The return to growth, albeit slow, is scheduled for 2013 (1.3% in euro area and 1.5% in the EU). Unless additional shock …Olli Rehn, European Commissioner for Economic Affairs has indeed warned that Europe could "experience a new recession." He urged governments to restore confidence in "fiscal sustainability and the financial system" by accelerating the reforms. For the European Commission, the restoration of that confidence is well underway. "The measures adopted in recent months should help to remove uncertainty regarding sovereign debt and the financial crisis in mid-2012, and this should gradually unlock investment and consumption," says his report.

In France, Brussels forecasts should take a cold. François Fillon on Monday presented a new plan of austerity measures designed to bring 65 billion euros by 2016.

Investors are wary and vis-à-vis the euro zone leaders, whose plan to end the debt crisis on Wednesday is expected.Thus, the Japanese Minister of Finance today called Europe to take steps to restore calm on the foreign exchange market. "The stability of the foreign exchange market can be ensured by a single country," said Jun Azumi at a press conference, while Tokyo is facing a record surge in the yen weakening industrial activity in the archipelago. "The European problem is entering a decisive stage, he added. The question is whether Europeans can establish a pattern likely to appease everyone. We call them to do so without firing a shot. "

Clearly, the statements by Franco-German tandem, following a first anti-crisis EU summit this weekend, are still a sceptiscisme markets. In this line, Baroin, Minister of Economy, was considered "satisfied" on Monday that European leaders would reach a "global agreement".For the Minister of Economy, the last meeting of the euro area in Brussels this weekend in Brussels has led to progress "two thirds" of the negotiations.

The price of gold mixed black

But investors, it seems, keep in mind the slowness with which the European Union handled the crisis of the Greek debt, leading to a contagion of the crisis. And in Italy, while rumors of using the European Union and the International Monetary Fund will crescendo in Rome.It must be said that for the first time since the outbreak of the sovereign debt crisis in November 2009, the EU will apply directly to other states and their sovereign wealth funds to head out of water and multiply the capabilities of the European Financial Stability Fund (EFSF).

As for commodities, oil prices were mixed in early trade on Tuesday in Asia, a barrel of "light sweet crude" for December delivery gained 27 cents to 91.54 dollars. Barrel of Brent North Sea crude for December delivery yielded 44 cents to 111.01 dollars. For its part, the euro fell slightly against the U.S. dollar, losing 0.14% to 1.391 dollars.

Side values, Japanese banks are feeling the pinch: Sumitomo Mitsui Financial Group lost 1.11% to 2140 yen. As Mitsubishi UFJ Financial Group, to -1.48% at 334 yen.At the Hong Kong Stock Exchange, the values ​​are dependent on raw materials, however, much higher, the image of China Coal Energy (5.83% to 9.26 Hong Kong dollars) and oil giant CNOOC (+ 4.68% to 14.32 dollars).

In question, the ability of banks to cope with the heavy debt burden of local Chinese. Last June, the National Audit Office made an unpublished report, evaluating the debts of local governments to 1200 billion euros. Debts incurred to 80% among Chinese banks. Nearly 25% of these loans come to an end at the end of the year, according to the official.Enough to make investors nervous at the beginning of autumn.

For the businessman Jim Chanos, who made his name in the financial world by predicting the collapse of Enron, the problem of Chinese banks is so large that it could completely cancel the growth of the empire environment. "If we assume that China will issue loans representing 30% to 40% of its gross domestic product (GDP) and half of that debt will be questionable, it represents 15% to 20%. Let's say half of them are covered. China may have to switch to a loss of these amounts and reduce growth of 9% to zero, "calculated the investor in an interview with Bloomberg TV last week.

Interest rates reaching 70%

A feeling that reflects at least the concerns of many investors, as evidenced by the poor performance of local banks in the markets.But analysts located in China do not share this pessimism. "I do not think there is a bubble. These are more questions about the future easy to get unsecured personal loans. Investors are concerned about asset quality of Chinese banks, "cautions Zhang Yi, an expert in the industry for Moody's in Beijing. "The government is responsible for the bank and will do everything to prevent a major problem," said one of his part in Shanghai-based analyst, who works for a large brokerage company in China. For now, the real problem of Chinese banks is the explosion of informal loans. Clearly, the restrictions imposed by Beijing on credit have greatly benefited the black market. "We have no idea of ​​the true extent of the phenomenon, no credible data was available. But banks remain exposed to the last borrower, "said Zhang Yi.For some of these funds lent at usurious rates comes directly from banks.

