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Car manufacturers ultra-luxurious living on another planet. The downside risks, of concern to general groups, do not seem to disturb them. Concessions in the Ferrari, "consumers are not worried about a recession. The last I saw did not look desperate, "said Sergio Marchionne, the CEO of Fiat, at the Frankfurt Motor Show.

The Prancing Horse brand also provides for a new record this year by selling 7,000 cars, against 6,570 last year. Ferrari is also counting on a profit before tax "significant", following an increase of 23% in 2010 to 302 million euros. "I'm not worried because we have quality, exclusivity, a strong brand and innovative technology," said its president, Luca Cordero di Montezemolo.

It is the only one to be extremely confident.Rolls-Royce (BMW Group), whose boss, Torsten Mueller-Oetvoes, said he was "optimistic" about prospects for its niche, also wants to exceed its historical performance of last year (2711 cars). The luxury brand will invest 11.4 million euros to expand its plant in Goodwood English and plans to increase its network from 85 to 100 outlets.

Buyers richer

Sales of the major European luxury brands (Maserati, Lamborghini, Ferrari, Bentley, Rolls-Royce and Aston Martin) are expected to jump 19% this year to 28,100 vehicles, and increase by 13% in 2012, according to a study by IHS Automotive. "The rich are becoming richer, and the number of millionaires in emerging and growing. It is a very positive trend "for specialists in this niche, says Erich Hauser, an analyst at Credit Suisse agency quoted Bloomberg.For him, "should things go really bad" for the champions of this market find themselves in difficulty.

The ultra-premium segment should be able to pass through an economic downturn better than in the previous crisis, which saw sales of certain brands to collapse, says the CEO of Rolls-Royce. "This market has been growing steadily since its low point in 2009" but "we are aware that there are risks," acknowledges, however, Stephan Winkelmann, Lamborghini's boss. But for now, the Italian brand of the Volkswagen group does not seem to fear a decline in the purchasing power of its wealthy clients. It will produce 20 Sesto Elemento for early 2013. Their price: 1.6 million euro.

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Christine Lagarde calls on rich countries to take action to avoid the risk of recession. "Those who have the fiscal space should support growth," said she, thinking probably in the United States, provided they undertake to reduce their deficits also sustainable in the medium and long term.

But the executive director of the International Monetary Fund (IMF) who received Tuesday in his new office in Washington a few journalists, mainly discussed the situation in Europe. "The time for action, collective action, bold action and immediate action" said the former French Minister. "My role is to ensure that this call to action is heard," an implicit reference to the frustration of many in the IMF, but also in the markets, given the way in which European countries are reluctant to take unpopular measures to save the euro."I can not think that governments do not share my opinion," she says diplomatically.

His call to action includes both the need for countries like Greece and Italy to adopt measures for compelling the markets and stick to it. For some it is better to collect such tax revenues, for others to reform the state to better utilize resources. Announced and voting reform is necessary, but everything is in "implementation, implementation, implementation, she repeated three times, it is only that way that market confidence can return "

Greek sacrifices

But his call is also likely that Germany seems reluctant on the need to persevere in the implementation of plans designed to aid in Athens by the European Union, the ECB and the IMF.The context of the commentary Christine Lagarde, namely the conversation expected in the coming hours between Angela Merkel, Nicolas Sarkozy and George Papandreou, is crucial. The IMF wants surely as German pressure on Greece to be productive, so that the deficit reduction commitments are kept. But the IMF also wants the Greek sacrifices and new adjustments decided by George Papandreou will be rewarded with the continued support of the first countries in the euro zone to avoid a default that would have significant systemic implications.

On the controversial issue of the urgent need to increase the equity of European banks, Christine Lagarde has wanted to avoid adding fuel to the fire. Distrust of markets that precipitated sharp falls in the prices of banks reflects a serious crisis of confidence."We are close to an open banking crisis" such as Judge Mohamed El-Erian, head of PIMCO, one of the largest investment funds in the world.

