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.

What the cash advance is designed for is to cover temporary financial difficulties without damaging your credit score.

Europe and the International Monetary Fund (IMF) were they the wrong remedy by betting on a radical purge in order to save Greece? Doubt in any case reflected in the Health Check "strictly confidential" that creditors of Athens sent to the Heads of State and Government of the European Union, just in time for their summit. The document, obtained by Le Figaro, postulates that Greece must be prepared "in a recession longer and more severe" than that announced the start of treatment by experts of the troika, the European Commission, the European Central Bank and the IMF .

This is the revision of judgments that led the twin peaks of yesterday to look at both a greater debt forgiveness by the banks (see below) and a substantial extension of the second plan Support Service promised this summer.Signal of the malaise, the ECB has refused to endorse some of the assumptions of the report and the IMF dragging its feet to validate the final tranche of aid Papandreou government.

Three years late

109 billion euros announced July 21, the financing requirement of Athens may rise to 252 or even 440 billion in the darkest scenario of the troika. Greece, which was initially successful in refinance markets from 2021, could see the deadline extended until 2027. In the meantime, the countries of the euro should cover the dead as they have formally committed and maintain a drip Greece, backed up by the IMF payday loans with no fax.

Implicitly, the troika questions the validity of the treatment and the backlash seems he underestimated.Since the summer, "the situation in Greece has worsened," she notes prior to drive the point home: the plan adopted at the summit in July "reduced the pace of debt (the country) but the effect is more than offset the macroeconomic and political. " Clearly, the state of the patient's health deteriorates and Europe continues to hope for a better.

As a complicated medical treatment, management of side effects is crucial. Contrary to expectations, "Greece, part of a very low fail to juggle internal devaluation (through lower wages, Ed), tackling its budget deficit and the completion of its program privatization ", experts say the troika.

Privatization, expected to bring the Treasury Greek part of the resources it lacks, offer a good illustration of the inability to juggle all aspects of shock therapy.According to Troika, the recession and the collapse of financial markets have already reduced 66-46000000000 Product maximum expected disposals of businesses by the Greek State. Athens logically reluctant to sell off its assets at the worst of conditions. European experts in the wake recognize that the program has already taken three years late.

The new dream will all French employees in times of crisis, Airbus has awarded its 16,500 German employees a guarantee of employment until 2016, renewable by 2020 if economic conditions permit. After months of discussions that had turned sour in recent weeks with a warning strike, the European aircraft manufacturer and IG Metall, the powerful German metal union, reached an agreement on new collective agreement to take effect end of 2012.

As part of an "employment pact" Airbus has undertaken not to use any redundancies and maintain the skills of its four German plants. "We did not shut the door to this request for guarantee of employment, because of the visibility we have on our business," said Thierry Baril, HR Airbus bad credit payday loans.

The aircraft manufacturer is leading to a backlog represents more than six years of production. And Airbus has an "exit clause" to protect the company if the crisis was growing, says Thierry Baril. In return, the IG Metall agreed to increase productivity in line with expectations of Airbus, an increase of 5% net per year as against 3% today. The agreement also resolves the question of the use of temporary workers. Their share will be limited to 20% of the workforce between 2012 and 2015 and 15% between 2016 and 2020. These levels may be exceeded temporarily in case of increase in speed.

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After a third round of chained up on Thursday, the CAC 40 continues its momentum on Friday in the wake of Wall Street and Asian stock markets. The benchmark index of the Paris Bourse opens up 1.21% to 3082.39 points, showing investors for the time being reassured by the decision of the central bankers of the richer countries to mobilize to prevent the depletion liquidity of banks in dollars. For the record, he had closed the previous day on an increase of 3.27% to 3045.62 points.The improvement is also gaining other European financial centers: the Footsie-100 from the London Stock Exchange rose 0.91% to 5386.34 points, the Dax in Frankfurt from 1.8% to 5607.51 points, the Ibex -35 Madrid from 1.18% to 8435.9 points and the FTSE Milan Mib of 1.29% at 14,832 points.

