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Household consumption, the traditional driver of French growth, declined in September. It fell 0.5% last month, according to figures from INSEE published on Friday, after rising 0.2% in August. Despite this poor performance, the third quarter remains positive consumption rose 0.2% after a particularly bleak picture of the second quarter this indicator fell by 1.9%.

In September, it is the purchase of textile-leather and energy costs which have lowered consumption. These expenditures have dropped respectively by 4.7% and 4% last month, a much greater decline than in previous months. According to INSEE, the position of energy suffered from the decline in spending on petroleum products. During the quarter, energy consumption is still rising sharply (+3 guaranteed cash advance.3%), after falling 2.1% in the second quarter.

On a positive note, the consumption of durable goods, which partly reflects consumer confidence in the future, has rebounded. After falling 0.3% in August, it rose 1.9% last month. The quarter proved generally positive 0.4%, after falling 6.2% in the second quarter. A good number worn by purchasing automobiles (2.8% in September) and household equipment (1.3% in September from 2.7% in August). "During the quarter, automotive expenses are stable after falling 11% in the second quarter, and those in housing equipment rose 0.4%," notes INSEE.

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This is the week of the year for sofica these companies who finance films through investment individuals. They begin to raise the funds they need to finance new movies for which they hope for success comparable to or Mammuth Heartbreaker. Among the films that are about to hit theaters, there would have been possible without the support of sofica.

This is the case, for example, Special Forces, with Diane Kruger and Benoit Magimel, which tells of special forces mission to free a French journalist kidnapped in Afghanistan. "Our participation has played a central role in launching this first feature film director.Today, the film is sold in over 25 countries, is already a success, "said Niels Court Payen, president of A Plus Finance, Manager of A Plus Image.

Immediate tax benefit

Twelve sofica have been approved to raise funds this year (two more than in 2010) for a total of 67 million, slightly below last year. Again this year, the tax cut is attractive to investors. It represents 43% of the amount invested within an investment of 18,000 euros, 7,740 euros maximum tax reduction, and 25% of total net income.

The scheme has been extended for three years by members. Fiscally attractive, since it allows to benefit from the first full year of the tax benefit, the investment is traditionally place very quickly easy payday loans.The Postal Bank, Neuflize OBC, BNP Paribas, Banques Populaires, the savings banks, Quilvest, Cie Financière Edmond de Rothschild as well as wealth management advisors and some sites distribute sofica.

Investors must commit to at least five years and be aware that the film is a risky investment. Historically, the best sofica managed to regain their implementation within five years, allowing their subscribers happy to receive an annual return of up to 7% (tax benefit included). The less fortunate, they have not quite found their capital even with the tax benefit.

About 9,000 taxpayers benefit from this niche. Next year, it must, like others, be passed to the plane and the rate of tax relief fall to 38%."For the state, the cost is modest, it is only 27 million in 2011 and the leverage effect is important for the film industry in great need," said Hugues de Chastellux, the president of the Association representation sofica.

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"The board felt that I had to give operational direction of the group." Already chairman of Gecina, the fourth European property company, Bernard Michel became chief executive after the surprise eviction of Christopher Clamageran there are two weeks. And it is not very clear about the reasons that caused the dismissal.

The only certainty is not the time for development Gecina whose portfolio is highly diversified (office, residential, logistics, nursing homes, hotels …). "In a crisis situation where access to bank financing may become complicated, our priority is to reduce from 43 to 40% of our debt compared to the value of our real estate assets," said Bernard Michel.

To achieve this, Gecina is set to sell for € 500 million of residential real estate with net returns (4.1%) are lower than in the office (6%).The group wants to sell in bulk ten to fifteen buildings in the Paris region.

Develop in health

Meanwhile, the company will continue to sell land to cut 200 to 300 million residential real estate each year, a strategy followed since 2009. And the group promised to sell for a billion of assets this year had already sold 647 million end of September.

