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In the shadow of the Greek psychodrama, it was necessary progress on the major issues of international economic cooperation. Review of some successes and many failures G20 Cannes. Nicolas Sarkozy has ended with a G20 Cannes press conference, November 4, 2011. REUTERS / Yves Herman (FRANCE – Tags: POLITICS BUSINESS)

He wanted to make a summit unforgettable symbol of his power. But the setbacks in Europe, and the announcement of the referendum at the last minute Greek – have been abandoned, the chairman of the G20 in Cannes, Nicolas Sarkozy, in great difficulties. In the shadow of European psychodrama, the Head of State has still attempted to advance the cause of international economic cooperation. With mixed success. Balance sheet.

To read the official press release here.

Tobin Tax: A Small Step U.S.

It must have been one of the key topics of the French Presidency.Nicolas Sarkozy had even managed to convince Angela Merkel to go along with this idea of ​​a tax on financial transactions to support the development. But not surprisingly, no consensus could be found, too many countries there are still opposed. The head of state, however, has been commended for supporting Barack Obama on this theme, declaring that France and the United States "had a common analysis to help the world of finance to solving the current crisis. "

Cash lenders will loan anything from a couple of hundred dollars to around $1500, which generally must be paid back in full, along with the interest, within two to four weeks.

Mersen, ex-Carbone Lorraine, which confirmed its 2011 objectives, supported by strong solar activity, and Asia, said he was careful, however, for 2012 due to economic climate remains uncertain.

The specialist in graphite solutions and electrical components still expects a double-digit organic growth and operating margin above 12% of its turnover.

"The macroeconomic environment is what it is, that is to say today very uncertain, so there is little visibility (for 2012)," said Thomas Baumgartner, CFO, at a conference phone.

"The growth of Mersen was very strong across all areas (…) And we recorded very high billing in the sun ", he added, however.

The group reported Tuesday sales up 11.1% at constant exchange rates in the third quarter to 207.8 million euros, an increase of 14.1% in the first nine months of year to 627.1 million euros.

"Asia represents over 25% of consolidated turnover of the group, over 37% Europe and North America 32%, so we have a well balanced business," observed the Chief Financial Officer group.

Mersen began several years ago marked a profound change in its output segment of the automobile and its focus on solar, wind and emerging markets.

The stock closed Tuesday up 2.12% to 28.19 euros, giving a market cap of around 559 million euros. Since the beginning of the year, as yields 17.81% after rising by 35% in 2010.

In September, French investors withdrew more money from their life insurance policies than it invested. Net outflows which had been observed only twice since 1997. Explanations.

Life insurance is on track to lose its status as a favorite investment of the French? They have in fact removed in September of 11.5 billion euros of their life insurance policies, for a collection of only 9.7 billion. Is a net outflow of 1.8 billion, according to the French Association of Insurance Companies (FFSA). The event is rare. "Not since the collapse of Lehman Brothers to record outflows over the collection in October and December 2008. Since 1997, and the creation of monthly indicators for this type of investment, there has been, taking into account the month of September 2011, three months of negative balance "ensures Philippe Crevel Secretary General of the circle of investors.Why is this?

The crisis … but not only

"Collapse of awards, signs of recession … The start of the flight of investors is linked to economic and market uncertainty. People do not know what will happen to their money in the long term, or insurance Life is a long-term investment "analysis Philippe Crevel. "The environment encourages individuals to anxiety out of stock or bonds" in Le Figaro said Pierre de Villeneuve, Chairman of the Committee of the FFSA life. But all is not the fault of the crisis. Some even think that its effect is marginal. "There is no effect of panic at all.The returns of life insurance are relatively stable and the people know, it remains very popular "advance Cyrille Chartier Kastler, president of consulting firm Facts & Figures, specializing in insurance.