Thus, the European Central Bank (ECB), the U.S. Federal Reserve, the Bank of England, Swiss National Bank and the Bank of Japan have opened their facilities for dollar loans to European institutions in three months, at their request. The decision was hailed by leading international institutions including the IMF, through its President Christine Lagarde: "This is a clear indication on their part, from the two largest members of the euro area from a point of Economically, the future of Greece is truly in the euro area.This appears to be strongly rooted in them both, "she said Thursday night by referring to the Franco-German tandem. The same applies to the ECB: "We are all very closely 'united in one purpose,'" said last night Jean-Claude Trichet, president of the ECB.

A meeting of finance ministers in Poland

However, brokers are concerned that this improvement was not part of the time. "The coordinated central bank takes the market today," noted Toshiyuki Kanayama, broker at Monex, quoted by Dow Jones Newswires. But this does not solve the problem of the euro area should have a temporary effect. "Suddenly, all eyes have turned to Wroclaw in Poland, where there is a meeting of EU finance ministers on Greece.It should last two days and overcome the remaining obstacles to the implementation of the second plane to Athens to help avoid bankruptcy the country, totaling nearly 160 billion euros, decided July 21. Note that Timothy Geithneir, the U.S. Treasury Secretary, will attend the round table.

On the other side of the Atlantic, U.S. President Barack Obama said Thursday night that his plan for the use of 447 billion dollars could generate "up to 2 points of growth" and lower "a point unemployment ", by creating 1.9 million jobs, in a speech in Washington. And while the United States are experiencing an unemployment rate of 9.1%.

On the foreign exchange market, the euro kept most of the gains made the previous day.The European currency was worth 1.3848 dollars and 106.31 yen Friday morning, down slightly compared to 1.3882 dollars from the previous evening. Similarly, the oil price displayed in a small increase in morning trading, a barrel of "light sweet crude" earned 5 cents to 89.45 dollars per barrel of Brent North Sea 14 cents to 112.44 dollars. "This liquidity will likely prevent the recession to hit the euro area, supporting crude oil prices," said Victoire Shum, an analyst at Purvin and Gertz in Singapore.

On the macroeconomic front, foreign trade and balance of payments in the euro area for the month of July will be published on Friday.

In France, business start-ups in France rebounded in August after two months of decline.A total of 41,697 companies were created last month, according to Insee, a figure up 7.5% from July, which was the worst month for a year and a half.

United States, the net capital flows and the index of consumer confidence from the University of Michigan will be published early in the afternoon.

Values ​​to follow

Banking

Again, banks, led by Societe Generale (4.96% to 19.19 euros), Credit Agricole (3.30% to 5.70 euros) and BNP Paribas (3.92% at 31, 69 euros), will be scrutinized by investors, following the decision by central banks to help European institutions.

Air France-KLM (0.84% ​​to 6.11 euros) and EADS (+0.02% at 22.22 euros)

The manufacturer will control 50 devices equally between European manufacturers Airbus and Boeing, for a total of $ 11.3 billion (8.1 billion euros) to ensure the renewal of its fleet, say Les Echos to be published Friday.

Hermes (-6.08% to 252 euros)

Resumption of trading on Friday for the title of the luxury group, which was suspended the day pending the decision of the Court of Appeal in Paris on speculation about the fate of its capital due to a possible takeover bid by LVMH.

Areva (3.17% to 21.66 euros)

The group has suspended two months for the production of two French factories processing of uranium due to the decline in demand for nuclear power plants in Japan after the disaster in Fukushima, officials said Thursday from the French nuclear group.

EDF (2.25% to 21.09 euros)

Group and Electrical Delmi A2A and its majority shareholder, who jointly control Edison, announced the extension of their shareholder agreement until October 31 at number two in the Italian electricity.

Indeed, the U.S. agency Moody's would lower a notch notes BNP Paribas and Credit Agricole and two notches that of Societe Generale because of their exhibits to Greece. It must be said that these institutions have recently been pounded by investors. Since the beginning of the year, BNP Paribas, Credit Agricole and Societe Generale have lost between a "large" third and 60% of their value. On the first day of September, the losses of the three titles are respectively 17.45%, 22.33% and 27.69%.

