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The first official figures on the 2011 budget, presented on Wednesday morning in the Council of Ministers, have fallen. Features a budget measure that is intended rigorous, the movement of the plane on tax loopholes will rise eventually to 9.4 billion euros in 2011 and 2.1 billion in 2012. The effort will continue in 2013 and 2014, with cuts of 3 billion annually on tax loopholes.

On the other hand, the sampling rate required in 2012 to ascend its 2007 levels.

The number of staff will also be reduced by 31,638 positions. A figure lower than that of 2010 (33,749).

Thanks in part to these measures, the budget deficit is expected to "an historic reduction" in 2011 to 92 billion euros, against 152 billion this year, according to the Budget Ministry.The government aims to reduce the deficit to 6% of gross domestic product in 2011 and, ultimately, to 3% of GDP in 2013.

On the other hand, the economic assumptions underlying the estimates of income and expenditure, were confirmed.

More information to come

See also:

The 2011 budget under the banner of deficit reduction

The Irish low-cost airline Ryanair, subject to a judicial inquiry opened in April by the prosecutor of Aix-en-Provence, was indicted for "clandestine work", said judicial sources quoted by Agence France Presse. French justice he is alleged to have said in Ireland 120 employees working in Marseille.

The indictment, issued Monday, also covers the loan illegal labor, illegal use of aircrew, obstructing the operation of the works council to delegate functions of staff and the exercise the right to organize and operation of the HSC (committee on health, safety and working conditions), indicates, this source.

The pilots' union remains vigilant

The judicial inquiry was opened following an investigation by the Central fight against illegal working following a complaint attached to the Unac (Union of Seafarers of Civil Aviation), the SNPL (National Union airline pilots) and the Retirement of seafarers.

Employees residing in France have been declared on French territory, while Ryanair has made his first French base in Marseille in November 2006 with four aircraft based on the low-cost terminal MP2 airport Marseille Provence.

In a statement, the SNPL welcomed the indictment while ensuring to remain "vigilant about the consequences that will be given."

For the company, contacted by AFP, it was not immediately available for reaction.

Ryanair employs 120 workers in Marseille

On 20 May, the CEO of the company, Michael O'Leary, known for his provocations, had threatened to leave Marseille if legal proceedings were instituted before the French courts instant payday loan lenders. "If the prosecutor pursues us (…), we will close the base and too bad for jobs and passengers," he had launched at a press conference held in Marseilles.The 120 employees of Ryanair Marseille "pay their taxes, payroll and retirement in Ireland, according to European legislation," he said. "The only winner will be Air France, which has yet eliminated a competitor, while 1,000 jobs will be lost and local passenger traffic is going to collapse."

The company denies the decree of November 21, 2006 submitting the flight personnel of foreign companies operating in France to French law. Dismissed in 2007 by the State Council, it has approached the European Court of Human Rights. The day after the intervention of Mick O'Leary in May, the Marseille Provence Chamber of Commerce expressed its support for Ryanair, which, she says, "is no social dumping"."For us, Ryanair is an effective enabling us to bring more than two million tourists here in the territory Marseille-Provence", said Chairman of the CCIMP, Jacques Pfister.

Ryanair, which has 7,000 employees worldwide, is the second carrier of low-cost terminal MP2 Marseille, with nearly 1.5 million passengers in 2009, behind Air France.

(With AFP)

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The rebound in early summer has fizzled. Household consumption, after increasing 2.7% in July, fell 1.6% in August, according to Insee. Economists had expected just 0.6% in July and +0.2% in August.

"Consumption has remained strong this summer," said Dominique Barbet, an economist at BNP Paribas CIB. "This proves that the third quarter growth will be supported by consumption."

July has mainly benefited from a strong "balance effect". The clothing industry has increased by 12.5%, "sharp increase driven partly by the specific timing of sales this year," notes the INSEE, saying they are spread over the entire month of June pay day loans . The equipment housing, including purchases of furniture and appliances, have also benefited from rebates (2%), before stabilizing in August to -0.3%.

In contrast, the automobile has continued to suffer.Purchases of cars continued to fall, losing 1.6% in July and 1.5% in August. Since the beginning of the year, they fell 11.2%.

The CAC 40 closed just above the 3,700 points Thursday evening, declined. This Friday, the index its pursuit down in the wake of Wall Street that ended in retreat Wednesday evening and Friday morning, Asian stock markets, which closed down sharply. The CAC 40 starts down 0.57% at 3689.46 points, with 3700 points.

Free business publications, the meeting will be hosted by many macroeconomic figures that will set the tone for the direction of Paris markets.

INSEE has unveiled details of national accounts for the second quarter. The gross domestic product (GDP) grew 0.7% in the second quarter, according to detailed figures from INSEE published Friday. The previous and first estimate, which already was a nice surprise, was counting on 0.6% growth, after 0.2% in the first quarter.