Also for reasons of economy, Gecina will stop launching new operations in the office. Otherwise, the strategy remains unchanged: to continue to grow in health (nursing homes, clinics) and the residence halls and eventually withdraw from hotel operations and logistics.

For now, at least, the crisis does not read in the results of Gecina: in the third quarter, its sales grew by 2.9% (476.5 million euros) and the excess Gross operating income of 3.8% (383 million).

The euro still waiting 72 hours for his fate. At an EU summit which took the warm-up lap, Nicolas Sarkozy and Angela Merkel Sunday near their positions on the fateful question of European bailout fund and its clout in the marketplace. But, at the repeated request of Germany, the final decision will be taken until the night of Wednesday to Thursday, after another crisis conclave convened in Brussels.

The president spoke Sunday night "a fairly broad agreement" on a platform of shared press conference with Angela Merkel. He especially made a decisive step towards the Chancellor, itself buttressed in his refusal to see the European Central Bank refinance long-term debt of countries like Spain or Italy. "The ECB is independent and we hold as much as Germany, Nicolas Sarkozy assured.No solution is viable that would not guarantee that independence. "

Credibility of the euro

Satisfied, Angela Merkel took note clearly stating that the bailout fund leverage its resources without further contribution of the states of the euro, or use means unlimited in principle of the ECB. With leverage, the EFSF – now with 440 billion euros – could see his strike force raised in 1000 or € 1500 billion.

To achieve this, Paris and Berlin are close to agreeing on a device with double trigger, say well-placed sources. First a direct guarantee from the EFSF, which would provide the investor when issuing new loans by the States financially fragile. Then a support fund or regulation, which would occur in the secondary market debt securities.The fund, which also benefited from a bond of EFSF, should attract private investors or sovereign-related, for example, China, Brazil and the oil nations.

Skeptical markets, the credibility of the euro and the "firewall" planned in Paris and Berlin also depends on economic and fiscal discipline strengthened. The spectrum of a Italian slippage has haunted the tops of variable geometry and ministerial appointments of the weekend in Brussels. Sunday morning, Angela Merkel and Nicolas Sarkozy have the message in private to Silvio Berlusconi, hoping to prevent the crisis from spreading to boot before the euro has built its new defenses.

Signs of impatience

Publicly, Angela Merkel asked the head of the Italian government to reduce its debt "in a credible way."Confidence, she says, "can not be won solely by financial wall (…) Italy must live up to its responsibilities." Nicolas Sarkozy went further: "There is no question of using Solidarity partners if those we help are not their own efforts. "

The Europeans must disclose in the middle of the week their response "global" to the crisis of the euro and the contagion of debt. The most urgent need is to stabilize the situation in Greece, over-indebted and recession. If they agree to continue to financially assist the Papandreou government, heads of state and government have yet to accept the creditor banks at a discount of 50% on Greek bonds. Germany and especially France overlooking the front of the signs of impatience.Addressing the banks, Nicolas Sarkozy launched: it returns "to each to take responsibility to avoid catastrophe."

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The Paris Bourse is a timid step forward on Friday. The CAC 40 in advance of 0.70% in early trade at 3,108.55 points. As in Asia, investors should not take risks when to begin a crucial summit on the debt crisis this weekend. Paris and Berlin have announced that Nicolas Sarkozy and Angela Merkel would meet Saturday in Brussels to prepare an "ambitious and comprehensive response" to the crisis. Concrete measures will be considered and discussed before being taken Sunday during a second peak "no later than Wednesday."

It will then not only to agree on how to increase the capacity of the European Financial Stability Fund (EFSF), but also to review the new rescue plan for Greece.Both countries such as requiring "immediate negotiations" engage with the private sector "to reach an agreement to strengthen the sustainability" of the Greek debt.

