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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.

Online payday loans are obtained to meet the short term financial goals that arise out of emergency requirements. These loan amounts have to be paid on the next payday.

Bids climb for 3PAR. The computer giants Dell and Hewlett-Packard are engaged in a struggle to redeem the American Society of data storage. A standoff that intensified this week.

Last rebound on Friday: HP announced in mid-afternoon that he raised his bid for 3PAR to $ 30 per share, valuing the company proposed data storage to 2 billion dollars! Rival Dell had announced earlier in the day he lined up on the previous HP offers made Thursday night: $ 27 per share, or $ 1.8 billion.

In this battle of "cloud computing (cloud computing via the Internet), and two days are alike. The day of Thursday has been marked by the same scenario.By putting on the table an offer to 1.8 billion, HP responded to Dell, which had outbid earlier in the day.

For Dell, the matter seemed closed Thursday morning. Thirty cents per share closely. Indeed, the offer was raised from Dell was barely higher than that of HP, to 24.30 cents per share against 24 cents. If the transaction would receive the green light from authorities, Dell assured however that it could be finalized before the end of the year. The computer maker also added that the operation "should have a positive impact on [his] profit excluding exceptional items from fiscal 2012.

The "cloud computing" is popular

He had not reckoned on the pugnacity of HP.The acquisition would allow 3PAR to expand its range of storage products for cloud computing and support services activities, like other industry heavyweights like IBM, they tend to generate higher profit margins than sales of computers.

The ball is now in the hands of Dell. And it did not intend to waive 3PAR Friday. "The group continues to believe that the acquisition of 3PAR, and its storage technology market leaders, is an important operation for our customers and will strengthen Dell's position on these services," he said in its statement.Dell has until Sept. 20 to launch a public offer to acquire all the shares of 3PAR, "unless the offer is extended," he says.

The battle began last Aug. 16, when Dell announced plans to acquire 3PAR price of $ 18 per share. A week later, HP came out of the woods. Last Monday, the group also proposed 1.6 billion dollars against 1.15 billion for Dell. The suspense continues, therefore. And the recovery of 3PAR flies …

On Friday, shares of Hewlett-Packard bend 1.5% to 37.6 dollars in Wall Street, about 17 hours, while Dell shares advance 1.8% to $ 12. 3PAR him, flew 21.5%.

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The euro area returns in the red. Ten days after France's trade deficit widened to 5.5 billion euros, the euro zone on Friday issued a trade deficit of 3.4 billion for the month of May, after a surplus of 0.3 billion in April, according to a first estimate from Eurostat. In May 2010, seasonally adjusted exports rose by 1.6% and imports by 4.2%. In May 2009, the euro area recorded a surplus of 2.2 billion euros.

This was due to the decline of the euro against the dollar in the spring, pro-European exports, but bad for imports, which are to higher prices.

All countries of the European Union, namely sixteen of the euro area and the eleven who did not belong, recorded in May a trade deficit of 15.1 billion euros free instant credit report . It widened from April (-11 billion) and over the same month of 2009 (-7000000000). In May 2010, exports of "27" rose 0.9% and imports by 4.1%. One area where the deficit was more accentuated for the "27", the éenergie (-91.5 billion euros against a deficit of 76.1 billion a year ago).Conversely, manufactured products emit a surplus of 50.5 billion euros (ocntre a surplus of 34.7 billion).

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"The trade deficit widens

Following the adoption of Australian tax on the profits of mining companies, the big names in resume their expansionist movement. Thus, the head of Rio Tinto's Sam Walsh, said further negotiations with the regulators in different countries to complete the planned reconciliation with rival BHP Billiton. Moreover, the multinational was considering expanding its new site for the Pilbara with an investment of 10 billion dollars. The Anglo-Australian group wants to increase its annual production of iron ore of 330 million tons within five years, against 230 million today.

Anglo American is activated

The Anglo-South African Anglo American sells, in turn, coal mines in Australia to a consortium of South Korea's Korea Electric Power Corporation (KEPCO) and POSCO, and the Australian Cockatoo Coal for 500 million dollars.Finally, Banpu, Thai producer of coal, wants to increase its shareholding in the Australian Centennial Coal, up 80% to $ 1.7 billion.

Many projects had been put between brackets, because of the uncertainty surrounding the new tax taxing up to 30% profits of mining groups.

