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Investors began to doubt when the morale of U.S. households showed slightly degraded. Americans are less optimistic about employment prospects. The index of consumer sentiment fell to 72.5 in March against 73.6 in February.

The effect on U.S. markets was immediate. While in the early exchanges, they open up, already after three consecutive sessions in green, Dow Jones, Nasdaq and S & P 500 are passed into the red.

Around 16:30, they retreat respectively of 0.06%, 0.34% and 0.19%.

This Friday at 14:30, retail sales in the United States have resisted to the bad weather in February.Against all odds, they rose by 0.3% compared to January (in data seasonally adjusted) while analysts felt they had declined by 0.2%.

This supports other new ad, released Thursday, which was rather reassuring, even if they still underscore the difficulties overseas cheapest one. Like the U.S. trade deficit fell to 37.29 billion dollars from 39.9 billion in January. For specialists Barclays Exchange, "it is a pleasant surprise to the extent that economists were expecting a deficit of 41 billion dollars."Other good news side of the labor market "listings weekly unemployment fell to 462,000 from 469,000 the previous week.

Oil prices rose Friday in the opening exchanges in New York on a more optimistic market demand after the new forecast of the International Atomic Energy. The barrel of light sweet crude for April delivery was trading at the opening at 82.97 dollars, up 86 cents from the previous day.

On Wall Street will be sitting under the sign consumer with the publication of sales information for the month of February and the preliminary estimate of consumer confidence.Business inventories for the month of January will be published in late afternoon.

Citigroup rose 20% in 4 sessions

On the side of values, the CEO of Citigroup has pledged a return to profitability of the bank. The state could get rid of all of its shares within twelve months. The title of Citigroup rose 30% since the beginning of the month and by 20% since the stock market Monday. Friday, the shares resumed their breath, down from 0.7% to $ 4.15.

For several sessions throughout the banking sector enjoys a renewed interest from investors. On Thursday, he was also concerned by the failure of talks in the U.S. Senate to reform the financial system.After several months of effort, Senator Dodd, chairman of the Senate Banking Committee, failed to reach an agreement between Republicans and Democrats on this bill to reform the banking system.

In the energy sector, Devon Energy (0.51%, to 72.41 dollars), the specialist production of oil will sell at BP Plc for seven billion dollars of assets located in Brazil, Azerbaijan and Gulf of Mexico.

Note also the manufacturer of semiconductor National Semiconductor announced after the close of the NYSE, a profit of 53.2 million, or 22 cents a share against 18 cents expected by analysts' consensus. Turnover was 361.9 million against 348.6 million expected by analysts. Titles rise of 0.63%, to 14.44 dollars.

It keeps more Ryanair. The low-cost airline, offering unbeatable prices every month and opens new destinations this year will become the first European carrier. With 65 million passengers pass it to Air France and Lufthansa. This success, however, relies on flamboyant resort to illegal aid from airports served.

According to Air France, the aid would have amounted to 660 million euros in Europe in 2008, including 35 million in France. Based on its estimates, the company has decided to refer the case to the European Commission, confirming the details of Figaro. The complaint should be filed against Ryanair in the coming weeks, includes several charges: "lack of prior notification," "breach of equality and distortion of competition ',' illegal state aid.

Air France has conducted a proper investigation before doing so.This included all decrypted reports of regional chambers of accounts (CRC) on the subject. Using data sometimes old, crossed with his information on the field, experts have reconstructed the puzzle of allegedly illegal subsidies received by Ryanair. It shows that on average, chambers of commerce and industry, who manage airports, support the activities of Ryanair in France up 9 to 32 euros per enplaned.

A cultural crusade

From the bottom of the range found in France (using a 11 euros per passenger) and by a simple rule of three with the European operations of Ryanair (60 million passengers in 2008), Air France said that its competitor has received this year 660 million euros of aid to Europe. In support of its investigation, the French company relied on its partners KLM and Alitalia.She has found that the aid granted to Ryanair at the airport of Ostend and Alghero were above its low estimate of 11 euros.

"It's a bit weak reasoning, recognizes a part of Air France. There is no organization in Europe that will do the job of regional chambers of accounts. But the 11 euros of aid per passenger is carried in Europe by the airport we could see. We therefore believe that Ryanair affects 660 million euros in Europe. "

Pushing his argument further, Air France calculates that Ryanair, which posted a net profit of 390 million for its fiscal year 2007-2008 and a loss of 169 million in 2008-2009, has been virtually lost 270 million in 2008 and 829 million last year.