Risk of falling

But observers note that deep differences persist between France and Germany on how to reform the fund to support the euro area (EFSF). "There is no joint proposal" European at the moment, acknowledged Thursday the German Finance Minister Wolfgang Schäuble. The President of the European Commission Jose Manuel Barroso called on Europeans to "compromise" to reach decisions "resolved" and "immediate."

Another failure could undermine investor confidence definitely in the ability of Europeans to put an end to the debt crisis and put in a difficult position for the G20 summit in early November."If no agreement is reached, a crisis such as that caused by the collapse of Lehman Brothers can not be excluded," noted Phil Flynn of PFG Best Research.

Meanwhile, in Greece, the violent protests anti-austerity continues. A new law has been de rigueur in the Greek Parliament voted Thursday.

The French note monitored

France, in the heart of negotiations on the future of the euro, in turn, is increasingly monitored by rating agencies. After Moody's, S & P raised doubts about the AAA rating of the long-term debt of the Hexagon. The agency suggests a probable degradation of notes France, Spain, Italy, Ireland and Portugal according to economic conditions.

The government is preparing for his part, revising downwards its growth forecast for 2012 still set at 1.75%.Economists on average expect a GDP growth of 0.9% in 2012.

On the currency side, the euro has stabilized at 1.3795 dollar. Oil prices were, themselves, up in early trade Friday morning in Asia, following the announcement of the death of former Libyan leader Muammar Gaddafi payday advance.The barrel of "light sweet crude" for December delivery gained 71 cents to 86.78 dollars on the New York Mercantile Exchange while in London, a barrel of Brent North Sea crude for December delivery was appreciating eight cents to 109.84 dollars on the Intercontinental Exchange (ICE).

Values ​​to follow

Banks

Member States of the European Union agreed Thursday to recapitalize their banks to the tune of 100 billion euros.

Essilor (-0.39% to 50.75 euros)

The world leader in ophthalmic lenses achieved a growth of 6.4% of its sales in the third quarter 2011 to 1.04 billion euros.The group also confirmed its target for 2011 growth of its business "between 6% and 8%" at constant exchange rates and strategic acquisitions, and its goal of stability margin excluding strategic acquisitions.

Safran (-6.90% to 22.47 euros)

The group confirmed its targets for 2011. It aims for 2011 growth of around 6% to 9% of its revenues and 25 to 30% of its operating income. Safran has seen its turnover increase from 5.2% to 2.72 billion euros in third quarter

Valeo (1.61% to 34.16 euros)

The group reported a turnover up 14% in the third quarter to 2.6 billion euros and confirmed its operating margin target for 2011.

Klépierre (1.21% to 21.68 euros)

The group reported a growth of 4.9% of its sales in the third quarter, supported by the increase in rents shopping centers.

France Telecom (0.52% to 12.68 euros)

Orange will acquire 100% of the mobile operator CTC (China Telecom Congo) in the Democratic Republic of Congo, the French group paying $ 10 million (7.3 million) to ZTE for its 51% of CTC and 7 million dollars to the Congolese government for the balance.

Peter and Vanaces (-4.44% to 29.12 euros)

The group reported Thursday a 2010-2011 annual turnover of 1.47 billion euros, up 11.2% on a comparable basis.Solely on the fourth quarter of fiscal year, ended Sept. 30.

Etam Développement (-1.88% to 13.60 euros)

The group released Thursday a quarterly revenue of 269.4 million euros, down 10.7% on a comparbale and constant exchange rates.

OL Group (-0.23% to 4.42 euros)

The group announced Thursday it had reduced its net loss to EUR 28 million for the year ended June 30, against 35.6 million a year ago and have returned to a positive EBITDA (8 , 9 million) "despite a very mixed season in sport."