Last month, the Journal of the securities of China, close to the government, reported that the equivalent of nearly 50 billion euros had been removed on the first two weeks of September in the deposits of the four major state banks: Bank of China, ICBC (Industrial and Commercial Bank of China), China Construction Bank and Agricultural Bank of China. Most of these funds were reinvested, according to the newspaper, the black market in credit, where interest rates can reach up to 70%, while the alternative financial investments are scarce for individuals and businesses. The stock markets are down and banks remunerate savings at rates lower than inflation.

For now, the response of banks to secure their future look for the capital increase.ICBC has announced plans to raise $ 11 billion market over the next nine months. The question is whether investors are ready to go.

Market sanction and the decision of the U.S. Federal Reserve (Fed) on Wednesday. In fact, the Central Bank of the United States announced new measures to support the U.S. economy.It will sell well here in late June 2012 for $ 400 billion of treasury bills and short-term buy for the same amount with a longer maturity in an attempt to lower interest rates in the long term (an "Operation Twist"). To support the mortgage market, it will also acquire real estate securities without increasing the size of its portfolio, according to the Committee.

IMF worried about global growth

However, markets did not appreciate his verdict on the economy, noting the "continuing weakness" of the labor market, with an unemployment rate of "high" of 9.1%, coupled with "significant risks "related" tensions in global financial markets. ""The opinion of the Fed on the economy is deteriorating a lot and it seems it can not do much with the Republicans (he) asked not to intervene," says Yutaka Miura, analyst at house brokerage Mizuho Securities, the Dow Jones Newswires.

Thus, the market had expected better, especially after worrying about the International Monetary Fund. The day before, the institution headed by Christine did not hesitate to raise the specter of a global recession and launched at policy makers in the world "a fervent call to action". At the same time the institution has significantly downgraded its growth forecasts for the global economy. This is expected to grow 4% in 2011 as in 2012, 0.5 points below its previous forecast of 4.5% last April.

Beijing sees its manufacturing activity deteriorated

To this must be added the emergence of concerns about the economic situation in China. Manufacturing activity in the country has deteriorated in September, reaching its lowest level in two months, according to preliminary PMI bank HSBC said on Thursday. PMI Purchasing Managers calculated by HSBC in September reached 49.4 against 49.9 in August, knowing that a figure below 50 means contraction. "We are seeing a moderation in growth as in the past two months.Fears of a hard landing for the Chinese economy are unjustified, "said in a note Qu Hongbin, the chief economist for China at the bank.

In France, the growth of private sector activity in France in September fell to its lowest level since the beginning of the recovery in 2009, the PMI "flash" in the manufacturing sector fell to 47.3 against 49.1 in August.

In Germany, the composite PMI, which includes industry and services, stood at 50.8, its lowest level since July 2009 against 51.3 in August.

In addition, investors are increasingly worried about the evolution of the crisis of public finances in Europe. Greece announced Wednesday its intention to launch new austerity measures to convince the Troika and obtain payment of a new tranche of 8 billion euros in October that will allow it to avoid bankruptcy.

On the foreign exchange market, the dollar was up against the euro. It was worth 1.3544 dollars per euro, against $ 1.37 the day before in Asia. Oil falls as himself down under the effect of a rise in the dollar and pessimistic forecasts from the U.S. Federal Reserve (Fed) for the world's largest economy.In early electronic trading, a barrel of "light sweet crude" for October delivery gave up $ 1.21 to 84.71 dollars per barrel of Brent North Sea crude for October delivery lost $ 1.26 to 109, $ 10.

In the U.S., the weekly claims for unemployment benefits will be unveiled at 14.30, and the composite indicator of economic activity for the month of August in 16 hours.