A significant leak in the richest

He said the decline in collections is due to a growing disenchantment of investors richer for life insurance due to a reform put in place a year ago and a half. "Since then, private management contracts (over 120,000 euros of savings) have their performance limited warranty. The government did not want to be guaranteed a higher return to a type of life insurance rather than another, "he explains. Result, private management contracts, which accounted for 25 of the 120 billion collected by life insurance in 2009, are being "strongly reduced" as the president of Facts & Figures.

Demographic factors

"The aging population is also more and more retirees draw on their life insurance for current expenses, as some households in times of crisis," said Le Figaro Bernard Spitz, President of the FFSA. In addition, many of the contracts seem to arrive today at maturity, making them easy to buy. According to the circle of investors, 64% of the outstanding life insurance has over 8 years and 47% of contracts over 12 years.

Yields less attractive

In the 2000s, life insurance used the net returns of 5.3% on average. Ten years later, in late 2010, this rate is only 3.4%. And for 2011, Facts & Figures anticipates yields between 3 and 3.1%. If it remains very attractive, life insurance suffers from the decline continues, very reassuring for investors."Added to this the fears of an increase in the tax burden of its performance, related to the context of rigor. An increase in taxation would make life much less cost" analysis Philippe Crevel.

Competition for real estate

In the opinion of all experts, real estate appears to be the main competitor of insurance. It represents a safe haven, with high efficiency in the eyes of investors, including easier. "The stone is also good protection against inflation," says Cyrille Chartier Kastler. "In Paris, for example, 54% of transactions are not loans. Buyers are good money somewhere. They drain on the part of their life insurance" advance Philippe Crevel.

Then come the investment banking, including booklets boosted short-term."Banks in search of cash, have directed their clients to the bank books by offering rates comparable to those of life insurance, or even higher. The non-hazardous liquid savings has increased by more than 11 billion euros in the second quarter of 2009, "says the secretary general of the circle of investors.

"No event" or "end of the big time"?

However, the situation of companies and the sustainability of life insurance policies do not appear immediately threatened. When an individual agrees this type of contract, the company invests the money in currency values ​​or bond, they sell at the time of outflow. "The diversification of investments and their management over time in a supervisory narrow sector soundness guarantee" assures Bernard Spitz.

"And then, outflows of 1, 9 billion is a non-event," said Cyrille Chartier Kastler.It is true that in view of 1.367 trillion in assets of life insurance, it still represents a drop of water. Still, the rise of stocks slows over time. From December 2010 to September 2011, the total amount increased by 29 billion euros, against 72 billion over the same period a year earlier. "The great period of growth in life insurance is behind us," concludes Philippe Crevel.

Burberry has released results for the second quarter of 2011 better than expected, supported by new store openings and strong demand in China.

The British luxury group said it had not yet seen any slowdown in demand despite uncertainty about the evolution of global growth.

The group, which manufactures waterproof and leather for a century and a half, announced Wednesday an increase of 29% of its turnover to 463 million pounds (529 million) for April-June

This performance is close to 30% in the first quarter and higher than the average forecast of 10 analysts polled by Reuters, to 448 million pounds (512 million).

Sales in stores, on a comparable basis, increased 16% in the second quarter, against 15% in the first, led by demand in New York, London, Hong Kong and Dubai.

Sales in China rose 30%, a development in line with the first quarter.

Burberry said it maintained its expansion plans, adding that he was ready to adjust if the signals of a slowdown in demand for luxury goods.

The action EADS is among the largest declines in the CAC 40 index on Thursday morning at the Paris Stock Exchange, while concerns are emerging about a domino effect on aircraft manufacturers difficulties refinancing of French banks in dollars.

In a market that was down 3.93%, weighed down by the performance of particular financial and cyclical stocks, the parent company of Airbus shows a fall of 6.81% to 21.14 euros at 10:45.

"It lowers the title.This is the first strong example of the effects of the crisis of dollar liquidity for European banks on the real economy, "said David Thebault, head of quantitative trading at Global Equities.

"We must certainly take this into account (the difficulties of banks) in financing equipment for all aircraft manufacturers," judge his side an analyst based in London, in a note.

