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During the crisis, tensions continue. The markets had another busy day, Thursday: doubts about the ability of the euro area to overcome the debt crisis have sealed the shares. They weighed on bonds issued by France and Spain led to a further surge in rates especially Spanish and Italian in the secondary market – the debt of "opportunity." The French rate also rose, to a lesser extent, before new Italian bond purchases by the ECB do a general relaxation.

European capitals are still struggling to unite, despite these new turbulence. Or because of them. Thus, the debate on the role of the European Central Bank it off again with a vengeance payday loans.The ECB's independence is considered an insuperable line in a country that is traumatized by hyperinflation of the 1930s. For Berlin, the only way to restore confidence in the euro area is to institutionalize fiscal discipline. Changes in the European treaties must strengthen the powers of Brussels to punish offenders, said Angela Merkel.

The Chancellor reiterated Thursday its opposition to further action by the ECB. "The European treaties such as we see them do not give the ECB the opportunity to resolve these problems," she says.

Personal loans like these have to be repaid back within a time span of 15-20 days. This period can be extended a bit in case of emergency.

CEO and American colossus original Welsh, Howard Stringer, missed the turnaround as promised by Sony. For the fourth consecutive year, the electronics group of Tokyo will be in the red. A loss of 90 billion yen (841 million) is expected for the fiscal year ended March 31, instead of a profit.

The various decisions of closures, massive layoffs and alliance with Samsung in flat panel LCD TVs have been failures. Certainly, the fate of the Japanese groups persists. Penalized first by the great earthquake that froze production in the archipelago, they now face a strong yen, measures to save energy drastic floods in Japan and Thailand.Production of television sets will also be halved, falling to 20 million units per year instead of 40 million Payday advance.

For seven years, the business of television is losing. It will be in the red for the eighth consecutive year. And should head out of water in 2014. In this context, the new challenge that has been made in mobile phones seem to be a bit risky. Sony has decided to resume participation in its joint venture with Ericsson joint smartphones.

Of course, the sun never sets on the group. But it is the issue of replacing Howard Stringer, CEO of Sony since 2005, that arises. His predecessors have missed the shift to digital music. Left him spun the televisions and internet tablets. A market where it will arrive late.

His successor will probably be a Japanese.

How to make a hitch to his dog kibble? Appeal to teachers, as do the manufacturers for ages in their advertisements, not enough. It is also pet the pooches in the grain. Nestle, the world leader in animal nutrition with Purina (Friskies, Fido, Felix …), is launching this week at the Austrian television advertising directed at the first of the canine race! A 23-second spot that touts its brand Beneful. The brand hopes to honor "the unique relationship between dogs and their masters."

The matter was taken very seriously by Nestlé. The group uses its team of specialists in animal behavior, based in Missouri. They have identified the sounds that dogs, whose hearing is two times finer than that of humans, are particularly susceptible.Beneful spot, which features a dog bowl in front of her and his mistress, and has a grinding noise similar to that of a dog toy, a barely audible hiss of humans and a fairly high-pitched signal. Dogs are supposed to react differently to advertising based on their "individual experience" and the games they are used with their master, provides Nestlé. Last year, Nestlé Purina was pioneered in Germany with scented billboards that opened the appetite of dogs for a walk.

Black week for France 2 and 3. Despite program schedules reviewed in depth, mayonnaise is difficult with the public. The two main public channels were last week is below their hearing before the summer is far from the promises made in September. According to figures from Médiamétrie, France 2 wins on the week with an audience share that does not exceed 13.3%, while France 3 is below 10% (9.4%). In September 2010, France 2 then peaked at 15.2% audience share, while the monthly regional channel still showed a 10.2%.

Stalls which raise the question as to whether the two chains have changed their schedule from top to bottom than the choice of new issues.France 2 and a string of setbacks on almost all of its new developments that would allow him to raise the level of 15% of audience share. The cultural program "preview" of Elizabeth Tchoungui, broadcast on Wednesday night in the second part of the evening, not taking off the 2.8% audience share on average over the first three editions. This does not represent more than 350,000 viewers. Worse, the average of this time slot falls from the hearings the first six months of the year. From January to June, met this box on average 1.2 million viewers and 9% audience share.

