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Paul Krugman, Nobel Prize in Economics 2008, boasted over the weekend in its notebook line "difference" of France in terms of economic and social choices. D es choice of technology and productivity, but also "retirement and leisure." If the American leases a different model from the United States, he fails to mention that this model does not allow the Hexagon to achieve growth levels comparable to those seen overseas. Last Friday, the U.S. Department of Commerce announced that 2010 had resulted in an increase in GDP of 2.9%. France, it should hardly exceed 1.5%. The recession is still beautiful is well behind us.

For this year – as well as the following – that the debate is more open.The government target of 2% growth in 2011 is it achievable? It is certainly a little higher than forecasts of international institutions in France. "It will be difficult but not impossible," says Marc Touati, economist at financial Assya Company.

"A small but growing stronger '

For one side, the business climate in industry has greatly improved earlier this year, which may suggest a revival of production and investment by businesses. On the other, consumer confidence has deteriorated.What makes it even more uncertain the resilience of consumer spending – which was strongly supported by the scrapping late 2010 and could now face the consequences quick cash.

Economists from Credit Agricole, they suggest that little by little, the features of the stimulus plan "that allowed the French economy out of recession weaken and give way to a lower growth certainly, but also stronger."The Economy Minister, Christine Lagarde, she did not budge, which again, Friday in Davos, reiterated that growth would reach 2% this year though.

As for the idea of having to lower the forecast of 2.5% for 2012 – a hypothesis for the month of April, after the regional, by anonymous sources quoted in Le Monde Bercy – it is scanned with a hand side of the circle by Christine Lagarde, who considers "stupid" to mention now a revision of growth for next year. "It's much too early!"

"Some have an interest in running this kind of rumor," an irritated laying of the Ministry of Economy, which points its neighbors in the Budget Ministry.The latter would prepare the minds: a lower growth than expected, additional savings would be expected to keep the deficit target – it should rise from 6% of GDP at end 2011 to 4.6% in late 2012.

The minister himself, Baroin, does not a mystery: he warned earlier this year that it might be necessary to go "beyond the 3 billion reduction in tax loopholes" contained for the time next year.

A crop in good and due form. The president, on Thursday at his vows to the social partners, spoke on the 35 hours, while the endless controversy over grow in the majority. The 35 hours' hard 'to' Mrs. Aubry had "consequences éfavorables" to "competitiveness of enterprises, the purchasing power and on public finances," he said. But with the flexibility introduced since then, "the 35 hours, uniform binding, no longer exist," says Nicolas Sarkozy.

So, yes, "there is no taboo subjects." But the head of state borders the debate: no question of "touching the purchasing power of employees" or "influence the competitiveness of enterprises". Include: no increase in expenses, which would put pressure on labor costs, or increase or elimination of the statutory working hours.This would reduce the number of overtime. These have enabled "5.3 million people" through exemptions from charges and income tax, to supplement their monthly in 2010.

"For an average wage worker makes two additional hours per week, the net gain in purchasing power is 150 euros per month, said Nicolas Sarkozy. I do not know how to tell employees to work more without earning more. "Thinly veiled allusion to the boss of the UMP, Jean-Francois Cope, who wants to bring down the 35 hours but acknowledged it would mean "very short term" work longer for the same pay.

Bernard Thibault singled

Nicolas Sarkozy and Jean-Claude Mailly (FOR) during the vows.

Employment center is in the viewfinder of the CFDT. The union has published Thursday in the newspaper La Croix, the results of his great satisfaction survey conducted from 1534 job seekers at the end of last year. Verdict: almost half of them are not satisfied with the services rendered by the employment center to help them find a job. 49.1% of those surveyed said that their agency "takes time for not much" and that they must fend for themselves. "

22.4% feel that employment center "is tedious and complicated, but sometimes helpful, 15.3% consider it" very useful, but really difficult to navigate "and 13.3% found it" indispensable "and "feel properly supported."

While 43% of respondents were satisfied with the welcome center jobs, 31.4% complained of queues "interminable", agencies too distant (25.3%), letters unclear (24.2 %).

Similarly, if 56.7% of respondents feel they can explain their difficulties "calm and confidentially with their advisor, they are 33.8% consider that their advisor was" not really the time to take care "of them. 36% even reported that he had "nothing to offer them." For 32%, job offers made to them does not fit their profile.

Rely on yourself

According to the survey, 92.8% rely primarily on themselves to find a job, but 34.8% also expect the internet and the press while 20.3% also cite what they advise Pole emploi.Commentant survey, Lawrence Berger, the national secretary of the CFDT, told La Croix that "the social partners should demand more employment center on the Supporting people."

According to an IPSOS poll conducted for the employment center via the Internet last summer, two-thirds of job seekers (66%) said they were "generally" satisfied with the employment center, but almost half (48%) were dissatisfied services rendered to enable their reintegration into the labor market.

