Generally, the prosperity of manufacturers of diapers in a country reflects both its standard of living – the disposable diaper is a commodity rich country – and its demographic effect. It is different in Japan. For the first time in its history, Unicharm, the largest Japanese manufacturer of layers, found that sales of adult models had exceeded those targeting babies for the past year. Japan shows the proportion of over 65 years the highest in the world: 23.3%, according to official figures for October. If the fertility rate (1.39 children per woman) is also anemic, seniors will comprise 40% of the population of the archipelago in fifty years. In the image of Unicharm, out to conquer the market of the third age twenty-five years here, the Japanese supermarket is mobilized on this customer, "the engine of consumption," according to vice president of the largest supermarket chain, Aeon, quoted by Bloomberg overnight pay day loans. The "baby boom" Asian only, however, limited to the Empire of the Rising Sun. If more than 65 years represent less than 9% of consumers in China, the country's one-child policy, their number was still 26 million expanded gray heads in ten years. A market in which the Japanese Unicharm wants to tackle immediately.

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From our correspondent in Brussels.

The French like the Greeks have sanctioned the rigor and Europe seeking his bearings again. After the victory of Francois Hollande and the crushing defeat of the supporters of the euro in Athens, the EU has launched Monday in a forced march to catch up policy. Under the banner of growth, but piecemeal.

Much will depend on the ability of the elected president and German chancellor to silence by their dissonances to May 15 on what was until Sunday the compass of European capitals: the fiscal pact and collective discipline. But it is the vote that created consternation Greek. By depriving democratic legitimacy of the bailout which Europe has devoted two years in a considerable energy, it immediately wakes up the specter of a breakup of the euro.

"Greece is at the limit of what its people can cash in" on austerity, Michel Barnier recognizes facing the electoral advance of the extreme. For the French commissioner, the balance needs to find throughout the EU "between what is credible for the markets and what is bearable for the people." Angela Merkel is weakened by the ordeal, but financial orthodoxy is not provided under attack: "There is no question of renegotiating the bailout" laboriously reached in February with Athens, provides an official at the heart the discussion.

"All debts are created equal"

Sacrificing the Greek plan, or give a penknife in the Treaty budget, would be far worse than burning idols of yesterday. This would pave the way for overflow. Portugal, also on a drip European, certainly require adjustments. In Ireland, it might find in a compact variable geometry a right to say again "no" to a European treaty in the referendum of May 31

Francois Hollande has not specified how its European partners "for that austerity is no longer inevitable." Approaching his victory speech had already begun to move to Brussels as the European capitals. This was done in small steps, but the austerity of the mantras are already chipped or less: less structural reforms and budget cuts, more flexibility, employment and growth. "All public debts are not created equal," ahead of anonymity a senior official opponent of bureaucracy and cost of future investments.

A first dam jumped this weekend when the Finnish Commissioner Olli Rehn, in charge of the case, implicitly admitted that the objective of a budget deficit reduced to 3% in 2013 would perhaps not required by all. Greece, of course, but also Spain overwhelmed by the recession and unemployment could well benefit from this exemption the first inexpressible last month. Under "exceptional circumstances", validated by other EU countries.

The bet is that markets will accommodate this as an act of political realism and not as a confession of laxity on the euro. The big question remains of course France: its budget program is already extraordinary and rare are those who still believe she can hold the line, despite repeated assurances from President-elect.

The second exception to the rule of the game for the Relief Fund of the euro, too painstakingly negotiated treaty with Berlin. Again, this is Spain and its banks eroded by the recession that give cold sweats. The idea agitated in several capitals would authorize the "European Monetary Fund" to provide loans directly – that is to say unconditionally – Spanish banks. But this window open still faces opposition front of Angela Merkel.

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A helicopter chartered by Total departed Aberdeen on Thursday at 10:35 local time (11:35 Paris) for an initial inspection of the gas leak on the platform Elgin, evacuated March 26. The operation had been delayed so far because of the east wind that beat down the cloud of gas to the landing deck. The winter-like conditions in the north of Scotland where snow whitened the countryside around Aberdeen since the beginning of the week does not facilitate the task.

After about an hour's flight, the helicopter had to land on the platform "PUQ", the residential area of ​​Elgin, 240 km east of Aberdeen in the North Sea. The eight men are to achieve the production platform of Elgin by a walkway 90 meters long. Among them, several employees of the Texas company Wild Well Control, which is illustrated in extinguishing oil wells in Kuwait after the Iraqi invasion of 1991 and during the 2010 oil spill in the Gulf of Mexico.

