After the euphoria of recent days, the time for consolidation. U.S. markets were closed Tuesday in the red, ending a series of six consecutive sessions of gains. The rise in consumer confidence, the highest since December 2007, the figures and stable real estate did not convince investors. Results: From Tokyo to Paris, via London and Frankfurt, all exchanges are this Wednesday, in the red.

Thus, as expected, Wall Street began the session on a tentative note, but still negative. The Dow Jones dropped to 0.35% open and yielded almost 34 points, to 10,511.56 points.Same trend towards the S & P 500 has lost 0.31% at 1122.68 points while the Nasdaq Composite has dropped from 0.23% at 2283.07 points.

Just after the opening, the Chicago PMI index for the month of December has given a reason for clues to recover and move toward equilibrium, or even find the green. Economic activity in the Chicago area accelerated against all odds: the index rose by 3.9 percentage points to 60 points all round. This figure is considered a leading indicator of manufacturing activity at the national level.

Airlines monitor

According to information from The Wall Street Journal, the American GMAC Financial Services (0.75%, to 18.85 dollars) could benefit from additional public help than 3.5 billion dollars from U.S. authorities .It would occur in addition to $ 2.5 billion collected in December 2008.

The way Johnson & Johnson (-0.15% to 64.84 dollars) is being monitored. The FDA, U.S. health officials rejected a license application filed by the pharmaceutical group on ceftobiprole, treatment of skin infections of the skin structure. The Swiss Basilea Pharmaceutica had granted an exclusive worldwide license to the ceftobiprole Cilag, a subsidiary of Johnson & Johnson.

Also in the same sector, Pfizer (-0.11% to 18.54 dollars) has announced its decision to terminate its phase 3 trials for the treatment of cancer, figitumumab.

A follow also the share prices of U.S. carriers Delta Air Lines (-0.79%, to 11.24 dollars) and American Airlines. Both eyeing the ailing Japanese company Japan Airlines (JAL).But rumors about a possible bankruptcy JAL has already had a falling action of the latter to the Tokyo Stock Exchange Wednesday.

Moreover, U.S. markets, airlines are also suffering: Index NYSE Arca Airline loose opening 1.06%, with 10 out of 13 companies listed in this index in the red.

Another repercussion of difficulties nippon, the dollar regained ground against the yen for the second consecutive session, reaching a recor of two months. Therefore, gold has dropped below the $ 1,100 an ounce. "Given the dollar's recovery, it is possible to see the yellow metal down to $ 1,050," analyzes James Moore of TheBullionDesk.com.

Yves Rocher French entrepreneur who founded the brand of beauty products that bears his name, died Saturday in Paris, Lariboisi?re Hospital. He was 79 years.

Born April 7, 1930 at The Gacilly, a village of Morbihan which he was the mayor (various right) for forty-six years, from 1962 to 2008, Yves Rocher has played the card environmentalist before his time. Having passed through small ads in "Ici Paris" ointment hemorrhoids cons including a Breton healer gave him formula, he founded the famous brand of cosmetics in 1959, supporting its development on the choice of "beauty through plants' and refusing any synthetic product.

In 1965, Yves Rocher is launching a "Green Beauty", now translated into over twenty languages. Focusing initially on sale at a distance, it opens three years later the first store. The following year, he sets up shop in Belgium.After leaving the reins of his business to his son Didier in 1992, he took control in January 1995 after the accidental death of the latter.

"A French industrialist," according to Nicolas Sarkozy

Present in about thirty countries, the Yves Rocher Group achieves a turnover of 2 billion euros, placing it in 18th place worldwide in this sector. Its turnover is three times larger than The Body Shop, its direct competitor bought in 2006 by L'Oreal. Claiming to be "financially healthy, profitable, low debt, despite recent social movements, the group employs over 15,000 people, has nearly 2,000 stores and boasts over 40 million customers.

Saturday, President Nicolas Sarkozy paid tribute to "a French industrialist, inventor of the cosmetics made from plant products and a pioneer of the mail.Yves Rocher, adds a statement of the Presidency, "had managed to build step by step a group serving the beauty of women, invested in the development of sustainable employment and environmental protection, particularly through the Yves Rocher Foundation-Institut de France. "

As the situation worsens indebted French, Cr?dit Municipal de Paris offers a new personal loan that will follow the fluctuations of the budget of a borrower. "This loan applies for the first time consumer credit adapts to clients' lives that evolves over time," explains the Figaro.fr Emmanuel Bouriez, Director General of Cr?dit Municipal de Paris. The institution with a social means product support vulnerable people, particularly those that feed on a new project but who have already contracted one or more revolving loans. This new offset their loan reduces the amount of monthly payments when their incomes fall and to revise upwards if they were to increase.To sum borrowed less than 20,000 euros, no guarantee is requested to the borrower and ultimately, the loan will cost "up to three times cheaper" than a revolving credit "classical" says Cr?dit Municipal de Paris . Proposed by many specialized credit institutions, revolving funds are to make available to the consumer a sum of money on a particular account permanently but whose interest rates very high, usually ranging from 16 to 22%. The phrase "Reducto-flex" as proposed in January by Cr?dit Municipal de Paris, will match the interest rate personal loans, a rate between 6% and 7%.

