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Why this referendum is it risky?

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The government wanted to know the outcome of EU summit Wednesday evening, presented as crucial for the future of the euro area, prior to revise downward its growth forecasts. Despite the success of the meeting of the seventeen member countries of the euro area, which found the night of Wednesday to Thursday an agreement to stem the crisis at the moment on the Old Continent, the head of state n has been recognized that the Thursday night: the economy would not be up to expectations next year.

Until then, Bercy expected a GDP growth of 1.75% in 2012. But since the beginning of summer, the situation has deteriorated considerably. "For the sake of seriousness, we decided to lower our forecast to 1% next year," said Nicolas Sarkozy, who is aligned and the assumption by our German neighbor.And, near the line thickness, on the average forecast of economists (0.9%).

To keep the deficit targets despite this deterioration – and this is the top priority – must be found "6-8000000000" euros in savings or additional tax revenue next year, said Chief of the state.

Nicolas Sarkozy has asked Prime Minister Francois Fillon, with Valérie Pécresse (Budget) and Baroin (Economics), floor of the copy. And this new austerity program will be announced "in ten days," just after the G20 which takes place in Cannes.

What is certain is that "we must spend less on operating and investment to support growth (…).What we're announcing is not the rigor is the careful management ", insisted the president.

Without going into details of the options considered, the president said he did not intend to "increase the action" but "favor those that will strengthen the competitiveness" of the French economy. The executive knows that he can no longer take the risk of asphyxiating the remaining activity by a strict discipline, which would result in a tightening of the French.

No general increase in VAT

Why Nicolas Sarkozy has already categorically excluded "a general increase in VAT" which "would affect the purchasing power." "Francois Fillon did not propose, I have already spoken with him," he said.But calling for a tax harmonization with Germany, the president did not rule out the idea of ​​raising the reduced rate (set at 7% across the Rhine at home against 5.5%) or the introduction of an intermediate VAT rate (between 5.5% and 19.6%) for products now subject to a reduced rate (catering, building …)

It announces clearly no "social VAT" – renamed "VAT antidélocalisation" to the UMP – hypothesis was raised in the procession of the tracks in the study. He implicitly endorsed the idea but has returned to the next presidential debate "in a few months."

However, companies should be tapped. Address the tax differential between multinationals and SMEs is a carrier. It is almost assumed that the new austerity plan will include a surcharge of corporate tax targeted at large enterprises.And, probably in December.

The plan will also focus on public spending – including spending on health. "We will continue to find savings on expenditures that make all the difference (…). The operating costs should continue to be better managed, "said Valérie Pécresse in the wake. The budget minister was keen to point out that the government had already made 45 billion effort two years ago, "half in reducing tax loopholes, the rest in spending."

Some ministers argue for cuts in spending this time represent half the effort (instead of one billion end of August, against 11 additional samples). Cleaving an option vis-à-vis the Socialist Party. But six months of the presidential, that is precisely what the government seeks.

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The immersion is total. Sony caused a sensation at the Salon of video games Porte de Versailles in Paris, showing for the first time in France, his helmet virtual reality video games and movies in 3D.

By this headset, the viewer looks at the images as if they were in the middle of a movie theater in front "of a screen 19 feet wide and 20 meters away," providing its designers. Perception is indeed surprising. Two small screens (in the technology known as OLED, the most advanced flat panel displays) replace the glass of each pair of glasses. As each screen projects an image of the other complementary to each eye, the viewer has the perception of stereoscopic vision. Refreshing images done in record time (0.01 seconds), giving an impression of fluidity. Immersion increases when the music and the sounds coming out of headphones.Better than a stereo sound quality was improved (as 5.1, for the purists). Suitable for a game console PlayStation 3, Sony headphones, codenamed HMZ-T1, provides a home theater payday loans for bad credit.

Price from 800 euros

Technology has made progress since the first generation of virtual reality goggles in the late 1990s, designed by the American group including Silicon Graphics.

