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Having unscrewed yesterday, the markets are returning to 14:10, the Cac 40 gained 0.75% to 3708 points, after falling more than 1.80% in plenary. In Tokyo, the Nikkei ended the session on a drop of 3.22% to 9082 points.

Investors are beginning to put their fears about Dubai. The financial difficulties of the emirate of Dubai have led to ask its creditors for a six months moratorium on debt repayments. Dubai World, the public holding company owner of the artificial island shaped like palm, and the property giant Nakheel is unable to repay the 59 billion they have borrowed.

Dubai displays a debt of 80 billion dollars, of which about 70 billion owed by public enterprises. Yesterday, the rating agency Moody's immediately downgraded the ratings of six major government-linked companies.For its part, Fitch downgraded two major public companies in Dubai, DHCOG and Dewa. According to Standard & Poor's, many institutions will raise capital in the coming months. Analysts fear a domino effect. The deferred payment of debts could reach other companies, especially in emerging countries. British banks Barclays, Lloyds, Royal Bank of Scotland, but BNP Paribas and Credit Suisse are among the creditors of Dubai World.

According to Credit Suisse, the European banks' exposure to debt and Dubai companies which are attached is estimated at 13 billion euros. If Dubai and parastatal entities were to be absent on 50% of their debt, the bill would amount to 5 billion euros after tax for European banks.

In metropolitan France, the registered unemployed in October rose 52.400 to 2.6 million, an increase twice that of September, and 43,000 to 3.8 million, including those in small business, announced Thursday the Ministry of Employment. These figures suggest that the effects of the crisis on employment will continue beyond the end of the year.

Values to follow the Paris Bourse

EDF and Britain's Centrica have finalized their agreement. EDF (+0.13%) will acquire the 51% held by Centrica in Belgian SPE-Luminus and Centrica will take 20% of Lake Acquisitions, the holding company which owns 100% of British Energy, as well as 20% of the project company of 'EDF set to build new nuclear plants in the United Kingdom.Moreover, the managing director of Italian Eni announced yesterday that a memorandum of agreement on the entry of EDF in the pipeline project South Stream was about to be signed with Russia.

In an interview with The Daily Progress, St?phane Richard, Number 2, France Telecom (-0.35%), has announced its intention to become the CEO of the telecom operator in 2011. Also yesterday, the unions CGT, CFDT, CFTC and FOR, representing 68% of French employees of the group, signed for the establishment of a part-time senior (GST) may affect up to 14 000 employees .

Philippe Varin, CEO of PSA Peugeot Citroen (1.48%) confirmed that the group's operating income would be in equilibrium in the second half and that 2010 would be a difficult year for the sector.

The entire automotive sector, however, is well oriented on Friday: 3.48% wins Michelin and Renault rose 1.76%.A memorandum of agreement on the restructuring of Avtovaz be announced today. According to Les Echos, Renault (-1.57%), which owns 25% of Russian manufacturer should provide assistance in kind equivalent to 240 million euros. Out Cac 40, Faurecia advance of 1.34% and 0.24% Valeo takes.

The Paris court hearing a case of alleged cheating customers GDF Suez (-1.30%) refused Thursday to rule. He believes that the company had not been "informed in detail of the facts alleged against him."

Vivendi (-0.57%) could buy Orascom Telecom Algeria as part of an alliance with the Algerian group Cevital, according to La Tribune.

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The Zodiac Group has published the results of its financial year ending in late August, posting a profit of 172.9 million euros and a net operating profit of 249.4 million, an increase of 5.9%. Earnings per share comes up from 30.7% to 3.28 euros.

"The financial burden lower than expected initially, and favorable non-recurring items on the tax burden, mainly related to the sale of remaining interest in the Zodiac Marine Holding, offsetting slower growth," says group Commenting on its results.

Revenues meanwhile fell by 5.3% at constant rates and perimeter, but were up 9.5% at current scope, taking advantage of the euro / dollar.

