World and National News

Thousands of patrons are expected today on the HEC campus in Jouy-en-Josas, a suburb of Paris to attend the first day of summer schools of the MEDEF, will run until Friday.

Re-elected handily in July for a second term of three years, Laurence Parisot has decided to head for the international competitiveness of enterprises. It therefore logically chosen as the theme for this event "The strangeness of the world" to show how the economic crisis has transformed the rules and forces companies to explore new modes of employment. "We face a world that we know but we do not recognize: we know China and India, but we did not imagine they would change so quickly at this point," says the President of the MEDEF.

175 stakeholders from 27 nationalities will be present during these three days.The opening session will be addressed by business leaders from North and South. Hari Bhartia, President of the Confederation of Indian Industry, John Chambers, CEO of Cisco, a giant high-tech American, Jacques Diouf, FAO Director General, Tom Donohue, president of the U.S. Chamber of Commerce and China's Yan Wan , founder of sina.com, China's first website information on the Internet, will interact with Laurence Parisot.A telepresence, an improved form of teleconferencing, will allow the Chinese to attend these debates.

Defending entrepreneurship

Ten cabinet members, including Christine Lagarde, Minister of Economy, Herve Morin, Minister of Defense, and Hervé Novelli, Secretary of State for SMEs and Crafts, as well as leaders of the CAC 40, which Frederick Oudéa , CEO of Societe Generale, and Christophe de Margerie, Total's CEO, will participate in these universities.

Medef will also defend the spirit of enterprise and new forms of entrepreneurship as a freelancer. The employers' organization wishes to put his back under the banner of "competitiveness more equitable.

She also wants to emphasize the key role of medium-sized companies employing between 250 and 5000 employees, SMEs and micro enterprises to resume growth.Laurence Parisot hope that the next G20 dealing with the matter of funding.

Opening in fall of 0.25% at 10,015 points, the Dow Jones continues on the downward slope. The 10,000 points are close, while Monday and Tuesday, the index has already fallen sharply.

On Wednesday, new orders for durable goods in the U.S. rose 0.3%, much lower than expected in July, and after two consecutive months of declines. A further blow, when an increase of 2.8% was expected, especially by public transport, with the Farnborough Airshow (47 billion dollars in one week).

Fears of a slowdown in economic activity grows with each new bad news in that order. Just yesterday, sales of existing homes fell more than 27%, which has shaken global stock markets.And U.S. growth should be revised down sharply on Friday.

The technology followed

As for values, technology, which derive from several days down the coast, remain controlled. Especially since they are also often at the heart of big mergers and acquisitions.

The investors thus have an eye on Cisco (-0.9% to 20.93 dollars) and Dell (0.73% to 11.67 dollars), penalized by expectations of raising its bid for 3PAR (-1 , 07% to $ 26.75).The maker of data storage systems has announced on Tuesday he gave three days at computer maker Dell to revise upwards its bid after bid "probably higher" Hewlett-Packard ( HP, 0.37% to 38.53 dollars).

The saga of the hostile takeover of mining giant BHP Billiton (-1.12% to 64.69 dollars) – which today presents its annual results, with net profit more than doubled in 2009/10 to 12.72 billion dollars – the king of fertilizers Potash (-1.42% to 146.99 dollars), seeking a white knight, bounces. The U.S. stock regulator, the SEC said on Tuesday the freezing of financial assets of two Spanish, one part of Banco Santander, on accusations of insider trading in the attempted takeover of Canadian fertilizer producer Potash mining group BHP Billiton.

On the occasion of the presentation of its accounts, however, BHP Billiton is used to calm speculation the event of any significant raising its hostile bid of 39 billion dollars (30 billion euros) Potash fertilizer leading manufacturer in the world, despite the magnitude of his war chest.

The U.S. computer giant Apple (-0.15% to 238.58 dollars) is close to a deal with Disney media groups (-0.5% to U.S. $ 31.98) and News Corp., parent of chains Television, Fox to offer their series to rent on iTunes, said Tuesday the New York Times.

Campbell, world number one soup, advances in its acquisition of Britain's United Biscuits, and more specifically, its branch Biscuits, which represents three-quarters of its business.

The sun should be looking good these next few days on the coast of the Vendee and Charente-Maritime. In this time of summer vacation, the sea should also be delicious. Nothing like with the weather of February 28 last, when the storm Xynthia that swept the country sowed chaos in this part of the Atlantic coast. In the only common Vendée La Faute-sur-Mer and The Sting-sur-Mer, the most affected by the storm, 29 people died. Nearly five months after tragedy, these two villages devastated recovering gradually. But in this popular tourist region during the summer, Xynthia has left marks that plagued the start of the season.

