The ministers of the euro seems to have learned anything from their Italian counterpart Giulio Tremonti, who came to Brussels to plead the cause of a Berlusconi government now condemned. "Markets drink the cup for a week, but Rome means the same song," laments a spokesman. Italy, in turn, "enters the vicious circle", continues a senior official.On another front to defend the euro, the EFSF has faced 104 basis points above the rate paid on its debt (3.59%) to place its 3 billion euros of bonds. The bailout fund retains its AAA, but it seems already sealed by the ball Italian. "The cordon sanitaire erected around Greece is showing signs of collapse, 'says a senior official.

Specter of a meltdown

The establishment of the famous "firewall", arrested Oct. 26 at the top of the euro, was precisely the issue of the appointment of the Eurogroup in Brussels. After the political decision, it remains to fill the coffers of the EFSF new way: European budgets are already in the grip and large foreign investors reluctant to buy its bonds in an atmosphere poisoned by the specter of a collapse in Italy.

The new law should take effect on November 10 next, according to a newspaper controlled by the state. And while some details remain to be defined, the new device promises to revolutionize the current management of housing in Cuba. In fact, for the first time since the beginning of the revolution, the buyers and sellers of real estate will be allowed to freely establish prices.

Earlier this year, the MDD had continued to lose market share (down 0.4 points from January to May). But the trend has reversed this summer. From June to September, the MDD show an increase of 0.4 percentage points, according to SymphonyIRI. This growth could reach 0.5 points throughout the second half.It concerns mainly the heart of the range and not the premium private label, or, more surprisingly, the first price ranges.

Click on the thumbnail to enlarge the graphic.

After rising steadily since their inception in the 1970s, sales of private label had marked a halt for nearly two years, even though the distributors did not cease to give them more room on their shelves. In 2010, domestic brands have responded. With a lot of innovations, promotions, advertising campaigns and price cuts, Danone, Nestle, Coca-Cola and Unilever have then taken the field. So, while Leclerc marks usually represent 35% of sales of the brand, this share fell below 30% during the past year.National brands benefited, at the time of price stability, conducive to buying, and saturation of consumers to the overrepresentation of MDD in radii.

But since the spring, the price increase, following the surge in raw materials, has changed all that. Carrefour to pass on increases in the month of March, after the conclusion of negotiations with suppliers. Other retailers have waited until June Between January and May, the rise in prices has been limited to 1 payday loan.3%. But between June and September, it reached 3.5%.

Descent line

As a result, the constraints of purchasing power of the French took over the top, recalling – to a lesser extent – the situation in 2008.At the time, in a crisis of raw materials, private labels have gained two points of market share, while the level of inflation was nearly 5%.

Household expenditures have dropped from the month of May, before returning in August. "The French have entered a period of rigor in their daily consumption, Jacques Dupré analysis. They limit their spending on products they do not deem necessary and buy fewer products pleasure as confectionery and ready meals. "

Rather than give up certain purchases, more and more consumers prefer to go further upmarket. The shopping basket of many homes has changed significantly in recent months.

This type of buying behavior explains why the MDD leave as soon as the product categories most inflationary, such as coffee, flour or oil.Flour to the radius, where prices rose 10.6% from June to September, their market share rose 3.4 points. This increase reached 5.7 points for milk. Addicted to coffee, whose prices rose 18.5% year on year (to September), have not so far decided not to. They are likely to have delayed their spending to private label which gained nearly a point of market share (June-September). Even if the prices of private labels grew faster than those of manufacturers: 24.9% of private label coffee, against 16.6% for national brands. Product prices in the colors of distributors, however, remain 20 to 30% lower on average.

The giants of agribusiness, penalized by this new, must react quickly to achieve their business goals.

After months of standoff, the two operators have approached. Already on Friday, Frédéric Mitterrand, the Minister of Culture and Communication, has publicly that the government did not favor the passage of the LCI DTT to DTT. A position at which the staff of TF1 was more sensitive than the Higher Audiovisual Council has continued to increase, too, signs of reluctance.

Indeed, it is the regulatory body that should have given its approval to such an operation.The CSA has raised the legal difficulties of such an operation and would not have appreciated the statements of Catherine Nayl, director of information at TF1, the possible disappearance of LCI. Today, Canal + and TF1 prefer calm the game's announcement of the acquisition channels Direct 8 Direct and Star by Canal + and that the record fine imposed by the Competition Authority as part of merger with Canal + GST ​​urged to be more generous towards ICL. It would not be good for the group to be, in addition, responsible for the eventual death of the continuous news channel.

For its part, TF1 has weighed the pros and cons of an economic transition to free when the system always loses 5 million for a budget of 43 million euros. The move to free distribution would have widened the gap in the chain up to fifteen million.Difficult to take a risk in times of crisis.

