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The economy continues to create jobs. The companies have created positions 35.5000 fourth quarter of 2010, representing an increase of 0.2% of employment, whichever comes first estimate of employment issued Friday by the INSEE. Dynamics on the labor market has increased over the third quarter, 19,200 jobs were created from July to September. The latter figure has also been divided by more than two compared to the first estimate, which stood at 44,600.

The figures for the fourth quarter were driven by the interim as in the previous period, which represented over two-thirds of new posts, or 24,000 jobs. This represents an increase of 4.2%, similar to that of the three previous months (+4.1%).

The service sector is the only one that shows job growth in the fourth quarter, up 0.4% or 48,400 net jobs created over the period. The industry and construction are still heavily depressed. The first course was destroyed fewer jobs than in the second quarter, -9000 cons 16,600 over the previous period. But the crisis in the construction continues, with 3,900 job losses, -800 against the previous quarter.

During 2010, the number of jobseekers has risen steadily, according to figures from the employment center. Depending on the category chosen, the number of unemployed was between 2.72 and 4.05 million, an increase of between 801,000 and 202,500 people.

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She has no choice. The textile and clothing industry, which claims back to the wall, finally resolved to raise its prices. According to Lucien Deveaux, president of the Union of Textile Industries (ITU), this increase will be from 3 to 15%. In case the soaring cotton prices, which have recently reached the highest levels since the Civil War the United States (1861-1865), there is over 140 years!

Since May 2010, the cotton price has skyrocketed from about 75 cents to nearly $ 2. Wool, she flew off about 38% in one year, while the price of silk has been multiplied by two.

Now raw materials account for 8-20% of the industrial cost of a garment and up to 40% of that of a bedsheet, according to the French Fashion Institute (IFM).Climate disasters that have occurred in major cotton producing countries (India, China, Brazil, Australia and Pakistan) in recent months has leaded crops. Moreover, for several years, the worldwide area devoted to production of these raw materials is reduced drastically, drying up more supply, farmers in the area, frustrated by the expensive and inefficient production of cotton (there three years, a pound of cotton was worth only 70 cents), having chosen rémnuératrices more activities such as grains and oilseeds.

Finally, for the 2010/2011 season, world cotton production will be approximately 115.5 million bales, while consumption should reach 116 579 000 – China literally devouring the market – which is a deficit of 1.1 million.

Sales could decline by 10%

If the textile industry has resisted so far to not affect the final price of the additional raw material costs, it will aujoud'hui survival of the sector such increases "are unavoidable if we want continue to have a textile industry in this country, "Benedict defends Hacot, CEO of specialist machine Hacot & Colombier and also president of the French Federation of cotton and wool industry (Ffilc).

But according to Deveaux Rudolph, director of the Armand Thiery sign, which will be "maybe" forced to raise prices next summer, "people are not willing to pay more, to lose power purchase.So that "sales volumes could decline by about 10%," says his side Benoït Hacot, insofar as signs consumers are accustomed to promotions and policies favored by breaking prices offshoring factories in Asia where labor is cheap.

An estimate that echoes the figures published by the IFM: average prices of clothing decreased by 15% between 1999 and 2009, while the amount consumed increased by 20%. But already, distributors and manufacturers to turn away the polyester to offset higher cotton prices. This could dampen upward pressure on the labels …and falling sales.

Except that in this downward spiral of rising prices of cotton, which does not seem to want to stop there, partly fueled by spécualtions markets, supply problems are expected, "prices are rising so fast I fear that a supplier tell me, sir these jackets then I do the book more than you or I book but at a different price, "Rudolph fears Deveaux.

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Done quickly. Bercy wants to transpose the new European directive on mutual funds (UCITS IV) well before the deadline of July 1, not to penalize French management companies. The preliminary stage of public consultation on the draft text, will end Feb. 11.

This directive must enhance competition among managers in Europe and bring down a few more boundaries. It should also widen the choice of funds offered to investors and improve their information.

