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Deutsche Bank moves ahead of the competition. While the formalization of the adoption of new standards of solvency, known as "Basel III" is expected in the evening, the first German bank will increase its capital by at least 9.8 billion euros. Objective? Redeem the 70% stake in Deutsche Postbank lacks. In a statement, Deutsche Bank announced it will offer between 24 and 25 euros per share.

The German bank will reduce its dependence on investment banking activity, as recommended by the Basel Committee III. For this, Deutsche Bank plans to issue 308.6 million common shares at a price of 31.8 euros.The stock closed Friday at 47.70 euros, after losing about 5%, after the information from this capital increase was filtered.

The largest capital increase, Deutsche Bank

To consolidate this year Postbank, Deutsche Bank says it will reassess its current shareholding of 29.95%, which will incur a charge of 2.4 billion euros in the third quarter payday loans. The bank also will conduct a repurchase of 3.1 million shares at the September 13 to September 16.

This capital increase is the largest that ever operated Deutsche Bank, and perhaps the biggest made in Germany since the 11 billion euros from Deutsche Telekom in 1999, according to Thomson Reuters data.

Last Monday, the German bank had revealed that the ten largest German banks, including Deutsche Bank, will raise 105 billion euros to meet the requirements of the new measures of solvency.

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The counters are not all in the green, but the press, which has been undergoing a serious crisis two years, experiencing an upturn in sales. According to preliminary estimates by the OJD, the controlling body of publishers, the evolution of the diffusion of France paid the mainstream press has fallen only 1.6% in the first half of 2010 compared to the same period of 2009. Over the whole of last year, she had accused a withdrawal of more than 3.2%.

Better on the 967 papers reviewed by the OJD for the first six months of 2010, "340 titles are up compared to only 110 in 2009," notes Patrick Bart, the director general of the organization. "The first half of last year turned out horrible, the second being marked by the first signs of stabilization, but with results still down," he recalls.However, the first half of 2010 shows a slight recovery that I would call "substantive". The rebound is not accidental, although the path of recovery remains difficult for publishers. "

Family First Releases to enjoy this trend reversal, national newspapers have their paid circulation in France climb 2% in the first six months of the year. According to affidavits provided by publishers to OJD, the increase rises to 2.4% for titles only for information, a segment in which Le Figaro (+0.5% to 321,830 copies) confirmed its first place in the first national newspaper to The Team (+4.9%). However, the regional daily press and the press called the "seventh day", that is to say Sunday, remain in the red, with decreases of – 1.9% – 3.1%."This family had been brought in 2009 by creating new titles, particularly in the north of France, for example in La Voix du Nord," said Patrick Barter.

Decline Press TV

If the magazine knows, too, a first semester back, but it limits its fall to – 1.2%. In 2009, it had reached – 4.4%. Two families are spared the game: women (+4.6%), stimulated in part by new weekly Grazia as upscale and Be, and the press house decoration (+1.3%). The decline in television news (- 3.1%), which alone represents nearly 800 million copies annually, weighs heavily on the development of sales of all magazines, where some families like the male (- 16.1%) and economic security (- 6.2%) have a rough start to the year.

Cotton prices are in turmoil. While climatic factors threaten stocks, discussions on future crops are launched. Between two discussions, one word keeps coming: Bollgard. This is the full name of Bt cotton, the genetically modified cotton, marketed by Monsanto since 1996. This includes bacteria that produce toxins against the deadly caterpillar moths and weevils capsules.

Bt specifically eliminates these insects that attack plant capsules. It thus reduces the losses on a plantation. Coupled with lower production costs due to lower pesticide use, the argument has already won nine countries: the United States, Argentina, South Africa, Australia, Mexico, Colombia, India, Brazil and China.The cultivation of Bt cotton in 2009 and accounted for nearly half of the 33 million hectares dedicated to this crop in the world.