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In a letter he sent to his employees, CEO of the U.S. bank Morgan Stanley, John Mack, said it will waive for the third consecutive year to its traditional premium end of the year. "At Morgan Stanley, we are aware of the context in which we operate and the economic difficulties faced by both countries. (…) I recommended to our remuneration committee last week not to grant me the premium end of the year. According to news channel CNBC, the management of Morgan Stanley's CEO wanted to receive this award.

John Mack will leave his post as CEO at the end of the year to become non-executive chairman of the board of directors. It's James Gorman to take over at the head of the U.S. bank.

Banks are currently in the sights of government and the American public, particularly incensed by the level of compensation of bankers, while the unemployment rate reached 10% in the country. In view of appeasement, many large institutions have decided to make efforts to pay. As such, the CEO of Citigroup, Vikram Pandit, will not touch a dollar of earnings this year and many executives of Goldman Sachs, another behemoth of American finance, agreed not to receive bonuses cash. Finally, Kenneth Lewis, boss of Bank of America at the outset, it has been pushed by the U.S. Treasury to waive any remuneration for his duties in 2009.

As expected, the government has again decided against increasing the minimum wage above the statutory minimum. According to the opinion of November 30 last by the group of experts chaired by Paul Champsaur, the minimum wage increase will be limited, given the low inflation observed on Tuesday by INSEE at a rate of 0 , 5%, raising the hourly minimum wage to ? 8.86 gross instead of 8.82 or 1343.77 euros gross per month for full time.

Under the reform of the minimum wage passed in late 2008, the adjustment of the minimum wage will apply from 1 January rather than July 1, so as to precede the wage negotiations and corporate sector, which may well occur knowingly.This adjustment should cover some 1.6 million people according to a recent study by the Department of Labor, more than 10% of private sector employees.

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The French specialist travel products and leisure announced Friday a loss of 53 million euros from 1 November 2008 and October 31, 2009 against a profit of 2 million euros a year earlier. The 21 million euros in restructuring costs weighed heavily on the results, detailing the release of the group.

The global economic crisis, which has particularly affected the tourism sector premium has resulted in a decrease in the rag business almost 9% on year to 1.36 billion against 1.48 billion euros last year. Current operating income Villages is nevertheless increased from 35 to 36 million.The group also provides a new line of credit of 120 million euros maturing in December 2012.

"The customer gains the upper end are confirmed despite the crisis, our fundamentals are solid operating profitability of the villages has improved steadily, and financial structure was strengthened," said chief executive Henri Giscard d'Estaing, quoted in the press.

The strategy of moving upmarket Club M?diterran?e conducted for several years and translated for the first time by a number of clients 4 and 5 Tridents (669,000) exceeds the number of clients 2 and 3 Tridents (549,000).

China, "a major growth driver, is expected to open the first village (ski) in late 2010 and five more by 2015.This new market could become a "leading markets group" with such future locations, and help Club Med to restore profits.

The concern of markets and European authorities in Greece grew by the hour. Following the surveillance of the negative note of the Greek sovereign debt by the rating agency Standard & Poor's, Fitch is contributing, on Tuesday to increase pressure. The agency lowered the rating it assigns to the country to bring it back to "BBB +" with a negative outlook. "This deterioration reflects our concerns about the medium-term public finances given the low credibility of fiscal institutions and the Greek political context," says the agency is said also very worried as the economic outlook ahead.

This ad has tended to lead to further tension on the bond markets. The loan to ten years of the Greek State has reached the level of 5.33%, the highest since mid-JuneIt operates at 200 basis points above the German debt to ten years. The Athens Stock Exchange has, meanwhile, fell sharply, dropping more than 6.07%. The situation will remain tense today. After the close of markets, Fitch has indeed released a new press release announcing that it degraded to a clan note of the four major financial banks in the country: National Bank of Greece (NBG), Alpha Bank (Alpha) EFG Eurobank Ergasias (Eurobank) and Piraeus Bank (Piraeus). It also lowered to 'BBB -' rating of the Agricultural Bank Of Greece, majority owned by the state. This bank is now in the category known as speculative. "The ability (Greek government) to help banks has been reduced" because of the deterioration of the country's finances, Fitch wrote."Greek banks could eventually be a problem to refinance with the European Central Bank," warns Laurence Boone at Barclays. "If the note of Greece continues to fall, the ECB will no longer accept in exchange for taking securities on deposit bank."