BNP Paribas, the largest tumble CAC 40 ended on a fall of 12.35% to 26.12 euros. Societe Generale lost 10.75% to 15.57 euros. Yet the group announced Monday a plan of economy, a strong acceleration of asset sales of its portfolio and spread of new capital increase, according to a statement. Lastly, Crédit Agricole lost 4.82% to 10.64 euros.

Axa was down 9.73% to 8.48 euros and 6.23% to loose Natixis 2.25 euros.

A lack of concern Greece

In an attempt to reassure the markets, Michel Barnier, reiterated in late morning the "confidence" in the strength of European banks. "We need some keep their calm and composure," said European Commissioner for Financial Markets on the sidelines of a symposium on the new stock markets plummeting.

In fact, the concern is more and more about Greece. Until recently considered taboo, the prospect of failure now seems taken seriously. This Saturday, the German newspaper Der Spiegel, said Berlin was preparing for the possibility of bankruptcy of Athens, information denied by the Greek Minister of Finance.

In this context, Greece has promised two billion euros in additional savings.Welcoming the decisions of economy, the European Commission announced that donors of the country gathered in a Troika-Commission European Central Bank-International Monetary Fund would carry out their return to the country "in the coming days."

Finally the markets, concerned about the economic slowdown in the U.S. and Europe have not been reassured by the meeting of finance ministers and central bank governors of the G7, for lack of action.In fact, only a response of "strong" and "coordinated" to the crisis was discussed in the hearing closed, but without specifying a strategy.

To a deterioration of banks

United States, Barack Obama on Monday will submit to Congress the plan to revive the economy and employment announced Thursday.

In Italy, the government will explore new austerity measures this week said Giulio Tremonti, Minister of Economy. This weekend, the prime minister Silvio Berlusconi boasted of having "saved Italy" with its austerity plan. Moreover, Rome issued on Monday 11.5 billion euros of bonds to three months to a year in which interest rates have soared in a panic on the markets, said the Bank of Italy. The rates of securities a year enrolled in 4.153% against 2.959% in the previous similar operation on August 10.The rate securities have them three months almost doubled to 1.907% against 1.034%.

On the macroeconomic front, leading indicators of the Organization for Economic Cooperation and Development (OECD) report a "slowdown" of the world's major economies.

The euro to its lowest level against the yen

On the foreign exchange market, the euro remained sharply lower against the greenback Monday, falling below $ 1.35 even briefly, due to another bout of market panic response to the crisis in Europe. End of the session in Paris, the single European currency was worth 1.3645 dollars against 1.3649 dollars on Friday night. Earlier, the euro fell to 1.3495 dollars, its lowest level since Feb. 16. The euro also fell to its lowest level in a decade against the yen. The euro bought 104.64 yen against 105.91 yen Friday.In the early morning, the euro fell to 103.90 yen, its lowest level since June 2001.

As for oil, it appears in sharp decline. On the New York Mercantile Exchange, a barrel of "light sweet crude" for October delivery was trading at 86.84 dollars, down 40 cents from Friday.

Values ​​of the day

• NYSE Euronext: -7.12% to 18 euros

The merger between Deutsche Boerse and NYSE Euronext will be endorsed by the European Commission, without major changes, officials said Friday, sources familiar with the matter.However, the European Commission will take action to force the markets to open.

• Air Liquide: -2.74% to 85.22 euros

The group of industrial and medical gases, Air Liquide announced Monday that it continued to bonds denominated in yuan, with the issuance of a second series for a total of 800 million yuan (about 100 million euros).

• Technip: -0.71% to 64.78 euros

The French engineering group has reached an agreement to acquire the entire share capital of the U.S. Global Industries, a specialist oil services submarines, to $ 1.07 billion (768 million) in cash.Technip will pay $ 8 per share Global Industries and the transaction amount includes net debt of $ 136 million, according to a French group.

• Delachaux: 2.61% to 81.77 euros

Trading in the action of the train manufacturer, suspended since Tuesday, resumed Monday. CVC Capital Fund and part of the family shareholders have filed a draft takeover Thursday simplified Delachaux at a price of 83 euros per share.

