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Employment, austerity and growth. The election program of the Popular Party (PP) is turned almost exclusively to the economy. Of six chapters, only the last two – and foreign policy institutions – are not related to the crisis in Spain.

Entitled "More company, better government," the program is inspired by a moderate liberalism and makes a message in the form of virtuous circle. A mantra repeated endlessly the conservative Mariano Rajoy, president of the Popular Party, which won an absolute majority in Sunday elections: change will generate trust, for growth and employment, which in turn will promote a return to financial balance.

Entrepreneurs appear to be the better off. Alone should benefit from tax cuts. For others, the austerity will be the rule.

Growth in sales is still there but the results will not be the expected level. The leaders of Schneider Electric have reviewed the prospects for the results of the full year 2011 on the occasion of the publication of revenue for the third quarter.

They now expect a margin of EBITDA (EBIT) of 14%, against a forecast in mid-year by 15% and a range of 15 to 15.5% at beginning of year.

This revision does not seem to be the first manifestation of the economic slowdown now widely anticipated but slow to materialize in company accounts.

Indeed, sales are, themselves, adhere to the expectations of Schneider Electric.Third-quarter sales and shows a growth of 7.7% excluding acquisitions and currency effects, to 5.7 billion euros.

Emerging markets continue to show strong momentum. The Asia-Pacific region recorded an increase of 15% of its billings. Elements that have allowed management to assert that the goal of organic growth of between 6% and 9% will be "easily" achieved.

An acceleration of planned restructuring

The group advanced three main causes for this new downward revision of prospects for margin. After the rise of raw materials in the first half, he now finds inflationary pressure on production costs in emerging countries.

Second, the growth of the business now comes from a strong software business, less than Quiet electrical equipment.This is what we call a "product mix" unfavorable.

Final point to address the lack of visibility of the economic environment, the group will speed up restructuring, which will have first a negative effect on margins.

Schneider Electric is sanctioned in stock

The announcement was heavily punished the stock market, Schneider Electric yielding the title more than 7.6% in mid-session in Paris. Probably a reaction against the excessive elements announced, but due to "the economic outlook in the short term that are clearly more negative influence on the future growth of the group," according to analysts at CM-CIC Securities in a note published this morning.

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Six months after the end of the disastrous false spy case, the flowchart of Renault is unrecognizable. The large "household" began on April 11, according to the findings of an internal audit of the dysfunctions of the company during this crisis. That day, under government pressure, many players in this fiasco had been removed. Led by Patrick Pelata, number two, since replaced by Carlos Tavares. But also members of the famous security service, the chief executives, Jean-Yves Coudriou, the legal director, Christian Husson, and Secretary General, Laurence Dors.

This is also the same date as the foundation of the current organization had been thrown, with the creation of a Deputy Director of Superpost for president, told Mouna Sepehri, comprising the General Secretariat, and the law.Meanwhile, the Human Resources Directorate was attached to the CEO.

This structure was subsequently refined in late July, after a report by Alain Bauer, Alain Juillet and Eric Delbecque, all three experts on economic security. They advocated to link security to delegate to the presidency and create a structure of security control – inspection – dependent on the CEO.

This reorganization is clearly intended to prevent the excesses of winter – where the direction of Renault had managed the business with an incredible amateur, without resorting to the Central Directorate of Internal Intelligence (DCRI) – can reproduce easy pay day loans.Carlos Ghosn, the CEO, why close all security issues with him, as they were once buried in the depths of the organization, and has mounted a much more professional.

Prevent skidding

Friday, the new recruits were officially presented. Among the main changes, Eric Le Grand, head of security at the Post supports this function at Renault. Jean-Marc Berlioz, former head of the General Inspectorate of the National Police, who was also an adviser to Nicolas Sarkozy and Hortefeux of the Ministry of the Interior, is entrusted with the inspection of the security service. He will report to the CEO, as the direction of internal audit, and that of ethics, whose boss is being recruited.

Communication, finally, was renewed.It is also the responsibility of Mouna Sepehri, who was charged in April to reflect "the lessons of the crisis" in this area. We remember the disastrous intervention of Carlos Ghosn on TF1, saying it was evidence "multiple". The management of this service returns to Florence Goldfiem, a former journalist. She will be responsible for bringing the "serenity" and "pride" to the group, and improve the image of Carlos Ghosn, dented by the crisis. Oil and its relations with the French elites and policies, which have little support, while "helping him to refine his understanding of French culture," says one in-house.

