Between optimism and caution, the Paris Bourse is expected to open slightly lower on Monday morning. The futures on the CAC 40 is due in November returned to 8:30: down by 0.34%, they portend an early trading mixed.

The debt crisis in the euro zone continues to focus the attention of international markets, including Italy, whose financial situation was at the heart of the G20 discussions. Last night, the two main political parties in Greece have announced an agreement to form a national unity government which will not attend the current Prime Minister George Papandreou. An agreement aimed at ending the political crisis that shook the country on a background of project, aborted referendum on the European Support concluded October 27.The hotel is also in advanced negotiations for the buy out its Indian partner Geojit Financial Services in a joint venture institutional brokerage, according to two sources familiar with the matter cited by Reuters.

According to La Tribune, Crédit Agricole is expected to announce during November job cuts, mainly in its branch banking and investment (CA CIB).

France Telecom: according to banking sources, the proposed sale of Orange Switzerland, a subsidiary of telecom, receives funding of around one billion euros arranged by the seller. The sale could be completed before the end of the year.

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"Europe will have solved all its problems before the G20." German Chancellor Angela Merkel and President Nicolas Sarkozy, who met in the late afternoon in Berlin for a working meeting to discuss the crisis of the euro were at their common determination to do everything to save Europe. They set a schedule for the challenges that currently threaten the single currency must be resolved before the Cannes Summit, the 3 and 4 November, where the 20 richest countries in the world will gather under the French Presidency.

No concrete decisions

Paris and Berlin agree on everything kept repeating the two leaders. In particular the need to "take the necessary measures to recapitalize banks", according to Angela Merkel, or rather to "strengthen the capital structure of banks in Europe," according to Nicolas Sarkozy.A semantic nuance that neither one nor the other details provided. The "details" will be specified later they have promised, even suggesting an EU summit scheduled for October 17 and 18 and qu'unEurogroupe quick pay day loan. This lack of concrete decisions may be poorly received by financial markets because it gives the impression that there are still differences between Paris and Berlin on how the European financial stabilization (EFSF) must be used to strengthen bank capital.

However, the two leaders seem more attuned to the desire to strengthen economic integration Lazone euro. It will require "significant changes" to the European Treaties, provided Nicolas Sarkozy.All these elements will be subject to comprehensive proposals before the end of the month, concluded Angela Merkel and Nicolas Sarkozy.

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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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Slowly, Orange out of the editing and production of audiovisual content. After the partial sale of the chain Orange Cinema Series concluded this summer with Canal + for the euro symbol, the operator now negotiating the end of the channel Orange Sport and pondered the future of Studio 37, subsidiary cinema. Between now and June 2012, the sports channel, which employs twenty employees and thirty intermittent, should close its service.

This date corresponds to the extinction of the major broadcast rights as the game Saturday night in the Championship of France of football, as well as the rights to broadcast Diamond League (athletics) and the African Cup of Nations. It will, however, the rights of the ATT 1000 tennis which runs until 2013 for 4 to 5 million euros per year.A difficult case to the extent that these rights are not transferable by Orange to another operator, unless you agree with the rights holders. Because contrary to what was hoped the staff group, the chain has not been sold.

The band's arrival in Qatar in French football this summer has raised hopes the acquisition of Orange Sport the cost grid is around 160 million euros. A base that would have allowed the al-Jazeera Sport channel to launch in France in January no fax payday loan. But Qatar has not responded. Similarly, negotiations with the American ESPN have fizzled. However, Orange Sport, whose loss is estimated at 150 million euros, should not weigh on the financial statements 2011 of France Telecom.The group had provisioned at December 2010 the cost of the shutdown of its two channels, up from 450 to 500 million, including $ 300 million for the sports channel.

Of critical success

At the same time, Orange will lead a reflection on the future of Studio 37, subsidiary co-production film. Now deprived of the support of his movie channel and making low profile in the activity of the studio, its existence is justified less than in the past. Especially since, despite critical success as Welcome and Gainsbourg, or the heroic life of Fine guys, Studio 37 has had some setbacks as the Night kings of children, animated film on which it has invested 10 million euros – half of the production budget – to a resounding failure.

Orange is still given two years to find a growth in the studio and complementary activities before taking a more radical decision.

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Having rebounded strongly yesterday, particularly in the hope that the Fed chairman announced on Friday a further monetary easing, the U.S. stock markets falter, however, already appear on Wednesday. The Dow Jones opened down on Wednesday from 0.36% to 11,136.65 points after gaining 2.97% yesterday. The Nasdaq dominated by technology opens up its part down 0.42% to 2435.72 points after surging 4.29% on Tuesday.

