environment encourages individuals to anxiety out of stock or bonds to promote short-term investments or stone," said Jean Berthon, president of the Federation of Independent human savers for retirement (Faider) . Hesitations about the tax life insurance at the beginning of the year have also left its mark.

Banks are active

In this context, investors do not have particularly appreciated the booklet A faxless payday advance. Despite its attractive net salary of 2.25%, in September it displays a modest collection of 1.13 billion euros.Investments flagship autumn are to be sought in bank books boosted short-term offer of 3.5% to 6%, for periods of three to twelve months. Banks, ordered to adapt very quickly to new regulatory requirements of Basel III, should not relax their efforts to build up a stock of customer deposits.

Insurers temper the consequences of withdrawal. Indeed, if an individual purchases a life insurance company invests in securities with face holding horizon is closer to the life of the contract, that is to say very often in bonds.The outflow thus results for insurance companies by sales of bonds, exposing companies in an environment of rising interest rates to a realization of unrealized losses.

"The life insurance companies have tools to deal with exceptional events: the capitalization reserve, the reserve for surplus and unrealized gains …" insists Pierre de Villeneuve. As for the outflow, or it should not affect investment returns, or the results of companies. This is a good opportunity to show the flexibility of life insurance to meet the needs of some investors. "

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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. "

"Despite good faith efforts to find a common base, the White House will not consent to a broader agreement on reducing the debt without raising taxes. So I think that the best approach might be to focus on a smaller, "said the Republican.

Budget cuts

The aim of the negotiations that are straining the elected representatives of two major American parties is twofold: first, raising the U.S. debt ceiling authorized, currently set at 14,300 billion and achieved since mid-May Without agreement on this point, the Treasury warned that the United States would find themselves in default of payment on 2 August. A scenario unique to cause global bond market crash.

Elected officials must also agree on a comprehensive plan of savings, without which Democrats as Republicans admit that the U.S. debt is not sustainable in the medium term. An aging population should lead to higher mechanical effect of public debt, charged in the future by heavier spending on health and higher costs related to the pension system.However, the U cash advance no fax.S. national debt has already reached the summits, looked with suspicion by the rating agencies. In this context, the figure of 4 trillion reassure markets further.

Electoral concerns

After days of deadlock, negotiations appeared to unravel Thursday, after Obama met with leaders of both major parties in Congress. In granting budget cuts for health and social security, so far regarded as untouchable by the Democrats, Barack Obama has paved the way for an agreement that he would like "historic".

In return, the president was calling for concessions from the Republicans on the taxation of the rich. "We can not ask the middle class and senior citizens to bear alone the brunt of budget cuts, held Saturday, spokesman for the White House.Are also the richest pay their fair share, and we believe that Americans agree on this point. "

For their part, Republicans are reluctant to vote for one trillion tax increases that Barack Obama is calling for. In general, Republicans as Democrats are concerned that measures spending cuts or tax increases adopted in the savings plan does not cost them the next election.

Barack Obama would meet again in the early evening the leaders of the House of Representatives, where Republicans are the majority, and Senate. The White House said in the wake of the announcement of John Boehner she still hoped to get him back on his positions.

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Another major proposal for the new budget: funding for the Common Agricultural Policy (CAP) would be frozen at their current level of 370 billion euros, the sources said.Taking into account inflation and the general evolution of European finance, this means that the share of the CAP in the budget of the European Union (EU) will naturally decrease.

Taken up by several Member States since the crisis, including Nicolas Sarkozy, the idea of ​​tax on financial transactions developed by the Nobel Prize in economics James Tobin is considered a credible solution to help poor countries fight against global climatique.Son rate should be moderate, at 0.05%.

"The EU as a first step"

Ten days ago, the Commission President José Manuel Barroso had already discussed the proposed tax on financial transactions in a letter to EU leaders. "The Commission completes its impact and present a formal legislative proposal after the summer," wrote José Manuel Barroso.

"Our analysis shows that there is a strong case to decide whether a tax in the financial sector in the EU as a first step," he said, assuring that the Commission will "in parallel, continue to work for a global agreement on a tax on financial transactions. "

Supported by the Franco-German Cup, the tax "Tobin" has been a joint proposal of the French Socialist Party and the German SPD in their respective parliaments.The resolution was adopted in mid-June by the French deputies but less successful in the Bundestag, where she was referred to committee.