• Casino: -3.27% to 54.71 euros)

The French retailer Casino and its parent company announced Monday rally wearing their participation to 45.9% in CBD Pão de Açúcar (GPA), having acquired new shares of Brazilian group, the heart of a dispute between Casino and Crossroads this summer."This acquisition reaffirms the trust and commitment that rally, like Casino, place in Brazil and GPA," said Rally in a statement.

Note that the values ​​most dependent on economic conditions, including Saint Gobain (-5.48% to 28.71 euros), Alcatel Lucent (-5.05% to 2.20 euros) and ArcelorMittal (-3.38% to 12.58 euros) also suffer.

Essilor International is innovative. According to the global glasses, "75% of wearers expect an anti-fog solution." To meet this demand, the group decided to create anti-fog lenses under the name of Optifog. This new "represents a disruptive technology," with a "layer with hydrophilic properties," said Essilor. With this new product, which is "all continents", Essilor International is "1.2 billion consumers worldwide."

Results aside, the mood is set fair. The group recorded the first half revenues up 6.9% to 2.06 billion euros and net profit up 30.7% to 258.2 million euros. Adjusted net income per share was 1.25 euro, up 9.3%.

Essilor attributed these results to the "increase in volumes related to the expansion strategy in high growth markets, the rapid development of the supply in the mid-range" and the "growth of industrial investment."

Context "increasingly uncertain"

These performances allow the group to maintain its growth objectives in sales "between 6% and 8%" (excluding currency and acquisitions, strategic) for this year, despite "an economic environment more uncertain." Essilor also wants to maintain the high level of profitability, excluding strategic acquisitions.

The specialist in ophthalmic optics says it "will continue to rely on innovation, operational efficiency and financial capacity to consolidate its position in the high end."The group also intends to "continue its conquest in the mid-range and benefit from the rapid expansion of high-growth countries."

At the Paris Bourse, this news is greeted coldly. In early trade, the title Essilor loses 0.11% to 53.07 euros in a market down 0.05%.

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The Paris Bourse closed this week very agitated in the green. This Friday, the CAC 40 ended on a net increase of 4.02% to 3213.88 points. The movement is identical in the rest of Europe: the London Stock Exchange gained 3.04% to close at 5320.03 points, the DAX 3.45% to 5997.74 points, Milan 4% to 15,888 points and Madrid 4.82% to 8647.3 points.

But everywhere, the sessions have been very volatile in trading volume lower than the previous day (4.84 billion euros in Paris). The CAC 40 is thus fell into the red immediately after opening up 0.17%. It still yielded 1.59% in morning before rising slope, and show an increase of 2.09% to 3154 points in mid-session.Around 16:15, the Paris index gained 2.76% to 3174.79 even despite the publication items, across the Atlantic, two mixed macroeconomic statistics that have held, at the time, the enthusiasm of investors in New York.

Retail sales in the U.S. in July and were up 0.5% (after 0.3% in June), but the U.S. consumer confidence has it, fell in August. According to an index released Friday by the University of Michigan, which stood at 54.9, its lowest level since it is established, either since 1966. This drop has surprised analysts who had forecast a smaller drop to 62.5.

Also on the macroeconomic front in France, INSEE reported that morning of zero growth in the second quarter in France (0.0%), against an increase of 0.9% in the first quarter.Inflation also slowed: the consumer prices fell by 0.4% in July, resulting in an increase of 1.9% over the year (against 2.1% from June 2010 to June 2011 ).

Loss of "only" 2% for the week

In this complicated context, investors have therefore decided to continue the rally started yesterday. A decision that allows the CAC 40 to close the week on a loss of "only" 1.97%. The decline could have been stronger if the Monday falls (-4.68%) and Wednesday (-5.45%) had continued. This week in the mountains Russia was marked by extreme market volatility and the fall of the CAC 40 index below the psychological 3,000 points.

Investors have gone up the hill on Thursday and Friday, finally reassured by the announcement of a meeting between Nicolas Sarkozy and German Chancellor Angela Merkel on August 16 to issue joint proposals on the governance of the euro area.