At 10 hours, the always highly anticipated German Ifo index of business climate will be closely monitored. The next installment will take place early in the afternoon at 14:30, with orders for durable goods in August in the U.S., followed 16 hours by the promise of home sales for that month. Finally at 18 o'clock Back in France, with the employment numbers in August (Dares and job center).

Early this morning, Asian markets have surged briefly thanks to a sudden drop in the yen at 6:22 am. According to Japanese media, the Japanese government would again intervened to bring down the currency. In addition, traders explain this slip by rumors – denied – of a resignation of the governor of the Bank of Japan (BoJ), Masaaki Shirawaka.

The euro, he, continues beyond 1.33 dollars on Thursday.Analysts from Exane BNP Paribas have revised their estimate of the euro against the dollar at $ 1.35 over the next 12 months on average.

Gold connects a new record of 1296.25 dollars, "tapped" during the night.

Technip a contract with Algerian Sonatrach

Algerian state company Sonatrach announced that it has awarded a 682 million euros in the French oil services group Technip (-0.93% to 57.37 euros) to rehabilitate and modernize a refinery Algiers.

L'Oreal (1.13% to 82.93 euros, the biggest increase CAC 40) inaugurated its first plant in Russia. The group will produce cosmetics, shampoos, one product that sells best in this promising market that has suffered the crisis but increased 10% per year on average. CM-CIC has brought the value in its list of preferred companies.

Behind, EADS (+0.84% to 18.7 euros).JPMorgan raised its recommendation from "neutral" from "overweight" with a target price of 23.73 euros.

Analysts at Morgan Stanley lowered its recommendation on shares of French bank Natixis (-1.49% to 4.17 euros) and BNP Paribas (-0.96% to 53.38 euros). They went from "neutral weight" from "underweight" on the title Natixis, which has made its entry in the CAC 40 Monday, and "overweight" from "neutral weight" on the BNP Paribas.

PSA Peugeot Citroen (-1.23% to 24.06 euros, the biggest drop CAC 40) and Renault (-0.65% to 36.49 euros).Sales of commercial vehicles rose 5.4% in July and 10.1% in August in the European Union, giving up 5% over the first eight months of the year.

Vallourec (-0.28% to 72.24 euros) held today its investor day in New York.

Beneteau (5.85% to 13.2 euros) issued a turnover up 18.2% in 2009-2010 to 659.2 million euros, exceeding its own expectations.

Remy Cointreau (+1% to 48 euros, one of the largest increases). JPMorgan raised its recommendation to "underweight" from "neutral."

New beginning in the administration's economic team Obama. Latest, the renowned economist Lawrence Summers, who has already served two Democratic presidents in radically different conjunctures, announced his decision to leave the White House later this year. He "has announced plans to return to his professorship at Harvard University at the end of the year," said the White House in a statement.

Lawrence Summers was the chief economic advisor to President Barack Obama since January 2009. As such, he was the author of the fiscal stimulus of $ 787 billion issued in early 2009.

During his years at Treasury, this man will define in particular the response of U.S. financial crises in emerging countries such as Mexico or South Korea.At the head of the department, he devoted a return to budget surpluses.

However, Lawrence Summers has suffered much criticism from the left wing of the Democratic Party, who accused him of being too close to Wall Street. Lawrence Summers also happens to have made a very bad decision by Barack Obama in the summer of 2009 to extend Ben Bernanke to head the central bank (FED) as he would look good in that position.

Experience that completes a career speak for themselves. Joined Treasury in 1993 as Deputy Secretary for International Affairs, Lawrence Summers grew up under the wing of one of the architects of financial deregulation, Robert Rubin, his predecessor at Treasury where he became assistant in 1995 cheapest personal loan rates . He then himself favored the rise of the current Treasury secretary, Timothy Geithner.He was also a key economic figures of the Clinton administration (1993-2001).

He graduated with a PhD in economics from Harvard, Lawrence Summers was the youngest university professor in the United States at the age of 28 years. After spending a decade teaching at the Massachusetts Institute of Technology (MIT) and Harvard University, Lawrence Summers was chief economist of the World Bank from 1991 to 1993.

For now, the name of his successor within the Obama administration is not yet known. One thing is for sure is that he will be responsible for finding the proposals to boost job creation in which the executive recognizes that it remains very poor, more than a year after the end of the recession. The official U.S. unemployment rate is close to 10%.

Departures multiply

Accumulate and defections within the economic team of President of the United States. Indeed, the departure of Lawrence Summers is the third in the economic team of the White House in three months. The Head of Budget Office, Peter Orszag, announced his resignation in late June. He became a researcher at the Council on Foreign Relations and a columnist at the New York Times.