Driving without insurance is not a "marginal phenomenon." Between 370,000 and 740,000 vehicles traveling in France are not insured, according to a report submitted to the Bercy Guarantee Fund compulsory insurance (FGAO), which compensates victims of road accidents when the person is not identified or assured. This represents 1-2% of the total circulation. "Signing a contract of insurance is the only approach someone who does not normally allowed to drive can not do," said François Werner, CEO of FGAO. Indeed, it is possible in France to buy and register a car without a permit, or else to borrow the car of a friend.

For several years, the trend is upward. Road Safety has noted, between 1999 and 2009, a 50% increase in the number of uninsured vehicles responsible for fatal accidents."This practice is approximately 78 million euros each year," said Francois Werner. "The burden falls on the insured who finance the fund with a contribution of 1.2% levied on insurance premiums, or about 2 euros per contract."

Device control incompletD'après the report, which aimed to establish a diagnosis on the degradation of Finance Guarantee Fund, 60% of the uninsured are between 18 and 35. Francois Werner are two categories of drivers are driving without insurance. The "sloppy" on the one hand, that knowingly or not missed steps to ensure their car. They have, for example, not paid their premiums or said buying a new vehicle. "The anti-social and dangerous" on the other hand, are those drivers who simply should not drive. These are people who have never had a license or whose license has been removed for serious and recurrent.In 40% of cases, the vehicles are not insured because of non-payment of premium, says the FGAO. Finally, two-wheelers are over-represented (5.1% of uninsured mopeds and motorcycles 3.1%).

"Very few drivers are aware of the risks they face while driving without insurance," says François Werner, pointing to "an almost non-existent awareness" and offers an auto insurance inadequate personal loans for people with bad credit. "Prices remain inaccessible to some audiences," especially young people. Finally, the Director General of FGAO believes that the repression of the phenomenon is "scattered and based on unreliable information." To overcome this weakness, the Guarantee Fund calls for the creation of a "central repository of files provided," he would manage.

This tool, already in place in several European countries, including Spain, Italy and the UK, would be powered by the file registrations (registration cards) and statements of insurance companies and brokers. A huge database which, in the overlapping information, detect uninsured vehicles without waiting for the fraud was discovered during a traffic stop or accident.

A tool "win-win"

This project could still face the fears of motorists on their privacy. The Director General of FGAO therefore emphasizes the fact that this mega-file does not include "any personal data" and would not be "marketable". It is hoped that consultation with stakeholders – insurers, consumer groups and governments – will start soon in order to establish the terms of this file.If this proposal were adopted, it would take about three years to implement.

For François Werner, the device is a win-win. "A 50% decrease in the number of uninsured vehicles could eventually provide the Fund a saving of 40 million euros. Above all, this central repository would be a valuable tool to prevent tragedies road, it would identify some reckless drivers and put them out of harm's way.. "

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His first steel pipes have started to go out there four months. But the new Brazilian plant of the French group Vallourec (Japanese partner Sumitomo is 44%) had Thursday's first critical success: President Rousseff came to inaugurate Jeceaba, a hundred kilometers from Belo Horizonte , the capital of rich state of Minas Gerais.

"This is a very special event for me," confessed Rousseff, born in Belo Horizonte and whose father worked for Mannesmann, the ancestor of Vallourec in Brazil since the French group bought in 2000 the activities of the German inventor of the technology of seamless tube in the nineteenth century. Dilma Rousseff's visit is a nod to the French-Japanese investment of 2 billion euros, thanks to which, in his view, the added value derived from the iron ore Minas Gerais is one of the leading producers a reality at last."Brazil does not want to be considered as a raw material supplier to the world," said Philippe Crouzet, the CEO of Vallourec. The French group has made Brazil a strategic basis. It has the distinction of being integrated with its own raw materials as it has its own iron ore mine and a huge plantation of eucalyptus trees whose rapid growth provides power to the steel coal wood.

Vallourec already produces a quarter of his hits in Brazil and there will soon employ 7,700 people. Plant Jeceaba increase its total production capacity by 10%. The site – 250 acres and about 2 km in length of the blast furnace to finishing shops – is a measure of the target market: VSB will be dedicated to the export of products for the exploration and production of hydrocarbons payday loan lenders.However, investment by oil and gas companies have never been higher. And their needs are ever more technical, as it must look deeper black gold, or in extreme conditions. The new plant should therefore take place in the South-South trade, serving clients in West Africa and the Middle East.

