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While the strong yen's strength is in addition to concerns over the economic outlook for the U.S., the session does not fail to stand under the sign of the pessimism in the Paris Stock Exchange on Tuesday.

After the profit taking which had plagued the Asian and American markets, the CAC 40 fell sharply changing from 0.86% to 3456.89 points in mid-session. Earlier, the index ceded more ground to -1.48% in the first few exchanges.

The trend is the same on the stock exchanges in Frankfurt and London: The German Dax opened down 1.12% at 5846.03 points and the FTSE-100 5142.22 1.14% to Abadon points.Around noon, they give respectively 0.67% and 0.92%.

As for companies, an impressive set of interim results announcements, part of which was made pre-market is on the agenda.

Banking and auto punishment

At mid-session, four stocks in the CAC 40 rose evolved: Vallourec (0.89%), Vivendi (-0.8%), Pernod Ricard (+0.03%) and Saint-Gobain (0, 02%).

On the other side of the charts, banking stocks are struggling. Crédit Agricole, red lantern, down 2.8%, 2% of AXA, Societe Generale 1.98%, 1.35% Dexia. The car values are also affected. Peugeot and Renault lost 1.51% 1.74% yield.

Ipsen is not convinced

Carrefour (-1.5% at 35.57 euros).The retail group reported a net profit of 67 million euros against a loss of 48 million last year, and has the bearing of the recommendation of Citigroup to "buy" cons "hold". The analsytes welcome launch of the new hypermarket concept.

The decline was more pronounced for Eurazeo, which is ironed in the green with a net profit of 88.5 million euros against a loss of 120.9 million a year ago. The shares lost 1.77% to 46.16 euros.

Still more in the red, Hermes (-3.61% to 141.65 euros) a net profit up 55.2% to 194.6 million euros.

Ipsen (-3.83% to 26.85 euros) publishes an annual turnover up 6.3% to 553.9 million euros and earnings down 23.5% to 75.5 million euros.

In the green on the other hand, Iliad (+1.8% at 70.75 euros), the parent of Free ISPs and Alice, shows an increase of 138% of its net profit to 171.4 million from Euro. Finally, the group

Aeroports de Paris (+0.04% to 54.5 euros), manager of platforms Roissy and Orly airports, reported a net profit increase of 8.2% to 137.7 million euros and turnover of 1.3 billion euros (+2.5%).

Havas, Bouygues, Vinci and Eiffage publish after-hours trade.

Statistics expected

The meeting was equally busy on the macroeconomic front. For the euro zone inflation slowed in August in the euro zone to 1.6% over one year after 1.7% the previous month, according to a first estimate of the European statistics office Eurostat published Tuesday.On the employment front, it is now five consecutive months as unemployment is 10%, its highest level since the creation of the euro area in 1999.

In France, sales of new homes rose 7.6% in the second quarter over a year, while housing starts rose 0.2% and building permits by 31.4% between May and July 2010 , announced the Department of Ecology. The corporate failures for the month of March and agricultural prices in July will be released by INSEE 12:00.

In Germany the number of unemployed in Germany fell in August to its lowest level since November 2008, thus establishing the conditions for continued growth in household spending needed to recover more balanced economy. The unemployment rate remained steady in August, and in line with expectations at 7.6% of the workforce.

In the U.S., house prices (15 hours), economic activity in the Chicago area (to 1545) and consumer confidence in August (16 hours) are also scheduled.

On the currency markets, the euro recovers against the dollar (+0.24% to 1.2697 dollar), to 12.10.

The Fed Will it adopt new stimulus package? The speech by Ben Bernanke, chairman of the U.S. central bank, was eagerly awaited by the markets. The central banker acknowledged that growth had slowed more than expected. But he felt that the time was not immediately put in place new emergency measures. Without excluding the possibility for the future.

