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It is a small revolution for the station and its customers: under a decree published this summer in a discreet and identified by Challenges.fr, the railway company could now set its prices much more freely. Gone are the peak and normal periods, the timing was officially recorded in advance and who presided over the setting of tariffs.

"The decree allows to adjust the price cap to the station for the gradual opening to competition of the railway market," says the text. Clearly, to boost the attractiveness and profitability of the public entity within the opening to competition of the European network, SNCF should be able to offer its customers a range of rates much larger, developed based on supply and demand.

Rate increases on the crowded trains

The gain to consumers is mixed.On some busy routes, these new capabilities would enable the public body to go beyond the current full price of the second class in rush hour fast cash without a hassle. Holidaymakers taking TGV lines busy for example will be expected to pay more. However, for trains shunned by customers, the SNCF would be allowed to go below rates currently charged to attract new passengers.

Such liberalization was requested by the SNCF to the government at the end of last year, in return for the introduction of a tax to finance inter-deficient lines. Neither station nor the government have so far expressed on the subject.Signatory to the decree, the Minister of Transport, Thierry Mariani, was at the time held that freedom of the SNCF tariff should remain regulated, "in that competition does not really exist."

According to Challenges, consumer groups such as FNAUT will be formally consulted before the application of the decree, "probably in the fall."

The slowdown in industry was confirmed in France. So much so that the activity in this sector has even contracted in August, according to the leading index prepared by Markit PMI. The latter appears to 49.3 points (against 50.5 in July) this passage below 50 points signals a return to recession in the sector. This is the fourth consecutive monthly decline in French industrial activity. The first time since 2009. "The volume of new orders in manufacturing decreases, the contraction is also most severe for 27 months," Markit analysis.

These figures confirm the slowdown in the second quarter as the government puts the finishing touches on additional measures of rigor.

The overall activity in France continues to grow

The French, however, overall activity continues to increase, to 53.6 points in August (from 53.2 in July), on the strength of services. The services sector recorded the first increase of its activity for three months, to 56.1 points against 54.2 a month earlier. "The increase in the number of new contracts received by service providers is accelerating and shows a high of three months," says Markit.But negative signal, trust services companies about their business prospects over-year declines, to an extent not seen since the crisis began in October 2008.

Whether in the servcies or industry, employment, however, continues to progress with a "rate of creation of posts which falls to its highest level in four months," said Mark. Jack Kennedy, economist at Markit, said further that "despite the growing concern in financial markets about the French debt, growth does not record further deterioration." The horizon is by no means completely clear. The economist considers indeed "likely that growth will remain sluggish in the third quarter."

The activity in the eurozone at their lowest for two years

Throughout the euro area, the overall activity stood at 51.1 points in August, unchanged from July."Growth in the Eurozone recorded a low of two years, the volume of new orders contracting again," said Mark. Services continued to grow at 51.5 points against 51.6 in July. This is its lowest growth since September 2009. At the same time, the industry is stagnating, just under 50 points, to 49.7, against 50.4 in July.

The coming months ahead do not pleasing. The index of business prospects in the service sector recorded its largest decline since October 2008. In industry, the activity should also slow in the short term, according to Markit.

"The private sector activity in the Eurozone only records again in August that a marginal growth, demonstrating for the past few months, the weakest pace of expansion in two years," notes Chris Williamson, economist Chief at Markit.It expects a growth lower than the already weak second quarter to 0.2% was established. He added: "The near stagnation of business in Germany, so far one of the main engines of growth in the euro area, is a source of even greater concern."

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Eurobonds are too expensive. It is seeking to demonstrate that the calculations of the German Ministry of Finance, taken by the weekly Der Spiegel on Sunday. This mechanism, which is to pool the debts of 17 countries in the euro area, regardless of their health, the first year would cost 2.5 billion euros of interest in addition to the budget of the German finance minister. This cost would be twice as high the second year to a total of 20 to 25 billion at the end of ten years.

On this basis, German Chancellor Angela Merkel has once again firmly rejected the introduction of this system, although many market professionals believe that this is the solution to the crisis of European sovereign debt. "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, "she says in an interview with ZDF.

