The Chinese inflation seems under control. The index of consumer prices continued to rise in February to 2.7% but remains below the 3% limit set by the government. This figure was drawn by the waltz of the labels of food products due to appalling weather conditions and to celebrate the Lunar New Year.

The Chinese authorities remain confident. "We believe that rising prices will remain moderate and controllable. So we must stabilize inflation expectations, "said a spokesman for the National Bureau of Statistics (NBS).

The owner of the Banking Regulatory Commission, Liu Mingkang, displays the same serenity: "Do not worry about inflation.The index of consumer prices and the index of producer prices could increase slightly "in view of the process" complicated "global economic recovery," but only moderate inflation is unlikely.

Still, the resumption of exports has caused a jump in industrial production by 20.7% over the first two months of the year. Investments in fixed assets (buildings, factories, equipment, …) it has boomed by 26.6% over the same period. Domestic demand is no exception, retail sales rose by 17.9% yoy in January-February.

Still, "we do not believe the inflation risk," wrote in a note Xu Bei, economist at Natixis. She recalls that the figures are distorted by a base effect, the statistics of early 2009 was very low because of the crisis."By comparing the price index of the beginning of this year compared to 2008, the price increase is only 1%."

The government, on the other hand, already started to tighten monetary policy to prevent a runaway economy and prices. It set to 7.500 billion yuan (800 billion euros) the level of loans does not exceed by banks in 2010, against 9590 billion yuan last year. The effect would be felt in February: Chinese institutions have issued 700.1 billion yuan this month, almost two times less than in January (1.390 billion yuan).

The president of Toyota, Akio Toyoda, today apologized for the recall of its models in an interview on public television NHK.

"We are extremely sorry for having caused discomfort to customers," said president of the Japanese group, interviewed on the sidelines of the Davos Forum in Switzerland. Toyota is looking for reasons for the problem and explain to customers to allay their fears, "he added.

Up to 1.8 million: the number of cars sold in Europe that the Japanese car manufacturer Toyota will recall at its plants, a lack of accelerator pedal already detected in the United States, Canada and China .Toyota had announced the recall Europe before yesterday, but without the encryption.

Eight models concerned

A statement from Toyota, "the precise number is still under consideration, but could reach 1.8 million vehicles" recalled in Europe. Eight models are concerned: AYGO, iQ, Yaris, Auris, Corolla Verso, Avensis and RAV4. But "no Lexus or any other Toyota model is affected," says the group.

The cause of the recall is a defective design of the accelerator: in some cases, the pedal may stay locked in position down free credit report .The same problem has already caused the recall of 270,000 cars in Canada, 75,000 in China and 2.3 million primarily in the United States, where the group has even had to suspend production and sale of eight models, an unprecedented step.

"There is no need or intention to stop production in Europe," says Toyota Friday, who said he uses the more contentious parts for cars sold on this continent. The Japanese group says he tries to normalize the situation as quickly as possible, saying he has "found a solution to the problem" and that it will provide instructions to all its customers when its effectiveness will be verified .

Tadashi Arashima, head of Toyota Motors Europe, has also tried to reassure by saying that the accelerator problem "happens only in very rare circumstances.The action announced is a preventive measure, intended to ensure the highest standards of quality for all consumers. " "We recognize that the current situation creates concern, and we deeply regret," he further stressed.

Finally! After six sessions of declines, the Bourse de Paris displays a better form. In the green at the opening, the CAC 40 – which posted a gain of 0.46% to 3705 points in early trading – has continued to display good orientation to the closing up 1.37% in 3739, 46 points, boosted from 15 hours through the publication of the first estimate of GDP in the United States for the fourth quarter of 2009. She stood at 5.7% (5.4% on average expected).

According to Christian Parisot, head of economic research at Aurel, "this figure is reassuring for markets and for the future." But that rebound is partly 'technical', relativize does. He explained to the tune of 3.4 points from a "stock effect". Croissancedu the fourth quarter will be weaker in the first quarter of 2010, he said.

Markets have also been able to welcome the extension to the head of the Fed Ben Bernanke.In choosing the U.S. Senate is also banking on a continuation of the current monetary policy, marked by very low rates. The news is welcome.

