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Exports of French cheeses have dried up in 2009, according to French customs. In value exports fell 4.8% to 2.5 billion euros as in volume, with a decline of 1.7% to 591,121 tonnes. Exports represent 30% of French production.

The price of milk in question

The primary cause of this decline is the price of milk. Highest average of 15% in France compared to Germany and 9.5% from the Netherlands. Germany is Europe's largest exporter of cheese in front of France since 2003 in volume and value since 2006.

This drop increases with the cheeses using milk as much of the Emmental. Its exports fell 10% in 2009 and processed cheese, like Saint-Moret or Laughing Cow, requiring a lot of milk, they decreased by 13.5%.These high prices are crises repetitions of French dairy farmers, worried about the fall of their income.

For other reasons, Gruyère is also in a delicate situation. The European Commission may not give the French Gruyere the protected designation of origin (PDO), leaving the field open to Swiss Gruyere . The decision will be made in a few months.

Prospects in the U.S.

However, signs of recovery in the high end is particularly noticeable in the U.S. market, the first destination of French cheeses outside the European Union ahead of Switzerland and Japan. Arnaud Gauthier, cheese and creator of Frenchcheese club, said that "the U.S. market is a huge potential."He created a club offering premium products and to penetrate different markets in terms of complicated legislation. Example: the tripling of tariffs on Roquefort cheese in January 2009.

French cheesemakers are two sides to the Paris Bourse. Bel Cheese (The Laughing Cow, Boursin, Babybel …) and Bongrain (Caprice gods, Coeur de Lion, Tartar …). At the opening of trading on Friday, as the Cheese Fair was up 2.38% to 129 euros and that of Bongrain at equilibrium (0.06%) to 54.55 euros.

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The crisis has sealed the budget holiday tourists. La France, the most visited country in the world, made the charge. And the hotel industry has been the first victim in 2009, according to research firm Protourisme published Thursday. It shows a decrease of 5% of overnight stays in France compared to 2008, 9 million fewer nights. This represents a shortfall of 1.5 billion euros of turnover.

Half of this amount lost on the niche hotels 4 stars whose revenue per available room fell by more than 15% because of declining attendance and lower average price per room. One third of this decrease, approximately 500 million euros, was recorded by the 3 stars with a fall of 11% of revenue per room.

The 2 star hotels and super-economy (0 and 1 star) has offset the decline in occupancy rate by an increase in average revenue per room.Nevertheless, the overall turnover of the industry is down by 300 million euros.

"It's a black year for the hotel. They talk of the campsite but outperformed the revenue it has generated are only 300 million euros, "says Didier Arino, director Protourisme.

Ile-de-France and PACA, the first victims

In detail, the Ile-de-France appears in the study as one of the most affected. The region, which weighs approximately one third of hexagonal nights, lost 4 million nights with a decrease of 6% of its annual attendance. Paris has seen its overnight decline of 1.2 million (-4%) for a total of 31.8 million nights in 2009. "A good number anyway. Paris is the capital of Europe in decline the least, "relativize Didier Arino saving account pay day loan .

Risk arbitrage STMicroelectronics

As for values, STMicroelectronics reported Tuesday after market loss of $ 70 million in the fourth quarter, or 8 cents per share, against a loss of $ 366 million (42 cents per share) a year earlier. But this figure is below expectations of analysts.In exchange, having been one of the few titles CAC 40 to receive up to the opening (0.82%), the action was down in red, mid-session: — 1.20% to 6.03 euro).

Apple must introduce a new product on Wednesday the United States. It should be a new eBook reader electronic touch and connectable to the Internet. France Telecom (-0.53% to 16.77 euros) through Orange and Vivendi (-1.51% to 19.25 euros) via SFR should look at the new "toy" of the Apple brand.

Thomson (-2.82% to 1.03 euros) meets on Wednesday a special general meeting to discuss the restructuring of its debt and the adoption of its new name, Technicolor.

Spir Communication (-1.23% to 21.71 euros) on Tuesday reported a further decline in sales in the fourth quarter, down 11.4%.

Rusal, the Russian mining group, is listed first in Paris and Hong Kong.The group was not well received on the Chinese markets. He lost 10% in early trade. Investors have booked him in Paris the same cold reception: the title lost 11.10% to 17.70 euros.

Areva (-2.24% to 338 euros) and GDF Suez (-0.44% to 28.08 euros) would be full discussion for several months to conclude a partnership in nuclear power, confirming a report in Les Echos. Cependat No information has been taken in this regard.

Klepierre (-2.91% to 26.66 euros) Tuesday announced a turnover in 2009 increased by 22.6% to 246.5 million euros.