Too much competition

Similarly, the issue of Jean-Luc Delarue ("Family Reunion") is satisfied, on its first three editions, as 800,000 viewers on average for an audience share of 9%.Harder was the prime time last Saturday: "Sing Off, 100% Voice," which was to sign the renewal of the entertainment on France 2, has amounted to an audience share of 8.9% far from the figures usually produced by Patrick Sébastien, which peaked at 22.4%.

Finally, even the new programs of the day are not recipes. And "Hello-Good-bye," the sweet reality show on France 2, is far from the usual average of the chain on Saturday afternoon, or "Would you be a good expert," with Julien Courbet at 17 hours, has collected an average of 640,000 viewers. As the only major success of the chain is the current political program "Words and deeds" that convinced nearly 5 million people in prime time during the primary socialist."We did a lot of change and innovation on France 2 and now we set the grid on a daily basis. It is a spine that is being built, Claude-Yves Robin argues, the CEO of the chain, which defends its choice. The public needs to find its new benchmarks. "

France 3 next week, was saved by the sure value of the string, the series more beautiful life which, with its special evening on Tuesday, has almost reached 20% audience share. What correct very poor performance from the movie Carmen (only 6% Saturday night) and poor scores in some of the new issues of the chain. In Focus, the novelty of Cyril Viguier, "Friday on a plateau," which, on average, over its first three editions, totaling 500,000 viewers and only 4.9% of the audience. Or a score of half that of Mireille Dumas, at the same time, flirted with 9% of the audience.Even the program "Thalassa" modernized off easily. It was not until the last issue to find the audiences last year, around 9.7%. However, François Guilbeau, the head of France 3, prefers to remind "the excellent score of 19/20" with a new formula peaks at 17.3 audience share. "Moreover, he says, all our new programs are progressing. Ever, a program that installs not succeed the first time. Competition is too strong. We have the choice between innovation or re still the same programs. France 3 has chosen innovation. "Only the movie nights in the chain, éditorialisées by Frederic Taddei, are well above the average, to 11.4%.

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SNCF never ceases to celebrate 30 years of its TGV. After the launch last May of a train specially decorated, a new celebration takes place Saturday night in the Gare de Lyon in Paris. The President of the SNCF Guillaume Pepy, and Nathalie Kosciusko-Morizet, Minister of Ecology and Sustainable Development, will attend a particular video show projected on the facade of the Gare de Lyon which left the first TGV, the September 22, 1981.

A few figures summarize the tremendous success of the first high-speed train developed by Alstom to accommodate all age groups, mobile executives, young, old … In all, nearly two billion passengers have taken in 30 years. 83% of French people have traveled at least once on board the TGV, which now serves 230 stations.

But the station pulled the alarm a few years ago commercial success, the TGV is not an economic powerhouse.The accounts of the industry are deteriorating, the fault, including the tolls the operator must pay to Réseau Ferré de France, the operator of the system for the use of high-speed lines. Today, nearly 30% of high-speed lines in circulation are not profitable. Guillaume Pepy regularly reminded that the company can no longer afford to invest in next-generation trains no fax payday loans.

The future railway landscape

Several projects of new lines are under way: the Rhine-Rhone, just opened, the Tours-Bordeaux, Brittany or the Loire region, not to mention the circumvention of Nimes and Montpellier. But others are virtual as the Paris-Caen. The success of the TGV has indeed given to the regions want to have "their" TGV.But the question of funding problem and use increasingly common in public-private partnership, a financing involving the state and communities in building a private group, is not a panacea.

After the festivities, Focus on the rail, a kind of rail Grenelle oragnisé by the Department, will again bring together industry players at round tables austere. Objective: To shape the future landscape railway … and give the French the prospect of other celebrations in the coming decades.

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The discount is as brutal as sudden. While markets were expecting a deterioration of the Italian debt by Moody's, its rival Standard & Poor's (S & P) has the first shot. On the night of Monday to Tuesday, the U.S. rating agency downgraded a notch credit ratings long and short term attributed to the third European economy A/A-1 against A + / A-1 + before. She also maintains a negative outlook on the evolution of the country's economic activity. Rome was quick to respond, criticizing a decision "dictated" by the media and "distorted by political considerations."