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U.S. investors have expressed disappointment with the speech elusive Ben Bernanke, the chairman of the Federal Reserve, the attitude that the institution intends to adopt to restore growth and employment. "The Federal Reserve has a variety of instruments that can be used to increase financial support to the economy," he said flatly. In the same vein, he says he "discussed the merits and costs of these instruments at a meeting in August."And clarify that he and his "colleagues on the Committee's monetary policy the Fed (FOMC)" continue to study these possibilities in September.

In anticipation of Obama's plan for employment

Still hesitant, most investors are waiting impatiently for the speech Barack Obama (1 hour on Friday, French time), which is expected to announce tonight a plan of some $ 300 billion to reduce unemployment and avoid a recession threatens. Markets, which had initially welcomed the prospect of the announcement, began to appear less enthusiastic. They question in particular its financing and its impact on the U.S. deficit.

On the macroeconomic front, the weekly jobless claims rose in the U.S., whereas they were expected to decline.During the week to September 3, these amounted to 414,000, against 412,000 (revised) the previous week. For its part, the trade deficit fell sharply in July to $ 44.8 billion after two consecutive months above 50 billion, with an unexpected surge in exports. In addition, crude oil inventories fell more than expected last week, announced the U.S. Agency for Energy Information (EIA). They fell 3.96 million barrels to over 353 million, while economists had forecast a decline of 1.9 million barrels. The consumer credit in turn increased more than expected in July. According to the Federal Reserve, the stock rose by 11.97 billion dollars (8.61 billion euros) after an increase of 11.35 billion dollars in June

OECD pessimistic

According to the OECD, economic growth in developed countries could slow sharply, see stalling in the second half and central banks must be prepared to ease monetary policy by lowering interest rates or intervening in the markets. The Organization for Economic Cooperation and Development predicts that growth in the G7 should not exceed 1.6% annualized in the third quarter and is expected to fall to 0.2% over the last three months of year paydayloans.The United States should expand at a 1.1% annualized in the third quarter and 0.4% in the fourth.

In the same tone, the IMF said on Thursday that "the economic situation of a global perspective has deteriorated, and the risks increase, which is what we have said so far," d According to a spokesman.

On the foreign exchange market, the euro declined to 1.3883 dollars (-1.50%). The course of the black gold they have closed lower Thursday, undermined by the fluctuations of the dollar and weak equity markets.A barrel of "light sweet crude" for delivery in October down 0.32% to 89.05 dollars.

The side of values, the Chinese government pledged Thursday not to make higher bid by "politicizing" an oil spill in the northeast of the country about which the U.S. company ConocoPhillips (-2.124% to 65.880 dollars) has agreed to to endorse its "full responsibility".

The Taiwanese HTC (filed a complaint in the United States against Apple yesterday.The number two mobile phone in Asia accuses the giant of violating patents that Google has to give him.

For its part, Credit Suisse, the bank is considering to withdraw its private banking business in the United States, where the establishment is facing pressure from the U.S. authorities decided to fight against tax evasion, said Thursday the press Switzerland.

Also note, the South Korean group Samsung Electronics will release a new digital tablet under Windows environment, equipped with the Windows operating system developed by Microsoft 8, reported Thursday the Korea Economic Daily, citing a source familiar with the matter.Analysts say South Korea wants to reduce its dependence on Android operating system Google after its acquisition by the American giant of internet mobile phone manufacturer Motorola Mobility.

The Chinese authorities have renewed the license authorizing the operation of the U.S. site Google (0.174% to 534.960 dollars) in China. This decision indicates that Beijing wants to maintain Google in the country, despite its decision to reduce its operations in place against the backdrop of criticism of the policy of censorship. Also note, the infringement proceedings initiated against Google in May by three French publishers, Gallimard, Flammarion and Albin Michel, will not on at the moment, said Thursday the magazine Livres Hebdo online.

The American group messaging FedEx (-1.510% to 74.990 dollars) wants to buy 50 aircraft to modernize its aging air fleet, according to Bloomberg.Fedex is the competing Boeing 767 and Airbus A330, but will make its decision in several months.

The first global economy has fueled fears of a global slowdown by announcing Friday it had no jobs created in August, while analysts expected 70 000 net hires. "The U.S. employment figures for August suggest that the labor market seems to be moint death," said Victor Shum this morning, an analyst at Purvin and Gertz in Singapore.

Following this announcement, Wall Street closed on a sharp drop of more than 2%.U.S. markets will do on Monday with European stock any procedure they will remain closed for Labor Day (Labor Day observed every first Monday of September). "Wall Street remains closed doors, it seems unlikely that operators take the slightest risk," said Chris Weston, an analyst at IG Markets.

