Analysts saw in recent weeks that the Italian bond market suffered from a premium of distrust Berlusconi estimated at 100 basis points (1 percentage point) on the rates of government bonds to 10 years. Not surprisingly, the announcement of his impending departure should have been welcomed by a substantial amount of rates.

Bluff or not, this threat reveals the uneasiness of the Federation kiwi affected financially by the organization of the current World Cup. Certainly, the event is almost historic land of the long white cloud. But the financial benefits expected from this great mass of world rugby is limited. In the end, New Zealand will lose even money (about 39 million New Zealand dollars, or 22.33 million euros).The New Zealand government will pay part of the losses, but the federation itself will also put their hands in the pocket to the tune of two thirds of the money lost.

Shortfall of 7.5 million euros

However, these losses are organizing a one-time difficulties. Because the real malaise lies elsewhere. Steve Tew, it's participation in the competition itself that is the problem. Every 4 years, federations qualified in the northern hemisphere and the south need to change their schedule (suppression test matches, shortening the Tri Nations tournament …). What cause a shortfall in terms of result and television advertising revenue and ticket sales. This year's Tri-Nations tournament, in which compete each year in New Zealand, Australia and South Africa, for example, was reduced from nine to six games due to World Cup.In Europe, the fall tours were also canceled.

In a World trade rules of the International Rugby Board (IRB) also prohibit the presence of the sponsors of the national federations. This accentuates the downward pressure on commercial benefits. In the end, the Federation of New Zealand (NZRU) said the shortfall related to participation in a 13 million New Zealand dollars (7.5 million). Great on a budget of around 55 million euros. A price she can afford all four years, according to Steve Tew.

If they win the All-Blacks, the players would receive such a bonus of 55,000 euros, depending on the site sportune.fr. Barely more than the French players to touch the earth just move in New Zealand (45,000 euros).If they win the XV of France, the French would also reward of 180,000 euros extra.

Australia to support

In his threat to boycott, leaders of New Zealand have received support from their neighbor Australia. For its part, the Australian Federation (ARU) said the losses associated with participation in the World Cup to 16 million Australian dollars (about 11.5 million euros). All federations combined, the overall shortfall would reach between 35 and 40 million pounds (40 to 16 million euros). "As noted by Steve Tew, the current economic model is unacceptable and can not be encouraged," said the general manager of the ARU, John O'Neill.We ask the IRB to resolve the problem quickly, because as a national federation, the ARU can not afford to have huge losses every four years. "

For many, the threat of New Zealand is not serious, its national team can not really do without the visibility provided by the participation in the World Cup. But the argument did fly, the IRB had promised the opening of discussions after the World Cup to avoid a radical decision.

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For now, the markets show their confidence in the ability of the euro area to help Athens to prevent the country are lacking, and is forced out of the single currency. At the end of their conference, the Franco-German and was convinced "that the place of Greece is well and truly in the euro area." But on one condition, also very explicit: "The implementation of strict and effective recovery program of the Greek economy supported by the countries of the euro area and the IMF and which conditions the disbursement of future tranches of the program. "George Papandreou was quick to deceive, confirming" the absolute determination of his government to take all necessary measures to implement all commitments. "For the budget minister Valérie Pécresse, what the Prime Minister of Greece were "reassured" the euro area, she said on Thursday LCI.

The U.S. maintains pressure on Europe

To this, add the announcement of the Brics (Brazil, Russia, India, China and South Africa) said on Wednesday they could increase their holdings of bonds denominated in euros. Brazil has such willingness to participate in a "global effort" against the economic crisis that affects rich countries, said the same day the President of Brazil Dilma Rousseff. Meanwhile, Italy, whose rates have soared during bond, has denied media reports that she would have asked China to invest in debt.

U.S. side, however, no way to release the pressure on Europe.It "must do more" in the words of Timothy Geithner, U.S. Treasury Secretary, who must participate in a meeting Friday of finance ministers in Europe. In an interview Wednesday on the financial channel CNBC, he considers, however, that the Europeans "has the capacity" to resolve the crisis, seeing as a good thing that they "recognize that they are late."

