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After signing Friday its worst week in three years the New York Stock Exchange rebounded on Monday following the trend-driven European stock markets, boosted by rumors of bank recapitalization. At the close, the Dow gained 2.53% to 11,044.17 points. While the Nasdaq rose 1.36% to 2517.10 points.

The trend, however, may be fragile. Concerns about the strength of global growth and the crisis of public finances in Europe and the United States still weigh investor sentiment. Markets expected a lot more than a joint statement of finance ministers and central bankers from the G20 at the end of the meeting in Washington Thursday. The United States has put pressure again on Saturday for Europe to act more quickly on the public debt."All of us who watch Europe (…) must have admiration for what they are doing and recognize the difficulty," said the BBC the U.S. Treasury Secretary Timothy Geithner .

Week crucial for Greece

In the euro area is a race against time to be playing this week to save Greece. The International Monetary Fund (IMF) said that a delegation will travel to Athens this week to determine whether or not the country can benefit from the sixth round of eight billion euros, it vital to avoid bankruptcy. Moreover, Germany will vote Thursday the agreement for the expansion of the scope of the relief fund of the zone (EFSF). Sunday, German Chancellor Angela Merkel expressed confidence the outcome of the vote.Evangelos Venizelos, Greek Minister of Finance, for his part spoke with Jean-Claude Trichet, head of the ECB, a debt restructuring Greek. In an effort to reassure global markets, finance ministers of the euro area are committed in a common text, to "do everything necessary to solve the crisis of debt and financial stability of the area in whole and its Member States. " The idea of ​​taking office faster than expected EFSF has also been raised by Germany this weekend.

EU Commissioner Olli Rehn himself has said that Europeans reflected to provide the EFSF additional instruments, beyond those agreed in July to give "more power" in an interview with Die Welt newspaper.

If no key indicator is not on the agenda of investors on Monday, the rest of the week will be charged.The program includes the index of investor confidence and U.S. consumers (Tuesday), due to the latest estimate of U.S. growth for the second quarter (Thursday).

As for currencies, the euro still appears under the $ 1.35 this morning at 1.3435 dollar. Oil prices, however, went up the slope in morning trading, amid hopes of an agreement to increase the reserve fund for the eurozone. A barrel of "light sweet crude" for delivery in November gained 18 cents to 81 low interest personal loan.04 dollars a barrel and Brent North Sea crude for November delivery took 42 cents to 104.39 dollars.

Values ​​to follow

The Boeing 787 (1.10% to 60.16 dollars) will finally become operational after three years behind schedule. The manufacturer delivered its first Dreamliner yesterday at the Japanese company All Nippon Airways for $ 200 million.The reduction of the unit would save 20% of fuel consumption, according to the manufacturer.

The video sharing site online Netflix (5.08% to 135.93 dollars) has signed a replay of movies with DreamWorks, who has produced the animated film Shrek. Previously linked to the pay channel HBO, the studio is the first American to prefer a website with a conventional chain. The operation could yield $ 30 million per film to DreamWorks, according to analysts.

Note CocaCola (1.29% to 68.29 dollars) intends to invest nearly $ 3 billion (2.2 billion euros) in Russia over the next five years, his strategy being to to increase its presence in emerging markets, said CEO Muhtar Kent told Reuters Insider.

Chevron (0.34% to 90.32 dollars) Monday gave its final green light to a proposed 29 billion Australian dollars (28.4 billion dollars, 21 billion euros) in the liquefied natural gas (LNG ) to Wheatstone, in Western Australia.

Dollar Thrifty (0.70% to $ 60) The car rental group said it expected that its adjusted EBITDA shows a jump between 17% and 28% in the third quarter, and noted the amount of its share buyback program to $ 400 million against 100 million previously.

Bristol-Myers Squibb (0.79% to 31.14 dollars) will be able to cope with the expected drop in sales next year due to the expiration of its patent on Plavix in the U.S. in May , one of the most important drugs in the pharmaceutical group, announced Monday its managing director Lamberto Andreotti.

The website site group purchasing, which aims Groupon a valuation of $ 20 billion, would call into question the timing of IPO. The group is cooled by a volatile market but faces above the federal authorities who refused certain elements of his record says the Wall Street Journal. In addition, the group's director of operations resigned five months after his arrival ..The same day, Groupon has revised down its sales in its IPO document, placing it now at $ 688 million for the first six months of the year, instead of the more than 1.5 billion yet he claimed last month. The net loss was revised down slightly to $ 204 million instead of 205 million. And according to the Wall Street Journal.