His comments echo those made by the Minister of Economy Philip Rösler the newspaper Bild am Sonntag: "The Euro-bonds are a bad signal sent to national economies failed. Cover the risks of other countries with Eurobonds would immediately drive up interest rates in Germany. This would have dramatic effects on growth in our country, "said he.

Strengthening governance

Despite all these outputs, the German government did not draw a line under this system. The finance minister, Wolfgang Schäuble, has again said that the countries of the euro area could issue Eurobonds if échafaudent prior fiscal policy and fiscal policy.But this move towards integration is not fast enough, he said. "Most Member States are not quite ready to accept the necessary limitations on national sovereignty. But believe me, it's a problem we can solve, "said the Minister in an interview with Welt am Sonntag.

Wishing to lead by example, Wolfgang Schäuble has said for his part personally prepared to transfer sovereignty to Brussels. "As a person, I would be ready. The idea of ​​a European finance minister I have no problem.But as finance minister I say that it is our duty to solve problems here and now, and that as soon as possible based on existing contracts. "

Wolfgang Schäuble will meet his French counterpart Francois Baroin Tuesday to discuss the harmonization of corporate tax and the introduction of a tax on financial transactions. France is the country with Germany most strongly opposed to the Eurobonds.

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Duly noted. The world of PC has failed to develop at the same time dedicated to business activities and those aimed at individuals. Léo Apotheker has decided to separate from its computers, tablets and smartphones, "knocked out Apple "in the words of one U.S. analyst.

The stock has also lost more than 20% at the opening of Wall Street on Friday.A heavy penalty for a major strategic shift and two ads that markets generally enjoy little HP is preparing to spend 10 billion dollars for the purchase of Autonomy, the UK's leading software, and provided that the split of its business PC would cost one billion dollars in restructuring costs.

Just like what IBM has done six years ago, HP has chosen to focus on the activities dedicated to businesses (services, servers, data storage, network), while maintaining the imaging and printing. This focus on the professional world seems "logical" in light of the past of its CEO. Léo Apotheker has spent over twenty years with the German software company SAP, which he directed for eight years. These are businesses that generate margins sharply higher than in hardware sales.In 2010, business services have made 57 billion dollars in sales with in the key, 8.7 billion of operating income. Opposite, the PC division, tablet and phone posted a turnover of 40 billion turnover, but only 2 billion loss payday loan lenders.

By refocusing on activities "business," Leo Apotheker also takes the bet that he will develop the activities of data storage and servers. HP boss set including data analysis and cloud computing (computer services remotely) to raise. Competitors will be renamed the IBM, Oracle, Cisco and not Apple.

Consecration of the failure

The future of the PC division, mobile and tablet (PSG) remains uncertain. All scenarios are possible.A split, with a possible initial public offering that would make an independent business, but competition to apply. Redemption, we know the ambitions of China's Lenovo, which has already bought the PC division of IBM and wants to become world number one. Finally, pure and simple abandonment is also not excluded. This scenario is the worst, while HP has spent $ 25 billion a decade ago to buy Compaq and 1.8 billion last year for Palm. The group also invested in the revitalization of its software WebOS, and in the manufacture of tablets and smartphones with touchpad that just marketing. "In this area, not a sprint, it's a marathon," said Leo Apotheker, in an interview with Le Figaro, in late June. It seems that the runner will be out of breath from the first kilometer.

Asian stock markets are in a bad mood on Thursday. Investors in the region are not reassured Wall Street that ended Wednesday in the balance after a volatile session. Fears of an economic slowdown in the world come to the fore.

The Tokyo Stock Exchange sets the tone with an opening in the red, down 0.42% for the Nikkei. The Japanese benchmark index widened its losses in the morning to show a decline of 1.24% to 8944 points at a time of closing. A new mixed indicators on the front disrupted operators: Japan reported in a July trade surplus, four months after the earthquake of March 11, but the surplus has shrunk by more than 90% because of lower exports and a surge in energy costs.The third largest economy last month generated a trading profit of 72.5 billion yen (650 million), confirming a recovery in economic activity, but its exports fell by 3.3%.