The aid takes several forms.They can be direct, as aid to start extending in contradiction with EU legislation. It also aids "indirect" form of rebate granted on ground handling and airport charges.

The method Ryanair is known: for aid in exchange for an airport serving unprofitable, the company highlights the financial windfall of Anglo-Saxon tourists it carries. In case of refusal, or if the aid is criticized, it selects a nearby airport.

This crusade Air France is not the new episode of a commercial battle, since he rarely Ryanair frontally competition. It is more cultural. "The prices charged by Ryanair give a false perception of the value of our service to passengers, said a part of Air France.The Irish company is considered the musketeer who is offering unbeatable prices respond to national companies and terminate abnormally high rates. In fact, Ryanair flies with the European taxpayers' money. "

Ryanair responds to accusations

Contacted by Le Figaro, Ryanair denies receiving any state aid on the airports where it operates. According to the spokesman of the company, "Air France is who receives illegal subsidies in the form of reductions in airport taxes on its domestic routes in France. "We do not pay attention to false claims of companies such as Air France who perform high prices and fuel surcharges, said the spokesman of the company.They complain because they can not make us competitive. "Ryanair has been traveling 6 million people in the departure or arrival of the French regions and said" support 6 000 jobs in France. In addition, Ryanair announced that "the economic model of Air France is in danger because the company can match its prices. This explains the false accusations. "

There are just a year he had won the grand prize of BFM manager and made the headlines in the magazines, which presented him as a guru technologist and strategist warned telecom. With only two known passion, except tech gadgets. His wife, Gilberte, banker at HSBC, and the trees of his house in Sologne. Alas, this image has eroded since the summer, while a series of suicides has plunged the group.

Hue on some sites, a company that has yet veneration of the leader, Didier Lombard, in his wheedling air and round cheerful, is affected. The mathematicians more comfortable in the labs among engineers that under the camera, commits some awkwardness of language that mark the spirit but do not reflect his thinking. Like when he talks of "fashion" about suicide.

The runaway media, which has a genius visionary, is suddenly switch to a boss with autism.A shift that shows how it is excessive as it is radical.

For Didier Lombard is fully committed to "home" and its employees, where he began his career as a young Polytechnique, before joining the Directorate General of Industry at Bercy. There he will manage all major industrial issues, Bull Thomson. It will keep the obsession with the voice of France and Europe in the "global digital village," between the American omnipotence and new ambitions Chinese Business Card Holders .

Capacity in countries emerging

When it comes to the head of France Telecom in 2005, replacing Thierry Breton became Minister of Economy, the company is just the head. Crushed by debt, it almost went bankrupt.Didier Lombard accelerates plan "TOP" drastic cost reductions initiated by Thierry Breton, and continues the transformation of enterprise fixed mobile integrated operator with its plan Next. A transformation vital to the survival of the group plunged into the competition, but that is no longer welcome by some of the employees in historical France. At the international France Telecom is strengthening in the emerging countries, but also in Switzerland and Great Britain, even if the marriage with the Nordic TeliaSonera fails.

In taking over, Stéphane Richard will give a flat part of this strategy.Starting probably content, even if their weight in the group activity is inversely proportional to the media buzz they generate.

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It is expected that Monday morning, important announcements of Government of Dubai, after the panic that swept over the markets last week following the announcement by Dubai World to a deferment of six months minimum payment of a debt of 3.5 billion. The reaction of local exchanges, after four days of closure because of the Eid holiday, was also highly anticipated.

It seems that support the day by the Central Bank of UAE, which has decided to provide creditors with more cash, has not reassured investors. The Exchange has unscrewed from 8.31% in Abu Dhabi and Dubai lost 7.3%. "The security of the Central Bank is limited to banks to avoid a systemic effect.But this does not solve the crisis, "notes Pascal Devaux, economist at BNP Paribas.

Dubaïotes authorities have not made this Monday in response to a specific exit strategy. The only communication came through the Ministry of Finance, who said that the emirate would not assume the liabilities of the conglomerate. "It is for creditors to assume their own responsibility in the decision to lend to businesses," said Abdulrahman Al Saleh, director general of the ministry on the television channel Dubai TV. "The creditors believe that Dubai World is part of the state, which is incorrect.The State owns the company, but since its creation, it is determined that the company is not guaranteed by the state, "he added.

