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Unity is strength. Armed with this saying and to respond to the stock market crash that plagues the financial markets around the world, the twenty richest economies in the world decided to act jointly. Thus, after a dinner Thursday in Washington, finance ministers and central bankers from the G20 pledged to provide "a strong and coordinated international response" to the crisis.

No statement should be issued initially. But given the urgency of the situation and "the common observation of the need for a collective response," said French Finance Minister Baroin, the G20 is prepared to take "all necessary measures to maintain stability banking systems and financial markets. " For banks, countries ensure that "they have adequate capital," they keep "sufficient access to finance."Central banks provide them with "the necessary liquidity."

At the same time and in response to a request by the G20 in September addressed to Nicolas Sarkozy, the euro zone countries have pledged to implement "necessary measures to increase the flexibility of the European financial stability and maximize its impact to prevent contagion bad credit unsecured personal loans. "

And G20 members say they are committed to act on all fronts: against "increased risk of deterioration" due to soaring public debt, against "the weakened financial system" and "turmoil" growth "low" and "unacceptable level of unemployment." To do this, they will take action to "support growth" while adopting "credible fiscal consolidation plans."And the time is short since the club 20 is the adoption of "an ambitious collective action plan before the summit in Cannes," in early November.

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The risk of contagion from a crisis of debt grow even further. After Greece, Ireland, Portugal and most recently the United States is now the turn of Italy to see their credit ratings damaged by Standard & Poor's. The rating agency lowered a notch credit ratings long and short term attributed to the third European economy A/A-1 against A + / A-1 + before. S & P also maintains a negative outlook on the evolution of economic activity in Italy. In other words, it does not degrade once the debt rating of the country.

The degradation of S & P is all the more unexpected it had been no warning from the agency, in contrast to Moody's.The latter had announced Friday that it would complete in October, with a month lag, the examination of the Italian credit note for a possible cut, citing a difficult economic environment.

Standard & Poor's, the downgrade of the debt is directly related to the low economic growth and a fragile political situation. In fact, the ruling coalition of Silvio Berlusconi has only a slim majority. Thus, the rating agency believes that the differences in the Parliament will continue to restrict government's ability to respond decisively to a macroeconomic environment inside and outside tricky.In addition, many escapades of prime minister Silvio Berlusconi also helps to weaken the ruling coalition.

The difficulties of the incumbent government to impose measures were illustrated by the recent childbirth painful austerity plan. This program changed multiple times is not convincing and suggests that S & P "will undoubtedly contribute little to boost economic performance of Italy, especially in a context of tighter financial conditions and because of the program fiscal retrenchment of government. " Facing a debt of 1900 billion euros, equivalent to 120% of annual GDP, the Berlusconi government has pushed through last week by parliament an austerity plan providing for 59.8 billion euros in savings with the aim bring the budget back to balance in 2013.

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Twenty-four years after the first world held in New Zealand, rugby world last week signed a homecoming, celebrating the opening ceremony of the 7th edition of the World Cup. Certainly, in the meantime, the world of rugby has changed profoundly, from many countries in an amateur status to a professional model. However, the edition that has just begun in the land of long white cloud, earth history of the discipline, will not be remembered in terms of costs and economic benefits. New Zealand, a small country of 4.2 million inhabitants, has in fact not the same financial resources than previous organizers. Plunged into an economic crisis, it was also affected in February by an earthquake that devastated the city and the stage of Christchurch, the second largest city.What add to the bill related to the organization, and limit the financial benefits expected from the competition.

More limited carrying capacity

Estimates of the study Mastercard "Report on the economic impact of Rugby World: 2011 World Cup," the economic activity generated by the event is expected to reach $ 654 million (479 million), 18 % less than the 2007 edition in France. Main reason: the carrying capacity, especially in the stages are not the same. In New Zealand, the largest chamber (the Eden Park in Auckland) can accommodate 60,000 rugby fans. This figure drops to 40,000 for the second largest stadium. In total, only five of the twelve speakers in the competition beyond the 30,000 seats. In France in 2007, all exceeded the 32,000 seats.Enough to blow up the number of tickets sold in the Hexagon at 2.25 million, against 1.35 million sold in 2011 according to MasterCard. Next visitors, a double standard as well, since 95,000 fans are expected in the country of Blacks against more than 325,000 in 2007.