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Excellent sense of timing for German banks … By the time the security deposit is again a concern for investors, the association of German private banks – which include Deutsche Bank and Commerzbank, and some 170 players bank – announced Thursday to reduce the protections afforded to their clients.

In Germany, the system operates at two levels. First level, all deposits are guaranteed by law up to 100,000 euros, as in France and in Europe parrout, in case of bankruptcy of a bank. This floor does not move then. What changes is the second level: it is the voluntary scheme set up by private banks. So far, they guarantee all deposits up to 30% stake in the troubled bank no faxing payday loan.Example, an investor putting his money into a small bank capitalized at 5 million the minimum guaranteed to see the money of 1.5 million.

By 2025 this will rise to 437,500 euros. "It's always much more than the legal minimum," pleads Mon officer of the association in Berlin. Not sure as long as this reform is very well received in the current tense situation. Knowing that, across the Rhine, and cooperative state banks maintain 100% protection on deposits.

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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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Unlike many leaders of the UMP, Bernard Accoyer does not support a convening of Congress on the golden rule if the vote is not granted.

LE FIGARO .- What impression do you get from the Summer of PS?

Bernard ACCOYER. – We saw a new battle of images and egos between the candidates in the primary. The PS seems to be a party curled up, in contrast to a world wide open. At La Rochelle, it was all in the posture of a facade of unity and there was nothing to find ideas to respond to the challenges of the moment. The PS stands still deal with the crisis.The implementation of its program for 2012, comparable to 1997 and even 1981, would have two consequences: swelling public spending and raise taxes, while France must control its spending and tax measures to adjust without affecting the household consumption or business competitiveness.

Among the subjects of contention between the majority and the opposition included the "golden rule". Do you support the convening of Congress?

It is a responsibility of the President of the Republic. It is major. French Parliament's vote on a commitment to fight against excessive deficits is a key decision. It is also a commitment of 17 countries in the euro area. We must measure the impact of the convening of Congress. I trust the president to decide or not.For my part, I hope of course that the golden rule is adopted, but I also measured the risks of this approach. Currently, all the conditions do not seem right for the look.

Namely, that you do not have three-fifths majority to pass it?

Indeed, I spoke with most opposition leaders. They spoke clearly. They are not committed to voting the golden rule in Congress. Pending the outcome of consultations with the Prime Minister, I note that the French Socialist Party is the only one in Europe to adopt this posture.

Should we still call the Congress?

The president said if the opposition decided not to join this initiative, decisive for the future of Europe, it would be one element of the debate for the next presidential campaign totally free credit score. There is no emergency.We have until the summer of 2012 to reform the Constitution. Until then, it happens a lot and the French will have to choose between courage and dangerous demagogy.

What would happen if the text was finally rejected in Congress?

The absence of a qualified majority in Congress, after a positive vote in both chambers, would be a first under the Fifth Republic. The risks of rejection are real in a very sensitive issue, so we know very well that national unity has a lot in the difficult times through Europe and the euro, and also through France.

Jean-Francois Cope continues to ask Borloo to surrender to appear in 2012. Do you think the president of the Radical Party will go anyway?

Borloo belonged to the government of François Fillon for nearly four years.It is in the majority, a personality that counts. He contributed greatly in the ministries which he was responsible. His place is obviously in the campaign alongside Nicolas Sarkozy, not a competitor.

You think he will return to the fold?

I hope with all my heart and, as an intelligent and responsible, I think.

What makes you optimistic for the re-election of Nicolas Sarkozy?

What matters are not the polls, which have often said the opposite of what came out of the polls. The important thing is what has been done and what the French can expect the next five years. The President has taken, in exceptional circumstances, the right decisions at the right time with courage. Nicolas Sarkozy, during his presidency of the European Union or the G20, led the way.It was also the strong man in particularly difficult crises: the economic crisis in 2008, the crisis in Georgia, the Libyan crisis. The French need in a dangerous time, a head of state determined, courageous and experienced.

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The bill may be steep Irene. The governor of New Jersey, Chris Christie, has evaluated this Sunday on the NBC television network damage caused by Hurricane "billions of dollars, even tens of billions of dollars." According to an alternative estimate delivered by the consulting firm Kinetic analysis, the hardware cost of this storm is expected to rise between five and ten billion dollars, most likely around seven billion. Just to the North Carolina and South Carolina, two states already affected by the hurricane, the amount of losses expected to reach between 200 and 400 million.