Earlier this afternoon, the markets also expect the statements of Robert Zoellick and Christine Lagarde, respectively president of the World Bank and IMF Executive Director, at the opening of the annual meetings in Washington

Values ​​to follow

• Banking

BNP Paribas (-2.09% to 23.94 euros), which saw its share price unscrew more than 50% in three months, may request assistance to private investors understood the Financial Times.Analysts said that the institution may seek to raise up to EUR 2 billion from investors from Qatar and Abu Dhabi. However, an assumption that sweeps by the Director General of the bank Baudoin Prot. Investors also will keep an eye on Societe Generale (-4.76% to 16.12 euros) and Credit Agricole (-1.14% to 4.61 euros).

• Saint-Gobain (-2.98% to 28.67 euros)

The group has conducted Wednesday through placement of a bond issue in two tranches for a total of 1.75 billion euros with an average maturity close to six years and an average coupon of almost 4% in the refinancing of debt specialist construction materials. The transaction was heavily oversubscribed as the order book has reached the aggregate for the two tranches over seven billion from nearly 400 investors.

• Danone (-1.98% to 43.02 euros)

The company launched its next bond issue of € 500 million due 2016.

• BioAlliance (-5.65% to 3.17 euros)

The group announced Wednesday the confirmation of the clinical trial schedule Livatag against the primary liver cancer, starting with the pivotal Phase III in 2012. The company also reported a residual income of 1.02 million euros in the first half.

Thanks to the recovery of the Tokyo Stock Exchange (2.01% in closing) investors should start looking for bargains on Wall Street.

Caution should however remain in force until the publication of the Beige Book Federal Reserve, the situation report of the institution, as investors sift through clues to identify the extent of the slowdown in the recovery of world's largest economy.

Another highly anticipated appointment in full uncertainty on the economic front, Barack Obama will tomorrow present to Congress a plan for boosting employment, to just over a year of U.S. presidential.The President shall address the Congress partially dominated by his Republican opponents, while many indicators are orange, fueling fears of a plunged back into recession three years after the bursting of the credit crisis.

The U.S. economy has destroyed so many jobs it has created in August, ending ten consecutive months of net hires, and the country's unemployment rate remained at 9.1%. Amid concerns about the ability of elected U.S. agree on how to reduce their deficits and to fight against a debt approaching 100% of GDP, the rating agency Standard and Poor's (S & P) lowered the note early August of this debt, a bad move for Obama.

The euro was up 0.34% to 1.4055 dollars in late morning.The European currency is notably supported by the decision of the Swiss National Bank (SNB) to set a floor price of 1.20 francs per euro. Oil side, in the early electronic trading, a barrel of "light sweet crude" for delivery in October gained 51 cents to 86.53 dollars per barrel of Brent North Sea crude for October delivery 39 cents to 113.28 dollars .

As for values ​​…

The exchange operator NYSE Euronext in August recorded a rise in trading volumes on the cash market and derivatives, both the U fast payday loan.S. and Europe, a trend reflecting strong market activity this summer. In the U.S., sales rose 38.9% to 3.2 billion shares daily volume.At one month, the volume increased by 60%.

Yahoo! said Tuesday after the close of Wall Street's departure from his CEO, Carol Bartz, thanked months only three years after being chosen to revive a society in decline. The group is now looking for a new boss to find the way of immediate croissance.Dans, Timothy Morse, Chief Financial Officer since July 2009, temporarily taking the reins of the web portal.

All Nippon Airways expects to receive the last of the 55 aircraft ordered 787 Dreamliners from Boeing by 2018, said the president of the largest airline.ANA, which will be the first customer for Boeing to fly the aircraft, will receive the first copy of 787 on Sept. 25 and anticipates delivery of 20 additional Dreamliners by March 2013.

Bank of America, experiencing significant challenges, announced Tuesday a reorganization of its management team with the appointment of two new operational directors, David Darnell and Tom Montag, from the ranks of the bank.

Note also a major shareholder of the Canadian Research in Motion (RIM), maker of BlackBerry smartphones, listed on Wall Street, on Tuesday called the "transformations" major in the group or its sale to tone the decline in value of its title.

The oil company Chevron announced the discovery of oil during a drill in the Gulf of Mexico, offshore Louisiana (southern U.S.).

Altera has announced that it expected a sales growth of 2% -3% in the third quarter, against an increase of 2% to 6% previously due to lower demand.

For his part, Darden Restaurants expects sales growth of 6.5% to 7.5% over the year and an EPS growth of 12%. In addition, the company wants to make stock repurchases for 400 to 500 million dollars this year against 300-400 million previously announced.