Above all, the rating agency believes to have taken someone a traitor. "There is nothing in this sudden degradation defends Martin Winn, Vice President of the London office of S & P, noting that the Italian debt had already been placed under negative outlook on May 21.A decision which in the eyes of the agency at least, appears as "a very clear indicator," said Norbert Gaillard, an economist and specialist rating agencies. In fact, a negative outlook indicates that degradation can occur at two-year horizon, says Norbert Gaillard yet. Unlike a "supervision order", indicating a probability of discount "stronger in the next three months."

Quagmire of the magazine Italian Greek

The question is whether the markets have built-or not-this "indicator". And there, the doubt remains: "Normally this should be the case," suggests Norbert Gaillard.Adding that markets were also able to consider a positive outcome for Italy, when Moody's, which was placed on negative watch Rome in June, was given "one more month" to determine a deterioration in the adoption of an austerity plan for Rome in mid-July.

However, even if investors are mild at first, the degradation of Standard & Poor's suggests a bleak future on the other side of the Alps. "There are now three notches score difference between Moody's and Standard & Poor's, which is huge," says Norbert Gaillard. He said Moody's may well be tempted to turn degrade the Italian debt, "especially to preserve its credibility." With in this case, "a risk of panic 'markets.

In addition, S & P has not ended with Italy, since the rating agency maintained its negative outlook on the economy Alps.Now, if Moody's was focused on the austerity measures, its competitor seems only need a high debt, a fragile political situation, or a sluggish growth prospects for taking action, counting up Norbert Gaillard. Questioned on this point, Martin Winn mentioned merely "a probability of 33% of a further deterioration in the next two years." As negotiations dragged on over Greece, which still awaits its next tranche of EUR 8 billion, Italy is transformed into a dangerous powder keg for the rest of the euro area.

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The U.S. stock markets have opened sharply lower on Monday. In early trade the Dow Jones loose 1.23% and the Nasdaq -1.54%. European divisions over the records of the debt crisis and the rescue of Greece, and political tensions in the United States expected to weigh on investor sentiment. Friday, after a feverish new session, Wall Street had ended in the green on the wire.

Investors will be particularly attentive to the speech of President of the United States, Barack Obama. The U.S. president should propose a new tax plan today to 1.5 trillion dollars over the next decade. The plan also intends to cut the deficit in Washington from 3000 billion over the next ten years, said Sunday night a senior administration official.Worried that his program pushed by Congress, Bush called this weekend to support the Republicans, to avoid "dead end". President Barack Obama presented a plan Thursday night use of 447 billion dollars intended to provide a "shock" to the U.S. economy. He warned the Americans Saturday that they would provide "pull their weight" to reduce the country's budget deficit. The United States must indeed make 1.2 trillion dollars in savings by the end of the year. Barack Obama wants to target primarily the rich and businesses. In this sense, it must provide to Congress today a tax on incomes above taxpayers, those earning over a million dollars a year.

Summit meeting in Greece

Concerns about the situation in Greece should also still produce adverse effects on Wall Street.Following a two-day meeting, Friday and Saturday in Wroclaw, Poland, EU finance ministers decided to postpone their decision until October on a loan of 8 billion euros in Athens. The European finance ministers have also made little progress on the implementation of the second aid package to Greece about 160 billion euros, of which the principle was arrested on July 21. The presence of U.S. Secretary of the Treasury Timothy Geithner will not change. Accused of delay in implementing measures to reduce the deficit, Greece must show its good will.

To try to convince the Greek Finance Minister Evangelos Venizelos has to go today as the yoke of the major creditors of the country, calling for new savings measures.According to his ministry, Evangelos Venizelos will submit to the verdict of the "troika" representing euro area and the International Monetary Fund on a conference call scheduled just after the close of European stock. An interministerial meeting is then scheduled to "specify concrete decisions" to be taken, said on Sunday the Greek Minister.

On Monday, the only indicator of expected importance in the U.S. NAHB housing index is to be released in 16 hours. The main highlight of the week in the U.S. is expected Tuesday and Wednesday with the Fed meeting. Investors expect the institution to take steps to maintain the downward pressure on interest rates and long-term and in turn gives a boost to growth.

