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No change of course. With the crisis, Geox, the brand of shoes and comfortable clothing, has a small air pocket. In the first nine months of the year, profit (63 million) were down almost 13%. Its products that breathe a little less appealing to consumers after two years of slipping revenues (850 million in 2010, -2%).

But Mario Moretti Polegato, president and founder of the Italian group, is convinced he has the magic potion to leave his company the right foot. Its number one priority: grooming claw stores where sales increased when they regress in 10,000 retail outlets distributing multi Geox.

"In the world capitals, we have significant retail space in prestigious places, he says. We already have a flagship store in Paris, Milan and Frankfurt.And we identified locations to open in Beijing and Shanghai. "

Symbol of this evolution: Geox opened three weeks ago a 300 m2 flagship Oxford Street in the heart of London. Outside the cities, the company, which already has a network thus stores (1099 stores worldwide), still wants the flesh: this year it will open 100 new outlets. And in 2012, it plans to add another hundred. In France, where it already has 75 stores, five openings are planned in the coming months. Particularly in Lyon, Toulouse and Marseille.

Cox signed a collection

"Furthermore, we will increase the average size of our stores and to increase from 120 m2 to 180 m2, detailing Mario Moretti Polegato.

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While France, Italy and Germany are found in mini-summit in Strasbourg, Portugal is once again in the viewfinder of the rating agencies. Fitch downgraded one notch Thursday note of Portugal, from BBB-to BB +, together with a negative outlook. This decision made the downgrades of Portuguese debt the Safe investments to that of "rotten" or "risky".

"The deep deficit, high debt of all sectors of the economy and poor prospects for growth mean that the country will benefit more than qualified to hold a note type of investment, '" Fitch said in a statement . Portugal should address, according to projections by the agency, in a deep recession in 2012 with a decline in activity of 3%.

Among the areas of concern, the rating agency notes the debt of public enterprises."They have been the cause of upward revisions of the State debt and deficit figures, said Fitch. In this context, we expect a significant risk that new measures were announced in 2012. "Portuguese banks in turn will require a recapitalization, according to Fitch. They are strongly weakened by the debt crisis in Europe and amenable to private sector (firms and households), the most indebted in Europe, said the agency.

A 2012 budget "balanced"

Fortunately, according to Fitch, the Portuguese government is doing well. "The deficit target of 5.9% will be achieved this year, albeit with exceptional measures" and not reproducible in 2012, the agency notes. The 2012 budget, which targets a deficit of 4.5%, is "well designed," she continues. It contains substantial cuts in spending, including retirement pensions and salaries of civil servants.

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European politicians finally seem on the verge of their act together on the Greek case and the measures to try to resist contagion. The prospect of a consensus at the summit of October 23 has heightened expectations of financial marcéhs Wednesday.

The signal came from Paris, where the government is out of the woods on the delicate issue of recapitalizing banks with public funds. "We have no doubt about the strength of French banks but there is turbulence in financial markets that cause the increase of capital of European banks has become a necessity," conceded Valérie Pécresse, Minister for the Budget and is speaking for the government.

If Bercy always prefers a recapitalization by the "private capital", the Minister acknowledged that France was willing to inject itself of public money to support its banks.But only "if necessary, ultimately," insists on all sides. Still, Paris is on the side of Germany, who suspected her of wanting rather to apply the European Stability Fund (EFSF), to avoid jeopardizing its AAA. Now for Berlin, there is no question that States have the means to put themselves out to the pocket have had recourse to the help system mutusalisée what the Fund. "The EFSF can lend to some countries who need loans to recapitalize their banking system, France will not appeal there," committed Valérie Pécresse. If banks do not hammer need to be recapitalized, the French government, however, stand ready, in case …

Paris is therefore close to Berlin. And position strangely similar to that outlined Wednesday by José Manuel Barroso.Calling for a "fully coordinated approach," the President of the European Commission has called on banks to beef up their capital "temporarily" but "emergency". Private funds, public money or relief of EFSF, that each country is doing: Europe is the strength of its banking system can no longer be doubted.

30% to 60% discount

For this, the European banking supervisor is the maneuver. According to the Financial Times, the European Banking Authority will impose a hard capital ratio of 9%, a considerable jump from 5% who had served as a reference during stress tests in July. All, by mid-2012. But the effort goes further. The supervisor collects the latest encryption on sovereign debt portfolios of the banks to deduct equity securities on these discounts applied by the markets.

If the bank building is now consensus among European politicians is that a taboo is jumping, that of non-payment of Greece. Of course, nothing is official act. But when Barroso calls for "decisive action on Greece" to qd'assurer the viability of the Greek economy is emerging between the lines a massive debt waiver. Greek Prime Minister George Papandreou does not hide the power struggle in which he was hired: "We negotiate every day to reduce this debt." Of "responsible for the euro area" quoted by Reuters are considering the possibility of a cross on 30% to 50% of Greek debt.The President of the Eurogroup, Jean-Claude Juncker, has even mentioned a discount of more than 60% earlier in the week before his entourage back-pedal.