The American expert group purchases online Groupon, who announced in June its intention to go public, "reassess the timing" of this operation and has canceled a tour dedicated to the promotion of its future trading, reports the Wall Street Tuesday Journal.

Last year, Algorithmics has suffered an operating loss of 7.6 million euros, "taking into account the amortization of intellectual properties," the company said. By signing a check for nearly $ 400 million, despite these losses, IBM is therefore a bet on its ability to develop the specialist risk management and internal synergies to play.It should indeed bring his division Algorithmics "Business Analytics". Fimalac side, holding the heritage of Marc Ladreit Lacharrière, the financial opportunity had to appear all the more obvious synergies between Fitch and Algorithmics were limited.

Shareholder Barrier

Fimalac lighter weight of an asset of the system: during the last financial year, 2009-2010, Algorithmics and 121 million in revenue represented 20% of consolidated turnover of the holding company paydayloans. This assignment also confirms the willingness to diversify Marc Ladreit de Lacharriere. Until two years ago, Fimalac was mainly focused on financial services. In 2006 and 2009, the holding company sold tranches of the capital of Fitch Group to Hearst the U.S..The U.S. now holds 40% of the rating agency, and the balance Fimalac.

While observers expected the cash thus generated is reinvested in the financial sector, Fimalac was first formed a real estate division through the purchase of an office building in Paris and the construction of a headquarters in Canary Wharf The London financial district. Last year, the group then created a stir by inviting himself to the Lucien Barrière Hotels and Casinos. For 186 million euros, it has taken over part of the participation of the Accor group. Once the financial transaction loop – in the first quarter – the Desseigne-Barrière family and Fimalac hold respectively 60% and 40% stake in Barriere.

Marc Ladreit de Lacharriere finally multiplies the offensive on the cultural front.Within months, he entered the capital Coullier Gilbert, producer of Johnny Halliday and Michel Sardou, the tour manager Auguri Vega and society, which operates nineteen concert halls.

"Our results are very good," he stressed. The turnover of the RATP rose 10% over last year to 2.5 billion euros and net profit doubled to 231 million euros. This increase is partly due to two major operations: the more capital gains in the creation of Transdev and Veolia-overhaul of Systra, whose positive impact on earnings is 45 million.Excluding special items, net income amounted to 156 million euros.

"Triple A" for the RATP

The company president judge, however, the fragile economic environment: "We are cautious about approaching the end of the year. As the correlation between traffic and employment in Ile-de-France is clear. And we found a decline in June, "The public company, whose investments this year should reach 1.5 billion euros, reviewed the financial crisis of the summer with special attention fast cash without a hassle. "We have an ongoing need to market to borrow, because of the enormous weight of our investments," says Pierre Mongin, which welcomed the "Triple A" renewed his company by rating agencies for its access to credit.During the first half, the RATP has invested 545 million euros, 216 million in renewal and renovation of rolling stock.

The group's cash flow continues to improve, with an increase of 27% to 431 million euros. This indicator is important because, as pointed out by Pierre Mongin, the group is the only public transport operator to carry a structural debt of over 5 billion euros, unlike its competitors Kéolis (SNCF) and Transdev Veolia: "We are the only ones to be managers of infrastructure and transport operators. "

To expand its business, the RATP is competing in a dozen bids in province and ran for the international projects tramway in Casablanca, Algiers and Washington."We will also put into service in late October early November the Algiers metro," says the president of the RATP, 56% of revenue is now generated outside France.

Since then, the rules of publishing have changed, and the term "literary negro" is no longer valid. They are now called "collaborators." Publishers have become accustomed to mention their name on the back cover, or under the general title inside.These writers specialize particularly in the autobiographical genre, and work with documents.

It is thanks to Bernard Fixot, CEO of XO Editions, this revolution in publishing could take place. Having learned that Paul-Loup Sulitzer used a "collaborator" to write his books, Bernard Fixot decided to give the name of it in the book. Thus the name of Loup Durand appeared on the cover alongside that of Sulitzer. And this revelation has not stopped the pair to continue to get a few best-sellers.