Petroleum potential

Its commissioning will enable the existing plant, VMB, focusing on the Brazilian domestic market: infrastructure, especially as we approach the World Cup and the Olympics, mechanical, automobile Vallourec … but mostly gets in the wheel Petrobras, client history. "Our investment decision in March 2007, spoke before Petrobras does not reveal the end of 2007, the discovery of its giant fields présalifères. At the time, this discovery was often met with skepticism.Today, Petrobras is thought able to produce 5 to 6 million barrels per day by 2020, "said Philippe Crouzet. The potential 50 billion barrels of black gold hidden away Petrobras offshore Brazil, within 7 to 8 km of water, rock, and especially salt. An obvious market for pipes and joints upscale Vallourec, tested by the extraordinary conditions of pressure and temperature.

"Petrobras is planning to invest 224 billion dollars in the coming years, more than any staff" has stressed Rousseff. The rise of Brazil as a major oil producer is an opportunity for Vallourec. As is the U.S. energy revolution: the group is building a U.S. factory dedicated to market exploitation of shale gas and go into production in late 2012.

The Paris Bourse succeed does bind to a fourth straight increase session on Thursday? Yesterday, the Cac 40 ended on a strong increase of 3.07% allowing it to pick up 3250 points. And signals from Wall Street, which also ended the month of August on an increase of 0.46% are good. Also this morning, Asian markets generally appear in the green, backed by the index of manufacturing activity in China has reached 50.9 in August, against 50.7 in July.

Investors seem reassured by the Fed to continue to support that ensures the growth of the United States by a new policy of monetary easing.These remarks, made during the last minutes of the meeting of the Monetary Policy Committee, reinforce those of the Federal Reserve chairman, Ben Bernanke, who on Friday called the elect to make fiscal stimulus measures to complement the action of the bank Central. They were also supported by the publication of encouraging indicators.

Busy schedule in the U.S.

On Thursday, investors will keep an eye on the macroeconomic agenda of the day will still be charged in the United States. On the menu: the Monster Employment Index and weekly jobless claims before the highly anticipated monthly employment report on Friday. Productivity in the second quarter and is expected construction spending and ISM manufacturing.

In France, the unemployment rate as defined in International Labour Office (ILO) decreased slightly by 0.1 points in the second quarter to 9.1% on average in metropolitan (9.6% including the departments of overseas), according to data seasonally adjusted (SA) Interim released Thursday by the INSEE

As for the oil markets, a barrel of "light sweet crude" for delivery in October gained 21 cents to 89.02 dollars in morning trading and a barrel of Brent North Sea crude for October delivery climbed 29 cents to 115 , $ 14. On the currency markets, the euro fell slightly to 1.4358 dollar.

Values ​​to follow

Banking

Greek debt is out of control and the measures taken by the government can not restore the finances, the report of an independent parliamentary commission on Wednesday.

Illiad

The internet service provider reported in the first half of 231,000 new subscribers under its brand Free (excluding Alice), a market share of 36% and saw its EBITDA margin to improve by a , 4 point to 40%, or 416 payday loans online.4 million euros on sales of 1.04 billion (+2.6%).

France Telecom

The U.S. administration has initiated legal proceedings Wednesday to block the sale of Deutsche Telekom's U.S. subsidiary T-Mobile to the giant AT & T for reasons of respect for competition.

Pernod Ricard

The French producer of wines and spirits, announced Thursday a 10% increase in net profit for the year 2010-2011, exceeding for the first time the billion euros.

Eurazeo

The investment company said Thursday in a loss of 106.3 million euros in the first half due to losses on derivatives and goodwill

GDF Suez

The group said it had completed the acquisition of gas storage sites in Germany.

Eiffage

The new CEO of the group does not preclude the sale or closure of loss-making subsidiaries to consolidate the early resumption of the performance of the construction group observed in the first half.

Saint-Gobain

The group announced it would invest $ 100 million (69.41 million euros) in the United States to create a factory specializing in the manufacture of ceramic balls ("proppants") used in wells oil and gas.

Latécoère confirms its objectives

Lagardère

The group was forced to significantly revise down its forecast for operating profit for 2011 because of the difficulties encountered by the sports center in the first half.

Maurel et Prom

The group took the first half of the increase in its oil production and high prices in oil prices to clear the results up sharply.

Guyenne et Gascogne

The group reported a loss in the first half, the franchisee of Carrefour have been penalized by its subsidiary Sogara whose accounts were affected by several non-recurring items.

