Olivier Blanchard. – One swallow does not a summer make. The simultaneous publication of figures for poor United States (1.6% in the second quarter) and that higher numbers than expected in Europe, especially Germany, have had a big influence on public opinion. But the trends are largely the same. After catching up driven by fiscal stimulus and the restocking of companies, are now the consumption and investment must make the request. And they face numerous obstacles, particularly the weak financial system.Growth will probably remain low, both the U.S. and Europe.

Stronger growth could she encourage Germany to be less rigorous in its public finances?

No, instead, it would probably take advantage of its expansion to consolidate its public accounts quickly, which is also good economic policy response. Although the Germans are the champions of fiscal restraint, consolidation actually provided remains relatively low at this time.We've calculated that the effort envisaged for 2011 is 0.5% of GDP – what we call in technical terms "change of primary balance adjusted for the cycle – while the same figure is 1% for USA.

What countries in the eurozone growth prospects have substantially different poses there not a problem?

Today, we can define three categories of countries in the euro area. Those who are competitive and are driven by external demand, with Germany being a prime example. Those, however, have difficulty in exporting: the case of Greece, Portugal and Spain must restore their competitiveness. And countries like France which lie between the two, with a trade roughly in balance.An exchange rate and monetary policy imply that these differences do not disappear the day the next day

The crisis of sovereign debt in Europe last spring she is behind us and its consequences are they limited to the actual savings?

I would not say that because countries like Greece and Portugal are facing painful adjustment process. The crisis has led to a general tightening of fiscal policies. For now, the measures taken by European authorities, with assistance from the IMF, have calmed the markets. But troubled countries must both balance their budgets, and responding to problems of competitiveness, which will take years.

The schedule chosen by Europe to reduce the deficit to below 3% of GDP in 2013 is not it too tight?

The essential thing is not so much the year or a specific figure.We need every government has a plan for consolidation in the medium term is consistent and credible, it can take steps to convince markets. Regardless of whether in 2013 or 2014, must present the prospect of stabilizing the debt. Once the markets are reassured medium term, countries have a certain degree of freedom in the short term. Until these medium-term strategies have not been implemented, it will tend to buttress on deadlines, this is not the best approach in my opinion.

Emerging countries can they sustain such rapid growth that their current savings if the G7 would stagnate sustainable?

No short term. If the U.S. economy slows, it will have a mechanical effect on Asia, not huge, but significant nonetheless.But yes the medium term, there may be a decoupling between emerging economies and rich countries. Asian economies and Latin America have the capacity and willingness to increase domestic demand, thereby offsetting a decline in external demand if it were to happen. China is reorienting its growth in this direction.

The rebound laborious United States and Europe or Japan is not it disappointing?

As I have said earlier, this hard bounce is not a surprise. The IMF said last year and a half that the recovery would be slow.Historical experience shows that it is usually the case when a recession was caused by a financial crisis because it takes so much time to repair the damage suffered by consumers and the financial system.

The response of the G20 was best?

He played a key role in coordinating responses to fiscal policy, monetary and financial. This coordination is important. If finance ministers are fully aware of the situation in their country, they, by necessity, a more approximate what is happening elsewhere. The meetings of the G20 meet the needs of coordination become essential because of globalization.The message of the Mutual Assessment Process "G20 Toronto is very clear: strong global growth requires both fiscal consolidation in advanced countries and a reorientation of growth towards domestic demand in emerging countries. And the two are closely linked. If the U.S. example can not increase their exports, they may have a very low growth, which in turn will make it very difficult fiscal consolidation.

The G20 should he not put on the table the question of exchange rates and the undervaluation of certain currencies?

When we speak of "reorientation towards domestic demand, for example in China, it passes through a myriad of measures, one of them, but only one of them is the appreciation of the yuan . This major structural change will happen eventually. Moreover, it has already begun.It would be cons-productive to simply focus on just the exchange rate, it is only one piece of the puzzle.

"It does not happen much on the markets, who are eagerly awaiting the unemployment figures of the United States, says it in the rooms. Is a very important day. Nobody wants to get new paris before this indicator. Investors prefer to wait and see what is the recovery. "He added: "If the numbers are bad, I think the markets will fall heavily and not only Friday, but next week."

Pending the U.S. unemployment

Despite a slight decline as unexpected new listings weekly unemployment across the Atlantic on Thursday, the Labor Department is expected to announce this afternoon an increase in unemployment to 9.6%."The GDP is not growing fast enough to create hundreds of thousands of new jobs needed each month to reduce employment at its level before the crisis," said Christina Romer Thursday, who will leave at the end of the week his position as economic advisor of President Barack Obama.

Also across the Atlantic in 16 hours, the ISM index of activity in services for the month of August and a speech from Fed chairman in Atlanta, Dennis Lockhart on current economic conditions are also scheduled .

For the euro area, will be published PMI composite and services for the month of August (10:00) and retail sales for the month of July (11:00) faxless payday advance.

The meeting will be much calmer on the microeconomic front, in the absence of publications, the wave of results for this quarter coming to an end the Paris Bourse.

Values follow

Investors monitor the value of France Telecom, however. The chief operator, Stéphane Richard, told Reuters on Thursday on the sidelines of the MEDEF Summer University he was confident in the outcome of discussions with Canal + on the fusion of TV Orange Cinema Series and TPS Star. It will also try to convince the government not to raise VAT on offers "triple play".

Air France plans to create a structure "low cost" for medium-haul routes, especially between Orly and the province to counter the offensive of the British low cost airline EasyJet.