Note that Christine Lagarde, Executive Director of the IMF, should give a speech in Washington on "Challenges and solutions for the global economy and the IMF" to 16 hours. While Ben Bernanke, the Fed chairman, should speak at a conference in Washington on the regulation of systemic risk in the early afternoon.

Oil prices continue to fall

On the macroeconomic front, figures on employment in the euro zone for the second quarter are expected, and inflation in August.

In France, the trade deficit is expected to reach 75 billion euros this year, a new sad record after the 56 billion euros recorded in 2008, says Les Echos.

For its part, Spain on Thursday to conduct a bond issue.

Finally, many figures are expected in the U.S., including inflation for the month of August, the current account balance in the second quarter, the weekly claims for unemployment and industrial production for the month of August .

On the foreign exchange market, the euro appears down 0.16% to 1.372 dollar on Thursday. In turn, oil prices continued to fall, after figures showing a decline in demand for refined products in the United States, and while the markets remain worried about the situation in the euro zone, analysts said.In early electronic trading, a barrel of "light sweet crude" for delivery in October lost 43 cents to 88.48 dollars per barrel of Brent North Sea crude for October delivery 53 cents to 111.87 dollars.

Values ​​to follow

• Banking

The banking sector, including Societe Generale (0.29% to 17.43 euros), BNP Paribas (1.04% to 27.18 euros) and Credit Agricole (1.80 to 5.31%) will be once again scrutinized by investors. The crisis became systemic, according to a document sent to the European Union finance ministers and obtained by Reuters, which also recommended a further strengthening of bank resources. In addition, two out of three French believe that the weakening of the banking sector related to the debt crisis could threaten their economies, according to a CSA poll released Wednesday to Les Echos.

• LVMH (1.25% to 113.20 euros)

The group announced Wednesday it had chosen Jordi Constans, come to Danone, to succeed Yves Carcelle at the head of Louis Vuitton in 2013.

• ArcelorMittal (2.68% to 13.23 euros)

The company promised to stop its steel plant in Florange (Moselle) would be temporary, said Wednesday the French government.

• Areva (2.04% to 21 euros)

The nuclear expert will present its strategic plan in early December through improved operational performance, an adjustment of investment and possible asset sales, said its president of dirctoire in an interview for Echoes.

• Publicis (0.56% to 30.66 euros)

The group announced Thursday the acquisition of 100% stake in a public relations agency in the United States, Schwartz Communications, which specializes in technology and health, for an undisclosed sum.

• Bouygues (0.53% to 24.86 euros)

Wednesday, Bouygues Construction, through the company Eirene, delivered the first 53 service centers and respond to the DIT (Directorate of transport infrastructure under the Ministry of Ecology, Sustainable Development, Transportation and housing), according to Reuters.Eirene now provides maintenance and management of these buildings for 28 years.

• Technip (0.76% to 67.89 euros)

The French group of Petroleum Engineering has won a contract for facilities ammonia-urea fertilizer in Port-Gentil (west of Gabon), from Gabon Fertilizers Company, said in a statement.

• Cellectis (6.02% to 5.99 euros)

The company will acquire the Swedish company Cellartis specialist tools for research and development in vitro derived stem cells, as part of a contract valuing the approximately 33.8 million.

• Hermes

The luxury group said that trading in its title would be suspended Thursday pending the decision of the Court of Appeal of Paris on the exemption granted by the AMF on the buyout of minority interests.

No major statistical date to worry about Wall Street, while European markets are more focused since Monday morning. As for U.S. data, only the index of manufacturing activity in the Chicago Fed was on the agenda. Stood at -0.06 in July, against -0.38 in June. "The index shows no tendency to a looming recession, observes Philippe Waechter, director of economic research at Natixis AM.However, other surveys conducted in August are troubling. "

But it will wait until Tuesday to learn more, with the publication of sales figures for new homes, from 16 hours. Wednesday, the agenda will grow a bit, with durable goods orders for July and the weekly inventory of crude oil to the United States.Thursday, things become more serious with the weekly jobless claims, always eagerly awaited by investors on the lookout for any sign of weakness, or, conversely, improvement in U.S. growth.