For now, banks consider in their accounts that they must give up 21% of their claims of Athens, in accordance with the agreement of July 21. It is to be able to take the shock of restructuring more violent they are asked to display ratios above reproach.

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Asian stock markets on Tuesday were in turn carried by the optimism that won the scholarships in Europe and the United States yesterday. The promise, made Sunday in Berlin speaks French President Nicolas Sarkozy and German Chancellor Angela Merkel, are bearing fruit. Hopeful, investors await the answers to the debt crisis in the euro area are expected before early November. They also expect to learn more about the plan to recapitalize weak banks in the region.

Meanwhile, the Japanese Nikkei sets the tone. At the end, he won 1.95% to 8773.68 points. The Topix, broader, took 1.81% to 755 points. The Tokyo Stock Exchange was closed yesterday because of a holiday and had not yet responded to the ads of the Franco-German. The Nikkei is notably supported by exporters who find the values ​​of the force with the weaker yen against the euro.The single currency is changing around 104.50 yen this morning, well above its record low in a decade reached on October 4, at 100.76 yen. Sony gained 5.58%, 5.64% Ricoh, Sharp and Toshiba 3.44% 5.55%. The automotive sector is doing well also: Honda Motor rising from 6.03% Hyundai 3.6% and 2.12% of Toyota.

State intervention with Chinese banks

The Stock Exchange of Hong Kong and Shanghai are also in the green bad credit pay day loans. At 7:00, they earn 3.26% respectively to 18,287 points and 0.72% at 2361 points. Financial stocks pull the score up after a share buyback of the main state banks by sovereign wealth fund China Huijin. According to brokers, this operation is to stabilize the financial system in China.In Hong Kong, around 7:15, the actions of the banks concerned fly: Agricultural Bank of China jumped 15.09% so, Industrial & Commercial Bank of China of 7.92%, China Construction Bank gained 7.04% and of China 8.94%.

Other markets in the region are also in good spirits. The Korean Kospi gained 1.89% to 1799 points, the S & P Australian advance of 0.47% to 4220 points and the Indian Sensex climbed 0.86% to 16,699 points.

Oil stabilizes

Oil was steady Tuesday in Asia, maintaining its gains made the previous day, in a market supported by the will of France and Germany to resolve the crisis of government debt in Europe and disruptions in oil exports to Kuwait due to a strike by customs officials who demanded an increase in their wages.

A barrel of "light sweet crude" for delivery in November gained 18 cents to 85.59 dollars.A barrel of Brent North Sea crude for November delivery gave a small 14 cents to 108.81 dollars.

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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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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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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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Many observers believe that Kodak missed the turn of the digital. The giant of photography at the age of 130 years, could now take his revenge with his key weapon: a portfolio of 1100 patents for digital imaging. These inflame the lusts of the giants of the computing and telephony, Apple to Microsoft via Research in Motion (RIM) – Blackberry's parent company – and Google, which multiply purchases in this sector to enhance the functionality their phones.

The phenomenon was illustrated recently by the acquisition for $ 12.5 billion, Motorola's Mobility by Google. An operation that allows the Internet giant to hand over a lucrative portfolio of nearly 17,000 patents telephone.In early July, a consortium led by Apple and Microsoft spent $ 4.5 billion to acquire the patents of the Canadian telecom equipment supplier Nortel for bankruptcy.

"Clearly, the ability to take pictures and send them to mobile devices is critical for manufacturers of smartphones, and Kodak may hold the key technologies that provide these services," said Paul Ausick, the financial website 24 / 7 Wall Street.

Kodak ready to sell

More operations and acquisitions are increasing the portfolio of Kodak takes the value. The financial firm MDB Capital, in an interview with the Bloomberg financial agency, has said the group's 1100 patents were worth, in today, nearly three billion dollars. All of Kodak's intellectual property would be five times the value of the company itself.The news panicked investors rushed to the title at the New York Stock Exchange yesterday. The action Eastman Kodak jumped 25.70% to 2.69 dollars.

Kodak, no question of missing the boat. According to the Wall Street Journal, the manufacturer of cameras "began promoting its portfolio this week, contacting companies that might be interested." Kodak said currently "explore strategic alternatives" for its patents.

When it is launched, the battle for the acquisition of these technologies will be tough. Kodak could play the card by removing the grudge he accuses Apple and RIM already violating its patents on technology for viewing photos on their iPhone and BlackBerry.