Overall, the economic impact of the sixth edition of Rugby World Cup in 2007 was estimated at 540 million euros, of which over 85% from the tourism (spending by spectators, lodging, drinks, souvenirs …). A record that does not beat New Zealand in terms of direct benefits. It remains to know the net financial gain from the competition.Those of this edition will not be known precisely until a few weeks, but we know already that they will be affected by 550 million euros spent on building or renovating stadiums, where France had limited its expenses (most stadiums were renovated for the World Cup soccer in 1998). The catastrophe of Christchurch should also weigh on the accounts. In 2007, net income of the competition had reached about 113 million euros, while New Zealand could lose money on this event.

The hearing will be at the rendezvous

The only consolation for the organizers of New Zealand against the semi-economic success: the increasing popularity of the rugby world should not be questioned. About 4 billion viewers (cumulative audience) should follow the matches of the competition.Almost as much as 4 years ago (4.2 billion according to URS Finance and Economics and the International Rugby Board). More than 220 million euros in marketing and TV rights for the event have been sold by the IRB, against only 190 million for the French edition of 2007. The fact is that New Zealand will not see the color of money, revenue from TV rights and advertising contracts falling directly into the pocket of the Board, to fund the global development of rugby.

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For Jérôme Kerviel, the horizon is not entirely clear. His appeal is expected in June 2012. At trial, the former Societe Generale trader was sentenced Oct. 5, 2010 for fraud, breach of trust, forgery and uttering forged documents and five years in prison, three farm, and 4.9 billion euros in damages. The stakes are huge for him, if his conviction was upheld, he could not escape from the prison, having been detained one month and ten days in custody.

Olivier Metzner, remained the only lawyer after a parade of big names in Paris, he prepares the deadline today and this time decided to stay quiet.When the scandal broke, there was much media-presentation, signing, even before his trial, a book, The Gear, memoirs of a trader (Flammarion), in which he denounced "the reality of banking practices."

"Someone basically nice"

Today, thirty years working for a computer consulting firm located in Levallois, near Paris. The boss of this company, expert in court and knowledge of his brother and his first attorney, had befriended the young Breton and had welcomed home after the blast caused by the scandal. "All the people who approached basically found someone nice. He tries to do well in his way. And it's someone you can trust, "assured RTL in 2010 Jean-Raymond Lemaire, his employer.

The scandal January 24, 2008 when Societe Generale announced a record loss of 4.9 billion. Suspicion immediately converge on the trading Delta One desk model that would have concealed astronomical risk positions taken on the markets. At trial, Jerome Kerviel ensures that the bank had encouraged him to take such risks and had then "unwound" these positions in spite of common sense.

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FNSEA (National Federation of Farmers' Unions) is back in service Tuesday Space in Rennes, the second largest European exhibition of livestock. Beyond the hot topics of the moment, like the crisis in the hog sector, the Central Agricultural eyes on May 2012. It intends to be present in the debate of the presidential election. It prepares a summary document together its proposals for meeting the challenges of French agriculture during the next five years.

This platform will be closed in mid-November. "The French agriculture is a key sector and must be present in the Presidential debate, said Xavier Beulin, a number of FNSEA. We will ask the candidates to express themselves and engage in relation to our proposals. "

Important themes, four stand out.On the top of the stack, that of improving the competitiveness of French agriculture. It has been deteriorating over the past five years. So much so that France, land of all agricultural production has shifted from first to third place behind Germany and the Netherlands in the field of agri-food trade. Fills a gourmet meal while the French end of 2010 was listed as World Heritage Heritage of Unesco, the Hexagon now imports many of its fruits and vegetables, cheaper to produce outside our borders.

To make France more competitive firm, offers FNSEA implementation of VAT "social antidélocalisation." Its goal: to reduce by at least 30% of the hourly cost of agricultural workers to align with that of its European competitors.A key position when you know that 60% of the cost in this sector, employing 200,000 people, from the cost of labor. Such a measure would cost $ 300 to 350 million euros to the state budget.