Latécoère

The group, whose net income rebounded sharply during the first half, confirmed its targets for operating profit in 2011 and 2012.

Theolia

The group reported Wednesday a recovery in its interim results, the French wind power has reduced its interest expense over the period, particularly through the conversion action of nearly two million of bonds.

After market, Neopost will publish its revenue for the second quarter and Stallergenes results for the first half.

The Paris Bourse has been optimistic on Monday before the Franco-German summit on Tuesday. The CAC 40, which began on the exchange increased by 1.07%, was on the rise, more moderate, from 0.78% to 3239.06 points. The index in Paris fell into the red at midday before recovering. With Monday a holiday of the Assumption, trading volumes remained low provided, to 2.3 billion euros against 7.5 billion last week.

The movement is the same in the rest of Europe. After opening sharply higher, European stock markets have slowed their progress mid-day before returning to finish the colors in a small increase. At closing, the London Stock Exchange and Frankfurt gained 0.57% 0.41%%. After remaining in the red part of the day, Madrid ended with a gain of 0.71%.Exchanges of Milan, Lisbon and Athens are closed due to holiday.

No Eurobonds on the menu Tuesday's markets are very nervous before Tuesday's meeting between French President Nicolas Sarkozy and German Chancellor Angela Merkel. They must discuss reform of the governance of the euro area, sensitive issue for the markets. The Franco-German promises to make such joint proposals by the end of the summer. Investors are calling for the creation of "Eurobonds", which would sign the pooling of public debt in the euro area. But Germany has dampened hopes by mid-morning by announcing that the possible creation of common obligations to countries in the euro area "will play no role" at the meeting on Tuesday."The Euro-bonds are not an option," added the spokesman of the Ministry of Finance during a press conference. The Elysee in a few minutes later confirmed that the issue of Eurobonds was "not on the agenda."

Meanwhile, the British Finance Minister, George Osborne, today called the euro area to move towards a more integrated budget to bring the world economy on the path of trust. The euro area "must now demonstrate its commitment to greater integration of budget and governance arrangements that prevent moral hazard and reinforce fiscal responsibility," said he.

In addition, the European Commissioner for Economic Affairs Olli Rehn called on European countries to adopt "very quickly" the decisions of July 21, and provided that the applicants were working "day and night" to this.

As for currencies, the euro rose above 1.44 dollars, against 1.4249 on Friday. The single currency also rose against the Japanese currency to 110.85 yen against 109.30 on Friday.

On the macroeconomic front, on Monday was very light. In the U.S., manufacturing in the New York area fell for the third consecutive month, while the morale of U.S. home builders has remained stable, close to its lowest historical levels.

The bank-shaped

On the corporate side, Societe Generale gained 2.06% to 24.80 euros.The Financial Markets Authority (AMF) initiated an investigation of market rumors that circulated this week the bank announced Friday its president Jean-Pierre Jouyet.

The banking sector has benefited from optimism on Monday. Credit Agricole gained 3.31% to 6.735 euros, BNP Paribas up 0.81% to 37.525 euros, ahead of Axa 2.98% to 11.24 euros. Natixis finally loses 0.06% to 3.114 euros after signing the largest increase of ACC (3.95%).

France Telecom (1.38% to 13.22 euros): the telephone operator Orange has unveiled some clues on the future model of the iPhone Appel keeps top secret.

GDF Suez (0.70% to 20.90 euros) has initiated "discussions" to sell its stake from 10.4% in the West Franklin field in the North Sea, the French energy group intends to transfer for 600 million euros.

Alstom (+0.20% at 32.69 euros): Goldman Sachs rose to "neutral" on the title with a price target reduced to 43 against 52 euros.

Danone (1.48% to 47.02 euros): UniCredit has raised its rating to "buy" against "hold".

And if the Paris Stock Exchange on Thursday ended its eight consecutive sessions of decline that have lost more than 10%? The rebound on Wall Street Wednesday night and Tokyo this morning – although the latter is mainly due to the weakening of the yen against the dollar and the euro – seem to bode well for the Cac 40.According to analysts' estimates, could open the Cac 40 up 1.2%.

On Wednesday, the Cac 40 dropped 1.93% to 3454.94 points, after the yield spreads between bonds to ten years Spanish and Italian have widened compared to German bonds.

Financial markets, however, could play the card of caution pending the meeting of the Board of Governors of the European Central Bank (13.45), which is expected to announce its continued interest rate to 1.50% but especially before the publication of weekly claims for unemployment benefits in the United States (1430), on the eve of the official figures on Friday.

