International News

Financial markets were waiting on Monday and when they knew it would eventually be announced this Saturday, they were quick to react. This schedule change has indeed caused the decline in grants Friday in Shanghai and Hong Kong on Friday. Investors anticipating an increase in savings and hence a decrease in consumption, while China seeks to boost its exactly domestic demand.

Inflation came in at 3.5%, the highest level ever since about two years. An increase due in part to that of food prices on average rose 7.5%. And especially because of the floods which affected crops and cut the lines of communication and delivery of agricultural commodities. Thus raising the idea of a runaway consumer prices."There are factors that drive prices up, but there are more of them to guide them down," relativize the spokesman of National Bureau of Statistics (NBS), Sheng Laiyun. The consumer prices are still increasing for the tenth consecutive month.

Increased saving early

The Chinese could be encouraged to save more. For now, the rate paid on deposits of one year in China is currently at 2.25%, which is below inflation installment payday loans. "The Chinese investors are losing money by placing it in the bank, which increases the attractiveness of real estate investments," said in a note to Brian Jackson, an analyst with Royal Bank of Scotland, based in Hong Kong.

But as food prices, real estate knows "a double-digit growth," said economist Andy Xie. Both positions are each uun third of household spending.To cope with the soaring property prices, the Chinese government had taken measures to restrict the spring buying an apartment by individuals.

Expected depreciation of the yuan

This resurgence of inflation does not arrange matters not in Beijing, in its discussions on the yuan. Inflationary pressure would push the central government to tighten the screws on the monetary side, when the trading partners of China, U.S. head, continue to claim a substantial appreciation of the Chinese currency. But the latest trade figures showing exports idling leave little leeway for the central bank. To avoid disturbing the machine exporter, it can not allow its currency to appreciate too.

ALSO READ:

"China confirms its modest slowdown

After Wall Street closed Wednesday up 0.45% at 10,387 points, and that Portugal has managed its two bond issues for more than one billion euros on Wednesday, the CAC 40 finally opened slightly lower this Thursday: -0.28% at 3666.76 items. The London Stock Exchange was down 0.20% to 5419.19 points.

Although financial markets have integrated in the price recovery will be a more complicated than in the U.S., caution remains the watchword. On Wednesday, the main index rating Paris closed up 0.92% at 3677 points.

The Fed chairman, Ben Bernanke, has shown little enthusiasm on U.S. household consumption and real estate and industrial sectors.The economy minister, Christine Lagarde, has adopted the same attitude as regards the European Union: the recovery remains "fragile".

Europe, the United States and Japan under scrutiny

On the macroeconomic front, the day will be very busy.

The French economy has registered 26,200 net new jobs employees in the second quarter (+0.1% from the previous quarter, 0% over a year), according to final figures released Thursday by the INSEE.

Moreover, the real estate industry figures in Paris and Ile de France for the second quarter were impressive: house prices soared again in Ile-de-France, as before the crisis, and central Paris is beat his record with an average transaction price of 6,680 euros per square meter.

In Germany, inflation slowed in August, 1% a year, against 1.2% in July, said Thursday the Federal Statistics Office, confirming preliminary figures released earlier.In one month, rising prices in Europe's largest economy is unchanged.

The Organization for Economic Cooperation and Development (OECD) we will evaluate the economic situation in Europe, U.S. and Japan to 11 hours.

The European Central Bank and the Organization of Petroleum Exporting Countries (OPEC) will publish its monthly report in the morning.

Finally, several indicators are expected in the U.S.: the weekly claims for unemployment benefits (1430), the trade figures for the month of July (1430) and the weekly crude oil inventories (1630).

On the currency markets, the euro lost ground against the dollar Thursday, falling below the $ 1.27, while the market is concerned about the contraction in gross domestic product of Greece 3.7% annual in the second quarter.Around 9:00, the single currency was worth 1.2688 dollars (-0.24%).

Values follow

EADS (+0.03% to EUR 18) is in discussions with a small number of defense companies, services and security for potential acquisitions and could easily make a purchase about one billion euros Louis Welsh said Wednesday, the Director General of the European group.

Total (-0.63% to 38.41 euros) gained 20% Thursday to a major liquefied natural gas (LNG) in Australia for about 625 million euros, driven by Australian groups Santos and Malaysia's Petronas .

