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On track, continuous effort. This is essentially the OECD verdict on Ireland, engaged for three years in a drastic recovery program of its public finances. After a decade of strong growth on an annual rate of 7%, which has risen to fourth in the OECD in terms of GDP per capita, the former Celtic Tiger has suffered a banking crisis and an unprecedented three years of recession. The deficit exploded in 2010 to over 32% of GDP if we include the expensive bank recapitalization and debt exceeded 100% of the national wealth.Distrust of markets has forced the authorities to use the end of 2010 with the IMF, the EU and the ECB.

In his study, presented Friday, experts from the Muette emphasize the competitive advantages of Ireland on Portugal and Greece, the other two countries under international supervision, "export sector a more developed and more high-tech"-the Exports account for 100% of GDP against 31% in Portugal and 21% in Greece, "a workforce more skilled, more favorable conditions for businesses, a more efficient tax system based in particular on corporate taxes low and stable and well-regulated markets and more flexible, both for products that work."

The conservation plan will represent 2.2% in 2012

Despite the recession, Ireland continued to attract significant foreign direct investment and the country, supported by the engine of exports and improving cost competitiveness, has returned this year with growth, while Portugal and Greece will experience another year of recession pay day loan lenders.

On the fiscal side, Dublin's goal is to bring the deficit below 3% of GDP in 2015. Before the intervention of the Troika, the authorities had imposed a cure equivalent to 9% of GDP. The economic plan of 2012 is still 2.2%.

If these efforts "are starting to bear fruit" requires further consolidation, the report of the organization of the Muette, in the perspective of a "global growth lower than expected."The OECD recommends including "broaden the tax base" and "focus more on consolidating spending cuts" -60% recovery, "by improving the efficiency of the public sector, reform of social protection and lower infrastructure projects. " Another priority should be the fight against unemployment from 4.6% in 2007 to 14.2% in the second quarter of 2011.

Among other tracks, it is necessary to improve employment services, training programs adapted to market needs, encourage job search, extend some cuts in employers' contributions … Finally, Dublin to pursue the restructuring of the banking sector and further improve competitiveness to promote exports.

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Future of Standard & Poor's 500 and Nasdaq 100 reported a slightly higher opening of U.S. stock markets. The New York Stock Exchange finished down Friday evening after lowering the rating agency Fitch notes from Spain and Italy.

The volumes are likely to be particularly low on Wall Street today because of Columbus Day (which commemorates the discovery of America by Christopher Columbus), holiday in the United States although the U.S. stock markets are open. Only the bond markets will be closed today

The willingness of the Franco-German recapitalize banks and out of the spiral of debt crisis and Europe, however, should boost the morale of investors.Nicolas Sarkozy and Angela Merkel, meeting in Berlin on Sunday pledged to respond "lasting and comprehensive peace" to the crisis in the euro area for the G20 summit in Cannes, 3 and 4 November. Proposals must be made but no details were supplied. "You will see the end of an entire fully functional," promised the Chancellor. The fate of Greece is suspended from his verdict of the Troika, reminded the two leaders. About the difficulties the European banking sector, the two leaders said they were "determined to do whatever it takes to ensure the recapitalization of our banks." The French president also assured that the agreement between the two countries on how and where the process was considered "complete", denying the reports of differences over the use of EFSF to provide the necessary funds.Again, the "details" will be specified later, they promised, even suggesting an EU summit scheduled for October 17 and 18 and a Eurogroup.

Note also in Europe, the Board of Directors of Dexia has validated the night from Sunday to Monday the takeover of its Belgian subsidiary by the Belgian government for a $ 4 billion. The Franco-Belgian bank, the first victim of the debt crisis in the euro area, is found then dismantled and nationalized the Belgian branch guaranteed high risk personal loans.

Opening of the ball results

United States, the season of quarterly results of large companies to begin this week. As usual the aluminum giant Alcoa will kick off these publications. Follow in particular, PepsiCo Wednesday, Thursday, JPMorgan Chase and internet group Google and finally, Friday, Mattel.Analysts bet on an average increase of 13% earnings per share for the third quarter. "The forecast for the quarter just ended are very conservative so there are chances that companies do at least as well as the consensus", say experts Cantor Fitzgerald.