The euro against the dollar worth

On the foreign exchange market, the euro accentuated his decline against the dollar on Monday.The euro bought 1.3653 dollars against 1.3797 dollars on Friday night. He fell last week below the threshold of $ 1.36 for the first time since February. Oil prices are also in the red. Around 12:30 in Paris, a barrel of Brent North Sea crude for November delivery traded at 111.75 dollars in London, giving 47 cents from Friday's close. In electronic trading on the New York Mercantile Exchange, a barrel of "light sweet crude" (WTI) for October delivery gave up $ 1.19 to 86.77 dollars.

Also note, share repurchases by companies have reached record levels over the quarter.They are for non-financial businesses of $ 475.2 billion in the quarter (annual rate) against 277.9 billion dollars for the full year 2010 specialists note Aurel BGC.

Values ​​to follow

The side of values, the general manager of movie rental service Netflix announced on the blog of the company splitting its activities on the internet streaming movies and delivery of DVDs by mail.

Boeing expects to receive "hundreds" of new orders and commitments for the 737 version of its remotorisée in the coming months, told Reuters Randy Tinseth, vice president of Boeing Commercial.

according to reports from CNBC, United Technologies is in talks with Goodrich Corp. to buy the company at a price of 125 dollars per share.

Moreover, according to the Sunday Express, Best Buy would have discussed the prospects of its business in the UK with its shareholders.

GE Transportation, a subsidiary of the giant General Electric announced it would invest $ 200 million to develop manufacturing of locomotives in Texas and Pennsylvania.

Commitments at risk of Kweku Adoboli have increased to 10 billion dollars (7.2 billion euros) according to the Sunday Times. Arrested on the night of Wednesday to Thursday, the trader in London the Swiss bank UBS has been detained by a judge Friday. May request bail at a subsequent hearing Thursday.

UBS said Thursday an estimated loss of 1.5 billion euros due to fraudulent transactions of its employees. Since then, the bank did not provide details on the mechanisms in question. The extent of fraud appears, however, reach gigantic proportions: it would be spread over three years since October 2008, without apparently the slightest alarm it caused internally. UBS warned regulators Swiss and British have launched a joint investigation.The bank has set up a parallel internal investigation unit called "Project Bronze" and instructed one of his best traders in derivatives, Jason Barron, to unwind positions Kweku Adoboli. While the fraud would have been discovered in the day Wednesday, all commitments have been liquidated Adoboli Friday.

Supposedly low-risk operations

The trader, who was promoted to his post in 2008 from the back office services, was a member of a small team of five people at Delta One desk. Their mission: to invest large sums to the equity of the bank's alleged market changes, via financial instruments called ETF (exchange traded funds). Generally, low profits emerged from these supposedly low-risk operations at very high volumes.Adoboli of the fault could have come from a lack of coverage of his Paris, which would have resulted in a spiral of losses since the collapse of financial markets this summer.

New to fear layoffs

The extent of the scandal poses serious threats to the future of UBS. While the bank has launched a 3500 plan job cuts, new job cuts are feared. The approximately 6000 employees of the investment bank in London feared an outright shutdown of their business, which should show a loss on the year while UBS as a whole should remain the beneficiary. Despite calls for resignations in Switzerland, head of UBS, Gruebele Oswald replied that he did not intend. "If you ask me whether I feel guilty, I say no," he told the newspaper Der Sonntag.

Concerned about its reputation with its clients it manages fortunes, UBS wrote them a letter Saturday to try to reassure them. "We fully understand that this incident may worry, says the bank. We are very disappointed and we also assure you that UBS is taking the matter very seriously and makes every effort to resolve it quickly. Your assets are safe with us. "

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Asian stock markets will end the week on a positive note. In the wake of Wall Street closed higher on Thursday, the markets have also welcomed the decision by central bankers from the richer countries to mobilize to prevent the drying up of banks' liquidity in dollars. Thus, the European Central Bank (ECB), with the U.S. Federal Reserve, the Bank of England, Swiss National Bank and the Bank of Japan has reopened its facilities dollar loans to European institutions in three months, at their request. The Nikkei gained 1.93% to 8836.10 as well.

The IMF, like the ECB through its president Jean-Claude Trichet welcomed the unity of central bankers to the crisis: he stressed that it was more necessary than ever for world leaders to unite to prevent a recession that should spare "person."This will reassure investors, who until now did not cease to spread their fears about a bankruptcy in Greece, coupled with sluggish growth prospects on both sides of the Atlantic.