To finance it, the future tax soft drinks would not be sufficient. "This requires an increase in VAT terms to be defined. In addition this measure would also apply to imported products as opposed to an increase in the CSG, which again would penalize French farms, "says Xavier Beulin.

Second major issue, increased efforts in research and development in agriculture on G20.With, for example, the introduction of new varieties of animal and plant more to meet consumer expectations.

For a new irrigation policy

The third point concerns the inclusion of the entrepreneurial dimension of the French farm, including the creation of new legal status and accounting standards with the possibility of bankruptcy without affecting personal property.

Finally the fourth theme relates to the environment. FNSEA advocates a new irrigation policy to create water reservoirs to store winter and summer re-use rather than let her go to the sea This implies a reduction of administrative .

FNSEA does not give instructions to vote.The responses of presidential candidates will help farmers, who are no longer systematically acquired the right to guide their choice.

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After one was missed, France Televisions has returned an offensive with hundreds of new programs. Taking risks assumed by Rémy Pflimlin, the CEO of the past year. It provides time to install new brands and develop its digital strategy.

The FIGARO. – What are your ambitions in terms of audiences for the group?

Remy PFLIMLIN. – The introduction of DTT has weakened the historic three channels and we have two. But France Television is not only judged on the hearings, as specified in the law. However, we must be the first French broadcasting group with our channel France 2, France 3, France 4, France 5 and France Ô. All must remain above the 30% audience share.

How do you explain the hearings erratic France 2?

For economic reasons, summer programs in France two were very different from those of the season. We have spent reruns and a program, "Five tourists" who have gone wrong. We dropped during the day and have paid cash. But with the return, the big appointment with Sophie Davant, Laurent and Stephane Bern Ruquier back.

France Televisions will invest 420 million euros in creation. Where do you get the money?

This amount represents an increase of twenty million euros a year. This is affordable in a cost grid for all channels 2 billion. To finance it, we will make arbitration on purchases and program flow.

You run one hundred new programs.Is it ambitious?

We offer 50 new programs on our five channels and 50 new regional programs of France 3. It is necessary to take risks because we absolutely need to innovate to install in the new period of strong brands as are a French village and more beautiful life.

Where's the advertising revenue?

We have budgeted 425 million euros in advertising revenue for the year 2011 against 440 million last year. In late August, we are still OK and I think we will hold the budget for the year.

You signed a contract with the State and sustain the revenue for five years. All can be challenged after the presidential elections?

We signed a contract objectives and resources with state ownership for five years on the basis of the strategic plan that we presented.For five years, the resources paid by the state are sustained and grow by 2 no teletrack payday loan.2% per year. In addition, our commercial revenues, advertising and diversification, we will be acquired. France Televisions thus acquires the necessary stability to build the company unique and long-term work with the world of creation. The company, the creators, the State and Parliament have an interest in maintaining that stability.

What is the social aspect?

We should sign in the coming days a collective agreement with the 2520 group of journalists and then we will negotiate the provisions concerning the technical and administrative staff, which represents 7,900 people. Over time, wages, hours and qualifications will be harmonized. This will have a cost but an investment that will pay off in productivity and simplified structure.In terms of attrition, which runs until 2012 and on 900 stations, we should see 550 starts, some of which permit and enable the recruitment of new skills including digital.

That represent the digital in five years?

The digital will be involved in the group. We will develop an information platform in November and another sports in spring 2012. Our role is to be an editor own content (information, drama, sport, culture …) that will become a commodity that we will provide all the screens. With the spread of television connected, it will be essential to have strong brands belong to us. Thus, we will not be dependent on American series to be broadcast directly by U.S. companies.

What is your position on the chains bonus?

On principle, I support the diversity of supply. On the economic front, although this is less about France Televisions, I note that many players call for a pause to allow to "digest" the introduction of DTT. With regard to the broadcast standard DVBT2, I have no principled position. But it is certainly worth, at this pivotal time, to ask any questions. For there is the issue of bonus channels, there are new channels announced, there is also the arrival of HD channels available. All this requires a resource that is often valuable, and called a real strategic choice. I look forward to the report of Michel Boyon.