Tokyo is hit by a rise in the yen against the dollar, which traded below 77 yen again this morning values ​​exporters are under pressure, in the image of Mazda Motor (-5.65%), Fuji Heavy Industries (-5 , 16%), Nissan (-2.96%). The electronics sector is hit by the fall of Dell in the U.S. markets. Toshiba lost 4.45% and 2.34% Panasonic.

Hong Kong is the perfect balance while in Shanghai, the stock market unscrews from 0.34%. The Korean Kospi lost 2.95%, the S & P Australian loose 1.40% and the Indian Sensex was down 0.73%.

Oil off again down

Oil prices were down Thursday morning in electronic trading in Asia as investors await key U.S. economic indicators, the first consumer of black gold in the world. On the menu, including: the weekly jobless claims, the index of leading indicators and consumer prices.

In morning trading, a barrel of "light sweet crude" for September delivery lost 33 cents to 87.25 dollars. That of Brent North Sea crude for September delivery yielded 30 cents to 110.30 dollars.

Fight against the problems of sovereign debt should not kill growth. This is the message sent Tuesday by Christine Lagarde, director of the International Monetary Fund, the world's governments. While massive austerity plans have been passed or are under preparation in several countries, particularly in Europe, it warns against the creation of a "sudden brake budget" that would result in " block the global recovery. "

In this article published by the Financial Times, Christine Lagarde is primarily intended "advanced economies", on the same alarmist tone than its predecessor, Dominique Strauss-Kahn last year. For these governments, while fiscal adjustment "to solve the puzzle is to go neither too fast nor too slow."She said "what is needed is to focus on both fiscal consolidation over the medium-term and short-term support for growth and employment no fax payday loan. This may seem contradictory, but the two are mutually reinforcing, "she writes. "The spending cuts will not suffice, revenue should also increase, and the first choice should focus on measures that affect less demand," said she.

Restoring market confidence

The former French finance minister also notes that "the current market turmoil has shaken confidence in the economy in the world and prompted many to conclude that all the political possibilities had been exhausted."

But "this impression is false and could lead to paralysis," she warns.And remember that "markets can be of two opinions: they disapprove of a high public debt – and may welcome a strong fiscal consolidation – they like even less a low or negative growth."

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• The observation

Martine Aubry. "France is suffering from a triple deficit," the public finances, employment, and competitiveness, it says in the Journal du Dimanche (JDD). Two thirds of the deficits are due to the policies of Nicolas Sarkozy, she said, based on a report of the Court of Auditors.

Ségolène Royal. "It's not just a financial crisis but a crisis of civilization," suggests the president of the Poitou-Charentes in an interview with Le Parisien-Aujourd'hui en France. She said "the level of life and employment" are threatened.

• Debt

Aubry. You should immediately "remove 10 billion euros of tax loopholes" as mayor of Lille. It promises to allocate 50% of the financial benefit generated by this measure and the resumption of growth to reduce deficits, echoing a measure explicitly listed in the program of the PS.It is opposed by contrast to the golden rule, namely fixed in the Constitution the principle of balance of public finances.

Royal. "I move that the expenses are secured by new savings." It accuses Nicolas Sarkozy had "doubled the deficit" in part because of "tax breaks to large fortunes".

• Taxes

Aubry. "To boost growth, [should] drop to 20% corporate tax (IS) that reinvest" and penalize those who prefer dividends by increasing the SI to 40%.

Royal. She wants the Estates General on the reform of tax and tax. Then "a referendum to stabilize the rules for five years fast cash online." It also intends to "fight against injustice and tax fraud."

• Employment

Aubry. The candidate wants to eliminate tax benefits related to overtime "that block the hiring."She wants to allocate 50% of future budgetary scope to "investment for the future", that is to say much to use.

Royal. It does not mention once the words "employment" and "unemployment" in the interview to Paris to denounce the current situation. Without advancing a proposal on the subject.

• Finance

Aubry. "It is time to take up the policies on finance," she proclaims. She wants to create an independent rating agency and a financial transaction tax of 0.05% in Europe. What to report 200 billion euros a year, she said.

Royal. It offers "the entry of the state capital of banks that are helped," and wants "to prohibit speculation in government debt." It ensures that in countries where the banking system is controlled by the state, "growth is the appointment."