Later, in early August, the Chair of Economic Advisers to Barack Obama, Christina Romer, announced his decision to return to teaching. Thus, the Treasury secretary, Timothy Geithner, is the last member still in place of the original team of economic advisers.

In a time where the image of France is seriously scratched in international opinion, there are forums should not be overlooked, and the UN is part of them. By acting in a summit on Millennium Development Goals (MDGs), Monday in New York, Nicolas Sarkozy was even less to ignore the issue of Roma that he had forty minutes to speak with Angela Merkel of the controversy – described as "derisory" by the Elysee Palace – which was opposed last week on the dismantling of camps travelers. A few weeks before the French presidency of the G20, in mid-November, it became urgent to clean up the ground and draw priorities. The Head of State has applied to do so, calling for a general mobilization against poverty and extolling the exemplary efforts of France's development.

"While we are the second largest contributor to the Global Fund to fight against AIDS, malaria and tuberculosis, we decided to increase our contribution of 20% over the next three years," said Chief state. In eradicating major epidemics, one of eight goals that the UN has set the annual budget of France will rise from 300 to 360 million euros per year over three years. The subject was also raised during the discussion with Angela Merkel, attended by Carla Bruni-Sarkozy, Ambassador of the Global Fund, but also Louis, the youngest son of the president. The French first lady was invited to Berlin by the Chancellor.Germany should also control certain files during the French presidency of the G20, said on Monday indicated at the Elysee, without further specification.

"If all the contributing states followed our example, a breakthrough would be achieved to eliminate malaria annually kills one million children in Africa," he said. Similarly, if France was followed by the number of AIDS patients supported by the Global Fund would increase from 2.5 to 4 million, says the head of state.

Accompanied by his wife, Nicolas Sarkozy met with Angela Merkel. Photo credits: AFP

Coupe in its tracks. The employment of executives, including the rebound that began in January did not deny during the summer break, has slowed significantly in September. The barometer JDD-Cadremploi.fr * offers of employment destination of the most qualified grew only 3% in September after surging 19% in July and 10% in August. This is his lowest since the early evolution of the year.

The APEC, which collects 80% of vacancies frames, rejoiced in its latest study published in mid-August, the upturn in the market since the beginning of the year. Thus, 29,000 ads were proposed in July through the agency. 53% more than in July 2009. The job market for executives follows therefore "the evolution of the global economy, halting the end of 2010," concludes the barometer JDD-Cadremploi.fr.

Computer and telecom up

All sectors of activity are not yet housed in the same boat. Computer companies and telecom maintain the pace of hiring, with an increase of 16% of tenders for executives fast cash now in September. Evolution, less dynamic, however, remains positive in the industry, real estate and banking, where the ads go up 6% to 9%. The construction sector, meanwhile, made a wry face. Offers recruitment down 7%.

What are the most popular profiles? According to the barometer JDD-Cadremploi.fr, the trades of the Internet and e-commerce have the wind in their sails. Those communications gently find favor with recruiters, while in the worst of the crisis, companies have reduced this expense item. In contrast, the export trades, production and audit are struggling to attract, says the barometer.

* Evolution of job advertisements over the past six months compared to the previous six months.

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This is the day that makes everyone nervous, both market participants (traders, Ed) as investors. Friday will produce the phenomenon of "four witches. This event occurs four times a year (March, June, September and December) and designates the expiration of four types of contracts: a stock option agreement and an index option contract, a futures contract shares and futures indices. Why nominate such installments, the word "witch"? "The term" witch "comes from the fear of investors see the market down with expirations, says Renaud Murail, portfolio manager at Barclays Stock Exchange. However, we can not say that a downward trend emerges recurrent really that date. The reality of the market for afternoon "bewitched" does not seem up to the beliefs.

Higher volumes expected

Nevertheless, Wall Street may experience a rough afternoon on Friday. The event of "four witches" most often leads to swelling volumes. "It creates a high volatility on financial markets, as traders or buckle their hedge positions, or they refer to the next due date at the last moment. I would not be surprised about five billion euros are traded on the Paris Bourse. Well above the trend.

Indeed, the Paris markets, the figure of four billion euros exchanged has been reached once since the beginning of the month! Investors are more cautious now and buy more, fearing for the economic outlook in Europe and the United States.

The manager said: "It turns out that volatility is highest in early and late afternoon, the big trade-offs being made at this time of day. During the first two "four witches" of this year, March 19 and June 18, the VIX index has gained 2.1%, respectively, and lost 4.4%. But today the context is different: first, the month of September is known to be highly volatile and on the other hand, trade volumes are a rare weakness guaranteed high risk personal loans. "There are lots of relaxation in the financial markets. Everyone looks and waits for others to do so first. The slightest bad news depresses the financial markets, "said Renaud Murail. The VIX closed Thursday at 21.72 against 22.10 Wednesday 21.56 21.21 Tuesday and Monday.