Between 5000 and 15,000 euros for a beginner

Having discovered that the publication of the name of the employee has no impact on sales, publishers have almost all agreed the new rules of the game now, the work of an employee is defined by a contract signed with the publisher.Particular, it sets the fees paid, regulated working hours and the number of pages written. According to several sources of publishing, a "collaborator" beginner, these fees vary between 5,000 and 15,000 euros as a package. As for the more experienced writers, they would receive a percentage of sales in addition to the fixed sum. Copyright between 8% and 15% per book sold, 30% to 50% they would, depending on the reputation of the main character in the book.

However, the compensation varies depending on the work done. Sometimes, the employee simply corrects the style and reread the manuscript, written by the "star" before publication. In other cases, it is he who is in charge of investigative work and writing the book on behalf of the main character."To be negro must be graphomaniac, do not be afraid to write a lot, at the risk of not being published," said Mohammed Aissaoui, literary journalist of Le Figaro. For before the publication, "star" and the employee and make the replay together. And many passages can be deleted or modified.

The meeting between the "star" and the employee does not last more than thirty hours in all. The character confesses, the employee takes notes and tries to adapt his writing style in his own way to speak and to give thought. "The power is on or not. It's like love at first sight to have. An exercise that is to be the mirror of the other, "says Catherine Siguret a" collaborator "who has written books for Claudia Schiffer, Gérard Louvin, or Julien Courbet. For her, the work of the employee, the opposite of a journalistic investigation.Do not be objective, but try to be superimposed on the main character in the novel.

Is there still "negritude" in publishing?

A novelist too productive? It is likely that the books published under his name are written by real "Negroes." While many secrets of this profession were revealed recently, is still far from knowing everything. Because the old practices still existed today. According to Armelle Brusq, director of the documentary "The Negro, writing quietly," about a third editions in France would be made of books' authorship is unclear. " Estimates, which can neither be confirmed nor denied, as no writer, the reader will say that it commits a negro to write books instead. Anne-Sophie Demonchy, journalist Magazine books, conducted several investigations of the writers of the shadows in France."For a publisher, the author must be friendly, and have a great story to tell. Tell the reader that the book was written by a "negro" is not in the interests of the publishing house, "she says.

Industry experts recognize: Some books are a real marketing strategy of publishers. They might even be the result of work of an entire team. The author has an idea. This idea is developed by employees in the synopsis of the publisher. And then this pattern is sent to a ghostwriter for writing. "In general, it does not mention the names of the authors, this subject is taboo," says Anne-Sophie Demonchy. "Amazing, because the movies, or music, the product is the work of a team and it does not shock the consumer."

These writers of the shadows, whose name is not mentioned, are bound by a contract with the publishing house, which prevents them from talking about the project, on which they work. According to the National Union of publishing, in 2010, the turnover of the sector accounted for 2.8 billion euros with around 452 million books sold. One can imagine how much the business of writing anonymous organization.

A phenomenon which diversifies

Use a negro to write a book is one thing. Use a "negro" to write a dissertation study is another. The Internet can now find people offering such services.An article of a "ghostwriter of factors" American, recently published in The Chronicle of Higher Education, the journal of higher education, reveals failures in the field of education across the Atlantic, allowing university students to cheat. Employed by a company that specializes in rewriting, the author, known as Ed Dante, addresses, exasperated, directly to teachers: "I'm tired of you help your students have qualified air." Among the "clients", it separates three categories of students: those whose English is not their first language, those who are very bad writing, and those that are "rich and lazy." Working since 2004, the author claims to earn about $ 66,000 per year.

Business investment continued to support the activity, but less than at the beginning of the year: they slow down to 0 no fax pay day loan.9% after 1.2% previously. In total, business demand and household crippling growth, observed INSEE.

Foreign trade, for once helped save the furniture. But only because imports fell (-0.9%) than exports, remained stable (0%). "Therefore, the trade balance contributed positively to GDP growth (0.3 -0.5 point after point)," notes INSEE.

The PMU is alone at the helm of this project since Serendipity, a fund owned by Bouygues and Artemis (Pinault), which sold its 50% interest in Infos Geny, and wishing to withdraw from paris sportifs low fee cash advance. Geny Info already provides information via its website geny.com horse.TV operator with its chain Equidia, PMU, an economic interest group that finances France Galop (racing gallop) and the French horse (racetracks and trotting), will therefore become indirectly newspaper publisher.