Across the Atlantic, the figures of industrial activity in the Chicago area for January were also pleasantly surprised: ISM index rose to 61.5. Then, ten minutes tardn it was the turn of consumer confidence as measured by the University of Michigan to give pleasure: it has been revised upward to 74.4, reaching its highest level in two years.

The LSE has also finished up Friday, the FTSE-100 index of leading values winning 42.78 points, or 0.83% over the closing Thursday at 5188.52 points. On Wall Street, the trend is still upwards, two hours after opening.

However, we must put this meeting (plus up to 3764.6 points), including a portion of the increase is purely technical: the week, the CAC 40 surrendered 2.2%, and the peak of the last five session was reached Monday at 3831.8 points …And last week it had dropped as much as 4.9% …

European unemployment 10%

This morning, the European Central Bank announced that the M3 had contracted by 0.2% in December from a year in the euro area, less than expected by markets, while private sector credit remained stable.

Unemployment in the eurozone has reached the threshold of 10% in December, its highest level ever reached since the creation of the single currency of eleven years ago, according to data released Friday by the European statistics office Eurostat.

Inflation, which was as expected, has accelerated in January, 1% a year from 0.9% in December, according to a first estimate published by Eurostat this venrdedi.

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Optimism has assembled at the meeting on Monday is no longer valid. It is now time for hesitation. At half past one in the opening, the Dow Jones future is at equilibrium: 0.02% at 10,137 points, the Nasdaq future is 0.20% at 1802 points and the S & P fell by 0.10% to 1092 points. The wait looming for this meeting due to a series of bad news from Asia. Firstly, several Chinese banks have decided to suspend their loan in January, reviving fears of a credit crunch in the country. Then, Standard & Poor's Tuesday placed under "negative outlook" rating of the long-term debt of Japan, thereby indicating that it plans to lower it.This decision concerns the recovery of markets for public finance states that have spent heavily to fight the global economic crisis.

In Europe and Asia this morning, the mood is rather low point. Attention and caution are in order before a series of published statistics.

Before opening, 15 hours, U.S. investors will know the price index S & P real estate. At 16 hours, the Federal Housing Finance Agency will publish its house price index. At the same time, markets will see the index of consumer confidence and investors.

Apple supervised

The value to follow today is Apple. The group of Steve Jobs announced Monday night for its first quarter of fiscal year 2009-2010 a quarterly revenue 15.68 billion, up 32% over one year and a quarterly profit of 3 38 billion dollars.After Market Monday, the title had yet eroded as 0.82%, investors preferring to wait until Wednesday and the presentation of the latest creation of the group (probably a touch pad) before deciding. They are also disappointed by the performance of the iPhone which has sold 8.7 million copies against the 9 million expected. On Tuesday, Morgan Stanley raised its price target on Apple to $ 250, same for JPMorgan ($ 240) and Barclays (265 dollars).

Yahoo! will also be monitored. The Internet giant releases its annual results after market payday loans . Google the title should also react.

DuPont has announced a profit of $ 441 million in the fourth quarter against a loss of 629 million a year later.Brought back in action, this equates to earnings of $ 0.48, well above the $ 0.41 expected by the market.

Verizon Communications has announced a net loss of $ 653 million in the fourth quarter against a profit of 1.24 billion a year earlier. The group affected by the cost to attract new customers, however, having seduced announces 2.2 million mobile wireless customers in the quarter, a figure that exceeds the expectations of Wall Street.

Travelers reported, before market, with net earnings up sharply from 60% to 1.285 billion in the fourth quarter. Brought back in action, this is equivalent to 2.12 dollars, above the $ 1.49 expected by analysts.The turnover reached 5.188 billion dollars over the period, down 4% yoy.

Delta Airlines, world's largest airline, announced on Tuesday a net loss of $ 25 million in the fourth quarter, down sharply compared to the 1.438 billion recorded a year earlier. Revenues rose 1% to 6.805 billion dollars, but less than the 6.86 billion expected by analysts.