The situation has worsened, Bernanke acknowledged at the annual economic symposium in Jackson Hole, Wyoming, which meets every year members of the Fed."In general, the economic data suggest that the recovery of activity and employment has slowed in recent months" to fall "at a pace somewhat slower than anticipated in the Most leaders, "he said.

But for now, the risk of falling into deflation, the dreaded cocktail of low inflation and sluggish growth is "weak", said the central banker payday loans in one hour. Conversely, he noted that inflation had slowed more slowly than expected, while refuting the scenario of a price spike. Ben Bernanke has finally reiterated his confidence in the U.S. economy. After a slow recovery in the second half of 2010, growth should improve in 2011.

In this context, "the committee (monetary policy) is ready to implement further monetary easing through unconventional measures, if necessary, especially if the outlook were to deteriorate significantly," he said . Analysts will have to wait for the next meeting of the Board of Governors, September 21 next, whether the Fed will increase its stimulus.

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The French would be cautious to trade? Reluctant to open the doors of their homes to strangers? The development of online trading house in France seems to contradict these assumptions. Appeared in the 1950s, this "vacation mode opened to the French public in the late 1990s. The principle is simple: two partners, often families or couples, come into contact and agree to exchange their homes over a period of a weekend to several months.

The formula has experienced a boom with the development of the Internet. The annual catalogs and postal letters gave way to sites updated 24 hours and 24 e-mail exchanges, fast and free worldwide. A real blow "magic wand", according to William Heinzer, co-founder of the site Trocmaison.com, with over 33,000 deals in 132 countries. At its opening in July 2005, he had only 6000.Homelink France, another leading player in the exchange with 13,000 deals in 70 countries, claiming an increase of 46% of its subscribers since January 2007.

France, the first destination for

The concept comes from the United States, where mobility is more common and less attachment to the old stones pushed in France. However, in proportion to population, the French are among the most active exchange sites. "They are adventurous! exclaims Denise Lemoine, in charge of developing Homelink France. France is the second country after the United States in number of subscribers. Even finding on Trocmaison, the French branch of the American HomeExchange: more than 5,700 vacancies are for housing in France.That figure is exceeded only by the United States.

Why such popularity? William Heinzer of Trocmaison, says he is "very surprised" the dynamism of its site, opened a little earlier than other European versions of HomeExchange. "France is the first destination of choice, he says, the French are so overwhelmed with proposals. Ile-de-France and the Riviera are top research but other regions such as Britain take the game as they pinned the growth of the site also relies on "the usual social networks" , which forces users regularly come into contact with strangers, and on word-of-mouth that can convince wary travelers.

Prepare the first exchange

Allow a stranger alone in his house delights rarely at first."The only way to overcome this fear is to talk with someone who has already made an exchange," says William Heinzer. "Communication between people is the basis of all," says Rudolph Nargeot, founding president of the association free website Switchome. Before making the exchange, both parties get to know each other by mail and telephone. "The exchange is the most difficult first," says Denise Lemoine Homelink. "We fear for his business and what you might find on arrival. But then you get a taste.

But be careful of setting even if, according to trade organizations and their regular customers, incidents and cancellations are very rare. The new "exchanges" and should check with their insurance only possible case is covered, especially if they have agreed to exchange cars with their partners.They can also, if desired, isolate some objects to which they are particularly important. Finally, if they are tenants, they can prevent their owner as a courtesy *.

Exchanging his apartment, but also make some steps to make his home attractive, find partners and agree on dates and different modalities. Once this done, prepare the house and realize a "home book", a veritable instruction manual on home appliances and various local places.

"The tourist in disguise"

But according to the regulars, these few drawbacks are outweighed by the benefits of this original formula. There are of course the financial aspect, not negligible. Indulge in Hawaii three weeks or two months in Australia is not within reach of all budgets.So it is pleasant, exchanging his house, to remove from its budget to housing costs and limit the cost of food.