Asian stock markets have instead given with a negative pulse of the market in red. Operators in the region have learned that HSBC index of purchasing managers in the Chinese sector services slowed to an unprecedented low in August. Seasonally adjusted and calculated by the Institute Markit, it fell to 50.6 after 53.5 in July.

No other indicator may move the index is also expected on Monday.One highlight of the week will be the release of the Beige Book Fed on Wednesday night, which will be the summary of economic conditions in regions in the United States.

No recession expected in Europe

The side of the euro area, European Commission President Jose Manuel Barroso, has tried to reassure investors. Traveling in Australia, he said that the European economy would experience in the coming months a "moderate growth" without going into recession. "We do not anticipate a recession in Europe. The latest forecasts from the European Commission show that the growth will be at the meeting, although this growth will be moderate, it is true, "he said in Sydney.

The comments of the Head of the EU executive echoed the lowering of forecasts rating agency Standard & Poor's for the European economy last week.The decision to resurface concerns about the health of the area and the problems of sovereign debt. "We do it all, the fight against fiscal problems underlying the strengthening of the governance of the eurozone, the introduction of stricter financial regulation to improve our overall readiness" said José Manuel Barroso.

In morning trading, the euro rising slightly against the dollar at 1.4160 dollar. However, it is dropped in morning trading to a low of three weeks, at 1.4138 dollars against 1.4198 at Friday close in New York.

For their part, oil prices were down in electronic trading in Asia, depressed by the poor figures on employment in the United States.A barrel of "light sweet crude" for delivery in October lost 59 cents to 85 pay day advance.86 dollars per barrel of Brent North Sea crude for October delivery 74 cents to 111.59 dollars.

The bank attack

The President of the French Banking Federation (FBF), François Perol, recognizes the existence of tensions on the refinancing of French banks for their operations in dollars, already noted in a recent analysis by the rating agency Moody's Investors Service. In an interview with Les Echos dated Monday, he notes that if "the euro liquidity is not a problem," "the dollar refinancing is more tense."

Societe Generale lost 5.26% to 21.05 euros (largest decrease in the ACC).The bank is also penalized by the U.S. federal agency oversight of mortgage that has filed a complaint Friday against 17 major international financial institutions which include the French bank, for a total loss of $ 41 billion in bonds linked to subprime.

In its wake, BNP Paribas lost 4.98% to 31.75 euros, Crédit Agricole 3.67% to 5.95 euros and 3.09% at Axa 10.20 euros. Natixis lost 3.87% to 2.60 euros. The aerospace equipment Safran (-2.78% to 26.25 euros) will make its entry into the CAC 40 index, while the bank Natixis is about to leave, said Friday the Scientific Council of the indices of NYSE Euronext. The changes take effect Sept. 19.

Saft takes off

EDF: -2.70% to 20.38 euros

The Italian Minister of Industry, Paolo Romani, said Sunday he would meet Monday Proglio about the power company Edison.

ArcelorMittal: -2.87% to 13.72 euros

Peabody Energy and ArcelorMittal announced Monday it had extended until September 27, the period during which the short bid for $ 5 billion (3.53 billion euros) on the Australian Macarthur Coal.

Zodiac: -1.67% to 54.20 euros

The group said it had completed the acquisition of the American Heath Tecna and have reached an agreement with its banks to raise 300 million euros the amount of an existing credit line.

Schneider Electric: -4.80% to 41.89 euros

The French government intervened with the company to freeze a plan for the removal of one.000 temporary positions, the daily Liberation in its Monday edition, but the group has firmly denied to AFP such a plan.

Saft: 9.81% to 23.96 euros (largest increase in the SBF 120)

The American automotive supplier Johnson Controls will pay $ 145 million (102 million euros) to the French specialist in batteries as part of an amicable agreement ending their joint venture in the automotive industry, announced Friday the two groups in a joint statement.

Alstom: -4.07% to 29.55 euros

The group signed a 66 million euros with Iraq to build a power plant in the province of Nineveh in the north, said the Iraqi Minister of Electricity.

France Telecom: -1.87% to 12.33 euros

TPSA its Polish subsidiary has announced to contest the fine of 128 million euros that inflicted the European Commission.

After market, environment and Dried Assystem unveil their first-half results.

Side wind, the manufacturer would consider equity participation in two offshore wind farms and a partnership with an operator in the industry. These investments contribute to the effort of the group, which wants to reduce its CO2 emissions by 40% in ten years. A concern of the entire industry, faced with the requirements of the Kyoto agreements.