Texas Instruments has released Exchange Monday after a profit of $ 655 million in the fourth quarter, better than expected by analysts. Side prediction, said the group receiving a high demand on all markets.STMicroelectronics, which publishes its results after the stock market should react in the fuolée.

Johnson & Johnson has announced a net profit in the fourth quarter above expectations at 2.2 billion dollars.

Amgen reported late Monday as forecasts in line with expectations for 2010 earnings per share excluding exceptional items, of $ 1.05 per track while analysts had forecast $ 1.12 on average.

VMware has announced that its 2010 revenues could increase by 21% to 26% after an increase of 8% in 2009 and reported quarterly earnings well above expectations.

Le Figaro. Why start a new international conference?

Richard Attias. – It lacked an event exclusively dedicated to economic issues. It is a central issue both for policymakers and for the general public who suffers face opacity and inconsistency of financial news. In 18 months, nearly 60% of business leaders have changed. A new generation arrives at the controls ready to transform existing business models. He needs a place for dialogue which aims to be pragmatic, that is the vocation of the New York Forum.

How does the New York Forum, from Davos?

I worked 13 years in the organization of Davos remains a very nice event overall, covering dozens of topics with thousands of participants.The New York Forum, it will be "100% business" and located in the heart of New York, which embodies the essence of the vitality and entrepreneurship.

How did you design the event?

It is above all, a platform dedicated to collaborations and partnerships. I work for several states with SWFs are very demanding lighting and development relationship with the business. As for regulators, they are increasingly present. These are all players that we will meet, by invitation, without exceeding the 500 participants, half of which will end U.S. market. My experience leads me to prefer this size to remain productive and systematically guide the discussions towards future action. The forum will take place on 22, 23, June 24Why not lead to a series of proposals which would be submitted 48 hours later, the G20 Toronto? We thus completing the bridge creating with policymakers.

What role will the "New York Times?

Arthur Sulzberger (Chairman of the New York Times editor's note) was immediately captivated by the project and made a look as exciting as constructive. His newspaper is the official media sponsor of the forum, including the closing ceremony will be held at the magnificent New York Times. But beyond this prestigious partnership, I stress the educational dimension of the event. The expectation of the general public for decryption is immense in the field of economics. We must respond in order to reconstruct the conditions of the trust.

Who owns the New York Forum "?

At The Experience, the company I founded in May 2008, after leaving the Publicis group in which I had spent ten years of personal business card . So I sold the 40% of the shares that I held in Publicis Live, Geneva, and I wanted to create a structure dedicated to the design and production of proprietary events. This is the case of the New York Forum "The Experience which takes only funding. My desire is to get involved so the full content of the events j'orchestre. This was already partly the case with the Conference of Nobel Laureates in Petra.

Meanwhile, you've made a detour via Dubai. Have you lost money?

No, because I had not personal assets.I was asked to take the reins of the Dubai Events Management, a Crown corporation in which no private person can not hold shares. I've recruited about thirty employees. Our mission was to exploit the strategic location of Dubai and its fabulous infrastructure, to make it one of the largest producers of world events. We have thus established the "Dubai Fashion Week, started the rehabilitation of the old neighborhood" Al Bastakya, partnered with ESPN, the sports channel from Disney, and the Metropolitan Opera in New York. On my suggestion that this company was, in 2009, sleep, given the international economic situation. I took the opportunity to relaunch The Experience that state of Dubai has helped me to locate there.Our headquarters is in New York we also have branches in Paris and Saudi Arabia.

What other accomplishments of The Experience?

In June 2009, we orchestrated the tenth anniversary of the accession to the throne of King of Jordan, which was attended by 15 000 people. We then set up in Bahrain, an international forum devoted to education. Its success led us to organize the second edition in October. Finally, we put our know-how to the foundation of my wife, Cecilia, who is dedicated to the cause of women around the world. Precisely parallel the New York Forum, there will be a conference called "Dialog for Action". It aims to bring together, on the one hand, NGOs involved in defending the rights of women and on the other, business leaders, politicians, and various experts.Again, the goal is to achieve a plan of action. A commitment.