Threats to U.S. growth

But the appointment will most certainly expected the intervention, Friday, Ben Bernanke, chairman of the Federal Reserve (Fed), some investors are hoping a third easing able to restart the engine stopped the world's largest economy.This day will be both detailed, the second estimate of U.S. gross domestic product for the second quarter, and the index of consumer confidence for August.

Markets, even if they are experiencing very high volatility, and may still show, at the same time, some caution, pending the decision of the Fed on Friday. Especially as the threats to the outlook for U.S. growth accumulates. After Morgan Stanley and Citigroup, JP Morgan Chase lowered its estimates, in turn, growth in the U.S. economy. The Bank of New York discusses risk "clearly raised" a recession, while growth prospects for the third quarter are for their slightly smaller than before pay day loans.The U.S. GDP growth for the fourth calendar quarter is now expected at a rate of 1%, against 2.5% previously.

Vice President Joe Biden, on an official visit to China, but probably a little appeased the spirits, reaffirming this weekend at the first creditors of the country they could rely on the strength of the U.S. Treasury.

Values ​​to follow

The uncertainty is compounded room at the international level, by the events in Libya. The fall of Colonel Qaddafi, found, became clearer Monday morning, prompting oil companies to return to the values ​​of the colors. However, perhaps more in Europe than the United States. Although they are not active in Libya, Chevron (1.79% to 94.95 dollars) and ExxonMobil (1.66% to 70.96 dollars) respond positively to the opening, rising oil prices in New York.

On the corporate side, the internet telephony group Skype also announced Sunday an agreement to acquire Me Group, a provider of mobile messaging services to targeted groups. Registered in Luxembourg, the company Skype was founded in 2003 and became the world leader in Internet telephony. She is currently being acquired by Microsoft U.S. computer group (0.89% to 24.20 dollars).

Apple (1.22% to 360.58 dollars) takes advantage of the rumors about the implementation of its pre-production soon iPad 3 October.The Wall Street Journal says in effect this morning as the group prepares its suppliers with the necessary logistics, to produce 1.5 million units in the fourth quarter.

In addition, Dollar Thrifty Group Antomotive asked Hertz rental companies (1.03% to 9.81 dollars) and Avis Budget (2.50% to 11.92 dollars) in early October to submit their final proposals on reconciliation activities.

Verizon (1.15% to 35.11 dollars) on his side ended a social movement and Hewlett-Packard takes up 6.34% to 25.12 dollars after losing 20% ​​of its stock value at the end of last week. He took advantage of presenting a new model of high-end PC, after announcing Thursday the sale of its computer manufacturing.

Short sales are a complex and risky speculative practice, which involves, initially, borrow securities (eg 10 euros) which anticipates the decline. Then sell it. And finally to buy it when its being dropped (8 euros). By selling what he had not yet acquired by the speculator has pocketed a gain of 2 euros.

This practice is alleged to amplify the declines of the securities markets. Its prohibition is routinely considered during financial crises."Short sales are trading strategies consistent with the rules but they become abusive when they are clearly associated with large and false market rumors," said ESMA, the European regulator of financial markets in a statement.

Eleven French values ​​involved

In France, the AMF has decided to ban short selling of eleven financial stocks which were particularly severe on the stock market due to rumors about the health of the banking sector guaranteed payday loan. Societe Generale is one of them: the bank has seen its price falls by 15% Wednesday due to a rumor of a false information about a bank failure in the British tabloid Mail on Sunday.Crédit Agricole and BNP Paribas are also among the financials involved.

"We deal in various European countries to rumors that are unfounded," noted the president of the AMF. "These rumors can amount to market abuse", by which the MFA refers to price manipulation and insider trading. Finance Minister Baroin has in turn welcomed the decision of the AMF.

In France as in Spain and Italy, the ban is valid for 15 days and may be renewed. In Belgium, where naked short sales (where the investor does not own the loan) were already banned, the new ban is enforced for a period inderterminée.It concerns four titles: KBC Ancora, Dexia and Aegas.

The Dutch financial markets regulator AFM, meanwhile, said he saw no need to ban short sales on the exchanges of Amsterdam.