Three million voters to the polls Thursday. This is not the third round of the socialist primary elections but in the professional civil service and state hospital. This election is both new and crucial for trade unions. Unpublished, so far as officials voted on different dates, department by department. Under agreements signed in 2008 Bercy between the government and six of the eight federations officials, this group deadlines must solemnize the event and end a kind of permanent election administration

He still suffers to this first edition of exceptions.The officers decentralized government (prefectures) just voted in 2010 after the reorganization of their services; territorial officials will be "aligned" in 2014, which will match the designation of their representatives with election of municipal councils, general and regional officials finally France Telecom will vote Nov. 22 … as well as those of the Department of Justice, after a last minute postponement of the delivery of ballots and professions of faith having made the most complete mess. Also new: the hundreds of thousands of contractors have the right to participate. Finally, the electronic vote is for the million polio Education.

Crucial deadline

If the vote is also crucial is that it will not only unions to gauge.Now, only those organizations that received the most votes will negotiate and sign agreements, both local (with the hospital director, the prefect …) and national (with "their" or the Minister of Public Service for subjects common to all directors). In that game, the CFTC or the CFE-CGC will play their survival in many instances of 5700 to renew overnight pay day loans. The "big" unions will also receive a premium on how they are granted. They are mostly human, that is to say agents paid by the state or the hospital, but devoting all or part of their time to unionism (our editions of September 29).

Difficult to anticipate the results.Of Education in Ecology, Interior Economy, workers speak out more on issues and candidates in their own department or at their service, as a national discourse – discourse on which organizations found it difficult to differentiate. Certainly, FP campaigned on the "case of the public service", the CFDT has focused on the working conditions of workers, Bernard Thibault has been calling for more political "use the ballot CGT" to "deliver signs to the government. " But these are all ways to approach the same themes: policy review (RGPP), elimination of 150,000 jobs during the five-year term in the state civil service, late general wage increases, stricter rules on pensions 2010. Many reasons for discontent that should benefit most unions 'hard', as Solidarity, the CGT and the FSU.

But the mobilization failed when the pension reform, and made to flop back against the rigors. The previous elections were successful in the CFDT and UNSA, reformists, who could also benefit from the arrival of the contract in the electorate. And some of the most disgruntled employees could wait for the presidential and legislative elections in 2012 to settle their accounts. Where the other unknown: participation, far closer than two-thirds, will continue she?

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The opening of a new generation of "palaces" some months apart, Le Royal Monceau (opened October 18, 2010), Shangri-La (December 17, 2010) and Mandarin Oriental (28 June 2011), has changed as ever the small world of luxury hotels in Paris, forcing the oldest palaces in a serious challenge. In this new context, the Ritz is not alone in having to close for repairs.

Reportedly, Le Crillon, recently sold by Starwood Capital to one of the descendants of the Saudi royal family, plans to close in the second half of 2012, probably for a period of two years. Management has already attacked the facade and roof, but not inside. The idea is to keep the French style, classic 18th, upgrading the hotel, he in turn can officially claim the distinction of "palace", introduced in May by the government.The hotel has no spa, no pool. The technical installations and the rooms have aged. According to a close case, the amount of work would be between 70 and 100 million euros. Not far from the Place de Concorde, the Plaza is also preparing for months of work, avenue Montaigne. "The Plaza Athénée will start the work of great importance following the acquisition of three buildings adjacent to the hotel last year, says Le Figaro Francois Delahaye, his boss. These projects are planned for the end of 2012.Among the possibilities, a closure is planned for five months, from November 2012. "

According to Gabriel Matar, director of Jones Lang LaSalle Hotels France, the average price of a night in a palace of between 750 and 1000 euros, "defending his position became increasingly difficult as competition comes from both new entrants and old, who spend millions to keep the quality of their product. " For the record, the George V was completely renovated between 1997 and 1999. "Otherwise, it would be today as the Royal Monceau and The Prince of Wales prior to closing," said Gabriel Matar."We currently have the best average revenue per room in Paris and we did not want to raise our market share by newcomers!" Says François Delahaye.

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After closing in the red last week, the Nikkei is displayed up on Monday. At 6:30 on Monday, the benchmark index of the Tokyo Stock Exchange gained 1.45% to 8874.93 points, hoping the implementation of strong measures in Europe and the United States to stem the debt crisis.

