World and National News

From our special correspondent in Stockton (California)

Real estate staggers back to the United States. The improvement of the activity recorded since the spring of 2009 fade. If this trend continues, it is a worrying news for the economic recovery. Recession brutal voyage around the world last year is part of this key sector of activity which the U.S. bubble burst in spring 2006.

Since May 2006, average prices of properties in the U.S. plunged 30%. In some areas the fall was twice as strong. Over the last seven months, however, a rebound was observed: the average value of U.S. homes rose 3%, according to Case-Shiller index.

But signs of relapse increase. In January, for the third consecutive month, sales of new homes fell.During the winter, the United States have returned to the lowest levels ever recorded transaction. In turn, sales of old houses have, against all expectations, plunged in January to the lowest in seven months. "In terms of price … the pace of decline has stabilized yet. However, the recovery observed during the summer of 2009 did not last, "says David M. Blitzer, who calculates the index for Standard & Poor's.

The improvement in 2009 is largely explained by the massive intervention of federal authorities. In capitalist countries, 90% of U.S. mortgages find themselves de facto guaranteed by the Treasury. This is indeed the de facto owner of Fannie Mae and Freddie Mac, two financial institutions specialized in buying and guaranteeing bank loans to housing.These agencies, nationalized in September 2008, received a new mission explicit Obama Administration: "Do everything to ensure that households can not pay their mortgage maturities could stay in their homes."

Uncle Sam has already spent 111 billion dollars to bail out the two institutions. This is just the beginning. Fannie Mae request 15.3 billion dollars more, having announced its tenth consecutive quarterly loss last week.And the bill could be much heavier in the end: quietly, just before Christmas, the Treasury said that the ceiling of direct aid from the federal government $ 200 billion initially set for Fannie and Freddie was up.

The upper classes affected

Another factor supporting the business about to disappear is the tax credit of between $ 6 500 to 8 000 dollars currently available to homebuyers. The purpose of this aid was initially scheduled to last fall. For fear of turning too sharp, these tax incentives were extended until the end of April. Nothing says that the Administration will continue beyond cash advance to savings account .

On the ground, the reality remains difficult for households. The number of properties seized by banks from borrowers who fell into default continues to climb.2.8 million homes have been taken last year. This year, the record will be beaten. The firm RealtyTrac expects 4.5 million seized in 2010. Optimists point to the stabilization of 9.5% "rate of late payment" mortgage loans in the fourth quarter. Still, the continued rise in defaults ending with seizures. The default rate is now higher than 5%. Equally alarming: the sharp deterioration of late payments by households belonging to a class yet considered less risky. The worst wave of default on subprime niche (highly indebted households) is certainly past.But the failure of the wealthier classes at record levels and is now approaching 10%.

This situation is equally problematic for banks whose balance sheets do not fully reflect the rising defaults on U.S. households trapped in unemployment and the collapse of their heritage. "Overall, we believe that U.S. banks have realized that a third of their losses on residential mortgages," said Robert McNatt agency Standard & Poor's.Financial institutions have beautiful long as possible seizures of homes, high unemployment and the proliferation of "strategic flaws" (see glossary below cons) continue to plumb their balance sheets.

GLOSSARY

• Hamp (or Affordable Home Modification Program)

Federal program encouraging banks to reduce rates and lengthen the duration of mortgage loans to households have at least 60 days late payment of their monthly payments.

The Treasury has set aside 75 billion dollars by 2012 to modify loans 3 to 4 million homes and avoid the seizure of their property and their expulsion. For a year, 830 000 borrowers have tried this program on an experimental basis.But 25% are again in arrears.

• Strategic Default

This is a practice that leads borrowers to stop paying their monthly mortgage lenders by personal choice or calculation, and not for reasons of loss of resources. The "strategic failure" is made safer in states like California or Arizona, where the bank can seize the house of the borrower and not its other assets.

• Under Water

For a home, it will return "under water" when the market value of their property has fallen below the amount of his debt to the bank. This applies to almost 10% of households in the United States who have subscribed to a mortgage.

Like the Paris markets, U.S. stock markets opened in green on Friday, supported by the employment figures less bad than expected. The United States has in fact lost 36,000 jobs in February than in January and the unemployment rate the country has remained stable at 9.7% this month, according to the official report on employment released on Friday, while analysts expected a decline. The Dow Jones advance of 0.36% at 10,482 points, the S & P 500 rose 0.46% to 1128 points and the Nasdaq's 0.46% to 2303 points.

U.S. investors are reassured by the Prime Minister's announcement that China has promised a 8% growth for China this year.Thursday, Wall Street closed higher on a comfortable, supported by bearings recommendations.

In addition to the employment figures U.S., those of consumer credit in January, will be published in 21 hours.

As for currencies, the euro fell sharply Friday against a dollar backed by the release of employment figures in the United States, and reassuring the operators on the strength of the recovery of the world's largest economy now payday loans .

