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.

Nearly 22% drop for the CAC 40 since the beginning of the year. It the finding bitter than do today small shareholders after exercise 2010 already very morose terms stock. Consequences: these individual shareholders a society often individuals are disoriented face financial markets irrational very volatile and sealed by concerns recurring on debt crisis eurozone. What confirms elsewhere study Investment stock conducted among investors assets.

Conducted last October by the Institute OpinionWay with just over 800 individual operators, the survey did feel a great pessimism on the part of respondents.If 87% believe that investment in business is quite good or very good for the shareholders in general, 60% are quite worried or very worried about the financial markets in general and of their portfolio in particular easy payday loans. Over 42% also state that their opinion regarding the financial markets has worsened, despite the measures of financial regulation put in place following the 2008 crisis. 75% also believe these measures ineffectual.

Concerns salon Exchange

Consequence of this pessimism toward the stock market investment (listed shares, mutual funds, options, certificates, warrants), individuals felt it was urgent to wait. Overwhelmingly self (80% fully manage their own portfolio), these investors have mainly invested any additional amount over the last six months (54% of them).

Nokia unbeatable? The group may well see its market share erode quarter after quarter, it nevertheless remains the world leader in its sector. A position he owes much of its sales of cheap phones in emerging markets. Thus, in the third quarter, the Finns no longer had "only" 23.8% of the world with just over 105 million mobile phones sold worldwide. Good performance for a brand "dying" in the eyes of observers sometimes a little harsh with the former star of mobile telephony.

To retain his title, the Finn will still fight hard. He also put a lot on its Windows Phone, the range Lumia, marketed since November 14 in six countries including France fast cash without a hassle.

She says Windows Phone should benefit from new smartphones from Nokia. The Finn is expected to expand its range and offer new Windows Phone cheaper. It will still wait until the second half of 2012 to attend a turnaround, and it provided that Microsoft manages to attract enough developers to make its ecosystem attractive to consumers. For now, it has only 35,000 applications. One-tenth of what is available for Android.

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This consolidates its international stature when some surveys point out that the French consider that Francois Hollande might as well as the current host of the Elysee in international summits.

Of course, despite the best efforts of Sarkozy, Europe is found in Cannes in the position of poor student he wanted to avoid at all costs. But somehow, he still hopes to appear as the last dam before the flood of French turf. "What will tell the left Mélenchon Montebourg and Greek on the referendum? Will they hoped that the Greeks reject the agreement? "Asks one who sees Sarkozy already torn the left of the line to take.

A long-term

Meanwhile, the French president chose not to play saviors of the world. That humility prevails.

2010 marks a departure for French exports of military equipment. With a total of 5.12 billion euros, they are falling over 8.1 billion garnered in 2009 (6.5 billion in 2008). The objective of Paris was to beat all its records by signing for "at least 10 billion of export contracts" is more or less the equivalent of what the French army spending for its own every year.

Nevertheless, the government notes in the twelfth edition of its report to parliament on arms exports to France for 2010, "France has maintained fourth largest exporter of defense equipment (…) in a situation difficult ".

The world export market has stabilized at 70 billion euros.And in total military spending worldwide have slowed to 1.127 trillion euros, an increase of over 1% against a growth of 5% per year between 2001 and 2009. "Over the decade," the report notes, "the United States, the European Union, where Britain and France stand out, Russia and Israel share 90% of the export market."

The decline in export activity in 2010 due to the lag of several large contracts – as in 2009, with sales in Brazil of four submarines and 50 helicopters – that France hoped to sign the year last.

Remarkable performances

In discussions since 2009, the contract for the sale of two ships of projection and command (BPC) Mistral class in Russia was finally signed in June 2011 between DCNS and Rosoboronexport to 1.1 billion euros.It is therefore not recorded in 2010.

And ongoing negotiations with several countries to sell the Rafale combat aircraft built by Dassault Aviation, have not yet been completed. Among the most promising, the Brazilian has cooled with the decision of the President Rousseff to defer any decision to buy 36 fighter in 2012. The second, United Arab Emirates, is still active.

Negotiations, that France hoped to see succeed in 2010, continues with Abu Dhabi. Just over a week, Gerard Longuet had found that Paris had entered "a final negotiation." The defense minister had described as "very high" probability that the contract is concluded. France and the UAE have been negotiating the sale of 2008 copies of 60 Rafale.The French fighter is also short list in India along with the Eurofighter, developed by EADS, BAE and Finmeccanica to supply 126 aircraft to the Indian Army.