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J-2 before the ax fell. The United States still be able to honor their claims after August 2? Barack Obama tackle it. So much so that after being long in the back face long power struggle between Republicans and Democrats, the White House decided Saturday to get involved again in the negotiations. Return ardently desired by the Republicans who wish to be assured that it will not oppose its veto on a possible negotiated settlement to Congress.

If no agreement has so far been found, optimism seems to place the next parliament. The head of the Democratic majority in the U.S. Senate, Harry Reid, who previously showed pessimistic, acknowledged the progress in negotiations with the White House. "Negotiations are taking place in the White House to avoid a catastrophic failure to pay the national debt," Reid said late Saturday.Same story on the Republican side: "I think we have a chance to do," said Mitch McConnell Saturday, head of the Republican in the Senate.

Vote Delayed

Evidence that the climate has calmed a bit, Harry Reid has even delayed by several hours the vote on the plan of raising debt cash advance flexible payments. Originally scheduled on the night from Saturday to Sunday at 1 am (7:00 am Paris time), the vote was postponed to 13 hours (19 hours, Paris time).

However, over the head of the Democratic majority noted that would not give the duration of raising the debt ceiling. The Democrats want a measure that could take until 2013.The Republicans, they insist on a plan in two stages: an initial increase before August 2 and a second early 2012, during an election campaign. "There are ongoing negotiations at the White House to avoid a catastrophic failure on the country's debt, he said. There are many elements to be finalized and there is still some way to go. "

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LE FIGARO. – How do you solve the structural problem of Fnac, the erosion of its major markets?

Alexandre Bompard. – With the offensive Wednesday unveiled, we want to build a new Fnac looking to the future and whose identity will be based on three strong pillars. The first is the extension of our current product offering. Today, our offer is concentrated around the cultural and digital entertainment. With this plan, we will extend it to other types of activities: those aimed at children and families first, and in the future than in the discovery of the escape or the home and interactive design. The second line requires a paradigm shift for a brand that was built around its product: it aims to put customers at the center of our business and our business, emphasizing the relationship at any time with them.Of these, we will finally pay special attention to customer expectations family: it is the third pillar.

How will decline precisely this strategic plan?

To pass this plan, we will implement a number of levers. With the new consumption patterns, our stores will no longer be organized by product, but by world usage. For music, for example, you will find the same space CD, MP3 players, but also hats, concert tickets … well, we will create a world dedicated to children under 12 years with not only a comprehensive range of books to products edutainment and advanced technology, but also animations and dedicated services. More generally, however, the development of personalized services is a priority.We will innovate in this area soon, especially with takeover bids and the subscription of technical products.

This plan does not sign then the end of your physical network?

On the contrary! To be closer to customers in two French Fnac does not close to home, we take two major initiatives. By 2015, thirty stores will be open as well, on the outskirts of large cities in particular. Furthermore, after signing a partnership with Lagardère Services establish ourselves in stations and airports (the sign will replace the Virgin next week, Ed), we will launch a new store format: fifty Fnac proximity, about 300 square meters, should be released in four years, first in clean and free.These small signs, offering all the universe Fnac, will complement the department stores and will allow us to install in smaller cities. Of course, this is also associated with an increased fnac.com, because customers prefer the greater integration of the two sales channels. With our power in store as on the Internet, we will deploy a multi-channel strategy so successful and will offer such customers to withdraw all their in-store purchases made online or ordering of kiosks in stores.

You mention the date of 2015. Can you elaborate on the timing of this plan?

Speed ​​of execution of this plan is a key to its success. The first initiatives will therefore emerge in the next few months. Openings and reorganization of our stores are involved, they mainly in 2012 and 2013.The mobilization of our people, aware of the need for change, will also be one of the key elements of enforcement. I hope that the implementation of this plan is a lever to renew the social dialogue.

What budget has been earmarked to ensure the success of this plan?

I do not want to give numbers. The planned investments are suitable for our ambitions as we can. It is both a plan of conquest and a realistic plan. Therefore, we will continue to identify what we need to do it alone and that we can do through partnerships, both strategic in nature, as with Lagardère Services, or Screenrush SFR, or commercial, as with Apple, which a dedicated space in stores.