Bank stocks rebound

With the ban on short selling in the securities of eleven banks and insurance companies to counter the extreme volatility of the stock market values, the sector could continue to rebound Thursday in the image of Natixis (9 , 22% to 3.11 euros), the largest increase in CAC. Societe Generale (5.65% to 24.30 euros), Axa (4.65% to 10.91 euros), BNP Paribas (4.21% to 37.22 euros) – has issued a statement Thursday night to reaffirm the strength of its own funds – and Crédit Agricole (2.10% to 6.51 euros) below.

Carrefour climbs more than 6%

Other values ​​of the day, Carrefour pulls out of the game: the title ahead of 6.33% to 19.07 euros. U.S. giant Wal-Mart have mandated UBS to investigate the acquisition of the Brazilian subsidiary of French retailer, according to Reuters citing a source familiar with the matter.

Goldman Sachs lowered its recommendation on Lafarge (1.12% to 29.34 euros) and withdrew the title from its list of recommended values ​​in priority to the purchase.The intermediary has instead built his list to Saint-Gobain (5.73% to 34.67 euros) and Vinci (3.58% to 35.70 euros).

Europacorp (3.75% to 3.32 euros), the production company of Luc Besson, Thursday reaffirmed its goal of a return to balance for the current year, despite a sharp decline its turnover in the first quarter.

Derichebourg (1.05% to 3.56 euros) on Thursday confirmed its target of improving its annual net income, after recording a sharp increase in sales over the first nine months of the year.

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"What rating of France deserves it for his debt?

No revolution International Monetary Fund (IMF). This is the message from the first press conference by Christine Lagarde as executive director of the institution, after the sudden departure of Dominique Strauss-Kahn. The French kept the three priorities of the fund established before his arrival: address the problem of debt in the developed States, to prevent overheating and inflation in developing countries and assist States in their fight against unemployment .

"The problem of sovereign debt for all advanced countries, even if the focus is on the euro area and Greece in particular," she said in Washington during his first press conference at the headquarters of the institution . A meeting of the Board of the IMF will be held Friday to decide the payment of the new tranche of aid to Greece.It calls on this Greek political parties to agree on the reforms needed. "I hope they can learn by the examples given by the political parties in Ireland by political parties in Portugal," she said.

"18 hours of meetings"

Christine Lagarde has generally adopted a modest attitude and merely paint in broad strategy the International Monetary Fund: "I'm the Fund since 24 hours, 18 hours spent in meeting," did she pleaded. She presented her action plan "three Cs". First "connectivity", "all economic problems are related to each other." She then stressed the "credibility" of the Fund, "our work must be honest, fair and balanced."Finally, she defended an approach to "complete": the issue of deficits is essential, but that of unemployment and social affairs should not be overlooked. Point of view already developed by Dominique Strauss-Kahn. A fourth "C" as "continuity" can be added to this list.

She also said the channel France 24 have "talked on the phone" with the former director to discuss "a number of files in progress." "It was a strictly professional contact and devoted exclusively to the estate that I take," she said.

Christine Lagarde has also repeatedly stated that the Fund was "serving" of its 197 members, he was there to "provide services" to help restore the "instability" of the world.It also intends to "enhance the legitimacy of the IMF" by ensuring "a better representation of its members" via voting rights but also recruitment. Many commitments made during his campaign from emerging countries who want to have more weight within the institution. Or, in the future, get direction.

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Employees and their families they have fiber "globe-trotting? If we believe the results of the Observatory of expatriation 2011 conducted by BVA for Berlitz Consulting *, expatriation still arouses much enthusiasm from a young population (70% are under 40 years), female (31 %) and widely graduate (72% have a higher or equal to bac + 5).

Their motivations for such an experience are primarily personal. "This is a project of life before becoming a professional springboard, which is a confirmation of previous surveys," says Patricia Glasel, Europe director of Berlitz Consulting. According to 92 to 96% of respondents, it is primarily "an opportunity to learn about other countries."Few, moreover, put forward the idea that it is a "duty bound to professional imperatives."

