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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.

European solidarity is crumbling a little more each passing day, while Greece and by extension the whole euro area plunged into crisis. The new wake-up call came Thursday from the Netherlands, already among the most reluctant to accept the end of July a second bailout of Greece. Exclusion from the euro area is no longer taboo.

The Dutch Minister of Finance Jan Kees de Jager, called Thursday for sanctions on countries in the euro area that do not fit European requirements for fiscal discipline. "If a country does not wish to meet the requirements, then there is no other option but to leave," said the minister. He added: "If we can not keep to the rules of the game, then you must leave the game" but added that it was only "a last resort."The day before, the Liberal Prime Minister Mark Rutte had already called for the creation of a post of European Commissioner responsible for enforcing the stability pact, demanding the implementation of sanctions as a limitation of funds or a loss of the right vote.

These misgivings, if they meet the concerns of domestic politics, can not find at least resonate with its neighbors. Finland still requires, in exchange for his participation in the aid plan, strict guarantees, while Slovakia has postponed the approval of the December European Financial Stability Fund (EFSF).

Tutelage

The Dutch minister said that the remaining German and Finnish counterparts, met Tuesday in Berlin, welcomed the proposals.The chairman of the Financial Markets Authority (AMF) has poured oil on the fire, speaking in a setting under supervision of Greece, on failure of the bailout and failure of economic commitments. "Yes, if there is no other measure, it must be done," said Jean-Pierre Jouyet, former Secretary of State for European Affairs. At the same time, Athens warned Thursday by the voice of the Minister of Economy, the deficit will be higher than expected because of the recession. The European Commission has tried to defuse the pressure: "No release or removal of the euro area is possible after the Treaty of Lisbon. Participation in the euro area is irrevocable. "

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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.

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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Surf the Internet at home while monitoring its consumption. The 64% of French people connected to broadband Internet via a box, are not used. Yet they should consider this option. According to an information site Owni, operators in considering the effect of limiting access to the fixed Internet to deal with a network saturation.

The thinking has already begun by the operators, with the French telecoms and consumer associations. The idea of ​​a limitation of the offers is suggested in a paper dated July 21, which summarizes the means to implement for better consumer information. Attached to this document is an example of a table summarizing the supposed best offers.It shows, by type of household equipment ADLS (zone bundled, unbundled or very high speed), the boxes in which the operator must notify the "IP flow up to the offer," "the ceiling of consumption" and the consequences of exceeding the ceiling and a limit of downloads per session.

As the mobile

Operators could then be applied to the fixed Internet connection limits already in force on smartphones, which also apply to operators to be regularly singled out by consumer associations. On equipped mobile Internet, the connection itself is seen as limitless is slowed or blocked depending on the offers, beyond 500 megabytes (MB) or 2 gigabytes (GB).The operator then offers to large consumers to buy a new block of bytes.

The reason given by operators to explain the application of these methods is also fixes the same as for mobile phones: network saturation. In the July 21 document, a paragraph that mentions the need to ensure "continuity of service for all users, not financially penalize heavy users" alludes.

French operators and want to learn from the Internet Service Providers UK and U.S. have already implemented this system. United States, Time Warner, Comcast, Verizon and AT & T offer a connection often capped at 250 GB per month, customers finding themselves obliged to monitor their connection counter to avoid unpleasant surprises.

"Unacceptable"

If the operators claim that consumer associations adhere to their thinking, the most virulent of these, UFC Que Choisir, insane. Edouard Barreiro, in charge of digital within the association, cited by Owni said already that "this decision is unacceptable." According to him, "limit on the fixed Internet has no economic justification, he says. Fixed costs do not vary with consumption of users, or very little. Operators are seeking to extort money from both sides: first, content providers like Google and consumers. Traders feel all powerful. " Arcep, the telecoms regulator, was also described this change as "bizarre".

In turn, a spokesman for Orange, Jean-Marie Culpin, stick to his guns. "There are some packages on which we could put the thresholds," says he Owni.But he admits that this strategy is for "people who download movies all day" but is instead "an unacceptable impact if more customers." Proof is that reflection is not yet stopped.

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A precarious balance. France counted at 1 January 199,987 doctors in regular activity (that is without counting the 9903 replacement), including 193 828 in Montreal, according to the annual edition of the Atlas of medical demography, which publishes Tuesday the National Council of the Order. This figure confirms the stability observed in recent years (- 0.03% in 2010). Staff remains at record levels, after decades of uninterrupted growth: the "medics" were almost twice as many in the late 1970s. However, the reasons for concern have not disappeared.