However, brokers in Asia fear that this improvement is short-lived. "The coordinated central bank takes the market today," noted Toshiyuki Kanayama, broker at Monex, Japan, quoted by Dow Jones Newswires. But this does not solve the problem of the euro area should have a temporary effect. "

Bank stocks and exporters in progress

At the Tokyo Stock Exchange, banking stocks and exporters popped up then. Toyota wins and 1.75% to 2737 yen, Honda 2.27% to 2447 yen.The same goes for banks, Sumitomo rising by 3.39% to 2166 yen, as Mitsubishi UFJ Financial Group (4.24% to 244 yen).

Other places are also Asian financirèes in the green. The Hang Seng Index in Hong Kong gained 2.14% to 19,591.93 points, the Kospi Index in Seoul was up 3.56% to 1837.22 points, the S & P / ASX 200 index in Sydney rose by 1.81% to 4145.20 points, the BSE Sensex index in Mumbai was up 0.96% to 17,039.30 points and the FTSE Singapore Straits Times Index rose 1.35% to 2803.25 points.

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 in Tokyo, down slightly compared to 1.3882 dollar and 106.40 yen the night before in New York.Similarly, the oil price displayed in a small increase in morning trading in Asia, a barrel of "light sweet crude" earned 5 cents to 89.45 dollars per barrel of Brent North Sea 14 cents to 112 , $ 44. "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.

The shower is severe. In the portfolios of French investors, very few mutual funds have been spared by the crisis of the summer. But there are still some miracle, such as those invested exclusively in bonds. With lower interest rates on German and French titles, they have recorded gains that offset their potential losses on bonds of peripheral states.

Some balanced funds, designed to protect stock market turmoil of the capital of their subscribers, also grown out of summer crash, as they kept their promises. Carmignac Patrimoine, the most famous of them, for example, ends in August slightly higher.He won more than 1% over the last three months, and displays from the beginning of a loss of 1.38%.

Funds that keep their promises

Before the summer, the management company, worried about economic growth, would be prudent, played the German government bonds and U.S. gold mining, focused on the stock exchange on defensive stocks and fled from the European financial. Paris paying as much this summer. "Earlier this year, already, we were very cautious and this has penalized our performance. But our concerns proved justified, "said Didier Saint-Georges, a member of the Investment Committee.

This fund is not the only one who done well in the gameOthers are also this month in the green, like Invesco Balanced Risk Allocation, which earns more than 1%.

Good surprises are, however, to investors, far fewer on the side of mutual funds dedicated only to "actions". Even the most reputable funds have simply succeeded in limiting the decline to less than 20% in August, the image of Agressor of Finance of the Exchequer (16% on a month -12.90% since the beginning of the year), Ulysses de Tocqueville Finance (18% of one month, -17% since the beginning of the year), or Work at Mandarin Mandarine Gestion (-14% last month ), according to Morningstar.

The banks'

Scores honorable, because the mutual funds shares plunge less bright, they, by 25%. And very few funds have done better, except for example Neuflize Opportunities France, which lost "only" 12% in August.Managers had preferred Neuflize Private Assets before the summer increase liquidity, cover part of the equity portfolio and stood, too, away from financial stocks.

"Since the beginning of the year, banks have lost a third of their stock value. The differences in performance between the mutual funds 'share' in Europe are essentially determined by the position given in the securities portfolios, "said Bernard Aybran, director of the multi at Invesco. The funds dedicated to small and mid caps were also often more resistant, precisely because they have few banks in their investment universe.

Subscribers who have agreed to diversify their portfolios outside of Europe have suffered a little less. "Emerging markets have not declined over the summer that the European stock markets," notes Bernard Aybran.U.S. stocks end up well also. At one month, the CAC 40 fell nearly 12% and U.S. S & P 500 half!

If underwriters are well aware of the risks they take by investing in equities, they are however less sensitive to those they face in buying bonds. However, they lost an average of 6.5% in one month on high-yield bond mutual funds, which invest in corporate bonds of lower quality. Popular earlier this year, praised for their efficiency, these securities have also plunged on the stock market during the crisis.

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