Business attitudes

For the first time this year, the Observatory of expatriation has examined the conditions for return of employees and the impact that such experience has on their development. The record here is mixed. "The return of expatriate needs a period of rehabilitation seen as difficult by 42% of expatriates," notes Patricia Glasel. The proportion is even higher among Western Europeans (62%).

The home company is singled out in many cases. Only 35% of expatriates believe that their company has ignored their wishes in terms of positions on their return and 38% said it helped them in their rehabilitation process.Result: many of them preferred to change employers upon their return from abroad; they are 47% in this case, the survey Berlitz Consulting. This proportion rises to over 60% among nationals of Western Europe.Furthermore, 45% of expatriates have changed fields of activity once back in their country, and only 28% have been promoted!

What are the main obstacles that have confronted these employees once back? For more than half, the No. 1 challenge was to "readjust to different management practices" or a "different style of management" (46%) 38% highlight "the reconstitution of networks" and 42 % 'difficulty in asserting his international experience. "

However, few would regret this slice of their life abroad, for both their personal and professional development: 70% emphasize the openness that has given them, 68% "knowledge and culture "and 63% 'fluency in languages."They are also ultramajoritaires to say ready to relive an experience abroad, "immediately" (65% of respondents) or "later" (90%). Side joint, this proportion is less important, since they are "only" 71% share this desire to leave.

The results of this barometer confirm once more that the process of expatriate employees must be better understood by the companies themselves. "There is a real need to professionalize the intercultural management, without which globalization will remain meaningless," warns Patricia Glasel.

* Survey conducted by BVA on 2 April 2010 to March 20, 2011, with 528 people (404 expatriates and 124 spouses).

The International Monetary Fund (IMF) had recently called "the lost generation." The youth of Spain, the first victims of the financial difficulties facing the country, are on Wednesday in the street screaming their anger to the officers. Tens or hundreds, they have occupied since Tuesday night the arteries of major cities, from Barcelona to Seville via Valencia, Saragossa, Saint Jacques de Compostela, the Balearic Islands, Bilbao and Granada.

In Madrid, hundreds of whom camped overnight at the Puerta del Sol. The thousands who had flocked to this emblematic square in the capital Sunday and Monday were evicted by police in the day Tuesday before returning several hours later. These young people have also renamed the place "Square Solution".

"We're not idiots"

This vast movement mobilization was largely organized on social networks Facebook and Twitter. At its source, as several collective Democracia Ya Real (A true democracy now) or tomalaplaza.net. "We want politicians who care about our lives and not their own political and economic interests alone," says the spokesman of this site.

Words that are found in the mouths of all the participants. "We are tired of unemployment, corruption policies. It's always the same. I am unemployed and I do not see how I'll get one soon. They need to know how we feel, it is always the same people who earn, "says Jordi Perez, an unemployed 25."I do not know if this will make a difference, but it takes at least that the politicians know that we are not idiots," says Lidia Garcia, a consultant for 31 years low fee payday advance.

"Let the guilty pay for the crisis," they call it democracy, but it is not, can we also read about the slogans and placards that invade the streets. "Our political parties are an illusion, they promise and do nothing," said Jorge Santiago, a service station employee of 29 years. .

Pressure before the municipal

This movement of mass protest was a turning point in Spain, where until now the population has rarely demonstrated against unemployment, which affects yet 21.19% of the workforce in the first quarter, a record in the industrialized countries. Spain, with around 4.2 million unemployed, currently jobless rate the highest in the European Union.Young people in particular, are the main victims. In less than 25 years, the rate flies to 45%.

Through these actions, they hope to put pressure on political parties while looming municipal elections Sunday. The austerity measures would be costly to the Socialists, announced by all the polls as the big losers in the face of the conservative right Popular Party, to regional and municipal elections on Sunday. More radical protesters call people not to vote either for the Socialists (PSOE), or for the Popular Party (PP, right) in the election to be held in 8116 municipalities and 13 regions. "We need to vote but not necessarily for the major parties, there are others.We must stop thinking only useful vote, "says Lidia Garcia.

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