Specialists will inspect the wellhead from which escape G4 still about 200,000 m3 of gas per day and measure the pressure in the concentric rings that form the wells. Elgin on the platform, all electricity was cut and the flare died out for lack of gas to be burned. The team's visit remains risky, any heat source is likely to cause a gas explosion.

The reconnaissance team must prepare the ground for the operation of plugging the well. In the coming days or next week, ships carrying "sludge" draw near Elgin. These "sludge" in reality a mixture of fluids removed from wells, water and additives concocted to get a precise density, explains Andrew Hogg, director of communications "Exploration and Production" Total, will be injected into the wells in an attempt to "kill", and finally seal. Wild Well Control, this is an operation "standard," said the spokesman for Total, but with a specific difficulty in Elgin field: its high temperature and high pressure.

If this operation, called "top kill" in the jargon oil, fails, it will drill two wells bypass using two mobile platforms in transit. A job that can take six months, and admits Total cost at least $ 150 million per well, indicated Monday the Chevardière Patrick, CFO of the oil company.

The helicopter and its eight crew members must return to Aberdeen in the day, no question of taking the risk of leaking and a platform that all systems are off.

Operators also appreciate the position of the European Commission called for a strike force increased EFSF. In this regard, the Slovak government promises a new vote in Parliament no later than tomorrow, Friday. These news had boosted European and U.S. markets to new heights yesterday.

A weaker yen

Direct impact on the markets, the euro is rising again.It is 1.3801 dollar and is trading around 106.30 yen this morning sharply higher against the Japanese currency. In Japan, the Nikkei is relieved by the weakening of the currency. One hour of closing, he climbed 0.86% to 8814 points. Export values, hit recently by concerns over the global economy is picking up. TDK Corp jumped 4.17%, 2.96% Sharp and Citizen Holdings 3.05%. The automotive sector is also up to the image of Mazda Motor (4.49%) and Hyundai (2.7%).

The Stock Exchange of Hong Kong and Shanghai respectively earn 18,680 points to 1.91% and 0.50% to 2432 points. As for ads, the trade surplus of China has contracted to 14.51 billion dollars last month with a slower growth of exports.They rose in September by 17.1% year on year to reach 169.7 billion dollars, slower than imports jumped 20.9% to $ 155.2 billion dollars.

The Korean Kospi advance of 1.11% to 1829 points and the S & P Australian 0.85% to 4240 points, relieved by the authorization granted by the competition authorities Virgin Australia (1.59%) for an alliance Singapore Airlines (1.52%).

Oil markets more cautious

The oil was however down Thursday in Asia, where the market wait before the publication of figures on weekly petroleum reserves in the United States. In electronic trading, a barrel of "light sweet crude" for November delivery lost 86 cents to 84.71 dollars. Barrel of Brent North Sea crude for November delivery yielded nine cents to 111.27 dollars for the last trading day of the deadline.

Furious at the sudden media exposure of Liu – they consider a "criminal" – Chinese authorities have in fact increased the veterinary strengthened against Norwegian salmon. The AFP ensures that the health tests are so extensive that these fish end up rotting in warehouses.

Result, exports of Norwegian salmon in China have fallen by half during the first eight months of 2011, Oslo hoped an increase of at least 30%. Three figures sum up the confusion of Scandinavian fishermen. December 2010, the date of the ceremony: 1000 tons sold. January 2011: 315 tonnes. February 2011, 75 tonnes.Norwegian exporters have tried to go through Hong Kong, but this shortcut stale quickly resulted in an impasse.

The operation antisaumon is very symbolic, since the other Chinese imports from Norway were up by 16% because of higher commodity prices. It is true that to meet their urgent needs of the Chinese energy resources are much less fussy.

Almost all the loans that AFUB is aware have been contracted in 2008 or 2009 with Crédit Agricole and BNP Paribas. In one third of cases, these loans were to finance the purchase of a principal residence, the others having been made in the context of a rental investment."It's BNP Paribas has been the most offensive. 70% of the loans we have studied have also been contracted to her. These banks were dangling their customers better rates, while ensuring that the franc would remain stable, "said Serge Master.