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The automotive market bounced back in August. For the first time in four months, new car registrations in France rose 3.2% year on year in August, according to figures from the Committee of French Automobile Manufacturers (CCFA) announced on Thursday. In total, 108,530 units were sold against 159,945 in July.

But this slight improvement has not benefited the hexagonal marks. Registrations of PSA Peugeot Citroen fell 3% to 31,867 cars sold, sealed by the brand Peugeot (-6.1%), while Citroën has increased slightly (+1%). The Renault was down 1.4% to 27,116 cars, despite the rise of the Renault brand (4.8%), due to the fall of its inexpensive Dacia vehicles (-22%). At the Paris Bourse, the new goes wrong with investors. Title Peugeot unscrewed from 3.73% to 20.53 euros by 10:50, in a market down by 1.10%.The action leaves Renault at the same time 2.88% to 27.52 euros.

Featured Nissan

Sales of French cars have fallen by 2.2% over the period while those of foreign cars grew by 10.5%. The Nissan group, whose sales volume is much lower compared to the French cars (3880 cars passed last month) shows still an increase of 32.5%.

BMW saw its registrations increase by 29.5%, while rising by 18.7% Hyundai, Mercedes 17.8% and 15.2% of Volkswagen. Fiat, however, is always the trouble with registrations down 21.5%.

Difficult recovery

To observers, this underperformance against French manufacturers is a surprise. "We were pretty confident and we did not think the market would collapse in August," said Francois Roudier, spokesman for the CCFA."But you still have to be careful because August is a very small volume in terms of months," he added. According to him, the market will "gradually reduce" to the end of the year, due to the effect of the removal of the scrapping took place in late 2010.

Since January, the car market grew by hexagonal only 0.4%. French sales of the first eight months of the year are down 4.4% while foreign groups are gaining 7.7%.

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The Asian market does not yield to panic. After closing up slightly Wednesday, several Asian stock markets are divided down Thursday, but less pronounced than Wall Street and in Europe the day before. In Tokyo, the Nikkei 225 is again in the red, falling 1.04% to 8945.12 points after finishing up 1.05% yesterday.

Of the places in China, Hong Kong the Hang Seng 1.45% yield while the composite index of Shanghai Stock Exchange rose 0.68% to 1134.65 points. In Seoul, the Kospi index is left in the green, up 0.71% to 1819.14 points after plunging by 4% in early trade.

Investors remain concerned, however, fearing another recession in the United States and a spillover of the crisis of debt in the eurozone payday loan lenders. The gold and reached new records, crossing first the maximum 1800 dollars.It was worth 1814.50 dollars in the morning before going down to 1785 dollars. Another safe haven, the yen appreciates, and is worth 76.63 dollars, against 76.83 the previous day.

Oil also set off again down in Asia. Yet he had resisted the panic the day before with the announcement of a dramatic and unexpected decline in crude inventories in the United States. In morning trading, a barrel of "light sweet crude" lost 79 cents to 82.10 dollars and that of Brent North Sea fell by 1.10 dollars to 105.58 dollars.

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At the opening of Wall Street, U.S. indices posted immediately red (around 3%). And losses have widened throughout the session. Accentuating even further their descent, the indices have hurt Barack Obama's speech, who spoke to 20 hours Paris time, the Nasdaq has lost more than 6.5% shortly after the speech. And bad mood has not dimmed until the closing bell on the contrary, the end of the session was sprotive. Finally, the Dow Jones appears falling from 5.55% to 10,809.85 points. This is the first time since October that the index feature finishes below 11,000 points, its worst day in percentage terms since December 2008, a dark period for the financial sector.

The Nasdaq, even punished, won 6.90% to 2357.69 points, while the S & P tumbles 6.66% to 1119.46 points.On Monday, European markets have dropped out late in the session, while the Asian markets, have also, finished the day on heavy folds.