One objective is to reduce the number of funds in Europe, now bloated. "In the U.S., funds are fewer and manage larger amounts. They benefit from economies of scale, "said Benoit Durand, director of customer service at Edmond de Rothschild AM. Mergers between funds from different countries, for example between a fund and a fund French Luxembourg, will therefore be permitted.Management companies can streamline their product lines. They will be encouraged because it will also become easier to market across Europe the same fund.

Simplified formalities

On Tuesday, they must deliver a complex issue to the regulator of each country, who often wait several months before giving its approval. "From 1 July, the governor of the country of origin (eg the AMF in France) will forward the request directly to the foreign regulator, and marketing approval will be given within ten days," adds Benoît Durand Low fee payday loans. A godsend for many French managers who, faced with a collection half-mast in France, to promote their dream of mutual funds in other countries.

But this is not enough.For, even today, some investors, for regulatory reasons or psychological prefer local funds, managed in their country. For example, some institutional funds that buy German German law, established by management companies located in Germany. The new directive will also drop this barrier by allowing management companies to launch European funds under German law, French, English … without being based in those countries. A British manager based in London and will offer French funds, or German, for example, investors in these countries.

Investors can more easily compare products.The document key information for investors (Dici), each of these investments will be staffed, will be established in the same format for all societies in all countries.

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While a new mission of the European Commission, the European Central Bank and the International Monetary Fund is in Athens, the movement of citizens opposing the increase in prices is a national issue. Every morning, they raise the bar of tolls on major national roads, recovering plastic bags composters at the entrance to metro stations and distribute leaflets in public hospitals for not paying the care provided: the are citizens of the movement "I do not pay".

Since 1 February and the implementation of the new higher prices, they are becoming more numerous – several hundreds already – to prefer breaking the law rather than to demonstrate. A trend that raises the sympathy of public opinion."Most of us can not afford to pay and no longer want to protest," said Giorgos Kosmopoulos, a member of the movement.

Greece, under the supervision budget for nearly a year leading drastic reforms to clean up its accounts. After the increase in VAT from 19 to 23% in a few months, others follow. Thus, the bus ticket and metro increased from 1 euro to 1.40 euro, while the minimum wage tops out at 592 euros. For tolls, "the situation is absurd," said Giorgos Kosmopoulos, "roads, which date from 1950, is dismal and dangerous and we are asked to pay for future construction, especially since the state does not offer alternative route.A farmer often has no choice but to pay to get from one field to another! "He protested.

Disarray of the population

This protest movement, which now covers public hospitals, reflects the confusion of a certain group of people bled dry by the austerity measures. According to sociologist Giorgos Kirtsos policy, "especially the Greeks begin to realize that they have not finished tightening their belts. They have lost confidence in the political system. The evidence, when we know from the beginning that we can not repay the loan on time, we must now negotiate an extension.So the cacophony and the presence of the troika is not reassuring, "he says.

In Athens, all week, the new mission of experts from the troika will control the accounts and the progress of reforms undertaken by the Socialist government to grant the fourth installment of the loan of 110 billion euros, 15 billion in March. If the Greek authorities will want reassurance on that date, they still fear the development of protests like those of the isolated "I do not pay".

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The euphoria of the excellent results posted by Hermes and LVMH seems to have appeased the spirits. Both groups are waging a war of trenches since Oct. 23, when LVMH reported holding more than 17% stake in Hermes, a stake raised to 20.21% since.

"I think we must stop this war," confided Thursday Patrick Thomas, the manager of Hermes, in Challenges. "Our investment is very peaceful and aims to be a movement of family support and strategy," insisted Friday Bernard Arnault, boss of LVMH. The latter is certainly still make its voice heard. "We are a shareholder peaceful but not passive, he warns.We want to be an active shareholder, but we will not be a shareholder activist. "The tone is less virulent than early November, when Thomas and Patrick Bertrand Puech summoned Bernard Arnault to" withdraw "and that it involved the management Patrick Thomas.

In recent weeks, the highest state authorities, concerned about the image of the Paris, had recommended the two parties to stop s'invectiver, until the courts decide their disputes. First, the AMF investigation for several more months, the conditions of the rise of LVMH capital of Hermes.On the other hand, the Court of Appeal of Paris will decide, earlier this summer, the exemption granted by the AMF to the heirs of the family Hermes, who want to establish a holding company owning more than 50% stake in saddle without launching a takeover bid on all the securities thereof.