Shortly before, the only official reaction came from the Treasury and was terse: "an appreciation vitiated by an error of 2000 billion dollars speaks for itself." This release has illustrated the high tensions between the administration occurred Friday Obama and the rating agency Standard and Poor's, crystallized around a miscalculation of 2000 billion.

As tradition dictates, S & P has informed earlier this afternoon the Treasury's decision before making it public. This is usually an opportunity for the government to point out any factual errors. At this meeting, U.S. officials soon discover that the projections of S & P over ten years the budget deficit and public debt do not coincide with the figures of the executive, from the work of the Office of Congressional Budget (CBO).The U.S. public debt stood at 93% of GDP in 2021 instead of the expected 85%, a difference of two trillion dollars.

Standard and Poor's emphasizes the "political risks"

Faced with protests from the government, the rating agency starts with defense. She claims to be part of the work of the CBO, a retaining projection "alternative" of government spending, considered more realistic. After discussions, however, she agrees to return to the initial forecasts. The Treasury advised her to give himself time to review the numbers cold.

Far from judging, Standard and Poor's does not reverse its decision to lower the rating of the United States to "AA +" with 'Negative' outlook. The agency submits a new version of its release to focus on "political risks" to see the country taking insufficient measures against its budget deficit payday loan lenders.In another statement released at night, she explained that the correction of the error has changed only marginally forecasts of debt in 3 to 5 years to come, "decisive" for its decision. "This is a technical error, no serious consequences," says one within the agency.

According to S & P, the political debate on these issues in the United States is indeed not up to the problems caused by a debt of more than 14,500 billion.According to a U.S. government source quoted by CNBC, this episode proves that the decision by Standard and Poor's was taken regardless of the numbers, while revised data showed that the deficit would be sustainable over the next ten years.

"Latest victim of the failure of Obama's economic"

The rating agency had in fact warned in mid-July the Obama administration she wanted a deficit reduction of 4 trillion dollars over ten years to maintain the triple-A, instead of hard-won 2.1 trillion. John Chambers, President of the Evaluation Committee of S & P, also found on CNN that Washington could have prevented the lowering of the notes within the ceiling as soon as the statutory debt.He said the responsibilities were shared by the Administration and Obama, but also "the previous administration."

The political reaction in Washington have shown just block pointed to by S & P. Mitt Romney, candidate for the Republican primary for the 2012 presidential election, has described the downgrade of American "latest victim of the failure of Obama's economic" and the Republican president the House of Representatives "consequence of uncontrolled spending in Washington in recent decades."The Senate Democratic leader, Harry Reid, has instead called for "a balanced approach to deficit reduction," with lower costs but also increases targeted taxes, it rejected the Republicans, under pressure ultra-conservative "tea parties" in the recent discussions on the debt.

(With branches)

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Indeed, the net profit of Société Générale for the period April to June won by 31% over the same period last year to 747 million euros, due to increased depreciation on Greek government securities of 395 million euros. For his patron, Frederick Oudéa, depreciation Greek "a limited impact, as expected." Note that its rivals Credit Agricole and BNP Paribas have seen the note Greek respectively amount to 850 million and 650 millions of euros. Besides this exceptional item, net income of the bank was in line with analysts' expectations.If the net banking income (equivalent to sales) reached 6.5 billion euros (-2.6%), the net cost of risk has, himself, enjoyed 17.3% year on year.

"While the moderate recovery in developed economies has been confirmed in the second quarter, growing concerns about the European sovereign debt have caused risk aversion and erratic market movements, at the discretion of the political" summarizes the bank in a statement check cash advance.

Still, Societe Generale now seems to give up its goal of net profit of 6 billion euros in 2012, as the group had announced last June as part of its strategic plan called "Ambition 2015" according to CEO the objective "now seems difficult to achieve on time."

In terms of capital ratios, Societe Generale will toe the line: as required by the new regulatory framework for banks known as Basel III, which will be phased in from 2013 and requires banks a capital ratio of hard 7%, the bank expects to achieve an equity ratio of "hard" at least 9% in late 2013.Thus, if the extra layer of 1 to 2.5 percentage points, asked for schools called systemic, that is, those whose failure would threaten to destabilize the entire financial system-was claimed to Societe Generale, the obligations could be met.