According to the French deputies, the EU legislative proposal should include "a tax on all financial transactions of 0.05%", including all stock exchange transactions and non-stock, securities, bonds and derivatives, as well as all transactions in the foreign exchange market to the tax base and revenue allocation to each of the national budget. "

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To maintain momentum, the group, which owns 8.7% of the global market sportbikes, has implemented such a plan based on continued international expansion. Foreign markets already account for 75% of production, the United States, second country after Italy, already account for 18%.Soon, an assembly plant to Asia will be inaugurated in Thailand and is considered an industrial plant in Brazil to supply South America.

Returned to Italy in 2005 after its takeover by the Alpine fund Investindustrial with the American TPG, small business Bologna (397 million turnover, 1050 people) claims the DNA of sports brands neighboring Emilia-Romagna Ferrari, Maserati and Lamborghini. A commercial asset, like the recruitment of Italian Grand Prix driver, Valentino Rossi, 9 times world champion.

The cost of competition, secrecy, is embedded in 40 million euros in investments, or about 9% of sales.This is not philanthropy: the good results increase awareness, can increase prices and boost profitability, the obsession with the brand free credit report and score.

A case study

"With an operating margin of 18% in 2010, we are the most profitable manufacturer in Europe," says CEO Gabriele Del Torchio. This margin was only 8.9% in 2006. This improvement obtained after an initial strategic plan (2006-2010) has not gone unnoticed. Since January 1, where Ducati is taught at the London Business School. The search for competitive suppliers in Asia, the increased efficiency of the workforce, halving the cost of warranty (5 million), the removal of some models have improved the financial situation.

To return to the forefront, Ducati has used the same recipe as Harley Davidson, whose record of profitability has exceeded 20%.As the U.S. firm, the Italian brand has focused on the evolution of a single type of engine and high margins. An example? The newest, the Diavel, designed by Harley customers attracted to cost more than EUR 20 000.

The prestige also boosts the price of accessories (25 million turnover in 2010) and derivatives such as clothing (18 million). Licensing agreements were signed, notably with the American Porter Tumi (5 million).

Same concerns on the side of Mayenne, where Michel Amiard already seen his cows Red Meadows put themselves under the trees in search of freshness as in summer when we are only at the spring. Already the producer of beef breed believed to reduce his herd in order to have more freedom to chop and more cash. "For two months the water deficit is important, with only 25% of rainfall compared to the regular season," says Michael Porter, Director of Agritel, a company specializing in risk management of agricultural commodity prices. Faced with this worrying situation, three French departments of the west, the Charente-Maritime, Vienne and Deux-Sevres have already taken action to ration for the irrigation of crops."The farmers must irrigate at night," says Christiane Barret example, Reeve Deux-Sevres on BFM TV one hour payday loan.

The drought is not limited to the borders of France

Still, this drought is not limited to the borders of France, but affects the whole of Northern Europe "on a broadband affecting England, Northern France, Benelux, Germany, Poland and Ukraine, "says Michael Porter. A climatic situation which, if satisfied holidaymakers current worries producers but also the markets that do not see any improvement in the short term. At 15 days no precipitation is expected over northern Europe. "This should keep on alert in world markets in a fundamental tension in the already very large exporters," warns the manager of Agritel. This afternoon on the physical market in Rouen, wheat rose more than 8 euros (3.51%) to 236 euros per tonne.Overseas, the situation is also worrying, the quality of U.S. winter wheat has stagnated during the week ending April 17 due to weather still too dry, said Monday in its weekly bulletin on crop conditions (Crop Progress), USDA (U.S. Department of Agriculture). Winter wheat remain "good" to "excellent" at 36%, against 69% last year on the same date.

For corn, where global stocks are very tight, around 18 days of consumption, hurricanes of last week have affected planting. American farmers have planted their corn 7% against 16% last year at this time always according to the USDA. Something to also react as markets in Europe. Corn was trading took 1.7% to 234 euros per ton this afternoon. What give grist to the advocates of greater regulation of commodity prices G20.

This measure implements the contribution of the sector with measures that would cushion the blow of soaring pump prices, which reignited the debate on fuel taxes and the state's capacity to curb the soaring costs of household energy, accounting for about 8% of their budget.

"This morning, the oil industry players have agreed to contribute to reducing the oil bill of the French," said Christine Lagarde, Minister of Economy, during a press conference at the end of a meeting with industrialists.Specifically, they will fund the cost of upgrading from 4.6% of the fee structure of fuels that employees and independent workers can elect to deduct from their taxable income. This measure is expected to reach five million workers, 500,000 people in professional and 500,000 merchants and craftsmen, "said Frédéric Lefebvre, Secretary of State for Trade.

