To attract investors petrified by the crisis, managers are looking for profitable investment ideas and reassuring. Therefore, as in 2008-2009, now flourishing bond funds due.

The principle? These funds have a life fixed in advance and invest in corporate bonds they plan to keep the portfolio until the end, except in special cases (damage to the transmitter for example). Objective: To reap the coupon (interest) known from the start, they pay each year.

As a bonus, the capital is protected as the company that issued the refund obligation at maturity, at least if it has not failed.Even if the manager does not provide any formal guarantee or capital, or performance, the subscriber has a good idea of ​​what they can expect to run (he knows in advance the expected average coupon of the portfolio) if of course none of the companies whose shares have been selected not lacking instant payday loan.

Many management companies, Oddo, the French PM, Ofi AM, SPGP, EDRIM, Rothschild & Cie Gestion or Tikehau example, launched or will soon launch such funds. But sometimes very different approaches.

Edmond de Rothschild IM provides such a yield of about 5% per year for Millesima 2016. "Other funds exhibit higher returns, but with longer investment horizons.

Asian markets exhibit beautiful colors on Monday morning. At the close, the Nikkei in Tokyo gained 1.05% to 8603.70 points, while the Japanese government reported this morning with a GDP increase of 1.5% in the third quarter, supported by a rebound in exports and consumption. Japan is thus related to growth after three quarters of recession. The action Olympus, down from the revelation of corporate scandals, also rebounded to 17.39% on hopes of non-radiation title

In China, the Hang Seng in Hong Kong ahead of 2.27% to 19,571.36 points and the Shanghai composite index of 1.82% to 2526.15 points.Securities Want Want China Holdings Ltd (7.85% to 7.56 Hong Kong dollars) and Tingyi (Cayman Islands) Holging Corp (1 paydayloan.91% to 21.30 Hong Kong dollars) will be integrated into the index Hang Seng early December.

The markets also monitor developments in euro area at the front of the sovereign debt crisis. In Italy, former European Commissioner Mario Monti has been appointed new Prime Minister last night and must form a new government who will redressser the country's finances.

Tokyo ready to increase its aid to Europe

Japan has also said this weekend be prepared to increase its financial aid to Europe when the European countries have expressed their willingness to fight against their debt problem with a united front.

Per night to over 200 euros will be ultimately more taxed. This new 2% tax, set up on 1 November, the luxury hotel will be removed, announced Thursday that employers' organizations in the sector, following a meeting with Secretary of State for Tourism Frédéric Lefebvre. The information was then confirmed by the Ministry of Figaro Budget. "Given the increase in VAT, the tax loses its legitimacy," says one at Bercy.

In a statement, the unions have had explained during their meeting with Secretary of State in mid-day, ensuring that the tax on luxury hotel accommodation, passed by Parliament in September and applied since November 1, "will be removed payday loans in one hour."Had it been maintained, the tax would be added to the expected increase in the VAT on 1 January, according to Prime Minister's announcement.

The announcement of the abolition of this tax and details of the plate affected by the increase in VAT from 5.5 to 7% led the unions to "reaffirm the promises made in 2009 on employment, wages and investment ", they said in their statement.

A measure of 90 million euros

This was to compensate for the loss of revenue of 90 million euros due to the abandonment of the increase in VAT on theme parks.

The leaders of the Greek political parties, who complete their negotiations on forming a unity government, agreed Tuesday to name former Vice-President of the European Central Bank (ECB), Lucas Papademos, 64 at its head, according to a source close to the ruling Socialist Party. "Negotiations are being finalized with Papademos as Prime Minister. They discuss the final details, "the source said.

In the afternoon, the Greek government ministers had submitted their resignation at the request of George Papandreou, who, during an extraordinary cabinet meeting, said goodbye to his staff.

Negotiations behind the scenes

Behind the scenes, negotiations continued Tuesday for the second consecutive day between George Papandreou and the leader of the Conservative opposition Antonis Samaras to reach an agreement on power sharing and the appointment of a consensus prime minister. Sunday, the socialists of PASOK George Papandreou and the main opposition New Democracy had agreed to make way for a unity government after intense negotiations. George Papandreou was also committed to leaving office after two years in power.