When Barack Obama spoke in an attempt to reassure the markets, investors do not stop selling. Worse, they pressed the pedal and drop is even more markets. "The United States still deserve note 'AAA'," said Monday night during a speech Barack Obama, on the downgrade of U.S. debt Friday by the rating agency Standard and Poor's. The U.S. president also defended the credit of the United States but acknowledged a deficit problem. Barack Obama, however, that the economic challenge was surmountable but require political will.

Nothing to do."The deterioration in the rating of the United States is clearly the catalyst for the drop in markets today, but is not the reason, according to Michael Sheldon, chief strategy officer at RDM Financial. Degradation is simply evidence that the U.S. has problems. "

Note that in Latin America, falls are breathtaking. Financial center of Sao Paulo (-8%) and Buenos Aires (-10.73%) plunged. In Chile, the Santiago Stock Exchange (-6.96%) did not record such a decline for 13 years. In Lima, a decline of 7.03% has even led to a suspension of trading an hour before closing.

Gold still a step higher, oil falls below $ 82

Witness the panic in the markets, gold has posted yet another record high and rose 4.25% to 1722 dollars an ounce at 20:30, before returning to 1717 dollars to 22 hours.Oil, however, has dropped by more than 6% Monday in New York, their lowest levels since November. On the New York Mercantile Exchange (Nymex), a barrel of "light sweet crude" for September delivery finished the session at 81.31 dollars, down 5.57 dollars or 6.4% on Friday.

Paradoxically, U.S. bond rates continue to decline, those same 10 years falling by 8.5% melting at 2.339% against 2.558% Friday. Good to 30 years returned to 3.663% against 3.823%. However, after degradation much faster than expected by Standard & Poor's sovereign rating of the United States, which had never been subjected to such a penalty could have been expected to climb no faxing payday loans.Sign that investors still believe that the U.S. still refer to the bond market.

Moody's said Monday it could, too, by 2013 reduce the debt rating of the United States if the fiscal and economic outlook deteriorated sharply. But she considers it possible in the meantime a new agreement in Washington to reduce the deficit.

Menu macro loaded, with the FOMC in dish

This week, the lower macroeconomic indicator to take the pulse of a threatened U.S. growth will be expected to turn to investors.

From Tuesday, the productivity of U.S. companies in the second quarter and will be scrutinized closely. The risk is to see it getting more than expected, resulting in a logical breakdown of the job. Consumer confidence is also on the menu.But the final communique of the Monetary Policy Committee of the U.S. Federal Reserve (FOMC), from that Tuesday night will go to the most crucial.

Analysts and investors are wondering already if further monetary easing, (3 or quantitative easing "EQ3") can get out. Unless it is an aid to banks, which could begin to experience problems of interbank liquidity, which is preferred. "In all cases, the reaction of short-term market is very uncertain …" says it does at Aurel BGC.

Friday, retail sales will be the second major economic meeting a week at high risk on financial markets worldwide. "The sales figures published by the values ​​of the S & P 500 were clearly disappointing July, underline in this respect analysts Aurel BGC.But the report shows significant employment job creation in the distribution. A figure that looks very uncertain. " The trade balance in June should also be well attended.

Bank of America falls 20%

Meanwhile, the business side, the publications of interim results are less numerous and can only remember very little attention to markets, obsessed by the European and U.S. sovereign debt. Walt Disney reveals in particular accounts on Tuesday, ahead of Cisco in the matter and News Corp (Wednesday) and Nordstrom, Sara Lee, and Kohls (Thursday), and finally JC Penney (Friday).

American International Group (AIG: -9.92% to 22.61 dollars) continues Bank of America (-20.07% to 6.53 dollars), calling him more than $ 10 billion (7 billion euros) losses related to mortgages, it said in the text of the complaint.According to this document, which Reuters obtained a copy, AIG believes it was misled by the bank about securities backed by mortgages, which caused losses. The insurer wants to sue Bank of America to the Supreme Court of the State of New York in Manhattan.