In the meantime, both parties might have an interest to enter into discussions to find a modus vivendi. " Especially as the heirs Hermes and LVMH ensure all be present in the capital of Hermes for "the very long term electronic check payday advance." Officially, no negotiation is involved. But according to our information, contacts were made between LVMH and Hermes for ten days, bankers and lawyers interposed boards. And slopes are emerging, which could foreshadow a possible common ground.

Possible partnerships

Hermes side, Patrick Thomas is concerned about the narrowness of the floating action of cowhide.LVMH has acquired 20% stake, the family controlling 73%, the balance of securities on the market is too small for the other shareholders receive a quality market. He gave an indication Thursday that he believed "would float of 15%."

This certainly implies that LVMH reduces by 20% to 15% its stake. But nothing would prevent the group to stand next purchaser of the securities that the heirs would eventually Hermes in the market. Each year, there may be an "erosion" of a few tenths of a percentage point of their participation, according to individual needs. For his part, Bernard Arnault LVMH proposed yesterday that could "make a number of benefits at strategic and operational, without further consideration that our current involvement."Hermes and LVMH could therefore build partnerships that would not touch the heart of their identities, such as real estate or buying advertising space. The views are far apart, but the groundwork for a possible dialogue are asked.

Hermes reorganizes its executive committee

The luxury group Hermes announced Friday in a statement a reorganization of its executive committee from May 2 to "strengthen" its operational efficiency and to "support its strong growth."

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After walking along the peaks on Tuesday, the ACC 40reprenait his breath yesterday. And the consolidation continues on Thursday in a context of extreme caution. Halfway through, ACC loose 1.09% to 4 022.11 points. Even mood on other European exchanges, particularly in Germany where the Dax down 0.08% to 7177.75 points, and England where the Footsie lost 0.37% to 5978 points.

Fears escalate the situation in Egypt resurface when violent clashes between pro and anti-Mubarak, in Cairo, have already killed three people and wounded hundreds.

This renewed tension has raised doubts that Wall Street has ended Wednesday at the balance while a good statistic on employment front should have supported the rise. This morning in Asia, the Japanese Nikkei also closed in the red, operators focusing on profit taking to take risks.The attitude is the same on the Parisian market, investors preferring to await the publication of the monthly report on employment in the United States on Friday before taking a position.

Agenda item charge

They keep an eye still on macroeconomic indicators of the day. On this side, a busy day with:

– In France, growth in activity in the services sector accelerated further in January to its highest level in four months and now exceeds the average long-term, final results showed Thursday in the monthly survey with Markit purchasing managers.

– In the euro area, also growth in the services sector accelerated at a faster pace than expected in January, according to data released Thursday, but these figures do not reflect persistent differences between member countries.Also note, always eurozone retail sales decreased 0.6% in December compared to the previous month after falling 0.3% in November, according to data released Thursday by the EU statistics office Eurostat.

Now, investors await the decision on interest rates by the ECB is expected Thursday at 1:45 p.m. at the end of the meeting of the Board of Governors of the institution.

– United States: the weekly jobless claims, the quarterly productivity figures, the ISM services index for January and industrial orders in December.

Note that the side of the oil, oil prices continue to surge. In London, the price per barrel for the month of March gained $ 1.03 to 103.37 dollars, its highest level since September 2008.Brent has broken the technical resistance of 102 dollars.

Values to follow

Bonduelle: -2.26% to 68.42 euros

The food group on Thursday posted a turnover up 16.4% to 884.6 million euros in the first half of fiscal year 2010-2011 (ended June). But exchange rates and constant perimeter, growth is reduced to 1.6%, according to a news group.The group also confirmed its objectives for 2010-2011: a 30% drop in operating profit for the full year.

Hermes: -0.70% to 149.15 euros

The luxury giant has reported a very strong organic growth in the fourth quarter, boosted by sales of Christmas and has said it expects an increase of over 40% of its annual profit before tax.