Sanofi-Aventis (-0.08% to 47.75 euros) would have made a new proposal to buy U.S. biotech Genzyme at 71 dollars per share, against 69 dollars offered earlier to Deal Reporter, a financial services group Affiliated to the Financial Times.In exchange, Sanofi-Aventis requests access to the accounts of Genzyme.

The Australian competition authority has opposed Thursday for the second veto the bid of 8.65 billion euros from National Australia Bank to AXA Asia Pacific (AXA, -2.38% 12, 70 euros, the biggest drop CAC 40), which could force the Australian bank to abandon a project initiated nine months ago.

Bercy has announced a proposal to apply the VAT rate from 19.6% to the full tender "triple play" which would allow the state to reap hundreds of millions of euros in revenues Additional in a tight budgetary situation.Investors will pay attention to the reaction of France Telecom (-0.46%), SFR (Vivendi group, -0.38%), Bouygues Telecom (Bouygues, -1.12%) and Iliad (-1.55%), .

Moreover, the Polish subsidiary of France Telecom could publish a third-quarter loss after being ordered to pay 396 million euros to Danish DPTG, said Wednesday its chief financial officer.

Out of ACC 40, the automotive supplier Plastic Omnium (-0.49%) announced Thursday it had completed the acquisition of the global leader in fuel, Inergy Systems, which expects to achieve a turnover of approximately 1 1 billion euros this year.

The buyout offer (OPR), followed by a squeeze on the Eiffarie APRR (balance) will open September 10 for a period of ten days of negotiations.

British defense groups have reported Wednesday that the government had requested to consider the cancellation of orders for new aircraft carriers. The vessels are built by a consortium of BAE System, Babcock International and Thales (-0.58% to 26.4 euros) for a cost of five over five billion pounds (6.1 billion euros).

Korian (1.77% to 16.7 euros), specializing in the management of addiction, has announced a 24.3% increase in net profit to 8 million euros, 26.1% its operating results based on an increase of 6.8% of its turnover in the first half.

The crisis has resulted in very concrete ways for executives. The companies have tightened their wage policy. According to the annual survey conducted among APEC more than 12,000 executives, managers are pragmatic and wait. 48% of respondents ask for an increase this year against 56% early 2009. But they are only 30% said they will benefit from increased individual.

This figure confirms the trend of last year. In 2009, when the average salary of a part was 53,000 euros, 39% of those who remained in the same company has benefited from improving wages against 51% in 2008. "This decline affects both individual and collective increases, experts observe Apec. 8 out of 10 of those who have obtained an increase of wages have been increased individual and a little more than 4 in 10 of a collective increase.

The level of increases has also been lower since the "median of individual increases were 3% in 2009 against 4% in 2008." 8% of executives ensure that their pay fell last year against 6% in 2008.

Efforts poorly rewarded

This finding varies by company size and sectors. In firms and over 1,000 employees, less than one part in two has benefited from improved pay in 2009. The companies under 20 employees, it falls within a framework of three. The pharmacy has been the most generous with 56% of managers increased followed by energy and water (52%), banking (45%) and telecommunications (44%). Not surprisingly, automotive and mechanical engineering have increased their employees less.

Despite the drag on their earnings, executives keep morale high.Earlier this year, 58% declared themselves satisfied with their pay against 61% a year earlier. But they show a reasonable optimism. They worry about changing their purchasing power. 52% reckon it has deteriorated. They are only 14% feel that it has improved. "The concept of" purchasing power "refers primarily to that of" living standards ". The very negative perception they have of their purchasing power can also be interpreted as a sign of low confidence in the future ", the authors of the study.

As other surveys have already shown, executives suffer from not being recognized in their work. 45% of them say they "are poorly or very poorly paid compared to their responsibilities. And more than half consider themselves underpaid given their workload and their commitment to work.Under the framework is paid, the feeling of being badly paid for the efforts made is great. 75% of those who pay less than 35,000 euros claim this opinion. For their part, women are mostly critical. They are more numerous (65%) than men (55%) to try not to be paid at the height of their professional commitment.