For its part, the European Union on Monday called on Greece to write a letter committing to the implementation of the European rescue plan.

In the wake of the Asian stock markets that appear in no particular order on Tuesday, the CAC 40 is expected in early fall at the opening, waiting for a European plan to end the debt crisis in the eurozone. The day before, despite signs of economic slowdown, the Paris Bourse had finished his session in the green, gaining 1.55% to 3220.46 points.

Investors should therefore play the card of caution before the EU summit tomorrow, which should deliver a plan to increase the firepower of the European bailout fund (EFSF), to recapitalize banks and to erase a portion of Greek debt. To do this, and it is then a first-, the EU will apply directly to other states and their sovereign wealth funds to strengthen his strike force in case of economic shocks.Norges Bank Investment Management (NBIM), which manages the Norwegian fund (397.5 billion euros), has already applied for, according to Reuters.

But time as concern mounts including the Italian debt. Despite new savings measures announced by Rome, with rumors of the European Union and the International Monetary Fund are becoming more pressing. This prompted Silvio Berlusconi, the prime minister, to get angry Monday: "Nobody has anything to fear from the third European economy and the extraordinary founding of the European Union" which is the Italy.Then added: "We honor our debt regularly, we have a primary surplus [excluding debt interest] more virtuous than we and our partners will achieve a balanced budget in 2013."

Investors want to be reassured

In this context, the markets should wait for signals about the political strategy to prevent contagion of the Greek crisis. This is already on a war footing since the beginning of the week, like Baroin. Yesterday, the Minister of Economy has estimated "convinced" that European leaders would reach a "global agreement". According to him, the last meeting of the euro area in Brussels this weekend in Brussels has led to progress "two thirds" of the negotiations.

In fact, expectations are high, including abroad.For its part, the euro fell slightly against the U.S. dollar, losing 0.14% to 1.391 dollars.

On the agenda in France, Gfk index of consumer sentiment (November) will be unveiled this morning. As housing starts and consumer confidence (October).

In the U.S., the Case Shiller real estate index (August) will be published early in the afternoon. The Consumer Confidence Index (October) is expected in 16 hours.

Values ​​to follow:

• STMicroelectronics announced Monday a decline in sales in the third quarter in a context of deteriorating semiconductor market and general economic uncertainty.

• Seb has achieved organic growth in sales of 7.2% in the third quarter, primarily driven by its performance in emerging markets.

• JCDecaux has entered into an agreement with Presstalis, partnership marketing and distribution of the press, to acquire 95% of Mediakiosk. Presstalis retain 5% stake in the company managing over 746 outdoor advertising kiosks in France, whose sales totaled 26 million euros in 2010.

• Peugeot aims to sell 500,000 copies of its future 208, we read in The Tribune on Tuesday. Produced in Poissy and Slovakia, the car should also be made in Brazil and China. Its price will be very aggressive attack, the newspaper said.

• Groupama announced that its CEO Jean Azema had been revoked and the new management team should improve operating profitability and solvency.

Chinese Internet giant seeks U.S. partner to buy Yahoo!. Jack Ma, Alibaba's boss, could have drafted the announcement, before leaving to meet U.S. investors, including investment funds. A process as much financial and political. When in early October, Jack Ma had mentioned a possible interest in Yahoo!, it sparked an initial outcry in the United States. Elected officials from all sides had expressed concern at the idea of ​​an American portal pass under the Chinese flag. Finding local allies, Alibaba would silence some of those critics. The risk exists of the U.S. authorities seize record and block the ambitions of the Chinese giant.

However, both companies know each other well. Six years ago, Yahoo! has given its China operations to Alibaba Group, paid him a billion dollars in exchange for 40% stake in Chinese.Since then, the U.S. has seen its value plunge and Chinese flew. The market capitalization of Yahoo! – $ 20 billion – equivalent to almost exactly the estimates of the value of its stake in Alibaba Group, says the Wall Street Journal same day payday loans. The holding company is not quoted, unlike any of its subsidiaries, alibaba.com, whose capitalization is evolving in the region of 3.5 billion dollars to the Hong Kong Stock Exchange.

