Unemployment up off again in September

Unemployment in France is left up in September after a slight decline in August, show statistics released Wednesday by the Ministry of Labour and job center.

The number of job seekers in category A (those who exercised any activities during the month) in France rose by 26,000 (+0.9%) last month to $ 2,780,500.

In one year, the number of unemployed in category A growing by 3%.

By adding the persons engaged in small (B and C), the number of job applicants sign an increase of 0.7%, or 27,600 more people in one month, to $ 4,175,800.On an annual basis, the increase for these three categories falls to 4.5%.

September was especially unfavorable for 50 years and older, an age in which the number of unemployed in category increased 2.1% over the month and 14.3% year on year.

It was also detrimental to the age of 25, since in that category, the number of unemployed increased by 0.6%. On a year, however, declined 2%.

Rescue of the euro: the bites of discord

Despite claims of a "perfect match" between Paris and Berlin to save the euro area, Germany is seeking to impose its measures to France. But Paris is fighting back. Anthology of statements that illustrate these differences. German Chancellor Angela Merkel and French President Nicolas Sarkozy during a press conference at the Elysee Palace August 16, 2011.

"The French do not move one iota"

Paris and Berlin on the same wavelength? There is something highly doubtful. Despite Thursday about the German Finance Minister Wolfgang Schäuble has mentioned a "total agreement" between France and Germany before the European summit Sunday, the two capitals still cling. This is particularly the disagreement on scenarios for ending the crisis of the euro which caused the postponement of a final decision next Wednesday, not Sunday as planned.Angela Merkel even declared Thursday in a small group that "the French do not move one iota" on their positions, according to remarks reported by the German daily Bild.

"Give a banking license in EFSF is out of question for us"

The disagreement most marked between the two capitals is on maximizing the European Financial Stability Fund (EFSF). Paris wants to give it a banking license to enable it to obtain financing from the European Central Bank (ECB) and have a borrowing capacity multiplied. Out of the question for Germany. The Vice-Chancellor of Germany Philipp Rösler was repeated Friday, "in no circumstances do we want a banking license is given to the EFSF. Want that our colleagues, friends and partners in France. But it's out the question for us as government and the coalition (government) as a whole. "The ECB also refuses, his chief economist Juergen Stark said on Thursday that "we can not meet the expectations of the governments (…) the fact that the ECB to do more."

"France continues to defend it, there are big discussions"

The EFSF, negotiations are still bitter between the two diplomats, and Paris does not admit defeat. According to a European diplomat, "France continues to defend it, there are big discussions." Paris as the ECB would continue to purchase securities of distressed states like Greece, Italy, and Spain. The institution has made since May 2010 out of its mandate to do so, and avoid contagion of a debt crisis in these countries. Belgium is already favorable.But the ECB refuses to continue this policy firmly and waits for the EFSF take the baton, according to the diplomat.

"From the beginning, Merkel dictate the tempo and impose its income erroneous"

If France does not want to compromise on its position is that it has followed much the German proposals in recent weeks on two main points: a strong restructuring of the Greek debt and bank recapitalization. It has long been opposed, but finally solved it, especially to preserve the unity of France and Germany. "From the beginning, Merkel dictate the tempo and impose its income erroneous," a European diplomat plague.France seemed to have resigned to claim the "banking license" to EFSF, it is now ready to attempt the showdown with Berlin.

"The impact is disastrous outside"

To stem the crisis, Berlin wants to use the EFSF as insurance against the default of the countries in difficulty. It would guarantee 20 to 30% of the securities issued by states. But on this subject the French are not the only ones to show their reluctance. Rome and Madrid are also in disagreement according to a source cited by Les Echos. According to Italy and Spain it will create a rate difference between bonds and debentures. "No one in a financial crisis, venture to purchase securities that need a crutch," the official said.The prospect of a consensus is difficult to foresee, and Europe the world illustrated by his disagreements according to the chairman of the Eurogroup, Jean-Claude Juncker. "The impact on the outside was a mess," he said. "We'll have to agree soon on how we can improve the look of others on us."

The situation in Greece "has not changed since July"

One of the major issues for the future of Europe is its ability to prevent financial excesses of fragile states in the euro area. In Germany, it would tighten controls on the reforms implemented by the countries supported by the troika (EU, ECB, IMF), today Greece, Portugal and Ireland. For this troika responsible for evaluating on a quarterly basis the progress of reforms, not enough according to a source close to the German government.The situation in Greece "has not changed since July," said the source. "The troika system which advises us every three months because too much stress, we need a much more permanent support, which allows to adapt much more quickly" assistive devices.

"There is no real problem with the Chancellor, there is a problem with the German coalition"

According to a French official quoted on the blog of Libération journalist Jean Quatremer, the real obstacles between France and Germany would rather a problem of "German-German". "There are no real problems with the Chancellor, there is a problem with the German coalition," said the official, who stressed that the Finance Minister Wolfgang Schäuble diverges including its chancellor on the level of discount to be imposed on creditors private on Greek debt.What foreshadow muscular discussions before the EU summit on Sunday.