The Cac 40 does not know which way to turn. After closing sharply lower on Friday, the Paris flagship index opened on Monday, up 0.42%. But around 9:30, it began to reduce its earnings by settling just before 10 o'clock, its closing level Friday, or 3954.80 points (0.01%). But the Cac 40 does not seem to want to slide into the red. Also, around 11 am, he went back on the rise with a gain of 0.49% to 3.9574 marks.

This morning the Asian seat ended in a steep downward trend. The Nikkei lost 1.16%. The disappointing results from JP Morgan affect the morale of investors who doubt the health of the banking sector. Friday, Wall Street had already set the tone by closing on a negative note. On Monday, the U.S. places are closed due to holiday.

No macroeconomic statistics that could reverse the trend is expected.

Renault under the microscope

As for values to follow, Renault (+1.04% at 39.01 euros) is expected to turn. Group CEO, Carlos Ghosn, announced Saturday that the new Clio 4 will be made to Flins (Yvelines) and Turkey, without giving further details on the distribution of production at both sites. Peugeot appears however down 0.7%.

According to the British press, GDF Suez (+1.76% at 28.86 euros) is considering a reconciliation with Britain's International Power. The transaction details are not mentioned.

Louis Welsh, CEO of EADS (-0.94% to 14.57 euros) on Sunday welcomed signs sent by the client countries of the military transport aircraft Airbus A400M.The France had announced it planned to discuss the cost overruns of the project therefore would not be abandoned.

Air France KLM (-0.96% to 12.38 euros) was followed after the publication in the Japanese press of a rapprochement between Japan Airlines (JAL) and Delta Air Lines, which should lead JAL to join the SkyTeam alliance, which is Air France-KLM.

According to the Tribune, Axa (0.3%) interested in a stake in the giant Russian Aluminum Rusal, which is listed on the Stock Exchange of Hong Kong and Paris (Euronext) next week. Rusal hopes to raise 2.6 billion dollars (1.8 billion) through its entry into the market.

The CEO of Accor (+0.60% at 16.74 euros), Gilles Pelisson said in an interview with Journal du Dimanche that the group should not be separated from its brands Sofitel and Motel 6.He said the resumption of the hotel market will slow in the first quarter of 2010.

Aeroports de Paris (ADP) lost 0.14% to 56.81. The group has published its traffic after market for the month of December.

Casino (+0.11% at 61.80 euros) is being difficult in Venezuela. Venezuelan President Hugo Chavez on Sunday ordered into effect the expropriation of the hypermarket chain Exito, a subsidiary of Casino, accusing him of having increased its prices so speculative.

At 18h, Casino and Mercialys (+1.07% at 25.50 euros) will publish its figures for the fourth quarter while Soitec (-0.13% to 11.39 euros) will unveil his third quarter.

As the situation worsens indebted French, Crédit 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 Crédit 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 Crédit 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 Crédit 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.

LE FIGARO. – Do you regret this management letter, which prompted a strong reaction from drivers? Gilbert Rovetto. – This letter I have not written, but I assume and I understand she has shocked the form. It's a letter designed to remind drivers safety procedures they must follow, but it has nothing to do with the crash of the AF 447. After a tragedy like the one we experienced last June, everyone is in a weird state. For us, the fact that the black boxes have not been found and that we do not know what happened is also very difficult to live. The company has a hard time to grieve and such exchanges are healthy internally.

Unions criticize you a standstill since the occurrence of AF 447. It is true that we did nothing. We organized meetings simulator for our pilots.We have also established a mission on external security. But its work will take time. Before things can escalate this weekend, I thought to union officials propose creating a commission to monitor the external mission. We must meet November 4 to discuss these topics. My concern is out of the debate to get back to work.

Should we worry about recent reports of incidents? No. Since March 31, I am accountable manager for safety. I guarantee that Air France does not save the expense of safety, which is our daily priority. When mistakes are made, they are taken into account. An instructor pilot opened the throttle a little low and has been relieved of his duties as instructor. People have no right to say that there are no remarks or sanctions at Air France.They exist, as in all airlines. I sincerely hope that the debate can be conducted internally in serenity.

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