Growth potential

Jerry Yang, founder of Yahoo!, for its part considers that his company still has a real potential for growth alone. This, even though the group has still not recovered from CEO to preside over its destiny after landing Carol Bartz in September.

The Chinese group is not the only one with views of Yahoo!. The investment fund Silver Lake, a Canadian pension fund and Microsoft are likely to file a joint bid.These speculations benefit under Yahoo! who won nearly 25% since the beginning of the month to return to the threshold of $ 16 a share on the New York Stock Exchange.

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The controllers returned to work. Having asserted their right to withdraw on Thursday afternoon and Friday morning after a àl'agression of their colleagues, the general assemblies held throughout France have all voted Friday to return to work.

Friday morning, in an interview Figaro.fr, the president of the SNCF had to call cool railway asking them to quickly resume work. After discussions with the unions in turn, management has committed to hold meetings with them to work to improve the security services. The first will be held Monday.

Traffic TGV, Corail and TER improved significantly Friday afternoon on the entire network, including 8-9 in 10 TGV from and to Paris and a TER of 2.But the return to normal really did that Saturday morning.

To find out if their train is running, users are advised to consult very Infolignes site, or call toll free (free from a landline) 0805 90 36 35.

Toll-free number and site of SNCF informationPotential always invites customers to delay their trip or take alternate means of transportation. Ticket holders whose train was canceled may obtain a refund, or take any train leaving for the same destination without the need to exchange their ticket.

The strike controller led Thursday the cancellation of all trains at night, and created a big mess all over the country. According to the station, all passengers stranded at the station in the evening were able to reach their destination or were assisted to find accommodation for the night.According to the Ministry of the Interior, it was not necessary to set up emergency housing plan.
Board trains at the Gare Saint-Charles in Marseille. Photo credits: GERARD JULIEN / AFP

The big aerospace contracts at arm's length support the French foreign trade. These two sectors have advanced temporarily to France to reduce its trade deficit by 32% to -4.967 billion euros, against -6.363 billion in July, according to Customs figures published on Friday.

"Deficit reduction is entirely due to the transport sector," stressed the customs in a statement. Remains that over the last twelve months, the gap between imports and exports widened to 66.8 billion euros, against 51.5 billion for 2010.

Exports reached on August 37.42 billion euros, up 2.9% at three months. Airbus sales have been strong high for the month of the year, thanks to the delivery of three Airbus A380 super jumbo no fax cash advance.In addition, France has delivered two satellites, one in China (112 million) and the other in the United States (130 million). The performance of aerospace and aeronautics, powered shots of large contracts, are very volatile from one month to another.

The rest of the industry has pretty well taken for export, Customs noted "particularly strong for industrial machinery and electrical equipment, industrial exports are fixed for the chemicals."

Imports in turn was driven by the manufacturing industry (chemicals, rubber, plastics, industrial machinery, etc.).. "Imports are also rising, particularly since the European Union (Ireland, Germany, UK and Netherlands), 'the Customs.

For the first time in ten years, a television advertising campaign will promote the merits of LU. So far, the leader in biscuits in France (acquired in 2007 by Kraft Danone), reserving his campaigns to his blockbusters (Prince, Pepito, Granola …), while no fewer than 40 brands. LU is now expressed in new spots. The biscuit can more effectively support its entire portfolio. In 165 years, LU also offered its first facelift in a decade. On the packaging of its 250 references, the red and white logo LU, more massive, with its slender letters, has taken over the product names. The cookies, wafer Paille d'Or at the Pooh Lulu, are now intertwined with the logo, to better capture the attention of the consumer.