Calling Christine Lagarde late August to urgent recapitalization of banks, if necessary with public funds, was poorly received by the European authorities. "I do not back down. But I return to the reasons why the IMF thinks so. We have two objectives: growth and employment. Or to feed growth and create jobs, we need credit … it is necessary that banks' balance sheets are healthy … do not fear the crisis of sovereign debt will result in a too fast and that banks limit their lending to the economy, "said the CEO. This is also now late in the day that the institution will release its persectives the global economy.

Meanwhile, she prepares the next week the annual meetings of IMF member countries and the World Bank. The former French Minister of Economy said "not to have changed since moving to the IMF … but I changed my perspective … I see things differently. Since this post I see more interconnections between countries and I see better what countries have an interest to act collectively in the interest of the economy "rather than strictly individual interest.

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The U.S. stock markets, should re-open in sharp decline on Monday. Future of Standard & Poor's 500 and Nasdaq 100, respectively, in fact, retreating from 1.58% to 1134.10 points from 1.32% to 2135.75 points. Friday, Wall Street closed lower for the second straight session, giving back to concerns about the debt of several countries deemed weak in the euro area and undermined by doubts about the strength of growth in the U.S. .

U.S. markets were particularly accentuated their losses Friday after the announcement of the resignation of Jürgen Stark of the European Central Bank (ECB).Initially considered a symptom of divisions in Europe on how to overcome the crisis, the markets will interpret signs from Germany suggesting that Berlin no longer a failure to exclude Greece.

This morning the Asian markets all ended down sharply and European stock markets are displayed in red.

Investors in Europe, in Asia and the United States fear that Greece is not able to meet these budget commitments, which threaten to bankrupt the country and aggravate the crisis in Europe. The German Minister of Economy Philipp Rösler has also not ruled out a bankruptcy ordered Greece to save the euro.

These uncertainties weigh heavily on European banking stocks, weighed down by their exposure to sovereign debt but also by fears about their solvency and funding.Specialists in Harbor Advisory today "Wall Street will evolve with European banks, whose main problem is exposure to sovereign debt."

United States, Barack Obama will submit to Congress today plan to revive the economy and jobs announced Thursday, said on Sunday a senior White House. The President will renew his call "to Congress to adopt this bill, which contains the kind of proposals to grow the economy and create jobs."

Week is low in business results – the retailer Best Buy and diverse manufacturing Pall is the only component of the S & P 500 to publish figures – investors will focus primarily on a series of macroeconomic indicators.The latter include retail sales, the producer prices and consumption as well as statistics on the manufacturing sector.

Note, however, leading indicators of the Organization for Economic Cooperation and Development (OECD) published this morning, reporting a "slowdown" of the world's major economies.

The euro and oil fall

In the wake of renewed tensions, the euro fell against the dollar, the euro remained sharply lower against the greenback Monday, falling below $ 1.35 even briefly, as a result of a new access market panic response to the crisis in Europe. Mid-session in Paris, the single European currency was worth 1.3603 dollars against 1.3649 dollars on Friday night. Earlier, the euro fell to 1.3495 dollars, its lowest level since Feb. 16. The euro also fell to its lowest level in a decade against the yen.The euro bought 104.64 yen against 105.91 yen Friday. In the early morning, the euro fell to 103.90 yen, its lowest level since June 2001.

Under pressure from a stronger dollar, a barrel of oil has also dropped on the ground. In electronic trading in the morning, a barrel of "light sweet crude" for October delivery lost 1.23 dollars to 86.01 dollars per barrel of Brent North Sea crude for October delivery at $ 1.02 111 $ 75.

The side of values, the French group Technip Engineering said Monday the acquisition of the entire capital of the U.S. Global Industries, a specialist oil services submarines, based on a valuation of 1.07 billion dollars (770 million).Technip will pay $ 8 cash per share, Global Industries, a premium of 55% over the closing price of its prey Friday night on Wall Street.