Leo Apotheker was at SAP since 1998 and only the head of the company since April 2008. He is the founder of SAP France and was appointed Director General before the departure of his predecessor, Henning Kagermann, to ensure a smooth transition

He reproached his communication internally and externally and does not reflect the views of customers in its strategic choices.Especially, the directors have endorsed the delay by the group in the development of cloud computing, which is to enable small and medium-sized businesses access to software not installed on their networks, but via the Internet.

SAP reached in 2009 net profit down 4% to 1.8 billion euros.

A conference call will be broadcast on Monday at 14.30.

The Appeal of Ban Ki-Moon has been heard. "There is no doubt that we are facing a major humanitarian emergency and an equivalent effort in disaster relief is needed. I urge all members of the international community to assist Haiti in this hour of great need, "stated the secretary general of the United Nations (UN), after the violent earthquake that devastated the capital Port -au-Prince Tuesday. Since then, pledges poured in from around the world.

The United Nations said on Friday he had received 268.5 million dollars in aid pledges from many governments and businesses. To this sum, plus the $ 100 million that the International Monetary Fund (IMF) has put on the table.At a press conference in Washington yesterday evening, its managing director Dominique Strauss-Kahn said this aid, which will be released "very soon" by the board of the IMF, would come from an extension of a existing loan to Haiti. The day before, the World Bank had pledged aid for the same amount.

Governments at the rendezvous

Among the twenty donors reported by the UN include Belgium (0.65 million), Sweden (0.85 million), China (1 million), Italy (1.46 million), Finland (1.8 million), Denmark (1.9 million), Switzerland (1.9 million), Germany (2.17 million), Netherlands (2.91 million), Spain ( 4.37 million), EU (4.37 million), Canada (4.8 million), Brazil (5 million), Australia (9.3 million), the United Kingdom (10 million ) and the United States (100 million).

In France, the Economy Minister Christine Lagarde has benefited from the presentation of his vows to the press this morning to ask the creditor countries of the Paris Club to cancel the entire debt of Haiti. The country still has 54 million euros to France, for example. Paris had already canceled unilaterally and unconditionally 4 million euros of debt, December 11 last. Christine Lagarde also appealed to Venezuela and Taiwan, two major creditors of Haiti who do not belong to this group.

Solidarity initiatives of companies

But generosity is not the sole preserve of large institutions and governments. NGOs and associations are at the forefront, both on the field and at the collection of donations. Calls for assistance have increased over the past three days.In addition to individuals, many companies have personally responded to these appeals, as after the tsunami that hit Asia in late 2004. Numerous initiatives have been announced, including France.

The Post, for example, will publish in the coming days, a tone of solidarity with the victims of the earthquake. The price of 1 euro includes a donation of 44 cents to the Red Cross. EADS and its subsidiary Airbus has decided to lend the association Action against hunger a jumbo A 340 to help the Haitians. The aircraft must take off from Lyon on Friday afternoon, with on board 150 cubic meters of material health and telecommunications, as well as pockets of water. Following the call of Industry Minister Christian Estrosi Wednesday, the French pharmaceutical industry donated 56,000 emergency treatment for relief teams visiting Haiti.Finally, the French airline Air Caribbean said this morning that it would introduce flights at special rates for Port-au-Prince, from the airport in the Haitian capital will be reopened to commercial flights.

The challenge of rebuilding

Such generosity is not without challenges. This effort requires international coordination, said Dominique Strauss-Kahn. Start quack, the EU acknowledged on Friday having been informed "by the press" of the international conference for reconstruction and development of Haiti, announced yesterday by France. "I am not aware" of the conference, said the spokesman of the High Representative of EU for Foreign Affairs, Catherine Ashton, during a press briefing in Brussels.

Yet, as Bernard Kouchner, the appointment is already taken.The conference, which would join the United States, Brazil, Canada and other countries, could be held in March, said the Foreign Minister this morning.

Haiti, a country to its knees

• Population: 9.8 million (UN estimates 2008)

• Gross national income (GNI) per capita: $ 560

• Poverty: 78% of the population lives on less than $ 2 per day and over 50% with less than $ 1 a day

• United Nations Development Program (UNDP): 146th rank among 177 countries worldwide

• Life expectancy: 59 years for men, 63 for women

• Infant mortality rate: 60 per 1,000 births

• Aid for Development: The World Bank has granted 273 million dollars in financial assistance to Haiti since 2005, through the International Development Association (IDA).

(Source: World Bank)

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For companies with over 50 employees, the countdown has begun. On 1 January 2010, those who are not covered by a sector agreement will be entered into an agreement or plan of action for the employment of seniors, with the unions concerned. While the fine provided for non-compliance with the law of frightening companies weakened by the crisis – it will amount to 1% of payroll – Labor Minister Xavier Darcos said Sunday in columns of a Parisian down the deadline for companies with fewer than 300 employees. These SMEs have three more months to comply with the law.

For companies with more than 300 employees, however, including "more than 1,000 agreements have already been adopted," the law will apply."Businesses must take this opportunity to end a tremendous waste of skills and social innovation by offering training, mentoring, part-time" said the minister.