Above all, this damage should be responsible in large measure to the State, businesses and individuals, when insurers should take on a lesser share of the burden, said Chuck Watson, one of the leaders of Kinetic Analysis told AFP."Most of the structural damage will be caused by the rising water because of rain and coastal flooding. Yet this type of damage is not covered by private insurance, "said he.

The same applies to losses caused by the cessation of activity in areas relevant to the coast, or the cost incurred by the evacuation of hundreds of thousands of people. Thus, New York, usually hectic, has been transformed this weekend into a ghost town, most shops have closed up shop and residents have been urged to stay home. But there is no damage reported, insurance should not pay a dime to compensate their members.

Insurers expected to be down

Insurance companies, however, should see their value fall Monday at the New York Stock Exchange.On Friday, insurers Allstate and Travelers had fallen to the lowest levels for two years, investors anticipate the costs incurred by the hurricane for those companies.

The amount of the invoice should still be less than initially estimated. Thus, Kinetic analysis was planned on Friday that a tornado could generate over 12 billion euros of damage if it hit New York at the height of its intensity. Finally, she was demoted to a mere tropical storm, with winds still 100 km / hour. These amounts are in any case of a different order of magnitude as the colossal damage of about $ 100 billion registered during Hurricane Katrina in 2005.

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After a rebound during the session, Wall Street has finally caught up by letting the gloom hanging over global stock markets for two weeks at the close on Friday, the Dow Jones gives 1.57% to 10,818.48 points and the Nasdaq, dominated by technology loses 1.32 points 2341.86.

After opening in the red, the indices of New York had yet managed to climb briefly into the green. Before ending again in the red. Of all black this week, the Dow Jones lost 3.71% and the Nasdaq fell 6.53%.

This Friday, the NYSE has not been spared by the new storm that struck the European stock exchanges and which had already shaken the stock markets in Asia. Yesterday, as elsewhere, the New York Stock Exchange closed down a massive, affected by disappointing indicators released during the meeting confirming the poor performance of the U.S. economy.Moreover, operators, already worried by the economy of the euro area, were cooled by the large loan dollars awarded by the European Central Bank (ECB) to a bank in Europe, whose identity has not been revealed. This action has reinforced doubts about the ability of banks to refinance the region. The euro also declined against the dollar and is trading around 1.4290 dollars against 1.4319 on Thursday.

Finally, Morgan Stanley confirmed the fears of a global economic slowdown by scaling back its growth forecasts for 2011 and 2012. The bank also said the United States and Europe were "dangerously close to recession."

Evidence that the operators' confidence is at its lowest, gold, a safe haven par excellence, is powered from yesterday to new heights.On Friday, an ounce reached a new record in 1864 dollars after jumping up to 1867.30 dollars in the morning. For its part, a barrel of U.S. light crude oil, which fell 6% yesterday, still lost 12 cents Friday to 82.26 dollars a barrel. Over the whole week, he lost 3.12 dollars, or 3.65%, registering a fourth weekly loss in a row. Contracts on October Brent have lost them for their $ 1.63 to 108.62 dollars a barrel.

Values ​​of the day

On the corporate side, this session will be marked by a slump in Hewlett-Packard, which lost just over 20% to 23.60 dollars. The group published its results on Thursday lowered its annual forecast for the third consecutive time. It now expects an annual turnover of between 127.2 and 127.6 billion dollars, against a previous estimate of between 129 and 130 billion.The group, which has made a takeover offer for the British publisher of software Autonomy, has also announced plans to dispose of its business in personal computers. Another major surprise: HP goes out of business in the mobile, arresting the development of tablets and smartphones.

Bank of America (-1.14% to 6.93 dollars) will remove 3500 positions during the quarter, according to an internal document cited by Reuters.

Autodesk (-11.69% to 23.41 dollars) has reported a 6% increase in revenues in the second quarter and a net profit better than expected at 71.2 million euros, or 30 cents per share.

Gap (-8.61% to 10.67 dollars) on Thursday posted quarterly earnings above expectations of analysts, despite a decline in sales to a number of store.Net income for the group totaled $ 189 million (131.8 million), or 35 cents a share, against $ 234 million, or 36 cents per share a year earlier.