In the U.S., for 88% of the cotton area is devoted to him. The Chinese world's top producer, he provided 70% of its acreage. In India, cotton occupies 90% of the area as in Pakistan. In Africa as the "Bt" is gaining ground. In Burkina Faso, one quarter of the 115,000 hectares sown allocated to it and the country intends to expand production to 475,000 hectares with an expected gain of 100 million dollars this year.

Perverse

During the first years of its use, Bt cotton generated much enthusiasm on the part of observers. INRA in 2001 suggested an increase in yield of up to 80% for a 70% reduction of pesticide application.United States, a study by the National Cotton, dating back to 2000, reported an economic benefit of $ 50 per acre for the cultivation of Bt cotton

Ten years later publications show more distrust. "The effectiveness of Bt cotton is no longer sufficient," says Michel Fok, a CIRAD researcher, in a study published last July. Bt has had the perverse effect of open fields to new generations of insects more resistant. Caterpillars, spiders, bugs are multiplying and the sophistication of GM seeds to deal with these threats no fax payday loan dramatically raised prices.

The seeds have become four times more expensive than conventional seeds, $ 85 per acre in 2009 against $ 20 in 2005. The market was flooded by Monsanto, does not offer many choices for farmers. 'Bt is a short term solution.Its use becomes a vicious circle of indebtedness for the farmer, "says Jeremy Tager, GM campaigner for Greenpeace.

The issue is environmental. The products used to treat these threats are accused of depleting the soil. "The change was not clearly anticipated but it now operates in China and the United States to such an extent that the need to chemically control may threaten the continued production," concluded researchers at a conference on GMOs in Australia in 2009.

New GM at the horizon

Last March, for the first time in its history, Monsanto recognized a failure to meet these larvae. Having offered to farmers to use Bollguard 2, the firm will soon market the third generation, Bollguard 3. Other companies are following suit in the image of Bayer TwinLink with cotton or Syngenta."These new GM does not guarantee higher returns. They accelerate the vicious cycle. This system supports a model of intensive agriculture instead of a subsidized farming. The situation is extremely worrying, "says Greenpeace advocates finding a" balance "in research on crop improvement.

"With all of this, the appropriateness of a return to the cultivation of conventional cotton, to a degree not explained, is mentioned. There is already a reality in 2009, there have been 400,000 acres (a total area of 8.9 million cotton acres) and an area of 1.5 million acres is predicted 2010, "concludes Michel Fok for his part, CIRAD.

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There is a lot more people than June 24th, and I hope that the Government become aware that this reform can not move, launched the Secretary-General Bernard Thibault of the CGT Tuesday. The secretary general of the CFDT, Francois Chérèque, reported to him as "the biggest mobilization in recent years", citing "senior figures in virtually every June 24.

At the previous day of action, between 800,000 people, according to police, and two million, according to unions, marched through the streets. Before the Paris demonstration, which takes place this afternoon, the Ministry of Interior announced that 450,000 people marched for the moment.The Secretary-General Jean-Claude Mailly FOR believes that "if things go on like this all day, we fulfill our objective."

In Rennes, some 21,000 people marched, according to police and 48,000 according to the CFDT and the CGT, the highest figures since 2006. In Lyon, they are 16,000 and 25,000 according to the prefecture with the unions that broke the pavement. In Bordeaux, between 40 and 100,000, and Marseille, between 27,000 and 200,000.

Inventory of strike rate:

– Public service: nearly a quarter (24.77%) of officers of State Civil Service including teachers, 16.2% of territorial agents and 17.76% of hospital workers are on strike, according to the Ministry Public Service. These figures exceed those of the day June 24

– La Poste: some 22.07% of postal workers were on strike at 10:00, against 19.86% on June 24 last, according to management.Figures disputed by the CGT and Sud, which advances a proportion of 35-40% of strikers.

– Education: Teachers go on strike to 29.3% with 33.6% primary and 25.8% in secondary schools, according to the ministry, the FSU union strikers amounting to 60% in primary and 55% secondary. On June 24, the first digits of the Ministry of Education had a strike rate of 31.87% and 10.27% in primary and secondary levels.

