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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.

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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Barack Obama knew last night that he should seize the last opportunity to pass stimulus measures. For 32 minutes he has compiled the list of measures characterized as "urgent", intended to support consumption and encourage the hiring in 2012. With a little luck and cooperation from the Republican majority in the House of Representatives, some of these measures will be adopted in early 2012.

In fact, the time is right. The presidential campaign in full swing as early as January. Common ground between Democrats and Republicans are thus virtually impossible to find in March.

To appeal to conservatives, Barack Obama is wearing more than half of its plan to 447 billion dollars of reductions in charges paid by employees and businesses.By halving the payroll tax that finances the retirement program, Social Security, the President went even further than previously thought.

The issue of funding on hold

In the minutes after the speech, John Boehner and Eric Cantor, the two leading House Republicans, said they wanted to do that such measures are discussed. They do not want to obstruct all types of measures: their constituents are just as concerned about the risk of relapse into recession as the Democratic voters low rates payday advance. Other reaching out to Republicans: the promise to submit to Congress on free trade agreements negotiated for a long time with Korea, Colombia and Panama.

Finally, the issue of infrastructure spending, Republicans should also be attracted, even if the chances that they align themselves to finance projects rail transit are slim. Moreover, the proposed transfer of funds to States to preserve the jobs of civil servants might not pass Congress.

Then there is the crucial issue of financing of these measures. Barack Obama has stated repeatedly that they would all be funded. But he did not say how.

It should not provide details until next week, when finally published its plan for debt reduction over the medium term. The White House makes plans to finance these stimulus measures need to be involved in 2012, by savings in the longer term.Republicans, eager to reduce public debt now, will try to find savings elsewhere in 2012, to finance what they will accept the plan Obama.

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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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After considering the price of flour in supermarkets and those of certain financial products, the European Commission is vigilant in fine watchmaking. The competition regulator on Friday launched an investigation into the agreements and dominant positions among manufacturers of luxury watches, trying to see if they have agreed to refuse to supply spare parts to independent repairers.

"The Commission informed the parties concerned and the competition authorities of the Member States of the opening of the proceedings in this case," said the European Commission in a statement.

The investigation follows a complaint filed in 2004 by the European Confederation of Associations of watch repairers (CEAHR) for alleged violation of competition rules of the European Union.Multi-brand repairers had indeed used to make many of the repairs of luxury watches. But from 2002, according to CEAHR, manufacturers of luxury watches began to refuse to supply spare parts to multi-brand repairers who were not part of their repair networks. The CEAHR therefore seeks the condemnation of the practice, saying it could force independent repairers to put the key under the door.

The European competition regulator rejected its complaint in 2008 for lack of Community interest. Then the decision was overturned by the European Court of Justice (ECJ) in December 2010. This does not prevent the European Commission to be cautious about this.She stresses that the opening of an investigation does not mean it already has evidence about the existence of an offense. And yet, no manufacturer of luxury watches is specifically under investigation.

Annick Goutal perfumes changes hands. Korean cosmetics group Amore Pacific, which owns the Lolita Lempicka fragrance and cosmetics Laneige, acquired the French brand to the U.S. fund Starwood Capital. The latter had acquired in 2005 by taking control of several jewels of the Taittinger family group: hotels Crillon and Lutetia or Baccarat crystal pay day loans.

Goutal perfumes, bought by Taittinger in 1985 and still led by Brigitte Taittinger, had been founded by Annick Goutal in 1981. The brand has stores in France, Belgium, UK and Canada, but mainly distribution agreements with 1300 stores in twenty countries. Amore Pacific sees growth potential in Asia.

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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In the case of debt, time is a luxury that the United States as Europe can not afford. This is the message sent Tuesday by Christine Lagarde, director of the International Monetary Fund. Welcoming the plan against the crisis of the Greek debt presented Thursday by EU leaders, the French hoped "that these bold steps will be followed in the United States and that action in the fiscal area will occur as quickly as possible."

In Washington, "the clock is forever and you really find a solution," insisted Christine Lagarde. Democrats and Republicans can not agree on U.S. debt, then that must be addressed prior to August 2 the maximum amount that the state can borrow in the markets (the ceiling of the debt). Otherwise the U.S. will not reimburse investors.

"Having a default or a significant reduction in the rating assigned to the signing of the United States, an event would be very, very, very serious. Not for the U.S. only, but for the world economy in general, "said the leader of the IMF. In the longer term, the IMF has asked the United States Monday to hand over "the debt to a sustainable path." U.S. debt until recently was considered by investors as an investment "safe".

If it is proved otherwise, the consequences could be incalculable. The United States "can not default on their obligations," said John Boehner, a Republican official in Congress. "The jobs and savings of too many Americans (are) in."