This risk is relative, however, under the control of German banks to lend and potentially U.S. institutions, said the analyst, who also refers to possible emergency measures on the part of the French state.

"There are ways to deal with it immediately: some will take the place of French banks – U.S. banks and Chinese – and there are other ways to finance an aircraft, especially to leasers (lessors ) and 'vendor financing' EADS ', also adds Christophe Menard, an analyst at Kepler.

These fears of financial difficulties echo the statements of some leaders of the aviation sector in the Istat, a conference on the financing of aircraft, held in Barcelona on Tuesday.

French banks, which accounted for about 31% in aircraft financing transactions in 2010, reduced their availability significantly, said on this occasion the chief financial officer of Ryanair, Howard Millar.

The five major central banks around the world, including the ECB, announced September 15 a coordinated commercial banks to offer loans in dollars in three months to prevent freezing of the money market which would be caused by the debt crisis sovereign in Europe.

European banks, particularly French, have seen their share price fall since the beginning of the summer on fears related to potential recapitalization needs and issues of liquidity in dollars, American money market funds and other traditional lenders Greek dollar fearing failure and potential devastating effects on the markets.

In this context, speculation saying that the French government could be forced to intervene to stop the bleeding is growing, especially as fears of a credit freeze remake regular surface due to the persistence of debt crisis in the euro area.

Politicians and bosses of banks took turns for several weeks to deny any need for new capital, but struggle to convince.

BNP Paribas, which has undertaken to strengthen its equity more quickly, said last week it would reduce the size of its balance sheet of about 10% by the end of 2012 and it would also reduce its needs funding dollar.

Societe Generale for its part intends to strengthen its capital of four billion euros by 2013, including asset sales and reducing their activity.

Wall Street opened the session Wednesday up timid, investors playing the card of caution before the results of the two-day meeting of the Monetary Policy Committee of the Federal Reserve (FOMC).

In early trade, the Dow Jones gained 0.22% (25.50 points) to 11,435.98 points. The Standard & Poor's, largest, advanced 0.34% (3.82 points) to 1206.16 points while the Nasdaq composite gained 0.85% (22.07 points) to 2612.21 points.

The markets expect the Fed decides to influence long rates to support economic activity, an action similar to that conducted in the 60's and so called "Operation Twist". The release is expected around 18:15 GMT.

Values, General Motors rose 0.71%.The CEO of GM has expressed concern about the risk of a recession in the U.S. but it does provide a recovery in demand because of the need to replace an aging fleet in the major economies.

The technology sector gets its game after Oracle reported Tuesday a quarterly revenue slightly exceeded expectations and delivered a better than expected profit forecast for the current quarter.

The work of the specialist management software database jumped from 7.37% in early trade, while Adobe, which also announced better than expected forecasts for the fourth quarter, advancing 5.8%.

Pepsico appreciating the title of 1.65%. The group announced the creation of a board comprising its divisions drinks and food in order to achieve economies of scale, and reaffirmed its outlook statement for 2011.

European shares sink their media one after the other against a backdrop of slowing global growth, the President of the European Central Bank Jean-Claude Trichet who failed Thursday to allay concerns.

Since the beginning of the week, the European equity markets have lost about 290 billion euros of their value, two thirds of the 440 billion vested in the European Financial Stability Fund (EFSF), under the influence of fear of relapse the economy and the persistence of the crisis of sovereign debt in Europe.

"There are two important points in the speech of Jean-Claude Trichet that are quite contradictory: the desire to control inflation, meaning that eventually a new rate hike, and the possible injection of liquidity through repurchase obligations, "said Alexandre Baradez, market analyst at Saxo Bank.

Jean-Claude Trichet at a news conference after the monthly meeting of the Governing Council of the ECB has implicitly confirmed the recovery of market intervention, and stressed that inflation expectations in the euro area were remain firmly anchored.

If the part of speech of Jean-Claude Trichet on redemptions of bonds was expected by the market, allowing the index to delete then some of their losses, the talk about inflation is not necessarily what is more appropriate in the current environment, explains Alexandre Baradez.