If the Office of Tourism Osten-sur-Mer laments a decline in attendance of about 10%, traders stand more negative findings."The customer is down 30% to 40%," says Pascale Soussi Restaurant La Terrasse in Sin-sur-Mer. "And it was discussed among traders: It's the same for everyone. At the restaurant La Marina, sixty meals are served daily on the usual hundreds. At the Hotel du Port, Osten-sur-Mer, Sophie Ramon prepare a statement even less favorable in the hotel which was flooded by 82 inches of water in late February and closed more than a month, attendance was halved.

Three campgrounds closed

In case the destruction of several campsites and many second homes have contributed to empty the streets of the town. A La Faute-sur-Mer, the municipal camp was finally closed and that the Blue Waves should not reopen until April 2011.As for camping Municipal The Sting-sur-Mer, it is only half available: caravans and tents can again take up residence in the "upper" since July 1. But the other part, where you could rent mobile homes, chalets and caravans, remains closed for repairs. It represents, in itself, a hundred beds and less.

Overall, La Faute-sur-Mer, about 8000 tourists were least expected, on the 35,000 usually greeted each summer. Added to an unfavorable economic situation by traders, these accommodations are destroyed a significant shortfall.

Ile de Re also shows a small decrease

A few dozen kilometers south of La Faute-sur-Mer on the Ile de Ré, the damage from the storm were less important. "The island is absolutely destroyed!", Recalled the manager of a hotel restaurant.A campsite for a works council remains closed this season and the hotel Odalys does not welcome new visitors that from 31 July.

Le Relais Thalasso, also closed after the storm has finally reopened its doors on July 4. Four months of work have been necessary for the institution to recover from the flooding that devastated forty rooms. "Today, activity resumed normally," said facility director Didier Gireau. Our forecast for the month of August are in the standard, or even good. We have made efforts to forget the flood and that the center image is not tarnished. "

But many merchants and restaurateurs of the Ile de Ré deplore this was a small decline in attendance. Some highlight the consequences of the storm, others are pointing the finger particularly the unfavorable economic environment."The economic situation is worrying," says director of Ile de Re Tourism, Catherine Senand, refusing to incrimer the storm that left "little effects" on the island. She admits that the season has "started slowly, but expects a better August.

A "moderate" impact on departments

For François Riou, assistant executive Tourist Board of the Vendee, the impact of Xynthia remains "very moderate". Only 2% of the Vendee coast has been destroyed by the storm, "a tiny fringe" which does not affect his view, the department's tourism season. Faced with a peak at half this year, local tourism professionals will therefore want reassurances on their prospects."Only two campsites are closed on the 400 account the Vendee," he recalls.

Even finding across the neighboring department: "After the storm, only 3% of the infrastructure of Charente-Maritime have been affected," said Stephane Villain, president of the Tourism Committee of the department. "The summer looks very good," he says. "The reservation rate is substantially identical to that of 2009 which was a very good year." And we promise to visitors that the hospitality will be at appointment: "People have worked hard to accommodate visitors in very good conditions," says Stephane Villain. They may be even better than usual ".

The image of the region involved

The image of the Atlantic is at stake, as evidenced by the television campaign to promote tourism in the Vendee.Circulated in early June, the commercials were intended to "remind the values of hospitality and tourism" of the department, according to François Riou.

The regions affected by Xynthia therefore trying now to convince visitors that they are again ready to welcome them, with their usual charm and tranquility.

End of suspense. The British oil giant has reached an agreement on Tuesday with U.S. rival Apache to sell him for $ 7 billion in assets. In a statement, it said that this sale is "all production activities of oil and gas, land and infrastructure BP" in West Texas and New Mexico, and in the desert west of Egypt. In Canada, it sells its BP exploration and production of natural gas in western Alberta and British Columbia. A total of 385 million barrels of oil equivalent.

These assets accounted for in the first half total daily production of 28,000 barrels per day of liquid hydrocarbon and more than 9 million cubic meters of gas.

Moreover, a spokesman announced Tuesday that the oil company would lay off some activities within Pakistan and Vietnam.These activities mainly concern the production of natural gas. If the amount is secret, BP said that the fields had produced Pakistan last year only 4.89 million cubic meters of gas in the country, a mere 2% of its total gas production. Activities include two Vietnamese gas fields, pipelines and an electricity generation plant.