The Slovak government has decided to retire to a consortium led by Bouygues a road construction project of $ 3.3 billion through a public-private partnership announced Thursday, Slovak Minister of Transport, Jan Figel.

Venezuela will pay approximately $ 600 million (468 million euros) in Casino and other shareholders of the supermarket chain Exito nationalized in January, said Thursday in President Hugo Chavez.

Vinci said on Thursday the acquisition by its subsidiary of Vinci Park UK Meteor Parking which achieves annual turnover of approximately 50 million pounds (60 million euros), enabling it to become number four in the sector United Kingdom.

LVMH: A court decision is expected this Friday on an appeal by eBay, convicted in 2008 for dissemination and distribution of counterfeit perfume off approved.

"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.

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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Herve Novelli – The decrees of applications of this law appear before the end of the year for implementation status as of 1 January 2011. We will do everything to create a sole proprietorship with limited liability (EIRL) is simple. It is possible to create an online EIRL site counter-entreprises.fr. I also implemented a feature that allows the entrepreneur to avoid having to give a personal guarantee to the bank when he wants to borrow money, this financial product will be managed by OSEO will guarantee up to 70% maximum loan granted by the bank.

Banks are hostile to the creation of a sole proprietorship to limited liability.How to convince?

Banks must be with contractors, as the state has to be by their side when they needed it. I will ask the banks in September to explain the importance of this reform on 1.5 million individual entrepreneurs. I do not want there to be ruined because of artisans of a bankruptcy professional.

This Order is being signed and will include officials from exercising a complementary service activities to the person.

The study group set up with the budget minister working for the simplicity of the status of self-contractor be extended to 1.5 million self-employed. The aim is that the deadlines for payroll taxes are more in line with sales receipts.It is better to consider the impacts on cash social security contributions, especially when the turnover decreased quick pay day loan. The working group will issue its findings in late September.

I signed on July 28 financing agreements on the training of entrepreneurs with self-insurance fund training. The State will fund this year to the tune of 5 million euros.

Protecting consumers, as business support is essential to revitalize our economy. I decided three types of operation for this semester. The administration of fraud prevention is better control of online commerce sites that are becoming more numerous. It has created 17,000 sites trade thanks to the status of self-contractor. 24 million French people use them, and nearly one in two French selects his holiday on the internet.I will start early September also strengthened controls to enforce the rights of students who rent rooms and furnished and are sometimes subject to unfair terms. Finally, I want to limit the accidents of everyday life that are still too many in connection with the Consumer Safety Commission mandated that I have on this

After several months of negotiations between MEDEF and consumer associations, we have reached an agreement on the protection of personal digital data. Consumers who buy a product on the Internet should give their consent for their personal information is transmitted to other sites. They will oppose it easier to use their personal data for commercial purposes.

The specialist oil services records, however, a sharp increase in orders. The order backlog amounted to 8.263 million euros. In the second quarter, order intake was EUR 1.524 million, "almost evenly divided between the segments and Subsea Onshore / Offshore, against 873 million in the second quarter of 2009, bouncing about 74%.The group hopes that the resumption of orders in the Norwegian part will continue and believes that the Brazilian market remains "promising" No fax cash advance.

Work continues

Technip therefore maintains its objectives for the year. The company expects a turnover of between 5.9 and 6.1 billion euros (2.6 to 2,700,000,000 in subsea). The expected operating margin should exceed 15%.

Regarding the oil spill in the Gulf of Mexico, the company said that "at this stage, [its] operations were not affected in 2010 but the new orders could be delayed in the short term."In the longer term we believe that operators prefer to work with contractors who have maintained a constant effort to invest in security," the group added, stressing that it is a central element of its strategy .

The French bank, which is the number six world titles with the conservation of 3.246 trillion euros in assets under custody, has not been quantified business objectives but it does ensure that the alliance is not motivated by reducing costs. "The goal is not cost synergies but revenue synergies", explained Alain Closier, director of GSS, indicating that this type of alliance has never been tied up in securities trades.

No capital alliance

"This is not a partnership capital, held to clarify Alain Closier low fee payday advance. "There is not any exchange of shares between the two groups. We have no agenda or planned merger between the two institutions, "he added. "We always talk about critical mass, to pool plants to decrease costs," said the officer referring to reconcile and partnerships established by other banks in this business.

Also asked about a possible sale of securities of the SocGen activity or a possible strategic partnership, Alain Closier said that the rumors currently circulating were "unfounded"."There are always rumors fed by different sources, such as competitors, then taken over by consultants looking for business. It is difficult to comment on rumors, especially when they become increasingly accurate and increasingly unfounded ", he further said.

The group saw its three channels suffer because of weak demand and reduced inventories at its customers. The vinyl products business recorded a decline in its sales to 1 billion euros against 1.443 billion a year earlier. The industrial cluster Chemistry reaping 2.109 billion euros against 2.582 billion revenue in 2008 cash advance to savings account .Finally, the last part, performance products has achieved a turnover of 1.318 billion against 1.602 billion a year ago.

In 2010, Arkema expects a "significant increase" in sales and its gross operating profit (EBITDA), which stood at 310 million euros for 2009 (-37.8%). He adds that "standard conditions", Arkema is an operating margin "greater than 13.5%" in 2014.

In early September, Arkema, a former subsidiary of Total, announced the arrest of a production line in Saint-Auban (Alpes-de-Haute-Provence) with the elimination of 88 positions.

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