France deplores, with 38% of senior operating, one of the worst rates in the European area. Called to order by Brussels after the relative failure of a first inter-national agreement in 2005, the government now hopes "to achieve the fastest possible EU target 'of 50% of 55-64 years at work. Left to threaten with a stick especially feared in times of crisis.

The boss of EDF, Henri Proglio, presented Thursday to Laurent Wauquiez report on the promotion and development of alternation that Nicolas Sarkozy had ordered in April. Secretary of State for Employment wants some of its proposals – the promotion of alternation in terms of performance of public contracts, creating a portal to alternate or launching a campaign communication – to be "implemented immediately. To achieve the objective that five young people either in training by alternating between 2015 'and is closer to Germany in the field, it will launch workshops alternation.

Simplifying funding

These "think-tanks of learning", composed of representatives of training centers of chambers, organizations collecting funds and training of young apprentices must make by February "concrete answers to three questions major.

Primo, Laurent Wauquiez asked to indicate "how to help trainees in their daily lives, especially their conditions of transport, accommodation, purchase of equipment, their enterprise search or choice of their training.

Deuzio, he asks "how to develop alternate" and "extend to all levels of curriculum" and "tertiary trades" that employ only 8% of apprentices in France while there are massive deposits in tourism or call centers. The issue of quota systems, mentioned in the report Proglio, should be particularly addressed.

Thirdly, the Secretary of State for Employment will "simplify the steps or funding to encourage more companies to capitalize on the alternation.

The world of computers, Hewlett Packard (HP) released Monday at the close of Wall Street, results for the fourth quarter of fiscal offset. The annual net profit fell by 8% to $ 7.7 billion, although the last quarter, it is up 14% year on year to 2.4 billion dollars. Earnings per share (EPS) stood at $ 1.14, in line with analysts' expectations. Revenues, which had already been announced, is 30.8 billion over the quarter, down 8%.

These results compare with those published by other industry giants such as Dell Computer, which introduced a quarterly profit drop of 54% and a revenue and EPS below expectations.

"The company will return to growth in 2010," said HP CEO Mark Hurd, commenting on these results the financial television channel CNBC.Of slowing demand, the group had announced six months ago the abolition of 6,400 jobs, mainly in the products division.

The group confirmed its outlook for the year shifted from October to September, which just started, with sales rising, between 118 and 119 billion dollars, earnings per share excluding exceptional items of between 4.25 and 4.35 dollars.

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After rising 2.4% in September, spending on household consumption of manufactured goods posted a growth of 1.1% in October according to figures released Tuesday by the INSEE. Spending on durable goods are still progressing (+1.3%) after acceleration in September (+5.1%). This was due to car purchases very dynamic (+10.2%), while in October "households slowed on these purchases," says the National Institute of Statistics.

In contrast, they increased their spending on equipment housing (+2.2% after +0.7% in September), each item of equipment (furniture, electrical goods, electronics and informatics) contributing to this acceleration.

The new floating balances boosted purchases in textiles. According to INSEE, purchases of textiles and leather rose 2.6% after a month of September already dynamic (+2.9%).Other manufactured goods (pharmaceuticals, publishing, crafts, perfume, etc..) Also displayed a slight increase in October (+0.3% after +0.4% in September).

While Free is soon to land on the mobile phone market, operators are in battle. SFR puts together all the stops to improve coverage of its 3G mobile network.

Behind the obligations contained in its license, the operator covers only 80% of the population, instead of the 98% required. Rival Orange is also delayed but to a lesser extent, since it covers 85% of the population. Bouygues Telecom, which started later, he is ahead: it already covers 79% of the population for a requirement of 75% in late 2010.

This topic will be up for discussion with the regulator (Arcep) in December. Orange and SFR, which could theoretically fine, should actually commit to a new schedule of obligations.

SFR, which has invested 1.4 billion euros in its network in 2009, promises to invest at least as much this year.A reminder that the business of mobile operator needs to have deep pockets. Meanwhile, he announced Tuesday the sale of a new cabinet, "SFR 3G Home," sold 299 euros. Clean the box Web client, this case is actually a mini-antenna technology ( "femtocell"), is improving coverage at home.

"Tool of comfort"

"It is a tool of convenience for our customers. This provides a good mobile coverage in the back room, for example where the mobile goes wrong, where in his second home, "says Jean-Marc Tassetto, general manager marketing and public SFR. 82% of subscribers who do not pick up well at home, would be interested in this type of product, according to the operator. Another initiative SFR announced Tuesday the launch of an offer Internet access via satellite (from 34,90 euro per month dish included).It is for 500 000 homes, located mostly in rural areas, still lack access to ADSL. SFR for the occasion partnered with satellite operator Eutelsat. Such an offer has already been launched in early 2009 by Orange.

Along with improved network coverage, the operator must also cope with the sharp increase in traffic. Indeed, with unlimited internet boom on phones, consumers are now e-mail, surfing, downloading video, music streaming. All activities demanding network capacity, leading all operators to invest to avoid saturation.