Above all, the home exchange seduced by his state of mind, away from hotels and tourist buses. The "exchange" seek to discover another way of life by being a "tourist in disguise," said Jean-Louis, who has already made three exchanges. "When we're in Canada, we feel Canadian," says Gregory, another heat exchanger, we take out the trash, we go to the supermarket, we talk with neighbors, in short, we are part of the landscape, we are not tourists lambda in a hotel.

A concept that would attract companies

Born into a community of American professors, exchanging apartment has a hard day to return to the professional sphere.Homelink and Trocmaison trying both to establish partnerships with committees to enable employees to subscribe at a reduced rate and exchange homes with each other or with other subscribers of the site.

Explains Trocmaison have created a partnership with Dell Europe. The initiative comes from a customer site, director of group human resources computer in Italy. Dell was not available to confirm this information "It is not so simple to contact the Works, admits William Heinzer. But this is a project among others. "

Homelink side, efforts are not much more successful: we remember vaguely Ikea partnership ended several years ago between the Ikea Family card and exchange organization.This year, Homelink trying a new collaboration with Works of consulting firm Capgemini, which has engaged the services of the organization. However, "it starts slowly, admits Malika Dellal, head of Capgemini CE West. We will continue to encourage employees from using the vacation mode. Confident, she adds: "We will do a job of communication with the return of the best matches, six families this summer.

Some sites home exchange: – Trocmaison – Homelink – Intervac – Switchome

* Read: Exchanging his house: the new spirit of travel, Pascale Senk and Martin Rubio, the Editions of Ecuador

"We are confident in the future," says Olivier Piou, CEO of Gemalto, with BFM Radio, which recently released its results on Thursday for the first half of 2010. So much so that the specialist manufacturer of digital security and smart cards, SIM cards and electronic passports is a turnover of one billion euros in the second half. "The acquisitions made early nosu costs a little money, but we must continue to invest. We can because we are confident, "says CEO of Gemalto. Gemalto has "changed dimension. Now we're a start-up. When I arrived in the company, I do not think I'd still be in office with such a turnover, "he says.

"Lack of communication of the group"

A trust that does not necessarily share the financial markets.At 9:30, the action Gemalto shows a decrease of 4.28% to 28.19 euros in a market up 1.07%, the largest drop in the SRD. "This drop is excessive, an analyst who follows reacts value. The elements that have affected the first half performance was known. The discrepancy between results and expectations of the market indicates a lack of communication from the group. "

Gemalto in line with the consensus

However, the group released under the first-half turnover of 840 million euros, up 5% at current exchange rates. "We accelerated our offers have been very well received, because they correspond to a real need," said Olivier Piou. There is a real market potential of contactless payments, particularly in Africa and South Asia.In France, we are in trouble because we took too far ahead. "

The group's net profit amounted to 63 million euros, down 7.35% from a year earlier. "Today, the consensus of analysts is around 200 million euros profit the year is well within our range," says Olivier Piou. In 2009, the group posted a net profit of 148 million euros.

No new acquisitions

In addition, Gemalto first half operating profit down 15.2% to 67 million euros but he "remains in line with the company plan to increase its result in 2010," the group said in its statement. Gemalto is 300 million euros in income from operating activities in 2013.Of the three main activities of Gemalto, security has the highest increase (+21%) in the first half to 148.2 million euros (17.6% of sales) to the mobile phone (8%) to 451.7 million euros (53.8% of sales) and secure transactions (1%) to 207.4 million euros (24.7% of sales).

After several acquisitions, including the United States and Germany, the group does not provide new acquisitions. Olivier Piou said that Gemalto had to concentrate in the second half on the integration of recent operations.

The Budget Minister Francois Baroin announced in early July that families with student children should now choose between the additional half-share for tax return if the child lives at home, and if the housing allowance There is more. Before the outcry provoked by the announcement, the government would consider being able to control this by means test, said Tuesday the newspaper Les Echos on its site, without citing sources.

"The case study would be to prohibit the cumulative tax for homes within the last two brackets for the income tax (30% and 40%) families reporting more than 26,030 euros in annual income per share would then be involved, "explains the paper.In this scenario, smaller families would be spared as well.