For its part, the online retailer Amazon is in talks with publishers to launch a book rental service digital subscription, said Sunday the Wall Street Journal in its online edition.

After the unexpected departure of the patron saint of Internet giant Yahoo!, Carol Bartz, rumors of a union between Yahoo! and AOL have resurfaced. The CEO of the Internet service provider America, Tim Armstrong, have consulted with investment companies to test investor appetite for a reconciliation between the two groups advance Bloomberg.Tim Armstrong become the leader of the group.

For his part, extended the Hertz Global date of its offer for Dollar Thrifty Automotive Group (DTG) until November 1.

Wynn Resorts, Wynn Macau via its subsidiary announced the acquisition of land over 20 hectares to the government of Macau for approximately $ 193 million. The plot, located on the Cotai area, should allow the development of a resort and recreation.

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The seabed French hide many treasures. Among them, the black gold. Total announced Friday a hydrocarbon discovery off the coast of French Guiana No teletrack payday loans. An oil rig exploration, which was installed in March to 150 km off the coast of Cayenne, allowed the discovery.

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This is unprecedented in the history of the Vendée Globe, which will start the 7th November 10, 2012 from Les Sables d'Olonne. At 14 months of departure, half of the expected plateau of the skippers in this race around the world solo, nonstop and without assistance, has not found sponsors to support them.

In detail, the organizers of the event have so far received confirmation of the participation of twelve sailors, including Jean-Pierre Dick (Virbac-Paprec), Vincent Riou (PRB), Kito de Pavant (Bel) or Armel Le Cléach yet '(Banque Populaire).However skippers also titled (thirteen in all) that Jeremiah Beyou (last winner of the Solitaire du Figaro), Yann Elies, Jean Le Cam, Raphael Dinelli (four Vendée Globe on the clock) or the revelation of the last Vendée, the British Sam Davies, is currently docked for lack of partners.

"You can imagine without the Vendée Globe sailors who all have unique or promising career," says Denid Horeau, Race Director. Given the urgency of the situation the organizers (SAEM Vendée) and its partners (the food company Sodebo, the General Council of Vendée and the town of Les Sables d'Olonne) organized a demonstration on Thursday that aimed to évémentielles agency relationship, prospects and sports."We hope that this current waiting list quickly becomes a list of registered voters," insists Jean-Pierre Champion, President of the FFV (French Sailing Federation).

No need to budget staggering

Although it is difficult now to convince the business community to mobilize in the sports sponsorship budgets in times of economic crisis and financial uncertainty, the race around the world (known as the Everest of the Seas) intends to assert its assets.

They are obviously many: 1.7 million viewers for the start in Les Sables, or the arrival in the village, some 466 hours of television (which highlight the boats and the names of their sponsors), near 59 million Internet users after the race …."Since our commitment to sailing in 1998, media coverage amounted to more than 82 million euros," says Pascal Cadorel, communications director of the family group Sodebo, which also sponsors Thomas Coville. As for his reputation, it was multiplied by 18 over the same period. Return on investment, media coverage, mobilizing tool in-house employees: Vendée Globe partners have increased their arguments persuasive and have wanted to attract new investors.

"No need to get on the Vendée Globe with staggering budgets. Even small projects can impact winning, "repeated Christopher Chabot, CEO of Akena Verandas, which posted 25 million euros in sales when it is committed to sailing in 2004.Today Arnaud Boissières sponsor, the group is No. 1 manufacturer of conservatories from individuals and has 700 employees. "This is the works council who insisted that we continue the adventure in sailing," said he. That's why he campaigned for SMEs to join the adventure and trying experience of sailing sponsorship.

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The CAC 40 plunges into the red Monday. The benchmark index of the Paris Stock Exchange, which closed Friday on the day of a severe fall of 3.6%, falling 3.64% to 3037.72 points in mid-session after opening down 2.41% to 3072.51 points. The movement is the same in the rest of Europe in London, the FTSE-100 index lost 1.90%, in Frankfurt the Dax was down 2.96%. Madrid and Milan unleash respectively 3.09% and 3.04%.