Threat of 'turbulence'

Europe is no exception.After the summit on Thursday, the leaders of the euro area should continue their efforts, Christine Lagarde warned: "The plan was welcomed by financial markets, as evidenced by the stronger euro and lower spreads rates on bonds of the periphery. But the turmoil could easily reappear. For this reason it is essential that the commitments of the summit are implemented quickly. "

Problem: The plan must be submitted to national parliaments for approval. "This will be done in the coming weeks. This will not happen overnight because, as is often the case in many developed economies of the Northern Hemisphere, August is relatively calm. And parliaments are closed, "admitted the director of the IMF. But Europeans do not have the luxury of taking their time.I think there is an expectation that things should move forward and be implemented not only by the countries directly concerned but also by governments who, as I said, kept their promises. "

To help stem the debt crisis, the IMF disbursed $ 330 billion to date, also recalled Christine Lagarde. Given this fact, the IMF might have to seek new funds to its member countries, its director admitted: "In the not too distant future we will probably take an interest in this issue."

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In the first six months of the year, the European Central Bank, through the 17 national central banks in the euro area, has withdrawn from circulation approximately 296,000 counterfeit euro banknotes. A figure down 18.8%. As usual, these are the breaks of 20 and 50 euros that have been copied the most, with respectively 43 and 36% of counterfeit notes detected. Thus, the probability of having one day turn a fake is minimal, since currently, 15 billion euro banknotes circulating in the world with 13 billion in the hands of 330 million Europeans.

How to recognize a counterfeit bill? "First is the button: the ticket must be firm and crack when it is bent, and some inscriptions in relief is palpable. Then you look at it: we mark the traditional watermark, the black security, we detect signs of security by transparency, etc..And then tilts: the band or disc holographic silver toggles the face value and the € symbol, "said Francis Coustin, communications director of the Bank of France, stating that there are eight recognizable security features of immediately, then another series of signs visible with ultraviolet light, which traders often have, and finally other signs that only the European Central Bank and national central banks can detect. In all, there are 63! (See the interactive presentation of the security features of the ECB)

The ECB shall ensure consistently maintain its technological edge on the counterfeiters, who face risks thirty years' imprisonment and 450,000 euros fine. The Bank of France, also a civil party, does not claim a symbolic euro in damages.Within the Eurosystem, work is underway to develop a second series of euro banknotes, the theme will look like the current (see box).

A ticket is damaged, torn, not calcined is not lost

Think again if you think the ticket you just go to the machine, or your child has torn, is worthless. While it may legitimately be refused by your merchant, but the Bank of France, she will be able to replace them. In extreme cases – ticket sales, burned, burned, mutilated, wet, soft, bonded, etc.. – It is always possible to be "paid" but for a fee of 20%.

Francis Coustin the occasion of the exhibition Euro: the exhibition at the Cité des Sciences and Industry at La Villette (Paris XX) until September 4 – which comes in a fun way about the history of the euro, its manufacture, the security features of tickets, etc..- Chronicles the misadventures of people who burned their tickets, ensuring that parts of the Vatican, Monaco or San Marino (Italy) should be retained as they are rare … and therefore valuable, but warns, however, that collecting tickets francs (date of exchange limit, February 17, 2012) does not promise any profit, "they will be worth nothing then strictly."

Euro: the exhibition, organized for the first time in France, the European Central Bank and the Bank of France, has already attracted over 100,000 visitors in recent months in Europe, from Barcelona to Tallinn via Rome or Berlin.

Cotton in the mass circulation

• How does one manufacture a ticket?

To make the paper is bleached cotton fibers (only one note is made of cotton) in a water bath at high pressure and high temperature.The resulting pulp is then passed through a paper machine. To obtain the special paper, called Paper Trust, own bank notes, are incorporated in the paper some security features such as watermarks and security thread.

• Where do we manufacture the tickets?

In Europe, paper is supplied banknote paper to the fourteen high-security printers who print the euro banknotes in the European Union. In France, since 1915, tickets are no longer manufactured at Bercy, in Seine-et-Marne, but Chamalières (print) Auvergne – nothing to do with Valerie Giscard d'Estaing, who became finance minister from 1962 to 1966 -, and Vic-le-Comte (stationery). A year earlier, the Paris site was briefly occupied by the Germans, hence the decision to relocate the "safe" to an area less exposed.

• How many tickets are made in France?

In 2010, 2.45 billion tickets were delivered by the Manufacturing billest which 1738 billion euro, central banks outside the euro zone commander in France tickets. Every day, these are some 6.7 million tickets that are born in Auvergne.

• Where do the tickets then?

Once made, the tickets are sent to branches of the Banque de France equipped with crates. Then carriers (Brinks, etc.). Come back to supply banks, which themselves carry out their distributors, or retail, which brews each day astronomical amounts of cash, and merchants.

• How long does a ticket?

Tickets and circulate from hand to hand, and come back regularly and the Bank of France, which sorts all tickets at once, to put back into circulation as tickets safe and in good condition. To do this, sorting machines at high speed are used to check in a split second the authenticity of tickets. Notes unfit for circulation are destroyed and replaced.Finally, an average, the average life span of a 5 euro note is fourteen months and that of a ticket 50 euros for three and a half years.