The "vulnerable population" spared

Baroin said Monday that "vulnerable population" and that family policy would be "saved" by the "movement of the plane" of 10 billion euros will be given to fiscal and social niches in the fight against the deficit public.

The UNEF student union, promised in July 1 start of the academic "offensive and combative" if the government did not come back on its decision to prohibit the accumulation of housing subsidies and tax assistance.

More than 700,000 students currently benefit from the aid, and the half-tax share is a student spends 1.1 billion euros, "he then said.

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"Baroin size in social spending

The countdown has begun for the preparation of budget 2011. Everything must be completed within one month, Baroin to present the draft budget law (PLF) in the Council of Ministers in late September, a priori, 29. The expenditure side has already been adjudicated in July. On the menu: flat spending on no-load state pension and debt, elimination of 100,000 jobs in the public in three years and freezing of the index of civil servants in 2011. It remains to decide on the issue "revenue". It is the most politically sensitive because it touches on taxes. Brégançon Friday's meeting set the framework: the savings in tax and social niches will reach 10 billion euros. Previously, Baroin spoke of an effort from 8.5 to 10 billion. But the revision of 2.5% to 2% growth forecast for 2011 requires finding 3-3500000000 to hold the budget.Hence the decision to cut more in the niches. Bercy has also reap additional revenue in 2010, including 2 billion through the resumption of employment, as announced by the Minister to Le Figaro. What started 2011 on a better footing. Finally, the department does not rule to revise the margin some expenses. Baroin defends the crucial lines of force.

LE FIGARO. – Are you not preparing a tight budget?

Francis BAROIN. – When developing a budget, there must be serious and make sense. Our meeting last Friday about the president and prime minister had intended to make choices to reduce public spending in order to achieve the 6% deficit in late 2011. It is the cornerstone of our policy.Everything must work towards this goal: we have an obligation to return as quickly to deficit levels before the crisis. This is a critical issue for our economic growth. The debt and deficits are the major topics of concern of the French, and we must demonstrate our ability to reduce, which will restore their confidence in the future and encourage them to consume and invest in return.

Why have revised down growth for 2011, while the activity was better than expected in recent months?

Economic activity in the first half of 2010 was in line with our expectations, and we should finish the year with growth of 1.4% or even above. For 2011, we forecast a proactive and realistic.Aim for 2% growth, consistent with the OECD projection is proactive because it's better than 2010, but is also realistic because we must not forget that a recession ever went there and that all countries that have suffered will take time to erase the traces.

Are you worried about the credit ratings of France?

No. Over the past two years, it was vital to sustain economic activity by injecting public spending. The revival in France, was very well calculated, and I see that despite large deficits our country continues to borrow at historically low levels on the markets. This indicates that investors have confidence in us.They know we have great resources at our disposal such as a savings among the highest in Europe.

If growth is higher than expected this year, can we expect increased revenue for the State and Social Security?

The good news critical of the first term is the creation of 60,000 jobs. The recovery of the labor market is expected to generate about 2 billion of additional social security contributions. In mid-September, we'll do the exact point on this revenue to build the draft law on financing of Social Security in 2011 on a solid and sincere.

And for the state?

Tax revenues are in line with our expectations. This is particularly the case of corporation tax, which is a very positive signal. The crisis resulted in 2009 by a collapse of social security contributions and tax revenue. We go out.Any additional revenues from the economic forecasting will be fully allocated to deficit reduction.

Nicolas Sarkozy announced Friday a cut of 10 billion in tax and social niches. Is not that a tax increase in disguise?

Absolutely not. No one is forced to use a niche tax to reduce his tax: it is a personal decision. In contrast, a general increase in taxation would penalize everyone. There is no question of doing so. We will not increase taxes, whether VAT, income tax or corporation tax. It is a very political choice, which corresponds to the commitment made by Nicolas Sarkozy during the presidential campaign. To reduce deficits, we have decided to act primarily on the expenditure, including that which passes through structural reforms.In a country where public expenditure accounts for over half of national wealth, is where are the flexibilities consistent.