The health of European banks up to the center of attention. The President of the French Banking Federation (FBF), François Perol, recognizes this Monday, in an interview with Les Echos, that if "bank liquidity in euro is not a problem," "the dollar is more refinancing tense. "Executive Director of the International Monetary Fund, Christine Lagarde, in turn repeats, in an interview published Monday in Germany, criticized the request of a European bank recapitalization. "We think in general it is necessary to recapitalize European banks so that they are strong enough to withstand the risks associated with the debt crisis and low growth," she told the weekly Der Spiegel.

The chief executive of Deutsche Bank, Josef Ackermann, in turn, poured oil on the fire by saying that some European banks would not survive if they were to reassess the sovereign debt of their accounts at market price.Recapitalization forced the European banking sector could in turn send the wrong signal to markets, in this case the loss of faith on the part of authorities in the ability of measures to succeed, however, said Josef Ackermann .

Societe Generale lost 7.96% to 20.40 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 7.33% to 30.97 euros, Crédit Agricole 6.22% to 5.80 euros and 4.85% at Axa 10.01 euros. Natixis lost 5.05% to 2.57 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.

Bad signals on growth

In addition to banking problems, the first global economy has fueled fears of a global slowdown by announcing Friday it had no jobs created in August. 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.

In China, 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 indices are 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 fax payday advance.

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.

Markit, the company that carries out the PMI, however, said on Monday that growth in private activity in the euro area slowed more than expected in August, falling to its lowest level in two years, reinforcing fears of a return to recession by the end of 2011. The composite index, which summarizes the activity in the service sector and manufacturing fell to 50.7 points against 51.1 points in July, according to a second estimate.

For his part, Jean-Claude Trichet, president of the European Central Bank said it is "imperative" to implement the decisions taken by Heads of State and Government of the euro zone in July to resolve the debt crisis.

The euro fell to 1.4127 dollars, its lowest level in three weeks. 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 85.86 dollars per barrel of Brent North Sea crude for October delivery 74 cents to 111.59 dollars.Saft takes off

EDF: -2.77% to 20.37 euros

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

ArcelorMittal: -4.67% to 13.46 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: -1.94% to 54.05 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: -6.01% to 41.35 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: 4.81% to 22.87 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: -5.16% to 29.21 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: -1.67% to 12.36 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.

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Time to pay the bill has come. The Federal Housing Finance (FHFA) has filed Friday in New York a complaint for fraud against the banks it considers responsible for the subprime crisis. In the end, it is not twelve, as originally announced by the New York Times, but seventeen institutions (ten U.S. and seven foreign) that are affected by this complaint. Among them, the French bank Societe Generale.

Nearly $ 200 billion of securities

The FHFA criticizes all of these institutions have sold financial products backed by mortgages on the two parastatals of mortgages Fannie Mae and Freddie Mac, between 2005 and 2008. At the time, the banks had facilitated access to loans of U.S. households to recruit new customers and sell homes often too expensive betting on rising prices.The system had finally collapsed during the summer of 2008, taking with it Fanny Mae and Freddie Mac.

The FHFA estimate that the seventeen banks have concealed certain characteristics of the securities they sold, including lying about reality checks on the creditworthiness of borrowers households. "The complaints allege violations of federal law governing financial assets and rights (common law) in the sale of securities backed by residential mortgages designed by these institutions," said the FHFA.

All the losses by the two organizations, which then 40% of the outstanding loans granted to the United States is estimated at 30 billion.Placed under public guardianship, Fannie Mae and Freddie Mac have so far cost $ 170 billion to American taxpayers.

The FHFA was assessed for each of the banks in the dollar amount of securities sold to two giants of credit (see box). In total, nearly $ 200 billion of securities that were sold. Most involved, the JPMorgan U.S. (United States) would have sold itself for more than $ 33 billion of securities. Societe Generale for its part would have yielded $ 1.3 billion.