If the CAC 40 over the 3775 points …

However, as noted, the manager of Barclays stock, "the phenomenon of" Four Witches "does not create a long-term trend, but amplifies the rise or decline in the index one day. And, depending on macroeconomic indicators released Friday. "In other words, do not expect that trading volumes remain permanently at very high and the CAC 40 index soars or drops sharply over several days. The increase or decrease in the index one day only. Unless … "If the CAC 40 breaks the threshold of resistance to 3775 points on Friday, a sustained increase of the index can settle. For investors unable to stay as far away from this trend, will buy shares en masse.

The index of U.S. consumer confidence released in mid-afternoon Friday should provide the way forward for investors.

Glossary:

option contract: an option contract is a financial asset that gives the right but not the obligation, to buy, if it is a call, or sell, if a put, the underlying asset at an exercise price set in advance, upon payment of a premium. The purchase or sale, is the date of expiry of the contract for a European option, or before that date for an American option. The underlying assets may be equities, indices, currencies, futures, interest rates ….

futures contract: a futures contract (or future) is a firm commitment to buy or sell a quantity of an asset (stocks, indices …) at an agreed price at a future date.

The Dow Jones gains at the close 0.44% at 10,573 points, the Standard & Poor's 500 ahead 0.35% to 1125 points and the Nasdaq 100 rose 0.50% to 2301 points.

On the foreign exchange market, the euro benefited from the enthusiasm of the market on the Old Continent to exceed the $ 1.30 mark. Around 10:20 p.m., the single currency was worth 1.3014 dollars (0.15%). While the yen climbs to new heights each day, the Japanese government decided to massively sell the yen, a first in six years. Shortly after, the dollar has fallen over the symbolic 85 yen.

USA: slowdown in industrial production

On the macroeconomic front, industrial production in the U.S. rose 0.2% in August. An increase in line with expectations, which marks a slowdown compared to July (0.6%).For specialists Aurel BGC, this statistic is mixed with a sharp decline in auto production, but the first regional survey on the month of September, are more positive, as indicated in the "Beige Book" published by The Fed last week.

U.S. inventories of crude oil fell 2.49 million barrels to 357.37 million. Economists on average had expected a decline of 2.2 million barrels. Gasoline inventories fell 694,000 barrels, against a decline of 700,000 expected by the market.

The indicator light of the weekend will be the publication of preliminary results of the survey by the University of Michigan consumer confidence, which should improve slightly in the first days of September.

From the values listed, Best Buy (+0.08% to 36.76 dollars), the leading distributor of electronic goods in the U.S., has announced a profit of $ 254 million, or 60 cents per share against 44 cents . Turnover was up to 11.34 billion dollars against 11.6 billion dollars expected.

Always on the side of values, Cisco (0.65% to 21.59 dollars) which has 40 billion cash announced the establishment of a regular payment of dividend. The action could thus provide a return of 1 to 2%.

For his part, the specialist for payment cards and Mastercard credit (5.22% to 210.18 dollars) also treats its shareholders.The group announced the establishment of a program to repurchase shares of $ 1 billion.

Also note, the U.S. government does not pursue the oil group BP (-0.88% to 38.18 U.S. dollars) under the U.S. law on clean water, allowing him to claim at least 1100 dollars per barrel. This amount can even be nearly quadrupled to 4,300 dollars per barrel if BP is guilty of "negligence" or "deliberate act of malfeasance." The bill would rise to well over 5 billion dollars.

This morning, the dollar fell to 83.25 yen, its lowest level in fifteen years. Internal elections in the Democratic Party gave the Japanese Prime Minister Naota Kan, a former finance minister, winner. However, it is more favorable to a strong yen as his rival Ichiro Ozawa, who has already expressed its intention to intervene in currency markets if elected.

The Japanese currency is not the only one to be strengthened, since it is also true of his Chinese counterpart. The yuan reached new highs at the beginning of the week. It closed at its highest level in sixteen years yesterday at 6.7618 yuan to one dollar. This morning it opened at 6.7475 and the Chinese central bank has set an exchange rate of 6.7378 record reference, against which the yuan can fluctuate plus or minus 0.5%. The Chinese government is still concerned that inflation is gaining ground, according to figures from last month.Yesterday in his speech at the opening of the Tianjin Economic Forum, the Davos China, "Chinese Premier did not mention the subject of the exchange rate preferring to reiterate its confidence in the growth of his country.

Washington calls for a yuan appreciation

Yet Washington continues, in turn, put pressure on Beijing for a greater appreciation of its currency. Last Friday the Treasury secretary, Timothy Geithner, in fact estimated that China had not done enough to let its currency rise.

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