A law in Hungary

This analysis proved wrong. Safe haven in the crisis, the Swiss franc has appreciated almost 25% between early January and late summer, causing an extra cost of the same magnitude for the subscribers. With money borrowed in the range of 200,000 euros to 300,000 euros, the difference is significant.

If the monthly payments have not changed, the duration of loans as the amount still outstanding has increased drastically. On a forum, a client of BNP Paribas complains, for example, seeing his outstanding capital increase from 133,000 euros to 162,000 euros in the space of a year and a half.

Solutions seem possible, however, in each case. "For three cases, the banks agreed to enter into an agreement with their client. They could exchange their loans indexed to the Swiss franc against a loan in euros. But the whole point of the negotiations is who supports the additional costs of increasing the currency of Switzerland. Banks have sometimes agreed to take half their dependents, "said Serge Master.

In Hungary, where the phenomenon took on a different scale – two thirds of the loans are currently denominated in Swiss francs – the government took drastic measures. A recent law forced banks to exchange the loans against loans in forints, with a fixed preferential 25% below the current market rate. For banks, this measure will cost. Austrian institutions, highly established in Hungary, could include losing the order of 6 billion euros.Furious, the sector has entered the Hungarian Constitutional Court, without success. But the EU could declare the process illegal.

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The debt crisis in Europe and fears of more and more vivid on the strength of global growth continue to weigh on equity markets. Elsewhere in Europe, London has also fallen by 1.03% and 2.28% in Frankfurt.

Wall Street also continued to brood despite two indicators of good quality. The ISM manufacturing index rose unexpectedly in September and construction spending rebounded in August.Sitting in the Dow retreated, however, and the Nasdaq 0.81% from 0.66%.

Greece shower markets

Greece literally showered the markets by announcing Sunday night that it would lack its budget deficit targets. The news comes particularly ill at a time when the country is in discussions with the Troika of its creditors, which brings together the European Union, the European Central Bank and the International Monetary Fund – and while the finance ministers of the euro area meet Tuesday in Luxembourg and those of the entire European Union, in order to advance the implementation of secondary debt to Greece business cards.

Athens puts out all the stops, however, multiplying the austerity measures to obtain payment by October 8 billion euros in loans promised in the first part of its rescue plan.Without this money, Greece may be in default in the coming weeks.

Banks are feeling the pinch

Brunt of fears in the eurozone, banking stocks always accused the coup, like BNP Paribas (-4.64% to 28.65 euros), Credit Agricole (-3.84% to 5.03 euros) and Society General (-5.15% to 18.97 euros). For its part, Dexia plunged nearly 9%. Moody's threatened to degrade the Franco-Belgian bank. The rating agency is concerned mainly financing conditions of the group in a very difficult market environment, in turmoil for French banks.

Cyclical stocks were affected by their side signs of slowing global economic growth. Technip has lost 6.39%, 2.37% and STMicroelectronics Schneider Electric 2.76%.Even the titles of the car manufacturers have suffered while registrations leveled off in September. Renault finished on down 2.93%, 3.97% of Michelin and Peugeot SA dropped to 2.10%.

Alcatel Lucent (-11.61%) registered the largest decline in the CAC 40, Nomura has damaged the entire industry.

The Paris Bourse keep their eyes on the crisis in public finances in Europe and particularly Greece. For several days, investors expect tough decisions to stem the debt crisis in the eurozone.Europeans should take measures to stabilize Greece and the banking sector. Strengthening the emergency fund indebted countries (EFSF) was particularly mentioned. Donors of the "troika" must return to the country Thursday confirmed aa the European union. German Chancellor Angela Merkel said Wednesday await the outcome of the audit of the troika on the financial situation of Greece, to determine whether or not to renegotiate the terms of the second aid plan in the country decided July 21 .

Meanwhile in Europe, the rigor needed everywhere. After Greece, Ireland, Portugal, Spain and Italy, it was the turn of France to deliver a message of rigor.The government will finalize a 2012 budget of rigor at 17:00 with a public debt of 87% in 2012 and a tax ratio that exceeds the 44% of GDP next year, against 42.9% in 2011.

The numbers of zero growth (0.0%) in the second quarter were confirmed by INSEE on Wednesday morning. Other macroeconomic indicators are expected across the Atlantic: orders for durable goods in August, the United States will be published at 14.30 and the weekly crude oil inventories at 16:30.