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The first saw its revenues increased more than sixteen in less than a year with new advertising contracts. 42,000 euros per year in August 2010, Camille Lacourt thus rose to 700,000 euros, much of which end of advertising contracts. Jeremy Stravius, it has at present still no agent and a single sponsor, Tyr, obtained through the French Federation of Swimming.

Thanks to a physique, Camille Lacourt has attracted luxury brands like Clarins and beauty, and earns 200,000 euros a year for six years, and Chanel, which pays 70,000 euros a year to wear its watches. But not only.These three gold medals taken down on three different disciplines at the European Championships in 2010 convinced the sponsors to leverage the rising value of swimming. This choice is paying now. "We have no logic, because the muse is the star product, it says Clarins. Such a partnership is a new and unusual practice for us. It's Camille Lacourt who came to us. President Christian Courtin had a crush on the athlete who shared our family values. It has in fact explained that her grandmother was attached to our products payday advance low fees. It has become our first ambassador. What we do not regret today. "

Banking on new talent to one year of the Olympics 2012

A speech that could also take Tyre, the last date of the associate sponsor of the club swimmers Marseille.Last June, the U.S. supplier has signed with him a three-year contract for a minimum of 80,000 euros per year. This amount could go up to 150,000 euros.

The gap is large with Jeremy Stravius ​​which according to our information, does not own advertising contract. But in the basin of Shanghai, the swimmer's club has yet matched the Amiens time Camille Lacourt, which is considered as one of the specialists in the discipline. Jeremy Stravius ​​therefore affect the same amount as for this fellow gold medal.

Amiens and the swimmer is reassuring: the current situation is reminiscent of Camille Lacourt a year ago, before it exploded and sports media to the general public.As long as Jeremy Stravius ​​this week confirmed its performance on other distances, it is not inconceivable that a brand can be associated with his image, in just one year of London Olympics in 2012.

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After roaming agreement on 3G mobile, the partnership of the fiber is the second major agreement signed between France Telecom and Free in the space of a few months. But the incumbent would also be discussion of the fiber with SFR and Bouygues Telecom.This agreement will give a boost to fiber deployment in France, whose government is a priority. "What are the different actors as their strength together and avoid a dispersion of investment is really a giant step, which launches the real start of the top fiber," said Pierre Louette, secretary general of France Telecom.

If the number of Internet subscribers high-speed barely reaches 150 000 in late June, Nicolas Sarkozy has set a target coverage of 100% of the country with broadband by 2020. In the heart of major cities, very densely populated areas and therefore profitable, Orange, SFR and Free deploy each with its own fiber network. But the issue is acute in areas less dense. France Telecom's offer and provide an initial response to the many local officials who want high-speed on their territory.

Sixty cities

In concrete terms, with the agreement signed between France Telecom and Free the cities of Dijon, Brest, Reims, Le Havre, the community of loops of the Seine around Chatou near Paris, some sixty in total, representing 1,300 Public and 5 million homes will be equipped from 2011 to 2012. France Telecom will deploy its network and will own in the end. But competitors can participate in the financing and get strong trading network usage. "It's very flexible. Our competitors can buy access rights for every 5%. They are true indefeasible rights of use, kind of very long-term concessions, renewable, and can assimilate into their investment accounts, "said Yves Parfait, program director at France Telecom fiber.Since France Telecom agrees to work with its competitors, exit the idea of ​​a centralized national structure "Fibre France" imagined by some. "This fantasy of a national operator vanishes," said Pierre Louette.

The agreement validates the framework established by the regulator (Arcep) and meet in Brussels considered it too little binding. "The framework adopted in France is good, since it works, that France Telecom did what was expected of her and it avoids wasting public money," says Pierre Louette.

In total, France Telecom will invest 2 billion euros by 2015 in deploying fiber. It has covered 3600 and communes, 3440 outside the areas dense. It aims to cover 10 million households in 2015 and 15 million in 2020, nearly 60% of French households.