On the corporate side, two companies released this morning:

Veolia Environnement, which warned last Friday that it would not achieve its goals for this year, released on Thursday a net loss of 67.2 million euros in the first half, weighed down by exceptional asset write-downs 800 million euros.The world leader in environmental services will focus its activities "in less than 40 countries in 2013 against 77 today."

However, Axa reported first half net profit more than quadrupled to 3.99 billion ers (324%), driven by gains on sale and very little affected by provisions related to the support plan to Greece.

Vinci said Wednesday QDVC, its joint venture with Qatari fund, won a contract for 374 million euros for a metro project for a new town being built in Qatar.

Vilmorin has confirmed its margin target of 2010-2011 by announcing an increase of 12.1% of its turnover for the year, thanks to the vegetable business, along with the acquisition of assets and maize seed and sorghum Brasmilho of Brazilian society.

Hermès responded Wednesday to the Association of Defence of Minority Shareholders (Adam), who asked why the luxury group spent so much money to buy back its own shares. "Share repurchases are intended to cover the programs free shares to employees," said a spokeswoman for Hermes.

Cegedim dropped its goal of increasing revenue for 2011 but remains confident in its ability to generate an EBIT close in absolute value, that of 2010. The group also announced Wednesday for the second quarter of 2011, a consolidated turnover of 247.1 million euros (+1.6% as reported and 0.1% organic).

Dexia and Natixis will publish their second quarter results after market close.

It's been five years since the U.S. housing bubble deflates, after swelling for fourteen years. The consequences of this reversal are still stopping the economy and financial system of the United States poor credit personal loans.

Click on image to enlarge.

The National Federation of Farmers' Unions (FNSEA) appealed to the government. While drought is raging in France, the farmers union asks the State to provide cash to farmers to help them cope with the shortage of grass meant to feed their animals. Fodder production, that is gathered at this time to make provisions for the winter, fell between 50 and 60% said Beulin Xavier, patron of the FNSEA. "Farmers can not wait to hit on October 16 in anticipation of EU aid, as we promised them," said union official.

Despite the "urgency", "there is no way for us to claim a tax drought as in 1976, however, said Beulin Xavier, patron of the FNSEA. This solution, which was adopted by Jacques Chirac, then prime minister, would have helped to tarnish the image of farmers."This tax has been misunderstood. We regularly pours on, "says Xavier Beulin. Its implementation in spring 2011 has anyway been rejected by the Minister of Agriculture, Bruno Le Maire and the Minister for Ecology Nathalie Kosciusko-Morizet who believes he is still "too early" to the contemplate.

Commitment of States to banks

To cope with the situation, FNSEA would, however, that the State undertakes to banks for lending rates to zero which will allow farmers to make the junction until mid-October. "We're not asking for alms," emphasizes Xavier Beulin.According to him, it is only from June to prefund the equivalent of Community aid promised for mid-October, amounting to 710 million euros.

This advance payment should allow producers to stop the "mass mailing" of animals for slaughter, whose numbers have doubled or tripled in recent days. The union says will fight together against another perverse effect of the drought: the fall in meat prices by excess supply, causing a further decline in incomes of farmers who can not pass on their price increase animal feed.

FNSEA also wishes to meet Guillaume Pepy, SNCF president, to discuss bringing straw and fodder in the coming weeks.

This call could have been heard. According to Le Journal du Dimanche, Monday, Bruno Le Maire should meet the prefects to take stock of the situation.The next day he will receive the banking, insurance and mutual funds. Then finally, producers and manufacturers. A reduction in charges and deferrals of loan repayments may be announced.

A further meeting of the "drought committee, bringing together water users (farmers, industrialists), elected officials and experts (Météo France, Bureau of Geological and Mining Research) is scheduled to meet later in mid-June.

54 departments under restriction

Measures of restrictions on water use extend in France. On its website, the Department of Ecology announced that 54 out of 96 metropolitan departments are now involved against 42 a week ago. Twenty-one are classified as level 3, that is to say, concerned by the measures the highest and four others are placed in a state of vigilance.Only the tip of Brittany, the eastern fringes of the country, the Massif Central and the Mediterranean shores to escape the time-limiting measures.

Water restrictions limit uses non-priority for individuals such as watering, washing cars or filling pools, and can also regulate agricultural irrigation.

The government announced the creation of a "watch unit" on electricity supply, while drought has reduced production of dams and the threat of nuclear plants.

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»INFO ON DEMAND: The impact of drought in France