The upturn could be short lived. The rise of European registrations in September (+6.3%) explained by the fact scrap premiums up on most of the Old Continent. However, for reasons of public finances, these devices will be interrupted in many countries. This is particularly the case already in Germany (21% in volume last month), where a bonus of 2,500 euros has led to the sale of 2 million vehicles. They will however be delivered, so registered and, until early next year. For its part, Britain has extended this premium should stop soon for 100,000 vehicles, a few months. La France, for his part said that the amounts of the premium would be reduced by breaking twice in 2010, from 1,000 to 700 euros from 1 January, then 500 euros on 1 July.

Second reason not to give in to optimism, the September 2009 figures compare to a low in September 2008 when sales had fallen by 8.1%. The volumes slumped further thereafter, the comparison with 2008 may be further supported by the end of the year.

With the effect of scrap premiums, manufacturers have continued throughout the year to revise upward their forecasts for 2009, having anticipated in early declines of about 20%. In July, Renault expecting a market decline this year by 8% compared to 2008. Philippe Varin, the boss of PSA Peugeot Citroen, was estimated at the Frankfurt Motor Show in mid-September that the decline would be "approximately 10%. In the first 9 months of the year it stood at 6.6%.

Next year could prove equally difficult.According to Carlos Ghosn, CEO of Renault, the real recovery will occur on the continent as late 2010 or early 2011. The group expects next year to a market downturn between -8 and -10% compared to 2009. The diagnosis is similar to Jean-Marc Gales, director of Peugeot and Citroen. According to experts, Germany alone could lose 1 million car sales next year compared to 2009. You'll then have several years to recover. According to the firm Alix Partners, Europe did not return until 2014 its 2007 volumes.

Offensive Ford, Renault and Fiat

For now, some manufacturers are spared, the game is the case by Ford (17.8% in September), thanks to its new Fiesta, a small model. In late September, its market share reached 8.9% against 8.4% over the same period last year.Another winner last month, the Renault brand, which jumped by 21.1% (however, she recoils of 11.3% over 9 months), with a wide "very young", according to the manufacturer. The Fiat group is also shaped commercially, with an increase in registrations by 13.7% in September and 2.5% since the beginning of the year.

ALSO READ

The premium breaks supports the auto market in Europe

Not that Renault suffering in Russia. The French retailer Carrefour, the world, announced Thursday its intention to sell its activities in Russia "in the absence of sufficient growth prospects." Carrefour is present in Russia since 2008 and operates two supermarkets in Moscow and Krasnodar, the statement said.

Carrefour had last week denied press reports that he was considering "the sale of its business in growth markets," noting that Brazil and China in particular remained a priority.The daily Le Monde had said that "the sale of implantations in Latin America" was "seriously considered a track" and the "bulk sale of emerging countries," the newspaper had mentioned initially, was "dismissed".

This will leave the Russian market comes as Carrefour announced disappointing sales in the third quarter. Lars Olofsson had not hidden earlier this week that the situation was difficult in a Interveiw The Wall Street Journal.

Indeed, the turnover of the group is down, but the group was "on track to achieve the 2009 targets."Operating profit before non-recurring items would still be in the lower range of 2.7 to 2.8 billion euros announced June 30

In the third quarter, the group recorded a turnover of 24.018 billion euros, down 3.8% in comparable stores, slightly less than expected by analysts (24.29 billion euros average).

Gain market share

In a statement, Lars Olofsson, the CEO of Carrefour, said that "in an environment that remains challenging, particularly in our markets of Western Europe, (the group) continues to gain market share in France, reflecting the success of Carrefour Market, which compensates for the disappointing performance of hypermarkets in the third quarter.

Carrefour reiterated its priorities for 2009 to invest 600 million euros to support sales and market share and reach at least 500 million of savings in operational costs.

In France, sales between June and September were down 4.2% in comparable stores to 10.400 billion euros (10.398 million consensus) with 5.292 billion euros in hypermarkets a decrease of 8% in comparable stores. Supermarket sales rose 1% to 2.292 million. In the hard discount they show a decrease of 7% on a comparable basis to 641 million.

Moreover, the group plans to change the pattern of its hypermarkets. According to the site of Les Echos, William Vicar will replace Alain Souillard, less than two years after his appointment as head of the 200 stores of the French number two worldwide distribution.

Internationally, Carrefour has achieved in Western Europe a turnover of 6.346 billion (-6.5%) while they increased in Latin America by 5% in the third quarter same-store sales at 3.368 billion. In Brazil, they rose by 14.2% at constant exchange rates, of which 3.9% in comparable stores. In Asia the turnover has however declined by 6.4% to 1.787 million in the third quarter.

The Industry Minister has detailed a series of measures that could change the face of French industry at the opening of the Estates General, which meet from today the industry representatives and social partners. He said hoped "that we study the financial and tax help for the relocation of production facilities and R & D". Christian Estrosi said that this "could take the form of premiums for relocation financed by the state variables at amounts of investment and number of jobs re-created. For example, the Minister cited the automotive supplier Ghent, which brought the activities of Romania to the Vosges.