"Inflation eats away at the debt and rising interest rates would not be appropriate when the level is already high in Europe.We also see that we do not ask this question in the United States, "said he.

THE CAC 40 COULD FALL TO LOWEST OF 2010

Around 4:45 p.m., the CAC 40 index fell 2.4% to 3371.62 points, after falling to 3362.35 points before, its lowest level since July 7, 2010.

Exchanges in London and Frankfurt lost 2.5% and 2.76%, while pan-European Euro Stoxx 50 index (-2.39%) fell to its lowest level since July 2009.

As for the peripheral countries of the euro area, the situation is even more dramatic, the Athens Stock Exchange (-1.35%) finding its levels 14 years ago and the place of Lisbon (-2.46%) those of April 2009.

After pressing multiple media techniques, markets could even fall even lower.

"The CAC 40 may now fall to its next support at 3,350 points, and then go towards the lower end of the year 2010 at 3287 points," warned Alexander the Drogoff technical analyst at Aurel-BGC.

Moreover, all this should be done in a climate of increased volatility, analysts warn.

"The volatility of the Eurostoxx 50 is too low and this should be corrected," warns Gastaldy and Valerie, an analyst at Day By Day graphic.

"The implied volatilities have been very quiet in recent months, despite the intense agitation of the equity markets.Intermarket arbitrage operations are clearly under way: between the CDS, bonds and equities, and especially so on Eurostoxx50, "said she.

As for metals, an ounce of gold hit a new side of his most historic 1677.90 dollars in the wake of the conference of ECB President Jean-Claude Trichet.

The euro yield 1.42% against the greenback at 1.4139 dollar. Baradez Alexander points out, however the relative strength of the euro against the dollar, which manages to stay in a range between 1.4150 to 1.43 dollar down without crossing the threshold of $ 1.40.

"On the foreign exchange market, we see that there is a seller of wind shelters currencies (dollar and yen) for the benefit of currency risk.This could be a harbinger of a renewed appetite for risky assets and therefore support the equity markets, "said he.

Nissan Motor said Tuesday it intends to nearly double its annual sales in China to sell 2.3 million vehicles a year by the end of 2015.

Nissan, the first Asian manufacturer in China, plans to do to invest 50 billion yuan (5.3 billion euros) in this market, now the world's biggest car market.

This objective is part of the strategy of the Japanese manufacturer who wants to focus on emerging markets and increase its margin to 8% in the next six years.

"The strong partnership established with Dongfeng Motor was the main driver of growth over the last eight years the Chinese market," said the boss Carlos Ghosn of Nissan in the statement.

"The new plan, which includes investments in production capacity, products and innovation, will enable the Chinese market to remain the largest market for Nissan."

To propel its sales, currently 1.3 million vehicles a year, Nissan will launch 30 new products in the next five years, including electric vehicles under the brand Venucia, which will be marketed by 2015.

Last year, Nissan has won a record global market share of 5.8%.China's market share was 6.2%, ahead of Toyota Motor and Honda Motor.

In September, Carlos Ghosn announced a target of 10% market share in China, but did not specify a timetable.

In the first half of 2011, Dongfeng Motor, a joint venture between Dongfeng and Nissan, sold 734,440 vehicles in the Chinese market, which represents an increase of 13.4% over the previous year, against a 3.4% increase on all markets.

Bond rates to 10 years in Greece fell to 14.208% 15.988% Thursday against the closure. Their level of mid-April. Those of Portugal and Ireland also relax.

Greek bond rates fell Friday in a debt market that breathed, benefiting from the introduction of a bailout of the country also aims to prevent any risk of contagion in the euro area.

At 18:00, the rates of Greece in 10 years fell to 14.208% (15.988% Thursday against the fence), reaching the level of mid-April. 2-year rates fell to 26.304% (32.214% against), yields seen since early June. They moved again to 40% on Thursday morning before the summit. For their part, the 10-year rate fell back from Portugal to 10.506% (against 11.236%) and from Ireland to 11.636% (12.090% against).