First, density declined medical (306.7 doctors per 100,000 inhabitants, against 308.8 last year), given the increase in population. Then, the distribution of physicians in the territory remains very uneven.The ranking remains the same, and better-off regions (PACA, Ile-de-France) have 1.5 times more doctors than poorer (Picardie, Centre, Haute-Normandie). Without even counting the differences within each region, between the university towns where young people came willingly to the end of their studies, and rural and suburban areas, where medical deserts are often already a reality. Finally, doctors are aging. Their average age is from 50 to 51.4 years between 2009 and 2010. The more than 55 years represent 42.9% of the troops. The decline in the number of doctors, long predicted, seems more inevitable than ever.

The College of Physicians also alarmed by the low proportion of young doctors who choose private practice: only 9.4% of new entrants this year – and again this proportion does mark a slight rebound.When it comes to choosing the salaried GPs (industry, medical schools, nursing homes, health centers …), these are all people who do not provide the guards at night or weekends easy to get unsecured personal loans.

Paperwork, time and risk of heavy patronage

To dig this, the College surveyed the few young volunteers for private medicine. One third of the 1211 Facility of the Year responded. First lesson: they are couples and 86% have children in two-thirds of cases. This shows the difficulty to consider any measure forcing them to settle in a particular place in the territory, if there are no jobs available for spouses and whether local services (supermarkets, post office and especially school) have closed.Second lesson: surprise, 95% of them are satisfied, fairly satisfied or very satisfied with their performance! They chose the liberal model for three main reasons: 'independence', "the privileged contact with the patient base, and autonomy in the" time management ". Finally, 86% of them "would recommend to a young colleague in private practice exercise.

This enthusiasm does not fall under multiple constraints: paperwork of any kind, strained relationships with Medicare, complexity of management accounting requirements of the patients (drugs, investigations, work stoppages) that grow in "cronyism "…

These same words – and those same ailments – emerge from the second thematic survey conducted this year by the College: the 903 doctors who have "loosened their plate" before the retirement age were also interviewed, and a third responded.They complain, moreover, the "financial burden" and especially "business volume" too high "not compatible with family life." To escape, they pursue their activities at the hospital, salaried or revert replacements.

To reach its target of 7.5% deficit in 2011, Greece has no choice: Time to austerity measures. The rating agency Fitch has warned the country by cutting three notches last Friday's note from the long-term debt. And Minister of Economy and Finance, Christine Lagarde, has assumed the garb of Director General of the International Monetary Fund (IMF) which is designated as a favorite, calling for "results" to Greece.

Recognizing that international creditors are losing patience, George Papaconstantinou, the Greek finance minister, said Monday night after the cabinet meeting, the first wave of privatizations. The state holdings in the capital of the telecom operator OTE and the Postal Bank owned 16% and 34% by the state, will be sold by the end of the year.Management companies in the ports of Athens and Thessaloniki and the Water Company of Salonica, which owns 75% and 74% of capital will also be sold.

Continue the fiscal consolidation program

In the end, the government hopes to draw 50 billion of those sales. What he could save the payment of three billion interest per annum on the debt. The details of the new consolidation program will be released after the completion of the Troika mission and after consultation with all Greek political parties, "said George Papaconstantinou payday advance online.

Greece also plans to pursue "the fiscal consolidation program by taking additional savings or new revenues on 6.4 billion euros."Among them, lowering the number of contract of civil service, increasing the working time of employees to 40 hours per week instead of 37.5 hours or even tougher conditions for obtaining unemployment benefits. Chapter tax, Greece plans to lower the ceiling for exemption on the income tax, increase taxes on the trappings of wealth (yachts, luxury cars and swimming pools), to increase taxes gas, soft drinks and car registrations.

The Athens Stock Exchange lost 1.50%

With these measures, Greece hopes to get the green light from Europe and the IMF for the release of the fifth tranche of aid (12 billion euros) over 110 billion awarded in May 2010 by the European Union, European Central Bank and the International Monetary Fund.Shaken by new fears about the debt of Greece, the Athens Stock Exchange in the wake of other European financial centers, has dropped to 1.50% on Monday, closing at 568.94 points.

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The U.S. stock market begins this week on a hesitant note. After remaining at equilibrium throughout the morning, the indices have slowly gone back up to the mid-day. At approximately 19:30 on Monday, the Dow Jones gained 0.46% at 12,696 points, the Nasdaq advance of 0.63% to 2845 points while the S & P 500 is 0.50% to 1347 points.