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Thirty years and not a wrinkle. MTV has reached a venerable age but decided not to grow old with those who, on 1 August 1981, discovered amazed the first television channel dedicated to music. A pioneer, she said that day, not only by imposing as a signature image of an astronaut planting a flag alum and weapons of MTV but also by spreading the first music video in the history of television, Video Killed the Radio Star of Bugglers. Created by Warner and American Express, American chain invented at the time, "the first form of synchronization between picture and sound," but also popularized "the phenomenon of DJs who will push to the extreme contextualization of the music. "In short, MTV is a string subversive.

"Music has long been a huge factor for personalization and identification of the artists," says Thierry Camas, president of MTV Networks France. "We got dressed, and adopted the lifestyle of our stars." With MTV, fans no longer confined to the glossy magazines but follow the escapades and the hits of their heroes on TV and live … historical moments. And Michael Jackson invented the moonwalk, virtually live on the chain-y launched its exclusive clip Thriller. A real event that had nothing to envy to the cinema with his unique format of 14 minutes.This video has forever changed the art of music video and assured the heyday of the chain.

Sensor trend and unparalleled observer of the youth which is the heart of business, MTV is probably the first to feel the mid-1990s that music is becoming commonplace in the extreme. Developed in 2010, the words "Music Television" logo. "The accessibility of music on all platforms, sharing it via social networks has introduced a twist that few industries have known," said Thierry Camas.

Teen in all its formats

The chain is reinventing its original format and media proclaims generational and transgressive. In those years, the musical chain accounts for only 50% of the grid. But to counteract this movement, the group creates variations 100% music.MTV puts adolescents at the center of its innovative all-out in terms of formats. It in the headlines by inventing the first two reality shows with "The Real World" in 1992 and later, the controversial "Jackass." The chain has also exported its "Pimp My Ride," the reality show with crazy cars. Bought in 1986 by Viacom, MTV is developing an international and binding on all distribution platforms. It now operates in 160 countries and has 170 variations. For the group, only one word: "preserve the value of content" on all modes of broadcasting, including video on demand.

"We're agnostic in terms of distribution provided that we are paying," insists Thierry Camas.Today, the group derives its income to 60% of the royalties from operators and 40% advertising.

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On the night of Sunday to Monday, an agreement was reached between Republicans and Democrats to raise the U.S. debt ceiling. A favorable outcome that immediately reassured the markets: when Barack Obama announced the compromise to 2:45 Paris time, Asian stock markets – open to this hour – surged after learning that the failure to pay the United States was avoided. The Nikkei in Tokyo rose 1.7% immediately before finishing up 1.34%. Later, in Europe, major indices also showed the green, like the Cac 40 in Paris, which opened up 1.35%, and the ragagnant 3700 points, the Footsie Londoner, who took 1.07 % and the Dax in Frankfurt (+1.5%).

Safe haven, gold subside sees the outbreak of the course, which showed great concern on the part of investors.The yellow metal, which was still worth almost 1630 dollars per ounce on Friday, and is around 1615 dollars fell on Monday.

Immediate response as the currency market, the dollar has suddenly taken against major world currencies, particularly against the yen (the dollar rose from 77.3 to 78 yen per hour), just after the announcement.

Reassured the markets for a while

But around noon on Monday, the dollar back down a little already, one euro was trading against 1.4437 dollars (0.23%). Same against the Swiss franc, another safe haven, which goes back to full speed against the dollar and finds its historical levels of force, to 0.78 Swiss francs to the dollar.

Thus, if the news is welcome, the markets are not won by the euphoria. They are waiting because the confirmation of the plan by a vote, or some Republicans have expressed strong opposition to the agreement.Already on the European stock markets, the increases are bunched together in mid-day. And on Wall Street indices predicted a future increase in the Dow Jones 1.3%. Not enough to make up for the fall of 4.4% registered in the past week.

Markets are also wary because the details of the agreement remain unclear. In addition, the debt ceiling would require a new vote in early 2013, after the presidential elections. Now remains to be seen how the rating agencies will react to reductions in planned expenditure, less important than they hoped. However, they have warned: even if the United States are not lacking, this would not prevent the AAA rating of the country may be degraded.In this case, markets may again sink into depression.

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French, whatever the next president, get ready to shake your belt! Thursday, according to documents as a basis for negotiation, Paris was about to commit, as all the capitals of the euro area that are not within the scope of a program of assistance, to below 3% deficit in 2013 "at the latest." A number in the Maastricht Treaty in 1992, stalled for years, and seems about to revive …

In recent months, France has undertaken vis-à-vis Brussels to reduce the government deficit (state, local government, social security) to 6% of GDP in 2011, 4.6% in 2012 and finally precisely, to 3% in 2013.But this promise of the Fillon government takes a turn this time much more solemn.