"Fannie and Freddie knew"

The complaint of the Federal Agency is expected to lead to negotiations and a financial agreement to avoid a trial. In all cases, the procedure could be very expensive institutions in question, particularly in the largest U.S. bank by assets, Bank of America.The group should in fact not only defend his own actions, not the worst according to the FHFA, but also the mortgage lender Countrywide and investment bank Merrill Lynch, bought in 2008 payday advance. Last June, the U.S. bank said it had agreed to pay $ 8.5 billion to end the prosecution of several investors and intended to spend an additional provision of $ 5.5 billion to clear the situation with Freddie Mac and Fannie Mae. The Wall Street Journal fell when it was the agreement to compensate the largest ever signed. The group also announced on the night of Friday to Saturday it plans to reduce its workforce by 10%, equivalent to the elimination of 30,000 positions.

The defensive line of Bank of America today is that Fannie and Freddie knew very well what they were doing."They said they understand the risks" and "now seek to hold other market operators to be responsible for their losses," the group said in a statement.

Regarding the French bank Societe Generale, no figures were given, but the injury is considered "important" by the Federal Housing Finance.

Amount of securities sold by banks

1. JPMorgan (USA): more than $ 33 billion

2. Royal Bank of Scotland (UK): more than 30.4 billion

3. Countrywide (United States, Bank of America): about 26.6 billion

4. Merrill Lynch (United States, Bank of America): more than 24.9 billion

5. Deutsche Bank (Germany): more than 14.2 billion

6. Credit Suisse (Switzerland): over 14.1 billion

7. Goldman Sachs (USA): more than 11.1 billion

8.Morgan Stanley (USA): more than 10.6 billion

9. HSBC (UK): more than 6.2 billion

10. Ally (USA, formerly GMAC): over 6 billion

10. Bank of America (USA): over 6 billion

12. Barclays (UK): about 4.9 billion

13. Citigroup (USA): over 3.5 billion

14. Nomura (Japan): more than 2 billion

15. Societe Generale (France): nearly 1.3 billion

16. First Horizon (USA): 900 million

17. General Electric (USA, parent company of GE Capital): 550 million

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State budget pressure forces, the army is also looking for sources of savings. For example, by outsourcing certain activities through public-private partnerships (PPP), as authorized by an order of 2004. This solution, released Thursday, used by the Directorate General of armemement (DGA) for the renovation and operation of computer networks of the Air Force. It is the latter's second PPP, but the first in computer networks and communications. This task was assigned to a pool of companies, led by Alcatel-Lucent.One hundred sites will be to equip several hundred buildings and 36,000 wired "access points" (to connect a computer or system) in very high speed to install with the latest generation of optical fiber.

This contract runs on sixteen for a value of 350 million euros, the amount of the fee to be paid by the Air Force. The economy of the State is estimated at "tens of millions of euros" through the pooling of engineering resources with other projects that also piloting Alcatel-Lucent. The gain is not only economic: the rapid deployment of networks "will allow the bases of the Air Force to have the most advanced technologies." In addition, the provider has made commitments in terms of availability and reliability of networks, together with a penalty system.The contract also includes an obligation to "up-date" mid-life, so that the networks have the latest technology payday lenders.

The most basic to confidential defense

The project will begin in the coming weeks and deployment of the network will be completed in three years. The first "job" however the network will be operational by late 2012. In total 50,000 people are affected by the implementation of these networks that manage the flow of general computer air force, operational information – including monitoring the French airspace – as well as data for preparing missions and conduct operations. This, with a level and a degree of protection from the most basic information to the "secret NATO" or "confidential defense".In this regard, the staff of the state will retain control over the management of cryptographic hardware.

This is the second PPP signed by the Air Force. In 2008, the School of Dax, which trains helicopter pilots of the French Army, jumped on it. She chose the company as DCI external service provider, by entrusting its helicopter fleet, maintenance, and flight hours. All in under a current contract on twenty-two years to 400 million euros, 600 million less than if the school had continued to manage everything herself.

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