On the macroeconomic front, there was no major indicator on the agenda of U.S. investors on Monday. The latter, like their European counterparts, remained so focused on the issue of sovereign debt in Europe and on commodity prices.

Greece under surveillance

The euro zone fails indeed not to emerge from the crisis of sovereign debt: the plan ready for Portugal just completed, it must again stand at the head of Greece.At a meeting held behind closed doors Friday evening in Luxembourg by the main actors in the monetary union, the issue of additional budgetary efforts to achieve the country to reduce its deficits has been addressed, as well as the means of help longer than expected. The leader of the finance ministers of the monetary union, Jean-Claude Juncker, has deemed necessary a new program to address the Greek government accounts. However, the rumor of an exit from the euro zone countries were formally denied by the Athens government and European bodies.

On Monday, rating agency Standard & Poor's has reinforced the general fears by deciding to lower the two-notch credit ratings of Greece in the short and long term, suggesting an increased risk that Athens must resolve to restructure its debt. Fitch and Moody's should do the same.

On the foreign exchange market, the euro decreased again at 1.4311 dollars, against 1.4335 dollars on Friday night.

Commodities rebound

Rising dollar is not expected to promote the progress of black gold. However, they try to regain some ground on Monday on the New York Mercantile Exchange (Nymex). The barrel of light sweet crude (WTI) crude for June delivery gained 3.61 dollars to 100.79 dollars while at the same time, a barrel of Brent North Sea crude for June delivery was trading at 113 , $ 37 at the InterContinental Exchange (ICE) in London, up $ 4.24 from Friday's close.

The values ​​of energy and industry, battered last week, thus helping to increase indices, like two heavyweights Caterpillar rating (+1.41% to 111.90 dollars) and Chevron (0.99% to 103.90 dollars).

The battered banking

Good news on the front companies also helped investors overcome their fears. McDonald's (1.19% to 79.64 dollars) has reported solid growth in sales in April than 6%.

Berkshire Hathaway (+0.21% to 120.52 dollars), the holding company of billionaire Warren Buffett, announced after the close on Wall Street Friday it recorded first quarter 2011 net earnings of $ 1.51 billion as against 3 6 billion last year.

For its part, International Coal Group (+0.07% to 14.46 dollars) has reported a deficit in the first quarter of $ 6.3 million against a net profit of 22 million announced on April 27, following his conviction to pay 104 million dollars in damage to one of its customers on May 2.

The quarterly earnings season coming to an end and this week will be less abundant in business publications. The main companies unveiling their results will be Walt Disney (tomorrow), Cisco, Macy's, Symantec (Wednesday), Nordstrom, Nvidia (Thursday). Since the beginning of the season publications, are estimates of the results have been revised upwards. Average profits of listed companies on the S & P 500 would have increased 18% in the first quarter from the previous year, against an initial estimate of 13% in early April, according to Reuters data.And so far, 69% of groups who published their results beat the consensus.

Hertz (+0.33% to $ 16.90), announced Monday a new offer at $ 72 per share to buy its competitor Dollar Thrifty (12.94% to 78.71 dollars), whose shareholders had already rejected an offer in September. It is 24% more than its competitor's offer notice (-0.33% to 18.35 dollars), which has still not received the green light from regulators.

In its latest study, the institute Millward Brown consultancy makes Apple (+0.49% to 348.37 dollars) "the most valued global brand" in the world, across all sectors. The firm supersedes its competitors, but also, for the first time, figures like McDonald's or Coca-Cola. The Apple brand, famous for its iPod and iPad, saw off his recovery from 84% in one year to reach 153.28 billion dollars.Since 2006, the Apple brand value has increased from 859%.

However the banks were in trouble, like their European counterparts, such as Bank of America (-1.15% to 12.17 dollars) or JPMorgan Chase (-1.11% to 44.54 dollars).

Despite its high cost, this water is consumed sparingly. Here is the message that comes from the nutritionists to consumers Glace Rare Iceberg Water. This new luxury water (18 euros per 70 cl bottle!) Is marketed in France since Wednesday. It comes directly from an iceberg in the Canadian North, off the coast of Newfoundland and Labrador. Specialists in the viewfinder: the low mineral content of 5 ppm (parts per million) of this nectar is a great "purity" in commercial parlance. Knowing that the water sources and conventional mineral show much higher rates, like Evian (309 ppm), Badoit (1200 ppm), or Vichy (3350 ppm).

