The euro fell on Thursday to its lowest level since June 22, 2009. This morning, the euro was worth 1.3827 U.S. dollar before recovering to 1.3834 dollar. The single European currency also retreated against the yen at 125.70 yen.
This drop is explained in particular by the concern of traders due to budgetary problems of many countries in the euro area. Many expect a strong intervention of Europe and even appealed to the International Monetary Fund (IMF) to help Greece to get out of a budget crisis without precedent.
Another concern is about the euro on the currency market, the case of Spain, which has poorly digested crisis including an unemployment rate of nearly 20%.Besides Dominique Strauss-Kahn, IMF head, spoke Thursday on RTL crisis "very strong in Spain and that the country had" an effort "to reduce public deficits one hour payday loan . The Spanish public debt has soared just over 60% of GDP in 2010 while in 2007 it accounted for only 36.2% of GDP.
Tuesday, Paul Krugman, Nobel Prize in Economics in 2008, believed that Spain was the main weakness in the euro area. To this the Spanish Minister of Economic Affairs, Elena Salgado, has responded Thursday by saying on the radio station La Cope: "The euro is a very strong and we continue to strengthen the currency.I see absolutely no risk for the euro area, "adding," there may be a lack of understanding about what the euro means for our economy. "
Another country in the euro area is also starting to worry, Portugal, again because of deteriorating public finances of the country. Besides the titles of Portuguese banks fell by 5 to 6% Thursday on the Lisbon Stock Exchange.
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In an aviation context depressed, ATR is holding its own game in 2009, the Toulouse-based company specializing in the construction of regional aircraft has recorded 40 firm orders and 17 options. It has delivered 54 aircraft. She has on order 136 planes today, representing a workload of more than two years. 43% of these orders relate to its new range, the ATR-42 600 and ATR-72 600.
During this same year 2009, the Spanish airline Air Nostrum and Royal Air Morocco were among its largest customers, with respectively 10 and 6 devices. The reason ATR through the crisis with such ease is the design of its aircraft, which consume 40% less fuel than jets.
A given that airlines are very sensitive. The market share in turboprop regional aircraft can only increase.In 2009 the turnover of ATR have been $ 1.4 billion, an increase of 7% over 2008. A record.
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Expenses related to health care, absenteeism, business closures and premature death: the National Institute for Research and Safety and the School of Arts and Crafts feel that the cost of stress at work has reached 1.9 to 3 billion euros in France in 2007. "An evaluation minimum, the study did not take into account only one stressor," the combination of strong pressure on (the tasks performed at rapid rates and subject to deadlines) and a lack of autonomy in carrying out the work. " This would represent a third of cases of stress, excluding for example the lack of support or recognition. Moreover, only cardiovascular disease, depression and musculo-skeletal disorders have been identified as diseases resulting from stress.
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The consumption of manufactured goods rose more households in November. After an increase of 2.3% in September and 1% in October, the index has shown quasi-stable -0, 1%, according to figures from INSEE.
Despite this slowdown, "the last quarter will be exceptional," states Dominique Barbet, economist at BNP Paribas. "Already, we can build on 2.3% growth in consumption from October to December, the biggest increase in ten years."
The November figure was supported by strong buying automobiles rose 4.2%. "The household benefit last months of premium breaks down before his scheduled first next January, said Insee.
"Contrary to what one might fear, the car sales have not cannibalized other items of household expenditure," says economist of BNP Paribas.Other sectors, they fell for some, have not fallen sharply.
Spending on equipment housing is growing even if they slow down to 0.2%, against 2.1% in October. "If they keep their spending in electrical and electronic, are households have reduced their spending on furniture," said INSEE.
However, the week of floating balances authorized in November did not save the textiles and leather. Purchases fell 1.8% in November, two months after dynamic (+2.4% in October and 3% in September). Probably because of mild weather that has not prompted the French to equip themselves for the winter.
Limited impact of unemployment
In 2009, INSEE expects a limited increase in consumption of 0.7%, after 0.9% in 2008."Unemployment has not been in France very negative impact on consumption, unlike what happened in other European countries, thanks to measures directed at low income," notes Dominique Barbet.
Consumption is the traditional engine of French growth and growing at a rate of 2 to 2.5% until 2007.
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Yogurt machine is restarted. Thanks to price cuts, promotions and new standards more accessible, sales of Danone's dairy products rose 7% in volume in the third quarter. It's the largest increase since mid-2007.
So far, Danone had mostly favored the move upmarket with its brands Activia, Actimel and Danacol and rate increases. These were also made compulsory by the soaring price of milk. But the crisis had led to an alarming decline in volumes last year. In January, the group has initiated a program called reset ( "reset"). To boost volumes, each subsidiary has revised its product positioning and pricing in each of its markets (yoghurt, water, infant nutrition and medical nutrition).
Franck Riboud, Danone's boss has welcomed the success of these "operational adjustments."We did not only correct, but have been effective and rapid implementation, said without false modesty, the CEO. We have completed the repositioning of our products before the end of the year. "
A year ago, Danone was advised that because of the deteriorating economy, growing its sales in 2009 would be "less than a few points" in its medium-term target of between 8 and + + 10%. According to details made this Friday, the group table in fact now an annual growth of 2.8%.
While this is a very sharp slowdown in growth of sales, Danone has proven its ability to react and managed to accelerate the pace since January.In the third quarter, all regions are growing, even Europe, which was down in the first half.
Volvic and Evian in progress
Above all, "we gained market share in the three quarters of our markets," insists Peter Andre Térisse, the CFO. He also noted that milk prices would increase, "but return to significant increases in 2008." Danone may therefore increase some of its prices, "while remaining competitive."
Other good news: the return to form of the bottled water division, which is experiencing its strongest growth since early 2008. "Danone has its strong presence in Asia, the area that draws economic recovery," said Lee Linthium, head of research for Euromonitor.The institute predicts that sales of bottled water will increase by 8% in Asia this year, thanks to economic recovery in urban areas, where consumption of these products is higher.
Even in developed countries, Danone waters are rising again this summer, especially in France, the United Kingdom and Germany. With the impact of weather, but not only. "The sales made under Volvic promotion grew by 40%," says one Danone. In recent weeks, the promotion efforts made on Evian, the brand's flagship division, are even more important. Here again, priority is given to the volumes to boost sales.
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