The government has already ensured that he would take in Brussels "all necessary measures to respect the path of public finances notified in the stability program." He planned to continue the non-replacement of an official two retiring, reducing the operational expenditure of the state by 10% in three years to review all the operating expenses (66 billion euros) to make the same effort as running costs, and above all to continue the removal of tax and social niches.

On this last point, the new Minister of Economy, Baroin, began to prepare minds to new cuts.It is "very likely that we will go through the Finance Act 2012, beyond the 3 billion reduction in planned niches," he said in an interview with Le Figaro Magazine last week.

Increased tax burden

Because it considers the government's growth forecast (2.5%) too optimistic and they fear that public spending grows at the same pace as the past decade, the Senate Finance Committee has also recently warned that should get up to 11 billion euros of revenue or additional savings next year.

As for the Socialist Party, already in his primary campaign, he will have soon detailing how it intends to meet a commitment that is now required for all political camps if he returned to power next year.Because he wants to play the card of the seriousness, the goal of a return to 3% in 2013 is also included in its program. But for this, less emphasis on spending cuts than on tax burden increased by 50 billion.

The theme of discipline inevitably hover on the presidential campaign.

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The richest of Spaniards loose the reins of his empire. Amancio Ortega, founder of the Zara stores, transfers Tuesday's CEO to his current vice-president, Pablo Isla. At 75, Ortega also embodies a decision announced six months ago with a simple letter to staff. He leaves to his successor an empire, Inditex, built in thirty-six out of nothing. A juggernaut of ready-to-wear boutiques strong 5000 installed in 77 countries, employing over 100,000 people, realizing 12.5 billion euro of revenue.

For the Spanish, Amancio Ortega is the archetype of the autodidact. A mismo hombre hecho a if. The son of a railroad fortune became the seventh world.The teenager who was scraping by delivering luxury liners became a billionaire by making clothes … cheap!

Born in the province of Leon in 1936, at the beginning of the Spanish Civil War, the young Amancio has experienced the dark years of the postwar period. In his authorized biography, it evokes a memory which has profoundly affected. When he was 12, he intends to apologize to the shopkeeper his mother not being able to give him credit. Amancio then promises to never know hunger. He left school to accept a job as a deliveryman in a store of men's shirts in La Coruna.

A workhorse

Ortega never left textiles. He designed his first model and offers its employers. He was then assisted by his sister, brother, sister-and that would become his wife Rosalia Mera.The first article is a dressing gown, sold – already! – Half the price than the competition … Little by little, the small group up a workshop and a shop, Goa in 1963.

In 1975, was born in La Coruña the first Zara store. Then everything is accelerating proliferation of shops in the 1970s, internationalization in the years 1980 and 1990, IPO in 2001, opening in 2010 of the online store payday advance… Each time, Ortega is in charge. His method: "I always thought that to be successful, we needed each day to the organization upside down."

A workhorse in shirtsleeves and with a revolutionary grounded. This is at least the image he projects. For the richest man in Spain is also one of the most discreet.It was not until 1998 and agrees that Ortega is disseminated a picture of him! He shuns interviews like the plague. We know that the billionaire just enjoy the simple pleasures, such as scrambled eggs with chorizo ​​and potatoes …

The discretion surrounding his private life also. Twice married, Ortega is the father of three children. His first wife Rosalia Mera, is co-founder of Inditex and occupies the 258th place on the Forbes list of richest people in the world. His current wife, Flora Pérez, was the employee of a Zara store, she became one of his key advisers.She gave him a daughter and, say, a possible heir, Marta Ortega.

The captain, however, given the helm to his right arm, Pablo Isla, who has already indicated he intended to follow the course: "2011 will be another year of significant investments to grow the company and create jobs." The conquest of new markets, particularly in Asia, and the acceleration of Internet sales are part of its priorities.

Marta Ortega, too, has been heavily involved in the family firm. However, at age 27, she was probably not ready to take the helm. Not yet, some analysts nuance. The war chest, at least, it deserves. Amancio Inditex owns 60%, through the foundation Amancio Ortega. And, while he yielded to Isla management of the company, Ortega has offered his daughter as President of the foundation.In Madrid and La Coruna, speculation is rife about the future and ambitions of each of the supposed heirs.

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