The group table finally ending the crisis in the aviation "that could intervene in 2011.

And you, your car, you see how? Torn between the heart and mind, individuals seem to tip the balance right side.

According to a survey by Benchmark Group, 69% of respondents now believe the car as a means of transportation for which he must spend as little as possible and 74% considered this item of expenditure "too heavy". Responses that are the result of a survey conducted among nearly 1 800 people, representative sample of French with a car.

Effect scrapping bonus? Three quarters of motorists say they will change their car for a vehicle that consumes less and 30% of those who provide a great car to buy a smaller one.

Clearly, the French do not "consume" as before.They are less likely to no longer need to own their own vehicle? This is less than before an element of social status. 20% of motorists say they could also opt for renting. And one quarter of them are interested in renting a car at the city modeled on the Parisian v?libs.

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Despite the crisis, the French continue to be passionate about entrepreneurship. After a September record (56,548), figures for October are still very good with 55. 233 new companies, according to figures released Tuesday by the INSEE. "The success of autoentrepreneur is confirmed since half the creators have chosen this plan. We should reach a total of 300,000 autoentrepreneurs at the end of the year when we do tablions than 200,000 in early, "said Herve Novelli, Secretary of State for SMEs, which" welcomes "well Naturally, these figures. The government hopes to reach the 500,000 start-ups this year.

In detail, the first nine months 2009, the INSEE experts d?nombrent 230,649 applications created under the autoentrepreneur or more a creation of two.Taking into account the criticisms of artisans, who denounce unfair competition, Herve Novelli has multiplied the facilities. Thus, the inhabitants of the departments of overseas-they now enjoy. The staff can also perform a second job without this additional activity is limited to two years. The professions will, in turn, opt for this scheme if they wish. This possibility exists for merchants and craftsmen that can each hold year-end solution that they deem best for their situation.

To enable professionals to have time to make their decision, the government granted them a period which runs exceptionally between mid-December 2009 and end in February 2010.Herv? Novelli and Valerie P?cresse, Minister of Higher Education, have finally announced this Monday, several measures to enable students to become autoentrepreneur.

But the enthusiasm for entrepreneurship goes well beyond that single status. The two ministers have sponsored this Monday morning MooveJee launch a movement for young student entrepreneurs founded by Dominique Restino. Its objective is the creation and recovery business is a way more attractive than the wage for young people aged 18 to 26 years, they prepare a CAP or studying bac plus 5.According to the Agency for Enterprise Creation (APCE), 70,000 young people under 30 want to start their company, with 20,000 people under 25 years.

Celebrating the contractor as they celebrate the music "

This event is one of hundreds of events organized under the Days of the contractor taking place throughout France until November 22. The ambition of the organizers of the third edition of this movement is to "celebrate the contractor as they celebrate the music."

"13 million French would-be entrepreneur. Entrepreneurs are the lifeblood of growth. But they still suffer from too many obstacles.It is a reality that we must change, "says Gregory Sentilhes, president of Days entrepreneur and company development NextStage Capital invests in SMEs.

Sign of the enthusiasm for the trade contractor, despite the crisis and benefits from wage-earning men and women who have become entrepreneurs are satisfied with their choice of 85%, according to a study Ifop PACE although they are happy that 52% of their income.

Sales of Toyota and Peugeot in Africa, the manufacturing Bic pens in Nigeria, the distribution of drugs Novartis and Pfizer, bottling beer Heineken and Coca-Cola in the Congo or the installation of Otis elevators … These are some activities CFAO subsidiary, the least known of the Pinault group, which yesterday launched its IPO.

The PPR Group has decided to withdraw partially from the company putting on the market between 50.4 and 57.9% of capital. The share offering started yesterday, of which 10% will be reserved for individuals, the remainder going to institutional investors. The subscription will last until 1 December, after which the share price will be set between 24.80 and 29 euros, a valuation of the company between 1.5 and 1.8 billion of euros (excluding debt and minority interests), the lower range of estimates of financial analysts.CFAO will be listed from December 3 to Paris, his comeback after being delisted when it was acquired by PPR in 1990. This makes it the biggest IPO in Paris for the Bureau Veritas in October 2007.