G20 warned. Beware of excessive rigor. That's good, the government has always had something in horror. Rigor. However, in the fall, it will be many rigorous measures to be announced. Nonetheless, France has heard this message. This Sunday, at the Economic Forum, held annually the weekend by the Circle of economists, Christine Lagarde, Minister of Economy, has found a new formula. The "ri-lance, a mixture of rigor and recovery. "Renewal or rigor, this is not a choice, not a Gordian knot for me," she said.The economic policy that we are in France now is a political ri-lance.

So precisely what does she mean by "ri-lance? This is a "delicate balance which is really to reduce public spending where it will be less painful for the prospect of reviving economic activity," she says.

Another question: how to implement it? "We must carry out fundamental reforms such as pension reform and revitalize the economy by insisting on nvestments and innovation.

Reducing public expenditure without forgetting to relaunch growth. Such is the creed of the government, which needs to 100 billion euros in savings in three years and above who expects growth of 2.5% in 2011 as in 2012.Ambitious requires a real fight economic policy and especially a real global coordination.

The last summit of the G20 in Canada had indeed left a clear dissonance in this area between Europeans and Americans. They demanded that the Europeans do not all implement the same time austerity plans, fearing for U.S. growth.

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The G20 warns against excessive rigor

The Autorité des marchés financiers (AMF) to better protect investors. Like announced last April, the MFA has launched with the collaboration of the supervisory authority, a new public financial information. His goal? To better inform its clients on banking, savings, insurance, financial markets or the credit. The public will get information on insurance products (home, auto, life, health …), bank accounts, means of payment, bank books or the functioning of financial markets, products collective savings, companies listed on the Stock Exchange, the securities account.

"Applications will be redirected by the operators to specialists of the AMF or the supervisory authority," says Madeleine Guidoni, mediator of the AMF.The policeman of the Exchange hopes to meet customer expectations disappointed that their banks do not have better information about the content of such Fund.

Life buoy

"The financial institution has taken to bad habits for marketing of financial products", regrets the mediator of the AMF.With this new service, the regulator should thus be able to better track business practices of banks and better focus the control activities.

After the merger of the bank authorities and insurance giving birth to the supervisory authority, the creation of this service, as required by the economy minister, Christine Lagarde, is like a lifeline to investors, including confidence in financial markets has been severely affected by the numerous cases of fraud or scam.

Called Insurance Banking Savings Info Service, is available in a website – www.abs-infoservice.fr – A telephone helpline – 0811901801 – and a postal address – Insurance Banking Savings Info Service, 61 Rue Taitbout; 75,009 Paris.The domestic number is available Monday through Friday from 8:00 to 6:00 p.m..

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"The banks have taken the bad habits"

The rating agency Fitch announced Monday after the close of stock markets in Europe, it lowered the ratings of BNP Paribas. The first French bank by market value was previously the club closed their highly rated by Fitch, AA sharing a favorite with the British HSBC and Spain's Santander. But the rating agency, BNP Paribas can not be "comfortable" among this circle of elected officials. The bank is degraded to AA – with a stable outlook.

The share "fairly important" for investment banking activities, deteriorating asset quality in 2009 and capital ratios slightly below the others behind this disgrace. Santander and HSBC show, in turn, limited contributions from their market activities."BNP Paribas continues to demonstrate its ability to cope with the pressures that affect the financial sector, especially European banks, and diversification is good," says Fitch, however.

The European Commission has just been estimated in March that the forecasts were too optimistic France and the International Monetary Fund (IMF) last Thursday to consider that they might lead to "a significant underestimation" of efforts to reduce the deficit to 3% of GDP in 2013, Paris had no intention of yielding to pressures coming from all sides on its growth forecast and react hastily to the scaling back.

While the government expects growth of 2.5% in 2011 as in 2012, Christine Lagarde, who was Sunday guest of Grand Jury RTL-LCI-Le Figaro, said Bercy maintained that figure. "It is perhaps a bit daring.But this does not mean that I do not think so because when we have breaks in growth, as we had last year, it rebounded the following year generally stronger than that which was anticipated, "Christine Lagarde has justified, that speaks of" a spring that tightens "…

Nevertheless, "it is too early in the year," to decide to revise the forecast, says she. "Wait and see the results of second quarter results that I hope good." The growth figure for the second quarter will be published in August.Traditionally, this publication – which comes in full preparation of the draft budget law – leads to changes in assumptions of growth for the next year payday loans.