– Transport: the direction of the station has recorded 42.9% of the CGT strikers and 51.8%. The figures also up compared to June 24 The direction of the RATP announcement regarding it 22% of strikers on the whole company staff Ile. So more than 18% of employees who had stopped work on June 24(SEE ALSO – Update on disturbances, sector by sector)

– Pole employment: between 16.93% (depending on direction) and nearly 25% (by major union, the SNU-FSU) employment center agents are on strike. Or, again, rather than June 24 (respectively 12.26% and 22%).

– France Telecom: 30.84% of the 100,000 French workers were on strike, against 29.29% June 24, according to management, unions, speaking of numbers "higher" without giving any details yet.

– Justice: the Trade Union of the Judiciary, Majority, called for the dismissal of all hearings of the day.

If the strike were to be strong in the public sector, the traditional stronghold of French unions, walkouts should also occur in the private sector, such as cars or banks or energy.As employees of two refineries Total have they decided to extend the one-day strike against the proposed pension reform. In addition, the Port of Nantes / St Nazaire blocked since Monday night until Wednesday morning, "perhaps more as regards the operation of the Total refinery at Donges," according to the secretary of the local union CGT Ports and Docks majority. "All companies are dependent on the port is currently paralyzed, either total, Airbus, Cargill," he said. Two container ships, two ships carrying soybeans and several vessels supplying the Total refinery are currently blocked at the port of Montoir, near Saint-Nazaire.

(With AFP and AP)

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Change in the indices of the Paris Bourse. The Franco-Belgian bank Dexia and media group Lagardere will leave the CAC 40 September 20. They will be replaced by the bank Natixis, a subsidiary of BPCE, and the communication group Publicis. They wait patiently until two values within the index "Next 20", will welcome their places Dexia and Lagardère.

Natixis and Publicis laugh, cry and Lagardère Dexia

Meanwhile, financial markets on Monday welcomed the news: Natixis gaining 3.26% to 4.57 euros and Publicis rose 1.50% to 34.95 euros in a market up slightly at 0.12%.Conversely, Lagardere was down 2.42% to 28.05 euros and Dexia loose 2.03% to 3.37 euros, to 10.30, the two largest declines the CAC 40.

Edenred, company resulting from the division of Accor, the chemist and Rhodia will join at the same time that antechamber of the CAC 40 in place of the services company Atos Origin and Land Regions.

These decisions were taken Friday night by the Scientific Council of the indices of the Paris Bourse. It meets at least four times a year to update the content index. To determine the entry or exit to a value of the CAC 40 are taken into account many factors: the respective weight values, number of transactions, volumes of shares traded and turnover.

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The base effect was particularly favorable. But overall, companies listed on the CAC 40 – stock index comprising the 40 largest market capitalizations in France, headed Total – can boast of in the first half of fiscal 2010 profits up 86% over the first six months of 2009. Profits have almost doubled, reaching some 41.5 billion euros, against less than 23 billion a year earlier. To recall, throughout the year 2009, profits amounted to 47 billion euros payday advance lender.

Alone, Total, BNP Paribas and France Telecom accounts for one third of total profits. Total remaining the most profitable company in France (by far) Continue along the road and with an increase in profits by 28.1% in the first half of 2010 versus the first half of 2009.Other companies that have successfully managed the first half of the year, L'Oreal and LVMH, the luxury market is still juicy, Sanofi-Aventis and Capgemini, who continue their acquisition strategy.

The firms play the game of real recovery? Their profits are excellent on both sides of the Atlantic in the second quarter. At the same time, growth remains too low to reduce unemployment and the specter of a double dip recession. Economists blame the companies responsible for this widening gap between profits and growth.

"The companies have not shared enough of their profits with their employees, and this could dampen the recovery," says Aneta Markowska, economist at Societe Generale CIB. In the U.S., the share of corporate revenues redistributed to employees has dropped from 59.8% in the second quarter, its lowest level since the Second World War.