Bank stocks affected by the proposed recapitalization

Securities Credit Agricole and Societe Generale are penalized on the stock market Monday by the lack of details from Angela Merkel and Nicolas Sarkozy on possible solutions to the crisis of debt in the euro zone, while BNP Paribas , which is considered the most solid rebounds.

German Chancellor and French President said Sunday that a comprehensive response to the crisis should be announced by the G20 meeting of November 3 and 4, adding that they were ready to recapitalize banks.

Asked about i> Télé, the French Minister of Economy and Finance Baroin said Monday that the terms of a capital injection would be discussed with Germany prior to the G20 in Cannes.

Some investors awaited more specific ads.

"By asking the calendar, French and German leaders have given a road map without further guidance on how," commented strategists of CM-CIC Securities. "The two leaders seem to agree on the finding of the crisis and the importance of providing a comprehensive response by the end of the month.However, no further details filtered from the summit. "

"We still do not know how Europeans have recapitalize banks and, above all if they wish to recapitalize so that some are stigmatized" they added in a note to clients.

At 1:11 p.m., Societe Generale lost 0.49% to 20.410 euros and Credit Agricole 5.331% to 0.54 euros, while BNP Paribas resistance with a gain of 2.20% to 32.250 euros.Since early July, SocGen fell more than 52% and Credit Agricole of almost 51%, while BNP Paribas has lost about 41%.

At this stage of the session, the CAC 40 index rose 1.14% and the index of European banks in Europe is 0.3%.

BNP Paribas, considered the strongest of the three major French banks, particularly in terms of capital ratios, this morning also benefits from its inclusion in the list of preferred values ​​in Eastern Europe through CA Cheuvreux.

BNP Paribas has weathered the crisis better than its rivals thanks to its limited risk profile, and yet it is trading at a discount compared to its peers, the broker said, adding that the bank has gained share including substantial market in the investment bank and Fortis acquired in very good condition.

Franklin Pichard, director of Barclays Bourse France, agrees that the discount on equity warrants remedial BNP Paribas in the short term the bank.

"We recommended last September 16 to return to the purchase of the banks.If we have only one request, it is BNP Paribas, "he wrote in a note to clients.

"While we can not control the political decision to recapitalize French banks (recapitalization targeted or general amount?). But the discount on equity is large enough (70 billion in equity to capitalization of 39 billion euros) look for the file in a logical short-term catch-up, "he said.

Do you live better or worse than before?

According to a survey, three out of four Fançais observe a decline in their standard of living. And you? The basket of essential goods for households with small budgets

Three in four French people think life worse than before, a decision that had never reached such a level for twenty years, according to a survey by TNS Sofres for the association of mayors of major cities in France.

To the question "Did you feel that in recent years people like you live better or worse than before," 75% of respondents answered "less". This feeling is a "historic high in the evolution of the personal situation of the French" in the TNS Sofres survey, conducted since 1981, said the institute.

It manifests itself particularly in the 25-49 age group (81%) and among the employees (87%) and workers (82%).Only 14% say their side "better life", while 10% see no change (1% undecided).

With an unemployment rate of 9.6% according to INSEE, and generally 3.3 million people, who are not working but want to work in France, the fear of becoming unemployed grows in the opinion, according this investigation. Two out of three French (66%) fear of "risks of unemployment", for themselves or someone in their household. A result in increase of 4 points from last year and 16 points since 1988, said the Sofres.

And you, your standard of living has deteriorated there? How do you explain it? do you fear unemployment? Give us your opinion in the comments.

Meeting with a yakuza chief

The interview took place in a building discrete, in the district of Shinagawa in Tokyo. Masatoshi Kumagai, one of the "sponsors" the most powerful of the Japanese mafia, the famous yakuza, has agreed to talk about his business. The interview in pictures.

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Japan's GDP fell less than expected in Q2

The Japanese economy contracted at a slower pace than expected in the second quarter, a period of gradual recovery in exports and production after the devastating earthquake and tsunami of 11 March, government statistics showed Monday.

Economists are betting on a rebound in the third quarter, as companies have restored more quickly than expected supply chains affected by the disaster.

Japanese growth remains dependent on an uncertain environment, marked by fears of a further appreciation of the yen, detrimental to exporting companies, or a crisis related to debt problems in Europe.

Gross domestic product fell 0.3% between April and June, after 0.9% from January to March. Economists on average had expected 0.7% contraction.

In one year, the economy fell by 1.3%.

Consumer spending, which accounts for 60% of the economy, fell 0.1% from April to June

External demand – net exports – has reduced the GDP by 0.8 percentage point, the disaster of March 11 that prevented some manufacturers deliver their products outside the archipelago.

Decline of Barclays earnings in H1

Barclays said on Tuesday a drop in profits for third in the first half, largely due to a drop in its bond trading activities in its investment banking business and a charge passed to compensate customers who have concluded contracts inadequate .