(With AFP)

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This should be one of the great events of the winter semester. Microsoft probably will benefit the Consumer Electronics Show (CES) in Las Vegas, to introduce these two new tablets in Windows 7. Steve Ballmer's firm could make the first presentations of Windows 8, in a format suitable for tablets. However, this new operating system should not be marketed until a few months.

Good start for Google

Microsoft shelves should be produced by Dell and Samsung, according to The New York Times. That Korean should be even with a sliding keyboard: enough to make it a perfect compromise between the tablet and the notebook with no guarantee of success so far.

It's been ten years since the U.S. giant has, at various times, tested the way the touch pad. Without success.This summer, Steve Ballmer had said he intended to market its own shelves "as soon as they (would) be ready." Meanwhile, Apple iPad, launched in April, was awarded 83% of global market share in this segment, according to Deloitte. In 2012, Apple's market share fall to 44%. What remains a performance, since all the competing tablets, including those coming in Windows, would share the balance, while competition is growing.

Tablets Android (Google) have a very good start, especially the Galaxy Tab Samsung sold a million copies in just over a month. For Microsoft, the current challenge is not to be leading the shelves than to simply be present. Indeed, sales of these products should soon overtake those of laptops, according to Deloitte.She also cannibalize sales of computers, laptops or not, and those of games consoles. Consequently, sales of software should also be affected.

A few months behind Apple

It's much less opportunity for Microsoft, especially for Windows. In addition, the software company has missed the start of smartphones. Accusing nearly three years behind, he struggles to impose its solution Phone Windows 7 against the iPhone and Android devices.

Finally, launching in early 2011 the new shelves, it will "only" a few months behind Apple and could hit the market at about the same time as the iPad 2.

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The CAC 40, the gates of the 3900 points, should evolve little changed on Friday morning, while continuing on Friday the meeting of leaders of the European Union.

Thursday night, they confirmed the creation of a "European mechanism of stability" (MES), European version of the International Monetary Fund (IMF) in charge of rescue packages euro countries, like Greece and of Ireland this year. He will replace interim funds installed last spring.

But the debate on Eurobonds continues, under pressure from the markets who fear debt restructurings souveraines.La ECB on Thursday urged a doubling of its capital. There would be increased from 5 billion to 10.76 billion euros. The guardian of the euro said it has to cope with volatility "in exchange rates, interest rates and credit risks."

Early this morning, Asian stock markets were changing the overall balance.Atony which checks for four days while the year-end holidays are approaching.

The economic figures to follow

• France:

– 8:45: monthly business survey in industry, construction, trade in December and indicators of business climate and economic downturn personal loans for people with bad credit.

• Germany:

10 am: barometer Ifo business climate

• European Union:

– 11: foreign trade in October

• United States:

– 16h: composite indicator of economic activity in November

The AMF extends tender offer for Seloger.com

The Autorité des marchés financiers (AMF) announced Thursday that the offer of Axel Springer on the website of ads was extended until further notice.

The Paris stock exchange on Friday welcomed Toreador Resources.

ADP announced Thursday a 3.5% increase in passenger traffic in November.

GDF Suez The acquisition of Britain's International Power was approved Thursday by its shareholders. The transaction creates a powerful energy company in America and the Middle East.

EDF is today an investor day in London.

Vilmorin held its Annual General Meeting

Taxing wealth, not what he produces seems to be the philosophy adopted by the Elysee. Photo credits: MELANIE FREY / Le Figaro Magazine

Click on the thumbnail to enlarge the graphic.

No revolution in the winning trio's 2010 ranking of Figaro student. Immutably, HEC is needed in the first place. Behind her, equality already established last year between ESSEC and ESCP Europe is confirmed. Who will benefit? School of Cergy, which established a year ago a strategic alliance with the Central School, or the group to the five European campuses? Answer-maybe-2011.

However things are moving in our top 10. First, the eight first schools stand out more clearly than the other last year (6 points difference between Euromed in 8th place, and ESC Toulouse arrival 9e) payday loan online. Then the top 10 places clearly highlight the schools that have shown this year the most dynamic.EDHEC, Lille who volunteered to an American campus, and deploys its international strategy in London and Singapore, won a seat. She climbed into fourth position, tied with EM Lyon, remained quiet this year! The latter, however, should make policy announcements in coming months: the approximation introduced in July 2009 with Central Lyon should take shape.

Change in governance

HEC is always ahead of business schools. (Photo credits: AFP)

«Remake. Since Wednesday, the U.S. stock markets close an unaddressed, despite good earnings and weekly jobless claims up to three months. The Dow Jones lost 0.15% to close at 11,109.70 points, while the S & P 500 gained 0.10% to 1183.67 points and the Nasdaq 0.16% to 2507.37 points.