When do you expect to see the first results of this new strategy?

The first effects will be felt in the second half of 2012.Our aim is then to find a sustainable and profitable growth in France and abroad.

The sale by PPR of Fnac it not only jeopardizes the implementation of this plan?

My mission is to ensure the economic development of the Fnac. Since 1994, the PPR Group has played a leading role in particular for the implementation of the Fnac outside France and its growth on the Internet. As it does for all its businesses, the PPR group will manage the Fnac as if it had intended to remain within the group. Proof: This strategic plan is not a buildup of short-term, but a plan of conquest.

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Like their colleagues in Asia, investors showed little enthusiasm in Paris on Friday. Mid-meeting, the CAC 40 lost 0.35% to 3737.93 points. Same movement in the rest of Europe: the DAX index of the Frankfurt Stock Exchange was down 0.38% at mid-points to 7187.40 and the FTSE-100 index lost values ​​of the main symbols 0, 05% to 5844.12 points.

The attention of the market still focuses on the evolution of the European agenda to discuss aid to Greece and parliamentary discussions slipping in the U.S., about raising the debt ceiling. After Treasury Secretary Timothy Geithner and Fed chairman, Ben Bernanke, the U.S. President, Barack Obama has assured last night that "the time for decisions has come."Barack Obama will hold a press conference to take stock of the subject at 17 hours, Paris time.

In addition, many macroeconomic indicators expected in the day could hold the attention of investors. Foreign trade in the euro area has returned to balance in May in raw data, exports (seasonally adjusted) increased faster than imports, Eurostat said Friday. In April, the deficit was $ 4.8 billion. It was 4.9 billion in May 2010.

The news is also very busy across the Atlantic with the program price index for consumption, the Empire State index of the activity of the New York Fed, industrial production and the first estimate of the index consumer confidence in July.

Note, next currency, the euro has stabilized against the dollar at 1.4140 dollars against 1.4141 dollars last night.The euro rose slightly, however, against the Japanese currency to 112.03 yen against 111.89 yen yesterday. On the commodities market in the current context of heightened uncertainty about the public debt in Europe and the United States, gold is looking for: the metal-King reached a new record yesterday to 1594.45 dollars. It flows back slightly this morning.

A very technical session for

The news should be sparse on the side of the values ​​on Friday, but the session is facilitated by the expiration today of a battery of forward contracts.

Investors remain concentrated in Paris after the close for 18 hours to read the results of resistance testing in the European banking sector.Among the 91 banks assessed in connection with these third annual stress tests, are the French BNP Paribas (-1.10% to 45.54 euros), Societe Generale (-0.66% to 35.28 euros), Crédit Agricole (-1.33% to 8.63 euros), Natixis (-1.55% to 3.18 euros).

Dexia (0.05% to 1.83 euros) filed a complaint Wednesday in U.S. courts against the Deutsche Bank to recover losses related to a billion dollars of U.S. securities backed by mortgages ("subprime").

The automotive sector is also seen on Friday, after the presentation of the number of registrations in Europe in June, which shows a decrease of 8.1% over one year. Over the first half, the market decline is limited to 2.1% with 7.12 million passenger vehicles registered. Renault (1.01% to 37.03 euros), sales fell 20.9% in June and 10.8% for six months.Rival PSA Peugeot Citroen (1.02% to 30.19 euros) saw its sales fall 11.9% in June

In addition, the Wall Street Journal reports that the Indian Bajaj Auto has suspended a project to develop a cheap small car for Renault and Nissan on the grounds that such a model would not be commercially viable.

PPR (1.16% to 126.60 euros) and LVMH (-0.16% to 124.50 euros) not taking advantage of good prospects for German Hugo Boss. The group raised its forecast for 2011 after better than expected second quarter.

Total (-0.50% to 38.40 euros) and Technip (0.91% to 71.90 euros) are little affected by the sharp drop in oil prices in New York. This morning, oil markets are evolving in a piecemeal: a relaxation is observed on the future of Brent North Sea (-0.22% to 116.09 dollars per barrel).In contrast, light crude gained sweed 0.24% to 95.92 dollars a barrel.