Recruitment at half

Paradoxically, "the companies that have entered the crisis with little debt and thus did not need to rebalance their balance sheets, accumulate cash and threaten the recovery," says Aneta Markowska. Their cash is now nearly 6% of their assets, against less than 4.5% before the crisis. A level not seen since the 50s, according to figures from Societe Generale CIB. The most obvious translation of this strategy, they block the hiring.

Natixis, the head of economic research, Patrick Artus, made the same observation. In a classical revival, the increase in profits resulting from investment, thus creating jobs, which in turn produce growth. But this time it's different.'Distortion of revenue sharing to the detriment of employees led to the weakening of wage and salary income, thus accentuating the weakness of domestic demand, "says Patrick Artus in a note. In the U.S., it will need more time to households in debt up to his neck to clean up their finances before eating again.

Uncertainty

If companies are ants and jealously guard their cash flow, because a great uncertainty surrounding the economic outlook. Because of fears of fallout in recession, "they do not know what will be their future profits and (in the U.S., Ed) they have difficulty in measuring what the impact of tax measures on the viability of their projects investment ", according to Societe Generale economist IPC.

Growth at half-profits on the rise, "he will have to get used to the difference," said Patrick Artus, who believes this is a trend. First, large groups are investing in emerging markets with high potential, which boosts their results. Then the credit market freeze that followed the bankruptcy of Lehman Brothers has scalded. They now want to finance their own investments and not to depend on external funding.

For the first time since 1980, the number of three public (state, territorial and hospital) have stagnated in France in 2008. Specifically, they rose only 1800postes. From never-seen since 1980. At 31 December 2008, according to report data annually on the Public Service published yesterday, the Hexagon were almost 5.3 million employees, or 20.5% of total employment, and 656,000 more than a decade ago.

The virtual stagnation of 2008 is largely to the credit of the state civil service has continued to decrease in population from 2006. It has eliminated 77,000 jobs last year, including through non-replacement of a staff of two who retire and to continue the policy of transfer of powers to local authorities. This represents a decline of 3.1% of its workforce in a year.France, employs 2.4 million civil servants, 69.5% and 14.1% of holders of soldiers. This total is 1.4% lower than in 1998, representing a decline of nearly 35,000 agents in a decade.

The numbers have declined in 2008 across all departments, with the exception of Justice and the prime minister. The portfolios of Education and Ecology have been most affected by the cuts with cuts respective 43,000 and 23,000 agents. Finally, almost a two-state official now works in education, one in five of Defense and Interior to eleven.

2328euros per month for a state agent

Another finding of the report 2009-2010 on the state of the public service: local authorities have continued to recruit with a vengeance with nearly 70,000 new jobs in 2008.The local civil service now employs 1.82 million people. A total of 3.9% higher than in 2008 and, especially, a surge of 40% compared to 1998. This dramatic increase is partly related to the second law of decentralization occurred in 2003. The regions – which employs only 4% of all local officials – have been particularly intensive public sector jobs as they saw their numbers jump over a decade, from 22.5% on average each year and even 49% per year since 2005. In more than one in four cases, recruitment occurred three years prior to 2008 had nothing to do with transfer of responsibilities from the State.

The public hospital has, meanwhile, was more reasonable since the increase of its workforce in 2008 was four times lower than that of local authorities: 1% over one year or more 10000agents.At December 31, staff of public hospitals accounted for approximately 1 million people. Those numbers have increased, on average ten years, 1.8% each year.

Pay later, an officer of the state received an average of 2328 euros net per month in 2008. An increase of 3.7% in current euros a year and 0.9% after allowing for inflation. Territorial Agent earned nearly 600 euros less and a hospital, 150. In both cases, the territorial and hospital officials have seen their wages decline in net income a year, by 0.6% and 0.1% in constant euros.

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