In the show, to demonstrate the immersion in video games, Sony has coupled his special helmet to the video game Uncharted 3: the illusion of Drake, launched exclusively for the PS3. With a gesture of the hand on the joystick, and the gun is triggered, another movement, the landscape of the game is running.

This revolutionary headset will be sold in mid-November. But technology has a price, very high in this case: 800 euros.What Sony does not expect to sell hundreds of thousands on the occasion of Christmas.

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"Unfortunate but inevitable to become a company agile and competitive," with these words that Franz Van Houten, CEO of Philips since last April, has justified the 4500 job cuts (about 140,000 worldwide) announced Monday by the group. These job cuts are the result of a plan to reduce the cost of 800 million euros that the Grupe has put in place.

During the third quarter, Philips saw net profit of 85% melting, falling to 76 million euros, sales almost stable at 5.3 billion euros.

The decrease results from Philips is attributable to a decline in margins in almost all its businesses, affected by higher raw material prices and a loss of 54 million euros in the only television division.

The Netherlands announced in April the creation of a joint venture with Chinese TPV, which was to hold 70%. The operation is more complicated and time than expected to implement. Philips announced on Monday again consider all options for this activity, including abandonment, in the event that negotiations with TPV unsuccessful.

Conservative prospects

Among the plus side, the management has sought to highlight the sales growth in developing countries and the good of his health and Lighting divisions. The turnover of the latter rose by 8% over the period, including one worn by 32% growth in sales of LED. But as for the rest of the group, margins were sealed by higher raw material costs.

The group is also very prudent for future prospects.Thus, sales of its health division, specializing particularly in medical imaging, depend largely on government decisions for Buget hospitals.

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Since the presentation of the tablet from Amazon on Wednesday night, no one talking about it: price, so aggressive. At $ 199, Kindle the Fire will be 60% cheaper than the first of the iPad, sold to 499 dollars (489 euros in France). If the surprise is – analysts had expected, at best, at a rate of $ 249 – Tablet Amazon profits actually a series of well thought out choices that contribute to get its costs down without crop quality business

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The least we can say is that Safran has not chosen the best time to join the benchmark index of the Paris. In two and a half months, the CAC 40 has lost a quarter of its value. For its first listing, Safran lost 1.14% to 25.99 euros. However, the boss of aerospace equipment is intended confident. "It is recognition of the work, said Jean-Paul Herteman, in an interview with Echo on Monday. Our visibility will increase. In particular, this could help us recruit the talent we need. "

"I wish all the best at Societe Generale"

As individuals, concerned with the character "short-term approach" taken by the Exchange, turn their backs on stocks, Jean-Paul Herteman thinks otherwise and tries to reassure investors. "The stock market does not prevent us from conducting a long-term strategy," said he guaranteed online personal loans.Market volatility currently registered by the financial markets do not frighten him. "Safran worth three times less than today on the stock market three years ago, says the head of Safran. In such a short time, our fundamentals have not been processed yet so profound. It is sometimes said that the market is always right, but not every day. "

In a difficult environment for banking stocks that continue to be attacked on the stock market because of their exposure to Greece or Italy, Jean-Paul Herteman also address a small message for them. "I wish all the best at Societe Generale and the French banks," said he.

And just about banks, Natixis is that Safran replaced in the CAC 40 in early September, the index came in just a year ago and had lost more than 40% since April.

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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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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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The Paris Bourse was hesitant at first. On Monday, the CAC 40 index opened down 0.85% below 3000 points. But the trend was quickly reversed. The benchmark index in Paris and flew from 1.46% to 3061.08 points in mid-session. 3000 points will retain the objective of the day. This threshold, which had escaped during the meeting with investors last week, was saved at Friday. This did not prevent the CAC 40 to close the day on a sharp drop of 1.92% and losing in five days almost 7%.

Furthermore, volatility is also important. In London, the FTSE-100 index, which started on a decline of 0.82%, now earns a 1.35%. Same movement for the Dax in Frankfurt bouncing 0.10% mid-term after losing more than 1% in the morning.