The international macroeconomic and indeed remains tense, and markets fail to get rid of their concerns, both the European and American sovereign debt than on the slowdown, every day more evident, growth. The deterioration of Japan's sovereign rating and its banks, Moody's has added to the anxiety room.The volatility is exacerbated and evolve according to the indices of high amplitude, alternating sudden drops and sharp lifts.

Strong rebound in durable goods orders

Chapter stricter U.S. durable goods orders for July, were up 4% over the month in July, after falling 1.3% in June A pleasant surprise: the consensus of analysts expected Surun rebound of 2.5% only. "After contraction of almost 2% in June, a rebound (+2.1% expected) were likely on durable goods orders in July, analysts said Aurel BGC.

In the wake of this indicator, oil prices rose slightly at the opening in New York, a barrel of "light sweet crude" is trading at 85 quick payday loans.96 dollars, up 52 cents. As usual, the forecast for this indicator were very scattered.However, it appears very likely that the increase in durable goods orders will be driven by Boeing (0.35% to 60.98 dollars). The Boeing 115 has indeed garnered orders in July, against 48 the previous month. But, outside transport equipment, orders should be significantly less dynamic (-0.3% expected) "they procrastinate. At 4:00 p.m. will also release the FHA index of housing prices. A consensus of analysts expects an increase of + 0.2% + 0.4% against the previous month.

On the corporate side, Applied Materials Inc. (-0.96% to 11.33 dollars), a specialist semiconductor company traded on Nasdaq after the stock market will publish its results for the third quarter of 2012.The title had closed up 5.34% to 11.44 euros on Tuesday.

Apple (0.48% to 375.38 dollars) could be surrounded, as we just learned that the new version of its iPhone will be available later than expected, ie mid-October to United States and will for the first time also distributed by Sprint Nextel, the third largest wireless carrier in the United States. This is the Wall Street Journal that day that communicates information.

Giving the trend of the European market yearlings, Deauville sales start today. For four days, 478 thoroughbred yearling will be auctioned in the ring establishment Elie de Brignac, located opposite the racecourse The Touques and completely renovated. Of these, 340 were born in France and "income" and therefore qualified for the bonus to the owner, in addition to the allowances paid if they win or place in racing gallop in France. The origin of most of England and Ireland, but also from Germany and some of United States.

After the disappointment registered last year (down 17% the average price of yearlings), the farmers hope that the market will recover. But the economy remains sluggish in Europe, Eric Hoyeau, president of Arqana, organizer of sales, remains cautious."Our goal is a slight increase compared to revenues in 2010, which was 29.3 million euros."

In the spring, some 2,000 yearlings were in the running. After examination of their pedigree, about 1000 were selected. Then, the teams toured Arqana stud farms to examine their model, their appearance, their health … In the end, they were divided between the two sales held in Deauville in August (the most prestigious) and October ."More balanced, combining quality and diversity, the 2011 catalog of the sale of August is an excellent year," said Eric Hoyeau.

Children of champions

No less than 114 stallions are represented, with a large battalion of son and daughters of very large foreign-based sires such as Danehill Dancer, Galileo, Dylan Thomas (35 000 euros per project), Duke of Marmalade (40 000 ) or Montjeu Dalakhani, father of Reliable Man, winner of last June's Prix du Jockey-Club cash advance to savings account.

Their children could burn the auction.For large investors or their representatives (brokers, coaches) from around the world (Britain, Ireland, Japan, USA …) on the Normandy coast, arriving with the hope to get your hands on foals or fillies may, at the age of three years, winning such prestigious races as the Prix du Jockey-Club, Diana, the Epsom Derby or the Prix de l'Arc de Triomphe.

But it would be very surprising that the sales record, established in 2002, beaten. At the time, Sheik Mohammed al-Maktoum did not hesitate to pay 2 million euros to buy the filly Vimy Ridge.

Owner of the Godolphin Stable, one of the largest in the world, the emir of Dubai buys yearlings in the world, like its brethren its re Sheikh Hamdan.Last year, their absence on the Normandy coast, because of Ramadan, and the discretion of their representatives were the main causes of the fall (- 28%) of revenues from sales of Deauville.

Although lagged ten days, sales fall again this year in the period of the Muslim religious festival. But the interest of Australian investors and Eastern Europe, including Russia, not to mention the strong French customer, could surprise on the upside.

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The leaders of the movement of social protest have called for new demonstrations on Saturday night in a dozen cities of Israel. Last week there were more than 250,000 to march in Tel Aviv.

Israel, a country generally prosperous

With an average growth of 4.5% per year, the Israeli economy is not to be pitied. The country enjoys, among other things, its specialization in the export of products with high added value, such as electronics, computers and medical equipment and scientific.

With a well-run fiscal policy, the fiscal framework has never been violated for eight years. "Israel has always repaid its loans and the ratio of government debt to GDP fell from 120% to 80%," said Haim Israel, director of research at Bank of America Merrill Lynch in Israel."The country has weathered the crisis of 2008-2009 without loss of GDP or higher unemployment." At 6%, it is in fact historically low, whereas it reached 11% in 2004.