All the niches are not "chosen". Some tax cuts meet family responsibilities, to situations of handicap, disability, age. Will they be trimmed as well?

Similarly we have not touched the RSA and social minimum, the vulnerable population will be spared by the plane or the removal of niches. Family policy will also be preserved. But it is true that the reduction of niches is an exercise in subtle and difficult. Found 10 billion in savings over 75 billion tax and spending 45 billion on social niches represents a substantial effort. But necessary. For years, the niches have been the choice of the facility.Sometimes washed sand.

The movement of the plane there will be enough to keep your goal?

First, I note that we have actually a little less than 2 billion to find the niches. For decisions taken in the context of pension reform and the level of those to be on the Cades (Sinking Fund of the social debt) will yield a total of over 7 billion. And, of course, we will also with a plane that will reduce by 10% the tax advantage of a number of devices. But this is not the only tool used. Some niches will be deleted. Other tax cuts would be concentrated or have their revised calculation method. The idea is to share the effort between businesses and households. We make our decisions be final in mid-September.

Investors fear being heavily utilized.Are they right?

One of the successes of the French economy is the savings of its households. We will be very careful not to destabilize it. In general, we want to protect the purchasing power of the French.

How to pay off the debt that Social Security has widened during the crisis?

Along with bills of state finances and Social Security, this fall, I will defend an organic bill to Parliament which will define the terms of repayment of 35 billion debt to Social Security that we will transfer to Cades . This organic law proposes to extend the four-year life of Cades, which is currently scheduled for late 2021. We also will allocate 3.2 billion euros of additional resources each year to Cades to be learned from the reduction or elimination of certain niches.Finally, Cades benefit from the recovery of the pension reserve fund which it will draw some resources.

You will increase the margin tax on certain investments of life insurance or income from movable capital (bonds, shares …) to finance the Cades?

It is a trail to the study among others.

Some members of the majority will once again seek an increase in the DRES …

We expect this debate during the fall, which is legitimate. But by offering 10 billion euros in savings on tax and social niches, we will show members that we have the means to finance the Cades without having to raise the CRDS.

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The working poor are more numerous in Germany, despite the apparent strength of the economy. This is the amazing result of a study that denounces the massive use by companies to employees paid low wages shot. According to the Institute's work at the University of Duisburg-Essen, more than 6.5 million people in Germany, almost 20% of workers would receive less than 10 euros gross per hour.The figure is especially worrisome for very low pay 2 million employees earn less than 6 euros an hour and, in the former GDR, they are very likely to try to live with less than 4 euros per hour that is to say less than 720 euros per month for a full-time.

The population affected by this vulnerability is that no choice of his job due to low qualification: less than 25 years, foreigners, women.

This is unique in Europe, the study said, recalling that other EU countries have implemented almost all legislation establishing a minimum wage. This is not the case in Germany, where each industry has its own salary scale, negotiated with the unions. This system is beneficial to the industries very unionized, such as automotive and metallurgical.But in services, fragmented into many very different sectors, the system is at the expense of employees.

It was during the last decade, coinciding with the harsh social reforms of the Schröder era, the problem has increased. The number of working poor has increased by 2 million since 2000, particularly with the use of part-time work.

Accept very low wages

A consequence of the policy of forced march back to work established by the Social Democratic government of Chancellor Schroeder. Very decried "a Eurojob, employment or paid one euro an hour, the Germans were accustomed to having to accept very low wages to qualify for coverage, while reducing unemployment statistics.Structurally, it should however be absorbed, the researchers explained: with an aging population and decreasing workforce, areas of assistance to individuals and health will experience a boom in the next ten years.

What, perhaps, eventually give more power to employees to renegotiate their revenue.

