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On the wire! After spending almost the entire session in the red, the CAC 40 rallied in the very last lap. At the finish he returned 1.23% to 2856.97 points. But on the whole has lost 4.7%. And since the beginning of the year, he left nearly 25%.

Yesterday the market was still tune in slow motion. The trade volume has exceeded painfully € 2 billion on the great values ​​of the Paris stock exchange payday loans. On this day of "Black Friday" in U.S. markets opened for a half session. This day, like every day after Thanksgiving, sounds the start of the race for Christmas Atlantique.Chasse addition to good affairesAprès six consecutive sessions of sharp declines, few operators present at the Paris Stock Exchange engaged in an intense bargain hunting in financials and cyclicals.

"What will happen if the people say no? The risk is that the international community shuts off the money and the country will eventually leave the euro. There is matter of serious concern investors, "said Christoph Weil for his part, an analyst at Commerzbank. As for the CM-CIC analysts, the referendum "opens a Pandora's box about the size of the losses to be borne by financial institutions."

The fear of a slowing Chinese economy weigh on Asian stock markets. On Tuesday, the day after a session, however encouraging, the Hang Seng Index in Hong Kong and Shanghai Composite Index unleash respectively 3.34% and 1.67 points to 18,243.31% to 2399.58 points. Investors react to the publication of a slowdown in Chinese growth to 9.1% in the third quarter, against 9.7% and 9.5% in the first and second quarters.After this bad figure, other regional financial centers are also displayed down: the Nikkei of the Tokyo Stock Exchange lost 1.47% to 8749.08 points, the Kospi index in Seoul fell by 1.47% to 1837.73 points, the S & P / ASX 200 Index yields 1.82% at Sydney 4197.70 points, the BSE Sensex 30 in Mumbai fold from 1.66% to 16,742.80 points and the FTSE Straits Times of Singapore gives up 1.78% to 2729.51 points.

"Economic growth is currently facing a more complicated on both external and internal plans," said the spokesman for the National Bureau of Statistics (NBS), Sheng Laiyun commenting on the growth of China. In fact, Chinese exporters are beginning to suffer from particular sovereign debt crisis in Europe, their largest market, a difficult economic situation in the United States.The Chinese economy is also impacted by rising wages and strong yuan, has appreciated by 7% in a year against the dollar. "The number of factors of instability and uncertainty increases," says Sheng Laiyun.

The concern weighing on Europe

In this context, the correct figures for China's industrial production have gone unnoticed cheap pay day loans. This has increased by 13.8% in September year on year, according to BNS.

In addition, concerns about the debt crisis in Europe grew yesterday and weigh Surles markets. The German Minister of Economics Wolfgang Schäuble has indeed warned that the EU summit to be held in Brussels Sunday will not lead to a definitive solution to the debt crisis. And, while the central bankers of the euro zone had promised a response "comprehensive and lasting peace" to the crisis at the G20 finance this weekend in Paris.

China Eastern Airlines to Hong Kong and Tepco

On the corporate side, China Eastern Airlines (-7.02% to 2.65 Hong Kong dollars) on Monday announced an agreement to acquire 15 Airbus A330 family for a selected list price of $ 2.5 billion, for delivery between 2013 and 2015.

Note that Tepco, the operator of the nuclear accident in Fukushima, yields 1.38% in Tokyo, after asking the first tranche of public assistance of some 700 billion yen (6.7 billion euros) for finance part of the compensation of victims, according to Japanese media on Tuesday.

On the front of currencies, the euro rose 0.28% to 1.377 dollars on Tuesday. Oil is meanwhile down in Asia after the confirmation of a slowdown in Chinese growth in the third quarter against a backdrop of skepticism about a speedy resolution of sovereign debt crisis in the euro area.The barrel of "light sweet crude" for delivery in November, up in the early electronic trading, lost 9 cents to 86.29 dollars, around 6:00.

The benchmark rents (IRL) continues its momentum. Indexed to inflation, the index increased by 1.90% yoy in the third quarter 2011, according to INSEE, its largest increase since the first quarter of 2009.

Following the same curve as the price index, the benchmark rents had fallen sharply during the crisis, before recovering from the first quarter of 2010. However, according to figures released Wednesday by INSEE, inflation emerged up 2.2% year on year in September, despite a slowdown during the past month.

Consequence of this increase in the IRL, the owners can raise rents to their tenants under lease, 1.90% maximum per year. This ceiling is not to be confused with the increase that may require the owner at the end of the lease, and which itself is not subject to this limit.

Rising rents slows

They are also in the process of marking time, like the sale price. The latest observation Clamor, the rents charged to new tenants were up 0.9% over the first eight months of the year, against 1.4% a year earlier. In 34% of cities in France, this trend is even negative. This is for example the case in Paris (-0.1%), Bordeaux (-0.9%) or Toulouse (-0.4%).

In other cities of the Hexagon, however, rents remain strong on the upside. This is the case in Lyon (+1.2%), Nantes (+1.7%), Lille (1.9%) or Le Havre (+2%). For the full year, Clamor expects an average increase of 1.5% to 1.8% against 2.5% in 2010.

The Observatory notes wide disparities between the cities but also between the quality of rented accommodation.Owners who make improvements before entering into a new lease rent on average well 9.3% more than the previous occupant. However, when the property is rented without work, its rental value decreases by an average of 5.4%.

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Lefigaro.fr – messaging has it become a stress factor?

François Fatoux – Yes, definitely. The study we just completed, 38% of users receive over 100 emails per day. With the massive use of email, employees are saturated with information, most often to treat in an emergency. Because the immediacy of information has sometimes a perverse consequence: we are given less time for reflection. Faced with the constant flow, it is not uncommon that the employee feels outdated, it has the feeling of doing wrong. A situation even more difficult to live as e isolates, by discouraging physical conversations.

There are, as a result of addiction to e-mails, as measured by the researchers, maintains that stress.65% of users say they check email every hour, but actually do every five minutes! And smartphones, which allow employees to access their e-mails anywhere, increasing still potentially stressful situations. Have a blackberry was once a privilege to lead. It has become the door open to requests cascade.

Finally, the electronic mail increases, or harm their productivity?

It is very difficult to make a full and final conclusion. The mails are also many beneficial effects on work organization. In reality, everything depends on how a company and its employees use it. Very different practices coexist. All managers not only send such emails in 23 hours. But it is true that this is a very time consuming activity.More than half of the users spend more than two hours daily to manage their mailbox freecreditscore. The stress is relentless. When we know that an employee is 64 seconds to regain his train of thought after receiving an email, we have a sense of loss of concentration occasioned by email.

Another of his perverse priorities is to disrupt. The urgency tends to take the place of hierarchy. The employees work is undeniable, but spend more time on tasks accessories. Productivity is affected.

How to fight against these negative effects?

It is important for companies to seize this issue and are considering the use it makes their mesagerie mail. Should we encourage the use of mails to professionals outside the office? Should we require employees to respond instantly? The rules must be defined.

As for employees, a few simple rules can help minimize these adverse effects. Set the parameters so that every email that arrives is not reported, for example. Or take the time to reflect before answering. Or consider before each shipment: would it be more effective to pick up the phone? Is it necessary to put this or that person a copy? In terms of dependence on the tool, the answer seems to me, however, not individual but collective. Is to leaders to lead by example.

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

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

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

The future railway landscape

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

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

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The 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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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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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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