Soaring house prices, trigger

"The revolt of the tents" began in July when Daphni Leef, a young editor of 25 years, learned that the rent of his small apartment in Tel Aviv will be seriously revised upward. Grabbed by the throat, it installs a tent on Rothschild Boulevard in Tel Aviv to protest against the rent level.

It opens up a Facebook page calling the Israelis to do the same. His initiative is quickly spreading. Camps are flourishing in forty locations and events increasingly important place every Saturday.

It is true that house prices jumped 35% between 2007 and 2010 and 15.3% for the single period May 2010-May 2011.The rent index, based for example on new leases increased by 6.4% over the same period. In one year, prices rose by 32% in Tel Aviv (64% since 2008) and 17% in Jerusalem. The money spent by households in their homes can easily reach 50% of their income.

Quickly, the entire middle class – students, housewives, retirees, teachers, doctors – who joined in the protest to denounce more generally the cost of life and call for more social justice. For the development of the Israeli economy has been accompanied by a sharp rise in inequality.

Large sectors of the economy in a few hands

Past ten years, the policy of Israeli governments has led to the privatization of entire sectors of the economy.But only a few groups have shared the cake so that economic activity is concentrated in the hands of a few rich families. Eighteen families and individuals alone control companies generating half the country's GDP, according to a study by the Bank of Israel.

Enjoyed near monopolies, these groups stand in the entrance of new players on the market and can impose their prices. "Dairy products are a good example: two companies control the industry and the market is not open to imports," said Haim Israel paydayloans.

A cost of living very high wages stagnant

In many areas, the Israelis are paying more than the Europeans and Americans for the same products and services. For example, gasoline is twice as expensive in the United States and 30% more than in Europe. The price of mobile phone communication is the highest in the world.Cable and satellite are nearly three times more expensive than the world average. On the site of the Israeli Swedish brand H & M, of products similar to those offered in France are sold 13-23% more expensive. According to the Big Mac index published annually by The Economist, which compares the price of the famous hamburger in each country, Israel is ranked above the United States with the respective prices of 4.67 and 4.07 dollars. Other clues: Bloomberg compares the price of the library "Billy" sold in IKEA stores. In 2011, in Israel that the library is selling the most expensive.

In June, the makers of cheese, a staple of Israeli cuisine, had tried to raise the price of 250 grams of pot triggering a boycott on Facebook.Of its success, the producers had had to give.

This price increase is even more difficult to absorb the salaries, they have not increased. In real (inflation deducted from), they remained stable or even declined since September 2010, according to the National Bureau of Statistics (CBS). Meanwhile, social benefits have been reduced since 2003. However, it is the middle class that supports the heaviest tax burden of up to 50% of revenues.

Growing inequality

Income gaps within Israeli society are very important. If the average salary is 102,763 shekels in a year (20,265 euros, more than in France), a majority of the population is well below. An Israeli in five is living even under the poverty line, according to OECD figures, the worst figure for members of the organization after Mexico.39% of Israelis also believe that it is difficult or very difficult to live with their current income, against 24% on average in the OECD.

"It's capitalism gone wild. Those who can not keep up are left behind, without a safety net, "complains Daniel Rouach, associate professor at the ESCP Europe and member of the Chamber of Commerce France-Israel.

After the rejection of a leading housing assistance, Prime Minister Benjamin Netanyahu has appointed economist Manuel Trajtenberg at the head of a panel of 14 experts to consider reforms to the social partners.

"I really think that the next elections will focus on the economy, said Haim Israel. In recent years, these were mainly geopolitical and the peace process. The economy is back on center stage and so the changes take place. "

The world welcomes the U.S. agreement with relief. And sometimes with caution. France, through the voice of the Minister of Economy and the Baroin Budget Valérie Pécresse, on Monday welcomed the compromise that must still be voted in the Senate. "This is great news for the world economies, a very good news for the United States but also for Europe," said the minister.

Baroin for its part related to the Europe Agreement on Greece on Thursday and compromise between Republicans and Democrats: "All that has been implemented for two weeks three weeks, the agreement of the euro area on the issue Greek, the Washington agreement on the question of raising the ceiling of U.S. debt in the right direction. "These agreements" are going in the direction of the reinforcement of global growth, "he said, and they will" reaching consequences for global economy is recovering. "

Berlin has also welcomed the plan, but without emphasis. "The German Government is satisfied that there is a political agreement in the United States on this difficult issue," said at a press conference a spokesman for the government, but "we do not comment on its contents."