Other Asian stock markets followed the upward trend in the Nikkei. The Hang Seng Index in Hong Kong gained 1.54% to 18,786.40 points, the Kospi index in Seoul 1.18% to 3948.62 points, the S & P / ASX 200 Index 1.63% to 4274.30 Sydney points The FTSE Straits Times of Singapore 0.83% to 2766.97 points. Only 30 of Bombay BSE Sensex lost 0.15% to 17,056.30 points.

The global optimism of investors in Asia follows the G20 finance ministers held this weekend in Paris. Europeans have in effect promised to respond "comprehensive and lasting peace" for the euro area.The central bankers have therefore agreed to support and rebalance the global economy in a context of heightened tensions, and lead coordinated policies in the short and long term. With the line of sight: "strengthening growth" of the Old World and the "fiscal consolidation", reads the communiqué. Above all, they promise to make a decision at the European Summit of October 23, described as "decisive" on Saturday by Minister of Economy Baroin.

A savings plan expected in the U.S.

On the other side of the Atlantic, U.S. President Barack Obama must include measures of fiscal consolidation through a savings plan low fee pay day loans. Last Friday, the country's budget deficit stood at 8.7% of GDP in 2010-2011, 0.3 points less than in the previous year, according to the Treasury.In absolute terms however, the fiscal gap widened slightly compared to fiscal 2010, 0.4%, to more than 1.299 trillion dollars, making it the second biggest deficit of the history of the United States.

In China, Beijing also pledged to "rebalance" its growth engines through a battery of measures this week. And after the announcement of the failure of 20% of the 360,000 small businesses in Zhejiang Province since the beginning of the year.

Oil is up

On the foreign exchange market, the euro fell slightly against the U.S. dollar on Monday morning at 1.284 dollars (-0.21%). While oil was up in Asia after a barrel of "light sweet crude" for November delivery clinching 35 cents to 87.15 dollars in early electronic trading.Barrel of Brent North Sea crude for December delivery gained 18 cents to 112.41 him dollars.

Further decline of Olympus

As for values, Olympus plunges 23.86% in Tokyo to 1557 yen after the dismissal of its chief executive last week.

In Sydney, Rio Tinto rose to its share of 2.42% to 69.95 Australian dollars. On Monday, the mining group, announced the sale of approximately eight billion dollars in assets in aluminum, four years after the giant bought Alcan for 38 billion.

On May 15 the "outraged" Spaniards camped in the square of Puerta del Sol in Madrid. Borrowing their name to the pamphlet by Stephen Hessel, they said they were inspired by the Arab Spring to shout their rebellion against the explosion of unemployment and austerity policies implemented by the government … Since then, the challenge has been extended in the rest of Europe but also overseas. Five months after the birth of the movement in Spain, in 82 countries is that these "outraged" will show this Saturday, October 15. Zurich to New York, to Rome, Tijuana, Hong Kong and Johannesburg, calls have been launched in 951 cities worldwide.

Their message to politicians and financial elites, as can be read on the site 15october, is: "The powers that be working for the benefit of some ignoring both the will of the majority that the price human and environmental we pay. This intolerable situation has to stop. "On the site of the movement Occupy Wall Street, the tone is the same:" The thing we all have in common is that we are the 99% who will not tolerate any longer the greed and the corruption of the remaining 1%. "In Italy, the program is summarized as follows: "Occupation of public places by millions of people who do not want to pay the enormous economic and social crisis in the place of those who have caused: political power industrial, economic and financial" .

No central authority

This day of action is to cross an important milestone in the movement, which now acquires an international dimension. "It was needed to make weight against the power of financial markets that operate on a global scale," says Sophie Banasiak, "indignant" Paris.