Tea and restart Chamonix, marks 'forgotten'

"In recent years, Kraft's strategy has been to support the products, the brand LU was only there as security, acknowledges Chrystel Barranger, Vice President, Marketing Kraft Biscuits Europe. We must allow all to grow our portfolio, including brands such as Chamonix or Tea forgotten. "The food giant hopes to fight against any erosion of sales. "We had to give back to LU acclaim without losing the consumer," says Delphine Cadoche, executive director of Red Dragon packaging, the design agency behind the new visual identity of LU.

As a result, the perception of the range changes by customers. "It's very efficient in terms of recognition rays", admires a competitor creditreport.This strategic rethinking of the visual identity of LU, prepared for a year and a half, was initiated in Chicago, headquarters of Kraft and then driven to Paris.

It was vital for LU. While the brand is purchased at least once a week by 60% of French households, with a market share of 25% behind the labels. But LU, which has the widest range, did not realize enough synergies.It must stand out more from its competitors in the minds of buyers and the radius biscuits, one of the largest hypermarkets: 424 references on average, over 15 linear feet …

"The goal of Kraft is to strengthen and exploit its market leadership based on a strong umbrella brand, says Jean-Daniel Pick, a partner in the firm OC & C. It is a strong trend in the food just like what was done with his own brand Nestlé. "If the group is gaining ground on the MDD for a year and a half, he must above all its blockbusters. In mind, the timeless Prince, the best-selling biscuit in France.

Kraft also plans to promote its LU biscuits, which account for more than half their sales in France, outside its borders. But some best-sellers should be marketed outside the Hexagon logo without LU.Pepito and ready to go out in Europe under the emblem of Milka, another brand of Kraft.

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Tighten controls on market operators: it will be a priority of the successor of Oswald Grübel, the CEO of UBS who resigned this weekend after the discovery of a loss of $ 2.3 billion caused by a dishonest trader.

But the Swiss bank is not alone in feeling concerned. All trading rooms around the world have the fear of these traders "crazy", they keep trotting out the litany of Nick Leeson, the destroyer of Barings, to Jérôme Kerviel, the world record with 5 billion euro soared to Societe Generale. And each new scandal, as that caused by Kweku Adoboli at UBS encourages to review the effectiveness of brigades antifraudeur.

In 2008, after the disappointments of Societe Generale, Bercy was imposed on Societe Generale, BNP Paribas and Natixis other a plan of attack.Knowing that the supervisory authority requires more or less equity trades across markets depending on the quality of procedures for prevention and detection, the effort proved intense. "The work that was conducted in French banks would have allowed UBS to avoid this fraud," says Benoit Genest, director of risk modeling to consulting firm Ares & Co.

Behavior analysis

It must be said that the modus operandi of Kweku Adoboli reminiscent of Jerome Kerviel. The index trader UBS is accused of fictitious transactions rose, from 2008 to hide unauthorized positions. To locate this type of martingale, French banks have muscled their risk control systems and require confirmation and signatures to all floors. The positions are valued at their nominal and not just in terms of their net worth of blankets.But hunting is not just a matter traders crazy numbers. The behavioral analysis is essential payday loan.

Banks take very seriously the obligation to their teams to take two weeks off in a row. Not always easy to organize when the holidays are reduced in some countries like Hong Kong. Especially as the human drive to ensure that details two "friends" of a trading floor can not take turns (and hide their possible combination). For the same reason, traders no longer allowed to fraternize with brokers who do their bidding. Farewell invitations lavish gifts and generous year-end. The managers themselves are trained to identify the stress level of their troops. A trader is often fool someone who originally did not dare tell her a little higher "palm".As for those who, like Nick Leeson and Jerome Kerviel Kweku Adoboli now, have gone through the support functions, they are observed under the microscope …

It's new, each operator sign contracts every year a mandate that defines the size of the playground: what products he is authorized to treat, what maturity, what currency, which limits … So any foray outside of this area can be identified. The aim is to ensure that the trader does not abnormal behavior, such as more frequent transactions or unusual amounts. It is no coincidence, moreover, if the fraud often arise when markets are heckled, when finally the abnormal becomes the norm. "Studies show that the risk of fraud is increasing in times of market turmoil," warns Benoit Genest, Ares & Co.So vigilance …

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