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The outlook for the parent company of Airbus are rather positive. EADS confirmed on Friday its forecast for the full year 2011, with sales up 8% to 21.9 billion euros and operating profit (EBIT) of 720 million euros in first half of this year. The net result of EADS amounted to 109 million euros (compared to 185 million euros in the first half of 2010), or earnings per share of 0.13 euro (0.23 euro a year ago) . In the second quarter, the manufacturer posted a net profit of 121 million euros and a turnover of 12.082 million – up from data over the same period the previous year (82 million euros in profit net 11.35 billion in revenue).

The activities of EADS, however, impacted by a decline of 41% of net profit in the first half, to 109 million euros related to accounting revaluations following the change in exchange rates, the statement said the group. But the net cash position of the manufacturer, specialized in aerospace and defense of a $ 11 billion still provides a solid foundation to meet the operational needs of the group and fuel future growth, "said EADS Friday .

An exceptional increase in orders

"Our first half results in 2011 reflect the strong demand in the commercial aviation sector," said the executive chairman of the Louis Welsh, comment out the publication of the results of EADS.At Le Bourget, Airbus, the main subsidiary of EADS has reached a new record this year, orders for 730 commercial aircraft, including 667 A 320 Neo, remotorisée version of medium-haul Airbus, less fond of fuel paydayloans. EADS believes that Airbus should undertake the delivery of 520 to 530 commercial aircraft throughout the year, with a level of gross orders up to one thousand units. In the first half of 2011, new orders for Airbus amounted to 58.1 billion euros at the end of June the company has already earned 453.8 billion euros (at the end of 2010, total orders was 448.5 billion).

For all of 2011, EADS expects a stable EBIT before non-recurring items in 2011 compared to 2010, about 1.3 billion euros. Louis Welsh stated in particular that Airbus confirms its target of delivering about 25 to 380 in 2011.Moreover, based on the basis of an exchange rate of one euro worth 1.35 dollars, the European manufacturer hopes to earnings per share higher than in 2010, which was 0.68 euro. He also put on a significant improvement in its EBIT by 2012 due to higher sales volumes and improved performance of the Airbus A 380.

The title of EADS was in line with the trend of the CAC 40 stock market this morning, down -0.76% to 24.15 euros.

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Civil orders on the rise in air traffic growth, an area facing an aging population pyramid … All these factors explain the dynamics of employment in the aviation and aerospace.

The Gifas announced for 2011 almost 10,000 recruits. It's more than in 2010. As for the annual "Requirements labor" performed by employment center, it confirms that the aircraft remains the largest source of employment in the Midi-Pyrenees, with 1500 jobs expected at Airbus, near of 2000 jobs in the aerospace subcontracting and 39% of hiring an interim basis.

"Aviation is a particular market. Cycles tend to sync their economic crises. The lifetime of an aircraft is 50 years, that of a satellite, DE20 years.It's very different from the automotive sector, with shorter development time, is very dependent on market conditions, "said Benedict Binachon, general manager of the firm Futurestep. This subsidiary of American Korn / Ferry International conducted a quarter of its turnover (16 million) in the industrial sector. "It's hard, inside, measure from the aircraft. Between large contractors and their subcontractors, are diffuse recruitment. "He believes however that the need for France in the thousands. "Companies need to increase the sail quickly.They must renew generations and have no room for error. "

Requirements Engineering

What about the profiles sought? "The industry was reorganized and includes many approaches and methods from other industries, in a logic of optimizing costs, reducing product development time and production time. It takes a lot for example in the automotive sector, which has developed a long time already highly efficient industrial logic, "said Celine Hulot, a consultant at Futurestep. In this context, the sector is recruiting heavily on industrial functions in production methods, supply chain, purchasing, and research profiles experienced (at least five years experience) from other technical environments, such as automobiles.As for the graduates, places are open in the engineering, development and R & D.

"Our industry creates jobs, but it is difficult to recruit engineers, says Louis Le Portz, Commissioner of the Paris Air Show. The image machine tool, feet in oil, is still very present. The brightest prefer to work in finance. "Where wages are more attractive … The differences are not hiring, but in career progression. At 30, an engineer working in the quantitative trading affects an average of 200 K €, the equivalent of the salary of a senior in the space …

Pool of graduates

However, the sector remains very attractive. And those who choose it often do so out of passion for the product. The success of "Operation Fly your ideas" launched by Airbus in 2008 is proof.Open to students worldwide, this competition invites innovation, offering to imagine a greener future for the aircraft. The second edition was attended by 2600 students from 75 countries. The winning team, which will be designated at the Paris Air Show, will pocket 30,000 euros. If the operation is not a direct recruitment tool, it provides access to a pool of talent. It also enhances the employer brand. On its recruitments this year, Airbus expects 30% of graduates and 25% women. The feminization of the workforce is another major issue in the sector.

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