Founded in Marseille in 1887, the French Company of West Africa opens its first office in St. Louis in Senegal to import European goods, before spreading into the neighboring French-speaking areas. While preparing to withdraw gradually from Africa in late 1980, PPR decided instead of r?ancrer on the continent.CFAO is present in 31 African countries, as well as local authorities overseas and in Vietnam since 2006.

Decline in turnover

Its main activity is the distribution and servicing of cars through exclusive agreements signed by countries with automakers (General Motors, Ford, Peugeot, Suzuki, Toyota …). Since 1996, CFAO has launched in the distribution of medicines to pharmacists in different laboratories (Sanofi-Aventis, Ipsen, BMS …). She has also developed in the production of consumer goods and, since 2002, in the management of computer systems and elevators. "We are a unique vehicle for investing in Africa, says Richard Biella, Chairman of CFAO.Our business model consists of a matrix balanced between countries and activities that reveals a pattern of growth in our revenues and our results despite the risks. "

This beautiful mechanics has allowed to provide the ex-cash cow PPR average growth of 12% per annum over the last ten years. Except near 2009. This year, the turnover of CFAO should decline by almost 10% and operating profit by 20%. The automotive crisis weighed heavily on the company, which nevertheless provides a rebound next year and a return to a growth of 10% per year.

"PPR willing to rate one of his gems

In a recent interview with Le Figaro, Dominique Maillard, CEO of TEN, the company that manages the lines with high and very high tensions in France, did not hide his concern over the fact that France could be threatened a blackout.

Traditionally an exporter of electricity due to the size of its nuclear power, France had to change its strategy. It was imported into effect in October 458 gigawatt hours (GWh) of electricity from its European neighbors. This is the first time since winter 1982-83 that the country was a net importer of electricity for one full month.

This is due to the numerous cases of nuclear reactors in October for accidents and maintenance. The 58 French nuclear reactors (supplying 75% of the country's electricity) were produced in October and 8.9% less electricity than a year ago.The production of hydropower has it dropped from 19.7% due to lower rainfall.

On 19 October, France has had to import 123 GWh of electricity, a record.

EDF announced last week that the French nuclear output in 2009 would fall to its lowest level in 10 years.Part of this lack of production due to strikes that have disrupted the planning of maintenance and reloading uranium reactors of EDF in the spring.

The nuclear power has also been victim of several accidents, including steam generators and alternateurs.D?but November, 18 of the 58 French reactors were shut down, nearly one in three.

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The price of older housing rose 0.6% in October compared to September, marking a slight recovery on the rise, according to a study released Wednesday by the National Federation of Real Estate (Fnaim). The increase is slightly higher for homes (+0.9%) and apartments (0.4%). However, "the year 2009 is expected to record a total average decrease in prices compared to 2008, about 5%," says the Fnaim, which evaluated so far down between 7% and 8% after speaking of a fall of 10% earlier this year. The price decline for 2009, lower than expected due to a "movement to stabilize prices in the short term," said the federation would be the second in a row after that of 2008 (-3.1% compared to 2007).

This decrease is combined with the collapse in the number of transactions on existing homes – 500,000 in 2009, a drop of 30% over the previous year – which could be extended if prices kept falling. The downturn in the market was reached after a decade of price increases continuously. Prices had increased by 14% in 2003, 15.5% in 2004, 10.9% in 2005, 7.2% in 2006 and 3.6% in 2007.

On a year (last twelve months compared to twelve months) at the end of October 2009, prices show a decline of 7.1%, against -7.8% at the end of the third quarter.But for the three months studied from August to October 2009 compared to the previous three months, the price decline is only 0.8% (-0.3% for apartments and -1.2% for houses ).

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