However, Claude Miserey, Vice-President of the French Union of the Clothing Industry, said for his part that "it's not because we're going to reward our textile industries will begin to relocate, why should significantly reduce payroll taxes for production in France again become competitive. "

Aids for companies with fewer than 100 employees

Christian Estrosi has also proposed developing "a model of cooperative enterprise in which employees have majority ownership, a measure especially designed for businesses with fewer than 100 employees. In addition, the Minister mentioned the track "innovation tax credit, which would complement the existing research tax credit to help the innovative company after the filing of patent and until the launch of production.Other track: minister said he would "consider the implementation of green subsidized loans for the benefit of investment in industrial processes more environmentally friendly."

The estates will be developed around three pillars: a "national focus, with the establishment of a committee" called "CNEGI (National Committee of the General Industry), a" regional focus ", with the organization of workshops in the regions, and a "participatory axis, via a website. The themes will be related to innovation, the "policy networks", "employment and training", "competitiveness and green growth" and "access to finance.Up to ? 15,000 per job in France repatriated Specifically, companies, small or large, can benefit from a support mechanism whose details remain to be determined but will take into account several factors including geographic location, the amount of investment and the number of jobs relocated. "It will be a variable premium and no tax credit. This will obviously give and take," said one expert dossier. The company wishing to relocate part of its activities will be most helped if she settled into a disadvantage. Experts estimate that the amount of aid will be between 10,000 and 15,000 euros per job. This amount will likely be added to other premiums. The number of jobs that companies with foreign parties could relocate in France is still difficult to assess.According to recent experiences, the Department estimates that on average a year, French companies could result in such incentives to repatriate a thousand jobs a month. Several companies have recently set the example, the company Vosges Ghent (Europe's leading metal mechanics and perforated fabric) has reported its machines from two sites in Romania. "We expect that the crisis subsides to make the hires," says a spokesman. In the world of optics, Atol relocated in 2005 a portion of its production previously done in China, for example, be more responsive to the request of its customers. Relocation may also have commercial benefits

Times are tough, but some still manage to pull the chestnuts out of fire. Property Regions (FDR) has come to an agreement with Groupama and Predica to buy them a nice batch of offices worth 267 million euros. Constrained by debt (58.8% of its equity), the listed property company expects to fund its operations by issuing 3.9 million new shares. Groupama will rise to 5% of its capital. Predica, Cr?dit Agricole subsidiary, already owns 3.2%, rising to 7%.

On a stone three coups. While expansion of its heritage, FDR strengthens its capital without increasing debt. Having divested 633 million in assets since January and renegotiated its credit lines, the property enjoys a "timely", as President of its Executive, Christophe Kullmann. FDR put his hand on quality assets at a price considered attractive."At 6 500 euros per sqm with a yield of 7% is an operation which shows that the crisis was moving prices, said Christophe Kullmann. Bankers return, insurance companies have collected a lot of money and tradeoffs we are favorable bond yields are low and risk aversion has decreased. "

At year end, FDR will make a second capital increase for existing shareholders by offering to purchase 200 million new shares at a preferential price. Its debt would then fall back to more reasonable levels, around 56% of its equity.

The post-crisis?

Is this the beginning of the post-crisis? After nine months of sluggishness, investment tends actually to leave, knowing that we've been through. The major transactions in the fourth quarter will not save the year, the worst the industry since 1998.But they will help give an award to products that arise on sale in the coming months.

Observed around the pressure to lower rents have hit a low point in the beautiful neighborhoods of central Paris. Good resistance that appeals to insurers, such as German funds, often little indebted, or private investors who wish to also do good business.

Among the big "deals" finalized or could be, the sale by the HSBC bank's headquarters in Paris on the Champs-Elysees. A long-awaited transaction that the market estimated at 400 million euros. It could be done under a Qatari sovereign wealth fund, if the parties agree. In the suburbs of Paris, another building, new one, will soon be sold by U.S. fund Carlyle at Credit Agricole, which could make his future headquarters.Since January, Kl?pierre in turn sold 400 million euros in offices and shops. The listed property, owned 52% by BNP Paribas, is selling one billion of assets by the end of 2010, but refrain from seizing opportunities.

ALSO READ

"Housing loans: interest rates further down

"The real estate prices should fall further (avecJdf.com)

Google introduced late Thursday its quarterly results counted for the period July-August-September. The profit comes up 27% to 1.638 billion dollars (1.097 billion), or earnings per share of 5.89 dollars, against 5.42 dollars expected by analysts. The turnover is also above market expectations which was banking on 4.24 billion dollars and which finally reached 5.944 billion dollars.

"Google had a good quarter (…) we saw a 7% growth in turnover over one year despite difficult economic conditions," said Schmidt, the CEO of the group. "We are now very optimistic about the future," he added.

Towards a recovery of investment

The U.S. giant said he was ready, through its director general, to "invest heavily" now that "the worst of the recession is past."There are 12 months (..) we decided to sail cautiously" facing the worst crisis in a generation, he said. "Now it is important to return to what we do well, innovate and invest."

For over ten years, the company specializes in the detection of small companies considered promising and may be enhanced by synergies with its operations. Among its most massive acquisitions, we find the redemption of the Youtube video platform in October 2006 for 1.65 billion dollars.

The group based in California, which had already indicated last month it was considering acquisitions, with 22 billion dollars in cash at 30 September, enough to finance several acquisitions.

In electronic trading after the close of business action gained 2.90% after the announcement of its results.