• Some rules to know:

– A merchant has the right to deny him a ticket that looks suspicious, a merchant can refuse to cash more than 50 pieces in a single payment, a merchant has the right to refuse a big ticket for a small purchase: the customer must to the extra-A trader does not have the right to refuse display notes 100, 200 and 500 euros denying a legal tender banknotes is punishable under the Penal Code-If I a ticket printer or scanner, I am off-the-law.

The design of banknotes and coins

• Tickets continennent all a European monument and a bridge. But if some drawings look fiercely at a known site, none really exists.In December 1996 that ended the contest European models of the euro banknotes, which was won by Robert Kalina, designer of the National Bank of Austria. Gaphisme inspired by the architectural styles of seven periods in the history of European culture: the classic notes of € 5, the novel for those 10 euros, Gothic for 20euros, the Renaissance for 50 euros Baroque and Rococo for 100 euros, glass and steel to 200 euros, and the architecture of the twentieth century for 500 euros.

• As for parts, the idea was that they have a common European side (battery) and the national side (face). A European competition was then held to select the number of common sides. The winner was Luc Luycx, graphic designer at the Royal Belgian Mint. And in the end, the 17 countries of the euro area are some 136 different pieces move.The choice of the national side has done differently in each country. In Italy, the themes were selected by viewers of the Italian channel RAI. In monarchies, the effigies of kings were most often represented.

"Join the game" Rally France Euro 2011 for children aged 9 to 12 on www.euro.ecb.eu

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As the successor to Dominique Strauss-Kahn to head the International Monetary Fund could be announced this Tuesday – Christine Lagarde is the favorite – Greece has decided to strike until the vote of the austerity plan by the Greek Parliament should occur by Thursday. However, it seems, according to analysts that the markets are betting on good news. The euro area would have a backup in case of a negative vote.

So, in the wake of Wall Street Monday closed sharply higher, Bourse de Paris amplifies gains the previous day. The Cac 11 hours 40prend to 0.77% at 3825.83 points.

On the currency markets, the euro is stable against the dollar at 1.4279 dollar.For their part, oil prices rebounded in electronic trading in Asia Tuesday and remained under pressure, before the 48-hour strike in Greece to the appeal of unions to protest against austerity measures, analysts said . In morning trading, a barrel of "light sweet crude" for delivery in August gained 36 cents to 90.97 dollars.That of Brent North Sea crude for August delivery was taking 25 cents 106.24 dollars.

Housing: housing starts and building permits up

On the macroeconomic front, the number of starts of new homes increased by 11.4,% year on year in France for the period from March to May, while the number of building permits for these homes has increased 4.3%, according to figures from the Ministry of Housing.

At 18 hours, will be published the figures for registered job seekers and offers collected by the job center in May.

In the U.S., the S & P / Case-Shiller of home prices in April (15 hours) and consumer confidence in June (16 hours) are also expected.

Carrefour jumps, Casino unscrews

Against a background of optimism about the outcome of the parliamentary debate on the budget austerity in Greece, the banking sector performs well: Crédit Agricole climbed 2.50% to 9.87 euros, Societe Generale is 1.54% to 38.25 euros, BNP Paribas rose 1.10% to 50.71 euros and Natixis gained 1.04% to 3.29 euros.

EADS: 0.09% to 22.07 euros

China could control dozens of Airbus during a visit of Chinese Premier Wen Jiabao Tuesday in Berlin, said on Monday sources familiar with the matter credit report.

Carrefour: 1.97% to 26.86 euros; Casino: -3.58% to 64 euros

The distribution group received Monday a "proposal" to create Gama Brazilian joint venture equally owned by both groups in Brazil, the latter to eventually become a shareholder of Carrefour.Casino intends to disturb their alliance, saying the project "hostile", prepared in secret, but against which "has the power to oppose."

In addition, the rating agency Fitch has downgraded the French retailer Carrefour up a notch to BBB +, along with a negative outlook, expressing concern the pace of recovery activities and French pressure from shareholders, according to a statement Tuesday.

Thales: 0.46% to 28.52 euros

According to an internal study cited by the Tribune, the electronics group shows a drastic decrease of 13% of customer satisfaction since the arrival of the new direction. Some regret the centralization of applications and other lack of attention to their concerns.

Lagardère: 2.95% to 28.57 euros

Analysts at the Swiss bank UBS raised their recommendation on the title to "buy" against "neutral" before.

Trigano: -3.36% to 22.27 euros

The specialist for caravans and motorhomes has said it expects a sales growth and results in 2011, following growth of 8.2% of its business in the third quarter, which covers the period from March to May

Teleperformance: -4.49% to 19.90 euros

The global call center cut its operating margin target in 2011 because of the recent slowdown in its business in the United States.

BioAlliance Pharma: 2.33% to 6.15 euros

The biotechnology company said it had filed with the French Drug Agency an application for leave to Phase III clinical trial for Livatag, treatment of primary liver cancer.

CGG Veritas: 1.14% to 23.45 euros

The group signed with the oil services group Bourbon marine services to offshore oil and gas a charter contract for five years to six new vessels support and assistance to its seismic surveys.

Alstom takes 14 hours to its General Assembly on Tuesday.