On the macroeconomic front there is no major indicator on the agenda of U.S. investors on Monday. In the coming days, they expect including the minutes of the last meeting of the Federal Reserve (Tuesday) and retail sales (Friday). Specialists Aurel BGC, household spending should be slightly more dynamic in September. The slowdown in inflation for the effect should have increased the purchasing power of households.The latest U.S. statistics have also been rather better than expected, which has banished the specter of a return to recession in the United States and contributed to the rebound on Wall Street last week.

New clean cuts at Goldman Sachs

The side of values, according to the Sunday Telegraph, the investment bank Goldman Sachs could make additional cuts.

For its part, the global distribution of Wal-Mart announced that 12 brands of the brand were closed in Chongqing in China for 15 days, following a fraudulent labeling.

At the same rumors about Yahoo! continue. After the assumption of a takeover by Microsoft or by the Chinese partner of Motor internet, according to Reuters Jerry Yang, co-founder of the company could partner with a private equity investment to buy the company.

The Paris Bourse finally returns to the threshold of 3000 points. On Thursday, the CAC 40 closed up on 3.27% to 3045.62 points. Other European markets follow the same path: Milan ended up 3.56%, 2.11% from London, Frankfurt and Madrid from 3.15% to 3.63%. Wall Street was also in the green fence at the time in Europe.

Investors seem reassured by the willingness of European leaders to develop concrete actions to leave the eurozone its difficulties. Among them is the establishment of an agreement in principle to toughen the Stability Pact and fiscal discipline common in the EU, which provides for sanctions for countries that would leave too lax spinning their deficits. Another reassuring element: the willingness of German and French leaders to avoid an out of Greece in the euro area and the Greek government's determination to break the budget impasse.

Brazil and Russia have also said they were considering a support action. While international solidarity is organized to support Europe, Christine Lagarde since Washington recalled the need for world leaders to "common front" to avoid falling into a global recession will spare "person."

These statements on the euro area, combined with bargain hunting, did overshadow the release of mixed U.S. indicators (including the employment front) and European (growth on less-than-expected expected in the second half).

Side values, the banking sector was further illustrated by a sharp rise. Operators have particularly appreciated the decision taken by the central banks of the richest countries to take concerted action to expand the supply of banks in dollars.BNP Paribas is the largest increase in the ACC (13.38% to 30.50 euros). It is followed by Natixis (7.12% to 2.49 euros), Axa (6.49% to 9.89 euros), Credit Agricole (5.89% to 5.52 euros) and Societe Generale ( 5.44% to 18.33 euros). The area was not affected by the announcement of the massive fraud that hit UBS.

Another day value, LVMH, which climbed 3.44% to 115.65 euros after announcing choosing Jordi Constans, come to Danone, to succeed Yves Carcelle at the head of Louis Vuitton in 2013.

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Pressure on Europe. Even before the G7, which met Friday night in Marseille finance ministers and central bank governors of the G7 (U.S., Japan, Canada, Germany, France, Italy, UK), Christine Lagarde urged leaders of the Old Continent to "act now and boldly."

Executive Director of the IMF did not hesitate to dramatize the situation. "The world economy is in a period fraught with danger," she said in London, alongside the British Chancellor of the Exchequer, before flying to Marseille.She reiterated her concerns vis-à-vis European banks: "Faced with the rising risks and uncertainties and the need to convince the markets, some need to strengthen their capital." We explained to the IMF and the European economies are funded for three quarters by banks and only a quarter through the markets (the opposite in the U.S.) and are highly dependent on the health of their banking system.

Old friend of Christine Lagarde, the U.S. Treasury Secretary has also multiplied the statements at the Europeans. In an article in the Financial Times, Timothy Geithner asked "an unequivocal commitment to support the European financial system and ensure that states can borrow at interest rates as they adopt sustainable reforms."Then, Friday afternoon, he returned to the charge, live from the Old Port with Bloomberg TV in the rooms was sending a market enchanting image: "It is very important for the world that the Europeans do the right thing , he said. It is in the interest of the United States that the euro will survive. "

Tensions

The G7 meeting ended, Friday night, for a press conference Baroin, who chaired the proceedings. The central bankers have published "terms of reference" that mark a commitment to "strong" and "coordinated," said Baroin, on four themes: the challenges of the global economy, the balance between fiscal consolidation and recovery, pursuing monetary policies that allow banks to supply the necessary liquidity, and the reform of financial regulation.