Rare occurrence, this new series has led the European Commissioner for Economic Affairs to publish a statement in the evening. "A difficult situation for a member of the eurozone is a worrying factor for the whole area and it is clear that Greece is facing very big challenges on the economic and fiscal," said Joaquin Almunia. "The Commission stands ready to assist the Greek government in implementing its program of reform and fiscal consolidation." Technical assistance and policy then, but not financial.Last February, when Greece already raised the concern, the German finance minister at the time, Peer Steinbrueck had said explicitly that it was impossible for Germany to leave a member of the eurozone s 'collapse. But since then the situation has changed. Peer Steinbr?ck has been replaced by a Liberal cabinet minister and the situation of Greek public finances deteriorated sharply. Hence the renewed concern among investors. Especially since the country's social situation, explosive, does not promote major reforms.

Even countries rated frighten markets

"Greece is sure to find a savior who will avoid bankruptcy

The euro is stronger and more united than its detractors suggest. The ill winds that had stood on the Acropolis in the wake of the crisis in Dubai, have subsided in 48 hours. Jean-Claude Trichet on Thursday expressed "confidence" in the fact that the Greek government would take "appropriate action". Two days earlier, Jean-Claude Juncker had swept a backhander fears of default on public debt: "This bankruptcy scenario is totally absurd, Greece is not and will not be bankrupt. The European Commissioner for Economic Affairs, Joaquin Almunia, was equally supportive: "The problems of Greece are also the problems of the eurozone."

In simple words, but that totally defused suspicion.The risk premium had risen sharply to 215 basis points (rate differential between bonds of Greece and those of the German state), it fell to 169 points, level "before Dubai. And yet the situation in Athens is still as "worrying", according to the finance ministers of the European Union, during their Tuesday's Ecofin. They refer to the three records from Greece: a deficit that will reach 12.7% of GDP in 2009, government debt represents 113% of GDP and an external payments deficit of almost 7% of GDP.

A seemingly hopeless position, but the drama of recent days has shown in vivo that Greece had spoiled for choice to find a good Samaritan, of the four following mechanisms.

• Solidarity partners of the euro area

There is no formal "financial instrument to address a funding crisis to one of the members" of monetary union, as noted by Jean Pisani-Ferry, director of the Brussels think tank Bruegel. The Maastricht Treaty is actually contradictory in this regard. On the one hand, it prohibits salvage procedure (bail out) debts of a State (Article 104B). On the other, it provides "due to exceptional events (…) to grant, under certain conditions, Community financial assistance" (Article 103a), as noted by Sylvain Broyer, an economist at Natixis.

• Insurance Fund

Unlike Dubai, which is not a member of the International Monetary Fund, except indirectly through the United Arab Emirates, Greece "contributor" itself to the insurance company what the IMF.But everybody recognizes, and Jean-Claude Trichet first, even if it has never publicly admitted he is de facto ruled a country in the euro area do call to global solidarity that is the IMF . This would be an admission of political weakness. The Minister of Finance, George Papakonstantinou, was also quick to declare that he had no intention of doing so. Able to recall how he was entitled.

• China, deus ex machina

The U.S. agency Dow Jones Newswire has revealed that Athens was in talks with Chinese banks to sell their 25 billion euros of securities of the public debt. The Prime Minister, George Papandreou, was even in the negotiations. Nothing extraordinary in themselves: the U.S. Treasury and Agency France Tr?sor spend their time doing the same thing.More disturbing, the Chinese authorities to extend the benefit of investing $ 5 billion made last year in the port of Piraeus by Cosco Pacific (Hong Kong).

• A significant challenge for the euro area

"If the deterioration of the Greek debt continues, we will find ourselves in the terrifying position of being unable to obtain cash, because the ECB will not accept our securities as collateral," said this week the Governor of the Bank of Greece George Provopoulos. A technical way, but convincingly, to describe the systemic risk to the Greek banks, which would meet all the carpets. A "small Lehman" in Greek? A good reason at least to encourage Europeans to stick together.

The tax evaders are more than a month to repent: December 31, cell regulation introduced in April by Bercy close its doors. Reportedly, this special structure has so far treated about 800 cases of taxpayers who, after a time concealed their assets abroad, wish to put in order.

In these penitents, the French Treasury provides the "market" after they pay tax but the interest charges and penalties are negotiable. In addition, they are guaranteed not to be criminally prosecuted.

Betting on a rush of wrongdoing in the final straight, Bercy envisaged a final review of 2 000 cases handled. Such a result may seem disappointing. The famous list brandished by the Budget Minister, Eric Woerth, French listing of keeping accounts in Switzerland, has, alone, 3 000 names.The sums collected by the cell should not be extraordinary. Especially since, to attract shoppers, Bercy was ready to make some additional discounts for last repented, lowering the rate of penalties. These could, according to some tax, limited to 15% tax in the best cases (an ancient heritage or income expatriate several years old).

Small estates

"These are mostly" small estates "under 10 million euros using the cell. People are just very fortunate, "says a lawyer also. The motivation of repentant? Often leave a more healthy children. Some also come back by reason investments hidden in Switzerland do not always offer the best returns and, ultimately, capital good position in France, even subject to tax, almost all can relate.

In any case, people interested in the cell are no longer hanging. "The Swiss banks are in no hurry to give the pieces necessary to assemble the file," says another lawyer.

"To lower the ceiling on tax loopholes