Earlier in the night, Japan applauded the U.S. agreement."We welcome the agreement on the U.S. debt and hopefully it will stabilize markets," said Chief Cabinet Secretary, Yukio Edano. The islands observed at the forefront of American debt crisis. It is the second largest holder of U.S. Treasuries, after China.

BlackRock prudent

It is not clear, however, that the announcement of Washington, as expected, calms markets. The largest asset manager worldwide, BlackRock, welcomed the plan cautiously. "The proposed framework for reducing federal spending is a positive step," said the fund in a statement. But "the exact composition and timing of all the spending cuts will determine whether the proposal produces a real and significant reduction of the deficit," he added.

Markets "need to perceive a clear path to deficit reduction to encourage confidence in the U.S. dollar," says BlackRock. "This is essential if we are to retain the AAA rating of the United States and encourage long term investment."

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If tourists have their holidays ruined by this July "rotten", the farmers themselves are partly reassured by the rain. The drought, which promised to be catastrophic end of May, appears to be narrowly avoided. For the first time in several months, the rains approached normal in June, easing the dry surface soil. However, only the northern regions have truly benefited. The first half of July and greatly reduces the effects of drought on the eastern countries, such as Rhône-Alpes and Burgundy, where the normal monthly rainfall has been exceeded. The West remains in a difficult situation.

Ranchers are in trouble

These rains helped to clarify some of the grain prospects.The agency has adjusted FranceAgriMer last week its forecast of wheat production, providing 32 million tons instead of 31. What remains below the 2010 harvest, already one of the less good the last two years.

If rain has arranged grains, however, it comes too late for some farmers. Given the difficulties to feed their animals for lack of grass in the meadows, it has been prematurely cut down some of their livestock online payday advance. For others, it was necessary to buy straw to grain. Contracts were signed with them, which helped to avoid speculation and keep the price around 25 euros per tonne.FNSEA has signed agreements with the SNCF for transporting the straw with the cost and highways to avoid tolls for trucks.

Despite these measures, the additional cost of purchasing straw will reach 10,000 to 50,000 euros per farm, according to the FNSEA. Some farmers will use a short-term loan from the Credit Agricole, at preferential rates (1.5 to 2%). This will allow them to wait until payment of the advance on the compensation of losses due to drought.

This advance, initially planned 100 million euros, has already been revised to 200 million and will be available by the National Fund for risk management in agriculture in mid-September. Nicolas Sarkozy also pledged to offset one year's repayments of loans to farmers in 2009.Christophe Chambon (Young Farmers) estimates that the measure "will give an impetus to helping farmers," but wants more: a deferred annuity of total loans.

The stock markets in the Asia-Pacific begins this week in the gloom. The Tokyo Stock Exchange declined since the beginning of the session on Monday: around 7 am, the Nikkei folds of 0.54% to 9625.99 points. In China, the Hong Kong Hang Seng drops 0.66% to 22,025.30 points but the CSI Shanghai is 0.38% to 3038.89 points. In South Korea, the KRX yield 0.60% while in Sydney the S & P / ASX retrograde more frankly about 1.02% to 4462.10 points.

Bank stocks crippling trend. HSBC Holdings 1.51% of trips in Hong Kong, Mizuho Financial and Sumitomo Mitsui Financial Group lost 1.6%, respectively, and 1% at the meeting in Tokyo. Commonwealth Bank of Australia loose it, 0.85%.

The mood is worsened by the U.S. markets, which fell sharply on Friday night. The indexes fell to new technology very important. Greece still worried but the situation in the United States also remains fragile.Side values, the technology sector pulled down the indices including Oracle, which fell 4.06% against a backdrop of disappointing results. So, in Asia, the sector is shunned: Sony Japan lost 1.6%, for example.

Oil companies are also suffering: Japan Petroleum sells and 2.23%, the Australian group Santos yields 2.26% and PetroChina, 0.2%. Oil prices continue to fall on Monday, given the recurring concerns about the solvency of Greece and after the announcement of the International Atomic Energy Agency (IEA) to dip into its strategic reserves. This has brought down the barrel of 7.7% in two sessions. In morning trading, a barrel of "light sweet crude" for August delivery lost 65 cents to 90.51 dollars. That of Brent North Sea crude for August delivery yielded 67 cents to 104.45 dollars.

The AG Tepco looks hectic

Note also that the operator of the nuclear power plant in Fukushima, Tokyo Electric Power (TEPCO: 4.22% to 321 yen), meets Tuesday its shareholders at a general meeting expected under high tension.

The share value of the power company has shrunk about 85% since the accident on March 11, caused by a giant tsunami, which resulted in the emission of radiation into the atmosphere, sea and the soil surrounding the plant located 220 km northeast of Tokyo.

Units of riot police plan to deploy around the large hotel which will host the debate, due to events expected from residents of the prefecture of Fukushima and anti-nuclear activists.