"Aspiration"

The funding provided by the manufacturers take the form of a tax allowance for price increases passed in the 2010 accounts. It will weigh up to 60% on producers and refiners "in particular the Total group," said Christine Lagarde, and 40% on distributors, who declined an invitation to the meeting of Bercy."It's a real drain on the refining and marketing French," late Jean-Louis Schilansky, president of the French Union of Petroleum Industries (Ufip), explaining that rising crude oil mainly benefiting producers and not processors. "Crude prices are high, it's true, but on the refining and distribution, ie those who process, the situation is not good," he said.

The 115 million financed by the sector represents 1.1% of annual earnings released by the only group Total in February. The government also gave good marks to manufacturers on compliance with the regulation of pricing in gas stations. In 4008 retail outlets controlled only 37 minutes have been prepared, a violation rate of only 0.7%, says Bercy.

Christine Lagarde has again ruled out any change, even if only temporary, the regime of TIPP, the domestic tax on petroleum products, primary levy on fuel online payday loans. "This is a tax that is not based on the value but is based on the volumes. So the state today is not a kitty under the TIPP, "said the minister. "The solution TIPP is not a solution."

No checks for fuel

She also rejected the idea, advocated by some consumer groups for a "check fuel" on the principle of the meal ticket. "It was never discussed," she said. Before signing the agreement with oil companies has been criticized Monday by Jean-Claude Mailly, secretary general of the Workers Force union, which regretted the look "complicated" of his application."It means that it is a tax deduction on income, so must still pay tax on income. I recall that nearly 50% of households do not pay because they are below the threshold, "he said on RTL.

"It's still a bit of a side gas plant. The easiest thing is that it appears one way or another on the payroll, "he added.

A barrel of Brent oil trading at nearly 126 dollars on Monday, against less than $ 75 in late August and less than $ 40 in late 2008. This increase was driven among others by social and political tensions in the Middle East and the prospect of increased Japanese demand after the nuclear accident in Fukushima.Prices at the pump in France are relayed back to the highs set in 2008, the liter of diesel than EUR 1.36 and the super unleaded 98 1.54 euros.

Christine Lagarde, who reported only 0.7% of crimes with penalties of 4,000 inspections carried out by the Directorate General for Consumer, Competition and Repression of Fraud (DGCCRF), assured that the service stations in compliance regulations on the pricing of fuel and that "The evolution of margins in the sector has followed so exactly corollary increases or decreases (…) of commodity prices."She added that sanctions were taken against the offenders.

(With agencies)

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Arnaud Raymond – In the short term, yes. Taking the example of the earthquake that struck the city of Kobe in 1995, the impact of this new natural disaster should be strong in the first quarter, slightly weaker in the second. Expected contraction of GDP from 0.25% to 1% in the first quarter and from 0% to 0.25% in the second quarter. Sectors related to the automotive, electronics and to a lesser extent in refining will be affected. Just missing a technical component to the activity in these sectors is paralyzed.

What should we expect the second half?

By the third quarter, economic activity should pick up and longer term due to reconstruction efforts. Sectors such as public works or industrial equipment should enjoy. But they will not, however, significantly boost economic activity in Japan.

Why?

Because of its low birthrate, the country is doomed to have slow growth. However if we take into consideration the gross domestic product (GDP) per capita, one realizes that he can grow between 1% and 2% per year, ie at levels similar to those of other developed countries. But this brake population necessarily implies a lack of dynamism in the domestic market.

So, salvation can only come from Japan and exports.Certainly, the country will benefit less because of the Asian economic downturn and especially China, but these markets still show strong growth, even decline (China expects 7% to 8% growth in 2011 against 10.3% in 2010, Ed).

For the first time since 2000, the G7 has intervened in concert to counter soaring yen. Is this a good measure?

This is an excellent measure and a strong signal to financial markets. It can not appeasing tensions that we observed on the yen, due to speculative excess in the massive repatriation of funds held abroad to finance compensation to victims of disaster.

The Japanese currency was overvalued. A weaker yen is necessarily beneficial to succeeding in the reconstruction after the earthquake and for Japanese exports.Financial markets have been pleasantly surprised by the fact that this intervention was concerted. No risk of inflation is to be feared such a measure, the country is in near-deflation and the Japanese asset prices are not ready to get excited.

The cost of construction is not likely he not impair the solvency of Japan?

The question of the solvency of Japan in fact arises. The cost of the natural disaster will be borne by insurers and by the country. Certainly, as I said earlier, this will generate additional growth, but this will further increase the debt of Japan, whose share in GDP is higher today than 200%.

Suddenly, there is a risk that the debt rating of Japan is still down.Now, unlike a country like Greece whose debt is held by more than 50% by foreign countries, Japan's is 98% owned by institutions or individuals in Japan. In other words, while individuals and other institutions have confidence in their country, Japan will not be in danger.