These operations are part of the creation of a fund of 20 billion dollars to reimburse the victims of the spill. BP's objective is to sell 10 billion dollars in assets.The British group said Monday that it had already disbursed $ 3.95 billion so far in miscellaneous expenses, including compensation already paid free credit report.

David Cameron "understands the anger"

The "case" BP is in any case more than ever become a political issue, potential source of diplomatic tensions between the United States and Great Britain.Following a head to head with President Barack Obama on Tuesday, British Prime Minister, David Cameron, tried to calm things down, saying that included "completely anger that exists across the U.S. "against BP and it was necessary for him" BP mouth leak, clean the area and pays just compensation. "

"BP is a major undertaking for both the British economy and for the U.S. economy thousands of jobs depend on BP on both sides of the Atlantic. So in the interest of both countries that the group remains strong and stable future, "said David Cameron.

In a study received Tuesday, ratings agency Moody's estimates that if the spill had to stop short term, it would get at least 1.2 billion dollars in lost business and loss of 17,000 jobs in the region Gulf by the end of the year."Under a more pessimistic scenario in which the oil spill would continue until December, and the moratorium decided by Obama on drilling in deep waters until the end of the year, 7.4 billion dollars of activity would be lost and more than 100,000 jobs, "concludes the study.

ALSO READ:

"Oil slick: the well may remain blocked

"BP ads to reassure markets

Earlier this week to smooth the Asian stock markets. On Monday, all the financial centers of the region displayed a slight increase in the wake of Wall Street and European stock markets Friday. The latter ended the week up one week after chaotic.

In Japan, the Nikkei gained 0.20% to 9,604 points in mid-session after starting on a decline of 0.50%. The Topix is 0.23% at 863 points. The benchmark index of the Tokyo Stock Exchange has taken the time to digest the defeat on Sunday, the Democratic Party of Japan (DPJ), in power, the Senate elections. The failure of the movement of the Prime Minister Naoto Kan weakens the leader of the center-left and opens a new phase of political uncertainty for the archipelago. Investors fear at this stage a deadlock in parliament could hinder the policy of reducing public debt, estimated at 200% of gross GDP.After their defeat, the DPJ and its ally, a small nationalist party, retain only 110 seats, the majority being fixed at 122 seats. The coalition remains however a majority in the Chamber of Deputies but must negotiate alliances with opposition parties on an ad hoc basis to enforce its laws.

Yen flexes

Despite caution, this defeat has not overwhelmed the markets. "The results of this election are obviously not positive, but at this stage they are probably neutral rating, investors had already considered the possibility that the ruling party does not obtain a majority, explained before the opening Yutaka Miura, analyst at Mizuho Securities.

The news has at least led to a weakening of the yen has benefited from the index. "The Prime Minister Kan will have difficulty in passing laws.It is therefore logical that few foreign investors buy yen, "said Hideaki Inoue, head of foreign exchange market to the bank Mitsubishi UFJ.

In terms of macroeconomic indicators, the Bank of Japan reported on Monday a slight increase,% yoy in June wholesale prices on the domestic market. It is the second consecutive increase in this index, which had previously declined for nearly a year and a half without interruption.

The region in the green

In the wake of Tokyo, the other places in the region rise slowly. In China, Shanghai and Hong Kong respectively gaining 0.81% to 2490 points, and 0.67% at 20,516 points. The National Bureau of Statistics (NBS) announced this morning that housing prices had continued to increase but at a moderate pace in June, further evidence of the impact of government measures to prevent runaway industry.Prices listed in 70 cities rose 11.4% last month, against 12.4% in May

In Korea, the Kosdaq is 0.52%, while the S & P climbed 0.31% Australian and Indian Sensex appears up 0.89%.

Oil gains ground

Crude prices were moving upward Monday in electronic trading in Asia brought by a rebound in financial markets.

In morning trading, a barrel of light sweet crude for August delivery took six cents to 76.15 dollars a barrel, while Brent North Sea with identical maturity, gained 3 cents to 75.45 dollars .

"This is not because there is the economic crisis that the climate crisis is over!" While in Paris on Thursday to meet with parliamentarians and French employers, the European Commissioner for Climate, Connie Hedegaard, continues to carry the torch the fight against greenhouse gas emissions. Proof that it should not lower our guard, even though the cold winter in Europe was an illusion, the past twelve months have been, globally, the warmest ever recorded.