However, there is no central body to coordinate the different actions. "If the collective Democracia Real Ya played a leading role in the initial mobilization in Spain, he does not prevail, either in the capital of the country or world, Heloise said Nez, a sociologist at the University Paris 13.Many groups are working together, but none have hegemony over the movement horizontal and egalitarian aims. There is no visible head and outraged caregivers to regularly change the voice. "

"If someone asks you 'who is behind it', they reply: 'I'" retorted on those who seek the organizers. The spread of a city or country to another must be spontaneous, for emulation. A process greatly facilitated by social networks, where multiple keywords are emerging, such as "yeswecamp", "# yosoy15O", "# event15oct" or "# Globalrevolution" … "I do not even know exactly who launched the idea of ​​the October 15, recognizes Spyros, OccupyLSX supporter of the movement in London.We have seen that call for Saturday and it was inspired by the movement Occupy wall street to do the same thing here. "

Specific demands of each country

If dissatisfied with the world found common denominators, claims and complaints are divided again according to national issues. In Spain, Real Democracia Ya accent has been on the reform of the electoral law to end the two-party system as well as stopping the evictions of indebted owners. In Anglo-Saxon countries, it is mainly finance, pointed as responsible for the crisis, which is targeted. Witness the names of the movements that develop, "Occupy Wall Street" and "Occupy London Stock Exchange (OccupyLSX)." In Israel, the mobilization is the expensive housing while in Italy, the outraged refuse to pay "a debt they have incurred."But all these central issues do not prevent each protester to express other concerns. In Spain some point impunity surrounding crimes of Francoism and the United States is denounced police brutality or the death penalty …

Above all, each city retains its autonomy: information flows globally, but "decisions, they, are taken at meetings in every city, Banasiak said Sophie. Each city chooses its own way of decision. In Paris and Madrid for example, is the consensus. The international dimension does not change the fact that the essence of the movement is local: it is in the physical encounter and dialogue in the streets. "

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On track, continuous effort. This is essentially the OECD verdict on Ireland, engaged for three years in a drastic recovery program of its public finances. After a decade of strong growth on an annual rate of 7%, which has risen to fourth in the OECD in terms of GDP per capita, the former Celtic Tiger has suffered a banking crisis and an unprecedented three years of recession. The deficit exploded in 2010 to over 32% of GDP if we include the expensive bank recapitalization and debt exceeded 100% of the national wealth.Distrust of markets has forced the authorities to use the end of 2010 with the IMF, the EU and the ECB.

In his study, presented Friday, experts from the Muette emphasize the competitive advantages of Ireland on Portugal and Greece, the other two countries under international supervision, "export sector a more developed and more high-tech"-the Exports account for 100% of GDP against 31% in Portugal and 21% in Greece, "a workforce more skilled, more favorable conditions for businesses, a more efficient tax system based in particular on corporate taxes low and stable and well-regulated markets and more flexible, both for products that work."

The conservation plan will represent 2.2% in 2012

Despite the recession, Ireland continued to attract significant foreign direct investment and the country, supported by the engine of exports and improving cost competitiveness, has returned this year with growth, while Portugal and Greece will experience another year of recession cash advance no faxing.

On the fiscal side, Dublin's goal is to bring the deficit below 3% of GDP in 2015. Before the intervention of the Troika, the authorities had imposed a cure equivalent to 9% of GDP. The economic plan of 2012 is still 2.2%.

If these efforts "are starting to bear fruit" requires further consolidation, the report of the organization of the Muette, in the perspective of a "global growth lower than expected."The OECD recommends including "broaden the tax base" and "focus more on consolidating spending cuts" -60% recovery, "by improving the efficiency of the public sector, reform of social protection and lower infrastructure projects. " Another priority should be the fight against unemployment from 4.6% in 2007 to 14.2% in the second quarter of 2011.

Among other tracks, it is necessary to improve employment services, training programs adapted to market needs, encourage job search, extend some cuts in employers' contributions … Finally, Dublin to pursue the restructuring of the banking sector and further improve competitiveness to promote exports.

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