The responses of the G7 remains limited.The possibility of an announcement of coordinated central bank for monetary policy even more generous seems unlikely, "I do not think we will see that," Geithner acknowledged. The IMF, whose services are exposed to a new state G7 encrypted in the world economy, called for a stimulus modulated, depending on the situation of each country, welcoming the passage the Obama plan for employment (see below below).

But Germany, the only G7 country whose public finances could provide room to maneuver, had refused in advance: "Combating the crisis with a debt even more pronounced, it would be the wrong path to take," said Wolfgang Schäuble, his finance minister. But that's another German who fed the conversations, Jürgen Stark, the chief economist of the ECB, resigned.

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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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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.

EU leaders Thursday night put on the table a series of measures to help Greece, but also to convince that there is solidarity in the euro area payday advance lender.

Save Greece

Jean-Claude Trichet, President of the European Central Bank on Thursday. Photo credits: Georges Gobet / AFP

European banks may need to raise 80 billion euros, to reassure the markets. A report by JPMorgan Cazenove, led by analyst Kian Abouhossein, estimates that if the level of reserve requirements is strictly adhered to 7%, nearly two banks will raise new money. French banks Societe Generale, BNP Paribas and Credit Agricole would need twenty billion.After the publication of this note, banking stocks are displayed among the largest declines in the Cac 40: while the benchmark index of the Paris Stock Exchange was down 1.13% to 10.30, Credit Agricole wipes a drop of 1.77%, BNP Paribas was down 2.05% and Societe Generale lost 3.08%.

But French banks are not the only ones to be shamed by JPMorgan Cazenove, which encrypts needs capital to 25 billion euros for UK institutions and 14 billion euros for German lenders, including Deutsche Bank . The Italian UniCredit, Credit Suisse and Santander are also cited in the report.

This study revealed the results of stress tests published last Friday by the EBA.These tests, built on capital requirements as 5%, entered into a need to refinance 2.5 billion euros for eight of the 90 banks assessed, including any French. But investors believe these tests inadequate, particularly criticizing for not sufficiently taken into account the default risk in Greece. JPMorgan Cazenove said the criticism in his study, indicating that these stress tests have "limited value".

The evolution of banking stocks on European stock markets will be very observed on Monday morning to find Investors Arbitration between the reassuring results of stress tests and numerical study of JPMorgan. In March, ratings agency Standard & Poor's had conducted its own tests of resistance.His conclusion: European banks would need 250 billion euros of additional capital.

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Far ahead of London and New York, Ile-de-France is the first tourist metropolis in the world. It is also the first French economic region, with a gross domestic product (GDP) alone accounts for 4% of GDP in the EU! Pride of place, then, but a place increasingly challenged: Paris is losing market share, overtaken by Singapore, Vienna or Barcelona for the organization of congresses. 26 billion euros in 2006, business in France has fallen to 14 billion euros in 2010, according to a barometer American Express. For Bercy, so it was now "urgent to take measures to enable the Grand Paris to retain its preeminence."In February, Christine Lagarde, Minister of Economic Affairs, and Frédéric Lefebvre, Secretary of State for Tourism, has commissioned Gilles Pelisson, Accor's former boss, to develop a precise inventory of the situation and formulate proposals improvement. The report presented yesterday – titled "Business tourism in the Greater Paris: a new ambition" – recommends a score of practical measures, which include both travel, equipment, reception conditions, the organization but also taxation.

Priority to the CDG Express

"Paris is a destination that is well and is efficient in terms of reception bad credit pay day loans. But in a world that moves, other destinations are on the rise, said Gilles Pelisson. A number of handicaps and weaknesses that passed before will be more crippling future. "Her number one priority is to CDG Express project."Like the great European cities, Paris should have a direct fast with its main airport, it said in its report. The project, in the form of public-private partnership of the CDG Express, should be released: it will in the near time horizon (2015-2017) to connect directly (19 minutes) Roissy to Gare de l'Est. "

Paris also lacks large rooms. "There is only one large auditorium of 3000 seats, while most major cities have two or three," said Gilles Pelisson, convinced that it also lacks "a few thousand hotel rooms "and" 100 to 200 employees "to improve service to the border police at Roissy-CDG."Small things" could also make life easier for tourists to encourage taxis to be equipped including electronic payment terminals or negotiate packages for some races (CDG-Villepinte, for example).