Asked about the carbon tax at the borders of the European Union (EU) dear to Nicolas Sarkozy, Denmark's answer, in accordance with the wishes of the French president, the European Commission has discussed this mechanism among the various instruments to reduce CO2 emissions in a communication dated May 26"But I prefer to leave it in the toolbox."

A trade war

As the British Government and several of his fellow commissioners, Connie Hedegaard think raising the price of imported goods like Chinese steel example, according to their carbon footprint is "extremely difficult to implement." Most importantly, "Is that such a measure would help the Chinese to be constructive?" Asks she, fearing a trade war if the environmental barrier was erected on the borders of the EU. One of the arguments of French supporters of a "border adjustment mechanism is that it may help to avoid relocation of jobs to countries where less stringent rules on carbon can produce cheaper.Better to engage in innovation and green growth to create jobs in Europe, contends Connie Hedegaard, as echoing the credo of the Obama Administration.

Former Danish Minister of Environment, which, as such, has chaired the conference in Copenhagen, believes that for the modest agreement in December 2009 ripped credible, rich countries should honor their commitment to pay this year 10 billion dollars promised to the most vulnerable. The finance ministers of Twenty-Seven detailed in May and pay their share of 2.4 billion. These additional funds, a majority of donations and a minority of loans will be paid directly by the Member States. To date, recipient countries have not seen the first euros of new funds.

ALSO READ:

"Brussels hostile to the carbon tax border

The government postponed indefinitely the carbon tax

Barack Obama called on Congress to pass a fifty billion dollars in new credits. The main objective of this recovery MINIPLAN: avoid elimination by the U.S. states of tens of thousands of civil service jobs. Despite the return of growth since last summer, the financial position of local communities is indeed alarming.

If Washington does not 300,000 as teachers, firefighters and police officers are threatened by new cuts, from California to upstate New York. Some 84,000 civil service jobs have already been eliminated by U.S. states since the beginning of the crisis. "People are suffering. We want the economy continues to grow faster. We want to see an acceleration of job creation, "said David Axelrod, an adviser to Obama.The latter supports the project being developed in the Senate that provides $ 23 billion for the salaries of state officials, in addition to 25 billion dollars to cover the expenses of state health and benefits the poor.

Tax increases and deficit

Other provisions are included in the package the Senate. It is an extension of benefits for long-term unemployed, as well as various tax breaks to municipalities and the research budgets of companies. A portion of these expenses is expected to be financed by tax increases. One concerns some investors in private equity and venture capital funds. But the amount released from the controversial tax planning is estimated at 19 billion dollars cheap pay day loans.The other would affect the oil companies, companies whose popularity is at its lowest because of the oil spill in the Gulf of Mexico. Each barrel sample of their offshore platforms is awarded a fee of 41 cents against 8 cents so far.

The use of these funds to increase deficit has attracted serious opposition from Republicans and a growing reluctance on the part of Democrats. The latter, in view of the November parliamentary, are sensitive to anger more and more voters to soaring public debt since the accession of Barack Obama in the White House. "We are tired of spending increases" summarizes Steny Hoyer, leader of the Democratic majority in the House of Representatives.The recent primary elections have shown that conservative fringe of the electorate is mobilized for candidates of a new profile, hostile to public spending.

Republicans, concerned about the danger of massive job losses of teachers and firefighters, insisting that the exceptional aid to states financed by spending cuts in other budget items.

ALSO READ:

"Everywhere in the world, the administration in the diet

"The fight against unemployment is Washington's priority

"The U.S. economy is going in the right direction"

"Towards a decline in military spending in the U.S.

The law finally approved American finance

• Three explanations for the fall of the euro

Failure of growth. Treatments austerity that accompany the bailout of the countries of southern Europe are likely to weigh on growth prospects for the euro area, the lowest in the G20 in 2010 and 2011. The growth gap with the United States is widening. "The most marked signs of recovery in the U.S. favor the dollar. One can expect that the Federal Reserve increased rates before the European Central Bank, "said Clemente De Lucia, an economist at BNP Paribas.

Mistrust of state debts in southern Europe. Investors are getting rid of all debt of the euro area, primarily those of the South. They believe that risk still threatening debt restructuring Greek, and are wary of Spanish titles, Portuguese or Italian, considered less safe than before."In the whole euro area, debt maturities until 2013 are 2300 billion euros, three times the European stabilization plan," said Jean-Christophe Caffet, Natixis. "Previously, investors sold securities to buy Spanish or Portuguese to French or German debt. Today, they buy everything except the euro, "said the expert of Natixis. The markets took refuge on the dollar and gold.