As for the oil markets, a barrel of "light sweet crude" for November delivery lost 1.25 dollars to 83.20 dollars in the morning. A barrel of Brent North Sea crude for November delivery gave 96 cents to 106.18 dollars.The previous day, oil had spread over 4 dollars in New York.

The bank to follow

Among the values ​​to be followed, the bank, which had literally flown Tuesday, evolve piecemeal. BNP Paribas advance of 3.59% to 31.13 euros.

Societe Generale (-0.02% to 20.50 euros) also seeks to sell its stake in Newedge, a subsidiary jointly owned with derivatives Crédit Agricole (0.91 to 5.23 euros), as part of its plan to sell non-strategic assets, according to Reuters.

Green Bank is expected to announce a sale of assets today, reports the Financial Times. Following the example of BNP Paribas and Societe Generale, Credit Agricole and wants to improve its solvency ratios.The amount of the sale, however, was not known by the British newspaper.

The Franco-Belgian bank Dexia (0.33% to 1.51 euros) examine options to strengthen its balance sheet but excludes any split in the group, said Tuesday its chairman at the end of a board whose held fueled much speculation.

Neopost (-2.34% to 56.36 euros) on Tuesday announced an increase of 2.7% of its turnover in the first half (+5.9% excluding currency effects).The solutions specialist courier has confirmed its forecast 2011 and launched a plan to optimize its structures in the United States and Europe which should generate annual savings of about 7 to 8 million euros in 2013 .

Renault (-1.83% to 25.79 euros): According to a source close to the deal quoted by Reuters, its partner Nissan will invest $ 1.5 billion (1.1 billion) in building a factory in Brazil, capable of producing electric cars.

Alten (-3.79% to 21.55 euros) back fortementmalgré the publication of a net income up sharply in the first six months of the year (+26% to EUR 31.9 million) and perspectives optimistic about the rest of 2011.According to analysts of Gilbert Dupont, "the key issue now is the level of activity in 2012," for which the markets seem pessimistic

Goldman Sachs lowered its recommendation to "neutral" to "sell" and target price of 40 euros to 26 euros previously Peugeot (-1.06% to 16.74 euros).

Goldman Sachs has increased its share in Eurotunnel (0.98% to 6.48 euros), crossing the 25% threshold of voting rights, according to an opinion of the AMF, on Wednesday.

Sanofi (1.43% to 50.23 euros) has successfully placed a bond issue of one billion dollars (0.73 billion) maturing in 2014, with a coupon of 1.20%. The title Sanofi rose 0.73% to 49.88 euros.

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The increase in compensation benefits, it at all tobacco shops alike. Paradoxical, because "the sale of tobacco as aids have allowed your average income increase by 57% between 2002 and 2010," as recalled by Valerie Pécresse to tobacconists, who held their annual conference in Paris Friday."In total, more than 1 billion euros that came with your support and profession, which has also benefited, for many of you, the effects of the reduction in VAT in catering."

"At least 10 cents more per pack"

In early 2003, a sharp rise in prices had collapsed sales and forced the closure of nearly 5,000 retailers. There remains 28,000. But since 2004, the price increase regular, moderate (6% per year since 2009) did not in fact impact on the number of cigarettes sold in tobacconists, to the dismay of supporters of tobacco control and Department of Health. As a result, sales of tobacco outlets rose year after year at the rate of inflation of cigarettes for their benefit as for that of tobacco, and especially of the state, who pocketed 80% of price of a pack, which brings in each year over 10 billion euros Business Card Holders.

While the additional gift to tobacconists would have no direct impact on government accounts. In all likelihood, the increase will be offset in compensation not to lower fees charged by Bercy, which closely monitors its accounts, but rather by a decrease in compensation of the tobacco industry, as was the case in the previous contract for the future.

To the extent that tobacco companies have no intention of making less money, they will offset the decline in their pay on each packet by an increase in their prices. "To erase an annual decline of 0.1% of our earnings should be increased by at least 10 cents the price of a package," says one manufacturer. "It's a vicious cycle that will strengthen the cause of the difficulties of cross-border tobacco shops," adds another.

Tobacco companies can increase their prices at the beginning of each quarter.Their next rate adjustment will occur not necessarily next January, to the extent that prices will rise by 6% already on Monday, October 17 or 10, as decided by the government. The pack of Marlboro will then 5.90 to 6.20 euros.

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