Lack of transparency

By disconnecting and Dubai World, a huge conglomerate that has a dozen subsidiaries and displays 59 billion in debt, including 25 billion for real estate division Nakheel, the emirate is likely to worsen the climate of uncertainty and lack of investor confidence. Just as many experts criticized the lack of transparency and communication, particularly on economic issues in the emirate.

The target for Dubai is to prevent contagion to the entire economy of the region. "He actually tries to distinguish the business risk of sovereign risk," says economist of BNP Paribas.This to avoid that risk assessment has a negative impact not only on the sovereign risk of Dubai but also in its larger neighbor Abu Dhabi. For, while suggesting that the rescue medium term can only come from the oil revenues of big brother.

Besides this solution, Dubai has little alternative to overcome the crisis. Either the conglomerate renegotiate its debt with the risk of a higher price if the markets continue to fall. The other option is to sell off its property assets that have lost much value with the crisis. If this seems impossible at this time, Dubai will not be shy of a restructuring.

Finally, one thing is certain: by the agency Moody's, the impact of the crisis "could be disastrous" for the confidence of investors by pushing interest rates upward.What curb heat recovery of an economy still recovering and setting appropriations for the restart.

"In town, ruined speculators cross workers unemployed

19 h 30, the feast in full swing at the Opera Gallery in the trendy chic Cheongdam, Seoul. Artists, businessmen, bankers are scrambling in the art gallery. "The Korean miracle? But there is no miracle. Since 1997, the country is simply vaccinated against the economic and financial crises, slips between two small kilns the boss of a large hotel chain. With growth of 2.9% in the third quarter compared with the previous quarter, South Korea appears as the OECD (Organization for Economic Cooperation and Development) who is recovering quickly. But for Lee Dong-keun, Deputy Director, Department of Trade performance is nothing magical. "The efforts to restructure our business and our financial institutions during the 1997 financial crisis provided a solid foundation to our economy.And this crisis has taught us that with a solid foundation can overcome the difficulties very quickly, "says he.

Weak Won

Twelve years ago, the "minor IMF (International Monetary Fund), that is to say cheap, flourished in windows of restaurants in Seoul. They symbolize a country to tighten their belts under the yoke of the international institution. Today, Bentley and Equus, the top model of Hyundai, the sparkle of luxury car. In truth, what makes the difference with the 1997 financial crisis is that the government has reacted very quickly.Between 2008 and late 2009, he has injected 88 400 billion won (50.8 billion euros) in the economy, including 26.8 billion in the form of tax reductions and lowered its interest rate of 5.25% to 2%.

"We come out faster because the initial conditions were not the same as those of Europe or the United States," said Hur Kyung-wook, Vice Minister of Finance. "The financial sector was not in the same situation as twelve years ago. The banks had money and had very little exposure to subprime loans. "

If the government failed to arrest the fall in exports, down from 20.7% in the first nine months of the year, it has saved its trade balance with the weakness of the won and the reduction imports."Our discussions have been penalized less than other Asian countries due to the diversification of our markets and our products," welcomes Yoon Jong-won, director general of the Office of Economic Policy at the Department of Strategy and Finance. Behind China (21.7% of exports), Europe (13.9%), North America (11%) and countries of ASEAN (Association of the South-Eastern Asia ) are in fact almost on a par. It remains to convert the try.

"Green Growth"

Unlike Japan, South Korea has no plans to ease its measures to support the economy. "The recovery is driven by the public and until the private sector recovers, emergency measures are necessary as well as fiscal stimulus.Exit plan would be entirely premature, "says Hur Kyung-wook.

The government relies on the vast field of "green growth", driven directly by President Lee Myung-bak to restart the machine. This project, which should raise some 60 billion euros of public and private spending in the next five years and create 1.8 million jobs, will own the car in the management of large rivers of the country, through the eco-towns. From the largest to smallest, all companies are required to participate. "They give us very positive signs," says Yoo Beom-sik, director of the Presidential Program Green Growth. Korea, which is 97% dependent on foreign countries for its oil and gas, is facing an energy bill of more than 93 billion dollars per year.As she turns to renewable energy, it is hoped that these will enable rapid development of new technologies.

It is also necessary now that the provinces play the game and also invest. The controversy has erupted in recent days, even within the ruling party, on the project to move 9 departments and 4 government agencies to Seoul Sejong City, 150 kilometers south of the capital, shows that the N is not won. It might even, in the eyes of some Koreans, delay or jeopardize the reform agenda of President Lee Myung-bak.

"South Korea: strongest growth in seven years