These policy changes reflect the concerns of investors about the state of the global economy.The United States also focused all fears with the publication of indicators increasingly mixed. This weekend, President Barack Obama admitted that his country was experiencing "a difficult, frightening recession." This should not reassure. He also accused the Congress to halt the reforms he wants to put in place to revive the economy. For his part, Vice President Joe Biden tried to reassure global stock markets and especially the Chinese, the first creditor of Americans saying the country would "never" by default.

Side the euro area, the problems of sovereign debt persist. As the political stalemate. Sunday, the German government has stepped up interventions in the media to reaffirm its opposition to European obligations, yet solution desired by the markets."The Eurobonds are quite the wrong response to the crisis of the moment. They would lead us to a union of debt and not a union of stability, "said Chancellor Angela Merkel who judges the cost of this mechanism is too high for the economy of his country.

Libya move

As in Asia this morning, so caution prevails, especially since no major indicator is in the program. Germany has lowered its forecast of budget deficit to 1.5% of Gross Domestic Product (GDP) in 2011, in a monthly report of the Ministry of Finance released Monday.

Growth is slowing for the fourth consecutive quarter in rich countries, that appears to + 0.2% from April to June compared to the previous three months, according to the Organization for Economic Cooperation and Development (OECD)."The gross domestic product (GDP) in the OECD area slowed to 0.2% in the second quarter of 2011, against 0.3% last quarter," said the organization in a statement Monday.

But investors expect a battery of statistics in the rest of the week including the manufacturing PMI for the euro area (Tuesday), the German IFO index (Wednesday), the weekly jobless claims in the U.S. (Thursday). Wednesday will be marked in France by the presentation of new conservation measures for the country to retain investor confidence and the "triple A".

Friday will be the busiest day with the second reading of U.S. GDP in the second quarter and the index of consumer sentiment.Another highlight of the week: the president's speech to the U.S. Federal Reserve Ben Bernanke, scheduled for Friday.

As for currencies, the euro rose slightly against the greenback. The single currency is worth 1.4419 dollars this morning. Oil markets, traders are watching to Libya where the rebels have entered in Tripoli. If pro-Gaddafi still resisting in the capital, rebel fighters have reached the Green Square, symbol of the regime. The fate of Colonel Gaddafi and therefore the oil-producing country seems uncertain. Seif al-Islam, presented in the past as the future successor of his father, was arrested.In morning trading, a barrel of "light sweet crude" for delivery in September gained 0.84% ​​to 82.95 dollars while that of Brent North Sea crude for October delivery of the territory ceded.

Values ​​to follow

Banking

The AMF may decide Friday, after the close of European stock exchanges, to renew its ban on short selling on financial stocks, but this time for three months. The sector also bounced unevenly on Monday after sharp declines last week, Credit Agricole gained 2.76% this morning before falling back slightly in mid-session (-0.29% to 6.10 euros).BNP Paribas gained 0.95% to 33.06 euros, however Natixis crumbles from 0.76% to 2.86 euros, and Axa, from 0.34% to 10.24 euros.

For his part, Frédéric Oudéa, CEO of Societe Generale (1.34% to 21.15 euros), said Sunday that the nervousness that penalizes banks Scholarships could last "at least until early November."

Paris airport: + 0.73% to 54.17 euros

ADP has registered a record passenger traffic in July, with 8.9 million passengers, an increase of 4.6% over the same period in 2010.

France Telecom (1.04% to 12.68 euros), Vivendi (0.69% to 15.39 euros), Bouygues (0.97% to 21.92 euros) Iliad (1.39% to 80.70 euros)

Some operators are preparing for the end of unlimited Internet access in homes for some clients.

Total: + 3.36% to 33.065 euros

Leading the CAC40, the title has hopes of a quick change of regime in Libya that would allow a reopening of the country's oil installations.

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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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