After a series of mixed quarterly results of companies, markets remain extremely cautious at least one week of the decision of the Federal Reserve, which must finally explain, Wednesday, Nov. 3, if it raises, and under what conditions, purchases of long-term obligations of the Treasury. An eagerly awaited decision, and commented, especially following the publication of an article on the subject Wednesday night in the Wall Street Journal. This is in effect two months as the dollar weakened by uncertainties surrounding the Fed's actions.Two months too reminiscent of the analysts at BNP Paribas, the market indices, by contrast, are progressing, "in anticipation of the second plane of quantitative easing by the Fed."

Unexpected drop in jobless claims for

Side of macroeconomic indicators, the weekly jobless claims fell unexpectedly to 434,000 during the week of Oct. 23. This is well below the 453,000 expected by analysts, and less than the 455,000 the previous week.

3M dives, flies Eastman Kodak

On the corporate side, the agenda of the quarterly publications have been busier than ever this week, both sides of the Atlantic. United States, 177 companies in the S & P have published their results, and 7 of Dow Jones.The record companies have released Thursday was mixed: 3M (-6.43% to 84.56 dollars), Goodyear (-9.04% to 10.56 dollars) and Avon (-5.63% to 31.01 dollars) have fallen, while Eastman Kodak (15.37% to 4.58 dollars) flies. Otherwise, Colgate-Palmolive lost 0.77% to 74.92 dollars, Exxon Mobil advance of 0.84% to 66.22 dollars) and Monster from 0.56% to 14.38 dollars no teletrack payday loans.

The U.S. computer giant Microsoft released after-hours trading Thursday a net profit up 51% in the first quarter of fiscal offset, to 5.41 billion, better than expected, accompanied by a 25% increase in sales business, also above expectations.At the close, the stock has gained 0.88% at 26.28 dollars.

The chemicals group Dow Chemical (-1.12% to 30.86 dollars) announced on Thursday a net profit down 28% to $ 512 million in the third quarter, but above analysts' expectations, thanks to the good performance of its specialty products.

JPMorgan Chase (-0.08% to 37.51 dollars) and HSBC Holdings (0.83% to 52.42 dollars) are the subject of two complaints from investors who accuse them of understanding to lower the price of silver, which would have yielded hundreds of millions of dollars in illicit profits.

Genzyme (+0.26% to 72.26 dollars) responded after the statements by the CEO of Sanofi, Chris Viehbacher, which ruled on Thursday that he was "not at all clear" that Sanofi is the price offered by Genzyme and dismissed it as part of a takeover bid, saying "totally unrealistic" some growth forecasts raised recently by the U.S..

Side of the Web, the Internet portal Yahoo! (-0.12% To 16.40 dollars) announced Wednesday the hiring of Ross Levinsohn, a former head of digital operations for Fox (News Corporation) to conduct its business in America beginning in November. In addition, Yahoo! explained on the same day that the agreement with Microsoft (+0.88% at 26.28 dollars) in July 2008 on the search engines of the two groups was fully in force in the United States and Canada.Now research on North American sites of Yahoo! (Internet, photos, videos) are made by the algorithms of Bing, the Microsoft search engine, while Yahoo! retains control of the presentation.

The restructuring efforts by Dexia since 2008 are now taking the form of a plan with clear objectives. By 2014, the Franco-Belgian bank intends to reestablish its business model, previously focused on financing local authorities, three new pillars: revenue from franchises, the dynamism of the Turkish market and the development of retail banking. Each of these priorities, and business model as a whole, will be submitted to the search for internal synergies, industrialization processes and efficiencies. Dexia hopes to achieve reach 1.8 billion euros in pretax profit in 2014.

This year and 2011, income from Dexia should remain under pressure due to the constraints of disposals and reduced balance of 35% by 2014 set by the European Commission.The improvement should occur in 2012, with a target of pretax profit of 1.4 billion euros, an amount equivalent to that for 2009.

Philippe Mariani, Managing Director and Chairman of the Management Board of Dexia, said the solemnity of the moment: "We have turned an important page in the history of the group and I am confident in our ability to achieve the goals we set ourselves."

Ten million customers in 2014

Expansion projects in retail banking that fed the Franco-Belgian bank would receive a boost if the merger with Banque Postale. Dexia confirmed lead discussions to that effect. "We discussed together. Work continues, however, merely to explain Philippe Mariani. In 2014, Dexia wants to take 60% of its revenues from this activity, which contributes to its turnover in 2007 to 36%.The Franco-Belgian bank intends to serve not less than 10 million customers.

In Turkey, via DenizBank, Dexia intends to accelerate the pace of opening new branches, to have 800 locations by 2014, with the goal of attracting 2 million new customers, an increase of its clientele Turkish 50%.

Dexia will continue its efforts since 2008 to track the costs to reduce by 15% by end 2011. Dexia intends to display an operating ratio below 65% in 2014.

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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.

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