This decline masks the improvement of the line of impairment charges fell from 41% to 1.828 billion pounds.

From January to June, the group posted a pretax profit of 2.64 billion pounds, which is still above the consensus of 2.4 billion set by the bank itself.

The benefit of the Barclays Capital division fell 9% and income in the BFI emerged down 11% to 6.26 billion pounds.

The bank also announced a charge of having spent a billion pounds to cover, as the group had already reported the compensation to customers for contract unsuitable in Britain.

Total would consider the interests of the Consolidated Global Profit

Total reflects the value of using or not the worldwide profits, a tax system often criticized it enjoys, said Saturday its CEO, Christophe de Margerie.

"You will be surprised on the derogation," he told reporters at the Economic Forum of Aix-en-Provence (Bouches-du-Rhone).

"Certainly, we will have to reflect on the interest or not there is to keep this regime," he added.

Only a few French multinationals use this system. This "niche" tax is regularly called into question because it would allow them to pay less tax.

The euro zone should strengthen its response to the crisis, says IMF

The International Monetary Fund (IMF) on Friday called the euro area to urgently adopt a more comprehensive range of measures to resolve the debt crisis, mobilizing more money to keep afloat the States concerned.

Maintaining liquidity measures of the European Central Bank (ECB) is also crucial for countries whose banking sector is in trouble, "said Ajai Chopra, head of the IMF mission in Ireland.

"A key element of a European solution is a structure for crisis management at the highest level of the area.The priority is to quickly implement an enhanced FESF (European financial stability) that can more flexibly manage the crisis we face, "he said at a news conference.

About these frontally opposed to those made Friday by Jens Weidmann, the new President of the German Bundesbank, who said that it was "first in Greece itself to take further measures necessary."

He also reiterated the ECB's opposition to a restructuring "soft" Greek debt.

Disagreement on the response to the debt crisis could exacerbate the anxiety of the market while the credit rating agency Fitch downgraded the sovereign rating of Athens to "B +", citing in particular the threat of deferred payment of funds under the aid plan of 110 billion euros developed by the IMF and the European Union.

"Disproportionate burden"

For Ajai Chopra, "States can not help themselves, and place a disproportionate burden on the country (…) could not be economically or politically feasible."

"The scope and terms of financing must help convince private creditors that the debt burden is sustainable even in adverse scenarios, and therefore there is no question of restructuring the debt," he added during a teleconference about the progress of budget Ireland, which has been a support plan of 67.5 billion euros from the EU and IMF.

"On policy issues that are under their control, the Irish authorities have shown themselves determined and do their best to get out of difficulties," held responsible.

"But we must recognize that this might not be sufficient (…) This is why we have emphasized the support provided by a European plan more complete and consistent."

He also said the IMF disapproved of the French demand to see the noted Irish tax on companies deemed too favorable Paris.

Ajai Chopra added that all countries in the euro area should accelerate "recovery and reform" of their financial sectors.

"Stress tests should lead, where necessary, recapitalizations and in some cases, banks may need to be restructured or closed," he said.

Holcim sealed by rising energy costs

The Holcim on Wednesday unveiled the figures below market expectations in the first quarter of 2011, burdened by rising costs for energy and raw materials as well as the strong Swiss franc.

By late morning, the action yielded 4.34%, to 71.70 francs, under-performance index values ​​of European construction and materials fell by 0.5%.

In the first three months of the year, the turnover of world number two cement totaled 4.66 billion francs, showing a decline of 1.8%.

Sales on a comparable basis and excluding certificate of CO2 have increased by 6.8% following a rise in volume of cement sold in all segments, particularly in Europe.

The operating EBITDA rose to 753 million francs, representing a decrease of 17%, reflecting rising energy costs and distribution costs.

Net income totaled 122 million francs, advancing 85%, while net profit after minority interests reached CHF 10 million after a loss of 68 million, first quarter results the previous year was distorted by an exceptional tax burden.

The consensus of analysts polled by Reuters on average expected a turnover of 4.738 billion francs and net income of 127 million francs.

Holcim has reaffirmed its view that the construction sector would see a recovery in mature markets, while growth in emerging markets would continue.The group did not provide targets.

The analyst attributed the figures below expectations in part to the absence of carbon credit sales but also to a weaker operating performance, particularly in Latin America, where margins have been eroded by rising energy costs. "

Over the period, regional performance has been relatively mixed.

In Europe, cement sales volume grew 19.9% ​​due to better weather and a rebound in demand in the private sector.

In France, the Swiss group has particularly benefited from the acquisition of the aggregates and concrete in Alsace, Lafarge bought last December.

Last week, Cemex, the competitor Mexican Holcim and Lafarge, said sales volumes of gray cement had increased by 25% in Europe during the first quarter after a sharp rebound in Germany.

Asia-Oceania, which in 2010 became the largest region in terms of contribution to turnover, saw cement volumes increased by 6.3%, despite delivery delays as a result of floods in Australia and the earthquake in New Zealand.