France Telecom: + 0.64% to 16.52 euros, Bouygues: -0.56% to 33.62 euros, Vivendi: -0.66% to 21.10 euros

Orange, Bouygues and SFR join forces to Atos to create a joint company called Buyst to provide a platform for e-payment before the summer, reports the newspaper Les Echos.

Societe Generale: -2.30% to 46.85 euros

The Federal Reserve announced Wednesday it had accepted the bank in the small circle of investment banks and brokerage firms allowed to operate in the primary market.

NRJ: + 2.25% to 8.65 euros

The group reported a turnover in excess of expectations for all of 2010, boosted by renewed investment in advertising and dynamism of DTT channels.

Vicat: -0.73% to 56.81 euros

The group anticipates a recovery in 2011 sales volumes in France, its largest market, after a year 2010 saw stabilization and further internationalization of the business.

Bolloré: + 0.12% to € 161.50

The group announced the acquisition by its energy division of the remaining 49% stake in LCN (Les Combustibles de Normandie).

Partouche: -4.12% to 2.33 euros

The group announced Wednesday the launch of a new capital increase of EUR 30 million, guaranteed by Butler Capital Partners (BCP), during which the private equity firm will enter the capital of the casino group.

Maurel & Prom published its annual results after market close.

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Recovering but with outstanding resistance to treatment: two years after the scandal erupted, this is the situation at the front of the loans as "toxic" made by local authorities. Toxic, the name is not usurped. Because it is loan whose interest rate, spent a period of stability, varies with unpredictable data such as the exchange rate of the Swiss franc and the euro and oil prices. With the result, in extreme cases as in Saint-Etienne, to raise the rate to 24%.

The problem is not completely settled, the elected officials most concerned, as Maurice Vincent, the socialist mayor of Saint-Etienne and Claude Bartolone, President PS de Seine-Saint-Denis, leave the front. Their new battle? That the state creates a defeasance structure, that is to say a public facility that will take over the most dangerous loans.Municipalities, counties and regions would then be freed. And more powerful, the public could require banks to take a share of the losses. A working group of socialist MEPs was introduced Tuesday. Led by Claude Bartolone, it will prepare a bill along these lines. And Maurice Vincent will present today at the project staff Christine Lagarde, Minister of Economy.

"We make this proposal because it remains in very risky portfolio of loans that we can renegotiate for ourselves," says the mayor of Saint-Etienne. In fact, if the "easier" were treated. Elected officials have discussed with the banks to restructure their loans. In Saint-Etienne, toxic loans increased from 70% of the outstanding debt in 2008 to 33% today. Even advanced in Seine-Saint-Denis, where their weight was reduced by 97% to 69% cheap payday advance."Our loans indexed to currencies have fallen to less than 2 billion euros, against more than 3 billion two years ago. This amount will decline further because renegotiations are ongoing, "says it in a bank.

In total, the amount of toxic debt held by communities, estimated at ten billion euros two years ago on a total debt of 130 billion, has probably declined. "Especially since 2009, no cities, counties or regions that we follow has subscribed toxic loan," says Arnaud Dura, deputy director at rating agency Fitch Ratings. "But lack of national statistics, one must remain cautious. Some elected officials have incentives not to disclose their difficulties, "nuance does one General Council of Seine-Saint-Denis.

Lawsuit

The government is no stranger to restructuring.In late 2009, he appointed a mediator between banks and communities. At the same time, he pushed those same players in the signing of a charter of conduct prohibiting the marketing of the most dangerous. The other sting was legal. "The banks have mostly dropped the ballast when some communities have challenged in court," recalls Michel Klopfer, a consultant on local finances. Saint-Etienne has with Deutsche Bank and Royal Bank of Scotland for lack of counsel.

Much like Rouen have threatened to do, or are still considering as the Seine-Saint-Denis. But justice is still slow. That is why politicians want to have another tool with the bad bank. Rest it will take perseverance to convince the government. Because at Bercy, it is estimated that "the mediator and the Charter are sufficient".

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