ALSO READ:

"The employment of executives confirmed to rebound

In 2008, the average salary was 2069 euros

The Nabucco gas pipeline project backed by the European Commission, aimed at importing natural gas from Caspian suppliers other than Russia, has reached an important milestone by reaching agreement on almost 4 billion euros in loans from three major international financial institutions. Subject to final agreement of their respective boards of directors, the EIB will lend two billion euros, 1.2 billion EBRD and World Bank 800 million. The final investment decision of the proposed pipeline is 3,300 km rally Turkey to Austria must take place by the end of the year and construction could start in 2011.The first deliveries of gas from Azerbaijan and perhaps Iraqi Kurdistan are expected late 2014 early 2015 as the Nabucco consortium, based in Vienna payday advances.

The shareholders of Nabucco, the German RWE, Austrian OMV, BEH Bulgarian, Turkish Botas, Hungary's MOL and the Romanian Transgaz each holder of 16.67% stake, will finance 30% of own project.

If the strong financial support ahead now, some observers remain skeptical about the ability to buy the Nabucco gas volumes sufficient to justify the construction, estimated to cost around 8 billion euros. The agreement signed last week between Russia and Azerbaijan providing a doubling of purchases from Moscow to the former Soviet republic has heightened concerns about Nabucco.

The Attali commission for the release of growth has reached an agreement after a final meeting which ended yesterday evening, and it expected to report in coming weeks, Les Echos said on Thursday. The Committee advocates and the realization of 75 billion euros in savings by 2013 to meet commitments to the European Commission to reduce the deficit to 3%, reports the Economic Daily.

Experts estimate that 50 billion would be earned in three years due to reduced spending, and another 25 billion euros through a reduction of tax and social niches where the Government seeks a saving of 10 billion.

In addition to reforming the tax loopholes, the committee recommends the establishment of exceptional measures, to achieve 10 billion in savings.The experts say, including the freezing of the index point for staff and expanding the principle of non-replacement of staff on two retiring to local and social security. Furthermore, control of expenditure in public service should enable savings to 40 billion.

Consolidation of the tax system in order

In addition, the committee "does not advocate new taxes or raising rates, but a broader base of social and tax," said one member to Les Echos. Renowned economists aimed at reducing tax loopholes and particularly those adverse to the environment or dependent status.

Half-word, the committee recommended the end of the tax shield: the collective effort that is taking shape, "the Committee would like the contribution of the most favored is not diminished by the tax shield," Les Echos said, citing a Participants at the meeting.

And if growth is less than 2% on average, economists have advocated the introduction of targeted tax increases. An overhaul of the tax system together with a lower labor cost is considered in the medium term.

Anxiously awaited the U.S. employment figures for August were better than expected, according to the Department of Labor. If the U.S. economy as a whole has destroyed 54,000 jobs, the private sector alone has created 67,000 jobs. Economists had expected only about 41,000 new posts.

Only the number of private sector jobs is important, because the public continues to destroy temporary jobs created earlier this year for the population census and does not reflect the U.S. economy.

The unemployment rate, calculated differently, increased only 0.1 percentage points to 9.6%.

The Paris Bourse jumped in the wake of the publication of U.S. statistics, the CAC 40 gaining 1.43%, to 3683.54 points.

More to come …

The last two Apple conference focused on a single product, the iPhone and iPad 4. On Wednesday, Steve Jobs has broken with his habits and increased the ads. From San Francisco, Apple CEO introduced pell-mell, an Apple TV set for every day a new social network dedicated to music, a completely redesigned line of iPods and new software. Should the California group seeks no longer to consolidate its dominance in music, he also clearly wants to recover from his failure to assert and television as a competitor to Nintendo and Sony in the handheld.

• A social network for music. Apple sells fashionable social networks. But in his way. His new office dedicated to music, Ping has been described by Steve Jobs as the "encounter between Facebook, Twitter and iTunes" No fax needed payday loans.The result is surprising, because Ping is not available online, but integrated into iTunes 10 on Mac, PC, iPhone and iPod.

Once inside Ping, functions and navigation, however well recall those of a social network. People came to create a profile, add friends, create a circle of contacts, follow the news of celebrities and post messages and comments. Ping, if so authorized, also gets the title of songs purchased on iTunes by his friends to create personalized rankings Sellers. The goal for Apple is still selling more pieces.

The old Apple TV (gray) and the new, smaller. Photo credits: REUTERS