In Tokyo, the Nikkei 225 to 7 hours ahead of 1.18% to 9601.56 points while the broader Topix index advances 0.9% to 853.54 points, amid investor confidence after U.S. statistics good omen on the employment front on Wednesday.

Toyota was up 1.2% to 3120 yen. The Japanese automaker's sales were up 30% over the last three months, officials said Wednesday. For the first quarter of its fiscal year from April to June, the Japanese sign its best operating profit in two years. Net profit reached 190.4 billion yen (1.68 billion euros) against a loss of 77.8 billion yen a year earlier.

For its part, Isuzu climbed 6.8% after also announced a return to profit.In the wake of these two manufacturers, Nissan took 2.5%, Honda, 2.1% and Mitsubichi, +1.7%.

More appetite for risk

Overall, the trend is upward in the rest of Asia. In India, the Bombay SE is 0.4% at 18,289 points. Singapore's Straits Times 0.17% to 3007 wins points. In South Korea, however, the Kospi down 0.62% to 1779 points.

In China too, the counters are red in Hong Kong, the Hang Seng loses, however, only 0.05% at 21,540 points and the index of Shanghai CSI 300 fell back, her 0.78% to 2854.1 points.

It seems there is more appetite for risk on the part of operators offering, but that does not result in trade volumes, which remain very quiet this summer.

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Danone launched into the restoration. The world leader in dairy products has launched two bars to yoghurt Madrid airport. In these Yoghourteria, Activia is eaten fresh or frozen, with fruit, cereal or chocolate chips. In Barcelona, the first Yoghourteria, inaugurated in April 2009, now offers the takeaways of yogurt, some flavors not found elsewhere. "We could expand to other cities such Activia yogurt bars," says Le Figaro Franck Riboud, Danone's boss.

As Danone, all food manufacturers are looking for growth opportunities in France, outside of supermarkets."In a context of sluggish food consumption, and given a power imbalance with retailers, they have an interest in exploring alternatives to the supermarket," says Isabelle Senand, a researcher at Xerfi, who recently published a study on the subject. For big brands, there is certainly no question of leaving the signs. In France, all to carry between three quarters and all of their turnover. But every incentive for manufacturers, who complain of increasing pressure from central purchasing, attempting to find other ways to market their products. When they are not definitively rule out shelves, brands are now forced to reduce their range. Worse, they suffer from the growing rays taken in by labels.

All manufacturers secretly dream of repeating the feat of Nestlé.For Nespresso exclusively sold in the shops of the brand and the Internet, the global leader in agriculture and food industry spends large distributors. But the opening of a network of shops is very expensive and only profitable after many years. This is the strategy chosen by Häagen-Dazs, whose 75 stores generated one third of the 100 million euros turnover in France. They are the face of the glacier. Similarly, the two shops Mesh (Unilever) opened in 1996 is a must destination for Japanese and American.

Relations more civilized

Fortunately, other networks allow more affordable to achieve good profitability quickly. By selling their products in movie theaters or amusement parks, manufacturers highlight their brands in places meaningful.It's good for their image … and more and more each year for sales.

By putting the accelerator on such distribution channels, plus vending machines, food shops (bakeries, butchers) or gas stations, brands stick to the consumption boom and the nomadic power between meals. "As we sell products of impulse are not on the shopping list to the supermarket, we need to be closer to the consumer, explains it with Mars, which makes France the three quarters of its sales in GMS. We constantly strive to develop our distribution channels. "The group, which has created a department dedicated to these new tracks, this is for three years at McDonald's.

In the alternative networks, competition is always tough, but relations with the distributor are far more civilized.Dedicated sales force to negotiate access to these outlets. They often through intermediaries, wholesalers and others who scrape a portion of the margins, or respond to calls for tenders is fiercest. At Coca-Cola France, 350 people are dedicated to independent outlets, while sales managers negotiate with national customers such as cinemas, sports clubs, chains of bakeries. "It is profitable, but require significant investment, says a close group.With so many commercials for supermarkets, Coca-Cola carries half of sales. "

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