Director of Information Centre on Water, Marillys Mace sees "no interest" to drink that water. "A priori, if very little mineralized, it has no taste and does not contribute to the organization," she quips with irreverence.For its part, Therese Libert, dietician-nutritionist and director of the French association of dieticians nutritionists (AFDN), is more measured. Professionally, it indicates that the low mineral water is recommended when you have kidney stones, because "then there is the risk of blood clots if too much calcium in the body."

Without scaremongering, the specialist said that in contrast, regular consumption of such water may have a "health impact" for someone who needs minerals. "We often forget that before the mineral waters were sold in pharmacies," she recalls. We suggest for example a water called 'bicarbonate [which reduces the acidity of the body, ed] to any athlete, or a magnesium-rich water for a person under stress. "In short, we can not drink every day such as water or without "medical" cause, at risk of complications.And returning to the nectar of an iceberg, "10,000 to 12,000 years old" after the brand, "saying that for someone in good health, whose diet is healthy and balanced, safe, but especially dangerous for the wallet! "says she.

A little green nectar

Marillys Macedonia, meanwhile, can not help seeing in these new bottles a marketing stunt. Because they are marketed as trendy shops in that Colette and the Grande Epicerie de Paris, it seems particularly disrespectful of the environment. "For the green side," she says, is missed. The Director of ICE, takes a dim view of "the exploitation of icebergs melt because of climate change, knowing that because of that, the bears live on sea ice are less and less to eat."And can not help but think of the gallons of kerosene that are necessary for these vintage bottles to land on the other side of the Atlantic.

Philippe Holl, head of the agency CH & C, which launched Glace Rare Iceberg Water in France, swept with a wave of hand the charges. "The boat that addresses the iceberg does not sail fast and runs on bioethanol," he argues. In addition, volumes remain low, and all in all, only two to three trips per year are made. "According to him, the product is having some success in Canada, where it was launched three years ago. She adds that "in discussions" with several palaces and great French restaurants. As a good salesman, he asserts that "the product is outstanding", "After even the Evian tastes very weird …" Fans will be judges.

For employees of Renault, the day will end with a relief or a disappointment. While the manufacturer is poisoned by a false espionage, many of them want to burst the abscess on Monday. Convened at noon, a board of directors will review the findings of the investigation into this fiasco. This report was requested on March 14, when the CEO, Carlos Ghosn, acknowledged that three executives had been wrongfully dismissed.It aims to "identify the origin of recently observed failures in the business" which the State holds 15%, said the Ministry of Economy, which will ensure that "the consequences are drawn both in terms of organizational reforms in terms of individual responsibility. "

Of "disciplinary proceedings"

The audit was conducted by an outside firm controlled by the audit committee of the manufacturer, involving six members of the board of directors, including a representative of the State, under the responsibility of Philippe Lagayette, a former senior vice present president of investment bank Barclays Capital. The audit committee will present this study to the rest of the board of directors, as well as proposals for action to take.The directors, however, could give himself time to think before acting and push their decisions to 28 April, the eve of the general meeting of the group.

This survey has highlighted the developments of "a certain level of seriousness" and make discoveries about the responsibilities of different actors of this slippage, "says a close case. The group said it would incur "disciplinary proceedings" against three members of the Security Branch. This service, led by Remi kilt, a relative of Carlos Ghosn, also includes Dominic Gevrey, who alone was in contact with a mysterious source, whose secret service doubt existence.The group has convened a meeting of dismissal, which he could not go since he is indicted and imprisoned.

Leaders in the crosshairs

The whole issue now is whether other heads will fall. Carlos Ghosn did not think to leave. The CEO of Renault and Nissan, cement the alliance between the two manufacturers, it is considered an "asset" for the group. Neither the State nor the unions seem to want to decapitate the organization. Remains with the continuation of Patrick Pelata, the chief delegate. He submitted his resignation on February 14 Carlos Ghosn, who has refused, arguing he would not "add crisis to crisis." Number two this time could serve as a fuse.

Legal Director, Christian Husson, and the director of senior executives, Jean-Yves Coudriou, are also in the crosshairs."I hope it does not give birth to a mouse," said a director, as this would only that "burden the climate at Renault." Employees, shocked and confused, waiting for more transparency on this story. The board will also decide on the amount of compensation paid to three executives, which will total millions of euros each.

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Philippe de Ladoucette. Photo credits: DOMINIQUE FAGET / AFP