The bond market has relaxed Globle Friday, although the announcement of Fitch on the failure of Greece weighed. The rating agency will place Franco-American debt in default part of Greece in the wake of a new European plan to help nearly 160 billion dollars going to save Athens from bankruptcy. "We knew it was going to result from the rating agencies put in default," notes Cyril Regnat, bond strategist at Natixis, while private creditors are the people involved to the tune of 50 billion euros.

Mr. Regnat regrets, however, "yet few details of the private sector. Certain terms must be defined." But "the contents of the plan is more favorable to the debts of the periphery (those of the most fragile, ie) as addressing the risks of contagion.Greece also has more time to repay debt and will receive support to its economy. "The bond market should return to more normal, although the rate of borrowing the most fragile countries remain very high , but away from their record high.

Overall, "the improvement in the securities bonds devices is expected to continue. The potential for lower rates is still significant," they said. They consider possible next standardization of the bond market, but warn that a return to levels much lower rates will take time.

Meanwhile, rates on 10-year bond retreated German and French as well, not undergoing correction that these securities have played their role as a refuge until the Europe Agreement reassure the markets.The German Bund was 2.826% (against 2.876%) and the French OAT at 3.415% (against 3.448%).

Outside the eurozone, the UK Gilt dropped to 3.106% against 3.173%. In the U.S. market, the yield on the 10-year Treasury was up to 2.980% against 3.014% Thursday evening, and the good relaxed to 30% against 4.312 to 4.277% yesterday. The three-month rate grew at 0.03% against 0.04% on Thursday.

On the interbank market, the three-month Euribor, the main rate in the euro zone rose to 1.611% against 1.608% Thursday and the three-month Libor in dollars remained stable at 0.253%.

The three major rating agencies, Fitch, S & P Moody etb are all Anglo-Saxon. They are accused of making the law on the financial world and aggravate the debt crisis in Europe. German Chancellor Angela Merkel (here in Berlin in March 2011) criticizes the center holiday and retirement in the South of Europe

German Chancellor Angela Merkel said it was "important in the medium term" that Europe has its own rating agency, in an interview with public broadcaster ARD on Sunday. "It is important in the medium term that Europe has as a rating agency," she said, estimating that such an agency would be created by "the European economy" and not by States. "Alas, there is not so far had interest in the economy" to create such an agency, and "it is a lack," said Angela Merkel. "The Chinese are now also a rating agency.We can not of course create one through the states. But I really would welcome the fact that the economy manages to create a European rating agency, "she said.

Charged to the law on the financial world, the three major rating agencies are all Anglo-Saxon: Moody's, Standard and Poor's and Fitch (which is, however, a French group Fimalac). Europe has committed early July a showdown with these agencies and called for the creation of a European body after the dramatic reduction in Portugal's sovereign rating by Moody's, relegated to speculative grade, which may worsen crisis debt in the eurozone.

The German finance minister, Wolfgang Schäuble, said at the time that it was necessary to "break the oligopoly of rating agencies" and "limit their influence," while the President of the European executive, Jose Manuel Barroso, had been more further by ruling indirectly to the creation of a rating agency based in Europe. European Commissioner Viviane Reding of Justice has threatened a few days ago to dismantle the great Anglo-Saxon: "I see two possibilities: either the states of the G20 (note: the richest states in the world) decided to dismantle the three agencies. The U.S. would then have to turn the three agencies in six companies. Or European and Asian competitors are created, "said Commissioner Reding to the newspaper Die Welt.

Angela Merkel said that the rating agencies were not "bad in themselves" but "they act at times sensitive, and we currently have such a sensitive time with the euro, and they (…) absolutely do not consider what is reasonable. " According to the German chancellor, "we must think to see if we should believe everything they say." Following the financial crisis, Europe has adopted two laws in 2009 to strengthen the regulation of rating agencies, including requiring them to register and follow certain rules in order to practice in the EU, and placing under the direct control of the European financial markets.