Twenty products absent from the shelves of the pharmacy on the first day of the week. This is the situation that a small pharmacy owner in the fifteenth arrondissement of Paris, a few days of the summer closure of his pharmacy. An almost normal, and shared by many of his colleagues. These problems of supply disruptions, the pharmaceutical companies (LEEM) have also identified a few months. Front-line antiretroviral drugs (treatments against AIDS), insulin, or steroids. In some small pharmacies, such as supply disruptions related antidepressants and vaccines.

"The mountain of pharmacies in these areas have alerted us, says we in the trade association of the drug industry, because in general, breaks off and still found the result of bad weather, or social movements. " This was not necessarily the case in recent months."For some specific drugs, including antiretrovirals, there is a significant difference between the amounts made available to the distribution channel for businesses, and far below the number of units dispensed by pharmacies in town," confirms the organization.

In this case, then those products which go missing? According to Leem, some drugs would be captured by "short liners," the new intermediate appeared recently (4-5 years), whose intervention "aims to capture the margins, and do not have to Unlike the traditional players, a culture of health professionals ", warns Leem.And the controversy grew about the possible disruptive effect that these new players would result in the drug market.

Introduction of quotas

These new entrants are currently only 2.5% of the market for thirty entities in competition with wholesale distributors, who are the traditional intermediaries between laboratories and the approximately 23,000 French owners of pharmacies. "This is especially true for drugs produced and distributed in small quantities, such as antiretroviral (ARV) where their intervention significantly affects the fluidity of the market, says Emmanuel Déchin, general secretary of the Chambre Syndicale in the pharmaceutical distribution (CSRP) , which comprises seven members, representing 97% of the French market."We know that none of these ARV box which is sold is intended for the French market.".

In addition, since the early 2000s in France, every distribution is given by pharmaceutical companies, quotas based on national market share. "We understand the concern of an economic actor such as a laboratory to better control the flow of production, Emmanuel Déchin tempers. But it also induces more rigid and can penalize us and expose us to break. " Today, about 600 drugs on the 5300 allowed the French market are subject to these quotas. And strong demand in France for some products, lead to regular stock-outs on nearly 270 specialties, according to the Union of pharmacists (USPO).

Also, some advance to explain that the pharmaceutical giants, or even distributors, do not hesitate to reserve a portion of their stocks of the more "lucrative". Indeed, patented products still sell for an average of three to five times more expensive in the U.S. than in France. And even within the European Union, large disparities persist. On average, the products can be sold 20% more expensive in Germany than in France, while in Spain, prices are generally lower than 10%. "I do not honestly believe that a laboratory, despite its economic imperatives, can do this type of arbitrage to the detriment of the health of patients' tempers Déchin Emmanuel.

The health minister is prepared to legislate

For his part, and face these charges, the Health Minister Xavier Bertrand was firm: "These systems are known to parallel importation, but I do not want that.What is planned for France should be consumed in France, "he said on Europe 1 radio on Tuesday. He was prepared to legislate if laboratories and wholesalers did not meet their obligations, "or you meet your quota, or I will oblige with a new text, he said. It's a shame to come here but I will not hesitate one second to do so. "

Therefore, to overcome these difficulties, some small pharmacists have no choice but to defeat the usual, explains that another pharmacist in a small pharmacy (800,000 euros of annual turnover): "either we manage with co-major pharmacies that are generally better off than us, or we go directly to the laboratory control. But this can only be temporary, because of course we pay more than the wholesaler! ".For two or three years, the pharmacist admitted being increasingly confronted with such situations, including antiretrovirals and cancer. Clearly, treatments that can not wait. Troubleshooting

Faced with this shortage, Leem and the French Agency for Safety of Health Products (AFSSAPS) have set up emergency solutions (stocks troubleshooting, short circuit …) and special issues to avoid the maximum out-of treatment for patients. A temporary workaround, which can not do without an in-depth study of the new challenges of the French system of drug distribution. What the Department of Competition and Fraud (DGCCRF) seems to be addressing.

In turn, dispatchers did not call for the abolition of quotas, nor to that of intra-EU trade, but felt that the resolution of this issue "very complex" pass through "pragmatism and a sense of responsibility on the part of all actors in the chain, given the economic pressure to which they are subjected. "

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