Political doubts about the euro area. "There are doubts about the euro area as institution-building solidarity between Member States fiscal and monetary conservatism. It destabilizes markets that sell the euro, "said Gilles Moec, economist at Deutsche Bank. Purchases of debt by the ECB are freeloaders.

• The consequences of a devaluation

Boosting exports.The weaker euro restores mechanical competitiveness to European products. "A drop of 10% of the euro against other currencies, that is 2.5 points higher for exports, 0.5% more growth in the first year and 0.5% next year "said Jean-Christophe Caffet, Natixis. The effect should be stronger for Germany and Italy, whose volume of trade is more important outside the euro area as Spain or Portugal.

Rising oil prices. It's a risk, but it is content for now by the rising dollar. The oil exporting countries have no incentive to increase the price of a barrel in MECC, because they sell in dollars and buy in euros, an optimal configuration for them. Rising commodity prices depend on demand from emerging countries.

Resumption of inflation.The drop in euro adds the price of imported products, which can boost inflation in the long term. But in the short term, the euro area rather deflation risk, fueled by rising unemployment and austerity measures.

ALSO READ:

"The euro continues to be severely attacked

Hospitals, businesses, banks, universities, individuals … thousands of PC users have been victims of an error in Wednesday update their antivirus McAfee. The faulty update file analyzed a valid Windows XP Service Pack 3 (latest update from Microsoft) as a dangerous virus and placed under quarantine, preventing the normal functioning of the software. Consequently, the PC keeps restarting achieved, and entire networks remained off the time to repair.

The computer security company that provides pre-test all updates that address its customers, said the faulty update was passed quality control. The error was eventually detected only through the reassembled customers reporting the problem.McAfee quickly removed the update problem, thus limiting the number of infected computers by saving all the users who had not yet accepted the update of the antivirus. McAfee estimated that only 0.5% of its 125 million customers worldwide have been infected … Commonwealth Bank of Australia, Virgin Mobile, the University of Michigan, or the Upstate University Hospital … still represent enough people that stormed the homepage of the website of the company dedicated to discussions on technical issues becomes inaccessible.

A fix has been implemented on the McAfee website, accessible to all customers. It will replace the defective update with a new, valid one.The steady supply of company's blog by Barry McPherson, vice president in charge of technical assistance and customer service also allows the English-to have more information.

As for the affected computers, the intervention of an expert will probably be necessary. It must indeed get the Windows folder placed in quarantine on another computer to reintroduce the machine jammed. McAfee for now refuses to comment on possible compensation, while many bloggers are taking advantage of the error update to say all the good they think the system McAfee Twitter messages flooding the site murderers micro-blogging. Investors were not quick to show their discontent. Around noon on Thursday before the opening of Wall Street, as the accused McAfee already down more than 2%.

Calculations of future property owners will soon have to change. According to Les Echos, the government would work aggressively to replace the tax credit on mortgage interest to, in effect since summer 2007. This tax advantage should be replaced next year by using direct state inflate the supposed personal contribution of households seeking homeownership.

According to the rapporteur of the budget Gilles Carrez UMP and MP Michel Piron, the current tax credit has its limits. This is a tax credit of 40% interest the first year and 20% four years following the acquisition of a principal residence. All in the limit of 7,500 euros for couples, plus 500 euros for each additional dependent.But this aid, which is paid only one year of purchase, would not have to drive up the share of first-time buyers in the total number of buyers at 70%, as desired by the government.

Worse for him, this assistance will be transformed into a niche tax for 376,000 households have benefited. The bill for the Government in 2009 amounted to 1.05 billion euros.

A reform modeled on the loan at zero

To fight against this windfall and increase the number of low income among the owners, the government should establish a direct support that would be paid at time of purchase. Directly integrated with the personal contribution, the latter would get loans more easily.

As the zero-interest loan, this assistance is not calculated as a percentage of interest paid but would be flat.It depends therefore tested household and would be combined with a zero interest loan. Small households are thus favored. The amount of aid will also be calculated according to the area of purchase.

The banks are not forgotten by this new device because they receive a tax credit on the companies. The state will also reimburse the loan interest on a shorter period than households.

The government hopes the bill contain the device to its projected level in 2010, 1.5 billion euros. The measure should be passed through the Finance Act 2011 and implemented starting next year.

ALSO READ:

The property sector shows optimism

"Rates should go" before the end of the year "