France can also expect to have the benefits of its commitment to Libya where the effectiveness of French equipment was again demonstrated (after including Afghanistan) under real conditions in a theater of operation. Of these, the performance of Tiger helicopters (EADS) and the Rafale, whose versatility allows him to perform all the tasks (surveillance, attack in depth, defensive etc.) were noted. "This is the only aircraft in the world capable of performing such a feat today," says a military engaged in Operation Harmattan.

For France, the stakes are high because the Rafale irrigates the French industry, including Ile-de-France and Aquitaine.The French fighter involved 500 industrial partners and represents more than 8000 jobs in total.

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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.

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 U.S. stock markets, should open with no real leadership on Friday. Future of Standard & Poor's 500 fell by 0.12% to 1222.10 points, while those on the Nasdaq 100 2174.75 0.01% grappillent points. The markets are still haunted by the fear of a recession in the U.S. and the crisis of public debts. Wall Street tumbled Thursday was at the end. The Dow Jones ends with a fall of more than 3%.

In an attempt to stop the stock market crash, the finance ministers and central bankers of the twenty leading economies gathered in Washington last Thursday pledged to provide "a strong and coordinated international response" to the crisis at a meeting in Washington.In a joint statement, they agreed to ensure that "banks have adequate capital" and promised to provide "the necessary liquidity" to financial institutions. But for specialists Aurel BGC, "the real decisions are referred to the Summit of Heads of State and Government to be held in Cannes, 3 and 4 November."

The Perfect Storm, the large emerging group of "Bric" were "determined to accelerate structural reforms to sustain strong growth." Brazil, Russia, India and China but also South Africa so consider "if necessary, to provide support through the IMF or other international financial institutions, to address the current challenges facing the global financial stability, according to the circumstances of each country. "The inventor of the BRIC, Jim O'Neill, chairman of Goldman Sachs Asset Management, said however that emerging markets are likely to require at least, in exchange for their support, greater clarity on how the Europe has to solve its crisis.

Gloomy outlook for world trade

In response to a request by the G20 in September addressed to Nicolas Sarkozy, the countries of the euro area have also promised to implement "necessary measures to increase the flexibility of the European Financial Stability Fund (EFSF)" to avoid contagion from the crisis in Greece. Yesterday, the possibility of a defect in Athens, though long ruled by EU leaders, was raised by Klaas Knot, Member of the Board of Governors of the European Central Bank (ECB)."This is one of the scenarios," he told the Dutch newspaper Het Financieele Dagblad.

The specter of a global recession has suddenly resurfaced after the ads pessimistic U.S. Federal Reserve (Fed), which held that the U.S. economic recovery was "slow" and threatened by "high risk". Wednesday she has decided to sell by the end of June 2012 for $ 400 billion of treasury bills and to purchase for the same amount with a longer maturity.But the fact that it favors measures to monetary easing, a depressed market on Thursday, who sees as a sign of impotence.

New signs of abating, the World Trade Organization (WTO) revised downwards its forecast for this Friday trade growth for 2011, expecting growth of world trade by 5.8% against 6.5% forecast so far, according to its website.

On the foreign exchange market, the euro climbed slightly against the U.S. dollar: it rose on Friday by 0.57% to 1.3533 dollar. Oil prices also went up.A barrel of "light sweet crude" for delivery in November, which had tumbled more than $ 5 the day before returning 1% by mid-morning at 81.31 dollars.

The side of values, after the close of the NYSE YorkHewlett-Packard announced the replacement of Leo Apotheker as CEO from Meg Whitman, confirming the many rumors that had circulated in recent days.

At Advanced Micro Devices (AMD) is Rick Bergman Devices, responsible for products, who announced his resignation. The CEO will temporarily Rory Read office.

Covidien raised its quarterly dividend 12.5% ​​to 0.225 dollar per share.And, for its part McDonald's has increased its 15% to $ 0.7 per share.

In order to treat its shareholders well, Raytheon has authorized a stock repurchase plan of $ 2 billion.

The American manufacturer of sporting Nike has exceeded market expectations by posting yesterday after the close of U.S. markets net income for the first quarter of fiscal year up 15% to $ 645 million, driven by its Sales in North America and in emerging countries. Revenues rose 11% to $ 6.1 billion.Orders scheduled for delivery between September 2011 and January 2012 were up 16% to $ 8.5 billion.

On the occasion of a major overhaul of its website, Facebooks'est services associated with music, news and video, including Spotify, Deezer and Dailymotion, and challenge from Apple in the content.

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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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