AXA (-0.77% to 15.40 euros) recorded an increase of 11% of its turnover in 2009 to 24.5 billion euros.The growth was 14.5% in life insurance.

Inter Parfums (+0.83% at 18.12 euros) for its part, announced a turnover down 6.2% at constant rates for 2009 to 259.2 million euros.

M6 (-0.03% to 19.12 euros) Lafuma (+0.33% to 11.99 euros) should publish their figures for the fourth quarter after market close.

Eiffage (-1.64% to 39.38 euros) will publish its balance sheet in 2009.

Note that the bank this morning are especially misguided: BNP Paribas (-1.04% to 52.15 euros), Credit Agricole (-1.35% to 11.71 euros) and Societe Generale (-0.85% to 43.15 euros) saddled the index, in a heated in Davos.

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A shock exceptional in its scope but not its duration. Coface, which examines the risks of outstanding companies, announced Monday at a symposium on the country risk, the end of the credit crisis. While recalling the unprecedented nature of this recession, the worst post-war related to the bankruptcy of Lehman. Between its 2007 peak and the lowest point in 2009, the global economy fell by 6.1 points, two times the oil crisis of the 1980s or the collapse of the dotcom bubble.

"There is a strong correlation between the curve of defaults and that of economic growth, said President Francois David. For six months we see an improvement in creditworthiness of companies. "After rising 19% in the first half of 2009, the total payment incidents has decreased by 40% over the last six months.With this improvement, Coface has revised upwards its ratings, while it had conducted several waves of decommissioning throughout the crisis. Note that unlike traditional agencies, which follow the sovereign debt, the insurance company is only interested in credit risk business. The improvement is true for most industrialized countries. The A2 rating of the United States is no longer under negative watch while France, Germany and Japan, in particular, came under positive watch.

Household debt

But if the bulk of the storm passed, many clouds darken the sky of the recovery. It is primarily the weakness of private demand, which remains constrained by the debt ratio and savings rates, and deterioration of the labor market."The key to growth lies in the particular behavior of the American consumer, accounting for 18% of global GDP," notes Francois David.

Another black spot, the rate of industrial capacity utilization remains limited, especially slowing business investment. "The recovery in 2010 will depend even public spending," says the chief economist at Coface, Yves Zlotowski. With the risk of digging a little more deficits. The situation is particularly alarming for the "pigs" – Portugal, Ireland, Greece and Spain – where the debt has increased the most between 2007 and 2011. "The markets could force them to implement budget cuts, which contribute more to the recession," said Yves Zlotowski. The economist is also concerned about overheating in China and the rebound of stock markets, including commodities, stronger and faster than the real economy.Coface expects global growth in 2010 of 2.7%, driven by emerging markets (5.3%) against 1.4% for developed countries.

Good news for car manufacturers but also for buyers. The payment of the scrapping bonus of 1,000 euros for motor vehicles delivered in 2009 will be extended to those purchased until December 31, even if delivery takes place in 2010, announced Minister of Industry, Christian Estrosi in Le Parisien this Friday.

Christian Estrosi was reported in mid-October that the government was studying the measure for the automotive industry, badly affected by the economic crisis.

"The customers who order a vehicle before December 31, 2009 will receive the premium of 1,000 euros even if the supply does in the first quarter of 2010," said Minister of Industry Parisien. One detail that is important. So far, it should be delivered and invoiced before the end of the year to receive 1 000 bonus for breaking.Otherwise, the buyer could not receive the premium reduced to 700 euro, applicable from 1 January, which has cooled many consumers.

He added: "Now is therefore the order date and not the billing date which is valid to qualify for the bonus. We wanted this change, first for it benefits the consumer, then to absorb more manufacturers to reduce the amount of the premium.

He also recalled that the premium would go to 700 euros in the first half of 2010 and 500 euros in the second.From 2011, "we will return to the previous situation with a bonus amounting to 300 euros," he added.

He said 400,000 vehicles have already benefited from the premium to scrap today and "we should reach 500,000 by the end of the year."

Christian Estrosi also believes that the super eco bonus will also be a strong incentive, "over the scrapping bonus, since buyers of clean vehicles that emit less than 60 grams of CO2 per kilometer will enjoy a bonus of 5,000 euros" .

Believing that the bonus had saved the French manufacturers, said he expected in return "a very strong solidarity with sub-contractors because they are the ones most affected by the crisis."

The Federation of Industries of equipment for vehicles (Fiev) said in mid-October that it expected a general decline in activity from 20 to 25% in 2009, after starting the year with production falling by almost 50%.

This reduction would result, she says, by a decline in enrollment this year included "in a range between 7 and 10%" of the 107,000 employees of the sector.

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