Manufacturers are working extra hard.Volkswagen has completed an agreement in July with Verbund Austrian energy for the latter to furnish 10% of the consumption of its German plants from hydropower. Rival BMW, he has chosen to implement four wind turbines to meet the energy needs of its pilot plant in Leipzig. For its part, Renault formalized in mid-year launch of the biggest photovoltaic project in the world of the automobile easy payday loans. The diamond brand intends to equip its factories with solar panels and other sites handling, or 450 000 m2 the equivalent of 60 football fields. Renault also uses biomass at its plant in Tangiers. But the renewed interest does not end there for the automotive industry.Access to clean energy is one of the strategic equation as Volkswagen, Renault and Toyota are trying to solve other for electric cars.

Green Transport

It is not enough, in fact, to get rid of the gas pump for the valuable label "clean car". In particular, consumers want to ensure that the electricity powering the battery is of solar, wind and others. What strengthen the links between energy operators, be they producers or network operators, and car manufacturers.

Peugeot, which has just launched its electric car iOn, signed in early August a partnership with Iberdrola in Spain.The giant of renewable energy it sells a package "green mobility" where he provides funding to acquire an electric car charging stations and energy supply to 100% "clean". The two groups agreed to promote each other's bids.

In the U.S., the consultation of mobile applications already widely prevails (67%) on access to mobile sites (33%) in the heart of Android smartphone users, revealed a study released Friday by the Institute Nielsen.Applications dominate all other uses of the smartphone, representing 56% of the activity of a mobile terminal, as against 19% for email, 15% for calls and … 9% devoted to the Web browser.

This trend has important implications for content publishers. Indeed, they become dependent on the conditions imposed by the guardians of these ecosystems built, defining the rules, the terminal to the platform for downloading through the operating system. Apple, with its IOS and its terminals iPad or iPhone is the most obvious incarnation.The firm at the apple has chosen to abandon the format in favor of Flash HTML5 – making it unreadable number of animations and videos on the Internet – and imposes conditions of payment (30%) to content providers who sell subscriptions or applications from its platform.

The "surf neutrality"

Google, Motorola, now has the means to replicate this model of vertical integration. He recalled the "walled garden" (walled gardens) built in the early hours of the Web by companies such as AOL and CompuServe. These providers offer their subscribers a selection of content offered Pardes partners, before gradually breaking down barriers and open wide to the Web world.

The return of the closed logic could push regulators to question certain practices.It happens and a mobinaute seeking to visit a Web site on the iPad, via the Safari browser, it means to be denied access and sent automatically to the mobile application site in question on the App Store. Practices that seem to hinder the freedom of surfing. The "surf neutrality" could well be the new frontier to defend after the "Search neutrality" and Net neutrality.

The situation worsened with the explosion on July 11 last of a shipment of arms on a naval base. The tragedy left 13 dead and destroyed the main power plant on the island that produced 60% of its electricity. Since the disaster, Cyprus is facing a government crisis. Daily demonstrations demanding the resignation of President Demetris Christofias. To calm discontent, the latter requested the July 28 resignation of the government to conduct a reshuffle.

In addition, the economy ends up weaker than ever. The rating agency Moody's has revised its forecast for GDP growth of 1.5% this year and 2.5% in 2012 down after the explosion.It provides stability in 2011 and a 1% growth in 2012. In addition to the cost of rebuilding the plant and import of electricity in the interval – valued at over one billion euros – daily cuts disrupt an economy already weakened by the crisis. As a result, Standard & Poor's and Moody's both lowered the rating last week in Cyprus due to budgetary concerns of the country.

The banks are the Achilles heel of the Cypriots. Bank of Cyprus, the largest financial institution on the island, called earlier this week the government in Nicosia to take prompt action to prevent the country does need a financial rescue plan. "Unless we act, we risk the ability of the state to refinance and the consequences will be immediate and serious," the bank said in a statement.

The deficit is widening

Especially since the official debt of Cyprus – which is about 61% of GDP – may actually be higher according to some experts. End of 2010, the agency Stock Watch estimates that the debt was around Cyprus 105% of GDP, if we include the debt of social security funds. Enough to feed all the speculation? The spokesman of the Commissioner of Financial Services, Chantal Hughes said Tuesday he was "no question of an assistance plan" because the country is "determined to do what is necessary in terms of fiscal consolidation" . However, the deficit in the first half widened sharply, reaching 3.5% of GDP against 1.9% a year earlier.

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The Prime Minister also called the agreement by EU leaders on a rescue plan for Greece to step absolutely decisive for the euro area.

This increase in debt could undermine the government's objective to begin to reduce the debt ratios of France from 2013.

The Brussels agreement, which owes much to the efforts of France and Germany, pemettra to avoid bankruptcy of some countries in the euro area, said the Prime Minister after explaining the decisions taken Thursday to French parliamentarians at Matignon.

The "golden rule" would entrench the need to reduce deficits in the French Constitution is more than ever, still says the head of government.