Commitments savings firm and final

If she wants to be proactive, Christine Lagarde, however, not only closes the door to such a review. Paris will pose the question "to fall," said the minister.

This will be a real challenge for public finances. For the equation becomes perilous Paris counts on the 2.5% growth to get him some 35 billion euros in tax revenues to enable it to meet part of 100 billion euros that represents a return to 3% deficit in 2013.If it is not there you will have to find more savings.

One thing is certain: "The commitments we made in terms of economy of expenditure and intervention are firm and final," said Christine Lagarde.

In short, the government must conduct a struggle of economic policy. Christine Lagarde, who just celebrated three years as head of the Department of Economics, said he was ready to continue to assume. While circulating the idea of a reshuffle in September, "it is the President of the Republic to decide what the best players at the right time. If I am useful for the France team, I am available to the Prime Minister and the President of the Republic. Has it Matignon in sight? "Certainly not! Answered Christine Lagarde. The French economy and employment deserve I spend all my energy. "

The OECD refers to a "structural change" of historic importance. The phenomenon is not new but it has accelerated over the last decade and more as a result of the crisis. The weight of emerging economies has amplified, as evidenced by a new study by the Organization for Economic Cooperation and Development (OECD) on the tilting of wealth. In support, the few trade data: in 2009, China became the largest trading partner of Brazil, India and South Africa. Between 1990 and 2008, world trade has multiplied almost fourfold, while the South-South trade have been more than ten. Indian car maker Tata is now the second largest investor in sub-Saharan Africa.Financially, the Developing Countries held in 2008, 4.2 trillion dollars of foreign reserves, or more than one and half times the amount held by the rich countries.

Another sign of their increasing weight between 1990 and 2000, the number of countries called emerging markets (ie whose average per capita equivalent to more than double that of OECD countries) has increased from 12 65. Several states of Eastern Europe like the Czech Republic, Hungary and Slovakia acceded to the richest group, along with Saudi Arabia. Today, says the OECD, a simple division into two is more relevant. Château de la Muette now retains the concept of world "four speed", according to growth rates and income levels: poor, distressed, convergent and rich.Interesting phenomenon, twenty economies, mostly in Asia like India, Indonesia and Bangladesh but also in Africa, like Ethiopia or Nigeria, have made a great leap forward from the status of "poor" than "converge".

Note in this scenario, the underperformance of Latin America, where reforms have done little to advance growth. The report noted a reduction of poverty, especially in China where the rate has decreased by 60% in 1995 to 16% in 2005. The downside, if the number of poor has decreased overall from 300 million in the last decade, growth has often been accompanied by increasing inequality, which may influence the long term.

But the trend should not be reversed.In 2030, the OECD area could represent 43% of global GDP in purchasing power parity, against 60% in 2000 and 51% in 2010.

Human error is not finally rise to the "flash crash" that Wall Street plunges 9% for 20 minutes, 6 May last, and cleared up almost $ 1,000 billion market capitalization.

According to a report from the futures market operator Chicago Mercantile Exchange (CME Group) that has acquired Reuters, the manager Waddell & Reed Financial has happened during those twenty minutes, a sales order of 75,000 contracts' e -mini ". What are they? The highly liquid futures that allow investors to manage their exposure to the Standard & Poor's 500. In other words, the company has bet heavily on the index drop. Other companies – Jump Trading, Goldman Sachs, Interactive Brokers, JPMorgan Chase and Citadel Group – have also made such transactions. A total of 842,541 contracts were traded on the e-minis, according to document CME.

Waddell loses more than 5% at the NYSE

Waddell, whose share lost 5.67% at the New York Stock Exchange Friday at 21:30 (Paris time) after the news from Reuters, responded by saying that he had been "one of the more than 250 companies who treated the title 'e-mini "during the period of time during which the market fell" flexcheck cash advance.

Tuesday, Gary Gensler, Chairman of the Commodity Futures Trading Commission (CFTC), the supervisory authority of derivatives markets in the United States, said at a hearing in the Senate have shown that a single transaction was accounted alone is about 9% of total "E-minis for diving indices. He said that there was no evidence that the operator concerned had breached the rules by placing selling orders.

Observers, as reported in Fox Business News, was believed to be a mistake to a trader at Citigroup, who wanted to sell forward $ 16 million on the S & P 500, but spent his order on Procter & Gamble for 16 billion dollars.

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